# EDGAR Filing Document

**Accession Number:** 0000205323
**File Stem:** 0000205323-25-000029
**Filing Date:** 2025-7
**Character Count:** 148941
**Document Hash:** 3645e4a9cb9d9493f15f65000cbdb208
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000205323-25-000029.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0000205323-25-000029

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**EFFECTIVENESS DATE**: 20250723

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02546
- **FILM NUMBER:** 251142088

**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, MA 02210</u>

(Address of principal executive offices) (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>

---

| | |
|:---|:---|
| Date of fiscal year end: | November 30 |
| Date of reporting period: | May 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Nasdaq Composite Index® ETF<br> **Fidelity® Nasdaq Composite Index® ETF : ONEQ** <br> **Principal U.S. Listing Exchange :** **NASDAQ/NMS Global Market**<br>|

---

This semi-annual shareholder report contains information about Fidelity® Nasdaq Composite Index® ETF for the period December 1, 2024 to May 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

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

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7565450986<br>|
| Number of Holdings | 1018<br>|
| Portfolio Turnover | 5%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 49.5 |
| Communication Services | 15.1 |
| Consumer Discretionary | 14.7 |
| Health Care | 5.4 |
| Industrials | 4.5 |
| Financials | 3.8 |
| Consumer Staples | 3.6 |
| Utilities | 0.9 |
| Materials | 0.9 |
| Real Estate | 0.8 |
| Energy | 0.5 |

---

Common Stocks 99.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1283_20250531_AA.jpg) <br>|

---

Common Stocks - 99.7&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) - 0.3 <br>

---

| | |
|:---|:---|
| United States | 96.3 |
| Canada | 1.0 |
| China | 0.7 |
| Netherlands | 0.5 |
| Brazil | 0.5 |
| Israel | 0.4 |
| United Kingdom | 0.3 |
| Kazakhstan | 0.1 |
| Switzerland | 0.1 |
| Others | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1283_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.0&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;China - 0.7&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 - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.5&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 - 0.4&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;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;Kazakhstan - 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 - 0.1&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;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 11.0<br>|
| NVIDIA Corp | 10.6<br>|
| Apple Inc | 9.6<br>|
| Amazon.com Inc | 7.0<br>|
| Meta Platforms Inc Class A | 4.6<br>|
| Broadcom Inc | 3.7<br>|
| Tesla Inc | 3.5<br>|
| Alphabet Inc Class A | 3.3<br>|
| Alphabet Inc Class C | 3.0<br>|
| Netflix Inc | 1.7<br>|
|  | 58.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img1283_20250531_1.jpg)<br>| ![](img109727_2.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> 1.9915910.101 1283-TSRS-0725 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

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

Not applicable.

Item 5.

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

Not applicable.

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**

**Semi-Annual Report**

**May 31, 2025**

![](img109865_1.jpg)

![](img109865_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_ETF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Nasdaq Composite Index® ETF](#Sub_Sec_Fund_1283_ETF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1283_ETF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ETF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ETF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ETF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ETF-SANN)** |

---

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.© 2025 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 (Semi-Annual Report)**

**Fidelity® Nasdaq Composite Index® ETF**

**Schedule of Investments May 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** |
|  | Shares | Value ($)<br>|
| ARGENTINA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Grupo Financiero Galicia SA Class B ADR  | 14826 | 860649 |
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| IREN Ltd (b)(c) | 50455 | 423317 |
| BAHAMAS (NASSAU) - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Diversified Consumer Services - 0.0% |  |  |
| OneSpaWorld Holdings Ltd  | 38906 | 733767 |
| BELGIUM - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Global Ltd Class A (b) | 47094 | 453515 |
| Liberty Global Ltd Class C (b)(c) | 59762 | 590449 |
| TOTAL BELGIUM |  | 1043964 |
| BRAZIL - 0.5%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Broadline Retail - 0.4% |  |  |
| MercadoLibre Inc (b) | 12145 | 31131157 |
| Financials - 0.1% |  |  |
| Banks - 0.0% |  |  |
| Inter & Co Inc Class A (c) | 116651 | 830555 |
| Capital Markets - 0.1% |  |  |
| XP Inc Class A  | 103683 | 2007303 |
| Financial Services - 0.0% |  |  |
| StoneCo Ltd Class A (b) | 84839 | 1158052 |
| TOTAL FINANCIALS |  | 3995910 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Sigma Lithium Corp (United States) (b)(c) | 48265 | 226363 |
| TOTAL BRAZIL |  | 35353430 |
| CAMEROON - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Golar LNG Ltd (c) | 29321 | 1206852 |
| CANADA - 1.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Defi Technologies Inc (United States) (b)(c) | 78970 | 282713 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Aurinia Pharmaceuticals Inc (b) | 51509 | 403831 |
| Xenon Pharmaceuticals Inc (b) | 25164 | 725981 |
|  |  | 1129812 |
| Life Sciences Tools & Services - 0.0% |  |  |
| AbCellera Biologics Inc (b)(c) | 168222 | 339808 |
| Pharmaceuticals - 0.0% |  |  |
| Cronos Group Inc (United States) (b) | 200005 | 396010 |
| TOTAL HEALTH CARE |  | 1865630 |
| Industrials - 0.4% |  |  |
| Professional Services - 0.4% |  |  |
| Thomson Reuters Corp (United States) (c) | 109951 | 21841216 |
| Information Technology - 0.6% |  |  |
| IT Services - 0.5% |  |  |
| Shopify Inc Class A (United States) (b) | 294148 | 31538550 |
| Software - 0.1% |  |  |
| Descartes Systems Group Inc/The (United States) (b) | 23124 | 2680997 |
| Hut 8 Corp (United States) (b)(c) | 28680 | 437943 |
| Open Text Corp (United States) (c) | 68646 | 1943368 |
|  |  | 5062308 |
| TOTAL INFORMATION TECHNOLOGY |  | 36600858 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Methanex Corp (United States)  | 21419 | 699116 |
| Metals & Mining - 0.0% |  |  |
| Ssr Mining Inc (United States) (b) | 55164 | 652590 |
| TOTAL MATERIALS |  | 1351706 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Colliers International Group Inc Subordinate Voting Shares (United States) (c) | 12732 | 1533951 |
| FirstService Corp Subordinate Voting Shares (United States)  | 11346 | 1990032 |
|  |  | 3523983 |
| TOTAL CANADA |  | 65466106 |
| CHINA - 0.7%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.0% |  |  |
| iQIYI Inc Class A ADR (b)(c) | 179201 | 286722 |
| Netease Inc ADR  | 26949 | 3281310 |
|  |  | 3568032 |
| Interactive Media & Services - 0.2% |  |  |
| Baidu Inc Class A ADR (b)(c) | 33798 | 2768057 |
| Bilibili Inc ADR (b)(c) | 31214 | 571216 |
| Hello Group Inc Class A ADR  | 59302 | 359963 |
| JOYY Inc Class A ADR  | 19317 | 924898 |
| Kanzhun Ltd ADR (b) | 88897 | 1507693 |
| Weibo Corp Class A ADR  | 47807 | 432653 |
|  |  | 6564480 |
| Media - 0.0% |  |  |
| LZ Technology Holdings Ltd Class B (b)(c) | 33085 | 876752 |
| TOTAL COMMUNICATION SERVICES |  | 11009264 |
| Consumer Discretionary - 0.5% |  |  |
| Automobile Components - 0.0% |  |  |
| ECARX Holdings Inc Class A (b)(c) | 132609 | 206870 |
| Automobiles - 0.0% |  |  |
| Li Auto Inc ADR (b)(c) | 53089 | 1504542 |
| Broadline Retail - 0.4% |  |  |
| JD.com Inc ADR  | 113886 | 3691045 |
| PDD Holdings Inc Class A ADR (b) | 160757 | 15514659 |
|  |  | 19205704 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Atour Lifestyle Holdings Ltd ADR  | 26950 | 843804 |
| H World Group Ltd ADR (c) | 43295 | 1527015 |
| Trip.com Group Ltd ADR  | 87735 | 5496598 |
|  |  | 7867417 |
| TOTAL CONSUMER DISCRETIONARY |  | 28784533 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Up Fintech Holding Ltd ADR (b) | 41806 | 339047 |
| Consumer Finance - 0.0% |  |  |
| LexinFintech Holdings Ltd Class A ADR  | 43967 | 318760 |
| Qifu Technology Inc Class A ADR  | 33975 | 1396373 |
|  |  | 1715133 |
| TOTAL FINANCIALS |  | 2054180 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| BeOne Medicines Ltd ADR (b) | 10763 | 2643178 |
| Zai Lab Ltd ADR (b) | 19589 | 590412 |
|  |  | 3233590 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| EHang Holdings Ltd ADR (b)(c) | 16893 | 274004 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| GDS Holdings Ltd Class A ADR (b)(c) | 28767 | 681490 |
| Kingsoft Cloud Holdings Ltd ADR (b)(c) | 14163 | 158201 |
| Vnet Group Inc Class A ADR (b) | 41489 | 221551 |
|  |  | 1061242 |
| TOTAL CHINA |  | 46416813 |
| COSTA RICA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Establishment Labs Holdings Inc (b)(c) | 9501 | 327024 |
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Ascendis Pharma A/S ADR (b) | 14208 | 2313631 |
| FRANCE - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Criteo SA ADR (b) | 16387 | 417213 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Clementia Pharmaceuticals Inc rights (b)(d) | 20215 | 0 |
| TOTAL FRANCE |  | 417213 |
| GERMANY - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| BioNTech SE ADR (b)(c) | 25212 | 2415562 |
| CureVac NV (b)(c) | 104359 | 466484 |
| TOTAL GERMANY |  | 2882046 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Webull Corp Class A (c) | 111035 | 1296889 |
| Insurance - 0.0% |  |  |
| Oxbridge Re Holdings Ltd (b) | 88892 | 186673 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 1483562 |
| GREECE - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Star Bulk Carriers Corp (c) | 30866 | 509598 |
| GUATEMALA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Millicom International Cellular SA  | 49505 | 1856933 |
| HONG KONG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Melco Resorts & Entertainment Ltd ADR (b) | 81973 | 514790 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Futu Holdings Ltd Class A ADR  | 24475 | 2494738 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Diginex Ltd (c) | 5651 | 304080 |
| TOTAL HONG KONG |  | 3313608 |
| INDIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| MakeMyTrip Ltd (b) | 17941 | 1823344 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| ReNew Energy Global PLC Class A (b) | 93415 | 636156 |
| TOTAL INDIA |  | 2459500 |
| IRELAND - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Prothena Corp PLC (b) | 30853 | 141615 |
| Pharmaceuticals - 0.0% |  |  |
| GH Research PLC (b)(c) | 33107 | 398277 |
| TOTAL HEALTH CARE |  | 539892 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Cimpress PLC (b) | 8895 | 393693 |
| TOTAL IRELAND |  | 933585 |
| ISRAEL - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Taboola.com Ltd (b) | 165192 | 611210 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Mobileye Global Inc Class A (b)(c) | 37131 | 603379 |
| Broadline Retail - 0.0% |  |  |
| Global-e Online Ltd (b) | 42312 | 1348483 |
| TOTAL CONSUMER DISCRETIONARY |  | 1951862 |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| Oddity Tech Ltd Class A (b)(c) | 13617 | 1013513 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd  | 10821 | 640603 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Elbit Systems Ltd (United States)  | 11414 | 4675232 |
| Machinery - 0.0% |  |  |
| Kornit Digital Ltd (b) | 17936 | 391005 |
| Nano Dimension Ltd ADR (b)(c) | 180399 | 279618 |
|  |  | 670623 |
| TOTAL INDUSTRIALS |  | 5345855 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Nayax Ltd (United States) (b)(c) | 7878 | 352147 |
| IT Services - 0.0% |  |  |
| Wix.com Ltd (b) | 13672 | 2036444 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Camtek Ltd/Israel (b)(c) | 12101 | 805200 |
| Nova Ltd (b) | 7375 | 1575448 |
| Tower Semiconductor Ltd (United States) (b) | 28694 | 1131691 |
|  |  | 3512339 |
| Software - 0.2% |  |  |
| Cellebrite DI Ltd (b) | 62947 | 1049956 |
| Check Point Software Technologies Ltd (b) | 26626 | 6094159 |
| Cognyte Software Ltd (b) | 46888 | 511314 |
| Magic Software Enterprises Ltd (c) | 25549 | 404441 |
| Nice Ltd ADR (b) | 12129 | 2012565 |
| Radware Ltd (b) | 21675 | 505461 |
| Sapiens International Corp NV  | 19554 | 561200 |
|  |  | 11139096 |
| TOTAL INFORMATION TECHNOLOGY |  | 17040026 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Enlight Renewable Energy Ltd (United States) (b) | 34849 | 679556 |
| TOTAL ISRAEL |  | 27282625 |
| ITALY - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Ryanair Holdings PLC ADR  | 59599 | 3313704 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Allegro MicroSystems Inc (b) | 50867 | 1289478 |
| JORDAN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| International General Insurance Holdings Ltd (c) | 9167 | 213958 |
| KAZAKHSTAN - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.0% |  |  |
| Freedom Holding Corp/NV (b)(c) | 16597 | 2753276 |
| Consumer Finance - 0.1% |  |  |
| Kaspi.KZ JSC ADR  | 49795 | 3971899 |
| TOTAL KAZAKHSTAN |  | 6725175 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Webtoon Entertainment Inc (b) | 39217 | 344717 |
| LUXEMBOURG - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Alvotech SA (b)(c) | 65959 | 754571 |
| NETHERLANDS - 0.5%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Argenx SE ADR (b) | 7714 | 4422128 |
| Merus NV (b) | 18645 | 1045425 |
| Newamsterdam Pharma Co NV (b)(c) | 31171 | 564507 |
| uniQure NV (b) | 20421 | 295491 |
|  |  | 6327551 |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| ASML Holding NV depository receipt  | 21495 | 15836871 |
| NXP Semiconductors NV  | 60974 | 11653961 |
|  |  | 27490832 |
| Software - 0.0% |  |  |
| Nebius Group NV Class A (b)(c) | 48630 | 1787153 |
| TOTAL INFORMATION TECHNOLOGY |  | 29277985 |
| TOTAL NETHERLANDS |  | 35605536 |
| NORWAY - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Golden Ocean Group Ltd (c) | 67600 | 520522 |
| PAKISTAN - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| VEON Ltd ADR (b) | 21034 | 1113750 |
| PUERTO RICO - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class C (b) | 64263 | 321315 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Popular Inc  | 19956 | 2066045 |
| TOTAL PUERTO RICO |  | 2387360 |
| RUSSIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Ozon Holdings PLC ADR (b)(c)(d) | 22100 | 0 |
| SINGAPORE - 0.1%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Scilex Holding Co (b)(c) | 1286 | 6584 |
| Industrials - 0.1% |  |  |
| Ground Transportation - 0.1% |  |  |
| Grab Holdings Ltd Class A (b) | 948530 | 4619342 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Kulicke & Soffa Industries Inc  | 18168 | 584101 |
| TOTAL SINGAPORE |  | 5210027 |
| SPAIN - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Grifols SA Class B ADR (b) | 45441 | 377615 |
| SWEDEN - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Dova Pharmaceuticals Inc rights (b)(d) | 7729 | 0 |
| Information Technology - 0.0% |  |  |
| Communications Equipment - 0.0% |  |  |
| Telefonaktiebolaget LM Ericsson Class B ADR  | 65109 | 550822 |
| TOTAL SWEDEN |  | 550822 |
| SWITZERLAND - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Sunrise Communications AG ADR (c) | 12518 | 642299 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Garrett Motion Inc  | 79092 | 838375 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| CRISPR Therapeutics AG (b)(c) | 22894 | 830823 |
| Health Care Technology - 0.0% |  |  |
| Sophia Genetics SA (b)(c) | 51102 | 153306 |
| TOTAL HEALTH CARE |  | 984129 |
| Information Technology - 0.1% |  |  |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Logitech International SA (United States) (c) | 38544 | 3189901 |
| TOTAL SWITZERLAND |  | 5654704 |
| TAIWAN - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Gogoro Inc (b)(c) | 49250 | 12165 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Himax Technologies Inc ADR  | 37955 | 309333 |
| Silicon Motion Technology Corp ADR  | 10525 | 644130 |
|  |  | 953463 |
| TOTAL TAIWAN |  | 965628 |
| UNITED ARAB EMIRATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| NWTN Inc Class B (b)(c) | 60572 | 92675 |
| UNITED KINGDOM - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Vodafone Group PLC ADR  | 101935 | 1054008 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Coca-Cola Europacific Partners PLC  | 108640 | 9972066 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| TORM PLC Class A (United States) (c) | 28938 | 462429 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Marex Group PLC  | 21532 | 929321 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.0% |  |  |
| Aptorum Group Ltd Class A (b)(c) | 37379 | 33641 |
| Immunocore Holdings PLC ADR (b) | 16858 | 617003 |
|  |  | 650644 |
| Pharmaceuticals - 0.2% |  |  |
| Astrazeneca PLC ADR  | 138891 | 10115432 |
| Astrazeneca PLC rights (b)(d) | 21510 | 0 |
| CinCor Pharma Inc rights (b)(d) | 12042 | 0 |
| Indivior PLC (United States) (b)(c) | 46912 | 603288 |
| Verona Pharma PLC ADR (b) | 17223 | 1398508 |
|  |  | 12117228 |
| TOTAL HEALTH CARE |  | 12767872 |
| TOTAL UNITED KINGDOM |  | 25185696 |
| UNITED STATES - 96.0%  |  |  |
| Communication Services - 14.9% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| AST SpaceMobile Inc Class A (b)(c) | 53353 | 1230854 |
| Cogent Communications Holdings Inc (c) | 14460 | 660967 |
| Frontier Communications Parent Inc (b) | 53397 | 1934573 |
| GCI Liberty Inc Class A (b)(d) | 18738 | 0 |
| Globalstar Inc (b) | 30641 | 565633 |
| Iridium Communications Inc  | 35220 | 894588 |
|  |  | 5286615 |
| Entertainment - 2.1% |  |  |
| Atlanta Braves Holdings Inc Class C (b)(c) | 18142 | 736747 |
| Electronic Arts Inc  | 62760 | 9023633 |
| Liberty Media Corp-Liberty Formula One Class A (b) | 9209 | 811497 |
| Liberty Media Corp-Liberty Formula One Class C (b) | 55903 | 5396317 |
| Liberty Media Corp-Liberty Live Class A (b) | 10019 | 719965 |
| Liberty Media Corp-Liberty Live Class C (b) | 12831 | 936022 |
| Netflix Inc (b) | 102523 | 123768841 |
| Playtika Holding Corp  | 103724 | 491651 |
| Roku Inc Class A (b) | 28966 | 2098876 |
| Take-Two Interactive Software Inc (b) | 43063 | 9744296 |
| Warner Bros Discovery Inc (b) | 608961 | 6071341 |
| Warner Music Group Corp Class A  | 36753 | 967339 |
|  |  | 160766525 |
| Interactive Media & Services - 10.9% |  |  |
| Alphabet Inc Class A  | 1405585 | 241395168 |
| Alphabet Inc Class C  | 1324526 | 228944319 |
| Angi Inc Class A (b) | 11163 | 174701 |
| Cargurus Inc Class A (b) | 22390 | 701703 |
| EverQuote Inc Class A (b) | 15500 | 357275 |
| IAC Inc Class A (b) | 21272 | 764941 |
| Match Group Inc  | 52444 | 1570173 |
| Meta Platforms Inc Class A  | 529516 | 342856315 |
| QuinStreet Inc (b) | 27467 | 419421 |
| Rumble Inc Class A (b)(c) | 54223 | 488549 |
| TripAdvisor Inc Class A  | 45583 | 649102 |
| Trump Media & Technology Group Corp (b)(c) | 56896 | 1213592 |
| Ziff Davis Inc (b) | 15201 | 493120 |
| ZoomInfo Technologies Inc (b) | 93151 | 889592 |
|  |  | 820917971 |
| Media - 1.0% |  |  |
| Advantage Solutions Inc Class A (b)(c) | 158233 | 188297 |
| Charter Communications Inc Class A (b) | 34425 | 13641595 |
| Comcast Corp Class A  | 905738 | 31311363 |
| comScore Inc (b) | 10579 | 48557 |
| EchoStar Corp Class A (b) | 40750 | 722498 |
| Fox Corp Class A  | 53693 | 2949893 |
| Fox Corp Class B  | 52802 | 2654885 |
| Integral Ad Science Holding Corp (b)(c) | 57831 | 470744 |
| Liberty Broadband Corp Class A (b) | 5498 | 510764 |
| Liberty Broadband Corp Class C (b) | 30535 | 2864183 |
| Magnite Inc (b) | 51009 | 834507 |
| News Corp Class A  | 89497 | 2527395 |
| News Corp Class B (c) | 38387 | 1256023 |
| Nexstar Media Group Inc  | 8639 | 1472258 |
| Paramount Global Class B (c) | 172525 | 2087553 |
| Sirius XM Holdings Inc (c) | 80864 | 1753132 |
| TechTarget Inc/old  | 14716 | 119052 |
| Trade Desk Inc (The) Class A (b) | 108072 | 8129176 |
|  |  | 73541875 |
| Wireless Telecommunication Services - 0.9% |  |  |
| Gogo Inc (b)(c) | 66190 | 702276 |
| T-Mobile US Inc  | 273538 | 66250904 |
|  |  | 66953180 |
| TOTAL COMMUNICATION SERVICES |  | 1127466166 |
| Consumer Discretionary - 13.8% |  |  |
| Automobile Components - 0.1% |  |  |
| Dorman Products Inc (b) | 8837 | 1142712 |
| Fox Factory Holding Corp (b) | 19960 | 511974 |
| Gentex Corp  | 49115 | 1059411 |
| Goodyear Tire & Rubber Co/The (b) | 91368 | 1042509 |
| Patrick Industries Inc  | 10806 | 927803 |
| Visteon Corp (b) | 9579 | 808707 |
|  |  | 5493116 |
| Automobiles - 3.6% |  |  |
| Cenntro Inc (b)(c) | 93278 | 79753 |
| Lucid Group Inc Class A (b)(c) | 632700 | 1410921 |
| Rivian Automotive Inc Class A (b)(c) | 294538 | 4279637 |
| Tesla Inc (b) | 774051 | 268177709 |
|  |  | 273948020 |
| Broadline Retail - 7.1% |  |  |
| Amazon.com Inc (b) | 2554511 | 523700301 |
| eBay Inc  | 112721 | 8247796 |
| Etsy Inc (b) | 27323 | 1512328 |
| Ollie's Bargain Outlet Holdings Inc (b) | 15607 | 1739400 |
|  |  | 535199825 |
| Distributors - 0.0% |  |  |
| LKQ Corp  | 59025 | 2388742 |
| Pool Corp  | 9002 | 2705911 |
|  |  | 5094653 |
| Diversified Consumer Services - 0.2% |  |  |
| American Public Education Inc (b) | 15588 | 459067 |
| Duolingo Inc Class A (b) | 8997 | 4674931 |
| Frontdoor Inc (b) | 20687 | 1137992 |
| Grand Canyon Education Inc (b) | 7490 | 1481859 |
| Laureate Education Inc (b) | 41262 | 928395 |
| Mister Car Wash Inc (b)(c) | 108924 | 771182 |
| Perdoceo Education Corp (c) | 25858 | 880206 |
| Strategic Education Inc  | 7440 | 678751 |
| Udemy Inc (b) | 65225 | 477447 |
|  |  | 11489830 |
| Hotels, Restaurants & Leisure - 1.9% |  |  |
| Airbnb Inc Class A (b) | 104112 | 13430448 |
| Booking Holdings Inc  | 7656 | 42252928 |
| Caesars Entertainment Inc (b) | 48461 | 1302632 |
| Cheesecake Factory Inc/The (c) | 14897 | 821867 |
| Churchill Downs Inc  | 15855 | 1513677 |
| Domino's Pizza Inc  | 7757 | 3675422 |
| DoorDash Inc Class A (b) | 94428 | 19702402 |
| DraftKings Inc Class A (b) | 115519 | 4144822 |
| Expedia Group Inc Class A  | 29070 | 4847423 |
| First Watch Restaurant Group Inc (b)(c) | 29523 | 455835 |
| Krispy Kreme Inc (c) | 85688 | 247638 |
| Light & Wonder Inc Class A (b) | 20967 | 1889546 |
| Marriott International Inc/MD Class A1  | 65205 | 17203035 |
| Monarch Casino & Resort Inc  | 7034 | 589027 |
| Papa John's International Inc (c) | 13155 | 595264 |
| Penn Entertainment Inc (b) | 43056 | 638520 |
| Playa Hotels & Resorts NV (b) | 42385 | 570502 |
| Red Rock Resorts Inc Class A  | 12947 | 622362 |
| Sabre Corp (b)(c) | 144370 | 363812 |
| Sportradar Holding AG Class A (b) | 53625 | 1282174 |
| Starbucks Corp  | 272361 | 22864706 |
| Texas Roadhouse Inc  | 14805 | 2890084 |
| Wendy's Co/The (c) | 65304 | 744466 |
| Wingstop Inc (c) | 7101 | 2426412 |
| Wynn Resorts Ltd (c) | 24552 | 2222938 |
|  |  | 147297942 |
| Household Durables - 0.0% |  |  |
| Cavco Industries Inc (b) | 2295 | 995101 |
| Helen of Troy Ltd (b) | 10163 | 273282 |
| LGI Homes Inc (b) | 9065 | 454156 |
| Newell Brands Inc  | 123319 | 653591 |
| Sonos Inc (b) | 50306 | 517146 |
|  |  | 2893276 |
| Leisure Products - 0.1% |  |  |
| BRP Inc Subordinate Voting Shares (United States)  | 10824 | 476256 |
| Hasbro Inc  | 33812 | 2255599 |
| Latham Group Inc (b) | 49822 | 281494 |
| Mattel Inc (b) | 93145 | 1764166 |
| Peloton Interactive Inc Class A (b) | 106318 | 754858 |
|  |  | 5532373 |
| Specialty Retail - 0.6% |  |  |
| Academy Sports & Outdoors Inc  | 22234 | 909593 |
| Five Below Inc (b) | 14455 | 1685019 |
| National Vision Holdings Inc (b) | 40100 | 794381 |
| Newegg Commerce Inc Class A (b)(c) | 10613 | 51366 |
| O'Reilly Automotive Inc (b) | 13599 | 18596633 |
| Petco Health & Wellness Co Inc Class A (b) | 93463 | 343009 |
| Ross Stores Inc  | 78930 | 11057304 |
| Tractor Supply Co (c) | 130735 | 6327574 |
| Ulta Beauty Inc (b) | 10954 | 5164373 |
| Upbound Group Inc  | 19547 | 448408 |
| Urban Outfitters Inc (b)(c) | 25420 | 1776858 |
| Winmark Corp  | 1468 | 623636 |
|  |  | 47778154 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Columbia Sportswear Co  | 14599 | 931124 |
| Crocs Inc (b) | 13662 | 1393524 |
| G-III Apparel Group Ltd (b) | 13240 | 384622 |
| Lululemon Athletica Inc (b) | 27785 | 8798677 |
| Steven Madden Ltd  | 18996 | 468251 |
|  |  | 11976198 |
| TOTAL CONSUMER DISCRETIONARY |  | 1046703387 |
| Consumer Staples - 3.5% |  |  |
| Beverages - 1.0% |  |  |
| Celsius Holdings Inc (b) | 58435 | 2213518 |
| Coca-Cola Consolidated Inc  | 19310 | 2213892 |
| Keurig Dr Pepper Inc  | 323441 | 10890258 |
| Monster Beverage Corp (b) | 236919 | 15150970 |
| National Beverage Corp  | 26537 | 1200269 |
| PepsiCo Inc  | 330229 | 43408602 |
| Vita Coco Co Inc/The (b) | 20781 | 739595 |
|  |  | 75817104 |
| Consumer Staples Distribution & Retail - 1.8% |  |  |
| Andersons Inc/The  | 12111 | 430061 |
| Casey's General Stores Inc  | 8895 | 3893875 |
| Chefs' Warehouse Inc/The (b)(c) | 14247 | 908674 |
| Costco Wholesale Corp  | 107140 | 111444885 |
| Dollar Tree Inc (b) | 55820 | 5038313 |
| Grocery Outlet Holding Corp (b) | 43954 | 596895 |
| Maplebear Inc (b) | 67683 | 3091083 |
| PriceSmart Inc (c) | 9270 | 1000975 |
| Sprouts Farmers Market Inc (b) | 23129 | 3998079 |
| Walgreens Boots Alliance Inc  | 231058 | 2599403 |
|  |  | 133002243 |
| Food Products - 0.6% |  |  |
| Bridgford Foods Corp (b)(c) | 2964 | 23001 |
| Cal-Maine Foods Inc  | 13555 | 1300331 |
| Freshpet Inc (b) | 11828 | 948132 |
| J & J Snack Foods Corp  | 6202 | 714284 |
| Kraft Heinz Co/The  | 290338 | 7760735 |
| Lancaster Colony Corp  | 8011 | 1341041 |
| Mondelez International Inc  | 309183 | 20866762 |
| Pilgrim's Pride Corp  | 61732 | 3034745 |
| Simply Good Foods Co/The (b) | 29234 | 1008865 |
| Smithfield Foods Inc  | 96249 | 2250302 |
| The Campbell's Company  | 72801 | 2478146 |
| Vital Farms Inc (b)(c) | 15869 | 505269 |
|  |  | 42231613 |
| Household Products - 0.1% |  |  |
| Central Garden & Pet Co Class A (b) | 18347 | 586554 |
| Kimberly-Clark Corp  | 79684 | 11455372 |
| Reynolds Consumer Products Inc  | 56553 | 1248690 |
| WD-40 Co  | 4032 | 982316 |
|  |  | 14272932 |
| Personal Care Products - 0.0% |  |  |
| Interparfums Inc (c) | 8890 | 1210996 |
| Olaplex Holdings Inc (b)(c) | 281219 | 371208 |
|  |  | 1582204 |
| TOTAL CONSUMER STAPLES |  | 266906096 |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Baker Hughes Co Class A  | 239716 | 8881478 |
| ChampionX Corp  | 47462 | 1142410 |
| Patterson-UTI Energy Inc (c) | 124506 | 687273 |
| ProFrac Holding Corp Class A (b)(c) | 62418 | 520566 |
| Smart Sand Inc  | 112640 | 214016 |
| Weatherford International PLC  | 19039 | 830100 |
|  |  | 12275843 |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Alliance Resource Partners LP  | 38481 | 1001660 |
| APA Corp  | 90113 | 1532822 |
| Calumet Inc (c) | 27676 | 386910 |
| Chord Energy Corp  | 13654 | 1228860 |
| Diamondback Energy Inc  | 69711 | 9379616 |
| Dorchester Minerals Mlp  | 16806 | 449897 |
| Expand Energy Corp  | 55945 | 6496894 |
| HighPeak Energy Inc Class A (c) | 48869 | 483314 |
| New Fortress Energy Inc Class A (c) | 85161 | 212051 |
| NextDecade Corp (b) | 85191 | 705381 |
| Plains All American Pipeline LP  | 164007 | 2712676 |
| Plains GP Holdings LP Class A  | 43095 | 758472 |
| Viper Energy Inc Class A  | 32189 | 1277581 |
|  |  | 26626134 |
| TOTAL ENERGY |  | 38901977 |
| Financials - 3.6% |  |  |
| Banks - 1.0% |  |  |
| 1st Source Corp  | 8440 | 511126 |
| BancFirst Corp  | 10194 | 1261049 |
| Bancorp Inc/The (b) | 16330 | 834463 |
| Bank of Marin Bancorp  | 14729 | 313875 |
| Bank OZK  | 32989 | 1462402 |
| Banner Corp  | 12172 | 750404 |
| BCB Bancorp Inc  | 31907 | 258447 |
| BOK Financial Corp  | 17927 | 1692667 |
| Broadway Financial Corp/DE (b) | 16609 | 103971 |
| Business First Bancshares Inc  | 13134 | 312458 |
| Carver Bancorp Inc (b) | 37544 | 53499 |
| Cathay General Bancorp  | 22823 | 978080 |
| City Holding Co  | 5788 | 682347 |
| Coastal Financial Corp/WA Class A (b) | 6524 | 573394 |
| Columbia Banking System Inc  | 55074 | 1287630 |
| Columbia Financial Inc (b)(c) | 42973 | 614944 |
| Commerce Bancshares Inc/MO  | 36212 | 2281718 |
| CVB Financial Corp  | 46078 | 863963 |
| Dime Community Bancshares Inc (c) | 19310 | 495495 |
| East West Bancorp Inc  | 33034 | 3012701 |
| Eastern Bankshares Inc  | 66622 | 999330 |
| Enterprise Bancorp Inc/MA  | 10899 | 420156 |
| Enterprise Financial Services Corp  | 13329 | 705637 |
| Fifth Third Bancorp  | 154683 | 5907344 |
| First Bancorp/Southern Pines NC (c) | 16163 | 668663 |
| First Busey Corp  | 24794 | 548443 |
| First Citizens BancShares Inc/NC Class A (c) | 3111 | 5751866 |
| First Financial Bancorp  | 29575 | 714532 |
| First Financial Bankshares Inc  | 41443 | 1461280 |
| First Hawaiian Inc  | 39776 | 949851 |
| First Interstate BancSystem Inc Class A  | 32388 | 879334 |
| First Interstate Bank of Calif  | 16779 | 406891 |
| First Merchants Corp  | 18358 | 692097 |
| Firstsun Capital Bancorp (b)(c) | 5832 | 208960 |
| Fulton Financial Corp (c) | 57685 | 995066 |
| German American Bancorp Inc  | 14702 | 561837 |
| Hancock Whitney Corp  | 25268 | 1381402 |
| Hope Bancorp Inc (c) | 52616 | 528265 |
| Horizon Bancorp Inc/IN  | 31701 | 470443 |
| Huntington Bancshares Inc/OH  | 335137 | 5238191 |
| Independent Bank Corp  | 12925 | 794888 |
| International Bancshares Corp  | 18789 | 1176755 |
| Investar Holding Corp  | 20215 | 384287 |
| Lakeland Financial Corp  | 9183 | 549786 |
| Nbt Bancorp Inc  | 17096 | 715468 |
| Northwest Bancshares Inc  | 47721 | 586014 |
| OceanFirst Financial Corp  | 28346 | 476496 |
| Old National Bancorp/IN  | 66427 | 1385667 |
| Pacific Premier Bancorp Inc  | 33405 | 708186 |
| Pathward Financial Inc  | 9170 | 715719 |
| Peoples Bancorp Inc/OH  | 17212 | 504656 |
| Pinnacle Financial Partners Inc (c) | 21097 | 2242189 |
| QCR Holdings Inc  | 7402 | 498155 |
| Republic Bancorp Inc/KY Class A  | 4305 | 295065 |
| S&T Bancorp Inc  | 17187 | 630075 |
| Seacoast Banking Corp of Florida  | 26676 | 689041 |
| Simmons First National Corp Class A  | 42477 | 796869 |
| Stock Yards Bancorp Inc (c) | 10682 | 785768 |
| Texas Capital Bancshares Inc (b) | 14418 | 1033626 |
| TFS Financial Corp (c) | 88255 | 1165849 |
| Towne Bank/Portsmouth VA (c) | 27524 | 951229 |
| TriCo Bancshares  | 12903 | 514830 |
| Triumph Financial Inc (b)(c) | 8838 | 510571 |
| Trustmark Corp  | 22171 | 764013 |
| UMB Financial Corp  | 18014 | 1857604 |
| United Bankshares Inc/WV (c) | 37577 | 1358033 |
| Valley National Bancorp  | 141941 | 1246242 |
| Veritex Holdings Inc  | 23209 | 561658 |
| WaFd Inc (c) | 28422 | 807753 |
| WesBanco Inc  | 23900 | 735642 |
| Westamerica BanCorp  | 10219 | 491023 |
| Wintrust Financial Corp  | 18353 | 2191532 |
| WSFS Financial Corp (c) | 18880 | 998563 |
| Zions Bancorp NA  | 31892 | 1510405 |
|  |  | 78467878 |
| Capital Markets - 1.5% |  |  |
| BGC Group Inc Class A  | 117447 | 1089908 |
| Carlyle Group Inc/The  | 87798 | 3968470 |
| CME Group Inc Class A  | 86514 | 25002547 |
| Coinbase Global Inc Class A (b) | 50944 | 12563810 |
| Galaxy Digital Inc (c) | 31460 | 570999 |
| Greenpro Capital Corp (b)(c) | 73197 | 77589 |
| Hamilton Lane Inc Class A  | 10858 | 1617842 |
| Interactive Brokers Group Inc Class A  | 24891 | 5219145 |
| LPL Financial Holdings Inc  | 17964 | 6954942 |
| MarketAxess Holdings Inc  | 9783 | 2117139 |
| Morningstar Inc  | 10458 | 3225456 |
| Nasdaq Inc  | 136215 | 11379401 |
| Northern Trust Corp  | 48469 | 5173581 |
| Perella Weinberg Partners Class A  | 26384 | 458290 |
| Robinhood Markets Inc Class A (b) | 180767 | 11957737 |
| SEI Investments Co  | 27558 | 2349595 |
| StepStone Group Inc Class A  | 21665 | 1253320 |
| StoneX Group Inc (b) | 15868 | 1343306 |
| T Rowe Price Group Inc  | 51319 | 4802945 |
| TPG Inc Class A (c) | 27396 | 1318569 |
| Tradeweb Markets Inc Class A  | 29446 | 4253475 |
| Victory Capital Holdings Inc Class A  | 19949 | 1237037 |
| Virtu Financial Inc Class A  | 23601 | 948524 |
|  |  | 108883627 |
| Consumer Finance - 0.1% |  |  |
| Credit Acceptance Corp (b)(c) | 3408 | 1626638 |
| Dave Inc Class A (b) | 3200 | 642624 |
| FirstCash Holdings Inc  | 12645 | 1617422 |
| Navient Corp (c) | 37611 | 505492 |
| SLM Corp  | 55802 | 1806311 |
| SoFi Technologies Inc Class A (b) | 259289 | 3448544 |
| Upstart Holdings Inc (b)(c) | 22426 | 1057834 |
|  |  | 10704865 |
| Financial Services - 0.5% |  |  |
| Affirm Holdings Inc Class A (b) | 66624 | 3457786 |
| AvidXchange Holdings Inc (b) | 72858 | 713280 |
| Enact Holdings Inc  | 43349 | 1534555 |
| Euronet Worldwide Inc (b) | 13011 | 1408831 |
| Flywire Corp (b) | 52931 | 569008 |
| Jack Henry & Associates Inc  | 16243 | 2942744 |
| Marqeta Inc Class A (b) | 161621 | 869521 |
| Merchants Bancorp/IN  | 17254 | 552473 |
| Mr Cooper Group Inc (b) | 14876 | 1926888 |
| NMI Holdings Inc (b) | 25896 | 1028589 |
| Payoneer Global Inc (b) | 108142 | 736447 |
| PayPal Holdings Inc (b) | 234356 | 16470540 |
| Remitly Global Inc (b) | 58876 | 1257591 |
| Sezzle Inc (b)(c) | 9150 | 976397 |
|  |  | 34444650 |
| Insurance - 0.5% |  |  |
| Amerisafe Inc  | 10436 | 495397 |
| Arch Capital Group Ltd  | 90258 | 8578121 |
| Baldwin Insurance Group Inc/The Class A (b) | 19465 | 749986 |
| Brighthouse Financial Inc (b) | 15898 | 950859 |
| Cincinnati Financial Corp  | 36209 | 5461041 |
| Enstar Group Ltd (b) | 2800 | 938028 |
| Erie Indemnity Co Class A  | 11274 | 4041842 |
| Goosehead Insurance Inc Class A  | 7150 | 774059 |
| Palomar Hldgs Inc (b) | 8264 | 1417028 |
| Principal Financial Group Inc  | 51605 | 4019513 |
| Root Inc/OH Class A (b) | 3057 | 400436 |
| Safety Insurance Group Inc  | 6847 | 562413 |
| Selective Insurance Group Inc  | 16718 | 1471518 |
| Skyward Specialty Insurance Group Inc (b) | 14634 | 927064 |
| Trupanion Inc (b) | 14998 | 707756 |
| Willis Towers Watson PLC  | 24156 | 7646582 |
|  |  | 39141643 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.0% |  |  |
| AGNC Investment Corp (c) | 190331 | 1701559 |
| TOTAL FINANCIALS |  | 273344222 |
| Health Care - 5.1% |  |  |
| Biotechnology - 2.9% |  |  |
| 89bio Inc (b) | 47369 | 466111 |
| ACADIA Pharmaceuticals Inc (b) | 53351 | 1150781 |
| ADMA Biologics Inc (b) | 54433 | 1079951 |
| Agios Pharmaceuticals Inc (b) | 19187 | 615711 |
| Akero Therapeutics Inc (b) | 17005 | 844298 |
| Alkermes PLC (b) | 45442 | 1390980 |
| Alnylam Pharmaceuticals Inc (b) | 31434 | 9573539 |
| Amgen Inc  | 128000 | 36887040 |
| Amicus Therapeutics Inc (b) | 96675 | 586817 |
| Anavex Life Sciences Corp (b)(c) | 34882 | 262661 |
| Apellis Pharmaceuticals Inc (b) | 32968 | 558148 |
| Apogee Therapeutics Inc (b) | 11945 | 437665 |
| Applied Genetic Technologies Corp/DE (b)(c)(d) | 14225 | 0 |
| Arcellx Inc (b) | 13930 | 864496 |
| Arcutis Biotherapeutics Inc (b) | 32518 | 424035 |
| Ardelyx Inc (b) | 87549 | 321305 |
| ArriVent Biopharma Inc (b) | 19820 | 421175 |
| Arrowhead Pharmaceuticals Inc (b) | 41879 | 672996 |
| ARS Pharmaceuticals Inc (b)(c) | 32334 | 466580 |
| Avidity Biosciences Inc (b) | 23182 | 718178 |
| Beam Therapeutics Inc (b) | 27845 | 440786 |
| Bicara Therapeutics Inc (c) | 29000 | 268250 |
| BioCryst Pharmaceuticals Inc (b) | 73530 | 790448 |
| Biogen Inc (b) | 33643 | 4366525 |
| BioMarin Pharmaceutical Inc (b) | 45167 | 2622848 |
| Blueprint Medicines Corp (b) | 14500 | 1469575 |
| Bridgebio Pharma Inc (b) | 44911 | 1538202 |
| CareDx Inc (b) | 15923 | 270532 |
| Carisma Therapeutics Inc rights (b)(c)(d) | 449253 | 4 |
| Catalyst Pharmaceuticals Inc (b) | 35474 | 885431 |
| Celldex Therapeutics Inc (b)(c) | 28050 | 554829 |
| Centessa Pharmaceuticals PLC ADR (b) | 27214 | 367661 |
| CG oncology Inc (b)(c) | 23479 | 601532 |
| Cogent Biosciences Inc (b)(c) | 59504 | 323702 |
| Crinetics Pharmaceuticals Inc (b) | 22532 | 687451 |
| Cyclerion Therapeutics Inc (b)(c) | 13145 | 38515 |
| Cytokinetics Inc (b) | 28182 | 874206 |
| Day One Biopharmaceuticals Inc (b)(c) | 49243 | 314170 |
| Denali Therapeutics Inc (b) | 41663 | 551618 |
| Design Therapeutics Inc (b)(c) | 57423 | 214188 |
| Dianthus Therapeutics Inc (b) | 18469 | 321176 |
| Disc Medicine Inc (b) | 7593 | 354441 |
| Dynavax Technologies Corp (b) | 48834 | 478085 |
| Dyne Therapeutics Inc (b) | 24309 | 290736 |
| Entrada Therapeutics Inc (b) | 24723 | 187895 |
| Exact Sciences Corp (b) | 46452 | 2614319 |
| Exelixis Inc (b) | 74895 | 3223481 |
| Forte Biosciences Inc (b)(c) | 4572 | 38862 |
| Galectin Therapeutics Inc (b)(c) | 79308 | 103893 |
| Geron Corp (b)(c) | 244482 | 371613 |
| Gilead Sciences Inc  | 296170 | 32602394 |
| GRAIL Inc (c) | 8417 | 323297 |
| Halozyme Therapeutics Inc (b) | 30843 | 1729367 |
| Ideaya Biosciences Inc (b) | 31238 | 621324 |
| ImmunityBio Inc (b)(c) | 191287 | 508823 |
| Immunome Inc (b)(c) | 26827 | 235005 |
| Immunovant Inc (b)(c) | 40773 | 605479 |
| Incyte Corp (b) | 46959 | 3055153 |
| Inhibrx Biosciences Inc (b)(c) | 12366 | 166570 |
| Inmune Bio Inc (b)(c) | 34400 | 253872 |
| Insmed Inc (b) | 42481 | 2962200 |
| Intellia Therapeutics Inc (b)(c) | 50085 | 344084 |
| Ionis Pharmaceuticals Inc (b) | 39732 | 1331419 |
| Iovance Biotherapeutics Inc (b)(c) | 84330 | 147578 |
| Janux Therapeutics Inc (b) | 13902 | 330868 |
| Kinnate Biopharma Inc rights (b)(d) | 50749 | 0 |
| Krystal Biotech Inc (b)(c) | 6948 | 875170 |
| Kymera Therapeutics Inc (b) | 16393 | 485889 |
| Legend Biotech Corp ADR (b) | 25476 | 737530 |
| Lyell Immunopharma Inc (b) | 152534 | 66612 |
| Madrigal Pharmaceuticals Inc (b)(c) | 4961 | 1365565 |
| MannKind Corp (b) | 92926 | 385643 |
| Metsera Inc (c) | 25456 | 680184 |
| MiMedx Group Inc (b) | 63323 | 407167 |
| Mineralys Therapeutics Inc (b) | 27157 | 423106 |
| Mirati Therapeutics Inc rights (b)(d) | 1147 | 0 |
| Mirum Pharmaceuticals Inc (b) | 13595 | 604434 |
| Moderna Inc (b) | 92998 | 2470027 |
| MoonLake Immunotherapeutics Class A (b)(c) | 19566 | 763270 |
| Myriad Genetics Inc (b) | 28196 | 118141 |
| Natera Inc (b) | 33319 | 5255406 |
| Neurocrine Biosciences Inc (b) | 23960 | 2947559 |
| Novavax Inc (b)(c) | 41657 | 305762 |
| Nuvalent Inc Class A (b) | 15588 | 1163021 |
| OmniAb Operations Inc (b)(d) | 2320 | 4988 |
| OmniAb Operations Inc (b)(d) | 2320 | 4431 |
| Praxis Precision Medicines Inc (b) | 6557 | 252772 |
| Protagonist Therapeutics Inc (b)(c) | 15800 | 750026 |
| PTC Therapeutics Inc (b) | 20132 | 976805 |
| Recursion Pharmaceuticals Inc Class A (b)(c) | 78784 | 329317 |
| Regeneron Pharmaceuticals Inc  | 25793 | 12645792 |
| Rein Therapeutics Inc (b) | 41096 | 80137 |
| Replimune Group Inc (b) | 32449 | 291392 |
| Revolution Medicines Inc (b) | 42271 | 1665477 |
| Rhythm Pharmaceuticals Inc (b) | 18430 | 1130312 |
| Rocket Pharmaceuticals Inc (b) | 49897 | 125241 |
| Roivant Sciences Ltd (b) | 197391 | 2169327 |
| Sana Biotechnology Inc (b)(c) | 82876 | 179841 |
| Sarepta Therapeutics Inc (b) | 24176 | 909018 |
| Scholar Rock Holding Corp (b) | 20231 | 586901 |
| Soleno Therapeutics Inc (b) | 15315 | 1123355 |
| SpringWorks Therapeutics Inc (b) | 22085 | 1031590 |
| Spyre Therapeutics Inc (b)(c) | 12935 | 197647 |
| Summit Therapeutics Inc (b)(c) | 179982 | 3278372 |
| Syndax Pharmaceuticals Inc (b) | 33613 | 354281 |
| TG Therapeutics Inc (b) | 38410 | 1348575 |
| Tobira Therapeutics Inc rights (b)(c)(d) | 1750 | 0 |
| Travere Therapeutics Inc (b) | 22882 | 343688 |
| Twist Bioscience Corp (b) | 16226 | 475422 |
| Tyra Biosciences Inc (b) | 21807 | 198444 |
| Ultragenyx Pharmaceutical Inc (b) | 23446 | 797867 |
| United Therapeutics Corp (b) | 10292 | 3281604 |
| Vaxart Inc (b)(c) | 338273 | 146506 |
| Vaxcyte Inc (b) | 32233 | 1047250 |
| Vera Therapeutics Inc Class A (b) | 15060 | 285387 |
| Veracyte Inc (b) | 22876 | 608730 |
| Vericel Corp (b) | 14125 | 583292 |
| Vertex Pharmaceuticals Inc (b) | 61654 | 27254151 |
| Viking Therapeutics Inc (b)(c) | 27525 | 737670 |
| Vir Biotechnology Inc (b)(c) | 66992 | 330940 |
| Viridian Therapeutics Inc (b)(c) | 25362 | 353039 |
| Xencor Inc (b) | 34002 | 272016 |
|  |  | 213330963 |
| Health Care Equipment & Supplies - 1.4% |  |  |
| ABIOMED Inc (b)(d) | 10350 | 22977 |
| Align Technology Inc (b) | 16777 | 3035630 |
| Alphatec Holdings Inc (b) | 54096 | 672413 |
| AtriCure Inc (b) | 17789 | 614966 |
| Cerus Corp (b) | 184330 | 234099 |
| Cooper Cos Inc/The (b) | 46254 | 3158223 |
| DENTSPLY SIRONA Inc  | 63856 | 1020419 |
| Dexcom Inc (b) | 95821 | 8221442 |
| GE HealthCare Technologies Inc  | 109194 | 7702545 |
| Hologic Inc (b) | 50301 | 3127213 |
| ICU Medical Inc (b) | 7435 | 1002684 |
| IDEXX Laboratories Inc (b) | 19397 | 9957644 |
| Inmode Ltd (b)(c) | 30416 | 445899 |
| Insulet Corp (b) | 16049 | 5216406 |
| Integra LifeSciences Holdings Corp (b) | 29635 | 375179 |
| Intuitive Surgical Inc (b) | 85784 | 47381935 |
| iRhythm Technologies Inc (b) | 9262 | 1301311 |
| Kestra Medical Technologies Ltd  | 11533 | 259723 |
| Lantheus Holdings Inc (b)(c) | 16263 | 1228832 |
| LeMaitre Vascular Inc  | 8364 | 687521 |
| LivaNova PLC (b) | 16152 | 698574 |
| Masimo Corp (b) | 13544 | 2200900 |
| Merit Medical Systems Inc (b) | 14195 | 1348951 |
| Neogen Corp (b) | 64891 | 380261 |
| Novocure Ltd (b) | 36024 | 688419 |
| Omnicell Inc (b) | 18638 | 566036 |
| PROCEPT BioRobotics Corp (b)(c) | 15469 | 897202 |
| Pulse Biosciences Inc (b)(c) | 17090 | 295742 |
| QuidelOrtho Corp (b) | 23059 | 707220 |
| RxSight Inc (b) | 13342 | 203999 |
| STAAR Surgical Co (b)(c) | 16562 | 294969 |
| Tandem Diabetes Care Inc (b) | 19406 | 384627 |
| TransMedics Group Inc (b)(c) | 8172 | 1038825 |
| UFP Technologies Inc (b)(c) | 2699 | 632106 |
|  |  | 106004892 |
| Health Care Providers & Services - 0.3% |  |  |
| Acadia Healthcare Co Inc (b) | 24627 | 557555 |
| AdaptHealth Corp (b) | 55979 | 502691 |
| Addus HomeCare Corp (b) | 5885 | 652705 |
| AirSculpt Technologies Inc (b)(c) | 33169 | 146275 |
| Alignment Healthcare Inc (b) | 53120 | 816454 |
| Amedisys Inc (b) | 7750 | 729043 |
| Astrana Health Inc (b)(c) | 16915 | 419323 |
| Aveanna Healthcare Holdings Inc (b) | 87187 | 464707 |
| BrightSpring Health Services Inc (b) | 41605 | 990615 |
| Clover Health Investments Corp Class A (b) | 113624 | 356779 |
| CorVel Corp (b) | 14087 | 1567460 |
| Ensign Group Inc/The  | 13449 | 1980500 |
| GeneDx Holdings Corp Class A (b) | 7067 | 503312 |
| Guardant Health Inc (b) | 29805 | 1210679 |
| HealthEquity Inc (b) | 21297 | 2142692 |
| Henry Schein Inc (b) | 27558 | 1928784 |
| LifeStance Health Group Inc (b) | 123959 | 736316 |
| National Research Corp Class A  | 15584 | 210540 |
| NeoGenomics Inc (b) | 40456 | 294520 |
| OPKO Health Inc (b) | 287427 | 390901 |
| Option Care Health Inc (b) | 45777 | 1495992 |
| P3 Health Partners Inc Class A (b)(c) | 1836 | 13440 |
| Premier Inc Class A (c) | 35106 | 806736 |
| Privia Health Group Inc (b)(c) | 36647 | 834086 |
| Progyny Inc (b) | 27292 | 586778 |
| RadNet Inc (b) | 19832 | 1140142 |
| Surgery Partners Inc (b)(c) | 40005 | 944518 |
|  |  | 22423543 |
| Health Care Technology - 0.0% |  |  |
| Certara Inc (b) | 61418 | 697708 |
| Schrodinger Inc/United States (b) | 23201 | 501605 |
| Waystar Holding Corp (b) | 40521 | 1620030 |
|  |  | 2819343 |
| Life Sciences Tools & Services - 0.2% |  |  |
| 10X Genomics Inc Class A (b) | 38256 | 364580 |
| Adaptive Biotechnologies Corp (b) | 50806 | 483673 |
| Azenta Inc (b) | 14958 | 399678 |
| Bio-Techne Corp  | 35253 | 1706245 |
| BioLife Solutions Inc (b) | 19948 | 436462 |
| Bruker Corp  | 35837 | 1315218 |
| Fortrea Holdings Inc (b) | 46885 | 201606 |
| ICON PLC (b) | 19720 | 2569122 |
| Illumina Inc (b) | 35955 | 2956939 |
| Medpace Holdings Inc (b) | 7142 | 2106176 |
| OmniAb Inc (b) | 87234 | 110786 |
| Repligen Corp (b) | 13483 | 1591938 |
| Sotera Health Co (b)(c) | 89170 | 1091441 |
| Tempus AI Inc Class A (b)(c) | 37305 | 2058490 |
|  |  | 17392354 |
| Pharmaceuticals - 0.3% |  |  |
| Amneal Intermediate Inc Class A (b) | 92597 | 677810 |
| Amphastar Pharmaceuticals Inc (b) | 17818 | 458101 |
| ANI Pharmaceuticals Inc (b) | 8797 | 516560 |
| Atea Pharmaceuticals Inc (b) | 116381 | 345652 |
| Avadel Pharmaceuticals PLC Class A (b) | 51167 | 466131 |
| Axsome Therapeutics Inc (b) | 12766 | 1342473 |
| Belite Bio Inc ADR (b)(c) | 6125 | 397329 |
| Corcept Therapeutics Inc (b) | 25463 | 1974910 |
| Edgewise Therapeutics Inc (b) | 28450 | 406266 |
| Enliven Therapeutics Inc (b)(c) | 21676 | 385183 |
| Harmony Biosciences Holdings Inc (b)(c) | 18967 | 654362 |
| Harrow Inc (b) | 11378 | 319836 |
| Innoviva Inc (b) | 28810 | 563812 |
| Jazz Pharmaceuticals PLC (b) | 14502 | 1567231 |
| LENZ Therapeutics Inc (b)(c) | 16296 | 475843 |
| Ligand Pharmaceuticals Inc (b)(c) | 6589 | 673330 |
| Ligand Pharmaceuticals Inc rights (b) | 1530 | 214 |
| Ligand Pharmaceuticals Inc rights (b) | 1530 | 69 |
| Ligand Pharmaceuticals Inc rights (b) | 1530 | 6 |
| Ligand Pharmaceuticals Inc rights (b) | 1530 | 1 |
| Liquidia Corp (b) | 37473 | 559097 |
| Ocular Therapeutix Inc (b) | 58459 | 468257 |
| Pacira BioSciences Inc (b)(c) | 21961 | 567472 |
| Royalty Pharma PLC Class A  | 101374 | 3333177 |
| Sanofi SA ADR  | 68494 | 3381549 |
| Sanofi SA rights (b)(d) | 925 | 0 |
| Satsuma Pharmaceuticals Inc rights (b)(d) | 218164 | 0 |
| Structure Therapeutics Inc ADR (b) | 16641 | 362108 |
| Supernus Pharmaceuticals Inc (b) | 20406 | 646870 |
| Tarsus Pharmaceuticals Inc (b) | 13368 | 574156 |
| Viatris Inc  | 289133 | 2541479 |
| WaVe Life Sciences Ltd (b) | 46964 | 282253 |
|  |  | 23941537 |
| TOTAL HEALTH CARE |  | 385912632 |
| Industrials - 3.9% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| AeroVironment Inc (b)(c) | 7826 | 1393263 |
| Axon Enterprise Inc (b) | 18402 | 13808125 |
| Intuitive Machines Inc Class A (b) | 31195 | 355935 |
| Kratos Defense & Security Solutions Inc (b) | 42826 | 1579851 |
| Leonardo DRS Inc  | 71581 | 3027876 |
| Mercury Systems Inc (b) | 19402 | 955549 |
| Rocket Lab Corp (c) | 120008 | 3215014 |
| Woodward Inc  | 14260 | 3084866 |
|  |  | 27420479 |
| Air Freight & Logistics - 0.0% |  |  |
| CH Robinson Worldwide Inc  | 26898 | 2581401 |
| Hub Group Inc Class A  | 20768 | 700088 |
|  |  | 3281489 |
| Building Products - 0.1% |  |  |
| AAON Inc (c) | 20844 | 2007069 |
| Apogee Enterprises Inc  | 7733 | 298879 |
| CSW Industrials Inc  | 4678 | 1430486 |
| Gibraltar Industries Inc (b) | 10535 | 617140 |
| UFP Industries Inc  | 13467 | 1313841 |
|  |  | 5667415 |
| Commercial Services & Supplies - 0.5% |  |  |
| Casella Waste Systems Inc Class A (b) | 14273 | 1672938 |
| Cintas Corp  | 94933 | 21502325 |
| Copart Inc (b) | 228862 | 11781816 |
| Driven Brands Holdings Inc (b) | 54170 | 965309 |
| Fuel Tech Inc (b) | 241418 | 400754 |
| Interface Inc  | 25531 | 512918 |
| MillerKnoll Inc  | 27226 | 459303 |
| Tetra Tech Inc  | 67593 | 2361699 |
| VSE Corp  | 5655 | 735659 |
|  |  | 40392721 |
| Construction & Engineering - 0.2% |  |  |
| Construction Partners Inc Class A (b) | 14235 | 1490262 |
| Ferrovial SE (United States) (c) | 177896 | 9126066 |
| IES Holdings Inc (b)(c) | 5380 | 1396971 |
| MYR Group Inc (b) | 5777 | 906122 |
| Sterling Infrastructure Inc (b) | 8737 | 1642643 |
| WillScot Holdings Corp  | 46439 | 1251531 |
|  |  | 15813595 |
| Electrical Equipment - 0.1% |  |  |
| Array Technologies Inc (b) | 75851 | 500617 |
| Enovix Corp Class B (b)(c) | 66017 | 503050 |
| Eos Energy Enterprises Inc (b)(c) | 74720 | 310835 |
| NANO Nuclear Energy Inc (b)(c) | 9536 | 287319 |
| NEXTracker Inc Class A (b) | 35909 | 2035681 |
| Plug Power Inc (b)(c) | 234068 | 206611 |
| Powell Industries Inc (c) | 3508 | 594922 |
| Power Solutions International Inc (b)(c) | 7165 | 303581 |
| Sunrun Inc (b)(c) | 64374 | 482161 |
| Vicor Corp (b)(c) | 12648 | 551959 |
|  |  | 5776736 |
| Ground Transportation - 0.5% |  |  |
| ArcBest Corp  | 7171 | 449550 |
| Avis Budget Group Inc (b) | 12453 | 1516651 |
| CSX Corp  | 450273 | 14224124 |
| Hertz Global Holdings Inc (b)(c) | 126071 | 825765 |
| JB Hunt Transport Services Inc  | 23524 | 3266307 |
| Landstar System Inc  | 9903 | 1358890 |
| Lyft Inc Class A (b) | 98422 | 1499951 |
| Marten Transport Ltd  | 31688 | 413212 |
| Old Dominion Freight Line Inc  | 51546 | 8256123 |
| Saia Inc (b) | 6501 | 1718929 |
| Universal Logistics Holdings Inc  | 12625 | 303758 |
| Werner Enterprises Inc  | 18841 | 488924 |
|  |  | 34322184 |
| Industrial Conglomerates - 0.5% |  |  |
| Honeywell International Inc  | 157653 | 35735206 |
| Icahn Enterprises LP (c) | 152311 | 1264181 |
|  |  | 36999387 |
| Machinery - 0.3% |  |  |
| Astec Industries Inc  | 12212 | 479809 |
| Blue Bird Corp (b) | 10733 | 415367 |
| Energy Recovery Inc (b)(c) | 28982 | 365463 |
| Franklin Electric Co Inc  | 13287 | 1147864 |
| Hillman Solutions Corp Class A (b) | 67857 | 491285 |
| Lincoln Electric Holdings Inc  | 12916 | 2500408 |
| Middleby Corp/The (b) | 13059 | 1908312 |
| NN Inc (b)(c) | 57904 | 118703 |
| Nordson Corp  | 13122 | 2781733 |
| Omega Flex Inc  | 6228 | 203780 |
| PACCAR Inc  | 125528 | 11780804 |
| Stratasys Ltd (b) | 42236 | 436298 |
| Symbotic Inc Class A (b)(c) | 31429 | 901069 |
|  |  | 23530895 |
| Passenger Airlines - 0.1% |  |  |
| American Airlines Group Inc (b)(c) | 147979 | 1688440 |
| Frontier Group Holdings Inc (b)(c) | 88048 | 353953 |
| JetBlue Airways Corp (b)(c) | 124649 | 629477 |
| SkyWest Inc (b) | 10550 | 1070298 |
| United Airlines Holdings Inc (b) | 78754 | 6256612 |
|  |  | 9998780 |
| Professional Services - 1.0% |  |  |
| Automatic Data Processing Inc  | 94693 | 30825412 |
| Barrett Business Services Inc  | 12434 | 513835 |
| Concentrix Corp (c) | 19100 | 1068932 |
| Conduent Inc (b) | 107720 | 241292 |
| CRA International Inc  | 3052 | 580033 |
| CSG Systems International Inc  | 11011 | 727387 |
| ExlService Holdings Inc (b) | 37852 | 1740813 |
| Exponent Inc  | 15250 | 1164185 |
| First Advantage Corp (b)(c) | 60526 | 1036205 |
| Forrester Research Inc (b) | 14879 | 158163 |
| Huron Consulting Group Inc (b) | 5931 | 847125 |
| ICF International Inc  | 6229 | 535196 |
| Innodata Inc (b)(c) | 7598 | 299893 |
| Legalzoom.com Inc (b) | 63506 | 579810 |
| NV5 Global Inc (b) | 29232 | 646027 |
| Paychex Inc  | 85609 | 13518517 |
| Paylocity Holding Corp (b) | 14321 | 2733879 |
| Science Applications International Corp  | 11779 | 1360946 |
| SS&C Technologies Holdings Inc  | 56915 | 4599301 |
| Upwork Inc (b) | 44610 | 691009 |
| Verisk Analytics Inc  | 33084 | 10393008 |
| Verra Mobility Corp Class A (b) | 48027 | 1135839 |
|  |  | 75396807 |
| Trading Companies & Distributors - 0.2% |  |  |
| DXP Enterprises Inc/TX (b) | 6563 | 542629 |
| Fastenal Co  | 270996 | 11202975 |
| FTAI Aviation Ltd  | 25497 | 2986974 |
| H&E Equipment Services Inc  | 9109 | 862076 |
| McGrath RentCorp  | 7841 | 881172 |
| Rush Enterprises Inc Class A  | 20564 | 1021003 |
| Willis Lease Finance Corp (c) | 2420 | 325102 |
| Xometry Inc Class A (b) | 16265 | 539184 |
|  |  | 18361115 |
| TOTAL INDUSTRIALS |  | 296961603 |
| Information Technology - 48.1% |  |  |
| Communications Equipment - 0.9% |  |  |
| Applied Optoelectronics Inc (b)(c) | 14301 | 220521 |
| Cisco Systems Inc  | 937983 | 59130449 |
| CommScope Holding Co Inc (b) | 62086 | 374999 |
| Digi International Inc (b) | 17368 | 562897 |
| Extreme Networks Inc (b) | 45209 | 708425 |
| F5 Inc (b) | 13005 | 3711367 |
| Harmonic Inc (b) | 45703 | 412241 |
| Lumentum Holdings Inc (b) | 17834 | 1289042 |
| NetScout Systems Inc (b) | 29190 | 666700 |
| Viasat Inc (b)(c) | 46413 | 405185 |
| Viavi Solutions Inc (b) | 76166 | 693872 |
|  |  | 68175698 |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Advanced Energy Industries Inc  | 10849 | 1245248 |
| Avnet Inc  | 26045 | 1302510 |
| CDW Corp/DE  | 31647 | 5707853 |
| Cognex Corp  | 49281 | 1476952 |
| ePlus Inc (b) | 9393 | 670378 |
| Flex Ltd (b) | 93031 | 3935211 |
| Insight Enterprises Inc (b) | 7086 | 923944 |
| IPG Photonics Corp (b) | 14404 | 954409 |
| Itron Inc (b) | 12071 | 1395408 |
| Lightwave Logic Inc (b)(c) | 86477 | 84746 |
| Littelfuse Inc  | 6601 | 1353601 |
| Novanta Inc (b) | 10074 | 1247363 |
| OSI Systems Inc (b) | 5381 | 1179031 |
| PC Connection Inc  | 8889 | 581341 |
| Plexus Corp (b) | 8526 | 1119123 |
| Powerfleet Inc NJ (b)(c) | 71252 | 324197 |
| Sanmina Corp (b) | 16292 | 1379769 |
| Trimble Inc (b) | 58760 | 4187825 |
| TTM Technologies Inc (b) | 34074 | 1017450 |
| Zebra Technologies Corp Class A (b) | 12522 | 3628500 |
|  |  | 33714859 |
| IT Services - 0.5% |  |  |
| Akamai Technologies Inc (b) | 36641 | 2782151 |
| Amdocs Ltd  | 26573 | 2438338 |
| Applied Digital Corp (b)(c) | 59222 | 404486 |
| Cognizant Technology Solutions Corp Class A  | 116565 | 9440599 |
| CoreWeave Inc Class A (b)(c) | 85986 | 9571103 |
| Couchbase Inc (b)(c) | 30602 | 552978 |
| Grid Dynamics Holdings Inc (b)(c) | 34771 | 435681 |
| MongoDB Inc Class A (b) | 18258 | 3447658 |
| Okta Inc Class A (b) | 38488 | 3970807 |
| VeriSign Inc  | 21841 | 5951017 |
|  |  | 38994818 |
| Semiconductors & Semiconductor Equipment - 18.9% |  |  |
| ACM Research Inc Class A (b) | 16423 | 370339 |
| Advanced Micro Devices Inc (b) | 387425 | 42899570 |
| Alpha & Omega Semiconductor Ltd (b)(c) | 14223 | 301812 |
| Ambarella Inc (b) | 13499 | 710587 |
| Amkor Technology Inc  | 59284 | 1068298 |
| Analog Devices Inc  | 118188 | 25289868 |
| Applied Materials Inc  | 193820 | 30381285 |
| ARM Holdings PLC ADR (b)(c) | 30787 | 3834213 |
| Astera Labs Inc (b) | 38253 | 3470312 |
| Axcelis Technologies Inc (b) | 7915 | 445931 |
| Broadcom Inc  | 1133016 | 274269183 |
| Cirrus Logic Inc (b) | 12903 | 1269139 |
| Credo Technology Group Holding Ltd (b) | 40330 | 2458517 |
| Diodes Inc (b) | 16538 | 734287 |
| Enphase Energy Inc (b) | 32497 | 1345051 |
| Entegris Inc  | 36440 | 2504886 |
| First Solar Inc (b) | 25836 | 4084155 |
| FormFactor Inc (b) | 21782 | 650193 |
| GlobalFoundries Inc (b) | 134748 | 4823978 |
| Ichor Holdings Ltd (b) | 17319 | 273294 |
| Impinj Inc (b)(c) | 6675 | 761551 |
| Intel Corp  | 1041575 | 20362791 |
| KLA Corp  | 31360 | 23735757 |
| Lam Research Corp  | 307489 | 24842036 |
| Lattice Semiconductor Corp (b) | 35376 | 1589797 |
| MACOM Technology Solutions Holdings Inc (b) | 18397 | 2237259 |
| Marvell Technology Inc  | 207517 | 12490448 |
| MaxLinear Inc Class A (b) | 34810 | 396486 |
| Microchip Technology Inc  | 128500 | 7458140 |
| Micron Technology Inc  | 267650 | 25282219 |
| MKS Inc  | 17219 | 1415230 |
| Monolithic Power Systems Inc  | 11600 | 7678040 |
| NVIDIA Corp  | 5878997 | 794428866 |
| ON Semiconductor Corp (b) | 101743 | 4275241 |
| Photronics Inc (b) | 23540 | 393353 |
| Power Integrations Inc  | 16512 | 821142 |
| Qorvo Inc (b) | 20400 | 1550808 |
| QUALCOMM Inc  | 263020 | 38190504 |
| Rambus Inc (b) | 27568 | 1474061 |
| Rigetti Computing Inc Class A (b)(c) | 69417 | 840640 |
| Semtech Corp (b) | 19695 | 735214 |
| Silicon Laboratories Inc (b) | 9793 | 1180350 |
| SiTime Corp (b) | 6072 | 1190537 |
| Skyworks Solutions Inc  | 35413 | 2444559 |
| SolarEdge Technologies Inc (b)(c) | 27657 | 493954 |
| Synaptics Inc (b) | 12159 | 714463 |
| Teradyne Inc  | 38767 | 3047086 |
| Texas Instruments Inc  | 219111 | 40064446 |
| Ultra Clean Holdings Inc (b) | 20634 | 399681 |
| Universal Display Corp  | 10849 | 1555204 |
| Veeco Instruments Inc (b)(c) | 25429 | 491034 |
|  |  | 1423725795 |
| Software - 17.5% |  |  |
| ACI Worldwide Inc (b) | 29168 | 1349312 |
| Adeia Inc  | 42998 | 552094 |
| Adobe Inc (b) | 103516 | 42968456 |
| Agilysys Inc (b) | 8981 | 951178 |
| Alarm.com Holdings Inc (b) | 14364 | 824494 |
| Alkami Technology Inc (b) | 33628 | 963106 |
| Amplitude Inc Class A (b) | 43758 | 542162 |
| ANSYS Inc (b) | 20518 | 6787765 |
| Appfolio Inc Class A (b) | 5131 | 1083513 |
| Appian Corp Class A (b)(c) | 18458 | 581427 |
| AppLovin Corp Class A (b) | 74439 | 29254527 |
| Atlassian Corp Class A (b) | 38826 | 8061442 |
| Aurora Innovation Inc Class A (b)(c) | 349317 | 2116861 |
| Autodesk Inc (b) | 50098 | 14835020 |
| AvePoint Inc Class A (b) | 62094 | 1158053 |
| Bentley Systems Inc Class B (c) | 72218 | 3446965 |
| Bitdeer Technologies Group Class A (b)(c) | 36888 | 474380 |
| Blackbaud Inc (b) | 14615 | 909491 |
| BlackLine Inc (b) | 16389 | 916637 |
| Braze Inc Class A (b) | 25702 | 945834 |
| Cadence Design Systems Inc (b) | 65573 | 18824041 |
| Ccc Intelligent Solutions Holdings Inc Class A (b) | 149766 | 1314945 |
| Cipher Mining Inc (b)(c) | 108411 | 338242 |
| Cleanspark Inc (b)(c) | 58572 | 505476 |
| Commvault Systems Inc (b) | 10635 | 1947800 |
| Confluent Inc Class A (b) | 61710 | 1421181 |
| Core Scientific Inc (b)(c) | 62494 | 665561 |
| Crowdstrike Holdings Inc Class A (b) | 56008 | 26400491 |
| CyberArk Software Ltd (b) | 11719 | 4485799 |
| Datadog Inc Class A (b) | 76447 | 9011572 |
| Docusign Inc (b) | 43987 | 3897688 |
| Dropbox Inc Class A (b) | 47365 | 1366954 |
| EverCommerce Inc (b)(c) | 64856 | 649209 |
| Five9 Inc (b) | 21646 | 573835 |
| Fortinet Inc (b) | 181167 | 18439177 |
| Freshworks Inc Class A (b) | 71702 | 1094890 |
| Gen Digital Inc  | 140042 | 3988396 |
| Gitlab Inc Class A (b) | 33819 | 1539103 |
| Intapp Inc (b) | 19888 | 1096227 |
| InterDigital Inc (c) | 6068 | 1318334 |
| Intuit Inc  | 66760 | 50301657 |
| Jamf Holding Corp (b) | 47538 | 499149 |
| JFrog Ltd (b) | 28966 | 1243800 |
| Life360 Inc (b)(c) | 18111 | 1150954 |
| LM Funding America Inc (b)(c) | 24291 | 46882 |
| Manhattan Associates Inc (b) | 14776 | 2789413 |
| MARA Holdings Inc (b)(c) | 74134 | 1046772 |
| Microsoft Corp  | 1791127 | 824563226 |
| MicroStrategy Inc Class A (b) | 57518 | 21227593 |
| Monday.com Ltd (b) | 11688 | 3477063 |
| nCino Inc (b)(c) | 34088 | 896514 |
| NextNav Inc Class A (b)(c) | 44503 | 558513 |
| Nutanix Inc Class A (b) | 64534 | 4949112 |
| Onestream Inc Class A  | 27681 | 776729 |
| Palantir Technologies Inc Class A (b) | 538295 | 70936515 |
| Palo Alto Networks Inc (b) | 158874 | 30570535 |
| Pegasystems Inc (c) | 21053 | 2066352 |
| Porch Group Inc (b) | 37779 | 344544 |
| Progress Software Corp  | 14324 | 881785 |
| PTC Inc (b) | 27713 | 4664652 |
| Qualys Inc (b) | 9482 | 1313731 |
| Quantum Computing Inc (b)(c) | 26067 | 295209 |
| Rapid7 Inc (b)(c) | 18670 | 428477 |
| Riot Platforms Inc (b)(c) | 94136 | 759678 |
| Roper Technologies Inc  | 25112 | 14320620 |
| SailPoint Inc  | 132564 | 2335778 |
| ServiceTitan Inc Class A (b) | 18286 | 2023712 |
| SoundHound AI Inc Class A (b)(c) | 82123 | 830264 |
| Sprout Social Inc Class A (b) | 17625 | 384754 |
| SPS Commerce Inc (b) | 10143 | 1427729 |
| Synopsys Inc (b) | 36820 | 17083744 |
| Telos Corp (b)(c) | 70474 | 177594 |
| Tenable Holdings Inc (b) | 35201 | 1134176 |
| Terawulf Inc (b)(c) | 106206 | 374907 |
| Varonis Systems Inc (b) | 27952 | 1332751 |
| Verint Systems Inc (b) | 18946 | 332313 |
| Vertex Inc Class A (b) | 21900 | 866583 |
| Workday Inc Class A (b) | 51428 | 12739230 |
| Zoom Communications Inc Class A (b) | 55757 | 4530256 |
| Zscaler Inc (b) | 36858 | 10161751 |
|  |  | 1313446655 |
| Technology Hardware, Storage & Peripherals - 9.9% |  |  |
| Apple Inc  | 3619334 | 726943234 |
| CompoSecure Inc Class A (b) | 41394 | 567512 |
| Corsair Gaming Inc (b) | 48660 | 427721 |
| NetApp Inc  | 48418 | 4801129 |
| Sandisk Corp/DE  | 26915 | 1014426 |
| Seagate Technology Holdings PLC  | 48437 | 5712660 |
| Super Micro Computer Inc (b)(c) | 142898 | 5718778 |
| Western Digital Corp (b) | 80753 | 4162817 |
| Xerox Holdings Corp (c) | 72700 | 355503 |
|  |  | 749703780 |
| TOTAL INFORMATION TECHNOLOGY |  | 3627761605 |
| Materials - 0.9% |  |  |
| Chemicals - 0.8% |  |  |
| Alto Ingredients Inc (b) | 83665 | 77641 |
| Balchem Corp  | 9223 | 1537474 |
| Hawkins Inc  | 7316 | 976613 |
| Innospec Inc  | 7835 | 666602 |
| Linde PLC  | 111556 | 52161355 |
| PureCycle Technologies Inc (b)(c) | 52682 | 501006 |
|  |  | 55920691 |
| Construction Materials - 0.0% |  |  |
| United States Lime & Minerals Inc  | 9207 | 946295 |
| Metals & Mining - 0.1% |  |  |
| Century Aluminum Co (b) | 29131 | 451239 |
| Kaiser Aluminum Corp  | 6282 | 456010 |
| Perpetua Resources Corp (United States) (b)(c) | 33620 | 467654 |
| Radius Recycling Inc Class A  | 15572 | 461087 |
| Royal Gold Inc  | 16118 | 2870938 |
| Steel Dynamics Inc  | 36001 | 4430644 |
|  |  | 9137572 |
| TOTAL MATERIALS |  | 66004558 |
| Real Estate - 0.8% |  |  |
| Health Care REITs - 0.0% |  |  |
| Diversified Healthcare Trust  | 121389 | 379947 |
| Sabra Health Care REIT Inc  | 69399 | 1213095 |
|  |  | 1593042 |
| Hotel & Resort REITs - 0.0% |  |  |
| Host Hotels & Resorts Inc  | 156902 | 2430412 |
| Industrial REITs - 0.0% |  |  |
| Lineage Inc (c) | 59400 | 2535786 |
| Real Estate Management & Development - 0.2% |  |  |
| Comstock Holding Cos Inc Class A (b) | 117834 | 1089965 |
| CoStar Group Inc (b) | 99988 | 7355118 |
| eXp World Holdings Inc (c) | 61712 | 525786 |
| Newmark Group Inc Class A  | 50917 | 560596 |
| Redfin Corp (b) | 40455 | 404145 |
| Zillow Group Inc Class A (b) | 13050 | 863518 |
| Zillow Group Inc Class C (b) | 40998 | 2751376 |
|  |  | 13550504 |
| Retail REITs - 0.1% |  |  |
| Phillips Edison & Co Inc  | 33811 | 1198938 |
| Regency Centers Corp  | 43582 | 3144441 |
|  |  | 4343379 |
| Specialized REITs - 0.5% |  |  |
| Equinix Inc  | 23247 | 20662399 |
| Gaming and Leisure Properties Inc  | 61456 | 2869995 |
| Lamar Advertising Co Class A  | 19220 | 2316779 |
| PotlatchDeltic Corp  | 24514 | 964381 |
| SBA Communications Corp Class A  | 25648 | 5947515 |
| Uniti Group Inc  | 100430 | 431848 |
|  |  | 33192917 |
| TOTAL REAL ESTATE |  | 57646040 |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.9% |  |  |
| Alliant Energy Corp  | 59001 | 3671632 |
| American Electric Power Co Inc  | 126705 | 13112700 |
| Constellation Energy Corp  | 75177 | 23015439 |
| Evergy Inc  | 50558 | 3357557 |
| Exelon Corp  | 237691 | 10415620 |
| MGE Energy Inc (c) | 11046 | 997675 |
| Otter Tail Corp (c) | 12386 | 955951 |
| Xcel Energy Inc  | 135507 | 9499041 |
|  |  | 65025615 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Montauk Renewables Inc (b)(c) | 82784 | 152322 |
| Talen Energy Corp (b) | 10623 | 2591481 |
|  |  | 2743803 |
| Multi-Utilities - 0.0% |  |  |
| Northwestern Energy Group Inc  | 19202 | 1062446 |
| Water Utilities - 0.0% |  |  |
| H2O America  | 12678 | 665342 |
| Middlesex Water Co  | 8271 | 479304 |
|  |  | 1144646 |
| TOTAL UTILITIES |  | 69976510 |
| TOTAL UNITED STATES |  | 7257584796 |
| URUGUAY - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Dlocal Ltd/Uruguay Class A  | 57194 | 621127 |
| VIETNAM - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Vinfast Auto Ltd (b)(c) | 609462 | 1980752 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,759,447,547) |  | <br> **7545776836** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 8/21/2025 (f)<br>(Cost $1,142,073)<br>| 4.25 | 1153000 | **1142152** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.32 | 24913828 | 24918811 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.32 | 154234832 | 154250255 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $179,166,864) |  |  | **179169066** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.1%**<br> (Cost $3,939,756,484)<br>| <br>**7726088054** |
| **NET OTHER ASSETS (LIABILITIES) - (2.1)%**  | **(160637068)** |
| **NET ASSETS - 100.0%** | **7565450986** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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) | 45 | Jun 2025 | 19239075 | 2054313 | 2054313 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% |

---

**Legend**

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

(b) Non-income producing

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

(d) 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 $1,142,152.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 20654418 | 61934175 | 57669782 | 341016 | - | - | 24918811 | 24913828 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 187284436 | 265742915 | 298777096 | 2667944 | - | - | 154250255 | 154234832 | 0.5% |
| Total | 207938854 | 327677090 | 356446878 | 3008960 | - | - | 179169066 |  |  |

---

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 May 31, 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 | 1145880839 | 1145880839 | - | - |
| Consumer Discretionary | 1114566807 | 1114566807 | - | - |
| Consumer Staples | 277891675 | 277891675 | - | - |
| Energy | 40571258 | 40571258 | - | - |
| Financials | 295712203 | 295712203 | - | - |
| Health Care | 418292767 | 418260367 | - | 32400 |
| Industrials | 333779537 | 333779537 | - | - |
| Information Technology | 3719036878 | 3719036878 | - | - |
| Materials | 67582627 | 67582627 | - | - |
| Real Estate | 61170023 | 61170023 | - | - |
| Utilities | 71292222 | 71292222 | - | - |
|  **U.S. Treasury Obligations** | 1142152 | - | 1142152 | - |
|  **Money Market Funds** | 179169066 | 179169066 | - | - |
| **Total Investments in Securities:** | 7726088054 | 7724913502 | 1142152 | 32400 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 2054313 | 2054313 | - | - |
| Total Assets | 2054313 | 2054313 | - | - |
| **Total Derivative Instruments:** | 2054313 | 2054313 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 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)  | 2054313 | 0 |
| **Total Equity Risk**  | 2054313 | 0 |
| **Total Value of Derivatives** | 2054313 | 0 |

---

(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 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $149,739,344) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,760,589,620) | $7546918988 |  |
| Fidelity Central Funds (cost $179,166,864) | 179169066 |  |
| Total Investment in Securities (cost $3,939,756,484) |  | $7726088054 |
| Segregated cash with brokers for derivative instruments |  | 1149448 |
| Foreign currency held at value (cost $151,845) |  | 155901 |
| Dividends receivable |  | 4197681 |
| Distributions receivable from Fidelity Central Funds |  | 716913 |
| Other receivables |  | 232625 |
| **Total assets** |  | 7732540622 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $11455356 |  |
| Accrued management fee | 1289249 |  |
| Payable for daily variation margin on futures contracts | 48916 |  |
| Other payables and accrued expenses | 48096 |  |
| Collateral on securities loaned | 154248019 |  |
| **Total liabilities** |  | 167089636 |
| **Net Assets**  |  | $7565450986 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3932137706 |
| Total accumulated earnings (loss) |  | 3633313280 |
| **Net Assets** |  | $7565450986 |
| **Net Asset Value**, offering price and redemption price per share ($7,565,450,986 ÷ 100,550,000 shares) |  | $75.24 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $26460580 |
| Interest  |  | 24128 |
| Income from Fidelity Central Funds (including $2,667,944 from security lending)  |  | 3008960 |
| **Total income** |  | 29493668 |
| **Expenses** |  |  |
| Management fee | $7688482 |  |
| Independent trustees' fees and expenses | 15289 |  |
| Total expenses before reductions | 7703771 |  |
| Expense reductions | (699) |  |
| Total expenses after reductions |  | 7703072 |
| **Net Investment income (loss)** |  | 21790596 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (35132210) |  |
| Redemptions in-kind | 79278793 |  |
| Foreign currency transactions | (9414) |  |
| Futures contracts | 233066 |  |
| Total net realized gain (loss) |  | 44370235 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (89457932) |  |
| Assets and liabilities in foreign currencies | 19600 |  |
| Futures contracts | 1041278 |  |
| Total change in net unrealized appreciation (depreciation) |  | (88397054) |
| **Net gain (loss)** |  | (44026819) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(22236223) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $21790596 | $42628951 |
| &nbsp;&nbsp;Net realized gain (loss) | 44370235<br>| 36508359<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (88397054) | 1828437966<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (22236223)<br>| 1907575276<br>|
| Distributions to shareholders | (25555250)<br>| (43405750)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 344142596 | 401351722 |
| &nbsp;&nbsp;Cost of shares redeemed | (105588281) | (104845911) |
| **Net increase (decrease) in net assets resulting from share transactions** | 238554315<br>| 296505811<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 190762842<br>| 2160675337<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 7374688144 | 5214012807<br>|
| &nbsp;&nbsp;End of period | $7565450986 | $7374688144 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 4700000 | 6050000 |
| &nbsp;&nbsp;Redeemed | (1500000) | (1600000) |
| &nbsp;&nbsp;Net increase (decrease) | 3200000 | 4450000 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021** A | **2020** A  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $75.75 | $56.13 | $45.09 | $60.49 | $47.46 | $34.09 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .22  | .45  | .40  | .40  | .34  | .35  |
| Net realized and unrealized gain (loss)  | (.47)  | 19.63  | 11.07  | (15.43)  | 13.01  | 13.68  |
| Total from investment operations  | (.25)  | 20.08  | 11.47  | (15.03)  | 13.35  | 14.03  |
| Distributions from net investment income  | (.26)  | (.46)  | (.43)  | (.37)  | (.32)  | (.34)  |
| Distributions from net realized gain  | -  | -  | -  | -  | -  | (.32)  |
| Total distributions  | (.26)  | (.46)  | (.43)  | (.37)  | (.32)  | (.66)  |
| Net asset value, end of period  | $75.24 | $75.75 | $56.13 | $45.09 | $60.49 | $47.46 |
| **Total Return** D,E,F | (.33)% <br>| 35.93%  | 25.60%  | (24.90)%  | 28.23%  | 41.87%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .21% I | .21%  | .21%  | .21%  | .21%  | .21%  |
| Expenses net of fee waivers, if any  | .21% I<br>| .21%  | .21%  | .21%  | .21%  | .21%  |
| Expenses net of all reductions, if any  | .21% I | .21%  | .21%  | .21%  | .21%  | .21%  |
| Net investment income (loss)  | .60% I | .67%  | .81%  | .81%  | .62%  | .90%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7565451 | $7374688 | $5214013 | $3999432 | $4784708 | $3346121 |
| Portfolio turnover rate J,K | 5% I<br>| 5%  | 4%  | 8%  | 11%  | 19%  |

---

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 for periods of less than one year are not annualized.*

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

F*Based on net asset value.*

G*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.*

H*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.*

I*Annualized.*

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

K*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** **(Unaudited)**

For the period ended May 31, 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 agency mortgage securities, are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, 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 May 31, 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. 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** | $4034525510 |
| **Gross unrealized depreciation** | <u>(255109109)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$3779416401</u> |
| **Tax cost** | <u>$3948725966</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 prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(95243014) |
| Long-term | <u>(98471155)</u> |
| **Total capital loss carryforward** | <u>$(193714169)</u> |

---

**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** | 193087367 | 169440521 |

---

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** | 339080997 | 104019873 |

---

**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** | 4435337 | 6083320 | (999117) |

---

**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** | 289193 | 18909 | 1492890 |

---

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** | 3055643 |

---

**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 $699.

**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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Nasdaq Composite Index ETF** 

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable, in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools, and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on net performance (after fees and expenses) of the fund compared to a fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate, which covers certain expenses beyond portfolio management, as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board considered that the fund's investment strategy is more specialized than most funds in its total peer group, which do not track the same index as the fund. The Board also considered that the fund has an all-inclusive management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board also considered information regarding the profitability of Geode's relationship with the fund.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion**. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img109865_4.jpg)<br>

1.795572.121 ETF-SANN-0725

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>Purchases 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 Fidelity Commonwealth 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 Fidelity Commonwealth Trust's (the "Trust") 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) Not applicable.

(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.](ex99cert.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.](ex99906cert.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

---

| | |
|:---|:---|
| By: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | July 23, 2025 |

---

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.

---

| | |
|:---|:---|
| By: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | July 23, 2025 |

---

---

| | |
|:---|:---|
| By: | <u>/s/Stephanie Caron</u> |
|  | Stephanie Caron |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | July 23, 2025 |

---

## 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:

July 23, 2025

---

| |
|:---|
| <u>/s/Stacie M. Smith</u> |
| Stacie M. Smith |
| 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:

July 23, 2025

---

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

---

## Exhibit 99.906

Exhibit EX-99.906CERT

**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: July 23, 2025

---

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

---

Dated: July 23, 2025

---

| |
|:---|
| <u>/s/Stephanie Caron</u> |
| Stephanie Caron |
| 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>