# EDGAR Filing Document

**Accession Number:** 0000320351
**File Stem:** 0001752724-23-014720
**Filing Date:** 2023-1
**Character Count:** 37703
**Document Hash:** 67766bffc585444093614edef38d62b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-014720.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001752724-23-014720

**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:** 23556576

**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

### Gold Portfolio (Series ID: S000007465)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000020439 | Gold Portfolio                      | FSAGX           |
| C000040621 | Fidelity Advisor Gold Fund: Class I | FGDIX           |
| C000040622 | Fidelity Advisor Gold Fund: Class A | FGDAX           |
| C000040624 | Fidelity Advisor Gold Fund: Class C | FGDCX           |
| C000040625 | Fidelity Advisor Gold Fund: Class M | FGDTX           |
| C000205043 | Fidelity Advisor Gold Fund: Class Z | FIJDX           |

## Nport-Ex

**Consolidated Quarterly Holdings Report**

**for**

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

**Gold Portfolio**

**November 30, 2022**

GOL-NPRT3-0123

1.810695.118 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.2%** | &nbsp;&nbsp;**Common Stocks - 98.2%** | &nbsp;&nbsp;**Common Stocks - 98.2%** |
|  | Shares | Value ($)<br>|
| Australia - 6.6%  |  |  |
| Metals & Mining - 6.6% |  |  |
| Gold - 6.6% |  |  |
| Gold Road Resources Ltd.  | 12500000 | 15144461 |
| Newcrest Mining Ltd.  | 2000000 | 27234443 |
| Northern Star Resources Ltd.  | 7000000 | 51252247 |
|  |  | 93631151 |
| Canada - 71.4%  |  |  |
| Metals & Mining - 71.4% |  |  |
| Diversified Metals & Mining - 1.7% |  |  |
| BeMetals Corp. (a) | 2000000 | 170985 |
| Foran Mining Corp. (a) | 5000000 | 11002490 |
| Western Copper & Gold Corp. (TSX) (a)(b)(c) | 8000000 | 12965097 |
|  |  | 24138572 |
| Gold - 68.0% |  |  |
| Agnico Eagle Mines Ltd. (Canada) (b) | 2300000 | 115842099 |
| Alamos Gold, Inc.  | 4000000 | 38776345 |
| Artemis Gold, Inc. (a) | 5000000 | 17284318 |
| Ascot Resources Ltd. (a)(c) | 25000000 | 7248262 |
| B2Gold Corp.  | 7000000 | 24406200 |
| Barrick Gold Corp. (Canada) (b) | 6500000 | 106066238 |
| Bonterra Resources, Inc. (a)(c) | 7500000 | 1338141 |
| Franco-Nevada Corp.  | 1000000 | 146072929 |
| Fury Gold Mines Ltd. (c)(d) | 10000000 | 3679887 |
| i-80 Gold Corp. (a)(b)(c) | 10000000 | 28398320 |
| i-80 Gold Corp. (c)(e) | 2500000 | 7099580 |
| Kinross Gold Corp. (b) | 8000000 | 33066944 |
| Lundin Gold, Inc.  | 2000000 | 19730142 |
| Maple Gold Mines Ltd. (a)(c) | 20000000 | 2155893 |
| Marathon Gold Corp. (a)(b)(c) | 20000000 | 14868230 |
| Marathon Gold Corp. warrants 9/20/24 (a) | 5000000 | 695273 |
| Novagold Resources, Inc. (a) | 3000000 | 17284318 |
| OceanaGold Corp. (a) | 27500000 | 46816340 |
| Orla Mining Ltd. (a)(b) | 15000000 | 55755864 |
| Osisko Development Corp. (a) | 666666 | 3166930 |
| Osisko Development Corp. rights (a) | 666666 | 404266 |
| Osisko Gold Royalties Ltd. (b) | 3000000 | 37847080 |
| Osisko Mining, Inc. (a) | 5000000 | 13344237 |
| Pure Gold Mining, Inc. warrants 3/28/23 (a) | 1500000 | 11 |
| Rupert Resources Ltd. (a) | 4000000 | 14124819 |
| Sabina Gold & Silver Corp. (a) | 10000000 | 9590009 |
| Seabridge Gold, Inc. (a) | 1000000 | 12474445 |
| Skeena Resources Ltd. (a)(b) | 3000000 | 16481433 |
| Torex Gold Resources, Inc. (a) | 1000000 | 9255473 |
| Triple Flag Precious Metals Corp.  | 1000000 | 12680000 |
| Victoria Gold Corp. (a)(c) | 3500000 | 21127755 |
| Wesdome Gold Mines, Inc. (a) | 3500000 | 23625618 |
| Wheaton Precious Metals Corp.  | 2500000 | 97572761 |
|  |  | 958280160 |
| Precious Metals & Minerals - 1.2% |  |  |
| Dolly Varden Silver Corp. (a)(c) | 17000000 | 9604877 |
| SilverCrest Metals, Inc. (a) | 1000000 | 6638665 |
|  |  | 16243542 |
| Silver - 0.5% |  |  |
| GoGold Resources, Inc. (a)(b) | 5000000 | 7285433 |
| New Pacific Metals Corp. (a)(b) | 93234 | 196844 |
|  |  | 7482277 |
| TOTAL METALS & MINING |  | 1006144551 |
| South Africa - 3.7%  |  |  |
| Metals & Mining - 3.7% |  |  |
| Gold - 3.7% |  |  |
| AngloGold Ashanti Ltd.  | 1000000 | 18252743 |
| Gold Fields Ltd.  | 3000000 | 33311787 |
|  |  | 51564530 |
| United Kingdom - 0.3%  |  |  |
| Metals & Mining - 0.3% |  |  |
| Copper - 0.3% |  |  |
| Solgold PLC (a) | 20000000 | 4393694 |
| United States of America - 16.2%  |  |  |
| Metals & Mining - 16.2% |  |  |
| Diversified Metals & Mining - 0.7% |  |  |
| Ivanhoe Electric, Inc. (a) | 1000000 | 10530000 |
| Gold - 11.9% |  |  |
| Dakota Gold Corp. (a)(b) | 2500000 | 8450000 |
| Newmont Corp.  | 3000000 | 142410000 |
| Royal Gold, Inc. (b) | 150000 | 16849500 |
|  |  | 167709500 |
| Silver - 3.6% |  |  |
| Gatos Silver, Inc. (a)(b)(c) | 6000000 | 22860000 |
| Hecla Mining Co. (b) | 5000000 | 27250000 |
|  |  | 50110000 |
| TOTAL METALS & MINING |  | 228349500 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,033,115,326) |  | <br> **1384083426** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commodities - 0.7%** | &nbsp;&nbsp;**Commodities - 0.7%** | &nbsp;&nbsp;**Commodities - 0.7%** |
|  | Troy Ounces | Value ($)<br>|
| Gold Bullion <br>(Cost $4,575,085) <br>| 5582 | **9879749** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 20.0%** | &nbsp;&nbsp;**Money Market Funds - 20.0%** | &nbsp;&nbsp;**Money Market Funds - 20.0%** |
|  | Shares | Value ($)<br>|
| Fidelity Cash Central Fund 3.86% (f) | 12491151 | 12493650 |
| Fidelity Securities Lending Cash Central Fund 3.86% (f)(g) | 269124073 | 269150985 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $281,644,635) |  | **281644635** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 118.9%**<br> (Cost $1,319,335,046)<br>| <br>**1675607810** |
| **NET OTHER ASSETS (LIABILITIES) - (18.9)%**  | **(266693957)** |
| **NET ASSETS - 100.0%** | **1408913853** |

---

**Legend**

(a) Non-income producing

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

(c) Affiliated company

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,679,887 or 0.3% of net assets.

(e) 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 $7,099,580 or 0.5% of net assets.

(f) 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.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Fury Gold Mines Ltd. | 4/12/22 | 6328113 |

---

**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% | 58603905 | 375803924 | 421914179 | 182640 | - | - | 12493650 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 3.86% | 105810777 | 856717473 | 693377265 | 650053 | - | - | 269150985 | 0.8% |
| Total | 164414682 | 1232521397 | 1115291444 | 832693 | - | - | 281644635 |  |

---

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.

**Consolidated Subsidiary**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund  | 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 ($) |
| Fidelity Select Gold Cayman Ltd. | 13353169 | - | - | - | 1074938 | (4529199) | 9898908 |

---

The Fund invests in certain commodity-related investments through Fidelity Select Gold Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). As of November 30, 2022, the Fund held an investment of $9,898,908 in the Subsidiary, representing 0.7% of the Fund's net assets. The Quarterly Holdings report is consolidated and includes the holdings of the Fund and the Subsidiary.

**Other Affiliated Issuers**

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 ($) |
| Ascot Resources Ltd. | 17199211 | 3907938 | - | - | - | (13858887) | 7248262 |
| Bonterra Resources, Inc. | 6011834 | - | - | - | - | (6096163) | 1338141 |
| Bonterra Resources, Inc. | 1352663 | - | - | - | - | 69807 | - |
| Dolly Varden Silver Corp. | - | 4989727 | - | - | - | 4615150 | 9604877 |
| Fury Gold Mines Ltd. | - | 6328113 | - | - | - | (2648226) | 3679887 |
| Gatos Silver, Inc. | 16850000 | 3173371 | - | - | - | 2836629 | 22860000 |
| Gold Standard Ventures Corp. | 10256410 | 767541 | 11621826 | - | (12324901) | 12922776 | - |
| Maple Gold Mines Ltd. | 5285996 | - | - | - | - | (3130103) | 2155893 |
| Marathon Gold Corp. | 22406312 | - | - | - | - | (15219800) | 14868230 |
| Orla Mining Ltd. | 51692308 | 12624099 | 4918086 | - | (728760) | (2913697) | - |
| Pure Gold Mining, Inc. | 16173570 | - | 4101640 | - | (24122553) | 12050623 | - |
| Pure Gold Mining, Inc. warrants 3/28/23 | 58434 | - | - | - | - | (58423) | - |
| Victoria Gold Corp. | 25341223 | 17740033 | 5907354 | - | (986601) | (15059546) | 21127755 |
| Western Copper & Gold Corp. (TSX) | 14327416 | - | - | - | - | (1362319) | 12965097 |
| i-80 Gold Corp. | 21696252 | - | - | - | - | 6702068 | 28398320 |
| i-80 Gold Corp. | 5369822 | - | - | - | - | (78176) | - |
| i-80 Gold Corp. | - | - | - | - | - | 1807934 | 7099580 |
| i-80 Gold Corp. warrants 9/30/22 | 76880 | - | - | - | (340) | (76540) | - |
| Total | 214098331 | 49530822 | 26548906 | - | (38163155) | (19496893) | 131346042 |

---

**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 commodities are valued at their last traded price prior to 4:00 p.m. Eastern time each business day and are categorized as Level 1 in the hierarchy.

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

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 Gold Portfolio

- **b. EDGAR series identifier (if any):** S000007465

- **c. LEI of Series:** AC00SNU2ANI7HPORJE59

**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:** $1574732894.96

**Total Liabilities:** $165616872.61

**Net Assets:** $1409116022.35

**Amount of Assets Invested in Other Investment Companies:** $9898845.47

**Cash Not Reported:** $117525.28

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000040621 | -0.16%               | 0.11%                | 18.46%               |
| Class ID C000020439 | -0.16%               | 0.11%                | 18.41%               |
| Class ID C000205043 | -0.16%               | 0.16%                | 18.43%               |
| Class ID C000040624 | -1.24%               | -0.94%               | 17.27%               |
| Class ID C000040622 | -5.91%               | -5.65%               | 11.58%               |
| Class ID C000040625 | -3.72%               | -3.45%               | 14.23%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6567792.29             | $1937699.89                                |
| Month 2  | $-13241846.47            | $14590050.76                               |
| Month 3  | $-10295453.88            | $228660720.72                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GOLD FIELDS LTD NEW              | GOLD FIELDS LTD                                 | CUSIP: N/A<br>LEI: 5299003KXIBJQYCBBD72       | Long             | EC               | CORP              | ZA        |   3000000 | NS      | $33311786.60  | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| DOLLY VARDEN SILVER CORP         | DOLLY VARDEN SILVER CORP                        | CUSIP: 256827205<br>LEI: 2549007A2MNBXFD0FU11 | Long             | EC               | CORP              | CA        |  17000000 | NS      | $9604876.78   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ORLA MINING LTD                  | ORLA MINING LTD                                 | CUSIP: 68634K106<br>LEI: 529900DU63EUQ1UZKL30 | Long             | EC               | CORP              | CA        |  15000000 | NS      | $55755863.66  | 3.96%             |  |  |  | No            |                  1 | On Loan: —       |
| ROYAL GOLD INC                   | ROYAL GOLD INC                                  | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |    150000 | NS      | $16849500.00  | 1.20%             |  |  |  | No            |                  1 | On Loan: —       |
| GATOS SILVER INC                 | GATOS SILVER INC                                | CUSIP: 368036109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6000000 | NS      | $22860000.00  | 1.62%             |  |  |  | No            |                  1 | On Loan: —       |
| TRIPLE FLAG PRECIOUS METALS CORP | TRIPLE FLAG PRECIOUS METALS CORP                | CUSIP: 89679M104<br>LEI: 254900R7NJ1TEYIM4E61 | Long             | EC               | CORP              | CA        |   1000000 | NS      | $12680000.00  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| ALAMOS GOLD INC                  | ALAMOS GOLD INC A                               | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |   4000000 | NS      | $38776344.65  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| MAPLE GOLD MINES LTD             | MAPLE GOLD MINES LTD                            | CUSIP: 565127107<br>LEI: 529900614R460CGCLU46 | Long             | EC               | CORP              | CA        |  20000000 | NS      | $2155893.39   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLOGOLD ASHANTI LTD            | ANGLOGOLD ASHANTI LTD                           | CUSIP: N/A<br>LEI: 378900EF3BA9A5F42A59       | Long             | EC               | CORP              | ZA        |   1000000 | NS      | $18252743.32  | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| SKEENA RESOURCES LTD             | SKEENA RESOURCES LTD                            | CUSIP: 83056P715<br>LEI: 549300DCWSQFVVZ21289 | Long             | EC               | CORP              | CA        |   3000000 | NS      | $16481433.30  | 1.17%             |  |  |  | No            |                  1 | On Loan: —       |
| OCEANAGOLD CORP                  | OCEANAGOLD CORP                                 | CUSIP: 675222103<br>LEI: 549300CBMSE8I9N3E232 | Long             | EC               | CORP              | CA        |  27500000 | NS      | $46816340.19  | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| i-80 GOLD CORP                   | I-80 GOLD CORP                                  | CUSIP: 44955L106<br>LEI: 549300LFFIWIGUEXPK11 | Long             | EC               | CORP              | CA        |  10000000 | NS      | $28398319.89  | 2.02%             |  |  |  | No            |                  1 | On Loan: —       |
| OSISKO MINING INC                | OSISKO MINING INC                               | CUSIP: 688281104<br>LEI: 254900SJU6CW31RVHW15 | Long             | EC               | CORP              | CA        |   5000000 | NS      | $13344236.70  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| HECLA MINING CO                  | HECLA MINING CO                                 | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |   5000000 | NS      | $27250000.00  | 1.93%             |  |  |  | No            |                  1 | On Loan: —       |
| RUPERT RESOURCES LTD             | RUPERT RESOURCES LTD                            | CUSIP: 78165J105<br>LEI: 529900EEVS5CSPMXKZ88 | Long             | EC               | CORP              | CA        |   4000000 | NS      | $14124818.79  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| B2GOLD CORPORATION               | B2GOLD CORPORATION                              | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |   7000000 | NS      | $24406200.05  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWCREST MNG LTD                 | NEWCREST MINING LTD                             | CUSIP: N/A<br>LEI: 5299006MN50OZJUJI655       | Long             | EC               | CORP              | AU        |   2000000 | NS      | $27234443.40  | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| SOLGOLD PLC                      | SOLGOLD PLC                                     | CUSIP: N/A<br>LEI: 213800HGFADQBMIEVI76       | Long             | EC               | CORP              | GB        |  20000000 | NS      | $4393694.29   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLD ROAD RESOURCES LTD          | GOLD ROAD RESOURCES LTD                         | CUSIP: N/A<br>LEI: 213800HJWH96TDEMNY83       | Long             | EC               | CORP              | AU        |  12500000 | NS      | $15144460.91  | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| LUNDIN GOLD INC                  | LUNDIN GOLD INC                                 | CUSIP: 550371108<br>LEI: 549300ZOV16K515FC525 | Long             | EC               | CORP              | CA        |   2000000 | NS      | $19730141.62  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| FURY GOLD MINES LTD              | FURY GOLD MINES LTD (4 MONTH + 1 DAY HOLD) PIPE | CUSIP: N/A<br>LEI: 549300J7HGQZCNNOU191       | Long             | EC               | CORP              | CA        |  10000000 | NS      | $3679887.00   | 0.26%             |  |  |  | Yes           |                  2 | On Loan: No      |
| VICTORIA GOLD CORP               | VICTORIA GOLD CORP                              | CUSIP: 92625W507<br>LEI: 549300VUIN6RQ5764L78 | Long             | EC               | CORP              | CA        |   3500000 | NS      | $21127755.27  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| BONTERRA RESOURCES INC           | BONTERRA RESOURCES INC                          | CUSIP: 09852X701<br>LEI: 529900ODSQ5KQA5QC015 | Long             | EC               | CORP              | CA        |   7500000 | NS      | $1338140.73   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHERN STAR RESOURCES LTD      | NORTHERN STAR RESOURCES LTD                     | CUSIP: N/A<br>LEI: 254900XFXCRYYZAX6M78       | Long             | EC               | CORP              | AU        |   7000000 | NS      | $51252247.01  | 3.64%             |  |  |  | No            |                  2 | On Loan: No      |
| SABINA GOLD and SILVER CORP      | SABINA GOLD and SILVER CORP                     | CUSIP: 785246109<br>LEI: 529900MU3GT5P0ZH7V65 | Long             | EC               | CORP              | CA        |  10000000 | NS      | $9590008.55   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| TOREX GOLD RES INC               | TOREX GOLD RESOURCES INC                        | CUSIP: 891054603<br>LEI: 549300QL07027186GQ85 | Long             | EC               | CORP              | CA        |   1000000 | NS      | $9255473.37   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust     | Fidelity Cash Central Fund                      | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |  12491151 | NS      | $12493649.69  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| MARATHON GOLD CORP               | MARATHON GOLD CORP                              | CUSIP: 56580Q102<br>LEI: 52990063E8H31CA3UR10 | Long             | EC               | CORP              | CA        |  20000000 | NS      | $14868230.31  | 1.06%             |  |  |  | No            |                  1 | On Loan: —       |
| i-80 GOLD CORP                   | I-80 GOLD CORP 144A                             | CUSIP: N/A<br>LEI: 549300LFFIWIGUEXPK11       | Long             | EC               | CORP              | CA        |   2500000 | NS      | $7099579.97   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| DAKOTA GOLD CORP                 | DAKOTA GOLD CORP                                | CUSIP: 46655E100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2500000 | NS      | $8450000.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: —       |
| GOLD BULLION                     | GOLD BULLION                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | COMM             | CORP              | US        |      5582 | OU      | $9879749.26   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| MARATHON GOLD CORP               | MARATHON GOLD CORP WT 09/20/24                  | CUSIP: N/A<br>LEI: 52990063E8H31CA3UR10       | Long             | EC               | CORP              | CA        |   5000000 | NS      | $695273.09    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| WESDOME GOLD MINES LTD           | WESDOME GOLD MINES LTD                          | CUSIP: 95083R100<br>LEI: 529900DCBALMLHZPLR10 | Long             | EC               | CORP              | CA        |   3500000 | NS      | $23625617.96  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| BEMETALS CORP                    | BEMETALS CORP                                   | CUSIP: 081379109<br>LEI: 984500DB094FAOCEA842 | Long             | EC               | CORP              | CA        |   2000000 | NS      | $170984.65    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BARRICK GOLD CORP                | BARRICK GOLD CORP                               | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |   6500000 | NS      | $106066237.97 | 7.53%             |  |  |  | No            |                  1 | On Loan: —       |
| OSISKO DEVELOPMENT CORP          | OSISKO DEVELOPMENT CORP                         | CUSIP: 68828E809<br>LEI: 984500A8CC57F67DJ124 | Long             | EC               | CORP              | CA        |    666666 | NS      | $3166929.89   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| KINROSS GOLD CORP                | KINROSS GOLD CORP                               | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |   8000000 | NS      | $33066944.21  | 2.35%             |  |  |  | No            |                  1 | On Loan: —       |
| Fidelity Revere Street Trust     | Fidelity Securities Lending Cash Central Fund   | CUSIP: 31635A303<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        | 164542180 | NS      | $164558634.16 | 11.68%            |  |  |  | No            |                  1 | On Loan: No      |
| FORAN MINING CORP                | FORAN MNG CORP                                  | CUSIP: 344911201<br>LEI: 529900LRYPIWB6RISB58 | Long             | EC               | CORP              | CA        |   5000000 | NS      | $11002490.43  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| GOGOLD RESOURCES INC             | GOGOLD RES INC                                  | CUSIP: 38045Y102<br>LEI: 549300PNCGJ26Y676N19 | Long             | EC               | CORP              | CA        |   5000000 | NS      | $7285432.85   | 0.52%             |  |  |  | No            |                  1 | On Loan: —       |
| WESTERN COPPER and GOLD CORP     | WESTERN COPPER AND GOLD CORP                    | CUSIP: 95805V108<br>LEI: 529900DF4NXAM6X99014 | Long             | EC               | CORP              | CA        |   8000000 | NS      | $12965096.83  | 0.92%             |  |  |  | No            |                  1 | On Loan: —       |
| NOVAGOLD RESOURCES INC           | NOVAGOLD RESOURCES INC                          | CUSIP: 66987E206<br>LEI: 529900587LVZTJ2BHS60 | Long             | EC               | CORP              | CA        |   3000000 | NS      | $17284317.73  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SEABRIDGE GOLD INC               | SEABRIDGE GOLD INC                              | CUSIP: 811916105<br>LEI: 9845003FEO1A66376A92 | Long             | EC               | CORP              | CA        |   1000000 | NS      | $12474445.23  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| SILVERCREST METALS INC           | SILVERCREST METALS INC                          | CUSIP: 828363101<br>LEI: 549300M4CUMXUHSXYQ10 | Long             | EC               | CORP              | CA        |   1000000 | NS      | $6638664.83   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| IVANHOE ELECTRIC INC             | IVANHOE ELECTRIC INC                            | CUSIP: 46578C108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1000000 | NS      | $10530000.00  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ARTEMIS GOLD INC                 | ARTEMIS GOLD INC                                | CUSIP: 04302L100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   5000000 | NS      | $17284317.73  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| FRANCO NEVADA CORP               | FRANCO-NEVADA CORP                              | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1000000 | NS      | $146072928.67 | 10.37%            |  |  |  | No            |                  1 | On Loan: No      |
| OSISKO GOLD ROYALTIES LTD        | OSISKO GOLD ROYALTIES LTD                       | CUSIP: 68827L101<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |   3000000 | NS      | $37847080.25  | 2.69%             |  |  |  | No            |                  1 | On Loan: —       |
| OSISKO DEVELOPMENT CORP          | OSISKO DEVELOPMENT CORP WT 05/27/2027           | CUSIP: N/A<br>LEI: 984500A8CC57F67DJ124       | Long             | EC               | CORP              | CA        |    666666 | NS      | $404266.22    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| PURE GOLD MINING INC             | PURE GOLD MINING INC WT 03/28/23                | CUSIP: N/A<br>LEI: 529900OFY0IOQSQ5B077       | Long             | EC               | CORP              | CA        |   1500000 | NS      | $11.15        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AGNICO EAGLE MINES LTD           | AGNICO EAGLE MINES LTD                          | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |   2300000 | NS      | $115842099.39 | 8.22%             |  |  |  | No            |                  1 | On Loan: —       |
| ASCOT RESOURCES LTD              | ASCOT RESOURCES LTD                             | CUSIP: 04364G106<br>LEI: 98450093855CEDA61B27 | Long             | EC               | CORP              | CA        |  25000000 | NS      | $7248262.28   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW PACIFIC METALS CORP          | NEW PACIFIC HOLDINGS CORP                       | CUSIP: 64782A107<br>LEI: 549300TC0CSHP59S8103 | Long             | EC               | CORP              | CA        |    583934 | NS      | $1232853.26   | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| NEWMONT CORP                     | NEWMONT CORP                                    | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |   3000000 | NS      | $142410000.00 | 10.11%            |  |  |  | No            |                  1 | On Loan: No      |
| WHEATON PRECIOUS METALS CORP     | WHEATON PRECIOUS METALS CORP                    | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |   2500000 | NS      | $97572761.40  | 6.92%             |  |  |  | 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