# EDGAR Filing Document

**Accession Number:** 0000945908
**File Stem:** 0001752724-25-160163
**Filing Date:** 2025-6
**Character Count:** 67775
**Document Hash:** 30568255843401a589cb28cf981365f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-160163.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-160163

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07319
- **FILM NUMBER:** 251080103

**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**

**April 30, 2025**

T23-NPRT3-0625

1.9880060.108 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| IRELAND - 1.0%  |  |  |
| Information Technology - 1.0% |  |  |
| IT Services - 1.0% |  |  |
| Accenture PLC Class A  | 28559 | 8543425 |
| UNITED KINGDOM - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Anglogold Ashanti Plc  | 50316 | 2121323 |
| UNITED STATES - 98.6%  |  |  |
| Communication Services - 8.8% |  |  |
| Diversified Telecommunication Services - 1.4% |  |  |
| AT&T Inc  | 224424 | 6216545 |
| Verizon Communications Inc  | 133986 | 5903423 |
|  |  | 12119968 |
| Entertainment - 0.5% |  |  |
| Walt Disney Co/The  | 53491 | 4865006 |
| Interactive Media & Services - 6.1% |  |  |
| Alphabet Inc Class A  | 196076 | 31136869 |
| Meta Platforms Inc Class A  | 40975 | 22495275 |
|  |  | 53632144 |
| Media - 0.8% |  |  |
| Comcast Corp Class A  | 138478 | 4735948 |
| Paramount Global Class B (b) | 238610 | 2801281 |
|  |  | 7537229 |
| TOTAL COMMUNICATION SERVICES |  | 78154347 |
| Consumer Discretionary - 10.4% |  |  |
| Automobiles - 2.3% |  |  |
| Ford Motor Co  | 416967 | 4173840 |
| Tesla Inc (c) | 57282 | 16162689 |
|  |  | 20336529 |
| Broadline Retail - 3.6% |  |  |
| Amazon.com Inc (c) | 175756 | 32412922 |
| Hotels, Restaurants & Leisure - 2.4% |  |  |
| Booking Holdings Inc  | 1306 | 6659660 |
| Expedia Group Inc Class A  | 22736 | 3567960 |
| McDonald's Corp  | 24429 | 7808730 |
| Wynn Resorts Ltd  | 44468 | 3571225 |
|  |  | 21607575 |
| Household Durables - 0.4% |  |  |
| Lennar Corp Class A  | 31736 | 3446846 |
| Specialty Retail - 1.7% |  |  |
| Abercrombie & Fitch Co Class A (c) | 31682 | 2199364 |
| Gap Inc/The  | 159378 | 3490378 |
| Home Depot Inc/The  | 25531 | 9203671 |
|  |  | 14893413 |
| TOTAL CONSUMER DISCRETIONARY |  | 92697285 |
| Consumer Staples - 5.8% |  |  |
| Consumer Staples Distribution & Retail - 2.9% |  |  |
| Albertsons Cos Inc Class A  | 162878 | 3580058 |
| Dollar General Corp  | 47470 | 4447465 |
| Kroger Co/The  | 60072 | 4337799 |
| Target Corp  | 31432 | 3039474 |
| Walmart Inc  | 105688 | 10278159 |
|  |  | 25682955 |
| Food Products - 0.8% |  |  |
| Archer-Daniels-Midland Co  | 76700 | 3662425 |
| Bunge Global SA  | 47920 | 3772262 |
|  |  | 7434687 |
| Household Products - 1.5% |  |  |
| Kimberly-Clark Corp  | 30346 | 3998996 |
| Procter & Gamble Co/The  | 59306 | 9641376 |
|  |  | 13640372 |
| Tobacco - 0.6% |  |  |
| Altria Group Inc  | 89629 | 5301555 |
| TOTAL CONSUMER STAPLES |  | 52059569 |
| Energy - 3.2% |  |  |
| Oil, Gas & Consumable Fuels - 3.2% |  |  |
| Chevron Corp  | 40259 | 5477640 |
| Chord Energy Corp  | 16972 | 1531384 |
| ConocoPhillips  | 39849 | 3551343 |
| EOG Resources Inc  | 23471 | 2589555 |
| Exxon Mobil Corp  | 91630 | 9678877 |
| Occidental Petroleum Corp  | 48861 | 1925612 |
| Ovintiv Inc  | 45160 | 1516472 |
| Valero Energy Corp  | 17978 | 2087066 |
|  |  | 28357949 |
| Financials - 15.3% |  |  |
| Banks - 1.9% |  |  |
| Bank of America Corp  | 241815 | 9643582 |
| Citigroup Inc  | 107824 | 7373005 |
|  |  | 17016587 |
| Capital Markets - 1.8% |  |  |
| Charles Schwab Corp/The  | 98782 | 8040855 |
| Goldman Sachs Group Inc/The  | 14648 | 8020512 |
|  |  | 16061367 |
| Consumer Finance - 2.0% |  |  |
| Capital One Financial Corp  | 35915 | 6474038 |
| Discover Financial Services  | 33971 | 6205483 |
| Synchrony Financial  | 94890 | 4929535 |
|  |  | 17609056 |
| Financial Services - 5.8% |  |  |
| Berkshire Hathaway Inc Class B (c) | 44145 | 23540321 |
| Essent Group Ltd  | 102902 | 5858211 |
| MGIC Investment Corp  | 238831 | 5949280 |
| Visa Inc Class A  | 46841 | 16183566 |
|  |  | 51531378 |
| Insurance - 3.8% |  |  |
| American International Group Inc  | 92262 | 7521198 |
| Everest Group Ltd  | 18327 | 6576277 |
| MetLife Inc  | 80383 | 6058467 |
| Prudential Financial Inc  | 58574 | 6016136 |
| The Travelers Companies, Inc.  | 28192 | 7446353 |
|  |  | 33618431 |
| TOTAL FINANCIALS |  | 135836819 |
| Health Care - 10.9% |  |  |
| Biotechnology - 2.4% |  |  |
| AbbVie Inc  | 62516 | 12196872 |
| Gilead Sciences Inc  | 83265 | 8871052 |
|  |  | 21067924 |
| Health Care Providers & Services - 3.6% |  |  |
| Centene Corp (c) | 110123 | 6590862 |
| Elevance Health Inc  | 19308 | 8120559 |
| UnitedHealth Group Inc  | 27241 | 11208037 |
| Universal Health Services Inc Class B  | 32879 | 5821884 |
|  |  | 31741342 |
| Pharmaceuticals - 4.9% |  |  |
| Bristol-Myers Squibb Co  | 138072 | 6931214 |
| Johnson & Johnson  | 81225 | 12696280 |
| Merck & Co Inc  | 112201 | 9559525 |
| Pfizer Inc  | 330511 | 8067774 |
| Royalty Pharma PLC Class A  | 202485 | 6645558 |
|  |  | 43900351 |
| TOTAL HEALTH CARE |  | 96709617 |
| Industrials - 8.9% |  |  |
| Aerospace & Defense - 2.5% |  |  |
| Lockheed Martin Corp  | 12013 | 5739211 |
| Northrop Grumman Corp  | 10326 | 5023599 |
| RTX Corp  | 52112 | 6572887 |
| Textron Inc  | 53814 | 3786891 |
|  |  | 21122588 |
| Air Freight & Logistics - 0.9% |  |  |
| FedEx Corp  | 18809 | 3956097 |
| United Parcel Service Inc Class B  | 46308 | 4413152 |
|  |  | 8369249 |
| Building Products - 1.1% |  |  |
| Builders FirstSource Inc (c) | 25256 | 3021375 |
| Owens Corning  | 22187 | 3226212 |
| UFP Industries Inc  | 33312 | 3292891 |
|  |  | 9540478 |
| Industrial Conglomerates - 0.7% |  |  |
| Honeywell International Inc  | 28162 | 5928101 |
| Machinery - 1.7% |  |  |
| Caterpillar Inc  | 18810 | 5817369 |
| Deere & Co  | 12430 | 5762051 |
| PACCAR Inc  | 44284 | 3994859 |
|  |  | 15574279 |
| Passenger Airlines - 0.6% |  |  |
| Delta Air Lines Inc  | 65677 | 2734133 |
| United Airlines Holdings Inc (c) | 40652 | 2797671 |
|  |  | 5531804 |
| Professional Services - 1.1% |  |  |
| Automatic Data Processing Inc  | 19238 | 5782943 |
| Leidos Holdings Inc  | 28994 | 4267337 |
|  |  | 10050280 |
| Trading Companies & Distributors - 0.3% |  |  |
| Boise Cascade Co (b) | 30921 | 2884311 |
| TOTAL INDUSTRIALS |  | 79001090 |
| Information Technology - 28.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| Arrow Electronics Inc (c) | 62654 | 6977149 |
| IT Services - 2.3% |  |  |
| Akamai Technologies Inc (c) | 72930 | 5876699 |
| Amdocs Ltd  | 82481 | 7306168 |
| Cognizant Technology Solutions Corp Class A  | 93425 | 6873277 |
|  |  | 20056144 |
| Semiconductors & Semiconductor Equipment - 8.3% |  |  |
| Micron Technology Inc  | 94899 | 7302478 |
| NVIDIA Corp  | 478700 | 52140004 |
| ON Semiconductor Corp (c) | 144554 | 5738793 |
| QUALCOMM Inc  | 59460 | 8827432 |
|  |  | 74008707 |
| Software - 9.3% |  |  |
| Adobe Inc (c) | 23769 | 8912900 |
| Microsoft Corp  | 145012 | 57317444 |
| Salesforce Inc  | 36831 | 9896858 |
| Zoom Communications Inc Class A (c) | 87041 | 6749159 |
|  |  | 82876361 |
| Technology Hardware, Storage & Peripherals - 7.6% |  |  |
| Apple Inc  | 290476 | 61726150 |
| Hewlett Packard Enterprise Co  | 354615 | 5751855 |
|  |  | 67478005 |
| TOTAL INFORMATION TECHNOLOGY |  | 251396366 |
| Materials - 2.2% |  |  |
| Chemicals - 1.1% |  |  |
| CF Industries Holdings Inc  | 18304 | 1434484 |
| Linde PLC  | 11200 | 5076176 |
| LyondellBasell Industries NV Class A1  | 22305 | 1298374 |
| Mosaic Co/The  | 54899 | 1668930 |
|  |  | 9477964 |
| Construction Materials - 0.2% |  |  |
| CRH PLC  | 25250 | 2409355 |
| Metals & Mining - 0.9% |  |  |
| Commercial Metals Co (b) | 30189 | 1344618 |
| Freeport-McMoRan Inc  | 62182 | 2240417 |
| Newmont Corp  | 50139 | 2641323 |
| Nucor Corp  | 14338 | 1711527 |
|  |  | 7937885 |
| TOTAL MATERIALS |  | 19825204 |
| Real Estate - 2.4% |  |  |
| Diversified REITs - 0.2% |  |  |
| WP Carey Inc  | 28254 | 1764180 |
| Health Care REITs - 0.1% |  |  |
| Alexandria Real Estate Equities Inc  | 16783 | 1219453 |
| Hotel & Resort REITs - 0.2% |  |  |
| Host Hotels & Resorts Inc  | 95728 | 1351679 |
| Industrial REITs - 0.3% |  |  |
| Prologis Inc  | 27447 | 2805083 |
| Office REITs - 0.2% |  |  |
| BXP Inc  | 21269 | 1355473 |
| Real Estate Management & Development - 0.3% |  |  |
| CBRE Group Inc Class A (c) | 14480 | 1769166 |
| Jones Lang LaSalle Inc (c) | 5619 | 1277817 |
|  |  | 3046983 |
| Retail REITs - 0.7% |  |  |
| NNN REIT Inc  | 38387 | 1578090 |
| Realty Income Corp  | 40222 | 2327245 |
| Simon Property Group Inc  | 12921 | 2033507 |
|  |  | 5938842 |
| Specialized REITs - 0.4% |  |  |
| Gaming and Leisure Properties Inc  | 32628 | 1561576 |
| VICI Properties Inc  | 63921 | 2046751 |
|  |  | 3608327 |
| TOTAL REAL ESTATE |  | 21090020 |
| Utilities - 2.5% |  |  |
| Electric Utilities - 2.0% |  |  |
| Duke Energy Corp  | 31972 | 3901223 |
| Edison International  | 47257 | 2528722 |
| NextEra Energy Inc  | 66136 | 4423176 |
| PG&E Corp  | 172928 | 2856771 |
| Southern Co/The  | 44218 | 4063192 |
|  |  | 17773084 |
| Gas Utilities - 0.5% |  |  |
| National Fuel Gas Co  | 30923 | 2374268 |
| UGI Corp  | 71539 | 2345764 |
|  |  | 4720032 |
| TOTAL UTILITIES |  | 22493116 |
| TOTAL UNITED STATES |  | 877621382 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $867,865,856) |  | <br> **888286130** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/29/2025 (f)<br>(Cost $95,686)<br>| 4.25 | 96000 | **95684** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.33 | 1758070 | 1758422 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 2905159 | 2905450 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $4,663,872) |  |  | **4663872** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.3%**<br> (Cost $872,625,414)<br>| <br>**893045686** |
| **NET OTHER ASSETS (LIABILITIES) - (0.3)%** (d)  | **(2366104)** |
| **NET ASSETS - 100.0%** | **890679582** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME Micro E-Mini S&P 500 Index Contracts (United States) | 75 | Jun 2025 | 2095125 | 42251 | 42251 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% |

---

**Legend**

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

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

(c) Non-income producing

(d) Includes $70,296 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 $95,684.

(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.

**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 | 1114392 | 81622858 | 80978828 | 69271 | - | - | 1758422 | 1758070 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 1895050 | 52821473 | 51811073 | 5905 | - | - | 2905450 | 2905159 | 0.0% |
| Total | 3009442 | 134444331 | 132789901 | 75176 | - | - | 4663872 |  |  |

---

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:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $893560537.88

**Total Liabilities:** $2881164.43

**Net Assets:** $890679373.45

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000171935 | -0.98%               | -4.82%               | -2.23%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $27591293.89             | $-42740899.19                              |
| Month 2  | $23917311.39             | $-73024628.48                              |
| Month 3  | $31.40                   | $-17689298.86                              |

### 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        |     40652 | NS      | $2797670.64   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORP NEW                | DUKE ENERGY CORP NEW                          | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     31972 | NS      | $3901223.44   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSENT GROUP LTD                    | ESSENT GROUP LTD                              | CUSIP: N/A<br>LEI: 254900QUO860OUT6ZF83       | Long             | EC               | CORP              | BM        |    102902 | NS      | $5858210.86   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| LYONDELLBASELL INDS NV              | LYONDELLBASELL INDS CLASS A                   | CUSIP: N/A<br>LEI: BN6WCCZ8OVP3ITUUVN49       | Long             | EC               | CORP              | NL        |     22305 | NS      | $1298374.05   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCTER and GAMBLE CO               | PROCTER and GAMBLE CO                         | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     59306 | NS      | $9641376.42   | 1.08%             |  |  |  | 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        |     16783 | NS      | $1219452.78   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ARROW ELECTRONICS INC               | ARROW ELECTRONICS INC                         | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |     62654 | NS      | $6977149.44   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| AT and T INC                        | AT and T INC                                  | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    224424 | NS      | $6216544.80   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC                          | ABBVIE INC                                    | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     62516 | NS      | $12196871.60  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCH INC         | SP500 MIC EMIN FUTJUN25 HWAM5                 | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | N/A              | DE               | CORP              | US        |        75 | NC      | $42251.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                           | APPLE INC                                     | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    290476 | NS      | $61726150.00  | 6.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BOISE CASCADE CO DEL                | BOISE CASCADE CO                              | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |     30921 | NS      | $2884310.88   | 0.32%             |  |  |  | No            |                  1 | On Loan: —       |
| AMAZON.COM INC                      | AMAZON.COM INC                                | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    175756 | NS      | $32412921.52  | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS INC                  | CONOCOPHILLIPS                                | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     39849 | NS      | $3551342.88   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| WYNN RESORTS LTD                    | WYNN RESORTS LTD                              | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |     44468 | NS      | $3571225.08   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN COMPANY                    | SOUTHERN CO                                   | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     44218 | NS      | $4063192.02   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                      | MICROSOFT CORP                                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    145012 | NS      | $57317443.12  | 6.44%             |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR CO                       | FORD MOTOR CO                                 | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |    416967 | NS      | $4173839.67   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PLC                       | ACCENTURE PLC CL A                            | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |     28559 | NS      | $8543424.85   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC                            | VISA INC CL A                                 | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     46841 | NS      | $16183565.50  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| PRUDENTIAL FINL INC                 | PRUDENTIAL FINANCIAL INC                      | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |     58574 | NS      | $6016135.54   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ALBERTSONS COS INC                  | ALBERTSONS COS INC CL A                       | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |    162878 | NS      | $3580058.44   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO             | BRISTOL-MYERS SQUIBB CO                       | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    138072 | NS      | $6931214.40   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| JONES LANG LASALLE INC              | JONES LANG LASALLE INC                        | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |      5619 | NS      | $1277816.79   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC (THE)       | GOLDMAN SACHS GROUP INC                       | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     14648 | NS      | $8020512.40   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC                           | ADOBE INC                                     | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     23769 | NS      | $8912899.62   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP          | CAPITAL ONE FINANCIAL CORP                    | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     35915 | NS      | $6474037.90   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMBERLY-CLARK CORP                 | KIMBERLY CLARK CORP                           | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |     30346 | NS      | $3998995.88   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ON SEMICONDUCTOR CORP               | ON SEMICONDUCTOR CORP                         | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |    144554 | NS      | $5738793.80   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC                  | META PLATFORMS INC CL A                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     40975 | NS      | $22495275.00  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CHORD ENERGY CORP                   | CHORD ENERGY CORP                             | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     16972 | NS      | $1531383.56   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE GROUP INC                      | CBRE GROUP INC - CL A                         | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     14480 | NS      | $1769166.40   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT INC                        | NNN REIT INC                                  | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     38387 | NS      | $1578089.57   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY INC                  | NEXTERA ENERGY INC                            | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     66136 | NS      | $4423175.68   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHWAB CHARLES CORP                 | SCHWAB CHARLES CORP                           | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     98782 | NS      | $8040854.80   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INC         | HONEYWELL INTL INC                            | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     28162 | NS      | $5928101.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| DEERE and CO                        | DEERE and CO                                  | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     12430 | NS      | $5762050.80   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR INC                          | PACCAR INC                                    | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |     44284 | NS      | $3994859.64   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK and CO INC                    | MERCK and CO INC NEW                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    112201 | NS      | $9559525.20   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING INC       | AUTOMATIC DATA PROCESSING INC                 | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     19238 | NS      | $5782942.80   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYALTY PHARMA PLC                  | ROYALTY PHARMA PLC                            | CUSIP: N/A<br>LEI: 549300FGFN7VOK8BZR03       | Long             | EC               | CORP              | GB        |    202485 | NS      | $6645557.70   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| BUNGE GLOBAL SA                     | BUNGE GLOBAL SA                               | CUSIP: N/A<br>LEI: 254900IVXSV9K0B7PO26       | Long             | EC               | CORP              | CH        |     47920 | NS      | $3772262.40   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP INDUSTRIES INC                  | UFP INDUSTRIES INC                            | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |     33312 | NS      | $3292891.20   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| HOME DEPOT INC                      | HOME DEPOT INC                                | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     25531 | NS      | $9203670.19   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM CORP           | OCCIDENTAL PETROLEUM CORP                     | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |     48861 | NS      | $1925612.01   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX CORP                            | RTX CORP                                      | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     52112 | NS      | $6572886.56   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| DOLLAR GEN CORP NEW                 | DOLLAR GENERAL CORP                           | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |     47470 | NS      | $4447464.30   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| GAP INC                             | GAP INC                                       | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |    159378 | NS      | $3490378.20   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| NUCOR CORP                          | NUCOR CORP                                    | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     14338 | NS      | $1711527.06   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE INC                         | METLIFE INC                                   | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     80383 | NS      | $6058466.71   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC                          | PFIZER INC                                    | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    330511 | NS      | $8067773.51   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA INC                           | TESLA INC                                     | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     57282 | NS      | $16162689.12  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXTRON INC                         | TEXTRON INC                                   | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |     53814 | NS      | $3786891.18   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| PG and E CORP                       | PG and E CORP                                 | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |    172928 | NS      | $2856770.56   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGET CORP                         | TARGET CORP                                   | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     31432 | NS      | $3039474.40   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI PPTYS INC                      | VICI PPTYS INC                                | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     63921 | NS      | $2046750.42   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH INC                 | ELEVANCE HEALTH INC                           | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     19308 | NS      | $8120558.64   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC                         | WALMART INC                                   | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    105688 | NS      | $10278158.00  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP INC    | AMERICAN INTERNATIONAL GROUP                  | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     92262 | NS      | $7521198.24   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC                | THE BOOKING HOLDINGS INC                      | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      1306 | NS      | $6659659.68   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI CORP                            | UGI CORP NEW                                  | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     71539 | NS      | $2345763.81   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORP                  | VALERO ENERGY CORP                            | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     17978 | NS      | $2087066.02   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| HEWLETT PACKARD ENTERPRISE CO       | HEWLETT PACKARD ENTERPRISE CO                 | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |    354615 | NS      | $5751855.30   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT-MCMORAN INC                | FREEPORT MCMORAN INC                          | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     62182 | NS      | $2240417.46   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ABERCROMBIE and FITCH CO            | ABERCROMBIE and FITCH CO CL A                 | CUSIP: 002896207<br>LEI: 5493000J7LL72TOGT983 | Long             | EC               | CORP              | US        |     31682 | NS      | $2199364.44   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| WP CAREY INC                        | WP CAREY INC                                  | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |     28254 | NS      | $1764179.76   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL                 | SYNCHRONY FINANCIAL                           | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |     94890 | NS      | $4929535.50   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP INC                             | BXP INC                                       | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     21269 | NS      | $1355473.37   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CATERPILLAR INC                     | CATERPILLAR INC                               | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     18810 | NS      | $5817368.70   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CF INDUSTRIES HOLDINGS INC          | CF INDUSTRIES HOLDINGS INC                    | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     18304 | NS      | $1434484.48   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL FUEL GAS CO NJ             | NATIONAL FUEL GAS CO NJ                       | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     30923 | NS      | $2374267.94   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                       | CITIGROUP INC                                 | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    107824 | NS      | $7373005.12   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INC                        | QUALCOMM INC                                  | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     59460 | NS      | $8827431.60   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORP                        | COMCAST CORP CL A                             | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    138478 | NS      | $4735947.60   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| KROGER CO                           | KROGER CO                                     | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |     60072 | NS      | $4337799.12   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| EVEREST GROUP LTD                   | EVEREST GROUP LTD                             | CUSIP: N/A<br>LEI: 549300N24XF2VV0B3570       | Long             | EC               | CORP              | BM        |     18327 | NS      | $6576277.41   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                             | CRH PLC                                       | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |     25250 | NS      | $2409355.00   | 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        |     44145 | NS      | $23540321.25  | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC          | VERIZON COMMUNICATIONS INC                    | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    133986 | NS      | $5903423.16   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC INVESTMENT CORP                | MGIC INVESTMENT CORP                          | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    238831 | NS      | $5949280.21   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE INC                      | SALESFORCE INC                                | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     36831 | NS      | $9896858.01   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMERCIAL METALS CO                | COMMERCIAL METALS CO                          | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |     30189 | NS      | $1344618.06   | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Fidelity Revere Street Trust        | Fidelity Cash Central Fund                    | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |   1758070 | NS      | $1758421.64   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORP                | LOCKHEED MARTIN CORP                          | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     12013 | NS      | $5739210.75   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP INC                   | EXPEDIA INC                                   | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |     22736 | NS      | $3567960.48   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| REALTY INCOME CORP                  | REALTY INCOME CORP REIT                       | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     40222 | NS      | $2327244.92   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMING AND LEISURE PROPERTIES INC   | GAMING AND LEISURE PROPRTI INC                | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     32628 | NS      | $1561576.08   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| PARAMOUNT GLOBAL                    | PARAMOUNT GLOBAL CL B                         | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EC               | CORP              | US        |    238610 | NS      | $2801281.40   | 0.31%             |  |  |  | No            |                  1 | On Loan: —       |
| EXXON MOBIL CORP                    | EXXON MOBIL CORP                              | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     91630 | NS      | $9678876.90   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLOGOLD ASHANTI PLC               | ANGLOGOLD ASHANTI PLC                         | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | GB        |     50316 | NS      | $2121322.56   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MCDONALDS CORP                      | MCDONALDS CORP                                | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     24429 | NS      | $7808729.85   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHROP GRUMMAN CORP               | NORTHROP GRUMMAN CORP                         | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |     10326 | NS      | $5023599.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORP NEW                    | CHEVRON CORP                                  | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40259 | NS      | $5477639.54   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC            | BUILDERS FIRSTSOURCE                          | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |     25256 | NS      | $3021375.28   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED PARCEL SERVICE INC           | UNITED PARCEL SERVICE INC CL B                | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     46308 | NS      | $4413152.40   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| UST BILLS                           | UST BILLS 0% 05/29/2025                       | CUSIP: 912797NN3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     96000 | PA      | $95684.92     | 0.01%             | 2025-05-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TRAVELERS COS INC                   | TRAVELERS COMPANIES INC                       | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     28192 | NS      | $7446352.96   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES INC                   | EOG RESOURCES INC                             | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     23471 | NS      | $2589555.43   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDEX CORP                          | FEDEX CORP                                    | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     18809 | NS      | $3956096.97   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| EDISON INTERNATIONAL                | EDISON INTL                                   | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |     47257 | NS      | $2528722.07   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| MICRON TECHNOLOGY INC               | MICRON TECHNOLOGY INC                         | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     94899 | NS      | $7302478.05   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust        | Fidelity Securities Lending Cash Central Fund | CUSIP: 31635A303<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |   2775722 | NS      | $2776000.01   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DISCOVER FINANCIAL SVS              | DISCOVER FIN SVCS                             | CUSIP: 254709108<br>LEI: Z1YLO2USPORE63VVUL20 | Long             | EC               | CORP              | US        |     33971 | NS      | $6205482.57   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVERSAL HEALTH SERVICES INC       | UNIVERSAL HEALTH SVCS INC CL B                | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |     32879 | NS      | $5821884.53   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| HOST HOTELS and RESORTS INC         | HOST HOTELS and RESORTS INC                   | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |     95728 | NS      | $1351679.36   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| OWENS CORNING NEW                   | OWENS CORNING INC                             | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     22187 | NS      | $3226211.67   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORP                         | NVIDIA CORP                                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    478700 | NS      | $52140004.00  | 5.85%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTENE CORP DEL                    | CENTENE CORP                                  | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |    110123 | NS      | $6590861.55   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| DELTA AIRLINES INC                  | DELTA AIR INC                                 | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     65677 | NS      | $2734133.51   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOOM COMMUNICATIONS INC             | ZOOM COMMUNICATIONS INC CL A                  | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |     87041 | NS      | $6749159.14   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORPORATION         | BANK OF AMERICA CORPORATION                   | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    241815 | NS      | $9643582.20   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| LEIDOS HLDGS INC                    | LEIDOS HOLDINGS INC                           | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |     28994 | NS      | $4267336.92   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCHER DANIELS MIDLAND CO           | ARCHER DANIELS MIDLAND CO                     | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     76700 | NS      | $3662425.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| LENNAR CORP                         | LENNAR CORP CL A                              | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |     31736 | NS      | $3446846.96   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES INC                 | GILEAD SCIENCES INC                           | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     83265 | NS      | $8871053.10   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC              | UNITEDHEALTH GROUP INC                        | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     27241 | NS      | $11208037.04  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY GROUP INC            | SIMON PPTY GROUP INC - REIT                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     12921 | NS      | $2033506.98   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ALTRIA GROUP INC                    | ALTRIA GROUP INC                              | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     89629 | NS      | $5301555.35   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| MOSAIC CO                           | MOSAIC CO NEW                                 | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     54899 | NS      | $1668929.60   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AMDOCS LIMITED                      | AMDOCS LTD                                    | CUSIP: N/A<br>LEI: 549300HQV672RJ7RQV66       | Long             | EC               | CORP              | GG        |     82481 | NS      | $7306166.98   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| OVINTIV INC                         | OVINTIV INC                                   | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |     45160 | NS      | $1516472.80   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON and JOHNSON                 | JOHNSON and JOHNSON                           | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     81225 | NS      | $12696279.75  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| COGNIZANT TECHNOLOGY SOLUTIONS CORP | COGNIZANT TECH SOLUTIONS CL A                 | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     93425 | NS      | $6873277.25   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS INC                        | PROLOGIS INC REIT                             | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     27447 | NS      | $2805083.40   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PLC                           | LINDE PLC                                     | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | IE        |     11200 | NS      | $5076176.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC                        | ALPHABET INC CL A                             | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    196076 | NS      | $31136868.80  | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWMONT CORP                        | NEWMONT CORP                                  | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     50139 | NS      | $2641322.52   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AKAMAI TECHNOLOGIES INC             | AKAMAI TECHNOLOGIES INC                       | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |     72930 | NS      | $5876699.40   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| WALT DISNEY CO                      | DISNEY (WALT) CO                              | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     53491 | NS      | $4865006.45   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

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

**Signature:** Stacie M. Smith

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

**Title:** President and Treasurer