UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21990
Fidelity Commonwealth Trust II
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | August 31 |
Date of reporting period: | February 29, 2020 |
Item 1.
Reports to Stockholders
Fidelity® Large Cap Growth Enhanced Index Fund
Fidelity® Large Cap Value Enhanced Index Fund
Fidelity® Large Cap Core Enhanced Index Fund
Fidelity® Mid Cap Enhanced Index Fund
Fidelity® International Enhanced Index Fund
Semi-Annual Report
February 29, 2020
See the inside front cover for important information about access to your fund’s shareholder reports.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Account Type | Website | Phone Number |
Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
Contents
Fidelity® Large Cap Growth Enhanced Index Fund | |
Fidelity® Large Cap Value Enhanced Index Fund | |
Fidelity® Large Cap Core Enhanced Index Fund | |
Fidelity® Mid Cap Enhanced Index Fund | |
Fidelity® International Enhanced Index Fund | |
Board Approval of Investment Advisory Contracts and Management Fees | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
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. © 2020 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following the end of this reporting period, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Fidelity® Large Cap Growth Enhanced Index Fund
Investment Summary (Unaudited)
Top Ten Stocks as of February 29, 2020
% of fund's net assets | |
Apple, Inc. | 8.3 |
Microsoft Corp. | 8.1 |
Amazon.com, Inc. | 5.0 |
Facebook, Inc. Class A | 3.7 |
Alphabet, Inc. Class A | 2.6 |
Visa, Inc. Class A | 2.5 |
Alphabet, Inc. Class C | 2.2 |
UnitedHealth Group, Inc. | 2.2 |
MasterCard, Inc. Class A | 1.8 |
Merck & Co., Inc. | 1.7 |
38.1 |
Top Market Sectors as of February 29, 2020
% of fund's net assets | |
Information Technology | 38.4 |
Health Care | 15.8 |
Consumer Discretionary | 12.0 |
Communication Services | 11.1 |
Industrials | 7.7 |
Consumer Staples | 5.8 |
Financials | 4.6 |
Real Estate | 2.9 |
Utilities | 0.4 |
Energy | 0.3 |
Asset Allocation (% of fund's net assets)
As of February 29, 2020* | ||
Stocks and Equity Futures | 100.0% |
* Foreign investments - 2.5%
Fidelity® Large Cap Growth Enhanced Index Fund
Schedule of Investments February 29, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.2% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 11.1% | |||
Diversified Telecommunication Services - 0.2% | |||
Verizon Communications, Inc. | 39,436 | $2,135,854 | |
Zayo Group Holdings, Inc. (a) | 17,046 | 596,440 | |
2,732,294 | |||
Entertainment - 2.0% | |||
Electronic Arts, Inc. (a) | 44,837 | 4,545,127 | |
Netflix, Inc. (a) | 46,508 | 17,162,847 | |
21,707,974 | |||
Interactive Media & Services - 8.5% | |||
Alphabet, Inc.: | |||
Class A (a) | 21,928 | 29,367,074 | |
Class C (a) | 18,393 | 24,634,297 | |
Facebook, Inc. Class A (a) | 212,609 | 40,920,854 | |
94,922,225 | |||
Media - 0.4% | |||
Comcast Corp. Class A | 26,567 | 1,074,104 | |
Omnicom Group, Inc. | 47,272 | 3,275,004 | |
4,349,108 | |||
TOTAL COMMUNICATION SERVICES | 123,711,601 | ||
CONSUMER DISCRETIONARY - 12.0% | |||
Auto Components - 0.5% | |||
Gentex Corp. | 203,639 | 5,437,161 | |
Automobiles - 0.2% | |||
Tesla, Inc. (a) | 2,922 | 1,951,867 | |
Distributors - 0.0% | |||
LKQ Corp. (a) | 5,733 | 169,582 | |
Diversified Consumer Services - 0.3% | |||
Frontdoor, Inc. (a) | 88,508 | 3,752,739 | |
Hotels, Restaurants & Leisure - 0.8% | |||
McDonald's Corp. | 23,914 | 4,643,381 | |
Starbucks Corp. | 53,243 | 4,175,848 | |
8,819,229 | |||
Household Durables - 1.0% | |||
D.R. Horton, Inc. | 48,112 | 2,562,926 | |
Garmin Ltd. | 2,606 | 230,344 | |
Lennar Corp. Class A | 26,975 | 1,627,672 | |
NVR, Inc. (a) | 1,829 | 6,707,272 | |
PulteGroup, Inc. | 1,623 | 65,245 | |
11,193,459 | |||
Internet & Direct Marketing Retail - 5.3% | |||
Amazon.com, Inc. (a) | 29,200 | 55,005,500 | |
eBay, Inc. | 71,223 | 2,467,165 | |
The Booking Holdings, Inc. (a) | 806 | 1,366,702 | |
58,839,367 | |||
Multiline Retail - 0.2% | |||
Dollar General Corp. | 12,799 | 1,923,690 | |
Specialty Retail - 2.2% | |||
AutoZone, Inc. (a) | 4,712 | 4,865,187 | |
Best Buy Co., Inc. | 22,040 | 1,667,326 | |
Lowe's Companies, Inc. | 9,465 | 1,008,685 | |
The Home Depot, Inc. | 73,253 | 15,957,434 | |
TJX Companies, Inc. | 14,629 | 874,814 | |
24,373,446 | |||
Textiles, Apparel & Luxury Goods - 1.5% | |||
Deckers Outdoor Corp. (a) | 34,486 | 5,993,667 | |
lululemon athletica, Inc. (a) | 5,323 | 1,157,273 | |
NIKE, Inc. Class B | 110,531 | 9,879,261 | |
17,030,201 | |||
TOTAL CONSUMER DISCRETIONARY | 133,490,741 | ||
CONSUMER STAPLES - 5.8% | |||
Beverages - 1.9% | |||
Monster Beverage Corp. (a) | 105,120 | 6,560,539 | |
PepsiCo, Inc. | 45,643 | 6,026,245 | |
The Coca-Cola Co. | 161,253 | 8,625,423 | |
21,212,207 | |||
Food & Staples Retailing - 2.2% | |||
Costco Wholesale Corp. | 51,877 | 14,584,700 | |
Performance Food Group Co. (a) | 9,735 | 412,764 | |
Sysco Corp. | 36,935 | 2,461,718 | |
U.S. Foods Holding Corp. (a) | 30,834 | 1,037,256 | |
Walmart, Inc. | 51,561 | 5,552,088 | |
24,048,526 | |||
Food Products - 0.9% | |||
General Mills, Inc. | 101,474 | 4,972,226 | |
Lamb Weston Holdings, Inc. | 2,656 | 230,780 | |
The Hershey Co. | 35,917 | 5,171,689 | |
10,374,695 | |||
Household Products - 0.6% | |||
Procter & Gamble Co. | 60,783 | 6,882,459 | |
Tobacco - 0.2% | |||
Philip Morris International, Inc. | 25,446 | 2,083,264 | |
TOTAL CONSUMER STAPLES | 64,601,151 | ||
ENERGY - 0.3% | |||
Oil, Gas & Consumable Fuels - 0.3% | |||
Cheniere Energy, Inc. (a) | 20,560 | 1,054,522 | |
ONEOK, Inc. | 29,921 | 1,996,329 | |
3,050,851 | |||
FINANCIALS - 4.6% | |||
Capital Markets - 2.7% | |||
Ameriprise Financial, Inc. | 13,965 | 1,973,255 | |
LPL Financial | 68,474 | 5,442,314 | |
Moody's Corp. | 4,938 | 1,185,268 | |
MSCI, Inc. | 11,695 | 3,455,171 | |
Raymond James Financial, Inc. | 14,312 | 1,196,913 | |
S&P Global, Inc. | 19,485 | 5,181,256 | |
SEI Investments Co. | 98,987 | 5,415,579 | |
T. Rowe Price Group, Inc. | 51,540 | 6,082,235 | |
29,931,991 | |||
Consumer Finance - 0.5% | |||
Synchrony Financial | 168,337 | 4,898,607 | |
Insurance - 1.1% | |||
Aon PLC | 2,347 | 488,176 | |
Brown & Brown, Inc. | 24,418 | 1,050,218 | |
Markel Corp. (a) | 604 | 713,686 | |
Primerica, Inc. | 33,868 | 3,770,863 | |
Progressive Corp. | 88,220 | 6,454,175 | |
12,477,118 | |||
Thrifts & Mortgage Finance - 0.3% | |||
Essent Group Ltd. | 84,547 | 3,689,631 | |
TFS Financial Corp. | 3,269 | 66,818 | |
3,756,449 | |||
TOTAL FINANCIALS | 51,064,165 | ||
HEALTH CARE - 15.8% | |||
Biotechnology - 4.1% | |||
AbbVie, Inc. | 182,207 | 15,616,962 | |
Alnylam Pharmaceuticals, Inc. (a) | 757 | 89,069 | |
Amgen, Inc. | 64,364 | 12,855,422 | |
Biogen, Inc. (a) | 24,620 | 7,592,562 | |
Incyte Corp. (a) | 14,267 | 1,075,874 | |
Regeneron Pharmaceuticals, Inc. (a) | 16,682 | 7,416,317 | |
Vertex Pharmaceuticals, Inc. (a) | 6,474 | 1,450,370 | |
46,096,576 | |||
Health Care Equipment & Supplies - 3.7% | |||
Abbott Laboratories | 64,302 | 4,953,183 | |
Align Technology, Inc. (a) | 15,536 | 3,392,286 | |
Boston Scientific Corp. (a) | 191,257 | 7,151,099 | |
DexCom, Inc. (a) | 19,557 | 5,397,732 | |
Edwards Lifesciences Corp. (a) | 41,586 | 8,518,476 | |
Hill-Rom Holdings, Inc. | 40,546 | 3,894,443 | |
Hologic, Inc. (a) | 39,380 | 1,855,586 | |
Medtronic PLC | 16,681 | 1,679,276 | |
Novocure Ltd. (a) | 49,393 | 3,593,341 | |
West Pharmaceutical Services, Inc. | 2,191 | 329,877 | |
40,765,299 | |||
Health Care Providers & Services - 2.5% | |||
Anthem, Inc. | 13,836 | 3,557,097 | |
Chemed Corp. | 741 | 309,456 | |
Humana, Inc. | 613 | 195,964 | |
UnitedHealth Group, Inc. | 92,984 | 23,707,201 | |
27,769,718 | |||
Health Care Technology - 1.0% | |||
Cerner Corp. | 70,364 | 4,874,114 | |
Veeva Systems, Inc. Class A (a) | 43,986 | 6,244,692 | |
11,118,806 | |||
Life Sciences Tools & Services - 0.1% | |||
Agilent Technologies, Inc. | 2,669 | 205,700 | |
Thermo Fisher Scientific, Inc. | 1,686 | 490,289 | |
695,989 | |||
Pharmaceuticals - 4.4% | |||
Bristol-Myers Squibb Co. | 200,260 | 11,827,356 | |
Bristol-Myers Squibb Co. rights (a) | 43,063 | 144,261 | |
Eli Lilly & Co. | 73,536 | 9,275,096 | |
Johnson & Johnson | 62,458 | 8,399,352 | |
Merck & Co., Inc. | 253,772 | 19,428,784 | |
49,074,849 | |||
TOTAL HEALTH CARE | 175,521,237 | ||
INDUSTRIALS - 7.7% | |||
Aerospace & Defense - 2.0% | |||
Harris Corp. | 37,619 | 7,438,405 | |
HEICO Corp. | 33,015 | 3,560,668 | |
Lockheed Martin Corp. | 4,208 | 1,556,413 | |
Northrop Grumman Corp. | 4,709 | 1,548,508 | |
Raytheon Co. | 7,310 | 1,378,374 | |
The Boeing Co. | 21,297 | 5,859,018 | |
United Technologies Corp. | 5,293 | 691,213 | |
22,032,599 | |||
Airlines - 0.4% | |||
Southwest Airlines Co. | 86,494 | 3,995,158 | |
Building Products - 0.6% | |||
Builders FirstSource, Inc. (a) | 63,842 | 1,449,852 | |
Fortune Brands Home & Security, Inc. | 52,224 | 3,224,832 | |
Simpson Manufacturing Co. Ltd. | 25,280 | 2,007,990 | |
6,682,674 | |||
Commercial Services & Supplies - 1.0% | |||
Cintas Corp. | 26,682 | 7,117,157 | |
Republic Services, Inc. | 13,429 | 1,212,102 | |
UniFirst Corp. | 13,751 | 2,555,073 | |
10,884,332 | |||
Construction & Engineering - 0.4% | |||
EMCOR Group, Inc. | 64,675 | 4,974,801 | |
Electrical Equipment - 0.1% | |||
AMETEK, Inc. | 14,000 | 1,204,000 | |
Machinery - 0.9% | |||
Allison Transmission Holdings, Inc. | 22,217 | 902,010 | |
Cummins, Inc. | 34,784 | 5,262,471 | |
IDEX Corp. | 5,742 | 849,816 | |
Rexnord Corp. | 74,559 | 2,174,140 | |
WABCO Holdings, Inc. (a) | 3,234 | 436,913 | |
Watts Water Technologies, Inc. Class A | 2,627 | 246,702 | |
9,872,052 | |||
Professional Services - 1.0% | |||
CoStar Group, Inc. (a) | 3,935 | 2,626,967 | |
IHS Markit Ltd. | 39,490 | 2,813,268 | |
Robert Half International, Inc. | 112,242 | 5,658,119 | |
TransUnion Holding Co., Inc. | 2,278 | 202,560 | |
11,300,914 | |||
Road & Rail - 0.9% | |||
CSX Corp. | 95,638 | 6,737,697 | |
Landstar System, Inc. | 4,028 | 406,707 | |
Union Pacific Corp. | 19,619 | 3,135,312 | |
10,279,716 | |||
Trading Companies & Distributors - 0.4% | |||
W.W. Grainger, Inc. | 14,744 | 4,092,050 | |
TOTAL INDUSTRIALS | 85,318,296 | ||
INFORMATION TECHNOLOGY - 38.4% | |||
Communications Equipment - 1.5% | |||
Cisco Systems, Inc. | 426,489 | 17,029,706 | |
Electronic Equipment & Components - 1.7% | |||
Dolby Laboratories, Inc. Class A | 8,594 | 564,626 | |
Keysight Technologies, Inc. (a) | 70,966 | 6,724,738 | |
National Instruments Corp. | 141,887 | 5,715,208 | |
Zebra Technologies Corp. Class A (a) | 25,573 | 5,395,136 | |
18,399,708 | |||
IT Services - 7.5% | |||
Accenture PLC Class A | 30,170 | 5,448,400 | |
Amdocs Ltd. | 86,489 | 5,513,674 | |
Booz Allen Hamilton Holding Corp. Class A | 4,001 | 285,271 | |
CACI International, Inc. Class A (a) | 713 | 174,699 | |
EPAM Systems, Inc. (a) | 10,211 | 2,279,095 | |
Genpact Ltd. | 70,817 | 2,723,622 | |
GoDaddy, Inc. (a) | 51,090 | 3,575,278 | |
IBM Corp. | 42,988 | 5,594,888 | |
MasterCard, Inc. Class A | 70,525 | 20,469,881 | |
Maximus, Inc. | 1,874 | 118,099 | |
PayPal Holdings, Inc. (a) | 37,127 | 4,009,345 | |
VeriSign, Inc. (a) | 30,356 | 5,760,051 | |
Visa, Inc. Class A | 152,009 | 27,629,156 | |
83,581,459 | |||
Semiconductors & Semiconductor Equipment - 3.6% | |||
Advanced Micro Devices, Inc. (a) | 162,142 | 7,374,218 | |
Applied Materials, Inc. | 91,514 | 5,318,794 | |
Broadcom, Inc. | 8,947 | 2,439,131 | |
Intel Corp. | 96,699 | 5,368,728 | |
Lam Research Corp. | 29,674 | 8,707,242 | |
NVIDIA Corp. | 22,079 | 5,962,876 | |
Qorvo, Inc. (a) | 2,590 | 260,502 | |
Qualcomm, Inc. | 15,515 | 1,214,825 | |
Texas Instruments, Inc. | 27,153 | 3,099,243 | |
39,745,559 | |||
Software - 15.8% | |||
Adobe, Inc. (a) | 53,434 | 18,441,142 | |
Atlassian Corp. PLC (a) | 10,571 | 1,532,372 | |
Cadence Design Systems, Inc. (a) | 108,068 | 7,147,618 | |
Citrix Systems, Inc. | 1,446 | 149,502 | |
DocuSign, Inc. (a) | 13,679 | 1,180,634 | |
Dropbox, Inc. Class A (a) | 318,614 | 6,232,090 | |
Intuit, Inc. | 41,480 | 11,027,458 | |
Manhattan Associates, Inc. (a) | 40,645 | 2,737,847 | |
Microsoft Corp. | 558,325 | 90,454,233 | |
Nuance Communications, Inc. (a) | 154,335 | 3,336,723 | |
Oracle Corp. | 148,814 | 7,360,340 | |
Parametric Technology Corp. (a) | 1,879 | 141,958 | |
RealPage, Inc. (a) | 4,142 | 265,502 | |
Salesforce.com, Inc. (a) | 95,135 | 16,211,004 | |
SS&C Technologies Holdings, Inc. | 27,662 | 1,535,241 | |
Synopsys, Inc. (a) | 53,281 | 7,349,048 | |
Verint Systems, Inc. (a) | 10,119 | 555,331 | |
175,658,043 | |||
Technology Hardware, Storage & Peripherals - 8.3% | |||
Apple, Inc. | 335,287 | 91,654,053 | |
TOTAL INFORMATION TECHNOLOGY | 426,068,528 | ||
MATERIALS - 0.2% | |||
Chemicals - 0.2% | |||
NewMarket Corp. | 2,767 | 1,075,229 | |
Valvoline, Inc. | 27,283 | 532,019 | |
1,607,248 | |||
Containers & Packaging - 0.0% | |||
Ardagh Group SA | 4,262 | 74,713 | |
TOTAL MATERIALS | 1,681,961 | ||
REAL ESTATE - 2.9% | |||
Equity Real Estate Investment Trusts (REITs) - 2.9% | |||
Alexandria Real Estate Equities, Inc. | 2,757 | 418,733 | |
American Homes 4 Rent Class A | 34,589 | 895,509 | |
American Tower Corp. | 59,349 | 13,460,353 | |
Americold Realty Trust | 23,365 | 716,605 | |
Douglas Emmett, Inc. | 98,543 | 3,762,372 | |
Essex Property Trust, Inc. | 13,044 | 3,696,148 | |
Gaming & Leisure Properties | 58,997 | 2,635,396 | |
PS Business Parks, Inc. | 1,914 | 284,325 | |
Realty Income Corp. | 21,382 | 1,547,843 | |
Rexford Industrial Realty, Inc. | 24,604 | 1,150,729 | |
SBA Communications Corp. Class A | 14,222 | 3,770,110 | |
32,338,123 | |||
UTILITIES - 0.4% | |||
Electric Utilities - 0.3% | |||
Alliant Energy Corp. | 27,290 | 1,422,355 | |
Southern Co. | 23,861 | 1,440,250 | |
2,862,605 | |||
Multi-Utilities - 0.1% | |||
Dominion Energy, Inc. | 13,707 | 1,071,613 | |
TOTAL UTILITIES | 3,934,218 | ||
TOTAL COMMON STOCKS | |||
(Cost $775,592,483) | 1,100,780,872 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.0% | |||
U.S. Treasury Bills, yield at date of purchase 1.64% 3/19/20 (b) | |||
(Cost $599,511) | 600,000 | 599,593 | |
Shares | Value | ||
Money Market Funds - 1.2% | |||
Fidelity Cash Central Fund 1.60% (c) | |||
(Cost $12,863,483) | 12,860,911 | 12,863,483 | |
TOTAL INVESTMENT IN SECURITIES - 100.4% | |||
(Cost $789,055,477) | 1,114,243,948 | ||
NET OTHER ASSETS (LIABILITIES) - (0.4)% | (4,337,538) | ||
NET ASSETS - 100% | $1,109,906,410 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini S&P 500 Index Contracts (United States) | 63 | March 2020 | $9,295,965 | $(800,417) | $(800,417) |
The notional amount of futures purchased as a percentage of Net Assets is 0.8%
Legend
(a) Non-income producing
(b) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $599,593.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $94,734 |
Fidelity Securities Lending Cash Central Fund | 2,983 |
Total | $97,717 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of February 29, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $123,711,601 | $123,711,601 | $-- | $-- |
Consumer Discretionary | 133,490,741 | 133,490,741 | -- | -- |
Consumer Staples | 64,601,151 | 64,601,151 | -- | -- |
Energy | 3,050,851 | 3,050,851 | -- | -- |
Financials | 51,064,165 | 51,064,165 | -- | -- |
Health Care | 175,521,237 | 175,521,237 | -- | -- |
Industrials | 85,318,296 | 85,318,296 | -- | -- |
Information Technology | 426,068,528 | 426,068,528 | -- | -- |
Materials | 1,681,961 | 1,681,961 | -- | -- |
Real Estate | 32,338,123 | 32,338,123 | -- | -- |
Utilities | 3,934,218 | 3,934,218 | -- | -- |
U.S. Government and Government Agency Obligations | 599,593 | -- | 599,593 | -- |
Money Market Funds | 12,863,483 | 12,863,483 | -- | -- |
Total Investments in Securities: | $1,114,243,948 | $1,113,644,355 | $599,593 | $-- |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(800,417) | $(800,417) | $-- | $-- |
Total Liabilities | $(800,417) | $(800,417) | $-- | $-- |
Total Derivative Instruments: | $(800,417) | $(800,417) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 29, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset | Liability | |
Equity Risk | ||
Futures Contracts(a) | $0 | $(800,417) |
Total Equity Risk | 0 | (800,417) |
Total Value of Derivatives | $0 | $(800,417) |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
Fidelity® Large Cap Growth Enhanced Index Fund
Financial Statements
Statement of Assets and Liabilities
February 29, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $776,191,994) | $1,101,380,465 | |
Fidelity Central Funds (cost $12,863,483) | 12,863,483 | |
Total Investment in Securities (cost $789,055,477) | $1,114,243,948 | |
Segregated cash with brokers for derivative instruments | 59,935 | |
Receivable for investments sold | 12,318,089 | |
Receivable for fund shares sold | 1,932,258 | |
Dividends receivable | 1,130,851 | |
Distributions receivable from Fidelity Central Funds | 25,080 | |
Total assets | 1,129,710,161 | |
Liabilities | ||
Payable for investments purchased | $11,350,211 | |
Payable for fund shares redeemed | 8,023,173 | |
Accrued management fee | 404,032 | |
Payable for daily variation margin on futures contracts | 26,335 | |
Total liabilities | 19,803,751 | |
Net Assets | $1,109,906,410 | |
Net Assets consist of: | ||
Paid in capital | $760,837,715 | |
Total accumulated earnings (loss) | 349,068,695 | |
Net Assets | $1,109,906,410 | |
Net Asset Value, offering price and redemption price per share ($1,109,906,410 ÷ 54,317,140 shares) | $20.43 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended February 29, 2020 (Unaudited) | ||
Investment Income | ||
Dividends | $6,838,603 | |
Interest | 5,202 | |
Income from Fidelity Central Funds (including $2,983 from security lending) | 97,717 | |
Total income | 6,941,522 | |
Expenses | ||
Management fee | $2,260,832 | |
Independent trustees' fees and expenses | 3,035 | |
Commitment fees | 1,340 | |
Total expenses before reductions | 2,265,207 | |
Expense reductions | (383) | |
Total expenses after reductions | 2,264,824 | |
Net investment income (loss) | 4,676,698 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 35,308,443 | |
Fidelity Central Funds | 146 | |
Futures contracts | (617,307) | |
Total net realized gain (loss) | 34,691,282 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 8,078,909 | |
Futures contracts | (931,155) | |
Total change in net unrealized appreciation (depreciation) | 7,147,754 | |
Net gain (loss) | 41,839,036 | |
Net increase (decrease) in net assets resulting from operations | $46,515,734 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended February 29, 2020 (Unaudited) | Year ended August 31, 2019 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $4,676,698 | $11,621,782 |
Net realized gain (loss) | 34,691,282 | 29,531,018 |
Change in net unrealized appreciation (depreciation) | 7,147,754 | (34,242,156) |
Net increase (decrease) in net assets resulting from operations | 46,515,734 | 6,910,644 |
Distributions to shareholders | (36,697,344) | (74,861,683) |
Share transactions | ||
Proceeds from sales of shares | 78,372,985 | 170,935,114 |
Reinvestment of distributions | 34,711,004 | 71,477,254 |
Cost of shares redeemed | (119,493,217) | (249,950,148) |
Net increase (decrease) in net assets resulting from share transactions | (6,409,228) | (7,537,780) |
Total increase (decrease) in net assets | 3,409,162 | (75,488,819) |
Net Assets | ||
Beginning of period | 1,106,497,248 | 1,181,986,067 |
End of period | $1,109,906,410 | $1,106,497,248 |
Other Information | ||
Shares | ||
Sold | 3,636,941 | 8,835,455 |
Issued in reinvestment of distributions | 1,619,739 | 4,077,425 |
Redeemed | (5,618,856) | (13,010,061) |
Net increase (decrease) | (362,176) | (97,181) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Large Cap Growth Enhanced Index Fund
Six months ended (Unaudited) February 29, | Years endedAugust 31, | ||||||
2020 | 2019 | 2018 | 2017 A | 2017 B | 2016 C | 2015 B | |
Selected Per–Share Data | |||||||
Net asset value, beginning of period | $20.24 | $21.58 | $17.61 | $16.65 | $13.86 | $15.42 | $14.22 |
Income from Investment Operations | |||||||
Net investment income (loss)D | .09 | .21 | .23 | .12 | .22 | .20 | .20 |
Net realized and unrealized gain (loss) | .78 | (.15) | 4.40 | 1.04 | 2.73 | (1.09) | 2.15 |
Total from investment operations | .87 | .06 | 4.63 | 1.16 | 2.95 | (.89) | 2.35 |
Distributions from net investment income | (.18) | (.24)E | (.18) | (.04) | (.16) | (.18) | (.15) |
Distributions from net realized gain | (.51) | (1.16)E | (.48) | (.16) | – | (.49) | (1.00) |
Total distributions | (.68)F | (1.40) | (.66) | (.20) | (.16) | (.67) | (1.15) |
Net asset value, end of period | $20.43 | $20.24 | $21.58 | $17.61 | $16.65 | $13.86 | $15.42 |
Total ReturnG,H | 4.16% | 1.28% | 26.86% | 7.04% | 21.33% | (6.01)% | 17.46% |
Ratios to Average Net AssetsI,J | |||||||
Expenses before reductions | .39%K | .39% | .39% | .40%K | .45% | .45% | .45% |
Expenses net of fee waivers, if any | .39%K | .39% | .39% | .40%K | .45% | .45% | .45% |
Expenses net of all reductions | .39%K | .39% | .39% | .40%K | .45% | .45% | .45% |
Net investment income (loss) | .81%K | 1.07% | 1.18% | 1.44%K | 1.43% | 1.38% | 1.37% |
Supplemental Data | |||||||
Net assets, end of period (000 omitted) | $1,109,906 | $1,106,497 | $1,181,986 | $924,332 | $825,463 | $449,088 | $404,087 |
Portfolio turnover rateC | 88%K | 85% | 100% | 110%K | 86% | 89% | 69% |
A For the six month period ended August 31. The Fund changed its fiscal year end from February 28 to August 31, effective August 31, 2017.
B For the year ended February 29.
C Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
D Calculated based on average shares outstanding during the period.
E The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
F Total distributions of $.68 per share is comprised of distributions from net investment income of $.177 and distributions from net realized gain of $.506 per share.
G Total returns for periods of less than one year are not annualized.
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
I Fees and expenses of any 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.
J Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
K Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Large Cap Value Enhanced Index Fund
Investment Summary (Unaudited)
Top Ten Stocks as of February 29, 2020
% of fund's net assets | |
JPMorgan Chase & Co. | 3.3 |
Berkshire Hathaway, Inc. Class B | 2.6 |
Procter & Gamble Co. | 2.5 |
AT&T, Inc. | 2.5 |
Intel Corp. | 2.4 |
Johnson & Johnson | 2.3 |
Verizon Communications, Inc. | 2.2 |
Exxon Mobil Corp. | 1.9 |
Bank of America Corp. | 1.8 |
Chevron Corp. | 1.8 |
23.3 |
Top Market Sectors as of February 29, 2020
% of fund's net assets | |
Financials | 21.4 |
Health Care | 14.9 |
Industrials | 9.8 |
Communication Services | 9.2 |
Consumer Staples | 9.1 |
Information Technology | 7.9 |
Utilities | 7.7 |
Consumer Discretionary | 6.3 |
Energy | 5.1 |
Real Estate | 3.5 |
Asset Allocation (% of fund's net assets)
As of February 29, 2020* | ||
Stocks and Equity Futures | 99.9% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.1% |
* Foreign investments - 4.8%
Fidelity® Large Cap Value Enhanced Index Fund
Schedule of Investments February 29, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.2% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 9.2% | |||
Diversified Telecommunication Services - 5.1% | |||
AT&T, Inc. | 2,625,468 | $92,468,983 | |
CenturyLink, Inc. (a) | 1,087,576 | 13,127,042 | |
Verizon Communications, Inc. | 1,525,185 | 82,604,020 | |
188,200,045 | |||
Entertainment - 1.6% | |||
Electronic Arts, Inc. (b) | 156,777 | 15,892,484 | |
The Walt Disney Co. | 357,353 | 42,042,580 | |
57,935,064 | |||
Interactive Media & Services - 0.3% | |||
Alphabet, Inc. Class A (b) | 7,341 | 9,831,434 | |
Media - 2.2% | |||
Comcast Corp. Class A | 1,089,913 | 44,065,183 | |
DISH Network Corp. Class A (b) | 501,593 | 16,813,397 | |
Liberty Media Corp.: | |||
Liberty SiriusXM Series A (b) | 297,690 | 13,297,812 | |
Liberty SiriusXM Series C (b) | 140,302 | 6,260,275 | |
Omnicom Group, Inc. | 32,998 | 2,286,101 | |
82,722,768 | |||
TOTAL COMMUNICATION SERVICES | 338,689,311 | ||
CONSUMER DISCRETIONARY - 6.3% | |||
Auto Components - 0.3% | |||
BorgWarner, Inc. | 296,897 | 9,381,945 | |
Automobiles - 0.6% | |||
Ford Motor Co. | 3,245,814 | 22,590,865 | |
Distributors - 0.2% | |||
LKQ Corp. (b) | 235,877 | 6,977,242 | |
Diversified Consumer Services - 0.3% | |||
Bright Horizons Family Solutions, Inc. (b) | 6,520 | 1,024,618 | |
Frontdoor, Inc. (b) | 213,721 | 9,061,770 | |
Laureate Education, Inc. Class A (b) | 12,553 | 234,741 | |
Service Corp. International | 22,847 | 1,091,858 | |
11,412,987 | |||
Hotels, Restaurants & Leisure - 1.0% | |||
Extended Stay America, Inc. unit | 1,552,940 | 17,051,281 | |
International Game Technology PLC (a) | 277,930 | 2,957,175 | |
McDonald's Corp. | 82,945 | 16,105,431 | |
36,113,887 | |||
Household Durables - 1.9% | |||
D.R. Horton, Inc. | 418,665 | 22,302,285 | |
Garmin Ltd. | 247,979 | 21,918,864 | |
KB Home | 21,781 | 709,843 | |
Lennar Corp. Class A | 161,682 | 9,755,892 | |
PulteGroup, Inc. | 243,738 | 9,798,268 | |
Taylor Morrison Home Corp. (b) | 19,062 | 429,276 | |
Tempur Sealy International, Inc. (b) | 69,468 | 5,192,733 | |
70,107,161 | |||
Multiline Retail - 0.4% | |||
Target Corp. | 153,393 | 15,799,479 | |
Specialty Retail - 0.7% | |||
AutoNation, Inc. (b) | 119,000 | 5,084,870 | |
Best Buy Co., Inc. | 125,402 | 9,486,661 | |
Dick's Sporting Goods, Inc. | 58,320 | 2,123,431 | |
The Home Depot, Inc. | 46,255 | 10,076,189 | |
Tiffany & Co., Inc. | 2,318 | 309,662 | |
27,080,813 | |||
Textiles, Apparel & Luxury Goods - 0.9% | |||
Deckers Outdoor Corp. (b) | 38,461 | 6,684,522 | |
NIKE, Inc. Class B | 199,245 | 17,808,518 | |
Ralph Lauren Corp. | 84,982 | 8,966,451 | |
33,459,491 | |||
TOTAL CONSUMER DISCRETIONARY | 232,923,870 | ||
CONSUMER STAPLES - 9.1% | |||
Beverages - 0.2% | |||
The Coca-Cola Co. | 98,273 | 5,256,623 | |
Food & Staples Retailing - 2.8% | |||
Kroger Co. | 935,678 | 26,320,622 | |
U.S. Foods Holding Corp. (b) | 464,504 | 15,625,915 | |
Walmart, Inc. | 577,730 | 62,209,966 | |
104,156,503 | |||
Food Products - 1.4% | |||
Darling International, Inc. (b) | 39,735 | 1,021,190 | |
General Mills, Inc. | 343,524 | 16,832,676 | |
Ingredion, Inc. | 11,341 | 944,705 | |
Lamb Weston Holdings, Inc. | 20,353 | 1,768,472 | |
Mondelez International, Inc. | 26,015 | 1,373,592 | |
Seaboard Corp. | 45 | 153,675 | |
The Hershey Co. | 63,925 | 9,204,561 | |
Tyson Foods, Inc. Class A | 305,122 | 20,696,425 | |
51,995,296 | |||
Household Products - 3.0% | |||
Kimberly-Clark Corp. | 131,217 | 17,214,358 | |
Procter & Gamble Co. | 832,043 | 94,212,229 | |
111,426,587 | |||
Personal Products - 0.4% | |||
Coty, Inc. Class A | 1,681,281 | 15,518,224 | |
Tobacco - 1.3% | |||
Philip Morris International, Inc. | 591,350 | 48,413,825 | |
TOTAL CONSUMER STAPLES | 336,767,058 | ||
ENERGY - 5.1% | |||
Energy Equipment & Services - 0.0% | |||
Schlumberger Ltd. | 45,825 | 1,241,399 | |
Oil, Gas & Consumable Fuels - 5.1% | |||
Chevron Corp. | 700,005 | 65,338,467 | |
ConocoPhillips Co. | 612,422 | 29,653,473 | |
EOG Resources, Inc. | 26,508 | 1,676,896 | |
Exxon Mobil Corp. | 1,338,857 | 68,870,804 | |
HollyFrontier Corp. | 41,576 | 1,400,280 | |
Kinder Morgan, Inc. | 876,727 | 16,806,857 | |
ONEOK, Inc. | 29,826 | 1,989,991 | |
Valero Energy Corp. | 24,063 | 1,594,174 | |
187,330,942 | |||
TOTAL ENERGY | 188,572,341 | ||
FINANCIALS - 21.4% | |||
Banks - 8.4% | |||
Bank of America Corp. | 2,401,322 | 68,437,677 | |
Citigroup, Inc. | 718,335 | 45,585,539 | |
First Hawaiian, Inc. | 13,754 | 329,408 | |
First Horizon National Corp. | 143,430 | 1,911,922 | |
Investors Bancorp, Inc. | 67,544 | 711,914 | |
JPMorgan Chase & Co. | 1,037,448 | 120,458,090 | |
M&T Bank Corp. | 70,523 | 9,900,019 | |
Regions Financial Corp. | 755,477 | 10,214,049 | |
Truist Financial Corp. | 16,573 | 764,678 | |
U.S. Bancorp | 33,117 | 1,537,953 | |
Wells Fargo & Co. | 1,292,782 | 52,810,145 | |
312,661,394 | |||
Capital Markets - 3.5% | |||
Affiliated Managers Group, Inc. | 244,371 | 18,381,587 | |
Ameriprise Financial, Inc. | 70,009 | 9,892,272 | |
Bank of New York Mellon Corp. | 112,411 | 4,485,199 | |
BlackRock, Inc. Class A | 5,382 | 2,491,920 | |
CME Group, Inc. | 1,131 | 224,865 | |
Goldman Sachs Group, Inc. | 79,522 | 15,965,632 | |
Invesco Ltd. | 1,155,669 | 16,641,634 | |
LPL Financial | 48,868 | 3,884,029 | |
Moody's Corp. | 13,381 | 3,211,841 | |
Morgan Stanley | 618,415 | 27,847,227 | |
State Street Corp. | 372,802 | 25,391,544 | |
128,417,750 | |||
Consumer Finance - 1.1% | |||
Ally Financial, Inc. | 413,501 | 10,366,470 | |
Navient Corp. | 775,465 | 8,708,472 | |
Synchrony Financial | 672,625 | 19,573,388 | |
38,648,330 | |||
Diversified Financial Services - 3.1% | |||
AXA Equitable Holdings, Inc. | 552,587 | 11,825,362 | |
Berkshire Hathaway, Inc. Class B (b) | 463,101 | 95,556,260 | |
Cannae Holdings, Inc. (b) | 13,778 | 513,782 | |
Jefferies Financial Group, Inc. | 335,996 | 6,622,481 | |
114,517,885 | |||
Insurance - 4.3% | |||
Allstate Corp. | 272,618 | 28,693,045 | |
American Financial Group, Inc. | 32,220 | 2,977,772 | |
American National Insurance Co. | 4,739 | 466,128 | |
Aon PLC | 1,597 | 332,176 | |
Arch Capital Group Ltd. (b) | 220,149 | 8,900,624 | |
Chubb Ltd. | 3,481 | 504,849 | |
First American Financial Corp. | 361,102 | 20,618,924 | |
FNF Group | 325,445 | 12,614,248 | |
Hanover Insurance Group, Inc. | 34,575 | 4,098,521 | |
Hartford Financial Services Group, Inc. | 328,527 | 16,409,924 | |
Lincoln National Corp. | 81,283 | 3,689,435 | |
MetLife, Inc. | 75,884 | 3,241,764 | |
Old Republic International Corp. | 85,400 | 1,684,088 | |
Primerica, Inc. | 54,893 | 6,111,787 | |
Progressive Corp. | 303,907 | 22,233,836 | |
Prudential Financial, Inc. | 75,486 | 5,695,419 | |
Selective Insurance Group, Inc. | 50,094 | 2,794,243 | |
Unum Group | 489,240 | 11,404,184 | |
W.R. Berkley Corp. | 104,195 | 6,995,652 | |
159,466,619 | |||
Mortgage Real Estate Investment Trusts - 1.0% | |||
AGNC Investment Corp. | 156,324 | 2,663,761 | |
Annaly Capital Management, Inc. | 2,389,425 | 21,170,306 | |
Blackstone Mortgage Trust, Inc. | 16,569 | 597,478 | |
Invesco Mortgage Capital, Inc. | 49,532 | 796,475 | |
MFA Financial, Inc. | 1,331,673 | 9,627,996 | |
New Residential Investment Corp. | 71,768 | 1,116,710 | |
Starwood Property Trust, Inc. | 101,993 | 2,262,205 | |
38,234,931 | |||
Thrifts & Mortgage Finance - 0.0% | |||
MGIC Investment Corp. | 95,130 | 1,144,414 | |
TOTAL FINANCIALS | 793,091,323 | ||
HEALTH CARE - 14.9% | |||
Biotechnology - 2.5% | |||
Amgen, Inc. | 71,546 | 14,289,883 | |
Biogen, Inc. (b) | 100,211 | 30,904,070 | |
Gilead Sciences, Inc. | 276,507 | 19,178,526 | |
Regeneron Pharmaceuticals, Inc. (b) | 61,422 | 27,306,379 | |
91,678,858 | |||
Health Care Equipment & Supplies - 4.7% | |||
Abbott Laboratories | 515,883 | 39,738,467 | |
Baxter International, Inc. | 15,907 | 1,327,757 | |
Boston Scientific Corp. (b) | 261,019 | 9,759,500 | |
CONMED Corp. | 6,496 | 614,781 | |
Danaher Corp. | 171,927 | 24,857,206 | |
Edwards Lifesciences Corp. (b) | 52,551 | 10,764,547 | |
Hill-Rom Holdings, Inc. | 192,055 | 18,446,883 | |
Hologic, Inc. (b) | 429,998 | 20,261,506 | |
Medtronic PLC | 498,660 | 50,200,102 | |
175,970,749 | |||
Health Care Providers & Services - 1.3% | |||
Anthem, Inc. | 26,715 | 6,868,159 | |
Cardinal Health, Inc. | 7,867 | 410,028 | |
Cigna Corp. | 3,971 | 726,455 | |
CVS Health Corp. | 373,025 | 22,075,620 | |
DaVita HealthCare Partners, Inc. (b) | 59,795 | 4,641,288 | |
McKesson Corp. | 86,909 | 12,155,093 | |
UnitedHealth Group, Inc. | 1,633 | 416,350 | |
47,292,993 | |||
Health Care Technology - 0.4% | |||
Cerner Corp. | 215,801 | 14,948,535 | |
Life Sciences Tools & Services - 0.0% | |||
QIAGEN NV (b) | 8,269 | 296,857 | |
Thermo Fisher Scientific, Inc. | 1,558 | 453,066 | |
749,923 | |||
Pharmaceuticals - 6.0% | |||
Allergan PLC | 54,188 | 10,332,026 | |
Bristol-Myers Squibb Co. | 614,473 | 36,290,775 | |
Eli Lilly & Co. | 99,788 | 12,586,260 | |
Johnson & Johnson | 643,532 | 86,542,183 | |
Merck & Co., Inc. | 282,702 | 21,643,665 | |
Mylan NV (b) | 1,140,140 | 19,599,007 | |
Pfizer, Inc. | 1,048,549 | 35,042,508 | |
222,036,424 | |||
TOTAL HEALTH CARE | 552,677,482 | ||
INDUSTRIALS - 9.8% | |||
Aerospace & Defense - 3.5% | |||
Arconic, Inc. | 765,513 | 22,467,807 | |
Harris Corp. | 129,290 | 25,564,512 | |
Moog, Inc. Class A | 115,070 | 8,874,198 | |
Northrop Grumman Corp. | 56,176 | 18,472,916 | |
Parsons Corp. | 152,923 | 5,977,760 | |
Raytheon Co. | 8,375 | 1,579,190 | |
Teledyne Technologies, Inc. (b) | 2,687 | 906,379 | |
United Technologies Corp. | 365,075 | 47,675,144 | |
131,517,906 | |||
Building Products - 0.6% | |||
Fortune Brands Home & Security, Inc. | 189,200 | 11,683,100 | |
Johnson Controls International PLC | 217,919 | 7,969,298 | |
Universal Forest Products, Inc. | 65,037 | 3,047,634 | |
22,700,032 | |||
Commercial Services & Supplies - 1.6% | |||
Brady Corp. Class A | 14,733 | 697,460 | |
Cintas Corp. | 73,610 | 19,634,731 | |
KAR Auction Services, Inc. | 60,564 | 1,165,857 | |
Republic Services, Inc. | 266,370 | 24,042,556 | |
UniFirst Corp. | 45,625 | 8,477,581 | |
Waste Management, Inc. | 54,002 | 5,983,962 | |
60,002,147 | |||
Construction & Engineering - 0.5% | |||
EMCOR Group, Inc. | 213,267 | 16,404,498 | |
Valmont Industries, Inc. | 2,944 | 342,152 | |
16,746,650 | |||
Electrical Equipment - 0.5% | |||
AMETEK, Inc. | 39,298 | 3,379,628 | |
Eaton Corp. PLC | 119,260 | 10,819,267 | |
Emerson Electric Co. | 31,286 | 2,005,745 | |
Hubbell, Inc. Class B | 8,642 | 1,151,460 | |
nVent Electric PLC | 52,433 | 1,258,916 | |
Regal Beloit Corp. | 6,517 | 505,980 | |
19,120,996 | |||
Industrial Conglomerates - 0.2% | |||
General Electric Co. | 779,271 | 8,478,468 | |
Machinery - 1.6% | |||
AGCO Corp. | 312,559 | 18,887,940 | |
Crane Co. | 12,485 | 848,356 | |
Cummins, Inc. | 151,998 | 22,995,777 | |
Dover Corp. | 23,275 | 2,391,274 | |
Gates Industrial Corp. PLC (a)(b) | 42,148 | 440,868 | |
IDEX Corp. | 6,349 | 939,652 | |
Oshkosh Corp. | 34,944 | 2,521,210 | |
Rexnord Corp. | 288,793 | 8,421,204 | |
Timken Co. | 25,000 | 1,121,000 | |
WABCO Holdings, Inc. (b) | 1,913 | 258,446 | |
58,825,727 | |||
Professional Services - 0.2% | |||
FTI Consulting, Inc. (a)(b) | 63,341 | 7,131,563 | |
Nielsen Holdings PLC | 41,120 | 748,795 | |
7,880,358 | |||
Road & Rail - 1.1% | |||
CSX Corp. | 219,898 | 15,491,814 | |
Kansas City Southern | 152,253 | 22,941,482 | |
Uber Technologies, Inc. | 16,694 | 565,426 | |
38,998,722 | |||
TOTAL INDUSTRIALS | 364,271,006 | ||
INFORMATION TECHNOLOGY - 7.9% | |||
Communications Equipment - 0.3% | |||
Ciena Corp. (b) | 186,231 | 7,160,582 | |
Cisco Systems, Inc. | 117,454 | 4,689,938 | |
11,850,520 | |||
Electronic Equipment & Components - 0.2% | |||
Avnet, Inc. | 13,124 | 402,644 | |
Dolby Laboratories, Inc. Class A | 9,584 | 629,669 | |
Itron, Inc. (b) | 11,101 | 841,900 | |
Jabil, Inc. | 6,600 | 211,530 | |
National Instruments Corp. | 110,160 | 4,437,245 | |
SYNNEX Corp. | 25,441 | 3,180,888 | |
9,703,876 | |||
IT Services - 1.1% | |||
Amdocs Ltd. | 326,215 | 20,796,206 | |
IBM Corp. | 140,903 | 18,338,525 | |
ManTech International Corp. Class A | 8,845 | 662,491 | |
Perspecta, Inc. | 5,813 | 145,151 | |
39,942,373 | |||
Semiconductors & Semiconductor Equipment - 3.7% | |||
Applied Materials, Inc. | 404,870 | 23,531,044 | |
Cirrus Logic, Inc. (b) | 133,328 | 9,151,634 | |
Cypress Semiconductor Corp. | 68,510 | 1,581,896 | |
Intel Corp. | 1,568,060 | 87,058,691 | |
ON Semiconductor Corp. (b) | 47,468 | 885,753 | |
Qualcomm, Inc. | 189,671 | 14,851,239 | |
137,060,257 | |||
Software - 1.9% | |||
Cadence Design Systems, Inc. (b) | 279,167 | 18,464,105 | |
Microsoft Corp. | 10,092 | 1,635,005 | |
Nuance Communications, Inc. (b) | 1,049,841 | 22,697,562 | |
Synopsys, Inc. (b) | 138,285 | 19,073,650 | |
Verint Systems, Inc. (b) | 129,731 | 7,119,637 | |
68,989,959 | |||
Technology Hardware, Storage & Peripherals - 0.7% | |||
HP, Inc. | 197,478 | 4,105,568 | |
Western Digital Corp. | 104,758 | 5,820,354 | |
Xerox Holdings Corp. | 516,576 | 16,633,747 | |
26,559,669 | |||
TOTAL INFORMATION TECHNOLOGY | 294,106,654 | ||
MATERIALS - 2.3% | |||
Chemicals - 1.6% | |||
CF Industries Holdings, Inc. | 37,268 | 1,373,698 | |
DuPont de Nemours, Inc. | 331,247 | 14,210,496 | |
Eastman Chemical Co. | 260,609 | 16,030,060 | |
Huntsman Corp. | 907,455 | 17,187,198 | |
Linde PLC | 49,885 | 9,528,534 | |
58,329,986 | |||
Construction Materials - 0.0% | |||
Vulcan Materials Co. | 3,925 | 472,021 | |
Containers & Packaging - 0.1% | |||
Graphic Packaging Holding Co. | 450,964 | 6,097,033 | |
Metals & Mining - 0.6% | |||
Reliance Steel & Aluminum Co. | 194,180 | 19,862,672 | |
Steel Dynamics, Inc. | 71,308 | 1,898,932 | |
21,761,604 | |||
TOTAL MATERIALS | 86,660,644 | ||
REAL ESTATE - 3.5% | |||
Equity Real Estate Investment Trusts (REITs) - 3.4% | |||
Alexandria Real Estate Equities, Inc. | 12,977 | 1,970,947 | |
American Campus Communities, Inc. | 13,376 | 581,053 | |
Apple Hospitality (REIT), Inc. | 511,158 | 6,680,835 | |
Brixmor Property Group, Inc. | 989,600 | 18,020,616 | |
Camden Property Trust (SBI) | 77,255 | 8,187,485 | |
Columbia Property Trust, Inc. | 127,813 | 2,410,553 | |
Crown Castle International Corp. | 36,135 | 5,177,784 | |
Douglas Emmett, Inc. | 117,252 | 4,476,681 | |
EastGroup Properties, Inc. | 34,683 | 4,360,694 | |
Empire State Realty Trust, Inc. | 27,151 | 317,667 | |
Equity Residential (SBI) | 26,257 | 1,971,901 | |
Gaming & Leisure Properties | 127,469 | 5,694,040 | |
Healthcare Realty Trust, Inc. | 18,128 | 621,790 | |
Hospitality Properties Trust (SBI) | 57,800 | 1,045,024 | |
Host Hotels & Resorts, Inc. | 479,295 | 6,940,192 | |
Life Storage, Inc. | 53,023 | 5,721,712 | |
Outfront Media, Inc. | 331,579 | 8,733,791 | |
Paramount Group, Inc. | 33,755 | 410,123 | |
Park Hotels & Resorts, Inc. | 349,059 | 6,373,817 | |
Physicians Realty Trust | 12,213 | 230,337 | |
PS Business Parks, Inc. | 9,401 | 1,396,519 | |
Realty Income Corp. | 183,567 | 13,288,415 | |
Retail Properties America, Inc. | 99,663 | 1,043,472 | |
Store Capital Corp. | 261,287 | 8,585,891 | |
Sunstone Hotel Investors, Inc. | 518,215 | 5,674,454 | |
VEREIT, Inc. | 102,334 | 886,212 | |
VICI Properties, Inc. | 219,971 | 5,512,473 | |
Weingarten Realty Investors (SBI) | 14,317 | 385,557 | |
Weyerhaeuser Co. | 41,508 | 1,078,378 | |
127,778,413 | |||
Real Estate Management & Development - 0.1% | |||
CBRE Group, Inc. (b) | 1,579 | 88,645 | |
Jones Lang LaSalle, Inc. | 19,353 | 2,859,793 | |
Newmark Group, Inc. | 8,941 | 85,387 | |
3,033,825 | |||
TOTAL REAL ESTATE | 130,812,238 | ||
UTILITIES - 7.7% | |||
Electric Utilities - 4.4% | |||
American Electric Power Co., Inc. | 44,406 | 3,963,680 | |
Avangrid, Inc. | 24,354 | 1,210,150 | |
Duke Energy Corp. | 132,920 | 12,188,764 | |
Entergy Corp. | 60,119 | 7,028,512 | |
Evergy, Inc. | 63,263 | 4,134,237 | |
Eversource Energy | 48,986 | 4,235,330 | |
Exelon Corp. | 723,785 | 31,202,371 | |
FirstEnergy Corp. | 93,697 | 4,172,327 | |
Hawaiian Electric Industries, Inc. | 63,398 | 2,715,970 | |
IDACORP, Inc. | 32,220 | 3,113,741 | |
NextEra Energy, Inc. | 58,779 | 14,856,980 | |
OGE Energy Corp. | 485,168 | 18,484,901 | |
PNM Resources, Inc. (a) | 95,535 | 4,497,788 | |
Portland General Electric Co. | 355,600 | 19,348,196 | |
PPL Corp. | 501,298 | 15,043,953 | |
Southern Co. | 6,291 | 379,725 | |
Xcel Energy, Inc. | 259,490 | 16,171,417 | |
162,748,042 | |||
Gas Utilities - 0.3% | |||
UGI Corp. | 283,401 | 10,213,772 | |
Independent Power and Renewable Electricity Producers - 0.8% | |||
Clearway Energy, Inc. Class C | 78,695 | 1,655,743 | |
The AES Corp. | 1,264,219 | 21,150,384 | |
Vistra Energy Corp. | 355,241 | 6,831,284 | |
29,637,411 | |||
Multi-Utilities - 2.0% | |||
Ameren Corp. | 149,889 | 11,841,231 | |
Avista Corp. | 6,234 | 293,933 | |
Black Hills Corp. | 19,713 | 1,423,279 | |
CMS Energy Corp. | 24,957 | 1,507,902 | |
Dominion Energy, Inc. | 351,986 | 27,518,265 | |
DTE Energy Co. | 80,184 | 8,954,147 | |
MDU Resources Group, Inc. | 494,680 | 13,717,476 | |
NorthWestern Energy Corp. | 28,721 | 2,020,235 | |
Public Service Enterprise Group, Inc. | 121,952 | 6,257,357 | |
73,533,825 | |||
Water Utilities - 0.2% | |||
American Water Works Co., Inc. | 57,369 | 7,094,251 | |
Aqua America, Inc. | 21,026 | 904,328 | |
7,998,579 | |||
TOTAL UTILITIES | 284,131,629 | ||
TOTAL COMMON STOCKS | |||
(Cost $3,424,064,839) | 3,602,703,556 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.1% | |||
U.S. Treasury Bills, yield at date of purchase 1.64% 3/19/20 (c) | |||
(Cost $1,998,372) | 2,000,000 | 1,998,642 | |
Shares | Value | ||
Money Market Funds - 3.1% | |||
Fidelity Cash Central Fund 1.60% (d) | 92,357,904 | $92,376,376 | |
Fidelity Securities Lending Cash Central Fund 1.60% (d)(e) | 22,106,237 | 22,108,448 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $114,484,824) | 114,484,824 | ||
TOTAL INVESTMENT IN SECURITIES - 100.4% | |||
(Cost $3,540,548,035) | 3,719,187,022 | ||
NET OTHER ASSETS (LIABILITIES) - (0.4)% | (14,207,973) | ||
NET ASSETS - 100% | $3,704,979,049 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini S&P 500 Index Contracts (United States) | 686 | March 2020 | $101,222,730 | $(9,852,529) | $(9,852,529) |
The notional amount of futures purchased as a percentage of Net Assets is 2.7%
For the period, the average monthly notional amount at value for futures contracts in the aggregate was $72,139,680
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,998,642.
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $567,039 |
Fidelity Securities Lending Cash Central Fund | 253,720 |
Total | $820,759 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of February 29, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $338,689,311 | $338,689,311 | $-- | $-- |
Consumer Discretionary | 232,923,870 | 232,923,870 | -- | -- |
Consumer Staples | 336,767,058 | 336,767,058 | -- | -- |
Energy | 188,572,341 | 188,572,341 | -- | -- |
Financials | 793,091,323 | 793,091,323 | -- | -- |
Health Care | 552,677,482 | 552,677,482 | -- | -- |
Industrials | 364,271,006 | 364,271,006 | -- | -- |
Information Technology | 294,106,654 | 294,106,654 | -- | -- |
Materials | 86,660,644 | 86,660,644 | -- | -- |
Real Estate | 130,812,238 | 130,812,238 | -- | -- |
Utilities | 284,131,629 | 284,131,629 | -- | -- |
U.S. Government and Government Agency Obligations | 1,998,642 | -- | 1,998,642 | -- |
Money Market Funds | 114,484,824 | 114,484,824 | -- | -- |
Total Investments in Securities: | $3,719,187,022 | $3,717,188,380 | $1,998,642 | $-- |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(9,852,529) | $(9,852,529) | $-- | $-- |
Total Liabilities | $(9,852,529) | $(9,852,529) | $-- | $-- |
Total Derivative Instruments: | $(9,852,529) | $(9,852,529) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 29, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset | Liability | |
Equity Risk | ||
Futures Contracts(a) | $0 | $(9,852,529) |
Total Equity Risk | 0 | (9,852,529) |
Total Value of Derivatives | $0 | $(9,852,529) |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in distributable earnings.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Large Cap Value Enhanced Index Fund
Financial Statements
Statement of Assets and Liabilities
February 29, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $21,071,864) — See accompanying schedule: Unaffiliated issuers (cost $3,426,063,211) | $3,604,702,198 | |
Fidelity Central Funds (cost $114,484,824) | 114,484,824 | |
Total Investment in Securities (cost $3,540,548,035) | $3,719,187,022 | |
Segregated cash with brokers for derivative instruments | 2,740,782 | |
Receivable for investments sold | 436,445 | |
Receivable for fund shares sold | 6,741,639 | |
Dividends receivable | 9,470,583 | |
Distributions receivable from Fidelity Central Funds | 136,810 | |
Other receivables | 2 | |
Total assets | 3,738,713,283 | |
Liabilities | ||
Payable to custodian bank | $436,445 | |
Payable for fund shares redeemed | 9,605,373 | |
Accrued management fee | 1,355,572 | |
Payable for daily variation margin on futures contracts | 232,719 | |
Collateral on securities loaned | 22,104,125 | |
Total liabilities | 33,734,234 | |
Net Assets | $3,704,979,049 | |
Net Assets consist of: | ||
Paid in capital | $3,494,761,705 | |
Total accumulated earnings (loss) | 210,217,344 | |
Net Assets | $3,704,979,049 | |
Net Asset Value, offering price and redemption price per share ($3,704,979,049 ÷ 305,925,013 shares) | $12.11 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended February 29, 2020 (Unaudited) | ||
Investment Income | ||
Dividends | $50,026,347 | |
Interest | 24,700 | |
Income from Fidelity Central Funds (including $253,720 from security lending) | 820,759 | |
Total income | 50,871,806 | |
Expenses | ||
Management fee | $7,882,443 | |
Independent trustees' fees and expenses | 10,545 | |
Interest | 7,367 | |
Commitment fees | 4,647 | |
Total expenses before reductions | 7,905,002 | |
Expense reductions | (1,193) | |
Total expenses after reductions | 7,903,809 | |
Net investment income (loss) | 42,967,997 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 51,158,032 | |
Fidelity Central Funds | 2,215 | |
Futures contracts | 5,320,242 | |
Total net realized gain (loss) | 56,480,489 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (174,601,300) | |
Futures contracts | (11,355,889) | |
Total change in net unrealized appreciation (depreciation) | (185,957,189) | |
Net gain (loss) | (129,476,700) | |
Net increase (decrease) in net assets resulting from operations | $(86,508,703) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended February 29, 2020 (Unaudited) | Year ended August 31, 2019 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $42,967,997 | $87,014,636 |
Net realized gain (loss) | 56,480,489 | 59,260,021 |
Change in net unrealized appreciation (depreciation) | (185,957,189) | (169,982,617) |
Net increase (decrease) in net assets resulting from operations | (86,508,703) | (23,707,960) |
Distributions to shareholders | (133,328,253) | (231,584,709) |
Share transactions | ||
Proceeds from sales of shares | 435,648,818 | 875,552,334 |
Reinvestment of distributions | 129,596,262 | 225,314,715 |
Cost of shares redeemed | (397,781,631) | (1,013,499,571) |
Net increase (decrease) in net assets resulting from share transactions | 167,463,449 | 87,367,478 |
Total increase (decrease) in net assets | (52,373,507) | (167,925,191) |
Net Assets | ||
Beginning of period | 3,757,352,556 | 3,925,277,747 |
End of period | $3,704,979,049 | $3,757,352,556 |
Other Information | ||
Shares | ||
Sold | 32,439,133 | 69,275,964 |
Issued in reinvestment of distributions | 9,571,363 | 18,657,416 |
Redeemed | (29,466,187) | (78,854,901) |
Net increase (decrease) | 12,544,309 | 9,078,479 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Large Cap Value Enhanced Index Fund
Six months ended (Unaudited) February 29, | Years endedAugust 31, | ||||||
2020 | 2019 | 2018 | 2017 A | 2017 B | 2016 C | 2015 B | |
Selected Per–Share Data | |||||||
Net asset value, beginning of period | $12.81 | $13.81 | $12.50 | $12.53 | $9.94 | $11.38 | $10.21 |
Income from Investment Operations | |||||||
Net investment income (loss)D | .14 | .30 | .30 | .14 | .25 | .24 | .26E |
Net realized and unrealized gain (loss) | (.38) | (.46) | 1.57 | (.04) | 2.55 | (1.32) | 1.28 |
Total from investment operations | (.24) | (.16) | 1.87 | .10 | 2.80 | (1.08) | 1.54 |
Distributions from net investment income | (.29) | (.31) | (.22) | (.04) | (.21) | (.21) | (.12) |
Distributions from net realized gain | (.17) | (.54) | (.34) | (.09) | – | (.15) | (.24) |
Total distributions | (.46) | (.84)F | (.56) | (.13) | (.21) | (.36) | (.37)G |
Net asset value, end of period | $12.11 | $12.81 | $13.81 | $12.50 | $12.53 | $9.94 | $11.38 |
Total ReturnH,I | (2.25)% | (.77)% | 15.20% | .79% | 28.30% | (9.69)% | 15.37% |
Ratios to Average Net AssetsJ,K | |||||||
Expenses before reductions | .39%L | .39% | .39% | .40%L | .45% | .45% | .45% |
Expenses net of fee waivers, if any | .39%L | .39% | .39% | .40%L | .45% | .45% | .45% |
Expenses net of all reductions | .39%L | .39% | .39% | .40%L | .45% | .45% | .45% |
Net investment income (loss) | 2.13%L | 2.37% | 2.27% | 2.27%L | 2.23% | 2.20% | 2.34%E |
Supplemental Data | |||||||
Net assets, end of period (000 omitted) | $3,704,979 | $3,757,353 | $3,925,278 | $3,062,841 | $2,889,227 | $1,568,289 | $1,105,349 |
Portfolio turnover rateM | 87%L | 94% | 99% | 93%L | 81% | 88% | 76%N |
A For the six month period ended August 31. The Fund changed its fiscal year end from February 28 to August 31, effective August 31, 2017.
B For the year ended February 28.
C For the year ended February 29.
D Calculated based on average shares outstanding during the period.
E Net investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.00%.
F Total distributions of $.84 per share is comprised of distributions from net investment income of $.305 and distributions from net realized gain of $.536 per share.
G Total distributions of $.37 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.243 per share.
H Total returns for periods of less than one year are not annualized.
I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
J Fees and expenses of any 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.
K Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
L Annualized
M Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
N Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Large Cap Core Enhanced Index Fund
Investment Summary (Unaudited)
Top Ten Stocks as of February 29, 2020
% of fund's net assets | |
Microsoft Corp. | 5.4 |
Apple, Inc. | 4.1 |
Amazon.com, Inc. | 3.5 |
Facebook, Inc. Class A | 2.4 |
Alphabet, Inc. Class C | 2.1 |
JPMorgan Chase & Co. | 2.0 |
Johnson & Johnson | 1.8 |
Procter & Gamble Co. | 1.6 |
Alphabet, Inc. Class A | 1.6 |
AT&T, Inc. | 1.5 |
26.0 |
Top Market Sectors as of February 29, 2020
% of fund's net assets | |
Information Technology | 22.0 |
Health Care | 15.2 |
Financials | 12.2 |
Communication Services | 11.4 |
Consumer Discretionary | 10.4 |
Industrials | 8.2 |
Consumer Staples | 7.0 |
Utilities | 4.1 |
Real Estate | 2.6 |
Energy | 2.5 |
Asset Allocation (% of fund's net assets)
As of February 29, 2020* | ||
Stocks and Equity Futures | 99.8% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.2% |
* Foreign investments - 1.7%
Fidelity® Large Cap Core Enhanced Index Fund
Schedule of Investments February 29, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.8% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 11.4% | |||
Diversified Telecommunication Services - 2.9% | |||
AT&T, Inc. | 371,310 | $13,077,538 | |
Cogent Communications Group, Inc. | 3,563 | 260,135 | |
Verizon Communications, Inc. | 219,050 | 11,863,748 | |
25,201,421 | |||
Entertainment - 1.9% | |||
Electronic Arts, Inc. (a) | 36,407 | 3,690,578 | |
Netflix, Inc. (a) | 24,264 | 8,954,144 | |
The Walt Disney Co. | 29,057 | 3,418,556 | |
16,063,278 | |||
Interactive Media & Services - 6.1% | |||
Alphabet, Inc.: | |||
Class A (a) | 10,080 | 13,499,640 | |
Class C (a) | 13,447 | 18,009,971 | |
Facebook, Inc. Class A (a) | 104,066 | 20,029,583 | |
51,539,194 | |||
Media - 0.5% | |||
Comcast Corp. Class A | 81,765 | 3,305,759 | |
Omnicom Group, Inc. | 10,573 | 732,497 | |
4,038,256 | |||
TOTAL COMMUNICATION SERVICES | 96,842,149 | ||
CONSUMER DISCRETIONARY - 10.4% | |||
Auto Components - 0.1% | |||
BorgWarner, Inc. | 33,960 | 1,073,136 | |
Automobiles - 0.5% | |||
Ford Motor Co. | 565,384 | 3,935,073 | |
Diversified Consumer Services - 0.4% | |||
Frontdoor, Inc. (a) | 67,749 | 2,872,558 | |
Service Corp. International | 6,234 | 297,923 | |
3,170,481 | |||
Hotels, Restaurants & Leisure - 1.4% | |||
Chipotle Mexican Grill, Inc. (a) | 3,470 | 2,684,323 | |
Extended Stay America, Inc. unit | 250,805 | 2,753,839 | |
McDonald's Corp. | 29,667 | 5,760,441 | |
Starbucks Corp. | 7,681 | 602,421 | |
11,801,024 | |||
Household Durables - 1.4% | |||
D.R. Horton, Inc. | 92,607 | 4,933,175 | |
Garmin Ltd. | 28,480 | 2,517,347 | |
NVR, Inc. (a) | 1,190 | 4,363,944 | |
11,814,466 | |||
Internet & Direct Marketing Retail - 4.0% | |||
Amazon.com, Inc. (a) | 15,927 | 30,002,486 | |
eBay, Inc. | 123,966 | 4,294,182 | |
34,296,668 | |||
Specialty Retail - 1.5% | |||
AutoZone, Inc. (a) | 2,095 | 2,163,108 | |
Best Buy Co., Inc. | 29,091 | 2,200,734 | |
The Home Depot, Inc. | 39,158 | 8,530,179 | |
12,894,021 | |||
Textiles, Apparel & Luxury Goods - 1.1% | |||
NIKE, Inc. Class B | 65,781 | 5,879,506 | |
Ralph Lauren Corp. | 28,478 | 3,004,714 | |
8,884,220 | |||
TOTAL CONSUMER DISCRETIONARY | 87,869,089 | ||
CONSUMER STAPLES - 7.0% | |||
Beverages - 1.1% | |||
Coca-Cola Bottling Co. Consolidated | 1,986 | 390,011 | |
PepsiCo, Inc. | 17,283 | 2,281,874 | |
The Coca-Cola Co. | 119,416 | 6,387,562 | |
9,059,447 | |||
Food & Staples Retailing - 1.7% | |||
Costco Wholesale Corp. | 7,964 | 2,238,999 | |
Kroger Co. | 79,700 | 2,241,961 | |
Performance Food Group Co. (a) | 11,186 | 474,286 | |
U.S. Foods Holding Corp. (a) | 12,636 | 425,075 | |
Walmart, Inc. | 88,300 | 9,508,144 | |
14,888,465 | |||
Food Products - 0.7% | |||
Archer Daniels Midland Co. | 44,015 | 1,657,165 | |
General Mills, Inc. | 35,139 | 1,721,811 | |
The Hershey Co. | 80 | 11,519 | |
Tyson Foods, Inc. Class A | 35,249 | 2,390,940 | |
5,781,435 | |||
Household Products - 2.5% | |||
Clorox Co. | 10,329 | 1,646,649 | |
Colgate-Palmolive Co. | 28,176 | 1,903,852 | |
Kimberly-Clark Corp. | 29,983 | 3,933,470 | |
Procter & Gamble Co. | 122,136 | 13,829,459 | |
21,313,430 | |||
Tobacco - 1.0% | |||
Philip Morris International, Inc. | 103,623 | 8,483,615 | |
TOTAL CONSUMER STAPLES | 59,526,392 | ||
ENERGY - 2.5% | |||
Oil, Gas & Consumable Fuels - 2.5% | |||
Chevron Corp. | 105,877 | 9,882,559 | |
ConocoPhillips Co. | 89,628 | 4,339,788 | |
Exxon Mobil Corp. | 134,414 | 6,914,256 | |
21,136,603 | |||
FINANCIALS - 12.2% | |||
Banks - 4.7% | |||
Bank of America Corp. | 194,962 | 5,556,417 | |
Citigroup, Inc. | 122,504 | 7,774,104 | |
JPMorgan Chase & Co. | 141,664 | 16,448,607 | |
Regions Financial Corp. | 78,726 | 1,064,376 | |
Wells Fargo & Co. | 211,254 | 8,629,726 | |
39,473,230 | |||
Capital Markets - 2.8% | |||
Affiliated Managers Group, Inc. | 8,194 | 616,353 | |
Bank of New York Mellon Corp. | 20,511 | 818,389 | |
BlackRock, Inc. Class A | 170 | 78,712 | |
Goldman Sachs Group, Inc. | 15,057 | 3,022,994 | |
LPL Financial | 9,424 | 749,020 | |
Moody's Corp. | 3,863 | 927,236 | |
Morgan Stanley | 39,753 | 1,790,078 | |
MSCI, Inc. | 6,391 | 1,888,157 | |
Raymond James Financial, Inc. | 2,748 | 229,815 | |
S&P Global, Inc. | 14,365 | 3,819,797 | |
State Street Corp. | 70,738 | 4,817,965 | |
T. Rowe Price Group, Inc. | 44,242 | 5,220,998 | |
23,979,514 | |||
Consumer Finance - 0.4% | |||
Discover Financial Services | 14,600 | 957,468 | |
Synchrony Financial | 77,019 | 2,241,253 | |
3,198,721 | |||
Diversified Financial Services - 1.1% | |||
Berkshire Hathaway, Inc. Class B (a) | 45,017 | 9,288,808 | |
Insurance - 2.7% | |||
Allstate Corp. | 22,305 | 2,347,601 | |
American Financial Group, Inc. | 19,389 | 1,791,931 | |
CNA Financial Corp. | 8,782 | 365,156 | |
First American Financial Corp. | 73,535 | 4,198,849 | |
FNF Group | 9,155 | 354,848 | |
Hartford Financial Services Group, Inc. | 13,387 | 668,681 | |
Lincoln National Corp. | 3,023 | 137,214 | |
Primerica, Inc. | 25,436 | 2,832,044 | |
Progressive Corp. | 69,123 | 5,057,039 | |
Prudential Financial, Inc. | 5,844 | 440,930 | |
Selective Insurance Group, Inc. | 3,113 | 173,643 | |
Unum Group | 13,763 | 320,816 | |
W.R. Berkley Corp. | 64,231 | 4,312,469 | |
23,001,221 | |||
Mortgage Real Estate Investment Trusts - 0.4% | |||
MFA Financial, Inc. | 173,330 | 1,253,176 | |
Starwood Property Trust, Inc. | 77,534 | 1,719,704 | |
2,972,880 | |||
Thrifts & Mortgage Finance - 0.1% | |||
Essent Group Ltd. | 8,690 | 379,232 | |
TFS Financial Corp. | 36,360 | 743,198 | |
1,122,430 | |||
TOTAL FINANCIALS | 103,036,804 | ||
HEALTH CARE - 15.2% | |||
Biotechnology - 3.0% | |||
AbbVie, Inc. | 102,892 | 8,818,873 | |
Amgen, Inc. | 28,938 | 5,779,787 | |
Biogen, Inc. (a) | 20,811 | 6,417,904 | |
Gilead Sciences, Inc. | 25,672 | 1,780,610 | |
Regeneron Pharmaceuticals, Inc. (a) | 6,772 | 3,010,628 | |
25,807,802 | |||
Health Care Equipment & Supplies - 3.5% | |||
Abbott Laboratories | 111,983 | 8,626,050 | |
Boston Scientific Corp. (a) | 15,238 | 569,749 | |
Danaher Corp. | 15,319 | 2,214,821 | |
Edwards Lifesciences Corp. (a) | 21,296 | 4,362,273 | |
Hill-Rom Holdings, Inc. | 17,218 | 1,653,789 | |
Hologic, Inc. (a) | 98,877 | 4,659,084 | |
Medtronic PLC | 71,244 | 7,172,133 | |
29,257,899 | |||
Health Care Providers & Services - 2.8% | |||
Anthem, Inc. | 24,024 | 6,176,330 | |
Cardinal Health, Inc. | 8,168 | 425,716 | |
CVS Health Corp. | 59,372 | 3,513,635 | |
HCA Holdings, Inc. | 12,666 | 1,608,709 | |
McKesson Corp. | 407 | 56,923 | |
UnitedHealth Group, Inc. | 47,451 | 12,098,107 | |
23,879,420 | |||
Health Care Technology - 0.6% | |||
Cerner Corp. | 72,107 | 4,994,852 | |
Pharmaceuticals - 5.3% | |||
Allergan PLC | 3,848 | 733,698 | |
Bristol-Myers Squibb Co. | 150,519 | 8,889,652 | |
Bristol-Myers Squibb Co. rights (a) | 14,570 | 48,810 | |
Eli Lilly & Co. | 61,178 | 7,716,381 | |
Johnson & Johnson | 113,350 | 15,243,308 | |
Merck & Co., Inc. | 127,031 | 9,725,493 | |
Pfizer, Inc. | 68,088 | 2,275,501 | |
44,632,843 | |||
TOTAL HEALTH CARE | 128,572,816 | ||
INDUSTRIALS - 8.2% | |||
Aerospace & Defense - 2.2% | |||
Harris Corp. | 29,744 | 5,881,281 | |
Lockheed Martin Corp. | 4,797 | 1,774,266 | |
Moog, Inc. Class A | 49,875 | 3,846,360 | |
Northrop Grumman Corp. | 12,994 | 4,272,947 | |
Raytheon Co. | 4,649 | 876,615 | |
The Boeing Co. | 3,266 | 898,509 | |
United Technologies Corp. | 11,166 | 1,458,168 | |
19,008,146 | |||
Building Products - 0.2% | |||
Fortune Brands Home & Security, Inc. | 28,094 | 1,734,805 | |
Commercial Services & Supplies - 1.4% | |||
Cintas Corp. | 19,874 | 5,301,191 | |
Herman Miller, Inc. | 46,853 | 1,604,247 | |
Republic Services, Inc. | 36,925 | 3,332,851 | |
UniFirst Corp. | 8,496 | 1,578,642 | |
Waste Management, Inc. | 1,749 | 193,807 | |
12,010,738 | |||
Construction & Engineering - 0.5% | |||
EMCOR Group, Inc. | 51,034 | 3,925,535 | |
Electrical Equipment - 0.4% | |||
AMETEK, Inc. | 35,721 | 3,072,006 | |
Industrial Conglomerates - 0.0% | |||
Honeywell International, Inc. | 430 | 69,733 | |
Machinery - 1.8% | |||
AGCO Corp. | 40,921 | 2,472,856 | |
Caterpillar, Inc. | 12,302 | 1,528,400 | |
Cummins, Inc. | 33,274 | 5,034,023 | |
Dover Corp. | 44,606 | 4,582,820 | |
IDEX Corp. | 5,074 | 750,952 | |
Illinois Tool Works, Inc. | 1,576 | 264,421 | |
Rexnord Corp. | 29,519 | 860,774 | |
15,494,246 | |||
Professional Services - 0.5% | |||
Robert Half International, Inc. | 77,348 | 3,899,113 | |
Road & Rail - 1.2% | |||
CSX Corp. | 78,539 | 5,533,073 | |
Union Pacific Corp. | 28,668 | 4,581,433 | |
10,114,506 | |||
TOTAL INDUSTRIALS | 69,328,828 | ||
INFORMATION TECHNOLOGY - 22.0% | |||
Communications Equipment - 1.1% | |||
Cisco Systems, Inc. | 245,071 | 9,785,685 | |
Electronic Equipment & Components - 0.4% | |||
National Instruments Corp. | 56,887 | 2,291,408 | |
SYNNEX Corp. | 11,619 | 1,452,724 | |
3,744,132 | |||
IT Services - 4.4% | |||
Amdocs Ltd. | 64,108 | 4,086,885 | |
Fiserv, Inc. (a) | 3,382 | 369,856 | |
IBM Corp. | 62,868 | 8,182,270 | |
MasterCard, Inc. Class A | 38,909 | 11,293,337 | |
Paychex, Inc. | 4,589 | 355,556 | |
PayPal Holdings, Inc. (a) | 398 | 42,980 | |
VeriSign, Inc. (a) | 8,062 | 1,529,765 | |
Visa, Inc. Class A | 64,833 | 11,784,046 | |
37,644,695 | |||
Semiconductors & Semiconductor Equipment - 3.2% | |||
Advanced Micro Devices, Inc. (a) | 31,086 | 1,413,791 | |
Cirrus Logic, Inc. (a) | 7,451 | 511,437 | |
Intel Corp. | 221,358 | 12,289,796 | |
Lam Research Corp. | 15,271 | 4,480,970 | |
NVIDIA Corp. | 4,086 | 1,103,506 | |
Qualcomm, Inc. | 91,448 | 7,160,378 | |
26,959,878 | |||
Software - 8.5% | |||
Adobe, Inc. (a) | 2,736 | 944,248 | |
Cadence Design Systems, Inc. (a) | 74,849 | 4,950,513 | |
Intuit, Inc. | 2,309 | 613,848 | |
Microsoft Corp. | 283,567 | 45,940,683 | |
Nuance Communications, Inc. (a) | 189,887 | 4,105,357 | |
Oracle Corp. | 56,436 | 2,791,325 | |
Salesforce.com, Inc. (a) | 40,661 | 6,928,634 | |
Synopsys, Inc. (a) | 36,788 | 5,074,169 | |
Verint Systems, Inc. (a) | 8,742 | 479,761 | |
71,828,538 | |||
Technology Hardware, Storage & Peripherals - 4.4% | |||
Apple, Inc. | 125,838 | 34,399,076 | |
HP, Inc. | 6,507 | 135,281 | |
Xerox Holdings Corp. | 77,141 | 2,483,940 | |
37,018,297 | |||
TOTAL INFORMATION TECHNOLOGY | 186,981,225 | ||
MATERIALS - 1.2% | |||
Chemicals - 0.7% | |||
Eastman Chemical Co. | 62,867 | 3,866,949 | |
Ecolab, Inc. | 1,530 | 276,089 | |
Huntsman Corp. | 88,920 | 1,684,145 | |
Valvoline, Inc. | 28,005 | 546,098 | |
6,373,281 | |||
Containers & Packaging - 0.0% | |||
Ardagh Group SA | 4,568 | 80,077 | |
Metals & Mining - 0.5% | |||
Reliance Steel & Aluminum Co. | 38,829 | 3,971,818 | |
TOTAL MATERIALS | 10,425,176 | ||
REAL ESTATE - 2.6% | |||
Equity Real Estate Investment Trusts (REITs) - 2.6% | |||
American Tower Corp. | 29,766 | 6,750,929 | |
Crown Castle International Corp. | 34,571 | 4,953,679 | |
Douglas Emmett, Inc. | 105,009 | 4,009,244 | |
EastGroup Properties, Inc. | 2,735 | 343,872 | |
Essex Property Trust, Inc. | 1,627 | 461,027 | |
Gaming & Leisure Properties | 10,008 | 447,057 | |
Realty Income Corp. | 67,789 | 4,907,246 | |
RLJ Lodging Trust | 12,618 | 166,684 | |
VICI Properties, Inc. | 5,718 | 143,293 | |
22,183,031 | |||
UTILITIES - 4.1% | |||
Electric Utilities - 2.4% | |||
Allete, Inc. | 6,117 | 422,012 | |
Alliant Energy Corp. | 42,521 | 2,216,195 | |
Entergy Corp. | 733 | 85,695 | |
Exelon Corp. | 122,934 | 5,299,685 | |
FirstEnergy Corp. | 39,151 | 1,743,394 | |
Hawaiian Electric Industries, Inc. | 29,389 | 1,259,025 | |
IDACORP, Inc. | 13,836 | 1,337,111 | |
MGE Energy, Inc. | 907 | 64,705 | |
OGE Energy Corp. | 18,243 | 695,058 | |
PNM Resources, Inc. | 15,763 | 742,122 | |
Portland General Electric Co. | 77,365 | 4,209,430 | |
PPL Corp. | 48,988 | 1,470,130 | |
Southern Co. | 9,329 | 563,098 | |
Xcel Energy, Inc. | 6,043 | 376,600 | |
20,484,260 | |||
Gas Utilities - 0.0% | |||
UGI Corp. | 948 | 34,166 | |
Independent Power and Renewable Electricity Producers - 0.5% | |||
Clearway Energy, Inc. Class C | 8,307 | 174,779 | |
The AES Corp. | 266,190 | 4,453,359 | |
4,628,138 | |||
Multi-Utilities - 1.2% | |||
CMS Energy Corp. | 23,656 | 1,429,296 | |
Dominion Energy, Inc. | 82,729 | 6,467,753 | |
DTE Energy Co. | 5,908 | 659,746 | |
NorthWestern Energy Corp. | 17,586 | 1,236,999 | |
9,793,794 | |||
TOTAL UTILITIES | 34,940,358 | ||
TOTAL COMMON STOCKS | |||
(Cost $670,334,958) | 820,842,471 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.1% | |||
U.S. Treasury Bills, yield at date of purchase 1.64% 3/19/20 (b) | |||
(Cost $699,430) | 700,000 | 699,525 | |
Shares | Value | ||
Money Market Funds - 3.1% | |||
Fidelity Cash Central Fund 1.60% (c) | |||
(Cost $26,652,029) | 26,646,734 | 26,652,063 | |
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $697,686,417) | 848,194,059 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (173,273) | ||
NET ASSETS - 100% | $848,020,786 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini S&P 500 Index Contracts (United States) | 175 | March 2020 | $25,822,125 | $(2,820,495) | $(2,820,495) |
The notional amount of futures purchased as a percentage of Net Assets is 3.0%
Legend
(a) Non-income producing
(b) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $699,525.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $116,327 |
Fidelity Securities Lending Cash Central Fund | 18,023 |
Total | $134,350 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of February 29, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $96,842,149 | $96,842,149 | $-- | $-- |
Consumer Discretionary | 87,869,089 | 87,869,089 | -- | -- |
Consumer Staples | 59,526,392 | 59,526,392 | -- | -- |
Energy | 21,136,603 | 21,136,603 | -- | -- |
Financials | 103,036,804 | 103,036,804 | -- | -- |
Health Care | 128,572,816 | 128,572,816 | -- | -- |
Industrials | 69,328,828 | 69,328,828 | -- | -- |
Information Technology | 186,981,225 | 186,981,225 | -- | -- |
Materials | 10,425,176 | 10,425,176 | -- | -- |
Real Estate | 22,183,031 | 22,183,031 | -- | -- |
Utilities | 34,940,358 | 34,940,358 | -- | -- |
U.S. Government and Government Agency Obligations | 699,525 | -- | 699,525 | -- |
Money Market Funds | 26,652,063 | 26,652,063 | -- | -- |
Total Investments in Securities: | $848,194,059 | $847,494,534 | $699,525 | $-- |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(2,820,495) | $(2,820,495) | $-- | $-- |
Total Liabilities | $(2,820,495) | $(2,820,495) | $-- | $-- |
Total Derivative Instruments: | $(2,820,495) | $(2,820,495) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 29, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset | Liability | |
Equity Risk | ||
Futures Contracts(a) | $0 | $(2,820,495) |
Total Equity Risk | 0 | (2,820,495) |
Total Value of Derivatives | $0 | $(2,820,495) |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in distributable earnings (loss).
See accompanying notes which are an integral part of the financial statements.
Fidelity® Large Cap Core Enhanced Index Fund
Financial Statements
Statement of Assets and Liabilities
February 29, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $671,034,388) | $821,541,996 | |
Fidelity Central Funds (cost $26,652,029) | 26,652,063 | |
Total Investment in Securities (cost $697,686,417) | $848,194,059 | |
Segregated cash with brokers for derivative instruments | 627,625 | |
Receivable for investments sold | 11,817,106 | |
Receivable for fund shares sold | 3,333,752 | |
Dividends receivable | 1,722,173 | |
Distributions receivable from Fidelity Central Funds | 35,011 | |
Total assets | 865,729,726 | |
Liabilities | ||
Payable for investments purchased | $10,264,376 | |
Payable for fund shares redeemed | 7,079,052 | |
Accrued management fee | 309,160 | |
Payable for daily variation margin on futures contracts | 56,352 | |
Total liabilities | 17,708,940 | |
Net Assets | $848,020,786 | |
Net Assets consist of: | ||
Paid in capital | $680,304,292 | |
Total accumulated earnings (loss) | 167,716,494 | |
Net Assets | $848,020,786 | |
Net Asset Value, offering price and redemption price per share ($848,020,786 ÷ 56,175,967 shares) | $15.10 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended February 29, 2020 (Unaudited) | ||
Investment Income | ||
Dividends | $8,491,502 | |
Interest | 6,288 | |
Income from Fidelity Central Funds (including $18,023 from security lending) | 134,350 | |
Total income | 8,632,140 | |
Expenses | ||
Management fee | $1,746,206 | |
Independent trustees' fees and expenses | 2,328 | |
Commitment fees | 1,026 | |
Total expenses before reductions | 1,749,560 | |
Expense reductions | (861) | |
Total expenses after reductions | 1,748,699 | |
Net investment income (loss) | 6,883,441 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 25,958,643 | |
Fidelity Central Funds | 126 | |
Futures contracts | 431,672 | |
Total net realized gain (loss) | 26,390,441 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (17,529,428) | |
Fidelity Central Funds | (1) | |
Futures contracts | (2,933,362) | |
Total change in net unrealized appreciation (depreciation) | (20,462,791) | |
Net gain (loss) | 5,927,650 | |
Net increase (decrease) in net assets resulting from operations | $12,811,091 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended February 29, 2020 (Unaudited) | Year ended August 31, 2019 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $6,883,441 | $14,283,088 |
Net realized gain (loss) | 26,390,441 | 1,299,657 |
Change in net unrealized appreciation (depreciation) | (20,462,791) | (7,242,209) |
Net increase (decrease) in net assets resulting from operations | 12,811,091 | 8,340,536 |
Distributions to shareholders | (21,489,954) | (50,637,921) |
Share transactions | ||
Proceeds from sales of shares | 114,828,561 | 284,994,927 |
Reinvestment of distributions | 20,156,350 | 47,753,158 |
Cost of shares redeemed | (112,920,430) | (214,551,667) |
Net increase (decrease) in net assets resulting from share transactions | 22,064,481 | 118,196,418 |
Total increase (decrease) in net assets | 13,385,618 | 75,899,033 |
Net Assets | ||
Beginning of period | 834,635,168 | 758,736,135 |
End of period | $848,020,786 | $834,635,168 |
Other Information | ||
Shares | ||
Sold | 7,073,192 | 19,184,670 |
Issued in reinvestment of distributions | 1,226,055 | 3,462,883 |
Redeemed | (7,014,188) | (14,537,369) |
Net increase (decrease) | 1,285,059 | 8,110,184 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Large Cap Core Enhanced Index Fund
Six months ended (Unaudited) February 29, | Years endedAugust 31, | ||||||
2020 | 2019 | 2018 | 2017 A | 2017 B | 2016 C | 2015 B | |
Selected Per–Share Data | |||||||
Net asset value, beginning of period | $15.21 | $16.22 | $13.74 | $13.21 | $10.90 | $12.29 | $11.30 |
Income from Investment Operations | |||||||
Net investment income (loss)D | .12 | .27 | .27 | .12 | .22 | .22 | .20 |
Net realized and unrealized gain (loss) | .16 | (.27) | 2.74 | .45 | 2.29 | (1.17) | 1.55 |
Total from investment operations | .28 | – | 3.01 | .57 | 2.51 | (.95) | 1.75 |
Distributions from net investment income | (.26) | (.24) | (.19) | (.04) | (.20) | (.19) | (.16) |
Distributions from net realized gain | (.13) | (.78) | (.33) | – | – | (.25) | (.60) |
Total distributions | (.39) | (1.01)E | (.53)F | (.04) | (.20) | (.44) | (.76) |
Net asset value, end of period | $15.10 | $15.21 | $16.22 | $13.74 | $13.21 | $10.90 | $12.29 |
Total ReturnG,H | 1.64% | .65% | 22.32% | 4.29% | 23.09% | (7.94)% | 16.04% |
Ratios to Average Net AssetsI,J | |||||||
Expenses before reductions | .39%K | .39% | .39% | .40%K | .45% | .45% | .45% |
Expenses net of fee waivers, if any | .39%K | .39% | .39% | .40%K | .45% | .45% | .45% |
Expenses net of all reductions | .39%K | .39% | .39% | .40%K | .45% | .45% | .45% |
Net investment income (loss) | 1.54%K | 1.81% | 1.78% | 1.85%K | 1.82% | 1.86% | 1.69% |
Supplemental Data | |||||||
Net assets, end of period (000 omitted) | $848,021 | $834,635 | $758,736 | $534,236 | $524,986 | $411,699 | $381,883 |
Portfolio turnover rateL | 81%K | 77% | 92% | 88%K | 82% | 84% | 101% |
A For the six month period ended August 31. The Fund changed its fiscal year end from February 28 to August 31, effective August 31, 2017.
B For the year ended February 28.
C For the year ended February 29.
D Calculated based on average shares outstanding during the period.
E Total distributions of $1.01 per share is comprised of distributions from net investment income of $.237 and distributions from net realized gain of $.775 per share.
F Total distributions of $.53 per share is comprised of distributions from net investment income of $.193 and distributions from net realized gain of $.332 per share.
G Total returns for periods of less than one year are not annualized.
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
I Fees and expenses of any 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.
J Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
K Annualized
L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Mid Cap Enhanced Index Fund
Investment Summary (Unaudited)
Top Ten Stocks as of February 29, 2020
% of fund's net assets | |
Harris Corp. | 1.1 |
Advanced Micro Devices, Inc. | 1.1 |
Lam Research Corp. | 1.1 |
Newmont Corp. | 1.0 |
Cintas Corp. | 0.9 |
State Street Corp. | 0.8 |
The Hershey Co. | 0.8 |
Cummins, Inc. | 0.8 |
Cerner Corp. | 0.8 |
Synopsys, Inc. | 0.8 |
9.2 |
Top Market Sectors as of February 29, 2020
% of fund's net assets | |
Information Technology | 20.5 |
Financials | 14.2 |
Industrials | 12.3 |
Health Care | 12.3 |
Consumer Discretionary | 11.9 |
Real Estate | 8.6 |
Utilities | 5.9 |
Materials | 5.1 |
Consumer Staples | 3.3 |
Communication Services | 3.1 |
Asset Allocation (% of fund's net assets)
As of February 29, 2020* | ||
Stocks and Equity Futures | 100.1% | |
Short-Term Investments and Net Other Assets (Liabilities)** | (0.1)% |
* Foreign investments - 5.9%
** Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart
Fidelity® Mid Cap Enhanced Index Fund
Schedule of Investments February 29, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.9% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 3.1% | |||
Diversified Telecommunication Services - 0.7% | |||
CenturyLink, Inc. (a) | 665,009 | $8,026,659 | |
Entertainment - 0.6% | |||
Electronic Arts, Inc. (b) | 63,652 | 6,452,403 | |
Roku, Inc. Class A (a)(b) | 7,092 | 806,148 | |
7,258,551 | |||
Interactive Media & Services - 0.1% | |||
Match Group, Inc. (b) | 2,147 | 139,555 | |
TripAdvisor, Inc. | 26,345 | 617,790 | |
757,345 | |||
Media - 1.7% | |||
Cable One, Inc. | 1,055 | 1,659,536 | |
DISH Network Corp. Class A (b) | 219,655 | 7,362,836 | |
Liberty Media Corp.: | |||
Liberty SiriusXM Series A (b) | 28,379 | 1,267,690 | |
Liberty SiriusXM Series C (b) | 26,880 | 1,199,386 | |
News Corp.: | |||
Class A | 247,351 | 2,986,763 | |
Class B | 54,742 | 680,990 | |
Nexstar Broadcasting Group, Inc. Class A | 2,330 | 267,903 | |
Omnicom Group, Inc. | 74,040 | 5,129,491 | |
20,554,595 | |||
TOTAL COMMUNICATION SERVICES | 36,597,150 | ||
CONSUMER DISCRETIONARY - 11.9% | |||
Automobiles - 0.2% | |||
Ford Motor Co. | 268,305 | 1,867,403 | |
Distributors - 0.6% | |||
LKQ Corp. (b) | 232,708 | 6,883,503 | |
Diversified Consumer Services - 0.7% | |||
Bright Horizons Family Solutions, Inc. (b) | 6,087 | 956,572 | |
Frontdoor, Inc. (b) | 163,964 | 6,952,074 | |
7,908,646 | |||
Hotels, Restaurants & Leisure - 2.5% | |||
Chipotle Mexican Grill, Inc. (b) | 12,003 | 9,285,281 | |
Darden Restaurants, Inc. | 16,969 | 1,654,478 | |
Extended Stay America, Inc. unit | 353,113 | 3,877,181 | |
International Game Technology PLC (a) | 61,282 | 652,040 | |
Las Vegas Sands Corp. | 29,143 | 1,699,328 | |
MGM Mirage, Inc. | 293,934 | 7,219,019 | |
Norwegian Cruise Line Holdings Ltd. (b) | 82,756 | 3,083,489 | |
Yum China Holdings, Inc. | 53,105 | 2,325,468 | |
29,796,284 | |||
Household Durables - 3.7% | |||
D.R. Horton, Inc. | 171,626 | 9,142,517 | |
Garmin Ltd. | 89,873 | 7,943,874 | |
Lennar Corp. Class A | 130,816 | 7,893,437 | |
NVR, Inc. (b) | 2,265 | 8,306,163 | |
PulteGroup, Inc. | 195,757 | 7,869,431 | |
Tempur Sealy International, Inc. (b) | 37,556 | 2,807,311 | |
43,962,733 | |||
Multiline Retail - 0.5% | |||
Dollar General Corp. | 9,927 | 1,492,028 | |
Target Corp. | 44,775 | 4,611,825 | |
6,103,853 | |||
Specialty Retail - 2.0% | |||
AutoNation, Inc. (b) | 58,203 | 2,487,014 | |
AutoZone, Inc. (b) | 3,576 | 3,692,256 | |
Best Buy Co., Inc. | 100,931 | 7,635,430 | |
Dick's Sporting Goods, Inc. (a) | 50,216 | 1,828,365 | |
O'Reilly Automotive, Inc. (b) | 11,455 | 4,223,688 | |
Tiffany & Co., Inc. | 9,419 | 1,258,284 | |
Williams-Sonoma, Inc. | 45,012 | 2,808,299 | |
23,933,336 | |||
Textiles, Apparel & Luxury Goods - 1.7% | |||
Deckers Outdoor Corp. (b) | 4,409 | 766,284 | |
lululemon athletica, Inc. (b) | 30,375 | 6,603,829 | |
PVH Corp. | 27,333 | 2,025,649 | |
Ralph Lauren Corp. | 65,410 | 6,901,409 | |
Tapestry, Inc. | 142,342 | 3,337,920 | |
19,635,091 | |||
TOTAL CONSUMER DISCRETIONARY | 140,090,849 | ||
CONSUMER STAPLES - 3.3% | |||
Food & Staples Retailing - 1.3% | |||
Kroger Co. | 306,944 | 8,634,335 | |
U.S. Foods Holding Corp. (b) | 202,605 | 6,815,632 | |
15,449,967 | |||
Food Products - 1.7% | |||
Beyond Meat, Inc. (a) | 2,523 | 226,187 | |
Bunge Ltd. | 517 | 24,273 | |
Conagra Brands, Inc. | 35,547 | 948,749 | |
Darling International, Inc. (b) | 27,416 | 704,591 | |
General Mills, Inc. | 5,742 | 281,358 | |
Ingredion, Inc. | 8,859 | 737,955 | |
The Hershey Co. | 66,898 | 9,632,643 | |
Tyson Foods, Inc. Class A | 120,413 | 8,167,614 | |
20,723,370 | |||
Household Products - 0.3% | |||
Colgate-Palmolive Co. | 15,139 | 1,022,942 | |
Kimberly-Clark Corp. | 16,147 | 2,118,325 | |
3,141,267 | |||
TOTAL CONSUMER STAPLES | 39,314,604 | ||
ENERGY - 1.7% | |||
Oil, Gas & Consumable Fuels - 1.7% | |||
Antero Resources Corp. (b) | 17,984 | 28,774 | |
Apache Corp. | 13,912 | 346,687 | |
Cimarex Energy Co. | 18,714 | 618,498 | |
Devon Energy Corp. | 310,656 | 5,045,053 | |
EOG Resources, Inc. | 11,028 | 697,631 | |
Kinder Morgan, Inc. | 314,650 | 6,031,841 | |
Marathon Oil Corp. | 90,121 | 746,202 | |
Noble Energy, Inc. | 126,922 | 2,009,175 | |
The Williams Companies, Inc. | 227,136 | 4,326,941 | |
19,850,802 | |||
FINANCIALS - 14.2% | |||
Banks - 2.1% | |||
East West Bancorp, Inc. | 131,405 | 5,090,630 | |
First Hawaiian, Inc. | 84,518 | 2,024,206 | |
First Horizon National Corp. | 146,379 | 1,951,232 | |
KeyCorp | 48,171 | 787,596 | |
M&T Bank Corp. | 53,607 | 7,525,351 | |
Regions Financial Corp. | 567,155 | 7,667,936 | |
25,046,951 | |||
Capital Markets - 5.7% | |||
Affiliated Managers Group, Inc. | 73,939 | 5,561,692 | |
Ameriprise Financial, Inc. | 54,904 | 7,757,935 | |
Bank of New York Mellon Corp. | 2,797 | 111,600 | |
Cboe Global Markets, Inc. | 3,164 | 360,696 | |
E*TRADE Financial Corp. | 9,086 | 415,957 | |
Invesco Ltd. | 162,682 | 2,342,621 | |
Legg Mason, Inc. | 38,702 | 1,928,134 | |
LPL Financial | 66,544 | 5,288,917 | |
MarketAxess Holdings, Inc. | 21,350 | 6,924,446 | |
Moody's Corp. | 7,902 | 1,896,717 | |
Morningstar, Inc. | 32,800 | 4,818,320 | |
MSCI, Inc. | 31,001 | 9,158,935 | |
Raymond James Financial, Inc. | 1,125 | 94,084 | |
SEI Investments Co. | 120,575 | 6,596,658 | |
State Street Corp. | 146,400 | 9,971,304 | |
Stifel Financial Corp. | 17,211 | 936,967 | |
T. Rowe Price Group, Inc. | 26,696 | 3,150,395 | |
67,315,378 | |||
Consumer Finance - 1.0% | |||
Ally Financial, Inc. | 108,960 | 2,731,627 | |
Synchrony Financial | 285,754 | 8,315,441 | |
11,047,068 | |||
Diversified Financial Services - 0.3% | |||
AXA Equitable Holdings, Inc. | 36,399 | 778,939 | |
Jefferies Financial Group, Inc. | 130,879 | 2,579,625 | |
3,358,564 | |||
Insurance - 4.0% | |||
American Financial Group, Inc. | 8,530 | 788,343 | |
American International Group, Inc. warrants 1/19/21 (b) | 574 | 2,353 | |
Arch Capital Group Ltd. (b) | 186,153 | 7,526,166 | |
CNA Financial Corp. | 22,948 | 954,178 | |
First American Financial Corp. | 128,204 | 7,320,448 | |
FNF Group | 183,960 | 7,130,290 | |
Hanover Insurance Group, Inc. | 27,125 | 3,215,398 | |
Hartford Financial Services Group, Inc. | 114,960 | 5,742,252 | |
Primerica, Inc. | 14,053 | 1,564,661 | |
Prudential Financial, Inc. | 26,762 | 2,019,193 | |
Reinsurance Group of America, Inc. | 13,067 | 1,594,566 | |
Selective Insurance Group, Inc. | 13,993 | 780,530 | |
Unum Group | 47,191 | 1,100,022 | |
W.R. Berkley Corp. | 114,277 | 7,672,558 | |
47,410,958 | |||
Mortgage Real Estate Investment Trusts - 1.0% | |||
Annaly Capital Management, Inc. | 734,399 | 6,506,775 | |
MFA Financial, Inc. | 743,640 | 5,376,517 | |
11,883,292 | |||
Thrifts & Mortgage Finance - 0.1% | |||
MGIC Investment Corp. | 48,188 | 579,702 | |
Radian Group, Inc. | 23,644 | 502,199 | |
1,081,901 | |||
TOTAL FINANCIALS | 167,144,112 | ||
HEALTH CARE - 12.3% | |||
Biotechnology - 2.5% | |||
Alnylam Pharmaceuticals, Inc. (b) | 11,464 | 1,348,854 | |
Biogen, Inc. (b) | 21,124 | 6,514,430 | |
BioMarin Pharmaceutical, Inc. (b) | 18,871 | 1,705,372 | |
bluebird bio, Inc. (b) | 334 | 24,158 | |
Incyte Corp. (b) | 114,469 | 8,632,107 | |
Moderna, Inc. (b) | 1,745 | 45,248 | |
Regeneron Pharmaceuticals, Inc. (b) | 15,477 | 6,880,610 | |
United Therapeutics Corp. (b) | 34,607 | 3,563,137 | |
28,713,916 | |||
Health Care Equipment & Supplies - 3.4% | |||
Align Technology, Inc. (b) | 17,013 | 3,714,789 | |
Baxter International, Inc. | 13,610 | 1,136,027 | |
Boston Scientific Corp. (b) | 115,905 | 4,333,688 | |
Dentsply Sirona, Inc. | 39,541 | 1,946,999 | |
DexCom, Inc. (b) | 16,795 | 4,635,420 | |
Edwards Lifesciences Corp. (b) | 10,356 | 2,121,323 | |
Hill-Rom Holdings, Inc. | 71,574 | 6,874,683 | |
Hologic, Inc. (b) | 140,779 | 6,633,506 | |
Nevro Corp. (b) | 592 | 77,049 | |
ResMed, Inc. | 1,822 | 289,625 | |
Varian Medical Systems, Inc. (b) | 10,903 | 1,340,742 | |
West Pharmaceutical Services, Inc. | 11,719 | 1,764,413 | |
Zimmer Biomet Holdings, Inc. | 33,529 | 4,564,973 | |
39,433,237 | |||
Health Care Providers & Services - 3.5% | |||
AmerisourceBergen Corp. | 79,198 | 6,677,975 | |
Cardinal Health, Inc. | 124,905 | 6,510,049 | |
DaVita HealthCare Partners, Inc. (b) | 95,954 | 7,447,949 | |
Humana, Inc. | 18,184 | 5,813,061 | |
McKesson Corp. | 61,419 | 8,590,061 | |
Molina Healthcare, Inc. (b) | 35,343 | 4,331,285 | |
Quest Diagnostics, Inc. | 17,532 | 1,859,444 | |
41,229,824 | |||
Health Care Technology - 1.6% | |||
Cerner Corp. | 137,321 | 9,512,226 | |
Veeva Systems, Inc. Class A (b) | 66,022 | 9,373,143 | |
18,885,369 | |||
Life Sciences Tools & Services - 0.2% | |||
Bruker Corp. | 32,251 | 1,404,854 | |
QIAGEN NV (b) | 35,929 | 1,289,851 | |
2,694,705 | |||
Pharmaceuticals - 1.1% | |||
Jazz Pharmaceuticals PLC (b) | 54,595 | 6,255,495 | |
Mylan NV (b) | 399,347 | 6,864,775 | |
Nektar Therapeutics (b) | 1,940 | 40,371 | |
13,160,641 | |||
TOTAL HEALTH CARE | 144,117,692 | ||
INDUSTRIALS - 12.3% | |||
Aerospace & Defense - 2.7% | |||
Arconic, Inc. | 277,984 | 8,158,830 | |
Harris Corp. | 67,024 | 13,252,650 | |
HEICO Corp. | 49,567 | 5,345,801 | |
HEICO Corp. Class A | 14,033 | 1,239,535 | |
Mercury Systems, Inc. (b) | 14,078 | 1,034,170 | |
Northrop Grumman Corp. | 7,313 | 2,404,807 | |
Teledyne Technologies, Inc. (b) | 1,367 | 461,116 | |
31,896,909 | |||
Airlines - 0.2% | |||
JetBlue Airways Corp. (b) | 149,532 | 2,359,615 | |
Building Products - 0.6% | |||
Fortune Brands Home & Security, Inc. | 113,288 | 6,995,534 | |
Commercial Services & Supplies - 2.4% | |||
Cintas Corp. | 37,765 | 10,073,436 | |
Copart, Inc. (b) | 7,977 | 673,897 | |
IAA Spinco, Inc. (b) | 16,625 | 710,220 | |
KAR Auction Services, Inc. | 323,603 | 6,229,358 | |
Republic Services, Inc. | 93,253 | 8,417,016 | |
Waste Management, Inc. | 15,580 | 1,726,420 | |
27,830,347 | |||
Construction & Engineering - 0.4% | |||
EMCOR Group, Inc. | 59,015 | 4,539,434 | |
Valmont Industries, Inc. | 3,824 | 444,425 | |
4,983,859 | |||
Electrical Equipment - 1.0% | |||
Generac Holdings, Inc. (b) | 28,088 | 2,892,783 | |
nVent Electric PLC | 39,543 | 949,427 | |
Regal Beloit Corp. | 25,178 | 1,954,820 | |
Rockwell Automation, Inc. | 35,312 | 6,479,752 | |
12,276,782 | |||
Machinery - 3.2% | |||
AGCO Corp. | 107,142 | 6,474,591 | |
Allison Transmission Holdings, Inc. | 93,831 | 3,809,539 | |
Crane Co. | 26,136 | 1,775,941 | |
Cummins, Inc. | 62,965 | 9,525,975 | |
Oshkosh Corp. | 10,011 | 722,294 | |
PACCAR, Inc. | 137,887 | 9,224,640 | |
Stanley Black & Decker, Inc. | 5,574 | 800,984 | |
Trane Technologies PLC | 39,696 | 5,122,372 | |
37,456,336 | |||
Professional Services - 1.3% | |||
CoStar Group, Inc. (b) | 6,971 | 4,653,770 | |
Nielsen Holdings PLC | 248,522 | 4,525,586 | |
Robert Half International, Inc. | 126,515 | 6,377,621 | |
15,556,977 | |||
Road & Rail - 0.5% | |||
Kansas City Southern | 34,674 | 5,224,678 | |
Trading Companies & Distributors - 0.0% | |||
WESCO International, Inc. (b) | 5,909 | 239,728 | |
TOTAL INDUSTRIALS | 144,820,765 | ||
INFORMATION TECHNOLOGY - 20.5% | |||
Communications Equipment - 1.3% | |||
Ciena Corp. (b) | 191,983 | 7,381,746 | |
CommScope Holding Co., Inc. (b) | 19,859 | 218,648 | |
Juniper Networks, Inc. (a) | 324,240 | 6,880,373 | |
Ubiquiti, Inc. | 8,386 | 1,137,645 | |
15,618,412 | |||
Electronic Equipment & Components - 2.4% | |||
Dolby Laboratories, Inc. Class A | 17,355 | 1,140,224 | |
Jabil, Inc. | 125,046 | 4,007,724 | |
Keysight Technologies, Inc. (b) | 94,038 | 8,911,041 | |
National Instruments Corp. | 173,135 | 6,973,878 | |
Zebra Technologies Corp. Class A (b) | 33,853 | 7,141,967 | |
28,174,834 | |||
IT Services - 4.7% | |||
Akamai Technologies, Inc. (b) | 28,385 | 2,455,586 | |
Alliance Data Systems Corp. | 26,575 | 2,282,261 | |
Amdocs Ltd. | 116,128 | 7,403,160 | |
Booz Allen Hamilton Holding Corp. Class A | 65,899 | 4,698,599 | |
CACI International, Inc. Class A (b) | 4,455 | 1,091,564 | |
EPAM Systems, Inc. (b) | 6,481 | 1,446,559 | |
Euronet Worldwide, Inc. (b) | 34,669 | 4,300,343 | |
Fiserv, Inc. (b) | 81,106 | 8,869,752 | |
FleetCor Technologies, Inc. (b) | 766 | 203,595 | |
Genpact Ltd. | 169,990 | 6,537,815 | |
Global Payments, Inc. | 35,330 | 6,499,660 | |
GoDaddy, Inc. (b) | 27,080 | 1,895,058 | |
Sabre Corp. | 321,147 | 4,372,416 | |
Square, Inc. (b) | 19,466 | 1,622,102 | |
VeriSign, Inc. (b) | 7,719 | 1,464,680 | |
55,143,150 | |||
Semiconductors & Semiconductor Equipment - 5.7% | |||
Advanced Micro Devices, Inc. (b) | 291,353 | 13,250,734 | |
Applied Materials, Inc. | 56,999 | 3,312,782 | |
Cypress Semiconductor Corp. | 2,393 | 55,254 | |
KLA-Tencor Corp. | 27,365 | 4,206,274 | |
Lam Research Corp. | 44,469 | 13,048,539 | |
Marvell Technology Group Ltd. | 79,780 | 1,699,314 | |
Maxim Integrated Products, Inc. | 81,877 | 4,553,999 | |
Micron Technology, Inc. (b) | 30,829 | 1,620,372 | |
ON Semiconductor Corp. (b) | 185,238 | 3,456,541 | |
Qorvo, Inc. (b) | 37,060 | 3,727,495 | |
Silicon Laboratories, Inc. (b) | 6,477 | 574,380 | |
Skyworks Solutions, Inc. | 48,090 | 4,817,656 | |
Teradyne, Inc. | 65,915 | 3,873,165 | |
Xilinx, Inc. | 106,615 | 8,901,286 | |
67,097,791 | |||
Software - 5.9% | |||
Atlassian Corp. PLC (b) | 54,161 | 7,851,179 | |
Avalara, Inc. (b) | 82,280 | 6,973,230 | |
Cadence Design Systems, Inc. (b) | 136,806 | 9,048,349 | |
Citrix Systems, Inc. | 75,833 | 7,840,374 | |
DocuSign, Inc. (b) | 37,337 | 3,222,556 | |
Dropbox, Inc. Class A (b) | 365,831 | 7,155,654 | |
Fair Isaac Corp. (b) | 19,065 | 7,169,012 | |
Manhattan Associates, Inc. (b) | 9,060 | 610,282 | |
Nortonlifelock, Inc. | 18,763 | 357,060 | |
Nuance Communications, Inc. (b) | 355,901 | 7,694,580 | |
SS&C Technologies Holdings, Inc. | 35,129 | 1,949,660 | |
Synopsys, Inc. (b) | 68,747 | 9,482,274 | |
69,354,210 | |||
Technology Hardware, Storage & Peripherals - 0.5% | |||
Western Digital Corp. | 62,238 | 3,457,943 | |
Xerox Holdings Corp. | 79,291 | 2,553,170 | |
6,011,113 | |||
TOTAL INFORMATION TECHNOLOGY | 241,399,510 | ||
MATERIALS - 5.1% | |||
Chemicals - 1.8% | |||
Cabot Corp. | 7,485 | 279,789 | |
CF Industries Holdings, Inc. | 180,324 | 6,646,743 | |
Corteva, Inc. | 136,215 | 3,705,048 | |
Eastman Chemical Co. | 76,088 | 4,680,173 | |
Huntsman Corp. | 323,560 | 6,128,226 | |
21,439,979 | |||
Construction Materials - 0.3% | |||
Martin Marietta Materials, Inc. | 6,256 | 1,423,428 | |
Vulcan Materials Co. | 20,106 | 2,417,948 | |
3,841,376 | |||
Containers & Packaging - 0.4% | |||
Crown Holdings, Inc. (b) | 12,296 | 866,868 | |
Graphic Packaging Holding Co. | 264,393 | 3,574,593 | |
4,441,461 | |||
Metals & Mining - 2.6% | |||
Freeport-McMoRan, Inc. | 62,259 | 620,100 | |
Newmont Corp. | 271,345 | 12,110,127 | |
Nucor Corp. | 100,190 | 4,142,857 | |
Reliance Steel & Aluminum Co. | 66,089 | 6,760,244 | |
Steel Dynamics, Inc. | 241,114 | 6,420,866 | |
30,054,194 | |||
TOTAL MATERIALS | 59,777,010 | ||
REAL ESTATE - 8.6% | |||
Equity Real Estate Investment Trusts (REITs) - 8.1% | |||
Alexandria Real Estate Equities, Inc. | 9,304 | 1,413,092 | |
Apartment Investment & Management Co. Class A | 99,470 | 4,758,645 | |
Apple Hospitality (REIT), Inc. | 321,720 | 4,204,880 | |
AvalonBay Communities, Inc. | 30,308 | 6,079,482 | |
Brixmor Property Group, Inc. | 311,102 | 5,665,167 | |
Camden Property Trust (SBI) | 73,800 | 7,821,324 | |
Colony Capital, Inc. | 51,070 | 202,237 | |
Columbia Property Trust, Inc. | 132,607 | 2,500,968 | |
Crown Castle International Corp. | 6,610 | 947,147 | |
Douglas Emmett, Inc. | 182,300 | 6,960,214 | |
Empire State Realty Trust, Inc. | 53,535 | 626,360 | |
Equity Commonwealth | 29,178 | 917,940 | |
Equity Lifestyle Properties, Inc. | 63,539 | 4,341,620 | |
Equity Residential (SBI) | 25,003 | 1,877,725 | |
Essex Property Trust, Inc. | 28,285 | 8,014,838 | |
Gaming & Leisure Properties | 175,652 | 7,846,375 | |
Hospitality Properties Trust (SBI) | 83,185 | 1,503,985 | |
Host Hotels & Resorts, Inc. | 479,468 | 6,942,697 | |
Life Storage, Inc. | 14,583 | 1,573,652 | |
Outfront Media, Inc. | 135,563 | 3,570,729 | |
Park Hotels & Resorts, Inc. | 290,596 | 5,306,283 | |
Realty Income Corp. | 56,660 | 4,101,617 | |
Retail Properties America, Inc. | 309,117 | 3,236,455 | |
SBA Communications Corp. Class A | 14,010 | 3,713,911 | |
VICI Properties, Inc. | 35,434 | 887,976 | |
95,015,319 | |||
Real Estate Management & Development - 0.5% | |||
CBRE Group, Inc. (b) | 59,901 | 3,362,842 | |
Howard Hughes Corp. (b) | 21,328 | 2,300,865 | |
5,663,707 | |||
TOTAL REAL ESTATE | 100,679,026 | ||
UTILITIES - 5.9% | |||
Electric Utilities - 2.5% | |||
Edison International | 419 | 28,153 | |
Entergy Corp. | 23,430 | 2,739,201 | |
Hawaiian Electric Industries, Inc. | 39,390 | 1,687,468 | |
IDACORP, Inc. | 12,729 | 1,230,131 | |
OGE Energy Corp. | 162,437 | 6,188,850 | |
Portland General Electric Co. | 17,588 | 956,963 | |
PPL Corp. | 299,929 | 9,000,869 | |
Xcel Energy, Inc. | 122,997 | 7,665,173 | |
29,496,808 | |||
Gas Utilities - 0.4% | |||
UGI Corp. | 136,303 | 4,912,360 | |
Independent Power and Renewable Electricity Producers - 1.4% | |||
Clearway Energy, Inc. Class C | 65,782 | 1,384,053 | |
NRG Energy, Inc. | 38,119 | 1,265,932 | |
The AES Corp. | 452,041 | 7,562,646 | |
Vistra Energy Corp. | 343,291 | 6,601,486 | |
16,814,117 | |||
Multi-Utilities - 1.6% | |||
Ameren Corp. | 31,921 | 2,521,759 | |
CMS Energy Corp. | 49,924 | 3,016,408 | |
DTE Energy Co. | 68,782 | 7,680,886 | |
MDU Resources Group, Inc. | 143,492 | 3,979,033 | |
Public Service Enterprise Group, Inc. | 19,704 | 1,011,012 | |
Sempra Energy | 1,488 | 207,993 | |
18,417,091 | |||
TOTAL UTILITIES | 69,640,376 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,133,090,404) | 1,163,431,896 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.0% | |||
U.S. Treasury Bills, yield at date of purchase 1.64% 3/19/20 (c) | |||
(Cost $599,511) | 600,000 | 599,593 | |
Shares | Value | ||
Money Market Funds - 2.0% | |||
Fidelity Cash Central Fund 1.60% (d) | 17,103,581 | $17,107,002 | |
Fidelity Securities Lending Cash Central Fund 1.60% (d)(e) | 6,363,032 | 6,363,669 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $23,470,671) | 23,470,671 | ||
TOTAL INVESTMENT IN SECURITIES - 100.9% | |||
(Cost $1,157,160,586) | 1,187,502,160 | ||
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (10,679,293) | ||
NET ASSETS - 100% | $1,176,822,867 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini S&P MidCap 400 Index Contracts (United States) | 78 | March 2020 | $14,135,160 | $(1,648,890) | $(1,648,890) |
The notional amount of futures purchased as a percentage of Net Assets is 1.2%
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $599,593.
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(e) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $124,334 |
Fidelity Securities Lending Cash Central Fund | 6,902 |
Total | $131,236 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of February 29, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $36,597,150 | $36,597,150 | $-- | $-- |
Consumer Discretionary | 140,090,849 | 140,090,849 | -- | -- |
Consumer Staples | 39,314,604 | 39,314,604 | -- | -- |
Energy | 19,850,802 | 19,850,802 | -- | -- |
Financials | 167,144,112 | 167,144,112 | -- | -- |
Health Care | 144,117,692 | 144,117,692 | -- | -- |
Industrials | 144,820,765 | 144,820,765 | -- | -- |
Information Technology | 241,399,510 | 241,399,510 | -- | -- |
Materials | 59,777,010 | 59,777,010 | -- | -- |
Real Estate | 100,679,026 | 100,679,026 | -- | -- |
Utilities | 69,640,376 | 69,640,376 | -- | -- |
U.S. Government and Government Agency Obligations | 599,593 | -- | 599,593 | -- |
Money Market Funds | 23,470,671 | 23,470,671 | -- | -- |
Total Investments in Securities: | $1,187,502,160 | $1,186,902,567 | $599,593 | $-- |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(1,648,890) | $(1,648,890) | $-- | $-- |
Total Liabilities | $(1,648,890) | $(1,648,890) | $-- | $-- |
Total Derivative Instruments: | $(1,648,890) | $(1,648,890) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 29, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset | Liability | |
Equity Risk | ||
Futures Contracts(a) | $0 | $(1,648,890) |
Total Equity Risk | 0 | (1,648,890) |
Total Value of Derivatives | $0 | $(1,648,890) |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
Fidelity® Mid Cap Enhanced Index Fund
Financial Statements
Statement of Assets and Liabilities
February 29, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $6,088,195) — See accompanying schedule: Unaffiliated issuers (cost $1,133,689,915) | $1,164,031,489 | |
Fidelity Central Funds (cost $23,470,671) | 23,470,671 | |
Total Investment in Securities (cost $1,157,160,586) | $1,187,502,160 | |
Segregated cash with brokers for derivative instruments | 212,335 | |
Receivable for fund shares sold | 2,455,988 | |
Dividends receivable | 1,228,093 | |
Distributions receivable from Fidelity Central Funds | 25,711 | |
Other receivables | 2 | |
Total assets | 1,191,424,289 | |
Liabilities | ||
Payable for fund shares redeemed | $7,183,202 | |
Accrued management fee | 650,937 | |
Payable for daily variation margin on futures contracts | 402,658 | |
Collateral on securities loaned | 6,364,625 | |
Total liabilities | 14,601,422 | |
Net Assets | $1,176,822,867 | |
Net Assets consist of: | ||
Paid in capital | $1,119,645,570 | |
Total accumulated earnings (loss) | 57,177,297 | |
Net Assets | $1,176,822,867 | |
Net Asset Value, offering price and redemption price per share ($1,176,822,867 ÷ 85,227,209 shares) | $13.81 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended February 29, 2020 (Unaudited) | ||
Investment Income | ||
Dividends | $11,712,895 | |
Non-Cash dividends | 869,750 | |
Interest | 5,708 | |
Income from Fidelity Central Funds (including $6,902 from security lending) | 131,236 | |
Total income | 12,719,589 | |
Expenses | ||
Management fee | $3,851,661 | |
Independent trustees' fees and expenses | 3,449 | |
Interest | 3,263 | |
Commitment fees | 1,532 | |
Total expenses before reductions | 3,859,905 | |
Expense reductions | (1,957) | |
Total expenses after reductions | 3,857,948 | |
Net investment income (loss) | 8,861,641 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 39,084,901 | |
Fidelity Central Funds | 424 | |
Futures contracts | (163,457) | |
Total net realized gain (loss) | 38,921,868 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (63,541,529) | |
Futures contracts | (1,753,753) | |
Total change in net unrealized appreciation (depreciation) | (65,295,282) | |
Net gain (loss) | (26,373,414) | |
Net increase (decrease) in net assets resulting from operations | $(17,511,773) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended February 29, 2020 (Unaudited) | Year ended August 31, 2019 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $8,861,641 | $17,130,483 |
Net realized gain (loss) | 38,921,868 | 27,485,203 |
Change in net unrealized appreciation (depreciation) | (65,295,282) | (82,629,720) |
Net increase (decrease) in net assets resulting from operations | (17,511,773) | (38,014,034) |
Distributions to shareholders | (49,106,870) | (100,749,904) |
Share transactions | ||
Proceeds from sales of shares | 181,933,997 | 323,476,818 |
Reinvestment of distributions | 46,674,152 | 95,690,621 |
Cost of shares redeemed | (248,486,003) | (306,502,044) |
Net increase (decrease) in net assets resulting from share transactions | (19,877,854) | 112,665,395 |
Total increase (decrease) in net assets | (86,496,497) | (26,098,543) |
Net Assets | ||
Beginning of period | 1,263,319,364 | 1,289,417,907 |
End of period | $1,176,822,867 | $1,263,319,364 |
Other Information | ||
Shares | ||
Sold | 11,924,290 | 22,114,078 |
Issued in reinvestment of distributions | 3,028,822 | 7,238,322 |
Redeemed | (16,321,350) | (21,299,474) |
Net increase (decrease) | (1,368,238) | 8,052,926 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Mid Cap Enhanced Index Fund
Six months ended (Unaudited) February 29, | Years endedAugust 31, | ||||||
2020 | 2019 | 2018 | 2017 A | 2017 B | 2016 C | 2015 B | |
Selected Per–Share Data | |||||||
Net asset value, beginning of period | $14.59 | $16.42 | $14.93 | $14.77 | $11.98 | $14.16 | $13.60 |
Income from Investment Operations | |||||||
Net investment income (loss)D | .10 | .21 | .26 | .12 | .21 | .18 | .15 |
Net realized and unrealized gain (loss) | (.29) | (.71) | 2.17 | .13 | 2.76 | (1.70) | 1.73 |
Total from investment operations | (.19) | (.50) | 2.43 | .25 | 2.97 | (1.52) | 1.88 |
Distributions from net investment income | (.22) | (.25) | (.21) | (.02) | (.18) | (.14) | (.10) |
Distributions from net realized gain | (.38) | (1.09) | (.73) | (.07) | – | (.51) | (1.22) |
Total distributions | (.59)E | (1.33)F | (.94) | (.09) | (.18) | (.66)G | (1.32) |
Redemption fees added to paid in capitalD | – | – | – | –H | –H | –H | –H |
Net asset value, end of period | $13.81 | $14.59 | $16.42 | $14.93 | $14.77 | $11.98 | $14.16 |
Total ReturnI,J | (1.70)% | (2.19)% | 16.67% | 1.72% | 24.85% | (11.02)% | 15.22% |
Ratios to Average Net AssetsK,L | |||||||
Expenses before reductions | .59%M | .59% | .59% | .59%M | .60% | .60% | .60% |
Expenses net of fee waivers, if any | .59%M | .59% | .59% | .59%M | .60% | .60% | .60% |
Expenses net of all reductions | .59%M | .59% | .59% | .59%M | .60% | .60% | .60% |
Net investment income (loss) | 1.36%M | 1.46% | 1.64% | 1.62%M | 1.53% | 1.34% | 1.08% |
Supplemental Data | |||||||
Net assets, end of period (000 omitted) | $1,176,823 | $1,263,319 | $1,289,418 | $1,183,861 | $1,176,023 | $805,242 | $608,475 |
Portfolio turnover rateN | 97%M | 90% | 108% | 94%M | 87% | 88% | 89% |
A For the six month period ended August 31. The Fund changed its fiscal year end from February 28 to August 31, effective August 31, 2017.
B For the year ended February 28.
C For the year ended February 29.
D Calculated based on average shares outstanding during the period.
E Total distributions of $.59 per share is comprised of distributions from net investment income of $.218 and distributions from net realized gain of $.375 per share.
F Total distributions of $1.33 per share is comprised of distributions from net investment income of $.248 and distributions from net realized gain of $1.085 per share.
G Total distributions of $.66 per share is comprised of distributions from net investment income of $.144 and distributions from net realized gain of $.511 per share.
H Amount represents less than $.005 per share.
I Total returns for periods of less than one year are not annualized.
J Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
K Fees and expenses of any 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.
L Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
M Annualized
N Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Fidelity® International Enhanced Index Fund
Investment Summary (Unaudited)
Geographic Diversification (% of fund's net assets)
As of February 29, 2020 | ||
Japan | 24.8% | |
United Kingdom | 14.7% | |
Switzerland | 9.4% | |
France | 9.3% | |
Germany | 7.3% | |
Australia | 7.2% | |
Netherlands | 5.2% | |
Sweden | 3.7% | |
Spain | 3.4% | |
Other* | 15.0% |
* Includes Short-Term investments and Net Other Assets (Liabilities).
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
Asset Allocation as of February 29, 2020
% of fund's net assets | |
Stocks and Equity Futures | 100.0 |
Top Ten Stocks as of February 29, 2020
% of fund's net assets | |
Nestle SA (Reg. S) (Switzerland, Food Products) | 2.7 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 2.1 |
Novartis AG (Switzerland, Pharmaceuticals) | 1.8 |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 1.3 |
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) | 1.3 |
CSL Ltd. (Australia, Biotechnology) | 1.2 |
Allianz SE (Germany, Insurance) | 1.2 |
HSBC Holdings PLC (United Kingdom, Banks) | 1.2 |
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) | 1.1 |
Enel SpA (Italy, Electric Utilities) | 1.0 |
14.9 |
Top Market Sectors as of February 29, 2020
% of fund's net assets | |
Financials | 17.3 |
Industrials | 15.5 |
Health Care | 14.4 |
Consumer Discretionary | 11.2 |
Consumer Staples | 9.9 |
Information Technology | 8.6 |
Communication Services | 6.8 |
Materials | 4.8 |
Utilities | 3.7 |
Real Estate | 3.2 |
Fidelity® International Enhanced Index Fund
Schedule of Investments February 29, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.9% | |||
Shares | Value | ||
Australia - 7.2% | |||
AGL Energy Ltd. | 87,298 | $1,088,497 | |
APA Group unit | 42,497 | 297,333 | |
Aristocrat Leisure Ltd. | 90,750 | 1,957,433 | |
Aurizon Holdings Ltd. | 1,779,032 | 5,597,730 | |
Australia & New Zealand Banking Group Ltd. | 287,038 | 4,629,043 | |
BHP Billiton Ltd. | 501,137 | 10,892,427 | |
Brambles Ltd. | 113,917 | 887,566 | |
Challenger Ltd. | 79,062 | 468,180 | |
Coca-Cola Amatil Ltd. | 1,000,430 | 7,488,379 | |
Cochlear Ltd. | 7,514 | 1,016,152 | |
Coles Group Ltd. | 237,571 | 2,199,220 | |
Commonwealth Bank of Australia | 110,552 | 5,889,722 | |
CSL Ltd. | 85,465 | 17,228,435 | |
DEXUS Property Group unit | 273,701 | 2,168,159 | |
Fortescue Metals Group Ltd. | 1,211,060 | 7,952,566 | |
Goodman Group unit | 341,811 | 3,335,638 | |
Harvey Norman Holdings Ltd. | 99,593 | 240,704 | |
Macquarie Group Ltd. | 75,136 | 6,599,571 | |
Magellan Financial Group Ltd. | 41,018 | 1,489,973 | |
National Australia Bank Ltd. | 100,080 | 1,646,925 | |
Orica Ltd. | 19,595 | 252,750 | |
QBE Insurance Group Ltd. | 172,375 | 1,526,071 | |
Ramsay Health Care Ltd. | 3,821 | 169,290 | |
Rio Tinto Ltd. | 88,512 | 5,032,088 | |
Scentre Group unit | 2,096,625 | 4,725,828 | |
SP AusNet | 85,149 | 94,022 | |
Stockland Corp. Ltd. unit | 112,318 | 344,629 | |
The GPT Group unit | 132,470 | 498,800 | |
Wesfarmers Ltd. | 239,461 | 6,341,273 | |
Woodside Petroleum Ltd. | 103,463 | 1,881,835 | |
Woolworths Group Ltd. | 124,243 | 3,140,398 | |
TOTAL AUSTRALIA | 107,080,637 | ||
Austria - 0.0% | |||
Erste Group Bank AG | 2,440 | 83,530 | |
Bailiwick of Jersey - 0.2% | |||
Ferguson PLC | 12,342 | 1,075,355 | |
Glencore Xstrata PLC | 522,288 | 1,318,334 | |
TOTAL BAILIWICK OF JERSEY | 2,393,689 | ||
Belgium - 1.8% | |||
Ageas | 156,650 | 7,288,741 | |
Anheuser-Busch InBev SA NV ADR (a) | 573 | 33,446 | |
Colruyt NV | 48,678 | 2,257,868 | |
Galapagos Genomics NV (b) | 34,874 | 7,334,820 | |
KBC Groep NV | 20,482 | 1,364,643 | |
Proximus | 21,622 | 536,982 | |
UCB SA | 90,729 | 8,400,232 | |
TOTAL BELGIUM | 27,216,732 | ||
Bermuda - 0.1% | |||
Jardine Matheson Holdings Ltd. | 792 | 43,085 | |
Kerry Properties Ltd. | 321,423 | 913,344 | |
TOTAL BERMUDA | 956,429 | ||
Cayman Islands - 1.2% | |||
Cheung Kong Property Holdings Ltd. | 1,106,828 | 6,915,013 | |
CK Hutchison Holdings Ltd. | 531,000 | 4,621,982 | |
Sands China Ltd. | 1,156,400 | 5,377,742 | |
WH Group Ltd. (c) | 806,500 | 819,433 | |
TOTAL CAYMAN ISLANDS | 17,734,170 | ||
Denmark - 2.7% | |||
A.P. Moller - Maersk A/S: | |||
Series A | 893 | 846,817 | |
Series B | 5,875 | 5,928,522 | |
Carlsberg A/S Series B | 23,281 | 3,079,093 | |
Coloplast A/S Series B | 7,993 | 1,073,024 | |
DSV A/S | 4,973 | 504,584 | |
Novo Nordisk A/S Series B | 319,265 | 18,705,404 | |
Novozymes A/S Series B | 12,387 | 635,027 | |
Pandora A/S | 106,414 | 4,795,272 | |
Vestas Wind Systems A/S | 47,336 | 4,566,994 | |
TOTAL DENMARK | 40,134,737 | ||
Finland - 0.1% | |||
Kone OYJ (B Shares) | 8,037 | 455,234 | |
Neste Oyj | 15,396 | 615,319 | |
Nordea Bank ABP (Stockholm Stock Exchange) | 130,782 | 1,032,175 | |
TOTAL FINLAND | 2,102,728 | ||
France - 9.3% | |||
Amundi SA (c) | 10,202 | 733,080 | |
Arkema SA | 35,284 | 3,337,851 | |
AXA SA | 131,961 | 3,067,346 | |
BNP Paribas SA | 205,659 | 9,982,752 | |
Bouygues SA | 75,166 | 2,973,457 | |
CNP Assurances | 86,550 | 1,360,244 | |
Compagnie de St. Gobain | 22,615 | 798,523 | |
Covivio | 12,944 | 1,377,618 | |
Danone SA | 1,084 | 76,507 | |
Dassault Systemes SA | 58,916 | 9,347,815 | |
EDF SA (a) | 474,912 | 6,666,083 | |
Eiffage SA | 64,748 | 6,926,081 | |
Eutelsat Communications | 251,236 | 3,397,148 | |
Hermes International SCA | 9,712 | 6,850,814 | |
Kering SA | 14,546 | 8,202,549 | |
L'Oreal SA | 53,823 | 14,466,780 | |
Legrand SA | 11,587 | 889,325 | |
LVMH Moet Hennessy Louis Vuitton SE | 39,312 | 16,406,102 | |
LVMH Moet Hennessy Louis Vuitton SE ADR (a) | 1,064 | 88,014 | |
Orange SA | 290,555 | 3,910,393 | |
Publicis Groupe SA | 4,826 | 187,680 | |
Rexel SA | 213,574 | 2,640,053 | |
Safran SA | 51,148 | 7,080,336 | |
Sanofi SA | 61,251 | 5,712,625 | |
Sanofi SA sponsored ADR | 50,057 | 2,315,136 | |
Sartorius Stedim Biotech | 4,052 | 776,177 | |
Schneider Electric SA | 132,869 | 13,499,418 | |
SCOR SE | 6,802 | 246,350 | |
Total SA | 93,768 | 4,052,875 | |
Total SA sponsored ADR | 2,228 | 96,116 | |
Wendel SA | 7,472 | 923,006 | |
Worldline SA (b)(c) | 1 | 77 | |
TOTAL FRANCE | 138,388,331 | ||
Germany - 6.5% | |||
Allianz SE | 78,795 | 17,165,483 | |
BASF AG sponsored ADR | 6,296 | 92,362 | |
Bayer AG | 57,918 | 4,212,147 | |
Bayer AG sponsored ADR | 4,967 | 89,505 | |
Beiersdorf AG | 72,410 | 7,646,362 | |
Brenntag AG | 44,371 | 2,013,247 | |
Carl Zeiss Meditec AG | 3,539 | 376,493 | |
Deutsche Telekom AG | 549,037 | 8,994,049 | |
Evonik Industries AG | 24,926 | 623,887 | |
Henkel AG & Co. KGaA | 8,887 | 759,577 | |
Hochtief AG | 7,654 | 763,653 | |
Infineon Technologies AG | 322,640 | 6,886,308 | |
Lanxess AG | 2,993 | 159,346 | |
Merck KGaA | 1,235 | 150,280 | |
Metro AG (b) | 365,583 | 1,762,949 | |
MTU Aero Engines Holdings AG | 15,916 | 3,937,980 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 40,086 | 10,386,996 | |
ProSiebenSat.1 Media AG | 249,181 | 3,035,288 | |
SAP SE | 45,688 | 5,703,804 | |
SAP SE sponsored ADR | 8,070 | 997,210 | |
Schaeffler AG | 706,510 | 6,440,669 | |
Siemens AG | 74,588 | 7,672,968 | |
Siemens Healthineers AG (c) | 13,360 | 546,262 | |
Volkswagen AG | 3,302 | 560,882 | |
Zalando SE (b)(c) | 103,936 | 4,644,577 | |
TOTAL GERMANY | 95,622,284 | ||
Hong Kong - 1.9% | |||
AIA Group Ltd. | 587,832 | 5,891,514 | |
Galaxy Entertainment Group Ltd. | 394,000 | 2,600,552 | |
Henderson Land Development Co. Ltd. | 1,118,584 | 5,130,132 | |
Link (REIT) | 16,300 | 150,976 | |
Power Assets Holdings Ltd. | 91,000 | 647,915 | |
Swire Pacific Ltd. (A Shares) | 342,813 | 3,125,680 | |
Techtronic Industries Co. Ltd. | 603,500 | 4,881,421 | |
Wheelock and Co. Ltd. | 804,506 | 6,125,392 | |
TOTAL HONG KONG | 28,553,582 | ||
Ireland - 0.1% | |||
Kingspan Group PLC (Ireland) | 11,058 | 696,329 | |
Isle of Man - 0.0% | |||
Gaming VC Holdings SA | 42,065 | 432,477 | |
Italy - 2.4% | |||
Assicurazioni Generali SpA | 26,801 | 483,794 | |
Enel SpA | 1,757,527 | 14,751,255 | |
Intesa Sanpaolo SpA | 4,610,725 | 11,209,213 | |
Mediobanca SpA | 21,181 | 192,608 | |
Poste Italiane SpA (c) | 320,625 | 3,434,717 | |
Snam Rete Gas SpA | 1,046,558 | 5,189,230 | |
TOTAL ITALY | 35,260,817 | ||
Japan - 24.8% | |||
Advantest Corp. | 176,500 | 8,042,810 | |
Agc, Inc. | 42,000 | 1,207,120 | |
Aozora Bank Ltd. | 6,100 | 152,811 | |
Asahi Kasei Corp. | 268,630 | 2,243,232 | |
Astellas Pharma, Inc. | 654,925 | 10,316,314 | |
Bandai Namco Holdings, Inc. | 57,900 | 2,882,653 | |
Central Japan Railway Co. | 51,600 | 8,505,915 | |
Chugai Pharmaceutical Co. Ltd. | 21,800 | 2,367,764 | |
Dai Nippon Printing Co. Ltd. | 293,280 | 7,056,013 | |
Dai-ichi Mutual Life Insurance Co. | 66,067 | 905,619 | |
Daiwa House Industry Co. Ltd. | 24,300 | 671,258 | |
Daiwa Securities Group, Inc. | 215,600 | 917,889 | |
East Japan Railway Co. | 46,400 | 3,544,166 | |
Eisai Co. Ltd. | 15,610 | 1,155,047 | |
Fujifilm Holdings Corp. | 192,000 | 9,393,510 | |
Fujitsu Ltd. | 90,355 | 9,390,687 | |
Hakuhodo DY Holdings, Inc. | 17,397 | 203,067 | |
Hitachi High-Technologies Corp. | 46,300 | 3,421,203 | |
Hitachi Ltd. | 303,552 | 10,235,663 | |
Hoya Corp. | 120,384 | 10,724,734 | |
Hulic Co. Ltd. | 27,600 | 309,112 | |
INPEX Corp. | 28,800 | 249,096 | |
Itochu Corp. | 33,400 | 762,230 | |
ITOCHU Techno-Solutions Corp. | 18,200 | 505,199 | |
Japan Post Holdings Co. Ltd. | 910,377 | 7,939,845 | |
Japan Post Insurance Co. Ltd. | 242,600 | 3,726,944 | |
Japan Prime Realty Investment Corp. | 45 | 198,174 | |
Japan Real Estate Investment Corp. | 1,184 | 8,079,214 | |
Kakaku.com, Inc. | 100,400 | 2,150,232 | |
Kamigumi Co. Ltd. | 211,300 | 4,061,050 | |
KDDI Corp. | 443,620 | 12,533,845 | |
Kubota Corp. | 21,100 | 297,935 | |
Kurita Water Industries Ltd. | 20,000 | 518,264 | |
Marubeni Corp. | 1,077,850 | 7,163,016 | |
Medipal Holdings Corp. | 292,357 | 5,345,151 | |
Mitsubishi Electric Corp. | 625,458 | 7,950,148 | |
Mitsubishi Estate Co. Ltd. | 45,789 | 782,820 | |
Mitsubishi Heavy Industries Ltd. | 124,500 | 3,946,463 | |
Mitsubishi UFJ Financial Group, Inc. | 1,848,412 | 9,031,266 | |
Mitsubishi UFJ Lease & Finance Co. Ltd. | 1,036,171 | 5,927,290 | |
Mitsui & Co. Ltd. | 77,300 | 1,278,181 | |
Murata Manufacturing Co. Ltd. | 25,600 | 1,341,110 | |
NEC Corp. | 23,500 | 880,215 | |
New Hampshire Foods Ltd. | 19,300 | 728,268 | |
Nexon Co. Ltd. | 52,100 | 829,369 | |
Nippon Building Fund, Inc. | 60 | 450,028 | |
Nippon Prologis REIT, Inc. | 110 | 298,507 | |
Nippon Telegraph & Telephone Corp. | 446,270 | 10,411,377 | |
Nisshin Seifun Group, Inc. | 17,100 | 289,492 | |
Nissin Food Holdings Co. Ltd. | 8,200 | 646,208 | |
Nitto Denko Corp. | 123,900 | 6,226,015 | |
Nomura Holdings, Inc. | 1,893,200 | 8,359,422 | |
Nomura Research Institute Ltd. | 356,200 | 7,777,220 | |
NTT DOCOMO, Inc. | 418,960 | 11,371,272 | |
Obayashi Corp. | 98,300 | 992,478 | |
OBIC Co. Ltd. | 17,100 | 2,106,981 | |
Olympus Corp. | 378,100 | 6,877,732 | |
ORIX Corp. | 596,532 | 9,634,329 | |
Otsuka Corp. | 186,200 | 7,966,929 | |
Otsuka Holdings Co. Ltd. | 41,200 | 1,558,465 | |
Panasonic Corp. | 138,500 | 1,313,679 | |
Rakuten, Inc. | 592,200 | 4,957,877 | |
Secom Co. Ltd. | 113,400 | 9,015,437 | |
Sekisui Chemical Co. Ltd. | 44,600 | 665,320 | |
Sekisui House Ltd. | 419,300 | 8,229,725 | |
Shin-Etsu Chemical Co. Ltd. | 57,600 | 6,485,741 | |
Shionogi & Co. Ltd. | 149,551 | 8,050,335 | |
SoftBank Corp. | 755,200 | 9,889,857 | |
SoftBank Group Corp. | 18,700 | 868,771 | |
Sony Corp. | 31,700 | 1,954,238 | |
Sony Corp. sponsored ADR | 128,283 | 7,979,203 | |
Sumitomo Mitsui Financial Group, Inc. | 369,092 | 11,711,220 | |
Tokyo Century Corp. | 27,600 | 1,146,375 | |
Tokyo Electron Ltd. | 51,700 | 10,700,932 | |
Toppan Printing Co. Ltd. | 275,200 | 4,799,288 | |
Tosoh Corp. | 11,800 | 162,023 | |
Toyo Suisan Kaisha Ltd. | 39,900 | 1,581,425 | |
Toyota Motor Corp. | 169,959 | 11,160,310 | |
Toyota Tsusho Corp. | 14,300 | 432,871 | |
West Japan Railway Co. | 108,800 | 7,684,391 | |
Yahoo! Japan Corp. | 890,900 | 3,246,094 | |
Yamada Denki Co. Ltd. | 59,800 | 287,745 | |
Yamazaki Baking Co. Ltd. | 37,000 | 629,473 | |
TOTAL JAPAN | 367,790,697 | ||
Netherlands - 5.2% | |||
Airbus Group NV | 5,960 | 719,364 | |
Akzo Nobel NV | 7,763 | 621,121 | |
Altice Europe NV Class A (b) | 237,106 | 1,259,242 | |
ASML Holding NV (Netherlands) | 66,740 | 18,506,545 | |
EXOR NV | 14,798 | 1,056,848 | |
Fiat Chrysler Automobiles NV (Italy) | 456,293 | 5,749,578 | |
Heineken Holding NV | 62,953 | 5,590,076 | |
Heineken NV (Bearer) | 11,146 | 1,110,498 | |
Koninklijke Ahold Delhaize NV | 283,014 | 6,611,851 | |
Koninklijke KPN NV | 797,237 | 1,933,592 | |
Koninklijke Philips Electronics NV | 210,472 | 9,013,294 | |
NXP Semiconductors NV | 18,022 | 2,048,921 | |
STMicroelectronics NV (France) | 330,403 | 9,119,045 | |
Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit | 7,032 | 843,900 | |
Unilever NV | 40,720 | 2,149,905 | |
Wolters Kluwer NV | 135,086 | 9,939,632 | |
TOTAL NETHERLANDS | 76,273,412 | ||
New Zealand - 0.2% | |||
Fisher & Paykel Healthcare Corp. | 194,834 | 3,139,514 | |
Meridian Energy Ltd. | 59,484 | 171,774 | |
Spark New Zealand Ltd. | 51,901 | 147,119 | |
TOTAL NEW ZEALAND | 3,458,407 | ||
Norway - 0.1% | |||
Marine Harvest ASA | 28,164 | 596,653 | |
Orkla ASA | 38,639 | 328,643 | |
Yara International ASA | 12,306 | 451,808 | |
TOTAL NORWAY | 1,377,104 | ||
Singapore - 1.9% | |||
Ascendas Real Estate Investment Trust | 333,100 | 731,773 | |
ComfortDelgro Corp. Ltd. | 2,315,867 | 3,242,114 | |
DBS Group Holdings Ltd. | 410,500 | 7,105,431 | |
Genting Singapore Ltd. | 7,524,360 | 4,402,580 | |
Singapore Telecommunications Ltd. | 413,000 | 889,511 | |
United Overseas Bank Ltd. | 558,355 | 9,813,002 | |
Wilmar International Ltd. | 331,300 | 944,261 | |
Yangzijiang Shipbuilding Holdings Ltd. | 1,873,946 | 1,271,361 | |
TOTAL SINGAPORE | 28,400,033 | ||
Spain - 3.4% | |||
ACS Actividades de Construccion y Servicios SA | 232,878 | 6,944,063 | |
ACS Actividades de Construccion y Servicios SA rights (b) | 232,878 | 102,909 | |
Aena Sme SA (c) | 50,759 | 8,175,617 | |
Banco Bilbao Vizcaya Argentaria SA | 823,359 | 3,943,303 | |
CaixaBank SA | 89,144 | 229,121 | |
Enagas SA | 180,460 | 4,682,513 | |
Endesa SA | 71,800 | 1,847,558 | |
Grifols SA | 54,864 | 1,768,315 | |
Iberdrola SA | 322,415 | 3,691,070 | |
Inditex SA | 200,052 | 6,241,414 | |
Red Electrica Corporacion SA | 197,514 | 3,775,137 | |
Telefonica SA | 1,468,146 | 8,737,229 | |
TOTAL SPAIN | 50,138,249 | ||
Sweden - 3.7% | |||
Atlas Copco AB: | |||
(A Shares) | 187,025 | 6,668,365 | |
(B Shares) | 92,952 | 2,880,611 | |
Essity AB Class B | 306,207 | 9,231,500 | |
H&M Hennes & Mauritz AB (B Shares) | 483,450 | 8,773,704 | |
Investor AB (B Shares) | 25,232 | 1,263,859 | |
Kinnevik AB (B Shares) | 24,580 | 500,594 | |
Sandvik AB | 263,134 | 4,386,300 | |
Skandinaviska Enskilda Banken AB (A Shares) | 723,947 | 6,939,002 | |
SKF AB (B Shares) | 378,543 | 6,693,039 | |
Swedish Match Co. AB | 26,047 | 1,528,296 | |
Volvo AB (B Shares) | 408,333 | 6,409,459 | |
TOTAL SWEDEN | 55,274,729 | ||
Switzerland - 9.4% | |||
ABB Ltd. (Reg.) | 173,172 | 3,752,502 | |
Coca-Cola HBC AG | 43,681 | 1,393,004 | |
Credit Suisse Group AG | 846,943 | 9,514,979 | |
Ems-Chemie Holding AG | 1,607 | 943,340 | |
Givaudan SA ADR | 804 | 50,105 | |
Kuehne & Nagel International AG | 6,365 | 931,719 | |
LafargeHolcim Ltd. (Reg.) | 28,649 | 1,333,424 | |
Nestle SA (Reg. S) | 392,951 | 40,436,950 | |
Novartis AG | 316,733 | 26,644,609 | |
Partners Group Holding AG | 1,424 | 1,235,778 | |
Roche Holding AG (participation certificate) | 99,176 | 31,888,432 | |
Sonova Holding AG Class B | 36,475 | 8,711,840 | |
Swiss Life Holding AG | 2,442 | 1,121,166 | |
Swisscom AG | 2,439 | 1,301,886 | |
UBS Group AG | 947,040 | 10,429,420 | |
TOTAL SWITZERLAND | 139,689,154 | ||
United Kingdom - 14.7% | |||
3i Group PLC | 115,260 | 1,517,189 | |
Anglo American PLC (United Kingdom) | 403,105 | 9,484,043 | |
AstraZeneca PLC: | |||
(United Kingdom) | 661 | 58,013 | |
sponsored ADR | 138,838 | 6,081,104 | |
Auto Trader Group PLC (c) | 80,794 | 544,030 | |
Aviva PLC | 876,873 | 4,016,527 | |
BAE Systems PLC | 1,261,047 | 9,974,985 | |
Barclays PLC | 2,951,467 | 5,656,463 | |
Barratt Developments PLC | 829,696 | 8,190,416 | |
Berkeley Group Holdings PLC | 47,506 | 2,929,744 | |
BHP Billiton PLC | 443,978 | 8,114,075 | |
BP PLC | 801,518 | 4,164,373 | |
BP PLC sponsored ADR | 16,011 | 500,984 | |
British American Tobacco PLC: | |||
(United Kingdom) | 98,382 | 3,889,951 | |
sponsored ADR | 76,465 | 3,043,307 | |
BT Group PLC | 1,497,709 | 2,747,574 | |
Burberry Group PLC | 174,825 | 3,767,444 | |
Carnival PLC | 37,938 | 1,200,010 | |
Centrica PLC | 3,842,088 | 3,558,909 | |
Diageo PLC | 55,388 | 1,976,221 | |
Diageo PLC sponsored ADR | 1,230 | 174,549 | |
Evraz PLC | 274,936 | 1,174,073 | |
GlaxoSmithKline PLC sponsored ADR | 100,880 | 4,088,666 | |
HSBC Holdings PLC: | |||
(United Kingdom) | 166,085 | 1,121,779 | |
sponsored ADR (a) | 469,295 | 15,754,233 | |
Imperial Brands PLC | 374,011 | 7,555,769 | |
Investec PLC | 209,729 | 1,074,451 | |
John David Group PLC | 27,197 | 260,172 | |
Legal & General Group PLC | 907,611 | 3,074,873 | |
Lloyds Banking Group PLC | 5,519,045 | 3,582,396 | |
Lloyds Banking Group PLC sponsored ADR | 332,754 | 848,523 | |
London Stock Exchange Group PLC | 12,530 | 1,230,747 | |
M&G PLC (b) | 201,421 | 525,972 | |
National Grid PLC | 235,213 | 2,965,034 | |
Persimmon PLC | 223,099 | 8,248,389 | |
Prudential PLC | 122,119 | 2,030,164 | |
Prudential PLC ADR (a) | 18,138 | 600,005 | |
RELX PLC: | |||
(London Stock Exchange) | 135,591 | 3,280,602 | |
sponsored ADR (a) | 15,585 | 376,378 | |
Rio Tinto PLC | 133,293 | 6,275,384 | |
Royal Dutch Shell PLC: | |||
Class A (United Kingdom) | 578,368 | 12,484,933 | |
Class B (United Kingdom) | 559,933 | 12,136,682 | |
Royal Mail PLC | 676,176 | 1,418,032 | |
Sage Group PLC | 681,785 | 6,040,059 | |
Schroders PLC | 9,868 | 367,102 | |
Scottish & Southern Energy PLC | 120,675 | 2,372,513 | |
Segro PLC | 22,314 | 236,562 | |
Severn Trent PLC | 24,699 | 784,038 | |
Smith & Nephew PLC | 236,740 | 5,311,369 | |
Standard Chartered PLC (United Kingdom) | 17,001 | 123,021 | |
Tate & Lyle PLC | 764,200 | 6,968,348 | |
Taylor Wimpey PLC | 2,658,485 | 7,019,937 | |
Unilever PLC | 30,772 | 1,654,299 | |
United Utilities Group PLC | 257,846 | 3,128,569 | |
Vodafone Group PLC | 6,907,256 | 12,072,144 | |
TOTAL UNITED KINGDOM | 217,775,129 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,425,836,343) | 1,436,833,386 | ||
Nonconvertible Preferred Stocks - 0.8% | |||
Germany - 0.8% | |||
Henkel AG & Co. KGaA | 87,291 | 8,132,645 | |
Volkswagen AG | 24,956 | 4,142,855 | |
(Cost $13,553,428) | 12,275,500 | ||
Principal Amount | Value | ||
Government Obligations - 0.1% | |||
United States of America - 0.1% | |||
U.S. Treasury Bills, yield at date of purchase 1.64% 3/19/20(d) | |||
(Cost $1,298,941) | 1,300,000 | 1,299,118 | |
Shares | Value | ||
Money Market Funds - 3.2% | |||
Fidelity Cash Central Fund 1.60% (e) | 31,636,739 | 31,643,067 | |
Fidelity Securities Lending Cash Central Fund 1.60% (e)(f) | 16,332,317 | 16,333,950 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $47,977,017) | 47,977,017 | ||
TOTAL INVESTMENT IN SECURITIES - 101.0% | |||
(Cost $1,488,665,729) | 1,498,385,021 | ||
NET OTHER ASSETS (LIABILITIES) - (1.0)% | (15,559,677) | ||
NET ASSETS - 100% | $1,482,825,344 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
ICE E-mini MSCI EAFE Index Contracts (United States) | 373 | March 2020 | $33,868,400 | $(2,422,095) | $(2,422,095) |
The notional amount of futures purchased as a percentage of Net Assets is 2.3%
For the period, the average monthly notional amount at value for futures contracts in the aggregate was $24,478,806.
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Security or a portion of the security is on loan at period end.
(b) Non-income producing
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $18,897,793 or 1.3% of net assets.
(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,299,118.
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(f) Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $130,698 |
Fidelity Securities Lending Cash Central Fund | 56,670 |
Total | $187,368 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investment Valuation
The following is a summary of the inputs used, as of February 29, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $101,197,751 | $28,726,521 | $72,471,230 | $-- |
Consumer Discretionary | 167,059,002 | 46,010,821 | 121,048,181 | -- |
Consumer Staples | 149,158,655 | 21,717,859 | 127,440,796 | -- |
Energy | 36,182,213 | 2,728,031 | 33,454,182 | -- |
Financials | 251,224,635 | 80,445,813 | 170,778,822 | -- |
Health Care | 211,206,680 | 72,473,009 | 138,733,671 | -- |
Industrials | 225,682,678 | 86,592,437 | 139,090,241 | -- |
Information Technology | 130,412,243 | 73,467,480 | 56,944,763 | -- |
Materials | 73,861,022 | 28,496,882 | 45,364,140 | -- |
Real Estate | 47,412,557 | 41,828,797 | 5,583,760 | -- |
Utilities | 55,711,450 | 2,299,541 | 53,411,909 | -- |
Government Obligations | 1,299,118 | -- | 1,299,118 | -- |
Money Market Funds | 47,977,017 | 47,977,017 | -- | -- |
Total Investments in Securities: | $1,498,385,021 | $532,764,208 | $965,620,813 | $-- |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | $(2,422,095) | $(2,422,095) | $-- | $-- |
Total Liabilities | $(2,422,095) | $(2,422,095) | $-- | $-- |
Total Derivative Instruments: | $(2,422,095) | $(2,422,095) | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of February 29, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
Asset | Liability | |
Equity Risk | ||
Futures Contracts(a) | $0 | $(2,422,095) |
Total Equity Risk | 0 | (2,422,095) |
Total Value of Derivatives | $0 | $(2,422,095) |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
See accompanying notes which are an integral part of the financial statements.
Fidelity® International Enhanced Index Fund
Financial Statements
Statement of Assets and Liabilities
February 29, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $15,890,161) — See accompanying schedule: Unaffiliated issuers (cost $1,440,688,712) | $1,450,408,004 | |
Fidelity Central Funds (cost $47,977,017) | 47,977,017 | |
Total Investment in Securities (cost $1,488,665,729) | $1,498,385,021 | |
Segregated cash with brokers for derivative instruments | 496,159 | |
Foreign currency held at value (cost $1,089,189) | 1,089,199 | |
Receivable for fund shares sold | 9,386,334 | |
Dividends receivable | 5,648,249 | |
Distributions receivable from Fidelity Central Funds | 29,747 | |
Total assets | 1,515,034,709 | |
Liabilities | ||
Payable for investments purchased | $905,204 | |
Payable for fund shares redeemed | 13,927,457 | |
Accrued management fee | 790,788 | |
Payable for daily variation margin on futures contracts | 249,766 | |
Collateral on securities loaned | 16,336,150 | |
Total liabilities | 32,209,365 | |
Net Assets | $1,482,825,344 | |
Net Assets consist of: | ||
Paid in capital | $1,648,991,582 | |
Total accumulated earnings (loss) | (166,166,238) | |
Net Assets | $1,482,825,344 | |
Net Asset Value, offering price and redemption price per share ($1,482,825,344 ÷ 169,588,543 shares) | $8.74 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended February 29, 2020 (Unaudited) | ||
Investment Income | ||
Dividends | $16,538,986 | |
Interest | 7,756 | |
Income from Fidelity Central Funds (including $56,670 from security lending) | 187,368 | |
Income before foreign taxes withheld | 16,734,110 | |
Less foreign taxes withheld | (926,366) | |
Total income | 15,807,744 | |
Expenses | ||
Management fee | $4,672,243 | |
Independent trustees' fees and expenses | 4,167 | |
Commitment fees | 1,840 | |
Total expenses before reductions | 4,678,250 | |
Expense reductions | (30) | |
Total expenses after reductions | 4,678,220 | |
Net investment income (loss) | 11,129,524 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (14,953,267) | |
Fidelity Central Funds | (2,200) | |
Foreign currency transactions | (99,476) | |
Futures contracts | 1,523,683 | |
Total net realized gain (loss) | (13,531,260) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 10,890,867 | |
Assets and liabilities in foreign currencies | 60,030 | |
Futures contracts | (2,975,606) | |
Total change in net unrealized appreciation (depreciation) | 7,975,291 | |
Net gain (loss) | (5,555,969) | |
Net increase (decrease) in net assets resulting from operations | $5,573,555 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended February 29, 2020 (Unaudited) | Year ended August 31, 2019 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $11,129,524 | $50,288,710 |
Net realized gain (loss) | (13,531,260) | (138,942,040) |
Change in net unrealized appreciation (depreciation) | 7,975,291 | (19,580,033) |
Net increase (decrease) in net assets resulting from operations | 5,573,555 | (108,233,363) |
Distributions to shareholders | (47,815,176) | (34,087,909) |
Share transactions | ||
Proceeds from sales of shares | 191,574,763 | 476,609,275 |
Reinvestment of distributions | 42,797,410 | 20,553,992 |
Cost of shares redeemed | (215,193,965) | (540,104,018) |
Net increase (decrease) in net assets resulting from share transactions | 19,178,208 | (42,940,751) |
Total increase (decrease) in net assets | (23,063,413) | (185,262,023) |
Net Assets | ||
Beginning of period | 1,505,888,757 | 1,691,150,780 |
End of period | $1,482,825,344 | $1,505,888,757 |
Other Information | ||
Shares | ||
Sold | 20,212,406 | 52,495,990 |
Issued in reinvestment of distributions | 4,453,424 | 2,401,167 |
Redeemed | (22,816,148) | (59,211,314) |
Net increase (decrease) | 1,849,682 | (4,314,157) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity International Enhanced Index Fund
Six months ended (Unaudited) February 29, | Years endedAugust 31, | ||||||
2020 | 2019 | 2018 | 2017 A | 2017 B | 2016 C | 2015 B | |
Selected Per–Share Data | |||||||
Net asset value, beginning of period | $8.98 | $9.83 | $9.73 | $8.48 | $7.42 | $8.77 | $8.85 |
Income from Investment Operations | |||||||
Net investment income (loss)D | .07 | .30 | .27 | .18 | .20 | .19 | .20 |
Net realized and unrealized gain (loss) | (.02) | (.95) | –E | 1.07 | 1.08 | (1.38) | (.10) |
Total from investment operations | .05 | (.65) | .27 | 1.25 | 1.28 | (1.19) | .10 |
Distributions from net investment income | (.29) | (.20) | (.14)F | – | (.20) | (.16) | (.16) |
Distributions from net realized gain | – | – | (.03)F | – | (.02) | –E | (.02) |
Total distributions | (.29) | (.20) | (.17) | – | (.22) | (.16) | (.18) |
Redemption fees added to paid in capitalD | – | – | –E | –E | –E | –E | –E |
Net asset value, end of period | $8.74 | $8.98 | $9.83 | $9.73 | $8.48 | $7.42 | $8.77 |
Total ReturnG,H | .27% | (6.51)% | 2.71% | 14.74% | 17.31% | (13.71)% | 1.25% |
Ratios to Average Net AssetsI,J | |||||||
Expenses before reductions | .59%K | .59% | .59% | .59%K | .62% | .62% | .62% |
Expenses net of fee waivers, if any | .59%K | .59% | .59% | .59%K | .62% | .62% | .62% |
Expenses net of all reductions | .59%K | .59% | .59% | .59%K | .62% | .62% | .62% |
Net investment income (loss) | 1.41%K | 3.27% | 2.69% | 3.86%K | 2.53% | 2.27% | 2.31% |
Supplemental Data | |||||||
Net assets, end of period (000 omitted) | $1,482,825 | $1,505,889 | $1,691,151 | $576,386 | $271,576 | $152,699 | $105,360 |
Portfolio turnover rateL | 103%K | 103% | 66% | 70%K | 75% | 77% | 75% |
A For the six month period ended August 31. The Fund changed its fiscal year end from February 28 to August 31, effective August 31, 2017.
B For the year ended February 28.
C For the year ended February 29.
D Calculated based on average shares outstanding during the period.
E Amount represents less than $.005 per share.
F The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
G Total returns for periods of less than one year are not annualized.
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
I Fees and expenses of any 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.
J Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
K Annualized
L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended February 29, 2020
1. Organization.
Fidelity Large Cap Growth Enhanced Index Fund, Fidelity Large Cap Value Enhanced Index Fund, Fidelity Large Cap Core Enhanced Index Fund, Fidelity Mid Cap Enhanced Index Fund and Fidelity International Enhanced Index Fund (the Funds) are funds of Fidelity Commonwealth Trust II (the Trust) and are authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
Effective January 1, 2020, investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
2. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of February 29, 2020 is included at the end of each Fund's Schedule of Investments.
Foreign Currency. The Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to certain deemed distributions, futures contracts, 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.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Fidelity Large Cap Growth Enhanced Index Fund | $790,895,122 | $354,785,373 | $(32,236,964) | $322,548,409 |
Fidelity Large Cap Value Enhanced Index Fund | 3,555,611,090 | 426,874,491 | (273,151,088) | 153,723,403 |
Fidelity Large Cap Core Enhanced Index Fund | 699,449,968 | 186,533,075 | (40,609,479) | 145,923,596 |
Fidelity Mid Cap Enhanced Index Fund | 1,161,089,661 | 122,986,625 | (98,223,016) | 24,763,609 |
Fidelity International Enhanced Index Fund | 1,494,760,114 | 113,779,000 | (112,576,188) | 1,202,812 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |||
Short-term | Long-term | Total capital loss carryforward | |
Fidelity International Enhanced Index Fund | $(119,475,623) | $(31,961,009) | $(151,436,632) |
Restricted Securities. The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.
3. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Funds' investment objective allows the Funds to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Funds used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Funds may not achieve their objectives.
The Funds' use of derivatives increased or decreased their exposure to the following risk:
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
The Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Funds. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Funds used futures contracts to manage their exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period for Fidelity Large Cap Growth Enhanced Index Fund, Fidelity Large Cap Core Enhanced Index Fund and Fidelity Mid Cap Enhanced Index Fund. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Large Cap Growth Enhanced Index Fund | 495,687,142 | 536,479,007 |
Fidelity Large Cap Value Enhanced Index Fund | 1,749,061,270 | 1,683,012,734 |
Fidelity Large Cap Core Enhanced Index Fund | 347,485,652 | 361,746,961 |
Fidelity Mid Cap Enhanced Index Fund | 612,624,487 | 676,098,422 |
Fidelity International Enhanced Index Fund | 785,341,020 | 817,473,635 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. Each Fund pays an all-inclusive management fee based on the annual rates noted in the following table; and the investment adviser pays all ordinary operating expenses of each Fund, except fees and expenses of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses. The management fees are reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.
Fidelity Large Cap Growth Enhanced Index Fund | .39% |
Fidelity Large Cap Value Enhanced Index Fund | .39% |
Fidelity Large Cap Core Enhanced Index Fund | .39% |
Fidelity Mid Cap Enhanced Index Fund | .59% |
Fidelity International Enhanced Index Fund | .59% |
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 the investment adviser for providing these services.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Funds, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Any open loans at period end are presented under the caption "Interfund Loans" in the Schedule of Investments with accrued interest included in Other affiliated receivables on the Statement of Assets and Liabilities. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable to affiliates" in the Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Large Cap Value Enhanced Index Fund | Borrower | $148,224,000 | 1.79% | $7,367 |
Fidelity Mid Cap Enhanced Index Fund | Borrower | $13,116,800 | 1.79% | $3,263 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Investments in Fidelity Central Funds.
The Funds invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Fidelity Money Market Central Funds are managed by FMR. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Commitment fees on the Statement of Operations, and are as follows:
Amount | |
Fidelity Large Cap Growth Enhanced Index Fund | $1,340 |
Fidelity Large Cap Value Enhanced Index Fund | 4,647 |
Fidelity Large Cap Core Enhanced Index Fund | 1,026 |
Fidelity Mid Cap Enhanced Index Fund | 1,532 |
Fidelity International Enhanced Index Fund | 1,840 |
During the period, there were no borrowings on this line of credit.
8. Security Lending.
Certain Funds lend portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Funds. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a Fund's daily lending revenue, for its services as lending agent. The Funds may lend securities to certain qualified borrowers, including NFS. 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. The Funds or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. 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. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity was as follows:
Total Security Lending Income Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | |
Fidelity Large Cap Growth Enhanced Index Fund | $263 | $– |
Fidelity Large Cap Value Enhanced Index Fund | $24,403 | $4 |
Fidelity Large Cap Core Enhanced Index Fund | $1,360 | $– |
Fidelity Mid Cap Enhanced Index Fund | $717 | $– |
Fidelity International Enhanced Index Fund | $289 | $– |
9. Expense Reductions.
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
Custodian credits | |
Fidelity Large Cap Growth Enhanced Index Fund | $383 |
Fidelity Large Cap Value Enhanced Index Fund | 1,193 |
Fidelity Large Cap Core Enhanced Index Fund | 861 |
Fidelity Mid Cap Enhanced Index Fund | 1,957 |
Fidelity International Enhanced Index Fund | 30 |
10. 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.
11. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs 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 (September 1, 2019 to February 29, 2020).
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. 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. 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.
Annualized Expense RatioB | Beginning Account Value September 1, 2019 | Ending Account Value February 29, 2020 | Expenses Paid During Period-A September 1, 2019 to February 29, 2020 | |
Fidelity Large Cap Growth Enhanced Index Fund | .39% | |||
Actual | $1,000.00 | $1,041.60 | $1.98 | |
Hypothetical-B | $1,000.00 | $1,022.92 | $1.96 | |
Fidelity Large Cap Value Enhanced Index Fund | .39% | |||
Actual | $1,000.00 | $977.50 | $1.92 | |
Hypothetical-B | $1,000.00 | $1,022.92 | $1.96 | |
Fidelity Large Cap Core Enhanced Index Fund | .39% | |||
Actual | $1,000.00 | $1,016.40 | $1.96 | |
Hypothetical-B | $1,000.00 | $1,022.92 | $1.96 | |
Fidelity Mid Cap Enhanced Index Fund | .59% | |||
Actual | $1,000.00 | $983.00 | $2.91 | |
Hypothetical-B | $1,000.00 | $1,021.93 | $2.97 | |
Fidelity International Enhanced Index Fund | .59% | |||
Actual | $1,000.00 | $1,002.70 | $2.94 | |
Hypothetical-B | $1,000.00 | $1,021.93 | $2.97 |
A Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period).
B 5% return per year before expenses
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity International Enhanced Index Fund
Fidelity Large Cap Core Enhanced Index Fund
Fidelity Large Cap Growth Enhanced Index Fund
Fidelity Large Cap Value Enhanced Index Fund
Fidelity Mid Cap Enhanced Index Fund
Fidelity International Enhanced Index Fund
Fidelity Large Cap Core Enhanced Index Fund
Fidelity Large Cap Growth Enhanced Index Fund
Fidelity Large Cap Value Enhanced Index Fund
Fidelity Mid Cap Enhanced Index Fund
Fidelity International Enhanced Index Fund
Fidelity Large Cap Core Enhanced Index Fund
Fidelity Large Cap Growth Enhanced Index Fund
Fidelity Large Cap Value Enhanced Index Fund
Fidelity Mid Cap Enhanced Index Fund
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage each Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund’s Board of Trustees (the Board) has designated each Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot not be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2018 through November 30, 2019. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
GEI-SANN-0420
1.855142.112
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 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.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Commonwealth Trust II
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | April 23, 2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | April 23, 2020 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | April 23, 2020 |