Quarterly Holdings Report
for
Fidelity® Large Cap Stock Fund
July 31, 2026
LCS-NPRT1-0926
1.804840.122
Common Stocks - 96.9%
 
  
Shares
Value ($)
 
BELGIUM - 1.1%
 
  
  
Health Care - 1.1%
  
  
  
Pharmaceuticals - 1.1%
  
  
  
UCB SA
 
448,392
115,253,395
CANADA - 1.9%
 
  
  
Energy - 1.7%
  
  
  
Oil, Gas & Consumable Fuels - 1.7%
  
  
  
Athabasca Oil Corp (b)
  
2,667,307
19,712,024
Imperial Oil Ltd (a)
  
1,174,439
152,266,140
TOTAL ENERGY
  
  
171,978,164
Industrials - 0.2%
  
  
  
Aerospace & Defense - 0.2%
  
  
  
Bombardier Inc Class B (b)
  
106,800
25,730,736
Information Technology - 0.0%
  
  
  
IT Services - 0.0%
  
  
  
Shopify Inc Class A (United States) (b)
  
18,900
2,214,135
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Nutrien Ltd (United States)
 
30,600
2,113,542
TOTAL CANADA
  
  
202,036,577
ITALY - 0.1%
 
  
  
Consumer Staples - 0.1%
  
  
  
Beverages - 0.1%
  
  
  
Davide Campari-Milano NV
 
1,116,791
7,593,031
JAPAN - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Kioxia Holdings Corp (b)
  
15,300
4,264,668
KOREA (SOUTH) - 0.2%
 
  
  
Information Technology - 0.2%
  
  
  
Semiconductors & Semiconductor Equipment - 0.2%
  
  
  
SK Hynix Inc ADR
 
175,800
25,267,734
NETHERLANDS - 0.6%
 
  
  
Health Care - 0.1%
  
  
  
Biotechnology - 0.1%
  
  
  
Argenx SE ADR (b)
  
7,288
6,222,640
Information Technology - 0.5%
  
  
  
Semiconductors & Semiconductor Equipment - 0.5%
  
  
  
ASML Holding NV depository receipt
 
22,394
36,479,826
BE Semiconductor Industries NV
 
70,985
16,228,022
TOTAL INFORMATION TECHNOLOGY
  
  
52,707,848
TOTAL NETHERLANDS
  
  
58,930,488
PORTUGAL - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Galp Energia SGPS SA
 
82,000
1,862,270
SWEDEN - 0.1%
 
  
  
Industrials - 0.1%
  
  
  
Machinery - 0.1%
  
  
  
Atlas Copco AB A Shares
 
737,800
15,589,586
TAIWAN - 1.0%
 
  
  
Information Technology - 1.0%
  
  
  
Semiconductors & Semiconductor Equipment - 1.0%
  
  
  
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
254,717
102,969,347
UNITED KINGDOM - 2.1%
 
  
  
Consumer Staples - 0.8%
  
  
  
Beverages - 0.2%
  
  
  
Diageo PLC ADR (a)
  
225,402
19,848,900
Tobacco - 0.6%
  
  
  
British American Tobacco PLC ADR
 
1,126,431
68,318,040
TOTAL CONSUMER STAPLES
  
  
88,166,940
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
3i Group PLC
 
63,379
2,439,951
Health Care - 0.9%
  
  
  
Pharmaceuticals - 0.9%
  
  
  
GSK PLC ADR
 
1,708,759
88,325,753
Industrials - 0.4%
  
  
  
Aerospace & Defense - 0.4%
  
  
  
Rolls-Royce Holdings PLC
 
2,159,061
43,072,529
TOTAL UNITED KINGDOM
  
  
222,005,173
UNITED STATES - 89.8%
 
  
  
Communication Services - 9.2%
  
  
  
Diversified Telecommunication Services - 0.4%
  
  
  
Comcast Corp Class A
 
1,672,395
40,070,584
Entertainment - 0.5%
  
  
  
Netflix Inc (b)
  
370,800
26,590,068
Walt Disney Co/The
 
287,006
27,607,107
 
  
  
54,197,175
Interactive Media & Services - 8.3%
  
  
  
Alphabet Inc Class A
 
979,255
348,742,084
Alphabet Inc Class C
 
819,336
292,216,184
Meta Platforms Inc Class A
 
440,006
244,955,740
 
  
  
885,914,008
TOTAL COMMUNICATION SERVICES
  
  
980,181,767
Consumer Discretionary - 7.2%
  
  
  
Broadline Retail - 4.2%
  
  
  
Amazon.com Inc (b)
  
1,624,986
441,313,698
Hotels, Restaurants & Leisure - 0.9%
  
  
  
Booking Holdings Inc
 
66,550
12,837,495
Cava Group Inc (a)(b)
  
89,100
5,811,993
Chipotle Mexican Grill Inc (b)
  
118,200
4,399,403
Domino's Pizza Inc
 
81,100
28,177,384
Marriott International Inc/MD Class A1
 
51,910
19,353,605
Starbucks Corp
 
186,326
19,610,812
Wingstop Inc (a)
  
72,532
9,392,169
 
  
  
99,582,861
Household Durables - 0.6%
  
  
  
DR Horton Inc
 
112,400
16,079,944
Leggett & Platt Inc
 
228,200
2,236,360
Somnigroup International Inc
 
563,071
36,785,428
Whirlpool Corp (a)
  
252,181
9,456,788
 
  
  
64,558,520
Specialty Retail - 1.3%
  
  
  
Home Depot Inc/The
 
188,300
62,508,068
Lowe's Cos Inc
 
334,477
69,507,666
RH (b)
  
39,291
6,503,446
 
  
  
138,519,180
Textiles, Apparel & Luxury Goods - 0.2%
  
  
  
Lululemon Athletica Inc (b)
  
7,398
879,400
NIKE Inc Class B
 
598,656
24,969,942
 
  
  
25,849,342
TOTAL CONSUMER DISCRETIONARY
  
  
769,823,601
Consumer Staples - 4.5%
  
  
  
Beverages - 1.7%
  
  
  
Brown-Forman Corp Class B (a)
  
654,161
18,794,046
Coca-Cola Co/The
 
729,419
63,889,810
Keurig Dr Pepper Inc
 
3,276,269
101,957,492
 
  
  
184,641,348
Consumer Staples Distribution & Retail - 0.7%
  
  
  
Kroger Co/The
 
134,600
7,771,804
Sprouts Farmers Market Inc (b)
  
258,288
22,512,382
Target Corp
 
317,013
45,805,208
 
  
  
76,089,394
Food Products - 0.2%
  
  
  
Lamb Weston Holdings Inc
 
322,000
16,921,100
Mondelez International Inc
 
80,500
5,015,955
 
  
  
21,937,055
Household Products - 0.1%
  
  
  
Procter & Gamble Co/The
 
58,900
8,510,461
Personal Care Products - 1.3%
  
  
  
Estee Lauder Cos Inc/The Class A
 
248,325
20,834,467
Kenvue Inc
 
6,306,020
121,327,825
 
  
  
142,162,292
Tobacco - 0.5%
  
  
  
Philip Morris International Inc
 
251,839
48,055,918
TOTAL CONSUMER STAPLES
  
  
481,396,468
Energy - 5.4%
  
  
  
Oil, Gas & Consumable Fuels - 5.4%
  
  
  
ConocoPhillips
 
311,000
37,469,280
ExxonMobil Holdings Corp
 
2,169,898
337,288,945
Shell PLC ADR
 
2,203,051
202,636,631
TOTAL ENERGY
  
  
577,394,856
Financials - 13.1%
  
  
  
Banks - 7.7%
  
  
  
Bank of America Corp (g)
  
4,300,129
266,392,992
M&T Bank Corp
 
158,857
39,124,891
PNC Financial Services Group Inc/The
 
359,230
89,760,800
Wells Fargo & Co
 
4,839,952
418,413,850
 
  
  
813,692,533
Capital Markets - 1.7%
  
  
  
Blue Owl Capital Inc Class A
 
2,337,900
24,080,370
Charles Schwab Corp/The
 
330,847
34,818,338
Intercontinental Exchange Inc
 
119,800
18,267,104
KKR & Co Inc Class A
 
746,823
75,750,257
Moody's Corp
 
17,496
8,369,736
MSCI Inc
 
2,000
1,144,480
Raymond James Financial Inc
 
18,013
3,169,928
Robinhood Markets Inc Class A (b)
  
204,100
17,666,896
 
  
  
183,267,109
Financial Services - 2.9%
  
  
  
Acacia Research Corp (b)
  
60,900
269,787
Apollo Global Management Inc
 
311,788
39,157,455
Corpay Inc (b)
  
22,492
8,594,418
Mastercard Inc Class A
 
148,013
84,826,250
PayPal Holdings Inc
 
112,805
6,453,574
Rocket Cos Inc Class A (a)(b)
  
1,791,500
23,110,350
Visa Inc Class A
 
389,359
142,556,011
 
  
  
304,967,845
Insurance - 0.8%
  
  
  
Arthur J Gallagher & Co
 
128,584
32,071,421
Brown & Brown Inc
 
633,300
44,584,320
Chubb Ltd
 
25,487
8,937,781
 
  
  
85,593,522
TOTAL FINANCIALS
  
  
1,387,521,009
Health Care - 8.1%
  
  
  
Biotechnology - 0.2%
  
  
  
Alnylam Pharmaceuticals Inc (b)
  
50,648
10,409,177
Biogen Inc (b)
  
25,900
5,256,405
Gilead Sciences Inc
 
45,784
5,961,535
Vaxcyte Inc (b)
  
126,243
6,827,221
 
  
  
28,454,338
Health Care Equipment & Supplies - 2.4%
  
  
  
Abbott Laboratories
 
416,028
43,974,160
Alcon AG (United States) (a)
  
769,700
53,063,118
Baxter International Inc (a)
  
3,320,589
86,866,608
Boston Scientific Corp (b)
  
1,309,274
61,182,374
Solventum Corp (b)
  
58,976
5,038,909
 
  
  
250,125,169
Health Care Providers & Services - 2.4%
  
  
  
Cardinal Health Inc
 
37,975
8,735,389
Cigna Group/The
 
178,616
49,842,795
Humana Inc
 
87,822
31,954,913
McKesson Corp
 
31,027
26,565,007
Molina Healthcare Inc (b)
  
46,800
9,155,016
UnitedHealth Group Inc
 
317,647
131,632,917
 
  
  
257,886,037
Life Sciences Tools & Services - 1.7%
  
  
  
Bruker Corp (a)
  
886,762
55,724,124
Danaher Corp
 
306,997
59,858,275
Thermo Fisher Scientific Inc
 
103,294
59,321,744
Waters Corp (b)
  
5,977
2,255,182
 
  
  
177,159,325
Pharmaceuticals - 1.4%
  
  
  
Eli Lilly & Co
 
38,080
43,747,827
Haleon PLC ADR
 
6,840,625
67,516,969
Johnson & Johnson
 
50,004
12,818,525
Merck & Co Inc
 
165,643
21,566,719
 
  
  
145,650,040
TOTAL HEALTH CARE
  
  
859,274,909
Industrials - 15.6%
  
  
  
Aerospace & Defense - 9.2%
  
  
  
Boeing Co (b)
  
2,255,523
487,508,741
GE Aerospace (g)
  
1,194,997
430,282,570
General Dynamics Corp
 
70,200
26,916,084
Howmet Aerospace Inc
 
20,984
5,922,944
Huntington Ingalls Industries Inc
 
48,907
15,965,690
RTX Corp
 
4,791
1,031,119
Textron Inc
 
98,951
8,436,562
 
  
  
976,063,710
Air Freight & Logistics - 0.9%
  
  
  
United Parcel Service Inc Class B
 
966,025
100,679,126
Building Products - 0.4%
  
  
  
A O Smith Corp
 
430,700
25,897,991
Modine Manufacturing Co (b)
  
38,400
7,720,704
Trex Co Inc (b)
  
90,400
3,919,744
 
  
  
37,538,439
Commercial Services & Supplies - 0.0%
  
  
  
Veralto Corp
 
51,668
4,865,576
Electrical Equipment - 3.4%
  
  
  
Emerson Electric Co
 
108,400
16,240,488
GE Vernova Inc
 
326,393
323,223,724
Hubbell Inc
 
20,016
9,458,561
Vertiv Holdings Co Class A
 
34,521
8,339,238
 
  
  
357,262,011
Machinery - 1.4%
  
  
  
Allison Transmission Holdings Inc
 
45,169
5,173,657
Cummins Inc
 
28,733
18,222,469
Deere & Co
 
20,992
12,441,329
Donaldson Co Inc
 
123,666
11,654,284
Nordson Corp
 
11,087
3,301,486
Otis Worldwide Corp
 
571,729
41,135,902
Pentair PLC
 
164,600
10,771,424
Stanley Black & Decker Inc
 
37,504
3,547,128
Westinghouse Air Brake Technologies Corp
 
146,551
42,625,824
 
  
  
148,873,503
Professional Services - 0.2%
  
  
  
Equifax Inc
 
52,500
9,062,550
TransUnion
 
196,800
15,472,416
 
  
  
24,534,966
Trading Companies & Distributors - 0.1%
  
  
  
Watsco Inc
 
39,497
12,216,422
TOTAL INDUSTRIALS
  
  
1,662,033,753
Information Technology - 24.3%
  
  
  
Communications Equipment - 0.3%
  
  
  
Arista Networks Inc (b)
  
192,500
34,717,375
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
Amphenol Corp Class A
 
54,500
8,758,150
Flex Ltd (b)
  
53,000
6,028,750
 
  
  
14,786,900
Semiconductors & Semiconductor Equipment - 12.8%
  
  
  
Applied Materials Inc
 
66,931
33,978,861
ARM Holdings PLC ADR (a)(b)
  
37,200
8,916,468
Broadcom Inc
 
672,093
261,632,363
Cerebras Systems Inc Class A (b)
  
48,000
9,538,080
Lam Research Corp
 
174,602
51,161,878
MACOM Technology Solutions Holdings Inc (b)
  
8,100
2,036,664
Micron Technology Inc
 
152,098
125,181,217
NVIDIA Corp
 
4,106,167
824,313,026
Rambus Inc (b)
  
274,600
24,996,838
Teradyne Inc
 
32,282
11,869,769
 
  
  
1,353,625,164
Software - 6.1%
  
  
  
Adobe Inc (b)
  
63,809
15,978,412
Autodesk Inc (b)
  
72,537
16,988,165
Intuit Inc
 
18,789
5,938,639
Microsoft Corp
 
1,232,564
572,797,142
Oracle Corp
 
43,100
5,597,397
Salesforce Inc
 
25,200
4,637,304
Synopsys Inc (b)
  
31,000
12,051,560
 
  
  
633,988,619
Technology Hardware, Storage & Peripherals - 5.0%
  
  
  
Apple Inc
 
1,207,921
373,138,876
GPGI Inc Class A (a)
  
3,478,355
45,914,286
Seagate Technology Holdings PLC
 
39,600
33,902,748
Western Digital Corp
 
153,300
83,523,972
 
  
  
536,479,882
TOTAL INFORMATION TECHNOLOGY
  
  
2,573,597,940
Materials - 1.0%
  
  
  
Chemicals - 0.7%
  
  
  
Air Products and Chemicals Inc
 
36,485
10,759,062
Albemarle Corp
 
145,100
17,069,564
Dow Inc
 
147,200
4,458,688
LyondellBasell Industries NV Class A1
 
256,600
15,929,728
Sherwin-Williams Co/The
 
52,198
17,791,688
 
  
  
66,008,730
Construction Materials - 0.3%
  
  
  
James Hardie Industries PLC (b)
  
1,335,300
35,105,037
TOTAL MATERIALS
  
  
101,113,767
Real Estate - 0.7%
  
  
  
Industrial REITs - 0.0%
  
  
  
Terreno Realty Corp
 
81,372
5,830,304
Real Estate Management & Development - 0.5%
  
  
  
CBRE Group Inc Class A (b)
  
70,200
10,306,062
Compass Inc Class A (b)
  
3,343,894
38,086,953
 
  
  
48,393,015
Residential REITs - 0.1%
  
  
  
Sun Communities Inc
 
62,878
7,764,175
Specialized REITs - 0.1%
  
  
  
American Tower Corp
 
54,722
9,486,606
Equinix Inc
 
1,562
1,592,115
 
  
  
11,078,721
TOTAL REAL ESTATE
  
  
73,066,215
Utilities - 0.7%
  
  
  
Electric Utilities - 0.5%
  
  
  
Entergy Corp
 
70,606
7,598,618
Southern Co/The
 
526,183
49,745,341
 
  
  
57,343,959
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
Vistra Corp
 
44,182
6,547,330
Multi-Utilities - 0.1%
  
  
  
Sempra
 
83,378
7,383,122
TOTAL UTILITIES
  
  
71,274,411
TOTAL UNITED STATES
  
  
9,536,678,696
 
TOTAL COMMON STOCKS
 (Cost $5,935,412,606)
  
  
  
10,292,450,965
 
  
  
  
Convertible Preferred Stocks - 0.3%
 
  
Shares
Value ($)
 
UNITED STATES - 0.3%
 
  
  
Health Care - 0.1%
  
  
  
Life Sciences Tools & Services - 0.1%
  
  
  
Bruker Corp 6.375% Series A
 
30,700
14,222,696
Information Technology - 0.2%
  
  
  
Software - 0.2%
  
  
  
Anthropic PBC Series G (c)(d)
  
28,300
16,668,983
TOTAL UNITED STATES
  
  
30,891,679
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $15,071,713)
  
  
  
30,891,679
 
  
  
  
Money Market Funds - 4.2%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (e)
  
3.69
316,801,263
316,864,623
Fidelity Securities Lending Cash Central Fund (e)(f)
  
3.72
131,522,459
131,535,611
 
TOTAL MONEY MARKET FUNDS
 (Cost $448,394,952)
  
  
  
448,400,234
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 101.4%
 (Cost $6,398,879,271)
 
  
 
10,771,742,878
NET OTHER ASSETS (LIABILITIES) - (1.4)%  
(146,630,372)
NET ASSETS - 100.0%
10,625,112,506
 
  
 
 Written Options
 
Clearinghouse / Counterparty
Number
of Contracts
Notional
Amount ($)
Exercise
Price ($)
Expiration
Date
Value ($)
Call Options
  
  
  
  
  
  
Bank of America Corp
Chicago Board Options Exchange
2,170
13,443,150
65.00
9/2026
(168,175)
GE Aerospace
Chicago Board Options Exchange
1,202
43,280,414
410.00
9/2026
(386,443)
 
  
  
  
  
  
  
 
  
  
  
  
  
(554,618)
TOTAL WRITTEN OPTIONS
(Premiums Received $(1,565,144))
  
  
  
  
  
(554,618)
 
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing.
 
(c)
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 $16,668,983 or 0.2% of net assets.
 
(d)
Level 3 security.
 
(e)
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.
 
(f)
Investment made with cash collateral received from securities on loan.
 
(g)
Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $56,723,564.
 
At period end, the value of non-cash collateral for securities on loan amounted to $47,099,256.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Anthropic PBC Series G
1/27/2026
7,333,559
 
  
  
 
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
380,757,958
309,272,881
373,169,907
3,264,371
(1,591)
5,282
316,864,623
316,801,263
Fidelity Securities Lending Cash Central Fund
136,062,254
307,075,950
311,602,593
125,977
-
-
131,535,611
131,522,459
 
516,820,212
616,348,831
684,772,500
3,390,348
(1,591)
5,282
448,400,234
  
 
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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