0000035330-13-000030.txt : 20131024 0000035330-13-000030.hdr.sgml : 20131024 20131024122541 ACCESSION NUMBER: 0000035330-13-000030 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20130831 FILED AS OF DATE: 20131024 DATE AS OF CHANGE: 20131024 EFFECTIVENESS DATE: 20131024 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Fidelity Commonwealth Trust II CENTRAL INDEX KEY: 0001364923 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21990 FILM NUMBER: 131167472 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 0001364923 S000015909 Fidelity Large Cap Growth Enhanced Index Fund C000043696 Fidelity Large Cap Growth Enhanced Index Fund FLGEX 0001364923 S000015910 Fidelity Large Cap Value Enhanced Index Fund C000043697 Fidelity Large Cap Value Enhanced Index Fund FLVEX 0001364923 S000015911 Fidelity Large Cap Core Enhanced Index Fund C000043698 Fidelity Large Cap Core Enhanced Index Fund FLCEX 0001364923 S000019926 Fidelity International Enhanced Index Fund C000055928 Fidelity International Enhanced Index Fund FIENX 0001364923 S000019927 Fidelity Mid Cap Enhanced Index Fund C000055929 Fidelity Mid Cap Enhanced Index Fund FMEIX 0001364923 S000019928 Fidelity Small Cap Enhanced Index Fund C000055930 Fidelity Small Cap Enhanced Index Fund FCPEX N-CSRS 1 gei.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21990

Fidelity Commonwealth Trust II
(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices)       (Zip code)

Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

February 28

 

 

Date of reporting period:

August 31, 2013

Item 1. Reports to Stockholders

Fidelity® Large Cap Growth Enhanced Index Fund

Fidelity Large Cap Value Enhanced Index Fund

Fidelity Large Cap Core Enhanced Index Fund

Fidelity Mid Cap Enhanced Index Fund

Fidelity Small Cap Enhanced Index Fund

Fidelity International Enhanced Index Fund

Semiannual Report

(Fidelity Cover Art)

August 31, 2013


Contents

Shareholder Expense Example

(Click Here)

An example of shareholder expenses

 

Fidelity® Large Cap Growth Enhanced Index Fund

(Click Here)

Investment Changes

 

(Click Here)

Investments

 

(Click Here)

Financial Statements

 

Fidelity Large Cap Value Enhanced Index Fund

(Click Here)

Investment Changes

 

(Click Here)

Investments

 

(Click Here)

Financial Statements

 

Fidelity Large Cap Core Enhanced Index Fund

(Click Here)

Investment Changes

 

(Click Here)

Investments

 

(Click Here)

Financial Statements

 

 

 

Fidelity Mid Cap Enhanced Index Fund

(Click Here)

Investment Changes

 

(Click Here)

Investments

 

(Click Here)

Financial Statements

 

Fidelity Small Cap Enhanced Index Fund

(Click Here)

Investment Changes

 

(Click Here)

Investments

 

(Click Here)

Financial Statements

 

Fidelity International Enhanced Index Fund

(Click Here)

Investment Changes

 

(Click Here)

Investments

 

(Click Here)

Financial Statements

 

Notes

(Click Here)

Notes to the Financial Statements

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2013 FMR LLC. All rights reserved.

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Semiannual Report


Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds 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 (March 1, 2013 to August 31, 2013).

Actual Expenses

The first line of the accompanying table for each fund 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 fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition to the direct expenses incurred by each Fund presented in the table, as a shareholder of the underlying non-affiliated funds (the Underlying Funds), each Fund also indirectly bears its proportionate share of the expenses of the Underlying Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimate in the table below. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. In addition to the direct expenses incurred by each Fund presented in the table, as a shareholder of the underlying non-affiliated funds (the Underlying Funds), each Fund also indirectly bears its proportionate share of the expenses of the Underlying Funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimate in the table below. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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
B

Beginning
Account Value
March 1, 2013

Ending
Account Value
August 31, 2013

Expenses Paid
During Period
*
March 1, 2013
to August 31, 2013

Fidelity Large Cap Growth Enhanced Index Fund

.45%

 

 

 

Actual

 

$ 1,000.00

$ 1,093.80

$ 2.37

HypotheticalA

 

$ 1,000.00

$ 1,022.94

$ 2.29

Fidelity Large Cap Value Enhanced Index Fund

.45%

 

 

 

Actual

 

$ 1,000.00

$ 1,084.90

$ 2.36

HypotheticalA

 

$ 1,000.00

$ 1,022.94

$ 2.29

Fidelity Large Cap Core Enhanced Index Fund

.45%

 

 

 

Actual

 

$ 1,000.00

$ 1,091.80

$ 2.37

HypotheticalA

 

$ 1,000.00

$ 1,022.94

$ 2.29

Fidelity Mid Cap Enhanced Index Fund

.60%

 

 

 

Actual

 

$ 1,000.00

$ 1,102.50

$ 3.18

HypotheticalA

 

$ 1,000.00

$ 1,022.18

$ 3.06

Fidelity Small Cap Enhanced Index Fund

.67%

 

 

 

Actual

 

$ 1,000.00

$ 1,099.10

$ 3.54

HypotheticalA

 

$ 1,000.00

$ 1,021.83

$ 3.41

Fidelity International Enhanced Index Fund

.62%

 

 

 

Actual

 

$ 1,000.00

$ 1,039.20

$ 3.19

HypotheticalA

 

$ 1,000.00

$ 1,022.08

$ 3.16

A 5% return per year before expenses

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

* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Fidelity Large Cap Growth Enhanced Index Fund


Investment Changes (Unaudited)

Top Ten Stocks as of August 31, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Apple, Inc.

4.3

5.6

Microsoft Corp.

3.6

3.1

Google, Inc. Class A

2.8

2.9

IBM Corp.

2.7

3.1

Verizon Communications, Inc.

2.0

1.4

QUALCOMM, Inc.

1.8

1.8

Home Depot, Inc.

1.8

1.7

Oracle Corp.

1.8

2.1

Comcast Corp. Class A

1.7

1.0

Schlumberger Ltd.

1.6

1.0

 

24.1

Market Sectors as of August 31, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

28.2

28.1

Consumer Discretionary

19.8

15.5

Health Care

13.8

11.9

Consumer Staples

11.3

13.8

Industrials

10.2

13.6

Financials

7.0

5.7

Energy

3.7

4.4

Materials

2.9

3.5

Telecommunication Services

2.0

1.4

Utilities

0.0

0.7

Semiannual Report

Fidelity Large Cap Growth Enhanced Index Fund


Investments August 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%

Shares

Value

CONSUMER DISCRETIONARY - 19.8%

Auto Components - 1.5%

Delphi Automotive PLC

7,219

$ 397,189

Gentex Corp.

44,707

1,007,249

Lear Corp.

14,671

1,008,631

Visteon Corp. (a)

8,146

583,335

 

2,996,404

Automobiles - 0.7%

Ford Motor Co.

92,959

1,505,006

Distributors - 0.6%

Genuine Parts Co.

14,836

1,142,520

Diversified Consumer Services - 0.3%

Service Corp. International

31,251

565,018

Hotels, Restaurants & Leisure - 2.9%

Bally Technologies, Inc. (a)(e)

15,311

1,104,382

International Game Technology

56,731

1,071,649

Las Vegas Sands Corp.

26,780

1,509,053

McDonald's Corp.

17,995

1,698,008

Starbucks Corp.

5,201

366,775

 

5,749,867

Household Durables - 0.6%

PulteGroup, Inc.

34,226

526,738

Whirlpool Corp.

5,493

706,674

 

1,233,412

Internet & Catalog Retail - 1.4%

Amazon.com, Inc. (a)

5,451

1,531,622

Liberty Media Corp. Interactive Series A (a)

44,615

1,007,407

priceline.com, Inc. (a)

304

285,313

 

2,824,342

Leisure Equipment & Products - 0.5%

Polaris Industries, Inc.

8,370

914,088

Media - 5.0%

AMC Networks, Inc. Class A (a)

12,327

764,027

Comcast Corp. Class A

81,917

3,447,887

DIRECTV (a)

27,483

1,598,961

Morningstar, Inc.

2,678

201,091

Starz - Liberty Capital Series A (a)

43,034

1,074,129

The Walt Disney Co.

17,464

1,062,335

Time Warner Cable, Inc.

5,810

623,704

Twenty-First Century Fox, Inc. Class A

4,733

148,285

Viacom, Inc. Class B (non-vtg.)

15,957

1,269,539

 

10,189,958

Multiline Retail - 1.0%

Dillard's, Inc. Class A

11,922

909,172

Macy's, Inc.

25,924

1,151,803

 

2,060,975

Specialty Retail - 4.5%

Foot Locker, Inc.

28,617

921,467

Gap, Inc.

29,584

1,196,377

Home Depot, Inc.

48,054

3,579,542

 

Shares

Value

Lowe's Companies, Inc.

25,176

$ 1,153,564

O'Reilly Automotive, Inc. (a)

8,326

1,021,683

PetSmart, Inc.

16,869

1,188,084

 

9,060,717

Textiles, Apparel & Luxury Goods - 0.8%

Carter's, Inc.

1,420

104,569

Coach, Inc.

329

17,374

Hanesbrands, Inc.

4,248

252,671

NIKE, Inc. Class B

21,209

1,332,349

 

1,706,963

TOTAL CONSUMER DISCRETIONARY

39,949,270

CONSUMER STAPLES - 11.3%

Beverages - 2.8%

PepsiCo, Inc.

38,841

3,096,793

The Coca-Cola Co.

66,393

2,534,885

 

5,631,678

Food & Staples Retailing - 3.1%

Costco Wholesale Corp.

3,459

386,958

CVS Caremark Corp.

20,020

1,162,161

Kroger Co.

39,070

1,429,962

Rite Aid Corp. (a)

137,032

474,131

Wal-Mart Stores, Inc.

37,912

2,766,818

 

6,220,030

Food Products - 2.6%

General Mills, Inc.

23,865

1,177,022

Ingredion, Inc.

14,583

917,854

Kraft Foods Group, Inc.

13,286

687,816

Pilgrims Pride Corp. (a)(e)

50,684

776,986

The J.M. Smucker Co.

6,566

696,915

Tyson Foods, Inc. Class A

33,428

967,741

 

5,224,334

Household Products - 0.8%

Colgate-Palmolive Co.

6,374

368,226

Kimberly-Clark Corp.

13,838

1,293,576

 

1,661,802

Personal Products - 0.6%

Nu Skin Enterprises, Inc. Class A

13,534

1,132,931

Tobacco - 1.4%

Altria Group, Inc.

18,326

620,885

Philip Morris International, Inc.

26,986

2,251,712

 

2,872,597

TOTAL CONSUMER STAPLES

22,743,372

ENERGY - 3.7%

Energy Equipment & Services - 2.4%

Atwood Oceanics, Inc. (a)

13,663

760,756

Diamond Offshore Drilling, Inc.

653

41,812

Dril-Quip, Inc. (a)

5,524

563,503

Common Stocks - continued

Shares

Value

ENERGY - continued

Energy Equipment & Services - continued

Halliburton Co.

2,096

$ 100,608

Schlumberger Ltd.

41,074

3,324,530

 

4,791,209

Oil, Gas & Consumable Fuels - 1.3%

CVR Energy, Inc.

3,006

128,717

Delek US Holdings, Inc.

11,093

275,772

HollyFrontier Corp.

1,684

74,904

Marathon Petroleum Corp.

13,835

1,003,176

Phillips 66

16,353

933,756

World Fuel Services Corp. (e)

4,618

176,177

 

2,592,502

TOTAL ENERGY

7,383,711

FINANCIALS - 7.0%

Capital Markets - 1.6%

Franklin Resources, Inc.

27,394

1,264,507

Goldman Sachs Group, Inc.

6,038

918,561

Waddell & Reed Financial, Inc. Class A

21,566

1,026,973

 

3,210,041

Commercial Banks - 0.5%

Wells Fargo & Co.

22,615

929,024

Consumer Finance - 2.1%

American Express Co.

35,691

2,566,540

Discover Financial Services

20,066

948,119

SLM Corp.

28,665

687,673

 

4,202,332

Diversified Financial Services - 1.7%

CBOE Holdings, Inc.

23,694

1,087,318

McGraw-Hill Companies, Inc.

20,215

1,179,950

Moody's Corp.

19,950

1,268,022

 

3,535,290

Insurance - 1.1%

The Chubb Corp.

2,871

238,781

The Travelers Companies, Inc.

14,622

1,168,298

Validus Holdings Ltd.

25,452

880,894

 

2,287,973

TOTAL FINANCIALS

14,164,660

HEALTH CARE - 13.8%

Biotechnology - 4.6%

Amgen, Inc.

27,387

2,983,540

Biogen Idec, Inc. (a)

9,930

2,115,289

Celgene Corp. (a)

7,824

1,095,204

Gilead Sciences, Inc. (a)

19,322

1,164,537

Myriad Genetics, Inc. (a)(e)

34,124

893,025

United Therapeutics Corp. (a)(e)

15,568

1,103,927

 

9,355,522

 

Shares

Value

Health Care Equipment & Supplies - 1.8%

Abbott Laboratories

28,378

$ 945,839

Baxter International, Inc.

19,380

1,348,073

St. Jude Medical, Inc.

14,375

724,644

Zimmer Holdings, Inc.

7,516

594,440

 

3,612,996

Health Care Providers & Services - 3.6%

Aetna, Inc.

17,874

1,133,033

AmerisourceBergen Corp.

23,288

1,325,553

Cardinal Health, Inc.

3,228

162,304

Express Scripts Holding Co. (a)

21,172

1,352,467

McKesson Corp.

13,478

1,636,364

Quest Diagnostics, Inc. (e)

10,892

638,489

WellPoint, Inc.

12,571

1,070,295

 

7,318,505

Pharmaceuticals - 3.8%

AbbVie, Inc.

60,871

2,593,713

Allergan, Inc.

17,824

1,575,285

Bristol-Myers Squibb Co.

10,682

445,333

Eli Lilly & Co.

25,255

1,298,107

Johnson & Johnson

19,175

1,656,912

 

7,569,350

TOTAL HEALTH CARE

27,856,373

INDUSTRIALS - 10.2%

Aerospace & Defense - 3.8%

Honeywell International, Inc.

10,363

824,584

Lockheed Martin Corp.

4,168

510,247

Northrop Grumman Corp.

11,587

1,069,132

Raytheon Co. (e)

13,181

993,979

The Boeing Co.

27,509

2,858,735

United Technologies Corp.

14,951

1,496,595

 

7,753,272

Air Freight & Logistics - 0.2%

United Parcel Service, Inc. Class B

5,720

489,518

Airlines - 0.3%

Copa Holdings SA Class A

4,096

535,675

Electrical Equipment - 1.2%

Babcock & Wilcox Co.

7,385

228,861

Emerson Electric Co.

23,988

1,448,156

Generac Holdings, Inc. (e)

16,963

671,565

 

2,348,582

Industrial Conglomerates - 0.7%

3M Co.

12,810

1,454,960

Machinery - 2.5%

Deere & Co.

11,173

934,510

Dover Corp.

14,121

1,200,991

Lincoln Electric Holdings, Inc.

10,911

682,265

Toro Co.

8,789

464,147

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Machinery - continued

Valmont Industries, Inc.

7,361

$ 993,441

Wabtec Corp.

14,334

838,826

 

5,114,180

Marine - 0.4%

Matson, Inc.

26,774

712,992

Road & Rail - 1.1%

Union Pacific Corp.

14,593

2,240,609

TOTAL INDUSTRIALS

20,649,788

INFORMATION TECHNOLOGY - 28.2%

Communications Equipment - 2.7%

Cisco Systems, Inc.

39,073

910,792

Harris Corp.

11,823

669,536

Motorola Solutions, Inc.

5,566

311,752

QUALCOMM, Inc.

55,385

3,670,918

 

5,562,998

Computers & Peripherals - 6.7%

Apple, Inc.

17,852

8,694,813

EMC Corp.

64,101

1,652,524

NetApp, Inc. (e)

30,856

1,281,758

SanDisk Corp. (e)

17,931

989,433

Western Digital Corp.

14,560

902,720

 

13,521,248

Internet Software & Services - 3.6%

eBay, Inc. (a)

13,453

672,515

Facebook, Inc. Class A (a)

18,211

751,750

Google, Inc. Class A (a)

6,694

5,669,149

Yahoo!, Inc. (a)

6,602

179,046

 

7,272,460

IT Services - 8.3%

Accenture PLC Class A (e)

4,609

333,000

Amdocs Ltd.

25,457

938,345

Booz Allen Hamilton Holding Corp. Class A

49,692

1,005,269

Broadridge Financial Solutions, Inc.

27,293

812,240

Cognizant Technology Solutions Corp. Class A (a)

21,074

1,544,724

DST Systems, Inc.

4,065

290,119

IBM Corp.

29,573

5,390,271

Jack Henry & Associates, Inc.

18,057

901,044

MasterCard, Inc. Class A

4,339

2,629,781

Total System Services, Inc.

39,759

1,100,132

Vantiv, Inc. (a)

17,866

471,841

Visa, Inc. Class A

8,230

1,435,477

 

16,852,243

Semiconductors & Semiconductor Equipment - 1.0%

Broadcom Corp. Class A

11,432

288,772

 

Shares

Value

Intel Corp.

50,511

$ 1,110,232

Maxim Integrated Products, Inc.

19,812

551,665

Texas Instruments, Inc.

409

15,624

 

1,966,293

Software - 5.9%

Aspen Technology, Inc. (a)

13,415

448,463

CA Technologies, Inc.

18,968

554,814

Microsoft Corp.

219,295

7,324,453

Oracle Corp.

110,386

3,516,898

 

11,844,628

TOTAL INFORMATION TECHNOLOGY

57,019,870

MATERIALS - 2.9%

Chemicals - 2.3%

E.I. du Pont de Nemours & Co.

4,980

281,968

LyondellBasell Industries NV Class A

24,248

1,700,997

Monsanto Co.

17,315

1,694,965

Westlake Chemical Corp.

10,035

1,015,341

 

4,693,271

Containers & Packaging - 0.6%

Graphic Packaging Holding Co. (a)

17,247

143,323

Packaging Corp. of America

21,257

1,127,471

 

1,270,794

TOTAL MATERIALS

5,964,065

TELECOMMUNICATION SERVICES - 2.0%

Diversified Telecommunication Services - 2.0%

Verizon Communications, Inc.

84,080

3,983,710

TOTAL COMMON STOCKS

(Cost $169,127,473)


199,714,819

U.S. Treasury Obligations - 0.1%

 

Principal Amount

 

U.S. Treasury Bills, yield at date of purchase 0.07% to 0.09% 12/12/13 to 6/26/14 (f)
(Cost $249,882)

$ 250,000


249,909

Money Market Funds - 4.0%

Shares

Value

Dreyfus Cash Management Institutional Shares, 0.10% (c)

1,754,451

$ 1,754,451

Fidelity Securities Lending Cash Central Fund, 0.10% (b)(d)

6,271,125

6,271,125

TOTAL MONEY MARKET FUNDS

(Cost $8,025,576)


8,025,576

TOTAL INVESTMENT PORTFOLIO - 103.0%

(Cost $177,402,931)

207,990,304

NET OTHER ASSETS (LIABILITIES) - (3.0)%

(6,121,521)

NET ASSETS - 100%

$ 201,868,783

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

26 CME E-mini S&P 500 Index Contracts

Sept. 2013

$ 2,120,690

$ 43,103

 

The face value of futures purchased as a percentage of net assets is 1.1%

Legend

(a) Non-income producing

(b) 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.

(c) The rate quoted is the annualized seven-day yield of the fund at period end.

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

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

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $109,992.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Securities Lending Cash Central Fund

$ 6,642

Other Information

The following is a summary of the inputs used, as of August 31, 2013, 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 in the table 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:

Equities:

Consumer Discretionary

$ 39,949,270

$ 39,949,270

$ -

$ -

Consumer Staples

22,743,372

22,743,372

-

-

Energy

7,383,711

7,383,711

-

-

Financials

14,164,660

14,164,660

-

-

Health Care

27,856,373

27,856,373

-

-

Industrials

20,649,788

20,649,788

-

-

Information Technology

57,019,870

57,019,870

-

-

Materials

5,964,065

5,964,065

-

-

Telecommunication Services

3,983,710

3,983,710

-

-

U.S. Government and Government Agency Obligations

249,909

-

249,909

-

Money Market Funds

8,025,576

8,025,576

-

-

Total Investments in Securities:

$ 207,990,304

$ 207,740,395

$ 249,909

$ -

Derivative Instruments:

Assets

Futures Contracts

$ 43,103

$ 43,103

$ -

$ -

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of August 31, 2013. 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)

$ 43,103

$ -

Total Value of Derivatives

$ 43,103

$ -

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities.

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

Semiannual Report

Fidelity Large Cap Growth Enhanced Index Fund


Financial Statements

Statement of Assets and Liabilities

  

August 31, 2013 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $6,061,247) - See accompanying schedule:

Unaffiliated issuers (cost $171,131,806)

$ 201,719,179

 

Fidelity Central Funds (cost $6,271,125)

6,271,125

 

Total Investments (cost $177,402,931)

 

$ 207,990,304

Cash

 

456,064

Receivable for fund shares sold

103,711

Dividends receivable

369,003

Interest receivable

124

Distributions receivable from Fidelity Central Funds

856

Total assets

208,920,062

 

 

 

Liabilities

Payable for investments purchased

$ 456,064

Payable for fund shares redeemed

239,449

Accrued management fee

51,506

Payable for daily variation margin for derivative instruments

7,382

Other affiliated payables

25,753

Collateral on securities loaned, at value

6,271,125

Total liabilities

7,051,279

 

 

 

Net Assets

$ 201,868,783

Net Assets consist of:

 

Paid in capital

$ 162,444,800

Undistributed net investment income

1,396,109

Accumulated undistributed net realized gain (loss) on investments

7,397,398

Net unrealized appreciation (depreciation) on investments

30,630,476

Net Assets, for 15,969,799 shares outstanding

$ 201,868,783

Net Asset Value, offering price and redemption price per share ($201,868,783 ÷ 15,969,799 shares)

$ 12.64

Statement of Operations

Six months ended August 31, 2013 (Unaudited)

 

  

  

Investment Income

  

  

Dividends

 

$ 1,820,158

Interest

 

928

Income from Fidelity Central Funds

 

6,642

Total income

 

1,827,728

 

 

 

Expenses

Management fee

$ 283,129

Transfer agent fees

142,134

Independent trustees' compensation

1,139

Miscellaneous

201

Total expenses

426,603

Net investment income (loss)

1,401,125

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

7,239,699

Futures contracts

234,096

Total net realized gain (loss)

 

7,473,795

Change in net unrealized appreciation (depreciation) on:

Investment securities

6,944,510

Futures contracts

21,372

Total change in net unrealized appreciation (depreciation)

 

6,965,882

Net gain (loss)

14,439,677

Net increase (decrease) in net assets resulting from operations

$ 15,840,802

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

Semiannual Report


Financial Statements - continued

Statement of Changes in Net Assets

  

Six months ended
August 31, 2013
(Unaudited)

Year ended
February 28,
2013

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 1,401,125

$ 2,903,760

Net realized gain (loss)

7,473,795

6,475,353

Change in net unrealized appreciation (depreciation)

6,965,882

5,009,598

Net increase (decrease) in net assets resulting from operations

15,840,802

14,388,711

Distributions to shareholders from net investment income

(558,507)

(2,493,084)

Distributions to shareholders from net realized gain

(2,663,649)

-

Total distributions

(3,222,156)

(2,493,084)

Share transactions
Proceeds from sales of shares

43,416,103

80,543,311

Reinvestment of distributions

3,109,286

2,387,285

Cost of shares redeemed

(28,667,212)

(65,260,416)

Net increase (decrease) in net assets resulting from share transactions

17,858,177

17,670,180

Total increase (decrease) in net assets

30,476,823

29,565,807

Net Assets

Beginning of period

171,391,960

141,826,153

End of period (including undistributed net investment income of $1,396,109 and undistributed net investment income of $553,491, respectively)

$ 201,868,783

$ 171,391,960

Other Information

Shares

Sold

3,459,822

7,227,786

Issued in reinvestment of distributions

256,119

217,076

Redeemed

(2,312,746)

(5,855,594)

Net increase (decrease)

1,403,195

1,589,268

Financial Highlights

 

Six months ended August 31, 2013

Years ended February 28,

 

(Unaudited)

2013

2012 H

2011

2010

2009

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 11.77

$ 10.93

$ 10.19

$ 8.44

$ 5.60

$ 9.25

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .09

.20

.13

.11

.11

.09

Net realized and unrealized gain (loss)

  1.01

.81

.72

1.75

2.83

(3.65)

Total from investment operations

  1.10

1.01

.85

1.86

2.94

(3.56)

Distributions from net investment income

  (.04)

(.17)

(.11)

(.11)

(.10)

(.09)

Distributions from net realized gain

  (.19)

-

-

-

-

-

Total distributions

  (.23)

(.17)

(.11)

(.11)

(.10)

(.09)

Net asset value, end of period

$ 12.64

$ 11.77

$ 10.93

$ 10.19

$ 8.44

$ 5.60

Total Return B, C

  9.38%

9.36%

8.40%

22.14%

52.50%

(38.61)%

Ratios to Average Net Assets E, G

 

 

 

 

 

 

Expenses before reductions

  .45% A

.45%

.45%

.45%

.45%

.45%

Expenses net of fee waivers, if any

  .45% A

.45%

.45%

.45%

.45%

.45%

Expenses net of all reductions

  .45% A

.45%

.45%

.45%

.45%

.45%

Net investment income (loss)

  1.48% A

1.80%

1.30%

1.25%

1.42%

1.14%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 201,869

$ 171,392

$ 141,826

$ 68,115

$ 49,812

$ 22,104

Portfolio turnover rate F

  89% A

87%

77%

80%

35% I

58% I

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. H For the year ended February 29. I Reflects adjustments to exclude transactions in money market funds.

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

Semiannual Report

Fidelity Large Cap Value Enhanced Index Fund


Investment Changes (Unaudited)

Top Ten Stocks as of August 31, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Exxon Mobil Corp.

5.0

5.3

Chevron Corp.

3.1

3.1

Johnson & Johnson

3.0

2.1

Berkshire Hathaway, Inc. Class B

2.8

1.8

Wells Fargo & Co.

2.8

2.3

General Electric Co.

2.7

3.3

JPMorgan Chase & Co.

2.7

2.6

Pfizer, Inc.

2.3

2.4

Bank of America Corp.

2.2

1.7

Citigroup, Inc.

2.1

1.7

 

28.7

Market Sectors as of August 31, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

28.5

27.3

Health Care

14.0

11.1

Energy

12.9

15.0

Information Technology

10.5

6.2

Industrials

8.8

9.8

Consumer Discretionary

7.1

7.0

Consumer Staples

6.3

7.9

Utilities

4.3

6.8

Telecommunication Services

2.8

2.4

Materials

2.3

2.6

Semiannual Report

Fidelity Large Cap Value Enhanced Index Fund


Investments August 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%

Shares

Value

CONSUMER DISCRETIONARY - 7.1%

Auto Components - 1.1%

Gentex Corp.

31,066

$ 699,917

Lear Corp.

11,999

824,931

 

1,524,848

Automobiles - 0.8%

Ford Motor Co.

66,270

1,072,911

Diversified Consumer Services - 0.0%

Apollo Group, Inc. Class A (non-vtg.) (a)

3,650

67,781

Hotels, Restaurants & Leisure - 0.5%

International Game Technology

38,751

732,006

Household Durables - 0.4%

Whirlpool Corp.

4,039

519,617

Internet & Catalog Retail - 0.0%

Liberty Media Corp. Interactive Series A (a)

609

13,751

Media - 2.8%

Comcast Corp. Class A

18,627

784,010

Starz - Liberty Capital Series A (a)

31,938

797,172

The Walt Disney Co.

19,765

1,202,305

Time Warner, Inc.

10,820

654,935

Washington Post Co. Class B (e)

860

485,040

 

3,923,462

Multiline Retail - 0.5%

Dillard's, Inc. Class A

8,061

614,732

Target Corp.

449

28,426

 

643,158

Specialty Retail - 1.0%

Foot Locker, Inc.

20,524

660,873

Home Depot, Inc.

9,231

687,617

PetSmart, Inc.

1,543

108,673

 

1,457,163

TOTAL CONSUMER DISCRETIONARY

9,954,697

CONSUMER STAPLES - 6.3%

Food & Staples Retailing - 1.8%

CVS Caremark Corp.

25,109

1,457,577

Kroger Co.

11,564

423,242

Wal-Mart Stores, Inc.

8,239

601,282

 

2,482,101

Food Products - 2.5%

Archer Daniels Midland Co.

30,182

1,062,708

Ingredion, Inc.

6,201

390,291

Kraft Foods Group, Inc.

1,074

55,601

Mondelez International, Inc.

6,641

203,679

Pilgrims Pride Corp. (a)

45,008

689,973

The J.M. Smucker Co.

2,202

233,720

Tyson Foods, Inc. Class A

29,151

843,921

 

3,479,893

 

Shares

Value

Household Products - 2.0%

Procter & Gamble Co.

36,265

$ 2,824,681

TOTAL CONSUMER STAPLES

8,786,675

ENERGY - 12.9%

Energy Equipment & Services - 0.5%

Diamond Offshore Drilling, Inc. (e)

5,617

359,657

Schlumberger Ltd.

3,813

308,624

 

668,281

Oil, Gas & Consumable Fuels - 12.4%

Anadarko Petroleum Corp.

2,055

187,868

Chevron Corp.

36,140

4,352,340

ConocoPhillips (e)

18,956

1,256,783

Exxon Mobil Corp.

81,259

7,082,541

HollyFrontier Corp.

16,111

716,617

Marathon Petroleum Corp.

15,018

1,088,955

Occidental Petroleum Corp.

5,936

523,615

Phillips 66

21,690

1,238,499

Valero Energy Corp.

26,305

934,617

 

17,381,835

TOTAL ENERGY

18,050,116

FINANCIALS - 28.5%

Capital Markets - 2.2%

Franklin Resources, Inc.

209

9,647

Goldman Sachs Group, Inc.

11,939

1,816,280

Morgan Stanley

48,087

1,238,721

 

3,064,648

Commercial Banks - 7.0%

CIT Group, Inc. (a)

16,478

788,802

Fifth Third Bancorp

51,029

933,320

PNC Financial Services Group, Inc.

17,304

1,250,560

Regions Financial Corp.

85,202

800,899

SunTrust Banks, Inc.

28,097

899,666

Synovus Financial Corp.

219,281

699,506

U.S. Bancorp

15,399

556,366

Wells Fargo & Co.

95,712

3,931,849

 

9,860,968

Consumer Finance - 1.9%

American Express Co.

8,862

637,266

Capital One Financial Corp.

1,501

96,890

Discover Financial Services

22,045

1,041,626

SLM Corp.

34,519

828,111

 

2,603,893

Diversified Financial Services - 7.0%

Bank of America Corp.

217,745

3,074,559

Citigroup, Inc.

61,480

2,971,328

JPMorgan Chase & Co.

75,512

3,815,621

 

9,861,508

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - 8.4%

ACE Ltd.

3,428

$ 300,704

Allstate Corp.

13,750

658,900

American Financial Group, Inc.

1,810

93,269

American International Group, Inc.

9,638

447,781

American National Insurance Co.

3,840

403,085

Aspen Insurance Holdings Ltd.

3,526

125,420

Axis Capital Holdings Ltd.

8,659

372,250

Berkshire Hathaway, Inc. Class B (a)

35,852

3,987,459

Everest Re Group Ltd.

5,217

714,468

First American Financial Corp.

14,094

294,565

HCC Insurance Holdings, Inc.

702

29,624

Marsh & McLennan Companies, Inc.

2,621

108,064

MetLife, Inc.

1,333

61,571

PartnerRe Ltd.

8,754

762,911

Platinum Underwriters Holdings Ltd.

11,166

645,171

ProAssurance Corp.

9,318

439,251

RenaissanceRe Holdings Ltd.

7,694

672,456

The Travelers Companies, Inc.

13,203

1,054,920

Validus Holdings Ltd.

18,009

623,291

 

11,795,160

Real Estate Investment Trusts - 2.0%

Chimera Investment Corp.

23,523

69,158

Corrections Corp. of America

20,917

689,006

Extra Space Storage, Inc.

8,551

352,558

MFA Financial, Inc.

83,811

603,439

Public Storage

1,238

189,005

Retail Properties America, Inc.

10,469

139,656

RLJ Lodging Trust

23,047

529,620

Starwood Property Trust, Inc.

4,946

123,304

Weyerhaeuser Co.

6,376

174,575

 

2,870,321

TOTAL FINANCIALS

40,056,498

HEALTH CARE - 14.0%

Biotechnology - 0.5%

Amgen, Inc.

212

23,095

United Therapeutics Corp. (a)(e)

9,641

683,643

 

706,738

Health Care Equipment & Supplies - 1.9%

Abbott Laboratories

15,105

503,450

CareFusion Corp. (a)

22,403

803,148

Medtronic, Inc.

26,776

1,385,658

 

2,692,256

Health Care Providers & Services - 4.1%

AmerisourceBergen Corp.

11,825

673,079

Cardinal Health, Inc.

19,106

960,650

Humana, Inc.

6,215

572,277

McKesson Corp.

5,661

687,302

 

Shares

Value

Omnicare, Inc. (e)

9,570

$ 520,321

Quest Diagnostics, Inc.

8,827

517,439

UnitedHealth Group, Inc.

10,670

765,466

WellPoint, Inc.

12,975

1,104,692

 

5,801,226

Pharmaceuticals - 7.5%

AbbVie, Inc.

16,025

682,825

Eli Lilly & Co.

14,309

735,483

Johnson & Johnson

48,132

4,159,086

Merck & Co., Inc.

36,080

1,706,223

Pfizer, Inc.

111,881

3,156,163

 

10,439,780

TOTAL HEALTH CARE

19,640,000

INDUSTRIALS - 8.8%

Aerospace & Defense - 3.2%

Alliant Techsystems, Inc.

5,286

511,473

General Dynamics Corp.

7,368

613,386

L-3 Communications Holdings, Inc.

5,359

484,078

Northrop Grumman Corp.

11,329

1,045,327

Raytheon Co. (e)

14,516

1,094,652

The Boeing Co.

6,726

698,966

 

4,447,882

Commercial Services & Supplies - 0.3%

ADT Corp. (e)

12,223

486,842

Industrial Conglomerates - 3.5%

3M Co.

4,062

461,362

Danaher Corp.

9,973

653,431

General Electric Co.

166,835

3,860,562

 

4,975,355

Machinery - 1.5%

AGCO Corp. (e)

12,669

716,559

Caterpillar, Inc. (e)

760

62,730

CNH Global NV

15,507

711,461

Dover Corp.

3,486

296,484

Trinity Industries, Inc. (e)

7,544

318,508

 

2,105,742

Road & Rail - 0.3%

Union Pacific Corp.

2,559

392,909

TOTAL INDUSTRIALS

12,408,730

INFORMATION TECHNOLOGY - 10.5%

Communications Equipment - 2.9%

Brocade Communications Systems, Inc. (a)

93,179

689,525

Cisco Systems, Inc.

116,985

2,726,920

QUALCOMM, Inc.

10,412

690,107

 

4,106,552

Computers & Peripherals - 4.3%

Apple, Inc.

5,064

2,466,421

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - continued

EMC Corp.

42,705

$ 1,100,935

Hewlett-Packard Co.

10,760

240,378

NetApp, Inc. (e)

16,901

702,068

SanDisk Corp. (e)

12,988

716,678

Western Digital Corp.

13,279

823,298

 

6,049,778

Electronic Equipment & Components - 0.1%

Avnet, Inc.

2,152

82,981

IT Services - 1.7%

Amdocs Ltd.

19,422

715,895

Booz Allen Hamilton Holding Corp. Class A

24,452

494,664

CoreLogic, Inc. (a)

15,607

401,100

IBM Corp.

702

127,954

Total System Services, Inc.

23,456

649,028

 

2,388,641

Semiconductors & Semiconductor Equipment - 0.7%

Intel Corp.

47,456

1,043,083

Software - 0.8%

Activision Blizzard, Inc.

4,204

68,609

CA Technologies, Inc.

18,708

547,209

Microsoft Corp.

12,526

418,368

Oracle Corp.

1,718

54,735

 

1,088,921

TOTAL INFORMATION TECHNOLOGY

14,759,956

MATERIALS - 2.3%

Chemicals - 2.2%

CF Industries Holdings, Inc.

4,195

798,476

LyondellBasell Industries NV Class A

10,279

721,072

Monsanto Co.

3,314

324,407

The Mosaic Co.

17,617

733,748

Westlake Chemical Corp.

5,974

604,449

 

3,182,152

Containers & Packaging - 0.1%

Packaging Corp. of America

1,958

103,852

TOTAL MATERIALS

3,286,004

TELECOMMUNICATION SERVICES - 2.8%

Diversified Telecommunication Services - 2.8%

AT&T, Inc.

86,387

2,922,472

CenturyLink, Inc. (e)

31,012

1,027,117

 

3,949,589

UTILITIES - 4.3%

Electric Utilities - 1.7%

Duke Energy Corp.

1,892

124,115

 

Shares

Value

Edison International

19,704

$ 904,217

Pinnacle West Capital Corp.

8,576

465,420

UNS Energy Corp.

6,341

289,974

Xcel Energy, Inc.

18,413

514,091

 

2,297,817

Independent Power Producers & Energy Traders - 0.1%

The AES Corp.

14,284

181,550

Multi-Utilities - 2.2%

Ameren Corp.

14,976

506,339

Consolidated Edison, Inc.

9,089

511,074

DTE Energy Co.

9,709

649,241

Public Service Enterprise Group, Inc.

29,733

963,944

SCANA Corp.

2,415

116,210

Vectren Corp.

3,903

127,238

Wisconsin Energy Corp. (e)

4,497

184,557

 

3,058,603

Water Utilities - 0.3%

American Water Works Co., Inc.

11,001

448,181

TOTAL UTILITIES

5,986,151

TOTAL COMMON STOCKS

(Cost $116,132,915)


136,878,416

U.S. Treasury Obligations - 0.1%

 

Principal Amount

 

U.S. Treasury Bills, yield at date of purchase 0.09% 12/12/13 (f)
(Cost $199,950)

$ 200,000


199,987

Money Market Funds - 7.3%

Shares

 

Dreyfus Cash Management Institutional Shares, 0.10% (c)

2,497,172

2,497,172

Fidelity Securities Lending Cash Central Fund, 0.10% (b)(d)

7,688,000

7,688,000

TOTAL MONEY MARKET FUNDS

(Cost $10,185,172)


10,185,172

TOTAL INVESTMENT PORTFOLIO - 104.9%

(Cost $126,518,037)

147,263,575

NET OTHER ASSETS (LIABILITIES) - (4.9)%

(6,856,038)

NET ASSETS - 100%

$ 140,407,537

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/(Depreciation)

Purchased

Equity Index Contracts

43 CME E-mini S&P 500 Index Contracts

Sept. 2013

$ 3,507,295

$ 68,948

 

The face value of futures purchased as a percentage of net assets is 2.5%

Legend

(a) Non-income producing

(b) 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.

(c) The rate quoted is the annualized seven-day yield of the fund at period end.

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

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

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $199,987.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Securities Lending Cash Central Fund

$ 3,604

Other Information

The following is a summary of the inputs used, as of August 31, 2013, 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 in the table 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:

Equities:

Consumer Discretionary

$ 9,954,697

$ 9,954,697

$ -

$ -

Consumer Staples

8,786,675

8,786,675

-

-

Energy

18,050,116

18,050,116

-

-

Financials

40,056,498

40,056,498

-

-

Health Care

19,640,000

19,640,000

-

-

Industrials

12,408,730

12,408,730

-

-

Information Technology

14,759,956

14,759,956

-

-

Materials

3,286,004

3,286,004

-

-

Telecommunication Services

3,949,589

3,949,589

-

-

Utilities

5,986,151

5,986,151

-

-

U.S. Government and Government Agency Obligations

199,987

-

199,987

-

Money Market Funds

10,185,172

10,185,172

-

-

Total Investments in Securities:

$ 147,263,575

$ 147,063,588

$ 199,987

$ -

Derivative Instruments:

Assets

Futures Contracts

$ 68,948

$ 68,948

$ -

$ -

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of August 31, 2013. 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)

$ 68,948

$ -

Total Value of Derivatives

$ 68,948

$ -

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities.

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

Semiannual Report

Fidelity Large Cap Value Enhanced Index Fund


Financial Statements

Statement of Assets and Liabilities

  

August 31, 2013 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $7,465,126) - See accompanying schedule:

Unaffiliated issuers (cost $118,830,037)

$ 139,575,575

 

Fidelity Central Funds (cost $7,688,000)

7,688,000

 

Total Investments (cost $126,518,037)

 

$ 147,263,575

Cash

 

297,659

Receivable for investments sold

148,722

Receivable for fund shares sold

701,398

Dividends receivable

331,836

Interest receivable

103

Distributions receivable from Fidelity Central Funds

500

Other receivables

1,649

Total assets

148,745,442

 

 

 

Liabilities

Payable for investments purchased

$ 297,659

Payable for fund shares redeemed

289,925

Accrued management fee

35,089

Payable for daily variation margin for derivative instruments

9,687

Other affiliated payables

17,545

Collateral on securities loaned, at value

7,688,000

Total liabilities

8,337,905

 

 

 

Net Assets

$ 140,407,537

Net Assets consist of:

 

Paid in capital

$ 112,564,511

Undistributed net investment income

1,315,388

Accumulated undistributed net realized gain (loss) on investments

5,713,152

Net unrealized appreciation (depreciation) on investments

20,814,486

Net Assets, for 14,865,983 shares outstanding

$ 140,407,537

Net Asset Value, offering price and redemption price per share ($140,407,537 ÷ 14,865,983 shares)

$ 9.44

Statement of Operations

  

Six months ended August 31, 2013 (Unaudited)

 

  

  

Investment Income

  

  

Dividends

 

$ 1,598,872

Interest

 

991

Income from Fidelity Central Funds

 

3,604

Total income

 

1,603,467

 

 

 

Expenses

Management fee

$ 188,401

Transfer agent fees

94,582

Independent trustees' compensation

763

Miscellaneous

125

Total expenses

283,871

Net investment income (loss)

1,319,596

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

5,494,330

Futures contracts

501,932

Total net realized gain (loss)

 

5,996,262

Change in net unrealized appreciation (depreciation) on:

Investment securities

2,101,944

Futures contracts

(79,445)

Total change in net unrealized appreciation (depreciation)

 

2,022,499

Net gain (loss)

8,018,761

Net increase (decrease) in net assets resulting from operations

$ 9,338,357

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

Semiannual Report

Statement of Changes in Net Assets

  

Six months ended
August 31, 2013
(Unaudited)

Year ended
February 28,
2013

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 1,319,596

$ 1,862,514

Net realized gain (loss)

5,996,262

4,128,067

Change in net unrealized appreciation (depreciation)

2,022,499

8,731,072

Net increase (decrease) in net assets resulting from operations

9,338,357

14,721,653

Distributions to shareholders from net investment income

(444,787)

(1,610,247)

Distributions to shareholders from net realized gain

(2,071,438)

(1,265,614)

Total distributions

(2,516,225)

(2,875,861)

Share transactions
Proceeds from sales of shares

59,926,674

49,477,878

Reinvestment of distributions

2,432,168

2,776,149

Cost of shares redeemed

(35,513,507)

(28,713,291)

Net increase (decrease) in net assets resulting from share transactions

26,845,335

23,540,736

Total increase (decrease) in net assets

33,667,467

35,386,528

Net Assets

Beginning of period

106,740,070

71,353,542

End of period (including undistributed net investment income of $1,315,388 and undistributed net investment income of $440,579, respectively)

$ 140,407,537

$ 106,740,070

Other Information

Shares

Sold

6,398,161

6,067,936

Issued in reinvestment of distributions

266,102

349,249

Redeemed

(3,807,519)

(3,584,294)

Net increase (decrease)

2,856,744

2,832,891

Financial Highlights

 

Six months ended August 31, 2013

Years ended February 28,

 

(Unaudited)

2013

2012 I

2011

2010

2009

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 8.89

$ 7.78

$ 7.92

$ 6.70

$ 4.59

$ 8.68

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .10

.18

.15

.12

.13

.20

Net realized and unrealized gain (loss)

  .65

1.21

.10 G

1.22

2.11

(4.14)

Total from investment operations

  .75

1.39

.25

1.34

2.24

(3.94)

Distributions from net investment income

  (.04)

(.15)

(.13)

(.12)

(.13)

(.15)

Distributions from net realized gain

  (.16)

(.13)

(.26)

-

-

-

Total distributions

  (.20)

(.28)

(.39)

(.12)

(.13)

(.15)

Net asset value, end of period

$ 9.44

$ 8.89

$ 7.78

$ 7.92

$ 6.70

$ 4.59

Total Return B, C

  8.49%

18.38%

3.58%

20.15%

48.83%

(45.82)%

Ratios to Average Net Assets E, H

 

 

 

 

 

 

Expenses before reductions

  .45% A

.45%

.45%

.45%

.45%

.45%

Expenses net of fee waivers, if any

  .45% A

.45%

.45%

.45%

.45%

.45%

Expenses net of all reductions

  .45% A

.45%

.45%

.45%

.45%

.45%

Net investment income (loss)

  2.09% A

2.27%

2.04%

1.76%

2.11%

2.81%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 140,408

$ 106,740

$ 71,354

$ 85,123

$ 69,024

$ 20,162

Portfolio turnover rate F

  80% A

76%

85%

83%

89% J

72% J

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund. H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. I For the year ended February 29. J Reflects adjustments to exclude transactions in money market funds.

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

Semiannual Report

Fidelity Large Cap Core Enhanced Index Fund


Investment Changes (Unaudited)

Top Ten Stocks as of August 31, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Apple, Inc.

3.5

3.3

Exxon Mobil Corp.

3.1

3.3

Johnson & Johnson

2.1

1.8

Microsoft Corp.

2.0

1.8

Chevron Corp.

2.0

2.0

General Electric Co.

1.9

2.1

Google, Inc. Class A

1.9

1.7

Berkshire Hathaway, Inc. Class B

1.9

1.0

Wells Fargo & Co.

1.8

1.6

JPMorgan Chase & Co.

1.8

1.7

 

22.0

Market Sectors as of August 31, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

19.5

18.6

Financials

17.2

16.4

Health Care

14.5

11.2

Consumer Discretionary

13.9

10.3

Consumer Staples

10.1

11.7

Industrials

8.5

11.1

Energy

8.5

10.3

Materials

2.2

2.6

Telecommunication Services

2.1

1.9

Utilities

1.3

4.2

Semiannual Report

Fidelity Large Cap Core Enhanced Index Fund


Investments August 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%

Shares

Value

CONSUMER DISCRETIONARY - 13.9%

Auto Components - 2.0%

Delphi Automotive PLC

21,600

$ 1,188,432

Gentex Corp.

46,677

1,051,633

Johnson Controls, Inc.

39,657

1,607,298

Lear Corp.

11,642

800,388

 

4,647,751

Automobiles - 0.6%

Ford Motor Co.

93,735

1,517,570

Hotels, Restaurants & Leisure - 1.5%

Bally Technologies, Inc. (a)

8,436

608,489

International Game Technology

67,831

1,281,328

McDonald's Corp.

19,114

1,803,597

 

3,693,414

Household Durables - 0.6%

Whirlpool Corp.

10,353

1,331,913

Internet & Catalog Retail - 0.5%

Amazon.com, Inc. (a)

2,012

565,332

Liberty Media Corp. Interactive Series A (a)

28,769

649,604

 

1,214,936

Media - 4.9%

Comcast Corp. Class A

70,045

2,948,194

DIRECTV (a)

23,167

1,347,856

Starz - Liberty Capital Series A (a)

46,082

1,150,207

The Walt Disney Co.

36,512

2,221,025

Time Warner Cable, Inc.

4,558

489,301

Time Warner, Inc.

23,126

1,399,817

Viacom, Inc. Class B (non-vtg.)

19,509

1,552,136

Washington Post Co. Class B

848

478,272

 

11,586,808

Multiline Retail - 0.0%

Dillard's, Inc. Class A

655

49,950

Specialty Retail - 3.3%

Foot Locker, Inc.

33,170

1,068,074

Gap, Inc.

32,007

1,294,363

Home Depot, Inc.

39,003

2,905,333

Lowe's Companies, Inc.

32,924

1,508,578

PetSmart, Inc.

11,786

830,088

TJX Companies, Inc.

3,684

194,220

 

7,800,656

Textiles, Apparel & Luxury Goods - 0.5%

NIKE, Inc. Class B

17,539

1,101,800

TOTAL CONSUMER DISCRETIONARY

32,944,798

 

Shares

Value

CONSUMER STAPLES - 10.1%

Beverages - 1.4%

PepsiCo, Inc.

24,579

$ 1,959,684

The Coca-Cola Co.

31,794

1,213,895

 

3,173,579

Food & Staples Retailing - 3.1%

CVS Caremark Corp.

37,234

2,161,434

Kroger Co.

30,726

1,124,572

Rite Aid Corp. (a)

353,031

1,221,487

Wal-Mart Stores, Inc.

39,578

2,888,402

 

7,395,895

Food Products - 2.9%

Archer Daniels Midland Co.

26,988

950,247

General Mills, Inc.

27,282

1,345,548

Ingredion, Inc.

683

42,988

Kraft Foods Group, Inc.

21,767

1,126,878

Pilgrims Pride Corp. (a)

56,403

864,658

The J.M. Smucker Co.

12,292

1,304,673

Tyson Foods, Inc. Class A

45,212

1,308,887

 

6,943,879

Household Products - 2.3%

Kimberly-Clark Corp.

16,264

1,520,359

Procter & Gamble Co.

50,202

3,910,234

 

5,430,593

Tobacco - 0.4%

Philip Morris International, Inc.

12,198

1,017,801

TOTAL CONSUMER STAPLES

23,961,747

ENERGY - 8.5%

Energy Equipment & Services - 0.7%

Diamond Offshore Drilling, Inc.

9,591

614,112

Schlumberger Ltd.

12,677

1,026,076

 

1,640,188

Oil, Gas & Consumable Fuels - 7.8%

Chevron Corp.

38,579

4,646,069

ConocoPhillips

24,615

1,631,975

Delek US Holdings, Inc.

16,337

406,138

Exxon Mobil Corp.

84,753

7,387,071

HollyFrontier Corp.

2,868

127,569

Marathon Petroleum Corp.

21,552

1,562,736

Occidental Petroleum Corp.

315

27,786

Phillips 66

29,160

1,665,036

Valero Energy Corp.

30,492

1,083,381

 

18,537,761

TOTAL ENERGY

20,177,949

FINANCIALS - 17.2%

Capital Markets - 2.0%

Franklin Resources, Inc.

16,670

769,487

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

Goldman Sachs Group, Inc.

14,064

$ 2,139,556

Morgan Stanley

67,299

1,733,622

 

4,642,665

Commercial Banks - 3.4%

CIT Group, Inc. (a)

24,445

1,170,182

Fifth Third Bancorp

76,083

1,391,558

Regions Financial Corp.

66,275

622,985

U.S. Bancorp

12,232

441,942

Wells Fargo & Co.

107,177

4,402,831

 

8,029,498

Consumer Finance - 2.1%

American Express Co.

31,206

2,244,023

Discover Financial Services

31,351

1,481,335

SLM Corp.

56,515

1,355,795

 

5,081,153

Diversified Financial Services - 5.4%

Bank of America Corp.

251,446

3,550,418

CBOE Holdings, Inc.

13,331

611,760

Citigroup, Inc.

72,430

3,500,542

JPMorgan Chase & Co.

82,664

4,177,012

The NASDAQ Stock Market, Inc.

30,725

917,449

 

12,757,181

Insurance - 4.3%

Axis Capital Holdings Ltd.

13,736

590,511

Berkshire Hathaway, Inc. Class B (a)

39,697

4,415,100

CNA Financial Corp.

9,980

352,094

Everest Re Group Ltd.

28

3,835

First American Financial Corp.

16,377

342,279

HCC Insurance Holdings, Inc.

71

2,996

Marsh & McLennan Companies, Inc.

20,673

852,348

PartnerRe Ltd.

6,294

548,522

Platinum Underwriters Holdings Ltd.

7,127

411,798

RenaissanceRe Holdings Ltd.

8,132

710,737

The Travelers Companies, Inc.

19,717

1,575,388

Validus Holdings Ltd.

12,525

433,490

 

10,239,098

TOTAL FINANCIALS

40,749,595

HEALTH CARE - 14.5%

Biotechnology - 1.8%

Amgen, Inc.

6,373

694,275

Biogen Idec, Inc. (a)

8,736

1,860,943

Celgene Corp. (a)

904

126,542

Gilead Sciences, Inc. (a)(e)

6,307

380,123

United Therapeutics Corp. (a)(e)

17,403

1,234,047

 

4,295,930

 

Shares

Value

Health Care Equipment & Supplies - 2.5%

Abbott Laboratories

59,097

$ 1,969,703

CareFusion Corp. (a)

36,142

1,295,691

Medtronic, Inc.

37,477

1,939,435

St. Jude Medical, Inc.

13,949

703,169

 

5,907,998

Health Care Providers & Services - 4.0%

Aetna, Inc.

13,737

870,788

AmerisourceBergen Corp.

23,593

1,342,914

Cardinal Health, Inc.

29,156

1,465,964

McKesson Corp.

13,411

1,628,230

Omnicare, Inc. (e)

13,563

737,420

UnitedHealth Group, Inc.

25,465

1,826,859

WellPoint, Inc.

19,136

1,629,239

 

9,501,414

Pharmaceuticals - 6.2%

AbbVie, Inc.

52,475

2,235,960

Eli Lilly & Co.

22,988

1,181,583

Johnson & Johnson

57,189

4,941,701

Merck & Co., Inc.

53,241

2,517,767

Pfizer, Inc.

137,586

3,881,301

 

14,758,312

TOTAL HEALTH CARE

34,463,654

INDUSTRIALS - 8.5%

Aerospace & Defense - 3.9%

Exelis, Inc.

26,617

391,536

General Dynamics Corp.

17,905

1,490,591

Honeywell International, Inc.

6,619

526,674

L-3 Communications Holdings, Inc.

14,554

1,314,663

Northrop Grumman Corp.

16,458

1,518,580

Raytheon Co.

20,658

1,557,820

The Boeing Co.

21,876

2,273,354

United Technologies Corp.

2,005

200,701

 

9,273,919

Electrical Equipment - 0.4%

Generac Holdings, Inc. (e)

25,034

991,096

Industrial Conglomerates - 2.7%

3M Co.

16,704

1,897,240

General Electric Co.

194,839

4,508,574

 

6,405,814

Machinery - 0.6%

AGCO Corp.

6,673

377,425

CNH Global NV

13,459

617,499

Dover Corp.

6,062

515,573

Mueller Industries, Inc.

1,265

67,728

 

1,578,225

Marine - 0.1%

Matson, Inc.

9,179

244,437

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Road & Rail - 0.8%

Union Pacific Corp.

11,838

$ 1,817,607

TOTAL INDUSTRIALS

20,311,098

INFORMATION TECHNOLOGY - 19.5%

Communications Equipment - 3.1%

Brocade Communications Systems, Inc. (a)

65,304

483,250

Cisco Systems, Inc.

131,652

3,068,808

Harris Corp.

11,822

669,480

QUALCOMM, Inc.

45,325

3,004,141

 

7,225,679

Computers & Peripherals - 6.1%

Apple, Inc.

17,077

8,317,350

EMC Corp.

79,178

2,041,209

NetApp, Inc. (e)

35,366

1,469,104

SanDisk Corp.

25,129

1,386,618

Western Digital Corp.

21,880

1,356,560

 

14,570,841

Internet Software & Services - 1.9%

Google, Inc. Class A (a)

5,222

4,422,512

Yahoo!, Inc. (a)

4,299

116,589

 

4,539,101

IT Services - 3.8%

Amdocs Ltd.

26,088

961,604

Cognizant Technology Solutions Corp. Class A (a)

22,080

1,618,464

IBM Corp.

18,709

3,410,089

MasterCard, Inc. Class A

3,589

2,175,221

Total System Services, Inc.

19,289

533,727

Visa, Inc. Class A

2,098

365,933

 

9,065,038

Semiconductors & Semiconductor Equipment - 1.0%

Intel Corp.

109,366

2,403,865

Software - 3.6%

CA Technologies, Inc.

45,934

1,343,570

Microsoft Corp.

141,146

4,714,276

Oracle Corp.

78,535

2,502,125

 

8,559,971

TOTAL INFORMATION TECHNOLOGY

46,364,495

MATERIALS - 2.2%

Chemicals - 2.0%

CF Industries Holdings, Inc.

4,493

855,198

LyondellBasell Industries NV Class A

23,527

1,650,419

 

Shares

Value

Monsanto Co.

15,509

$ 1,518,176

Westlake Chemical Corp.

5,974

604,449

 

4,628,242

Containers & Packaging - 0.2%

Graphic Packaging Holding Co. (a)

18,381

152,746

Packaging Corp. of America

7,357

390,215

 

542,961

TOTAL MATERIALS

5,171,203

TELECOMMUNICATION SERVICES - 2.1%

Diversified Telecommunication Services - 2.1%

AT&T, Inc.

69,336

2,345,637

CenturyLink, Inc.

39,295

1,301,450

Verizon Communications, Inc.

30,241

1,432,819

 

5,079,906

UTILITIES - 1.3%

Electric Utilities - 0.1%

Edison International

2,470

113,348

Multi-Utilities - 1.1%

Ameren Corp.

25,422

859,518

DTE Energy Co.

12,289

821,765

Public Service Enterprise Group, Inc.

30,543

990,204

 

2,671,487

Water Utilities - 0.1%

American Water Works Co., Inc.

5,810

236,699

TOTAL UTILITIES

3,021,534

TOTAL COMMON STOCKS

(Cost $209,732,557)


232,245,979

U.S. Treasury Obligations - 0.2%

 

Principal Amount

 

U.S. Treasury Bills, yield at date of purchase 0.08% 9/19/13 (f)
(Cost $499,979)

$ 500,000


499,996

Money Market Funds - 3.5%

Shares

Value

Dreyfus Cash Management Institutional Shares, 0.10% (c)

4,472,386

$ 4,472,386

Fidelity Securities Lending Cash Central Fund, 0.10% (b)(d)

3,791,875

3,791,875

TOTAL MONEY MARKET FUNDS

(Cost $8,264,261)


8,264,261

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $218,496,797)

241,010,236

NET OTHER ASSETS (LIABILITIES) - (1.5)%

(3,598,433)

NET ASSETS - 100%

$ 237,411,803

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

64 CME E-mini S&P 500 Index Contracts

Sept. 2013

$ 5,220,160

$ 57,649

 

The face value of futures purchased as a percentage of net assets is 2.2%

Legend

(a) Non-income producing

(b) 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.

(c) The rate quoted is the annualized seven-day yield of the fund at period end.

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

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

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $318,997.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Securities Lending Cash Central Fund

$ 13,413

Other Information

The following is a summary of the inputs used, as of August 31, 2013, 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 in the table 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:

Equities:

Consumer Discretionary

$ 32,944,798

$ 32,944,798

$ -

$ -

Consumer Staples

23,961,747

23,961,747

-

-

Energy

20,177,949

20,177,949

-

-

Financials

40,749,595

40,749,595

-

-

Health Care

34,463,654

34,463,654

-

-

Industrials

20,311,098

20,311,098

-

-

Information Technology

46,364,495

46,364,495

-

-

Materials

5,171,203

5,171,203

-

-

Telecommunication Services

5,079,906

5,079,906

-

-

Utilities

3,021,534

3,021,534

-

-

U.S. Government and Government Agency Obligations

499,996

-

499,996

-

Money Market Funds

8,264,261

8,264,261

-

-

Total Investments in Securities:

$ 241,010,236

$ 240,510,240

$ 499,996

$ -

Derivative Instruments:

Assets

Futures Contracts

$ 57,649

$ 57,649

$ -

$ -

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of August 31, 2013. 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)

$ 57,649

$ -

Total Valude of Derivatives

$ 57,649

$ -

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities.

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

Semiannual Report

Fidelity Large Cap Core Enhanced Index Fund


Financial Statements

Statement of Assets and Liabilities

  

August 31, 2013 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $3,655,351) - See accompanying schedule:

Unaffiliated issuers (cost $214,704,922)

$ 237,218,361

 

Fidelity Central Funds (cost $3,791,875)

3,791,875

 

Total Investments (cost $218,496,797)

 

$ 241,010,236

Cash

 

610,375

Receivable for fund shares sold

96,983

Dividends receivable

514,081

Interest receivable

182

Distributions receivable from Fidelity Central Funds

307

Total assets

242,232,164

 

 

 

Liabilities

Payable for investments purchased

$ 610,375

Payable for fund shares redeemed

309,257

Accrued management fee

60,809

Payable for daily variation margin for derivative instruments

17,642

Other affiliated payables

30,403

Collateral on securities loaned, at value

3,791,875

Total liabilities

4,820,361

 

 

 

Net Assets

$ 237,411,803

Net Assets consist of:

 

Paid in capital

$ 223,254,699

Undistributed net investment income

2,567,349

Accumulated undistributed net realized gain (loss) on investments

(10,981,333)

Net unrealized appreciation (depreciation) on investments

22,571,088

Net Assets, for 21,518,802 shares outstanding

$ 237,411,803

Net Asset Value, offering price and redemption price per share ($237,411,803 ÷ 21,518,802 shares)

$ 11.03

Statement of Operations

  

Six months ended August 31, 2013 (Unaudited)

Investment Income

  

  

Dividends

 

$ 2,435,195

Interest

 

1,156

Income from Fidelity Central Funds

 

13,413

Total income

 

2,449,764

 

 

 

Expenses

Management fee

$ 340,458

Transfer agent fees

170,920

Independent trustees' compensation

1,382

Miscellaneous

249

Total expenses before reductions

513,009

Expense reductions

(13)

512,996

Net investment income (loss)

1,936,768

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

5,969,901

Futures contracts

268,413

Total net realized gain (loss)

 

6,238,314

Change in net unrealized appreciation (depreciation) on:

Investment securities

10,817,755

Futures contracts

64,214

Total change in net unrealized appreciation (depreciation)

 

10,881,969

Net gain (loss)

17,120,283

Net increase (decrease) in net assets resulting from operations

$ 19,057,051

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

Semiannual Report

Statement of Changes in Net Assets

  

Six months ended
August 31, 2013
(Unaudited)

Year ended
February 28,
2013

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 1,936,768

$ 4,941,579

Net realized gain (loss)

6,238,314

11,950,985

Change in net unrealized appreciation (depreciation)

10,881,969

9,631,714

Net increase (decrease) in net assets resulting from operations

19,057,051

26,524,278

Distributions to shareholders from net investment income

(797,257)

(4,152,614)

Distributions to shareholders from net realized gain

(11,414,389)

(1,162,732)

Total distributions

(12,211,646)

(5,315,346)

Share transactions
Proceeds from sales of shares

29,816,071

52,970,505

Reinvestment of distributions

11,683,616

5,061,436

Cost of shares redeemed

(19,608,518)

(132,790,409)

Net increase (decrease) in net assets resulting from share transactions

21,891,169

(74,758,468)

Total increase (decrease) in net assets

28,736,574

(53,549,536)

Net Assets

Beginning of period

208,675,229

262,224,765

End of period (including undistributed net investment income of $2,567,349 and undistributed net investment income of $1,427,838, respectively)

$ 237,411,803

$ 208,675,229

Other Information

Shares

Sold

2,700,232

5,322,241

Issued in reinvestment of distributions

1,100,152

509,712

Redeemed

(1,785,097)

(13,418,567)

Net increase (decrease)

2,015,287

(7,586,614)

Financial Highlights

 

Six months ended August 31, 2013

Years ended February 28,

 

(Unaudited)

2013

2012 I

2011

2010

2009

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.70

$ 9.68

$ 9.09

$ 7.69

$ 5.27

$ 9.20

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .09

.21

.14

.13

.12

.16

Net realized and unrealized gain (loss)

  .87

1.03

.48 G

1.42

2.43

(3.95)

Total from investment operations

  .96

1.24

.62

1.55

2.55

(3.79)

Distributions from net investment income

  (.04)

(.18)

(.03)

(.15)

(.13)

(.14)

Distributions from net realized gain

  (.59)

(.05)

-

-

-

-

Total distributions

  (.63)

(.22) J

(.03)

(.15)

(.13)

(.14)

Net asset value, end of period

$ 11.03

$ 10.70

$ 9.68

$ 9.09

$ 7.69

$ 5.27

Total Return B, C

  9.18%

13.03%

6.78%

20.25%

48.52%

(41.51)%

Ratios to Average Net Assets E, H

 

 

 

 

 

 

Expenses before reductions

  .45% A

.45%

.45%

.45%

.45%

.45%

Expenses net of fee waivers, if any

  .45% A

.45%

.45%

.45%

.45%

.45%

Expenses net of all reductions

  .45% A

.45%

.45%

.45%

.45%

.45%

Net investment income (loss)

  1.70% A

2.08%

1.53%

1.58%

1.76%

2.05%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 237,412

$ 208,675

$ 262,225

$ 968,646

$ 1,006,185

$ 723,548

Portfolio turnover rate F

  76% A

85%

104%

64%

60% K

45% K

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund. H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. I For the year ended February 29. J Total distributions of $0.22 per share is comprised of distributions from net investment income of $0.175 and distributions from net realized gain of $.049 per share. K Reflects adjustments to exclude transactions in money market mutual funds.

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

Semiannual Report

Fidelity Mid Cap Enhanced Index Fund


Investment Changes (Unaudited)

Top Ten Stocks as of August 31, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

CIGNA Corp.

0.9

0.8

Kroger Co.

0.9

0.7

Noble Energy, Inc.

0.8

0.0

Cardinal Health, Inc.

0.8

0.0

VF Corp.

0.8

0.0

Public Service Enterprise Group, Inc.

0.8

0.0

Delphi Automotive PLC

0.8

0.8

Symantec Corp.

0.8

0.8

McGraw-Hill Companies, Inc.

0.8

0.7

Weyerhaeuser Co.

0.8

0.8

 

8.2

Market Sectors as of August 31, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

20.5

21.4

Consumer Discretionary

18.5

14.3

Information Technology

15.1

14.9

Health Care

12.1

7.6

Industrials

10.6

14.5

Consumer Staples

7.5

7.9

Utilities

5.1

6.2

Energy

4.9

6.7

Materials

3.8

3.9

Telecommunication Services

0.0

0.2

Semiannual Report

Fidelity Mid Cap Enhanced Index Fund


Investments August 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%

Shares

Value

CONSUMER DISCRETIONARY - 18.5%

Auto Components - 3.2%

BorgWarner, Inc.

915

$ 88,371

Delphi Automotive PLC

33,643

1,851,038

Gentex Corp.

55,604

1,252,758

Lear Corp.

20,766

1,427,663

The Goodyear Tire & Rubber Co. (a)

70,816

1,424,818

TRW Automotive Holdings Corp. (a)

18,228

1,259,008

Visteon Corp. (a)

900

64,449

 

7,368,105

Distributors - 0.2%

Genuine Parts Co.

6,090

468,991

Hotels, Restaurants & Leisure - 2.2%

Bally Technologies, Inc. (a)(e)

17,605

1,269,849

International Game Technology

66,133

1,249,252

Marriott Vacations Worldwide Corp. (a)(e)

5,894

256,978

Wyndham Worldwide Corp.

9,570

568,075

Wynn Resorts Ltd. (e)

11,880

1,675,555

 

5,019,709

Household Durables - 1.4%

Mohawk Industries, Inc. (a)

3,589

421,672

PulteGroup, Inc.

73,545

1,131,858

Whirlpool Corp.

12,093

1,555,764

 

3,109,294

Internet & Catalog Retail - 1.4%

Expedia, Inc.

12,195

570,238

Liberty Media Corp. Interactive
Series A (a)

53,094

1,198,863

Netflix, Inc. (a)(e)

5,389

1,529,991

 

3,299,092

Leisure Equipment & Products - 1.2%

Mattel, Inc.

32,862

1,330,911

Polaris Industries, Inc.

13,192

1,440,698

Smith & Wesson Holding Corp. (a)

8,768

95,922

 

2,867,531

Media - 2.0%

AMC Networks, Inc. Class A (a)

17,617

1,091,902

Charter Communications, Inc. Class A (a)

4,000

485,680

Scripps Networks Interactive, Inc. Class A

17,353

1,275,966

Starz - Liberty Capital Series A (a)

56,292

1,405,048

Washington Post Co. Class B

486

274,104

 

4,532,700

Multiline Retail - 0.8%

Dillard's, Inc. Class A

3,527

268,969

Macy's, Inc.

36,607

1,626,449

 

1,895,418

Specialty Retail - 4.0%

Best Buy Co., Inc.

42,738

1,538,568

Foot Locker, Inc.

8,516

274,215

Gap, Inc.

40,352

1,631,835

 

Shares

Value

L Brands, Inc.

15,355

$ 880,763

O'Reilly Automotive, Inc. (a)

14,062

1,725,548

PetSmart, Inc.

20,771

1,462,902

Ross Stores, Inc.

26,450

1,779,027

 

9,292,858

Textiles, Apparel & Luxury Goods - 2.1%

Coach, Inc.

14,708

776,729

Fossil Group, Inc. (a)

7,396

858,971

Hanesbrands, Inc.

22,824

1,357,572

VF Corp.

9,956

1,863,863

 

4,857,135

TOTAL CONSUMER DISCRETIONARY

42,710,833

CONSUMER STAPLES - 7.5%

Beverages - 0.5%

Coca-Cola Enterprises, Inc.

15,218

569,153

Dr. Pepper Snapple Group, Inc.

12,700

568,452

 

1,137,605

Food & Staples Retailing - 1.4%

Kroger Co.

54,101

1,980,097

Rite Aid Corp. (a)

358,875

1,241,708

 

3,221,805

Food Products - 4.5%

Campbell Soup Co. (e)

29,562

1,276,487

ConAgra Foods, Inc.

37,698

1,274,946

Hormel Foods Corp. (e)

17,624

730,162

Ingredion, Inc.

15,615

982,808

Pilgrims Pride Corp. (a)(e)

73,145

1,121,313

Sanderson Farms, Inc.

5,390

352,937

The Hershey Co.

18,536

1,704,385

The J.M. Smucker Co.

15,383

1,632,752

Tyson Foods, Inc. Class A

49,181

1,423,790

 

10,499,580

Household Products - 0.4%

Energizer Holdings, Inc.

8,167

807,145

Personal Products - 0.6%

Nu Skin Enterprises, Inc. Class A

16,774

1,404,152

Tobacco - 0.1%

Lorillard, Inc.

5,000

211,500

TOTAL CONSUMER STAPLES

17,281,787

ENERGY - 4.9%

Energy Equipment & Services - 1.4%

Diamond Offshore Drilling, Inc. (e)

18,534

1,186,732

Helmerich & Payne, Inc. (e)

15,657

987,017

Oceaneering International, Inc.

12,939

1,003,808

 

3,177,557

Oil, Gas & Consumable Fuels - 3.5%

Delek US Holdings, Inc.

9,978

248,053

HollyFrontier Corp.

29,583

1,315,852

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Marathon Petroleum Corp.

15,863

$ 1,150,226

Murphy Oil Corp.

16,299

1,098,879

Noble Energy, Inc.

31,452

1,932,096

Tesoro Corp.

26,723

1,231,663

Valero Energy Corp.

32,211

1,144,457

 

8,121,226

TOTAL ENERGY

11,298,783

FINANCIALS - 20.5%

Capital Markets - 1.9%

Ameriprise Financial, Inc.

1,141

98,297

LPL Financial

12,804

470,931

Raymond James Financial, Inc.

16,675

697,515

SEI Investments Co.

28,179

838,607

T. Rowe Price Group, Inc.

23,059

1,617,358

Waddell & Reed Financial, Inc. Class A

12,868

612,774

 

4,335,482

Commercial Banks - 5.3%

CIT Group, Inc. (a)

29,981

1,435,190

Fifth Third Bancorp

94,661

1,731,350

First Republic Bank

31,132

1,378,525

Huntington Bancshares, Inc. (e)

166,678

1,373,427

M&T Bank Corp.

14,991

1,699,080

Regions Financial Corp.

171,378

1,610,953

SunTrust Banks, Inc.

55,055

1,762,861

Synovus Financial Corp.

368,615

1,175,882

 

12,167,268

Consumer Finance - 1.4%

Credit Acceptance Corp. (a)

5,398

580,555

Discover Financial Services

24,077

1,137,638

SLM Corp.

65,364

1,568,082

 

3,286,275

Diversified Financial Services - 2.9%

CBOE Holdings, Inc.

24,064

1,104,297

ING U.S., Inc.

37,774

1,087,891

McGraw-Hill Companies, Inc.

30,935

1,805,676

Moody's Corp.

25,309

1,608,640

MSCI, Inc. Class A (a)

22,307

836,736

The NASDAQ Stock Market, Inc.

5,339

159,423

 

6,602,663

Insurance - 4.1%

American International Group, Inc. warrants 1/19/21 (a)

574

10,734

Aon PLC

25,262

1,676,892

Arthur J. Gallagher & Co.

12,493

516,461

Aspen Insurance Holdings Ltd.

20,896

743,271

Axis Capital Holdings Ltd.

28,098

1,207,933

Everest Re Group Ltd.

10,024

1,372,787

HCC Insurance Holdings, Inc.

22,300

941,060

 

Shares

Value

PartnerRe Ltd.

4,249

$ 370,300

ProAssurance Corp.

13,206

622,531

Progressive Corp. (e)

8,060

202,064

RenaissanceRe Holdings Ltd.

10,122

884,663

Validus Holdings Ltd.

24,657

853,379

 

9,402,075

Real Estate Investment Trusts - 4.3%

American Capital Agency Corp.

15,251

347,113

Camden Property Trust (SBI)

6,879

425,053

CBL & Associates Properties, Inc.

35,083

673,594

Corrections Corp. of America

38,632

1,272,538

Extra Space Storage, Inc.

26,437

1,089,998

General Growth Properties, Inc.

66,649

1,278,328

HCP, Inc.

5,464

222,549

Home Properties, Inc.

3,296

190,179

MFA Financial, Inc.

94,809

682,625

New Residential Investment Corp.

84,524

536,727

Potlatch Corp.

4,890

188,558

Retail Properties America, Inc.

11,776

157,092

RLJ Lodging Trust

32,777

753,215

The Geo Group, Inc.

12,022

375,207

Ventas, Inc.

1,141

71,039

Weyerhaeuser Co.

65,679

1,798,291

 

10,062,106

Thrifts & Mortgage Finance - 0.6%

Home Loan Servicing Solutions Ltd.

12,375

282,150

Ocwen Financial Corp. (a)

22,808

1,150,436

 

1,432,586

TOTAL FINANCIALS

47,288,455

HEALTH CARE - 12.1%

Biotechnology - 2.1%

Biogen Idec, Inc. (a)

5,083

1,082,781

Myriad Genetics, Inc. (a)(e)

39,689

1,038,661

Pharmacyclics, Inc. (a)

13,071

1,457,417

United Therapeutics Corp. (a)(e)

18,335

1,300,135

 

4,878,994

Health Care Equipment & Supplies - 3.2%

Boston Scientific Corp. (a)

91,724

970,440

CareFusion Corp. (a)

25,408

910,877

Edwards Lifesciences Corp. (a)(e)

20,333

1,431,037

Sirona Dental Systems, Inc. (a)

4,090

264,909

St. Jude Medical, Inc.

33,823

1,705,017

Thoratec Corp. (a)

14,730

526,303

Zimmer Holdings, Inc.

19,539

1,545,340

 

7,353,923

Health Care Providers & Services - 5.5%

AmerisourceBergen Corp.

28,970

1,648,972

Cardinal Health, Inc.

37,279

1,874,388

CIGNA Corp.

26,295

2,069,154

HCA Holdings, Inc.

40,257

1,537,415

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - continued

Humana, Inc.

16,590

$ 1,527,607

Laboratory Corp. of America Holdings (a)(e)

11,303

1,081,923

Omnicare, Inc. (e)

25,627

1,393,340

Quest Diagnostics, Inc. (e)

26,333

1,543,640

 

12,676,439

Pharmaceuticals - 1.3%

Actavis, Inc. (a)

1,700

229,806

Mylan, Inc. (a)

47,394

1,674,904

Santarus, Inc. (a)

12,933

291,251

Warner Chilcott PLC

6,752

144,830

Zoetis, Inc. Class A

25,773

751,283

 

3,092,074

TOTAL HEALTH CARE

28,001,430

INDUSTRIALS - 10.6%

Aerospace & Defense - 2.2%

Alliant Techsystems, Inc.

13,340

1,290,778

BE Aerospace, Inc. (a)

20,510

1,398,577

Exelis, Inc.

12,925

190,127

L-3 Communications Holdings, Inc.

16,328

1,474,908

Rockwell Collins, Inc.

12,254

867,216

 

5,221,606

Airlines - 0.3%

Copa Holdings SA Class A

226

29,556

Delta Air Lines, Inc.

32,329

637,851

Southwest Airlines Co.

245

3,138

 

670,545

Commercial Services & Supplies - 0.3%

UniFirst Corp.

6,797

651,696

Construction & Engineering - 0.1%

AECOM Technology Corp. (a)

5,567

162,167

Electrical Equipment - 1.4%

AMETEK, Inc.

11,724

503,194

Generac Holdings, Inc. (e)

25,015

990,344

Rockwell Automation, Inc.

17,831

1,733,708

 

3,227,246

Machinery - 4.8%

AGCO Corp. (e)

24,693

1,396,636

CNH Global NV

25,904

1,188,476

Crane Co.

12,272

704,536

Dover Corp.

20,485

1,742,249

Ingersoll-Rand PLC

20,313

1,201,311

Lincoln Electric Holdings, Inc.

6,839

427,643

Parker Hannifin Corp.

4,235

423,288

Snap-On, Inc.

3,403

318,521

Toro Co.

8,976

474,023

Trinity Industries, Inc. (e)

17,104

722,131

Valmont Industries, Inc.

8,523

1,150,264

 

Shares

Value

WABCO Holdings, Inc. (a)

7,454

$ 581,337

Wabtec Corp.

14,526

850,062

 

11,180,477

Professional Services - 1.5%

Equifax, Inc.

686

40,536

Manpower, Inc.

20,174

1,308,284

Robert Half International, Inc.

20,068

707,798

Towers Watson & Co.

16,743

1,377,112

 

3,433,730

TOTAL INDUSTRIALS

24,547,467

INFORMATION TECHNOLOGY - 15.1%

Communications Equipment - 1.0%

Brocade Communications Systems, Inc. (a)

175,850

1,301,290

Harris Corp.

12,944

733,019

Juniper Networks, Inc. (a)

16,474

311,359

 

2,345,668

Computers & Peripherals - 2.2%

NetApp, Inc. (e)

41,314

1,716,184

SanDisk Corp. (e)

31,146

1,718,636

Western Digital Corp.

26,526

1,644,612

 

5,079,432

Electronic Equipment & Components - 0.5%

Avnet, Inc.

22,008

848,628

Ingram Micro, Inc. Class A (a)

14,176

313,290

 

1,161,918

Internet Software & Services - 0.0%

AOL, Inc.

1,935

63,720

IT Services - 2.3%

Amdocs Ltd.

35,324

1,302,043

Booz Allen Hamilton Holding Corp.
Class A

28,925

585,153

Computer Sciences Corp.

3,514

176,227

Fidelity National Information Services, Inc.

20,032

890,623

Genpact Ltd.

4,677

90,032

Jack Henry & Associates, Inc.

5,581

278,492

The Western Union Co.

28,452

498,764

Total System Services, Inc.

48,333

1,337,374

 

5,158,708

Office Electronics - 0.7%

Xerox Corp.

166,999

1,666,650

Semiconductors & Semiconductor Equipment - 5.1%

Analog Devices, Inc.

22,083

1,022,001

Avago Technologies Ltd.

39,029

1,503,007

KLA-Tencor Corp.

19,829

1,093,569

Linear Technology Corp. (e)

29,887

1,145,569

Marvell Technology Group Ltd.

110,585

1,339,184

Maxim Integrated Products, Inc.

51,057

1,421,682

Micron Technology, Inc. (a)

125,523

1,703,347

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

NVIDIA Corp. (e)

62,954

$ 928,572

Xilinx, Inc.

36,748

1,595,598

 

11,752,529

Software - 3.3%

Activision Blizzard, Inc.

86,855

1,417,474

Aspen Technology, Inc. (a)

25,731

860,187

CA Technologies, Inc.

51,810

1,515,443

Intuit, Inc. (e)

18,406

1,169,333

Symantec Corp.

72,189

1,848,760

Synopsys, Inc. (a)

21,633

784,413

 

7,595,610

TOTAL INFORMATION TECHNOLOGY

34,824,235

MATERIALS - 3.8%

Chemicals - 1.5%

CF Industries Holdings, Inc.

8,285

1,576,967

Eastman Chemical Co.

8,807

669,332

Westlake Chemical Corp.

11,860

1,199,995

 

3,446,294

Containers & Packaging - 1.6%

Avery Dennison Corp.

1,431

61,190

Bemis Co., Inc.

6,082

242,003

Graphic Packaging Holding Co. (a)

101,068

839,875

Packaging Corp. of America

25,696

1,362,916

Rock-Tenn Co. Class A

8,261

917,880

Silgan Holdings, Inc.

5,581

263,312

 

3,687,176

Paper & Forest Products - 0.7%

International Paper Co.

20,497

967,663

Kapstone Paper & Packaging Corp. (e)

14,918

626,556

Louisiana-Pacific Corp. (a)

6,134

91,765

 

1,685,984

TOTAL MATERIALS

8,819,454

UTILITIES - 5.1%

Electric Utilities - 1.3%

Edison International

3,117

143,039

NV Energy, Inc.

6,333

148,509

Pinnacle West Capital Corp.

17,155

931,002

Xcel Energy, Inc.

62,751

1,752,008

 

2,974,558

Gas Utilities - 0.0%

National Fuel Gas Co.

1,278

83,428

Independent Power Producers & Energy Traders - 0.2%

The AES Corp.

37,796

480,387

 

Shares

Value

Multi-Utilities - 3.3%

Alliant Energy Corp.

13,219

$ 655,795

Ameren Corp.

41,949

1,418,296

CenterPoint Energy, Inc.

15,968

366,146

CMS Energy Corp.

1,520

40,326

DTE Energy Co.

23,558

1,575,323

Public Service Enterprise Group, Inc.

57,228

1,855,332

SCANA Corp.

4,456

214,423

Wisconsin Energy Corp. (e)

34,530

1,417,111

 

7,542,752

Water Utilities - 0.3%

American Water Works Co., Inc.

20,471

833,989

TOTAL UTILITIES

11,915,114

TOTAL COMMON STOCKS

(Cost $204,310,340)


226,687,558

U.S. Treasury Obligations - 0.1%

 

Principal Amount

 

U.S. Treasury Bills, yield at date of purchase 0.09% 12/12/13 (f)
(Cost $249,938)

$ 250,000


249,984

Money Market Funds - 14.4%

Shares

 

Dreyfus Cash Management Institutional Shares, 0.10% (c)

6,640,758

6,640,758

Fidelity Securities Lending Cash Central Fund, 0.10% (b)(d)

26,650,925

26,650,925

TOTAL MONEY MARKET FUNDS

(Cost $33,291,683)


33,291,683

TOTAL INVESTMENT PORTFOLIO - 112.6%

(Cost $237,851,961)

260,229,225

NET OTHER ASSETS (LIABILITIES) - (12.6)%

(29,079,765)

NET ASSETS - 100%

$ 231,149,460

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/(Depreciation)

Purchased

Equity Index Contracts

37 CME E-mini S&P MidCap 400 Index Contracts

Sept. 2013

$ 4,376,730

$ 84,053

 

The face value of futures purchased as a percentage of net assets is 1.9%

Legend

(a) Non-income producing

(b) 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.

(c) The rate quoted is the annualized seven-day yield of the fund at period end.

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

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

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $249,984.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Securities Lending Cash Central Fund

$ 21,038

Other Information

The following is a summary of the inputs used, as of August 31, 2013, 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 in the table 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:

Equities:

Consumer Discretionary

$ 42,710,833

$ 42,710,833

$ -

$ -

Consumer Staples

17,281,787

17,281,787

-

-

Energy

11,298,783

11,298,783

-

-

Financials

47,288,455

47,288,455

-

-

Health Care

28,001,430

28,001,430

-

-

Industrials

24,547,467

24,547,467

-

-

Information Technology

34,824,235

34,824,235

-

-

Materials

8,819,454

8,819,454

-

-

Utilities

11,915,114

11,915,114

-

-

U.S. Government and Government Agency Obligations

249,984

-

249,984

-

Money Market Funds

33,291,683

33,291,683

-

-

Total Investments in Securities:

$ 260,229,225

$ 259,979,241

$ 249,984

$ -

Derivative Instruments:

Assets

Futures Contracts

$ 84,053

$ 84,053

$ -

$ -

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of August 31, 2013. 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)

$ 84,053

$ -

Total Value of Derivatives

$ 84,053

$ -

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities.

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

Semiannual Report

Fidelity Mid Cap Enhanced Index Fund


Financial Statements

Statement of Assets and Liabilities

  

August 31, 2013 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $25,900,736) - See accompanying schedule:

Unaffiliated issuers (cost $211,201,036)

$ 233,578,300

 

Fidelity Central Funds (cost $26,650,925)

26,650,925

 

Total Investments (cost $237,851,961)

 

$ 260,229,225

Receivable for investments sold

8,322,713

Receivable for fund shares sold

408,156

Dividends receivable

358,273

Interest receivable

192

Distributions receivable from Fidelity Central Funds

2,377

Other receivables

32

Total assets

269,320,968

 

 

 

Liabilities

Payable for investments purchased

$ 11,057,353

Payable for fund shares redeemed

287,377

Accrued management fee

87,584

Payable for daily variation margin for derivative instruments

59,075

Other affiliated payables

29,194

Collateral on securities loaned, at value

26,650,925

Total liabilities

38,171,508

 

 

 

Net Assets

$ 231,149,460

Net Assets consist of:

 

Paid in capital

$ 201,081,053

Undistributed net investment income

1,458,323

Accumulated undistributed net realized gain (loss) on investments

6,148,767

Net unrealized appreciation (depreciation) on investments

22,461,317

Net Assets, for 19,424,038 shares outstanding

$ 231,149,460

Net Asset Value, offering price and redemption price per share ($231,149,460 ÷ 19,424,038 shares)

$ 11.90

Statement of Operations

  

Six months ended August 31, 2013 (Unaudited)

 

  

  

Investment Income

  

  

Dividends

 

$ 2,036,240

Interest

 

1,748

Income from Fidelity Central Funds

 

21,038

Total income

 

2,059,026

 

 

 

Expenses

Management fee

$ 441,863

Transfer agent fees

147,681

Independent trustees' compensation

1,180

Miscellaneous

160

Total expenses before reductions

590,884

Expense reductions

(4)

590,880

Net investment income
(loss)

1,468,146

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

6,816,087

Futures contracts

657,554

Total net realized gain (loss)

 

7,473,641

Change in net unrealized appreciation (depreciation) on:

Investment securities

8,274,856

Futures contracts

(58,545)

Total change in net unrealized appreciation (depreciation)

 

8,216,311

Net gain (loss)

15,689,952

Net increase (decrease) in net assets resulting from operations

$ 17,158,098

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

Semiannual Report

Fidelity Mid Cap Enhanced Index Fund
Financial Statements - continued

Statement of Changes in Net Assets

  

Six months ended August 31, 2013 (Unaudited)

Year ended
February 28,
2013

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 1,468,146

$ 1,438,276

Net realized gain (loss)

7,473,641

3,806,329

Change in net unrealized appreciation (depreciation)

8,216,311

6,452,442

Net increase (decrease) in net assets resulting from operations

17,158,098

11,697,047

Distributions to shareholders from net investment income

(219,292)

(1,338,905)

Distributions to shareholders from net realized gain

(2,662,837)

(1,032,505)

Total distributions

(2,882,129)

(2,371,410)

Share transactions
Proceeds from sales of shares

110,145,674

62,334,770

Reinvestment of distributions

2,757,859

2,289,379

Cost of shares redeemed

(24,165,693)

(24,883,399)

Net increase (decrease) in net assets resulting from share transactions

88,737,840

39,740,750

Redemption fees

5,483

2,311

Total increase (decrease) in net assets

103,019,292

49,068,698

 

 

 

Net Assets

Beginning of period

128,130,168

79,061,470

End of period (including undistributed net investment income of $1,458,323 and undistributed net investment income of $209,469, respectively)

$ 231,149,460

$ 128,130,168

Other Information

Shares

Sold

9,576,662

5,905,950

Issued in reinvestment of distributions

244,925

235,166

Redeemed

(2,075,132)

(2,543,261)

Net increase (decrease)

7,746,455

3,597,855

Financial Highlights

 

Six months ended August 31, 2013

Years ended February 28,

 

(Unaudited)

2013

2012 H

2011

2010

2009

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.97

$ 9.79

$ 10.28

$ 8.33

$ 5.12

$ 9.16

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .09

.18

.10

.10

.09

.10

Net realized and unrealized gain (loss)

  1.02

1.30

.05

2.30

3.20

(4.07)

Total from investment operations

  1.11

1.48

.15

2.40

3.29

(3.97)

Distributions from net investment income

  (.01)

(.17)

(.07)

(.10)

(.08)

(.08)

Distributions from net realized gain

  (.17)

(.13)

(.58)

(.35)

-

-

Total distributions

  (.18)

(.30)

(.64) K

(.45)

(.08)

(.08)

Redemption fees added to paid in capital D

  - I

- I

- I

- I

- I

.01

Net asset value, end of period

$ 11.90

$ 10.97

$ 9.79

$ 10.28

$ 8.33

$ 5.12

Total Return B, C

  10.25%

15.57%

1.91%

29.44%

64.37%

(43.40)%

Ratios to Average Net Assets E, G

 

 

 

 

 

 

Expenses before reductions

  .60% A

.60%

.60%

.60%

.60%

.60%

Expenses net of fee waivers, if any

  .60% A

.60%

.60%

.60%

.60%

.60%

Expenses net of all reductions

  .60% A

.60%

.60%

.60%

.60%

.60%

Net investment income (loss)

  1.49% A

1.80%

1.03%

1.16%

1.21%

1.39%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 231,149

$ 128,130

$ 79,061

$ 62,104

$ 33,617

$ 14,235

Portfolio turnover rate F

  93% A

99%

92%

59%

80% K

58% K

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of all reductions represent the net expenses paid by the Fund. H For the year ended February 29. I Amount represents less than $.01 per share. J Total distributions of $.64 per share is comprised of distributions from net investment income of $.069 and distributions from net realized gain of $.575 per share. K Reflects adjustments to exclude transactions in money market mutual funds.

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

Semiannual Report

Fidelity Small Cap Enhanced Index Fund


Investment Changes (Unaudited)

Top Ten Stocks as of August 31, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

CommVault Systems, Inc.

0.7

0.6

Aspen Technology, Inc.

0.7

0.6

Rite Aid Corp.

0.7

0.5

Dana Holding Corp.

0.7

0.2

RLJ Lodging Trust

0.7

0.6

Team Health Holdings, Inc.

0.7

0.5

Thoratec Corp.

0.7

0.2

ValueClick, Inc.

0.6

0.0

Express, Inc.

0.6

0.2

Platinum Underwriters Holdings Ltd.

0.6

0.5

 

6.7

Market Sectors as of August 31, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

20.6

23.7

Information Technology

19.1

15.4

Industrials

14.9

15.7

Consumer Discretionary

14.5

11.4

Health Care

11.9

9.8

Consumer Staples

5.1

4.5

Energy

4.9

6.3

Materials

4.8

5.1

Utilities

2.7

4.3

Telecommunication Services

0.0

0.0*

* Amount represents less than 0.1%

Semiannual Report

Fidelity Small Cap Enhanced Index Fund


Investments August 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%

Shares

Value

CONSUMER DISCRETIONARY - 14.5%

Auto Components - 1.8%

Dana Holding Corp.

91,619

$ 1,920,334

Drew Industries, Inc. (e)

6,144

257,802

Gentherm, Inc. (a)

10,912

182,558

Remy International, Inc.

14,318

279,774

Standard Motor Products, Inc.

24,095

738,753

Stoneridge, Inc. (a)

14,131

175,790

Superior Industries International, Inc.

5,728

99,896

Tenneco, Inc. (a)

21,754

1,003,512

Tower International, Inc. (a)

25,653

525,373

 

5,183,792

Distributors - 0.1%

Core-Mark Holding Co., Inc.

2,120

133,772

VOXX International Corp. (a)

17,216

209,347

 

343,119

Diversified Consumer Services - 0.6%

Bridgepoint Education, Inc. (a)

15,867

262,123

Grand Canyon Education, Inc. (a)

4,476

154,467

Hillenbrand, Inc.

32,288

799,451

LifeLock, Inc.

32,854

414,289

Regis Corp.

2,503

39,497

 

1,669,827

Hotels, Restaurants & Leisure - 5.0%

Bloomin' Brands, Inc.

54,265

1,220,963

Bob Evans Farms, Inc.

10,652

522,268

CEC Entertainment, Inc.

3,810

154,191

Churchill Downs, Inc.

1,316

106,596

Cracker Barrel Old Country Store, Inc.

7,326

721,025

DineEquity, Inc.

4,367

289,401

Jack in the Box, Inc. (a)

39,600

1,563,804

Krispy Kreme Doughnuts, Inc. (a)

79,259

1,562,987

Marcus Corp.

5,991

73,689

Marriott Vacations Worldwide Corp. (a)

34,491

1,503,808

Multimedia Games Holding Co., Inc. (a)

40,185

1,576,859

Papa John's International, Inc.

14,005

954,161

Pinnacle Entertainment, Inc. (a)

48,608

1,151,037

Red Robin Gourmet Burgers, Inc. (a)

1,374

89,118

SHFL Entertainment, Inc. (a)

18,027

410,475

Sonic Corp. (a)

42,859

684,030

Texas Roadhouse, Inc. Class A

63,890

1,587,667

 

14,172,079

Household Durables - 0.6%

Flexsteel Industries, Inc.

29,608

665,884

Helen of Troy Ltd. (a)

4,053

162,850

NACCO Industries, Inc. Class A

13,324

740,548

Ryland Group, Inc.

224

7,800

 

1,577,082

 

Shares

Value

Internet & Catalog Retail - 0.2%

Overstock.com, Inc. (a)(e)

16,385

$ 460,910

ValueVision Media, Inc. Class A (a)

8,177

39,986

 

500,896

Leisure Equipment & Products - 0.5%

Brunswick Corp.

3,362

122,242

Smith & Wesson Holding Corp. (a)(e)

124,835

1,365,695

 

1,487,937

Media - 2.6%

Belo Corp. Series A

102,794

1,453,507

Dex Media, Inc. (a)

22,703

210,457

E.W. Scripps Co. Class A (a)

40,084

609,678

Entravision Communication Corp.
Class A

157,901

825,822

Global Sources Ltd. (a)

52,426

321,896

Harte-Hanks, Inc.

9,321

77,364

Loral Space & Communications Ltd.

9,635

636,970

Media General, Inc. Class A (a)(e)

12,046

126,363

Nexstar Broadcasting Group, Inc.
Class A

44,656

1,499,102

Sinclair Broadcast Group, Inc. Class A

61,397

1,468,616

 

7,229,775

Specialty Retail - 2.7%

Big 5 Sporting Goods Corp.

72,629

1,215,083

Brown Shoe Co., Inc.

11,831

265,251

Christopher & Banks Corp. (a)

20,669

114,506

Destination Maternity Corp.

9,329

259,066

Express, Inc. (a)(e)

82,496

1,731,591

Finish Line, Inc. Class A

39,397

825,761

Haverty Furniture Companies, Inc.

5,432

131,509

Pier 1 Imports, Inc.

11,570

253,614

Sears Hometown & Outlet Stores, Inc. (a)

8,306

266,456

The Cato Corp. Class A (sub. vtg.)

16,605

417,782

The Children's Place Retail Stores, Inc. (a)

10,845

576,737

The Men's Wearhouse, Inc.

42,105

1,585,253

 

7,642,609

Textiles, Apparel & Luxury Goods - 0.4%

Movado Group, Inc.

19,455

828,978

Perry Ellis International, Inc.

7,434

136,191

 

965,169

TOTAL CONSUMER DISCRETIONARY

40,772,285

CONSUMER STAPLES - 5.1%

Beverages - 0.1%

Coca-Cola Bottling Co. CONSOLIDATED

1,498

94,134

Food & Staples Retailing - 1.2%

Andersons, Inc.

15,047

987,986

Harris Teeter Supermarkets, Inc.

8,724

428,785

Rite Aid Corp. (a)

560,395

1,938,967

 

3,355,738

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food Products - 2.8%

Cal-Maine Foods, Inc.

18,167

$ 828,960

Chiquita Brands International, Inc. (a)

30,006

369,974

Fresh Del Monte Produce, Inc.

40,726

1,175,352

J&J Snack Foods Corp.

10,574

813,352

Lancaster Colony Corp.

2,090

154,179

Omega Protein Corp. (a)

18,038

161,440

Pilgrims Pride Corp. (a)(e)

90,889

1,393,328

Post Holdings, Inc. (a)

3,448

147,230

Sanderson Farms, Inc.

23,718

1,553,055

Seneca Foods Corp. Class A (a)

5,543

163,352

TreeHouse Foods, Inc. (a)

18,035

1,172,816

 

7,933,038

Household Products - 0.2%

Orchids Paper Products Co.

14,298

393,052

WD-40 Co.

2,460

143,123

 

536,175

Personal Products - 0.8%

Inter Parfums, Inc.

5,810

154,372

MediFast, Inc. (a)

11,654

289,718

Nature's Sunshine Products, Inc.

5,405

94,371

Nu Skin Enterprises, Inc. Class A

17,193

1,439,226

Nutraceutical International Corp.

1,594

35,945

Prestige Brands Holdings, Inc. (a)

9,432

306,257

 

2,319,889

TOTAL CONSUMER STAPLES

14,238,974

ENERGY - 4.9%

Energy Equipment & Services - 2.4%

Bristow Group, Inc.

10,234

672,374

Dril-Quip, Inc. (a)

13,701

1,397,639

Exterran Holdings, Inc. (a)

46,576

1,277,580

Geospace Technologies Corp. (a)(e)

2,493

173,912

Gulf Island Fabrication, Inc.

6,531

153,413

Hercules Offshore, Inc. (a)

223,551

1,609,567

ION Geophysical Corp. (a)(e)

40,632

194,627

Matrix Service Co. (a)

17,456

272,139

Newpark Resources, Inc. (a)

23,811

265,016

Parker Drilling Co. (a)

17,668

101,414

RigNet, Inc. (a)

9,423

342,149

Tesco Corp. (a)

13,327

205,902

 

6,665,732

Oil, Gas & Consumable Fuels - 2.5%

Adams Resources & Energy, Inc.

736

44,756

Alon U.S.A. Energy, Inc.

79,048

981,776

CVR Energy, Inc.

31,374

1,343,435

Delek US Holdings, Inc.

53,615

1,332,869

Green Plains Renewable Energy, Inc.

16,408

264,005

Renewable Energy Group, Inc. (a)(e)

52,861

816,702

Rex American Resources Corp. (a)

12,648

373,622

 

Shares

Value

VAALCO Energy, Inc. (a)

53,038

$ 294,891

Warren Resources, Inc. (a)

3,157

9,029

Western Refining, Inc. (e)

57,028

1,672,631

 

7,133,716

TOTAL ENERGY

13,799,448

FINANCIALS - 20.6%

Capital Markets - 2.1%

American Capital Ltd. (a)

95,148

1,187,447

Arlington Asset Investment Corp.

8,504

197,463

BGC Partners, Inc. Class A

30,879

172,614

Calamos Asset Management, Inc.
Class A

7,509

74,489

Evercore Partners, Inc. Class A

36,233

1,615,629

FBR & Co. (a)

2,816

75,525

FXCM, Inc. Class A

22,438

426,098

Investment Technology Group, Inc. (a)

12,987

220,779

MCG Capital Corp.

30,830

150,759

New Mountain Finance Corp.

7,661

112,463

Piper Jaffray Companies (a)(e)

12,133

394,444

Solar Capital Ltd. (e)

8,806

193,292

TCP Capital Corp.

59,009

919,360

Virtus Investment Partners, Inc. (a)

1,273

221,884

 

5,962,246

Commercial Banks - 5.7%

Banco Latinoamericano de Exporaciones SA (BLADEX) Series E

28,487

685,967

BancorpSouth, Inc.

18,891

366,108

Bank of Marin Bancorp

2,320

91,431

Banner Bank

25,825

884,765

BBCN Bancorp, Inc.

12,840

171,542

BNC Bancorp

7,886

102,676

Central Pacific Financial Corp.

26,306

446,939

Citizens & Northern Corp.

4,777

91,718

Customers Bancorp, Inc. (a)

22,542

369,238

Eagle Bancorp, Inc., Maryland

7,915

201,674

First Bancorp, Puerto Rico (a)

221,382

1,414,631

First Community Bancshares, Inc.

6,073

91,399

First Financial Holdings, Inc.

3,667

197,395

First Interstate Bancsystem, Inc.

2,097

47,665

First Merchants Corp.

28,387

484,850

FirstMerit Corp.

63,693

1,347,744

Flushing Financial Corp.

12,610

225,719

Hanmi Financial Corp.

56,363

920,408

Home Bancshares, Inc.

4,083

103,790

MainSource Financial Group, Inc.

3,166

45,116

MB Financial, Inc. (e)

52,477

1,416,354

Mercantile Bank Corp.

962

19,240

Merchants Bancshares, Inc.

13,888

406,502

NBT Bancorp, Inc.

4,364

93,477

Peoples Bancorp, Inc.

4,241

88,891

Pinnacle Financial Partners, Inc. (a)

4,152

116,048

PrivateBancorp, Inc.

40,412

881,790

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - continued

Republic Bancorp, Inc., Kentucky
Class A (e)

3,917

$ 103,448

Sterling Financial Corp.

13,106

317,165

Susquehanna Bancshares, Inc.

37,551

473,518

Umpqua Holdings Corp.

52,416

851,236

Union First Market Bankshares Corp.

18,305

391,544

United Community Banks, Inc., Georgia (a)

16,576

241,678

Washington Trust Bancorp, Inc.

7,856

235,759

Webster Financial Corp.

9,438

249,729

WesBanco, Inc.

7,363

211,244

Wilshire Bancorp, Inc.

100,611

817,967

Wintrust Financial Corp.

17,853

707,693

Yadkin Financial Corp. (a)

8,537

126,604

 

16,040,662

Consumer Finance - 1.5%

Cash America International, Inc.

16,224

694,063

Credit Acceptance Corp. (a)

6,378

685,954

DFC Global Corp. (a)(e)

13,744

155,307

Encore Capital Group, Inc. (a)(e)

8,633

370,097

EZCORP, Inc. (non-vtg.) Class A (a)

12,904

219,110

Nelnet, Inc. Class A

32,672

1,237,615

Portfolio Recovery Associates, Inc. (a)

183

9,706

World Acceptance Corp. (a)(e)

9,370

802,728

 

4,174,580

Diversified Financial Services - 0.6%

MarketAxess Holdings, Inc.

22,551

1,144,689

Marlin Business Services Corp.

20,351

495,750

Vector Capital Corp. rights (a)

8,300

0

 

1,640,439

Insurance - 2.8%

Argo Group International Holdings, Ltd.

18,743

765,464

CNO Financial Group, Inc.

3,753

51,003

Enstar Group Ltd. (a)

2,482

334,499

FBL Financial Group, Inc. Class A

9,266

408,445

First American Financial Corp.

78,973

1,650,536

HCI Group, Inc.

87

3,034

Hilltop Holdings, Inc. (a)(e)

36,090

565,169

Horace Mann Educators Corp.

33,179

874,598

Maiden Holdings Ltd.

27,981

365,991

Montpelier Re Holdings Ltd.

12,897

320,490

Platinum Underwriters Holdings Ltd.

29,958

1,730,973

Primerica, Inc.

1,662

61,710

ProAssurance Corp.

17,411

820,755

 

7,952,667

Real Estate Investment Trusts - 4.4%

Anworth Mortgage Asset Corp.

108,234

479,477

Apollo Commercial Real Estate
Finance, Inc.

50,340

756,107

Apollo Residential Mortgage, Inc.

22,582

343,472

 

Shares

Value

Capstead Mortgage Corp.

23,162

$ 271,922

Extra Space Storage, Inc.

9,919

408,960

Gyrodyne Co. of America, Inc.

694

49,205

MFA Financial, Inc.

122,801

884,167

New Residential Investment Corp.

142,443

904,513

Potlatch Corp.

20,912

806,367

PS Business Parks, Inc.

2,830

205,656

Redwood Trust, Inc. (e)

79,230

1,409,502

Resource Capital Corp.

128,865

749,994

RLJ Lodging Trust

82,313

1,891,553

Select Income (REIT)

18,078

439,838

Sovran Self Storage, Inc.

18,480

1,224,670

Spirit Realty Capital, Inc.

135,504

1,180,240

The Geo Group, Inc.

9,676

301,988

 

12,307,631

Real Estate Management & Development - 0.2%

Alexander & Baldwin, Inc. (a)

8,960

322,291

Forestar Group, Inc. (a)

11,469

228,921

 

551,212

Thrifts & Mortgage Finance - 3.3%

Capitol Federal Financial, Inc.

18,127

221,874

Dime Community Bancshares, Inc.

44,455

707,724

Doral Financial Corp. (a)

12,095

286,289

EverBank Financial Corp. (e)

87,400

1,228,844

Farmer Mac Class C (non-vtg.)

5,004

168,385

Flagstar Bancorp, Inc. (a)(e)

74,593

1,081,599

Fox Chase Bancorp, Inc.

3,066

51,754

Home Loan Servicing Solutions Ltd.

71,159

1,622,425

HomeStreet, Inc.

26,193

514,169

MGIC Investment Corp. (a)

74,425

537,349

Northwest Bancshares, Inc.

26,803

357,552

Ocwen Financial Corp. (a)

29,485

1,487,223

Provident Financial Holdings, Inc.

5,592

99,370

Simplicity Bancorp, Inc.

5,078

75,256

WSFS Financial Corp.

15,963

951,395

 

9,391,208

TOTAL FINANCIALS

58,020,645

HEALTH CARE - 11.9%

Biotechnology - 1.8%

Aegerion Pharmaceuticals, Inc. (a)

10,154

880,149

Alkermes PLC (a)

19,349

614,331

Alnylam Pharmaceuticals, Inc. (a)

2,449

126,858

Celldex Therapeutics, Inc. (a)(e)

34,152

741,781

Cepheid, Inc. (a)(e)

3,914

140,043

Clovis Oncology, Inc. (a)

3,808

245,616

Emergent BioSolutions, Inc. (a)

19,637

345,218

Insys Therapeutics, Inc. (a)

9,504

266,207

Isis Pharmaceuticals, Inc. (a)(e)

4,914

126,929

PDL BioPharma, Inc. (e)

44,539

353,640

Pharmacyclics, Inc. (a)

5,428

605,222

Puma Biotechnology, Inc. (a)

2,664

134,905

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Biotechnology - continued

Stemline Therapeutics, Inc.

9,647

$ 334,269

Trius Therapeutics, Inc. (a)

2,341

32,001

 

4,947,169

Health Care Equipment & Supplies - 2.6%

Anika Therapeutics, Inc. (a)

587

13,583

CONMED Corp.

6,745

209,702

Cyberonics, Inc. (a)(e)

17,431

886,715

Greatbatch, Inc. (a)

9,891

335,997

Haemonetics Corp. (a)

1,766

70,375

Integra LifeSciences Holdings Corp. (a)(e)

12,964

526,857

Invacare Corp.

18,008

270,300

Natus Medical, Inc. (a)

5,311

69,840

Orthofix International NV (a)

3,408

75,215

RTI Biologics, Inc. (a)

73,985

246,370

Sirona Dental Systems, Inc. (a)

19,680

1,274,674

SurModics, Inc. (a)

15,050

297,990

The Spectranetics Corp. (a)

13,714

216,544

Thoratec Corp. (a)

51,771

1,849,778

Vascular Solutions, Inc. (a)

6,300

99,351

West Pharmaceutical Services, Inc.

12,863

951,219

 

7,394,510

Health Care Providers & Services - 5.6%

Addus HomeCare Corp. (a)

6,685

141,588

Alliance Healthcare Services, Inc. (a)

65,849

1,600,131

AMN Healthcare Services, Inc. (a)

24,801

337,294

AmSurg Corp. (a)

13,714

511,395

Centene Corp. (a)

10,120

578,358

Chemed Corp. (e)

22,600

1,573,864

Corvel Corp. (a)

3,945

129,948

Five Star Quality Care, Inc. (a)

77,611

402,801

Gentiva Health Services, Inc. (a)(e)

23,829

273,319

Hanger, Inc. (a)

39,198

1,203,771

HealthSouth Corp.

11,021

346,721

Kindred Healthcare, Inc.

11,260

165,522

Magellan Health Services, Inc. (a)

23,637

1,328,636

Molina Healthcare, Inc. (a)(e)

28,862

963,702

National Healthcare Corp.

7,593

350,341

Owens & Minor, Inc.

11,594

395,471

PharMerica Corp. (a)

3,378

41,549

Providence Service Corp. (a)(e)

27,369

734,584

Select Medical Holdings Corp.

123,890

1,049,348

Team Health Holdings, Inc. (a)

49,180

1,889,987

The Ensign Group, Inc.

1,544

59,676

Triple-S Management Corp. (a)

2,249

41,944

Universal American Spin Corp.

28,889

210,890

Wellcare Health Plans, Inc. (a)(e)

21,044

1,339,871

 

15,670,711

 

Shares

Value

Health Care Technology - 0.5%

Medidata Solutions, Inc. (a)

5,045

$ 451,225

Omnicell, Inc. (a)

50,096

1,089,087

 

1,540,312

Life Sciences Tools & Services - 0.4%

Albany Molecular Research, Inc. (a)

30,974

341,024

Cambrex Corp. (a)

12,208

166,395

PAREXEL International Corp. (a)

16,509

766,513

 

1,273,932

Pharmaceuticals - 1.0%

Auxilium Pharmaceuticals, Inc. (a)

1,496

26,105

Endocyte, Inc. (a)(e)

4,340

62,322

Jazz Pharmaceuticals PLC (a)(e)

8,228

721,513

Pozen, Inc. (a)(e)

34,529

178,515

Questcor Pharmaceuticals, Inc.

11,406

760,552

Santarus, Inc. (a)

25,502

574,305

The Medicines Company (a)

15,330

484,581

 

2,807,893

TOTAL HEALTH CARE

33,634,527

INDUSTRIALS - 14.9%

Aerospace & Defense - 1.9%

AAR Corp.

33,661

844,554

American Science & Engineering, Inc.

11,614

654,797

Curtiss-Wright Corp.

22,088

922,395

Engility Holdings, Inc. (a)(e)

4,522

152,211

Esterline Technologies Corp. (a)

14,386

1,097,508

Moog, Inc. Class A (a)

17,382

883,006

Taser International, Inc. (a)

49,029

570,698

Teledyne Technologies, Inc. (a)

2,490

192,153

 

5,317,322

Air Freight & Logistics - 0.1%

Forward Air Corp.

4,741

174,611

Park-Ohio Holdings Corp. (a)

2,346

81,101

 

255,712

Airlines - 0.9%

Alaska Air Group, Inc.

4,823

273,078

Republic Airways Holdings, Inc. (a)

49,301

550,692

SkyWest, Inc.

65,863

848,974

Spirit Airlines, Inc. (a)

25,052

780,871

 

2,453,615

Building Products - 0.6%

A.O. Smith Corp.

9,535

400,947

American Woodmark Corp. (a)

5,694

198,550

Apogee Enterprises, Inc.

34,985

976,082

Gibraltar Industries, Inc. (a)

6,419

82,677

PGT, Inc. (a)

15,017

152,873

 

1,811,129

Commercial Services & Supplies - 1.8%

Consolidated Graphics, Inc. (a)

5,825

311,638

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Commercial Services & Supplies - continued

Deluxe Corp.

12,795

$ 503,483

G&K Services, Inc. Class A

22,914

1,178,696

Intersections, Inc.

29,927

273,832

Kimball International, Inc. Class B

37,063

364,700

Mine Safety Appliances Co.

6,060

291,668

Steelcase, Inc. Class A

32,506

471,987

UniFirst Corp.

12,077

1,157,943

United Stationers, Inc.

4,860

193,136

Viad Corp.

11,447

258,359

West Corp.

6,976

152,565

 

5,158,007

Construction & Engineering - 0.9%

Argan, Inc.

39,325

698,019

Dycom Industries, Inc. (a)

19,452

494,275

EMCOR Group, Inc.

2,209

83,036

Granite Construction, Inc.

27,213

770,672

MYR Group, Inc. (a)

4,491

98,443

Primoris Services Corp.

16,588

372,898

 

2,517,343

Electrical Equipment - 0.8%

AZZ, Inc.

8,142

305,651

Generac Holdings, Inc. (e)

43,722

1,730,954

Powell Industries, Inc. (a)

1,986

104,722

 

2,141,327

Machinery - 3.1%

Alamo Group, Inc.

1,465

66,452

Albany International Corp. Class A

4,059

130,984

American Railcar Industries, Inc. (e)

21,506

760,667

Hurco Companies, Inc.

2,579

70,948

Hyster-Yale Materials Handling Class A

19,811

1,497,910

John Bean Technologies Corp.

4,544

99,559

Kadant, Inc.

20,647

641,502

Kaydon Corp.

5,903

167,940

L.B. Foster Co. Class A

3,869

164,123

Lindsay Corp.

18,230

1,385,845

Lydall, Inc. (a)

2,365

36,728

Mueller Industries, Inc.

27,498

1,472,243

Mueller Water Products, Inc. Class A

174,109

1,314,523

RBC Bearings, Inc. (a)

2,670

159,479

Standex International Corp.

3,575

190,869

Tennant Co.

5,954

305,857

Woodward, Inc.

8,023

309,367

 

8,774,996

Marine - 0.4%

Matson, Inc.

41,022

1,092,416

Professional Services - 1.8%

Barrett Business Services, Inc.

16,173

1,039,439

Insperity, Inc.

17,190

548,361

Kelly Services, Inc. Class A (non-vtg.)

17,562

319,628

 

Shares

Value

Korn/Ferry International (a)

11,603

$ 205,489

Navigant Consulting, Inc. (a)

3,333

45,495

On Assignment, Inc. (a)

8,013

241,752

Resources Connection, Inc.

15,510

189,842

RPX Corp. (a)

55,876

876,694

TrueBlue, Inc. (a)

7,709

187,483

WageWorks, Inc. (a)

36,814

1,536,616

 

5,190,799

Road & Rail - 2.0%

AMERCO

6,849

1,120,496

Celadon Group, Inc.

11,517

208,918

Heartland Express, Inc. (e)

33,561

467,169

Knight Transportation, Inc.

14,764

240,358

Old Dominion Freight Lines, Inc. (a)

27,526

1,195,179

Saia, Inc. (a)

20,358

610,944

Swift Transporation Co. (a)(e)

89,895

1,614,514

Universal Truckload Services, Inc.

5,066

127,663

Werner Enterprises, Inc. (e)

2,574

59,305

 

5,644,546

Trading Companies & Distributors - 0.4%

Aceto Corp.

8,595

126,347

Aircastle Ltd.

49,905

813,452

H&E Equipment Services, Inc. (e)

8,223

198,010

 

1,137,809

Transportation Infrastructure - 0.2%

Wesco Aircraft Holdings, Inc. (a)

24,617

470,923

TOTAL INDUSTRIALS

41,965,944

INFORMATION TECHNOLOGY - 19.1%

Communications Equipment - 3.6%

Alliance Fiber Optic Products, Inc. (e)

10,551

390,704

Anaren, Inc. (a)

20,836

512,149

Arris Group, Inc. (a)

107,726

1,688,066

Aruba Networks, Inc. (a)

28,839

479,593

Black Box Corp.

26,800

712,076

Communications Systems, Inc.

6,908

83,449

Comtech Telecommunications Corp.

22,407

537,096

Emulex Corp. (a)

40,400

290,880

Finisar Corp. (a)(e)

24,692

505,445

Globecomm Systems, Inc. (a)

26,085

362,582

Harmonic, Inc. (a)

40,824

288,626

InterDigital, Inc.

16,605

590,142

Ixia (a)(e)

26,053

378,290

NETGEAR, Inc. (a)(e)

17,772

514,322

Oplink Communications, Inc. (a)

3,312

61,570

Plantronics, Inc.

24,075

1,040,040

Tellabs, Inc.

376,680

836,230

Tessco Technologies, Inc.

16,289

514,081

Ubiquiti Networks, Inc.

12,484

437,689

 

10,223,030

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - 1.6%

Cray, Inc. (a)(e)

16,347

$ 399,848

Electronics for Imaging, Inc. (a)

27,505

805,346

QLogic Corp. (a)

111,701

1,182,914

Silicon Graphics International Corp. (a)

28,865

425,470

Super Micro Computer, Inc. (a)

7,270

93,347

Synaptics, Inc. (a)(e)

41,774

1,614,983

 

4,521,908

Electronic Equipment & Components - 1.7%

Anixter International, Inc. (a)

745

62,252

Benchmark Electronics, Inc. (a)

67,794

1,489,434

Checkpoint Systems, Inc. (a)

7,218

105,888

Coherent, Inc.

2,540

142,570

Daktronics, Inc.

6,611

70,672

Electro Scientific Industries, Inc.

44,460

488,615

Insight Enterprises, Inc. (a)

17,240

329,456

Newport Corp. (a)

10,407

159,643

Plexus Corp. (a)

8,263

270,531

Sanmina Corp. (a)

12,727

207,068

ScanSource, Inc. (a)

2,952

91,453

SYNNEX Corp. (a)

26,162

1,242,957

Vishay Precision Group, Inc. (a)(e)

1,382

19,528

 

4,680,067

Internet Software & Services - 2.1%

Blucora, Inc. (a)(e)

21,266

425,745

comScore, Inc. (a)

7,712

219,715

CoStar Group, Inc. (a)

2,500

371,275

Demand Media, Inc. (a)

44,623

289,157

Stamps.com, Inc. (a)

11,007

460,973

United Online, Inc.

80,357

630,802

ValueClick, Inc. (a)(e)

83,195

1,760,406

WebMD Health Corp. (a)(e)

51,561

1,620,047

XO Group, Inc. (a)

17,291

206,800

 

5,984,920

IT Services - 2.0%

Acxiom Corp. (a)

34,679

862,814

Convergys Corp. (e)

19,543

344,543

CSG Systems International, Inc.

5,680

133,707

ExlService Holdings, Inc. (a)

4,395

119,148

Global Cash Access Holdings, Inc. (a)

80,516

619,973

Jack Henry & Associates, Inc.

25,272

1,261,073

Maximus, Inc.

20,242

759,277

NCI, Inc. Class A (a)

8,583

46,262

Sapient Corp. (a)

23,394

349,740

Syntel, Inc.

2,586

185,856

Teletech Holdings, Inc. (a)

29,504

721,963

Unisys Corp. (a)(e)

14,339

360,769

 

5,765,125

Semiconductors & Semiconductor Equipment - 2.8%

Advanced Energy Industries, Inc. (a)

35,972

655,770

Ambarella, Inc. (a)(e)

66,071

947,458

 

Shares

Value

ATMI, Inc. (a)

4,838

$ 118,773

Cabot Microelectronics Corp. (a)

10,690

386,123

Cirrus Logic, Inc. (a)(e)

44,746

1,006,785

Exar Corp. (a)

5,185

63,361

First Solar, Inc. (a)

26,168

960,889

Intersil Corp. Class A

19,490

202,111

Kulicke & Soffa Industries, Inc. (a)

125,225

1,384,989

Rambus, Inc. (a)

89,028

726,468

RF Micro Devices, Inc. (a)

149,071

739,392

Semtech Corp. (a)

5,424

161,201

Spansion, Inc. Class A (a)

37,601

389,922

 

7,743,242

Software - 5.3%

Actuate Corp. (a)

24,002

166,814

Advent Software, Inc.

34,352

927,160

Aspen Technology, Inc. (a)

58,999

1,972,337

AVG Technologies NV (a)(e)

68,622

1,487,039

CommVault Systems, Inc. (a)

24,543

2,057,440

Fair Isaac Corp.

5,062

253,505

Manhattan Associates, Inc. (a)

17,020

1,489,250

Monotype Imaging Holdings, Inc.

38,469

990,577

NetScout Systems, Inc. (a)

31,182

774,561

Pegasystems, Inc.

6,769

249,438

Progress Software Corp. (a)

17,838

436,317

Proofpoint, Inc. (a)

8,646

249,091

QAD, Inc.:

Class A

5,607

69,415

Class B

2,823

31,109

Rally Software Development Corp.

8,005

206,769

SS&C Technologies Holdings, Inc. (a)

32,663

1,155,944

TeleCommunication Systems, Inc.
Class A (a)

164,210

423,662

TeleNav, Inc. (a)

57,486

311,574

TiVo, Inc. (a)

144,800

1,689,816

 

14,941,818

TOTAL INFORMATION TECHNOLOGY

53,860,110

MATERIALS - 4.8%

Chemicals - 1.5%

A. Schulman, Inc.

6,035

162,704

American Pacific Corp. (a)

4,951

242,549

FutureFuel Corp.

45,812

739,406

Innospec, Inc.

13,099

536,011

Landec Corp. (a)

10,300

135,960

LSB Industries, Inc. (a)

5,807

174,326

Minerals Technologies, Inc.

24,766

1,099,610

Olin Corp.

10,634

245,645

Quaker Chemical Corp.

2,442

162,051

Sensient Technologies Corp.

8,714

361,282

Stepan Co.

4,704

265,494

 

4,125,038

Common Stocks - continued

Shares

Value

MATERIALS - continued

Construction Materials - 0.0%

Headwaters, Inc. (a)

1,909

$ 16,341

Containers & Packaging - 1.6%

AEP Industries, Inc. (a)(e)

9,557

747,740

Berry Plastics Group, Inc.

24,426

562,042

Boise, Inc.

79,193

677,100

Graphic Packaging Holding Co. (a)

193,912

1,611,409

Myers Industries, Inc.

52,874

981,341

 

4,579,632

Metals & Mining - 0.1%

Kaiser Aluminum Corp. (e)

3,162

218,557

Paper & Forest Products - 1.6%

Boise Cascade Co. (e)

15,050

347,655

Clearwater Paper Corp. (a)

1,821

86,789

Kapstone Paper & Packaging Corp. (e)

20,935

879,270

Louisiana-Pacific Corp. (a)

102,518

1,533,669

Neenah Paper, Inc.

5,913

216,416

P.H. Glatfelter Co.

5,495

140,782

Schweitzer-Mauduit International, Inc.

22,126

1,267,156

 

4,471,737

TOTAL MATERIALS

13,411,305

UTILITIES - 2.7%

Electric Utilities - 1.4%

Allete, Inc.

648

30,586

Cleco Corp.

12,114

547,068

El Paso Electric Co.

32,245

1,109,228

IDACORP, Inc.

13,754

658,404

PNM Resources, Inc.

26,360

577,548

Portland General Electric Co.

4,985

143,618

UNS Energy Corp.

20,474

936,276

 

4,002,728

Gas Utilities - 0.3%

Southwest Gas Corp.

15,052

704,133

Independent Power Producers & Energy Traders - 0.2%

Black Hills Corp.

8,715

418,494

Genie Energy Ltd. Class B

16,110

137,257

 

555,751

Multi-Utilities - 0.5%

Avista Corp.

16,019

420,819

NorthWestern Energy Corp.

23,027

924,995

 

1,345,814

Water Utilities - 0.3%

American States Water Co.

17,355

912,873

TOTAL UTILITIES

7,521,299

TOTAL COMMON STOCKS

(Cost $249,192,561)


277,224,537

U.S. Treasury Obligations - 0.4%

 

Principal Amount

Value

U.S. Treasury Bills, yield at date of purchase 0.09% 12/12/13 (f)
(Cost $999,752)

$ 1,000,000

$ 999,937

Money Market Funds - 19.1%

Shares

 

Dreyfus Cash Management Institutional Shares, 0.10% (c)

20,258,807

20,258,807

Fidelity Securities Lending Cash Central Fund, 0.10% (b)(d)

33,582,657

33,582,657

TOTAL MONEY MARKET FUNDS

(Cost $53,841,464)


53,841,464

TOTAL INVESTMENT PORTFOLIO - 118.0%

(Cost $304,033,777)

332,065,938

NET OTHER ASSETS (LIABILITIES) - (18.0)%

(50,626,326)

NET ASSETS - 100%

$ 281,439,612

Futures Contracts

 

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

41 NYFE Russell 2000 Mini Index Contracts

Sept. 2013

$ 4,141,410

$ 130,112

 

The face value of futures purchased as a percentage of net assets is 1.5%

Legend

(a) Non-income producing

(b) 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.

(c) The rate quoted is the annualized seven-day yield of the fund at period end.

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

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

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $189,988.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Securities Lending Cash Central Fund

$ 29,636

Other Information

The following is a summary of the inputs used, as of August 31, 2013, 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 in the table 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:

Equities:

Consumer Discretionary

$ 40,772,285

$ 40,772,285

$ -

$ -

Consumer Staples

14,238,974

14,238,974

-

-

Energy

13,799,448

13,799,448

-

-

Financials

58,020,645

58,020,645

-

-

Health Care

33,634,527

33,634,527

-

-

Industrials

41,965,944

41,965,944

-

-

Information Technology

53,860,110

53,860,110

-

-

Materials

13,411,305

13,411,305

-

-

Utilities

7,521,299

7,521,299

-

-

U.S. Government and Government Agency Obligations

999,937

-

999,937

-

Money Market Funds

53,841,464

53,841,464

-

-

Total Investments in Securities:

$ 332,065,938

$ 331,066,001

$ 999,937

$ -

Derivative Instruments:

Assets

Futures Contracts

$ 130,112

$ 130,112

$ -

$ -

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of August 31, 2013. 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)

$ 130,112

$ -

Total Value of Derivatives

$ 130,112

$ -

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities.

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

Semiannual Report

Fidelity Small Cap Enhanced Index Fund


Financial Statements

Statement of Assets and Liabilities

  

August 31, 2013 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $32,150,549) - See accompanying schedule:

Unaffiliated issuers (cost $270,451,120)

$ 298,483,281

 

Fidelity Central Funds (cost $33,582,657)

33,582,657

 

Total Investments (cost $304,033,777)

 

$ 332,065,938

Receivable for investments sold

7,092,066

Receivable for fund shares sold

996,064

Dividends receivable

207,655

Interest receivable

550

Distributions receivable from Fidelity Central Funds

4,833

Other receivables

1,044

Total assets

340,368,150

 

 

 

Liabilities

Payable for investments purchased

$ 24,934,974

Payable for fund shares redeemed

206,253

Accrued management fee

121,289

Payable for daily variation margin for derivative instruments

48,378

Other affiliated payables

34,987

Collateral on securities loaned, at value

33,582,657

Total liabilities

58,928,538

 

 

 

Net Assets

$ 281,439,612

Net Assets consist of:

 

Paid in capital

$ 244,021,592

Undistributed net investment income

1,143,760

Accumulated undistributed net realized gain (loss) on investments

8,111,987

Net unrealized appreciation (depreciation) on investments

28,162,273

Net Assets, for 24,838,472 shares outstanding

$ 281,439,612

Net Asset Value, offering price and redemption price per share ($281,439,612 ÷ 24,838,472 shares)

$ 11.33

Statement of Operations

  

Six months ended August 31, 2013 (Unaudited)

 

  

  

Investment Income

  

  

Dividends

 

$ 1,848,740

Interest

 

3,092

Income from Fidelity Central Funds

 

29,636

Total income

 

1,881,468

 

 

 

Expenses

Management fee

$ 562,350

Transfer agent fees

162,572

Independent trustees' compensation

1,234

Miscellaneous

195

Total expenses before reductions

726,351

Expense reductions

(7)

726,344

Net investment income (loss)

1,155,124

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

7,551,548

Futures contracts

894,715

Total net realized gain (loss)

 

8,446,263

Change in net unrealized appreciation (depreciation) on:

Investment securities

7,310,339

Futures contracts

(17,379)

Total change in net unrealized appreciation (depreciation)

 

7,292,960

Net gain (loss)

15,739,223

Net increase (decrease) in net assets resulting from operations

$ 16,894,347

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

Semiannual Report

Statement of Changes in Net Assets

  

Six months ended August 31, 2013 (Unaudited)

Year ended
February 28,
2013

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 1,155,124

$ 2,572,404

Net realized gain (loss)

8,446,263

11,106,179

Change in net unrealized appreciation (depreciation)

7,292,960

6,331,981

Net increase (decrease) in net assets resulting from operations

16,894,347

20,010,564

Distributions to shareholders from net investment income

(83,907)

(2,545,839)

Distributions to shareholders from net realized gain

(4,262,452)

(6,901,191)

Total distributions

(4,346,359)

(9,447,030)

Share transactions
Proceeds from sales of shares

136,165,742

52,452,774

Reinvestment of distributions

4,209,269

9,101,641

Cost of shares redeemed

(29,121,603)

(36,450,246)

Net increase (decrease) in net assets resulting from share transactions

111,253,408

25,104,169

Redemption fees

70,813

26,146

Total increase (decrease) in net assets

123,872,209

35,693,849

 

 

 

Net Assets

Beginning of period

157,567,403

121,873,554

End of period (including undistributed net investment income of $1,143,760 and undistributed net investment income of $72,543, respectively)

$ 281,439,612

$ 157,567,403

Other Information

Shares

Sold

12,168,999

5,233,611

Issued in reinvestment of distributions

395,980

954,511

Redeemed

(2,645,560)

(3,697,266)

Net increase (decrease)

9,919,419

2,490,856

Financial Highlights

 

Six months ended August 31, 2013

Years ended February 28,

 

(Unaudited)

2013

2012 H

2011

2010

2009

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 10.56

$ 9.81

$ 10.72

$ 8.05

$ 5.20

$ 9.03

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .06

.20

.07

.06

.05

.09

Net realized and unrealized gain (loss)

  .97

1.30

.14

2.67

2.86

(3.87)

Total from investment operations

  1.03

1.50

.21

2.73

2.91

(3.78)

Distributions from net investment income

  (.01)

(.20)

(.06)

(.06)

(.06)

(.06)

Distributions from net realized gain

  (.25)

(.55)

(1.08)

-

-

-

Total distributions

  (.26)

(.75)

(1.13) J

(.06)

(.06)

(.06)

Redemption fees added to paid in capital D

  - I

- I

.01

- I

- I

.01

Net asset value, end of period

$ 11.33

$ 10.56

$ 9.81

$ 10.72

$ 8.05

$ 5.20

Total Return B, C

  9.91%

16.15%

2.87%

34.01%

55.93%

(41.94)%

Ratios to Average Net Assets E, G

 

 

 

 

 

 

Expenses before reductions

  .67% A

.67%

.67%

.67%

.67%

.67%

Expenses net of fee waivers, if any

  .67% A

.67%

.67%

.67%

.67%

.67%

Expenses net of all reductions

  .67% A

.67%

.67%

.67%

.67%

.67%

Net investment income (loss)

  1.06% A

2.02%

.69%

.63%

.77%

1.29%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 281,440

$ 157,567

$ 121,874

$ 113,829

$ 85,243

$ 57,443

Portfolio turnover rate F

  94% A

106%

79%

90%

98% K

36% K

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. H For the year ended February 29. I Amount represents less than $.01 per share. J Total distributions of $1.13 per share is comprised of distributions from net investment income of $.056 and distributions from net realized gain of $1.075 per share. K Reflects adjustments to exclude transactions in money market mutual funds.

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

Semiannual Report

Fidelity International Enhanced Index Fund


Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)

As of August 31, 2013

gei888909

United Kingdom

21.8%

 

gei888911

Japan

20.9%

 

gei888913

France

9.3%

 

gei888915

Germany

9.1%

 

gei888917

Switzerland

8.4%

 

gei888919

Australia

7.7%

 

gei888921

Hong Kong

2.8%

 

gei888923

Sweden

2.5%

 

gei888925

Italy

2.5%

 

gei888927

Other*

15.0%

 

gei888929

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

* Includes short-term investments and net other assets

As of February 28, 2013

gei888909

United Kingdom

21.0%

 

gei888911

Japan

20.9%

 

gei888913

France

8.1%

 

gei888915

Switzerland

8.0%

 

gei888917

Australia

8.0%

 

gei888919

Germany

7.8%

 

gei888921

Hong Kong

3.2%

 

gei888923

Sweden

2.8%

 

gei888925

Spain

2.7%

 

gei888927

Other*

17.5%

 

gei888941

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

* Includes short-term investments and net other assets

Asset Allocation as of August 31, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Stocks and Equity Futures

99.7

99.3

Short-Term Investments and Net Other Assets (Liabilities)

0.3

0.7

Top Ten Stocks as of August 31, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)

1.9

1.7

Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)

1.9

1.3

Toyota Motor Corp. (Japan, Automobiles)

1.8

1.0

Novartis AG (Switzerland, Pharmaceuticals)

1.8

1.5

Nestle SA (Switzerland, Food Products)

1.6

1.9

HSBC Holdings PLC (United Kingdom, Commercial Banks)

1.5

1.7

BP PLC (United Kingdom, Oil, Gas & Consumable Fuels)

1.5

1.3

Total SA (France, Oil, Gas & Consumable Fuels)

1.4

1.2

Commonwealth Bank of Australia (Australia, Commercial Banks)

1.4

1.2

GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals)

1.3

1.1

 

16.1

Market Sectors as of August 31, 2013

 

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

25.8

25.6

Consumer Discretionary

13.2

11.5

Industrials

12.3

11.2

Health Care

10.8

10.2

Consumer Staples

10.5

11.8

Energy

7.3

7.4

Materials

6.4

8.5

Telecommunication Services

5.6

3.9

Information Technology

3.1

4.3

Utilities

2.9

3.3

Semiannual Report

Fidelity International Enhanced Index Fund


Investments August 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.4%

Shares

Value

Australia - 7.7%

Amcor Ltd.

9,158

$ 85,016

ASX Ltd.

3,673

115,892

Australia & New Zealand Banking
Group Ltd.

12,215

322,789

BHP Billiton Ltd.

4,226

133,642

Commonwealth Bank of Australia

6,953

450,772

CSL Ltd.

1,425

86,233

DEXUS Property Group unit

47,022

43,107

Insurance Australia Group Ltd.

30,498

157,982

Leighton Holdings Ltd.

3,251

50,348

Macquarie Group Ltd.

2,327

90,840

National Australia Bank Ltd.

2,844

82,141

Ramsay Health Care Ltd.

2,786

92,616

Suncorp-Metway Ltd.

8,277

90,834

Telstra Corp. Ltd.

48,832

212,968

The GPT Group unit

27,555

87,065

Wesfarmers Ltd.

358

12,956

Westfield Group unit

9,913

97,760

Westfield Retail Trust unit

36,888

95,870

Westpac Banking Corp.

7,353

205,433

TOTAL AUSTRALIA

2,514,264

Austria - 0.8%

OMV AG

2,426

111,997

Voestalpine AG

3,286

140,603

TOTAL AUSTRIA

252,600

Bailiwick of Jersey - 0.1%

Shire PLC

877

32,260

Belgium - 0.6%

Ageas

1,620

63,761

Anheuser-Busch InBev SA NV

644

60,060

Solvay SA Class A

604

84,138

TOTAL BELGIUM

207,959

Bermuda - 0.1%

Yue Yuen Industrial (Holdings) Ltd.

6,500

20,034

Cayman Islands - 0.3%

MGM China Holdings Ltd.

23,200

69,261

Sands China Ltd.

6,400

36,810

TOTAL CAYMAN ISLANDS

106,071

Denmark - 1.8%

A.P. Moller - Maersk A/S Series B

23

195,597

Coloplast A/S Series B

2,548

138,364

Novo Nordisk A/S Series B

1,593

266,343

TOTAL DENMARK

600,304

Finland - 0.2%

Metso Corp.

453

17,428

Orion Oyj (B Shares)

678

15,708

 

Shares

Value

Sampo Oyj (A Shares)

969

$ 40,354

Stora Enso Oyj (R Shares)

11

85

TOTAL FINLAND

73,575

France - 9.3%

AXA SA

6,657

145,039

BNP Paribas SA

2,861

179,288

Bouygues SA

3,816

119,352

Cap Gemini SA

2,607

142,783

Christian Dior SA

269

46,094

Compagnie de St. Gobain

3,574

166,931

EDF SA

6,195

173,578

France Telecom SA

20,918

212,341

GDF Suez

6,265

135,794

Kering SA

631

142,524

Lafarge SA (Bearer)

2,056

125,540

LVMH Moet Hennessy - Louis Vuitton SA

78

13,664

Michelin CGDE Series B

1,693

161,976

Safran SA

1,838

102,063

Sanofi SA

3,980

381,429

Schneider Electric SA

498

38,109

Societe Generale Series A

985

43,110

Thales SA

353

17,393

Total SA

8,269

457,903

Unibail-Rodamco

88

19,784

VINCI SA

4,002

206,651

TOTAL FRANCE

3,031,346

Germany - 7.7%

adidas AG

661

69,889

Allianz AG

1,481

212,178

BASF AG

3,627

317,002

Bayer AG

2,968

329,660

Bayerische Motoren Werke AG (BMW)

991

93,372

Continental AG

816

123,161

Daimler AG (Germany)

748

51,328

Deutsche Bank AG

2,023

87,820

Deutsche Lufthansa AG (a)

7,248

129,369

Deutsche Post AG

5,839

168,696

Deutsche Telekom AG

1,402

17,959

Hannover Reins Corp.

192

13,396

Metro AG

2,072

76,074

Muenchener Rueckversicherungs AG

662

120,653

OSRAM Licht AG (a)

296

11,850

ProSiebenSat.1 Media AG

3,991

169,186

RWE AG

3,070

84,375

SAP AG

357

26,368

Siemens AG

2,965

314,041

Suedzucker AG (Bearer)

2,801

90,383

TOTAL GERMANY

2,506,760

Greece - 0.0%

Greek Organization of Football Prognostics SA

2

20

Common Stocks - continued

Shares

Value

Hong Kong - 2.8%

Cheung Kong Holdings Ltd.

8,000

$ 114,205

Hang Seng Bank Ltd.

3,800

59,050

Hopewell Holdings Ltd.

38,500

122,136

Hysan Development Co. Ltd.

24,005

104,323

Sino Land Ltd.

86,000

115,562

SJM Holdings Ltd.

64,000

164,076

Sun Hung Kai Properties Ltd.

4,788

62,116

Wharf Holdings Ltd.

18,000

147,980

Wheelock and Co. Ltd.

6,000

30,640

TOTAL HONG KONG

920,088

Ireland - 0.1%

Bank of Ireland (a)

87,597

25,563

CRH PLC

1,075

22,724

TOTAL IRELAND

48,287

Italy - 2.4%

Assicurazioni Generali SpA

4,900

93,903

Enel SpA

64,419

213,019

ENI SpA

2,294

52,252

EXOR SpA

1,583

54,062

Fiat Industrial SpA

11,016

131,980

Fiat Industrial SpA rights 9/10/13 (a)

11,016

5

Intesa Sanpaolo SpA

8,499

16,681

Luxottica Group SpA

701

36,518

Telecom Italia SpA

201,913

140,628

UniCredit SpA

5,621

31,781

TOTAL ITALY

770,829

Japan - 20.9%

Aisin Seiki Co. Ltd.

2,200

83,976

Ajinomoto Co., Inc.

13,000

166,258

Aozora Bank Ltd.

34,000

97,574

Asahi Kasei Corp.

15,000

109,773

Bridgestone Corp.

2,300

75,069

Canon, Inc.

5,300

158,516

Central Japan Railway Co.

1,200

136,624

Coca-Cola West Co. Ltd.

2,500

49,518

Daihatsu Motor Co. Ltd.

6,000

111,992

Daiwa House Industry Co. Ltd.

3,000

53,602

Daiwa Securities Group, Inc.

21,000

167,997

DENSO Corp.

4,500

204,421

Fast Retailing Co. Ltd.

100

32,195

Fuji Heavy Industries Ltd.

8,000

192,596

Fujifilm Holdings Corp.

2,000

43,394

Hino Motors Ltd.

10,000

129,549

Honda Motor Co. Ltd.

3,500

125,493

Hoya Corp.

5,600

118,723

Itochu Corp.

10,500

118,201

Japan Exchange Group, Inc.

800

62,777

Japan Tobacco, Inc.

5,500

185,762

JFE Holdings, Inc.

2,100

46,062

 

Shares

Value

Kao Corp.

4,400

$ 128,064

Kinden Corp.

2,000

19,621

Kobe Steel Ltd. (a)

49,000

77,562

Konica Minolta Holdings, Inc.

3,000

24,535

Marubeni Corp.

1,000

7,223

Mazda Motor Corp. (a)

24,000

95,545

Medipal Holdings Corp.

8,300

92,387

Mitsubishi Heavy Industries Ltd.

32,000

174,568

Mitsubishi UFJ Financial Group, Inc.

17,300

100,821

Mitsui & Co. Ltd.

11,900

164,564

Mizuho Financial Group, Inc.

128,100

259,645

MS&AD Insurance Group Holdings, Inc.

1,300

32,568

Namco Bandai Holdings, Inc.

5,800

92,259

Nippon Steel & Sumitomo Metal Corp.

9,000

25,422

Nippon Telegraph & Telephone Corp.

3,100

157,268

Nitto Denko Corp.

800

42,308

Nomura Holdings, Inc.

27,500

189,607

NTT DoCoMo, Inc.

106

169,455

ORIX Corp.

9,200

125,359

Osaka Gas Co. Ltd.

27,000

108,753

Otsuka Holdings Co. Ltd.

3,400

105,044

Resona Holdings, Inc.

35,500

168,450

ROHM Co. Ltd.

2,000

70,084

SBI Holdings, Inc. Japan

9,500

98,139

Sekisui House Ltd.

7,000

84,170

Seven & i Holdings Co., Ltd.

4,000

136,943

SoftBank Corp.

300

18,716

Sojitz Corp.

62,900

111,719

Sumitomo Corp.

9,300

117,161

Sumitomo Metal Mining Co. Ltd.

1,000

13,361

Sumitomo Mitsui Financial Group, Inc.

5,500

241,757

Suzuki Motor Corp.

6,700

143,042

Takashimaya Co. Ltd.

5,000

43,717

Tokyo Electric Power Co. (a)

6,200

31,206

Tokyo Gas Co. Ltd.

8,000

41,402

Toto Ltd.

2,000

24,671

Toyo Seikan Group Holdings Ltd.

5,100

85,714

Toyoda Gosei Co. Ltd.

2,300

55,293

Toyota Motor Corp.

9,800

589,484

Trend Micro, Inc.

600

20,908

Yahoo! Japan Corp.

130

64,039

TOTAL JAPAN

6,822,626

Luxembourg - 0.3%

Tenaris SA

3,901

86,153

Netherlands - 2.3%

European Aeronautic Defence and Space Co. (EADS) NV

4,183

241,069

Heineken Holding NV (A Shares)

222

13,397

ING Groep NV (Certificaten Van Aandelen) (a)

6,842

74,493

Koninklijke Ahold NV

12,628

201,195

Common Stocks - continued

Shares

Value

Netherlands - continued

Koninklijke Philips Electronics NV

5,130

$ 158,630

Unilever NV (Certificaten Van Aandelen) (Bearer)

1,870

70,360

TOTAL NETHERLANDS

759,144

New Zealand - 0.2%

Telecom Corp. of New Zealand Ltd.

44,490

78,219

Norway - 1.3%

DNB ASA

5,322

82,615

Gjensidige Forsikring ASA

2,422

34,411

StatoilHydro ASA

9,579

210,157

Yara International ASA

2,561

101,271

TOTAL NORWAY

428,454

Portugal - 0.0%

Energias de Portugal SA

586

2,071

Portugal Telecom SGPS SA (Reg.)

18

68

TOTAL PORTUGAL

2,139

Singapore - 2.4%

ComfortDelgro Corp. Ltd.

65,000

94,015

DBS Group Holdings Ltd.

11,106

137,563

Keppel Ld Ltd.

58,000

153,230

Singapore Technologies Engineering Ltd.

33,000

102,446

United Overseas Bank Ltd.

13,000

202,705

Yangzijiang Shipbuilding Holdings Ltd.

122,000

90,381

TOTAL SINGAPORE

780,340

Spain - 2.4%

Amadeus IT Holding SA Class A

3,996

129,075

Banco Bilbao Vizcaya Argentaria SA

11,712

111,926

Banco de Sabadell SA

13,630

31,417

Banco Santander SA (Spain)

24,391

172,353

Distribuidora Internacional de Alimentacion SA

9,116

72,048

Gas Natural SDG SA

7,556

147,998

Repsol YPF SA

1,104

25,615

Telefonica SA (a)

7,341

99,797

TOTAL SPAIN

790,229

Sweden - 2.5%

Industrivarden AB Series C

2,875

49,541

Investor AB (B Shares)

2,744

79,082

Nordea Bank AB

3,829

44,574

Sandvik AB

7,819

104,590

Securitas AB (B Shares)

15,790

166,421

Skandinaviska Enskilda Banken AB (A Shares)

3,279

33,669

Svenska Handelsbanken AB (A Shares)

352

15,105

Swedbank AB (A Shares)

3,112

70,435

 

Shares

Value

Telefonaktiebolaget LM Ericsson (B Shares)

14,763

$ 173,625

TeliaSonera AB

12,825

91,843

TOTAL SWEDEN

828,885

Switzerland - 8.4%

ABB Ltd. (Reg.)

1,152

24,639

Actelion Ltd.

1,936

131,605

Compagnie Financiere Richemont SA Series A

1,349

128,166

Credit Suisse Group

2,849

82,121

Ems-Chemie Holding AG

343

109,762

Givaudan SA

15

20,200

Nestle SA

8,065

527,808

Novartis AG

8,078

588,480

Roche Holding AG (participation certificate)

2,505

624,866

Swiss Re Ltd.

1,518

116,487

Transocean Ltd. (Switzerland)

2,819

128,066

UBS AG

7,807

150,844

Zurich Insurance Group AG

418

104,045

TOTAL SWITZERLAND

2,737,089

United Kingdom - 21.8%

3I Group PLC

8,552

47,512

Aberdeen Asset Management PLC

9,695

52,916

Anglo American PLC (United Kingdom)

3,519

80,628

Antofagasta PLC

6,980

92,485

ARM Holdings PLC

2,768

37,448

Associated British Foods PLC

4,463

127,606

AstraZeneca PLC:

(United Kingdom)

1,546

76,121

sponsored ADR

3,408

167,708

Aviva PLC

15,924

95,316

BAE Systems PLC

7,610

51,312

Barclays PLC

32,953

144,354

BG Group PLC

954

18,140

BHP Billiton PLC

7,371

214,388

BP PLC

69,397

479,868

British American Tobacco PLC (United Kingdom)

6,349

321,035

British Sky Broadcasting Group PLC

10,403

135,340

Burberry Group PLC

1,581

37,584

Capita Group PLC

4,341

64,144

Cobham PLC

25,045

110,498

Compass Group PLC

3,187

42,277

Diageo PLC

3,637

111,461

Direct Line Insurance Group PLC

16,851

56,615

GlaxoSmithKline PLC

1,351

34,455

GlaxoSmithKline PLC sponsored ADR (e)

7,689

391,293

HSBC Holdings PLC:

(United Kingdom)

35,397

370,605

sponsored ADR (e)

2,237

117,264

Imperial Tobacco Group PLC

3,908

129,119

ITV PLC

70,811

180,625

Common Stocks - continued

Shares

Value

United Kingdom - continued

J Sainsbury PLC

28,037

$ 167,105

Kingfisher PLC

2,717

16,211

Legal & General Group PLC

5,299

15,340

Lloyds Banking Group PLC (a)

86,296

97,068

Marks & Spencer Group PLC

13,455

98,355

Next PLC

1,908

144,707

Old Mutual PLC

28,487

79,905

Pearson PLC

850

16,741

Prudential PLC

4,861

81,305

Reckitt Benckiser Group PLC

2,090

142,025

Rexam PLC

13,567

102,580

Rio Tinto PLC

2,779

125,471

Royal & Sun Alliance Insurance
Group PLC

34,053

62,588

Royal Dutch Shell PLC:

Class A (United Kingdom)

9,839

318,213

Class B (United Kingdom)

12,609

424,393

Scottish & Southern Energy PLC

111

2,689

Standard Chartered PLC (United Kingdom)

8,519

190,239

Standard Life PLC

4,412

22,645

Tate & Lyle PLC

8,200

102,296

Tesco PLC

36,381

206,660

TUI Travel PLC

20,150

107,544

Unilever PLC

5,270

200,944

Vodafone Group PLC

190,740

614,472

TOTAL UNITED KINGDOM

7,127,613

TOTAL COMMON STOCKS

(Cost $30,200,889)


31,525,288

Nonconvertible Preferred Stocks - 1.5%

 

 

 

 

Germany - 1.4%

Henkel AG & Co. KGaA

1,684

163,141

Porsche Automobil Holding SE (Germany)

1,910

160,549

Volkswagen AG

590

134,199

TOTAL GERMANY

457,889

Italy - 0.1%

Telecom Italia SpA (Risparmio Shares)

78,802

43,567

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $466,815)


501,456

Government Obligations - 0.2%

 

Principal Amount

 

United States of America - 0.2%

U.S. Treasury Bills, yield at date of purchase 0.07% 2/6/14 (f)
(Cost $49,984)

$ 50,000


49,991

Money Market Funds - 3.1%

Shares

Value

Dreyfus Cash Management Institutional Shares, 0.10% (c)

510,625

$ 510,625

Fidelity Securities Lending Cash Central Fund, 0.10% (b)(d)

510,075

510,075

TOTAL MONEY MARKET FUNDS

(Cost $1,020,700)


1,020,700

TOTAL INVESTMENT PORTFOLIO - 101.2%

(Cost $31,738,388)

33,097,435

NET OTHER ASSETS (LIABILITIES) - (1.2)%

(376,355)

NET ASSETS - 100%

$ 32,721,080

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

7 NYSE E-mini MSCI EAFE Index Contracts

Sept. 2013

$ 592,095

$ (22,599)

 

The face value of futures purchased as a percentage of net assets is 1.8%

Legend

(a) Non-income producing

(b) 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.

(c) The rate quoted is the annualized seven-day yield of the fund at period end.

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

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

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $49,991.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Securities Lending Cash Central Fund

$ 210

Other Information

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

The following is a summary of the inputs used, as of August 31, 2013, 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 in the tables 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:

Equities:

Consumer Discretionary

$ 4,329,463

$ 2,346,952

$ 1,982,511

$ -

Consumer Staples

3,462,218

1,504,005

1,958,213

-

Energy

2,312,757

369,971

1,942,786

-

Financials

8,400,318

5,308,254

3,092,064

-

Health Care

3,554,572

1,978,053

1,576,519

-

Industrials

4,003,995

2,502,779

1,501,216

-

Information Technology

1,009,498

271,858

737,640

-

Materials

2,155,737

1,259,310

896,427

-

Telecommunication Services

1,857,301

400,989

1,456,312

-

Utilities

940,885

759,524

181,361

-

Government Obligations

49,991

-

49,991

-

Money Market Funds

1,020,700

1,020,700

-

-

Total Investments in Securities:

$ 33,097,435

$ 17,722,395

$ 15,375,040

$ -

Derivative Instruments:

Liabilities

Futures Contracts

$ (22,599)

$ (22,599)

$ -

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended August 31, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers

Total

Level 1 to Level 2

$ 3,237,333

Level 2 to Level 1

$ 0

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of August 31, 2013. 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)

$ -

$ (22,599)

Total Value of Derivatives

$ -

$ (22,599)

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. Only the period end receivable or payable for daily variation margin and net unrealized appreciation (depreciation) are presented in the Statement of Assets and Liabilities.

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

Semiannual Report

Fidelity International Enhanced Index Fund


Financial Statements

Statement of Assets and Liabilities

  

August 31, 2013 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $491,757) - See accompanying schedule:

Unaffiliated issuers (cost $31,228,313)

$ 32,587,360

 

Fidelity Central Funds (cost $510,075)

510,075

 

Total Investments (cost $31,738,388)

 

$ 33,097,435

Foreign currency held at value (cost $73,216)

72,572

Receivable for fund shares sold

16,705

Dividends receivable

117,520

Interest receivable

28

Distributions receivable from Fidelity Central Funds

19

Total assets

33,304,279

 

 

 

Liabilities

Payable for fund shares redeemed

$ 49,155

Accrued management fee

13,129

Payable for daily variation margin for derivative instruments

6,650

Other affiliated payables

4,190

Collateral on securities loaned, at value

510,075

Total liabilities

583,199

 

 

 

Net Assets

$ 32,721,080

Net Assets consist of:

 

Paid in capital

$ 32,981,562

Undistributed net investment income

644,267

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(2,239,940)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

1,335,191

Net Assets, for 4,238,208 shares outstanding

$ 32,721,080

Net Asset Value, offering price and redemption price per share ($32,721,080 ÷ 4,238,208 shares)

$ 7.72

Statement of Operations

  

Six months ended August 31, 2013 (Unaudited)

 

  

  

Investment Income

  

  

Dividends

 

$ 806,837

Interest

 

189

Income from Fidelity Central Funds

 

210

Income before foreign taxes withheld

 

807,236

Less foreign taxes withheld

 

(60,659)

Total income

 

746,577

 

 

 

Expenses

Management fee

$ 75,616

Transfer agent fees

24,197

Independent trustees' compensation

200

Miscellaneous

35

Total expenses

100,048

Net investment income
(loss)

646,529

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

1,282,096

Foreign currency transactions

(15,938)

Futures contracts

59,903

Total net realized gain (loss)

 

1,326,061

Change in net unrealized appreciation (depreciation) on:

Investment securities

(818,444)

Assets and liabilities in foreign currencies

3,816

Futures contracts

(20,605)

Total change in net unrealized appreciation (depreciation)

 

(835,233)

Net gain (loss)

490,828

Net increase (decrease) in net assets resulting from operations

$ 1,137,357

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

Semiannual Report

Statement of Changes in Net Assets

  

Six months ended August 31, 2013 (Unaudited)

Year ended
February 28,
2013

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income (loss)

$ 646,529

$ 779,169

Net realized gain (loss)

1,326,061

344,459

Change in net unrealized appreciation (depreciation)

(835,233)

1,499,563

Net increase (decrease) in net assets resulting from operations

1,137,357

2,623,191

Distributions to shareholders from net investment income

(71,061)

(774,163)

Distributions to shareholders from net realized gain

(20,900)

(63,148)

Total distributions

(91,961)

(837,311)

Share transactions
Proceeds from sales of shares

7,076,898

9,411,727

Reinvestment of distributions

89,457

807,297

Cost of shares redeemed

(5,903,231)

(7,659,451)

Net increase (decrease) in net assets resulting from share transactions

1,263,124

2,559,573

Redemption fees

912

229

Total increase (decrease) in net assets

2,309,432

4,345,682

 

 

 

Net Assets

Beginning of period

30,411,648

26,065,966

End of period (including undistributed net investment income of $644,267 and undistributed net investment income of $68,799, respectively)

$ 32,721,080

$ 30,411,648

Other Information

Shares

Sold

912,042

1,352,694

Issued in reinvestment of distributions

11,633

114,634

Redeemed

(766,995)

(1,136,991)

Net increase (decrease)

156,680

330,337

Financial Highlights

 

Six months ended August 31, 2013

Years ended February 28,

 

(Unaudited)

2013

2012 H

2011

2010

2009

Selected Per-Share Data

 

 

 

 

 

 

Net asset value, beginning of period

$ 7.45

$ 6.95

$ 7.77

$ 6.58

$ 4.42

$ 9.35

Income from Investment Operations

 

 

 

 

 

 

Net investment income (loss) D

  .16

.21

.20

.17

.15

.18

Net realized and unrealized gain (loss)

  .13

.52

(.82)

1.19

2.17

(4.96)

Total from investment operations

  .29

.73

(.62)

1.36

2.32

(4.78)

Distributions from net investment income

  (.02)

(.21)

(.19)

(.17)

(.14)

(.14)

Distributions from net realized gain

  (.01)

(.02)

(.01)

-

(.02)

(.01)

Total distributions

  (.02) J

(.23)

(.20)

(.17)

(.16)

(.15)

Redemption fees added to paid in capital D, I

  -

-

-

-

-

-

Net asset value, end of period

$ 7.72

$ 7.45

$ 6.95

$ 7.77

$ 6.58

$ 4.42

Total Return B, C

  3.92%

10.64%

(7.81)%

20.95%

52.44%

(51.52)%

Ratios to Average Net Assets E, G

 

 

 

 

 

 

Expenses before reductions

  .62% A

.62%

.62%

.62%

.62%

.62%

Expenses net of fee waivers, if any

  .62% A

.62%

.62%

.62%

.62%

.62%

Expenses net of all reductions

  .62% A

.62%

.62%

.62%

.62%

.62%

Net investment income (loss)

  4.01% A

3.04%

2.84%

2.50%

2.39%

2.69%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 32,721

$ 30,412

$ 26,066

$ 25,475

$ 19,958

$ 12,950

Portfolio turnover rate F

  74% A

56%

49%

32%

22% K

42% K

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. H For the year ended February 29. I Amount represents less than $.01 per share. J Total distributions of $0.02 per share is comprised of distributions from net investment income of $.017 and distributions from net realized gain of $0.005 per share. K Reflects adjustments to exclude transactions in money market mutual funds.

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

Semiannual Report


Notes to Financial Statements

For the period ended August 31, 2013 (Unaudited)

1. Organization.

Fidelity® Large Cap Growth Enhanced Index Fund, Fidelity® Large Cap Value Enhanced Index Fund, Fidelity Large Cap Core Enhanced Index Fund, Fidelity Mid Cap Enhanced Index Fund, Fidelity Small Cap Enhanced Index Fund and Fidelity International Enhanced Index Fund (the Funds) are funds of Fidelity Commonwealth Trust II (the Trust) and are 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 Delaware statutory trust.

2. Significant Accounting Policies.

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 following summarizes the significant accounting policies of the Funds:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), each 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 Strategic Advisers Fair Value Committee (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 each Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.

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

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value each 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2.

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. For U.S. government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as 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 the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of August 31, 2013, including information on transfers between Levels 1 and 2, is included at the end of each applicable Fund's Schedule of Investments.

Semiannual Report

2. Significant Accounting Policies - continued

Foreign Currency. The 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 Funds' 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 may include proceeds received from litigation. 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 Funds are 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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Funds determine the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. 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. 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, each 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. Each 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. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and 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. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, partnerships, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:

 

Tax cost

Gross unrealized appreciation

Gross unrealized depreciation

Net unrealized
appreciation
(depreciation) on securities and
other investments

Fidelity Large Cap Growth Enhanced Index Fund

$ 177,441,011

$ 33,360,502

$ (2,811,209)

$ 30,549,293

Fidelity Large Cap Value Enhanced Index Fund

126,646,852

22,754,230

(2,137,507)

20,616,723

Fidelity Large Cap Core Enhanced Index Fund

220,683,457

30,111,088

(9,784,309)

20,326,779

Fidelity Mid Cap Enhanced Index Fund

237,859,620

26,598,465

(4,228,860)

22,369,605

Fidelity Small Cap Enhanced Index Fund

304,308,778

37,199,887

(9,442,727)

27,757,160

Fidelity International Enhanced Index Fund

31,755,324

3,507,151

(2,165,040)

1,342,111

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

 

Fiscal year of expiration

Total with expiration

 

2017

2018

2019

 

Fidelity Large Cap Core Enhanced Index Fund

$ -

$ (13,309,569)

$ -

$ (13,309,569)

Fidelity Mid Cap Enhanced Index Fund

-

(654,342)

(508,445)

(1,162,787)

Fidelity International Enhanced Index Fund

(730,243)

(1,890,764)

(754,234)

(3,375,241)

 

 

No expiration

 

 

 

Short-term

Long-term

Total no expiration

Total capital
loss carryforward

Fidelity Large Cap Core Enhanced Index Fund

$ -

$ (811,748)

$ (811,748)

$ (14,121,317)

Fidelity Mid Cap Enhanced Index Fund

-

-

-

(1,162,787)

Fidelity International Enhanced Index Fund

(16,735)

-

(16,735)

(3,391,976)

Due to large redemptions or subscriptions in a prior period, capital losses that will be available to offset future capital gains of Fidelity Large Cap Core Enhanced Index Fund, Fidelity Mid Cap Enhanced Index Fund and Fidelity International Enhanced Index Fund will be limited to approximately $2,804,338, $541,266 and $706,051 per year, respectively.

Short Term Trading (Redemption) Fees. Shares held by investors of Fidelity Small Cap Enhanced Index Fund less than 90 days may be subject to a redemption fee equal to 1.50% of the net asset value of shares redeemed. Shares held by investors of Fidelity Mid Cap Enhanced Index Fund and Fidelity International Enhanced Index Fund less than 30 days may be subject to a redemption fee equal to 0.75% and 1.00%, respectively, of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Funds and accounted for as an addition to paid in capital.

3. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Funds' investment objective allows the Funds 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 Funds 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 Funds may not achieve their objectives.

The Funds' use of derivatives increased or decreased their 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 Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Funds 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 Funds. 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.

Semiannual Report

3. Derivative Instruments - continued

Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives. The table below, which reflects the impacts of derivatives on the financial performance of the Funds, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

Primary Risk Exposure / Derivative Type

Net Realized Gain
(Loss)

Change in Net
Unrealized Appreciation
(Depreciation)

Fidelity Large Cap Growth Enhanced Index Fund

 

 

Equity Risk

 

 

Futures Contracts (a)

$ 234,096

$ 21,372

Fidelity Large Cap Value Enhanced Index Fund

 

 

Equity Risk

 

 

Futures Contracts (a)

$ 501,932

$ (79,445)

Fidelity Large Cap Core Enhanced Index Fund

 

 

Equity Risk

 

 

Futures Contracts (a)

$ 268,413

$ 64,214

Fidelity Mid Cap Enhanced Index Fund

 

 

Equity Risk

 

 

Futures Contracts (a)

$ 657,554

$ (58,545)

Fidelity Small Cap Enhanced Index Fund

 

 

Equity Risk

 

 

Futures Contracts (a)

$ 894,715

$ (17,380)

Fidelity International Enhanced Index Fund

 

 

Equity Risk

 

 

Futures Contracts (a)

$ 59,903

$ (20,605)

(a) A summary of the value of derivatives by primary risk exposure as of period end is included at the end of the Schedule of Investments and is representative of activity for the period.

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 Funds used futures contracts to manage their 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 for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts." The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of activity for the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

 

Purchases ($)

Sales ($)

Fidelity Large Cap Growth Enhanced Index Fund

98,638,127

82,087,586

Fidelity Large Cap Value Enhanced Index Fund

75,286,462

48,542,372

Fidelity Large Cap Core Enhanced Index Fund

94,188,810

83,893,512

Fidelity Mid Cap Enhanced Index Fund

173,204,910

86,639,136

Fidelity Small Cap Enhanced Index Fund

209,107,839

98,154,721

Fidelity International Enhanced Index Fund

13,393,246

11,527,128

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. Strategic Advisers, Inc. (Strategic Advisers), an affiliate of Fidelity Management & Research Company (FMR), provides the Funds with investment management related services. For these services, the Funds pay a monthly management fee to Strategic Advisers. The management fee is based on an annual rate of 0.30% of average net assets for Fidelity Large Cap Growth Enhanced Index, Fidelity Large Cap Value Enhanced Index and Fidelity Large Cap Core Enhanced Index, 0.45% of average net assets for Fidelity Mid Cap Enhanced Index, 0.52% of average net assets for Fidelity Small Cap Enhanced Index and 0.47% of average net assets for Fidelity International Enhanced Index. Under the management contract, Strategic Advisers pays all other ordinary fund-wide operating expenses (such as custody, audit, legal and pricing and bookkeeping fees), except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee paid to Strategic Advisers by the Funds is reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

In addition, under the expense contract, Strategic Advisers pays other expenses such as those listed above for each of the Funds so that the total expenses do not exceed certain amounts of each Fund's average net assets with certain exceptions, as noted in the following table:

Fidelity Large Cap Growth Enhanced Index Fund

.45%

Fidelity Large Cap Value Enhanced Index Fund

.45%

Fidelity Large Cap Core Enhanced Index Fund

.45%

Fidelity Mid Cap Enhanced Index Fund

.60%

Fidelity Small Cap Enhanced Index Fund

.67%

Fidelity International Enhanced Index Fund

.62%

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

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Under the expense contract, each fund paid transfer agent fees at the annualized rate of 0.15% of average net assets.

6. Investments in Fidelity Central Funds.

The Funds invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by FMR and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Fidelity Securities Lending Cash Central Fund seeks preservation of capital and current income and is managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

7. Committed Line of Credit.

Certain Funds participate with other funds managed by FMR or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

Fidelity Large Cap Growth Enhanced Index Fund

$ 201

Fidelity Large Cap Value Enhanced Index Fund

125

Fidelity Large Cap Core Enhanced Index Fund

249

Fidelity Mid Cap Enhanced Index Fund

160

Fidelity Small Cap Enhanced Index Fund

195

Fidelity International Enhanced Index Fund

35

During the period, there were no borrowings on this line of credit.

Semiannual Report

8. Security Lending.

Certain Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. On the settlement date of the loan, each applicable 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 the Funds and any additional required collateral is delivered to the Funds on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's 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 on each applicable Fund's Statement of Operations as income from Fidelity Central Funds.

9. Expense Reductions.

Through arrangements with each applicable Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

 

 

Expense
reduction

Fidelity Large Cap Core Enhanced Index Fund

 

$ 13

Fidelity Mid Cap Enhanced Index Fund

 

4

Fidelity Small Cap Enhanced Index Fund

 

7

10. Other.

The Funds' 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 Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

At the end of the period, Strategic Advisers U.S. Opportunity Fund was the owner of record of approximately 34% of the outstanding shares of the Fidelity Large Cap Core Enhanced Index Fund. Mutual funds managed by FMR or its affiliates were the owners of record, in the aggregate, of approximately 43% of the total outstanding shares of the Fidelity Large Cap Core Enhanced Index Fund.

Semiannual Report


Semiannual Report

Investment Adviser

Strategic Advisers, Inc.
Boston, MA

Investment Sub-Adviser

Geode Capital Management, LLC
Boston, MA

General Distributor

Fidelity Distributors Corporation
Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA 

Fidelity Service Company, Inc.
Boston, MA 

Custodian

The Bank of New York Mellon
New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) gei888943
1-800-544-5555

gei888943
Automated line for quickest service

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com

GEI-USAN-1013
1.855141.106

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Not applicable.

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

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

Item 11. Controls and Procedures

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

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

Item 12. Exhibits

(a)

(1)

Not applicable.

(a)

(2)

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

(a)

(3)

Not applicable.

(b)

 

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

SIGNATURES

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

Fidelity Commonwealth Trust II

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

October 24, 2013

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

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

October 24, 2013

By:

/s/Nicholas E. Steck

 

Nicholas E. Steck

 

Chief Financial Officer

 

 

Date:

October 24, 2013

EX-99.CERT 2 ex99.htm

Exhibit EX-99.CERT

I, Kenneth B. Robins, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: October 24, 2013

/s/Kenneth B. Robins

Kenneth B. Robins

President and Treasurer

I, Nicholas E. Steck, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: October 24, 2013

/s/Nicholas E. Steck

Nicholas E. Steck

Chief Financial Officer

EX-99.906 CERT 3 ex906.htm

Exhibit EX-99.906CERT

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

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

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

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

Dated: October 24, 2013

/s/Kenneth B. Robins

Kenneth B. Robins

President and Treasurer

Dated: October 24, 2013

/s/Nicholas E. Steck

Nicholas E. Steck

Chief Financial Officer

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

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