# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0000035402-25-002943
**Filing Date:** 2025-12
**Character Count:** 39875
**Document Hash:** 32a3d9688b11002874a916be578bfa37
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035402-25-002943.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000035402-25-002943

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07319
- **FILM NUMBER:** 251599876

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

## Series and Classes Contracts Data

### Fidelity International Value Factor ETF (Series ID: S000059463)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Fidelity Covington Trust

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

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

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

- **a. Name of Series:** Fidelity International Value Factor ETF

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

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

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

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

- **b. Date as of which information is reported:** 2025-10-31

**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:** $284699560.13

**Total Liabilities:** $56291.31

**Net Assets:** $284643268.82

**Cash Not Reported:** $181276.05

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194896 | 5.20%                | 2.56%                | 1.05%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $15451300.92             | $-3159990.65                               |
| Month 2  | $-76175.81               | $5710771.50                                |
| Month 3  | $-519.54                 | $2683501.30                                |

### Schedule of Portfolio Investments

| Name                                         | Title                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALLIANZ SE                                   | ALLIANZ SE (REGD)                   | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               | CORP              | DE        |      8695 | NS      | $3494454.77   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| TOTALENERGIES SE                             | TOTALENERGIES SE                    | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |     40292 | NS      | $2508946.18   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINOR ASA                                  | EQUINOR ASA                         | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |     39784 | NS      | $951643.33    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| EIFFAGE SA                                   | EIFFAGE SA (FORM FOUGEROLLE)        | CUSIP: N/A<br>LEI: 969500OQXKE5WDM9M994       | Long             | EC               | CORP              | FR        |     17438 | NS      | $2147544.46   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC HOLDINGS PLC                            | HSBC HOLDINGS PLC                   | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |    335863 | NS      | $4692503.51   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| PANASONIC HOLDINGS CORP                      | PANASONIC HOLDINGS CORP             | CUSIP: N/A<br>LEI: 254900GE1G59KGWPHX32       | Long             | EC               | CORP              | JP        |    165400 | NS      | $1930946.09   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| SONY FINL HLDGS INC                          | SONY FINANCIAL HOLDINGS INC         | CUSIP: N/A<br>LEI: 353800O7BDSU41WOZA60       | Long             | EC               | CORP              | JP        |    126700 | NS      | $127806.17    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ROGERS COMMUNICATIONS INC                    | ROGERS COMM INC CL B NON VTG        | CUSIP: 775109200<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | EC               | CORP              | CA        |     33400 | NS      | $1308443.78   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSOCIATED BRITISH FOODS PLC                 | ASSOCIATED BRITISH FOODS PLC        | CUSIP: N/A<br>LEI: GBQKSY6W7G0OHCQ8OQ72       | Long             | EC               | CORP              | GB        |     95195 | NS      | $2870401.28   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO SANTANDER SA                           | BANCO SANTANDER SA                  | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | EC               | CORP              | ES        |    369219 | NS      | $3761222.58   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| MACQUARIE GROUP LTD                          | MACQUARIE GROUP LTD                 | CUSIP: N/A<br>LEI: ACMHD8HWFMFUIQQ8Y590       | Long             | EC               | CORP              | AU        |     24065 | NS      | $3443227.51   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MS and AD INSURANCE GROUP HOLDINGS INC       | MS and AD INSURANCE GRP HLDGS INC   | CUSIP: N/A<br>LEI: 529900CXROT5S2HMMP26       | Long             | EC               | CORP              | JP        |    142500 | NS      | $2947031.90   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FRESNILLO PLC                                | FRESNILLO PLC                       | CUSIP: N/A<br>LEI: 549300JXWH1UV5J0XV81       | Long             | EC               | CORP              | GB        |    128004 | NS      | $3736916.41   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS                                  | BNP PARIBAS                         | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               | CORP              | FR        |     29778 | NS      | $2304836.62   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO-NORDISK AS                              | NOVO-NORDISK AS CL B                | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |     68646 | NS      | $3352428.48   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TOYOTA MOTOR CORP                            | TOYOTA MOTOR CORP                   | CUSIP: N/A<br>LEI: 5493006W3QUS5LMH6R84       | Long             | EC               | CORP              | JP        |    219900 | NS      | $4479219.76   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ZURICH INSURANCE GROUP AG                    | ZURICH INSURANCE GROUP AG           | CUSIP: N/A<br>LEI: 529900QVNRBND50TXP03       | Long             | EC               | CORP              | CH        |      3120 | NS      | $2172631.58   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| MANULIFE FINANCIAL CORP                      | MANULIFE FINANCIAL CORP             | CUSIP: 56501R106<br>LEI: 5493007GBX87QOZACS27 | Long             | EC               | CORP              | CA        |     79982 | NS      | $2591002.38   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| MARUBENI CORP                                | MARUBENI CORP                       | CUSIP: N/A<br>LEI: 4P4N3ORD02UGQT1T1W12       | Long             | EC               | CORP              | JP        |    108000 | NS      | $2663983.64   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CARREFOUR SA                                 | CARREFOUR SA (SUPERMARCHE)          | CUSIP: N/A<br>LEI: 549300B8P6MUJ1YWTS08       | Long             | EC               | CORP              | FR        |    118592 | NS      | $1786269.47   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| TUI AG                                       | TUI AG (GB)                         | CUSIP: N/A<br>LEI: 529900SL2WSPV293B552       | Long             | EC               | CORP              | DE        |    191633 | NS      | $1632771.50   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVARTIS AG                                  | NOVARTIS AG (REG)                   | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |     27073 | NS      | $3347912.44   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TORONTO DOMINION BANK                    | TORONTO-DOMINION BANK               | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | CA        |     45782 | NS      | $3762805.64   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| QBE INS GROUP LTD                            | QBE INSURANCE GROUP LTD             | CUSIP: N/A<br>LEI: 549300D2FBW76FPUSG65       | Long             | EC               | CORP              | AU        |    204002 | NS      | $2649630.19   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| MITSUI and CO LTD                            | MITSUI and CO LTD                   | CUSIP: N/A<br>LEI: 2NRSB4GOU9DD6CNW5R48       | Long             | EC               | CORP              | JP        |    123200 | NS      | $3040514.10   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CSL LTD                                      | CSL LIMITED                         | CUSIP: N/A<br>LEI: 529900ECSECK5ZDQTE14       | Long             | EC               | CORP              | AU        |     10502 | NS      | $1227211.47   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMITOMO CORP                                | SUMITOMO CORP                       | CUSIP: N/A<br>LEI: V82KK8NH1P0JS71FJC05       | Long             | EC               | CORP              | JP        |     85500 | NS      | $2489714.71   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCHE HOLDING AG                             | ROCHE HOLDINGS AG (GENUSSCHEINE)    | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |     10352 | NS      | $3338689.26   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT AGRICOLE SA                           | CREDIT AGRICOLE SA                  | CUSIP: N/A<br>LEI: 969500TJ5KRTCJQWXH05       | Long             | EC               | CORP              | FR        |    100260 | NS      | $1809862.24   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| NICE LTD                                     | NICE LTD                            | CUSIP: N/A<br>LEI: 254900YTY4EF5Z4W0A51       | Long             | EC               | CORP              | IL        |     11327 | NS      | $1537091.51   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPGEMINI SA                                 | CAPGEMINI SA (FF40)                 | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               | CORP              | FR        |     12921 | NS      | $1990941.33   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCA MONTE DEI PASCHI DI SIENA SPA          | BANCA MONTE DEI PASCH SIEN SPA      | CUSIP: N/A<br>LEI: J4CP7MHCXR8DAQMKIL78       | Long             | EC               | CORP              | IT        |    172097 | NS      | $1506442.97   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ENGIE SA                                     | ENGIE SA                            | CUSIP: N/A<br>LEI: LAXUQCHT4FH58LRZDY46       | Long             | EC               | CORP              | FR        |     97516 | NS      | $2284825.24   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                                      | GSK PLC                             | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |    128962 | NS      | $3016820.88   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU CORPORATION                           | ITOCHU CORP                         | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               | CORP              | JP        |     51800 | NS      | $3002991.14   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| KLEPIERRE SA                                 | KLEPIERRE SA                        | CUSIP: N/A<br>LEI: 969500PB4U31KEFHZ621       | Long             | EC               | CORP              | FR        |     45328 | NS      | $1733804.52   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| EASYJET PLC                                  | EASYJET PLC                         | CUSIP: N/A<br>LEI: 2138001S47XKWIB7TH90       | Long             | EC               | CORP              | GB        |    443586 | NS      | $2823692.50   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTIS INC                                   | FORTIS INC                          | CUSIP: 349553107<br>LEI: 549300MQYQ9Y065XPR71 | Long             | EC               | CORP              | CA        |     21160 | NS      | $1064682.58   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| RIO TINTO PLC                                | RIO TINTO PLC                       | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |     51765 | NS      | $3731107.90   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| VESTAS WIND SYSTEMS AS                       | VESTAS WIND SYSTEMS AS              | CUSIP: N/A<br>LEI: 549300DYMC8BGZZC8844       | Long             | EC               | CORP              | DK        |    122895 | NS      | $2506510.54   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| TOKYO ELECTRON LTD                           | TOKYO ELECTRON LTD                  | CUSIP: N/A<br>LEI: 549300H5LSF8DP3RIJ34       | Long             | EC               | CORP              | JP        |     16200 | NS      | $3594274.77   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CGI INC                                      | CGI INC CL A SUB VTG                | CUSIP: 12532H104<br>LEI: 549300WSRCZY73ZG3090 | Long             | EC               | CORP              | CA        |     40329 | NS      | $3513226.81   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB LTD                                      | ABB LTD                             | CUSIP: N/A<br>LEI: 5493000LKVGOO9PELI61       | Long             | EC               | CORP              | CH        |     41228 | NS      | $3064045.44   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MITSUBISHI CORP                              | MITSUBISHI CORP                     | CUSIP: N/A<br>LEI: KVIPTY4PULAPGC1VVD26       | Long             | EC               | CORP              | JP        |    139800 | NS      | $3368521.63   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPON STEEL CORP                            | NIPPON STEEL CORP                   | CUSIP: N/A<br>LEI: 35380065QWQ4U2V3PA33       | Long             | EC               | CORP              | JP        |    620000 | NS      | $2560812.70   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE CONNECTION INC                         | WASTE CONNECTIONS INC               | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |     19898 | NS      | $3340404.35   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIMLER TRUCK HOLDING AG                     | DAIMLER TRUCK HOLDING AG            | CUSIP: N/A<br>LEI: 529900PW78JIYOUBSR24       | Long             | EC               | CORP              | DE        |     38331 | NS      | $1535627.33   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| KANSAI ELECTRIC POWER CO INC                 | KANSAI ELECTRIC POWER CO INC        | CUSIP: N/A<br>LEI: 353800PFUKP5ONPJNZ86       | Long             | EC               | CORP              | JP        |    127400 | NS      | $1990948.04   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCELORMITTAL SA LUXEMBOURG                  | ARCELORMITTAL SA                    | CUSIP: N/A<br>LEI: 2EULGUTUI56JI9SAL165       | Long             | EC               | CORP              | LU        |     79369 | NS      | $3037711.33   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH MOET HENNESSY LOUIS VUITTON SE          | LVMH MOET HENNESSY LOUIS VUITTON SE | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |      6166 | NS      | $4356191.57   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| AVIVA  PLC                                   | AVIVA PLC                           | CUSIP: N/A<br>LEI: YF0Y5B0IB8SM0ZFG9G81       | Long             | EC               | CORP              | GB        |    216620 | NS      | $1902876.98   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| SHELL PLC                                    | SHELL PLC                           | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |     93108 | NS      | $3483345.22   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| FRESENIUS MEDICAL CARE AG                    | FRESENIUS MEDICAL CARE AG           | CUSIP: N/A<br>LEI: 549300CP8NY40UP89Q40       | Long             | EC               | CORP              | DE        |     31966 | NS      | $1717838.52   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEPERFORMANCE                              | TELEPERFORMANCE                     | CUSIP: N/A<br>LEI: 9695004GI61FHFFNRG61       | Long             | EC               | CORP              | FR        |     23446 | NS      | $1676722.68   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| SEVEN and I HOLDINGS CO LTD                  | SEVEN and I HOLDINGS CO LTD         | CUSIP: N/A<br>LEI: 52990037G8JRM3TWGY86       | Long             | EC               | CORP              | JP        |    215500 | NS      | $2750141.18   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| SAINSBURY (J) PLC                            | SAINSBURY (J) PLC                   | CUSIP: N/A<br>LEI: 213800VGZAAJIKJ9Y484       | Long             | EC               | CORP              | GB        |    682514 | NS      | $3063199.01   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| KDDI CORP                                    | KDDI CORP                           | CUSIP: N/A<br>LEI: 5299003FU7V4I45FU310       | Long             | EC               | CORP              | JP        |    136700 | NS      | $2184200.77   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SUBARU CORP                                  | SUBARU CORP                         | CUSIP: N/A<br>LEI: 549300N244BVAEE6HH86       | Long             | EC               | CORP              | JP        |     78500 | NS      | $1672879.82   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| INPEX CORPORATION                            | INPEX CORP                          | CUSIP: N/A<br>LEI: 353800VHYYADPR6MXQ47       | Long             | EC               | CORP              | JP        |     75300 | NS      | $1388642.37   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| RAIFFEISEN BANK INTERNATIONAL AG             | RAIFFEISEN BANK INTERNTNL AG        | CUSIP: N/A<br>LEI: 9ZHRYM6F437SQJ6OUG95       | Long             | EC               | CORP              | AT        |     57638 | NS      | $2151443.71   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| JAPAN POST HOLDINGS CO LTD                   | JAPAN POST HOLDINGS CO LTD          | CUSIP: N/A<br>LEI: 5299003D9N4JBS256X18       | Long             | EC               | CORP              | JP        |    314600 | NS      | $2953937.88   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIWA HOUSE INDUSTRY CO LTD                  | DAIWA HOUSE INDUSTRY CO LTD         | CUSIP: N/A<br>LEI: 353800K9WXR9XRZJZI46       | Long             | EC               | CORP              | JP        |     56300 | NS      | $1912420.24   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| SOCIETE GENERALE                             | SOCIETE GENERALE SA CL A            | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | EC               | CORP              | FR        |     33965 | NS      | $2150643.83   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARGENTARIA S.A          | BANCO BILBAO VIZ ARGENTARIA SA      | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |    165893 | NS      | $3338343.98   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP GROUP LTD                                | BHP GROUP LIMITED                   | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        |    113033 | NS      | $3215171.97   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| DEUTSCHE TELEKOM AG                          | DEUTSCHE TELEKOM AG (REGD)          | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |     89314 | NS      | $2771988.42   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| THE BANK OF NOVA SCOTIA                      | BANK OF NOVA SCOTIA                 | CUSIP: 064149107<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | EC               | CORP              | CA        |     47955 | NS      | $3148399.85   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS GROUP AG                                 | UBS GROUP AG                        | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |     62157 | NS      | $2379426.48   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| WESFARMERS LTD                               | WESFARMERS LTD                      | CUSIP: N/A<br>LEI: 5493003L32ZX9557ST85       | Long             | EC               | CORP              | AU        |     46373 | NS      | $2550079.09   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| UNICREDIT SPA                                | UNICREDIT SPA                       | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | EC               | CORP              | IT        |     36872 | NS      | $2724967.12   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ENEL SPA                                     | ENEL (ENTE NAZ ENERG ELET) SPA      | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |    286294 | NS      | $2898624.37   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA GROUP LTD                                | AIA GROUP LTD                       | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |    274400 | NS      | $2663786.32   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| SONY GROUP CORP                              | SONY GROUP CORP                     | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |    127000 | NS      | $3571218.07   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| KOMATSU LTD                                  | KOMATSU LTD                         | CUSIP: N/A<br>LEI: 5493004LQ0B4T7QPQV17       | Long             | EC               | CORP              | JP        |     67800 | NS      | $2273569.83   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust                 | Fidelity Cash Central Fund          | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |    144940 | NS      | $144969.44    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SHIONOGI and CO LTD                          | SHIONOGI and CO LTD                 | CUSIP: N/A<br>LEI: 35380049VXDTHZI3DY35       | Long             | EC               | CORP              | JP        |    214400 | NS      | $3590613.74   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SCREEN HOLDINGS CO LTD                       | SCREEN HOLDINGS CO LTD              | CUSIP: N/A<br>LEI: 353800ND89FTQ9XQ0R07       | Long             | EC               | CORP              | JP        |     25400 | NS      | $2421206.71   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SIEMENS AG                                   | SIEMENS AG (REGD)                   | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |     15090 | NS      | $4276714.39   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED OVERSEAS BANK LTD                     | UNITED OVERSEAS BANK (LOC)          | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               | CORP              | SG        |     67600 | NS      | $1800831.38   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN HUNG KAI PROPERTIES LTD                  | SUN HUNG KAI PROPERTIES LTD         | CUSIP: N/A<br>LEI: 529900LUMD393RD3S874       | Long             | EC               | CORP              | HK        |     86000 | NS      | $1045096.63   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| AP MOLLER MAERSK AS                          | A P MOLLER - MAERSK A/S B           | CUSIP: N/A<br>LEI: 549300D2K6PKKKXVNN73       | Long             | EC               | CORP              | DK        |      1107 | NS      | $2285164.35   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIRFAX FINANCIAL HOLDINGS LTD               | FAIRFAX FINL HLDGS LTD SUB VTG      | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |      1291 | NS      | $2098078.86   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| VODAFONE GRP PLC                             | VODAFONE GROUP PLC                  | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | EC               | CORP              | GB        |   1840194 | NS      | $2227704.62   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| BARRICK MINING CORP                          | BARRICK MINING CORP                 | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    184003 | NS      | $6046103.64   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| VOLVO AB                                     | VOLVO AB SER B                      | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |    120423 | NS      | $3323763.60   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATURAL RESOURCES LTD               | CANADIAN NATL RESOURCES LTD         | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     81189 | NS      | $2599971.76   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| WILMAR INTERNATIONAL LTD                     | WILMAR INTERNATIONAL LTD            | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |    832800 | NS      | $2002892.16   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESTOR AB                                  | INVESTOR AB SER B                   | CUSIP: N/A<br>LEI: 549300VEBQPHRZBKUX38       | Long             | EC               | CORP              | SE        |     93531 | NS      | $3089454.31   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRICA PLC                                 | CENTRICA PLC                        | CUSIP: N/A<br>LEI: E26EDV109X6EEPBKVH76       | Long             | EC               | CORP              | GB        |    849869 | NS      | $2002064.51   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| BAYER AG                                     | BAYER AG                            | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | EC               | CORP              | DE        |     59794 | NS      | $1859933.63   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SBI HLDGS INC JAPAN                          | SBI HOLDINGS INC                    | CUSIP: N/A<br>LEI: 353800L6LMHYIPSMRQ17       | Long             | EC               | CORP              | JP        |     75900 | NS      | $3406397.72   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSUS NV                                    | PROSUS NV                           | CUSIP: N/A<br>LEI: 635400Z5LQ5F9OLVT688       | Long             | EC               | CORP              | NL        |     45299 | NS      | $3133386.46   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTSERVICE CORP                            | FIRSTSERVICE CORP                   | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |       885 | NS      | $141016.38    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML HOLDING NV                              | ASML HOLDING NV                     | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |      7040 | NS      | $7460083.98   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES US                               | MSCI EAFE FUT DEC25 MFSZ5           | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | N/A              | DE               | CORP              | US        |        11 | NC      | $13463.88     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS PLC                                 | BARCLAYS PLC ORD                    | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               | CORP              | GB        |    484148 | NS      | $2588918.26   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| UST BILLS                                    | UST BILLS 0% 11/13/2025             | CUSIP: 912797QQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     37000 | PA      | $36960.30     | 0.01%             | 2025-11-13      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ALCON INC                                    | ALCON INC                           | CUSIP: N/A<br>LEI: 549300LDT5AP8S0NBM78       | Long             | EC               | CORP              | CH        |     11826 | NS      | $880965.18    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCEDES-BENZ GROUP AG                       | MERCEDES-BENZ GROUP AG              | CUSIP: N/A<br>LEI: 529900R27DL06UVNT076       | Long             | EC               | CORP              | DE        |     37811 | NS      | $2453086.25   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSITY AB                                    | ESSITY AB B                         | CUSIP: N/A<br>LEI: 549300G8E6YUVJ1DA153       | Long             | EC               | CORP              | SE        |     72602 | NS      | $1995455.55   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPASS GROUP PLC                            | COMPASS GROUP PLC                   | CUSIP: N/A<br>LEI: 2138008M6MH9OZ6U2T68       | Long             | EC               | CORP              | GB        |     58427 | NS      | $1935228.36   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| NESTLE SA                                    | NESTLE SA (REG)                     | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |     49097 | NS      | $4702058.37   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| NTT INC                                      | NTT INC                             | CUSIP: N/A<br>LEI: 353800VHQU5VIXVUA841       | Long             | EC               | CORP              | JP        |   2029700 | NS      | $2086946.09   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| RENESAS ELECTRONICS CORP                     | RENESAS ELECTRONICS CORP            | CUSIP: N/A<br>LEI: 5299000EPC47VJQOFB81       | Long             | EC               | CORP              | JP        |    174100 | NS      | $2159651.42   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| VINCI SA                                     | VINCI SA                            | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               | CORP              | FR        |     22058 | NS      | $2950737.92   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CK HUTCHISON HOLDINGS LTD                    | CK HUTCHISON HOLDINGS LTD           | CUSIP: N/A<br>LEI: 254900Z8HM1VEPOQ2G79       | Long             | EC               | CORP              | KY        |    296000 | NS      | $1961349.42   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA | INTERNATIONAL CONS AIRLNS CDI       | CUSIP: N/A<br>LEI: 959800TZHQRUSH1ESL13       | Long             | EC               | CORP              | ES        |    593658 | NS      | $3259526.25   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SANOFI                                       | SANOFI                              | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |     29351 | NS      | $2967618.56   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NOKIA CORP                                   | NOKIA OYJ                           | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               | CORP              | FI        |    465259 | NS      | $3148979.37   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNCOR ENERGY INC                            | SUNCOR ENERGY INC                   | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     59784 | NS      | $2382997.11   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-30

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

**Signature:** Stacie M. Smith

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

**Title:** President and Treasurer