Fidelity Commonwealth Trust II N-CSR Certified annual shareholder report (management investment company)

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)

Stephen D. Fisher, 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 29
Date of reporting period:	February 29, 2008

Item 1. Reports to Stockholders

Fidelity®

Large Cap Growth Enhanced Index

Large Cap Value Enhanced Index

Large Cap Core Enhanced Index

Mid Cap Enhanced Index

Small Cap Enhanced Index

International Enhanced Index

Funds

Annual Report

(2_fidelity_logos) (Registered_Trademark)

February 29, 2008

Contents

Chairman's Message	4	Ned Johnson's message to shareholders
Shareholder Expense Example	5	An example of shareholder expenses
Fidelity Large Cap Growth Enhanced Index Fund	7	Performance
	8	Management's Discussion
	9	Investment Changes
	10	Investments
	15	Financial Statements
Fidelity Large Cap Value Enhanced Index Fund	17	Performance
	18	Management's Discussion
	19	Investment Changes
	20	Investments
	24	Financial Statements
Fidelity Large Cap Core Enhanced Index Fund	26	Performance
	27	Management's Discussion
	28	Investment Changes
	29	Investments
	33	Financial Statements
Fidelity Mid Cap Enhanced Index Fund	35	Investment Summary
	36	Investments
	41	Financial Statements
Fidelity Small Cap Enhanced Index Fund	43	Investment Summary
	44	Investments
	50	Financial Statements
Fidelity International Enhanced Index Fund	52	Investment Summary
	53	Investments
	57	Financial Statements
Notes	59	Notes to the Financial Statements
Report of Independent Registered Public Accounting Firm	64
Trustees and Officers	65
Distributions	68
Board Approval of Investment Advisory Contracts	69

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 (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

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

Annual Report

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.

Annual Report

Chairman's Message

Dear Shareholder:

Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but there are a number of time-tested principles that can put the historical 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 are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. 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 investment 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 unconstructive "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 over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual 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 actual expense Example for Fidelity Large Cap Growth Enhanced Index Fund, Fidelity Large Cap Value Enhanced Index Fund and Fidelity Large Cap Core Enhanced Index Fund is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2007 to February 29, 2008). The actual expense Example for Fidelity Mid Cap Enhanced Index Fund, Fidelity Small Cap Enhanced Index Fund and Fidelity International Enhanced Index Fund is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 20, 2007 to February 29, 2008). The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (September 1, 2007 to February 29, 2008).

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.

	Beginning Account Value	Ending Account Value February 29, 2008	Expenses Paid During Period
Fidelity Large Cap Growth Enhanced Index Fund
Actual	$ 1,000.00	$ 913.90	$ 2.14B
HypotheticalA	$ 1,000.00	$ 1,022.63	$ 2.26C
Fidelity Large Cap Value Enhanced Index Fund
Actual	$ 1,000.00	$ 899.70	$ 2.13B
HypotheticalA	$ 1,000.00	$ 1,022.63	$ 2.26C
Fidelity Large Cap Core Enhanced Index Fund
Actual	$ 1,000.00	$ 920.40	$ 2.15B
HypotheticalA	$ 1,000.00	$ 1,022.63	$ 2.26C
Fidelity Mid Cap Enhanced Index Fund
Actual	$ 1,000.00	$ 916.00	$ 1.13B
HypotheticalA	$ 1,000.00	$ 1,021.88	$ 3.02C
Fidelity Small Cap Enhanced Index Fund
Actual	$ 1,000.00	$ 903.00	$ 1.25B
HypotheticalA	$ 1,000.00	$ 1,021.53	$ 3.37C
Fidelity International Enhanced Index Fund
Actual	$ 1,000.00	$ 935.00	$ 1.18B
HypotheticalA	$ 1,000.00	$ 1,021.78	$ 3.12C

^A 5% return per year before expenses

^B Actual expenses are equal to each Funds' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 182/366 (to reflect the period September 1, 2007 to February 29, 2008) for Fidelity Large Cap Growth Enhanced Index Fund, Fidelity Large Cap Value Enhanced Index Fund and Fidelity Large Cap Value Enhanced Index Fund and multiplied by 72/366 (to reflect the period December 20, 2007 to February 29, 2008) for Fidelity Mid Cap Enhanced Index Fund, Small Cap Enhanced Index Fund and International Enhanced Index Fund.

^C Hypothetical expenses are equal to each Fund's annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Annual Report

The fees and expenses of the underlying Fidelity Central Funds in which the Fund invests are not included in the Fund's annualized expense ratio.

	Annualized Expense Ratio
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%

Annual Report

Fidelity Large Cap Growth Enhanced Index Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average annual total returns take Fidelity® Large Cap Growth Enhanced Index Fund's cumulative total return and show you what would have happened if Fidelity Large Cap Growth Enhanced Index Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Large Cap Growth Enhanced Index Fund on April 19, 2007, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Growth Index performed over the same period.

Annual Report

Fidelity Large Cap Growth Enhanced Index Fund

Management's Discussion of Fund Performance

Comments from Jeffrey Adams, who oversees the Fidelity® Large Cap Growth Enhanced Index Fund's investment management team as Head of Indexing for Geode Capital Management, LLC

It was a winter of discontent for U.S. equity investors, as a credit freeze led to subzero returns for many stock market benchmarks during the 12-month period ending February 29, 2008. In addition to the subprime mortgage market crisis, which severely constrained the availability of credit, a flurry of other issues afflicted investor sentiment - particularly in the final three months of the period - including a major housing market slowdown, rising inflation, a potential recession and oil prices that topped $100 per barrel. The Federal Reserve Board aggressively intervened in an effort to ease the credit crunch, slashing the federal funds target rate five times since September. Despite the central bank's efforts, the Standard & Poor's 500^SM Index fell 3.60% for the year overall and lost nearly 10% in the December-February time frame alone. The bellwether, blue-chip Dow Jones Industrial Average^SM managed a modest increase of 2.32% over the past 12 months, but the small-cap-oriented Russell 2000® Index declined 12.44%. Elsewhere, the technology-heavy NASDAQ Composite® Index fell 5.34%.

For the period between the fund's inception date of April 19, 2007, and February 29, 2008, the fund declined 7.05%, trailing the 3.82% loss of the Russell 1000® Growth Index. Relative to the Russell index, weak security selection in information technology - especially among semiconductor-related and software/services companies - and financials detracted, as did an overweighting in telecommunications services. Stock selection in consumer discretionary - most notably among retail names - also hurt. In contrast, stock selection in the materials sector had the most helpful performance impact. Looking at individual holdings, an overweighting in semiconductor-design software maker Cadence Design Systems and chipmaker National Semiconductor hurt results. Weak earnings amid a poor business environment for semiconductor companies weighed on both stocks. Concerns about deteriorating consumer spending detracted from discount retailer Family Dollar Stores, which reported disappointing quarterly earnings and reduced its profit forecast. Consumer-related stresses also hindered restaurant management company Darden Restaurants. Family Dollar and Darden were sold before period end. Commercial real estate management company CB Richard Ellis Group was a negative, as the company reduced its earnings guidance and investors worried about a slowdown in the commercial real estate market. An underweighting in strong-performing Internet retailer Amazon.com also detracted. On the positive side, agricultural products company Monsanto rose in part on the strong worldwide demand for food and biofuels. Rising oil and natural gas prices helped a number of energy companies, including oil and gas producer Occidental Petroleum - not found in the index - and oil and gas equipment maker National Oilwell Varco. Not owning benchmark component SLM - the nation's largest provider of student loans - also was a positive. SLM's shares fell as investors became more concerned about deteriorating credit market conditions, and after the company lowered its earnings forecast.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Fidelity Large Cap Growth Enhanced Index Fund

Investment Changes

Top Ten Stocks as of February 29, 2008
	% of fund's net assets	% of fund's net assets 6 months ago
Microsoft Corp.	3.4	3.3
iShares Russell 1000 Growth Index Fund	2.4	4.0
International Business Machines Corp.	2.2	2.1
Cisco Systems, Inc.	2.1	2.4
Hewlett-Packard Co.	1.9	1.6
Intel Corp.	1.7	1.7
Apple, Inc.	1.7	1.8
The Coca-Cola Co.	1.7	1.3
Exxon Mobil Corp.	1.5	0.8
Google, Inc. Class A (sub. vtg.)	1.5	1.1
	20.1
Market Sectors as of February 29, 2008
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	27.3	27.1
Health Care	16.9	16.3
Industrials	12.2	12.2
Consumer Staples	11.4	9.7
Consumer Discretionary	10.1	12.7
Energy	8.3	6.4
Financials	5.5	6.4
Materials	4.1	2.9
Telecommunication Services	0.9	1.4
Utilities	0.8	0.8

Annual Report

Fidelity Large Cap Growth Enhanced Index Fund

Investments February 29, 2008

Showing Percentage of Net Assets

Common Stocks - 97.5%
	Shares		Value
CONSUMER DISCRETIONARY - 10.1%
Auto Components - 0.1%
Autoliv, Inc.	985		$ 49,152
Automobiles - 0.0%
Thor Industries, Inc.	595		18,136
Diversified Consumer Services - 1.1%
Apollo Group, Inc. Class A (non-vtg.) (a)	3,250		199,485
ITT Educational Services, Inc. (a)	1,585		87,524
Sotheby's Class A (ltd. vtg.)	2,545		85,817
			372,826
Hotels, Restaurants & Leisure - 1.3%
Choice Hotels International, Inc.	2,304		74,765
McDonald's Corp.	2,240		121,206
Wendy's International, Inc.	4,280		103,918
Yum! Brands, Inc.	4,230		145,724
			445,613
Household Durables - 0.4%
Black & Decker Corp.	1,045		71,865
NVR, Inc. (a)	107		57,853
			129,718
Internet & Catalog Retail - 0.3%
Amazon.com, Inc. (a)	1,470		94,771
NutriSystem, Inc. (a)(d)	660		9,445
			104,216
Leisure Equipment & Products - 0.1%
Mattel, Inc.	2,350		45,402
Media - 3.6%
Comcast Corp. Class A	2,490		48,655
DISH Network Corp. Class A (a)	2,130		63,155
Liberty Media Corp. - Capital Series A (a)	160		18,578
McGraw-Hill Companies, Inc.	3,120		127,702
Meredith Corp.	2,855		123,764
News Corp. Class A	11,779		216,851
Omnicom Group, Inc.	4,975		222,233
Regal Entertainment Group Class A	7,355		145,114
The Walt Disney Co.	6,435		208,558
Viacom, Inc. Class B (non-vtg.) (a)	2,130		84,668
			1,259,278
Multiline Retail - 0.8%
Dollar Tree Stores, Inc. (a)	4,230		113,491
Macy's, Inc.	750		18,510
Target Corp.	2,580		135,734
			267,735
Specialty Retail - 1.8%
Aeropostale, Inc. (a)	2,981		80,070
American Eagle Outfitters, Inc.	1,970		42,099
AutoZone, Inc. (a)	735		84,584
Home Depot, Inc.	2,766		73,437
J. Crew Group, Inc. (a)	1,325		53,066
Lowe's Companies, Inc.	3,550		85,094
	Shares		Value
RadioShack Corp.	5,074		$ 88,541
Sherwin-Williams Co.	2,800		144,984
			651,875
Textiles, Apparel & Luxury Goods - 0.6%
NIKE, Inc. Class B	2,350		141,470
Phillips-Van Heusen Corp.	570		20,811
Warnaco Group, Inc. (a)	1,050		39,438
			201,719
TOTAL CONSUMER DISCRETIONARY			3,545,670
CONSUMER STAPLES - 11.4%
Beverages - 3.1%
Anheuser-Busch Companies, Inc.	1,810		85,233
PepsiCo, Inc.	5,863		407,830
The Coca-Cola Co.	9,897		578,579
			1,071,642
Food & Staples Retailing - 3.4%
CVS Caremark Corp.	4,104		165,720
Kroger Co.	5,935		143,924
Longs Drug Stores Corp.	2,220		106,627
Wal-Mart Stores, Inc.	10,715		531,357
Walgreen Co.	6,680		243,887
			1,191,515
Food Products - 0.8%
Corn Products International, Inc.	1,000		36,710
General Mills, Inc.	2,910		162,931
Wm. Wrigley Jr. Co.	1,505		90,089
			289,730
Household Products - 2.1%
Colgate-Palmolive Co.	1,590		120,983
Energizer Holdings, Inc. (a)	440		40,845
Kimberly-Clark Corp.	2,730		177,941
Procter & Gamble Co.	5,655		374,248
			714,017
Tobacco - 2.0%
Altria Group, Inc.	7,190		525,877
UST, Inc.	3,220		174,814
			700,691
TOTAL CONSUMER STAPLES			3,967,595
ENERGY - 8.3%
Energy Equipment & Services - 4.8%
Cameron International Corp. (a)	1,300		55,224
Dresser-Rand Group, Inc. (a)	3,810		129,807
Global Industries Ltd. (a)	4,190		77,138
Grant Prideco, Inc. (a)	750		37,853
Halliburton Co.	5,615		215,055
National Oilwell Varco, Inc. (a)	3,985		248,266
Schlumberger Ltd. (NY Shares)	5,785		500,113
T-3 Energy Services, Inc. (a)	650		32,091
Common Stocks - continued
	Shares		Value
ENERGY - continued
Energy Equipment & Services - continued
Tidewater, Inc.	1,995		$ 112,019
Transocean, Inc. (a)	1,800		252,918
			1,660,484
Oil, Gas & Consumable Fuels - 3.5%
Chevron Corp.	1,045		90,560
CONSOL Energy, Inc.	900		68,382
Exxon Mobil Corp.	6,150		535,112
Massey Energy Co.	810		30,991
Occidental Petroleum Corp.	2,903		224,605
Sunoco, Inc.	600		36,648
Tesoro Corp.	3,130		116,248
Valero Energy Corp.	2,190		126,516
			1,229,062
TOTAL ENERGY			2,889,546
FINANCIALS - 5.5%
Capital Markets - 1.7%
Affiliated Managers Group, Inc. (a)	435		41,912
Bank of New York Mellon Corp.	1,325		58,128
Charles Schwab Corp.	2,300		45,103
Franklin Resources, Inc.	300		28,311
Goldman Sachs Group, Inc.	884		149,953
Invesco Ltd.	2,970		76,062
Merrill Lynch & Co., Inc.	1,270		62,941
Morgan Stanley	1,759		74,089
Northern Trust Corp.	566		38,279
optionsXpress Holdings, Inc.	550		12,738
			587,516
Consumer Finance - 0.7%
American Express Co.	4,788		202,532
Discover Financial Services	1,385		20,900
First Marblehead Corp.	1,410		16,962
			240,394
Diversified Financial Services - 0.5%
CME Group, Inc.	150		76,995
JPMorgan Chase & Co.	2,620		106,503
			183,498
Insurance - 1.2%
Philadelphia Consolidated Holdings Corp. (a)	3,740		126,861
Principal Financial Group, Inc.	1,360		75,113
Prudential Financial, Inc.	1,030		75,159
The Chubb Corp.	1,265		64,389
The Travelers Companies, Inc.	1,855		86,091
			427,613
Real Estate Investment Trusts - 0.8%
ProLogis Trust	2,045		110,185
	Shares		Value
Rayonier, Inc.	1,085		$ 46,167
Taubman Centers, Inc.	2,775		135,281
			291,633
Real Estate Management & Development - 0.5%
CB Richard Ellis Group, Inc. Class A (a)	3,810		76,429
Jones Lang LaSalle, Inc.	1,390		106,182
			182,611
Thrifts & Mortgage Finance - 0.1%
Freddie Mac	784		19,741
TOTAL FINANCIALS			1,933,006
HEALTH CARE - 16.9%
Biotechnology - 3.2%
Amgen, Inc. (a)	5,310		241,711
Biogen Idec, Inc. (a)	1,330		77,619
Celgene Corp. (a)	1,250		70,463
Cephalon, Inc. (a)	1,510		91,113
Genentech, Inc. (a)	1,360		103,020
Genzyme Corp. (a)	2,215		157,088
Gilead Sciences, Inc. (a)	5,405		255,765
ImClone Systems, Inc. (a)	1,410		63,464
OSI Pharmaceuticals, Inc. (a)	1,390		49,971
			1,110,214
Health Care Equipment & Supplies - 2.4%
Baxter International, Inc.	5,530		326,381
Edwards Lifesciences Corp. (a)	1,125		49,061
Kinetic Concepts, Inc. (a)	3,085		158,538
Medtronic, Inc.	3,890		192,010
Mentor Corp. (d)	2,160		64,066
Zimmer Holdings, Inc. (a)	905		68,137
			858,193
Health Care Providers & Services - 4.6%
Aetna, Inc.	1,500		74,400
AmerisourceBergen Corp.	1,786		74,512
Coventry Health Care, Inc. (a)	2,895		150,164
Express Scripts, Inc. (a)	3,200		189,120
Humana, Inc. (a)	2,600		177,658
Laboratory Corp. of America Holdings (a)	1,780		137,612
McKesson Corp.	3,647		214,298
Medco Health Solutions, Inc. (a)	3,725		165,055
UnitedHealth Group, Inc.	3,959		184,014
WellPoint, Inc. (a)	3,330		233,366
			1,600,199
Life Sciences Tools & Services - 1.0%
Invitrogen Corp. (a)	1,260		106,457
Varian, Inc. (a)	1,295		70,124
Waters Corp. (a)	2,925		174,359
			350,940
Pharmaceuticals - 5.7%
Abbott Laboratories	8,240		441,252
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
Bristol-Myers Squibb Co.	7,030		$ 158,948
Eli Lilly & Co.	5,885		294,368
Johnson & Johnson	6,781		420,151
Merck & Co., Inc.	7,840		347,312
Pfizer, Inc.	2,165		48,236
Schering-Plough Corp.	10,720		232,624
Wyeth	1,230		53,653
			1,996,544
TOTAL HEALTH CARE			5,916,090
INDUSTRIALS - 12.2%
Aerospace & Defense - 4.6%
General Dynamics Corp.	500		40,925
Goodrich Corp.	1,310		77,591
Honeywell International, Inc.	4,515		259,793
L-3 Communications Holdings, Inc.	1,735		184,413
Lockheed Martin Corp.	3,155		325,596
Northrop Grumman Corp.	500		39,305
Precision Castparts Corp.	700		77,273
Raytheon Co.	2,128		137,980
The Boeing Co.	4,025		333,230
United Technologies Corp.	2,030		143,135
			1,619,241
Air Freight & Logistics - 0.9%
United Parcel Service, Inc. Class B	4,284		300,908
Airlines - 0.5%
Continental Airlines, Inc. Class B (a)	2,695		65,165
Delta Air Lines, Inc. (a)	5,800		77,430
Republic Airways Holdings, Inc. (a)	1,445		28,250
			170,845
Building Products - 0.1%
Lennox International, Inc.	705		26,536
Trane, Inc.	400		18,020
			44,556
Commercial Services & Supplies - 0.2%
Equifax, Inc.	1,585		54,239
Construction & Engineering - 0.5%
EMCOR Group, Inc. (a)	4,365		105,153
Foster Wheeler Ltd. (a)	840		54,978
			160,131
Electrical Equipment - 1.8%
Acuity Brands, Inc.	2,615		116,132
Emerson Electric Co.	7,210		367,422
Rockwell Automation, Inc.	2,415		132,125
			615,679
	Shares		Value
Industrial Conglomerates - 1.2%
3M Co.	2,616		$ 205,094
General Electric Co.	5,800		192,212
Tyco International Ltd.	970		38,858
			436,164
Machinery - 1.6%
Caterpillar, Inc.	2,715		196,376
Eaton Corp.	1,525		122,961
Gardner Denver, Inc. (a)	1,120		41,339
Manitowoc Co., Inc.	4,467		181,986
			542,662
Road & Rail - 0.4%
Con-way, Inc.	1,210		54,825
Norfolk Southern Corp.	1,950		103,136
			157,961
Trading Companies & Distributors - 0.4%
W.W. Grainger, Inc.	2,060		151,740
TOTAL INDUSTRIALS			4,254,126
INFORMATION TECHNOLOGY - 27.3%
Communications Equipment - 3.8%
ADC Telecommunications, Inc. (a)	5,310		72,588
Adtran, Inc.	1,200		22,104
Cisco Systems, Inc. (a)	30,790		750,352
Corning, Inc.	3,130		72,710
EchoStar Holding Corp. Class A (a)	426		17,066
Harris Corp.	900		43,947
QUALCOMM, Inc.	8,250		349,553
			1,328,320
Computers & Peripherals - 7.9%
Apple, Inc. (a)	4,755		594,470
Dell, Inc. (a)	12,765		253,385
EMC Corp. (a)	15,380		239,005
Hewlett-Packard Co.	13,720		655,404
International Business Machines Corp.	6,900		785,634
Network Appliance, Inc. (a)	4,080		88,210
Seagate Technology	1,765		38,071
Teradata Corp. (a)	3,660		92,342
			2,746,521
Electronic Equipment & Instruments - 0.8%
AVX Corp.	8,840		110,854
Mettler-Toledo International, Inc. (a)	1,855		181,234
			292,088
Internet Software & Services - 2.0%
eBay, Inc. (a)	4,295		113,216
Google, Inc. Class A (sub. vtg.) (a)	1,130		532,433
Yahoo!, Inc. (a)	1,795		49,865
			695,514
IT Services - 2.2%
Accenture Ltd. Class A	4,345		153,161
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
IT Services - continued
Automatic Data Processing, Inc.	1,750		$ 69,913
DST Systems, Inc. (a)	1,596		112,135
Electronic Data Systems Corp.	3,100		53,692
Fiserv, Inc. (a)	1,655		87,086
The Western Union Co.	11,900		247,520
Total System Services, Inc.	1,700		37,791
			761,298
Semiconductors & Semiconductor Equipment - 4.8%
Amkor Technology, Inc. (a)	11,420		133,728
Applied Materials, Inc.	10,515		201,573
Integrated Device Technology, Inc. (a)	2,500		20,975
Intel Corp.	30,245		603,388
Lam Research Corp. (a)	3,240		130,378
Linear Technology Corp.	2,305		63,872
MEMC Electronic Materials, Inc. (a)	900		68,652
National Semiconductor Corp.	7,753		127,692
Novellus Systems, Inc. (a)	4,376		96,622
Texas Instruments, Inc.	7,240		216,910
			1,663,790
Software - 5.8%
Adobe Systems, Inc. (a)	2,840		95,566
BMC Software, Inc. (a)	6,000		193,680
Cadence Design Systems, Inc. (a)	7,464		79,268
McAfee, Inc. (a)	5,180		172,339
Microsoft Corp.	43,620		1,187,323
Oracle Corp. (a)	16,625		312,550
			2,040,726
TOTAL INFORMATION TECHNOLOGY			9,528,257
MATERIALS - 4.1%
Chemicals - 2.2%
Celanese Corp. Class A	2,750		106,975
E.I. du Pont de Nemours & Co.	1,125		52,223
Lubrizol Corp.	2,430		141,669
Monsanto Co.	3,974		459,712
Zep, Inc.	1,050		16,485
			777,064
Containers & Packaging - 0.7%
Crown Holdings, Inc. (a)	1,510		37,614
Owens-Illinois, Inc. (a)	2,400		135,480
Pactiv Corp. (a)	3,135		79,378
			252,472
	Shares		Value
Metals & Mining - 1.2%
Freeport-McMoRan Copper & Gold, Inc. Class B	2,590		$ 261,227
Nucor Corp.	2,120		136,888
			398,115
TOTAL MATERIALS			1,427,651
TELECOMMUNICATION SERVICES - 0.9%
Diversified Telecommunication Services - 0.5%
CenturyTel, Inc.	1,680		60,799
Citizens Communications Co.	9,550		102,567
			163,366
Wireless Telecommunication Services - 0.4%
Telephone & Data Systems, Inc.	2,950		138,355
TOTAL TELECOMMUNICATION SERVICES			301,721
UTILITIES - 0.8%
Electric Utilities - 0.4%
Exelon Corp.	1,090		81,587
Pepco Holdings, Inc.	2,350		59,385
			140,972
Multi-Utilities - 0.4%
Public Service Enterprise Group, Inc.	3,240		142,884
TOTAL UTILITIES			283,856
TOTAL COMMON STOCKS (Cost $37,303,963)		34,047,518
Investment Companies - 2.4%
iShares Russell 1000 Growth Index Fund (Cost $854,837)	15,465		851,348
Money Market Funds - 0.2%
Fidelity Securities Lending Cash Central Fund, 3.25% (b)(c) (Cost $71,150)	71,150		71,150
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $38,229,950)			34,970,016
NET OTHER ASSETS - (0.1)%			(27,657)
NET ASSETS - 100%		$ 34,942,359

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.

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 Cash Central Fund	$ 15,637
Fidelity Securities Lending Cash Central Fund	1,659
Total	$ 17,296

Income Tax Information

At February 29, 2008, the fund had a capital loss carryforward of approximately $298,456 all of which will expire on February 29, 2016.

The fund intends to elect to defer to its fiscal year ending February 28, 2009 approximately $382,471 of losses recognized during the period November 1, 2007 to February 29, 2008.

Annual Report

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

Fidelity Large Cap Growth Enhanced Index Fund

Financial Statements

Statement of Assets and Liabilities

	February 29, 2008
Assets
Investment in securities, at value (including securities loaned of $67,906) - See accompanying schedule: Unaffiliated issuers (cost $38,229,950)		$ 34,970,016
Receivable for investments sold		124,901
Receivable for fund shares sold		141,253
Dividends receivable		50,471
Interest receivable		450
Distributions receivable from Fidelity Central Funds		340
Total assets		35,287,431
Liabilities
Payable to custodian bank	$ 141,962
Payable for investments purchased	91,941
Payable for fund shares redeemed	26,806
Accrued management fee	8,831
Other affiliated payables	4,382
Collateral on securities loaned, at value	71,150
Total liabilities		345,072
Net Assets		$ 34,942,359
Net Assets consist of:
Paid in capital		$ 38,916,932
Undistributed net investment income		33,062
Accumulated undistributed net realized gain (loss) on investments		(747,701)
Net unrealized appreciation (depreciation) on investments		(3,259,934)
Net Assets, for 3,778,418 shares outstanding		$ 34,942,359
Net Asset Value, offering price and redemption price per share ($34,942,359 ÷ 3,778,418 shares)		$ 9.25

Statement of Operations

For the period April 19, 2007 (commencement of operations) to February 29, 2008
Investment Income
Dividends		$ 310,884
Interest		3,962
Income from Fidelity Central Funds		17,296
Total income		332,142
Expenses
Management fee	$ 46,296
Transfer agent fees	37,357
Independent trustees' compensation	28,433
Total expenses before reductions	112,086
Expense reductions	(67)	112,019
Net investment income (loss)		220,123
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(736,903)
Futures contracts	(10,798)
Total net realized gain (loss)		(747,701)
Change in net unrealized appreciation (depreciation) on investment securities		(3,259,934)
Net gain (loss)		(4,007,635)
Net increase (decrease) in net assets resulting from operations		$ (3,787,512)

Annual Report

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

Fidelity Large Cap Growth Enhanced Index Fund
Financial Statements - continued

Statement of Changes in Net Assets

	For the period April 19, 2007 (commencement of operations) to February 29, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 220,123
Net realized gain (loss)	(747,701)
Change in net unrealized appreciation (depreciation)	(3,259,934)
Net increase (decrease) in net assets resulting from operations	(3,787,512)
Distributions to shareholders from net investment income	(187,061)
Share transactions Proceeds from sales of shares	52,976,622
Reinvestment of distributions	176,444
Cost of shares redeemed	(14,236,134)
Net increase (decrease) in net assets resulting from share transactions	38,916,932
Total increase (decrease) in net assets	34,942,359
Net Assets
Beginning of period	-
End of period (including undistributed net investment income of $33,062)	$ 34,942,359
Other Information Shares
Sold	5,174,309
Issued in reinvestment of distributions	17,081
Redeemed	(1,412,972)
Net increase (decrease)	3,778,418

Financial Highlights

	Year ended February 29, 2008 G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) D	.08
Net realized and unrealized gain (loss)	(.78)
Total from investment operations	(.70)
Distributions from net investment income	(.05)
Net asset value, end of period	$ 9.25
Total Return B, C	(7.05)%
Ratios to Average Net Assets E, H
Expenses before reductions	.45% A
Expenses net of fee waivers, if any	.45%A
Expenses net of all reductions	.45%A
Net investment income (loss)	.89%A
Supplemental Data
Net assets, end of period (000 omitted)	$ 34,942
Portfolio turnover rate F	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 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.

Annual Report

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

Fidelity Large Cap Value Enhanced Index Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average annual total returns take Fidelity Large Cap Value Enhanced Index Fund's cumulative total return and show you what would have happened if Fidelity Large Cap Value Enhanced Index Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Large Cap Value Enhanced Index Fund on April 19, 2007, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 1000 Value Index performed over the same period.

Annual Report

Fidelity Large Cap Value Enhanced Index Fund

Management's Discussion of Fund Performance

Comments from Jeffrey Adams, who oversees the Fidelity® Large Cap Value Enhanced Index Fund's investment management team as Head of Indexing for Geode Capital Management, LLC

It was a winter of discontent for U.S. equity investors, as a credit freeze led to subzero returns for many stock market benchmarks during the 12-month period ending February 29, 2008. In addition to the subprime mortgage market crisis, which severely constrained the availability of credit, a flurry of other issues afflicted investor sentiment - particularly in the final three months of the period - including a major housing market slowdown, rising inflation, a potential recession and oil prices that topped $100 per barrel. The Federal Reserve Board aggressively intervened in an effort to ease the credit crunch, slashing the federal funds target rate five times since September. Despite the central bank's efforts, the Standard & Poor's 500^SM Index fell 3.60% for the year overall and lost nearly 10% in the December-February time frame alone. The bellwether, blue-chip Dow Jones Industrial Average^SM managed a modest increase of 2.32% over the past 12 months, but the small-cap-oriented Russell 2000® Index declined 12.44%. Elsewhere, the technology-heavy NASDAQ Composite® Index fell 5.34%.

For the period between the fund's inception date of April 19, 2007, and February 29, 2008, the fund declined 12.00%, slightly ahead of the 12.11% loss of the Russell 1000® Value Index. Relative to the Russell index, stock selection in the materials and information technology sectors was helpful, while stock selection within consumer discretionary also contributed. On the negative side, weak stock selection in energy, industrials and, within health care, the pharmaceuticals/biotechnology/life science group detracted. Looking at individual holdings, two out-of-benchmark positions in fertilizer manufacturers - CF Industries Holdings and Terra Industries - performed very well. As strong worldwide demand for food led to higher fertilizer prices, both companies saw much higher earnings. Rising oil and natural gas prices helped a number of energy stocks, including oil and gas producer Occidental Petroleum. In materials, mining company Freeport-McMoRan Copper & Gold benefited from strong commodity prices as well as an acquisition that significantly increased the company's production capabilities. In contrast, an out-of-benchmark stake in residential mortgage lender Thornburg Mortgage detracted. The company lost significant value on negative sentiment about the mortgage lending business, as well as on concerns about the company's liquidity. An underweighting in energy producer Apache hurt, as this company benefited as well from strong oil and natural gas prices. Semiconductor maker Integrated Device Technology fell after issuing a sluggish earnings report. The company also lowered its earnings outlook. Drug maker King Pharmaceuticals fell in response to worries about the loss of patent protection on a key blood pressure drug, as well as increased competition in several other important markets. At period end, Thornburg Mortgage and Integrated Device Technology were no longer in the portfolio.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Fidelity Large Cap Value Enhanced Index Fund

Investment Changes

Top Ten Stocks as of February 29, 2008
	% of fund's net assets	% of fund's net assets 6 months ago
Exxon Mobil Corp.	6.3	5.4
General Electric Co.	4.4	4.7
AT&T, Inc.	3.4	3.4
Chevron Corp.	3.3	3.0
Bank of America Corp.	2.8	3.2
Pfizer, Inc.	2.7	2.1
JPMorgan Chase & Co.	2.3	2.4
Verizon Communications, Inc.	2.0	2.1
ConocoPhillips	2.0	1.7
Procter & Gamble Co.	1.8	1.7
	31.0
Market Sectors as of February 29, 2008
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	27.4	31.0
Energy	17.4	14.3
Industrials	11.0	10.5
Consumer Staples	8.9	7.1
Health Care	7.6	7.5
Consumer Discretionary	6.7	6.9
Utilities	6.1	5.2
Telecommunication Services	6.1	6.8
Materials	5.3	4.0
Information Technology	2.7	4.1

Annual Report

Fidelity Large Cap Value Enhanced Index Fund

Investments February 29, 2008

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
CONSUMER DISCRETIONARY - 6.7%
Diversified Consumer Services - 0.3%
Weight Watchers International, Inc.	1,342		$ 63,074
Hotels, Restaurants & Leisure - 1.5%
Darden Restaurants, Inc.	1,436		44,272
McDonald's Corp.	5,904		319,465
			363,737
Household Durables - 0.1%
Black & Decker Corp.	511		35,141
Media - 3.5%
CBS Corp. Class B	6,266		142,990
Comcast Corp. Class A	1,163		22,725
Meredith Corp.	1,829		79,287
News Corp. Class A	2,655		48,879
Omnicom Group, Inc.	2,189		97,783
Regal Entertainment Group Class A	2,478		48,891
The Walt Disney Co.	8,114		262,975
Time Warner, Inc.	9,659		150,777
			854,307
Multiline Retail - 0.3%
Big Lots, Inc. (a)	4,242		71,478
Specialty Retail - 1.0%
Barnes & Noble, Inc.	1,236		34,756
Gap, Inc.	8,776		177,012
Home Depot, Inc.	1,018		27,028
			238,796
TOTAL CONSUMER DISCRETIONARY			1,626,533
CONSUMER STAPLES - 8.9%
Beverages - 0.7%
Pepsi Bottling Group, Inc.	269		9,149
The Coca-Cola Co.	2,636		154,101
			163,250
Food & Staples Retailing - 2.4%
BJ's Wholesale Club, Inc. (a)	3,657		115,415
Costco Wholesale Corp.	450		27,864
CVS Caremark Corp.	2,514		101,515
Kroger Co.	5,068		122,899
Safeway, Inc.	4,749		136,486
Wal-Mart Stores, Inc.	1,646		81,625
			585,804
Food Products - 2.1%
Archer Daniels Midland Co.	1,250		56,375
General Mills, Inc.	2,988		167,298
Kraft Foods, Inc. Class A	5,612		174,926
The J.M. Smucker Co.	2,140		109,547
			508,146
	Shares		Value
Household Products - 1.9%
Kimberly-Clark Corp.	282		$ 18,381
Procter & Gamble Co.	6,907		457,105
			475,486
Tobacco - 1.8%
Altria Group, Inc.	3,275		239,534
Reynolds American, Inc.	2,345		149,423
UST, Inc.	1,107		60,099
			449,056
TOTAL CONSUMER STAPLES			2,181,742
ENERGY - 17.4%
Energy Equipment & Services - 1.1%
Global Industries Ltd. (a)	4,770		87,816
Halliburton Co.	3,381		129,492
Tidewater, Inc.	935		52,500
			269,808
Oil, Gas & Consumable Fuels - 16.3%
Anadarko Petroleum Corp.	1,119		71,325
Apache Corp.	815		93,489
Chevron Corp.	9,232		800,045
ConocoPhillips	5,764		476,740
Continental Resources, Inc.	2,494		70,032
Devon Energy Corp.	1,144		117,512
EOG Resources, Inc.	468		55,687
Exxon Mobil Corp.	17,785		1,547,471
Frontline Ltd. (NY Shares)	440		19,862
Marathon Oil Corp.	2,522		134,070
Occidental Petroleum Corp.	4,871		376,869
Valero Energy Corp.	2,092		120,855
W&T Offshore, Inc.	2,783		98,741
			3,982,698
TOTAL ENERGY			4,252,506
FINANCIALS - 27.4%
Capital Markets - 4.2%
Apollo Investment Corp.	2,468		38,254
Bank of New York Mellon Corp.	4,321		189,562
Bear Stearns Companies, Inc.	280		22,361
Goldman Sachs Group, Inc.	1,157		196,262
Knight Capital Group, Inc. Class A (a)	6,409		102,736
Lehman Brothers Holdings, Inc.	2,747		140,070
Merrill Lynch & Co., Inc.	2,446		121,224
Morgan Stanley	4,420		186,170
Northern Trust Corp.	135		9,130
State Street Corp.	250		19,638
			1,025,407
Commercial Banks - 5.0%
BB&T Corp.	2,462		76,642
Comerica, Inc.	492		17,830
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - continued
Cullen/Frost Bankers, Inc.	200		$ 10,224
KeyCorp	1,488		32,810
National City Corp.	1,592		25,249
PNC Financial Services Group, Inc.	1,274		78,262
Popular, Inc.	1,000		11,040
Regions Financial Corp.	2,772		58,766
SunTrust Banks, Inc.	713		41,447
U.S. Bancorp, Delaware	6,254		200,253
Wachovia Corp.	8,312		254,513
Webster Financial Corp.	117		3,272
Wells Fargo & Co.	13,997		409,132
			1,219,440
Consumer Finance - 0.8%
Capital One Financial Corp.	1,530		70,426
Discover Financial Services	8,809		132,928
			203,354
Diversified Financial Services - 6.9%
Bank of America Corp.	17,054		677,726
Citigroup, Inc.	18,320		434,367
JPMorgan Chase & Co.	13,804		561,133
			1,673,226
Insurance - 6.6%
ACE Ltd.	961		54,047
Allstate Corp.	1,308		62,431
American International Group, Inc.	7,473		350,185
Arch Capital Group Ltd. (a)	518		35,473
Aspen Insurance Holdings Ltd.	4,556		131,851
Axis Capital Holdings Ltd.	2,707		99,807
Genworth Financial, Inc. Class A (non-vtg.)	1,622		37,598
Hartford Financial Services Group, Inc.	703		49,140
HCC Insurance Holdings, Inc.	3,309		79,615
MetLife, Inc.	1,432		83,428
Nationwide Financial Services, Inc. Class A (sub. vtg.)	1,244		51,315
Phoenix Companies, Inc.	2,013		22,908
Platinum Underwriters Holdings Ltd.	1,495		51,578
Prudential Financial, Inc.	797		58,157
Reinsurance Group of America, Inc.	1,993		109,037
The Chubb Corp.	1,544		78,590
The Travelers Companies, Inc.	2,941		136,492
W.R. Berkley Corp.	3,528		101,571
XL Capital Ltd. Class A	631		22,754
			1,615,977
Real Estate Investment Trusts - 2.9%
AMB Property Corp. (SBI)	1,259		63,177
Annaly Capital Management, Inc.	7,718		159,685
Colonial Properties Trust (SBI)	4,515		109,985
Equity Residential (SBI)	744		28,406
HCP, Inc.	803		23,432
	Shares		Value
Hospitality Properties Trust (SBI)	2,724		$ 98,963
Host Hotels & Resorts, Inc.	1,844		29,854
iStar Financial, Inc.	500		9,855
ProLogis Trust	925		49,839
Rayonier, Inc.	2,007		85,398
Vornado Realty Trust	484		40,443
			699,037
Real Estate Management & Development - 0.3%
Jones Lang LaSalle, Inc.	1,004		76,696
Thrifts & Mortgage Finance - 0.7%
Countrywide Financial Corp.	1,842		11,623
Fannie Mae	3,416		94,452
Hudson City Bancorp, Inc.	1,079		17,124
Washington Mutual, Inc.	2,364		34,987
			158,186
TOTAL FINANCIALS			6,671,323
HEALTH CARE - 7.6%
Biotechnology - 0.3%
Biogen Idec, Inc. (a)	1,102		64,313
Health Care Providers & Services - 1.5%
Humana, Inc. (a)	1,845		126,069
UnitedHealth Group, Inc.	1,966		91,380
WellPoint, Inc. (a)	2,098		147,028
			364,477
Pharmaceuticals - 5.8%
Eli Lilly & Co.	2,813		140,706
Johnson & Johnson	6,621		410,237
King Pharmaceuticals, Inc. (a)	11,354		120,352
Merck & Co., Inc.	548		24,276
Pfizer, Inc.	29,882		665,771
Wyeth	1,252		54,612
			1,415,954
TOTAL HEALTH CARE			1,844,744
INDUSTRIALS - 11.0%
Aerospace & Defense - 2.9%
General Dynamics Corp.	751		61,469
Honeywell International, Inc.	1,620		93,215
Lockheed Martin Corp.	1,158		119,506
Northrop Grumman Corp.	737		57,936
Raytheon Co.	2,821		182,914
The Boeing Co.	1,144		94,712
United Technologies Corp.	1,381		97,374
			707,126
Commercial Services & Supplies - 0.7%
Allied Waste Industries, Inc. (a)	10,462		108,177
Herman Miller, Inc.	2,464		73,501
			181,678
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - 0.5%
KBR, Inc. (a)	3,675		$ 122,488
Electrical Equipment - 0.4%
Thomas & Betts Corp. (a)	2,151		86,363
Industrial Conglomerates - 4.6%
General Electric Co.	32,844		1,088,450
Tyco International Ltd.	1,083		43,385
			1,131,835
Machinery - 1.4%
Deere & Co.	1,003		85,466
Eaton Corp.	1,830		147,553
Gardner Denver, Inc. (a)	3,168		116,931
			349,950
Road & Rail - 0.3%
CSX Corp.	1,340		65,017
Trading Companies & Distributors - 0.2%
W.W. Grainger, Inc.	560		41,250
TOTAL INDUSTRIALS			2,685,707
INFORMATION TECHNOLOGY - 2.7%
Communications Equipment - 0.2%
ADC Telecommunications, Inc. (a)	4,263		58,275
Computers & Peripherals - 1.7%
Hewlett-Packard Co.	2,859		136,574
International Business Machines Corp.	1,868		212,690
NCR Corp. (a)	1,523		33,750
Western Digital Corp. (a)	968		29,882
			412,896
Electronic Equipment & Instruments - 0.6%
Avnet, Inc. (a)	2,430		81,915
Tyco Electronics Ltd.	1,829		60,174
			142,089
IT Services - 0.2%
The Western Union Co.	2,230		46,384
TOTAL INFORMATION TECHNOLOGY			659,644
MATERIALS - 5.3%
Chemicals - 3.3%
Celanese Corp. Class A	3,432		133,505
CF Industries Holdings, Inc.	1,143		139,537
Dow Chemical Co.	2,806		105,758
E.I. du Pont de Nemours & Co.	2,882		133,782
H.B. Fuller Co.	4,041		91,933
Lubrizol Corp.	2,096		122,197
Terra Industries, Inc. (a)	1,960		88,612
			815,324
	Shares		Value
Containers & Packaging - 0.3%
Pactiv Corp. (a)	3,029		$ 76,694
Metals & Mining - 1.6%
AK Steel Holding Corp.	2,082		109,555
Freeport-McMoRan Copper & Gold, Inc. Class B	963		97,128
Nucor Corp.	814		52,560
Reliance Steel & Aluminum Co.	990		54,905
United States Steel Corp.	591		64,094
			378,242
Paper & Forest Products - 0.1%
International Paper Co.	860		27,262
TOTAL MATERIALS			1,297,522
TELECOMMUNICATION SERVICES - 6.1%
Diversified Telecommunication Services - 5.8%
AT&T, Inc.	23,768		827,839
CenturyTel, Inc.	2,921		105,711
Verizon Communications, Inc.	13,392		486,397
			1,419,947
Wireless Telecommunication Services - 0.3%
Sprint Nextel Corp.	8,036		57,136
TOTAL TELECOMMUNICATION SERVICES			1,477,083
UTILITIES - 6.1%
Electric Utilities - 3.0%
American Electric Power Co., Inc.	1,506		61,626
DPL, Inc.	1,382		35,255
Duke Energy Corp.	6,634		116,360
Edison International	3,313		163,662
Entergy Corp.	364		37,397
FirstEnergy Corp.	939		63,467
FPL Group, Inc.	1,453		87,601
Portland General Electric Co.	4,161		97,076
Southern Co.	2,151		74,274
			736,718
Gas Utilities - 0.6%
Energen Corp.	2,277		136,620
Multi-Utilities - 2.5%
Alliant Energy Corp.	2,171		75,421
Dominion Resources, Inc.	3,515		140,389
MDU Resources Group, Inc.	4,231		111,106
Public Service Enterprise Group, Inc.	3,394		149,675
Sempra Energy	2,656		141,113
			617,704
TOTAL UTILITIES			1,491,042
TOTAL COMMON STOCKS (Cost $27,187,713)		24,187,846
Investment Companies - 0.5%
	Shares		Value
iShares Russell 1000 Value Index Fund (Cost $113,389)	1,535		$ 113,621
Money Market Funds - 0.5%
Dreyfus Cash Management Fund 3.59% (b) (Cost $117,475)	117,475		117,475
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $27,418,577)			24,418,942
NET OTHER ASSETS - (0.2)%			(39,465)
NET ASSETS - 100%		$ 24,379,477

Legend

(a) Non-income producing

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

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 Cash Central Fund	$ 9,305

Income Tax Information

At February 29, 2008, the fund had a capital loss carryforward of approximately $514,035 all of which will expire on February 29, 2016.

The fund intends to elect to defer to its fiscal year ending February 28, 2009 approximately $266,294 of losses recognized during the period November 1, 2007 to February 29, 2008.

Annual Report

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

Fidelity Large Cap Value Enhanced Index Fund

Financial Statements

Statement of Assets and Liabilities

	February 29, 2008
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $27,418,577)		$ 24,418,942
Cash		648
Receivable for investments sold		1,430,673
Receivable for fund shares sold		164,235
Dividends receivable		65,710
Interest receivable		487
Total assets		26,080,695
Liabilities
Payable for investments purchased	$ 1,679,755
Payable for fund shares redeemed	12,571
Accrued management fee	5,951
Other affiliated payables	2,941
Total liabilities		1,701,218
Net Assets		$ 24,379,477
Net Assets consist of:
Paid in capital		$ 28,133,864
Undistributed net investment income		73,019
Accumulated undistributed net realized gain (loss) on investments		(827,771)
Net unrealized appreciation (depreciation) on investments		(2,999,635)
Net Assets, for 2,807,182 shares outstanding		$ 24,379,477
Net Asset Value, offering price and redemption price per share ($24,379,477 ÷ 2,807,182 shares)		$ 8.68

Statement of Operations

For the period April 19, 2007 (commencement of operations) to February 29, 2008
Investment Income
Dividends		$ 462,858
Interest		4,067
Income from Fidelity Central Funds		9,305
Total income		476,230
Expenses
Management fee	$ 29,170
Transfer agent fees	27,766
Independent trustees' compensation	26,377
Total expenses before reductions	83,313
Expense reductions	(15)	83,298
Net investment income (loss)		392,932
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(821,066)
Futures contracts	(5,956)
Total net realized gain (loss)		(827,022)
Change in net unrealized appreciation (depreciation) on investment securities		(2,999,635)
Net gain (loss)		(3,826,657)
Net increase (decrease) in net assets resulting from operations		$ (3,433,725)

Annual Report

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

Statement of Changes in Net Assets

	For the period April 19, 2007 (commencement of operations) to February 29, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 392,932
Net realized gain (loss)	(827,022)
Change in net unrealized appreciation (depreciation)	(2,999,635)
Net increase (decrease) in net assets resulting from operations	(3,433,725)
Distributions to shareholders from net investment income	(320,661)
Share transactions Proceeds from sales of shares	39,722,635
Reinvestment of distributions	307,682
Cost of shares redeemed	(11,896,454)
Net increase (decrease) in net assets resulting from share transactions	28,133,863
Total increase (decrease) in net assets	24,379,477
Net Assets
Beginning of period	-
End of period (including undistributed net investment income of $73,019)	$ 24,379,477
Other Information Shares
Sold	3,987,621
Issued in reinvestment of distributions	32,593
Redeemed	(1,213,032)
Net increase (decrease)	2,807,182

Financial Highlights

	Year ended February 29, 2008 G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) D	.18
Net realized and unrealized gain (loss)	(1.37)
Total from investment operations	(1.19)
Distributions from net investment income	(.13)
Net asset value, end of period	$ 8.68
Total Return B, C	(12.00)%
Ratios to Average Net Assets E, H
Expenses before reductions	.45% A
Expenses net of fee waivers, if any	.45%A
Expenses net of all reductions	.45%A
Net investment income (loss)	2.12%A
Supplemental Data
Net assets, end of period (000 omitted)	$ 24,379
Portfolio turnover rate F	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 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.

Annual Report

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

Fidelity Large Cap Core Enhanced Index Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average annual total returns take Fidelity Large Cap Core Enhanced Index Fund's cumulative total return and show you what would have happened if Fidelity Large Cap Core Enhanced Index Fund shares had performed at a constant rate each year. These numbers will be reported once the fund is a year old.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Large Cap Core Enhanced Index Fund on April 19, 2007, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Standard & Poor's 500^SM (S&P 500®) Index performed over the same period.

Annual Report

Fidelity Large Cap Core Enhanced Index Fund

Management's Discussion of Fund Performance

Comments from Jeffrey Adams, who oversees the Fidelity® Large Cap Core Enhanced Index Fund's investment management team as Head of Indexing for Geode Capital Management, LLC

It was a winter of discontent for U.S. equity investors, as a credit freeze led to subzero returns for many stock market benchmarks during the 12-month period ending February 29, 2008. In addition to the subprime mortgage market crisis, which severely constrained the availability of credit, a flurry of other issues afflicted investor sentiment - particularly in the final three months of the period - including a major housing market slowdown, rising inflation, a potential recession and oil prices that topped $100 per barrel. The Federal Reserve Board aggressively intervened in an effort to ease the credit crunch, slashing the federal funds target rate five times since September. Despite the central bank's efforts, the Standard & Poor's 500^SM Index fell 3.60% for the year overall and lost nearly 10% in the December-February time frame alone. The bellwether, blue-chip Dow Jones Industrial Average^SM managed a modest increase of 2.32% over the past 12 months, but the small-cap-oriented Russell 2000® Index declined 12.44%. Elsewhere, the technology-heavy NASDAQ Composite® Index fell 5.34%.

For the period between the fund's inception date of April 19, 2007, and February 29, 2008, the fund declined 7.59%, ahead of the -7.96% return for the S&P 500® index. Relative to the benchmark, stock selection in materials and information technology was helpful, while within financials, good stock picks and an underweighting in banks made up for negative security selection among diversified financials. However, weak stock selection in energy and food/staples retailing within consumer staples detracted. Looking at individual holdings, agricultural products company Monsanto rose in part on the strong worldwide demand for food and biofuels. Rising oil and natural gas prices helped a number of energy-related companies, including National Oilwell Varco and Occidental Petroleum. An out-of-benchmark position in MasterCard also was helpful. In contrast, drug maker King Pharmaceuticals - which was sold from the fund before period end - fell in response to worries about the loss of patent protection on a key blood pressure drug, while in technology, an out-of-benchmark stake in semiconductor-design software maker Cadence Design Systems hurt. Cadence's revenues lagged analysts' expectations, and the company lowered its earnings forecast because of a weak business environment for semiconductor stocks. Closeout retailer Big Lots fell after it announced likely disappointing holiday-related sales. Check printer Deluxe, an out-of-benchmark holding, reported lower quarterly profits and warned of lower-than-anticipated first-quarter earnings.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Fidelity Large Cap Core Enhanced Index Fund

Investment Changes

Top Ten Stocks as of February 29, 2008
	% of fund's net assets	% of fund's net assets 6 months ago
Exxon Mobil Corp.	4.4	3.8
General Electric Co.	2.8	2.8
Microsoft Corp.	2.2	2.0
Chevron Corp.	2.1	1.8
International Business Machines Corp.	1.9	1.7
AT&T, Inc.	1.8	1.8
Procter & Gamble Co.	1.8	1.5
Cisco Systems, Inc.	1.6	1.8
Hewlett-Packard Co.	1.5	1.4
Pfizer, Inc.	1.5	1.5
	21.6
Market Sectors as of February 29, 2008
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	15.8	16.3
Financials	15.4	18.3
Energy	13.5	11.5
Health Care	12.6	12.3
Consumer Staples	11.8	9.0
Industrials	11.6	11.4
Consumer Discretionary	7.6	8.6
Materials	3.8	3.0
Telecommunication Services	3.7	4.0
Utilities	2.5	2.4

Annual Report

Fidelity Large Cap Core Enhanced Index Fund

Investments February 29, 2008

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
CONSUMER DISCRETIONARY - 7.6%
Automobiles - 0.1%
Ford Motor Co. (a)	138,706		$ 905,750
Diversified Consumer Services - 0.5%
Apollo Group, Inc. Class A (non-vtg.) (a)	39,645		2,433,410
Sotheby's Class A (ltd. vtg.)	44,774		1,509,779
			3,943,189
Hotels, Restaurants & Leisure - 1.4%
Darden Restaurants, Inc.	87,451		2,696,114
McDonald's Corp.	161,272		8,726,428
			11,422,542
Internet & Catalog Retail - 0.2%
Amazon.com, Inc. (a)	20,997		1,353,677
Media - 3.3%
Comcast Corp. Class A	117,546		2,296,849
News Corp. Class A	153,845		2,832,286
Omnicom Group, Inc.	92,783		4,144,617
Regal Entertainment Group Class A	128,674		2,538,738
The Walt Disney Co.	251,396		8,147,744
Time Warner, Inc.	103,631		1,617,680
Viacom, Inc. Class B (non-vtg.) (a)	156,790		6,232,403
			27,810,317
Multiline Retail - 0.4%
Big Lots, Inc. (a)	113,133		1,906,291
Family Dollar Stores, Inc.	36,116		691,621
Target Corp.	20,450		1,075,875
			3,673,787
Specialty Retail - 1.3%
Gap, Inc.	191,687		3,866,327
Home Depot, Inc.	79,376		2,107,433
Lowe's Companies, Inc.	34,174		819,151
RadioShack Corp.	108,528		1,893,814
Sherwin-Williams Co.	51,306		2,656,625
			11,343,350
Textiles, Apparel & Luxury Goods - 0.4%
NIKE, Inc. Class B	51,520		3,101,504
TOTAL CONSUMER DISCRETIONARY			63,554,116
CONSUMER STAPLES - 11.8%
Beverages - 2.5%
Anheuser-Busch Companies, Inc.	56,472		2,659,266
PepsiCo, Inc.	114,991		7,998,774
The Coca-Cola Co.	177,654		10,385,653
			21,043,693
Food & Staples Retailing - 3.6%
BJ's Wholesale Club, Inc. (a)	117,516		3,708,805
Costco Wholesale Corp.	31,485		1,949,551
CVS Caremark Corp.	106,361		4,294,857
Kroger Co.	182,197		4,418,277
	Shares		Value
Safeway, Inc.	63,780		$ 1,833,037
Sysco Corp.	79,893		2,241,798
Wal-Mart Stores, Inc.	178,462		8,849,931
Walgreen Co.	67,561		2,466,652
			29,762,908
Food Products - 1.3%
General Mills, Inc.	89,471		5,009,481
Kraft Foods, Inc. Class A	107,708		3,357,258
The J.M. Smucker Co.	39,617		2,027,994
			10,394,733
Household Products - 2.3%
Colgate-Palmolive Co.	36,405		2,770,056
Kimberly-Clark Corp.	31,536		2,055,516
Procter & Gamble Co.	220,219		14,574,093
			19,399,665
Tobacco - 2.1%
Altria Group, Inc.	144,678		10,581,749
Reynolds American, Inc.	72,201		4,600,648
UST, Inc.	48,406		2,627,962
			17,810,359
TOTAL CONSUMER STAPLES			98,411,358
ENERGY - 13.5%
Energy Equipment & Services - 3.0%
Grant Prideco, Inc. (a)	32,381		1,634,269
Halliburton Co.	181,812		6,963,400
National Oilwell Varco, Inc. (a)	72,201		4,498,122
Schlumberger Ltd. (NY Shares)	82,823		7,160,048
Tidewater, Inc.	23,894		1,341,648
Transocean, Inc. (a)	24,371		3,424,369
			25,021,856
Oil, Gas & Consumable Fuels - 10.5%
Anadarko Petroleum Corp.	38,761		2,470,626
Apache Corp.	11,436		1,311,824
Chevron Corp.	198,385		17,192,044
ConocoPhillips	115,144		9,523,560
Continental Resources, Inc.	57,555		1,616,144
Devon Energy Corp.	14,557		1,495,295
Exxon Mobil Corp.	419,560		36,505,918
Marathon Oil Corp.	49,867		2,650,930
Occidental Petroleum Corp.	126,942		9,821,503
Valero Energy Corp.	92,360		5,335,637
			87,923,481
TOTAL ENERGY			112,945,337
FINANCIALS - 15.4%
Capital Markets - 3.1%
Apollo Investment Corp.	99,852		1,547,706
Bank of New York Mellon Corp.	80,908		3,549,434
Goldman Sachs Group, Inc.	40,703		6,904,450
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
Lehman Brothers Holdings, Inc.	86,041		$ 4,387,231
Merrill Lynch & Co., Inc.	58,379		2,893,263
Morgan Stanley	87,096		3,668,484
Northern Trust Corp.	13,990		946,144
State Street Corp.	27,992		2,198,772
			26,095,484
Commercial Banks - 2.4%
BB&T Corp.	39,502		1,229,697
Comerica, Inc.	8,377		303,582
KeyCorp	28,085		619,274
PNC Financial Services Group, Inc.	25,746		1,581,577
Regions Financial Corp.	37,625		797,650
SunTrust Banks, Inc.	15,172		881,948
U.S. Bancorp, Delaware	113,865		3,645,957
Wachovia Corp.	134,493		4,118,176
Wells Fargo & Co.	243,920		7,129,782
			20,307,643
Consumer Finance - 0.7%
American Express Co.	84,616		3,579,257
Capital One Financial Corp.	28,072		1,292,154
Discover Financial Services	56,111		846,715
			5,718,126
Diversified Financial Services - 3.9%
Bank of America Corp.	313,598		12,462,385
Citigroup, Inc.	359,210		8,516,869
JPMorgan Chase & Co.	273,966		11,136,718
			32,115,972
Insurance - 4.3%
ACE Ltd.	51,400		2,890,736
AFLAC, Inc.	34,991		2,183,788
American International Group, Inc.	138,697		6,499,341
Arch Capital Group Ltd. (a)	42,016		2,877,256
Hartford Financial Services Group, Inc.	34,765		2,430,074
MetLife, Inc.	52,789		3,075,487
Nationwide Financial Services, Inc. Class A (sub. vtg.)	34,908		1,439,955
Principal Financial Group, Inc.	17,492		966,083
Prudential Financial, Inc.	16,360		1,193,789
The Chubb Corp.	93,964		4,782,768
The Travelers Companies, Inc.	60,714		2,817,737
W.R. Berkley Corp.	103,971		2,993,325
XL Capital Ltd. Class A	37,554		1,354,197
			35,504,536
Real Estate Investment Trusts - 0.4%
Annaly Capital Management, Inc.	58,777		1,216,096
ProLogis Trust	43,756		2,357,573
			3,573,669
	Shares		Value
Real Estate Management & Development - 0.3%
CB Richard Ellis Group, Inc. Class A (a)	61,435		$ 1,232,386
Jones Lang LaSalle, Inc.	18,225		1,392,208
			2,624,594
Thrifts & Mortgage Finance - 0.3%
Fannie Mae	60,302		1,667,350
Freddie Mac	12,784		321,901
Washington Mutual, Inc.	17,967		265,912
			2,255,163
TOTAL FINANCIALS			128,195,187
HEALTH CARE - 12.6%
Biotechnology - 0.6%
Amgen, Inc. (a)	57,114		2,599,829
Gilead Sciences, Inc. (a)	53,606		2,536,636
			5,136,465
Health Care Equipment & Supplies - 1.2%
Baxter International, Inc.	115,098		6,793,084
Kinetic Concepts, Inc. (a)	25,611		1,316,149
Medtronic, Inc.	32,473		1,602,867
			9,712,100
Health Care Providers & Services - 3.4%
Aetna, Inc.	96,546		4,788,682
Coventry Health Care, Inc. (a)	40,209		2,085,641
Express Scripts, Inc. (a)	74,284		4,390,184
Humana, Inc. (a)	70,454		4,814,122
McKesson Corp.	51,627		3,033,603
UnitedHealth Group, Inc.	79,903		3,713,891
WellPoint, Inc. (a)	80,437		5,637,025
			28,463,148
Life Sciences Tools & Services - 0.7%
Invitrogen Corp. (a)	53,742		4,540,662
Waters Corp. (a)	24,516		1,461,399
			6,002,061
Pharmaceuticals - 6.7%
Abbott Laboratories	94,574		5,064,438
Bristol-Myers Squibb Co.	128,805		2,912,281
Eli Lilly & Co.	132,856		6,645,457
Johnson & Johnson	201,702		12,497,456
Merck & Co., Inc.	180,801		8,009,484
Pfizer, Inc.	566,641		12,624,761
Schering-Plough Corp.	181,781		3,944,648
Warner Chilcott Ltd. (a)	69,266		1,168,517
Wyeth	62,085		2,708,148
			55,575,190
TOTAL HEALTH CARE			104,888,964
INDUSTRIALS - 11.6%
Aerospace & Defense - 4.1%
General Dynamics Corp.	12,171		996,196
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Aerospace & Defense - continued
Honeywell International, Inc.	134,336		$ 7,729,693
Lockheed Martin Corp.	63,350		6,537,720
Northrop Grumman Corp.	6,013		472,682
Raytheon Co.	84,299		5,465,947
The Boeing Co.	91,420		7,568,662
United Technologies Corp.	74,278		5,237,342
			34,008,242
Air Freight & Logistics - 0.7%
United Parcel Service, Inc. Class B	80,256		5,637,181
Airlines - 0.1%
SkyWest, Inc.	53,514		1,183,730
Commercial Services & Supplies - 0.5%
Allied Waste Industries, Inc. (a)	298,349		3,084,929
Deluxe Corp.	75,656		1,575,914
			4,660,843
Construction & Engineering - 0.4%
KBR, Inc. (a)	99,415		3,313,502
Electrical Equipment - 0.9%
Emerson Electric Co.	141,045		7,187,653
Industrial Conglomerates - 3.4%
3M Co.	67,018		5,254,211
General Electric Co.	705,249		23,371,952
			28,626,163
Machinery - 1.2%
Caterpillar, Inc.	68,943		4,986,647
Deere & Co.	12,121		1,032,830
Eaton Corp.	31,474		2,537,749
Gardner Denver, Inc. (a)	30,382		1,121,400
			9,678,626
Trading Companies & Distributors - 0.3%
W.W. Grainger, Inc.	33,169		2,443,229
TOTAL INDUSTRIALS			96,739,169
INFORMATION TECHNOLOGY - 15.8%
Communications Equipment - 2.0%
Cisco Systems, Inc. (a)	530,565		12,929,869
QUALCOMM, Inc.	84,215		3,568,190
			16,498,059
Computers & Peripherals - 5.1%
Apple, Inc. (a)	77,548		9,695,051
Dell, Inc. (a)	108,894		2,161,546
EMC Corp. (a)	68,593		1,065,935
Hewlett-Packard Co.	267,737		12,789,796
International Business Machines Corp.	136,283		15,517,182
NCR Corp. (a)	35,954		796,741
Teradata Corp. (a)	32,927		830,748
			42,856,999
	Shares		Value
Electronic Equipment & Instruments - 0.4%
Mettler-Toledo International, Inc. (a)	19,715		$ 1,926,156
Tyco Electronics Ltd.	38,780		1,275,862
			3,202,018
Internet Software & Services - 1.4%
eBay, Inc. (a)	170,924		4,505,557
Google, Inc. Class A (sub. vtg.) (a)	15,557		7,330,147
			11,835,704
IT Services - 1.0%
MasterCard, Inc. Class A	22,709		4,314,710
The Western Union Co.	183,478		3,816,342
			8,131,052
Office Electronics - 0.2%
Xerox Corp.	103,235		1,517,555
Semiconductors & Semiconductor Equipment - 1.7%
Intel Corp.	398,803		7,956,120
Lam Research Corp. (a)	51,993		2,092,198
National Semiconductor Corp.	91,956		1,514,515
NVIDIA Corp. (a)	34,758		743,474
Texas Instruments, Inc.	82,068		2,458,757
			14,765,064
Software - 4.0%
BMC Software, Inc. (a)	138,651		4,475,654
Cadence Design Systems, Inc. (a)	132,661		1,408,860
McAfee, Inc. (a)	40,171		1,336,489
Microsoft Corp.	662,565		18,035,019
Oracle Corp. (a)	433,433		8,148,540
			33,404,562
TOTAL INFORMATION TECHNOLOGY			132,211,013
MATERIALS - 3.8%
Chemicals - 2.2%
Celanese Corp. Class A	114,786		4,465,175
Dow Chemical Co.	33,832		1,275,128
Lubrizol Corp.	60,511		3,527,791
Monsanto Co.	76,417		8,839,919
			18,108,013
Metals & Mining - 1.6%
Freeport-McMoRan Copper & Gold, Inc. Class B	54,244		5,471,050
Nucor Corp.	71,359		4,607,651
United States Steel Corp.	33,054		3,584,706
			13,663,407
TOTAL MATERIALS			31,771,420
TELECOMMUNICATION SERVICES - 3.7%
Diversified Telecommunication Services - 3.5%
AT&T, Inc.	422,688		14,722,223
CenturyTel, Inc.	90,655		3,280,804
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Diversified Telecommunication Services - continued
Qwest Communications International, Inc.	169,651		$ 916,115
Verizon Communications, Inc.	284,033		10,316,079
			29,235,221
Wireless Telecommunication Services - 0.2%
Sprint Nextel Corp.	187,157		1,330,686
TOTAL TELECOMMUNICATION SERVICES			30,565,907
UTILITIES - 2.5%
Electric Utilities - 1.1%
American Electric Power Co., Inc.	26,926		1,101,812
Edison International	83,923		4,145,796
FPL Group, Inc.	54,738		3,300,154
Southern Co.	14,650		505,865
			9,053,627
Independent Power Producers & Energy Traders - 0.2%
Mirant Corp. (a)	62,365		2,307,505
Multi-Utilities - 1.2%
Dominion Resources, Inc.	66,586		2,659,445
Public Service Enterprise Group, Inc.	79,992		3,527,647
Sempra Energy	71,224		3,784,131
			9,971,223
TOTAL UTILITIES			21,332,355
TOTAL COMMON STOCKS (Cost $913,456,883)		820,614,826

U.S. Treasury Obligations - 0.3%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 2.2% to 3.21% 3/27/08 (b) (Cost $2,195,107)	$ 2,200,000	2,197,008

Money Market Funds - 1.2%
	Shares		Value
Dreyfus Cash Management Fund 3.59% (c) (Cost $10,162,070)	10,162,070		$ 10,162,070
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $925,814,060)			832,973,904
NET OTHER ASSETS - 0.2%			1,548,880
NET ASSETS - 100%		$ 834,522,784

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
114 S&P 500 E-Mini Index Contracts	March 2008	$ 7,588,410	$ (279,765)
18 S&P 500 Index Contracts	March 2008	5,990,850	(226,015)
TOTAL EQUITY INDEX CONTRACTS		$ 13,579,260	$ (505,780)

The face value of futures purchased as a percentage of net assets - 1.6%

Legend

(a) Non-income producing

(b) 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 $1,048,572.

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

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 Cash Central Fund	$ 306,347
Fidelity Securities Lending Cash Central Fund	587
Total	$ 306,934

Income Tax Information

At February 29, 2008, the fund had a capital loss carryforward of approximately $391,157 all of which will expire on February 29, 2016.

Annual Report

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

Fidelity Large Cap Core Enhanced Index Fund

Financial Statements

Statement of Assets and Liabilities

	February 29, 2008
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $925,814,060)		$ 832,973,904
Receivable for fund shares sold		383,227
Dividends receivable		1,809,877
Interest receivable		71,385
Total assets		835,238,393
Liabilities
Payable for fund shares redeemed	$ 54,729
Accrued management fee	207,579
Payable for daily variation on futures contracts	349,548
Other affiliated payables	103,753
Total liabilities		715,609
Net Assets		$ 834,522,784
Net Assets consist of:
Paid in capital		$ 928,472,503
Undistributed net investment income		1,907,189
Accumulated undistributed net realized gain (loss) on investments		(2,510,972)
Net unrealized appreciation (depreciation) on investments		(93,345,936)
Net Assets, for 90,752,566 shares outstanding		$ 834,522,784
Net Asset Value, offering price and redemption price per share ($834,522,784 ÷ 90,752,566 shares)		$ 9.20

Statement of Operations

For the period April 19, 2007 (commencement of operations) to February 29, 2008
Investment Income
Dividends		$ 5,912,081
Interest		327,048
Income from Fidelity Central Funds		306,934
Total income		6,546,063
Expenses
Management fee	$ 803,809
Transfer agent fees	435,837
Independent trustees' compensation	67,879
Total expenses before reductions	1,307,525
Expense reductions	(634)	1,306,891
Net investment income (loss)		5,239,172
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(2,213,169)
Futures contracts	(297,803)
Total net realized gain (loss)		(2,510,972)
Change in net unrealized appreciation (depreciation) on: Investment securities	(92,840,156)
Futures contracts	(505,780)
Total change in net unrealized appreciation (depreciation)		(93,345,936)
Net gain (loss)		(95,856,908)
Net increase (decrease) in net assets resulting from operations		$ (90,617,736)

Annual Report

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

Fidelity Large Cap Core Enhanced Index Fund
Financial Statements - continued

Statement of Changes in Net Assets

	For the period April 19, 2007 (commencement of operations) to February 29, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 5,239,172
Net realized gain (loss)	(2,510,972)
Change in net unrealized appreciation (depreciation)	(93,345,936)
Net increase (decrease) in net assets resulting from operations	(90,617,736)
Distributions to shareholders from net investment income	(3,331,983)
Share transactions Proceeds from sales of shares	988,996,519
Reinvestment of distributions	3,320,538
Cost of shares redeemed	(63,844,554)
Net increase (decrease) in net assets resulting from share transactions	928,472,503
Total increase (decrease) in net assets	834,522,784
Net Assets
Beginning of period	-
End of period (including undistributed net investment income of $1,907,189)	$ 834,522,784
Other Information Shares
Sold	96,918,399
Issued in reinvestment of distributions	326,503
Redeemed	(6,492,336)
Net increase (decrease)	90,752,566

Financial Highlights

	Year ended February 29, 2008 G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) D	.15
Net realized and unrealized gain (loss)	(.90)
Total from investment operations	(.75)
Distributions from net investment income	(.05)
Net asset value, end of period	$ 9.20
Total Return B, C	(7.59)%
Ratios to Average Net Assets E, H
Expenses before reductions	.45% A
Expenses net of fee waivers, if any	.45% A
Expenses net of all reductions	.45% A
Net investment income (loss)	1.83%A
Supplemental Data
Net assets, end of period (000 omitted)	$ 834,523
Portfolio turnover rate F	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 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.

Annual Report

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

Fidelity Mid Cap Enhanced Index Fund

Investment Summary

Top Ten Stocks as of February 29, 2008
	% of fund's net assets
iShares Russell Midcap Index Fund	2.2
National Oilwell Varco, Inc.	0.9
CSX Corp.	0.9
Yum! Brands, Inc.	0.7
H.J. Heinz Co.	0.7
Allergan, Inc.	0.7
TJX Companies, Inc.	0.7
L-3 Communications Holdings, Inc.	0.7
American Tower Corp. Class A	0.7
Noble Energy, Inc.	0.7
	8.9
Market Sectors as of February 29, 2008
	% of fund's net assets
Financials	14.7
Industrials	14.4
Information Technology	13.7
Consumer Discretionary	13.0
Energy	10.8
Health Care	9.7
Utilities	6.8
Consumer Staples	6.8
Materials	5.4
Telecommunication Services	2.3

Annual Report

Fidelity Mid Cap Enhanced Index Fund

Investments February 29, 2008

Showing Percentage of Net Assets

Common Stocks - 97.6%
	Shares		Value
CONSUMER DISCRETIONARY - 13.0%
Auto Components - 0.4%
Autoliv, Inc.	520		$ 25,948
Automobiles - 0.4%
Ford Motor Co. (a)	2,202		14,379
Harley-Davidson, Inc.	216		8,027
Thor Industries, Inc.	116		3,536
			25,942
Diversified Consumer Services - 1.5%
Apollo Group, Inc. Class A (non-vtg.) (a)	550		33,759
DeVry, Inc.	330		14,500
ITT Educational Services, Inc. (a)	256		14,136
Sotheby's Class A (ltd. vtg.)	408		13,758
Weight Watchers International, Inc.	330		15,510
			91,663
Hotels, Restaurants & Leisure - 2.2%
International Game Technology	740		33,411
Starwood Hotels & Resorts Worldwide, Inc.	620		29,345
Tim Hortons, Inc.	652		22,931
Yum! Brands, Inc.	1,291		44,475
			130,162
Household Durables - 0.9%
Blyth, Inc.	269		5,334
Fortune Brands, Inc.	12		780
Lennar Corp. Class A	517		9,621
Mohawk Industries, Inc. (a)	138		9,855
Newell Rubbermaid, Inc.	1,040		23,608
Tempur-Pedic International, Inc.	309		5,383
			54,581
Internet & Catalog Retail - 0.6%
Expedia, Inc. (a)	758		17,381
IAC/InterActiveCorp (a)	788		15,681
Liberty Media Corp. - Interactive Series A (a)	121		1,738
			34,800
Leisure Equipment & Products - 0.6%
Eastman Kodak Co.	495		8,405
Hasbro, Inc.	880		22,678
Polaris Industries, Inc.	50		1,909
			32,992
Media - 2.0%
E.W. Scripps Co. Class A	600		25,062
Interactive Data Corp.	300		8,778
Liberty Global, Inc. Class A (a)	980		36,848
Liberty Media Corp. - Capital Series A (a)	45		5,225
Meredith Corp.	350		15,173
Regal Entertainment Group Class A	530		10,457
	Shares		Value
Scholastic Corp. (a)	260		$ 9,066
XM Satellite Radio Holdings, Inc. Class A (a)	654		7,717
			118,326
Specialty Retail - 3.8%
Abercrombie & Fitch Co. Class A	301		23,337
Aeropostale, Inc. (a)	595		15,982
AutoZone, Inc. (a)	245		28,195
Barnes & Noble, Inc.	459		12,907
Bed Bath & Beyond, Inc. (a)	165		4,676
Gamestop Corp. Class A (a)	420		17,791
Gap, Inc.	1,915		38,626
Sherwin-Williams Co.	402		20,816
Tiffany & Co., Inc.	540		20,326
TJX Companies, Inc.	1,330		42,560
			225,216
Textiles, Apparel & Luxury Goods - 0.6%
Coach, Inc. (a)	630		19,102
VF Corp.	220		16,729
			35,831
TOTAL CONSUMER DISCRETIONARY			775,461
CONSUMER STAPLES - 6.8%
Beverages - 1.1%
Brown-Forman Corp. Class B (non-vtg.)	309		19,705
Coca-Cola Enterprises, Inc.	1,049		25,627
Pepsi Bottling Group, Inc.	564		19,182
			64,514
Food & Staples Retailing - 1.6%
BJ's Wholesale Club, Inc. (a)	455		14,360
Casey's General Stores, Inc.	690		17,285
Longs Drug Stores Corp.	410		19,692
Safeway, Inc.	1,250		35,925
SUPERVALU, Inc.	309		8,111
			95,373
Food Products - 1.8%
Bunge Ltd.	37		4,101
ConAgra Foods, Inc.	100		2,210
Darling International, Inc. (a)	510		7,089
Flowers Foods, Inc.	725		16,429
H.J. Heinz Co.	980		43,228
Hormel Foods Corp.	590		24,107
Sara Lee Corp.	126		1,591
Wm. Wrigley Jr. Co.	151		9,039
			107,794
Household Products - 0.9%
Church & Dwight Co., Inc.	480		25,661
Clorox Co.	426		24,789
Energizer Holdings, Inc. (a)	47		4,363
			54,813
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Personal Products - 0.4%
Avon Products, Inc.	356		$ 13,549
Estee Lauder Companies, Inc. Class A	203		8,644
			22,193
Tobacco - 1.0%
Loews Corp. - Carolina Group	246		18,521
Reynolds American, Inc.	263		16,758
UST, Inc.	512		27,796
			63,075
TOTAL CONSUMER STAPLES			407,762
ENERGY - 10.8%
Energy Equipment & Services - 4.0%
Cameron International Corp. (a)	675		28,674
Dresser-Rand Group, Inc. (a)	440		14,991
ENSCO International, Inc.	550		32,912
FMC Technologies, Inc. (a)	610		34,563
National Oilwell Varco, Inc. (a)	865		53,890
Noble Corp.	87		4,276
Patterson-UTI Energy, Inc.	670		15,899
Pride International, Inc. (a)	692		24,524
Smith International, Inc.	94		5,925
T-3 Energy Services, Inc. (a)	126		6,221
Weatherford International Ltd. (a)	230		15,852
			237,727
Oil, Gas & Consumable Fuels - 6.8%
Chesapeake Energy Corp.	246		11,124
Cimarex Energy Co.	250		13,175
CONSOL Energy, Inc.	422		32,064
Continental Resources, Inc.	810		22,745
El Paso Corp.	980		15,974
Frontier Oil Corp.	640		22,854
Frontline Ltd. (NY Shares)	480		21,667
Hess Corp.	310		28,886
Holly Corp.	370		19,754
Massey Energy Co.	570		21,808
Murphy Oil Corp.	367		29,499
Noble Energy, Inc.	510		39,474
Peabody Energy Corp.	119		6,738
Spectra Energy Corp.	1,010		23,341
Stone Energy Corp. (a)	418		21,218
Sunoco, Inc.	410		25,043
Tesoro Corp.	331		12,293
W&T Offshore, Inc.	571		20,259
Williams Companies, Inc.	450		16,209
			404,125
TOTAL ENERGY			641,852
	Shares		Value
FINANCIALS - 14.7%
Capital Markets - 3.0%
American Capital Strategies Ltd.	728		$ 26,419
Ameriprise Financial, Inc.	645		32,663
BlackRock, Inc. Class A	15		2,899
Federated Investors, Inc. Class B (non-vtg.)	474		19,235
Invesco Ltd.	1,121		28,709
MF Global Ltd.	479		8,406
Northern Trust Corp.	105		7,101
optionsXpress Holdings, Inc.	360		8,338
Raymond James Financial, Inc.	615		13,819
T. Rowe Price Group, Inc.	111		5,609
TD Ameritrade Holding Corp. (a)	1,400		25,620
			178,818
Commercial Banks - 1.8%
Banco Latin Americano de Exporaciones SA (BLADEX) Series E	410		5,510
Comerica, Inc.	331		11,995
KeyCorp	561		12,370
M&T Bank Corp.	255		20,930
Marshall & Ilsley Corp.	770		17,864
Popular, Inc.	2,010		22,190
Wachovia Corp.	220		6,736
Zions Bancorp	193		9,216
			106,811
Diversified Financial Services - 0.5%
CIT Group, Inc.	246		5,466
IntercontinentalExchange, Inc. (a)	20		2,606
NYMEX Holdings, Inc.	15		1,482
The NASDAQ Stock Market, Inc. (a)	510		21,170
			30,724
Insurance - 4.8%
Allied World Assurance Co. Holdings Ltd.	400		17,420
American Financial Group, Inc.	652		16,867
Aon Corp.	96		3,995
Arch Capital Group Ltd. (a)	360		24,653
Aspen Insurance Holdings Ltd.	657		19,014
Assurant, Inc.	384		24,019
Axis Capital Holdings Ltd.	670		24,703
Genworth Financial, Inc. Class A (non-vtg.)	233		5,401
PartnerRe Ltd.	330		25,374
Principal Financial Group, Inc.	153		8,450
RenaissanceRe Holdings Ltd.	256		14,054
Torchmark Corp.	396		23,863
Transatlantic Holdings, Inc.	310		20,894
Unum Group	1,380		31,616
W.R. Berkley Corp.	920		26,487
			286,810
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - 4.6%
AMB Property Corp. (SBI)	440		$ 22,079
Annaly Capital Management, Inc.	1,481		30,642
Duke Realty LP	830		19,024
Hospitality Properties Trust (SBI)	300		10,899
Host Hotels & Resorts, Inc.	826		13,373
Kimco Realty Corp.	291		9,827
Nationwide Health Properties, Inc.	630		19,108
ProLogis Trust	640		34,483
Public Storage	105		8,543
Rayonier, Inc.	475		20,211
Regency Centers Corp.	324		19,229
SL Green Realty Corp.	260		23,790
The Macerich Co.	330		21,120
Vornado Realty Trust	270		22,561
			274,889
TOTAL FINANCIALS			878,052
HEALTH CARE - 9.7%
Biotechnology - 0.6%
Biogen Idec, Inc. (a)	170		9,921
Cubist Pharmaceuticals, Inc. (a)	460		8,372
OSI Pharmaceuticals, Inc. (a)	410		14,740
Regeneron Pharmaceuticals, Inc. (a)	263		5,200
			38,233
Health Care Equipment & Supplies - 2.4%
C.R. Bard, Inc.	327		30,996
DENTSPLY International, Inc.	571		22,292
Edwards Lifesciences Corp. (a)	414		18,055
Kinetic Concepts, Inc. (a)	380		19,528
Masimo Corp.	379		12,151
St. Jude Medical, Inc. (a)	890		38,252
			141,274
Health Care Providers & Services - 3.6%
AMERIGROUP Corp. (a)	530		19,080
AmerisourceBergen Corp.	338		14,101
CIGNA Corp.	740		32,989
Express Scripts, Inc. (a)	600		35,460
Humana, Inc. (a)	560		38,265
Laboratory Corp. of America Holdings (a)	450		34,790
Lincare Holdings, Inc. (a)	675		21,938
Quest Diagnostics, Inc.	437		20,832
			217,455
Health Care Technology - 0.1%
IMS Health, Inc.	227		5,110
Life Sciences Tools & Services - 1.5%
Applera Corp. - Applied Biosystems Group	840		28,316
	Shares		Value
Invitrogen Corp. (a)	280		$ 23,657
Thermo Fisher Scientific, Inc. (a)	270		15,101
Waters Corp. (a)	350		20,864
			87,938
Pharmaceuticals - 1.5%
Allergan, Inc.	723		42,823
Forest Laboratories, Inc. (a)	200		7,954
Perrigo Co.	570		19,049
Warner Chilcott Ltd. (a)	1,240		20,919
			90,745
TOTAL HEALTH CARE			580,755
INDUSTRIALS - 14.4%
Aerospace & Defense - 1.7%
DRS Technologies, Inc.	410		22,997
Goodrich Corp.	233		13,801
L-3 Communications Holdings, Inc.	400		42,516
Precision Castparts Corp.	81		8,942
Rockwell Collins, Inc.	252		14,843
			103,099
Air Freight & Logistics - 0.1%
C.H. Robinson Worldwide, Inc.	138		7,006
Airlines - 0.4%
Continental Airlines, Inc. Class B (a)	570		13,783
Republic Airways Holdings, Inc. (a)	560		10,948
			24,731
Building Products - 1.3%
Apogee Enterprises, Inc.	149		2,293
Lennox International, Inc.	410		15,432
Masco Corp.	1,083		20,241
Trane, Inc.	824		37,121
			75,087
Commercial Services & Supplies - 1.6%
Allied Waste Industries, Inc. (a)	2,370		24,506
Covanta Holding Corp. (a)	735		21,080
Deluxe Corp.	251		5,228
Herman Miller, Inc.	640		19,091
R.R. Donnelley & Sons Co.	746		23,745
			93,650
Construction & Engineering - 1.2%
EMCOR Group, Inc. (a)	775		18,670
Fluor Corp.	15		2,089
Foster Wheeler Ltd. (a)	410		26,835
Jacobs Engineering Group, Inc. (a)	111		8,912
KBR, Inc. (a)	399		13,299
			69,805
Electrical Equipment - 1.8%
Cooper Industries Ltd. Class A	537		22,516
Hubbell, Inc. Class B	363		16,469
Rockwell Automation, Inc.	450		24,620
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - continued
Roper Industries, Inc.	500		$ 28,200
Thomas & Betts Corp. (a)	402		16,140
			107,945
Industrial Conglomerates - 1.5%
McDermott International, Inc. (a)	624		32,585
Textron, Inc.	583		31,581
Walter Industries, Inc.	495		27,042
			91,208
Machinery - 3.2%
AGCO Corp. (a)	379		24,582
Cummins, Inc.	60		3,023
Eaton Corp.	396		31,929
Flowserve Corp.	195		21,236
Joy Global, Inc.	419		27,809
Manitowoc Co., Inc.	484		19,718
PACCAR, Inc.	264		11,452
Pall Corp.	571		22,480
Parker Hannifin Corp.	466		30,118
			192,347
Road & Rail - 1.3%
CSX Corp.	1,110		53,857
Kansas City Southern (a)	571		20,442
			74,299
Trading Companies & Distributors - 0.3%
W.W. Grainger, Inc.	259		19,078
TOTAL INDUSTRIALS			858,255
INFORMATION TECHNOLOGY - 13.7%
Communications Equipment - 1.0%
ADC Telecommunications, Inc. (a)	769		10,512
Harris Corp.	390		19,044
Juniper Networks, Inc. (a)	1,040		27,893
			57,449
Computers & Peripherals - 2.0%
Lexmark International, Inc. Class A (a)	730		24,112
Network Appliance, Inc. (a)	1,167		25,231
Seagate Technology	1,595		34,404
Teradata Corp. (a)	870		21,950
Western Digital Corp. (a)	460		14,200
			119,897
Electronic Equipment & Instruments - 1.0%
Agilent Technologies, Inc. (a)	770		23,570
Arrow Electronics, Inc. (a)	554		18,066
Avnet, Inc. (a)	110		3,708
Mettler-Toledo International, Inc. (a)	170		16,609
			61,953
IT Services - 2.3%
Alliance Data Systems Corp. (a)	390		19,746
	Shares		Value
Computer Sciences Corp. (a)	31		$ 1,347
Electronic Data Systems Corp.	1,503		26,032
Fiserv, Inc. (a)	530		27,889
Hewitt Associates, Inc. Class A (a)	660		26,044
Mastercard, Inc. Class A	90		17,100
Paychex, Inc.	90		2,831
SAIC, Inc. (a)	770		14,676
			135,665
Office Electronics - 0.6%
Xerox Corp.	2,413		35,471
Semiconductors & Semiconductor Equipment - 2.9%
Altera Corp.	1,540		26,349
Broadcom Corp. Class A (a)	1,139		21,538
Linear Technology Corp.	850		23,554
MEMC Electronic Materials, Inc. (a)	375		28,605
Microchip Technology, Inc.	816		25,116
NVIDIA Corp. (a)	1,259		26,930
RF Micro Devices, Inc. (a)	2,338		7,365
Xilinx, Inc.	490		10,956
			170,413
Software - 3.9%
Autodesk, Inc. (a)	652		20,271
BEA Systems, Inc. (a)	164		3,127
BMC Software, Inc. (a)	860		27,761
CA, Inc.	1,410		32,261
Compuware Corp. (a)	2,705		21,532
Electronic Arts, Inc. (a)	167		7,897
Intuit, Inc. (a)	979		26,002
Jack Henry & Associates, Inc.	537		12,636
Net 1 UEPS Technologies, Inc. (a)	530		15,423
Novell, Inc. (a)	2,798		20,845
Salesforce.com, Inc. (a)	405		24,187
Synopsys, Inc. (a)	990		22,978
			234,920
TOTAL INFORMATION TECHNOLOGY			815,768
MATERIALS - 5.4%
Chemicals - 2.4%
Air Products & Chemicals, Inc.	170		15,526
Celanese Corp. Class A	640		24,896
Eastman Chemical Co.	450		29,615
Lubrizol Corp.	361		21,046
PPG Industries, Inc.	20		1,240
Sigma Aldrich Corp.	410		22,558
Terra Industries, Inc. (a)	138		6,239
The Mosaic Co. (a)	170		18,921
			140,041
Containers & Packaging - 1.2%
Owens-Illinois, Inc. (a)	640		36,128
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Containers & Packaging - continued
Packaging Corp. of America	723		$ 16,477
Sonoco Products Co.	630		17,747
			70,352
Metals & Mining - 1.8%
AK Steel Holding Corp.	580		30,520
Carpenter Technology Corp.	292		18,346
Freeport-McMoRan Copper & Gold, Inc. Class B	140		14,120
Steel Dynamics, Inc.	186		10,836
United States Steel Corp.	330		35,789
			109,611
TOTAL MATERIALS			320,004
TELECOMMUNICATION SERVICES - 2.3%
Diversified Telecommunication Services - 1.1%
CenturyTel, Inc.	655		23,704
Cincinnati Bell, Inc. (a)	4,440		17,227
Embarq Corp.	355		14,889
Qwest Communications International, Inc.	2,371		12,803
			68,623
Wireless Telecommunication Services - 1.2%
American Tower Corp. Class A (a)	1,069		41,092
Telephone & Data Systems, Inc.	480		22,512
U.S. Cellular Corp. (a)	130		8,190
			71,794
TOTAL TELECOMMUNICATION SERVICES			140,417
UTILITIES - 6.8%
Electric Utilities - 1.7%
American Electric Power Co., Inc.	364		14,895
DPL, Inc.	790		20,153
Edison International	793		39,174
Northeast Utilities	111		2,816
PPL Corp.	250		11,345
Sierra Pacific Resources	1,179		15,221
			103,604
Gas Utilities - 1.1%
Energen Corp.	410		24,600
	Shares		Value
National Fuel Gas Co.	540		$ 25,407
Southern Union Co.	688		17,695
			67,702
Independent Power Producers & Energy Traders - 0.3%
AES Corp. (a)	240		4,315
Constellation Energy Group, Inc.	99		8,747
Mirant Corp. (a)	175		6,475
			19,537
Multi-Utilities - 3.7%
Alliant Energy Corp.	505		17,544
Ameren Corp.	220		9,394
CenterPoint Energy, Inc.	1,600		23,488
CMS Energy Corp.	1,147		16,505
Consolidated Edison, Inc.	730		29,850
PG&E Corp.	198		7,457
SCANA Corp.	655		24,805
Sempra Energy	650		34,535
TECO Energy, Inc.	1,212		18,156
Vectren Corp.	384		9,896
Xcel Energy, Inc.	1,309		25,944
			217,574
TOTAL UTILITIES			408,417
TOTAL COMMON STOCKS (Cost $6,257,856)		5,826,743
Investment Companies - 2.2%
iShares Russell Midcap Index Fund (Cost $135,031)	1,388		131,812
Money Market Funds - 4.3%
Dreyfus Cash Management Fund 3.59% (b) (Cost $255,411)	255,411		255,411

TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $6,648,298) 6,213,966

NET OTHER ASSETS - (4.1)%		(246,734)
NET ASSETS - 100%	$ 5,967,232

Legend

(a) Non-income producing

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

Annual Report

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

Fidelity Mid Cap Enhanced Index Fund

Financial Statements

Statement of Assets and Liabilities

	February 29, 2008
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $6,648,298)		$ 6,213,966
Cash		84
Receivable for investments sold		182,849
Receivable for fund shares sold		33,679
Dividends receivable		7,324
Interest receivable		173
Total assets		6,438,075
Liabilities
Payable for investments purchased	$ 468,030
Accrued management fee	2,109
Other affiliated payables	704
Total liabilities		470,843
Net Assets		$ 5,967,232
Net Assets consist of:
Paid in capital		$ 6,401,122
Undistributed net investment income		12,807
Accumulated undistributed net realized gain (loss) on investments		(12,365)
Net unrealized appreciation (depreciation) on investments		(434,332)
Net Assets, for 651,109 shares outstanding		$ 5,967,232
Net Asset Value, offering price and redemption price per share ($5,967,232 ÷ 651,109 shares)		$ 9.16

Statement of Operations

For the period December 20, 2007 (commencement of operations) to February 29, 2008
Investment Income
Dividends		$ 14,349
Interest		4,456
Total income		18,805
Expenses
Management fee	$ 4,487
Transfer agent fees	1,377
Independent trustees' compensation	134
Total expenses		5,998
Net investment income (loss)		12,807
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		(12,365)
Change in net unrealized appreciation (depreciation) on investment securities		(434,332)
Net gain (loss)		(446,697)
Net increase (decrease) in net assets resulting from operations		$ (433,890)

Annual Report

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

Fidelity Mid Cap Enhanced Index Fund
Financial Statements - continued

Statement of Changes in Net Assets

	For the period December 20, 2007 (commencement of operations) to February 29, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 12,807
Net realized gain (loss)	(12,365)
Change in net unrealized appreciation (depreciation)	(434,332)
Net increase (decrease) in net assets resulting from operations	(433,890)
Share transactions Proceeds from sales of shares	6,410,673
Cost of shares redeemed	(9,623)
Net increase (decrease) in net assets resulting from share transactions	6,401,050
Redemption fees	72
Total increase (decrease) in net assets	5,967,232
Net Assets
Beginning of period	-
End of period (including undistributed net investment income of $12,807)	$ 5,967,232
Other Information Shares
Sold	652,156
Redeemed	(1,047)
Net increase (decrease)	651,109

Financial Highlights

	Year ended February 29, 2008 D
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) C	.02
Net realized and unrealized gain (loss)	(.86)
Total from investment operations	(.84)
Redemption fees added to paid in capital C	- F
Net asset value, end of period	$ 9.16
Total Return B	(8.40)%
Ratios to Average Net Assets E
Expenses before reductions	.60% A
Expenses net of fee waivers, if any	.60% A
Expenses net of all reductions	.60% A
Net investment income (loss)	1.25% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 5,967
Portfolio turnover rate	16%

^A Annualized

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

^C Calculated based on average shares outstanding during the period.

^D For the period December 20, 2007 (commencement of operations) to February 29, 2008.

^E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 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.

^F Amount represents less than $.01 per share.

Annual Report

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

Fidelity Small Cap Enhanced Index Fund

Investment Summary

Top Ten Stocks as of February 29, 2008
	% of fund's net assets
Terra Industries, Inc.	0.9
CF Industries Holdings, Inc.	0.8
iShares Russell 2000 Index Fund	0.8
Netflix, Inc.	0.8
Mariner Energy, Inc.	0.7
Stone Energy Corp.	0.7
Nationwide Health Properties, Inc.	0.7
DeVry, Inc.	0.6
Meridian Bioscience, Inc.	0.6
Aeropostale, Inc.	0.6
	7.2
Market Sectors as of February 29, 2008
	% of fund's net assets
Financials	17.9
Information Technology	17.4
Consumer Discretionary	14.5
Industrials	14.4
Health Care	13.1
Materials	6.7
Energy	6.4
Consumer Staples	3.4
Telecommunication Services	2.2
Utilities	2.0

Annual Report

Fidelity Small Cap Enhanced Index Fund

Investments February 29, 2008

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value
CONSUMER DISCRETIONARY - 14.5%
Auto Components - 1.5%
Aftermarket Technology Corp. (a)	950		$ 17,813
Cooper Tire & Rubber Co.	1,685		30,448
Drew Industries, Inc. (a)	722		19,465
Lear Corp. (a)	400		11,032
Stoneridge, Inc. (a)	1,511		16,289
			95,047
Automobiles - 0.2%
Monaco Coach Corp.	838		8,196
Winnebago Industries, Inc.	127		2,549
			10,745
Diversified Consumer Services - 1.8%
Bright Horizons Family Solutions, Inc. (a)	127		5,712
DeVry, Inc.	935		41,084
Jackson Hewitt Tax Service, Inc.	382		7,995
Sotheby's Class A (ltd. vtg.)	687		23,166
Stewart Enterprises, Inc. Class A	441		2,633
Strayer Education, Inc.	227		35,344
			115,934
Hotels, Restaurants & Leisure - 3.0%
Bally Technologies, Inc. (a)	727		27,561
Bob Evans Farms, Inc.	925		26,779
Buffalo Wild Wings, Inc. (a)	631		14,620
CBRL Group, Inc.	460		16,753
Chipotle Mexican Grill, Inc. Class A (a)	179		17,775
Denny's Corp. (a)	7,721		24,090
IHOP Corp.	251		11,491
Jack in the Box, Inc. (a)	319		8,380
Papa John's International, Inc. (a)	1,077		28,164
Sonic Corp. (a)	555		11,838
Speedway Motorsports, Inc.	171		4,993
			192,444
Household Durables - 0.8%
American Greetings Corp. Class A	663		12,478
Tempur-Pedic International, Inc.	523		9,111
Tupperware Brands Corp.	322		11,747
Universal Electronics, Inc. (a)	663		15,050
			48,386
Internet & Catalog Retail - 1.7%
Blue Nile, Inc. (a)	233		10,289
FTD Group, Inc.	595		8,205
Netflix, Inc. (a)	1,507		47,591
Orbitz Worldwide, Inc.	3,069		19,365
Priceline.com, Inc. (a)	183		20,866
			106,316
Leisure Equipment & Products - 0.1%
Polaris Industries, Inc.	215		8,209
Media - 2.7%
A.H. Belo Corp. Class A (a)	344		4,186
Belo Corp. Series A	1,724		20,291
	Shares		Value
Cox Radio, Inc. Class A (a)	1,047		$ 11,507
Gemstar-TV Guide International, Inc. (a)	3,287		15,580
Interactive Data Corp.	967		28,294
Lee Enterprises, Inc.	839		8,650
LIN TV Corp. Class A (a)	2,769		28,438
Marvel Entertainment, Inc. (a)	387		9,733
Sinclair Broadcast Group, Inc. Class A	2,170		20,029
Westwood One, Inc.	7,461		13,206
World Wrestling Entertainment, Inc. Class A	557		9,859
			169,773
Specialty Retail - 1.8%
Aeropostale, Inc. (a)	1,469		39,457
Christopher & Banks Corp.	585		6,318
Dress Barn, Inc. (a)	514		6,775
Gymboree Corp. (a)	523		20,706
J. Crew Group, Inc. (a)	479		19,184
Midas, Inc. (a)	719		10,878
The Buckle, Inc.	107		4,858
The Men's Wearhouse, Inc.	167		3,848
			112,024
Textiles, Apparel & Luxury Goods - 0.9%
Deckers Outdoor Corp. (a)	80		8,851
Fossil, Inc. (a)	646		20,788
Lululemon Athletica, Inc.	693		18,642
Maidenform Brands, Inc. (a)	851		10,527
			58,808
TOTAL CONSUMER DISCRETIONARY			917,686
CONSUMER STAPLES - 3.4%
Food & Staples Retailing - 1.3%
Casey's General Stores, Inc.	871		21,819
Longs Drug Stores Corp.	733		35,206
Nash-Finch Co.	800		28,056
			85,081
Food Products - 1.1%
Chiquita Brands International, Inc. (a)	1,132		23,172
Flowers Foods, Inc.	386		8,747
Ralcorp Holdings, Inc. (a)	556		30,830
TreeHouse Foods, Inc. (a)	353		7,826
			70,575
Personal Products - 1.0%
Chattem, Inc. (a)	375		29,213
Elizabeth Arden, Inc. (a)	1,154		21,026
Prestige Brands Holdings, Inc. (a)	1,507		11,619
			61,858
TOTAL CONSUMER STAPLES			217,514
Common Stocks - continued
	Shares		Value
ENERGY - 6.4%
Energy Equipment & Services - 2.7%
Dril-Quip, Inc. (a)	616		$ 28,816
Exterran Holdings, Inc. (a)	212		14,766
Gulfmark Offshore, Inc. (a)	452		22,898
Hornbeck Offshore Services, Inc. (a)	453		20,353
Oil States International, Inc. (a)	263		11,088
T-3 Energy Services, Inc. (a)	361		17,823
Trico Marine Services, Inc. (a)	923		36,477
Willbros Group, Inc. (a)	480		16,445
			168,666
Oil, Gas & Consumable Fuels - 3.7%
Alpha Natural Resources, Inc. (a)	949		38,472
Bois d'Arc Energy LLC (a)	1,569		33,686
Double Hull Tankers, Inc.	1,210		13,613
Mariner Energy, Inc. (a)	1,614		44,756
Penn Virginia Corp.	198		8,427
Petrohawk Energy Corp. (a)	433		7,829
Stone Energy Corp. (a)	856		43,451
Swift Energy Co. (a)	615		29,354
Whiting Petroleum Corp. (a)	251		15,366
			234,954
TOTAL ENERGY			403,620
FINANCIALS - 17.9%
Capital Markets - 2.3%
Apollo Investment Corp.	275		4,263
BlackRock Kelso Capital Corp.	1,152		14,469
GFI Group, Inc. (a)	383		29,319
Hercules Technology Growth Capital, Inc.	1,040		12,366
Knight Capital Group, Inc. Class A (a)	2,396		38,408
MCG Capital Corp.	485		5,820
optionsXpress Holdings, Inc.	900		20,844
Prospect Capital Corp.	793		11,935
Waddell & Reed Financial, Inc. Class A	393		12,317
			149,741
Commercial Banks - 4.8%
City Bank Lynnwood, Washington	277		5,108
Community Bancorp (a)	774		9,520
Community Bank System, Inc.	1,108		24,487
Community Trust Bancorp, Inc.	133		3,598
First Financial Bankshares, Inc.	447		16,928
Frontier Financial Corp., Washington	227		3,400
Green Bankshares, Inc.	435		7,926
Home Bancshares, Inc.	956		19,101
Horizon Financial Corp.	286		3,661
National Penn Bancshares, Inc.	2,019		32,324
Old Second Bancorp, Inc.	1,004		25,863
Oriental Financial Group, Inc.	1,833		38,163
Pacific Capital Bancorp	374		7,835
	Shares		Value
S&T Bancorp, Inc.	1,103		$ 31,270
Sandy Spring Bancorp, Inc.	415		11,292
Sterling Financial Corp., Washington	250		3,723
Suffolk Bancorp	545		16,279
SVB Financial Group (a)	193		8,743
Tompkins Financial Corp.	329		14,492
WesBanco, Inc.	935		21,776
			305,489
Consumer Finance - 0.3%
Advance America Cash Advance Centers, Inc.	406		3,017
Dollar Financial Corp. (a)	630		14,156
			17,173
Insurance - 3.4%
Amerisafe, Inc. (a)	813		10,691
Aspen Insurance Holdings Ltd.	503		14,557
Assured Guaranty Ltd.	1,024		26,266
FBL Financial Group, Inc. Class A	513		15,087
Hallmark Financial Services, Inc. (a)	760		8,953
Harleysville Group, Inc.	476		15,984
IPC Holdings Ltd.	376		10,197
Max Capital Group Ltd.	354		9,820
Navigators Group, Inc. (a)	402		22,001
Platinum Underwriters Holdings Ltd.	267		9,212
ProAssurance Corp. (a)	401		21,321
RLI Corp.	509		26,585
SeaBright Insurance Holdings, Inc. (a)	1,512		22,529
			213,203
Real Estate Investment Trusts - 6.5%
Acadia Realty Trust (SBI)	641		14,685
Alexandria Real Estate Equities, Inc.	126		11,567
Digital Realty Trust, Inc.	325		11,668
Entertainment Properties Trust (SBI)	417		19,545
Extra Space Storage, Inc.	1,421		21,414
First Industrial Realty Trust, Inc.	444		13,489
Home Properties, Inc.	131		6,029
LaSalle Hotel Properties (SBI)	300		8,670
MFA Mortgage Investments, Inc.	2,564		24,512
National Retail Properties, Inc.	1,192		24,674
Nationwide Health Properties, Inc.	1,397		42,371
NorthStar Realty Finance Corp.	1,674		14,882
Omega Healthcare Investors, Inc.	2,162		36,668
Pennsylvania Real Estate Investment Trust (SBI)	768		18,993
PS Business Parks, Inc.	327		15,876
Realty Income Corp.	1,004		23,102
Saul Centers, Inc.	548		25,427
Senior Housing Properties Trust (SBI)	397		8,444
Sovran Self Storage, Inc.	740		28,527
Sunstone Hotel Investors, Inc.	155		2,427
Tanger Factory Outlet Centers, Inc.	627		22,259
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Urstadt Biddle Properties, Inc. Class A	789		$ 11,590
Winthrop Realty Trust	1,752		8,725
			415,544
Thrifts & Mortgage Finance - 0.6%
Anchor BanCorp Wisconsin, Inc.	1,074		20,331
FirstFed Financial Corp. (a)	61		1,906
Provident New York Bancorp	1,137		14,906
			37,143
TOTAL FINANCIALS			1,138,293
HEALTH CARE - 13.1%
Biotechnology - 2.3%
Alexion Pharmaceuticals, Inc. (a)	128		7,758
Alnylam Pharmaceuticals, Inc. (a)	331		9,400
ARIAD Pharmaceuticals, Inc. (a)	1,990		6,667
BioMarin Pharmaceutical, Inc. (a)	773		29,405
Cubist Pharmaceuticals, Inc. (a)	605		11,011
GTx, Inc. (a)	696		11,394
Martek Biosciences (a)	328		9,400
ONYX Pharmaceuticals, Inc. (a)	224		6,120
OSI Pharmaceuticals, Inc. (a)	606		21,786
Regeneron Pharmaceuticals, Inc. (a)	655		12,949
Seattle Genetics, Inc. (a)	1,143		10,276
United Therapeutics Corp. (a)	101		8,501
			144,667
Health Care Equipment & Supplies - 4.1%
CONMED Corp. (a)	483		13,022
Cutera, Inc. (a)	1,212		15,368
Cynosure, Inc. Class A (a)	526		12,587
Hologic, Inc. (a)	652		39,322
Invacare Corp.	1,256		31,350
Inverness Medical Innovations, Inc. (a)	132		3,848
Masimo Corp.	957		30,681
Meridian Bioscience, Inc.	1,173		40,199
Merit Medical Systems, Inc. (a)	2,026		32,112
Quidel Corp. (a)	1,735		28,506
Steris Corp.	637		15,683
			262,678
Health Care Providers & Services - 3.6%
AMERIGROUP Corp. (a)	303		10,908
AMN Healthcare Services, Inc. (a)	1,532		24,803
AmSurg Corp. (a)	526		12,671
Animal Health International, Inc.	2,492		26,266
Apria Healthcare Group, Inc. (a)	559		12,136
Centene Corp. (a)	559		10,017
Chemed Corp.	565		26,956
Healthspring, Inc. (a)	1,862		32,678
LCA-Vision, Inc.	475		6,546
Magellan Health Services, Inc. (a)	219		9,489
	Shares		Value
Medcath Corp. (a)	527		$ 10,988
Molina Healthcare, Inc. (a)	1,002		31,713
RehabCare Group, Inc. (a)	526		10,520
			225,691
Life Sciences Tools & Services - 1.4%
Bio-Rad Laboratories, Inc. Class A (a)	113		10,672
Dionex Corp. (a)	243		17,938
eResearchTechnology, Inc. (a)	1,102		13,180
Illumina, Inc. (a)	309		22,375
PharmaNet Development Group, Inc. (a)	359		10,350
Varian, Inc. (a)	283		15,324
			89,839
Pharmaceuticals - 1.7%
Medicis Pharmaceutical Corp. Class A	753		15,444
Noven Pharmaceuticals, Inc. (a)	265		3,593
Obagi Medical Products, Inc. (a)	740		11,514
Pain Therapeutics, Inc. (a)	1,287		10,849
Perrigo Co.	941		31,448
Sciele Pharma, Inc. (a)	919		19,023
ViroPharma, Inc. (a)	985		9,023
XenoPort, Inc. (a)	133		6,806
			107,700
TOTAL HEALTH CARE			830,575
INDUSTRIALS - 14.4%
Aerospace & Defense - 2.0%
Ceradyne, Inc. (a)	99		3,080
Cubic Corp.	891		22,783
Curtiss-Wright Corp.	232		9,758
Hexcel Corp. (a)	1,676		33,838
Orbital Sciences Corp. (a)	1,512		32,735
Teledyne Technologies, Inc. (a)	549		24,376
			126,570
Air Freight & Logistics - 0.9%
Atlas Air Worldwide Holdings, Inc. (a)	541		27,375
Hub Group, Inc. Class A (a)	721		21,623
Pacer International, Inc.	621		9,545
			58,543
Airlines - 0.8%
Allegiant Travel Co. (a)	888		24,162
SkyWest, Inc.	1,168		25,836
			49,998
Commercial Services & Supplies - 4.0%
Administaff, Inc.	329		8,113
Comfort Systems USA, Inc.	1,395		16,601
CoStar Group, Inc. (a)	343		14,241
Deluxe Corp.	1,086		22,621
GeoEye, Inc. (a)	174		5,257
Heidrick & Struggles International, Inc.	442		15,130
Herman Miller, Inc.	354		10,560
IHS, Inc. Class A (a)	412		25,400
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - continued
Interface, Inc. Class A	1,657		$ 27,771
Knoll, Inc.	1,181		16,628
Korn/Ferry International (a)	591		9,964
PeopleSupport, Inc. (a)	1,871		21,722
Spherion Corp. (a)	4,000		25,920
Waste Connections, Inc. (a)	237		7,195
Watson Wyatt Worldwide, Inc. Class A	560		29,708
			256,831
Construction & Engineering - 0.8%
EMCOR Group, Inc. (a)	1,021		24,596
Perini Corp. (a)	722		27,061
			51,657
Electrical Equipment - 2.2%
Acuity Brands, Inc.	255		11,325
Belden, Inc.	595		23,384
GrafTech International Ltd. (a)	1,970		31,559
Polypore International, Inc.	1,754		31,519
Regal-Beloit Corp.	345		12,737
Woodward Governor Co.	1,038		29,656
			140,180
Industrial Conglomerates - 0.3%
Walter Industries, Inc.	296		16,170
Machinery - 2.7%
Actuant Corp. Class A	743		19,972
Bucyrus International, Inc. Class A	199		19,876
Columbus McKinnon Corp. (NY Shares) (a)	950		27,208
Gorman-Rupp Co.	157		4,286
Middleby Corp. (a)	366		24,888
Robbins & Myers, Inc.	1,036		35,276
Valmont Industries, Inc.	144		11,506
Wabtec Corp.	906		31,357
			174,369
Trading Companies & Distributors - 0.7%
Applied Industrial Technologies, Inc.	621		17,164
NuCo2, Inc. (a)	885		24,453
			41,617
TOTAL INDUSTRIALS			915,935
INFORMATION TECHNOLOGY - 17.4%
Communications Equipment - 3.2%
3Com Corp. (a)	1,967		6,471
Arris Group, Inc. (a)	771		4,433
Blue Coat Systems, Inc. (a)	966		22,682
Dycom Industries, Inc. (a)	798		9,129
Extreme Networks, Inc. (a)	4,643		13,975
Foundry Networks, Inc. (a)	1,493		17,722
	Shares		Value
MasTec, Inc. (a)	1,525		$ 13,283
NETGEAR, Inc. (a)	584		12,743
Oplink Communications, Inc. (a)	373		4,636
Polycom, Inc. (a)	1,106		24,111
SeaChange International, Inc. (a)	1,960		11,564
Starent Networks Corp.	1,167		18,357
Sycamore Networks, Inc. (a)	3,427		11,960
Tekelec (a)	2,042		24,320
ViaSat, Inc. (a)	388		8,136
			203,522
Computers & Peripherals - 0.7%
Emulex Corp. (a)	1,020		15,178
Intevac, Inc. (a)	915		11,749
Novatel Wireless, Inc. (a)	1,753		18,547
			45,474
Electronic Equipment & Instruments - 2.3%
Checkpoint Systems, Inc. (a)	1,134		27,443
Cogent, Inc. (a)	496		4,960
CTS Corp.	1,097		10,641
FLIR Systems, Inc. (a)	527		14,998
Littelfuse, Inc. (a)	239		7,450
Park Electrochemical Corp.	1,056		24,869
Technitrol, Inc.	1,145		25,201
TTM Technologies, Inc. (a)	722		7,956
Universal Display Corp. (a)	1,230		20,959
			144,477
Internet Software & Services - 2.3%
EarthLink, Inc. (a)	2,799		20,237
Greenfield Online, Inc. (a)	2,064		27,926
Interwoven, Inc. (a)	1,669		22,615
j2 Global Communications, Inc. (a)	369		7,941
Mercadolibre, Inc.	373		13,484
SonicWALL, Inc. (a)	1,254		10,446
United Online, Inc.	590		5,888
ValueClick, Inc. (a)	550		10,621
Vignette Corp. (a)	2,076		26,261
			145,419
IT Services - 1.4%
iGate Corp. (a)	1,343		10,637
Maximus, Inc.	496		18,015
MPS Group, Inc. (a)	2,680		30,552
SAIC, Inc. (a)	903		17,211
Sapient Corp. (a)	1,891		13,956
			90,371
Semiconductors & Semiconductor Equipment - 2.6%
Advanced Energy Industries, Inc. (a)	828		10,615
Amkor Technology, Inc. (a)	2,692		31,523
Credence Systems Corp. (a)	4,983		7,076
Cymer, Inc. (a)	275		7,791
MKS Instruments, Inc. (a)	970		19,487
ON Semiconductor Corp. (a)	856		5,136
PMC-Sierra, Inc. (a)	884		4,234
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Skyworks Solutions, Inc. (a)	3,312		$ 27,357
Techwell, Inc. (a)	699		6,976
TriQuint Semiconductor, Inc. (a)	4,898		23,119
Zoran Corp. (a)	1,554		21,336
			164,650
Software - 4.9%
Ansoft Corp. (a)	573		13,935
Ansys, Inc. (a)	390		14,574
Aspen Technology, Inc. (a)	2,354		26,365
Bottomline Technologies, Inc. (a)	689		8,847
CommVault Systems, Inc. (a)	1,201		16,814
eSpeed, Inc. Class A (a)	1,591		18,472
Jack Henry & Associates, Inc.	1,576		37,083
Macrovision Corp. (a)	590		9,021
Manhattan Associates, Inc. (a)	527		11,626
MICROS Systems, Inc. (a)	456		14,610
MicroStrategy, Inc. Class A (a)	159		10,577
Monotype Imaging Holdings, Inc.	462		6,297
Net 1 UEPS Technologies, Inc. (a)	210		6,111
Nuance Communications, Inc. (a)	760		12,502
Quest Software, Inc. (a)	567		8,068
Secure Computing Corp. (a)	3,247		26,366
SPSS, Inc. (a)	708		26,925
Sybase, Inc. (a)	539		14,348
TIBCO Software, Inc. (a)	3,672		25,888
			308,429
TOTAL INFORMATION TECHNOLOGY			1,102,342
MATERIALS - 6.7%
Chemicals - 3.2%
CF Industries Holdings, Inc.	413		50,419
H.B. Fuller Co.	1,403		31,918
Hercules, Inc.	1,124		20,592
Innophos Holdings, Inc.	1,030		13,617
OM Group, Inc. (a)	421		25,483
Terra Industries, Inc. (a)	1,269		57,364
			199,393
Construction Materials - 0.3%
Headwaters, Inc. (a)	1,650		20,229
Containers & Packaging - 1.3%
Aptargroup, Inc.	348		13,043
Greif, Inc. Class A	180		11,770
Rock-Tenn Co. Class A	1,162		31,176
Silgan Holdings, Inc.	592		27,670
			83,659
	Shares		Value
Metals & Mining - 1.0%
Quanex Corp.	660		$ 33,957
Worthington Industries, Inc.	1,673		29,428
			63,385
Paper & Forest Products - 0.9%
Buckeye Technologies, Inc. (a)	2,563		27,706
Glatfelter	2,081		27,407
			55,113
TOTAL MATERIALS			421,779
TELECOMMUNICATION SERVICES - 2.2%
Diversified Telecommunication Services - 1.8%
Alaska Communication Systems Group, Inc.	2,294		25,991
Cincinnati Bell, Inc. (a)	7,289		28,281
Cogent Communications Group, Inc. (a)	1,047		20,396
Consolidated Communications Holdings, Inc.	972		14,007
NTELOS Holdings Corp.	1,045		22,290
PAETEC Holding Corp. (a)	968		7,473
			118,438
Wireless Telecommunication Services - 0.4%
Syniverse Holdings, Inc. (a)	1,399		23,713
TOTAL TELECOMMUNICATION SERVICES			142,151
UTILITIES - 2.0%
Electric Utilities - 0.8%
Cleco Corp.	360		8,248
El Paso Electric Co. (a)	344		7,038
Portland General Electric Co.	1,189		27,739
Westar Energy, Inc.	177		4,023
			47,048
Gas Utilities - 1.0%
New Jersey Resources Corp.	233		10,720
Nicor, Inc.	769		26,223
Northwest Natural Gas Co.	502		21,104
WGL Holdings, Inc.	174		5,427
			63,474
Independent Power Producers & Energy Traders - 0.2%
Black Hills Corp.	402		14,376
TOTAL UTILITIES			124,898
TOTAL COMMON STOCKS (Cost $6,666,036)		6,214,793
Investment Companies - 0.8%
iShares Russell 2000 Index Fund (Cost $49,616)	720		49,284

U.S. Treasury Obligations - 0.3%
	Principal Amount	Value
U.S. Treasury Bills, yield at date of purchase 3.12% 3/27/08 (b) (Cost $19,954)	$ 20,000	$ 19,973

Money Market Funds - 0.6%
	Shares
Dreyfus Cash Management Fund 3.59% (c) (Cost $42,513)	42,513	42,513

TOTAL INVESTMENT PORTFOLIO - 99.7% (Cost $6,778,119) 6,326,563

NET OTHER ASSETS - 0.3%		16,324
NET ASSETS - 100%	$ 6,342,887

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
1 Mini-Russell 2000 Index Contracts	March 2008	$ 68,680	$ (3,033)

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

Legend

(a) Non-income producing

(b) 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 $9,986.

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

Income Tax Information

The fund intends to elect to defer to its fiscal year ending February 28, 2009 approximately $68,445 of losses recognized during the period November 1, 2007 to February 29, 2008.

Annual Report

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

Fidelity Small Cap Enhanced Index Fund

Financial Statements

Statement of Assets and Liabilities

	February 29, 2008
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $6,778,119)		$ 6,326,563
Receivable for investments sold		16,562
Receivable for fund shares sold		31,402
Dividends receivable		3,457
Interest receivable		773
Total assets		6,378,757
Liabilities
Payable to custodian bank	$ 350
Payable for investments purchased	30,470
Accrued management fee	2,623
Payable for daily variation on futures contracts	1,670
Other affiliated payables	757
Total liabilities		35,870
Net Assets		$ 6,342,887
Net Assets consist of:
Paid in capital		$ 6,855,699
Undistributed net investment income		11,937
Accumulated undistributed net realized gain (loss) on investments		(70,160)
Net unrealized appreciation (depreciation) on investments		(454,589)
Net Assets, for 702,545 shares outstanding		$ 6,342,887
Net Asset Value, offering price and redemption price per share ($6,342,887 ÷ 702,545 shares)		$ 9.03

Statement of Operations

For the period December 20, 2007 (commencement of operations) to February 29, 2008
Investment Income
Dividends		$ 14,171
Interest		5,491
Total income		19,662
Expenses
Management fee	$ 5,396
Transfer agent fees	1,462
Independent trustees' compensation	134
Total expenses		6,992
Net investment income (loss)		12,670
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(54,004)
Futures contracts	(16,889)
Total net realized gain (loss)		(70,893)
Change in net unrealized appreciation (depreciation) on: Investment securities	(451,556)
Futures contracts	(3,033)
Total change in net unrealized appreciation (depreciation)		(454,589)
Net gain (loss)		(525,482)
Net increase (decrease) in net assets resulting from operations		$ (512,812)

Annual Report

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

Statement of Changes in Net Assets

	For the period December 20, 2007 (commencement of operations) to February 29, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 12,670
Net realized gain (loss)	(70,893)
Change in net unrealized appreciation (depreciation)	(454,589)
Net increase (decrease) in net assets resulting from operations	(512,812)
Share transactions Proceeds from sales of shares	6,870,474
Cost of shares redeemed	(15,000)
Net increase (decrease) in net assets resulting from share transactions	6,855,474
Redemption fees	225
Total increase (decrease) in net assets	6,342,887
Net Assets
Beginning of period	-
End of period (including undistributed net investment income of $11,937)	$ 6,342,887
Other Information Shares
Sold	704,199
Redeemed	(1,654)
Net increase (decrease)	702,545

Financial Highlights

	Year ended February 29, 2008 E
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) D	.02
Net realized and unrealized gain (loss)	(.99)
Total from investment operations	(.97)
Redemption fees added to paid in capital D	- C
Net asset value, end of period	$ 9.03
Total Return B	(9.70)%
Ratios to Average Net Assets F
Expenses before reductions	.67% A
Expenses net of fee waivers, if any	.67%A
Expenses net of all reductions	.67%A
Net investment income (loss)	1.19%A
Supplemental Data
Net assets, end of period (000 omitted)	$ 6,343
Portfolio turnover rate	16%

^A Annualized

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

^C Amount represents less than $.01 per share.

^D Calculated based on average shares outstanding during the period.

^E For the period December 20, 2007 (commencement of operations) to February 29, 2008.

^F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 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.

Annual Report

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

Fidelity International Enhanced Index Fund

Investment Summary

Geographic Diversification (% of fund's net assets)
As of February 29, 2008
	United Kingdom	20.4%
	Japan	18.4%
	Germany	9.6%
	United States of America	9.4%
	France	8.7%
	Switzerland	5.8%
	Australia	4.9%
	Spain	3.4%
	Italy	3.0%
	Other	16.4%

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets
Investment Companies	4.1
Stocks and Equity Futures	96.2
Short-Term Investments and Net Other Assets	(0.3)
Top Ten Stocks as of February 29, 2008
	% of fund's net assets
iShares MSCI EAFE Index Fund (United States of America, Diversified Financial Services)	4.1
Nestle SA (Reg.) (Switzerland, Food Products)	1.4
BP PLC (United Kingdom, Oil, Gas & Consumable Fuels)	1.3
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)	1.3
Total SA Series B (France, Oil, Gas & Consumable Fuels)	1.2
HSBC Holdings PLC (United Kingdom) (Reg.) (United Kingdom, Commercial Banks)	1.1
Nokia Corp. (Finland, Communications Equipment)	1.1
Toyota Motor Corp. (Japan, Automobiles)	1.0
BHP Billiton Ltd. (Australia, Metals & Mining)	0.9
E.ON AG (Germany, Electric Utilities)	0.9
	14.3
Market Sectors as of February 29, 2008
	% of fund's net assets
Financials	21.7
Industrials	10.4
Consumer Discretionary	9.7
Materials	8.9
Consumer Staples	7.3
Energy	6.9
Telecommunication Services	5.7
Utilities	5.5
Health Care	5.2
Information Technology	4.1

Annual Report

Fidelity International Enhanced Index Fund

Investments February 29, 2008

Showing Percentage of Net Assets

Common Stocks - 85.1%
	Shares		Value
Australia - 4.9%
ASX Ltd.	506		$ 19,455
Australia & New Zealand Banking Group Ltd.	271		5,469
Babcock & Brown Ltd.	1,032		16,166
BHP Billiton Ltd.	1,893		69,265
Commonwealth Bank of Australia	924		35,781
Computershare Ltd.	2,662		20,792
Leighton Holdings Ltd.	463		19,409
Macquarie Group Ltd.	352		17,579
National Australia Bank Ltd.	360		9,515
Qantas Airways Ltd.	4,787		18,618
Rio Tinto Ltd.	265		33,020
Santos Ltd.	1,197		14,188
Telstra Corp. Ltd.	4,752		21,362
Toll Holdings Ltd.	2,168		20,451
Westpac Banking Corp.	294		6,288
Woolworths Ltd.	1,075		28,710
TOTAL AUSTRALIA			356,068
Austria - 0.7%
OMV AG	170		12,282
voestalpine AG	251		15,776
Wiener Staedische Versicher AG	265		22,184
TOTAL AUSTRIA			50,242
Belgium - 1.0%
Colruyt NV	97		23,699
Fortis	772		17,054
KBC Groupe SA	228		28,586
TOTAL BELGIUM			69,339
China - 0.3%
Tencent Holdings Ltd.	3,000		18,649
Denmark - 1.0%
Carlsberg AS Series B	150		18,641
East Asiatic Co. Ltd.	225		17,558
Sydbank AS	350		12,678
Vestas Wind Systems AS (a)	250		25,342
TOTAL DENMARK			74,219
Finland - 2.1%
Fortum Oyj	692		28,890
KCI Konecranes Oyj	438		15,901
Nokia Corp.	2,175		78,322
Rautaruukki Oyj (K Shares)	246		10,725
Wartsila Corp. (B Shares)	322		22,009
TOTAL FINLAND			155,847
France - 8.7%
Accor SA	286		20,312
Aeroports de Paris	218		26,501
AXA SA	1,047		35,242
	Shares		Value
BNP Paribas SA	491		$ 43,891
Carrefour SA	200		14,064
Credit Agricole SA	741		20,098
France Telecom SA	1,309		43,786
Groupe Danone	45		3,454
L'Air Liquide SA	72		10,189
L'Oreal SA	21		2,492
Lafarge SA (Bearer)	191		33,015
Legrand SA	645		20,388
Neuf Cegetel	321		16,966
PagesJaunes Groupe SA	1,103		20,514
Peugeot Citroen SA	100		7,601
Sanofi-Aventis	591		43,840
SCOR	910		20,599
Societe Generale:
rights 2/29/08 (a)	183		1,608
Series A	183		19,579
Suez SA (France)	419		26,858
Technip SA	336		27,427
Total SA Series B	1,174		88,508
Unibail-Rodamco	132		32,135
Veolia Environnement	180		16,014
Vinci SA	21		1,450
Vivendi	893		35,288
TOTAL FRANCE			631,819
Germany - 8.1%
Adidas-Salomon AG	180		11,421
Allianz AG (Reg.)	260		45,630
Altana AG	882		20,543
BASF AG	297		37,556
Bayer AG	531		40,515
Bilfinger Berger AG	160		12,716
Commerzbank AG	773		23,448
Daimler AG (Reg.)	554		46,087
Deutsche Bank AG	146		16,200
Deutsche Boerse AG	112		17,751
Deutsche Telekom AG (Reg.)	626		11,825
E.ON AG	347		65,063
GEA Group AG (a)	227		7,409
MAN AG	188		24,744
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.)	178		31,367
RWE AG	149		18,019
Salzgitter AG	167		29,465
SAP AG	138		6,543
Siemens AG (Reg.)	383		48,894
TUI AG	856		20,567
Volkswagen AG	145		32,955
Wacker Chemie AG	82		17,492
TOTAL GERMANY			586,210
Common Stocks - continued
	Shares		Value
Greece - 1.1%
Alpha Bank AE	200		$ 6,066
Coca-Cola Hellenic Bottling Co. SA (Bearer)	581		25,425
National Bank of Greece SA	525		28,443
Public Power Corp. of Greece	452		19,195
TOTAL GREECE			79,129
Hong Kong - 1.7%
BOC Hong Kong Holdings Ltd.	9,000		22,056
Esprit Holdings Ltd.	500		6,284
Hang Lung Group Ltd.	4,000		18,295
Hang Seng Bank Ltd.	1,400		26,500
Hong Kong Exchanges & Clearing Ltd.	1,000		18,997
Sun Hung Kai Properties Ltd.	1,000		17,427
Tingyi (Cayman Island) Holding Corp.	12,000		15,138
TOTAL HONG KONG			124,697
Ireland - 0.2%
Elan Corp. PLC (a)	120		2,754
Elan Corp. PLC (a)	140		3,237
Paddy Power PLC:
(Ireland)	161		5,155
(United Kingdom)	45		1,441
TOTAL IRELAND			12,587
Italy - 2.7%
A2A SpA	4,923		19,914
Assicurazioni Generali SpA	839		36,057
Enel SpA	1,016		10,942
ENI SpA	1,119		38,566
Fiat SpA	1,196		25,253
Intesa Sanpaolo SpA	2,124		14,264
Mediaset SpA	2,503		22,602
Telecom Italia SpA	806		2,009
UniCredit SpA	3,863		28,405
TOTAL ITALY			198,012
Japan - 16.7%
Access Co. Ltd. (a)	3		10,678
Aeon Co. Ltd.	1,600		19,278
Aisin Seiki Co. Ltd.	300		11,950
Asahi Glass Co. Ltd.	1,000		11,390
Astellas Pharma, Inc.	600		26,223
Canon, Inc.	800		35,888
Central Japan Ry Co.	3		28,568
Daiichi Sankyo Co. Ltd.	600		18,620
Daiwa House Industry Co. Ltd.	1,000		10,211
Denso Corp.	600		22,399
Eisai Co. Ltd.	500		18,032
Fuji Electric Holdings Co. Ltd.	5,000		19,096
Fujifilm Holdings Corp.	600		22,499
Furukawa Electric Co. Ltd.	5,000		17,608
Hankyu Hanshin Holdings, Inc.	1,000		4,432
	Shares		Value
Hokuhoku Financial Group, Inc.	1,000		$ 2,827
Honda Motor Co. Ltd.	1,200		36,720
Inpex Holdings, Inc.	2		22,471
Ishikawajima-Harima Heavy Industries Co. Ltd.	11,000		21,539
Itochu Corp.	3,000		31,591
Japan Tobacco, Inc.	4		20,206
Kansai Electric Power Co., Inc.	900		22,020
KDDI Corp.	4		24,302
Kyushu Electric Power Co., Inc.	900		22,676
Matsushita Electric Industrial Co. Ltd.	1,000		20,970
Matsushita Electric Works Co. Ltd.	1,000		9,926
Mitsubishi Corp.	200		6,102
Mitsubishi Electric Corp.	3,000		27,478
Mitsubishi Materials Corp.	1,000		4,672
Mitsubishi UFJ Financial Group, Inc.	3,600		31,716
Mitsubishi UFJ Lease & Finance Co. Ltd.	610		21,938
Mitsui & Co. Ltd.	1,000		21,747
Mizuho Financial Group, Inc.	6		24,810
Nidec Corp.	100		6,627
Nintendo Co. Ltd.	50		24,960
Nippon Mining Holdings, Inc.	1,000		5,923
Nippon Oil Corp.	3,000		20,465
Nippon Telegraph & Telephone Corp.	6		26,028
Nomura Real Estate Holdings, Inc.	700		12,850
NTT Data Corp.	3		14,039
NTT DoCoMo, Inc.	5		7,295
Olympus Corp.	500		14,641
Omron Corp.	100		2,224
Sankyo Co. Ltd. (Gunma)	100		5,344
Sekisui Chemical Co. Ltd.	3,000		21,042
Shikoku Electric Power Co., Inc.	500		14,412
Shin-Etsu Chemical Co. Ltd.	500		26,983
Showa Denko KK	6,000		21,350
Sompo Japan Insurance, Inc.	3,000		27,822
Sony Corp.	600		28,326
Sumitomo Corp.	1,900		27,324
Sumitomo Electric Industries Ltd.	1,700		25,157
Sumitomo Mitsui Financial Group, Inc.	5		36,115
Takeda Pharmaceutical Co. Ltd.	600		33,479
TDK Corp.	300		21,325
Tokyo Electric Power Co.	200		5,138
Tokyu Land Corp.	3,000		20,220
Toshiba Corp.	3,000		22,502
Toyota Motor Corp.	1,400		75,985
Yahoo! Japan Corp.	33		14,672
TOTAL JAPAN			1,212,831
Luxembourg - 0.4%
ArcelorMittal SA (France)	356		27,028
Netherlands - 2.5%
Akzo Nobel NV	409		29,734
EADS NV	802		21,030
Heineken Holding NV (A Shares)	393		19,979
Common Stocks - continued
	Shares		Value
Netherlands - continued
ING Groep NV (Certificaten Van Aandelen)	769		$ 25,615
Koninklijke Ahold NV	2,161		27,985
Koninklijke KPN NV	950		17,932
Koninklijke Philips Electronics NV	258		10,041
Unilever NV (Certificaten Van Aandelen)	959		29,651
TOTAL NETHERLANDS			181,967
Norway - 1.3%
DnB Nor ASA	1,600		23,403
Norsk Hydro ASA	1,500		21,150
Petroleum Geo-Services ASA	800		19,190
StatoilHydro ASA	150		4,571
Telenor ASA	1,300		26,619
TOTAL NORWAY			94,933
Portugal - 0.7%
Banco Espirito Santo SA (BES) (Reg.)	242		4,362
Energias de Portugal SA	4,123		24,108
Portugal Telecom SGPS SA (Reg.)	1,962		25,040
TOTAL PORTUGAL			53,510
Singapore - 1.2%
Allgreen Properties Ltd.	4,000		3,595
CapitaLand Ltd.	5,000		22,093
Jardine Cycle & Carriage Ltd.	1,000		15,073
Keppel Corp. Ltd.	3,000		22,609
SembCorp Marine Ltd.	3,000		7,684
Singapore Exchange Ltd.	1,000		5,819
Wing Tai Holdings Ltd.	9,000		13,580
TOTAL SINGAPORE			90,453
Spain - 3.4%
Banco Bilbao Vizcaya Argentaria SA	2,176		44,630
Banco Santander SA	3,492		62,088
Gamesa Corporacion Tecnologica, SA	255		10,386
Gas Natural SDG SA Series E	188		11,390
Gestevision Telecinco SA	200		4,256
Iberdrola SA	989		14,283
Repsol YPF SA	786		27,125
Telefonica SA	1,800		52,044
Union Fenosa SA	364		23,981
TOTAL SPAIN			250,183
Sweden - 1.8%
Alfa Laval AB	200		10,740
H&M Hennes & Mauritz AB (B Shares)	450		25,240
Investor AB (B Shares)	1,000		21,153
Nordea Bank AB	1,800		27,066
Skandinaviska Enskilda Banken AB (A Shares)	700		17,441
	Shares		Value
Telefonaktiebolaget LM Ericsson (B Shares)	1,000		$ 2,150
TeliaSonera AB	3,000		23,901
TOTAL SWEDEN			127,691
Switzerland - 5.8%
ABB Ltd. (Reg.)	588		14,652
Compagnie Financiere Richemont unit	473		27,385
Credit Suisse Group (Reg.)	297		14,529
EFG International	563		18,917
Holcim Ltd. (Reg.)	53		5,405
Julius Baer Holding AG	145		10,706
Nestle SA (Reg.)	213		101,388
Novartis AG (Reg.)	1,046		51,411
Pargesa Holding SA	195		19,902
Roche Holding AG (participation certificate)	295		57,938
Sonova Holding AG	214		20,283
Swiss Reinsurance Co. (Reg.)	365		29,260
The Swatch Group AG (Bearer)	35		10,275
UBS AG (Reg.)	800		25,872
Zurich Financial Services AG (Reg.)	50		15,633
TOTAL SWITZERLAND			423,556
United Kingdom - 18.8%
AMEC PLC	1,416		21,600
Anglo American PLC (United Kingdom)	737		46,779
Antofagasta PLC	1,607		25,612
AstraZeneca PLC sponsored ADR	442		16,632
Aviva PLC	1,847		22,262
BAE Systems PLC	1,500		14,278
Barclays PLC	2,795		26,252
BG Group PLC	1,385		32,174
BHP Billiton PLC	1,316		42,098
BP PLC	8,800		95,143
British American Tobacco PLC	1,121		42,222
British Land Co. PLC	1,107		20,765
BT Group PLC	1,294		5,858
Cadbury Schweppes PLC	2,740		30,499
Cattles PLC	3,676		16,928
Centrica PLC	4,648		29,675
Compass Group PLC	3,500		22,559
CSR PLC (a)	188		1,187
De La Rue PLC	1,182		21,145
Diageo PLC	683		14,019
EMAP PLC	801		14,623
Galiform PLC (a)	11,916		19,393
GlaxoSmithKline PLC sponsored ADR	1,152		50,584
HBOS plc	955		11,348
HSBC Holdings PLC (United Kingdom) (Reg.)	5,350		80,518
Imperial Tobacco Group PLC	331		15,322
Johnson Matthey PLC	722		27,756
Land Securities Group PLC	746		23,258
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Lloyds TSB Group PLC	1,387		$ 12,397
Marks & Spencer Group PLC	2,122		16,820
National Express Group PLC Class L	565		12,640
National Grid PLC	800		11,600
NEXT plc	743		18,843
Prudential PLC	161		1,932
Reckitt Benckiser Group PLC	209		11,273
Reed Elsevier PLC	1,952		24,567
Rio Tinto PLC (Reg.)	436		49,535
Royal Bank of Scotland Group PLC	5,860		44,304
Royal Dutch Shell PLC:
Class A (United Kingdom)	1,500		53,633
Class B	1,188		41,604
SABMiller plc	226		4,735
Segro PLC	540		5,521
Smiths Group PLC	1,202		23,611
SSL International PLC	1,970		19,021
Stagecoach Group PLC	4,109		20,380
Standard Chartered PLC (United Kingdom)	893		29,420
Tesco PLC	2,531		20,000
Tomkins PLC	6,358		21,317
Unilever PLC	214		6,737
United Business Media PLC	582		6,131
Vodafone Group PLC	28,677		92,426
William Morrison Supermarkets PLC	3,900		22,861
Xstrata PLC	95		7,411
TOTAL UNITED KINGDOM			1,369,208
TOTAL COMMON STOCKS (Cost $6,489,030)		6,188,178
Nonconvertible Preferred Stocks - 0.3%
Italy - 0.3%
Telecom Italia SpA (Risp) (Cost $21,795)	9,563		18,449
Investment Companies - 4.1%
United States of America - 4.1%
iShares MSCI EAFE Index Fund (Cost $301,370)	4,180		298,705

Government Obligations - 0.8%
	Principal Amount	Value
United States of America - 0.8%
U.S. Treasury Bills, yield at date of purchase 2.06% to 3.22% 3/20/08 (c) (Cost $59,914)	$ 60,000	$ 59,940

Money Market Funds - 8.9%
	Shares
Dreyfus Cash Management Fund 3.59% (b) (Cost $646,583)	646,583	646,583

TOTAL INVESTMENT PORTFOLIO - 99.2% (Cost $7,518,692)		7,211,855
NET OTHER ASSETS - 0.8%		61,405
NET ASSETS - 100%	$ 7,273,260

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
2 Dow Jones Euro Stoxx 50 Index Contracts (Germany)	March 2008	$ 108,997	$ (2,414)
4 E-Mini MSCI EAFE Index	March 2008	407,000	1,360
1 FTSE 100 Index Contracts (United Kingdom)	March 2008	113,573	(1,890)
2 OMX Stockholm 30 Index Contracts (Sweden)	March 2008	30,841	160
1 TOPIX 150 Index Contracts (Japan)	March 2008	122,263	(452)
TOTAL EQUITY INDEX CONTRACTS		$ 782,674	$ (3,236)

The face value of futures purchased as a percentage of net assets - 10.8%

Legend

(a) Non-income producing

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

(c) 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 $59,940.

Annual Report

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

Fidelity International Enhanced Index Fund

Financial Statements

Statement of Assets and Liabilities

	February 29, 2008
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $7,518,692)		$ 7,211,855
Foreign currency held at value (cost $20,127)		20,641
Receivable for fund shares sold		85,285
Dividends receivable		10,769
Interest receivable		844
Total assets		7,329,394
Liabilities
Payable to custodian bank	$ 1,086
Payable for investments purchased	36,742
Accrued management fee	2,635
Payable for daily variation on futures contracts	14,831
Other affiliated payables	840
Total liabilities		56,134
Net Assets		$ 7,273,260
Net Assets consist of:
Paid in capital		$ 7,626,930
Undistributed net investment income		18,521
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(62,818)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(309,373)
Net Assets, for 777,484 shares outstanding		$ 7,273,260
Net Asset Value, offering price and redemption price per share ($7,273,260 ÷ 777,484 shares)		$ 9.35

Statement of Operations

For the period December 20, 2007 (commencement of operations) to February 29, 2008
Investment Income
Dividends		$ 20,482
Interest		6,165
		26,647
Less foreign taxes withheld		(935)
Total income		25,712
Expenses
Management fee	$ 5,364
Transfer agent fees	1,676
Independent trustees' compensation	151
Total expenses		7,191
Net investment income (loss)		18,521
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(31,941)
Foreign currency transactions	2,599
Futures contracts	(33,476)
Total net realized gain (loss)		(62,818)
Change in net unrealized appreciation (depreciation) on: Investment securities	(306,837)
Assets and liabilities in foreign currencies	700
Futures contracts	(3,236)
Total change in net unrealized appreciation (depreciation)		(309,373)
Net gain (loss)		(372,191)
Net increase (decrease) in net assets resulting from operations		$ (353,670)

Annual Report

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

Fidelity International Enhanced Index Fund
Financial Statements - continued

Statement of Changes in Net Assets

	For the period December 20, 2007 (commencement of operations) to February 29, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 18,521
Net realized gain (loss)	(62,818)
Change in net unrealized appreciation (depreciation)	(309,373)
Net increase (decrease) in net assets resulting from operations	(353,670)
Share transactions Proceeds from sales of shares	7,796,232
Cost of shares redeemed	(169,952)
Net increase (decrease) in net assets resulting from share transactions	7,626,280
Redemption fees	650
Total increase (decrease) in net assets	7,273,260
Net Assets
Beginning of period	-
End of period (including undistributed net investment income of $18,521)	$ 7,273,260
Other Information Shares
Sold	795,634
Redeemed	(18,150)
Net increase (decrease)	777,484

Financial Highlights

	Year ended February 29, 2008 D
Selected Per-Share Data
Net asset value, beginning of period	$ 10.00
Income from Investment Operations
Net investment income (loss) C	.03
Net realized and unrealized gain (loss)	(.68)
Total from investment operations	(.65)
Redemption fees added to paid in capital C	- F
Net asset value, end of period	$ 9.35
Total Return B	(6.50)%
Ratios to Average Net AssetsE
Expenses before reductions	.62% A
Expenses net of fee waivers, if any	.62%A
Expenses net of all reductions	.62%A
Net investment income (loss)	1.58%A
Supplemental Data
Net assets, end of period (000 omitted)	$ 7,273
Portfolio turnover rate	15%

^A Annualized

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

^C Calculated based on average shares outstanding during the period.

^D For the period December 20, 2007 (commencement of operations) to February 29, 2008.

^E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 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.

^F Amount represents less than $.01 per share.

Annual Report

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

For the period ended February 29, 2008

Notes to Financial Statements

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. Fidelity Large Cap Growth Enhanced Index Fund, Fidelity Large Cap Value Enhanced Index Fund, and Fidelity Large Cap Core Enhanced Index Fund commenced sale of shares on April 19, 2007. Fidelity Mid Cap Enhanced Index Fund, Fidelity Small Cap Enhanced Index Fund, and Fidelity International Enhanced Index Fund commenced sale of shares on December 20, 2007.

2. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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 and net asset value (NAV) per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Wherever possible, each Fund uses independent pricing services approved by the Board of Trustees to value their investments.

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. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. 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 value.

When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. Factors used in the determination of fair value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, reviewing developments in foreign markets and evaluating the performance of ADRs, futures contracts and exchange-traded funds. Because each Fund's utilization of fair value pricing depends on market activity, the frequency with which fair value pricing is used cannot be predicted and may be utilized to a significant extent. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. 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 for processing shareholder transactions 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. 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 among 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.

Annual Report

Notes to Financial Statements - continued

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders. Each Fund intends to qualify as a regulated investment company by 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. Fidelity Large Cap Growth Enhanced Index Fund, Fidelity Large Cap Value Enhanced Index Fund and Fidelity Large Cap Core Enhanced Index Fund adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48), on June 29, 2007. Fidelity Mid Cap Enhanced Index Fund, Fidelity Small Cap Enhanced Index Fund and Fidelity International Enhanced Index Fund have been subject to the provisions of FIN 48 since their commencement of operations. FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions expected to be taken in the initial filing of each Fund's federal tax return. 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 generally accepted accounting principles. In addition, certain funds will claim a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to futures transactions, foreign currency transactions, passive foreign investment companies (PFIC), market discount, partnerships, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.

The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows for each Fund:

	Cost for Federal Income Tax Purposes	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation/ (Depreciation)
Fidelity Large Cap Growth Enhanced Index Fund	$ 38,296,727	$ 1,134,022	$ (4,460,733)	$ (3,326,711)
Fidelity Large Cap Value Enhanced Index Fund	27,466,019	803,443	(3,850,520)	(3,047,077)
Fidelity Large Cap Core Enhanced Index Fund	926,831,936	11,912,837	(105,770,869)	(93,858,032)
Fidelity Mid Cap Enhanced Index Fund	6,661,821	105,625	(553,480)	(447,855)
Fidelity Small Cap Enhanced Index Fund	6,782,803	189,138	(645,378)	(456,240)
Fidelity International Enhanced Index Fund	7,549,743	152,332	(490,220)	(337,888)

	Undistributed Ordinary Income	Undistributed Long-term Capital Gain	Capital Loss Carryforward
Fidelity Large Cap Growth Enhanced Index Fund	$ 31,257	$ -	$ (298,456)
Fidelity Large Cap Value Enhanced Index Fund	69,202	-	(514,035)
Fidelity Large Cap Core Enhanced Index Fund	1,892,884	-	(391,157)
Fidelity Mid Cap Enhanced Index Fund	13,493	470	-
Fidelity Small Cap Enhanced Index Fund	11,873	-	-
Fidelity International Enhanced Index Fund	23,745	-	-

The tax character of distributions paid was as follows:

February 29, 2008
	Ordinary Income	Long-term Capital Gains	Total
Fidelity Large Cap Growth Enhanced Index Fund	$ 187,061	$ -	$ 187,061
Fidelity Large Cap Value Enhanced Index Fund	320,661	-	320,661
Fidelity Large Cap Core Enhanced Index Fund	3,331,983	-	3,331,983

Short Term Trading (Redemption) Fees. Shares held in Fidelity Small Cap Enhanced Index Fund less than 90 days are subject to a redemption fee equal to 1.50% of the proceeds of the redeemed shares. Shares held in 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 proceeds of the redeemed shares. All redemption fees are retained by the Funds and accounted for as an addition to paid in capital.

New Accounting Pronouncements. In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued. SFAS 157 defines fair value, establishes a framework for measuring fair value and results in expanded disclosures about fair value measurements. The Funds will adopt the provisions of SFAS 157 effective for the Funds' fiscal year beginning March 1, 2008.

Annual Report

2. Significant Accounting Policies - continued

New Accounting Pronouncements - continued

In addition, in March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161), was issued and is effective for fiscal years beginning after November 15, 2008. SFAS 161 requires enhanced disclosures to provide information about the reasons the Funds invest in derivative instruments, the accounting treatment and the affect derivatives have on financial performance. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Funds' financial statement disclosures.

3. Operating Policies.

Futures Contracts. Certain Funds may use futures contracts to manage their exposure to the stock market. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Securities deposited to meet margin requirements are identified in each applicable fund's Schedule of Investments. Futures contracts involve, to varying degrees, risk of loss in excess of any futures variation margin reflected in each applicable fund's Statement of Assets and Liabilities. The underlying face amount at value of any open futures contracts at period end is shown in each applicable fund's Schedule of Investments under the caption "Futures Contracts." This amount reflects each contract's exposure to the underlying instrument at period end. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

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	47,856,859	8,957,852
Fidelity Large Cap Value Enhanced Index Fund	40,407,895	12,278,500
Fidelity Large Cap Core Enhanced Index Fund	929,864,400	14,149,280
Fidelity Mid Cap Enhanced Index Fund	7,257,313	851,220
Fidelity Small Cap Enhanced Index Fund	7,659,013	888,062
Fidelity International Enhanced Index Fund	7,732,440	888,304

5. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. Strategic Advisers®, Inc. (Strategic Advisers), an affiliate of FMR LLC, provides the Funds with investment management related services. For these services, the Funds pay a monthly management fee to Strategic Advisers. 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. Each Fund's management fee is equal to the following annual rate of average net assets:

Fidelity Large Cap Growth Enhanced Index Fund	.30%
Fidelity Large Cap Value Enhanced Index Fund	.30%
Fidelity Large Cap Core Enhanced Index Fund	.30%
Fidelity Mid Cap Enhanced Index Fund	.45%
Fidelity Small Cap Enhanced Index Fund	.52%
Fidelity International Enhanced Index Fund	.47%

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

Management Fee and Expense Contract - continued

In addition, under the expense contract, Strategic Advisers will pay 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 Strategic Advisers, 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. Prior to January 1, 2008, Fidelity Service Company, Inc. (FSC), also an affiliate of Strategic Advisers, was the transfer agent for Fidelity Large Cap Growth Enhanced Index Fund, Fidelity Large Cap Value Enhanced Index Fund and Fidelity Large Cap Core Enhanced Index Fund. Under the expense contract, each fund paid transfer agent fees at the annualized rate of 0.15% of average net assets.

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 Fidelity Management & Research Company (FMR) and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds as an investment of each Fund, but do 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.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Funds' Report of Independent Registered Public Accounting Firm, are available on the SEC's web site or upon request.

6. 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. Net income from lending portfolio securities during the period amounted to:

Fidelity Large Cap Growth Enhanced Index Fund	$ 1,659
Fidelity Large Cap Core Enhanced Index Fund	587

Annual Report

7. Expense Reductions.

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

	Expense reduction
Fidelity Large Cap Growth Enhanced Index Fund	$ 67
Fidelity Large Cap Value Enhanced Index Fund	15
Fidelity Large Cap Core Enhanced Index Fund	634

8. Other.

The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

At the end of the period, FMR or its affiliates were owners of record of more than 10% of the outstanding shares of the following funds:

Fund	Affiliated %
Fidelity Large Cap Growth Enhanced Index Fund	13%
Fidelity Large Cap Value Enhanced Index Fund	18%
Fidelity Mid Cap Enhanced Index Fund	77%
Fidelity Small Cap Enhanced Index Fund	71%
Fidelity International Enhanced Index Fund	64%

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Commonwealth Trust II and the Shareholders of Fidelity Large Cap Growth Enhanced Index Fund, Fidelity Large Cap Value Enhanced Index Fund, Fidelity Large Cap Core Enhanced Index Fund, Fidelity Mid Cap Enhanced Index Fund, Fidelity Small Cap Enhanced Index Fund, Fidelity International Enhanced Index Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial positions of Fidelity Large Cap Growth Enhanced Index Fund, Fidelity Large Cap Value Enhanced Index Fund, Fidelity Large Cap Core Enhanced Index Fund, Fidelity Mid Cap Enhanced Index Fund, Fidelity Small Cap Enhanced Index Fund and Fidelity International Enhanced Index Fund (funds of Fidelity Commonwealth Trust II) at February 29, 2008, the results of each of their operations for the period indicated, the changes in each of their net assets for the period indicated and each of their financial highlights for the period indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Commonwealth Trust II's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 29, 2008 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLC

PricewaterhouseCoopers LLP

Boston, Massachusetts

April 23, 2008

Annual Report

Trustees and Officers

The Trustees, Member of the Advisory Board, and executive officers of the trust and funds are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, and review each fund's performance. Except for Mr. Howard E. Cox, Jr. and Ms. Karen Kaplan, each of the Trustees oversees 15 funds advised by Strategic Advisers or an affiliate. Mr. Cox and Ms. Kaplan oversee eight funds advised by Strategic Advisers or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. The executive officers and Advisory Board Member hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Roger T. Servison (62)
	Year of Election or Appointment: 2006 Mr. Servison is Chairman of the Board of Trustees. Mr. Servison serves as President of Strategic New Business Development for Fidelity Investments (1995-present), and oversees Fidelity Investments Life Insurance Company (FILI) and Strategic Advisers (May 2005-present). He also serves as President and a Director of Fidelity Brokerages Services (Japan), LLC (1996-present), a Director of Fidelity Investments Asia Funding Corp. (2000-present), and a Director of Strategic Advisers (1999-present). Previously, he served as President of Fidelity Investments Retail Marketing Company and Fidelity Brokerage Services, Inc. (1991-1995), President of Monarch Capital (1990-1991), Senior Vice President of Fidelity Capital (1989-1990), Senior Vice President of Fidelity's New Business Development Group (1987-1989), and Senior Vice President of Fidelity Brokerage Services (1980-1987); and he served as a Director of FBSI Investments, Inc. (1993-2003), FMR Brokerage Holdings, Inc. (1999-2003), and Fidelity Partners Management Corp. (1997-2003).
Abigail P. Johnson (46)
	Year of Election or Appointment: 2006 Ms. Johnson serves as President of Fidelity Employer Services Company (FESCO) (2005-present). She is President and a Director of Fidelity Investments Money Management, Inc. (2001-present), FMR Co., Inc. (2001-present), and a Director of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR (2001-2005), Senior Vice President of the Fidelity funds (2001-2005), and managed a number of Fidelity funds.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with Strategic Advisers. FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC to prior periods are deemed to be references to the prior entity.

Annual Report

Trustees and Officers - continued

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Peter C. Aldrich (63)
	Year of Election or Appointment: 2006 From January 1997 through December 2004, Mr. Aldrich was Chairman and Managing Member of AEGIS, LLC. (foreign private investment). From 1999 through December 2004, he was Faculty Chairman of The Research Council on Global Investment of The Conference Board (business and professional education non-profit). From 1998 through December 2004, Mr. Aldrich was Managing Member of Poseidon, LLC (foreign private investment). Previously, he was Co-Chairman of AEW Capital Management, L.P., a real estate investment advisor (1997-1998), and a founder and Managing Partner of Aldrich, Eastman & Waltch, Inc., a real estate investment advisor (1981-1996). Mr. Aldrich serves as a Member of the Board of the National Bureau of Economic Research (1994), a Member of the Board of Zipcar, Inc. (car sharing, 2002), and a Member of the Board of the Museum of Fine Arts Boston (2003).
Howard E. Cox, Jr. (64)
	Year of Election or Appointment: 2006 Mr. Howard Cox is as a Partner of Greylock, a national venture capital firm, with which he has been associated since 1971. Prior to joining Greylock, Mr. Cox served in the Office of the Secretary of Defense (1968-1971). He is currently a Director of Stryker Corporation (medical products and services). He has previously served on the boards of numerous public and private companies, including: The Boston Globe, American Medical Systems (acquired by Pfizer), AMISYS (acquired by McKessonHBOC), APPEX (acquired by EDS), Arbor (acquired by Extendicare), BMR Financial Group, Centene, Checkfree, Cogito Data Systems, Compdent (acquired by APPS), Execucom, HPR (acquired by McKessonHBOC), ISSCO (acquired by Computer Associates), Landacorp, Lunar (acquired by GE), Multimate, Rehab Systems (acquired by Novacare), Share Development (acquired by United Healthcare), United Publishers (acquired by NYNEX), VHA Long Term Care (acquired by ServiceMaster), and Vincam (acquired by ADP). Mr. Cox is a Director and former Chairman of the National Venture Capital Association. Mr. Howard Cox and Mr. Ralph Cox are not related.
Ralph F. Cox (75)
	Year of Election or Appointment: 2006 Mr. Cox is President of RABAR Enterprises (management consulting for the petroleum industry, 1998-present). Previously, he was President of Greenhill Petroleum Corporation (petroleum exploration and production). Until March 1990, Mr. Cox was President and Chief Operating Officer of Union Pacific Resources Company (exploration and production). He is a Director of CH2M Hill Companies (engineering), and Abraxas Petroleum (petroleum exploration and production, 1999). In addition, he is a member of advisory boards of Texas A&M University and the University of Texas at Austin. Mr. Ralph Cox and Mr. Howard Cox are not related.
Karen Kaplan (48)
	Year of Election or Appointment: 2006 Ms. Kaplan is President of Hill, Holliday, Connors, Cosmopulos Inc., a subsidiary of The Interpublic Group of Companies, Inc. (group of advertising and specialized marketing and communication services companies). She has been with Hill, Holliday, Connors, Cosmopulos Inc. since 1982. Ms. Kaplan is Vice President of the Massachusetts Women's Forum and Vice Chair of the Board of the Massachusetts Society for the Prevention of Cruelty to Children. She serves as a Director of the Executive Committee of the Greater Boston Chamber of Commerce, a Member of the President's Council of the United Way of Massachusetts Bay, serves on the Advisory Council of the Urban Improv, and a Member of the Board of Mentors of Community Servings. Ms. Kaplan also serves as a Director of Tweeter Home Entertainment Group and Delta Dental Plan of Massachusetts.

Advisory Board Member and Executive Officers**:

Correspondence intended for each executive officer and Mr. Murphy may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
David L. Murphy (60)
	Year of Election or Appointment: 2008 Member of the Advisory Board of Fidelity Commonwealth Trust II. Mr. Murphy serves as President of Strategic Advisers (2008-present). Previously, Mr. Murphy served as Vice President of Fidelity's Money Market Funds (2002-2008) and Fixed-Income Funds (2005-2008), Senior Vice President (2000-2008) and Head (2004-2008) of the Fidelity Investments Fixed Income Division, Senior Vice President of Fidelity Investments Money Management, Inc. (2003-2008), and as Executive Vice President of FMR (2005-2008). Mr. Murphy also served as Money Market Group Leader (2002-2004), Bond Group Leader (2000-2002), and Vice President of certain Asset Allocation Funds (2003-2008), Balanced Funds (2005-2008), Fidelity's Taxable Bond Funds (2000-2002) and Fidelity's Municipal Bond Funds (2001-2002).
Stephen D. Fisher (45)
	Year of Election or Appointment: 2007 Secretary and Chief Legal Officer of each fund. Mr. Fisher previously served as Vice President and Director of Fidfunds Mutual Limited (1998-2003) and is a Senior Vice President, Deputy General Counsel of Fidelity Investments.
Mark Osterheld (52)
	Year of Election or Appointment: 2007 President and Treasurer of each fund. Mr. Osterheld is an employee of Strategic Advisers and also serves as President and Treasurer of other Strategic Advisers funds (2006-present). Before joining Strategic Advisers, Mr. Osterheld served as Assistant Treasurer of other Fidelity funds (2002-2007) and was an employee of FMR.
Charles V. Senatore (53)
	Year of Election or Appointment: 2007 Chief Compliance Officer of each fund. He also serves as Senior Vice President and Chief Compliance Officer for the Fidelity Risk Oversight Group (2003-present). Before joining Fidelity Investments, Mr. Senatore served as Co-Head of Global Compliance (2002-2003), Head of Private Client Compliance (2000-2002), and Head of Regulatory Affairs (1999-2000) at Merrill Lynch. Mr. Senatore serves as a Member of the SIFMA Compliance and Legal Division Executive Committee (2004-present), a Member of the SIFMA Self Regulation and Supervisory Practices Committee (2004-present), and a Member of the New York Stock Exchange Compliance Advisory Committee (2000-2003; 2005-present). He previously served as a Member (2001-2003) and Chair (2003) of the NASD's District 10 Business Committee in New York.
R. Stephen Ganis (41)
	Year of Election or Appointment: 2007 Anti-Money Laundering (AML) Officer of each fund. Mr. Ganis also serves as AML Officer of other Fidelity funds (2006-present) and FMR LLC (2003-present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Proctor, LLP (2000-2002).
Kathleen Tucker (49)
	Year of Election or Appointment: 2007 Chief Financial Officer of each fund. She also serves as Senior Vice President for Fidelity Pricing & Cash Management Services (1999-present). Previously, Ms. Tucker worked at PricewaterhouseCoopers LLP (1981-1999), where she was most recently a partner in the investment management practice.
Peter L. Lydecker (54)
	Year of Election or Appointment: 2007 Assistant Treasurer of each fund. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.
James R. Rooney (49)
	Year of Election or Appointment: 2007 Assistant Treasurer of each fund. Mr. Rooney is an employee of Strategic Advisers and also serves as Assistant Treasurer of other Strategic Advisers funds (2007-present). Before joining Strategic Advisers, Mr. Rooney was a Vice President with Wellington Management Company, LLP (2001-2007).

** FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LCC for prior periods are deemed to be references to the prior entity.

Annual Report

Distributions

The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Fidelity Large Cap Core Enhanced Index Fund	04/14/08	04/11/08	$0.03	-
Fidelity Large Cap Growth Enhanced Index Fund	04/14/08	04/11/08	$0.01	-
Fidelity Large Cap Value Enhanced Index Fund	04/14/08	04/11/08	$0.03	-
Fidelity Mid Cap Enhanced Index Fund	04/14/08	04/11/08	$0.02	-
Fidelity Small Cap Enhanced Index Fund	04/14/08	04/11/08	$0.015	-
Fidelity International Enhanced Index Fund	04/14/08	04/11/08	$0.02	$0.01

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended February 29, 2008, or, if subsequently determined to be different, the net capital gain of such year.

Fidelity Mid Cap Enhanced Index Fund $470

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

	December 2007
Fidelity Large Cap Core Enhanced Index Fund	95%
Fidelity Large Cap Growth Enhanced Index Fund	100%
Fidelity Large Cap Value Enhanced Index Fund	100%

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

	December 2007
Fidelity Large Cap Core Enhanced Index Fund	100%
Fidelity Large Cap Growth Enhanced Index Fund	100%
Fidelity Large Cap Value Enhanced Index Fund	100%

The funds will notify shareholders in January 2009 of amounts for use in preparing 2008 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Mid Cap Enhanced Index Fund
Fidelity Small Cap Enhanced Index Fund
Fidelity International Enhanced Index Fund

On December 11, 2007, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract and sub-advisory agreement (together, the Advisory Contracts) for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered the range of information that it considered appropriate.

In determining whether to approve the Advisory Contracts for each fund, the Board was aware that shareholders have a broad range of investment choices available to them, including a wide choice among mutual Funds offered by competitors to Fidelity, and that shareholders, with the opportunity to review and weigh the disclosure provided by each fund in its prospectus and other public disclosures, may choose to invest in that fund, managed by Fidelity.

Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, Strategic Advisers, Inc. (Strategic), and the sub-adviser, Geode Capital Management, LLC (Geode), (together, the Investment Advisers), including the background of the Funds' portfolio managers and the Funds' investment objectives and disciplines.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technical research, computer modeling, and the Investment Advisers' approach to managing the Funds.

Shareholder and Administrative Services. The Board considered the nature, extent, quality, and cost of administrative, distribution, and shareholder services performed by Strategic and its affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund. The Board also considered the nature and extent of the Strategic's supervision of third-party service providers, principally Geode, custodians and sub-custodians. The Board further considered the benefits associated with the Expense Contracts, which limits fund expenses to 62 bp for International Enhanced Index, 67 bp for Small Cap Enhanced Index, and 60 bp for Mid Cap Enhanced Index.

The Board noted that the growth of fund assets across the Fidelity complex allows for reinvestment in the development of services designed to enhance the value or convenience of the Funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund sponsored by a Fidelity Investments company, including the benefits of investing in a fund that is part of a large family of Funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services.

Investment Performance. The Funds are new Funds and therefore had no historical performance for the Board to review at the time it approved each fund's Advisory Contracts.

Based on its review, the Board concluded that the nature, extent, and quality of the services provided to each fund will benefit each fund's shareholders.

Competitiveness of Management Fee and Total Fund Expenses. The Board considered each fund's proposed management fee and projected operating expenses in reviewing the Advisory Contracts. The Board also took into consideration an Expense Contract which limits each fund's annualized total fund and class-level expenses to 0.62% for International Enhanced Index, 0.67% for Small Cap Enhanced Index and 0.60% for Mid Cap Enhanced Index. The Board noted that each fund's proposed total expense ratio of 0.62%, 0.67%, and 0.60%, respectively, is competitive in relation to competitor enhanced index Funds.

Based on its review, the Board concluded that each fund's management fee and total expenses were fair and reasonable in light of the services that each fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Funds are new Funds and therefore no revenue, cost, or profitability data was available for the Board to review in respect of each fund at the time it approved the Advisory Contracts.

Economies of Scale. The Board considered that as the Funds are all new Funds, it is premature to consider scale economies, and will be until the Funds have assets under management.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board received additional information regarding similar Funds offered by other fund companies.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that each fund's Advisory Contracts should be approved.

Annual 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.

Annual 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

Annual 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

Mellon Bank, N.A.
Pittsburgh, PA

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-UANN-0408
1.855137.100

Item 2. Code of Ethics

As of the end of the period, February 29, 2008, Fidelity Commonwealth Trust II (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert

The Board of Trustees of the trust has not designated an audit committee financial expert. Given the nature of the trust's series (the funds), the registrant has concluded that the services of a financial expert are not required at this point. Some of the reasons for determining that an audit committee financial expert is not necessary are the following: (i) the Audit Committee's expected access to the funds' Treasurer, Chief Financial Officer, independent accountants and legal counsel; (ii) the Audit Committee's expected authority under its Charter to engage independent accounting and other experts without seeking approval from the full Board of Trustees; (iii) the funds' investment strategies based primarily on index investing, and (iv) the small number of funds currently offered by the trust and the still relatively small size of most of the funds.

Item 4. Principal Accountant Fees and Services

(a) Audit Fees.

For the fiscal years ended February 29, 2008 and February 28, 2007, the aggregate Audit Fees billed by PricewaterhouseCoopers LLP (PwC) for professional services rendered for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for those fiscal years, for the funds are shown in the table below.

Fund	2008A	2007A,B
Fidelity International Enhanced Index Fund	$44,000	$0
Fidelity Large Cap Core Enhanced Index Fund	$50,000	$0
Fidelity Large Cap Growth Enhanced Index Fund	$50,000	$0
Fidelity Large Cap Value Enhanced Index Fund	$50,000	$0
Fidelity Mid Cap Value Enhanced Index Fund	$44,000	$0
Fidelity Small Cap Value Enhanced Index Fund	$44,000	$0

A

Aggregate amounts may reflect rounding.

B

No Audit Fees were billed by PwC for professional services rendered for the audit of the annual financial statements, or services that are normally provided in connection with the statutory and regulatory filings or engagements, to Fidelity International Enhanced Index Fund, Fidelity Large Cap Core Enhanced Index Fund, Fidelity Large Cap Growth Enhanced Index Fund, Fidelity Large Cap Value Enhanced Index Fund, Fidelity Mid Cap Enhanced Index Fund, and Fidelity Small Cap Enhanced Index Fund, as the funds did not commence operations until December 20, 2007, April 19, 2007, April 19, 2007, April 19, 2007, December 20, 2007 and December 20, 2007, respectively.

(b) Audit-Related Fees.

In each of the fiscal years ended February 29, 2008 and February 28, 2007, the aggregate Audit-Related Fees billed by PwC for services rendered for assurance and related services to each fund that are reasonably related to the performance of the audit or review of the fund's financial statements, but not reported as Audit Fees, are shown in the table below.

Fund	2008A	2007A,B
Fidelity International Enhanced Index Fund	$0	$0
Fidelity Large Cap Core Enhanced Index Fund	$0	$0
Fidelity Large Cap Growth Enhanced Index Fund	$0	$0
Fidelity Large Cap Value Enhanced Index Fund	$0	$0
Fidelity Mid Cap Value Enhanced Index Fund	$0	$0
Fidelity Small Cap Value Enhanced Index Fund	$0	$0

A

Aggregate amounts may reflect rounding.

B

No Audit-Related Fees were billed by PwC for services rendered for assurance and related services to Fidelity International Enhanced Index Fund, Fidelity Large Cap Core Enhanced Index Fund, Fidelity Large Cap Growth Enhanced Index Fund, Fidelity Large Cap Value Enhanced Index Fund, Fidelity Mid Cap Enhanced Index Fund, and Fidelity Small Cap Enhanced Index Fund, as the funds did not commence operations until December 20, 2007, April 19, 2007, April 19, 2007, April 19, 2007, December 20, 2007 and December 20, 2007, respectively.

In each of the fiscal years ended February 29, 2008 and February 28, 2007, the aggregate Audit-Related Fees that were billed by PwC that were required to be approved by the Audit Committee for services rendered on behalf of Strategic Advisers and entities controlling, controlled by, or under common control with Strategic Advisers that provide ongoing services to the funds ("Fund Service Providers") for assurance and related services that relate directly to the operations and financial reporting of the funds that are reasonably related to the performance of the audit or review of the funds' financial statements, but not reported as Audit Fees, are shown in the table below.

Billed By	2008A,B	2007A,B
PwC	$0	$0

A	Aggregate amounts may reflect rounding.
B	May include amounts billed prior to the funds' commencement of operations.

Fees included in the audit-related category comprise assurance and related services (e.g., due diligence services) that are traditionally performed by the independent registered public accounting firm. These audit-related services include due diligence related to mergers and acquisitions, accounting consultations and audits in connection with acquisitions, internal control reviews, attest services that are not required by statute or regulation and consultation concerning financial accounting and reporting standards.

(c) Tax Fees.

In each of the fiscal years ended February 29, 2008 and February 28, 2007, the aggregate Tax Fees billed by PwC for professional services rendered for tax compliance, tax advice, and tax planning for each fund is shown in the table below.

Fund	2008A	2007A,B
Fidelity International Enhanced Index Fund	$3,500	$0
Fidelity Large Cap Core Enhanced Index Fund	$3,500	$0
Fidelity Large Cap Growth Enhanced Index Fund	$3,500	$0
Fidelity Large Cap Value Enhanced Index Fund	$3,500	$0
Fidelity Mid Cap Value Enhanced Index Fund	$3,500	$0
Fidelity Small Cap Value Enhanced Index Fund	$3,500	$0

A

Aggregate amounts may reflect rounding.

B

No Tax Fees were billed by PwC for services rendered for tax compliance, tax advice, and tax planning for Fidelity International Enhanced Index Fund, Fidelity Large Cap Core Enhanced Index Fund, Fidelity Large Cap Growth Enhanced Index Fund, Fidelity Large Cap Value Enhanced Index Fund, Fidelity Mid Cap Enhanced Index Fund, and Fidelity Small Cap Enhanced Index Fund, as the funds did not commence operations until December 20, 2007, April 19, 2007, April 19, 2007, April 19, 2007, December 20, 2007 and December 20, 2007, respectively.

In each of the fiscal years ended February 29, 2008 and February 28, 2007, the aggregate Tax Fees billed by PwC that were required to be approved by the Audit Committee for professional services rendered on behalf of the Fund Service Providers for tax compliance, tax advice, and tax planning that relate directly to the operations and financial reporting of each fund is shown in the table below.

Billed By	2008A,B	2007A,B
PwC	$0	$0

^A Aggregate amounts may reflect rounding.

^B May include amounts billed prior to the funds' commencement of operations.

Fees included in the Tax Fees category comprise all services performed by professional staff in the independent registered public accounting firm's tax division except those services related to the audit. Typically, this category would include fees for tax compliance, tax planning, and tax advice. Tax compliance, tax advice, and tax planning services include preparation of original and amended tax returns, claims for refund and tax payment-planning services, assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d) All Other Fees.

In each of the fiscal years ended February 29, 2008 and February 28, 2007, the aggregate Other Fees billed by PwC for all other non-audit services rendered to the funds is shown in the table below.

Fund	2008A	2007A,B
Fidelity International Enhanced Index Fund	$0	$0
Fidelity Large Cap Core Enhanced Index Fund	$0	$0
Fidelity Large Cap Growth Enhanced Index Fund	$0	$0
Fidelity Large Cap Value Enhanced Index Fund	$0	$0
Fidelity Mid Cap Value Enhanced Index Fund	$0	$0
Fidelity Small Cap Value Enhanced Index Fund	$0	$0

A

Aggregate amounts may reflect rounding.

B

No Other Fees were billed by PwC for all other non-audit services rendered to Fidelity International Enhanced Index Fund, Fidelity Large Cap Core Enhanced Index Fund, Fidelity Large Cap Growth Enhanced Index Fund, Fidelity Large Cap Value Enhanced Index Fund, Fidelity Mid Cap Enhanced Index Fund, and Fidelity Small Cap Enhanced Index Fund, as the funds did not commence operations until December 20, 2007, April 19, 2007, April 19, 2007, April 19, 2007, December 20, 2007 and December 20, 2007, respectively.

In each of the fiscal years ended February 29, 2008 and February 28, 2007, the aggregate Other Fees billed by PwC that were required to be approved by the Audit Committee for all other non-audit services rendered on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund is shown in the table below.

Billed By	2008A,B	2007A,B
PwC	$220,000	$125,000

A	Aggregate amounts may reflect rounding.
B	May include amounts billed prior to the funds' commencement of operations.

Fees included in the All Other Fees category include services related to internal control reviews, strategy and other consulting, financial information systems design and implementation, consulting on other information systems, and other tax services unrelated to the fund.

(e) (1) Audit Committee Pre-Approval Policies and Procedures:

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

The trust's Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to the trust and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of the trust (Covered Service) are subject to approval by the Audit Committee before such service is provided. Non-audit services provided by a fund audit firm for a Fund Service Provider that do not relate directly to the operations and financial reporting of the trust (Non-Covered Service) are not required to be pre-approved, but are reported to the Audit Committee quarterly.

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

(e) (2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended February 29, 2008 and February 28, 2007 on behalf of each fund.

There were no amounts that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended February 29, 2008 and February 28, 2007 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended February 29, 2008 and February 28, 2007 on behalf of each fund.

There were no amounts that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended February 29, 2008 and February 28, 2007 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended February 29, 2008 and February 28, 2007 on behalf of each fund.

There were no amounts that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended February 29, 2008 and February 28, 2007 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund.

(f) Not applicable.

(g) For the fiscal years ended February 29, 2008 and February 28, 2007, the aggregate fees billed by PwC of $585,000^A,B and $410,000^A,B for non-audit services rendered on behalf of the funds, Strategic Advisers and Fund Service Providers relating to Covered Services and Non-Covered Services are shown in the table below.

	2008A,B	2007A,B
Covered Services	$240,000	$125,000
Non-Covered Services	$345,000	$285,000

A	Aggregate amounts may reflect rounding.
B	May include amounts billed prior to the funds' commencement of operations.

(h) The trust's Audit Committee has considered Non-Covered Services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its audit of the funds, taking into account representations from PwC, in accordance with Independence Standards Board Standard No.1, regarding its independence from the funds and their related entities.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

Not applicable.

Item 11. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's 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)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

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

Fidelity Commonwealth Trust II

By:	/s/Mark Osterheld
	Mark Osterheld
	President and Treasurer
Date:	April 30, 2008

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/Mark Osterheld
	Mark Osterheld
	President and Treasurer
Date:	April 30, 2008

By:	/s/Kathleen A. Tucker
	Kathleen A. Tucker
	Chief Financial Officer
Date:	April 30, 2008