PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021

Fidelity® Small Cap Enhanced Index Fund

Key Takeaways

• For the fiscal year ending February 28, 2021, the fund gained 53.78%, outperforming the 51.00% increase in the benchmark Russell 2000® Index.

• Compared with the benchmark, the fund benefited from favorable security selection across a diversified combination of factor exposures.

• Versus the benchmark, security selection added particular value in the information technology and financials sectors.

• In contrast, picks among consumer discretionary, health care and industrials stocks detracted from the fund's relative performance.

• The portfolio's overall sector positioning added value, driven by helpful underweightings in two underperforming categories, real estate and energy. Overweighted exposure to the strong health care equipment & services industry also contributed. Conversely, an underweighting in consumer discretionary weighed on relative performance.

• 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.

• This period, Max and his team made no significant changes to the model and remained committed to their quantitative approach to investing.

FISCAL PERFORMANCE SUMMARY: Cumulative Annualized Periods ending February 28, 2021 6 1 3 5 10 Year/ Month YTD Year Year Year LOF1 Fidelity Small Cap Enhanced Index Fund 44.10% 12.27% 53.78% 13.25% 14.87% 11.63% Gross Expense Ratio: 0.64%2 Russell 2000 Index 41.69% 11.58% 51.00% 14.87% 17.92% 11.86% Morningstar Fund Small Blend 37.54% 11.55% 41.65% 11.15% 14.46% 10.47% % Rank in Morningstar Category (1% = Best) -- -- 10% 28% 46% 24% # of Funds in Morningstar Category -- -- 671 628 525 369 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 calendar- quarter 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 PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021

Q&A

An interview with Maximilian Kaufmann, Senior Portfolio Manager of the Geode Capital Management, LLC, Maximilian Kaufmann Portfolio Manager investment management team

Fund Facts Q: Max, how did the fund perform for the fiscal year ending February 28, 2021฀ Trading Symbol: FCPEX The fund gained 53.78% the past 12 months, topping the Start Date: December 20, 2007 51.00% increase in the benchmark Russell 2000® Index. The fund outpaced the peer group average by a wider margin. Size (in millions): $688.90 Versus the benchmark, security selection was particularly strong in information technology and financials. On the other hand, picks among consumer discretionary, health care and industrials stocks hampered the portfolio's relative result. Investment Approach Meanwhile, sector positioning also contributed, driven by beneficial underweights in the lagging real estate and energy • Fidelity® Small Cap Enhanced Index Fund is a diversified sectors. Overweighted exposure to the strong health care domestic equity strategy with a small-cap core orientation. equipment & services industry, within the health care sector, also contributed. Conversely, an underweighting in the • The fund seeks to outperform its benchmark through a market-leading consumer discretionary sector weighed on quantitative investment process that balances both risk relative performance. and return. • Our approach involves building multifactor statistical Q: What market trends influenced the fund's models to help us select companies with desirable result the past 12 months฀ fundamental characteristics. We generally favor companies with improving fundamentals and that are Early in the COVID-19 pandemic, amid widespread also trading at reasonable valuations. economic lockdowns, investors gravitated toward stocks demonstrating high-quality and defensive-value • Our systematic investment process accounts for both top-down market indicators and bottom-up fundamental characteristics. Gradually, however, stocks displaying a high insights, using a dynamic factor allocation that allows the level of these attributes gave way to growth-oriented stocks, fund to adapt to changing market conditions in a risk- which benefited from the emergence of the stay-at-home aware manner. economy. Faring best were companies that were either well- positioned to benefit from accelerating online commerce or agile enough to adapt quickly to fast-changing market trends. Stocks that showed momentum-oriented characteristics also generally performed well for most of the past 12 months. In the period's final months, as investors looked forward to COVID-19 vaccines enabling a more-normal economic backdrop, cyclical value stocks, which had struggled earlier in the reporting period, enjoyed an impressive comeback. Against this backdrop, the fund's diversified set of factor exposures contributed to security selection and the fund's outperformance of the benchmark. As always, security selection within the fund is derived from our quantitative approach to investing. This involves building

2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A. PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021

models that can identify companies with a variety of Also adding notable value was an outsized stake in Plug desirable fundamental characteristics that our research has Power (+814%), a maker of hydrogen fuel cells and the shown to be correlated with long-term outperformance. portfolio's largest holding as of February 28. We initially purchased Plug Power in June, as our model especially liked Q: Why do you favor a quantitative investment the stock's momentum and growth attributes. Plug Power approach฀ shares rose sharply as investors saw increased opportunity for companies to potentially capitalize upon growing Ultimately, we're seeking to identify good businesses with demand for alternative energy. durable competitive advantages, selling at prices we Further contributing was a larger-than-benchmark stake in consider reasonable. To accomplish this objective, our team Calix Networks, whose shares advanced 332%. Our models uses computer-aided analytical models to help us examine favored this communications-equipment stock for its and rank individual securities. We then seek to build a momentum, information-flow, quality and growth portfolio that we believe can outperform the benchmark over characteristics. Several times during the reporting period, the long term. These rankings generally are based on Calix announced better-than-expected financial results. valuations, earnings growth and technical indicators, among other factors. An overweighting in specialized mattress company Sleep Number (+210%) also helped, as the firm reported strong We also try to manage portfolio risk, with the aim of keeping financial results the past 12 months. Generally favorable the fund's risk characteristics similar to those of the momentum and growth attributes were behind our benchmark. Our models are intended to provide a investment model's recommendation to overweight this framework in which we may decide to overweight securities stock. that our analyses indicate have positive characteristics. Similarly, we may also choose to either underweight or avoid stocks determined to have negative characteristics. Q: Which stocks detracted฀ Furthermore, we consider the way the fund's assets are Not owning benchmark component and video-game retailer allocated relative to the benchmark in terms of position size, GameStop for most of the period hurt the fund's relative industry and market capitalization. At least 80% of the fund's result. The firm was one of several "viral" stocks that gained assets are generally invested in common stocks included in sharply late in the period, driven by day-trading investors the benchmark, allowing the remainder to be invested in out- who coordinated buying and selling activity online. Shares of of-benchmark securities. GameStop were extraordinarily volatile over the 12-month We favor a data-driven approach because we believe that period but still generated a roughly 25-fold increase in the financial markets are less than 100% efficient, primarily due benchmark. To keep a relatively consistent underweighting to investors' behavioral tendencies. So, in an attempt to in the stock, we purchased a small position late in the period. mitigate the impact of human emotion – and potentially Another key detractor was the portfolio's overweight stake in remove some common investing biases that come with it – American Assets Trust, which returned -23%. Our investment we apply a systematic investment process grounded in model favored this stock for its information-flow and quality traditional fundamental analysis to make the process more attributes. Shares of this real estate investment trust (REIT) objective. and owner of retail, office and residential properties struggled for much of the period, as investors appeared Q: Versus the benchmark, which stocks concerned about how COVID-19 would continue to affect contributed most฀ the finances of the property types owned by the firm.

Many of the fund's top individual relative contributors Q: Any closing thoughts for shareholders as of produced an unusually strong gain in a robust period of performance for small-cap stock. February 28, Max฀ Our top relative contributor was an overweighting in mobile During the period, we enhanced the fund's investment communication software company Digital Turbine. Its shares model by adding a top-down industry allocation component rose a massive 1,234% over the course of the past 12 to complement the bottom-up (stock-by-stock) approach we months, as the firm repeatedly reported very strong financial continue to employ. With this addition, we sought to results. At our investment model's recommendation, we strengthen the fund's active industry allocation decisions initially invested in Digital Turbine early on in the reporting while maintaining a consistent level of risk. period due to the stock's strong momentum and We remain committed to our long-term quantitative information-flow qualities. Information flow is our proprietary investment approach and philosophy and will continue to measure of how investors are processing information about a seek to outperform the benchmark while attempting to stock. match its risk level. ■

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ASSET ALLOCATION

Relative Change From Six Months Asset Class Portfolio Weight Index Weight Relative Weight Ago Domestic Equities 99.25% 99.04% 0.21% -0.32% International Equities 0.65% 0.96% -0.31% 0.22% Developed Markets 0.57% 0.82% -0.25% 0.18% Emerging Markets 0.08% 0.07% 0.01% 0.04% Tax-Advantaged Domiciles 0.00% 0.07% -0.07% 0.00% Bonds 0.00% 0.00% 0.00% 0.00% Cash & Net Other Assets 0.10% 0.00% 0.10% 0.10% 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

Relative Change From Six Months Market Segment Portfolio Weight Index Weight Relative Weight Ago Health Care 18.21% 20.32% -2.11% -1.63% Industrials 16.72% 15.85% 0.87% 0.22% Financials 15.42% 15.16% 0.26% -0.81% Information Technology 14.24% 13.60% 0.64% -0.95% Consumer Discretionary 14.12% 14.20% -0.08% 0.46% Real Estate 4.92% 5.97% -1.05% 0.85% Materials 3.96% 4.14% -0.18% -0.19% Multi Sector 3.08% -- 3.08% 1.72% Energy 2.82% 2.64% 0.18% 0.34% Consumer Staples 2.75% 3.16% -0.41% 0.37% Utilities 1.92% 2.61% -0.69% -0.22% Communication Services 1.72% 2.35% -0.63% -0.29% 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. PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021

10 LARGEST HOLDINGS

Holding Market Segment Plug Power, Inc. Industrials Deckers Outdoor Corp. Consumer Discretionary Darling Ingredients, Inc. Consumer Staples Synaptics, Inc. Information Technology Penn National Gaming, Inc. Consumer Discretionary Churchill Downs, Inc. Consumer Discretionary Atkore, Inc. Industrials Rexnord Corp. Industrials EMCOR Group, Inc. Industrials Calix Networks, Inc. Information Technology 10 Largest Holdings as a % of Net Assets 7.06% Total Number of Holdings 655

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.

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Definitions and Important Information 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%. % Information provided in this document is for informational and Rank in Morningstar Category is based on total returns which educational purposes only. To the extent any investment information include reinvested dividends and capital gains, if any, and exclude in this material is deemed to be a recommendation, it is not meant to sales charges. Multiple share classes of a fund have a common be impartial investment advice or advice in a fiduciary capacity and is portfolio but impose different expense structures. not intended to be used as a primary basis for you or your client's investment decisions. Fidelity, and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in, and receive compensation, directly or indirectly, in connection with the management, distribution and/or servicing of these products or services including Fidelity funds, certain third-party funds and products, and certain investment services.

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.

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.

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. They should not be construed or used as a recommendation for any sector or industry.

RANKING INFORMATION © 2021 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

6 | PORTFOLIO MANAGER Q&A | AS OF FEBRUARY 28, 2021

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.

7 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A. PERFORMANCE SUMMARY: Annualized Quarter ending March 31, 2021 1 3 5 10 Year/ Year Year Year LOF1 Fidelity Small Cap Enhanced Index Fund 97.26% 13.35% 13.90% 11.59% Gross Expense Ratio: 0.64%2 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 Information included on this page is as of the most recent calendar the investment objectives, risks, charges, and expenses. For quarter. this and other information, call or write Fidelity for a free S&P 500 is a registered service mark of Standard & Poor's Financial prospectus or, if available, a summary prospectus. Read it Services LLC. carefully before you invest. Other third-party marks appearing herein are the property of their respective owners. Past performance is no guarantee of future results. All other marks appearing herein are registered or unregistered Views expressed are through the end of the period stated and do not trademarks or service marks of FMR LLC or an affiliated company. necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, responsibility to update such views. These views may not be relied on as Smithfield, RI 02917. investment advice and, because investment decisions for a Fidelity fund Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI are based on numerous factors, may not be relied on as an indication of 02917. trading intent on behalf of any Fidelity fund. The securities mentioned are © 2021 FMR LLC. All rights reserved. not necessarily holdings invested in by the portfolio manager(s) or FMR Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. LLC. References to specific company securities should not be construed 738710.12.0 as recommendations or investment advice. Diversification does not ensure a profit or guarantee against a loss.