N-CSR 1 filing6969.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, Massachusetts 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:

August 31, 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
 
 
Annual Report
August 31, 2023

Contents

Fidelity® Large Cap Growth Enhanced Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Large Cap Value Enhanced Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Large Cap Core Enhanced Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Mid Cap Enhanced Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® International Enhanced Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

Proxy Voting Results

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.
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended August 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Large Cap Growth Enhanced Index Fund
19.85%
13.09%
14.78%
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Large Cap Growth Enhanced Index Fund on August 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the Russell 1000 Growth Index performed over the same period.
 
Fidelity® Large Cap Growth Enhanced Index Fund
Market Recap:
U.S. equities gained 15.94% for the 12 months ending August 31, 2023, according to the S&P 500® index, as continued global economic expansion, falling commodity prices and a slowing in the pace of inflation provided a favorable backdrop for higher-risk assets. Large-cap stocks spearheaded the rally, which was driven by the shares of a narrow set of mega-cap companies in the information technology and communication services sectors, largely due to exuberance related to generative artificial intelligence. Aggressive monetary tightening by the U.S. Federal Reserve continued amid consistent pressure on core inflation, a measure that excludes food and energy. Since March 2022, the Fed has hiked its benchmark interest rate 11 times. The latest bump came in late July, a fourth consecutive raise of a stepped down 25 basis points. The S&P 500® gained 3.21% in July but snapped a five-month rally in August (-1.59%), held back by softness in manufacturing and jobs. Still, U.S. stocks ended August up 18.73% year to date. For the full 12 months, value (+17%) topped growth (+13%) within the index. By sector, information technology (+35%) led by a wide margin, followed by communication services (+26%). In contrast, the defensive utilities sector (-13%) lagged most, as climbing yields offered investors better returns elsewhere. Real estate returned about -7%, hampered by high borrowing costs and low home inventory.
 
Comments from Senior Portfolio Manager Maximilian Kaufmann of the Fidelity Systematic Equity Strategies portfolio management team:
For the fiscal year ending August 31, 2023, the fund gained 19.85%, versus 21.94% for the benchmark Russell 1000 Growth Index. Relative to the benchmark, security selection was the primary detractor, especially within the health care sector. The biggest detractor from performance versus the benchmark was stock selection in consumer discretionary. Stock picking in industrials also hampered the fund's result. Also detracting from our result was stock selection and an underweight in financials. The largest individual relative detractor was an overweight in Etsy (-46%). A second notable relative detractor was an underweight in Netflix (+94%). An underweight in TJX Companies (+51%) also detracted. We established all three of these investments this past reporting period. In contrast, the biggest contributor to performance versus the benchmark was an underweight in consumer staples. Security selection and an underweight in communication services and picks and an overweight in energy also boosted the fund's relative performance. Lastly, the fund's position in cash was a notable contributor. The top individual relative contributor was an overweight in Broadcom (+90%). Broadcom was among our biggest holdings. The second-largest relative contributor was an underweight in Dollar General (-41%). Dollar General was not held at period end. An overweight in Nvidia (+225%) also contributed. Nvidia was one of our largest holdings. Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to consumer staples.
 
Note to shareholders:
In June 2023, the Board of Trustees approved the conversion of Fidelity's Enhanced Index Funds into exchange-traded funds, a move deemed in the best interest of shareholders. Each new ETF and its former corresponding fund will have identical investment objectives and fundamental investment policies and have substantially similar investment strategies. Fidelity believes that the conversion will provide multiple benefits for investors of the Funds, including lower net expenses, additional trading flexibility, increased portfolio holdings transparency and the potential for enhanced tax efficiency. The Fund conversions are expected to be conducted in November 2023. For more information, please refer to the Funds' prospectus supplements or visit us online.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Large Cap Growth Enhanced Index Fund
Top Holdings (% of Fund's net assets)
 
Apple, Inc.
13.1
 
Microsoft Corp.
10.5
 
NVIDIA Corp.
5.4
 
Amazon.com, Inc.
5.3
 
Tesla, Inc.
3.8
 
Alphabet, Inc. Class C
3.7
 
Alphabet, Inc. Class A
3.7
 
Meta Platforms, Inc. Class A
3.4
 
Eli Lilly & Co.
2.5
 
Broadcom, Inc.
2.2
 
 
53.6
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
44.5
 
Consumer Discretionary
14.4
 
Communication Services
12.7
 
Health Care
11.3
 
Industrials
6.3
 
Financials
5.4
 
Consumer Staples
2.4
 
Energy
1.4
 
Materials
0.9
 
Real Estate
0.6
 
 
Asset Allocation (% of Fund's net assets)
Futures - 0.1%
 
Fidelity® Large Cap Growth Enhanced Index Fund
Showing Percentage of Net Assets     
Common Stocks - 99.9%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 12.7%
 
 
 
Entertainment - 1.9%
 
 
 
Electronic Arts, Inc.
 
96,234
11,546,155
Netflix, Inc. (a)
 
74,101
32,136,122
 
 
 
43,682,277
Interactive Media & Services - 10.8%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A (a)
 
634,845
86,446,844
 Class C (a)
 
645,403
88,646,102
Meta Platforms, Inc. Class A (a)
 
275,371
81,479,525
 
 
 
256,572,471
TOTAL COMMUNICATION SERVICES
 
 
300,254,748
CONSUMER DISCRETIONARY - 14.4%
 
 
 
Automobiles - 3.8%
 
 
 
Tesla, Inc. (a)
 
344,570
88,926,626
Broadline Retail - 5.6%
 
 
 
Amazon.com, Inc. (a)
 
910,506
125,658,933
Etsy, Inc. (a)
 
83,439
6,138,607
 
 
 
131,797,540
Diversified Consumer Services - 0.2%
 
 
 
Duolingo, Inc. (a)
 
26,858
3,952,423
H&R Block, Inc.
 
23,740
949,125
 
 
 
4,901,548
Hotels, Restaurants & Leisure - 1.8%
 
 
 
Airbnb, Inc. Class A (a)
 
134,369
17,676,242
Booking Holdings, Inc. (a)
 
7,935
24,638,413
Starbucks Corp.
 
1,680
163,699
 
 
 
42,478,354
Household Durables - 0.1%
 
 
 
NVR, Inc. (a)
 
563
3,590,437
Specialty Retail - 2.9%
 
 
 
AutoZone, Inc. (a)
 
577
1,460,577
O'Reilly Automotive, Inc. (a)
 
8,555
8,039,134
The Home Depot, Inc.
 
143,686
47,459,486
TJX Companies, Inc.
 
11,478
1,061,485
Ulta Beauty, Inc. (a)
 
26,868
11,151,026
 
 
 
69,171,708
TOTAL CONSUMER DISCRETIONARY
 
 
340,866,213
CONSUMER STAPLES - 2.4%
 
 
 
Beverages - 1.3%
 
 
 
PepsiCo, Inc.
 
36,218
6,443,907
The Coca-Cola Co.
 
400,156
23,941,333
 
 
 
30,385,240
Consumer Staples Distribution & Retail - 0.6%
 
 
 
Costco Wholesale Corp.
 
25,065
13,767,703
Household Products - 0.5%
 
 
 
Kimberly-Clark Corp.
 
87,463
11,267,858
Personal Care Products - 0.0%
 
 
 
elf Beauty, Inc. (a)
 
2,801
388,527
TOTAL CONSUMER STAPLES
 
 
55,809,328
ENERGY - 1.4%
 
 
 
Oil, Gas & Consumable Fuels - 1.4%
 
 
 
Cheniere Energy, Inc.
 
98,873
16,136,074
EOG Resources, Inc.
 
95,271
12,253,756
Texas Pacific Land Corp. (b)
 
3,201
6,033,085
 
 
 
34,422,915
FINANCIALS - 5.4%
 
 
 
Capital Markets - 1.2%
 
 
 
Charles Schwab Corp.
 
203,921
12,061,927
LPL Financial
 
15,712
3,623,030
NASDAQ, Inc.
 
235,136
12,339,937
 
 
 
28,024,894
Financial Services - 4.0%
 
 
 
Apollo Global Management, Inc.
 
193,813
16,927,627
MasterCard, Inc. Class A
 
118,928
49,074,450
Visa, Inc. Class A
 
121,792
29,921,859
 
 
 
95,923,936
Insurance - 0.2%
 
 
 
Brown & Brown, Inc.
 
26,961
1,997,810
Kinsale Capital Group, Inc.
 
4,859
1,936,943
 
 
 
3,934,753
TOTAL FINANCIALS
 
 
127,883,583
HEALTH CARE - 11.3%
 
 
 
Biotechnology - 2.5%
 
 
 
AbbVie, Inc.
 
140,646
20,669,336
Amgen, Inc.
 
7,749
1,986,379
Exelixis, Inc. (a)
 
24,891
557,309
Gilead Sciences, Inc.
 
150,829
11,535,402
Incyte Corp. (a)
 
205,886
13,285,824
Sarepta Therapeutics, Inc. (a)
 
5,644
682,980
Seagen, Inc. (a)
 
2,022
416,674
United Therapeutics Corp. (a)
 
46,605
10,456,298
 
 
 
59,590,202
Health Care Equipment & Supplies - 1.3%
 
 
 
Align Technology, Inc. (a)
 
22,594
8,362,943
Inspire Medical Systems, Inc. (a)
 
33,486
7,597,304
Insulet Corp. (a)
 
15,610
2,992,593
Intuitive Surgical, Inc. (a)
 
751
234,823
Lantheus Holdings, Inc. (a)
 
176,060
12,049,546
 
 
 
31,237,209
Health Care Providers & Services - 3.9%
 
 
 
Elevance Health, Inc.
 
30,283
13,385,389
HCA Holdings, Inc.
 
43,233
11,988,511
Humana, Inc.
 
31,084
14,349,307
UnitedHealth Group, Inc.
 
108,137
51,535,931
 
 
 
91,259,138
Life Sciences Tools & Services - 0.2%
 
 
 
Medpace Holdings, Inc. (a)
 
15,879
4,291,617
Thermo Fisher Scientific, Inc.
 
2,750
1,532,025
 
 
 
5,823,642
Pharmaceuticals - 3.4%
 
 
 
Eli Lilly & Co.
 
104,399
57,857,926
Merck & Co., Inc.
 
114,166
12,441,811
Pfizer, Inc.
 
253,230
8,959,277
 
 
 
79,259,014
TOTAL HEALTH CARE
 
 
267,169,205
INDUSTRIALS - 6.3%
 
 
 
Aerospace & Defense - 1.2%
 
 
 
Axon Enterprise, Inc. (a)
 
67,114
14,289,242
Lockheed Martin Corp.
 
29,709
13,320,030
 
 
 
27,609,272
Building Products - 0.1%
 
 
 
Allegion PLC
 
15,440
1,757,226
Commercial Services & Supplies - 1.1%
 
 
 
Cintas Corp.
 
31,775
16,020,002
Republic Services, Inc.
 
75,726
10,914,388
 
 
 
26,934,390
Construction & Engineering - 0.5%
 
 
 
Valmont Industries, Inc.
 
47,956
12,156,846
Ground Transportation - 2.2%
 
 
 
CSX Corp.
 
382,838
11,561,708
Uber Technologies, Inc. (a)
 
465,431
21,982,306
Union Pacific Corp.
 
78,996
17,424,148
 
 
 
50,968,162
Machinery - 1.1%
 
 
 
Caterpillar, Inc.
 
85,614
24,068,664
Deere & Co.
 
4,006
1,646,226
Illinois Tool Works, Inc.
 
5,393
1,333,959
 
 
 
27,048,849
Passenger Airlines - 0.1%
 
 
 
American Airlines Group, Inc. (a)
 
151,790
2,235,867
Trading Companies & Distributors - 0.0%
 
 
 
Applied Industrial Technologies, Inc.
 
1,715
264,745
TOTAL INDUSTRIALS
 
 
148,975,357
INFORMATION TECHNOLOGY - 44.5%
 
 
 
Communications Equipment - 0.1%
 
 
 
Extreme Networks, Inc. (a)
 
51,805
1,422,047
IT Services - 1.7%
 
 
 
Accenture PLC Class A
 
28,364
9,183,412
Gartner, Inc. (a)
 
42,477
14,853,357
GoDaddy, Inc. (a)
 
127,069
9,213,773
MongoDB, Inc. Class A (a)
 
17,128
6,530,906
 
 
 
39,781,448
Semiconductors & Semiconductor Equipment - 11.0%
 
 
 
Applied Materials, Inc.
 
86,829
13,263,998
Broadcom, Inc.
 
57,925
53,458,403
Enphase Energy, Inc. (a)
 
78,256
9,901,732
KLA Corp.
 
38,941
19,543,320
Lattice Semiconductor Corp. (a)
 
142,025
13,813,352
NVIDIA Corp.
 
259,248
127,951,850
Qualcomm, Inc.
 
206,965
23,703,701
 
 
 
261,636,356
Software - 18.4%
 
 
 
Adobe, Inc. (a)
 
70,750
39,573,305
Autodesk, Inc. (a)
 
77,322
17,160,845
Cadence Design Systems, Inc. (a)
 
77,939
18,739,653
Fortinet, Inc. (a)
 
120,374
7,247,719
HubSpot, Inc. (a)
 
28,472
15,560,517
Intuit, Inc.
 
5,072
2,748,060
Manhattan Associates, Inc. (a)
 
68,004
13,778,970
Microsoft Corp.
 
760,875
249,384,390
Palo Alto Networks, Inc. (a)
 
81,235
19,764,476
Salesforce, Inc. (a)
 
85,268
18,883,451
ServiceNow, Inc. (a)
 
458
269,684
Synopsys, Inc. (a)
 
42,125
19,330,741
Teradata Corp. (a)
 
239,125
11,064,314
VMware, Inc. Class A (a)
 
6,872
1,159,856
 
 
 
434,665,981
Technology Hardware, Storage & Peripherals - 13.3%
 
 
 
Apple, Inc.
 
1,655,880
311,090,177
Pure Storage, Inc. Class A (a)
 
126,429
4,626,037
 
 
 
315,716,214
TOTAL INFORMATION TECHNOLOGY
 
 
1,053,222,046
MATERIALS - 0.9%
 
 
 
Chemicals - 0.4%
 
 
 
CF Industries Holdings, Inc.
 
77,088
5,941,172
Linde PLC
 
10,896
4,217,188
 
 
 
10,158,360
Metals & Mining - 0.5%
 
 
 
Nucor Corp.
 
70,964
12,212,904
TOTAL MATERIALS
 
 
22,371,264
REAL ESTATE - 0.6%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 0.6%
 
 
 
Public Storage
 
50,947
14,080,732
Ryman Hospitality Properties, Inc.
 
7,318
622,250
 
 
 
14,702,982
 
TOTAL COMMON STOCKS
 (Cost $1,467,566,491)
 
 
 
2,365,677,641
 
 
 
 
Money Market Funds - 0.2%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.43% (c)
 
80,122
80,138
Fidelity Securities Lending Cash Central Fund 5.44% (c)(d)
 
6,142,036
6,142,650
 
TOTAL MONEY MARKET FUNDS
 (Cost $6,222,788)
 
 
6,222,788
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
 (Cost $1,473,789,279)
 
 
 
2,371,900,429
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(3,455,878)
NET ASSETS - 100.0%
2,368,444,551
 
 
 
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)
8
Sep 2023
1,806,400
210
210
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.1%
 
 
 
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 5.43%
33,751,495
788,905,048
822,576,405
2,052,081
-
-
80,138
0.0%
Fidelity Securities Lending Cash Central Fund 5.44%
831,850
88,755,290
83,444,490
2,853
-
-
6,142,650
0.0%
Total
34,583,345
877,660,338
906,020,895
2,054,934
-
-
6,222,788
 
 
 
 
 
 
 
 
 
 
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.
 
Amounts in the dividend income column 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 August 31, 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
300,254,748
300,254,748
-
-
Consumer Discretionary
340,866,213
340,866,213
-
-
Consumer Staples
55,809,328
55,809,328
-
-
Energy
34,422,915
34,422,915
-
-
Financials
127,883,583
127,883,583
-
-
Health Care
267,169,205
267,169,205
-
-
Industrials
148,975,357
148,975,357
-
-
Information Technology
1,053,222,046
1,053,222,046
-
-
Materials
22,371,264
22,371,264
-
-
Real Estate
14,702,982
14,702,982
-
-
  Money Market Funds
6,222,788
6,222,788
-
-
 Total Investments in Securities:
2,371,900,429
2,371,900,429
-
-
 Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
210
210
-
-
  Total Assets
210
210
-
-
 Total Derivative Instruments:
210
210
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of August 31, 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) 
210
0
Total Equity Risk
210
0
Total Value of Derivatives
210
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
Statement of Assets and Liabilities
 
 
 
August 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $5,842,725) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,467,566,491)
$
2,365,677,641
 
 
Fidelity Central Funds (cost $6,222,788)
6,222,788
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,473,789,279)
 
 
$
2,371,900,429
Receivable for investments sold
 
 
57,100,454
Receivable for fund shares sold
 
 
3,029,404
Dividends receivable
 
 
1,834,696
Distributions receivable from Fidelity Central Funds
 
 
70,437
Receivable for daily variation margin on futures contracts
 
 
210
Other receivables
 
 
10,899
  Total assets
 
 
2,433,946,529
Liabilities
 
 
 
 
Payable for investments purchased
$
33,477,191
 
 
Payable for fund shares redeemed
8,205,019
 
 
Accrued management fee
829,229
 
 
Notes payable to affiliates
16,816,000
 
 
Other payables and accrued expenses
31,889
 
 
Collateral on securities loaned
6,142,650
 
 
  Total Liabilities
 
 
 
65,501,978
Net Assets  
 
 
$
2,368,444,551
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,470,381,057
Total accumulated earnings (loss)
 
 
 
898,063,494
Net Assets
 
 
$
2,368,444,551
Net Asset Value, offering price and redemption price per share ($2,368,444,551 ÷ 80,081,427 shares)
 
 
$
29.58
 
Statement of Operations
 
 
 
Year ended
August 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
20,177,977
Interest  
 
 
93,311
Income from Fidelity Central Funds (including $2,853 from security lending)
 
 
2,054,934
 Total Income
 
 
 
22,326,222
Expenses
 
 
 
 
Management fee
$
7,896,319
 
 
Independent trustees' fees and expenses
10,270
 
 
Interest
41,394
 
 
Miscellaneous
35,374
 
 
 Total expenses before reductions
 
7,983,357
 
 
 Expense reductions
 
(2,918)
 
 
 Total expenses after reductions
 
 
 
7,980,439
Net Investment income (loss)
 
 
 
14,345,783
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
29,491,248
 
 
   Redemptions in-kind
 
14,287,867
 
 
 Futures contracts
 
2,639,291
 
 
Total net realized gain (loss)
 
 
 
46,418,406
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
358,359,152
 
 
 Futures contracts
 
380,401
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
358,739,553
Net gain (loss)
 
 
 
405,157,959
Net increase (decrease) in net assets resulting from operations
 
 
$
419,503,742
Statement of Changes in Net Assets
 
 
Year ended
August 31, 2023
 
Year ended
August 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
14,345,783
$
8,691,799
Net realized gain (loss)
 
46,418,406
 
 
(8,165,601)
 
Change in net unrealized appreciation (depreciation)
 
358,739,553
 
(299,422,252)
 
Net increase (decrease) in net assets resulting from operations
 
419,503,742
 
 
(298,896,054)
 
Distributions to shareholders
 
(10,050,462)
 
 
(234,756,175)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,206,466,982
 
431,325,162
  Reinvestment of distributions
 
8,894,596
 
 
220,826,073
 
Cost of shares redeemed
 
(882,002,420)
 
(277,612,906)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
333,359,158
 
 
374,538,329
 
Total increase (decrease) in net assets
 
742,812,438
 
 
(159,113,900)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,625,632,113
 
1,784,746,013
 
End of period
$
2,368,444,551
$
1,625,632,113
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
46,876,724
 
15,823,152
  Issued in reinvestment of distributions
 
388,750
 
 
7,278,381
 
Redeemed
 
(32,666,545)
 
(9,733,327)
Net increase (decrease)
 
14,598,929
 
13,368,206
 
 
 
 
 
 
Financial Highlights
Fidelity® Large Cap Growth Enhanced Index Fund
 
Years ended August 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.83
$
34.25
$
27.80
$
20.24
$
21.58
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.18
 
.15
 
.14
 
.16
 
.21
     Net realized and unrealized gain (loss)
 
4.71
 
(5.05)
 
7.63
 
8.08
 
(.15)
  Total from investment operations
 
4.89  
 
(4.90)  
 
7.77  
 
8.24  
 
.06
  Distributions from net investment income
 
(.14)
 
(.14)
 
(.16)
 
(.18)
 
(.24) C
  Distributions from net realized gain
 
-
 
(4.38)
 
(1.16)
 
(.51)
 
(1.16) C
     Total distributions
 
(.14)
 
(4.52)
 
(1.32)
 
(.68) D
 
(1.40)
  Net asset value, end of period
$
29.58
$
24.83
$
34.25
$
27.80
$
20.24
 Total Return E
 
19.85%
 
(16.70)%
 
29.08%
 
41.73%
 
1.28%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.39%
 
.39%
 
.39%
 
.39%
 
.39%
    Expenses net of fee waivers, if any
 
.39%
 
.39%
 
.39%
 
.39%
 
.39%
    Expenses net of all reductions
 
.39%
 
.39%
 
.39%
 
.39%
 
.39%
    Net investment income (loss)
 
.71%
 
.52%
 
.47%
 
.74%
 
1.07%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,368,445
$
1,625,632
$
1,784,746
$
1,417,537
$
1,106,497
    Portfolio turnover rate H
 
108% I
 
101%
 
84%
 
69%
 
85%
 
ACalculated based on average shares outstanding during the period.
 
BNet 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.
 
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees 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.
 
GExpense 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.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
IPortfolio turnover rate excludes securities received or delivered in-kind.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended August 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Large Cap Value Enhanced Index Fund
8.30%
7.64%
9.87%
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Large Cap Value Enhanced Index Fund on August 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Value Index performed over the same period.
 
Fidelity® Large Cap Value Enhanced Index Fund
Market Recap:
U.S. equities gained 15.94% for the 12 months ending August 31, 2023, according to the S&P 500® index, as continued global economic expansion, falling commodity prices and a slowing in the pace of inflation provided a favorable backdrop for higher-risk assets. Large-cap stocks spearheaded the rally, which was driven by the shares of a narrow set of mega-cap companies in the information technology and communication services sectors, largely due to exuberance related to generative artificial intelligence. Aggressive monetary tightening by the U.S. Federal Reserve continued amid consistent pressure on core inflation, a measure that excludes food and energy. Since March 2022, the Fed has hiked its benchmark interest rate 11 times. The latest bump came in late July, a fourth consecutive raise of a stepped down 25 basis points. The S&P 500® gained 3.21% in July but snapped a five-month rally in August (-1.59%), held back by softness in manufacturing and jobs. Still, U.S. stocks ended August up 18.73% year to date. For the full 12 months, value (+17%) topped growth (+13%) within the index. By sector, information technology (+35%) led by a wide margin, followed by communication services (+26%). In contrast, the defensive utilities sector (-13%) lagged most, as climbing yields offered investors better returns elsewhere. Real estate returned about -7%, hampered by high borrowing costs and low home inventory.
 
Comments from Senior Portfolio Manager Maximilian Kaufmann of the Fidelity Systematic Equity Strategies portfolio management team:
For the fiscal year ending August 31, 2023, the fund gained 8.30%, versus 8.59% for the benchmark Russell 1000 Value Index. Relative to the benchmark, security selection was the primary detractor, especially within the industrials sector. The biggest detractor from performance versus the benchmark was stock picking in consumer staples. An underweight in communication services also hampered the fund's result. Also detracting from our result was stock selection in health care. The largest individual relative detractor was an overweight in Hawaiian Electric Industries (-57%). We decreased our position in this stock this period. The second-largest relative detractor was an underweight in Netflix (+90%), another stock in which we decreased our investment this period. An underweight in General Electric (+101%) also hurt. In contrast, the biggest contributor to performance versus the benchmark was stock picking and an overweight in information technology. Picks in communication services also boosted relative performance. Also helping our relative result was an underweight in real estate. The fund's non-benchmark stake in Broadcom gained approximately 87% and was the top individual relative contributor. This period we increased our stake in Broadcom. A non-benchmark stake in Adobe gained 53% and was a second notable relative contributor. This period we increased our investment in Adobe. An underweight in Dominion Energy (-37%) also helped. Dominion Energy was not held at period end. Notable changes in positioning include lower allocations to the utilities and communication services sectors.
 
Note to shareholders:
In June 2023, the Board of Trustees approved the conversion of Fidelity's Enhanced Index Funds into exchange-traded funds, a move deemed in the best interest of shareholders. Each new ETF and its former corresponding fund will have identical investment objectives and fundamental investment policies and have substantially similar investment strategies. Fidelity believes that the conversion will provide multiple benefits for investors of the Funds, including lower net expenses, additional trading flexibility, increased portfolio holdings transparency and the potential for enhanced tax efficiency. The Fund conversions are expected to be conducted in November 2023. For more information, please refer to the Funds' prospectus supplements or visit us online.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Large Cap Value Enhanced Index Fund
Top Holdings (% of Fund's net assets)
 
Berkshire Hathaway, Inc. Class B
3.9
 
JPMorgan Chase & Co.
2.6
 
Exxon Mobil Corp.
2.4
 
Johnson & Johnson
2.1
 
Chevron Corp.
1.8
 
Cisco Systems, Inc.
1.5
 
Comcast Corp. Class A
1.5
 
Pfizer, Inc.
1.4
 
Bank of America Corp.
1.4
 
Walmart, Inc.
1.4
 
 
20.0
 
 
Market Sectors (% of Fund's net assets)
 
Financials
20.6
 
Health Care
16.0
 
Industrials
15.0
 
Information Technology
9.9
 
Energy
7.9
 
Consumer Staples
7.5
 
Consumer Discretionary
6.6
 
Real Estate
4.8
 
Materials
4.5
 
Communication Services
4.1
 
Utilities
2.6
 
 
Asset Allocation (% of Fund's net assets)
Futures - 0.3%
 
Fidelity® Large Cap Value Enhanced Index Fund
Showing Percentage of Net Assets     
Common Stocks - 99.5%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 4.1%
 
 
 
Diversified Telecommunication Services - 0.7%
 
 
 
AT&T, Inc.
 
1,641,680
24,280,447
Lumen Technologies, Inc. (a)
 
465,449
740,064
Verizon Communications, Inc.
 
308,626
10,795,737
 
 
 
35,816,248
Entertainment - 1.4%
 
 
 
Activision Blizzard, Inc.
 
153,264
14,098,755
Electronic Arts, Inc.
 
299,687
35,956,446
Liberty Media Corp. Liberty Formula One Class A
 
23,593
1,430,915
Liberty Media Corp. Liberty Live Class A
 
28,594
952,466
Netflix, Inc. (b)
 
13,462
5,838,200
Playtika Holding Corp. (b)
 
26,164
255,361
Spotify Technology SA (b)
 
26,585
4,093,292
The Walt Disney Co. (b)
 
200,311
16,762,024
 
 
 
79,387,459
Interactive Media & Services - 0.4%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A (b)
 
2,241
305,157
 Class C (b)
 
145,770
20,021,510
 
 
 
20,326,667
Media - 1.6%
 
 
 
Comcast Corp. Class A
 
1,726,638
80,737,593
Liberty Media Corp. Liberty SiriusXM
 
347,223
8,486,130
Liberty Media Corp. Liberty SiriusXM Class A
 
47,081
1,131,356
TEGNA, Inc.
 
31,996
528,894
 
 
 
90,883,973
TOTAL COMMUNICATION SERVICES
 
 
226,414,347
CONSUMER DISCRETIONARY - 6.6%
 
 
 
Automobiles - 1.0%
 
 
 
Ford Motor Co.
 
3,206,252
38,891,837
General Motors Co.
 
439,809
14,738,000
 
 
 
53,629,837
Broadline Retail - 0.9%
 
 
 
Amazon.com, Inc. (b)
 
112,009
15,458,362
eBay, Inc.
 
616,453
27,604,765
Macy's, Inc. (a)
 
632,711
7,738,056
 
 
 
50,801,183
Distributors - 0.7%
 
 
 
Genuine Parts Co.
 
212,313
32,638,877
LKQ Corp.
 
78,451
4,121,031
 
 
 
36,759,908
Diversified Consumer Services - 0.0%
 
 
 
ADT, Inc.
 
133,845
859,285
H&R Block, Inc.
 
23,740
949,125
 
 
 
1,808,410
Hotels, Restaurants & Leisure - 1.6%
 
 
 
Airbnb, Inc. Class A (b)
 
120,387
15,836,910
Caesars Entertainment, Inc. (b)
 
46,492
2,569,148
Draftkings Holdings, Inc. (b)
 
62,600
1,856,090
Expedia, Inc. (b)
 
9,648
1,045,747
Hilton Grand Vacations, Inc. (b)
 
45,120
1,972,646
International Game Technology PLC
 
25,136
804,855
Marriott Vacations Worldwide Corp.
 
19,842
2,156,627
McDonald's Corp.
 
165,512
46,533,699
MGM Resorts International
 
288,609
12,693,024
Wendy's Co.
 
93,249
1,845,398
Wynn Resorts Ltd.
 
20,039
2,031,554
 
 
 
89,345,698
Household Durables - 1.4%
 
 
 
D.R. Horton, Inc.
 
109,627
13,047,806
Lennar Corp. Class A
 
53,092
6,322,726
NVR, Inc. (b)
 
1,313
8,373,434
Toll Brothers, Inc.
 
327,651
26,844,446
TopBuild Corp. (b)
 
69,546
20,173,904
 
 
 
74,762,316
Leisure Products - 0.1%
 
 
 
Peloton Interactive, Inc. Class A (a)(b)
 
454,655
2,900,699
Polaris, Inc.
 
7,624
854,574
 
 
 
3,755,273
Specialty Retail - 0.9%
 
 
 
AutoNation, Inc. (b)
 
68,762
10,801,823
AutoZone, Inc. (b)
 
4,125
10,441,736
Murphy U.S.A., Inc.
 
10,863
3,450,523
Petco Health & Wellness Co., Inc. (b)
 
104,363
531,208
The Home Depot, Inc.
 
36,558
12,075,107
TJX Companies, Inc.
 
101,556
9,391,899
Ulta Beauty, Inc. (b)
 
5,399
2,240,747
Victoria's Secret & Co. (b)
 
55,778
1,069,822
 
 
 
50,002,865
Textiles, Apparel & Luxury Goods - 0.0%
 
 
 
Crocs, Inc. (b)
 
27,358
2,663,028
TOTAL CONSUMER DISCRETIONARY
 
 
363,528,518
CONSUMER STAPLES - 7.5%
 
 
 
Beverages - 1.2%
 
 
 
Coca-Cola Bottling Co. Consolidated
 
706
493,423
Keurig Dr. Pepper, Inc.
 
133,625
4,496,481
Molson Coors Beverage Co. Class B
 
47,330
3,004,982
PepsiCo, Inc.
 
13,753
2,446,934
The Coca-Cola Co.
 
960,473
57,465,100
 
 
 
67,906,920
Consumer Staples Distribution & Retail - 1.6%
 
 
 
Casey's General Stores, Inc.
 
22,877
5,591,368
Grocery Outlet Holding Corp. (b)
 
16,651
513,683
Kroger Co.
 
135,227
6,273,181
Walmart, Inc.
 
482,312
78,428,754
 
 
 
90,806,986
Food Products - 2.3%
 
 
 
Archer Daniels Midland Co.
 
390,057
30,931,520
Cal-Maine Foods, Inc.
 
32,196
1,538,647
Flowers Foods, Inc.
 
41,416
975,761
Lamb Weston Holdings, Inc.
 
22,127
2,155,391
Mondelez International, Inc.
 
761,652
54,275,322
Post Holdings, Inc. (b)
 
29,146
2,614,688
The J.M. Smucker Co.
 
781
113,206
The Kraft Heinz Co.
 
1,033,358
34,193,816
 
 
 
126,798,351
Household Products - 1.7%
 
 
 
Colgate-Palmolive Co.
 
78,681
5,780,693
Kimberly-Clark Corp.
 
109,273
14,077,641
Procter & Gamble Co.
 
473,192
73,032,453
 
 
 
92,890,787
Tobacco - 0.7%
 
 
 
Philip Morris International, Inc.
 
409,460
39,332,728
TOTAL CONSUMER STAPLES
 
 
417,735,772
ENERGY - 7.9%
 
 
 
Energy Equipment & Services - 0.7%
 
 
 
Baker Hughes Co. Class A
 
339,155
12,274,019
Schlumberger Ltd.
 
413,236
24,364,395
Weatherford International PLC (b)
 
59,646
5,279,864
 
 
 
41,918,278
Oil, Gas & Consumable Fuels - 7.2%
 
 
 
Chevron Corp.
 
616,913
99,384,684
Civitas Resources, Inc.
 
34,336
2,823,106
ConocoPhillips Co.
 
423,838
50,449,437
Devon Energy Corp.
 
201,627
10,301,123
Diamondback Energy, Inc.
 
47,620
7,227,764
EOG Resources, Inc.
 
272,717
35,076,861
Exxon Mobil Corp.
 
1,175,777
130,734,645
Marathon Oil Corp.
 
400,746
10,559,657
Marathon Petroleum Corp.
 
89,977
12,846,016
Murphy Oil Corp.
 
215,650
9,790,510
ONEOK, Inc.
 
8,757
570,956
Phillips 66 Co.
 
144,735
16,522,948
Pioneer Natural Resources Co.
 
18,567
4,417,646
Texas Pacific Land Corp.
 
500
942,375
Valero Energy Corp.
 
38,856
5,047,394
Vitesse Energy, Inc. (a)
 
32,656
758,925
 
 
 
397,454,047
TOTAL ENERGY
 
 
439,372,325
FINANCIALS - 20.6%
 
 
 
Banks - 6.1%
 
 
 
Bank of America Corp.
 
2,752,231
78,906,463
Citigroup, Inc.
 
504,394
20,826,428
Citizens Financial Group, Inc.
 
34,882
981,231
Columbia Banking Systems, Inc.
 
343,171
7,028,142
East West Bancorp, Inc.
 
216,062
11,956,871
Eastern Bankshares, Inc.
 
146,664
1,974,097
Fifth Third Bancorp
 
296,290
7,866,500
JPMorgan Chase & Co.
 
971,847
142,210,372
KeyCorp
 
442,085
5,008,823
Signature Bank
 
47,175
2,595
U.S. Bancorp
 
293,066
10,705,701
Wells Fargo & Co.
 
1,255,662
51,846,284
 
 
 
339,313,507
Capital Markets - 4.7%
 
 
 
Affiliated Managers Group, Inc.
 
5,794
776,454
Bank of New York Mellon Corp.
 
818,593
36,730,268
BlackRock, Inc. Class A
 
1,830
1,281,988
Cboe Global Markets, Inc.
 
48,659
7,284,739
Charles Schwab Corp.
 
746,329
44,145,360
CME Group, Inc.
 
140,199
28,415,533
Federated Hermes, Inc.
 
370,356
12,873,575
Goldman Sachs Group, Inc.
 
127,118
41,657,840
Intercontinental Exchange, Inc.
 
51,893
6,122,855
Morgan Stanley
 
139,053
11,840,363
NASDAQ, Inc.
 
655,725
34,412,448
Robinhood Markets, Inc. (b)
 
394,757
4,298,904
S&P Global, Inc.
 
47,908
18,725,321
SEI Investments Co.
 
9,610
596,397
State Street Corp.
 
4,640
318,954
Stifel Financial Corp.
 
160,577
10,440,717
Virtu Financial, Inc. Class A
 
34,634
649,041
 
 
 
260,570,757
Consumer Finance - 0.6%
 
 
 
Discover Financial Services
 
88,354
7,958,045
Synchrony Financial
 
814,040
26,277,211
 
 
 
34,235,256
Financial Services - 5.7%
 
 
 
Berkshire Hathaway, Inc. Class B (b)
 
600,480
216,292,888
Corebridge Financial, Inc.
 
80,156
1,429,181
Essent Group Ltd.
 
58,007
2,913,112
Fidelity National Information Services, Inc.
 
660,302
36,884,470
MasterCard, Inc. Class A
 
43,101
17,785,197
MGIC Investment Corp.
 
689,998
12,130,165
PayPal Holdings, Inc. (b)
 
395,546
24,725,580
The Western Union Co.
 
32,407
400,226
 
 
 
312,560,819
Insurance - 3.5%
 
 
 
American Financial Group, Inc.
 
19,942
2,311,677
American International Group, Inc.
 
241,581
14,137,320
Axis Capital Holdings Ltd.
 
36,410
1,997,453
Brown & Brown, Inc.
 
395,013
29,270,463
Chubb Ltd.
 
102,854
20,660,283
Cincinnati Financial Corp.
 
33,963
3,592,946
F&G Annuities & Life, Inc. (a)
 
22,751
644,081
Globe Life, Inc.
 
41,019
4,576,490
Hartford Financial Services Group, Inc.
 
236,523
16,987,082
Loews Corp.
 
193,897
12,039,065
MetLife, Inc.
 
468,336
29,664,402
Prudential Financial, Inc.
 
167,150
15,824,091
Reinsurance Group of America, Inc.
 
50,831
7,046,193
The Travelers Companies, Inc.
 
93,709
15,108,702
Unum Group
 
257,884
12,685,314
W.R. Berkley Corp.
 
120,460
7,451,656
 
 
 
193,997,218
TOTAL FINANCIALS
 
 
1,140,677,557
HEALTH CARE - 16.0%
 
 
 
Biotechnology - 2.4%
 
 
 
Alkermes PLC (b)
 
56,027
1,635,428
Amgen, Inc.
 
51,407
13,177,670
Biogen, Inc. (b)
 
48,610
12,996,370
Exelixis, Inc. (b)
 
567,210
12,699,832
Gilead Sciences, Inc.
 
701,604
53,658,674
Incyte Corp. (b)
 
295,839
19,090,491
PTC Therapeutics, Inc. (b)
 
134,767
5,323,297
United Therapeutics Corp. (b)
 
40,267
9,034,304
Vir Biotechnology, Inc. (b)
 
207,130
2,622,266
 
 
 
130,238,332
Health Care Equipment & Supplies - 3.4%
 
 
 
Abbott Laboratories
 
539,867
55,552,314
Align Technology, Inc. (b)
 
8,696
3,218,737
Becton, Dickinson & Co.
 
90,389
25,259,206
Boston Scientific Corp. (b)
 
409,817
22,105,529
GE Healthcare Holding LLC
 
73,743
5,195,194
Integra LifeSciences Holdings Corp. (b)
 
163,200
6,942,528
Lantheus Holdings, Inc. (b)
 
47,055
3,220,444
Medtronic PLC
 
317,744
25,896,136
The Cooper Companies, Inc.
 
10,163
3,760,208
Zimmer Biomet Holdings, Inc.
 
295,663
35,219,377
 
 
 
186,369,673
Health Care Providers & Services - 3.4%
 
 
 
Centene Corp. (b)
 
385,920
23,791,968
Cigna Group
 
94,724
26,168,452
CVS Health Corp.
 
590,171
38,461,444
Elevance Health, Inc.
 
69,973
30,928,766
Humana, Inc.
 
53,480
24,687,972
McKesson Corp.
 
43,167
17,798,617
UnitedHealth Group, Inc.
 
52,192
24,873,663
 
 
 
186,710,882
Health Care Technology - 0.0%
 
 
 
Teladoc Health, Inc. (b)
 
63,395
1,435,263
Life Sciences Tools & Services - 1.4%
 
 
 
Bio-Rad Laboratories, Inc. Class A (b)
 
53,114
21,256,223
Danaher Corp.
 
96,706
25,627,090
Syneos Health, Inc. (b)
 
695,527
29,719,869
 
 
 
76,603,182
Pharmaceuticals - 5.4%
 
 
 
Bristol-Myers Squibb Co.
 
379,210
23,378,297
Elanco Animal Health, Inc. (b)
 
267,414
3,262,451
Johnson & Johnson
 
723,567
116,986,313
Merck & Co., Inc.
 
596,818
65,041,226
Organon & Co.
 
256,292
5,628,172
Pfizer, Inc.
 
2,261,301
80,004,829
Royalty Pharma PLC
 
76,111
2,269,630
Viatris, Inc.
 
417,673
4,489,985
 
 
 
301,060,903
TOTAL HEALTH CARE
 
 
882,418,235
INDUSTRIALS - 15.0%
 
 
 
Aerospace & Defense - 2.8%
 
 
 
General Dynamics Corp.
 
60,691
13,755,008
Hexcel Corp.
 
5,647
413,925
L3Harris Technologies, Inc.
 
128,833
22,943,869
Lockheed Martin Corp.
 
39,734
17,814,739
Moog, Inc. Class A
 
78,131
9,075,697
Northrop Grumman Corp.
 
17,863
7,736,287
Parsons Corp. (b)
 
245,565
14,002,116
RTX Corp.
 
221,994
19,100,364
Textron, Inc.
 
437,907
34,029,753
The Boeing Co. (b)
 
49,013
10,980,382
Woodward, Inc.
 
30,739
3,976,704
 
 
 
153,828,844
Air Freight & Logistics - 0.6%
 
 
 
FedEx Corp.
 
130,367
34,028,394
Building Products - 1.0%
 
 
 
A.O. Smith Corp.
 
8,653
627,343
Allegion PLC
 
70,694
8,045,684
Johnson Controls International PLC
 
636,181
37,572,850
Owens Corning
 
2,887
415,468
Simpson Manufacturing Co. Ltd.
 
460
73,490
Trane Technologies PLC
 
41,613
8,541,484
 
 
 
55,276,319
Commercial Services & Supplies - 1.2%
 
 
 
Cintas Corp.
 
59,835
30,167,012
Republic Services, Inc.
 
252,630
36,411,562
Tetra Tech, Inc.
 
6,078
956,373
 
 
 
67,534,947
Construction & Engineering - 0.4%
 
 
 
Arcosa, Inc.
 
51,498
4,028,174
EMCOR Group, Inc.
 
32,191
7,218,832
Valmont Industries, Inc.
 
44,265
11,221,178
 
 
 
22,468,184
Electrical Equipment - 2.0%
 
 
 
Acuity Brands, Inc.
 
16,094
2,595,640
AMETEK, Inc.
 
152,050
24,253,496
Atkore, Inc. (b)
 
7,610
1,171,712
Eaton Corp. PLC
 
91,891
21,168,930
Emerson Electric Co.
 
470,150
46,192,238
EnerSys
 
33,110
3,475,888
nVent Electric PLC
 
235,806
13,332,471
 
 
 
112,190,375
Ground Transportation - 1.6%
 
 
 
CSX Corp.
 
996,857
30,105,081
Norfolk Southern Corp.
 
46,408
9,514,104
RXO, Inc.
 
25,603
462,902
Uber Technologies, Inc. (b)
 
80,961
3,823,788
Union Pacific Corp.
 
200,985
44,331,261
 
 
 
88,237,136
Industrial Conglomerates - 1.4%
 
 
 
3M Co.
 
423,642
45,189,892
General Electric Co.
 
220,167
25,200,315
Honeywell International, Inc.
 
37,580
7,062,785
 
 
 
77,452,992
Machinery - 2.7%
 
 
 
AGCO Corp.
 
209,240
27,102,857
Allison Transmission Holdings, Inc.
 
206,995
12,512,848
Caterpillar, Inc.
 
82,247
23,122,099
CNH Industrial NV
 
656,219
9,042,698
Cummins, Inc.
 
40,963
9,423,129
Deere & Co.
 
42,798
17,587,410
Fortive Corp.
 
167,955
13,243,252
Gates Industrial Corp. PLC (b)
 
135,217
1,660,465
Oshkosh Corp.
 
167,579
17,399,728
PACCAR, Inc.
 
192,818
15,866,993
SPX Technologies, Inc. (b)
 
23,041
1,820,700
Westinghouse Air Brake Tech Co.
 
15,306
1,722,231
 
 
 
150,504,410
Marine Transportation - 0.0%
 
 
 
Kirby Corp. (b)
 
11,108
920,076
Passenger Airlines - 0.7%
 
 
 
American Airlines Group, Inc. (b)
 
635,848
9,366,041
United Airlines Holdings, Inc. (b)
 
575,425
28,661,919
 
 
 
38,027,960
Professional Services - 0.3%
 
 
 
Korn Ferry
 
50,426
2,570,717
Leidos Holdings, Inc.
 
137,129
13,371,449
 
 
 
15,942,166
Trading Companies & Distributors - 0.3%
 
 
 
Applied Industrial Technologies, Inc.
 
4,451
687,101
Beacon Roofing Supply, Inc. (b)
 
101,837
8,131,684
Boise Cascade Co.
 
13,770
1,506,025
Core & Main, Inc. (b)
 
33,685
1,106,215
MSC Industrial Direct Co., Inc. Class A (a)
 
22,128
2,258,384
 
 
 
13,689,409
TOTAL INDUSTRIALS
 
 
830,101,212
INFORMATION TECHNOLOGY - 9.9%
 
 
 
Communications Equipment - 1.7%
 
 
 
Cisco Systems, Inc.
 
1,422,216
81,564,088
Juniper Networks, Inc.
 
397,108
11,563,785
 
 
 
93,127,873
Electronic Equipment, Instruments & Components - 0.3%
 
 
 
Avnet, Inc.
 
19,865
1,008,149
Belden, Inc.
 
47,921
4,499,782
Coherent Corp. (b)
 
68,048
2,560,646
Keysight Technologies, Inc. (b)
 
51,615
6,880,280
Vontier Corp.
 
128,232
4,027,767
 
 
 
18,976,624
IT Services - 1.5%
 
 
 
Akamai Technologies, Inc. (b)
 
8,778
922,480
Amdocs Ltd.
 
90,858
8,104,534
Gartner, Inc. (b)
 
30,382
10,623,978
GoDaddy, Inc. (b)
 
149,805
10,862,361
IBM Corp.
 
48,545
7,127,862
Kyndryl Holdings, Inc. (b)
 
76,197
1,286,205
Twilio, Inc. Class A (b)
 
322,274
20,532,077
Wix.com Ltd. (b)
 
233,938
23,106,056
 
 
 
82,565,553
Semiconductors & Semiconductor Equipment - 3.6%
 
 
 
Advanced Micro Devices, Inc. (b)
 
293,882
31,069,205
Broadcom, Inc.
 
28,458
26,263,604
Cirrus Logic, Inc. (b)
 
34,372
2,819,879
Intel Corp.
 
2,016,194
70,849,057
NVIDIA Corp.
 
7,504
3,703,599
NXP Semiconductors NV
 
4,284
881,304
Qorvo, Inc. (b)
 
288,458
30,977,505
Qualcomm, Inc.
 
258,637
29,621,696
 
 
 
196,185,849
Software - 2.4%
 
 
 
Adobe, Inc. (b)
 
20,413
11,417,807
Blackbaud, Inc. (b)
 
2,955
224,905
Box, Inc. Class A (b)
 
100,968
2,673,633
DocuSign, Inc. (b)
 
56,767
2,855,380
Dropbox, Inc. Class A (b)
 
468,621
13,022,978
NCR Corp. (b)
 
13,867
426,549
Oracle Corp.
 
5,998
722,099
Salesforce, Inc. (b)
 
197,919
43,831,142
SolarWinds, Inc. (b)
 
82,880
882,672
Synopsys, Inc. (b)
 
35,090
16,102,450
Teradata Corp. (b)
 
541,936
25,075,379
Unity Software, Inc. (b)
 
48,853
1,810,981
Workday, Inc. Class A (b)
 
18,735
4,580,708
Zoom Video Communications, Inc. Class A (b)
 
139,842
9,932,977
 
 
 
133,559,660
Technology Hardware, Storage & Peripherals - 0.4%
 
 
 
NetApp, Inc.
 
240,940
18,480,098
Pure Storage, Inc. Class A (b)
 
117,993
4,317,364
 
 
 
22,797,462
TOTAL INFORMATION TECHNOLOGY
 
 
547,213,021
MATERIALS - 4.5%
 
 
 
Chemicals - 2.1%
 
 
 
Air Products & Chemicals, Inc.
 
59,265
17,512,215
Avient Corp.
 
24,154
968,817
CF Industries Holdings, Inc.
 
131,420
10,128,539
Corteva, Inc.
 
307,574
15,535,563
Eastman Chemical Co.
 
214,920
18,270,349
Ecolab, Inc.
 
69,725
12,816,152
Ginkgo Bioworks Holdings, Inc. Class A (a)(b)
 
758,826
1,775,653
Linde PLC
 
72,884
28,209,023
PPG Industries, Inc.
 
35,663
5,055,587
Sherwin-Williams Co.
 
22,947
6,235,159
The Chemours Co. LLC
 
53,733
1,827,997
 
 
 
118,335,054
Construction Materials - 0.7%
 
 
 
Eagle Materials, Inc.
 
24,985
4,730,160
Martin Marietta Materials, Inc.
 
25,052
11,183,463
Vulcan Materials Co.
 
89,920
19,625,040
 
 
 
35,538,663
Containers & Packaging - 0.7%
 
 
 
Graphic Packaging Holding Co.
 
133,310
2,964,814
Sealed Air Corp.
 
199,207
7,382,611
WestRock Co.
 
798,830
26,129,729
 
 
 
36,477,154
Metals & Mining - 1.0%
 
 
 
Commercial Metals Co.
 
59,344
3,340,474
Newmont Corp.
 
108,296
4,269,028
Nucor Corp.
 
247,159
42,536,064
Steel Dynamics, Inc.
 
36,859
3,928,801
Worthington Industries, Inc.
 
31,758
2,390,425
 
 
 
56,464,792
TOTAL MATERIALS
 
 
246,815,663
REAL ESTATE - 4.8%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 4.5%
 
 
 
American Homes 4 Rent Class A
 
366,710
13,216,228
American Tower Corp.
 
82,683
14,992,082
Apartment Income (REIT) Corp.
 
225,095
7,666,736
AvalonBay Communities, Inc.
 
15,815
2,907,113
Crown Castle International Corp.
 
317,043
31,862,822
EastGroup Properties, Inc.
 
2,650
476,020
EPR Properties
 
34,114
1,527,625
Equity Residential (SBI)
 
85,917
5,569,999
Extra Space Storage, Inc.
 
5,217
671,324
Federal Realty Investment Trust (SBI)
 
67,214
6,582,939
Gaming & Leisure Properties
 
63,028
2,987,527
Healthpeak Properties, Inc.
 
266,978
5,494,407
Highwoods Properties, Inc. (SBI)
 
308,491
7,351,341
Invitation Homes, Inc.
 
975,778
33,264,272
Kilroy Realty Corp.
 
29,803
1,101,221
Mid-America Apartment Communities, Inc.
 
75,408
10,951,504
NNN (REIT), Inc.
 
237,692
9,362,688
Park Hotels & Resorts, Inc.
 
559,577
7,179,373
Prologis (REIT), Inc.
 
33,866
4,206,157
Public Storage
 
92,132
25,463,442
Rexford Industrial Realty, Inc.
 
91,945
4,916,299
SBA Communications Corp. Class A
 
61,481
13,804,329
Simon Property Group, Inc.
 
130,973
14,864,126
Spirit Realty Capital, Inc.
 
84,672
3,269,186
Terreno Realty Corp.
 
145,502
8,859,617
UDR, Inc.
 
112,288
4,480,291
VICI Properties, Inc.
 
132,636
4,090,494
Weyerhaeuser Co.
 
79,005
2,587,414
 
 
 
249,706,576
Real Estate Management & Development - 0.3%
 
 
 
Zillow Group, Inc.:
 
 
 
 Class A (b)
 
73,238
3,729,279
 Class C (b)
 
218,106
11,376,409
 
 
 
15,105,688
TOTAL REAL ESTATE
 
 
264,812,264
UTILITIES - 2.6%
 
 
 
Electric Utilities - 1.5%
 
 
 
Allete, Inc.
 
54,586
2,996,771
Duke Energy Corp.
 
124,245
11,032,956
Entergy Corp.
 
29,107
2,772,442
Evergy, Inc.
 
22,115
1,215,662
Hawaiian Electric Industries, Inc.
 
42,785
599,846
NextEra Energy, Inc.
 
580,504
38,777,667
OGE Energy Corp.
 
104,576
3,560,813
Pinnacle West Capital Corp.
 
14,337
1,107,820
Xcel Energy, Inc.
 
391,431
22,362,453
 
 
 
84,426,430
Gas Utilities - 0.2%
 
 
 
National Fuel Gas Co.
 
75,023
4,031,736
UGI Corp.
 
118,269
2,978,013
 
 
 
7,009,749
Independent Power and Renewable Electricity Producers - 0.2%
 
 
 
Brookfield Renewable Corp.
 
53,386
1,492,139
Clearway Energy, Inc.:
 
 
 
 Class A
 
46,164
1,082,084
 Class C
 
152,172
3,769,300
Vistra Corp.
 
192,513
6,048,758
 
 
 
12,392,281
Multi-Utilities - 0.7%
 
 
 
Black Hills Corp.
 
67,890
3,733,950
Consolidated Edison, Inc.
 
98,222
8,737,829
NiSource, Inc.
 
425,254
11,379,797
Public Service Enterprise Group, Inc.
 
235,570
14,388,616
 
 
 
38,240,192
TOTAL UTILITIES
 
 
142,068,652
 
TOTAL COMMON STOCKS
 (Cost $4,777,819,942)
 
 
 
5,501,157,566
 
 
 
 
Money Market Funds - 3.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.43% (c)
 
155,185,077
155,216,114
Fidelity Securities Lending Cash Central Fund 5.44% (c)(d)
 
13,095,079
13,096,389
 
TOTAL MONEY MARKET FUNDS
 (Cost $168,312,503)
 
 
168,312,503
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.5%
 (Cost $4,946,132,445)
 
 
 
5,669,470,069
NET OTHER ASSETS (LIABILITIES) - (2.5)%  
(137,705,741)
NET ASSETS - 100.0%
5,531,764,328
 
 
 
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)
65
Sep 2023
14,677,000
540,701
540,701
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.3%
 
 
 
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 5.43%
8,770,543
839,840,159
693,394,588
1,677,853
-
-
155,216,114
0.4%
Fidelity Securities Lending Cash Central Fund 5.44%
51,168,351
615,567,234
653,639,196
193,813
-
-
13,096,389
0.0%
Total
59,938,894
1,455,407,393
1,347,033,784
1,871,666
-
-
168,312,503
 
 
 
 
 
 
 
 
 
 
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.
 
Amounts in the dividend income column 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 August 31, 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
226,414,347
226,414,347
-
-
Consumer Discretionary
363,528,518
363,528,518
-
-
Consumer Staples
417,735,772
417,735,772
-
-
Energy
439,372,325
439,372,325
-
-
Financials
1,140,677,557
1,140,677,557
-
-
Health Care
882,418,235
882,418,235
-
-
Industrials
830,101,212
830,101,212
-
-
Information Technology
547,213,021
547,213,021
-
-
Materials
246,815,663
246,815,663
-
-
Real Estate
264,812,264
264,812,264
-
-
Utilities
142,068,652
142,068,652
-
-
  Money Market Funds
168,312,503
168,312,503
-
-
 Total Investments in Securities:
5,669,470,069
5,669,470,069
-
-
 Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
540,701
540,701
-
-
  Total Assets
540,701
540,701
-
-
 Total Derivative Instruments:
540,701
540,701
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of August 31, 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) 
540,701
0
Total Equity Risk
540,701
0
Total Value of Derivatives
540,701
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
Statement of Assets and Liabilities
 
 
 
August 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $12,549,124) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $4,777,819,942)
$
5,501,157,566
 
 
Fidelity Central Funds (cost $168,312,503)
168,312,503
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $4,946,132,445)
 
 
$
5,669,470,069
Segregated cash with brokers for derivative instruments
 
 
7,705,600
Receivable for investments sold
 
 
163,221,367
Receivable for fund shares sold
 
 
2,261,245
Dividends receivable
 
 
12,520,764
Distributions receivable from Fidelity Central Funds
 
 
177,877
Receivable for daily variation margin on futures contracts
 
 
63,335
Other receivables
 
 
67,580
  Total assets
 
 
5,855,487,837
Liabilities
 
 
 
 
Payable for investments purchased
$
170,401,828
 
 
Payable for fund shares redeemed
138,424,457
 
 
Accrued management fee
1,803,836
 
 
Collateral on securities loaned
13,093,388
 
 
  Total Liabilities
 
 
 
323,723,509
Net Assets  
 
 
$
5,531,764,328
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
4,690,660,336
Total accumulated earnings (loss)
 
 
 
841,103,992
Net Assets
 
 
$
5,531,764,328
Net Asset Value, offering price and redemption price per share ($5,531,764,328 ÷ 367,307,367 shares)
 
 
$
15.06
 
Statement of Operations
 
 
 
Year ended
August 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
123,931,441
Interest  
 
 
78,834
Income from Fidelity Central Funds (including $193,813 from security lending)
 
 
1,871,666
 Total Income
 
 
 
125,881,941
Expenses
 
 
 
 
Management fee
$
21,604,951
 
 
Independent trustees' fees and expenses
30,662
 
 
Interest
29,724
 
 
 Total expenses before reductions
 
21,665,337
 
 
 Expense reductions
 
(1,773)
 
 
 Total expenses after reductions
 
 
 
21,663,564
Net Investment income (loss)
 
 
 
104,218,377
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
87,781,805
 
 
   Redemptions in-kind
 
117,706,408
 
 
 Futures contracts
 
3,530,011
 
 
Total net realized gain (loss)
 
 
 
209,018,224
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
129,900,340
 
 
 Futures contracts
 
513,598
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
130,413,938
Net gain (loss)
 
 
 
339,432,162
Net increase (decrease) in net assets resulting from operations
 
 
$
443,650,539
Statement of Changes in Net Assets
 
 
Year ended
August 31, 2023
 
Year ended
August 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
104,218,377
$
109,310,484
Net realized gain (loss)
 
209,018,224
 
 
269,166,406
 
Change in net unrealized appreciation (depreciation)
 
130,413,938
 
(702,930,899)
 
Net increase (decrease) in net assets resulting from operations
 
443,650,539
 
 
(324,454,009)
 
Distributions to shareholders
 
(257,200,574)
 
 
(697,082,541)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
817,757,697
 
1,055,115,905
  Reinvestment of distributions
 
243,302,994
 
 
669,849,842
 
Cost of shares redeemed
 
(1,407,138,550)
 
(1,199,545,360)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(346,077,859)
 
 
525,420,387
 
Total increase (decrease) in net assets
 
(159,627,894)
 
 
(496,116,163)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
5,691,392,222
 
6,187,508,385
 
End of period
$
5,531,764,328
$
5,691,392,222
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
56,058,366
 
67,688,693
  Issued in reinvestment of distributions
 
16,907,783
 
 
42,939,093
 
Redeemed
 
(96,852,853)
 
(77,436,714)
Net increase (decrease)
 
(23,886,704)
 
33,191,072
 
 
 
 
 
 
Financial Highlights
Fidelity® Large Cap Value Enhanced Index Fund
 
Years ended August 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.55
$
17.28
$
12.63
$
12.81
$
13.81
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.27
 
.28
 
.25
 
.28
 
.30
     Net realized and unrealized gain (loss)
 
.91
 
(1.04)
 
4.63
 
- C
 
(.46)
  Total from investment operations
 
1.18  
 
(.76)  
 
4.88  
 
.28  
 
(.16)
  Distributions from net investment income
 
(.22)
 
(.33) D
 
(.23)
 
(.29)
 
(.31)
  Distributions from net realized gain
 
(.45)
 
(1.64) D
 
-
 
(.17)
 
(.54)
     Total distributions
 
(.67)
 
(1.97)
 
(.23)
 
(.46)
 
(.84) E
  Net asset value, end of period
$
15.06
$
14.55
$
17.28
$
12.63
$
12.81
 Total Return F
 
8.30%
 
(5.18)%
 
39.12%
 
1.95%
 
(.77)%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.39%
 
.39%
 
.39%
 
.39%
 
.39%
    Expenses net of fee waivers, if any
 
.39%
 
.39%
 
.39%
 
.39%
 
.39%
    Expenses net of all reductions
 
.39%
 
.39%
 
.39%
 
.39%
 
.39%
    Net investment income (loss)
 
1.88%
 
1.76%
 
1.65%
 
2.21%
 
2.37%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
5,531,764
$
5,691,392
$
6,187,508
$
3,887,139
$
3,757,353
    Portfolio turnover rate I
 
88% J
 
112%
 
75%
 
81%
 
94%
 
ACalculated based on average shares outstanding during the period.
 
BNet 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.
 
CAmount represents less than $.005 per share.
 
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
ETotal distributions per share do not sum due to rounding.
 
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
GFees 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.
 
HExpense 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.
 
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended August 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Large Cap Core Enhanced Index Fund
15.01%
11.07%
12.62%
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Large Cap Core Enhanced Index Fund on August 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
 
Fidelity® Large Cap Core Enhanced Index Fund
Market Recap:
U.S. equities gained 15.94% for the 12 months ending August 31, 2023, according to the S&P 500® index, as continued global economic expansion, falling commodity prices and a slowing in the pace of inflation provided a favorable backdrop for higher-risk assets. Large-cap stocks spearheaded the rally, which was driven by the shares of a narrow set of mega-cap companies in the information technology and communication services sectors, largely due to exuberance related to generative artificial intelligence. Aggressive monetary tightening by the U.S. Federal Reserve continued amid consistent pressure on core inflation, a measure that excludes food and energy. Since March 2022, the Fed has hiked its benchmark interest rate 11 times. The latest bump came in late July, a fourth consecutive raise of a stepped down 25 basis points. The S&P 500® gained 3.21% in July but snapped a five-month rally in August (-1.59%), held back by softness in manufacturing and jobs. Still, U.S. stocks ended August up 18.73% year to date. For the full 12 months, value (+17%) topped growth (+13%) within the index. By sector, information technology (+35%) led by a wide margin, followed by communication services (+26%). In contrast, the defensive utilities sector (-13%) lagged most, as climbing yields offered investors better returns elsewhere. Real estate returned about -7%, hampered by high borrowing costs and low home inventory.
 
Comments from Senior Portfolio Manager Maximilian Kaufmann of the Fidelity Systematic Equity Strategies portfolio management team:
For the fiscal year ending August 31, 2023, the fund gained 15.01%, versus 15.94% for the benchmark S&P 500® index. Relative to the benchmark, security selection was the primary detractor, especially within the health care sector. The biggest detractor from performance versus the benchmark was stock picking in industrials. Also hurting our result was stock selection in consumer discretionary and materials. The biggest individual relative detractor was an underweight in Nvidia (+227%). Owing to the stock's large allocation in the benchmark, Nvidia was one of the fund's largest holdings on August 31. The second-largest relative detractor was our non-benchmark stake in Hawaiian Electric Industries (-57%), a stock we no longer held at period end. An overweight in CVS Health (-31%) also detracted. In contrast, the biggest contributor to performance versus the benchmark was security selection in communication services. An underweight in utilities also boosted relative performance. Also lifting the fund's relative result were picks and an underweight in information technology. The top individual relative contributor was an overweight in Broadcom (+90%). A second notable relative contributor was an overweight in Meta Platforms (+79%). Meta Platforms was among our biggest holdings. Another notable relative contributor was our stake in Palo Alto Networks (+30%). This period we increased our stake in Palo Alto Networks. Notable changes in positioning include lower allocations to the utilities and consumer staples sectors.
 
Note to shareholders:
In June 2023, the Board of Trustees approved the conversion of Fidelity's Enhanced Index Funds into exchange-traded funds, a move deemed in the best interest of shareholders. Each new ETF and its former corresponding fund will have identical investment objectives and fundamental investment policies and have substantially similar investment strategies. Fidelity believes that the conversion will provide multiple benefits for investors of the Funds, including lower net expenses, additional trading flexibility, increased portfolio holdings transparency and the potential for enhanced tax efficiency. The Fund conversions are expected to be conducted in November 2023. For more information, please refer to the Funds' prospectus supplements or visit us online.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Large Cap Core Enhanced Index Fund
Top Holdings (% of Fund's net assets)
 
Apple, Inc.
7.5
 
Microsoft Corp.
6.1
 
NVIDIA Corp.
3.3
 
Amazon.com, Inc.
2.8
 
Alphabet, Inc. Class C
2.4
 
Tesla, Inc.
2.4
 
Berkshire Hathaway, Inc. Class B
2.2
 
Alphabet, Inc. Class A
2.1
 
Meta Platforms, Inc. Class A
1.9
 
UnitedHealth Group, Inc.
1.7
 
 
32.4
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
28.1
 
Health Care
14.1
 
Financials
12.4
 
Consumer Discretionary
11.2
 
Industrials
10.1
 
Communication Services
9.3
 
Consumer Staples
5.2
 
Energy
4.2
 
Materials
1.8
 
Real Estate
1.7
 
Utilities
0.2
 
 
Asset Allocation (% of Fund's net assets)
Futures - 1.3%
 
Fidelity® Large Cap Core Enhanced Index Fund
Showing Percentage of Net Assets     
Common Stocks - 98.3%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 9.3%
 
 
 
Diversified Telecommunication Services - 0.1%
 
 
 
AT&T, Inc.
 
178,286
2,636,850
Entertainment - 1.4%
 
 
 
Activision Blizzard, Inc.
 
12,777
1,175,356
Electronic Arts, Inc.
 
96,692
11,601,106
Netflix, Inc. (a)
 
33,754
14,638,435
Spotify Technology SA (a)
 
11,500
1,770,655
 
 
 
29,185,552
Interactive Media & Services - 6.4%
 
 
 
Alphabet, Inc.:
 
 
 
 Class A (a)
 
318,804
43,411,541
 Class C (a)
 
355,679
48,852,511
Meta Platforms, Inc. Class A (a)
 
128,009
37,876,583
 
 
 
130,140,635
Media - 1.4%
 
 
 
Charter Communications, Inc. Class A (a)
 
15,513
6,796,556
Comcast Corp. Class A
 
451,482
21,111,298
TEGNA, Inc.
 
68,607
1,134,074
 
 
 
29,041,928
TOTAL COMMUNICATION SERVICES
 
 
191,004,965
CONSUMER DISCRETIONARY - 11.2%
 
 
 
Automobiles - 3.2%
 
 
 
Ford Motor Co.
 
1,044,739
12,672,684
General Motors Co.
 
147,345
4,937,531
Tesla, Inc. (a)
 
186,294
48,078,756
 
 
 
65,688,971
Broadline Retail - 2.9%
 
 
 
Amazon.com, Inc. (a)
 
418,109
57,703,223
Etsy, Inc. (a)
 
27,194
2,000,663
 
 
 
59,703,886
Distributors - 0.1%
 
 
 
Genuine Parts Co.
 
12,202
1,875,813
Diversified Consumer Services - 0.0%
 
 
 
H&R Block, Inc.
 
23,740
949,125
Hotels, Restaurants & Leisure - 1.7%
 
 
 
Airbnb, Inc. Class A (a)
 
71,194
9,365,571
Booking Holdings, Inc. (a)
 
1,993
6,188,325
Chipotle Mexican Grill, Inc. (a)
 
1,208
2,327,381
McDonald's Corp.
 
43,010
12,092,262
Starbucks Corp.
 
44,230
4,309,771
 
 
 
34,283,310
Household Durables - 0.8%
 
 
 
D.R. Horton, Inc.
 
3,323
395,503
NVR, Inc. (a)
 
800
5,101,864
Toll Brothers, Inc.
 
16,619
1,361,595
TopBuild Corp. (a)
 
29,534
8,567,223
 
 
 
15,426,185
Specialty Retail - 2.4%
 
 
 
Murphy U.S.A., Inc.
 
4,684
1,487,826
O'Reilly Automotive, Inc. (a)
 
6,026
5,662,632
The Home Depot, Inc.
 
84,723
27,984,007
TJX Companies, Inc.
 
50,780
4,696,134
Ulta Beauty, Inc. (a)
 
21,422
8,890,773
 
 
 
48,721,372
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
Crocs, Inc. (a)
 
25,792
2,510,593
TOTAL CONSUMER DISCRETIONARY
 
 
229,159,255
CONSUMER STAPLES - 5.2%
 
 
 
Beverages - 1.3%
 
 
 
PepsiCo, Inc.
 
24,577
4,372,740
The Coca-Cola Co.
 
381,541
22,827,598
 
 
 
27,200,338
Consumer Staples Distribution & Retail - 1.0%
 
 
 
Costco Wholesale Corp.
 
7,577
4,161,895
Walmart, Inc.
 
99,913
16,246,853
 
 
 
20,408,748
Food Products - 1.5%
 
 
 
Archer Daniels Midland Co.
 
44,946
3,564,218
Mondelez International, Inc.
 
216,618
15,436,199
The Kraft Heinz Co.
 
340,521
11,267,840
 
 
 
30,268,257
Household Products - 1.4%
 
 
 
Colgate-Palmolive Co.
 
97,903
7,192,933
Kimberly-Clark Corp.
 
65,252
8,406,415
Procter & Gamble Co.
 
86,473
13,346,243
 
 
 
28,945,591
TOTAL CONSUMER STAPLES
 
 
106,822,934
ENERGY - 4.2%
 
 
 
Energy Equipment & Services - 0.0%
 
 
 
Weatherford International PLC (a)
 
1,568
138,799
Oil, Gas & Consumable Fuels - 4.2%
 
 
 
Chevron Corp.
 
158,120
25,473,132
ConocoPhillips Co.
 
103,528
12,322,938
EOG Resources, Inc.
 
108,399
13,942,279
Exxon Mobil Corp.
 
269,844
30,003,954
Occidental Petroleum Corp. warrants 8/3/27 (a)
 
9,120
372,552
ONEOK, Inc.
 
16,146
1,052,719
Pioneer Natural Resources Co.
 
2,681
637,890
Texas Pacific Land Corp. (b)
 
1,000
1,884,750
 
 
 
85,690,214
TOTAL ENERGY
 
 
85,829,013
FINANCIALS - 12.4%
 
 
 
Banks - 2.9%
 
 
 
Bank of America Corp.
 
693,889
19,893,798
East West Bancorp, Inc.
 
31,771
1,758,207
JPMorgan Chase & Co.
 
225,755
33,034,729
U.S. Bancorp
 
24,716
902,875
Wells Fargo & Co.
 
118,849
4,907,275
 
 
 
60,496,884
Capital Markets - 2.1%
 
 
 
Bank of New York Mellon Corp.
 
34,764
1,559,861
Charles Schwab Corp.
 
253,308
14,983,168
Goldman Sachs Group, Inc.
 
21,892
7,174,227
LPL Financial
 
13,149
3,032,028
NASDAQ, Inc.
 
224,612
11,787,638
SEI Investments Co.
 
56,949
3,534,255
Stifel Financial Corp.
 
19,073
1,240,126
 
 
 
43,311,303
Consumer Finance - 0.2%
 
 
 
Synchrony Financial
 
148,526
4,794,419
Financial Services - 5.4%
 
 
 
Berkshire Hathaway, Inc. Class B (a)
 
125,620
45,248,324
Essent Group Ltd.
 
5,500
276,210
Fidelity National Information Services, Inc.
 
150,883
8,428,324
MasterCard, Inc. Class A
 
71,246
29,398,949
MGIC Investment Corp.
 
188,916
3,321,143
PayPal Holdings, Inc. (a)
 
198,492
12,407,735
Visa, Inc. Class A
 
43,160
10,603,549
 
 
 
109,684,234
Insurance - 1.8%
 
 
 
Brown & Brown, Inc.
 
135,631
10,050,257
Hartford Financial Services Group, Inc.
 
82,671
5,937,431
MetLife, Inc.
 
157,169
9,955,084
Progressive Corp.
 
10,246
1,367,534
The Travelers Companies, Inc.
 
57,189
9,220,582
 
 
 
36,530,888
TOTAL FINANCIALS
 
 
254,817,728
HEALTH CARE - 14.1%
 
 
 
Biotechnology - 2.4%
 
 
 
AbbVie, Inc.
 
32,062
4,711,832
Amgen, Inc.
 
33,345
8,547,657
Exelixis, Inc. (a)
 
364,124
8,152,736
Gilead Sciences, Inc.
 
200,512
15,335,158
Incyte Corp. (a)
 
162,110
10,460,958
United Therapeutics Corp. (a)
 
5,902
1,324,173
 
 
 
48,532,514
Health Care Equipment & Supplies - 1.9%
 
 
 
Abbott Laboratories
 
192,093
19,766,370
Align Technology, Inc. (a)
 
7,858
2,908,560
Hologic, Inc. (a)
 
25,756
1,925,003
Lantheus Holdings, Inc. (a)
 
38,965
2,666,765
Zimmer Biomet Holdings, Inc.
 
95,918
11,425,752
Zimvie, Inc. (a)
 
18,157
214,253
 
 
 
38,906,703
Health Care Providers & Services - 4.7%
 
 
 
Centene Corp. (a)
 
188,035
11,592,358
Cigna Group
 
20,227
5,587,911
CVS Health Corp.
 
180,582
11,768,529
Elevance Health, Inc.
 
34,556
15,274,098
HCA Holdings, Inc.
 
18,843
5,225,164
Humana, Inc.
 
28,762
13,277,402
McKesson Corp.
 
2,093
862,986
UnitedHealth Group, Inc.
 
71,475
34,063,556
 
 
 
97,652,004
Life Sciences Tools & Services - 0.3%
 
 
 
Danaher Corp.
 
10,493
2,780,645
Syneos Health, Inc. (a)
 
62,895
2,687,503
Thermo Fisher Scientific, Inc.
 
1,395
777,155
 
 
 
6,245,303
Pharmaceuticals - 4.8%
 
 
 
Bristol-Myers Squibb Co.
 
101,462
6,255,132
Eli Lilly & Co.
 
28,681
15,895,010
Johnson & Johnson
 
186,705
30,186,464
Merck & Co., Inc.
 
228,711
24,924,925
Pfizer, Inc.
 
580,266
20,529,811
 
 
 
97,791,342
TOTAL HEALTH CARE
 
 
289,127,866
INDUSTRIALS - 10.1%
 
 
 
Aerospace & Defense - 1.7%
 
 
 
General Dynamics Corp.
 
33,891
7,681,056
L3Harris Technologies, Inc.
 
23,106
4,114,948
Lockheed Martin Corp.
 
25,428
11,400,644
Textron, Inc.
 
109,069
8,475,752
The Boeing Co. (a)
 
14,228
3,187,499
 
 
 
34,859,899
Building Products - 0.1%
 
 
 
Johnson Controls International PLC
 
22,574
1,333,220
Trane Technologies PLC
 
3,668
752,894
 
 
 
2,086,114
Commercial Services & Supplies - 1.2%
 
 
 
Cintas Corp.
 
25,338
12,774,659
Republic Services, Inc.
 
80,895
11,659,396
 
 
 
24,434,055
Construction & Engineering - 0.3%
 
 
 
Valmont Industries, Inc.
 
24,878
6,306,573
Electrical Equipment - 1.3%
 
 
 
AMETEK, Inc.
 
76,977
12,278,601
Emerson Electric Co.
 
143,445
14,093,471
EnerSys
 
14,654
1,538,377
 
 
 
27,910,449
Ground Transportation - 2.2%
 
 
 
CSX Corp.
 
429,024
12,956,525
Norfolk Southern Corp.
 
25,536
5,235,135
Uber Technologies, Inc. (a)
 
179,412
8,473,629
Union Pacific Corp.
 
80,907
17,845,657
 
 
 
44,510,946
Industrial Conglomerates - 0.5%
 
 
 
3M Co.
 
90,770
9,682,436
Machinery - 1.9%
 
 
 
AGCO Corp.
 
19,937
2,582,440
Allison Transmission Holdings, Inc.
 
58,127
3,513,777
Caterpillar, Inc.
 
63,677
17,901,515
Deere & Co.
 
16,741
6,879,547
PACCAR, Inc.
 
98,683
8,120,624
 
 
 
38,997,903
Passenger Airlines - 0.7%
 
 
 
American Airlines Group, Inc. (a)
 
466,162
6,866,566
United Airlines Holdings, Inc. (a)
 
157,557
7,847,914
 
 
 
14,714,480
Professional Services - 0.1%
 
 
 
Leidos Holdings, Inc.
 
21,855
2,131,081
Trading Companies & Distributors - 0.1%
 
 
 
W.W. Grainger, Inc.
 
2,098
1,498,266
TOTAL INDUSTRIALS
 
 
207,132,202
INFORMATION TECHNOLOGY - 28.1%
 
 
 
Communications Equipment - 1.3%
 
 
 
Cisco Systems, Inc.
 
413,840
23,733,724
Juniper Networks, Inc.
 
80,785
2,352,459
 
 
 
26,086,183
Electronic Equipment, Instruments & Components - 0.1%
 
 
 
Belden, Inc.
 
2,900
272,310
Keysight Technologies, Inc. (a)
 
17,534
2,337,282
 
 
 
2,609,592
IT Services - 1.3%
 
 
 
Accenture PLC Class A
 
360
116,557
Gartner, Inc. (a)
 
18,755
6,558,248
GoDaddy, Inc. (a)
 
143,234
10,385,897
Wix.com Ltd. (a)
 
98,865
9,764,896
 
 
 
26,825,598
Semiconductors & Semiconductor Equipment - 7.4%
 
 
 
Applied Materials, Inc.
 
65,599
10,020,903
Broadcom, Inc.
 
34,695
32,019,669
Enphase Energy, Inc. (a)
 
3,081
389,839
Intel Corp.
 
534,486
18,781,838
KLA Corp.
 
3,421
1,716,897
Lam Research Corp.
 
2,704
1,899,290
Lattice Semiconductor Corp. (a)
 
12,885
1,253,195
NVIDIA Corp.
 
138,541
68,376,911
Qualcomm, Inc.
 
149,251
17,093,717
 
 
 
151,552,259
Software - 10.1%
 
 
 
Adobe, Inc. (a)
 
45,139
25,248,048
Autodesk, Inc. (a)
 
50,905
11,297,856
Microsoft Corp.
 
378,197
123,957,849
Palo Alto Networks, Inc. (a)
 
3,191
776,370
RingCentral, Inc. (a)
 
92,581
2,863,530
Salesforce, Inc. (a)
 
93,892
20,793,322
Synopsys, Inc. (a)
 
31,400
14,409,146
Teradata Corp. (a)
 
130,207
6,024,678
Zoom Video Communications, Inc. Class A (a)
 
11,779
836,662
 
 
 
206,207,461
Technology Hardware, Storage & Peripherals - 7.9%
 
 
 
Apple, Inc.
 
812,246
152,596,659
NetApp, Inc.
 
58,102
4,456,423
Pure Storage, Inc. Class A (a)
 
126,000
4,610,340
 
 
 
161,663,422
TOTAL INFORMATION TECHNOLOGY
 
 
574,944,515
MATERIALS - 1.8%
 
 
 
Chemicals - 0.8%
 
 
 
CF Industries Holdings, Inc.
 
67,619
5,211,396
Ecolab, Inc.
 
29,374
5,399,235
Linde PLC
 
16,034
6,205,799
 
 
 
16,816,430
Construction Materials - 0.1%
 
 
 
Vulcan Materials Co.
 
13,002
2,837,687
Containers & Packaging - 0.2%
 
 
 
Sealed Air Corp.
 
77,861
2,885,529
WestRock Co.
 
7,682
251,278
 
 
 
3,136,807
Metals & Mining - 0.7%
 
 
 
Nucor Corp.
 
77,601
13,355,132
Worthington Industries, Inc.
 
4,965
373,716
 
 
 
13,728,848
TOTAL MATERIALS
 
 
36,519,772
REAL ESTATE - 1.7%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 1.7%
 
 
 
American Tower Corp.
 
16,925
3,068,841
Invitation Homes, Inc.
 
176,493
6,016,646
Public Storage
 
36,680
10,137,618
Ryman Hospitality Properties, Inc.
 
91,947
7,818,253
SBA Communications Corp. Class A
 
13,030
2,925,626
Simon Property Group, Inc.
 
33,994
3,857,979
 
 
 
33,824,963
UTILITIES - 0.2%
 
 
 
Electric Utilities - 0.2%
 
 
 
NextEra Energy, Inc.
 
21,881
1,461,651
Xcel Energy, Inc.
 
43,416
2,480,356
 
 
 
3,942,007
Independent Power and Renewable Electricity Producers - 0.0%
 
 
 
Brookfield Renewable Corp.
 
10,080
281,736
TOTAL UTILITIES
 
 
4,223,743
 
TOTAL COMMON STOCKS
 (Cost $1,491,304,661)
 
 
 
2,013,406,956
 
 
 
 
Money Market Funds - 3.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.43% (c)
 
70,512,957
70,527,060
Fidelity Securities Lending Cash Central Fund 5.44% (c)(d)
 
1,386,911
1,387,050
 
TOTAL MONEY MARKET FUNDS
 (Cost $71,914,110)
 
 
71,914,110
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.8%
 (Cost $1,563,218,771)
 
 
 
2,085,321,066
NET OTHER ASSETS (LIABILITIES) - (1.8)%  
(37,006,198)
NET ASSETS - 100.0%
2,048,314,868
 
 
 
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)
119
Sep 2023
26,870,200
510,449
510,449
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.3%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 5.43%
91,438,262
398,663,485
419,574,687
1,185,153
35
(35)
70,527,060
0.2%
Fidelity Securities Lending Cash Central Fund 5.44%
-
74,944,767
73,557,717
43,997
-
-
1,387,050
0.0%
Total
91,438,262
473,608,252
493,132,404
1,229,150
35
(35)
71,914,110
 
 
 
 
 
 
 
 
 
 
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.
 
Amounts in the dividend income column 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 August 31, 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
191,004,965
191,004,965
-
-
Consumer Discretionary
229,159,255
229,159,255
-
-
Consumer Staples
106,822,934
106,822,934
-
-
Energy
85,829,013
85,829,013
-
-
Financials
254,817,728
254,817,728
-
-
Health Care
289,127,866
289,127,866
-
-
Industrials
207,132,202
207,132,202
-
-
Information Technology
574,944,515
574,944,515
-
-
Materials
36,519,772
36,519,772
-
-
Real Estate
33,824,963
33,824,963
-
-
Utilities
4,223,743
4,223,743
-
-
  Money Market Funds
71,914,110
71,914,110
-
-
 Total Investments in Securities:
2,085,321,066
2,085,321,066
-
-
 Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
510,449
510,449
-
-
  Total Assets
510,449
510,449
-
-
 Total Derivative Instruments:
510,449
510,449
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of August 31, 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) 
510,449
0
Total Equity Risk
510,449
0
Total Value of Derivatives
510,449
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
Statement of Assets and Liabilities
 
 
 
August 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $1,319,325) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,491,304,661)
$
2,013,406,956
 
 
Fidelity Central Funds (cost $71,914,110)
71,914,110
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,563,218,771)
 
 
$
2,085,321,066
Segregated cash with brokers for derivative instruments
 
 
3,483,200
Receivable for investments sold
 
 
59,240,198
Receivable for fund shares sold
 
 
1,248,507
Dividends receivable
 
 
2,787,561
Distributions receivable from Fidelity Central Funds
 
 
120,993
Other receivables
 
 
19,663
  Total assets
 
 
2,152,221,188
Liabilities
 
 
 
 
Payable for investments purchased
$
58,436,495
 
 
Payable for fund shares redeemed
43,413,766
 
 
Accrued management fee
658,421
 
 
Payable for daily variation margin on futures contracts
10,588
 
 
Collateral on securities loaned
1,387,050
 
 
  Total Liabilities
 
 
 
103,906,320
Net Assets  
 
 
$
2,048,314,868
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,561,358,411
Total accumulated earnings (loss)
 
 
 
486,956,457
Net Assets
 
 
$
2,048,314,868
Net Asset Value, offering price and redemption price per share ($2,048,314,868 ÷ 97,590,726 shares)
 
 
$
20.99
 
Statement of Operations
 
 
 
Year ended
August 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
31,203,225
Interest  
 
 
62,568
Income from Fidelity Central Funds (including $43,997 from security lending)
 
 
1,229,150
 Total Income
 
 
 
32,494,943
Expenses
 
 
 
 
Management fee
$
7,651,709
 
 
Independent trustees' fees and expenses
10,392
 
 
Interest
27,922
 
 
 Total expenses before reductions
 
7,690,023
 
 
 Expense reductions
 
(2,087)
 
 
 Total expenses after reductions
 
 
 
7,687,936
Net Investment income (loss)
 
 
 
24,807,007
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(34,334,099)
 
 
   Redemptions in-kind
 
23,998,066
 
 
   Fidelity Central Funds
 
35
 
 
 Futures contracts
 
6,711,576
 
 
Total net realized gain (loss)
 
 
 
(3,624,422)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
223,701,589
 
 
   Fidelity Central Funds
 
(35)
 
 
 Futures contracts
 
(443,168)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
223,258,386
Net gain (loss)
 
 
 
219,633,964
Net increase (decrease) in net assets resulting from operations
 
 
$
244,440,971
Statement of Changes in Net Assets
 
 
Year ended
August 31, 2023
 
Year ended
August 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
24,807,007
$
19,467,302
Net realized gain (loss)
 
(3,624,422)
 
 
12,825,524
 
Change in net unrealized appreciation (depreciation)
 
223,258,386
 
(204,549,067)
 
Net increase (decrease) in net assets resulting from operations
 
244,440,971
 
 
(172,256,241)
 
Distributions to shareholders
 
(22,292,999)
 
 
(204,215,644)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
629,039,473
 
1,542,789,506
  Reinvestment of distributions
 
18,530,259
 
 
176,281,500
 
Cost of shares redeemed
 
(1,283,514,169)
 
(389,268,600)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(635,944,437)
 
 
1,329,802,406
 
Total increase (decrease) in net assets
 
(413,796,465)
 
 
953,330,521
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,462,111,333
 
1,508,780,812
 
End of period
$
2,048,314,868
$
2,462,111,333
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
33,210,795
 
79,739,464
  Issued in reinvestment of distributions
 
1,043,371
 
 
8,430,488
 
Redeemed
 
(69,893,397)
 
(19,431,162)
Net increase (decrease)
 
(35,639,231)
 
68,738,790
 
 
 
 
 
 
Financial Highlights
Fidelity® Large Cap Core Enhanced Index Fund
 
Years ended August 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
18.48
$
23.40
$
18.12
$
15.21
$
16.22
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.24
 
.24
 
.22
 
.24
 
.27
     Net realized and unrealized gain (loss)
 
2.49
 
(2.08)
 
5.50
 
3.06
 
(.27)
  Total from investment operations
 
2.73  
 
(1.84)  
 
5.72  
 
3.30  
 
-
  Distributions from net investment income
 
(.15)
 
(.36) C
 
(.22)
 
(.26)
 
(.24)
  Distributions from net realized gain
 
(.08)
 
(2.72) C
 
(.22)
 
(.13)
 
(.78)
     Total distributions
 
(.22) D
 
(3.08)
 
(.44)
 
(.39)
 
(1.01) D
  Net asset value, end of period
$
20.99
$
18.48
$
23.40
$
18.12
$
15.21
 Total Return E
 
15.01%
 
(9.41)%
 
32.14%
 
21.97%
 
.65%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.39%
 
.39%
 
.39%
 
.39%
 
.39%
    Expenses net of fee waivers, if any
 
.39%
 
.39%
 
.39%
 
.39%
 
.39%
    Expenses net of all reductions
 
.39%
 
.39%
 
.39%
 
.39%
 
.39%
    Net investment income (loss)
 
1.26%
 
1.18%
 
1.09%
 
1.49%
 
1.81%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,048,315
$
2,462,111
$
1,508,781
$
1,087,245
$
834,635
    Portfolio turnover rate H
 
105% I
 
104%
 
83%
 
63%
 
77%
 
ACalculated based on average shares outstanding during the period.
 
BNet 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.
 
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees 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.
 
GExpense 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.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
IPortfolio turnover rate excludes securities received or delivered in-kind.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended August 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Mid Cap Enhanced Index Fund
8.19%
7.25%
9.86%
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Mid Cap Enhanced Index Fund on August 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the Russell Midcap® Index performed over the same period.
 
Fidelity® Mid Cap Enhanced Index Fund
Market Recap:
U.S. equities gained 15.94% for the 12 months ending August 31, 2023, according to the S&P 500® index, as continued global economic expansion, falling commodity prices and a slowing in the pace of inflation provided a favorable backdrop for higher-risk assets. Large-cap stocks spearheaded the rally, which was driven by the shares of a narrow set of mega-cap companies in the information technology and communication services sectors, largely due to exuberance related to generative artificial intelligence. Aggressive monetary tightening by the U.S. Federal Reserve continued amid consistent pressure on core inflation, a measure that excludes food and energy. Since March 2022, the Fed has hiked its benchmark interest rate 11 times. The latest bump came in late July, a fourth consecutive raise of a stepped down 25 basis points. The S&P 500® gained 3.21% in July but snapped a five-month rally in August (-1.59%), held back by softness in manufacturing and jobs. Still, U.S. stocks ended August up 18.73% year to date. For the full 12 months, value (+17%) topped growth (+13%) within the index. By sector, information technology (+35%) led by a wide margin, followed by communication services (+26%). In contrast, the defensive utilities sector (-13%) lagged most, as climbing yields offered investors better returns elsewhere. Real estate returned about -7%, hampered by high borrowing costs and low home inventory.
 
Comments from Senior Portfolio Manager Maximilian Kaufmann of the Fidelity Systematic Equity Strategies portfolio management team:
For the fiscal year ending August 31, 2023, the fund gained 8.19%, versus 8.38% for the benchmark Russell MidCap Index. Relative to the benchmark, market selection was the primary contributor, especially an underweight in the utilities sector. Also contributing to performance versus the benchmark was stock selection in industrials. Picks in health care also boosted relative performance. Further contributing to our result were stock picking and an underweight in communication services. The top individual relative contributor was an overweight in XPO (+124%). A second notable relative contributor was an overweight in Toll Brothers (+90%). An overweight in Topbuild (+71%) also contributed. This was a position we established this period. In contrast, the biggest detractor from performance versus the benchmark was security selection in consumer discretionary. Stock selection and an overweight in energy also hampered the fund's result. Also detracting from our result was stock picking in consumer staples. The largest individual relative detractor was an overweight in Hawaiian Electric Industries (-58%). This period we decreased our investment in this stock. The second-largest relative detractor was an overweight in Enphase Energy (-53%). This was a stake we established the past year. An overweight in East West Bancorp (-23%) also detracted. This period we increased our position in East West Bancorp. Notable changes in positioning include increased exposure to the industrials sector and a lower allocation to energy.
 
Note to shareholders:
In June 2023, the Board of Trustees approved the conversion of Fidelity's Enhanced Index Funds into exchange-traded funds, a move deemed in the best interest of shareholders. Each new ETF and its former corresponding fund will have identical investment objectives and fundamental investment policies and have substantially similar investment strategies. Fidelity believes that the conversion will provide multiple benefits for investors of the Funds, including lower net expenses, additional trading flexibility, increased portfolio holdings transparency and the potential for enhanced tax efficiency. The Fund conversions are expected to be conducted in November 2023. For more information, please refer to the Funds' prospectus supplements or visit us online.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Mid Cap Enhanced Index Fund
Top Holdings (% of Fund's net assets)
 
Trane Technologies PLC
1.0
 
Apollo Global Management, Inc.
1.0
 
Nucor Corp.
1.0
 
Cintas Corp.
1.0
 
PACCAR, Inc.
0.9
 
AMETEK, Inc.
0.9
 
D.R. Horton, Inc.
0.9
 
Simon Property Group, Inc.
0.9
 
Bank of New York Mellon Corp.
0.9
 
Align Technology, Inc.
0.8
 
 
9.3
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
20.2
 
Information Technology
15.0
 
Financials
14.1
 
Health Care
12.3
 
Consumer Discretionary
11.9
 
Real Estate
6.8
 
Materials
6.3
 
Utilities
4.0
 
Energy
3.6
 
Communication Services
2.9
 
Consumer Staples
1.9
 
 
Asset Allocation (% of Fund's net assets)
Futures - 0.9%
 
Fidelity® Mid Cap Enhanced Index Fund
Showing Percentage of Net Assets     
Common Stocks - 99.0%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 2.9%
 
 
 
Entertainment - 1.8%
 
 
 
Electronic Arts, Inc.
 
104,029
12,481,399
Playtika Holding Corp. (a)
 
374,728
3,657,345
Spotify Technology SA (a)
 
79,430
12,229,837
 
 
 
28,368,581
Interactive Media & Services - 0.1%
 
 
 
Pinterest, Inc. Class A (a)
 
8,054
221,404
Vimeo, Inc. (a)
 
382,509
1,522,386
 
 
 
1,743,790
Media - 1.0%
 
 
 
Liberty Media Corp. Liberty SiriusXM
 
55,002
1,344,249
Liberty Media Corp. Liberty SiriusXM Class A
 
71,839
1,726,291
News Corp.:
 
 
 
 Class A
 
109,779
2,359,151
 Class B
 
118,384
2,604,448
The New York Times Co. Class A
 
30,827
1,364,711
The Trade Desk, Inc. (a)
 
86,629
6,932,919
 
 
 
16,331,769
TOTAL COMMUNICATION SERVICES
 
 
46,444,140
CONSUMER DISCRETIONARY - 11.9%
 
 
 
Automobile Components - 0.2%
 
 
 
Aptiv PLC (a)
 
36,789
3,732,244
Automobiles - 0.5%
 
 
 
Ford Motor Co.
 
596,780
7,238,941
Broadline Retail - 0.9%
 
 
 
eBay, Inc.
 
228,181
10,217,945
Etsy, Inc. (a)
 
68,465
5,036,970
 
 
 
15,254,915
Distributors - 0.8%
 
 
 
Genuine Parts Co.
 
76,043
11,690,090
LKQ Corp.
 
18,753
985,095
 
 
 
12,675,185
Diversified Consumer Services - 0.2%
 
 
 
ADT, Inc.
 
124,854
801,563
H&R Block, Inc.
 
69,335
2,772,013
 
 
 
3,573,576
Hotels, Restaurants & Leisure - 2.8%
 
 
 
Airbnb, Inc. Class A (a)
 
14,374
1,890,900
Booking Holdings, Inc. (a)
 
2,785
8,647,509
Caesars Entertainment, Inc. (a)
 
191,948
10,607,046
Chipotle Mexican Grill, Inc. (a)
 
4,240
8,168,954
Draftkings Holdings, Inc. (a)
 
50,350
1,492,878
MGM Resorts International
 
217,895
9,583,022
Norwegian Cruise Line Holdings Ltd. (a)
 
159,787
2,647,671
Yum! Brands, Inc.
 
20,259
2,621,109
 
 
 
45,659,089
Household Durables - 3.3%
 
 
 
D.R. Horton, Inc.
 
121,062
14,408,799
Lennar Corp. Class A
 
36,026
4,290,336
NVR, Inc. (a)
 
1,891
12,059,531
PulteGroup, Inc.
 
29,847
2,449,245
Toll Brothers, Inc.
 
128,043
10,490,563
TopBuild Corp. (a)
 
34,854
10,110,448
Whirlpool Corp.
 
5,861
820,306
 
 
 
54,629,228
Leisure Products - 0.1%
 
 
 
Peloton Interactive, Inc. Class A (a)
 
300,386
1,916,463
Specialty Retail - 2.2%
 
 
 
AutoNation, Inc. (a)
 
6,162
967,989
AutoZone, Inc. (a)
 
2,829
7,161,133
GameStop Corp. Class A (a)(b)
 
24,356
451,804
O'Reilly Automotive, Inc. (a)
 
7,237
6,800,609
Petco Health & Wellness Co., Inc. (a)(b)
 
189,702
965,583
Ross Stores, Inc.
 
43,499
5,298,613
Ulta Beauty, Inc. (a)
 
21,051
8,736,797
Williams-Sonoma, Inc. (b)
 
42,181
5,955,957
 
 
 
36,338,485
Textiles, Apparel & Luxury Goods - 0.9%
 
 
 
Crocs, Inc. (a)
 
38,976
3,793,924
Tapestry, Inc.
 
238,352
7,941,889
Under Armour, Inc.:
 
 
 
 Class A (sub. vtg.) (a)
 
169,791
1,297,203
 Class C (non-vtg.) (a)
 
106,887
736,451
 
 
 
13,769,467
TOTAL CONSUMER DISCRETIONARY
 
 
194,787,593
CONSUMER STAPLES - 1.9%
 
 
 
Consumer Staples Distribution & Retail - 0.3%
 
 
 
Casey's General Stores, Inc.
 
15,565
3,804,242
Grocery Outlet Holding Corp. (a)
 
66,060
2,037,951
 
 
 
5,842,193
Food Products - 0.7%
 
 
 
Lamb Weston Holdings, Inc.
 
94,157
9,171,833
McCormick & Co., Inc. (non-vtg.)
 
25,181
2,066,856
 
 
 
11,238,689
Household Products - 0.5%
 
 
 
Church & Dwight Co., Inc.
 
11,717
1,133,854
Kimberly-Clark Corp.
 
41,513
5,348,120
The Clorox Co.
 
8,084
1,264,742
 
 
 
7,746,716
Personal Care Products - 0.4%
 
 
 
Coty, Inc. Class A (a)
 
569,926
6,588,345
TOTAL CONSUMER STAPLES
 
 
31,415,943
ENERGY - 3.6%
 
 
 
Energy Equipment & Services - 0.8%
 
 
 
Baker Hughes Co. Class A
 
66,841
2,418,976
Halliburton Co.
 
280,443
10,830,709
 
 
 
13,249,685
Oil, Gas & Consumable Fuels - 2.8%
 
 
 
Cheniere Energy, Inc.
 
80,315
13,107,408
Chesapeake Energy Corp.
 
1,099
96,943
Coterra Energy, Inc.
 
113,280
3,193,363
Devon Energy Corp.
 
169,008
8,634,619
Diamondback Energy, Inc.
 
29,455
4,470,680
Marathon Oil Corp.
 
302,938
7,982,416
ONEOK, Inc.
 
103,720
6,762,544
Phillips 66 Co.
 
3,176
362,572
The Williams Companies, Inc.
 
27,466
948,401
 
 
 
45,558,946
TOTAL ENERGY
 
 
58,808,631
FINANCIALS - 14.1%
 
 
 
Banks - 1.5%
 
 
 
BOK Financial Corp.
 
16,369
1,360,428
Citizens Financial Group, Inc.
 
198,467
5,582,877
Columbia Banking Systems, Inc.
 
158,295
3,241,882
East West Bancorp, Inc.
 
96,175
5,322,325
Fifth Third Bancorp
 
293,420
7,790,301
First Hawaiian, Inc.
 
33,875
640,576
 
 
 
23,938,389
Capital Markets - 5.8%
 
 
 
Ameriprise Financial, Inc.
 
14,652
4,946,222
Bank of New York Mellon Corp.
 
315,834
14,171,472
Cboe Global Markets, Inc.
 
29,145
4,363,298
Interactive Brokers Group, Inc.
 
94,568
8,613,253
Janus Henderson Group PLC
 
27,887
766,056
LPL Financial
 
41,684
9,611,914
MSCI, Inc.
 
2,826
1,536,270
NASDAQ, Inc.
 
219,667
11,528,124
Raymond James Financial, Inc.
 
87,888
9,192,206
Robinhood Markets, Inc. (a)
 
741,315
8,072,920
SEI Investments Co.
 
18,203
1,129,678
State Street Corp.
 
107,672
7,401,373
Stifel Financial Corp.
 
145,440
9,456,509
Tradeweb Markets, Inc. Class A
 
37,271
3,221,333
Virtu Financial, Inc. Class A
 
42,940
804,696
 
 
 
94,815,324
Consumer Finance - 0.6%
 
 
 
Synchrony Financial
 
303,723
9,804,178
Financial Services - 2.7%
 
 
 
Apollo Global Management, Inc.
 
184,154
16,084,010
Corebridge Financial, Inc.
 
105,209
1,875,876
Essent Group Ltd.
 
15,181
762,390
Fidelity National Information Services, Inc.
 
132,704
7,412,845
FleetCor Technologies, Inc. (a)
 
9,940
2,700,996
MGIC Investment Corp.
 
50,694
891,201
The Western Union Co.
 
666,464
8,230,830
WEX, Inc. (a)
 
32,846
6,443,728
 
 
 
44,401,876
Insurance - 3.5%
 
 
 
Arch Capital Group Ltd. (a)
 
41,514
3,190,766
Axis Capital Holdings Ltd.
 
28,104
1,541,785
Brown & Brown, Inc.
 
157,738
11,688,386
Everest Re Group Ltd.
 
29,816
10,754,035
Hartford Financial Services Group, Inc.
 
46,996
3,375,253
Kinsale Capital Group, Inc.
 
1,116
444,871
Prudential Financial, Inc.
 
107,060
10,135,370
Reinsurance Group of America, Inc.
 
43,209
5,989,632
Unum Group
 
209,652
10,312,782
 
 
 
57,432,880
Mortgage Real Estate Investment Trusts - 0.0%
 
 
 
Rithm Capital Corp.
 
25,959
267,637
TOTAL FINANCIALS
 
 
230,660,284
HEALTH CARE - 12.3%
 
 
 
Biotechnology - 3.7%
 
 
 
Biogen, Inc. (a)
 
50,342
13,459,437
Exact Sciences Corp. (a)
 
112,709
9,430,362
Exelixis, Inc. (a)
 
437,568
9,797,148
Gilead Sciences, Inc.
 
40,773
3,118,319
Horizon Therapeutics PLC (a)
 
19,367
2,183,436
Incyte Corp. (a)
 
154,156
9,947,687
Sarepta Therapeutics, Inc. (a)
 
45,922
5,557,021
Seagen, Inc. (a)
 
9,425
1,942,210
United Therapeutics Corp. (a)
 
24,913
5,589,481
 
 
 
61,025,101
Health Care Equipment & Supplies - 3.5%
 
 
 
Abiomed, Inc. (c)
 
3,289
9,176
Align Technology, Inc. (a)
 
36,499
13,509,740
Dentsply Sirona, Inc.
 
109,447
4,059,389
DexCom, Inc. (a)
 
831
83,914
Hologic, Inc. (a)
 
77,369
5,782,559
IDEXX Laboratories, Inc. (a)
 
17,077
8,733,349
Insulet Corp. (a)
 
38,603
7,400,581
The Cooper Companies, Inc.
 
12,852
4,755,111
Zimmer Biomet Holdings, Inc.
 
101,530
12,094,254
Zimvie, Inc. (a)
 
17,678
208,600
 
 
 
56,636,673
Health Care Providers & Services - 1.9%
 
 
 
Cardinal Health, Inc.
 
18,772
1,639,359
Cencora, Inc.
 
54,395
9,572,432
Cigna Group
 
6,474
1,788,507
Elevance Health, Inc.
 
14,090
6,227,921
Molina Healthcare, Inc. (a)
 
36,021
11,170,833
Premier, Inc.
 
35,006
753,679
 
 
 
31,152,731
Health Care Technology - 0.5%
 
 
 
Teladoc Health, Inc. (a)
 
132,407
2,997,694
Veeva Systems, Inc. Class A (a)
 
24,803
5,176,386
 
 
 
8,174,080
Life Sciences Tools & Services - 1.6%
 
 
 
10X Genomics, Inc. (a)
 
138,696
7,191,388
Mettler-Toledo International, Inc. (a)
 
8,356
10,139,839
Syneos Health, Inc. (a)
 
215,347
9,201,777
 
 
 
26,533,004
Pharmaceuticals - 1.1%
 
 
 
Elanco Animal Health, Inc. (a)
 
2,164
26,401
Jazz Pharmaceuticals PLC (a)
 
41,470
5,945,139
Royalty Pharma PLC
 
160,721
4,792,700
Viatris, Inc.
 
618,367
6,647,445
 
 
 
17,411,685
TOTAL HEALTH CARE
 
 
200,933,274
INDUSTRIALS - 20.2%
 
 
 
Aerospace & Defense - 2.8%
 
 
 
Axon Enterprise, Inc. (a)
 
54,825
11,672,791
General Dynamics Corp.
 
13,612
3,085,024
Howmet Aerospace, Inc.
 
156,380
7,736,119
Parsons Corp. (a)
 
125,077
7,131,891
Textron, Inc.
 
147,309
11,447,382
Woodward, Inc.
 
36,068
4,666,117
 
 
 
45,739,324
Building Products - 2.9%
 
 
 
Allegion PLC
 
56,120
6,387,017
Builders FirstSource, Inc. (a)
 
59,258
8,594,780
Carrier Global Corp.
 
198,022
11,376,364
Fortune Brands Home & Security, Inc.
 
22,579
1,558,403
Owens Corning
 
21,510
3,095,504
Trane Technologies PLC
 
79,653
16,349,563
 
 
 
47,361,631
Commercial Services & Supplies - 1.9%
 
 
 
Cintas Corp.
 
31,489
15,875,809
MSA Safety, Inc.
 
1,564
285,712
Republic Services, Inc.
 
91,291
13,157,772
Tetra Tech, Inc.
 
6,385
1,004,680
 
 
 
30,323,973
Construction & Engineering - 0.4%
 
 
 
AECOM
 
44,455
3,900,926
EMCOR Group, Inc.
 
4,776
1,071,018
Valmont Industries, Inc.
 
7,609
1,928,882
 
 
 
6,900,826
Electrical Equipment - 2.6%
 
 
 
Acuity Brands, Inc.
 
14,942
2,409,846
AMETEK, Inc.
 
91,616
14,613,668
Hubbell, Inc. Class B
 
16,852
5,494,595
nVent Electric PLC
 
188,766
10,672,830
Rockwell Automation, Inc.
 
25,819
8,057,594
Vertiv Holdings Co.
 
50,684
1,996,443
 
 
 
43,244,976
Ground Transportation - 0.9%
 
 
 
Hertz Global Holdings, Inc. (a)(b)
 
88,827
1,505,618
Old Dominion Freight Lines, Inc.
 
3,981
1,701,360
Uber Technologies, Inc. (a)
 
25,568
1,207,577
XPO, Inc. (a)
 
140,904
10,515,666
 
 
 
14,930,221
Machinery - 5.1%
 
 
 
AGCO Corp.
 
76,043
9,849,850
Allison Transmission Holdings, Inc.
 
162,253
9,808,194
CNH Industrial NV
 
21,340
294,065
Cummins, Inc.
 
57,665
13,265,257
Donaldson Co., Inc.
 
26,289
1,679,078
Fortive Corp.
 
156,608
12,348,541
Gates Industrial Corp. PLC (a)
 
27,862
342,145
Graco, Inc.
 
65,754
5,190,621
ITT, Inc.
 
8,402
859,357
Oshkosh Corp.
 
21,555
2,238,056
Otis Worldwide Corp.
 
16,385
1,401,737
PACCAR, Inc.
 
185,316
15,249,654
Parker Hannifin Corp.
 
16,948
7,065,621
Westinghouse Air Brake Tech Co.
 
17,548
1,974,501
Xylem, Inc.
 
23,904
2,475,020
 
 
 
84,041,697
Marine Transportation - 0.1%
 
 
 
Kirby Corp. (a)
 
28,508
2,361,318
Passenger Airlines - 1.6%
 
 
 
American Airlines Group, Inc. (a)
 
203,022
2,990,514
Delta Air Lines, Inc.
 
289,522
12,414,703
United Airlines Holdings, Inc. (a)
 
214,593
10,688,877
 
 
 
26,094,094
Professional Services - 0.9%
 
 
 
Booz Allen Hamilton Holding Corp. Class A
 
85,683
9,708,741
Leidos Holdings, Inc.
 
42,767
4,170,210
 
 
 
13,878,951
Trading Companies & Distributors - 1.0%
 
 
 
MSC Industrial Direct Co., Inc. Class A
 
10,134
1,034,276
United Rentals, Inc.
 
3,305
1,574,965
W.W. Grainger, Inc.
 
18,735
13,379,413
 
 
 
15,988,654
TOTAL INDUSTRIALS
 
 
330,865,665
INFORMATION TECHNOLOGY - 15.0%
 
 
 
Communications Equipment - 0.7%
 
 
 
Juniper Networks, Inc.
 
280,879
8,179,196
Motorola Solutions, Inc.
 
6,157
1,745,940
ViaSat, Inc. (a)
 
46,823
1,298,870
 
 
 
11,224,006
Electronic Equipment, Instruments & Components - 1.0%
 
 
 
Amphenol Corp. Class A
 
57,173
5,052,950
Keysight Technologies, Inc. (a)
 
79,205
10,558,027
Vontier Corp.
 
10,200
320,382
 
 
 
15,931,359
IT Services - 3.5%
 
 
 
Amdocs Ltd.
 
69,510
6,200,292
Gartner, Inc. (a)
 
36,635
12,810,527
GoDaddy, Inc. (a)
 
104,535
7,579,833
Kyndryl Holdings, Inc. (a)
 
71,553
1,207,815
MongoDB, Inc. Class A (a)
 
31,073
11,848,135
Twilio, Inc. Class A (a)
 
162,651
10,362,495
Wix.com Ltd. (a)
 
83,133
8,211,046
 
 
 
58,220,143
Semiconductors & Semiconductor Equipment - 2.6%
 
 
 
Allegro MicroSystems LLC (a)
 
70,502
2,696,702
Cirrus Logic, Inc. (a)
 
40,272
3,303,915
Enphase Energy, Inc. (a)
 
41,991
5,313,121
KLA Corp.
 
5,960
2,991,145
Lattice Semiconductor Corp. (a)
 
112,763
10,967,329
Monolithic Power Systems, Inc.
 
14,657
7,639,375
ON Semiconductor Corp. (a)
 
32,880
3,237,365
Qorvo, Inc. (a)
 
65,830
7,069,484
 
 
 
43,218,436
Software - 6.8%
 
 
 
AppLovin Corp. (a)(b)
 
118,786
5,133,931
Autodesk, Inc. (a)
 
8,425
1,869,845
Black Knight, Inc. (a)
 
2,756
208,795
Cadence Design Systems, Inc. (a)
 
32,239
7,751,545
DocuSign, Inc. (a)
 
196,877
9,902,913
Dropbox, Inc. Class A (a)
 
358,974
9,975,887
HubSpot, Inc. (a)
 
24,228
13,241,087
Manhattan Associates, Inc. (a)
 
8,917
1,806,763
Nutanix, Inc. Class A (a)
 
108,285
3,367,664
Palo Alto Networks, Inc. (a)
 
34,802
8,467,327
RingCentral, Inc. (a)
 
215,289
6,658,889
Splunk, Inc. (a)
 
100,651
12,204,940
Synopsys, Inc. (a)
 
19,741
9,058,947
Teradata Corp. (a)
 
197,009
9,115,606
Unity Software, Inc. (a)(b)
 
23,380
866,697
Workday, Inc. Class A (a)
 
15,541
3,799,775
Zoom Video Communications, Inc. Class A (a)
 
103,623
7,360,342
 
 
 
110,790,953
Technology Hardware, Storage & Peripherals - 0.4%
 
 
 
Pure Storage, Inc. Class A (a)
 
183,356
6,708,996
TOTAL INFORMATION TECHNOLOGY
 
 
246,093,893
MATERIALS - 6.3%
 
 
 
Chemicals - 2.5%
 
 
 
CF Industries Holdings, Inc.
 
41,690
3,213,048
Corteva, Inc.
 
187,027
9,446,734
Eastman Chemical Co.
 
23,573
2,003,941
Element Solutions, Inc.
 
418,840
8,636,481
Ginkgo Bioworks Holdings, Inc. Class A (a)(b)
 
1,145,816
2,681,209
The Chemours Co. LLC
 
208,954
7,108,615
Westlake Corp.
 
59,315
7,769,079
 
 
 
40,859,107
Construction Materials - 1.6%
 
 
 
Martin Marietta Materials, Inc.
 
29,522
13,178,916
Vulcan Materials Co.
 
61,369
13,393,784
 
 
 
26,572,700
Containers & Packaging - 0.3%
 
 
 
Berry Global Group, Inc.
 
27,678
1,808,481
Graphic Packaging Holding Co.
 
78,286
1,741,081
WestRock Co.
 
18,923
618,971
 
 
 
4,168,533
Metals & Mining - 1.9%
 
 
 
Nucor Corp.
 
92,817
15,973,806
Reliance Steel & Aluminum Co.
 
10,511
2,995,215
Steel Dynamics, Inc.
 
106,087
11,307,813
 
 
 
30,276,834
Paper & Forest Products - 0.0%
 
 
 
Louisiana-Pacific Corp.
 
3,356
209,683
TOTAL MATERIALS
 
 
102,086,857
REAL ESTATE - 6.8%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 6.1%
 
 
 
American Homes 4 Rent Class A
 
99,835
3,598,053
Apartment Income (REIT) Corp.
 
48,265
1,643,906
EastGroup Properties, Inc.
 
6,236
1,120,173
EPR Properties
 
37,400
1,674,772
Federal Realty Investment Trust (SBI)
 
62,036
6,075,806
First Industrial Realty Trust, Inc.
 
18,487
960,215
Gaming & Leisure Properties
 
159,860
7,577,364
Highwoods Properties, Inc. (SBI)
 
156,066
3,719,053
Invitation Homes, Inc.
 
156,784
5,344,767
Kilroy Realty Corp.
 
54,362
2,008,676
National Storage Affiliates Trust
 
202,655
6,809,208
NNN (REIT), Inc.
 
219,185
8,633,697
Park Hotels & Resorts, Inc.
 
366,722
4,705,043
Public Storage
 
18,221
5,035,920
Regency Centers Corp.
 
119,102
7,408,144
Ryman Hospitality Properties, Inc.
 
19,089
1,623,138
SBA Communications Corp. Class A
 
23,897
5,365,593
Simon Property Group, Inc.
 
126,559
14,363,181
Spirit Realty Capital, Inc.
 
119,120
4,599,223
Terreno Realty Corp.
 
12,410
755,645
VICI Properties, Inc.
 
230,463
7,107,479
 
 
 
100,129,056
Real Estate Management & Development - 0.7%
 
 
 
CoStar Group, Inc. (a)
 
31,838
2,610,398
Zillow Group, Inc.:
 
 
 
 Class A (a)
 
78,985
4,021,916
 Class C (a)
 
92,735
4,837,058
 
 
 
11,469,372
TOTAL REAL ESTATE
 
 
111,598,428
UTILITIES - 4.0%
 
 
 
Electric Utilities - 0.7%
 
 
 
Entergy Corp.
 
9,636
917,829
FirstEnergy Corp.
 
166,055
5,989,604
Hawaiian Electric Industries, Inc.
 
33,591
470,946
OGE Energy Corp.
 
5,798
197,422
Xcel Energy, Inc.
 
59,258
3,385,410
 
 
 
10,961,211
Gas Utilities - 0.5%
 
 
 
National Fuel Gas Co.
 
144,134
7,745,761
UGI Corp.
 
46,934
1,181,798
 
 
 
8,927,559
Independent Power and Renewable Electricity Producers - 1.1%
 
 
 
Brookfield Renewable Corp.
 
104,692
2,926,141
Clearway Energy, Inc.:
 
 
 
 Class A
 
35,290
827,198
 Class C
 
66,822
1,655,181
The AES Corp.
 
117,976
2,115,310
Vistra Corp.
 
326,042
10,244,240
 
 
 
17,768,070
Multi-Utilities - 1.7%
 
 
 
Consolidated Edison, Inc.
 
112,816
10,036,111
DTE Energy Co.
 
4,914
508,009
NiSource, Inc.
 
248,397
6,647,104
WEC Energy Group, Inc.
 
133,168
11,202,092
 
 
 
28,393,316
TOTAL UTILITIES
 
 
66,050,156
 
TOTAL COMMON STOCKS
 (Cost $1,444,514,740)
 
 
 
1,619,744,864
 
 
 
 
Money Market Funds - 3.8%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.43% (d)
 
49,711,612
49,721,554
Fidelity Securities Lending Cash Central Fund 5.44% (d)(e)
 
13,169,428
13,170,745
 
TOTAL MONEY MARKET FUNDS
 (Cost $62,892,299)
 
 
62,892,299
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.8%
 (Cost $1,507,407,039)
 
 
 
1,682,637,163
NET OTHER ASSETS (LIABILITIES) - (2.8)%  
(46,121,487)
NET ASSETS - 100.0%
1,636,515,676
 
 
 
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)
55
Sep 2023
14,567,850
351,793
351,793
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.9%
 
 
 
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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 5.43%
21,467,918
449,495,105
421,241,469
886,716
-
-
49,721,554
0.1%
Fidelity Securities Lending Cash Central Fund 5.44%
41,395,337
203,207,243
231,431,835
126,747
-
-
13,170,745
0.0%
Total
62,863,255
652,702,348
652,673,304
1,013,463
-
-
62,892,299
 
 
 
 
 
 
 
 
 
 
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.
 
Amounts in the dividend income column 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 August 31, 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
46,444,140
46,444,140
-
-
Consumer Discretionary
194,787,593
194,787,593
-
-
Consumer Staples
31,415,943
31,415,943
-
-
Energy
58,808,631
58,808,631
-
-
Financials
230,660,284
230,660,284
-
-
Health Care
200,933,274
200,924,098
-
9,176
Industrials
330,865,665
330,865,665
-
-
Information Technology
246,093,893
246,093,893
-
-
Materials
102,086,857
102,086,857
-
-
Real Estate
111,598,428
111,598,428
-
-
Utilities
66,050,156
66,050,156
-
-
  Money Market Funds
62,892,299
62,892,299
-
-
 Total Investments in Securities:
1,682,637,163
1,682,627,987
-
9,176
 Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
351,793
351,793
-
-
  Total Assets
351,793
351,793
-
-
 Total Derivative Instruments:
351,793
351,793
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of August 31, 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) 
351,793
0
Total Equity Risk
351,793
0
Total Value of Derivatives
351,793
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
Statement of Assets and Liabilities
 
 
 
August 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $12,727,027) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,444,514,740)
$
1,619,744,864
 
 
Fidelity Central Funds (cost $62,892,299)
62,892,299
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,507,407,039)
 
 
$
1,682,637,163
Segregated cash with brokers for derivative instruments
 
 
820,800
Receivable for investments sold
 
 
20,673,244
Receivable for fund shares sold
 
 
296,876
Dividends receivable
 
 
1,859,342
Distributions receivable from Fidelity Central Funds
 
 
94,824
Other receivables
 
 
28,848
  Total assets
 
 
1,706,411,097
Liabilities
 
 
 
 
Payable for investments purchased
$
55,106,796
 
 
Payable for fund shares redeemed
1,000,364
 
 
Accrued management fee
613,995
 
 
Payable for daily variation margin on futures contracts
2,434
 
 
Collateral on securities loaned
13,171,832
 
 
  Total Liabilities
 
 
 
69,895,421
Net Assets  
 
 
$
1,636,515,676
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,521,342,289
Total accumulated earnings (loss)
 
 
 
115,173,387
Net Assets
 
 
$
1,636,515,676
Net Asset Value, offering price and redemption price per share ($1,636,515,676 ÷ 98,249,094 shares)
 
 
$
16.66
 
Statement of Operations
 
 
 
Year ended
August 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
26,198,952
Interest  
 
 
43,267
Income from Fidelity Central Funds (including $126,747 from security lending)
 
 
1,013,463
 Total Income
 
 
 
27,255,682
Expenses
 
 
 
 
Management fee
$
7,794,857
 
 
Independent trustees' fees and expenses
9,500
 
 
Interest
2,322
 
 
 Total expenses before reductions
 
7,806,679
 
 
 Expense reductions
 
(1,764)
 
 
 Total expenses after reductions
 
 
 
7,804,915
Net Investment income (loss)
 
 
 
19,450,767
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(62,536,880)
 
 
   Redemptions in-kind
 
69,766,859
 
 
 Futures contracts
 
1,494,441
 
 
Total net realized gain (loss)
 
 
 
8,724,420
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
112,237,090
 
 
 Futures contracts
 
(773,128)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
111,463,962
Net gain (loss)
 
 
 
120,188,382
Net increase (decrease) in net assets resulting from operations
 
 
$
139,639,149
Statement of Changes in Net Assets
 
 
Year ended
August 31, 2023
 
Year ended
August 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
19,450,767
$
19,011,742
Net realized gain (loss)
 
8,724,420
 
 
101,845,182
 
Change in net unrealized appreciation (depreciation)
 
111,463,962
 
(369,508,755)
 
Net increase (decrease) in net assets resulting from operations
 
139,639,149
 
 
(248,651,831)
 
Distributions to shareholders
 
(57,460,804)
 
 
(258,245,278)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
531,911,323
 
330,859,667
  Reinvestment of distributions
 
54,197,269
 
 
243,001,334
 
Cost of shares redeemed
 
(686,633,472)
 
(454,449,105)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(100,524,880)
 
 
119,411,896
 
Total increase (decrease) in net assets
 
(18,346,535)
 
 
(387,485,213)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,654,862,211
 
2,042,347,424
 
End of period
$
1,636,515,676
$
1,654,862,211
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
32,689,184
 
17,822,532
  Issued in reinvestment of distributions
 
3,496,598
 
 
13,560,343
 
Redeemed
 
(41,895,245)
 
(25,723,746)
Net increase (decrease)
 
(5,709,463)
 
5,659,129
 
 
 
 
 
 
Financial Highlights
Fidelity® Mid Cap Enhanced Index Fund
 
Years ended August 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.92
$
20.78
$
15.16
$
14.59
$
16.42
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.18
 
.18
 
.14
 
.19
 
.21
     Net realized and unrealized gain (loss)
 
1.09
 
(2.46)
 
6.07
 
.97
 
(.71)
  Total from investment operations
 
1.27  
 
(2.28)  
 
6.21  
 
1.16  
 
(.50)
  Distributions from net investment income
 
(.15)
 
(.15) C
 
(.16)
 
(.22)
 
(.25)
  Distributions from net realized gain
 
(.37)
 
(2.43) C
 
(.43)
 
(.38)
 
(1.09)
     Total distributions
 
(.53) D
 
(2.58)
 
(.59)
 
(.59) D
 
(1.33) D
  Net asset value, end of period
$
16.66
$
15.92
$
20.78
$
15.16
$
14.59
 Total Return E
 
8.19%
 
(12.36)%
 
41.82%
 
7.91%
 
(2.19)%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.45%
 
.51%
 
.59%
 
.59%
 
.59%
    Expenses net of fee waivers, if any
 
.45%
 
.51%
 
.59%
 
.59%
 
.59%
    Expenses net of all reductions
 
.45%
 
.51%
 
.59%
 
.59%
 
.59%
    Net investment income (loss)
 
1.12%
 
1.00%
 
.77%
 
1.33%
 
1.46%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,636,516
$
1,654,862
$
2,042,347
$
1,182,253
$
1,263,319
    Portfolio turnover rate H
 
104% I
 
116%
 
70%
 
73%
 
90%
 
ACalculated based on average shares outstanding during the period.
 
BNet 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.
 
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
DTotal distributions per share do not sum due to rounding.
 
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
FFees 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.
 
GExpense 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.
 
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
IPortfolio turnover rate excludes securities received or delivered in-kind.
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended August 31, 2023
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® International Enhanced Index Fund
19.29%
3.68%
5.37%
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® International Enhanced Index Fund on August 31, 2013.
 
The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.
 
Fidelity® International Enhanced Index Fund
Market Recap:
Text International (non-U.S.) equities gained 12.09% for the 12 months ending August 31, 2023, according to the MSCI ACWI (All Country World Index) ex USA Index, as continued global economic expansion, falling commodity prices and a slowing in the pace of inflation provided a favorable backdrop for risk assets. Non-U.S. stocks broadly rallied for the first eight months of 2023 after posting a -15.68% return in 2022 - a challenging year for global assets. Persistently high inflation spurred the U.S. Federal Reserve and other central banks to hike interest rates aggressively in 2022, sending non-U.S. stocks into bear market territory. As the calendar year turned, non-U.S. stocks gained throughout 2023, rising 8.93% year to date through August, despite some turbulence amid the failure of three regional U.S. banks earlier in the year and uncertainty related to the U.S. debt ceiling in May. Following strong gains in June (+4.50%) and July (+4.07%), the index declined in August (-4.51%), due to sticky inflation, still-elevated interest rates and weak economic conditions in the eurozone and China. A stronger U.S. dollar also was a headwind for global economies. For the full 12 months, all regions advanced, with Europe ex U.K. (+26%) leading. Japan (+16%) and the U.K. (+15%) also outperformed, whereas emerging markets and Asia Pacific ex Japan (+2% each) lagged by the widest margin. By sector, industrials (+20%) and information technology (+18%) were the top performers. Financials (+14%) also outpaced the broader index, whereas real estate (-4%) fared worst.
Comments from Senior Portfolio Manager Maximilian Kaufmann of the Fidelity Systematic Equity Strategies portfolio management team:
For the fiscal year ending August 31, 2023, the fund gained 19.29%, versus 18.18% for the benchmark MSCI EAFE Index (Net MA). (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, stock selection in Japan and stock picks and an underweight in the U.K. contributed to the fund's relative result. Relative to the benchmark, security selection was the primary contributor, led by the information technology sector. By sector, the biggest contributors to performance versus the benchmark were stock selection and an overweight in industrials. Security selection in materials and health care also boosted the fund's relative performance. The top individual relative contributor was an overweight in Renesas Electronics (+75%). A second notable relative contributor was an overweight in Rolls-Royce Holdings (+127%). An overweight in Inditex (+82%) also helped. In contrast, from a regional standpoint, stock selection and an underweight in Asia Pacific ex Japan, primarily in Hong Kong, and an overweight in Europe ex U.K., primarily in Italy, detracted from the fund's relative result. By sector, the biggest detractors from performance versus the benchmark were picks and an underweight in financials. An overweight in materials also hampered the fund's result. Also detracting from our result was stock picking in communication services. The largest individual relative detractor was an overweight in Olympus (-37%). The second-largest relative detractor was an underweight in UniCredit (+162%). This was a stake we established the past year. An overweight in Bank of China Hong Kong (-16%) also detracted. This period we increased our investment in this stock. Notable changes in positioning include decreased exposure to Australia and a higher allocation to Sweden. By sector, meaningful changes in positioning include decreased exposure to the communication services sector and a higher allocation to materials.
Note to shareholders:
In June 2023, the Board of Trustees approved the conversion of Fidelity's Enhanced Index Funds into exchange-traded funds, a move deemed in the best interest of shareholders. Each new ETF and its former corresponding fund will have identical investment objectives and fundamental investment policies and have substantially similar investment strategies. Fidelity believes that the conversion will provide multiple benefits for investors of the Funds, including lower net expenses, additional trading flexibility, increased portfolio holdings transparency and the potential for enhanced tax efficiency. The Fund conversions are expected to be conducted in November 2023. For more information, please refer to the Funds' prospectus supplements or visit us online.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® International Enhanced Index Fund
Top Holdings (% of Fund's net assets)
 
Novo Nordisk A/S Series B  (Denmark, Pharmaceuticals)
2.5
 
ASML Holding NV (Netherlands)  (Netherlands, Semiconductors & Semiconductor Equipment)
2.2
 
LVMH Moet Hennessy Louis Vuitton SE  (France, Textiles, Apparel & Luxury Goods)
2.0
 
Shell PLC (London)  (Netherlands, Oil, Gas & Consumable Fuels)
1.9
 
Novartis AG  (Switzerland, Pharmaceuticals)
1.9
 
Nestle SA (Reg. S)  (United States of America, Food Products)
1.6
 
HSBC Holdings PLC (United Kingdom, Banks)
1.4
 
TotalEnergies SE  (France, Oil, Gas & Consumable Fuels)
1.3
 
Unilever PLC  (United Kingdom, Personal Care Products)
1.3
 
BP PLC (United Kingdom, Oil, Gas & Consumable Fuels)
1.2
 
 
17.3
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
17.5
 
Financials
16.0
 
Consumer Discretionary
14.5
 
Health Care
12.5
 
Consumer Staples
8.9
 
Information Technology
8.5
 
Materials
8.0
 
Energy
4.9
 
Utilities
4.0
 
Communication Services
2.8
 
Real Estate
0.8
 
 
Asset Allocation (% of Fund's net assets)
Futures - 1.2%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities). 
Percentages are adjusted for the effect of derivatives, if applicable.
 
 
Fidelity® International Enhanced Index Fund
Showing Percentage of Net Assets     
Common Stocks - 97.3%
 
 
Shares
Value ($)
 
Australia - 6.4%
 
 
 
ANZ Group Holdings Ltd.
 
330,247
5,391,980
APA Group unit
 
428,602
2,496,637
Aristocrat Leisure Ltd.
 
205,555
5,447,445
BHP Group Ltd.
 
248,164
7,211,784
Brambles Ltd.
 
472,091
4,579,194
Commonwealth Bank of Australia
 
50,741
3,359,436
Computershare Ltd.
 
87,768
1,431,968
Fortescue Metals Group Ltd.
 
740,264
10,278,986
Glencore PLC
 
599,020
3,198,125
Macquarie Group Ltd.
 
69,289
7,970,353
Medibank Private Ltd.
 
1,272,136
3,016,867
National Australia Bank Ltd.
 
94,559
1,762,247
Pilbara Minerals Ltd.
 
2,310,120
6,990,253
Qantas Airways Ltd. (a)
 
1,203,743
4,609,595
Rio Tinto Ltd.
 
52,641
3,850,876
Scentre Group unit
 
2,060,126
3,670,861
Sonic Healthcare Ltd.
 
109,740
2,286,770
South32 Ltd.
 
472,179
1,029,585
Suncorp Group Ltd.
 
382,439
3,377,532
Telstra Group Ltd.
 
3,181,565
8,266,595
Wesfarmers Ltd.
 
182,116
6,356,771
Woodside Energy Group Ltd.
 
65,734
1,576,769
Woolworths Group Ltd.
 
56,501
1,395,933
TOTAL AUSTRALIA
 
 
99,556,562
Austria - 0.1%
 
 
 
Verbund AG
 
18,883
1,547,969
Belgium - 0.9%
 
 
 
Ageas
 
164,858
6,557,055
Solvay SA Class A
 
63,264
7,333,374
TOTAL BELGIUM
 
 
13,890,429
China - 0.7%
 
 
 
BOC Hong Kong (Holdings) Ltd.
 
3,176,000
8,828,578
Budweiser Brewing Co. APAC Ltd. (b)
 
443,700
961,816
SITC International Holdings Co. Ltd.
 
164,000
305,735
Wilmar International Ltd.
 
472,700
1,322,140
TOTAL CHINA
 
 
11,418,269
Denmark - 3.4%
 
 
 
A.P. Moller - Maersk A/S Series A
 
801
1,435,789
Carlsberg A/S Series B
 
5,851
847,885
DSV A/S
 
4,326
822,954
Genmab A/S (a)
 
26,650
10,210,559
Novo Nordisk A/S:
 
 
 
 Series B
 
187,803
34,640,963
 Series B sponsored ADR
 
22,821
4,236,034
Pandora A/S
 
9,316
967,505
TOTAL DENMARK
 
 
53,161,689
Finland - 1.8%
 
 
 
Elisa Corp. (A Shares)
 
73,178
3,592,200
Kesko Oyj
 
209,319
4,090,091
Kone OYJ (B Shares)
 
194,331
8,850,358
Nordea Bank Abp
 
1,021,494
11,212,782
TOTAL FINLAND
 
 
27,745,431
France - 11.6%
 
 
 
Aeroports de Paris SA
 
17,043
2,247,238
Air Liquide SA
 
92,937
16,791,503
Airbus Group NV
 
937
137,090
bioMerieux SA
 
3,381
350,488
BNP Paribas SA
 
32,941
2,130,217
Capgemini SA
 
6,072
1,133,164
Carrefour SA
 
54,877
1,048,904
Compagnie de St.-Gobain
 
177,156
11,556,682
Dassault Aviation SA
 
293
57,697
Edenred SA
 
99,659
6,358,559
Eiffage SA
 
67,974
6,730,979
Engie SA
 
472,819
7,614,389
Eurazeo SA
 
5,181
305,901
Hermes International SCA
 
6,906
14,234,181
L'Oreal SA
 
40,986
18,035,038
La Francaise des Jeux SAEM (b)
 
84,813
3,071,697
Legrand SA
 
71,944
7,106,937
LVMH Moet Hennessy Louis Vuitton SE
 
36,072
30,504,562
Orange SA ADR
 
55,037
615,314
Pernod Ricard SA
 
3,555
698,501
Publicis Groupe SA
 
26,340
2,055,257
Safran SA
 
59,294
9,502,765
Societe Generale Series A
 
34,834
986,887
TotalEnergies SE
 
320,768
20,121,420
Ubisoft Entertainment SA (a)
 
151,145
4,582,479
Valeo SA
 
55,667
1,086,525
VINCI SA
 
100,034
11,142,596
Wendel SA
 
6,516
596,692
TOTAL FRANCE
 
 
180,803,662
Germany - 6.1%
 
 
 
Allianz SE
 
6,361
1,546,226
Bayerische Motoren Werke AG (BMW)
 
23,710
2,498,235
Beiersdorf AG
 
4,651
608,980
Continental AG
 
19,558
1,450,778
Deutsche Bank AG
 
441,567
4,813,030
Deutsche Borse AG
 
61,794
10,969,916
Deutsche Lufthansa AG (a)
 
586,545
5,245,258
Evonik Industries AG
 
20,167
387,174
Fresenius Medical Care AG & Co. KGaA
 
23,886
1,150,050
Fresenius SE & Co. KGaA
 
97,398
3,127,216
GEA Group AG
 
18,860
744,411
Infineon Technologies AG
 
130,669
4,669,544
Knorr-Bremse AG
 
39,490
2,702,004
Mercedes-Benz Group AG:
 
 
 
 ADR
 
50,266
917,857
 (Germany)
 
923
67,540
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 
16,589
6,443,403
Rational AG
 
1,024
781,148
RWE AG
 
243,640
10,055,111
SAP SE
 
125,332
17,484,368
Scout24 AG (b)
 
4,047
279,188
Siemens AG
 
96,565
14,507,040
Siemens AG sponsored ADR
 
43,439
3,264,006
Telefonica Deutschland Holding AG
 
951,319
1,809,361
TOTAL GERMANY
 
 
95,521,844
Hong Kong - 1.6%
 
 
 
AIA Group Ltd.
 
374,632
3,389,768
ASMPT Ltd.
 
108,800
1,089,755
Hang Seng Bank Ltd.
 
42,800
545,755
Henderson Land Development Co. Ltd.
 
3,000
8,238
Hong Kong & China Gas Co. Ltd.
 
367,000
270,020
Hong Kong Exchanges and Clearing Ltd.
 
121,300
4,702,060
Hongkong Land Holdings Ltd.
 
81,900
290,745
Jardine Matheson Holdings Ltd.
 
119,400
5,678,664
New World Development Co. Ltd.
 
1,557,000
3,307,634
Sino Land Ltd.
 
708,000
811,609
Swire Pacific Ltd. (A Shares)
 
46,500
383,629
WH Group Ltd. (b)
 
7,588,955
3,908,276
Xinyi Glass Holdings Ltd.
 
268,000
395,728
TOTAL HONG KONG
 
 
24,781,881
Ireland - 0.7%
 
 
 
CRH PLC
 
58,300
3,354,213
CRH PLC sponsored ADR
 
142,934
8,228,710
TOTAL IRELAND
 
 
11,582,923
Israel - 0.6%
 
 
 
Bank Hapoalim BM (Reg.)
 
37,648
312,228
Wix.com Ltd. (a)
 
91,672
9,054,443
TOTAL ISRAEL
 
 
9,366,671
Italy - 1.8%
 
 
 
Assicurazioni Generali SpA
 
462,523
9,594,399
Coca-Cola HBC AG
 
102,185
2,948,824
Eni SpA
 
186,320
2,880,880
Intesa Sanpaolo SpA
 
2,951,016
7,880,396
Terna - Rete Elettrica Nazionale
 
53,820
444,701
UniCredit SpA
 
177,885
4,333,833
TOTAL ITALY
 
 
28,083,033
Japan - 23.1%
 
 
 
Ajinomoto Co., Inc.
 
255,800
10,852,974
ASAHI INTECC Co. Ltd.
 
38,000
774,913
Astellas Pharma, Inc.
 
169,200
2,560,058
BayCurrent Consulting, Inc.
 
11,800
406,567
Bridgestone Corp.
 
248,800
9,680,448
Canon, Inc.
 
270,700
6,663,028
Central Japan Railway Co.
 
16,600
2,132,403
Chubu Electric Power Co., Inc.
 
685,000
9,157,188
Dai Nippon Printing Co. Ltd.
 
42,500
1,163,459
Daiichi Sankyo Kabushiki Kaisha
 
44,800
1,319,524
Daiwa Securities Group, Inc.
 
309,800
1,765,175
DENSO Corp.
 
95,100
6,509,508
Disco Corp.
 
45,000
8,893,999
FANUC Corp.
 
6,700
190,557
Fast Retailing Co. Ltd.
 
49,700
11,436,517
FUJIFILM Holdings Corp.
 
62,000
3,670,697
Hamamatsu Photonics K.K.
 
48,400
2,244,107
Hirose Electric Co. Ltd.
 
19,800
2,402,619
Hitachi Construction Machinery Co. Ltd.
 
34,700
1,083,011
Hitachi Ltd.
 
222,600
14,831,330
Honda Motor Co. Ltd.
 
410,700
13,272,343
Hoya Corp.
 
84,184
9,347,349
Itochu Corp.
 
160,300
6,028,809
Japan Post Bank Co. Ltd.
 
803,400
6,452,269
JFE Holdings, Inc.
 
296,700
4,697,402
Kansai Electric Power Co., Inc.
 
218,200
3,110,394
Keisei Electric Railway Co.
 
800
30,670
Keyence Corp.
 
2,400
998,302
Kikkoman Corp.
 
10,300
596,500
Kintetsu Group Holdings Co. Ltd.
 
58,200
1,843,663
Kirin Holdings Co. Ltd.
 
124,300
1,747,949
Komatsu Ltd.
 
149,800
4,263,039
Lawson, Inc. (c)
 
57,900
2,766,163
Marubeni Corp.
 
123,550
2,024,846
Mazda Motor Corp.
 
449,500
4,683,303
Mitsubishi Chemical Holdings Corp.
 
884,300
5,289,572
Mitsubishi Corp.
 
290,500
14,367,765
Mitsubishi Electric Corp.
 
160,258
2,091,687
Mitsubishi UFJ Financial Group, Inc.
 
162,200
1,293,980
Mitsubishi UFJ Lease & Finance Co. Ltd.
 
171,300
1,114,842
Mitsui & Co. Ltd.
 
198,500
7,410,921
Nidec Corp.
 
102,400
5,328,328
Nintendo Co. Ltd.
 
55,100
2,362,517
Nippon Express Holdings, Inc.
 
40,100
2,086,098
Nippon Paint Holdings Co. Ltd.
 
276,000
2,135,991
Nissan Chemical Corp.
 
7,900
339,250
Nissan Motor Co. Ltd.
 
1,896,400
8,063,906
Nissan Motor Co. Ltd. sponsored ADR (c)
 
87,636
747,535
Nisshin Seifun Group, Inc.
 
40,600
535,911
Nitto Denko Corp.
 
119,300
8,157,777
OBIC Co. Ltd.
 
21,000
3,656,002
Olympus Corp.
 
651,400
8,822,184
Ono Pharmaceutical Co. Ltd.
 
245,500
4,637,970
Open House Group Co. Ltd.
 
15,600
528,167
Otsuka Holdings Co. Ltd.
 
110,000
4,192,996
Panasonic Holdings Corp.
 
923,400
10,628,387
Recruit Holdings Co. Ltd.
 
146,000
5,200,885
Renesas Electronics Corp. (a)
 
562,500
9,371,064
Ricoh Co. Ltd.
 
268,300
2,190,731
Shin-Etsu Chemical Co. Ltd.
 
420,100
13,390,169
Shin-Etsu Chemical Co. Ltd. ADR (c)
 
30,225
480,880
Shiseido Co. Ltd.
 
24,300
988,067
SoftBank Corp.
 
991,700
11,373,520
Sompo Holdings, Inc.
 
86,300
3,764,707
Sony Group Corp.
 
34,500
2,870,142
Subaru Corp.
 
237,800
4,591,904
Sumitomo Chemical Co. Ltd.
 
15,100
41,866
Sumitomo Corp.
 
223,100
4,598,625
Suntory Beverage & Food Ltd.
 
16,200
524,876
Tokio Marine Holdings, Inc.
 
396,200
8,743,541
Tokyo Electric Power Co., Inc. (a)
 
668,000
2,938,383
Tokyo Electron Ltd.
 
27,700
4,114,161
Tokyo Gas Co. Ltd.
 
45,000
1,044,469
Toppan, Inc.
 
108,000
2,613,616
Toyota Motor Corp.
 
592,095
10,201,272
Toyota Tsusho Corp.
 
166,800
9,968,219
USS Co. Ltd.
 
36,700
641,831
Yokogawa Electric Corp.
 
89,200
1,770,880
Z Holdings Corp.
 
539,800
1,624,279
ZOZO, Inc.
 
273,300
5,465,249
TOTAL JAPAN
 
 
361,906,205
Luxembourg - 0.2%
 
 
 
ArcelorMittal SA (Netherlands)
 
113,703
3,024,398
Eurofins Scientific SA
 
11,448
705,591
TOTAL LUXEMBOURG
 
 
3,729,989
Netherlands - 6.1%
 
 
 
ASML Holding NV:
 
 
 
 (depository receipt)
 
5,791
3,825,129
 (Netherlands)
 
46,492
30,569,799
ING Groep NV (Certificaten Van Aandelen)
 
433,534
6,158,344
Koninklijke Ahold Delhaize NV
 
185,938
6,082,031
Koninklijke Philips Electronics NV
 
460,326
10,344,255
NN Group NV
 
27,142
1,046,582
NN Group NV rights (a)(d)
 
27,142
32,963
Shell PLC:
 
 
 
 (London)
 
957,815
29,285,458
 rights (a)(d)
 
957,815
317,037
Wolters Kluwer NV
 
57,209
6,898,245
Wolters Kluwer NV rights (a)(d)
 
57,209
44,665
TOTAL NETHERLANDS
 
 
94,604,508
New Zealand - 0.2%
 
 
 
Meridian Energy Ltd.
 
630,970
2,018,567
Xero Ltd. (a)
 
10,758
872,028
TOTAL NEW ZEALAND
 
 
2,890,595
Norway - 0.6%
 
 
 
DNB Bank ASA
 
355,638
7,029,739
Gjensidige Forsikring ASA
 
192,374
2,994,620
TOTAL NORWAY
 
 
10,024,359
Singapore - 1.9%
 
 
 
Oversea-Chinese Banking Corp. Ltd.
 
865,200
8,034,526
STMicroelectronics NV (France)
 
240,579
11,354,060
United Overseas Bank Ltd.
 
483,255
10,169,649
TOTAL SINGAPORE
 
 
29,558,235
Spain - 3.2%
 
 
 
ACS Actividades de Construccion y Servicios SA
 
121,081
4,252,619
Aena SME SA (b)
 
25,407
3,994,762
Banco Bilbao Vizcaya Argentaria SA
 
606,184
4,782,723
Banco Santander SA (Spain)
 
921,266
3,596,263
Iberdrola SA
 
1,219,110
14,461,977
Industria de Diseno Textil SA
 
335,325
12,846,754
Naturgy Energy Group SA
 
17,587
509,944
Redeia Corp. SA
 
182,648
2,971,806
Telefonica SA
 
761,230
3,154,287
TOTAL SPAIN
 
 
50,571,135
Sweden - 3.3%
 
 
 
ASSA ABLOY AB (B Shares)
 
159,102
3,580,740
Atlas Copco AB:
 
 
 
 (A Shares)
 
202,645
2,679,214
 (B Shares)
 
131,256
1,514,746
Epiroc AB (A Shares)
 
148,412
2,847,342
Essity AB (B Shares)
 
125,514
2,931,354
Evolution AB (b)
 
42,378
4,591,385
Fastighets AB Balder (a)
 
878,696
4,213,503
Industrivarden AB (A Shares)
 
81,720
2,132,475
Kinnevik AB (B Shares) (a)
 
64,062
754,514
Securitas AB (B Shares)
 
61,458
501,050
Skandinaviska Enskilda Banken AB (A Shares)
 
365,643
4,246,381
Svenska Handelsbanken AB (A Shares)
 
741,575
6,187,745
Swedbank AB (A Shares)
 
79,632
1,412,116
Swedish Orphan Biovitrum AB (a)
 
175,358
3,389,117
Swedish Orphan Biovitrum AB rights 9/14/23 (a)(c)
 
175,358
158,404
Volvo AB (B Shares)
 
548,444
11,080,588
TOTAL SWEDEN
 
 
52,220,674
Switzerland - 5.2%
 
 
 
ABB Ltd.:
 
 
 
 (Reg.)
 
278,749
10,600,334
 sponsored ADR
 
82,416
3,124,391
Alcon, Inc. (Switzerland)
 
35,848
2,999,812
Baloise Holdings AG
 
9,006
1,408,988
Compagnie Financiere Richemont SA
 
8,645
1,230,474
Compagnie Financiere Richemont SA Series A
 
93,167
13,214,957
Givaudan SA
 
2,436
8,129,652
Kuehne & Nagel International AG
 
5,826
1,753,703
Novartis AG
 
288,260
29,010,996
Schindler Holding AG (participation certificate)
 
3,854
860,153
Swiss Life Holding AG
 
11,187
7,023,615
Zurich Insurance Group Ltd.
 
2,580
1,212,090
TOTAL SWITZERLAND
 
 
80,569,165
United Kingdom - 12.0%
 
 
 
3i Group PLC
 
159,401
4,025,458
AstraZeneca PLC (United Kingdom)
 
96,556
12,969,666
Aviva PLC
 
705,160
3,351,649
BAE Systems PLC
 
885,223
11,266,916
Barclays PLC
 
1,388,514
2,586,329
Barclays PLC sponsored ADR
 
61,806
464,163
BP PLC
 
2,011,159
12,427,530
BP PLC sponsored ADR
 
169,657
6,307,847
British American Tobacco PLC (United Kingdom)
 
86,376
2,861,152
BT Group PLC
 
431,540
631,956
Bunzl PLC
 
5,175
185,526
Burberry Group PLC
 
190,055
5,258,235
Centrica PLC
 
2,715,168
5,219,555
CK Hutchison Holdings Ltd.
 
907,000
4,943,146
CNH Industrial NV
 
3,733
51,732
Coca-Cola European Partners PLC
 
42,150
2,702,237
Diageo PLC
 
42,697
1,748,571
Hargreaves Lansdown PLC
 
227,339
2,192,203
HSBC Holdings PLC:
 
 
 
 (United Kingdom)
 
1,985,785
14,649,568
 sponsored ADR (c)
 
203,948
7,611,339
Imperial Brands PLC
 
186,001
4,211,359
InterContinental Hotel Group PLC
 
73,442
5,539,383
InterContinental Hotel Group PLC ADR
 
53,632
4,074,423
Legal & General Group PLC
 
1,110,637
3,077,010
Lloyds Banking Group PLC
 
4,825,139
2,577,895
Pearson PLC
 
78,764
834,798
Phoenix Group Holdings PLC
 
45,785
302,182
Reckitt Benckiser Group PLC
 
119,763
8,642,786
Reckitt Benckiser Group PLC ADR
 
13,198
190,183
Rolls-Royce Holdings PLC (a)
 
4,062,722
11,397,253
Sage Group PLC
 
518,510
6,377,999
Schroders PLC
 
793,672
4,140,335
Standard Chartered PLC (United Kingdom)
 
42,679
384,732
Tesco PLC
 
2,204,505
7,416,582
Unilever PLC
 
390,704
19,952,967
Vodafone Group PLC
 
6,337,778
5,875,463
Wise PLC (a)
 
173,764
1,409,235
TOTAL UNITED KINGDOM
 
 
187,859,363
United States of America - 5.8%
 
 
 
CSL Ltd.
 
4,049
715,049
GSK PLC
 
395,124
6,920,971
GSK PLC sponsored ADR
 
144,115
5,062,760
Holcim AG
 
172,696
11,448,551
Monday.com Ltd. (a)
 
3,728
661,496
Nestle SA (Reg. S)
 
209,510
25,191,361
QIAGEN NV (Germany) (a)
 
143,146
6,548,747
Roche Holding AG:
 
 
 
 (Bearer)
 
3,652
1,141,883
 (participation certificate)
 
46,315
13,592,916
Sanofi SA
 
114,899
12,237,200
Schneider Electric SA
 
22,455
3,848,975
Tenaris SA sponsored ADR
 
106,000
3,384,580
TOTAL UNITED STATES OF AMERICA
 
 
90,754,489
 
TOTAL COMMON STOCKS
 (Cost $1,305,694,931)
 
 
 
1,522,149,080
 
 
 
 
Nonconvertible Preferred Stocks - 1.1%
 
 
Shares
Value ($)
 
Germany - 1.1%
 
 
 
Dr. Ing. h.c. F. Porsche AG Series F (b)
 
61,157
6,754,243
Volkswagen AG
 
82,993
10,156,881
 
 
 
 
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $18,785,051)
 
 
 
16,911,124
 
 
 
 
Money Market Funds - 1.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.43% (e)
 
19,921,998
19,925,982
Fidelity Securities Lending Cash Central Fund 5.44% (e)(f)
 
10,180,920
10,181,938
 
TOTAL MONEY MARKET FUNDS
 (Cost $30,107,920)
 
 
30,107,920
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.3%
 (Cost $1,354,587,902)
 
 
 
1,569,168,124
NET OTHER ASSETS (LIABILITIES) - (0.3)%  
(4,055,580)
NET ASSETS - 100.0%
1,565,112,544
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
ICE MSCI EAFE Index Contracts (United States)
179
Sep 2023
18,878,235
(13,230)
(13,230)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.2%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
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 $23,561,367 or 1.5% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 5.43%
18,255,010
376,399,359
374,728,387
864,826
-
-
19,925,982
0.1%
Fidelity Securities Lending Cash Central Fund 5.44%
5,934,742
212,621,667
208,374,471
307,137
-
-
10,181,938
0.0%
Total
24,189,752
589,021,026
583,102,858
1,171,963
-
-
30,107,920
 
 
 
 
 
 
 
 
 
 
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.
 
Amounts in the dividend income column 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 August 31, 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
46,222,416
21,401,372
24,821,044
-
Consumer Discretionary
220,425,141
101,629,518
118,795,623
-
Consumer Staples
135,809,411
54,136,442
81,672,969
-
Energy
76,301,521
11,269,196
65,032,325
-
Financials
254,516,045
164,643,829
89,872,216
-
Health Care
193,454,441
53,144,264
140,310,177
-
Industrials
276,926,434
175,445,549
101,480,885
-
Information Technology
133,067,375
38,814,188
94,253,187
-
Materials
125,790,091
91,224,621
34,565,470
-
Real Estate
12,686,219
12,677,981
8,238
-
Utilities
63,861,110
41,784,744
22,076,366
-
  Money Market Funds
30,107,920
30,107,920
-
-
 Total Investments in Securities:
1,569,168,124
796,279,624
772,888,500
-
 Derivative Instruments:
 
 
 
 
 Liabilities
 
 
 
 
Futures Contracts
(13,230)
(13,230)
-
-
  Total Liabilities
(13,230)
(13,230)
-
-
 Total Derivative Instruments:
(13,230)
(13,230)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of August 31, 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) 
0
(13,230)
Total Equity Risk
0
(13,230)
Total Value of Derivatives
0
(13,230)
 
(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
Statement of Assets and Liabilities
 
 
 
August 31, 2023
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $9,804,200) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,324,479,982)
$
1,539,060,204
 
 
Fidelity Central Funds (cost $30,107,920)
30,107,920
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,354,587,902)
 
 
$
1,569,168,124
Segregated cash with brokers for derivative instruments
 
 
622,599
Cash
 
 
14,257
Foreign currency held at value (cost $461,070)
 
 
461,451
Receivable for fund shares sold
 
 
304,102
Dividends receivable
 
 
3,317,973
Reclaims receivable
 
 
3,361,308
Interest receivable
 
 
631
Distributions receivable from Fidelity Central Funds
 
 
56,763
Other receivables
 
 
66,163
  Total assets
 
 
1,577,373,371
Liabilities
 
 
 
 
Payable for investments purchased on a delayed delivery basis
$
394,665
 
 
Payable for fund shares redeemed
869,557
 
 
Accrued management fee
712,707
 
 
Payable for daily variation margin on futures contracts
98,513
 
 
Other payables and accrued expenses
3,360
 
 
Collateral on securities loaned
10,182,025
 
 
  Total Liabilities
 
 
 
12,260,827
Net Assets  
 
 
$
1,565,112,544
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,516,313,074
Total accumulated earnings (loss)
 
 
 
48,799,470
Net Assets
 
 
$
1,565,112,544
Net Asset Value, offering price and redemption price per share ($1,565,112,544 ÷ 149,918,343 shares)
 
 
$
10.44
 
Statement of Operations
 
 
 
Year ended
August 31, 2023
Investment Income
 
 
 
 
Dividends
 
 
$
52,511,526
Interest  
 
 
45,321
Income from Fidelity Central Funds (including $307,137 from security lending)
 
 
1,171,963
 Income before foreign taxes withheld
 
 
$
53,728,810
Less foreign taxes withheld
 
 
(4,648,683)
 Total Income
 
 
 
49,080,127
Expenses
 
 
 
 
Management fee
$
8,333,434
 
 
Independent trustees' fees and expenses
8,052
 
 
Interest
16,731
 
 
 Total expenses before reductions
 
8,358,217
 
 
 Expense reductions
 
(441)
 
 
 Total expenses after reductions
 
 
 
8,357,776
Net Investment income (loss)
 
 
 
40,722,351
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(34,624,969)
 
 
 Foreign currency transactions
 
(599,124)
 
 
 Futures contracts
 
3,144,313
 
 
Total net realized gain (loss)
 
 
 
(32,079,780)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
261,104,444
 
 
 Assets and liabilities in foreign currencies
 
281,786
 
 
 Futures contracts
 
(176,537)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
261,209,693
Net gain (loss)
 
 
 
229,129,913
Net increase (decrease) in net assets resulting from operations
 
 
$
269,852,264
Statement of Changes in Net Assets
 
 
Year ended
August 31, 2023
 
Year ended
August 31, 2022
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
40,722,351
$
44,150,052
Net realized gain (loss)
 
(32,079,780)
 
 
(40,880,584)
 
Change in net unrealized appreciation (depreciation)
 
261,209,693
 
(317,751,294)
 
Net increase (decrease) in net assets resulting from operations
 
269,852,264
 
 
(314,481,826)
 
Distributions to shareholders
 
(33,763,256)
 
 
(40,640,601)
 
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
600,539,896
 
742,204,628
  Reinvestment of distributions
 
24,033,209
 
 
33,150,295
 
Cost of shares redeemed
 
(600,353,896)
 
(794,518,975)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
24,219,209
 
 
(19,164,052)
 
Total increase (decrease) in net assets
 
260,308,217
 
 
(374,286,479)
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
1,304,804,327
 
1,679,090,806
 
End of period
$
1,565,112,544
$
1,304,804,327
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
64,929,566
 
72,917,785
  Issued in reinvestment of distributions
 
2,529,811
 
 
3,024,662
 
Redeemed
 
(63,195,426)
 
(75,511,518)
Net increase (decrease)
 
4,263,951
 
430,929
 
 
 
 
 
 
Financial Highlights
Fidelity® International Enhanced Index Fund
 
Years ended August 31,
 
2023  
 
2022 
 
2021  
 
2020 
 
2019 
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
8.96
$
11.56
$
9.20
$
8.98
$
9.83
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.26
 
.31
 
.25
 
.19
 
.30
     Net realized and unrealized gain (loss)
 
1.45
 
(2.61)
 
2.28
 
.32
 
(.95)
  Total from investment operations
 
1.71  
 
(2.30)  
 
2.53  
 
.51  
 
(.65)
  Distributions from net investment income
 
(.23)
 
(.30)
 
(.17)
 
(.29)
 
(.20)
     Total distributions
 
(.23)
 
(.30)
 
(.17)
 
(.29)
 
(.20)
  Net asset value, end of period
$
10.44
$
8.96
$
11.56
$
9.20
$
8.98
 Total Return C
 
19.29%
 
(20.35)%
 
27.77%
 
5.55%
 
(6.51)%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.55%
 
.57%
 
.59%
 
.59%
 
.59%
    Expenses net of fee waivers, if any
 
.55%
 
.57%
 
.59%
 
.59%
 
.59%
    Expenses net of all reductions
 
.55%
 
.57%
 
.59%
 
.59%
 
.59%
    Net investment income (loss)
 
2.69%
 
2.99%
 
2.32%
 
2.13%
 
3.27%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,565,113
$
1,304,804
$
1,679,091
$
1,182,923
$
1,505,889
    Portfolio turnover rate F
 
105%
 
114%
 
82%
 
75%
 
103%
 
ACalculated based on average shares outstanding during the period.
 
BNet 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.
 
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
DFees 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.
 
EExpense 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.
 
FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
For the period ended August 31, 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. Fidelity Large Cap Growth Enhanced Index Fund is a non-diversified fund. 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.
 
Effective September 18, 2023, the Funds were closed to new accounts with certain exceptions.
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 August 31, 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. As of August 31, 2023, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, 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 
$1,484,081,191
$924,087,127
(36,267,889)
$887,819,238
Fidelity Large Cap Value Enhanced Index Fund 
4,968,089,772
900,399,523
 (199,019,226)
701,380,297
Fidelity Large Cap Core Enhanced Index Fund 
1,573,456,548
 559,776,679
 (47,912,161)
 511,864,518
Fidelity Mid Cap Enhanced Index Fund
1,514,019,808
240,629,125
 (72,011,770)
168,617,355
Fidelity International Enhanced Index Fund 
1,364,093,111
 244,125,749
 (39,050,736)
 205,075,013
 
The tax-based components of distributable earnings as of period end were as follows for each Fund:
 
 
Undistributed ordinary income
Undistributed long-term capital gain
Capital loss carryforward
Net unrealized appreciation (depreciation) on securities and other investments
Fidelity Large Cap Growth Enhanced Index Fund 
$9,738,781
$505,476
$-
$887,819,238
Fidelity Large Cap Value Enhanced Index Fund 
66,952,451
72,771,244
-
701,380,297
Fidelity Large Cap Core Enhanced Index Fund 
13,332,534
-
 (38,240,595)
 511,864,518
Fidelity Mid Cap Enhanced Index Fund
9,469,584
-
 (62,913,553)
168,617,355
Fidelity International Enhanced Index Fund 
35,960,056
-
 (192,178,322)
 205,017,734
 
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 fiscal period end and is subject to adjustment.
 
 
Short-term
Long-term
Total capital loss carryforward
Fidelity Large Cap Core Enhanced Index Fund 
 (38,240,595)
 -
  (38,240,595)
Fidelity Mid Cap Enhanced Index Fund
 (58,232,433)
 (4,681,120)
  (62,913,553)
Fidelity International Enhanced Index Fund 
 (174,393,866)
 (17,784,456)
  (192,178,322)
 
The tax character of distributions paid was as follows:
 
August 31, 2023
 
 
 
 
Ordinary Income
Long-term Capital Gains
Total
Fidelity Large Cap Growth Enhanced Index Fund 
$10,050,462
$-
$10,050,462
Fidelity Large Cap Value Enhanced Index Fund 
 84,574,965
 172,625,609
 257,200,574
Fidelity Large Cap Core Enhanced Index Fund 
 14,695,385
 7,597,614
 22,292,999
Fidelity Mid Cap Enhanced Index Fund
 16,855,170
 40,605,634
 57,460,804
Fidelity International Enhanced Index Fund 
 33,763,256
 -
 33,763,256
 
August 31, 2022
 
 
 
 
Ordinary Income
Long-term Capital Gains
Total
Fidelity Large Cap Growth Enhanced Index Fund 
$84,709,586
$150,046,589
$234,756,175
Fidelity Large Cap Value Enhanced Index Fund 
 298,040,890
 399,041,651
 697,082,541
Fidelity Large Cap Core Enhanced Index Fund 
 93,609,903
 110,605,741
 204,215,644
Fidelity Mid Cap Enhanced Index Fund
 40,554,225
 217,691,053
 258,245,278
Fidelity International Enhanced Index Fund 
 40,640,601
 -
 40,640,601
 
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
2,589,884,949
2,152,923,266
Fidelity Large Cap Value Enhanced Index Fund
4,868,646,569
4,982,369,127
Fidelity Large Cap Core Enhanced Index Fund
2,034,084,638
2,571,143,089
Fidelity Mid Cap Enhanced Index Fund
1,832,229,584
1,765,707,575
Fidelity International Enhanced Index Fund
1,589,729,821
1,556,745,579
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity Large Cap Growth Enhanced Index Fund
2,957,746
14,287,867
83,970,422
Fidelity Large Cap Value Enhanced Index Fund
25,502,664
117,706,408
375,867,257
Fidelity Large Cap Core Enhanced Index Fund
1,958,911
23,998,066
41,117,535
Fidelity Mid Cap Enhanced Index Fund
12,107,173
69,766,859
200,533,885
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
$4,259
Fidelity Large Cap Value Enhanced Index Fund
 3,848
Fidelity Large Cap Core Enhanced Index Fund
 1,974
Fidelity Mid Cap Enhanced Index Fund
 1,614
Fidelity International Enhanced Index Fund
 579
 
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. Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Statement of Assets and Liabilities. 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 Growth Enhanced Index Fund 
 Borrower
$54,770,800
5.44%
$41,394
Fidelity Large Cap Value Enhanced Index Fund 
 Borrower
$61,479,000
4.35%
$29,724
Fidelity Large Cap Core Enhanced Index Fund 
 Borrower
$22,101,250
3.68%
$27,112
Fidelity Mid Cap Enhanced Index Fund
 Borrower
$4,314,500
4.84%
$2,322
Fidelity International Enhanced Index Fund 
 Borrower
$12,807,600
4.70%
$16,731
 
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
 98,630,928
 59,443,059
 3,980,573
Fidelity Large Cap Value Enhanced Index Fund
 202,835,859
 125,091,754
 12,994,217
Fidelity Large Cap Core Enhanced Index Fund
 78,182,956
 64,476,701
 726,303
Fidelity Mid Cap Enhanced Index Fund
 65,914,545
 39,218,370
  (2,777,171)
Fidelity International Enhanced Index Fund
 19,322,590
 2,972,597
  (142,908)
 
Other. During the period, the investment adviser reimbursed the Funds for certain losses as follows:
 
Amount ($)
Fidelity Large Cap Value Enhanced Index Fund
3,045
Fidelity Large Cap Core Enhanced Index Fund
1,353
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 RatioA
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
$310
$-
$-
Fidelity Large Cap Value Enhanced Index Fund
$17,561
$374
$-
Fidelity Large Cap Core Enhanced Index Fund
$3,721
$-
$-
Fidelity Mid Cap Enhanced Index Fund
$13,555
$3,917
$-
Fidelity International Enhanced Index Fund
$33,238
$9
$-
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 
$2,918
Fidelity Large Cap Value Enhanced Index Fund 
 1,773
Fidelity Large Cap Core Enhanced Index Fund 
 2,087
Fidelity Mid Cap Enhanced Index Fund 
 1,764
Fidelity International Enhanced Index Fund 
 441
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 
59%
 
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 
61%
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.
13. Proposed Reorganization.
Board of Trustees of each Fund approved an Agreement and Plan of Reorganization (the Agreement) to reorganize each Fund (Target Fund) into a newly created exchange traded fund ("ETF"), as noted in the below table. The Agreement provides for shareholders of each Target Fund to receive ETF shares equal in value to the number of shares of the Target Fund shares they own on the day the reorganization is effective. Each Target Fund will be the accounting survivor after the reorganization. As such, performance and financial history prior to the reorganization will be that of the Target Fund (Predecessor Funds). Historical share transactions and per share information for the Predecessor Funds will be retroactively adjusted to reflect the change in capital structure due to the reorganization. The reorganization does not require shareholder approval and is expected to become effective on November 17, 2023. The reorganization will qualify as a tax-free reorganization for federal income tax purposes with no gain or loss to be recognized by the funds or their shareholders.
 
Current Mutual Funds (Target and Predecessor Funds)
New ETFs
Fidelity International Enhanced Index Fund
Fidelity Enhanced International ETF
Fidelity Large Cap Core Enhanced Index Fund
Fidelity Enhanced Large Cap Core ETF
Fidelity Large Cap Growth Enhanced Index Fund
Fidelity Enhanced Large Cap Growth ETF
Fidelity Large Cap Value Enhanced Index Fund
Fidelity Enhanced Large Cap Value ETF
Fidelity Mid Cap Enhanced Index Fund
Fidelity Enhanced Mid Cap ETF
 
To the Board of Trustees of Fidelity Commonwealth Trust II and Shareholders of 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
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 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, (five of the funds constituting Fidelity Commonwealth Trust II, hereafter collectively referred to as the "Funds") as of August 31, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2023 and each of the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
October 11, 2023
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Vijay Advani, each of the Trustees oversees 322 funds. Mr. Advani oversees 215 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Bettina Doulton (1964)
Year of Election or Appointment: 2020
Trustee
Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Chair of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Vijay C. Advani (1960)
Year of Election or Appointment: 2023
Trustee
Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).
Thomas P. Bostick (1956)
Year of Election or Appointment: 2021
Trustee
Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).     
Dennis J. Dirks (1948)
Year of Election or Appointment: 2018
Trustee
Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.
Donald F. Donahue (1950)
Year of Election or Appointment: 2017
Trustee
Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).     
Vicki L. Fuller (1957)
Year of Election or Appointment: 2020
Trustee
Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).       
Patricia L. Kampling (1959)
Year of Election or Appointment: 2020
Trustee
Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).         
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2021
Trustee
Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).
Oscar Munoz (1959)
Year of Election or Appointment: 2021
Trustee
Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).
David M. Thomas (1949)
Year of Election or Appointment: 2018
Trustee
Lead Independent Trustee
Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).     
Susan Tomasky (1953)
Year of Election or Appointment: 2020
Trustee
Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).
Michael E. Wiley (1950)
Year of Election or Appointment: 2017
Trustee
Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2018
Member of the Advisory Board
Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).     
Karen B. Peetz (1955)
Year of Election or Appointment: 2023
Member of the Advisory Board
Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).     
Heather Bonner (1977)
Year of Election or Appointment: 2023
Assistant Treasurer
Ms. Bonner also serves as an officer of other funds. Ms. Bonner serves as Senior Vice President (2022-present), and is an employee of Fidelity Investments. Ms. Bonner serves as Assistant Treasurer of Fidelity CRET Trustee LLC (2022-present). Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).     
Craig S. Brown (1977)
Year of Election or Appointment: 2022
Deputy Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
Margaret Carey (1973)
Year of Election or Appointment: 2023
Secretary and Chief Legal Officer (CLO)
Ms. Carey also serves as an officer of other funds and as CLO of certain other Fidelity entities. She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments.     
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).     
Timothy M. Cohen (1969)
Year of Election or Appointment: 2018
Vice President
Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).     
Jonathan Davis (1968)
Year of Election or Appointment: 2017
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Vice President Assistant Treasurer and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.      
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
Assistant Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).     
Pamela R. Holding (1964)
Year of Election or Appointment: 2018
Vice President
Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).     
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities, is an employee of Fidelity Investments, and has served in other fund officer roles.
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).     
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 (March 1, 2023 to August 31, 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 March 1, 2023
 
Ending Account Value August 31, 2023
 
Expenses Paid During Period- C March 1, 2023 to August 31, 2023
 
 
 
 
 
 
 
 
 
 
Fidelity® Large Cap Growth Enhanced Index Fund
 
 
 
.39%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,212.30
 
$ 2.17
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,023.24
 
$ 1.99
 
 
 
 
 
 
 
 
 
 
Fidelity® Large Cap Value Enhanced Index Fund
 
 
 
.39%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,042.20
 
$ 2.01
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,023.24
 
$ 1.99
 
 
 
 
 
 
 
 
 
 
Fidelity® Large Cap Core Enhanced Index Fund
 
 
 
.39%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,140.10
 
$ 2.10
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,023.24
 
$ 1.99
 
 
 
 
 
 
 
 
 
 
Fidelity® Mid Cap Enhanced Index Fund
 
 
 
.45%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,021.50
 
$ 2.29
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.94
 
$ 2.29
 
 
 
 
 
 
 
 
 
 
Fidelity® International Enhanced Index Fund
 
 
 
.55%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 1,061.00
 
$ 2.86
Hypothetical-B
 
 
 
 
 
$ 1,000
 
$ 1,022.43
 
$ 2.80
 
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 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
 
Distributions (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended August 31, 2023, or, if subsequently determined to be different, the net capital gain of such year.
 
Fidelity Large Cap Value Enhanced Index Fund
$89,603,673
Fidelity Large Cap Growth Enhanced Index Fund
$3,583,892
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
 
Fidelity Large Cap Core Enhanced Index Fund
 
December 2022
100%
Fidelity Large Cap Value Enhanced Index Fund
 
December 2022
100%
Fidelity Large Cap Growth Enhanced Index Fund
 
December 2022
100%
Fidelity Mid Cap Enhanced Index Fund
 
December 2022
98%
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
Fidelity Large Cap Core Enhanced Index Fund
 
December 2022
100%
Fidelity Large Cap Value Enhanced Index Fund
 
December 2022
100%
Fidelity Large Cap Growth Enhanced Index Fund
 
December 2022
100%
Fidelity International Enhanced Index Fund
 
December 2022
99.83%
Fidelity Mid Cap Enhanced Index Fund
 
December 2022
100%
The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends:
 
Fidelity International Enhanced Index Fund
$322,285
Fidelity Mid Cap Enhanced Index Fund
$287,007
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
 
 
Pay Date
Income
Taxes
Fidelity International Enhanced Index Fund
12/12/2022
$0.2431
$0.0171
 
The funds will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.
 
 
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Enhanced Index Fund
Fidelity Large Cap Core Enhanced Index Fund
Fidelity Large Cap Growth Enhanced Index Fund
Fidelity Large Cap Value Enhanced Index Fund
Fidelity Mid Cap Enhanced Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the each fund's management contract with Fidelity Management & Research Company LLC (FMR) (the Advisory Contract). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contract throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue each fund's management contract with FMR (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of each fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of each fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under each fund's Advisory Contracts; or (iv) the day-to-day management of each fund or the persons primarily responsible for such management. The Board also considered that since its last approval of each fund's Advisory Contracts, FMR had provided additional information on each fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that each fund's Advisory Contracts are fair and reasonable, and that each fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.
At its July 2023 meeting, the Board unanimously determined to renew each fund's Advisory Contract. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
In considering whether to renew the Advisory Contract for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contract was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contract was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of FMR, and also considered FMR's implementation of the funds' investment programs. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
 
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
 
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Adviser and its affiliates under the Advisory Contract and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Adviser. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and total expense ratio, the Board considered the fund's all-inclusive fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by the investment adviser under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to each fund (referred to as the "asset size peer group"); (iii) total expense comparisons of each fund relative to funds and classes in the mapped group that have a similar sales load structure of each fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of each fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of each fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and servicing each fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with each fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to each fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.
The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contract should be renewed through July 31, 2024.
A special meeting of shareholders was held on April 19, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To reclassify the diversification status of the fund from diversified to non-diversified by eliminating the following fundamental policy: The fund may not with respect to 75% of fund's total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities,  or securities of other investment companies) if  as a result, (a) more than 5% of fund's total assets would be invested in the securities of that issuer, or (b) the fund would hold more than 10% of outstanding voting securities of issuer.
 
# of
Votes
% of
Votes
Affirmative
1,212,959,725.500
85.392
Against
164,063,927.240
11.550
Abstain
43,439,041.970
3.058
TOTAL
1,420,462,694.710
100.000
 
 
 
 
1.855140.117
GEI-ANN-1023

 


Item 2.

Code of Ethics


As of the end of the period, August 31, 2023, Fidelity Commonwealth Trust II (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.


Item 3.

Audit Committee Financial Expert


The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR.  Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.  



Item 4.  

Principal Accountant Fees and Services


Fees and Services


The following table presents fees billed by PricewaterhouseCoopers LLP (PwC) in each of the last two fiscal years for services rendered to Fidelity International Enhanced Index Fund, Fidelity Large Cap Core Enhanced Index Fund, Fidelity Large Cap Growth Enhanced Index Fund, Fidelity Large Cap Value Enhanced Index Fund and Fidelity Mid Cap Enhanced Index Fund (the Funds):


Services Billed by PwC


August 31, 2023 FeesA


Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity International Enhanced Index Fund

$39,900

$3,700

$9,800

$1,200

Fidelity Large Cap Core Enhanced Index Fund

$39,500

$3,700

$9,800

$1,200

Fidelity Large Cap Growth Enhanced Index Fund

$39,500

$3,700

$9,800

$1,200

Fidelity Large Cap Value Enhanced Index Fund

$39,600

$3,700

$9,800

$1,200

Fidelity Mid Cap Enhanced Index Fund

$39,500

$3,700

$9,800

$1,200







August 31, 2022 FeesA


Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity International Enhanced Index Fund

$38,100

$3,600

$9,300

$1,200

Fidelity Large Cap Core Enhanced Index Fund

$37,700

$3,600

$10,200

$1,200

Fidelity Large Cap Growth Enhanced Index Fund

$37,700

$3,600

$10,200

$1,200

Fidelity Large Cap Value Enhanced Index Fund

$37,700

$3,600

$9,300

$1,200

Fidelity Mid Cap Enhanced Index Fund

$37,700

$3,600

$10,200

$1,200



A Amounts may reflect rounding.


The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (Fund Service Providers):


Services Billed by PwC




August 31, 2023A

August 31, 2022A

Audit-Related Fees

$8,284,200

$7,914,600

Tax Fees

$1,000

$353,200

All Other Fees

$-

$-


A Amounts may reflect rounding.





Audit-Related Fees represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.


Tax Fees represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.


All Other Fees represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.  


Assurance services must be performed by an independent public accountant.


* * *


The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:


Billed By

August 31, 2023A

August 31, 2022A

 

PwC

$13,661,300

$13,308,400

 

   





A Amounts may reflect rounding.




The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMRs review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.


Audit Committee Pre-Approval Policies and Procedures

 

The trusts Audit Committee must pre-approve all audit and non-audit services provided by a funds independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.


The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committees consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (Covered Service) are subject to approval by the Audit Committee before such service is provided.


All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chairs absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.


Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.


Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (De Minimis Exception)


There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds(s) last two fiscal



years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the PCAOB) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a foreign issuer, as defined in 17 CFR 240.3b-4.


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 trusts Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the trusts 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)

Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(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:

October 23, 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:

October 23, 2023



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

October 23, 2023