# EDGAR Filing Document

**Accession Number:** 0000205323
**File Stem:** 0000205323-23-000008
**Filing Date:** 2023-1
**Character Count:** 199756
**Document Hash:** 6c415bb34ed2a069a973ef2d1a164803
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000205323-23-000008.hdr.sgml**: 20230119

**ACCESSION NUMBER**: 0000205323-23-000008

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230119

**DATE AS OF CHANGE**: 20230119

**EFFECTIVENESS DATE**: 20230119

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY COMMONWEALTH TRUST
- **CENTRAL INDEX KEY:** 0000205323
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02546
- **FILM NUMBER:** 23536846

**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            |

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNITED STATES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECURITIES AND EXCHANGE COMMISSION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington, D.C. 20549

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FORM N-CSR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MANAGEMENT INVESTMENT COMPANIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Fidelity Commonwealth Trust</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Exact name of registrant as specified in charter)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cynthia Lo Bessette, Secretary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 Summer St.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Boston, Massachusetts 02210</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Name and address of agent for service)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>617-563-7000</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of fiscal year end:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of reporting period:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 30, 2022  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Reports to Stockholders</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

**Fidelity® Nasdaq Composite Index® ETF**

**Annual Report**

**November 30, 2022**

![](img87681_1.jpg)

![](img87681_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary1283)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments1283)** |
| **[Financial Statements](#Sec_FinancialStatements1283)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |
| **[Board Approval of Investment Advisory Contracts](#Sec_Board Approval of Investment Advisory Contracts and Management Fees)** |

---

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.

The NASDAQ OMXGroup, Inc. (which with its Affiliates are the Corporations) and are licensed for use by Fidelity. The product has not been passed on by the Corporations as to its legality or suitability. The product is not issued, endorsed or sold by the Corporations. The Corporations make no warranties and bear no liability with respect to shares of the product.

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.© 2023 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.*

**Performance: The Bottom Line**

The fund's net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing mutual fund shares as of the close of regular trading hours on The Nasdaq Stock Market, normally 4:00 p.m. Eastern time (or NYSE if NASDAQ is closed). The fund's market price performance is based on the daily closing price of the shares of the fund on The Nasdaq Stock Market.

Cumulative total returns reflect performance over the period shown generally by adding one year's return - positive or negative - to the next year's return. NAV and closing market price average annual returns reflect the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) at NAV and Market Price, respectively, and assumes a constant rate of performance each year. The hypothetical investment and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or selling of fund shares. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Cumulative Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended November 30, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Fidelity <sup>®</sup> Nasdaq Composite Index <sup>®</sup> ETF - NAV  | &nbsp;&nbsp; -24.90%  | &nbsp;&nbsp; 75.86%  | &nbsp;&nbsp; 323.56%  |
| Fidelity <sup>®</sup> Nasdaq Composite Index <sup>®</sup> ETF - Market Price  | &nbsp;&nbsp;&nbsp; - 25.03%  | &nbsp;&nbsp; 75.42%  | &nbsp;&nbsp; 322.10%  |
| Nasdaq Composite Index <sup>®</sup>  | &nbsp;&nbsp; -25.59%  | &nbsp;&nbsp; 74.53%  | &nbsp;&nbsp; 323.49%  |
| S&P 500 Index  | &nbsp;&nbsp; -9.21%  | &nbsp;&nbsp; 68.33%  | &nbsp;&nbsp; 249.66%  |

---

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended November 30, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Fidelity <sup>®</sup> Nasdaq Composite Index <sup>®</sup> ETF - NAV  | &nbsp;&nbsp; -24.90%  | &nbsp;&nbsp; 11.95%  | &nbsp;&nbsp; 15.53%  |
| Fidelity <sup>®</sup> Nasdaq Composite Index <sup>®</sup> ETF - Market Price  | &nbsp;&nbsp; -25.03%  | &nbsp;&nbsp; 11.90%  | &nbsp;&nbsp; 15.49%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in Fidelity® Nasdaq Composite Index® ETF-NAV on November 30, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the Nasdaq Composite Index® and S&P 500 Index performed over the same period.  |
| ![](img87681_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

U.S. equities returned -9.21% for the 12 months ending November 30, 2022, according to the S&P 500® index, as a multitude of risk factors challenged the global economy. Persistently high inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. In late 2021, the Fed shifted to a more restrictive policy stance and proceeded to hike its benchmark rate six times, by a total of 3.75%, between March and November - the fastest-ever pace of monetary tightening - while taking substantive steps to shrink its massive asset portfolio. Against this hostile backdrop for risk assets, the S&P 500® posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month for stocks that stayed true to form, and then some, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded this period, with the S&P 500® shedding 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with another rate hike of 0.75% and ended on a high note as the Fed signaled its intent to slow its pace of rate rises. By sector for the 12 months, communication services (-33%) lagged most. In sharp contrast, energy (+76%) led the way.

**Comments from the Geode Capital Management, LLC, passive equity index team:**

For the fiscal year ending November 30, 2022, the fund returned -24.90% at net asset value and -25.03% on a market-price basis, compared with the -25.59% result of the benchmark NASDAQ Composite Index. By sector, information technology returned about -24% and detracted most, followed by consumer discretionary, which returned roughly -40%. The communication services sector returned about -36%, hampered by the media & entertainment industry (-38%), and health care (-15%) also hurt. Other notable detractors included the financials (-15%), industrials (-13%), and real estate (-17%) sectors. In contrast, consumer staples advanced 9% and contributed most, driven by the food, beverage & tobacco industry (+17%). Energy stocks also helped, gaining approximately 52%. The utilities sector rose roughly 21% and materials (+4%) also contributed. Turning to individual stocks, the biggest individual detractor was Amazon.com (-45%), from the retailing category. Tesla, within the automobiles & components segment, returned -49% and hindered the fund. In software & services, Microsoft (-22%) hurt. Other detractors were Alphabet (-29%) and Meta Platforms (-64%), from the media & entertainment group. In contrast, the biggest individual contributor was T-Mobile (+39%), from the telecommunication services industry. In pharmaceuticals, biotechnology & life sciences, Amgen (+48%) and Vertex Pharmaceuticals (+69%) helped. PepsiCo, within the food, beverage & tobacco group, advanced 19% and lifted the fund.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary November 30, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Apple, Inc.  | 12.7  |
| Microsoft Corp.  | 10.1  |
| Amazon.com, Inc.  | 5.2  |
| Alphabet, Inc. Class C  | 3.4  |
| Alphabet, Inc. Class A  | 3.2  |
| Tesla, Inc.  | 3.2  |
| NVIDIA Corp.  | 2.2  |
| Meta Platforms, Inc. Class A  | 1.5  |
| PepsiCo, Inc.  | 1.4  |
| Costco Wholesale Corp.  | 1.3  |
|  | 44.2  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 44.2  |
| Consumer Discretionary  | 14.3  |
| Communication Services  | 13.4  |
| Health Care  | 9.6  |
| Financials  | 5.0  |
| Consumer Staples  | 4.9  |
| Industrials  | 4.8  |
| Utilities  | 1.0  |
| Real Estate  | 1.0  |
| Energy  | 0.9  |
| Materials  | 0.3  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img87681_6.jpg)  |
| *Foreign investments - 4.5%*  |

---

**Schedule of Investments November 30, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 99.4%**  | &nbsp;&nbsp; **Common Stocks - 99.4%**  | &nbsp;&nbsp; **Common Stocks - 99.4%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 13.4%  |  |  |
| Diversified Telecommunication Services - 0.2%  |  |  |
|  Anterix, Inc. (a)  | 9265  | 315010  |
|  Cogent Communications Group, Inc.  | 12801  | 743098  |
|  Consolidated Communications Holdings, Inc. (a)  | 50128  | 231591  |
|  Frontier Communications Parent, Inc. (a)(b)  | 50004  | 1288603  |
|  Iridium Communications, Inc. (a)  | 32146  | 1706953  |
|  Liberty Global PLC:  |  |  |
|  Class A (a)  | 43133  | 866111  |
|  Class C (a)  | 72874  | 1507034  |
|  Liberty Latin America Ltd. Class C (a)  | 62514  | 486984  |
|  Nextplat Corp. (a)(b)  | 22582  | 35680  |
|  Radius Global Infrastructure, Inc. (a)  | 29288  | 370786  |
|  |  | 7551850  |
| Entertainment - 1.7%  |  |  |
|  Activision Blizzard, Inc.  | 167731  | 12403707  |
|  Electronic Arts, Inc. (b)  | 60605  | 7925922  |
|  Grom Social Enterprises, Inc. (a)(b)  | 312859  | 52560  |
|  iQIYI, Inc. ADR (a)(b)  | 126806  | 376614  |
|  Liberty Media Corp. Liberty Braves Class C (a)  | 16869  | 549592  |
|  Liberty Media Corp. Liberty Formula One:  |  |  |
|  Class A (a)(b)  | 8619  | 473786  |
|  Series C (a)  | 46846  | 2854795  |
|  NetEase, Inc. ADR  | 40391  | 2872608  |
|  Netflix, Inc. (a)  | 95005  | 29026878  |
|  Playtika Holding Corp. (a)(b)  | 86623  | 818587  |
|  Roku, Inc. Class A (a)(b)  | 27103  | 1609105  |
|  Take-Two Interactive Software, Inc. (a)  | 35301  | 3730963  |
|  Warner Bros Discovery, Inc. (a)  | 517151  | 5895521  |
|  Warner Music Group Corp. Class A (b)  | 36494  | 1250649  |
|  |  | 69841287  |
| Interactive Media & Services - 8.4%  |  |  |
|  Alphabet, Inc.:  |  |  |
|  Class A (a)  | 1277056  | 128969885  |
|  Class C (a)  | 1312917  | 133195430  |
|  Baidu, Inc. sponsored ADR (a)  | 37432  | 4065115  |
|  Bumble, Inc. (a)  | 34111  | 830944  |
|  CF Acquisition Corp. VI (a)  | 68431  | 651463  |
|  FaZe Holdings, Inc. Class A (a)(b)  | 58786  | 119336  |
|  IAC, Inc. (a)(b)  | 18205  | 944657  |
|  JOYY, Inc. ADR  | 16338  | 497655  |
|  Match Group, Inc. (a)  | 59792  | 3023084  |
|  Meta Platforms, Inc. Class A (a)  | 486510  | 57456831  |
|  TripAdvisor, Inc. (a)(b)  | 30251  | 616818  |
|  Yandex NV Series A (a)(b)(c)  | 50190  | 172144  |
|  Ziff Davis, Inc. (a)  | 11263  | 1039124  |
|  Zoominfo Technologies, Inc. (a)  | 91385  | 2613611  |
|  |  | 334196097  |
| Media - 2.0%  |  |  |
|  Advantage Solutions, Inc. Class A (a)(b)  | 82430  | 204426  |
|  Charter Communications, Inc. Class A (a)  | 35503  | 13891969  |
|  Comcast Corp. Class A  | 951207  | 34852224  |
|  comScore, Inc. (a)(b)  | 110300  | 148905  |
|  Criteo SA sponsored ADR (a)  | 14491  | 392126  |
|  DISH Network Corp. Class A (a)  | 72068  | 1156691  |
|  E.W. Scripps Co. Class A (a)  | 27569  | 412984  |
|  Fox Corp.:  |  |  |
|  Class A  | 70270  | 2280262  |
|  Class B  | 58391  | 1782093  |
|  Integral Ad Science Holding Corp. (a)  | 46264  | 460327  |
|  Liberty Broadband Corp.:  |  |  |
|  Class A (a)(b)  | 5674  | 511795  |
|  Class C (a)  | 28694  | 2607137  |
|  Liberty Media Corp. Liberty Sirius XM:  |  |  |
|  Series A (a)(b)  | 24907  | 1091425  |
|  Series C (a)  | 50513  | 2213985  |
|  News Corp.:  |  |  |
|  Class A  | 89395  | 1711914  |
|  Class B  | 48885  | 950813  |
|  Nexstar Broadcasting Group, Inc. Class A (b)  | 9689  | 1836647  |
|  Paramount Global Class B (b)  | 130066  | 2611725  |
|  Scholastic Corp. (b)  | 12669  | 520949  |
|  Sinclair Broadcast Group, Inc. Class A (b)  | 15612  | 289759  |
|  Sirius XM Holdings, Inc. (b)  | 865183  | 5615038  |
|  TechTarget, Inc. (a)  | 9105  | 415734  |
|  The Trade Desk, Inc. (a)  | 92020  | 4797923  |
|  Troika Media Group, Inc. (a)(b)  | 268762  | 34187  |
|  |  | 80791038  |
| Wireless Telecommunication Services - 1.1%  |  |  |
|  Gogo, Inc. (a)  | 34500  | 541305  |
|  Millicom International Cellular SA (a)(b)  | 29539  | 401140  |
|  T-Mobile U.S., Inc. (a)  | 266773  | 40405439  |
|  Vodafone Group PLC sponsored ADR  | 91323  | 1025557  |
|  |  | 42373441  |
|  TOTAL COMMUNICATION SERVICES  |  | 534753713  |
| CONSUMER DISCRETIONARY - 14.3%  |  |  |
| Auto Components - 0.2%  |  |  |
|  Dorman Products, Inc. (a)  | 7889  | 707170  |
|  Fox Factory Holding Corp. (a)  | 11075  | 1175058  |
|  Gentex Corp.  | 51466  | 1487367  |
|  Gentherm, Inc. (a)  | 9528  | 682110  |
|  Luminar Technologies, Inc. (a)(b)  | 78749  | 603217  |
|  Patrick Industries, Inc.  | 8985  | 502531  |
|  Solid Power, Inc. (a)(b)  | 66613  | 244470  |
|  The Goodyear Tire & Rubber Co. (a)  | 66428  | 745322  |
|  Visteon Corp. (a)  | 6317  | 927336  |
|  XPEL, Inc. (a)  | 8641  | 592341  |
|  |  | 7666922  |
| Automobiles - 3.6%  |  |  |
|  Arcimoto, Inc. (a)(b)  | 7852  | 58497  |
|  Li Auto, Inc. ADR (a)  | 95970  | 2111340  |
|  Lordstown Motors Corp. Class A (a)(b)  | 178222  | 295849  |
|  Lucid Group, Inc. Class A (a)(b)  | 364502  | 3696050  |
|  Polestar Automotive Holding UK PLC (a)(b)  | 495577  | 3687093  |
|  Rivian Automotive, Inc. (b)  | 193786  | 6208903  |
|  Tesla, Inc. (a)  | 659465  | 128397836  |
|  Workhorse Group, Inc. (a)(b)  | 151030  | 347369  |
|  |  | 144802937  |
| Distributors - 0.1%  |  |  |
|  LKQ Corp.  | 60606  | 3292724  |
|  Pool Corp. (b)  | 8054  | 2653068  |
|  |  | 5945792  |
| Diversified Consumer Services - 0.1%  |  |  |
|  2U, Inc. (a)  | 48318  | 387994  |
|  Amesite, Inc. (a)(b)  | 32646  | 9141  |
|  Duolingo, Inc. (a)  | 8049  | 560774  |
|  Grand Canyon Education, Inc. (a)(b)  | 9094  | 1028259  |
|  Laureate Education, Inc. Class A  | 36522  | 382751  |
|  Rover Group, Inc. Class A (a)(b)  | 78899  | 380293  |
|  Strategic Education, Inc. (b)  | 6729  | 550432  |
|  Udemy, Inc. (a)  | 45802  | 649930  |
|  |  | 3949574  |
| Hotels, Restaurants & Leisure - 2.4%  |  |  |
|  Airbnb, Inc. Class A (a)(b)  | 80211  | 8192752  |
|  Bloomin' Brands, Inc.  | 29505  | 664453  |
|  Booking Holdings, Inc. (a)  | 8581  | 17843760  |
|  Caesars Entertainment, Inc. (a)  | 43898  | 2230457  |
|  Churchill Downs, Inc.  | 8993  | 1996086  |
|  Cracker Barrel Old Country Store, Inc. (b)  | 6076  | 697525  |
|  Dave & Buster's Entertainment, Inc. (a)  | 15820  | 627421  |
|  Draftkings Holdings, Inc. (a)(b)  | 85623  | 1311744  |
|  Expedia, Inc. (a)  | 31132  | 3326143  |
|  Golden Entertainment, Inc. (a)  | 10689  | 473630  |
|  H World Group Ltd. ADR  | 38318  | 1466813  |
|  Jack in the Box, Inc.  | 4763  | 344365  |
|  Krispy Kreme, Inc.  | 53235  | 820884  |
|  Light & Wonder, Inc. Class A (a)  | 23997  | 1554286  |
|  MakeMyTrip Ltd. (a)(b)  | 19787  | 587476  |
|  Marriott International, Inc. Class A  | 70391  | 11639152  |
|  Melco Crown Entertainment Ltd. sponsored ADR (a)  | 86739  | 739884  |
|  Monarch Casino & Resort, Inc. (a)  | 6323  | 536507  |
|  Papa John's International, Inc.  | 8057  | 670826  |
|  Penn Entertainment, Inc. (a)  | 36212  | 1274300  |
|  Playa Hotels & Resorts NV (a)  | 61272  | 376823  |
|  Red Rock Resorts, Inc.  | 9461  | 426313  |
|  Sportradar Holding AG (a)(b)  | 58748  | 673840  |
|  Starbucks Corp.  | 245153  | 25054637  |
|  Texas Roadhouse, Inc. Class A (b)  | 16936  | 1682084  |
|  The Cheesecake Factory, Inc. (b)  | 13238  | 463860  |
|  Trip.com Group Ltd. ADR (a)  | 115376  | 3686263  |
|  Vacasa, Inc. Class A (a)(b)  | 83270  | 130734  |
|  Wendy's Co.  | 56241  | 1268797  |
|  Wingstop, Inc. (b)  | 7952  | 1316136  |
|  Wynn Resorts Ltd. (a)  | 25300  | 2116598  |
|  |  | 94194549  |
| Household Durables - 0.1%  |  |  |
|  Cavco Industries, Inc. (a)  | 2671  | 613342  |
|  Helen of Troy Ltd. (a)  | 6797  | 669776  |
|  iRobot Corp. (a)(b)  | 6130  | 319312  |
|  LGI Homes, Inc. (a)(b)  | 7557  | 750712  |
|  Newell Brands, Inc. (b)  | 87896  | 1140011  |
|  Snap One Holdings Corp. (a)(b)  | 15188  | 123175  |
|  Sonos, Inc. (a)  | 31183  | 546638  |
|  |  | 4162966  |
| Internet & Direct Marketing Retail - 6.2%  |  |  |
|  Amazon.com, Inc. (a)  | 2169966  | 209488518  |
|  eBay, Inc.  | 122880  | 5583667  |
|  Etsy, Inc. (a)  | 26807  | 3540937  |
|  Global-e Online Ltd. (a)  | 29388  | 633899  |
|  JD.com, Inc. sponsored ADR  | 110566  | 6322164  |
|  Lyft, Inc. (a)  | 71829  | 805921  |
|  MercadoLibre, Inc. (a)  | 10521  | 9794893  |
|  Newegg Commerce, Inc. (a)(b)  | 97117  | 176753  |
|  Ozon Holdings PLC ADR (a)(b)(c)  | 22832  | 47962  |
|  Pinduoduo, Inc. ADR (a)  | 97231  | 7976831  |
|  Stitch Fix, Inc. (a)(b)  | 146265  | 590911  |
|  The RealReal, Inc. (a)(b)  | 203655  | 303446  |
|  Xometry, Inc. (a)(b)  | 15633  | 660182  |
|  |  | 245926084  |
| Leisure Products - 0.1%  |  |  |
|  BRP, Inc. (b)  | 5992  | 448381  |
|  Hasbro, Inc.  | 27172  | 1706945  |
|  Latham Group, Inc. (a)  | 33932  | 117065  |
|  Malibu Boats, Inc. Class A (a)  | 7657  | 441885  |
|  Mattel, Inc. (a)  | 82916  | 1511559  |
|  |  | 4225835  |
| Multiline Retail - 0.2%  |  |  |
|  Dollar Tree, Inc. (a)  | 48675  | 7315366  |
|  Franchise Group, Inc. (b)  | 13129  | 342010  |
|  Ollie's Bargain Outlet Holdings, Inc. (a)(b)  | 16137  | 982743  |
|  |  | 8640119  |
| Specialty Retail - 1.0%  |  |  |
|  Academy Sports & Outdoors, Inc. (b)  | 23905  | 1206724  |
|  Five Below, Inc. (a)(b)  | 11809  | 1899596  |
|  Leslie's, Inc. (a)(b)  | 43758  | 638867  |
|  Monro, Inc. (b)  | 9346  | 424963  |
|  National Vision Holdings, Inc. (a)  | 20862  | 844077  |
|  O'Reilly Automotive, Inc. (a)  | 14213  | 12287707  |
|  Rent-A-Center, Inc. (b)  | 26192  | 630965  |
|  Ross Stores, Inc.  | 76814  | 9038703  |
|  Sleep Number Corp. (a)(b)  | 10079  | 294811  |
|  The ODP Corp. (a)  | 16855  | 811231  |
|  Tractor Supply Co.  | 23066  | 5220066  |
|  Ulta Beauty, Inc. (a)  | 11062  | 5142060  |
|  Urban Outfitters, Inc. (a)(b)  | 23416  | 677659  |
|  |  | 39117429  |
| Textiles, Apparel & Luxury Goods - 0.3%  |  |  |
|  Columbia Sportswear Co. (b)  | 16145  | 1446431  |
|  Crocs, Inc. (a)  | 13260  | 1339260  |
|  G-III Apparel Group Ltd. (a)  | 18732  | 405173  |
|  lululemon athletica, Inc. (a)  | 25521  | 9705892  |
|  Steven Madden Ltd.  | 22363  | 772418  |
|  |  | 13669174  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 572301381  |
| CONSUMER STAPLES - 4.9%  |  |  |
| Beverages - 2.2%  |  |  |
|  Celsius Holdings, Inc. (a)  | 18876  | 2101654  |
|  Coca-Cola Bottling Co. Consolidated  | 2037  | 1001797  |
|  Coca-Cola European Partners PLC (b)  | 100386  | 5329493  |
|  Keurig Dr. Pepper, Inc.  | 305423  | 11810707  |
|  MGP Ingredients, Inc. (b)  | 6687  | 836276  |
|  Monster Beverage Corp. (a)  | 114080  | 11734269  |
|  National Beverage Corp. (b)  | 23749  | 1223786  |
|  PepsiCo, Inc.  | 293679  | 54480391  |
|  |  | 88518373  |
| Food & Staples Retailing - 1.6%  |  |  |
|  Andersons, Inc.  | 12614  | 485639  |
|  Casey's General Stores, Inc.  | 8673  | 2107712  |
|  Chefs' Warehouse Holdings (a)  | 13838  | 537606  |
|  Costco Wholesale Corp.  | 94182  | 50787644  |
|  Grocery Outlet Holding Corp. (a)(b)  | 25735  | 778998  |
|  Ingles Markets, Inc. Class A  | 5352  | 541087  |
|  PriceSmart, Inc.  | 8322  | 591195  |
|  Sprouts Farmers Market LLC (a)  | 30515  | 1047580  |
|  Walgreens Boots Alliance, Inc. (b)  | 187238  | 7770377  |
|  |  | 64647838  |
| Food Products - 1.0%  |  |  |
|  Bridgford Foods Corp. (a)(b)  | 2727  | 29806  |
|  Cal-Maine Foods, Inc.  | 13656  | 795872  |
|  Freshpet, Inc. (a)(b)  | 2816  | 188728  |
|  Hostess Brands, Inc. Class A (a)  | 39146  | 1033454  |
|  J&J Snack Foods Corp.  | 4889  | 801894  |
|  Lancaster Colony Corp.  | 6131  | 1269975  |
|  Mission Produce, Inc. (a)  | 30541  | 485296  |
|  Mondelez International, Inc.  | 295877  | 20004244  |
|  Pilgrim's Pride Corp. (a)(b)  | 57898  | 1514612  |
|  Sovos Brands, Inc. (a)  | 34705  | 499405  |
|  The Hain Celestial Group, Inc. (a)  | 25979  | 486846  |
|  The Kraft Heinz Co.  | 264200  | 10396270  |
|  The Simply Good Foods Co. (a)  | 26134  | 1042747  |
|  |  | 38549149  |
| Household Products - 0.1%  |  |  |
|  Central Garden & Pet Co. Class A (non-vtg.) (a)  | 13512  | 527914  |
|  Reynolds Consumer Products, Inc. (b)  | 49917  | 1595347  |
|  WD-40 Co. (b)  | 3558  | 595965  |
|  |  | 2719226  |
| Personal Products - 0.0%  |  |  |
|  Inter Parfums, Inc.  | 9382  | 894011  |
|  Veru, Inc. (a)(b)  | 31697  | 180039  |
|  |  | 1074050  |
|  TOTAL CONSUMER STAPLES  |  | 195508636  |
| ENERGY - 0.9%  |  |  |
| Energy Equipment & Services - 0.3%  |  |  |
|  Baker Hughes Co. Class A  | 213820  | 6205056  |
|  Championx Corp.  | 48713  | 1502309  |
|  CSI Compressco LP  | 59197  | 77252  |
|  Patterson-UTI Energy, Inc.  | 57388  | 1030115  |
|  Smart Sand, Inc. (a)(b)  | 86201  | 167230  |
|  Weatherford International PLC (a)  | 21128  | 916955  |
|  |  | 9898917  |
| Oil, Gas & Consumable Fuels - 0.6%  |  |  |
|  Alliance Resource Partners LP  | 36937  | 875776  |
|  APA Corp.  | 75379  | 3531506  |
|  Chesapeake Energy Corp.  | 28883  | 2989391  |
|  Chord Energy Corp.  | 8640  | 1317859  |
|  Diamondback Energy, Inc.  | 38735  | 5733555  |
|  Golar LNG Ltd. (a)  | 31581  | 791736  |
|  Green Plains, Inc. (a)(b)  | 18398  | 635835  |
|  HighPeak Energy, Inc. (b)  | 28165  | 675397  |
|  New Fortress Energy, Inc. (b)  | 48658  | 2476692  |
|  PDC Energy, Inc.  | 22536  | 1674876  |
|  Plains All American Pipeline LP  | 161040  | 2000117  |
|  Plains GP Holdings LP Class A  | 52547  | 695197  |
|  Ranger Oil Corp.  | 8645  | 376663  |
|  Vertex Energy, Inc. (a)(b)  | 26744  | 221708  |
|  Viper Energy Partners LP  | 22101  | 729996  |
|  |  | 24726304  |
|  TOTAL ENERGY  |  | 34625221  |
| FINANCIALS - 5.0%  |  |  |
| Banks - 2.0%  |  |  |
|  Ameris Bancorp  | 19592  | 1036025  |
|  Atlantic Union Bankshares Corp.  | 22079  | 787558  |
|  BancFirst Corp.  | 9024  | 919907  |
|  Bancorp, Inc., Delaware (a)  | 22450  | 672827  |
|  Bank OZK (b)  | 30551  | 1409929  |
|  Banner Corp.  | 11112  | 784729  |
|  BCB Bancorp, Inc.  | 23677  | 446311  |
|  BOK Financial Corp.  | 16737  | 1752531  |
|  Cathay General Bancorp  | 20587  | 956678  |
|  City Holding Co.  | 5779  | 588996  |
|  Columbia Banking Systems, Inc. (b)  | 20259  | 690022  |
|  Commerce Bancshares, Inc. (b)  | 28394  | 2127278  |
|  CVB Financial Corp.  | 37920  | 1087546  |
|  Eagle Bancorp, Inc.  | 8283  | 390626  |
|  East West Bancorp, Inc. (b)  | 29242  | 2053081  |
|  Eastern Bankshares, Inc.  | 48510  | 951281  |
|  Enterprise Bancorp, Inc.  | 10061  | 351934  |
|  Enterprise Financial Services Corp.  | 12466  | 652470  |
|  Fifth Third Bancorp  | 150525  | 5473089  |
|  First Bancorp, North Carolina (b)  | 24237  | 1178645  |
|  First Busey Corp.  | 17817  | 464489  |
|  First Citizens Bancshares, Inc. (b)  | 3008  | 2455912  |
|  First Financial Bancorp, Ohio (b)  | 26257  | 693973  |
|  First Financial Bankshares, Inc. (b)  | 34612  | 1278913  |
|  First Hawaiian, Inc.  | 35273  | 936498  |
|  First Internet Bancorp  | 16019  | 415853  |
|  First Interstate Bancsystem, Inc.  | 28596  | 1247358  |
|  First Merchants Corp.  | 16225  | 717307  |
|  Fulton Financial Corp.  | 48172  | 895517  |
|  German American Bancorp, Inc. (b)  | 15898  | 633694  |
|  Hancock Whitney Corp. (b)  | 22424  | 1229732  |
|  Heartland Financial U.S.A., Inc.  | 13521  | 659690  |
|  HomeStreet, Inc.  | 16841  | 459759  |
|  Hope Bancorp, Inc.  | 39750  | 541395  |
|  Huntington Bancshares, Inc.  | 319914  | 4952269  |
|  Independent Bank Corp.  | 11503  | 1041252  |
|  Independent Bank Group, Inc.  | 11855  | 781719  |
|  International Bancshares Corp.  | 16656  | 877438  |
|  Investar Holding Corp.  | 13824  | 306063  |
|  Lakeland Financial Corp.  | 8235  | 650236  |
|  Live Oak Bancshares, Inc. (b)  | 29091  | 970185  |
|  NBT Bancorp, Inc. (b)  | 11539  | 532640  |
|  Northwest Bancshares, Inc. (b)  | 42439  | 648892  |
|  OceanFirst Financial Corp.  | 22535  | 526418  |
|  Old National Bancorp, Indiana  | 74909  | 1431511  |
|  Pacific Premier Bancorp, Inc. (b)  | 25828  | 954345  |
|  PacWest Bancorp  | 32371  | 845531  |
|  Pathward Financial, Inc.  | 21968  | 956267  |
|  Pinnacle Financial Partners, Inc. (b)  | 18986  | 1592736  |
|  Popular, Inc.  | 18684  | 1364306  |
|  Renasant Corp.  | 17023  | 694028  |
|  Republic Bancorp, Inc., Kentucky Class A  | 11660  | 513856  |
|  Sandy Spring Bancorp, Inc.  | 14458  | 503428  |
|  Seacoast Banking Corp., Florida (b)  | 19614  | 674329  |
|  Signature Bank  | 18257  | 2546852  |
|  Simmons First National Corp. Class A  | 31328  | 727123  |
|  Southstate Corp.  | 17852  | 1568298  |
|  Stock Yards Bancorp, Inc. (b)  | 9497  | 702968  |
|  SVB Financial Group (a)  | 12885  | 2986485  |
|  Texas Capital Bancshares, Inc. (a)  | 13613  | 816644  |
|  TowneBank  | 20035  | 647131  |
|  Trico Bancshares  | 11297  | 615687  |
|  Trustmark Corp.  | 19564  | 715651  |
|  UMB Financial Corp.  | 12257  | 1048219  |
|  Umpqua Holdings Corp.  | 59155  | 1199072  |
|  United Bankshares, Inc., West Virginia (b)  | 33311  | 1428709  |
|  United Community Bank, Inc.  | 24401  | 950907  |
|  Valley National Bancorp (b)  | 125351  | 1586944  |
|  Veritex Holdings, Inc.  | 34993  | 1142871  |
|  Washington Federal, Inc.  | 20083  | 708327  |
|  WesBanco, Inc. (b)  | 20060  | 811427  |
|  Westamerica Bancorp.  | 9034  | 557850  |
|  Wintrust Financial Corp. (b)  | 14417  | 1318146  |
|  Zions Bancorp NA  | 35804  | 1855363  |
|  |  | 81693676  |
| Capital Markets - 1.6%  |  |  |
| B. Riley Financial, Inc. (b)  | 21693  | 952757  |
|  BGC Partners, Inc. Class A  | 64143  | 276456  |
|  Carlyle Group LP  | 82222  | 2562860  |
|  CME Group, Inc.  | 76910  | 13574615  |
|  Coinbase Global, Inc. (a)(b)  | 39448  | 1803957  |
|  CONX Corp. Class A (a)(b)  | 23170  | 232395  |
|  Focus Financial Partners, Inc. Class A (a)  | 17251  | 658298  |
|  Freedom Holding Corp. (a)(b)  | 20378  | 1285648  |
|  Futu Holdings Ltd. ADR (a)  | 19313  | 1187556  |
|  Gores Holdings VIII, Inc. Class A (a)  | 29807  | 296580  |
|  Greenpro Capital Corp. (a)(b)  | 59752  | 69312  |
|  Hamilton Lane, Inc. Class A  | 19360  | 1430317  |
|  Interactive Brokers Group, Inc.  | 22263  | 1787719  |
|  LPL Financial  | 17015  | 4027621  |
|  MarketAxess Holdings, Inc.  | 8592  | 2301969  |
|  Morningstar, Inc.  | 9803  | 2403009  |
|  NASDAQ, Inc.  | 108308  | 7414766  |
|  Northern Trust Corp.  | 45898  | 4273563  |
|  Pioneer Merger Corp. Class A (a)  | 40038  | 403183  |
|  Robinhood Markets, Inc. (a)(b)  | 224307  | 2151104  |
|  SEI Investments Co. (b)  | 32644  | 2033068  |
|  StepStone Group, Inc. Class A (b)  | 30415  | 911842  |
| T. Rowe Price Group, Inc. (b)  | 49812  | 6222017  |
|  TPG, Inc. (b)  | 32029  | 1066566  |
|  Tradeweb Markets, Inc. Class A  | 25647  | 1576265  |
|  Up Fintech Holdings Ltd. ADR (a)(b)  | 59484  | 308722  |
|  Victory Capital Holdings, Inc. (b)  | 22145  | 642205  |
|  Virtu Financial, Inc. Class A  | 30186  | 669525  |
|  Virtus Investment Partners, Inc.  | 2290  | 444123  |
|  XP, Inc. Class A (a)(b)  | 119875  | 2099011  |
|  |  | 65067029  |
| Consumer Finance - 0.2%  |  |  |
|  360 DigiTech, Inc. ADR  | 33363  | 523465  |
|  Credit Acceptance Corp. (a)(b)  | 3080  | 1459797  |
|  Encore Capital Group, Inc. (a)(b)  | 6706  | 337982  |
|  FirstCash Holdings, Inc.  | 11295  | 1060149  |
|  LendingTree, Inc. (a)  | 14854  | 355753  |
|  Navient Corp.  | 42983  | 712228  |
|  PRA Group, Inc. (a)  | 13835  | 475647  |
|  SLM Corp. (b)  | 66616  | 1163115  |
|  SoFi Technologies, Inc. (a)(b)  | 214132  | 1034258  |
|  Upstart Holdings, Inc. (a)(b)  | 24660  | 482103  |
|  |  | 7604497  |
| Diversified Financial Services - 0.2%  |  |  |
|  A-Mark Precious Metals, Inc.  | 5174  | 178503  |
|  Accretion Acquisition Corp. (a)(b)  | 42831  | 428738  |
|  Atlantic Coastal Acquisition Corp. Class A (a)  | 42323  | 421960  |
|  Avalon Acquisition, Inc. Class A (a)  | 44394  | 449267  |
|  Bridgetown Holdings Ltd. Class A (a)(b)  | 35950  | 353389  |
|  Broadscale Acquisition Corp. Class A (a)  | 58931  | 592257  |
|  Crixus BH3 Acquisition Co. (a)  | 14813  | 148871  |
|  FTAC Zeus Acquisition Corp. Class A (a)  | 50440  | 506922  |
|  Hudson Executive Investment Corp. II (a)  | 14771  | 148744  |
|  Iron Spark I, Inc. Class A  | 21091  | 210277  |
|  Liberty Media Acquisition Corp. (a)(b)  | 20234  | 203554  |
|  LM Funding America, Inc. (a)(b)  | 88330  | 59181  |
|  Marblegate Acquisition Corp. (a)  | 16169  | 163307  |
|  MSD Acquisition Corp. Class A (a)  | 17470  | 175399  |
|  NightDragon Acquisition Corp. (a)  | 15479  | 154945  |
|  PepperLime Health Acquisition Corp. Class A (a)  | 43887  | 443698  |
|  Perception Capital Corp. II Class A (a)  | 14625  | 149321  |
|  Research Alliance Corp. II (a)  | 26295  | 264265  |
|  Revolution Healthcare Acquisition Corp. (a)  | 45031  | 452111  |
|  Screaming Eagle Acquisition Corp. (a)  | 14682  | 144471  |
|  StoneBridge Acquisition Corp. (a)  | 16336  | 166464  |
|  SVF Investment Corp. (a)  | 74297  | 746685  |
|  Tishman Speyer Innovation Corp. II (a)  | 22524  | 226817  |
|  |  | 6789146  |
| Insurance - 0.8%  |  |  |
|  Arch Capital Group Ltd. (a)  | 83837  | 5022675  |
|  Brighthouse Financial, Inc. (a)  | 20479  | 1141499  |
|  BRP Group, Inc. (a)  | 20257  | 608520  |
|  Cincinnati Financial Corp.  | 35580  | 3947957  |
|  Enstar Group Ltd. (a)  | 4292  | 935613  |
|  Erie Indemnity Co. Class A (b)  | 10840  | 3061108  |
|  Goosehead Insurance (a)  | 19632  | 797256  |
|  James River Group Holdings Ltd.  | 10270  | 246685  |
|  Oxbridge Re Holdings Ltd. (a)(b)  | 77166  | 136584  |
|  Palomar Holdings, Inc. (a)  | 9052  | 567922  |
|  Principal Financial Group, Inc. (b)  | 56350  | 5053468  |
|  Safety Insurance Group, Inc. (b)  | 4993  | 458058  |
|  Selective Insurance Group, Inc.  | 15395  | 1479767  |
|  Trupanion, Inc. (a)(b)  | 25087  | 1311297  |
|  Willis Towers Watson PLC  | 24356  | 5995473  |
|  |  | 30763882  |
| Mortgage Real Estate Investment Trusts - 0.0%  |  |  |
|  AGNC Investment Corp.  | 127563  | 1274354  |
|  New York Mortgage Trust, Inc.  | 337644  | 948780  |
|  |  | 2223134  |
| Thrifts & Mortgage Finance - 0.2%  |  |  |
|  Broadway Financial Corp. (a)  | 111791  | 106492  |
|  Capitol Federal Financial, Inc.  | 79370  | 664327  |
|  Carver Bancorp, Inc. (a)  | 29369  | 119238  |
|  Columbia Financial, Inc. (a)  | 40089  | 885165  |
|  Enact Holdings, Inc. (b)  | 41839  | 1037607  |
|  Home Point Capital, Inc. (b)  | 46499  | 73468  |
|  Merchants Bancorp  | 17940  | 459085  |
|  Mr. Cooper Group, Inc. (a)  | 20529  | 927090  |
|  NMI Holdings, Inc. (a)  | 19078  | 410749  |
|  TFS Financial Corp. (b)  | 85907  | 1172631  |
|  WSFS Financial Corp.  | 18118  | 878904  |
|  |  | 6734756  |
|  TOTAL FINANCIALS  |  | 200876120  |
| HEALTH CARE - 9.6%  |  |  |
| Biotechnology - 5.6%  |  |  |
|  89Bio, Inc. (a)(b)  | 38374  | 306992  |
|  ACADIA Pharmaceuticals, Inc. (a)  | 65914  | 1026940  |
|  Adicet Bio, Inc. rights (a)(c)  | 7230  | 0  |
|  Agios Pharmaceuticals, Inc. (a)(b)  | 23070  | 695330  |
|  Aileron Therapeutics, Inc. (a)(b)  | 14684  | 40675  |
|  Akero Therapeutics, Inc. (a)  | 11406  | 530379  |
|  Alector, Inc. (a)  | 30482  | 258792  |
|  Alkermes PLC (a)  | 41057  | 1017392  |
|  Allakos, Inc. (a)  | 36576  | 301752  |
|  Allogene Therapeutics, Inc. (a)(b)  | 50967  | 502535  |
|  Alnylam Pharmaceuticals, Inc. (a)  | 25688  | 5666516  |
|  Amgen, Inc.  | 113866  | 32611222  |
|  Amicus Therapeutics, Inc. (a)  | 66827  | 808607  |
|  Anavex Life Sciences Corp. (a)(b)  | 30982  | 273261  |
|  Apellis Pharmaceuticals, Inc. (a)  | 27428  | 1369480  |
|  Applied Genetic Technologies Corp. (a)(b)  | 14225  | 5599  |
|  Aptorum Group Ltd. (a)(b)  | 328241  | 182141  |
|  Arcellx, Inc.  | 15030  | 299698  |
|  Arcturus Therapeutics Holdings, Inc. (a)(b)  | 14240  | 262586  |
|  Arcutis Biotherapeutics, Inc. (a)  | 21701  | 373908  |
|  Argenx SE ADR (a)  | 6768  | 2693461  |
|  Arrowhead Pharmaceuticals, Inc. (a)  | 24451  | 787322  |
|  Ascendis Pharma A/S sponsored ADR (a)(b)  | 13304  | 1637190  |
|  Atara Biotherapeutics, Inc. (a)(b)  | 60117  | 272330  |
|  Aurinia Pharmaceuticals, Inc. (a)  | 38100  | 195453  |
|  Avid Bioservices, Inc. (a)(b)  | 23178  | 362967  |
|  Beam Therapeutics, Inc. (a)(b)  | 19139  | 884030  |
|  BeiGene Ltd. ADR (a)(b)  | 10720  | 2054059  |
|  BioCryst Pharmaceuticals, Inc. (a)  | 51003  | 681400  |
|  Biogen, Inc. (a)  | 31967  | 9755369  |
|  BioMarin Pharmaceutical, Inc. (a)  | 41543  | 4195012  |
|  BioNTech SE ADR  | 18560  | 3099891  |
|  Black Diamond Therapeutics, Inc. (a)(b)  | 73866  | 155857  |
|  bluebird bio, Inc. (a)(b)  | 75973  | 591830  |
|  Blueprint Medicines Corp. (a)  | 15406  | 736253  |
|  BridgeBio Pharma, Inc. (a)(b)  | 62363  | 584341  |
|  CareDx, Inc. (a)  | 14628  | 189433  |
|  Celldex Therapeutics, Inc. (a)  | 19171  | 711052  |
|  Cerevel Therapeutics Holdings (a)(b)  | 39273  | 1137346  |
|  Clementia Pharmaceuticals, Inc. rights (a)(c)  | 20215  | 27290  |
|  CRISPR Therapeutics AG (a)(b)  | 18686  | 1023806  |
|  CureVac NV (a)(b)  | 49378  | 357991  |
|  Cyclerion Therapeutics, Inc. (a)(b)  | 221750  | 210663  |
|  Cytokinetics, Inc. (a)  | 23812  | 1012010  |
|  Day One Biopharmaceuticals, Inc. (a)(b)  | 25996  | 551895  |
|  Denali Therapeutics, Inc. (a)  | 31807  | 1014961  |
|  Dynavax Technologies Corp. (a)(b)  | 35942  | 446040  |
|  Editas Medicine, Inc. (a)(b)  | 50181  | 531919  |
|  Enanta Pharmaceuticals, Inc. (a)  | 9069  | 397132  |
|  EQRx, Inc. (a)  | 151334  | 569016  |
|  Erasca, Inc. (a)  | 29918  | 225881  |
|  Evelo Biosciences, Inc. (a)(b)  | 49681  | 103833  |
|  Exact Sciences Corp. (a)(b)  | 40619  | 1825824  |
|  Exelixis, Inc. (a)  | 78893  | 1347492  |
|  Fate Therapeutics, Inc. (a)(b)  | 28450  | 592329  |
|  FibroGen, Inc. (a)  | 42252  | 607161  |
|  Forte Biosciences, Inc. (a)(b)  | 97799  | 97290  |
|  Galectin Therapeutics, Inc. (a)(b)  | 57422  | 72926  |
|  Genmab A/S ADR (a)(b)  | 15530  | 722611  |
|  Gilead Sciences, Inc.  | 267527  | 23496896  |
|  Grifols SA ADR (a)  | 40605  | 330931  |
|  Halozyme Therapeutics, Inc. (a)  | 33400  | 1912484  |
|  Horizon Therapeutics PLC (a)  | 48926  | 4906789  |
|  ImmunityBio, Inc. (a)(b)  | 110697  | 609940  |
|  Immunovant, Inc. (a)  | 32807  | 430100  |
|  Impel Pharmaceuticals, Inc. (a)(b)  | 53585  | 143072  |
|  Incyte Corp. (a)  | 49420  | 3937291  |
|  Inhibrx, Inc. (a)(b)  | 8432  | 252791  |
|  Inmune Bio, Inc. (a)(b)  | 28021  | 200350  |
|  Inovio Pharmaceuticals, Inc. (a)(b)  | 275886  | 562807  |
|  Insmed, Inc. (a)(b)  | 28686  | 530404  |
|  Intellia Therapeutics, Inc. (a)  | 17092  | 879554  |
|  Ionis Pharmaceuticals, Inc. (a)(b)  | 36002  | 1468522  |
|  Iovance Biotherapeutics, Inc. (a)  | 81099  | 519034  |
|  Ironwood Pharmaceuticals, Inc. Class A (a)  | 48692  | 589660  |
|  Iveric Bio, Inc. (a)  | 44042  | 1040272  |
|  Karuna Therapeutics, Inc. (a)  | 7385  | 1737764  |
|  Keros Therapeutics, Inc. (a)  | 12019  | 599027  |
|  Krystal Biotech, Inc. (a)  | 10828  | 841769  |
|  Kura Oncology, Inc. (a)  | 28046  | 442285  |
|  Kymera Therapeutics, Inc. (a)  | 19557  | 566762  |
|  Legend Biotech Corp. ADR (a)  | 15587  | 802886  |
|  Lyell Immunopharma, Inc. (a)(b)  | 97356  | 409869  |
|  Macrogenics, Inc. (a)  | 49724  | 319725  |
|  Madrigal Pharmaceuticals, Inc. (a)(b)  | 7222  | 506334  |
|  MannKind Corp. (a)(b)  | 104026  | 486842  |
|  Mirati Therapeutics, Inc. (a)  | 14774  | 1350048  |
|  Moderna, Inc. (a)  | 85477  | 15036259  |
|  Myriad Genetics, Inc. (a)  | 24878  | 504028  |
|  Natera, Inc. (a)(b)  | 24397  | 1003205  |
|  Neurocrine Biosciences, Inc. (a)  | 21967  | 2791127  |
|  Novavax, Inc. (a)(b)  | 23974  | 395331  |
|  Nurix Therapeutics, Inc. (a)  | 23225  | 287758  |
|  Nuvalent, Inc. Class A (a)(b)  | 13849  | 455355  |
|  Ocugen, Inc. (a)(b)  | 221304  | 345234  |
|  Omniab, Inc. (c)  | 2320  | 4988  |
|  Omniab, Inc. (c)  | 2320  | 4686  |
|  OncoSec Medical, Inc. (a)(b)  | 1980  | 5603  |
|  Organogenesis Holdings, Inc. Class A (a)  | 68479  | 187632  |
|  Prometheus Biosciences, Inc. (a)  | 16630  | 683659  |
|  PTC Therapeutics, Inc. (a)  | 17303  | 717901  |
|  Recursion Pharmaceuticals, Inc. (a)(b)  | 51899  | 487851  |
|  Regeneron Pharmaceuticals, Inc. (a)  | 23181  | 17425158  |
|  Relay Therapeutics, Inc. (a)  | 32736  | 608235  |
|  Repligen Corp. (a)  | 10937  | 1955973  |
|  Revolution Medicines, Inc. (a)  | 21602  | 509591  |
|  Rhythm Pharmaceuticals, Inc. (a)(b)  | 12571  | 336526  |
|  Rocket Pharmaceuticals, Inc. (a)  | 24228  | 457425  |
|  Roivant Sciences Ltd. (a)(b)  | 183376  | 982895  |
|  Sage Therapeutics, Inc. (a)  | 18065  | 741388  |
|  Sana Biotechnology, Inc. (a)(b)  | 90594  | 452064  |
|  Sarepta Therapeutics, Inc. (a)  | 21378  | 2625432  |
|  Savara, Inc. (a)  | 327679  | 517733  |
|  Seagen, Inc. (a)  | 40221  | 4882427  |
|  Seres Therapeutics, Inc. (a)  | 44312  | 288028  |
|  Sesen Bio, Inc. (a)(b)  | 437445  | 242257  |
|  Sigilon Therapeutics, Inc. (a)  | 26230  | 10930  |
|  Sorrento Therapeutics, Inc. (a)  | 318486  | 414032  |
|  SpringWorks Therapeutics, Inc. (a)(b)  | 26146  | 632210  |
|  Stoke Therapeutics, Inc. (a)(b)  | 39041  | 294369  |
|  TG Therapeutics, Inc. (a)  | 86341  | 761528  |
|  Tiziana Life Sciences Ltd. (a)(b)  | 140707  | 89349  |
|  Tobira Therapeutics, Inc. rights (a)(b)(c)  | 1750  | 0  |
|  Travere Therapeutics, Inc. (a)  | 21769  | 438210  |
|  Twist Bioscience Corp. (a)  | 16820  | 460027  |
|  Ultragenyx Pharmaceutical, Inc. (a)(b)  | 21879  | 794208  |
|  United Therapeutics Corp. (a)  | 10081  | 2821571  |
|  Vaxart, Inc. (a)(b)  | 151950  | 179301  |
|  Vaxcyte, Inc. (a)  | 23298  | 1073106  |
|  Veracyte, Inc. (a)  | 17747  | 492302  |
|  Vertex Pharmaceuticals, Inc. (a)  | 54787  | 17334607  |
|  Verve Therapeutics, Inc. (a)  | 13853  | 321805  |
|  Vir Biotechnology, Inc. (a)  | 33894  | 956489  |
|  Xencor, Inc. (a)  | 16123  | 479176  |
|  Xenon Pharmaceuticals, Inc. (a)  | 18378  | 677781  |
|  Zai Lab Ltd. ADR (a)  | 19623  | 756663  |
|  Zentalis Pharmaceuticals, Inc. (a)(b)  | 20977  | 464011  |
|  |  | 223258103  |
| Health Care Equipment & Supplies - 1.9%  |  |  |
|  Abiomed, Inc. (a)  | 10255  | 3874236  |
|  Align Technology, Inc. (a)  | 16409  | 3226994  |
|  Alphatec Holdings, Inc. (a)  | 61755  | 633606  |
|  Atricure, Inc. (a)  | 12663  | 576926  |
|  Axonics Modulation Technologies, Inc. (a)  | 12961  | 887569  |
|  Cue Health, Inc. (a)  | 45680  | 146176  |
|  Dentsply Sirona, Inc.  | 50288  | 1521715  |
|  DexCom, Inc. (a)  | 82010  | 9536123  |
|  Embecta Corp.  | 19713  | 648952  |
|  Establishment Labs Holdings, Inc. (a)(b)  | 8553  | 545339  |
|  Heska Corp. (a)  | 3276  | 210811  |
|  Hologic, Inc. (a)  | 55494  | 4226423  |
|  ICU Medical, Inc. (a)(b)  | 5391  | 858409  |
|  IDEXX Laboratories, Inc. (a)  | 17231  | 7338166  |
|  Inari Medical, Inc. (a)(b)  | 12696  | 934172  |
|  InMode Ltd. (a)(b)  | 19299  | 740889  |
|  Insulet Corp. (a)  | 15514  | 4644426  |
|  Integra LifeSciences Holdings Corp. (a)  | 20768  | 1140994  |
|  Intuitive Surgical, Inc. (a)  | 76856  | 20781094  |
|  iRhythm Technologies, Inc. (a)  | 6426  | 700755  |
|  Lantheus Holdings, Inc. (a)  | 13519  | 839260  |
|  LivaNova PLC (a)  | 14256  | 789355  |
|  Masimo Corp. (a)  | 12014  | 1741309  |
|  Merit Medical Systems, Inc. (a)  | 13525  | 973800  |
|  Mesa Laboratories, Inc. (b)  | 1914  | 323791  |
|  Neogen Corp. (a)  | 27168  | 449902  |
|  Novocure Ltd. (a)(b)  | 23997  | 1843929  |
|  NuVasive, Inc. (a)  | 14878  | 577862  |
|  Omnicell, Inc. (a)  | 10949  | 565078  |
|  OrthoPediatrics Corp. (a)  | 7283  | 320379  |
|  PROCEPT BioRobotics Corp. (a)  | 15236  | 653624  |
|  QuidelOrtho Corp. (a)(b)  | 15451  | 1353662  |
|  Reshape Lifesciences, Inc. (a)(b)  | 191671  | 29767  |
|  Shockwave Medical, Inc. (a)  | 7402  | 1877147  |
|  Staar Surgical Co. (a)  | 12658  | 722898  |
|  Tandem Diabetes Care, Inc. (a)  | 13772  | 579113  |
|  |  | 76814651  |
| Health Care Providers & Services - 0.6%  |  |  |
|  1Life Healthcare, Inc. (a)  | 69439  | 1179769  |
|  Acadia Healthcare Co., Inc. (a)  | 21783  | 1939994  |
|  Accolade, Inc. (a)  | 33225  | 293377  |
|  AdaptHealth Corp. (a)  | 39815  | 888273  |
|  Addus HomeCare Corp. (a)  | 5806  | 640286  |
|  Alignment Healthcare, Inc. (a)  | 51826  | 689286  |
|  Amedisys, Inc. (a)  | 7995  | 728265  |
|  Apollo Medical Holdings, Inc. (a)(b)  | 17053  | 485328  |
|  Aveanna Healthcare Holdings, Inc. (a)  | 50644  | 34362  |
|  Corvel Corp. (a)  | 4927  | 753683  |
|  Guardant Health, Inc. (a)(b)  | 22697  | 1187961  |
|  HealthEquity, Inc. (a)  | 19130  | 1214372  |
|  Henry Schein, Inc. (a)  | 29311  | 2371846  |
|  LHC Group, Inc. (a)  | 6156  | 1005952  |
|  LifeStance Health Group, Inc. (a)(b)  | 100883  | 513494  |
|  Modivcare, Inc. (a)  | 4449  | 342573  |
|  National Research Corp. Class A  | 7909  | 306395  |
|  Opko Health, Inc. (a)(b)  | 218249  | 327374  |
|  Option Care Health, Inc. (a)  | 33277  | 1001970  |
|  Patterson Companies, Inc.  | 26055  | 741004  |
|  Premier, Inc.  | 31077  | 1036418  |
|  Privia Health Group, Inc. (a)(b)  | 31019  | 742285  |
|  Progyny, Inc. (a)  | 22680  | 830768  |
|  R1 Rcm, Inc. (a)  | 87759  | 794219  |
|  RadNet, Inc. (a)  | 20212  | 399591  |
|  Sema4 Holdings Corp. Class A (a)(b)  | 163051  | 67536  |
|  Surgery Partners, Inc. (a)(b)  | 20584  | 582733  |
|  The Ensign Group, Inc. (b)  | 14570  | 1384150  |
|  |  | 22483264  |
| Health Care Technology - 0.1%  |  |  |
|  Allscripts Healthcare Solutions, Inc. (a)  | 36556  | 692371  |
|  Certara, Inc. (a)(b)  | 41094  | 697776  |
|  Definitive Healthcare Corp. (a)(b)  | 27749  | 315506  |
|  Nextgen Healthcare, Inc. (a)  | 23274  | 484099  |
|  Schrodinger, Inc. (a)  | 21726  | 391068  |
|  |  | 2580820  |
| Life Sciences Tools & Services - 0.6%  |  |  |
|  AbCellera Biologics, Inc. (a)  | 84311  | 1085083  |
|  Avista Public Acquisition Corp. II (a)  | 30158  | 106759  |
|  Azenta, Inc.  | 17927  | 1079385  |
|  Bio-Techne Corp.  | 32168  | 2733958  |
|  Bruker Corp.  | 34533  | 2327870  |
|  CryoPort, Inc. (a)(b)  | 12512  | 247112  |
|  Cytek Biosciences, Inc. (a)  | 48051  | 619377  |
|  ICON PLC (a)  | 17081  | 3679931  |
|  Illumina, Inc. (a)  | 34178  | 7453538  |
|  Medpace Holdings, Inc. (a)  | 8417  | 1766644  |
|  NeoGenomics, Inc. (a)  | 44501  | 498856  |
|  Pacific Biosciences of California, Inc. (a)(b)  | 79896  | 858882  |
|  Syneos Health, Inc. (a)  | 23657  | 834619  |
|  |  | 23292014  |
| Pharmaceuticals - 0.8%  |  |  |
|  Amphastar Pharmaceuticals, Inc. (a)  | 16815  | 495874  |
|  Amylyx Pharmaceuticals, Inc.  | 24604  | 944055  |
|  Arvinas Holding Co. LLC (a)  | 16476  | 676175  |
|  AstraZeneca PLC sponsored ADR  | 128938  | 8763916  |
|  Aurora Cannabis, Inc. (a)(b)  | 477552  | 606491  |
|  Avadel Pharmaceuticals PLC sponsored ADR (a)(b)  | 38446  | 352550  |
|  Axsome Therapeutics, Inc. (a)(b)  | 12213  | 882878  |
|  Cassava Sciences, Inc. (a)(b)  | 16869  | 587547  |
|  CinCor Pharma, Inc. (b)  | 11838  | 139688  |
|  Corcept Therapeutics, Inc. (a)  | 30174  | 762799  |
|  Cronos Group, Inc. (a)(b)  | 158640  | 493370  |
|  DICE Therapeutics, Inc. (a)  | 12512  | 435543  |
|  Dova Pharmaceuticals, Inc. rights (a)(c)  | 7729  | 0  |
|  Eloxx Pharmaceuticals, Inc. (a)(b)  | 115794  | 15748  |
|  GH Research PLC (a)(b)  | 19852  | 217181  |
|  Harmony Biosciences Holdings, Inc. (a)  | 16745  | 1000849  |
|  Innoviva, Inc. (a)  | 27728  | 364069  |
|  Intra-Cellular Therapies, Inc. (a)  | 23593  | 1279212  |
|  Jazz Pharmaceuticals PLC (a)  | 14523  | 2278804  |
|  Ligand Pharmaceuticals, Inc.:  |  |  |
|  Class B (a)  | 6156  | 448772  |
|  General CVR (a)(c)  | 1530  | 11  |
|  Glucagon CVR (a)(c)  | 1530  | 8  |
|  rights (a)  | 1530  | 10  |
|  TR Beta CVR (a)(c)  | 1530  | 230  |
|  Pacira Biosciences, Inc. (a)  | 12002  | 579097  |
|  Reata Pharmaceuticals, Inc. (a)(b)  | 13270  | 525227  |
|  Revance Therapeutics, Inc. (a)  | 32885  | 713933  |
|  Royalty Pharma PLC (b)  | 95413  | 4195310  |
|  Sanofi SA sponsored ADR  | 62714  | 2844080  |
|  Supernus Pharmaceuticals, Inc. (a)  | 18036  | 662282  |
|  Tilray Brands, Inc. Class 2 (a)(b)  | 153163  | 592741  |
|  Ventyx Biosciences, Inc. (a)  | 13037  | 377943  |
|  Viatris, Inc.  | 272935  | 3010473  |
|  |  | 34246866  |
|  TOTAL HEALTH CARE  |  | 382675718  |
| INDUSTRIALS - 4.8%  |  |  |
| Aerospace & Defense - 0.2%  |  |  |
|  AeroVironment, Inc. (a)  | 7106  | 653681  |
|  Axon Enterprise, Inc. (a)(b)  | 15349  | 2824676  |
|  Elbit Systems Ltd. (b)  | 10220  | 1784719  |
|  Kratos Defense & Security Solutions, Inc. (a)  | 32998  | 314141  |
|  Mercury Systems, Inc. (a)(b)  | 14255  | 724439  |
|  Woodward, Inc. (b)  | 15018  | 1438724  |
|  |  | 7740380  |
| Air Freight & Logistics - 0.2%  |  |  |
|  Air Transport Services Group, Inc. (a)  | 18678  | 523731  |
|  Atlas Air Worldwide Holdings, Inc. (a)  | 7945  | 800618  |
|  C.H. Robinson Worldwide, Inc. (b)  | 28777  | 2884031  |
|  Expeditors International of Washington, Inc. (b)  | 34651  | 4021595  |
|  Forward Air Corp.  | 7979  | 896600  |
|  Hub Group, Inc. Class A (a)  | 9746  | 820126  |
|  |  | 9946701  |
| Airlines - 0.2%  |  |  |
|  Allegiant Travel Co. (a)  | 5401  | 446177  |
|  American Airlines Group, Inc. (a)  | 151163  | 2181282  |
|  Frontier Group Holdings, Inc. (a)  | 48046  | 626520  |
|  JetBlue Airways Corp. (a)  | 90798  | 722752  |
|  Ryanair Holdings PLC sponsored ADR (a)  | 23458  | 1775536  |
|  Sun Country Airlines Holdings, Inc. (a)(b)  | 22265  | 449753  |
|  United Airlines Holdings, Inc. (a)  | 68586  | 3029444  |
|  |  | 9231464  |
| Building Products - 0.1%  |  |  |
|  AAON, Inc.  | 13617  | 1079283  |
|  CSW Industrials, Inc. (b)  | 3333  | 403126  |
|  Gibraltar Industries, Inc. (a)  | 10298  | 521182  |
|  UFP Industries, Inc.  | 16164  | 1323185  |
|  |  | 3326776  |
| Commercial Services & Supplies - 0.6%  |  |  |
|  Aurora Innovation, Inc. (a)(b)  | 205040  | 258350  |
|  Casella Waste Systems, Inc. Class A (a)  | 12614  | 1085939  |
|  Cintas Corp.  | 22115  | 10212265  |
|  Copart, Inc. (a)  | 104098  | 6928763  |
|  Driven Brands Holdings, Inc. (a)(b)  | 35800  | 1088678  |
|  Fuel Tech, Inc. (a)(b)  | 218578  | 273223  |
|  Matthews International Corp. Class A  | 12602  | 398979  |
|  Millerknoll, Inc. (b)  | 20657  | 421196  |
|  Stericycle, Inc. (a)  | 18529  | 965917  |
|  Tetra Tech, Inc.  | 11778  | 1820761  |
|  |  | 23454071  |
| Construction & Engineering - 0.1%  |  |  |
|  Construction Partners, Inc. Class A (a)  | 17175  | 491205  |
|  MYR Group, Inc. (a)  | 5733  | 547673  |
|  NV5 Global, Inc. (a)  | 4846  | 700295  |
|  Willscot Mobile Mini Holdings (a)(b)  | 46621  | 2247598  |
|  |  | 3986771  |
| Electrical Equipment - 0.2%  |  |  |
|  Array Technologies, Inc. (a)  | 41881  | 876988  |
|  Ballard Power Systems, Inc. (a)(b)  | 84842  | 517536  |
|  Encore Wire Corp. (b)  | 5747  | 839694  |
|  Enovix Corp. (a)(b)  | 37519  | 489623  |
|  FuelCell Energy, Inc. (a)(b)  | 135820  | 469937  |
|  Plug Power, Inc. (a)(b)  | 126033  | 2011487  |
|  Shoals Technologies Group, Inc. (a)  | 31173  | 903082  |
|  SunPower Corp. (a)(b)  | 39344  | 954092  |
|  Sunrun, Inc. (a)(b)  | 19679  | 641142  |
|  Tritium DCFC Ltd. (a)(b)  | 53893  | 86229  |
|  Vicor Corp. (a)  | 8052  | 434727  |
|  |  | 8224537  |
| Industrial Conglomerates - 0.9%  |  |  |
|  Honeywell International, Inc.  | 145023  | 31839800  |
|  Icahn Enterprises LP  | 68754  | 3518830  |
|  |  | 35358630  |
| Machinery - 0.5%  |  |  |
|  Altra Industrial Motion Corp.  | 16470  | 965471  |
|  Astec Industries, Inc.  | 8277  | 366174  |
|  Columbus McKinnon Corp. (NY Shares)  | 13699  | 441519  |
|  Franklin Electric Co., Inc.  | 11913  | 992353  |
|  Hillman Solutions Corp. Class A (a)  | 60036  | 477887  |
|  Hyzon Motors, Inc. Class A (a)(b)  | 107841  | 174702  |
|  Kornit Digital Ltd. (a)  | 6222  | 159532  |
|  Lincoln Electric Holdings, Inc. (b)  | 12718  | 1880738  |
|  Middleby Corp. (a)(b)  | 11637  | 1677939  |
|  Nordson Corp.  | 12537  | 2964875  |
|  Omega Flex, Inc. (b)  | 3021  | 290348  |
|  PACCAR, Inc.  | 75744  | 8022047  |
|  Proterra, Inc. Class A (a)(b)  | 86512  | 479276  |
|  Shyft Group, Inc. (The)  | 13136  | 322226  |
|  |  | 19215087  |
| Marine - 0.0%  |  |  |
|  Golden Ocean Group Ltd. (b)  | 45302  | 382351  |
|  Star Bulk Carriers Corp. (b)  | 29147  | 561080  |
|  |  | 943431  |
| Professional Services - 0.5%  |  |  |
|  CoStar Group, Inc. (a)  | 85504  | 6929244  |
|  Exponent, Inc. (b)  | 12793  | 1322924  |
|  First Advantage Corp. (a)  | 30269  | 402578  |
|  Forrester Research, Inc. (a)  | 9761  | 343392  |
|  Headhunter Group PLC ADR (c)  | 12021  | 32719  |
|  Huron Consulting Group, Inc. (a)  | 7659  | 596330  |
|  ICF International, Inc. (b)  | 6057  | 656397  |
|  Kelly Services, Inc. Class A (non-vtg.)  | 17893  | 304002  |
|  Kforce, Inc.  | 7626  | 450468  |
|  Sterling Check Corp. (a)(b)  | 25066  | 364460  |
|  Upwork, Inc. (a)  | 31581  | 386867  |
|  Verisk Analytics, Inc. (b)  | 34514  | 6340567  |
|  |  | 18129948  |
| Road & Rail - 1.0%  |  |  |
|  AMERCO (b)  | 4499  | 284787  |
|  AMERCO (non-vtg.) (b)  | 40523  | 2559838  |
|  ArcBest Corp.  | 7392  | 611836  |
|  Avis Budget Group, Inc. (a)(b)  | 9005  | 2013518  |
|  CSX Corp.  | 466072  | 15235894  |
|  FTAI Infrastructure LLC  | 28622  | 81573  |
|  Grab Holdings Ltd. (a)(b)  | 836903  | 2527447  |
|  Heartland Express, Inc. (b)  | 28916  | 484054  |
|  Hertz Global Holdings, Inc.  | 98266  | 1690175  |
|  J.B. Hunt Transport Services, Inc. (b)  | 22298  | 4100379  |
|  Landstar System, Inc. (b)  | 7464  | 1291123  |
|  Marten Transport Ltd.  | 31155  | 663913  |
|  Old Dominion Freight Lines, Inc.  | 24648  | 7458731  |
|  Saia, Inc. (a)  | 5790  | 1410386  |
|  Universal Logistics Holdings, Inc.  | 12456  | 472954  |
|  Werner Enterprises, Inc.  | 16708  | 734818  |
|  |  | 41621426  |
| Trading Companies & Distributors - 0.3%  |  |  |
|  Beacon Roofing Supply, Inc. (a)  | 17782  | 1038291  |
|  Fastenal Co.  | 125503  | 6464660  |
|  FTAI Aviation Ltd. (b)  | 28622  | 501457  |
|  H&E Equipment Services, Inc.  | 15051  | 631088  |
|  McGrath RentCorp.  | 7591  | 744829  |
|  Rush Enterprises, Inc. Class A  | 12960  | 667829  |
|  |  | 10048154  |
|  TOTAL INDUSTRIALS  |  | 191227376  |
| INFORMATION TECHNOLOGY - 44.2%  |  |  |
| Communications Equipment - 1.3%  |  |  |
|  Applied Optoelectronics, Inc. (a)(b)  | 69848  | 153666  |
|  Cisco Systems, Inc.  | 880499  | 43778410  |
|  CommScope Holding Co., Inc. (a)  | 57630  | 511754  |
|  Ericsson (B Shares) sponsored ADR  | 87884  | 559821  |
|  Extreme Networks, Inc. (a)  | 49861  | 1045585  |
|  F5, Inc. (a)  | 12946  | 2001581  |
|  Harmonic, Inc. (a)  | 44489  | 682461  |
|  Infinera Corp. (a)(b)  | 57044  | 385047  |
|  Lumentum Holdings, Inc. (a)  | 16867  | 926673  |
|  NetScout Systems, Inc. (a)  | 21843  | 814307  |
|  Radware Ltd. (a)  | 15108  | 311678  |
|  ViaSat, Inc. (a)(b)  | 21567  | 735219  |
|  Viavi Solutions, Inc. (a)  | 59472  | 673818  |
|  |  | 52580020  |
| Electronic Equipment & Components - 0.8%  |  |  |
|  Advanced Energy Industries, Inc.  | 9664  | 895273  |
|  Avnet, Inc. (b)  | 24671  | 1114389  |
|  CDW Corp.  | 29679  | 5598647  |
|  Cognex Corp. (b)  | 34447  | 1714772  |
|  Coherent Corp. (a)(b)  | 31248  | 1145864  |
|  ePlus, Inc. (a)  | 8574  | 425785  |
|  Flex Ltd. (a)  | 108895  | 2393512  |
|  Innoviz Technologies Ltd. (a)(b)  | 62220  | 334121  |
|  Insight Enterprises, Inc. (a)  | 9215  | 957531  |
|  IPG Photonics Corp. (a)  | 11775  | 1071878  |
|  Itron, Inc. (a)  | 10649  | 566314  |
|  Lightwave Logic, Inc. (a)(b)  | 32897  | 260873  |
|  Littelfuse, Inc. (b)  | 5890  | 1451885  |
|  MicroVision, Inc. (a)(b)  | 81193  | 246015  |
|  National Instruments Corp. (b)  | 25491  | 1045641  |
|  Nayax Ltd. (a)  | 6862  | 143073  |
|  Novanta, Inc. (a)(b)  | 8936  | 1409654  |
|  OSI Systems, Inc. (a)  | 5559  | 491860  |
|  PC Connection, Inc.  | 7941  | 441123  |
|  Plexus Corp. (a)  | 8179  | 901489  |
|  Sanmina Corp. (a)  | 17144  | 1133047  |
|  Trimble, Inc. (a)  | 51887  | 3100248  |
|  TTM Technologies, Inc. (a)  | 34010  | 546541  |
|  Zebra Technologies Corp. Class A (a)  | 11112  | 3003351  |
|  |  | 30392886  |
| IT Services - 2.7%  |  |  |
|  Affirm Holdings, Inc. (a)(b)  | 41191  | 573379  |
|  Akamai Technologies, Inc. (a)  | 35948  | 3410027  |
|  Amdocs Ltd.  | 28500  | 2532510  |
|  Automatic Data Processing, Inc.  | 87817  | 23195982  |
|  AvidXchange Holdings, Inc. (a)  | 70476  | 607503  |
|  BigCommerce Holdings, Inc. (a)  | 28102  | 242801  |
|  Cognizant Technology Solutions Corp. Class A  | 112958  | 7027117  |
|  Concentrix Corp.  | 12247  | 1498788  |
|  CSG Systems International, Inc. (b)  | 10724  | 663172  |
|  Cyxtera Technologies, Inc. Class A (a)(b)  | 84560  | 165738  |
|  Dlocal Ltd. (a)(b)  | 30756  | 449038  |
|  Euronet Worldwide, Inc. (a)  | 12503  | 1162154  |
|  EVO Payments, Inc. Class A (a)  | 15032  | 506729  |
|  ExlService Holdings, Inc. (a)  | 8293  | 1552450  |
|  Fiserv, Inc. (a)  | 137533  | 14352944  |
|  Flywire Corp. (a)  | 19848  | 430503  |
|  Jack Henry & Associates, Inc.  | 16470  | 3118595  |
|  Kingsoft Cloud Holdings Ltd. ADR (a)(b)  | 101293  | 305905  |
|  Marqeta, Inc. Class A (a)  | 89197  | 596728  |
|  MongoDB, Inc. Class A (a)  | 15109  | 2306993  |
|  Okta, Inc. (a)  | 31621  | 1686032  |
|  Paychex, Inc.  | 77882  | 9659704  |
|  Payoneer Global, Inc. (a)  | 119982  | 647903  |
|  PayPal Holdings, Inc. (a)  | 247558  | 19411023  |
|  Perficient, Inc. (a)  | 8352  | 593410  |
|  Remitly Global, Inc. (a)  | 57537  | 601837  |
|  SS&C Technologies Holdings, Inc.  | 57173  | 3073620  |
|  StoneCo Ltd. Class A (a)  | 2506  | 29270  |
|  Taoping, Inc. (a)(b)  | 25019  | 17083  |
|  Thoughtworks Holding, Inc. (a)(b)  | 61682  | 562540  |
|  Ttec Holdings, Inc.  | 14387  | 689857  |
|  VeriSign, Inc. (a)  | 24265  | 4848390  |
|  Verra Mobility Corp. (a)  | 45340  | 718639  |
|  WeTrade Group, Inc. (b)  | 70822  | 61615  |
|  Wix.com Ltd. (a)(b)  | 14524  | 1314277  |
|  |  | 108614256  |
| Semiconductors & Semiconductor Equipment - 11.1%  |  |  |
|  Advanced Micro Devices, Inc. (a)  | 340655  | 26445048  |
|  Allegro MicroSystems LLC (a)  | 38107  | 1186652  |
|  Ambarella, Inc. (a)  | 9136  | 677891  |
|  Amkor Technology, Inc. (b)  | 59848  | 1676941  |
|  Analog Devices, Inc.  | 111142  | 19106421  |
|  Applied Materials, Inc.  | 185365  | 20316004  |
|  ASML Holding NV  | 17752  | 10795346  |
|  Axcelis Technologies, Inc. (a)  | 10357  | 827110  |
|  Broadcom, Inc.  | 86115  | 47451948  |
|  Camtek Ltd. (a)(b)  | 16460  | 401459  |
|  Canadian Solar, Inc. (a)(b)  | 16068  | 576038  |
|  Cirrus Logic, Inc. (a)  | 11626  | 868578  |
|  Cohu, Inc. (a)(b)  | 12965  | 464406  |
|  Credo Technology Group Holding Ltd. (b)  | 44178  | 615400  |
|  Diodes, Inc. (a)  | 11621  | 1071805  |
|  Enphase Energy, Inc. (a)  | 28161  | 9028135  |
|  Entegris, Inc. (b)  | 32174  | 2486728  |
|  First Solar, Inc. (a)  | 23476  | 4050314  |
|  FormFactor, Inc. (a)  | 22081  | 509409  |
|  GlobalFoundries, Inc. (a)(b)  | 114913  | 7394652  |
|  Impinj, Inc. (a)  | 9414  | 1200756  |
|  Intel Corp.  | 870204  | 26167034  |
|  KLA Corp.  | 31203  | 12267459  |
|  Kulicke & Soffa Industries, Inc. (b)  | 16620  | 796929  |
|  Lam Research Corp.  | 29680  | 14020238  |
|  Lattice Semiconductor Corp. (a)(b)  | 32976  | 2401642  |
|  MACOM Technology Solutions Holdings, Inc. (a)  | 17201  | 1181537  |
|  Marvell Technology, Inc.  | 183573  | 8539816  |
|  Maxeon Solar Technologies Ltd. (a)  | 20255  | 466270  |
|  Meta Materials, Inc. (a)(b)  | 256288  | 486947  |
|  Microchip Technology, Inc.  | 117864  | 9333650  |
|  Micron Technology, Inc.  | 239187  | 13789131  |
|  MKS Instruments, Inc.  | 12877  | 1079865  |
|  Monolithic Power Systems, Inc.  | 10076  | 3848629  |
|  Navitas Semiconductor Corp. (a)(b)  | 56016  | 266636  |
|  Nova Ltd. (a)(b)  | 7787  | 666334  |
|  NVIDIA Corp.  | 527767  | 89314009  |
|  NXP Semiconductors NV  | 55137  | 9695290  |
|  onsemi (a)  | 88527  | 6657230  |
|  Photronics, Inc. (a)  | 23113  | 434524  |
|  Power Integrations, Inc. (b)  | 14877  | 1197301  |
|  Qorvo, Inc. (a)  | 21030  | 2087228  |
|  Qualcomm, Inc.  | 235534  | 29792696  |
|  Rambus, Inc. (a)  | 32199  | 1235798  |
|  Semtech Corp. (a)  | 16418  | 504689  |
|  Silicon Laboratories, Inc. (a)  | 9149  | 1330631  |
|  Silicon Motion Tech Corp. sponsored ADR  | 9340  | 589354  |
|  SiTime Corp. (a)  | 4777  | 503782  |
|  Skyworks Solutions, Inc.  | 36050  | 3447101  |
|  SMART Global Holdings, Inc. (a)(b)  | 19120  | 323319  |
|  SolarEdge Technologies, Inc. (a)  | 11317  | 3382199  |
|  Synaptics, Inc. (a)  | 8521  | 902970  |
|  Teradyne, Inc.  | 33094  | 3092634  |
|  Texas Instruments, Inc.  | 193910  | 34992999  |
|  Tower Semiconductor Ltd. (a)  | 19142  | 853159  |
|  Ultra Clean Holdings, Inc. (a)  | 16388  | 583904  |
|  Universal Display Corp.  | 10763  | 1212129  |
|  |  | 444596104  |
| Software - 15.3%  |  |  |
|  ACI Worldwide, Inc. (a)  | 29618  | 619016  |
|  Adeia, Inc.  | 30684  | 339058  |
|  Adobe, Inc. (a)  | 99501  | 34320880  |
|  Alarm.com Holdings, Inc. (a)  | 12705  | 633980  |
|  Altair Engineering, Inc. Class A (a)(b)  | 12614  | 618969  |
|  Amplitude, Inc. (a)(b)  | 19876  | 284624  |
|  ANSYS, Inc. (a)  | 18706  | 4756936  |
|  AppFolio, Inc. (a)  | 4657  | 531317  |
|  Appian Corp. Class A (a)(b)  | 21454  | 815896  |
|  AppLovin Corp. (a)(b)  | 68814  | 991610  |
|  Arqit Quantum, Inc. (a)(b)  | 46060  | 351438  |
|  Aspen Technology, Inc. (a)(b)  | 13143  | 3029462  |
|  Atlassian Corp. PLC (a)  | 31297  | 4117120  |
|  Autodesk, Inc. (a)  | 47035  | 9498718  |
|  AvePoint, Inc. (a)(b)  | 79453  | 375018  |
|  Bentley Systems, Inc. Class B (b)  | 54536  | 2160171  |
|  Blackbaud, Inc. (a)  | 12956  | 767902  |
|  BlackLine, Inc. (a)  | 14493  | 981031  |
|  Braze, Inc. (b)  | 16617  | 427057  |
|  Cadence Design Systems, Inc. (a)  | 57806  | 9944944  |
|  Check Point Software Technologies Ltd. (a)  | 28699  | 3812088  |
|  Cognyte Software Ltd. (a)  | 97282  | 286982  |
|  CommVault Systems, Inc. (a)  | 12645  | 834570  |
|  Coupa Software, Inc. (a)  | 14788  | 935193  |
|  Crowdstrike Holdings, Inc. (a)  | 46329  | 5450607  |
|  Cvent Holding Corp. (a)  | 79030  | 442568  |
|  CyberArk Software Ltd. (a)(b)  | 9350  | 1393805  |
|  Datadog, Inc. Class A (a)  | 61890  | 4690024  |
|  Descartes Systems Group, Inc. (a)(b)  | 20669  | 1435462  |
|  DocuSign, Inc. (a)(b)  | 41370  | 1947286  |
|  Dropbox, Inc. Class A (a)  | 64138  | 1511091  |
|  Everbridge, Inc. (a)  | 14802  | 483137  |
|  EverCommerce, Inc. (a)  | 57272  | 382004  |
|  Five9, Inc. (a)  | 9959  | 638471  |
|  Fortinet, Inc. (a)  | 169850  | 9029226  |
|  Freshworks, Inc. (a)(b)  | 39562  | 584726  |
|  GitLab, Inc. (a)(b)  | 16183  | 640038  |
|  Gorilla Technology Group, Inc. (a)(b)  | 14508  | 139277  |
|  HashiCorp, Inc. (b)  | 17332  | 473164  |
|  Hut 8 Mining Corp. (a)(b)  | 98679  | 117428  |
|  InterDigital, Inc. (b)  | 9056  | 454340  |
|  Intuit, Inc.  | 59735  | 24347389  |
|  Jamf Holding Corp. (a)(b)  | 30357  | 645997  |
|  JFrog Ltd. (a)(b)  | 31075  | 683029  |
|  KnowBe4, Inc. (a)  | 28067  | 692974  |
|  LivePerson, Inc. (a)  | 67217  | 789128  |
|  Magic Software Enterprises Ltd. (b)  | 19627  | 339547  |
|  Manhattan Associates, Inc. (a)  | 14831  | 1867816  |
|  Matterport, Inc. (a)(b)  | 93781  | 295410  |
|  Microsoft Corp.  | 1588495  | 405288614  |
|  MicroStrategy, Inc. Class A (a)(b)  | 2754  | 545540  |
|  Monday.com Ltd. (a)(b)  | 9360  | 1006200  |
|  NICE Ltd. sponsored ADR (a)(b)  | 10707  | 2078978  |
|  NortonLifeLock, Inc.  | 124589  | 2860563  |
|  Nutanix, Inc. Class A (a)  | 46880  | 1324829  |
|  Open Text Corp. (b)  | 62451  | 1834810  |
|  Pagaya Technologies Ltd. Class A (a)(b)  | 169628  | 169628  |
|  Palo Alto Networks, Inc. (a)  | 61913  | 10519019  |
|  Paycor HCM, Inc. (a)(b)  | 34784  | 1005953  |
|  Paylocity Holding Corp. (a)  | 12732  | 2773412  |
|  Pegasystems, Inc.  | 36636  | 1328055  |
|  Progress Software Corp. (b)  | 13161  | 701745  |
|  PTC, Inc. (a)  | 26319  | 3348040  |
|  Qualys, Inc. (a)  | 8534  | 1052413  |
|  Rapid7, Inc. (a)  | 20887  | 614078  |
|  Riot Blockchain, Inc. (a)(b)  | 53507  | 248808  |
|  Sapiens International Corp. NV  | 17421  | 339013  |
|  Smith Micro Software, Inc. (a)(b)  | 74691  | 168055  |
|  Splunk, Inc. (a)  | 36204  | 2812327  |
|  Sprout Social, Inc. (a)  | 14156  | 839451  |
|  SPS Commerce, Inc. (a)(b)  | 9317  | 1325436  |
|  Synopsys, Inc. (a)  | 31939  | 10844568  |
|  Tenable Holdings, Inc. (a)  | 25650  | 979317  |
|  Varonis Systems, Inc. (a)  | 39996  | 849515  |
|  Verint Systems, Inc. (a)  | 16813  | 661255  |
|  Workday, Inc. Class A (a)  | 43326  | 7274435  |
|  Zoom Video Communications, Inc. Class A (a)  | 55043  | 4151893  |
|  Zscaler, Inc. (a)  | 29752  | 3970404  |
|  |  | 611824278  |
| Technology Hardware, Storage & Peripherals - 13.0%  |  |  |
|  Apple, Inc.  | 3423006  | 506707569  |
|  Avid Technology, Inc. (a)  | 16856  | 473316  |
|  Corsair Gaming, Inc. (a)(b)  | 29342  | 495000  |
|  Logitech International SA (b)  | 37348  | 2261048  |
|  NetApp, Inc.  | 47526  | 3213233  |
|  Seagate Technology Holdings PLC (b)  | 48672  | 2578156  |
|  Stratasys Ltd. (a)  | 24287  | 340747  |
|  Super Micro Computer, Inc. (a)  | 14800  | 1335404  |
|  Western Digital Corp. (a)  | 63554  | 2335610  |
|  Xerox Holdings Corp.  | 37837  | 617121  |
|  |  | 520357204  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 1768364748  |
| MATERIALS - 0.3%  |  |  |
| Chemicals - 0.1%  |  |  |
|  Balchem Corp.  | 8275  | 1165120  |
|  Diversey Holdings Ltd. (a)  | 83513  | 429257  |
|  Innospec, Inc.  | 7134  | 791089  |
|  Methanex Corp. (b)  | 19368  | 755546  |
|  PureCycle Technologies, Inc. (a)(b)  | 57712  | 400521  |
|  |  | 3541533  |
| Containers & Packaging - 0.0%  |  |  |
|  Pactiv Evergreen, Inc. (b)  | 51031  | 594001  |
|  TriMas Corp.  | 14253  | 389820  |
|  |  | 983821  |
| Metals & Mining - 0.2%  |  |  |
|  Kaiser Aluminum Corp.  | 5571  | 503618  |
|  Pan American Silver Corp. (b)  | 54420  | 891944  |
|  Royal Gold, Inc. (b)  | 13737  | 1543077  |
|  Schnitzer Steel Industries, Inc. Class A  | 10890  | 373854  |
|  Sigma Lithium Corp. (a)  | 33187  | 1138314  |
|  SSR Mining, Inc. (b)  | 42905  | 650440  |
|  Steel Dynamics, Inc. (b)  | 42611  | 4428561  |
|  |  | 9529808  |
|  TOTAL MATERIALS  |  | 14055162  |
| REAL ESTATE - 1.0%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 0.9%  |  |  |
|  Equinix, Inc.  | 19553  | 13504279  |
|  Gaming & Leisure Properties  | 56825  | 2989563  |
|  Host Hotels & Resorts, Inc.  | 151797  | 2875035  |
|  Lamar Advertising Co. Class A  | 20219  | 2024731  |
|  Phillips Edison & Co., Inc. (b)  | 30019  | 967512  |
|  Potlatch Corp.  | 14861  | 710207  |
|  Regency Centers Corp.  | 39850  | 2647236  |
|  Retail Opportunity Investments Corp.  | 35926  | 547872  |
|  Sabra Health Care REIT, Inc.  | 63733  | 822793  |
|  SBA Communications Corp. Class A  | 23365  | 6993145  |
|  Service Properties Trust  | 49087  | 385333  |
|  Uniti Group, Inc.  | 65272  | 497373  |
|  |  | 34965079  |
| Real Estate Management & Development - 0.1%  |  |  |
|  Colliers International Group, Inc. (b)  | 10069  | 953232  |
|  Comstock Holding Companies, Inc. (a)(b)  | 128396  | 554671  |
|  eXp World Holdings, Inc. (b)  | 36862  | 481786  |
|  FirstService Corp.  | 10166  | 1315175  |
|  Newmark Group, Inc.  | 43242  | 366692  |
|  Zillow Group, Inc.:  |  |  |
|  Class A (a)  | 16158  | 604309  |
|  Class C (a)(b)  | 41504  | 1576322  |
|  |  | 5852187  |
|  TOTAL REAL ESTATE  |  | 40817266  |
| UTILITIES - 1.0%  |  |  |
| Electric Utilities - 1.0%  |  |  |
|  Alliant Energy Corp.  | 52421  | 2951302  |
|  American Electric Power Co., Inc.  | 110652  | 10711114  |
|  Constellation Energy Corp.  | 72416  | 6960626  |
|  Exelon Corp.  | 211655  | 8756167  |
|  MGE Energy, Inc.  | 9861  | 710091  |
|  Otter Tail Corp.  | 11633  | 693676  |
|  Xcel Energy, Inc.  | 114589  | 8046440  |
|  |  | 38829416  |
| Independent Power and Renewable Electricity Producers - 0.0%  |  |  |
|  Atlantica Sustainable Infrastructure PLC (b)  | 26155  | 729725  |
|  Montauk Renewables, Inc. (a)(b)  | 43158  | 520917  |
|  ReNew Energy Global PLC (a)(b)  | 87709  | 532394  |
|  |  | 1783036  |
| Multi-Utilities - 0.0%  |  |  |
|  NorthWestern Energy Corp.  | 13697  | 800042  |
| Water Utilities - 0.0%  |  |  |
|  Middlesex Water Co.  | 6017  | 562289  |
|  TOTAL UTILITIES  |  | 41974783  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $2,891,608,441)  |  | <br> **3977180124**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Treasury Obligations - 0.1%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.1%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.1%**  |
|  | Principal <br> Amount (d) <br>| Value ($) <br>|
|  U.S. Treasury Bills, yield at date of purchase 1.15% 1/26/23 (e) <br>(Cost $1,996,455) <br>| 2000000  | **1987384**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 4.9%**  | &nbsp;&nbsp; **Money Market Funds - 4.9%**  | &nbsp;&nbsp; **Money Market Funds - 4.9%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 3.86% (f)  | 15659630  | 15662762  |
|  Fidelity Securities Lending Cash Central Fund 3.86% (f)(g)  | 181778022  | 181796200  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $197,456,759)  |  | **197458962**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 104.4%** <br> (Cost $3,091,061,655) <br>| <br>**4176626470**  |
| **NET OTHER ASSETS (LIABILITIES) - (4.4)%**  | **(177194496)**  |
| **NET ASSETS - 100.0%**  | **3999431974**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 Index Contracts  |  |  |  |  |  |
| CME E-mini NASDAQ 100 Index Contracts (United States)  | 94  | Dec 2022  | 22639430  | 1353657  | 1353657  |
| The notional amount of futures purchased as a percentage of Net Assets is 0.6%  | The notional amount of futures purchased as a percentage of Net Assets is 0.6%  | The notional amount of futures purchased as a percentage of Net Assets is 0.6%  | The notional amount of futures purchased as a percentage of Net Assets is 0.6%  | The notional amount of futures purchased as a percentage of Net Assets is 0.6%  | The notional amount of futures purchased as a percentage of Net Assets is 0.6%  |

---

**Legend**

(a) Non-income producing

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

(c) Level 3 security

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

(e) 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 $1,457,746.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(g) 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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 3.86%  | 20289448  | 186342267  | 190968953  | 297158  | -  | -  | 15662762  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 3.86%  | 267938777  | 1254012795  | 1340155373  | 7635488  | -  | 1  | 181796200  | 0.6%  |
| Total  | 288228225  | 1440355062  | 1531124326  | 7932646  | -  | 1  | 197458962  |  |

---

Amounts in the 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.

Amount 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 payments received for lending certain types of securities.

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

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2022, 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>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 534753713  | 534581569  | -  | 172144  |
| Consumer Discretionary  | 572301381  | 572253419  | -  | 47962  |
| Consumer Staples  | 195508636  | 195508636  | -  | -  |
| Energy  | 34625221  | 34625221  | -  | -  |
| Financials  | 200876120  | 200876120  | -  | -  |
| Health Care  | 382675718  | 382638505  | -  | 37213  |
| Industrials  | 191227376  | 191194657  | -  | 32719  |
| Information Technology  | 1768364748  | 1768364748  | -  | -  |
| Materials  | 14055162  | 14055162  | -  | -  |
| Real Estate  | 40817266  | 40817266  | -  | -  |
| Utilities  | 41974783  | 41974783  | -  | -  |
|  U.S. Government and Government Agency Obligations  | 1987384  | -  | 1987384  | -  |
|  Money Market Funds  | 197458962  | 197458962  | -  | -  |
| **Total Investments in Securities:**  | 4176626470  | 4174349048  | 1987384  | 290038  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Assets**  |  |  |  |  |
| Futures Contracts  | 1353657  | 1353657  | -  | -  |
| Total Assets  | 1353657  | 1353657  | -  | -  |
| **Total Derivative Instruments:**  | 1353657  | 1353657  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of November 30, 2022. 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)  | 1353657  | 0  |
| **Total Equity Risk**  | 1353657  | 0  |
| **Total Value of Derivatives**  | 1353657  | 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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **November 30, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $182,536,232) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $2,893,604,896)  | $3979167508  |  |
|  Fidelity Central Funds (cost $197,456,759)  | 197458962  |  |
|  Total Investment in Securities (cost $3,091,061,655)  |  | $4176626470  |
|  Cash  |  | 51887  |
|  Foreign currency held at value (cost $162,301)  |  | 142844  |
|  Dividends receivable  |  | 3721815  |
|  Distributions receivable from Fidelity Central Funds  |  | 404742  |
|  Receivable for daily variation margin on futures contracts  |  | 941437  |
| Other receivables  |  | 2341  |
| **Total assets**  |  | 4181891536  |
| **Liabilities**  |  |  |
|  Accrued management fee  | $665599  |  |
|  Collateral on securities loaned  | 181793963  |  |
| **Total Liabilities**  |  | 182459562  |
| **Net Assets**  |  | $3999431974  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $3005415641  |
|  Total accumulated earnings (loss)  |  | 994016333  |
|  **Net Assets**  |  | $3999431974  |
|  **Net Asset Value** , offering price and redemption price per share ($3,999,431,974 ÷ 88,700,000 shares)  |  | $45.09  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **November 30, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $33863049  |
| Interest  |  | 16519  |
| Income from Fidelity Central Funds (including $7,635,488 from security lending)  |  | 7932646  |
| **Total Income**  |  | 41812214  |
|  **Expenses**  |  |  |
| Management fee  | $8614703  |  |
| Independent trustees' fees and expenses  | 14442  |  |
| Legal  | 2602  |  |
| Total expenses before reductions  | 8631747  |  |
| Expense reductions  | (1357)  |  |
| Total expenses after reductions  |  | 8630390  |
| **Net Investment income (loss)**  |  | 33181824  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (81337130)  |  |
| Redemptions in-kind  | 81371609  |  |
| Foreign currency transactions  | 1023  |  |
| Futures contracts  | (11229130)  |  |
| Total net realized gain (loss)  |  | (11193628)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (1249458864)  |  |
| Fidelity Central Funds  | 1  |  |
| Assets and liabilities in foreign currencies  | (12578)  |  |
| Futures contracts  | 563478  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (1248907963)  |
| **Net gain (loss)**  |  | (1260101591)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(1226919767)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **November 30, 2022**  | **Year ended** <br> **November 30, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $33181824  | $25731072  |
| &nbsp;&nbsp; Net realized gain (loss)  | (11193628) <br>| 107466217 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (1248907963)  | 857005064 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (1226919767) <br>| 990202353 <br>|
| Distributions to shareholders  | (30404100) <br>| (24172380) <br>|
| Share transactions  |  |  |
| &nbsp;&nbsp; Proceeds from sales of shares  | 597612198  | 635282012  |
| &nbsp;&nbsp; Cost of shares redeemed  | (125564199)  | (162724762)  |
| **Net increase (decrease) in net assets resulting from share transactions**  | 472047999 <br>| 472557250 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (785275868) <br>| 1438587223 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 4784707842  | 3346120619 <br>|
| &nbsp;&nbsp; End of period  | $3999431974  | $4784707842  |
| **Other Information**  |  |  |
| Shares  |  |  |
| &nbsp;&nbsp; Sold  | 12250000  | 11700000  |
| &nbsp;&nbsp; Redeemed  | (2650000)  | (3100000)  |
| &nbsp;&nbsp; Net increase (decrease)  | 9600000  | 8600000  |

---

Share activity prior to April 8, 2021 has been adjusted to reflect the impact of the 10 for 1 share split that occurred on that date.

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,**  | **2022**  | **2021** <sup>A</sup>  | **2020** <sup>A</sup>  | **2019** <sup>A</sup>  | **2018** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $60.49  | $47.46  | $34.09  | $28.79  | $27.05  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .40  | .34  | .35  | .35  | .28  |
| Net realized and unrealized gain (loss)  | (15.43)  | 13.01  | 13.68  | 5.30  | 1.73  |
| Total from investment operations  | (15.03)  | 13.35  | 14.03  | 5.65  | 2.01  |
| Distributions from net investment income  | (.37)  | (.32)  | (.34)  | (.35)  | (.27)  |
| Distributions from net realized gain  | -  | -  | (.32)  | -  | -  |
| Total distributions  | (.37)  | (.32)  | (.66)  | (.35)  | (.27)  |
| Net asset value, end of period  | $45.09  | $60.49  | $47.46  | $34.09  | $28.79  |
| **Total Return** <sup>D,E</sup>  | (24.90)%  | 28.23%  | 41.87%  | 19.83%  | 7.42%  |
| **Ratios to Average Net Assets** <sup>C,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .21%  | .21%  | .21%  | .27%  | .27%  |
| Expenses net of fee waivers, if any  | .21%  | .21%  | .21%  | .21%  | .21%  |
| Expenses net of all reductions  | .21%  | .21%  | .21%  | .21%  | .21%  |
| Net investment income (loss)  | .81%  | .62%  | .90%  | 1.15%  | .95%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $3999432  | $4784708  | $3346121  | $2202470  | $1848322  |
| Portfolio turnover rate <sup>H,I</sup>  | 8%  | 11%  | 19%  | 6%  | 10%  |

---

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

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

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

<sup>E</sup> *Based on net asset value.*

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Notes to Financial Statements**

For the period ended November 30, 2022

**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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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. 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 (ETFs) 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, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2022 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Fund and is not distributed to shareholders of the Fund. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $1434618509  |
| **Gross unrealized depreciation**  | <u>(350789368)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$1083829141</u>  |
| **Tax Cost**  | <u>$3092797329</u>  |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$9737744</u>  |
| **Capital loss carryforward**  | <u>$(99463743)</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1083742332</u>  |

---

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

---

| | |
|:---|:---|
| Short-term  | $(76216999)  |
| Long-term  | <u>(23246744)</u>  |
| **Total capital loss carryforward**  | <u>$(99463743)</u> <br>|

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The tax character of distributions paid was as follows:

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| | | |
|:---|:---|:---|
|  | **November 30, 2022**  | **November 30, 2021**  |
| **Ordinary Income**  | <u>$30404100</u>  | <u>$24172380</u>  |

---

**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:

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| | |
|:---|:---|
| 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 unless an average notional amount is presented. 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**  | 375256706  | 333251265 <br>|

---

Securities received and delivered in-kind through subscriptions and redemptions totaled $584,494,966 and $122,736,710, respectively.

**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. 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. During the period, there were no interfund trades.

**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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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**  | $818699  | $440366  | $2366789  |

---

**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 $1,357.

**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.

**Report of Independent Registered Public Accounting Firm**

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

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Nasdaq Composite Index ETF (the "Fund") as of November 30, 2022, the related statement of operations for the year ended November 30, 2022, the statement of changes in net assets for each of the two years in the period ended November 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2022 and the financial highlights for each of the five years in the period ended November 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

January 13, 2023

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

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-FIDELITY.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity **®** funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity <sup>®</sup> funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity <sup>®</sup> funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2018

Trustee

Mr. Dirks also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2017

Trustee

Mr. Donahue also serves as Trustee of other Fidelity <sup>®</sup> funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2017

Trustee

Mr. Wiley also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity <sup>®</sup> funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity <sup>®</sup> funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value June 1, 2022**  | **Ending Account Value November 30, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **June 1, 2022 to November 30, 2022**  |
| **Fidelity® Nasdaq Composite Index® ETF**  | .21%  |  |  |  |
| **Actual**  |  | $1000  | $957.60  | $1.03  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.02  | $1.07  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

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

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

A total of 0.04% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

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

The fund will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.

**Board Approval of Investment Advisory Contracts**

**Fidelity Nasdaq Composite Index ETF** 

At its September 2022 meeting, the Board of Trustees, including a majority of the Independent Trustees (together, the Board), voted to approve an amended and restated sub-advisory agreement with Geode Capital Management, LLC (Geode) for the fund (the Amended Contract) to decrease the sub-advisory fee rate paid by Fidelity Management & Research Company LLC (FMR), the fund's investment adviser, to Geode on behalf of the fund by 0.10 basis points, effective October 1, 2022. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

**Nature, Extent, and Quality of Services Provided** . The Board previously received and considered materials relating to the nature, extent and quality of services provided by FMR and Geode to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family and the investment performance of the fund in connection with the annual renewal of the fund's current management contract and sub-advisory agreement (Advisory Contracts). At its May 2022 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing Advisory Contracts should continue to benefit the fund's shareholders. The Board noted that approval of the Amended Contract would not change the fund's portfolio manager, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to the fund under the Amended Contract should continue to benefit the fund's shareholders.

**Competitiveness of Management Fee and Total Expense Ratio** . The Board noted that the Amended Contract would result in no change in the fund's management fee and total expense ratio and considered that it received and reviewed information regarding the fund's current management fee and total expense ratio compared to "mapped groups" of competitive funds and classes in connection with the annual renewal of the Advisory Contracts. Based on its review, the Board concluded at its May 2022 and September 2022 meetings that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered and 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 previously reviewed information regarding the revenues earned and the expenses incurred by Fidelity in providing services to the fund and the level of Fidelity's profitability. At its May 2022 meeting, the Board concluded that it was satisfied that Fidelity's profitability in connection with the operation of the fund was not excessive. At the September 2022 meeting, the Board concluded that the Amended Contract would not have a meaningful effect on Fidelity's profitability.

**Economies of Scale** . The Board has previously received and reviewed information regarding whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale and that it concluded, at its May 2022 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. At the September 2022 meeting, the Board concluded that the Amended Contract would not have a meaningful effect on any potential economies of scale.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the sub-advisory fee arrangement is fair and reasonable, and that the fund's Amended Contract should be approved.

![](img87681_2.jpg) <br>

1.795540.119 ETF-ANN-0123

Item 2.

<u>Code of Ethics</u>

As of the end of the period, November 30, 2022, Fidelity Commonwealth Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

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

Item 4.

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

<u>Fees and Services</u>

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

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

**<u>November 30, 2022 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Nasdaq Composite Index ETF | $46400 <br>| $- | $13600  | $1500  |

---

**<u>November 30, 2021 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Fidelity Nasdaq Composite Index ETF | $45100  | $400  | $61600  | $1500  |

---

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

The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under

common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

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

---

| | | |
|:---|:---|:---|
|  | **<u>November 30, 2022</u><sup>A</sup>** | **<u>November 30, 2021</u><sup>A</sup>** |
| Audit-Related Fees | $7914600  | $8522600  |
| Tax Fees | $1000  | $354200  |
| All Other Fees | $- | $- |

---

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

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

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

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

Assurance services must be performed by an independent public accountant.

\* \* \*

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

---

| | | |
|:---|:---|:---|
| **<u>Billed By</u>** | **<u>November 30, 2022</u><sup>A</sup>** | **<u>November 30, 2021</u><sup>A</sup>** |
| PwC | $12898100  | $14183000  |

---

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

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with

maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

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

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

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

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

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

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

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

Item 5.

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

The Audit Committee is a separately-designated standing audit committee in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. As of November 30,

2022, the members of the Audit Committee were Donald F. Donahue, Thomas P. Bostick, Thomas Kennedy and Susan Tomasky.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

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

Not applicable.

Item 8.

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

Not applicable.

Item 9.

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

Not applicable.

Item 10.

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

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

Item 11.

<u>Controls and Procedures</u>

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

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

Item 12.

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

<u>Investment Companies</u>

Not applicable.

Item 13.

<u>Exhibits</u>

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

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

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99_906.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 |
| Date: | January 19, 2023 |

---

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 |
| Date: | January 19, 2023 |

---

---

| | |
|:---|:---|
| By: | <u>/s/John J. Burke III</u> |
|  | John J. Burke III |
|  | Chief Financial Officer |
| Date: | January 19, 2023 |

---

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I, Stacie M. Smith, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Fidelity Commonwealth Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; January 19, 2023

---

| |
|:---|
|  &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>/s/Stacie M. Smith</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stacie M. Smith  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Treasurer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I, John J. Burke III, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Fidelity Commonwealth Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; January 19, 2023

---

| |
|:---|
|  &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>/s/John J. Burke III</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John J. Burke III  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

## Exhibit 99.906

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit EX-99.906CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp; 2.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated: January 19, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| |
|:---|
|  &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>/s/Stacie M. Smith</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stacie M. Smith  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Treasurer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated: January 19, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| |
|:---|
|  &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>/s/John J. Burke III</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John J. Burke III  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

## Ex-99.Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EXHIBIT EX-99.CODE ETH** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FIDELITY FUNDS' CODE OF ETHICS FOR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **I. Purposes of the Code/Covered Officers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to the provisions of Rule 30b2-1(a) under the Investment Company Act of 1940), which Rule implements Sections 406 of the Sarbanes-Oxley Act of 2002 with respect to registered investment companies. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, a part of Corporate Compliance Group within Core Compliance, administers the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **II.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Covered Officers Should Handle Ethically** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Actual and Apparent Conflicts of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* \* \*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **III. Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **IV. Reporting and Accountability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that he or she has received, read, and understands the Code; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **V. Oversight** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **VI. Other Policies and Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **VII. Amendments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **VIII. Records and Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>