N-CSRS 1 filing6241.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)



Margaret Carey, 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:

August 31





Date of reporting period:

February 28, 2023



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® International Enhanced Index Fund
 
 
Semi-Annual Report
February 28, 2023

Contents

Fidelity® Large Cap Growth Enhanced Index Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Large Cap Value Enhanced Index Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Large Cap Core Enhanced Index Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Mid Cap Enhanced Index Fund

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® International Enhanced Index Fund

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Liquidity Risk Management Program

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the 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-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
 
 
Top Holdings (% of Fund's net assets)
 
Apple, Inc.
9.7
 
Microsoft Corp.
7.7
 
Amazon.com, Inc.
3.4
 
NVIDIA Corp.
3.2
 
Tesla, Inc.
2.8
 
UnitedHealth Group, Inc.
2.6
 
Alphabet, Inc. Class A
2.1
 
MasterCard, Inc. Class A
2.1
 
Visa, Inc. Class A
1.8
 
Alphabet, Inc. Class C
1.8
 
 
37.2
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
42.5
 
Consumer Discretionary
16.2
 
Health Care
11.6
 
Industrials
7.2
 
Communication Services
6.0
 
Consumer Staples
5.4
 
Financials
3.5
 
Energy
1.9
 
Materials
1.4
 
Real Estate
1.2
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 0.9%
 
Fidelity® Large Cap Growth Enhanced Index Fund
Showing Percentage of Net Assets
Common Stocks - 96.9%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 6.0%
 
 
 
Entertainment - 1.2%
 
 
 
Electronic Arts, Inc. (a)
 
84,824
9,410,375
Live Nation Entertainment, Inc. (b)
 
14,700
1,059,282
Netflix, Inc. (b)
 
42,601
13,723,060
 
 
 
24,192,717
Interactive Media & Services - 4.8%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A (b)
 
494,800
44,561,688
 Class C (b)
 
415,120
37,485,336
Meta Platforms, Inc. Class A (b)
 
110,948
19,409,243
 
 
 
101,456,267
TOTAL COMMUNICATION SERVICES
 
 
125,648,984
CONSUMER DISCRETIONARY - 16.2%
 
 
 
Automobiles - 2.8%
 
 
 
Tesla, Inc. (b)
 
284,045
58,430,897
Hotels, Restaurants & Leisure - 3.3%
 
 
 
Airbnb, Inc. Class A (b)
 
122,368
15,085,527
Booking Holdings, Inc. (b)
 
8,448
21,322,752
Chipotle Mexican Grill, Inc. (b)
 
5,220
7,783,438
Expedia, Inc. (b)
 
13,531
1,474,473
McDonald's Corp.
 
19,008
5,016,401
Starbucks Corp. (a)
 
145,711
14,875,636
Yum! Brands, Inc.
 
27,276
3,468,416
 
 
 
69,026,643
Household Durables - 0.3%
 
 
 
NVR, Inc. (b)
 
1,262
6,529,108
Internet & Direct Marketing Retail - 4.3%
 
 
 
Amazon.com, Inc. (b)
 
775,740
73,097,980
eBay, Inc.
 
187,782
8,619,194
Etsy, Inc. (b)
 
81,957
9,950,399
 
 
 
91,667,573
Specialty Retail - 4.3%
 
 
 
AutoZone, Inc. (b)
 
612
1,521,762
Lowe's Companies, Inc.
 
95,662
19,682,457
O'Reilly Automotive, Inc. (b)
 
13,783
11,441,268
The Home Depot, Inc.
 
95,320
28,266,193
TJX Companies, Inc.
 
236,422
18,109,925
Ulta Beauty, Inc. (b)
 
21,248
11,023,462
 
 
 
90,045,067
Textiles, Apparel & Luxury Goods - 1.2%
 
 
 
NIKE, Inc. Class B
 
219,202
26,039,006
TOTAL CONSUMER DISCRETIONARY
 
 
341,738,294
CONSUMER STAPLES - 5.4%
 
 
 
Beverages - 2.1%
 
 
 
PepsiCo, Inc.
 
90,878
15,770,059
The Coca-Cola Co.
 
493,324
29,357,711
 
 
 
45,127,770
Food & Staples Retailing - 1.0%
 
 
 
Costco Wholesale Corp.
 
44,037
21,321,835
Food Products - 0.4%
 
 
 
Mondelez International, Inc.
 
143,660
9,363,759
Household Products - 1.8%
 
 
 
Colgate-Palmolive Co.
 
196,193
14,380,947
Procter & Gamble Co.
 
165,062
22,705,929
 
 
 
37,086,876
Personal Products - 0.1%
 
 
 
Estee Lauder Companies, Inc. Class A
 
7,054
1,714,475
TOTAL CONSUMER STAPLES
 
 
114,614,715
ENERGY - 1.9%
 
 
 
Energy Equipment & Services - 0.1%
 
 
 
Schlumberger Ltd.
 
34,593
1,840,694
Oil, Gas & Consumable Fuels - 1.8%
 
 
 
Cheniere Energy, Inc.
 
62,237
9,792,370
ConocoPhillips Co.
 
40,748
4,211,306
EOG Resources, Inc.
 
96,376
10,892,416
Occidental Petroleum Corp.
 
160,017
9,370,596
Pioneer Natural Resources Co.
 
13,134
2,632,185
 
 
 
36,898,873
TOTAL ENERGY
 
 
38,739,567
FINANCIALS - 3.5%
 
 
 
Capital Markets - 2.2%
 
 
 
Charles Schwab Corp.
 
203,494
15,856,252
FactSet Research Systems, Inc.
 
24,229
10,044,132
LPL Financial
 
51,679
12,897,011
MSCI, Inc.
 
12,236
6,389,027
Tradeweb Markets, Inc. Class A
 
5,500
389,895
 
 
 
45,576,317
Consumer Finance - 0.5%
 
 
 
American Express Co.
 
63,385
11,028,356
Insurance - 0.8%
 
 
 
Aon PLC
 
11,636
3,537,926
Marsh & McLennan Companies, Inc.
 
25,871
4,194,724
Progressive Corp.
 
63,562
9,122,418
 
 
 
16,855,068
TOTAL FINANCIALS
 
 
73,459,741
HEALTH CARE - 11.6%
 
 
 
Biotechnology - 2.8%
 
 
 
AbbVie, Inc.
 
129,268
19,894,345
Alnylam Pharmaceuticals, Inc. (b)
 
16,519
3,162,563
Amgen, Inc.
 
45,040
10,433,966
Gilead Sciences, Inc.
 
113,703
9,156,503
Horizon Therapeutics PLC (b)
 
3,620
396,354
Incyte Corp. (b)
 
59,002
4,541,974
Regeneron Pharmaceuticals, Inc. (b)
 
773
587,805
Sarepta Therapeutics, Inc. (b)
 
23,274
2,842,454
Seagen, Inc. (b)
 
2,022
363,333
United Therapeutics Corp. (b)
 
8,082
1,988,495
Vertex Pharmaceuticals, Inc. (b)
 
15,758
4,574,390
Vir Biotechnology, Inc. (b)
 
61,167
1,394,608
 
 
 
59,336,790
Health Care Equipment & Supplies - 0.9%
 
 
 
Abbott Laboratories
 
15,658
1,592,732
IDEXX Laboratories, Inc. (b)
 
2,952
1,397,004
Inspire Medical Systems, Inc. (b)
 
37,749
9,812,098
Intuitive Surgical, Inc. (b)
 
833
191,082
Shockwave Medical, Inc. (b)
 
34,366
6,537,788
 
 
 
19,530,704
Health Care Providers & Services - 3.8%
 
 
 
Elevance Health, Inc.
 
29,714
13,955,774
Humana, Inc.
 
22,527
11,151,316
UnitedHealth Group, Inc.
 
116,397
55,397,988
 
 
 
80,505,078
Life Sciences Tools & Services - 0.5%
 
 
 
Danaher Corp.
 
38,846
9,615,550
Pharmaceuticals - 3.6%
 
 
 
Bristol-Myers Squibb Co.
 
146,067
10,072,780
Eli Lilly & Co.
 
109,076
33,946,633
Johnson & Johnson
 
65,181
9,989,640
Merck & Co., Inc.
 
110,484
11,737,820
Pfizer, Inc.
 
251,336
10,196,702
Royalty Pharma PLC
 
2,843
101,922
 
 
 
76,045,497
TOTAL HEALTH CARE
 
 
245,033,619
INDUSTRIALS - 7.2%
 
 
 
Aerospace & Defense - 1.8%
 
 
 
Axon Enterprise, Inc. (b)
 
18,155
3,636,628
L3Harris Technologies, Inc.
 
916
193,450
Lockheed Martin Corp.
 
46,280
21,948,753
Parsons Corp. (b)
 
39,360
1,772,381
The Boeing Co. (b)
 
51,971
10,474,755
 
 
 
38,025,967
Air Freight & Logistics - 0.5%
 
 
 
United Parcel Service, Inc. Class B
 
58,943
10,756,508
Building Products - 0.1%
 
 
 
Allegion PLC
 
8,524
960,740
Trane Technologies PLC
 
5,425
1,003,462
 
 
 
1,964,202
Commercial Services & Supplies - 0.1%
 
 
 
Cintas Corp.
 
3,797
1,664,871
Construction & Engineering - 0.0%
 
 
 
Comfort Systems U.S.A., Inc.
 
3,269
475,443
Electrical Equipment - 0.4%
 
 
 
Atkore, Inc. (b)
 
25,541
3,729,497
Emerson Electric Co.
 
53,161
4,396,946
 
 
 
8,126,443
Machinery - 2.0%
 
 
 
Caterpillar, Inc.
 
71,588
17,148,905
Deere & Co.
 
34,010
14,258,352
Otis Worldwide Corp.
 
117,418
9,935,911
 
 
 
41,343,168
Professional Services - 0.0%
 
 
 
Leidos Holdings, Inc.
 
10,977
1,065,537
Road & Rail - 2.1%
 
 
 
CSX Corp.
 
395,191
12,049,374
Norfolk Southern Corp.
 
45,515
10,232,682
Union Pacific Corp.
 
107,389
22,259,592
 
 
 
44,541,648
Trading Companies & Distributors - 0.2%
 
 
 
Fastenal Co.
 
48,121
2,481,119
W.W. Grainger, Inc.
 
3,303
2,207,824
 
 
 
4,688,943
TOTAL INDUSTRIALS
 
 
152,652,730
INFORMATION TECHNOLOGY - 42.5%
 
 
 
Communications Equipment - 0.8%
 
 
 
Arista Networks, Inc. (b)
 
50,652
7,025,432
Cisco Systems, Inc.
 
202,556
9,807,762
 
 
 
16,833,194
Electronic Equipment & Components - 0.3%
 
 
 
Amphenol Corp. Class A
 
51,587
3,999,024
Keysight Technologies, Inc. (b)
 
7,191
1,150,272
Vontier Corp.
 
28,959
757,857
 
 
 
5,907,153
IT Services - 6.3%
 
 
 
Accenture PLC Class A
 
35,626
9,460,484
Amdocs Ltd.
 
1,508
138,148
Automatic Data Processing, Inc.
 
15,914
3,498,215
Gartner, Inc. (b)
 
36,994
12,127,003
MasterCard, Inc. Class A
 
123,993
44,053,473
PayPal Holdings, Inc. (b)
 
176,887
13,018,883
Snowflake, Inc. (b)
 
10,595
1,635,656
VeriSign, Inc. (b)
 
40,296
7,931,462
Visa, Inc. Class A
 
177,064
38,943,456
Wix.com Ltd. (b)
 
14,790
1,338,939
 
 
 
132,145,719
Semiconductors & Semiconductor Equipment - 9.4%
 
 
 
Advanced Micro Devices, Inc. (b)
 
55,697
4,376,670
Applied Materials, Inc.
 
86,462
10,042,561
Broadcom, Inc.
 
61,497
36,547,052
Enphase Energy, Inc. (b)
 
65,149
13,715,819
KLA Corp.
 
32,221
12,224,003
Lam Research Corp.
 
9,772
4,749,290
Lattice Semiconductor Corp. (b)
 
90,677
7,703,918
NVIDIA Corp.
 
289,227
67,146,940
Qualcomm, Inc.
 
208,355
25,738,093
Semtech Corp. (b)
 
81,875
2,522,569
Texas Instruments, Inc.
 
84,673
14,517,186
 
 
 
199,284,101
Software - 15.1%
 
 
 
Adobe, Inc. (b)
 
83,293
26,982,767
Cadence Design Systems, Inc. (b)
 
83,629
16,135,379
Crowdstrike Holdings, Inc. (b)
 
106,314
12,831,037
Dropbox, Inc. Class A (b)
 
452,365
9,228,246
Dynatrace, Inc. (b)
 
72,461
3,081,766
Fair Isaac Corp. (b)
 
8,305
5,625,724
Fortinet, Inc. (b)
 
57,075
3,392,538
Intuit, Inc.
 
10,675
4,346,647
Manhattan Associates, Inc. (b)
 
26,837
3,857,819
Microsoft Corp.
 
653,343
162,956,811
Palo Alto Networks, Inc. (b)
 
88,420
16,655,675
Salesforce.com, Inc. (b)
 
60,223
9,853,085
ServiceNow, Inc. (b)
 
10,088
4,359,731
Synopsys, Inc. (b)
 
45,322
16,486,331
Teradata Corp. (b)
 
2,759
112,457
Workday, Inc. Class A (b)
 
77,073
14,294,729
Zoom Video Communications, Inc. Class A (b)
 
123,450
9,208,136
 
 
 
319,408,878
Technology Hardware, Storage & Peripherals - 10.6%
 
 
 
Apple, Inc.
 
1,383,297
203,911,811
NetApp, Inc.
 
132,510
8,553,521
Pure Storage, Inc. Class A (b)
 
386,176
11,021,463
 
 
 
223,486,795
TOTAL INFORMATION TECHNOLOGY
 
 
897,065,840
MATERIALS - 1.4%
 
 
 
Chemicals - 0.9%
 
 
 
CF Industries Holdings, Inc.
 
131,145
11,264,044
Ecolab, Inc.
 
42,660
6,798,724
 
 
 
18,062,768
Containers & Packaging - 0.2%
 
 
 
Sealed Air Corp.
 
100,403
4,881,594
Metals & Mining - 0.3%
 
 
 
Nucor Corp.
 
40,987
6,862,863
TOTAL MATERIALS
 
 
29,807,225
REAL ESTATE - 1.2%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 1.0%
 
 
 
Crown Castle International Corp.
 
11,842
1,548,342
Prologis (REIT), Inc.
 
41,595
5,132,823
Public Storage
 
48,591
14,526,279
 
 
 
21,207,444
Real Estate Management & Development - 0.2%
 
 
 
Zillow Group, Inc.:
 
 
 
 Class A (b)
 
25,752
1,064,845
 Class C (a)(b)
 
88,990
3,737,580
 
 
 
4,802,425
TOTAL REAL ESTATE
 
 
26,009,869
 
TOTAL COMMON STOCKS
  (Cost $1,533,047,633)
 
 
 
2,044,770,584
 
 
 
 
Money Market Funds - 4.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.63% (c)
 
80,397,094
80,413,173
Fidelity Securities Lending Cash Central Fund 4.63% (c)(d)
 
24,025,172
24,027,575
 
TOTAL MONEY MARKET FUNDS
  (Cost $104,440,748)
 
 
104,440,748
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.8%
  (Cost $1,637,488,381)
 
 
 
2,149,211,332
NET OTHER ASSETS (LIABILITIES) - (1.8)%  
(38,460,466)
NET ASSETS - 100.0%
2,110,750,866
 
 
 
Futures Contracts  
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
301
Mar 2023
59,831,275
309,398
309,398
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 2.8%
 
For the period, the average monthly notional amount at value for futures contracts in the aggregate was $38,151,510.
 
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing
 
(c)
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.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.63%
33,751,495
456,925,057
410,263,379
893,735
-
-
80,413,173
0.2%
Fidelity Securities Lending Cash Central Fund 4.63%
831,850
62,567,216
39,371,491
1,958
-
-
24,027,575
0.1%
Total
34,583,345
519,492,273
449,634,870
895,693
-
-
104,440,748
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of February 28, 2023, 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:
 
 
 
 
Communication Services
125,648,984
125,648,984
-
-
Consumer Discretionary
341,738,294
341,738,294
-
-
Consumer Staples
114,614,715
114,614,715
-
-
Energy
38,739,567
38,739,567
-
-
Financials
73,459,741
73,459,741
-
-
Health Care
245,033,619
245,033,619
-
-
Industrials
152,652,730
152,652,730
-
-
Information Technology
897,065,840
897,065,840
-
-
Materials
29,807,225
29,807,225
-
-
Real Estate
26,009,869
26,009,869
-
-
  Money Market Funds
104,440,748
104,440,748
-
-
 Total Investments in Securities:
2,149,211,332
2,149,211,332
-
-
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
309,398
309,398
-
-
  Total Assets
309,398
309,398
-
-
 Total Derivative Instruments:
309,398
309,398
-
-
 
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 28, 2023. 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)  
309,398
0
Total Equity Risk
309,398
0
Total Value of Derivatives
309,398
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity® Large Cap Growth Enhanced Index Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
February 28, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $23,476,007) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,533,047,633)
$
2,044,770,584
 
 
Fidelity Central Funds (cost $104,440,748)
104,440,748
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,637,488,381)
 
 
$
2,149,211,332
Segregated cash with brokers for derivative instruments
 
 
3,667,600
Cash
 
 
1,329,607
Receivable for investments sold
 
 
25,805,212
Receivable for fund shares sold
 
 
1,470,649
Dividends receivable
 
 
1,621,774
Distributions receivable from Fidelity Central Funds
 
 
409,814
  Total assets
 
 
2,183,515,988
Liabilities
 
 
 
 
Payable for investments purchased
$
46,827,324
 
 
Payable for fund shares redeemed
1,014,537
 
 
Accrued management fee
692,554
 
 
Payable for daily variation margin on futures contracts
180,728
 
 
Other payables and accrued expenses
22,404
 
 
Collateral on securities loaned
24,027,575
 
 
  Total Liabilities
 
 
 
72,765,122
Net Assets  
 
 
$
2,110,750,866
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,631,851,272
Total accumulated earnings (loss)
 
 
 
478,899,594
Net Assets
 
 
$
2,110,750,866
Net Asset Value , offering price and redemption price per share ($2,110,750,866 ÷ 86,517,884 shares)
 
 
$
24.40
 
Statement of Operations
 
 
 
Six months ended
February 28, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
9,113,869
Interest  
 
 
24,535
Income from Fidelity Central Funds (including $1,958 from security lending)
 
 
895,693
 Total Income
 
 
 
10,034,097
Expenses
 
 
 
 
Management fee
$
3,313,142
 
 
Independent trustees' fees and expenses
2,938
 
 
Miscellaneous
22,389
 
 
 Total expenses before reductions
 
3,338,469
 
 
 Expense reductions
 
(692)
 
 
 Total expenses after reductions
 
 
 
3,337,777
Net Investment income (loss)
 
 
 
6,696,320
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
5,777,775
 
 
 Futures contracts
 
(2,143,875)
 
 
Total net realized gain (loss)
 
 
 
3,633,900
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(28,029,047)
 
 
 Futures contracts
 
689,589
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(27,339,458)
Net gain (loss)
 
 
 
(23,705,558)
Net increase (decrease) in net assets resulting from operations
 
 
$
(17,009,238)
Statement of Changes in Net Assets
 
 
Six months ended
February 28, 2023
(Unaudited)
 
Year ended
August 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
6,696,320
$
8,691,799
Net realized gain (loss)
 
3,633,900
 
 
(8,165,601)
 
Change in net unrealized appreciation (depreciation)
 
(27,339,458)
 
(299,422,252)
 
Net increase (decrease) in net assets resulting from operations
 
(17,009,238)
 
 
(298,896,054)
 
Distributions to shareholders
 
(10,050,462)
 
 
(234,756,175)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
650,294,507
 
431,325,162
  Reinvestment of distributions
 
8,894,596
 
 
220,826,073
 
Cost of shares redeemed
 
(147,010,650)
 
(277,612,906)
  Net increase (decrease) in net assets resulting from share transactions
 
512,178,453
 
 
374,538,329
 
Total increase (decrease) in net assets
 
485,118,753
 
 
(159,113,900)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,625,632,113
 
1,784,746,013
 
End of period
$
2,110,750,866
$
1,625,632,113
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
26,832,722
 
15,823,152
  Issued in reinvestment of distributions
 
388,750
 
 
7,278,381
 
Redeemed
 
(6,186,086)
 
(9,733,327)
Net increase (decrease)
 
21,035,386
 
13,368,206
 
 
 
 
 
 
Financial Highlights
Fidelity® Large Cap Growth Enhanced Index Fund
 
 
Six months ended
(Unaudited) February 28, 2023  
 
Years ended August 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.83
$
34.25
$
27.80
$
20.24
$
21.58
$
17.61
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.15
 
.14
 
.16
 
.21
 
.23
     Net realized and unrealized gain (loss)
 
(.38)
 
(5.05)
 
7.63
 
8.08
 
(.15)
 
4.40
  Total from investment operations
 
(.29)  
 
(4.90)  
 
7.77  
 
8.24  
 
.06
 
4.63
  Distributions from net investment income
 
(.14)
 
(.14)
 
(.16)
 
(.18)
 
(.24) C
 
(.18)
  Distributions from net realized gain
 
-
 
(4.38)
 
(1.16)
 
(.51)
 
(1.16) C
 
(.48)
     Total distributions
 
(.14)
 
(4.52)
 
(1.32)
 
(.68) D
 
(1.40)
 
(.66)
  Net asset value, end of period
$
24.40
$
24.83
$
34.25
$
27.80
$
20.24
$
21.58
 Total Return   E,F
 
(1.13)%
 
(16.70)%
 
29.08%
 
41.73%
 
1.28%
 
26.86%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.39% I
 
.39%
 
.39%
 
.39%
 
.39%
 
.39%
    Expenses net of fee waivers, if any
 
.39% I
 
.39%
 
.39%
 
.39%
 
.39%
 
.39%
    Expenses net of all reductions
 
.39% I
 
.39%
 
.39%
 
.39%
 
.39%
 
.39%
    Net investment income (loss)
 
.79% I
 
.52%
 
.47%
 
.74%
 
1.07%
 
1.18%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,110,751
$
1,625,632
$
1,784,746
$
1,417,537
$
1,106,497
$
1,181,986
    Portfolio turnover rate J
 
86% I
 
101%
 
84%
 
69%
 
85%
 
100%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
D Total distributions per share do not sum due to rounding.
 
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
I Annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Top Holdings (% of Fund's net assets)
 
Berkshire Hathaway, Inc. Class B
3.5
 
JPMorgan Chase & Co.
2.6
 
Exxon Mobil Corp.
2.4
 
Johnson & Johnson
2.1
 
Chevron Corp.
1.9
 
Pfizer, Inc.
1.7
 
Meta Platforms, Inc. Class A
1.6
 
Cisco Systems, Inc.
1.4
 
Bank of America Corp.
1.3
 
Bristol-Myers Squibb Co.
1.3
 
 
19.8
 
 
Market Sectors (% of Fund's net assets)
 
Financials
21.3
 
Health Care
16.5
 
Industrials
11.8
 
Information Technology
9.5
 
Energy
8.2
 
Consumer Staples
8.1
 
Consumer Discretionary
7.5
 
Communication Services
6.0
 
Utilities
4.3
 
Materials
3.4
 
Real Estate
2.8
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 4.2%
 
Fidelity® Large Cap Value Enhanced Index Fund
Showing Percentage of Net Assets
Common Stocks - 99.4%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 6.0%
 
 
 
Diversified Telecommunication Services - 1.0%
 
 
 
AT&T, Inc.
 
1,546,823
29,250,423
Verizon Communications, Inc.
 
683,747
26,536,221
 
 
 
55,786,644
Entertainment - 0.8%
 
 
 
Activision Blizzard, Inc.
 
145,955
11,129,069
Liberty Media Corp. Liberty Formula One Class A (a)
 
11,960
726,690
Madison Square Garden Sports Corp.
 
12,969
2,478,895
Netflix, Inc. (a)
 
13,647
4,396,108
Spotify Technology SA (a)
 
54,140
6,296,482
The Walt Disney Co. (a)
 
227,488
22,660,080
 
 
 
47,687,324
Interactive Media & Services - 2.6%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A (a)
 
235,560
21,214,534
 Class C (a)
 
370,720
33,476,016
Meta Platforms, Inc. Class A (a)
 
503,694
88,116,228
 
 
 
142,806,778
Media - 1.6%
 
 
 
Comcast Corp. Class A
 
1,606,114
59,699,257
Liberty Media Corp. Liberty SiriusXM:
 
 
 
 Series A (a)(b)
 
281,961
9,132,717
 Series C (a)
 
368,109
11,860,472
News Corp. Class B
 
165,911
2,863,624
Paramount Global Class B (b)
 
156,159
3,344,926
The New York Times Co. Class A
 
15,703
604,566
 
 
 
87,505,562
TOTAL COMMUNICATION SERVICES
 
 
333,786,308
CONSUMER DISCRETIONARY - 7.5%
 
 
 
Auto Components - 0.0%
 
 
 
Visteon Corp. (a)
 
6,321
1,055,860
Automobiles - 0.4%
 
 
 
General Motors Co.
 
132,674
5,139,791
Harley-Davidson, Inc.
 
341,823
16,253,684
 
 
 
21,393,475
Distributors - 0.3%
 
 
 
Genuine Parts Co.
 
58,534
10,352,323
LKQ Corp.
 
115,095
6,593,793
 
 
 
16,946,116
Diversified Consumer Services - 0.5%
 
 
 
Service Corp. International
 
415,019
28,026,233
Hotels, Restaurants & Leisure - 3.1%
 
 
 
Airbnb, Inc. Class A (a)
 
224,673
27,697,687
Booking Holdings, Inc. (a)
 
7,631
19,260,644
Caesars Entertainment, Inc. (a)
 
50,919
2,584,648
Expedia, Inc. (a)
 
27,966
3,047,455
Hyatt Hotels Corp. Class A (a)
 
172,851
20,092,200
McDonald's Corp.
 
171,962
45,382,491
Starbucks Corp. (b)
 
411,607
42,020,959
Yum! Brands, Inc.
 
109,204
13,886,381
 
 
 
173,972,465
Household Durables - 0.4%
 
 
 
NVR, Inc. (a)
 
1,580
8,174,320
Toll Brothers, Inc.
 
236,627
14,183,422
 
 
 
22,357,742
Internet & Direct Marketing Retail - 0.5%
 
 
 
eBay, Inc.
 
559,436
25,678,112
Leisure Products - 0.1%
 
 
 
Brunswick Corp. (b)
 
33,641
2,940,896
Multiline Retail - 0.1%
 
 
 
Macy's, Inc.
 
359,701
7,359,482
Specialty Retail - 1.6%
 
 
 
AutoZone, Inc. (a)
 
10,027
24,932,537
Bath & Body Works, Inc.
 
22,389
915,038
O'Reilly Automotive, Inc. (a)
 
14,614
12,131,081
Ross Stores, Inc.
 
93,630
10,349,860
Signet Jewelers Ltd.
 
19,620
1,405,184
The Home Depot, Inc.
 
70,109
20,790,123
TJX Companies, Inc.
 
171,803
13,160,110
Ulta Beauty, Inc. (a)
 
1,595
827,486
Williams-Sonoma, Inc.
 
25,445
3,178,589
 
 
 
87,690,008
Textiles, Apparel & Luxury Goods - 0.5%
 
 
 
NIKE, Inc. Class B
 
223,564
26,557,168
TOTAL CONSUMER DISCRETIONARY
 
 
413,977,557
CONSUMER STAPLES - 8.1%
 
 
 
Beverages - 0.9%
 
 
 
Keurig Dr. Pepper, Inc.
 
135,458
4,680,074
Monster Beverage Corp. (a)
 
881
89,651
PepsiCo, Inc.
 
13,942
2,419,355
The Coca-Cola Co.
 
753,114
44,817,814
 
 
 
52,006,894
Food & Staples Retailing - 0.9%
 
 
 
Kroger Co.
 
322,641
13,918,733
Sprouts Farmers Market LLC (a)
 
95,142
2,881,851
Walmart, Inc.
 
226,744
32,227,125
 
 
 
49,027,709
Food Products - 3.4%
 
 
 
Archer Daniels Midland Co.
 
501,494
39,918,922
Bunge Ltd.
 
50,177
4,791,904
Cal-Maine Foods, Inc. (b)
 
36,366
2,065,589
Campbell Soup Co.
 
30,514
1,602,595
Conagra Brands, Inc.
 
847,113
30,843,384
Darling Ingredients, Inc. (a)
 
46,966
2,971,539
Lamb Weston Holdings, Inc.
 
22,431
2,257,456
Mondelez International, Inc.
 
820,118
53,455,291
The Hershey Co.
 
18,818
4,484,706
The J.M. Smucker Co. (b)
 
83,684
12,376,027
The Kraft Heinz Co.
 
720,456
28,054,557
Tyson Foods, Inc. Class A
 
43,858
2,598,148
 
 
 
185,420,118
Household Products - 1.4%
 
 
 
Church & Dwight Co., Inc.
 
43,372
3,633,706
Colgate-Palmolive Co.
 
55,892
4,096,884
Procter & Gamble Co.
 
504,432
69,389,666
 
 
 
77,120,256
Personal Products - 0.3%
 
 
 
Estee Lauder Companies, Inc. Class A
 
68,156
16,565,316
Tobacco - 1.2%
 
 
 
Altria Group, Inc.
 
765,164
35,526,565
Philip Morris International, Inc.
 
314,265
30,577,985
 
 
 
66,104,550
TOTAL CONSUMER STAPLES
 
 
446,244,843
ENERGY - 8.2%
 
 
 
Energy Equipment & Services - 0.7%
 
 
 
Halliburton Co.
 
65,284
2,365,239
Helmerich & Payne, Inc.
 
42,140
1,773,251
NOV, Inc.
 
103,051
2,254,756
Schlumberger Ltd.
 
631,439
33,598,869
 
 
 
39,992,115
Oil, Gas & Consumable Fuels - 7.5%
 
 
 
Cheniere Energy, Inc.
 
38,803
6,105,264
Chesapeake Energy Corp.
 
91,690
7,409,469
Chevron Corp.
 
641,088
103,067,718
ConocoPhillips Co.
 
113,316
11,711,209
Coterra Energy, Inc.
 
225,987
5,642,895
Diamondback Energy, Inc.
 
118,522
16,661,823
DT Midstream, Inc.
 
136,980
6,876,396
EOG Resources, Inc.
 
109,023
12,321,779
EQT Corp.
 
197,224
6,543,892
Exxon Mobil Corp.
 
1,204,395
132,375,054
Kinder Morgan, Inc.
 
376,621
6,425,154
Marathon Oil Corp.
 
732,805
18,430,046
Marathon Petroleum Corp.
 
305,114
37,712,090
Murphy Oil Corp.
 
167,083
6,519,579
Occidental Petroleum Corp.
 
118,980
6,967,469
Ovintiv, Inc.
 
45,764
1,957,326
Phillips 66 Co.
 
227,023
23,283,479
Pioneer Natural Resources Co.
 
17,113
3,429,616
Southwestern Energy Co. (a)
 
401,688
2,128,946
Valero Energy Corp.
 
7,516
990,083
Vitesse Energy, Inc. (b)
 
33,104
575,679
 
 
 
417,134,966
TOTAL ENERGY
 
 
457,127,081
FINANCIALS - 21.3%
 
 
 
Banks - 7.3%
 
 
 
Bank of America Corp.
 
2,086,329
71,561,085
Citigroup, Inc.
 
411,881
20,878,248
Citizens Financial Group, Inc.
 
361,324
15,088,890
Comerica, Inc.
 
86,316
6,050,752
East West Bancorp, Inc.
 
338,145
25,770,030
Eastern Bankshares, Inc.
 
194,624
3,051,704
Fifth Third Bancorp
 
168,446
6,114,590
First Hawaiian, Inc.
 
64,748
1,770,858
FNB Corp., Pennsylvania
 
314,145
4,482,849
JPMorgan Chase & Co.
 
1,000,070
143,360,035
Old National Bancorp, Indiana
 
143,504
2,535,716
PNC Financial Services Group, Inc.
 
51,462
8,126,879
Regions Financial Corp.
 
131,900
3,075,908
Signature Bank
 
47,775
5,496,514
Synovus Financial Corp.
 
333,289
13,934,813
U.S. Bancorp
 
429,904
20,519,318
Wells Fargo & Co.
 
976,079
45,651,215
Wintrust Financial Corp.
 
74,962
6,906,249
 
 
 
404,375,653
Capital Markets - 4.8%
 
 
 
Affiliated Managers Group, Inc.
 
4,984
794,499
Bank of New York Mellon Corp.
 
772,437
39,301,595
BlackRock, Inc. Class A
 
4,136
2,851,482
Cboe Global Markets, Inc.
 
105,595
13,322,921
Charles Schwab Corp.
 
73,342
5,714,809
CME Group, Inc.
 
172,560
31,985,722
FactSet Research Systems, Inc.
 
5,787
2,399,001
Goldman Sachs Group, Inc.
 
170,126
59,824,808
Interactive Brokers Group, Inc.
 
36,079
3,106,763
Intercontinental Exchange, Inc.
 
134,748
13,717,346
Jefferies Financial Group, Inc.
 
281,276
10,629,420
LPL Financial
 
60,304
15,049,466
Morgan Stanley
 
73,176
7,061,484
NASDAQ, Inc.
 
96,637
5,417,470
Raymond James Financial, Inc.
 
30,185
3,273,865
Robinhood Markets, Inc. (a)(b)
 
572,400
5,764,068
S&P Global, Inc.
 
56,271
19,199,665
State Street Corp.
 
96,363
8,545,471
Stifel Financial Corp. (b)
 
72,202
4,825,260
Tradeweb Markets, Inc. Class A
 
131,507
9,322,531
Virtu Financial, Inc. Class A
 
98,235
1,805,559
 
 
 
263,913,205
Consumer Finance - 1.7%
 
 
 
American Express Co.
 
262,066
45,596,863
Capital One Financial Corp.
 
174,041
18,984,392
Discover Financial Services
 
183,635
20,567,120
Synchrony Financial
 
316,785
11,312,392
 
 
 
96,460,767
Diversified Financial Services - 3.5%
 
 
 
Berkshire Hathaway, Inc. Class B (a)
 
627,008
191,350,292
Corebridge Financial, Inc.
 
99,433
2,010,535
 
 
 
193,360,827
Insurance - 4.0%
 
 
 
American Financial Group, Inc.
 
5,172
693,617
American International Group, Inc.
 
400,415
24,469,361
Axis Capital Holdings Ltd.
 
20,659
1,254,414
Brown & Brown, Inc.
 
159,000
8,915,130
Chubb Ltd.
 
104,265
22,002,000
Cincinnati Financial Corp.
 
40,168
4,848,278
Everest Re Group Ltd.
 
61,999
23,805,756
F&G Annuities & Life, Inc.
 
23,063
469,793
Fidelity National Financial, Inc.
 
219,704
8,757,401
Globe Life, Inc.
 
47,289
5,754,598
Hartford Financial Services Group, Inc.
 
90,845
7,111,347
Loews Corp.
 
387,306
23,660,524
MetLife, Inc.
 
150,456
10,792,209
Progressive Corp.
 
170,742
24,504,892
Prudential Financial, Inc.
 
108,976
10,897,600
Reinsurance Group of America, Inc.
 
12,413
1,793,306
The Travelers Companies, Inc.
 
109,598
20,288,782
W.R. Berkley Corp.
 
342,028
22,638,833
 
 
 
222,657,841
Thrifts & Mortgage Finance - 0.0%
 
 
 
WSFS Financial Corp.
 
6,983
348,522
TOTAL FINANCIALS
 
 
1,181,116,815
HEALTH CARE - 16.5%
 
 
 
Biotechnology - 1.8%
 
 
 
Biogen, Inc. (a)
 
80,166
21,633,597
Gilead Sciences, Inc.
 
557,622
44,905,300
Incyte Corp. (a)
 
36,723
2,826,937
Mirati Therapeutics, Inc. (a)(b)
 
82,813
3,796,148
Sarepta Therapeutics, Inc. (a)
 
42,923
5,242,186
Ultragenyx Pharmaceutical, Inc. (a)
 
152,751
6,795,892
United Therapeutics Corp. (a)
 
62,005
15,255,710
Vir Biotechnology, Inc. (a)
 
45,820
1,044,696
 
 
 
101,500,466
Health Care Equipment & Supplies - 2.9%
 
 
 
Abbott Laboratories
 
427,334
43,468,414
Baxter International, Inc.
 
118,169
4,720,852
Becton, Dickinson & Co.
 
64,542
15,138,326
Boston Scientific Corp. (a)
 
171,823
8,027,571
Dentsply Sirona, Inc.
 
339,286
12,916,618
Integra LifeSciences Holdings Corp. (a)
 
56,424
3,138,303
Intuitive Surgical, Inc. (a)
 
13,691
3,140,578
Lantheus Holdings, Inc. (a)
 
47,655
3,524,564
Medtronic PLC
 
332,851
27,560,063
QuidelOrtho Corp. (a)
 
15,747
1,369,044
Zimmer Biomet Holdings, Inc.
 
287,636
35,629,471
 
 
 
158,633,804
Health Care Providers & Services - 3.7%
 
 
 
AmerisourceBergen Corp.
 
23,322
3,627,970
Centene Corp. (a)
 
211,050
14,435,820
Cigna Group
 
110,892
32,391,553
CVS Health Corp.
 
589,442
49,241,985
Elevance Health, Inc.
 
108,467
50,943,696
McKesson Corp.
 
37,922
13,265,495
Quest Diagnostics, Inc.
 
25,456
3,522,092
UnitedHealth Group, Inc.
 
82,733
39,375,944
 
 
 
206,804,555
Life Sciences Tools & Services - 1.7%
 
 
 
Bio-Rad Laboratories, Inc. Class A (a)
 
55,214
26,383,458
Danaher Corp.
 
138,020
34,164,091
Syneos Health, Inc. (a)
 
148,136
5,958,030
Thermo Fisher Scientific, Inc.
 
52,539
28,463,529
 
 
 
94,969,108
Pharmaceuticals - 6.4%
 
 
 
Bristol-Myers Squibb Co.
 
1,026,947
70,818,265
Johnson & Johnson
 
767,195
117,580,306
Merck & Co., Inc.
 
657,955
69,901,139
Nektar Therapeutics (a)
 
317,038
437,512
Pfizer, Inc.
 
2,353,382
95,476,708
 
 
 
354,213,930
TOTAL HEALTH CARE
 
 
916,121,863
INDUSTRIALS - 11.8%
 
 
 
Aerospace & Defense - 3.4%
 
 
 
Hexcel Corp.
 
12,849
937,335
Huntington Ingalls Industries, Inc.
 
82,931
17,846,751
L3Harris Technologies, Inc.
 
16,366
3,456,336
Lockheed Martin Corp.
 
63,653
30,188,072
Moog, Inc. Class A
 
115,009
11,342,188
Northrop Grumman Corp.
 
64,063
29,732,279
Parsons Corp. (a)
 
324,200
14,598,726
Raytheon Technologies Corp.
 
422,225
41,416,050
Textron, Inc.
 
443,915
32,197,155
The Boeing Co. (a)
 
24,780
4,994,409
 
 
 
186,709,301
Air Freight & Logistics - 0.2%
 
 
 
FedEx Corp.
 
47,412
9,635,067
GXO Logistics, Inc. (a)
 
70,894
3,514,216
 
 
 
13,149,283
Building Products - 1.2%
 
 
 
Allegion PLC
 
41,943
4,727,396
Carlisle Companies, Inc.
 
7,385
1,906,955
Carrier Global Corp.
 
262,973
11,841,674
Johnson Controls International PLC
 
645,265
40,471,021
Trane Technologies PLC
 
49,914
9,232,593
 
 
 
68,179,639
Commercial Services & Supplies - 0.9%
 
 
 
ABM Industries, Inc.
 
116,662
5,647,607
Cintas Corp.
 
24,059
10,549,150
Clean Harbors, Inc. (a)
 
55,250
7,296,868
Republic Services, Inc.
 
211,999
27,333,031
 
 
 
50,826,656
Construction & Engineering - 0.4%
 
 
 
AECOM
 
163,738
14,140,414
EMCOR Group, Inc.
 
42,408
7,091,466
Fluor Corp. (a)
 
28,900
1,059,763
 
 
 
22,291,643
Electrical Equipment - 1.0%
 
 
 
Acuity Brands, Inc.
 
68,970
13,377,421
AMETEK, Inc.
 
69,865
9,890,089
Atkore, Inc. (a)
 
7,714
1,126,398
Eaton Corp. PLC
 
79,588
13,922,329
Emerson Electric Co.
 
147,482
12,198,236
nVent Electric PLC
 
109,151
5,003,482
 
 
 
55,517,955
Industrial Conglomerates - 0.6%
 
 
 
3M Co.
 
226,121
24,362,277
General Electric Co.
 
110,944
9,398,066
 
 
 
33,760,343
Machinery - 2.6%
 
 
 
AGCO Corp.
 
228,072
32,114,818
Allison Transmission Holdings, Inc.
 
150,677
7,157,158
Caterpillar, Inc.
 
8,855
2,121,215
Cummins, Inc.
 
49,398
12,007,666
Deere & Co.
 
66,238
27,769,619
Donaldson Co., Inc.
 
56,148
3,551,361
Fortive Corp.
 
529,907
35,323,601
Ingersoll Rand, Inc.
 
40,060
2,326,284
Otis Worldwide Corp.
 
13,290
1,124,600
PACCAR, Inc.
 
86,332
6,233,170
Parker Hannifin Corp.
 
31,388
11,043,868
 
 
 
140,773,360
Professional Services - 0.3%
 
 
 
Booz Allen Hamilton Holding Corp. Class A
 
6,217
588,936
Dun & Bradstreet Holdings, Inc.
 
112,971
1,356,782
Korn Ferry
 
69,402
3,878,878
Leidos Holdings, Inc.
 
101,715
9,873,475
 
 
 
15,698,071
Road & Rail - 0.7%
 
 
 
CSX Corp.
 
859,477
26,205,454
Norfolk Southern Corp.
 
44,189
9,934,571
RXO, Inc. (a)
 
155,097
3,190,345
 
 
 
39,330,370
Trading Companies & Distributors - 0.5%
 
 
 
Applied Industrial Technologies, Inc.
 
18,682
2,668,911
Core & Main, Inc. (a)(b)
 
20,972
488,857
MSC Industrial Direct Co., Inc. Class A
 
52,913
4,472,207
United Rentals, Inc.
 
19,411
9,094,636
Univar Solutions, Inc. (a)
 
253,175
8,797,831
 
 
 
25,522,442
TOTAL INDUSTRIALS
 
 
651,759,063
INFORMATION TECHNOLOGY - 9.5%
 
 
 
Communications Equipment - 1.9%
 
 
 
Arista Networks, Inc. (a)
 
53,363
7,401,448
Cisco Systems, Inc.
 
1,585,469
76,768,409
F5, Inc. (a)
 
87,906
12,568,800
Juniper Networks, Inc.
 
308,208
9,486,642
 
 
 
106,225,299
Electronic Equipment & Components - 0.2%
 
 
 
Arrow Electronics, Inc. (a)
 
10,279
1,212,819
Avnet, Inc.
 
46,638
2,085,185
IPG Photonics Corp. (a)
 
1,930
237,853
Vontier Corp.
 
168,324
4,405,039
 
 
 
7,940,896
IT Services - 1.2%
 
 
 
Amdocs Ltd.
 
281,917
25,826,416
Fidelity National Information Services, Inc.
 
56,660
3,590,544
Fiserv, Inc. (a)
 
32,598
3,751,704
Gartner, Inc. (a)
 
6,197
2,031,439
Global Payments, Inc.
 
29,811
3,344,794
GoDaddy, Inc. (a)
 
10,854
821,756
Kyndryl Holdings, Inc. (a)
 
132,451
2,078,156
PayPal Holdings, Inc. (a)
 
284,835
20,963,856
Twilio, Inc. Class A (a)
 
32,542
2,187,148
Wix.com Ltd. (a)
 
26,778
2,424,212
 
 
 
67,020,025
Semiconductors & Semiconductor Equipment - 3.1%
 
 
 
Advanced Micro Devices, Inc. (a)
 
178,834
14,052,776
Analog Devices, Inc.
 
17,385
3,189,626
Broadcom, Inc.
 
48,514
28,831,385
Cirrus Logic, Inc. (a)
 
34,372
3,531,723
Impinj, Inc. (a)
 
9,078
1,203,924
Intel Corp.
 
2,316,051
57,739,151
Qorvo, Inc. (a)
 
306,167
30,889,189
Qualcomm, Inc.
 
226,598
27,991,651
Semtech Corp. (a)
 
103,105
3,176,665
Skyworks Solutions, Inc.
 
23,130
2,580,614
 
 
 
173,186,704
Software - 2.5%
 
 
 
Adobe, Inc. (a)
 
80,216
25,985,973
Box, Inc. Class A (a)
 
389,337
12,984,389
Dropbox, Inc. Class A (a)
 
1,100,256
22,445,222
Microsoft Corp.
 
11,239
2,803,231
Palo Alto Networks, Inc. (a)
 
32,365
6,096,595
Salesforce.com, Inc. (a)
 
229,455
37,541,133
SolarWinds, Inc. (a)
 
84,017
715,825
Splunk, Inc. (a)
 
1,628
166,870
Synopsys, Inc. (a)
 
31,337
11,399,147
Teradata Corp. (a)
 
390,672
15,923,791
Workday, Inc. Class A (a)
 
23,103
4,284,913
 
 
 
140,347,089
Technology Hardware, Storage & Peripherals - 0.6%
 
 
 
Dell Technologies, Inc.
 
328,069
13,332,724
Hewlett Packard Enterprise Co.
 
175,595
2,741,038
NetApp, Inc.
 
154,309
9,960,646
Pure Storage, Inc. Class A (a)
 
186,816
5,331,729
 
 
 
31,366,137
TOTAL INFORMATION TECHNOLOGY
 
 
526,086,150
MATERIALS - 3.4%
 
 
 
Chemicals - 1.3%
 
 
 
Ashland, Inc.
 
40,590
4,131,250
Avient Corp.
 
8,628
376,440
CF Industries Holdings, Inc.
 
155,404
13,347,650
Corteva, Inc.
 
34,233
2,132,374
Dow, Inc.
 
2,741
156,785
DuPont de Nemours, Inc.
 
156,350
11,418,241
Eastman Chemical Co.
 
26,869
2,289,239
Linde PLC
 
33,734
11,751,914
NewMarket Corp.
 
3,574
1,227,669
Olin Corp.
 
160,311
9,257,960
Westlake Corp.
 
144,762
17,246,945
 
 
 
73,336,467
Construction Materials - 0.4%
 
 
 
Eagle Materials, Inc.
 
42,466
5,958,829
Martin Marietta Materials, Inc.
 
6,750
2,429,123
Vulcan Materials Co.
 
55,481
10,037,068
 
 
 
18,425,020
Containers & Packaging - 0.5%
 
 
 
Graphic Packaging Holding Co.
 
135,139
3,216,308
Sealed Air Corp.
 
55,298
2,688,589
WestRock Co.
 
706,508
22,184,351
 
 
 
28,089,248
Metals & Mining - 1.2%
 
 
 
Commercial Metals Co.
 
21,442
1,109,624
Newmont Corp.
 
276,772
12,070,027
Nucor Corp.
 
254,721
42,650,484
Reliance Steel & Aluminum Co.
 
38,698
9,590,912
United States Steel Corp. (b)
 
73,739
2,258,626
 
 
 
67,679,673
TOTAL MATERIALS
 
 
187,530,408
REAL ESTATE - 2.8%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 2.8%
 
 
 
American Homes 4 Rent Class A
 
461,314
14,309,960
Apartment Income (REIT) Corp.
 
80,418
3,039,800
AvalonBay Communities, Inc.
 
31,112
5,367,442
Crown Castle International Corp.
 
98,835
12,922,676
Equity Residential (SBI)
 
204,732
12,799,845
Highwoods Properties, Inc. (SBI)
 
115,026
3,048,189
Host Hotels & Resorts, Inc.
 
164,047
2,755,990
Hudson Pacific Properties, Inc.
 
107,855
995,502
Kilroy Realty Corp.
 
37,956
1,367,175
National Retail Properties, Inc.
 
219,930
9,967,228
National Storage Affiliates Trust
 
107,277
4,537,817
Park Hotels & Resorts, Inc.
 
259,681
3,570,614
Prologis (REIT), Inc.
 
35,989
4,441,043
Public Storage
 
72,169
21,574,923
Realty Income Corp.
 
402,983
25,770,763
Regency Centers Corp.
 
7,109
447,156
Rexford Industrial Realty, Inc.
 
68,302
4,129,539
SBA Communications Corp. Class A
 
21,247
5,510,409
Spirit Realty Capital, Inc.
 
35,520
1,462,714
Stag Industrial, Inc.
 
65,010
2,186,936
Terreno Realty Corp.
 
14,850
923,819
UDR, Inc.
 
113,829
4,876,434
Ventas, Inc.
 
216,969
10,555,542
 
 
 
156,561,516
UTILITIES - 4.3%
 
 
 
Electric Utilities - 2.4%
 
 
 
Allete, Inc. (b)
 
17,898
1,095,179
Duke Energy Corp.
 
437,987
41,284,655
FirstEnergy Corp.
 
135,503
5,357,789
Hawaiian Electric Industries, Inc.
 
372,338
15,061,072
NextEra Energy, Inc.
 
526,838
37,421,303
Xcel Energy, Inc.
 
498,506
32,188,532
 
 
 
132,408,530
Gas Utilities - 0.0%
 
 
 
National Fuel Gas Co.
 
19,978
1,144,340
UGI Corp.
 
6,570
244,601
 
 
 
1,388,941
Multi-Utilities - 1.9%
 
 
 
Consolidated Edison, Inc.
 
358,128
31,998,737
NiSource, Inc.
 
585,825
16,069,180
Public Service Enterprise Group, Inc.
 
285,621
17,260,077
Sempra Energy
 
63,872
9,578,245
WEC Energy Group, Inc.
 
328,941
29,163,909
 
 
 
104,070,148
TOTAL UTILITIES
 
 
237,867,619
 
TOTAL COMMON STOCKS
  (Cost $4,788,958,149)
 
 
 
5,508,179,223
 
 
 
 
Money Market Funds - 1.6%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.63% (c)
 
22,917,409
22,921,992
Fidelity Securities Lending Cash Central Fund 4.63% (c)(d)
 
63,861,435
63,867,821
 
TOTAL MONEY MARKET FUNDS
  (Cost $86,789,813)
 
 
86,789,813
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.0%
  (Cost $4,875,747,962)
 
 
 
5,594,969,036
NET OTHER ASSETS (LIABILITIES) - (1.0)%  
(54,657,245)
NET ASSETS - 100.0%
5,540,311,791
 
 
 
Futures Contracts  
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
114
Mar 2023
22,660,350
517,094
517,094
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.4%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
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.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.63%
8,770,543
239,764,096
225,612,647
619,218
-
-
22,921,992
0.1%
Fidelity Securities Lending Cash Central Fund 4.63%
51,168,351
294,731,405
282,031,935
24,890
-
-
63,867,821
0.2%
Total
59,938,894
534,495,501
507,644,582
644,108
-
-
86,789,813
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of February 28, 2023, 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:
 
 
 
 
Communication Services
333,786,308
333,786,308
-
-
Consumer Discretionary
413,977,557
413,977,557
-
-
Consumer Staples
446,244,843
446,244,843
-
-
Energy
457,127,081
457,127,081
-
-
Financials
1,181,116,815
1,181,116,815
-
-
Health Care
916,121,863
916,121,863
-
-
Industrials
651,759,063
651,759,063
-
-
Information Technology
526,086,150
526,086,150
-
-
Materials
187,530,408
187,530,408
-
-
Real Estate
156,561,516
156,561,516
-
-
Utilities
237,867,619
237,867,619
-
-
  Money Market Funds
86,789,813
86,789,813
-
-
 Total Investments in Securities:
5,594,969,036
5,594,969,036
-
-
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
517,094
517,094
-
-
  Total Assets
517,094
517,094
-
-
 Total Derivative Instruments:
517,094
517,094
-
-
 
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 28, 2023. 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)  
517,094
0
Total Equity Risk
517,094
0
Total Value of Derivatives
517,094
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity® Large Cap Value Enhanced Index Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
February 28, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $62,454,277) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $4,788,958,149)
$
5,508,179,223
 
 
Fidelity Central Funds (cost $86,789,813)
86,789,813
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $4,875,747,962)
 
 
$
5,594,969,036
Segregated cash with brokers for derivative instruments
 
 
1,250,800
Receivable for investments sold
 
 
52,375,001
Receivable for fund shares sold
 
 
2,535,101
Dividends receivable
 
 
10,966,666
Distributions receivable from Fidelity Central Funds
 
 
107,732
  Total assets
 
 
5,662,204,336
Liabilities
 
 
 
 
Payable for investments purchased
$
54,179,188
 
 
Payable for fund shares redeemed
1,931,036
 
 
Accrued management fee
1,846,287
 
 
Payable for daily variation margin on futures contracts
71,214
 
 
Collateral on securities loaned
63,864,820
 
 
  Total Liabilities
 
 
 
121,892,545
Net Assets  
 
 
$
5,540,311,791
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
4,789,013,274
Total accumulated earnings (loss)
 
 
 
751,298,517
Net Assets
 
 
$
5,540,311,791
Net Asset Value , offering price and redemption price per share ($5,540,311,791 ÷ 383,514,881 shares)
 
 
$
14.45
 
Statement of Operations
 
 
 
Six months ended
February 28, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
61,630,631
Interest  
 
 
30,985
Income from Fidelity Central Funds (including $24,890 from security lending)
 
 
644,108
 Total Income
 
 
 
62,305,724
Expenses
 
 
 
 
Management fee
$
10,979,018
 
 
Independent trustees' fees and expenses
10,273
 
 
Interest
24,271
 
 
 Total expenses before reductions
 
11,013,562
 
 
 Expense reductions
 
(752)
 
 
 Total expenses after reductions
 
 
 
11,012,810
Net Investment income (loss)
 
 
 
51,292,914
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
42,663,457
 
 
 Futures contracts
 
(529,158)
 
 
Total net realized gain (loss)
 
 
 
42,134,299
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
125,783,790
 
 
 Futures contracts
 
489,991
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
126,273,781
Net gain (loss)
 
 
 
168,408,080
Net increase (decrease) in net assets resulting from operations
 
 
$
219,700,994
Statement of Changes in Net Assets
 
 
Six months ended
February 28, 2023
(Unaudited)
 
Year ended
August 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
51,292,914
$
109,310,484
Net realized gain (loss)
 
42,134,299
 
 
269,166,406
 
Change in net unrealized appreciation (depreciation)
 
126,273,781
 
(702,930,899)
 
Net increase (decrease) in net assets resulting from operations
 
219,700,994
 
 
(324,454,009)
 
Distributions to shareholders
 
(257,200,574)
 
 
(697,082,541)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
294,420,071
 
1,055,115,905
  Reinvestment of distributions
 
243,302,994
 
 
669,849,842
 
Cost of shares redeemed
 
(651,303,916)
 
(1,199,545,360)
  Net increase (decrease) in net assets resulting from share transactions
 
(113,580,851)
 
 
525,420,387
 
Total increase (decrease) in net assets
 
(151,080,431)
 
 
(496,116,163)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
5,691,392,222
 
6,187,508,385
 
End of period
$
5,540,311,791
$
5,691,392,222
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
20,571,691
 
67,688,693
  Issued in reinvestment of distributions
 
16,907,783
 
 
42,939,093
 
Redeemed
 
(45,158,664)
 
(77,436,714)
Net increase (decrease)
 
(7,679,190)
 
33,191,072
 
 
 
 
 
 
Financial Highlights
Fidelity® Large Cap Value Enhanced Index Fund
 
 
Six months ended
(Unaudited) February 28, 2023  
 
Years ended August 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.55
$
17.28
$
12.63
$
12.81
$
13.81
$
12.50
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.13
 
.28
 
.25
 
.28
 
.30
 
.30
     Net realized and unrealized gain (loss)
 
.44
 
(1.04)
 
4.63
 
- C
 
(.46)
 
1.57
  Total from investment operations
 
.57  
 
(.76)  
 
4.88  
 
.28  
 
(.16)
 
1.87
  Distributions from net investment income
 
(.22)
 
(.33) D
 
(.23)
 
(.29)
 
(.31)
 
(.22)
  Distributions from net realized gain
 
(.45)
 
(1.64) D
 
-
 
(.17)
 
(.54)
 
(.34)
     Total distributions
 
(.67)
 
(1.97)
 
(.23)
 
(.46)
 
(.84) E
 
(.56)
  Net asset value, end of period
$
14.45
$
14.55
$
17.28
$
12.63
$
12.81
$
13.81
 Total Return   F,G
 
3.91%
 
(5.18)%
 
39.12%
 
1.95%
 
(.77)%
 
15.20%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.39% J
 
.39%
 
.39%
 
.39%
 
.39%
 
.39%
    Expenses net of fee waivers, if any
 
.39% J
 
.39%
 
.39%
 
.39%
 
.39%
 
.39%
    Expenses net of all reductions
 
.39% J
 
.39%
 
.39%
 
.39%
 
.39%
 
.39%
    Net investment income (loss)
 
1.82% J
 
1.76%
 
1.65%
 
2.21%
 
2.37%
 
2.27%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
5,540,312
$
5,691,392
$
6,187,508
$
3,887,139
$
3,757,353
$
3,925,278
    Portfolio turnover rate K
 
75% J
 
112%
 
75%
 
81%
 
94%
 
99%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Amount represents less than $.005 per share.
 
D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
E Total distributions per share do not sum due to rounding.
 
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
J Annualized.
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Top Holdings (% of Fund's net assets)
 
Apple, Inc.
6.1
 
Microsoft Corp.
5.5
 
Berkshire Hathaway, Inc. Class B
2.2
 
Amazon.com, Inc.
2.1
 
UnitedHealth Group, Inc.
1.8
 
Alphabet, Inc. Class C
1.8
 
Meta Platforms, Inc. Class A
1.7
 
Alphabet, Inc. Class A
1.6
 
Johnson & Johnson
1.6
 
JPMorgan Chase & Co.
1.5
 
 
25.9
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
26.8
 
Health Care
13.9
 
Consumer Discretionary
12.4
 
Financials
12.0
 
Industrials
10.3
 
Consumer Staples
6.8
 
Communication Services
6.8
 
Energy
4.6
 
Materials
2.6
 
Utilities
1.8
 
Real Estate
1.4
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 2.1%
 
Fidelity® Large Cap Core Enhanced Index Fund
Showing Percentage of Net Assets
Common Stocks - 99.4%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 6.8%
 
 
 
Diversified Telecommunication Services - 0.4%
 
 
 
Verizon Communications, Inc.
 
176,802
6,861,686
Entertainment - 0.3%
 
 
 
Activision Blizzard, Inc.
 
12,777
974,246
Electronic Arts, Inc.
 
27,284
3,026,887
The Walt Disney Co. (a)
 
7,096
706,833
 
 
 
4,707,966
Interactive Media & Services - 5.1%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A (a)
 
330,200
29,737,812
 Class C (a)
 
377,025
34,045,358
Meta Platforms, Inc. Class A (a)
 
180,303
31,542,207
 
 
 
95,325,377
Media - 1.0%
 
 
 
Comcast Corp. Class A
 
486,411
18,079,897
TOTAL COMMUNICATION SERVICES
 
 
124,974,926
CONSUMER DISCRETIONARY - 12.4%
 
 
 
Automobiles - 1.7%
 
 
 
General Motors Co.
 
96,691
3,745,809
Harley-Davidson, Inc.
 
134,060
6,374,553
Tesla, Inc. (a)
 
99,372
20,441,814
 
 
 
30,562,176
Distributors - 0.1%
 
 
 
LKQ Corp.
 
29,950
1,715,836
Diversified Consumer Services - 0.1%
 
 
 
Service Corp. International
 
27,533
1,859,303
Hotels, Restaurants & Leisure - 3.6%
 
 
 
Airbnb, Inc. Class A (a)
 
75,715
9,334,145
Booking Holdings, Inc. (a)
 
6,171
15,575,604
Chipotle Mexican Grill, Inc. (a)
 
3,421
5,100,985
Expedia, Inc. (a)
 
12,918
1,407,674
Hyatt Hotels Corp. Class A (a)
 
2,823
328,146
McDonald's Corp.
 
52,988
13,984,063
Starbucks Corp. (b)
 
154,037
15,725,637
Yum! Brands, Inc.
 
36,108
4,591,493
 
 
 
66,047,747
Household Durables - 0.4%
 
 
 
NVR, Inc. (a)
 
1,348
6,974,040
Toll Brothers, Inc.
 
17,041
1,021,438
Whirlpool Corp. (b)
 
564
77,821
 
 
 
8,073,299
Internet & Direct Marketing Retail - 2.6%
 
 
 
Amazon.com, Inc. (a)
 
421,831
39,749,135
eBay, Inc.
 
199,864
9,173,758
 
 
 
48,922,893
Specialty Retail - 3.0%
 
 
 
AutoZone, Inc. (a)
 
1,648
4,097,818
Bath & Body Works, Inc.
 
18,264
746,450
Lowe's Companies, Inc.
 
37,190
7,651,843
O'Reilly Automotive, Inc. (a)
 
7,929
6,581,863
The Home Depot, Inc.
 
63,288
18,767,424
TJX Companies, Inc.
 
159,284
12,201,154
Ulta Beauty, Inc. (a)
 
10,798
5,602,002
Williams-Sonoma, Inc.
 
2,554
319,046
 
 
 
55,967,600
Textiles, Apparel & Luxury Goods - 0.9%
 
 
 
NIKE, Inc. Class B
 
135,403
16,084,522
TOTAL CONSUMER DISCRETIONARY
 
 
229,233,376
CONSUMER STAPLES - 6.8%
 
 
 
Beverages - 1.7%
 
 
 
PepsiCo, Inc.
 
55,107
9,562,718
The Coca-Cola Co.
 
360,883
21,476,147
 
 
 
31,038,865
Food & Staples Retailing - 0.9%
 
 
 
Costco Wholesale Corp.
 
20,785
10,063,681
Kroger Co.
 
101,415
4,375,043
Walmart, Inc.
 
9,755
1,386,478
 
 
 
15,825,202
Food Products - 1.9%
 
 
 
Archer Daniels Midland Co.
 
85,932
6,840,187
Conagra Brands, Inc.
 
94,992
3,458,659
Mondelez International, Inc.
 
220,271
14,357,264
The Kraft Heinz Co.
 
284,064
11,061,452
 
 
 
35,717,562
Household Products - 1.3%
 
 
 
Church & Dwight Co., Inc.
 
14,804
1,240,279
Colgate-Palmolive Co.
 
57,395
4,207,054
Procter & Gamble Co.
 
136,585
18,788,633
 
 
 
24,235,966
Personal Products - 0.4%
 
 
 
Estee Lauder Companies, Inc. Class A
 
30,197
7,339,381
Tobacco - 0.6%
 
 
 
Altria Group, Inc.
 
117,200
5,441,596
Philip Morris International, Inc.
 
61,535
5,987,356
 
 
 
11,428,952
TOTAL CONSUMER STAPLES
 
 
125,585,928
ENERGY - 4.6%
 
 
 
Energy Equipment & Services - 0.5%
 
 
 
Halliburton Co.
 
23,682
857,999
Schlumberger Ltd.
 
147,249
7,835,119
Weatherford International PLC (a)
 
1,568
104,460
 
 
 
8,797,578
Oil, Gas & Consumable Fuels - 4.1%
 
 
 
Cheniere Energy, Inc.
 
9,997
1,572,928
Chevron Corp.
 
119,708
19,245,455
Coterra Energy, Inc.
 
32,469
810,751
Diamondback Energy, Inc.
 
4,398
618,271
DT Midstream, Inc.
 
1,799
90,310
EOG Resources, Inc.
 
51,035
5,767,976
Exxon Mobil Corp.
 
249,935
27,470,356
Marathon Oil Corp.
 
168,291
4,232,519
Marathon Petroleum Corp.
 
53,768
6,645,725
Murphy Oil Corp.
 
27,207
1,061,617
Occidental Petroleum Corp.
 
69,288
4,057,505
Occidental Petroleum Corp. warrants 8/3/27 (a)
 
9,120
336,163
Phillips 66 Co.
 
12,526
1,284,667
Pioneer Natural Resources Co.
 
7,828
1,568,809
Targa Resources Corp.
 
24,607
1,823,379
 
 
 
76,586,431
TOTAL ENERGY
 
 
85,384,009
FINANCIALS - 12.0%
 
 
 
Banks - 3.6%
 
 
 
Bank of America Corp.
 
519,230
17,809,589
Citigroup, Inc.
 
889
45,063
Citizens Financial Group, Inc.
 
11,862
495,357
East West Bancorp, Inc.
 
66,991
5,105,384
Fifth Third Bancorp
 
69,939
2,538,786
JPMorgan Chase & Co.
 
200,887
28,797,151
PNC Financial Services Group, Inc.
 
200
31,584
Synovus Financial Corp.
 
27,825
1,163,363
U.S. Bancorp
 
117,612
5,613,621
Wells Fargo & Co.
 
111,811
5,229,400
 
 
 
66,829,298
Capital Markets - 2.8%
 
 
 
Bank of New York Mellon Corp.
 
232,920
11,850,970
Cboe Global Markets, Inc.
 
44,893
5,664,150
Charles Schwab Corp.
 
28,264
2,202,331
CME Group, Inc.
 
24,253
4,495,536
FactSet Research Systems, Inc.
 
4,754
1,970,771
Goldman Sachs Group, Inc.
 
23,998
8,438,897
Interactive Brokers Group, Inc.
 
14,605
1,257,637
LPL Financial
 
40,912
10,209,999
MarketAxess Holdings, Inc.
 
1,914
653,535
NASDAQ, Inc.
 
22,926
1,285,232
Stifel Financial Corp.
 
19,073
1,274,649
Tradeweb Markets, Inc. Class A
 
35,571
2,521,628
 
 
 
51,825,335
Consumer Finance - 1.1%
 
 
 
American Express Co.
 
86,308
15,016,729
Capital One Financial Corp.
 
25,114
2,739,435
Synchrony Financial
 
45,267
1,616,485
 
 
 
19,372,649
Diversified Financial Services - 2.2%
 
 
 
Berkshire Hathaway, Inc. Class B (a)
 
130,785
39,912,966
Insurance - 2.3%
 
 
 
Aon PLC
 
14,995
4,559,230
Everest Re Group Ltd.
 
17,971
6,900,325
Hartford Financial Services Group, Inc.
 
31,846
2,492,905
Kinsale Capital Group, Inc.
 
390
124,293
Loews Corp.
 
4,687
286,329
Marsh & McLennan Companies, Inc.
 
13,147
2,131,655
Progressive Corp.
 
101,500
14,567,280
Reinsurance Group of America, Inc.
 
8,887
1,283,905
Ryan Specialty Group Holdings, Inc. (a)(b)
 
42,303
1,781,802
The Travelers Companies, Inc.
 
15,493
2,868,064
W.R. Berkley Corp.
 
94,115
6,229,472
 
 
 
43,225,260
Thrifts & Mortgage Finance - 0.0%
 
 
 
TFS Financial Corp. (b)
 
40,848
591,888
TOTAL FINANCIALS
 
 
221,757,396
HEALTH CARE - 13.9%
 
 
 
Biotechnology - 2.1%
 
 
 
AbbVie, Inc.
 
37,232
5,730,005
Amgen, Inc.
 
34,345
7,956,363
Biogen, Inc. (a)
 
10,912
2,944,712
Gilead Sciences, Inc.
 
176,150
14,185,360
Incyte Corp. (a)
 
13,825
1,064,249
Sarepta Therapeutics, Inc. (a)
 
1,242
151,685
United Therapeutics Corp. (a)
 
19,357
4,762,596
Vir Biotechnology, Inc. (a)
 
65,850
1,501,380
 
 
 
38,296,350
Health Care Equipment & Supplies - 1.5%
 
 
 
Abbott Laboratories
 
172,878
17,585,150
Becton, Dickinson & Co.
 
3,434
805,445
IDEXX Laboratories, Inc. (a)
 
174
82,344
Intuitive Surgical, Inc. (a)
 
5,744
1,317,616
Medtronic PLC
 
33,863
2,803,856
Zimmer Biomet Holdings, Inc.
 
43,756
5,420,056
Zimvie, Inc. (a)
 
13,521
153,869
 
 
 
28,168,336
Health Care Providers & Services - 4.4%
 
 
 
AmerisourceBergen Corp.
 
21,167
3,292,739
Centene Corp. (a)
 
23,559
1,611,436
Cigna Group
 
15,900
4,644,390
CVS Health Corp.
 
179,587
15,002,698
Elevance Health, Inc.
 
33,522
15,744,278
Humana, Inc.
 
1,907
944,003
McKesson Corp.
 
13,200
4,617,492
Quest Diagnostics, Inc.
 
10,452
1,446,139
UnitedHealth Group, Inc.
 
71,885
34,212,947
 
 
 
81,516,122
Life Sciences Tools & Services - 0.5%
 
 
 
Danaher Corp.
 
23,505
5,818,193
IQVIA Holdings, Inc. (a)
 
1,177
245,369
Thermo Fisher Scientific, Inc.
 
7,555
4,092,997
 
 
 
10,156,559
Pharmaceuticals - 5.4%
 
 
 
Bristol-Myers Squibb Co.
 
249,463
17,202,968
Eli Lilly & Co.
 
39,699
12,355,123
Johnson & Johnson
 
187,942
28,803,991
Merck & Co., Inc.
 
180,767
19,204,686
Pfizer, Inc.
 
536,874
21,780,978
 
 
 
99,347,746
TOTAL HEALTH CARE
 
 
257,485,113
INDUSTRIALS - 10.3%
 
 
 
Aerospace & Defense - 2.4%
 
 
 
General Dynamics Corp.
 
17,022
3,879,484
L3Harris Technologies, Inc.
 
7,031
1,484,877
Lockheed Martin Corp.
 
30,261
14,351,582
Northrop Grumman Corp.
 
14,529
6,743,054
Parsons Corp. (a)
 
90,276
4,065,128
Raytheon Technologies Corp.
 
56,403
5,532,570
Textron, Inc.
 
110,374
8,005,426
 
 
 
44,062,121
Air Freight & Logistics - 0.4%
 
 
 
United Parcel Service, Inc. Class B
 
37,956
6,926,590
Building Products - 0.6%
 
 
 
Allegion PLC
 
26,962
3,038,887
Carrier Global Corp.
 
148,015
6,665,115
Johnson Controls International PLC
 
2,573
161,379
Trane Technologies PLC
 
6,283
1,162,167
 
 
 
11,027,548
Commercial Services & Supplies - 0.6%
 
 
 
Cintas Corp.
 
17,229
7,554,400
Republic Services, Inc.
 
17,331
2,234,486
Rollins, Inc.
 
10,872
382,694
Waste Management, Inc.
 
5,751
861,270
 
 
 
11,032,850
Construction & Engineering - 0.6%
 
 
 
AECOM
 
104,036
8,984,549
Comfort Systems U.S.A., Inc.
 
3,492
507,876
EMCOR Group, Inc.
 
3,588
599,985
 
 
 
10,092,410
Electrical Equipment - 1.0%
 
 
 
Acuity Brands, Inc.
 
24,393
4,731,266
AMETEK, Inc.
 
28,509
4,035,734
Emerson Electric Co.
 
109,431
9,051,038
nVent Electric PLC
 
31,604
1,448,727
 
 
 
19,266,765
Industrial Conglomerates - 0.4%
 
 
 
3M Co.
 
65,152
7,019,476
Machinery - 2.6%
 
 
 
AGCO Corp.
 
21,537
3,032,625
Allison Transmission Holdings, Inc.
 
58,827
2,794,283
Caterpillar, Inc.
 
35,205
8,433,358
Deere & Co.
 
37,077
15,544,161
Fortive Corp.
 
105,555
7,036,296
Otis Worldwide Corp.
 
25,001
2,115,585
PACCAR, Inc.
 
95,889
6,923,186
Parker Hannifin Corp.
 
7,265
2,556,190
 
 
 
48,435,684
Professional Services - 0.1%
 
 
 
Leidos Holdings, Inc.
 
26,883
2,609,533
Road & Rail - 1.4%
 
 
 
CSX Corp.
 
420,481
12,820,466
Norfolk Southern Corp.
 
11,326
2,546,311
Union Pacific Corp.
 
51,735
10,723,631
 
 
 
26,090,408
Trading Companies & Distributors - 0.2%
 
 
 
Fastenal Co.
 
41,780
2,154,177
Univar Solutions, Inc. (a)
 
27,966
971,819
 
 
 
3,125,996
TOTAL INDUSTRIALS
 
 
189,689,381
INFORMATION TECHNOLOGY - 26.8%
 
 
 
Communications Equipment - 1.9%
 
 
 
Arista Networks, Inc. (a)
 
85,281
11,828,475
Cisco Systems, Inc.
 
430,573
20,848,345
F5, Inc. (a)
 
18,292
2,615,390
 
 
 
35,292,210
Electronic Equipment & Components - 0.1%
 
 
 
Keysight Technologies, Inc. (a)
 
1,594
254,976
Vontier Corp.
 
76,389
1,999,100
 
 
 
2,254,076
IT Services - 3.3%
 
 
 
Accenture PLC Class A
 
5,063
1,344,480
Amdocs Ltd.
 
4,183
383,205
Automatic Data Processing, Inc.
 
3,512
772,008
Gartner, Inc. (a)
 
6,054
1,984,562
Global Payments, Inc.
 
12,202
1,369,064
GoDaddy, Inc. (a)
 
56,872
4,305,779
MasterCard, Inc. Class A
 
64,461
22,902,349
Paychex, Inc.
 
8,689
959,266
PayPal Holdings, Inc. (a)
 
150,850
11,102,560
VeriSign, Inc. (a)
 
26,376
5,191,588
Visa, Inc. Class A
 
45,962
10,108,882
 
 
 
60,423,743
Semiconductors & Semiconductor Equipment - 5.9%
 
 
 
Advanced Micro Devices, Inc. (a)
 
3,714
291,846
Analog Devices, Inc.
 
37,965
6,965,439
Applied Materials, Inc.
 
11,232
1,304,597
Broadcom, Inc.
 
39,284
23,346,088
Enphase Energy, Inc. (a)
 
26,253
5,527,044
Impinj, Inc. (a)
 
9,660
1,281,109
Intel Corp.
 
598,838
14,929,031
Lattice Semiconductor Corp. (a)
 
7,736
657,251
Microchip Technology, Inc.
 
95,013
7,698,903
NVIDIA Corp.
 
94,841
22,018,287
NXP Semiconductors NV
 
15,040
2,684,339
Qorvo, Inc. (a)
 
64,477
6,505,085
Qualcomm, Inc.
 
137,363
16,968,451
 
 
 
110,177,470
Software - 8.7%
 
 
 
Adobe, Inc. (a)
 
52,883
17,131,448
Dropbox, Inc. Class A (a)
 
322,402
6,577,001
Gen Digital, Inc.
 
28,601
558,006
Microsoft Corp.
 
406,473
101,382,496
New Relic, Inc. (a)
 
25,754
1,879,269
Palo Alto Networks, Inc. (a)
 
54,302
10,228,868
RingCentral, Inc. (a)
 
46,577
1,538,904
Salesforce.com, Inc. (a)
 
35,512
5,810,118
Synopsys, Inc. (a)
 
36,353
13,223,767
Teradata Corp. (a)
 
3,266
133,122
Workday, Inc. Class A (a)
 
13,838
2,566,534
 
 
 
161,029,533
Technology Hardware, Storage & Peripherals - 6.9%
 
 
 
Apple, Inc.
 
767,078
113,074,955
NetApp, Inc.
 
72,907
4,706,147
Pure Storage, Inc. Class A (a)
 
331,016
9,447,197
 
 
 
127,228,299
TOTAL INFORMATION TECHNOLOGY
 
 
496,405,331
MATERIALS - 2.6%
 
 
 
Chemicals - 1.4%
 
 
 
CF Industries Holdings, Inc.
 
107,303
9,216,255
Ecolab, Inc.
 
5,718
911,278
Linde PLC
 
16,034
5,585,765
Olin Corp.
 
65,551
3,785,570
Sherwin-Williams Co.
 
14,319
3,169,511
Westlake Corp.
 
29,946
3,567,766
 
 
 
26,236,145
Construction Materials - 0.2%
 
 
 
Eagle Materials, Inc.
 
26,402
3,704,729
Containers & Packaging - 0.5%
 
 
 
Sealed Air Corp.
 
101,588
4,939,209
WestRock Co.
 
124,389
3,905,815
 
 
 
8,845,024
Metals & Mining - 0.5%
 
 
 
Newmont Corp.
 
48,719
2,124,636
Nucor Corp.
 
44,855
7,510,521
 
 
 
9,635,157
TOTAL MATERIALS
 
 
48,421,055
REAL ESTATE - 1.4%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 1.4%
 
 
 
Crown Castle International Corp.
 
27,901
3,648,056
Equity Residential (SBI)
 
20,561
1,285,474
Kilroy Realty Corp.
 
8,105
291,942
National Retail Properties, Inc.
 
12,434
563,509
National Storage Affiliates Trust
 
30,135
1,274,711
Public Storage
 
37,480
11,204,646
SBA Communications Corp. Class A
 
13,830
3,586,811
Ventas, Inc.
 
89,355
4,347,121
 
 
 
26,202,270
UTILITIES - 1.8%
 
 
 
Electric Utilities - 0.8%
 
 
 
FirstEnergy Corp.
 
75,628
2,990,331
Hawaiian Electric Industries, Inc.
 
113,469
4,589,821
Xcel Energy, Inc.
 
131,793
8,509,874
 
 
 
16,090,026
Multi-Utilities - 1.0%
 
 
 
Consolidated Edison, Inc.
 
97,500
8,711,625
Sempra Energy
 
11,557
1,733,088
WEC Energy Group, Inc.
 
87,105
7,722,729
 
 
 
18,167,442
TOTAL UTILITIES
 
 
34,257,468
 
TOTAL COMMON STOCKS
  (Cost $1,498,699,439)
 
 
 
1,839,396,253
 
 
 
 
Money Market Funds - 1.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.63% (c)
 
5,728,381
5,729,527
Fidelity Securities Lending Cash Central Fund 4.63% (c)(d)
 
15,871,513
15,873,100
 
TOTAL MONEY MARKET FUNDS
  (Cost $21,602,627)
 
 
21,602,627
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.6%
  (Cost $1,520,302,066)
 
 
 
1,860,998,880
NET OTHER ASSETS (LIABILITIES) - (0.6)%  
(10,923,276)
NET ASSETS - 100.0%
1,850,075,604
 
 
 
Futures Contracts  
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
38
Mar 2023
7,553,450
209,432
209,432
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.4%
 
For the period, the average monthly notional amount at value for futures contracts in the aggregate was $13,062,444.
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
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.
 
(d)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.63%
91,438,262
131,940,091
217,648,826
283,718
35
(35)
5,729,527
0.0%
Fidelity Securities Lending Cash Central Fund 4.63%
-
31,512,681
15,639,581
1,777
-
-
15,873,100
0.1%
Total
91,438,262
163,452,772
233,288,407
285,495
35
(35)
21,602,627
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of February 28, 2023, 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:
 
 
 
 
Communication Services
124,974,926
124,974,926
-
-
Consumer Discretionary
229,233,376
229,233,376
-
-
Consumer Staples
125,585,928
125,585,928
-
-
Energy
85,384,009
85,384,009
-
-
Financials
221,757,396
221,757,396
-
-
Health Care
257,485,113
257,485,113
-
-
Industrials
189,689,381
189,689,381
-
-
Information Technology
496,405,331
496,405,331
-
-
Materials
48,421,055
48,421,055
-
-
Real Estate
26,202,270
26,202,270
-
-
Utilities
34,257,468
34,257,468
-
-
  Money Market Funds
21,602,627
21,602,627
-
-
 Total Investments in Securities:
1,860,998,880
1,860,998,880
-
-
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
209,432
209,432
-
-
  Total Assets
209,432
209,432
-
-
 Total Derivative Instruments:
209,432
209,432
-
-
 
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 28, 2023. 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)  
209,432
0
Total Equity Risk
209,432
0
Total Value of Derivatives
209,432
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity® Large Cap Core Enhanced Index Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
February 28, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $15,473,889) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,498,699,439)
$
1,839,396,253
 
 
Fidelity Central Funds (cost $21,602,627)
21,602,627
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,520,302,066)
 
 
$
1,860,998,880
Segregated cash with brokers for derivative instruments
 
 
530,000
Receivable for investments sold
 
 
22,656,625
Receivable for fund shares sold
 
 
1,320,130
Dividends receivable
 
 
2,775,095
Distributions receivable from Fidelity Central Funds
 
 
45,763
  Total assets
 
 
1,888,326,493
Liabilities
 
 
 
 
Payable for investments purchased
$
20,092,609
 
 
Payable for fund shares redeemed
1,630,855
 
 
Accrued management fee
620,950
 
 
Payable for daily variation margin on futures contracts
33,375
 
 
Collateral on securities loaned
15,873,100
 
 
  Total Liabilities
 
 
 
38,250,889
Net Assets  
 
 
$
1,850,075,604
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,587,011,322
Total accumulated earnings (loss)
 
 
 
263,064,282
Net Assets
 
 
$
1,850,075,604
Net Asset Value , offering price and redemption price per share ($1,850,075,604 ÷ 100,510,444 shares)
 
 
$
18.41
 
Statement of Operations
 
 
 
Six months ended
February 28, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
16,446,980
Interest  
 
 
20,941
Income from Fidelity Central Funds (including $1,777 from security lending)
 
 
285,495
 Total Income
 
 
 
16,753,416
Expenses
 
 
 
 
Management fee
$
3,910,631
 
 
Independent trustees' fees and expenses
3,775
 
 
Interest
20,138
 
 
 Total expenses before reductions
 
3,934,544
 
 
 Expense reductions
 
(1,626)
 
 
 Total expenses after reductions
 
 
 
3,932,918
Net Investment income (loss)
 
 
 
12,820,498
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(61,288,033)
 
 
   Fidelity Central Funds
 
35
 
 
 Futures contracts
 
1,576,113
 
 
Total net realized gain (loss)
 
 
 
(59,711,885)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
42,296,108
 
 
   Fidelity Central Funds
 
(35)
 
 
 Futures contracts
 
(744,185)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
41,551,888
Net gain (loss)
 
 
 
(18,159,997)
Net increase (decrease) in net assets resulting from operations
 
 
$
(5,339,499)
Statement of Changes in Net Assets
 
 
Six months ended
February 28, 2023
(Unaudited)
 
Year ended
August 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
12,820,498
$
19,467,302
Net realized gain (loss)
 
(59,711,885)
 
 
12,825,524
 
Change in net unrealized appreciation (depreciation)
 
41,551,888
 
(204,549,067)
 
Net increase (decrease) in net assets resulting from operations
 
(5,339,499)
 
 
(172,256,241)
 
Distributions to shareholders
 
(22,292,999)
 
 
(204,215,644)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
349,710,645
 
1,542,789,506
  Reinvestment of distributions
 
18,530,259
 
 
176,281,500
 
Cost of shares redeemed
 
(952,644,135)
 
(389,268,600)
  Net increase (decrease) in net assets resulting from share transactions
 
(584,403,231)
 
 
1,329,802,406
 
Total increase (decrease) in net assets
 
(612,035,729)
 
 
953,330,521
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,462,111,333
 
1,508,780,812
 
End of period
$
1,850,075,604
$
2,462,111,333
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
19,310,463
 
79,739,464
  Issued in reinvestment of distributions
 
1,043,371
 
 
8,430,488
 
Redeemed
 
(53,073,347)
 
(19,431,162)
Net increase (decrease)
 
(32,719,513)
 
68,738,790
 
 
 
 
 
 
Financial Highlights
Fidelity® Large Cap Core Enhanced Index Fund
 
 
Six months ended
(Unaudited) February 28, 2023  
 
Years ended August 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
18.48
$
23.40
$
18.12
$
15.21
$
16.22
$
13.74
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.12
 
.24
 
.22
 
.24
 
.27
 
.27
     Net realized and unrealized gain (loss)
 
.03 C
 
(2.08)
 
5.50
 
3.06
 
(.27)
 
2.74
  Total from investment operations
 
.15  
 
(1.84)  
 
5.72  
 
3.30  
 
-
 
3.01
  Distributions from net investment income
 
(.15)
 
(.36) D
 
(.22)
 
(.26)
 
(.24)
 
(.19)
  Distributions from net realized gain
 
(.08)
 
(2.72) D
 
(.22)
 
(.13)
 
(.78)
 
(.33)
     Total distributions
 
(.22) E
 
(3.08)
 
(.44)
 
(.39)
 
(1.01) E
 
(.53) E
  Net asset value, end of period
$
18.41
$
18.48
$
23.40
$
18.12
$
15.21
$
16.22
 Total Return   F,G
 
.87%
 
(9.41)%
 
32.14%
 
21.97%
 
.65%
 
22.32%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.39% J
 
.39%
 
.39%
 
.39%
 
.39%
 
.39%
    Expenses net of fee waivers, if any
 
.39% J
 
.39%
 
.39%
 
.39%
 
.39%
 
.39%
    Expenses net of all reductions
 
.39% J
 
.39%
 
.39%
 
.39%
 
.39%
 
.39%
    Net investment income (loss)
 
1.28% J
 
1.18%
 
1.09%
 
1.49%
 
1.81%
 
1.78%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,850,076
$
2,462,111
$
1,508,781
$
1,087,245
$
834,635
$
758,736
    Portfolio turnover rate K
 
103% J
 
104%
 
83%
 
63%
 
77%
 
92%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
 
D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
E Total distributions per share do not sum due to rounding.
 
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
J Annualized.
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Top Holdings (% of Fund's net assets)
 
Synopsys, Inc.
1.1
 
O'Reilly Automotive, Inc.
1.0
 
Nucor Corp.
1.0
 
AutoZone, Inc.
1.0
 
Agilent Technologies, Inc.
0.9
 
Carrier Global Corp.
0.9
 
United Rentals, Inc.
0.9
 
Cintas Corp.
0.9
 
Biogen, Inc.
0.9
 
Cheniere Energy, Inc.
0.8
 
 
9.4
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
17.7
 
Information Technology
17.5
 
Consumer Discretionary
13.7
 
Financials
12.6
 
Health Care
10.5
 
Real Estate
6.5
 
Materials
6.1
 
Energy
5.3
 
Utilities
4.1
 
Consumer Staples
2.6
 
Communication Services
1.9
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 4%
 
Fidelity® Mid Cap Enhanced Index Fund
Showing Percentage of Net Assets
Common Stocks - 98.5%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 1.9%
 
 
 
Entertainment - 0.6%
 
 
 
Live Nation Entertainment, Inc. (a)
 
38,191
2,752,043
Playtika Holding Corp. (a)
 
333,174
3,198,470
Spotify Technology SA (a)
 
43,024
5,003,691
 
 
 
10,954,204
Interactive Media & Services - 0.3%
 
 
 
Pinterest, Inc. Class A (a)
 
97,435
2,446,593
Vimeo, Inc. (a)(b)
 
434,824
1,665,376
 
 
 
4,111,969
Media - 1.0%
 
 
 
Liberty Media Corp. Liberty SiriusXM:
 
 
 
 Series A (a)
 
70,713
2,290,394
 Series C (a)
 
80,948
2,608,145
News Corp.:
 
 
 
 Class A
 
352,147
6,039,321
 Class B
 
150,270
2,593,660
The Trade Desk, Inc. (a)
 
86,029
4,814,183
 
 
 
18,345,703
TOTAL COMMUNICATION SERVICES
 
 
33,411,876
CONSUMER DISCRETIONARY - 13.7%
 
 
 
Automobiles - 0.6%
 
 
 
Harley-Davidson, Inc.
 
222,802
10,594,235
Distributors - 1.0%
 
 
 
Genuine Parts Co.
 
75,891
13,422,082
LKQ Corp.
 
80,631
4,619,350
 
 
 
18,041,432
Diversified Consumer Services - 0.4%
 
 
 
H&R Block, Inc.
 
176,239
6,485,595
Hotels, Restaurants & Leisure - 4.3%
 
 
 
Airbnb, Inc. Class A (a)
 
74,753
9,215,550
Booking Holdings, Inc. (a)
 
4,055
10,234,820
Caesars Entertainment, Inc. (a)
 
143,437
7,280,862
Chipotle Mexican Grill, Inc. (a)
 
10,158
15,146,391
Expedia, Inc. (a)
 
63,161
6,882,654
International Game Technology PLC (b)
 
268,562
7,133,007
MGM Resorts International (b)
 
236,660
10,178,747
Wendy's Co. (b)
 
439,931
9,660,885
Yum! Brands, Inc.
 
21,351
2,714,993
 
 
 
78,447,909
Household Durables - 1.7%
 
 
 
NVR, Inc. (a)
 
1,699
8,789,980
Toll Brothers, Inc.
 
186,862
11,200,508
TopBuild Corp. (a)
 
52,209
10,838,066
Whirlpool Corp. (b)
 
7,833
1,080,797
 
 
 
31,909,351
Internet & Direct Marketing Retail - 0.9%
 
 
 
eBay, Inc.
 
246,112
11,296,541
Etsy, Inc. (a)
 
45,579
5,533,746
 
 
 
16,830,287
Multiline Retail - 0.4%
 
 
 
Macy's, Inc.
 
362,784
7,422,561
Specialty Retail - 4.0%
 
 
 
AutoZone, Inc. (a)
 
6,939
17,254,101
Bath & Body Works, Inc.
 
36,553
1,493,921
Dick's Sporting Goods, Inc.
 
46,256
5,949,909
GameStop Corp. Class A (b)
 
24,356
468,366
O'Reilly Automotive, Inc. (a)
 
22,127
18,367,623
Ross Stores, Inc.
 
91,310
10,093,407
Ulta Beauty, Inc. (a)
 
24,450
12,684,660
Williams-Sonoma, Inc.
 
45,308
5,659,875
 
 
 
71,971,862
Textiles, Apparel & Luxury Goods - 0.4%
 
 
 
Crocs, Inc. (a)
 
17,395
2,117,145
Tapestry, Inc.
 
92,894
4,041,818
Under Armour, Inc.:
 
 
 
 Class A (sub. vtg.) (a)
 
169,791
1,686,025
 Class C (non-vtg.) (a)
 
45,513
400,514
 
 
 
8,245,502
TOTAL CONSUMER DISCRETIONARY
 
 
249,948,734
CONSUMER STAPLES - 2.6%
 
 
 
Food & Staples Retailing - 0.6%
 
 
 
Kroger Co.
 
245,007
10,569,602
Food Products - 1.6%
 
 
 
Archer Daniels Midland Co.
 
51,006
4,060,078
Conagra Brands, Inc.
 
256,480
9,338,437
Darling Ingredients, Inc. (a)
 
57,129
3,614,552
Lamb Weston Holdings, Inc.
 
89,214
8,978,497
The Kraft Heinz Co.
 
80,759
3,144,755
 
 
 
29,136,319
Personal Products - 0.4%
 
 
 
Coty, Inc. Class A (a)
 
705,825
7,975,823
TOTAL CONSUMER STAPLES
 
 
47,681,744
ENERGY - 5.3%
 
 
 
Energy Equipment & Services - 0.9%
 
 
 
Baker Hughes Co. Class A
 
10,197
312,028
Halliburton Co.
 
280,343
10,156,827
Schlumberger Ltd.
 
123,723
6,583,301
 
 
 
17,052,156
Oil, Gas & Consumable Fuels - 4.4%
 
 
 
Cheniere Energy, Inc.
 
97,828
15,392,258
Coterra Energy, Inc.
 
235,653
5,884,255
Devon Energy Corp.
 
108,552
5,853,124
Diamondback Energy, Inc.
 
42,043
5,910,405
Hess Corp.
 
8,285
1,115,990
Marathon Oil Corp.
 
452,231
11,373,610
Occidental Petroleum Corp.
 
21,531
1,260,855
ONEOK, Inc.
 
103,720
6,788,474
Ovintiv, Inc.
 
24,233
1,036,445
PDC Energy, Inc.
 
7,571
508,090
Phillips 66 Co.
 
124,096
12,727,286
Southwestern Energy Co. (a)
 
202,463
1,073,054
Targa Resources Corp.
 
60,563
4,487,718
The Williams Companies, Inc.
 
220,024
6,622,722
 
 
 
80,034,286
TOTAL ENERGY
 
 
97,086,442
FINANCIALS - 12.6%
 
 
 
Banks - 3.0%
 
 
 
Citizens Financial Group, Inc.
 
312,258
13,039,894
East West Bancorp, Inc.
 
144,234
10,992,073
Fifth Third Bancorp
 
364,068
13,215,668
First Hawaiian, Inc.
 
56,543
1,546,451
First Horizon National Corp.
 
11,929
295,481
First Republic Bank
 
43,977
5,409,611
FNB Corp., Pennsylvania
 
58,987
841,744
Regions Financial Corp.
 
106,413
2,481,551
Synovus Financial Corp.
 
115,283
4,819,982
Wintrust Financial Corp.
 
17,914
1,650,417
 
 
 
54,292,872
Capital Markets - 5.0%
 
 
 
Affiliated Managers Group, Inc.
 
5,587
890,624
Ameriprise Financial, Inc.
 
20,290
6,956,832
Bank of New York Mellon Corp.
 
290,007
14,755,556
Cboe Global Markets, Inc.
 
36,140
4,559,784
FactSet Research Systems, Inc.
 
5,013
2,078,139
Interactive Brokers Group, Inc.
 
70,292
6,052,844
Jefferies Financial Group, Inc.
 
85,502
3,231,121
LPL Financial
 
54,785
13,672,145
NASDAQ, Inc.
 
217,099
12,170,570
Raymond James Financial, Inc.
 
110,156
11,947,520
Robinhood Markets, Inc. (a)(b)
 
357,719
3,602,230
Stifel Financial Corp.
 
87,692
5,860,456
Tradeweb Markets, Inc. Class A
 
73,616
5,218,638
Virtu Financial, Inc. Class A
 
42,940
789,237
 
 
 
91,785,696
Consumer Finance - 0.6%
 
 
 
Discover Financial Services
 
1,353
151,536
Synchrony Financial
 
303,523
10,838,806
 
 
 
10,990,342
Insurance - 3.7%
 
 
 
AFLAC, Inc.
 
13,645
929,907
Arthur J. Gallagher & Co.
 
47,814
8,957,953
Brown & Brown, Inc.
 
182,388
10,226,495
Everest Re Group Ltd.
 
24,288
9,325,863
F&G Annuities & Life, Inc.
 
10,389
211,624
Fidelity National Financial, Inc.
 
84,696
3,375,983
Hartford Financial Services Group, Inc.
 
46,896
3,671,019
Progressive Corp.
 
24,229
3,477,346
Prudential Financial, Inc.
 
106,960
10,696,000
Reinsurance Group of America, Inc.
 
32,391
4,679,528
W.R. Berkley Corp.
 
168,523
11,154,537
 
 
 
66,706,255
Mortgage Real Estate Investment Trusts - 0.2%
 
 
 
Annaly Capital Management, Inc.
 
203,205
4,202,279
Thrifts & Mortgage Finance - 0.1%
 
 
 
MGIC Investment Corp.
 
99,935
1,375,106
TOTAL FINANCIALS
 
 
229,352,550
HEALTH CARE - 10.5%
 
 
 
Biotechnology - 3.1%
 
 
 
Biogen, Inc. (a)
 
57,270
15,454,882
Exelixis, Inc. (a)
 
40,607
693,568
Gilead Sciences, Inc.
 
107,417
8,650,291
Horizon Therapeutics PLC (a)
 
22,053
2,414,583
Incyte Corp. (a)
 
149,402
11,500,966
Ionis Pharmaceuticals, Inc. (a)
 
63,898
2,293,938
Regeneron Pharmaceuticals, Inc. (a)
 
2,504
1,904,092
Sarepta Therapeutics, Inc. (a)
 
44,124
5,388,864
Seagen, Inc. (a)
 
9,425
1,693,578
Ultragenyx Pharmaceutical, Inc. (a)
 
50,133
2,230,417
United Therapeutics Corp. (a)
 
16,213
3,989,047
 
 
 
56,214,226
Health Care Equipment & Supplies - 2.4%
 
 
 
Abiomed, Inc. (c)
 
3,289
3,355
Becton, Dickinson & Co.
 
2,319
543,921
Dentsply Sirona, Inc.
 
124,603
4,743,636
Hologic, Inc. (a)
 
103,503
8,242,979
IDEXX Laboratories, Inc. (a)
 
24,620
11,651,169
QuidelOrtho Corp. (a)
 
32,311
2,809,118
Shockwave Medical, Inc. (a)
 
9,729
1,850,845
Zimmer Biomet Holdings, Inc.
 
104,800
12,981,576
Zimvie, Inc. (a)
 
23,607
268,648
 
 
 
43,095,247
Health Care Providers & Services - 1.7%
 
 
 
AmerisourceBergen Corp.
 
41,611
6,473,007
Elevance Health, Inc.
 
19,114
8,977,272
Guardant Health, Inc. (a)
 
102,111
3,154,209
Humana, Inc.
 
2,974
1,472,189
Molina Healthcare, Inc. (a)
 
38,171
10,509,621
Quest Diagnostics, Inc.
 
9,151
1,266,132
 
 
 
31,852,430
Life Sciences Tools & Services - 2.6%
 
 
 
10X Genomics, Inc. (a)
 
137,373
6,527,965
Agilent Technologies, Inc.
 
115,673
16,422,096
IQVIA Holdings, Inc. (a)
 
6,011
1,253,113
Mettler-Toledo International, Inc. (a)
 
8,981
12,876,150
QIAGEN NV (a)
 
30,429
1,398,213
Syneos Health, Inc. (a)
 
57,851
2,326,767
Waters Corp. (a)
 
19,564
6,082,252
 
 
 
46,886,556
Pharmaceuticals - 0.7%
 
 
 
Elanco Animal Health, Inc. (a)
 
70,814
812,237
Jazz Pharmaceuticals PLC (a)
 
14,546
2,042,258
Viatris, Inc.
 
902,528
10,288,819
 
 
 
13,143,314
TOTAL HEALTH CARE
 
 
191,191,773
INDUSTRIALS - 17.7%
 
 
 
Aerospace & Defense - 1.7%
 
 
 
Axon Enterprise, Inc. (a)
 
55,859
11,189,116
Parsons Corp. (a)
 
187,909
8,461,542
Textron, Inc.
 
169,806
12,316,029
 
 
 
31,966,687
Airlines - 1.1%
 
 
 
Delta Air Lines, Inc. (a)
 
213,162
8,172,631
United Airlines Holdings, Inc. (a)
 
250,310
13,006,108
 
 
 
21,178,739
Building Products - 1.5%
 
 
 
Allegion PLC
 
30,686
3,458,619
Carrier Global Corp.
 
360,683
16,241,555
Johnson Controls International PLC
 
11,821
741,413
Owens Corning
 
207
20,243
Trane Technologies PLC
 
37,318
6,902,710
 
 
 
27,364,540
Commercial Services & Supplies - 2.0%
 
 
 
Cintas Corp.
 
36,565
16,032,656
Republic Services, Inc.
 
92,828
11,968,314
Rollins, Inc.
 
176,308
6,206,042
Tetra Tech, Inc.
 
14,432
1,975,596
 
 
 
36,182,608
Construction & Engineering - 0.8%
 
 
 
AECOM
 
134,909
11,650,741
EMCOR Group, Inc.
 
20,411
3,413,127
 
 
 
15,063,868
Electrical Equipment - 2.0%
 
 
 
Acuity Brands, Inc.
 
52,487
10,180,379
AMETEK, Inc.
 
88,718
12,558,920
Atkore, Inc. (a)
 
14,448
2,109,697
nVent Electric PLC
 
245,948
11,274,256
 
 
 
36,123,252
Machinery - 3.6%
 
 
 
AGCO Corp.
 
80,264
11,301,974
Allison Transmission Holdings, Inc.
 
219,715
10,436,463
Cummins, Inc.
 
37,020
8,998,822
Donaldson Co., Inc.
 
26,289
1,662,779
Fortive Corp.
 
195,724
13,046,962
Otis Worldwide Corp.
 
36,223
3,065,190
PACCAR, Inc.
 
118,834
8,579,815
Parker Hannifin Corp.
 
16,948
5,963,154
Snap-On, Inc.
 
7,705
1,916,079
 
 
 
64,971,238
Professional Services - 1.3%
 
 
 
Booz Allen Hamilton Holding Corp. Class A
 
85,683
8,116,751
CoStar Group, Inc. (a)
 
105,571
7,459,647
Leidos Holdings, Inc.
 
78,194
7,590,292
 
 
 
23,166,690
Road & Rail - 1.3%
 
 
 
CSX Corp.
 
158,587
4,835,318
Old Dominion Freight Lines, Inc.
 
25,675
8,710,501
Schneider National, Inc. Class B
 
35,084
984,457
XPO, Inc. (a)
 
271,562
9,059,308
 
 
 
23,589,584
Trading Companies & Distributors - 2.4%
 
 
 
Fastenal Co.
 
169,878
8,758,910
United Rentals, Inc.
 
34,402
16,118,369
Univar Solutions, Inc. (a)
 
95,952
3,334,332
W.W. Grainger, Inc.
 
22,344
14,935,400
 
 
 
43,147,011
TOTAL INDUSTRIALS
 
 
322,754,217
INFORMATION TECHNOLOGY - 17.5%
 
 
 
Communications Equipment - 1.4%
 
 
 
Arista Networks, Inc. (a)
 
72,360
10,036,332
F5, Inc. (a)
 
32,608
4,662,292
Juniper Networks, Inc.
 
341,443
10,509,616
 
 
 
25,208,240
Electronic Equipment & Components - 1.1%
 
 
 
Amphenol Corp. Class A
 
77,555
6,012,064
Keysight Technologies, Inc. (a)
 
80,839
12,931,006
Vontier Corp.
 
46,639
1,220,543
 
 
 
20,163,613
IT Services - 4.0%
 
 
 
Akamai Technologies, Inc. (a)
 
21,163
1,536,434
Amdocs Ltd.
 
87,402
8,006,897
EPAM Systems, Inc. (a)
 
15,500
4,768,575
FleetCor Technologies, Inc. (a)
 
27,351
5,874,721
Gartner, Inc. (a)
 
9,647
3,162,383
GoDaddy, Inc. (a)
 
141,469
10,710,618
Kyndryl Holdings, Inc. (a)
 
91,888
1,441,723
Okta, Inc. (a)
 
70,245
5,007,766
Paychex, Inc.
 
32,041
3,537,326
The Western Union Co.
 
220,972
2,863,797
Twilio, Inc. Class A (a)(b)
 
181,996
12,231,951
WEX, Inc. (a)
 
21,347
4,115,915
Wix.com Ltd. (a)
 
101,934
9,228,085
 
 
 
72,486,191
Semiconductors & Semiconductor Equipment - 2.9%
 
 
 
Allegro MicroSystems LLC (a)
 
70,302
3,070,791
Cirrus Logic, Inc. (a)
 
62,443
6,416,018
Enphase Energy, Inc. (a)
 
67,333
14,175,616
Lattice Semiconductor Corp. (a)
 
118,190
10,041,422
Monolithic Power Systems, Inc.
 
8,236
3,988,612
Qorvo, Inc. (a)
 
108,058
10,901,972
Semtech Corp. (a)
 
71,686
2,208,646
Synaptics, Inc. (a)
 
9,144
1,075,426
 
 
 
51,878,503
Software - 7.6%
 
 
 
Box, Inc. Class A (a)
 
235,652
7,858,994
Cadence Design Systems, Inc. (a)
 
71,888
13,870,071
Crowdstrike Holdings, Inc. (a)
 
40,637
4,904,480
DocuSign, Inc. (a)
 
128,807
7,902,309
Dropbox, Inc. Class A (a)
 
450,956
9,199,502
Fortinet, Inc. (a)
 
131,798
7,834,073
HubSpot, Inc. (a)
 
11,380
4,402,467
New Relic, Inc. (a)
 
67,844
4,950,577
Nutanix, Inc. Class A (a)
 
108,285
3,059,051
Palo Alto Networks, Inc. (a)
 
52,599
9,908,074
RingCentral, Inc. (a)
 
254,828
8,419,517
Splunk, Inc. (a)
 
122,878
12,594,995
Synopsys, Inc. (a)
 
54,592
19,858,388
Teradata Corp. (a)
 
257,594
10,499,531
Unity Software, Inc. (a)(b)
 
23,380
711,687
Workday, Inc. Class A (a)
 
49,372
9,157,025
Zoom Video Communications, Inc. Class A (a)
 
47,865
3,570,250
 
 
 
138,700,991
Technology Hardware, Storage & Peripherals - 0.5%
 
 
 
NetApp, Inc.
 
62,651
4,044,122
Pure Storage, Inc. Class A (a)
 
183,356
5,232,980
 
 
 
9,277,102
TOTAL INFORMATION TECHNOLOGY
 
 
317,714,640
MATERIALS - 6.1%
 
 
 
Chemicals - 3.4%
 
 
 
Ashland, Inc.
 
25,398
2,585,008
CF Industries Holdings, Inc.
 
141,688
12,169,582
Corteva, Inc.
 
245,667
15,302,597
Element Solutions, Inc.
 
256,392
5,266,292
Ginkgo Bioworks Holdings, Inc. Class A (a)(b)
 
1,222,016
1,796,364
Olin Corp.
 
99,414
5,741,159
The Chemours Co. LLC
 
286,431
9,790,212
Westlake Corp.
 
77,103
9,186,051
 
 
 
61,837,265
Containers & Packaging - 1.1%
 
 
 
Avery Dennison Corp.
 
15,852
2,888,076
Berry Global Group, Inc.
 
27,678
1,718,804
Sealed Air Corp.
 
179,994
8,751,308
WestRock Co.
 
186,334
5,850,888
 
 
 
19,209,076
Metals & Mining - 1.6%
 
 
 
Nucor Corp.
 
104,009
17,415,267
Reliance Steel & Aluminum Co.
 
10,411
2,580,262
Steel Dynamics, Inc.
 
67,526
8,515,704
United States Steel Corp.
 
3,660
112,106
 
 
 
28,623,339
Paper & Forest Products - 0.0%
 
 
 
Louisiana-Pacific Corp.
 
13,111
767,125
TOTAL MATERIALS
 
 
110,436,805
REAL ESTATE - 6.5%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 6.0%
 
 
 
American Homes 4 Rent Class A
 
221,824
6,880,980
Apartment Income (REIT) Corp.
 
24,204
914,911
AvalonBay Communities, Inc.
 
8,406
1,450,203
Brixmor Property Group, Inc.
 
216,511
4,901,809
CubeSmart
 
63,094
2,964,787
Douglas Emmett, Inc.
 
231,096
3,265,386
Equity Residential (SBI)
 
39,173
2,449,096
Gaming & Leisure Properties
 
121,040
6,521,635
Highwoods Properties, Inc. (SBI)
 
129,564
3,433,446
Hudson Pacific Properties, Inc.
 
108,845
1,004,639
Invitation Homes, Inc.
 
88,912
2,779,389
Iron Mountain, Inc.
 
19,329
1,019,605
Kilroy Realty Corp.
 
82,463
2,970,317
Life Storage, Inc.
 
19,542
2,355,202
National Retail Properties, Inc.
 
229,533
10,402,436
National Storage Affiliates Trust
 
212,359
8,982,786
Park Hotels & Resorts, Inc.
 
279,450
3,842,438
Public Storage
 
30,679
9,171,487
Regency Centers Corp.
 
144,024
9,059,110
SBA Communications Corp. Class A
 
32,498
8,428,356
Simon Property Group, Inc.
 
31,519
3,848,155
Spirit Realty Capital, Inc.
 
97,925
4,032,552
Ventas, Inc.
 
161,496
7,856,780
 
 
 
108,535,505
Real Estate Management & Development - 0.5%
 
 
 
Zillow Group, Inc.:
 
 
 
 Class A (a)
 
79,234
3,276,326
 Class C (a)
 
146,778
6,164,676
 
 
 
9,441,002
TOTAL REAL ESTATE
 
 
117,976,507
UTILITIES - 4.1%
 
 
 
Electric Utilities - 1.1%
 
 
 
Constellation Energy Corp.
 
54,456
4,078,210
Evergy, Inc.
 
9,357
550,285
FirstEnergy Corp.
 
203,014
8,027,174
Hawaiian Electric Industries, Inc.
 
175,217
7,087,528
Xcel Energy, Inc.
 
12,786
825,592
 
 
 
20,568,789
Gas Utilities - 0.4%
 
 
 
National Fuel Gas Co.
 
77,299
4,427,687
UGI Corp.
 
57,587
2,143,964
 
 
 
6,571,651
Independent Power and Renewable Electricity Producers - 0.9%
 
 
 
Brookfield Renewable Corp.
 
56,292
1,567,732
Clearway Energy, Inc. Class C
 
98,020
3,078,808
The AES Corp.
 
371,426
9,166,794
Vistra Corp.
 
141,665
3,115,213
 
 
 
16,928,547
Multi-Utilities - 1.6%
 
 
 
CenterPoint Energy, Inc.
 
13,040
362,773
Consolidated Edison, Inc.
 
112,816
10,080,110
DTE Energy Co.
 
12,711
1,394,524
NiSource, Inc.
 
160,210
4,394,560
WEC Energy Group, Inc.
 
137,612
12,200,680
 
 
 
28,432,647
Water Utilities - 0.1%
 
 
 
American Water Works Co., Inc.
 
16,099
2,259,978
TOTAL UTILITIES
 
 
74,761,612
 
TOTAL COMMON STOCKS
  (Cost $1,606,739,528)
 
 
 
1,792,316,900
 
 
 
 
Money Market Funds - 2.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.63% (d)
 
20,878,352
20,882,528
Fidelity Securities Lending Cash Central Fund 4.63% (d)(e)
 
25,280,241
25,282,769
 
TOTAL MONEY MARKET FUNDS
  (Cost $46,165,297)
 
 
46,165,297
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.0%
  (Cost $1,652,904,825)
 
 
 
1,838,482,197
NET OTHER ASSETS (LIABILITIES) - (1.0)%  
(17,916,021)
NET ASSETS - 100.0%
1,820,566,176
 
 
 
Futures Contracts  
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P MidCap 400 Index Contracts (United States)
83
Mar 2023
21,606,560
880,941
880,941
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.2%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Level 3 security
 
(d)
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.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.63%
21,467,918
175,729,626
176,315,016
483,480
-
-
20,882,528
0.0%
Fidelity Securities Lending Cash Central Fund 4.63%
41,395,337
95,764,821
111,877,389
87,041
-
-
25,282,769
0.1%
Total
62,863,255
271,494,447
288,192,405
570,521
-
-
46,165,297
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of February 28, 2023, 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:
 
 
 
 
Communication Services
33,411,876
33,411,876
-
-
Consumer Discretionary
249,948,734
249,948,734
-
-
Consumer Staples
47,681,744
47,681,744
-
-
Energy
97,086,442
97,086,442
-
-
Financials
229,352,550
229,352,550
-
-
Health Care
191,191,773
191,188,418
-
3,355
Industrials
322,754,217
322,754,217
-
-
Information Technology
317,714,640
317,714,640
-
-
Materials
110,436,805
110,436,805
-
-
Real Estate
117,976,507
117,976,507
-
-
Utilities
74,761,612
74,761,612
-
-
  Money Market Funds
46,165,297
46,165,297
-
-
 Total Investments in Securities:
1,838,482,197
1,838,478,842
-
3,355
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
880,941
880,941
-
-
  Total Assets
880,941
880,941
-
-
 Total Derivative Instruments:
880,941
880,941
-
-
 
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 28, 2023. 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)  
880,941
0
Total Equity Risk
880,941
0
Total Value of Derivatives
880,941
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity® Mid Cap Enhanced Index Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
February 28, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $24,891,212) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,606,739,528)
$
1,792,316,900
 
 
Fidelity Central Funds (cost $46,165,297)
46,165,297
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,652,904,825)
 
 
$
1,838,482,197
Segregated cash with brokers for derivative instruments
 
 
1,066,500
Receivable for investments sold
 
 
20,828,333
Receivable for fund shares sold
 
 
781,527
Dividends receivable
 
 
2,079,058
Distributions receivable from Fidelity Central Funds
 
 
94,092
  Total assets
 
 
1,863,331,707
Liabilities
 
 
 
 
Payable for investments purchased
$
15,951,855
 
 
Payable for fund shares redeemed
787,380
 
 
Accrued management fee
697,942
 
 
Payable for daily variation margin on futures contracts
44,498
 
 
Collateral on securities loaned
25,283,856
 
 
  Total Liabilities
 
 
 
42,765,531
Net Assets  
 
 
$
1,820,566,176
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,672,862,470
Total accumulated earnings (loss)
 
 
 
147,703,706
Net Assets
 
 
$
1,820,566,176
Net Asset Value , offering price and redemption price per share ($1,820,566,176 ÷ 111,592,579 shares)
 
 
$
16.31
 
Statement of Operations
 
 
 
Six months ended
February 28, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
12,624,972
Interest  
 
 
23,171
Income from Fidelity Central Funds (including $87,041 from security lending)
 
 
570,521
 Total Income
 
 
 
13,218,664
Expenses
 
 
 
 
Management fee
$
3,880,217
 
 
Independent trustees' fees and expenses
3,077
 
 
 Total expenses before reductions
 
3,883,294
 
 
 Expense reductions
 
(514)
 
 
 Total expenses after reductions
 
 
 
3,882,780
Net Investment income (loss)
 
 
 
9,335,884
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(33,530,131)
 
 
 Futures contracts
 
2,468,272
 
 
Total net realized gain (loss)
 
 
 
(31,061,859)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
122,584,338
 
 
 Futures contracts
 
(243,980)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
122,340,358
Net gain (loss)
 
 
 
91,278,499
Net increase (decrease) in net assets resulting from operations
 
 
$
100,614,383
Statement of Changes in Net Assets
 
 
Six months ended
February 28, 2023
(Unaudited)
 
Year ended
August 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
9,335,884
$
19,011,742
Net realized gain (loss)
 
(31,061,859)
 
 
101,845,182
 
Change in net unrealized appreciation (depreciation)
 
122,340,358
 
(369,508,755)
 
Net increase (decrease) in net assets resulting from operations
 
100,614,383
 
 
(248,651,831)
 
Distributions to shareholders
 
(57,460,804)
 
 
(258,245,278)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
197,841,284
 
330,859,667
  Reinvestment of distributions
 
54,197,269
 
 
243,001,334
 
Cost of shares redeemed
 
(129,488,167)
 
(454,449,105)
  Net increase (decrease) in net assets resulting from share transactions
 
122,550,386
 
 
119,411,896
 
Total increase (decrease) in net assets
 
165,703,965
 
 
(387,485,213)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,654,862,211
 
2,042,347,424
 
End of period
$
1,820,566,176
$
1,654,862,211
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
12,254,989
 
17,822,532
  Issued in reinvestment of distributions
 
3,496,598
 
 
13,560,343
 
Redeemed
 
(8,117,565)
 
(25,723,746)
Net increase (decrease)
 
7,634,022
 
5,659,129
 
 
 
 
 
 
Financial Highlights
Fidelity® Mid Cap Enhanced Index Fund
 
 
Six months ended
(Unaudited) February 28, 2023  
 
Years ended August 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.92
$
20.78
$
15.16
$
14.59
$
16.42
$
14.93
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09
 
.18
 
.14
 
.19
 
.21
 
.26
     Net realized and unrealized gain (loss)
 
.83
 
(2.46)
 
6.07
 
.97
 
(.71)
 
2.17
  Total from investment operations
 
.92  
 
(2.28)  
 
6.21  
 
1.16  
 
(.50)
 
2.43
  Distributions from net investment income
 
(.15)
 
(.15) C
 
(.16)
 
(.22)
 
(.25)
 
(.21)
  Distributions from net realized gain
 
(.37)
 
(2.43) C
 
(.43)
 
(.38)
 
(1.09)
 
(.73)
     Total distributions
 
(.53) D
 
(2.58)
 
(.59)
 
(.59) D
 
(1.33) D
 
(.94)
  Net asset value, end of period
$
16.31
$
15.92
$
20.78
$
15.16
$
14.59
$
16.42
 Total Return   E,F
 
5.92%
 
(12.36)%
 
41.82%
 
7.91%
 
(2.19)%
 
16.67%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.45% I
 
.51%
 
.59%
 
.59%
 
.59%
 
.59%
    Expenses net of fee waivers, if any
 
.45% I
 
.51%
 
.59%
 
.59%
 
.59%
 
.59%
    Expenses net of all reductions
 
.45% I
 
.51%
 
.59%
 
.59%
 
.59%
 
.59%
    Net investment income (loss)
 
1.08% I
 
1.00%
 
.77%
 
1.33%
 
1.46%
 
1.64%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,820,566
$
1,654,862
$
2,042,347
$
1,182,253
$
1,263,319
$
1,289,418
    Portfolio turnover rate J
 
101% I
 
116%
 
70%
 
73%
 
90%
 
108%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
D Total distributions per share do not sum due to rounding.
 
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
I Annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
 
Top Holdings (% of Fund's net assets)
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.0
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
1.9
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
1.8
 
Novartis AG  (Switzerland, Pharmaceuticals)
1.6
 
Shell PLC (London)  (United Kingdom, Oil, Gas & Consumable Fuels)
1.6
 
Nestle SA (Reg. S)  (Switzerland, Food Products)
1.6
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
1.4
 
BHP Group Ltd.  (Australia, Metals & Mining)
1.2
 
L'Oreal SA  (France, Personal Products)
1.2
 
Siemens AG  (Germany, Industrial Conglomerates)
1.0
 
 
15.3
 
 
Market Sectors (% of Fund's net assets)
 
Financials
17.2
 
Industrials
17.0
 
Consumer Discretionary
13.6
 
Health Care
11.3
 
Information Technology
9.0
 
Consumer Staples
8.4
 
Materials
8.0
 
Energy
5.1
 
Communication Services
4.0
 
Utilities
2.9
 
Real Estate
1.9
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 98.4%
Geographic Diversification (% of Fund's net assets)
 
*    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 derivatives, if applicable.
 
 
Fidelity® International Enhanced Index Fund
Showing Percentage of Net Assets
Common Stocks - 98.3%
 
 
Shares
Value ($)
 
Australia - 7.6%
 
 
 
ANZ Group Holdings Ltd.
 
688,986
11,396,849
APA Group unit
 
550,236
3,972,823
Aristocrat Leisure Ltd.
 
220,673
5,425,856
Aurizon Holdings Ltd.
 
855,005
1,904,352
BHP Group Ltd.
 
604,027
18,371,530
BHP Group Ltd. sponsored ADR
 
33,761
2,058,408
Commonwealth Bank of Australia
 
65,811
4,458,978
Computershare Ltd.
 
399,115
6,660,399
CSL Ltd.
 
13,468
2,685,253
Dexus unit
 
86,963
493,302
Fortescue Metals Group Ltd.
 
237,075
3,413,894
Macquarie Group Ltd.
 
49,560
6,320,288
Medibank Private Ltd.
 
877,617
1,972,432
Mineral Resources Ltd.
 
23,924
1,329,089
National Australia Bank Ltd.
 
101,967
2,052,421
Pilbara Minerals Ltd.
 
990,676
2,779,830
Qantas Airways Ltd. (a)
 
1,272,685
5,498,022
Rio Tinto Ltd.
 
111,091
8,725,933
Santos Ltd.
 
166,574
777,802
Scentre Group unit
 
1,960,292
3,930,860
Stockland Corp. Ltd. unit
 
582,853
1,506,055
Suncorp Group Ltd.
 
362,632
3,135,594
Telstra Group Ltd.
 
2,908,541
8,141,774
Transurban Group unit
 
130,937
1,249,364
Wesfarmers Ltd.
 
159,624
5,181,506
Westpac Banking Corp.
 
36,722
556,722
WiseTech Global Ltd.
 
3,994
169,316
TOTAL AUSTRALIA
 
 
114,168,652
Austria - 0.2%
 
 
 
Erste Group Bank AG
 
37,840
1,488,069
OMV AG
 
18,021
878,894
Raiffeisen International Bank-Holding AG (a)
 
46,031
769,254
Voestalpine AG
 
6,678
247,357
TOTAL AUSTRIA
 
 
3,383,574
Belgium - 1.0%
 
 
 
Ageas
 
81,797
3,696,858
D'ieteren Group
 
19,043
3,696,017
ELIA GROUP SA/NV
 
11,919
1,573,319
Solvay SA Class A
 
52,468
6,007,377
Umicore SA
 
15,653
522,679
TOTAL BELGIUM
 
 
15,496,250
Bermuda - 0.5%
 
 
 
Jardine Matheson Holdings Ltd.
 
136,700
6,769,384
Cayman Islands - 1.5%
 
 
 
ASMPT Ltd.
 
305,400
2,602,907
CK Asset Holdings Ltd.
 
298,328
1,869,918
CK Hutchison Holdings Ltd.
 
1,401,500
8,368,710
Grab Holdings Ltd. (a)(b)
 
1,005,817
3,228,673
SITC International Holdings Co. Ltd.
 
338,000
706,194
WH Group Ltd. (c)
 
6,204,455
3,610,552
Xinyi Glass Holdings Ltd.
 
960,000
1,792,952
TOTAL CAYMAN ISLANDS
 
 
22,179,906
Denmark - 3.3%
 
 
 
A.P. Moller - Maersk A/S:
 
 
 
 Series A
 
1,284
2,941,301
 Series B
 
1,086
2,529,672
Carlsberg A/S Series B
 
13,682
1,933,417
Danske Bank A/S
 
46,634
1,083,171
Genmab A/S (a)
 
25,770
9,695,938
Novo Nordisk A/S:
 
 
 
 Series B
 
189,396
26,753,184
 Series B sponsored ADR
 
27,913
3,935,454
Novozymes A/S Series B
 
26,926
1,297,888
TOTAL DENMARK
 
 
50,170,025
Finland - 1.8%
 
 
 
Elisa Corp. (A Shares)
 
87,811
4,989,390
Fortum Corp.
 
116,532
1,782,280
Kesko Oyj
 
237,469
5,166,587
Kone OYJ (B Shares)
 
72,580
3,773,141
Nordea Bank ABP
 
637,571
8,078,660
Sampo Oyj (A Shares)
 
34,274
1,669,024
Stora Enso Oyj (R Shares)
 
47,726
676,177
Wartsila Corp.
 
31,591
305,937
TOTAL FINLAND
 
 
26,441,196
France - 12.5%
 
 
 
Air Liquide SA
 
3,504
556,703
Arkema SA
 
4,775
485,658
AXA SA
 
179,180
5,646,229
bioMerieux SA
 
3,381
331,646
BNP Paribas SA
 
33,291
2,327,413
Compagnie de St. Gobain
 
75,309
4,475,064
Danone SA
 
15,178
853,191
Edenred SA
 
134,857
7,605,471
Eiffage SA
 
56,507
6,215,815
Engie SA
 
670,507
9,784,961
EssilorLuxottica SA
 
3,264
567,564
Gecina SA
 
20,360
2,349,444
Getlink SE
 
260,464
4,387,222
Hermes International SCA
 
7,546
13,692,099
Kering SA
 
11,133
6,527,514
Klepierre SA
 
149,564
3,744,448
L'Oreal SA
 
43,896
17,350,901
La Francaise des Jeux SAEM (c)
 
96,618
3,820,991
Legrand SA
 
18,568
1,715,074
LVMH Moet Hennessy Louis Vuitton SE
 
35,783
29,747,377
Orange SA
 
290,558
3,317,098
Orange SA ADR
 
55,037
631,825
Pernod Ricard SA
 
14,686
3,070,950
Publicis Groupe SA
 
34,908
2,778,026
Safran SA
 
89,685
12,663,655
Sanofi SA
 
38,359
3,586,503
Schneider Electric SA
 
3,904
626,425
Societe Generale Series A
 
128,073
3,691,009
Teleperformance
 
6,701
1,743,561
Thales SA
 
10,674
1,492,523
TotalEnergies SE
 
334,226
20,623,156
Ubisoft Entertainment SA (a)
 
72,177
1,582,483
VINCI SA
 
73,881
8,427,042
Wendel SA
 
6,516
740,887
TOTAL FRANCE
 
 
187,159,928
Germany - 8.2%
 
 
 
Allianz SE
 
39,009
9,159,839
Brenntag SE
 
14,545
1,098,435
Commerzbank AG (a)
 
64,600
787,474
Deutsche Bank AG
 
541,268
6,755,490
Deutsche Borse AG
 
61,116
10,657,044
Deutsche Lufthansa AG (a)
 
848,649
8,816,385
Evonik Industries AG
 
56,175
1,201,992
GEA Group AG
 
24,578
1,081,960
Hannover Reuck SE
 
1,354
263,082
Henkel AG & Co. KGaA
 
11,050
764,052
Infineon Technologies AG
 
333,183
11,786,822
Knorr-Bremse AG
 
38,057
2,586,542
Mercedes-Benz Group AG:
 
 
 
 ADR
 
50,266
964,605
 (Germany)
 
175,916
13,482,689
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
25,186
8,687,054
Nemetschek SE
 
42,024
2,386,011
Rational AG
 
1,024
680,177
RWE AG
 
236,325
10,058,429
SAP SE
 
35,914
4,080,225
Scout24 AG (c)
 
16,030
880,300
Siemens AG
 
102,155
15,567,600
Siemens AG sponsored ADR
 
36,490
2,789,296
Siemens Energy AG (b)
 
211,293
4,239,503
Telefonica Deutschland Holding AG
 
1,198,201
3,638,525
TOTAL GERMANY
 
 
122,413,531
Hong Kong - 1.3%
 
 
 
AIA Group Ltd.
 
451,632
4,799,953
BOC Hong Kong (Holdings) Ltd.
 
2,597,500
8,785,847
Hong Kong Exchanges and Clearing Ltd.
 
75,900
3,039,997
Link (REIT)
 
141,200
928,214
Link (REIT) rights (a)
 
28,240
26,623
New World Development Co. Ltd.
 
240,000
652,789
Swire Pacific Ltd. (A Shares)
 
108,500
884,654
TOTAL HONG KONG
 
 
19,118,077
Ireland - 0.0%
 
 
 
CRH PLC sponsored ADR
 
15,631
739,503
Israel - 0.6%
 
 
 
Bank Hapoalim BM (Reg.)
 
84,028
703,338
Check Point Software Technologies Ltd. (a)
 
7,689
951,283
CyberArk Software Ltd. (a)
 
18,671
2,703,001
Wix.com Ltd. (a)
 
56,688
5,131,965
TOTAL ISRAEL
 
 
9,489,587
Italy - 1.1%
 
 
 
Assicurazioni Generali SpA
 
93,044
1,841,300
Eni SpA
 
130,988
1,850,079
Intesa Sanpaolo SpA
 
784,676
2,119,633
Poste Italiane SpA (c)
 
450,811
4,863,593
UniCredit SpA
 
269,985
5,523,500
TOTAL ITALY
 
 
16,198,105
Japan - 21.6%
 
 
 
Advantest Corp.
 
7,700
611,340
AEON Co. Ltd.
 
137,700
2,568,822
Ajinomoto Co., Inc.
 
261,000
7,702,236
Amada Co. Ltd.
 
229,100
2,084,792
ASAHI INTECC Co. Ltd.
 
71,800
1,223,429
Astellas Pharma, Inc.
 
154,025
2,162,909
Chubu Electric Power Co., Inc.
 
25,100
260,300
Concordia Financial Group Ltd.
 
221,400
951,261
Dai Nippon Printing Co. Ltd.
 
380
10,187
Daifuku Co. Ltd.
 
34,500
1,882,670
Daiichi Sankyo Kabushiki Kaisha
 
410,900
12,941,845
Dentsu Group, Inc.
 
130,000
4,172,451
Fast Retailing Co. Ltd.
 
26,400
5,215,820
GLP J-REIT
 
795
835,551
Hamamatsu Photonics K.K.
 
151,200
7,418,134
Hikari Tsushin, Inc.
 
4,300
624,369
Hirose Electric Co. Ltd.
 
26,100
3,191,693
Hitachi Construction Machinery Co. Ltd.
 
70,400
1,574,441
Hitachi Ltd.
 
197,800
10,009,489
Honda Motor Co. Ltd.
 
121,200
3,151,585
Hoya Corp.
 
102,484
10,138,882
Ibiden Co. Ltd.
 
123,800
4,250,780
Idemitsu Kosan Co. Ltd.
 
63,200
1,408,777
Itochu Corp.
 
97,800
2,922,759
Japan Post Bank Co. Ltd. (b)
 
764,500
6,603,151
Japan Post Holdings Co. Ltd.
 
874,977
7,775,860
Kamigumi Co. Ltd.
 
63,700
1,260,386
Keyence Corp.
 
1,200
519,026
Kikkoman Corp.
 
7,000
327,494
Kintetsu Group Holdings Co. Ltd.
 
103,400
3,132,643
Lawson, Inc.
 
78,000
3,070,618
Marubeni Corp.
 
215,150
2,749,521
Mazda Motor Corp.
 
508,900
4,553,153
Minebea Mitsumi, Inc.
 
43,100
747,693
Mitsubishi Chemical Holdings Corp.
 
827,600
4,820,145
Mitsubishi Corp.
 
275,600
9,369,853
Mitsubishi Electric Corp.
 
240,458
2,702,079
Mitsubishi Heavy Industries Ltd.
 
39,200
1,443,854
Mitsubishi UFJ Financial Group, Inc.
 
335,200
2,376,398
Mitsui & Co. Ltd.
 
401,900
11,287,618
Mitsui Chemicals, Inc.
 
21,700
523,554
NGK Insulators Ltd.
 
116,900
1,552,313
Nintendo Co. Ltd.
 
181,800
6,806,061
Nippon Express Holdings, Inc.
 
76,200
4,253,388
Nippon Steel & Sumitomo Metal Corp.
 
162,000
3,613,485
Nippon Telegraph & Telephone Corp.
 
69,500
2,013,889
Nissan Chemical Corp.
 
34,700
1,524,042
Nissan Motor Co. Ltd. sponsored ADR (b)
 
87,636
685,314
Nitto Denko Corp.
 
100,200
6,034,593
OBIC Co. Ltd.
 
19,900
2,914,370
Olympus Corp.
 
459,900
7,748,600
Ono Pharmaceutical Co. Ltd.
 
123,800
2,527,737
Open House Group Co. Ltd.
 
19,700
708,971
Oracle Corp. Japan
 
50,400
3,435,144
Panasonic Holdings Corp.
 
124,800
1,089,757
Recruit Holdings Co. Ltd.
 
347,400
9,315,821
Renesas Electronics Corp. (a)
 
768,900
9,932,263
Ricoh Co. Ltd.
 
545,200
4,236,507
ROHM Co. Ltd.
 
2,500
192,428
SCSK Corp.
 
36,400
528,001
Seiko Epson Corp.
 
158,500
2,185,043
Shin-Etsu Chemical Co. Ltd.
 
89,300
12,379,763
Shin-Etsu Chemical Co. Ltd. ADR
 
12,090
418,314
Shionogi & Co. Ltd.
 
78,300
3,468,849
Shiseido Co. Ltd.
 
49,700
2,289,073
Shizuoka Financial Group
 
219,800
1,756,398
SMC Corp.
 
8,500
4,320,604
SoftBank Corp.
 
943,600
10,644,725
Sony Group Corp.
 
148,600
12,425,409
Subaru Corp.
 
127,400
2,046,840
Sumco Corp.
 
8,800
121,444
Sumitomo Chemical Co. Ltd.
 
1,551,200
5,434,412
Sumitomo Corp.
 
355,300
6,061,929
Sysmex Corp.
 
30,300
1,816,153
Takeda Pharmaceutical Co. Ltd.
 
190,200
5,862,782
Takeda Pharmaceutical Co. Ltd. ADR
 
69,120
1,060,992
TDK Corp.
 
47,300
1,584,136
Tobu Railway Co. Ltd.
 
42,100
939,988
Tokio Marine Holdings, Inc.
 
337,500
7,164,950
Toyota Motor Corp.
 
507,295
6,914,217
Toyota Tsusho Corp.
 
77,400
3,160,692
USS Co. Ltd.
 
82,100
1,332,003
Yokogawa Electric Corp.
 
89,200
1,332,546
Z Holdings Corp.
 
1,551,400
4,164,966
ZOZO, Inc.
 
202,200
4,494,032
TOTAL JAPAN
 
 
323,070,512
Luxembourg - 0.6%
 
 
 
Aroundtown SA
 
347,948
902,396
Eurofins Scientific SA
 
51,364
3,585,628
Tenaris SA
 
160,529
2,641,047
Tenaris SA sponsored ADR
 
70,518
2,327,799
TOTAL LUXEMBOURG
 
 
9,456,870
Netherlands - 5.9%
 
 
 
Airbus Group NV
 
5,650
739,984
ASML Holding NV
 
5,583
3,448,787
ASML Holding NV (Netherlands)
 
46,383
28,588,467
CNH Industrial NV
 
37,820
621,034
Ferrari NV (Italy)
 
7,191
1,865,732
Heineken Holding NV
 
31,981
2,738,239
ING Groep NV (Certificaten Van Aandelen)
 
63,155
883,862
Koninklijke Ahold Delhaize NV
 
208,712
6,627,003
Koninklijke Philips Electronics NV
 
304,254
4,967,491
NN Group NV
 
76,172
3,085,721
OCI NV
 
117,530
3,903,381
Prosus NV
 
89,526
6,418,050
QIAGEN NV (Germany) (a)
 
33,027
1,521,667
Stellantis NV (Italy)
 
400,717
7,016,220
STMicroelectronics NV (France)
 
190,758
9,137,615
Wolters Kluwer NV
 
54,125
6,265,795
TOTAL NETHERLANDS
 
 
87,829,048
New Zealand - 0.1%
 
 
 
Meridian Energy Ltd.
 
582,070
1,911,037
Spark New Zealand Ltd.
 
76,182
235,517
TOTAL NEW ZEALAND
 
 
2,146,554
Norway - 0.4%
 
 
 
DNB Bank ASA
 
160,586
3,204,529
Equinor ASA
 
9,441
289,021
Gjensidige Forsikring ASA
 
182,374
3,238,364
TOTAL NORWAY
 
 
6,731,914
Singapore - 1.2%
 
 
 
Oversea-Chinese Banking Corp. Ltd.
 
776,600
7,296,913
Singapore Exchange Ltd.
 
91,900
593,607
United Overseas Bank Ltd.
 
445,555
9,876,011
TOTAL SINGAPORE
 
 
17,766,531
Spain - 2.8%
 
 
 
ACS Actividades de Construccion y Servicios SA
 
154,097
4,671,247
Amadeus IT Holding SA Class A (a)
 
105,528
6,635,907
Banco Bilbao Vizcaya Argentaria SA
 
963,928
7,492,647
Banco Santander SA (Spain)
 
940,157
3,701,781
Iberdrola SA
 
387,978
4,447,560
Industria de Diseno Textil SA
 
375,256
11,560,424
Naturgy Energy Group SA
 
17,587
484,762
Red Electrica Corporacion SA
 
146,458
2,433,615
TOTAL SPAIN
 
 
41,427,943
Sweden - 3.0%
 
 
 
Atlas Copco AB:
 
 
 
 (A Shares)
 
236,955
2,813,183
 (B Shares)
 
127,166
1,343,820
Epiroc AB (A Shares)
 
87,812
1,687,560
Evolution AB (c)
 
58,777
7,111,860
Fastighets AB Balder (a)
 
921,387
4,578,769
Industrivarden AB (A Shares)
 
75,820
2,087,440
Indutrade AB
 
25,533
543,930
Kinnevik AB (B Shares) (a)
 
222,883
3,324,721
Sagax AB
 
28,311
698,039
Securitas AB (B Shares)
 
168,300
1,453,091
Skandinaviska Enskilda Banken AB (A Shares)
 
123,335
1,544,044
Svenska Handelsbanken AB (A Shares)
 
473,957
5,027,246
Swedbank AB (A Shares)
 
113,750
2,323,247
Swedish Orphan Biovitrum AB (a)
 
152,844
3,520,318
Volvo AB (B Shares)
 
351,549
7,045,757
TOTAL SWEDEN
 
 
45,103,025
Switzerland - 8.3%
 
 
 
ABB Ltd.:
 
 
 
 (Reg.)
 
273,056
9,086,505
 sponsored ADR (b)
 
34,931
1,163,202
Baloise Holdings AG
 
2,346
389,817
Banque Cantonale Vaudoise
 
3,586
319,631
Coca-Cola HBC AG
 
16,416
419,997
Compagnie Financiere Richemont SA:
 
 
 
 (depositary receipt)
 
86,458
1,311,111
 Series A
 
94,740
14,314,868
Givaudan SA
 
834
2,515,681
Holcim AG
 
190,001
11,728,681
Nestle SA (Reg. S)
 
205,690
23,175,225
Novartis AG
 
284,967
23,982,858
Partners Group Holding AG
 
2,240
2,125,247
Roche Holding AG:
 
 
 
 (Bearer) (b)
 
6,162
1,905,159
 (participation certificate)
 
40,454
11,664,465
Swatch Group AG (Bearer)
 
1,842
639,913
Swatch Group AG (Bearer) (Reg.)
 
6,816
435,295
Swiss Life Holding AG
 
14,272
8,579,717
Swiss Prime Site AG
 
11,659
984,117
UBS Group AG
 
274,806
5,966,749
VAT Group AG (c)
 
557
168,191
Zurich Insurance Group Ltd.
 
6,178
2,930,555
TOTAL SWITZERLAND
 
 
123,806,984
United Kingdom - 14.8%
 
 
 
3i Group PLC
 
64,861
1,268,957
Admiral Group PLC
 
72,320
1,914,652
Anglo American PLC (United Kingdom)
 
168,656
5,827,863
Ashtead Group PLC
 
11,679
774,049
AstraZeneca PLC (United Kingdom)
 
95,362
12,423,579
BAE Systems PLC
 
954,035
10,303,772
Barclays PLC
 
1,004,944
2,108,964
BP PLC
 
2,155,144
14,162,599
BP PLC sponsored ADR
 
135,012
5,346,475
British American Tobacco PLC (United Kingdom)
 
169,594
6,418,420
Bunzl PLC
 
72,634
2,589,582
Burberry Group PLC
 
222,482
6,606,507
Compass Group PLC
 
306,133
7,072,226
Diageo PLC
 
48,246
2,047,390
Direct Line Insurance Group PLC
 
707,464
1,534,730
GSK PLC
 
471,455
8,076,458
GSK PLC sponsored ADR
 
174,486
5,979,635
Hargreaves Lansdown PLC
 
32,044
319,762
HSBC Holdings PLC:
 
 
 
 (United Kingdom)
 
1,211,593
9,280,860
 sponsored ADR
 
194,018
7,432,830
Imperial Brands PLC
 
283,609
6,832,504
InterContinental Hotel Group PLC
 
87,413
5,892,623
InterContinental Hotel Group PLC ADR
 
51,032
3,514,064
Legal & General Group PLC
 
412,935
1,271,052
Lloyds Banking Group PLC
 
7,105,944
4,487,622
Pearson PLC
 
161,169
1,782,799
Persimmon PLC
 
38,484
672,369
Reckitt Benckiser Group PLC
 
169,114
11,733,978
Reckitt Benckiser Group PLC ADR (b)
 
13,198
186,488
Rio Tinto PLC
 
127,322
8,737,416
Rio Tinto PLC sponsored ADR
 
85,153
5,937,719
Sage Group PLC
 
385,598
3,472,131
Schroders PLC
 
838,519
5,016,839
Shell PLC:
 
 
 
 ADR
 
11,015
669,382
 (London)
 
772,727
23,404,650
 rights (a)(d)
 
772,727
222,159
SSE PLC
 
278,571
5,830,203
Unilever PLC
 
266,000
13,243,479
Vodafone Group PLC
 
5,873,737
7,033,066
TOTAL UNITED KINGDOM
 
 
221,429,853
 
TOTAL COMMON STOCKS
  (Cost $1,306,599,149)
 
 
 
1,472,496,952
 
 
 
 
Nonconvertible Preferred Stocks - 0.1%
 
 
Shares
Value ($)
 
Germany - 0.1%
 
 
 
Henkel AG & Co. KGaA
  (Cost $1,578,697)
 
25,351
1,844,244
 
 
 
 
Money Market Funds - 2.3%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.63% (e)
 
20,021,091
20,025,095
Fidelity Securities Lending Cash Central Fund 4.63% (e)(f)
 
14,442,855
14,444,299
 
TOTAL MONEY MARKET FUNDS
  (Cost $34,469,395)
 
 
34,469,394
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.7%
  (Cost $1,342,647,241)
 
 
 
1,508,810,590
NET OTHER ASSETS (LIABILITIES) - (0.7)%  
(9,986,164)
NET ASSETS - 100.0%
1,498,824,426
 
 
 
Futures Contracts  
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE E-mini MSCI EAFE Index Contracts (United States)
187
Mar 2023
19,135,710
81,341
81,341
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.3%
 
 
 
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 exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $20,455,487 or 1.4% of net assets.
 
(d)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(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
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 4.63%
18,255,010
164,141,592
162,371,506
457,457
-
(1)
20,025,095
0.0%
Fidelity Securities Lending Cash Central Fund 4.63%
5,934,742
112,342,261
103,832,704
58,447
-
-
14,444,299
0.0%
Total
24,189,752
276,483,853
266,204,210
515,904
-
(1)
34,469,394
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of February 28, 2023, 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:
 
 
 
 
Communication Services
61,030,096
25,467,808
35,562,288
-
Consumer Discretionary
201,994,185
65,960,955
136,033,230
-
Consumer Staples
123,974,860
27,540,504
96,434,356
-
Energy
74,601,840
10,631,327
63,970,513
-
Financials
262,327,137
149,273,818
113,053,319
-
Health Care
174,134,978
48,548,117
125,586,861
-
Industrials
249,727,403
160,225,153
89,502,250
-
Information Technology
137,813,162
67,651,863
70,161,299
-
Materials
121,813,067
94,311,322
27,501,745
-
Real Estate
24,385,179
24,358,556
26,623
-
Utilities
42,539,289
22,476,565
20,062,724
-
  Money Market Funds
34,469,394
34,469,394
-
-
 Total Investments in Securities:
1,508,810,590
730,915,382
777,895,208
-
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
81,341
81,341
-
-
  Total Assets
81,341
81,341
-
-
 Total Derivative Instruments:
81,341
81,341
-
-
 
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 28, 2023. 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)  
81,341
0
Total Equity Risk
81,341
0
Total Value of Derivatives
81,341
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Fidelity® International Enhanced Index Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
 
 
February 28, 2023
(Unaudited)
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $13,458,434) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,308,177,846)
$
1,474,341,196
 
 
Fidelity Central Funds (cost $34,469,395)
34,469,394
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,342,647,241)
 
 
$
1,508,810,590
Segregated cash with brokers for derivative instruments
 
 
631,509
Cash
 
 
529
Foreign currency held at value (cost $62,108)
 
 
61,966
Receivable for investments sold
 
 
2,665
Receivable for fund shares sold
 
 
469,776
Dividends receivable
 
 
2,372,825
Reclaims receivable
 
 
2,721,769
Distributions receivable from Fidelity Central Funds
 
 
75,512
  Total assets
 
 
1,515,147,141
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
$
2,664
 
 
Delayed delivery
222,159
 
 
Payable for fund shares redeemed
799,451
 
 
Accrued management fee
700,223
 
 
Payable for daily variation margin on futures contracts
153,832
 
 
Collateral on securities loaned
14,444,386
 
 
  Total Liabilities
 
 
 
16,322,715
Net Assets  
 
 
$
1,498,824,426
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,543,996,814
Total accumulated earnings (loss)
 
 
 
(45,172,388)
Net Assets
 
 
$
1,498,824,426
Net Asset Value , offering price and redemption price per share ($1,498,824,426 ÷ 152,341,555 shares)
 
 
$
9.84
 
Statement of Operations
 
 
 
Six months ended
February 28, 2023
(Unaudited)
Investment Income
 
 
 
 
Dividends
 
 
$
13,668,542
Interest  
 
 
22,549
Income from Fidelity Central Funds (including $58,447 from security lending)
 
 
515,904
 Income before foreign taxes withheld
 
 
$
14,206,995
Less foreign taxes withheld
 
 
(833,821)
 Total Income
 
 
 
13,373,174
Expenses
 
 
 
 
Management fee
$
3,856,603
 
 
Independent trustees' fees and expenses
2,488
 
 
Interest
7,068
 
 
 Total expenses before reductions
 
3,866,159
 
 
 Expense reductions
 
(67)
 
 
 Total expenses after reductions
 
 
 
3,866,092
Net Investment income (loss)
 
 
 
9,507,082
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(52,681,952)
 
 
 Foreign currency transactions
 
(93,121)
 
 
 Futures contracts
 
2,234,963
 
 
Total net realized gain (loss)
 
 
 
(50,540,110)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
212,687,572
 
 
   Fidelity Central Funds
 
(1)
 
 
 Assets and liabilities in foreign currencies
 
131,898
 
 
 Futures contracts
 
(81,966)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
212,737,503
Net gain (loss)
 
 
 
162,197,393
Net increase (decrease) in net assets resulting from operations
 
 
$
171,704,475
Statement of Changes in Net Assets
 
 
Six months ended
February 28, 2023
(Unaudited)
 
Year ended
August 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
9,507,082
$
44,150,052
Net realized gain (loss)
 
(50,540,110)
 
 
(40,880,584)
 
Change in net unrealized appreciation (depreciation)
 
212,737,503
 
(317,751,294)
 
Net increase (decrease) in net assets resulting from operations
 
171,704,475
 
 
(314,481,826)
 
Distributions to shareholders
 
(33,763,256)
 
 
(40,640,601)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
360,096,462
 
742,204,628
  Reinvestment of distributions
 
24,033,209
 
 
33,150,295
 
Cost of shares redeemed
 
(328,050,791)
 
(794,518,975)
  Net increase (decrease) in net assets resulting from share transactions
 
56,078,880
 
 
(19,164,052)
 
Total increase (decrease) in net assets
 
194,020,099
 
 
(374,286,479)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,304,804,327
 
1,679,090,806
 
End of period
$
1,498,824,426
$
1,304,804,327
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
41,455,732
 
72,917,785
  Issued in reinvestment of distributions
 
2,529,811
 
 
3,024,662
 
Redeemed
 
(37,298,380)
 
(75,511,518)
Net increase (decrease)
 
6,687,163
 
430,929
 
 
 
 
 
 
Financial Highlights
Fidelity® International Enhanced Index Fund
 
 
Six months ended
(Unaudited) February 28, 2023  
 
Years ended August 31, 2022  
 
2021    
 
2020  
 
2019  
 
2018    
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.96
$
11.56
$
9.20
$
8.98
$
9.83
$
9.73
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.06
 
.31
 
.25
 
.19
 
.30
 
.27
     Net realized and unrealized gain (loss)
 
1.05
 
(2.61)
 
2.28
 
.32
 
(.95)
 
- C
  Total from investment operations
 
1.11  
 
(2.30)  
 
2.53  
 
.51  
 
(.65)
 
.27
  Distributions from net investment income
 
(.23)
 
(.30)
 
(.17)
 
(.29)
 
(.20)
 
(.14) D
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.03) D
     Total distributions
 
(.23)
 
(.30)
 
(.17)
 
(.29)
 
(.20)
 
(.17)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
-
 
- C
  Net asset value, end of period
$
9.84
$
8.96
$
11.56
$
9.20
$
8.98
$
9.83
 Total Return   E,F
 
12.43%
 
(20.35)%
 
27.77%
 
5.55%
 
(6.51)%
 
2.71%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.55% I
 
.57%
 
.59%
 
.59%
 
.59%
 
.59%
    Expenses net of fee waivers, if any
 
.55% I
 
.57%
 
.59%
 
.59%
 
.59%
 
.59%
    Expenses net of all reductions
 
.55% I
 
.57%
 
.59%
 
.59%
 
.59%
 
.59%
    Net investment income (loss)
 
1.36% I
 
2.99%
 
2.32%
 
2.13%
 
3.27%
 
2.69%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,498,824
$
1,304,804
$
1,679,091
$
1,182,923
$
1,505,889
$
1,691,151
    Portfolio turnover rate J
 
103% I
 
114%
 
82%
 
75%
 
103%
 
66%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Amount represents less than $.005 per share.
 
D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
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 mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
I Annualized.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended February 28, 2023
 
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 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.
 
The Board of Trustees has approved, subject to shareholder approval, a proposal to reclassify Fidelity Large Cap Growth Enhanced Index Fund as a non-diversified fund.
2. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.  
 
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 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value 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 service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of February 28, 2023 is included at the end of each Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the 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 for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the 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. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends or foreign taxes withheld, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, 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. These differences resulted in distribution reclassifications for the period ended August 31, 2022.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
 
 
Tax cost
Gross unrealized appreciation
Gross unrealized depreciation
Net unrealized appreciation (depreciation)
Fidelity Large Cap Growth Enhanced Index Fund  
$1,649,068,917
$554,990,209
$(54,538,396)
$500,451,813
Fidelity Large Cap Value Enhanced Index Fund  
4,891,204,041
894,534,433
(190,252,344)
704,282,089
Fidelity Large Cap Core Enhanced Index Fund  
1,533,725,097
389,588,396
(62,105,181)
327,483,215
Fidelity Mid Cap Enhanced Index Fund
1,659,225,974
268,062,195
(87,925,031)
180,137,164
Fidelity International Enhanced Index Fund  
1,348,958,168
216,360,913
(56,427,150)
159,933,763
 
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 
Short-term
Total capital loss carryforward
Fidelity International Enhanced Index Fund  
$(156,170,818)
$(156,170,818)
 
Certain of the Funds elected to defer to the next fiscal year capital losses recognized during the period November 1, 2021 to August 31, 2022. Loss deferrals were as follows:
 
 
 
Capital losses
Fidelity Large Cap Growth Enhanced Index Fund  
$(28,127,700)
 
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
3. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
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.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Large Cap Growth Enhanced Index Fund
1,193,913,058
726,997,689
Fidelity Large Cap Value Enhanced Index Fund
2,107,534,405
2,426,327,035
Fidelity Large Cap Core Enhanced Index Fund
1,016,873,580
1,537,249,882
Fidelity Mid Cap Enhanced Index Fund
931,386,684
858,136,154
Fidelity International Enhanced Index Fund
740,787,574
705,997,839
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. Each Fund pays an all-inclusive management fee based on the annual rates noted in the following table; and the investment adviser pays all ordinary operating expenses of each Fund, except fees and expenses of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses. The management fees are reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.
 
Fidelity Large Cap Growth Enhanced Index Fund
.39%
Fidelity Large Cap Value Enhanced Index Fund
.39%
Fidelity Large Cap Core Enhanced Index Fund
.39%
Fidelity Mid Cap Enhanced Index Fund
.45%
Fidelity International Enhanced Index Fund
.55%
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount
Fidelity Large Cap Growth Enhanced Index Fund
$2,025
Fidelity Large Cap Value Enhanced Index Fund
2,379
Fidelity Large Cap Core Enhanced Index Fund
693
Fidelity Mid Cap Enhanced Index Fund
561
Fidelity International Enhanced Index Fund
526
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Large Cap Value Enhanced Index Fund  
Borrower
$69,054,000
4.22%
$24,271
Fidelity Large Cap Core Enhanced Index Fund  
Borrower
$19,081,091
3.32%
$19,328
Fidelity International Enhanced Index Fund  
Borrower
$12,518,400
4.07%
$7,068
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Large Cap Growth Enhanced Index Fund
23,519,774
12,444,645
594,560
Fidelity Large Cap Value Enhanced Index Fund
69,729,597
40,237,400
3,309,603
Fidelity Large Cap Core Enhanced Index Fund
40,936,161
23,929,738
(849,000)
Fidelity Mid Cap Enhanced Index Fund
24,914,841
19,252,678
(3,601,115)
Fidelity International Enhanced Index Fund
3,345,331
1,252,802
(40,407)
6. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
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 commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS
Security Lending Income From Securities Loaned to NFS
Value of Securities Loaned to NFS at Period End
Fidelity Large Cap Growth Enhanced Index Fund
$214
$-
$-
Fidelity Large Cap Value Enhanced Index Fund
$2,605
$374
$-
Fidelity Large Cap Core Enhanced Index Fund
$189
$-
$-
Fidelity Mid Cap Enhanced Index Fund
$9,305
$3,902
$-
Fidelity International Enhanced Index Fund
$6,284
$-
$-
9. Bank Borrowings.
Each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. Each Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Average Loan Balance
Weighted Average Interest Rate
Interest Expense
Fidelity Large Cap Core Enhanced Index Fund
$8,149,000
3.58%
$810
10. 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.
 
 
Custodian credits
Fidelity Large Cap Growth Enhanced Index Fund  
$692
Fidelity Large Cap Value Enhanced Index Fund  
752
Fidelity Large Cap Core Enhanced Index Fund  
1,626
Fidelity Mid Cap Enhanced Index Fund  
514
Fidelity International Enhanced Index Fund  
67
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
Fund
Strategic Advisers Fidelity U.S. Total Stock Fund
Fidelity Large Cap Value Enhanced Index Fund  
56%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity Large Cap Value Enhanced Index Fund  
59%
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2022 to February 28, 2023).
 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
 
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
 
 
 
Annualized Expense Ratio- A
 
Beginning Account Value September 1, 2022
 
Ending Account Value February 28, 2023
 
Expenses Paid During Period- C September 1, 2022 to February 28, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Large Cap Growth Enhanced Index Fund
 
 
 
.39%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 988.70
 
$ 1.92
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.86
 
$ 1.96
 
 
 
 
 
 
 
 
 
 
Fidelity® Large Cap Value Enhanced Index Fund
 
 
 
.39%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,039.10
 
$ 1.97
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.86
 
$ 1.96
 
 
 
 
 
 
 
 
 
 
Fidelity® Large Cap Core Enhanced Index Fund
 
 
 
.39%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,008.70
 
$ 1.94
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.86
 
$ 1.96
 
 
 
 
 
 
 
 
 
 
Fidelity® Mid Cap Enhanced Index Fund
 
 
 
.45%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,059.20
 
$ 2.30
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.56
 
$ 2.26
 
 
 
 
 
 
 
 
 
 
Fidelity® International Enhanced Index Fund
 
 
 
.55%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,124.30
 
$ 2.90
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,022.07
 
$ 2.76
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factor specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable. 
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022.  The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
1.855142.115
GEI-SANN-0423


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 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.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

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/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

April 20, 2023


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



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

April 20, 2023



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

April 20, 2023