Fidelity Small Cap Enhanced Index Fund

Fidelity Small Cap Enhanced Index Fund Key Takeaways For the semiannual reporting period ending August 31, 2018, the fund rose 13.75%, trailing the 15.84% gain of the Russell 2000 Index. For the past six months, relative to the index, stock picking in the information technology and consumer discretionary sectors hurt the fund. Security selection in consumer staples contributed to the fund's relative performance. In addition, elevated exposure to lower-valuation stocks, as defined by our models, while maintaining more-limited exposure to growth- and momentum-oriented stocks, detracted from the fund's result. Senior Portfolio Manager Maximilian Kaufmann and his team employ an investment model intended to identify companies with fundamental characteristics shown to be correlated with long-term outperformance. The team maintains a data-driven approach aimed at managing emotional biases and generating a more objective process. In June, the team enhanced its investment model to better diversify its factor allocations and help avoid portfolio drift over time. FISCAL PERFORMANCE SUMMARY: Periods ending August 31, 2018 6 Month Cumulative YTD 1 3 Annualized 5 10 / LOF 1 Fidelity Small Cap Enhanced Index Fund Gross Expense Ratio: 0.64% 2 13.75% 12.05% 22.53% 13.59% 12.38% 10.52% Russell 2000 Index 15.84% 14.26% 25.45% 16.11% 13.00% 10.46% Morningstar Fund Small Blend 13.09% 10.80% 21.89% 13.96% 11.48% 9.87% % Rank in Morningstar Category (1% = Best) -- -- 50% 61% 38% 37% # of Funds in Morningstar Category -- -- 781 645 543 388 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/20/2007. 2 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. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio. 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

Q&A Fund Facts Trading Symbol: Maximilian Kaufmann Portfolio Manager FCPEX Start Date: December 20, 2007 Size (in millions): $844.91 Investment Approach Fidelity Small Cap Enhanced Index Fund is a diversified domestic equity strategy with a small-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 top-down 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 Portfolio Manager Maximilian Kaufmann, Senior Portfolio Manager of the Geode Capital Management, LLC, investment management team Q: Max, how did the fund perform for the six months ending August 31, 2018 The fund gained 13.75%, trailing the benchmark Russell 2000 Index, which gained 15.84%. The fund, however, outperformed the peer group average. Taking a slightly longer term view, the fund rose 22.53% for the trailing year, lagging the Russell index and outpacing the peer group average. Q: What market trends did you encounter, and how did they affect performance Optimism about global economic growth and the impact of U.S. tax reform passed in December continued to lift stock prices, overcoming concern about geopolitical risk and mounting conflict between the U.S. and its trading partners. Even as the Russell index gained significant ground this period, some types of stocks performed significantly better than others. Continuing a sustained trend, growth stocks significantly outpaced their value counterparts. To highlight this point: the growth stocks in the Russell index, as measured by the Russell 2000 Growth Index, outperformed the index's value stocks, reflected in the Russell 2000 Value Index, by roughly 5 percentage points for the six months ending August 31. Such a backdrop did not suit the fund. Following our quantitative investment process, the fund had elevated exposure to stocks that, according to our analysis, offered favorable valuation attributes, while we also had morelimited exposure to growth- and momentum-oriented stocks. Both factors combined to hurt relative performance. Looking more closely at the portfolio's positioning, our biggest challenges were in the information technology and consumer discretionary sectors, where security selection hampered relative performance. On the positive side, stock picking in consumer staples added value. Such positioning was, as always, the product of our quantitative approach to investing. This involves building systems that that can identify 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

companies with a variety of desirable fundamental characteristics that our research has shown to be correlated with long-term outperformance versus the market average. Q: Why do you employ a quantitative investment approach Ultimately, we're seeking to identify good businesses with durable competitive advantages and with stocks selling at prices we consider reasonable. To accomplish this objective, my team and I use computeraided analytical models to help us examine and rank individual securities. With these models, we seek to build a portfolio that can outperform the benchmark. These rankings generally are based on valuations, earnings growth and technical indicators, among other factors. We also try to manage portfolio risk, with the aim of keeping the fund's risk characteristics similar to those of its benchmark. Our models are intended to provide a framework in which we may decide to overweight securities that our analyses indicate have positive characteristics and to underweight or avoid stocks determined to have negative characteristics. We consider the way the fund's assets are allocated relative to the benchmark in terms of position size, industry and market capitalization. We generally invest at least 80% of the fund's assets in common stocks included in the index, allowing the remainder to be invested in out-ofbenchmark securities. We favor a data-driven approach because we believe that financial markets are less than 100% efficient, primarily due to investors' behavioral tendencies. So, in an attempt to manage human emotion and potentially remove some common investing biases that come with it we apply a systematic investment process grounded in traditional fundamental analysis to make the process more objective. Q: Which stocks detracted the most relative to the benchmark The fund's biggest relative detractor was technology distributor Tech Data, whose shares returned roughly -30% during the past six months, reflecting disappointing financial results and growing competition. Our stake in online loan marketplace Lending Tree (-27%) also detracted. Early in the period, we established a small position and built the holding over time, as our models liked the stock especially for its favorable momentum and growth attributes. Unfortunately, this purchase proved poorly timed; shares of Lending Tree struggled for the remainder of the reporting period, largely reflecting the company's weakerthan-expected April quarterly earnings report. Businessprocess outsourcing company Synnex also disappointed versus the index, returning -21%, largely due to a combination of disappointing quarterly earnings and the market's apparent skepticism about its pending acquisition of call-center operator Convergys. Still, Synnex generally scored highly on our models' valuation and information-flow criteria, among others, leading us to modestly add to the position. Q: Which stocks contributed Medifast, a maker of nutrition and weight-loss products, gained roughly 258% for the fund and added more value than any other position, driven by the company's strong financial results. Our models found Medifast compelling for its momentum and growth characteristics, among other factors. As the stock gained in value, we followed our models' recommendation and trimmed the fund's exposure to maintain a consistent overweight. W&T Offshore, an offshore energy producer, also contributed. Like Medifast, shares of W&T Offshore (+73%) produced a healthy gain for the fund, as the company benefited from a generally rising oil price. W&T remained attractive to us throughout the six months, largely due to the company's valuation and momentum attributes. Another fund holding, Insperity, a provider of human resources and business services and one of our largest holdings saw its shares gain 84% for the fund. Our models continued to find Insperity attractive for its momentum, quality and profitability factors. Q: Any closing thoughts, Max We remain committed to our long-term quantitative investment approach and philosophy, and we will continue to seek to outperform the index while matching its risk. In June, based on our team's ongoing research, we launched an upgraded investment model that we believe will do a better job of diversifying our factor allocations in the future, while also helping avoid drift that would typically have occurred in the portfolio over time. We will be gradually implementing this transition over several months and expect to complete it around November. 3 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

ASSET ALLOCATION Asset Class Portfolio Weight Index Weight Relative Weight Relative Change From Six Months Ago Domestic Equities 99.82% 99.30% 0.52% 0.45% International Equities 0.37% 0.70% -0.33% -0.31% Developed Markets 0.08% 0.43% -0.35% -0.12% Emerging Markets 0.23% 0.14% 0.09% -0.25% Tax-Advantaged Domiciles 0.06% 0.13% -0.07% 0.06% Bonds 0.00% 0.00% 0.00% 0.00% Cash & Net Other Assets -0.19% 0.00% -0.19% -0.14% 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. "Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation. MARKET-SEGMENT DIVERSIFICATION Market Segment Portfolio Weight Index Weight Relative Weight Relative Change From Six Months Ago Information Technology 16.66% 15.37% 1.29% -0.54% Health Care 16.56% 16.25% 0.31% -0.22% Financials 15.59% 17.73% -2.14% 0.01% Industrials 14.93% 15.08% -0.15% -0.66% Consumer Discretionary 13.55% 13.38% 0.17% -0.41% Materials 5.66% 4.16% 1.50% 1.05% Real Estate 5.25% 6.99% -1.74% 0.01% Energy 3.93% 4.65% -0.72% 0.10% Consumer Staples 3.64% 2.65% 0.99% -0.14% Utilities 2.09% 3.03% -0.94% 0.36% Multi Sector 2.06% -- 2.06% 0.45% Telecommunication Services 0.26% 0.71% -0.45% 0.15% Other 0.00% 0.00% 0.00% 0.00% 4 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

10 LARGEST HOLDINGS Holding Haemonetics Corp. Insperity, Inc. CACI International, Inc. Class A Essent Group Ltd. EMCOR Group, Inc. Louisiana-Pacific Corp. Maximus, Inc. Hancock Whitney Corp. Yelp, Inc. Delek U.S. Holdings, Inc. Market Segment Health Care Industrials Information Technology Financials Industrials Materials Information Technology Financials Communication Services Energy 10 Largest Holdings as a % of Net Assets 7.12% Total Number of Holdings 493 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. 5 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

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. The securities of smaller, less well-known companies can be more volatile than those of larger companies. Although the fund seeks to beat the index, this is not guaranteed and the fund may trail the index. % 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 topperforming 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. 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. Russell 2000 Index is a market-capitalization-weighted index designed to measure the performance of the small-cap segment of the U.S. equity market. It includes approximately 2,000 of the smallest securities in the Russell 3000 Index. Russell 2000 Growth Index is a market capitalization-weighted index designed to measure the performance of the small-cap segment of the U.S. equity market. It includes those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth rates. Russell 2000 Value Index is a market capitalization-weighted index designed to measure the performance of the small-cap segment of the U.S. equity market. It includes those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth rates. 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 2018 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. 6

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 subadvised since 2007. 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.

PERFORMANCE SUMMARY: Quarter ending September 30, 2018 1 3 Annualized 5 10 / LOF 1 Fidelity Small Cap Enhanced Index Fund Gross Expense Ratio: 0.64% 2 11.98% 13.75% 10.26% 11.08% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/20/2007. 2 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. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio. 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. Diversification does not ensure a profit or guarantee against a loss. 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 02917. Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917. 2018 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. 738710.7.0