# EDGAR Filing Document

**Accession Number:** 0000320351
**File Stem:** 0001752724-23-014719
**Filing Date:** 2023-1
**Character Count:** 41108
**Document Hash:** 8905d5b1c7257f76506015342f2725bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-014719.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001752724-23-014719

**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:** 23556575

**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

### Financial Services Portfolio (Series ID: S000007462)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000020436 | Financial Services Portfolio | FIDSX           |

## Nport-Ex

**Quarterly Holdings Report**

**for**

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

**Financial Services Portfolio**

**November 30, 2022**

FIN-NPRT3-0123

1.810693.118 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.9%** | &nbsp;&nbsp;**Common Stocks - 98.9%** | &nbsp;&nbsp;**Common Stocks - 98.9%** |
|  | Shares | Value ($)<br>|
| Banks - 39.7%  |  |  |
| Diversified Banks - 22.3% |  |  |
| Bank of America Corp.  | 976900 | 36975665 |
| Citigroup, Inc.  | 488400 | 23643444 |
| JPMorgan Chase & Co.  | 278900 | 38538402 |
| Piraeus Financial Holdings SA (a) | 380900 | 567260 |
| U.S. Bancorp  | 473300 | 21483087 |
| Wells Fargo & Co.  | 1009090 | 48385866 |
|  |  | 169593724 |
| Regional Banks - 17.4% |  |  |
| Associated Banc-Corp.  | 279800 | 6883080 |
| Bank OZK (b) | 129400 | 5971810 |
| BankUnited, Inc.  | 101600 | 3730752 |
| BOK Financial Corp.  | 51700 | 5413507 |
| Cadence Bank  | 215430 | 6213001 |
| Comerica, Inc.  | 73300 | 5258542 |
| East West Bancorp, Inc.  | 112600 | 7905646 |
| First Citizens Bancshares, Inc. (b) | 12200 | 9960812 |
| First Interstate Bancsystem, Inc.  | 173521 | 7568986 |
| Heartland Financial U.S.A., Inc.  | 112600 | 5493754 |
| Huntington Bancshares, Inc.  | 812300 | 12574404 |
| M&T Bank Corp.  | 105437 | 17926399 |
| PacWest Bancorp  | 136300 | 3560156 |
| Popular, Inc. (b) | 93800 | 6849276 |
| Signature Bank  | 45200 | 6305400 |
| Truist Financial Corp.  | 298000 | 13949380 |
| Wintrust Financial Corp.  | 66900 | 6116667 |
|  |  | 131681572 |
| TOTAL BANKS |  | 301275296 |
| Capital Markets - 17.4%  |  |  |
| Asset Management & Custody Banks - 8.8% |  |  |
| Affiliated Managers Group, Inc.  | 34900 | 5598658 |
| Bank of New York Mellon Corp.  | 238000 | 10924200 |
| Brookfield Asset Management, Inc. Class A  | 136115 | 6417822 |
| Carlyle Group LP  | 295600 | 9213852 |
| Northern Trust Corp.  | 53500 | 4981385 |
| Patria Investments Ltd.  | 391600 | 5345340 |
| Phoenix Vega Mezz PLC  | 380900 | 15705 |
| State Street Corp.  | 302300 | 24084241 |
|  |  | 66581203 |
| Financial Exchanges & Data - 1.1% |  |  |
| Bolsa Mexicana de Valores S.A.B. de CV  | 2322400 | 4563190 |
| Cboe Global Markets, Inc.  | 30300 | 3843252 |
|  |  | 8406442 |
| Investment Banking & Brokerage - 7.5% |  |  |
| Lazard Ltd. Class A (b) | 263892 | 9661086 |
| Morgan Stanley  | 299900 | 27911693 |
| Raymond James Financial, Inc.  | 119100 | 13922790 |
| Virtu Financial, Inc. Class A  | 244200 | 5416356 |
|  |  | 56911925 |
| TOTAL CAPITAL MARKETS |  | 131899570 |
| Consumer Finance - 4.3%  |  |  |
| Consumer Finance - 4.3% |  |  |
| Capital One Financial Corp.  | 171200 | 17674688 |
| FirstCash Holdings, Inc.  | 86311 | 8101150 |
| OneMain Holdings, Inc. (b) | 167100 | 6577056 |
|  |  | 32352894 |
| Diversified Financial Services - 2.9%  |  |  |
| Multi-Sector Holdings - 0.9% |  |  |
| Cannae Holdings, Inc. (a) | 273190 | 6329812 |
| Other Diversified Financial Services - 2.0% |  |  |
| Apollo Global Management, Inc. (b) | 219200 | 15210288 |
| Sunrisemezz Ltd. (a) | 54414 | 6768 |
|  |  | 15217056 |
| TOTAL DIVERSIFIED FINANCIAL SERVICES |  | 21546868 |
| Insurance - 25.5%  |  |  |
| Insurance Brokers - 5.5% |  |  |
| Arthur J. Gallagher & Co.  | 98000 | 19512780 |
| Marsh & McLennan Companies, Inc.  | 127900 | 22149722 |
|  |  | 41662502 |
| Life & Health Insurance - 2.8% |  |  |
| Globe Life, Inc.  | 122600 | 14707096 |
| Primerica, Inc.  | 44500 | 6631835 |
|  |  | 21338931 |
| Multi-Line Insurance - 2.4% |  |  |
| Assurant, Inc.  | 41300 | 5295486 |
| Hartford Financial Services Group, Inc.  | 163200 | 12463584 |
|  |  | 17759070 |
| Property & Casualty Insurance - 12.2% |  |  |
| American Financial Group, Inc.  | 50000 | 7111000 |
| Beazley PLC  | 969200 | 7652840 |
| Chubb Ltd.  | 83600 | 18357724 |
| Fidelity National Financial, Inc.  | 230900 | 9319124 |
| First American Financial Corp.  | 205800 | 11246970 |
| Hiscox Ltd.  | 573700 | 6998535 |
| Lancashire Holdings Ltd.  | 784200 | 5673168 |
| Old Republic International Corp.  | 222600 | 5453700 |
| Selective Insurance Group, Inc.  | 58600 | 5632632 |
| The Travelers Companies, Inc.  | 80300 | 15241743 |
|  |  | 92687436 |
| Reinsurance - 2.6% |  |  |
| Reinsurance Group of America, Inc.  | 138500 | 19999400 |
| TOTAL INSURANCE |  | 193447339 |
| IT Services - 3.4%  |  |  |
| Data Processing & Outsourced Services - 3.4% |  |  |
| Fidelity National Information Services, Inc.  | 64700 | 4695926 |
| Global Payments, Inc.  | 83500 | 8665630 |
| MasterCard, Inc. Class A  | 34600 | 12331440 |
|  |  | 25692996 |
| Professional Services - 1.4%  |  |  |
| Research & Consulting Services - 1.4% |  |  |
| Dun & Bradstreet Holdings, Inc. (b) | 376400 | 5066344 |
| Equifax, Inc.  | 29600 | 5842152 |
|  |  | 10908496 |
| Software - 0.4%  |  |  |
| Application Software - 0.4% |  |  |
| Black Knight, Inc. (a) | 51300 | 3180087 |
| Thrifts & Mortgage Finance - 3.9%  |  |  |
| Thrifts & Mortgage Finance - 3.9% |  |  |
| Essent Group Ltd.  | 315138 | 12633882 |
| NMI Holdings, Inc. (a) | 580243 | 12492632 |
| Walker & Dunlop, Inc.  | 48400 | 4322604 |
|  |  | 29449118 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $623,393,345) |  | <br> **749752664** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Bonds - 0.5%** | &nbsp;&nbsp;**Convertible Bonds - 0.5%** | &nbsp;&nbsp;**Convertible Bonds - 0.5%** |
|  | Principal<br> Amount (c)<br>| Value ($)<br>|
| IT Services - 0.5%  |  |  |
| Data Processing & Outsourced Services - 0.5% |  |  |
| Affirm Holdings, Inc. 0% 11/15/26 <br>(Cost $3,972,563) <br>| 6382000 | **3723897** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** | &nbsp;&nbsp;**Money Market Funds - 3.5%** |
|  | Shares | Value ($)<br>|
| Fidelity Cash Central Fund 3.86% (d) | 4267384 | 4268238 |
| Fidelity Securities Lending Cash Central Fund 3.86% (d)(e) | 22753600 | 22755875 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $27,024,113) |  | **27024113** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.9%**<br> (Cost $654,390,021)<br>| <br>**780500674** |
| **NET OTHER ASSETS (LIABILITIES) - (2.9)%**  | **(22135823)** |
| **NET ASSETS - 100.0%** | **758364851** |

---

**Legend**

(a) Non-income producing

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

(c) Amount is stated in United States dollars unless otherwise noted.

(d) 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.

(e) 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% | 3554184 | 156681124 | 155967070 | 37699 | - | - | 4268238 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 3.86% | 19553600 | 179293001 | 176090726 | 15178 | - | - | 22755875 | 0.1% |
| Total | 23107784 | 335974125 | 332057796 | 52877 | - | - | 27024113 |  |

---

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.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Convertible Bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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 Financial Services Portfolio

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

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

**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:** $784077951.74

**Total Liabilities:** $25642556.97

**Net Assets:** $758435394.77

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000020436 | -7.37%               | 12.04%               | 4.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5086970.52              | $-49845339.77                              |
| Month 2  | $1282599.47              | $68157683.72                               |
| Month 3  | $403969.91               | $30166961.39                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ONEMAIN HLDGS INC                          | ONEMAIN HOLDINGS INC                          | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |    167100 | NS      | $6577056.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: —       |
| STATE STREET CORP                          | STATE STREET CORP                             | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |    302300 | NS      | $24084241.00  | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSENT GROUP LTD                           | ESSENT GROUP LTD                              | CUSIP: N/A<br>LEI: 254900QUO860OUT6ZF83       | Long             | EC               | CORP              | BM        |    315138 | NS      | $12633882.42  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST INTERSTATE BANCSYSTEM INC            | FIRST INTST BANCSYST INC CL A                 | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |    173521 | NS      | $7568986.02   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LANCASHIRE HOLDINGS LTD                    | LANCASHIRE HOLDINGS LTD                       | CUSIP: N/A<br>LEI: 5493002UNUYXLHOWF752       | Long             | EC               | CORP              | BM        |    784200 | NS      | $5673167.70   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES INC/OH               | HUNTINGTON BANCSHARES INC                     | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |    812300 | NS      | $12574404.00  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNRISEMEZZ LTD                            | SUNRISEMEZZ LTD                               | CUSIP: N/A<br>LEI: 213800ZHKUVSY51WLW40       | Long             | EC               | CORP              | CY        |     54414 | NS      | $6768.22      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OLD REPUBLIC INTL CORP                     | OLD REPUBLIC INTL CORP                        | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |    222600 | NS      | $5453700.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| AFFIRM HOLDINGS INC                        | AFFIRM HOLDINGS INC CONV 0% 11/15/2026        | CUSIP: 00827BAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6382000 | PA      | $3723897.00   | 0.49%             | 2026-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CANNAE HOLDINGS INC                        | CANNAE HOLDINGS INC                           | CUSIP: 13765N107<br>LEI: 549300OGRF1ICI7D2V77 | Long             | EC               | CORP              | US        |    273190 | NS      | $6329812.30   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST CITIZENS BANCSHARES INC/NC           | FIRST CITIZENS BANCSHARES INC CL A            | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |     12200 | NS      | $9960812.00   | 1.31%             |  |  |  | No            |                  1 | On Loan: —       |
| US BANCORP DEL                             | US BANCORP DEL                                | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    473300 | NS      | $21483087.00  | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP                 | CAPITAL ONE FINANCIAL CORP                    | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    171200 | NS      | $17674688.00  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT INC               | APOLLO GLOBAL MANAGEMENT INC                  | CUSIP: 03769M106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    219200 | NS      | $15210288.00  | 2.01%             |  |  |  | No            |                  1 | On Loan: —       |
| CHUBB LTD                                  | CHUBB LTD                                     | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |     83600 | NS      | $18357724.00  | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK NEW YORK MELLON CORP                  | BANK OF NEW YORK MELLON CORP                  | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |    238000 | NS      | $10924200.00  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| COMERICA INC                               | COMERICA INC                                  | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |     73300 | NS      | $5258542.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYMOND JAMES FINANCIAL INC.               | RAYMOND JAMES FINANCIAL INC.                  | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |    119100 | NS      | $13922790.00  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUIFAX INC                                | EQUIFAX INC                                   | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |     29600 | NS      | $5842152.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTCASH HOLDINGS INC                     | FIRSTCASH HOLDINGS INC                        | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86311 | NS      | $8101150.46   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACK KNIGHT INC                           | BLACK KNIGHT INC                              | CUSIP: 09215C105<br>LEI: 549300TUSNXS3BFFML48 | Long             | EC               | CORP              | US        |     51300 | NS      | $3180087.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| HEARTLAND FINANCIAL USA INC                | HEARTLAND FINANCIAL USA INC                   | CUSIP: 42234Q102<br>LEI: 549300QF7B0DFZT32C73 | Long             | EC               | CORP              | US        |    112600 | NS      | $5493754.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| HARTFORD FINL SVCS GROUP INC               | HARTFORD FINL SVCS GROUP INC                  | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |    163200 | NS      | $12463584.00  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| POPULAR INC                                | POPULAR INC                                   | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |     93800 | NS      | $6849276.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: —       |
| BEAZLEY PLC/UK                             | BEAZLEY PLC/UK                                | CUSIP: N/A<br>LEI: 213800VTOMUWD41GIT12       | Long             | EC               | CORP              | GB        |    969200 | NS      | $7652840.08   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MARSH and MCLENNAN COS INC                 | MARSH and MCLENNAN COS INC                    | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |    127900 | NS      | $22149722.00  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| WINTRUST FINANCIAL CORP                    | WINTRUST FINANCIAL CORP                       | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |     66900 | NS      | $6116667.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| REINSURANCE GROUP OF AMERICA INC           | REINSURANCE GROUP OF AMERICA                  | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |    138500 | NS      | $19999400.00  | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| PATRIA INVESTMENTS LTD                     | PATRIA INVESTMENTS LTD                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |    391600 | NS      | $5345340.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| HISCOX LTD                                 | HISCOX LTD (NE HISCOX BERMUDA)                | CUSIP: N/A<br>LEI: 5493007JXOLJ0QCY2D70       | Long             | EC               | CORP              | BM        |    573700 | NS      | $6998534.97   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| GLOBE LIFE INC                             | GLOBE LIFE INC                                | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |    122600 | NS      | $14707096.00  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| M and T BANK CORP                          | M and T BANK CORP                             | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |    105437 | NS      | $17926398.74  | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| GALLAGHER (ARTHUR J.) and CO               | ARTHUR J GALLAGHAR AND CO                     | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     98000 | NS      | $19512780.00  | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECTIVE INSURANCE GROUP INC              | SELECTIVE INSURANCE GROUP INC                 | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |     58600 | NS      | $5632632.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK FINANCIAL CORP                         | BOK FINANCIAL COMMON NEW                      | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               | CORP              | US        |     51700 | NS      | $5413507.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIMERICA INC                              | PRIMERICA INC                                 | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |     44500 | NS      | $6631835.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OZK                                   | BANK OZK                                      | CUSIP: 06417N103<br>LEI: 549300UULWC5CKW0VZ48 | Long             | EC               | CORP              | US        |    129400 | NS      | $5971810.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: —       |
| FIDELITY NATIONAL INFORMATION SERVICES INC | FIDELITY NATL INFORM SVCS INC                 | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |     64700 | NS      | $4695926.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHERN TRUST CORP                        | NORTHERN TRUST CORP                           | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     53500 | NS      | $4981385.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| WALKER and DUNLOP INC                      | WALKER and DUNLOP INC                         | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48400 | NS      | $4322604.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| LAZARD LTD                                 | LAZARD LTD CL A                               | CUSIP: N/A<br>LEI: 254900RIBCDJSUFG1A11       | Long             | EC               | CORP              | BM        |    263892 | NS      | $9661086.12   | 1.27%             |  |  |  | No            |                  1 | On Loan: —       |
| BANKUNITED INC                             | BANKUNITED INC                                | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |    101600 | NS      | $3730752.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                              | CITIGROUP INC                                 | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    488400 | NS      | $23643444.00  | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGNATURE BK NEW YORK NY                   | SIGNATURE BANK                                | CUSIP: 82669G104<br>LEI: VLP5AP0XK2GM6GKD1007 | Long             | EC               | CORP              | US        |     45200 | NS      | $6305400.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY NATIONAL FINANCIAL INC            | FIDELITY NATIONAL FINL INC                    | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |    230900 | NS      | $9319124.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI HOLDINGS INC                           | NMI HOLDINGS INC                              | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |    580243 | NS      | $12492631.79  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust               | Fidelity Cash Central Fund                    | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |   4267384 | NS      | $4268237.87   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRTU FINANCIAL INC                        | VIRTU FINANCIAL INC- CL A                     | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |    244200 | NS      | $5416356.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| PHOENIX VEGA MEZZ PLC                      | PHOENIX VEGA MEZZ PLC                         | CUSIP: N/A<br>LEI: 2138005HBG5SYXSOFN83       | Long             | EC               | CORP              | CY        |    380900 | NS      | $15704.71     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CBOE GLOBAL MARKETS INC                    | CBOE GLOBAL MARKETS INC                       | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     30300 | NS      | $3843252.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| AFFILIATED MANAGERS GROUP INC              | AFFILIATED MANAGERS GRP INC                   | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |     34900 | NS      | $5598658.00   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERN FINL CORP                      | FIRST AMERICAN FINANCIAL CORP                 | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |    205800 | NS      | $11246970.00  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| PIRAEUS FINANCIAL HOLDINGS SA              | PIRAEUS FINANCIAL HOLDINGS SA                 | CUSIP: N/A<br>LEI: M6AD1Y1KW32H8THQ6F76       | Long             | EC               | CORP              | GR        |    380900 | NS      | $567259.77    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ASSOCIATED BANC CORP                       | ASSOCIATED BANC CORP                          | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |    279800 | NS      | $6883080.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| TRAVELERS COS INC                          | TRAVELERS COMPANIES INC                       | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     80300 | NS      | $15241743.00  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                             | MORGAN STANLEY                                | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |    299900 | NS      | $27911693.00  | 3.68%             |  |  |  | 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        |   2322400 | NS      | $4563189.80   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| DUN and BRADSTREET HOLDINGS INC            | DUN and BRADSTREET HOLDINGS IN                | CUSIP: 26484T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    376400 | NS      | $5066344.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: —       |
| GLOBAL PAYMENTS INC                        | GLOBAL PAYMENTS INC                           | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |     83500 | NS      | $8665630.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUIST FINANCIAL CORP                      | TRUIST FINL CORP                              | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |    298000 | NS      | $13949380.00  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust               | Fidelity Securities Lending Cash Central Fund | CUSIP: 31635A303<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |  20818218 | NS      | $20820300.01  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CARLYLE GROUP INC/THE                      | CARLYLE GROUP INC (THE)                       | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |    295600 | NS      | $9213852.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSURANT INC                               | ASSURANT INC                                  | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |     41300 | NS      | $5295486.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE and CO                      | JPMORGAN CHASE and CO                         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    278900 | NS      | $38538402.00  | 5.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INC                             | MASTERCARD INC CL A                           | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     34600 | NS      | $12331440.00  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO and CO                         | WELLS FARGO and CO                            | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |   1009090 | NS      | $48385865.50  | 6.38%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION                | BANK OF AMERICA CORPORATION                   | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    976900 | NS      | $36975665.00  | 4.88%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD ASSET MANAGEMENT INC            | BROOKFIELD ASSET INC VTG CL A                 | CUSIP: 112585104<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |    136115 | NS      | $6417822.25   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| EAST WEST BANCORP INC                      | EAST WEST BANCORP INC                         | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    112600 | NS      | $7905646.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PACWEST BANCORP DE                         | PACWEST BANCORP                               | CUSIP: 695263103<br>LEI: 549300YI8VMFO7G36V04 | Long             | EC               | CORP              | US        |    136300 | NS      | $3560156.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN FINL GROUP INC OHIO               | AMERICAN FINL GROUP INC OHIO                  | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |     50000 | NS      | $7111000.00   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE BANK                               | CADENCE BANK                                  | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |    215430 | NS      | $6213001.20   | 0.82%             |  |  |  | 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