Quarterly Holdings Report
for
Fidelity® Large Cap Stock K6 Fund
July 31, 2026
LCSK6-NPRT1-0926
1.9883968.109
Common Stocks - 95.6%
 
  
Shares
Value ($)
 
BELGIUM - 1.1%
 
  
  
Health Care - 1.1%
  
  
  
Pharmaceuticals - 1.1%
  
  
  
UCB SA
 
7,668
1,970,961
CANADA - 1.8%
 
  
  
Energy - 1.6%
  
  
  
Oil, Gas & Consumable Fuels - 1.6%
  
  
  
Athabasca Oil Corp (a)
  
23,993
177,314
Imperial Oil Ltd
 
20,070
2,602,078
TOTAL ENERGY
  
  
2,779,392
Industrials - 0.2%
  
  
  
Aerospace & Defense - 0.2%
  
  
  
Bombardier Inc Class B (a)
  
1,878
452,456
Information Technology - 0.0%
  
  
  
IT Services - 0.0%
  
  
  
Shopify Inc Class A (United States) (a)
  
300
35,145
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Nutrien Ltd (United States)
 
500
34,535
TOTAL CANADA
  
  
3,301,528
ITALY - 0.0%
 
  
  
Consumer Staples - 0.0%
  
  
  
Beverages - 0.0%
  
  
  
Davide Campari-Milano NV
 
17,609
119,723
JAPAN - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Kioxia Holdings Corp (a)
  
300
83,621
KOREA (SOUTH) - 0.2%
 
  
  
Information Technology - 0.2%
  
  
  
Semiconductors & Semiconductor Equipment - 0.2%
  
  
  
SK Hynix Inc ADR (b)
  
2,900
416,817
NETHERLANDS - 0.6%
 
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Argenx SE ADR (a)
  
107
91,359
Information Technology - 0.6%
  
  
  
Semiconductors & Semiconductor Equipment - 0.6%
  
  
  
ASML Holding NV depository receipt
 
440
716,760
BE Semiconductor Industries NV
 
1,205
275,477
TOTAL INFORMATION TECHNOLOGY
  
  
992,237
TOTAL NETHERLANDS
  
  
1,083,596
PORTUGAL - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Galp Energia SGPS SA
 
1,400
31,794
SWEDEN - 0.2%
 
  
  
Industrials - 0.2%
  
  
  
Machinery - 0.2%
  
  
  
Atlas Copco AB A Shares
 
13,000
274,688
TAIWAN - 1.0%
 
  
  
Information Technology - 1.0%
  
  
  
Semiconductors & Semiconductor Equipment - 1.0%
  
  
  
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
4,296
1,736,658
UNITED KINGDOM - 2.0%
 
  
  
Consumer Staples - 0.8%
  
  
  
Beverages - 0.2%
  
  
  
Diageo PLC ADR (b)
  
3,484
306,801
Tobacco - 0.6%
  
  
  
British American Tobacco PLC ADR
 
18,851
1,143,313
TOTAL CONSUMER STAPLES
  
  
1,450,114
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
3i Group PLC
 
896
34,494
Health Care - 0.8%
  
  
  
Pharmaceuticals - 0.8%
  
  
  
GSK PLC ADR
 
28,410
1,468,513
Industrials - 0.4%
  
  
  
Aerospace & Defense - 0.4%
  
  
  
Rolls-Royce Holdings PLC
 
35,042
699,076
TOTAL UNITED KINGDOM
  
  
3,652,197
UNITED STATES - 88.7%
 
  
  
Communication Services - 9.2%
  
  
  
Diversified Telecommunication Services - 0.4%
  
  
  
Comcast Corp Class A
 
27,293
653,940
Entertainment - 0.5%
  
  
  
Netflix Inc (a)
  
6,353
455,574
Walt Disney Co/The
 
4,671
449,303
 
  
  
904,877
Interactive Media & Services - 8.3%
  
  
  
Alphabet Inc Class A
 
16,713
5,952,002
Alphabet Inc Class C
 
13,933
4,969,204
Meta Platforms Inc Class A
 
7,640
4,253,264
 
  
  
15,174,470
TOTAL COMMUNICATION SERVICES
  
  
16,733,287
Consumer Discretionary - 7.2%
  
  
  
Broadline Retail - 4.2%
  
  
  
Amazon.com Inc (a)
  
28,009
7,606,685
Hotels, Restaurants & Leisure - 0.9%
  
  
  
Booking Holdings Inc
 
1,000
192,900
Cava Group Inc (a)
  
1,398
91,192
Chipotle Mexican Grill Inc (a)
  
2,023
75,295
Domino's Pizza Inc
 
1,489
517,338
Marriott International Inc/MD Class A1
 
802
299,010
Starbucks Corp
 
3,062
322,276
Wingstop Inc
 
1,460
189,055
 
  
  
1,687,066
Household Durables - 0.6%
  
  
  
DR Horton Inc
 
2,008
287,264
Leggett & Platt Inc
 
7,819
76,626
Somnigroup International Inc
 
8,634
564,060
Whirlpool Corp (b)
  
4,228
158,550
 
  
  
1,086,500
Specialty Retail - 1.3%
  
  
  
Home Depot Inc/The
 
3,260
1,082,190
Lowe's Cos Inc
 
5,732
1,191,167
RH (a)
  
724
119,836
 
  
  
2,393,193
Textiles, Apparel & Luxury Goods - 0.2%
  
  
  
Lululemon Athletica Inc (a)
  
92
10,936
NIKE Inc Class B
 
10,595
441,917
 
  
  
452,853
TOTAL CONSUMER DISCRETIONARY
  
  
13,226,297
Consumer Staples - 4.4%
  
  
  
Beverages - 1.7%
  
  
  
Brown-Forman Corp Class B (b)
  
11,191
321,517
Coca-Cola Co/The
 
11,275
987,577
Keurig Dr Pepper Inc
 
57,719
1,796,216
 
  
  
3,105,310
Consumer Staples Distribution & Retail - 0.7%
  
  
  
Kroger Co/The
 
2,500
144,350
Sprouts Farmers Market Inc (a)
  
4,600
400,936
Target Corp
 
5,112
738,633
 
  
  
1,283,919
Food Products - 0.2%
  
  
  
Lamb Weston Holdings Inc
 
5,700
299,535
Mondelez International Inc
 
1,900
118,389
 
  
  
417,924
Household Products - 0.1%
  
  
  
Procter & Gamble Co/The
 
1,300
187,837
Personal Care Products - 1.3%
  
  
  
Estee Lauder Cos Inc/The Class A
 
3,996
335,264
Kenvue Inc
 
105,986
2,039,171
 
  
  
2,374,435
Tobacco - 0.4%
  
  
  
Philip Morris International Inc
 
3,893
742,862
TOTAL CONSUMER STAPLES
  
  
8,112,287
Energy - 5.4%
  
  
  
Oil, Gas & Consumable Fuels - 5.4%
  
  
  
ConocoPhillips
 
5,455
657,218
ExxonMobil Holdings Corp
 
37,239
5,788,431
Shell PLC ADR
 
36,596
3,366,100
TOTAL ENERGY
  
  
9,811,749
Financials - 12.7%
  
  
  
Banks - 7.4%
  
  
  
Bank of America Corp (c)
  
71,273
4,415,362
M&T Bank Corp
 
2,502
616,218
PNC Financial Services Group Inc/The
 
5,624
1,405,269
Wells Fargo & Co
 
82,717
7,150,885
 
  
  
13,587,734
Capital Markets - 1.7%
  
  
  
Blue Owl Capital Inc Class A
 
37,000
381,100
Charles Schwab Corp/The
 
5,842
614,812
Intercontinental Exchange Inc
 
1,850
282,088
KKR & Co Inc Class A
 
12,458
1,263,615
Moody's Corp
 
329
157,387
MSCI Inc
 
35
20,028
Raymond James Financial Inc
 
317
55,786
Robinhood Markets Inc Class A (a)
  
3,400
294,304
 
  
  
3,069,120
Financial Services - 2.8%
  
  
  
Apollo Global Management Inc
 
5,262
660,855
Corpay Inc (a)
  
348
132,974
Mastercard Inc Class A
 
2,477
1,419,569
PayPal Holdings Inc
 
1,744
99,774
Rocket Cos Inc Class A (a)(b)
  
31,200
402,480
Visa Inc Class A
 
6,432
2,354,948
 
  
  
5,070,600
Insurance - 0.8%
  
  
  
Arthur J Gallagher & Co
 
2,116
527,773
Brown & Brown Inc
 
10,631
748,422
Chubb Ltd
 
399
139,921
 
  
  
1,416,116
TOTAL FINANCIALS
  
  
23,143,570
Health Care - 7.9%
  
  
  
Biotechnology - 0.2%
  
  
  
Alnylam Pharmaceuticals Inc (a)
  
783
160,922
Biogen Inc (a)
  
400
81,180
Gilead Sciences Inc
 
708
92,189
Vaxcyte Inc (a)
  
1,838
99,399
 
  
  
433,690
Health Care Equipment & Supplies - 2.5%
  
  
  
Abbott Laboratories
 
7,755
819,704
Alcon AG (United States) (b)
  
13,200
910,008
Baxter International Inc
 
58,175
1,521,858
Boston Scientific Corp (a)
  
22,285
1,041,378
Solventum Corp (a)
  
956
81,680
 
  
  
4,374,628
Health Care Providers & Services - 2.3%
  
  
  
Cardinal Health Inc
 
562
129,277
Cigna Group/The
 
2,761
770,457
Humana Inc
 
1,632
593,820
McKesson Corp
 
496
424,670
Molina Healthcare Inc (a)
  
723
141,433
UnitedHealth Group Inc
 
5,210
2,159,024
 
  
  
4,218,681
Life Sciences Tools & Services - 1.6%
  
  
  
Bruker Corp
 
13,984
878,755
Danaher Corp
 
5,322
1,037,684
Thermo Fisher Scientific Inc
 
1,757
1,009,045
Waters Corp (a)
  
79
29,807
 
  
  
2,955,291
Pharmaceuticals - 1.3%
  
  
  
Eli Lilly & Co
 
647
743,299
Haleon PLC ADR
 
118,701
1,171,579
Johnson & Johnson
 
494
126,637
Merck & Co Inc
 
2,560
333,312
 
  
  
2,374,827
TOTAL HEALTH CARE
  
  
14,357,117
Industrials - 15.6%
  
  
  
Aerospace & Defense - 9.2%
  
  
  
Boeing Co (a)
  
38,778
8,381,477
GE Aerospace (c)
  
20,432
7,356,950
General Dynamics Corp
 
1,085
416,011
Howmet Aerospace Inc
 
330
93,146
Huntington Ingalls Industries Inc
 
757
247,123
RTX Corp
 
37
7,963
Textron Inc
 
1,759
149,972
 
  
  
16,652,642
Air Freight & Logistics - 0.9%
  
  
  
United Parcel Service Inc Class B
 
16,581
1,728,072
Building Products - 0.3%
  
  
  
A O Smith Corp
 
7,300
438,949
Modine Manufacturing Co (a)
  
660
132,700
Trex Co Inc (a)
  
1,300
56,368
 
  
  
628,017
Commercial Services & Supplies - 0.0%
  
  
  
Veralto Corp
 
846
79,667
Electrical Equipment - 3.5%
  
  
  
Emerson Electric Co
 
2,195
328,855
GE Vernova Inc
 
5,641
5,586,226
Hubbell Inc
 
374
176,734
Vertiv Holdings Co Class A
 
604
145,908
 
  
  
6,237,723
Machinery - 1.4%
  
  
  
Allison Transmission Holdings Inc
 
667
76,398
Cummins Inc
 
444
281,585
Deere & Co
 
325
192,618
Donaldson Co Inc
 
2,270
213,925
Nordson Corp
 
148
44,071
Otis Worldwide Corp
 
9,766
702,664
Pentair PLC
 
2,700
176,688
Stanley Black & Decker Inc
 
683
64,598
Westinghouse Air Brake Technologies Corp
 
2,572
748,092
 
  
  
2,500,639
Professional Services - 0.2%
  
  
  
Equifax Inc
 
900
155,358
TransUnion
 
3,412
268,251
 
  
  
423,609
Trading Companies & Distributors - 0.1%
  
  
  
Watsco Inc
 
718
222,077
TOTAL INDUSTRIALS
  
  
28,472,446
Information Technology - 24.1%
  
  
  
Communications Equipment - 0.3%
  
  
  
Arista Networks Inc (a)
  
3,200
577,120
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
Amphenol Corp Class A
 
800
128,560
Flex Ltd (a)
  
900
102,375
 
  
  
230,935
Semiconductors & Semiconductor Equipment - 12.7%
  
  
  
Applied Materials Inc
 
1,035
525,438
ARM Holdings PLC ADR (a)
  
677
162,270
Broadcom Inc
 
11,443
4,454,531
Cerebras Systems Inc Class A (a)
  
950
188,775
Lam Research Corp
 
2,899
849,465
MACOM Technology Solutions Holdings Inc (a)
  
100
25,144
Micron Technology Inc
 
2,656
2,185,968
NVIDIA Corp
 
70,615
14,175,961
Rambus Inc (a)
  
4,800
436,944
Teradyne Inc
 
499
183,477
 
  
  
23,187,973
Software - 5.9%
  
  
  
Adobe Inc (a)
  
1,037
259,675
Autodesk Inc (a)
  
1,121
262,538
Intuit Inc
 
303
95,769
Microsoft Corp
 
21,151
9,829,293
Oracle Corp
 
700
90,909
Salesforce Inc
 
400
73,608
Synopsys Inc (a)
  
485
188,549
 
  
  
10,800,341
Technology Hardware, Storage & Peripherals - 5.1%
  
  
  
Apple Inc
 
20,792
6,422,857
GPGI Inc Class A
 
59,253
782,140
Seagate Technology Holdings PLC
 
707
605,283
Western Digital Corp
 
2,665
1,451,999
 
  
  
9,262,279
TOTAL INFORMATION TECHNOLOGY
  
  
44,058,648
Materials - 1.0%
  
  
  
Chemicals - 0.7%
  
  
  
Air Products and Chemicals Inc
 
564
166,318
Albemarle Corp
 
2,900
341,156
Dow Inc
 
2,471
74,847
LyondellBasell Industries NV Class A1
 
4,422
274,518
Sherwin-Williams Co/The
 
957
326,193
 
  
  
1,183,032
Construction Materials - 0.3%
  
  
  
James Hardie Industries PLC (a)
  
22,900
602,041
TOTAL MATERIALS
  
  
1,785,073
Real Estate - 0.7%
  
  
  
Industrial REITs - 0.1%
  
  
  
Terreno Realty Corp
 
1,288
92,285
Real Estate Management & Development - 0.4%
  
  
  
CBRE Group Inc Class A (a)
  
1,210
177,640
Compass Inc Class A (a)
  
54,421
619,855
 
  
  
797,495
Residential REITs - 0.1%
  
  
  
Sun Communities Inc
 
972
120,023
Specialized REITs - 0.1%
  
  
  
American Tower Corp
 
959
166,252
Equinix Inc
 
28
28,540
 
  
  
194,792
TOTAL REAL ESTATE
  
  
1,204,595
Utilities - 0.5%
  
  
  
Electric Utilities - 0.5%
  
  
  
Entergy Corp
 
1,109
119,350
Southern Co/The
 
8,725
824,862
 
  
  
944,212
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Vistra Corp
 
683
101,214
Multi-Utilities - 0.0%
  
  
  
Sempra
 
1,289
114,141
TOTAL UTILITIES
  
  
1,159,567
TOTAL UNITED STATES
  
  
162,064,636
 
TOTAL COMMON STOCKS
 (Cost $123,330,799)
  
  
  
174,736,219
 
  
  
  
Convertible Preferred Stocks - 0.2%
 
  
Shares
Value ($)
 
UNITED STATES - 0.2%
 
  
  
Health Care - 0.1%
  
  
  
Life Sciences Tools & Services - 0.1%
  
  
  
Bruker Corp 6.375% Series A
 
450
208,476
Information Technology - 0.1%
  
  
  
Software - 0.1%
  
  
  
Anthropic PBC Series G (d)(e)
  
400
235,604
TOTAL UNITED STATES
  
  
444,080
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $216,694)
  
  
  
444,080
 
  
  
  
Money Market Funds - 4.8%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
  
3.69
8,018,040
8,019,644
Fidelity Securities Lending Cash Central Fund (f)(g)
  
3.72
719,373
719,444
 
TOTAL MONEY MARKET FUNDS
 (Cost $8,738,947)
  
  
  
8,739,088
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.6%
 (Cost $132,286,440)
 
  
 
183,919,387
NET OTHER ASSETS (LIABILITIES) - (0.6)%  
(1,115,656)
NET ASSETS - 100.0%
182,803,731
 
  
 
 Written Options
 
Clearinghouse / Counterparty
Number
of Contracts
Notional
Amount ($)
Exercise
Price ($)
Expiration
Date
Value ($)
Call Options
  
  
  
  
  
  
Bank of America Corp
Chicago Board Options Exchange
35
216,825
65.00
9/2026
(2,713)
GE Aerospace
Chicago Board Options Exchange
20
720,140
410.00
9/2026
(6,430)
 
  
  
  
  
  
  
 
  
  
  
  
  
(9,143)
TOTAL WRITTEN OPTIONS
(Premiums Received $(25,960))
  
  
  
  
  
(9,143)
 
 
Legend
 
(a)
Non-income producing.
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $936,965.
 
(d)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $235,604 or 0.1% of net assets.
 
(e)
Level 3 security.
 
(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.
 
At period end, the value of non-cash collateral for securities on loan amounted to $598,278.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Anthropic PBC Series G
1/27/2026
103,654
 
  
  
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.
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
Fidelity Cash Central Fund
9,333,179
11,762,202
13,075,838
68,542
(41)
142
8,019,644
8,018,040
Fidelity Securities Lending Cash Central Fund
2,281,350
6,040,170
7,602,075
1,722
-
(1)
719,444
719,373
 
11,614,529
17,802,372
20,677,913
70,264
(41)
141
8,739,088
  
 
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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