# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0001752724-25-159920
**Filing Date:** 2025-6
**Character Count:** 40220
**Document Hash:** bf3bbd323d919a073b43435705488c84
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-159920.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-159920

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20251031

**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:** 251079863

**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 Value Factor ETF (Series ID: S000059463)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000194896 | Fidelity International Value Factor ETF | FIVA            |

## 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 International Value Factor ETF

- **b. EDGAR series identifier (if any):** S000059463

- **c. LEI of Series:** 549300DPXN0IDQD0V949

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

- **a. Date of fiscal year-end:** 2025-10-31

- **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:** $195864834.71

**Total Liabilities:** $255753.23

**Net Assets:** $195609081.48

**Delayed Delivery Securities:** $29181.81

**Cash Not Reported:** $147182.93

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194896 | 3.39%                | 0.87%                | 4.02%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5902287.49              | $505644.88                                 |
| Month 2  | $-84574.19               | $-131676.01                                |
| Month 3  | $2646907.52              | $2560664.52                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALLIANZ SE                             | ALLIANZ SE (REGD)                   | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               | CORP              | DE        |      6801 | NS      | $2814870.49   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| RWE AG                                 | RWE AG                              | CUSIP: N/A<br>LEI: 529900GB7KCA94ACC940       | Long             | EC               | CORP              | DE        |     64643 | NS      | $2513116.22   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TOTALENERGIES SE                       | TOTALENERGIES SE                    | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |     26397 | NS      | $1535147.37   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                      | HSBC HOLDINGS PLC                   | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |    265850 | NS      | $2954397.43   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| JAPAN TOBACCO INC                      | JAPAN TOBACCO INC                   | CUSIP: N/A<br>LEI: 353800Z0ENYBQO0XRJ31       | Long             | EC               | CORP              | JP        |     81100 | NS      | $2505662.51   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| PANASONIC HOLDINGS CORP                | PANASONIC HOLDINGS CORP             | CUSIP: N/A<br>LEI: 254900GE1G59KGWPHX32       | Long             | EC               | CORP              | JP        |    146000 | NS      | $1679655.08   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ROGERS COMMUNICATIONS INC              | ROGERS COMM INC CL B NON VTG        | CUSIP: 775109200<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | EC               | CORP              | CA        |     26143 | NS      | $680213.87    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ANZ GROUP HOLDINGS LTD                 | ANZ GROUP HOLDINGS LTD              | CUSIP: N/A<br>LEI: 9845005D9C6BAA10BK72       | Long             | EC               | CORP              | AU        |     87315 | NS      | $1668233.49   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSOCIATED BRITISH FOODS PLC           | ASSOCIATED BRITISH FOODS PLC        | CUSIP: N/A<br>LEI: GBQKSY6W7G0OHCQ8OQ72       | Long             | EC               | CORP              | GB        |     69018 | NS      | $1902746.75   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| DEUTSCHE LUFTHANSA A G                 | LUFTHANSA AG (REGD)                 | CUSIP: N/A<br>LEI: 529900PH63HYJ86ASW55       | Long             | EC               | CORP              | DE        |    120880 | NS      | $867883.71    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| BRITISH AMERICAN TOBACCO PLC           | BRITISH AMERICAN TOBACCO PLC        | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |     55604 | NS      | $2412298.13   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO SANTANDER SA                     | BANCO SANTANDER SA                  | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | EC               | CORP              | ES        |    328800 | NS      | $2310605.34   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MACQUARIE GROUP LTD                    | MACQUARIE GROUP LTD                 | CUSIP: N/A<br>LEI: ACMHD8HWFMFUIQQ8Y590       | Long             | EC               | CORP              | AU        |     11147 | NS      | $1379764.32   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                 | SAP SE                              | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               | CORP              | DE        |     10825 | NS      | $3141547.88   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| MS and AD INSURANCE GROUP HOLDINGS INC | MS and AD INSURANCE GRP HLDGS INC   | CUSIP: N/A<br>LEI: 529900CXROT5S2HMMP26       | Long             | EC               | CORP              | JP        |    103300 | NS      | $2350031.55   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NEC CORP                               | NEC CORP                            | CUSIP: N/A<br>LEI: 5493000QYMPFRTEY4K28       | Long             | EC               | CORP              | JP        |     79800 | NS      | $1944649.47   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS                            | BNP PARIBAS                         | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               | CORP              | FR        |     24439 | NS      | $2063852.96   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FINNING INTERNATIONAL INC              | FINNING INTERNATIONAL INC           | CUSIP: 318071404<br>LEI: 549300QLDCP11KB6XW55 | Long             | EC               | CORP              | CA        |     47761 | NS      | $1345385.15   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO-NORDISK AS                        | NOVO-NORDISK AS CL B                | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |     36698 | NS      | $2432019.10   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIWA SECURITIES GROUP INC             | DAIWA SECURITIES GROUP INC          | CUSIP: N/A<br>LEI: 353800WRC7Y23PWFJG38       | Long             | EC               | CORP              | JP        |    287400 | NS      | $1882284.63   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| MANULIFE FINANCIAL CORP                | MANULIFE FINANCIAL CORP             | CUSIP: 56501R106<br>LEI: 5493007GBX87QOZACS27 | Long             | EC               | CORP              | CA        |     58421 | NS      | $1786930.61   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| MARUBENI CORP                          | MARUBENI CORP                       | CUSIP: N/A<br>LEI: 4P4N3ORD02UGQT1T1W12       | Long             | EC               | CORP              | JP        |    122700 | NS      | $2174604.60   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| RANDSTAD NV                            | RANDSTAD NV                         | CUSIP: N/A<br>LEI: 7245009EAAUUQJ0U4T57       | Long             | EC               | CORP              | NL        |     33256 | NS      | $1331448.36   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| CARREFOUR SA                           | CARREFOUR SA (SUPERMARCHE)          | CUSIP: N/A<br>LEI: 549300B8P6MUJ1YWTS08       | Long             | EC               | CORP              | FR        |     80029 | NS      | $1236777.48   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| TUI AG                                 | TUI AG (GB)                         | CUSIP: N/A<br>LEI: 529900SL2WSPV293B552       | Long             | EC               | CORP              | DE        |    138345 | NS      | $1060900.78   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVARTIS AG                            | NOVARTIS AG (REG)                   | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |     21326 | NS      | $2434031.69   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TORONTO DOMINION BANK              | TORONTO-DOMINION BANK               | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | CA        |     37970 | NS      | $2421470.57   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| QBE INS GROUP LTD                      | QBE INSURANCE GROUP LTD             | CUSIP: N/A<br>LEI: 549300D2FBW76FPUSG65       | Long             | EC               | CORP              | AU        |    103949 | NS      | $1435989.06   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| MITSUI and CO LTD                      | MITSUI and CO LTD                   | CUSIP: N/A<br>LEI: 2NRSB4GOU9DD6CNW5R48       | Long             | EC               | CORP              | JP        |    111900 | NS      | $2273459.06   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CSL LTD                                | CSL LIMITED                         | CUSIP: N/A<br>LEI: 529900ECSECK5ZDQTE14       | Long             | EC               | CORP              | AU        |      7527 | NS      | $1209479.99   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| KINGFISHER PLC                         | KINGFISHER PLC                      | CUSIP: N/A<br>LEI: 213800KBMEV7I92FY281       | Long             | EC               | CORP              | GB        |    520237 | NS      | $1995696.96   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO CORP                          | SUMITOMO CORP                       | CUSIP: N/A<br>LEI: V82KK8NH1P0JS71FJC05       | Long             | EC               | CORP              | JP        |     82900 | NS      | $2032979.53   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCHE HOLDING AG                       | ROCHE HOLDINGS AG (GENUSSCHEINE)    | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |      7821 | NS      | $2563060.91   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| INFINEON TECHNOLOGIES AG               | INFINEON TECHNOLOGIES AG            | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               | CORP              | DE        |     23657 | NS      | $776912.62    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| NICE LTD                               | NICE LTD                            | CUSIP: N/A<br>LEI: 254900YTY4EF5Z4W0A51       | Long             | EC               | CORP              | IL        |      3133 | NS      | $489443.81    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GLENCORE PLC                           | GLENCORE PLC                        | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | JE        |    459795 | NS      | $1500978.15   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                                 | BP PLC                              | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | GB        |    216067 | NS      | $1010968.22   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPGEMINI SA                           | CAPGEMINI SA (FF40)                 | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               | CORP              | FR        |      3767 | NS      | $598856.90    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE SYSTEMS PLC                        | BAE SYSTEMS PLC                     | CUSIP: N/A<br>LEI: 8SVCSVKSGDWMW2QHOH83       | Long             | EC               | CORP              | GB        |    133947 | NS      | $3103246.12   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                                | GSK PLC                             | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |     76448 | NS      | $1514825.49   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| TOYOTA TSUSHO CORP                     | TOYOTA TSUSHO CORP                  | CUSIP: N/A<br>LEI: 549300CEE2ENIUJNXB84       | Long             | EC               | CORP              | JP        |    103600 | NS      | $2051808.75   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| KLEPIERRE SA                           | KLEPIERRE SA                        | CUSIP: N/A<br>LEI: 969500PB4U31KEFHZ621       | Long             | EC               | CORP              | FR        |     39286 | NS      | $1439785.55   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| BOUYGUES SA                            | BOUYGUES ORD                        | CUSIP: N/A<br>LEI: 969500MOCLNQFNZN0D63       | Long             | EC               | CORP              | FR        |     45300 | NS      | $1992847.80   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EASYJET PLC                            | EASYJET PLC                         | CUSIP: N/A<br>LEI: 2138001S47XKWIB7TH90       | Long             | EC               | CORP              | GB        |    260580 | NS      | $1721488.47   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| OPEN TEXT CORPORATION                  | OPEN TEXT CORPORATION               | CUSIP: 683715106<br>LEI: 549300UQROQS42RKHM85 | Long             | EC               | CORP              | CA        |     46043 | NS      | $1243990.99   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTIS INC                             | FORTIS INC                          | CUSIP: 349553107<br>LEI: 549300MQYQ9Y065XPR71 | Long             | EC               | CORP              | CA        |     15345 | NS      | $758418.27    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| RIO TINTO PLC                          | RIO TINTO PLC                       | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |     35963 | NS      | $2136151.09   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TOKYO ELECTRON LTD                     | TOKYO ELECTRON LTD                  | CUSIP: N/A<br>LEI: 549300H5LSF8DP3RIJ34       | Long             | EC               | CORP              | JP        |     12200 | NS      | $1815374.37   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CGI INC                                | CGI INC CL A SUB VTG                | CUSIP: 12532H104<br>LEI: 549300WSRCZY73ZG3090 | Long             | EC               | CORP              | CA        |     12898 | NS      | $1364967.52   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB LTD                                | ABB LTD                             | CUSIP: N/A<br>LEI: 5493000LKVGOO9PELI61       | Long             | EC               | CORP              | CH        |     31208 | NS      | $1640247.67   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| AIR CANADA INC                         | AIR CANADA VTG                      | CUSIP: 008911877<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | EC               | CORP              | CA        |    108242 | NS      | $1094722.90   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| MITSUBISHI CORP                        | MITSUBISHI CORP                     | CUSIP: N/A<br>LEI: KVIPTY4PULAPGC1VVD26       | Long             | EC               | CORP              | JP        |    135800 | NS      | $2581951.77   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPON STEEL CORP                      | NIPPON STEEL CORP                   | CUSIP: N/A<br>LEI: 35380065QWQ4U2V3PA33       | Long             | EC               | CORP              | JP        |     83800 | NS      | $1768353.90   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| KANSAI ELECTRIC POWER CO INC           | KANSAI ELECTRIC POWER CO INC        | CUSIP: N/A<br>LEI: 353800PFUKP5ONPJNZ86       | Long             | EC               | CORP              | JP        |     90700 | NS      | $1115945.74   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCELORMITTAL SA LUXEMBOURG            | ARCELORMITTAL SA                    | CUSIP: N/A<br>LEI: 2EULGUTUI56JI9SAL165       | Long             | EC               | CORP              | LU        |     67663 | NS      | $1993660.53   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDIPAL HLDGS CORP                     | MEDIPAL HOLDINGS CORP               | CUSIP: N/A<br>LEI: 353800PJDODZEA4NP730       | Long             | EC               | CORP              | JP        |     94800 | NS      | $1613341.28   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH MOET HENNESSY LOUIS VUITTON SE    | LVMH MOET HENNESSY LOUIS VUITTON SE | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |      3903 | NS      | $2164683.13   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SHELL PLC                              | SHELL PLC                           | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |     67460 | NS      | $2199044.78   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEPERFORMANCE                        | TELEPERFORMANCE                     | CUSIP: N/A<br>LEI: 9695004GI61FHFFNRG61       | Long             | EC               | CORP              | FR        |     15361 | NS      | $1684347.55   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| BRAMBLES LTD                           | BRAMBLES LTD                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |     48403 | NS      | $635517.93    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC                        | ASTRAZENECA PLC                     | CUSIP: N/A<br>LEI: PY6ZZQWO2IZFZC3IOL08       | Long             | EC               | CORP              | GB        |     19266 | NS      | $2760700.20   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| KDDI CORP                              | KDDI CORP                           | CUSIP: N/A<br>LEI: 5299003FU7V4I45FU310       | Long             | EC               | CORP              | JP        |     88200 | NS      | $1560380.68   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL PLC                         | PRUDENTIAL PLC                      | CUSIP: N/A<br>LEI: 5493001Z3ZE83NGK8Y12       | Long             | EC               | CORP              | GB        |    152501 | NS      | $1612861.65   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| SUBARU CORP                            | SUBARU CORP                         | CUSIP: N/A<br>LEI: 549300N244BVAEE6HH86       | Long             | EC               | CORP              | JP        |     88000 | NS      | $1599411.10   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| INPEX CORPORATION                      | INPEX CORP                          | CUSIP: N/A<br>LEI: 353800VHYYADPR6MXQ47       | Long             | EC               | CORP              | JP        |     66000 | NS      | $837030.29    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| BAYERISCHE MOTOREN WERKE (BMW) AG      | BMW AG                              | CUSIP: N/A<br>LEI: YEH5ZCD6E441RHVHD759       | Long             | EC               | CORP              | DE        |     17267 | NS      | $1458379.89   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIWA HOUSE INDUSTRY CO LTD            | DAIWA HOUSE INDUSTRY CO LTD         | CUSIP: N/A<br>LEI: 353800K9WXR9XRZJZI46       | Long             | EC               | CORP              | JP        |     42200 | NS      | $1525105.16   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| SOCIETE GENERALE                       | SOCIETE GENERALE SA CL A            | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | EC               | CORP              | FR        |     39352 | NS      | $2039842.41   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARGENTARIA S.A    | BANCO BILBAO VIZ ARGENTARIA SA      | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |    144444 | NS      | $1980212.41   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP GROUP LTD                          | BHP GROUP LIMITED                   | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        |     88361 | NS      | $2159178.04   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| DEUTSCHE TELEKOM AG                    | DEUTSCHE TELEKOM AG (REGD)          | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |     66106 | NS      | $2374613.46   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BANK OF NOVA SCOTIA                | BANK OF NOVA SCOTIA                 | CUSIP: 064149107<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | EC               | CORP              | CA        |     36416 | NS      | $1818559.10   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| STELLANTIS NV                          | STELLANTIS NV                       | CUSIP: N/A<br>LEI: 549300LKT9PW7ZIBDF31       | Long             | EC               | CORP              | NL        |    106633 | NS      | $986690.61    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| LINK REIT                              | LINK REAL ESTATE INVESTMENT TR      | CUSIP: N/A<br>LEI: 529900XUE70U36QX5M62       | Long             | EC               | CORP              | HK        |    158455 | NS      | $742754.62    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS GROUP AG                           | UBS GROUP AG                        | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |     55133 | NS      | $1669924.39   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| WESFARMERS LTD                         | WESFARMERS LTD                      | CUSIP: N/A<br>LEI: 5493003L32ZX9557ST85       | Long             | EC               | CORP              | AU        |     37012 | NS      | $1854784.28   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| UNICREDIT SPA                          | UNICREDIT SPA                       | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | EC               | CORP              | IT        |     50132 | NS      | $2904655.48   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA GROUP LTD                          | AIA GROUP LTD                       | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |    251000 | NS      | $1880549.86   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| SONY GROUP CORP                        | SONY GROUP CORP                     | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |    118800 | NS      | $3140737.52   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust           | Fidelity Cash Central Fund          | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |    239707 | NS      | $239755.38    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL PLC                         | PRUDENTIAL PLC - ENT RT             | CUSIP: N/A<br>LEI: 5493001Z3ZE83NGK8Y12       | Long             | EC               | CORP              | GB        |    173009 | NS      | $29181.81     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SIEMENS AG                             | SIEMENS AG (REGD)                   | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |     10421 | NS      | $2392314.19   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BOC HONG KONG HOLDINGS LTD             | BANK OF CHINA HONG KONG LTD         | CUSIP: N/A<br>LEI: 254900JB98W77JDJMW15       | Long             | EC               | CORP              | HK        |    352500 | NS      | $1463692.99   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| AP MOLLER MAERSK AS                    | A P MOLLER - MAERSK A/S B           | CUSIP: N/A<br>LEI: 549300D2K6PKKKXVNN73       | Long             | EC               | CORP              | DK        |       988 | NS      | $1690695.99   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIRFAX FINANCIAL HOLDINGS LTD         | FAIRFAX FINL HLDGS LTD SUB VTG      | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |      1103 | NS      | $1718661.33   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| VODAFONE GRP PLC                       | VODAFONE GROUP PLC                  | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | EC               | CORP              | GB        |   1611748 | NS      | $1577149.92   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| HONDA MOTOR CO LTD                     | HONDA MOTOR CO LTD                  | CUSIP: N/A<br>LEI: 549300P7ZYCQJ36CCS16       | Long             | EC               | CORP              | JP        |    188900 | NS      | $1924226.72   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| UST BILLS                              | UST BILLS 0% 05/29/2025             | CUSIP: 912797NN3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     14000 | PA      | $13954.05     | 0.01%             | 2025-05-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BARRICK GOLD CORP                      | BARRICK GOLD CORP                   | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    145053 | NS      | $2760764.04   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| VOLVO AB                               | VOLVO AB SER B                      | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |     89705 | NS      | $2442382.30   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ONO PHARMACEUTICAL CO LTD              | ONO PHARMACEUTICAL CO LTD           | CUSIP: N/A<br>LEI: 529900G26L4NG4GFJZ86       | Long             | EC               | CORP              | JP        |    139000 | NS      | $1600098.15   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATURAL RESOURCES LTD         | CANADIAN NATL RESOURCES LTD         | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     59148 | NS      | $1693980.22   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| WILMAR INTERNATIONAL LTD               | WILMAR INTERNATIONAL LTD            | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |    539600 | NS      | $1264590.64   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESTOR AB                            | INVESTOR AB SER B                   | CUSIP: N/A<br>LEI: 549300VEBQPHRZBKUX38       | Long             | EC               | CORP              | SE        |     65675 | NS      | $1942692.77   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRICA PLC                           | CENTRICA PLC                        | CUSIP: N/A<br>LEI: E26EDV109X6EEPBKVH76       | Long             | EC               | CORP              | GB        |   1076061 | NS      | $2301827.42   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES US                         | MSCI EAFE FUT JUN25 MFSM5           | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | N/A              | DE               | CORP              | US        |        12 | NC      | $44435.24     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SBI HLDGS INC JAPAN                    | SBI HOLDINGS INC                    | CUSIP: N/A<br>LEI: 353800L6LMHYIPSMRQ17       | Long             | EC               | CORP              | JP        |     70400 | NS      | $1845384.18   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTSERVICE CORP                      | FIRSTSERVICE CORP                   | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |       702 | NS      | $122968.16    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML HOLDING NV                        | ASML HOLDING NV                     | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |      4225 | NS      | $2797612.80   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS PLC                           | BARCLAYS PLC ORD                    | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               | CORP              | GB        |    415876 | NS      | $1648681.18   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ALCON INC                              | ALCON INC                           | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               | CORP              | CH        |      8559 | NS      | $829704.83    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCEDES-BENZ GROUP AG                 | MERCEDES-BENZ GROUP AG              | CUSIP: N/A<br>LEI: 529900R27DL06UVNT076       | Long             | EC               | CORP              | DE        |     26179 | NS      | $1561453.59   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSITY AB                              | ESSITY AB B                         | CUSIP: N/A<br>LEI: 549300G8E6YUVJ1DA153       | Long             | EC               | CORP              | SE        |     48216 | NS      | $1391754.65   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| NESTLE SA                              | NESTLE SA (REG)                     | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |     36409 | NS      | $3887466.58   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPON TELEGRAPH and TELEPHONE CORP    | NIPPON TELEGRAPH and TELEPHONE      | CUSIP: N/A<br>LEI: 353800VHQU5VIXVUA841       | Long             | EC               | CORP              | JP        |   1349200 | NS      | $1412195.46   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| RENESAS ELECTRONICS CORP               | RENESAS ELECTRONICS CORP            | CUSIP: N/A<br>LEI: 5299000EPC47VJQOFB81       | Long             | EC               | CORP              | JP        |    113700 | NS      | $1333169.17   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| VINCI SA                               | VINCI SA                            | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               | CORP              | FR        |     17465 | NS      | $2434019.34   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CK HUTCHISON HOLDINGS LTD              | CK HUTCHISON HOLDINGS LTD           | CUSIP: N/A<br>LEI: 254900Z8HM1VEPOQ2G79       | Long             | EC               | CORP              | KY        |    142500 | NS      | $804866.73    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SANOFI                                 | SANOFI                              | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     16725 | NS      | $1823264.59   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNCOR ENERGY INC                      | SUNCOR ENERGY INC                   | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     43552 | NS      | $1535181.99   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| DEUTSCHE BANK AG                       | DEUTSCHE BANK AG                    | CUSIP: N/A<br>LEI: 7LTWFZYICNSX8D621K86       | Long             | EC               | CORP              | DE        |     74302 | NS      | $1940955.11   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| FRESENIUS SE and CO KGAA               | FRESENIUS SE and CO KGAA            | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               | CORP              | DE        |     22423 | NS      | $1065454.63   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SWISS RE AG                            | SWISS RE LTD                        | CUSIP: N/A<br>LEI: 529900PS9YW3YY29F326       | Long             | EC               | CORP              | CH        |      8015 | NS      | $1441090.66   | 0.74%             |  |  |  | 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