# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0001752724-25-159926
**Filing Date:** 2025-6
**Character Count:** 66904
**Document Hash:** 0fd6016cfde9843ba996d1930374e438
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-159926.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-159926

**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 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:** 251079869

**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 Low Volatility Factor ETF (Series ID: S000054751)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000171932 | Fidelity Low Volatility Factor ETF | FDLO            |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity® Low Volatility Factor ETF**

**April 30, 2025**

T18-NPRT3-0625

1.9880052.108 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| IRELAND - 1.1%  |  |  |
| Information Technology - 1.1% |  |  |
| IT Services - 1.1% |  |  |
| Accenture PLC Class A  | 41845 | 12517932 |
| UNITED STATES - 98.7%  |  |  |
| Communication Services - 9.2% |  |  |
| Diversified Telecommunication Services - 2.2% |  |  |
| AT&T Inc  | 478227 | 13246888 |
| Verizon Communications Inc  | 288079 | 12692761 |
|  |  | 25939649 |
| Entertainment - 0.8% |  |  |
| Electronic Arts Inc  | 65923 | 9564767 |
| Interactive Media & Services - 3.7% |  |  |
| Alphabet Inc Class A  | 270416 | 42942061 |
| Media - 1.6% |  |  |
| Comcast Corp Class A  | 315650 | 10795230 |
| Fox Corp Class A  | 152849 | 7610352 |
|  |  | 18405582 |
| Wireless Telecommunication Services - 0.9% |  |  |
| T-Mobile US Inc  | 43202 | 10668734 |
| TOTAL COMMUNICATION SERVICES |  | 107520793 |
| Consumer Discretionary - 10.3% |  |  |
| Broadline Retail - 3.6% |  |  |
| Amazon.com Inc (b) | 224825 | 41462227 |
| Hotels, Restaurants & Leisure - 1.5% |  |  |
| McDonald's Corp  | 34790 | 11120624 |
| Starbucks Corp  | 74163 | 5936748 |
|  |  | 17057372 |
| Household Durables - 0.4% |  |  |
| Garmin Ltd  | 28867 | 5394376 |
| Specialty Retail - 4.3% |  |  |
| AutoZone Inc (b) | 1974 | 7427372 |
| Home Depot Inc/The  | 34858 | 12565961 |
| Lowe's Cos Inc  | 33832 | 7563482 |
| O'Reilly Automotive Inc (b) | 5425 | 7677460 |
| TJX Cos Inc/The  | 68797 | 8852798 |
| Tractor Supply Co  | 115733 | 5858404 |
|  |  | 49945477 |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| NIKE Inc Class B  | 100511 | 5668820 |
| TOTAL CONSUMER DISCRETIONARY |  | 119528272 |
| Consumer Staples - 5.8% |  |  |
| Beverages - 1.3% |  |  |
| Coca-Cola Co/The  | 125940 | 9136947 |
| PepsiCo Inc  | 47984 | 6505671 |
|  |  | 15642618 |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Walmart Inc  | 119585 | 11629641 |
| Food Products - 1.0% |  |  |
| General Mills Inc  | 57093 | 3239456 |
| Hershey Co/The  | 21615 | 3613812 |
| Mondelez International Inc  | 75575 | 5148925 |
|  |  | 12002193 |
| Household Products - 1.7% |  |  |
| Colgate-Palmolive Co  | 48619 | 4482186 |
| Kimberly-Clark Corp  | 27999 | 3689708 |
| Procter & Gamble Co/The  | 66540 | 10817408 |
|  |  | 18989302 |
| Tobacco - 0.8% |  |  |
| Philip Morris International Inc  | 53958 | 9246243 |
| TOTAL CONSUMER STAPLES |  | 67509997 |
| Energy - 3.2% |  |  |
| Oil, Gas & Consumable Fuels - 3.2% |  |  |
| Chevron Corp  | 49315 | 6709799 |
| ConocoPhillips  | 48257 | 4300664 |
| Coterra Energy Inc  | 88685 | 2178104 |
| DT Midstream Inc  | 21927 | 2131304 |
| EOG Resources Inc  | 28152 | 3106010 |
| Exxon Mobil Corp  | 113124 | 11949288 |
| Kinder Morgan Inc  | 115662 | 3041911 |
| Williams Cos Inc/The  | 62227 | 3644635 |
|  |  | 37061715 |
| Financials - 15.4% |  |  |
| Banks - 1.8% |  |  |
| JPMorgan Chase & Co  | 83962 | 20538784 |
| Capital Markets - 2.0% |  |  |
| Cboe Global Markets Inc  | 32674 | 7247093 |
| CME Group Inc Class A  | 33989 | 9417672 |
| FactSet Research Systems Inc  | 14354 | 6204086 |
|  |  | 22868851 |
| Financial Services - 6.6% |  |  |
| Berkshire Hathaway Inc Class B (b) | 52794 | 28152401 |
| Fiserv Inc (b) | 39855 | 7356037 |
| Jack Henry & Associates Inc  | 38250 | 6633697 |
| Mastercard Inc Class A  | 28834 | 15802762 |
| Visa Inc Class A  | 55283 | 19100277 |
|  |  | 77045174 |
| Insurance - 5.0% |  |  |
| Arthur J Gallagher & Co  | 25415 | 8150336 |
| Assurant Inc  | 30585 | 5894953 |
| Chubb Ltd  | 31297 | 8953446 |
| Marsh & McLennan Cos Inc  | 38673 | 8719601 |
| Progressive Corp/The  | 38032 | 10715136 |
| The Travelers Companies, Inc.  | 30592 | 8080265 |
| W R Berkley Corp  | 110552 | 7925473 |
|  |  | 58439210 |
| TOTAL FINANCIALS |  | 178892019 |
| Health Care - 10.2% |  |  |
| Biotechnology - 3.2% |  |  |
| AbbVie Inc  | 67883 | 13243973 |
| Amgen Inc  | 30169 | 8776765 |
| Regeneron Pharmaceuticals Inc  | 10266 | 6146870 |
| Vertex Pharmaceuticals Inc (b) | 17269 | 8798556 |
|  |  | 36966164 |
| Health Care Equipment & Supplies - 1.4% |  |  |
| Abbott Laboratories  | 80668 | 10547341 |
| Becton Dickinson & Co  | 29619 | 6133799 |
|  |  | 16681140 |
| Health Care Providers & Services - 1.1% |  |  |
| UnitedHealth Group Inc  | 30430 | 12520119 |
| Life Sciences Tools & Services - 0.6% |  |  |
| Thermo Fisher Scientific Inc  | 18066 | 7750314 |
| Pharmaceuticals - 3.9% |  |  |
| Eli Lilly & Co  | 23775 | 21372537 |
| Johnson & Johnson  | 88781 | 13877358 |
| Merck & Co Inc  | 118270 | 10076604 |
|  |  | 45326499 |
| TOTAL HEALTH CARE |  | 119244236 |
| Industrials - 9.6% |  |  |
| Aerospace & Defense - 2.3% |  |  |
| General Dynamics Corp  | 25128 | 6837831 |
| L3Harris Technologies Inc  | 28310 | 6228766 |
| Lockheed Martin Corp  | 15802 | 7549406 |
| Northrop Grumman Corp  | 13685 | 6657753 |
|  |  | 27273756 |
| Commercial Services & Supplies - 1.2% |  |  |
| Republic Services Inc  | 27311 | 6848233 |
| Waste Management Inc  | 30397 | 7093444 |
|  |  | 13941677 |
| Electrical Equipment - 0.6% |  |  |
| Eaton Corp PLC  | 24586 | 7237381 |
| Ground Transportation - 0.6% |  |  |
| Union Pacific Corp  | 33743 | 7277015 |
| Industrial Conglomerates - 0.7% |  |  |
| Honeywell International Inc  | 36764 | 7738822 |
| Machinery - 1.0% |  |  |
| Illinois Tool Works Inc  | 25714 | 6169046 |
| Otis Worldwide Corp  | 62147 | 5982891 |
|  |  | 12151937 |
| Professional Services - 2.6% |  |  |
| Automatic Data Processing Inc  | 25200 | 7575121 |
| Booz Allen Hamilton Holding Corp Class A  | 41870 | 5025237 |
| FTI Consulting Inc (b) | 26761 | 4449819 |
| Paychex Inc  | 40445 | 5950268 |
| Verisk Analytics Inc  | 20393 | 6045097 |
|  |  | 29045542 |
| Trading Companies & Distributors - 0.6% |  |  |
| Fastenal Co  | 81147 | 6570473 |
| TOTAL INDUSTRIALS |  | 111236603 |
| Information Technology - 27.8% |  |  |
| Communications Equipment - 2.3% |  |  |
| Cisco Systems Inc  | 266352 | 15376501 |
| Motorola Solutions Inc  | 27107 | 11937652 |
|  |  | 27314153 |
| IT Services - 4.4% |  |  |
| Akamai Technologies Inc (b) | 115313 | 9291922 |
| Amdocs Ltd  | 130718 | 11579000 |
| IBM Corporation  | 62841 | 15196211 |
| VeriSign Inc (b) | 52968 | 14943332 |
|  |  | 51010465 |
| Semiconductors & Semiconductor Equipment - 4.7% |  |  |
| Analog Devices Inc  | 64557 | 12583450 |
| Broadcom Inc  | 149140 | 28704976 |
| Texas Instruments Inc  | 81877 | 13104414 |
|  |  | 54392840 |
| Software - 9.6% |  |  |
| Microsoft Corp  | 187203 | 73993859 |
| Oracle Corp  | 100438 | 14133635 |
| Roper Technologies Inc  | 21779 | 12197982 |
| Tyler Technologies Inc (b) | 19285 | 10477541 |
|  |  | 110803017 |
| Technology Hardware, Storage & Peripherals - 6.8% |  |  |
| Apple Inc  | 373566 | 79382775 |
| TOTAL INFORMATION TECHNOLOGY |  | 322903250 |
| Materials - 2.2% |  |  |
| Chemicals - 1.5% |  |  |
| Air Products and Chemicals Inc  | 9383 | 2543637 |
| Corteva Inc  | 38604 | 2393061 |
| Ecolab Inc  | 11520 | 2896474 |
| Linde PLC  | 13621 | 6173446 |
| Sherwin-Williams Co/The  | 9168 | 3235571 |
|  |  | 17242189 |
| Construction Materials - 0.1% |  |  |
| Vulcan Materials Co  | 8397 | 2202785 |
| Containers & Packaging - 0.6% |  |  |
| Amcor PLC (c) | 179695 | 1653194 |
| AptarGroup Inc (c) | 11033 | 1654398 |
| Avery Dennison Corp  | 9976 | 1706994 |
| Packaging Corp of America  | 9156 | 1699445 |
|  |  | 6714031 |
| TOTAL MATERIALS |  | 26159005 |
| Real Estate - 2.5% |  |  |
| Industrial REITs - 0.3% |  |  |
| Prologis Inc  | 31368 | 3205810 |
| Real Estate Management & Development - 0.2% |  |  |
| CoStar Group Inc (b) | 26325 | 1952524 |
| Residential REITs - 0.4% |  |  |
| American Homes 4 Rent Class A  | 45540 | 1702741 |
| AvalonBay Communities Inc  | 9133 | 1917747 |
| Equity LifeStyle Properties Inc  | 24736 | 1602398 |
|  |  | 5222886 |
| Retail REITs - 0.4% |  |  |
| Agree Realty Corp  | 20904 | 1622359 |
| Realty Income Corp  | 43798 | 2534153 |
|  |  | 4156512 |
| Specialized REITs - 1.2% |  |  |
| American Tower Corp  | 17311 | 3902073 |
| Crown Castle Inc  | 24508 | 2591966 |
| Digital Realty Trust Inc  | 14865 | 2386427 |
| Equinix Inc  | 3527 | 3035865 |
| Public Storage Operating Co  | 7897 | 2372496 |
|  |  | 14288827 |
| TOTAL REAL ESTATE |  | 28826559 |
| Utilities - 2.5% |  |  |
| Electric Utilities - 1.2% |  |  |
| Duke Energy Corp  | 41632 | 5079937 |
| Southern Co/The  | 57502 | 5283859 |
| Xcel Energy Inc  | 54281 | 3837666 |
|  |  | 14201462 |
| Multi-Utilities - 1.3% |  |  |
| Ameren Corp  | 35207 | 3493943 |
| CMS Energy Corp  | 48876 | 3599717 |
| Consolidated Edison Inc  | 37084 | 4181221 |
| WEC Energy Group Inc  | 35050 | 3838676 |
|  |  | 15113557 |
| TOTAL UTILITIES |  | 29315019 |
| TOTAL UNITED STATES |  | 1148197468 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,098,228,252) |  | <br> **1160715400** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 1862420 | 1862792 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 3193704 | 3194024 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $5,056,816) |  |  | **5056816** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/29/2025 (h)<br>(Cost $125,588)<br>| 4.25 | 126000 | **125586** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.2%**<br> (Cost $1,103,410,656)<br>| <br>**1165897802** |
| **NET OTHER ASSETS (LIABILITIES) - (0.2)%** (d)  | **(2179491)** |
| **NET ASSETS - 100.0%** | **1163718311** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME Micro E-Mini S&P 500 Index Contracts (United States) | 106 | Jun 2025 | 2961110 | 76573 | 76573 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing

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

(d) Includes $108,899 of cash collateral to cover margin requirements for futures contracts.

(e) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(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.

(h) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $125,586.

**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 | 1477441 | 72891670 | 72506319 | 79666 | - | - | 1862792 | 1862420 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 241824 | 28716118 | 25763918 | 792 | - | - | 3194024 | 3193704 | 0.0% |
| Total | 1719265 | 101607788 | 98270237 | 80458 | - | - | 5056816 |  |  |

---

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.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. Treasury Obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

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

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

**Derivative Instruments**

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

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

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

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

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

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

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

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

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

*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 Low Volatility Factor ETF

- **b. EDGAR series identifier (if any):** S000054751

- **c. LEI of Series:** 549300SJIYJWE5X2BI06

**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:** $1167099538.18

**Total Liabilities:** $3381447.91

**Net Assets:** $1163718090.27

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000171932 | 0.36%                | -2.81%               | -1.85%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $18583660.00             | $-16568975.49                              |
| Month 2  | $2646045.55              | $-44010529.70                              |
| Month 3  | $15949957.87             | $-47025989.20                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DIGITAL REALTY TRUST INC         | DIGITAL REALTY TRUST INC                      | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     14865 | NS      | $2386427.10   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORP NEW             | DUKE ENERGY CORP NEW                          | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     41632 | NS      | $5079936.64   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX INC                      | EQUINIX INC                                   | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      3527 | NS      | $3035865.25   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE MANAGEMENT INC DEL         | WASTE MANAGEMENT INC                          | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |     30397 | NS      | $7093443.92   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SCIENTIFIC INC     | THERMO FISHER SCIENTIFIC INC                  | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     18066 | NS      | $7750314.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCTER and GAMBLE CO            | PROCTER and GAMBLE CO                         | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     66540 | NS      | $10817407.80  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| XCEL ENERGY INC                  | XCEL ENERGY INC                               | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |     54281 | NS      | $3837666.70   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| AT and T INC                     | AT and T INC                                  | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    478227 | NS      | $13246887.90  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AMGEN INC                        | AMGEN INC                                     | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     30169 | NS      | $8776765.48   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC                       | ABBVIE INC                                    | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     67883 | NS      | $13243973.30  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCH INC      | SP500 MIC EMIN FUTJUN25 HWAM5                 | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | N/A              | DE               | CORP              | US        |       106 | NC      | $76572.88     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                        | APPLE INC                                     | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    373566 | NS      | $79382775.00  | 6.82%             |  |  |  | No            |                  1 | On Loan: No      |
| FOX CORPORATION                  | FOX CORP CL A                                 | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |    152849 | NS      | $7610351.71   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ANALOG DEVICES INC               | ANALOG DEVICES INC                            | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     64557 | NS      | $12583450.44  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE US INC                  | T-MOBILE US INC                               | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     43202 | NS      | $10668733.90  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                   | AMAZON.COM INC                                | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    224825 | NS      | $41462226.50  | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS INC               | CONOCOPHILLIPS                                | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     48257 | NS      | $4300663.84   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN COMPANY                 | SOUTHERN CO                                   | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     57502 | NS      | $5283858.78   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                   | MICROSOFT CORP                                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    187203 | NS      | $73993857.78  | 6.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PROGRESSIVE CORP OHIO            | PROGRESSIVE CORP OHIO                         | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     38032 | NS      | $10715135.68  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PLC                    | ACCENTURE PLC CL A                            | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |     41845 | NS      | $12517931.75  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC                         | VISA INC CL A                                 | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     55283 | NS      | $19100276.50  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOZONE INC                     | AUTOZONE INC                                  | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |      1974 | NS      | $7427372.40   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMBERLY-CLARK CORP              | KIMBERLY CLARK CORP                           | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |     27999 | NS      | $3689708.22   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS INC    | REGENERON PHARMACEUTICALS INC                 | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     10266 | NS      | $6146870.16   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CME GROUP INC                    | CME GROUP INC CL A                            | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     33989 | NS      | $9417672.12   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CHUBB LTD                        | CHUBB LTD                                     | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |     31297 | NS      | $8953445.76   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INC      | HONEYWELL INTL INC                            | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     36764 | NS      | $7738822.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| OTIS WORLDWIDE CORP              | OTIS WORLDWIDE CORP                           | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     62147 | NS      | $5982891.69   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI CONSULTING INC               | FTI CONSULTING INC                            | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |     26761 | NS      | $4449819.08   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL DYNAMICS CORP            | GENERAL DYNAMICS CORPORATION                  | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     25128 | NS      | $6837831.36   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRONIC ARTS INC              | ELECTRONIC ARTS INC                           | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |     65923 | NS      | $9564768.07   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK and CO INC                 | MERCK and CO INC NEW                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    118270 | NS      | $10076604.00  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                   | PUBLIC STORAGE                                | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |      7897 | NS      | $2372495.71   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MILLS INC                | GENERAL MILLS INC                             | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |     57093 | NS      | $3239456.82   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWES COS INC                    | LOWES COS INC                                 | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     33832 | NS      | $7563481.92   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING INC    | AUTOMATIC DATA PROCESSING INC                 | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     25200 | NS      | $7575120.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| AMCOR PLC                        | AMCOR PLC                                     | CUSIP: N/A<br>LEI: 549300GSODGFCDQ3DI89       | Long             | EC               | CORP              | JE        |    179695 | NS      | $1653194.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| ORACLE CORP                      | ORACLE CORP                                   | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |    100438 | NS      | $14133635.36  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AIR PRODUCTS and CHEMICALS INC   | AIR PRODUCTS and CHEMICALS INC                | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |      9383 | NS      | $2543637.47   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| VULCAN MATERIALS CO              | VULCAN MATERIALS CO                           | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      8397 | NS      | $2202785.01   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION PACIFIC CORP               | UNION PACIFIC CORP                            | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     33743 | NS      | $7277015.38   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| TYLER TECHNOLOGIES INC           | TYLER TECHNOLOGIES INC                        | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |     19285 | NS      | $10477540.50  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| AVERY DENNISON CORP              | AVERY DENNISON CORP                           | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |      9976 | NS      | $1706993.36   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| HOME DEPOT INC                   | HOME DEPOT INC                                | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     34858 | NS      | $12565960.42  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| FASTENAL CO                      | FASTENAL CO                                   | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     81147 | NS      | $6570472.59   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE CO             | COLGATE-PALMOLIVE CO                          | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     48619 | NS      | $4482185.61   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSOLIDATED EDISON INC          | CONSOLIDATED EDISON INC                       | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |     37084 | NS      | $4181221.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| STARBUCKS CORP                   | STARBUCKS CORP                                | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     74163 | NS      | $5936748.15   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX COMPANIES INC                | TJX COMPANIES INC NEW                         | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     68797 | NS      | $8852797.96   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| MARSH and MCLENNAN COS INC       | MARSH and MCLENNAN COS INC                    | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     38673 | NS      | $8719601.31   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CORTEVA INC                      | CORTEVA INC                                   | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     38604 | NS      | $2393061.96   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AMEREN CORP                      | AMEREN CORP                                   | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |     35207 | NS      | $3493942.68   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC                      | WALMART INC                                   | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    119585 | NS      | $11629641.25  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS ENERGY CORP                  | CMS ENERGY CORP                               | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |     48876 | NS      | $3599717.40   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MONDELEZ INTERNATIONAL INC       | MONDELEZ INTL INC                             | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     75575 | NS      | $5148924.75   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| EATON CORP PLC                   | EATON CORP PLC                                | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | IE        |     24586 | NS      | $7237380.82   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE INC                         | NIKE INC CL B                                 | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |    100511 | NS      | $5668820.40   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| GALLAGHER (ARTHUR J.) and CO     | ARTHUR J GALLAGHAR AND CO                     | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     25415 | NS      | $8150336.35   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| OREILLY AUTOMOTIVE INC           | O'REILLY AUTOMOTIVE INC                       | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      5425 | NS      | $7677460.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHNOLOGIES INC           | ROPER TECHNOLOGIES INC                        | CUSIP: 776696106<br>LEI: 549300LJXD867XMVE759 | Long             | EC               | CORP              | US        |     21779 | NS      | $12197982.32  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKLEY WR CORP                  | BERKLEY (WR) CORP                             | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |    110552 | NS      | $7925472.88   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| L3HARRIS TECHNOLOGIES INC        | L3HARRIS TECHNOLOGIES INC                     | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |     28310 | NS      | $6228766.20   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| FISERV INC                       | FISERV INC                                    | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     39855 | NS      | $7356037.35   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY and CO                 | ELI LILLY and CO                              | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     23775 | NS      | $21372536.25  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| APTARGROUP INC                   | APTARGROUP INC                                | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |     11033 | NS      | $1654398.35   | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| VERISK ANALYTICS INC             | VERISK ANALYTICS INC                          | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |     20393 | NS      | $6045096.99   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA COLA CO                     | COCA COLA CO                                  | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    125940 | NS      | $9136947.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBOTT LABORATORIES              | ABBOTT LABORATORIES                           | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     80668 | NS      | $10547341.00  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| HERSHEY CO                       | HERSHEY CO (THE)                              | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |     21615 | NS      | $3613811.85   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                     | BROADCOM INC                                  | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    149140 | NS      | $28704975.80  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC                 | CROWN CASTLE INC                              | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     24508 | NS      | $2591966.08   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISIGN INC                     | VERISIGN INC                                  | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |     52968 | NS      | $14943332.16  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS COS INC                 | WILLIAMS COMPANIES INC                        | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     62227 | NS      | $3644635.39   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| FACTSET RESEARCH SYSTEMS INC     | FACTSET RESEARCH SYSTEMS INC                  | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |     14354 | NS      | $6204085.88   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORP                     | COMCAST CORP CL A                             | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    315650 | NS      | $10795230.00  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS INSTRUMENTS INC.           | TEXAS INSTRUMENTS INC                         | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     81877 | NS      | $13104413.85  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| SHERWIN WILLIAMS CO              | SHERWIN WILLIAMS CO                           | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      9168 | NS      | $3235570.56   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ILLINOIS TOOL WORKS INC          | ILLINOIS TOOL WORKS INC                       | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |     25714 | NS      | $6169045.74   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC DEL       | BERKSHIRE HATHAWAY INC CL B                   | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     52794 | NS      | $28152400.50  | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| KINDER MORGAN INC DEL            | KINDER MORGAN INC                             | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    115662 | NS      | $3041910.60   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC       | VERIZON COMMUNICATIONS INC                    | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    288079 | NS      | $12692760.74  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILIP MORRIS INTERNATIONAL INC  | PHILIP MORRIS INTL INC                        | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     53958 | NS      | $9246242.88   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust     | Fidelity Cash Central Fund                    | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |   1862420 | NS      | $1862792.82   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORP             | LOCKHEED MARTIN CORP                          | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     15802 | NS      | $7549405.50   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HOMES 4 RENT            | AMERICAN HOMES 4 RENT                         | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     45540 | NS      | $1702740.60   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| REALTY INCOME CORP               | REALTY INCOME CORP REIT                       | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     43798 | NS      | $2534152.28   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTAR GROUP INC                 | COSTAR GROUP INC                              | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |     26325 | NS      | $1952525.25   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| COTERRA ENERGY INC               | COTERRA ENERGY INC                            | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     88685 | NS      | $2178103.60   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS INC          | CBOE GLOBAL MARKETS INC                       | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     32674 | NS      | $7247093.20   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INC       | VERTEX PHARMACEUTICALS INC                    | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     17269 | NS      | $8798555.50   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP                 | EXXON MOBIL CORP                              | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    113124 | NS      | $11949288.12  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MCDONALDS CORP                   | MCDONALDS CORP                                | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     34790 | NS      | $11120623.50  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHROP GRUMMAN CORP            | NORTHROP GRUMMAN CORP                         | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |     13685 | NS      | $6657752.50   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORP NEW                 | CHEVRON CORP                                  | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49315 | NS      | $6709798.90   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOZ ALLEN HAMILTON HOLDING CORP | BOOZ ALLEN HAMILTON HLDG CL A                 | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |     41870 | NS      | $5025237.40   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC ENERGY GROUP INC             | WEC ENERGY GROUP INC                          | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     35050 | NS      | $3838676.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| PACKAGING CORP OF AMERICA        | PACKAGING CORP OF AMERICA                     | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      9156 | NS      | $1699445.16   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| UST BILLS                        | UST BILLS 0% 05/29/2025                       | CUSIP: 912797NN3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    126000 | PA      | $125586.46    | 0.01%             | 2025-05-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BECTON DICKINSON and CO          | BECTON DICKINSON and CO                       | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     29619 | NS      | $6133798.71   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| TRAVELERS COS INC                | TRAVELERS COMPANIES INC                       | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     30592 | NS      | $8080264.96   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM CORPORATION                  | INTL BUS MACH CORP                            | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     62841 | NS      | $15196210.62  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES INC                | EOG RESOURCES INC                             | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     28152 | NS      | $3106010.16   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| GARMIN LTD                       | GARMIN LTD                                    | CUSIP: N/A<br>LEI: 2549001E0HIPIJQ0W046       | Long             | EC               | CORP              | CH        |     28867 | NS      | $5394376.29   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY LIFESTYLE PROPERTIES INC  | EQUITY LIFESTYLE PPTYS INC                    | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     24736 | NS      | $1602398.08   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTOROLA SOLUTIONS INC           | MOTOROLA SOLUTIONS INC                        | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |     27107 | NS      | $11937651.73  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust     | Fidelity Securities Lending Cash Central Fund | CUSIP: 31635A303<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |   3231551 | NS      | $3231873.66   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ECOLAB INC                       | ECOLAB INC                                    | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     11520 | NS      | $2896473.60   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSURANT INC                     | ASSURANT INC                                  | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |     30585 | NS      | $5894952.90   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE and CO            | JPMORGAN CHASE and CO                         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     83962 | NS      | $20538784.44  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| AGREE REALTY CORP                | AGREE REALTY CORP                             | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20904 | NS      | $1622359.44   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INC                   | MASTERCARD INC CL A                           | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     28834 | NS      | $15802762.04  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYCHEX INC                      | PAYCHEX INC                                   | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |     40445 | NS      | $5950268.40   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| PEPSICO INC                      | PEPSICO INC                                   | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     47984 | NS      | $6505670.72   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC           | UNITEDHEALTH GROUP INC                        | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     30430 | NS      | $12520119.20  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP              | AMERICAN TOWER CORP                           | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     17311 | NS      | $3902072.51   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| HENRY (JACK) and ASSOCIATES      | HENRY (JACK) and ASSOCIATES INC               | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |     38250 | NS      | $6633697.50   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| AMDOCS LIMITED                   | AMDOCS LTD                                    | CUSIP: N/A<br>LEI: 549300HQV672RJ7RQV66       | Long             | EC               | CORP              | GG        |    130718 | NS      | $11579000.44  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON and JOHNSON              | JOHNSON and JOHNSON                           | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     88781 | NS      | $13877358.11  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TRACTOR SUPPLY CO                | TRACTOR SUPPLY CO.                            | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |    115733 | NS      | $5858404.46   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS INC                | CISCO SYSTEMS INC                             | CUSIP: 17275R102<br>LEI: 8E6NF1YAL0WT6CWXXV93 | Long             | EC               | CORP              | US        |    266352 | NS      | $15376500.96  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS INC                     | PROLOGIS INC REIT                             | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     31368 | NS      | $3205809.60   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC SERVICES INC            | REPUBLIC SERVICES INC                         | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     27311 | NS      | $6848233.25   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PLC                        | LINDE PLC                                     | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | IE        |     13621 | NS      | $6173445.83   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| AVALONBAY COMMUNITIES INC        | AVALONBAY COMMUNITIES INC REIT                | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |      9133 | NS      | $1917747.34   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC                     | ALPHABET INC CL A                             | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    270416 | NS      | $42942060.80  | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| AKAMAI TECHNOLOGIES INC          | AKAMAI TECHNOLOGIES INC                       | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |    115313 | NS      | $9291921.54   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| DT MIDSTREAM INC                 | DT MIDSTREAM INC                              | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21927 | NS      | $2131304.40   | 0.18%             |  |  |  | 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