Fidelity International Enhanced Index Fund

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1 Fidelity International Enhanced Index Fund Key Takeaways The fund gained 14.74% for the six months ending August 31, 2017 the period since our previous annual report surpassing the 12.32% increase in the benchmark MSCI EAFE index. International stocks benefited from improved investor sentiment surrounding China, less concern about political risk in Europe, supportive monetary policy from global central banks and a generally weaker dollar. Unlike in the U.S., value-oriented stocks performed especially well, while growth and momentum factors also were positive. The fund's exposure to all of these factors helped the fund's results relative to the MSCI EAFE benchmark. Relative to the MSCI EAFE index, stock selection in Japan and the U.K. were strongest. Senior Manager Max Kaufmann and his team continued to employ an investment model designed with the goal of identifying companies with strong fundamental characteristics they believe may be correlated with long-term outperformance. The team's data-driven approach is intended to help reduce emotional biases and generate a more objective investment decision-making process. FISCAL PERFORMANCE SUMMARY: Periods ending August 31, Month Cumulative YTD 1 3 Annualized 5 10 / LOF 1 Fidelity International Enhanced Index Fund Gross Expense Ratio: 0.59% % 20.42% 21.58% 4.90% 10.18% 2.03% MSCI EAFE Index (Net Massachusetts tax) 12.32% 17.24% 17.88% 3.01% 8.65% 1.82% Morningstar Fund Foreign Large Value 11.01% 15.48% 17.42% 1.24% 7.23% -- % Rank in Morningstar Category (1% = Best) % 5% 6% -- # of Funds in Morningstar Category Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/20/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. This fund has a short term trading fee 1.00% for shares held less than 30 days. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A. Not FDIC Insured May Lose Value No Bank Guarantee

2 Q&A Fund Facts Trading Symbol: Maximilian Kaufmann Manager FIENX Start Date: December 20, 2007 Size (in millions): $ Investment Approach Fidelity International Enhanced Index Fund is a diversified international equity strategy with a large-cap core orientation. The fund seeks to outperform its benchmark through a quantitative investment process that balances both risk and return. Our approach involves building multifactor statistical models to help us select companies with desirable fundamental characteristics. We generally favor companies with improving fundamentals and that are also trading at reasonable valuations. Our systematic investment process accounts for both topdown market indicators and bottom-up fundamental insights, using a dynamic factor allocation that allows the fund to adapt to changing market conditions in a riskaware manner. An interview with Maximilian Kaufmann, Senior Manager of the Geode Capital Management, LLC, investment management team Q: Max, how did the fund perform for the sixmonth review period ending August 31, 2017 The fund gained 14.74%, significantly outpacing the 12.32% return of the benchmark MSCI EAFE index, as well as the peer group average. During the period, international equities significantly outpaced their U.S. counterparts, lifted by various factors, including more optimism about the influential Chinese economy, less concern about political risks in Europe and continued supportive monetary policy from global central banks. A generally weaker U.S. dollar also boosted returns for U.S. investors in international stocks. Looking out a bit further, the fund was up 21.58% for the 12 months ending August 31, 2017 a result that again outpaced the 17.88% gain in the MSCI EAFE index and the peer group average. (The fund may use fair-value pricing techniques to better reflect the value of foreign securities whose prices may be stale due to differences in market-closure times and dates around the world. Fair-value pricing is an adjustment process that attempts to best represent the value of fund holdings as of the close of trading in U.S. markets, accounting for any major changes occurring after the close of foreign markets. The MSCI EAFE does not engage in fair-value pricing; differences between fund and index pricing methodologies may cause short-term discrepancies in performance, which tend to smooth out over time.) Q: What factors influenced the fund's results the past six months Unlike in the U.S., where low-valuation stocks significantly lagged their growth- and momentum-oriented counterparts for the period, investors in international stocks encountered much more uniformly positive conditions. Value-oriented stocks fared particularly well, especially in Japan, but growth and momentum factors also were popular with investors. Exposure to all these factors especially valuation were positives for the fund. 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

3 Such positioning was, as always, the product of our quantitative approach to investing. This involves building systems that select investments with a variety of desirable fundamental traits that our research has shown to be correlated with long-term outperformance. Ultimately, we're seeking to identify good businesses with durable competitive advantages and with stocks that are selling at what we consider reasonable prices. To accomplish this objective, my team and I use computeraided analytical models to help us examine and rank individual securities. With these models, we build a portfolio that seeks to outperform the benchmark. These rankings generally are based on factors such as valuations, earnings growth and technical indicators. Our models provide a framework in which we may decide to overweight securities that our quantitative process shows have more exposure to the fundamental factors we believe can lead to outperformance, and underweight those that have little to no exposure to such characteristics. In addition, we consider the fund's security, industry, market-capitalization and regional weightings relative to the benchmark. We generally invest at least 80% of the fund's assets in common stocks included in the benchmark, but maintain the ability to invest in non-index securities if our models identify attractive opportunities elsewhere. Q: How were you managing risk during the period Our approach continued to follow our proprietary risk model and modern portfolio construction techniques; we use these to measure and manage exposure to different sources of risk. In general, we seek to establish a risk profile for the portfolio similar to that of the index. Among other steps, we keep sector and industry weightings within two percentage points of benchmark weightings, and we avoid disproportionately high exposure to any given stock. These are just a few of the many variables we consider to keep the portfolio's risk at a level with which we are comfortable. The final stage of our process is portfolio review and monitoring. Before we actually buy or sell a stock, we want to ensure the move is consistent with our investment discipline. So we add a carefully managed layer of oversight to the process, such as excluding stocks that are benefiting from a one-time event unconnected to company fundamentals such as an acquisition offer or legal settlement that provides us with no predictive information. Q: Which sectors and individual stocks most influenced results relative to the MSCI EAFE Stock picking was strongest in the U.K. and Japan. In the latter, the fund benefited from its investment in semiconductor-equipment company Tokyo Electron, which in May reported healthy earnings. Japanese civil engineering company Taisei also contributed to results. Despite the fund's overall strength in Japan, it was also the source of several notable relative detractors, including manufacturing company JTEKT and automobile maker Honda Motor. Lack of exposure to video game company Nintendo, a strong-performing benchmark component that our models disfavored, also hampered relative results. Among U.K.-listed stocks, the fund benefited from its position in homebuilder Persimmon and a lack of exposure to Ireland-based biotechnology company and benchmark component Shire, whose shares returned -18%. Our top individual contributor was German aviation company Lufthansa, which, at the recommendation of our models, we increased exposure to over the course of the period. China-based Yangzijiang Shipbuilding was another meaningful contributor, while a position in Coca-Cola Amatil hurt results; this Australian beverage distributor reported poor financial results in April. Note to shareholders: During 2018, Fidelity's Large-Cap, Mid-Cap and International Enhanced Index Funds will invest all or substantially all of their assets in a "master portfolio." The master portfolio will be an affiliated mutual fund with an investment objective and investment strategies substantially the same as the existing enhanced index mutual funds. This is commonly referred to as a master-feeder structure. In this structure, a fund does not invest in securities directly and instead invests in a master portfolio that, in turn, invests directly in securities. Fidelity will file preliminary registration statements for five multifactor, enhanced index exchange-traded funds (ETFs) with the Securities and Exchange Commission (SEC) that, if approved, also will invest in the master portfolio. In order to facilitate the conversion of the Large-Cap, Mid- Cap and International Enhanced Index Funds to a masterfeeder structure, the following changes were made: the fiscal year-end of each fund changed to August 31 from February 28; and each fund is now allowed to pay dividends quarterly instead of semiannually, and capital gains once a year instead of twice. In addition, pursuant with the conversion, the funds will disclose the full holdings of the underlying master portfolios daily with no lag, rather than the current monthly disclosure with a 30-day lag. 3 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

4 LARGEST CONTRIBUTORS VS. BENCHMARK 10 LARGEST HOLDINGS Holding Deutsche Lufthansa AG Yangzijiang Shipbuilding Holdings Ltd. Tokyo Electron Ltd. Persimmon PLC Market Segment Average Relative Relative Contribution (basis points)* Industrials 0.35% 19 Industrials 0.32% 15 Information Technology Consumer Discretionary 0.48% % 14 Shire PLC Health Care -0.38% 13 * 1 basis point = 0.01%. LARGEST DETRACTORS VS. BENCHMARK Holding Market Segment Average Relative Relative Contribution (basis points)* JTEKT Corp. Industrials 0.36% -14 Coca-Cola Amatil Ltd. Consumer Staples 0.29% -11 Nintendo Co. Ltd. Honda Motor Co. Ltd. Information Technology Consumer Discretionary -0.24% % -9 Intesa Sanpaolo SpA Financials -0.24% -8 * 1 basis point = 0.01%. ASSET ALLOCATION Asset Class Six Months Ago International Equities 99.98% 99.82% Developed Markets 99.98% 99.82% Emerging Markets 0.00% 0.00% Tax-Advantaged Domiciles 0.00% 0.00% Domestic Equities 0.00% 0.00% Bonds 0.00% 0.00% Cash & Net Other Assets 0.02% 0.18% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number. Holding Market Segment Six Months Ago Nestle SA (Reg. S) Consumer Staples 1.92% 2.16% Novartis AG Health Care 1.77% 1.46% Roche Holding AG (participation certificate) Health Care 1.70% 1.78% Total SA Energy 1.31% 0.76% Sanofi SA Health Care 1.25% 1.07% GlaxoSmithKline PLC Health Care 1.16% 0.89% Allianz SE Financials 1.14% 0.70% Unilever NV (Certificaten Van Aandelen) (Bearer) Commonwealth Bank of Australia Consumer Staples 1.14% 1.02% Financials 1.13% 1.29% BASF AG Materials 1.09% 0.54% 10 Largest Holdings as a % of Net Assets 13.61% 13.30% Total Number of Holdings The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments. MARKET-SEGMENT DIVERSIFICATION Market Segment Six Months Ago Financials 20.13% 18.94% Industrials 13.75% 13.16% Consumer Discretionary 13.27% 13.58% Health Care 10.06% 11.02% Consumer Staples 9.30% 10.13% Materials 9.09% 9.38% Information Technology 6.38% 5.64% Telecommunication Services 5.70% 3.93% Multi Sector 3.79% 3.90% Real Estate 3.36% 4.20% Energy 2.84% 3.38% Utilities 2.32% 2.56% Other 0.00% 0.00% "Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation. 4 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

5 COUNTRY DIVERSIFICATION Country Six Months Ago Japan 23.45% 23.23% United Kingdom 16.32% 16.30% France 9.66% 9.94% Germany 8.63% 8.32% Switzerland 7.89% 9.34% Australia 6.10% 7.06% Netherlands 5.48% 4.27% Hong Kong 4.58% 4.24% Europe including UK 3.79% 3.90% Spain 3.77% 3.25% Sweden 2.68% 2.51% Denmark 2.50% 1.85% Singapore 1.82% 2.00% 5 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

6 Definitions and Important Information Unless otherwise disclosed to you, in providing this information, Fidelity is not undertaking to provide impartial investment advice, act as an impartial adviser, or to give advice in a fiduciary capacity. FUND RISKS Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. Although the fund seeks to beat the index, this is not guaranteed and the fund may trail the index. RELATIVE WEIGHTS Relative weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listed immediately under the fund name in the Performance Summary. IMPORTANT FUND INFORMATION Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance. INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted. MSCI EAFE Index (Net MA Tax) is a market-capitalization-weighted index that is designed to measure the investable equity market performance for global investors in developed markets, excluding the U.S. & Canada. Index returns are adjusted for tax withholding rates applicable to U.S. based mutual funds organized as Massachusetts business trusts. MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. Should not be construed or used as a recommendation for any sector or industry. RANKING INFORMATION 2017 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses. % Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures. 6

7 Manager Facts Maximilian Kaufmann is a senior portfolio manager on the equity portfolio team at Geode Capital Management. In this role Max is responsible for the management of the Quantitative Active Equity strategies, as well as portfolio construction, optimization, and continuous development of Geode's Quantitative Active Equity capabilities. He is the lead manager of the Fidelity Enhanced Index Funds, which Geode has sub-advised since Prior to joining Geode in 2009, Max worked as a portfolio manager of Active Quantitative Equities at Lazard Asset Management, LLC where he was responsible for developing the firm's quantitative long/short and long-only equity capabilities. In this role, he oversaw the investment process including analysis, trading and obtaining new investment mandates in active quantitative equity strategies. Prior to that, Max worked as lead portfolio manager of the Global Equity team at PanAgora Asset Management, Inc., where he was responsible for global equity research and investment process. Preceding that, he was a quantitative research analyst at Putnam Investments and CitiGroup Asset Management. Max earned his bachelor of science degree in economics from State University of New York at Binghamton and his master of arts degree in statistics from Columbia University. 7 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

8 PERFORMANCE SUMMARY: Quarter ending September 30, Annualized 5 10 / LOF 1 Fidelity International Enhanced Index Fund Gross Expense Ratio: 0.59% % 7.14% 10.06% 2.24% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/20/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. This fund has a short term trading fee 1.00% for shares held less than 30 days. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results. Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice. Information included on this page is as of the most recent calendar quarter. S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC. 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. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee Diversification does not ensure a profit or guarantee against a loss.

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