Quarterly Holdings Report
for
Fidelity® Series Large Cap Stock Fund
March 31, 2025
MHT-NPRT3-0525
1.951036.112
Common Stocks - 96.1%
 
  
Shares
Value ($)
 
BELGIUM - 0.8%
 
  
  
Health Care - 0.8%
  
  
  
Pharmaceuticals - 0.8%
  
  
  
UCB SA
 
901,600
158,664,987
CANADA - 1.9%
 
  
  
Energy - 1.7%
  
  
  
Oil, Gas & Consumable Fuels - 1.7%
  
  
  
Athabasca Oil Corp (c)
  
7,981,900
30,950,281
Imperial Oil Ltd (b)
  
3,271,700
236,331,758
MEG Energy Corp (b)
  
3,202,953
56,155,453
 
  
  
323,437,492
Industrials - 0.2%
  
  
  
Aerospace & Defense - 0.2%
  
  
  
Bombardier Inc Class B (c)
  
750,800
42,249,945
TOTAL CANADA
  
  
365,687,437
CONGO DEMOCRATIC REPUBLIC OF - 0.2%
 
  
  
Materials - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
Ivanhoe Mine Ltd Class A (c)
  
3,929,900
33,371,584
DENMARK - 0.2%
 
  
  
Health Care - 0.2%
  
  
  
Pharmaceuticals - 0.2%
  
  
  
Novo Nordisk A/S Class B ADR
 
604,400
41,969,536
FRANCE - 0.6%
 
  
  
Consumer Staples - 0.2%
  
  
  
Beverages - 0.2%
  
  
  
Pernod Ricard SA
 
346,300
34,172,689
Industrials - 0.4%
  
  
  
Aerospace & Defense - 0.4%
  
  
  
Airbus SE
 
463,000
81,527,673
TOTAL FRANCE
  
  
115,700,362
GERMANY - 1.2%
 
  
  
Information Technology - 1.2%
  
  
  
Software - 1.2%
  
  
  
SAP SE ADR (b)
  
882,246
236,830,116
ITALY - 0.1%
 
  
  
Consumer Staples - 0.1%
  
  
  
Beverages - 0.1%
  
  
  
Davide Campari-Milano NV (b)
  
2,208,500
12,981,432
Industrials - 0.0%
  
  
  
Passenger Airlines - 0.0%
  
  
  
Ryanair Holdings PLC ADR
 
216,600
9,177,342
TOTAL ITALY
  
  
22,158,774
JAPAN - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Advantest Corp
 
292,900
13,056,455
NETHERLANDS - 0.9%
 
  
  
Communication Services - 0.4%
  
  
  
Entertainment - 0.4%
  
  
  
Universal Music Group NV
 
2,806,081
77,484,324
Health Care - 0.2%
  
  
  
Biotechnology - 0.1%
  
  
  
Argenx SE ADR (c)
  
24,200
14,323,133
Merus NV (c)
  
203,100
8,548,479
 
  
  
22,871,612
Health Care Equipment & Supplies - 0.1%
  
  
  
Koninklijke Philips NV depository receipt
 
650,094
16,512,387
TOTAL HEALTH CARE
  
  
39,383,999
 
  
  
  
Information Technology - 0.3%
  
  
  
Semiconductors & Semiconductor Equipment - 0.3%
  
  
  
ASML Holding NV depository receipt
 
35,700
23,655,891
BE Semiconductor Industries NV
 
269,462
27,744,181
 
  
  
51,400,072
TOTAL NETHERLANDS
  
  
168,268,395
PORTUGAL - 0.2%
 
  
  
Energy - 0.2%
  
  
  
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
Galp Energia SGPS SA
 
1,867,800
32,778,954
SPAIN - 0.2%
 
  
  
Communication Services - 0.2%
  
  
  
Diversified Telecommunication Services - 0.2%
  
  
  
Cellnex Telecom SA (d)(e)
  
915,000
32,527,118
SWITZERLAND - 0.1%
 
  
  
Health Care - 0.1%
  
  
  
Pharmaceuticals - 0.1%
  
  
  
Galderma Group AG
 
179,985
19,036,053
TAIWAN - 0.4%
 
  
  
Information Technology - 0.4%
  
  
  
Semiconductors & Semiconductor Equipment - 0.4%
  
  
  
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
533,700
88,594,200
UNITED KINGDOM - 0.6%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Specialty Retail - 0.0%
  
  
  
JD Sports Fashion PLC
 
5,020,800
4,403,735
Consumer Staples - 0.3%
  
  
  
Beverages - 0.2%
  
  
  
Diageo PLC ADR
 
424,500
44,483,355
Tobacco - 0.1%
  
  
  
British American Tobacco PLC ADR
 
375,100
15,517,887
TOTAL CONSUMER STAPLES
  
  
60,001,242
 
  
  
  
Financials - 0.1%
  
  
  
Capital Markets - 0.1%
  
  
  
3i Group PLC
 
219,700
10,330,432
Industrials - 0.2%
  
  
  
Aerospace & Defense - 0.2%
  
  
  
Rolls-Royce Holdings PLC (c)
  
4,909,300
47,715,289
TOTAL UNITED KINGDOM
  
  
122,450,698
UNITED STATES - 87.6%
 
  
  
Communication Services - 8.8%
  
  
  
Entertainment - 0.4%
  
  
  
Walt Disney Co/The
 
899,193
88,750,348
Interactive Media & Services - 7.1%
  
  
  
Alphabet Inc Class A
 
2,597,725
401,712,194
Alphabet Inc Class C
 
2,201,760
343,980,965
Meta Platforms Inc Class A
 
1,047,400
603,679,464
Snap Inc Class A (c)
  
5,035,270
43,857,202
 
  
  
1,393,229,825
Media - 1.3%
  
  
  
Comcast Corp Class A
 
7,011,242
258,714,830
TOTAL COMMUNICATION SERVICES
  
  
1,740,695,003
 
  
  
  
Consumer Discretionary - 3.1%
  
  
  
Automobiles - 0.1%
  
  
  
Rivian Automotive Inc Class A (b)(c)
  
924,800
11,513,759
Broadline Retail - 0.2%
  
  
  
Amazon.com Inc (c)
  
210,100
39,973,626
Hotels, Restaurants & Leisure - 1.5%
  
  
  
Booking Holdings Inc (i)
  
44,037
202,874,496
Expedia Group Inc Class A
 
60,800
10,220,480
Marriott International Inc/MD Class A1
 
234,900
55,953,180
Starbucks Corp
 
364,400
35,743,996
 
  
  
304,792,152
Household Durables - 0.4%
  
  
  
Somnigroup International Inc
 
911,411
54,575,291
Whirlpool Corp (b)
  
171,463
15,453,960
 
  
  
70,029,251
Specialty Retail - 0.8%
  
  
  
Lowe's Cos Inc
 
616,107
143,694,636
RH (c)
  
65,200
15,283,532
 
  
  
158,978,168
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Lululemon Athletica Inc (c)
  
19,900
5,632,894
NIKE Inc Class B
 
245,500
15,584,340
 
  
  
21,217,234
TOTAL CONSUMER DISCRETIONARY
  
  
606,504,190
 
  
  
  
Consumer Staples - 3.8%
  
  
  
Beverages - 1.6%
  
  
  
Coca-Cola Co/The
 
2,250,395
161,173,290
Keurig Dr Pepper Inc
 
3,873,700
132,558,014
Monster Beverage Corp (c)
  
198,400
11,610,368
 
  
  
305,341,672
Consumer Staples Distribution & Retail - 1.0%
  
  
  
Performance Food Group Co (c)
  
340,000
26,734,200
Sysco Corp
 
762,700
57,233,008
Target Corp
 
335,200
34,981,472
US Foods Holding Corp (c)
  
416,600
27,270,636
Walmart Inc
 
499,700
43,868,663
 
  
  
190,087,979
Food Products - 0.0%
  
  
  
Lamb Weston Holdings Inc
 
101,477
5,408,724
Personal Care Products - 0.8%
  
  
  
Estee Lauder Cos Inc/The Class A
 
527,800
34,834,800
Kenvue Inc
 
5,279,311
126,597,878
 
  
  
161,432,678
Tobacco - 0.4%
  
  
  
Philip Morris International Inc
 
518,600
82,317,378
TOTAL CONSUMER STAPLES
  
  
744,588,431
 
  
  
  
Energy - 7.3%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
Tidewater Inc (c)
  
300,800
12,714,816
Oil, Gas & Consumable Fuels - 7.3%
  
  
  
Exxon Mobil Corp
 
8,065,501
959,230,034
Hess Corp
 
12,800
2,044,544
Shell PLC ADR
 
6,410,700
469,776,096
 
  
  
1,431,050,674
TOTAL ENERGY
  
  
1,443,765,490
 
  
  
  
Financials - 17.5%
  
  
  
Banks - 12.2%
  
  
  
Bank of America Corp
 
12,419,594
518,269,658
JPMorgan Chase & Co
 
839,171
205,848,646
M&T Bank Corp
 
483,420
86,411,325
PNC Financial Services Group Inc/The
 
1,079,521
189,747,406
Truist Financial Corp
 
512,600
21,093,490
US Bancorp
 
3,053,719
128,928,016
Wells Fargo & Co
 
17,348,989
1,245,483,921
 
  
  
2,395,782,462
Capital Markets - 2.1%
  
  
  
Charles Schwab Corp/The
 
437,200
34,224,016
KKR & Co Inc Class A
 
1,445,551
167,120,151
Moody's Corp
 
31,500
14,669,235
Morgan Stanley
 
254,924
29,741,983
MSCI Inc
 
3,400
1,922,700
Northern Trust Corp
 
1,493,509
147,334,663
Raymond James Financial Inc
 
106,903
14,849,896
 
  
  
409,862,644
Financial Services - 2.8%
  
  
  
Apollo Global Management Inc
 
51,000
6,983,939
Corpay Inc (c)
  
69,600
24,270,912
Global Payments Inc
 
156,300
15,304,896
Mastercard Inc Class A
 
152,889
83,801,519
PayPal Holdings Inc (c)
  
373,900
24,396,975
Visa Inc Class A
 
1,146,493
401,799,937
 
  
  
556,558,178
Insurance - 0.4%
  
  
  
Arthur J Gallagher & Co
 
127,500
44,018,100
Chubb Ltd
 
140,597
42,458,888
 
  
  
86,476,988
TOTAL FINANCIALS
  
  
3,448,680,272
 
  
  
  
Health Care - 10.9%
  
  
  
Biotechnology - 0.6%
  
  
  
Alnylam Pharmaceuticals Inc (c)
  
158,850
42,892,677
Exact Sciences Corp (c)
  
1,063,686
46,046,967
Gilead Sciences Inc
 
140,800
15,776,640
Vaxcyte Inc (c)
  
432,100
16,316,096
 
  
  
121,032,380
Health Care Equipment & Supplies - 2.2%
  
  
  
Abbott Laboratories
 
157,200
20,852,580
Becton Dickinson & Co
 
144,706
33,146,356
Boston Scientific Corp (c)
  
3,451,519
348,189,237
Masimo Corp (c)
  
95,300
15,876,980
Solventum Corp (c)
  
223,718
17,011,517
 
  
  
435,076,670
Health Care Providers & Services - 4.4%
  
  
  
Cardinal Health Inc
 
713,158
98,251,778
Cigna Group/The
 
597,011
196,416,619
Humana Inc
 
340,000
89,963,999
McKesson Corp
 
223,321
150,292,800
UnitedHealth Group Inc
 
615,981
322,620,049
 
  
  
857,545,245
Life Sciences Tools & Services - 0.4%
  
  
  
Danaher Corp
 
312,200
64,001,000
Thermo Fisher Scientific Inc
 
44,800
22,292,480
 
  
  
86,293,480
Pharmaceuticals - 3.3%
  
  
  
Bristol-Myers Squibb Co
 
1,162,660
70,910,633
Eli Lilly & Co (i)
  
149,000
123,060,590
GSK PLC ADR
 
3,811,128
147,643,099
Haleon PLC ADR (b)
  
14,186,336
145,977,397
Johnson & Johnson
 
697,877
115,735,922
Merck & Co Inc
 
458,700
41,172,912
 
  
  
644,500,553
TOTAL HEALTH CARE
  
  
2,144,448,328
 
  
  
  
Industrials - 16.1%
  
  
  
Aerospace & Defense - 10.2%
  
  
  
Boeing Co (c)
  
3,984,106
679,489,278
GE Aerospace (i)
  
5,431,706
1,087,155,957
General Dynamics Corp
 
203,360
55,431,869
Howmet Aerospace Inc
 
148,700
19,290,851
Huntington Ingalls Industries Inc
 
254,350
51,897,574
RTX Corp
 
79,700
10,557,062
Spirit AeroSystems Holdings Inc Class A (c)
  
2,689,982
92,696,780
Standardaero Inc
 
9,600
255,744
 
  
  
1,996,775,115
Air Freight & Logistics - 0.9%
  
  
  
United Parcel Service Inc Class B
 
1,668,856
183,557,471
Commercial Services & Supplies - 0.2%
  
  
  
GFL Environmental Inc Subordinate Voting Shares
 
501,800
24,238,295
Veralto Corp
 
101,866
9,926,841
 
  
  
34,165,136
Construction & Engineering - 0.0%
  
  
  
Centuri Holdings Inc (c)
  
488,800
8,011,432
Electrical Equipment - 3.5%
  
  
  
GE Vernova Inc
 
1,844,626
563,127,425
Hubbell Inc
 
124,114
41,070,564
Vertiv Holdings Co Class A
 
1,077,596
77,802,431
 
  
  
682,000,420
Ground Transportation - 0.2%
  
  
  
Knight-Swift Transportation Holdings Inc
 
1,077,015
46,839,382
Machinery - 1.0%
  
  
  
Allison Transmission Holdings Inc
 
258,300
24,711,561
Chart Industries Inc (c)
  
157,800
22,780,008
Cummins Inc
 
91,900
28,805,136
Deere & Co
 
90,500
42,476,175
Donaldson Co Inc
 
258,900
17,361,834
Nordson Corp
 
73,300
14,786,076
Otis Worldwide Corp
 
238,884
24,652,829
Stanley Black & Decker Inc
 
120,500
9,264,040
Westinghouse Air Brake Technologies Corp
 
103,585
18,785,140
 
  
  
203,622,799
Trading Companies & Distributors - 0.1%
  
  
  
Watsco Inc
 
24,100
12,250,030
TOTAL INDUSTRIALS
  
  
3,167,221,785
 
  
  
  
Information Technology - 17.8%
  
  
  
IT Services - 0.0%
  
  
  
EPAM Systems Inc (c)
  
37,000
6,247,080
Semiconductors & Semiconductor Equipment - 7.9%
  
  
  
Applied Materials Inc
 
307,802
44,668,226
Broadcom Inc
 
1,718,600
287,745,199
First Solar Inc (c)
  
266,700
33,718,881
Lam Research Corp
 
664,000
48,272,800
Marvell Technology Inc
 
2,153,285
132,577,757
Micron Technology Inc
 
707,500
61,474,675
NVIDIA Corp
 
8,730,000
946,157,401
Teradyne Inc
 
113,800
9,399,880
 
  
  
1,564,014,819
Software - 7.4%
  
  
  
Adobe Inc (c)
  
322,500
123,688,425
Autodesk Inc (c)
  
211,728
55,430,390
Intuit Inc
 
71,400
43,838,886
Microsoft Corp
 
3,088,205
1,159,281,275
Oracle Corp
 
490,100
68,520,881
 
  
  
1,450,759,857
Technology Hardware, Storage & Peripherals - 2.5%
  
  
  
Apple Inc
 
2,211,614
491,265,818
TOTAL INFORMATION TECHNOLOGY
  
  
3,512,287,574
 
  
  
  
Materials - 0.1%
  
  
  
Chemicals - 0.1%
  
  
  
Air Products and Chemicals Inc
 
120,700
35,596,844
Sherwin-Williams Co/The
 
5,800
2,025,302
 
  
  
37,622,146
Real Estate - 0.9%
  
  
  
Industrial REITs - 0.1%
  
  
  
Terreno Realty Corp
 
254,600
16,095,812
Residential REITs - 0.1%
  
  
  
Sun Communities Inc
 
159,100
20,466,624
Specialized REITs - 0.7%
  
  
  
American Tower Corp
 
275,781
60,009,946
Crown Castle Inc
 
671,500
69,990,445
Equinix Inc
 
4,422
3,605,477
 
  
  
133,605,868
TOTAL REAL ESTATE
  
  
170,168,304
 
  
  
  
Utilities - 1.3%
  
  
  
Electric Utilities - 1.1%
  
  
  
Duke Energy Corp
 
71,400
8,708,658
Edison International
 
154,200
9,085,464
Entergy Corp
 
221,400
18,927,486
PG&E Corp
 
491,300
8,440,534
Southern Co/The
 
1,969,600
181,104,720
 
  
  
226,266,862
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
Vistra Corp
 
122,200
14,351,168
Multi-Utilities - 0.1%
  
  
  
Sempra
 
186,900
13,337,184
TOTAL UTILITIES
  
  
253,955,214
 
  
  
  
TOTAL UNITED STATES
  
  
17,269,936,737
ZAMBIA - 1.1%
 
  
  
Materials - 1.1%
  
  
  
Metals & Mining - 1.1%
  
  
  
First Quantum Minerals Ltd (c)
  
16,560,900
222,684,003
 
TOTAL COMMON STOCKS
 (Cost $10,654,693,528)
  
  
  
18,943,715,409
 
  
  
  
U.S. Treasury Obligations - 0.0%
 
  
Yield (%) (f)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 5/22/2025 (i)
  
4.22
2,735,000
2,718,630
US Treasury Bills 0% 6/26/2025 (i)
  
4.23
4,841,000
4,792,486
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $7,511,360)
  
  
  
7,511,116
 
  
  
  
  
Money Market Funds - 3.6%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (g)
  
4.32
425,367,004
425,452,078
Fidelity Securities Lending Cash Central Fund (g)(h)
  
4.32
285,552,383
285,580,938
 
TOTAL MONEY MARKET FUNDS
 (Cost $711,033,016)
  
  
  
711,033,016
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 99.7%
 (Cost $11,373,237,904)
 
  
 
19,662,259,541
NET OTHER ASSETS (LIABILITIES) - 0.3%  
52,034,415
NET ASSETS - 100.0%
19,714,293,956
 
  
 Written Options
 
Counterparty
Number
of Contracts
Notional
Amount ($)
Exercise
Price ($)
Expiration
Date
Value ($)
Call Options
  
  
  
  
  
  
Booking Holdings Inc
Chicago Board Options Exchange
41
18,888,331
5,500.00
06/20/25
(169,330)
Eli Lilly & Co
Chicago Board Options Exchange
282
23,290,662
1,000.00
05/16/25
(178,365)
GE Aerospace
Chicago Board Options Exchange
2,844
56,922,660
230.00
05/16/25
(403,848)
GE Aerospace
Chicago Board Options Exchange
2,875
57,543,125
230.00
06/20/25
(852,438)
 
  
  
  
  
  
  
 
  
  
  
  
  
(1,603,981)
Put Options
  
  
  
  
  
  
GE Vernova Inc
Chicago Board Options Exchange
101
3,083,328
260.00
05/16/25
(89,385)
Vertiv Holdings Co Class A
Chicago Board Options Exchange
775
5,595,500
60.00
06/20/25
(321,625)
 
  
  
  
  
  
  
 
  
  
  
  
  
(411,010)
TOTAL WRITTEN OPTIONS
  
  
  
  
  
(2,014,991)
 
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Non-income producing
 
(d)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $32,527,118 or 0.2% of net assets.
 
(e)
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 $32,527,118 or 0.2% of net assets.
 
(f)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(g)
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.
 
(h)
Investment made with cash collateral received from securities on loan.
 
(i)
Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $157,847,337.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
285,088,259
2,168,080,594
2,027,716,775
14,003,018
-
-
425,452,078
425,367,004
0.8%
Fidelity Securities Lending Cash Central Fund
33,071,211
1,065,763,038
813,253,311
202,466
-
-
285,580,938
285,552,383
1.0%
Total
318,159,470
3,233,843,632
2,840,970,086
14,205,484
-
-
711,033,016
  
  
 
  
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund 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 income received for lending certain types of securities.
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted 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 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 service 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 any 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 services or from brokers who make markets in such securities. U.S. Treasury Obligations are valued by pricing services 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 services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy.
 
Investments in any open-end mutual 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.
 
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative 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 Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or 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 Fund may not achieve its objectives.  
 
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
 
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.
 
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. 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.  
 
Options: Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.
 
The Fund used exchange-traded options to manage its exposure to the stock market.
 
Open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions." Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.
 
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
 
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
 
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