N-CSRS 1 filing782.htm PRIMARY DOCUMENT

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, MA 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, 2016


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



Semi-Annual Report

August 31, 2016




Fidelity Investments


Contents

Fidelity® Large Cap Growth Enhanced Index Fund

Investment Summary

Investments

Financial Statements

Fidelity® Large Cap Value Enhanced Index Fund

Investment Summary

Investments

Financial Statements

Fidelity® Large Cap Core Enhanced Index Fund

Investment Summary

Investments

Financial Statements

Fidelity® Mid Cap Enhanced Index Fund

Investment Summary

Investments

Financial Statements

Fidelity® Small Cap Enhanced Index Fund

Investment Summary

Investments

Financial Statements

Fidelity® International Enhanced Index Fund

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

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. © 2016 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.institutional.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.



Fidelity® Large Cap Growth Enhanced Index Fund

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Apple, Inc. 5.1 6.0 
Microsoft Corp. 3.5 2.6 
Amazon.com, Inc. 3.2 2.6 
Facebook, Inc. Class A 3.1 2.6 
Alphabet, Inc. Class A 2.1 2.1 
Home Depot, Inc. 1.9 1.9 
Amgen, Inc. 1.7 1.5 
PepsiCo, Inc. 1.6 1.9 
Alphabet, Inc. Class C 1.6 1.5 
Altria Group, Inc. 1.5 1.6 
 25.3  

Market Sectors as of August 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 31.4 28.5 
Consumer Discretionary 19.9 22.2 
Health Care 18.2 17.7 
Consumer Staples 10.5 10.1 
Industrials 8.3 9.1 
Financials 3.7 4.9 
Materials 2.7 1.6 
Telecommunication Services 1.7 3.4 
Energy 0.7 1.2 

Asset Allocation (% of fund's net assets)

As of August 31, 2016* 
   Stocks and Equity Futures 99.9% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.1% 


 * Foreign investments - 3.2%


As of February 29, 2016* 
   Stocks and Equity Futures 100.0% 


 * Foreign investments - 4.1%


Fidelity® Large Cap Growth Enhanced Index Fund

Investments August 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%   
 Shares Value 
CONSUMER DISCRETIONARY - 19.9%   
Auto Components - 1.6%   
BorgWarner, Inc. 44,723 $1,538,024 
Gentex Corp. (a) 198,408 3,529,678 
Lear Corp. 32,250 3,750,353 
Tenneco, Inc. (b) 32,588 1,819,388 
Visteon Corp. 2,527 178,659 
  10,816,102 
Automobiles - 0.9%   
Ford Motor Co. 207,863 2,619,074 
Thor Industries, Inc. (a) 40,828 3,313,192 
  5,932,266 
Distributors - 0.0%   
LKQ Corp. (b) 7,985 288,179 
Hotels, Restaurants & Leisure - 2.1%   
Darden Restaurants, Inc. (a) 17,040 1,050,346 
International Game Technology PLC 55,209 1,260,421 
McDonald's Corp. 82,587 9,552,012 
Starbucks Corp. 28,284 1,590,409 
Wendy's Co. 57,370 584,600 
  14,037,788 
Household Durables - 0.4%   
Garmin Ltd. (a) 28,764 1,411,737 
Harman International Industries, Inc. 6,399 541,931 
Whirlpool Corp. 3,103 554,320 
  2,507,988 
Internet & Catalog Retail - 3.6%   
Amazon.com, Inc. (b) 28,100 21,613,396 
Liberty Interactive Corp. QVC Group Series A (b) 71,993 1,521,212 
Priceline Group, Inc. (b) 702 994,544 
  24,129,152 
Leisure Products - 0.6%   
Brunswick Corp. 32,367 1,488,558 
Hasbro, Inc. 167 13,651 
Polaris Industries, Inc. (a) 29,341 2,542,104 
  4,044,313 
Media - 4.6%   
Cable One, Inc. 166 89,826 
Comcast Corp. Class A 136,356 8,898,593 
Discovery Communications, Inc.:   
Class A (a)(b) 103,645 2,643,984 
Class C (non-vtg.) (b) 132,630 3,291,877 
DISH Network Corp. Class A (b) 7,094 356,332 
Omnicom Group, Inc. (a) 20,462 1,762,392 
Scripps Networks Interactive, Inc. Class A 20,608 1,305,929 
The Walt Disney Co. 106,704 10,079,260 
Time Warner, Inc. 32,350 2,536,564 
  30,964,757 
Multiline Retail - 0.6%   
Big Lots, Inc. (a) 14,721 726,040 
Macy's, Inc. 70,741 2,559,409 
Target Corp. 12,022 843,824 
  4,129,273 
Specialty Retail - 4.7%   
American Eagle Outfitters, Inc. (a) 183,568 3,403,351 
Best Buy Co., Inc. 84,166 3,238,708 
Foot Locker, Inc. 5,520 362,333 
Gap, Inc. (a) 95,593 2,377,398 
Home Depot, Inc. 95,852 12,855,670 
Lowe's Companies, Inc. 48,041 3,678,019 
Ross Stores, Inc. 51,362 3,196,771 
TJX Companies, Inc. 515 39,882 
Urban Outfitters, Inc. (a)(b) 28,621 1,026,063 
Williams-Sonoma, Inc. (a) 30,701 1,616,101 
  31,794,296 
Textiles, Apparel & Luxury Goods - 0.8%   
Michael Kors Holdings Ltd. (a)(b) 76,351 3,737,381 
NIKE, Inc. Class B 22,055 1,271,250 
  5,008,631 
TOTAL CONSUMER DISCRETIONARY  133,652,745 
CONSUMER STAPLES - 10.5%   
Beverages - 3.0%   
Dr. Pepper Snapple Group, Inc. 32,689 3,062,959 
PepsiCo, Inc. 102,400 10,931,200 
The Coca-Cola Co. 145,817 6,332,832 
  20,326,991 
Food & Staples Retailing - 1.7%   
Costco Wholesale Corp. 5,412 877,231 
CVS Health Corp. 42,958 4,012,277 
Performance Food Group Co. 2,312 59,418 
Wal-Mart Stores, Inc. 45,839 3,274,738 
Walgreens Boots Alliance, Inc. 38,234 3,085,866 
  11,309,530 
Food Products - 2.1%   
Campbell Soup Co. 56,796 3,448,653 
General Mills, Inc. 49,289 3,490,647 
Ingredion, Inc. 9,373 1,283,726 
Pilgrim's Pride Corp. (a) 6,436 148,543 
Post Holdings, Inc. (b) 868 73,589 
The Hershey Co. 2,522 251,923 
The J.M. Smucker Co. 11,789 1,671,562 
Tyson Foods, Inc. Class A 52,014 3,930,698 
  14,299,341 
Household Products - 1.6%   
Church & Dwight Co., Inc. 1,429 142,071 
Clorox Co. 31,821 4,169,824 
Colgate-Palmolive Co. 51,645 3,839,289 
Procter & Gamble Co. 26,408 2,305,682 
Spectrum Brands Holdings, Inc. 1,788 239,950 
  10,696,816 
Tobacco - 2.1%   
Altria Group, Inc. 157,049 10,379,368 
Philip Morris International, Inc. 36,874 3,684,819 
  14,064,187 
TOTAL CONSUMER STAPLES  70,696,865 
ENERGY - 0.7%   
Energy Equipment & Services - 0.2%   
Dril-Quip, Inc. (b) 18,901 1,050,329 
Oil, Gas & Consumable Fuels - 0.5%   
ONEOK, Inc. 49,640 2,327,620 
Tesoro Corp. 18,717 1,411,636 
  3,739,256 
TOTAL ENERGY  4,789,585 
FINANCIALS - 3.7%   
Capital Markets - 0.4%   
Charles Schwab Corp. 44,589 1,402,770 
Federated Investors, Inc. Class B (non-vtg.) 2,414 77,972 
Lazard Ltd. Class A 5,483 203,035 
T. Rowe Price Group, Inc. 9,811 682,257 
  2,366,034 
Consumer Finance - 0.7%   
American Express Co. 37,992 2,491,515 
Discover Financial Services 28,315 1,698,900 
Synchrony Financial 19,115 531,970 
  4,722,385 
Diversified Financial Services - 0.7%   
Broadcom Ltd. 3,063 540,374 
MarketAxess Holdings, Inc. 6,541 1,102,420 
Morningstar, Inc. 39,764 3,303,195 
  4,945,989 
Real Estate Investment Trusts - 1.9%   
Coresite Realty Corp. 3,633 283,447 
Equity Lifestyle Properties, Inc. 17,302 1,341,424 
Omega Healthcare Investors, Inc. 5,075 183,715 
PS Business Parks, Inc. 300 33,234 
Public Storage 23,677 5,302,227 
Ryman Hospitality Properties, Inc. 1,096 59,140 
Simon Property Group, Inc. 9,521 2,051,490 
Tanger Factory Outlet Centers, Inc. 5,440 221,082 
Weyerhaeuser Co. 104,588 3,331,128 
  12,806,887 
TOTAL FINANCIALS  24,841,295 
HEALTH CARE - 18.2%   
Biotechnology - 6.5%   
AbbVie, Inc. 151,398 9,704,612 
Amgen, Inc. 65,803 11,190,458 
Biogen, Inc. (b) 23,515 7,186,889 
Celgene Corp. (b) 16,008 1,708,694 
Gilead Sciences, Inc. 124,292 9,742,007 
Medivation, Inc. (b) 1,667 134,294 
Myriad Genetics, Inc. (b) 35,160 715,858 
United Therapeutics Corp. (b) 28,195 3,447,685 
  43,830,497 
Health Care Equipment & Supplies - 1.7%   
Abiomed, Inc. (b) 2,230 263,006 
Align Technology, Inc. (b) 5,806 539,377 
Baxter International, Inc. 15,565 727,352 
C.R. Bard, Inc. 10,164 2,244,618 
Edwards Lifesciences Corp. (b) 41,426 4,770,618 
Hill-Rom Holdings, Inc. 994 58,954 
Hologic, Inc. (b) 56,248 2,161,048 
Masimo Corp. (b) 12,845 759,653 
St. Jude Medical, Inc. 1,129 87,972 
  11,612,598 
Health Care Providers & Services - 4.7%   
Aetna, Inc. 31,123 3,645,126 
Anthem, Inc. 30,892 3,863,971 
Cardinal Health, Inc. 34,824 2,774,428 
Express Scripts Holding Co. (b) 79,634 5,789,392 
Humana, Inc. 3,123 558,111 
McKesson Corp. 29,824 5,506,107 
UnitedHealth Group, Inc. 58,669 7,981,917 
Universal Health Services, Inc. Class B 8,958 1,079,708 
Wellcare Health Plans, Inc. (b) 4,474 504,220 
  31,702,980 
Life Sciences Tools & Services - 0.5%   
Bruker Corp. 68,614 1,534,209 
Illumina, Inc. (b) 5,148 866,614 
INC Research Holdings, Inc. Class A (b) 25,943 1,131,893 
  3,532,716 
Pharmaceuticals - 4.8%   
Allergan PLC (b) 9,093 2,132,672 
Bristol-Myers Squibb Co. 152,307 8,740,899 
Eli Lilly & Co. 41,498 3,226,470 
Johnson & Johnson 56,794 6,777,796 
Merck & Co., Inc. 55,172 3,464,250 
Mylan N.V. (b) 84,517 3,580,140 
Pfizer, Inc. 113,573 3,952,340 
  31,874,567 
TOTAL HEALTH CARE  122,553,358 
INDUSTRIALS - 8.3%   
Aerospace & Defense - 3.2%   
BE Aerospace, Inc. 1,359 68,697 
BWX Technologies, Inc. 12,550 487,066 
General Dynamics Corp. 15,603 2,375,089 
Hexcel Corp. 829 37,181 
Honeywell International, Inc. 21,318 2,488,024 
Huntington Ingalls Industries, Inc. 7,725 1,275,938 
Lockheed Martin Corp. 2,448 594,791 
Raytheon Co. 14,299 2,003,719 
Spirit AeroSystems Holdings, Inc. Class A (b) 74,925 3,433,064 
Textron, Inc. 26,046 1,063,979 
The Boeing Co. 61,234 7,926,741 
  21,754,289 
Air Freight & Logistics - 0.3%   
United Parcel Service, Inc. Class B 16,184 1,767,616 
Airlines - 0.9%   
Alaska Air Group, Inc. 14,530 981,211 
Delta Air Lines, Inc. 28,827 1,059,392 
JetBlue Airways Corp. (b) 57,573 918,289 
Southwest Airlines Co. 94,819 3,496,925 
  6,455,817 
Building Products - 0.2%   
A.O. Smith Corp. 4,669 450,465 
Fortune Brands Home & Security, Inc. 10,885 691,851 
  1,142,316 
Commercial Services & Supplies - 0.2%   
Deluxe Corp. (a) 13,061 890,368 
KAR Auction Services, Inc. 2,846 120,329 
R.R. Donnelley & Sons Co. 8,315 142,187 
  1,152,884 
Electrical Equipment - 0.2%   
Emerson Electric Co. 10,439 549,927 
EnerSys 2,242 157,792 
Fortive Corp. 18,770 988,616 
  1,696,335 
Industrial Conglomerates - 1.5%   
3M Co. 51,562 9,241,973 
Carlisle Companies, Inc. 5,132 538,142 
General Electric Co. 4,900 153,076 
  9,933,191 
Machinery - 1.4%   
Cummins, Inc. 20,618 2,589,827 
Illinois Tool Works, Inc. 11,065 1,315,075 
PACCAR, Inc. 27,166 1,625,613 
Stanley Black & Decker, Inc. 5,885 728,269 
Toro Co. 11,376 1,105,178 
Wabtec Corp. 21,514 1,648,188 
Woodward, Inc. 3,711 232,754 
  9,244,904 
Professional Services - 0.3%   
Robert Half International, Inc. 61,329 2,350,741 
Trading Companies & Distributors - 0.1%   
MSC Industrial Direct Co., Inc. Class A 6,682 488,053 
TOTAL INDUSTRIALS  55,986,146 
INFORMATION TECHNOLOGY - 31.4%   
Communications Equipment - 1.3%   
Cisco Systems, Inc. 81,061 2,548,558 
F5 Networks, Inc. (b) 9,098 1,116,598 
Juniper Networks, Inc. 69,958 1,614,631 
Motorola Solutions, Inc. 46,260 3,561,557 
  8,841,344 
Electronic Equipment & Components - 0.3%   
Amphenol Corp. Class A 7,339 457,293 
Belden, Inc. 5,978 445,899 
Dolby Laboratories, Inc. Class A 19,280 943,563 
  1,846,755 
Internet Software & Services - 7.7%   
Alphabet, Inc.:   
Class A 18,276 14,435,299 
Class C (b) 13,752 10,548,472 
eBay, Inc. (b) 172,264 5,540,010 
Facebook, Inc. Class A (b) 163,666 20,641,556 
j2 Global, Inc. 4,182 285,087 
LinkedIn Corp. Class A (b) 3,306 637,232 
  52,087,656 
IT Services - 5.4%   
Accenture PLC Class A 16,038 1,844,370 
Alliance Data Systems Corp. (b) 20,095 4,111,035 
Amdocs Ltd. 17,992 1,081,679 
Booz Allen Hamilton Holding Corp. Class A 4,489 136,286 
Cognizant Technology Solutions Corp. Class A (b) 82,685 4,749,426 
CoreLogic, Inc. (b) 1,764 72,359 
IBM Corp. 16,222 2,577,351 
Leidos Holdings, Inc. 86,201 3,492,003 
MasterCard, Inc. Class A 33,259 3,213,817 
Paychex, Inc. 49,031 2,974,711 
Teradata Corp. (a)(b) 57,295 1,817,970 
Total System Services, Inc. 45,046 2,218,516 
Vantiv, Inc. (b) 33,457 1,797,979 
Visa, Inc. Class A 73,373 5,935,876 
  36,023,378 
Semiconductors & Semiconductor Equipment - 3.3%   
Applied Materials, Inc. 156,893 4,681,687 
Intel Corp. 118,083 4,237,999 
KLA-Tencor Corp. 387 26,804 
Lam Research Corp. (a) 43,734 4,081,257 
Qualcomm, Inc. 71,757 4,525,714 
Texas Instruments, Inc. 62,216 4,326,501 
  21,879,962 
Software - 8.1%   
Activision Blizzard, Inc. 73,405 3,036,765 
Adobe Systems, Inc. (b) 51,243 5,242,671 
CA Technologies, Inc. 40,500 1,373,355 
Cadence Design Systems, Inc. (b) 4,113 104,635 
Citrix Systems, Inc. (b) 46,567 4,060,642 
Electronic Arts, Inc. (b) 56,584 4,596,318 
Intuit, Inc. 43,407 4,837,710 
Mentor Graphics Corp. 2,715 65,187 
Microsoft Corp. 408,287 23,460,171 
Oracle Corp. 68,284 2,814,666 
Symantec Corp. 17,906 432,072 
Synopsys, Inc. (b) 52,580 3,117,468 
VMware, Inc. Class A (a)(b) 17,534 1,285,768 
  54,427,428 
Technology Hardware, Storage & Peripherals - 5.3%   
Apple, Inc. 324,095 34,386,481 
NetApp, Inc. 34,341 1,187,855 
Seagate Technology LLC (a) 9,876 333,216 
  35,907,552 
TOTAL INFORMATION TECHNOLOGY  211,014,075 
MATERIALS - 2.7%   
Chemicals - 1.4%   
Celanese Corp. Class A 16,462 1,060,647 
E.I. du Pont de Nemours & Co. 35,359 2,460,986 
LyondellBasell Industries NV Class A 51,768 4,083,978 
Monsanto Co. 10,578 1,126,557 
PPG Industries, Inc. 3,985 421,932 
Trinseo SA 4,269 247,004 
  9,401,104 
Construction Materials - 0.0%   
Eagle Materials, Inc. 975 78,361 
Containers & Packaging - 0.4%   
Avery Dennison Corp. 3,799 294,195 
Berry Plastics Group, Inc. (b) 17,801 807,987 
Packaging Corp. of America 16,456 1,293,935 
  2,396,117 
Metals & Mining - 0.9%   
Nucor Corp. 58,385 2,832,256 
Steel Dynamics, Inc. 116,360 2,864,783 
Worthington Industries, Inc. 10,207 437,880 
  6,134,919 
TOTAL MATERIALS  18,010,501 
TELECOMMUNICATION SERVICES - 1.7%   
Diversified Telecommunication Services - 1.7%   
AT&T, Inc. 43,681 1,785,679 
Verizon Communications, Inc. 188,867 9,883,410 
  11,669,089 
TOTAL COMMON STOCKS   
(Cost $560,246,691)  653,213,659 
 Principal Amount Value 
U.S. Treasury Obligations - 0.2%   
U.S. Treasury Bills, yield at date of purchase 0.32% 9/15/16 (c)   
(Cost $999,874) 1,000,000 999,916 
 Shares Value 
Money Market Funds - 8.3%   
Dreyfus Cash Management Institutional Shares, 0.30% (d) 19,643,591 $19,643,591 
Fidelity Securities Lending Cash Central Fund 0.44% (e)(f) 36,306,360 36,306,360 
TOTAL MONEY MARKET FUNDS   
(Cost $55,949,951)  55,949,951 
TOTAL INVESTMENT PORTFOLIO - 105.6%   
(Cost $617,196,516)  710,163,526 
NET OTHER ASSETS (LIABILITIES) - (5.6)%  (37,761,895) 
NET ASSETS - 100%  $672,401,631 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
176 CME E-mini S&P 500 Index Contracts (United States) Sept. 2016 19,091,600 $692,556 

The face value of futures purchased as a percentage of Net Assets is 2.8%

Legend

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

 (b) Non-income producing

 (c) 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 $739,938.

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

 (e) 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.

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


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 $51,755 

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $133,652,745 $133,652,745 $-- $-- 
Consumer Staples 70,696,865 70,696,865 -- -- 
Energy 4,789,585 4,789,585 -- -- 
Financials 24,841,295 24,841,295 -- -- 
Health Care 122,553,358 122,553,358 -- -- 
Industrials 55,986,146 55,986,146 -- -- 
Information Technology 211,014,075 211,014,075 -- -- 
Materials 18,010,501 18,010,501 -- -- 
Telecommunication Services 11,669,089 11,669,089 -- -- 
U.S. Government and Government Agency Obligations 999,916 -- 999,916 -- 
Money Market Funds 55,949,951 55,949,951 -- -- 
Total Investments in Securities: $710,163,526 $709,163,610 $999,916 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $692,556 $692,556 $-- $-- 
Total Assets $692,556 $692,556 $-- $-- 
Total Derivative Instruments: $692,556 $692,556 $-- $-- 

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, 2016. 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) $692,556 $0 
Total Equity Risk 692,556 
Total Value of Derivatives $692,556 $0 

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


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


Fidelity® Large Cap Growth Enhanced Index Fund

Financial Statements

Statement of Assets and Liabilities

  August 31, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $35,251,999) — See accompanying schedule:
Unaffiliated issuers (cost $580,890,156) 
$673,857,166  
Fidelity Central Funds (cost $36,306,360) 36,306,360  
Total Investments (cost $617,196,516)  $710,163,526 
Receivable for investments sold  5,662,885 
Receivable for fund shares sold  1,922,607 
Dividends receivable  1,144,340 
Interest receivable  4,068 
Distributions receivable from Fidelity Central Funds  10,700 
Total assets  718,908,126 
Liabilities   
Payable for investments purchased $9,381,307  
Payable for fund shares redeemed 524,815  
Accrued management fee 164,701  
Payable for daily variation margin for derivative instruments 46,961  
Other affiliated payables 82,351  
Collateral on securities loaned, at value 36,306,360  
Total liabilities  46,506,495 
Net Assets  $672,401,631 
Net Assets consist of:   
Paid in capital  $580,346,280 
Undistributed net investment income  4,315,762 
Accumulated undistributed net realized gain (loss) on investments  (5,919,977) 
Net unrealized appreciation (depreciation) on investments  93,659,566 
Net Assets, for 43,877,196 shares outstanding  $672,401,631 
Net Asset Value, offering price and redemption price per share ($672,401,631 ÷ 43,877,196 shares)  $15.32 

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


Statement of Operations

  Six months ended August 31, 2016 (Unaudited) 
Investment Income   
Dividends  $5,546,857 
Interest  18,205 
Income from Fidelity Central Funds (including $51,755 from security lending)  51,755 
Total income  5,616,817 
Expenses   
Management fee $865,924  
Transfer agent fees 433,546  
Independent trustees' fees and expenses 1,253  
Miscellaneous 724  
Total expenses before reductions 1,301,447  
Expense reductions (108) 1,301,339 
Net investment income (loss)  4,315,478 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (1,085,994)  
Futures contracts 699,061  
Total net realized gain (loss)  (386,933) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 
48,536,541  
Futures contracts 522,075  
Total change in net unrealized appreciation (depreciation)  49,058,616 
Net gain (loss)  48,671,683 
Net increase (decrease) in net assets resulting from operations  $52,987,161 

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


Statement of Changes in Net Assets

 Six months ended August 31, 2016 (Unaudited) Year ended February 29, 2016 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $4,315,478 $5,942,877 
Net realized gain (loss) (386,933) 4,493,035 
Change in net unrealized appreciation (depreciation) 49,058,616 (38,693,142) 
Net increase (decrease) in net assets resulting from operations 52,987,161 (28,257,230) 
Distributions to shareholders from net investment income – (5,276,402) 
Distributions to shareholders from net realized gain – (14,162,511) 
Total distributions – (19,438,913) 
Share transactions   
Proceeds from sales of shares 254,306,292 205,196,525 
Reinvestment of distributions – 18,634,238 
Cost of shares redeemed (83,980,017) (131,133,765) 
Net increase (decrease) in net assets resulting from share transactions 170,326,275 92,696,998 
Total increase (decrease) in net assets 223,313,436 45,000,855 
Net Assets   
Beginning of period 449,088,195 404,087,340 
End of period $672,401,631 $449,088,195 
Other Information   
Undistributed net investment income end of period $4,315,762 $284 
Shares   
Sold 17,116,702 13,841,828 
Issued in reinvestment of distributions – 1,270,101 
Redeemed (5,637,243) (8,915,319) 
Net increase (decrease) 11,479,459 6,196,610 

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


Financial Highlights — Fidelity Large Cap Growth Enhanced Index Fund

 Six months ended (Unaudited) August 31, Years ended February 28,     
 2016 2016 A 2015 2014 2013 2012 A 
Selected Per–Share Data       
Net asset value, beginning of period $13.86 $15.42 $14.22 $11.77 $10.93 $10.19 
Income from Investment Operations       
Net investment income (loss)B .11 .20 .20 .18 .20 .13 
Net realized and unrealized gain (loss) 1.35 (1.09) 2.15 3.15 .81 .72 
Total from investment operations 1.46 (.89) 2.35 3.33 1.01 .85 
Distributions from net investment income – (.18) (.15) (.17) (.17) (.11) 
Distributions from net realized gain – (.49) (1.00) (.71) – – 
Total distributions – (.67) (1.15) (.88) (.17) (.11) 
Net asset value, end of period $15.32 $13.86 $15.42 $14.22 $11.77 $10.93 
Total ReturnC,D 10.53% (6.01)% 17.46% 29.08% 9.36% 8.40% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .45%G .45% .45% .45% .45% .45% 
Expenses net of fee waivers, if any .45%G .45% .45% .45% .45% .45% 
Expenses net of all reductions .45%G .45% .45% .45% .45% .45% 
Net investment income (loss) 1.49%G 1.38% 1.37% 1.41% 1.80% 1.30% 
Supplemental Data       
Net assets, end of period (000 omitted) $672,402 $449,088 $404,087 $248,855 $171,392 $141,826 
Portfolio turnover rateH 92%G 89% 69% 83% 87% 77% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

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

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

 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 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.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Fidelity® Large Cap Value Enhanced Index Fund

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Exxon Mobil Corp. 3.7 3.9 
Johnson & Johnson 3.0 3.2 
JPMorgan Chase & Co. 2.8 2.7 
Wells Fargo & Co. 2.7 2.6 
Procter & Gamble Co. 2.6 2.5 
Pfizer, Inc. 2.3 1.8 
Berkshire Hathaway, Inc. Class B 2.2 2.7 
Merck & Co., Inc. 2.1 1.8 
AT&T, Inc. 2.1 2.4 
Bank of America Corp. 2.1 1.9 
 25.6  

Market Sectors as of August 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 26.8 26.3 
Health Care 13.2 13.7 
Information Technology 11.8 12.8 
Energy 11.1 11.3 
Consumer Staples 8.6 8.6 
Industrials 7.7 8.4 
Consumer Discretionary 5.7 7.0 
Utilities 5.2 5.1 
Materials 4.5 2.0 
Telecommunication Services 4.2 3.8 

Asset Allocation (% of fund's net assets)

As of August 31, 2016* 
   Stocks and Equity Futures 100.0% 


 * Foreign investments - 4.7%


As of February 29, 2016* 
   Stocks and Equity Futures 99.9% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.1% 


 * Foreign investments - 4.7%


Fidelity® Large Cap Value Enhanced Index Fund

Investments August 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%   
 Shares Value 
CONSUMER DISCRETIONARY - 5.7%   
Auto Components - 1.0%   
Gentex Corp. (a) 614,493 $10,931,830 
Johnson Controls, Inc. 40,310 1,768,803 
Lear Corp. 43,367 5,043,148 
Tenneco, Inc. (b) 52,056 2,906,286 
Visteon Corp. 2,555 180,639 
  20,830,706 
Automobiles - 1.6%   
Ford Motor Co. 1,521,668 19,173,017 
General Motors Co. 399,749 12,759,988 
  31,933,005 
Hotels, Restaurants & Leisure - 0.5%   
Carnival Corp. unit 186,534 8,916,325 
International Game Technology PLC 18,881 431,053 
  9,347,378 
Household Durables - 0.1%   
Garmin Ltd. (a) 30,429 1,493,455 
Whirlpool Corp. 3,306 590,584 
  2,084,039 
Leisure Products - 0.3%   
Brunswick Corp. 119,965 5,517,190 
Media - 0.7%   
Discovery Communications, Inc. Class C (non-vtg.) (b) 104,530 2,594,435 
MSG Network, Inc. Class A (b) 141,988 2,481,950 
Time Warner, Inc. 113,476 8,897,653 
  13,974,038 
Multiline Retail - 0.5%   
Dillard's, Inc. Class A 6,035 363,548 
Macy's, Inc. 185,499 6,711,354 
Target Corp. 58,100 4,078,039 
  11,152,941 
Specialty Retail - 1.0%   
American Eagle Outfitters, Inc. (a) 228,809 4,242,119 
Best Buy Co., Inc. 315,657 12,146,481 
Foot Locker, Inc. 8,620 565,817 
Gap, Inc. (a) 32,751 814,517 
Staples, Inc. 241,929 2,070,912 
  19,839,846 
TOTAL CONSUMER DISCRETIONARY  114,679,143 
CONSUMER STAPLES - 8.6%   
Beverages - 0.7%   
PepsiCo, Inc. 124,774 13,319,625 
Food & Staples Retailing - 2.0%   
Wal-Mart Stores, Inc. 421,111 30,084,170 
Walgreens Boots Alliance, Inc. 135,644 10,947,827 
  41,031,997 
Food Products - 2.1%   
Archer Daniels Midland Co. 60,949 2,667,128 
Bunge Ltd. 22,905 1,463,630 
Campbell Soup Co. 151,314 9,187,786 
General Mills, Inc. 11,816 836,809 
Ingredion, Inc. 17,047 2,334,757 
Mondelez International, Inc. 51,593 2,322,717 
Pilgrim's Pride Corp. 5,684 131,187 
The J.M. Smucker Co. 67,673 9,595,355 
Tyson Foods, Inc. Class A 172,806 13,058,949 
  41,598,318 
Household Products - 3.0%   
Church & Dwight Co., Inc. 8,851 879,966 
Clorox Co. 41,669 5,460,306 
Colgate-Palmolive Co. 3,772 280,410 
Procter & Gamble Co. 601,807 52,543,769 
  59,164,451 
Tobacco - 0.8%   
Philip Morris International, Inc. 158,774 15,866,286 
TOTAL CONSUMER STAPLES  170,980,677 
ENERGY - 11.1%   
Energy Equipment & Services - 2.0%   
Baker Hughes, Inc. 84,378 4,145,491 
Diamond Offshore Drilling, Inc. (a) 120,322 2,222,347 
Dril-Quip, Inc. (b) 168,356 9,355,543 
FMC Technologies, Inc. (b) 373,890 10,543,698 
Oceaneering International, Inc. (a) 71,970 1,908,644 
Schlumberger Ltd. 143,498 11,336,342 
  39,512,065 
Oil, Gas & Consumable Fuels - 9.1%   
Antero Resources Corp. (b) 405,958 10,376,286 
Apache Corp. 122,411 6,083,827 
Chesapeake Energy Corp. (a)(b) 256,149 1,626,546 
Chevron Corp. 250,774 25,222,849 
Cimarex Energy Co. 5,349 707,031 
ConocoPhillips Co. 210,597 8,645,007 
EOG Resources, Inc. 32,718 2,895,216 
EQT Corp. 174,463 12,474,105 
Exxon Mobil Corp. 843,127 73,470,087 
Marathon Petroleum Corp. 76,611 3,256,734 
Occidental Petroleum Corp. 9,448 726,079 
ONEOK, Inc. 104,423 4,896,394 
Range Resources Corp. (a) 60,933 2,350,186 
Southwestern Energy Co. (a)(b) 90,288 1,255,906 
Tesoro Corp. 156,634 11,813,336 
Valero Energy Corp. 282,500 15,636,375 
Western Refining, Inc. (a) 34,645 871,668 
World Fuel Services Corp. 9,273 413,390 
  182,721,022 
TOTAL ENERGY  222,233,087 
FINANCIALS - 26.8%   
Banks - 10.3%   
Bank of America Corp. 2,608,166 42,095,799 
CIT Group, Inc. 87,276 3,218,739 
Citigroup, Inc. 403,610 19,268,341 
Citizens Financial Group, Inc. 51,781 1,282,615 
East West Bancorp, Inc. 61,986 2,302,160 
JPMorgan Chase & Co. 838,761 56,616,368 
KeyCorp 38,460 483,058 
PNC Financial Services Group, Inc. 37,876 3,412,628 
Regions Financial Corp. 544,437 5,428,037 
SunTrust Banks, Inc. 310,180 13,669,633 
U.S. Bancorp 98,272 4,338,709 
Wells Fargo & Co. 1,051,711 53,426,919 
  205,543,006 
Capital Markets - 2.5%   
Charles Schwab Corp. 44,589 1,402,770 
Franklin Resources, Inc. 176,660 6,448,090 
Goldman Sachs Group, Inc. 132,047 22,376,685 
Morgan Stanley 612,996 19,652,652 
  49,880,197 
Consumer Finance - 2.9%   
American Express Co. 276,356 18,123,426 
Capital One Financial Corp. 241,719 17,307,080 
Discover Financial Services 235,739 14,144,340 
Navient Corp. 128,456 1,847,197 
Santander Consumer U.S.A. Holdings, Inc. (b) 37,985 477,851 
Synchrony Financial 210,937 5,870,377 
  57,770,271 
Diversified Financial Services - 3.6%   
Berkshire Hathaway, Inc. Class B (b) 286,680 43,142,473 
CME Group, Inc. 158,400 17,162,640 
Leucadia National Corp. 605,375 11,592,931 
  71,898,044 
Insurance - 2.9%   
AFLAC, Inc. 214,894 15,940,837 
Allied World Assurance Co. Holdings AG 19,178 777,860 
American International Group, Inc. 25,290 1,513,101 
American National Insurance Co. 4,643 542,395 
AmTrust Financial Services, Inc. 10,190 269,933 
Aspen Insurance Holdings Ltd. 115,312 5,299,740 
Assured Guaranty Ltd. 198,849 5,522,037 
Brown & Brown, Inc. 14,639 548,523 
Chubb Ltd. 8,337 1,058,215 
CNA Financial Corp. 5,928 197,462 
Endurance Specialty Holdings Ltd. 38,966 2,565,911 
FNF Group 39,802 1,500,137 
Lincoln National Corp. 120,748 5,799,526 
MetLife, Inc. 27,036 1,173,362 
Old Republic International Corp. 236,937 4,556,299 
Principal Financial Group, Inc. 53,691 2,634,617 
Prudential Financial, Inc. 63,622 5,050,314 
Reinsurance Group of America, Inc. 4,955 531,771 
The Travelers Companies, Inc. 22,486 2,669,313 
  58,151,353 
Real Estate Investment Trusts - 4.6%   
American Capital Agency Corp. 52,821 1,019,974 
Annaly Capital Management, Inc. (a) 98,346 1,053,286 
Brixmor Property Group, Inc. 67,846 1,937,682 
Care Capital Properties, Inc. 121,046 3,630,170 
Chimera Investment Corp. 639,331 10,542,568 
Colony Starwood Homes (a) 34,696 1,075,576 
Corrections Corp. of America 44,653 711,322 
Duke Realty LP 40,436 1,137,060 
EastGroup Properties, Inc. 1,423 104,420 
Forest City Realty Trust, Inc. 19,095 451,788 
Host Hotels & Resorts, Inc. (a) 84,264 1,501,584 
Kimco Realty Corp. 34,708 1,042,975 
Lamar Advertising Co. Class A (a) 115,960 7,227,787 
Liberty Property Trust (SBI) 31,408 1,294,952 
MFA Financial, Inc. (a) 1,173,451 9,059,042 
Mid-America Apartment Communities, Inc. 12,925 1,214,821 
Omega Healthcare Investors, Inc. (a) 70,069 2,536,498 
PS Business Parks, Inc. 1,299 143,903 
Public Storage 43,865 9,823,128 
RLJ Lodging Trust 151,937 3,546,210 
Senior Housing Properties Trust (SBI) 11,540 257,804 
Simon Property Group, Inc. 27,346 5,892,243 
Starwood Property Trust, Inc. 70,009 1,603,206 
Sunstone Hotel Investors, Inc. (a) 213,800 2,969,682 
The Macerich Co. 31,585 2,586,496 
Two Harbors Investment Corp. 298,204 2,654,016 
Weyerhaeuser Co. 462,306 14,724,446 
WP Carey, Inc. 14,482 965,225 
  90,707,864 
TOTAL FINANCIALS  533,950,735 
HEALTH CARE - 13.2%   
Biotechnology - 1.1%   
Amgen, Inc. 61,371 10,436,752 
Biogen, Inc. (b) 5,280 1,613,726 
United Therapeutics Corp. (b) 74,370 9,093,964 
  21,144,442 
Health Care Equipment & Supplies - 1.0%   
Abbott Laboratories 121,973 5,125,305 
Baxter International, Inc. 36,469 1,704,196 
Hill-Rom Holdings, Inc. 4,492 266,421 
Medtronic PLC 145,253 12,641,369 
  19,737,291 
Health Care Providers & Services - 2.3%   
Aetna, Inc. 76,767 8,990,951 
Anthem, Inc. 112,120 14,023,970 
Cigna Corp. 9,435 1,210,133 
Express Scripts Holding Co. (b) 149,301 10,854,183 
McKesson Corp. 45,895 8,473,135 
UnitedHealth Group, Inc. 10,894 1,482,129 
  45,034,501 
Life Sciences Tools & Services - 0.2%   
Bruker Corp. 177,869 3,977,151 
Pharmaceuticals - 8.6%   
Allergan PLC (b) 21,573 5,059,731 
Bristol-Myers Squibb Co. 158,656 9,105,268 
Johnson & Johnson 505,312 60,303,934 
Mallinckrodt PLC (b) 14,597 1,088,060 
Merck & Co., Inc. 683,336 42,906,667 
Mylan N.V. (b) 186,119 7,884,001 
Pfizer, Inc. 1,327,015 46,180,122 
  172,527,783 
TOTAL HEALTH CARE  262,421,168 
INDUSTRIALS - 7.7%   
Aerospace & Defense - 2.2%   
Curtiss-Wright Corp. 2,342 210,546 
General Dynamics Corp. 66,549 10,130,089 
Huntington Ingalls Industries, Inc. 45,767 7,559,335 
Raytheon Co. 60,074 8,418,170 
Spirit AeroSystems Holdings, Inc. Class A (b) 237,141 10,865,801 
Textron, Inc. 53,534 2,186,864 
United Technologies Corp. 49,116 5,227,416 
  44,598,221 
Airlines - 0.4%   
Delta Air Lines, Inc. 89,171 3,277,034 
Southwest Airlines Co. 118,797 4,381,233 
  7,658,267 
Building Products - 0.6%   
A.O. Smith Corp. 4,669 450,465 
Fortune Brands Home & Security, Inc. 4,398 279,537 
Owens Corning 195,012 10,710,059 
  11,440,061 
Commercial Services & Supplies - 0.1%   
Deluxe Corp. (a) 39,167 2,670,014 
Construction & Engineering - 0.3%   
EMCOR Group, Inc. 11,426 654,253 
Quanta Services, Inc. (b) 214,050 5,507,507 
  6,161,760 
Electrical Equipment - 0.5%   
Eaton Corp. PLC 100,857 6,711,025 
EnerSys 13,005 915,292 
Fortive Corp. 36,571 1,926,195 
  9,552,512 
Industrial Conglomerates - 1.9%   
3M Co. 21,584 3,868,716 
Carlisle Companies, Inc. 4,162 436,427 
General Electric Co. 1,073,738 33,543,575 
  37,848,718 
Machinery - 1.6%   
Allison Transmission Holdings, Inc. 33,300 923,742 
Cummins, Inc. 109,958 13,811,824 
Ingersoll-Rand PLC 20,536 1,396,243 
PACCAR, Inc. 36,449 2,181,108 
Stanley Black & Decker, Inc. 33,372 4,129,785 
Trinity Industries, Inc. 292,043 7,131,690 
Wabtec Corp. 17,935 1,374,000 
  30,948,392 
Professional Services - 0.0%   
Manpower, Inc. 2,314 165,358 
Road & Rail - 0.1%   
Union Pacific Corp. 24,160 2,308,005 
TOTAL INDUSTRIALS  153,351,308 
INFORMATION TECHNOLOGY - 11.8%   
Communications Equipment - 2.8%   
Brocade Communications Systems, Inc. 1,105,667 9,928,890 
Cisco Systems, Inc. 1,214,802 38,193,375 
Juniper Networks, Inc. 291,893 6,736,890 
  54,859,155 
Electronic Equipment & Components - 0.6%   
Belden, Inc. 4,836 360,717 
Corning, Inc. 200,480 4,548,891 
Dolby Laboratories, Inc. Class A 10,282 503,201 
Tech Data Corp. (b) 87,893 6,525,176 
  11,937,985 
Internet Software & Services - 1.0%   
Alphabet, Inc. Class A 12,347 9,752,278 
eBay, Inc. (b) 342,672 11,020,332 
  20,772,610 
IT Services - 0.6%   
Leidos Holdings, Inc. 32,973 1,335,736 
Xerox Corp. 1,146,307 11,291,124 
  12,626,860 
Semiconductors & Semiconductor Equipment - 3.9%   
Applied Materials, Inc. 386,460 11,531,966 
Intel Corp. 1,101,777 39,542,777 
Lam Research Corp. (a) 16,171 1,509,078 
Qualcomm, Inc. 377,093 23,783,256 
Texas Instruments, Inc. 16,415 1,141,499 
  77,508,576 
Software - 0.7%   
Electronic Arts, Inc. (b) 4,091 332,312 
Mentor Graphics Corp. 8,085 194,121 
Microsoft Corp. 48,278 2,774,054 
Oracle Corp. 241,411 9,950,961 
  13,251,448 
Technology Hardware, Storage & Peripherals - 2.2%   
Apple, Inc. 136,380 14,469,918 
EMC Corp. 194,596 5,641,338 
HP, Inc. 1,067,760 15,343,711 
Seagate Technology LLC (a) 56,356 1,901,451 
Western Digital Corp. 144,485 6,743,115 
  44,099,533 
TOTAL INFORMATION TECHNOLOGY  235,056,167 
MATERIALS - 4.5%   
Chemicals - 2.1%   
Celanese Corp. Class A 3,700 238,391 
Huntsman Corp. 32,688 565,176 
LyondellBasell Industries NV Class A 166,591 13,142,364 
Monsanto Co. 9,363 997,160 
The Dow Chemical Co. 355,565 19,072,507 
Trinseo SA 26,336 1,523,801 
Westlake Chemical Corp. 134,134 6,950,824 
  42,490,223 
Containers & Packaging - 0.0%   
Avery Dennison Corp. 3,799 294,195 
Metals & Mining - 2.4%   
Newmont Mining Corp. 344,706 13,181,557 
Nucor Corp. 258,915 12,559,967 
Reliance Steel & Aluminum Co. 142,279 10,255,470 
Steel Dynamics, Inc. 390,728 9,619,723 
Worthington Industries, Inc. 20,817 893,049 
  46,509,766 
TOTAL MATERIALS  89,294,184 
TELECOMMUNICATION SERVICES - 4.2%   
Diversified Telecommunication Services - 4.2%   
AT&T, Inc. 1,040,015 42,515,813 
CenturyLink, Inc. 401,652 11,165,926 
Verizon Communications, Inc. 569,953 29,825,640 
  83,507,379 
UTILITIES - 5.2%   
Electric Utilities - 3.7%   
American Electric Power Co., Inc. 46,925 3,029,947 
Duke Energy Corp. 251,413 20,027,560 
Edison International 66,303 4,821,554 
Entergy Corp. 43,683 3,416,011 
Exelon Corp. 359,351 12,217,934 
FirstEnergy Corp. 219,008 7,168,132 
Great Plains Energy, Inc. 9,419 255,820 
NextEra Energy, Inc. 67,315 8,141,076 
PPL Corp. 362,389 12,603,889 
Southern Co. 30,363 1,558,533 
  73,240,456 
Gas Utilities - 0.6%   
ONE Gas, Inc. 1,373 84,069 
UGI Corp. 247,712 11,265,942 
  11,350,011 
Multi-Utilities - 0.9%   
MDU Resources Group, Inc. 35,786 843,476 
NiSource, Inc. 191,129 4,575,628 
Public Service Enterprise Group, Inc. 318,514 13,619,659 
Vectren Corp. 3,376 165,120 
  19,203,883 
TOTAL UTILITIES  103,794,350 
TOTAL COMMON STOCKS   
(Cost $1,822,814,843)  1,969,268,198 
 Principal Amount Value 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 0.32% 9/15/16 (c)   
(Cost $1,999,749) 2,000,000 1,999,832 
 Shares Value 
Money Market Funds - 3.3%   
Dreyfus Cash Management Institutional Shares, 0.30% (d) 25,219,368 $25,219,368 
Fidelity Securities Lending Cash Central Fund 0.44% (e)(f) 39,534,425 39,534,425 
TOTAL MONEY MARKET FUNDS   
(Cost $64,753,793)  64,753,793 
TOTAL INVESTMENT PORTFOLIO - 102.2%   
(Cost $1,889,568,385)  2,036,021,823 
NET OTHER ASSETS (LIABILITIES) - (2.2)%  (43,190,019) 
NET ASSETS - 100%  $1,992,831,804 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
216 CME E-mini S&P 500 Index Contracts (United States) Sept. 2016 23,430,600 $1,306,216 

The face value of futures purchased as a percentage of Net Assets is 1.2%

Legend

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

 (b) Non-income producing

 (c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,256,894.

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

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

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


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 $145,792 

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $114,679,143 $114,679,143 $-- $-- 
Consumer Staples 170,980,677 170,980,677 -- -- 
Energy 222,233,087 222,233,087 -- -- 
Financials 533,950,735 533,950,735 -- -- 
Health Care 262,421,168 262,421,168 -- -- 
Industrials 153,351,308 153,351,308 -- -- 
Information Technology 235,056,167 235,056,167 -- -- 
Materials 89,294,184 89,294,184 -- -- 
Telecommunication Services 83,507,379 83,507,379 -- -- 
Utilities 103,794,350 103,794,350 -- -- 
U.S. Government and Government Agency Obligations 1,999,832 -- 1,999,832 -- 
Money Market Funds 64,753,793 64,753,793 -- -- 
Total Investments in Securities: $2,036,021,823 $2,034,021,991 $1,999,832 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $1,306,216 $1,306,216 $-- $-- 
Total Assets $1,306,216 $1,306,216 $-- $-- 
Total Derivative Instruments: $1,306,216 $1,306,216 $-- $-- 

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, 2016. 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) $1,306,216 $0 
Total Equity Risk 1,306,216 
Total Value of Derivatives $1,306,216 $0 

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


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


Fidelity® Large Cap Value Enhanced Index Fund

Financial Statements

Statement of Assets and Liabilities

  August 31, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $38,304,293) — See accompanying schedule:
Unaffiliated issuers (cost $1,850,033,960) 
$1,996,487,398  
Fidelity Central Funds (cost $39,534,425) 39,534,425  
Total Investments (cost $1,889,568,385)  $2,036,021,823 
Receivable for investments sold  14,946,988 
Receivable for fund shares sold  2,857,954 
Dividends receivable  5,952,666 
Interest receivable  5,300 
Distributions receivable from Fidelity Central Funds  6,639 
Total assets  2,059,791,370 
Liabilities   
Payable for investments purchased $16,208,931  
Payable for fund shares redeemed 10,387,421  
Accrued management fee 496,896  
Payable for daily variation margin for derivative instruments 83,445  
Other affiliated payables 248,448  
Collateral on securities loaned, at value 39,534,425  
Total liabilities  66,959,566 
Net Assets  $1,992,831,804 
Net Assets consist of:   
Paid in capital  $1,860,160,103 
Undistributed net investment income  21,631,052 
Accumulated undistributed net realized gain (loss) on investments  (36,719,005) 
Net unrealized appreciation (depreciation) on investments  147,759,654 
Net Assets, for 175,784,891 shares outstanding  $1,992,831,804 
Net Asset Value, offering price and redemption price per share ($1,992,831,804 ÷ 175,784,891 shares)  $11.34 

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


Statement of Operations

  Six months ended August 31, 2016 (Unaudited) 
Investment Income   
Dividends  $25,782,769 
Interest  32,363 
Income from Fidelity Central Funds (including $145,792 from security lending)  145,792 
Total income  25,960,924 
Expenses   
Management fee $2,762,067  
Transfer agent fees 1,382,966  
Independent trustees' fees and expenses 4,101  
Miscellaneous 2,376  
Total expenses before reductions 4,151,510  
Expense reductions (150) 4,151,360 
Net investment income (loss)  21,809,564 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 983,327  
Futures contracts 1,547,793  
Total net realized gain (loss)  2,531,120 
Change in net unrealized appreciation (depreciation) on:
Investment securities 
209,609,455  
Futures contracts 803,563  
Total change in net unrealized appreciation (depreciation)  210,413,018 
Net gain (loss)  212,944,138 
Net increase (decrease) in net assets resulting from operations  $234,753,702 

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


Statement of Changes in Net Assets

 Six months ended August 31, 2016 (Unaudited) Year ended February 29, 2016 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $21,809,564 $29,451,038 
Net realized gain (loss) 2,531,120 (21,752,912) 
Change in net unrealized appreciation (depreciation) 210,413,018 (148,264,686) 
Net increase (decrease) in net assets resulting from operations 234,753,702 (140,566,560) 
Distributions to shareholders from net investment income (3,100,141) (27,330,027) 
Distributions to shareholders from net realized gain – (19,261,829) 
Total distributions (3,100,141) (46,591,856) 
Share transactions   
Proceeds from sales of shares 455,204,656 973,573,154 
Reinvestment of distributions 3,018,173 45,246,065 
Cost of shares redeemed (265,333,100) (368,721,721) 
Net increase (decrease) in net assets resulting from share transactions 192,889,729 650,097,498 
Total increase (decrease) in net assets 424,543,290 462,939,082 
Net Assets   
Beginning of period 1,568,288,514 1,105,349,432 
End of period $1,992,831,804 $1,568,288,514 
Other Information   
Undistributed net investment income end of period $21,631,052 $2,921,629 
Shares   
Sold 42,145,132 90,741,261 
Issued in reinvestment of distributions 282,336 4,311,676 
Redeemed (24,390,006) (34,436,496) 
Net increase (decrease) 18,037,462 60,616,441 

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


Financial Highlights — Fidelity Large Cap Value Enhanced Index Fund

 Six months ended (Unaudited) August 31, Years ended February 28,     
 2016 2016 A 2015 2014 2013 2012 A 
Selected Per–Share Data       
Net asset value, beginning of period $9.94 $11.38 $10.21 $8.89 $7.78 $7.92 
Income from Investment Operations       
Net investment income (loss)B .13 .24 .26C .20 .18 .15 
Net realized and unrealized gain (loss) 1.29 (1.32) 1.28 1.87 1.21 .10 
Total from investment operations 1.42 (1.08) 1.54 2.07 1.39 .25 
Distributions from net investment income (.02) (.21) (.12) (.16) (.15) (.13) 
Distributions from net realized gain – (.15) (.24) (.59) (.13) (.26) 
Total distributions (.02) (.36) (.37)D (.75) (.28) (.39) 
Net asset value, end of period $11.34 $9.94 $11.38 $10.21 $8.89 $7.78 
Total ReturnE,F 14.29% (9.69)% 15.37% 23.92% 18.38% 3.58% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .45%I .45% .45% .45% .45% .45% 
Expenses net of fee waivers, if any .45%I .45% .45% .45% .45% .45% 
Expenses net of all reductions .45%I .45% .45% .45% .45% .45% 
Net investment income (loss) 2.37%I 2.20% 2.34%C 2.01% 2.27% 2.04% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,992,832 $1,568,289 $1,105,349 $180,081 $106,740 $71,354 
Portfolio turnover rateJ 90%I 88% 76%K 85% 76% 85% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.00%.

 D Total distributions of $.37 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.243 per share.

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

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

 G 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.

 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

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


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


Fidelity® Large Cap Core Enhanced Index Fund

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Apple, Inc. 3.5 3.6 
Microsoft Corp. 2.7 2.6 
Johnson & Johnson 2.2 2.2 
Amazon.com, Inc. 2.1 1.7 
Facebook, Inc. Class A 2.1 1.6 
Exxon Mobil Corp. 2.0 2.1 
AT&T, Inc. 1.8 1.8 
JPMorgan Chase & Co. 1.8 1.7 
Procter & Gamble Co. 1.7 1.7 
Wells Fargo & Co. 1.6 1.7 
 21.5  

Market Sectors as of August 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 22.5 21.7 
Health Care 16.3 16.2 
Financials 14.3 13.8 
Consumer Discretionary 11.6 14.2 
Consumer Staples 10.8 11.3 
Industrials 8.0 8.2 
Energy 5.5 5.6 
Materials 4.0 1.7 
Telecommunication Services 3.8 4.5 
Utilities 1.8 1.5 

Asset Allocation (% of fund's net assets)

As of August 31, 2016* 
   Stocks and Equity Futures 99.9% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.1% 


 * Foreign investments - 4.1%


As of February 29, 2016* 
   Stocks and Equity Futures 99.9% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.1% 


 * Foreign investments - 5.0%


Fidelity® Large Cap Core Enhanced Index Fund

Investments August 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%   
 Shares Value 
CONSUMER DISCRETIONARY - 11.6%   
Auto Components - 0.8%   
BorgWarner, Inc. 846 $29,094 
Gentex Corp. 90,013 1,601,331 
Johnson Controls, Inc. 3,900 171,132 
Lear Corp. 18,590 2,161,831 
Tenneco, Inc. (a) 1,440 80,395 
  4,043,783 
Automobiles - 0.9%   
Ford Motor Co. 285,522 3,597,577 
General Motors Co. 21,115 673,991 
  4,271,568 
Hotels, Restaurants & Leisure - 0.7%   
Carnival Corp. unit 57,308 2,739,322 
International Game Technology PLC 9,329 212,981 
McDonald's Corp. 5,057 584,893 
  3,537,196 
Household Durables - 0.4%   
Garmin Ltd. (b) 27,669 1,357,995 
Harman International Industries, Inc. 6,033 510,935 
  1,868,930 
Internet & Catalog Retail - 2.1%   
Amazon.com, Inc. (a) 13,335 10,256,749 
Leisure Products - 0.2%   
Brunswick Corp. 19,107 878,731 
Media - 2.7%   
Comcast Corp. Class A 74,355 4,852,407 
Discovery Communications, Inc. Class C (non-vtg.) (a) 15,980 396,624 
MSG Network, Inc. Class A (a) 131,856 2,304,843 
The Walt Disney Co. 58,710 5,545,747 
  13,099,621 
Multiline Retail - 0.7%   
Big Lots, Inc. 9,937 490,093 
Dillard's, Inc. Class A 7,071 425,957 
Macy's, Inc. 29,279 1,059,314 
Target Corp. 24,741 1,736,571 
  3,711,935 
Specialty Retail - 2.6%   
Aarons, Inc. Class A 1,832 44,628 
American Eagle Outfitters, Inc. 25,800 478,332 
Best Buy Co., Inc. 74,287 2,858,564 
GNC Holdings, Inc. 10,850 228,176 
Home Depot, Inc. 37,972 5,092,805 
Lowe's Companies, Inc. 45,537 3,486,313 
Penske Automotive Group, Inc. (b) 6,926 313,748 
Staples, Inc. 7,887 67,513 
  12,570,079 
Textiles, Apparel & Luxury Goods - 0.5%   
Michael Kors Holdings Ltd. (a)(b) 54,143 2,650,300 
TOTAL CONSUMER DISCRETIONARY  56,888,892 
CONSUMER STAPLES - 10.8%   
Beverages - 2.1%   
Dr. Pepper Snapple Group, Inc. 6,425 602,023 
PepsiCo, Inc. 59,698 6,372,762 
The Coca-Cola Co. 74,500 3,235,535 
  10,210,320 
Food & Staples Retailing - 2.5%   
CVS Health Corp. 30,168 2,817,691 
Sysco Corp. 5,513 285,904 
Wal-Mart Stores, Inc. 73,316 5,237,695 
Walgreens Boots Alliance, Inc. 45,491 3,671,579 
  12,012,869 
Food Products - 2.1%   
Campbell Soup Co. 42,519 2,581,754 
Fresh Del Monte Produce, Inc. 7,528 437,904 
General Mills, Inc. 25,231 1,786,859 
Ingredion, Inc. 1,482 202,975 
Pilgrim's Pride Corp. 6,436 148,543 
The J.M. Smucker Co. 14,888 2,110,970 
Tyson Foods, Inc. Class A 42,710 3,227,595 
  10,496,600 
Household Products - 2.2%   
Clorox Co. 17,855 2,339,719 
Colgate-Palmolive Co. 1,245 92,553 
Procter & Gamble Co. 96,402 8,416,859 
Spectrum Brands Holdings, Inc. 556 74,615 
  10,923,746 
Tobacco - 1.9%   
Altria Group, Inc. 86,029 5,685,657 
Philip Morris International, Inc. 35,971 3,594,582 
  9,280,239 
TOTAL CONSUMER STAPLES  52,923,774 
ENERGY - 5.5%   
Energy Equipment & Services - 0.7%   
Baker Hughes, Inc. 17,237 846,854 
Diamond Offshore Drilling, Inc. (b) 34,581 638,711 
Dril-Quip, Inc. (a) 15,087 838,385 
FMC Technologies, Inc. (a) 25,692 724,514 
Schlumberger Ltd. 5,815 459,385 
  3,507,849 
Oil, Gas & Consumable Fuels - 4.8%   
Antero Resources Corp. (a) 90,374 2,309,959 
Apache Corp. 2,637 131,059 
Chesapeake Energy Corp. (a)(b) 39,427 250,361 
Chevron Corp. 23,947 2,408,589 
Cimarex Energy Co. 1,243 164,300 
ConocoPhillips Co. 3,450 141,623 
EOG Resources, Inc. 1,156 102,294 
EQT Corp. 18,649 1,333,404 
Exxon Mobil Corp. 114,012 9,935,006 
ONEOK, Inc. 8,464 396,877 
Pioneer Natural Resources Co. 962 172,246 
Tesoro Corp. 33,009 2,489,539 
Valero Energy Corp. 59,724 3,305,723 
  23,140,980 
TOTAL ENERGY  26,648,829 
FINANCIALS - 14.3%   
Banks - 5.1%   
Bank of America Corp. 430,669 6,950,998 
Citigroup, Inc. 26,256 1,253,461 
JPMorgan Chase & Co. 129,046 8,710,605 
Wells Fargo & Co. 155,386 7,893,609 
  24,808,673 
Capital Markets - 1.5%   
Goldman Sachs Group, Inc. 23,167 3,925,880 
Lazard Ltd. Class A 2,303 85,280 
Morgan Stanley 94,547 3,031,177 
T. Rowe Price Group, Inc. 7,641 531,355 
  7,573,692 
Consumer Finance - 2.1%   
American Express Co. 50,387 3,304,379 
Capital One Financial Corp. 50,164 3,591,742 
Discover Financial Services 54,845 3,290,700 
  10,186,821 
Diversified Financial Services - 2.1%   
Berkshire Hathaway, Inc. Class B (a) 49,112 7,390,865 
CME Group, Inc. 5,402 585,307 
Morningstar, Inc. 29,372 2,439,932 
  10,416,104 
Insurance - 0.7%   
AFLAC, Inc. 31,065 2,304,402 
Lincoln National Corp. 15,043 722,515 
MetLife, Inc. 7,520 326,368 
Prudential Financial, Inc. 707 56,122 
  3,409,407 
Real Estate Investment Trusts - 2.8%   
Care Capital Properties, Inc. 3,682 110,423 
CBL & Associates Properties, Inc. 14,179 202,334 
Chimera Investment Corp. 118,999 1,962,294 
Coresite Realty Corp. 1,654 129,045 
Equity Lifestyle Properties, Inc. 6,262 485,493 
MFA Financial, Inc. 211,678 1,634,154 
Mid-America Apartment Communities, Inc. 3,136 294,753 
PS Business Parks, Inc. 2,535 280,827 
Public Storage 14,559 3,260,342 
Ryman Hospitality Properties, Inc. 1,134 61,191 
Simon Property Group, Inc. 8,506 1,832,788 
Weyerhaeuser Co. 100,361 3,196,498 
  13,450,142 
TOTAL FINANCIALS  69,844,839 
HEALTH CARE - 16.3%   
Biotechnology - 4.0%   
AbbVie, Inc. 24,275 1,556,028 
Amgen, Inc. 34,510 5,868,771 
Biogen, Inc. (a) 13,646 4,170,627 
Gilead Sciences, Inc. 65,063 5,099,638 
Myriad Genetics, Inc. (a) 8,108 165,079 
United Therapeutics Corp. (a) 21,016 2,569,836 
  19,429,979 
Health Care Equipment & Supplies - 1.7%   
Abbott Laboratories 88,826 3,732,469 
Baxter International, Inc. 1,462 68,319 
C.R. Bard, Inc. 1,252 276,492 
Edwards Lifesciences Corp. (a) 19,746 2,273,949 
Hologic, Inc. (a) 33,219 1,276,274 
Masimo Corp. (a) 1,908 112,839 
Medtronic PLC 6,723 585,103 
St. Jude Medical, Inc. 1,094 85,244 
  8,410,689 
Health Care Providers & Services - 3.2%   
Aetna, Inc. 19,507 2,284,660 
Anthem, Inc. 24,877 3,111,615 
Cigna Corp. 2,548 326,806 
Express Scripts Holding Co. (a) 49,163 3,574,150 
Humana, Inc. 740 132,245 
McKesson Corp. 19,135 3,532,704 
UnitedHealth Group, Inc. 21,417 2,913,783 
  15,875,963 
Life Sciences Tools & Services - 0.1%   
Bruker Corp. 5,097 113,969 
Illumina, Inc. (a) 921 155,041 
  269,010 
Pharmaceuticals - 7.3%   
Allergan PLC (a) 6,714 1,574,702 
Bristol-Myers Squibb Co. 83,610 4,798,378 
Eli Lilly & Co. 9,098 707,370 
Johnson & Johnson 91,261 10,891,088 
Mallinckrodt PLC (a) 3,180 237,037 
Merck & Co., Inc. 112,419 7,058,789 
Mylan N.V. (a) 55,107 2,334,333 
Pfizer, Inc. 225,354 7,842,319 
  35,444,016 
TOTAL HEALTH CARE  79,429,657 
INDUSTRIALS - 8.0%   
Aerospace & Defense - 2.8%   
General Dynamics Corp. 18,109 2,756,552 
Honeywell International, Inc. 7,738 903,102 
Moog, Inc. Class A (a) 12,223 721,035 
Northrop Grumman Corp. 2,049 434,531 
Raytheon Co. 14,652 2,053,185 
Spirit AeroSystems Holdings, Inc. Class A (a) 53,590 2,455,494 
Textron, Inc. 360 14,706 
The Boeing Co. 34,424 4,456,187 
  13,794,792 
Airlines - 0.5%   
Delta Air Lines, Inc. 59,462 2,185,229 
Building Products - 0.4%   
A.O. Smith Corp. 545 52,582 
Fortune Brands Home & Security, Inc. 463 29,428 
Owens Corning 30,433 1,671,380 
  1,753,390 
Construction & Engineering - 0.0%   
EMCOR Group, Inc. 3,530 202,128 
Electrical Equipment - 0.6%   
Eaton Corp. PLC 37,059 2,465,906 
EnerSys 6,518 458,737 
  2,924,643 
Industrial Conglomerates - 2.1%   
3M Co. 29,447 5,278,080 
Carlisle Companies, Inc. 2,024 212,237 
General Electric Co. 158,345 4,946,698 
  10,437,015 
Machinery - 1.5%   
Cummins, Inc. 25,070 3,149,043 
Illinois Tool Works, Inc. 1,066 126,694 
Ingersoll-Rand PLC 10,065 684,319 
PACCAR, Inc. 26,324 1,575,228 
Stanley Black & Decker, Inc. 6,285 777,769 
Trinity Industries, Inc. 5,804 141,734 
Wabtec Corp. 6,154 471,458 
Woodward, Inc. 5,408 339,190 
  7,265,435 
Professional Services - 0.1%   
Robert Half International, Inc. 13,006 498,520 
TOTAL INDUSTRIALS  39,061,152 
INFORMATION TECHNOLOGY - 22.5%   
Communications Equipment - 2.1%   
Brocade Communications Systems, Inc. 229,076 2,057,102 
Cisco Systems, Inc. 213,230 6,703,951 
Juniper Networks, Inc. 25,260 583,001 
Motorola Solutions, Inc. 11,101 854,666 
  10,198,720 
Electronic Equipment & Components - 0.6%   
Corning, Inc. 14,151 321,086 
Dolby Laboratories, Inc. Class A 9,010 440,949 
Tech Data Corp. (a) 26,612 1,975,675 
  2,737,710 
Internet Software & Services - 4.7%   
Alphabet, Inc.:   
Class A 7,549 5,962,578 
Class C (a) 4,191 3,214,707 
eBay, Inc. (a) 111,630 3,590,021 
Facebook, Inc. Class A (a) 79,979 10,086,951 
  22,854,257 
IT Services - 1.8%   
Accenture PLC Class A 8,449 971,635 
Cognizant Technology Solutions Corp. Class A (a) 32,284 1,854,393 
IBM Corp. 7,287 1,157,759 
Leidos Holdings, Inc. 24,909 1,009,064 
MasterCard, Inc. Class A 474 45,803 
Teradata Corp. (a)(b) 5,476 173,753 
The Western Union Co. 7,520 161,830 
Visa, Inc. Class A 18,889 1,528,120 
Xerox Corp. 207,748 2,046,318 
  8,948,675 
Semiconductors & Semiconductor Equipment - 3.5%   
Applied Materials, Inc. 108,125 3,226,450 
Intel Corp. 195,797 7,027,154 
Lam Research Corp. (b) 4,722 440,657 
Qualcomm, Inc. 77,824 4,908,360 
Texas Instruments, Inc. 22,672 1,576,611 
  17,179,232 
Software - 5.2%   
Activision Blizzard, Inc. 18,849 779,783 
Adobe Systems, Inc. (a) 22,009 2,251,741 
Citrix Systems, Inc. (a) 8,065 703,268 
Electronic Arts, Inc. (a) 39,474 3,206,473 
Intuit, Inc. 17,355 1,934,215 
Microsoft Corp. 234,129 13,453,052 
Oracle Corp. 79,722 3,286,141 
  25,614,673 
Technology Hardware, Storage & Peripherals - 4.6%   
Apple, Inc. 163,207 17,316,253 
EMC Corp. 30,492 883,963 
HP, Inc. 197,779 2,842,084 
Seagate Technology LLC (b) 7,176 242,118 
Western Digital Corp. 30,009 1,400,520 
  22,684,938 
TOTAL INFORMATION TECHNOLOGY  110,218,205 
MATERIALS - 4.0%   
Chemicals - 2.3%   
E.I. du Pont de Nemours & Co. 13,015 905,844 
LyondellBasell Industries NV Class A 40,951 3,230,624 
Monsanto Co. 6,505 692,783 
The Dow Chemical Co. 72,342 3,880,425 
Westlake Chemical Corp. 44,520 2,307,026 
  11,016,702 
Containers & Packaging - 0.0%   
Berry Plastics Group, Inc. (a) 4,768 216,420 
Metals & Mining - 1.7%   
Newmont Mining Corp. 71,604 2,738,137 
Nucor Corp. 57,578 2,793,109 
Reliance Steel & Aluminum Co. 30,191 2,176,167 
Steel Dynamics, Inc. 26,151 643,838 
Worthington Industries, Inc. 3,300 141,570 
  8,492,821 
TOTAL MATERIALS  19,725,943 
TELECOMMUNICATION SERVICES - 3.8%   
Diversified Telecommunication Services - 3.8%   
AT&T, Inc. 215,904 8,826,156 
CenturyLink, Inc. 71,305 1,982,279 
Verizon Communications, Inc. 150,565 7,879,066 
  18,687,501 
UTILITIES - 1.8%   
Electric Utilities - 1.3%   
Duke Energy Corp. 27,181 2,165,238 
Exelon Corp. 60,106 2,043,604 
NextEra Energy, Inc. 17,542 2,121,529 
  6,330,371 
Gas Utilities - 0.1%   
UGI Corp. 9,439 429,286 
Multi-Utilities - 0.4%   
Public Service Enterprise Group, Inc. 51,842 2,216,764 
TOTAL UTILITIES  8,976,421 
TOTAL COMMON STOCKS   
(Cost $415,598,114)  482,405,213 
 Principal Amount Value 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 0.32% 9/15/16 (c)   
(Cost $499,937) 500,000 499,958 
 Shares Value 
Money Market Funds - 2.4%   
Dreyfus Cash Management Institutional Shares, 0.30% (d) 5,640,628 $5,640,628 
Fidelity Securities Lending Cash Central Fund 0.44% (e)(f) 5,926,250 5,926,250 
TOTAL MONEY MARKET FUNDS   
(Cost $11,566,878)  11,566,878 
TOTAL INVESTMENT PORTFOLIO - 101.1%   
(Cost $427,664,929)  494,472,049 
NET OTHER ASSETS (LIABILITIES) - (1.1)%  (5,322,058) 
NET ASSETS - 100%  $489,149,991 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
59 CME E-mini S&P 500 Index Contracts (United States) Sept. 2016 6,400,025 $202,289 

The face value of futures purchased as a percentage of Net Assets is 1.3%

Legend

 (a) Non-income producing

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

 (c) 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 $314,974.

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

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

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


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 $25,763 

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $56,888,892 $56,888,892 $-- $-- 
Consumer Staples 52,923,774 52,923,774 -- -- 
Energy 26,648,829 26,648,829 -- -- 
Financials 69,844,839 69,844,839 -- -- 
Health Care 79,429,657 79,429,657 -- -- 
Industrials 39,061,152 39,061,152 -- -- 
Information Technology 110,218,205 110,218,205 -- -- 
Materials 19,725,943 19,725,943 -- -- 
Telecommunication Services 18,687,501 18,687,501 -- -- 
Utilities 8,976,421 8,976,421 -- -- 
U.S. Government and Government Agency Obligations 499,958 -- 499,958 -- 
Money Market Funds 11,566,878 11,566,878 -- -- 
Total Investments in Securities: $494,472,049 $493,972,091 $499,958 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $202,289 $202,289 $-- $-- 
Total Assets $202,289 $202,289 $-- $-- 
Total Derivative Instruments: $202,289 $202,289 $-- $-- 

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, 2016. 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) $202,289 $0 
Total Equity Risk 202,289 
Total Value of Derivatives $202,289 $0 

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


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


Fidelity® Large Cap Core Enhanced Index Fund

Financial Statements

Statement of Assets and Liabilities

  August 31, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $5,765,380) — See accompanying schedule:
Unaffiliated issuers (cost $421,738,679) 
$488,545,799  
Fidelity Central Funds (cost $5,926,250) 5,926,250  
Total Investments (cost $427,664,929)  $494,472,049 
Receivable for investments sold  3,850,908 
Receivable for fund shares sold  337,201 
Dividends receivable  1,215,472 
Interest receivable  1,027 
Distributions receivable from Fidelity Central Funds  2,783 
Total assets  499,879,440 
Liabilities   
Payable for investments purchased $4,271,329  
Payable for fund shares redeemed 331,087  
Accrued management fee 122,645  
Payable for daily variation margin for derivative instruments 16,815  
Other affiliated payables 61,323  
Collateral on securities loaned, at value 5,926,250  
Total liabilities  10,729,449 
Net Assets  $489,149,991 
Net Assets consist of:   
Paid in capital  $434,001,487 
Undistributed net investment income  4,370,102 
Accumulated undistributed net realized gain (loss) on investments  (16,231,007) 
Net unrealized appreciation (depreciation) on investments  67,009,409 
Net Assets, for 40,156,708 shares outstanding  $489,149,991 
Net Asset Value, offering price and redemption price per share ($489,149,991 ÷ 40,156,708 shares)  $12.18 

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


Statement of Operations

  Six months ended August 31, 2016 (Unaudited) 
Investment Income   
Dividends  $5,460,972 
Interest  6,978 
Income from Fidelity Central Funds (including $25,763 from security lending)  25,763 
Total income  5,493,713 
Expenses   
Management fee $700,869  
Transfer agent fees 350,938  
Independent trustees' fees and expenses 1,054  
Miscellaneous 617  
Total expenses before reductions 1,053,478  
Expense reductions (66) 1,053,412 
Net investment income (loss)  4,440,301 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 554,191  
Futures contracts 504,439  
Total net realized gain (loss)  1,058,630 
Change in net unrealized appreciation (depreciation) on:
Investment securities 
45,231,482  
Futures contracts 78,552  
Total change in net unrealized appreciation (depreciation)  45,310,034 
Net gain (loss)  46,368,664 
Net increase (decrease) in net assets resulting from operations  $50,808,965 

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


Statement of Changes in Net Assets

 Six months ended August 31, 2016 (Unaudited) Year ended February 29, 2016 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $4,440,301 $7,402,916 
Net realized gain (loss) 1,058,630 1,390,162 
Change in net unrealized appreciation (depreciation) 45,310,034 (41,711,760) 
Net increase (decrease) in net assets resulting from operations 50,808,965 (32,918,682) 
Distributions to shareholders from net investment income (673,635) (6,567,904) 
Distributions to shareholders from net realized gain – (8,297,616) 
Total distributions (673,635) (14,865,520) 
Share transactions   
Proceeds from sales of shares 99,903,870 207,509,960 
Reinvestment of distributions 637,941 14,075,999 
Cost of shares redeemed (73,225,999) (143,985,591) 
Net increase (decrease) in net assets resulting from share transactions 27,315,812 77,600,368 
Total increase (decrease) in net assets 77,451,142 29,816,166 
Net Assets   
Beginning of period 411,698,849 381,882,683 
End of period $489,149,991 $411,698,849 
Other Information   
Undistributed net investment income end of period $4,370,102 $603,436 
Shares   
Sold 8,563,780 17,838,199 
Issued in reinvestment of distributions 54,618 1,214,811 
Redeemed (6,242,482) (12,333,931) 
Net increase (decrease) 2,375,916 6,719,079 

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


Financial Highlights — Fidelity Large Cap Core Enhanced Index Fund

 Six months ended (Unaudited) August 31, Years ended February 28,     
 2016 2016 A 2015 2014 2013 2012 A 
Selected Per–Share Data       
Net asset value, beginning of period $10.90 $12.29 $11.30 $10.70 $9.68 $9.09 
Income from Investment Operations       
Net investment income (loss)B .11 .22 .20 .19 .21 .14 
Net realized and unrealized gain (loss) 1.19 (1.17) 1.55 2.45 1.03 .48 
Total from investment operations 1.30 (.95) 1.75 2.64 1.24 .62 
Distributions from net investment income (.02) (.19) (.16) (.27) (.18) (.03) 
Distributions from net realized gain – (.25) (.60) (1.77) (.05) – 
Total distributions (.02) (.44) (.76) (2.04) (.22)C (.03) 
Net asset value, end of period $12.18 $10.90 $12.29 $11.30 $10.70 $9.68 
Total ReturnD,E 11.91% (7.94)% 16.04% 26.44% 13.03% 6.78% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .45%H .45% .45% .45% .45% .45% 
Expenses net of fee waivers, if any .45%H .45% .45% .45% .45% .45% 
Expenses net of all reductions .45%H .45% .45% .45% .45% .45% 
Net investment income (loss) 1.90%H 1.86% 1.69% 1.67% 2.08% 1.53% 
Supplemental Data       
Net assets, end of period (000 omitted) $489,150 $411,699 $381,883 $441,773 $208,675 $262,225 
Portfolio turnover rateI 86%H 84% 101% 125% 85% 104% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $.22 per share is comprised of distributions from net investment income of $.175 and distributions from net realized gain of $.049 per share.

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

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

 F 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.

 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 Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Fidelity® Mid Cap Enhanced Index Fund

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
NVIDIA Corp. 1.0 0.8 
Edwards Lifesciences Corp. 0.9 0.9 
Electronic Arts, Inc. 0.9 0.8 
Tyson Foods, Inc. Class A 0.9 0.9 
Weyerhaeuser Co. 0.9 0.8 
Synchrony Financial 0.9 0.9 
PPL Corp. 0.8 0.9 
SunTrust Banks, Inc. 0.8 0.8 
PACCAR, Inc. 0.8 0.8 
Public Service Enterprise Group, Inc. 0.8 0.9 
 8.7  

Market Sectors as of August 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 21.0 22.5 
Information Technology 16.3 15.8 
Consumer Discretionary 15.0 18.3 
Health Care 11.3 10.9 
Industrials 10.8 11.7 
Consumer Staples 7.1 5.8 
Materials 6.2 3.5 
Energy 5.4 3.9 
Utilities 5.1 5.3 
Telecommunication Services 0.7 1.0 

Asset Allocation (% of fund's net assets)

As of August 31, 2016* 
   Stocks and Equity Futures 99.9% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.1% 


 * Foreign investments - 5.3%


As of February 29, 2016* 
   Stocks and Equity Futures 99.9% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.1% 


 * Foreign investments - 4.9%


Fidelity® Mid Cap Enhanced Index Fund

Investments August 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%   
 Shares Value 
CONSUMER DISCRETIONARY - 15.0%   
Auto Components - 2.7%   
BorgWarner, Inc. 138,204 $4,752,836 
Delphi Automotive PLC 92,962 6,568,695 
Gentex Corp. (a) 334,465 5,950,132 
Lear Corp. 56,146 6,529,218 
Tenneco, Inc. (b) 5,122 285,961 
The Goodyear Tire & Rubber Co. 55,696 1,634,678 
Visteon Corp. 7,695 544,037 
  26,265,557 
Automobiles - 0.6%   
Thor Industries, Inc. (a) 72,712 5,900,579 
Distributors - 0.5%   
Genuine Parts Co. 11,444 1,176,672 
LKQ Corp. (b) 105,735 3,815,976 
  4,992,648 
Hotels, Restaurants & Leisure - 0.9%   
Brinker International, Inc. 3,967 213,068 
Darden Restaurants, Inc. (a) 37,559 2,315,137 
International Game Technology PLC 99,566 2,273,092 
Starwood Hotels & Resorts Worldwide, Inc. 12,456 964,842 
Wendy's Co. 42,300 431,037 
Wyndham Worldwide Corp. (a) 37,715 2,669,845 
  8,867,021 
Household Durables - 0.7%   
D.R. Horton, Inc. 17,630 565,218 
Garmin Ltd. (a) 39,198 1,923,838 
Harman International Industries, Inc. 12,154 1,029,322 
Leggett & Platt, Inc. 3,571 187,406 
Mohawk Industries, Inc. (b) 2,450 521,311 
Toll Brothers, Inc. (b) 205 6,373 
Whirlpool Corp. 16,644 2,973,284 
  7,206,752 
Internet & Catalog Retail - 0.4%   
Liberty Interactive Corp. QVC Group Series A (b) 184,131 3,890,688 
Leisure Products - 1.1%   
Brunswick Corp. 114,312 5,257,209 
Hasbro, Inc. 14,023 1,146,240 
Polaris Industries, Inc. (a) 52,379 4,538,117 
  10,941,566 
Media - 2.0%   
Discovery Communications, Inc.:   
Class A (a)(b) 211,285 5,389,880 
Class C (non-vtg.) (b) 232,108 5,760,921 
MSG Network, Inc. Class A (a)(b) 79,619 1,391,740 
Omnicom Group, Inc. (a) 16,488 1,420,111 
Scripps Networks Interactive, Inc. Class A 84,798 5,373,649 
  19,336,301 
Multiline Retail - 1.3%   
Dillard's, Inc. Class A 18,319 1,103,537 
Dollar General Corp. 76,429 5,610,653 
Kohl's Corp. 2,991 132,741 
Macy's, Inc. 145,173 5,252,359 
Target Corp. 7,196 505,087 
  12,604,377 
Specialty Retail - 3.8%   
American Eagle Outfitters, Inc. 53,965 1,000,511 
Bed Bath & Beyond, Inc. 97,323 4,512,868 
Best Buy Co., Inc. 179,264 6,898,079 
Foot Locker, Inc. 99,829 6,552,776 
Gap, Inc. (a) 234,434 5,830,374 
Murphy U.S.A., Inc. (b) 444 32,465 
Penske Automotive Group, Inc. (a) 29,752 1,347,766 
Ross Stores, Inc. 50,534 3,145,236 
Staples, Inc. 627,402 5,370,561 
Urban Outfitters, Inc. (b) 11,337 406,431 
Williams-Sonoma, Inc. (a) 38,765 2,040,590 
  37,137,657 
Textiles, Apparel & Luxury Goods - 1.0%   
Michael Kors Holdings Ltd. (a)(b) 126,048 6,170,050 
PVH Corp. 36,073 3,887,226 
  10,057,276 
TOTAL CONSUMER DISCRETIONARY  147,200,422 
CONSUMER STAPLES - 7.1%   
Beverages - 0.8%   
Dr. Pepper Snapple Group, Inc. 81,450 7,631,865 
Food & Staples Retailing - 0.4%   
Rite Aid Corp. (b) 26,991 203,242 
Sysco Corp. 69,574 3,608,108 
  3,811,350 
Food Products - 4.5%   
Bunge Ltd. 100,387 6,414,729 
Campbell Soup Co. 102,781 6,240,862 
ConAgra Foods, Inc. 30,357 1,414,940 
Hormel Foods Corp. (a) 43,145 1,650,728 
Ingredion, Inc. 45,452 6,225,106 
Mead Johnson Nutrition Co. Class A 5,141 437,345 
Pilgrim's Pride Corp. (a) 191,122 4,411,096 
Post Holdings, Inc. (b) 1,743 147,772 
The Hershey Co. 7,672 766,356 
The J.M. Smucker Co. 49,297 6,989,822 
Tyson Foods, Inc. Class A 116,781 8,825,140 
WhiteWave Foods Co. (b) 10,161 563,224 
  44,087,120 
Household Products - 1.4%   
Church & Dwight Co., Inc. 56,096 5,577,064 
Clorox Co. 57,689 7,559,567 
Energizer Holdings, Inc. 7,611 376,136 
  13,512,767 
TOTAL CONSUMER STAPLES  69,043,102 
ENERGY - 5.4%   
Energy Equipment & Services - 1.5%   
Baker Hughes, Inc. 4,736 232,680 
Diamond Offshore Drilling, Inc. (a) 85,498 1,579,148 
Dril-Quip, Inc. (b) 93,236 5,181,125 
FMC Technologies, Inc. (b) 176,274 4,970,927 
Oceaneering International, Inc. (a) 116,855 3,098,995 
  15,062,875 
Oil, Gas & Consumable Fuels - 3.9%   
Antero Resources Corp. (b) 212,349 5,427,640 
Cabot Oil & Gas Corp. 11,277 277,753 
Chesapeake Energy Corp. (a)(b) 281,779 1,789,297 
Cimarex Energy Co. 1,934 255,636 
EQT Corp. 94,111 6,728,937 
Laredo Petroleum, Inc. (b) 25,175 309,149 
Marathon Oil Corp. 5,840 87,717 
Noble Energy, Inc. 6,101 210,362 
ONEOK, Inc. (a) 55,305 2,593,251 
Pioneer Natural Resources Co. 14,185 2,539,824 
QEP Resources, Inc. 96,179 1,837,019 
Range Resources Corp. (a) 67,374 2,598,615 
Southwestern Energy Co. (a)(b) 132,359 1,841,114 
Tesoro Corp. 83,785 6,319,065 
Valero Energy Corp. 65,896 3,647,344 
World Fuel Services Corp. 15,735 701,466 
WPX Energy, Inc. (b) 36,674 440,088 
  37,604,277 
TOTAL ENERGY  52,667,152 
FINANCIALS - 21.0%   
Banks - 3.7%   
CIT Group, Inc. 90,556 3,339,705 
Citizens Financial Group, Inc. 264,799 6,559,071 
East West Bancorp, Inc. 38,778 1,440,215 
Fifth Third Bancorp 309,345 6,236,395 
KeyCorp 401,647 5,044,686 
Regions Financial Corp. 496,942 4,954,512 
SunTrust Banks, Inc. 184,429 8,127,786 
TCF Financial Corp. 11,076 162,263 
Zions Bancorporation 11,239 343,801 
  36,208,434 
Capital Markets - 1.6%   
Affiliated Managers Group, Inc. (a)(b) 27,145 3,855,947 
Ameriprise Financial, Inc. 1,985 200,644 
Federated Investors, Inc. Class B (non-vtg.) 55,034 1,777,598 
Franklin Resources, Inc. 8,130 296,745 
Lazard Ltd. Class A 22,459 831,657 
Legg Mason, Inc. 31,437 1,087,406 
Raymond James Financial, Inc. 14,169 824,211 
State Street Corp. 2,752 193,300 
T. Rowe Price Group, Inc. 99,458 6,916,309 
  15,983,817 
Consumer Finance - 2.2%   
Ally Financial, Inc. 45,990 921,640 
Capital One Financial Corp. 52,030 3,725,348 
Discover Financial Services 23,726 1,423,560 
Navient Corp. 404,653 5,818,910 
Santander Consumer U.S.A. Holdings, Inc. (b) 96,286 1,211,278 
Synchrony Financial 306,344 8,525,554 
  21,626,290 
Diversified Financial Services - 1.4%   
CBOE Holdings, Inc. 62,109 4,266,267 
CME Group, Inc. 2,814 304,897 
Leucadia National Corp. 78,622 1,505,611 
Morningstar, Inc. 41,138 3,417,334 
MSCI, Inc. Class A 47,282 4,261,054 
  13,755,163 
Insurance - 1.7%   
Allied World Assurance Co. Holdings AG 10,478 424,988 
American International Group, Inc. warrants 1/19/21 (b) 574 12,829 
AmTrust Financial Services, Inc. 11,406 302,145 
Aspen Insurance Holdings Ltd. 41,860 1,923,886 
Assured Guaranty Ltd. 124,378 3,453,977 
FNF Group 29,038 1,094,442 
Lincoln National Corp. 98,013 4,707,564 
Old Republic International Corp. 51,539 991,095 
Progressive Corp. 117,135 3,813,916 
  16,724,842 
Real Estate Investment Trusts - 10.3%   
American Capital Agency Corp. 29,666 572,850 
Annaly Capital Management, Inc. (a) 248,937 2,666,115 
Apple Hospitality (REIT), Inc. 3,096 60,744 
AvalonBay Communities, Inc. 8,641 1,512,261 
Brandywine Realty Trust (SBI) 7,769 125,314 
Brixmor Property Group, Inc. 205,327 5,864,139 
Care Capital Properties, Inc. 151,351 4,539,016 
Chimera Investment Corp. 323,730 5,338,308 
Colony Starwood Homes 2,037 63,147 
Columbia Property Trust, Inc. 2,121 50,013 
Coresite Realty Corp. 14,752 1,150,951 
Corporate Office Properties Trust (SBI) 8,492 242,192 
Corrections Corp. of America (a) 198,232 3,157,836 
CubeSmart 23,001 633,218 
CyrusOne, Inc. 10,169 516,992 
DCT Industrial Trust, Inc. 16,957 825,975 
Duke Realty LP 25,007 703,197 
DuPont Fabros Technology, Inc. 3,889 164,894 
Equity Commonwealth (b) 3,952 123,658 
Equity Lifestyle Properties, Inc. 74,495 5,775,597 
Equity Residential (SBI) 11,208 727,063 
Extra Space Storage, Inc. 21,194 1,707,177 
Forest City Realty Trust, Inc. 34,591 818,423 
Hospitality Properties Trust (SBI) 173,242 5,282,149 
Host Hotels & Resorts, Inc. (a) 407,913 7,269,010 
Kimco Realty Corp. 79,181 2,379,389 
Lamar Advertising Co. Class A (a) 84,631 5,275,050 
Liberty Property Trust (SBI) 5,600 230,888 
Life Storage, Inc. 4,947 445,230 
MFA Financial, Inc. 706,135 5,451,362 
Mid-America Apartment Communities, Inc. (a) 42,339 3,979,443 
National Retail Properties, Inc. (a) 12,153 608,865 
Omega Healthcare Investors, Inc. (a) 60,839 2,202,372 
Piedmont Office Realty Trust, Inc. Class A 10,888 235,290 
Prologis, Inc. 2,213 117,532 
PS Business Parks, Inc. 1,079 119,532 
Public Storage 21,426 4,798,138 
Rayonier, Inc. 4,006 110,285 
Retail Properties America, Inc. 48,900 831,300 
RLJ Lodging Trust 19,944 465,493 
Senior Housing Properties Trust (SBI) 67,339 1,504,353 
Starwood Property Trust, Inc. 80,136 1,835,114 
Store Capital Corp. 4,620 136,891 
Sunstone Hotel Investors, Inc. 74,949 1,041,042 
Tanger Factory Outlet Centers, Inc. 15,059 611,998 
Taubman Centers, Inc. 16,608 1,289,943 
The Macerich Co. 81,963 6,711,950 
Two Harbors Investment Corp. 61,459 546,985 
Welltower, Inc. 8,153 625,743 
Weyerhaeuser Co. 275,064 8,760,788 
WP Carey, Inc. 2,696 179,688 
  100,384,903 
Real Estate Management & Development - 0.1%   
Jones Lang LaSalle, Inc. 4,440 518,370 
TOTAL FINANCIALS  205,201,819 
HEALTH CARE - 11.3%   
Biotechnology - 0.7%   
Medivation, Inc. (b) 7,438 599,205 
United Therapeutics Corp. (a)(b) 48,448 5,924,221 
  6,523,426 
Health Care Equipment & Supplies - 3.9%   
Abiomed, Inc. (b) 9,590 1,131,045 
Align Technology, Inc. (b) 8,208 762,523 
C.R. Bard, Inc. 32,335 7,140,861 
Edwards Lifesciences Corp. (b) 78,861 9,081,633 
Hill-Rom Holdings, Inc. 6,571 389,726 
Hologic, Inc. (b) 173,005 6,646,852 
Intuitive Surgical, Inc. (b) 3,673 2,521,221 
ResMed, Inc. (a) 67,467 4,499,374 
St. Jude Medical, Inc. 30,257 2,357,625 
The Cooper Companies, Inc. 11,369 2,113,724 
Varian Medical Systems, Inc. (a)(b) 17,757 1,706,980 
  38,351,564 
Health Care Providers & Services - 3.6%   
Aetna, Inc. 14,913 1,746,611 
AmerisourceBergen Corp. 70,497 6,131,124 
AmSurg Corp. (b) 5,530 359,008 
Anthem, Inc. 39,142 4,895,881 
Cardinal Health, Inc. 19,626 1,563,603 
Express Scripts Holding Co. (b) 3,241 235,621 
Laboratory Corp. of America Holdings (b) 25,839 3,538,134 
McKesson Corp. 26,047 4,808,797 
Molina Healthcare, Inc. (b) 3,962 213,195 
Quest Diagnostics, Inc. 78,145 6,471,969 
Universal Health Services, Inc. Class B 28,776 3,468,371 
VCA, Inc. (b) 3,253 230,345 
Wellcare Health Plans, Inc. (b) 10,778 1,214,681 
  34,877,340 
Health Care Technology - 0.3%   
Cerner Corp. (b) 44,085 2,845,246 
Life Sciences Tools & Services - 1.9%   
Agilent Technologies, Inc. 149,258 7,012,141 
Bruker Corp. 175,194 3,917,338 
Charles River Laboratories International, Inc. (b) 27,334 2,274,462 
Illumina, Inc. (b) 12,041 2,026,982 
Quintiles Transnational Holdings, Inc. (b) 50,522 3,905,351 
  19,136,274 
Pharmaceuticals - 0.9%   
Mallinckrodt PLC (b) 60,187 4,486,339 
Mylan N.V. (b) 111,438 4,720,514 
  9,206,853 
TOTAL HEALTH CARE  110,940,703 
INDUSTRIALS - 10.8%   
Aerospace & Defense - 2.4%   
BE Aerospace, Inc. 64,954 3,283,425 
General Dynamics Corp. 2,141 325,903 
Hexcel Corp. 4,298 192,765 
Huntington Ingalls Industries, Inc. 21,467 3,545,704 
Northrop Grumman Corp. 6,934 1,470,493 
Raytheon Co. 7,396 1,036,401 
Rockwell Collins, Inc. 30,441 2,547,607 
Spirit AeroSystems Holdings, Inc. Class A (b) 130,375 5,973,783 
Textron, Inc. 130,340 5,324,389 
  23,700,470 
Air Freight & Logistics - 0.0%   
C.H. Robinson Worldwide, Inc. 4,818 334,466 
Expeditors International of Washington, Inc. 1,702 86,206 
  420,672 
Airlines - 0.8%   
Alaska Air Group, Inc. 52,624 3,553,699 
JetBlue Airways Corp. (b) 159,823 2,549,177 
Southwest Airlines Co. 34,787 1,282,945 
  7,385,821 
Building Products - 0.5%   
A.O. Smith Corp. 4,669 450,465 
Fortune Brands Home & Security, Inc. 12,498 794,373 
Owens Corning 71,602 3,932,382 
  5,177,220 
Commercial Services & Supplies - 1.1%   
Cintas Corp. 50,485 5,932,492 
KAR Auction Services, Inc. 76,851 3,249,260 
R.R. Donnelley & Sons Co. 70,904 1,212,458 
  10,394,210 
Construction & Engineering - 0.6%   
Quanta Services, Inc. (b) 211,145 5,432,761 
Electrical Equipment - 0.3%   
Fortive Corp. 15,284 805,008 
Regal Beloit Corp. 5,461 334,923 
Rockwell Automation, Inc. 19,471 2,257,273 
  3,397,204 
Industrial Conglomerates - 0.1%   
Carlisle Companies, Inc. 6,650 697,319 
Machinery - 3.3%   
Allison Transmission Holdings, Inc. 163,017 4,522,092 
Cummins, Inc. 15,064 1,892,189 
Ingersoll-Rand PLC 20,970 1,425,750 
PACCAR, Inc. 135,703 8,120,468 
Parker Hannifin Corp. 25,046 3,068,886 
Snap-On, Inc. 2,479 380,006 
Stanley Black & Decker, Inc. 20,169 2,495,914 
Toro Co. 1,600 155,440 
Trinity Industries, Inc. 238,307 5,819,457 
Wabtec Corp. (a) 61,497 4,711,285 
  32,591,487 
Professional Services - 1.4%   
Equifax, Inc. 40,811 5,382,971 
Manpower, Inc. 41,308 2,951,870 
Robert Half International, Inc. 141,412 5,420,322 
  13,755,163 
Trading Companies & Distributors - 0.3%   
Air Lease Corp. Class A 29,535 867,738 
HD Supply Holdings, Inc. (b) 22,298 805,181 
MSC Industrial Direct Co., Inc. Class A 9,164 669,339 
United Rentals, Inc. (b) 1,600 131,696 
  2,473,954 
TOTAL INDUSTRIALS  105,426,281 
INFORMATION TECHNOLOGY - 16.3%   
Communications Equipment - 2.6%   
Arris International PLC (b) 30,961 869,075 
Brocade Communications Systems, Inc. 599,457 5,383,124 
F5 Networks, Inc. (b) 51,660 6,340,232 
Juniper Networks, Inc. 267,890 6,182,901 
Motorola Solutions, Inc. 87,557 6,741,013 
  25,516,345 
Electronic Equipment & Components - 0.6%   
Avnet, Inc. 37,093 1,546,036 
CDW Corp. 2,660 118,769 
Corning, Inc. 93,826 2,128,912 
Dolby Laboratories, Inc. Class A 39,678 1,941,841 
  5,735,558 
Internet Software & Services - 0.8%   
eBay, Inc. (b) 168,586 5,421,726 
LinkedIn Corp. Class A (b) 11,587 2,233,394 
  7,655,120 
IT Services - 3.9%   
Alliance Data Systems Corp. (b) 8,906 1,821,989 
Amdocs Ltd. 94,659 5,690,899 
Cognizant Technology Solutions Corp. Class A (b) 29,393 1,688,334 
CSRA, Inc. 61,574 1,563,364 
DST Systems, Inc. 10,013 1,216,680 
Fiserv, Inc. (b) 29,105 2,999,270 
Leidos Holdings, Inc. 89,639 3,631,276 
Paychex, Inc. 99,663 6,046,554 
Teradata Corp. (a)(b) 58,458 1,854,872 
The Western Union Co. (a) 217,263 4,675,500 
Total System Services, Inc. 45,794 2,255,355 
Xerox Corp. 526,187 5,182,942 
  38,627,035 
Semiconductors & Semiconductor Equipment - 2.8%   
Applied Materials, Inc. 163,093 4,866,695 
First Solar, Inc. (a)(b) 1,686 63,765 
KLA-Tencor Corp. 8,760 606,718 
Lam Research Corp. (a) 79,697 7,437,324 
Linear Technology Corp. 17,120 997,069 
NVIDIA Corp. 165,207 10,133,794 
ON Semiconductor Corp. (b) 18,421 198,947 
Skyworks Solutions, Inc. (a) 25,936 1,941,569 
Teradyne, Inc. 34,178 719,789 
Xilinx, Inc. 11,920 646,183 
  27,611,853 
Software - 4.3%   
CA Technologies, Inc. 188,077 6,377,691 
Cadence Design Systems, Inc. (b) 96,668 2,459,234 
CDK Global, Inc. 30,070 1,743,459 
Citrix Systems, Inc. (b) 80,916 7,055,875 
Electronic Arts, Inc. (b) 111,028 9,018,804 
Intuit, Inc. 12,629 1,407,502 
Red Hat, Inc. (b) 13,609 993,185 
Symantec Corp. 296,318 7,150,153 
Synopsys, Inc. (b) 104,142 6,174,579 
  42,380,482 
Technology Hardware, Storage & Peripherals - 1.3%   
HP, Inc. 62,011 891,098 
NetApp, Inc. 139,173 4,813,994 
Western Digital Corp. 143,308 6,688,184 
  12,393,276 
TOTAL INFORMATION TECHNOLOGY  159,919,669 
MATERIALS - 6.2%   
Chemicals - 2.4%   
Cabot Corp. 39,659 1,977,398 
Celanese Corp. Class A 44,786 2,885,562 
Eastman Chemical Co. 76,888 5,219,926 
Huntsman Corp. 74,275 1,284,215 
LyondellBasell Industries NV Class A 63,987 5,047,934 
PPG Industries, Inc. 7,245 767,101 
Valspar Corp. 1,489 156,955 
Westlake Chemical Corp. 109,683 5,683,773 
  23,022,864 
Construction Materials - 0.1%   
Eagle Materials, Inc. 11,192 899,501 
Containers & Packaging - 1.0%   
Avery Dennison Corp. 41,892 3,244,116 
Berry Plastics Group, Inc. (b) 22,222 1,008,657 
Crown Holdings, Inc. (b) 32,358 1,754,774 
Packaging Corp. of America 53,968 4,243,504 
  10,251,051 
Metals & Mining - 2.7%   
Newmont Mining Corp. 205,689 7,865,547 
Nucor Corp. 150,009 7,276,937 
Reliance Steel & Aluminum Co. 74,704 5,384,664 
Steel Dynamics, Inc. 225,496 5,551,712 
  26,078,860 
TOTAL MATERIALS  60,252,276 
TELECOMMUNICATION SERVICES - 0.7%   
Diversified Telecommunication Services - 0.7%   
CenturyLink, Inc. 251,473 6,990,949 
Wireless Telecommunication Services - 0.0%   
Telephone & Data Systems, Inc. 4,466 124,467 
TOTAL TELECOMMUNICATION SERVICES  7,115,416 
UTILITIES - 5.1%   
Electric Utilities - 2.6%   
Edison International 38,069 2,768,378 
Entergy Corp. 70,954 5,548,603 
FirstEnergy Corp. 203,618 6,664,417 
Great Plains Energy, Inc. 45,247 1,228,909 
Hawaiian Electric Industries, Inc. 2,987 89,640 
ITC Holdings Corp. 2,873 129,917 
OGE Energy Corp. 17,254 537,117 
Pinnacle West Capital Corp. 1,195 89,673 
PPL Corp. 236,601 8,228,983 
Westar Energy, Inc. 5,008 275,140 
  25,560,777 
Gas Utilities - 0.6%   
National Fuel Gas Co. 1,975 112,694 
UGI Corp. 133,656 6,078,675 
  6,191,369 
Multi-Utilities - 1.4%   
CenterPoint Energy, Inc. 2,956 66,421 
DTE Energy Co. 11,059 1,027,381 
MDU Resources Group, Inc. 61,684 1,453,892 
NiSource, Inc. 29,076 696,079 
Public Service Enterprise Group, Inc. 185,908 7,949,426 
Sempra Energy 8,747 915,199 
Vectren Corp. 6,801 332,637 
WEC Energy Group, Inc. 15,147 907,002 
  13,348,037 
Water Utilities - 0.5%   
American Water Works Co., Inc. 60,367 4,466,554 
Aqua America, Inc. 1,784 54,251 
  4,520,805 
TOTAL UTILITIES  49,620,988 
TOTAL COMMON STOCKS   
(Cost $899,085,827)  967,387,828 
 Principal Amount Value 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 0.32% 9/15/16 (c)   
(Cost $999,874) 1,000,000 999,916 
 Shares Value 
Money Market Funds - 11.6%   
Dreyfus Cash Management Institutional Shares, 0.30% (d) 8,041,805 $8,041,805 
Fidelity Securities Lending Cash Central Fund 0.44% (e)(f) 104,859,380 104,859,380 
TOTAL MONEY MARKET FUNDS   
(Cost $112,901,185)  112,901,185 
TOTAL INVESTMENT PORTFOLIO - 110.6%   
(Cost $1,012,986,886)  1,081,288,929 
NET OTHER ASSETS (LIABILITIES) - (10.6)%  (103,491,900) 
NET ASSETS - 100%  $977,797,029 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
63 CME E-mini S&P MidCap 400 Index Contracts (United States) Sept. 2016 9,851,940 $686,009 

The face value of futures purchased as a percentage of Net Assets is 1.0%

Legend

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

 (b) Non-income producing

 (c) 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 $455,962.

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

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

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


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 $120,563 

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $147,200,422 $147,200,422 $-- $-- 
Consumer Staples 69,043,102 69,043,102 -- -- 
Energy 52,667,152 52,667,152 -- -- 
Financials 205,201,819 205,201,819 -- -- 
Health Care 110,940,703 110,940,703 -- -- 
Industrials 105,426,281 105,426,281 -- -- 
Information Technology 159,919,669 159,919,669 -- -- 
Materials 60,252,276 60,252,276 -- -- 
Telecommunication Services 7,115,416 7,115,416 -- -- 
Utilities 49,620,988 49,620,988 -- -- 
U.S. Government and Government Agency Obligations 999,916 -- 999,916 -- 
Money Market Funds 112,901,185 112,901,185 -- -- 
Total Investments in Securities: $1,081,288,929 $1,080,289,013 $999,916 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $686,009 $686,009 $-- $-- 
Total Assets $686,009 $686,009 $-- $-- 
Total Derivative Instruments: $686,009 $686,009 $-- $-- 

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, 2016. 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) $686,009 $0 
Total Equity Risk 686,009 
Total Value of Derivatives $686,009 $0 

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


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


Fidelity® Mid Cap Enhanced Index Fund

Financial Statements

Statement of Assets and Liabilities

  August 31, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $101,742,151) — See accompanying schedule:
Unaffiliated issuers (cost $908,127,506) 
$976,429,549  
Fidelity Central Funds (cost $104,859,380) 104,859,380  
Total Investments (cost $1,012,986,886)  $1,081,288,929 
Receivable for investments sold  8,085,565 
Receivable for fund shares sold  1,339,969 
Dividends receivable  1,566,063 
Interest receivable  2,105 
Distributions receivable from Fidelity Central Funds  21,726 
Total assets  1,092,304,357 
Liabilities   
Payable for investments purchased $7,894,770  
Payable for fund shares redeemed 1,230,501  
Accrued management fee 365,548  
Payable for daily variation margin for derivative instruments 35,280  
Other affiliated payables 121,849  
Collateral on securities loaned, at value 104,859,380  
Total liabilities  114,507,328 
Net Assets  $977,797,029 
Net Assets consist of:   
Paid in capital  $926,471,473 
Undistributed net investment income  7,528,971 
Accumulated undistributed net realized gain (loss) on investments  (25,191,467) 
Net unrealized appreciation (depreciation) on investments  68,988,052 
Net Assets, for 72,413,384 shares outstanding  $977,797,029 
Net Asset Value, offering price and redemption price per share ($977,797,029 ÷ 72,413,384 shares)  $13.50 

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


Statement of Operations

  Six months ended August 31, 2016 (Unaudited) 
Investment Income   
Dividends  $10,144,975 
Interest  18,102 
Income from Fidelity Central Funds (including $120,563 from security lending)  120,563 
Total income  10,283,640 
Expenses   
Management fee $2,063,333  
Transfer agent fees 688,432  
Independent trustees' fees and expenses 2,060  
Miscellaneous 1,204  
Total expenses before reductions 2,755,029  
Expense reductions (75) 2,754,954 
Net investment income (loss)  7,528,686 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (4,203,154)  
Futures contracts 1,316,756  
Total net realized gain (loss)  (2,886,398) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 
100,846,039  
Futures contracts 364,137  
Total change in net unrealized appreciation (depreciation)  101,210,176 
Net gain (loss)  98,323,778 
Net increase (decrease) in net assets resulting from operations  $105,852,464 

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


Statement of Changes in Net Assets

 Six months ended August 31, 2016 (Unaudited) Year ended February 29, 2016 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $7,528,686 $10,379,153 
Net realized gain (loss) (2,886,398) 5,509,202 
Change in net unrealized appreciation (depreciation) 101,210,176 (109,303,196) 
Net increase (decrease) in net assets resulting from operations 105,852,464 (93,414,841) 
Distributions to shareholders from net investment income – (8,742,049) 
Distributions to shareholders from net realized gain – (30,376,224) 
Total distributions – (39,118,273) 
Share transactions   
Proceeds from sales of shares 202,149,048 510,890,785 
Reinvestment of distributions – 37,487,590 
Cost of shares redeemed (135,452,219) (219,096,797) 
Net increase (decrease) in net assets resulting from share transactions 66,696,829 329,281,578 
Redemption fees 6,027 18,422 
Total increase (decrease) in net assets 172,555,320 196,766,886 
Net Assets   
Beginning of period 805,241,709 608,474,823 
End of period $977,797,029 $805,241,709 
Other Information   
Undistributed net investment income end of period $7,528,971 $285 
Shares   
Sold 15,613,537 37,966,163 
Issued in reinvestment of distributions – 2,951,931 
Redeemed (10,439,922) (16,655,539) 
Net increase (decrease) 5,173,615 24,262,555 

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


Financial Highlights — Fidelity Mid Cap Enhanced Index Fund

 Six months ended (Unaudited) August 31, Years ended February 28,     
 2016 2016 A 2015 2014 2013 2012 A 
Selected Per–Share Data       
Net asset value, beginning of period $11.98 $14.16 $13.60 $10.97 $9.79 $10.28 
Income from Investment Operations       
Net investment income (loss)B .11 .18 .15 .15 .18 .10 
Net realized and unrealized gain (loss) 1.41 (1.70) 1.73 3.17 1.30 .05 
Total from investment operations 1.52 (1.52) 1.88 3.32 1.48 .15 
Distributions from net investment income – (.14) (.10) (.12) (.17) (.07) 
Distributions from net realized gain – (.51) (1.22) (.57) (.13) (.58) 
Total distributions – (.66)C (1.32) (.69) (.30) (.64)D 
Redemption fees added to paid in capitalB,E – – – – – – 
Net asset value, end of period $13.50 $11.98 $14.16 $13.60 $10.97 $9.79 
Total ReturnF,G 12.69% (11.02)% 15.22% 30.97% 15.57% 1.91% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .60%J .60% .60% .60% .60% .60% 
Expenses net of fee waivers, if any .60%J .60% .60% .60% .60% .60% 
Expenses net of all reductions .60%J .60% .60% .60% .60% .60% 
Net investment income (loss) 1.64%J 1.34% 1.08% 1.24% 1.80% 1.03% 
Supplemental Data       
Net assets, end of period (000 omitted) $977,797 $805,242 $608,475 $271,674 $128,130 $79,061 
Portfolio turnover rateK 93%J 88% 89% 128% 99% 92% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $.66 per share is comprised of distributions from net investment income of $.144 and distributions from net realized gain of $.511 per share.

 D 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.

 E Amount represents less than $.005 per share.

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

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

 H 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.

 I 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.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Fidelity® Small Cap Enhanced Index Fund

Investment Summary (Unaudited)

Top Ten Stocks as of August 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Deluxe Corp. 0.7 0.7 
SYNNEX Corp. 0.7 0.7 
American Eagle Outfitters, Inc. 0.7 0.5 
Tenneco, Inc. 0.7 0.7 
Masimo Corp. 0.7 0.6 
MKS Instruments, Inc. 0.7 0.5 
Umpqua Holdings Corp. 0.7 0.6 
Curtiss-Wright Corp. 0.6 0.6 
Dana Holding Corp. 0.6 0.6 
Western Refining, Inc. 0.6 0.5 
 6.7  

Market Sectors as of August 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 24.0 24.3 
Information Technology 16.1 19.2 
Health Care 14.8 15.5 
Consumer Discretionary 12.5 14.2 
Industrials 11.9 10.5 
Materials 5.6 1.9 
Consumer Staples 4.5 5.4 
Energy 3.3 2.8 
Utilities 2.4 2.7 
Telecommunication Services 1.2 1.3 

Asset Allocation (% of fund's net assets)

As of August 31, 2016* 
   Stocks and Equity Futures 100.0% 


 * Foreign investments - 4.3%


As of February 29, 2016* 
   Stocks and Equity Futures 99.9% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.1% 


 * Foreign investments - 2.6%


Fidelity® Small Cap Enhanced Index Fund

Investments August 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.3%   
 Shares Value 
CONSUMER DISCRETIONARY - 12.5%   
Auto Components - 3.5%   
American Axle & Manufacturing Holdings, Inc. (a) 206,460 $3,538,724 
Cooper Tire & Rubber Co. 110,560 3,757,934 
Cooper-Standard Holding, Inc. (a) 37,368 3,701,300 
Dana Holding Corp. 271,485 3,914,814 
Drew Industries, Inc. 10,885 1,108,637 
Metaldyne Performance Group, Inc. 35,535 563,940 
Stoneridge, Inc. (a) 9,455 163,855 
Superior Industries International, Inc. 14,570 424,133 
Tenneco, Inc. (a) 72,243 4,033,327 
Tower International, Inc. 9,146 222,248 
  21,428,912 
Diversified Consumer Services - 0.8%   
Capella Education Co. 22,769 1,341,549 
DeVry, Inc. (b) 95,417 2,198,408 
Grand Canyon Education, Inc. (a) 3,671 152,457 
K12, Inc. (a) 84,875 1,014,256 
  4,706,670 
Hotels, Restaurants & Leisure - 1.3%   
BJ's Restaurants, Inc. (a) 2,825 112,209 
Bloomin' Brands, Inc. 77,746 1,519,157 
Boyd Gaming Corp. (a) 8,165 159,218 
Eldorado Resorts, Inc. (a) 4,308 60,140 
Interval Leisure Group, Inc. 20,045 348,783 
Isle of Capri Casinos, Inc. (a) 168,052 2,915,702 
Marriott Vacations Worldwide Corp. (b) 36,504 2,814,458 
  7,929,667 
Household Durables - 1.1%   
Bassett Furniture Industries, Inc. 9,321 230,788 
CSS Industries, Inc. 849 21,624 
Ethan Allen Interiors, Inc. (b) 23,364 781,759 
Flexsteel Industries, Inc. 47,419 2,250,032 
iRobot Corp. (a)(b) 9,748 388,555 
La-Z-Boy, Inc. 111,742 2,980,159 
  6,652,917 
Leisure Products - 1.4%   
Brunswick Corp. 43,898 2,018,869 
Nautilus, Inc. (a) 126,547 2,947,280 
Smith & Wesson Holding Corp. (a)(b) 125,424 3,530,686 
  8,496,835 
Media - 0.7%   
A.H. Belo Corp. Class A 12,118 75,738 
Gannett Co., Inc. 55,962 667,627 
Media General, Inc. (a) 3,255 57,516 
Meredith Corp. 6,097 323,385 
MSG Network, Inc. Class A (a) 51,734 904,310 
New Media Investment Group, Inc. 47,090 752,498 
Saga Communications, Inc. Class A 896 36,440 
Sinclair Broadcast Group, Inc. Class A 56,668 1,613,905 
The McClatchy Co. Class A (a) 6,229 102,654 
  4,534,073 
Multiline Retail - 0.5%   
Big Lots, Inc. (b) 58,465 2,883,494 
Specialty Retail - 2.7%   
American Eagle Outfitters, Inc. (b) 224,716 4,166,235 
Big 5 Sporting Goods Corp. 92,988 1,163,280 
Caleres, Inc. 87,022 2,257,351 
DSW, Inc. Class A 10,336 247,547 
Express, Inc. (a) 138,671 1,640,478 
GNC Holdings, Inc. 56,749 1,193,431 
Group 1 Automotive, Inc. 15,511 920,423 
Office Depot, Inc. 168,530 620,190 
Rent-A-Center, Inc. 196,537 2,401,682 
Shoe Carnival, Inc. (b) 42,826 1,270,219 
The Cato Corp. Class A (sub. vtg.) 9,996 342,663 
  16,223,499 
Textiles, Apparel & Luxury Goods - 0.5%   
Movado Group, Inc. 88,890 2,017,803 
Unifi, Inc. (a) 41,302 1,075,091 
  3,092,894 
TOTAL CONSUMER DISCRETIONARY  75,948,961 
CONSUMER STAPLES - 4.5%   
Beverages - 0.0%   
National Beverage Corp. (a) 5,795 288,185 
Food & Staples Retailing - 1.4%   
Ingles Markets, Inc. Class A 41,845 1,582,996 
SpartanNash Co. 104,097 3,333,186 
United Natural Foods, Inc. (a) 77,136 3,517,402 
Weis Markets, Inc. 422 21,497 
  8,455,081 
Food Products - 1.6%   
Dean Foods Co. 204,941 3,527,035 
Fresh Del Monte Produce, Inc. 34,061 1,981,328 
John B. Sanfilippo & Son, Inc. 1,224 62,938 
Lancaster Colony Corp. 715 96,189 
Omega Protein Corp. (a) 127,398 3,211,704 
Seaboard Corp. (a) 215 695,525 
Seneca Foods Corp. Class A (a) 8,967 264,527 
  9,839,246 
Household Products - 0.5%   
Central Garden & Pet Co. Class A (non-vtg.) (a) 82,077 1,990,367 
WD-40 Co. 10,604 1,254,983 
  3,245,350 
Personal Products - 0.5%   
Avon Products, Inc. 28,900 164,730 
MediFast, Inc. 5,865 215,656 
Natural Health Trends Corp. (b) 37,842 1,216,242 
Nutraceutical International Corp. (a) 3,821 96,786 
USANA Health Sciences, Inc. (a) 7,695 1,052,214 
  2,745,628 
Tobacco - 0.5%   
Universal Corp. (b) 48,328 2,907,896 
TOTAL CONSUMER STAPLES  27,481,386 
ENERGY - 3.3%   
Energy Equipment & Services - 1.6%   
Archrock, Inc. 40,384 445,032 
Atwood Oceanics, Inc. (b) 267,127 2,110,303 
Dril-Quip, Inc. (a) 50,116 2,784,946 
Gulf Island Fabrication, Inc. 786 6,917 
Matrix Service Co. (a) 117,970 2,181,265 
McDermott International, Inc. (a)(b) 400,499 2,094,610 
Natural Gas Services Group, Inc. (a) 3,638 86,002 
PHI, Inc. (non-vtg.) (a) 10,193 189,896 
  9,898,971 
Oil, Gas & Consumable Fuels - 1.7%   
Adams Resources & Energy, Inc. 601 22,297 
California Resources Corp. (b) 51,412 510,521 
Denbury Resources, Inc. (b) 227,967 702,138 
DHT Holdings, Inc. 601,238 2,591,336 
Golar LNG Ltd. (b) 7,102 147,935 
Navios Maritime Acquisition Corp. 17,079 24,765 
PDC Energy, Inc. (a) 13,593 902,575 
Renewable Energy Group, Inc. (a)(b) 21,906 196,497 
Rex American Resources Corp. (a)(b) 13,549 1,089,882 
Western Refining, Inc. (b) 155,414 3,910,216 
  10,098,162 
TOTAL ENERGY  19,997,133 
FINANCIALS - 24.0%   
Banks - 6.7%   
Arrow Financial Corp. 1,149 37,251 
Atlantic Capital Bancshares, Inc. (a) 8,060 124,205 
BancFirst Corp. 15,766 1,081,548 
Banco Latinoamericano de Comercio Exterior SA Series E 25,544 737,966 
Bank of the Ozarks, Inc. (b) 39,756 1,557,640 
Banner Corp. 5,759 255,009 
Brookline Bancorp, Inc., Delaware 12,508 149,346 
Cathay General Bancorp 27,961 878,535 
Centerstate Banks of Florida, Inc. 13,552 243,665 
Chemical Financial Corp. 52,972 2,448,896 
Community Trust Bancorp, Inc. 3,947 145,486 
Fidelity Southern Corp. 23,477 421,412 
First Bancorp, North Carolina 6,665 133,633 
First Bancorp, Puerto Rico (a) 189,201 927,085 
First Busey Corp. 12,041 281,157 
First Citizen Bancshares, Inc. 201 57,267 
First Interstate Bancsystem, Inc. 41,533 1,276,724 
First Midwest Bancorp, Inc., Delaware 37,110 726,243 
First NBC Bank Holding Co. (a) 23,812 310,985 
Fulton Financial Corp. 268,917 3,888,540 
Great Southern Bancorp, Inc. 16,805 707,322 
Great Western Bancorp, Inc. 51,308 1,756,786 
Guaranty Bancorp 20,184 373,000 
Heritage Commerce Corp. 5,031 57,806 
Hilltop Holdings, Inc. (a) 124,447 2,817,480 
Huntington Bancshares, Inc. 48,875 489,239 
IBERIABANK Corp. 22,298 1,533,433 
International Bancshares Corp. 27,571 817,480 
Investors Bancorp, Inc. 137,494 1,684,302 
LegacyTexas Financial Group, Inc. 32,541 986,969 
MainSource Financial Group, Inc. 3,484 84,069 
Merchants Bancshares, Inc. 18,218 604,838 
Opus Bank 24,521 856,273 
Peapack-Gladstone Financial Corp. 4,073 81,379 
Preferred Bank, Los Angeles 4,529 158,741 
PrivateBancorp, Inc. 13,359 613,846 
Stonegate Bank 3,152 102,629 
UMB Financial Corp. 8,852 538,202 
Umpqua Holdings Corp. 243,543 3,998,976 
Univest Corp. of Pennsylvania 4,445 103,746 
Washington Trust Bancorp, Inc. 7,124 300,277 
Western Alliance Bancorp. (a) 63,895 2,442,067 
Wintrust Financial Corp. 69,418 3,858,252 
  40,649,705 
Capital Markets - 2.3%   
Diamond Hill Investment Group, Inc. 3,606 682,796 
Financial Engines, Inc. (b) 119,894 3,833,011 
Gain Capital Holdings, Inc. 50,189 322,715 
GAMCO Investors, Inc. Class A 2,779 85,232 
INTL FCStone, Inc. (a) 85,344 3,074,091 
KCG Holdings, Inc. Class A (a) 47,826 691,086 
Manning & Napier, Inc. Class A 17,042 130,883 
OM Asset Management Ltd. 22,003 297,041 
Oppenheimer Holdings, Inc. Class A (non-vtg.) 13,278 213,377 
Piper Jaffray Companies (a) 70,115 3,111,704 
Vector Capital Corp. rights (a) 8,300 
Waddell & Reed Financial, Inc. Class A (b) 75,414 1,402,700 
  13,844,636 
Consumer Finance - 0.8%   
Enova International, Inc. (a) 56,056 537,577 
LendingClub Corp. (a)(b) 2,617 14,158 
Nelnet, Inc. Class A 85,604 3,030,382 
Regional Management Corp. (a) 11,839 255,959 
World Acceptance Corp. (a)(b) 19,791 952,145 
  4,790,221 
Diversified Financial Services - 0.1%   
Cotiviti Holdings, Inc. 4,341 144,295 
Marlin Business Services Corp. 34,086 640,817 
  785,112 
Insurance - 3.0%   
Amerisafe, Inc. 18,598 1,116,066 
eHealth, Inc. (a) 19,266 216,550 
EMC Insurance Group 4,916 136,911 
Employers Holdings, Inc. 43,210 1,316,609 
Federated National Holding Co. 101,467 1,853,802 
Genworth Financial, Inc. Class A (a) 213,062 1,007,783 
HCI Group, Inc. 25,386 807,021 
Heritage Insurance Holdings, Inc. 98,568 1,352,353 
Horace Mann Educators Corp. 47,226 1,726,110 
National General Holdings Corp. 30,282 690,127 
Selective Insurance Group, Inc. 94,740 3,780,126 
United Fire Group, Inc. 1,844 79,679 
United Insurance Holdings Corp. 106,663 1,679,942 
Universal Insurance Holdings, Inc. (b) 108,347 2,684,839 
  18,447,918 
Real Estate Investment Trusts - 7.7%   
Anworth Mortgage Asset Corp. 131,330 642,204 
Apollo Commercial Real Estate Finance, Inc. 161,677 2,635,335 
Ashford Hospitality Trust, Inc. 82,738 576,684 
Capstead Mortgage Corp. 268,828 2,666,774 
CBL & Associates Properties, Inc. 78,876 1,125,561 
Chesapeake Lodging Trust 7,737 197,139 
Colony Financial, Inc. 1,887 34,853 
Colony Starwood Homes (b) 22,269 690,339 
Coresite Realty Corp. 47,800 3,729,356 
CubeSmart 106,093 2,920,740 
DCT Industrial Trust, Inc. 7,696 374,872 
Education Realty Trust, Inc. 23,432 1,061,704 
Four Corners Property Trust, Inc. 68,423 1,417,040 
Gyrodyne LLC 340 7,222 
InfraReit, Inc. 61,798 1,167,982 
Life Storage, Inc. 27,769 2,499,210 
LTC Properties, Inc. 12,215 634,203 
MFA Financial, Inc. 413,248 3,190,275 
National Health Investors, Inc. 1,450 116,406 
National Storage Affiliates Trust 51,005 1,035,912 
New Residential Investment Corp. 159,804 2,293,187 
PS Business Parks, Inc. 33,683 3,731,403 
Redwood Trust, Inc. 42,015 621,822 
Resource Capital Corp. 3,248 43,101 
RLJ Lodging Trust 159,060 3,712,460 
Ryman Hospitality Properties, Inc. 53,628 2,893,767 
Sabra Health Care REIT, Inc. 26,594 677,615 
Summit Hotel Properties, Inc. 39,482 564,593 
Sunstone Hotel Investors, Inc. 188,610 2,619,793 
The GEO Group, Inc. (b) 83,938 1,682,118 
WP Glimcher, Inc. 78,560 1,079,414 
Xenia Hotels & Resorts, Inc. 37,393 629,698 
  47,272,782 
Real Estate Management & Development - 0.5%   
Altisource Portfolio Solutions SA (a)(b) 59,472 1,937,598 
HFF, Inc. 2,956 79,250 
Marcus & Millichap, Inc. (a) 30,279 788,768 
RE/MAX Holdings, Inc. 5,803 241,637 
The RMR Group, Inc. 4,589 176,906 
  3,224,159 
Thrifts & Mortgage Finance - 2.9%   
BofI Holding, Inc. (a)(b) 158,280 3,403,020 
Dime Community Bancshares, Inc. 55,764 984,792 
Essent Group Ltd. (a) 143,462 3,813,220 
EverBank Financial Corp. 2,372 45,519 
First Defiance Financial Corp. 7,592 345,360 
Hingham Institution for Savings 918 119,267 
Northwest Bancshares, Inc. 227,719 3,534,199 
Radian Group, Inc. 80,354 1,101,653 
Walker & Dunlop, Inc. (a) 75,270 1,994,655 
Waterstone Financial, Inc. 20,098 339,656 
WSFS Financial Corp. 47,172 1,834,991 
  17,516,332 
TOTAL FINANCIALS  146,530,865 
HEALTH CARE - 14.8%   
Biotechnology - 3.1%   
Acceleron Pharma, Inc. (a) 4,137 124,151 
Achillion Pharmaceuticals, Inc. (a) 25,271 208,738 
Acorda Therapeutics, Inc. (a) 26,736 643,803 
Aduro Biotech, Inc. (a)(b) 10,012 141,069 
Alder Biopharmaceuticals, Inc. (a)(b) 6,808 224,460 
AMAG Pharmaceuticals, Inc. (a)(b) 26,452 630,351 
Amicus Therapeutics, Inc. (a) 1,266 8,470 
Applied Genetic Technologies Corp. (a) 24,041 307,244 
Aptevo Therapeutics, Inc. (a) 14,478 39,380 
ARIAD Pharmaceuticals, Inc. (a) 65,165 673,806 
Biospecifics Technologies Corp.(a) 5,892 215,588 
bluebird bio, Inc. (a)(b) 6,818 336,400 
Cepheid, Inc. (a) 32,839 1,127,034 
Concert Pharmaceuticals, Inc. (a) 21,623 210,176 
Dyax Corp. rights 12/31/19 (a) 29,085 70,386 
Emergent BioSolutions, Inc. (a)(b) 22,063 587,979 
Enanta Pharmaceuticals, Inc. (a)(b) 19,281 423,989 
Exact Sciences Corp. (a)(b) 24,304 448,895 
Exelixis, Inc. (a) 116,784 1,302,142 
FibroGen, Inc. (a) 31,650 547,862 
Five Prime Therapeutics, Inc. (a) 15,954 701,657 
Genomic Health, Inc. (a) 17,201 455,310 
Halozyme Therapeutics, Inc. (a)(b) 7,046 69,051 
Ironwood Pharmaceuticals, Inc. Class A (a) 25,276 337,182 
Kite Pharma, Inc. (a)(b) 8,265 476,229 
Lexicon Pharmaceuticals, Inc. (a)(b) 37,096 514,892 
Ligand Pharmaceuticals, Inc. Class B (a)(b) 9,283 959,027 
Loxo Oncology, Inc. (a)(b) 8,332 229,463 
Macrogenics, Inc. (a) 1,062 31,658 
MiMedx Group, Inc. (a)(b) 74,914 542,377 
Myriad Genetics, Inc. (a) 37,030 753,931 
Neurocrine Biosciences, Inc. (a) 7,696 372,948 
Novavax, Inc. (a)(b) 50,573 345,919 
Ophthotech Corp. (a)(b) 7,615 402,148 
PDL BioPharma, Inc. 162,351 472,441 
Pfenex, Inc. (a) 12,814 92,645 
Portola Pharmaceuticals, Inc. (a)(b) 6,513 132,605 
Prothena Corp. PLC (a)(b) 5,898 294,782 
Puma Biotechnology, Inc. (a)(b) 3,293 194,781 
Repligen Corp. (a)(b) 15,012 465,222 
Retrophin, Inc. (a)(b) 30,617 490,484 
Rigel Pharmaceuticals, Inc. (a) 113,792 383,479 
Sage Therapeutics, Inc. (a) 1,363 50,663 
Sarepta Therapeutics, Inc. (a)(b) 3,515 91,636 
Spark Therapeutics, Inc. (a)(b) 4,053 229,319 
TESARO, Inc. (a)(b) 6,151 520,928 
Ultragenyx Pharmaceutical, Inc. (a) 7,748 510,748 
Vanda Pharmaceuticals, Inc. (a) 38,492 592,007 
Xencor, Inc. (a) 9,047 191,163 
  19,176,618 
Health Care Equipment & Supplies - 4.4%   
Anika Therapeutics, Inc. (a) 3,849 181,827 
Cantel Medical Corp. 51,452 3,890,286 
Exactech, Inc. (a) 20,894 580,644 
Globus Medical, Inc. (a) 32,264 749,493 
Halyard Health, Inc. (a) 13,138 478,880 
ICU Medical, Inc. (a) 12,588 1,570,605 
Inogen, Inc. (a)(b) 25,985 1,507,650 
Integer Holdings Corp. (a) 48,709 1,178,758 
LivaNova PLC (a)(b) 47,502 2,851,070 
Masimo Corp. (a) 68,176 4,031,929 
Meridian Bioscience, Inc. 27,234 529,701 
Merit Medical Systems, Inc. (a) 104,574 2,534,874 
Natus Medical, Inc. (a) 49,262 1,916,784 
NuVasive, Inc. (a)(b) 3,440 225,217 
NxStage Medical, Inc. (a) 10,765 246,088 
OraSure Technologies, Inc. (a) 16,968 145,416 
Orthofix International NV (a) 18,053 814,371 
Steris PLC 5,345 377,785 
SurModics, Inc. (a) 33,107 942,556 
Vascular Solutions, Inc. (a) 6,240 300,581 
West Pharmaceutical Services, Inc. 19,731 1,614,588 
  26,669,103 
Health Care Providers & Services - 4.5%   
Air Methods Corp. (a)(b) 7,283 256,216 
Alliance Healthcare Services, Inc. (a) 60,188 379,184 
Chemed Corp. 25,684 3,465,542 
Community Health Systems, Inc. (a)(b) 174,211 1,860,573 
Corvel Corp. (a) 27,856 1,070,785 
Healthways, Inc. (a) 31,697 792,742 
Magellan Health Services, Inc. (a) 60,369 3,448,277 
Molina Healthcare, Inc. (a)(b) 67,809 3,648,802 
National Healthcare Corp. 12,211 793,471 
Owens & Minor, Inc. 31,917 1,096,987 
PharMerica Corp. (a) 104,852 2,648,562 
Select Medical Holdings Corp. (a)(b) 76,853 913,014 
Surgical Care Affiliates, Inc. (a) 63,047 2,600,689 
Team Health Holdings, Inc. (a) 9,022 300,433 
Triple-S Management Corp. (a)(b) 68,490 1,499,246 
Wellcare Health Plans, Inc. (a) 26,443 2,980,126 
  27,754,649 
Health Care Technology - 1.0%   
HMS Holdings Corp. (a) 64,052 1,396,974 
Omnicell, Inc. (a) 52,594 1,976,483 
Quality Systems, Inc. 221,865 2,611,351 
  5,984,808 
Life Sciences Tools & Services - 0.7%   
Cambrex Corp. (a) 13,921 596,236 
INC Research Holdings, Inc. Class A (a) 21,245 926,919 
Luminex Corp. (a)(b) 27,564 580,773 
PAREXEL International Corp. (a) 20,046 1,363,729 
PRA Health Sciences, Inc. (a) 13,464 680,605 
  4,148,262 
Pharmaceuticals - 1.1%   
Amphastar Pharmaceuticals, Inc. (a) 14,152 268,888 
Catalent, Inc. (a) 21,797 549,938 
Corcept Therapeutics, Inc. (a)(b) 12,799 68,219 
DepoMed, Inc. (a)(b) 5,554 112,691 
Horizon Pharma PLC (a)(b) 41,984 789,299 
Impax Laboratories, Inc. (a) 37,093 897,280 
Innoviva, Inc. (b) 465 5,157 
Intra-Cellular Therapies, Inc. (a) 4,297 173,341 
Lannett Co., Inc. (a)(b) 19,783 669,852 
Nektar Therapeutics (a)(b) 26,980 481,593 
Pacira Pharmaceuticals, Inc. (a)(b) 4,868 192,919 
Prestige Brands Holdings, Inc. (a) 24,001 1,155,168 
Sucampo Pharmaceuticals, Inc. Class A (a) 32,683 358,206 
Supernus Pharmaceuticals, Inc. (a) 3,160 67,561 
The Medicines Company (a)(b) 15,461 605,607 
TherapeuticsMD, Inc. (a)(b) 3,310 22,773 
Theravance Biopharma, Inc. (a) 1,467 41,604 
  6,460,096 
TOTAL HEALTH CARE  90,193,536 
INDUSTRIALS - 11.9%   
Aerospace & Defense - 2.3%   
Astronics Corp. (a) 70,217 3,146,424 
Astronics Corp. Class B 8,594 384,582 
Curtiss-Wright Corp. 43,619 3,921,348 
KLX, Inc. (a) 7,913 295,471 
Mercury Systems, Inc. (a) 57,438 1,302,694 
Moog, Inc. Class A (a) 64,367 3,797,009 
Teledyne Technologies, Inc. (a) 9,030 967,474 
Triumph Group, Inc. 9,414 299,930 
  14,114,932 
Airlines - 1.2%   
Allegiant Travel Co. 8,979 1,241,257 
Hawaiian Holdings, Inc. (a) 79,190 3,720,346 
JetBlue Airways Corp. (a) 147,627 2,354,651 
  7,316,254 
Building Products - 0.7%   
American Woodmark Corp. (a) 13,923 1,211,301 
Insteel Industries, Inc. 16,570 551,781 
NCI Building Systems, Inc. (a) 59,902 906,916 
Ply Gem Holdings, Inc. (a) 22,404 312,984 
Universal Forest Products, Inc. 11,830 1,291,245 
  4,274,227 
Commercial Services & Supplies - 2.4%   
ARC Document Solutions, Inc. (a) 22,816 77,118 
Deluxe Corp. (b) 62,637 4,269,964 
Ennis, Inc. 10,458 173,394 
G&K Services, Inc. Class A 576 56,062 
Herman Miller, Inc. 52,455 1,892,052 
Kimball International, Inc. Class B 121,728 1,515,514 
Knoll, Inc. 49,293 1,304,293 
Quad/Graphics, Inc. 8,649 234,301 
Steelcase, Inc. Class A 72,233 1,079,161 
UniFirst Corp. 29,399 3,774,538 
West Corp. 24,402 571,739 
  14,948,136 
Construction & Engineering - 0.7%   
Argan, Inc. 71,297 3,408,710 
EMCOR Group, Inc. 11,580 663,071 
  4,071,781 
Electrical Equipment - 0.4%   
Allied Motion Technologies, Inc. 7,036 158,521 
EnerSys 33,849 2,382,293 
  2,540,814 
Machinery - 1.8%   
Alamo Group, Inc. 14,857 963,031 
Federal Signal Corp. 27,601 361,849 
Global Brass & Copper Holdings, Inc. 37,698 1,058,183 
Greenbrier Companies, Inc. (b) 66,038 2,238,028 
Hurco Companies, Inc. 15,067 406,960 
Hyster-Yale Materials Handling Class A 17,488 904,654 
Joy Global, Inc. 11,795 321,768 
Kadant, Inc. 16,926 907,911 
Lydall, Inc. (a) 3,161 151,854 
Wabash National Corp. (a)(b) 245,942 3,430,891 
  10,745,129 
Marine - 0.6%   
Matson, Inc. 91,331 3,524,463 
Professional Services - 1.7%   
Barrett Business Services, Inc. 6,253 291,765 
Huron Consulting Group, Inc. (a) 1,443 90,707 
ICF International, Inc. (a) 1,559 65,244 
Insperity, Inc. 49,535 3,247,019 
Kelly Services, Inc. Class A (non-vtg.) 8,861 169,422 
Kforce, Inc. 25,570 494,780 
Korn/Ferry International 69,264 1,651,254 
Resources Connection, Inc. 89,690 1,353,422 
RPX Corp. (a) 268,178 2,807,824 
TrueBlue, Inc. (a) 9,719 212,360 
  10,383,797 
Road & Rail - 0.1%   
ArcBest Corp. 41,358 757,265 
Roadrunner Transportation Systems, Inc. (a) 19,587 163,356 
  920,621 
TOTAL INDUSTRIALS  72,840,154 
INFORMATION TECHNOLOGY - 16.1%   
Communications Equipment - 1.2%   
Bel Fuse, Inc. Class B (non-vtg.) 2,040 46,859 
Black Box Corp. 13,575 189,371 
Communications Systems, Inc. 7,450 41,497 
Digi International, Inc. (a) 36,439 417,955 
Finisar Corp. (a) 14,424 305,500 
InterDigital, Inc. 8,971 640,619 
Ixia (a) 33,431 385,459 
NETGEAR, Inc. (a) 60,807 3,465,999 
Plantronics, Inc. 40,255 2,038,916 
  7,532,175 
Electronic Equipment & Components - 5.2%   
Anixter International, Inc. (a) 13,130 839,532 
Benchmark Electronics, Inc. (a) 149,054 3,595,182 
Cardtronics PLC (b) 50,856 2,283,943 
Coherent, Inc. (a) 25,508 2,682,931 
Insight Enterprises, Inc. (a) 16,453 503,462 
KEMET Corp. (a) 14,013 47,784 
Kimball Electronics, Inc. (a) 111,805 1,355,077 
Methode Electronics, Inc. Class A 94,315 3,456,645 
MTS Systems Corp. 6,061 301,535 
PC Connection, Inc. 9,141 238,306 
Plexus Corp. (a) 36,727 1,694,951 
Sanmina Corp. (a) 121,324 3,188,395 
ScanSource, Inc. (a) 77,593 2,654,457 
SYNNEX Corp. 39,983 4,244,995 
Tech Data Corp. (a) 51,366 3,813,412 
TTM Technologies, Inc. (a) 32,161 345,088 
Vishay Intertechnology, Inc. 12,263 173,644 
  31,419,339 
Internet Software & Services - 1.1%   
Bankrate, Inc. (a) 61,086 478,914 
DHI Group, Inc. (a) 29,428 227,773 
EarthLink Holdings Corp. 107,427 684,310 
Global Sources Ltd. (a)(b) 57,052 475,243 
j2 Global, Inc. 22,252 1,516,919 
MeetMe, Inc. (a) 21,304 122,711 
RetailMeNot, Inc. (a) 191,549 2,166,419 
Stamps.com, Inc. (a)(b) 2,073 200,501 
WebMD Health Corp. (a)(b) 19,857 1,024,025 
  6,896,815 
IT Services - 2.4%   
CACI International, Inc. Class A (a) 5,066 503,358 
Computer Task Group, Inc. 9,179 43,325 
CSG Systems International, Inc. 72,590 3,173,635 
EVERTEC, Inc. 24,957 425,766 
ExlService Holdings, Inc. (a) 9,436 482,934 
Hackett Group, Inc. 13,046 213,302 
Jack Henry & Associates, Inc. 12,208 1,065,392 
ManTech International Corp. Class A 3,152 126,206 
NCI, Inc. Class A 18,628 224,654 
Neustar, Inc. Class A (a)(b) 132,378 3,363,725 
Science Applications International Corp. 18,095 1,154,642 
Sykes Enterprises, Inc. (a) 77,884 2,276,549 
Syntel, Inc. (a) 25,069 1,157,436 
Travelport Worldwide Ltd. 18,682 256,504 
  14,467,428 
Semiconductors & Semiconductor Equipment - 4.0%   
Advanced Micro Devices, Inc. (a)(b) 365,714 2,706,284 
Cabot Microelectronics Corp. 63,212 3,142,901 
Cirrus Logic, Inc. (a) 53,250 2,702,438 
Fairchild Semiconductor International, Inc. (a) 8,133 161,847 
Integrated Device Technology, Inc. (a) 14,883 298,999 
IXYS Corp. 66,046 767,455 
MaxLinear, Inc. Class A (a) 35,167 674,151 
MKS Instruments, Inc. 82,659 4,028,800 
NeoPhotonics Corp. (a) 179,317 2,677,203 
Photronics, Inc. (a) 271,143 2,592,127 
Rudolph Technologies, Inc. (a)(b) 46,984 824,099 
Silicon Laboratories, Inc. (a) 4,812 275,728 
Synaptics, Inc. (a) 801 45,633 
Tessera Technologies, Inc. 110,040 3,690,742 
  24,588,407 
Software - 1.9%   
Aspen Technology, Inc. (a) 47,913 2,178,125 
Fleetmatics Group PLC (a) 3,276 196,134 
Manhattan Associates, Inc. (a) 21,674 1,311,710 
Mentor Graphics Corp. 40,232 965,970 
MicroStrategy, Inc. Class A (a) 1,210 201,816 
Monotype Imaging Holdings, Inc. 38,228 806,611 
Pegasystems, Inc. 2,993 77,070 
Progress Software Corp. (a) 69,087 2,004,214 
QAD, Inc. Class B 4,123 78,543 
Synchronoss Technologies, Inc. (a)(b) 53,472 2,232,456 
The Rubicon Project, Inc. (a) 49,313 419,161 
Verint Systems, Inc. (a) 24,024 819,699 
Zedge, Inc. (a) 21,910 97,719 
  11,389,228 
Technology Hardware, Storage & Peripherals - 0.3%   
Super Micro Computer, Inc. (a) 80,886 1,749,564 
TOTAL INFORMATION TECHNOLOGY  98,042,956 
MATERIALS - 5.6%   
Chemicals - 1.7%   
Chase Corp. 3,161 203,474 
FutureFuel Corp. 145,376 1,699,445 
Ingevity Corp. (a) 3,115 138,244 
Innophos Holdings, Inc. 15,056 635,664 
Innospec, Inc. 4,632 274,585 
KMG Chemicals, Inc. 5,867 164,628 
Minerals Technologies, Inc. 33,214 2,343,912 
Rayonier Advanced Materials, Inc. 64,204 789,709 
Stepan Co. 3,233 227,151 
The Chemours Co. LLC 10,769 142,043 
Trecora Resources (a) 3,790 41,387 
Trinseo SA 64,721 3,744,757 
  10,404,999 
Containers & Packaging - 0.4%   
AEP Industries, Inc. 21,713 2,401,458 
Greif, Inc. Class A 2,924 124,650 
  2,526,108 
Metals & Mining - 2.9%   
AK Steel Holding Corp. (a)(b) 701,041 3,126,643 
Cliffs Natural Resources, Inc. (a)(b) 548,213 3,124,814 
Coeur d'Alene Mines Corp. (a) 168,286 2,143,964 
Commercial Metals Co. 181,648 2,819,177 
Hecla Mining Co. 639,620 3,569,080 
Ryerson Holding Corp. (a) 53,307 644,482 
Worthington Industries, Inc. 54,623 2,343,327 
  17,771,487 
Paper & Forest Products - 0.6%   
Schweitzer-Mauduit International, Inc. 81,274 3,192,443 
TOTAL MATERIALS  33,895,037 
TELECOMMUNICATION SERVICES - 1.2%   
Diversified Telecommunication Services - 1.1%   
Atlantic Tele-Network, Inc. 22,206 1,450,940 
FairPoint Communications, Inc. (a) 15,706 218,942 
IDT Corp. Class B 78,045 1,162,090 
Inteliquent, Inc. 156,589 2,605,641 
Vonage Holdings Corp. (a) 210,341 1,222,081 
  6,659,694 
Wireless Telecommunication Services - 0.1%   
Shenandoah Telecommunications Co. 19,683 506,247 
Spok Holdings, Inc. 28,793 476,524 
  982,771 
TOTAL TELECOMMUNICATION SERVICES  7,642,465 
UTILITIES - 2.4%   
Electric Utilities - 0.8%   
Allete, Inc. 25,338 1,502,543 
IDACORP, Inc. 22,066 1,678,561 
Portland General Electric Co. 17,336 730,019 
Spark Energy, Inc. Class A, (b) 27,261 790,296 
  4,701,419 
Gas Utilities - 0.7%   
Northwest Natural Gas Co. 7,197 429,877 
ONE Gas, Inc. 55,504 3,398,510 
Southwest Gas Corp. 5,618 392,249 
  4,220,636 
Independent Power and Renewable Electricity Producers - 0.4%   
NRG Yield, Inc. Class A 51,909 835,216 
Ormat Technologies, Inc. 9,586 463,962 
Terraform Power, Inc. (b) 84,978 1,091,118 
  2,390,296 
Multi-Utilities - 0.1%   
Avista Corp. 13,214 536,753 
Water Utilities - 0.4%   
American States Water Co. 69,173 2,696,348 
TOTAL UTILITIES  14,545,452 
TOTAL COMMON STOCKS   
(Cost $520,459,377)  587,117,945 
 Principal Amount Value 
U.S. Treasury Obligations - 0.3%   
U.S. Treasury Bills, yield at date of purchase 0.32% 9/15/16 (c)   
(Cost $1,499,812) 1,500,000 1,499,874 
 Shares Value 
Money Market Funds - 17.7%   
Dreyfus Cash Management Institutional Shares, 0.30% (d) 20,005,201 $20,005,201 
Fidelity Securities Lending Cash Central Fund 0.44% (e)(f) 88,092,936 88,092,936 
TOTAL MONEY MARKET FUNDS   
(Cost $108,098,137)  108,098,137 
TOTAL INVESTMENT PORTFOLIO - 114.3%   
(Cost $630,057,326)  696,715,956 
NET OTHER ASSETS (LIABILITIES) - (14.3)%  (87,236,806) 
NET ASSETS - 100%  $609,479,150 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
180 ICE Russell 2000 Index Contracts (United States) Sept. 2016 22,298,400 $1,068,810 

The face value of futures purchased as a percentage of Net Assets is 3.7%

Legend

 (a) Non-income producing

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

 (c) 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 $988,917.

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

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

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


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 $554,844 

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $75,948,961 $75,948,961 $-- $-- 
Consumer Staples 27,481,386 27,481,386 -- -- 
Energy 19,997,133 19,997,133 -- -- 
Financials 146,530,865 146,530,865 -- -- 
Health Care 90,193,536 90,123,150 -- 70,386 
Industrials 72,840,154 72,840,154 -- -- 
Information Technology 98,042,956 98,042,956 -- -- 
Materials 33,895,037 33,895,037 -- -- 
Telecommunication Services 7,642,465 7,642,465 -- -- 
Utilities 14,545,452 14,545,452 -- -- 
U.S. Government and Government Agency Obligations 1,499,874 -- 1,499,874 -- 
Money Market Funds 108,098,137 108,098,137 -- -- 
Total Investments in Securities: $696,715,956 $695,145,696 $1,499,874 $70,386 
Derivative Instruments:     
Assets     
Futures Contracts $1,068,810 $1,068,810 $-- $-- 
Total Assets $1,068,810 $1,068,810 $-- $-- 
Total Derivative Instruments: $1,068,810 $1,068,810 $-- $-- 

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, 2016. 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) $1,068,810 $0 
Total Equity Risk 1,068,810 
Total Value of Derivatives $1,068,810 $0 

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


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


Fidelity® Small Cap Enhanced Index Fund

Financial Statements

Statement of Assets and Liabilities

  August 31, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $85,204,560) — See accompanying schedule:
Unaffiliated issuers (cost $541,964,390) 
$608,623,020  
Fidelity Central Funds (cost $88,092,936) 88,092,936  
Total Investments (cost $630,057,326)  $696,715,956 
Receivable for investments sold  4,380,252 
Receivable for fund shares sold  361,615 
Dividends receivable  463,710 
Interest receivable  3,279 
Distributions receivable from Fidelity Central Funds  68,526 
Total assets  701,993,338 
Liabilities   
Payable for investments purchased $3,696,111  
Payable for fund shares redeemed 259,166  
Accrued management fee 262,895  
Payable for daily variation margin for derivative instruments 127,245  
Other affiliated payables 75,835  
Collateral on securities loaned, at value 88,092,936  
Total liabilities  92,514,188 
Net Assets  $609,479,150 
Net Assets consist of:   
Paid in capital  $545,653,006 
Undistributed net investment income  2,996,832 
Accumulated undistributed net realized gain (loss) on investments  (6,898,128) 
Net unrealized appreciation (depreciation) on investments  67,727,440 
Net Assets, for 48,347,857 shares outstanding  $609,479,150 
Net Asset Value, offering price and redemption price per share ($609,479,150 ÷ 48,347,857 shares)  $12.61 

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


Statement of Operations

  Six months ended August 31, 2016 (Unaudited) 
Investment Income   
Dividends  $4,345,756 
Interest  16,815 
Income from Fidelity Central Funds (including $554,844 from security lending)  554,844 
Total income  4,917,415 
Expenses   
Management fee $1,489,249  
Transfer agent fees 429,951  
Independent trustees' fees and expenses 1,299  
Miscellaneous 763  
Total expenses before reductions 1,921,262  
Expense reductions (225) 1,921,037 
Net investment income (loss)  2,996,378 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 8,868,266  
Futures contracts 1,118,359  
Total net realized gain (loss)  9,986,625 
Change in net unrealized appreciation (depreciation) on:
Investment securities 
64,090,089  
Futures contracts 1,150,531  
Total change in net unrealized appreciation (depreciation)  65,240,620 
Net gain (loss)  75,227,245 
Net increase (decrease) in net assets resulting from operations  $78,223,623 

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


Statement of Changes in Net Assets

 Six months ended August 31, 2016 (Unaudited) Year ended February 29, 2016 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $2,996,378 $4,848,448 
Net realized gain (loss) 9,986,625 4,382,965 
Change in net unrealized appreciation (depreciation) 65,240,620 (76,820,168) 
Net increase (decrease) in net assets resulting from operations 78,223,623 (67,588,755) 
Distributions to shareholders from net investment income – (4,016,522) 
Distributions to shareholders from net realized gain – (24,264,444) 
Total distributions – (28,280,966) 
Share transactions   
Proceeds from sales of shares 69,714,804 247,736,855 
Reinvestment of distributions – 27,163,046 
Cost of shares redeemed (67,489,579) (123,045,531) 
Net increase (decrease) in net assets resulting from share transactions 2,225,225 151,854,370 
Redemption fees 21,000 109,416 
Total increase (decrease) in net assets 80,469,848 56,094,065 
Net Assets   
Beginning of period 529,009,302 472,915,237 
End of period $609,479,150 $529,009,302 
Other Information   
Undistributed net investment income end of period $2,996,832 $454 
Shares   
Sold 5,899,667 19,800,031 
Issued in reinvestment of distributions – 2,244,291 
Redeemed (5,694,292) (10,146,784) 
Net increase (decrease) 205,375 11,897,538 

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


Financial Highlights — Fidelity Small Cap Enhanced Index Fund

 Six months ended (Unaudited) August 31, Years ended February 28,     
 2016 2016 A 2015 2014 2013 2012 A 
Selected Per–Share Data       
Net asset value, beginning of period $10.99 $13.05 $12.74 $10.56 $9.81 $10.72 
Income from Investment Operations       
Net investment income (loss)B .06 .11 .08 .08 .20 .07 
Net realized and unrealized gain (loss) 1.56 (1.52) 1.04 2.91 1.30 .14 
Total from investment operations 1.62 (1.41) 1.12 2.99 1.50 .21 
Distributions from net investment income – (.09) (.06) (.07) (.20) (.06) 
Distributions from net realized gain – (.56) (.75) (.75) (.55) (1.08) 
Total distributions – (.65) (.81) (.82) (.75) (1.13)C 
Redemption fees added to paid in capitalB D D D .01 D .01 
Net asset value, end of period $12.61 $10.99 $13.05 $12.74 $10.56 $9.81 
Total ReturnE,F 14.74% (11.20)% 9.53% 29.35% 16.15% 2.87% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .67%I .67% .67% .67% .67% .67% 
Expenses net of fee waivers, if any .67%I .67% .67% .67% .67% .67% 
Expenses net of all reductions .67%I .67% .67% .67% .67% .67% 
Net investment income (loss) 1.05%I .90% .63% .70% 2.02% .69% 
Supplemental Data       
Net assets, end of period (000 omitted) $609,479 $529,009 $472,915 $415,344 $157,567 $121,874 
Portfolio turnover rateJ 85%I 87% 99% 107% 106% 79% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C 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.

 D Amount represents less than $.005 per share.

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

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

 G 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.

 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Fidelity® International Enhanced Index Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of August 31, 2016 
   Japan 23.6% 
   United Kingdom 17.6% 
   Switzerland 10.0% 
   Germany 8.8% 
   France 8.1% 
   Australia 7.0% 
   Netherlands 4.9% 
   Sweden 2.7% 
   Spain 2.7% 
   Other* 14.6% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


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

As of February 29, 2016 
   Japan 23.5% 
   United Kingdom 17.5% 
   Switzerland 9.7% 
   France 8.9% 
   Germany 8.0% 
   Australia 5.9% 
   Netherlands 5.5% 
   Hong Kong 2.9% 
   Sweden 2.4% 
   Other* 15.7% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


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

Asset Allocation as of August 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks and Equity Futures 99.9 99.9 
Short-Term Investments and Net Other Assets (Liabilities) 0.1 0.1 

Top Ten Stocks as of August 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Nestle SA (Switzerland, Food Products) 2.5 2.4 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 1.8 2.1 
Novartis AG (Switzerland, Pharmaceuticals) 1.7 1.9 
Total SA (France, Oil, Gas & Consumable Fuels) 1.3 1.0 
Siemens AG (Germany, Industrial Conglomerates) 1.2 1.1 
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) 1.2 1.4 
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals) 1.1 1.1 
Bayer AG (Germany, Pharmaceuticals) 1.1 0.4 
HSBC Holdings PLC (United Kingdom, Banks) 1.0 1.1 
Australia & New Zealand Banking Group Ltd. (Australia, Banks) 1.0 0.9 
 13.9  

Market Sectors as of August 31, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 22.0 21.6 
Health Care 12.9 13.4 
Consumer Staples 12.8 12.8 
Industrials 12.5 11.9 
Consumer Discretionary 11.0 12.8 
Materials 7.9 4.4 
Telecommunication Services 5.9 6.2 
Information Technology 5.4 6.4 
Energy 3.7 3.5 
Utilities 3.4 4.6 

Fidelity® International Enhanced Index Fund

Investments August 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%   
 Shares Value 
Australia - 7.0%   
Aristocrat Leisure Ltd. 38,612 $438,185 
Australia & New Zealand Banking Group Ltd. 81,942 1,656,596 
BHP Billiton Ltd. 82,420 1,265,490 
Cimic Group Ltd. 23,266 517,748 
Cochlear Ltd. 316 33,462 
Commonwealth Bank of Australia 13,685 738,563 
CSL Ltd. 15,781 1,282,089 
Flight Centre Travel Group Ltd. 2,123 58,796 
Fortescue Metals Group Ltd. 270,479 996,065 
Goodman Group unit 36,805 209,945 
Harvey Norman Holdings Ltd. 138,702 560,819 
Macquarie Group Ltd. 11,967 725,800 
National Australia Bank Ltd. 5,894 121,106 
Qantas Airways Ltd. 181,070 440,909 
Rio Tinto Ltd. 23,861 853,598 
Tabcorp Holdings Ltd. 67,565 252,369 
Telstra Corp. Ltd. 248,529 981,420 
Wesfarmers Ltd. 20,403 650,770 
Westpac Banking Corp. 12,258 270,946 
Woolworths Ltd. 8,229 146,635 
TOTAL AUSTRALIA  12,201,311 
Austria - 0.1%   
Erste Group Bank AG 6,616 185,861 
Bailiwick of Jersey - 0.7%   
Experian PLC 581 11,551 
Glencore Xstrata PLC 73,934 168,979 
Shire PLC 3,162 197,472 
WPP PLC 38,993 900,269 
TOTAL BAILIWICK OF JERSEY  1,278,271 
Belgium - 0.5%   
Anheuser-Busch InBev SA NV 6,096 756,341 
Groupe Bruxelles Lambert SA 974 85,471 
KBC Groep NV (a) 162 9,590 
TOTAL BELGIUM  851,402 
Bermuda - 0.7%   
Hongkong Land Holdings Ltd. 15,500 100,595 
Kerry Properties Ltd. 234,500 681,655 
Li & Fung Ltd. 216,000 111,097 
Yue Yuen Industrial (Holdings) Ltd. 70,500 299,901 
TOTAL BERMUDA  1,193,248 
Cayman Islands - 0.7%   
Cheung Kong Property Holdings Ltd. 144,000 1,011,660 
WH Group Ltd. 166,500 130,924 
TOTAL CAYMAN ISLANDS  1,142,584 
Denmark - 1.8%   
Danske Bank A/S 330 9,685 
Novo Nordisk A/S Series B 43,772 2,048,564 
Vestas Wind Systems A/S 13,509 1,120,705 
TOTAL DENMARK  3,178,954 
Finland - 1.4%   
Kone Oyj (B Shares) 10,388 522,008 
Neste Oyj 21,000 874,669 
Orion Oyj (B Shares) 21,755 823,609 
Sampo Oyj (A Shares) 987 42,376 
Stora Enso Oyj (R Shares) 6,048 53,397 
UPM-Kymmene Corp. 5,208 104,625 
TOTAL FINLAND  2,420,684 
France - 8.1%   
Atos Origin SA 825 81,342 
AXA SA 39,158 824,169 
BNP Paribas SA 9,290 472,583 
Bouygues SA 24,520 777,584 
Christian Dior SA 2,940 508,311 
Eurazeo SA 4,593 278,654 
Gecina SA 957 149,715 
Hermes International SCA 793 334,891 
L'Oreal SA 3,663 691,946 
LVMH Moet Hennessy - Louis Vuitton SA 1,269 214,726 
Natixis SA 3,688 16,315 
Orange SA 75,717 1,154,224 
Peugeot Citroen SA (a) 62,876 927,536 
Renault SA 7,723 631,538 
Safran SA 10,099 706,086 
Sanofi SA 20,054 1,547,495 
SFR Group SA 3,456 91,942 
Societe Generale Series A 4,303 157,101 
Thales SA 808 69,967 
Total SA 47,527 2,270,668 
Unibail-Rodamco 2,181 598,468 
Valeo SA 2,100 108,666 
VINCI SA 16,861 1,281,050 
Vivendi SA 13,193 255,531 
TOTAL FRANCE  14,150,508 
Germany - 8.1%   
Allianz SE 7,906 1,175,282 
BASF AG 13,896 1,129,971 
Bayer AG 17,550 1,873,480 
Commerzbank AG 30,353 213,504 
Continental AG 2,958 619,976 
Covestro AG 17,982 936,308 
Daimler AG (Germany) 11,653 806,631 
Deutsche Borse AG (a) 2,913 248,897 
Deutsche Telekom AG 11,294 188,399 
E.ON AG 67,493 620,694 
Evonik Industries AG 10,535 354,124 
Fresenius SE & Co. KGaA 13,062 953,170 
Infineon Technologies AG 3,610 60,577 
Metro AG 15,911 471,591 
Muenchener Rueckversicherungs AG 3,071 554,564 
OSRAM Licht AG 11,938 625,064 
ProSiebenSat.1 Media AG 9,020 389,180 
SAP AG 5,989 525,954 
Schaeffler AG 11,119 172,149 
Siemens AG 17,675 2,108,570 
TOTAL GERMANY  14,028,085 
Hong Kong - 2.5%   
AIA Group Ltd. 35,200 222,565 
Henderson Land Development Co. Ltd. 17,600 102,888 
HKT Trust/HKT Ltd. unit 52,000 71,724 
Hysan Development Co. Ltd. 35,005 168,989 
Link (REIT) 121,500 883,346 
New World Development Co. Ltd. 197,581 247,818 
Sino Land Ltd. 210,438 360,245 
Sun Hung Kai Properties Ltd. 24,000 337,839 
Wharf Holdings Ltd. 140,000 988,972 
Wheelock and Co. Ltd. 164,000 938,647 
TOTAL HONG KONG  4,323,033 
Ireland - 0.1%   
Paddy Power PLC (Ireland) 1,671 199,719 
Israel - 0.6%   
Check Point Software Technologies Ltd. (a) 13,141 1,008,440 
Italy - 1.0%   
Enel SpA 172,522 761,676 
EXOR SpA 5,145 211,482 
Intesa Sanpaolo SpA 70,439 167,373 
Mediobanca SpA 32,828 243,510 
UniCredit SpA 171,024 439,913 
TOTAL ITALY  1,823,954 
Japan - 23.6%   
Amada Holdings Co. Ltd. 71,800 750,859 
Asahi Glass Co. Ltd. 147,000 934,867 
Astellas Pharma, Inc. 65,900 1,005,860 
Bandai Namco Holdings, Inc. 20,400 557,197 
Canon, Inc. 23,000 659,541 
Central Japan Railway Co. 6,500 1,067,366 
Chubu Electric Power Co., Inc. 64,700 874,840 
Dai-ichi Mutual Life Insurance Co. 30,800 428,518 
Daicel Chemical Industries Ltd. 25,000 318,707 
Daito Trust Construction Co. Ltd. 2,500 368,120 
Fuji Heavy Industries Ltd. 26,400 1,045,641 
Fujifilm Holdings Corp. 13,100 492,144 
Fujitsu Ltd. 26,000 131,979 
Hitachi Chemical Co. Ltd. 10,400 224,153 
Hitachi Ltd. 201,000 963,572 
Hitachi Metals Ltd. 7,300 88,335 
Honda Motor Co. Ltd. 8,200 252,610 
Hoya Corp. 27,800 1,077,178 
Iida Group Holdings Co. Ltd. 36,600 685,554 
Itochu Corp. 36,100 426,019 
ITOCHU Techno-Solutions Corp. 17,300 422,196 
Japan Post Bank Co. Ltd. 4,600 54,063 
Japan Tobacco, Inc. 7,200 278,912 
JTEKT Corp. 30,700 477,124 
Kansai Electric Power Co., Inc. (a) 70,300 602,474 
Kao Corp. 20,600 1,070,567 
KDDI Corp. 43,800 1,280,477 
Mitsubishi Chemical Holdings Corp. 172,300 1,087,106 
Mitsubishi Electric Corp. 62,000 809,269 
Mitsubishi Tanabe Pharma Corp. 45,400 842,488 
Mitsubishi UFJ Financial Group, Inc. 268,500 1,479,039 
Mitsubishi UFJ Lease & Finance Co. Ltd. 44,100 206,722 
Mitsui Chemicals, Inc. 103,000 492,775 
mixi, Inc. 14,500 515,029 
Mizuho Financial Group, Inc. 802,000 1,397,346 
MS&AD Insurance Group Holdings, Inc. 25,600 730,527 
Murata Manufacturing Co. Ltd. 3,600 483,816 
Nexon Co. Ltd. 23,400 320,474 
Nippon Telegraph & Telephone Corp. 27,000 1,187,165 
Nissan Motor Co. Ltd. 27,100 266,271 
NKSJ Holdings, Inc. 26,900 862,131 
Nomura Holdings, Inc. 140,200 661,881 
Nomura Real Estate Master Fund, Inc. 333 549,394 
NSK Ltd. 42,200 434,787 
NTT DOCOMO, Inc. 51,700 1,303,838 
Obayashi Corp. 15,900 146,760 
Oracle Corp. Japan 2,800 162,915 
ORIX Corp. 78,000 1,121,394 
Resona Holdings, Inc. 87,200 398,812 
SBI Holdings, Inc. Japan 4,300 51,036 
Shin-Etsu Chemical Co. Ltd. 17,700 1,299,123 
Shionogi & Co. Ltd. 5,800 258,930 
SoftBank Corp. 500 32,617 
Sumitomo Chemical Co. Ltd. 203,000 929,996 
Sumitomo Mitsui Financial Group, Inc. 21,900 766,108 
Sumitomo Rubber Industries Ltd. 7,000 103,784 
Suzuki Motor Corp. 19,500 646,262 
TDK Corp. 500 35,761 
Teijin Ltd. 34,000 126,845 
Tokio Marine Holdings, Inc. 31,900 1,253,000 
Tokyo Electric Power Co., Inc. (a) 241,600 973,732 
Tokyo Electron Ltd. 11,800 1,084,371 
TonenGeneral Sekiyu K.K. 11,000 101,532 
Toyota Motor Corp. 23,500 1,420,233 
Toyota Tsusho Corp. 800 18,294 
TOTAL JAPAN  41,100,436 
Luxembourg - 0.3%   
RTL Group SA 5,240 441,002 
Netherlands - 4.9%   
AerCap Holdings NV (a)(b) 24,245 969,073 
Ahold Delhaize NV 44,065 1,055,054 
CNH Industrial NV 44,823 327,486 
Fiat Chrysler Automobiles NV 136,430 942,760 
Heineken Holding NV 10,741 863,354 
Heineken NV (Bearer) 1,907 170,386 
ING Groep NV (Certificaten Van Aandelen) 74,827 936,486 
Koninklijke KPN NV 3,493 11,420 
NN Group NV 11,012 327,658 
QIAGEN NV (Germany) (a) 2,775 73,484 
RELX NV 14,245 252,678 
STMicroelectronics NV 120,385 904,720 
Unilever NV (Certificaten Van Aandelen) (Bearer) 35,800 1,647,198 
TOTAL NETHERLANDS  8,481,757 
New Zealand - 0.1%   
Spark New Zealand Ltd. 93,354 257,742 
Norway - 0.2%   
DNB ASA 15,222 185,052 
Norsk Hydro ASA 17,604 74,714 
TOTAL NORWAY  259,766 
Portugal - 0.1%   
Galp Energia SGPS SA Class B 15,840 230,224 
Singapore - 1.3%   
ComfortDelgro Corp. Ltd. 200,900 417,298 
Jardine Cycle & Carriage Ltd. 4,800 149,730 
StarHub Ltd. 62,100 166,822 
United Overseas Bank Ltd. 40,000 528,753 
Wilmar International Ltd. 160,800 363,510 
Yangzijiang Shipbuilding Holdings Ltd. 1,278,200 717,695 
TOTAL SINGAPORE  2,343,808 
Spain - 2.7%   
ACS Actividades de Construccion y Servicios SA 3,559 100,855 
Aena SA 4,685 662,381 
Amadeus IT Holding SA Class A 1,626 74,716 
Banco Bilbao Vizcaya Argentaria SA 124,486 773,659 
Banco Santander SA (Spain) 258,570 1,159,809 
Endesa SA 3,231 65,809 
Gas Natural SDG SA 29,118 601,036 
Inditex SA 20,692 733,431 
Repsol YPF SA 25,591 343,688 
Telefonica SA 13,877 140,016 
TOTAL SPAIN  4,655,400 
Sweden - 2.7%   
Electrolux AB (B Shares) 7,751 201,909 
Hakon Invest AB 1,609 55,051 
Investor AB (B Shares) 2,732 96,379 
Nordea Bank AB 67,917 664,045 
Skandinaviska Enskilda Banken AB (A Shares) 4,998 48,867 
Skanska AB (B Shares) 17,226 377,696 
Svenska Handelsbanken AB (A Shares) 2,725 35,119 
Swedbank AB (A Shares) 937 21,552 
Swedish Match Co. AB 23,358 832,748 
Telefonaktiebolaget LM Ericsson (B Shares) 157,061 1,118,632 
TeliaSonera AB 135,960 614,156 
Volvo AB (B Shares) 61,315 659,301 
TOTAL SWEDEN  4,725,455 
Switzerland - 10.0%   
ABB Ltd. (Reg.) 64,052 1,389,409 
Actelion Ltd. 6,527 1,086,340 
Coca-Cola HBC AG 24,809 545,355 
Credit Suisse Group AG 3,891 50,731 
Givaudan SA 227 469,210 
Kuehne & Nagel International AG 4,543 634,186 
Lonza Group AG 857 162,417 
Nestle SA 54,267 4,324,684 
Novartis AG 38,740 3,051,279 
Pargesa Holding SA 4,172 287,593 
Partners Group Holding AG 122 55,942 
Roche Holding AG (participation certificate) 12,923 3,154,508 
SGS SA (Reg.) 138 303,206 
Swiss Re Ltd. 7,420 626,160 
Syngenta AG (Switzerland) 843 368,032 
UBS Group AG 43,530 629,349 
Zurich Insurance Group AG 1,085 277,331 
TOTAL SWITZERLAND  17,415,732 
United Kingdom - 17.6%   
3i Group PLC 43,746 353,000 
Aberdeen Asset Management PLC 72,818 306,783 
Anglo American PLC (United Kingdom) 41,027 420,114 
ARM Holdings PLC 11,857 264,068 
AstraZeneca PLC:   
(United Kingdom) 1,546 99,796 
sponsored ADR 26,552 871,171 
Aviva PLC 19,315 109,005 
Barclays PLC 107,393 242,717 
Berkeley Group Holdings PLC 15,311 537,223 
BP PLC 102,287 575,015 
British American Tobacco PLC (United Kingdom) 22,025 1,366,489 
British Land Co. PLC 41,905 364,975 
BT Group PLC 205,687 1,043,852 
Burberry Group PLC 5,867 100,463 
Carnival PLC 15,366 738,759 
Compass Group PLC 4,043 76,524 
Diageo PLC 11,812 327,369 
GlaxoSmithKline PLC 1,351 29,081 
GlaxoSmithKline PLC sponsored ADR 43,131 1,874,473 
Hammerson PLC 40,642 309,540 
HSBC Holdings PLC:   
(United Kingdom) 38,442 285,813 
sponsored ADR (b) 38,871 1,446,001 
Imperial Tobacco Group PLC 26,720 1,401,214 
Johnson Matthey PLC 22,449 984,006 
Kingfisher PLC 188,962 921,579 
Land Securities Group PLC 20,765 298,307 
Legal & General Group PLC 173,980 480,455 
Lloyds Banking Group PLC 1,129,962 880,702 
Marks & Spencer Group PLC 141,955 642,104 
Mediclinic International PLC 3,470 46,569 
Meggitt PLC 21,512 132,288 
National Grid PLC 105,398 1,450,488 
Persimmon PLC 24,624 589,791 
Prudential PLC 21,152 380,503 
Reckitt Benckiser Group PLC 16,731 1,616,193 
RELX PLC 42,227 801,258 
Rio Tinto PLC 30,394 914,942 
Royal Dutch Shell PLC:   
Class A (United Kingdom) 59,476 1,453,577 
Class B (United Kingdom) 27,865 709,358 
Royal Mail PLC 76,687 517,606 
SABMiller PLC 10,331 596,639 
Sage Group PLC 20,708 197,147 
Segro PLC 21,444 127,617 
SKY PLC 18,515 206,417 
Standard Chartered PLC (United Kingdom) 13,948 117,588 
Tate & Lyle PLC 26,315 253,465 
Unilever PLC 31,452 1,460,041 
Vodafone Group PLC 528,288 1,594,190 
William Hill PLC 51,421 215,044 
TOTAL UNITED KINGDOM  30,731,319 
TOTAL COMMON STOCKS   
(Cost $165,098,769)  168,628,695 
Nonconvertible Preferred Stocks - 0.7%   
Germany - 0.7%   
Henkel AG & Co. KGaA   
(Cost $984,890) 9,365 1,228,994 
 Principal Amount Value 
Government Obligations - 0.3%   
United States of America - 0.3%   
U.S. Treasury Bills, yield at date of purchase 0.32% 9/15/16
(Cost $499,937)(c) 
500,000 499,958 
 Shares Value 
Money Market Funds - 3.0%   
Dreyfus Cash Management Institutional Shares, 0.30% (d) 2,938,655 2,938,655 
Fidelity Securities Lending Cash Central Fund 0.44% (e)(f) 2,390,775 2,390,775 
TOTAL MONEY MARKET FUNDS   
(Cost $5,329,430)  5,329,430 
TOTAL INVESTMENT PORTFOLIO - 100.8%   
(Cost $171,913,026)  175,687,077 
NET OTHER ASSETS (LIABILITIES) - (0.8)%  (1,408,350) 
NET ASSETS - 100%  $174,278,727 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
49 ICE E-mini MSCI EAFE Index Contracts (United States) Sept. 2016 4,134,620 $201,112 

The face value of futures purchased as a percentage of Net Assets is 2.4%

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

Legend

 (a) Non-income producing

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

 (c) 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 $238,980.

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

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

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


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 $7,026 

Investment Valuation

The following is a summary of the inputs used, as of August 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $19,264,578 $11,431,686 $7,832,892 $-- 
Consumer Staples 22,305,430 10,335,524 11,969,906 -- 
Energy 6,558,731 1,550,113 5,008,618 -- 
Financials 38,588,270 26,544,645 12,043,625 -- 
Health Care 22,392,915 9,385,380 13,007,535 -- 
Industrials 21,509,003 16,477,296 5,031,707 -- 
Information Technology 9,507,394 6,156,628 3,350,766 -- 
Materials 13,660,615 12,302,927 1,357,688 -- 
Telecommunication Services 10,120,004 1,202,386 8,917,618 -- 
Utilities 5,950,749 3,879,567 2,071,182 -- 
Government Obligations 499,958 -- 499,958 -- 
Money Market Funds 5,329,430 5,329,430 -- -- 
Total Investments in Securities: $175,687,077 $104,595,582 $71,091,495 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $201,112 $201,112 $-- $-- 
Total Assets $201,112 $201,112 $-- $-- 
Total Derivative Instruments: $201,112 $201,112 $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended August 31, 2016. 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 $9,634,949 
Level 2 to Level 1 $27,686,801 

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, 2016. 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) $201,112 $0 
Total Equity Risk 201,112 
Total Value of Derivatives $201,112 $0 

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


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


Fidelity® International Enhanced Index Fund

Financial Statements

Statement of Assets and Liabilities

  August 31, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $2,360,889) — See accompanying schedule:
Unaffiliated issuers (cost $169,522,251) 
$173,296,302  
Fidelity Central Funds (cost $2,390,775) 2,390,775  
Total Investments (cost $171,913,026)  $175,687,077 
Foreign currency held at value (cost $268,881)  265,560 
Receivable for fund shares sold  222,850 
Dividends receivable  705,193 
Interest receivable  578 
Distributions receivable from Fidelity Central Funds  626 
Other receivables  335 
Total assets  176,882,219 
Liabilities   
Payable for fund shares redeemed $113,915  
Accrued management fee 68,026  
Payable for daily variation margin for derivative instruments 9,065  
Other affiliated payables 21,711  
Collateral on securities loaned, at value 2,390,775  
Total liabilities  2,603,492 
Net Assets  $174,278,727 
Net Assets consist of:   
Paid in capital  $181,023,180 
Undistributed net investment income  3,171,854 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (13,882,813) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  3,966,506 
Net Assets, for 21,233,973 shares outstanding  $174,278,727 
Net Asset Value, offering price and redemption price per share ($174,278,727 ÷ 21,233,973 shares)  $8.21 

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


Statement of Operations

  Six months ended August 31, 2016 (Unaudited) 
Investment Income   
Dividends  $4,021,206 
Interest  2,201 
Income from Fidelity Central Funds (including $7,026 from security lending)  7,026 
Income before foreign taxes withheld  4,030,433 
Less foreign taxes withheld  (333,168) 
Total income  3,697,265 
Expenses   
Management fee $392,952  
Transfer agent fees 125,529  
Independent trustees' fees and expenses 382  
Miscellaneous 227  
Total expenses before reductions 519,090  
Expense reductions (19) 519,071 
Net investment income (loss)  3,178,194 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (4,719,895)  
Foreign currency transactions 42,816  
Futures contracts 160,246  
Total net realized gain (loss)  (4,516,833) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 
17,693,406  
Assets and liabilities in foreign currencies 7,464  
Futures contracts 187,101  
Total change in net unrealized appreciation (depreciation)  17,887,971 
Net gain (loss)  13,371,138 
Net increase (decrease) in net assets resulting from operations  $16,549,332 

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


Statement of Changes in Net Assets

 Six months ended August 31, 2016 (Unaudited) Year ended February 29, 2016 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $3,178,194 $3,232,456 
Net realized gain (loss) (4,516,833) (8,202,367) 
Change in net unrealized appreciation (depreciation) 17,887,971 (18,846,011) 
Net increase (decrease) in net assets resulting from operations 16,549,332 (23,815,922) 
Distributions to shareholders from net investment income (104,124) (2,909,905) 
Distributions to shareholders from net realized gain – (40,835) 
Total distributions (104,124) (2,950,740) 
Share transactions   
Proceeds from sales of shares 33,452,255 120,458,928 
Reinvestment of distributions 97,982 2,774,693 
Cost of shares redeemed (28,416,815) (49,141,729) 
Net increase (decrease) in net assets resulting from share transactions 5,133,422 74,091,892 
Redemption fees 1,558 12,817 
Total increase (decrease) in net assets 21,580,188 47,338,047 
Net Assets   
Beginning of period 152,698,539 105,360,492 
End of period $174,278,727 $152,698,539 
Other Information   
Undistributed net investment income end of period $3,171,854 $97,784 
Shares   
Sold 4,211,299 14,156,866 
Issued in reinvestment of distributions 12,172 343,487 
Redeemed (3,573,163) (5,937,186) 
Net increase (decrease) 650,308 8,563,167 

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


Financial Highlights — Fidelity International Enhanced Index Fund

 Six months ended (Unaudited) August 31, Years ended February 28,     
 2016 2016 A 2015 2014 2013 2012 A 
Selected Per–Share Data       
Net asset value, beginning of period $7.42 $8.77 $8.85 $7.45 $6.95 $7.77 
Income from Investment Operations       
Net investment income (loss)B .15 .19 .20 .28C .21 .20 
Net realized and unrealized gain (loss) .65 (1.38) (.10) 1.29 .52 (.82) 
Total from investment operations .80 (1.19) .10 1.57 .73 (.62) 
Distributions from net investment income (.01) (.16) (.16) (.15) (.21) (.19) 
Distributions from net realized gain – D (.02) (.01) (.02) (.01) 
Total distributions (.01) (.16) (.18) (.17)E (.23) (.20) 
Redemption fees added to paid in capitalB,D – – – – – – 
Net asset value, end of period $8.21 $7.42 $8.77 $8.85 $7.45 $6.95 
Total ReturnF,G 10.72% (13.71)% 1.25% 21.21% 10.64% (7.81)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .62%J .62% .62% .62% .62% .62% 
Expenses net of fee waivers, if any .62%J .62% .62% .62% .62% .62% 
Expenses net of all reductions .62%J .62% .62% .62% .62% .62% 
Net investment income (loss) 3.80%J 2.27% 2.31% 3.40%C 3.04% 2.84% 
Supplemental Data       
Net assets, end of period (000 omitted) $174,279 $152,699 $105,360 $44,828 $30,412 $26,066 
Portfolio turnover rateK 72%J 77% 75% 63% 56% 49% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.64%.

 D Amount represents less than $.005 per share.

 E Total distributions of $.17 per share is comprised of distributions from net investment income of $.153 and distributions from net realized gain of $.013 per share.

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

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

 H 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.

 I 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.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


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


Notes to Financial Statements (Unaudited)

For the period ended August 31, 2016

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. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the Strategic Advisers, Inc. (Strategic Advisers) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.

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

  • Level 1 – 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including 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. If an unaffiliated open-end mutual fund's NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less may be valued at amortized cost, which approximates fair value, and are categorized as Level 2 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, 2016, including information on transfers between Levels 1 and 2, is included at the end of each Fund's Schedule of Investments.

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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. 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. Each 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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, futures contracts, partnerships, market discount, passive foreign investment companies (PFIC), 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 
Fidelity Large Cap Growth Enhanced Index Fund $618,844,210 $104,996,012 $(13,676,696) $91,319,316 
Fidelity Large Cap Value Enhanced Index Fund 1,907,165,022 179,588,560 (50,731,759) 128,856,801 
Fidelity Large Cap Core Enhanced Index Fund 429,914,929 76,170,123 (11,613,003) 64,557,120 
Fidelity Mid Cap Enhanced Index Fund 1,017,727,815 108,572,585 (45,011,471) 63,561,114 
Fidelity Small Cap Enhanced Index Fund 634,189,582 96,701,509 (34,175,135) 62,526,374 
Fidelity International Enhanced Index Fund 173,360,535 13,454,963 (11,128,421) 2,326,542 

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 prior fiscal period end and is subject to adjustment.

 Fiscal year of expiration   
 2018 2019 Total with expiration 
Fidelity Large Cap Core Enhanced Index Fund $(8,806,234) $– $(8,806,234) 
Fidelity International Enhanced Index Fund – (545,047) (545,047) 

 No expiration    
 Short-term Long-term Total no expiration Total capital loss carryforward 
Fidelity International Enhanced Index Fund $(5,592,435) $(1,664,060) $(7,256,495) $(7,801,543) 

Due to large redemptions in a prior period, capital losses that will be available to offset future capital gains of Fidelity Large Cap Core Enhanced Index Fund will be limited to approximately $4,403,117 per year.

Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2015 to February 29, 2016. Loss deferrals were as follows:

 Capital losses 
Fidelity Large Cap Growth Enhanced Index Fund $(4,000,854) 
Fidelity Large Cap Value Enhanced Index Fund (24,174,317) 
Fidelity Large Cap Core Enhanced Index Fund (6,741,590) 
Fidelity Mid Cap Enhanced Index Fund (17,690,140) 
Fidelity Small Cap Enhanced Index Fund (11,352,650) 

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 NAV 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.

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) $699,061 $522,075 
Fidelity Large Cap Value Enhanced Index Fund   
Equity Risk   
Futures Contracts(a) 1,547,793 803,563 
Fidelity Large Cap Core Enhanced Index Fund   
Equity Risk   
Futures Contracts(a) 504,439 78,552 
Fidelity Mid Cap Enhanced Index Fund   
Equity Risk   
Futures Contracts(a) 1,316,756 364,137 
Fidelity Small Cap Enhanced Index Fund   
Equity Risk   
Futures Contracts(a) 1,118,359 1,150,531 
Fidelity International Enhanced Index Fund   
Equity Risk   
Futures Contracts(a) 160,246 187,101 

 (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


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 volume of activity during 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 421,066,596 258,527,362 
Fidelity Large Cap Value Enhanced Index Fund 1,023,660,588 817,308,652 
Fidelity Large Cap Core Enhanced Index Fund 227,584,794 197,281,642 
Fidelity Mid Cap Enhanced Index Fund 499,389,483 420,892,820 
Fidelity Small Cap Enhanced Index Fund 239,347,676 239,782,611 
Fidelity International Enhanced Index Fund 66,359,773 58,535,788 

5. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. FMR Co., Inc. (the investment adviser), 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 the investment adviser. 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, the investment adviser 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 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, the investment adviser 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 the investment adviser for providing these services.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, 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 .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 the investment adviser 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 does 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

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.

Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser 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 $724 
Fidelity Large Cap Value Enhanced Index Fund 2,376 
Fidelity Large Cap Core Enhanced Index Fund 617 
Fidelity Mid Cap Enhanced Index Fund 1,204 
Fidelity Small Cap Enhanced Index Fund 763 
Fidelity International Enhanced Index Fund 227 

During the period, the Funds did not borrow on this line of credit.

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. The Funds or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, 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 a component of income from Fidelity Central Funds.

9. Expense Reductions.

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain 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 Growth Enhanced Index Fund $108 
Fidelity Large Cap Value Enhanced Index Fund 150 
Fidelity Large Cap Core Enhanced Index Fund 66 
Fidelity Mid Cap Enhanced Index Fund 75 
Fidelity Small Cap Enhanced Index Fund 225 
Fidelity International Enhanced Index Fund 19 

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.

Shareholder Expense Example

As a shareholder of the 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 Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2016 to August 31, 2016).

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-A Beginning
Account Value
March 1, 2016 
Ending
Account Value
August 31, 2016 
Expenses Paid
During Period-B
March 1, 2016
to August 31, 2016 
Fidelity Large Cap Growth Enhanced Index Fund .45%    
Actual  $1,000.00 $1,105.30 $2.39 
Hypothetical-C  $1,000.00 $1,022.94 $2.29 
Fidelity Large Cap Value Enhanced Index Fund .45%    
Actual  $1,000.00 $1,142.90 $2.43 
Hypothetical-C  $1,000.00 $1,022.94 $2.29 
Fidelity Large Cap Core Enhanced Index Fund .45%    
Actual  $1,000.00 $1,119.10 $2.40 
Hypothetical-C  $1,000.00 $1,022.94 $2.29 
Fidelity Mid Cap Enhanced Index Fund .60%    
Actual  $1,000.00 $1,126.90 $3.22 
Hypothetical-C  $1,000.00 $1,022.18 $3.06 
Fidelity Small Cap Enhanced Index Fund .67%    
Actual  $1,000.00 $1,147.40 $3.63 
Hypothetical-C  $1,000.00 $1,021.83 $3.41 
Fidelity International Enhanced Index Fund .62%    
Actual  $1,000.00 $1,107.20 $3.29 
Hypothetical-C  $1,000.00 $1,022.08 $3.16 

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

 B 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).

 C 5% return per year before expenses






Fidelity Investments

GEI-SANN-1016
1.855142.109


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 IIs 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 IIs (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 Trusts 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 Trusts 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/Stephanie J. Dorsey


Stephanie J. Dorsey


President and Treasurer



Date:

October 25, 2016


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/Stephanie J. Dorsey


Stephanie J. Dorsey


President and Treasurer



Date:

October 25, 2016



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

October 25, 2016