# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0001410368-26-063884
**Filing Date:** 2026-6
**Character Count:** 81027
**Document Hash:** 243e9c6fa16aebdf764e6f738814fc99
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-063884.hdr.sgml**: 20260623

**ACCESSION NUMBER**: 0001410368-26-063884

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260623

**DATE AS OF CHANGE**: 20260623

**PERIOD START**: 20260731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY COVINGTON TRUST
- **CENTRAL INDEX KEY:** 0000945908

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07319
- **FILM NUMBER:** 261109473

**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

### Fidelity MSCI Real Estate Index ETF (Series ID: S000047984)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000151119 | Fidelity MSCI Real Estate Index ETF | FREL            |

## Nport-Ex

### Quarterly Holdings Report

### for

### Fidelity® MSCI Real Estate Index ETF

### April 30, 2026
T16-NPRT3-0626

1.9862676.111 ------

### Schedule of Investments April 30, 2026 (Unaudited)
Showing Percentage of Net Assets

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – 99.8%** | &nbsp;&nbsp;**Common Stocks – 99.8%** | &nbsp;&nbsp;**Common Stocks – 99.8%** | &nbsp;&nbsp;**Common Stocks – 99.8%** |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **DIVERSIFIED REITS – 2.0%** | **DIVERSIFIED REITS – 2.0%** | **DIVERSIFIED REITS – 2.0%** | **DIVERSIFIED REITS – 2.0%** |
| **Diversified REITs – 2.0%** | **Diversified REITs – 2.0%** | **Diversified REITs – 2.0%** | **Diversified REITs – 2.0%** |
| AH Realty Trust, Inc. | AH Realty Trust, Inc. | &nbsp;&nbsp;90132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$548904 |
| American Assets Trust, Inc. | American Assets Trust, Inc. | &nbsp;&nbsp;52177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082151 |
| Broadstone Net Lease, Inc. | Broadstone Net Lease, Inc. | 181538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3594452 |
| Essential Properties Realty Trust, Inc. | Essential Properties Realty Trust, Inc. | 177875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5590611 |
| Gladstone Commercial Corp. | Gladstone Commercial Corp. | &nbsp;&nbsp;46463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585899 |
| Global Net Lease, Inc. | Global Net Lease, Inc. | 192079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836275 |
| WP Carey, Inc. | WP Carey, Inc. | 206731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15076892 |
| TOTAL DIVERSIFIED REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28315184 |  |  |
| **HEALTH CARE REITS – 15.9%** | **HEALTH CARE REITS – 15.9%** | **HEALTH CARE REITS – 15.9%** | **HEALTH CARE REITS – 15.9%** |
| **Health Care REITs – 15.9%** | **Health Care REITs – 15.9%** | **Health Care REITs – 15.9%** | **Health Care REITs – 15.9%** |
| Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | 149403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6052315 |
| American Healthcare REIT, Inc. | American Healthcare REIT, Inc. | 160175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8133686 |
| CareTrust REIT, Inc. | CareTrust REIT, Inc. | 207928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8202760 |
| Diversified Healthcare Trust | Diversified Healthcare Trust | 193331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457716 |
| Healthcare Realty Trust, Inc. | Healthcare Realty Trust, Inc. | 354341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6626177 |
| Healthpeak Properties, Inc. | Healthpeak Properties, Inc. | 669259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10821918 |
| LTC Properties, Inc. | LTC Properties, Inc. | &nbsp;&nbsp;43897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677743 |
| Medical Properties Trust, Inc. | Medical Properties Trust, Inc. | 564252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787405 |
| National Health Investors, Inc. | National Health Investors, Inc. | &nbsp;&nbsp;44438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3417727 |
| Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | 266748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12529153 |
| Sabra Health Care REIT, Inc. | Sabra Health Care REIT, Inc. | 225024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4648996 |
| Sila Realty Trust, Inc. | Sila Realty Trust, Inc. | &nbsp;&nbsp;54130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647176 |
| Ventas, Inc. | Ventas, Inc. | 421621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37043621 |
| Welltower, Inc. | Welltower, Inc. | 567064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123245690 |
| TOTAL HEALTH CARE REITS | &nbsp;&nbsp;&nbsp;&nbsp;228292083 |  |  |
| **HOTEL & RESORT REITS – 2.4%** | **HOTEL & RESORT REITS – 2.4%** | **HOTEL & RESORT REITS – 2.4%** | **HOTEL & RESORT REITS – 2.4%** |
| **Hotel & Resort REITs – 2.4%** | **Hotel & Resort REITs – 2.4%** | **Hotel & Resort REITs – 2.4%** | **Hotel & Resort REITs – 2.4%** |
| Apple Hospitality REIT, Inc. | Apple Hospitality REIT, Inc. | 222431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2996145 |
| DiamondRock Hospitality Co. | DiamondRock Hospitality Co. | 200129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041316 |
| Host Hotels & Resorts, Inc. | Host Hotels & Resorts, Inc. | 665737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14067023 |
| Park Hotels & Resorts, Inc. | Park Hotels & Resorts, Inc. | 205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2351350 |
| Pebblebrook Hotel Trust | Pebblebrook Hotel Trust | 122127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715884 |
| RLJ Lodging Trust | RLJ Lodging Trust | 160058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318878 |
| Ryman Hospitality Properties, Inc. | Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;53624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5635346 |
| Sunstone Hotel Investors, Inc. | Sunstone Hotel Investors, Inc. | 191352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879077 |
| Xenia Hotels & Resorts, Inc. | Xenia Hotels & Resorts, Inc. | 103937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691055 |
| TOTAL HOTEL & RESORT REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33696074 |  |  |
| **INDUSTRIAL REITS – 11.4%** | **INDUSTRIAL REITS – 11.4%** | **INDUSTRIAL REITS – 11.4%** | **INDUSTRIAL REITS – 11.4%** |
| **Industrial REITs – 11.4%** | **Industrial REITs – 11.4%** | **Industrial REITs – 11.4%** | **Industrial REITs – 11.4%** |
| Americold Realty Trust, Inc. | Americold Realty Trust, Inc. | 258620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3162923 |
| EastGroup Properties, Inc. | EastGroup Properties, Inc. | &nbsp;&nbsp;48078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9673294 |
| First Industrial Realty Trust, Inc. | First Industrial Realty Trust, Inc. | 125547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7785169 |
| Lineage, Inc. | Lineage, Inc. | &nbsp;&nbsp;60600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234928 |
| LXP Industrial Trust | LXP Industrial Trust | &nbsp;&nbsp;57432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2924437 |
| Prologis, Inc. | Prologis, Inc. | 826174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117333232 |
| Rexford Industrial Realty, Inc. | Rexford Industrial Realty, Inc. | 209494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7518740 |
| STAG Industrial, Inc. | STAG Industrial, Inc. | 170359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6572450 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Terreno Realty Corp. | Terreno Realty Corp. | &nbsp;&nbsp;94302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6148490 |
| TOTAL INDUSTRIAL REITS | &nbsp;&nbsp;&nbsp;&nbsp;163353663 |  |  |
| **OFFICE REITS – 2.5%** | **OFFICE REITS – 2.5%** | **OFFICE REITS – 2.5%** | **OFFICE REITS – 2.5%** |
| **Office REITs – 2.5%** | **Office REITs – 2.5%** | **Office REITs – 2.5%** | **Office REITs – 2.5%** |
| Brandywine Realty Trust | Brandywine Realty Trust | 176905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536022 |
| BXP, Inc. | BXP, Inc. | 140592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8219008 |
| COPT Defense Properties | COPT Defense Properties | 106813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3337906 |
| Cousins Properties, Inc. | Cousins Properties, Inc. | 159723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4090506 |
| Douglas Emmett, Inc. | Douglas Emmett, Inc. | 142834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544036 |
| Easterly Government Properties, Inc. | Easterly Government Properties, Inc. | &nbsp;&nbsp;42775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001363 |
| Empire State Realty Trust, Inc. Class A | Empire State Realty Trust, Inc. Class A | 150712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839466 |
| Highwoods Properties, Inc. | Highwoods Properties, Inc. | 103795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523257 |
| Hudson Pacific Properties, Inc. (a) | Hudson Pacific Properties, Inc. (a) | &nbsp;&nbsp;50535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465427 |
| JBG SMITH Properties | JBG SMITH Properties | &nbsp;&nbsp;82289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234335 |
| Kilroy Realty Corp. | Kilroy Realty Corp. | 107726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582967 |
| Piedmont Realty Trust, Inc. (a) | Piedmont Realty Trust, Inc. (a) | 124781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043169 |
| SL Green Realty Corp. | SL Green Realty Corp. | &nbsp;&nbsp;69026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2927393 |
| Vornado Realty Trust | Vornado Realty Trust | 154869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4629034 |
| TOTAL OFFICE REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35973889 |  |  |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT – 6.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT – 6.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT – 6.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT – 6.7%** |
| **Diversified Real Estate Activities – 0.2%** | **Diversified Real Estate Activities – 0.2%** | **Diversified Real Estate Activities – 0.2%** | **Diversified Real Estate Activities – 0.2%** |
| St. Joe Co. | St. Joe Co. | &nbsp;&nbsp;40529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2616958 |
| **Real Estate Development – 0.2%** | **Real Estate Development – 0.2%** | **Real Estate Development – 0.2%** | **Real Estate Development – 0.2%** |
| Forestar Group, Inc. (a) | Forestar Group, Inc. (a) | &nbsp;&nbsp;25109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709580 |
| Howard Hughes Holdings, Inc. (a) | Howard Hughes Holdings, Inc. (a) | &nbsp;&nbsp;32333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013376 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2722956 |
| **Real Estate Operating Companies – 0.2%** | **Real Estate Operating Companies – 0.2%** | **Real Estate Operating Companies – 0.2%** | **Real Estate Operating Companies – 0.2%** |
| Kennedy-Wilson Holdings, Inc. | Kennedy-Wilson Holdings, Inc. | 110979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209671 |
| Landbridge Co. LLC Class A | Landbridge Co. LLC Class A | &nbsp;&nbsp;24488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683060 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2892731 |
| **Real Estate Services – 6.1%** | **Real Estate Services – 6.1%** | **Real Estate Services – 6.1%** | **Real Estate Services – 6.1%** |
| CBRE Group, Inc. Class A (a) | CBRE Group, Inc. Class A (a) | 275828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39368931 |
| Compass, Inc. Class A (a) | Compass, Inc. Class A (a) | 574999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4352742 |
| CoStar Group, Inc. (a) | CoStar Group, Inc. (a) | 394674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13659667 |
| Cushman & Wakefield Ltd. (a) | Cushman & Wakefield Ltd. (a) | 118274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660567 |
| eXp World Holdings, Inc. | eXp World Holdings, Inc. | &nbsp;&nbsp;91628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569926 |
| Jones Lang LaSalle, Inc. (a) | Jones Lang LaSalle, Inc. (a) | &nbsp;&nbsp;44850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14268131 |
| Marcus & Millichap, Inc. | Marcus & Millichap, Inc. | &nbsp;&nbsp;28384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788791 |
| Newmark Group, Inc. Class A | Newmark Group, Inc. Class A | 141799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285800 |
| Opendoor Technologies, Inc. (a) | Opendoor Technologies, Inc. (a) | 836906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4502554 |
| Zillow Group, Inc. Class C (a) | Zillow Group, Inc. Class C (a) | 151295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6717498 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88174607 |
| TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96407252 |  |  |

---

 ***Quarterly Report*** <sub>2</sub>

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** | &nbsp;&nbsp;**Common Stocks – continued** |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **RESIDENTIAL REITS – 11.0%** | **RESIDENTIAL REITS – 11.0%** | **RESIDENTIAL REITS – 11.0%** | **RESIDENTIAL REITS – 11.0%** |
| **Multi-Family Residential REITs – 7.3%** | **Multi-Family Residential REITs – 7.3%** | **Multi-Family Residential REITs – 7.3%** | **Multi-Family Residential REITs – 7.3%** |
| Apartment Investment & Management Co. Class A | Apartment Investment & Management Co. Class A | 134655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$572284 |
| AvalonBay Communities, Inc. | AvalonBay Communities, Inc. | 133761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24478263 |
| Camden Property Trust | Camden Property Trust | 100952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10601979 |
| Centerspace | Centerspace | &nbsp;&nbsp;16651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136764 |
| Equity Residential | Equity Residential | 325218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21262753 |
| Essex Property Trust, Inc. | Essex Property Trust, Inc. | &nbsp;&nbsp;60677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15970793 |
| Independence Realty Trust, Inc. | Independence Realty Trust, Inc. | 221583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3614019 |
| Mid-America Apartment Communities, Inc. | Mid-America Apartment Communities, Inc. | 109963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14205020 |
| NexPoint Residential Trust, Inc. | NexPoint Residential Trust, Inc. | &nbsp;&nbsp;23990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693071 |
| UDR, Inc. | UDR, Inc. | 294202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10691301 |
| Veris Residential, Inc. | Veris Residential, Inc. | &nbsp;&nbsp;82123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557873 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104784120 |
| **Single-Family Residential REITs – 3.7%** | **Single-Family Residential REITs – 3.7%** | **Single-Family Residential REITs – 3.7%** | **Single-Family Residential REITs – 3.7%** |
| American Homes 4 Rent Class A | American Homes 4 Rent Class A | 310007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9870623 |
| Equity LifeStyle Properties, Inc. | Equity LifeStyle Properties, Inc. | 168842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10686010 |
| Invitation Homes, Inc. | Invitation Homes, Inc. | 556386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16007225 |
| Sun Communities, Inc. | Sun Communities, Inc. | 118525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15152236 |
| UMH Properties, Inc. | UMH Properties, Inc. | &nbsp;&nbsp;73667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145522 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52861616 |
| TOTAL RESIDENTIAL REITS | &nbsp;&nbsp;&nbsp;&nbsp;157645736 |  |  |
| **RETAIL REITS – 14.7%** | **RETAIL REITS – 14.7%** | **RETAIL REITS – 14.7%** | **RETAIL REITS – 14.7%** |
| **Retail REITs – 14.7%** | **Retail REITs – 14.7%** | **Retail REITs – 14.7%** | **Retail REITs – 14.7%** |
| Acadia Realty Trust | Acadia Realty Trust | 116925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2527919 |
| Agree Realty Corp. | Agree Realty Corp. | 103097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7949810 |
| Alexander's, Inc. | Alexander's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668954 |
| Brixmor Property Group, Inc. | Brixmor Property Group, Inc. | 284158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8550314 |
| CBL & Associates Properties, Inc. | CBL & Associates Properties, Inc. | &nbsp;&nbsp;15856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713837 |
| Curbline Properties Corp. | Curbline Properties Corp. | &nbsp;&nbsp;93379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577260 |
| Federal Realty Investment Trust | Federal Realty Investment Trust | &nbsp;&nbsp;73940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8199946 |
| Getty Realty Corp. | Getty Realty Corp. | &nbsp;&nbsp;50617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676435 |
| InvenTrust Properties Corp. | InvenTrust Properties Corp. | &nbsp;&nbsp;76385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2453486 |
| Kimco Realty Corp. | Kimco Realty Corp. | 636072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15036742 |
| Kite Realty Group Trust | Kite Realty Group Trust | 207824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5436676 |
| Macerich Co. | Macerich Co. | 237636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5163830 |
| NETSTREIT Corp. | NETSTREIT Corp. | &nbsp;&nbsp;80934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664812 |
| NNN REIT, Inc. | NNN REIT, Inc. | 175230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7673322 |
| Phillips Edison & Co., Inc. | Phillips Edison & Co., Inc. | 116238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4668699 |
| Realty Income Corp. | Realty Income Corp. | 825541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53032754 |
| Regency Centers Corp. | Regency Centers Corp. | 166153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12935011 |
| Saul Centers, Inc. | Saul Centers, Inc. | &nbsp;&nbsp;14536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500475 |
| Simon Property Group, Inc. | Simon Property Group, Inc. | 301037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61324247 |
| Tanger, Inc. | Tanger, Inc. | 106576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3951838 |
| Urban Edge Properties | Urban Edge Properties | 121999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674218 |
| Whitestone REIT | Whitestone REIT | &nbsp;&nbsp;45852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868437 |
| TOTAL RETAIL REITS | &nbsp;&nbsp;&nbsp;&nbsp;210249022 |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  | &nbsp;&nbsp;****  |
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SPECIALIZED REITS – 33.2%** | **SPECIALIZED REITS – 33.2%** | **SPECIALIZED REITS – 33.2%** | **SPECIALIZED REITS – 33.2%** |
| **Data Center REITs – 9.0%** | **Data Center REITs – 9.0%** | **Data Center REITs – 9.0%** | **Data Center REITs – 9.0%** |
| Digital Realty Trust, Inc. | Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;308127 | &nbsp;&nbsp;&nbsp;&nbsp;$61915039 |
| Equinix, Inc. | Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67696366 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129611405 |
| **Other Specialized REITs – 7.2%** | **Other Specialized REITs – 7.2%** | **Other Specialized REITs – 7.2%** | **Other Specialized REITs – 7.2%** |
| EPR Properties | EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp;72667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4055545 |
| Four Corners Property Trust, Inc. | Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403989 |
| Gaming & Leisure Properties, Inc. | Gaming & Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;257439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12475494 |
| Iron Mountain, Inc. | Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;275706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34736199 |
| Lamar Advertising Co. Class A | Lamar Advertising Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;82879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11424041 |
| Millrose Properties, Inc. | Millrose Properties, Inc. | &nbsp;&nbsp;&nbsp;139980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4293187 |
| Outfront Media, Inc. | Outfront Media, Inc. | &nbsp;&nbsp;&nbsp;136825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4221051 |
| Safehold, Inc. | Safehold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816155 |
| VICI Properties, Inc. | VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;998947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29169253 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103594914 |
| **Self-Storage REITs – 6.0%** | **Self-Storage REITs – 6.0%** | **Self-Storage REITs – 6.0%** | **Self-Storage REITs – 6.0%** |
| CubeSmart | CubeSmart | &nbsp;&nbsp;&nbsp;212578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8605157 |
| Extra Space Storage, Inc. | Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;198832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28498591 |
| National Storage Affiliates Trust | National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp;70496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000310 |
| Public Storage | Public Storage | &nbsp;&nbsp;&nbsp;146218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44223634 |
| Smartstop Self Storage REIT, Inc. | Smartstop Self Storage REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534776 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85862468 |
| **Telecom Tower REITs – 9.4%** | **Telecom Tower REITs – 9.4%** | **Telecom Tower REITs – 9.4%** | **Telecom Tower REITs – 9.4%** |
| American Tower Corp. | American Tower Corp. | &nbsp;&nbsp;&nbsp;415125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75847489 |
| Crown Castle, Inc. | Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;403738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35843860 |
| SBA Communications Corp. | SBA Communications Corp. | &nbsp;&nbsp;&nbsp;101411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22432113 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134123462 |
| **Timber REITs – 1.6%** | **Timber REITs – 1.6%** | **Timber REITs – 1.6%** | **Timber REITs – 1.6%** |
| Rayonier, Inc. | Rayonier, Inc. | &nbsp;&nbsp;&nbsp;283281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6008390 |
| Weyerhaeuser Co. | Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;688752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16888199 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22896589 |
| TOTAL SPECIALIZED REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476088838 |  |  |
| **TOTAL COMMON STOCKS<br> (Cost $1,421,490,979)** | **TOTAL COMMON STOCKS<br> (Cost $1,421,490,979)** | **TOTAL COMMON STOCKS<br> (Cost $1,421,490,979)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1430021741** |
| &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** | &nbsp;&nbsp;**Money Market Fund – 0.2%** |
| State Street Institutional Treasury Plus Money Market Fund, Trust Class, 3.54% (b)<br> (Cost $2,410,000) | State Street Institutional Treasury Plus Money Market Fund, Trust Class, 3.54% (b)<br> (Cost $2,410,000) | 2410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410000 |
| **TOTAL INVESTMENT IN SECURITIES – 100.0%<br> (Cost $1,423,900,979)** | &nbsp;&nbsp;**1432431741** |  |  |
| **NET OTHER ASSETS (LIABILITIES) (c) – 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**662027** |  |  |
| **NET ASSETS – 100.0%** | **$1433093768** |  |  |

---

---

| | |
|:---|:---|
| **3** | ***Quarterly Report*** |

---

------

Schedule of Investments (Unaudited)–continued

---

| | |
|:---|:---|
| **Legend** | **Legend** |
| (a) | Non-income producing. |
| (b) | The rate quoted is the annualized seven-day yield of the fund at period end. |
| (c) | Includes $206,223 of cash collateral to cover margin requirements for futures contracts. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** | &nbsp;&nbsp;**Futures Contracts** |
|  | **Number of<br> contracts** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Purchased** |  |  |  |  |  |
| **Equity Index Contract** |  |  |  |  |  |
| CME Dow Jones U.S. Real Estate Index Contracts (United States) | 74 | &nbsp;&nbsp;June 2026 | &nbsp;&nbsp;$2883780 | &nbsp;&nbsp;$107157 | &nbsp;&nbsp;$107157 |

---

The notional amount of futures purchased as a percentage of Net Assets is 0.2%

#### 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.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded 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. If an unaffiliated open-end mutual fund's NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.

 ***Quarterly Report*** <sub>4</sub>

------

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

#### Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk(s):

Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.

The Fund used futures contracts to manage its exposure to the stock market.

Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

---

| | |
|:---|:---|
| **5** | ***Quarterly 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.* 

 ***Quarterly Report*** <sub>6</sub>

## 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 COVINGTON TRUST

- **b. Investment Company Act file number:** 811-07319

- **c. CIK number of Registrant:** 0000945908

- **d. LEI of Registrant:** 549300JFYFTF85QAQR28

- **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:** Fidelity MSCI Real Estate Index ETF

- **b. EDGAR series identifier (if any):** S000047984

- **c. LEI of Series:** 549300LO1Q5LFQ3OL350

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

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2026-04-30

**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:** $1443418915.90

**Total Liabilities:** $97464.66

**Net Assets:** $1443321451.24

**Cash Not Reported:** $121925.48

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000151119 | 5.24%                | -6.43%               | 8.53%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8119481.22              | $60085548.23                               |
| Month 2  | $-2304137.54             | $-98198432.04                              |
| Month 3  | $5248563.77              | $106668197.55                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Independence Realty Trust Inc          | Independence Realty Trust Inc                              | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               |  | US        |    223165 | NS      | $3639821.15   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors Inc         | Omega Healthcare Investors Inc                             | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               |  | US        |    268652 | NS      | $12618584.44  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                     | Equity Residential                                         | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               |  | US        |    327542 | NS      | $21414695.96  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                          | Welltower Inc                                              | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               |  | US        |    571110 | NS      | $124125047.40 | 8.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Holdings Inc             | Howard Hughes Holdings Inc                                 | CUSIP: 44267T102<br>LEI: 254900TY494BHXIU6M60 | Long             | EC               | CORP              | US        |     32564 | NS      | $2027760.28   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc                             | Tanger Inc                                                 | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               |  | US        |    107339 | NS      | $3980130.12   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc                 | Jones Lang LaSalle Inc                                     | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |     45172 | NS      | $14370568.36  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties Inc               | Highwoods Properties Inc                                   | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               |  | US        |    104537 | NS      | $2541294.47   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp                     | Realty Income Corp                                         | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               |  | US        |    831435 | NS      | $53411384.40  | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Trust Inc  | Essential Properties Realty Trust Inc                      | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               |  | US        |    179142 | NS      | $5630433.06   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Outfront Media Inc                     | Outfront Media Inc                                         | CUSIP: 69007J304<br>LEI: 549300RZWDYU5722I639 | Long             | EC               |  | US        |    137798 | NS      | $4251068.30   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc        | Four Corners Property Trust Inc                            | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               |  | US        |     94688 | NS      | $2421172.16   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WP Carey Inc                           | WP Carey Inc                                               | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               |  | US        |    208208 | NS      | $15184609.44  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                | UDR Inc                                                    | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               |  | US        |    296302 | NS      | $10767614.68  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Sila Realty Trust Inc                  | Sila Realty Trust Inc                                      | CUSIP: 146280508<br>LEI: 549300HXH142HWKKSW59 | Long             | EC               |  | US        |     54515 | NS      | $1658891.45   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                             | Ventas Inc                                                 | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               |  | US        |    424631 | NS      | $37308079.66  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                     | UMH Properties Inc                                         | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               |  | US        |     74192 | NS      | $1153685.60   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Easterly Government Properties Inc     | Easterly Government Properties Inc                         | CUSIP: 27616P301<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               |  | US        |     43083 | NS      | $1008573.03   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Forestar Group Inc                     | Forestar Group Inc                                         | CUSIP: 346232101<br>LEI: 549300BC2UB0GHV60V70 | Long             | EC               | CORP              | US        |     25291 | NS      | $714723.66    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc             | Americold Realty Trust Inc                                 | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               |  | US        |    260468 | NS      | $3185523.64   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                   | Regency Centers Corp                                       | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               |  | US        |    167336 | NS      | $13027107.60  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                   | Global Net Lease Inc                                       | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               |  | US        |    193451 | NS      | $1849391.56   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Saul Centers Inc                       | Saul Centers Inc                                           | CUSIP: 804395101<br>LEI: N/A                  | Long             | EC               |  | US        |     14641 | NS      | $504089.63    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitestone REIT                        | Whitestone REIT                                            | CUSIP: 966084204<br>LEI: N/A                  | Long             | EC               |  | US        |     46181 | NS      | $874668.14    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                              | CubeSmart                                                  | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               |  | US        |    214097 | NS      | $8666646.56   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc                    | Sun Communities Inc                                        | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               |  | US        |    119372 | NS      | $15260516.48  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                            | Centerspace                                                | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               |  | US        |     16770 | NS      | $1144887.90   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust                      | RLJ Lodging Trust                                          | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               |  | US        |    161199 | NS      | $1328279.76   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                | BXP Inc                                                    | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               |  | US        |    141593 | NS      | $8277526.78   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                           | Prologis Inc                                               | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |    832068 | NS      | $118170297.36 | 8.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc               | Phillips Edison & Co Inc                                   | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               |  | US        |    117064 | NS      | $4701875.56   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                  | American Homes 4 Rent                                      | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               |  | US        |    312219 | NS      | $9941052.96   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                         | CBRE Group Inc                                             | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    277795 | NS      | $39649680.35  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc      | Gaming and Leisure Properties Inc                          | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               |  | US        |    259273 | NS      | $12564369.58  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennedy-Wilson Holdings Inc            | Kennedy-Wilson Holdings Inc                                | CUSIP: 489398107<br>LEI: 549300MOI1T78144X610 | Long             | EC               | CORP              | US        |    111770 | NS      | $1218293.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co             | DiamondRock Hospitality Co                                 | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               |  | US        |    201557 | NS      | $2055881.40   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                    | Acadia Realty Trust                                        | CUSIP: 004239109<br>LEI: 254900C5XLB1YYJQSH07 | Long             | EC               |  | US        |    117758 | NS      | $2545927.96   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc          | Empire State Realty Trust Inc                              | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               |  | US        |    151790 | NS      | $845470.30    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                           | Rayonier Inc                                               | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               |  | US        |    285304 | NS      | $6051297.84   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp                    | Terreno Realty Corp                                        | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               |  | US        |     94974 | NS      | $6192304.80   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc                           | Safehold Inc                                               | CUSIP: 78646V107<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EC               |  | US        |     51310 | NS      | $821986.20    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| InvenTrust Properties Corp             | InvenTrust Properties Corp                                 | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               |  | US        |     76931 | NS      | $2471023.72   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                   | LXP Industrial Trust                                       | CUSIP: 529043408<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               |  | US        |     57845 | NS      | $2945467.40   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenia Hotels & Resorts Inc             | Xenia Hotels & Resorts Inc                                 | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               |  | US        |    104679 | NS      | $1703127.33   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                    | American Tower Corp                                        | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |    418086 | NS      | $76388493.06  | 5.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                | Kite Realty Group Trust                                    | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               |  | US        |    209308 | NS      | $5475497.28   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust        | Federal Realty Investment Trust                            | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               |  | US        |     74465 | NS      | $8258168.50   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities Inc    | Alexandria Real Estate Equities Inc                        | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               |  | US        |    150467 | NS      | $6095418.17   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc          | Hudson Pacific Properties Inc                              | CUSIP: 444097406<br>LEI: 529900EURZA5HRSXQ389 | Long             | EC               |  | US        |     50899 | NS      | $468779.79    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Brandywine Realty Trust                | Brandywine Realty Trust                                    | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               |  | US        |    178165 | NS      | $539839.95    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc       | Ryman Hospitality Properties Inc                           | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               |  | US        |     54009 | NS      | $5675805.81   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc                 | Marcus & Millichap Inc                                     | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |     28587 | NS      | $794432.73    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Diversified Healthcare Trust           | Diversified Healthcare Trust                               | CUSIP: 25525P107<br>LEI: N/A                  | Long             | EC               |  | US        |    194710 | NS      | $1468113.40   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH Properties                   | JBG SMITH Properties                                       | CUSIP: 46590V100<br>LEI: N/A                  | Long             | EC               |  | US        |     82877 | NS      | $1243155.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc              | American Assets Trust Inc                                  | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               |  | US        |     52548 | NS      | $1089845.52   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Commercial Corp              | Gladstone Commercial Corp                                  | CUSIP: 376536108<br>LEI: 529900EVVV534W8R0T32 | Long             | EC               |  | US        |     46792 | NS      | $590047.12    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Lineage Inc                            | Lineage Inc                                                | CUSIP: 53566V106<br>LEI: N/A                  | Long             | EC               |  | US        |     61034 | NS      | $2250933.92   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co                   | Lamar Advertising Co                                       | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               |  | US        |     83467 | NS      | $11505091.28  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                       | Crown Castle Inc                                           | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               |  | US        |    406622 | NS      | $36099901.16  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc             | Brixmor Property Group Inc                                 | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               |  | US        |    286188 | NS      | $8611396.92   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| LTC Properties Inc                     | LTC Properties Inc                                         | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               |  | US        |     44212 | NS      | $1689782.64   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                | COPT Defense Properties                                    | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               |  | US        |    107576 | NS      | $3361750.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CBL & Associates Properties Inc        | CBL & Associates Properties Inc                            | CUSIP: 124830878<br>LEI: 529900EIVFBRS4PUBZ13 | Long             | EC               |  | US        |     15968 | NS      | $718879.36    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                         | Public Storage                                             | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               |  | US        |    147261 | NS      | $44539089.45  | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc           | American Healthcare REIT Inc                               | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               |  | US        |    161316 | NS      | $8191626.48   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Millrose Properties Inc                | Millrose Properties Inc                                    | CUSIP: 601137102<br>LEI: N/A                  | Long             | EC               |  | US        |    140981 | NS      | $4323887.27   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc              | Host Hotels & Resorts Inc                                  | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               |  | US        |    670490 | NS      | $14167453.70  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc           | Sunstone Hotel Investors Inc                               | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               |  | US        |    192717 | NS      | $1892480.94   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                         | EPR Properties                                             | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               |  | US        |     73185 | NS      | $4084454.85   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease Inc               | Broadstone Net Lease Inc                                   | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               |  | US        |    182833 | NS      | $3620093.40   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc                     | Douglas Emmett Inc                                         | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               |  | US        |    142834 | NS      | $1544035.54   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                       | CoStar Group Inc                                           | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |    397488 | NS      | $13757059.68  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT Inc             | Sabra Health Care REIT Inc                                 | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               |  | US        |    226627 | NS      | $4682113.82   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corp                      | Kimco Realty Corp                                          | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               |  | US        |    640608 | NS      | $15143973.12  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                | Pebblebrook Hotel Trust                                    | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               |  | US        |    122995 | NS      | $1728079.75   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust Inc      | First Industrial Realty Trust Inc                          | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               |  | US        |    126443 | NS      | $7840730.43   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| National Health Investors Inc          | National Health Investors Inc                              | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               |  | US        |     44753 | NS      | $3441953.23   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc               | Essex Property Trust Inc                                   | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               |  | US        |     61111 | NS      | $16085026.31  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Opendoor Technologies Inc              | Opendoor Technologies Inc                                  | CUSIP: 683712103<br>LEI: 254900KX11YZ4HV5BQ47 | Long             | EC               | CORP              | US        |    842877 | NS      | $4534678.26   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                  | Camden Property Trust                                      | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               |  | US        |    101673 | NS      | $10677698.46  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander's Inc                        | Alexander's Inc                                            | CUSIP: 014752109<br>LEI: 549300TZM28P04U5R635 | Long             | EC               |  | US        |      2676 | NS      | $674244.96    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc                      | Iron Mountain Inc                                          | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               |  | US        |    277673 | NS      | $34984021.27  | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                   | Vornado Realty Trust                                       | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               |  | US        |    155975 | NS      | $4662092.75   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Curbline Properties Corp               | Curbline Properties Corp                                   | CUSIP: 23128Q101<br>LEI: 529900PGR41LH0I81I15 | Long             | EC               |  | US        |     94044 | NS      | $2595614.40   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Inc                            | Compass Inc                                                | CUSIP: 20464U100<br>LEI: 254900DMGQSTC3I2IM78 | Long             | EC               | CORP              | US        |    579101 | NS      | $4383794.57   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Macerich Co/The                        | Macerich Co/The                                            | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               |  | US        |    239330 | NS      | $5200640.90   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                | SBA Communications Corp                                    | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               |  | US        |    102132 | NS      | $22591598.40  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmark Group Inc                      | Newmark Group Inc                                          | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    142814 | NS      | $2302161.68   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Investment and Management Co | Apartment Investment and Management Co                     | CUSIP: 03748R747<br>LEI: 549300O8FT5GJ4RU1D57 | Long             | EC               |  | US        |    135614 | NS      | $576359.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Piedmont Realty Trust Inc              | Piedmont Realty Trust Inc                                  | CUSIP: 720190206<br>LEI: N/A                  | Long             | EC               |  | US        |    125670 | NS      | $1050601.20   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc              | AvalonBay Communities Inc                                  | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               |  | US        |    134713 | NS      | $24652479.00  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                      | Getty Realty Corp                                          | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               |  | US        |     50981 | NS      | $1688490.72   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| eXp World Holdings Inc                 | eXp World Holdings Inc                                     | CUSIP: 30212W100<br>LEI: 549300TWVVZC283VEC32 | Long             | EC               | CORP              | US        |     92279 | NS      | $573975.38    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Edge Properties                  | Urban Edge Properties                                      | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               |  | US        |    122867 | NS      | $2693244.64   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc             | Apple Hospitality REIT Inc                                 | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               |  | US        |    224020 | NS      | $3017549.40   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield Ltd                | Cushman & Wakefield Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |    118274 | NS      | $1660566.96   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust      | National Storage Affiliates Trust                          | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               |  | US        |     71000 | NS      | $3021760.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp                     | Kilroy Realty Corp                                         | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               |  | US        |    108496 | NS      | $3608576.96   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                 | DJ US REAL ESTATE JUN26                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DE               |  | US        |        63 | NC      | $107220.10    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                    | VICI Properties Inc                                        | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               |  | US        |   1006073 | NS      | $29377331.60  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                         | NETSTREIT Corp                                             | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               |  | US        |     81515 | NS      | $1676763.55   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc               | Simon Property Group Inc                                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |    303186 | NS      | $61762020.06  | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| St Joe Co/The                          | St Joe Co/The                                              | CUSIP: 790148100<br>LEI: 529900XVHOT3BF8PWG49 | Long             | EC               | CORP              | US        |     40816 | NS      | $2635489.12   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Smartstop Self Storage REIT Inc        | Smartstop Self Storage REIT Inc                            | CUSIP: 83192D402<br>LEI: 549300EC266625K12S42 | Long             | EC               |  | US        |     49104 | NS      | $1545793.92   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors           | State Street Institutional Treasury Plus Money Market Fund | CUSIP: 857492862<br>LEI: 549300PNASLVKQG64331 | Long             | STIV             | RF                | US        |   2410000 | NS      | $2410000.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                      | Agree Realty Corp                                          | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               |  | US        |    103832 | NS      | $8006485.52   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                           | NNN REIT Inc                                               | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               |  | US        |    176483 | NS      | $7728190.57   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AH Realty Trust Inc                    | AH Realty Trust Inc                                        | CUSIP: 04208T108<br>LEI: 549300WQRSIV6XZT9313 | Long             | EC               |  | US        |     90776 | NS      | $552825.84    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NexPoint Residential Trust Inc         | NexPoint Residential Trust Inc                             | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               |  | US        |     24158 | NS      | $697924.62    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc               | EastGroup Properties Inc                                   | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               |  | US        |     48421 | NS      | $9742305.20   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Medical Properties Trust Inc           | Medical Properties Trust Inc                               | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               |  | US        |    568277 | NS      | $2807288.38   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities Inc  | Mid-America Apartment Communities Inc                      | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               |  | US        |    110747 | NS      | $14306297.46  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc               | Digital Realty Trust Inc                                   | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               |  | US        |    310325 | NS      | $62356705.50  | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Veris Residential Inc                  | Veris Residential Inc                                      | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Long             | EC               |  | US        |     82711 | NS      | $1569027.67   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                    | STAG Industrial Inc                                        | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               |  | US        |    171577 | NS      | $6619440.66   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                        | Weyerhaeuser Co                                            | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               |  | US        |    693666 | NS      | $17008690.32  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                | Extra Space Storage Inc                                    | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               |  | US        |    200253 | NS      | $28702262.49  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Landbridge Co LLC                      | Landbridge Co LLC                                          | CUSIP: 514952100<br>LEI: 529900P7NBGGY6C0SF08 | Long             | EC               | CORP              | US        |     24663 | NS      | $1695087.99   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc          | Rexford Industrial Realty Inc                              | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               |  | US        |    210992 | NS      | $7572502.88   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp                   | SL Green Realty Corp                                       | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               |  | US        |     69516 | NS      | $2948173.56   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc            | Healthcare Realty Trust Inc                                | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               |  | US        |    356868 | NS      | $6673431.60   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                            | Equinix Inc                                                | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |     62966 | NS      | $68181473.78  | 4.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc              | Healthpeak Properties Inc                                  | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               |  | US        |    674033 | NS      | $10899113.61  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc                 | Cousins Properties Inc                                     | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               |  | US        |    160864 | NS      | $4119727.04   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties Inc        | Equity LifeStyle Properties Inc                            | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               |  | US        |    170046 | NS      | $10762211.34  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                       | Zillow Group Inc                                           | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |    152373 | NS      | $6765361.20   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc                     | CareTrust REIT Inc                                         | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               |  | US        |    209412 | NS      | $8261303.40   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts Inc              | Park Hotels & Resorts Inc                                  | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               |  | US        |    206463 | NS      | $2368130.61   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                   | Invitation Homes Inc                                       | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               |  | US        |    560355 | NS      | $16121413.35  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-26

**Name of Applicant:** FIDELITY COVINGTON TRUST

**Signature:** Stacie M Smith

**Name of Signer:** Stacie M Smith

**Title:** President and Treasurer