Fidelity® Nasdaq Composite Index® ETF

Semi-Annual Report

May 31, 2022

Fidelity Investments

Fidelity Investments


Note to Shareholders

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees

Liquidity Risk Management Program

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Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Investment Summary (Unaudited)

Top Ten Stocks as of May 31, 2022

  % of fund's net assets 
Apple, Inc.  12.2 
Microsoft Corp.  10.2, Inc.  6.1 
Tesla, Inc.  3.9 
Alphabet, Inc. Class C  3.6 
Alphabet, Inc. Class A  3.4 
NVIDIA Corp.  2.3 
Meta Platforms, Inc. Class A  2.3 
Broadcom, Inc.  1.2 
PepsiCo, Inc.  1.1 

Market Sectors as of May 31, 2022

  % of fund's net assets 
Information Technology  44.2 
Consumer Discretionary  15.3 
Communication Services  14.7 
Health Care  8.5 
Financials  4.6 
Consumer Staples  4.3 
Industrials  4.3 
Real Estate  1.0 
Utilities  0.9 
Energy  0.9 
Materials  0.4 

Asset Allocation (% of fund's net assets)

As of May 31, 2022* 
    Stocks and Equity Futures  100.0% 

 * Foreign investments - 4.4%

Schedule of Investments May 31, 2022 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%     
  Shares  Value 
Diversified Telecommunication Services - 0.2%     
Anterix, Inc. (a)(b)  8,710  $372,701 
Cogent Communications Group, Inc.  12,024  726,129 
Consolidated Communications Holdings, Inc. (a)  60,727  402,013 
Frontier Communications Parent, Inc. (a)  46,896  1,216,013 
Iridium Communications, Inc. (a)(b)  31,262  1,160,133 
Liberty Global PLC:     
Class A (a)  28,284  687,867 
Class C (a)  71,887  1,826,649 
Nextplat Corp. (a)(b)  21,250  48,238 
Radius Global Infrastructure, Inc. (a)  27,512  409,929 
Entertainment - 1.5%     
Activision Blizzard, Inc.  159,015  12,384,088 
Bilibili, Inc. ADR (a)(b)  52,480  1,172,928 
Electronic Arts, Inc.  59,425  8,239,276 
Grom Social Enterprises, Inc. (a)(b)  293,323  218,496 
NetEase, Inc. ADR  49,700  5,155,381 
Netflix, Inc. (a)  85,045  16,791,285 
Playtika Holding Corp. (a)  81,295  1,203,979 
Roku, Inc. Class A (a)  23,001  2,182,795 
Take-Two Interactive Software, Inc. (a)  33,192  4,133,400 
Warner Bros Discovery, Inc. (a)  471,198  8,693,603 
Warner Music Group Corp. Class A  22,278  661,434 
Interactive Media & Services - 9.8%     
Alphabet, Inc.:     
Class A (a)  59,082  134,425,730 
Class C (a)  62,067  141,561,172 
Baidu, Inc. sponsored ADR (a)  55,598  7,803,179 
Bumble, Inc. (a)(b)  20,711  590,264 
CarGurus, Inc. Class A (a)  23,884  604,743 
Hello Group, Inc. ADR  43,926  267,070 
IAC (a)  17,095  1,458,204 
JOYY, Inc. ADR  10,405  441,068 
Kanzhun Ltd. ADR  25,991  525,538 
Match Group, Inc. (a)  56,129  4,421,843 
Meta Platforms, Inc. Class A (a)  460,795  89,228,344 
TripAdvisor, Inc. (a)(b)  28,364  704,562 
Vimeo, Inc. (a)  27,715  240,843 
Weibo Corp. sponsored ADR (a)(b)  18,376  404,272 
Yandex NV Series A (a)(b)(c)  50,190  172,144 
Ziff Davis, Inc. (a)  10,597  808,975 
Zoominfo Technologies, Inc. (a)  74,018  2,989,587 
Media - 2.3%     
Advantage Solutions, Inc. Class A (a)(b)  77,324  332,493 
Cardlytics, Inc. (a)  8,965  232,283 
Charter Communications, Inc. Class A (a)  33,283  16,872,151 
Comcast Corp. Class A  918,346  40,664,361 
comScore, Inc. (a)(b)  103,418  199,597 
Criteo SA sponsored ADR (a)  13,603  352,590 
DISH Network Corp. Class A (a)  44,629  1,018,880 
E.W. Scripps Co. Class A (a)(b)  25,904  411,096 
Fox Corp.:     
Class A  65,941  2,341,565 
Class B  33,940  1,110,177 
Integral Ad Science Holding Corp. (b)  28,442  346,424 
Liberty Broadband Corp.:     
Class A (a)(b)  5,341  651,655 
Class C (a)  26,918  3,369,326 
Liberty Media Corp.:     
Liberty Braves Class C (a)  23,602  579,429 
Liberty Formula One Group Series C (a)  45,110  2,809,902 
Liberty SiriusXM Series A (a)(b)  23,353  964,712 
Liberty SiriusXM Series C (a)  47,405  1,948,346 
Magnite, Inc. (a)  27,644  303,808 
News Corp.:     
Class A  83,845  1,458,903 
Class B  45,888  806,711 
Nexstar Broadcasting Group, Inc. Class A  5,627  985,963 
Paramount Global Class B  121,963  4,186,990 
Scholastic Corp. (b)  18,545  695,994 
Sinclair Broadcast Group, Inc. Class A (b)  14,724  356,763 
Sirius XM Holdings, Inc. (b)  876,752  5,611,213 
TechTarget, Inc. (a)(b)  8,550  607,820 
Troika Media Group, Inc. (a)(b)  252,001  264,601 
Wireless Telecommunication Services - 0.9%     
Millicom International Cellular SA (a)(b)  20,148  341,912 
Millicom International Cellular SA rights 6/13/22 (a)(b)  20,112  80,046 
T-Mobile U.S., Inc. (a)  253,662  33,810,608 
Vodafone Group PLC sponsored ADR  85,662  1,425,416 
Auto Components - 0.2%     
Dorman Products, Inc. (a)(b)  7,445  752,317 
Fox Factory Holding Corp. (a)(b)  10,409  853,746 
Gentex Corp. (b)  48,247  1,499,517 
Gentherm, Inc. (a)(b)  8,973  618,599 
Luminar Technologies, Inc. (a)(b)  89,334  923,714 
Patrick Industries, Inc.  8,430  506,727 
Solid Power, Inc. (a)(b)  90,869  820,547 
The Goodyear Tire & Rubber Co. (a)  62,321  805,187 
Visteon Corp. (a)(b)  5,984  671,465 
XPEL, Inc. (a)  8,197  423,129 
Automobiles - 4.3%     
Arcimoto, Inc. (a)(b)  174,933  699,732 
Arrival SA (a)(b)  153,801  273,766 
Canoo, Inc. (a)(b)  73,770  247,130 
Li Auto, Inc. ADR (a)  97,257  2,438,233 
Lucid Group, Inc. Class A (a)(b)  324,048  6,539,289 
Rivian Automotive, Inc.  175,802  5,520,183 
Tesla, Inc. (a)  202,808  153,781,194 
Distributors - 0.2%     
LKQ Corp. (b)  56,832  2,920,596 
Pool Corp.  7,610  3,033,498 
Diversified Consumer Services - 0.1%     
Amesite, Inc. (a)(b)  30,648  18,395 
Frontdoor, Inc. (a)  20,274  501,579 
Grand Canyon Education, Inc. (a)  15,647  1,395,243 
Laureate Education, Inc. Class A (b)  34,302  436,664 
Rover Group, Inc. Class A (a)(b)  74,015  401,161 
Strategic Education, Inc. (b)  6,396  420,985 
Hotels, Restaurants & Leisure - 2.1%     
Airbnb, Inc. Class A (a)  75,216  9,091,358 
Bloomin' Brands, Inc. (b)  36,975  780,542 
Booking Holdings, Inc. (a)  7,755  17,398,808 
Caesars Entertainment, Inc. (a)  41,234  2,068,710 
Churchill Downs, Inc. (b)  8,675  1,756,080 
Cracker Barrel Old Country Store, Inc.  5,743  585,843 
Dave & Buster's Entertainment, Inc. (a)(b)  22,914  868,211 
Draftkings Holdings, Inc. (a)(b)  80,295  1,087,997 
Expedia, Inc. (a)  29,245  3,782,256 
Golden Entertainment, Inc. (a)(b)  13,768  650,951 
Huazhu Group Ltd. ADR  35,987  1,169,578 
Jack in the Box, Inc.  4,541  310,150 
Krispy Kreme, Inc. (b)  49,905  739,592 
Light & Wonder, Inc. Class A (a)  23,524  1,242,067 
MakeMyTrip Ltd. (a)(b)  18,566  513,536 
Marriott International, Inc. Class A  62,835  10,781,229 
Melco Crown Entertainment Ltd. sponsored ADR (a)  138,682  782,166 
Monarch Casino & Resort, Inc. (a)(b)  5,990  406,422 
Papa John's International, Inc. (b)  7,613  670,020 
Penn National Gaming, Inc. (a)  33,992  1,086,384 
Playa Hotels & Resorts NV (a)  115,033  993,885 
Red Rock Resorts, Inc.  8,906  344,929 
Sportradar Holding AG (b)  39,176  367,863 
Starbucks Corp.  219,330  17,217,405 
Texas Roadhouse, Inc. Class A  15,937  1,242,608 
The Cheesecake Factory, Inc. (b)  12,461  406,976 Group Ltd. ADR (a)  113,684  2,507,869 
Wendy's Co. (b)  52,800  984,192 
Wingstop, Inc. (b)  7,508  598,087 
Wynn Resorts Ltd. (a)  23,746  1,569,611 
Household Durables - 0.1%     
Cavco Industries, Inc. (a)  2,560  568,730 
Helen of Troy Ltd. (a)(b)  5,581  1,033,545 
iRobot Corp. (a)(b)  5,797  275,879 
LGI Homes, Inc. (a)(b)  7,113  697,003 
Newell Brands, Inc. (b)  82,457  1,767,878 
Snap One Holdings Corp. (a)(b)  14,300  176,605 
Sonos, Inc. (a)(b)  29,296  648,320 
Internet & Direct Marketing Retail - 6.9%, Inc. (a)  100,073  240,594,506 
ContextLogic, Inc. (a)(b)  216,310  380,706 
eBay, Inc.  123,994  6,034,788 
Etsy, Inc. (a)  25,142  2,039,519 
Global-e Online Ltd. (a)  27,612  532,083, Inc. sponsored ADR  126,811  7,116,633 
MercadoLibre, Inc. (a)  10,530  8,275,316 
Newegg Commerce, Inc. (a)(b)  78,219  351,203, Inc. (a)(b)  11,270  349,257 
Ozon Holdings PLC ADR (a)(b)(c)  22,832  47,962 
Pinduoduo, Inc. ADR (a)  96,376  4,852,532 
Qurate Retail, Inc. Series A  88,282  318,698 
Xometry, Inc. (b)  29,677  1,009,315 
Leisure Products - 0.2%     
BRP, Inc.  5,659  441,742 
Hasbro, Inc.  25,507  2,289,253 
Latham Group, Inc. (a)(b)  31,823  302,637 
Malibu Boats, Inc. Class A (a)  8,695  509,527 
Mattel, Inc. (a)  77,810  1,954,587 
Peloton Interactive, Inc. Class A (a)(b)  74,737  1,043,329 
Multiline Retail - 0.2%     
Dollar Tree, Inc. (a)  45,678  7,323,554 
Franchise Group, Inc. (b)  12,352  490,004 
Ollie's Bargain Outlet Holdings, Inc. (a)  15,138  711,032 
Specialty Retail - 0.7%     
Academy Sports & Outdoors, Inc.  22,462  752,702 
Bed Bath & Beyond, Inc.(a)(b)  46,216  399,768 
Five Below, Inc. (a)(b)  11,143  1,455,164 
Leslie's, Inc. (a)(b)  41,094  798,045 
Monro, Inc. (b)  8,791  416,869 
National Vision Holdings, Inc. (a)(b)  19,641  552,698 
O'Reilly Automotive, Inc. (a)  12,393  7,896,448 
Petco Health & Wellness Co., Inc. (a)(b)  43,346  691,802 
Rent-A-Center, Inc. (b)  15,038  414,147 
Ross Stores, Inc. (b)  73,580  6,255,772 
Sleep Number Corp. (a)(b)  7,924  363,949 
The ODP Corp. (a)  15,856  605,541 
Tractor Supply Co. (b)  21,623  4,051,285 
Ulta Beauty, Inc. (a)  10,396  4,398,548 
Urban Outfitters, Inc. (a)  21,973  462,532 
Textiles, Apparel & Luxury Goods - 0.3%     
Columbia Sportswear Co. (b)  15,146  1,178,056 
Crocs, Inc. (a)  12,483  696,052 
G-III Apparel Group Ltd. (a)  32,092  804,226 
lululemon athletica, Inc. (a)  23,967  7,014,901 
Steven Madden Ltd.  21,031  781,933 
Beverages - 1.8%     
Celsius Holdings, Inc. (a)(b)  17,766  1,191,921 
Coca-Cola Bottling Co. Consolidated (b)  1,926  1,088,132 
Coca-Cola European Partners PLC (b)  86,824  4,612,959 
Keurig Dr. Pepper, Inc.  269,179  9,351,278 
MGP Ingredients, Inc. (b)  8,962  868,059 
Monster Beverage Corp. (a)  107,726  9,600,541 
National Beverage Corp. (b)  22,306  1,107,047 
PepsiCo, Inc.  264,084  44,300,091 
Food & Staples Retailing - 1.4%     
Andersons, Inc. (b)  22,535  847,541 
Casey's General Stores, Inc.  8,481  1,777,109 
Chefs' Warehouse Holdings (a)  18,324  654,717 
Costco Wholesale Corp.  84,871  39,568,558 
Grocery Outlet Holding Corp. (a)(b)  51,681  1,976,798 
Ingles Markets, Inc. Class A (b)  9,267  825,319 
PriceSmart, Inc.  7,878  619,447 
Sprouts Farmers Market LLC (a)  31,652  857,453 
Walgreens Boots Alliance, Inc. (b)  184,656  8,093,472 
Food Products - 0.9%     
Beyond Meat, Inc. (a)(b)  13,859  366,571 
Bridgford Foods Corp. (a)(b)  2,616  30,869 
Cal-Maine Foods, Inc.  12,879  614,715 
Freshpet, Inc. (a)(b)  9,531  685,946 
Hostess Brands, Inc. Class A (a)(b)  62,955  1,337,794 
J&J Snack Foods Corp. (b)  4,667  598,403 
Lancaster Colony Corp.  5,798  706,776 
Mission Produce, Inc. (a)(b)  28,654  383,104 
Mondelez International, Inc.  268,653  17,075,585 
Pilgrim's Pride Corp. (a)(b)  58,246  1,940,757 
Sanderson Farms, Inc.  5,632  1,123,584 
Sovos Brands, Inc. (b)  32,596  460,256 
The Hain Celestial Group, Inc. (a)  24,425  643,599 
The Kraft Heinz Co.  259,625  9,821,614 
The Simply Good Foods Co. (a)  24,580  982,217 
Household Products - 0.1%     
Central Garden & Pet Co. Class A (non-vtg.) (a)(b)  15,369  650,570 
Reynolds Consumer Products, Inc. (b)  46,809  1,274,141 
WD-40 Co. (b)  3,333  629,237 
Personal Products - 0.1%     
Inter Parfums, Inc.  8,827  651,433 
Olaplex Holdings, Inc. (b)  133,480  2,151,698 
The Beauty Health Co. (a)(b)  52,239  745,451 
ENERGY - 0.9%     
Energy Equipment & Services - 0.3%     
Baker Hughes Co. Class A (b)  184,263  6,629,783 
Championx Corp. (b)  41,223  959,259 
CSI Compressco LP  55,534  71,084 
Patterson-UTI Energy, Inc.  97,639  1,862,952 
Smart Sand, Inc. (a)(b)  80,873  273,351 
Weatherford International PLC (a)  25,909  876,761 
Oil, Gas & Consumable Fuels - 0.6%     
Alliance Resource Partners LP  41,019  814,227 
Amplify Energy Corp. warrants 5/4/22 (a)(c)  322 
APA Corp.  77,781  3,656,485 
Chesapeake Energy Corp. (b)  19,982  1,945,847 
Diamondback Energy, Inc.  38,902  5,913,882 
Golar LNG Ltd. (a)  60,661  1,536,543 
Green Plains, Inc. (a)(b)  17,288  563,243 
Kinetik Holdings, Inc. (b)  3,707  311,536 
New Fortress Energy, Inc. (b)  37,229  1,734,499 
Oasis Petroleum, Inc.  6,026  956,507 
PDC Energy, Inc.  26,752  2,117,153 
Plains All American Pipeline LP  151,050  1,720,460 
Plains GP Holdings LP Class A  38,821  464,299 
Renewable Energy Group, Inc. (a)  10,182  624,258 
Viper Energy Partners LP (b)  38,003  1,275,381 
TOTAL ENERGY    34,307,510 
FINANCIALS - 4.6%     
Banks - 2.0%     
Ameris Bancorp (b)  18,371  837,534 
Atlantic Union Bankshares Corp. (b)  20,747  731,539 
BancFirst Corp. (b)  12,498  1,133,944 
Bancorp, Inc., Delaware (a)  29,984  624,567 
Bank OZK (b)  31,672  1,313,438 
Banner Corp.  10,446  607,017 
BCB Bancorp, Inc.  22,234  448,460 
BOK Financial Corp. (b)  16,780  1,445,933 
Cathay General Bancorp (b)  21,088  866,928 
City Holding Co.  11,406  936,319 
Columbia Banking Systems, Inc. (b)  19,038  573,996 
Commerce Bancshares, Inc. (b)  27,914  1,931,091 
CVB Financial Corp. (b)  35,589  881,895 
Eagle Bancorp, Inc. (b)  7,839  388,501 
East West Bancorp, Inc. (b)  27,466  2,019,850 
Eastern Bankshares, Inc. (b)  48,511  944,509 
Enterprise Bancorp, Inc.  8,917  301,127 
Enterprise Financial Services Corp.  17,131  793,337 
Fifth Third Bancorp  125,244  4,938,371 
First Bancorp, North Carolina (b)  35,962  1,347,496 
First Busey Corp.  16,707  391,779 
First Citizens Bancshares, Inc. (b)  2,897  2,029,059 
First Financial Bancorp, Ohio (b)  24,703  518,269 
First Financial Bankshares, Inc. (b)  33,648  1,387,644 
First Hawaiian, Inc. (b)  39,095  1,001,223 
First Internet Bancorp (b)  16,733  646,730 
First Interstate Bancsystem, Inc. (b)  12,088  460,190 
First Merchants Corp. (b)  15,226  626,702 
Fulton Financial Corp.  45,175  716,024 
German American Bancorp, Inc.  18,481  702,832 
Hancock Whitney Corp.  22,896  1,141,137 
Heartland Financial U.S.A., Inc.  17,453  771,946 
HomeStreet, Inc. (b)  20,550  828,371 
Hope Bancorp, Inc. (b)  79,170  1,154,299 
Huntington Bancshares, Inc. (b)  264,150  3,666,402 
Independent Bank Corp. (b)  8,776  731,041 
Independent Bank Group, Inc. (b)  11,189  817,692 
International Bancshares Corp.  11,180  468,777 
Investar Holding Corp.  13,047  288,339 
Lakeland Financial Corp. (b)  14,420  1,040,547 
Live Oak Bancshares, Inc. (b)  12,414  498,546 
Meta Financial Group, Inc.  10,823  449,912 
NBT Bancorp, Inc. (b)  10,873  402,084 
Northwest Bancshares, Inc. (b)  60,278  776,983 
OceanFirst Financial Corp.  29,753  600,118 
Old National Bancorp, Indiana (b)  95,949  1,525,589 
Pacific Premier Bancorp, Inc.  24,274  790,361 
PacWest Bancorp  30,373  959,179 
Pinnacle Financial Partners, Inc.  17,876  1,455,464 
Popular, Inc.  20,162  1,647,437 
Renasant Corp. (b)  16,024  495,783 
Republic Bancorp, Inc., Kentucky Class A (b)  10,215  469,379 
Sandy Spring Bancorp, Inc. (b)  18,127  767,678 
Seacoast Banking Corp., Florida  18,393  629,776 
Signature Bank  12,193  2,636,980 
Simmons First National Corp. Class A (b)  29,441  756,928 
Southstate Corp.  16,742  1,353,088 
Stock Yards Bancorp, Inc. (b)  12,091  713,369 
SVB Financial Group (a)  11,269  5,505,695 
Texas Capital Bancshares, Inc. (a)  12,836  725,619 
TowneBank  11,186  329,763 
Triumph Bancorp, Inc. (a)  5,892  428,584 
Trustmark Corp. (b)  21,993  639,776 
UMB Financial Corp.  12,067  1,114,387 
Umpqua Holdings Corp.  55,492  979,434 
United Bankshares, Inc., West Virginia (b)  31,313  1,176,116 
United Community Bank, Inc. (b)  22,958  721,570 
Valley National Bancorp  89,299  1,134,990 
Veritex Holdings, Inc.  21,872  753,709 
Washington Federal, Inc.  25,363  823,029 
WesBanco, Inc.  18,839  641,656 
Westamerica Bancorp. (b)  11,731  706,324 
Wintrust Financial Corp.  14,257  1,245,919 
Zions Bancorp NA  28,003  1,597,291 
Capital Markets - 1.4%     
B. Riley Financial, Inc. (b)  7,610  413,604 
BGC Partners, Inc. Class A  132,583  432,221 
Carlyle Group LP  64,863  2,499,171 
CME Group, Inc.  67,483  13,417,645 
Coinbase Global, Inc. (a)(b)  36,743  2,869,628 
Focus Financial Partners, Inc. Class A (a)(b)  16,252  612,700 
Freedom Holding Corp. (a)(b)  14,763  628,461 
Futu Holdings Ltd. ADR (a)(b)  10,250  376,278 
Gores Holdings VIII, Inc. Class A (a)  40,793  402,627 
Greenpro Capital Corp. (a)(b)  560,744  182,466 
Hamilton Lane, Inc. Class A (b)  10,573  735,352 
Interactive Brokers Group, Inc.  20,931  1,288,094 
LPL Financial (b)  16,016  3,142,179 
MarketAxess Holdings, Inc.  6,382  1,797,682 
Morningstar, Inc. (b)  9,545  2,453,351 
NASDAQ, Inc.  29,999  4,657,645 
Northern Trust Corp. (b)  44,716  4,997,013 
Open Lending Corp. (a)(b)  30,197  397,393 
Pioneer Merger Corp. Class A (a)  37,596  369,193 
Robinhood Markets, Inc. (a)(b)  136,867  1,376,882 
SEI Investments Co.  20,361  1,189,693 
StepStone Group, Inc. Class A  17,837  486,237 
T. Rowe Price Group, Inc. (b)  40,675  5,169,386 
TPG, Inc. (b)  13,034  380,202 
Tradeweb Markets, Inc. Class A  18,502  1,250,920 
Virtu Financial, Inc. Class A  31,281  817,373 
Virtus Investment Partners, Inc.  2,179  419,806 
XP, Inc. Class A (a)(b)  83,301  1,883,436 
Consumer Finance - 0.2%     
360 DigiTech, Inc. ADR  31,365  493,371 
Credit Acceptance Corp. (a)(b)  2,969  1,767,475 
Encore Capital Group, Inc. (a)(b)  6,373  389,454 
FirstCash Holdings, Inc. (b)  10,629  793,455 
Navient Corp.  40,319  645,104 
PRA Group, Inc. (a)(b)  13,058  483,146 
SLM Corp. (b)  62,509  1,224,551 
SoFi Technologies, Inc. (a)(b)  200,812  1,502,074 
Upstart Holdings, Inc. (a)(b)  16,156  814,262 
World Acceptance Corp. (a)(b)  1,810  268,007 
Diversified Financial Services - 0.3%     
Accretion Acquisition Corp. (a)  37,246  366,128 
Atlantic Coastal Acquisition Corp. Class A (a)  37,864  369,553 
Avalon Acquisition, Inc. Class A (a)  41,619  414,941 
B. Riley Principal 150 Merger Corp. Class A (a)  55,123  542,410 
Bridgetown Holdings Ltd. Class A (a)  40,720  403,128 
Broadscale Acquisition Corp. Class A (a)  39,461  385,929 
Digital World Acquisition Corp. (a)(b)  5,977  261,255 
Healthcare Services Acquisition Corp. (a)  155,074  1,521,276 
Iron Spark I, Inc. Class A (b)  19,870  196,316 
Khosla Ventures Acquisition Co. III (a)  144,974  1,412,047 
Lerer Hippeau Acquisition Corp. Class A (a)  137,157  1,337,281 
LM Funding America, Inc. (a)(b)  82,891  123,508 
PepperLime Health Acquisition Corp. Class A (a)  39,359  386,505 
Schultze Special Purpose Acquisition Corp. II Class A (a)  134,703  1,320,089 
SVF Investment Corp. (a)(b)  77,839  764,379 
Vector Acquisition Corp. II Class A (a)  142,307  1,390,339 
Insurance - 0.6%     
Arch Capital Group Ltd. (a)  54,096  2,567,396 
Brighthouse Financial, Inc. (a)  22,651  1,112,617 
Cincinnati Financial Corp. (b)  29,472  3,768,290 
Enstar Group Ltd. (a)  4,438  1,029,305 
Erie Indemnity Co. Class A (b)  10,174  1,706,689 
Goosehead Insurance (b)  5,586  289,243 
Oxbridge Re Holdings Ltd. (a)(b)  72,393  376,444 
Palomar Holdings, Inc. (a)(b)  8,497  528,089 
Principal Financial Group, Inc. (b)  40,054  2,921,138 
Safety Insurance Group, Inc. (b)  4,771  443,035 
Selective Insurance Group, Inc.  14,507  1,150,405 
Trupanion, Inc. (a)(b)  9,096  608,340 
Willis Towers Watson PLC  23,175  4,891,547 
Mortgage Real Estate Investment Trusts - 0.0%     
AGNC Investment Corp.  53,539  654,782 
New York Mortgage Trust, Inc.  118,489  359,022 
Thrifts & Mortgage Finance - 0.1%     
Broadway Financial Corp. (a)  104,798  183,397 
Capitol Federal Financial, Inc.  40,585  411,938 
Carver Bancorp, Inc. (a)(b)  51,228  602,441 
Columbia Financial, Inc. (a)(b)  13,072  271,767 
Enact Holdings, Inc.  31,016  754,309 
Home Point Capital, Inc.(b)  43,613  172,271 
Merchants Bancorp  8,702  221,814 
Mr. Cooper Group, Inc. (a)  10,064  436,375 
NMI Holdings, Inc. (a)  17,968  334,384 
TFS Financial Corp. (b)  79,074  1,187,691 
WSFS Financial Corp.  18,452  789,377 
TOTAL FINANCIALS    179,902,098 
HEALTH CARE - 8.5%     
Biotechnology - 4.5%     
ACADIA Pharmaceuticals, Inc. (a)  61,807  998,183 
AccuStem Sciences, Inc. (a)  40  20 
Adicet Bio, Inc. rights (a)(c)  7,230 
Agios Pharmaceuticals, Inc. (a)(b)  57,607  1,121,608 
Aileron Therapeutics, Inc. (a)(b)  275,413  116,307 
Alector, Inc. (a)  28,595  253,352 
Alkermes PLC (a)  39,993  1,193,791 
Allogene Therapeutics, Inc. (a)(b)  58,767  466,022 
Allovir, Inc. (a)(b)  28,960  112,075 
Alnylam Pharmaceuticals, Inc. (a)  24,134  3,036,057 
Amgen, Inc.  114,024  29,274,522 
Amicus Therapeutics, Inc. (a)  62,720  477,926 
Anavex Life Sciences Corp. (a)(b)  29,095  265,055 
Apellis Pharmaceuticals, Inc. (a)  16,392  679,448 
Applied Genetic Technologies Corp. (a)(b)  266,865  250,853 
Aptorum Group Ltd. (a)(b)  307,706  387,710 
Argenx SE ADR (a)  5,360  1,657,848 
Arrowhead Pharmaceuticals, Inc. (a)  23,008  767,547 
Ascendis Pharma A/S sponsored ADR (a)  10,585  894,538 
Atara Biotherapeutics, Inc. (a)(b)  145,429  756,231 
Aurinia Pharmaceuticals, Inc. (a)(b)  35,769  403,474 
Avid Bioservices, Inc. (a)  21,735  290,597 
Beam Therapeutics, Inc. (a)(b)  13,704  482,107 
BeiGene Ltd. ADR (a)  10,054  1,379,610 
Benitec Biopharma, Inc. (a)  10,982  11,531 
BioCryst Pharmaceuticals, Inc. (a)(b)  47,895  445,902 
Biogen, Inc. (a)  32,604  6,520,800 
BioMarin Pharmaceutical, Inc. (a)  39,424  2,961,925 
BioNTech SE ADR (a)  17,450  2,850,632 
Black Diamond Therapeutics, Inc. (a)(b)  69,315  117,142 
Blueprint Medicines Corp. (a)  11,644  640,420 
C4 Therapeutics, Inc. (a)(b)  15,639  113,539 
CareDx, Inc. (a)(b)  13,740  345,561 
Celldex Therapeutics, Inc. (a)(b)  28,318  666,039 
Cerevel Therapeutics Holdings (a)(b)  40,572  1,060,146 
ChemoCentryx, Inc. (a)(b)  43,332  965,004 
Clementia Pharmaceuticals, Inc. rights (a)(c)  20,215  27,290 
CRISPR Therapeutics AG (a)(b)  15,543  902,271 
CureVac NV (a)(b)  38,459  723,029 
Cyclerion Therapeutics, Inc. (a)  207,875  129,423 
Cytokinetics, Inc. (a)(b)  22,369  892,523 
Denali Therapeutics, Inc. (a)(b)  22,129  537,513 
Dynavax Technologies Corp. (a)(b)  33,722  399,943 
Enanta Pharmaceuticals, Inc. (a)(b)  11,796  471,014 
EQRx, Inc. (a)(b)  161,465  897,745 
Evelo Biosciences, Inc. (a)(b)  46,573  97,803 
Exact Sciences Corp. (a)(b)  33,633  1,675,260 
Exelixis, Inc. (a)  85,289  1,563,347 
Fate Therapeutics, Inc. (a)(b)  17,144  396,026 
FibroGen, Inc. (a)  116,144  1,142,857 
Forte Biosciences, Inc. (a)(b)  91,694  121,036 
Galectin Therapeutics, Inc. (a)(b)  53,870  69,492 
Genmab A/S ADR (a)(b)  19,144  579,106 
Gilead Sciences, Inc.  250,877  16,269,373 
Halozyme Therapeutics, Inc. (a)(b)  33,667  1,548,009 
Horizon Therapeutics PLC (a)  45,929  4,119,372 
ImmunityBio, Inc. (a)(b)  103,815  390,344 
Impel Pharmaceuticals, Inc. (a)(b)  50,255  346,257 
Incyte Corp. (a)  47,341  3,592,708 
Indaptus Therapeutics, Inc. (a)(b)  61,570  155,772 
Inhibrx, Inc. (a)(b)  14,303  186,940 
Inmune Bio, Inc. (a)(b)  24,294  167,629 
Insmed, Inc. (a)(b)  25,321  476,541 
Intellia Therapeutics, Inc. (a)  16,093  742,531 
Ionis Pharmaceuticals, Inc. (a)  58,345  2,130,759 
Iovance Biotherapeutics, Inc. (a)(b)  35,917  242,440 
Ironwood Pharmaceuticals, Inc. Class A (a)(b)  45,695  514,983 
iTeos Therapeutics, Inc. (a)  17,149  300,108 
Iveric Bio, Inc. (a)  48,804  509,514 
Kalvista Pharmaceuticals, Inc. (a)(b)  29,752  264,495 
Karuna Therapeutics, Inc. (a)  6,941  724,085 
Keros Therapeutics, Inc. (a)(b)  20,179  682,050 
Kintara Therapeutics, Inc. (a)(b)  234,644  42,236 
Kymera Therapeutics, Inc. (a)  11,859  169,228 
Legend Biotech Corp. ADR (a)  17,790  752,339 
Ligand Pharmaceuticals, Inc.:     
Class B (a)(b)  12,650  1,124,712 
General CVR (a)  1,530 
Glucagon CVR (a)  1,530 
rights (a)  1,530  14 
TR Beta CVR (a)(c)  1,530  138 
Lixte Biotechnology Holdings, Inc. (a)(b)  15,422  11,574 
Mirati Therapeutics, Inc. (a)  9,706  380,087 
Moderna, Inc. (a)  80,149  11,648,054 
Myriad Genetics, Inc. (a)(b)  14,535  279,653 
Natera, Inc. (a)  17,391  638,076 
Neurocrine Biosciences, Inc. (a)(b)  20,635  1,929,166 
Novavax, Inc. (a)(b)  15,384  851,197 
OncoSec Medical, Inc. (a)  40,929  34,491 
Organogenesis Holdings, Inc. Class A (a)(b)  137,967  773,995 
ORIC Pharmaceuticals, Inc. (a)(b)  34,742  116,038 
Orphazyme A/S ADR (a)  194  45 
Prometheus Biosciences, Inc. (a)(b)  15,631  407,344 
Protagonist Therapeutics, Inc. (a)  35,669  312,460 
PTC Therapeutics, Inc. (a)  16,304  478,848 
Recursion Pharmaceuticals, Inc. (a)(b)  48,680  297,922 
Regeneron Pharmaceuticals, Inc. (a)  20,472  13,608,557 
Relay Therapeutics, Inc. (a)(b)  21,859  355,865 
Repligen Corp. (a)  10,271  1,689,271 
Revolution Medicines, Inc. (a)(b)  20,270  344,185 
Sage Therapeutics, Inc. (a)  19,042  595,443 
Sana Biotechnology, Inc. (a)(b)  58,257  298,858 
Sarepta Therapeutics, Inc. (a)  22,260  1,620,973 
Savara, Inc. (a)(b)  307,255  402,504 
Seagen, Inc. (a)  38,733  5,255,293 
Sesen Bio, Inc. (a)(b)  756,390  463,591 
Sigilon Therapeutics, Inc. (a)(b)  24,676  18,704 
Springworks Therapeutics, Inc. (a)(b)  11,935  226,049 
Stoke Therapeutics, Inc. (a)(b)  67,555  818,091 
Tempest Therapeutics, Inc. (a)(b)  8,948  25,770 
Tiziana Life Sciences Ltd. (a)(b)  131,938  87,673 
Tobira Therapeutics, Inc. rights (a)(c)  1,750 
Travere Therapeutics, Inc. (a)  37,229  867,808 
Turning Point Therapeutics, Inc. (a)(b)  56,839  2,010,395 
Twist Bioscience Corp. (a)(b)  10,940  372,398 
Ultragenyx Pharmaceutical, Inc. (a)(b)  14,225  667,153 
United Therapeutics Corp. (a)  9,526  2,194,219 
Vaxcyte, Inc. (a)(b)  48,968  1,174,742 
Veracyte, Inc. (a)(b)  16,637  292,478 
Vertex Pharmaceuticals, Inc. (a)  52,947  14,224,212 
Vir Biotechnology, Inc. (a)(b)  23,883  616,420 
Xencor, Inc. (a)(b)  15,124  337,719 
Zai Lab Ltd. ADR (a)  11,095  322,865 
Zentalis Pharmaceuticals, Inc. (a)(b)  30,266  729,713 
Health Care Equipment & Supplies - 1.7%     
Abiomed, Inc. (a)  9,700  2,557,890 
Align Technology, Inc. (a)  15,410  4,278,432 
Alphatec Holdings, Inc. (a)  142,197  1,092,073 
Atricure, Inc. (a)(b)  11,886  482,928 
Axonics Modulation Technologies, Inc. (a)  12,184  609,200 
Cerus Corp. (a)(b)  119,738  592,703 
CryoPort, Inc. (a)(b)  11,735  298,656 
Cue Health, Inc. (b)  42,905  226,967 
Dentsply Sirona, Inc.  48,449  1,916,642 
DexCom, Inc. (a)  19,226  5,728,194 
Establishment Labs Holdings, Inc. (a)(b)  12,267  756,874 
Heska Corp. (a)  3,165  315,835 
Hologic, Inc. (a)  46,080  3,468,442 
ICU Medical, Inc. (a)(b)  5,058  918,735 
IDEXX Laboratories, Inc. (a)  16,232  6,356,776 
Inari Medical, Inc. (a)(b)  11,919  784,270 
InMode Ltd. (a)  18,189  487,647 
Insulet Corp. (a)  12,840  2,741,083 
Integra LifeSciences Holdings Corp. (a)(b)  19,547  1,224,424 
Intuitive Surgical, Inc. (a)  68,367  15,563,064 
iRhythm Technologies, Inc. (a)(b)  6,093  858,199 
Lantheus Holdings, Inc. (a)  32,450  2,223,474 
LivaNova PLC (a)  14,594  993,414 
Masimo Corp. (a)  11,348  1,593,600 
Merit Medical Systems, Inc. (a)  12,748  782,600 
Mesa Laboratories, Inc. (b)  1,803  377,278 
Neogen Corp. (a)(b)  25,503  674,809 
Novocure Ltd. (a)(b)  22,554  1,812,891 
Omnicell, Inc. (a)(b)  10,734  1,193,191 
OrthoPediatrics Corp. (a)(b)  6,839  315,757 
Outset Medical, Inc. (a)(b)  12,864  280,435 
PROCEPT BioRobotics Corp. (b)  14,348  561,294 
QuidelOrtho Corp. (a)(b)  12,404  1,178,752 
Reshape Lifesciences, Inc. (a)(b)  179,683  183,277 
Shockwave Medical, Inc. (a)  6,958  1,142,573 
Staar Surgical Co. (a)  11,881  783,433 
Tandem Diabetes Care, Inc. (a)  12,995  885,869 
Health Care Providers & Services - 0.6%     
Acadia Healthcare Co., Inc. (a)  21,268  1,513,644 
Addus HomeCare Corp. (a)(b)  7,870  657,145 
Alignment Healthcare, Inc. (a)(b)  36,327  387,972 
Amedisys, Inc. (a)  5,620  651,414 
Apollo Medical Holdings, Inc. (a)(b)  17,885  671,403 
Aveanna Healthcare Holdings, Inc. (a)(b)  47,536  146,411 
Corvel Corp. (a)  5,272  786,372 
Covetrus, Inc. (a)  29,330  610,651 
Fulgent Genetics, Inc. (a)(b)  6,380  347,774 
Guardant Health, Inc. (a)(b)  21,365  875,538 
HealthEquity, Inc. (a)(b)  18,020  1,127,692 
Henry Schein, Inc. (a)  27,535  2,358,097 
LHC Group, Inc. (a)  5,823  970,461 
LifeStance Health Group, Inc. (b)  75,645  563,555 
Modivcare, Inc. (a)(b)  4,227  403,383 
National Research Corp. Class A (b)  7,465  267,919 
Opko Health, Inc. (a)(b)  204,592  613,776 
Option Care Health, Inc. (a)(b)  31,279  949,630 
Patterson Companies, Inc.  24,501  773,987 
Premier, Inc.  29,190  1,091,998 
Privia Health Group, Inc. (a)(b)  75,886  1,818,229 
Progyny, Inc. (a)(b)  21,348  674,810 
R1 RCM, Inc. (a)(b)  53,889  1,156,997 
RadNet, Inc. (a)(b)  18,991  389,885 
Sema4 Holdings Corp. Class A (a)(b)  125,325  255,663 
Surgery Partners, Inc. (a)(b)  19,363  759,030 
The Ensign Group, Inc. (b)  13,682  1,110,568 
Tivity Health, Inc. (a)  20,014  648,454 
Health Care Technology - 0.3%     
Allscripts Healthcare Solutions, Inc. (a)(b)  42,666  729,162 
Cerner Corp.  62,163  5,896,161 
Certara, Inc. (a)(b)  30,238  614,436 
Change Healthcare, Inc. (a)  70,588  1,700,465 
Definitive Healthcare Corp. (b)  16,508  322,731 
Nextgen Healthcare, Inc. (a)  21,831  395,359 
Nutex Health, Inc. (a)(b)  119,425  1,191,862 
Schrodinger, Inc. (a)(b)  52,347  1,352,646 
Life Sciences Tools & Services - 0.6%     
10X Genomics, Inc. (a)(b)  20,217  1,034,908 
AbCellera Biologics, Inc. (a)(b)  41,041  312,732 
Adaptive Biotechnologies Corp. (a)(b)  29,503  230,713 
Azenta, Inc.  16,817  1,288,855 
Bio-Techne Corp.  7,598  2,809,209 
Bruker Corp. (b)  33,337  2,082,896 
Codexis, Inc. (a)  21,696  231,713 
ICON PLC (a)(b)  16,082  3,598,991 
Illumina, Inc. (a)  30,106  7,209,785 
Maravai LifeSciences Holdings, Inc. (a)  35,393  1,102,492 
Medpace Holdings, Inc. (a)(b)  8,632  1,236,448 
Nanostring Technologies, Inc. (a)  11,055  172,900 
NeoGenomics, Inc. (a)  25,734  216,680 
Pacific Biosciences of California, Inc. (a)(b)  41,182  231,855 
Seer, Inc. (a)(b)  24,631  218,723 
SomaLogic, Inc. Class A (a)(b)  75,028  450,168 
Sotera Health Co. (a)(b)  55,682  1,186,027 
Syneos Health, Inc. (a)  22,214  1,641,392 
Pharmaceuticals - 0.8%     
Amphastar Pharmaceuticals, Inc. (a)(b)  26,096  969,205 
Arvinas Holding Co. LLC (a)  24,728  1,030,910 
AstraZeneca PLC:     
rights (a)(c)  1,845 
sponsored ADR  127,070  8,447,614 
Axsome Therapeutics, Inc. (a)(b)  11,547  288,675 
Corcept Therapeutics, Inc. (a)(b)  28,287  589,501 
Dova Pharmaceuticals, Inc. rights (a)(c)  7,729  4,174 
Eloxx Pharmaceuticals, Inc. (a)(b)  108,579  32,585 
GH Research PLC (b)  17,080  171,142 
Harmony Biosciences Holdings, Inc. (a)(b)  24,364  1,062,270 
HUTCHMED China Ltd. sponsored ADR (a)(b)  37,750  397,130 
Innoviva, Inc. (a)(b)  36,388  552,006 
Intra-Cellular Therapies, Inc. (a)  29,024  1,665,978 
Jazz Pharmaceuticals PLC (a)  15,854  2,373,027 
Kiora Pharmaceuticals, Inc. (a)(b)  277,606  122,147 
NGM Biopharmaceuticals, Inc. (a)(b)  68,115  942,712 
Pacira Biosciences, Inc. (a)(b)  11,336  717,002 
Revance Therapeutics, Inc. (a)(b)  92,316  1,262,883 
Roivant Sciences Ltd. (a)(b)  115,985  514,973 
Royalty Pharma PLC (b)  83,993  3,455,472 
Sanofi SA sponsored ADR (b)  58,829  3,132,644 
Supernus Pharmaceuticals, Inc. (a)(b)  19,658  547,868 
Tilray Brands, Inc. Class 2 (a)(b)  89,957  403,907 
Viatris, Inc.  258,870  3,176,335 
TOTAL HEALTH CARE    333,965,298 
INDUSTRIALS - 4.3%     
Aerospace & Defense - 0.2%     
AeroVironment, Inc. (a)(b)  6,662  612,638 
Axon Enterprise, Inc. (a)  14,461  1,465,767 
Elbit Systems Ltd. (b)  10,262  2,101,350 
Kratos Defense & Security Solutions, Inc. (a)  30,995  446,948 
Mercury Systems, Inc. (a)  13,367  799,480 
Rocket Lab U.S.A., Inc. Class A (a)(b)  100,389  477,852 
Woodward, Inc. (b)  14,130  1,435,749 
Air Freight & Logistics - 0.2%     
Air Transport Services Group, Inc. (a)(b)  17,568  530,905 
Atlas Air Worldwide Holdings, Inc. (a)  7,501  522,895 
C.H. Robinson Worldwide, Inc.  19,829  2,151,645 
Expeditors International of Washington, Inc.  32,542  3,541,871 
Forward Air Corp.  7,535  702,187 
Hub Group, Inc. Class A (a)  10,648  777,091 
Airlines - 0.2%     
Allegiant Travel Co. (a)  2,601  388,719 
American Airlines Group, Inc. (a)(b)  104,088  1,860,053 
Frontier Group Holdings, Inc. (a)(b)  45,049  484,277 
JetBlue Airways Corp. (a)  151,701  1,629,269 
Ryanair Holdings PLC sponsored ADR (a)  22,015  1,919,708 
SkyWest, Inc. (a)  13,959  376,335 
Sun Country Airlines Holdings, Inc. (a)(b)  27,419  648,459 
United Airlines Holdings, Inc. (a)  64,368  3,065,848 
Building Products - 0.1%     
AAON, Inc. (b)  12,840  687,967 
CSW Industrials, Inc. (b)  3,222  341,919 
Gibraltar Industries, Inc. (a)(b)  9,743  406,868 
UFP Industries, Inc. (b)  15,165  1,170,738 
Commercial Services & Supplies - 0.5%     
ACV Auctions, Inc. Class A (a)  38,046  321,108 
Aurora Innovation, Inc. (a)(b)  126,947  401,153 
Casella Waste Systems, Inc. Class A (a)(b)  11,837  847,292 
Cintas Corp.  18,743  7,465,899 
Copart, Inc. (a)  43,900  5,027,867 
Driven Brands Holdings, Inc. (a)(b)  33,580  971,805 
Fuel Tech, Inc. (a)(b)  204,925  264,353 
Matthews International Corp. Class A (b)  11,825  382,657 
Millerknoll, Inc. (b)  14,099  425,790 
Renovare Environmental, Inc. (a)(b)  152,030  36,822 
Stericycle, Inc. (a)(b)  17,419  880,530 
Tetra Tech, Inc. (b)  11,112  1,499,787 
Construction & Engineering - 0.1%     
Construction Partners, Inc. Class A (a)(b)  20,632  474,330 
IES Holdings, Inc. (a)(b)  4,061  125,444 
MYR Group, Inc. (a)(b)  7,221  661,516 
NV5 Global, Inc. (a)(b)  7,153  881,107 
Willscot Mobile Mini Holdings (a)(b)  43,735  1,562,652 
Electrical Equipment - 0.2%     
Array Technologies, Inc. (a)(b)  39,328  435,754 
Ballard Power Systems, Inc. (a)(b)  59,921  435,626 
Encore Wire Corp.  6,755  844,510 
Enovix Corp. (a)(b)  35,188  423,312 
Plug Power, Inc. (a)(b)  118,152  2,183,449 
Shoals Technologies Group, Inc. (a)  17,649  275,324 
Sunrun, Inc. (a)(b)  43,499  1,136,194 
Tritium DCFC Ltd. (a)(b)  50,563  474,281 
Vicor Corp. (a)(b)  7,608  512,018 
Industrial Conglomerates - 0.8%     
Honeywell International, Inc.  141,751  27,445,829 
Icahn Enterprises LP  51,179  2,628,042 
Machinery - 0.5%     
Altra Industrial Motion Corp. (b)  15,471  606,618 
Astec Industries, Inc. (b)  7,833  366,349 
Columbus McKinnon Corp. (NY Shares)  12,922  436,118 
Franklin Electric Co., Inc.  11,247  829,129 
Hillman Solutions Corp. Class A (a)(b)  68,717  784,061 
Hyzon Motors, Inc. Class A (a)(b)  157,540  765,644 
Kornit Digital Ltd. (a)(b)  10,045  421,589 
Lincoln Electric Holdings, Inc. (b)  11,941  1,621,827 
Microvast Holdings, Inc. (a)(b)  131,141  655,705 
Middleby Corp. (a)  10,971  1,661,668 
Nikola Corp. (a)(b)  191,114  1,349,265 
Nordson Corp. (b)  11,760  2,562,269 
Omega Flex, Inc. (b)  2,910  321,671 
PACCAR, Inc.  59,560  5,172,190 
Proterra, Inc. Class A (a)(b)  81,184  523,637 
RBC Bearings, Inc. (a)(b)  5,922  1,103,802 
Shyft Group, Inc. (The)  12,359  274,246 
Marine - 0.0%     
Golden Ocean Group Ltd. (b)  42,527  627,701 
Star Bulk Carriers Corp. (b)  14,063  460,141 
Professional Services - 0.4%     
CoStar Group, Inc. (a)  80,176  4,885,925 
Exponent, Inc.  12,016  1,086,126 
First Advantage Corp.  28,382  414,377 
Forrester Research, Inc. (a)  9,206  481,750 
Headhunter Group PLC ADR (c)  12,021  32,719 
Huron Consulting Group, Inc. (a)(b)  7,215  432,323 
ICF International, Inc. (b)  5,724  585,050 
Kelly Services, Inc. Class A (non-vtg.) (b)  24,088  480,796 
Kforce, Inc. (b)  11,140  731,675, Inc. (b)  37,728  494,237 
ManTech International Corp. Class A  7,317  699,871 
Sterling Check Corp. (b)  23,512  436,853 
Upwork, Inc. (a)(b)  29,694  541,916 
Verisk Analytics, Inc.  27,973  4,893,037 
Road & Rail - 0.9%     
AMERCO  4,541  2,224,999 
ArcBest Corp. (b)  6,948  525,477 
Avis Budget Group, Inc. (a)(b)  11,589  2,205,155 
CSX Corp.  402,291  12,788,831 
Grab Holdings Ltd. (a)(b)  745,288  1,982,466 
Heartland Express, Inc. (b)  27,140  387,559 
Hertz Global Holdings, Inc.  97,151  1,949,821 
J.B. Hunt Transport Services, Inc.  20,966  3,618,312 
Landstar System, Inc.  7,020  1,063,039 
Lyft, Inc. (a)  67,389  1,191,438 
Marten Transport Ltd.  29,268  513,946 
Old Dominion Freight Lines, Inc.  20,919  5,402,123 
Saia, Inc. (a)(b)  5,457  1,078,249 
TuSimple Holdings, Inc. (a)(b)  36,265  297,736 
Universal Logistics Holdings, Inc.  11,679  325,727 
Werner Enterprises, Inc. (b)  15,709  637,314 
Trading Companies & Distributors - 0.2%     
Beacon Roofing Supply, Inc. (a)(b)  17,791  1,092,545 
Fastenal Co.  95,320  5,105,339 
Fortress Transportation & Infrastructure Investors LLC  15,180  304,663 
H&E Equipment Services, Inc.  14,163  504,911 
McGrath RentCorp. (b)  7,147  587,555 
Rush Enterprises, Inc. Class A (b)  17,852  910,095 
TOTAL INDUSTRIALS    169,008,574 
Communications Equipment - 1.2%     
Applied Optoelectronics, Inc. (a)(b)  65,519  155,280 
Casa Systems, Inc. (a)(b)  37,589  165,392 
Cisco Systems, Inc.  810,733  36,523,522 
CommScope Holding Co., Inc. (a)  54,078  406,126 
Ericsson (B Shares) sponsored ADR  82,445  666,156 
Extreme Networks, Inc. (a)  83,258  825,919 
F5, Inc. (a)  12,169  1,984,034 
Harmonic, Inc. (a)(b)  69,708  671,288 
Infinera Corp. (a)(b)  53,492  306,509 
Lumentum Holdings, Inc. (a)  15,868  1,365,917 
NetScout Systems, Inc. (a)(b)  20,511  704,143 
Radware Ltd. (a)  14,220  343,129 
ViaSat, Inc. (a)(b)  24,281  958,857 
Viavi Solutions, Inc. (a)(b)  55,809  807,556 
Electronic Equipment & Components - 0.7%     
Advanced Energy Industries, Inc.  9,109  742,019 
Avnet, Inc.  24,420  1,183,149 
CDW Corp.  25,055  4,255,842 
Cognex Corp.  32,338  1,565,806 
Coherent, Inc. (a)  5,937  1,608,690 
ePlus, Inc. (a)  8,130  461,296 
Flex Ltd. (a)  102,124  1,743,257 
II-VI, Inc. (a)(b)  17,954  1,122,125 
Insight Enterprises, Inc. (a)(b)  8,660  855,781 
IPG Photonics Corp. (a)  11,109  1,171,888 
Itron, Inc. (a)(b)  9,983  515,223 
Littelfuse, Inc.  5,767  1,558,243 
National Instruments Corp. (b)  23,937  845,455 
Novanta, Inc. (a)(b)  8,381  1,030,528 
OSI Systems, Inc. (a)(b)  5,226  438,566 
PC Connection, Inc.  7,497  335,191 
Plexus Corp. (a)(b)  10,024  850,035 
Sanmina Corp. (a)(b)  17,688  776,326 
Trimble, Inc. (a)  48,668  3,311,857 
TTM Technologies, Inc. (a)(b)  31,901  455,865 
Zebra Technologies Corp. Class A (a)  10,446  3,532,733 
IT Services - 2.7%     
Affirm Holdings, Inc. (a)(b)  38,638  1,101,183 
Akamai Technologies, Inc. (a)  28,004  2,829,524 
Amdocs Ltd.  28,620  2,486,792 
Automatic Data Processing, Inc.  80,774  18,007,756 
Cognizant Technology Solutions Corp. Class A  98,702  7,373,039 
Concentrix Corp.  12,130  1,878,816 
Core Scientific, Inc. (a)(b)  153,988  543,578 
CSG Systems International, Inc.  10,058  625,507 
Data Storage Corp. (a)(b)  85,572  266,985 
Dlocal Ltd.  28,869  832,293 
Euronet Worldwide, Inc. (a)(b)  12,775  1,547,819 
EVO Payments, Inc. Class A (a)  14,144  326,019 
ExlService Holdings, Inc. (a)(b)  8,381  1,191,694 
Fiserv, Inc. (a)  137,304  13,755,115 
Flywire Corp. (a)  18,627  359,687 
GDS Holdings Ltd. ADR (a)(b)  29,217  817,784 
Jack Henry & Associates, Inc.  13,337  2,508,956 
Marqeta, Inc. Class A  83,647  875,784 
MongoDB, Inc. Class A (a)(b)  12,568  2,980,501 
Nuvei Corp. (b)(d)  12,328  634,152 
Okta, Inc. (a)  29,734  2,469,409 
Paychex, Inc.  68,361  8,465,143 
Payoneer Global, Inc. (a)(b)  158,274  792,953 
PayPal Holdings, Inc. (a)  238,910  20,357,521 
Perficient, Inc. (a)(b)  7,908  774,272 
Rackspace Technology, Inc. (a)(b)  48,935  451,670 
Sabre Corp. (a)  77,508  582,085 
SS&C Technologies Holdings, Inc.  42,630  2,727,894 
StoneCo Ltd. Class A (a)  54,020  542,361 
Taoping, Inc. (a)(b)  23,465  31,678 
Thoughtworks Holding, Inc. (b)  57,908  1,002,387 
Ttec Holdings, Inc.  10,913  735,973 
VeriSign, Inc. (a)  20,368  3,555,234 
Verra Mobility Corp. (a)(b)  58,339  930,507 Ltd. (a)(b)  10,786  679,626 
Semiconductors & Semiconductor Equipment - 11.4%     
ACM Research, Inc. (b)  30,885  468,217 
Advanced Micro Devices, Inc. (a)  308,893  31,463,841 
Allegro MicroSystems LLC (a)  35,776  921,232 
Alpha & Omega Semiconductor Ltd. (a)(b)  11,537  506,820 
Ambarella, Inc. (a)  8,581  731,273 
Amkor Technology, Inc. (b)  56,185  1,148,421 
Analog Devices, Inc.  99,674  16,785,102 
Applied Materials, Inc.  173,821  20,387,465 
ASML Holding NV  15,935  9,183,181 
Axcelis Technologies, Inc. (a)  12,258  760,731 
Broadcom, Inc.  80,787  46,866,962 
Camtek Ltd. (a)(b)  18,940  559,298 
Canadian Solar, Inc. (a)(b)  15,069  483,112 
Cirrus Logic, Inc. (a)  10,960  893,678 
CMC Materials, Inc.  6,309  1,116,314 
Cohu, Inc. (a)(b)  12,188  370,881 
Diodes, Inc. (a)(b)  10,955  843,645 
Enphase Energy, Inc. (a)  28,296  5,268,432 
Entegris, Inc.  27,338  3,033,424 
First Solar, Inc. (a)(b)  22,033  1,555,750 
FormFactor, Inc. (a)(b)  19,039  781,741 
GlobalFoundries, Inc. (b)  101,478  6,057,222 
Ichor Holdings Ltd. (a)(b)  16,906  511,237 
Impinj, Inc. (a)(b)  18,045  844,686 
Intel Corp.  805,957  35,800,610 
KLA Corp.  29,316  10,695,943 
Kulicke & Soffa Industries, Inc. (b)  15,621  846,190 
Lam Research Corp. (b)  27,063  14,073,572 
Lattice Semiconductor Corp. (a)  30,978  1,611,476 
MACOM Technology Solutions Holdings, Inc. (a)  16,202  883,171 
Marvell Technology, Inc.  163,058  9,644,881 
MaxLinear, Inc. Class A (a)  15,675  620,573 
Microchip Technology, Inc.  110,538  8,030,586 
Micron Technology, Inc.  208,027  15,360,714 
MKS Instruments, Inc. (b)  12,100  1,494,350 
Monolithic Power Systems, Inc.  9,521  4,288,163 
Navitas Semiconductor Corp. (a)(b)  53,081  422,525 
Nova Ltd. (a)(b)  7,343  779,973 
NVIDIA Corp. (b)  490,097  91,510,912 
NXP Semiconductors NV (b)  51,696  9,809,833 
onsemi (a)  81,263  4,931,039 
Photronics, Inc. (a)  56,766  1,234,093 
Power Integrations, Inc. (b)  13,989  1,180,392 
Qorvo, Inc. (a)  19,809  2,213,656 
Qualcomm, Inc.  217,436  31,141,184 
Rambus, Inc. (a)(b)  30,201  758,045 
Semtech Corp. (a)  15,419  988,204 
Silicon Laboratories, Inc. (a)(b)  9,601  1,432,085 
Silicon Motion Tech Corp. sponsored ADR  9,719  877,723 
SiTime Corp. (a)(b)  4,555  970,215 
Skyworks Solutions, Inc.  30,130  3,280,253 
SMART Global Holdings, Inc. (a)(b)  22,677  558,988 
SolarEdge Technologies, Inc. (a)  10,651  2,905,486 
SunPower Corp. (a)(b)  36,902  652,058 
Synaptics, Inc. (a)  8,077  1,196,365 
Teradyne, Inc.  31,096  3,397,549 
Texas Instruments, Inc.  174,342  30,816,692 
Tower Semiconductor Ltd. (a)(b)  26,373  1,272,761 
Ultra Clean Holdings, Inc. (a)(b)  15,389  516,455 
Universal Display Corp.  10,097  1,275,352 
Veeco Instruments, Inc. (a)(b)  20,981  449,623 
Software - 15.7%     
ACI Worldwide, Inc. (a)  27,842  741,711 
Adobe, Inc. (a)  91,365  38,051,695 Holdings, Inc. (a)  11,928  754,207 
Altair Engineering, Inc. Class A (a)(b)  11,837  650,562 
ANSYS, Inc. (a)  17,596  4,581,295 
AppFolio, Inc. (a)(b)  4,435  444,298 
Appian Corp. Class A (a)(b)  7,234  345,568 
AppLovin Corp. (a)(b)  46,925  1,788,312 
Arqit Quantum, Inc. (a)(b)  37,113  288,368 
Aspen Technology, Inc. (a)(b)  5,804  1,123,016 
Atlassian Corp. PLC (a)  26,971  4,782,498 
Autodesk, Inc. (a)  45,208  9,391,962 
AvePoint, Inc. (a)(b)  122,821  718,503 
Bentley Systems, Inc. Class B (b)  51,206  1,760,462 
Blackbaud, Inc. (a)(b)  12,179  775,193 
BlackLine, Inc. (a)(b)  13,342  976,901 
BTRS Holdings, Inc. (a)(b)  95,549  474,879 
Cadence Design Systems, Inc. (a)  54,254  8,340,467 
CDK Global, Inc.  27,497  1,497,487 
Cerence, Inc. (a)(b)  9,466  300,640 
Check Point Software Technologies Ltd. (a)  28,947  3,620,691 
Citrix Systems, Inc.  24,489  2,465,797 
CommVault Systems, Inc. (a)(b)  16,235  990,497 
Confluent, Inc. (b)  20,489  432,933 
Coupa Software, Inc. (a)  13,900  956,181 
Crowdstrike Holdings, Inc. (a)  41,029  6,564,230 
CyberArk Software Ltd. (a)(b)  8,795  1,221,626 
Datadog, Inc. Class A (a)  50,366  4,804,413 
Dave, Inc. (a)(b)  58,714  134,455 
Descartes Systems Group, Inc. (a)(b)  19,448  1,154,239 
Digital Turbine, Inc. (a)(b)  20,271  515,492 
DocuSign, Inc. (a)(b)  38,817  3,257,134 
Domo, Inc. Class B (a)  7,602  242,352 
Dropbox, Inc. Class A (a)  60,142  1,253,359 
Duck Creek Technologies, Inc. (a)(b)  38,695  718,566 
Embark Technology, Inc. (a)(b)  71,711  106,132 
EverCommerce, Inc. (b)  37,092  352,745 
Five9, Inc. (a)  14,104  1,363,998 
Fortinet, Inc. (a)  31,861  9,371,595 
GTY Technology Holdings, Inc. (a)  46,153  273,226 
InterDigital, Inc. (b)  8,501  555,030 
Intuit, Inc.  54,184  22,457,101 
Jamf Holding Corp. (a)(b)  28,470  732,818 
JFrog Ltd. (a)(b)  33,159  618,415 
LivePerson, Inc. (a)(b)  16,058  269,453 
Magic Software Enterprises Ltd. (b)  18,406  316,951 
Mandiant, Inc. (a)  53,975  1,190,149 
Manhattan Associates, Inc. (a)  14,288  1,727,848 
Marathon Digital Holdings, Inc. (a)(b)  21,429  219,219 
Matterport, Inc. (a)(b)  55,092  302,455 
Microsoft Corp.  1,474,717  400,931,311 
MicroStrategy, Inc. Class A (a)(b)  1,261  333,774 
Momentive Global, Inc. (a)  35,247  429,308 Ltd. (b)  8,805  999,720 
nCino, Inc. (a)(b)  20,994  685,874 
NICE Ltd. sponsored ADR (a)  10,041  1,995,348 
NortonLifeLock, Inc. (b)  116,819  2,843,374 
Nutanix, Inc. Class A (a)  43,994  712,703 
Open Text Corp. (b)  47,225  1,936,697 
Palo Alto Networks, Inc. (a)(b)  19,217  9,661,923 
Paycor HCM, Inc. (b)  32,675  801,191 
Paylocity Holding Corp. (a)(b)  11,955  2,090,451 
Pegasystems, Inc.  17,646  874,183 
Powerbridge Technologies Co. Ltd. (a)(b)  770,351  260,302 
Progress Software Corp.  12,384  598,271 
PTC, Inc. (a)  24,765  2,885,865 
Qualtrics International, Inc. (a)  32,398  460,052 
Qualys, Inc. (a)(b)  8,090  1,057,201 
Rapid7, Inc. (a)(b)  11,398  807,776 
Sapiens International Corp. NV (b)  16,422  415,969 
Smith Micro Software, Inc. (a)(b)  59,673  156,940 
Splunk, Inc. (a)  36,665  3,760,362 
Sprout Social, Inc. (a)(b)  11,860  604,030 
SPS Commerce, Inc. (a)(b)  8,762  937,884 
Sumo Logic, Inc. (a)  57,574  466,925 
Synopsys, Inc. (a)  29,337  9,364,370 
Tenable Holdings, Inc. (a)(b)  24,096  1,212,029 
The Trade Desk, Inc. (a)(b)  86,359  4,494,986 
Varonis Systems, Inc. (a)(b)  22,945  758,791 
Verint Systems, Inc. (a)(b)  15,814  807,147 
Vonage Holdings Corp. (a)  25,106  486,303 
Workday, Inc. Class A (a)(b)  36,241  5,664,468 
Xperi Holding Corp. (b)  28,755  473,307 
Zoom Video Communications, Inc. Class A (a)  47,827  5,139,011 
Zscaler, Inc. (a)  27,976  4,282,846 
Technology Hardware, Storage & Peripherals - 12.5%     
Apple, Inc.  3,211,362  477,979,109 
Avid Technology, Inc. (a)  15,857  464,452 
Corsair Gaming, Inc. (a)(b)  16,233  260,540 
Logitech International SA (b)  31,230  1,898,472 
NetApp, Inc.  44,640  3,211,848 
Seagate Technology Holdings PLC (b)  47,223  3,998,371 
Stratasys Ltd. (a)  27,384  546,037 
Super Micro Computer, Inc. (a)  15,336  767,720 
Western Digital Corp. (a)  59,669  3,621,312 
Xerox Holdings Corp.  35,506  668,223 
MATERIALS - 0.4%     
Chemicals - 0.1%     
Amyris, Inc. (a)(b)  100,048  255,122 
Balchem Corp. (b)  7,831  974,411 
Diversey Holdings Ltd. (a)  59,545  583,541 
Innospec, Inc. (b)  6,690  682,581 
Methanex Corp. (b)  20,378  1,007,692 
Containers & Packaging - 0.1%     
Pactiv Evergreen, Inc. (b)  35,565  365,964 
Silgan Holdings, Inc.  23,003  1,007,761 
TriMas Corp. (b)  13,365  376,626 
Metals & Mining - 0.2%     
Century Aluminum Co. (a)  40,105  473,239 
Ferroglobe Representation & Warranty Insurance (a)(c)  7,187 
Kaiser Aluminum Corp. (b)  9,291  949,261 
Pan American Silver Corp. (b)  51,090  1,122,447 
Royal Gold, Inc. (b)  12,960  1,465,517 
Schnitzer Steel Industries, Inc. Class A (b)  14,597  592,930 
SSR Mining, Inc. (b)  40,241  781,883 
Steel Dynamics, Inc.  34,647  2,958,161 
TOTAL MATERIALS    13,597,136 
REAL ESTATE - 1.0%     
Equity Real Estate Investment Trusts (REITs) - 0.8%     
Equinix, Inc.  17,139  11,776,036 
Gaming & Leisure Properties  43,279  2,026,323 
Gladstone Land Corp. (b)  23,114  620,380 
Host Hotels & Resorts, Inc.  142,362  2,845,816 
Industrial Logistics Properties Trust  19,546  298,272 
Lamar Advertising Co. Class A  18,998  1,860,854 
Potlatch Corp.  13,973  733,024 
Regency Centers Corp.  37,408  2,551,600 
Retail Opportunity Investments Corp.  33,706  609,067 
Sabra Health Care REIT, Inc.  125,317  1,759,451 
SBA Communications Corp. Class A  22,070  7,428,983 
Service Properties Trust  46,090  291,750 
Uniti Group, Inc.  61,276  694,870 
Real Estate Management & Development - 0.2%     
Colliers International Group, Inc. (b)  9,514  1,158,330 
Comstock Holding Companies, Inc. (a)(b)  120,404  585,163 
eXp World Holdings, Inc. (b)  34,642  483,949 
FirstService Corp. (b)  9,611  1,231,457 
Newmark Group, Inc. (b)  40,578  449,198 
Opendoor Technologies, Inc. (a)  122,546  886,008 
Redfin Corp. (a)(b)  23,927  234,485 
Zillow Group, Inc.:     
Class A (a)(b)  15,159  605,754 
Class C (a)(b)  38,951  1,554,145 
TOTAL REAL ESTATE    40,684,915 
UTILITIES - 0.9%     
Electric Utilities - 0.9%     
Alliant Energy Corp.  49,202  3,140,072 
American Electric Power Co., Inc.  85,541  8,727,748 
Constellation Energy Corp.  56,605  3,514,038 
Exelon Corp.  169,815  8,346,407 
MGE Energy, Inc. (b)  9,306  738,617 
Otter Tail Corp. (b)  12,168  795,666 
Xcel Energy, Inc.  107,485  8,097,920 
Independent Power and Renewable Electricity Producers - 0.0%     
Atlantica Sustainable Infrastructure PLC (b)  24,601  803,223 
ReNew Energy Global PLC (a)(b)  103,254  722,778 
Multi-Utilities - 0.0%     
NorthWestern Energy Corp. (b)  12,920  791,608 
Water Utilities - 0.0%     
Middlesex Water Co. (b)  7,297  620,464 
TOTAL UTILITIES    36,298,541 
(Cost $2,653,731,864)    3,895,622,601 
  Principal Amount  Value 
U.S. Treasury Obligations - 0.1%     
U.S. Treasury Bills, yield at date of purchase 1.15% 1/26/23 (e)     
(Cost $1,984,870)  2,000,000  1,977,868 
  Shares  Value 
Money Market Funds - 9.4%     
Fidelity Cash Central Fund 0.82% (f)  30,125,345  $30,131,371 
Fidelity Securities Lending Cash Central Fund 0.82% (f)(g)  341,232,153  341,266,277 
(Cost $371,395,445)    371,397,648 
(Cost $3,027,112,179)    4,268,998,117 
NET OTHER ASSETS (LIABILITIES) - (8.6)%    (336,786,063) 
NET ASSETS - 100%    $3,932,212,054 

Futures Contracts           
  Number of contracts  Expiration Date  Notional Amount  Value  Unrealized Appreciation/(Depreciation) 
Equity Index Contracts           
CME E-mini NASDAQ 100 Index Contracts (United States)  144  June 2022  $36,421,920  $(569,480)  $(569,480) 

The notional amount of futures purchased as a percentage of Net Assets is 0.9%


 (a) Non-income producing

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

 (c) Level 3 security

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $634,152 or 0.0% of net assets.

 (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 $1,977,868.

 (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 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.

Fund  Value, beginning of period  Purchases  Sales Proceeds  Dividend Income  Realized Gain/Loss  Change in Unrealized appreciation (depreciation)  Value, end of period  % ownership, end of period 
Fidelity Cash Central Fund 0.82%  $20,289,448  $94,037,252  $84,195,329  $31,967  $--  $--  $30,131,371  0.1% 
Fidelity Securities Lending Cash Central Fund 0.82%  267,938,777  759,834,246  686,506,747  2,524,564  --  341,266,277  0.9% 
Total  $288,228,225  $853,871,498  $770,702,076  $2,556,531  $--  $1  $371,397,648   

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.

Investment Valuation

The following is a summary of the inputs used, as of May 31, 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: 
Description  Total  Level 1  Level 2  Level 3 
Investments in Securities:         
Communication Services  $579,475,610  $579,303,466  $--  $172,144 
Consumer Discretionary  600,634,502  600,586,540  --  47,962 
Consumer Staples  170,214,762  170,214,762  --  -- 
Energy  34,307,510  34,307,510  --  -- 
Financials  179,902,098  179,902,098  --  -- 
Health Care  333,965,298  333,933,696  --  31,602 
Industrials  169,008,574  168,975,855  --  32,719 
Information Technology  1,737,533,655  1,737,533,655  --  -- 
Materials  13,597,136  13,597,136  --  -- 
Real Estate  40,684,915  40,684,915  --  -- 
Utilities  36,298,541  36,298,541  --  -- 
U.S. Government and Government Agency Obligations  1,977,868  --  1,977,868  -- 
Money Market Funds  371,397,648  371,397,648  --  -- 
Total Investments in Securities:  $4,268,998,117  $4,266,735,822  $1,977,868  $284,427 
Derivative Instruments:         
Futures Contracts  $(569,480)  $(569,480)  $--  $-- 
Total Liabilities  $(569,480)  $(569,480)  $--  $-- 
Total Derivative Instruments:  $(569,480)  $(569,480)  $--  $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 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  Value 
  Asset  Liability 
Equity Risk     
Futures Contracts(a)  $0  $(569,480) 
Total Equity Risk  (569,480) 
Total Value of Derivatives  $0  $(569,480) 

 (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).

See accompanying notes which are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities

    May 31, 2022 (Unaudited) 
Investment in securities, at value (including securities loaned of $327,196,694) — See accompanying schedule:
Unaffiliated issuers (cost $2,655,716,734) 
Fidelity Central Funds (cost $371,395,445)  371,397,648   
Total Investment in Securities (cost $3,027,112,179)    $4,268,998,117 
Segregated cash with brokers for derivative instruments    273,384 
Cash    1,267,209 
Foreign currency held at value (cost $162,419)    147,471 
Receivable for fund shares sold    7,093,590 
Dividends receivable    3,036,126 
Distributions receivable from Fidelity Central Funds    320,586 
Other receivables    10,723 
Total assets    4,281,147,206 
Payable for investments purchased  $6,914,843   
Accrued management fee  666,945   
Payable for daily variation margin on futures contracts  89,324   
Collateral on securities loaned  341,264,040   
Total liabilities    348,935,152 
Net Assets    $3,932,212,054 
Net Assets consist of:     
Paid in capital    $2,673,476,898 
Total accumulated earnings (loss)    1,258,735,156 
Net Assets    $3,932,212,054 
Net Asset Value per share ($3,932,212,054 ÷ 83,150,000 shares)    $47.29 

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

    Six months ended May 31, 2022 (Unaudited) 
Investment Income     
Dividends    $15,990,443 
Interest    4,823 
Income from Fidelity Central Funds (including $2,524,564 from security lending)    2,556,531 
Total income    18,551,797 
Management fee  $4,565,075   
Independent trustees' fees and expenses  7,686   
Total expenses before reductions  4,572,761   
Expense reductions  (198)   
Total expenses after reductions    4,572,563 
Net investment income (loss)    13,979,234 
Realized and Unrealized Gain (Loss)     
Net realized gain (loss) on:     
Investment securities:     
Unaffiliated issuers  (12,648,180)   
Redemptions in-kind  38,358,190   
Foreign currency transactions  101   
Futures contracts  (3,806,270)   
Total net realized gain (loss)    21,903,841 
Change in net unrealized appreciation (depreciation) on:     
Investment securities:     
Unaffiliated issuers  (1,093,137,741)   
Affiliated issuers   
Assets and liabilities in foreign currencies  (8,294)   
Futures contracts  (1,359,659)   
Total change in net unrealized appreciation (depreciation)    (1,094,505,693) 
Net gain (loss)    (1,072,601,852) 
Net increase (decrease) in net assets resulting from operations    $(1,058,622,618) 

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

  Six months ended May 31, 2022 (Unaudited)  Year ended November 30, 2021 
Increase (Decrease) in Net Assets     
Net investment income (loss)  $13,979,234  $25,731,072 
Net realized gain (loss)  21,903,841  107,466,217 
Change in net unrealized appreciation (depreciation)  (1,094,505,693)  857,005,064 
Net increase (decrease) in net assets resulting from operations  (1,058,622,618)  990,202,353 
Distributions to shareholders  (14,314,100)  (24,172,380) 
Share transactions     
Proceeds from sales of shares  277,867,204  635,282,012 
Cost of shares redeemed  (57,426,274)  (162,724,762) 
Net increase (decrease) in net assets resulting from share transactions  220,440,930  472,557,250 
Total increase (decrease) in net assets  (852,495,788)  1,438,587,223 
Net Assets     
Beginning of period  4,784,707,842  3,346,120,619 
End of period  $3,932,212,054  $4,784,707,842 
Other Information     
Sold  5,150,000  11,700,000 
Redeemed  (1,100,000)  (3,100,000) 
Net increase (decrease)  4,050,000  8,600,000 

 (a) 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.

See accompanying notes which are an integral part of the financial statements.

Fidelity Nasdaq Composite Index ETF

  Six months ended (Unaudited) May 31,  Years endedNovember 30,         
  2022  2021 A  2020 A  2019 A  2018 A  2017 A 
Selected Per–Share Data             
Net asset value, beginning of period  $60.49  $47.46  $34.09  $28.79  $27.05  $20.97 
Income from Investment Operations             
Net investment income (loss)B,C  .17  .34  .35  .35  .28  .24 
Net realized and unrealized gain (loss)  (13.19)  13.01  13.68  5.30  1.73  6.06 
Total from investment operations  (13.02)  13.35  14.03  5.65  2.01  6.30 
Distributions from net investment income  (.18)  (.32)  (.34)  (.35)  (.27)  (.22) 
Distributions from net realized gain  –  –  (.32)  –  –  – 
Total distributions  (.18)  (.32)  (.66)  (.35)  (.27)  (.22) 
Net asset value, end of period  $47.29  $60.49  $47.46  $34.09  $28.79  $27.05 
Total ReturnD,E,F  (21.57)%  28.23%  41.87%  19.83%  7.42%  30.21% 
Ratios to Average Net AssetsC,G,H             
Expenses before reductions  .21%I  .21%  .21%  .27%  .27%  .31% 
Expenses net of fee waivers, if any  .21%I  .21%  .21%  .21%  .21%  .21% 
Expenses net of all reductions  .21%I  .21%  .21%  .21%  .21%  .21% 
Net investment income (loss)  .64%I  .62%  .90%  1.15%  .95%  .99% 
Supplemental Data             
Net assets, end of period (000 omitted)  $3,932,212  $4,784,708  $3,346,121  $2,202,470  $1,848,322  $1,479,445 
Portfolio turnover rateJ,K  10%I  11%  19%  6%  10%  12% 

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

 B Calculated based on average shares outstanding during the period.

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

 D Total returns for periods of less than one year are not annualized.

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

 F Based on net asset value.

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

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

 I Annualized

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

 K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended May 31, 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(a) 
Fidelity Money Market Central Funds  Fidelity Management & Research Company LLC (FMR)  Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.  Short-term Investments  Less than .005% 

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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 vendor 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 vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors 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 vendors. 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 Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 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.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Realized gain or loss resulting from in-kind redemptions is not taxable to the Fund and is not distributed to shareholders of the Fund. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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

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

Gross unrealized appreciation  $1,539,527,628 
Gross unrealized depreciation  (299,787,369) 
Net unrealized appreciation (depreciation)  $1,239,740,259 
Tax cost  $3,028,688,378 

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

Short-term  $(8,496,719) 

Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, 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.

The Fund used derivatives 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 Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

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.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures 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. The Fund used futures contracts to manage its 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 (variation margin) 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. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments. 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 and in-kind transactions, as applicable, are noted in the table below.

  Purchases ($)  Sales ($) 
Fidelity Nasdaq Composite Index ETF  223,206,755  220,565,821 

Securities received and delivered in-kind through subscriptions and redemptions totaled $271,463,201 and $56,171,878, 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  $275,468  $110,386  $1,265,989 

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 $198.

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. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

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 (December 1, 2021 to May 31, 2022).

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-A  Beginning
Account Value
December 1, 2021 
Account Value
May 31, 2022 
Expenses Paid
During Period-B
December 1, 2021
to May 31, 2022 
Fidelity Nasdaq Composite Index ETF  .21%       
Actual    $1,000.00  $784.30  $.93 
Hypothetical-C    $1,000.00  $1,023.88  $1.06 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Nasdaq Composite Index ETF

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

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

At its May 2022 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity and Geode had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

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

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

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

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services provided by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering pricing and bookkeeping and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally State Street Bank and Trust Company, the fund's transfer agent and custodian; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.

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

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain target date funds and classes and index funds; (vii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (viii) rationalizing product lines and gaining increased efficiencies from fund mergers and liquidations; (ix) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (x) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The Board also considered information on each fund's bid-ask spread and premium/discount.

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

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and its benchmark index for the most recent one-, three-, and five-year periods ended September 30, 2021, as shown below. A peer group is not shown below because the fund does not generally utilize a peer group for performance comparison purposes.

Fidelity Nasdaq Composite Index ETF

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

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

Fidelity Nasdaq Composite Index ETF

The Board noted that the fund's management fee rate ranked above the median of its Total Mapped Group and above the median of its ASPG for the 12-month period ended September 30, 2021. The Board considered that Fidelity has not identified any comparable publicly available ETFs and that Fidelity believes this provides it with a competitive advantage in the marketplace.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of the fund's total expense ratio, the Board considered the fund's all-inclusive fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison for the fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The Board noted that the fund's total net expense ratio ranked above the similar sales load structure group competitive median and above the ASPG competitive median for the 12-month period ended September 30, 2021. The Board considered that the fund's investment strategy is more specialized than most funds in its similar sales load structure group, which do not track the same index as the fund. The Board also considered that, in general, various factors can affect total expense ratios.

Fees Charged to Other Clients.  The Board also considered fee structures applicable to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

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

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

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

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

The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

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

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

Economies of Scale.  The Board considered 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. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

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

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees, competitor use of performance fees, and consideration of the expansion of performance fees to additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable and that the fund's Advisory Contracts should be renewed.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.

Fidelity Investments