INDEPENDENT AUDITORS' REPORT
To the Trustees and Shareholders of Fidelity Commonwealth Trust:
In planning and performing our audits of the financial statements
of Fidelity Intermediate Bond Fund, Spartan Market 500 Index Fund,
Fidelity Small Cap Stock, Fidelity Mid-Cap Stock Fund, and Fidelity
Large Cap Stock (the Funds) (series of Fidelity Commonwealth Trust)
for the year ended April 30, 2000 (on which we have issued our
reports dated June 2, 2000), we considered their internal control,
including control activities for safeguarding securities, in order
to determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the
Funds' internal control.
The management of the Funds is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with accounting principles
generally accepted in the United States of America. Those controls
include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in any internal control,
misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of internal control to future
periods are subject to the risk that the internal control may
become inadequate because of changes in conditions or that the
degree of compliance with policies or procedures may deteriorate.
Our consideration of the Funds' internal control would not
necessarily disclose all matters in internal control that might be
material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness is
a condition in which the design or operation of one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
Funds' internal control and their operation, including controls for
safeguarding securities, that we consider to be material weaknesses
as defined above as of April 30, 2000.
This report is intended solely for the information and use of
management, the Board of Trustees and Shareholders of Fidelity
Commonwealth Trust, and the Securities and Exchange Commission and
is not intended to be and should not be used by anyone other than
these specified parties.
Deloitte & Touche LLP
Boston, Massachusetts
June 2, 2000
