# EDGAR Filing Document

**Accession Number:** 0000320351
**File Stem:** 0001752724-23-014722
**Filing Date:** 2023-1
**Character Count:** 31839
**Document Hash:** e88fc697f397168328e830ac74fa299a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-014722.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001752724-23-014722

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**PERIOD START**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SELECT PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000320351
- **IRS NUMBER:** 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:** 23556581

**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

### Transportation Portfolio (Series ID: S000007487)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000020461 | Transportation Portfolio | FSRFX           |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity**<sup>®</sup> **Select Portfolios**<sup>®</sup>

**Transportation Portfolio**

**November 30, 2022**

TRN-NPRT3-0123

1.810722.118 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.3%** | &nbsp;&nbsp;**Common Stocks - 97.3%** | &nbsp;&nbsp;**Common Stocks - 97.3%** |
|  | Shares | Value ($)<br>|
| Air Freight & Logistics - 33.1%  |  |  |
| Air Freight & Logistics - 33.1% |  |  |
| Air Transport Services Group, Inc. (a) | 1368433 | 38370861 |
| Atlas Air Worldwide Holdings, Inc. (a) | 65800 | 6630666 |
| C.H. Robinson Worldwide, Inc.  | 134896 | 13519277 |
| Expeditors International of Washington, Inc.  | 133638 | 15510026 |
| FedEx Corp.  | 117641 | 21436543 |
| Forward Air Corp.  | 23200 | 2606984 |
| GXO Logistics, Inc. (a) | 21522 | 1008521 |
| Hub Group, Inc. Class A (a) | 54149 | 4556638 |
| United Parcel Service, Inc. Class B  | 508241 | 96428563 |
|  |  | 200068079 |
| Airlines - 12.3%  |  |  |
| Airlines - 12.3% |  |  |
| Alaska Air Group, Inc. (a) | 509400 | 24165936 |
| Allegiant Travel Co. (a) | 16200 | 1338282 |
| Canada Jetlines Ltd. (a) | 1250 | 228 |
| Copa Holdings SA Class A (a)(b) | 170400 | 14932152 |
| Delta Air Lines, Inc. (a) | 443261 | 15678142 |
| Frontier Group Holdings, Inc. (a)(b) | 495701 | 6463941 |
| Spirit Airlines, Inc. (a) | 72200 | 1567462 |
| Sun Country Airlines Holdings, Inc. (a)(b) | 411084 | 8303897 |
| United Airlines Holdings, Inc. (a) | 48079 | 2123649 |
|  |  | 74573689 |
| Electrical Equipment - 0.3%  |  |  |
| Electrical Components & Equipment - 0.3% |  |  |
| Sensata Technologies, Inc. PLC  | 40300 | 1817530 |
| Energy Equipment & Services - 0.3%  |  |  |
| Oil & Gas Drilling - 0.3% |  |  |
| Noble Corp. PLC (a) | 30000 | 1113900 |
| Valaris Ltd. (a) | 15000 | 990150 |
|  |  | 2104050 |
| Internet & Direct Marketing Retail - 4.8%  |  |  |
| Internet & Direct Marketing Retail - 4.8% |  |  |
| Lyft, Inc. (a) | 272000 | 3051840 |
| Uber Technologies, Inc. (a) | 887704 | 25867695 |
|  |  | 28919535 |
| Marine - 4.0%  |  |  |
| Marine - 4.0% |  |  |
| Eagle Bulk Shipping, Inc. (b) | 20230 | 1040834 |
| Kirby Corp. (a) | 302200 | 21090538 |
| Matson, Inc.  | 34795 | 2218529 |
|  |  | 24349901 |
| Oil, Gas & Consumable Fuels - 9.2%  |  |  |
| Coal & Consumable Fuels - 0.1% |  |  |
| Peabody Energy Corp. (a) | 30000 | 958200 |
| Oil & Gas Exploration & Production - 0.3% |  |  |
| Canadian Natural Resources Ltd.  | 31900 | 1905068 |
| Oil & Gas Storage & Transport - 8.8% |  |  |
| Ardmore Shipping Corp. (a) | 119700 | 1805076 |
| Cool Co. Ltd. (a) | 211900 | 2683291 |
| DHT Holdings, Inc.  | 380000 | 3849400 |
| Frontline Ltd. (NY Shares) (b) | 387100 | 5353593 |
| Hafnia Ltd.  | 1673200 | 9388410 |
| International Seaways, Inc.  | 158700 | 6836796 |
| Scorpio Tankers, Inc.  | 455000 | 23214100 |
|  |  | 53130666 |
| TOTAL OIL, GAS & CONSUMABLE FUELS |  | 55993934 |
| Road & Rail - 33.3%  |  |  |
| Railroads - 23.6% |  |  |
| CSX Corp.  | 1532601 | 50100727 |
| Norfolk Southern Corp.  | 57136 | 14655384 |
| Union Pacific Corp.  | 359037 | 78065415 |
|  |  | 142821526 |
| Trucking - 9.7% |  |  |
| AMERCO (non-vtg.)  | 101421 | 6406765 |
| ArcBest Corp.  | 29200 | 2416884 |
| Hertz Global Holdings, Inc. (b) | 81700 | 1405240 |
| J.B. Hunt Transport Services, Inc.  | 95111 | 17489962 |
| Knight-Swift Transportation Holdings, Inc. Class A  | 114600 | 6352278 |
| RXO, Inc. (a) | 108922 | 2069518 |
| Ryder System, Inc.  | 74707 | 6984357 |
| Saia, Inc. (a)(b) | 18074 | 4402646 |
| TFI International, Inc.  | 36500 | 3962075 |
| TFI International, Inc. (Canada)  | 27700 | 3006505 |
| Werner Enterprises, Inc.  | 23783 | 1045976 |
| XPO Logistics, Inc. (a) | 78922 | 3047968 |
|  |  | 58590174 |
| TOTAL ROAD & RAIL |  | 201411700 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $414,127,040) |  | <br> **589238418** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.1%** | &nbsp;&nbsp;**Money Market Funds - 5.1%** | &nbsp;&nbsp;**Money Market Funds - 5.1%** |
|  | Shares | Value ($)<br>|
| Fidelity Cash Central Fund 3.86% (c) | 11743710 | 11746059 |
| Fidelity Securities Lending Cash Central Fund 3.86% (c)(d) | 19049195 | 19051100 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $30,797,159) |  | **30797159** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.4%**<br> (Cost $444,924,199)<br>| <br>**620035577** |
| **NET OTHER ASSETS (LIABILITIES) - (2.4)%**  | **(14785453)** |
| **NET ASSETS - 100.0%** | **605250124** |

---

**Legend**

(a) Non-income producing

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

(c) 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.

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

**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 ($) | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund 3.86% | 10409172 | 107342434 | 106005547 | 145279 | - | - | 11746059 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 3.86% | 71035353 | 311379047 | 363363300 | 36451 | - | - | 19051100 | 0.1% |
| Total | 81444525 | 418721481 | 469368847 | 181730 | - | - | 30797159 |  |

---

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

Amount 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 payments 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 Transportation Portfolio

- **b. EDGAR series identifier (if any):** S000007487

- **c. LEI of Series:** DAALOIQFCM0FUGVSOE31

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

- **a. Date of fiscal year-end:** 2023-02-28

- **b. Date as of which information is reported:** 2022-11-30

**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:** $625070487.69

**Total Liabilities:** $19191450.44

**Net Assets:** $605879037.25

**Cash Not Reported:** $13946.16

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000020461 | -12.76%              | 9.05%                | 8.81%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1128660.42             | $-77530968.88                              |
| Month 2  | $-511949.19              | $48138761.99                               |
| Month 3  | $2877663.00              | $44867606.58                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UNITED AIRLINES HOLDINGS INC               | UNITED AIRLINES HOLDINGS INC                  | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |     54079 | NS      | $2388669.43   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATURAL RESOURCES LTD             | CANADIAN NATL RESOURCES LTD                   | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     31900 | NS      | $1905068.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ALASKA AIR GROUP INC                       | ALASKA AIR GROUP INC                          | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |    509400 | NS      | $24165936.00  | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| HAFNIA LTD                                 | HAFNIA LTD                                    | CUSIP: N/A<br>LEI: 5493001KCFT0SCGJ2647       | Long             | EC               | CORP              | BM        |   1673200 | NS      | $9388409.79   | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| CSX CORP                                   | CSX CORP                                      | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |   1532601 | NS      | $50100726.69  | 8.27%             |  |  |  | No            |                  1 | On Loan: No      |
| FORWARD AIR CORP                           | FORWARD AIR CORP                              | CUSIP: 349853101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28200 | NS      | $3168834.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| COPA HOLDINGS SA                           | COPA HOLDINGS SA CL A                         | CUSIP: N/A<br>LEI: 529900BB9UQJV6QQHA59       | Long             | EC               | CORP              | PA        |    170400 | NS      | $14932152.00  | 2.46%             |  |  |  | No            |                  1 | On Loan: —       |
| TFI INTERNATIONAL INC                      | TFI INTERNATIONAL INC                         | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               | CORP              | CA        |     36500 | NS      | $3962075.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CH ROBINSON WORLDWIDE INC                  | CH ROBINSON WORLDWIDE INC                     | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |    140896 | NS      | $14120597.12  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDITORS INTERNATIONAL OF WASHINGTON INC | EXPEDITORS INTL OF WASH INC                   | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |    133638 | NS      | $15510026.28  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ARDMORE SHIPPING CORP                      | ARDMORE SHIPPING CORP                         | CUSIP: N/A<br>LEI: 549300J8HD7K6BHD8O28       | Long             | EC               | CORP              | MH        |    119700 | NS      | $1805076.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| LYFT INC                                   | LYFT INC                                      | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |    272000 | NS      | $3051840.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| SAIA INC                                   | SAIA INC                                      | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |     18074 | NS      | $4402645.66   | 0.73%             |  |  |  | No            |                  1 | On Loan: —       |
| WERNER ENTERPRISES INC                     | WERNER ENTERPRISES INC                        | CUSIP: 950755108<br>LEI: 549300P6XRGOCHHJST37 | Long             | EC               | CORP              | US        |     23783 | NS      | $1045976.34   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCBEST CORP                               | ARCBEST CORP                                  | CUSIP: 03937C105<br>LEI: 5493006S3KBNE8ZS3J23 | Long             | EC               | CORP              | US        |     29200 | NS      | $2416884.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION PACIFIC CORP                         | UNION PACIFIC CORP                            | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |    359037 | NS      | $78065414.91  | 12.88%            |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL SEAWAYS INC                  | INTERNATIONAL SEAWAYS INC                     | CUSIP: N/A<br>LEI: 549300YUFDGFRNGBWF46       | Long             | EC               | CORP              | MH        |    158700 | NS      | $6836796.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADA JETLINES OPERATIONS LTD             | CANADA JETLINES OPERATIONS LTD                | CUSIP: 13527D108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      1250 | NS      | $227.67       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TFI INTERNATIONAL INC                      | TFI INTERNATIONAL INC                         | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               | CORP              | CA        |     27700 | NS      | $3006504.85   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERCO                                     | AMERCO NON-VOTING                             | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |    101421 | NS      | $6406764.57   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLEGIANT TRAVEL CO                        | ALLEGIANT TRAVEL CO                           | CUSIP: 01748X102<br>LEI: 549300JM9OZXOHWL2K18 | Long             | EC               | CORP              | US        |     16200 | NS      | $1338282.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SENSATA TECHNOLOGIES HOLDING PLC           | SENSATA TECHNOLOGIES HOLDING PLC              | CUSIP: N/A<br>LEI: 529900MS7KFYCY9MS037       | Long             | EC               | CORP              | GB        |     55300 | NS      | $2494030.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| COOL COMPANY LTD                           | COOL COMPANY LTD                              | CUSIP: N/A<br>LEI: 549300AQHDVKVCNIU608       | Long             | EC               | CORP              | BM        |    211900 | NS      | $2683290.90   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| VALARIS LTD                                | VALARIS LTD                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |     15000 | NS      | $990150.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| DHT HOLDINGS INC                           | DHT HOLDINGS INC                              | CUSIP: N/A<br>LEI: 549300SMD6IVZYT74K40       | Long             | EC               | CORP              | MH        |    380000 | NS      | $3849400.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| EAGLE BULK SHIPPING INC                    | EAGLE BULK SHIPPING INC                       | CUSIP: N/A<br>LEI: 549300EC4INNZBWR8W37       | Long             | EC               | CORP              | MH        |     20230 | NS      | $1040833.50   | 0.17%             |  |  |  | No            |                  1 | On Loan: —       |
| AIR TRANSPORT SERVICES GROUP INC           | AIR TRANSPORT SERVICES GROUP                  | CUSIP: 00922R105<br>LEI: 5493000F3MSFGIXTQE27 | Long             | EC               | CORP              | US        |   1368433 | NS      | $38370861.32  | 6.33%             |  |  |  | No            |                  1 | On Loan: No      |
| RYDER SYSTEM INC                           | RYDER SYSTEM INC                              | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |     74707 | NS      | $6984357.43   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN COUNTRY AIRLINES HOLDINGS INC          | SUN COUNTRY AIRLINES HOLDINGS INC             | CUSIP: 866683105<br>LEI: 549300MOHOJN9GH0NJ48 | Long             | EC               | CORP              | US        |    411084 | NS      | $8303896.80   | 1.37%             |  |  |  | No            |                  1 | On Loan: —       |
| KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC   | KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC      | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    114600 | NS      | $6352278.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| FRONTIER GROUP HOLDINGS INC                | FRONTIER GROUP HOLDINGS INC                   | CUSIP: 35909R108<br>LEI: 549300DT3Y2BHO6G7T02 | Long             | EC               | CORP              | US        |    515700 | NS      | $6724728.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: —       |
| HUB GROUP INC                              | HUB GROUP INC CL A                            | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54149 | NS      | $4556638.35   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| GXO LOGISTICS INC                          | GXO LOGISTICS INC                             | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |     21522 | NS      | $1008520.92   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLAS AIR WORLDWIDE HLDGS INC              | ATLAS AIR WORLDWIDE HLDGS WI                  | CUSIP: 049164205<br>LEI: 549300R0A2TUVCYZB465 | Long             | EC               | CORP              | US        |     65800 | NS      | $6630666.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust               | Fidelity Cash Central Fund                    | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |  11743710 | NS      | $11746058.67  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| NOBLE CORP PLC                             | NOBLE CORP PLC                                | CUSIP: N/A<br>LEI: 549300I3HBUNXO0OG954       | Long             | EC               | CORP              | GB        |     15000 | NS      | $556950.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED PARCEL SERVICE INC                  | UNITED PARCEL SERVICE INC CL B                | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |    503241 | NS      | $95479914.93  | 15.76%            |  |  |  | No            |                  1 | On Loan: No      |
| PEABODY ENERGY CORP                        | PEABODY ENERGY CORP                           | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |     30000 | NS      | $958200.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDEX CORP                                 | FEDEX CORP                                    | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |    117641 | NS      | $21436543.02  | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust               | Fidelity Securities Lending Cash Central Fund | CUSIP: 31635A303<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |  18798545 | NS      | $18800425.02  | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NORFOLK SOUTHERN CORP                      | NORFOLK SOUTHERN CORP                         | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |     57136 | NS      | $14655384.00  | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| DELTA AIRLINES INC                         | DELTA AIR INC                                 | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |    443261 | NS      | $15678141.57  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO LOGISTICS INC                          | XPO LOGISTICS INC                             | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |     93922 | NS      | $3627267.64   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| SCORPIO TANKERS INC                        | SCORPIO TANKERS INC                           | CUSIP: N/A<br>LEI: 549300NVJUH16NXG8K87       | Long             | EC               | CORP              | MH        |    455000 | NS      | $23214100.00  | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| HERTZ GLOBAL HOLDINGS INC                  | HERTZ GLOBAL HOLDINGS INC                     | CUSIP: 42806J700<br>LEI: 549300NBK3K85MH1EX16 | Long             | EC               | CORP              | US        |     81700 | NS      | $1405240.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| KIRBY CORP                                 | KIRBY CORP                                    | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |    302200 | NS      | $21090538.00  | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| FRONTLINE LTD                              | FRONTLINE LTD                                 | CUSIP: N/A<br>LEI: 5493004BCIKYU1YL3H63       | Long             | EC               | CORP              | BM        |    387100 | NS      | $5353593.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: —       |
| RXO INC                                    | RXO INC                                       | CUSIP: 74982T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    108922 | NS      | $2069518.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNT (JB) TRANSPORT SERVICES               | HUNT J B TRANSPORT SERVICES IN                | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |     98611 | NS      | $18133576.79  | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| MATSON INC                                 | MATSON INC                                    | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |     34795 | NS      | $2218529.20   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES INC                      | UBER TECHNOLOGIES INC                         | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    941104 | NS      | $27423770.56  | 4.53%             |  |  |  | No            |                  1 | On Loan: No      |
| SPIRIT AIRLINES INC                        | SPIRIT AIRLINES INC                           | CUSIP: 848577102<br>LEI: 549300DCAFIXFNFR3304 | Long             | EC               | CORP              | US        |     72200 | NS      | $1567462.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-30

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

**Signature:** Stacie M. Smith

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

**Title:** President and Treasurer