Fidelity Large Cap Value Enhanced Index Fund

Fidelity Large Cap Value Enhanced Index Fund Key Takeaways For the semiannual reporting period ending February 28, 208, the fund gained 9.53%, well ahead of the benchmark Russell 000 Value Index, which increased by 7.26%. Elevated exposure to stocks displaying certain in-favor characteristics as defined by our models, such as value and quality, contributed to the fund's strong relative showing. On a sector basis, selection in industrials and consumer discretionary meaningfully added value. Conversely, choices among the stocks of financial companies detracted, as did a slight underweighting in this sector. Senior Manager Max Kaufmann and his team continued to employ an investment model designed to identify companies with strong fundamental characteristics. The team's data-driven approach is intended to help reduce emotional biases and generate a more objective investment decision-making process. As of February 28, the management team remained overweighted in stocks backed by profitable companies, and that demonstrated value and quality characteristics that historically have been correlated with long-term outperformance. FISCAL PERFORMANCE SUMMARY: Periods ending February 28, 208 6 Month Cumulative YTD 3 Annualized 5 0 / LOF Fidelity Large Cap Value Enhanced Index Fund Gross Expense Ratio: 0.39% 2 9.53% -0.53% 0.39% 8.55% 2.83% 8.07% Russell 000 Value Index 7.26% -.09% 7.75% 8.02% 2.04% 7.89% Morningstar Fund Large Value 8.78% -0.62% 0.57% 7.89%.66% 7.74% % Rank in Morningstar Category (% = Best) -- -- 54% 37% 24% 4% # of Funds in Morningstar Category -- --,255,076 96 684 Life of Fund (LOF) if performance is less than 0 years. Fund inception date: 04/9/2007. 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. 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 40k.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 Manager FLVEX Start Date: April 9, 2007 Size (in millions): $3,477.52 Investment Approach Fidelity Large Cap Value Enhanced Index Fund is a diversified domestic equity strategy with a large-cap value 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 semiannual period ending February 28, 208 The fund gained 9.53%, well ahead of the benchmark Russell 000 Value Index, which gained 7.26%. The fund also surpassed the peer group average. For the six months, most stocks generated healthy gains, despite a significant downturn in February. Continued optimism about global economic growth which intensified in December with passage of federal tax-reform helped spur stocks' favorable performance. Among large-caps, growth stocks, as measured by the Russell 000 Growth Index, easily outpaced value stocks, as measured by the Russell 000 Value Index. Both midand small-caps trailed the S&P 500, representing the entire U.S. large-cap market. For the trailing 2 months, the fund added 23.52%, falling short of the 26.% return of the Russell 000 Value Index, as well as the peer group average. Q: What factors affected the fund's results Stocks of profitable companies that demonstrated a high level of quality and certain value characteristics drove the fund's outperformance of the benchmark. Meanwhile, our relatively low exposure to growth characteristics further enhanced the relative return this period. Growth which by our definition considers criteria such as increases in earnings, sales, and research and development expenses generally was not a desirable investment characteristic. It's important to note that, because our factor definitions are specific to our process, the fund's "growth" stocks are not necessarily similar to those in the Russell 000 Growth Index, which significantly outperformed the Russell 000 Value Index for the period. 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 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

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 take into consideration stock valuations and technical indications, in addition to company-specific performance criteria. In general, we seek to establish a risk profile for the portfolio similar to that of the index. Our models are designed to 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 and market-capitalization weightings. 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: Which sectors and stocks added value The biggest benefit came from security selection in industrials. Here, the fund's top individual contributor was industrial conglomerate General Electric, a poor-performing benchmark component in which we were significantly underweighted throughout the period because our models did not find the stock attractive. GE faced multiple business challenges during the period, reported weak financial results and cut its dividend in half. In the consumer discretionary sector, where security selection also was beneficial, the fund's top individual contributors were Kohl's, a department store retailer, and Michael Kors Holdings, a retailer and designer of apparel and accessories. Kohl's stock performed well this period, partly benefiting from strong holiday-season sales, while shares of Michael Kors gained due to better-than-expected financial results and a rosier earnings outlook. In the information technology sector, the fund's top contributors were a couple of semiconductor manufacturers Intel and Micron Technology. Both stocks reported strong earnings during the period. At the recommendation of our models, we allowed our position in Intel to grow modestly, while we scaled back the fund's Micron allocation. Q: What detracted from results We saw a modestly negative impact from a slight underweighting in financials, as well as security selection within this sector, led by an out-of-benchmark position in Annaly Capital Management, a mortgage real estate investment trust (REIT). Many investors believed it and other names in its segment remained vulnerable to rising interest rates. Our models continued to detect good value with this stock, however, and we added to the fund's weighting over time. Also in financials, it hurt to underweight Blackrock, an asset manager focused on alternative investments. We added a very small position to this benchmark component in December, and previously did not own it at all a negative factor for our relative performance, given this stock's 32% gain. Elsewhere, PPL, a provider of electricity and natural gas that struggled along with the broader utilities sector, detracted, as did Walgreens Boots Alliance, the holding company for the Walgreens drugstore chain. Q: Any closing thoughts as of February 28 The economic environment remains robust, with strong growth and employment trends in the U.S. accompanied by few obvious signs of inflation. That said, while we do monitor market developments, our investment decisions are based on company-specific factors, rather than big-picture macroeconomics. In other words, regardless of market and economic trends, we remain committed to our quantitative approach and will seek to outperform the index while matching its risk. As of period end, we are continuing to overweight stocks backed by profitable companies that score well on our value and quality factors, which our research has shown to be correlated with outperformance over time. 3 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

LARGEST CONTRIBUTORS VS. BENCHMARK 0 LARGEST HOLDINGS Holding Average Contribution (basis points)* General Electric Co. Industrials -0.50% 43 Michael Kors Holdings Ltd. Applied Materials, Inc. Kohl's Corp. Spirit AeroSystems Holdings, Inc. Class A * basis point = 0.0%. Information Technology 0.38% 27 0.24% 22 0.24% 2 Industrials 0.50% 9 LARGEST DETRACTORS VS. BENCHMARK Holding Corrections Corp. of America BlackRock, Inc. Class A Average Contribution (basis points)* Real Estate 0.32% -7 Financials -0.47% -6 Abbott Laboratories Health Care -0.55% -4 Ford Motor Co. Bed Bath & Beyond, Inc. * basis point = 0.0%. ASSET ALLOCATION Asset Class 0.9% -4 0.3% -3 Six Months Ago Domestic Equities 99.7% 99.9% International Equities 0.82% 0.78% Developed Markets 0.2% 0.30% Emerging Markets 0.70% 0.48% Tax-Advantaged Domiciles 0.00% 0.00% Bonds 0.00% 0.00% Cash & Net Other Assets 0.0% 0.03% 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 Six Months Ago JPMorgan Chase & Co. Financials 3.67% 3.7% Exxon Mobil Corp. Energy 3.05% 3.9% Berkshire Hathaway, Inc. Class B Financials 2.95% 2.36% Bank of America Corp. Financials 2.53% 2.48% Johnson & Johnson Health Care 2.47% 2.67% Intel Corp. AT&T, Inc. Cisco Systems, Inc. Information Technology Telecommunication Services Information Technology 2.4%.87% 2.27% 2.33% 2.22%.84% Pfizer, Inc. Health Care 2.2% 2.8% Citigroup, Inc. Financials 2.08% 2.05% 0 Largest Holdings as a % of Net Assets 25.85% 25.4% Total Number of Holdings 230 232 The 0 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 Six Months Ago Financials 25.57% 23.27% Health Care 5.37% 5.82% Information Technology.09% 9.94% Staples 9.0% 0.7% Energy 8.89% 8.4% Industrials 8.34% 8.02% 7.6% 8.62% Utilities 4.29% 5.20% Materials 3.57% 2.98% Telecommunication Services 2.55% 2.65% Real Estate 2.43% 3.2% Multi Sector.8%.52% 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.

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. Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market for long periods of time. Although the fund seeks to beat the index, this is not guaranteed and the fund may trail the index. IMPORTANT FUND INFORMATION positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance. At a shareholder meeting on 2/8/7, a proposal was approved to combine the oversight of Fidelity's sector funds with Fidelity's broader equity and high income funds under a single Board of Trustees. The unified Board will be effective on 3//8. 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 and the lowest (or least favorable) percentile rank is 00. The top-performing fund in a category will always receive a rank of %. % 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. RELATIVE WEIGHTS 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. 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 000 Value Index is a market-capitalization-weighted index designed to measure the performance of the large-cap value segment of the U.S. equity market. It includes those Russell 000 Index companies with lower price-to-book ratios and lower expected growth rates. Russell 000 Growth Index is a market capitalization weighted index designed to measure the performance of the large- cap growth segment of the U.S. equity market. It includes those Russell 000 Index companies with higher price-to-book ratios and higher forecasted growth rates. S&P 500 is a market-capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. 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 208 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: () 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 5

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 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. 6 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PERFORMANCE SUMMARY: Quarter ending March 3, 208 3 Annualized 5 0 / LOF Fidelity Large Cap Value Enhanced Index Fund Gross Expense Ratio: 0.39% 2 0.% 8.59%.70% 8.09% Life of Fund (LOF) if performance is less than 0 years. Fund inception date: 04/9/2007. 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. 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 40k.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 0297. Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 0297. 208 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. 738626.6.0