Quarterly Holdings Report
for
Fidelity® Series Large Cap Stock Fund
September 30, 2025
MHT-NPRT1-1125
1.951037.112
Common Stocks - 96.7%
 
  
Shares
Value ($)
 
AUSTRALIA - 0.1%
 
  
  
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Santos Ltd
 
6,090,843
27,123,992
BELGIUM - 1.1%
 
  
  
Health Care - 1.1%
  
  
  
Pharmaceuticals - 1.1%
  
  
  
UCB SA
 
923,400
254,767,676
CANADA - 2.3%
 
  
  
Energy - 1.9%
  
  
  
Oil, Gas & Consumable Fuels - 1.9%
  
  
  
Athabasca Oil Corp (b)
  
7,642,100
36,571,377
Imperial Oil Ltd (a)
  
3,836,400
347,858,961
MEG Energy Corp
 
3,165,753
63,874,646
 
  
  
448,304,984
Industrials - 0.4%
  
  
  
Aerospace & Defense - 0.4%
  
  
  
Bombardier Inc Class B (b)
  
680,500
95,363,882
TOTAL CANADA
  
  
543,668,866
DENMARK - 0.3%
 
  
  
Health Care - 0.3%
  
  
  
Pharmaceuticals - 0.3%
  
  
  
Novo Nordisk A/S Class B ADR
 
1,272,600
70,616,574
FRANCE - 0.6%
 
  
  
Consumer Staples - 0.1%
  
  
  
Beverages - 0.1%
  
  
  
Pernod Ricard SA
 
415,400
40,742,489
Industrials - 0.5%
  
  
  
Aerospace & Defense - 0.5%
  
  
  
Airbus SE
 
474,900
110,901,492
TOTAL FRANCE
  
  
151,643,981
GERMANY - 0.9%
 
  
  
Information Technology - 0.9%
  
  
  
Software - 0.9%
  
  
  
SAP SE ADR
 
754,246
201,542,074
ITALY - 0.1%
 
  
  
Consumer Staples - 0.1%
  
  
  
Beverages - 0.1%
  
  
  
Davide Campari-Milano NV (a)
  
2,829,100
17,836,481
JAPAN - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
Money Forward Inc (b)
  
105,200
4,258,933
KOREA (SOUTH) - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
SK Hynix Inc
 
21,150
5,233,173
NETHERLANDS - 0.8%
 
  
  
Communication Services - 0.3%
  
  
  
Entertainment - 0.3%
  
  
  
Universal Music Group NV
 
2,158,381
62,371,731
Health Care - 0.2%
  
  
  
Biotechnology - 0.2%
  
  
  
Argenx SE ADR (b)
  
24,200
17,848,952
Merus NV (b)
  
303,300
28,555,695
 
  
  
46,404,647
Information Technology - 0.3%
  
  
  
Semiconductors & Semiconductor Equipment - 0.3%
  
  
  
ASML Holding NV depository receipt
 
42,900
41,531,061
BE Semiconductor Industries NV
 
269,912
40,197,520
 
  
  
81,728,581
TOTAL NETHERLANDS
  
  
190,504,959
SPAIN - 0.1%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Cellnex Telecom SA (c)(d)
  
915,000
31,693,234
TAIWAN - 0.7%
 
  
  
Information Technology - 0.7%
  
  
  
Semiconductors & Semiconductor Equipment - 0.7%
  
  
  
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
587,700
164,138,733
UNITED KINGDOM - 1.1%
 
  
  
Consumer Staples - 0.6%
  
  
  
Beverages - 0.1%
  
  
  
Diageo PLC ADR
 
443,100
42,285,033
Tobacco - 0.5%
  
  
  
British American Tobacco PLC ADR
 
2,062,700
109,488,116
TOTAL CONSUMER STAPLES
  
  
151,773,149
 
  
  
  
Financials - 0.1%
  
  
  
Capital Markets - 0.1%
  
  
  
3i Group PLC
 
219,700
12,110,519
Industrials - 0.4%
  
  
  
Aerospace & Defense - 0.4%
  
  
  
Rolls-Royce Holdings PLC
 
5,391,900
86,670,811
TOTAL UNITED KINGDOM
  
  
250,554,479
UNITED STATES - 87.2%
 
  
  
Communication Services - 9.5%
  
  
  
Entertainment - 0.4%
  
  
  
Walt Disney Co/The
 
784,393
89,812,998
Interactive Media & Services - 8.2%
  
  
  
Alphabet Inc Class A
 
2,603,225
632,843,998
Alphabet Inc Class C
 
2,208,360
537,846,078
Meta Platforms Inc Class A
 
1,035,400
760,377,052
 
  
  
1,931,067,128
Media - 0.9%
  
  
  
Comcast Corp Class A
 
6,979,842
219,306,636
TOTAL COMMUNICATION SERVICES
  
  
2,240,186,762
 
  
  
  
Consumer Discretionary - 2.7%
  
  
  
Broadline Retail - 0.8%
  
  
  
Amazon.com Inc (b)
  
798,600
175,348,602
Hotels, Restaurants & Leisure - 0.5%
  
  
  
Booking Holdings Inc
 
6,837
36,914,809
Marriott International Inc/MD Class A1
 
150,400
39,170,176
Starbucks Corp
 
593,400
50,201,640
 
  
  
126,286,625
Household Durables - 0.6%
  
  
  
Somnigroup International Inc
 
1,492,300
125,845,659
Whirlpool Corp (a)
  
295,263
23,207,672
 
  
  
149,053,331
Specialty Retail - 0.7%
  
  
  
Home Depot Inc/The
 
5,900
2,390,621
Lowe's Cos Inc
 
606,907
152,521,798
Restoration Hardware Inc (b)
  
77,400
15,724,584
 
  
  
170,637,003
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Lululemon Athletica Inc (b)
  
19,900
3,540,807
NIKE Inc Class B
 
313,700
21,874,301
 
  
  
25,415,108
TOTAL CONSUMER DISCRETIONARY
  
  
646,740,669
 
  
  
  
Consumer Staples - 3.0%
  
  
  
Beverages - 1.3%
  
  
  
Brown-Forman Corp Class B
 
1,260,086
34,123,129
Coca-Cola Co/The
 
2,236,595
148,330,980
Keurig Dr Pepper Inc
 
4,477,800
114,228,678
 
  
  
296,682,787
Consumer Staples Distribution & Retail - 0.7%
  
  
  
Performance Food Group Co (b)
  
304,600
31,690,584
Sysco Corp
 
487,700
40,157,218
Target Corp
 
681,200
61,103,640
US Foods Holding Corp (b)
  
403,000
30,877,860
 
  
  
163,829,302
Food Products - 0.0%
  
  
  
Lamb Weston Holdings Inc
 
84,577
4,912,232
Household Products - 0.0%
  
  
  
Procter & Gamble Co/The
 
28,600
4,394,390
Personal Care Products - 0.6%
  
  
  
Estee Lauder Cos Inc/The Class A
 
527,800
46,509,736
Kenvue Inc
 
5,525,511
89,679,044
 
  
  
136,188,780
Tobacco - 0.4%
  
  
  
Philip Morris International Inc
 
654,400
106,143,680
TOTAL CONSUMER STAPLES
  
  
712,151,171
 
  
  
  
Energy - 6.2%
  
  
  
Energy Equipment & Services - 0.1%
  
  
  
Tidewater Inc (a)(b)
  
257,300
13,721,809
Oil, Gas & Consumable Fuels - 6.1%
  
  
  
Chevron Corp
 
446,900
69,399,101
ConocoPhillips
 
654,700
61,928,073
Exxon Mobil Corp
 
7,532,001
849,233,113
Shell PLC ADR
 
6,567,700
469,787,581
 
  
  
1,450,347,868
TOTAL ENERGY
  
  
1,464,069,677
 
  
  
  
Financials - 15.7%
  
  
  
Banks - 10.8%
  
  
  
Bank of America Corp
 
12,770,394
658,824,626
JPMorgan Chase & Co (e)
  
147,771
46,611,407
M&T Bank Corp
 
495,120
97,845,614
PNC Financial Services Group Inc/The
 
1,097,521
220,524,895
Truist Financial Corp
 
726,200
33,201,864
US Bancorp
 
1,896,919
91,678,095
Wells Fargo & Co (e)
  
16,707,989
1,400,463,639
 
  
  
2,549,150,140
Capital Markets - 2.0%
  
  
  
Blue Owl Capital Inc Class A
 
2,775,000
46,980,750
Charles Schwab Corp/The
 
437,200
41,739,484
KKR & Co Inc Class A
 
1,492,751
193,982,992
Moody's Corp
 
31,500
15,009,120
Morgan Stanley
 
223,824
35,579,063
MSCI Inc
 
3,400
1,929,194
Northern Trust Corp
 
937,151
126,140,525
Raymond James Financial Inc
 
106,903
18,451,458
 
  
  
479,812,586
Financial Services - 2.3%
  
  
  
Apollo Global Management Inc
 
231,600
30,865,332
Corpay Inc (b)
  
69,600
20,048,976
Global Payments Inc
 
156,300
12,985,404
Mastercard Inc Class A
 
147,489
83,893,218
PayPal Holdings Inc (b)
  
373,900
25,073,734
Visa Inc Class A
 
1,058,693
361,416,616
 
  
  
534,283,280
Insurance - 0.6%
  
  
  
Arthur J Gallagher & Co
 
138,400
42,868,016
Brown & Brown Inc
 
783,400
73,475,086
Chubb Ltd
 
89,997
25,401,653
 
  
  
141,744,755
TOTAL FINANCIALS
  
  
3,704,990,761
 
  
  
  
Health Care - 8.4%
  
  
  
Biotechnology - 0.7%
  
  
  
Alnylam Pharmaceuticals Inc (b)
  
158,850
72,435,600
Exact Sciences Corp (b)
  
1,301,900
71,226,949
Gilead Sciences Inc
 
140,800
15,628,800
Vaxcyte Inc (b)
  
432,100
15,564,242
 
  
  
174,855,591
Health Care Equipment & Supplies - 1.5%
  
  
  
Abbott Laboratories
 
175,300
23,479,682
Baxter International Inc
 
2,473,300
56,317,041
Becton Dickinson & Co
 
144,706
27,084,622
Boston Scientific Corp (b)
  
2,241,295
218,817,631
Masimo Corp (b)
  
95,300
14,061,515
Solventum Corp (b)
  
178,118
13,002,614
 
  
  
352,763,105
Health Care Providers & Services - 3.1%
  
  
  
Cardinal Health Inc
 
433,058
67,972,784
Cigna Group/The
 
488,711
140,870,946
Humana Inc
 
351,200
91,371,704
McKesson Corp (e)
  
160,421
123,931,639
UnitedHealth Group Inc
 
814,881
281,378,409
 
  
  
705,525,482
Life Sciences Tools & Services - 0.8%
  
  
  
Bruker Corp
 
1,799,200
58,456,008
Danaher Corp
 
312,200
61,896,772
Thermo Fisher Scientific Inc
 
160,200
77,700,204
 
  
  
198,052,984
Pharmaceuticals - 2.3%
  
  
  
Eli Lilly & Co
 
114,800
87,592,400
GSK PLC ADR
 
4,624,428
199,590,313
Haleon PLC ADR
 
13,973,136
125,339,030
Johnson & Johnson
 
546,577
101,346,307
Merck & Co Inc
 
482,400
40,487,832
 
  
  
554,355,882
TOTAL HEALTH CARE
  
  
1,985,553,044
 
  
  
  
Industrials - 16.7%
  
  
  
Aerospace & Defense - 10.2%
  
  
  
Boeing Co (b)
  
4,304,606
929,063,113
GE Aerospace (e)
  
3,787,106
1,139,237,227
General Dynamics Corp
 
210,660
71,835,060
Howmet Aerospace Inc
 
150,800
29,591,484
Huntington Ingalls Industries Inc
 
245,850
70,782,674
RTX Corp
 
79,700
13,336,201
Spirit AeroSystems Holdings Inc Class A (b)
  
3,230,648
124,703,013
Textron Inc
 
25,268
2,134,893
 
  
  
2,380,683,665
Air Freight & Logistics - 0.7%
  
  
  
United Parcel Service Inc Class B
 
2,065,456
172,527,540
Building Products - 0.1%
  
  
  
A O Smith Corp
 
245,200
18,000,132
AAON Inc
 
38,065
3,556,794
 
  
  
21,556,926
Commercial Services & Supplies - 0.0%
  
  
  
Veralto Corp
 
101,866
10,859,934
Construction & Engineering - 0.0%
  
  
  
Centuri Holdings Inc (b)
  
488,800
10,347,896
Electrical Equipment - 4.6%
  
  
  
Emerson Electric Co
 
101,700
13,341,006
GE Vernova Inc (e)
  
1,492,926
918,000,197
Hubbell Inc
 
73,114
31,461,685
Vertiv Holdings Co Class A
 
800,196
120,717,569
 
  
  
1,083,520,457
Ground Transportation - 0.2%
  
  
  
Knight-Swift Transportation Holdings Inc
 
1,030,115
40,699,844
Machinery - 0.9%
  
  
  
Allison Transmission Holdings Inc
 
258,300
21,924,504
Cummins Inc
 
91,900
38,815,803
Deere & Co
 
69,400
31,733,844
Donaldson Co Inc
 
258,900
21,190,965
Nordson Corp
 
73,300
16,635,435
Otis Worldwide Corp
 
288,484
26,376,092
Stanley Black & Decker Inc
 
120,500
8,956,765
Westinghouse Air Brake Technologies Corp
 
247,319
49,580,040
 
  
  
215,213,448
Trading Companies & Distributors - 0.0%
  
  
  
Watsco Inc
 
24,100
9,743,629
TOTAL INDUSTRIALS
  
  
3,945,153,339
 
  
  
  
Information Technology - 22.7%
  
  
  
IT Services - 0.0%
  
  
  
Gartner Inc (b)
  
19,500
5,125,965
Semiconductors & Semiconductor Equipment - 12.4%
  
  
  
Applied Materials Inc
 
307,802
63,019,381
Broadcom Inc
 
1,801,800
594,431,838
First Solar Inc (b)(e)
  
292,200
64,438,866
Lam Research Corp
 
652,700
87,396,530
Marvell Technology Inc
 
1,991,585
167,432,551
Micron Technology Inc
 
832,100
139,226,972
NVIDIA Corp
 
9,482,000
1,769,151,560
Teradyne Inc
 
113,800
15,663,432
 
  
  
2,900,761,130
Software - 7.8%
  
  
  
Adobe Inc (b)
  
292,600
103,214,650
Autodesk Inc (b)
  
211,728
67,259,634
Intuit Inc
 
62,400
42,613,584
Microsoft Corp
 
3,056,405
1,583,064,970
Synopsys Inc (b)
  
82,700
40,803,353
 
  
  
1,836,956,191
Technology Hardware, Storage & Peripherals - 2.5%
  
  
  
Apple Inc
 
2,338,814
595,532,209
TOTAL INFORMATION TECHNOLOGY
  
  
5,338,375,495
 
  
  
  
Materials - 0.6%
  
  
  
Chemicals - 0.5%
  
  
  
Air Products and Chemicals Inc
 
113,300
30,899,176
Dow Inc
 
298,900
6,853,777
LyondellBasell Industries NV Class A1
 
91,400
4,482,256
Mosaic Co/The
 
2,387,200
82,788,096
Sherwin-Williams Co/The
 
5,800
2,008,308
 
  
  
127,031,613
Construction Materials - 0.1%
  
  
  
James Hardie Industries PLC (b)
  
1,363,300
26,188,993
TOTAL MATERIALS
  
  
153,220,606
 
  
  
  
Real Estate - 0.6%
  
  
  
Industrial REITs - 0.0%
  
  
  
Terreno Realty Corp
 
254,600
14,448,549
Residential REITs - 0.1%
  
  
  
Sun Communities Inc
 
159,100
20,523,900
Specialized REITs - 0.5%
  
  
  
American Tower Corp
 
275,781
53,038,202
Crown Castle Inc
 
556,700
53,715,983
Equinix Inc
 
4,422
3,463,487
 
  
  
110,217,672
TOTAL REAL ESTATE
  
  
145,190,121
 
  
  
  
Utilities - 1.1%
  
  
  
Electric Utilities - 0.9%
  
  
  
Duke Energy Corp
 
71,400
8,835,750
Edison International
 
154,200
8,524,176
Entergy Corp
 
221,400
20,632,266
PG&E Corp
 
491,300
7,408,804
Southern Co/The
 
1,838,300
174,215,691
 
  
  
219,616,687
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
Vistra Corp
 
116,600
22,844,272
Multi-Utilities - 0.1%
  
  
  
Sempra
 
243,100
21,874,138
TOTAL UTILITIES
  
  
264,335,097
 
  
  
  
TOTAL UNITED STATES
  
  
20,599,966,742
ZAMBIA - 1.4%
 
  
  
Materials - 1.4%
  
  
  
Metals & Mining - 1.4%
  
  
  
First Quantum Minerals Ltd (b)
  
15,059,100
340,634,094
 
TOTAL COMMON STOCKS
 (Cost $11,144,766,922)
  
  
  
22,854,183,991
 
  
  
  
Convertible Preferred Stocks - 0.1%
 
  
Shares
Value ($)
 
UNITED STATES - 0.1%
 
  
  
Health Care - 0.1%
  
  
  
Life Sciences Tools & Services - 0.1%
  
  
  
Bruker Corp 6.375% Series A
  (Cost $21,978,530)
  
87,200
23,700,960
 
  
  
  
Money Market Funds - 4.2%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
  
4.21
621,509,788
621,634,090
Fidelity Securities Lending Cash Central Fund (f)(g)
  
4.19
363,818,600
363,854,981
 
TOTAL MONEY MARKET FUNDS
 (Cost $985,489,071)
  
  
  
985,489,071
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 101.0%
 (Cost $12,152,234,523)
 
  
 
23,863,374,022
NET OTHER ASSETS (LIABILITIES) - (1.0)%  
(239,028,972)
NET ASSETS - 100.0%
23,624,345,050
 
  
 Written Options
 
Counterparty
Number
of Contracts
Notional
Amount ($)
Exercise
Price ($)
Expiration
Date
Value ($)
Call Options
  
  
  
  
  
  
First Solar Inc
Chicago Board Options Exchange
1,490
32,858,970
250.00
11/21/2025
(1,367,075)
First Solar Inc
Chicago Board Options Exchange
747
16,473,591
240.00
11/21/2025
(900,135)
GE Aerospace
Chicago Board Options Exchange
1,912
57,516,784
320.00
11/21/2025
(1,601,300)
GE Aerospace
Chicago Board Options Exchange
1,527
45,935,214
300.00
11/21/2025
(2,595,900)
GE Vernova Inc
Chicago Board Options Exchange
573
35,233,770
700.00
11/21/2025
(1,057,185)
GE Vernova Inc
Chicago Board Options Exchange
420
25,825,800
730.00
11/21/2025
(525,000)
JPMorgan Chase & Co
Chicago Board Options Exchange
1,431
45,138,033
305.00
10/3/2025
(1,566,945)
McKesson Corp
Chicago Board Options Exchange
307
23,716,978
750.00
10/17/2025
(921,000)
Wells Fargo & Co
Chicago Board Options Exchange
8,327
69,796,914
95.00
11/21/2025
(441,331)
Wells Fargo & Co
Chicago Board Options Exchange
839
7,032,498
92.50
11/21/2025
(72,154)
 
  
  
  
  
  
  
 
  
  
  
  
  
(11,048,025)
TOTAL WRITTEN OPTIONS
  
  
  
  
  
(11,048,025)
 
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing.
 
(c)
Security 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 $31,693,234 or 0.1% of net assets.
 
(d)
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 $31,693,234 or 0.1% of net assets.
 
(e)
Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $359,528,552.
 
(f)
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.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
 
 
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
529,076,106
924,945,082
832,389,627
5,068,410
2,529
-
621,634,090
621,509,788
1.1%
Fidelity Securities Lending Cash Central Fund
126,479,306
536,587,721
299,212,046
229,920
-
-
363,854,981
363,818,600
1.2%
Total
655,555,412
1,461,532,803
1,131,601,673
5,298,330
2,529
-
985,489,071
  
  
 
  
  
  
  
  
  
  
  
  
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.
 
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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