Quarterly Holdings Report
for
Fidelity® Enhanced Large Cap Core ETF
March 31, 2026
LGE-NPRT3-0526
1.9910056.101
Common Stocks - 99.0%
 
  
Shares
Value ($)
 
MEXICO - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Southern Copper Corp (c)
  
16,481
2,835,721
UNITED KINGDOM - 0.5%
 
  
  
Energy - 0.5%
  
  
  
Energy Equipment & Services - 0.5%
  
  
  
TechnipFMC PLC
 
502,739
34,754,347
UNITED STATES - 98.5%
 
  
  
Communication Services - 12.0%
  
  
  
Diversified Telecommunication Services - 1.8%
  
  
  
AT&T Inc
 
1,995,400
57,846,646
Comcast Corp Class A
 
1,022,091
29,344,233
Verizon Communications Inc
 
482,683
24,230,686
 
  
  
111,421,565
Entertainment - 1.5%
  
  
  
Electronic Arts Inc
 
187,888
38,304,727
Netflix Inc (b)
  
377,443
36,291,144
Roku Inc Class A (b)
  
153,665
14,539,782
Warner Bros Discovery Inc (b)
  
300,845
8,261,204
 
  
  
97,396,857
Interactive Media & Services - 8.0%
  
  
  
Alphabet Inc Class A
 
685,837
197,219,288
Alphabet Inc Class C
 
511,492
146,726,595
Meta Platforms Inc Class A
 
284,707
162,889,416
 
  
  
506,835,299
Media - 0.1%
  
  
  
Versant Media Group Inc Class A
 
142,679
5,281,976
Wireless Telecommunication Services - 0.6%
  
  
  
T-Mobile US Inc
 
171,428
36,005,023
TOTAL COMMUNICATION SERVICES
  
  
756,940,720
Consumer Discretionary - 9.7%
  
  
  
Automobiles - 2.6%
  
  
  
Ford Motor Co
 
2,596,238
29,960,586
General Motors Co
 
538,049
40,084,651
Tesla Inc (b)
  
258,922
96,254,254
 
  
  
166,299,491
Broadline Retail - 4.0%
  
  
  
Amazon.com Inc (b)
  
1,204,106
250,779,157
Hotels, Restaurants & Leisure - 1.3%
  
  
  
Airbnb Inc Class A (b)
  
309,006
39,021,278
Booking Holdings Inc
 
3,181
13,393,028
Expedia Group Inc Class A
 
112,548
25,986,208
McDonald's Corp
 
6,015
1,869,401
 
  
  
80,269,915
Household Durables - 0.1%
  
  
  
Garmin Ltd
 
28,954
6,717,617
Leisure Products - 0.3%
  
  
  
Hasbro Inc
 
222,132
20,791,555
Specialty Retail - 1.4%
  
  
  
Abercrombie & Fitch Co Class A (b)
  
87,356
7,981,718
AutoNation Inc (b)
  
4,569
892,142
Five Below Inc (b)
  
18,837
4,303,878
Gap Inc/The
 
291,609
7,056,938
Home Depot Inc/The
 
78,418
25,790,896
Ross Stores Inc
 
167,157
36,211,221
TJX Cos Inc/The
 
32,116
5,128,925
 
  
  
87,365,718
TOTAL CONSUMER DISCRETIONARY
  
  
612,223,453
Consumer Staples - 3.2%
  
  
  
Beverages - 0.7%
  
  
  
Coca-Cola Co/The
 
8,082
614,636
Coca-Cola Consolidated Inc
 
7,274
1,394,717
Monster Beverage Corp (b)
  
192
13,912
PepsiCo Inc
 
251,755
39,095,034
 
  
  
41,118,299
Consumer Staples Distribution & Retail - 1.1%
  
  
  
Costco Wholesale Corp
 
17,164
17,102,725
Dollar General Corp
 
25,281
3,001,613
Dollar Tree Inc (b)
  
5,879
643,809
Maplebear Inc (b)
  
341,058
12,776,033
Sysco Corp
 
35,658
2,543,485
Target Corp
 
14,931
1,809,637
Walmart Inc
 
272,270
33,837,716
 
  
  
71,715,018
Household Products - 0.5%
  
  
  
Procter & Gamble Co/The
 
204,584
29,550,112
Tobacco - 0.9%
  
  
  
Altria Group Inc
 
279,570
18,448,824
Philip Morris International Inc
 
249,598
41,268,534
 
  
  
59,717,358
TOTAL CONSUMER STAPLES
  
  
202,100,787
Energy - 3.8%
  
  
  
Oil, Gas & Consumable Fuels - 3.8%
  
  
  
Antero Midstream Corp
 
59,866
1,364,944
Cheniere Energy Inc
 
7,628
2,164,521
Chevron Corp
 
179,455
37,129,240
ConocoPhillips
 
201,060
26,539,920
Devon Energy Corp
 
383,685
19,307,029
EOG Resources Inc
 
121,196
17,521,306
Exxon Mobil Corp
 
555,389
94,227,298
Kinder Morgan Inc
 
927,941
31,113,862
Occidental Petroleum Corp
 
157,842
10,259,730
Williams Cos Inc/The
 
40,492
2,947,008
TOTAL ENERGY
  
  
242,574,858
Financials - 13.1%
  
  
  
Banks - 3.3%
  
  
  
Bank of America Corp
 
917,787
44,742,116
Citigroup Inc
 
30,400
3,447,664
JPMorgan Chase & Co
 
355,733
104,642,419
Pinnacle Financial Partners Inc
 
8
689
US Bancorp
 
401,364
20,874,942
Wells Fargo & Co
 
458,879
36,531,357
 
  
  
210,239,187
Capital Markets - 3.1%
  
  
  
Ameriprise Financial Inc
 
10,644
4,730,194
Bank of New York Mellon Corp/The
 
348,028
41,286,562
Charles Schwab Corp/The
 
524,693
49,310,648
CME Group Inc Class A
 
54,557
16,113,410
Goldman Sachs Group Inc/The
 
21,025
17,786,940
Morgan Stanley
 
324,134
53,342,732
Northern Trust Corp
 
25,627
3,576,760
State Street Corp
 
81,612
10,328,815
Virtu Financial Inc Class A
 
44,298
1,948,226
 
  
  
198,424,287
Consumer Finance - 1.0%
  
  
  
American Express Co
 
100,304
30,339,954
Capital One Financial Corp
 
175,184
31,958,817
 
  
  
62,298,771
Financial Services - 4.3%
  
  
  
Berkshire Hathaway Inc Class B (b)
  
275,169
131,860,986
Fiserv Inc (b)
  
389,213
21,718,085
Mastercard Inc Class A
 
154,111
77,003,102
Visa Inc Class A
 
127,527
38,543,760
 
  
  
269,125,933
Insurance - 1.4%
  
  
  
Allstate Corp/The
 
87,253
18,091,037
Assurant Inc
 
25,062
5,458,754
Hartford Insurance Group Inc/The
 
22,662
3,064,582
Loews Corp
 
43,695
4,664,004
Progressive Corp/The
 
210,817
41,792,363
Travelers Companies Inc/The
 
60,944
17,776,146
 
  
  
90,846,886
TOTAL FINANCIALS
  
  
830,935,064
Health Care - 8.3%
  
  
  
Biotechnology - 3.1%
  
  
  
AbbVie Inc
 
332,379
72,289,109
Alnylam Pharmaceuticals Inc (b)
  
25,771
8,526,851
BioMarin Pharmaceutical Inc (b)
  
89,021
5,028,796
Exelixis Inc (b)
  
424,671
18,214,139
Gilead Sciences Inc
 
375,143
52,283,680
Incyte Corp (b)
  
184,209
17,337,751
Regeneron Pharmaceuticals Inc
 
31,403
24,263,214
 
  
  
197,943,540
Health Care Equipment & Supplies - 0.4%
  
  
  
Abbott Laboratories
 
263,257
27,028,596
Health Care Providers & Services - 1.1%
  
  
  
Alignment Healthcare Inc (b)
  
111,965
1,972,823
Cardinal Health Inc
 
70,379
14,871,786
Cigna Group/The
 
7,722
2,059,844
CVS Health Corp
 
64,539
4,635,191
Elevance Health Inc
 
19,224
5,627,826
Guardant Health Inc (b)
  
10,646
983,371
HealthEquity Inc (b)
  
8
668
Humana Inc
 
20
3,468
Option Care Health Inc (b)
  
64
1,723
Tenet Healthcare Corp (b)
  
4,022
758,992
UnitedHealth Group Inc
 
140,678
38,066,060
 
  
  
68,981,752
Health Care Technology - 0.0%
  
  
  
Veeva Systems Inc Class A (b)
  
20,601
3,618,772
Life Sciences Tools & Services - 0.4%
  
  
  
Illumina Inc (b)
  
128,953
15,894,747
Medpace Holdings Inc (b)
  
16,567
7,955,308
 
  
  
23,850,055
Pharmaceuticals - 3.3%
  
  
  
Bristol-Myers Squibb Co
 
805,753
48,868,919
Eli Lilly & Co
 
107,255
98,649,932
Johnson & Johnson
 
168,719
41,241,672
Merck & Co Inc
 
147,090
17,693,456
 
  
  
206,453,979
TOTAL HEALTH CARE
  
  
527,876,694
Industrials - 9.7%
  
  
  
Aerospace & Defense - 2.6%
  
  
  
Boeing Co (b)
  
10,093
2,008,810
GE Aerospace
 
226,138
64,171,180
HEICO Corp
 
50,135
13,747,017
Howmet Aerospace Inc
 
56,129
12,935,489
Lockheed Martin Corp
 
58,242
35,200,882
Northrop Grumman Corp
 
4,598
3,136,940
RTX Corp
 
166,969
32,208,320
StandardAero Inc (b)
  
42,660
1,101,908
 
  
  
164,510,546
Air Freight & Logistics - 0.2%
  
  
  
FedEx Corp
 
37,543
13,372,066
Building Products - 1.5%
  
  
  
Allegion plc
 
103,799
15,080,957
Johnson Controls International plc
 
315,252
41,282,249
Trane Technologies PLC
 
87,881
36,623,528
 
  
  
92,986,734
Commercial Services & Supplies - 0.6%
  
  
  
Cintas Corp
 
124,613
21,077,043
Veralto Corp
 
224,950
19,890,079
 
  
  
40,967,122
Construction & Engineering - 1.0%
  
  
  
AECOM
 
46,402
3,935,818
Comfort Systems USA Inc
 
25,231
34,793,297
Tutor Perini Corp
 
99,394
7,672,223
Valmont Industries Inc
 
38,971
15,571,642
 
  
  
61,972,980
Electrical Equipment - 1.6%
  
  
  
Acuity Inc
 
29,626
8,301,798
AMETEK Inc
 
179,872
38,557,362
Eaton Corp PLC
 
5,342
1,910,673
GE Vernova Inc
 
33,784
29,490,054
Rockwell Automation Inc
 
55,102
19,775,006
Vertiv Holdings Co Class A
 
7,566
1,895,887
 
  
  
99,930,780
Ground Transportation - 0.8%
  
  
  
Lyft Inc Class A (b)(c)
  
1,208,172
16,068,688
Norfolk Southern Corp
 
4,421
1,268,827
Uber Technologies Inc (b)
  
504,630
36,298,036
 
  
  
53,635,551
Industrial Conglomerates - 0.7%
  
  
  
Honeywell International Inc
 
200,437
45,304,775
Machinery - 0.6%
  
  
  
Caterpillar Inc
 
18,751
13,284,333
Crane Co
 
26,666
4,559,886
Cummins Inc
 
1,327
713,953
Flowserve Corp
 
57,845
4,252,186
Illinois Tool Works Inc
 
29,147
7,586,673
Toro Co/The
 
47,248
4,414,853
 
  
  
34,811,884
Trading Companies & Distributors - 0.1%
  
  
  
Applied Industrial Technologies Inc
 
11,545
3,063,119
Ferguson Enterprises Inc
 
26
6,064
Rush Enterprises Inc Class A
 
55,062
3,640,149
 
  
  
6,709,332
TOTAL INDUSTRIALS
  
  
614,201,770
Information Technology - 33.8%
  
  
  
Communications Equipment - 1.6%
  
  
  
Arista Networks Inc (b)
  
185,198
22,738,610
Cisco Systems Inc
 
672,318
52,165,154
Motorola Solutions Inc
 
60,444
26,230,883
 
  
  
101,134,647
Electronic Equipment, Instruments & Components - 1.3%
  
  
  
Amphenol Corp Class A
 
370,953
46,869,912
Keysight Technologies Inc (b)
  
57,202
16,152,129
Zebra Technologies Corp Class A (b)
  
101,366
21,193,603
 
  
  
84,215,644
IT Services - 0.1%
  
  
  
MongoDB Inc Class A (b)
  
20,744
5,077,509
Snowflake Inc (b)
  
3,705
558,788
 
  
  
5,636,297
Semiconductors & Semiconductor Equipment - 15.0%
  
  
  
Advanced Micro Devices Inc (b)
  
15,836
3,221,516
Analog Devices Inc
 
122,714
39,040,232
Applied Materials Inc
 
73,652
25,173,517
Broadcom Inc
 
631,192
195,360,236
Cirrus Logic Inc (b)
  
105,476
15,253,939
Intel Corp (b)
  
338,190
14,924,325
Lam Research Corp
 
109,960
23,494,054
Micron Technology Inc
 
199,684
67,461,243
NVIDIA Corp
 
2,899,117
505,606,005
Qorvo Inc (b)
  
96,328
7,455,787
QUALCOMM Inc
 
364,778
46,976,111
 
  
  
943,966,965
Software - 8.0%
  
  
  
Adobe Inc (b)
  
172,946
42,039,714
Alarm.com Holdings Inc (b)
  
247,615
10,694,492
Atlassian Corp Class A (b)
  
62,823
4,287,670
Autodesk Inc (b)
  
2,224
532,426
Crowdstrike Holdings Inc Class A (b)
  
15,408
6,015,437
Docusign Inc (b)
  
239,678
11,363,134
Elastic NV (b)
  
64,335
3,216,107
Fortinet Inc (b)
  
477,949
39,057,992
Microsoft Corp
 
806,395
298,503,237
Oracle Corp
 
30,318
4,460,081
Palantir Technologies Inc Class A (b)
  
70,525
10,316,397
Salesforce Inc
 
120,609
22,514,082
ServiceNow Inc (b)
  
10,031
1,048,741
Tenable Holdings Inc (b)
  
632,664
10,701,512
Teradata Corp (b)
  
24
614
Unity Software Inc (b)
  
352,740
7,739,116
Zoom Communications Inc Class A (b)
  
337,034
27,094,163
 
  
  
499,584,915
Technology Hardware, Storage & Peripherals - 7.8%
  
  
  
Apple Inc
 
1,786,525
453,402,180
Hewlett Packard Enterprise Co
 
142,770
3,399,354
NetApp Inc
 
196,013
20,069,771
Western Digital Corp
 
63,419
17,154,205
 
  
  
494,025,510
TOTAL INFORMATION TECHNOLOGY
  
  
2,128,563,978
Materials - 1.7%
  
  
  
Chemicals - 0.7%
  
  
  
Ecolab Inc
 
14,699
3,910,228
Linde PLC
 
78,578
38,955,829
 
  
  
42,866,057
Containers & Packaging - 0.0%
  
  
  
Sealed Air Corp
 
40,779
1,714,757
Metals & Mining - 1.0%
  
  
  
Commercial Metals Co
 
442,391
27,176,079
Newmont Corp
 
106,614
11,540,966
Nucor Corp
 
130,792
22,116,927
Reliance Inc
 
4
1,216
 
  
  
60,835,188
TOTAL MATERIALS
  
  
105,416,002
Real Estate - 1.6%
  
  
  
Health Care REITs - 0.5%
  
  
  
Ventas Inc
 
42,969
3,514,005
Welltower Inc
 
154,042
30,455,644
 
  
  
33,969,649
Retail REITs - 0.4%
  
  
  
Simon Property Group Inc
 
135,185
25,216,058
Specialized REITs - 0.7%
  
  
  
American Tower Corp
 
17,550
3,028,779
Equinix Inc
 
1,844
1,807,563
Millrose Properties Inc Class A
 
64,213
1,797,963
Outfront Media Inc
 
160,091
4,242,412
VICI Properties Inc
 
1,146,610
31,325,385
 
  
  
42,202,102
TOTAL REAL ESTATE
  
  
101,387,809
Utilities - 1.6%
  
  
  
Electric Utilities - 1.2%
  
  
  
Constellation Energy Corp
 
53,808
15,025,884
NextEra Energy Inc
 
117,720
10,933,834
NRG Energy Inc
 
199,223
29,114,449
PPL Corp
 
182,793
6,982,692
Southern Co/The
 
135,734
13,101,046
 
  
  
75,157,905
Multi-Utilities - 0.4%
  
  
  
Consolidated Edison Inc
 
137,388
15,549,574
Sempra
 
87,532
8,505,484
 
  
  
24,055,058
TOTAL UTILITIES
  
  
99,212,963
TOTAL UNITED STATES
  
  
6,221,434,098
 
TOTAL COMMON STOCKS
 (Cost $5,536,057,178)
  
  
  
6,259,024,166
 
  
  
  
U.S. Treasury Obligations - 0.2%
 
  
Yield (%) (d)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 4/30/2026
 
3.62
1,760,000
1,754,853
US Treasury Bills 0% 5/14/2026
 
3.63
2,050,000
2,041,086
US Treasury Bills 0% 5/28/2026 (e)
  
3.61 to 3.63
9,890,000
9,833,043
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $13,630,013)
  
  
  
13,628,982
 
  
  
  
  
Money Market Funds - 1.2%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
  
3.69
54,593,936
54,604,855
Fidelity Securities Lending Cash Central Fund (f)(g)
  
3.69
18,418,996
18,420,837
 
TOTAL MONEY MARKET FUNDS
 (Cost $73,025,692)
  
  
  
73,025,692
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.4%
 (Cost $5,622,712,883)
 
  
 
6,345,678,840
NET OTHER ASSETS (LIABILITIES) - (0.4)%  
(23,056,102)
NET ASSETS - 100.0%
6,322,622,738
 
  
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
LONG
  
  
  
  
 
  
  
  
  
Equity Contracts
  
  
  
  
CME E-Mini S&P 500 Index Contracts (United States)
143
6/2026
46,980,863
(667,558)
 
  
  
  
  
The notional amount of long futures as a percentage of Net Assets is 0.7%.

Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
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.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,094,284.
 
(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
40,238,336
681,118,851
666,759,804
1,912,584
7,472
-
54,604,855
54,593,936
0.1%
Fidelity Securities Lending Cash Central Fund
827,375
471,202,088
453,608,237
7,881
(389)
-
18,420,837
18,418,996
0.1%
Total
41,065,711
1,152,320,939
1,120,368,041
1,920,465
7,083
-
73,025,692
  
  
 
  
  
  
  
  
  
  
  
  
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.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded 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.  
 
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
 
The Fund used futures contracts to manage its exposure to the stock market.
 
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
 
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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