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)
William C. Coffey, 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 28, 2019 |
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 28, 2019 |
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. © 2019 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-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, 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:
During January 2019 the Board approved to change the investment advisor from FMR Co., Inc. (FMRC) to Fidelity Management & Research Company (FMR) effective February 1, 2019. There was no change to the management fee.
Fidelity® Large Cap Growth Enhanced Index Fund
Investment Summary (Unaudited)
Top Ten Stocks as of February 28, 2019
% of fund's net assets | |
Apple, Inc. | 6.4 |
Microsoft Corp. | 6.2 |
Amazon.com, Inc. | 5.5 |
Facebook, Inc. Class A | 3.2 |
Alphabet, Inc. Class A | 2.6 |
Visa, Inc. Class A | 2.5 |
The Boeing Co. | 2.4 |
UnitedHealth Group, Inc. | 2.2 |
Alphabet, Inc. Class C | 2.2 |
MasterCard, Inc. Class A | 2.1 |
35.3 |
Top Market Sectors as of February 28, 2019
% of fund's net assets | |
Information Technology | 33.7 |
Consumer Discretionary | 15.6 |
Health Care | 15.2 |
Communication Services | 13.3 |
Industrials | 10.5 |
Consumer Staples | 4.4 |
Financials | 4.3 |
Materials | 0.8 |
Real Estate | 0.7 |
Energy | 0.6 |
Asset Allocation (% of fund's net assets)
As of February 28, 2019 * | ||
Stocks and Equity Futures | 100.0% |
* Foreign investments - 0.9%
Fidelity® Large Cap Growth Enhanced Index Fund
Schedule of Investments February 28, 2019 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.1% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 13.3% | |||
Diversified Telecommunication Services - 0.4% | |||
Verizon Communications, Inc. | 77,008 | $4,383,295 | |
Entertainment - 2.7% | |||
Activision Blizzard, Inc. | 11,201 | 472,010 | |
Netflix, Inc. (a) | 37,547 | 13,445,581 | |
The Walt Disney Co. | 131,449 | 14,832,705 | |
28,750,296 | |||
Interactive Media & Services - 8.8% | |||
Alphabet, Inc.: | |||
Class A (a) | 24,518 | 27,620,753 | |
Class C (a) | 21,235 | 23,781,501 | |
CarGurus, Inc. Class A (a) | 132,991 | 5,682,705 | |
Facebook, Inc. Class A (a) | 213,336 | 34,443,097 | |
Yelp, Inc. (a) | 88,297 | 3,289,946 | |
94,818,002 | |||
Media - 1.3% | |||
AMC Networks, Inc. Class A (a)(b) | 86,276 | 5,669,196 | |
CBS Corp. Class B | 4,853 | 243,669 | |
Comcast Corp. Class A | 37,200 | 1,438,524 | |
Nexstar Broadcasting Group, Inc. Class A | 2,948 | 288,108 | |
Omnicom Group, Inc. | 80,416 | 6,087,491 | |
13,726,988 | |||
Wireless Telecommunication Services - 0.1% | |||
T-Mobile U.S., Inc. (a) | 19,740 | 1,425,425 | |
TOTAL COMMUNICATION SERVICES | 143,104,006 | ||
CONSUMER DISCRETIONARY - 15.6% | |||
Auto Components - 1.2% | |||
BorgWarner, Inc. | 48,735 | 1,979,128 | |
Gentex Corp. | 282,264 | 5,741,250 | |
Lear Corp. | 34,957 | 5,315,911 | |
Tenneco, Inc. | 8,466 | 292,924 | |
13,329,213 | |||
Hotels, Restaurants & Leisure - 1.0% | |||
Extended Stay America, Inc. unit | 84,106 | 1,534,093 | |
Starbucks Corp. | 117,085 | 8,226,392 | |
Wendy's Co. | 31,314 | 542,672 | |
Wyndham Destinations, Inc. | 2,070 | 93,212 | |
10,396,369 | |||
Household Durables - 0.1% | |||
Toll Brothers, Inc. | 22,660 | 806,696 | |
Internet & Direct Marketing Retail - 6.1% | |||
Amazon.com, Inc. (a) | 35,914 | 58,892,855 | |
eBay, Inc. | 107,520 | 3,994,368 | |
Etsy, Inc. (a) | 5,529 | 394,052 | |
The Booking Holdings, Inc. (a) | 1,526 | 2,589,683 | |
65,870,958 | |||
Multiline Retail - 0.2% | |||
Nordstrom, Inc. (b) | 37,959 | 1,794,702 | |
Specialty Retail - 4.6% | |||
American Eagle Outfitters, Inc. | 11,848 | 241,699 | |
Best Buy Co., Inc. | 24,702 | 1,700,486 | |
Gap, Inc. | 23,740 | 602,996 | |
Home Depot, Inc. | 116,226 | 21,518,082 | |
L Brands, Inc. | 22,209 | 580,543 | |
Lowe's Companies, Inc. | 19,904 | 2,091,711 | |
Michaels Companies, Inc. (a) | 16,477 | 232,985 | |
O'Reilly Automotive, Inc. (a) | 12,246 | 4,555,022 | |
Ross Stores, Inc. | 77,817 | 7,379,386 | |
TJX Companies, Inc. | 173,522 | 8,899,943 | |
Urban Outfitters, Inc. (a) | 43,015 | 1,327,013 | |
49,129,866 | |||
Textiles, Apparel & Luxury Goods - 2.4% | |||
Deckers Outdoor Corp. (a) | 39,570 | 5,854,382 | |
NIKE, Inc. Class B | 171,355 | 14,690,264 | |
Tapestry, Inc. | 142,404 | 4,975,596 | |
25,520,242 | |||
TOTAL CONSUMER DISCRETIONARY | 166,848,046 | ||
CONSUMER STAPLES - 4.4% | |||
Beverages - 1.7% | |||
PepsiCo, Inc. | 103,672 | 11,988,630 | |
The Coca-Cola Co. | 137,785 | 6,247,172 | |
18,235,802 | |||
Food & Staples Retailing - 1.1% | |||
Costco Wholesale Corp. | 12,187 | 2,665,784 | |
Kroger Co. | 40,318 | 1,182,527 | |
Sysco Corp. | 108,744 | 7,345,657 | |
Walgreens Boots Alliance, Inc. | 5,777 | 411,265 | |
11,605,233 | |||
Household Products - 1.4% | |||
Clorox Co. | 17,225 | 2,722,067 | |
Colgate-Palmolive Co. | 82,465 | 5,431,970 | |
Kimberly-Clark Corp. | 7,125 | 832,414 | |
Procter & Gamble Co. | 56,089 | 5,527,571 | |
14,514,022 | |||
Tobacco - 0.2% | |||
Altria Group, Inc. | 44,447 | 2,329,467 | |
TOTAL CONSUMER STAPLES | 46,684,524 | ||
ENERGY - 0.6% | |||
Oil, Gas & Consumable Fuels - 0.6% | |||
Anadarko Petroleum Corp. | 5,663 | 246,341 | |
Cheniere Energy, Inc. (a) | 27,732 | 1,787,327 | |
Parsley Energy, Inc. Class A (a) | 128,963 | 2,339,389 | |
PBF Energy, Inc. Class A | 56,889 | 1,767,541 | |
6,140,598 | |||
FINANCIALS - 4.3% | |||
Banks - 0.5% | |||
Comerica, Inc. | 62,408 | 5,436,361 | |
East West Bancorp, Inc. | 4,889 | 266,988 | |
5,703,349 | |||
Capital Markets - 1.8% | |||
Evercore, Inc. Class A | 3,057 | 281,550 | |
Interactive Brokers Group, Inc. | 3,438 | 189,881 | |
LPL Financial | 56,197 | 4,237,816 | |
Morningstar, Inc. | 4,885 | 618,246 | |
MSCI, Inc. | 25,262 | 4,666,397 | |
Northern Trust Corp. | 23,883 | 2,225,896 | |
Raymond James Financial, Inc. | 12,592 | 1,039,847 | |
SEI Investments Co. | 111,847 | 5,899,929 | |
TD Ameritrade Holding Corp. | 2,805 | 158,006 | |
19,317,568 | |||
Consumer Finance - 1.1% | |||
American Express Co. | 39,312 | 4,235,475 | |
Capital One Financial Corp. | 10,775 | 900,575 | |
Discover Financial Services | 5,224 | 374,091 | |
Synchrony Financial | 188,582 | 6,149,659 | |
11,659,800 | |||
Insurance - 0.9% | |||
Progressive Corp. | 128,331 | 9,355,330 | |
Thrifts & Mortgage Finance - 0.0% | |||
Essent Group Ltd. (a) | 12,336 | 532,175 | |
TOTAL FINANCIALS | 46,568,222 | ||
HEALTH CARE - 15.2% | |||
Biotechnology - 5.6% | |||
AbbVie, Inc. | 191,596 | 15,182,067 | |
Amgen, Inc. | 77,555 | 14,741,654 | |
Biogen, Inc. (a) | 31,942 | 10,477,295 | |
Celgene Corp. (a) | 45,713 | 3,799,665 | |
Genomic Health, Inc. (a) | 52,952 | 4,022,763 | |
Gilead Sciences, Inc. | 56,659 | 3,683,968 | |
Regeneron Pharmaceuticals, Inc. (a) | 19,764 | 8,513,145 | |
Sage Therapeutics, Inc. (a) | 383 | 60,993 | |
Sarepta Therapeutics, Inc. (a) | 1,470 | 212,033 | |
60,693,583 | |||
Health Care Equipment & Supplies - 0.7% | |||
Abbott Laboratories | 36,506 | 2,833,596 | |
Boston Scientific Corp. (a) | 59,016 | 2,367,722 | |
Hill-Rom Holdings, Inc. | 6,412 | 679,993 | |
IDEXX Laboratories, Inc. (a) | 895 | 188,872 | |
Masimo Corp. (a) | 9,700 | 1,273,416 | |
Varian Medical Systems, Inc. (a) | 1,920 | 257,971 | |
7,601,570 | |||
Health Care Providers & Services - 4.8% | |||
Amedisys, Inc. (a) | 10,360 | 1,287,748 | |
AmerisourceBergen Corp. | 5,664 | 471,811 | |
Anthem, Inc. | 17,068 | 5,132,860 | |
Centene Corp. (a) | 68,959 | 4,198,914 | |
Chemed Corp. | 7,593 | 2,501,894 | |
Cigna Corp. | 12,542 | 2,187,826 | |
CVS Health Corp. | 57,756 | 3,340,029 | |
HCA Holdings, Inc. | 2,847 | 395,847 | |
Humana, Inc. | 28,529 | 8,131,906 | |
Molina Healthcare, Inc. (a) | 447 | 60,180 | |
UnitedHealth Group, Inc. | 98,484 | 23,854,794 | |
51,563,809 | |||
Health Care Technology - 0.2% | |||
Veeva Systems, Inc. Class A (a) | 17,695 | 2,086,417 | |
Life Sciences Tools & Services - 0.1% | |||
Illumina, Inc. (a) | 2,102 | 657,443 | |
Pharmaceuticals - 3.8% | |||
Bristol-Myers Squibb Co. | 176,594 | 9,122,846 | |
Eli Lilly & Co. | 81,322 | 10,270,155 | |
Jazz Pharmaceuticals PLC (a) | 14,635 | 2,049,339 | |
Johnson & Johnson | 56,119 | 7,668,100 | |
Merck & Co., Inc. | 79,503 | 6,462,799 | |
Pfizer, Inc. | 109,462 | 4,745,178 | |
40,318,417 | |||
TOTAL HEALTH CARE | 162,921,239 | ||
INDUSTRIALS - 10.5% | |||
Aerospace & Defense - 2.5% | |||
Curtiss-Wright Corp. | 8,812 | 1,086,431 | |
Lockheed Martin Corp. | 469 | 145,113 | |
Moog, Inc. Class A | 4,470 | 420,001 | |
The Boeing Co. | 57,636 | 25,357,535 | |
27,009,080 | |||
Air Freight & Logistics - 0.1% | |||
United Parcel Service, Inc. Class B | 5,747 | 633,319 | |
XPO Logistics, Inc. (a) | 16,009 | 806,053 | |
1,439,372 | |||
Airlines - 0.3% | |||
Southwest Airlines Co. | 45,575 | 2,554,023 | |
Commercial Services & Supplies - 0.6% | |||
KAR Auction Services, Inc. | 124,100 | 5,851,315 | |
Republic Services, Inc. | 639 | 50,117 | |
Tetra Tech, Inc. | 15,445 | 927,009 | |
6,828,441 | |||
Construction & Engineering - 0.5% | |||
EMCOR Group, Inc. | 77,911 | 5,619,720 | |
Electrical Equipment - 0.4% | |||
Acuity Brands, Inc. | 8,303 | 1,080,386 | |
GrafTech International Ltd. | 207,909 | 2,998,048 | |
4,078,434 | |||
Industrial Conglomerates - 0.3% | |||
3M Co. | 12,750 | 2,644,223 | |
Honeywell International, Inc. | 2,266 | 349,123 | |
2,993,346 | |||
Machinery - 2.4% | |||
Allison Transmission Holdings, Inc. | 121,240 | 6,025,628 | |
Caterpillar, Inc. | 83,047 | 11,405,675 | |
Cummins, Inc. | 41,473 | 6,390,575 | |
IDEX Corp. | 1,869 | 269,323 | |
Lincoln Electric Holdings, Inc. | 8,625 | 745,373 | |
PACCAR, Inc. | 8,234 | 558,265 | |
25,394,839 | |||
Professional Services - 0.7% | |||
Insperity, Inc. | 9,837 | 1,242,118 | |
Robert Half International, Inc. | 96,244 | 6,562,878 | |
7,804,996 | |||
Road & Rail - 2.1% | |||
CSX Corp. | 110,553 | 8,033,887 | |
Landstar System, Inc. | 10,211 | 1,109,731 | |
Union Pacific Corp. | 78,999 | 13,248,132 | |
22,391,750 | |||
Trading Companies & Distributors - 0.6% | |||
W.W. Grainger, Inc. | 21,915 | 6,679,035 | |
TOTAL INDUSTRIALS | 112,793,036 | ||
INFORMATION TECHNOLOGY - 33.7% | |||
Communications Equipment - 1.1% | |||
Cisco Systems, Inc. | 104,059 | 5,387,134 | |
F5 Networks, Inc. (a) | 36,563 | 6,147,703 | |
11,534,837 | |||
Electronic Equipment & Components - 0.7% | |||
CDW Corp. | 5,756 | 540,431 | |
Vishay Intertechnology, Inc. | 12,632 | 276,893 | |
Zebra Technologies Corp. Class A (a) | 32,868 | 6,590,363 | |
7,407,687 | |||
IT Services - 8.3% | |||
Accenture PLC Class A | 18,631 | 3,006,671 | |
Alliance Data Systems Corp. | 35,484 | 6,138,732 | |
Automatic Data Processing, Inc. | 7,036 | 1,076,719 | |
Fidelity National Information Services, Inc. | 24,002 | 2,595,816 | |
First Data Corp. Class A (a) | 4,151 | 104,356 | |
GoDaddy, Inc. (a) | 89,950 | 6,714,768 | |
IBM Corp. | 80,223 | 11,081,203 | |
MasterCard, Inc. Class A | 100,934 | 22,686,935 | |
Maximus, Inc. | 47,541 | 3,360,198 | |
PayPal Holdings, Inc. (a) | 38,415 | 3,767,359 | |
Sabre Corp. | 53,652 | 1,203,414 | |
Visa, Inc. Class A | 181,614 | 26,900,666 | |
88,636,837 | |||
Semiconductors & Semiconductor Equipment - 5.2% | |||
Applied Materials, Inc. | 224,121 | 8,592,799 | |
Broadcom, Inc. | 38,578 | 10,622,838 | |
Intel Corp. | 110,842 | 5,870,192 | |
KLA-Tencor Corp. | 56,587 | 6,535,233 | |
Lam Research Corp. | 44,787 | 7,886,543 | |
Maxim Integrated Products, Inc. | 16,910 | 920,411 | |
Micron Technology, Inc. (a) | 210,431 | 8,602,419 | |
NVIDIA Corp. | 13,629 | 2,102,410 | |
ON Semiconductor Corp. (a) | 88,119 | 1,892,796 | |
Texas Instruments, Inc. | 27,482 | 2,907,046 | |
Xilinx, Inc. | 3,446 | 431,784 | |
56,364,471 | |||
Software - 10.6% | |||
Adobe, Inc. (a) | 24,371 | 6,397,388 | |
Atlassian Corp. PLC (a) | 901 | 96,839 | |
Cadence Design Systems, Inc. (a) | 54,038 | 3,093,676 | |
CDK Global, Inc. | 8,452 | 490,301 | |
Citrix Systems, Inc. | 60,595 | 6,392,773 | |
Fortinet, Inc. (a) | 46,753 | 4,057,693 | |
Intuit, Inc. | 43,490 | 10,747,684 | |
LogMeIn, Inc. | 28,034 | 2,227,021 | |
Microsoft Corp. | 594,678 | 66,621,776 | |
Oracle Corp. | 92,529 | 4,823,537 | |
Red Hat, Inc. (a) | 8,656 | 1,580,586 | |
Salesforce.com, Inc. (a) | 32,690 | 5,349,719 | |
Synopsys, Inc. (a) | 10,275 | 1,044,762 | |
Tableau Software, Inc. (a) | 4,846 | 639,187 | |
113,562,942 | |||
Technology Hardware, Storage & Peripherals - 7.8% | |||
Apple, Inc. | 394,264 | 68,266,806 | |
HP, Inc. | 233,132 | 4,599,694 | |
NetApp, Inc. | 101,505 | 6,618,126 | |
Seagate Technology LLC | 99,381 | 4,627,179 | |
84,111,805 | |||
TOTAL INFORMATION TECHNOLOGY | 361,618,579 | ||
MATERIALS - 0.8% | |||
Chemicals - 0.6% | |||
The Chemours Co. LLC | 33,020 | 1,255,751 | |
Westlake Chemical Corp. | 76,768 | 5,363,780 | |
6,619,531 | |||
Metals & Mining - 0.2% | |||
Steel Dynamics, Inc. | 51,378 | 1,917,427 | |
TOTAL MATERIALS | 8,536,958 | ||
REAL ESTATE - 0.7% | |||
Equity Real Estate Investment Trusts (REITs) - 0.7% | |||
American Tower Corp. | 3,832 | 675,007 | |
Americold Realty Trust | 102,820 | 2,956,075 | |
CubeSmart | 2,492 | 76,355 | |
Gaming & Leisure Properties | 105,986 | 3,855,771 | |
7,563,208 | |||
UTILITIES - 0.0% | |||
Multi-Utilities - 0.0% | |||
CenterPoint Energy, Inc. | 7,512 | 226,412 | |
TOTAL COMMON STOCKS | |||
(Cost $788,013,535) | 1,063,004,828 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.1% | |||
U.S. Treasury Bills, yield at date of purchase 2.46% 9/12/19 (c) | |||
(Cost $986,903) | 1,000,000 | 986,770 | |
Shares | Value | ||
Money Market Funds - 1.3% | |||
Fidelity Cash Central Fund, 2.44% (d) | 6,316,027 | $6,317,290 | |
Fidelity Securities Lending Cash Central Fund 2.45% (d)(e) | 7,222,056 | 7,222,778 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $13,540,068) | 13,540,068 | ||
TOTAL INVESTMENT IN SECURITIES - 100.5% | |||
(Cost $802,540,506) | 1,077,531,666 | ||
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (5,076,371) | ||
NET ASSETS - 100% | $1,072,455,295 |
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) | 68 | March 2019 | $9,467,980 | $1,082,318 | $1,082,318 |
The notional amount of futures purchased as a percentage of Net Assets is 0.9%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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 $430,232.
(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 | $102,111 |
Fidelity Securities Lending Cash Central Fund | 4,223 |
Total | $106,334 |
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.
Investment Valuation
The following is a summary of the inputs used, as of February 28, 2019, 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 | $143,104,006 | $143,104,006 | $-- | $-- |
Consumer Discretionary | 166,848,046 | 166,848,046 | -- | -- |
Consumer Staples | 46,684,524 | 46,684,524 | -- | -- |
Energy | 6,140,598 | 6,140,598 | -- | -- |
Financials | 46,568,222 | 46,568,222 | -- | -- |
Health Care | 162,921,239 | 162,921,239 | -- | -- |
Industrials | 112,793,036 | 112,793,036 | -- | -- |
Information Technology | 361,618,579 | 361,618,579 | -- | -- |
Materials | 8,536,958 | 8,536,958 | -- | -- |
Real Estate | 7,563,208 | 7,563,208 | -- | -- |
Utilities | 226,412 | 226,412 | -- | -- |
U.S. Government and Government Agency Obligations | 986,770 | -- | 986,770 | -- |
Money Market Funds | 13,540,068 | 13,540,068 | -- | -- |
Total Investments in Securities: | $1,077,531,666 | $1,076,544,896 | $986,770 | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $1,082,318 | $1,082,318 | $-- | $-- |
Total Assets | $1,082,318 | $1,082,318 | $-- | $-- |
Total Derivative Instruments: | $1,082,318 | $1,082,318 | $-- | $-- |
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 28, 2019. 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) | $1,082,318 | $0 |
Total Equity Risk | 1,082,318 | 0 |
Total Value of Derivatives | $1,082,318 | $0 |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in distributable earnings.
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 28, 2019 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $7,249,847) — See accompanying schedule: Unaffiliated issuers (cost $789,000,438) | $1,063,991,598 | |
Fidelity Central Funds (cost $13,540,068) | 13,540,068 | |
Total Investment in Securities (cost $802,540,506) | $1,077,531,666 | |
Receivable for investments sold | 6,732,062 | |
Receivable for fund shares sold | 555,616 | |
Dividends receivable | 1,498,298 | |
Distributions receivable from Fidelity Central Funds | 16,656 | |
Total assets | 1,086,334,298 | |
Liabilities | ||
Payable for investments purchased | $5,315,594 | |
Payable for fund shares redeemed | 956,375 | |
Accrued management fee | 346,484 | |
Payable for daily variation margin on futures contracts | 35,875 | |
Collateral on securities loaned | 7,224,675 | |
Total liabilities | 13,879,003 | |
Net Assets | $1,072,455,295 | |
Net Assets consist of: | ||
Paid in capital | $803,795,436 | |
Total distributable earnings (loss) | 268,659,859 | |
Net Assets, for 56,591,639 shares outstanding | $1,072,455,295 | |
Net Asset Value, offering price and redemption price per share ($1,072,455,295 ÷ 56,591,639 shares) | $18.95 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended February 28, 2019 (Unaudited) | ||
Investment Income | ||
Dividends | $8,171,939 | |
Interest | 10,662 | |
Income from Fidelity Central Funds | 106,334 | |
Total income | 8,288,935 | |
Expenses | ||
Management fee | $2,079,950 | |
Independent trustees' fees and expenses | 3,367 | |
Commitment fees | 1,456 | |
Total expenses before reductions | 2,084,773 | |
Expense reductions | (715) | |
Total expenses after reductions | 2,084,058 | |
Net investment income (loss) | 6,204,877 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 5,256,997 | |
Fidelity Central Funds | (867) | |
Futures contracts | (1,114,489) | |
Total net realized gain (loss) | 4,141,641 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (75,976,457) | |
Futures contracts | 567,479 | |
Total change in net unrealized appreciation (depreciation) | (75,408,978) | |
Net gain (loss) | (71,267,337) | |
Net increase (decrease) in net assets resulting from operations | $(65,062,460) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended February 28, 2019 (Unaudited) | Year ended August 31, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $6,204,877 | $12,362,157 |
Net realized gain (loss) | 4,141,641 | 67,173,651 |
Change in net unrealized appreciation (depreciation) | (75,408,978) | 166,554,471 |
Net increase (decrease) in net assets resulting from operations | (65,062,460) | 246,090,279 |
Distributions to shareholders | (74,861,683) | – |
Distributions to shareholders from net investment income | – | (9,595,922) |
Distributions to shareholders from net realized gain | – | (24,876,385) |
Total distributions | (74,861,683) | (34,472,307) |
Share transactions | ||
Proceeds from sales of shares | 97,727,692 | 257,337,762 |
Reinvestment of distributions | 71,477,254 | 32,926,414 |
Cost of shares redeemed | (138,811,575) | (244,227,679) |
Net increase (decrease) in net assets resulting from share transactions | 30,393,371 | 46,036,497 |
Total increase (decrease) in net assets | (109,530,772) | 257,654,469 |
Net Assets | ||
Beginning of period | 1,181,986,067 | 924,331,598 |
End of period | $1,072,455,295 | $1,181,986,067 |
Other Information | ||
Undistributed net investment income end of period | $7,947,045 | |
Shares | ||
Sold | 5,118,194 | 13,103,171 |
Issued in reinvestment of distributions | 4,077,425 | 1,756,075 |
Redeemed | (7,380,477) | (12,568,315) |
Net increase (decrease) | 1,815,142 | 2,290,931 |
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 28, | Years endedAugust 31, | ||||||
2019 | 2018 | 2017A | 2017 B | 2016 C | 2015 B | 2014 B | |
Selected Per–Share Data | |||||||
Net asset value, beginning of period | $21.58 | $17.61 | $16.65 | $13.86 | $15.42 | $14.22 | $11.77 |
Income from Investment Operations | |||||||
Net investment income (loss)D | .11 | .23 | .12 | .22 | .20 | .20 | .18 |
Net realized and unrealized gain (loss) | (1.34) | 4.40 | 1.04 | 2.73 | (1.09) | 2.15 | 3.15 |
Total from investment operations | (1.23) | 4.63 | 1.16 | 2.95 | (.89) | 2.35 | 3.33 |
Distributions from net investment income | (.22) | (.18) | (.04) | (.16) | (.18) | (.15) | (.17) |
Distributions from net realized gain | (1.18) | (.48) | (.16) | – | (.49) | (1.00) | (.71) |
Total distributions | (1.40) | (.66) | (.20) | (.16) | (.67) | (1.15) | (.88) |
Net asset value, end of period | $18.95 | $21.58 | $17.61 | $16.65 | $13.86 | $15.42 | $14.22 |
Total ReturnE,F | (5.18)% | 26.86% | 7.04% | 21.33% | (6.01)% | 17.46% | 29.08% |
Ratios to Average Net AssetsG,H | |||||||
Expenses before reductions | .39%I | .39% | .40%I | .45% | .45% | .45% | .45% |
Expenses net of fee waivers, if any | .39%I | .39% | .40%I | .45% | .45% | .45% | .45% |
Expenses net of all reductions | .39%I | .39% | .40%I | .45% | .45% | .45% | .45% |
Net investment income (loss) | 1.16%I | 1.18% | 1.44%I | 1.43% | 1.38% | 1.37% | 1.41% |
Supplemental Data | |||||||
Net assets, end of period (000 omitted) | $1,072,455 | $1,181,986 | $924,332 | $825,463 | $449,088 | $404,087 | $248,855 |
Portfolio turnover rateJ | 83%I | 100% | 110%I | 86% | 89% | 69% | 83% |
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 returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G 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.
H Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
I Annualized
J 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® Large Cap Value Enhanced Index Fund
Investment Summary (Unaudited)
Top Ten Stocks as of February 28, 2019
% of fund's net assets | |
Exxon Mobil Corp. | 3.0 |
JPMorgan Chase & Co. | 3.0 |
Johnson & Johnson | 2.7 |
Bank of America Corp. | 2.4 |
Procter & Gamble Co. | 2.4 |
Intel Corp. | 2.4 |
Pfizer, Inc. | 2.3 |
Cisco Systems, Inc. | 2.3 |
Chevron Corp. | 2.2 |
AT&T, Inc. | 2.2 |
24.9 |
Top Market Sectors as of February 28, 2019
% of fund's net assets | |
Financials | 20.5 |
Health Care | 16.3 |
Information Technology | 11.4 |
Consumer Staples | 8.4 |
Communication Services | 7.9 |
Energy | 7.6 |
Industrials | 7.4 |
Utilities | 6.1 |
Consumer Discretionary | 5.5 |
Materials | 4.6 |
Asset Allocation (% of fund's net assets)
As of February 28, 2019 * | ||
Stocks and Equity Futures | 100.0% |
* Foreign investments - 2.7%
Fidelity® Large Cap Value Enhanced Index Fund
Schedule of Investments February 28, 2019 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.9% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 7.9% | |||
Diversified Telecommunication Services - 4.1% | |||
AT&T, Inc. | 2,607,784 | $81,154,238 | |
CenturyLink, Inc. | 63,629 | 839,267 | |
Verizon Communications, Inc. | 1,253,032 | 71,322,581 | |
153,316,086 | |||
Entertainment - 0.5% | |||
The Walt Disney Co. | 110,730 | 12,494,773 | |
Viacom, Inc. Class B (non-vtg.) | 273,710 | 7,997,806 | |
20,492,579 | |||
Interactive Media & Services - 0.0% | |||
TripAdvisor, Inc. (a)(b) | 9,371 | 498,256 | |
Media - 2.3% | |||
Comcast Corp. Class A | 1,207,024 | 46,675,618 | |
Discovery Communications, Inc.: | |||
Class A (a)(b) | 82,831 | 2,393,816 | |
Class C (non-vtg.) (a) | 26,675 | 726,894 | |
DISH Network Corp. Class A (a) | 8,151 | 264,989 | |
Liberty Media Corp.: | |||
Liberty SiriusXM Series A (a) | 224,336 | 9,175,342 | |
Liberty SiriusXM Series C (a) | 229,454 | 9,455,799 | |
Omnicom Group, Inc. | 225,142 | 17,043,249 | |
85,735,707 | |||
Wireless Telecommunication Services - 1.0% | |||
T-Mobile U.S., Inc. (a) | 301,151 | 21,746,114 | |
Telephone & Data Systems, Inc. | 392,257 | 12,571,837 | |
U.S. Cellular Corp. (a) | 27,475 | 1,282,808 | |
35,600,759 | |||
TOTAL COMMUNICATION SERVICES | 295,643,387 | ||
CONSUMER DISCRETIONARY - 5.5% | |||
Auto Components - 0.0% | |||
Gentex Corp. | 37,915 | 771,191 | |
Automobiles - 0.7% | |||
Ford Motor Co. | 2,997,409 | 26,287,277 | |
Hotels, Restaurants & Leisure - 0.9% | |||
ARAMARK Holdings Corp. | 48,019 | 1,454,976 | |
Carnival Corp. | 131,140 | 7,574,646 | |
Darden Restaurants, Inc. | 6,225 | 697,885 | |
Extended Stay America, Inc. unit | 65,634 | 1,197,164 | |
McDonald's Corp. | 73,930 | 13,591,291 | |
Norwegian Cruise Line Holdings Ltd. (a) | 30,768 | 1,708,547 | |
U.S. Foods Holding Corp. (a) | 75,176 | 2,649,202 | |
Yum! Brands, Inc. | 47,093 | 4,450,289 | |
33,324,000 | |||
Household Durables - 0.2% | |||
Garmin Ltd. | 74,206 | 6,231,078 | |
Internet & Direct Marketing Retail - 0.7% | |||
eBay, Inc. | 642,468 | 23,867,686 | |
Liberty Interactive Corp. QVC Group Series A (a) | 111,052 | 2,000,047 | |
25,867,733 | |||
Multiline Retail - 1.1% | |||
Kohl's Corp. | 258,398 | 17,449,617 | |
Macy's, Inc. | 579,211 | 14,358,641 | |
Target Corp. | 128,594 | 9,341,068 | |
41,149,326 | |||
Specialty Retail - 1.0% | |||
Advance Auto Parts, Inc. | 116,824 | 18,899,787 | |
AutoNation, Inc. (a) | 34,895 | 1,230,398 | |
Dick's Sporting Goods, Inc. | 446,196 | 17,428,416 | |
Foot Locker, Inc. | 14,186 | 844,351 | |
Penske Automotive Group, Inc. | 12,132 | 539,146 | |
38,942,098 | |||
Textiles, Apparel & Luxury Goods - 0.9% | |||
Capri Holdings Ltd. (a) | 49,231 | 2,244,934 | |
Deckers Outdoor Corp. (a) | 89,450 | 13,234,128 | |
PVH Corp. | 104,248 | 11,971,840 | |
Ralph Lauren Corp. | 49,595 | 6,207,806 | |
Tapestry, Inc. | 65,148 | 2,276,271 | |
35,934,979 | |||
TOTAL CONSUMER DISCRETIONARY | 208,507,682 | ||
CONSUMER STAPLES - 8.4% | |||
Food & Staples Retailing - 3.1% | |||
Kroger Co. | 827,488 | 24,270,223 | |
Walgreens Boots Alliance, Inc. | 469,023 | 33,389,747 | |
Walmart, Inc. | 593,591 | 58,759,573 | |
116,419,543 | |||
Food Products - 1.8% | |||
Archer Daniels Midland Co. | 461,334 | 19,606,695 | |
Conagra Brands, Inc. | 370,203 | 8,651,644 | |
General Mills, Inc. | 111,617 | 5,260,509 | |
Mondelez International, Inc. | 668,560 | 31,529,290 | |
The Kraft Heinz Co. | 52,029 | 1,726,843 | |
66,774,981 | |||
Household Products - 2.9% | |||
Church & Dwight Co., Inc. | 70,881 | 4,663,970 | |
Clorox Co. | 95,007 | 15,013,956 | |
Procter & Gamble Co. | 901,926 | 88,884,807 | |
108,562,733 | |||
Personal Products - 0.1% | |||
Herbalife Nutrition Ltd. (a) | 68,248 | 3,828,713 | |
Tobacco - 0.5% | |||
Philip Morris International, Inc. | 206,533 | 17,955,979 | |
TOTAL CONSUMER STAPLES | 313,541,949 | ||
ENERGY - 7.6% | |||
Oil, Gas & Consumable Fuels - 7.6% | |||
Antero Resources Corp. (a)(b) | 947,422 | 8,204,675 | |
Cabot Oil & Gas Corp. | 19,148 | 471,424 | |
Chevron Corp. | 693,863 | 82,972,138 | |
ConocoPhillips Co. | 598,884 | 40,634,279 | |
Diamondback Energy, Inc. | 12,537 | 1,290,433 | |
Exxon Mobil Corp. | 1,436,304 | 113,511,096 | |
HollyFrontier Corp. | 361,035 | 18,484,992 | |
Kinder Morgan, Inc. | 186,513 | 3,573,589 | |
Marathon Oil Corp. | 130,262 | 2,162,349 | |
Marathon Petroleum Corp. | 60,288 | 3,738,459 | |
Murphy Oil Corp. | 23,852 | 689,323 | |
Parsley Energy, Inc. Class A (a) | 28,124 | 510,169 | |
PBF Energy, Inc. Class A | 74,317 | 2,309,029 | |
Phillips 66 Co. | 61,055 | 5,883,260 | |
284,435,215 | |||
FINANCIALS - 20.5% | |||
Banks - 11.2% | |||
Associated Banc-Corp. | 96,209 | 2,239,746 | |
Bank of America Corp. | 3,106,302 | 90,331,262 | |
CIT Group, Inc. | 314,039 | 16,006,568 | |
Citigroup, Inc. | 983,340 | 62,914,093 | |
JPMorgan Chase & Co. | 1,083,245 | 113,047,448 | |
M&T Bank Corp. | 140,553 | 24,324,102 | |
Peoples United Financial, Inc. | 105,131 | 1,867,127 | |
PNC Financial Services Group, Inc. | 88,761 | 11,185,661 | |
Popular, Inc. | 15,622 | 880,768 | |
Regions Financial Corp. | 1,119,742 | 18,363,769 | |
SunTrust Banks, Inc. | 71,295 | 4,624,907 | |
U.S. Bancorp | 107,337 | 5,548,250 | |
Wells Fargo & Co. | 1,323,268 | 66,017,841 | |
417,351,542 | |||
Capital Markets - 1.2% | |||
Affiliated Managers Group, Inc. | 14,261 | 1,563,148 | |
Cboe Global Markets, Inc. | 49,144 | 4,713,401 | |
Goldman Sachs Group, Inc. | 2,147 | 422,315 | |
Invesco Ltd. | 473,998 | 9,171,861 | |
Morgan Stanley | 657,565 | 27,604,579 | |
State Street Corp. | 31,911 | 2,293,444 | |
45,768,748 | |||
Consumer Finance - 2.2% | |||
Ally Financial, Inc. | 269,558 | 7,302,326 | |
American Express Co. | 207,260 | 22,330,192 | |
Capital One Financial Corp. | 326,482 | 27,287,366 | |
Discover Financial Services | 68,939 | 4,936,722 | |
Synchrony Financial | 651,236 | 21,236,806 | |
83,093,412 | |||
Diversified Financial Services - 2.1% | |||
Berkshire Hathaway, Inc. Class B (a) | 390,629 | 78,633,618 | |
Donnelley Financial Solutions, Inc. (a) | 8,441 | 119,947 | |
78,753,565 | |||
Insurance - 2.7% | |||
AFLAC, Inc. | 347,785 | 17,090,155 | |
Allstate Corp. | 276,764 | 26,120,986 | |
American National Insurance Co. | 4,678 | 688,555 | |
Axis Capital Holdings Ltd. | 18,485 | 1,054,939 | |
First American Financial Corp. | 321,190 | 16,313,240 | |
FNF Group | 202,053 | 7,090,040 | |
Loews Corp. | 456,702 | 21,748,149 | |
Old Republic International Corp. | 332,105 | 6,927,710 | |
Unum Group | 108,890 | 4,068,130 | |
101,101,904 | |||
Mortgage Real Estate Investment Trusts - 1.1% | |||
Annaly Capital Management, Inc. | 2,120,107 | 21,476,684 | |
Chimera Investment Corp. | 250,202 | 4,626,235 | |
MFA Financial, Inc. | 1,572,781 | 11,434,118 | |
New Residential Investment Corp. | 124,203 | 2,054,318 | |
Two Harbors Investment Corp. | 59,979 | 831,909 | |
40,423,264 | |||
TOTAL FINANCIALS | 766,492,435 | ||
HEALTH CARE - 16.3% | |||
Biotechnology - 1.4% | |||
Alexion Pharmaceuticals, Inc. (a) | 41,491 | 5,614,977 | |
Amgen, Inc. | 103,242 | 19,624,239 | |
Biogen, Inc. (a) | 34,353 | 11,268,128 | |
Gilead Sciences, Inc. | 214,858 | 13,970,067 | |
50,477,411 | |||
Health Care Equipment & Supplies - 2.3% | |||
Abbott Laboratories | 580,455 | 45,054,917 | |
Baxter International, Inc. | 277,276 | 20,720,835 | |
Danaher Corp. | 34,600 | 4,394,892 | |
Medtronic PLC | 183,827 | 16,636,344 | |
86,806,988 | |||
Health Care Providers & Services - 3.9% | |||
Anthem, Inc. | 138,562 | 41,669,750 | |
Cardinal Health, Inc. | 7,558 | 410,702 | |
Centene Corp. (a) | 230,364 | 14,026,864 | |
Cigna Corp. | 46,297 | 8,076,049 | |
CVS Health Corp. | 610,901 | 35,328,405 | |
Humana, Inc. | 61,672 | 17,578,987 | |
Laboratory Corp. of America Holdings (a) | 11,226 | 1,664,142 | |
Molina Healthcare, Inc. (a) | 35,631 | 4,797,002 | |
Quest Diagnostics, Inc. | 198,197 | 17,153,950 | |
UnitedHealth Group, Inc. | 22,712 | 5,501,301 | |
Universal Health Services, Inc. Class B | 4,849 | 673,187 | |
146,880,339 | |||
Life Sciences Tools & Services - 0.3% | |||
IQVIA Holdings, Inc. (a) | 21,688 | 3,038,489 | |
Thermo Fisher Scientific, Inc. | 27,180 | 7,055,113 | |
10,093,602 | |||
Pharmaceuticals - 8.4% | |||
Allergan PLC | 57,981 | 7,984,564 | |
Bristol-Myers Squibb Co. | 570,403 | 29,467,019 | |
Eli Lilly & Co. | 20,006 | 2,526,558 | |
Jazz Pharmaceuticals PLC (a) | 9,124 | 1,277,634 | |
Johnson & Johnson | 740,345 | 101,160,741 | |
Merck & Co., Inc. | 922,301 | 74,973,848 | |
Mylan NV (a) | 388,242 | 10,245,706 | |
Pfizer, Inc. | 2,025,080 | 87,787,218 | |
315,423,288 | |||
TOTAL HEALTH CARE | 609,681,628 | ||
INDUSTRIALS - 7.4% | |||
Aerospace & Defense - 0.9% | |||
Arconic, Inc. | 164,394 | 3,039,645 | |
L3 Technologies, Inc. | 2,631 | 557,114 | |
Textron, Inc. | 43,524 | 2,363,353 | |
United Technologies Corp. | 235,624 | 29,610,868 | |
35,570,980 | |||
Airlines - 1.3% | |||
JetBlue Airways Corp. (a) | 212,606 | 3,550,520 | |
Southwest Airlines Co. | 379,700 | 21,278,388 | |
United Continental Holdings, Inc. (a) | 280,817 | 24,658,541 | |
49,487,449 | |||
Commercial Services & Supplies - 1.0% | |||
KAR Auction Services, Inc. | 265,604 | 12,523,229 | |
Republic Services, Inc. | 287,157 | 22,521,724 | |
Tetra Tech, Inc. | 17,102 | 1,026,462 | |
Waste Management, Inc. | 12,000 | 1,215,000 | |
37,286,415 | |||
Electrical Equipment - 0.6% | |||
Eaton Corp. PLC | 294,538 | 23,495,296 | |
Industrial Conglomerates - 0.2% | |||
General Electric Co. | 566,922 | 5,890,320 | |
Machinery - 1.9% | |||
AGCO Corp. | 322,044 | 21,763,734 | |
Caterpillar, Inc. | 89,213 | 12,252,513 | |
Cummins, Inc. | 156,839 | 24,167,322 | |
Oshkosh Corp. | 5,295 | 412,004 | |
PACCAR, Inc. | 67,894 | 4,603,213 | |
Pentair PLC | 114,808 | 4,883,932 | |
Snap-On, Inc. | 21,444 | 3,431,040 | |
Wabtec Corp. | 3,044 | 223,003 | |
71,736,761 | |||
Road & Rail - 1.4% | |||
CSX Corp. | 388,759 | 28,251,117 | |
Norfolk Southern Corp. | 5,077 | 910,306 | |
Union Pacific Corp. | 127,763 | 21,425,855 | |
50,587,278 | |||
Trading Companies & Distributors - 0.1% | |||
Air Lease Corp. Class A | 12,004 | 448,469 | |
WESCO International, Inc. (a) | 29,666 | 1,615,314 | |
2,063,783 | |||
TOTAL INDUSTRIALS | 276,118,282 | ||
INFORMATION TECHNOLOGY - 11.4% | |||
Communications Equipment - 2.9% | |||
Cisco Systems, Inc. | 1,684,809 | 87,222,562 | |
Juniper Networks, Inc. | 791,657 | 21,438,072 | |
108,660,634 | |||
Electronic Equipment & Components - 0.5% | |||
Arrow Electronics, Inc. (a) | 22,384 | 1,784,005 | |
Avnet, Inc. | 225,248 | 9,796,036 | |
CDW Corp. | 2,589 | 243,081 | |
Dolby Laboratories, Inc. Class A | 45,642 | 2,957,602 | |
Keysight Technologies, Inc. (a) | 9,626 | 812,531 | |
Tech Data Corp. (a) | 16,694 | 1,706,461 | |
17,299,716 | |||
IT Services - 2.0% | |||
Amdocs Ltd. | 49,741 | 2,764,107 | |
Booz Allen Hamilton Holding Corp. Class A | 17,463 | 923,094 | |
Conduent, Inc. (a) | 174,939 | 2,557,608 | |
CoreLogic, Inc. (a) | 62,264 | 2,283,221 | |
DXC Technology Co. | 341,195 | 22,471,103 | |
Euronet Worldwide, Inc. (a) | 6,171 | 828,889 | |
Fidelity National Information Services, Inc. | 177,720 | 19,220,418 | |
IBM Corp. | 170,012 | 23,483,758 | |
74,532,198 | |||
Semiconductors & Semiconductor Equipment - 2.9% | |||
Intel Corp. | 1,670,732 | 88,481,967 | |
NXP Semiconductors NV | 25,186 | 2,299,986 | |
Qualcomm, Inc. | 362,107 | 19,332,893 | |
110,114,846 | |||
Software - 1.6% | |||
FireEye, Inc. (a) | 321,872 | 5,394,575 | |
Oracle Corp. | 733,295 | 38,226,668 | |
SolarWinds, Inc. (a) | 10,586 | 201,240 | |
Symantec Corp. | 10,426 | 234,481 | |
Synopsys, Inc. (a) | 164,602 | 16,736,731 | |
60,793,695 | |||
Technology Hardware, Storage & Peripherals - 1.5% | |||
Hewlett Packard Enterprise Co. | 212,751 | 3,484,861 | |
HP, Inc. | 452,971 | 8,937,118 | |
Western Digital Corp. | 440,744 | 22,169,423 | |
Xerox Corp. | 707,849 | 21,872,534 | |
56,463,936 | |||
TOTAL INFORMATION TECHNOLOGY | 427,865,025 | ||
MATERIALS - 4.6% | |||
Chemicals - 2.1% | |||
CF Industries Holdings, Inc. | 472,570 | 19,942,454 | |
DowDuPont, Inc. | 324,166 | 17,255,356 | |
Eastman Chemical Co. | 253,572 | 20,967,869 | |
Element Solutions, Inc. (a) | 70,447 | 793,233 | |
Huntsman Corp. | 803,945 | 19,929,797 | |
The Mosaic Co. | 25,075 | 784,095 | |
79,672,804 | |||
Construction Materials - 0.1% | |||
nVent Electric PLC | 138,223 | 3,798,368 | |
Metals & Mining - 1.8% | |||
Newmont Mining Corp. | 638,951 | 21,801,008 | |
Nucor Corp. | 379,016 | 22,956,999 | |
Reliance Steel & Aluminum Co. | 217,286 | 19,392,776 | |
Royal Gold, Inc. | 38,388 | 3,393,883 | |
67,544,666 | |||
Paper & Forest Products - 0.6% | |||
Domtar Corp. | 398,177 | 20,271,191 | |
TOTAL MATERIALS | 171,287,029 | ||
REAL ESTATE - 3.2% | |||
Equity Real Estate Investment Trusts (REITs) - 3.2% | |||
American Campus Communities, Inc. | 64,656 | 2,913,399 | |
American Homes 4 Rent Class A | 236,562 | 5,166,514 | |
Apartment Investment & Management Co. Class A | 40,592 | 1,986,167 | |
Apple Hospitality (REIT), Inc. | 480,766 | 7,923,024 | |
Brandywine Realty Trust (SBI) | 44,038 | 692,277 | |
Brixmor Property Group, Inc. (b) | 564,808 | 9,861,548 | |
Camden Property Trust (SBI) | 12,296 | 1,206,115 | |
Columbia Property Trust, Inc. | 12,067 | 261,009 | |
EPR Properties | 14,777 | 1,085,814 | |
Gaming & Leisure Properties | 343,646 | 12,501,841 | |
Highwoods Properties, Inc. (SBI) | 8,641 | 400,165 | |
Life Storage, Inc. | 44,281 | 4,321,826 | |
Medical Properties Trust, Inc. | 193,241 | 3,522,783 | |
National Retail Properties, Inc. | 11,784 | 613,946 | |
Omega Healthcare Investors, Inc. | 27,554 | 989,189 | |
Park Hotels & Resorts, Inc. | 629,434 | 19,663,518 | |
Retail Properties America, Inc. | 7,221 | 89,974 | |
Senior Housing Properties Trust (SBI) | 434,151 | 5,622,255 | |
Spirit MTA REIT | 102,666 | 754,595 | |
Spirit Realty Capital, Inc. | 511,095 | 19,748,711 | |
Store Capital Corp. | 107,969 | 3,505,753 | |
VEREIT, Inc. | 162,226 | 1,292,941 | |
Weyerhaeuser Co. | 615,475 | 15,319,173 | |
119,442,537 | |||
UTILITIES - 6.1% | |||
Electric Utilities - 4.0% | |||
Allete, Inc. | 3,922 | 317,878 | |
Duke Energy Corp. | 196,171 | 17,588,692 | |
Entergy Corp. | 95,231 | 8,887,909 | |
Evergy, Inc. | 103,504 | 5,786,909 | |
Eversource Energy | 5,454 | 380,744 | |
Exelon Corp. | 662,797 | 32,205,306 | |
NextEra Energy, Inc. | 31,296 | 5,874,885 | |
OGE Energy Corp. | 508,976 | 21,641,660 | |
Portland General Electric Co. | 265,592 | 13,316,783 | |
PPL Corp. | 549,148 | 17,666,091 | |
Vistra Energy Corp. | 425,715 | 11,085,619 | |
Xcel Energy, Inc. | 240,229 | 13,178,963 | |
147,931,439 | |||
Gas Utilities - 0.6% | |||
Atmos Energy Corp. | 20,152 | 1,992,025 | |
UGI Corp. | 360,864 | 19,811,434 | |
21,803,459 | |||
Independent Power and Renewable Electricity Producers - 0.4% | |||
NRG Energy, Inc. | 374,961 | 15,628,374 | |
Multi-Utilities - 1.0% | |||
Ameren Corp. | 269,473 | 19,197,257 | |
MDU Resources Group, Inc. | 761,019 | 20,106,122 | |
39,303,379 | |||
Water Utilities - 0.1% | |||
American Water Works Co., Inc. | 27,564 | 2,801,054 | |
TOTAL UTILITIES | 227,467,705 | ||
TOTAL COMMON STOCKS | |||
(Cost $3,294,240,966) | 3,700,482,874 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.1% | |||
U.S. Treasury Bills, yield at date of purchase 2.46% 9/12/19 (c) | |||
(Cost $3,947,610) | 4,000,000 | 3,947,079 | |
Shares | Value | ||
Money Market Funds - 1.3% | |||
Fidelity Cash Central Fund, 2.44% (d) | 27,471,049 | $27,476,543 | |
Fidelity Securities Lending Cash Central Fund 2.45% (d)(e) | 21,466,040 | 21,468,186 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $48,944,543) | 48,944,729 | ||
TOTAL INVESTMENT IN SECURITIES - 100.3% | |||
(Cost $3,347,133,119) | 3,753,374,682 | ||
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (11,813,532) | ||
NET ASSETS - 100% | $3,741,561,150 |
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) | 295 | March 2019 | $41,074,325 | $2,090,117 | $2,090,117 |
The notional amount of futures purchased as a percentage of Net Assets is 1.1%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(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 $1,721,913.
(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 | $380,371 |
Fidelity Securities Lending Cash Central Fund | 11,842 |
Total | $392,213 |
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.
Investment Valuation
The following is a summary of the inputs used, as of February 28, 2019, 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 | $295,643,387 | $295,643,387 | $-- | $-- |
Consumer Discretionary | 208,507,682 | 208,507,682 | -- | -- |
Consumer Staples | 313,541,949 | 313,541,949 | -- | -- |
Energy | 284,435,215 | 284,435,215 | -- | -- |
Financials | 766,492,435 | 766,492,435 | -- | -- |
Health Care | 609,681,628 | 609,681,628 | -- | -- |
Industrials | 276,118,282 | 276,118,282 | -- | -- |
Information Technology | 427,865,025 | 427,865,025 | -- | -- |
Materials | 171,287,029 | 171,287,029 | -- | -- |
Real Estate | 119,442,537 | 119,442,537 | -- | -- |
Utilities | 227,467,705 | 227,467,705 | -- | -- |
U.S. Government and Government Agency Obligations | 3,947,079 | -- | 3,947,079 | -- |
Money Market Funds | 48,944,729 | 48,944,729 | -- | -- |
Total Investments in Securities: | $3,753,374,682 | $3,749,427,603 | $3,947,079 | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $2,090,117 | $2,090,117 | $-- | $-- |
Total Assets | $2,090,117 | $2,090,117 | $-- | $-- |
Total Derivative Instruments: | $2,090,117 | $2,090,117 | $-- | $-- |
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 28, 2019. 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) | $2,090,117 | $0 |
Total Equity Risk | 2,090,117 | 0 |
Total Value of Derivatives | $2,090,117 | $0 |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in 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 28, 2019 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $20,580,821) — See accompanying schedule: Unaffiliated issuers (cost $3,298,188,576) | $3,704,429,953 | |
Fidelity Central Funds (cost $48,944,543) | 48,944,729 | |
Total Investment in Securities (cost $3,347,133,119) | $3,753,374,682 | |
Cash | 234,315 | |
Receivable for fund shares sold | 2,580,208 | |
Dividends receivable | 9,850,350 | |
Distributions receivable from Fidelity Central Funds | 55,799 | |
Total assets | 3,766,095,354 | |
Liabilities | ||
Payable for fund shares redeemed | $1,710,232 | |
Accrued management fee | 1,200,685 | |
Payable for daily variation margin on futures contracts | 147,912 | |
Collateral on securities loaned | 21,475,375 | |
Total liabilities | 24,534,204 | |
Net Assets | $3,741,561,150 | |
Net Assets consist of: | ||
Paid in capital | $3,359,386,191 | |
Total distributable earnings (loss) | 382,174,959 | |
Net Assets, for 295,979,169 shares outstanding | $3,741,561,150 | |
Net Asset Value, offering price and redemption price per share ($3,741,561,150 ÷ 295,979,169 shares) | $12.64 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended February 28, 2019 (Unaudited) | ||
Investment Income | ||
Dividends | $50,481,208 | |
Interest | 32,416 | |
Income from Fidelity Central Funds | 392,213 | |
Total income | 50,905,837 | |
Expenses | ||
Management fee | $7,115,231 | |
Independent trustees' fees and expenses | 11,488 | |
Interest | 9,219 | |
Commitment fees | 4,946 | |
Total expenses before reductions | 7,140,884 | |
Expense reductions | (1,934) | |
Total expenses after reductions | 7,138,950 | |
Net investment income (loss) | 43,766,887 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (2,052,742) | |
Fidelity Central Funds | 212 | |
Futures contracts | (598,852) | |
Total net realized gain (loss) | (2,651,382) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (116,610,415) | |
Fidelity Central Funds | 186 | |
Futures contracts | 215,645 | |
Total change in net unrealized appreciation (depreciation) | (116,394,584) | |
Net gain (loss) | (119,045,966) | |
Net increase (decrease) in net assets resulting from operations | $(75,279,079) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended February 28, 2019 (Unaudited) | Year ended August 31, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $43,766,887 | $80,930,411 |
Net realized gain (loss) | (2,651,382) | 171,412,266 |
Change in net unrealized appreciation (depreciation) | (116,394,584) | 236,349,018 |
Net increase (decrease) in net assets resulting from operations | (75,279,079) | 488,691,695 |
Distributions to shareholders | (231,584,709) | – |
Distributions to shareholders from net investment income | – | (54,064,321) |
Distributions to shareholders from net realized gain | – | (84,958,215) |
Total distributions | (231,584,709) | (139,022,536) |
Share transactions | ||
Proceeds from sales of shares | 410,145,589 | 3,117,051,859 |
Reinvestment of distributions | 225,314,715 | 135,660,919 |
Cost of shares redeemed | (512,313,113) | (2,739,945,144) |
Net increase (decrease) in net assets resulting from share transactions | 123,147,191 | 512,767,634 |
Total increase (decrease) in net assets | (183,716,597) | 862,436,793 |
Net Assets | ||
Beginning of period | 3,925,277,747 | 3,062,840,954 |
End of period | $3,741,561,150 | $3,925,277,747 |
Other Information | ||
Undistributed net investment income end of period | $53,264,514 | |
Shares | ||
Sold | 32,701,223 | 238,097,759 |
Issued in reinvestment of distributions | 18,657,416 | 10,395,472 |
Redeemed | (39,681,695) | (209,314,245) |
Net increase (decrease) | 11,676,944 | 39,178,986 |
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 28, | Years endedAugust 31, | ||||||
2019 | 2018 | 2017A | 2017 B | 2016 C | 2015 B | 2014B | |
Selected Per–Share Data | |||||||
Net asset value, beginning of period | $13.81 | $12.50 | $12.53 | $9.94 | $11.38 | $10.21 | $8.89 |
Income from Investment Operations | |||||||
Net investment income (loss)D | .15 | .30 | .14 | .25 | .24 | .26E | .20 |
Net realized and unrealized gain (loss) | (.48) | 1.57 | (.04) | 2.55 | (1.32) | 1.28 | 1.87 |
Total from investment operations | (.33) | 1.87 | .10 | 2.80 | (1.08) | 1.54 | 2.07 |
Distributions from net investment income | (.31) | (.22) | (.04) | (.21) | (.21) | (.12) | (.16) |
Distributions from net realized gain | (.54) | (.34) | (.09) | – | (.15) | (.24) | (.59) |
Total distributions | (.84)F | (.56) | (.13) | (.21) | (.36) | (.37)G | (.75) |
Net asset value, end of period | $12.64 | $13.81 | $12.50 | $12.53 | $9.94 | $11.38 | $10.21 |
Total ReturnH,I | (2.09)% | 15.20% | .79% | 28.30% | (9.69)% | 15.37% | 23.92% |
Ratios to Average Net AssetsJ,K | |||||||
Expenses before reductions | .39%L | .39% | .40%L | .45% | .45% | .45% | .45% |
Expenses net of fee waivers, if any | .39%L | .39% | .40%L | .45% | .45% | .45% | .45% |
Expenses net of all reductions | .39%L | .39% | .40%L | .45% | .45% | .45% | .45% |
Net investment income (loss) | 2.40%L | 2.27% | 2.27%L | 2.23% | 2.20% | 2.34%E | 2.01% |
Supplemental Data | |||||||
Net assets, end of period (000 omitted) | $3,741,561 | $3,925,278 | $3,062,841 | $2,889,227 | $1,568,289 | $1,105,349 | $180,081 |
Portfolio turnover rateM | 88%L | 99% | 93%L | 81% | 88% | 76%N | 85% |
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 $.536 and distributions from net realized gain of $.305 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 28, 2019
% of fund's net assets | |
Microsoft Corp. | 4.1 |
Apple, Inc. | 3.6 |
Amazon.com, Inc. | 3.1 |
Johnson & Johnson | 1.8 |
Exxon Mobil Corp. | 1.8 |
JPMorgan Chase & Co. | 1.8 |
Alphabet, Inc. Class C | 1.7 |
Procter & Gamble Co. | 1.6 |
Bank of America Corp. | 1.5 |
The Boeing Co. | 1.5 |
22.5 |
Top Market Sectors as of February 28, 2019
% of fund's net assets | |
Information Technology | 21.9 |
Health Care | 16.3 |
Communication Services | 11.4 |
Financials | 11.2 |
Consumer Discretionary | 10.5 |
Industrials | 9.4 |
Consumer Staples | 6.7 |
Energy | 5.1 |
Materials | 2.1 |
Utilities | 1.9 |
Asset Allocation (% of fund's net assets)
As of February 28, 2019 * | ||
Stocks and Equity Futures | 100.0% |
* Foreign Investments- 0.9%
Fidelity® Large Cap Core Enhanced Index Fund
Schedule of Investments February 28, 2019 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.1% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 11.4% | |||
Diversified Telecommunication Services - 2.9% | |||
AT&T, Inc. | 366,328 | $11,400,127 | |
CenturyLink, Inc. | 8,273 | 109,121 | |
Verizon Communications, Inc. | 199,956 | 11,381,496 | |
22,890,744 | |||
Entertainment - 2.3% | |||
Activision Blizzard, Inc. | 23,601 | 994,546 | |
Cinemark Holdings, Inc. | 57,265 | 2,154,882 | |
Netflix, Inc. (a) | 11,320 | 4,053,692 | |
The Walt Disney Co. | 81,865 | 9,237,647 | |
Twenty-First Century Fox, Inc. Class A | 11,995 | 604,908 | |
Viacom, Inc. Class B (non-vtg.) | 60,126 | 1,756,882 | |
18,802,557 | |||
Interactive Media & Services - 4.5% | |||
Alphabet, Inc.: | |||
Class A (a) | 10,120 | 11,400,686 | |
Class C (a) | 12,314 | 13,790,695 | |
CarGurus, Inc. Class A (a) | 15,037 | 642,531 | |
Facebook, Inc. Class A (a) | 65,117 | 10,513,140 | |
TripAdvisor, Inc. (a) | 3,613 | 192,103 | |
36,539,155 | |||
Media - 1.7% | |||
AMC Networks, Inc. Class A (a)(b) | 8,306 | 545,787 | |
Comcast Corp. Class A | 216,209 | 8,360,802 | |
Omnicom Group, Inc. | 59,232 | 4,483,862 | |
13,390,451 | |||
Wireless Telecommunication Services - 0.0% | |||
Telephone & Data Systems, Inc. | 7,667 | 245,727 | |
TOTAL COMMUNICATION SERVICES | 91,868,634 | ||
CONSUMER DISCRETIONARY - 10.5% | |||
Auto Components - 0.7% | |||
Dana Holding Corp. | 62,625 | 1,236,844 | |
Gentex Corp. | 194,174 | 3,949,499 | |
5,186,343 | |||
Automobiles - 0.3% | |||
Ford Motor Co. | 298,839 | 2,620,818 | |
Distributors - 0.0% | |||
Genuine Parts Co. | 2,488 | 270,645 | |
Hotels, Restaurants & Leisure - 0.8% | |||
Carnival Corp. | 20,265 | 1,170,506 | |
Extended Stay America, Inc. unit | 10,758 | 196,226 | |
McDonald's Corp. | 6,009 | 1,104,695 | |
Starbucks Corp. | 48,949 | 3,439,157 | |
Yum! Brands, Inc. | 6,371 | 602,060 | |
6,512,644 | |||
Household Durables - 0.1% | |||
PulteGroup, Inc. | 18,601 | 502,227 | |
Internet & Direct Marketing Retail - 3.6% | |||
Amazon.com, Inc. (a) | 15,406 | 25,263,221 | |
eBay, Inc. | 99,442 | 3,694,270 | |
Etsy, Inc. (a) | 1,633 | 116,384 | |
29,073,875 | |||
Multiline Retail - 0.6% | |||
Kohl's Corp. | 47,018 | 3,175,126 | |
Macy's, Inc. | 55,555 | 1,377,208 | |
Nordstrom, Inc. | 3,944 | 186,472 | |
Target Corp. | 3,589 | 260,705 | |
4,999,511 | |||
Specialty Retail - 2.8% | |||
AutoZone, Inc. (a) | 353 | 331,456 | |
Best Buy Co., Inc. | 8,557 | 589,064 | |
Dick's Sporting Goods, Inc. | 35,039 | 1,368,623 | |
Foot Locker, Inc. | 4,876 | 290,220 | |
Gap, Inc. | 34,530 | 877,062 | |
Home Depot, Inc. | 46,305 | 8,572,908 | |
Lowe's Companies, Inc. | 441 | 46,345 | |
O'Reilly Automotive, Inc. (a) | 504 | 187,468 | |
Ross Stores, Inc. | 44,785 | 4,246,962 | |
TJX Companies, Inc. | 96,188 | 4,933,483 | |
Urban Outfitters, Inc. (a) | 22,219 | 685,456 | |
22,129,047 | |||
Textiles, Apparel & Luxury Goods - 1.6% | |||
Capri Holdings Ltd. (a) | 8,078 | 368,357 | |
Deckers Outdoor Corp. (a) | 19,638 | 2,905,442 | |
NIKE, Inc. Class B | 89,230 | 7,649,688 | |
Ralph Lauren Corp. | 14,317 | 1,792,059 | |
12,715,546 | |||
TOTAL CONSUMER DISCRETIONARY | 84,010,656 | ||
CONSUMER STAPLES - 6.7% | |||
Beverages - 1.1% | |||
PepsiCo, Inc. | 51,406 | 5,944,590 | |
The Coca-Cola Co. | 55,919 | 2,535,367 | |
8,479,957 | |||
Food & Staples Retailing - 2.9% | |||
Costco Wholesale Corp. | 29,657 | 6,487,172 | |
Kroger Co. | 124,407 | 3,648,857 | |
Sysco Corp. | 13,415 | 906,183 | |
Walgreens Boots Alliance, Inc. | 57,455 | 4,090,221 | |
Walmart, Inc. | 84,331 | 8,347,926 | |
23,480,359 | |||
Food Products - 0.2% | |||
Archer Daniels Midland Co. | 43,429 | 1,845,733 | |
Household Products - 2.5% | |||
Clorox Co. | 12,014 | 1,898,572 | |
Colgate-Palmolive Co. | 63,383 | 4,175,038 | |
Kimberly-Clark Corp. | 13,088 | 1,529,071 | |
Procter & Gamble Co. | 125,618 | 12,379,654 | |
WD-40 Co. | 513 | 91,812 | |
20,074,147 | |||
Tobacco - 0.0% | |||
Philip Morris International, Inc. | 2,509 | 218,132 | |
TOTAL CONSUMER STAPLES | 54,098,328 | ||
ENERGY - 5.1% | |||
Energy Equipment & Services - 0.0% | |||
Schlumberger Ltd. | 5,029 | 221,578 | |
Oil, Gas & Consumable Fuels - 5.1% | |||
Chevron Corp. | 93,227 | 11,148,085 | |
ConocoPhillips Co. | 74,835 | 5,077,555 | |
Exxon Mobil Corp. | 183,618 | 14,511,331 | |
HollyFrontier Corp. | 79,113 | 4,050,586 | |
Marathon Petroleum Corp. | 38,546 | 2,390,237 | |
PBF Energy, Inc. Class A | 2,259 | 70,187 | |
Phillips 66 Co. | 8,298 | 799,595 | |
Valero Energy Corp. | 32,188 | 2,625,253 | |
40,672,829 | |||
TOTAL ENERGY | 40,894,407 | ||
FINANCIALS - 11.2% | |||
Banks - 6.3% | |||
Associated Banc-Corp. | 27,741 | 645,810 | |
Bank of America Corp. | 424,614 | 12,347,775 | |
Citigroup, Inc. | 142,212 | 9,098,724 | |
Investors Bancorp, Inc. | 4,962 | 62,372 | |
JPMorgan Chase & Co. | 136,988 | 14,296,068 | |
M&T Bank Corp. | 17,507 | 3,029,761 | |
SunTrust Banks, Inc. | 3,260 | 211,476 | |
Wells Fargo & Co. | 224,289 | 11,189,778 | |
50,881,764 | |||
Capital Markets - 0.8% | |||
Affiliated Managers Group, Inc. | 1,586 | 173,841 | |
Invesco Ltd. | 8,186 | 158,399 | |
LPL Financial | 21,516 | 1,622,522 | |
Morgan Stanley | 84,202 | 3,534,800 | |
Raymond James Financial, Inc. | 4,304 | 355,424 | |
State Street Corp. | 7,874 | 565,904 | |
6,410,890 | |||
Consumer Finance - 0.5% | |||
Capital One Financial Corp. | 10,212 | 853,519 | |
Discover Financial Services | 33,627 | 2,408,029 | |
Synchrony Financial | 33,604 | 1,095,826 | |
4,357,374 | |||
Diversified Financial Services - 1.2% | |||
Berkshire Hathaway, Inc. Class B (a) | 45,629 | 9,185,118 | |
Insurance - 1.8% | |||
AFLAC, Inc. | 36,636 | 1,800,293 | |
Allstate Corp. | 29,160 | 2,752,121 | |
American National Insurance Co. | 2,583 | 380,192 | |
First American Financial Corp. | 50,189 | 2,549,099 | |
Progressive Corp. | 79,262 | 5,778,200 | |
Selective Insurance Group, Inc. | 5,484 | 361,725 | |
Unum Group | 19,651 | 734,161 | |
14,355,791 | |||
Mortgage Real Estate Investment Trusts - 0.6% | |||
Annaly Capital Management, Inc. | 270,532 | 2,740,489 | |
MFA Financial, Inc. | 327,599 | 2,381,645 | |
5,122,134 | |||
TOTAL FINANCIALS | 90,313,071 | ||
HEALTH CARE - 16.3% | |||
Biotechnology - 3.4% | |||
AbbVie, Inc. | 99,557 | 7,888,897 | |
Amgen, Inc. | 42,150 | 8,011,872 | |
Biogen, Inc. (a) | 16,568 | 5,434,470 | |
Celgene Corp. (a) | 14,753 | 1,226,269 | |
Genomic Health, Inc. (a) | 11,285 | 857,321 | |
Gilead Sciences, Inc. | 24,407 | 1,586,943 | |
Regeneron Pharmaceuticals, Inc. (a) | 5,506 | 2,371,654 | |
27,377,426 | |||
Health Care Equipment & Supplies - 1.5% | |||
Abbott Laboratories | 90,406 | 7,017,314 | |
Baxter International, Inc. | 25,634 | 1,915,629 | |
Boston Scientific Corp. (a) | 24,294 | 974,675 | |
DexCom, Inc. (a) | 1,842 | 256,646 | |
Hologic, Inc. (a) | 4,952 | 233,487 | |
Medtronic PLC | 7,931 | 717,756 | |
ResMed, Inc. | 5,457 | 558,961 | |
Tandem Diabetes Care, Inc. (a) | 5,292 | 346,996 | |
Varian Medical Systems, Inc. (a) | 1,231 | 165,397 | |
12,186,861 | |||
Health Care Providers & Services - 4.5% | |||
Amedisys, Inc. (a) | 17,470 | 2,171,521 | |
Anthem, Inc. | 22,508 | 6,768,831 | |
Chemed Corp. | 2,442 | 804,639 | |
Cigna Corp. | 15,244 | 2,659,163 | |
CVS Health Corp. | 96,942 | 5,606,156 | |
HCA Holdings, Inc. | 1,423 | 197,854 | |
Humana, Inc. | 17,776 | 5,066,871 | |
Quest Diagnostics, Inc. | 9,433 | 816,426 | |
UnitedHealth Group, Inc. | 47,288 | 11,454,099 | |
Universal Health Services, Inc. Class B | 2,460 | 341,522 | |
35,887,082 | |||
Life Sciences Tools & Services - 0.3% | |||
Illumina, Inc. (a) | 6,346 | 1,984,838 | |
Thermo Fisher Scientific, Inc. | 323 | 83,841 | |
2,068,679 | |||
Pharmaceuticals - 6.6% | |||
Allergan PLC | 4,917 | 677,120 | |
Bristol-Myers Squibb Co. | 133,110 | 6,876,463 | |
Eli Lilly & Co. | 60,313 | 7,616,929 | |
Jazz Pharmaceuticals PLC (a) | 1,376 | 192,681 | |
Johnson & Johnson | 107,393 | 14,674,180 | |
Merck & Co., Inc. | 137,366 | 11,166,482 | |
Pfizer, Inc. | 279,393 | 12,111,687 | |
53,315,542 | |||
TOTAL HEALTH CARE | 130,835,590 | ||
INDUSTRIALS - 9.4% | |||
Aerospace & Defense - 1.6% | |||
Raytheon Co. | 2,617 | 488,071 | |
The Boeing Co. | 28,027 | 12,330,759 | |
12,818,830 | |||
Airlines - 0.3% | |||
Southwest Airlines Co. | 48,618 | 2,724,553 | |
United Continental Holdings, Inc. (a) | 1,273 | 111,782 | |
2,836,335 | |||
Building Products - 0.1% | |||
Johnson Controls International PLC | 31,005 | 1,093,546 | |
Commercial Services & Supplies - 0.9% | |||
KAR Auction Services, Inc. | 77,864 | 3,671,288 | |
Republic Services, Inc. | 36,080 | 2,829,754 | |
Tetra Tech, Inc. | 14,372 | 862,607 | |
7,363,649 | |||
Construction & Engineering - 0.5% | |||
EMCOR Group, Inc. | 51,223 | 3,694,715 | |
Electrical Equipment - 0.1% | |||
Emerson Electric Co. | 181 | 12,335 | |
GrafTech International Ltd. | 33,685 | 485,738 | |
498,073 | |||
Industrial Conglomerates - 0.3% | |||
3M Co. | 320 | 66,365 | |
Honeywell International, Inc. | 13,003 | 2,003,372 | |
2,069,737 | |||
Machinery - 2.7% | |||
AGCO Corp. | 64,474 | 4,357,153 | |
Allison Transmission Holdings, Inc. | 71,181 | 3,537,696 | |
Caterpillar, Inc. | 46,708 | 6,414,877 | |
Cummins, Inc. | 32,000 | 4,930,880 | |
Dover Corp. | 14,202 | 1,285,707 | |
Woodward, Inc. | 14,533 | 1,400,109 | |
21,926,422 | |||
Professional Services - 0.6% | |||
Manpower, Inc. | 2,992 | 252,076 | |
Robert Half International, Inc. | 65,378 | 4,458,126 | |
4,710,202 | |||
Road & Rail - 1.6% | |||
CSX Corp. | 84,676 | 6,153,405 | |
Union Pacific Corp. | 40,864 | 6,852,893 | |
13,006,298 | |||
Trading Companies & Distributors - 0.7% | |||
W.W. Grainger, Inc. | 14,455 | 4,405,450 | |
WESCO International, Inc. (a) | 18,676 | 1,016,908 | |
5,422,358 | |||
TOTAL INDUSTRIALS | 75,440,165 | ||
INFORMATION TECHNOLOGY - 21.9% | |||
Communications Equipment - 2.2% | |||
Cisco Systems, Inc. | 235,577 | 12,195,821 | |
F5 Networks, Inc. (a) | 10,389 | 1,746,806 | |
Juniper Networks, Inc. | 153,198 | 4,148,602 | |
18,091,229 | |||
Electronic Equipment & Components - 0.3% | |||
CDW Corp. | 15,541 | 1,459,144 | |
Tech Data Corp. (a) | 113 | 11,551 | |
Zebra Technologies Corp. Class A (a) | 2,901 | 581,680 | |
2,052,375 | |||
IT Services - 5.2% | |||
Alliance Data Systems Corp. | 4,809 | 831,957 | |
Amdocs Ltd. | 12,454 | 692,069 | |
Automatic Data Processing, Inc. | 5,639 | 862,936 | |
Booz Allen Hamilton Holding Corp. Class A | 9,148 | 483,563 | |
DXC Technology Co. | 65,579 | 4,319,033 | |
Fidelity National Information Services, Inc. | 34,108 | 3,688,780 | |
IBM Corp. | 58,791 | 8,120,801 | |
MasterCard, Inc. Class A | 35,715 | 8,027,661 | |
Maximus, Inc. | 8,480 | 599,366 | |
Paychex, Inc. | 31,840 | 2,452,317 | |
Visa, Inc. Class A | 79,520 | 11,778,502 | |
41,856,985 | |||
Semiconductors & Semiconductor Equipment - 2.7% | |||
Intel Corp. | 232,524 | 12,314,471 | |
Lam Research Corp. | 27,697 | 4,877,165 | |
Micron Technology, Inc. (a) | 73,498 | 3,004,598 | |
Qualcomm, Inc. | 14,130 | 754,401 | |
Xilinx, Inc. | 3,135 | 392,816 | |
21,343,451 | |||
Software - 6.1% | |||
Adobe, Inc. (a) | 824 | 216,300 | |
Cadence Design Systems, Inc. (a) | 62,242 | 3,563,355 | |
CDK Global, Inc. | 2,328 | 135,047 | |
Citrix Systems, Inc. | 3,298 | 347,939 | |
Intuit, Inc. | 13,410 | 3,314,013 | |
Microsoft Corp. | 293,700 | 32,903,208 | |
Oracle Corp. | 140,255 | 7,311,493 | |
Red Hat, Inc. (a) | 1,408 | 257,101 | |
Salesforce.com, Inc. (a) | 422 | 69,060 | |
Tableau Software, Inc. (a) | 4,629 | 610,565 | |
48,728,081 | |||
Technology Hardware, Storage & Peripherals - 5.4% | |||
Apple, Inc. | 165,780 | 28,704,807 | |
HP, Inc. | 221,953 | 4,379,133 | |
NetApp, Inc. | 36,129 | 2,355,611 | |
Seagate Technology LLC | 45,065 | 2,098,226 | |
Western Digital Corp. | 37,449 | 1,883,685 | |
Xerox Corp. | 131,895 | 4,075,556 | |
43,497,018 | |||
TOTAL INFORMATION TECHNOLOGY | 175,569,139 | ||
MATERIALS - 2.1% | |||
Chemicals - 0.9% | |||
CF Industries Holdings, Inc. | 61,086 | 2,577,829 | |
DowDuPont, Inc. | 7,789 | 414,608 | |
Eastman Chemical Co. | 6,673 | 551,790 | |
Huntsman Corp. | 132,500 | 3,284,675 | |
Linde PLC | 1,576 | 273,026 | |
7,101,928 | |||
Metals & Mining - 0.9% | |||
Newmont Mining Corp. | 28,323 | 966,381 | |
Nucor Corp. | 74,129 | 4,489,994 | |
Reliance Steel & Aluminum Co. | 24,695 | 2,204,029 | |
7,660,404 | |||
Paper & Forest Products - 0.3% | |||
Domtar Corp. | 28,418 | 1,446,760 | |
Louisiana-Pacific Corp. | 36,865 | 931,579 | |
2,378,339 | |||
TOTAL MATERIALS | 17,140,671 | ||
REAL ESTATE - 1.6% | |||
Equity Real Estate Investment Trusts (REITs) - 1.6% | |||
Americold Realty Trust | 9,899 | 284,596 | |
Highwoods Properties, Inc. (SBI) | 9,099 | 421,375 | |
National Retail Properties, Inc. | 10,182 | 530,482 | |
Park Hotels & Resorts, Inc. | 13,342 | 416,804 | |
Public Storage | 199 | 42,087 | |
Realty Income Corp. | 12,052 | 833,516 | |
RLJ Lodging Trust | 87,918 | 1,632,637 | |
Senior Housing Properties Trust (SBI) | 20,089 | 260,153 | |
Simon Property Group, Inc. | 16,472 | 2,984,068 | |
Spirit Realty Capital, Inc. | 21,916 | 846,834 | |
Weyerhaeuser Co. | 178,756 | 4,449,237 | |
12,701,789 | |||
UTILITIES - 1.9% | |||
Electric Utilities - 1.3% | |||
Allete, Inc. | 5,953 | 482,491 | |
Exelon Corp. | 115,477 | 5,611,027 | |
OGE Energy Corp. | 29,834 | 1,268,542 | |
Portland General Electric Co. | 42,430 | 2,127,440 | |
PPL Corp. | 22,939 | 737,948 | |
10,227,448 | |||
Independent Power and Renewable Electricity Producers - 0.5% | |||
NRG Energy, Inc. | 97,484 | 4,063,133 | |
Multi-Utilities - 0.1% | |||
CenterPoint Energy, Inc. | 4,913 | 148,078 | |
MDU Resources Group, Inc. | 29,785 | 786,920 | |
934,998 | |||
TOTAL UTILITIES | 15,225,579 | ||
TOTAL COMMON STOCKS | |||
(Cost $639,049,516) | 788,098,029 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.1% | |||
U.S. Treasury Bills, yield at date of purchase 2.46% 9/12/19 (c) | |||
(Cost $986,903) | 1,000,000 | 986,770 | |
Shares | Value | ||
Money Market Funds - 1.5% | |||
Fidelity Cash Central Fund, 2.44% (d) | 11,961,159 | $11,963,552 | |
Fidelity Securities Lending Cash Central Fund 2.45% (d)(e) | 422,459 | 422,501 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $12,386,018) | 12,386,053 | ||
TOTAL INVESTMENT IN SECURITIES - 99.7% | |||
(Cost $652,422,437) | 801,470,852 | ||
NET OTHER ASSETS (LIABILITIES) - 0.3% | 2,290,300 | ||
NET ASSETS - 100% | $803,761,152 |
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) | 112 | March 2019 | $15,594,320 | $667,628 | $667,628 |
The notional amount of futures purchased as a percentage of Net Assets is 1.9%
For the period, the average monthly notional amount at value for futures contracts in the aggregate was $13,578,386.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(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 $690,739.
(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 | $159,829 |
Fidelity Securities Lending Cash Central Fund | 514 |
Total | $160,343 |
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.
Investment Valuation
The following is a summary of the inputs used, as of February 28, 2019, 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 | $91,868,634 | $91,868,634 | $-- | $-- |
Consumer Discretionary | 84,010,656 | 84,010,656 | -- | -- |
Consumer Staples | 54,098,328 | 54,098,328 | -- | -- |
Energy | 40,894,407 | 40,894,407 | -- | -- |
Financials | 90,313,071 | 90,313,071 | -- | -- |
Health Care | 130,835,590 | 130,835,590 | -- | -- |
Industrials | 75,440,165 | 75,440,165 | -- | -- |
Information Technology | 175,569,139 | 175,569,139 | -- | -- |
Materials | 17,140,671 | 17,140,671 | -- | -- |
Real Estate | 12,701,789 | 12,701,789 | -- | -- |
Utilities | 15,225,579 | 15,225,579 | -- | -- |
U.S. Government and Government Agency Obligations | 986,770 | -- | 986,770 | -- |
Money Market Funds | 12,386,053 | 12,386,053 | -- | -- |
Total Investments in Securities: | $801,470,852 | $800,484,082 | $986,770 | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $667,628 | $667,628 | $-- | $-- |
Total Assets | $667,628 | $667,628 | $-- | $-- |
Total Derivative Instruments: | $667,628 | $667,628 | $-- | $-- |
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 28, 2019. 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) | $667,628 | $0 |
Total Equity Risk | 667,628 | 0 |
Total Value of Derivatives | $667,628 | $0 |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in distributable earnings.
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 28, 2019 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $427,115) — See accompanying schedule: Unaffiliated issuers (cost $640,036,419) | $789,084,799 | |
Fidelity Central Funds (cost $12,386,018) | 12,386,053 | |
Total Investment in Securities (cost $652,422,437) | $801,470,852 | |
Receivable for investments sold | 4,349,173 | |
Receivable for fund shares sold | 782,808 | |
Dividends receivable | 1,807,918 | |
Distributions receivable from Fidelity Central Funds | 13,820 | |
Other receivables | 40,015 | |
Total assets | 808,464,586 | |
Liabilities | ||
Payable for investments purchased | $3,031,891 | |
Payable for fund shares redeemed | 932,084 | |
Accrued management fee | 257,979 | |
Payable for daily variation margin on futures contracts | 58,980 | |
Collateral on securities loaned | 422,500 | |
Total liabilities | 4,703,434 | |
Net Assets | $803,761,152 | |
Net Assets consist of: | ||
Paid in capital | $658,371,855 | |
Total distributable earnings (loss) | 145,389,297 | |
Net Assets, for 54,940,619 shares outstanding | $803,761,152 | |
Net Asset Value, offering price and redemption price per share ($803,761,152 ÷ 54,940,619 shares) | $14.63 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended February 28, 2019 (Unaudited) | ||
Investment Income | ||
Dividends | $8,390,760 | |
Interest | 10,644 | |
Income from Fidelity Central Funds | 160,343 | |
Total income | 8,561,747 | |
Expenses | ||
Management fee | $1,469,202 | |
Independent trustees' fees and expenses | 2,278 | |
Commitment fees | 970 | |
Total expenses before reductions | 1,472,450 | |
Expense reductions | (546) | |
Total expenses after reductions | 1,471,904 | |
Net investment income (loss) | 7,089,843 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (2,403,329) | |
Fidelity Central Funds | (224) | |
Futures contracts | (2,153,895) | |
Total net realized gain (loss) | (4,557,448) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (25,789,458) | |
Fidelity Central Funds | 226 | |
Futures contracts | 113,128 | |
Total change in net unrealized appreciation (depreciation) | (25,676,104) | |
Net gain (loss) | (30,233,552) | |
Net increase (decrease) in net assets resulting from operations | $(23,143,709) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended February 28, 2019 (Unaudited) | Year ended August 31, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $7,089,843 | $11,366,481 |
Net realized gain (loss) | (4,557,448) | 50,090,622 |
Change in net unrealized appreciation (depreciation) | (25,676,104) | 64,091,459 |
Net increase (decrease) in net assets resulting from operations | (23,143,709) | 125,548,562 |
Distributions to shareholders | (50,637,921) | – |
Distributions to shareholders from net investment income | – | (7,652,635) |
Distributions to shareholders from net realized gain | – | (13,164,116) |
Total distributions | (50,637,921) | (20,816,751) |
Share transactions | ||
Proceeds from sales of shares | 177,223,441 | 234,510,657 |
Reinvestment of distributions | 47,753,158 | 19,696,589 |
Cost of shares redeemed | (106,169,952) | (134,439,243) |
Net increase (decrease) in net assets resulting from share transactions | 118,806,647 | 119,768,003 |
Total increase (decrease) in net assets | 45,025,017 | 224,499,814 |
Net Assets | ||
Beginning of period | 758,736,135 | 534,236,321 |
End of period | $803,761,152 | $758,736,135 |
Other Information | ||
Undistributed net investment income end of period | $7,483,302 | |
Shares | ||
Sold | 12,012,506 | 15,527,264 |
Issued in reinvestment of distributions | 3,462,883 | 1,357,449 |
Redeemed | (7,315,494) | (8,984,401) |
Net increase (decrease) | 8,159,895 | 7,900,312 |
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 28, | Years endedAugust 31, | ||||||
2019 | 2018 | 2017 A | 2017B | 2016 C | 2015 B | 2014B | |
Selected Per–Share Data | |||||||
Net asset value, beginning of period | $16.22 | $13.74 | $13.21 | $10.90 | $12.29 | $11.30 | $10.70 |
Income from Investment Operations | |||||||
Net investment income (loss)D | .14 | .27 | .12 | .22 | .22 | .20 | .19 |
Net realized and unrealized gain (loss) | (.72) | 2.74 | .45 | 2.29 | (1.17) | 1.55 | 2.45 |
Total from investment operations | (.58) | 3.01 | .57 | 2.51 | (.95) | 1.75 | 2.64 |
Distributions from net investment income | (.24) | (.19) | (.04) | (.20) | (.19) | (.16) | (.27) |
Distributions from net realized gain | (.78) | (.33) | – | – | (.25) | (.60) | (1.77) |
Total distributions | (1.01)E | (.53)F | (.04) | (.20) | (.44) | (.76) | (2.04) |
Net asset value, end of period | $14.63 | $16.22 | $13.74 | $13.21 | $10.90 | $12.29 | $11.30 |
Total ReturnG,H | (3.18)% | 22.32% | 4.29% | 23.09% | (7.94)% | 16.04% | 26.44% |
Ratios to Average Net AssetsI,J | |||||||
Expenses before reductions | .39%K | .39% | .40%K | .45% | .45% | .45% | .45% |
Expenses net of fee waivers, if any | .39%K | .39% | .40%K | .45% | .45% | .45% | .45% |
Expenses net of all reductions | .39%K | .39% | .40%K | .45% | .45% | .45% | .45% |
Net investment income (loss) | 1.88%K | 1.78% | 1.85%K | 1.82% | 1.86% | 1.69% | 1.67% |
Supplemental Data | |||||||
Net assets, end of period (000 omitted) | $803,761 | $758,736 | $534,236 | $524,986 | $411,699 | $381,883 | $441,773 |
Portfolio turnover rateL | 71%K | 92% | 88%K | 82% | 84% | 101% | 125% |
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 28, 2019
% of fund's net assets | |
Edwards Lifesciences Corp. | 1.0 |
Fidelity National Information Services, Inc. | 1.0 |
Xilinx, Inc. | 0.9 |
Lam Research Corp. | 0.9 |
Agilent Technologies, Inc. | 0.9 |
Ross Stores, Inc. | 0.9 |
Synchrony Financial | 0.9 |
VF Corp. | 0.9 |
AutoZone, Inc. | 0.8 |
Discover Financial Services | 0.8 |
9.0 |
Top Market Sectors as of February 28, 2019
% of fund's net assets | |
Information Technology | 20.5 |
Consumer Discretionary | 14.3 |
Financials | 12.4 |
Industrials | 12.3 |
Health Care | 11.6 |
Real Estate | 7.1 |
Utilities | 5.0 |
Materials | 5.0 |
Consumer Staples | 3.9 |
Communication Services | 3.3 |
Asset Allocation (% of fund's net assets)
As of February 28, 2019 * | ||
Stocks and Equity Futures | 100.0% |
* Foreign Investments- 4.3%
Fidelity® Mid Cap Enhanced Index Fund
Schedule of Investments February 28, 2019 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.4% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 3.3% | |||
Diversified Telecommunication Services - 0.4% | |||
CenturyLink, Inc. | 294,217 | $3,880,722 | |
Entertainment - 0.6% | |||
Viacom, Inc. Class B (non-vtg.) | 252,194 | 7,369,109 | |
Interactive Media & Services - 0.1% | |||
CarGurus, Inc. Class A (a) | 4,758 | 203,309 | |
IAC/InterActiveCorp (a) | 842 | 179,388 | |
TripAdvisor, Inc. (a)(b) | 11,929 | 634,265 | |
1,016,962 | |||
Media - 1.5% | |||
AMC Networks, Inc. Class A (a)(b) | 16,573 | 1,089,012 | |
Cable One, Inc. | 400 | 379,596 | |
CBS Corp. Class B | 27,764 | 1,394,030 | |
DISH Network Corp. Class A (a) | 2,765 | 89,890 | |
Liberty Media Corp.: | |||
Liberty SiriusXM Series A (a) | 28,379 | 1,160,701 | |
Liberty SiriusXM Series C (a) | 125,180 | 5,158,668 | |
Omnicom Group, Inc. | 109,877 | 8,317,689 | |
Sirius XM Holdings, Inc. (b) | 55,341 | 328,172 | |
17,917,758 | |||
Wireless Telecommunication Services - 0.7% | |||
Sprint Corp. (a) | 12,919 | 82,036 | |
T-Mobile U.S., Inc. (a) | 30,301 | 2,188,035 | |
Telephone & Data Systems, Inc. | 173,265 | 5,553,143 | |
U.S. Cellular Corp. (a) | 6,416 | 299,563 | |
8,122,777 | |||
TOTAL COMMUNICATION SERVICES | 38,307,328 | ||
CONSUMER DISCRETIONARY - 14.3% | |||
Auto Components - 1.7% | |||
BorgWarner, Inc. | 175,741 | 7,136,842 | |
Gentex Corp. | 301,735 | 6,137,290 | |
Lear Corp. | 39,359 | 5,985,323 | |
19,259,455 | |||
Automobiles - 0.0% | |||
General Motors Co. | 1,056 | 41,691 | |
Diversified Consumer Services - 0.4% | |||
Grand Canyon Education, Inc. (a) | 11,979 | 1,385,731 | |
H&R Block, Inc. | 112,260 | 2,711,079 | |
4,096,810 | |||
Hotels, Restaurants & Leisure - 1.2% | |||
Domino's Pizza, Inc. | 1,963 | 492,595 | |
Extended Stay America, Inc. unit | 60,327 | 1,100,364 | |
Royal Caribbean Cruises Ltd. | 1,770 | 209,710 | |
U.S. Foods Holding Corp. (a) | 204,005 | 7,189,136 | |
Yum China Holdings, Inc. | 127,237 | 5,308,328 | |
Yum! Brands, Inc. | 1,017 | 96,107 | |
14,396,240 | |||
Household Durables - 1.9% | |||
D.R. Horton, Inc. | 99,566 | 3,872,122 | |
Garmin Ltd. | 95,799 | 8,044,242 | |
NVR, Inc. (a) | 2,412 | 6,319,440 | |
Toll Brothers, Inc. | 112,059 | 3,989,300 | |
22,225,104 | |||
Internet & Direct Marketing Retail - 0.4% | |||
eBay, Inc. | 139,239 | 5,172,729 | |
Leisure Products - 0.3% | |||
Hasbro, Inc. | 34,338 | 2,915,296 | |
Multiline Retail - 1.1% | |||
Dollar General Corp. | 3,679 | 435,814 | |
Kohl's Corp. | 95,580 | 6,454,517 | |
Macy's, Inc. | 230,910 | 5,724,259 | |
12,614,590 | |||
Specialty Retail - 4.1% | |||
AutoZone, Inc. (a) | 10,637 | 9,987,824 | |
Best Buy Co., Inc. | 108,099 | 7,441,535 | |
Dick's Sporting Goods, Inc. | 137,959 | 5,388,679 | |
Foot Locker, Inc. | 99,662 | 5,931,882 | |
Gap, Inc. | 170,887 | 4,340,530 | |
O'Reilly Automotive, Inc. (a) | 6,954 | 2,586,610 | |
Ross Stores, Inc. | 108,458 | 10,285,072 | |
Ulta Beauty, Inc. (a) | 4,196 | 1,311,208 | |
Urban Outfitters, Inc. (a) | 36,686 | 1,131,763 | |
48,405,103 | |||
Textiles, Apparel & Luxury Goods - 3.2% | |||
Capri Holdings Ltd. (a) | 79,808 | 3,639,245 | |
Deckers Outdoor Corp. (a) | 3,225 | 477,139 | |
lululemon athletica, Inc. (a) | 54,195 | 8,152,012 | |
PVH Corp. | 38,919 | 4,469,458 | |
Ralph Lauren Corp. | 57,202 | 7,159,974 | |
Tapestry, Inc. | 108,594 | 3,794,274 | |
VF Corp. | 116,468 | 10,174,644 | |
37,866,746 | |||
TOTAL CONSUMER DISCRETIONARY | 166,993,764 | ||
CONSUMER STAPLES - 3.9% | |||
Beverages - 0.3% | |||
Molson Coors Brewing Co. Class B | 65,551 | 4,041,875 | |
Food & Staples Retailing - 0.8% | |||
Kroger Co. | 318,891 | 9,353,073 | |
Food Products - 2.0% | |||
Archer Daniels Midland Co. | 208,714 | 8,870,345 | |
Conagra Brands, Inc. | 260 | 6,076 | |
Ingredion, Inc. | 16,655 | 1,539,755 | |
Lamb Weston Holdings, Inc. | 4,394 | 304,548 | |
The Hershey Co. | 74,329 | 8,226,734 | |
Tyson Foods, Inc. Class A | 65,247 | 4,023,130 | |
22,970,588 | |||
Household Products - 0.7% | |||
Church & Dwight Co., Inc. | 2,312 | 152,130 | |
Clorox Co. | 28,933 | 4,572,282 | |
Colgate-Palmolive Co. | 57,972 | 3,818,616 | |
8,543,028 | |||
Personal Products - 0.1% | |||
Herbalife Nutrition Ltd. (a) | 9,994 | 560,663 | |
TOTAL CONSUMER STAPLES | 45,469,227 | ||
ENERGY - 3.0% | |||
Oil, Gas & Consumable Fuels - 3.0% | |||
Cabot Oil & Gas Corp. | 244,307 | 6,014,838 | |
Cheniere Energy, Inc. (a) | 86,333 | 5,564,162 | |
Devon Energy Corp. | 248,053 | 7,320,044 | |
HollyFrontier Corp. | 78,901 | 4,039,731 | |
Kinder Morgan, Inc. | 26,996 | 517,243 | |
Marathon Oil Corp. | 347,364 | 5,766,242 | |
Marathon Petroleum Corp. | 5,100 | 316,251 | |
PBF Energy, Inc. Class A | 172,928 | 5,372,873 | |
Phillips 66 Co. | 1,548 | 149,165 | |
35,060,549 | |||
FINANCIALS - 12.4% | |||
Banks - 2.9% | |||
CIT Group, Inc. | 2,519 | 128,393 | |
Comerica, Inc. | 97,458 | 8,489,566 | |
Cullen/Frost Bankers, Inc. | 3,964 | 410,988 | |
Fifth Third Bancorp | 69,032 | 1,903,903 | |
KeyCorp | 48,171 | 850,700 | |
M&T Bank Corp. | 57,239 | 9,905,781 | |
Regions Financial Corp. | 537,396 | 8,813,294 | |
SunTrust Banks, Inc. | 56,790 | 3,683,967 | |
34,186,592 | |||
Capital Markets - 3.1% | |||
Evercore, Inc. Class A | 13,072 | 1,203,931 | |
FactSet Research Systems, Inc. | 30,357 | 7,139,056 | |
Franklin Resources, Inc. | 2,702 | 88,112 | |
Invesco Ltd. | 158,378 | 3,064,614 | |
LPL Financial | 92,264 | 6,957,628 | |
Morningstar, Inc. | 49,878 | 6,312,560 | |
MSCI, Inc. | 29,850 | 5,513,892 | |
SEI Investments Co. | 104,949 | 5,536,060 | |
35,815,853 | |||
Consumer Finance - 2.2% | |||
Ally Financial, Inc. | 169,440 | 4,590,130 | |
Capital One Financial Corp. | 1,893 | 158,217 | |
Discover Financial Services | 139,203 | 9,968,327 | |
OneMain Holdings, Inc. | 39,019 | 1,287,627 | |
Synchrony Financial | 314,506 | 10,256,041 | |
26,260,342 | |||
Insurance - 3.2% | |||
American International Group, Inc. warrants 1/19/21 (a) | 574 | 3,519 | |
Arch Capital Group Ltd. (a) | 4,198 | 137,149 | |
First American Financial Corp. | 123,453 | 6,270,178 | |
FNF Group | 208,672 | 7,322,300 | |
Loews Corp. | 151,193 | 7,199,811 | |
Old Republic International Corp. | 277,922 | 5,797,453 | |
Progressive Corp. | 84,593 | 6,166,830 | |
Unum Group | 116,281 | 4,344,258 | |
37,241,498 | |||
Mortgage Real Estate Investment Trusts - 0.9% | |||
Annaly Capital Management, Inc. | 431,874 | 4,374,884 | |
MFA Financial, Inc. | 773,844 | 5,625,846 | |
10,000,730 | |||
Thrifts & Mortgage Finance - 0.1% | |||
Radian Group, Inc. | 79,909 | 1,626,947 | |
TOTAL FINANCIALS | 145,131,962 | ||
HEALTH CARE - 11.6% | |||
Biotechnology - 1.3% | |||
Alnylam Pharmaceuticals, Inc. (a) | 5,795 | 492,575 | |
bluebird bio, Inc. (a)(b) | 3,344 | 519,056 | |
Ionis Pharmaceuticals, Inc. (a) | 3,947 | 280,198 | |
Regeneron Pharmaceuticals, Inc. (a) | 14,013 | 6,035,960 | |
Sage Therapeutics, Inc. (a) | 1,309 | 208,458 | |
Sarepta Therapeutics, Inc. (a)(b) | 3,150 | 454,356 | |
United Therapeutics Corp. (a) | 51,997 | 6,566,701 | |
14,557,304 | |||
Health Care Equipment & Supplies - 3.7% | |||
Baxter International, Inc. | 76,022 | 5,681,124 | |
DexCom, Inc. (a) | 20,820 | 2,900,851 | |
Edwards Lifesciences Corp. (a) | 67,889 | 11,492,923 | |
Hologic, Inc. (a) | 175,488 | 8,274,259 | |
IDEXX Laboratories, Inc. (a) | 5,154 | 1,087,649 | |
Masimo Corp. (a) | 55,104 | 7,234,053 | |
Varian Medical Systems, Inc. (a) | 35,017 | 4,704,884 | |
Zimmer Biomet Holdings, Inc. | 19,446 | 2,413,638 | |
43,789,381 | |||
Health Care Providers & Services - 3.8% | |||
Amedisys, Inc. (a) | 3,561 | 442,632 | |
Cardinal Health, Inc. | 135,987 | 7,389,534 | |
Centene Corp. (a) | 153,224 | 9,329,809 | |
Chemed Corp. | 14,995 | 4,940,853 | |
HCA Holdings, Inc. | 37,100 | 5,158,384 | |
Humana, Inc. | 18,939 | 5,398,373 | |
Laboratory Corp. of America Holdings (a) | 24,784 | 3,673,980 | |
Molina Healthcare, Inc. (a) | 1,528 | 205,715 | |
Quest Diagnostics, Inc. | 81,744 | 7,074,943 | |
Universal Health Services, Inc. Class B | 8,437 | 1,171,309 | |
44,785,532 | |||
Life Sciences Tools & Services - 2.0% | |||
Agilent Technologies, Inc. | 130,216 | 10,344,359 | |
Bio-Rad Laboratories, Inc. Class A (a) | 10,257 | 2,778,621 | |
Bruker Corp. | 112,133 | 4,284,602 | |
Illumina, Inc. (a) | 8,770 | 2,742,993 | |
IQVIA Holdings, Inc. (a) | 1,329 | 186,193 | |
PRA Health Sciences, Inc. (a) | 25,244 | 2,700,603 | |
23,037,371 | |||
Pharmaceuticals - 0.8% | |||
Jazz Pharmaceuticals PLC (a) | 16,649 | 2,331,359 | |
Mylan NV (a) | 267,105 | 7,048,901 | |
9,380,260 | |||
TOTAL HEALTH CARE | 135,549,848 | ||
INDUSTRIALS - 12.3% | |||
Aerospace & Defense - 0.1% | |||
Curtiss-Wright Corp. | 1,464 | 180,497 | |
L3 Technologies, Inc. | 6,271 | 1,327,884 | |
1,508,381 | |||
Airlines - 0.9% | |||
JetBlue Airways Corp. (a) | 172,397 | 2,879,030 | |
Southwest Airlines Co. | 59,730 | 3,347,269 | |
United Continental Holdings, Inc. (a) | 51,216 | 4,497,277 | |
10,723,576 | |||
Building Products - 0.0% | |||
Armstrong World Industries, Inc. | 8,225 | 601,906 | |
Commercial Services & Supplies - 1.3% | |||
Cintas Corp. | 3,784 | 781,774 | |
KAR Auction Services, Inc. | 131,491 | 6,199,801 | |
Republic Services, Inc. | 109,644 | 8,599,379 | |
15,580,954 | |||
Construction & Engineering - 0.1% | |||
EMCOR Group, Inc. | 15,946 | 1,150,185 | |
Electrical Equipment - 1.0% | |||
Acuity Brands, Inc. | 29,597 | 3,851,162 | |
GrafTech International Ltd. | 144,201 | 2,079,378 | |
Regal Beloit Corp. | 66,726 | 5,588,970 | |
11,519,510 | |||
Industrial Conglomerates - 0.1% | |||
Roper Technologies, Inc. | 3,879 | 1,255,438 | |
Machinery - 5.7% | |||
AGCO Corp. | 102,382 | 6,918,976 | |
Allison Transmission Holdings, Inc. | 137,426 | 6,830,072 | |
Cummins, Inc. | 62,973 | 9,703,510 | |
Gardner Denver Holdings, Inc. (a) | 64,212 | 1,724,092 | |
Ingersoll-Rand PLC | 89,756 | 9,474,643 | |
Lincoln Electric Holdings, Inc. | 37,193 | 3,214,219 | |
Oshkosh Corp. | 90,281 | 7,024,765 | |
PACCAR, Inc. | 145,739 | 9,881,104 | |
Parker Hannifin Corp. | 19,413 | 3,419,794 | |
Pentair PLC | 144,084 | 6,129,333 | |
WABCO Holdings, Inc. (a) | 16,153 | 2,221,522 | |
66,542,030 | |||
Professional Services - 1.7% | |||
Insperity, Inc. | 40,051 | 5,057,240 | |
Manpower, Inc. | 80,980 | 6,822,565 | |
Robert Half International, Inc. | 110,624 | 7,543,451 | |
19,423,256 | |||
Road & Rail - 0.5% | |||
CSX Corp. | 81,073 | 5,891,575 | |
Trading Companies & Distributors - 0.9% | |||
HD Supply Holdings, Inc. (a) | 28,013 | 1,204,839 | |
W.W. Grainger, Inc. | 26,610 | 8,109,930 | |
WESCO International, Inc. (a) | 17,134 | 932,946 | |
10,247,715 | |||
TOTAL INDUSTRIALS | 144,444,526 | ||
INFORMATION TECHNOLOGY - 20.5% | |||
Communications Equipment - 1.5% | |||
Ciena Corp. (a) | 29,300 | 1,249,938 | |
F5 Networks, Inc. (a) | 43,972 | 7,393,452 | |
Juniper Networks, Inc. | 266,561 | 7,218,472 | |
Motorola Solutions, Inc. | 11,090 | 1,587,201 | |
17,449,063 | |||
Electronic Equipment & Components - 3.1% | |||
Avnet, Inc. | 9,304 | 404,631 | |
CDW Corp. | 83,241 | 7,815,497 | |
Dell Technologies, Inc. (a) | 130,751 | 7,298,521 | |
Dolby Laboratories, Inc. Class A | 56,660 | 3,671,568 | |
Keysight Technologies, Inc. (a) | 37,985 | 3,206,314 | |
National Instruments Corp. | 101,281 | 4,733,874 | |
Tech Data Corp. (a) | 11,365 | 1,161,730 | |
Zebra Technologies Corp. Class A (a) | 39,295 | 7,879,040 | |
36,171,175 | |||
IT Services - 6.0% | |||
Alliance Data Systems Corp. | 11,894 | 2,057,662 | |
Amdocs Ltd. | 27,340 | 1,519,284 | |
Booz Allen Hamilton Holding Corp. Class A | 134,130 | 7,090,112 | |
Broadridge Financial Solutions, Inc. | 53,661 | 5,433,176 | |
DXC Technology Co. | 132,385 | 8,718,876 | |
Fidelity National Information Services, Inc. | 104,217 | 11,271,069 | |
First Data Corp. Class A (a) | 35,626 | 895,638 | |
GoDaddy, Inc. (a) | 108,723 | 8,116,172 | |
Okta, Inc. (a) | 48,715 | 4,134,929 | |
Paychex, Inc. | 30,994 | 2,387,158 | |
Sabre Corp. | 280,096 | 6,282,553 | |
Square, Inc. (a) | 46,667 | 3,791,227 | |
The Western Union Co. | 17,429 | 311,456 | |
Twilio, Inc. Class A (a)(b) | 65,213 | 7,935,770 | |
69,945,082 | |||
Semiconductors & Semiconductor Equipment - 3.5% | |||
Advanced Micro Devices, Inc. (a)(b) | 296,263 | 6,971,068 | |
Analog Devices, Inc. | 2,419 | 258,736 | |
Applied Materials, Inc. | 19,021 | 729,265 | |
KLA-Tencor Corp. | 29,304 | 3,384,319 | |
Lam Research Corp. | 59,008 | 10,390,719 | |
Maxim Integrated Products, Inc. | 78,849 | 4,291,751 | |
Micron Technology, Inc. (a) | 49,437 | 2,020,985 | |
ON Semiconductor Corp. (a) | 57,324 | 1,231,320 | |
Xilinx, Inc. | 89,709 | 11,240,538 | |
40,518,701 | |||
Software - 3.9% | |||
Atlassian Corp. PLC (a) | 74,157 | 7,970,394 | |
Autodesk, Inc. (a) | 8,622 | 1,405,472 | |
Cadence Design Systems, Inc. (a) | 157,079 | 8,992,773 | |
Citrix Systems, Inc. | 74,945 | 7,906,698 | |
Fortinet, Inc. (a) | 13,634 | 1,183,295 | |
Intuit, Inc. | 24,668 | 6,096,203 | |
LogMeIn, Inc. | 2,208 | 175,404 | |
Red Hat, Inc. (a) | 21,509 | 3,927,543 | |
ServiceNow, Inc. (a) | 1,451 | 347,427 | |
Symantec Corp. | 46,042 | 1,035,485 | |
Synopsys, Inc. (a) | 48,341 | 4,915,313 | |
Tableau Software, Inc. (a) | 8,839 | 1,165,864 | |
Ultimate Software Group, Inc. (a) | 1,336 | 442,884 | |
Workday, Inc. Class A (a) | 573 | 113,414 | |
45,678,169 | |||
Technology Hardware, Storage & Peripherals - 2.5% | |||
Hewlett Packard Enterprise Co. | 37,564 | 615,298 | |
HP, Inc. | 250,331 | 4,939,031 | |
NetApp, Inc. | 128,568 | 8,382,634 | |
Western Digital Corp. | 173,606 | 8,732,382 | |
Xerox Corp. | 234,954 | 7,260,079 | |
29,929,424 | |||
TOTAL INFORMATION TECHNOLOGY | 239,691,614 | ||
MATERIALS - 5.0% | |||
Chemicals - 1.8% | |||
CF Industries Holdings, Inc. | 163,240 | 6,888,728 | |
Eastman Chemical Co. | 86,345 | 7,139,868 | |
Huntsman Corp. | 292,304 | 7,246,216 | |
The Mosaic Co. | 2,854 | 89,245 | |
21,364,057 | |||
Construction Materials - 0.1% | |||
nVent Electric PLC | 47,951 | 1,317,693 | |
Metals & Mining - 2.8% | |||
Freeport-McMoRan, Inc. | 701,950 | 9,055,155 | |
Newmont Mining Corp. | 250,052 | 8,531,774 | |
Nucor Corp. | 146,453 | 8,870,658 | |
Reliance Steel & Aluminum Co. | 36,563 | 3,263,248 | |
Steel Dynamics, Inc. | 75,067 | 2,801,500 | |
32,522,335 | |||
Paper & Forest Products - 0.3% | |||
Domtar Corp. | 69,847 | 3,555,911 | |
TOTAL MATERIALS | 58,759,996 | ||
REAL ESTATE - 7.1% | |||
Equity Real Estate Investment Trusts (REITs) - 7.0% | |||
American Homes 4 Rent Class A | 77,266 | 1,687,489 | |
Apartment Investment & Management Co. Class A | 22,391 | 1,095,592 | |
Apple Hospitality (REIT), Inc. | 375,441 | 6,187,268 | |
Brixmor Property Group, Inc. (b) | 391,228 | 6,830,841 | |
Columbia Property Trust, Inc. | 14,184 | 306,800 | |
Crown Castle International Corp. | 200 | 23,750 | |
Equity Commonwealth | 158,656 | 5,180,118 | |
Equity Lifestyle Properties, Inc. | 7,584 | 823,926 | |
Essex Property Trust, Inc. | 4,468 | 1,250,325 | |
Gaming & Leisure Properties | 191,886 | 6,980,813 | |
Healthcare Trust of America, Inc. | 33,566 | 956,295 | |
Hospitality Properties Trust (SBI) | 72,329 | 1,957,946 | |
Host Hotels & Resorts, Inc. | 424,030 | 8,315,228 | |
Liberty Property Trust (SBI) | 95,672 | 4,528,156 | |
Medical Properties Trust, Inc. | 67,196 | 1,224,983 | |
Park Hotels & Resorts, Inc. | 225,370 | 7,040,559 | |
Prologis, Inc. | 6,642 | 465,339 | |
Rayonier, Inc. | 21,967 | 647,367 | |
Retail Properties America, Inc. | 491,400 | 6,122,844 | |
SBA Communications Corp. Class A (a) | 10,394 | 1,876,741 | |
Senior Housing Properties Trust (SBI) | 323,749 | 4,192,550 | |
Spirit Realty Capital, Inc. | 153,316 | 5,924,130 | |
VEREIT, Inc. | 4,947 | 39,428 | |
Weyerhaeuser Co. | 343,129 | 8,540,481 | |
82,198,969 | |||
Real Estate Management & Development - 0.1% | |||
CBRE Group, Inc. (a) | 31,305 | 1,557,737 | |
TOTAL REAL ESTATE | 83,756,706 | ||
UTILITIES - 5.0% | |||
Electric Utilities - 2.6% | |||
Entergy Corp. | 35,034 | 3,269,723 | |
Eversource Energy | 4,534 | 316,519 | |
OGE Energy Corp. | 162,437 | 6,906,821 | |
Portland General Electric Co. | 2,803 | 140,542 | |
PPL Corp. | 224,623 | 7,226,122 | |
Vistra Energy Corp. | 210,854 | 5,490,638 | |
Xcel Energy, Inc. | 136,735 | 7,501,282 | |
30,851,647 | |||
Gas Utilities - 0.5% | |||
UGI Corp. | 100,494 | 5,517,121 | |
Independent Power and Renewable Electricity Producers - 0.7% | |||
NRG Energy, Inc. | 183,853 | 7,662,993 | |
The AES Corp. | 15,820 | 272,579 | |
7,935,572 | |||
Multi-Utilities - 1.2% | |||
Ameren Corp. | 2,246 | 160,005 | |
CenterPoint Energy, Inc. | 262,518 | 7,912,293 | |
Dominion Resources, Inc. | 504 | 37,341 | |
MDU Resources Group, Inc. | 244,295 | 6,454,274 | |
14,563,913 | |||
TOTAL UTILITIES | 58,868,253 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,034,873,598) | 1,152,033,773 | ||
Principal Amount | Value | ||
U.S. Treasury Obligations - 0.1% | |||
U.S. Treasury Bills, yield at date of purchase 2.46% 9/12/19 (c) | |||
(Cost $986,903) | 1,000,000 | 986,770 | |
Shares | Value | ||
Money Market Funds - 3.5% | |||
Fidelity Cash Central Fund, 2.44% (d) | 16,007,231 | $16,010,433 | |
Fidelity Securities Lending Cash Central Fund 2.45% (d)(e) | 24,547,473 | 24,549,928 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $40,560,361) | 40,560,361 | ||
TOTAL INVESTMENT IN SECURITIES - 102.0% | |||
(Cost $1,076,420,862) | 1,193,580,904 | ||
NET OTHER ASSETS (LIABILITIES) - (2.0)% | (22,850,539) | ||
NET ASSETS - 100% | $1,170,730,365 |
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) | 98 | March 2019 | $18,725,840 | $1,590,797 | $1,590,797 |
The notional amount of futures purchased as a percentage of Net Assets is 1.6%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(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 $758,826.
(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 | $105,552 |
Fidelity Securities Lending Cash Central Fund | 7,185 |
Total | $112,737 |
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.
Investment Valuation
The following is a summary of the inputs used, as of February 28, 2019, 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 | $38,307,328 | $38,307,328 | $-- | $-- |
Consumer Discretionary | 166,993,764 | 166,993,764 | -- | -- |
Consumer Staples | 45,469,227 | 45,469,227 | -- | -- |
Energy | 35,060,549 | 35,060,549 | -- | -- |
Financials | 145,131,962 | 145,131,962 | -- | -- |
Health Care | 135,549,848 | 135,549,848 | -- | -- |
Industrials | 144,444,526 | 144,444,526 | -- | -- |
Information Technology | 239,691,614 | 239,691,614 | -- | -- |
Materials | 58,759,996 | 58,759,996 | -- | -- |
Real Estate | 83,756,706 | 83,756,706 | -- | -- |
Utilities | 58,868,253 | 58,868,253 | -- | -- |
U.S. Government and Government Agency Obligations | 986,770 | -- | 986,770 | -- |
Money Market Funds | 40,560,361 | 40,560,361 | -- | -- |
Total Investments in Securities: | $1,193,580,904 | $1,192,594,134 | $986,770 | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $1,590,797 | $1,590,797 | $-- | $-- |
Total Assets | $1,590,797 | $1,590,797 | $-- | $-- |
Total Derivative Instruments: | $1,590,797 | $1,590,797 | $-- | $-- |
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 28, 2019. 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) | $1,590,797 | $0 |
Total Equity Risk | 1,590,797 | 0 |
Total Value of Derivatives | $1,590,797 | $0 |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in distributable earnings.
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 28, 2019 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $24,095,665) — See accompanying schedule: Unaffiliated issuers (cost $1,035,860,501) | $1,153,020,543 | |
Fidelity Central Funds (cost $40,560,361) | 40,560,361 | |
Total Investment in Securities (cost $1,076,420,862) | $1,193,580,904 | |
Receivable for fund shares sold | 1,894,273 | |
Dividends receivable | 1,369,987 | |
Distributions receivable from Fidelity Central Funds | 27,592 | |
Total assets | 1,196,872,756 | |
Liabilities | ||
Payable for fund shares redeemed | $951,415 | |
Accrued management fee | 564,687 | |
Payable for daily variation margin on futures contracts | 73,489 | |
Collateral on securities loaned | 24,552,800 | |
Total liabilities | 26,142,391 | |
Net Assets | $1,170,730,365 | |
Net Assets consist of: | ||
Paid in capital | $1,054,394,547 | |
Total distributable earnings (loss) | 116,335,818 | |
Net Assets, for 81,068,335 shares outstanding | $1,170,730,365 | |
Net Asset Value, offering price and redemption price per share ($1,170,730,365 ÷ 81,068,335 shares) | $14.44 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended February 28, 2019 (Unaudited) | ||
Investment Income | ||
Dividends | $11,804,678 | |
Interest | 8,089 | |
Income from Fidelity Central Funds | 112,737 | |
Total income | 11,925,504 | |
Expenses | ||
Management fee | $3,377,921 | |
Independent trustees' fees and expenses | 3,696 | |
Commitment fees | 1,605 | |
Total expenses before reductions | 3,383,222 | |
Expense reductions | (187) | |
Total expenses after reductions | 3,383,035 | |
Net investment income (loss) | 8,542,469 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 3,791,058 | |
Fidelity Central Funds | (494) | |
Futures contracts | (1,903,301) | |
Total net realized gain (loss) | 1,887,263 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (59,172,387) | |
Futures contracts | 1,305,540 | |
Total change in net unrealized appreciation (depreciation) | (57,866,847) | |
Net gain (loss) | (55,979,584) | |
Net increase (decrease) in net assets resulting from operations | $(47,437,115) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended February 28, 2019 (Unaudited) | Year ended August 31, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $8,542,469 | $20,809,115 |
Net realized gain (loss) | 1,887,263 | 97,906,251 |
Change in net unrealized appreciation (depreciation) | (57,866,847) | 73,686,124 |
Net increase (decrease) in net assets resulting from operations | (47,437,115) | 192,401,490 |
Distributions to shareholders | (100,749,904) | – |
Distributions to shareholders from net investment income | – | (16,317,390) |
Distributions to shareholders from net realized gain | – | (56,685,523) |
Total distributions | (100,749,904) | (73,002,913) |
Share transactions | ||
Proceeds from sales of shares | 95,446,010 | 223,076,939 |
Reinvestment of distributions | 95,690,621 | 68,383,542 |
Cost of shares redeemed | (161,637,154) | (305,302,063) |
Net increase (decrease) in net assets resulting from share transactions | 29,499,477 | (13,841,582) |
Total increase (decrease) in net assets | (118,687,542) | 105,556,995 |
Net Assets | ||
Beginning of period | 1,289,417,907 | 1,183,860,912 |
End of period | $1,170,730,365 | $1,289,417,907 |
Other Information | ||
Undistributed net investment income end of period | $11,923,900 | |
Shares | ||
Sold | 6,689,064 | 14,135,009 |
Issued in reinvestment of distributions | 7,238,322 | 4,408,997 |
Redeemed | (11,401,572) | (19,306,709) |
Net increase (decrease) | 2,525,814 | (762,703) |
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 28, | Years endedAugust 31, | ||||||
2019 | 2018 | 2017A | 2017 B | 2016 C | 2015 B | 2014 B | |
Selected Per–Share Data | |||||||
Net asset value, beginning of period | $16.42 | $14.93 | $14.77 | $11.98 | $14.16 | $13.60 | $10.97 |
Income from Investment Operations | |||||||
Net investment income (loss)D | .11 | .26 | .12 | .21 | .18 | .15 | .15 |
Net realized and unrealized gain (loss) | (.76) | 2.17 | .13 | 2.76 | (1.70) | 1.73 | 3.17 |
Total from investment operations | (.65) | 2.43 | .25 | 2.97 | (1.52) | 1.88 | 3.32 |
Distributions from net investment income | (.25) | (.21) | (.02) | (.18) | (.14) | (.10) | (.12) |
Distributions from net realized gain | (1.09) | (.73) | (.07) | – | (.51) | (1.22) | (.57) |
Total distributions | (1.33)E | (.94) | (.09) | (.18) | (.66)F | (1.32) | (.69) |
Redemption fees added to paid in capitalD | – | – | –G | –G | –G | –G | –G |
Net asset value, end of period | $14.44 | $16.42 | $14.93 | $14.77 | $11.98 | $14.16 | $13.60 |
Total ReturnH,I | (3.19)% | 16.67% | 1.72% | 24.85% | (11.02)% | 15.22% | 30.97% |
Ratios to Average Net AssetsJ,K | |||||||
Expenses before reductions | .59%L | .59% | .59%L | .60% | .60% | .60% | .60% |
Expenses net of fee waivers, if any | .59%L | .59% | .59%L | .60% | .60% | .60% | .60% |
Expenses net of all reductions | .59%L | .59% | .59%L | .60% | .60% | .60% | .60% |
Net investment income (loss) | 1.49%L | 1.64% | 1.62%L | 1.53% | 1.34% | 1.08% | 1.24% |
Supplemental Data | |||||||
Net assets, end of period (000 omitted) | $1,170,730 | $1,289,418 | $1,183,861 | $1,176,023 | $805,242 | $608,475 | $271,674 |
Portfolio turnover rateM | 78%L | 108% | 94%L | 87% | 88% | 89% | 128% |
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 $1.33 per share is comprised of distributions from net investment income of $.248 and distributions from net realized gain of $1.085 per share.
F 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.
G Amount represents less than $.005 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.
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 28, 2019 | ||
Japan | 23.5% | |
United Kingdom | 17.0% | |
France | 9.9% | |
Switzerland | 8.6% | |
Australia | 7.6% | |
Germany | 7.5% | |
Netherlands | 5.4% | |
Spain | 2.6% | |
Denmark | 2.4% | |
Other* | 15.5% |
* 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 28, 2019
% of fund's net assets | |
Stocks and Equity Futures | 100.0 |
Top Ten Stocks as of February 28, 2019
% of fund's net assets | |
Nestle SA (Reg. S) (Switzerland, Food Products) | 2.5 |
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) | 1.9 |
Novartis AG (Switzerland, Pharmaceuticals) | 1.8 |
Toyota Motor Corp. (Japan, Automobiles) | 1.5 |
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) | 1.1 |
Royal Dutch Shell PLC Class B (United Kingdom) (United Kingdom, Oil, Gas & Consumable Fuels) | 1.1 |
Unilever NV (Certificaten Van Aandelen) (Bearer) (Netherlands, Personal Products) | 1.1 |
Siemens AG (Germany, Industrial Conglomerates) | 1.1 |
BHP Billiton Ltd. (Australia, Metals & Mining) | 1.1 |
HSBC Holdings PLC sponsored ADR (United Kingdom, Banks) | 1.0 |
14.2 |
Top Market Sectors as of February 28, 2019
% of fund's net assets | |
Financials | 17.6 |
Consumer Discretionary | 13.0 |
Health Care | 12.7 |
Industrials | 12.2 |
Consumer Staples | 11.3 |
Materials | 8.8 |
Communication Services | 6.9 |
Information Technology | 6.5 |
Energy | 5.4 |
Real Estate | 2.7 |
Fidelity® International Enhanced Index Fund
Schedule of Investments February 28, 2019 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.1% | |||
Shares | Value | ||
Australia - 7.6% | |||
AGL Energy Ltd. | 370,713 | $5,577,493 | |
Aurizon Holdings Ltd. | 1,062,936 | 3,408,051 | |
Australia & New Zealand Banking Group Ltd. | 373,994 | 7,430,028 | |
BHP Billiton Ltd. | 621,432 | 16,412,888 | |
BlueScope Steel Ltd. | 285,598 | 2,726,847 | |
Cimic Group Ltd. | 107,821 | 3,835,614 | |
Coca-Cola Amatil Ltd. | 1,163,230 | 6,576,344 | |
Commonwealth Bank of Australia | 60,041 | 3,149,537 | |
Computershare Ltd. | 100,386 | 1,228,352 | |
CSL Ltd. | 71,350 | 9,778,709 | |
Fortescue Metals Group Ltd. | 835,074 | 3,589,700 | |
Lendlease Group unit | 103,367 | 944,405 | |
Macquarie Group Ltd. | 120,607 | 11,005,483 | |
National Australia Bank Ltd. | 306,117 | 5,464,508 | |
Rio Tinto Ltd. | 111,350 | 7,595,306 | |
Scentre Group unit | 61,552 | 168,972 | |
Sonic Healthcare Ltd. | 192,486 | 3,293,343 | |
Sydney Airport unit | 242,000 | 1,235,971 | |
Telstra Corp. Ltd. | 2,987,868 | 6,633,860 | |
Wesfarmers Ltd. | 442,386 | 10,412,100 | |
Westpac Banking Corp. | 284,962 | 5,454,506 | |
Woolworths Group Ltd. | 73,611 | 1,497,032 | |
TOTAL AUSTRALIA | 117,419,049 | ||
Austria - 0.0% | |||
Raiffeisen International Bank-Holding AG | 13,049 | 332,771 | |
Belgium - 1.3% | |||
Ageas | 69,370 | 3,418,950 | |
Colruyt NV | 115,400 | 8,230,111 | |
UCB SA | 98,556 | 8,259,714 | |
TOTAL BELGIUM | 19,908,775 | ||
Bermuda - 0.2% | |||
Dairy Farm International Holdings Ltd. | 24,707 | 220,881 | |
Hongkong Land Holdings Ltd. | 143,034 | 1,025,554 | |
Kerry Properties Ltd. | 337,923 | 1,412,003 | |
Li & Fung Ltd. | 2,038,000 | 355,688 | |
NWS Holdings Ltd. | 232,000 | 561,547 | |
TOTAL BERMUDA | 3,575,673 | ||
Cayman Islands - 1.1% | |||
Cheung Kong Property Holdings Ltd. | 768,828 | 6,380,986 | |
CK Hutchison Holdings Ltd. | 1,005,768 | 10,705,044 | |
TOTAL CAYMAN ISLANDS | 17,086,030 | ||
Denmark - 2.4% | |||
Carlsberg A/S Series B | 5,198 | 629,686 | |
Coloplast A/S Series B | 44,518 | 4,437,310 | |
Danske Bank A/S | 15,739 | 313,132 | |
H Lundbeck A/S | 174,653 | 7,987,971 | |
Novo Nordisk A/S Series B | 361,648 | 17,730,026 | |
Pandora A/S | 48,289 | 2,533,951 | |
Tryg A/S | 67,401 | 1,837,270 | |
Vestas Wind Systems A/S | 16,302 | 1,356,978 | |
William Demant Holding A/S (a) | 11,926 | 358,179 | |
TOTAL DENMARK | 37,184,503 | ||
Finland - 1.5% | |||
Neste Oyj | 68,845 | 6,617,005 | |
Nordea Bank ABP | 397,930 | 3,608,772 | |
Orion Oyj (B Shares) | 22,107 | 789,824 | |
Sampo Oyj (A Shares) | 2,620 | 126,048 | |
Stora Enso Oyj (R Shares) | 415,586 | 5,566,303 | |
UPM-Kymmene Corp. | 241,314 | 7,279,279 | |
TOTAL FINLAND | 23,987,231 | ||
France - 9.9% | |||
Alstom SA | 502 | 21,824 | |
Arkema SA | 11,497 | 1,159,169 | |
Atos Origin SA | 90,222 | 8,663,435 | |
AXA SA | 268,370 | 6,795,467 | |
BIC SA | 7,204 | 681,347 | |
BNP Paribas SA | 138,905 | 7,110,680 | |
Bouygues SA | 52,883 | 2,000,046 | |
Casino Guichard Perrachon SA (b) | 159,291 | 8,423,316 | |
CNP Assurances | 90,938 | 2,101,849 | |
Credit Agricole SA | 324,566 | 4,153,988 | |
Dassault Systemes SA | 14,890 | 2,178,898 | |
Eiffage SA | 48,258 | 4,708,555 | |
Eutelsat Communications | 185,745 | 3,667,745 | |
Faurecia SA | 12,192 | 581,615 | |
Hermes International SCA | 15,465 | 9,794,482 | |
Ipsen SA | 11,447 | 1,583,279 | |
Kering SA | 22,609 | 12,346,543 | |
L'Oreal SA | 58,467 | 14,745,965 | |
LVMH Moet Hennessy - Louis Vuitton SA | 8,929 | 3,064,334 | |
Michelin CGDE Series B | 33,208 | 3,980,711 | |
Natixis SA | 107,196 | 589,166 | |
Orange SA | 115,197 | 1,760,754 | |
Peugeot Citroen SA | 373,791 | 9,506,769 | |
Renault SA | 129,455 | 8,868,783 | |
Rexel SA | 294,238 | 3,668,104 | |
Safran SA | 7,087 | 966,073 | |
Sanofi SA | 76,979 | 6,419,234 | |
Schneider Electric SA | 29,798 | 2,315,476 | |
Societe Generale Series A | 157,348 | 4,833,731 | |
Thales SA | 43,444 | 5,349,215 | |
Total SA | 181,863 | 10,351,418 | |
Valeo SA | 30,090 | 946,144 | |
Veolia Environnement SA | 56,285 | 1,235,613 | |
TOTAL FRANCE | 154,573,728 | ||
Germany - 7.5% | |||
adidas AG | 2,126 | 516,532 | |
Allianz SE | 52,242 | 11,628,926 | |
BASF AG | 152,120 | 11,578,950 | |
Bayer AG | 3,127 | 249,819 | |
Bayerische Motoren Werke AG (BMW) | 20,122 | 1,700,790 | |
Continental AG | 59,671 | 9,773,225 | |
Covestro AG (c) | 162,141 | 9,247,184 | |
Deutsche Borse AG | 38,848 | 4,904,885 | |
Deutsche Telekom AG | 436,085 | 7,188,543 | |
Evonik Industries AG | 46,585 | 1,311,456 | |
Fresenius SE & Co. KGaA | 8,708 | 489,232 | |
Hannover Reuck SE | 22,553 | 3,360,531 | |
Infineon Technologies AG | 17,068 | 375,107 | |
Metro AG | 786,155 | 4,426,349 | |
Metro Wholesale & Food Specialist AG | 298,730 | 5,017,006 | |
MTU Aero Engines Holdings AG | 20,794 | 4,458,428 | |
Muenchener Rueckversicherungs AG | 21,760 | 5,124,779 | |
ProSiebenSat.1 Media AG | 191,759 | 3,489,259 | |
SAP SE | 57,742 | 6,179,932 | |
Schaeffler AG | 856,462 | 7,851,913 | |
Siemens AG | 152,926 | 16,706,148 | |
Siemens Healthineers AG (c) | 22,431 | 908,814 | |
TOTAL GERMANY | 116,487,808 | ||
Hong Kong - 2.2% | |||
AIA Group Ltd. | 579,432 | 5,782,924 | |
Henderson Land Development Co. Ltd. | 405,077 | 2,291,209 | |
New World Development Co. Ltd. | 916,517 | 1,464,139 | |
Sino Land Ltd. | 98,000 | 182,523 | |
Sun Hung Kai Properties Ltd. | 584,333 | 9,688,104 | |
Swire Pacific Ltd. (A Shares) | 137,813 | 1,638,886 | |
Swire Properties Ltd. | 68,000 | 272,875 | |
Wharf Holdings Ltd. | 2,523,646 | 7,892,673 | |
Wheelock and Co. Ltd. | 658,506 | 4,458,689 | |
TOTAL HONG KONG | 33,672,022 | ||
Isle of Man - 0.3% | |||
Genting Singapore Ltd. | 7,192,460 | 5,426,264 | |
Israel - 0.6% | |||
Check Point Software Technologies Ltd. (a) | 71,496 | 8,743,961 | |
Italy - 1.8% | |||
Assicurazioni Generali SpA | 227,975 | 4,069,873 | |
Atlantia SpA | 31,864 | 774,890 | |
Eni SpA | 733,763 | 12,654,383 | |
Intesa Sanpaolo SpA | 755,475 | 1,858,789 | |
Poste Italiane SpA (c) | 316,064 | 2,850,891 | |
Terna SpA | 772,060 | 4,801,886 | |
UniCredit SpA | 105,521 | 1,436,218 | |
TOTAL ITALY | 28,446,930 | ||
Japan - 23.5% | |||
Aisin Seiki Co. Ltd. | 59,647 | 2,325,091 | |
Asahi Kasei Corp. | 754,230 | 8,246,837 | |
Astellas Pharma, Inc. | 710,625 | 11,017,969 | |
Bridgestone Corp. | 131,633 | 5,214,183 | |
Brother Industries Ltd. | 277,509 | 5,066,441 | |
Canon, Inc. | 372,010 | 10,685,127 | |
Chugai Pharmaceutical Co. Ltd. | 28,881 | 1,965,862 | |
Dai Nippon Printing Co. Ltd. | 78,980 | 1,830,989 | |
Dai-ichi Mutual Life Insurance Co. | 592,067 | 9,021,936 | |
Daicel Chemical Industries Ltd. | 47,424 | 498,640 | |
Dainippon Sumitomo Pharma Co. Ltd. | 75,784 | 1,873,122 | |
Daiwa House Industry Co. Ltd. | 64,000 | 1,982,085 | |
Eisai Co. Ltd. | 122,110 | 10,091,643 | |
Electric Power Development Co. Ltd. | 26,287 | 656,556 | |
Fuji Electric Co. Ltd. | 16,000 | 505,206 | |
Fujifilm Holdings Corp. | 213,226 | 9,552,120 | |
Fujitsu Ltd. | 131,655 | 8,885,200 | |
Hakuhodo DY Holdings, Inc. | 52,997 | 811,608 | |
Hitachi Ltd. | 357,352 | 10,742,132 | |
Honda Motor Co. Ltd. | 458,677 | 12,953,077 | |
Hoya Corp. | 167,084 | 10,200,571 | |
IHI Corp. | 21,700 | 572,772 | |
Itochu Corp. | 120,251 | 2,160,063 | |
Japan Post Holdings Co. Ltd. | 700,977 | 8,521,041 | |
Kajima Corp. | 21,300 | 315,646 | |
Kakaku.com, Inc. | 198,192 | 3,806,837 | |
Kamigumi Co. Ltd. | 16,300 | 377,431 | |
KDDI Corp. | 388,120 | 9,380,740 | |
Kirin Holdings Co. Ltd. | 38,900 | 871,624 | |
Konica Minolta, Inc. | 508,913 | 4,949,359 | |
Marubeni Corp. | 920,250 | 6,574,659 | |
Mazda Motor Corp. | 172,500 | 2,032,044 | |
Medipal Holdings Corp. | 279,957 | 6,520,149 | |
Mitsubishi Chemical Holdings Corp. | 1,161,252 | 8,587,683 | |
Mitsubishi Corp. | 280,838 | 7,930,387 | |
Mitsubishi Electric Corp. | 196,558 | 2,464,377 | |
Mitsubishi Estate Co. Ltd. | 45,089 | 774,552 | |
Mitsubishi UFJ Financial Group, Inc. | 1,759,712 | 9,131,831 | |
Mitsubishi UFJ Lease & Finance Co. Ltd. | 118,371 | 602,129 | |
Mitsui & Co. Ltd. | 556,342 | 8,756,382 | |
Mizuho Financial Group, Inc. | 7,336,413 | 11,535,802 | |
NEC Corp. | 109,604 | 3,657,348 | |
Nippon Telegraph & Telephone Corp. | 257,685 | 11,137,832 | |
Nomura Research Institute Ltd. | 9,400 | 382,021 | |
NTT DOCOMO, Inc. | 474,560 | 11,047,690 | |
OBIC Co. Ltd. | 5,200 | 495,905 | |
ORIX Corp. | 347,632 | 5,027,433 | |
Recruit Holdings Co. Ltd. | 28,319 | 793,928 | |
Renesas Electronics Corp. (a) | 15,100 | 88,325 | |
Resona Holdings, Inc. | 314,248 | 1,423,470 | |
Santen Pharmaceutical Co. Ltd. | 8,300 | 129,193 | |
Seven & i Holdings Co. Ltd. | 189,876 | 8,356,756 | |
Shionogi & Co. Ltd. | 152,951 | 9,787,249 | |
Showa Denko K.K. | 65,200 | 2,439,941 | |
SoftBank Corp. (a) | 127,300 | 1,587,467 | |
SoftBank Corp. | 10,500 | 974,340 | |
Sony Corp. | 195,900 | 9,406,240 | |
Sumco Corp. | 382,100 | 4,871,615 | |
Sumitomo Chemical Co. Ltd. | 1,317,779 | 6,552,314 | |
Sumitomo Corp. | 605,019 | 8,704,650 | |
Sumitomo Heavy Industries Ltd. | 9,200 | 316,095 | |
Sumitomo Mitsui Financial Group, Inc. | 366,592 | 13,026,225 | |
Suzuken Co. Ltd. | 36,065 | 1,973,682 | |
Suzuki Motor Corp. | 133,196 | 6,839,548 | |
T&D Holdings, Inc. | 71,000 | 857,876 | |
Taisei Corp. | 61,199 | 2,892,410 | |
Tokyo Electric Power Co., Inc. (a) | 1,259,880 | 7,859,970 | |
Tokyo Gas Co. Ltd. | 19,157 | 528,100 | |
Toyota Motor Corp. | 378,659 | 22,881,876 | |
Toyota Tsusho Corp. | 62,099 | 1,978,455 | |
TOTAL JAPAN | 366,009,857 | ||
Luxembourg - 0.1% | |||
RTL Group SA | 23,337 | 1,316,085 | |
Multi-National - 0.1% | |||
HKT Trust/HKT Ltd. unit | 584,874 | 913,476 | |
Netherlands - 5.4% | |||
ABN AMRO Group NV GDR (c) | 135,571 | 3,281,959 | |
AEGON NV | 565,025 | 3,031,704 | |
Airbus Group NV | 6,246 | 804,688 | |
ASML Holding NV (Netherlands) | 4,804 | 878,828 | |
EXOR NV | 48,408 | 2,978,837 | |
Fiat Chrysler Automobiles NV | 583,409 | 8,614,837 | |
Heineken Holding NV | 38,311 | 3,706,211 | |
ING Groep NV (Certificaten Van Aandelen) | 446,057 | 5,896,039 | |
Koninklijke Ahold Delhaize NV | 439,216 | 11,319,577 | |
Koninklijke KPN NV | 528,103 | 1,627,947 | |
Koninklijke Philips Electronics NV | 35,737 | 1,422,055 | |
NN Group NV | 49,929 | 2,175,124 | |
NXP Semiconductors NV | 22,927 | 2,093,694 | |
Randstad NV | 6,015 | 321,221 | |
STMicroelectronics NV (France) | 531,895 | 8,693,129 | |
Unilever NV (Certificaten Van Aandelen) (Bearer) | 314,741 | 17,045,622 | |
Wolters Kluwer NV | 151,235 | 9,973,850 | |
TOTAL NETHERLANDS | 83,865,322 | ||
New Zealand - 0.1% | |||
Fisher & Paykel Healthcare Corp. | 44,543 | 445,907 | |
Spark New Zealand Ltd. | 199,792 | 507,498 | |
TOTAL NEW ZEALAND | 953,405 | ||
Norway - 1.7% | |||
DNB ASA | 68,416 | 1,310,435 | |
Equinor ASA | 445,427 | 10,013,017 | |
Marine Harvest ASA | 345,724 | 7,975,775 | |
Orkla ASA | 107,027 | 843,293 | |
Telenor ASA | 334,990 | 6,532,122 | |
TOTAL NORWAY | 26,674,642 | ||
Portugal - 0.2% | |||
Galp Energia SGPS SA Class B | 227,634 | 3,736,249 | |
Singapore - 1.2% | |||
CapitaLand Ltd. | 130,000 | 328,846 | |
ComfortDelgro Corp. Ltd. | 2,966,967 | 5,244,860 | |
Jardine Cycle & Carriage Ltd. | 18,617 | 459,091 | |
Oversea-Chinese Banking Corp. Ltd. | 154,396 | 1,263,032 | |
Singapore Exchange Ltd. | 44,200 | 256,308 | |
Singapore Technologies Engineering Ltd. | 555,855 | 1,537,646 | |
United Overseas Bank Ltd. | 35,855 | 663,530 | |
Venture Corp. Ltd. | 22,900 | 301,494 | |
Yangzijiang Shipbuilding Holdings Ltd. | 7,412,646 | 7,840,299 | |
TOTAL SINGAPORE | 17,895,106 | ||
Spain - 2.6% | |||
ACS Actividades de Construccion y Servicios SA | 134,376 | 5,953,292 | |
Amadeus IT Holding SA Class A | 40,138 | 3,022,359 | |
Banco Bilbao Vizcaya Argentaria SA | 386,088 | 2,394,843 | |
Banco de Sabadell SA | 176,131 | 200,641 | |
Banco Santander SA (Spain) | 1,618,264 | 7,875,788 | |
Endesa SA | 33,201 | 836,483 | |
International Consolidated Airlines Group SA | 319,968 | 2,531,620 | |
MAPFRE SA (Reg.) | 901,912 | 2,548,285 | |
Red Electrica Corporacion SA | 247,255 | 5,341,973 | |
Telefonica SA | 1,157,199 | 9,981,326 | |
TOTAL SPAIN | 40,686,610 | ||
Sweden - 2.2% | |||
Atlas Copco AB (A Shares) | 13,645 | 369,820 | |
Boliden AB | 160,994 | 4,405,720 | |
ICA Gruppen AB | 10,097 | 388,094 | |
Sandvik AB | 551,698 | 9,064,549 | |
Securitas AB (B Shares) | 151,969 | 2,383,360 | |
Skandinaviska Enskilda Banken AB (A Shares) | 81,858 | 833,292 | |
SKF AB (B Shares) | 10,385 | 174,789 | |
Swedbank AB (A Shares) | 3,190 | 58,612 | |
Swedish Match Co. AB | 121,759 | 5,708,277 | |
Volvo AB (B Shares) | 699,445 | 10,299,320 | |
TOTAL SWEDEN | 33,685,833 | ||
Switzerland - 8.6% | |||
ABB Ltd. (Reg.) | 327,403 | 6,446,247 | |
Baloise Holdings AG | 12,573 | 2,053,403 | |
Credit Suisse Group AG | 110,392 | 1,361,454 | |
Nestle SA (Reg. S) | 432,644 | 39,134,339 | |
Novartis AG | 310,211 | 28,270,772 | |
Partners Group Holding AG | 429 | 310,343 | |
Roche Holding AG (participation certificate) | 107,530 | 29,842,185 | |
SGS SA (Reg.) | 1,899 | 4,842,398 | |
Sonova Holding AG Class B | 22,455 | 4,199,415 | |
Swiss Life Holding AG | 9,168 | 3,995,872 | |
Swiss Re Ltd. | 11,544 | 1,143,007 | |
Swisscom AG | 4,162 | 1,927,018 | |
UBS Group AG | 271,878 | 3,459,597 | |
Zurich Insurance Group Ltd. | 22,152 | 7,307,673 | |
TOTAL SWITZERLAND | 134,293,723 | ||
United Kingdom - 17.0% | |||
3i Group PLC | 276,342 | 3,466,605 | |
Admiral Group PLC | 81,883 | 2,369,772 | |
Anglo American PLC (United Kingdom) | 406,965 | 10,814,453 | |
AstraZeneca PLC (United Kingdom) | 50,280 | 4,094,030 | |
Auto Trader Group PLC (c) | 426,101 | 2,689,953 | |
Aviva PLC | 667,039 | 3,739,127 | |
BAE Systems PLC | 829,606 | 5,115,085 | |
Barclays PLC | 1,801,086 | 3,921,570 | |
Barratt Developments PLC | 1,108,127 | 8,803,888 | |
Berkeley Group Holdings PLC | 93,889 | 4,918,922 | |
BHP Billiton PLC | 563,248 | 13,065,241 | |
BP PLC | 1,205,636 | 8,547,124 | |
British American Tobacco PLC (United Kingdom) | 54,589 | 2,001,403 | |
BT Group PLC | 1,914,380 | 5,460,006 | |
Bunzl PLC | 57,218 | 1,800,896 | |
Burberry Group PLC | 348,642 | 8,737,451 | |
Centrica PLC | 2,565,033 | 4,235,654 | |
Diageo PLC | 169,330 | 6,543,454 | |
Direct Line Insurance Group PLC | 50,994 | 241,257 | |
GlaxoSmithKline PLC | 10,297 | 205,227 | |
GlaxoSmithKline PLC sponsored ADR | 305,799 | 12,342,048 | |
HSBC Holdings PLC: | |||
(United Kingdom) | 555,637 | 4,529,601 | |
sponsored ADR (b) | 390,946 | 15,962,325 | |
Imperial Tobacco Group PLC | 322,602 | 10,742,007 | |
Legal & General Group PLC | 678,009 | 2,523,372 | |
Lloyds Banking Group PLC | 9,985,169 | 8,408,313 | |
Marks & Spencer Group PLC | 902,683 | 3,262,126 | |
Meggitt PLC | 265,418 | 1,898,184 | |
Persimmon PLC | 273,690 | 8,832,002 | |
Prudential PLC | 181,227 | 3,820,901 | |
RELX PLC | 155,611 | 3,568,563 | |
Rio Tinto PLC | 213,410 | 12,259,714 | |
Royal Dutch Shell PLC: | |||
Class A (United Kingdom) | 484,691 | 15,108,797 | |
Class B (United Kingdom) | 556,746 | 17,465,278 | |
Royal Mail PLC | 1,348,676 | 5,058,773 | |
RSA Insurance Group PLC | 23,732 | 160,847 | |
Smith & Nephew PLC | 169,242 | 3,215,720 | |
Standard Chartered PLC (United Kingdom) | 41,469 | 330,894 | |
Tate & Lyle PLC | 733,513 | 6,761,620 | |
Taylor Wimpey PLC | 1,614,092 | 3,883,504 | |
Unilever PLC | 192,498 | 10,248,182 | |
Vodafone Group PLC | 7,212,017 | 12,847,122 | |
TOTAL UNITED KINGDOM | 264,001,011 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,527,245,059) | 1,540,876,064 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
Germany - 0.0% | |||
Sartorius AG (non-vtg.) | |||
(Cost $290,178) | 1,838 | 291,434 | |
Principal Amount | Value | ||
Government Obligations - 0.1% | |||
United States of America - 0.1% | |||
U.S. Treasury Bills, yield at date of purchase 2.46% 9/12/19(d) | |||
(Cost $1,184,283) | 1,200,000 | 1,184,124 | |
Shares | Value | ||
Money Market Funds - 1.6% | |||
Fidelity Cash Central Fund, 2.44% (e) | 5,154,118 | 5,155,148 | |
Fidelity Securities Lending Cash Central Fund 2.45% (e)(f) | 20,166,445 | 20,168,461 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $25,323,609) | 25,323,609 | ||
TOTAL INVESTMENT IN SECURITIES - 100.8% | |||
(Cost $1,554,043,129) | 1,567,675,231 | ||
NET OTHER ASSETS (LIABILITIES) - (0.8)% | (12,408,934) | ||
NET ASSETS - 100% | $1,555,266,297 |
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) | 149 | March 2019 | $13,924,050 | $684,956 | $684,956 |
The notional amount of futures purchased as a percentage of Net Assets is 0.9%
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(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 $18,978,801 or 1.2% 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 $788,429.
(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 | $78,982 |
Fidelity Securities Lending Cash Central Fund | 96,807 |
Total | $175,789 |
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.
Investment Valuation
The following is a summary of the inputs used, as of February 28, 2019, 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 | $105,289,228 | $27,703,716 | $77,585,512 | $-- |
Consumer Discretionary | 201,250,073 | 120,896,565 | 80,353,508 | -- |
Consumer Staples | 176,986,575 | 73,263,107 | 103,723,468 | -- |
Energy | 84,493,271 | 20,366,271 | 64,127,000 | -- |
Financials | 271,765,807 | 94,620,530 | 177,145,277 | -- |
Health Care | 200,173,687 | 67,814,863 | 132,358,824 | -- |
Industrials | 194,156,221 | 109,683,373 | 84,472,848 | -- |
Information Technology | 101,734,782 | 32,264,885 | 69,469,897 | -- |
Materials | 133,337,625 | 48,627,754 | 84,709,871 | -- |
Real Estate | 40,906,501 | 28,461,760 | 12,444,741 | -- |
Utilities | 31,073,728 | 17,343,685 | 13,730,043 | -- |
Government Obligations | 1,184,124 | -- | 1,184,124 | -- |
Money Market Funds | 25,323,609 | 25,323,609 | -- | -- |
Total Investments in Securities: | $1,567,675,231 | $666,370,118 | $901,305,113 | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $684,956 | $684,956 | $-- | $-- |
Total Assets | $684,956 | $684,956 | $-- | $-- |
Total Derivative Instruments: | $684,956 | $684,956 | $-- | $-- |
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 28, 2019. 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) | $684,956 | $0 |
Total Equity Risk | 684,956 | 0 |
Total Value of Derivatives | $684,956 | $0 |
(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in distributable earnings.
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 28, 2019 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $19,786,018) — See accompanying schedule: Unaffiliated issuers (cost $1,528,719,520) | $1,542,351,622 | |
Fidelity Central Funds (cost $25,323,609) | 25,323,609 | |
Total Investment in Securities (cost $1,554,043,129) | $1,567,675,231 | |
Foreign currency held at value (cost $859,596) | 858,613 | |
Receivable for investments sold | 20,412,211 | |
Receivable for fund shares sold | 875,527 | |
Dividends receivable | 5,303,511 | |
Distributions receivable from Fidelity Central Funds | 40,552 | |
Total assets | 1,595,165,645 | |
Liabilities | ||
Payable for investments purchased | $17,556,030 | |
Payable for fund shares redeemed | 1,386,099 | |
Accrued management fee | 755,550 | |
Payable for daily variation margin on futures contracts | 32,179 | |
Collateral on securities loaned | 20,169,490 | |
Total liabilities | 39,899,348 | |
Net Assets | $1,555,266,297 | |
Net Assets consist of: | ||
Paid in capital | $1,637,060,897 | |
Total distributable earnings (loss) | (81,794,600) | |
Net Assets, for 168,724,409 shares outstanding | $1,555,266,297 | |
Net Asset Value, offering price and redemption price per share ($1,555,266,297 ÷ 168,724,409 shares) | $9.22 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended February 28, 2019 (Unaudited) | ||
Investment Income | ||
Dividends | $20,327,490 | |
Interest | 11,213 | |
Income from Fidelity Central Funds | 175,789 | |
Income before foreign taxes withheld | 20,514,492 | |
Less foreign taxes withheld | (1,653,986) | |
Total income | 18,860,506 | |
Expenses | ||
Management fee | $4,598,801 | |
Independent trustees' fees and expenses | 4,799 | |
Interest | 13,117 | |
Commitment fees | 2,152 | |
Total expenses before reductions | 4,618,869 | |
Expense reductions | (46) | |
Total expenses after reductions | 4,618,823 | |
Net investment income (loss) | 14,241,683 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (79,701,984) | |
Fidelity Central Funds | (71) | |
Foreign currency transactions | (258,825) | |
Futures contracts | (1,124,846) | |
Total net realized gain (loss) | (81,085,726) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (5,182,599) | |
Assets and liabilities in foreign currencies | 1,640 | |
Futures contracts | 579,489 | |
Total change in net unrealized appreciation (depreciation) | (4,601,470) | |
Net gain (loss) | (85,687,196) | |
Net increase (decrease) in net assets resulting from operations | $(71,445,513) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended February 28, 2019 (Unaudited) | Year ended August 31, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $14,241,683 | $30,712,947 |
Net realized gain (loss) | (81,085,726) | (10,781,844) |
Change in net unrealized appreciation (depreciation) | (4,601,470) | (31,900,542) |
Net increase (decrease) in net assets resulting from operations | (71,445,513) | (11,969,439) |
Distributions to shareholders | (34,087,909) | – |
Distributions to shareholders from net investment income | – | (12,641,480) |
Distributions to shareholders from net realized gain | – | (2,690,142) |
Total distributions | (34,087,909) | (15,331,622) |
Share transactions | ||
Proceeds from sales of shares | 226,636,904 | 1,480,868,009 |
Reinvestment of distributions | 20,553,992 | 14,714,616 |
Cost of shares redeemed | (277,541,957) | (353,536,211) |
Net increase (decrease) in net assets resulting from share transactions | (30,351,061) | 1,142,046,414 |
Redemption fees | – | 19,770 |
Total increase (decrease) in net assets | (135,884,483) | 1,114,765,123 |
Net Assets | ||
Beginning of period | 1,691,150,780 | 576,385,657 |
End of period | $1,555,266,297 | $1,691,150,780 |
Other Information | ||
Undistributed net investment income end of period | $23,544,715 | |
Shares | ||
Sold | 25,034,809 | 146,438,695 |
Issued in reinvestment of distributions | 2,401,167 | 1,478,856 |
Redeemed | (30,764,585) | (35,086,750) |
Net increase (decrease) | (3,328,609) | 112,830,801 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity International Enhanced Index Fund
Six months ended (Unaudited) February 28, | Years endedAugust 31, | ||||||
2019 | 2018 | 2017A | 2017B | 2016C | 2015B | 2014B | |
Selected Per–Share Data | |||||||
Net asset value, beginning of period | $9.83 | $9.73 | $8.48 | $7.42 | $8.77 | $8.85 | $7.45 |
Income from Investment Operations | |||||||
Net investment income (loss)D | .08 | .27 | .18 | .20 | .19 | .20 | .28E |
Net realized and unrealized gain (loss) | (.49) | –F | 1.07 | 1.08 | (1.38) | (.10) | 1.29 |
Total from investment operations | (.41) | .27 | 1.25 | 1.28 | (1.19) | .10 | 1.57 |
Distributions from net investment income | (.20) | (.14)G | – | (.20) | (.16) | (.16) | (.15) |
Distributions from net realized gain | – | (.03)G | – | (.02) | –F | (.02) | (.01) |
Total distributions | (.20) | (.17) | – | (.22) | (.16) | (.18) | (.17)H |
Redemption fees added to paid in capitalD | – | –F | –F | –F | –F | –F | –F |
Net asset value, end of period | $9.22 | $9.83 | $9.73 | $8.48 | $7.42 | $8.77 | $8.85 |
Total ReturnI,J | (4.01)% | 2.71% | 14.74% | 17.31% | (13.71)% | 1.25% | 21.21% |
Ratios to Average Net AssetsK,L | |||||||
Expenses before reductions | .59%M | .59% | .59%M | .62% | .62% | .62% | .62% |
Expenses net of fee waivers, if any | .59%M | .59% | .59%M | .62% | .62% | .62% | .62% |
Expenses net of all reductions | .59%M | .59% | .59%M | .62% | .62% | .62% | .62% |
Net investment income (loss) | 1.82%M | 2.69% | 3.86%M | 2.53% | 2.27% | 2.31% | 3.40%E |
Supplemental Data | |||||||
Net assets, end of period (000 omitted) | $1,555,266 | $1,691,151 | $576,386 | $271,576 | $152,699 | $105,360 | $44,828 |
Portfolio turnover rateN | 90%M | 66% | 70%M | 75% | 77% | 75% | 63% |
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 $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.64%.
F Amount represents less than $.005 per share.
G The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.
H Total distributions of $.17 per share is comprised of distributions from net investment income of $.153 and distributions from net realized gain of $.013 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.
Notes to Financial Statements (Unaudited)
For the period ended February 28, 2019
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.
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 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 28, 2019 is included at the end of the 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 foreign currency transactions, futures contracts, partnerships, market discount, passive foreign investments companies (PFIC), 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 | $807,163,198 | $290,486,021 | $(19,035,235) | $271,450,786 |
Fidelity Large Cap Value Enhanced Index Fund | 3,365,048,718 | 524,025,393 | (133,609,312) | 390,416,081 |
Fidelity Large Cap Core Enhanced Index Fund | 654,960,625 | 167,800,068 | (20,622,213) | 147,177,855 |
Fidelity Mid Cap Enhanced Index Fund | 1,079,111,264 | 161,410,682 | (45,350,245) | 116,060,437 |
Fidelity International Enhanced Index Fund | 1,567,057,810 | 100,448,267 | (99,145,890) | 1,302,377 |
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.
New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Funds' financial statements have been combined or removed for the current period as outlined in the table below.
Financial Statement | Current Line-Item Presentation (As Applicable) | Prior Line-Item Presentation (As Applicable) |
Statement of Assets and Liabilities | Total distributable earnings (loss) | Undistributed/Distributions in excess of/Accumulated net investment income (loss) Accumulated/Undistributed net realized gain (loss) Net unrealized appreciation (depreciation) |
Statement of Changes in Net Assets | N/A - removed | Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period |
Statement of Changes in Net Assets | Distributions to shareholders | Distributions to shareholders from net investment income Distributions to shareholders from net realized gain |
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, except for Fidelity Large Cap Core Enhanced Index Fund. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
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 | 436,916,733 | 471,900,632 |
Fidelity Large Cap Value Enhanced Index Fund | 1,600,551,500 | 1,658,894,258 |
Fidelity Large Cap Core Enhanced Index Fund | 349,667,959 | 267,675,484 |
Fidelity Mid Cap Enhanced Index Fund | 438,726,711 | 505,626,702 |
Fidelity International Enhanced Index Fund | 693,992,840 | 745,706,861 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (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. During January 2019, the Board approved to change the investment adviser from FMR Co., to Fidelity Management & Research Company effective February 1, 2019. There was no change to the management fee.
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 (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. Each applicable fund's 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 | $138,003,000 | 2.41% | $9,219 |
Fidelity International Enhanced Index Fund | Borrower | $9,496,556 | 2.55% | $12,132 |
Interfund Trades. The 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 invest 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 does 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 Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
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:
Fidelity Large Cap Growth Enhanced Index Fund | $1,456 |
Fidelity Large Cap Value Enhanced Index Fund | 4,946 |
Fidelity Large Cap Core Enhanced Index Fund | 970 |
Fidelity Mid Cap Enhanced Index Fund | 1,605 |
Fidelity International Enhanced Index Fund | 2,152 |
During the period, the Funds did not borrow on this line of credit.
8. Security Lending.
Certain Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Funds. 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. 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. During the period, there were no securities loaned to FCM. Security lending activity was as follows:
Total Security Lending Income | |
Fidelity Large Cap Growth Enhanced Index Fund | $4,223 |
Fidelity Large Cap Value Enhanced Index Fund | $11,842 |
Fidelity Large Cap Core Enhanced Index Fund | $514 |
Fidelity Mid Cap Enhanced Index Fund | $7,185 |
Fidelity International Enhanced Index Fund | $96,807 |
9. Bank Borrowings.
Each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. Each Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. At period end, there were no bank borrowings outstanding. Each applicable Fund's activity in this program during the period for which loans were outstanding was as follows:
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity International Enhanced Index Fund | $12,231,000 | 2.90% | $985 |
10. Expense Reductions.
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
Expense reduction | |
Fidelity Large Cap Growth Enhanced Index Fund | $715 |
Fidelity Large Cap Value Enhanced Index Fund | 1,934 |
Fidelity Large Cap Core Enhanced Index Fund | 546 |
Fidelity Mid Cap Enhanced Index Fund | 187 |
Fidelity International Enhanced Index Fund | 46 |
11. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
At the end of the period, Strategic Advisers Fidelity U.S. Total Stock Fund was the owner of record of approximately 40% of the total outstanding shares of Fidelity Large Cap Value Enhanced Index Fund.
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, 2018 to February 28, 2019).
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. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense RatioA | Beginning Account Value September 1, 2018 | Ending Account Value February 28, 2019 | Expenses Paid During Period-B September 1, 2018 to February 28, 2019 | |
Fidelity Large Cap Growth Enhanced Index Fund | .39% | |||
Actual | $1,000.00 | $948.20 | $1.88 | |
Hypothetical-C | $1,000.00 | $1,022.86 | $1.96 | |
Fidelity Large Cap Value Enhanced Index Fund | .39% | |||
Actual | $1,000.00 | $979.10 | $1.91 | |
Hypothetical-C | $1,000.00 | $1,022.86 | $1.96 | |
Fidelity Large Cap Core Enhanced Index Fund | .39% | |||
Actual | $1,000.00 | $968.20 | $1.90 | |
Hypothetical-C | $1,000.00 | $1,022.86 | $1.96 | |
Fidelity Mid Cap Enhanced Index Fund | .59% | |||
Actual | $1,000.00 | $968.10 | $2.88 | |
Hypothetical-C | $1,000.00 | $1,021.87 | $2.96 | |
Fidelity International Enhanced Index Fund | .59% | |||
Actual | $1,000.00 | $959.90 | $2.87 | |
Hypothetical-C | $1,000.00 | $1,021.87 | $2.96 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period).
C 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
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the management contract with FMR Co., Inc. (FMRC), an affiliate of Fidelity Management & Research Company (FMR), and the sub-advisory agreement for each fund (Sub-Advisory Agreement) with Geode Capital Management, LLC (Geode). FMRC and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the advisory arrangements throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of each fund's advisory arrangements, including the services and support provided to each fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of each fund's advisory arrangements. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the advisory arrangements. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its January 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and Sub-Advisory Agreement (together, the Advisory Contracts) for each fund to reflect the fact that, effective February 1, 2019, FMR would assume the duties and rights of FMRC under the fund's then current management contract. The Board noted that, with the exception of the date, term, entity name, and non-operating expense language clarification described below, the terms of each fund's Advisory Contracts, including the fees payable thereunder, would not change as a result of the approval of the Advisory Contracts. The Board considered that FMR would render the same services to the funds under the amended and restated management contracts that FMRC rendered to the funds under the then current management contracts and that the Sub-Advisory Agreements were simply being updated to reflect the change in investment adviser. The Board also considered that approval of the Advisory Contracts would not result in any changes to (i) the investment process or strategies employed in the management of the funds' assets; or (ii) the day-to-day management of the funds or the persons primarily responsible for such management. As a result, the Board considered that its prior experience with FMRC as investment adviser for the funds was relevant to its consideration of the Advisory Contracts.
In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity and Geode from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to approve the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the approval of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to approve the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to approve the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with representatives of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the funds and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement each fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMRC's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against an appropriate securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"), if any. In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for each fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended June 30, 2018, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe. For Fidelity International Enhanced Index Fund, returns of the benchmark index are "net MA," i.e., adjusted for tax withholding rates applicable to U.S.-based funds organized as Massachusetts business trusts.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
GEI-SANN-0419
1.855142.111
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) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Commonwealth Trust II
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | April 24, 2019 |
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 24, 2019 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | April 24, 2019 |