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)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Marc Bryant, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | February 28 |
|
|
Date of reporting period: | August 31, 2010 |
Item 1. Reports to Stockholders
Fidelity® Large Cap Growth Enhanced Index Fund
Fidelity Large Cap Value Enhanced Index Fund
Fidelity Large Cap Core Enhanced Index Fund
Fidelity Mid Cap Enhanced Index Fund
Fidelity Small Cap Enhanced Index Fund
Fidelity International Enhanced Index Fund
Semiannual Report
August 31, 2010
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders | |
Shareholder Expense Example | An example of shareholder expenses | |
| ||
Fidelity Large Cap Growth Enhanced Index Fund | Investment Changes | |
| Investments | |
| Financial Statements | |
| ||
Fidelity Large Cap Value Enhanced Index Fund | Investment Changes | |
| Investments | |
| Financial Statements | |
| ||
Fidelity Large Cap Core Enhanced Index Fund | Investment Changes | |
| Investments | |
| Financial Statements | |
|
|
|
Fidelity Mid Cap Enhanced Index Fund | Investment Changes | |
| Investments | |
| Financial Statements | |
| ||
Fidelity Small Cap Enhanced Index Fund | Investment Changes | |
| Investments | |
| Financial Statements | |
| ||
Fidelity International Enhanced Index Fund | Investment Changes | |
| Investments | |
| Financial Statements | |
| ||
Notes | Notes to the Financial Statements |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Geode is a registered trademark of Geode Capital Management, LLC.
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.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
A yearlong uptrend in global equity markets reversed course in late April 2010 when investor sentiment turned bearish due in great measure to concern that Europe's debt crisis would expand and slow or derail economic recovery. However, a bounceback in July helped to recover some of the ground that was lost. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The chairman's signature appears here.)
Edward C. Johnson 3d
Semiannual Report
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2010 to August 31, 2010).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. An annual index fund fee of $10 that is charged once a year may apply for certain accounts with a value of less than $10,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. An annual index fund fee of $10 that is charged once a year may apply for certain accounts with a value of less than $10,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized | Beginning | Ending | Expenses Paid |
Fidelity Large Cap Growth Enhanced Index Fund | .45% |
|
|
|
Actual |
| $ 1,000.00 | $ 933.30 | $ 2.19 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.94 | $ 2.29 |
Fidelity Large Cap Value Enhanced Index Fund | .45% |
|
|
|
Actual |
| $ 1,000.00 | $ 946.50 | $ 2.21 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.94 | $ 2.29 |
Fidelity Large Cap Core Enhanced Index Fund | .45% |
|
|
|
Actual |
| $ 1,000.00 | $ 939.10 | $ 2.20 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.94 | $ 2.29 |
Fidelity Mid Cap Enhanced Index Fund | .60% |
|
|
|
Actual |
| $ 1,000.00 | $ 965.00 | $ 2.97 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.18 | $ 3.06 |
Fidelity Small Cap Enhanced Index Fund | .67% |
|
|
|
Actual |
| $ 1,000.00 | $ 974.40 | $ 3.33 |
Hypothetical A |
| $ 1,000.00 | $ 1,021.83 | $ 3.41 |
Fidelity International Enhanced Index Fund | .62% |
|
|
|
Actual |
| $ 1,000.00 | $ 965.30 | $ 3.07 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.08 | $ 3.16 |
A 5% return per year before expenses
* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Large Cap Growth Enhanced Index Fund
Investment Changes (Unaudited)
Top Ten Stocks as of August 31, 2010 | ||
| % of fund's | % of fund's net assets |
Exxon Mobil Corp. | 5.2 | 1.3 |
Apple, Inc. | 4.6 | 3.2 |
International Business Machines Corp. | 3.4 | 3.0 |
Microsoft Corp. | 2.7 | 4.4 |
Cisco Systems, Inc. | 2.1 | 2.3 |
Google, Inc. Class A | 2.0 | 2.1 |
Hewlett-Packard Co. | 2.0 | 1.8 |
Oracle Corp. | 1.7 | 1.9 |
Philip Morris International, Inc. | 1.6 | 1.7 |
McDonald's Corp. | 1.5 | 1.2 |
| 26.8 | |
Market Sectors as of August 31, 2010 | ||
| % of fund's | % of fund's net assets |
Information Technology | 31.1 | 32.4 |
Consumer Discretionary | 14.1 | 11.9 |
Industrials | 13.3 | 9.4 |
Energy | 10.5 | 5.0 |
Health Care | 10.0 | 15.7 |
Consumer Staples | 9.2 | 14.4 |
Materials | 5.2 | 4.2 |
Financials | 4.7 | 4.4 |
Telecommunication Services | 0.7 | 0.8 |
Utilities | 0.2 | 0.5 |
Semiannual Report
Fidelity Large Cap Growth Enhanced Index Fund
Investments August 31, 2010 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.0% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 14.1% | |||
Auto Components - 0.6% | |||
Autoliv, Inc. | 1,710 | $ 92,579 | |
Cooper Tire & Rubber Co. | 4,300 | 69,617 | |
Johnson Controls, Inc. | 2,623 | 69,588 | |
| 231,784 | ||
Automobiles - 1.0% | |||
Ford Motor Co. (a) | 35,304 | 398,582 | |
Diversified Consumer Services - 0.3% | |||
ITT Educational Services, Inc. (a)(e) | 1,589 | 84,630 | |
Service Corp. International | 6,500 | 49,985 | |
| 134,615 | ||
Hotels, Restaurants & Leisure - 3.2% | |||
Brinker International, Inc. | 5,000 | 78,750 | |
Darden Restaurants, Inc. | 4,500 | 185,670 | |
McDonald's Corp. | 8,400 | 613,704 | |
Starbucks Corp. | 9,200 | 211,508 | |
The Cheesecake Factory, Inc. (a)(e) | 1,800 | 40,302 | |
Yum! Brands, Inc. | 4,000 | 166,800 | |
| 1,296,734 | ||
Internet & Catalog Retail - 0.8% | |||
Amazon.com, Inc. (a) | 2,160 | 269,633 | |
Priceline.com, Inc. (a) | 150 | 43,722 | |
| 313,355 | ||
Leisure Equipment & Products - 0.2% | |||
Polaris Industries, Inc. | 1,769 | 94,341 | |
Media - 2.0% | |||
Cablevision Systems Corp. - NY Group Class A | 3,500 | 87,815 | |
CBS Corp. Class B | 5,000 | 69,100 | |
DIRECTV (a) | 6,000 | 227,520 | |
DISH Network Corp. Class A | 4,171 | 74,869 | |
Gannett Co., Inc. | 7,680 | 92,851 | |
Interpublic Group of Companies, Inc. (a) | 11,000 | 93,830 | |
Omnicom Group, Inc. | 3,941 | 137,974 | |
Time Warner Cable, Inc. | 800 | 41,288 | |
| 825,247 | ||
Multiline Retail - 1.6% | |||
Dollar Tree, Inc. (a) | 2,450 | 111,059 | |
Kohl's Corp. (a) | 400 | 18,792 | |
Macy's, Inc. | 7,000 | 136,080 | |
Nordstrom, Inc. | 2,000 | 57,840 | |
Target Corp. | 6,563 | 335,763 | |
| 659,534 | ||
Specialty Retail - 3.4% | |||
Aeropostale, Inc. (a)(e) | 3,000 | 63,900 | |
AutoZone, Inc. (a)(e) | 750 | 157,335 | |
Gap, Inc. | 6,500 | 109,785 | |
Home Depot, Inc. | 13,200 | 367,092 | |
Lowe's Companies, Inc. | 5,496 | 111,569 | |
PetSmart, Inc. | 4,600 | 146,694 | |
| |||
Shares | Value | ||
Rent-A-Center, Inc. | 2,124 | $ 42,650 | |
Ross Stores, Inc. | 2,785 | 138,220 | |
Staples, Inc. | 3,000 | 53,310 | |
TJX Companies, Inc. | 5,600 | 222,264 | |
| 1,412,819 | ||
Textiles, Apparel & Luxury Goods - 1.0% | |||
Coach, Inc. | 5,050 | 180,992 | |
NIKE, Inc. Class B | 2,200 | 154,000 | |
VF Corp. | 1,100 | 77,682 | |
| 412,674 | ||
TOTAL CONSUMER DISCRETIONARY | 5,779,685 | ||
CONSUMER STAPLES - 9.2% | |||
Beverages - 2.5% | |||
Dr Pepper Snapple Group, Inc. (e) | 1,600 | 58,912 | |
PepsiCo, Inc. | 6,000 | 385,080 | |
The Coca-Cola Co. | 10,653 | 595,716 | |
| 1,039,708 | ||
Food & Staples Retailing - 2.2% | |||
Costco Wholesale Corp. | 2,400 | 135,720 | |
Sysco Corp. | 3,296 | 90,607 | |
Wal-Mart Stores, Inc. | 10,600 | 531,484 | |
Walgreen Co. | 4,900 | 131,712 | |
| 889,523 | ||
Food Products - 0.8% | |||
ConAgra Foods, Inc. | 2,660 | 57,429 | |
Del Monte Foods Co. | 9,084 | 118,455 | |
General Mills, Inc. | 1,188 | 42,958 | |
Hershey Co. | 2,300 | 106,881 | |
| 325,723 | ||
Household Products - 1.0% | |||
Colgate-Palmolive Co. | 2,700 | 199,368 | |
Energizer Holdings, Inc. (a) | 1,000 | 63,050 | |
Kimberly-Clark Corp. | 1,575 | 101,430 | |
Procter & Gamble Co. | 1,100 | 65,637 | |
| 429,485 | ||
Personal Products - 0.2% | |||
Herbalife Ltd. | 1,200 | 66,696 | |
Tobacco - 2.5% | |||
Altria Group, Inc. | 13,200 | 294,624 | |
Lorillard, Inc. | 900 | 68,409 | |
Philip Morris International, Inc. | 12,600 | 648,144 | |
| 1,011,177 | ||
TOTAL CONSUMER STAPLES | 3,762,312 | ||
ENERGY - 10.5% | |||
Energy Equipment & Services - 2.9% | |||
Cameron International Corp. (a) | 500 | 18,390 | |
Complete Production Services, Inc. (a) | 2,200 | 38,808 | |
Core Laboratories NV | 1,778 | 140,338 | |
Common Stocks - continued | |||
Shares | Value | ||
ENERGY - continued | |||
Energy Equipment & Services - continued | |||
Exterran Holdings, Inc. (a) | 1,954 | $ 43,242 | |
Halliburton Co. | 6,900 | 194,649 | |
Helmerich & Payne, Inc. | 1,700 | 62,968 | |
National Oilwell Varco, Inc. | 2,000 | 75,180 | |
Noble Corp. | 1,700 | 52,904 | |
Oil States International, Inc. (a) | 2,861 | 117,959 | |
Schlumberger Ltd. | 8,500 | 453,305 | |
| 1,197,743 | ||
Oil, Gas & Consumable Fuels - 7.6% | |||
Chevron Corp. | 800 | 59,328 | |
Cimarex Energy Co. | 1,200 | 78,504 | |
ConocoPhillips | 4,200 | 220,206 | |
EOG Resources, Inc. | 991 | 86,088 | |
Exxon Mobil Corp. | 36,000 | 2,129,757 | |
Occidental Petroleum Corp. | 477 | 34,859 | |
Peabody Energy Corp. | 3,373 | 144,364 | |
Pioneer Natural Resources Co. | 1,300 | 75,166 | |
SM Energy Co. | 1,300 | 49,387 | |
Southern Union Co. | 7,628 | 171,630 | |
Whiting Petroleum Corp. (a) | 700 | 59,388 | |
| 3,108,677 | ||
TOTAL ENERGY | 4,306,420 | ||
FINANCIALS - 4.7% | |||
Capital Markets - 0.9% | |||
American Capital Ltd. | 11,526 | 58,437 | |
Ameriprise Financial, Inc. | 1,900 | 82,802 | |
Charles Schwab Corp. | 1,541 | 19,663 | |
Knight Capital Group, Inc. Class A (a) | 7,586 | 90,122 | |
Morgan Stanley | 3,200 | 79,008 | |
T. Rowe Price Group, Inc. | 761 | 33,317 | |
| 363,349 | ||
Commercial Banks - 1.0% | |||
PNC Financial Services Group, Inc. | 1,858 | 94,684 | |
Prosperity Bancshares, Inc. (e) | 5,986 | 170,302 | |
Wells Fargo & Co. | 4,804 | 113,134 | |
| 378,120 | ||
Consumer Finance - 1.1% | |||
American Express Co. | 8,600 | 342,882 | |
Credit Acceptance Corp. (a) | 1,900 | 107,635 | |
| 450,517 | ||
Insurance - 0.3% | |||
AFLAC, Inc. | 2,664 | 125,874 | |
Real Estate Investment Trusts - 1.2% | |||
PS Business Parks, Inc. | 1,400 | 78,778 | |
Public Storage | 2,200 | 215,644 | |
| |||
Shares | Value | ||
Rayonier, Inc. | 3,002 | $ 141,995 | |
Simon Property Group, Inc. | 600 | 54,270 | |
| 490,687 | ||
Real Estate Management & Development - 0.2% | |||
Jones Lang LaSalle, Inc. | 1,200 | 90,612 | |
TOTAL FINANCIALS | 1,899,159 | ||
HEALTH CARE - 10.0% | |||
Biotechnology - 1.4% | |||
Amgen, Inc. (a) | 2,500 | 127,600 | |
Biogen Idec, Inc. (a) | 1,156 | 62,193 | |
Celgene Corp. (a) | 2,414 | 124,369 | |
Gilead Sciences, Inc. (a) | 8,483 | 270,268 | |
| 584,430 | ||
Health Care Equipment & Supplies - 2.0% | |||
Baxter International, Inc. | 3,726 | 158,579 | |
Becton, Dickinson & Co. | 2,300 | 156,837 | |
Covidien PLC | 2,500 | 88,350 | |
Hologic, Inc. (a)(e) | 7,500 | 106,425 | |
Intuitive Surgical, Inc. (a) | 110 | 29,153 | |
Medtronic, Inc. | 5,200 | 163,696 | |
Stryker Corp. (e) | 451 | 19,479 | |
Zimmer Holdings, Inc. (a) | 1,462 | 68,963 | |
| 791,482 | ||
Health Care Providers & Services - 3.0% | |||
Amedisys, Inc. (a)(e) | 3,196 | 73,892 | |
AmerisourceBergen Corp. | 6,682 | 182,285 | |
Cardinal Health, Inc. | 5,964 | 178,681 | |
Express Scripts, Inc. (a) | 2,700 | 115,020 | |
Humana, Inc. (a) | 2,684 | 128,268 | |
Laboratory Corp. of America Holdings (a)(e) | 2,100 | 152,502 | |
McKesson Corp. | 1,100 | 63,855 | |
Medco Health Solutions, Inc. (a) | 5,402 | 234,879 | |
UnitedHealth Group, Inc. | 3,500 | 111,020 | |
| 1,240,402 | ||
Life Sciences Tools & Services - 0.8% | |||
Life Technologies Corp. (a) | 3,280 | 140,286 | |
Thermo Fisher Scientific, Inc. (a) | 781 | 32,896 | |
Waters Corp. (a)(e) | 2,600 | 157,352 | |
| 330,534 | ||
Pharmaceuticals - 2.8% | |||
Abbott Laboratories | 10,900 | 537,806 | |
Allergan, Inc. | 2,700 | 165,834 | |
Eli Lilly & Co. | 4,969 | 166,760 | |
Forest Laboratories, Inc. (a) | 1,500 | 40,935 | |
Johnson & Johnson | 3,300 | 188,166 | |
Mylan, Inc. (a)(e) | 2,100 | 36,036 | |
| 1,135,537 | ||
TOTAL HEALTH CARE | 4,082,385 | ||
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - 13.3% | |||
Aerospace & Defense - 3.7% | |||
Honeywell International, Inc. | 6,450 | $ 252,131 | |
L-3 Communications Holdings, Inc. | 1,500 | 99,900 | |
Lockheed Martin Corp. | 2,514 | 174,773 | |
Northrop Grumman Corp. | 1,600 | 86,592 | |
Precision Castparts Corp. | 205 | 23,202 | |
Raytheon Co. | 2,310 | 101,455 | |
The Boeing Co. | 4,564 | 278,997 | |
United Technologies Corp. | 7,700 | 502,117 | |
| 1,519,167 | ||
Air Freight & Logistics - 1.5% | |||
FedEx Corp. | 801 | 62,518 | |
United Parcel Service, Inc. Class B | 8,686 | 554,167 | |
| 616,685 | ||
Airlines - 0.3% | |||
Delta Air Lines, Inc. (a) | 6,500 | 67,990 | |
JetBlue Airways Corp. (a) | 6,883 | 39,302 | |
| 107,292 | ||
Construction & Engineering - 0.1% | |||
EMCOR Group, Inc. (a)(e) | 1,865 | 42,410 | |
Electrical Equipment - 1.2% | |||
Cooper Industries PLC Class A | 2,100 | 88,389 | |
Emerson Electric Co. | 5,000 | 233,250 | |
Regal-Beloit Corp. | 1,800 | 99,576 | |
Thomas & Betts Corp. (a) | 2,000 | 73,900 | |
| 495,115 | ||
Industrial Conglomerates - 2.2% | |||
3M Co. | 6,290 | 494,080 | |
General Electric Co. | 20,500 | 296,840 | |
Tyco International Ltd. | 2,400 | 89,472 | |
| 880,392 | ||
Machinery - 3.5% | |||
Caterpillar, Inc. | 4,500 | 293,220 | |
Cummins, Inc. | 918 | 68,308 | |
Danaher Corp. | 2,952 | 107,246 | |
Deere & Co. | 3,300 | 208,791 | |
Dover Corp. | 1,200 | 53,712 | |
Gardner Denver, Inc. | 1,700 | 81,158 | |
Illinois Tool Works, Inc. | 2,100 | 86,646 | |
Joy Global, Inc. | 2,500 | 141,850 | |
Navistar International Corp. (a) | 884 | 37,022 | |
Oshkosh Co. (a) | 2,500 | 62,200 | |
PACCAR, Inc. (e) | 1,800 | 73,782 | |
Timken Co. | 2,400 | 78,504 | |
Toro Co. (e) | 2,800 | 139,720 | |
| 1,432,159 | ||
| |||
Shares | Value | ||
Road & Rail - 0.6% | |||
Ryder System, Inc. | 2,062 | $ 79,119 | |
Union Pacific Corp. | 2,317 | 169,002 | |
| 248,121 | ||
Trading Companies & Distributors - 0.2% | |||
United Rentals, Inc. (a)(e) | 8,435 | 94,894 | |
TOTAL INDUSTRIALS | 5,436,235 | ||
INFORMATION TECHNOLOGY - 31.1% | |||
Communications Equipment - 3.9% | |||
Arris Group, Inc. (a) | 8,900 | 72,713 | |
Cisco Systems, Inc. (a) | 43,900 | 880,195 | |
Harris Corp. | 3,000 | 126,210 | |
Juniper Networks, Inc. (a) | 1,746 | 47,491 | |
QUALCOMM, Inc. | 12,700 | 486,537 | |
| 1,613,146 | ||
Computers & Peripherals - 8.1% | |||
Apple, Inc. (a) | 7,700 | 1,873,949 | |
Dell, Inc. (a) | 11,608 | 136,626 | |
EMC Corp. (a) | 14,200 | 259,008 | |
Hewlett-Packard Co. | 20,800 | 800,384 | |
NetApp, Inc. (a) | 2,180 | 88,159 | |
SanDisk Corp. (a)(e) | 4,420 | 146,921 | |
| 3,305,047 | ||
Electronic Equipment & Components - 0.7% | |||
Anixter International, Inc. (a)(e) | 950 | 43,586 | |
Corning, Inc. | 7,567 | 118,651 | |
Dolby Laboratories, Inc. Class A (a) | 1,500 | 83,130 | |
Vishay Intertechnology, Inc. (a) | 4,137 | 31,814 | |
| 277,181 | ||
Internet Software & Services - 2.3% | |||
Akamai Technologies, Inc. (a) | 832 | 38,330 | |
eBay, Inc. (a) | 3,500 | 81,340 | |
Google, Inc. Class A (a) | 1,828 | 822,637 | |
| 942,307 | ||
IT Services - 6.3% | |||
Accenture PLC Class A | 3,200 | 117,120 | |
Automatic Data Processing, Inc. | 3,900 | 150,579 | |
Cognizant Technology Solutions Corp. Class A (a) | 2,300 | 132,492 | |
DST Systems, Inc. (e) | 1,500 | 61,110 | |
Fiserv, Inc. (a) | 1,400 | 70,042 | |
International Business Machines Corp. | 11,255 | 1,386,954 | |
MasterCard, Inc. Class A | 444 | 88,072 | |
Teradata Corp. (a) | 4,060 | 132,924 | |
VeriFone Holdings, Inc. (a)(e) | 4,500 | 108,810 | |
Visa, Inc. Class A | 5,000 | 344,900 | |
| 2,593,003 | ||
Semiconductors & Semiconductor Equipment - 4.7% | |||
Advanced Micro Devices, Inc. (a)(e) | 15,608 | 87,717 | |
Altera Corp. | 4,246 | 104,749 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Semiconductors & Semiconductor Equipment - continued | |||
Analog Devices, Inc. | 2,600 | $ 72,488 | |
Applied Materials, Inc. | 7,400 | 76,886 | |
Broadcom Corp. Class A | 4,400 | 131,868 | |
Intel Corp. | 29,000 | 513,880 | |
Linear Technology Corp. | 2,000 | 57,300 | |
Marvell Technology Group Ltd. (a) | 3,933 | 62,692 | |
Microchip Technology, Inc. | 4,900 | 135,681 | |
National Semiconductor Corp. | 7,762 | 97,879 | |
RF Micro Devices, Inc. (a)(e) | 9,000 | 43,920 | |
Skyworks Solutions, Inc. (a)(e) | 6,750 | 120,555 | |
Texas Instruments, Inc. | 11,873 | 273,435 | |
Xilinx, Inc. | 5,000 | 120,750 | |
| 1,899,800 | ||
Software - 5.1% | |||
Adobe Systems, Inc. (a) | 1,521 | 42,223 | |
BMC Software, Inc. (a) | 3,250 | 117,195 | |
CA, Inc. | 5,000 | 90,050 | |
Microsoft Corp. | 46,726 | 1,097,126 | |
Oracle Corp. | 31,000 | 678,280 | |
Symantec Corp. (a) | 4,046 | 55,147 | |
| 2,080,021 | ||
TOTAL INFORMATION TECHNOLOGY | 12,710,505 | ||
MATERIALS - 5.2% | |||
Chemicals - 2.8% | |||
Air Products & Chemicals, Inc. | 327 | 24,208 | |
Ashland, Inc. | 2,155 | 100,121 | |
E.I. du Pont de Nemours & Co. | 4,000 | 163,080 | |
International Flavors & Fragrances, Inc. | 2,000 | 91,380 | |
Lubrizol Corp. | 2,903 | 270,879 | |
Monsanto Co. | 2,304 | 121,306 | |
PPG Industries, Inc. | 1,848 | 121,654 | |
Praxair, Inc. | 1,600 | 137,648 | |
Rockwood Holdings, Inc. (a) | 1,500 | 38,775 | |
Valspar Corp. | 2,500 | 75,300 | |
| 1,144,351 | ||
Containers & Packaging - 0.4% | |||
Ball Corp. | 1,500 | 84,120 | |
Rock-Tenn Co. Class A | 1,800 | 86,724 | |
| 170,844 | ||
Metals & Mining - 1.3% | |||
Freeport-McMoRan Copper & Gold, Inc. | 4,000 | 287,920 | |
Newmont Mining Corp. | 3,300 | 202,356 | |
Walter Energy, Inc. | 687 | 49,491 | |
| 539,767 | ||
Paper & Forest Products - 0.7% | |||
Domtar Corp. | 1,700 | 102,034 | |
| |||
Shares | Value | ||
International Paper Co. | 6,600 | $ 135,036 | |
MeadWestvaco Corp. | 2,000 | 43,520 | |
| 280,590 | ||
TOTAL MATERIALS | 2,135,552 | ||
TELECOMMUNICATION SERVICES - 0.7% | |||
Diversified Telecommunication Services - 0.5% | |||
AT&T, Inc. | 4,295 | 116,094 | |
Qwest Communications International, Inc. | 17,000 | 96,050 | |
| 212,144 | ||
Wireless Telecommunication Services - 0.2% | |||
American Tower Corp. Class A (a) | 1,775 | 83,177 | |
TOTAL TELECOMMUNICATION SERVICES | 295,321 | ||
UTILITIES - 0.2% | |||
Electric Utilities - 0.2% | |||
IDACORP, Inc. | 1,800 | 63,108 | |
TOTAL COMMON STOCKS (Cost $40,041,945) | 40,470,682 | ||
Investment Companies - 0.1% | |||
|
|
|
|
Ares Capital Corp. | 3,519 | 52,574 |
U.S. Treasury Obligations - 0.3% | ||||
| Principal Amount |
| ||
U.S. Treasury Bills, yield at date of purchase 0.26% to 0.31% 12/16/10 (f) | $ 110,000 | 109,954 |
Money Market Funds - 5.0% | |||
Shares |
| ||
Dreyfus Cash Management Institutional Shares, 0.10% (c) | 159,797 | 159,797 | |
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(d) | 1,862,826 | 1,862,826 | |
TOTAL MONEY MARKET FUNDS (Cost $2,022,623) | 2,022,623 | ||
TOTAL INVESTMENT PORTFOLIO - 104.4% (Cost $42,222,863) | 42,655,833 | ||
NET OTHER ASSETS (LIABILITIES) - (4.4)% | (1,782,670) | ||
NET ASSETS - 100% | $ 40,873,163 |
Futures Contracts | |||||
Expiration Date | Underlying Face Amount at Value | Unrealized Appreciation/(Depreciation) | |||
Purchased | |||||
Equity Index Contracts | |||||
5 CME E-mini S&P 500 Index Contracts | Sept. 2010 | $ 262,075 | $ 665 |
|
The face value of futures purchased as a percentage of net assets is 0.6% |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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. |
(c) The rate quoted is the annualized seven-day yield of the fund at period end. |
(d) Investment made with cash collateral received from securities on loan. |
(e) Security or a portion of the security is on loan at period end. |
(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $109,954. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Securities Lending Cash Central Fund | $ 11,016 |
Other Information |
The following is a summary of the inputs used, as of August 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 5,779,685 | $ 5,779,685 | $ - | $ - |
Consumer Staples | 3,762,312 | 3,762,312 | - | - |
Energy | 4,306,420 | 4,306,420 | - | - |
Financials | 1,899,159 | 1,899,159 | - | - |
Health Care | 4,082,385 | 4,082,385 | - | - |
Industrials | 5,436,235 | 5,436,235 | - | - |
Information Technology | 12,710,505 | 12,710,505 | - | - |
Materials | 2,135,552 | 2,135,552 | - | - |
Telecommunication Services | 295,321 | 295,321 | - | - |
Utilities | 63,108 | 63,108 | - | - |
Investment Companies | 52,574 | 52,574 | - | - |
U.S. Government and Government Agency Obligations | 109,954 | - | 109,954 | - |
Money Market Funds | 2,022,623 | 2,022,623 | - | - |
Total Investments in Securities: | $ 42,655,833 | $ 42,545,879 | $ 109,954 | $ - |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $ 665 | $ 665 | $ - | $ - |
Value of Derivative Instruments |
The following table is a summary of the Fund's value of derivative instruments by risk exposure as of August 31, 2010. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Risk Exposure / | Value | |
| Asset | Liability |
Equity Risk | ||
Futures Contracts (a) | $ 665 | $ - |
Total Value of Derivatives | $ 665 | $ - |
(a) Reflects cumulative appreciation/(depreciation) on futures contracts as disclosed on the Schedule of Investments. Only the period end variation margin is separately disclosed on the Statement of Assets and Liabilities. |
Income Tax Information |
At February 28, 2010, the Fund had a capital loss carryforward of approximately $6,901,971 of which $298,456, $3,305,345 and $3,298,170 will expire on February 29, 2016, February 28, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Large Cap Growth Enhanced Index
Financial Statements
Statement of Assets and Liabilities
| August 31, 2010 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $1,795,898) - See accompanying schedule: Unaffiliated issuers (cost $40,360,037) | $ 40,793,007 |
|
Fidelity Central Funds (cost $1,862,826) | 1,862,826 |
|
Total Investments (cost $42,222,863) |
| $ 42,655,833 |
Receivable for fund shares sold | 21,864 | |
Dividends receivable | 101,027 | |
Interest receivable | 6 | |
Distributions receivable from Fidelity Central Funds | 463 | |
Receivable for daily variation on futures contracts | 1,021 | |
Total assets | 42,780,214 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | 28,127 | |
Accrued management fee | 10,756 | |
Other affiliated payables | 5,342 | |
Collateral on securities loaned, at value | 1,862,826 | |
Total liabilities | 1,907,051 | |
|
|
|
Net Assets | $ 40,873,163 | |
Net Assets consist of: |
| |
Paid in capital | $ 47,751,016 | |
Undistributed net investment income | 301,608 | |
Accumulated undistributed net realized gain (loss) on investments | (7,613,096) | |
Net unrealized appreciation (depreciation) on investments | 433,635 | |
Net Assets, for 5,201,825 shares outstanding | $ 40,873,163 | |
Net Asset Value, offering price and redemption price per share ($40,873,163 ÷ 5,201,825 shares) | $ 7.86 |
Statement of Operations
Six months ended August 31, 2010 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends |
| $ 425,480 |
Interest |
| 412 |
Income from Fidelity Central Funds (including $11,016 from security lending) |
| 11,016 |
Total income |
| 436,908 |
|
|
|
Expenses | ||
Management fee | $ 71,282 | |
Transfer agent fees | 35,854 | |
Independent trustees' compensation | 425 | |
Miscellaneous | 57 | |
Total expenses | 107,618 | |
Net investment income (loss) | 329,290 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (544,723) | |
Futures contracts | (113,946) | |
Total net realized gain (loss) |
| (658,669) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (2,832,147) | |
Futures contracts | (11,276) | |
Total change in net unrealized appreciation (depreciation) |
| (2,843,423) |
Net gain (loss) | (3,502,092) | |
Net increase (decrease) in net assets resulting from operations | $ (3,172,802) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended August 31, 2010 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 329,290 | $ 547,835 |
Net realized gain (loss) | (658,669) | (1,843,372) |
Change in net unrealized appreciation (depreciation) | (2,843,423) | 15,270,964 |
Net increase (decrease) in net assets resulting from operations | (3,172,802) | 13,975,427 |
Distributions to shareholders from net investment income | (115,570) | (510,338) |
Share transactions | 8,395,855 | 31,875,934 |
Reinvestment of distributions | 109,524 | 480,740 |
Cost of shares redeemed | (14,156,299) | (18,113,385) |
Net increase (decrease) in net assets resulting from share transactions | (5,650,920) | 14,243,289 |
Total increase (decrease) in net assets | (8,939,292) | 27,708,378 |
|
|
|
Net Assets | ||
Beginning of period | 49,812,455 | 22,104,077 |
End of period (including undistributed net investment income of $301,608 and undistributed net investment income of $87,888, respectively) | $ 40,873,163 | $ 49,812,455 |
Other Information Shares | ||
Sold | 969,289 | 4,324,048 |
Issued in reinvestment of distributions | 12,102 | 59,401 |
Redeemed | (1,679,588) | (2,428,399) |
Net increase (decrease) | (698,197) | 1,955,050 |
Financial Highlights
| Six months ended August 31, 2010 | Years ended February 28, | ||
| (Unaudited) | 2010 | 2009 | 2008 G |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period | $ 8.44 | $ 5.60 | $ 9.25 | $ 10.00 |
Income from Investment Operations |
|
|
|
|
Net investment income (loss) D | .06 | .11 | .09 | .08 |
Net realized and unrealized gain (loss) | (.62) | 2.83 | (3.65) | (.78) |
Total from investment operations | (.56) | 2.94 | (3.56) | (.70) |
Distributions from net investment income | (.02) | (.10) | (.09) | (.05) |
Net asset value, end of period | $ 7.86 | $ 8.44 | $ 5.60 | $ 9.25 |
Total Return B,C | (6.67)% | 52.50% | (38.61)% | (7.05)% |
Ratios to Average Net Assets E,H |
|
|
|
|
Expenses before reductions | .45% A | .45% | .45% | .45% A |
Expenses net of fee waivers, if any | .45% A | .45% | .45% | .45% A |
Expenses net of all reductions | .45% A | .45% | .45% | .45% A |
Net investment income (loss) | 1.38% A | 1.42% | 1.14% | .89% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) | $ 40,873 | $ 49,812 | $ 22,104 | $ 34,942 |
Portfolio turnover rate F | 75% A | 35% I | 58% I | 36% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period April 19, 2007 (commencement of operations) to February 29, 2008.
H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
I Reflects adjustments to exclude transactions in money market mutual funds.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Large Cap Value Enhanced Index Fund
Investment Changes (Unaudited)
Top Ten Stocks as of August 31, 2010 | ||
| % of fund's | % of fund's net assets |
AT&T, Inc. | 3.5 | 3.1 |
Procter & Gamble Co. | 2.9 | 1.1 |
JPMorgan Chase & Co. | 2.8 | 3.0 |
Chevron Corp. | 2.8 | 2.4 |
Berkshire Hathaway, Inc. Class B | 2.6 | 0.0 |
General Electric Co. | 2.5 | 3.3 |
Johnson & Johnson | 2.3 | 0.9 |
Pfizer, Inc. | 2.2 | 2.7 |
Wells Fargo & Co. | 2.2 | 2.3 |
Bank of America Corp. | 2.2 | 2.4 |
| 26.0 | |
Market Sectors as of August 31, 2010 | ||
| % of fund's | % of fund's net assets |
Financials | 26.5 | 23.3 |
Health Care | 14.1 | 9.4 |
Energy | 11.3 | 18.6 |
Consumer Staples | 10.3 | 4.7 |
Industrials | 8.5 | 11.0 |
Consumer Discretionary | 7.8 | 11.6 |
Utilities | 6.4 | 5.1 |
Telecommunication Services | 5.6 | 4.8 |
Information Technology | 5.5 | 5.9 |
Materials | 3.6 | 4.3 |
Semiannual Report
Fidelity Large Cap Value Enhanced Index Fund
Investments August 31, 2010 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.6% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 7.8% | |||
Automobiles - 0.3% | |||
Ford Motor Co. (a)(e) | 13,151 | $ 148,475 | |
Diversified Consumer Services - 0.2% | |||
ITT Educational Services, Inc. (a)(e) | 1,947 | 103,697 | |
Hotels, Restaurants & Leisure - 0.7% | |||
Brinker International, Inc. | 8,853 | 139,435 | |
Darden Restaurants, Inc. | 4,500 | 185,670 | |
The Cheesecake Factory, Inc. (a)(e) | 4,926 | 110,293 | |
| 435,398 | ||
Leisure Equipment & Products - 0.2% | |||
Polaris Industries, Inc. | 2,610 | 139,191 | |
Media - 5.0% | |||
CBS Corp. Class B | 13,699 | 189,320 | |
Comcast Corp. Class A | 35,177 | 602,230 | |
DIRECTV (a) | 4,400 | 166,848 | |
Gannett Co., Inc. | 13,734 | 166,044 | |
News Corp. Class A | 28,501 | 358,258 | |
The Walt Disney Co. | 19,855 | 647,074 | |
Time Warner Cable, Inc. | 3,464 | 178,777 | |
Time Warner, Inc. | 18,135 | 543,687 | |
Viacom, Inc. Class B (non-vtg.) | 6,529 | 205,141 | |
| 3,057,379 | ||
Multiline Retail - 0.5% | |||
Macy's, Inc. | 16,563 | 321,985 | |
Specialty Retail - 0.5% | |||
Gap, Inc. | 7,502 | 126,709 | |
Rent-A-Center, Inc. | 3,355 | 67,368 | |
Signet Jewelers Ltd. (a) | 3,543 | 93,677 | |
| 287,754 | ||
Textiles, Apparel & Luxury Goods - 0.4% | |||
Jones Apparel Group, Inc. (e) | 7,375 | 113,428 | |
VF Corp. | 2,100 | 148,302 | |
| 261,730 | ||
TOTAL CONSUMER DISCRETIONARY | 4,755,609 | ||
CONSUMER STAPLES - 10.3% | |||
Beverages - 1.2% | |||
Dr Pepper Snapple Group, Inc. (e) | 3,000 | 110,460 | |
PepsiCo, Inc. | 5,800 | 372,244 | |
The Coca-Cola Co. | 4,226 | 236,318 | |
| 719,022 | ||
Food & Staples Retailing - 1.9% | |||
CVS Caremark Corp. | 11,057 | 298,539 | |
Kroger Co. | 10,200 | 201,246 | |
SUPERVALU, Inc. | 8,019 | 77,945 | |
United Natural Foods, Inc. (a)(e) | 2,000 | 69,480 | |
Wal-Mart Stores, Inc. | 10,700 | 536,498 | |
| 1,183,708 | ||
| |||
Shares | Value | ||
Food Products - 3.3% | |||
Archer Daniels Midland Co. | 4,850 | $ 149,283 | |
ConAgra Foods, Inc. | 5,200 | 112,268 | |
Del Monte Foods Co. | 19,235 | 250,824 | |
General Mills, Inc. | 5,804 | 209,873 | |
Hershey Co. | 3,700 | 171,939 | |
Hormel Foods Corp. (e) | 3,000 | 129,450 | |
Kraft Foods, Inc. Class A | 14,144 | 423,613 | |
The J.M. Smucker Co. | 3,500 | 204,680 | |
Tyson Foods, Inc. Class A | 21,717 | 355,724 | |
| 2,007,654 | ||
Household Products - 3.1% | |||
Energizer Holdings, Inc. (a) | 2,311 | 145,709 | |
Procter & Gamble Co. | 29,723 | 1,773,571 | |
| 1,919,280 | ||
Tobacco - 0.8% | |||
Altria Group, Inc. | 9,600 | 214,272 | |
Lorillard, Inc. | 1,700 | 129,217 | |
Philip Morris International, Inc. | 2,500 | 128,600 | |
| 472,089 | ||
TOTAL CONSUMER STAPLES | 6,301,753 | ||
ENERGY - 11.3% | |||
Energy Equipment & Services - 2.0% | |||
Complete Production Services, Inc. (a) | 3,100 | 54,684 | |
Core Laboratories NV (e) | 2,110 | 166,542 | |
Halliburton Co. | 2,572 | 72,556 | |
Helmerich & Payne, Inc. | 3,500 | 129,640 | |
National Oilwell Varco, Inc. | 10,202 | 383,493 | |
Oil States International, Inc. (a) | 5,320 | 219,344 | |
RPC, Inc. (e) | 13,393 | 218,440 | |
| 1,244,699 | ||
Oil, Gas & Consumable Fuels - 9.3% | |||
Anadarko Petroleum Corp. | 4,202 | 193,250 | |
Apache Corp. | 4,939 | 443,769 | |
Chesapeake Energy Corp. | 4,150 | 85,822 | |
Chevron Corp. | 22,696 | 1,683,135 | |
Cimarex Energy Co. | 2,100 | 137,382 | |
ConocoPhillips | 12,200 | 639,646 | |
Devon Energy Corp. | 4,756 | 286,692 | |
Exxon Mobil Corp. | 3,700 | 218,892 | |
Frontline Ltd. (NY Shares) | 6,500 | 172,250 | |
Hess Corp. | 1,632 | 82,008 | |
Marathon Oil Corp. | 3,034 | 92,507 | |
Newfield Exploration Co. (a) | 3,500 | 168,035 | |
Occidental Petroleum Corp. | 7,418 | 542,107 | |
Peabody Energy Corp. | 4,938 | 211,346 | |
Pioneer Natural Resources Co. | 1,300 | 75,166 | |
Southern Union Co. | 5,464 | 122,940 | |
Spectra Energy Corp. | 13,590 | 276,421 | |
Common Stocks - continued | |||
Shares | Value | ||
ENERGY - continued | |||
Oil, Gas & Consumable Fuels - continued | |||
Sunoco, Inc. | 5,000 | $ 168,400 | |
Valero Energy Corp. | 6,500 | 102,505 | |
| 5,702,273 | ||
TOTAL ENERGY | 6,946,972 | ||
FINANCIALS - 26.5% | |||
Capital Markets - 2.9% | |||
Bank of New York Mellon Corp. | 9,069 | 220,105 | |
Goldman Sachs Group, Inc. | 5,838 | 799,456 | |
Knight Capital Group, Inc. Class A (a)(e) | 9,000 | 106,920 | |
Morgan Stanley | 8,435 | 208,260 | |
Raymond James Financial, Inc. (e) | 3,849 | 88,835 | |
State Street Corp. | 9,856 | 345,748 | |
| 1,769,324 | ||
Commercial Banks - 5.3% | |||
BB&T Corp. | 5,500 | 121,660 | |
CIT Group, Inc. (a) | 6,495 | 238,237 | |
Fifth Third Bancorp | 6,800 | 75,140 | |
M&T Bank Corp. | 1,300 | 111,332 | |
PNC Financial Services Group, Inc. | 9,685 | 493,548 | |
Prosperity Bancshares, Inc. (e) | 8,765 | 249,364 | |
SunTrust Banks, Inc. | 2,500 | 56,225 | |
TCF Financial Corp. (e) | 5,500 | 78,540 | |
U.S. Bancorp, Delaware | 23,186 | 482,269 | |
Wells Fargo & Co. | 56,905 | 1,340,113 | |
| 3,246,428 | ||
Consumer Finance - 1.4% | |||
American Express Co. | 7,602 | 303,092 | |
Capital One Financial Corp. | 8,413 | 318,516 | |
Credit Acceptance Corp. (a) | 2,687 | 152,219 | |
Discover Financial Services | 7,918 | 114,890 | |
| 888,717 | ||
Diversified Financial Services - 6.8% | |||
Bank of America Corp. | 106,558 | 1,326,647 | |
Citigroup, Inc. (a) | 225,021 | 837,078 | |
CME Group, Inc. | 1,085 | 269,167 | |
JPMorgan Chase & Co. | 47,405 | 1,723,646 | |
| 4,156,538 | ||
Insurance - 6.4% | |||
ACE Ltd. | 3,200 | 171,104 | |
AFLAC, Inc. | 1,500 | 70,875 | |
Allstate Corp. | 4,033 | 111,311 | |
American Financial Group, Inc. | 11,408 | 328,208 | |
Aspen Insurance Holdings Ltd. | 2,969 | 84,320 | |
Berkshire Hathaway, Inc. Class B (a) | 19,800 | 1,559,844 | |
Endurance Specialty Holdings Ltd. | 4,898 | 180,442 | |
MetLife, Inc. | 2,954 | 111,070 | |
| |||
Shares | Value | ||
PartnerRe Ltd. | 2,700 | $ 201,015 | |
Protective Life Corp. | 2,320 | 43,338 | |
Prudential Financial, Inc. | 4,200 | 212,394 | |
RenaissanceRe Holdings Ltd. (e) | 1,861 | 105,686 | |
The Chubb Corp. | 3,500 | 192,920 | |
The Travelers Companies, Inc. | 3,782 | 185,242 | |
Torchmark Corp. | 1,629 | 80,391 | |
Unitrin, Inc. | 4,020 | 95,676 | |
Unum Group | 6,459 | 129,503 | |
Validus Holdings Ltd. | 2,786 | 70,959 | |
| 3,934,298 | ||
Real Estate Investment Trusts - 3.1% | |||
Annaly Capital Management, Inc. | 15,462 | 268,730 | |
Boston Properties, Inc. (e) | 1,500 | 122,100 | |
Chimera Investment Corp. | 44,000 | 172,920 | |
Equity Residential (SBI) | 2,500 | 114,575 | |
Hospitality Properties Trust (SBI) | 8,665 | 169,401 | |
MFA Financial, Inc. | 8,000 | 58,960 | |
Nationwide Health Properties, Inc. | 3,800 | 146,186 | |
PS Business Parks, Inc. | 1,900 | 106,913 | |
Public Storage | 1,381 | 135,366 | |
Rayonier, Inc. | 5,100 | 241,230 | |
Simon Property Group, Inc. | 1,095 | 99,043 | |
Ventas, Inc. | 2,500 | 126,275 | |
Vornado Realty Trust | 1,400 | 113,484 | |
| 1,875,183 | ||
Thrifts & Mortgage Finance - 0.6% | |||
New York Community Bancorp, Inc. (e) | 17,055 | 271,004 | |
NewAlliance Bancshares, Inc. (e) | 5,500 | 67,320 | |
| 338,324 | ||
TOTAL FINANCIALS | 16,208,812 | ||
HEALTH CARE - 14.1% | |||
Biotechnology - 1.3% | |||
Amgen, Inc. (a) | 9,500 | 484,880 | |
Biogen Idec, Inc. (a) | 5,881 | 316,398 | |
| 801,278 | ||
Health Care Equipment & Supplies - 0.5% | |||
CareFusion Corp. (a) | 9,538 | 205,830 | |
Zimmer Holdings, Inc. (a) | 1,800 | 84,906 | |
| 290,736 | ||
Health Care Providers & Services - 3.2% | |||
Aetna, Inc. | 7,311 | 195,350 | |
Cardinal Health, Inc. | 12,002 | 359,580 | |
Health Management Associates, Inc. Class A (a)(e) | 9,171 | 57,319 | |
Humana, Inc. (a) | 5,074 | 242,486 | |
Lincare Holdings, Inc. | 5,718 | 131,628 | |
McKesson Corp. | 1,600 | 92,880 | |
Common Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - continued | |||
Health Care Providers & Services - continued | |||
UnitedHealth Group, Inc. | 17,874 | $ 566,963 | |
WellPoint, Inc. (a) | 5,952 | 295,695 | |
| 1,941,901 | ||
Life Sciences Tools & Services - 0.3% | |||
Life Technologies Corp. (a) | 2,042 | 87,336 | |
Thermo Fisher Scientific, Inc. (a) | 3,200 | 134,784 | |
| 222,120 | ||
Pharmaceuticals - 8.8% | |||
Bristol-Myers Squibb Co. (e) | 15,946 | 415,872 | |
Eli Lilly & Co. | 11,365 | 381,409 | |
Endo Pharmaceuticals Holdings, Inc. (a) | 7,700 | 209,209 | |
Forest Laboratories, Inc. (a)(e) | 6,686 | 182,461 | |
Johnson & Johnson | 25,060 | 1,428,921 | |
King Pharmaceuticals, Inc. (a)(e) | 14,000 | 121,940 | |
Medicis Pharmaceutical Corp. Class A | 5,500 | 151,250 | |
Merck & Co., Inc. | 31,857 | 1,120,092 | |
Pfizer, Inc. | 85,264 | 1,358,256 | |
| 5,369,410 | ||
TOTAL HEALTH CARE | 8,625,445 | ||
INDUSTRIALS - 8.5% | |||
Aerospace & Defense - 1.4% | |||
General Dynamics Corp. | 3,675 | 205,322 | |
ITT Corp. | 1,500 | 63,750 | |
L-3 Communications Holdings, Inc. | 1,530 | 101,898 | |
Northrop Grumman Corp. | 2,988 | 161,711 | |
Raytheon Co. | 5,187 | 227,813 | |
The Boeing Co. | 1,684 | 102,943 | |
| 863,437 | ||
Air Freight & Logistics - 0.6% | |||
Atlas Air Worldwide Holdings, Inc. (a)(e) | 3,200 | 138,688 | |
United Parcel Service, Inc. Class B | 3,127 | 199,503 | |
| 338,191 | ||
Airlines - 0.1% | |||
JetBlue Airways Corp. (a) | 11,815 | 67,464 | |
Commercial Services & Supplies - 0.2% | |||
Waste Management, Inc. | 3,200 | 105,888 | |
Construction & Engineering - 0.5% | |||
EMCOR Group, Inc. (a)(e) | 6,480 | 147,355 | |
URS Corp. (a) | 5,100 | 181,917 | |
| 329,272 | ||
Electrical Equipment - 0.9% | |||
EnerSys (a)(e) | 2,800 | 61,796 | |
General Cable Corp. (a)(e) | 6,500 | 144,625 | |
| |||
Shares | Value | ||
Regal-Beloit Corp. | 5,385 | $ 297,898 | |
Thomas & Betts Corp. (a) | 1,946 | 71,905 | |
| 576,224 | ||
Industrial Conglomerates - 2.6% | |||
General Electric Co. | 104,016 | 1,506,152 | |
Tyco International Ltd. | 2,500 | 93,200 | |
| 1,599,352 | ||
Machinery - 0.9% | |||
Deere & Co. | 3,956 | 250,296 | |
Illinois Tool Works, Inc. | 1,515 | 62,509 | |
Ingersoll-Rand Co. Ltd. | 3,600 | 117,108 | |
Parker Hannifin Corp. | 2,000 | 118,320 | |
| 548,233 | ||
Road & Rail - 1.3% | |||
CSX Corp. | 3,924 | 195,768 | |
Norfolk Southern Corp. | 3,764 | 202,052 | |
Union Pacific Corp. | 5,100 | 371,994 | |
| 769,814 | ||
TOTAL INDUSTRIALS | 5,197,875 | ||
INFORMATION TECHNOLOGY - 5.5% | |||
Communications Equipment - 0.4% | |||
Arris Group, Inc. (a) | 5,900 | 48,203 | |
Harris Corp. | 1,768 | 74,380 | |
Motorola, Inc. (a) | 15,548 | 117,076 | |
| 239,659 | ||
Computers & Peripherals - 0.7% | |||
EMC Corp. (a) | 10,222 | 186,449 | |
Hewlett-Packard Co. | 6,931 | 266,705 | |
| 453,154 | ||
Electronic Equipment & Components - 0.4% | |||
Corning, Inc. | 10,000 | 156,800 | |
Vishay Intertechnology, Inc. (a) | 13,587 | 104,484 | |
| 261,284 | ||
Internet Software & Services - 0.3% | |||
eBay, Inc. (a) | 7,100 | 165,004 | |
IT Services - 0.5% | |||
Computer Sciences Corp. | 2,629 | 104,660 | |
International Business Machines Corp. | 1,041 | 128,282 | |
SAIC, Inc. (a) | 5,500 | 81,840 | |
| 314,782 | ||
Office Electronics - 0.1% | |||
Xerox Corp. | 5,273 | 44,504 | |
Semiconductors & Semiconductor Equipment - 2.0% | |||
Advanced Micro Devices, Inc. (a)(e) | 24,605 | 138,280 | |
Applied Materials, Inc. | 6,673 | 69,332 | |
Fairchild Semiconductor International, Inc. (a) | 7,607 | 58,802 | |
Intel Corp. | 27,945 | 495,185 | |
Micron Technology, Inc. (a)(e) | 16,000 | 103,440 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Semiconductors & Semiconductor Equipment - continued | |||
National Semiconductor Corp. | 9,500 | $ 119,795 | |
RF Micro Devices, Inc. (a)(e) | 12,000 | 58,560 | |
Texas Instruments, Inc. | 6,967 | 160,450 | |
| 1,203,844 | ||
Software - 1.1% | |||
Microsoft Corp. | 29,000 | 680,920 | |
TOTAL INFORMATION TECHNOLOGY | 3,363,151 | ||
MATERIALS - 3.6% | |||
Chemicals - 2.2% | |||
Ashland, Inc. | 4,410 | 204,889 | |
Dow Chemical Co. | 6,990 | 170,346 | |
E.I. du Pont de Nemours & Co. | 7,146 | 291,342 | |
Lubrizol Corp. | 3,701 | 345,340 | |
PPG Industries, Inc. | 3,995 | 262,991 | |
Rockwood Holdings, Inc. (a) | 3,300 | 85,305 | |
| 1,360,213 | ||
Containers & Packaging - 0.3% | |||
Graphic Packaging Holding Co. (a) | 29,460 | 89,853 | |
Rock-Tenn Co. Class A | 2,100 | 101,178 | |
| 191,031 | ||
Metals & Mining - 0.4% | |||
Freeport-McMoRan Copper & Gold, Inc. | 2,814 | 202,552 | |
Paper & Forest Products - 0.7% | |||
Domtar Corp. | 3,028 | 181,741 | |
International Paper Co. | 11,959 | 244,681 | |
| 426,422 | ||
TOTAL MATERIALS | 2,180,218 | ||
TELECOMMUNICATION SERVICES - 5.6% | |||
Diversified Telecommunication Services - 5.4% | |||
AT&T, Inc. | 79,196 | 2,140,668 | |
CenturyTel, Inc. | 3,500 | 126,560 | |
Frontier Communications Corp. | 7,169 | 55,416 | |
Qwest Communications International, | 18,000 | 101,700 | |
Verizon Communications, Inc. | 29,868 | 881,405 | |
| 3,305,749 | ||
Wireless Telecommunication Services - 0.2% | |||
Sprint Nextel Corp. (a) | 35,485 | 144,779 | |
TOTAL TELECOMMUNICATION SERVICES | 3,450,528 | ||
| |||
Shares | Value | ||
UTILITIES - 6.4% | |||
Electric Utilities - 3.5% | |||
American Electric Power Co., Inc. | 5,770 | $ 204,316 | |
DPL, Inc. | 7,633 | 193,268 | |
Duke Energy Corp. | 15,180 | 260,944 | |
Edison International | 3,800 | 128,250 | |
Entergy Corp. | 857 | 67,566 | |
Exelon Corp. | 7,864 | 320,222 | |
FirstEnergy Corp. (e) | 2,100 | 76,713 | |
IDACORP, Inc. | 6,100 | 213,866 | |
NextEra Energy, Inc. | 2,957 | 158,880 | |
Progress Energy, Inc. | 2,943 | 126,284 | |
Southern Co. | 9,784 | 358,975 | |
| 2,109,284 | ||
Gas Utilities - 0.3% | |||
Energen Corp. | 4,030 | 172,000 | |
Independent Power Producers & Energy Traders - 0.3% | |||
Constellation Energy Group, Inc. | 4,115 | 120,693 | |
Mirant Corp. (a) | 7,431 | 72,081 | |
| 192,774 | ||
Multi-Utilities - 2.3% | |||
Ameren Corp. | 1,600 | 44,912 | |
Consolidated Edison, Inc. | 1,782 | 84,698 | |
Dominion Resources, Inc. | 10,907 | 466,383 | |
DTE Energy Co. | 3,305 | 154,839 | |
PG&E Corp. | 4,277 | 199,993 | |
Public Service Enterprise Group, Inc. | 9,800 | 313,208 | |
Sempra Energy | 765 | 38,954 | |
Xcel Energy, Inc. | 5,400 | 120,474 | |
| 1,423,461 | ||
TOTAL UTILITIES | 3,897,519 | ||
TOTAL COMMON STOCKS (Cost $61,555,552) | 60,927,882 |
U.S. Treasury Obligations - 0.3% | ||||
| Principal Amount |
| ||
U.S. Treasury Bills, yield at date of purchase 0.34% to 0.41% 11/18/10 to 12/16/10 (f) | $ 200,000 | 199,938 |
Money Market Funds - 6.6% | |||
Shares | Value | ||
Dreyfus Cash Management Institutional Shares, 0.10% (c) | 239,598 | $ 239,598 | |
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(d) | 3,794,203 | 3,794,203 | |
TOTAL MONEY MARKET FUNDS (Cost $4,033,801) | 4,033,801 | ||
TOTAL INVESTMENT PORTFOLIO - 106.5% (Cost $65,789,183) | 65,161,621 | ||
NET OTHER ASSETS (LIABILITIES) - (6.5)% | (3,998,430) | ||
NET ASSETS - 100% | $ 61,163,191 |
Futures Contracts | |||||
Expiration Date | Underlying Face Amount at Value | Unrealized Appreciation/(Depreciation) | |||
Purchased | |||||
Equity Index Contracts | |||||
8 CME E-mini S&P 500 Index Contracts | Sept. 2010 | $ 419,320 | $ (12,721) |
The face value of futures purchased as a percentage of net assets is 0.7% |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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. |
(c) The rate quoted is the annualized seven-day yield of the fund at period end. |
(d) Investment made with cash collateral received from securities on loan. |
(e) Security or a portion of the security is on loan at period end. |
(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $199,938. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Securities Lending Cash Central Fund | $ 8,935 |
Other Information |
The following is a summary of the inputs used, as of August 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 4,755,609 | $ 4,755,609 | $ - | $ - |
Consumer Staples | 6,301,753 | 6,301,753 | - | - |
Energy | 6,946,972 | 6,946,972 | - | - |
Financials | 16,208,812 | 16,208,812 | - | - |
Health Care | 8,625,445 | 8,625,445 | - | - |
Industrials | 5,197,875 | 5,197,875 | - | - |
Information Technology | 3,363,151 | 3,363,151 | - | - |
Materials | 2,180,218 | 2,180,218 | - | - |
Telecommunication Services | 3,450,528 | 3,450,528 | - | - |
Utilities | 3,897,519 | 3,897,519 | - | - |
U.S. Government and Government Agency Obligations | 199,938 | - | 199,938 | - |
Money Market Funds | 4,033,801 | 4,033,801 | - | - |
Total Investments in Securities: | $ 65,161,621 | $ 64,961,683 | $ 199,938 | $ - |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $ (12,721) | $ (12,721) | $ - | $ - |
Value of Derivative Instruments |
The following table is a summary of the Fund's value of derivative instruments by risk exposure as of August 31, 2010. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Risk Exposure / | Value | |
| Asset | Liability |
Equity Risk | ||
Futures Contracts (a) | $ - | $ (12,721) |
Total Value of Derivatives | $ - | $ (12,721) |
(a) Reflects cumulative appreciation/(depreciation) on futures contracts as disclosed on the Schedule of Investments. Only the period end variation margin is separately disclosed on the Statement of Assets and Liabilities. |
Income Tax Information |
At February 28, 2010, the Fund had a capital loss carryforward of approximately $1,786,223 all of which will expire on February 28, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Large Cap Value Enhanced Index Fund
Financial Statements
Statement of Assets and Liabilities
| August 31, 2010 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $3,682,365) - See accompanying schedule: Unaffiliated issuers (cost $61,994,980) | $ 61,367,418 |
|
Fidelity Central Funds (cost $3,794,203) | 3,794,203 |
|
Total Investments (cost $65,789,183) |
| $ 65,161,621 |
Receivable for fund shares sold | 34,565 | |
Dividends receivable | 148,624 | |
Interest receivable | 85 | |
Distributions receivable from Fidelity Central Funds | 740 | |
Receivable for daily variation on futures contracts | 1,591 | |
Total assets | 65,347,226 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | $ 365,898 | |
Accrued management fee | 15,980 | |
Other affiliated payables | 7,954 | |
Collateral on securities loaned, at value | 3,794,203 | |
Total liabilities | 4,184,035 | |
|
|
|
Net Assets | $ 61,163,191 | |
Net Assets consist of: |
| |
Paid in capital | $ 63,933,635 | |
Undistributed net investment income | 541,913 | |
Accumulated undistributed net realized gain (loss) on investments | (2,672,074) | |
Net unrealized appreciation (depreciation) on investments | (640,283) | |
Net Assets, for 9,678,823 shares outstanding | $ 61,163,191 | |
Net Asset Value, offering price and redemption price per share ($61,163,191 ÷ 9,678,823 shares) | $ 6.32 |
Statement of Operations
Six months ended August 31, 2010 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends |
| $ 730,422 |
Interest |
| 886 |
Income from Fidelity Central Funds (including $8,935 from security lending) |
| 8,935 |
Total income |
| 740,243 |
|
|
|
Expenses | ||
Management fee | $ 100,847 | |
Transfer agent fees | 50,724 | |
Independent trustees' compensation | 602 | |
Miscellaneous | 80 | |
Total expenses before reductions | 152,253 | |
Expense reductions | (6) | 152,247 |
Net investment income (loss) | 587,996 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (527,764) | |
Futures contracts | (121,673) | |
Total net realized gain (loss) |
| (649,437) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (3,433,743) | |
Futures contracts | (24,834) | |
Total change in net unrealized appreciation (depreciation) |
| (3,458,577) |
Net gain (loss) | (4,108,014) | |
Net increase (decrease) in net assets resulting from operations | $ (3,520,018) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Large Cap Value Enhanced Index Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended August 31, 2010 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 587,996 | $ 1,326,082 |
Net realized gain (loss) | (649,437) | 3,447,132 |
Change in net unrealized appreciation (depreciation) | (3,458,577) | 17,362,934 |
Net increase (decrease) in net assets resulting from operations | (3,520,018) | 22,136,148 |
Distributions to shareholders from net investment income | (249,620) | (1,285,327) |
Share transactions | 8,348,332 | 60,558,743 |
Reinvestment of distributions | 244,299 | 1,254,502 |
Cost of shares redeemed | (12,684,130) | (33,801,530) |
Net increase (decrease) in net assets resulting from share transactions | (4,091,499) | 28,011,715 |
Total increase (decrease) in net assets | (7,861,137) | 48,862,536 |
|
|
|
Net Assets | ||
Beginning of period | 69,024,328 | 20,161,792 |
End of period (including undistributed net investment income of $541,913 and undistributed net investment income of $203,537, respectively) | $ 61,163,191 | $ 69,024,328 |
Other Information Shares | ||
Sold | 1,209,505 | 11,338,883 |
Issued in reinvestment of distributions | 33,558 | 197,134 |
Redeemed | (1,871,373) | (5,617,182) |
Net increase (decrease) | (628,310) | 5,918,835 |
Financial Highlights
| Six months ended August 31, 2010 | Years ended February 28, | ||
| (Unaudited) | 2010 | 2009 | 2008 G |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period | $ 6.70 | $ 4.59 | $ 8.68 | $ 10.00 |
Income from Investment Operations |
|
|
|
|
Net investment income (loss) D | .06 | .13 | .20 | .18 |
Net realized and unrealized gain (loss) | (.41) | 2.11 | (4.14) | (1.37) |
Total from investment operations | (.35) | 2.24 | (3.94) | (1.19) |
Distributions from net investment income | (.03) | (.13) | (.15) | (.13) |
Net asset value, end of period | $ 6.32 | $ 6.70 | $ 4.59 | $ 8.68 |
Total Return B,C | (5.35)% | 48.83% | (45.82)% | (12.00)% |
Ratios to Average Net Assets E,H |
|
|
|
|
Expenses before reductions | .45% A | .45% | .45% | .45% A |
Expenses net of fee waivers, if any | .45% A | .45% | .45% | .45% A |
Expenses net of all reductions | .45% A | .45% | .45% | .45% A |
Net investment income (loss) | 1.74% A | 2.11% | 2.81% | 2.12% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) | $ 61,163 | $ 69,024 | $ 20,162 | $ 24,379 |
Portfolio turnover rate F | 82% A | 89% I | 72% I | 65% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period April 19, 2007 (commencement of operations) to February 29, 2008.
H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
I Reflects adjustments to exclude transactions in money market mutual funds.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Large Cap Core Enhanced Index Fund
Investment Changes (Unaudited)
Top Ten Stocks as of August 31, 2010 | ||
| % of fund's | % of fund's net assets |
Exxon Mobil Corp. | 3.2 | 3.2 |
Apple, Inc. | 2.6 | 1.9 |
Microsoft Corp. | 2.4 | 2.7 |
AT&T, Inc. | 2.3 | 1.9 |
General Electric Co. | 2.1 | 2.0 |
International Business Machines Corp. | 2.0 | 2.1 |
Procter & Gamble Co. | 2.0 | 2.0 |
Johnson & Johnson | 1.9 | 1.9 |
Chevron Corp. | 1.7 | 1.4 |
JPMorgan Chase & Co. | 1.6 | 1.8 |
| 21.8 | |
Market Sectors as of August 31, 2010 | ||
| % of fund's | % of fund's net assets |
Information Technology | 18.4 | 18.9 |
Financials | 14.7 | 15.0 |
Energy | 12.1 | 11.7 |
Health Care | 11.6 | 12.2 |
Consumer Staples | 11.2 | 10.5 |
Consumer Discretionary | 10.8 | 10.4 |
Industrials | 10.2 | 10.3 |
Materials | 3.8 | 3.5 |
Telecommunication Services | 3.5 | 2.9 |
Utilities | 2.7 | 1.8 |
Semiannual Report
Fidelity Large Cap Core Enhanced Index Fund
Investments August 31, 2010 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.0% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 10.8% | |||
Auto Components - 0.3% | |||
Autoliv, Inc. | 31,776 | $ 1,720,353 | |
Johnson Controls, Inc. | 32,000 | 848,960 | |
| 2,569,313 | ||
Automobiles - 0.6% | |||
Ford Motor Co. (a)(e) | 483,144 | 5,454,696 | |
Diversified Consumer Services - 0.2% | |||
ITT Educational Services, Inc. (a)(e) | 27,686 | 1,474,556 | |
Hotels, Restaurants & Leisure - 2.1% | |||
Brinker International, Inc. | 149,653 | 2,357,035 | |
Darden Restaurants, Inc. | 79,000 | 3,259,540 | |
McDonald's Corp. | 100,000 | 7,306,000 | |
Starbucks Corp. | 70,000 | 1,609,300 | |
The Cheesecake Factory, Inc. (a)(e) | 76,036 | 1,702,446 | |
Yum! Brands, Inc. | 42,000 | 1,751,400 | |
| 17,985,721 | ||
Internet & Catalog Retail - 0.3% | |||
Amazon.com, Inc. (a) | 19,959 | 2,491,482 | |
Leisure Equipment & Products - 0.2% | |||
Polaris Industries, Inc. | 37,107 | 1,978,916 | |
Media - 3.3% | |||
CBS Corp. Class B | 90,000 | 1,243,800 | |
Comcast Corp. Class A | 339,897 | 5,819,037 | |
DIRECTV (a) | 52,000 | 1,971,840 | |
Gannett Co., Inc. | 164,004 | 1,982,808 | |
News Corp. Class A | 230,000 | 2,891,100 | |
The Walt Disney Co. | 194,967 | 6,353,975 | |
Time Warner Cable, Inc. | 46,506 | 2,400,175 | |
Time Warner, Inc. | 137,808 | 4,131,484 | |
Viacom, Inc. Class B (non-vtg.) | 58,000 | 1,822,360 | |
| 28,616,579 | ||
Multiline Retail - 0.9% | |||
Macy's, Inc. | 194,408 | 3,779,292 | |
Target Corp. | 85,596 | 4,379,091 | |
| 8,158,383 | ||
Specialty Retail - 1.9% | |||
Gap, Inc. | 134,382 | 2,269,712 | |
Home Depot, Inc. | 123,471 | 3,433,729 | |
Lowe's Companies, Inc. | 68,106 | 1,382,552 | |
Rent-A-Center, Inc. | 44,316 | 889,865 | |
Ross Stores, Inc. | 49,554 | 2,459,365 | |
Signet Jewelers Ltd. (a) | 60,000 | 1,586,400 | |
TJX Companies, Inc. | 105,000 | 4,167,450 | |
| 16,189,073 | ||
Textiles, Apparel & Luxury Goods - 1.0% | |||
Coach, Inc. | 61,000 | 2,186,240 | |
Jones Apparel Group, Inc. (e) | 121,518 | 1,868,947 | |
| |||
Shares | Value | ||
NIKE, Inc. Class B | 37,060 | $ 2,594,200 | |
VF Corp. | 25,655 | 1,811,756 | |
| 8,461,143 | ||
TOTAL CONSUMER DISCRETIONARY | 93,379,862 | ||
CONSUMER STAPLES - 11.2% | |||
Beverages - 2.6% | |||
Coca-Cola Enterprises, Inc. | 66,000 | 1,878,360 | |
Dr Pepper Snapple Group, Inc. (e) | 23,000 | 846,860 | |
PepsiCo, Inc. | 126,849 | 8,141,169 | |
The Coca-Cola Co. | 209,240 | 11,700,701 | |
| 22,567,090 | ||
Food & Staples Retailing - 1.9% | |||
Costco Wholesale Corp. | 16,568 | 936,920 | |
CVS Caremark Corp. | 85,940 | 2,320,380 | |
Wal-Mart Stores, Inc. | 222,155 | 11,138,852 | |
Walgreen Co. | 79,120 | 2,126,746 | |
| 16,522,898 | ||
Food Products - 2.0% | |||
ConAgra Foods, Inc. | 40,000 | 863,600 | |
Del Monte Foods Co. | 223,965 | 2,920,504 | |
General Mills, Inc. | 21,910 | 792,266 | |
H.J. Heinz Co. (e) | 30,000 | 1,387,200 | |
Hershey Co. | 61,005 | 2,834,902 | |
Kraft Foods, Inc. Class A | 117,628 | 3,522,959 | |
The J.M. Smucker Co. | 60,000 | 3,508,800 | |
Tyson Foods, Inc. Class A | 110,000 | 1,801,800 | |
| 17,632,031 | ||
Household Products - 2.9% | |||
Colgate-Palmolive Co. | 46,087 | 3,403,064 | |
Energizer Holdings, Inc. (a) | 21,000 | 1,324,050 | |
Kimberly-Clark Corp. | 42,151 | 2,714,524 | |
Procter & Gamble Co. | 289,482 | 17,273,391 | |
| 24,715,029 | ||
Tobacco - 1.8% | |||
Altria Group, Inc. | 109,981 | 2,454,776 | |
Lorillard, Inc. | 32,000 | 2,432,320 | |
Philip Morris International, Inc. | 199,656 | 10,270,305 | |
| 15,157,401 | ||
TOTAL CONSUMER STAPLES | 96,594,449 | ||
ENERGY - 12.1% | |||
Energy Equipment & Services - 2.9% | |||
Cameron International Corp. (a) | 65,450 | 2,407,251 | |
Complete Production Services, Inc. (a) | 50,000 | 882,000 | |
Core Laboratories NV (e) | 28,596 | 2,257,082 | |
FMC Technologies, Inc. (a)(e) | 39,196 | 2,424,273 | |
Halliburton Co. | 70,245 | 1,981,611 | |
Helmerich & Payne, Inc. | 43,000 | 1,592,720 | |
National Oilwell Varco, Inc. | 131,614 | 4,947,370 | |
Common Stocks - continued | |||
Shares | Value | ||
ENERGY - continued | |||
Energy Equipment & Services - continued | |||
Oil States International, Inc. (a) | 67,032 | $ 2,763,729 | |
Schlumberger Ltd. | 113,493 | 6,052,582 | |
| 25,308,618 | ||
Oil, Gas & Consumable Fuels - 9.2% | |||
Anadarko Petroleum Corp. | 18,089 | 831,913 | |
Apache Corp. | 37,648 | 3,382,673 | |
Chevron Corp. | 200,104 | 14,839,713 | |
Cimarex Energy Co. | 28,229 | 1,846,741 | |
ConocoPhillips | 163,235 | 8,558,411 | |
Devon Energy Corp. | 38,277 | 2,307,338 | |
EOG Resources, Inc. | 4,510 | 391,784 | |
Exxon Mobil Corp. | 466,579 | 27,602,812 | |
Marathon Oil Corp. | 23,000 | 701,270 | |
Occidental Petroleum Corp. | 97,009 | 7,089,418 | |
Peabody Energy Corp. | 96,924 | 4,148,347 | |
Spectra Energy Corp. | 147,116 | 2,992,339 | |
Whiting Petroleum Corp. (a) | 15,000 | 1,272,600 | |
World Fuel Services Corp. (e) | 128,185 | 3,273,845 | |
| 79,239,204 | ||
TOTAL ENERGY | 104,547,822 | ||
FINANCIALS - 14.7% | |||
Capital Markets - 1.7% | |||
Ameriprise Financial, Inc. | 25,000 | 1,089,500 | |
Bank of New York Mellon Corp. | 50,125 | 1,216,534 | |
Goldman Sachs Group, Inc. | 38,359 | 5,252,881 | |
Knight Capital Group, Inc. Class A (a)(e) | 86,698 | 1,029,972 | |
Morgan Stanley | 72,833 | 1,798,247 | |
Raymond James Financial, Inc. (e) | 37,514 | 865,823 | |
State Street Corp. | 102,107 | 3,581,914 | |
| 14,834,871 | ||
Commercial Banks - 3.6% | |||
BB&T Corp. | 35,000 | 774,200 | |
CIT Group, Inc. (a) | 25,000 | 917,000 | |
Fifth Third Bancorp | 70,000 | 773,500 | |
International Bancshares Corp. | 133,141 | 2,077,000 | |
PNC Financial Services Group, Inc. | 99,611 | 5,076,177 | |
Prosperity Bancshares, Inc. (e) | 115,727 | 3,292,433 | |
Signature Bank, New York (a)(e) | 25,000 | 913,500 | |
U.S. Bancorp, Delaware | 170,352 | 3,543,322 | |
Wells Fargo & Co. | 581,891 | 13,703,533 | |
| 31,070,665 | ||
Consumer Finance - 0.8% | |||
American Express Co. | 112,043 | 4,467,154 | |
Capital One Financial Corp. | 69,276 | 2,622,789 | |
| 7,089,943 | ||
Diversified Financial Services - 3.9% | |||
Bank of America Corp. | 826,014 | 10,283,874 | |
| |||
Shares | Value | ||
Citigroup, Inc. (a) | 1,850,000 | $ 6,882,000 | |
CME Group, Inc. | 6,000 | 1,488,480 | |
IntercontinentalExchange, Inc. (a) | 6,500 | 621,140 | |
JPMorgan Chase & Co. | 388,661 | 14,131,714 | |
| 33,407,208 | ||
Insurance - 3.0% | |||
AFLAC, Inc. | 28,177 | 1,331,363 | |
Berkshire Hathaway, Inc. Class B (a)(e) | 155,500 | 12,250,290 | |
Endurance Specialty Holdings Ltd. | 62,296 | 2,294,985 | |
MetLife, Inc. | 42,176 | 1,585,818 | |
PartnerRe Ltd. | 19,011 | 1,415,369 | |
Protective Life Corp. | 40,000 | 747,200 | |
Prudential Financial, Inc. | 27,252 | 1,378,134 | |
RenaissanceRe Holdings Ltd. (e) | 18,000 | 1,022,220 | |
The Chubb Corp. | 22,000 | 1,212,640 | |
The Travelers Companies, Inc. | 44,199 | 2,164,867 | |
| 25,402,886 | ||
Real Estate Investment Trusts - 1.4% | |||
Annaly Capital Management, Inc. | 90,000 | 1,564,200 | |
PS Business Parks, Inc. | 27,257 | 1,533,751 | |
Public Storage | 32,000 | 3,136,640 | |
Rayonier, Inc. | 64,000 | 3,027,200 | |
Simon Property Group, Inc. | 17,000 | 1,537,650 | |
Vornado Realty Trust | 14,000 | 1,134,840 | |
| 11,934,281 | ||
Thrifts & Mortgage Finance - 0.3% | |||
New York Community Bancorp, Inc. (e) | 182,146 | 2,894,300 | |
TOTAL FINANCIALS | 126,634,154 | ||
HEALTH CARE - 11.6% | |||
Biotechnology - 1.4% | |||
Amgen, Inc. (a) | 105,968 | 5,408,607 | |
Biogen Idec, Inc. (a) | 65,160 | 3,505,608 | |
Celgene Corp. (a) | 17,264 | 889,441 | |
Gilead Sciences, Inc. (a) | 84,721 | 2,699,211 | |
| 12,502,867 | ||
Health Care Equipment & Supplies - 0.7% | |||
Baxter International, Inc. | 25,699 | 1,093,749 | |
CareFusion Corp. (a)(e) | 142,839 | 3,082,466 | |
Medtronic, Inc. | 64,183 | 2,020,481 | |
| 6,196,696 | ||
Health Care Providers & Services - 2.6% | |||
Aetna, Inc. | 42,000 | 1,122,240 | |
Cardinal Health, Inc. | 171,110 | 5,126,456 | |
Express Scripts, Inc. (a) | 8,080 | 344,208 | |
Humana, Inc. (a) | 75,363 | 3,601,598 | |
McKesson Corp. | 24,000 | 1,393,200 | |
Medco Health Solutions, Inc. (a) | 20,142 | 875,774 | |
UnitedHealth Group, Inc. | 159,220 | 5,050,458 | |
WellPoint, Inc. (a) | 91,924 | 4,566,784 | |
| 22,080,718 | ||
Common Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - continued | |||
Life Sciences Tools & Services - 0.3% | |||
Thermo Fisher Scientific, Inc. (a) | 54,678 | $ 2,303,037 | |
Pharmaceuticals - 6.6% | |||
Abbott Laboratories | 145,903 | 7,198,854 | |
Allergan, Inc. | 27,000 | 1,658,340 | |
Bristol-Myers Squibb Co. (e) | 108,622 | 2,832,862 | |
Eli Lilly & Co. | 126,578 | 4,247,958 | |
Endo Pharmaceuticals Holdings, Inc. (a) | 90,000 | 2,445,300 | |
Forest Laboratories, Inc. (a)(e) | 74,162 | 2,023,881 | |
Johnson & Johnson | 281,265 | 16,037,730 | |
Medicis Pharmaceutical Corp. Class A | 40,000 | 1,100,000 | |
Merck & Co., Inc. | 259,713 | 9,131,509 | |
Pfizer, Inc. | 654,387 | 10,424,385 | |
| 57,100,819 | ||
TOTAL HEALTH CARE | 100,184,137 | ||
INDUSTRIALS - 10.2% | |||
Aerospace & Defense - 3.2% | |||
General Dynamics Corp. | 57,104 | 3,190,400 | |
Honeywell International, Inc. | 70,941 | 2,773,084 | |
L-3 Communications Holdings, Inc. | 49,656 | 3,307,090 | |
Lockheed Martin Corp. | 13,942 | 969,248 | |
Northrop Grumman Corp. | 63,758 | 3,450,583 | |
Raytheon Co. | 109,485 | 4,808,581 | |
The Boeing Co. | 57,500 | 3,514,975 | |
United Technologies Corp. | 86,798 | 5,660,098 | |
| 27,674,059 | ||
Air Freight & Logistics - 1.4% | |||
FedEx Corp. | 18,045 | 1,408,412 | |
United Parcel Service, Inc. Class B | 172,545 | 11,008,371 | |
| 12,416,783 | ||
Airlines - 0.1% | |||
JetBlue Airways Corp. (a)(e) | 144,375 | 824,381 | |
Construction & Engineering - 0.3% | |||
URS Corp. (a) | 60,000 | 2,140,200 | |
Electrical Equipment - 0.9% | |||
Emerson Electric Co. | 51,268 | 2,391,652 | |
General Cable Corp. (a)(e) | 88,822 | 1,976,290 | |
Thomas & Betts Corp. (a) | 95,000 | 3,510,250 | |
| 7,878,192 | ||
Industrial Conglomerates - 2.6% | |||
3M Co. | 58,156 | 4,568,154 | |
General Electric Co. | 1,251,425 | 18,120,634 | |
| 22,688,788 | ||
Machinery - 1.0% | |||
Caterpillar, Inc. | 44,138 | 2,876,032 | |
Danaher Corp. | 12,409 | 450,819 | |
| |||
Shares | Value | ||
Deere & Co. | 43,000 | $ 2,720,610 | |
Illinois Tool Works, Inc. | 16,728 | 690,197 | |
Oshkosh Co. (a) | 75,000 | 1,866,000 | |
| 8,603,658 | ||
Road & Rail - 0.7% | |||
CSX Corp. | 38,000 | 1,895,820 | |
Norfolk Southern Corp. | 27,000 | 1,449,360 | |
Union Pacific Corp. | 40,543 | 2,957,206 | |
| 6,302,386 | ||
TOTAL INDUSTRIALS | 88,528,447 | ||
INFORMATION TECHNOLOGY - 18.4% | |||
Communications Equipment - 2.1% | |||
Arris Group, Inc. (a) | 80,000 | 653,600 | |
Cisco Systems, Inc. (a) | 539,682 | 10,820,624 | |
Harris Corp. | 61,605 | 2,591,722 | |
QUALCOMM, Inc. | 106,077 | 4,063,810 | |
| 18,129,756 | ||
Computers & Peripherals - 4.6% | |||
Apple, Inc. (a) | 93,399 | 22,730,515 | |
Dell, Inc. (a) | 96,743 | 1,138,665 | |
EMC Corp. (a) | 114,798 | 2,093,916 | |
Hewlett-Packard Co. | 299,608 | 11,528,916 | |
SanDisk Corp. (a)(e) | 76,481 | 2,542,228 | |
| 40,034,240 | ||
Electronic Equipment & Components - 0.7% | |||
Avnet, Inc. (a) | 65,000 | 1,488,500 | |
Corning, Inc. | 177,801 | 2,787,920 | |
Tech Data Corp. (a)(e) | 23,168 | 838,682 | |
Vishay Intertechnology, Inc. (a) | 160,000 | 1,230,400 | |
| 6,345,502 | ||
Internet Software & Services - 1.6% | |||
eBay, Inc. (a) | 86,050 | 1,999,802 | |
Google, Inc. Class A (a) | 25,788 | 11,605,116 | |
| 13,604,918 | ||
IT Services - 2.8% | |||
Computer Sciences Corp. | 66,570 | 2,650,152 | |
DST Systems, Inc. (e) | 22,000 | 896,280 | |
International Business Machines Corp. | 143,218 | 17,648,754 | |
MasterCard, Inc. Class A | 2,383 | 472,692 | |
Visa, Inc. Class A | 35,000 | 2,414,300 | |
| 24,082,178 | ||
Semiconductors & Semiconductor Equipment - 2.9% | |||
Advanced Micro Devices, Inc. (a)(e) | 342,224 | 1,923,299 | |
Fairchild Semiconductor International, Inc. (a) | 125,000 | 966,250 | |
Intel Corp. | 645,712 | 11,442,017 | |
RF Micro Devices, Inc. (a)(e) | 180,000 | 878,400 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Semiconductors & Semiconductor Equipment - continued | |||
Texas Instruments, Inc. | 277,535 | $ 6,391,631 | |
Xilinx, Inc. | 133,032 | 3,212,723 | |
| 24,814,320 | ||
Software - 3.7% | |||
Microsoft Corp. | 887,629 | 20,841,529 | |
Oracle Corp. | 445,000 | 9,736,600 | |
Symantec Corp. (a) | 100,196 | 1,365,671 | |
| 31,943,800 | ||
TOTAL INFORMATION TECHNOLOGY | 158,954,714 | ||
MATERIALS - 3.8% | |||
Chemicals - 2.2% | |||
Ashland, Inc. | 43,453 | 2,018,826 | |
Dow Chemical Co. | 43,679 | 1,064,457 | |
E.I. du Pont de Nemours & Co. | 125,069 | 5,099,063 | |
Lubrizol Corp. | 49,294 | 4,599,623 | |
Monsanto Co. | 18,853 | 992,610 | |
PPG Industries, Inc. | 49,713 | 3,272,607 | |
Praxair, Inc. | 12,000 | 1,032,360 | |
Rockwood Holdings, Inc. (a) | 43,000 | 1,111,550 | |
| 19,191,096 | ||
Containers & Packaging - 0.2% | |||
Ball Corp. | 31,000 | 1,738,480 | |
Metals & Mining - 0.8% | |||
Freeport-McMoRan Copper & Gold, Inc. | 75,794 | 5,455,652 | |
Newmont Mining Corp. | 19,161 | 1,174,953 | |
| 6,630,605 | ||
Paper & Forest Products - 0.6% | |||
Domtar Corp. | 43,770 | 2,627,075 | |
International Paper Co. | 141,224 | 2,889,443 | |
| 5,516,518 | ||
TOTAL MATERIALS | 33,076,699 | ||
TELECOMMUNICATION SERVICES - 3.5% | |||
Diversified Telecommunication Services - 3.5% | |||
AT&T, Inc. | 730,916 | 19,756,659 | |
Frontier Communications Corp. | 55,135 | 426,194 | |
Qwest Communications International, | 570,882 | 3,225,483 | |
Verizon Communications, Inc. | 229,695 | 6,778,299 | |
| 30,186,635 | ||
UTILITIES - 2.7% | |||
Electric Utilities - 1.7% | |||
American Electric Power Co., Inc. | 49,771 | 1,762,391 | |
DPL, Inc. | 54,485 | 1,379,560 | |
| |||
Shares | Value | ||
Duke Energy Corp. | 118,000 | $ 2,028,420 | |
Exelon Corp. | 48,975 | 1,994,262 | |
IDACORP, Inc. | 88,000 | 3,085,280 | |
NextEra Energy, Inc. | 20,000 | 1,074,600 | |
Progress Energy, Inc. | 24,000 | 1,029,840 | |
Southern Co. | 65,509 | 2,403,525 | |
| 14,757,878 | ||
Independent Power Producers & Energy Traders - 0.1% | |||
Constellation Energy Group, Inc. | 41,061 | 1,204,319 | |
Multi-Utilities - 0.9% | |||
Dominion Resources, Inc. | 56,000 | 2,394,560 | |
DTE Energy Co. | 35,798 | 1,677,136 | |
PG&E Corp. | 33,000 | 1,543,080 | |
Public Service Enterprise Group, Inc. | 58,240 | 1,861,350 | |
| 7,476,126 | ||
TOTAL UTILITIES | 23,438,323 | ||
TOTAL COMMON STOCKS (Cost $1,006,025,173) | 855,525,242 |
U.S. Treasury Obligations - 0.5% | ||||
| Principal Amount |
| ||
U.S. Treasury Bills, yield at date of purchase 0.21% to 0.33% 12/16/10 to 6/30/11 (f) | $ 4,410,000 | 4,404,903 |
Money Market Funds - 6.9% | |||
Shares |
| ||
Dreyfus Cash Management Institutional Shares, 0.10% (c) | 11,325,234 | 11,325,234 | |
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(d) | 48,352,380 | 48,352,380 | |
TOTAL MONEY MARKET FUNDS (Cost $59,677,614) | 59,677,614 | ||
TOTAL INVESTMENT PORTFOLIO - 106.4% (Cost $1,070,105,775) | 919,607,759 | ||
NET OTHER ASSETS (LIABILITIES) - (6.4)% | (55,184,367) | ||
NET ASSETS - 100% | $ 864,423,392 |
Futures Contracts | |||||
Expiration Date | Underlying Face Amount at Value | Unrealized Appreciation/(Depreciation) | |||
Purchased | |||||
Equity Index Contracts | |||||
168 CME E-mini S&P 500 Index Contracts | Sept. 2010 | $ 8,805,720 | $ (487,631) |
|
The face value of futures purchased as a percentage of net assets is 1.0% |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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. |
(c) The rate quoted is the annualized seven-day yield of the fund at period end. |
(d) Investment made with cash collateral received from securities on loan. |
(e) Security or a portion of the security is on loan at period end. |
(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $2,096,300. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Securities Lending Cash Central Fund | $ 143,262 |
Other Information |
The following is a summary of the inputs used, as of August 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 93,379,862 | $ 93,379,862 | $ - | $ - |
Consumer Staples | 96,594,449 | 96,594,449 | - | - |
Energy | 104,547,822 | 104,547,822 | - | - |
Financials | 126,634,154 | 126,634,154 | - | - |
Health Care | 100,184,137 | 100,184,137 | - | - |
Industrials | 88,528,447 | 88,528,447 | - | - |
Information Technology | 158,954,714 | 158,954,714 | - | - |
Materials | 33,076,699 | 33,076,699 | - | - |
Telecommunication Services | 30,186,635 | 30,186,635 | - | - |
Utilities | 23,438,323 | 23,438,323 | - | - |
U.S. Government and Government Agency Obligations | 4,404,903 | - | 4,404,903 | - |
Money Market Funds | 59,677,614 | 59,677,614 | - | - |
Total Investments in Securities: | $ 919,607,759 | $ 915,202,856 | $ 4,404,903 | $ - |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $ (487,631) | $ (487,631) | $ - | $ - |
Value of Derivative Instruments |
The following table is a summary of the Fund's value of derivative instruments by risk exposure as of August 31, 2010. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Risk Exposure / | Value | |
| Asset | Liability |
Equity Risk | ||
Futures Contracts (a) | $ - | $ (487,631) |
Total Value of Derivatives | $ - | $ (487,631) |
(a) Reflects cumulative appreciation/(depreciation) on futures contracts as disclosed on the Schedule of Investments. Only the period end variation margin is separately disclosed on the Statement of Assets and Liabilities. |
Income Tax Information |
At February 28, 2010, the Fund had a capital loss carryforward of approximately $140,152,218 of which $391,157, $99,838,325 and $39,922,736 will expire on February 29, 2016, February 28, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
The Fund intends to elect to defer to its fiscal year ending February 28, 2011 approximately $10,405,393 of losses recognized during the period November 1, 2009 to February 28, 2010. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Large Cap Core Enhanced Index Fund
Financial Statements
Statement of Assets and Liabilities
| August 31, 2010 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $46,975,979) - See accompanying schedule: Unaffiliated issuers (cost $1,021,753,395) | $ 871,255,379 |
|
Fidelity Central Funds (cost $48,352,380) | 48,352,380 |
|
Total Investments (cost $1,070,105,775) |
| $ 919,607,759 |
Receivable for fund shares sold | 343,328 | |
Dividends receivable | 2,235,601 | |
Interest receivable | 2,389 | |
Distributions receivable from Fidelity Central Funds | 6,182 | |
Receivable for daily variation on futures contracts | 53,111 | |
Total assets | 922,248,370 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | 9,132,413 | |
Accrued management fee | 226,814 | |
Other affiliated payables | 113,371 | |
Collateral on securities loaned, at value | 48,352,380 | |
Total liabilities | 57,824,978 | |
|
|
|
Net Assets | $ 864,423,392 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,133,821,522 | |
Undistributed net investment income | 7,744,705 | |
Accumulated undistributed net realized gain (loss) on investments | (126,157,190) | |
Net unrealized appreciation (depreciation) on investments | (150,985,645) | |
Net Assets, for 120,096,362 shares outstanding | $ 864,423,392 | |
Net Asset Value, offering price and redemption price per share ($864,423,392 ÷ 120,096,362 shares) | $ 7.20 |
Statement of Operations
Six months ended August 31, 2010 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends |
| $ 9,865,695 |
Interest |
| 17,209 |
Income from Fidelity Central Funds (including $143,262 of security lending) |
| 143,262 |
Total income |
| 10,026,166 |
|
|
|
Expenses | ||
Management fee | $ 1,446,059 | |
Transfer agent fees | 727,358 | |
Independent trustees' compensation | 8,656 | |
Interest | 1,531 | |
Miscellaneous | 1,147 | |
Total expenses before reductions | 2,184,751 | |
Expense reductions | (62) | 2,184,689 |
Net investment income (loss) | 7,841,477 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 27,383,803 | |
Futures contracts | 212,206 | |
Total net realized gain (loss) |
| 27,596,009 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (88,790,720) | |
Futures contracts | (326,189) | |
Total change in net unrealized appreciation (depreciation) |
| (89,116,909) |
Net gain (loss) | (61,520,900) | |
Net increase (decrease) in net assets resulting from operations | $ (53,679,423) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended August 31, 2010 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 7,841,477 | $ 17,726,017 |
Net realized gain (loss) | 27,596,009 | 16,226,928 |
Change in net unrealized appreciation (depreciation) | (89,116,909) | 348,621,025 |
Net increase (decrease) in net assets resulting from operations | (53,679,423) | 382,573,970 |
Distributions to shareholders from net investment income | (3,132,620) | (17,963,606) |
Share transactions | 68,735,979 | 212,649,935 |
Reinvestment of distributions | 3,116,623 | 17,876,296 |
Cost of shares redeemed | (156,801,989) | (312,499,917) |
Net increase (decrease) in net assets resulting from share transactions | (84,949,387) | (81,973,686) |
Total increase (decrease) in net assets | (141,761,430) | 282,636,678 |
|
|
|
Net Assets | ||
Beginning of period | 1,006,184,822 | 723,548,144 |
End of period (including undistributed net investment income of $7,744,705 and undistributed net investment income of $3,035,848, respectively) | $ 864,423,392 | $ 1,006,184,822 |
Other Information Shares | ||
Sold | 8,942,022 | 34,181,625 |
Issued in reinvestment of distributions | 376,404 | 2,454,564 |
Redeemed | (20,091,632) | (43,162,731) |
Net increase (decrease) | (10,773,206) | (6,526,542) |
Financial Highlights
| Six months ended August 31, 2010 | Years ended February 28, | ||
| (Unaudited) | 2010 | 2009 | 2008 G |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period | $ 7.69 | $ 5.27 | $ 9.20 | $ 10.00 |
Income from Investment Operations |
|
|
|
|
Net investment income (loss) D | .06 | .12 | .16 | .15 |
Net realized and unrealized gain (loss) | (.52) | 2.43 | (3.95) | (.90) |
Total from investment operations | (.46) | 2.55 | (3.79) | (.75) |
Distributions from net investment income | (.03) | (.13) | (.14) | (.05) |
Net asset value, end of period | $ 7.20 | $ 7.69 | $ 5.27 | $ 9.20 |
Total Return B,C | (6.09)% | 48.52% | (41.51)% | (7.59)% |
Ratios to Average Net Assets E,H |
|
|
|
|
Expenses before reductions | .45% A | .45% | .45% | .45% A |
Expenses net of fee waivers, if any | .45% A | .45% | .45% | .45% A |
Expenses net of all reductions | .45% A | .45% | .45% | .45% A |
Net investment income (loss) | 1.62% A | 1.76% | 2.05% | 1.83% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) | $ 864,423 | $ 1,006,185 | $ 723,548 | $ 834,523 |
Portfolio turnover rate F | 46% A | 60% I | 45% I | 5% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period April 19, 2007 (commencement of operations) to February 29, 2008.
H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
I Reflects adjustments to exclude transactions in money market mutual funds.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Mid Cap Enhanced Index Fund
Investment Changes (Unaudited)
Top Ten Stocks as of August 31, 2010 | ||
| % of fund's | % of fund's net assets |
Intuit, Inc. | 1.0 | 0.4 |
Annaly Capital Management, Inc. | 0.9 | 0.8 |
Qwest Communications International, Inc. | 0.8 | 0.2 |
Edison International | 0.8 | 0.4 |
FMC Technologies, Inc. | 0.8 | 0.3 |
Lubrizol Corp. | 0.8 | 0.6 |
Spectra Energy Corp. | 0.8 | 0.9 |
Xerox Corp. | 0.8 | 0.9 |
Consolidated Edison, Inc. | 0.8 | 0.7 |
Eaton Corp. | 0.7 | 0.8 |
| 8.2 | |
Market Sectors as of August 31, 2010 | ||
| % of fund's | % of fund's net assets |
Financials | 17.3 | 16.9 |
Information Technology | 16.1 | 15.4 |
Industrials | 13.9 | 12.6 |
Consumer Discretionary | 12.2 | 16.2 |
Health Care | 8.9 | 9.6 |
Energy | 8.5 | 7.9 |
Materials | 7.5 | 6.6 |
Consumer Staples | 6.9 | 5.9 |
Utilities | 6.4 | 5.5 |
Telecommunication Services | 1.5 | 0.8 |
Semiannual Report
Fidelity Mid Cap Enhanced Index Fund
Investments August 31, 2010 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.2% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 12.2% | |||
Auto Components - 1.2% | |||
Autoliv, Inc. | 310 | $ 16,783 | |
Dana Holding Corp. (a) | 13,986 | 143,496 | |
Gentex Corp. | 3,700 | 65,009 | |
TRW Automotive Holdings Corp. (a) | 5,679 | 197,402 | |
| 422,690 | ||
Automobiles - 0.5% | |||
Ford Motor Co. (a)(d) | 14,590 | 164,721 | |
Diversified Consumer Services - 0.9% | |||
DeVry, Inc. | 1,120 | 42,683 | |
H&R Block, Inc. | 9,825 | 126,251 | |
ITT Educational Services, Inc. (a) | 2,000 | 106,520 | |
Service Corp. International | 5,760 | 44,294 | |
| 319,748 | ||
Hotels, Restaurants & Leisure - 1.8% | |||
Brinker International, Inc. | 4,207 | 66,260 | |
Marriott International, Inc. Class A | 2,600 | 83,226 | |
MGM Mirage, Inc. (a) | 1,736 | 15,641 | |
Panera Bread Co. Class A (a)(d) | 1,300 | 103,922 | |
Starbucks Corp. | 6,778 | 155,826 | |
Starwood Hotels & Resorts Worldwide, Inc. | 169 | 7,897 | |
Wyndham Worldwide Corp. | 8,845 | 205,116 | |
| 637,888 | ||
Household Durables - 0.9% | |||
D.R. Horton, Inc. | 1,269 | 13,020 | |
Garmin Ltd. | 1,088 | 28,952 | |
Jarden Corp. | 3,938 | 106,090 | |
Leggett & Platt, Inc. | 8,452 | 162,025 | |
Lennar Corp. Class A | 980 | 12,907 | |
Stanley Black & Decker, Inc. | 215 | 11,533 | |
| 334,527 | ||
Internet & Catalog Retail - 0.6% | |||
Expedia, Inc. | 4,224 | 96,561 | |
Liberty Media Corp. Interactive | 5,200 | 54,860 | |
Priceline.com, Inc. (a) | 201 | 58,587 | |
| 210,008 | ||
Leisure Equipment & Products - 0.4% | |||
Mattel, Inc. | 7,581 | 159,125 | |
Media - 1.5% | |||
CBS Corp. Class B | 17,366 | 239,998 | |
Discovery Communications, Inc. (a) | 662 | 24,991 | |
Discovery Communications, Inc. | 222 | 7,504 | |
Gannett Co., Inc. | 13,452 | 162,635 | |
Interpublic Group of Companies, Inc. (a)(d) | 12,000 | 102,360 | |
McGraw-Hill Companies, Inc. | 269 | 7,438 | |
| 544,926 | ||
| |||
Shares | Value | ||
Multiline Retail - 1.0% | |||
Dollar Tree, Inc. (a) | 3,688 | $ 167,177 | |
Family Dollar Stores, Inc. | 1,000 | 42,790 | |
Macy's, Inc. | 6,984 | 135,769 | |
Nordstrom, Inc. | 185 | 5,350 | |
| 351,086 | ||
Specialty Retail - 2.0% | |||
Advance Auto Parts, Inc. | 2,000 | 108,940 | |
AutoZone, Inc. (a)(d) | 500 | 104,890 | |
Bed Bath & Beyond, Inc. (a) | 880 | 31,654 | |
Limited Brands, Inc. | 4,513 | 106,507 | |
Signet Jewelers Ltd. (a) | 3,901 | 103,142 | |
Tiffany & Co., Inc. (d) | 2,000 | 79,260 | |
TJX Companies, Inc. | 4,338 | 172,175 | |
| 706,568 | ||
Textiles, Apparel & Luxury Goods - 1.4% | |||
Coach, Inc. | 5,620 | 201,421 | |
Crocs, Inc. (a) | 6,000 | 75,000 | |
Fossil, Inc. (a) | 3,659 | 173,766 | |
VF Corp. | 950 | 67,089 | |
| 517,276 | ||
TOTAL CONSUMER DISCRETIONARY | 4,368,563 | ||
CONSUMER STAPLES - 6.9% | |||
Beverages - 0.9% | |||
Brown-Forman Corp. Class B (non-vtg.) | 800 | 49,032 | |
Coca-Cola Enterprises, Inc. | 5,335 | 151,834 | |
Dr Pepper Snapple Group, Inc. | 3,500 | 128,870 | |
| 329,736 | ||
Food & Staples Retailing - 1.6% | |||
Andersons, Inc. | 5,000 | 179,150 | |
Nash-Finch Co. | 4,785 | 187,907 | |
PriceSmart, Inc. | 6,813 | 175,844 | |
Safeway, Inc. | 1,450 | 27,260 | |
SUPERVALU, Inc. | 275 | 2,673 | |
| 572,834 | ||
Food Products - 3.3% | |||
Bunge Ltd. | 1,500 | 79,500 | |
Campbell Soup Co. (d) | 3,863 | 143,935 | |
ConAgra Foods, Inc. | 3,004 | 64,856 | |
Corn Products International, Inc. | 1,679 | 57,304 | |
Del Monte Foods Co. | 4,468 | 58,263 | |
H.J. Heinz Co. | 5,180 | 239,523 | |
Hershey Co. (d) | 5,035 | 233,976 | |
Mead Johnson Nutrition Co. Class A | 501 | 26,147 | |
Sara Lee Corp. | 9,677 | 139,736 | |
Tyson Foods, Inc. Class A | 7,854 | 128,649 | |
| 1,171,889 | ||
Household Products - 0.0% | |||
Clorox Co. | 151 | 9,788 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER STAPLES - continued | |||
Personal Products - 0.3% | |||
Avon Products, Inc. | 1,780 | $ 51,798 | |
Estee Lauder Companies, Inc. Class A | 238 | 13,345 | |
Herbalife Ltd. | 505 | 28,068 | |
| 93,211 | ||
Tobacco - 0.8% | |||
Lorillard, Inc. | 3,258 | 247,641 | |
Reynolds American, Inc. | 564 | 30,761 | |
| 278,402 | ||
TOTAL CONSUMER STAPLES | 2,455,860 | ||
ENERGY - 8.5% | |||
Energy Equipment & Services - 3.6% | |||
Cameron International Corp. (a) | 6,243 | 229,618 | |
Complete Production Services, Inc. (a) | 2,430 | 42,865 | |
Dril-Quip, Inc. (a) | 3,546 | 187,477 | |
Ensco International Ltd. ADR | 2,800 | 115,164 | |
FMC Technologies, Inc. (a) | 4,599 | 284,448 | |
Noble Corp. | 5,591 | 173,992 | |
Oceaneering International, Inc. (a) | 584 | 29,206 | |
Oil States International, Inc. (a) | 4,382 | 180,670 | |
Schlumberger Ltd. | 515 | 27,465 | |
Weatherford International Ltd. (a) | 2,471 | 36,843 | |
| 1,307,748 | ||
Oil, Gas & Consumable Fuels - 4.9% | |||
Alpha Natural Resources, Inc. (a) | 2,168 | 80,498 | |
Bill Barrett Corp. (a) | 4,899 | 159,511 | |
Cimarex Energy Co. | 3,660 | 239,437 | |
CONSOL Energy, Inc. | 23 | 741 | |
Forest Oil Corp. (a) | 1,252 | 32,702 | |
Gran Tierra Energy, Inc. (a) | 14,747 | 92,906 | |
McMoRan Exploration Co. (a) | 15,081 | 213,999 | |
Murphy Oil Corp. | 506 | 27,101 | |
Noble Energy, Inc. | 3,285 | 229,227 | |
Peabody Energy Corp. | 1,022 | 43,742 | |
Southern Union Co. | 8,228 | 185,130 | |
Spectra Energy Corp. | 13,694 | 278,536 | |
Valero Energy Corp. | 1,049 | 16,543 | |
World Fuel Services Corp. | 5,414 | 138,274 | |
| 1,738,347 | ||
TOTAL ENERGY | 3,046,095 | ||
FINANCIALS - 17.3% | |||
Capital Markets - 0.8% | |||
Ameriprise Financial, Inc. | 1,200 | 52,296 | |
Eaton Vance Corp. (non-vtg.) | 2,670 | 69,393 | |
Raymond James Financial, Inc. | 1,783 | 41,152 | |
| |||
Shares | Value | ||
T. Rowe Price Group, Inc. | 914 | $ 40,015 | |
Waddell & Reed Financial, Inc. Class A | 3,967 | 91,281 | |
| 294,137 | ||
Commercial Banks - 2.4% | |||
Banco Latin Americano de Exporaciones SA (BLADEX) Series E | 15,588 | 197,812 | |
Comerica, Inc. | 471 | 16,207 | |
Fifth Third Bancorp | 2,932 | 32,399 | |
First Citizen Bancshares, Inc. | 500 | 83,985 | |
International Bancshares Corp. | 6,044 | 94,286 | |
M&T Bank Corp. (d) | 2,982 | 255,378 | |
Prosperity Bancshares, Inc. | 3,942 | 112,150 | |
SunTrust Banks, Inc. | 2,580 | 58,024 | |
| 850,241 | ||
Consumer Finance - 0.8% | |||
Cash America International, Inc. | 981 | 30,048 | |
Credit Acceptance Corp. (a) | 1,076 | 60,955 | |
Discover Financial Services | 11,429 | 165,835 | |
SLM Corp. (a) | 4,000 | 44,200 | |
| 301,038 | ||
Diversified Financial Services - 2.3% | |||
IntercontinentalExchange, Inc. (a) | 2,443 | 233,453 | |
Leucadia National Corp. (a) | 2,651 | 56,599 | |
Moody's Corp. (d) | 11,030 | 233,174 | |
NYSE Euronext | 8,953 | 248,356 | |
The NASDAQ Stock Market, Inc. (a) | 2,400 | 42,984 | |
| 814,566 | ||
Insurance - 3.7% | |||
American Financial Group, Inc. | 4,355 | 125,293 | |
American International Group, Inc. (a)(d) | 1,105 | 37,493 | |
Aon Corp. (d) | 652 | 23,628 | |
Aspen Insurance Holdings Ltd. | 3,817 | 108,403 | |
Axis Capital Holdings Ltd. | 4,610 | 142,357 | |
Endurance Specialty Holdings Ltd. | 2,111 | 77,769 | |
Genworth Financial, Inc. Class A (a) | 6,899 | 74,716 | |
Hartford Financial Services Group, Inc. | 758 | 15,281 | |
Horace Mann Educators Corp. | 5,647 | 92,611 | |
Marsh & McLennan Companies, Inc. | 2,048 | 48,579 | |
PartnerRe Ltd. | 2,462 | 183,296 | |
Principal Financial Group, Inc. | 339 | 7,814 | |
Progressive Corp. | 3,246 | 64,271 | |
Reinsurance Group of America, Inc. | 2,020 | 88,355 | |
Transatlantic Holdings, Inc. | 1,350 | 64,355 | |
Unum Group | 7,933 | 159,057 | |
| 1,313,278 | ||
Real Estate Investment Trusts - 6.0% | |||
Annaly Capital Management, Inc. | 18,135 | 315,186 | |
Apartment Investment & Management Co. Class A | 2,444 | 49,955 | |
Boston Properties, Inc. | 1,235 | 100,529 | |
Chimera Investment Corp. | 56,492 | 222,014 | |
CommonWealth REIT | 1,109 | 26,749 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Real Estate Investment Trusts - continued | |||
Equity Residential (SBI) | 1,091 | $ 50,001 | |
FelCor Lodging Trust, Inc. (a) | 15,000 | 59,700 | |
HCP, Inc. | 467 | 16,448 | |
Hospitality Properties Trust (SBI) | 7,885 | 154,152 | |
Host Hotels & Resorts, Inc. | 1,226 | 16,097 | |
Liberty Property Trust (SBI) | 1,200 | 36,444 | |
Plum Creek Timber Co., Inc. (d) | 7,063 | 243,462 | |
PS Business Parks, Inc. | 2,618 | 147,315 | |
Public Storage | 2,253 | 220,839 | |
Rayonier, Inc. | 5,125 | 242,413 | |
Ventas, Inc. | 1,432 | 72,330 | |
Vornado Realty Trust | 1,894 | 153,528 | |
| 2,127,162 | ||
Real Estate Management & Development - 0.0% | |||
Jones Lang LaSalle, Inc. | 138 | 10,420 | |
Thrifts & Mortgage Finance - 1.3% | |||
Hudson City Bancorp, Inc. | 18,418 | 212,267 | |
New York Community Bancorp, Inc. (d) | 15,260 | 242,481 | |
| 454,748 | ||
TOTAL FINANCIALS | 6,165,590 | ||
HEALTH CARE - 8.9% | |||
Biotechnology - 0.5% | |||
Biogen Idec, Inc. (a) | 2,852 | 153,438 | |
Cephalon, Inc. (a) | 298 | 16,870 | |
| 170,308 | ||
Health Care Equipment & Supplies - 1.4% | |||
C. R. Bard, Inc. | 78 | 5,993 | |
Hill-Rom Holdings, Inc. | 6,013 | 193,017 | |
Hologic, Inc. (a) | 12,524 | 177,716 | |
Intuitive Surgical, Inc. (a) | 150 | 39,755 | |
Kinetic Concepts, Inc. (a) | 2,640 | 84,269 | |
| 500,750 | ||
Health Care Providers & Services - 2.7% | |||
Amedisys, Inc. (a)(d) | 2,772 | 64,089 | |
AmerisourceBergen Corp. | 8,839 | 241,128 | |
CIGNA Corp. | 605 | 19,493 | |
Coventry Health Care, Inc. (a) | 3,000 | 58,050 | |
Humana, Inc. (a) | 5,294 | 253,000 | |
Laboratory Corp. of America Holdings (a)(d) | 1,590 | 115,466 | |
Lincare Holdings, Inc. | 5,068 | 116,665 | |
Quest Diagnostics, Inc. | 2,200 | 95,700 | |
| 963,591 | ||
Life Sciences Tools & Services - 2.2% | |||
Bruker BioSciences Corp. (a) | 11,674 | 138,804 | |
Life Technologies Corp. (a) | 5,748 | 245,842 | |
Mettler-Toledo International, Inc. (a) | 937 | 103,623 | |
| |||
Shares | Value | ||
PerkinElmer, Inc. | 3,000 | $ 63,030 | |
Waters Corp. (a) | 3,803 | 230,158 | |
| 781,457 | ||
Pharmaceuticals - 2.1% | |||
Allergan, Inc. | 2,826 | 173,573 | |
Endo Pharmaceuticals Holdings, Inc. (a) | 6,500 | 176,605 | |
Mylan, Inc. (a)(d) | 10,407 | 178,584 | |
Perrigo Co. | 3,964 | 225,908 | |
| 754,670 | ||
TOTAL HEALTH CARE | 3,170,776 | ||
INDUSTRIALS - 13.9% | |||
Aerospace & Defense - 0.6% | |||
Goodrich Corp. | 148 | 10,135 | |
L-3 Communications Holdings, Inc. | 2,939 | 195,737 | |
Rockwell Collins, Inc. | 360 | 19,415 | |
| 225,287 | ||
Air Freight & Logistics - 0.8% | |||
Atlas Air Worldwide Holdings, Inc. (a) | 3,542 | 153,510 | |
C.H. Robinson Worldwide, Inc. | 364 | 23,656 | |
Expeditors International of Washington, Inc. | 2,820 | 111,644 | |
| 288,810 | ||
Airlines - 0.3% | |||
Delta Air Lines, Inc. (a) | 6,635 | 69,402 | |
Southwest Airlines Co. | 3,200 | 35,360 | |
| 104,762 | ||
Building Products - 0.4% | |||
Masco Corp. | 13,834 | 145,119 | |
Commercial Services & Supplies - 1.0% | |||
Avery Dennison Corp. | 3,291 | 107,023 | |
Cintas Corp. | 3,875 | 98,774 | |
R.R. Donnelley & Sons Co. | 9,174 | 138,940 | |
Republic Services, Inc. | 800 | 23,544 | |
| 368,281 | ||
Construction & Engineering - 1.2% | |||
EMCOR Group, Inc. (a) | 2,370 | 53,894 | |
Fluor Corp. | 184 | 8,217 | |
KBR, Inc. | 9,617 | 223,114 | |
URS Corp. (a) | 3,977 | 141,860 | |
| 427,085 | ||
Electrical Equipment - 2.3% | |||
Cooper Industries PLC Class A | 3,467 | 145,926 | |
Franklin Electric Co., Inc. | 5,563 | 176,180 | |
General Cable Corp. (a) | 3,000 | 66,750 | |
Hubbell, Inc. Class B | 3,280 | 147,534 | |
Regal-Beloit Corp. | 1,518 | 83,976 | |
Roper Industries, Inc. | 870 | 50,530 | |
Thomas & Betts Corp. (a) | 4,156 | 153,564 | |
| 824,460 | ||
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Machinery - 5.6% | |||
AGCO Corp. (a) | 5,000 | $ 165,250 | |
ArvinMeritor, Inc. (a) | 1,731 | 22,624 | |
CNH Global NV (a) | 5,000 | 140,750 | |
Cummins, Inc. | 997 | 74,187 | |
Dover Corp. | 5,355 | 239,690 | |
Eaton Corp. | 3,817 | 265,205 | |
Ingersoll-Rand Co. Ltd. | 1,036 | 33,701 | |
Joy Global, Inc. | 3,817 | 216,577 | |
Lindsay Corp. | 3,000 | 110,610 | |
Oshkosh Co. (a) | 4,082 | 101,560 | |
Parker Hannifin Corp. | 3,051 | 180,497 | |
SPX Corp. | 1,000 | 56,060 | |
Timken Co. | 6,069 | 198,517 | |
Toro Co. | 3,794 | 189,321 | |
| 1,994,549 | ||
Professional Services - 0.7% | |||
Dun & Bradstreet Corp. | 3,105 | 204,620 | |
FTI Consulting, Inc. (a) | 400 | 13,112 | |
Manpower, Inc. | 534 | 22,695 | |
| 240,427 | ||
Road & Rail - 0.3% | |||
Landstar System, Inc. | 2,000 | 71,960 | |
Ryder System, Inc. | 855 | 32,806 | |
| 104,766 | ||
Trading Companies & Distributors - 0.7% | |||
TAL International Group, Inc. | 7,297 | 155,572 | |
W.W. Grainger, Inc. | 885 | 93,624 | |
| 249,196 | ||
TOTAL INDUSTRIALS | 4,972,742 | ||
INFORMATION TECHNOLOGY - 16.1% | |||
Communications Equipment - 1.6% | |||
Harris Corp. | 4,492 | 188,978 | |
InterDigital, Inc. (a) | 7,038 | 173,979 | |
Ixia (a) | 17,244 | 194,685 | |
| 557,642 | ||
Computers & Peripherals - 1.3% | |||
NetApp, Inc. (a) | 2,128 | 86,056 | |
SanDisk Corp. (a) | 2,000 | 66,480 | |
Synaptics, Inc. (a)(d) | 6,400 | 169,088 | |
Western Digital Corp. (a) | 5,713 | 137,969 | |
| 459,593 | ||
Electronic Equipment & Components - 2.0% | |||
Agilent Technologies, Inc. (a) | 3,130 | 84,416 | |
Arrow Electronics, Inc. (a) | 7,448 | 170,410 | |
AVX Corp. | 2,500 | 31,075 | |
Ingram Micro, Inc. Class A (a) | 9,319 | 140,344 | |
| |||
Shares | Value | ||
Multi-Fineline Electronix, Inc. (a) | 7,417 | $ 154,570 | |
Vishay Intertechnology, Inc. (a) | 17,225 | 132,460 | |
| 713,275 | ||
Internet Software & Services - 0.2% | |||
Akamai Technologies, Inc. (a) | 1,833 | 84,446 | |
IT Services - 3.1% | |||
Acxiom Corp. (a) | 1,160 | 14,378 | |
Amdocs Ltd. (a) | 5,000 | 131,150 | |
Cognizant Technology Solutions Corp. Class A (a) | 1,384 | 79,725 | |
Computer Sciences Corp. | 4,655 | 185,316 | |
DST Systems, Inc. | 1,000 | 40,740 | |
Fidelity National Information Services, Inc. | 4,675 | 120,802 | |
Fiserv, Inc. (a) | 2,630 | 131,579 | |
Hewitt Associates, Inc. Class A (a) | 2,150 | 103,781 | |
Lender Processing Services, Inc. | 851 | 24,960 | |
NeuStar, Inc. Class A (a) | 2,630 | 58,228 | |
SAIC, Inc. (a) | 6,840 | 101,779 | |
Teradata Corp. (a) | 3,001 | 98,253 | |
The Western Union Co. | 1,698 | 26,625 | |
| 1,117,316 | ||
Office Electronics - 0.8% | |||
Xerox Corp. | 32,597 | 275,119 | |
Semiconductors & Semiconductor Equipment - 5.0% | |||
Advanced Micro Devices, Inc. (a) | 6,048 | 33,990 | |
Altera Corp. | 7,726 | 190,600 | |
Analog Devices, Inc. | 4,250 | 118,490 | |
Broadcom Corp. Class A | 366 | 10,969 | |
Lattice Semiconductor Corp. (a) | 37,260 | 154,629 | |
Linear Technology Corp. | 6,220 | 178,203 | |
Marvell Technology Group Ltd. (a) | 13,133 | 209,340 | |
Microchip Technology, Inc. (d) | 5,242 | 145,151 | |
Micron Technology, Inc. (a)(d) | 34,201 | 221,109 | |
National Semiconductor Corp. | 15,484 | 195,253 | |
NVIDIA Corp. (a) | 1,364 | 12,726 | |
ON Semiconductor Corp. (a) | 5,000 | 30,900 | |
Skyworks Solutions, Inc. (a) | 2,054 | 36,684 | |
Xilinx, Inc. | 9,425 | 227,614 | |
| 1,765,658 | ||
Software - 2.1% | |||
BMC Software, Inc. (a) | 2,217 | 79,945 | |
CA, Inc. | 13,782 | 248,214 | |
Citrix Systems, Inc. (a) | 428 | 24,798 | |
Intuit, Inc. (a) | 8,551 | 365,981 | |
Salesforce.com, Inc. (a) | 355 | 39,007 | |
| 757,945 | ||
TOTAL INFORMATION TECHNOLOGY | 5,730,994 | ||
MATERIALS - 7.5% | |||
Chemicals - 3.8% | |||
Ashland, Inc. | 3,559 | 165,351 | |
Common Stocks - continued | |||
Shares | Value | ||
MATERIALS - continued | |||
Chemicals - continued | |||
Cabot Corp. | 2,864 | $ 81,424 | |
Celanese Corp. Class A | 1,150 | 30,705 | |
CF Industries Holdings, Inc. | 2,534 | 234,395 | |
Ecolab, Inc. | 700 | 33,180 | |
Lubrizol Corp. | 2,988 | 278,810 | |
Nalco Holding Co. | 2,000 | 45,440 | |
OM Group, Inc. (a) | 4,667 | 119,475 | |
PPG Industries, Inc. | 3,964 | 260,950 | |
Sigma Aldrich Corp. | 894 | 47,534 | |
The Scotts Miracle-Gro Co. Class A | 1,117 | 52,756 | |
| 1,350,020 | ||
Containers & Packaging - 0.4% | |||
Graphic Packaging Holding Co. (a) | 38,301 | 116,818 | |
Sealed Air Corp. | 600 | 12,306 | |
Sonoco Products Co. | 779 | 24,500 | |
| 153,624 | ||
Metals & Mining - 1.7% | |||
Golden Star Resources Ltd. (a) | 42,895 | 201,551 | |
Hecla Mining Co. (a)(d) | 35,695 | 204,175 | |
Walter Energy, Inc. | 2,625 | 189,105 | |
| 594,831 | ||
Paper & Forest Products - 1.6% | |||
Domtar Corp. | 2,610 | 156,652 | |
International Paper Co. | 11,900 | 243,474 | |
MeadWestvaco Corp. | 7,266 | 158,108 | |
Weyerhaeuser Co. | 354 | 5,558 | |
| 563,792 | ||
TOTAL MATERIALS | 2,662,267 | ||
TELECOMMUNICATION SERVICES - 1.5% | |||
Diversified Telecommunication Services - 1.2% | |||
CenturyTel, Inc. | 726 | 26,252 | |
Qwest Communications International, | 52,951 | 299,173 | |
Windstream Corp. | 9,600 | 110,736 | |
| 436,161 | ||
Wireless Telecommunication Services - 0.3% | |||
Crown Castle International Corp. (a) | 972 | 39,969 | |
NII Holdings, Inc. (a) | 1,532 | 55,535 | |
| 95,504 | ||
TOTAL TELECOMMUNICATION SERVICES | 531,665 | ||
| |||
Shares | Value | ||
UTILITIES - 6.4% | |||
Electric Utilities - 1.9% | |||
Cleco Corp. | 798 | $ 22,607 | |
DPL, Inc. | 1,763 | 44,639 | |
Edison International | 8,689 | 293,254 | |
FirstEnergy Corp. | 840 | 30,685 | |
IDACORP, Inc. | 4,397 | 154,159 | |
NV Energy, Inc. | 3,400 | 43,520 | |
PPL Corp. | 1,870 | 50,789 | |
Progress Energy, Inc. | 870 | 37,332 | |
| 676,985 | ||
Gas Utilities - 0.7% | |||
Energen Corp. | 2,258 | 96,371 | |
National Fuel Gas Co. New Jersey | 1,100 | 47,278 | |
UGI Corp. | 4,122 | 113,767 | |
| 257,416 | ||
Independent Power Producers & Energy Traders - 1.0% | |||
AES Corp. (a) | 11,281 | 115,517 | |
Constellation Energy Group, Inc. | 6,466 | 189,648 | |
Mirant Corp. (a) | 5,120 | 49,664 | |
| 354,829 | ||
Multi-Utilities - 2.8% | |||
CenterPoint Energy, Inc. | 2,997 | 44,326 | |
CMS Energy Corp. | 4,250 | 74,375 | |
Consolidated Edison, Inc. | 5,718 | 271,777 | |
DTE Energy Co. | 5,108 | 239,310 | |
NiSource, Inc. | 8,300 | 143,922 | |
Sempra Energy | 2,050 | 104,386 | |
TECO Energy, Inc. | 3,200 | 54,016 | |
Xcel Energy, Inc. | 2,750 | 61,353 | |
| 993,465 | ||
TOTAL UTILITIES | 2,282,695 | ||
TOTAL COMMON STOCKS (Cost $34,066,329) | 35,387,247 |
U.S. Treasury Obligations - 0.5% | ||||
| Principal Amount |
| ||
U.S. Treasury Bills, yield at date of purchase 0.24% to 0.39% 11/18/10 to 5/5/11 (e) | $ 180,000 | 179,872 |
Money Market Funds - 4.2% | |||
Shares | Value | ||
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c) | 1,485,330 | $ 1,485,330 |
TOTAL INVESTMENT PORTFOLIO - 103.9% (Cost $35,731,431) | 37,052,449 |
NET OTHER ASSETS (LIABILITIES) - (3.9)% | (1,382,880) | ||
NET ASSETS - 100% | $ 35,669,569 |
Futures Contracts | |||||
Expiration Date | Underlying Face Amount at Value | Unrealized Appreciation/(Depreciation) | |||
Purchased | |||||
Equity Index Contracts | |||||
3 CME E-mini S&P MidCap 400 Index Contracts | Sept. 2010 | $ 216,330 | $ (6) |
The face value of futures purchased as a percentage of net assets is 0.6% |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $29,962. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Securities Lending Cash Central Fund | $ 8,368 |
Other Information |
The following is a summary of the inputs used, as of August 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 4,368,563 | $ 4,368,563 | $ - | $ - |
Consumer Staples | 2,455,860 | 2,455,860 | - | - |
Energy | 3,046,095 | 3,046,095 | - | - |
Financials | 6,165,590 | 6,165,590 | - | - |
Health Care | 3,170,776 | 3,170,776 | - | - |
Industrials | 4,972,742 | 4,972,742 | - | - |
Information Technology | 5,730,994 | 5,730,994 | - | - |
Materials | 2,662,267 | 2,662,267 | - | - |
Telecommunication Services | 531,665 | 531,665 | - | - |
Utilities | 2,282,695 | 2,282,695 | - | - |
U.S. Government and Government Agency Obligations | 179,872 | - | 179,872 | - |
Money Market Funds | 1,485,330 | 1,485,330 | - | - |
Total Investments in Securities: | $ 37,052,449 | $ 36,872,577 | $ 179,872 | $ - |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $ (6) | $ (6) | $ - | $ - |
Value of Derivative Instruments |
The following table is a summary of the Fund's value of derivative instruments by risk exposure as of August 31, 2010. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Risk Exposure / | Value | |
| Asset | Liability |
Equity Risk | ||
Futures Contracts (a) | $ - | $ (6) |
Total Value of Derivatives | $ - | $ (6) |
(a) Reflects cumulative appreciation/(depreciation) on futures contracts as disclosed on the Schedule of Investments. Only the period end variation margin is separately disclosed on the Statement of Assets and Liabilities. |
Income Tax Information |
At February 28, 2010, the Fund had a capital loss carryforward of approximately $970,884 of which $349,825 and $621,059 will expire on February 28, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
The Fund intends to elect to defer to its fiscal year ending February 28, 2011 approximately $395,633 of losses recognized during the period November 1, 2009 to February 28, 2010. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Mid Cap Enhanced Index Fund
Financial Statements
Statement of Assets and Liabilities
| August 31, 2010 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $1,451,677) - See accompanying schedule: Unaffiliated issuers (cost $34,246,101) | $ 35,567,119 |
|
Fidelity Central Funds (cost $1,485,330) | 1,485,330 |
|
Total Investments (cost $35,731,431) |
| $ 37,052,449 |
Receivable for fund shares sold | 187,986 | |
Dividends receivable | 61,144 | |
Interest receivable | 51 | |
Distributions receivable from Fidelity Central Funds | 845 | |
Receivable for daily variation on futures contracts | 247 | |
Total assets | 37,302,722 | |
|
|
|
Liabilities | ||
Payable to custodian bank | $ 65,567 | |
Payable for fund shares redeemed | 63,755 | |
Accrued management fee | 13,875 | |
Other affiliated payables | 4,626 | |
Collateral on securities loaned, at value | 1,485,330 | |
Total liabilities | 1,633,153 | |
|
|
|
Net Assets | $ 35,669,569 | |
Net Assets consist of: |
| |
Paid in capital | $ 35,825,044 | |
Undistributed net investment income | 221,030 | |
Accumulated undistributed net realized gain (loss) on investments | (1,697,517) | |
Net unrealized appreciation (depreciation) on investments | 1,321,012 | |
Net Assets, for 4,549,026 shares outstanding | $ 35,669,569 | |
Net Asset Value, offering price and redemption price per share ($35,669,569 ÷ 4,549,026 shares) | $ 7.84 |
Statement of Operations
Six months ended August 31, 2010 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends |
| $ 331,691 |
Interest |
| 984 |
Income from Fidelity Central Funds (including $8,368 from security lending) |
| 8,368 |
Total income |
| 341,043 |
|
|
|
Expenses | ||
Management fee | $ 84,725 | |
Transfer agent fees | 28,353 | |
Independent trustees' compensation | 334 | |
Miscellaneous | 43 | |
Total expenses before reductions | 113,455 | |
Expense reductions | (3) | 113,452 |
Net investment income (loss) | 227,591 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 403,492 | |
Futures contracts | (35,391) | |
Total net realized gain (loss) |
| 368,101 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (2,231,890) | |
Futures contracts | (43,221) | |
Total change in net unrealized appreciation (depreciation) |
| (2,275,111) |
Net gain (loss) | (1,907,010) | |
Net increase (decrease) in net assets resulting from operations | $ (1,679,419) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended August 31, 2010 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 227,591 | $ 298,703 |
Net realized gain (loss) | 368,101 | 815,083 |
Change in net unrealized appreciation (depreciation) | (2,275,111) | 9,222,441 |
Net increase (decrease) in net assets resulting from operations | (1,679,419) | 10,336,227 |
Distributions to shareholders from net investment income | (44,727) | (290,636) |
Distributions to shareholders from net realized gain | (961,641) | - |
Total distributions | (1,006,368) | (290,636) |
Share transactions | 12,018,290 | 21,915,812 |
Reinvestment of distributions | 965,607 | 272,697 |
Cost of shares redeemed | (8,247,230) | (12,855,104) |
Net increase (decrease) in net assets resulting from share transactions | 4,736,667 | 9,333,405 |
Redemption fees | 1,827 | 2,474 |
Total increase (decrease) in net assets | 2,052,707 | 19,381,470 |
|
|
|
Net Assets | ||
Beginning of period | 33,616,862 | 14,235,392 |
End of period (including undistributed net investment income of $221,030 and undistributed net investment income of $38,166, respectively) | $ 35,669,569 | $ 33,616,862 |
Other Information Shares | ||
Sold | 1,395,841 | 3,090,781 |
Issued in reinvestment of distributions | 108,739 | 34,827 |
Redeemed | (990,027) | (1,869,024) |
Net increase (decrease) | 514,553 | 1,256,584 |
Financial Highlights
| Six months ended August 31, 2010 | Years ended February 28, | ||
| (Unaudited) | 2010 | 2009 | 2008 G |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period | $ 8.33 | $ 5.12 | $ 9.16 | $ 10.00 |
Income from Investment Operations |
|
|
|
|
Net investment income (loss) D | .05 | .09 | .10 | .02 |
Net realized and unrealized gain (loss) | (.31) | 3.20 | (4.07) | (.86) |
Total from investment operations | (.26) | 3.29 | (3.97) | (.84) |
Distributions from net investment income | (.01) | (.08) | (.08) | - |
Distributions from net realized gain | (.22) | - | - | - |
Total distributions | (.23) | (.08) | (.08) | - |
Redemption fees added to paid in capital D | - I | - I | .01 | - I |
Net asset value, end of period | $ 7.84 | $ 8.33 | $ 5.12 | $ 9.16 |
Total Return B, C | (3.50)% | 64.37% | (43.40)% | (8.40)% |
Ratios to Average Net Assets E, H |
|
|
|
|
Expenses before reductions | .60% A | .60% | .60% | .60% A |
Expenses net of fee waivers, if any | .60% A | .60% | .60% | .60% A |
Expenses net of all reductions | .60% A | .60% | .60% | .60% A |
Net investment income (loss) | 1.21% A | 1.21% | 1.39% | 1.25% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) | $ 35,670 | $ 33,617 | $ 14,235 | $ 5,967 |
Portfolio turnover rate F | 56% A | 80% J | 58% J | 16% A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period December 20, 2007 (commencement of operations) to February 29, 2008.
H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
I Amount represents less than $.01 per share.
J Reflects adjustments to exclude transactions in money market mutual funds.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Small Cap Enhanced Index Fund
Investment Changes (Unaudited)
Top Ten Stocks as of August 31, 2010 | ||
| % of fund's | % of fund's net assets |
Newpark Resources, Inc. | 0.8 | 0.4 |
Skyworks Solutions, Inc. | 0.8 | 0.8 |
RF Micro Devices, Inc. | 0.7 | 0.2 |
Complete Production Services, Inc. | 0.7 | 0.6 |
Omega Healthcare Investors, Inc. | 0.7 | 0.6 |
Golden Star Resources Ltd. Cda | 0.7 | 0.0 |
Domtar Corp. | 0.7 | 0.5 |
Fossil, Inc. | 0.7 | 0.5 |
Jack Henry & Associates, Inc. | 0.6 | 0.7 |
Nelnet, Inc. Class A | 0.6 | 0.5 |
| 7.0 | |
Market Sectors as of August 31, 2010 | ||
| % of fund's | % of fund's net assets |
Information Technology | 19.2 | 19.3 |
Financials | 18.8 | 18.3 |
Industrials | 14.4 | 14.7 |
Consumer Discretionary | 13.4 | 15.6 |
Health Care | 11.3 | 13.3 |
Materials | 6.6 | 5.2 |
Energy | 6.4 | 4.8 |
Consumer Staples | 4.4 | 4.2 |
Utilities | 2.1 | 1.9 |
Telecommunication Services | 0.6 | 0.4 |
Semiannual Report
Fidelity Small Cap Enhanced Index Fund
Investments August 31, 2010 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.2% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 13.4% | |||
Auto Components - 0.8% | |||
Amerigon, Inc. (a) | 5,000 | $ 51,700 | |
Cooper Tire & Rubber Co. | 24,559 | 397,610 | |
Dana Holding Corp. (a) | 20,000 | 205,200 | |
Superior Industries International, Inc. | 3,094 | 45,111 | |
| 699,621 | ||
Diversified Consumer Services - 0.4% | |||
DeVry, Inc. | 3,819 | 145,542 | |
Regis Corp. | 5,440 | 91,229 | |
Strayer Education, Inc. (e) | 715 | 103,518 | |
| 340,289 | ||
Hotels, Restaurants & Leisure - 1.7% | |||
AFC Enterprises, Inc. (a) | 11,000 | 118,250 | |
Bob Evans Farms, Inc. | 10,798 | 275,889 | |
Cracker Barrel Old Country Store, Inc. | 8,153 | 363,705 | |
Domino's Pizza, Inc. (a) | 17,365 | 222,619 | |
Papa John's International, Inc. (a) | 12,418 | 295,673 | |
Ruth's Hospitality Group, Inc. (a) | 27,659 | 90,445 | |
Shuffle Master, Inc. (a) | 20,000 | 159,000 | |
| 1,525,581 | ||
Household Durables - 1.9% | |||
American Greetings Corp. Class A | 18,729 | 361,470 | |
Beazer Homes USA, Inc. (a)(e) | 34,403 | 119,034 | |
M/I Homes, Inc. (a) | 9,417 | 88,802 | |
Meritage Homes Corp. (a) | 12,787 | 228,376 | |
Ryland Group, Inc. | 8,205 | 132,183 | |
Standard Pacific Corp. (a) | 84,904 | 296,315 | |
Tempur-Pedic International, Inc. (a)(e) | 8,470 | 226,996 | |
Tupperware Brands Corp. | 5,800 | 228,172 | |
| 1,681,348 | ||
Internet & Catalog Retail - 0.3% | |||
Netflix, Inc. (a) | 800 | 100,416 | |
Shutterfly, Inc. (a) | 7,880 | 175,172 | |
| 275,588 | ||
Leisure Equipment & Products - 0.5% | |||
Polaris Industries, Inc. (e) | 8,607 | 459,011 | |
Media - 1.6% | |||
Cinemark Holdings, Inc. | 7,901 | 115,434 | |
Global Sources Ltd. (a)(e) | 64,050 | 447,710 | |
Journal Communications, Inc. Class A (a) | 17,531 | 69,423 | |
National CineMedia, Inc. | 20,175 | 320,581 | |
Valassis Communications, Inc. (a) | 14,741 | 432,059 | |
| 1,385,207 | ||
Multiline Retail - 0.4% | |||
Dillard's, Inc. Class A (e) | 15,949 | 348,805 | |
Specialty Retail - 2.8% | |||
Aeropostale, Inc. (a) | 11,997 | 255,536 | |
Finish Line, Inc. Class A | 29,550 | 390,060 | |
J. Crew Group, Inc. (a) | 4,700 | 143,303 | |
| |||
Shares | Value | ||
Jo-Ann Stores, Inc. (a) | 14,006 | $ 569,484 | |
Rent-A-Center, Inc. | 24,848 | 498,948 | |
The Cato Corp. Class A (sub. vtg.) | 16,738 | 384,137 | |
Tractor Supply Co. | 3,393 | 230,656 | |
| 2,472,124 | ||
Textiles, Apparel & Luxury Goods - 3.0% | |||
Carter's, Inc. (a) | 5,283 | 118,022 | |
Crocs, Inc. (a) | 16,000 | 200,000 | |
Fossil, Inc. (a) | 12,797 | 607,730 | |
Jones Apparel Group, Inc. | 30,276 | 465,645 | |
Maidenform Brands, Inc. (a) | 16,748 | 446,669 | |
Oxford Industries, Inc. | 20,254 | 399,409 | |
Warnaco Group, Inc. (a) | 4,183 | 175,184 | |
Wolverine World Wide, Inc. | 7,000 | 176,890 | |
| 2,589,549 | ||
TOTAL CONSUMER DISCRETIONARY | 11,777,123 | ||
CONSUMER STAPLES - 4.4% | |||
Food & Staples Retailing - 1.6% | |||
Andersons, Inc. | 14,685 | 526,164 | |
Casey's General Stores, Inc. (e) | 10,065 | 378,645 | |
Nash-Finch Co. | 13,105 | 514,633 | |
| 1,419,442 | ||
Food Products - 1.7% | |||
Darling International, Inc. (a) | 21,449 | 161,296 | |
Lancaster Colony Corp. | 9,321 | 424,758 | |
Sanderson Farms, Inc. | 10,073 | 433,240 | |
TreeHouse Foods, Inc. (a) | 11,060 | 458,990 | |
| 1,478,284 | ||
Personal Products - 0.8% | |||
Inter Parfums, Inc. | 5,000 | 82,100 | |
Nu Skin Enterprises, Inc. Class A | 7,000 | 178,990 | |
Prestige Brands Holdings, Inc. (a) | 46,009 | 340,467 | |
USANA Health Sciences, Inc. (a) | 3,000 | 127,500 | |
| 729,057 | ||
Tobacco - 0.3% | |||
Alliance One International, Inc. (a) | 15,000 | 52,500 | |
Universal Corp. | 5,759 | 205,366 | |
| 257,866 | ||
TOTAL CONSUMER STAPLES | 3,884,649 | ||
ENERGY - 6.4% | |||
Energy Equipment & Services - 3.2% | |||
Cal Dive International, Inc. (a) | 40,344 | 184,372 | |
Carbo Ceramics, Inc. | 796 | 60,281 | |
Complete Production Services, Inc. (a) | 35,581 | 627,649 | |
ION Geophysical Corp. (a) | 79,157 | 270,717 | |
Lufkin Industries, Inc. | 8,000 | 309,280 | |
Newpark Resources, Inc. (a) | 83,841 | 731,932 | |
OYO Geospace Corp. (a) | 8,276 | 407,593 | |
Common Stocks - continued | |||
Shares | Value | ||
ENERGY - continued | |||
Energy Equipment & Services - continued | |||
Pioneer Drilling Co. (a) | 11,190 | $ 60,874 | |
Tesco Corp. (a) | 20,000 | 198,400 | |
| 2,851,098 | ||
Oil, Gas & Consumable Fuels - 3.2% | |||
Alon USA Energy, Inc. (e) | 6,979 | 37,826 | |
Bill Barrett Corp. (a) | 13,105 | 426,699 | |
Cloud Peak Energy, Inc. | 30,311 | 479,520 | |
Petroquest Energy, Inc. (a) | 77,981 | 466,326 | |
Ship Finance International Ltd. (NY Shares) | 12,641 | 221,344 | |
Stone Energy Corp. (a) | 15,871 | 179,501 | |
Teekay Tankers Ltd. | 10,000 | 115,500 | |
Vaalco Energy, Inc. | 52,934 | 301,194 | |
World Fuel Services Corp. | 21,481 | 548,625 | |
| 2,776,535 | ||
TOTAL ENERGY | 5,627,633 | ||
FINANCIALS - 18.8% | |||
Capital Markets - 0.9% | |||
Gleacher & Co., Inc. (a) | 99,480 | 167,126 | |
Knight Capital Group, Inc. Class A (a)(e) | 8,141 | 96,715 | |
PennantPark Investment Corp. | 7,187 | 71,008 | |
Prospect Capital Corp. | 11,000 | 100,980 | |
Stifel Financial Corp. (a) | 4,295 | 185,888 | |
TICC Capital Corp. | 12,993 | 119,016 | |
| 740,733 | ||
Commercial Banks - 6.5% | |||
Alliance Financial Corp. (e) | 3,782 | 107,522 | |
Bank of the Ozarks, Inc. (e) | 14,505 | 532,914 | |
Cardinal Financial Corp. | 3,013 | 27,659 | |
Community Bank System, Inc. | 23,068 | 520,875 | |
CVB Financial Corp. (e) | 31,039 | 211,996 | |
East West Bancorp, Inc. | 6,000 | 87,720 | |
Financial Institutions, Inc. | 5,891 | 84,595 | |
First Financial Bancorp, Ohio | 28,885 | 460,716 | |
First Financial Bankshares, Inc. (e) | 1,228 | 54,855 | |
IBERIABANK Corp. | 6,291 | 306,686 | |
International Bancshares Corp. | 24,723 | 385,679 | |
Merchants Bancshares, Inc. | 20,220 | 472,946 | |
NBT Bancorp, Inc. | 2,800 | 57,176 | |
Prosperity Bancshares, Inc. (e) | 16,977 | 482,996 | |
Renasant Corp. (e) | 8,779 | 117,726 | |
Republic Bancorp, Inc., Kentucky Class A | 10,000 | 194,200 | |
S&T Bancorp, Inc. | 9,200 | 156,124 | |
Signature Bank, New York (a) | 5,604 | 204,770 | |
Tompkins Financial Corp. | 3,300 | 121,242 | |
Trustmark Corp. | 4,342 | 82,802 | |
UMB Financial Corp. | 7,175 | 228,739 | |
Washington Trust Bancorp, Inc. | 9,273 | 167,749 | |
| |||
Shares | Value | ||
WesBanco, Inc. | 14,333 | $ 218,578 | |
Westamerica Bancorp. | 6,732 | 341,178 | |
Wilshire Bancorp, Inc. (e) | 16,749 | 103,844 | |
| 5,731,287 | ||
Consumer Finance - 1.3% | |||
EZCORP, Inc. (non-vtg.) Class A (a) | 6,156 | 110,685 | |
Nelnet, Inc. Class A | 26,369 | 577,745 | |
World Acceptance Corp. (a)(e) | 12,033 | 490,345 | |
| 1,178,775 | ||
Diversified Financial Services - 0.8% | |||
Encore Capital Group, Inc. (a) | 15,321 | 303,509 | |
MarketAxess Holdings, Inc. | 7,845 | 119,950 | |
NewStar Financial, Inc. (a) | 45,870 | 307,788 | |
| 731,247 | ||
Insurance - 1.5% | |||
Aspen Insurance Holdings Ltd. | 12,344 | 350,570 | |
FBL Financial Group, Inc. Class A | 16,412 | 377,476 | |
First Mercury Financial Corp. | 12,641 | 115,160 | |
Flagstone Reinsurance Holdings Ltd. | 16,048 | 161,603 | |
Platinum Underwriters Holdings Ltd. | 4,881 | 196,265 | |
SeaBright Insurance Holdings, Inc. | 20,141 | 142,397 | |
| 1,343,471 | ||
Real Estate Investment Trusts - 7.0% | |||
Anworth Mortgage Asset Corp. | 11,842 | 80,644 | |
Ashford Hospitality Trust, Inc. (a)(e) | 12,996 | 104,358 | |
BioMed Realty Trust, Inc. | 17,000 | 290,530 | |
CapLease, Inc. | 13,593 | 69,868 | |
Chesapeake Lodging Trust (a) | 26,350 | 431,613 | |
Colonial Properties Trust (SBI) | 10,232 | 162,280 | |
Crexus Investment Corp. | 9,465 | 112,917 | |
Extra Space Storage, Inc. | 16,000 | 244,640 | |
First Industrial Realty Trust, Inc. (a)(e) | 60,355 | 256,509 | |
Healthcare Realty Trust, Inc. | 9,490 | 222,161 | |
Highwoods Properties, Inc. (SBI) | 6,212 | 194,311 | |
Home Properties, Inc. | 1,228 | 62,014 | |
LaSalle Hotel Properties (SBI) | 5,500 | 115,885 | |
MFA Financial, Inc. | 9,800 | 72,226 | |
Mid-America Apartment Communities, Inc. | 7,470 | 421,831 | |
Mission West Properties, Inc. | 13,873 | 92,117 | |
National Health Investors, Inc. | 8,070 | 338,294 | |
National Retail Properties, Inc. | 17,784 | 433,218 | |
Nationwide Health Properties, Inc. | 9,790 | 376,621 | |
Omega Healthcare Investors, Inc. | 29,203 | 626,404 | |
Parkway Properties, Inc. | 3,500 | 51,170 | |
PS Business Parks, Inc. | 9,372 | 527,362 | |
RAIT Financial Trust (SBI) (a) | 156,196 | 210,865 | |
Redwood Trust, Inc. | 9,624 | 132,907 | |
Saul Centers, Inc. | 10,523 | 435,021 | |
Washington (REIT) (SBI) | 3,744 | 114,716 | |
| 6,180,482 | ||
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Thrifts & Mortgage Finance - 0.8% | |||
Dime Community Bancshares, Inc. | 12,900 | $ 161,121 | |
Flushing Financial Corp. | 19,264 | 208,629 | |
Meridian Interstate Bancorp, Inc. (a) | 6,485 | 68,806 | |
NASB Financial, Inc. | 1,651 | 22,222 | |
Provident New York Bancorp | 16,309 | 131,614 | |
United Financial Bancorp, Inc. | 7,000 | 94,220 | |
| 686,612 | ||
TOTAL FINANCIALS | 16,592,607 | ||
HEALTH CARE - 11.3% | |||
Biotechnology - 2.6% | |||
Acorda Therapeutics, Inc. (a) | 2,056 | 61,927 | |
Alkermes, Inc. (a) | 4,938 | 65,478 | |
Alnylam Pharmaceuticals, Inc. (a) | 743 | 10,179 | |
ArQule, Inc. (a) | 15,016 | 78,384 | |
Celldex Therapeutics, Inc. (a)(e) | 17,224 | 74,580 | |
Cepheid, Inc. (a) | 2,748 | 40,423 | |
Cubist Pharmaceuticals, Inc. (a) | 11,374 | 250,569 | |
Exelixis, Inc. (a) | 68,276 | 202,097 | |
Human Genome Sciences, Inc. (a) | 12,157 | 353,647 | |
Incyte Corp. (a)(e) | 4,180 | 52,334 | |
InterMune, Inc. (a) | 2,012 | 20,965 | |
Isis Pharmaceuticals, Inc. (a) | 3,389 | 26,570 | |
Martek Biosciences (a) | 3,416 | 74,537 | |
Medivation, Inc. (a) | 7,629 | 72,743 | |
Nabi Biopharmaceuticals (a) | 14,104 | 68,404 | |
ONYX Pharmaceuticals, Inc. (a) | 4,008 | 96,553 | |
Osiris Therapeutics, Inc. (a)(e) | 29,101 | 190,030 | |
PDL BioPharma, Inc. | 4,334 | 24,530 | |
Regeneron Pharmaceuticals, Inc. (a) | 3,857 | 84,777 | |
SciClone Pharmaceuticals, Inc. (a) | 44,438 | 107,096 | |
Seattle Genetics, Inc. (a) | 8,186 | 93,730 | |
Theravance, Inc. (a) | 1,227 | 14,834 | |
Vanda Pharmaceuticals, Inc. (a) | 22,336 | 140,047 | |
Zymogenetics, Inc. (a)(e) | 26,160 | 130,800 | |
| 2,335,234 | ||
Health Care Equipment & Supplies - 3.7% | |||
American Medical Systems Holdings, Inc. (a)(e) | 28,498 | 519,234 | |
Cantel Medical Corp. | 14,559 | 209,213 | |
Haemonetics Corp. (a) | 2,572 | 133,950 | |
Invacare Corp. | 21,446 | 491,113 | |
Kensey Nash Corp. (a) | 9,155 | 242,791 | |
Quidel Corp. (a)(e) | 15,766 | 190,611 | |
Sirona Dental Systems, Inc. (a) | 16,593 | 523,011 | |
Steris Corp. | 14,567 | 419,093 | |
Symmetry Medical, Inc. (a) | 10,692 | 96,121 | |
| |||
Shares | Value | ||
Thoratec Corp. (a) | 5,129 | $ 165,154 | |
Young Innovations, Inc. | 10,246 | 268,753 | |
| 3,259,044 | ||
Health Care Providers & Services - 3.1% | |||
Amedisys, Inc. (a)(e) | 9,351 | 216,195 | |
American Dental Partners, Inc. (a) | 8,820 | 94,198 | |
AMN Healthcare Services, Inc. (a) | 14,255 | 63,435 | |
AmSurg Corp. (a) | 11,203 | 186,754 | |
Chemed Corp. | 2,300 | 114,770 | |
Chindex International, Inc. (a) | 13,000 | 168,740 | |
Continucare Corp. (a) | 31,618 | 102,759 | |
Cross Country Healthcare, Inc. (a) | 8,704 | 64,497 | |
Emergency Medical Services Corp. Class A (a) | 5,768 | 277,152 | |
Genoptix, Inc. (a) | 8,368 | 144,013 | |
Hanger Orthopedic Group, Inc. (a) | 11,619 | 151,628 | |
Healthspring, Inc. (a) | 12,654 | 262,697 | |
Magellan Health Services, Inc. (a) | 3,303 | 144,704 | |
Owens & Minor, Inc. | 11,775 | 313,922 | |
PharMerica Corp. (a) | 16,201 | 125,720 | |
Providence Service Corp. (a) | 13,611 | 184,021 | |
PSS World Medical, Inc. (a) | 5,000 | 91,800 | |
| 2,707,005 | ||
Life Sciences Tools & Services - 0.2% | |||
Affymetrix, Inc. (a) | 11,665 | 47,943 | |
Dionex Corp. (a) | 577 | 41,833 | |
Kendle International, Inc. (a) | 5,787 | 45,312 | |
| 135,088 | ||
Pharmaceuticals - 1.7% | |||
Caraco Pharmaceutical Laboratories Ltd. (a) | 9,789 | 53,742 | |
Medicis Pharmaceutical Corp. Class A | 12,957 | 356,318 | |
Nektar Therapeutics (a) | 9,705 | 124,321 | |
Par Pharmaceutical Companies, Inc. (a) | 4,902 | 129,266 | |
Salix Pharmaceuticals Ltd. (a) | 2,010 | 76,099 | |
Santarus, Inc. (a) | 15,000 | 34,050 | |
SuperGen, Inc. (a) | 75,842 | 151,684 | |
Valeant Pharmaceuticals International (a) | 9,107 | 525,383 | |
ViroPharma, Inc. (a) | 4,054 | 50,837 | |
| 1,501,700 | ||
TOTAL HEALTH CARE | 9,938,071 | ||
INDUSTRIALS - 14.4% | |||
Aerospace & Defense - 1.0% | |||
AAR Corp. (a) | 17,237 | 264,760 | |
American Science & Engineering, Inc. | 1,500 | 106,455 | |
Ceradyne, Inc. (a) | 7,000 | 152,880 | |
Cubic Corp. | 9,432 | 360,208 | |
| 884,303 | ||
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Air Freight & Logistics - 0.9% | |||
Atlas Air Worldwide Holdings, Inc. (a) | 10,500 | $ 455,070 | |
Hub Group, Inc. Class A (a) | 11,000 | 292,380 | |
| 747,450 | ||
Airlines - 0.6% | |||
Allegiant Travel Co. | 9,983 | 375,660 | |
UAL Corp. (a) | 7,750 | 164,223 | |
| 539,883 | ||
Building Products - 0.6% | |||
A.O. Smith Corp. | 6,679 | 342,967 | |
Ameron International Corp. | 1,000 | 56,360 | |
Gibraltar Industries, Inc. (a) | 16,721 | 127,080 | |
| 526,407 | ||
Commercial Services & Supplies - 2.0% | |||
American Reprographics Co. (a) | 5,937 | 39,184 | |
ATC Technology Corp. (a) | 6,237 | 150,499 | |
Cenveo, Inc. (a) | 21,620 | 118,694 | |
Consolidated Graphics, Inc. (a) | 10,416 | 413,619 | |
HNI Corp. | 7,000 | 163,590 | |
M&F Worldwide Corp. (a) | 8,272 | 191,910 | |
Schawk, Inc. Class A | 15,657 | 237,986 | |
Tetra Tech, Inc. (a) | 15,392 | 279,365 | |
The Brink's Co. | 8,000 | 150,960 | |
| 1,745,807 | ||
Construction & Engineering - 0.8% | |||
Comfort Systems USA, Inc. | 24,540 | 255,952 | |
Dycom Industries, Inc. (a) | 19,905 | 160,036 | |
EMCOR Group, Inc. (a) | 12,956 | 294,619 | |
| 710,607 | ||
Electrical Equipment - 2.6% | |||
AZZ, Inc. | 10,110 | 403,793 | |
Belden, Inc. | 11,368 | 248,959 | |
Brady Corp. Class A | 5,333 | 137,378 | |
Encore Wire Corp. | 755 | 13,809 | |
EnerSys (a) | 10,046 | 221,715 | |
Franklin Electric Co., Inc. | 10,000 | 316,700 | |
GrafTech International Ltd. (a) | 12,460 | 175,188 | |
Lihua International, Inc. | 11,000 | 87,120 | |
Polypore International, Inc. (a) | 7,000 | 189,140 | |
Regal-Beloit Corp. | 9,165 | 507,008 | |
| 2,300,810 | ||
Industrial Conglomerates - 0.2% | |||
Raven Industries, Inc. | 5,600 | 188,776 | |
Machinery - 3.7% | |||
Actuant Corp. Class A | 9,008 | 178,539 | |
ArvinMeritor, Inc. (a)(e) | 15,000 | 196,050 | |
Barnes Group, Inc. | 5,000 | 76,050 | |
Briggs & Stratton Corp. | 26,280 | 476,982 | |
Graham Corp. | 3,000 | 42,510 | |
Kadant, Inc. (a) | 10,000 | 170,400 | |
| |||
Shares | Value | ||
Lindsay Corp. | 13,496 | $ 497,598 | |
Nordson Corp. | 7,438 | 477,296 | |
Robbins & Myers, Inc. | 15,000 | 354,900 | |
Tennant Co. | 11,914 | 372,193 | |
Thermadyne Holdings Corp. (a) | 15,000 | 165,450 | |
Watts Water Technologies, Inc. Class A | 9,431 | 283,307 | |
| 3,291,275 | ||
Professional Services - 0.9% | |||
Kelly Services, Inc. Class A (non-vtg.) (a) | 19,291 | 201,398 | |
SFN Group, Inc. (a) | 44,281 | 240,889 | |
Towers Watson & Co. | 8,656 | 388,654 | |
| 830,941 | ||
Road & Rail - 0.5% | |||
Dollar Thrifty Automotive Group, Inc. (a) | 3,683 | 173,248 | |
Werner Enterprises, Inc. | 13,496 | 269,110 | |
| 442,358 | ||
Trading Companies & Distributors - 0.6% | |||
Aircastle Ltd. | 4,644 | 36,270 | |
TAL International Group, Inc. | 22,168 | 472,622 | |
| 508,892 | ||
TOTAL INDUSTRIALS | 12,717,509 | ||
INFORMATION TECHNOLOGY - 19.2% | |||
Communications Equipment - 3.4% | |||
Arris Group, Inc. (a) | 30,642 | 250,345 | |
Aviat Networks, Inc. (a) | 58,891 | 232,031 | |
Bel Fuse, Inc. Class B (non-vtg.) | 5,000 | 92,650 | |
Blue Coat Systems, Inc. (a) | 14,443 | 271,962 | |
InterDigital, Inc. (a) | 21,559 | 532,938 | |
Oplink Communications, Inc. (a) | 30,417 | 478,155 | |
Plantronics, Inc. | 11,761 | 321,193 | |
Polycom, Inc. (a) | 2,625 | 74,760 | |
Powerwave Technologies, Inc. (a)(e) | 269,652 | 458,408 | |
Tekelec (a) | 21,602 | 236,758 | |
| 2,949,200 | ||
Computers & Peripherals - 0.9% | |||
Cray, Inc. (a) | 19,095 | 102,922 | |
Hutchinson Technology, Inc. (a)(e) | 45,609 | 130,898 | |
Rimage Corp. (a) | 7,023 | 107,452 | |
Synaptics, Inc. (a)(e) | 16,480 | 435,402 | |
| 776,674 | ||
Electronic Equipment & Components - 2.6% | |||
Anixter International, Inc. (a) | 7,200 | 330,336 | |
Benchmark Electronics, Inc. (a) | 27,199 | 381,602 | |
Checkpoint Systems, Inc. (a) | 10,633 | 195,009 | |
CPI International, Inc. (a) | 5,721 | 80,723 | |
CTS Corp. | 10,159 | 81,678 | |
Insight Enterprises, Inc. (a) | 10,231 | 134,435 | |
Measurement Specialties, Inc. (a) | 10,000 | 148,200 | |
Multi-Fineline Electronix, Inc. (a) | 6,000 | 125,040 | |
OSI Systems, Inc. (a) | 10,160 | 300,533 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Electronic Equipment & Components - continued | |||
Technitrol, Inc. | 120,867 | $ 448,417 | |
TTM Technologies, Inc. (a) | 8,136 | 67,203 | |
| 2,293,176 | ||
Internet Software & Services - 1.5% | |||
Digital River, Inc. (a) | 3,633 | 95,802 | |
EarthLink, Inc. | 39,952 | 341,989 | |
j2 Global Communications, Inc. (a) | 12,467 | 268,913 | |
Mercadolibre, Inc. (a) | 4,000 | 263,760 | |
ValueClick, Inc. (a) | 31,958 | 348,342 | |
| 1,318,806 | ||
IT Services - 2.4% | |||
Acxiom Corp. (a) | 29,307 | 363,260 | |
CACI International, Inc. Class A (a) | 6,623 | 270,285 | |
CSG Systems International, Inc. (a) | 12,761 | 233,526 | |
Diamond Management & Technology Consultants, Inc. | 21,244 | 265,338 | |
Maximus, Inc. | 2,200 | 118,162 | |
SAIC, Inc. (a)(e) | 11,512 | 171,299 | |
Teletech Holdings, Inc. (a) | 16,412 | 208,104 | |
Unisys Corp. (a) | 3,600 | 80,496 | |
VeriFone Holdings, Inc. (a) | 14,578 | 352,496 | |
Wright Express Corp. (a) | 2,294 | 73,660 | |
| 2,136,626 | ||
Semiconductors & Semiconductor Equipment - 5.7% | |||
Amkor Technology, Inc. (a)(e) | 15,093 | 76,522 | |
Atheros Communications, Inc. (a) | 17,939 | 442,376 | |
Diodes, Inc. (a) | 9,494 | 140,037 | |
DSP Group, Inc. (a) | 41,030 | 276,132 | |
GT Solar International, Inc. (a) | 70,000 | 541,100 | |
Lattice Semiconductor Corp. (a) | 127,407 | 528,739 | |
Monolithic Power Systems, Inc. (a) | 7,704 | 126,423 | |
Omnivision Technologies, Inc. (a) | 10,000 | 205,000 | |
PMC-Sierra, Inc. (a) | 56,777 | 392,897 | |
RF Micro Devices, Inc. (a) | 131,761 | 642,994 | |
Semtech Corp. (a) | 5,725 | 95,006 | |
Sigma Designs, Inc. (a)(e) | 30,132 | 286,254 | |
Skyworks Solutions, Inc. (a) | 38,348 | 684,895 | |
Tessera Technologies, Inc. (a) | 3,991 | 60,663 | |
Veeco Instruments, Inc. (a)(e) | 15,554 | 516,859 | |
| 5,015,897 | ||
Software - 2.7% | |||
AsiaInfo Holdings, Inc. (a)(e) | 4,000 | 71,440 | |
Informatica Corp. (a) | 8,021 | 257,955 | |
Jack Henry & Associates, Inc. | 25,151 | 592,055 | |
Lawson Software, Inc. (a) | 26,317 | 200,009 | |
Manhattan Associates, Inc. (a) | 10,243 | 266,779 | |
Monotype Imaging Holdings, Inc. (a) | 12,580 | 93,029 | |
Net 1 UEPS Technologies, Inc. (a) | 21,011 | 241,837 | |
Quest Software, Inc. (a) | 20,155 | 431,922 | |
| |||
Shares | Value | ||
Renaissance Learning, Inc. | 9,020 | $ 72,160 | |
TIBCO Software, Inc. (a) | 11,764 | 170,460 | |
| 2,397,646 | ||
TOTAL INFORMATION TECHNOLOGY | 16,888,025 | ||
MATERIALS - 6.6% | |||
Chemicals - 2.7% | |||
H.B. Fuller Co. | 14,694 | 279,039 | |
Innophos Holdings, Inc. | 19,457 | 567,561 | |
OM Group, Inc. (a) | 11,197 | 286,643 | |
OMNOVA Solutions, Inc. (a) | 63,921 | 389,918 | |
PolyOne Corp. (a) | 19,676 | 191,841 | |
Sensient Technologies Corp. | 5,447 | 151,045 | |
ShengdaTech, Inc. (a)(e) | 25,000 | 111,000 | |
Solutia, Inc. (a) | 2,000 | 27,080 | |
W.R. Grace & Co. (a) | 6,587 | 166,651 | |
Westlake Chemical Corp. | 6,931 | 179,652 | |
| 2,350,430 | ||
Containers & Packaging - 1.3% | |||
Boise, Inc. (a) | 35,227 | 242,362 | |
Rock-Tenn Co. Class A (e) | 9,950 | 479,391 | |
Silgan Holdings, Inc. | 14,394 | 430,237 | |
| 1,151,990 | ||
Metals & Mining - 1.3% | |||
Golden Star Resources Ltd. (a) | 131,985 | 620,159 | |
Hecla Mining Co. (a)(e) | 30,000 | 171,600 | |
Worthington Industries, Inc. | 23,790 | 338,294 | |
| 1,130,053 | ||
Paper & Forest Products - 1.3% | |||
Buckeye Technologies, Inc. | 27,733 | 329,468 | |
Domtar Corp. | 10,256 | 615,565 | |
Glatfelter | 23,888 | 244,374 | |
| 1,189,407 | ||
TOTAL MATERIALS | 5,821,880 | ||
TELECOMMUNICATION SERVICES - 0.6% | |||
Diversified Telecommunication Services - 0.3% | |||
Consolidated Communications Holdings, Inc. | 16,307 | 282,763 | |
Wireless Telecommunication Services - 0.3% | |||
USA Mobility, Inc. | 19,990 | 287,056 | |
TOTAL TELECOMMUNICATION SERVICES | 569,819 | ||
UTILITIES - 2.1% | |||
Electric Utilities - 0.6% | |||
Central Vermont Public Service Corp. | 5,000 | 99,150 | |
IDACORP, Inc. | 1,426 | 49,996 | |
Portland General Electric Co. | 6,500 | 129,870 | |
UIL Holdings Corp. | 9,500 | 251,655 | |
| 530,671 | ||
Common Stocks - continued | |||
Shares | Value | ||
UTILITIES - continued | |||
Gas Utilities - 1.0% | |||
Chesapeake Utilities Corp. | 4,300 | $ 148,092 | |
New Jersey Resources Corp. | 3,740 | 139,165 | |
Nicor, Inc. | 2,131 | 90,120 | |
Northwest Natural Gas Co. | 2,245 | 102,013 | |
Piedmont Natural Gas Co., Inc. (e) | 6,200 | 169,136 | |
Southwest Gas Corp. | 6,692 | 210,463 | |
| 858,989 | ||
Independent Power Producers & Energy Traders - 0.3% | |||
Black Hills Corp. | 9,228 | 280,808 | |
Multi-Utilities - 0.2% | |||
Avista Corp. | 7,044 | 147,008 | |
TOTAL UTILITIES | 1,817,476 | ||
TOTAL COMMON STOCKS (Cost $83,355,269) | 85,634,792 | ||
Investment Companies - 0.5% | |||
|
|
|
|
Ares Capital Corp. | 33,522 | 500,819 |
U.S. Treasury Obligations - 0.5% | ||||
| Principal |
| ||
U.S. Treasury Bills, yield at date of purchase 0.25% to 0.41% 11/18/10 to 12/16/10 (f) | $ 450,000 | 449,856 |
Money Market Funds - 10.0% | |||
Shares |
| ||
Dreyfus Cash Management Institutional Shares, 0.10% (c) | 1,436,705 | 1,436,705 | |
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(d) | 7,350,091 | 7,350,091 | |
TOTAL MONEY MARKET FUNDS (Cost $8,786,789) | 8,786,796 | ||
TOTAL INVESTMENT PORTFOLIO - 108.2% (Cost $93,034,089) | 95,372,263 | ||
NET OTHER ASSETS (LIABILITIES) - (8.2)% | (7,251,604) | ||
NET ASSETS - 100% | $ 88,120,659 |
Futures Contracts | |||||
Expiration | Underlying | Unrealized | |||
Purchased | |||||
Equity Index Contracts | |||||
33 NYFE Russell 2000 Mini Index Contracts | Sept. 2010 | $ 1,985,280 | $ (14,658) |
|
The face value of futures purchased as a percentage of net assets is 2.3% |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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. |
(c) The rate quoted is the annualized seven-day yield of the fund at period end. |
(d) Investment made with cash collateral received from securities on loan. |
(e) Security or a portion of the security is on loan at period end. |
(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $449,856. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Securities Lending Cash Central Fund | $ 54,383 |
Other Information |
The following is a summary of the inputs used, as of August 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $ 11,777,123 | $ 11,777,123 | $ - | $ - |
Consumer Staples | 3,884,649 | 3,884,649 | - | - |
Energy | 5,627,633 | 5,627,633 | - | - |
Financials | 16,592,607 | 16,592,607 | - | - |
Health Care | 9,938,071 | 9,938,071 | - | - |
Industrials | 12,717,509 | 12,717,509 | - | - |
Information Technology | 16,888,025 | 16,888,025 | - | - |
Materials | 5,821,880 | 5,821,880 | - | - |
Telecommunication Services | 569,819 | 569,819 | - | - |
Utilities | 1,817,476 | 1,817,476 | - | - |
Investment Companies | 500,819 | 500,819 | - | - |
U.S. Government and Government Agency Obligations | 449,856 | - | 449,856 | - |
Money Market Funds | 8,786,796 | 8,786,796 | - | - |
Total Investments in Securities: | $ 95,372,263 | $ 94,922,407 | $ 449,856 | $ - |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $ (14,658) | $ (14,658) | $ - | $ - |
Value of Derivative Instruments |
The following table is a summary of the Fund's value of derivative instruments by risk exposure as of August 31, 2010. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Risk Exposure / | Value | |
| Asset | Liability |
Equity Risk | ||
Futures Contracts (a) | $ - | $ (14,658) |
Total Value of Derivatives | $ - | $ (14,658) |
(a) Reflects cumulative appreciation/(depreciation) on futures contracts as disclosed on the Schedule of Investments. Only the period end variation margin is separately disclosed on the Statement of Assets and Liabilities. |
Income Tax Information |
At February 28, 2010, the Fund had a capital loss carryforward of approximately $8,024,743 of which $480,659 and $7,544,084 will expire on February 28, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Small Cap Enhanced Index Fund
Financial Statements
Statement of Assets and Liabilities
| August 31, 2010 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $7,059,666) - See accompanying schedule: Unaffiliated issuers (cost $85,683,998) | $ 88,022,172 |
|
Fidelity Central Funds (cost $7,350,091) | 7,350,091 |
|
Total Investments (cost $93,034,089) |
| $ 95,372,263 |
Foreign currency held at value (cost $12,409) | 12,086 | |
Receivable for fund shares sold | 234,154 | |
Dividends receivable | 70,690 | |
Interest receivable | 170 | |
Distributions receivable from Fidelity Central Funds | 5,981 | |
Receivable for daily variation on futures contracts | 2,637 | |
Total assets | 95,697,981 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | 176,050 | |
Accrued management fee | 39,722 | |
Other affiliated payables | 11,459 | |
Collateral on securities loaned, at value | 7,350,091 | |
Total liabilities | 7,577,322 | |
|
|
|
Net Assets | $ 88,120,659 | |
Net Assets consist of: |
| |
Paid in capital | $ 91,620,230 | |
Undistributed net investment income | 285,579 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (6,108,344) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 2,323,194 | |
Net Assets, for 11,246,108 shares outstanding | $ 88,120,659 | |
Net Asset Value, offering price and redemption price per share ($88,120,659 ÷ 11,246,108 shares) | $ 7.84 |
Statement of Operations
Six months ended August 31, 2010 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends |
| $ 574,572 |
Interest |
| 2,924 |
Income from Fidelity Central Funds (including $54,383 from security lending) |
| 54,383 |
Total income |
| 631,879 |
|
|
|
Expenses | ||
Management fee | $ 247,046 | |
Transfer agent fees | 71,508 | |
Independent trustees' compensation | 848 | |
Miscellaneous | 110 | |
Total expenses before reductions | 319,512 | |
Expense reductions | (4) | 319,508 |
Net investment income (loss) | 312,371 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 2,653,549 | |
Foreign currency transactions | 5,564 | |
Futures contracts | (261,221) | |
Total net realized gain (loss) |
| 2,397,892 |
Change in net unrealized appreciation (depreciation) on: Investment securities | (5,595,680) | |
Assets and liabilities in foreign currencies | (323) | |
Futures contracts | (87,380) | |
Total change in net unrealized appreciation (depreciation) |
| (5,683,383) |
Net gain (loss) | (3,285,491) | |
Net increase (decrease) in net assets resulting from operations | $ (2,973,120) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 312,371 | $ 563,933 |
Net realized gain (loss) | 2,397,892 | (3,276,533) |
Change in net unrealized appreciation (depreciation) | (5,683,383) | 33,214,854 |
Net increase (decrease) in net assets resulting from operations | (2,973,120) | 30,502,254 |
Distributions to shareholders from net investment income | (55,945) | (554,929) |
Share transactions | 22,647,100 | 39,570,131 |
Reinvestment of distributions | 53,583 | 525,603 |
Cost of shares redeemed | (16,808,728) | (42,285,209) |
Net increase (decrease) in net assets resulting from share transactions | 5,891,955 | (2,189,475) |
Redemption fees | 14,966 | 41,898 |
Total increase (decrease) in net assets | 2,877,856 | 27,799,748 |
|
|
|
Net Assets | ||
Beginning of period | 85,242,803 | 57,443,055 |
End of period (including undistributed net investment income of $285,579 and undistributed net investment income of $29,153, respectively) | $ 88,120,659 | $ 85,242,803 |
Other Information Shares | ||
Sold | 2,637,161 | 5,764,326 |
Issued in reinvestment of distributions | 5,901 | 69,527 |
Redeemed | (1,979,917) | (6,294,661) |
Net increase (decrease) | 663,145 | (460,808) |
Financial Highlights
| Six months ended | Years ended February 28, | ||
| (Unaudited) | 2010 | 2009 | 2008 G |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period | $ 8.05 | $ 5.20 | $ 9.03 | $ 10.00 |
Income from Investment Operations |
|
|
|
|
Net investment income (loss) D | .03 | .05 | .09 | .02 |
Net realized and unrealized gain (loss) | (.23) | 2.86 | (3.87) | (.99) |
Total from investment operations | (.20) | 2.91 | (3.78) | (.97) |
Distributions from net investment income | (.01) | (.06) | (.06) | - |
Redemption fees added to paid in capital D | - I | - I | .01 | - I |
Net asset value, end of period | $ 7.84 | $ 8.05 | $ 5.20 | $ 9.03 |
Total Return B, C | (2.56)% | 55.93% | (41.94)% | (9.70)% |
Ratios to Average Net Assets E, H |
|
|
|
|
Expenses before reductions | .67% A | .67% | .67% | .67% A |
Expenses net of fee waivers, if any | .67% A | .67% | .67% | .67% A |
Expenses net of all reductions | .67% A | .67% | .67% | .67% A |
Net investment income (loss) | .66% A | .77% | 1.29% | 1.19% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) | $ 88,121 | $ 85,243 | $ 57,443 | $ 6,343 |
Portfolio turnover rate F | 56% A | 98% J | 36% J | 16% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period December 20, 2007 (commencement of operations) to February 29, 2008.
H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
I Amount represents less than $.01 per share.
J Reflects adjustments to exclude transactions in money market mutual funds.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity International Enhanced Index Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of August 31, 2010 | |||
![]() | Japan | 21.6% |
|
![]() | United Kingdom | 19.9% |
|
![]() | Australia | 9.3% |
|
![]() | France | 8.3% |
|
![]() | Germany | 7.9% |
|
![]() | Switzerland | 7.4% |
|
![]() | United States of America | 3.6% |
|
![]() | Hong Kong | 2.8% |
|
![]() | Spain | 2.6% |
|
![]() | Other | 16.6% |
|
Percentages are adjusted for the effect of futures contracts, if applicable. |
As of February 28, 2010 | |||
![]() | Japan | 21.2% |
|
![]() | United Kingdom | 18.6% |
|
![]() | France | 9.0% |
|
![]() | Switzerland | 7.8% |
|
![]() | Australia | 7.8% |
|
![]() | Germany | 6.7% |
|
![]() | United States of America | 6.5% |
|
![]() | Spain | 3.7% |
|
![]() | Italy | 2.8% |
|
![]() | Other | 15.9% |
|
Percentages are adjusted for the effect of futures contracts, if applicable. |
Asset Allocation | ||
| % of fund's | % of fund's net assets |
Stocks and Equity Futures | 99.3 | 99.9 |
Short-Term Investments and Net Other Assets | 0.7 | 0.1 |
Top Ten Stocks as of August 31, 2010 | ||
| % of fund's | % of fund's net assets |
Nestle SA (Switzerland, Food Products) | 2.3 | 1.9 |
HSBC Holdings PLC (United Kingdom) (United Kingdom, Commercial Banks) | 1.7 | 1.6 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.5 | 1.1 |
BHP Billiton Ltd. (Australia, Metals & Mining) | 1.5 | 1.3 |
BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 1.4 | 1.7 |
GlaxoSmithKline PLC sponsored ADR (United Kingdom, Pharmaceuticals) | 1.3 | 1.1 |
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) | 1.1 | 0.8 |
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 1.1 | 1.1 |
Total SA (France, Oil, Gas & Consumable Fuels) | 1.1 | 1.1 |
Commonwealth Bank of Australia (Australia, Commercial Banks) | 1.1 | 1.0 |
| 14.1 | |
Market Sectors as of August 31, 2010 | ||
| % of fund's | % of fund's net assets |
Financials | 22.7 | 22.7 |
Consumer Staples | 11.4 | 10.1 |
Industrials | 11.0 | 12.0 |
Consumer Discretionary | 10.4 | 8.4 |
Materials | 10.1 | 10.1 |
Health Care | 9.6 | 8.4 |
Energy | 7.1 | 7.5 |
Utilities | 5.0 | 4.9 |
Telecommunication Services | 4.9 | 5.3 |
Information Technology | 4.2 | 4.1 |
Semiannual Report
Fidelity International Enhanced Index Fund
Investments August 31, 2010 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.4% | |||
Shares | Value | ||
Australia - 9.3% | |||
AGL Energy Ltd. | 3,600 | $ 48,124 | |
ASX Ltd. | 806 | 20,882 | |
Australia & New Zealand Banking Group Ltd. | 3,440 | 69,162 | |
Bendigo & Adelaide Bank Ltd. | 5,400 | 40,515 | |
BHP Billiton Ltd. | 8,640 | 286,753 | |
Caltex Australia Ltd. | 4,700 | 47,017 | |
Coca-Cola Amatil Ltd. | 2,647 | 28,105 | |
Commonwealth Bank of Australia | 4,690 | 209,957 | |
Crown Ltd. | 7,400 | 54,532 | |
CSL Ltd. | 2,370 | 69,523 | |
DuluxGroup Ltd. (a) | 2,500 | 5,785 | |
Fortescue Metals Group Ltd. (a) | 16,000 | 66,643 | |
Fosters Group Ltd. | 13,957 | 75,276 | |
Incitec Pivot Ltd. | 10,999 | 32,989 | |
Insurance Australia Group Ltd. | 18,100 | 55,415 | |
MAp Group unit | 8,600 | 22,656 | |
Metcash Ltd. | 13,213 | 51,625 | |
National Australia Bank Ltd. | 2,950 | 60,912 | |
Orica Ltd. | 2,500 | 55,736 | |
QBE Insurance Group Ltd. | 2,245 | 32,948 | |
Rio Tinto Ltd. | 2,090 | 130,374 | |
Telstra Corp. Ltd. | 22,400 | 54,824 | |
Wesfarmers Ltd. | 3,000 | 85,333 | |
Westfield Group unit | 6,049 | 67,349 | |
Westpac Banking Corp. | 4,051 | 78,237 | |
Woolworths Ltd. | 3,482 | 86,028 | |
TOTAL AUSTRALIA | 1,836,700 | ||
Austria - 0.5% | |||
OMV AG | 1,320 | 42,529 | |
Telekom Austria AG | 700 | 8,952 | |
Voestalpine AG | 1,800 | 53,431 | |
TOTAL AUSTRIA | 104,912 | ||
Bailiwick of Jersey - 0.9% | |||
Experian PLC | 8,980 | 85,608 | |
Petrofac Ltd. | 4,090 | 87,894 | |
TOTAL BAILIWICK OF JERSEY | 173,502 | ||
Belgium - 1.4% | |||
Anheuser-Busch InBev SA NV | 2,829 | 147,172 | |
Delhaize Group SA | 645 | 43,116 | |
Mobistar SA | 580 | 32,503 | |
Umicore SA | 1,638 | 56,947 | |
TOTAL BELGIUM | 279,738 | ||
Bermuda - 0.3% | |||
Noble Group Ltd. | 545 | 631 | |
Yue Yuen Industrial (Holdings) Ltd. | 15,500 | 50,811 | |
TOTAL BERMUDA | 51,442 | ||
| |||
Shares | Value | ||
Denmark - 1.1% | |||
Coloplast AS Series B | 687 | $ 73,101 | |
Novo Nordisk AS Series B | 1,575 | 134,587 | |
Novozymes AS Series B | 45 | 5,286 | |
TOTAL DENMARK | 212,974 | ||
Finland - 2.1% | |||
Fortum Corp. | 3,400 | 78,301 | |
KCI Konecranes Oyj | 2,310 | 70,414 | |
Kone Oyj (B Shares) | 1,920 | 88,312 | |
Nokia Corp. | 8,713 | 74,256 | |
Stora Enso Oyj (R Shares) | 8,005 | 61,738 | |
Wartsila Corp. | 563 | 30,027 | |
TOTAL FINLAND | 403,048 | ||
France - 8.3% | |||
AXA SA | 2,102 | 32,676 | |
BNP Paribas SA | 1,600 | 100,118 | |
Bouygues SA | 702 | 28,503 | |
Carrefour SA | 844 | 38,328 | |
Casino Guichard Perrachon et Compagnie | 840 | 68,021 | |
CNP Assurances | 1,600 | 27,174 | |
Compagnie de St. Gobain | 1,858 | 68,387 | |
Credit Agricole SA | 5,300 | 66,805 | |
Danone | 370 | 19,886 | |
Eutelsat Communications | 1,830 | 65,802 | |
France Telecom SA | 5,170 | 105,106 | |
GDF Suez | 2,623 | 81,235 | |
Gecina SA | 595 | 59,335 | |
Hermes International SA | 399 | 72,317 | |
L'Air Liquide SA | 198 | 20,593 | |
Legrand SA | 1,200 | 36,449 | |
LVMH Moet Hennessy - Louis Vuitton | 85 | 9,887 | |
PagesJaunes Groupe SA | 4,270 | 40,585 | |
Sanofi-Aventis | 1,420 | 81,303 | |
Schneider Electric SA | 249 | 26,412 | |
Societe Generale Series A | 1,800 | 91,667 | |
Technip SA | 995 | 65,187 | |
Total SA | 4,620 | 214,931 | |
Unibail-Rodamco | 490 | 92,412 | |
VINCI SA | 1,400 | 61,440 | |
Vivendi | 2,340 | 54,601 | |
TOTAL FRANCE | 1,629,160 | ||
Germany - 7.9% | |||
Allianz AG | 1,110 | 113,872 | |
BASF AG | 3,210 | 169,393 | |
Bayer AG | 3,087 | 188,510 | |
Daimler AG (Germany) (a) | 2,028 | 98,600 | |
Deutsche Bank AG | 1,880 | 118,140 | |
Deutsche Boerse AG | 677 | 41,376 | |
Deutsche Telekom AG | 5,892 | 77,591 | |
E.ON AG | 3,722 | 104,751 | |
Common Stocks - continued | |||
Shares | Value | ||
Germany - continued | |||
Infineon Technologies AG (a) | 13,700 | $ 76,419 | |
Linde AG | 865 | 97,465 | |
Munich Re Group | 189 | 24,146 | |
Puma AG | 95 | 25,791 | |
RWE AG | 196 | 12,838 | |
SAP AG | 1,560 | 68,125 | |
Siemens AG | 2,270 | 206,519 | |
TUI AG (a) | 3,740 | 37,714 | |
Volkswagen AG | 97 | 8,821 | |
Wacker Chemie AG | 525 | 79,650 | |
TOTAL GERMANY | 1,549,721 | ||
Greece - 0.1% | |||
Coca-Cola Hellenic Bottling Co. SA | 554 | 13,046 | |
Public Power Corp. of Greece | 710 | 10,097 | |
TOTAL GREECE | 23,143 | ||
Hong Kong - 2.8% | |||
ASM Pacific Technology Ltd. | 4,600 | 37,225 | |
Bank of East Asia Ltd. | 80 | 301 | |
BOC Hong Kong (Holdings) Ltd. | 37,000 | 97,270 | |
Cheung Kong Holdings Ltd. | 2,000 | 25,171 | |
CLP Holdings Ltd. | 10,000 | 76,553 | |
Hang Seng Bank Ltd. | 2,000 | 27,433 | |
Henderson Land Development Co. Ltd. | 4,000 | 24,476 | |
Henderson Land Development Co. Ltd. warrants 6/1/11 (a) | 800 | 108 | |
Hong Kong Electric Holdings Ltd. | 3,500 | 21,259 | |
Hutchison Whampoa Ltd. | 5,000 | 36,959 | |
Hysan Development Co. Ltd. | 5,000 | 15,844 | |
Kerry Properties Ltd. | 8,000 | 40,314 | |
New World Development Co. Ltd. | 21,000 | 33,691 | |
Sun Hung Kai Properties Ltd. | 4,495 | 62,985 | |
Wheelock and Co. Ltd. | 16,000 | 46,176 | |
TOTAL HONG KONG | 545,765 | ||
Ireland - 0.3% | |||
CRH PLC | 27 | 416 | |
Kerry Group PLC Class A | 680 | 22,335 | |
Ryanair Holdings PLC | 6,100 | 29,638 | |
TOTAL IRELAND | 52,389 | ||
Israel - 0.4% | |||
Teva Pharmaceutical Industries Ltd. | 1,700 | 86,127 | |
Italy - 1.8% | |||
Assicurazioni Generali SpA | 1,101 | 19,913 | |
Enel SpA | 3,784 | 18,033 | |
ENI SpA | 5,321 | 105,149 | |
EXOR SpA | 1,500 | 27,624 | |
Finmeccanica SpA | 4,420 | 44,397 | |
Intesa Sanpaolo SpA | 20,964 | 58,854 | |
Mediobanca SpA | 3,747 | 29,492 | |
Mediobanca SpA warrants 3/18/11 (a) | 3,569 | 95 | |
| |||
Shares | Value | ||
Telecom Italia SpA | 19,506 | $ 26,288 | |
UniCredit SpA | 9,662 | 22,680 | |
TOTAL ITALY | 352,525 | ||
Japan - 21.6% | |||
Aeon Mall Co. Ltd. | 1,800 | 41,262 | |
Asahi Glass Co. Ltd. | 4,000 | 39,038 | |
Astellas Pharma, Inc. | 2,200 | 76,013 | |
Bank of Yokohama Ltd. | 7,000 | 30,409 | |
Canon, Inc. | 2,000 | 81,871 | |
Central Japan Railway Co. | 11 | 88,765 | |
Chiba Bank Ltd. | 4,000 | 22,518 | |
Chubu Electric Power Co., Inc. | 4,200 | 110,624 | |
Dai-ichi Mutual Life Insurance Co. | 6 | 7,091 | |
Daito Trust Construction Co. Ltd. | 1,400 | 80,314 | |
DeNA Co. Ltd. | 2,200 | 65,932 | |
Dentsu, Inc. | 1,800 | 41,026 | |
East Japan Railway Co. | 1,700 | 110,069 | |
Eisai Co. Ltd. | 1,000 | 36,063 | |
Electric Power Development Co. Ltd. | 900 | 28,965 | |
Elpida Memory, Inc. (a) | 3,700 | 44,433 | |
Fuji Heavy Industries Ltd. (a) | 12,000 | 67,413 | |
Fujifilm Holdings Corp. | 2,000 | 60,700 | |
Hino Motors Ltd. | 12,000 | 52,845 | |
Hitachi Ltd. (a) | 27,000 | 109,708 | |
Hokuhoku Financial Group, Inc. | 6,000 | 10,498 | |
Honda Motor Co. Ltd. | 5,300 | 175,527 | |
INPEX Corp. | 12 | 54,273 | |
Isetan Mitsukoshi Holdings Ltd. | 1,400 | 14,746 | |
JFE Holdings, Inc. | 2,500 | 73,822 | |
JGC Corp. | 3,000 | 45,918 | |
Jupiter Telecommunications Co. | 40 | 42,609 | |
Kansai Electric Power Co., Inc. | 1,900 | 48,710 | |
Kao Corp. | 1,300 | 30,218 | |
KDDI Corp. | 13 | 62,664 | |
Kinden Corp. | 6,000 | 52,845 | |
Kirin Holdings Co. Ltd. | 2,000 | 27,660 | |
Kuraray Co. Ltd. | 2,000 | 22,637 | |
Lawson, Inc. | 700 | 31,909 | |
Marubeni Corp. | 8,000 | 41,228 | |
Minebea Ltd. | 12,000 | 55,273 | |
Mitsubishi Corp. | 1,000 | 21,423 | |
Mitsubishi UFJ Financial Group, Inc. | 28,900 | 137,013 | |
Mitsui & Co. Ltd. | 5,500 | 71,548 | |
Mitsui Engineering & Shipbuilding Co. | 24,000 | 51,131 | |
Mitsui OSK Lines Ltd. | 6,000 | 37,705 | |
Mizuho Financial Group, Inc. | 20,000 | 30,671 | |
Nintendo Co. Ltd. | 50 | 13,913 | |
Nippon Electric Glass Co. Ltd. | 4,000 | 44,799 | |
Nippon Telegraph & Telephone Corp. | 400 | 17,197 | |
Nissan Motor Co. Ltd. (a) | 15,100 | 115,380 | |
Nisshin Seifun Group, Inc. | 3,500 | 44,739 | |
Nitori Holdings Co. Ltd. | 800 | 69,698 | |
Nitto Denko Corp. | 1,100 | 35,270 | |
Common Stocks - continued | |||
Shares | Value | ||
Japan - continued | |||
Nomura Holdings, Inc. | 4,200 | $ 23,786 | |
NTT Data Corp. | 16 | 50,045 | |
Oji Paper Co. Ltd. | 11,000 | 52,107 | |
ORIX Corp. | 380 | 28,584 | |
Osaka Gas Co. Ltd. | 13,000 | 49,048 | |
Panasonic Corp. | 2,000 | 25,313 | |
Resona Holdings, Inc. | 5,300 | 52,483 | |
Sega Sammy Holdings, Inc. | 2,900 | 43,041 | |
Seven & i Holdings Co., Ltd. | 1,400 | 31,992 | |
Sony Corp. | 2,700 | 75,667 | |
Sony Financial Holdings, Inc. | 18 | 58,915 | |
Stanley Electric Co. Ltd. | 1,400 | 21,595 | |
Sumitomo Corp. | 4,300 | 49,285 | |
Sumitomo Heavy Industries Ltd. | 6,000 | 27,779 | |
Sumitomo Mitsui Financial Group, Inc. | 3,100 | 92,277 | |
Sumitomo Realty & Development Co. Ltd. | 5,000 | 95,394 | |
Taisei Corp. | 24,000 | 47,417 | |
Takeda Pharmaceutical Co. Ltd. | 2,700 | 124,042 | |
Tokio Marine Holdings, Inc. | 2,600 | 69,750 | |
Tokyo Electric Power Co. | 2,000 | 58,224 | |
Tokyo Gas Co. Ltd. | 11,000 | 51,321 | |
Tokyu Land Corp. | 10,000 | 39,514 | |
Toshiba Corp. (a) | 7,000 | 32,909 | |
Toyo Suisan Kaisha Ltd. | 1,500 | 31,617 | |
Toyoda Gosei Co. Ltd. | 2,300 | 47,029 | |
Toyota Motor Corp. | 4,500 | 152,648 | |
Yamada Denki Co. Ltd. | 720 | 44,818 | |
Yamaguchi Financial Group, Inc. | 3,000 | 28,386 | |
Yamazaki Baking Co. Ltd. | 5,000 | 60,819 | |
TOTAL JAPAN | 4,241,888 | ||
Luxembourg - 0.8% | |||
ArcelorMittal SA (Netherlands) | 943 | 27,336 | |
SES SA FDR (France) unit | 2,688 | 61,716 | |
Tenaris SA | 3,940 | 66,816 | |
TOTAL LUXEMBOURG | 155,868 | ||
Netherlands - 2.6% | |||
Akzo Nobel NV | 372 | 19,645 | |
ING Groep NV (Certificaten Van Aandelen) unit (a) | 13,820 | 122,058 | |
Koninklijke Ahold NV | 7,745 | 95,366 | |
Koninklijke KPN NV | 2,705 | 39,221 | |
Koninklijke Philips Electronics NV | 2,398 | 66,835 | |
STMicroelectronics NV | 5,465 | 36,078 | |
Unilever NV (Certificaten Van Aandelen) (Bearer) unit | 4,740 | 126,509 | |
TOTAL NETHERLANDS | 505,712 | ||
New Zealand - 0.3% | |||
Fletcher Building Ltd. | 8,805 | 46,164 | |
Sky City Entertainment Group Ltd. | 10,695 | 21,400 | |
TOTAL NEW ZEALAND | 67,564 | ||
| |||
Shares | Value | ||
Norway - 0.5% | |||
StatoilHydro ASA | 2,800 | $ 52,408 | |
Telenor ASA | 3,400 | 49,817 | |
TOTAL NORWAY | 102,225 | ||
Singapore - 1.3% | |||
Ascendas Real Estate Investment Trust (A-REIT) | 13,000 | 19,850 | |
ComfortDelgro Corp. Ltd. | 20,000 | 21,981 | |
Jardine Cycle & Carriage Ltd. | 2,000 | 47,975 | |
Oversea-Chinese Banking Corp. Ltd. | 9,000 | 57,557 | |
SembCorp Marine Ltd. | 23,000 | 64,638 | |
Yangzijiang Shipbuilding Holdings Ltd. | 37,000 | 43,395 | |
TOTAL SINGAPORE | 255,396 | ||
Spain - 2.6% | |||
Banco Bilbao Vizcaya Argentaria SA | 5,200 | 62,645 | |
Banco Santander SA | 14,260 | 166,074 | |
EDP Renovaveis SA (a) | 60 | 334 | |
Iberdrola SA | 9,940 | 70,047 | |
Repsol YPF SA | 2,174 | 49,493 | |
Telefonica SA | 6,110 | 135,064 | |
Vallehermoso SA (a) | 5,680 | 25,665 | |
TOTAL SPAIN | 509,322 | ||
Sweden - 2.2% | |||
Alfa Laval AB | 1,600 | 23,425 | |
H&M Hennes & Mauritz AB (B Shares) | 2,570 | 84,086 | |
Nordea Bank AB | 1,287 | 11,537 | |
SSAB Svenskt Stal AB (A Shares) | 2,220 | 30,399 | |
Svenska Cellulosa AB (SCA) (B Shares) | 5,000 | 66,505 | |
Swedish Match Co. | 3,230 | 74,430 | |
Tele2 AB (B Shares) | 4,345 | 78,194 | |
Telefonaktiebolaget LM Ericsson (B Shares) | 7,561 | 73,021 | |
TOTAL SWEDEN | 441,597 | ||
Switzerland - 7.4% | |||
ABB Ltd. (Reg.) | 1,941 | 37,468 | |
Credit Suisse Group (Reg.) | 2,031 | 88,828 | |
Nestle SA | 8,592 | 445,169 | |
Novartis AG | 3,740 | 196,067 | |
Pargesa Holding SA | 790 | 51,515 | |
Roche Holding AG (participation certificate) | 2,136 | 290,355 | |
Straumann Holding AG | 170 | 35,835 | |
Sulzer AG (Reg.) | 748 | 74,196 | |
Swiss Reinsurance Co. | 1,720 | 71,328 | |
The Swatch Group AG (Bearer) | 100 | 32,191 | |
UBS AG (a) | 6,080 | 102,015 | |
Zurich Financial Services AG | 86 | 19,179 | |
TOTAL SWITZERLAND | 1,444,146 | ||
United Kingdom - 19.9% | |||
3i Group PLC | 10,000 | 39,973 | |
Common Stocks - continued | |||
Shares | Value | ||
United Kingdom - continued | |||
Anglo American PLC (United Kingdom) | 3,270 | $ 117,371 | |
AstraZeneca PLC: | |||
(United Kingdom) | 1,320 | 64,896 | |
sponsored ADR (e) | 3,188 | 157,583 | |
Aviva PLC | 5,824 | 33,858 | |
BAE Systems PLC | 18,290 | 82,678 | |
Barclays PLC | 34,970 | 160,574 | |
BG Group PLC | 4,081 | 65,697 | |
BHP Billiton PLC | 4,530 | 126,342 | |
BP PLC | 46,580 | 268,868 | |
British American Tobacco PLC (United Kingdom) | 2,699 | 91,465 | |
BT Group PLC | 25,000 | 50,991 | |
Cable & Wireless PLC | 14,975 | 12,955 | |
Centrica PLC | 16,449 | 82,077 | |
Compass Group PLC | 11,708 | 95,811 | |
Diageo PLC | 4,000 | 65,028 | |
EnQuest PLC (a) | 4,000 | 7,265 | |
GlaxoSmithKline PLC | 2,172 | 40,539 | |
GlaxoSmithKline PLC sponsored ADR | 5,929 | 221,745 | |
HSBC Holdings PLC: | |||
(United Kingdom) | 24,516 | 240,165 | |
sponsored ADR | 1,973 | 97,072 | |
Imperial Tobacco Group PLC | 2,110 | 58,258 | |
Land Securities Group PLC | 1,790 | 16,790 | |
Legal & General Group PLC | 53,160 | 75,549 | |
Lloyds TSB Group PLC (a) | 112,759 | 118,709 | |
National Grid PLC | 7,838 | 66,008 | |
Next PLC | 2,510 | 76,232 | |
Pearson PLC | 3,305 | 49,017 | |
Reckitt Benckiser Group PLC | 1,960 | 98,100 | |
Rio Tinto PLC | 3,930 | 197,704 | |
Royal Dutch Shell PLC: | |||
Class A (United Kingdom) | 5,500 | 146,204 | |
Class B | 3,741 | 95,363 | |
SABMiller PLC | 372 | 10,596 | |
Serco Group PLC | 7,550 | 67,401 | |
Stagecoach Group PLC | 3,050 | 8,056 | |
Standard Chartered PLC (United Kingdom) | 5,426 | 145,527 | |
Tesco PLC | 10,024 | 62,572 | |
Thomas Cook Group PLC | 13,000 | 36,232 | |
Tomkins PLC | 10,511 | 52,069 | |
Unilever PLC | 5,187 | 136,673 | |
Vedanta Resources PLC | 1,480 | 42,884 | |
Vodafone Group PLC | 90,000 | 216,130 | |
Xstrata PLC | 1,200 | 18,885 | |
TOTAL UNITED KINGDOM | 3,917,912 | ||
TOTAL COMMON STOCKS (Cost $19,986,834) | 18,942,776 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
Shares | Value | ||
Germany - 0.0% | |||
Volkswagen AG | 12 | $ 1,194 |
Government Obligations - 0.7% | ||||
| Principal |
| ||
United States of America - 0.7% | ||||
U.S. Treasury Bills, yield at date of purchase 0.16% to 0.34% 9/9/10 to 6/30/11 (f) | $ 135,000 | 134,895 |
Money Market Funds - 1.8% | |||
Shares |
| ||
Dreyfus Cash Management Institutional Shares, 0.10% (c) | 197,620 | 197,620 | |
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(d) | 152,250 | 152,250 | |
TOTAL MONEY MARKET FUNDS (Cost $349,870) | 349,870 | ||
TOTAL INVESTMENT PORTFOLIO - 98.9% (Cost $20,472,626) | 19,428,735 | ||
NET OTHER ASSETS (LIABILITIES) - 1.1% | 223,779 | ||
NET ASSETS - 100% | $ 19,652,514 |
Futures Contracts | |||||
Expiration | Underlying | Unrealized | |||
Purchased | |||||
Equity Index Contracts | |||||
8 CME E-mini MSCI EAFE Index Contracts | Sept. 2010 | $ 568,800 | $ 18,879 |
The face value of futures purchased as a percentage of net assets is 2.9% |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is 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. |
(c) The rate quoted is the annualized seven-day yield of the fund at period end. |
(d) Investment made with cash collateral received from securities on loan. |
(e) Security or a portion of the security is on loan at period end. |
(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $134,895. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Securities Lending Cash Central Fund | $ 250 |
Other Information |
The following is a summary of the inputs used, as of August 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security 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: | ||||
Japan | $ 4,241,888 | $ 3,412,487 | $ 829,401 | $ - |
United Kingdom | 3,917,912 | 1,877,371 | 2,040,541 | - |
Australia | 1,836,700 | 1,549,947 | 286,753 | - |
France | 1,629,160 | 1,227,820 | 401,340 | - |
Germany | 1,550,915 | 981,940 | 568,975 | - |
Switzerland | 1,444,146 | 1,019,768 | 424,378 | - |
Hong Kong | 545,765 | 545,765 | - | - |
Spain | 509,322 | 96,046 | 413,276 | - |
Netherlands | 505,712 | 154,232 | 351,480 | - |
Other | 2,762,450 | 2,097,062 | 665,388 | - |
Government Obligations | 134,895 | - | 134,895 | - |
Money Market Funds | 349,870 | 349,870 | - | - |
Total Investments in Securities: | $ 19,428,735 | $ 13,312,308 | $ 6,116,427 | $ - |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $ 18,879 | $ 18,879 | $ - | $ - |
Value of Derivative Instruments |
The following table is a summary of the Fund's value of derivative instruments by risk exposure as of August 31, 2010. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements. |
Risk Exposure / | Value | |
| Asset | Liability |
Equity Risk | ||
Futures Contracts (a) | $ 18,879 | $ - |
Total Value of Derivatives | $ 18,879 | $ - |
(a) Reflects cumulative appreciation/(depreciation) on futures contracts as disclosed on the Schedule of Investments. Only the period end variation margin is separately disclosed on the Statement of Assets and Liabilities. |
Income Tax Information |
At February 28, 2010, the Fund had a capital loss carryforward of approximately $2,902,265 of which $1,011,502 and $1,890,763 will expire on February 28, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity International Enhanced Index Fund
Financial Statements
Statement of Assets and Liabilities
| August 31, 2010 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $148,290) - See accompanying schedule: Unaffiliated issuers (cost $20,320,376) | $ 19,276,485 |
|
Fidelity Central Funds (cost $152,250) | 152,250 |
|
Total Investments (cost $20,472,626) |
| $ 19,428,735 |
Foreign currency held at value (cost $149,104) | 150,965 | |
Receivable for fund shares sold | 170,229 | |
Dividends receivable | 74,282 | |
Interest receivable | 92 | |
Distributions receivable from Fidelity Central Funds | 50 | |
Receivable for daily variation on futures contracts | 3,520 | |
Total assets | 19,827,873 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | 12,610 | |
Accrued management fee | 7,959 | |
Other affiliated payables | 2,540 | |
Collateral on securities loaned, at value | 152,250 | |
Total liabilities | 175,359 | |
|
|
|
Net Assets | $ 19,652,514 | |
Net Assets consist of: |
| |
Paid in capital | $ 24,355,485 | |
Undistributed net investment income | 366,950 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (4,047,411) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | (1,022,510) | |
Net Assets, for 3,098,368 shares outstanding | $ 19,652,514 | |
Net Asset Value, offering price and redemption price per share ($19,652,514 ÷ 3,098,368 shares) | $ 6.34 |
Statement of Operations
Six months ended August 31, 2010 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Dividends |
| $ 485,494 |
Interest |
| 647 |
Income from Fidelity Central Funds (including $250 from security lending) |
| 250 |
Income before foreign taxes withheld |
| 486,391 |
Less foreign taxes withheld |
| (43,417) |
Total income |
| 442,974 |
|
|
|
Expenses | ||
Management fee | $ 50,354 | |
Transfer agent fees | 16,131 | |
Independent trustees' compensation | 191 | |
Miscellaneous | 26 | |
Total expenses before reductions | 66,702 | |
Expense reductions | (2) | 66,700 |
Net investment income (loss) | 376,274 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (911,217) | |
Foreign currency transactions | (20,401) | |
Futures contracts | (159,191) | |
Total net realized gain (loss) |
| (1,090,809) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (765,147) | |
Assets and liabilities in foreign currencies | 2,689 | |
Futures contracts | 84,358 | |
Total change in net unrealized appreciation (depreciation) |
| (678,100) |
Net gain (loss) | (1,768,909) | |
Net increase (decrease) in net assets resulting from operations | $ (1,392,635) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 376,274 | $ 421,189 |
Net realized gain (loss) | (1,090,809) | (362,231) |
Change in net unrealized appreciation (depreciation) | (678,100) | 6,388,004 |
Net increase (decrease) in net assets resulting from operations | (1,392,635) | 6,446,962 |
Distributions to shareholders from net investment income | (41,447) | (401,370) |
Distributions to shareholders from net realized gain | - | (57,303) |
Total distributions | (41,447) | (458,673) |
Share transactions | 9,334,298 | 12,786,877 |
Reinvestment of distributions | 39,173 | 432,668 |
Cost of shares redeemed | (8,245,363) | (12,200,610) |
Net increase (decrease) in net assets resulting from share transactions | 1,128,108 | 1,018,935 |
Redemption fees | 812 | 895 |
Total increase (decrease) in net assets | (305,162) | 7,008,119 |
Net Assets | ||
Beginning of period | 19,957,676 | 12,949,557 |
End of period (including undistributed net investment income of $366,950 and undistributed net investment income of $32,123, respectively) | $ 19,652,514 | $ 19,957,676 |
Other Information Shares | ||
Sold | 1,368,792 | 2,054,145 |
Issued in reinvestment of distributions | 5,541 | 64,721 |
Redeemed | (1,310,705) | (2,014,584) |
Net increase (decrease) | 63,628 | 104,282 |
Financial Highlights
| Six months ended | Years ended February 28, | ||
| (Unaudited) | 2010 | 2009 | 2008 G |
Selected Per-Share Data |
|
|
|
|
Net asset value, beginning of period | $ 6.58 | $ 4.42 | $ 9.35 | $ 10.00 |
Income from Investment Operations |
|
|
|
|
Net investment income (loss) D | .11 | .15 | .18 | .03 |
Net realized and unrealized gain (loss) | (.34) | 2.17 | (4.96) | (.68) |
Total from investment operations | (.23) | 2.32 | (4.78) | (.65) |
Distributions from net investment income | (.01) | (.14) | (.14) | - |
Distributions from net realized gain | - | (.02) | (.01) | - |
Total distributions | (.01) | (.16) | (.15) | - |
Redemption fees added to paid in capital D, I | - | - | - | - |
Net asset value, end of period | $ 6.34 | $ 6.58 | $ 4.42 | $ 9.35 |
Total Return B, C | (3.47)% | 52.44% | (51.52)% | (6.50)% |
Ratios to Average Net Assets E, H |
|
|
|
|
Expenses before reductions | .62% A | .62% | .62% | .62% A |
Expenses net of fee waivers, if any | .62% A | .62% | .62% | .62% A |
Expenses net of all reductions | .62% A | .62% | .62% | .62% A |
Net investment income (loss) | 3.51% A | 2.39% | 2.69% | 1.58% A |
Supplemental Data |
|
|
|
|
Net assets, end of period (000 omitted) | $ 19,653 | $ 19,958 | $ 12,950 | $ 7,273 |
Portfolio turnover rate F | 47% A | 22% J | 42% J | 15% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G For the period December 20, 2007 (commencement of operations) to February 29, 2008.
H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
I Amount represents less than $.01 per share.
J Reflects adjustments to exclude transactions in money market mutual funds.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended August 31, 2010 (Unaudited)
1. Organization.
Fidelity Large Cap Growth Enhanced Index Fund, Fidelity Large Cap Value Enhanced Index Fund, Fidelity Large Cap Core Enhanced Index Fund, Fidelity Mid Cap Enhanced Index Fund, Fidelity Small Cap Enhanced Index Fund and Fidelity International Enhanced Index Fund (the Funds) are funds of Fidelity Commonwealth Trust II (the Trust) and are authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Funds:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund uses independent pricing services approved by the Board of Trustees to value their investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below.
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)
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, 2010 is included at the end of each Fund's Schedule of Investments. 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 an independent 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 significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are 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 each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value and are categorized as Level 2 in the hierarchy.
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 rate 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
Semiannual Report
2. Significant Accounting Policies - continued
Investment Transactions and Income - continued
New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Most expenses of the Trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned amongst each fund in the Trust. 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, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. 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 recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, futures transactions, foreign currency transactions, passive foreign investment companies (PFIC), market discount, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Tax | Gross unrealized | Gross unrealized | Net unrealized |
Fidelity Large Cap Growth Enhanced Index Fund | $ 42,353,140 | $ 3,759,035 | $ (3,456,342) | $ 302,693 |
Fidelity Large Cap Value Enhanced Index Fund | 65,938,278 | 5,196,373 | (5,973,030) | (776,657) |
Fidelity Large Cap Core Enhanced Index Fund | 1,073,337,197 | 44,542,350 | (198,271,788) | (153,729,438) |
Fidelity Mid Cap Enhanced Index Fund | 35,741,575 | 3,935,574 | (2,624,700) | 1,310,874 |
Fidelity Small Cap Enhanced Index Fund | 93,145,480 | 11,342,078 | (9,115,295) | 2,226,783 |
Fidelity International Enhanced Index Fund | 20,497,778 | 1,863,257 | (2,932,300) | (1,069,043) |
Short Term Trading (Redemption) Fees. Shares held by investors of Fidelity Small Cap Enhanced Index Fund less than 90 days are subject to a redemption fee equal to 1.50% of the net asset value of shares redeemed. Shares held by investors of Fidelity Mid Cap Enhanced Index Fund and Fidelity International Enhanced Index Fund less than 30 days are subject to a redemption fee equal to 0.75% and 1.00%, respectively, of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Funds and accounted for as an addition to paid in capital.
3. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Funds use derivative instruments (derivatives), including futures contracts, in order to meet their investment objectives. The strategy is to use derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Funds may not achieve their objectives.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Derivative Instruments - continued
Risk Exposures and the Use of Derivative Instruments - continued
The Funds' use of derivatives may increase or decrease their exposure to the following risk:
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to sell the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Funds. The Funds' maximum risk of loss from counterparty credit risk is generally the aggregate unrealized appreciation and unpaid counterparty fees in excess of any collateral pledged by the counterparty to the Funds. Counterparty risk related to exchange-traded futures contracts is minimal because of the protection provided by the exchange on which they trade. Risk of loss may exceed the amounts recognized in the Statement of Assets and Liabilities.
Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives. The table below, which reflects the impacts of derivatives on the financial performance of the Funds, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period.
Risk Exposure / Derivative Type | Net Realized | Change in Net |
Fidelity Large Cap Growth Enhanced Index Fund |
|
|
Equity Risk |
|
|
Futures Contracts | $ (113,946) | $ (11,276) |
Totals (a)(b)(c) | $ (113,946) | $ (11,276) |
Fidelity Large Cap Value Enhanced Index Fund |
|
|
Equity Risk |
|
|
Futures Contracts | $ (121,673) | $ (24,834) |
Totals (a)(b)(c) | $ (121,673) | $ (24,834) |
Fidelity Large Cap Core Enhanced Index Fund |
|
|
Equity Risk |
|
|
Futures Contracts | $ 212,206 | $ (326,189) |
Totals (a)(b)(c) | $ 212,206 | $ (326,189) |
Fidelity Mid Cap Enhanced Index Fund |
|
|
Equity Risk |
|
|
Futures Contracts | $ (35,391) | $ (43,221) |
Totals (a)(b)(c) | $ (35,391) | $ (43,221) |
Fidelity Small Cap Enhanced Index Fund |
|
|
Equity Risk |
|
|
Futures Contracts | $ (261,221) | $ (87,380) |
Totals (a)(b)(c) | $ (261,221) | $ (87,380) |
Fidelity International Enhanced Index Fund |
|
|
Equity Risk |
|
|
Futures Contracts | $ (159,191) | $ 84,358 |
Totals (a)(b)(c) | $ (159,191) | $ 84,358 |
(a) A summary of the value of derivatives by risk exposure as of period end, if any, is included at the end of the Schedule of Investments and is representative of activity for the period.
(b) Derivatives realized gain (loss) is included in the Statement of Operations.
(c) Derivatives change in unrealized gain (loss) is included in the Statement of Operations.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Funds use futures contracts to manage their exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.
Semiannual Report
3. Derivative Instruments - continued
Futures Contracts - continued
The underlying face amount at value of open futures contracts at period end, if any, is shown in the Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments. The receivable and/or payable for the variation margin are reflected in the Statement of Assets and Liabilities.
Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market may limit the ability to close out a futures contract prior to settlement date.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Large Cap Growth Enhanced Index Fund | 17,525,327 | 22,800,851 |
Fidelity Large Cap Value Enhanced Index Fund | 26,890,355 | 30,130,258 |
Fidelity Large Cap Core Enhanced Index Fund | 213,175,740 | 274,124,469 |
Fidelity Mid Cap Enhanced Index Fund | 14,655,625 | 10,145,239 |
Fidelity Small Cap Enhanced Index Fund | 30,651,404 | 25,252,918 |
Fidelity International Enhanced Index Fund | 6,750,509 | 4,783,479 |
5. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Strategic Advisers, Inc. (Strategic Advisers), an affiliate of Fidelity Management & Research Company (FMR), provides the Funds with investment management related services. For these services, the Funds pay a monthly management fee to Strategic Advisers. The management fee is based on an annual rate of 0.30% of average net assets for Fidelity Large Cap Growth Enhanced Index, Fidelity Large Cap Value Enhanced Index and Fidelity Large Cap Core Enhanced Index, 0.45% of average net assets for Fidelity Mid Cap Enhanced Index, 0.52% of average net assets for Fidelity Small Cap Enhanced Index and 0.47% of average net assets for Fidelity International Enhanced Index. Under the management contract, Strategic Advisers pays all other ordinary fund-wide operating expenses (such as custody, audit, legal and pricing and bookkeeping fees), except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee paid to Strategic Advisers by the Funds is reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.
In addition, under the expense contract, Strategic Advisers pays other expenses such as those listed above for each of the Funds so that the total expenses do not exceed certain amounts of each Fund's average net assets with certain exceptions, as noted in the following table:
Fidelity Large Cap Growth Enhanced Index Fund | .45% |
Fidelity Large Cap Value Enhanced Index Fund | .45% |
Fidelity Large Cap Core Enhanced Index Fund | .45% |
Fidelity Mid Cap Enhanced Index Fund | .60% |
Fidelity Small Cap Enhanced Index Fund | .67% |
Fidelity International Enhanced Index Fund | .62% |
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Funds. Geode provides discretionary investment advisory services to the Funds and is paid by Strategic Advisers for providing these services.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Under the expense contract, each fund paid transfer agent fees at the annualized rate of 0.15% of average net assets.
6. Investments in Fidelity Central Funds.
The Funds may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by FMR and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Funds indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Investments in Fidelity Central Funds - continued
The Fidelity Securities Lending Cash Central Fund seeks preservation of capital and current income and is managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
7. Interfund Lending Program.
Pursuant to an Exemptive Order issued by the SEC, the Funds, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Each applicable fund's activity in this program during the period for which loans were outstanding was as follows:
| Borrower or | Average Daily | Weighted Average | Interest |
Fidelity Large Cap Core Enhanced Index Fund | Borrower | $ 21,288,500 | .43% | $ 1,531 |
8. Committed Line of Credit.
Certain Funds participate with other funds managed by FMR or an affiliate in a $3.75 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
Fidelity Large Cap Growth Enhanced Index Fund | $ 57 |
Fidelity Large Cap Value Enhanced Index Fund | 80 |
Fidelity Large Cap Core Enhanced Index Fund | 1,147 |
Fidelity Mid Cap Enhanced Index Fund | 43 |
Fidelity Small Cap Enhanced Index Fund | 110 |
Fidelity International Enhanced Index Fund | 26 |
During the period, there were no borrowings on this line of credit.
9. Security Lending.
Certain Funds lend portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, each applicable Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds.
Semiannual Report
10. Expense Reductions.
Through arrangements with each applicable Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
| Expense |
|
|
Fidelity Large Cap Value Enhanced Index Fund | $ 6 |
Fidelity Large Cap Core Enhanced Index Fund | 62 |
Fidelity Mid Cap Enhanced Index Fund | 3 |
Fidelity Small Cap Enhanced Index Fund | 4 |
Fidelity International Enhanced Index Fund | 2 |
11. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Automated Service Telephone (FAST®)
1-800-544-5555
Press
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual fund activity.
To change your PIN.
To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)
Making Changes
To Your Account
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(letter_graphic)
For Non-Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(letter_graphic)
For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Semiannual Report
Investment Adviser
Strategic Advisers, Inc.
Boston, MA
Investment Sub-Adviser
Geode Capital Management, LLC
Boston, MA
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Bank of New York Mellon
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
GEI-USAN-1010 1.855141.103
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Commonwealth Trust II's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Commonwealth Trust II's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) |
| Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Commonwealth Trust II
By: | /s/Kenneth B. Robins |
| Kenneth B. Robins |
| President and Treasurer |
|
|
Date: | November 5, 2010 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Kenneth B. Robins |
| Kenneth B. Robins |
| President and Treasurer |
|
|
Date: | November 5, 2010 |
By: | /s/Nicholas E. Steck |
| Nicholas E. Steck |
| Chief Financial Officer |
|
|
Date: | November 5, 2010 |