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 28 |
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Date of reporting period: | August 31, 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
Semiannual Report
(2_fidelity_logos) (Registered_Trademark)
August 31, 2008
Contents
Chairman's Message | 3 | Ned Johnson's message to shareholders |
Shareholder Expense Example | 4 | An example of shareholder expenses |
| ||
Fidelity Large Cap Growth Enhanced Index Fund | 5 | Investment Changes |
| 6 | Investments |
| 11 | Financial Statements |
| ||
Fidelity Large Cap Value Enhanced Index Fund | 13 | Investment Changes |
| 14 | Investments |
| 19 | Financial Statements |
| ||
Fidelity Large Cap Core Enhanced Index Fund | 21 | Investment Changes |
| 22 | Investments |
| 27 | Financial Statements |
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|
|
Fidelity Mid Cap Enhanced Index Fund | 29 | Investment Changes |
| 30 | Investments |
| 36 | Financial Statements |
| ||
Fidelity Small Cap Enhanced Index Fund | 38 | Investment Changes |
| 39 | Investments |
| 45 | Financial Statements |
| ||
Fidelity International Enhanced Index Fund | 47 | Investment Changes |
| 48 | Investments |
| 53 | Financial Statements |
| ||
Notes | 55 | Notes to the Financial Statements |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (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.
Geode is a registered trademark of Geode Capital Management, LLC.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
Dear Shareholder:
Most domestic and international equity indexes continued to dwell in negative territory, pressured by unfavorable credit-market conditions, particularly in the United States. On the upside, investment-grade bonds and money markets generally have served investors well so far this year. 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
Semiannual Report
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2008 to August 31, 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 | Ending | Expenses Paid |
Fidelity Large Cap Growth Enhanced Index Fund |
|
|
|
Actual | $ 1,000.00 | $ 1,002.20 | $ 2.27 |
HypotheticalA | $ 1,000.00 | $ 1,022.94 | $ 2.29 |
Fidelity Large Cap Value Enhanced Index Fund |
|
|
|
Actual | $ 1,000.00 | $ 943.40 | $ 2.20 |
HypotheticalA | $ 1,000.00 | $ 1,022.94 | $ 2.29 |
Fidelity Large Cap Core Enhanced Index Fund |
|
|
|
Actual | $ 1,000.00 | $ 978.20 | $ 2.24 |
HypotheticalA | $ 1,000.00 | $ 1,022.94 | $ 2.29 |
Fidelity Mid Cap Enhanced Index Fund |
|
|
|
Actual | $ 1,000.00 | $ 1,004.40 | $ 3.03 |
HypotheticalA | $ 1,000.00 | $ 1,022.18 | $ 3.06 |
Fidelity Small Cap Enhanced Index Fund |
|
|
|
Actual | $ 1,000.00 | $ 1,050.50 | $ 3.46 |
HypotheticalA | $ 1,000.00 | $ 1,021.83 | $ 3.41 |
Fidelity International Enhanced Index Fund |
|
|
|
Actual | $ 1,000.00 | $ 892.70 | $ 2.96 |
HypotheticalA | $ 1,000.00 | $ 1,022.08 | $ 3.16 |
A 5% return per year before expenses
* Expenses are equal to each Fund's annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
| Annualized |
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% |
Semiannual Report
Fidelity Large Cap Growth Enhanced Index Fund
Investment Changes (Unaudited)
Top Ten Stocks as of August 31, 2008 | ||
| % of fund's | % of fund's net assets |
Microsoft Corp. | 3.4 | 3.4 |
International Business Machines Corp. | 2.7 | 2.2 |
Hewlett-Packard Co. | 2.2 | 1.9 |
Cisco Systems, Inc. | 2.2 | 2.1 |
Apple, Inc. | 2.1 | 1.7 |
Wal-Mart Stores, Inc. | 2.0 | 1.5 |
Intel Corp. | 2.0 | 1.7 |
Schlumberger Ltd. (NY Shares) | 1.7 | 1.5 |
PepsiCo, Inc. | 1.6 | 1.2 |
Exxon Mobil Corp. | 1.6 | 1.5 |
| 21.5 |
|
Market Sectors as of August 31, 2008 | ||
| % of fund's | % of fund's net assets |
Information Technology | 28.4 | 27.3 |
Health Care | 13.8 | 16.9 |
Industrials | 13.1 | 12.2 |
Consumer Staples | 11.6 | 11.4 |
Energy | 10.3 | 8.3 |
Consumer Discretionary | 10.1 | 10.1 |
Materials | 4.8 | 4.1 |
Financials | 4.3 | 5.5 |
Utilities | 1.3 | 0.8 |
Telecommunication Services | 0.9 | 0.9 |
Semiannual Report
Fidelity Large Cap Growth Enhanced Index Fund
Investments August 31, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.6% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 10.1% | |||
Auto Components - 0.2% | |||
Autoliv, Inc. | 1,209 | $ 46,414 | |
Diversified Consumer Services - 1.1% | |||
Apollo Group, Inc. Class A (non-vtg.) (a) | 2,275 | 144,872 | |
ITT Educational Services, Inc. (a) | 1,585 | 140,922 | |
Weight Watchers International, Inc. | 1,673 | 66,251 | |
| 352,045 | ||
Hotels, Restaurants & Leisure - 1.7% | |||
Choice Hotels International, Inc. | 1,070 | 28,879 | |
McDonald's Corp. | 6,142 | 381,111 | |
Yum! Brands, Inc. | 3,821 | 136,333 | |
| 546,323 | ||
Household Durables - 0.2% | |||
NVR, Inc. (a)(d) | 130 | 77,705 | |
Internet & Catalog Retail - 0.3% | |||
Amazon.com, Inc. (a) | 1,100 | 88,891 | |
Media - 2.5% | |||
Comcast Corp. Class A | 3,519 | 74,532 | |
DISH Network Corp. Class A (a) | 2,515 | 70,948 | |
Liberty Media Corp. - Entertainment Class A (a) | 640 | 17,786 | |
McGraw-Hill Companies, Inc. | 3,120 | 133,661 | |
News Corp. Class A | 8,562 | 121,238 | |
Omnicom Group, Inc. | 3,941 | 167,059 | |
The Walt Disney Co. | 4,529 | 146,513 | |
Viacom, Inc. Class B (non-vtg.) (a) | 1,690 | 49,821 | |
| 781,558 | ||
Multiline Retail - 0.9% | |||
Big Lots, Inc. (a) | 3,325 | 98,320 | |
Dollar Tree, Inc. (a) | 1,700 | 65,212 | |
Target Corp. | 2,263 | 119,984 | |
| 283,516 | ||
Specialty Retail - 2.5% | |||
Aeropostale, Inc. (a) | 3,326 | 115,944 | |
American Eagle Outfitters, Inc. | 1,211 | 18,226 | |
AutoZone, Inc. (a) | 825 | 113,215 | |
Gamestop Corp. Class A (a) | 3,432 | 150,562 | |
RadioShack Corp. | 5,074 | 96,457 | |
Ross Stores, Inc. | 2,250 | 90,473 | |
TJX Companies, Inc. | 6,029 | 218,491 | |
| 803,368 | ||
Textiles, Apparel & Luxury Goods - 0.7% | |||
NIKE, Inc. Class B | 2,370 | 143,646 | |
Warnaco Group, Inc. (a) | 1,250 | 64,463 | |
| 208,109 | ||
TOTAL CONSUMER DISCRETIONARY | 3,187,929 | ||
CONSUMER STAPLES - 11.6% | |||
Beverages - 3.0% | |||
Anheuser-Busch Companies, Inc. | 500 | 33,930 | |
| |||
Shares | Value | ||
PepsiCo, Inc. | 7,209 | $ 493,672 | |
The Coca-Cola Co. | 8,087 | 421,090 | |
| 948,692 | ||
Food & Staples Retailing - 3.5% | |||
Costco Wholesale Corp. | 541 | 36,279 | |
CVS Caremark Corp. | 1,200 | 43,920 | |
Kroger Co. | 5,935 | 163,925 | |
Longs Drug Stores Corp. | 1,985 | 142,225 | |
Wal-Mart Stores, Inc. | 10,588 | 625,433 | |
Walgreen Co. | 2,574 | 93,771 | |
| 1,105,553 | ||
Food Products - 0.9% | |||
General Mills, Inc. | 2,000 | 132,360 | |
Wm. Wrigley Jr. Co. | 1,925 | 152,999 | |
| 285,359 | ||
Household Products - 1.9% | |||
Church & Dwight Co., Inc. | 1,650 | 103,125 | |
Colgate-Palmolive Co. | 1,590 | 120,888 | |
Kimberly-Clark Corp. | 145 | 8,944 | |
Procter & Gamble Co. | 5,478 | 382,200 | |
| 615,157 | ||
Personal Products - 0.2% | |||
Herbalife Ltd. | 985 | 46,394 | |
Tobacco - 2.1% | |||
Altria Group, Inc. | 7,190 | 151,206 | |
Philip Morris International, Inc. | 8,673 | 465,740 | |
UST, Inc. | 1,000 | 53,590 | |
| 670,536 | ||
TOTAL CONSUMER STAPLES | 3,671,691 | ||
ENERGY - 10.3% | |||
Energy Equipment & Services - 5.9% | |||
Baker Hughes, Inc. | 395 | 31,604 | |
Cameron International Corp. (a) | 1,840 | 85,726 | |
Dresser-Rand Group, Inc. (a) | 3,570 | 144,799 | |
ENSCO International, Inc. | 2,228 | 151,014 | |
FMC Technologies, Inc. (a) | 1,775 | 95,069 | |
Halliburton Co. | 5,561 | 244,350 | |
National Oilwell Varco, Inc. (a) | 3,376 | 248,912 | |
Schlumberger Ltd. (NY Shares) | 5,662 | 533,474 | |
Tidewater, Inc. | 1,704 | 103,382 | |
Transocean, Inc. (a) | 1,724 | 219,293 | |
Weatherford International Ltd. (a) | 922 | 35,571 | |
| 1,893,194 | ||
Oil, Gas & Consumable Fuels - 4.4% | |||
Alpha Natural Resources, Inc. (a) | 350 | 34,685 | |
Chevron Corp. | 1,045 | 90,204 | |
ConocoPhillips | 595 | 49,093 | |
Continental Resources, Inc. (a) | 800 | 40,136 | |
EOG Resources, Inc. | 155 | 16,185 | |
Exxon Mobil Corp. | 6,118 | 489,501 | |
Common Stocks - continued | |||
Shares | Value | ||
ENERGY - continued | |||
Oil, Gas & Consumable Fuels - continued | |||
Foundation Coal Holdings, Inc. | 750 | $ 44,363 | |
Hess Corp. | 715 | 74,868 | |
Massey Energy Co. | 1,615 | 106,525 | |
McMoRan Exploration Co. (a) | 1,500 | 41,025 | |
Occidental Petroleum Corp. | 3,065 | 243,238 | |
Valero Energy Corp. | 1,793 | 62,325 | |
W&T Offshore, Inc. | 694 | 24,401 | |
Walter Industries, Inc. | 650 | 60,970 | |
Williams Companies, Inc. | 310 | 9,576 | |
| 1,387,095 | ||
TOTAL ENERGY | 3,280,289 | ||
FINANCIALS - 4.3% | |||
Capital Markets - 1.8% | |||
Bank of New York Mellon Corp. | 1,300 | 44,993 | |
Charles Schwab Corp. | 2,300 | 55,177 | |
Franklin Resources, Inc. | 206 | 21,527 | |
Goldman Sachs Group, Inc. | 520 | 85,264 | |
MF Global Ltd. (a)(d) | 9,000 | 66,330 | |
Northern Trust Corp. | 1,530 | 122,997 | |
optionsXpress Holdings, Inc. | 550 | 12,689 | |
State Street Corp. | 1,350 | 91,355 | |
T. Rowe Price Group, Inc. | 499 | 29,621 | |
TD Ameritrade Holding Corp. (a) | 2,200 | 44,946 | |
| 574,899 | ||
Consumer Finance - 0.4% | |||
American Express Co. | 2,591 | 102,811 | |
Diversified Financial Services - 0.3% | |||
JPMorgan Chase & Co. | 1,136 | 43,725 | |
NYSE Euronext | 1,357 | 55,081 | |
| 98,806 | ||
Insurance - 0.9% | |||
AFLAC, Inc. | 1,650 | 93,555 | |
Prudential Financial, Inc. | 898 | 66,192 | |
The Chubb Corp. | 1,265 | 60,733 | |
The Travelers Companies, Inc. | 1,640 | 72,422 | |
| 292,902 | ||
Real Estate Investment Trusts - 0.7% | |||
Annaly Capital Management, Inc. | 3,250 | 48,620 | |
Boston Properties, Inc. | 200 | 20,494 | |
Mack-Cali Realty Corp. | 1,000 | 40,420 | |
National Retail Properties, Inc. (d) | 850 | 19,287 | |
ProLogis Trust | 2,045 | 88,058 | |
| 216,879 | ||
Real Estate Management & Development - 0.2% | |||
Jones Lang LaSalle, Inc. | 1,116 | 55,577 | |
| |||
Shares | Value | ||
Thrifts & Mortgage Finance - 0.0% | |||
Freddie Mac | 1,440 | $ 6,494 | |
TOTAL FINANCIALS | 1,348,368 | ||
HEALTH CARE - 13.8% | |||
Biotechnology - 2.7% | |||
Biogen Idec, Inc. (a) | 1,151 | 58,620 | |
Celgene Corp. (a) | 1,000 | 69,300 | |
Cephalon, Inc. (a)(d) | 1,510 | 115,696 | |
Genentech, Inc. (a) | 1,360 | 134,300 | |
Genzyme Corp. (a) | 1,975 | 154,643 | |
Gilead Sciences, Inc. (a) | 4,945 | 260,503 | |
OSI Pharmaceuticals, Inc. (a) | 1,390 | 70,195 | |
| 863,257 | ||
Health Care Equipment & Supplies - 2.7% | |||
Baxter International, Inc. | 4,841 | 328,026 | |
Edwards Lifesciences Corp. (a) | 1,125 | 66,611 | |
Kinetic Concepts, Inc. (a)(d) | 2,500 | 87,900 | |
Medtronic, Inc. | 6,566 | 358,504 | |
St. Jude Medical, Inc. (a) | 500 | 22,915 | |
| 863,956 | ||
Health Care Providers & Services - 2.7% | |||
Aetna, Inc. | 1,500 | 64,710 | |
AmerisourceBergen Corp. | 1,350 | 55,364 | |
Express Scripts, Inc. (a) | 2,704 | 198,501 | |
Laboratory Corp. of America Holdings (a) | 1,554 | 113,675 | |
McKesson Corp. | 2,350 | 135,783 | |
Medco Health Solutions, Inc. (a) | 3,325 | 155,776 | |
WellPoint, Inc. (a) | 2,481 | 130,972 | |
| 854,781 | ||
Life Sciences Tools & Services - 1.1% | |||
Applied Biosystems, Inc. | 1,657 | 60,464 | |
Invitrogen Corp. (a) | 3,280 | 139,269 | |
Waters Corp. (a) | 2,240 | 152,880 | |
| 352,613 | ||
Pharmaceuticals - 4.6% | |||
Abbott Laboratories | 8,153 | 468,227 | |
Bristol-Myers Squibb Co. | 6,221 | 132,756 | |
Eli Lilly & Co. | 2,810 | 131,087 | |
Johnson & Johnson | 5,351 | 376,871 | |
Merck & Co., Inc. | 1,600 | 57,072 | |
Pfizer, Inc. | 2,165 | 41,373 | |
Schering-Plough Corp. | 9,163 | 177,762 | |
Wyeth | 1,470 | 63,622 | |
| 1,448,770 | ||
TOTAL HEALTH CARE | 4,383,377 | ||
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - 13.1% | |||
Aerospace & Defense - 4.7% | |||
General Dynamics Corp. | 750 | $ 69,225 | |
Goodrich Corp. | 1,310 | 67,138 | |
Honeywell International, Inc. | 4,450 | 223,257 | |
L-3 Communications Holdings, Inc. | 1,550 | 161,107 | |
Lockheed Martin Corp. | 2,649 | 308,450 | |
Northrop Grumman Corp. | 1,000 | 68,850 | |
Precision Castparts Corp. | 567 | 58,548 | |
Raytheon Co. | 2,310 | 138,577 | |
The Boeing Co. | 3,658 | 239,818 | |
TransDigm Group, Inc. (a) | 900 | 33,804 | |
United Technologies Corp. | 2,030 | 133,148 | |
| 1,501,922 | ||
Air Freight & Logistics - 0.4% | |||
C.H. Robinson Worldwide, Inc. | 140 | 7,295 | |
United Parcel Service, Inc. Class B | 1,933 | 123,944 | |
| 131,239 | ||
Building Products - 0.1% | |||
Lennox International, Inc. | 705 | 26,085 | |
Commercial Services & Supplies - 0.1% | |||
Covanta Holding Corp. (a) | 1,250 | 34,775 | |
Construction & Engineering - 1.0% | |||
EMCOR Group, Inc. (a) | 4,365 | 148,716 | |
Fluor Corp. | 1,860 | 149,042 | |
KBR, Inc. | 789 | 19,370 | |
| 317,128 | ||
Electrical Equipment - 1.3% | |||
Acuity Brands, Inc. | 2,093 | 91,066 | |
Emerson Electric Co. | 5,548 | 259,646 | |
EnerSys (a) | 500 | 14,060 | |
GrafTech International Ltd. (a) | 1,400 | 28,448 | |
| 393,220 | ||
Industrial Conglomerates - 0.8% | |||
3M Co. | 2,385 | 170,766 | |
McDermott International, Inc. (a) | 2,534 | 88,006 | |
| 258,772 | ||
Machinery - 2.9% | |||
Actuant Corp. Class A | 1,200 | 37,860 | |
Bucyrus International, Inc. Class A | 1,400 | 97,790 | |
Caterpillar, Inc. | 2,558 | 180,927 | |
Deere & Co. | 650 | 45,871 | |
Eaton Corp. | 1,363 | 99,744 | |
Flowserve Corp. | 743 | 98,165 | |
Gardner Denver, Inc. (a) | 1,355 | 61,165 | |
John Bean Technologies Corp. (a) | 445 | 5,785 | |
Joy Global, Inc. | 1,719 | 122,118 | |
Manitowoc Co., Inc. | 3,640 | 91,655 | |
| |||
Shares | Value | ||
Nordson Corp. | 297 | $ 15,928 | |
Parker Hannifin Corp. | 1,173 | 75,154 | |
| 932,162 | ||
Road & Rail - 1.8% | |||
Burlington Northern Santa Fe Corp. | 500 | 53,700 | |
Con-way, Inc. | 1,685 | 82,734 | |
CSX Corp. | 1,680 | 108,662 | |
Norfolk Southern Corp. | 2,405 | 176,840 | |
Union Pacific Corp. | 1,750 | 146,825 | |
| 568,761 | ||
TOTAL INDUSTRIALS | 4,164,064 | ||
INFORMATION TECHNOLOGY - 28.4% | |||
Communications Equipment - 4.1% | |||
Adtran, Inc. | 1,660 | 37,848 | |
Cisco Systems, Inc. (a) | 28,716 | 690,620 | |
Corning, Inc. | 4,404 | 90,458 | |
Harris Corp. | 900 | 47,124 | |
QUALCOMM, Inc. | 8,540 | 449,631 | |
| 1,315,681 | ||
Computers & Peripherals - 8.9% | |||
Apple, Inc. (a) | 3,965 | 672,186 | |
Dell, Inc. (a) | 7,990 | 173,623 | |
EMC Corp. (a) | 12,984 | 198,396 | |
Hewlett-Packard Co. | 14,759 | 692,492 | |
International Business Machines Corp. | 6,976 | 849,188 | |
NetApp, Inc. (a) | 4,080 | 103,958 | |
Seagate Technology | 1,765 | 26,316 | |
Teradata Corp. (a) | 3,660 | 89,926 | |
| 2,806,085 | ||
Electronic Equipment & Instruments - 0.4% | |||
Mettler-Toledo International, Inc. (a) | 1,300 | 136,760 | |
Internet Software & Services - 1.9% | |||
eBay, Inc. (a) | 3,600 | 89,748 | |
Google, Inc. Class A (sub. vtg.) (a) | 1,044 | 483,675 | |
Yahoo!, Inc. (a) | 2,212 | 42,869 | |
| 616,292 | ||
IT Services - 2.7% | |||
Accenture Ltd. Class A | 4,110 | 169,990 | |
Alliance Data Systems Corp. (a)(d) | 1,265 | 81,264 | |
Automatic Data Processing, Inc. | 1,750 | 77,665 | |
Fiserv, Inc. (a) | 1,410 | 73,123 | |
MasterCard, Inc. Class A | 525 | 127,339 | |
The Western Union Co. | 8,318 | 229,743 | |
Total System Services, Inc. | 1,129 | 22,490 | |
Visa, Inc. | 818 | 62,086 | |
| 843,700 | ||
Semiconductors & Semiconductor Equipment - 4.1% | |||
Amkor Technology, Inc. (a)(d) | 4,610 | 34,621 | |
Applied Materials, Inc. | 9,427 | 168,932 | |
Integrated Device Technology, Inc. (a) | 2,500 | 26,475 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Semiconductors & Semiconductor Equipment - continued | |||
Intel Corp. | 27,098 | $ 619,731 | |
Linear Technology Corp. | 2,620 | 85,517 | |
Marvell Technology Group Ltd. (a) | 2,908 | 41,032 | |
MEMC Electronic Materials, Inc. (a) | 400 | 19,636 | |
National Semiconductor Corp. | 6,370 | 136,509 | |
Texas Instruments, Inc. | 6,459 | 158,310 | |
| 1,290,763 | ||
Software - 6.3% | |||
Adobe Systems, Inc. (a) | 5,215 | 223,358 | |
BMC Software, Inc. (a) | 2,500 | 81,400 | |
CA, Inc. | 1,530 | 36,582 | |
McAfee, Inc. (a) | 4,070 | 161,009 | |
Microsoft Corp. | 39,010 | 1,064,574 | |
Oracle Corp. (a) | 19,158 | 420,135 | |
Solera Holdings, Inc. (a) | 281 | 8,663 | |
| 1,995,721 | ||
TOTAL INFORMATION TECHNOLOGY | 9,005,002 | ||
MATERIALS - 4.8% | |||
Chemicals - 2.9% | |||
Airgas, Inc. | 1,300 | 77,012 | |
Celanese Corp. Class A | 2,750 | 106,040 | |
E.I. du Pont de Nemours & Co. | 851 | 37,818 | |
Lubrizol Corp. | 2,430 | 128,766 | |
Monsanto Co. | 3,497 | 399,532 | |
Praxair, Inc. | 284 | 25,515 | |
The Mosaic Co. | 1,400 | 149,436 | |
| 924,119 | ||
Containers & Packaging - 0.7% | |||
Crown Holdings, Inc. (a) | 1,910 | 52,983 | |
Greif, Inc. Class A | 1,050 | 72,566 | |
Owens-Illinois, Inc. (a) | 2,041 | 91,029 | |
| 216,578 | ||
Metals & Mining - 1.2% | |||
AK Steel Holding Corp. | 2,201 | 115,795 | |
Alcoa, Inc. | 84 | 2,699 | |
Cleveland-Cliffs, Inc. (d) | 150 | 15,183 | |
Freeport-McMoRan Copper & Gold, Inc. Class B | 780 | 69,670 | |
Nucor Corp. | 1,760 | 92,400 | |
Reliance Steel & Aluminum Co. | 675 | 38,482 | |
Southern Copper Corp. (d) | 1,710 | 43,656 | |
| 377,885 | ||
TOTAL MATERIALS | 1,518,582 | ||
| |||
Shares | Value | ||
TELECOMMUNICATION SERVICES - 0.9% | |||
Diversified Telecommunication Services - 0.9% | |||
CenturyTel, Inc. | 1,680 | $ 64,898 | |
Frontier Communications Corp. | 6,755 | 84,910 | |
Windstream Corp. | 10,510 | 130,534 | |
| 280,342 | ||
UTILITIES - 1.3% | |||
Electric Utilities - 0.7% | |||
DPL, Inc. | 3,000 | 74,460 | |
Edison International | 750 | 34,440 | |
Exelon Corp. | 908 | 68,972 | |
Pepco Holdings, Inc. | 1,850 | 46,898 | |
| 224,770 | ||
Gas Utilities - 0.1% | |||
Energen Corp. | 815 | 45,510 | |
Multi-Utilities - 0.5% | |||
Dominion Resources, Inc. | 800 | 34,824 | |
Public Service Enterprise Group, Inc. | 2,915 | 118,845 | |
| 153,669 | ||
TOTAL UTILITIES | 423,949 | ||
TOTAL COMMON STOCKS (Cost $31,946,763) | 31,263,593 | ||
Investment Companies - 0.8% | |||
|
|
|
|
iShares Russell 1000 Growth Index ETF | 4,300 | 234,995 | |
Money Market Funds - 1.6% | |||
|
|
|
|
Fidelity Securities Lending Cash Central Fund, 2.35% (b)(c) | 516,910 | 516,910 | |
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $32,700,521) | 32,015,498 | ||
NET OTHER ASSETS - (1.0)% | (311,398) | ||
NET ASSETS - 100% | $ 31,704,100 |
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 Securities Lending Cash Central Fund | $ 665 |
Other Information |
The following is a summary of the inputs used, as of August 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | 32,015,498 | 32,015,498 | - | - |
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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Large Cap Growth Enhanced Index Fund
Financial Statements
Statement of Assets and Liabilities
| August 31, 2008 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $500,021) - See accompanying schedule: Unaffiliated issuers (cost $32,183,611) | $ 31,498,588 |
|
Fidelity Central Funds (cost $516,910) | 516,910 |
|
Total Investments (cost $32,700,521) |
| $ 32,015,498 |
Receivable for investments sold | 4,399,744 | |
Receivable for fund shares sold | 201,565 | |
Dividends receivable | 51,624 | |
Interest receivable | 140 | |
Distributions receivable from Fidelity Central Funds | 261 | |
Total assets | 36,668,832 | |
|
|
|
Liabilities | ||
Payable to custodian bank | $ 4,184,454 | |
Payable for investments purchased | 236,848 | |
Payable for fund shares redeemed | 13,377 | |
Accrued management fee | 8,785 | |
Other affiliated payables | 4,358 | |
Collateral on securities loaned, at value | 516,910 | |
Total liabilities | 4,964,732 | |
|
|
|
Net Assets | $ 31,704,100 | |
Net Assets consist of: |
| |
Paid in capital | $ 35,665,021 | |
Undistributed net investment income | 159,207 | |
Accumulated undistributed net realized gain (loss) on investments | (3,435,105) | |
Net unrealized appreciation (depreciation) on investments | (685,023) | |
Net Assets, for 3,425,166 shares outstanding | $ 31,704,100 | |
Net Asset Value, offering price and redemption price per share ($31,704,100 ÷ 3,425,166 shares) | $ 9.26 |
Statement of Operations
| Six months ended August 31, 2008 (Unaudited) | |
|
|
|
Investment Income |
|
|
Dividends |
| $ 244,108 |
Interest |
| 692 |
Income from Fidelity Central Funds |
| 665 |
Total income |
| 245,465 |
|
|
|
Expenses | ||
Management fee | $ 51,948 | |
Transfer agent fees | 26,752 | |
Independent trustees' compensation | 1,555 | |
Total expenses | 80,255 | |
Net investment income (loss) | 165,210 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| (2,687,404) |
Change in net unrealized appreciation (depreciation) on investment securities | 2,574,911 | |
Net gain (loss) | (112,493) | |
Net increase (decrease) in net assets resulting from operations | $ 52,717 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Large Cap Growth Enhanced Index Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended August 31, 2008 (Unaudited) | For the period |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 165,210 | $ 220,123 |
Net realized gain (loss) | (2,687,404) | (747,701) |
Change in net unrealized appreciation (depreciation) | 2,574,911 | (3,259,934) |
Net increase (decrease) in net assets resulting from operations | 52,717 | (3,787,512) |
Distributions to shareholders from net investment income | (37,260) | (187,061) |
Share transactions | 6,997,797 | 52,976,622 |
Reinvestment of distributions | 35,588 | 176,444 |
Cost of shares redeemed | (10,287,101) | (14,236,134) |
Net increase (decrease) in net assets resulting from share transactions | (3,253,716) | 38,916,932 |
Total increase (decrease) in net assets | (3,238,259) | 34,942,359 |
|
|
|
Net Assets | ||
Beginning of period | 34,942,359 | - |
End of period (including undistributed net investment income of $159,207 and undistributed net investment income of $33,062, respectively) | $ 31,704,100 | $ 34,942,359 |
Other Information Shares | ||
Sold | 741,720 | 5,174,309 |
Issued in reinvestment of distributions | 3,852 | 17,081 |
Redeemed | (1,098,824) | (1,412,972) |
Net increase (decrease) | (353,252) | 3,778,418 |
Financial Highlights
| Six months ended August 31, 2008 | Year ended |
(Unaudited) | 2008G | |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 9.25 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment income (loss)D | .04 | .08 |
Net realized and unrealized gain (loss) | (.02) | (.78) |
Total from investment operations | .02 | (.70) |
Distributions from net investment income | (.01) | (.05) |
Net asset value, end of period | $ 9.26 | $ 9.25 |
Total Return B, C | .22% | (7.05)% |
Ratios to Average Net Assets E, H |
|
|
Expenses before reductions | .45% A | .45%A |
Expenses net of fee waivers, if any | .45%A | .45%A |
Expenses net of all reductions | .45%A | .45%A |
Net investment income (loss) | .93%A | .89%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 31,704 | $ 34,942 |
Portfolio turnover rate F | 73%A | 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. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Large Cap Value Enhanced Index Fund
Investment Changes (Unaudited)
Top Ten Stocks as of August 31, 2008 | ||
| % of fund's | % of fund's net assets |
Exxon Mobil Corp. | 5.8 | 6.3 |
General Electric Co. | 4.2 | 4.4 |
Chevron Corp. | 3.2 | 3.3 |
AT&T, Inc. | 3.0 | 3.4 |
iShares Russell 1000 Value Index ETF | 2.7 | 0.5 |
Pfizer, Inc. | 2.5 | 2.7 |
Johnson & Johnson | 2.3 | 1.7 |
Bank of America Corp. | 2.3 | 2.8 |
JPMorgan Chase & Co. | 2.1 | 2.3 |
ConocoPhillips | 2.0 | 2.0 |
| 30.1 |
|
Market Sectors as of August 31, 2008 | ||
| % of fund's | % of fund's net assets |
Financials | 25.1 | 27.4 |
Energy | 15.6 | 17.4 |
Health Care | 11.7 | 7.6 |
Industrials | 9.3 | 11.0 |
Consumer Staples | 8.4 | 8.9 |
Consumer Discretionary | 7.6 | 6.7 |
Utilities | 6.1 | 6.1 |
Telecommunication Services | 5.8 | 6.1 |
Materials | 3.9 | 5.3 |
Information Technology | 3.2 | 2.7 |
Semiannual Report
Fidelity Large Cap Value Enhanced Index Fund
Investments August 31, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.7% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 7.6% | |||
Automobiles - 0.1% | |||
General Motors Corp. (d) | 2,236 | $ 22,360 | |
Diversified Consumer Services - 0.4% | |||
ITT Educational Services, Inc. (a) | 905 | 80,464 | |
Weight Watchers International, Inc. | 827 | 32,749 | |
| 113,213 | ||
Hotels, Restaurants & Leisure - 0.9% | |||
Darden Restaurants, Inc. | 1,147 | 33,596 | |
Interval Leisure Group, Inc. (a) | 555 | 7,209 | |
McDonald's Corp. | 3,718 | 230,702 | |
| 271,507 | ||
Household Durables - 0.1% | |||
Fortune Brands, Inc. | 725 | 42,645 | |
Internet & Catalog Retail - 0.0% | |||
HSN, Inc. (a) | 555 | 8,131 | |
Ticketmaster (a) | 555 | 11,894 | |
| 20,025 | ||
Media - 3.8% | |||
CBS Corp. Class B | 6,283 | 101,659 | |
Comcast Corp. Class A | 9,500 | 201,210 | |
DISH Network Corp. Class A (a) | 1,329 | 37,491 | |
Meredith Corp. | 2,378 | 67,488 | |
News Corp. Class A | 6,370 | 90,199 | |
Omnicom Group, Inc. | 1,412 | 59,855 | |
The Walt Disney Co. | 10,731 | 347,148 | |
Time Warner, Inc. | 15,353 | 251,329 | |
| 1,156,379 | ||
Multiline Retail - 0.8% | |||
Big Lots, Inc. (a) | 5,621 | 166,213 | |
Dollar Tree, Inc. (a) | 1,932 | 74,112 | |
| 240,325 | ||
Specialty Retail - 1.5% | |||
AnnTaylor Stores Corp. (a) | 2,656 | 64,488 | |
Gap, Inc. | 6,603 | 128,428 | |
Home Depot, Inc. | 5,015 | 136,007 | |
Lowe's Companies, Inc. | 3,140 | 77,370 | |
RadioShack Corp. | 2,718 | 51,669 | |
| 457,962 | ||
TOTAL CONSUMER DISCRETIONARY | 2,324,416 | ||
CONSUMER STAPLES - 8.4% | |||
Beverages - 1.0% | |||
Anheuser-Busch Companies, Inc. | 1,449 | 98,329 | |
PepsiCo, Inc. | 459 | 31,432 | |
The Coca-Cola Co. | 3,490 | 181,724 | |
| 311,485 | ||
Food & Staples Retailing - 2.3% | |||
BJ's Wholesale Club, Inc. (a) | 3,516 | 133,713 | |
CVS Caremark Corp. | 3,173 | 116,132 | |
| |||
Shares | Value | ||
Kroger Co. | 6,556 | $ 181,077 | |
Safeway, Inc. | 3,696 | 97,353 | |
SUPERVALU, Inc. | 1,588 | 36,826 | |
Wal-Mart Stores, Inc. | 2,197 | 129,777 | |
| 694,878 | ||
Food Products - 1.9% | |||
Archer Daniels Midland Co. | 1,577 | 40,150 | |
General Mills, Inc. | 4,001 | 264,786 | |
H.J. Heinz Co. | 785 | 39,501 | |
Kraft Foods, Inc. Class A | 5,605 | 176,614 | |
Sara Lee Corp. | 3,291 | 44,429 | |
| 565,480 | ||
Household Products - 2.1% | |||
Kimberly-Clark Corp. | 341 | 21,033 | |
Procter & Gamble Co. | 8,816 | 615,092 | |
| 636,125 | ||
Tobacco - 1.1% | |||
Altria Group, Inc. | 4,291 | 90,240 | |
Lorillard, Inc. (a) | 392 | 28,318 | |
Philip Morris International, Inc. | 1,515 | 81,356 | |
Reynolds American, Inc. | 2,832 | 150,039 | |
| 349,953 | ||
TOTAL CONSUMER STAPLES | 2,557,921 | ||
ENERGY - 15.6% | |||
Energy Equipment & Services - 0.9% | |||
ENSCO International, Inc. | 1,634 | 110,753 | |
Halliburton Co. | 1,955 | 85,903 | |
Tidewater, Inc. | 1,180 | 71,591 | |
| 268,247 | ||
Oil, Gas & Consumable Fuels - 14.7% | |||
Anadarko Petroleum Corp. | 1,530 | 94,447 | |
Apache Corp. | 1,086 | 124,217 | |
Chevron Corp. | 11,305 | 975,848 | |
ConocoPhillips | 7,522 | 620,640 | |
Devon Energy Corp. | 1,522 | 155,320 | |
EOG Resources, Inc. | 305 | 31,848 | |
Exxon Mobil Corp. | 22,160 | 1,773,014 | |
Frontline Ltd. (NY Shares) | 556 | 33,588 | |
Hess Corp. | 757 | 79,265 | |
Marathon Oil Corp. | 3,424 | 154,320 | |
Noble Energy, Inc. | 1,876 | 134,565 | |
Occidental Petroleum Corp. | 921 | 73,091 | |
Spectra Energy Corp. | 7,382 | 195,328 | |
W&T Offshore, Inc. | 1,540 | 54,146 | |
| 4,499,637 | ||
TOTAL ENERGY | 4,767,884 | ||
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - 25.1% | |||
Capital Markets - 5.1% | |||
Allied Capital Corp. (d) | 2,899 | $ 42,760 | |
Apollo Investment Corp. | 3,111 | 55,065 | |
Bank of New York Mellon Corp. | 5,321 | 184,160 | |
Goldman Sachs Group, Inc. | 2,355 | 386,149 | |
Invesco Ltd. | 2,779 | 71,226 | |
Knight Capital Group, Inc. Class A (a) | 7,150 | 123,266 | |
Lehman Brothers Holdings, Inc. | 2,585 | 41,593 | |
Merrill Lynch & Co., Inc. | 4,236 | 120,091 | |
Morgan Stanley (d) | 4,762 | 194,432 | |
Northern Trust Corp. | 163 | 13,104 | |
Raymond James Financial, Inc. (d) | 4,831 | 148,940 | |
State Street Corp. | 1,388 | 93,926 | |
TD Ameritrade Holding Corp. (a) | 3,985 | 81,414 | |
| 1,556,126 | ||
Commercial Banks - 4.5% | |||
BB&T Corp. (d) | 5,091 | 152,730 | |
Fifth Third Bancorp (d) | 2,532 | 39,955 | |
PNC Financial Services Group, Inc. | 1,538 | 110,659 | |
Regions Financial Corp. | 7,110 | 65,910 | |
SunTrust Banks, Inc. | 862 | 36,109 | |
U.S. Bancorp, Delaware | 8,191 | 260,965 | |
UMB Financial Corp. | 845 | 43,965 | |
Wachovia Corp. | 10,533 | 167,369 | |
Wells Fargo & Co. | 15,946 | 482,685 | |
| 1,360,347 | ||
Consumer Finance - 0.5% | |||
Capital One Financial Corp. (d) | 1,965 | 86,735 | |
Discover Financial Services | 4,560 | 75,012 | |
| 161,747 | ||
Diversified Financial Services - 6.0% | |||
Bank of America Corp. | 22,019 | 685,672 | |
Citigroup, Inc. | 25,343 | 481,264 | |
JPMorgan Chase & Co. | 16,922 | 651,328 | |
| 1,818,264 | ||
Insurance - 5.6% | |||
ACE Ltd. | 2,727 | 143,467 | |
Allstate Corp. | 1,580 | 71,305 | |
American International Group, Inc. | 11,049 | 237,443 | |
Arch Capital Group Ltd. (a) | 1,379 | 96,199 | |
Aspen Insurance Holdings Ltd. | 3,741 | 101,381 | |
Axis Capital Holdings Ltd. | 3,269 | 109,283 | |
Genworth Financial, Inc. Class A (non-vtg.) | 1,958 | 31,426 | |
Hartford Financial Services Group, Inc. | 849 | 53,555 | |
Loews Corp. | 1,570 | 68,185 | |
MetLife, Inc. | 1,942 | 105,256 | |
PartnerRe Ltd. | 841 | 57,953 | |
Platinum Underwriters Holdings Ltd. | 1,886 | 68,179 | |
Prudential Financial, Inc. | 962 | 70,909 | |
The Chubb Corp. | 1,948 | 93,523 | |
| |||
Shares | Value | ||
The Travelers Companies, Inc. | 3,888 | $ 171,694 | |
Unum Group | 6,039 | 153,451 | |
W.R. Berkley Corp. | 3,085 | 72,683 | |
XL Capital Ltd. Class A | 907 | 18,231 | |
| 1,724,123 | ||
Real Estate Investment Trusts - 3.1% | |||
AMB Property Corp. (SBI) (d) | 1,315 | 59,688 | |
Annaly Capital Management, Inc. | 4,864 | 72,765 | |
Boston Properties, Inc. | 1,057 | 108,311 | |
CBL & Associates Properties, Inc. | 3,985 | 86,435 | |
Colonial Properties Trust (SBI) (d) | 2,153 | 40,713 | |
Equity Residential (SBI) | 898 | 37,896 | |
HCP, Inc. | 969 | 35,097 | |
Hospitality Properties Trust (SBI) | 4,002 | 90,765 | |
Host Hotels & Resorts, Inc. | 2,327 | 33,276 | |
HRPT Properties Trust (SBI) | 6,884 | 52,181 | |
Mid-America Apartment Communities, Inc. | 604 | 30,297 | |
ProLogis Trust | 1,167 | 50,251 | |
Public Storage | 302 | 26,673 | |
SL Green Realty Corp. | 788 | 67,768 | |
Vornado Realty Trust | 1,668 | 165,899 | |
| 958,015 | ||
Thrifts & Mortgage Finance - 0.3% | |||
Fannie Mae | 4,972 | 34,008 | |
Hudson City Bancorp, Inc. | 1,804 | 33,266 | |
New York Community Bancorp, Inc. (d) | 1,690 | 27,868 | |
Tree.com, Inc. (a) | 92 | 699 | |
| 95,841 | ||
TOTAL FINANCIALS | 7,674,463 | ||
HEALTH CARE - 11.7% | |||
Biotechnology - 1.1% | |||
Amgen, Inc. (a) | 4,227 | 265,667 | |
Biogen Idec, Inc. (a) | 1,390 | 70,793 | |
| 336,460 | ||
Health Care Equipment & Supplies - 0.5% | |||
Boston Scientific Corp. (a) | 6,582 | 82,670 | |
Covidien Ltd. | 1,449 | 78,347 | |
| 161,017 | ||
Health Care Providers & Services - 2.1% | |||
Health Management Associates, Inc. Class A (a) | 19,318 | 112,238 | |
HealthSouth Corp. (a) | 5,138 | 92,433 | |
LifePoint Hospitals, Inc. (a) | 2,535 | 85,531 | |
Owens & Minor, Inc. | 950 | 43,814 | |
UnitedHealth Group, Inc. | 1,456 | 44,335 | |
WellPoint, Inc. (a) | 4,782 | 252,442 | |
| 630,793 | ||
Life Sciences Tools & Services - 0.3% | |||
Thermo Fisher Scientific, Inc. (a) | 1,300 | 78,728 | |
Common Stocks - continued | |||
Shares | Value | ||
HEALTH CARE - continued | |||
Pharmaceuticals - 7.7% | |||
Eli Lilly & Co. | 3,688 | $ 172,045 | |
Johnson & Johnson | 10,076 | 709,653 | |
King Pharmaceuticals, Inc. (a) | 15,138 | 173,179 | |
Merck & Co., Inc. | 7,304 | 260,534 | |
Pfizer, Inc. | 40,012 | 764,629 | |
Wyeth | 6,410 | 277,425 | |
| 2,357,465 | ||
TOTAL HEALTH CARE | 3,564,463 | ||
INDUSTRIALS - 9.3% | |||
Aerospace & Defense - 2.1% | |||
General Dynamics Corp. | 1,936 | 178,693 | |
Honeywell International, Inc. | 1,090 | 54,685 | |
Lockheed Martin Corp. | 706 | 82,207 | |
Northrop Grumman Corp. | 930 | 64,031 | |
Raytheon Co. | 1,536 | 92,145 | |
The Boeing Co. | 837 | 54,874 | |
United Technologies Corp. | 1,742 | 114,258 | |
| 640,893 | ||
Air Freight & Logistics - 0.4% | |||
FedEx Corp. | 1,509 | 124,975 | |
Airlines - 0.3% | |||
Southwest Airlines Co. | 5,500 | 83,765 | |
Commercial Services & Supplies - 0.6% | |||
Allied Waste Industries, Inc. (a) | 13,330 | 179,155 | |
Construction & Engineering - 0.2% | |||
Foster Wheeler Ltd. (a) | 1,479 | 73,492 | |
Industrial Conglomerates - 4.4% | |||
General Electric Co. | 46,045 | 1,293,865 | |
Tyco International Ltd. | 1,112 | 47,683 | |
| 1,341,548 | ||
Machinery - 0.7% | |||
Eaton Corp. | 1,212 | 88,694 | |
Gardner Denver, Inc. (a) | 2,629 | 118,673 | |
| 207,367 | ||
Road & Rail - 0.5% | |||
CSX Corp. | 483 | 31,240 | |
Norfolk Southern Corp. | 1,268 | 93,236 | |
Union Pacific Corp. | 402 | 33,728 | |
| 158,204 | ||
Trading Companies & Distributors - 0.1% | |||
United Rentals, Inc. | 1,958 | 31,700 | |
TOTAL INDUSTRIALS | 2,841,099 | ||
INFORMATION TECHNOLOGY - 3.2% | |||
Computers & Peripherals - 0.8% | |||
Hewlett-Packard Co. | 2,690 | 126,215 | |
| |||
Shares | Value | ||
International Business Machines Corp. | 911 | $ 110,896 | |
Seagate Technology | 1,584 | 23,617 | |
| 260,728 | ||
Electronic Equipment & Instruments - 0.6% | |||
Jabil Circuit, Inc. | 5,797 | 97,737 | |
Tyco Electronics Ltd. | 2,308 | 75,956 | |
| 173,693 | ||
Internet Software & Services - 0.1% | |||
IAC/InterActiveCorp (a) | 1,388 | 23,041 | |
IT Services - 0.2% | |||
The Western Union Co. | 2,815 | 77,750 | |
Semiconductors & Semiconductor Equipment - 0.9% | |||
Amkor Technology, Inc. (a)(d) | 12,669 | 95,144 | |
Integrated Device Technology, Inc. (a) | 5,074 | 53,734 | |
LSI Corp. (a) | 6,762 | 44,967 | |
National Semiconductor Corp. | 3,623 | 77,641 | |
| 271,486 | ||
Software - 0.6% | |||
CA, Inc. | 3,623 | 86,626 | |
Symantec Corp. (a) | 4,106 | 91,605 | |
| 178,231 | ||
TOTAL INFORMATION TECHNOLOGY | 984,929 | ||
MATERIALS - 3.9% | |||
Chemicals - 2.4% | |||
Celanese Corp. Class A | 2,752 | 106,117 | |
CF Industries Holdings, Inc. | 574 | 87,478 | |
Dow Chemical Co. | 2,297 | 78,397 | |
E.I. du Pont de Nemours & Co. | 3,637 | 161,628 | |
H.B. Fuller Co. | 2,281 | 59,466 | |
Lubrizol Corp. | 2,821 | 149,485 | |
Terra Industries, Inc. | 1,556 | 78,189 | |
| 720,760 | ||
Containers & Packaging - 0.4% | |||
Greif, Inc. Class A | 1,820 | 125,780 | |
Metals & Mining - 1.0% | |||
Freeport-McMoRan Copper & Gold, Inc. Class B | 1,349 | 120,493 | |
Nucor Corp. | 1,026 | 53,865 | |
Reliance Steel & Aluminum Co. | 1,249 | 71,205 | |
United States Steel Corp. | 522 | 69,463 | |
| 315,026 | ||
Paper & Forest Products - 0.1% | |||
International Paper Co. | 1,269 | 34,326 | |
TOTAL MATERIALS | 1,195,892 | ||
TELECOMMUNICATION SERVICES - 5.8% | |||
Diversified Telecommunication Services - 5.4% | |||
AT&T, Inc. | 28,551 | 913,346 | |
Common Stocks - continued | |||
Shares | Value | ||
TELECOMMUNICATION SERVICES - continued | |||
Diversified Telecommunication Services - continued | |||
CenturyTel, Inc. | 3,684 | $ 142,313 | |
Verizon Communications, Inc. | 17,157 | 602,554 | |
| 1,658,213 | ||
Wireless Telecommunication Services - 0.4% | |||
Sprint Nextel Corp. | 13,285 | 115,845 | |
TOTAL TELECOMMUNICATION SERVICES | 1,774,058 | ||
UTILITIES - 6.1% | |||
Electric Utilities - 3.0% | |||
American Electric Power Co., Inc. | 1,899 | 74,137 | |
DPL, Inc. | 1,744 | 43,286 | |
Duke Energy Corp. | 8,369 | 145,955 | |
Edison International | 4,406 | 202,324 | |
Exelon Corp. | 701 | 53,248 | |
FirstEnergy Corp. | 1,134 | 82,374 | |
FPL Group, Inc. | 1,865 | 112,012 | |
Progress Energy, Inc. | 1,268 | 55,386 | |
Southern Co. | 3,649 | 136,874 | |
| 905,596 | ||
Gas Utilities - 0.3% | |||
Energen Corp. | 1,548 | 86,440 | |
Multi-Utilities - 2.8% | |||
Alliant Energy Corp. | 2,930 | 102,404 | |
Dominion Resources, Inc. | 4,618 | 201,022 | |
DTE Energy Co. | 2,235 | 94,228 | |
MDU Resources Group, Inc. | 5,337 | 176,334 | |
Public Service Enterprise Group, Inc. | 3,438 | 140,167 | |
Sempra Energy | 2,543 | 147,291 | |
| 861,446 | ||
TOTAL UTILITIES | 1,853,482 | ||
TOTAL COMMON STOCKS (Cost $33,183,609) | 29,538,607 | ||
Investment Companies - 2.7% | |||
Shares | Value | ||
iShares Russell 1000 Value Index ETF (d) | 11,616 | $ 807,660 | |
Money Market Funds - 4.3% | |||
|
|
|
|
Dreyfus Cash Management, 2.66% (e) | 69,804 | 69,804 | |
Fidelity Securities Lending Cash Central Fund, 2.35% (b)(c) | 1,234,094 | 1,234,094 | |
TOTAL MONEY MARKET FUNDS (Cost $1,303,898) | 1,303,898 | ||
TOTAL INVESTMENT PORTFOLIO - 103.7% (Cost $35,287,037) | 31,650,165 | ||
NET OTHER ASSETS - (3.7)% | (1,115,471) | ||
NET ASSETS - 100% | $ 30,534,694 |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) 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 Securities Lending Cash Central Fund | $ 1,981 |
Other Information |
The following is a summary of the inputs used, as of August 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | 31,650,165 | 31,650,165 | - | - |
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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Large Cap Value Enhanced Index Fund
Financial Statements
Statement of Assets and Liabilities
| August 31, 2008 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $1,200,309) - See accompanying schedule: Unaffiliated issuers (cost $34,052,943) | $ 30,416,071 |
|
Fidelity Central Funds (cost $1,234,094) | 1,234,094 |
|
Total Investments (cost $35,287,037) |
| $ 31,650,165 |
Receivable for investments sold | 206,034 | |
Receivable for fund shares sold | 52,684 | |
Dividends receivable | 76,086 | |
Interest receivable | 143 | |
Distributions receivable from Fidelity Central Funds | 1,183 | |
Total assets | 31,986,295 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 206,128 | |
Payable for fund shares redeemed | 149 | |
Accrued management fee | 7,509 | |
Other affiliated payables | 3,721 | |
Collateral on securities loaned, at value | 1,234,094 | |
Total liabilities | 1,451,601 | |
|
|
|
Net Assets | $ 30,534,694 | |
Net Assets consist of: |
| |
Paid in capital | $ 35,690,559 | |
Undistributed net investment income | 278,643 | |
Accumulated undistributed net realized gain (loss) on investments | (1,797,636) | |
Net unrealized appreciation (depreciation) on investments | (3,636,872) | |
Net Assets, for 3,742,615 shares outstanding | $ 30,534,694 | |
Net Asset Value, offering price and redemption price per share ($30,534,694 ÷ 3,742,615 shares) | $ 8.16 |
Statement of Operations
| Six months ended August 31, 2008 (Unaudited) | |
|
|
|
Investment Income |
|
|
Dividends |
| $ 354,247 |
Interest |
| 1,138 |
Income from Fidelity Central Funds |
| 1,981 |
Total income |
| 357,366 |
|
|
|
Expenses | ||
Management fee | $ 38,591 | |
Transfer agent fees | 19,862 | |
Independent trustees' compensation | 1,135 | |
Total expenses before reductions | 59,588 | |
Expense reductions | (12) | 59,576 |
Net investment income (loss) | 297,790 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| (969,865) |
Change in net unrealized appreciation (depreciation) on investment securities | (637,237) | |
Net gain (loss) | (1,607,102) | |
Net increase (decrease) in net assets resulting from operations | $ (1,309,312) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended August 31, 2008 (Unaudited) | For the period |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 297,790 | $ 392,932 |
Net realized gain (loss) | (969,865) | (827,022) |
Change in net unrealized appreciation (depreciation) | (637,237) | (2,999,635) |
Net increase (decrease) in net assets resulting from operations | (1,309,312) | (3,433,725) |
Distributions to shareholders from net investment income | (88,349) | (320,661) |
Share transactions | 12,972,025 | 39,722,635 |
Reinvestment of distributions | 85,480 | 307,682 |
Cost of shares redeemed | (5,504,627) | (11,896,454) |
Net increase (decrease) in net assets resulting from share transactions | 7,552,878 | 28,133,863 |
Total increase (decrease) in net assets | 6,155,217 | 24,379,477 |
|
|
|
Net Assets | ||
Beginning of period | 24,379,477 | - |
End of period (including undistributed net investment income of $278,643 and undistributed net investment income of $73,019, respectively) | $ 30,534,694 | $ 24,379,477 |
Other Information Shares | ||
Sold | 1,574,355 | 3,987,621 |
Issued in reinvestment of distributions | 9,951 | 32,593 |
Redeemed | (648,873) | (1,213,032) |
Net increase (decrease) | 935,433 | 2,807,182 |
Financial Highlights
| Six months ended August 31, 2008 | Year ended February 29, |
(Unaudited) | 2008 G | |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 8.68 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment income (loss) D | .10 | .18 |
Net realized and unrealized gain (loss) | (.59) | (1.37) |
Total from investment operations | (.49) | (1.19) |
Distributions from net investment income | (.03) | (.13) |
Net asset value, end of period | $ 8.16 | $ 8.68 |
Total Return B, C | (5.66)% | (12.00)% |
Ratios to Average Net Assets E, H |
|
|
Expenses before reductions | .45%A | .45%A |
Expenses net of fee waivers, if any | .45%A | .45%A |
Expenses net of all reductions | .45%A | .45%A |
Net investment income (loss) | 2.25%A | 2.12%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 30,535 | $ 24,379 |
Portfolio turnover rate F | 71%A | 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. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Large Cap Core Enhanced Index Fund
Investment Changes (Unaudited)
Top Ten Stocks as of August 31, 2008 | ||
| % of fund's | % of fund's net assets |
Exxon Mobil Corp. | 3.9 | 4.4 |
General Electric Co. | 2.3 | 2.8 |
Johnson & Johnson | 2.1 | 1.5 |
Microsoft Corp. | 2.1 | 2.2 |
Chevron Corp. | 2.0 | 2.1 |
Procter & Gamble Co. | 1.8 | 1.8 |
International Business Machines Corp. | 1.8 | 1.9 |
AT&T, Inc. | 1.6 | 1.8 |
Pfizer, Inc. | 1.5 | 1.5 |
Hewlett-Packard Co. | 1.5 | 1.5 |
| 20.6 |
|
Market Sectors as of August 31, 2008 | ||
| % of fund's | % of fund's net assets |
Information Technology | 16.4 | 15.8 |
Financials | 13.5 | 15.4 |
Energy | 13.5 | 13.5 |
Health Care | 12.6 | 12.6 |
Industrials | 11.2 | 11.6 |
Consumer Staples | 10.4 | 11.8 |
Consumer Discretionary | 8.3 | 7.6 |
Telecommunication Services | 4.0 | 3.7 |
Materials | 3.5 | 3.8 |
Utilities | 3.1 | 2.5 |
Semiannual Report
Fidelity Large Cap Core Enhanced Index Fund
Investments August 31, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.5% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 8.3% | |||
Automobiles - 0.0% | |||
General Motors Corp. (d) | 52,000 | $ 520,000 | |
Diversified Consumer Services - 0.6% | |||
Apollo Group, Inc. Class A (non-vtg.) (a) | 48,138 | 3,065,428 | |
Weight Watchers International, Inc. | 84,793 | 3,357,803 | |
| 6,423,231 | ||
Hotels, Restaurants & Leisure - 1.5% | |||
Darden Restaurants, Inc. | 121,053 | 3,545,642 | |
McDonald's Corp. | 195,211 | 12,112,843 | |
| 15,658,485 | ||
Internet & Catalog Retail - 0.1% | |||
Amazon.com, Inc. (a) | 11,086 | 895,860 | |
Media - 3.0% | |||
CBS Corp. Class B | 235,851 | 3,816,069 | |
Comcast Corp. Class A | 142,736 | 3,023,148 | |
News Corp. Class A | 186,821 | 2,645,385 | |
Omnicom Group, Inc. | 112,666 | 4,775,912 | |
The Walt Disney Co. | 303,652 | 9,823,142 | |
Time Warner, Inc. | 322,406 | 5,277,786 | |
Viacom, Inc. Class B (non-vtg.) (a) | 55,114 | 1,624,761 | |
| 30,986,203 | ||
Multiline Retail - 0.8% | |||
Big Lots, Inc. (a)(d) | 172,613 | 5,104,166 | |
Family Dollar Stores, Inc. | 64,757 | 1,613,744 | |
Target Corp. | 21,026 | 1,114,799 | |
| 7,832,709 | ||
Specialty Retail - 2.1% | |||
AutoZone, Inc. (a) | 41,525 | 5,698,476 | |
Gap, Inc. | 238,919 | 4,646,975 | |
Home Depot, Inc. | 81,598 | 2,212,938 | |
Lowe's Companies, Inc. | 35,128 | 865,554 | |
RadioShack Corp. | 94,590 | 1,798,156 | |
TJX Companies, Inc. | 163,341 | 5,919,478 | |
| 21,141,577 | ||
Textiles, Apparel & Luxury Goods - 0.2% | |||
NIKE, Inc. Class B | 32,479 | 1,968,552 | |
TOTAL CONSUMER DISCRETIONARY | 85,426,617 | ||
CONSUMER STAPLES - 10.4% | |||
Beverages - 2.4% | |||
Anheuser-Busch Companies, Inc. | 60,057 | 4,075,468 | |
PepsiCo, Inc. | 135,369 | 9,270,069 | |
The Coca-Cola Co. | 208,150 | 10,838,371 | |
| 24,183,908 | ||
Food & Staples Retailing - 3.1% | |||
BJ's Wholesale Club, Inc. (a) | 107,089 | 4,072,595 | |
CVS Caremark Corp. | 128,707 | 4,710,676 | |
Kroger Co. | 208,633 | 5,762,443 | |
Safeway, Inc. | 50,721 | 1,335,991 | |
| |||
Shares | Value | ||
SUPERVALU, Inc. | 26,170 | $ 606,882 | |
Sysco Corp. | 50,000 | 1,591,500 | |
Wal-Mart Stores, Inc. | 216,485 | 12,787,769 | |
Walgreen Co. | 30,255 | 1,102,190 | |
| 31,970,046 | ||
Food Products - 0.9% | |||
General Mills, Inc. | 108,413 | 7,174,772 | |
Kraft Foods, Inc. Class A | 63,446 | 1,999,183 | |
| 9,173,955 | ||
Household Products - 2.1% | |||
Colgate-Palmolive Co. | 42,860 | 3,258,646 | |
Procter & Gamble Co. | 265,935 | 18,554,285 | |
| 21,812,931 | ||
Tobacco - 1.9% | |||
Altria Group, Inc. | 253,365 | 5,328,266 | |
Lorillard, Inc. (a) | 15,000 | 1,083,600 | |
Philip Morris International, Inc. | 252,932 | 13,582,448 | |
| 19,994,314 | ||
TOTAL CONSUMER STAPLES | 107,135,154 | ||
ENERGY - 13.5% | |||
Energy Equipment & Services - 3.2% | |||
ENSCO International, Inc. | 65,065 | 4,410,106 | |
Halliburton Co. | 160,486 | 7,051,755 | |
National Oilwell Varco, Inc. (a) | 84,853 | 6,256,212 | |
Schlumberger Ltd. (NY Shares) | 100,571 | 9,475,800 | |
Tidewater, Inc. | 29,007 | 1,759,855 | |
Transocean, Inc. (a) | 29,594 | 3,764,357 | |
| 32,718,085 | ||
Oil, Gas & Consumable Fuels - 10.3% | |||
Anadarko Petroleum Corp. | 47,074 | 2,905,878 | |
Apache Corp. | 18,185 | 2,080,000 | |
Chevron Corp. | 234,448 | 20,237,551 | |
ConocoPhillips | 149,080 | 12,300,591 | |
Devon Energy Corp. | 17,680 | 1,804,244 | |
Exxon Mobil Corp. | 504,077 | 40,331,196 | |
Hess Corp. | 24,827 | 2,599,635 | |
Marathon Oil Corp. | 60,555 | 2,729,214 | |
Noble Energy, Inc. | 51,746 | 3,711,741 | |
Occidental Petroleum Corp. | 104,682 | 8,307,564 | |
Spectra Energy Corp. | 203,053 | 5,372,782 | |
Stone Energy Corp. (a) | 28,955 | 1,380,285 | |
W&T Offshore, Inc. | 49,809 | 1,751,284 | |
| 105,511,965 | ||
TOTAL ENERGY | 138,230,050 | ||
FINANCIALS - 13.5% | |||
Capital Markets - 3.2% | |||
Bank of New York Mellon Corp. | 110,205 | 3,814,195 | |
Charles Schwab Corp. | 41,000 | 983,590 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Capital Markets - continued | |||
Goldman Sachs Group, Inc. | 59,611 | $ 9,774,416 | |
Invesco Ltd. | 39,306 | 1,007,413 | |
Knight Capital Group, Inc. Class A (a) | 146,482 | 2,525,350 | |
Lehman Brothers Holdings, Inc. | 65,000 | 1,045,850 | |
Merrill Lynch & Co., Inc. | 73,379 | 2,080,295 | |
Morgan Stanley (d) | 84,565 | 3,452,789 | |
Northern Trust Corp. | 49,000 | 3,939,110 | |
State Street Corp. | 31,692 | 2,144,598 | |
TD Ameritrade Holding Corp. (a) | 132,411 | 2,705,157 | |
| 33,472,763 | ||
Commercial Banks - 1.9% | |||
BB&T Corp. (d) | 62,229 | 1,866,870 | |
Fifth Third Bancorp (d) | 45,000 | 710,100 | |
PNC Financial Services Group, Inc. | 25,746 | 1,852,425 | |
Regions Financial Corp. | 40,112 | 371,838 | |
U.S. Bancorp, Delaware | 128,930 | 4,107,710 | |
Wachovia Corp. | 134,493 | 2,137,094 | |
Wells Fargo & Co. | 286,335 | 8,667,360 | |
| 19,713,397 | ||
Consumer Finance - 0.7% | |||
American Express Co. | 93,291 | 3,701,787 | |
Capital One Financial Corp. (d) | 40,943 | 1,807,224 | |
Discover Financial Services | 111,677 | 1,837,087 | |
| 7,346,098 | ||
Diversified Financial Services - 3.2% | |||
Bank of America Corp. | 405,749 | 12,635,024 | |
Citigroup, Inc. | 427,210 | 8,112,718 | |
JPMorgan Chase & Co. | 307,533 | 11,836,945 | |
| 32,584,687 | ||
Insurance - 2.9% | |||
ACE Ltd. | 62,270 | 3,276,025 | |
AFLAC, Inc. | 42,487 | 2,409,013 | |
American International Group, Inc. | 237,589 | 5,105,788 | |
Arch Capital Group Ltd. (a) | 36,364 | 2,536,753 | |
Aspen Insurance Holdings Ltd. | 152,393 | 4,129,850 | |
Hartford Financial Services Group, Inc. | 26,022 | 1,641,468 | |
Loews Corp. | 33,104 | 1,437,707 | |
MetLife, Inc. | 64,102 | 3,474,328 | |
Prudential Financial, Inc. | 17,398 | 1,282,407 | |
The Chubb Corp. | 30,047 | 1,442,556 | |
The Travelers Companies, Inc. | 53,000 | 2,340,480 | |
W.R. Berkley Corp. | 16,527 | 389,376 | |
| 29,465,751 | ||
Real Estate Investment Trusts - 1.5% | |||
Boston Properties, Inc. | 26,897 | 2,756,136 | |
Hospitality Properties Trust (SBI) | 112,138 | 2,543,290 | |
National Retail Properties, Inc. (d) | 82,996 | 1,883,179 | |
ProLogis Trust | 53,131 | 2,287,821 | |
| |||
Shares | Value | ||
SL Green Realty Corp. | 16,039 | $ 1,379,354 | |
Vornado Realty Trust | 45,206 | 4,496,189 | |
| 15,345,969 | ||
Thrifts & Mortgage Finance - 0.1% | |||
Fannie Mae | 95,000 | 649,800 | |
Freddie Mac | 12,784 | 57,656 | |
| 707,456 | ||
TOTAL FINANCIALS | 138,636,121 | ||
HEALTH CARE - 12.6% | |||
Biotechnology - 0.8% | |||
Amgen, Inc. (a) | 69,354 | 4,358,899 | |
Gilead Sciences, Inc. (a) | 65,080 | 3,428,414 | |
| 7,787,313 | ||
Health Care Equipment & Supplies - 1.8% | |||
Baxter International, Inc. | 112,453 | 7,619,815 | |
Boston Scientific Corp. (a) | 118,948 | 1,493,987 | |
Covidien Ltd. | 45,000 | 2,433,150 | |
Kinetic Concepts, Inc. (a)(d) | 31,099 | 1,093,441 | |
Medtronic, Inc. | 98,930 | 5,401,578 | |
| 18,041,971 | ||
Health Care Providers & Services - 1.2% | |||
Aetna, Inc. | 31,546 | 1,360,894 | |
Express Scripts, Inc. (a) | 88,198 | 6,474,615 | |
UnitedHealth Group, Inc. | 82,145 | 2,501,315 | |
WellPoint, Inc. (a) | 46,809 | 2,471,047 | |
| 12,807,871 | ||
Health Care Technology - 0.4% | |||
IMS Health, Inc. | 207,491 | 4,610,450 | |
Life Sciences Tools & Services - 1.4% | |||
Applied Biosystems, Inc. | 150,677 | 5,498,204 | |
Invitrogen Corp. (a) | 128,673 | 5,463,456 | |
Thermo Fisher Scientific, Inc. (a) | 48,505 | 2,937,463 | |
| 13,899,123 | ||
Pharmaceuticals - 7.0% | |||
Abbott Laboratories | 114,841 | 6,595,319 | |
Bristol-Myers Squibb Co. | 150,858 | 3,219,310 | |
Eli Lilly & Co. | 161,329 | 7,525,998 | |
Johnson & Johnson | 305,526 | 21,518,196 | |
King Pharmaceuticals, Inc. (a) | 170,043 | 1,945,292 | |
Merck & Co., Inc. | 219,548 | 7,831,277 | |
Pfizer, Inc. | 817,678 | 15,625,827 | |
Schering-Plough Corp. | 147,419 | 2,859,929 | |
Warner Chilcott Ltd. (a) | 74,279 | 1,188,464 | |
Wyeth | 75,375 | 3,262,230 | |
| 71,571,842 | ||
TOTAL HEALTH CARE | 128,718,570 | ||
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - 11.2% | |||
Aerospace & Defense - 3.4% | |||
General Dynamics Corp. | 14,779 | $ 1,364,102 | |
Honeywell International, Inc. | 159,784 | 8,016,363 | |
Lockheed Martin Corp. | 53,865 | 6,272,041 | |
Northrop Grumman Corp. | 15,376 | 1,058,638 | |
Raytheon Co. | 80,765 | 4,845,092 | |
The Boeing Co. | 116,954 | 7,667,504 | |
United Technologies Corp. | 90,193 | 5,915,759 | |
| 35,139,499 | ||
Air Freight & Logistics - 0.8% | |||
FedEx Corp. | 28,000 | 2,318,960 | |
United Parcel Service, Inc. Class B | 90,077 | 5,775,737 | |
| 8,094,697 | ||
Commercial Services & Supplies - 0.7% | |||
Allied Waste Industries, Inc. (a) | 402,612 | 5,411,105 | |
Deluxe Corp. | 86,524 | 1,428,511 | |
| 6,839,616 | ||
Construction & Engineering - 0.2% | |||
Foster Wheeler Ltd. (a) | 49,655 | 2,467,357 | |
Electrical Equipment - 0.8% | |||
Acuity Brands, Inc. | 45,762 | 1,991,105 | |
Emerson Electric Co. | 125,215 | 5,860,062 | |
| 7,851,167 | ||
Industrial Conglomerates - 3.0% | |||
3M Co. | 73,571 | 5,267,684 | |
General Electric Co. | 849,531 | 23,871,821 | |
Tyco International Ltd. | 40,978 | 1,757,137 | |
| 30,896,642 | ||
Machinery - 1.1% | |||
Caterpillar, Inc. | 83,717 | 5,921,303 | |
Deere & Co. | 13,764 | 971,325 | |
Eaton Corp. | 34,702 | 2,539,492 | |
Gardner Denver, Inc. (a) | 36,888 | 1,665,124 | |
| 11,097,244 | ||
Road & Rail - 1.2% | |||
CSX Corp. | 61,812 | 3,998,000 | |
Norfolk Southern Corp. | 61,718 | 4,538,125 | |
Union Pacific Corp. | 44,246 | 3,712,239 | |
| 12,248,364 | ||
TOTAL INDUSTRIALS | 114,634,586 | ||
INFORMATION TECHNOLOGY - 16.4% | |||
Communications Equipment - 2.2% | |||
Cisco Systems, Inc. (a) | 577,419 | 13,886,927 | |
Corning, Inc. | 143,819 | 2,954,042 | |
QUALCOMM, Inc. | 102,272 | 5,384,621 | |
| 22,225,590 | ||
| |||
Shares | Value | ||
Computers & Peripherals - 5.3% | |||
Apple, Inc. (a) | 79,533 | $ 13,483,229 | |
Dell, Inc. (a) | 178,373 | 3,876,045 | |
EMC Corp. (a) | 83,301 | 1,272,839 | |
Hewlett-Packard Co. | 323,654 | 15,185,846 | |
International Business Machines Corp. | 151,691 | 18,465,345 | |
Lexmark International, Inc. Class A (a) | 68,352 | 2,458,621 | |
| 54,741,925 | ||
Electronic Equipment & Instruments - 0.4% | |||
Mettler-Toledo International, Inc. (a) | 23,943 | 2,518,804 | |
Tyco Electronics Ltd. | 47,082 | 1,549,469 | |
| 4,068,273 | ||
Internet Software & Services - 1.3% | |||
eBay, Inc. (a) | 207,725 | 5,178,584 | |
Google, Inc. Class A (sub. vtg.) (a) | 18,680 | 8,654,257 | |
| 13,832,841 | ||
IT Services - 0.8% | |||
MasterCard, Inc. Class A | 7,209 | 1,748,543 | |
The Western Union Co. | 222,806 | 6,153,902 | |
| 7,902,445 | ||
Office Electronics - 0.2% | |||
Xerox Corp. | 110,705 | 1,542,121 | |
Semiconductors & Semiconductor Equipment - 1.7% | |||
Amkor Technology, Inc. (a)(d) | 398,728 | 2,994,447 | |
Intel Corp. | 394,112 | 9,013,341 | |
National Semiconductor Corp. | 132,549 | 2,840,525 | |
NVIDIA Corp. (a) | 40,932 | 517,380 | |
Texas Instruments, Inc. | 99,645 | 2,442,299 | |
| 17,807,992 | ||
Software - 4.5% | |||
Adobe Systems, Inc. (a) | 132,515 | 5,675,617 | |
BMC Software, Inc. (a) | 166,752 | 5,429,445 | |
Microsoft Corp. | 780,004 | 21,286,309 | |
Oracle Corp. (a) | 524,792 | 11,508,689 | |
Symantec Corp. (a) | 77,584 | 1,730,899 | |
| 45,630,959 | ||
TOTAL INFORMATION TECHNOLOGY | 167,752,146 | ||
MATERIALS - 3.5% | |||
Chemicals - 1.9% | |||
Celanese Corp. Class A | 86,580 | 3,338,525 | |
CF Industries Holdings, Inc. | 16,472 | 2,510,333 | |
Lubrizol Corp. | 49,888 | 2,643,565 | |
Monsanto Co. | 73,326 | 8,377,496 | |
Terra Industries, Inc. | 51,135 | 2,569,534 | |
| 19,439,453 | ||
Metals & Mining - 1.6% | |||
AK Steel Holding Corp. | 46,497 | 2,446,207 | |
Freeport-McMoRan Copper & Gold, Inc. Class B | 57,468 | 5,133,042 | |
Common Stocks - continued | |||
Shares | Value | ||
MATERIALS - continued | |||
Metals & Mining - continued | |||
Nucor Corp. | 86,261 | $ 4,528,703 | |
Southern Copper Corp. (d) | 24,357 | 621,834 | |
United States Steel Corp. | 27,449 | 3,652,638 | |
| 16,382,424 | ||
TOTAL MATERIALS | 35,821,877 | ||
TELECOMMUNICATION SERVICES - 4.0% | |||
Diversified Telecommunication Services - 3.8% | |||
AT&T, Inc. | 513,273 | 16,419,603 | |
CenturyTel, Inc. | 132,790 | 5,129,678 | |
Embarq Corp. | 15,434 | 727,867 | |
Qwest Communications International, Inc. | 290,388 | 1,097,667 | |
Verizon Communications, Inc. | 335,489 | 11,782,374 | |
Windstream Corp. | 287,401 | 3,569,520 | |
| 38,726,709 | ||
Wireless Telecommunication Services - 0.2% | |||
Sprint Nextel Corp. | 253,422 | 2,209,840 | |
TOTAL TELECOMMUNICATION SERVICES | 40,936,549 | ||
UTILITIES - 3.1% | |||
Electric Utilities - 1.6% | |||
American Electric Power Co., Inc. | 32,694 | 1,276,374 | |
Edison International | 101,912 | 4,679,799 | |
Entergy Corp. | 16,000 | 1,654,240 | |
Exelon Corp. | 57,912 | 4,398,996 | |
FPL Group, Inc. | 33,863 | 2,033,812 | |
Southern Co. | 68,634 | 2,574,461 | |
| 16,617,682 | ||
Independent Power Producers & Energy Traders - 0.3% | |||
Mirant Corp. (a) | 94,691 | 2,800,960 | |
Multi-Utilities - 1.2% | |||
Dominion Resources, Inc. | 80,843 | 3,519,096 | |
DTE Energy Co. | 62,069 | 2,616,829 | |
Public Service Enterprise Group, Inc. | 63,226 | 2,577,724 | |
Sempra Energy | 62,506 | 3,620,348 | |
| 12,333,997 | ||
TOTAL UTILITIES | 31,752,639 | ||
TOTAL COMMON STOCKS (Cost $1,076,217,118) | 989,044,309 |
U.S. Treasury Obligations - 0.2% | ||||
| Principal Amount |
| ||
U.S. Treasury Bills, yield at date of purchase 1.78% 9/25/08 (e) | $ 2,500,000 | 2,497,485 |
Money Market Funds - 4.8% | |||
Shares | Value | ||
Dreyfus Cash Management, 2.66% (f) | 32,102,705 | $ 32,102,705 | |
Fidelity Securities Lending Cash Central Fund, 2.35% (b)(c) | 17,561,115 | 17,561,115 | |
TOTAL MONEY MARKET FUNDS (Cost $49,663,820) | 49,663,820 | ||
TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $1,128,377,865) | 1,041,205,614 | ||
NET OTHER ASSETS - (1.5)% | (15,856,081) | ||
NET ASSETS - 100% | $ 1,025,349,533 |
Futures Contracts | |||||
| Expiration Date | Underlying Face Amount at Value | Unrealized Appreciation/ | ||
Purchased | |||||
Equity Index Contracts | |||||
173 CME E-mini S&P 500 Index Contracts | Sept. 2008 | $ 11,094,490 | $ (253,820) | ||
78 CME S&P 500 Index Contracts | Sept. 2008 | 25,010,700 | 260,449 | ||
TOTAL EQUITY INDEX CONTRACTS | $ 36,105,190 | $ 6,629 |
|
The face value of futures purchased as a percentage of net assets - 3.5% |
Legend |
(a) Non-income producing |
(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(c) Investment made with cash collateral received from securities on loan. |
(d) Security or a portion of the security is on loan at period end. |
(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $2,497,485. |
(f) 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 Securities Lending Cash Central Fund | $ 26,424 |
Other Information |
The following is a summary of the inputs used, as of August 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | 1,041,205,614 | 1,038,708,129 | 2,497,485 | - |
Other Financial Instruments* | 6,629 | 6,629 | - | - |
*Other financial instruments include Futures Contracts. |
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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Large Cap Core Enhanced Index Fund
Financial Statements
Statement of Assets and Liabilities
| August 31, 2008 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including securities loaned of $16,998,841) - See accompanying schedule: Unaffiliated issuers (cost $1,110,816,750) | $ 1,023,644,499 |
|
Fidelity Central Funds (cost $17,561,115) | 17,561,115 |
|
Total Investments (cost $1,128,377,865) |
| $ 1,041,205,614 |
Receivable for fund shares sold | 376,973 | |
Dividends receivable | 2,219,882 | |
Distributions receivable from Fidelity Central Funds | 18,720 | |
Total assets | 1,043,821,189 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | $ 94,134 | |
Accrued management fee | 254,995 | |
Payable for daily variation on futures contracts | 433,951 | |
Other affiliated payables | 127,461 | |
Collateral on securities loaned, at value | 17,561,115 | |
Total liabilities | 18,471,656 | |
|
|
|
Net Assets | $ 1,025,349,533 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,149,554,777 | |
Undistributed net investment income | 7,017,466 | |
Accumulated undistributed net realized gain (loss) on investments | (44,057,088) | |
Net unrealized appreciation (depreciation) on investments | (87,165,622) | |
Net Assets, for 114,330,200 shares outstanding | $ 1,025,349,533 | |
Net Asset Value, offering price and redemption price per share ($1,025,349,533 ÷ 114,330,200 shares) | $ 8.97 |
Statement of Operations
| Six months ended August 31, 2008 (Unaudited) | |
|
|
|
Investment Income |
|
|
Dividends |
| $ 9,791,344 |
Interest |
| 292,957 |
Income from Fidelity Central Funds |
| 26,424 |
Total income |
| 10,110,725 |
|
|
|
Expenses | ||
Management fee | $ 1,393,195 | |
Transfer agent fees | 717,588 | |
Independent trustees' compensation | 41,981 | |
Total expenses before reductions | 2,152,764 | |
Expense reductions | (638) | 2,152,126 |
Net investment income (loss) | 7,958,599 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (38,726,932) | |
Futures contracts | (2,819,184) | |
Total net realized gain (loss) |
| (41,546,116) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 5,667,905 | |
Futures contracts | 512,409 | |
Total change in net unrealized appreciation (depreciation) |
| 6,180,314 |
Net gain (loss) | (35,365,802) | |
Net increase (decrease) in net assets resulting from operations | $ (27,407,203) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Large Cap Core Enhanced Index Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended August 31, 2008 (Unaudited) | For the period |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 7,958,599 | $ 5,239,172 |
Net realized gain (loss) | (41,546,116) | (2,510,972) |
Change in net unrealized appreciation (depreciation) | 6,180,314 | (93,345,936) |
Net increase (decrease) in net assets resulting from operations | (27,407,203) | (90,617,736) |
Distributions to shareholders from net investment income | (2,834,017) | (3,331,983) |
Share transactions | 251,740,067 | 988,996,519 |
Reinvestment of distributions | 2,829,883 | 3,320,538 |
Cost of shares redeemed | (33,501,981) | (63,844,554) |
Net increase (decrease) in net assets resulting from share transactions | 221,067,969 | 928,472,503 |
Total increase (decrease) in net assets | 190,826,749 | 834,522,784 |
|
|
|
Net Assets | ||
Beginning of period | 834,522,784 | - |
End of period (including undistributed net investment income of $7,017,466 and undistributed net investment income of $1,907,189, respectively) | $ 1,025,349,533 | $ 834,522,784 |
Other Information Shares | ||
Sold | 26,883,793 | 96,918,399 |
Issued in reinvestment of distributions | 308,266 | 326,503 |
Redeemed | (3,614,425) | (6,492,336) |
Net increase (decrease) | 23,577,634 | 90,752,566 |
Financial Highlights
| Six months ended August 31, 2008 | Year ended |
(Unaudited) | 2008 G | |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 9.20 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment income (loss) D | .08 | .15 |
Net realized and unrealized gain (loss) | (.28) | (.90) |
Total from investment operations | (.20) | (.75) |
Distributions from net investment income | (.03) | (.05) |
Net asset value, end of period | $ 8.97 | $ 9.20 |
Total Return B, C | (2.18)% | (7.59)% |
Ratios to Average Net Assets E, H |
|
|
Expenses before reductions | .45% A | .45%A |
Expenses net of fee waivers, if any | .45%A | .45%A |
Expenses net of all reductions | .45%A | .45%A |
Net investment income (loss) | 1.66%A | 1.83%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 1,025,350 | $ 834,523 |
Portfolio turnover rate F | 39%A | 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. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. 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.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Mid Cap Enhanced Index Fund
Investment Changes (Unaudited)
Top Ten Stocks as of August 31, 2008 | ||
| % of fund's | % of fund's net assets |
iShares Russell Midcap Index ETF | 2.5 | 2.2 |
Northern Trust Corp. | 0.7 | 0.1 |
H.J. Heinz Co. | 0.7 | 0.7 |
St. Jude Medical, Inc. | 0.7 | 0.7 |
Yum! Brands, Inc. | 0.7 | 0.7 |
TJX Companies, Inc. | 0.7 | 0.7 |
Spectra Energy Corp. | 0.7 | 0.4 |
Express Scripts, Inc. | 0.7 | 0.6 |
American Tower Corp. Class A | 0.6 | 0.7 |
L-3 Communications Holdings, Inc. | 0.6 | 0.7 |
| 8.6 |
|
Market Sectors as of August 31, 2008 | ||
| % of fund's | % of fund's net assets |
Financials | 16.3 | 14.7 |
Consumer Discretionary | 13.8 | 13.0 |
Information Technology | 13.3 | 13.7 |
Industrials | 11.4 | 14.4 |
Health Care | 9.3 | 9.7 |
Energy | 8.6 | 10.8 |
Utilities | 7.5 | 6.8 |
Consumer Staples | 5.6 | 6.8 |
Materials | 4.9 | 5.4 |
Telecommunication Services | 2.7 | 2.3 |
Semiannual Report
Fidelity Mid Cap Enhanced Index Fund
Investments August 31, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.4% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 13.8% | |||
Auto Components - 0.3% | |||
Autoliv, Inc. | 750 | $ 28,793 | |
Automobiles - 0.3% | |||
Ford Motor Co. (a) | 7,079 | 31,572 | |
Harley-Davidson, Inc. | 216 | 8,592 | |
| 40,164 | ||
Diversified Consumer Services - 2.0% | |||
Apollo Group, Inc. Class A (non-vtg.) (a) | 985 | 62,725 | |
DeVry, Inc. | 545 | 28,111 | |
H&R Block, Inc. | 1,050 | 26,817 | |
ITT Educational Services, Inc. (a) | 470 | 41,788 | |
Service Corp. International | 3,315 | 33,846 | |
Sotheby's Class A (ltd. vtg.) | 420 | 11,315 | |
Weight Watchers International, Inc. | 560 | 22,176 | |
| 226,778 | ||
Hotels, Restaurants & Leisure - 1.3% | |||
Interval Leisure Group, Inc. (a) | 307 | 3,988 | |
Starbucks Corp. (a) | 550 | 8,558 | |
Starwood Hotels & Resorts Worldwide, Inc. | 990 | 35,888 | |
Tim Hortons, Inc. | 652 | 20,512 | |
Yum! Brands, Inc. | 2,205 | 78,674 | |
| 147,620 | ||
Household Durables - 0.7% | |||
D.R. Horton, Inc. | 2,000 | 24,920 | |
Fortune Brands, Inc. | 12 | 706 | |
Jarden Corp. (a) | 1,300 | 33,371 | |
NVR, Inc. (a) | 40 | 23,909 | |
Tempur-Pedic International, Inc. | 309 | 3,495 | |
| 86,401 | ||
Internet & Catalog Retail - 0.4% | |||
Expedia, Inc. (a) | 1,920 | 33,907 | |
HSN, Inc. (a) | 307 | 4,498 | |
Liberty Media Corp. - Interactive Series A (a) | 400 | 5,436 | |
Ticketmaster (a) | 307 | 6,579 | |
| 50,420 | ||
Leisure Equipment & Products - 0.4% | |||
Hasbro, Inc. | 1,200 | 44,880 | |
Polaris Industries, Inc. | 150 | 6,764 | |
| 51,644 | ||
Media - 2.6% | |||
Cablevision Systems Corp. - NY Group Class A | 600 | 19,362 | |
CBS Corp. Class B | 500 | 8,090 | |
DISH Network Corp. Class A (a) | 1,535 | 43,302 | |
Interactive Data Corp. | 820 | 24,682 | |
John Wiley & Sons, Inc. Class A | 660 | 31,403 | |
Liberty Global, Inc. Class A (a) | 980 | 34,476 | |
Liberty Media Corp.: | |||
Capital Series A (a) | 45 | 731 | |
Entertainment Class A (a) | 1,315 | 36,544 | |
| |||
Shares | Value | ||
McGraw-Hill Companies, Inc. | 875 | $ 37,485 | |
Meredith Corp. | 350 | 9,933 | |
Scholastic Corp. | 260 | 6,786 | |
Scripps Networks Interactive, Inc. Class A | 745 | 30,947 | |
Sirius XM Radio, Inc. (a) | 12,500 | 16,625 | |
| 300,366 | ||
Multiline Retail - 1.0% | |||
Big Lots, Inc. (a) | 1,350 | 39,920 | |
JCPenney Co., Inc. | 600 | 23,382 | |
Kohl's Corp. (a) | 190 | 9,342 | |
Macy's, Inc. | 2,238 | 46,595 | |
| 119,239 | ||
Specialty Retail - 4.2% | |||
Abercrombie & Fitch Co. Class A | 301 | 15,787 | |
Aeropostale, Inc. (a) | 1,020 | 35,557 | |
AutoZone, Inc. (a) | 420 | 57,637 | |
Barnes & Noble, Inc. | 660 | 16,322 | |
Bed Bath & Beyond, Inc. (a) | 165 | 5,059 | |
Gamestop Corp. Class A (a) | 1,175 | 51,547 | |
Gap, Inc. | 3,270 | 63,602 | |
RadioShack Corp. | 1,600 | 30,416 | |
Ross Stores, Inc. | 1,215 | 48,855 | |
Sherwin-Williams Co. | 655 | 38,350 | |
Tiffany & Co., Inc. | 965 | 42,624 | |
TJX Companies, Inc. | 2,150 | 77,916 | |
| 483,672 | ||
Textiles, Apparel & Luxury Goods - 0.6% | |||
Coach, Inc. (a) | 690 | 20,003 | |
Deckers Outdoor Corp. (a) | 195 | 22,170 | |
Hanesbrands, Inc. (a) | 585 | 13,946 | |
VF Corp. | 220 | 17,435 | |
| 73,554 | ||
TOTAL CONSUMER DISCRETIONARY | 1,608,651 | ||
CONSUMER STAPLES - 5.6% | |||
Beverages - 0.9% | |||
Brown-Forman Corp. Class B (non-vtg.) | 570 | 41,046 | |
Dr Pepper Snapple Group, Inc. (a) | 1,870 | 46,208 | |
Pepsi Bottling Group, Inc. | 650 | 19,227 | |
| 106,481 | ||
Food & Staples Retailing - 1.2% | |||
BJ's Wholesale Club, Inc. (a) | 705 | 26,811 | |
Casey's General Stores, Inc. | 1,150 | 33,350 | |
Longs Drug Stores Corp. | 630 | 45,140 | |
SUPERVALU, Inc. | 1,505 | 34,901 | |
| 140,202 | ||
Food Products - 1.7% | |||
Bunge Ltd. | 37 | 3,306 | |
ConAgra Foods, Inc. | 100 | 2,127 | |
Darling International, Inc. (a) | 1,380 | 18,947 | |
Flowers Foods, Inc. | 1,055 | 27,894 | |
Common Stocks - continued | |||
Shares | Value | ||
CONSUMER STAPLES - continued | |||
Food Products - continued | |||
H.J. Heinz Co. | 1,635 | $ 82,273 | |
Hormel Foods Corp. | 730 | 26,032 | |
McCormick & Co., Inc. (non-vtg.) | 665 | 26,899 | |
Sara Lee Corp. | 126 | 1,701 | |
Wm. Wrigley Jr. Co. | 151 | 12,001 | |
| 201,180 | ||
Household Products - 0.5% | |||
Church & Dwight Co., Inc. | 775 | 48,438 | |
Energizer Holdings, Inc. (a) | 81 | 6,880 | |
| 55,318 | ||
Personal Products - 0.7% | |||
Avon Products, Inc. | 600 | 25,698 | |
Estee Lauder Companies, Inc. Class A | 238 | 11,845 | |
Herbalife Ltd. | 770 | 36,267 | |
| 73,810 | ||
Tobacco - 0.6% | |||
Lorillard, Inc. (a) | 150 | 10,836 | |
Reynolds American, Inc. | 373 | 19,762 | |
UST, Inc. | 730 | 39,121 | |
| 69,719 | ||
TOTAL CONSUMER STAPLES | 646,710 | ||
ENERGY - 8.6% | |||
Energy Equipment & Services - 3.4% | |||
Cameron International Corp. (a) | 935 | 43,562 | |
Dresser-Rand Group, Inc. (a) | 715 | 29,000 | |
ENSCO International, Inc. | 835 | 56,596 | |
FMC Technologies, Inc. (a) | 795 | 42,580 | |
Nabors Industries Ltd. (a) | 245 | 8,722 | |
National Oilwell Varco, Inc. (a) | 570 | 42,026 | |
Noble Corp. | 1,140 | 57,331 | |
Patterson-UTI Energy, Inc. | 1,100 | 31,262 | |
Pride International, Inc. (a) | 800 | 30,728 | |
Smith International, Inc. | 594 | 41,402 | |
T-3 Energy Services, Inc. (a) | 250 | 13,958 | |
| 397,167 | ||
Oil, Gas & Consumable Fuels - 5.2% | |||
Arch Coal, Inc. | 120 | 6,509 | |
Chesapeake Energy Corp. | 446 | 21,586 | |
Cimarex Energy Co. | 480 | 26,659 | |
CONSOL Energy, Inc. | 505 | 34,194 | |
Continental Resources, Inc. (a) | 480 | 24,082 | |
El Paso Corp. | 2,480 | 41,565 | |
Frontline Ltd. (NY Shares) | 590 | 35,642 | |
Hess Corp. | 250 | 26,178 | |
Holly Corp. | 370 | 11,840 | |
Massey Energy Co. | 545 | 35,948 | |
Murphy Oil Corp. | 595 | 46,725 | |
Noble Energy, Inc. | 800 | 57,384 | |
| |||
Shares | Value | ||
Peabody Energy Corp. | 159 | $ 10,009 | |
Southwestern Energy Co. (a) | 500 | 19,185 | |
Spectra Energy Corp. | 2,930 | 77,528 | |
Stone Energy Corp. (a) | 460 | 21,928 | |
Sunoco, Inc. | 410 | 18,196 | |
W&T Offshore, Inc. | 595 | 20,920 | |
Walter Industries, Inc. | 495 | 46,431 | |
Williams Companies, Inc. | 760 | 23,476 | |
| 605,985 | ||
TOTAL ENERGY | 1,003,152 | ||
FINANCIALS - 16.3% | |||
Capital Markets - 2.5% | |||
American Capital Ltd. | 1,000 | 21,740 | |
Ameriprise Financial, Inc. | 695 | 31,240 | |
Knight Capital Group, Inc. Class A (a) | 1,155 | 19,912 | |
Northern Trust Corp. | 1,040 | 83,606 | |
optionsXpress Holdings, Inc. | 510 | 11,766 | |
Raymond James Financial, Inc. | 845 | 26,051 | |
T. Rowe Price Group, Inc. | 1,000 | 59,360 | |
TD Ameritrade Holding Corp. (a) | 2,040 | 41,677 | |
| 295,352 | ||
Commercial Banks - 2.3% | |||
Banco Latin Americano de Exporaciones SA (BLADEX) Series E | 2,235 | 40,454 | |
BancorpSouth, Inc. | 645 | 14,848 | |
Bank of Hawaii Corp. | 650 | 34,372 | |
Comerica, Inc. | 980 | 27,528 | |
Fifth Third Bancorp | 2,500 | 39,450 | |
First Horizon National Corp. | 500 | 5,615 | |
Fulton Financial Corp. | 3,310 | 35,285 | |
KeyCorp | 561 | 6,738 | |
M&T Bank Corp. | 640 | 45,658 | |
Zions Bancorp | 600 | 16,104 | |
| 266,052 | ||
Consumer Finance - 0.2% | |||
SLM Corp. (a) | 1,400 | 23,114 | |
Diversified Financial Services - 0.7% | |||
CIT Group, Inc. | 246 | 2,536 | |
Interactive Brokers Group, Inc. (a) | 1,005 | 27,437 | |
IntercontinentalExchange, Inc. (a) | 235 | 20,687 | |
The NASDAQ Stock Market, Inc. (a) | 955 | 31,219 | |
| 81,879 | ||
Insurance - 4.6% | |||
Allied World Assurance Co. Holdings Ltd. | 895 | 34,565 | |
American Financial Group, Inc. | 1,205 | 34,379 | |
Aon Corp. | 522 | 24,790 | |
Arch Capital Group Ltd. (a) | 625 | 43,600 | |
Aspen Insurance Holdings Ltd. | 900 | 24,390 | |
Assurant, Inc. | 600 | 35,058 | |
Axis Capital Holdings Ltd. | 1,075 | 35,937 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Insurance - continued | |||
Genworth Financial, Inc. Class A (non-vtg.) | 233 | $ 3,740 | |
Marsh & McLennan Companies, Inc. | 365 | 11,654 | |
MBIA, Inc. | 2,500 | 40,550 | |
PartnerRe Ltd. | 500 | 34,455 | |
Principal Financial Group, Inc. | 153 | 7,006 | |
Progressive Corp. | 1,400 | 25,858 | |
RenaissanceRe Holdings Ltd. | 480 | 24,341 | |
Torchmark Corp. | 645 | 38,532 | |
Transatlantic Holdings, Inc. | 480 | 28,848 | |
Unum Group | 2,035 | 51,709 | |
W.R. Berkley Corp. | 1,145 | 26,976 | |
XL Capital Ltd. Class A | 500 | 10,050 | |
| 536,438 | ||
Real Estate Investment Trusts - 5.1% | |||
AMB Property Corp. (SBI) | 580 | 26,326 | |
Annaly Capital Management, Inc. | 3,135 | 46,900 | |
Boston Properties, Inc. | 610 | 62,507 | |
Duke Realty LP | 980 | 24,529 | |
Equity Residential (SBI) | 300 | 12,660 | |
Hospitality Properties Trust (SBI) | 1,335 | 30,278 | |
Host Hotels & Resorts, Inc. | 2,030 | 29,029 | |
Kimco Realty Corp. | 291 | 10,808 | |
Liberty Property Trust (SBI) | 990 | 37,382 | |
Mid-America Apartment Communities, Inc. | 410 | 20,566 | |
National Retail Properties, Inc. | 900 | 20,421 | |
Nationwide Health Properties, Inc. | 715 | 24,610 | |
NorthStar Realty Finance Corp. | 3,815 | 27,277 | |
ProLogis Trust | 1,180 | 50,811 | |
Public Storage | 250 | 22,080 | |
Regency Centers Corp. | 425 | 26,337 | |
SL Green Realty Corp. | 400 | 34,400 | |
The Macerich Co. | 405 | 25,082 | |
Vornado Realty Trust | 600 | 59,676 | |
| 591,679 | ||
Real Estate Management & Development - 0.2% | |||
Jones Lang LaSalle, Inc. | 500 | 24,900 | |
Thrifts & Mortgage Finance - 0.7% | |||
Astoria Financial Corp. | 1,500 | 32,775 | |
Hudson City Bancorp, Inc. | 1,400 | 25,816 | |
MGIC Investment Corp. | 500 | 4,205 | |
New York Community Bancorp, Inc. | 1,000 | 16,490 | |
Tree.com, Inc. (a) | 51 | 388 | |
| 79,674 | ||
TOTAL FINANCIALS | 1,899,088 | ||
| |||
Shares | Value | ||
HEALTH CARE - 9.3% | |||
Biotechnology - 0.8% | |||
Biogen Idec, Inc. (a) | 460 | $ 23,428 | |
Cubist Pharmaceuticals, Inc. (a) | 685 | 15,091 | |
Martek Biosciences (a) | 615 | 20,547 | |
OSI Pharmaceuticals, Inc. (a) | 655 | 33,078 | |
| 92,144 | ||
Health Care Equipment & Supplies - 2.0% | |||
C.R. Bard, Inc. | 390 | 36,446 | |
DENTSPLY International, Inc. | 1,005 | 39,386 | |
Edwards Lifesciences Corp. (a) | 670 | 39,671 | |
Kinetic Concepts, Inc. (a) | 695 | 24,436 | |
Masimo Corp. | 379 | 15,149 | |
St. Jude Medical, Inc. (a) | 1,720 | 78,828 | |
| 233,916 | ||
Health Care Providers & Services - 3.0% | |||
AMERIGROUP Corp. (a) | 775 | 20,057 | |
AmerisourceBergen Corp. | 700 | 28,707 | |
CIGNA Corp. | 1,390 | 58,213 | |
Express Scripts, Inc. (a) | 1,050 | 77,081 | |
Humana, Inc. (a) | 560 | 25,984 | |
Laboratory Corp. of America Holdings (a) | 590 | 43,159 | |
Lincare Holdings, Inc. (a) | 850 | 28,050 | |
Owens & Minor, Inc. | 570 | 26,288 | |
Quest Diagnostics, Inc. | 720 | 38,916 | |
| 346,455 | ||
Health Care Technology - 0.2% | |||
IMS Health, Inc. | 1,110 | 24,664 | |
Life Sciences Tools & Services - 1.6% | |||
Applied Biosystems, Inc. | 1,480 | 54,005 | |
Invitrogen Corp. (a) | 965 | 40,974 | |
Thermo Fisher Scientific, Inc. (a) | 620 | 37,547 | |
Waters Corp. (a) | 785 | 53,576 | |
| 186,102 | ||
Pharmaceuticals - 1.7% | |||
Allergan, Inc. | 1,130 | 63,133 | |
Endo Pharmaceuticals Holdings, Inc. (a) | 640 | 14,541 | |
Forest Laboratories, Inc. (a) | 1,495 | 53,357 | |
Perrigo Co. | 1,030 | 36,040 | |
Warner Chilcott Ltd. (a) | 1,880 | 30,080 | |
| 197,151 | ||
TOTAL HEALTH CARE | 1,080,432 | ||
INDUSTRIALS - 11.4% | |||
Aerospace & Defense - 2.0% | |||
DRS Technologies, Inc. | 535 | 42,597 | |
Goodrich Corp. | 965 | 49,456 | |
L-3 Communications Holdings, Inc. | 705 | 73,278 | |
Precision Castparts Corp. | 330 | 34,076 | |
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Aerospace & Defense - continued | |||
Rockwell Collins, Inc. | 252 | $ 13,253 | |
TransDigm Group, Inc. (a) | 430 | 16,151 | |
| 228,811 | ||
Air Freight & Logistics - 0.3% | |||
C.H. Robinson Worldwide, Inc. | 660 | 34,393 | |
Airlines - 0.0% | |||
Republic Airways Holdings, Inc. (a) | 560 | 4,838 | |
Building Products - 0.4% | |||
Lennox International, Inc. | 620 | 22,940 | |
Masco Corp. | 1,083 | 20,642 | |
| 43,582 | ||
Commercial Services & Supplies - 1.6% | |||
Comfort Systems USA, Inc. | 1,455 | 22,174 | |
Covanta Holding Corp. (a) | 735 | 20,448 | |
Deluxe Corp. | 251 | 4,144 | |
Herman Miller, Inc. | 755 | 21,246 | |
Manpower, Inc. | 626 | 30,086 | |
Pitney Bowes, Inc. | 1,260 | 43,029 | |
R.R. Donnelley & Sons Co. | 1,450 | 40,426 | |
| 181,553 | ||
Construction & Engineering - 1.6% | |||
EMCOR Group, Inc. (a) | 1,285 | 43,780 | |
Fluor Corp. | 860 | 68,912 | |
Foster Wheeler Ltd. (a) | 825 | 40,994 | |
Jacobs Engineering Group, Inc. (a) | 111 | 8,194 | |
KBR, Inc. | 579 | 14,214 | |
Perini Corp. (a) | 370 | 9,883 | |
| 185,977 | ||
Electrical Equipment - 1.4% | |||
Acuity Brands, Inc. | 515 | 22,408 | |
Cooper Industries Ltd. Class A | 1,205 | 57,406 | |
Hubbell, Inc. Class B | 363 | 15,794 | |
Roper Industries, Inc. | 610 | 36,039 | |
Thomas & Betts Corp. (a) | 660 | 30,413 | |
| 162,060 | ||
Industrial Conglomerates - 0.3% | |||
McDermott International, Inc. (a) | 1,180 | 40,981 | |
Machinery - 3.1% | |||
Actuant Corp. Class A | 825 | 26,029 | |
AGCO Corp. (a) | 795 | 48,996 | |
Cummins, Inc. | 390 | 25,412 | |
Dover Corp. | 1,225 | 60,491 | |
Eaton Corp. | 570 | 41,713 | |
Flowserve Corp. | 390 | 51,527 | |
Gardner Denver, Inc. (a) | 595 | 26,858 | |
ITT Corp. | 68 | 4,335 | |
John Bean Technologies Corp. (a) | 171 | 2,223 | |
| |||
Shares | Value | ||
Manitowoc Co., Inc. | 1,050 | $ 26,439 | |
Parker Hannifin Corp. | 820 | 52,537 | |
| 366,560 | ||
Road & Rail - 0.4% | |||
Arkansas Best Corp. | 440 | 15,233 | |
CSX Corp. | 515 | 33,310 | |
| 48,543 | ||
Trading Companies & Distributors - 0.3% | |||
W.W. Grainger, Inc. | 355 | 31,961 | |
TOTAL INDUSTRIALS | 1,329,259 | ||
INFORMATION TECHNOLOGY - 13.3% | |||
Communications Equipment - 1.0% | |||
ADC Telecommunications, Inc. (a) | 920 | 9,430 | |
Harris Corp. | 725 | 37,961 | |
Juniper Networks, Inc. (a) | 2,570 | 66,049 | |
| 113,440 | ||
Computers & Peripherals - 1.5% | |||
Lexmark International, Inc. Class A (a) | 1,240 | 44,603 | |
NetApp, Inc. (a) | 2,090 | 53,253 | |
Seagate Technology | 1,755 | 26,167 | |
Teradata Corp. (a) | 1,450 | 35,627 | |
Western Digital Corp. (a) | 660 | 17,992 | |
| 177,642 | ||
Electronic Equipment & Instruments - 0.9% | |||
Agilent Technologies, Inc. (a) | 1,715 | 59,613 | |
Arrow Electronics, Inc. (a) | 500 | 16,595 | |
Mettler-Toledo International, Inc. (a) | 245 | 25,774 | |
| 101,982 | ||
Internet Software & Services - 0.1% | |||
IAC/InterActiveCorp (a) | 769 | 12,765 | |
IT Services - 2.2% | |||
Affiliated Computer Services, Inc. Class A (a) | 500 | 26,620 | |
Alliance Data Systems Corp. (a) | 560 | 35,974 | |
Computer Sciences Corp. (a) | 725 | 34,097 | |
Fiserv, Inc. (a) | 590 | 30,597 | |
Hewitt Associates, Inc. Class A (a) | 1,140 | 45,839 | |
MasterCard, Inc. Class A | 105 | 25,468 | |
Metavante Holding Co. (a) | 1,675 | 39,597 | |
Paychex, Inc. | 90 | 3,067 | |
SAIC, Inc. (a) | 955 | 19,148 | |
| 260,407 | ||
Office Electronics - 0.4% | |||
Xerox Corp. | 3,670 | 51,123 | |
Semiconductors & Semiconductor Equipment - 3.8% | |||
Altera Corp. | 2,455 | 55,581 | |
Amkor Technology, Inc. (a) | 2,440 | 18,324 | |
Broadcom Corp. Class A (a) | 2,460 | 59,188 | |
Integrated Device Technology, Inc. (a) | 2,150 | 22,769 | |
Linear Technology Corp. | 1,370 | 44,717 | |
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Semiconductors & Semiconductor Equipment - continued | |||
LSI Corp. (a) | 6,350 | $ 42,228 | |
Marvell Technology Group Ltd. (a) | 1,500 | 21,165 | |
MEMC Electronic Materials, Inc. (a) | 570 | 27,981 | |
Microchip Technology, Inc. | 1,355 | 43,374 | |
National Semiconductor Corp. | 1,800 | 38,574 | |
NVIDIA Corp. (a) | 2,410 | 30,462 | |
Xilinx, Inc. | 1,255 | 32,605 | |
| 436,968 | ||
Software - 3.4% | |||
Autodesk, Inc. (a) | 1,585 | 56,315 | |
BMC Software, Inc. (a) | 1,140 | 37,118 | |
CA, Inc. | 2,440 | 58,340 | |
Cadence Design Systems, Inc. (a) | 2,200 | 17,578 | |
Compuware Corp. (a) | 4,045 | 46,234 | |
Electronic Arts, Inc. (a) | 167 | 8,151 | |
Intuit, Inc. (a) | 1,435 | 43,150 | |
Jack Henry & Associates, Inc. | 750 | 15,023 | |
Net 1 UEPS Technologies, Inc. (a) | 1,140 | 30,575 | |
Salesforce.com, Inc. (a) | 550 | 30,811 | |
Sybase, Inc. (a) | 680 | 23,399 | |
Synopsys, Inc. (a) | 1,545 | 33,264 | |
| 399,958 | ||
TOTAL INFORMATION TECHNOLOGY | 1,554,285 | ||
MATERIALS - 4.9% | |||
Chemicals - 2.7% | |||
Air Products & Chemicals, Inc. | 170 | 15,615 | |
Airgas, Inc. | 585 | 34,655 | |
Celanese Corp. Class A | 950 | 36,632 | |
Eastman Chemical Co. | 580 | 34,986 | |
Lubrizol Corp. | 665 | 35,238 | |
PPG Industries, Inc. | 20 | 1,257 | |
RPM International, Inc. | 1,985 | 42,876 | |
Sigma Aldrich Corp. | 805 | 45,692 | |
Terra Industries, Inc. | 915 | 45,979 | |
The Mosaic Co. | 230 | 24,550 | |
| 317,480 | ||
Containers & Packaging - 0.8% | |||
Ball Corp. | 205 | 9,414 | |
Owens-Illinois, Inc. (a) | 755 | 33,673 | |
Rock-Tenn Co. Class A | 580 | 21,274 | |
Sonoco Products Co. | 735 | 25,402 | |
| 89,763 | ||
Metals & Mining - 1.3% | |||
AK Steel Holding Corp. | 715 | 37,616 | |
Carpenter Technology Corp. | 292 | 11,333 | |
Freeport-McMoRan Copper & Gold, Inc. Class B | 260 | 23,223 | |
Reliance Steel & Aluminum Co. | 630 | 35,916 | |
| |||
Shares | Value | ||
Steel Dynamics, Inc. | 530 | $ 13,160 | |
United States Steel Corp. | 190 | 25,283 | |
| 146,531 | ||
Paper & Forest Products - 0.1% | |||
International Paper Co. | 500 | 13,525 | |
TOTAL MATERIALS | 567,299 | ||
TELECOMMUNICATION SERVICES - 2.7% | |||
Diversified Telecommunication Services - 1.5% | |||
CenturyTel, Inc. | 1,120 | 43,266 | |
Cincinnati Bell, Inc. (a) | 6,560 | 25,584 | |
Embarq Corp. | 580 | 27,353 | |
Qwest Communications International, Inc. | 8,820 | 33,340 | |
Windstream Corp. | 3,870 | 48,065 | |
| 177,608 | ||
Wireless Telecommunication Services - 1.2% | |||
American Tower Corp. Class A (a) | 1,780 | 73,567 | |
Crown Castle International Corp. (a) | 1,150 | 43,010 | |
Telephone & Data Systems, Inc. | 480 | 18,432 | |
U.S. Cellular Corp. (a) | 130 | 6,799 | |
| 141,808 | ||
TOTAL TELECOMMUNICATION SERVICES | 319,416 | ||
UTILITIES - 7.5% | |||
Electric Utilities - 1.9% | |||
American Electric Power Co., Inc. | 1,355 | 52,899 | |
DPL, Inc. | 1,450 | 35,989 | |
Edison International | 1,400 | 64,288 | |
Northeast Utilities | 111 | 2,985 | |
Pepco Holdings, Inc. | 1,200 | 30,420 | |
PPL Corp. | 510 | 22,323 | |
Progress Energy, Inc. | 85 | 3,713 | |
Sierra Pacific Resources | 1,460 | 16,410 | |
| 229,027 | ||
Gas Utilities - 0.9% | |||
Energen Corp. | 680 | 37,971 | |
National Fuel Gas Co. New Jersey | 710 | 33,590 | |
Questar Corp. | 200 | 10,378 | |
Southern Union Co. | 1,016 | 26,477 | |
| 108,416 | ||
Independent Power Producers & Energy Traders - 0.8% | |||
AES Corp. (a) | 430 | 6,562 | |
Constellation Energy Group, Inc. | 165 | 11,007 | |
Common Stocks - continued | |||
Shares | Value | ||
UTILITIES - continued | |||
Independent Power Producers & Energy Traders - continued | |||
Mirant Corp. (a) | 960 | $ 28,397 | |
NRG Energy, Inc. (a) | 1,200 | 45,168 | |
| 91,134 | ||
Multi-Utilities - 3.9% | |||
Alliant Energy Corp. | 1,120 | 39,144 | |
Ameren Corp. | 1,055 | 44,162 | |
CenterPoint Energy, Inc. | 2,150 | 34,142 | |
CMS Energy Corp. | 1,147 | 15,565 | |
Consolidated Edison, Inc. | 880 | 35,992 | |
DTE Energy Co. | 1,000 | 42,160 | |
MDU Resources Group, Inc. | 1,310 | 43,282 | |
PG&E Corp. | 306 | 12,647 | |
SCANA Corp. | 990 | 38,808 | |
Sempra Energy | 1,100 | 63,712 | |
TECO Energy, Inc. | 1,675 | 29,882 | |
Vectren Corp. | 384 | 10,652 | |
Xcel Energy, Inc. | 1,990 | 40,815 | |
| 450,963 | ||
TOTAL UTILITIES | 879,540 | ||
TOTAL COMMON STOCKS (Cost $11,431,902) | 10,887,832 | ||
Investment Companies - 2.5% | |||
|
|
|
|
iShares Russell Midcap Index ETF | 3,118 | 295,485 |
U.S. Treasury Obligations - 0.2% | ||||
| Principal Amount |
| ||
U.S. Treasury Bills, yield at date of purchase 1.78% 9/25/08 (b) | $ 20,000 | 19,980 |
Money Market Funds - 4.5% | |||
Shares | Value | ||
Dreyfus Cash Management, 2.66% (c) | 526,906 | $ 526,906 | |
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $12,268,084) | 11,730,203 | ||
NET OTHER ASSETS - (0.6)% | (72,202) | ||
NET ASSETS - 100% | $ 11,658,001 |
Futures Contracts | |||||
Expiration Date | Underlying Face Amount at Value | Unrealized Appreciation/(Depreciation) | |||
Purchased | |||||
Equity Index Contracts | |||||
5 CME E-mini S&P MidCap 400 Index Contracts | Sept. 2008 | $ 408,000 | $ 6,534 |
|
The face value of futures purchased as a percentage of net assets - 3.5% |
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 $19,980. |
(c) The rate quoted is the annualized seven-day yield at period end. |
Other Information |
The following is a summary of the inputs used, as of August 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | 11,730,203 | 11,710,223 | 19,980 | - |
Other Financial Instruments* | 6,534 | 6,534 | - | - |
*Other financial instruments include Futures Contracts. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Mid Cap Enhanced Index Fund
Financial Statements
Statement of Assets and Liabilities
| August 31, 2008 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $12,268,084) |
| $ 11,730,203 |
Cash | 31,672 | |
Receivable for fund shares sold | 22,818 | |
Dividends receivable | 11,910 | |
Interest receivable | 986 | |
Total assets | 11,797,589 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 120,351 | |
Payable for fund shares redeemed | 10,066 | |
Accrued management fee | 4,179 | |
Payable for daily variation on futures contracts | 3,600 | |
Other affiliated payables | 1,392 | |
Total liabilities | 139,588 | |
|
|
|
Net Assets | $ 11,658,001 | |
Net Assets consist of: |
| |
Paid in capital | $ 12,305,220 | |
Undistributed net investment income | 40,683 | |
Accumulated undistributed net realized gain (loss) on investments | (156,555) | |
Net unrealized appreciation (depreciation) on investments | (531,347) | |
Net Assets, for 1,270,514 shares outstanding | $ 11,658,001 | |
Net Asset Value, offering price and redemption price per share ($11,658,001 ÷ 1,270,514 shares) | $ 9.18 |
Statement of Operations
| Six months ended August 31, 2008 (Unaudited) | |
|
|
|
Investment Income |
|
|
Dividends |
| $ 64,111 |
Interest |
| 5,717 |
Total income |
| 69,828 |
|
|
|
Expenses | ||
Management fee | $ 19,869 | |
Transfer agent fees | 6,574 | |
Independent trustees' compensation | 384 | |
Total expenses before reductions | 26,827 | |
Expense reductions | (15) | 26,812 |
Net investment income (loss) | 43,016 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (137,139) | |
Futures contracts | (7,051) | |
Total net realized gain (loss) |
| (144,190) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (103,549) | |
Futures contracts | 6,534 | |
Total change in net unrealized appreciation (depreciation) |
| (97,015) |
Net gain (loss) | (241,205) | |
Net increase (decrease) in net assets resulting from operations | $ (198,189) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended August 31, 2008 (Unaudited) | For the period |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 43,016 | $ 12,807 |
Net realized gain (loss) | (144,190) | (12,365) |
Change in net unrealized appreciation (depreciation) | (97,015) | (434,332) |
Net increase (decrease) in net assets resulting from operations | (198,189) | (433,890) |
Distributions to shareholders from net investment income | (15,140) | - |
Share transactions | 7,146,445 | 6,410,673 |
Reinvestment of distributions | 15,071 | - |
Cost of shares redeemed | (1,257,969) | (9,623) |
Net increase (decrease) in net assets resulting from share transactions | 5,903,547 | 6,401,050 |
Redemption fees | 551 | 72 |
Total increase (decrease) in net assets | 5,690,769 | 5,967,232 |
|
|
|
Net Assets | ||
Beginning of period | 5,967,232 | - |
End of period (including undistributed net investment income of $40,683 and undistributed net investment income of $12,807, respectively) | $ 11,658,001 | $ 5,967,232 |
Other Information Shares | ||
Sold | 754,735 | 652,156 |
Issued in reinvestment of distributions | 1,645 | - |
Redeemed | (136,975) | (1,047) |
Net increase (decrease) | 619,405 | 651,109 |
Financial Highlights
| Six months ended August 31, 2008 | Year ended February 29, |
(Unaudited) | 2008 E | |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 9.16 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment income (loss) D | .04 | .02 |
Net realized and unrealized gain (loss) | - G | (.86) |
Total from investment operations | .04 | (.84) |
Distributions from net investment income | (.02) | - |
Redemption fees added to paid in capital D, G | - | - |
Net asset value, end of period | $ 9.18 | $ 9.16 |
Total Return B, C | .44% | (8.40)% |
Ratios to Average Net Assets F |
|
|
Expenses before reductions | .60% A | .60%A |
Expenses net of fee waivers, if any | .60%A | .60%A |
Expenses net of all reductions | .60%A | .60%A |
Net investment income (loss) | .95%A | 1.25%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 11,658 | $ 5,967 |
Portfolio turnover rate | 72%A | 16% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E 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. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Small Cap Enhanced Index Fund
Investment Changes (Unaudited)
Top Ten Stocks as of August 31, 2008 | ||
| % of fund's | % of fund's net assets |
Wabtec Corp. | 0.7 | 0.5 |
Ralcorp Holdings, Inc. | 0.7 | 0.5 |
Woodward Governor Co. | 0.6 | 0.4 |
EMCOR Group, Inc. | 0.6 | 0.4 |
Watson Wyatt Worldwide, Inc. Class A | 0.6 | 0.5 |
Esterline Technologies Corp. | 0.6 | 0.0 |
Sybase, Inc. | 0.6 | 0.2 |
Casey's General Stores, Inc. | 0.6 | 0.3 |
McMoRan Exploration Co. | 0.6 | 0.0 |
Brady Corp. Class A | 0.5 | 0.0 |
| 6.1 |
|
Market Sectors as of August 31, 2008 | ||
| % of fund's | % of fund's net assets |
Industrials | 17.5 | 14.4 |
Financials | 17.2 | 17.9 |
Information Technology | 16.4 | 17.4 |
Health Care | 12.8 | 13.1 |
Consumer Discretionary | 11.0 | 14.5 |
Energy | 6.2 | 6.4 |
Materials | 4.3 | 6.7 |
Consumer Staples | 3.6 | 3.4 |
Utilities | 2.3 | 2.0 |
Telecommunication Services | 2.2 | 2.2 |
Semiannual Report
Fidelity Small Cap Enhanced Index Fund
Investments August 31, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.5% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 11.0% | |||
Auto Components - 1.1% | |||
ATC Technology Corp. (a) | 2,722 | $ 65,927 | |
Cooper Tire & Rubber Co. | 2,445 | 23,374 | |
Drew Industries, Inc. (a) | 1,365 | 21,881 | |
Fuel Systems Solutions, Inc. (a) | 741 | 38,406 | |
Lear Corp. (a) | 676 | 8,491 | |
Stoneridge, Inc. (a) | 5,439 | 69,075 | |
Superior Industries International, Inc. | 500 | 8,785 | |
| 235,939 | ||
Diversified Consumer Services - 1.2% | |||
American Public Education, Inc. | 1,072 | 47,918 | |
DeVry, Inc. | 1,021 | 52,663 | |
Jackson Hewitt Tax Service, Inc. | 604 | 10,371 | |
Sotheby's Class A (ltd. vtg.) | 1,630 | 43,912 | |
Stewart Enterprises, Inc. Class A | 5,251 | 49,149 | |
Strayer Education, Inc. | 280 | 58,755 | |
| 262,768 | ||
Hotels, Restaurants & Leisure - 1.9% | |||
Bally Technologies, Inc. (a) | 2,342 | 80,167 | |
Bob Evans Farms, Inc. | 3,412 | 95,775 | |
Buffalo Wild Wings, Inc. (a) | 1,703 | 61,444 | |
Denny's Corp. (a) | 27,470 | 76,916 | |
Jack in the Box, Inc. (a) | 603 | 14,309 | |
Papa John's International, Inc. (a) | 2,322 | 64,830 | |
Speedway Motorsports, Inc. | 370 | 8,188 | |
| 401,629 | ||
Household Durables - 0.5% | |||
Furniture Brands International, Inc. | 3,382 | 30,269 | |
Tupperware Brands Corp. | 1,476 | 52,723 | |
Universal Electronics, Inc. (a) | 870 | 22,811 | |
| 105,803 | ||
Internet & Catalog Retail - 0.6% | |||
Netflix, Inc. (a) | 2,701 | 83,299 | |
NutriSystem, Inc. | 1,686 | 33,501 | |
| 116,800 | ||
Leisure Equipment & Products - 0.2% | |||
Polaris Industries, Inc. | 759 | 34,223 | |
Media - 1.4% | |||
Belo Corp. Series A | 8,023 | 58,809 | |
Cox Radio, Inc. Class A (a) | 2,276 | 25,377 | |
Interactive Data Corp. | 3,197 | 96,230 | |
LIN TV Corp. Class A (a) | 4,940 | 30,381 | |
Marvel Entertainment, Inc. (a) | 1,315 | 44,539 | |
Sinclair Broadcast Group, Inc. Class A | 4,334 | 30,728 | |
| 286,064 | ||
Specialty Retail - 2.9% | |||
Aeropostale, Inc. (a) | 3,327 | 115,979 | |
Christopher & Banks Corp. | 1,486 | 14,295 | |
Dress Barn, Inc. (a) | 2,894 | 47,056 | |
Finish Line, Inc. Class A | 5,584 | 67,511 | |
| |||
Shares | Value | ||
Genesco, Inc. (a) | 3,099 | $ 113,454 | |
Gymboree Corp. (a) | 1,683 | 66,058 | |
Jo-Ann Stores, Inc. (a) | 2,059 | 51,413 | |
Midas, Inc. (a) | 1,256 | 18,049 | |
The Buckle, Inc. | 525 | 27,263 | |
Wet Seal, Inc. Class A (a) | 18,448 | 86,890 | |
| 607,968 | ||
Textiles, Apparel & Luxury Goods - 1.2% | |||
Deckers Outdoor Corp. (a) | 473 | 53,775 | |
Fossil, Inc. (a) | 1,663 | 49,757 | |
Lululemon Athletica, Inc. (a) | 793 | 15,360 | |
Maidenform Brands, Inc. (a) | 1,255 | 18,951 | |
Perry Ellis International, Inc. (a) | 2,986 | 50,941 | |
Quiksilver, Inc. (a) | 7,129 | 54,965 | |
| 243,749 | ||
TOTAL CONSUMER DISCRETIONARY | 2,294,943 | ||
CONSUMER STAPLES - 3.6% | |||
Food & Staples Retailing - 1.5% | |||
Casey's General Stores, Inc. | 4,283 | 124,207 | |
Longs Drug Stores Corp. | 1,500 | 107,475 | |
Nash-Finch Co. | 2,177 | 88,647 | |
| 320,329 | ||
Food Products - 1.6% | |||
Darling International, Inc. (a) | 4,090 | 56,156 | |
Flowers Foods, Inc. | 4,124 | 109,039 | |
Ralcorp Holdings, Inc. (a) | 2,291 | 140,667 | |
TreeHouse Foods, Inc. (a) | 805 | 22,347 | |
| 328,209 | ||
Personal Products - 0.5% | |||
Chattem, Inc. (a) | 957 | 67,105 | |
Prestige Brands Holdings, Inc. (a) | 4,275 | 40,613 | |
| 107,718 | ||
TOTAL CONSUMER STAPLES | 756,256 | ||
ENERGY - 6.2% | |||
Energy Equipment & Services - 2.1% | |||
Complete Production Services, Inc. (a) | 2,084 | 61,582 | |
Grey Wolf, Inc. (a) | 12,890 | 112,272 | |
Gulfmark Offshore, Inc. (a) | 1,334 | 66,833 | |
IHS, Inc. Class A (a) | 170 | 10,907 | |
Newpark Resources, Inc. (a) | 4,767 | 40,901 | |
Oil States International, Inc. (a) | 654 | 36,382 | |
T-3 Energy Services, Inc. (a) | 510 | 28,473 | |
Trico Marine Services, Inc. (a) | 1,271 | 30,186 | |
Willbros Group, Inc. (a) | 1,405 | 58,181 | |
| 445,717 | ||
Oil, Gas & Consumable Fuels - 4.1% | |||
Abraxas Petroleum Corp. (a) | 3,790 | 13,682 | |
Berry Petroleum Co. Class A | 2,633 | 109,585 | |
Common Stocks - continued | |||
Shares | Value | ||
ENERGY - continued | |||
Oil, Gas & Consumable Fuels - continued | |||
Callon Petroleum Co. (a) | 1,334 | $ 26,507 | |
Concho Resources, Inc. | 2,357 | 77,003 | |
Endeavor International Corp. (a) | 16,930 | 29,120 | |
Gasco Energy, Inc. (a) | 6,134 | 16,132 | |
Gran Tierra Energy, Inc. (a) | 3,000 | 14,700 | |
Mariner Energy, Inc. (a) | 1,027 | 29,875 | |
McMoRan Exploration Co. (a) | 4,290 | 117,332 | |
Nordic American Tanker Shipping Ltd. | 2,850 | 100,263 | |
Penn Virginia Corp. | 922 | 61,018 | |
Stone Energy Corp. (a) | 2,008 | 95,721 | |
Swift Energy Co. (a) | 1,031 | 48,158 | |
Teekay Tankers Ltd. | 4,298 | 86,605 | |
Whiting Petroleum Corp. (a) | 303 | 29,161 | |
| 854,862 | ||
TOTAL ENERGY | 1,300,579 | ||
FINANCIALS - 17.2% | |||
Capital Markets - 2.2% | |||
Apollo Investment Corp. | 160 | 2,832 | |
BlackRock Kelso Capital Corp. | 4,310 | 48,229 | |
Hercules Technology Growth Capital, Inc. | 3,507 | 36,508 | |
Knight Capital Group, Inc. Class A (a) | 3,914 | 67,477 | |
MCG Capital Corp. | 1,164 | 4,051 | |
MVC Capital, Inc. | 3,157 | 47,134 | |
optionsXpress Holdings, Inc. | 3,183 | 73,432 | |
Patriot Capital Funding, Inc. | 414 | 3,072 | |
PennantPark Investment Corp. | 3,897 | 31,137 | |
Penson Worldwide, Inc. (a) | 2,433 | 40,996 | |
Prospect Capital Corp. | 6,196 | 86,744 | |
Waddell & Reed Financial, Inc. Class A | 550 | 17,710 | |
| 459,322 | ||
Commercial Banks - 5.3% | |||
City Bank Lynnwood, Washington | 131 | 1,592 | |
Columbia Banking Systems, Inc. | 2,496 | 34,944 | |
Community Bank System, Inc. | 2,865 | 64,749 | |
Community Trust Bancorp, Inc. | 133 | 4,461 | |
First Bancorp, Puerto Rico | 5,826 | 55,056 | |
First Financial Bancorp, Ohio | 2,143 | 27,902 | |
First Financial Bankshares, Inc. | 835 | 40,973 | |
Glacier Bancorp, Inc. | 4,938 | 105,278 | |
Green Bankshares, Inc. | 646 | 9,981 | |
Home Bancshares, Inc. | 2,466 | 59,258 | |
Lakeland Financial Corp. | 1,516 | 30,881 | |
MainSource Financial Group, Inc. | 1,599 | 28,958 | |
National Penn Bancshares, Inc. | 6,157 | 87,922 | |
Old Second Bancorp, Inc. | 2,620 | 44,357 | |
Oriental Financial Group, Inc. | 4,720 | 81,562 | |
Pacific Capital Bancorp | 4,204 | 61,841 | |
| |||
Shares | Value | ||
Pennsylvania Communication Bancorp, Inc. (a) | 851 | $ 23,794 | |
Renasant Corp. | 1,621 | 30,653 | |
S&T Bancorp, Inc. | 2,450 | 82,222 | |
Sandy Spring Bancorp, Inc. | 693 | 12,405 | |
Santander Bancorp | 4,753 | 52,188 | |
Smithtown Bancorp, Inc. | 1,551 | 29,485 | |
Suffolk Bancorp | 1,795 | 63,776 | |
Tompkins Financial Corp. | 510 | 23,093 | |
Virginia Commerce Bancorp, Inc. | 3,291 | 17,376 | |
WesBanco, Inc. | 1,968 | 48,767 | |
| 1,123,474 | ||
Consumer Finance - 0.3% | |||
Dollar Financial Corp. (a) | 2,112 | 38,607 | |
EZCORP, Inc. (non-vtg.) Class A (a) | 1,750 | 27,283 | |
| 65,890 | ||
Diversified Financial Services - 0.2% | |||
Encore Capital Group, Inc. (a) | 3,746 | 47,574 | |
Insurance - 3.0% | |||
Amerisafe, Inc. (a) | 5,102 | 94,336 | |
Aspen Insurance Holdings Ltd. | 1,891 | 51,246 | |
Assured Guaranty Ltd. | 2,326 | 37,821 | |
Darwin Professional Underwriters, Inc. (a) | 1,648 | 52,126 | |
FBL Financial Group, Inc. Class A | 513 | 11,773 | |
Harleysville Group, Inc. | 890 | 32,280 | |
IPC Holdings Ltd. | 1,266 | 40,094 | |
Maiden Holdings Ltd. | 6,009 | 39,179 | |
Max Capital Group Ltd. | 852 | 22,152 | |
Navigators Group, Inc. (a) | 1,028 | 53,867 | |
Platinum Underwriters Holdings Ltd. | 1,539 | 55,635 | |
RLI Corp. | 1,542 | 86,213 | |
SeaBright Insurance Holdings, Inc. (a) | 3,716 | 45,112 | |
| 621,834 | ||
Real Estate Investment Trusts - 5.1% | |||
Alexandria Real Estate Equities, Inc. | 142 | 15,295 | |
Ashford Hospitality Trust, Inc. | 6,935 | 31,485 | |
BioMed Realty Trust, Inc. | 3,443 | 92,204 | |
Capstead Mortgage Corp. | 2,250 | 26,415 | |
Digital Realty Trust, Inc. | 528 | 24,219 | |
Extra Space Storage, Inc. | 3,715 | 58,511 | |
First Industrial Realty Trust, Inc. | 728 | 17,174 | |
Highwoods Properties, Inc. (SBI) | 2,312 | 83,856 | |
Home Properties, Inc. | 638 | 33,655 | |
LaSalle Hotel Properties (SBI) | 1,940 | 50,576 | |
Lexington Corporate Properties Trust | 4,946 | 73,745 | |
Mission West Properties, Inc. | 2,334 | 22,733 | |
National Retail Properties, Inc. | 3,974 | 90,170 | |
Nationwide Health Properties, Inc. | 1,202 | 41,373 | |
NorthStar Realty Finance Corp. | 9,819 | 70,206 | |
Omega Healthcare Investors, Inc. | 4,253 | 75,874 | |
Parkway Properties, Inc. | 1,014 | 36,474 | |
Common Stocks - continued | |||
Shares | Value | ||
FINANCIALS - continued | |||
Real Estate Investment Trusts - continued | |||
Pennsylvania Real Estate Investment Trust (SBI) | 1,385 | $ 27,492 | |
PS Business Parks, Inc. | 790 | 42,526 | |
Realty Income Corp. | 2,077 | 53,337 | |
Senior Housing Properties Trust (SBI) | 927 | 20,097 | |
Sunstone Hotel Investors, Inc. | 5,778 | 81,932 | |
| 1,069,349 | ||
Thrifts & Mortgage Finance - 1.1% | |||
First Niagara Financial Group, Inc. | 3,774 | 56,459 | |
Flushing Financial Corp. | 500 | 8,695 | |
Ocwen Financial Corp. (a) | 11,612 | 80,936 | |
Provident Financial Services, Inc. | 3,813 | 58,148 | |
United Financial Bancorp, Inc. | 1,551 | 19,837 | |
| 224,075 | ||
TOTAL FINANCIALS | 3,611,518 | ||
HEALTH CARE - 12.8% | |||
Biotechnology - 2.9% | |||
Alexion Pharmaceuticals, Inc. (a) | 320 | 14,426 | |
Alnylam Pharmaceuticals, Inc. (a) | 2,317 | 68,699 | |
ARIAD Pharmaceuticals, Inc. (a) | 14,748 | 45,866 | |
BioMarin Pharmaceutical, Inc. (a) | 895 | 26,975 | |
Cubist Pharmaceuticals, Inc. (a) | 2,008 | 44,236 | |
GTx, Inc. (a) | 696 | 12,326 | |
Isis Pharmaceuticals, Inc. (a) | 4,951 | 87,534 | |
Martek Biosciences (a) | 1,502 | 50,182 | |
Medarex, Inc. (a) | 3,600 | 26,568 | |
Momenta Pharmaceuticals, Inc. (a) | 1,910 | 27,389 | |
ONYX Pharmaceuticals, Inc. (a) | 224 | 9,155 | |
OSI Pharmaceuticals, Inc. (a) | 2,039 | 102,970 | |
Regeneron Pharmaceuticals, Inc. (a) | 942 | 20,460 | |
Seattle Genetics, Inc. (a) | 1,576 | 17,572 | |
Synta Pharmaceuticals Corp. (a) | 4,359 | 38,621 | |
Targacept, Inc. (a) | 1,576 | 14,420 | |
Theravance, Inc. (a) | 500 | 6,815 | |
| 614,214 | ||
Health Care Equipment & Supplies - 3.8% | |||
American Medical Systems Holdings, Inc. (a) | 3,647 | 64,917 | |
Cardiac Science Corp. (a) | 3,083 | 31,601 | |
CONMED Corp. (a) | 1,511 | 48,292 | |
Cryolife, Inc. (a) | 4,565 | 72,036 | |
Invacare Corp. | 2,929 | 74,484 | |
Masimo Corp. | 2,496 | 99,765 | |
Meridian Bioscience, Inc. | 2,220 | 63,092 | |
Merit Medical Systems, Inc. (a) | 4,184 | 81,002 | |
Quidel Corp. (a) | 4,450 | 86,998 | |
| |||
Shares | Value | ||
Somanetics Corp. (a) | 3,507 | $ 86,974 | |
Steris Corp. | 2,486 | 91,410 | |
| 800,571 | ||
Health Care Providers & Services - 4.1% | |||
Amedisys, Inc. (a) | 823 | 43,800 | |
AMERIGROUP Corp. (a) | 815 | 21,092 | |
AMN Healthcare Services, Inc. (a) | 4,526 | 85,994 | |
AmSurg Corp. (a) | 1,640 | 44,460 | |
Apria Healthcare Group, Inc. (a) | 1,213 | 23,993 | |
Centene Corp. (a) | 2,090 | 47,192 | |
Chemed Corp. | 1,453 | 63,554 | |
Cross Country Healthcare, Inc. (a) | 2,492 | 39,050 | |
Hanger Orthopedic Group, Inc. (a) | 1,996 | 33,792 | |
HealthSouth Corp. (a) | 5,126 | 92,217 | |
Magellan Health Services, Inc. (a) | 759 | 33,062 | |
Medcath Corp. (a) | 527 | 11,209 | |
Molina Healthcare, Inc. (a) | 2,948 | 92,774 | |
Owens & Minor, Inc. | 2,331 | 107,506 | |
PharMerica Corp. (a) | 3,466 | 82,040 | |
RehabCare Group, Inc. (a) | 1,439 | 26,391 | |
| 848,126 | ||
Life Sciences Tools & Services - 0.9% | |||
Albany Molecular Research, Inc. (a) | 1,842 | 32,106 | |
Bio-Rad Laboratories, Inc. Class A (a) | 461 | 49,604 | |
Dionex Corp. (a) | 811 | 52,869 | |
eResearchTechnology, Inc. (a) | 1,978 | 26,683 | |
Kendle International, Inc. (a) | 537 | 26,555 | |
| 187,817 | ||
Pharmaceuticals - 1.1% | |||
Adolor Corp. (a) | 3,825 | 12,470 | |
DepoMed, Inc. (a) | 6,989 | 30,542 | |
Medicis Pharmaceutical Corp. Class A | 2,585 | 53,535 | |
Noven Pharmaceuticals, Inc. (a) | 3,271 | 40,397 | |
Pain Therapeutics, Inc. (a) | 2,194 | 20,514 | |
Sciele Pharma, Inc. | 1,909 | 36,786 | |
ViroPharma, Inc. (a) | 2,844 | 41,665 | |
XenoPort, Inc. (a) | 75 | 3,662 | |
| 239,571 | ||
TOTAL HEALTH CARE | 2,690,299 | ||
INDUSTRIALS - 17.5% | |||
Aerospace & Defense - 2.3% | |||
Ceradyne, Inc. (a) | 543 | 24,468 | |
Cubic Corp. | 2,242 | 62,081 | |
Curtiss-Wright Corp. | 350 | 18,855 | |
Esterline Technologies Corp. (a) | 2,223 | 125,577 | |
Hexcel Corp. (a) | 1,955 | 40,625 | |
Teledyne Technologies, Inc. (a) | 1,786 | 111,321 | |
TransDigm Group, Inc. (a) | 2,711 | 101,825 | |
| 484,752 | ||
Common Stocks - continued | |||
Shares | Value | ||
INDUSTRIALS - continued | |||
Air Freight & Logistics - 1.1% | |||
Atlas Air Worldwide Holdings, Inc. (a) | 1,321 | $ 76,275 | |
Hub Group, Inc. Class A (a) | 2,605 | 104,044 | |
Pacer International, Inc. | 2,533 | 53,396 | |
| 233,715 | ||
Airlines - 0.2% | |||
SkyWest, Inc. | 2,358 | 40,298 | |
Building Products - 0.8% | |||
Gibraltar Industries, Inc. | 4,073 | 87,610 | |
Insteel Industries, Inc. | 4,588 | 78,455 | |
| 166,065 | ||
Commercial Services & Supplies - 3.5% | |||
Administaff, Inc. | 724 | 19,838 | |
Cenveo, Inc. (a) | 7,891 | 81,830 | |
Comfort Systems USA, Inc. | 5,703 | 86,914 | |
Comsys IT Partners, Inc. (a) | 2,499 | 29,588 | |
CoStar Group, Inc. (a) | 730 | 38,551 | |
Deluxe Corp. | 1,655 | 27,324 | |
Heidrick & Struggles International, Inc. | 1,615 | 49,031 | |
Knoll, Inc. | 3,195 | 52,622 | |
Korn/Ferry International (a) | 1,062 | 18,882 | |
MPS Group, Inc. (a) | 5,660 | 65,203 | |
Navigant Consulting, Inc. (a) | 2,559 | 44,296 | |
On Assignment, Inc. (a) | 9,787 | 92,487 | |
Waste Connections, Inc. (a) | 225 | 8,170 | |
Watson Wyatt Worldwide, Inc. Class A | 2,150 | 125,969 | |
| 740,705 | ||
Construction & Engineering - 1.3% | |||
EMCOR Group, Inc. (a) | 3,726 | 126,945 | |
MasTec, Inc. (a) | 4,785 | 67,564 | |
Perini Corp. (a) | 2,685 | 71,716 | |
| 266,225 | ||
Electrical Equipment - 2.9% | |||
Acuity Brands, Inc. | 927 | 40,334 | |
Belden, Inc. | 1,505 | 55,294 | |
Brady Corp. Class A | 3,179 | 116,701 | |
Encore Wire Corp. | 1,200 | 22,884 | |
GrafTech International Ltd. (a) | 4,982 | 101,234 | |
II-VI, Inc. (a) | 2,199 | 96,558 | |
Regal-Beloit Corp. | 923 | 43,335 | |
Woodward Governor Co. | 2,831 | 131,160 | |
| 607,500 | ||
Machinery - 4.0% | |||
Actuant Corp. Class A | 2,077 | 65,529 | |
CIRCOR International, Inc. | 1,524 | 91,836 | |
Columbus McKinnon Corp. (NY Shares) (a) | 2,887 | 78,786 | |
Gorman-Rupp Co. | 330 | 13,276 | |
Graham Corp. | 362 | 33,811 | |
Middleby Corp. (a) | 951 | 50,745 | |
| |||
Shares | Value | ||
Nordson Corp. | 1,526 | $ 81,839 | |
Robbins & Myers, Inc. | 2,021 | 90,642 | |
TriMas Corp. (a) | 3,571 | 27,604 | |
Valmont Industries, Inc. | 350 | 37,359 | |
Wabtec Corp. | 2,408 | 142,241 | |
Watts Water Technologies, Inc. Class A | 2,636 | 74,941 | |
Xerium Technologies, Inc. | 5,664 | 43,669 | |
| 832,278 | ||
Road & Rail - 0.7% | |||
Arkansas Best Corp. | 1,773 | 61,381 | |
Werner Enterprises, Inc. | 3,330 | 75,957 | |
| 137,338 | ||
Trading Companies & Distributors - 0.7% | |||
Applied Industrial Technologies, Inc. | 1,809 | 52,660 | |
Beacon Roofing Supply, Inc. (a) | 6,077 | 98,934 | |
| 151,594 | ||
TOTAL INDUSTRIALS | 3,660,470 | ||
INFORMATION TECHNOLOGY - 16.4% | |||
Communications Equipment - 3.1% | |||
3Com Corp. (a) | 39,612 | 83,977 | |
Adtran, Inc. | 2,762 | 62,974 | |
BigBand Networks, Inc. (a) | 12,526 | 43,966 | |
Blue Coat Systems, Inc. (a) | 2,591 | 48,193 | |
Emulex Corp. (a) | 3,860 | 51,801 | |
Foundry Networks, Inc. (a) | 3,816 | 70,176 | |
Infinera Corp. (a) | 2,718 | 29,952 | |
NETGEAR, Inc. (a) | 612 | 10,312 | |
Polycom, Inc. (a) | 2,886 | 80,923 | |
Powerwave Technologies, Inc. (a) | 9,235 | 46,637 | |
Tekelec (a) | 6,101 | 100,117 | |
ViaSat, Inc. (a) | 330 | 8,656 | |
| 637,684 | ||
Computers & Peripherals - 0.9% | |||
Electronics for Imaging, Inc. (a) | 3,475 | 57,650 | |
Intevac, Inc. (a) | 542 | 5,518 | |
Isilon Systems, Inc. (a) | 7,627 | 38,593 | |
Novatel Wireless, Inc. (a) | 5,985 | 37,287 | |
Rackable Systems, Inc. (a) | 3,885 | 40,249 | |
| 179,297 | ||
Electronic Equipment & Instruments - 2.0% | |||
Anixter International, Inc. (a) | 1,140 | 84,143 | |
Checkpoint Systems, Inc. (a) | 2,338 | 49,776 | |
CTS Corp. | 4,099 | 54,271 | |
Insight Enterprises, Inc. (a) | 3,954 | 65,795 | |
Mercury Computer Systems, Inc. (a) | 3,802 | 35,169 | |
Sanmina-SCI Corp. (a) | 26,602 | 62,515 | |
Technitrol, Inc. | 2,855 | 45,138 | |
TTM Technologies, Inc. (a) | 1,972 | 23,625 | |
| 420,432 | ||
Common Stocks - continued | |||
Shares | Value | ||
INFORMATION TECHNOLOGY - continued | |||
Internet Software & Services - 2.1% | |||
Chordiant Software, Inc. (a) | 4,708 | $ 28,013 | |
EarthLink, Inc. (a) | 7,126 | 66,414 | |
Greenfield Online, Inc. (a) | 4,096 | 71,066 | |
InfoSpace, Inc. | 5,445 | 63,707 | |
Interwoven, Inc. (a) | 3,222 | 47,428 | |
j2 Global Communications, Inc. (a) | 320 | 7,894 | |
LoopNet, Inc. (a) | 4,202 | 44,793 | |
NIC, Inc. | 1,225 | 8,477 | |
SonicWALL, Inc. (a) | 1,810 | 11,837 | |
United Online, Inc. | 6,466 | 68,087 | |
Vignette Corp. (a) | 1,695 | 23,103 | |
| 440,819 | ||
IT Services - 1.2% | |||
Acxiom Corp. | 5,620 | 81,209 | |
CSG Systems International, Inc. (a) | 1,494 | 28,237 | |
Global Cash Access Holdings, Inc. (a) | 3,375 | 20,216 | |
Maximus, Inc. | 906 | 33,522 | |
SAIC, Inc. (a) | 2,883 | 57,804 | |
Sapient Corp. (a) | 4,225 | 39,166 | |
| 260,154 | ||
Semiconductors & Semiconductor Equipment - 3.2% | |||
Advanced Energy Industries, Inc. (a) | 828 | 13,356 | |
Amkor Technology, Inc. (a) | 7,831 | 58,811 | |
Applied Micro Circuits Corp. (a) | 6,374 | 50,737 | |
Atheros Communications, Inc. (a) | 3,265 | 106,472 | |
MKS Instruments, Inc. (a) | 1,675 | 37,755 | |
ON Semiconductor Corp. (a) | 2,742 | 25,967 | |
PMC-Sierra, Inc. (a) | 3,939 | 35,451 | |
Silicon Image, Inc. (a) | 11,276 | 78,143 | |
Skyworks Solutions, Inc. (a) | 9,803 | 95,089 | |
TriQuint Semiconductor, Inc. (a) | 14,491 | 91,148 | |
Ultratech, Inc. (a) | 1,424 | 21,146 | |
Veeco Instruments, Inc. (a) | 3,189 | 53,607 | |
| 667,682 | ||
Software - 3.9% | |||
Ansys, Inc. (a) | 1,003 | 44,483 | |
Jack Henry & Associates, Inc. | 3,277 | 65,638 | |
JDA Software Group, Inc. (a) | 3,787 | 69,037 | |
Macrovision Solutions Corp. (a) | 1,380 | 21,418 | |
Manhattan Associates, Inc. (a) | 1,992 | 48,824 | |
MICROS Systems, Inc. (a) | 1,067 | 32,885 | |
MicroStrategy, Inc. Class A (a) | 215 | 13,794 | |
Net 1 UEPS Technologies, Inc. (a) | 1,056 | 28,322 | |
Parametric Technology Corp. (a) | 4,434 | 89,035 | |
Quest Software, Inc. (a) | 1,955 | 28,914 | |
Secure Computing Corp. (a) | 2,375 | 10,165 | |
Solera Holdings, Inc. (a) | 3,560 | 109,755 | |
SPSS, Inc. (a) | 2,059 | 65,023 | |
Sybase, Inc. (a) | 3,626 | 124,771 | |
| |||
Shares | Value | ||
TIBCO Software, Inc. (a) | 2,471 | $ 20,237 | |
Vasco Data Security International, Inc. (a) | 3,803 | 52,557 | |
| 824,858 | ||
TOTAL INFORMATION TECHNOLOGY | 3,430,926 | ||
MATERIALS - 4.3% | |||
Chemicals - 1.4% | |||
H.B. Fuller Co. | 3,263 | 85,066 | |
Hercules, Inc. | 1,640 | 35,342 | |
Innophos Holdings, Inc. | 2,214 | 83,003 | |
Innospec, Inc. | 1,860 | 29,183 | |
PolyOne Corp. (a) | 6,948 | 57,043 | |
W.R. Grace & Co. (a) | 410 | 10,779 | |
| 300,416 | ||
Containers & Packaging - 0.9% | |||
Rock-Tenn Co. Class A | 2,166 | 79,449 | |
Silgan Holdings, Inc. | 2,159 | 113,002 | |
| 192,451 | ||
Metals & Mining - 1.3% | |||
Compass Minerals International, Inc. | 1,372 | 95,038 | |
Universal Stainless & Alloy Products, Inc. (a) | 2,082 | 75,264 | |
Worthington Industries, Inc. | 5,101 | 89,778 | |
| 260,080 | ||
Paper & Forest Products - 0.7% | |||
Buckeye Technologies, Inc. (a) | 5,526 | 50,894 | |
Glatfelter | 5,487 | 80,494 | |
Mercer International, Inc. (SBI) (a) | 2,294 | 14,016 | |
| 145,404 | ||
TOTAL MATERIALS | 898,351 | ||
TELECOMMUNICATION SERVICES - 2.2% | |||
Diversified Telecommunication Services - 1.6% | |||
Cincinnati Bell, Inc. (a) | 26,963 | 105,156 | |
Consolidated Communications Holdings, Inc. | 3,279 | 49,546 | |
Iowa Telecommunication Services, Inc. | 4,354 | 80,070 | |
NTELOS Holdings Corp. | 3,514 | 104,542 | |
| 339,314 | ||
Wireless Telecommunication Services - 0.6% | |||
Syniverse Holdings, Inc. (a) | 4,994 | 82,850 | |
USA Mobility, Inc. | 3,645 | 41,079 | |
| 123,929 | ||
TOTAL TELECOMMUNICATION SERVICES | 463,243 | ||
UTILITIES - 2.3% | |||
Electric Utilities - 0.9% | |||
Central Vermont Public Service Corp. | 500 | 12,150 | |
El Paso Electric Co. (a) | 3,024 | 64,381 | |
Common Stocks - continued | |||
Shares | Value | ||
UTILITIES - continued | |||
Electric Utilities - continued | |||
Portland General Electric Co. | 3,577 | $ 91,643 | |
Westar Energy, Inc. | 491 | 11,121 | |
| 179,295 | ||
Gas Utilities - 0.7% | |||
New Jersey Resources Corp. | 767 | 27,750 | |
Northwest Natural Gas Co. | 835 | 40,690 | |
Southwest Gas Corp. | 420 | 12,747 | |
WGL Holdings, Inc. | 2,305 | 74,221 | |
| 155,408 | ||
Independent Power Producers & Energy Traders - 0.1% | |||
Black Hills Corp. | 690 | 23,329 | |
Multi-Utilities - 0.2% | |||
Avista Corp. | 2,321 | 51,758 | |
Water Utilities - 0.4% | |||
American States Water Co. | 1,884 | 74,437 | |
TOTAL UTILITIES | 484,227 | ||
TOTAL COMMON STOCKS (Cost $19,380,914) | 19,590,812 |
U.S. Treasury Obligations - 0.6% | ||||
| Principal Amount |
| ||
U.S. Treasury Bills, yield at date of purchase 1.78% 9/25/08 (b) | $ 130,000 | 129,869 |
Money Market Funds - 4.2% | |||
Shares | Value | ||
Dreyfus Cash Management, 2.66% (c) | 882,614 | $ 882,614 | |
TOTAL INVESTMENT PORTFOLIO - 98.3% (Cost $20,393,368) | 20,603,295 | ||
NET OTHER ASSETS - 1.7% | 361,507 | ||
NET ASSETS - 100% | $ 20,964,802 |
Futures Contracts | |||||
Expiration Date | Underlying Face Amount at Value | Unrealized Appreciation/(Depreciation) | |||
Purchased | |||||
Equity Index Contracts | |||||
17 CME E-mini Russell 2000 Index Contracts | Sept. 2008 | $ 1,257,830 | $ 41,590 |
|
The face value of futures purchased as a percentage of net assets - 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 $129,869. |
(c) The rate quoted is the annualized seven-day yield at period end. |
Other Information |
The following is a summary of the inputs used, as of August 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | 20,603,295 | 20,473,426 | 129,869 | - |
Other Financial Instruments* | 41,590 | 41,590 | - | - |
*Other financial instruments include Futures Contracts. |
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. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Small Cap Enhanced Index Fund
Financial Statements
Statement of Assets and Liabilities
| August 31, 2008 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $20,393,368) |
| $ 20,603,295 |
Receivable for fund shares sold | 401,790 | |
Dividends receivable | 13,199 | |
Interest receivable | 4,209 | |
Total assets | 21,022,493 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 41,317 | |
Accrued management fee | 7,560 | |
Payable for daily variation on futures contracts | 6,633 | |
Other affiliated payables | 2,181 | |
Total liabilities | 57,691 | |
|
|
|
Net Assets | $ 20,964,802 | |
Net Assets consist of: |
| |
Paid in capital | $ 21,001,171 | |
Undistributed net investment income | 43,412 | |
Accumulated undistributed net realized gain (loss) on investments | (331,297) | |
Net unrealized appreciation (depreciation) on investments | 251,516 | |
Net Assets, for 2,214,225 shares outstanding | $ 20,964,802 | |
Net Asset Value, offering price and redemption price per share ($20,964,802 ÷ 2,214,225 shares) | $ 9.47 |
Statement of Operations
| Six months ended August 31, 2008 (Unaudited) | |
|
|
|
Investment Income |
|
|
Dividends |
| $ 65,945 |
Interest |
| 16,376 |
Total income |
| 82,321 |
|
|
|
Expenses | ||
Management fee | $ 28,713 | |
Transfer agent fees | 8,372 | |
Independent trustees' compensation | 458 | |
Total expenses before reductions | 37,543 | |
Expense reductions | (7) | 37,536 |
Net investment income (loss) | 44,785 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (210,627) | |
Futures contracts | (50,510) | |
Total net realized gain (loss) |
| (261,137) |
Change in net unrealized appreciation (depreciation) on: Investment securities | 661,483 | |
Futures contracts | 44,622 | |
Total change in net unrealized appreciation (depreciation) |
| 706,105 |
Net gain (loss) | 444,968 | |
Net increase (decrease) in net assets resulting from operations | $ 489,753 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended August 31, 2008 (Unaudited) | For the period December 20, 2007 (commencement of operations) to |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 44,785 | $ 12,670 |
Net realized gain (loss) | (261,137) | (70,893) |
Change in net unrealized appreciation (depreciation) | 706,105 | (454,589) |
Net increase (decrease) in net assets resulting from operations | 489,753 | (512,812) |
Distributions to shareholders from net investment income | (13,310) | - |
Share transactions | 14,896,354 | 6,870,474 |
Reinvestment of distributions | 12,941 | - |
Cost of shares redeemed | (767,843) | (15,000) |
Net increase (decrease) in net assets resulting from share transactions | 14,141,452 | 6,855,474 |
Redemption fees | 4,020 | 225 |
Total increase (decrease) in net assets | 14,621,915 | 6,342,887 |
|
|
|
Net Assets | ||
Beginning of period | 6,342,887 | - |
End of period (including undistributed net investment income of $43,412 and undistributed net investment income of $11,937, respectively) | $ 20,964,802 | $ 6,342,887 |
Other Information Shares | ||
Sold | 1,593,971 | 704,199 |
Issued in reinvestment of distributions | 1,439 | - |
Redeemed | (83,730) | (1,654) |
Net increase (decrease) | 1,511,680 | 702,545 |
Financial Highlights
| Six months ended August 31, 2008 | Year ended February 29, |
(Unaudited) | 2008 E | |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 9.03 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment income (loss) D | .04 | .02 |
Net realized and unrealized gain (loss) | .42 | (.99) |
Total from investment operations | .46 | (.97) |
Distributions from net investment income | (.02) | - |
Redemption fees added to paid in capital D, G | - | - |
Net asset value, end of period | $ 9.47 | $ 9.03 |
Total Return B, C | 5.05% | (9.70)% |
Ratios to Average Net Assets F |
|
|
Expenses before reductions | .67% A | .67%A |
Expenses net of fee waivers, if any | .67%A | .67%A |
Expenses net of all reductions | .67%A | .67%A |
Net investment income (loss) | .80%A | 1.19%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 20,965 | $ 6,343 |
Portfolio turnover rate | 147%A | 16% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E 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. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity International Enhanced Index Fund
Investment Changes (Unaudited)
Geographic Diversification (% of fund's net assets) | |||
As of August 31, 2008 | |||
![]() | Japan | 19.2% |
|
![]() | United Kingdom | 17.4% |
|
![]() | United States of America | 14.6% |
|
![]() | France | 8.2% |
|
![]() | Germany | 7.8% |
|
![]() | Switzerland | 6.4% |
|
![]() | Australia | 4.5% |
|
![]() | Spain | 3.7% |
|
![]() | Netherlands | 2.4% |
|
![]() | Other | 15.8% |
|
Percentages are adjusted for the effect of futures contracts, if applicable. |
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 | % of fund's net assets |
Investment Companies | 1.4 | 4.1 |
Stocks and Equity Futures | 98.3 | 96.2 |
Short-Term Investments and Net Other Assets | 0.3 | (0.3) |
Percentages are adjusted for the effect of futures contracts, if applicable. |
Top Ten Stocks as of August 31, 2008 | ||
| % of fund's | % of fund's net assets |
iShares MSCI EAFE Index ETF (United States of America, Investment Companies) | 1.4 | 4.1 |
Novartis AG (Reg.) (Switzerland, Pharmaceuticals) | 1.4 | 0.7 |
BP PLC (United Kingdom, Oil, Gas & Consumable Fuels) | 1.2 | 1.3 |
Total SA Series B (France, Oil, Gas & Consumable Fuels) | 1.1 | 1.2 |
HSBC Holdings PLC (United Kingdom) (Reg.) (United Kingdom, Commercial Banks) | 1.1 | 1.1 |
Nestle SA (Reg.) (Switzerland, Food Products) | 1.1 | 1.4 |
Telefonica SA (Spain, Diversified Telecommunication Services) | 1.1 | 0.7 |
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services) | 1.0 | 1.3 |
Toyota Motor Corp. (Japan, Automobiles) | 0.9 | 1.0 |
BHP Billiton Ltd. (Australia, Metals & Mining) | 0.9 | 0.9 |
| 11.2 | |
Market Sectors as of August 31, 2008 | ||
| % of fund's | % of fund's net assets |
Financials | 19.9 | 21.7 |
Industrials | 10.6 | 10.4 |
Consumer Discretionary | 10.0 | 9.7 |
Materials | 9.1 | 8.9 |
Health Care | 7.5 | 5.2 |
Energy | 7.3 | 6.9 |
Consumer Staples | 6.8 | 7.3 |
Telecommunication Services | 5.5 | 5.7 |
Utilities | 4.9 | 5.5 |
Information Technology | 4.2 | 4.1 |
Semiannual Report
Fidelity International Enhanced Index Fund
Investments August 31, 2008 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 85.6% | |||
Shares | Value | ||
Australia - 4.5% | |||
ASX Ltd. | 506 | $ 15,361 | |
Australia & New Zealand Banking Group Ltd. | 271 | 3,865 | |
Babcock & Brown Ltd. | 1,620 | 3,449 | |
BHP Billiton Ltd. | 2,778 | 97,551 | |
Commonwealth Bank of Australia | 1,000 | 36,403 | |
Computershare Ltd. | 2,662 | 20,683 | |
CSL Ltd. | 350 | 12,335 | |
DEXUS Property Group unit | 7,260 | 9,225 | |
Incitec Pivot Ltd. | 161 | 22,064 | |
Leighton Holdings Ltd. | 463 | 18,488 | |
Macquarie Group Ltd. | 352 | 13,309 | |
National Australia Bank Ltd. | 360 | 7,572 | |
Newcrest Mining Ltd. | 1,090 | 25,641 | |
Qantas Airways Ltd. | 4,787 | 13,891 | |
Rio Tinto Ltd. | 325 | 35,576 | |
Santos Ltd. | 500 | 8,628 | |
Telstra Corp. Ltd. | 8,790 | 32,828 | |
Toll Holdings Ltd. | 2,200 | 13,146 | |
Virgin Blue Holdings Ltd. | 2,200 | 1,086 | |
Westpac Banking Corp. | 294 | 5,944 | |
Woodside Petroleum Ltd. | 702 | 38,000 | |
Woolworths Ltd. | 2,255 | 54,906 | |
TOTAL AUSTRALIA | 489,951 | ||
Austria - 1.0% | |||
Erste Bank AG | 650 | 39,075 | |
OMV AG | 170 | 10,913 | |
Raiffeisen International Bank Holding AG | 250 | 27,502 | |
Vienna Insurance Group | 265 | 16,560 | |
voestalpine AG | 251 | 13,646 | |
TOTAL AUSTRIA | 107,696 | ||
Belgium - 0.8% | |||
Colruyt NV | 97 | 26,492 | |
Fortis | 772 | 10,736 | |
KBC Groupe SA | 228 | 21,764 | |
Mobistar SA | 225 | 16,714 | |
Umicore SA | 200 | 8,793 | |
TOTAL BELGIUM | 84,499 | ||
China - 0.3% | |||
Tencent Holdings Ltd. | 3,800 | 32,622 | |
Denmark - 1.3% | |||
Carlsberg AS Series B | 300 | 26,643 | |
East Asiatic Co. Ltd. | 350 | 21,205 | |
Novo Nordisk AS Series B | 550 | 30,996 | |
Sydbank AS | 350 | 11,411 | |
Vestas Wind Systems AS (a) | 350 | 47,642 | |
TOTAL DENMARK | 137,897 | ||
Finland - 1.4% | |||
Fortum Oyj | 300 | 12,340 | |
| |||
Shares | Value | ||
KCI Konecranes Oyj | 613 | $ 20,332 | |
Nokia Corp. | 3,041 | 76,133 | |
Outokumpu Oyj (A Shares) | 370 | 8,912 | |
Rautaruukki Oyj (K Shares) | 420 | 14,337 | |
Wartsila Corp. | 322 | 18,587 | |
TOTAL FINLAND | 150,641 | ||
France - 8.2% | |||
Accor SA | 341 | 22,635 | |
Aeroports de Paris | 260 | 22,739 | |
Atos Origin SA | 100 | 5,395 | |
AXA SA | 1,047 | 33,405 | |
BNP Paribas SA | 491 | 44,282 | |
Carrefour SA | 200 | 10,600 | |
Casino Guichard Perrachon et Compagnie | 235 | 23,090 | |
CNP Assurances | 105 | 12,629 | |
Credit Agricole SA | 1,185 | 25,241 | |
Dassault Systemes SA | 130 | 7,880 | |
Eurazeo SA | 42 | 4,137 | |
France Telecom SA | 2,454 | 72,351 | |
GDF Suez | 1,322 | 76,409 | |
Groupe Danone | 45 | 3,142 | |
Klepierre SA | 325 | 13,011 | |
L'Air Liquide SA | 79 | 9,620 | |
L'Oreal SA | 21 | 2,092 | |
Lafarge SA (Bearer) | 212 | 25,694 | |
Legrand SA | 1,005 | 25,800 | |
PagesJaunes Groupe SA | 1,573 | 22,614 | |
Peugeot Citroen SA | 382 | 18,223 | |
Sanofi-Aventis | 704 | 49,942 | |
SCOR SE | 1,210 | 27,992 | |
Societe Des Autoroutes Paris-Rhin-Rhone | 207 | 17,967 | |
Societe Generale Series A | 228 | 22,108 | |
Suez Environnement SA (a) | 185 | 5,314 | |
Technip SA | 446 | 36,737 | |
Total SA Series B | 1,660 | 119,240 | |
Unibail-Rodamco | 210 | 43,778 | |
Veolia Environnement | 180 | 9,677 | |
VINCI SA | 121 | 6,896 | |
Vivendi | 1,650 | 63,997 | |
TOTAL FRANCE | 884,637 | ||
Germany - 7.8% | |||
Adidas-Salomon AG | 283 | 16,627 | |
Allianz AG (Reg.) | 310 | 51,635 | |
Altana AG | 1,407 | 22,498 | |
BASF AG | 1,270 | 73,366 | |
Bayer AG | 810 | 64,176 | |
Bilfinger Berger AG | 242 | 17,079 | |
Commerzbank AG | 773 | 22,781 | |
Daimler AG (Reg.) | 1,041 | 60,676 | |
Deutsche Bank AG | 146 | 12,398 | |
Common Stocks - continued | |||
Shares | Value | ||
Germany - continued | |||
Deutsche Boerse AG | 309 | $ 29,382 | |
Deutsche Postbank AG | 120 | 7,856 | |
Deutsche Telekom AG (Reg.) | 1,316 | 21,789 | |
E.ON AG | 1,626 | 95,053 | |
GEA Group AG | 427 | 13,467 | |
MAN AG | 254 | 24,909 | |
Muenchener Rueckversicherungs-Gesellschaft AG (Reg.) | 350 | 54,516 | |
RWE AG | 579 | 62,539 | |
Salzgitter AG | 167 | 25,747 | |
SAP AG | 138 | 7,732 | |
Siemens AG (Reg.) | 453 | 49,169 | |
Thyssenkrupp AG | 460 | 23,085 | |
TUI AG | 856 | 17,065 | |
Volkswagen AG | 145 | 43,392 | |
Wacker Chemie AG | 129 | 23,795 | |
TOTAL GERMANY | 840,732 | ||
Greece - 0.9% | |||
Alpha Bank AE | 560 | 14,360 | |
Coca-Cola Hellenic Bottling Co. SA | 785 | 19,231 | |
Greek Organization of Football Prognostics SA | 500 | 17,603 | |
National Bank of Greece SA | 618 | 27,469 | |
Public Power Corp. of Greece | 710 | 17,956 | |
TOTAL GREECE | 96,619 | ||
Hong Kong - 2.3% | |||
Bank of East Asia Ltd. | 4,800 | 19,158 | |
BOC Hong Kong Holdings Ltd. | 13,500 | 30,271 | |
Citic International Financial Holdings Ltd. (a) | 18,900 | 15,256 | |
Esprit Holdings Ltd. | 3,700 | 30,815 | |
Hang Lung Group Ltd. | 4,000 | 17,169 | |
Hang Seng Bank Ltd. | 2,100 | 41,733 | |
Hong Kong Exchanges & Clearing Ltd. | 1,000 | 13,069 | |
Hutchison Whampoa Ltd. | 3,000 | 28,041 | |
Sun Hung Kai Properties Ltd. | 2,495 | 34,398 | |
Tingyi (Cayman Island) Holding Corp. | 14,000 | 16,808 | |
Wharf Holdings Ltd. | 1,000 | 3,652 | |
TOTAL HONG KONG | 250,370 | ||
Ireland - 0.2% | |||
Elan Corp. PLC (a) | 120 | 1,623 | |
Elan Corp. PLC (a) | 140 | 1,909 | |
Paddy Power PLC: | |||
(Ireland) | 848 | 19,879 | |
(United Kingdom) | 45 | 1,052 | |
TOTAL IRELAND | 24,463 | ||
Italy - 2.1% | |||
A2A SpA | 5,853 | 18,331 | |
Assicurazioni Generali SpA | 839 | 28,025 | |
| |||
Shares | Value | ||
Banca Carige SpA | 5,869 | $ 19,656 | |
Enel SpA | 1,016 | 9,352 | |
ENI SpA | 1,314 | 42,620 | |
Fiat SpA | 1,522 | 23,635 | |
Intesa Sanpaolo SpA | 2,124 | 11,444 | |
Mediaset SpA | 3,550 | 25,882 | |
Mediobanca SpA | 1,100 | 15,717 | |
Telecom Italia SpA | 806 | 1,296 | |
UniCredit SpA | 3,863 | 20,877 | |
Unipol Gruppo Finanziario SpA | 5,000 | 12,506 | |
TOTAL ITALY | 229,341 | ||
Japan - 19.2% | |||
Aeon Co. Ltd. | 500 | 5,735 | |
Aisin Seiki Co. Ltd. | 500 | 13,164 | |
Alfresa Holdings Corp. | 100 | 6,503 | |
Asahi Glass Co. Ltd. | 2,000 | 21,233 | |
Astellas Pharma, Inc. | 1,100 | 49,548 | |
Canon, Inc. | 1,100 | 49,330 | |
Central Japan Ry Co. | 4 | 41,553 | |
Chuo Mitsui Trust Holdings, Inc. | 4,000 | 22,054 | |
Citizen Holdings Co. Ltd. | 400 | 2,762 | |
Daiichi Sankyo Co. Ltd. | 600 | 18,052 | |
Daiwa House Industry Co. Ltd. | 2,000 | 19,654 | |
Denso Corp. | 800 | 20,740 | |
Eisai Co. Ltd. | 600 | 23,862 | |
Fuji Electric Holdings Co. Ltd. | 5,000 | 11,775 | |
Fujifilm Holdings Corp. | 900 | 24,766 | |
Furukawa Electric Co. Ltd. | 7,000 | 36,098 | |
Hankyu Hanshin Holdings, Inc. | 1,000 | 4,405 | |
Hitachi Cable Ltd. | 5,000 | 18,010 | |
Hitachi Ltd. | 4,000 | 29,461 | |
Hokkaido Electric Power Co., Inc. | 300 | 6,704 | |
Hokuhoku Financial Group, Inc. | 1,000 | 2,391 | |
Honda Motor Co. Ltd. | 1,200 | 38,975 | |
Inpex Holdings, Inc. | 2 | 21,779 | |
Ishikawajima-Harima Heavy Industries Co. Ltd. | 11,000 | 18,830 | |
Itochu Corp. | 4,000 | 32,181 | |
Japan Tobacco, Inc. | 6 | 28,477 | |
JFE Holdings, Inc. | 1,000 | 42,262 | |
Kansai Electric Power Co., Inc. | 900 | 22,086 | |
KDDI Corp. | 7 | 40,764 | |
Kyushu Electric Power Co., Inc. | 900 | 19,819 | |
Leopalace21 Corp. | 700 | 7,126 | |
Makita Corp. | 500 | 12,925 | |
Matsushita Electric Industrial Co. Ltd. | 2,000 | 41,110 | |
Matsushita Electric Works Co. Ltd. | 2,000 | 18,487 | |
Mitsubishi Corp. | 200 | 5,494 | |
Mitsubishi Electric Corp. | 4,000 | 33,925 | |
Mitsubishi Materials Corp. | 3,000 | 10,646 | |
Mitsubishi UFJ Financial Group, Inc. | 9,700 | 73,734 | |
Mitsubishi UFJ Lease & Finance Co. Ltd. | 610 | 21,358 | |
Mitsui & Co. Ltd. | 2,000 | 34,100 | |
Common Stocks - continued | |||
Shares | Value | ||
Japan - continued | |||
Mitsui O.S.K. Lines Ltd. | 2,000 | $ 23,705 | |
Mizuho Financial Group, Inc. | 15 | 63,857 | |
Nidec Corp. | 100 | 6,722 | |
Nikon Corp. | 2,000 | 64,915 | |
Nintendo Co. Ltd. | 150 | 73,320 | |
Nippon Electric Glass Co. Ltd. | 2,000 | 26,679 | |
Nippon Mining Holdings, Inc. | 1,000 | 5,555 | |
Nippon Oil Corp. | 3,000 | 18,712 | |
Nippon Telegraph & Telephone Corp. | 7 | 34,415 | |
Nomura Real Estate Holdings, Inc. | 900 | 18,445 | |
NTT Data Corp. | 5 | 20,524 | |
NTT DoCoMo, Inc. | 5 | 7,880 | |
Olympus Corp. | 2,000 | 64,983 | |
Omron Corp. | 100 | 1,758 | |
ORIX Corp. | 290 | 35,330 | |
Osaka Gas Co. Ltd. | 2,000 | 7,277 | |
Resona Holdings, Inc. | 10 | 11,640 | |
Sankyo Co. Ltd. (Gunma) | 200 | 9,470 | |
Sanyo Electric Co. Ltd. (a) | 15,000 | 29,910 | |
Seiko Epson Corp. | 300 | 8,655 | |
Sekisui Chemical Co. Ltd. | 3,000 | 18,581 | |
Shikoku Electric Power Co., Inc. | 500 | 13,357 | |
Shin-Etsu Chemical Co. Ltd. | 600 | 33,380 | |
Showa Denko KK | 4,000 | 10,635 | |
Sompo Japan Insurance, Inc. | 3,000 | 27,051 | |
Sony Corp. | 600 | 22,938 | |
Sumitomo Corp. | 2,500 | 31,148 | |
Sumitomo Electric Industries Ltd. | 2,500 | 28,690 | |
Sumitomo Heavy Industries Ltd. | 2,000 | 9,726 | |
Sumitomo Metal Mining Co. Ltd. | 500 | 6,371 | |
Sumitomo Mitsui Financial Group, Inc. | 9 | 54,491 | |
Suzuki Motor Corp. | 2,000 | 42,153 | |
Takeda Pharmaceutical Co. Ltd. | 1,300 | 67,916 | |
TDK Corp. | 300 | 17,380 | |
Tokyo Electric Power Co. | 200 | 5,706 | |
Tokyu Land Corp. | 3,000 | 12,657 | |
Toshiba Corp. | 3,000 | 16,734 | |
Toyo Suisan Kaisha Ltd. | 1,500 | 37,409 | |
Toyota Motor Corp. | 2,200 | 98,165 | |
Yahoo! Japan Corp. | 33 | 12,648 | |
Yamazaki Baking Co. Ltd. | 2,000 | 23,597 | |
TOTAL JAPAN | 2,076,363 | ||
Luxembourg - 0.5% | |||
ArcelorMittal SA (France) | 634 | 49,999 | |
Netherlands - 2.4% | |||
Akzo Nobel NV | 484 | 29,650 | |
EADS NV | 1,330 | 29,910 | |
Heineken Holding NV (A Shares) | 538 | 23,921 | |
ING Groep NV (Certificaten Van Aandelen) | 769 | 23,956 | |
Koninklijke Ahold NV | 3,015 | 37,727 | |
| |||
Shares | Value | ||
Koninklijke KPN NV | 950 | $ 16,166 | |
Koninklijke Philips Electronics NV | 258 | 8,382 | |
Reed Elsevier NV | 1,950 | 32,696 | |
Royal DSM NV | 490 | 28,271 | |
Unilever NV (Certificaten Van Aandelen) | 959 | 26,511 | |
TOTAL NETHERLANDS | 257,190 | ||
Norway - 1.2% | |||
DnB Nor ASA | 2,000 | 23,270 | |
Norsk Hydro ASA | 1,000 | 10,695 | |
Petroleum Geo-Services ASA (a) | 800 | 17,296 | |
StatoilHydro ASA | 1,150 | 35,519 | |
Telenor ASA | 1,300 | 20,519 | |
Yara International ASA | 420 | 26,176 | |
TOTAL NORWAY | 133,475 | ||
Portugal - 0.6% | |||
Banco Espirito Santo SA (BES) (Reg.) | 810 | 10,480 | |
Energias de Portugal SA | 5,337 | 27,167 | |
Portugal Telecom SGPS SA (Reg.) | 2,710 | 28,385 | |
TOTAL PORTUGAL | 66,032 | ||
Singapore - 1.0% | |||
CapitaLand Ltd. | 2,000 | 6,182 | |
Cosco Corp. Singapore Ltd. | 6,000 | 9,738 | |
Jardine Cycle & Carriage Ltd. | 3,564 | 44,868 | |
Keppel Corp. Ltd. | 3,000 | 21,043 | |
SembCorp Industries Ltd. | 3,000 | 8,807 | |
SembCorp Marine Ltd. | 5,000 | 13,408 | |
Singapore Airlines Ltd. | 500 | 5,370 | |
Singapore Exchange Ltd. | 500 | 2,240 | |
TOTAL SINGAPORE | 111,656 | ||
Spain - 3.7% | |||
Banco Bilbao Vizcaya Argentaria SA | 2,596 | 43,801 | |
Banco de Sabadell SA | 600 | 4,683 | |
Banco Santander SA | 4,410 | 74,962 | |
Corporacion Mapfre SA (Reg.) | 3,745 | 17,964 | |
EDP Renovaveis SA | 60 | 613 | |
Gamesa Corporacion Tecnologica, SA | 409 | 19,421 | |
Gas Natural SDG SA Series E | 438 | 20,342 | |
Gestevision Telecinco SA | 300 | 3,873 | |
Iberdrola SA | 2,789 | 33,713 | |
Repsol YPF SA | 1,353 | 41,846 | |
Telefonica SA | 4,685 | 115,752 | |
Union Fenosa SA | 1,092 | 27,793 | |
TOTAL SPAIN | 404,763 | ||
Sweden - 2.0% | |||
Alfa Laval AB | 1,300 | 17,834 | |
H&M Hennes & Mauritz AB (B Shares) | 1,005 | 49,851 | |
Investor AB (B Shares) | 1,200 | 25,344 | |
Nordea Bank AB | 2,400 | 31,957 | |
Scania AB (B Shares) | 1,200 | 17,253 | |
Common Stocks - continued | |||
Shares | Value | ||
Sweden - continued | |||
Skandinaviska Enskilda Banken AB (A Shares) | 700 | $ 12,560 | |
Swedbank AB (A Shares) | 1,800 | 31,738 | |
Telefonaktiebolaget LM Ericsson (B Shares) | 200 | 2,283 | |
TeliaSonera AB | 4,500 | 31,459 | |
TOTAL SWEDEN | 220,279 | ||
Switzerland - 6.4% | |||
ABB Ltd. (Reg.) | 2,660 | 65,558 | |
Baloise Holdings AG (Reg.) | 40 | 3,433 | |
Compagnie Financiere Richemont unit | 553 | 32,315 | |
Credit Suisse Group (Reg.) | 297 | 13,775 | |
EFG International | 100 | 3,042 | |
Holcim Ltd. (Reg.) | 53 | 3,819 | |
Julius Baer Holding AG | 145 | 8,862 | |
Logitech International SA (Reg.) (a) | 400 | 10,663 | |
Nestle SA (Reg.) | 2,650 | 116,954 | |
Novartis AG (Reg.) | 2,630 | 146,507 | |
Pargesa Holding SA | 270 | 27,951 | |
Roche Holding AG (participation certificate) | 465 | 78,542 | |
Sonova Holding AG | 319 | 23,175 | |
Swiss Life Holding AG | 104 | 18,983 | |
Swiss Reinsurance Co. (Reg.) | 584 | 36,036 | |
Syngenta AG (Switzerland) | 47 | 12,610 | |
The Swatch Group AG (Bearer) | 35 | 8,264 | |
UBS AG (For. Reg.) | 1,134 | 24,648 | |
Zurich Financial Services AG (Reg.) | 209 | 54,755 | |
TOTAL SWITZERLAND | 689,892 | ||
United Kingdom - 17.4% | |||
AMEC PLC | 1,416 | 21,805 | |
Anglo American PLC (United Kingdom) | 1,500 | 80,149 | |
Antofagasta PLC | 2,250 | 25,402 | |
AstraZeneca PLC sponsored ADR | 667 | 32,483 | |
Aviva PLC | 3,010 | 28,223 | |
BAE Systems PLC | 5,160 | 45,137 | |
Barclays PLC | 2,795 | 17,880 | |
BG Group PLC | 4,020 | 89,305 | |
BHP Billiton PLC | 2,064 | 64,621 | |
BP PLC | 13,078 | 125,669 | |
British American Tobacco PLC | 2,004 | 67,687 | |
British Land Co. PLC | 1,107 | 15,443 | |
BT Group PLC | 1,294 | 4,060 | |
Cadbury PLC | 1,753 | 20,174 | |
Capita Group PLC | 1,320 | 17,031 | |
Centrica PLC | 6,324 | 37,715 | |
Compass Group PLC | 4,645 | 31,024 | |
Davis Service Group PLC | 3,089 | 19,196 | |
De La Rue PLC | 1,830 | 29,365 | |
Diageo PLC | 2,463 | 45,478 | |
| |||
Shares | Value | ||
GlaxoSmithKline PLC sponsored ADR | 1,774 | $ 83,325 | |
HBOS PLC | 955 | 5,495 | |
HSBC Holdings PLC (United Kingdom) (Reg.) | 7,470 | 117,509 | |
Imperial Tobacco Group PLC | 496 | 16,379 | |
Johnson Matthey PLC | 722 | 21,421 | |
Land Securities Group PLC | 1,050 | 26,024 | |
Lloyds TSB Group PLC | 1,387 | 7,678 | |
Marks & Spencer Group PLC | 2,122 | 10,142 | |
National Express Group PLC Class L | 1,075 | 20,374 | |
National Grid PLC | 800 | 10,417 | |
NEXT PLC | 743 | 14,366 | |
Prudential PLC | 663 | 6,621 | |
Reckitt Benckiser Group PLC | 1,163 | 58,900 | |
Reed Elsevier PLC | 2,702 | 30,751 | |
Rio Tinto PLC (Reg.) | 620 | 58,841 | |
Royal Bank of Scotland Group PLC | 16,696 | 71,427 | |
Royal Dutch Shell PLC: | |||
Class A (United Kingdom) | 2,445 | 85,595 | |
Class B | 1,815 | 62,396 | |
SABMiller PLC | 226 | 4,864 | |
Segro PLC | 540 | 4,320 | |
Smiths Group PLC | 1,202 | 25,082 | |
Stagecoach Group PLC | 6,362 | 37,072 | |
Standard Chartered PLC (United Kingdom) | 1,649 | 44,807 | |
Standard Life PLC | 2,000 | 9,148 | |
Tesco PLC | 2,531 | 17,597 | |
Tomkins PLC | 6,358 | 17,235 | |
Unilever PLC | 214 | 5,739 | |
United Business Media Ltd. | 582 | 6,311 | |
Vedanta Resources PLC | 630 | 20,907 | |
Vodafone Group PLC | 44,460 | 113,591 | |
William Morrison Supermarkets PLC | 3,900 | 20,078 | |
Xstrata PLC | 625 | 34,922 | |
TOTAL UNITED KINGDOM | 1,887,181 | ||
United States of America - 0.4% | |||
Synthes, Inc. | 294 | 40,715 | |
TOTAL COMMON STOCKS (Cost $10,774,844) | 9,267,013 | ||
Nonconvertible Preferred Stocks - 0.2% | |||
|
|
|
|
Italy - 0.2% | |||
Telecom Italia SpA (Risp) | 15,131 | 19,300 | |
Investment Companies - 1.4% | |||
|
|
|
|
United States of America - 1.4% | |||
iShares MSCI EAFE Index ETF | 2,470 | 157,019 |
Government Obligations - 0.7% | ||||
| Principal Amount | Value | ||
United States of America - 0.7% | ||||
U.S. Treasury Bills, yield at date of purchase 1.78% 9/25/08 (b) | $ 80,000 | $ 79,920 |
Money Market Funds - 10.9% | |||
Shares |
| ||
Dreyfus Cash Management, 2.66% (c) | 1,174,674 | 1,174,674 | |
TOTAL INVESTMENT PORTFOLIO - 98.8% (Cost $12,223,168) | 10,697,926 | ||
NET OTHER ASSETS - 1.2% | 127,189 | ||
NET ASSETS - 100% | $ 10,825,115 |
Futures Contracts | |||||
Expiration Date | Underlying Face Amount at Value | Unrealized Appreciation/ | |||
Purchased | |||||
Equity Index Contracts | |||||
15 CME E-mini MSCI EAFE Index Contracts | Sept. 2008 | $ 1,353,750 | $ (113,140) |
|
The face value of futures purchased as a percentage of net assets - 12.5% |
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 $79,920. |
(c) The rate quoted is the annualized seven-day yield at period end. |
Other Information |
The following is a summary of the inputs used, as of August 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | 10,697,926 | 6,707,671 | 3,990,255 | - |
Other Financial Instruments* | (113,140) | (113,140) | - | - |
*Other financial instruments include Futures Contracts. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity International Enhanced Index Fund
Financial Statements
Statement of Assets and Liabilities
| August 31, 2008 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $12,223,168) |
| $ 10,697,926 |
Foreign currency held at value (cost $73,480) | 71,857 | |
Receivable for fund shares sold | 34,101 | |
Dividends receivable | 31,265 | |
Interest receivable | 2,479 | |
Total assets | 10,837,628 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 410 | |
Accrued management fee | 4,172 | |
Transfer agent fee payable | 1,331 | |
Payable for daily variation on futures contracts | 6,600 | |
Total liabilities | 12,513 | |
|
|
|
Net Assets | $ 10,825,115 | |
Net Assets consist of: |
| |
Paid in capital | $ 12,542,851 | |
Undistributed net investment income | 177,891 | |
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions | (254,233) | |
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | (1,641,394) | |
Net Assets, for 1,301,452 shares outstanding | $ 10,825,115 | |
Net Asset Value, offering price and redemption price per share ($10,825,115 ÷ 1,301,452 shares) | $ 8.32 |
Statement of Operations
| Six months ended August 31, 2008 (Unaudited) | |
|
|
|
Investment Income |
|
|
Dividends |
| $ 213,418 |
Interest |
| 15,046 |
|
| 228,464 |
Less foreign taxes withheld |
| (19,775) |
Total income |
| 208,689 |
|
|
|
Expenses | ||
Management fee | $ 22,875 | |
Transfer agent fees | 7,427 | |
Independent trustees' compensation | 433 | |
Total expenses before reductions | 30,735 | |
Expense reductions | (2) | 30,733 |
Net investment income (loss) | 177,956 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (29,941) | |
Foreign currency transactions | (11,067) | |
Futures contracts | (141,114) | |
Total net realized gain (loss) |
| (182,122) |
Change in net unrealized appreciation (depreciation) on: Investment securities | (1,218,405) | |
Assets and liabilities in foreign currencies | (3,712) | |
Futures contracts | (109,904) | |
Total change in net unrealized appreciation (depreciation) |
| (1,332,021) |
Net gain (loss) | (1,514,143) | |
Net increase (decrease) in net assets resulting from operations | $ (1,336,187) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity International Enhanced Index Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended August 31, 2008 (Unaudited) | For the period December 20, 2007 (commencement of operations) to |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 177,956 | $ 18,521 |
Net realized gain (loss) | (182,122) | (62,818) |
Change in net unrealized appreciation (depreciation) | (1,332,021) | (309,373) |
Net increase (decrease) in net assets resulting from operations | (1,336,187) | (353,670) |
Distributions to shareholders from net investment income | (18,586) | - |
Distributions to shareholders from net realized gain | (9,293) | - |
Total distributions | (27,879) | - |
Share transactions | 6,625,662 | 7,796,232 |
Reinvestment of distributions | 27,221 | - |
Cost of shares redeemed | (1,737,062) | (169,952) |
Net increase (decrease) in net assets resulting from share transactions | 4,915,821 | 7,626,280 |
Redemption fees | 100 | 650 |
Total increase (decrease) in net assets | 3,551,855 | 7,273,260 |
|
|
|
Net Assets | ||
Beginning of period | 7,273,260 | - |
End of period (including undistributed net investment income of $177,891 and undistributed net investment income of $18,521, respectively) | $ 10,825,115 | $ 7,273,260 |
Other Information Shares | ||
Sold | 714,820 | 795,634 |
Issued in reinvestment of distributions | 2,902 | - |
Redeemed | (193,754) | (18,150) |
Net increase (decrease) | 523,968 | 777,484 |
Financial Highlights
| Six months ended August 31, 2008 | Year ended February 29, |
(Unaudited) | 2008 E | |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 9.35 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment income (loss) D | .16 | .03 |
Net realized and unrealized gain (loss) | (1.16) | (.68) |
Total from investment operations | (1.00) | (.65) |
Distributions from net investment income | (.02) | - |
Distributions from net realized gain | (.01) | - |
Total distributions | (.03) | - |
Redemption fees added to paid in capital D, G | - | - |
Net asset value, end of period | $ 8.32 | $ 9.35 |
Total Return B, C | (10.73)% | (6.50)% |
Ratios to Average Net Assets F |
|
|
Expenses before reductions | .62% A | .62%A |
Expenses net of fee waivers, if any | .62%A | .62%A |
Expenses net of all reductions | .62%A | .62%A |
Net investment income (loss) | 3.58%A | 1.58%A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 10,825 | $ 7,273 |
Portfolio turnover rate | 45%A | 15% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E 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. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Amount represents less than $.01 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended August 31, 2008 (Unaudited)
1. Organization.
Fidelity Large Cap Growth Enhanced Index Fund, Fidelity Large Cap Value Enhanced Index Fund, Fidelity Large Cap Core Enhanced Index Fund, Fidelity Mid Cap Enhanced Index Fund, Fidelity Small Cap Enhanced Index Fund and Fidelity International Enhanced Index Fund (the Funds) are funds of Fidelity Commonwealth Trust II (the trust) and are authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Funds:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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 reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Funds are subject to the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Funds' fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of August 31, 2008, for each Fund's investments is included at the end of each Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. 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.
Income Tax Information and Distributions to Shareholders. Each year, 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. Each Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). 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. Each of the Funds' prior federal tax returns remains subject to examination by the Internal Revenue Service (IRS). 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 claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. 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 federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Cost for Federal Income Tax Purposes | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation/ |
Fidelity Large Cap Growth Enhanced Index Fund | $ 32,713,612 | $ 2,263,765 | $ (2,961,879) | $ (698,114) |
Fidelity Large Cap Value Enhanced Index Fund | 35,461,307 | 1,171,736 | (4,982,878) | (3,811,142) |
Fidelity Large Cap Core Enhanced Index Fund | 1,131,198,108 | 41,310,838 | (131,303,332) | (89,992,494) |
Fidelity Mid Cap Enhanced Index Fund | 12,292,657 | 519,028 | (1,081,482) | (562,454) |
Fidelity Small Cap Enhanced Index Fund | 20,399,709 | 1,281,333 | (1,077,747) | 203,586 |
Fidelity International Enhanced Index Fund | 12,235,506 | 163,390 | (1,700,970) | (1,537,580) |
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 Pronouncement. 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 reporting periods 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 effect derivatives have on financial performance.
Semiannual Report
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.
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 | 12,789,230 | 16,074,005 |
Fidelity Large Cap Value Enhanced Index Fund | 17,272,947 | 9,537,700 |
Fidelity Large Cap Core Enhanced Index Fund | 415,800,629 | 182,073,222 |
Fidelity Mid Cap Enhanced Index Fund | 9,155,508 | 3,158,393 |
Fidelity Small Cap Enhanced Index Fund | 21,831,395 | 8,062,707 |
Fidelity International Enhanced Index Fund | 7,376,175 | 2,014,428 |
5. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Strategic Advisers®, Inc. (Strategic Advisers), an affiliate of FMR, 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 fund-level expenses, 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% |
In addition, under the expense contract, Strategic Advisers pays class-level expenses of 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% |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Sub-Adviser. Geode® Capital Management, LLC (Geode), serves as sub-adviser for the Funds. Geode provides discretionary investment advisory services to the Funds and is paid by Strategic Advisers for providing these services.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Under the expense contract, each fund paid transfer agent fees at the annualized rate of 0.15% of average net assets.
6. Investments in Fidelity Central Funds.
The Funds may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Schedule of Investments list each of the Fidelity Central Funds held at period end as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Funds indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds.
The Fidelity Securities Lending Cash Central Fund seeks preservation of capital and current income and is managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.
7. 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 | $ 665 |
Fidelity Large Cap Value Enhanced Index Fund | 1,981 |
Fidelity Large Cap Core Enhanced Index Fund | 26,424 |
8. Expense Reductions.
Through arrangements with each applicable Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
| Expense |
|
|
Fidelity Large Cap Value Enhanced Index Fund | $ 12 |
Fidelity Large Cap Core Enhanced Index Fund | 638 |
Fidelity Mid Cap Enhanced Index Fund | 15 |
Fidelity Small Cap Enhanced Index Fund | 7 |
Fidelity International Enhanced Index Fund | 2 |
Semiannual Report
9. 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 owner of record of more than 10% of the outstanding shares of the following funds:
Fund | Affiliated % |
|
|
Fidelity Large Cap Growth Enhanced Index Fund | 15% |
Fidelity Large Cap Value Enhanced Index Fund | 14% |
Fidelity Mid Cap Enhanced Index Fund | 40% |
Fidelity Small Cap Enhanced Index Fund | 23% |
Fidelity International Enhanced Index Fund | 39% |
Semiannual Report
Investment Adviser
Strategic Advisers, Inc.
Boston, MA
Investment Sub-Adviser
Geode Capital Management, LLC
Boston, MA
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
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-USAN-1008 1.855141.101
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Commonwealth Trust II's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Commonwealth Trust II's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) |
| Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Commonwealth Trust II
By: | /s/ Mark Osterheld |
| Mark Osterheld |
| President and Treasurer |
|
|
Date: | October 29, 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: | October 29, 2008 |
By: | /s/Jeffrey Christian |
| Jeffrey Christian |
| Chief Financial Officer |
|
|
Date: | October 29, 2008 |