# EDGAR Filing Document

**Accession Number:** 0000205323
**File Stem:** 0000205323-26-000012
**Filing Date:** 2026-1
**Character Count:** 162826
**Document Hash:** de60cc264da0e55a0c6ca4669f0cacd7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000205323-26-000012.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0000205323-26-000012

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**EFFECTIVENESS DATE**: 20260122

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY COMMONWEALTH TRUST
- **CENTRAL INDEX KEY:** 0000205323

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02546
- **FILM NUMBER:** 26550297

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY INTERMEDIATE BOND FUND
- **DATE OF NAME CHANGE:** 19900412

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY THRIFT TRUST
- **DATE OF NAME CHANGE:** 19880308

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY INVESTORS TRUST
- **DATE OF NAME CHANGE:** 19790117

## Series and Classes Contracts Data

### Fidelity Nasdaq Composite Index ETF (Series ID: S000006011)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000016527 | Fidelity Nasdaq Composite Index ETF | ONEQ            |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-02546</u>

<u>Fidelity Commonwealth Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, Massachusetts 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;November 30 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;November 30, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Nasdaq Composite Index® ETF<br> **Fidelity® Nasdaq Composite Index® ETF : ONEQ** <br> **Principal U.S. Listing Exchange :** **NASDAQ/NMS Global Market**<br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Nasdaq Composite Index® ETF for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Nasdaq Composite Index® ETF  | $23  | 0.21% |

---

**What affected the Fund's performance this period?**

&nbsp;&nbsp;&nbsp;&nbsp;•U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

&nbsp;&nbsp;&nbsp;&nbsp;•Against this backdrop, information technology gained about 28% and contributed most to the fund's performance for the fiscal year. Communication services stocks also helped, gaining 42% and benefiting from the media & entertainment industry (+46%). The consumer discretionary sector rose approximately 11%. Other contributors included the health care (+16%), utilities (+30%) and financials (+2%) sectors.

&nbsp;&nbsp;&nbsp;&nbsp;•In contrast, industrials returned about -6% and detracted most. This group was hampered by the commercial & professional services industry (-18%). Real estate (-15%), hampered by the equity real estate investment trusts industry (-18%), and consumer staples (-4%) also hurt. Other detractors included the materials (-5%) and energy (-4%) sectors.

&nbsp;&nbsp;&nbsp;&nbsp;•Turning to individual stocks, the biggest contributor was Alphabet (+89%), from the media & entertainment category. Broadcom (+151%) and NVIDIA (+28%), within the semiconductors & semiconductor equipment category, boosted the fund. In technology hardware & equipment, Apple (+18%) contributed. Lastly, in software & services, Microsoft (+17%) also boosted the fund.

&nbsp;&nbsp;&nbsp;&nbsp;•Conversely, the biggest detractor was Adobe (-38%), from the software & services category. From the same category, Strategy returned roughly -54% and hindered the fund. Comcast (-36%) and Trade Desk (-69%), from the media & entertainment industry, detracted. Lastly, T-Mobile US (-14%), a stock in the telecommunication services category, also hindered the fund.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Nasdaq Composite Index® ETF<br>| $10000 | $10556<br>| $13745<br>| $14765<br>| $17692<br>| $25100<br>| $32185<br>| $24171<br>| $30360<br>| $41269<br>| $50432<br>|
| Nasdaq Composite Index®<br>| $10000 | $10553<br>| $13777<br>| $14845<br>| $17742<br>| $25205<br>| $32314<br>| $24045<br>| $30087<br>| $40934<br>| $50095<br>|
| S&P 500® Index<br>| $10000 | $10806<br>| $13277<br>| $14111<br>| $16384<br>| $19244<br>| $24617<br>| $22350<br>| $25443<br>| $34066<br>| $39175<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120924_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Nasdaq Composite Index® ETF - NAV  | 22.20% | 14.98% | 17.56% |
| Nasdaq Composite Index® | 22.38%<br>| 14.73%<br>| 17.48% |
| S&P 500® Index | 15.00%<br>| 15.28%<br>| 14.63% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $9330221718<br>|
| Number of Holdings | 1025<br>|
| Total Advisory Fee | $16708466<br>|
| Portfolio Turnover | 5%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 51.4 |
| Communication Services | 16.3 |
| Consumer Discretionary | 13.6 |
| Health Care | 5.8 |
| Financials | 3.6 |
| Industrials | 3.6 |
| Consumer Staples | 2.8 |
| Utilities | 0.9 |
| Materials | 0.7 |
| Real Estate | 0.6 |
| Energy | 0.5 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1283_20251130_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 96.5 |
| Canada | 0.9 |
| Netherlands | 0.6 |
| China | 0.6 |
| Brazil | 0.4 |
| Israel | 0.3 |
| United Kingdom | 0.3 |
| Hong Kong | 0.1 |
| Switzerland | 0.1 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1283_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Hong Kong - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 11.3<br>|
| Apple Inc | 10.7<br>|
| Microsoft Corp | 9.6<br>|
| Amazon.com Inc | 6.5<br>|
| Broadcom Inc | 5.0<br>|
| Alphabet Inc Class A | 4.9<br>|
| Alphabet Inc Class C | 4.6<br>|
| Meta Platforms Inc Class A | 3.6<br>|
| Tesla Inc | 3.6<br>|
| Netflix Inc | 1.2<br>|
|  | 61.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-FIDELITY or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1283_20251130_2.jpg)<br>| ![](img120924_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914109.101 1283-TSRA-0126 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, November 30, 2025, Fidelity Commonwealth Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

<u>Principal Accountant Fees and Services</u>

<u>Fees and Services</u>

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Nasdaq Composite Index ETF (the "Fund"):

**<u>Services Billed by PwC</u>**

**<u>November 30, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Nasdaq Composite Index ETF | &nbsp;&nbsp;$50000  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$6000  | &nbsp;&nbsp;$800  |

---

**<u>November 30, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Nasdaq Composite Index ETF | &nbsp;&nbsp;$48800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$12300  | &nbsp;&nbsp;$1500  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>November 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>November 30, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$8914100  | &nbsp;&nbsp;$9701800 |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$61000 |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$- | &nbsp;&nbsp;$35000 |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>November 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>November 30, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;PwC | &nbsp;&nbsp;$13758400  | &nbsp;&nbsp;$15304900  |

---

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

Item 5.

<u>Audit Committee of Listed Registrants</u>

The Audit Committee is a separately-designated standing audit committee in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. As of October 31, 2025, the members of the Audit Committee were Donald F. Donahue, Vijay C. Advani, Thomas Kennedy, Karen Peetz, and Susan Tomasky.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Nasdaq Composite Index® ETF**

**Annual Report**

**November 30, 2025**

![](img120714_1.jpg)

![](img120714_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_ETF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Nasdaq Composite Index® ETF](#Sub_Sec_Fund_1283_ETF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1283_ETF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_ETF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_ETF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ETF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ETF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ETF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ETF-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-FIDELITY to request a free copy of the proxy voting guidelines.

"Nasdaq®, Nasdaq Composite Index®, Nasdaq Composite®, and The Nasdaq Stock Market®, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by Fidelity. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the products(s).

The index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for us by Fidelity. S&P®;, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P") and Dow Jones®; is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the index or indices.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Nasdaq Composite Index® ETF**

**Schedule of Investments November 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| ARGENTINA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Grupo Financiero Galicia SA Class B ADR (b) | 14956 | 801193 |
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| IREN Ltd (b)(c) | 65857 | 3148623 |
| BAHAMAS (NASSAU) - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Diversified Consumer Services - 0.0% |  |  |
| OneSpaWorld Holdings Ltd (b) | 27241 | 556261 |
| BELGIUM - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Global Ltd Class A (c) | 26625 | 303791 |
| Liberty Global Ltd Class C (b)(c) | 60289 | 692118 |
| TOTAL BELGIUM |  | 995909 |
| BRAZIL - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Broadline Retail - 0.4% |  |  |
| MercadoLibre Inc (c) | 12256 | 25391736 |
| Diversified Consumer Services - 0.0% |  |  |
| Afya Ltd Class A (b) | 24013 | 363557 |
| TOTAL CONSUMER DISCRETIONARY |  | 25755293 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Inter & Co Inc Class A (b) | 102547 | 932152 |
| Capital Markets - 0.0% |  |  |
| XP Inc Class A  | 104603 | 2061725 |
| Financial Services - 0.0% |  |  |
| StoneCo Ltd Class A (c) | 85662 | 1443405 |
| TOTAL FINANCIALS |  | 4437282 |
| TOTAL BRAZIL |  | 30192575 |
| CAMEROON - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Golar LNG Ltd (b) | 25058 | 925893 |
| CANADA - 0.9%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Aurinia Pharmaceuticals Inc (c) | 44142 | 711569 |
| Xenon Pharmaceuticals Inc (c) | 38780 | 1734242 |
|  |  | 2445811 |
| Life Sciences Tools & Services - 0.0% |  |  |
| AbCellera Biologics Inc (b)(c) | 140758 | 525027 |
| Pharmaceuticals - 0.0% |  |  |
| Tilray Brands Inc Class 2 (b)(c) | 483434 | 393032 |
| TOTAL HEALTH CARE |  | 3363870 |
| Industrials - 0.2% |  |  |
| Professional Services - 0.2% |  |  |
| Thomson Reuters Corp (United States) (b) | 109526 | 14833106 |
| Information Technology - 0.7% |  |  |
| IT Services - 0.6% |  |  |
| Shopify Inc Class A (United States) (c) | 296313 | 47007095 |
| Software - 0.1% |  |  |
| Bitfarms Ltd/Canada (United States) (b)(c) | 209060 | 727529 |
| Descartes Systems Group Inc/The (United States) (c) | 20510 | 1690434 |
| Hut 8 Corp (United States) (c) | 28937 | 1302165 |
| Open Text Corp (United States) (b) | 61823 | 2079726 |
|  |  | 5799854 |
| TOTAL INFORMATION TECHNOLOGY |  | 52806949 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Methanex Corp (United States) (b) | 21604 | 769318 |
| Metals & Mining - 0.0% |  |  |
| Ssr Mining Inc (United States) (c) | 55655 | 1295649 |
| Tmc The Metals CO Inc Class A (b)(c) | 116913 | 813714 |
|  |  | 2109363 |
| TOTAL MATERIALS |  | 2878681 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Colliers International Group Inc Subordinate Voting Shares (United States) (b) | 11092 | 1597137 |
| FirstService Corp Subordinate Voting Shares (United States)  | 9091 | 1425923 |
|  |  | 3023060 |
| TOTAL CANADA |  | 76905666 |
| CHINA - 0.6%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.0% |  |  |
| iQIYI Inc Class A ADR (b)(c) | 208354 | 456295 |
| Netease Inc ADR  | 21654 | 2989335 |
|  |  | 3445630 |
| Interactive Media & Services - 0.2% |  |  |
| Baidu Inc Class A ADR (c) | 33274 | 3889399 |
| Bilibili Inc ADR (b)(c) | 31489 | 837922 |
| Hello Group Inc Class A ADR  | 59829 | 416410 |
| JOYY Inc Class A ADR  | 17346 | 1094880 |
| Weibo Corp Class A ADR (b) | 39679 | 394409 |
|  |  | 6633020 |
| TOTAL COMMUNICATION SERVICES |  | 10078650 |
| Consumer Discretionary - 0.4% |  |  |
| Automobile Components - 0.0% |  |  |
| WeRide Inc ADR (b)(c) | 72037 | 593585 |
| Automobiles - 0.0% |  |  |
| Li Auto Inc ADR (b)(c) | 53564 | 985042 |
| Broadline Retail - 0.3% |  |  |
| JD.com Inc ADR  | 118325 | 3529635 |
| PDD Holdings Inc Class A ADR (c) | 162193 | 18827364 |
|  |  | 22356999 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Atour Lifestyle Holdings Ltd ADR  | 27189 | 1043242 |
| H World Group Ltd ADR  | 35582 | 1640330 |
| Trip.com Group Ltd ADR  | 65622 | 4588290 |
|  |  | 7271862 |
| TOTAL CONSUMER DISCRETIONARY |  | 31207488 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Up Fintech Holding Ltd ADR (c) | 42171 | 371948 |
| Consumer Finance - 0.0% |  |  |
| Qfin Holdings Inc Class A ADR  | 34268 | 669254 |
| TOTAL FINANCIALS |  | 1041202 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Zai Lab Ltd ADR (c) | 20138 | 411017 |
| Pharmaceuticals - 0.0% |  |  |
| BGM Group Ltd Class A (b)(c) | 19827 | 152667 |
| TOTAL HEALTH CARE |  | 563684 |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| Kanzhun Ltd ADR  | 89692 | 1982193 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| GDS Holdings Ltd Class A ADR (b)(c) | 29024 | 985945 |
| Vnet Group Inc Class A ADR (c) | 54480 | 487051 |
|  |  | 1472996 |
| TOTAL CHINA |  | 46346213 |
| COSTA RICA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Establishment Labs Holdings Inc (c) | 9573 | 663313 |
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Ascendis Pharma A/S ADR (c) | 14341 | 3045025 |
| Genmab A/S ADR (b)(c) | 13841 | 447894 |
| TOTAL DENMARK |  | 3492919 |
| FRANCE - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Criteo SA ADR (c) | 16536 | 328736 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Abivax SA ADR (c) | 14161 | 1767718 |
| Clementia Pharmaceuticals Inc rights (c)(d) | 20215 | 0 |
|  |  | 1767718 |
| TOTAL FRANCE |  | 2096454 |
| GERMANY - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| BioNTech SE ADR (b)(c) | 25430 | 2623105 |
| CureVac NV (c) | 90286 | 495670 |
|  |  | 3118775 |
| Pharmaceuticals - 0.0% |  |  |
| Atai Beckley NV (b)(c) | 98696 | 383927 |
| TOTAL GERMANY |  | 3502702 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Webull Corp Class A (b) | 105963 | 988635 |
| Insurance - 0.0% |  |  |
| Oxbridge Re Holdings Ltd (c) | 89689 | 121977 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 1110612 |
| GREECE - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Star Bulk Carriers Corp (b) | 31141 | 619706 |
| GUATEMALA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Millicom International Cellular SA  | 41170 | 2184892 |
| HONG KONG - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| QMMM Holdings Ltd Class A (c)(d) | 11212 | 1338713 |
| Consumer Discretionary - 0.0% |  |  |
| Diversified Consumer Services - 0.0% |  |  |
| SuperX AI Technology Ltd (b)(c) | 7817 | 235526 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Melco Resorts & Entertainment Ltd ADR (c) | 72722 | 662498 |
| TOTAL CONSUMER DISCRETIONARY |  | 898024 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Futu Holdings Ltd Class A ADR  | 24694 | 4189584 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Regencell Bioscience Holdings Ltd (b)(c) | 120861 | 1393527 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Diginex Ltd (b)(c) | 46241 | 534083 |
| TOTAL HONG KONG |  | 8353931 |
| INDIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| MakeMyTrip Ltd (b)(c) | 21395 | 1527389 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| ReNew Energy Global PLC Class A (c) | 90489 | 688621 |
| TOTAL INDIA |  | 2216010 |
| INDONESIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| Polibeli Group Ltd Class A (b) | 88788 | 907413 |
| IRELAND - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Cimpress PLC (b)(c) | 8967 | 617378 |
| ISRAEL - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Taboola.com Ltd (c) | 137169 | 559650 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Mobileye Global Inc Class A (c) | 45270 | 535091 |
| Broadline Retail - 0.0% |  |  |
| Global-e Online Ltd (b)(c) | 42964 | 1736605 |
| TOTAL CONSUMER DISCRETIONARY |  | 2271696 |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| Oddity Tech Ltd Class A (c) | 10730 | 464180 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd Class A  | 10931 | 458774 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Elbit Systems Ltd (United States)  | 11509 | 5406813 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Nayax Ltd (United States) (b)(c) | 13330 | 593851 |
| IT Services - 0.0% |  |  |
| Wix.com Ltd (c) | 13791 | 1319937 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Camtek Ltd/Israel (b)(c) | 12209 | 1285547 |
| Nova Ltd (c) | 7441 | 2327842 |
| Tower Semiconductor Ltd (United States) (c) | 28948 | 3129568 |
|  |  | 6742957 |
| Software - 0.1% |  |  |
| Cellebrite DI Ltd (c) | 63510 | 1070779 |
| Check Point Software Technologies Ltd (b)(c) | 26864 | 5017389 |
| Magic Software Enterprises Ltd (b) | 25770 | 594771 |
| Nice Ltd ADR (c) | 12237 | 1297979 |
| Radware Ltd (c) | 27153 | 622890 |
| Sapiens International Corp NV  | 18504 | 800668 |
|  |  | 9404476 |
| TOTAL INFORMATION TECHNOLOGY |  | 18061221 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Enlight Renewable Energy Ltd (United States) (c) | 35160 | 1407103 |
| TOTAL ISRAEL |  | 28629437 |
| ITALY - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Ryanair Holdings PLC ADR  | 54984 | 3747709 |
| JAPAN - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Satsuma Pharmaceuticals Inc rights (c)(d) | 218164 | 1 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Allegro MicroSystems Inc (b)(c) | 49122 | 1311066 |
| TOTAL JAPAN |  | 1311067 |
| JORDAN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| International General Insurance Holdings Ltd (b) | 9257 | 222631 |
| KAZAKHSTAN - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.0% |  |  |
| Freedom Holding Corp/NV (b)(c) | 17474 | 2304820 |
| Consumer Finance - 0.1% |  |  |
| Kaspi.KZ JSC ADR (c) | 48634 | 3759895 |
| TOTAL KAZAKHSTAN |  | 6064715 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Webtoon Entertainment Inc (b)(c) | 39564 | 550335 |
| LUXEMBOURG - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Alvotech SA (b)(c) | 66552 | 339415 |
| NETHERLANDS - 0.6%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Argenx SE ADR (c) | 7600 | 6931048 |
| Merus NV (c) | 20517 | 1972504 |
| Newamsterdam Pharma Co NV (b)(c) | 33975 | 1403168 |
|  |  | 10306720 |
| Pharmaceuticals - 0.0% |  |  |
| Pharvaris NV (c) | 29876 | 847881 |
| TOTAL HEALTH CARE |  | 11154601 |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| ASML Holding NV depository receipt  | 20108 | 21314480 |
| NXP Semiconductors NV  | 61518 | 11992319 |
|  |  | 33306799 |
| Software - 0.0% |  |  |
| Nebius Group NV Class A (b)(c) | 49053 | 4653658 |
| TOTAL INFORMATION TECHNOLOGY |  | 37960457 |
| TOTAL NETHERLANDS |  | 49115058 |
| PAKISTAN - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| VEON Ltd ADR (c) | 13295 | 709820 |
| PUERTO RICO - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class C (b)(c) | 95785 | 838119 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Popular Inc  | 6659 | 763854 |
| TOTAL PUERTO RICO |  | 1601973 |
| RUSSIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Ozon Holdings PLC ADR (b)(c)(d) | 22100 | 0 |
| SINGAPORE - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Ground Transportation - 0.1% |  |  |
| Grab Holdings Ltd Class A (c) | 793503 | 4324592 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Kulicke & Soffa Industries Inc  | 23549 | 1062295 |
| TOTAL SINGAPORE |  | 5386887 |
| SOUTH AFRICA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Karooooo Ltd  | 10791 | 485919 |
| SPAIN - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Grifols SA Class B ADR  | 45842 | 405702 |
| SWEDEN - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Dova Pharmaceuticals Inc rights (c)(d) | 7729 | 0 |
| Information Technology - 0.0% |  |  |
| Communications Equipment - 0.0% |  |  |
| Telefonaktiebolaget LM Ericsson Class B ADR  | 65700 | 630720 |
| TOTAL SWEDEN |  | 630720 |
| SWITZERLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Garrett Motion Inc  | 45501 | 752132 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| TORM PLC Class A (United States) (b) | 29195 | 625064 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| CRISPR Therapeutics AG (b)(c) | 27795 | 1486199 |
| Health Care Technology - 0.0% |  |  |
| Sophia Genetics SA (c) | 51557 | 253660 |
| TOTAL HEALTH CARE |  | 1739859 |
| Information Technology - 0.1% |  |  |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Logitech International SA (United States) (b) | 37423 | 4218695 |
| TOTAL SWITZERLAND |  | 7335750 |
| TAIWAN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| OBOOK Holdings Inc Class A (b) | 9150 | 75488 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Jyong Biotech Ltd (b)(c) | 18172 | 494278 |
| Pharmaceuticals - 0.0% |  |  |
| YD Bio Ltd (b) | 21017 | 242326 |
| TOTAL HEALTH CARE |  | 736604 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Silicon Motion Technology Corp ADR  | 9889 | 879725 |
| TOTAL TAIWAN |  | 1691817 |
| UNITED ARAB EMIRATES - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Kyivstar Group Ltd (b) | 86250 | 1222163 |
| UNITED KINGDOM - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Vodafone Group PLC ADR  | 120339 | 1500627 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Coca-Cola Europacific Partners PLC (b) | 109622 | 10051241 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Marex Group PLC (b) | 21717 | 755534 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.0% |  |  |
| Immunocore Holdings PLC ADR (c) | 20117 | 794622 |
| Pharmaceuticals - 0.2% |  |  |
| Astrazeneca PLC ADR  | 139910 | 12972456 |
| Astrazeneca PLC rights (c)(d) | 21510 | 0 |
| CinCor Pharma Inc rights (c)(d) | 12042 | 0 |
| Indivior PLC (c) | 37686 | 1266250 |
|  |  | 14238706 |
| TOTAL HEALTH CARE |  | 15033328 |
| TOTAL UNITED KINGDOM |  | 27340730 |
| UNITED STATES - 96.3%  |  |  |
| Communication Services - 16.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| AST SpaceMobile Inc Class A (b)(c) | 67995 | 3821319 |
| Cogent Communications Holdings Inc  | 21727 | 414551 |
| Frontier Communications Parent Inc (c) | 29074 | 1102486 |
| GCI Liberty Inc/DEL Class A (c)(d) | 18738 | 0 |
| Globalstar Inc (b)(c) | 30926 | 1878755 |
| Iridium Communications Inc (b) | 38990 | 639436 |
| Shenandoah Telecommunications Co (b) | 62356 | 681551 |
| Uniti Group Inc (b)(c) | 59562 | 379410 |
|  |  | 8917508 |
| Entertainment - 1.7% |  |  |
| Atlanta Braves Holdings Inc Class C (c) | 18309 | 728698 |
| Electronic Arts Inc  | 59846 | 12090687 |
| Liberty Media Corp-Liberty Formula One Class C (c) | 59188 | 5680864 |
| Liberty Media Corp-Liberty Live Class A (c) | 10091 | 776200 |
| Liberty Media Corp-Liberty Live Class C (c) | 12957 | 1026324 |
| Netflix Inc (c) | 1029332 | 110735537 |
| Playtika Holding Corp  | 104660 | 423873 |
| Roku Inc Class A (c) | 33366 | 3229495 |
| Take-Two Interactive Software Inc (c) | 46198 | 11367942 |
| Warner Bros Discovery Inc (c) | 607016 | 14568384 |
| Warner Music Group Corp Class A  | 37082 | 1047196 |
|  |  | 161675200 |
| Interactive Media & Services - 13.1% |  |  |
| Alphabet Inc Class A  | 1409351 | 451246004 |
| Alphabet Inc Class C  | 1315812 | 421217737 |
| Cargurus Inc Class A (c) | 22593 | 797081 |
| IAC Inc Class A (b)(c) | 21457 | 752497 |
| Match Group Inc  | 60071 | 2000965 |
| Meta Platforms Inc Class A  | 524426 | 339801827 |
| Rumble Inc Class A (b)(c) | 54706 | 370360 |
| TripAdvisor Inc Class A (b) | 33566 | 499126 |
| Trump Media & Technology Group Corp (b)(c) | 57413 | 662546 |
| Ziff Davis Inc (c) | 16368 | 537198 |
| ZoomInfo Technologies Inc (c) | 94644 | 938868 |
|  |  | 1218824209 |
| Media - 0.6% |  |  |
| Advantage Solutions Inc Class A (c) | 171304 | 162670 |
| Charter Communications Inc Class A (b)(c) | 33370 | 6678004 |
| Comcast Corp Class A  | 894530 | 23875007 |
| comScore Inc (c) | 11581 | 79909 |
| EchoStar Corp Class A (b)(c) | 39953 | 2928155 |
| Fox Corp Class A  | 54170 | 3548135 |
| Fox Corp Class B  | 53283 | 3104268 |
| Integral Ad Science Holding Corp (b)(c) | 58340 | 599735 |
| Liberty Broadband Corp Class A (c) | 5534 | 256280 |
| Liberty Broadband Corp Class C (c) | 30808 | 1426102 |
| Magnite Inc (c) | 44843 | 658744 |
| News Corp Class A  | 90302 | 2318955 |
| News Corp Class B (b) | 36127 | 1063218 |
| Nexstar Media Group Inc (b) | 6632 | 1274272 |
| Paramount Skydance Corp Class B (b) | 257903 | 4131606 |
| Sirius XM Holdings Inc (b) | 81586 | 1734518 |
| Stagwell Inc Class A (b)(c) | 129143 | 692206 |
| Trade Desk Inc (The) Class A (c) | 109025 | 4313029 |
|  |  | 58844813 |
| Wireless Telecommunication Services - 0.6% |  |  |
| Gogo Inc (b)(c) | 50680 | 362362 |
| T-Mobile US Inc  | 271696 | 56787181 |
|  |  | 57149543 |
| TOTAL COMMUNICATION SERVICES |  | 1505411273 |
| Consumer Discretionary - 12.8% |  |  |
| Automobile Components - 0.1% |  |  |
| Dorman Products Inc (b)(c) | 8733 | 1155114 |
| Fox Factory Holding Corp (c) | 28262 | 417995 |
| Gentex Corp  | 49560 | 1131455 |
| Gentherm Inc (c) | 26018 | 928062 |
| Goodyear Tire & Rubber Co/The (b)(c) | 87191 | 755074 |
| Kodiak AI Inc (b)(c) | 42083 | 252497 |
| Patrick Industries Inc (b) | 7944 | 859700 |
| Visteon Corp  | 6515 | 672674 |
|  |  | 6172571 |
| Automobiles - 3.6% |  |  |
| Cenntro Inc (b)(c) | 650272 | 108986 |
| Lucid Group Inc (b)(c) | 46294 | 630987 |
| Rivian Automotive Inc Class A (b)(c) | 188326 | 3175176 |
| Tesla Inc (c) | 781585 | 336214420 |
|  |  | 340129569 |
| Broadline Retail - 6.6% |  |  |
| Amazon.com Inc (c) | 2584195 | 602685958 |
| eBay Inc  | 111123 | 9199873 |
| Ollie's Bargain Outlet Holdings Inc (c) | 15915 | 1959296 |
| Pattern Group Inc Class A (b) | 37398 | 543767 |
|  |  | 614388894 |
| Distributors - 0.0% |  |  |
| LKQ Corp  | 62129 | 1844610 |
| Pool Corp (b) | 9152 | 2229427 |
|  |  | 4074037 |
| Diversified Consumer Services - 0.1% |  |  |
| Driven Brands Holdings Inc (b)(c) | 71129 | 1039195 |
| Duolingo Inc Class A (c) | 9087 | 1739343 |
| Frontdoor Inc (c) | 18567 | 1001318 |
| Grand Canyon Education Inc (c) | 5867 | 925461 |
| Laureate Education Inc (c) | 39018 | 1205656 |
| Mister Car Wash Inc (b)(c) | 109914 | 586941 |
| Perdoceo Education Corp  | 12250 | 342509 |
| Strategic Education Inc  | 7494 | 584682 |
| Udemy Inc (c) | 81776 | 415422 |
|  |  | 7840527 |
| Hotels, Restaurants & Leisure - 1.6% |  |  |
| Airbnb Inc Class A (c) | 105033 | 12287811 |
| Booking Holdings Inc  | 7841 | 38536084 |
| Caesars Entertainment Inc (b)(c) | 50159 | 1167200 |
| Cheesecake Factory Inc/The (b) | 13859 | 660520 |
| Churchill Downs Inc  | 15999 | 1745331 |
| Cracker Barrel Old Country Store Inc (b) | 9872 | 285201 |
| Domino's Pizza Inc  | 7829 | 3285283 |
| DoorDash Inc Class A (c) | 97663 | 19373409 |
| DraftKings Inc Class A (c) | 118976 | 3945244 |
| Expedia Group Inc Class A  | 27678 | 7076988 |
| Golden Entertainment Inc  | 23135 | 694513 |
| Marriott International Inc/MD Class A1  | 65782 | 20049696 |
| Monarch Casino & Resort Inc  | 5239 | 505983 |
| Navan Inc Class A (c) | 56386 | 941082 |
| Papa John's International Inc (b) | 11257 | 473581 |
| Penn Entertainment Inc (c) | 49959 | 741392 |
| Red Rock Resorts Inc Class A  | 13073 | 765686 |
| Sharplink Gaming Inc (b)(c) | 50084 | 531892 |
| Sportradar Holding AG Class A (c) | 54112 | 1190464 |
| Starbucks Corp  | 274802 | 23938002 |
| Texas Roadhouse Inc  | 13727 | 2405657 |
| Wendy's Co/The (b) | 63022 | 532536 |
| Wingstop Inc (b) | 7160 | 1895467 |
| Wynn Resorts Ltd  | 24779 | 3188562 |
|  |  | 146217584 |
| Household Durables - 0.0% |  |  |
| Cavco Industries Inc (c) | 2063 | 1228826 |
| LGI Homes Inc (b)(c) | 24725 | 1286195 |
| Newell Brands Inc (b) | 150981 | 551081 |
| Sonos Inc (c) | 44933 | 833956 |
|  |  | 3900058 |
| Leisure Products - 0.1% |  |  |
| BRP Inc Subordinate Voting Shares (United States)  | 13262 | 916537 |
| Hasbro Inc  | 34113 | 2817734 |
| Mattel Inc (b)(c) | 72803 | 1537599 |
| Peloton Interactive Inc Class A (c) | 114505 | 777489 |
|  |  | 6049359 |
| Specialty Retail - 0.6% |  |  |
| Academy Sports & Outdoors Inc (b) | 21512 | 1037954 |
| Five Below Inc (c) | 14745 | 2431303 |
| National Vision Holdings Inc (c) | 30230 | 872136 |
| O'Reilly Automotive Inc (c) | 205836 | 20933521 |
| RealReal Inc/The (c) | 48399 | 700818 |
| Ross Stores Inc  | 79630 | 14043547 |
| Tractor Supply Co (b) | 131008 | 7176618 |
| Ulta Beauty Inc (c) | 11071 | 5965387 |
| Upbound Group Inc  | 31512 | 564695 |
| Urban Outfitters Inc (c) | 23980 | 1776199 |
| Winmark Corp  | 933 | 383471 |
|  |  | 55885649 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Columbia Sportswear Co  | 15161 | 814297 |
| Crocs Inc (b)(c) | 13773 | 1170430 |
| G-III Apparel Group Ltd (c) | 12712 | 370555 |
| Lululemon Athletica Inc (c) | 28032 | 5162934 |
| Steven Madden Ltd  | 31026 | 1296266 |
|  |  | 8814482 |
| TOTAL CONSUMER DISCRETIONARY |  | 1193472730 |
| Consumer Staples - 2.7% |  |  |
| Beverages - 0.9% |  |  |
| Celsius Holdings Inc (c) | 64608 | 2645052 |
| Coca-Cola Consolidated Inc  | 19478 | 3173940 |
| Keurig Dr Pepper Inc  | 326324 | 9104440 |
| Monster Beverage Corp (c) | 226433 | 16980211 |
| National Beverage Corp (c) | 26776 | 911990 |
| PepsiCo Inc  | 330387 | 49141762 |
| Vita Coco Co Inc/The (c) | 20878 | 1115094 |
|  |  | 83072489 |
| Consumer Staples Distribution & Retail - 1.3% |  |  |
| Andersons Inc/The  | 12219 | 629279 |
| Casey's General Stores Inc  | 8970 | 5117026 |
| Chefs' Warehouse Inc/The (c) | 16127 | 988908 |
| Costco Wholesale Corp  | 105726 | 96590216 |
| Dollar Tree Inc (c) | 53731 | 5953932 |
| Grocery Outlet Holding Corp (b)(c) | 43842 | 487961 |
| Ingles Markets Inc Class A  | 12925 | 994191 |
| Maplebear Inc (c) | 68082 | 2860125 |
| PriceSmart Inc (b) | 11333 | 1395092 |
| Sprouts Farmers Market Inc (c) | 23328 | 1955120 |
|  |  | 116971850 |
| Food Products - 0.4% |  |  |
| Bridgford Foods Corp (c) | 2982 | 23706 |
| Cal-Maine Foods Inc (b) | 11352 | 945849 |
| Campbell's Company/The  | 73451 | 2238786 |
| Freshpet Inc (b)(c) | 11936 | 682262 |
| J & J Snack Foods Corp  | 6256 | 577742 |
| Kraft Heinz Co/The  | 325407 | 8301133 |
| Marzetti Company/The  | 7701 | 1285605 |
| Mondelez International Inc  | 311933 | 17957983 |
| Pilgrim's Pride Corp (b) | 60954 | 2318690 |
| Seneca Foods Corp Class A (c) | 5495 | 664620 |
| Simply Good Foods Co/The (c) | 29491 | 580383 |
| Smithfield Foods Inc  | 97096 | 2098245 |
| Vital Farms Inc (c) | 15501 | 506882 |
|  |  | 38181886 |
| Household Products - 0.1% |  |  |
| Central Garden & Pet Co Class A (c) | 18514 | 572823 |
| Kimberly-Clark Corp (b) | 80387 | 8771830 |
| Reynolds Consumer Products Inc (b) | 57062 | 1425409 |
| WD-40 Co  | 4068 | 796514 |
|  |  | 11566576 |
| Personal Care Products - 0.0% |  |  |
| Interparfums Inc (b) | 8962 | 728342 |
| Olaplex Holdings Inc (b)(c) | 283739 | 323462 |
|  |  | 1051804 |
| TOTAL CONSUMER STAPLES |  | 250844605 |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Baker Hughes Co Class A  | 241877 | 12142225 |
| Patterson-UTI Energy Inc  | 251824 | 1463097 |
| Smart Sand Inc  | 113666 | 335315 |
| Weatherford International PLC (b) | 19208 | 1436758 |
|  |  | 15377395 |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Alliance Resource Partners LP  | 38828 | 946238 |
| APA Corp  | 90915 | 2270148 |
| Calumet Inc (b)(c) | 27915 | 538760 |
| Chord Energy Corp  | 13780 | 1293391 |
| Diamondback Energy Inc  | 70331 | 10731808 |
| Dorchester Minerals Mlp  | 16955 | 372077 |
| Expand Energy Corp  | 56448 | 6882705 |
| HighPeak Energy Inc Class A (b) | 49306 | 330843 |
| NextDecade Corp (b)(c) | 85956 | 525191 |
| Plains All American Pipeline LP  | 165465 | 2880746 |
| Plains GP Holdings LP Class A  | 43486 | 806230 |
| Viper Energy Inc Class A (b) | 32489 | 1186823 |
| XCF Global Inc Class A  | 87960 | 65090 |
|  |  | 28830050 |
| TOTAL ENERGY |  | 44207445 |
| Financials - 3.4% |  |  |
| Banks - 1.0% |  |  |
| 1st Source Corp  | 8512 | 531489 |
| Amalgamated Financial Corp  | 21837 | 640916 |
| BancFirst Corp  | 12735 | 1411547 |
| Bancorp Inc/The (b)(c) | 14418 | 923761 |
| Bank First Corp (b) | 6374 | 795029 |
| Bank OZK (b) | 20182 | 928776 |
| Banner Corp  | 12347 | 775515 |
| BCB Bancorp Inc  | 32182 | 257134 |
| BOK Financial Corp (b) | 11142 | 1254812 |
| Broadway Financial Corp/DE (c) | 16758 | 104904 |
| Burke & Herbert Financial Services Corp (b) | 12597 | 821828 |
| Business First Bancshares Inc  | 13242 | 344557 |
| Carver Bancorp Inc (c) | 40449 | 65122 |
| Cathay General Bancorp  | 20704 | 1002902 |
| Central BanCo Inc (b) | 57686 | 1359082 |
| City Holding Co (b) | 5746 | 697047 |
| Coastal Financial Corp/WA Class A (b)(c) | 7456 | 830226 |
| Columbia Banking System Inc  | 72439 | 2008009 |
| Columbia Financial Inc (b)(c) | 78670 | 1245346 |
| Commerce Bancshares Inc/MO  | 13111 | 706814 |
| Community Trust Bancorp Inc  | 4692 | 260406 |
| Connectone Bancorp Inc  | 46096 | 1164846 |
| CVB Financial Corp  | 53389 | 1050696 |
| Dime Community Bancshares Inc  | 31309 | 887610 |
| East West Bancorp Inc (b) | 33336 | 3556951 |
| Eastern Bankshares Inc (b) | 64850 | 1221126 |
| Enterprise Financial Services Corp  | 14364 | 784418 |
| Fifth Third Bancorp  | 156051 | 6781976 |
| First Bancorp/Southern Pines NC  | 18003 | 918333 |
| First Busey Corp  | 25015 | 588853 |
| First Citizens BancShares Inc/NC Class A (b) | 2824 | 5303161 |
| First Community Bankshares Inc  | 11290 | 377312 |
| First Financial Bancorp  | 29832 | 742220 |
| First Financial Bankshares Inc  | 40003 | 1249694 |
| First Hawaiian Inc  | 37370 | 931260 |
| First Internet Bancorp  | 16928 | 322478 |
| First Interstate BancSystem Inc Class A  | 43013 | 1412547 |
| First Merchants Corp (b) | 18525 | 682461 |
| First Mid Bancshares Inc  | 13512 | 514267 |
| Firstsun Capital Bancorp (c) | 5886 | 196768 |
| Fulton Financial Corp  | 38991 | 707687 |
| German American Bancorp Inc  | 14828 | 588672 |
| Hancock Whitney Corp  | 12688 | 768766 |
| Heritage Commerce Corp  | 77685 | 845990 |
| Hope Bancorp Inc  | 92406 | 981352 |
| Huntington Bancshares Inc/OH  | 305036 | 4972087 |
| Independent Bank Corp (b) | 17822 | 1284075 |
| International Bancshares Corp  | 15545 | 1033432 |
| Investar Holding Corp  | 20400 | 505920 |
| Lakeland Financial Corp (b) | 9255 | 539196 |
| Mechanics Bancorp Class A (b)(c) | 41285 | 641569 |
| Mercantile Bank Corp  | 18048 | 829847 |
| MidWestOne Financial Group Inc  | 33427 | 1322706 |
| NB Bancorp Inc (b) | 20058 | 392936 |
| Nbt Bancorp Inc  | 17245 | 714978 |
| Northwest Bancshares Inc  | 48140 | 575754 |
| OceanFirst Financial Corp  | 43460 | 819221 |
| Old National Bancorp/IN (b) | 81700 | 1775341 |
| Old Second Bancorp Inc  | 21507 | 405407 |
| Pathward Financial Inc  | 3583 | 257618 |
| Peoples Bancorp Inc/OH  | 19655 | 582378 |
| Pinnacle Financial Partners Inc  | 15757 | 1444602 |
| Preferred Bank/Los Angeles CA (b) | 3072 | 290028 |
| QCR Holdings Inc  | 10504 | 857442 |
| Republic Bancorp Inc/KY Class A  | 12507 | 863108 |
| S&T Bancorp Inc  | 25870 | 1021348 |
| Seacoast Banking Corp of Florida  | 26915 | 849437 |
| Simmons First National Corp Class A  | 42860 | 795053 |
| Stock Yards Bancorp Inc  | 15751 | 1042244 |
| Texas Capital Bancshares Inc (c) | 12919 | 1164906 |
| TFS Financial Corp (b) | 89039 | 1268806 |
| Towne Bank/Portsmouth VA  | 24970 | 837744 |
| TriCo Bancshares  | 13011 | 625829 |
| Trustmark Corp (b) | 11320 | 440348 |
| UMB Financial Corp  | 18171 | 2018435 |
| United Bankshares Inc/WV (b) | 22707 | 845609 |
| Univest Financial Corp  | 29814 | 948085 |
| Valley National Bancorp (b) | 119787 | 1355989 |
| WaFd Inc  | 30823 | 975856 |
| WesBanco Inc  | 23940 | 772544 |
| Westamerica BanCorp  | 10309 | 494626 |
| Wintrust Financial Corp  | 10441 | 1399303 |
| WSFS Financial Corp  | 18830 | 1050902 |
| Zions Bancorp NA  | 32175 | 1712675 |
|  |  | 89272050 |
| Capital Markets - 1.3% |  |  |
| BGC Group Inc Class A  | 108904 | 947465 |
| Carlyle Group Inc/The  | 88584 | 4830486 |
| CME Group Inc Class A  | 87297 | 24570615 |
| Coinbase Global Inc Class A (c) | 52393 | 14293858 |
| Galaxy Digital Inc Class A (b) | 47359 | 1259276 |
| Gemini Space Station Inc Class A (b) | 10520 | 115720 |
| Greenpro Capital Corp (b)(c) | 73850 | 115206 |
| Hamilton Lane Inc Class A  | 10948 | 1356840 |
| Interactive Brokers Group Inc Class A  | 106531 | 6926646 |
| LPL Financial Holdings Inc  | 19237 | 6849141 |
| MarketAxess Holdings Inc (b) | 9864 | 1616611 |
| Morningstar Inc  | 10548 | 2266343 |
| Nasdaq Inc  | 137421 | 12494317 |
| Northern Trust Corp  | 44902 | 5897429 |
| Perella Weinberg Partners Class A  | 31871 | 581964 |
| Robinhood Markets Inc Class A (c) | 188019 | 24158562 |
| SEI Investments Co  | 16637 | 1345268 |
| StepStone Group Inc Class A  | 21850 | 1380046 |
| StoneX Group Inc (b)(c) | 11761 | 1065664 |
| Strive Inc Class A (b)(c) | 146651 | 164249 |
| T Rowe Price Group Inc  | 51782 | 5301441 |
| TPG Inc Class A (b) | 35531 | 2099171 |
| Tradeweb Markets Inc Class A  | 29701 | 3233251 |
| Victory Capital Holdings Inc Class A (b) | 19738 | 1241323 |
|  |  | 124110892 |
| Consumer Finance - 0.2% |  |  |
| Atlanticus Holdings Corp (c) | 3947 | 232675 |
| Credit Acceptance Corp (b)(c) | 2910 | 1344333 |
| Dave Inc Class A (c) | 3234 | 705853 |
| Encore Capital Group Inc (b)(c) | 14621 | 758684 |
| Figure Technology Solutions Inc Class A (b) | 42055 | 1524073 |
| FirstCash Holdings Inc  | 10734 | 1700373 |
| Jefferson Capital Inc (b) | 16497 | 345942 |
| Navient Corp  | 37940 | 470456 |
| SLM Corp (b) | 48270 | 1414311 |
| SoFi Technologies Inc Class A (c) | 302009 | 8975707 |
| Upstart Holdings Inc (b)(c) | 22632 | 1017535 |
| World Acceptance Corp (b)(c) | 4197 | 649108 |
|  |  | 19139050 |
| Financial Services - 0.5% |  |  |
| Affirm Holdings Inc Class A (c) | 67239 | 4770607 |
| Cantor Equity Partners IV Inc  | 41731 | 432333 |
| Chime Financial Inc Class A (b)(c) | 108951 | 2302135 |
| Churchill Capital Corp X Class A  | 73801 | 1088565 |
| Crane Inflection Point Acquisition Corp III Class A  | 31697 | 319822 |
| Enact Holdings Inc  | 41139 | 1592491 |
| Euronet Worldwide Inc (b)(c) | 11633 | 861889 |
| Fiserv Inc (c) | 131688 | 8094861 |
| Flywire Corp (c) | 51736 | 723787 |
| Jack Henry & Associates Inc (b) | 17479 | 3049736 |
| M3-Brigade Acquisition V Corp Class A (c) | 105289 | 1115011 |
| Marqeta Inc Class A (b)(c) | 165405 | 792290 |
| Merchants Bancorp/IN (b) | 17403 | 568904 |
| NMI Holdings Inc (c) | 18143 | 692155 |
| NMP Acquisition Corp  | 46351 | 464901 |
| Payoneer Global Inc (c) | 109114 | 630679 |
| PayPal Holdings Inc  | 231739 | 14527718 |
| Remitly Global Inc (c) | 59403 | 804614 |
| Sezzle Inc (b)(c) | 9222 | 569459 |
| Silver Pegasus Acquisition Corp  | 36907 | 371283 |
| Solarius Capital Acquisition Corp Class A  | 39745 | 402219 |
|  |  | 44175459 |
| Insurance - 0.4% |  |  |
| Amerisafe Inc  | 18082 | 737746 |
| Arch Capital Group Ltd (c) | 91048 | 8551228 |
| Baldwin Insurance Group Inc/The Class A (b)(c) | 19632 | 559708 |
| Brighthouse Financial Inc (c) | 16024 | 1050373 |
| Cincinnati Financial Corp  | 34390 | 5763420 |
| Erie Indemnity Co Class A  | 11375 | 3361199 |
| Goosehead Insurance Inc Class A (b) | 7204 | 515446 |
| Palomar Hldgs Inc (c) | 7262 | 902013 |
| Principal Financial Group Inc  | 52068 | 4416408 |
| Root Inc/OH Class A (b)(c) | 3093 | 250193 |
| Safety Insurance Group Inc  | 4090 | 310922 |
| Selective Insurance Group Inc  | 15383 | 1208488 |
| Skyward Specialty Insurance Group Inc (c) | 13221 | 647300 |
| Slide Insurance Holdings Inc (c) | 30254 | 510990 |
| Tiptree Inc Class A  | 30169 | 566574 |
| Trupanion Inc (b)(c) | 16966 | 598730 |
| Willis Towers Watson PLC  | 21915 | 7034715 |
|  |  | 36985453 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.0% |  |  |
| Adamas Trust Inc  | 101554 | 773841 |
| AGNC Investment Corp (b) | 164434 | 1724913 |
|  |  | 2498754 |
| TOTAL FINANCIALS |  | 316181658 |
| Health Care - 5.5% |  |  |
| Biotechnology - 3.3% |  |  |
| ACADIA Pharmaceuticals Inc (b)(c) | 43884 | 1098855 |
| ADMA Biologics Inc (c) | 54934 | 1053634 |
| Agios Pharmaceuticals Inc (c) | 21196 | 618923 |
| Akero Therapeutics Inc (c) | 19123 | 1039526 |
| Alkermes PLC (b)(c) | 44145 | 1305809 |
| Alnylam Pharmaceuticals Inc (c) | 31700 | 14303991 |
| Amgen Inc  | 128047 | 44235117 |
| Amicus Therapeutics Inc (c) | 97543 | 968602 |
| Apellis Pharmaceuticals Inc (b)(c) | 33263 | 708502 |
| Apogee Therapeutics Inc (c) | 23477 | 1689640 |
| Applied Genetic Technologies Corp/DE (b)(c)(d) | 14225 | 0 |
| Arcellx Inc (c) | 14061 | 1022375 |
| Arcutis Biotherapeutics Inc (c) | 32811 | 1005657 |
| Ardelyx Inc (c) | 91093 | 528339 |
| ArriVent Biopharma Inc (c) | 52315 | 1200106 |
| Arrowhead Pharmaceuticals Inc (c) | 42133 | 2220409 |
| Avidity Biosciences Inc (c) | 42303 | 3033125 |
| Beam Therapeutics Inc (c) | 45460 | 1151502 |
| BeOne Medicines Ltd ADR (c) | 8733 | 2974547 |
| BioCryst Pharmaceuticals Inc (c) | 79401 | 570099 |
| Biogen Inc (c) | 27545 | 5015669 |
| BioMarin Pharmaceutical Inc (c) | 45578 | 2549178 |
| Bridgebio Pharma Inc (c) | 45317 | 3263277 |
| Caris Life Sciences Inc (b)(c) | 68683 | 1753477 |
| Carisma Therapeutics Inc rights (b)(c)(d) | 449253 | 4 |
| Catalyst Pharmaceuticals Inc (c) | 35785 | 837727 |
| Celcuity Inc (b)(c) | 15769 | 1594877 |
| Celldex Therapeutics Inc (b)(c) | 37880 | 1023518 |
| Centessa Pharmaceuticals PLC ADR (c) | 35121 | 1019563 |
| CG oncology Inc (b)(c) | 29310 | 1314260 |
| Cidara Therapeutics Inc (c) | 9112 | 2003547 |
| Cogent Biosciences Inc (c) | 64842 | 2607945 |
| Cyclerion Therapeutics Inc (c) | 15795 | 24956 |
| Cytokinetics Inc (b)(c) | 37270 | 2539205 |
| Denali Therapeutics Inc (b)(c) | 81283 | 1582580 |
| Design Therapeutics Inc (c) | 63557 | 596800 |
| Dianthus Therapeutics Inc (c) | 15152 | 666385 |
| Disc Medicine Inc (c) | 8097 | 755936 |
| Dynavax Technologies Corp (c) | 70050 | 796469 |
| Dyne Therapeutics Inc (c) | 58850 | 1288815 |
| Exact Sciences Corp (b)(c) | 46873 | 4747766 |
| Exelixis Inc (c) | 67233 | 2969682 |
| Galectin Therapeutics Inc (b)(c) | 46563 | 266806 |
| Gilead Sciences Inc (b) | 297741 | 37467727 |
| GRAIL Inc (b)(c) | 10875 | 1200491 |
| Halozyme Therapeutics Inc (b)(c) | 26959 | 1924873 |
| Ideaya Biosciences Inc (c) | 54261 | 1932777 |
| ImmunityBio Inc (b)(c) | 338191 | 798131 |
| Immunovant Inc (c) | 90582 | 2187555 |
| Incyte Corp (c) | 47366 | 4947852 |
| Insmed Inc (c) | 50900 | 10575493 |
| Intellia Therapeutics Inc (b)(c) | 62344 | 560473 |
| Ionis Pharmaceuticals Inc (c) | 40072 | 3315157 |
| Janux Therapeutics Inc (b)(c) | 34035 | 1160253 |
| Kiniksa Pharmaceuticals International Plc Class A (c) | 18043 | 767188 |
| Kinnate Biopharma Inc rights (c)(d) | 50749 | 0 |
| Krystal Biotech Inc (c) | 7002 | 1526436 |
| Kymera Therapeutics Inc (b)(c) | 24694 | 1676229 |
| Legend Biotech Corp ADR (c) | 31182 | 864053 |
| Madrigal Pharmaceuticals Inc (b)(c) | 5404 | 3226080 |
| MannKind Corp (b)(c) | 93762 | 501627 |
| Mineralys Therapeutics Inc (b)(c) | 21917 | 945061 |
| Mirati Therapeutics Inc rights (c)(d) | 1147 | 0 |
| Mirum Pharmaceuticals Inc (b)(c) | 13703 | 1001004 |
| Moderna Inc (c) | 77790 | 2020984 |
| MoonLake Immunotherapeutics Class A (b)(c) | 57913 | 795145 |
| Natera Inc (c) | 33612 | 8026882 |
| Neurocrine Biosciences Inc (c) | 24174 | 3678316 |
| Novavax Inc (b)(c) | 42013 | 296192 |
| Nurix Therapeutics Inc (b)(c) | 97664 | 1726700 |
| Nuvalent Inc Class A (c) | 15718 | 1718763 |
| OmniAb Operations Inc (c)(d) | 2320 | 928 |
| OmniAb Operations Inc (c)(d) | 2320 | 742 |
| Precigen Inc (b)(c) | 127817 | 489539 |
| Protagonist Therapeutics Inc (b)(c) | 15931 | 1433790 |
| PTC Therapeutics Inc (c) | 20317 | 1747059 |
| Recursion Pharmaceuticals Inc Class A (b)(c) | 170195 | 788003 |
| Regeneron Pharmaceuticals Inc  | 25193 | 19655327 |
| Rein Therapeutics Inc (c) | 43350 | 68060 |
| Revolution Medicines Inc (b)(c) | 45387 | 3529293 |
| Rhythm Pharmaceuticals Inc (c) | 19585 | 2136528 |
| Roivant Sciences Ltd (c) | 184744 | 3844523 |
| Sarepta Therapeutics Inc (c) | 31249 | 666854 |
| Scholar Rock Holding Corp (c) | 33162 | 1461118 |
| Soleno Therapeutics Inc (b)(c) | 17635 | 889686 |
| Stoke Therapeutics Inc (c) | 22249 | 687717 |
| Summit Therapeutics Inc (b)(c) | 188493 | 3372140 |
| Syndax Pharmaceuticals Inc (c) | 43387 | 859930 |
| TG Therapeutics Inc (b)(c) | 38750 | 1288825 |
| Tobira Therapeutics Inc rights (b)(c)(d) | 1750 | 0 |
| Travere Therapeutics Inc (c) | 26468 | 937232 |
| Twist Bioscience Corp (b)(c) | 22321 | 714495 |
| Ultragenyx Pharmaceutical Inc (c) | 43964 | 1527749 |
| United Therapeutics Corp (c) | 10574 | 5138964 |
| Vaxcyte Inc (b)(c) | 47679 | 2365355 |
| Vera Therapeutics Inc Class A (c) | 25524 | 861435 |
| Veracyte Inc (c) | 23079 | 1092560 |
| Vericel Corp (b)(c) | 14251 | 573603 |
| Vertex Pharmaceuticals Inc (c) | 62212 | 26975745 |
| Viking Therapeutics Inc (b)(c) | 35576 | 1309553 |
| Viridian Therapeutics Inc (b)(c) | 58726 | 1876883 |
| Zymeworks Inc (c) | 49487 | 1321798 |
|  |  | 302404076 |
| Health Care Equipment & Supplies - 1.2% |  |  |
| ABIOMED Inc (c)(d) | 10350 | 23909 |
| Align Technology Inc (c) | 16939 | 2493251 |
| Alphatec Holdings Inc (b)(c) | 46285 | 1043727 |
| AtriCure Inc (c) | 22983 | 830146 |
| Beta Bionics Inc  | 18099 | 567223 |
| Cooper Cos Inc/The (c) | 46659 | 3636136 |
| DENTSPLY SIRONA Inc (b) | 91718 | 1040082 |
| Dexcom Inc (c) | 96668 | 6135518 |
| GE HealthCare Technologies Inc  | 110166 | 8812178 |
| Hologic Inc (c) | 53909 | 4041558 |
| ICU Medical Inc (c) | 7489 | 1111667 |
| IDEXX Laboratories Inc (c) | 19576 | 14738379 |
| Inmode Ltd (c) | 29041 | 413834 |
| Insulet Corp (c) | 16609 | 5434299 |
| Integra LifeSciences Holdings Corp (c) | 29892 | 392183 |
| Intuitive Surgical Inc (c) | 86557 | 49638708 |
| iRadimed Corp  | 7206 | 671743 |
| iRhythm Technologies Inc (c) | 8344 | 1568755 |
| Kestra Medical Technologies Ltd (b) | 23234 | 626853 |
| Lantheus Holdings Inc (c) | 16418 | 966528 |
| LeMaitre Vascular Inc  | 7727 | 640955 |
| LivaNova PLC (c) | 16301 | 1040167 |
| Masimo Corp (b)(c) | 13677 | 1948015 |
| Merit Medical Systems Inc (c) | 14319 | 1239882 |
| Neogen Corp (c) | 74566 | 445905 |
| Novocure Ltd (c) | 36335 | 465451 |
| Omnicell Inc (c) | 19195 | 700809 |
| PROCEPT BioRobotics Corp (b)(c) | 15595 | 494050 |
| QuidelOrtho Corp (c) | 32284 | 882967 |
| STAAR Surgical Co (b)(c) | 19502 | 517583 |
| TransMedics Group Inc (b)(c) | 8244 | 1206180 |
| UFP Technologies Inc (b)(c) | 2929 | 663975 |
|  |  | 114432616 |
| Health Care Providers & Services - 0.3% |  |  |
| Acadia Healthcare Co Inc (b)(c) | 24848 | 427386 |
| AdaptHealth Corp (b)(c) | 56408 | 544901 |
| Addus HomeCare Corp (c) | 5921 | 711704 |
| Alignment Healthcare Inc (c) | 53593 | 1029522 |
| Astrana Health Inc (b)(c) | 17064 | 393155 |
| Aveanna Healthcare Holdings Inc (c) | 72774 | 679709 |
| Billiontoone Inc Class A (b)(c) | 9554 | 1243740 |
| BrightSpring Health Services Inc (c) | 41978 | 1517924 |
| Clover Health Investments Corp Class A (b)(c) | 114650 | 285478 |
| CorVel Corp (c) | 14213 | 1040107 |
| Ensign Group Inc/The  | 13575 | 2518706 |
| GeneDx Holdings Corp Class A (b)(c) | 7128 | 1190020 |
| Guardant Health Inc (c) | 30066 | 3259756 |
| HealthEquity Inc (c) | 21483 | 2259582 |
| Henry Schein Inc (c) | 27805 | 2073419 |
| LifeStance Health Group Inc (b)(c) | 125075 | 812988 |
| Omada Health Inc (b) | 20483 | 383647 |
| OPKO Health Inc (c) | 290001 | 394401 |
| Option Care Health Inc (b)(c) | 38406 | 1194427 |
| P3 Health Partners Inc Class A (b)(c) | 2083 | 11247 |
| Privia Health Group Inc (b)(c) | 36976 | 901105 |
| Progyny Inc (c) | 27531 | 725992 |
| RadNet Inc (b)(c) | 19994 | 1655303 |
| Surgery Partners Inc (b)(c) | 44395 | 757823 |
|  |  | 26012042 |
| Health Care Technology - 0.0% |  |  |
| Certara Inc (b)(c) | 78504 | 719097 |
| HeartFlow Inc (b) | 24967 | 805186 |
| Schrodinger Inc/United States (c) | 23404 | 410973 |
| Waystar Holding Corp (c) | 40894 | 1509398 |
|  |  | 3444654 |
| Life Sciences Tools & Services - 0.3% |  |  |
| 10X Genomics Inc Class A (b)(c) | 59202 | 1113590 |
| Adaptive Biotechnologies Corp (c) | 53648 | 1054720 |
| Azenta Inc (c) | 15084 | 536386 |
| Bio-Techne Corp (b) | 35572 | 2294750 |
| BioLife Solutions Inc (c) | 28856 | 764684 |
| Bruker Corp (b) | 36156 | 1764774 |
| ICON PLC (c) | 19687 | 3642095 |
| Illumina Inc (b)(c) | 27519 | 3617373 |
| Medpace Holdings Inc (c) | 6906 | 4091529 |
| Repligen Corp (c) | 13611 | 2327753 |
| Sotera Health Co (c) | 84917 | 1484349 |
| Tempus AI Inc Class A (b)(c) | 42466 | 3309375 |
|  |  | 26001378 |
| Pharmaceuticals - 0.4% |  |  |
| Amneal Intermediate Inc Class A (c) | 93433 | 1169781 |
| Amphastar Pharmaceuticals Inc (c) | 17967 | 497686 |
| ANI Pharmaceuticals Inc (c) | 6967 | 591150 |
| Atea Pharmaceuticals Inc (c) | 117425 | 364018 |
| Avadel Pharmaceuticals PLC Class A (c) | 41344 | 888483 |
| Axsome Therapeutics Inc (c) | 12874 | 1950411 |
| Belite Bio Inc ADR (b)(c) | 8958 | 1231188 |
| Collegium Pharmaceutical Inc (c) | 14937 | 697259 |
| Corcept Therapeutics Inc (b)(c) | 25697 | 2040342 |
| Crinetics Pharmaceuticals Inc (b)(c) | 45944 | 2093209 |
| Edgewise Therapeutics Inc (b)(c) | 48797 | 1270674 |
| Enliven Therapeutics Inc (b)(c) | 38295 | 827172 |
| Harmony Biosciences Holdings Inc (c) | 18580 | 655688 |
| Harrow Inc (b)(c) | 11468 | 479133 |
| Innoviva Inc (c) | 26757 | 581430 |
| Jazz Pharmaceuticals PLC (c) | 14630 | 2582634 |
| LENZ Therapeutics Inc (b)(c) | 15935 | 486336 |
| Ligand Pharmaceuticals Inc (b)(c) | 6524 | 1325547 |
| Ligand Pharmaceuticals Inc rights (c)(d) | 1530 | 113 |
| Ligand Pharmaceuticals Inc rights (c) | 1530 | 77 |
| Ligand Pharmaceuticals Inc rights (c) | 1530 | 8 |
| Ligand Pharmaceuticals Inc rights (c) | 1530 | 1 |
| Liquidia Corp (b)(c) | 32364 | 1056037 |
| Ocular Therapeutix Inc (c) | 84054 | 1021256 |
| Pacira BioSciences Inc (c) | 23361 | 550619 |
| Roche Holding AG rights (c)(d) | 870 | 0 |
| Royalty Pharma PLC Class A  | 102271 | 4092885 |
| Sanofi SA ADR  | 69111 | 3447257 |
| Sanofi SA rights (c)(d) | 925 | 0 |
| Structure Therapeutics Inc ADR (c) | 20603 | 737793 |
| Supernus Pharmaceuticals Inc (b)(c) | 19097 | 870632 |
| Tarsus Pharmaceuticals Inc (c) | 13476 | 1077541 |
| Viatris Inc  | 291718 | 3118465 |
| WaVe Life Sciences Ltd (b)(c) | 86944 | 674685 |
| Xeris Biopharma Holdings Inc (c) | 81239 | 583296 |
|  |  | 36962806 |
| TOTAL HEALTH CARE |  | 509257572 |
| Industrials - 3.2% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| AeroVironment Inc (b)(c) | 12850 | 3591061 |
| Astronics Corp (c) | 11526 | 628974 |
| Axon Enterprise Inc (c) | 18813 | 10161654 |
| Firefly Aerospace Inc (b)(c) | 34056 | 603131 |
| Kratos Defense & Security Solutions Inc (b)(c) | 38517 | 2931144 |
| Leonardo DRS Inc  | 67081 | 2292158 |
| Mercury Systems Inc (c) | 19607 | 1370333 |
| Rocket Lab Corp  | 117888 | 4967800 |
| VSE Corp (b) | 5708 | 1028525 |
| Woodward Inc  | 14386 | 4316232 |
|  |  | 31891012 |
| Air Freight & Logistics - 0.1% |  |  |
| CH Robinson Worldwide Inc  | 26427 | 4198458 |
| Hub Group Inc Class A  | 20953 | 808157 |
|  |  | 5006615 |
| Building Products - 0.0% |  |  |
| AAON Inc (b) | 21031 | 1965978 |
| Gibraltar Industries Inc (c) | 13842 | 691546 |
| UFP Industries Inc  | 13593 | 1264013 |
|  |  | 3921537 |
| Commercial Services & Supplies - 0.3% |  |  |
| Casella Waste Systems Inc Class A (b)(c) | 14403 | 1388305 |
| Cintas Corp  | 87774 | 16327720 |
| Copart Inc (c) | 230896 | 9000326 |
| Fuel Tech Inc (c) | 243596 | 438473 |
| Healthcare Services Group Inc (c) | 36699 | 689207 |
| Interface Inc (b) | 24829 | 692977 |
| MillerKnoll Inc  | 35762 | 566112 |
| Tetra Tech Inc  | 68190 | 2368921 |
|  |  | 31472041 |
| Construction & Engineering - 0.2% |  |  |
| Construction Partners Inc Class A (b)(c) | 11655 | 1270395 |
| Ferrovial SE (United States)  | 180771 | 11896540 |
| IES Holdings Inc (c) | 5566 | 2329761 |
| Legence Corp Class A  | 13322 | 612546 |
| Limbach Holdings Inc (b)(c) | 3956 | 279886 |
| MYR Group Inc (b)(c) | 4271 | 958071 |
| Sterling Infrastructure Inc (c) | 7689 | 2647400 |
| Terrestrial Energy Inc Class A (c) | 35554 | 335629 |
| WillScot Holdings Corp  | 46860 | 925485 |
|  |  | 21255713 |
| Electrical Equipment - 0.1% |  |  |
| American Superconductor Corp (c) | 15123 | 470174 |
| Array Technologies Inc (b)(c) | 63019 | 473273 |
| Enovix Corp Class B (b)(c) | 81128 | 631987 |
| Eos Energy Enterprises Inc (b)(c) | 75391 | 1134635 |
| NANO Nuclear Energy Inc (b)(c) | 13796 | 451129 |
| Nextpower Inc Class A (c) | 36231 | 3319484 |
| Plug Power Inc (b)(c) | 378643 | 761072 |
| Powell Industries Inc (b) | 3814 | 1232761 |
| Power Solutions International Inc (c) | 7219 | 390404 |
| Shoals Technologies Group Inc (c) | 70216 | 589112 |
| Sunrun Inc (c) | 64953 | 1315298 |
| Terra Innovatum Global NV (b) | 124640 | 580822 |
| Vicor Corp (b)(c) | 13336 | 1191572 |
|  |  | 12541723 |
| Ground Transportation - 0.5% |  |  |
| ArcBest Corp  | 7225 | 463628 |
| Avis Budget Group Inc (b)(c) | 10090 | 1371029 |
| CSX Corp (b) | 421358 | 14899219 |
| Heartland Express Inc (b) | 122870 | 965758 |
| Hertz Global Holdings Inc (b)(c) | 103188 | 540705 |
| JB Hunt Transport Services Inc  | 23735 | 4128941 |
| Landstar System Inc  | 8044 | 1052477 |
| Lyft Inc Class A (c) | 99294 | 2088153 |
| Marten Transport Ltd  | 31963 | 327621 |
| Old Dominion Freight Line Inc (b) | 51991 | 7033862 |
| Saia Inc (c) | 6555 | 1845626 |
| Universal Logistics Holdings Inc (b) | 12733 | 191250 |
| Werner Enterprises Inc  | 19008 | 485844 |
|  |  | 35394113 |
| Industrial Conglomerates - 0.3% |  |  |
| Honeywell International Inc  | 154597 | 29711998 |
| Icahn Enterprises LP  | 103419 | 839762 |
|  |  | 30551760 |
| Machinery - 0.3% |  |  |
| Astec Industries Inc  | 18235 | 807081 |
| Blue Bird Corp (c) | 10252 | 535358 |
| CECO Environmental Corp (c) | 13042 | 680140 |
| Franklin Electric Co Inc  | 16938 | 1611651 |
| Hillman Solutions Corp Class A (c) | 96738 | 846458 |
| Lincoln Electric Holdings Inc  | 13044 | 3123125 |
| Middleby Corp/The (c) | 13165 | 1556103 |
| NN Inc (c) | 58413 | 74184 |
| Nordson Corp  | 13248 | 3148520 |
| PACCAR Inc  | 126649 | 13351338 |
| Symbotic Inc Class A (b)(c) | 31906 | 2672766 |
|  |  | 28406724 |
| Passenger Airlines - 0.1% |  |  |
| Allegiant Travel Co (b)(c) | 11097 | 843372 |
| American Airlines Group Inc (b)(c) | 149293 | 2097567 |
| Frontier Group Holdings Inc (b)(c) | 88728 | 404599 |
| JetBlue Airways Corp (b)(c) | 146561 | 669784 |
| SkyWest Inc (c) | 10640 | 1080173 |
| United Airlines Holdings Inc (c) | 79458 | 8101538 |
|  |  | 13197033 |
| Professional Services - 0.8% |  |  |
| Automatic Data Processing Inc  | 92153 | 23526662 |
| Barrett Business Services Inc  | 16161 | 567089 |
| Concentrix Corp (b) | 21325 | 772178 |
| CRA International Inc  | 3340 | 588976 |
| CSG Systems International Inc (b) | 8042 | 633468 |
| ExlService Holdings Inc (c) | 38189 | 1517249 |
| Exponent Inc  | 15376 | 1111685 |
| First Advantage Corp (b)(c) | 75951 | 1054200 |
| Forrester Research Inc (c) | 15110 | 108641 |
| Heidrick & Struggles International Inc  | 16329 | 961288 |
| Huron Consulting Group Inc (c) | 5488 | 903380 |
| ICF International Inc  | 6283 | 490325 |
| Innodata Inc (b)(c) | 7670 | 440795 |
| Legalzoom.com Inc (c) | 65687 | 612860 |
| Paychex Inc  | 86374 | 9647112 |
| Paylocity Holding Corp (c) | 15239 | 2245162 |
| Science Applications International Corp (b) | 11887 | 1024778 |
| SS&C Technologies Holdings Inc  | 58110 | 4993973 |
| Upwork Inc (b)(c) | 43630 | 861256 |
| Verisk Analytics Inc  | 33373 | 7511261 |
| Verra Mobility Corp Class A (c) | 55277 | 1206144 |
| Willdan Group Inc (b)(c) | 6487 | 654538 |
|  |  | 61433020 |
| Trading Companies & Distributors - 0.2% |  |  |
| Distribution Solutions Group Inc (c) | 11692 | 324570 |
| DXP Enterprises Inc/TX (c) | 6472 | 608303 |
| Fastenal Co  | 269903 | 10904081 |
| FTAI Aviation Ltd  | 25729 | 4457292 |
| McGrath RentCorp  | 9201 | 948439 |
| Rush Enterprises Inc Class A (b) | 20749 | 1080193 |
| Xometry Inc Class A (b)(c) | 17361 | 1015098 |
|  |  | 19337976 |
| TOTAL INDUSTRIALS |  | 294409267 |
| Information Technology - 49.9% |  |  |
| Communications Equipment - 1.0% |  |  |
| Applied Optoelectronics Inc (b)(c) | 14433 | 386516 |
| Cisco Systems Inc  | 941128 | 72410388 |
| CommScope Holding Co Inc (c) | 62631 | 1236336 |
| Digi International Inc (c) | 20312 | 849651 |
| Extreme Networks Inc (c) | 51907 | 908373 |
| F5 Inc (c) | 12797 | 3060531 |
| Harmonic Inc (c) | 46104 | 440754 |
| Lumentum Holdings Inc (c) | 17764 | 5776142 |
| NetScout Systems Inc (c) | 29604 | 795756 |
| Ondas Holdings Inc (b)(c) | 95677 | 755848 |
| Viasat Inc (b)(c) | 37622 | 1291563 |
| Viavi Solutions Inc (c) | 53910 | 967145 |
|  |  | 88879003 |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Advanced Energy Industries Inc (b) | 10740 | 2268181 |
| Avnet Inc (b) | 21536 | 1023175 |
| Bel Fuse Inc Class B (b) | 5483 | 844546 |
| CDW Corp/DE  | 31930 | 4604945 |
| Cognex Corp  | 45319 | 1726654 |
| Daktronics Inc (c) | 21814 | 412939 |
| ePlus Inc (b) | 8260 | 740096 |
| Evolv Technologies Holdings Inc Class A (c) | 69607 | 444789 |
| Flex Ltd (c) | 88776 | 5247549 |
| Forward Industries Inc (b)(c) | 27474 | 244519 |
| Insight Enterprises Inc (c) | 7158 | 619668 |
| IPG Photonics Corp (c) | 15441 | 1229721 |
| Itron Inc (c) | 12179 | 1206208 |
| Littelfuse Inc (b) | 6655 | 1703813 |
| Napco Security Technologies Inc  | 14239 | 575256 |
| nLight Inc (c) | 22539 | 794049 |
| Novanta Inc (b)(c) | 10164 | 1155240 |
| OSI Systems Inc (b)(c) | 5043 | 1365897 |
| Ouster Inc Class A (c) | 19877 | 456376 |
| PC Connection Inc  | 8961 | 520096 |
| Plexus Corp (c) | 6783 | 969630 |
| Red Cat Holdings Inc (b)(c) | 33153 | 245995 |
| Sanmina Corp (c) | 14953 | 2335135 |
| Trimble Inc (c) | 49374 | 4020031 |
| TTM Technologies Inc (c) | 27531 | 1932126 |
| Zebra Technologies Corp Class A (c) | 12632 | 3192738 |
|  |  | 39879372 |
| IT Services - 0.3% |  |  |
| Akamai Technologies Inc (c) | 36970 | 3309554 |
| Amdocs Ltd  | 26810 | 2050428 |
| Applied Digital Corp (b)(c) | 69339 | 1879086 |
| Cognizant Technology Solutions Corp Class A  | 117591 | 9137997 |
| CoreWeave Inc Class A (c) | 90789 | 6638492 |
| MongoDB Inc Class A (c) | 20256 | 6732487 |
| Okta Inc Class A (c) | 38841 | 3120098 |
| VeriSign Inc  | 22034 | 5552348 |
|  |  | 38420490 |
| Semiconductors & Semiconductor Equipment - 22.1% |  |  |
| ACM Research Inc Class A (c) | 16572 | 553671 |
| Advanced Micro Devices Inc (c) | 392616 | 85405758 |
| Ambarella Inc (c) | 12730 | 944311 |
| Amkor Technology Inc  | 59811 | 2176522 |
| Analog Devices Inc  | 119232 | 31637019 |
| Applied Materials Inc  | 193050 | 48696863 |
| ARM Holdings PLC ADR (c) | 33706 | 4569185 |
| Astera Labs Inc (b)(c) | 40648 | 6404905 |
| Axcelis Technologies Inc (b)(c) | 7987 | 661084 |
| Broadcom Inc  | 1139012 | 458976276 |
| Cirrus Logic Inc (b)(c) | 13011 | 1565744 |
| Cohu Inc (c) | 36536 | 888556 |
| Credo Technology Group Holding Ltd (c) | 42380 | 7526688 |
| Diodes Inc (b)(c) | 16003 | 739499 |
| Enphase Energy Inc (b)(c) | 32785 | 945847 |
| Entegris Inc (b) | 36774 | 2836746 |
| First Solar Inc (c) | 26068 | 7114479 |
| FormFactor Inc (c) | 21967 | 1208624 |
| GlobalFoundries Inc (b)(c) | 135970 | 4873165 |
| Impinj Inc (b)(c) | 6752 | 1160466 |
| Intel Corp (c) | 1065783 | 43228158 |
| KLA Corp  | 31285 | 36774579 |
| Lam Research Corp  | 307240 | 47929440 |
| Lattice Semiconductor Corp (b)(c) | 35687 | 2505584 |
| MACOM Technology Solutions Holdings Inc (c) | 18562 | 3248164 |
| Marvell Technology Inc  | 209370 | 18717678 |
| MaxLinear Inc Class A (c) | 36476 | 567931 |
| Microchip Technology Inc  | 129636 | 6945897 |
| Micron Technology Inc  | 270050 | 63861424 |
| MKS Inc  | 17366 | 2715869 |
| Monolithic Power Systems Inc  | 11708 | 10867014 |
| Navitas Semiconductor Corp Class A (c) | 70195 | 613504 |
| NVIDIA Corp  | 5888032 | 1042181664 |
| ON Semiconductor Corp (c) | 102414 | 5145279 |
| Penguin Solutions Inc (b)(c) | 19234 | 389104 |
| Photronics Inc (c) | 9261 | 212170 |
| Power Integrations Inc (b) | 16661 | 559810 |
| Qorvo Inc (c) | 20593 | 1768733 |
| QUALCOMM Inc  | 255175 | 42892366 |
| Rambus Inc (c) | 27798 | 2656655 |
| Rigetti Computing Inc Class A (b)(c) | 79520 | 2033326 |
| Semtech Corp (c) | 19870 | 1473559 |
| Silicon Laboratories Inc (c) | 9787 | 1248625 |
| SiTime Corp (c) | 6128 | 1824306 |
| Skyworks Solutions Inc  | 35732 | 2356525 |
| SolarEdge Technologies Inc (b)(c) | 21624 | 789925 |
| Synaptics Inc (c) | 11782 | 807185 |
| Teradyne Inc  | 39104 | 7112627 |
| Texas Instruments Inc  | 217477 | 36594855 |
| Ultra Clean Holdings Inc (c) | 29323 | 743631 |
| Universal Display Corp  | 10957 | 1303116 |
| Veeco Instruments Inc (b)(c) | 29334 | 857433 |
|  |  | 2059811544 |
| Software - 14.8% |  |  |
| ACI Worldwide Inc (b)(c) | 27249 | 1276888 |
| Adeia Inc  | 41992 | 519441 |
| Adobe Inc (c) | 102526 | 32821648 |
| Agilysys Inc (b)(c) | 9901 | 1217427 |
| Alarm.com Holdings Inc (b)(c) | 14490 | 752900 |
| Alkami Technology Inc (b)(c) | 39463 | 841351 |
| Amplitude Inc Class A (c) | 74123 | 761984 |
| Appfolio Inc Class A (c) | 5185 | 1183632 |
| Appian Corp Class A (c) | 21257 | 858783 |
| AppLovin Corp Class A (c) | 74353 | 44573136 |
| Atlassian Corp Class A (c) | 41392 | 6188932 |
| Aurora Innovation Inc Class A (b)(c) | 426596 | 1787437 |
| Autodesk Inc (c) | 50773 | 15401482 |
| AvePoint Inc Class A (c) | 62639 | 814307 |
| Bentley Systems Inc Class B (b) | 72858 | 3057122 |
| Bitdeer Technologies Group Class A (b)(c) | 37206 | 498932 |
| Blackbaud Inc (c) | 14741 | 831098 |
| BlackLine Inc (b)(c) | 16538 | 942501 |
| Braze Inc Class A (c) | 25923 | 743990 |
| Cadence Design Systems Inc (c) | 66157 | 20630399 |
| Ccc Intelligent Solutions Holdings Inc Class A (b)(c) | 151098 | 1125680 |
| Cipher Mining Inc (b)(c) | 109383 | 2225944 |
| Cleanspark Inc (b)(c) | 71350 | 1077385 |
| Commvault Systems Inc (c) | 10730 | 1325155 |
| Confluent Inc Class A (c) | 79815 | 1775884 |
| Core Scientific Inc (b)(c) | 72082 | 1217465 |
| Crowdstrike Holdings Inc Class A (c) | 60460 | 30783814 |
| CyberArk Software Ltd (c) | 11827 | 5423744 |
| Datadog Inc Class A (c) | 77144 | 12343811 |
| Docusign Inc (c) | 47424 | 3288854 |
| Dropbox Inc Class A (c) | 47782 | 1427726 |
| EverCommerce Inc (b)(c) | 88159 | 765220 |
| Five9 Inc (c) | 21831 | 427669 |
| Fortinet Inc (c) | 185752 | 15070060 |
| Freshworks Inc Class A (c) | 89498 | 1086506 |
| Gen Digital Inc (b) | 142065 | 3746254 |
| Gitlab Inc Class A (b)(c) | 34115 | 1400762 |
| Intapp Inc (c) | 20062 | 866478 |
| InterDigital Inc (b) | 6122 | 2190146 |
| Intuit Inc  | 67364 | 42714165 |
| Jamf Holding Corp (c) | 47957 | 620084 |
| JFrog Ltd (c) | 29216 | 1781592 |
| Life360 Inc (b)(c) | 18275 | 1454873 |
| Manhattan Associates Inc (c) | 14907 | 2630340 |
| MARA Holdings Inc (b)(c) | 97056 | 1146231 |
| Microsoft Corp  | 1801105 | 886161671 |
| Monday.com Ltd (c) | 11796 | 1696973 |
| nCino Inc (b)(c) | 42129 | 1040586 |
| NextNav Inc Class A (b)(c) | 49290 | 700411 |
| Nutanix Inc Class A (c) | 65108 | 3112162 |
| Onestream Inc Class A (b)(c) | 37395 | 778938 |
| Pagaya Technologies Ltd Class A (b)(c) | 20097 | 501420 |
| Palantir Technologies Inc Class A (c) | 551388 | 92881309 |
| Palo Alto Networks Inc (c) | 161589 | 30722917 |
| Pegasystems Inc (b) | 42477 | 2326465 |
| Porch Group Inc (c) | 38108 | 369267 |
| Progress Software Corp (b)(c) | 12068 | 499736 |
| PTC Inc (c) | 28997 | 5086944 |
| Qualys Inc (c) | 9559 | 1346385 |
| Rapid7 Inc (c) | 18837 | 295363 |
| Rezolve AI PLC (b)(c) | 106223 | 323980 |
| Riot Platforms Inc (b)(c) | 94970 | 1531866 |
| Roper Technologies Inc  | 24321 | 10852517 |
| SailPoint Inc (b) | 133738 | 2463454 |
| ServiceTitan Inc Class A (b)(c) | 18456 | 1649228 |
| SoundHound AI Inc Class A (b)(c) | 91470 | 1102214 |
| SPS Commerce Inc (c) | 10233 | 852614 |
| Strategy Inc Class A (b)(c) | 64160 | 11367869 |
| Synopsys Inc (c) | 44820 | 18735208 |
| Tenable Holdings Inc (c) | 35512 | 941778 |
| Terawulf Inc (b)(c) | 107162 | 1662083 |
| Varonis Systems Inc (c) | 28202 | 932640 |
| Vertex Inc Class A (c) | 22085 | 434412 |
| Workday Inc Class A (c) | 51886 | 11187659 |
| Zoom Communications Inc Class A (c) | 50693 | 4306877 |
| Zscaler Inc (c) | 37195 | 9354543 |
|  |  | 1378838721 |
| Technology Hardware, Storage & Peripherals - 11.3% |  |  |
| Apple Inc (b) | 3596069 | 1002763842 |
| Corsair Gaming Inc (b)(c) | 64135 | 418160 |
| NetApp Inc  | 48851 | 5449818 |
| Quantum Computing Inc (b)(c) | 47896 | 560383 |
| Sandisk Corp/DE  | 37341 | 8337498 |
| Seagate Technology Holdings PLC  | 51544 | 14261709 |
| Super Micro Computer Inc (c) | 144177 | 4880391 |
| Western Digital Corp  | 82472 | 13470152 |
|  |  | 1050141953 |
| TOTAL INFORMATION TECHNOLOGY |  | 4655971083 |
| Materials - 0.7% |  |  |
| Chemicals - 0.6% |  |  |
| Alto Ingredients Inc (c) | 95420 | 243321 |
| Balchem Corp  | 9295 | 1451972 |
| Hawkins Inc (b) | 7320 | 951746 |
| Innospec Inc  | 7889 | 589782 |
| Linde PLC  | 110957 | 45527876 |
| PureCycle Technologies Inc (b)(c) | 76810 | 675928 |
| Solstice Advanced Materials Inc  | 38660 | 1843309 |
|  |  | 51283934 |
| Construction Materials - 0.0% |  |  |
| United States Lime & Minerals Inc (b) | 10447 | 1270042 |
| Containers & Packaging - 0.0% |  |  |
| Eightco Holdings Inc (b)(c) | 58137 | 152319 |
| TriMas Corp  | 20717 | 705828 |
|  |  | 858147 |
| Metals & Mining - 0.1% |  |  |
| Aura Minerals Inc  | 19972 | 800877 |
| Century Aluminum Co (c) | 32818 | 983555 |
| Kaiser Aluminum Corp  | 11835 | 1136752 |
| Perpetua Resources Corp (United States) (b)(c) | 31046 | 799124 |
| Ramaco Resources Inc Class A (b)(c) | 23513 | 368919 |
| Royal Gold Inc  | 16279 | 3318311 |
| Steel Dynamics Inc  | 36306 | 6093237 |
| USA Rare Earth Inc Class A (b)(c) | 25693 | 345571 |
|  |  | 13846346 |
| TOTAL MATERIALS |  | 67258469 |
| Real Estate - 0.6% |  |  |
| Health Care REITs - 0.0% |  |  |
| Diversified Healthcare Trust  | 186188 | 899288 |
| Sabra Health Care REIT Inc  | 74121 | 1446101 |
|  |  | 2345389 |
| Hotel & Resort REITs - 0.0% |  |  |
| Host Hotels & Resorts Inc  | 158306 | 2790935 |
| Industrial REITs - 0.0% |  |  |
| Lineage Inc  | 37104 | 1329064 |
| Real Estate Management & Development - 0.2% |  |  |
| Comstock Holding Cos Inc Class A (b)(c) | 118896 | 1622930 |
| CoStar Group Inc (c) | 100878 | 6940406 |
| eXp World Holdings Inc (b) | 72373 | 821434 |
| Newmark Group Inc Class A  | 59873 | 1040593 |
| Opendoor Technologies Inc Class A (c) | 187024 | 1440085 |
| Opendoor Technologies Inc warrants 11/20/2026 (b)(c) | 6190 | 11823 |
| Opendoor Technologies Inc warrants 11/20/2026 (b)(c) | 6190 | 7428 |
| Opendoor Technologies Inc warrants 11/20/2026 (b)(c) | 6190 | 6023 |
| Zillow Group Inc Class A (c) | 13154 | 951692 |
| Zillow Group Inc Class C (c) | 43745 | 3253753 |
|  |  | 16096167 |
| Retail REITs - 0.0% |  |  |
| Phillips Edison & Co Inc  | 34104 | 1210692 |
| Regency Centers Corp  | 43977 | 3129403 |
|  |  | 4340095 |
| Specialized REITs - 0.4% |  |  |
| Equinix Inc  | 23553 | 17742711 |
| Fermi Inc (b) | 143641 | 2368640 |
| Gaming and Leisure Properties Inc  | 49325 | 2147117 |
| Lamar Advertising Co Class A  | 21191 | 2805476 |
| PotlatchDeltic Corp  | 38875 | 1564330 |
| SBA Communications Corp Class A  | 25877 | 5027125 |
|  |  | 31655399 |
| TOTAL REAL ESTATE |  | 58557049 |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.9% |  |  |
| Alliant Energy Corp  | 59536 | 4135966 |
| American Electric Power Co Inc  | 127849 | 15823871 |
| Constellation Energy Corp  | 75847 | 27635613 |
| Evergy Inc (b) | 38118 | 2959863 |
| Exelon Corp  | 237579 | 11194722 |
| MGE Energy Inc (b) | 11136 | 922283 |
| Otter Tail Corp (b) | 12494 | 1027007 |
| Xcel Energy Inc  | 135943 | 11162280 |
|  |  | 74861605 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Montauk Renewables Inc (b)(c) | 95580 | 155795 |
| Talen Energy Corp (c) | 10712 | 4223421 |
|  |  | 4379216 |
| Multi-Utilities - 0.0% |  |  |
| Northwestern Energy Group Inc  | 23933 | 1653531 |
| Water Utilities - 0.0% |  |  |
| H2O America (b) | 23413 | 1087066 |
| Middlesex Water Co (b) | 19305 | 990539 |
|  |  | 2077605 |
| TOTAL UTILITIES |  | 82971957 |
| TOTAL UNITED STATES |  | 8978543108 |
| URUGUAY - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Dlocal Ltd/Uruguay Class A  | 55595 | 747197 |
| VIETNAM - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Vinfast Auto Ltd (b)(c) | 591029 | 1914934 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,858,353,510) |  | <br> **9303634750** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 2/12/2026 (f)<br>(Cost $1,317,815)<br>| 3.82 | 1328000 | **1318048** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.02 | 21145354 | 21149583 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.02 | 253727825 | 253753198 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $274,900,578) |  |  | **274902781** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.7%**<br> (Cost $4,134,571,903)<br>| <br>**9579855579** |
| **NET OTHER ASSETS (LIABILITIES) - (2.7)%**  | **(249633861)** |
| **NET ASSETS - 100.0%** | **9330221718** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 Nasdaq 100 Index Contracts (United States) | 52 | 12/19/2025 | 26501280 | 1009687 | 1009687 |
| 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) Security or a portion of the security is on loan at period end.

(c) Non-income producing.

(d) Level 3 security.

(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 $1,318,048.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 20654418 | 175250085 | 174754903 | 884177 | (18) | 1 | 21149583 | 21145354 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 187284436 | 1232830265 | 1166342209 | 10113101 | (19294) | - | 253753198 | 253727825 | 0.9% |
| Total | 207938854 | 1408080350 | 1341097112 | 10997278 | (19312) | 1 | 274902781 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

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.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 1525718887 | 1524380174 | - | 1338713 |
| Consumer Discretionary | 1259263360 | 1259263360 | - | - |
| Consumer Staples | 261360026 | 261360026 | - | - |
| Energy | 45758402 | 45758402 | - | - |
| Financials | 336849724 | 336849724 | - | - |
| Health Care | 553414815 | 553389118 | - | 25697 |
| Industrials | 325940764 | 325940764 | - | - |
| Information Technology | 4778543832 | 4778543832 | - | - |
| Materials | 70137150 | 70137150 | - | - |
| Real Estate | 61580109 | 61580109 | - | - |
| Utilities | 85067681 | 85067681 | - | - |
|  **U.S. Treasury Obligations** | 1318048 | - | 1318048 | - |
|  **Money Market Funds** | 274902781 | 274902781 | - | - |
| **Total Investments in Securities:** | 9579855579 | 9577173121 | 1318048 | 1364410 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 1009687 | 1009687 | - | - |
| Total Assets | 1009687 | 1009687 | - | - |
| **Total Derivative Instruments:** | 1009687 | 1009687 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of November 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 1009687 | - |
| **Total Equity Risk**  | 1009687 | - |
| **Total Value of Derivatives** | 1009687 | - |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of November 30, 2025** | **As of November 30, 2025** | **As of November 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $280,534,763) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,859,671,325) | $9304952798 |  |
| Fidelity Central Funds (cost $274,900,578) | 274902781 |  |
| Total Investment in Securities (cost $4,134,571,903) |  | $9579855579 |
| Segregated cash with brokers for derivative instruments |  | 371573 |
| Foreign currency held at value (cost $154,663) |  | 159479 |
| Dividends receivable |  | 4409088 |
| Distributions receivable from Fidelity Central Funds |  | 657898 |
| Receivable for daily variation margin on futures contracts |  | 184066 |
| Other receivables |  | 455246 |
| **Total assets** |  | 9586092929 |
| **Liabilities** |  |  |
| Payable to custodian bank | $500135 |  |
| Accrued management fee | 1600821 |  |
| Collateral on securities loaned | 253770255 |  |
| **Total liabilities** |  | 255871211 |
| **Net Assets**  |  | $9330221718 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4148051540 |
| Total accumulated earnings (loss) |  | 5182170178 |
| **Net Assets** |  | $9330221718 |
| **Net Asset Value**, offering price and redemption price per share ($9,330,221,718 ÷ 101,450,000 shares) |  | $91.97 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $52335521 |
| Interest  |  | 70685 |
| Income from Fidelity Central Funds (including $10,113,101 from security lending)  |  | 10997278 |
| **Total income** |  | 63403484 |
| **Expenses** |  |  |
| Management fee | $16708466 |  |
| Independent trustees' fees and expenses | 30283 |  |
| Total expenses before reductions | 16738749 |  |
| Expense reductions | (3193) |  |
| Total expenses after reductions |  | 16735556 |
| **Net Investment income (loss)** |  | 46667928 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (71125362) |  |
| Redemptions in-kind | 137606707 |  |
| Fidelity Central Funds | (19312) |  |
| Foreign currency transactions | (5834) |  |
| Futures contracts | 7062133 |  |
| Total net realized gain (loss) |  | 73518332 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1569494173 |  |
| Fidelity Central Funds  | 1 |  |
| Assets and liabilities in foreign currencies | 19105 |  |
| Futures contracts | (3348) |  |
| Total change in net unrealized appreciation (depreciation) |  | 1569509931 |
| **Net gain (loss)** |  | 1643028263 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1689696191 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $46667928 | $42628951 |
| &nbsp;&nbsp;Net realized gain (loss) | 73518332<br>| 36508359<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1569509931 | 1828437966<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1689696191<br>| 1907575276<br>|
| Distributions to shareholders | (51225950)<br>| (43405750)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 496860596 | 401351722 |
| &nbsp;&nbsp;Cost of shares redeemed | (179797263) | (104845911) |
| **Net increase (decrease) in net assets resulting from share transactions** | 317063333<br>| 296505811<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1955533574<br>| 2160675337<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 7374688144 | 5214012807<br>|
| &nbsp;&nbsp;End of period | $9330221718 | $7374688144 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 6500000 | 6050000 |
| &nbsp;&nbsp;Redeemed | (2400000) | (1600000) |
| &nbsp;&nbsp;Net increase (decrease) | 4100000 | 4450000 |

---

**Financial Highlights** 

**Fidelity® Nasdaq Composite Index® ETF** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $75.75 | $56.13 | $45.09 | $60.49 | $47.46 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .47  | .45  | .40  | .40  | .34  |
| Net realized and unrealized gain (loss)  | 16.26  | 19.63  | 11.07  | (15.43)  | 13.01  |
| Total from investment operations  | 16.73  | 20.08  | 11.47  | (15.03)  | 13.35  |
| Distributions from net investment income  | (.51)  | (.46)  | (.43)  | (.37)  | (.32)  |
| Total distributions  | (.51)  | (.46)  | (.43)  | (.37)  | (.32)  |
| Net asset value, end of period  | $91.97 | $75.75 | $56.13 | $45.09 | $60.49 |
| **Total Return** D,E | 22.20% <br>| 35.93%  | 25.60%  | (24.90)%  | 28.23%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .21%  | .21%  | .21%  | .21%  | .21%  |
| Expenses net of fee waivers, if any  | .21% <br>| .21%  | .21%  | .21%  | .21%  |
| Expenses net of all reductions, if any  | .21%  | .21%  | .21%  | .21%  | .21%  |
| Net investment income (loss)  | .59%  | .67%  | .81%  | .81%  | .62%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $9330222 | $7374688 | $5214013 | $3999432 | $4784708 |
| Portfolio turnover rate H,I | 5% <br>| 5%  | 4%  | 8%  | 11%  |

---

A*Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on April 8, 2021.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Based on net asset value.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended November 30, 2025

**1. Organization.**

Fidelity Nasdaq Composite Index ETF (the Fund) is an exchange-traded fund of Fidelity Commonwealth Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund may operate as a non-diversified fund, as defined under the 1940 Act, to the approximate extent the Index is non-diversified.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fund categorizes the inputs to valuation techniques used to value its investments 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 the Fund's 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 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. government and government agency 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 open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of November 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Fund and is not distributed to shareholders of the Fund. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $5628753948 |
| **Gross unrealized depreciation**  | <u>(197151895)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$5431602053</u> |
| **Tax Cost**  | <u>$4148253526</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$10428973</u> |
| **Capital loss carryforward**  | <u>$(259828986)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$5431570191</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(106503795) |
| Long-term | <u>(153325191)</u> |
| **Total capital loss carryforward** | <u>$(259828986)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2025** | **November 30, 2024** |
| **Ordinary Income**  | $51225950 | $43405750 |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures 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.

Derivatives were used to increase returns and 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 objectives may not be achieved.

Derivatives were used to increase or decrease 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.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

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 and amounts recognized in the Statement of Assets and Liabilities. 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 fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Nasdaq Composite Index ETF** | 437796210 | 406655489 |

---

Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **In-Kind Subscriptions ($)** | **In-Kind Redemptions ($)** |
| **Fidelity Nasdaq Composite Index ETF** | 491024970 | 177679613 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The Fund pays an all-inclusive management fee based on annual rate of .21% of the Fund's average net assets; and the investment adviser pays all ordinary operating expenses of the Fund, except fees and expenses of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Sub-Adviser.** Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Nasdaq Composite Index ETF** | 13444124 | 33782199 | (2250911) |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Nasdaq Composite Index ETF** | 1059803 | 111271 | 2595637 |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Nasdaq Composite Index ETF** | 32148782 |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $3,193.

**9. Share Transactions.**

Funds issue and redeem shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated securities to a fund and redemption proceeds are paid with a basket of securities from a fund's portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. A fund's shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a fund. The transaction fee is used to offset the costs associated with the issuance and redemption of Creation Units.

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Commonwealth Trust and Shareholders of Fidelity Nasdaq Composite Index ETF

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Nasdaq Composite Index ETF (the "Fund") as of November 30, 2025, the related statement of operations for the year ended November 30, 2025, the statement of changes in net assets for each of the two years in the period ended November 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2025 and the financial highlights for each of the five years in the period ended November 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

January 13, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

A total of 0.39% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates 49%, 100%, 100%, and 100% of the dividends distributed in December, March, June, and September, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The fund designates 62.95%, 100%, 100%, and 100% of the dividends distributed in December, March, June, and September, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 4.34% of the dividend distributed in December, during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img120714_4.jpg)<br>

1.795540.122 ETF-ANN-0126

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99906.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Commonwealth Trust

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; January 22, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; January 22, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; January 22, 2026 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Commonwealth Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Commonwealth Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Commonwealth Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>