# EDGAR Filing Document

**Accession Number:** 0000320351
**File Stem:** 0001752724-25-159940
**Filing Date:** 2025-6
**Character Count:** 45973
**Document Hash:** 0fba569014f85dd94ca315d5a7419c2a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-159940.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-159940

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03114
- **FILM NUMBER:** 251079883

**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 International Real Estate Fund (Series ID: S000039314)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000121125 | Fidelity Advisor International Real Estate Fund: Class A | FIRAX           |
| C000121127 | Fidelity Advisor International Real Estate Fund: Class C | FIRCX           |
| C000121128 | Fidelity Advisor International Real Estate Fund: Class M | FIRTX           |
| C000121129 | Fidelity International Real Estate Fund                  | FIREX           |
| C000121130 | Fidelity Advisor International Real Estate Fund: Class I | FIRIX           |
| C000205046 | Fidelity Advisor International Real Estate Fund: Class Z | FIKLX           |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity® International Real Estate Fund**

**April 30, 2025**

IRE-NPRT3-0625

1.815812.120 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.2%** | &nbsp;&nbsp;**Common Stocks - 98.2%** | &nbsp;&nbsp;**Common Stocks - 98.2%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 12.9%  |  |  |
| Real Estate - 12.9% |  |  |
| Industrial REITs - 1.9% |  |  |
| Goodman Group unit  | 310922 | 5952241 |
| Residential REITs - 4.0% |  |  |
| Ingenia Communities Group unit  | 3484360 | 12361323 |
| Specialized REITs - 7.0% |  |  |
| Arena REIT unit  | 4113408 | 9795738 |
| National Storage REIT unit  | 8198474 | 12055156 |
|  |  | 21850894 |
| TOTAL AUSTRALIA |  | 40164458 |
| BELGIUM - 6.1%  |  |  |
| Real Estate - 6.1% |  |  |
| Industrial REITs - 3.6% |  |  |
| Montea NV  | 107723 | 7806515 |
| Warehouses De Pauw CVA (a) | 138000 | 3514373 |
|  |  | 11320888 |
| Real Estate Management & Development - 1.3% |  |  |
| Inclusio SA  | 250156 | 4137483 |
| Residential REITs - 1.2% |  |  |
| Xior Student Housing NV (b) | 108842 | 3520262 |
| Xior Student Housing NV rights (a)(c) | 95600 | 134975 |
| Xior Student Housing NV rights (a) | 108842 | 61515 |
|  |  | 3716752 |
| TOTAL BELGIUM |  | 19175123 |
| CANADA - 3.3%  |  |  |
| Health Care - 3.0% |  |  |
| Health Care Providers & Services - 3.0% |  |  |
| Sienna Senior Living Inc (d) | 766600 | 9414289 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| StorageVault Canada Inc (d) | 367800 | 1005807 |
| TOTAL CANADA |  | 10420096 |
| FRANCE - 4.1%  |  |  |
| Real Estate - 4.1% |  |  |
| Industrial REITs - 2.4% |  |  |
| ARGAN SA  | 109504 | 7554743 |
| Retail REITs - 1.7% |  |  |
| Mercialys SA (a) | 389100 | 5192529 |
| TOTAL FRANCE |  | 12747272 |
| GERMANY - 3.6%  |  |  |
| Real Estate - 3.6% |  |  |
| Real Estate Management & Development - 3.6% |  |  |
| Instone Real Estate Group SE (b)(d)(e) | 334876 | 3080438 |
| LEG Immobilien SE  | 75577 | 6382778 |
| TAG Immobilien AG (a) | 117800 | 1908331 |
| TOTAL GERMANY |  | 11371547 |
| GREECE - 0.5%  |  |  |
| Real Estate - 0.5% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| LAMDA Development SA (a) | 100000 | 749946 |
| Retail REITs - 0.3% |  |  |
| Trade Estates Real Estate Investment SA  | 412089 | 756273 |
| TOTAL GREECE |  | 1506219 |
| HONG KONG - 3.9%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Magnificent Hotel Investment Ltd (a) | 51423000 | 437609 |
| Information Technology - 0.6% |  |  |
| IT Services - 0.6% |  |  |
| SUNeVision Holdings Ltd  | 2327000 | 1935266 |
| Real Estate - 3.2% |  |  |
| Real Estate Management & Development - 3.2% |  |  |
| Great Eagle Holdings Ltd  | 2691541 | 4511583 |
| TAI Cheung Holdings Ltd  | 11843116 | 4504770 |
| Wing Tai Properties Ltd  | 4472000 | 870689 |
|  |  | 9887042 |
| TOTAL HONG KONG |  | 12259917 |
| IRELAND - 2.9%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Household Durables - 1.0% |  |  |
| Glenveagh Properties PLC (a)(b)(e) | 1671959 | 3129018 |
| Industrials - 0.5% |  |  |
| Building Products - 0.5% |  |  |
| Kingspan Group PLC  | 18100 | 1523491 |
| Real Estate - 1.4% |  |  |
| Residential REITs - 1.4% |  |  |
| Irish Residential Properties Reit PLC  | 3773000 | 4359728 |
| TOTAL IRELAND |  | 9012237 |
| ISRAEL - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Household Durables - 0.4% |  |  |
| Azorim-Investment Development & Construction Co Ltd  | 289000 | 1327046 |
| ITALY - 0.5%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| Infrastrutture Wireless Italiane SpA (b)(e) | 135900 | 1622678 |
| JAPAN - 24.5%  |  |  |
| Consumer Discretionary - 1.5% |  |  |
| Hotels, Restaurants & Leisure - 1.5% |  |  |
| Kyoritsu Maintenance Co Ltd  | 219600 | 4636819 |
| Real Estate - 23.0% |  |  |
| Health Care REITs - 3.6% |  |  |
| Health Care & Medical Investment Corp  | 14587 | 11201935 |
| Real Estate Management & Development - 12.2% |  |  |
| Hulic Co Ltd  | 833200 | 8685722 |
| JINUSHI Co Ltd  | 44500 | 640516 |
| Katitas Co Ltd  | 426200 | 6158408 |
| Nomura Real Estate Holdings Inc  | 1663500 | 9853254 |
| Starts Corp Inc  | 121100 | 3286250 |
| Tosei Corp  | 542400 | 9104490 |
|  |  | 37728640 |
| Residential REITs - 7.2% |  |  |
| Advance Residence Investment Corp  | 11000 | 11332354 |
| Daiwa Securities Living Investment Corporation  | 17654 | 11137158 |
|  |  | 22469512 |
| TOTAL REAL ESTATE |  | 71400087 |
| TOTAL JAPAN |  | 76036906 |
| MEXICO - 0.3%  |  |  |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| Corp Inmobiliaria Vesta SAB de CV  | 297300 | 810466 |
| NETHERLANDS - 0.8%  |  |  |
| Real Estate - 0.8% |  |  |
| Real Estate Management & Development - 0.8% |  |  |
| CTP NV (b)(e) | 137938 | 2581466 |
| CTP NV rights (a)(c)(d) | 131338 | 44636 |
| TOTAL NETHERLANDS |  | 2626102 |
| NEW ZEALAND - 1.3%  |  |  |
| Health Care - 0.6% |  |  |
| Health Care Providers & Services - 0.6% |  |  |
| Ryman Healthcare Ltd (a) | 1324711 | 1737557 |
| Industrials - 0.4% |  |  |
| Transportation Infrastructure - 0.4% |  |  |
| Auckland International Airport Ltd  | 306847 | 1376131 |
| Real Estate - 0.3% |  |  |
| Diversified REITs - 0.3% |  |  |
| Stride Property Group unit  | 1302032 | 851827 |
| TOTAL NEW ZEALAND |  | 3965515 |
| SINGAPORE - 8.9%  |  |  |
| Real Estate - 8.9% |  |  |
| Health Care REITs - 2.8% |  |  |
| Parkway Life Real Estate Investment Trust  | 2701900 | 8752673 |
| Real Estate Management & Development - 6.1% |  |  |
| Singapore Land Group Ltd  | 2765400 | 4241109 |
| Wing Tai Holdings Ltd  | 16574322 | 14906611 |
|  |  | 19147720 |
| TOTAL SINGAPORE |  | 27900393 |
| SPAIN - 3.0%  |  |  |
| Consumer Discretionary - 1.4% |  |  |
| Household Durables - 1.4% |  |  |
| Neinor Homes SA (b)(d)(e) | 262098 | 4548779 |
| Real Estate - 1.6% |  |  |
| Real Estate Management & Development - 1.6% |  |  |
| Aedas Homes SL (b)(e) | 152184 | 4896207 |
| TOTAL SPAIN |  | 9444986 |
| SWEDEN - 5.4%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Hemnet Group AB (a) | 8900 | 304785 |
| Real Estate - 5.3% |  |  |
| Real Estate Management & Development - 5.3% |  |  |
| Dios Fastigheter AB  | 305800 | 2126094 |
| Fastighetsbolaget Emilshus AB B Shares (a) | 158400 | 748939 |
| Heba Fastighets AB B Shares  | 1499447 | 4529911 |
| Intea Fastigheter AB B Shares  | 157600 | 1043547 |
| NP3 Fastigheter AB  | 47400 | 1233366 |
| Nyfosa AB (a) | 555400 | 5211813 |
| Stendorren Fastigheter AB B Shares (a) | 76550 | 1631504 |
|  |  | 16525174 |
| TOTAL SWEDEN |  | 16829959 |
| UNITED KINGDOM - 14.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Interactive Media & Services - 0.4% |  |  |
| Rightmove PLC  | 149300 | 1468016 |
| Consumer Discretionary - 0.6% |  |  |
| Household Durables - 0.6% |  |  |
| Barratt Redrow PLC  | 279200 | 1733194 |
| Real Estate - 13.4% |  |  |
| Diversified REITs - 3.3% |  |  |
| LondonMetric Property PLC  | 4011439 | 10280444 |
| Industrial REITs - 1.1% |  |  |
| Tritax Big Box REIT PLC  | 1793700 | 3418364 |
| Office REITs - 1.2% |  |  |
| Great Portland Estates PLC  | 582000 | 2404457 |
| Helical PLC  | 449800 | 1294809 |
|  |  | 3699266 |
| Real Estate Management & Development - 2.3% |  |  |
| Grainger PLC  | 1988788 | 5698484 |
| Harworth Group PLC  | 674588 | 1573291 |
|  |  | 7271775 |
| Residential REITs - 1.7% |  |  |
| UNITE Group PLC/The  | 468345 | 5370926 |
| Specialized REITs - 3.8% |  |  |
| Big Yellow Group PLC (The)  | 720000 | 9653013 |
| Safestore Holdings PLC  | 240543 | 2017999 |
|  |  | 11671012 |
| TOTAL REAL ESTATE |  | 41711787 |
| TOTAL UNITED KINGDOM |  | 44912997 |
| UNITED STATES - 1.4%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| Airbnb Inc Class A (a) | 21200 | 2584704 |
| Real Estate - 0.5% |  |  |
| Specialized REITs - 0.5% |  |  |
| Equinix Inc  | 1900 | 1635425 |
| TOTAL UNITED STATES |  | 4220129 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $302,331,934) |  | <br> **306354046** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.5%** | &nbsp;&nbsp;**Money Market Funds - 4.5%** | &nbsp;&nbsp;**Money Market Funds - 4.5%** | &nbsp;&nbsp;**Money Market Funds - 4.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 3959703 | 3960495 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 10047324 | 10048329 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $14,008,824) |  |  | **14008824** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.7%**<br> (Cost $316,340,758)<br>| <br>**320362870** |
| **NET OTHER ASSETS (LIABILITIES) - (2.7)%**  | **(8431523)** |
| **NET ASSETS - 100.0%** | **311931347** |

---

**Legend**

(a) Non-income producing

(b) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $23,378,848 or 7.5% of net assets.

(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

(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 $19,858,586 or 6.4% 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.

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 20401364 | 152353209 | 168794078 | 242280 | - | - | 3960495 | 3959703 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 35459374 | 102383146 | 127794191 | 29467 | - | - | 10048329 | 10047324 | 0.0% |
| Total | 55860738 | 254736355 | 296588269 | 271747 | - | - | 14008824 |  |  |

---

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

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

**Investment Valuation**

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

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

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

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

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

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

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

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

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

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

*The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.*

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

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

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

- **a. Name of Series:** Fidelity International Real Estate Fund

- **b. EDGAR series identifier (if any):** S000039314

- **c. LEI of Series:** PQO8CVTW1FBUXT6K1P39

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

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $324134891.15

**Total Liabilities:** $12219023.07

**Net Assets:** $311915868.08

**Delayed Delivery Securities:** $179610.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000121128 | -2.74%               | 0.34%                | 6.26%                |
| Class ID C000205046 | 0.89%                | 0.33%                | 6.26%                |
| Class ID C000121130 | 0.78%                | 0.33%                | 6.36%                |
| Class ID C000121127 | -0.19%               | 0.23%                | 6.26%                |
| Class ID C000121125 | -4.90%               | 0.22%                | 6.32%                |
| Class ID C000121129 | 0.88%                | 0.33%                | 6.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $256397.13               | $2070285.39                                |
| Month 2  | $841791.36               | $-1679080.19                               |
| Month 3  | $-185859.26              | $18181483.78                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| EQUINIX INC                                           | EQUINIX INC                                    | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      1900 | NS      | $1635425.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| HARWORTH GROUP PLC                                    | HARWORTH GROUP PLC                             | CUSIP: N/A<br>LEI: 213800R8JSSGK2KPFG21       | Long             | EC               | CORP              | GB        |    674588 | NS      | $1573291.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| PARKWAY LIFE REAL ESTATE INVESTMENT TRUST             | PARKWAY LIFE REA EST INV TRUST                 | CUSIP: N/A<br>LEI: 549300I4DKVD2OF5LW91       | Long             | EC               | CORP              | SG        |   2701900 | NS      | $8752672.61   | 2.81%             |  |  |  | No            |                  2 | On Loan: No      |
| WING TAI PROPERTIES LTD                               | WING TAI PROPERTIES LTD                        | CUSIP: N/A<br>LEI: 5299002ICXRUDJG20N51       | Long             | EC               | CORP              | BM        |   4472000 | NS      | $870689.57    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| WAREHOUSES DE PAUW CVA                                | WAREHOUSES DE PAUW SCA                         | CUSIP: N/A<br>LEI: 549300HWDYC5JXC85138       | Long             | EC               | CORP              | BE        |    138000 | NS      | $3514372.58   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| INGENIA COMMUNITIES                                   | INGENIA COMMUNITIES GROUP (STPLD)              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   3484360 | NS      | $12361322.55  | 3.96%             |  |  |  | No            |                  2 | On Loan: No      |
| AEDAS HOMES SL                                        | AEDAS HOMES SL                                 | CUSIP: N/A<br>LEI: 9598005H67MP8U20RW81       | Long             | EC               | CORP              | ES        |    152184 | NS      | $4896206.70   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| STRIDE STAPLED GROUP                                  | STRIDE STAPLED GROUP STPLD                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | NZ        |   1302032 | NS      | $851827.39    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| KINGSPAN GROUP PLC                                    | KINGSPAN GROUP PLC                             | CUSIP: N/A<br>LEI: 635400HM7V74SUB9OG75       | Long             | EC               | CORP              | IE        |     18100 | NS      | $1523490.66   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NP3 FASTIGHETER AB                                    | NP3 FASTIGHETER AB                             | CUSIP: N/A<br>LEI: 549300MGVITW8GYJHZ50       | Long             | EC               | CORP              | SE        |     47400 | NS      | $1233366.10   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| STORAGEVAULT CANADA INC                               | STORAGEVAULT CANADA INC                        | CUSIP: 86212H105<br>LEI: 254900A6LDI0HRL1VD69 | Long             | EC               | CORP              | CA        |    367800 | NS      | $1005807.34   | 0.32%             |  |  |  | No            |                  1 | On Loan: —       |
| MAGNIFICENT HOTEL INVESTMENT LTD                      | MAGNIFICENT HOTEL INVESTMENT LTD               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |  51423000 | NS      | $437608.70    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GREAT PORTLAND ESTATES PLC                            | GREAT PORTLAND ESTATES PLC                     | CUSIP: N/A<br>LEI: 213800JMEDD2Q4N1MC42       | Long             | EC               | CORP              | GB        |    582000 | NS      | $2404457.34   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| INSTONE REAL ESTATE GROUP SE                          | INSTONE REAL ESTATE GROUP                      | CUSIP: N/A<br>LEI: 391200DINUIRPDZQHX03       | Long             | EC               | CORP              | DE        |    334876 | NS      | $3080437.92   | 0.99%             |  |  |  | No            |                  1 | On Loan: —       |
| BARRATT REDROW PLC                                    | BARRATT REDROW PLC                             | CUSIP: N/A<br>LEI: 2138006R85VEOF5YNK29       | Long             | EC               | CORP              | GB        |    279200 | NS      | $1733194.47   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPORACION INMOBILIARIA VESTA SAB. DE CV.            | CORPORACION INMO VESTA SAB CV                  | CUSIP: N/A<br>LEI: 4469000001BIRIFZJ959       | Long             | EC               | CORP              | MX        |    297300 | NS      | $810466.74    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITE GROUP PLC                                       | UNITE GROUP PLC                                | CUSIP: N/A<br>LEI: 213800BBUUWVDH9YI827       | Long             | EC               | CORP              | GB        |    468345 | NS      | $5370925.90   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| AZORIM-INVESTMENT DEVELOPMENT and CONSTRUCTION CO LTD | AZORIM INV DEVT and CONSTR CO                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IL        |    289000 | NS      | $1327046.89   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNEVISION HOLDINGS LTD                               | SUNEVISION HOLDINGS LTD                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |   2327000 | NS      | $1935266.13   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| HULIC CO LTD                                          | HULIC CO LTD                                   | CUSIP: N/A<br>LEI: 3538002E12E7IHAKTB10       | Long             | EC               | CORP              | JP        |    833200 | NS      | $8685722.48   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| INFRASTRUTTURE WIRELESS ITALIANE SPA                  | INFRASTRUTTURE WIRELESS ITALIANE SPA           | CUSIP: N/A<br>LEI: 81560066183FE361C071       | Long             | EC               | CORP              | IT        |    135900 | NS      | $1622678.48   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MONTEA NV                                             | MONTEA NV                                      | CUSIP: N/A<br>LEI: 5493006K5LQDD0GK1T60       | Long             | EC               | CORP              | BE        |    107723 | NS      | $7806515.01   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAINGER PLC                                          | GRAINGER PLC                                   | CUSIP: N/A<br>LEI: 2138007CEIRKZMNI2979       | Long             | EC               | CORP              | GB        |   1988788 | NS      | $5698484.20   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| KATITAS CO LTD                                        | KATITAS CO LTD                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    426200 | NS      | $6158408.17   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| KYORITSU MAINTENANCE CO LTD                           | KYORITSU MAINTENANCE CO LTD                    | CUSIP: N/A<br>LEI: 353800IO2MFHL1NA0986       | Long             | EC               | CORP              | JP        |    219600 | NS      | $4636819.14   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| BIG YELLOW GROUP PLC (THE)                            | BIG YELLOW GROUP PLC                           | CUSIP: N/A<br>LEI: 213800W7Q4V2ZI8LIW31       | Long             | EC               | CORP              | GB        |    720000 | NS      | $9653012.63   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SINGAPORE LAND GROUP LTD                              | SINGAPORE LAND GROUP LTD                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |   2765400 | NS      | $4241108.99   | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| SIENNA SENIOR LIVING INC                              | SIENNA SENIOR LIVING INC                       | CUSIP: 82621K102<br>LEI: 549300K3HNLZV4V5LL42 | Long             | EC               | CORP              | CA        |    766600 | NS      | $9414288.41   | 3.02%             |  |  |  | No            |                  1 | On Loan: —       |
| LONDONMETRIC PROPERITY PLC                            | LONDONMETRIC PROPERITY PLC                     | CUSIP: N/A<br>LEI: 213800OCERWWPQDURL87       | Long             | EC               | CORP              | GB        |   4011439 | NS      | $10280444.06  | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| GOODMAN GROUP                                         | GOODMAN GROUP STAPLED UNIT                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    310922 | NS      | $5952241.24   | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| GREAT EAGLE HOLDINGS LTD                              | GREAT EAGLE HOLDINGS LTD                       | CUSIP: N/A<br>LEI: 529900V6LG3TC9XC5S67       | Long             | EC               | CORP              | BM        |   2691541 | NS      | $4511582.99   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| DIOS FASTIGHETER AB                                   | DIOS FASTIGHETER AB                            | CUSIP: N/A<br>LEI: 549300G3VF7LZQ9IW435       | Long             | EC               | CORP              | SE        |    305800 | NS      | $2126093.84   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| NYFOSA AB                                             | NYFOSA AB                                      | CUSIP: N/A<br>LEI: 5493000YR2B83SILCJ50       | Long             | EC               | CORP              | SE        |    555400 | NS      | $5211813.15   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| LAMDA DEVELOPMENT SA                                  | LAMDA DEVELOPMENT SA                           | CUSIP: N/A<br>LEI: 213800C7PQZVF38FYL54       | Long             | EC               | CORP              | GR        |     75655 | NS      | $567372.18    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCE RESIDENCE INVESTMENT CORP                     | ADVANCE RESID INV CRP NEW REIT                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     11000 | NS      | $11332354.18  | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| HEMNET SE                                             | HEMNET GROUP AB                                | CUSIP: N/A<br>LEI: 5493008VIU67J3HUAR07       | Long             | EC               | CORP              | SE        |      8900 | NS      | $304785.06    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TOSEI CORP                                            | TOSEI CORP                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    542400 | NS      | $9104490.14   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| NOMURA REAL ESTATE HOLDING INC                        | NOMURA REAL ESTATE HOLDING INC                 | CUSIP: N/A<br>LEI: 353800UZ91CT24OL9P59       | Long             | EC               | CORP              | JP        |   1663500 | NS      | $9853253.25   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| XIOR STUDENT HOUSING NV                               | XIOR STUDENT HOUSING NV SCRIP RT 31/12/2049    | CUSIP: N/A<br>LEI: 549300JK7HFOCP0U8K85       | Long             | EC               | CORP              | BE        |    108842 | NS      | $61515.19     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JINUSHI CO LTD                                        | JINUSHI CO LTD                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     44500 | NS      | $640516.16    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| WING TAI HOLDINGS LTD                                 | WING TAI HOLDINGS LTD                          | CUSIP: N/A<br>LEI: 984500SB157F8C2A6839       | Long             | EC               | CORP              | SG        |  16574322 | NS      | $14906610.96  | 4.78%             |  |  |  | No            |                  2 | On Loan: No      |
| AUCKLAND INTERNATIONAL AIRPORT LIMITED                | AUCKLAND INTL AIRPORT LTD                      | CUSIP: N/A<br>LEI: 549300HFZIZDJWB7AK60       | Long             | EC               | CORP              | NZ        |    306847 | NS      | $1376131.33   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| CTP BV                                                | CTP BV                                         | CUSIP: N/A<br>LEI: 3157000YTVO4TN65UM14       | Long             | EC               | CORP              | NL        |    137938 | NS      | $2581465.80   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| TAG IMMOBILIEN AG                                     | TAG IMMOBILIEN AG                              | CUSIP: N/A<br>LEI: 529900TAE68USJNXLR59       | Long             | EC               | CORP              | DE        |    117800 | NS      | $1908331.14   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTH CARE and MEDICAL INVESTMENT CORP               | HEALTH CARE and MEDICAL INVESTMENT CORP        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     14587 | NS      | $11201934.54  | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| STENDORREN FASTIGHETER AB                             | STENDORREN FASTIGHETER AB                      | CUSIP: N/A<br>LEI: 5493003YS3NSPZJ5WU39       | Long             | EC               | CORP              | SE        |     76550 | NS      | $1631503.80   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust                          | Fidelity Cash Central Fund                     | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |   3959703 | NS      | $3960495.09   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| XIOR STUDENT HOUSING NV                               | XIOR STUDENT HOUSING NV RT                     | CUSIP: N/A<br>LEI: 549300JK7HFOCP0U8K85       | Long             | EC               | CORP              | BE        |     95600 | NS      | $134974.86    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TAI CHEUNG HOLDINGS LTD                               | TAI CHEUNG HOLDINGS LTD                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |  11874116 | NS      | $4516561.22   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| IRISH RESIDENTIAL PROPERTIES REIT PLC                 | IRISH RESIDENTIAL PROPERTIES REIT PLC          | CUSIP: N/A<br>LEI: 635400EOPACLULRENY18       | Long             | EC               | CORP              | IE        |   3773000 | NS      | $4359727.91   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SAFESTORE HOLDINGS PLC                                | SAFESTORE HOLDINGS PLC                         | CUSIP: N/A<br>LEI: 213800WGA3YSJC1YOH73       | Long             | EC               | CORP              | GB        |    240543 | NS      | $2017998.58   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| XIOR STUDENT HOUSING NV                               | XIOR STUDENT HOUSING NV                        | CUSIP: N/A<br>LEI: 549300JK7HFOCP0U8K85       | Long             | EC               | CORP              | BE        |    108842 | NS      | $3520262.38   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CTP BV                                                | CTP NV - SCRIP RT 12/31/2049                   | CUSIP: N/A<br>LEI: 3157000YTVO4TN65UM14       | Long             | EC               | CORP              | NL        |    131338 | NS      | $44635.88     | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| FASTIGHETSBOLAGET EMILSHUS AB                         | FASTIGHETSBOLAGET EMILSHUS AB                  | CUSIP: N/A<br>LEI: 5493004EO7GR5U8PRK21       | Long             | EC               | CORP              | SE        |    158400 | NS      | $748940.04    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIWA SECURITIES LIVING INVESTMENT CORPORATION        | DAIWA SECURITIES LIVING INVESTMENT CORPORATION | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     17654 | NS      | $11137157.64  | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| RIGHTMOVE PLC                                         | RIGHTMOVE PLC                                  | CUSIP: N/A<br>LEI: 2138001JXGCFKBXYB828       | Long             | EC               | CORP              | GB        |    149300 | NS      | $1468016.23   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| LEG IMMOBILIEN GMBH                                   | LEG IMMOBILIEN SE                              | CUSIP: N/A<br>LEI: 391200SO40AKONBO0Z96       | Long             | EC               | CORP              | DE        |     75577 | NS      | $6382777.50   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ARENA REIT                                            | ARENA REIT (STAPLED)                           | CUSIP: N/A<br>LEI: 984500FEAC9A1C1FC967       | Long             | EC               | CORP              | AU        |   4113408 | NS      | $9795737.80   | 3.14%             |  |  |  | No            |                  2 | On Loan: No      |
| INTEA FASTIGHETER AB                                  | INTEA FASTIGHETER AB B                         | CUSIP: N/A<br>LEI: 549300KD3XGX3754UW61       | Long             | EC               | CORP              | SE        |    157600 | NS      | $1043546.63   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| INCLUSIO SA                                           | INCLUSIO SA                                    | CUSIP: N/A<br>LEI: 967600NU10CMHYJZUH44       | Long             | EC               | CORP              | BE        |    250156 | NS      | $4137482.68   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCIALYS SA                                          | MERCIALYS                                      | CUSIP: N/A<br>LEI: 969500081CGAXB7YS433       | Long             | EC               | CORP              | FR        |    389100 | NS      | $5192528.99   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust                          | Fidelity Securities Lending Cash Central Fund  | CUSIP: 31635A303<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |  11276924 | NS      | $11278051.78  | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| RYMAN HEALTHCARE LTD                                  | RYMAN HEALTHCARE LTD                           | CUSIP: N/A<br>LEI: 529900UR74KKRFG56I57       | Long             | EC               | CORP              | NZ        |   1324711 | NS      | $1737556.53   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| HELICAL PLC                                           | HELICAL BAR PLC                                | CUSIP: N/A<br>LEI: 2138003SBD2Z7WV2MP70       | Long             | EC               | CORP              | GB        |    449800 | NS      | $1294808.67   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GLENVEAGH PROPERTIES PLC                              | GLENVEAGH PROPERTIES PLC 144U                  | CUSIP: N/A<br>LEI: 635400QUQ2YYGMOAK834       | Long             | EC               | CORP              | IE        |   1671959 | NS      | $3129018.10   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TRITAX BIG BOX REIT PLC                               | TRITAX BIG BOX REIT PLC                        | CUSIP: N/A<br>LEI: 213800L6X88MIYPVR714       | Long             | EC               | CORP              | GB        |   1793700 | NS      | $3418363.50   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AIRBNB INC                                            | AIRBNB INC CLASS A                             | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     21200 | NS      | $2584704.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ARGAN SA                                              | ARGAN                                          | CUSIP: N/A<br>LEI: 529900FXM41XSCUSGH04       | Long             | EC               | CORP              | FR        |    109504 | NS      | $7554742.82   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL STORAGE REIT                                 | NATIONAL STORAGE REIT STAPLED                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   8198474 | NS      | $12055156.47  | 3.86%             |  |  |  | No            |                  2 | On Loan: No      |
| STARTS CORPORATION INC                                | STARTS CORP                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    116500 | NS      | $3161421.18   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TRADE ESTATES REAL ESTATE INVESTMENT SA               | TRADE ESTATES REAL ESTATE INVESTMENT SA        | CUSIP: N/A<br>LEI: 2138006STLTDFRIZTC42       | Long             | EC               | CORP              | GR        |    412089 | NS      | $756272.74    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NEINOR HOMES SLU                                      | NEINOR HOMES SLU                               | CUSIP: N/A<br>LEI: 959800FW4JL65YWSQ217       | Long             | EC               | CORP              | ES        |    262098 | NS      | $4548779.46   | 1.46%             |  |  |  | No            |                  1 | On Loan: —       |
| HEBA FASTIGHETS AB                                    | HEBA FASTIGHETS AB - B                         | CUSIP: N/A<br>LEI: 549300B1UZTBDU27UJ88       | Long             | EC               | CORP              | SE        |   1499447 | NS      | $4529910.75   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

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

**Signature:** Stacie M. Smith

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

**Title:** President and Treasurer