# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0000035402-25-001340
**Filing Date:** 2025-10
**Character Count:** 37345
**Document Hash:** 17a460a8bbb61b8a41b87adb78d1023b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035402-25-001340.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0000035402-25-001340

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**PERIOD START**: 20260531

**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:** 251424363

**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 Disruptive Medicine ETF (Series ID: S000079688)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000240928 | Fidelity Disruptive Medicine ETF | FMED            |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity® Disruptive Medicine ETF**

**August 31, 2025**

DRM-NPRT1-1025

1.9907232.102 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 3.3%  |  |  |
| Health Care - 3.3% |  |  |
| Pharmaceuticals - 3.3% |  |  |
| UCB SA  | 7814 | 1826948 |
| CANADA - 1.1%  |  |  |
| Health Care - 1.1% |  |  |
| Biotechnology - 1.1% |  |  |
| Xenon Pharmaceuticals Inc (a)(b) | 15658 | 606121 |
| CHINA - 1.4%  |  |  |
| Health Care - 1.4% |  |  |
| Biotechnology - 1.4% |  |  |
| Zai Lab Ltd ADR (a)(b) | 23013 | 761730 |
| DENMARK - 1.4%  |  |  |
| Health Care - 1.4% |  |  |
| Biotechnology - 1.4% |  |  |
| Ascendis Pharma A/S ADR (a) | 3865 | 750854 |
| FRANCE - 1.9%  |  |  |
| Health Care - 1.9% |  |  |
| Life Sciences Tools & Services - 1.9% |  |  |
| Sartorius Stedim Biotech  | 5191 | 1062159 |
| GERMANY - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| BioNTech SE ADR (a) | 2142 | 214200 |
| NETHERLANDS - 6.1%  |  |  |
| Health Care - 6.1% |  |  |
| Biotechnology - 6.1% |  |  |
| Argenx SE ADR (a) | 3053 | 2174347 |
| Merus NV (a) | 14000 | 921760 |
| Newamsterdam Pharma Co NV (a)(b) | 10110 | 243145 |
| TOTAL NETHERLANDS |  | 3339252 |
| SWITZERLAND - 1.5%  |  |  |
| Health Care - 1.5% |  |  |
| Life Sciences Tools & Services - 1.5% |  |  |
| Lonza Group AG  | 1127 | 798612 |
| UNITED STATES - 82.6%  |  |  |
| Health Care - 82.6% |  |  |
| Biotechnology - 23.5% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 6399 | 2857218 |
| Arcellx Inc (a) | 2661 | 184647 |
| Cogent Biosciences Inc (a) | 60000 | 724800 |
| Cytokinetics Inc (a)(b) | 12451 | 439894 |
| Day One Biopharmaceuticals Inc (a) | 22022 | 165385 |
| Denali Therapeutics Inc (a) | 14918 | 227798 |
| Disc Medicine Inc (a) | 3900 | 232616 |
| Dyne Therapeutics Inc (a) | 28872 | 389483 |
| Exact Sciences Corp (a) | 30936 | 1466985 |
| Immunovant Inc (a) | 11967 | 175795 |
| Janux Therapeutics Inc (a) | 14252 | 323805 |
| Kymera Therapeutics Inc (a) | 7342 | 302490 |
| Legend Biotech Corp ADR (a) | 42453 | 1474393 |
| MoonLake Immunotherapeutics Class A (a)(b) | 11741 | 654561 |
| Natera Inc (a) | 2049 | 344744 |
| Nurix Therapeutics Inc (a) | 18000 | 168120 |
| Regeneron Pharmaceuticals Inc  | 1400 | 812980 |
| Soleno Therapeutics Inc (a) | 6000 | 406020 |
| Stoke Therapeutics Inc (a)(b) | 30010 | 592998 |
| Vaxcyte Inc (a) | 12800 | 394112 |
| Veracyte Inc (a) | 15586 | 472879 |
|  |  | 12811723 |
| Health Care Equipment & Supplies - 32.0% |  |  |
| Align Technology Inc (a) | 2805 | 398198 |
| Boston Scientific Corp (a) | 28000 | 2954000 |
| Dexcom Inc (a) | 12000 | 904080 |
| Edwards Lifesciences Corp (a) | 17093 | 1390345 |
| Glaukos Corp (a)(b) | 5000 | 479100 |
| Inspire Medical Systems Inc (a) | 7019 | 657610 |
| Insulet Corp (a) | 6000 | 2039280 |
| Intuitive Surgical Inc (a) | 3200 | 1514544 |
| iRhythm Technologies Inc (a) | 2971 | 505011 |
| Kestra Medical Technologies Ltd (b) | 28000 | 451920 |
| Masimo Corp (a) | 8500 | 1187535 |
| Outset Medical Inc (a) | 23994 | 333757 |
| Penumbra Inc (a) | 6264 | 1707817 |
| PROCEPT BioRobotics Corp (a)(b) | 10029 | 402865 |
| ResMed Inc  | 3226 | 885569 |
| Stryker Corp  | 3468 | 1357410 |
| Tandem Diabetes Care Inc (a) | 19818 | 247922 |
|  |  | 17416963 |
| Health Care Providers & Services - 6.5% |  |  |
| agilon health Inc (a) | 300433 | 384554 |
| Astrana Health Inc (a) | 13300 | 425068 |
| LifeStance Health Group Inc (a) | 194725 | 1067093 |
| Privia Health Group Inc (a) | 35974 | 828841 |
| UnitedHealth Group Inc  | 2800 | 867636 |
|  |  | 3573192 |
| Health Care Technology - 9.5% |  |  |
| Doximity Inc Class A (a) | 12688 | 862023 |
| Phreesia Inc (a) | 26000 | 823159 |
| Veeva Systems Inc Class A (a) | 6764 | 1820869 |
| Waystar Holding Corp (a) | 44560 | 1687933 |
|  |  | 5193984 |
| Life Sciences Tools & Services - 8.1% |  |  |
| 10X Genomics Inc Class A (a) | 28000 | 392280 |
| Bruker Corp  | 11095 | 377008 |
| Danaher Corp  | 9208 | 1895191 |
| Repligen Corp (a) | 3000 | 366960 |
| Thermo Fisher Scientific Inc  | 1917 | 944544 |
| West Pharmaceutical Services Inc  | 1721 | 425001 |
|  |  | 4400984 |
| Pharmaceuticals - 3.0% |  |  |
| Crinetics Pharmaceuticals Inc (a)(b) | 19000 | 588810 |
| Eli Lilly & Co  | 1286 | 942098 |
| Structure Therapeutics Inc ADR (a) | 6833 | 131877 |
|  |  | 1662785 |
| TOTAL UNITED STATES |  | 45059631 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $46,189,276) |  | <br> **54419507** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.4%** | &nbsp;&nbsp;**Money Market Funds - 3.4%** | &nbsp;&nbsp;**Money Market Funds - 3.4%** | &nbsp;&nbsp;**Money Market Funds - 3.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.36 | 173643 | 173677 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.36 | 1657807 | 1657973 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,831,650) |  |  | **1831650** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.1%**<br> (Cost $48,020,926)<br>| <br>**56251157** |
| **NET OTHER ASSETS (LIABILITIES) - (3.1)%**  | **(1667604)** |
| **NET ASSETS - 100.0%** | **54583553** |

---

**Legend**

(a) Non-income producing.

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

(c) 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.

(d) 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 | 316059 | 1011417 | 1153799 | 1706 | - | - | 173677 | 173643 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 2691268 | 7293607 | 8326902 | 1751 | - | - | 1657973 | 1657807 | 0.0% |
| Total | 3007327 | 8305024 | 9480701 | 3457 | - | - | 1831650 |  |  |

---

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 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 Disruptive Medicine ETF

- **b. EDGAR series identifier (if any):** S000079688

- **c. LEI of Series:** 5493000DCMODNM1AVU48

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

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-31

**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:** $56173708.09

**Total Liabilities:** $1590239.67

**Net Assets:** $54583468.42

**Cash Not Reported:** $0.01

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000240928 | 2.79%                | -1.28%               | 3.56%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-74096.77               | $1506382.63                                |
| Month 2  | $-178513.17              | $-484301.33                                |
| Month 3  | $-47135.25               | $1955360.75                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| THERMO FISHER SCIENTIFIC INC    | THERMO FISHER SCIENTIFIC INC                  | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      1917 | NS      | $944544.24    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| PENUMBRA INC                    | PENUMBRA INC                                  | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |      6264 | NS      | $1707816.96   | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIGN TECHNOLOGY INC            | ALIGN TECHNOLOGY INC                          | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |      2805 | NS      | $398197.80    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| LONZA GROUP AG                  | LONZA GROUP AG                                | CUSIP: N/A<br>LEI: 549300EFW4H2TCZ71055       | Long             | EC               | CORP              | CH        |      1127 | NS      | $798611.51    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIVIA HEALTH GROUP INC         | PRIVIA HEALTH GROUP INC                       | CUSIP: 74276R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35974 | NS      | $828840.96    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| STRYKER CORP                    | STRYKER CORP                                  | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      3468 | NS      | $1357409.88   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| RESMED INC                      | RESMED INC                                    | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |      3226 | NS      | $885569.26    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CRINETICS PHARMACEUTICALS INC   | CRINETICS PHARMACEUTICALS INC                 | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |     19000 | NS      | $588810.00    | 1.08%             |  |  |  | No            |                  1 | On Loan: —       |
| PHREESIA INC                    | PHREESIA INC                                  | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               | CORP              | US        |     26000 | NS      | $823160.00    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS INC   | REGENERON PHARMACEUTICALS INC                 | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      1400 | NS      | $812980.00    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| KESTRA MEDICAL TECHNOLOGIES INC | KESTRA MEDICAL TECHNOLOGIES INC               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     28000 | NS      | $451920.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: —       |
| NEWAMSTERDAM PHARMA COMPANY NV  | NEWAMSTERDAM PHARMA COMPANY NV                | CUSIP: N/A<br>LEI: 984500B6549TF6E14D36       | Long             | EC               | CORP              | NL        |     10110 | NS      | $243145.50    | 0.45%             |  |  |  | No            |                  1 | On Loan: —       |
| BRUKER CORP                     | BRUKER CORP                                   | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |     11095 | NS      | $377008.10    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| DISC MEDICINE INC               | DISC MEDICINE INC                             | CUSIP: 254604101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3900 | NS      | $232615.50    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MOONLAKE IMMUNOTHERAPEUTICS     | MOONLAKE IMMUNOTHERAPEUTICS                   | CUSIP: 61559X104<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     11741 | NS      | $654560.75    | 1.20%             |  |  |  | No            |                  1 | On Loan: —       |
| LIFESTANCE HEALTH GROUP INC     | LIFESTANCE HEALTH GROUP INC                   | CUSIP: 53228F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    194725 | NS      | $1067093.00   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| 10X GENOMICS INC                | 10X GENOMICS INC                              | CUSIP: 88025U109<br>LEI: 5493003Z6741WNLG7H43 | Long             | EC               | CORP              | US        |     28000 | NS      | $392280.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| NURIX THERAPEUTICS INC          | NURIX THERAPEUTICS INC                        | CUSIP: 67080M103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18000 | NS      | $168120.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ARGENX SE                       | ARGENX SE SPONSORED ADR                       | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |      3053 | NS      | $2174346.60   | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCEPT BIOROBOTICS CORP        | PROCEPT BIOROBOTICS CORP                      | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10029 | NS      | $402864.93    | 0.74%             |  |  |  | No            |                  1 | On Loan: —       |
| BIONTECH SE                     | BIONTECH SE ADR                               | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |      2142 | NS      | $214200.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| JANUX THERAPEUTICS INC          | JANUX THERAPEUTICS INC                        | CUSIP: 47103J105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14252 | NS      | $323805.44    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| WAYSTAR HOLDING CORP            | WAYSTAR HOLDING CORP                          | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44560 | NS      | $1687932.80   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| VERACYTE INC                    | VERACYTE INC                                  | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |     15586 | NS      | $472879.24    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| VAXCYTE INC                     | VAXCYTE INC                                   | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |     12800 | NS      | $394112.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLENO THERAPEUTICS INC         | SOLENO THERAPEUTICS INC                       | CUSIP: 834203309<br>LEI: 5493003LCY77N7FXK844 | Long             | EC               | CORP              | US        |      6000 | NS      | $406020.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| OUTSET MEDICAL INC              | OUTSET MEDICAL INC                            | CUSIP: 690145206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23994 | NS      | $333756.54    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSTON SCIENTIFIC CORP          | BOSTON SCIENTIFIC CORP                        | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     28000 | NS      | $2954000.00   | 5.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY and CO                | ELI LILLY and CO                              | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      1286 | NS      | $942097.88    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| STRUCTURE THERAPEUTICS INC      | STRUCTURE THERAPEUTICS INC ADR                | CUSIP: 86366E106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      6833 | NS      | $131876.90    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL INC          | INTUITIVE SURGICAL INC                        | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      3200 | NS      | $1514544.00   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM INC                      | DEXCOM INC                                    | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     12000 | NS      | $904080.00    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| AGILON HEALTH INC               | AGILON HEALTH INC                             | CUSIP: 00857U107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    300433 | NS      | $384554.24    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CYTOKINETICS INC                | CYTOKINETICS INC                              | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |     12451 | NS      | $439893.83    | 0.81%             |  |  |  | No            |                  1 | On Loan: —       |
| IRHYTHM TECHNOLOGIES INC        | IRHYTHM TECHNOLOGIES INC                      | CUSIP: 450056106<br>LEI: 549300FJI72RJGDQS384 | Long             | EC               | CORP              | US        |      2971 | NS      | $505010.58    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| WEST PHARMACEUTICAL SVCS INC    | WEST PHARMACEUTICAL SVCS INC                  | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |      1721 | NS      | $425000.95    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust    | Fidelity Cash Central Fund                    | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |    173643 | NS      | $173677.23    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ASCENDIS PHARMA A/S             | ASCENDIS PHARMA AS SPON ADR                   | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |      3865 | NS      | $750853.55    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| EDWARDS LIFESCIENCES CORP       | EDWARDS LIFESCIENCES CORP                     | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |     17093 | NS      | $1390344.62   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| LEGEND BIOTECH CORP             | LEGEND BIOTECH CORP SPON ADR                  | CUSIP: 52490G102<br>LEI: 254900EIUFZTW136H859 | Long             | EC               | CORP              | KY        |     42453 | NS      | $1474392.69   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRANA HEALTH INC              | ASTRANA HEALTH INC                            | CUSIP: 03763A207<br>LEI: 5493008O4R82Q4STJ936 | Long             | EC               | CORP              | US        |     13300 | NS      | $425068.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| SARTORIUS STEDIM BIOTECH        | SARTORIUS STEDIM BIOTECH                      | CUSIP: N/A<br>LEI: 52990006IVXY7GCSSR39       | Long             | EC               | CORP              | FR        |      5191 | NS      | $1062159.12   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORP                    | DANAHER CORP                                  | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      9208 | NS      | $1895190.56   | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| GLAUKOS CORP                    | GLAUKOS CORP                                  | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |      5000 | NS      | $479100.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| NATERA INC                      | NATERA INC                                    | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2049 | NS      | $344744.25    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| EXACT SCIENCES CORP             | EXACT SCIENCES CORP                           | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |     30936 | NS      | $1466985.12   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| DOXIMITY INC                    | DOXIMITY INC                                  | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12688 | NS      | $862022.72    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCELLX INC                     | ARCELLX INC                                   | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2661 | NS      | $184646.79    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| STOKE THERAPEUTICS INC          | STOKE THERAPEUTICS INC                        | CUSIP: 86150R107<br>LEI: 549300RD25SS2DIJHJ67 | Long             | EC               | CORP              | US        |     30010 | NS      | $592997.60    | 1.09%             |  |  |  | No            |                  1 | On Loan: —       |
| DAY ONE BIOPHARMACEUTICALS INC  | DAY ONE BIOPHARMACEUTICALS INC                | CUSIP: 23954D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22022 | NS      | $165385.22    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| UCB SA                          | UCB SA                                        | CUSIP: N/A<br>LEI: 2138008J191VLSGY5A09       | Long             | EC               | CORP              | BE        |      7814 | NS      | $1826948.49   | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNE THERAPEUTICS INC           | DYNE THERAPEUTICS INC                         | CUSIP: 26818M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28872 | NS      | $389483.28    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| TANDEM DIABETES CARE INC        | TANDEM DIABETES CARE INC                      | CUSIP: 875372203<br>LEI: 549300JEPFOD0K4D3I05 | Long             | EC               | CORP              | US        |     19818 | NS      | $247923.18    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ALNYLAM PHARMACEUTICALS INC     | ALNYLAM PHARMACEUTICALS INC                   | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |      6399 | NS      | $2857217.49   | 5.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust    | Fidelity Securities Lending Cash Central Fund | CUSIP: 31635A303<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |   1567891 | NS      | $1568047.52   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| IMMUNOVANT INC                  | IMMUNOVANT INC                                | CUSIP: 45258J102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11967 | NS      | $175795.23    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| KYMERA THERAPEUTICS INC         | KYMERA THERAPEUTICS INC                       | CUSIP: 501575104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7342 | NS      | $302490.40    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| VEEVA SYS INC                   | VEEVA SYS INC CL A                            | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |      6764 | NS      | $1820868.80   | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| XENON PHARMACEUTICALS INC       | XENON PHARMACEUTICALS INC                     | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |     15658 | NS      | $606121.18    | 1.11%             |  |  |  | No            |                  1 | On Loan: —       |
| COGENT BIOSCIENCES INC          | COGENT BIOSCIENCES INC                        | CUSIP: 19240Q201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60000 | NS      | $724800.00    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| DENALI THERAPEUTICS INC         | DENALI THERAPEUTICS INC                       | CUSIP: 24823R105<br>LEI: 549300ZTQ2HO18L3Q830 | Long             | EC               | CORP              | US        |     14918 | NS      | $227797.86    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| INSPIRE MEDICAL SYSTEMS INC     | INSPIRE MEDICAL SYSTEMS INC                   | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |      7019 | NS      | $657610.11    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC          | UNITEDHEALTH GROUP INC                        | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      2800 | NS      | $867636.00    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| REPLIGEN CORP                   | REPLIGEN                                      | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |      3000 | NS      | $366960.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| MERUS NV                        | MERUS B.V.                                    | CUSIP: N/A<br>LEI: 549300W8GPUWU8QNU293       | Long             | EC               | CORP              | NL        |     14000 | NS      | $921760.00    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| INSULET CORP                    | INSULET CORP                                  | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |      6000 | NS      | $2039280.00   | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ZAI LAB LTD                     | ZAI LAB LTD UNSPNRD ADR                       | CUSIP: 98887Q104<br>LEI: 549300P2UYQ9U5LY1T58 | Long             | EC               | CORP              | KY        |     23013 | NS      | $761730.30    | 1.40%             |  |  |  | No            |                  1 | On Loan: —       |
| MASIMO CORP                     | MASIMO CORP                                   | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |      8500 | NS      | $1187535.00   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

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

**Signature:** Stacie M. Smith

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

**Title:** President and Treasurer