# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0000035402-25-003061
**Filing Date:** 2025-12
**Character Count:** 67437
**Document Hash:** 3a0d540c3daa780e602fd85ba2799598
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035402-25-003061.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000035402-25-003061

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20260731

**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:** 251600072

**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 Value Factor ETF (Series ID: S000054754)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000171935 | Fidelity Value Factor ETF | FVAL            |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity® Value Factor ETF**

**October 31, 2025**

T23-NPRT1-1225

1.9880059.109 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| UNITED KINGDOM - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Anglogold Ashanti Plc  | 34001 | 2312068 |
| UNITED STATES - 99.6%  |  |  |
| Communication Services - 9.4% |  |  |
| Diversified Telecommunication Services - 1.0% |  |  |
| AT&T Inc  | 216802 | 5365850 |
| Verizon Communications Inc  | 132279 | 5256767 |
|  |  | 10622617 |
| Entertainment - 0.5% |  |  |
| Walt Disney Co/The  | 52285 | 5888337 |
| Interactive Media & Services - 7.3% |  |  |
| Alphabet Inc Class A  | 191576 | 53869255 |
| Meta Platforms Inc Class A  | 40043 | 25961879 |
|  |  | 79831134 |
| Media - 0.6% |  |  |
| Charter Communications Inc Class A (b) | 11308 | 2644263 |
| Comcast Corp Class A  | 141484 | 3938207 |
|  |  | 6582470 |
| TOTAL COMMUNICATION SERVICES |  | 102924558 |
| Consumer Discretionary - 10.6% |  |  |
| Automobiles - 3.3% |  |  |
| Ford Motor Co  | 355195 | 4663710 |
| General Motors Co  | 76265 | 5269149 |
| Tesla Inc (b) | 57711 | 26348534 |
|  |  | 36281393 |
| Broadline Retail - 3.9% |  |  |
| Amazon.com Inc (b) | 173241 | 42308918 |
| Diversified Consumer Services - 0.3% |  |  |
| H&R Block Inc  | 61200 | 3044088 |
| Hotels, Restaurants & Leisure - 1.9% |  |  |
| Booking Holdings Inc  | 1133 | 5753079 |
| Expedia Group Inc Class A  | 19824 | 4361280 |
| McDonald's Corp  | 22745 | 6787791 |
| Royal Caribbean Cruises Ltd  | 14293 | 4099661 |
|  |  | 21001811 |
| Specialty Retail - 1.2% |  |  |
| Gap Inc/The (c) | 168284 | 3845289 |
| Home Depot Inc/The  | 25498 | 9678786 |
|  |  | 13524075 |
| TOTAL CONSUMER DISCRETIONARY |  | 116160285 |
| Consumer Staples - 4.4% |  |  |
| Beverages - 0.6% |  |  |
| PepsiCo Inc  | 43986 | 6425915 |
| Consumer Staples Distribution & Retail - 1.7% |  |  |
| Albertsons Cos Inc Class A  | 156314 | 2765194 |
| Costco Wholesale Corp  | 10549 | 9614886 |
| Kroger Co/The  | 51324 | 3265746 |
| Target Corp  | 36266 | 3362584 |
|  |  | 19008410 |
| Food Products - 0.2% |  |  |
| Cal-Maine Foods Inc  | 26584 | 2334075 |
| Household Products - 1.5% |  |  |
| Colgate-Palmolive Co  | 47946 | 3694239 |
| Kimberly-Clark Corp  | 28653 | 3430050 |
| Procter & Gamble Co/The  | 58688 | 8824915 |
|  |  | 15949204 |
| Tobacco - 0.4% |  |  |
| Altria Group Inc  | 74828 | 4218803 |
| TOTAL CONSUMER STAPLES |  | 47936407 |
| Energy - 2.7% |  |  |
| Oil, Gas & Consumable Fuels - 2.7% |  |  |
| APA Corp  | 103452 | 2343188 |
| Chevron Corp  | 44767 | 7060652 |
| ConocoPhillips  | 41011 | 3644237 |
| Coterra Energy Inc  | 89890 | 2126797 |
| EOG Resources Inc  | 24866 | 2631817 |
| Exxon Mobil Corp  | 89601 | 10246771 |
| Ovintiv Inc  | 49995 | 1875312 |
|  |  | 29928774 |
| Financials - 13.5% |  |  |
| Banks - 2.0% |  |  |
| Bank of America Corp  | 236402 | 12635687 |
| Citigroup Inc  | 94973 | 9614117 |
|  |  | 22249804 |
| Capital Markets - 1.0% |  |  |
| Goldman Sachs Group Inc/The  | 13396 | 10574401 |
| Consumer Finance - 2.9% |  |  |
| Ally Financial Inc  | 161698 | 6301370 |
| American Express Co  | 29205 | 10535120 |
| Capital One Financial Corp  | 38444 | 8457296 |
| Synchrony Financial  | 91736 | 6823324 |
|  |  | 32117110 |
| Financial Services - 5.1% |  |  |
| Berkshire Hathaway Inc Class B (b) | 43564 | 20803553 |
| Equitable Holdings Inc  | 120876 | 5971274 |
| Essent Group Ltd  | 107869 | 6533625 |
| MGIC Investment Corp  | 233491 | 6402323 |
| Visa Inc Class A  | 46101 | 15708455 |
|  |  | 55419230 |
| Insurance - 1.9% |  |  |
| MetLife Inc  | 87782 | 7006759 |
| Prudential Financial Inc  | 63360 | 6589440 |
| Travelers Companies Inc/The  | 26664 | 7162484 |
|  |  | 20758683 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.6% |  |  |
| Annaly Capital Management Inc  | 302570 | 6405406 |
| TOTAL FINANCIALS |  | 147524634 |
| Health Care - 9.4% |  |  |
| Biotechnology - 1.8% |  |  |
| AbbVie Inc  | 57536 | 12545149 |
| Regeneron Pharmaceuticals Inc  | 11354 | 7400537 |
|  |  | 19945686 |
| Health Care Providers & Services - 2.5% |  |  |
| Centene Corp (b) | 209287 | 7402481 |
| Elevance Health Inc  | 22315 | 7078318 |
| UnitedHealth Group Inc  | 36303 | 12399653 |
|  |  | 26880452 |
| Pharmaceuticals - 5.1% |  |  |
| Bristol-Myers Squibb Co  | 155290 | 7154210 |
| Eli Lilly & Co  | 20361 | 17568693 |
| Johnson & Johnson  | 72425 | 13678910 |
| Merck & Co Inc  | 109447 | 9410253 |
| Pfizer Inc  | 320880 | 7909692 |
|  |  | 55721758 |
| TOTAL HEALTH CARE |  | 102547896 |
| Industrials - 9.4% |  |  |
| Aerospace & Defense - 3.2% |  |  |
| GE Aerospace  | 32231 | 9957767 |
| General Dynamics Corp  | 16624 | 5733618 |
| Lockheed Martin Corp  | 12678 | 6236055 |
| RTX Corp  | 47027 | 8394320 |
| Textron Inc  | 52613 | 4251657 |
|  |  | 34573417 |
| Air Freight & Logistics - 1.0% |  |  |
| FedEx Corp  | 20970 | 5322605 |
| United Parcel Service Inc Class B  | 57126 | 5508089 |
|  |  | 10830694 |
| Building Products - 0.3% |  |  |
| Owens Corning (c) | 29082 | 3702429 |
| Industrial Conglomerates - 0.5% |  |  |
| Honeywell International Inc  | 28189 | 5675291 |
| Machinery - 2.3% |  |  |
| Caterpillar Inc  | 16744 | 9665641 |
| Cummins Inc  | 12815 | 5608869 |
| Deere & Co  | 11614 | 5361371 |
| PACCAR Inc  | 47895 | 4712868 |
|  |  | 25348749 |
| Passenger Airlines - 0.9% |  |  |
| Delta Air Lines 1991 Series J Pass Through Trust  | 83469 | 4789451 |
| United Airlines Holdings Inc (b) | 49164 | 4623383 |
|  |  | 9412834 |
| Professional Services - 1.2% |  |  |
| Automatic Data Processing Inc  | 19308 | 5025873 |
| Genpact Ltd  | 90216 | 3441740 |
| Leidos Holdings Inc  | 26317 | 5012599 |
|  |  | 13480212 |
| TOTAL INDUSTRIALS |  | 103023626 |
| Information Technology - 34.0% |  |  |
| Electronic Equipment, Instruments & Components - 1.5% |  |  |
| Arrow Electronics Inc (b) | 73970 | 8251354 |
| Avnet Inc (c) | 161572 | 7828162 |
|  |  | 16079516 |
| IT Services - 1.8% |  |  |
| Accenture PLC Class A  | 42315 | 10582982 |
| Cognizant Technology Solutions Corp Class A  | 126483 | 9218081 |
|  |  | 19801063 |
| Semiconductors & Semiconductor Equipment - 12.7% |  |  |
| Micron Technology Inc  | 96560 | 21607231 |
| NVIDIA Corp  | 459516 | 93047395 |
| QUALCOMM Inc  | 76303 | 13803213 |
| Skyworks Solutions Inc  | 126240 | 9811373 |
|  |  | 138269212 |
| Software - 9.8% |  |  |
| Adobe Inc (b) | 30904 | 10516940 |
| Microsoft Corp  | 141411 | 73224030 |
| Salesforce Inc  | 49025 | 12766600 |
| Zoom Communications Inc Class A (b) | 118938 | 10374962 |
|  |  | 106882532 |
| Technology Hardware, Storage & Peripherals - 8.2% |  |  |
| Apple Inc  | 293078 | 79239499 |
| HP Inc  | 357805 | 9900464 |
|  |  | 89139963 |
| TOTAL INFORMATION TECHNOLOGY |  | 370172286 |
| Materials - 1.9% |  |  |
| Chemicals - 0.8% |  |  |
| CF Industries Holdings Inc  | 16075 | 1338887 |
| Linde PLC  | 10640 | 4450712 |
| LyondellBasell Industries NV Class A1  | 25715 | 1193690 |
| Mosaic Co/The  | 39742 | 1090918 |
| Solstice Advanced Materials Inc  | 7047 | 317608 |
|  |  | 8391815 |
| Construction Materials - 0.3% |  |  |
| CRH PLC  | 24375 | 2903063 |
| Metals & Mining - 0.8% |  |  |
| Alcoa Corp  | 45685 | 1680751 |
| Freeport-McMoRan Inc  | 55026 | 2294584 |
| Newmont Corp  | 38736 | 3136454 |
| Nucor Corp  | 12551 | 1883278 |
|  |  | 8995067 |
| TOTAL MATERIALS |  | 20289945 |
| Real Estate - 2.0% |  |  |
| Health Care REITs - 0.1% |  |  |
| Alexandria Real Estate Equities Inc  | 21197 | 1234088 |
| Hotel & Resort REITs - 0.1% |  |  |
| Host Hotels & Resorts Inc  | 102135 | 1636202 |
| Industrial REITs - 0.3% |  |  |
| Prologis Inc  | 28975 | 3595508 |
| Real Estate Management & Development - 0.4% |  |  |
| CBRE Group Inc Class A (b) | 14085 | 2146977 |
| Jones Lang LaSalle Inc (b) | 6058 | 1848235 |
|  |  | 3995212 |
| Residential REITs - 0.2% |  |  |
| AvalonBay Communities Inc  | 10031 | 1744592 |
| Retail REITs - 0.4% |  |  |
| Realty Income Corp  | 40577 | 2352654 |
| Simon Property Group Inc  | 13853 | 2434804 |
|  |  | 4787458 |
| Specialized REITs - 0.5% |  |  |
| Extra Space Storage Inc  | 14161 | 1891060 |
| Gaming and Leisure Properties Inc  | 35826 | 1599989 |
| VICI Properties Inc  | 61447 | 1842796 |
|  |  | 5333845 |
| TOTAL REAL ESTATE |  | 22326905 |
| Utilities - 2.3% |  |  |
| Electric Utilities - 2.0% |  |  |
| American Electric Power Co Inc  | 23445 | 2819496 |
| Duke Energy Corp  | 26534 | 3298176 |
| Edison International  | 37806 | 2093696 |
| Exelon Corp  | 53364 | 2461148 |
| NextEra Energy Inc  | 57721 | 4698489 |
| PG&E Corp  | 153511 | 2450036 |
| Southern Co/The  | 35822 | 3368701 |
|  |  | 21189742 |
| Gas Utilities - 0.1% |  |  |
| UGI Corp  | 48725 | 1628877 |
| Multi-Utilities - 0.2% |  |  |
| Consolidated Edison Inc  | 21849 | 2128311 |
| TOTAL UTILITIES |  | 24946930 |
| TOTAL UNITED STATES |  | 1087782246 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $912,647,205) |  | <br> **1090094314** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 11/13/2025 (f)<br>(Cost $126,826)<br>| 4.15 | 127000 | **126864** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.18 | 2321557 | 2322021 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.18 | 4593791 | 4594250 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $6,916,271) |  |  | **6916271** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.4%**<br> (Cost $919,690,302)<br>| <br>**1097137449** |
| **NET OTHER ASSETS (LIABILITIES) - (0.4)%** (d)  | **(3849131)** |
| **NET ASSETS - 100.0%** | **1093288318** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 E-Mini S&P 500 Index Contracts (United States) | 85 | 12/19/2025 | 2921450 | 81257 | 81257 |
| 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 $56,078 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) 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 $126,864.

(g) 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.

(h) Investment made with cash collateral received from securities on loan.

At period end, the value of non-cash collateral for securities on loan amounted to $1,544,391.

**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 | 1532545 | 15113869 | 14324396 | 15278 | 3 | - | 2322021 | 2321557 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 10201750 | 32930127 | 38537627 | 417430 | - | - | 4594250 | 4593791 | 0.0% |
| Total | 11734295 | 48043996 | 52862023 | 432708 | 3 | - | 6916271 |  |  |

---

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 Value Factor ETF

- **b. EDGAR series identifier (if any):** S000054754

- **c. LEI of Series:** 549300CSNOQ3T6NWRR25

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

- **a. Date of fiscal year-end:** 2026-07-31

- **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:** $1094057858.11

**Total Liabilities:** $769989.25

**Net Assets:** $1093287868.86

**Cash Not Reported:** $9025.33

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000171935 | 4.15%                | 2.80%                | 2.60%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $24176737.75             | $14362489.78                               |
| Month 2  | $77.94                   | $27332122.08                               |
| Month 3  | $23.57                   | $26799739.34                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UNITED AIRLINES HOLDINGS INC        | UNITED AIRLINES HOLDINGS INC                  | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |     49164 | NS      | $4623382.56   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS CO                   | GENERAL MOTORS CO                             | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     76265 | NS      | $5269148.85   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMMUNICATIONS INC          | CHARTER COMMUNICATIONS INC A                  | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |     11308 | NS      | $2644262.72   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORP NEW                | DUKE ENERGY CORP NEW                          | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     26534 | NS      | $3298176.20   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORP               | COSTCO WHOLESALE CORP                         | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     10549 | NS      | $9614886.05   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSENT GROUP LTD                    | ESSENT GROUP LTD                              | CUSIP: N/A<br>LEI: 254900QUO860OUT6ZF83       | Long             | EC               | CORP              | BM        |    107869 | NS      | $6533625.33   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| LYONDELLBASELL INDS NV              | LYONDELLBASELL INDS CLASS A                   | CUSIP: N/A<br>LEI: BN6WCCZ8OVP3ITUUVN49       | Long             | EC               | CORP              | NL        |     25715 | NS      | $1193690.30   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCTER and GAMBLE CO               | PROCTER and GAMBLE CO                         | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     58688 | NS      | $8824914.56   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ALEXANDRIA REAL ESTATE EQUITIES INC | ALEXANDRIA REAL ES EQ INC REIT                | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     21197 | NS      | $1234089.34   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ARROW ELECTRONICS INC               | ARROW ELECTRONICS INC                         | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |     73970 | NS      | $8251353.50   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTRA SPACE STORAGE INC             | EXTRA SPACE STORAGE INC                       | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14161 | NS      | $1891059.94   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AT and T INC                        | AT and T INC                                  | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    216802 | NS      | $5365849.50   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC                          | ABBVIE INC                                    | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     57536 | NS      | $12545149.44  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                           | APPLE INC                                     | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    293078 | NS      | $79239498.86  | 7.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                      | AMAZON.COM INC                                | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    173241 | NS      | $42308917.02  | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS INC                  | CONOCOPHILLIPS                                | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     41011 | NS      | $3644237.46   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN COMPANY                    | SOUTHERN CO                                   | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     35822 | NS      | $3368700.88   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                      | MICROSOFT CORP                                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    141411 | NS      | $73224029.91  | 6.70%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR CO                       | FORD MOTOR CO                                 | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |    355195 | NS      | $4663710.35   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PLC                       | ACCENTURE PLC CL A                            | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |     42315 | NS      | $10582981.50  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC                            | VISA INC CL A                                 | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     46101 | NS      | $15708454.74  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINL INC                 | PRUDENTIAL FINANCIAL INC                      | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |     63360 | NS      | $6589440.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCH INC         | SP500 MIC EMIN FUTDEC25 HWAZ5                 | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | N/A              | DE               | CORP              | US        |        85 | NC      | $81256.99     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ALBERTSONS COS INC                  | ALBERTSONS COS INC CL A                       | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |    156314 | NS      | $2765194.66   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO             | BRISTOL-MYERS SQUIBB CO                       | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    155290 | NS      | $7154210.30   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ALCOA CORP                          | ALCOA CORP                                    | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |     45685 | NS      | $1680751.15   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| JONES LANG LASALLE INC              | JONES LANG LASALLE INC                        | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |      6058 | NS      | $1848235.22   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC (THE)       | GOLDMAN SACHS GROUP INC                       | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     13396 | NS      | $10574400.52  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC                           | ADOBE INC                                     | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     30904 | NS      | $10516940.24  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP          | CAPITAL ONE FINANCIAL CORP                    | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     38444 | NS      | $8457295.56   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMBERLY-CLARK CORP                 | KIMBERLY CLARK CORP                           | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |     28653 | NS      | $3430050.63   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS INC       | REGENERON PHARMACEUTICALS INC                 | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     11354 | NS      | $7400537.20   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC                  | META PLATFORMS INC CL A                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     40043 | NS      | $25961879.05  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE GROUP INC                      | CBRE GROUP INC - CL A                         | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     14085 | NS      | $2146976.55   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY INC                  | NEXTERA ENERGY INC                            | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     57721 | NS      | $4698489.40   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| H and R BLOCK INC                   | BLOCK H and R INC                             | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |     61200 | NS      | $3044088.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INC         | HONEYWELL INTL INC                            | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     28189 | NS      | $5675291.37   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| DEERE and CO                        | DEERE and CO                                  | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     11614 | NS      | $5361370.82   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR INC                          | PACCAR INC                                    | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |     47895 | NS      | $4712868.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN ELECTRIC POWER CO INC      | AMERICAN ELECTRIC POWER CO INC                | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |     23445 | NS      | $2819495.70   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYWORKS SOLUTIONS INC              | SKYWORKS SOLUTIONS INC                        | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |    126240 | NS      | $9811372.80   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| APA CORP                            | APA CORP                                      | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |    103452 | NS      | $2343187.80   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL DYNAMICS CORP               | GENERAL DYNAMICS CORPORATION                  | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     16624 | NS      | $5733617.60   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK and CO INC                    | MERCK and CO INC NEW                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    109447 | NS      | $9410253.06   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES LTD         | ROYAL CARIBBEAN CRUISES LTD                   | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | LR        |     14293 | NS      | $4099661.19   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CAL-MAINE FOODS INC                 | CAL-MAINE FOODS INC                           | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |     26584 | NS      | $2334075.20   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING INC       | AUTOMATIC DATA PROCESSING INC                 | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     19308 | NS      | $5025872.40   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| HOME DEPOT INC                      | HOME DEPOT INC                                | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     25498 | NS      | $9678785.82   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX CORP                            | RTX CORP                                      | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     47027 | NS      | $8394319.50   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE CO                | COLGATE-PALMOLIVE CO                          | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     47946 | NS      | $3694239.30   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| GAP INC                             | GAP INC                                       | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |    168284 | NS      | $3845289.40   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSOLIDATED EDISON INC             | CONSOLIDATED EDISON INC                       | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |     21849 | NS      | $2128311.09   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NUCOR CORP                          | NUCOR CORP                                    | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     12551 | NS      | $1883277.55   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CUMMINS INC                         | CUMMINS INC                                   | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |     12815 | NS      | $5608869.20   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE INC                         | METLIFE INC                                   | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     87782 | NS      | $7006759.24   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC                          | PFIZER INC                                    | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    320880 | NS      | $7909692.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA INC                           | TESLA INC                                     | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     57711 | NS      | $26348534.16  | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXTRON INC                         | TEXTRON INC                                   | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |     52613 | NS      | $4251656.53   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| PG and E CORP                       | PG and E CORP                                 | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |    153511 | NS      | $2450035.56   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGET CORP                         | TARGET CORP                                   | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     36266 | NS      | $3362583.52   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI PPTYS INC                      | VICI PPTYS INC                                | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     61447 | NS      | $1842795.53   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH INC                 | ELEVANCE HEALTH INC                           | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     22315 | NS      | $7078318.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC                | THE BOOKING HOLDINGS INC                      | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      1133 | NS      | $5753079.42   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI CORP                            | UGI CORP NEW                                  | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     48725 | NS      | $1628876.75   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY and CO                    | ELI LILLY and CO                              | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     20361 | NS      | $17568692.46  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT-MCMORAN INC                | FREEPORT MCMORAN INC                          | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     55026 | NS      | $2294584.20   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL                 | SYNCHRONY FINANCIAL                           | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |     91736 | NS      | $6823323.68   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| GE AEROSPACE                        | GE AEROSPACE                                  | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     32231 | NS      | $9957767.45   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CATERPILLAR INC                     | CATERPILLAR INC                               | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     16744 | NS      | $9665641.44   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| CF INDUSTRIES HOLDINGS INC          | CF INDUSTRIES HOLDINGS INC                    | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     16075 | NS      | $1338886.75   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                       | CITIGROUP INC                                 | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     94973 | NS      | $9614116.79   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INC                        | QUALCOMM INC                                  | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     76303 | NS      | $13803212.70  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORP                        | COMCAST CORP CL A                             | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    141484 | NS      | $3938207.14   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| KROGER CO                           | KROGER CO                                     | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |     51324 | NS      | $3265746.12   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                             | CRH PLC                                       | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |     24375 | NS      | $2903062.50   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC DEL          | BERKSHIRE HATHAWAY INC CL B                   | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     43564 | NS      | $20803552.56  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC          | VERIZON COMMUNICATIONS INC                    | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    132279 | NS      | $5256767.46   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC INVESTMENT CORP                | MGIC INVESTMENT CORP                          | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    233491 | NS      | $6402323.22   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE INC                      | SALESFORCE INC                                | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     49025 | NS      | $12766600.25  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust        | Fidelity Cash Central Fund                    | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |   2321557 | NS      | $2322021.21   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORP                | LOCKHEED MARTIN CORP                          | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     12678 | NS      | $6236054.64   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP INC                   | EXPEDIA INC                                   | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |     19824 | NS      | $4361280.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| REALTY INCOME CORP                  | REALTY INCOME CORP REIT                       | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     40577 | NS      | $2352654.46   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMING AND LEISURE PROPERTIES INC   | GAMING AND LEISURE PROPRTI INC                | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     35826 | NS      | $1599989.16   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| COTERRA ENERGY INC                  | COTERRA ENERGY INC                            | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     89890 | NS      | $2126797.40   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP                    | EXXON MOBIL CORP                              | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     89601 | NS      | $10246770.36  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLY FINANCIAL INC                  | ALLY FINANCIAL INC                            | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |    161698 | NS      | $6301371.06   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLOGOLD ASHANTI PLC               | ANGLOGOLD ASHANTI PLC                         | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | GB        |     34001 | NS      | $2312068.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AVNET INC                           | AVNET INC                                     | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |    161572 | NS      | $7828163.40   | 0.72%             |  |  |  | No            |                  1 | On Loan: —       |
| MCDONALDS CORP                      | MCDONALDS CORP                                | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     22745 | NS      | $6787790.35   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORP NEW                    | CHEVRON CORP                                  | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44767 | NS      | $7060651.24   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED PARCEL SERVICE INC           | UNITED PARCEL SERVICE INC CL B                | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     57126 | NS      | $5508088.92   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| GENPACT LTD                         | GENPACT LTD                                   | CUSIP: N/A<br>LEI: 529900OSEC6Q0L4L5B35       | Long             | EC               | CORP              | BM        |     90216 | NS      | $3441740.40   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| HP INC                              | HP INC                                        | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |    357805 | NS      | $9900464.35   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| TRAVELERS COS INC                   | TRAVELERS COMPANIES INC                       | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     26664 | NS      | $7162483.68   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES INC                   | EOG RESOURCES INC                             | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     24866 | NS      | $2631817.44   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDEX CORP                          | FEDEX CORP                                    | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     20970 | NS      | $5322605.40   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| EDISON INTERNATIONAL                | EDISON INTL                                   | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |     37806 | NS      | $2093696.28   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| MICRON TECHNOLOGY INC               | MICRON TECHNOLOGY INC                         | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     96560 | NS      | $21607231.20  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ANNALY CAPITAL MANAGEMENT INC       | ANNALY CAPITAL MGMT INC REIT                  | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |    302570 | NS      | $6405406.90   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust        | Fidelity Securities Lending Cash Central Fund | CUSIP: 31635A303<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |    636186 | NS      | $636250.01    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HOST HOTELS and RESORTS INC         | HOST HOTELS and RESORTS INC                   | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    102135 | NS      | $1636202.70   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| OWENS CORNING NEW                   | OWENS CORNING INC                             | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     29082 | NS      | $3702429.42   | 0.34%             |  |  |  | No            |                  1 | On Loan: —       |
| NVIDIA CORP                         | NVIDIA CORP                                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    459516 | NS      | $93047394.84  | 8.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTENE CORP DEL                    | CENTENE CORP                                  | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |    209287 | NS      | $7402481.19   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| DELTA AIR LINES INC                 | DELTA AIR INC                                 | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     83469 | NS      | $4789451.22   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOOM COMMUNICATIONS INC             | ZOOM COMMUNICATIONS INC CL A                  | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |    118938 | NS      | $10374961.74  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION         | BANK OF AMERICA CORPORATION                   | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    236402 | NS      | $12635686.90  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| LEIDOS HLDGS INC                    | LEIDOS HOLDINGS INC                           | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |     26317 | NS      | $5012598.99   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITABLE HOLDINGS INC              | EQUITABLE HOLDINGS INC                        | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |    120876 | NS      | $5971274.40   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| PEPSICO INC                         | PEPSICO INC                                   | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     43986 | NS      | $6425914.74   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| UST BILLS                           | UST BILLS 0% 11/13/2025                       | CUSIP: 912797QQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    127000 | PA      | $126863.72    | 0.01%             | 2025-11-13      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC              | UNITEDHEALTH GROUP INC                        | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     36303 | NS      | $12399652.68  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORP                         | EXELON CORP                                   | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     53364 | NS      | $2461147.68   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY GROUP INC            | SIMON PPTY GROUP INC - REIT                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     13853 | NS      | $2434803.28   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLSTICE ADVANCED MATERIALS INC     | SOLSTICE ADVANCED MATERIALS INC               | CUSIP: 83443Q103<br>LEI: 2138004GZ4H9TW6HK435 | Long             | EC               | CORP              | US        |      7047 | NS      | $317608.29    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ALTRIA GROUP INC                    | ALTRIA GROUP INC                              | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     74828 | NS      | $4218802.64   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MOSAIC CO                           | MOSAIC CO NEW                                 | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     39742 | NS      | $1090917.90   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| OVINTIV INC                         | OVINTIV INC                                   | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |     49995 | NS      | $1875312.45   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON and JOHNSON                 | JOHNSON and JOHNSON                           | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     72425 | NS      | $13678909.75  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS CO                 | AMERICAN EXPRESS CO                           | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     29205 | NS      | $10535119.65  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| COGNIZANT TECHNOLOGY SOLUTIONS CORP | COGNIZANT TECH SOLUTIONS CL A                 | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |    126483 | NS      | $9218081.04   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS INC                        | PROLOGIS INC REIT                             | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     28975 | NS      | $3595507.75   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PLC                           | LINDE PLC                                     | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | IE        |     10640 | NS      | $4450712.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| AVALONBAY COMMUNITIES INC           | AVALONBAY COMMUNITIES INC REIT                | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     10031 | NS      | $1744591.52   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC                        | ALPHABET INC CL A                             | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    191576 | NS      | $53869255.44  | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWMONT CORP                        | NEWMONT CORP                                  | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     38736 | NS      | $3136453.92   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| WALT DISNEY CO                      | DISNEY (WALT) CO                              | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     52285 | NS      | $5888336.70   | 0.54%             |  |  |  | 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