Quarterly Holdings Report
for
Fidelity® Mid-Cap Stock K6 Fund
July 31, 2026
MCS-K6-NPRT1-0926
1.9893887.107
Common Stocks - 97.5%
 
  
Shares
Value ($)
 
BELGIUM - 0.5%
 
  
  
Health Care - 0.5%
  
  
  
Pharmaceuticals - 0.5%
  
  
  
UCB SA
 
29,898
7,684,896
BRAZIL - 0.7%
 
  
  
Materials - 0.7%
  
  
  
Metals & Mining - 0.7%
  
  
  
ERO Copper Corp (a)
  
57,200
1,535,833
Wheaton Precious Metals Corp (United States) (b)
  
83,313
9,083,617
 
  
  
  
TOTAL BRAZIL
  
  
10,619,450
CANADA - 2.8%
 
  
  
Energy - 1.5%
  
  
  
Oil, Gas & Consumable Fuels - 1.5%
  
  
  
Imperial Oil Ltd
 
140,664
18,237,102
South Bow Corp
 
104,491
3,874,482
TOTAL ENERGY
  
  
22,111,584
Industrials - 1.0%
  
  
  
Commercial Services & Supplies - 1.0%
  
  
  
RB Global Inc (United States)
 
128,012
14,048,037
Information Technology - 0.3%
  
  
  
Software - 0.3%
  
  
  
Descartes Systems Group Inc/The (United States) (a)(b)
  
50,579
3,801,518
TOTAL CANADA
  
  
39,961,139
CHILE - 0.3%
 
  
  
Materials - 0.3%
  
  
  
Metals & Mining - 0.3%
  
  
  
Lundin Mining Corp
 
200,183
4,956,559
FINLAND - 0.3%
 
  
  
Consumer Discretionary - 0.3%
  
  
  
Textiles, Apparel & Luxury Goods - 0.3%
  
  
  
Amer Sports Inc (a)
  
114,180
4,054,532
GERMANY - 0.2%
 
  
  
Consumer Discretionary - 0.2%
  
  
  
Specialty Retail - 0.2%
  
  
  
Auto1 Group SE (a)(b)
  
97,647
2,542,545
ISRAEL - 0.2%
 
  
  
Information Technology - 0.2%
  
  
  
Semiconductors & Semiconductor Equipment - 0.2%
  
  
  
Nova Ltd (a)
  
5,572
2,177,927
ITALY - 1.9%
 
  
  
Consumer Discretionary - 1.1%
  
  
  
Hotels, Restaurants & Leisure - 0.2%
  
  
  
Lottomatica Group Spa
 
107,858
2,920,359
Textiles, Apparel & Luxury Goods - 0.9%
  
  
  
Brunello Cucinelli SpA
 
1,673
169,617
Brunello Cucinelli SpA non-voting shares
 
119,578
12,123,409
 
  
  
12,293,026
TOTAL CONSUMER DISCRETIONARY
  
  
15,213,385
Health Care - 0.4%
  
  
  
Pharmaceuticals - 0.4%
  
  
  
Recordati Industria Chimica e Farmaceutica SpA
 
99,705
5,938,450
Industrials - 0.4%
  
  
  
Electrical Equipment - 0.4%
  
  
  
Prysmian SpA
 
45,203
6,237,713
TOTAL ITALY
  
  
27,389,548
NETHERLANDS - 0.5%
 
  
  
Health Care - 0.5%
  
  
  
Biotechnology - 0.5%
  
  
  
Argenx SE (a)
  
7,861
6,732,925
TAIWAN - 0.2%
 
  
  
Information Technology - 0.2%
  
  
  
Semiconductors & Semiconductor Equipment - 0.2%
  
  
  
Silicon Motion Technology Corp ADR
 
10,100
2,561,360
THAILAND - 0.6%
 
  
  
Information Technology - 0.6%
  
  
  
Electronic Equipment, Instruments & Components - 0.6%
  
  
  
Fabrinet (a)
  
19,644
8,553,194
UNITED KINGDOM - 1.4%
 
  
  
Energy - 1.4%
  
  
  
Energy Equipment & Services - 1.4%
  
  
  
TechnipFMC PLC
 
290,239
20,798,527
UNITED STATES - 87.9%
 
  
  
Communication Services - 1.1%
  
  
  
Entertainment - 1.1%
  
  
  
Liberty Media Corp-Liberty Formula One Class A (a)
  
44,154
3,965,470
Live Nation Entertainment Inc (a)
  
46,861
8,159,906
TKO Group Holdings Inc Class A
 
31,601
5,745,378
TOTAL COMMUNICATION SERVICES
  
  
17,870,754
Consumer Discretionary - 9.2%
  
  
  
Broadline Retail - 0.3%
  
  
  
Etsy Inc (a)
  
61,881
5,054,439
Diversified Consumer Services - 1.2%
  
  
  
Duolingo Inc Class A (a)
  
41,888
5,646,921
Service Corp International/US
 
137,198
11,825,096
 
  
  
17,472,017
Hotels, Restaurants & Leisure - 1.0%
  
  
  
Dutch Bros Inc Class A (a)
  
86,400
5,687,712
Texas Roadhouse Inc
 
45,265
9,299,242
 
  
  
14,986,954
Household Durables - 3.0%
  
  
  
DR Horton Inc
 
38,093
5,449,585
NVR Inc (a)
  
571
3,509,965
SharkNinja Inc (a)
  
37,544
6,073,493
Somnigroup International Inc
 
191,317
12,498,740
Toll Brothers Inc
 
98,844
14,420,351
 
  
  
41,952,134
Specialty Retail - 2.5%
  
  
  
Burlington Stores Inc (a)
  
50,070
18,449,794
Urban Outfitters Inc (a)
  
59,575
4,419,273
Williams-Sonoma Inc
 
59,304
13,560,453
 
  
  
36,429,520
Textiles, Apparel & Luxury Goods - 1.2%
  
  
  
Ralph Lauren Corp Class A
 
19,931
7,580,557
Tapestry Inc
 
67,338
10,260,291
 
  
  
17,840,848
TOTAL CONSUMER DISCRETIONARY
  
  
133,735,912
Consumer Staples - 2.4%
  
  
  
Consumer Staples Distribution & Retail - 2.4%
  
  
  
BJ's Wholesale Club Holdings Inc (a)
  
134,521
13,153,463
Performance Food Group Co (a)
  
186,245
21,304,566
TOTAL CONSUMER STAPLES
  
  
34,458,029
Energy - 3.5%
  
  
  
Energy Equipment & Services - 0.4%
  
  
  
Kodiak Gas Services Inc
 
102,983
6,046,132
Oil, Gas & Consumable Fuels - 3.1%
  
  
  
APA Corp
 
103,374
3,857,918
Cheniere Energy Inc
 
37,065
9,769,222
Energy Transfer LP
 
307,840
6,267,622
Murphy Oil Corp
 
85,300
3,389,822
Ovintiv Inc
 
188,638
11,782,330
Range Resources Corp
 
233,866
9,387,381
 
  
  
44,454,295
TOTAL ENERGY
  
  
50,500,427
Financials - 13.6%
  
  
  
Banks - 6.4%
  
  
  
East West Bancorp Inc
 
124,186
16,268,366
First Citizens BancShares Inc/NC Class A
 
1,807
3,951,277
Hancock Whitney Corp
 
63,943
4,923,611
Huntington Bancshares Inc/OH
 
675,487
11,510,298
KeyCorp
 
317,362
7,169,208
M&T Bank Corp
 
64,697
15,934,224
Old National Bancorp/IN
 
280,482
7,472,040
Pinnacle Financial Partners Inc
 
27,500
2,893,825
Wintrust Financial Corp
 
130,661
20,845,656
 
  
  
90,968,505
Capital Markets - 3.3%
  
  
  
Cboe Global Markets Inc
 
25,243
7,831,136
Evercore Inc Class A
 
26,692
8,556,388
Houlihan Lokey Inc Class A
 
38,413
4,820,446
Interactive Brokers Group Inc Class A
 
62,213
5,474,122
Raymond James Financial Inc
 
61,273
10,782,823
Stifel Financial Corp
 
129,203
10,712,221
 
  
  
48,177,136
Financial Services - 0.5%
  
  
  
Toast Inc Class A (a)
  
222,640
7,184,593
Insurance - 3.4%
  
  
  
American Financial Group Inc/OH
 
57,598
8,162,789
Arch Capital Group Ltd (a)
  
98,244
9,876,469
First American Financial Corp
 
140,894
10,565,641
Hartford Insurance Group Inc/The
 
59,583
8,455,424
Reinsurance Group of America Inc
 
53,425
12,653,711
 
  
  
49,714,034
TOTAL FINANCIALS
  
  
196,044,268
Health Care - 7.8%
  
  
  
Biotechnology - 2.1%
  
  
  
Biogen Inc (a)
  
18,635
3,781,973
Caris Life Sciences Inc (a)
  
129,000
2,021,430
Legend Biotech Corp ADR (a)
  
67,938
1,260,250
Moderna Inc (a)
  
94,848
5,199,567
Roivant Sciences Ltd (a)
  
344,600
11,685,387
United Therapeutics Corp (a)
  
10,417
5,392,985
 
  
  
29,341,592
Health Care Providers & Services - 2.0%
  
  
  
BrightSpring Health Services Inc (a)
  
156,193
9,326,284
Privia Health Group Inc (a)
  
95,674
2,264,604
Tenet Healthcare Corp (a)
  
65,735
16,747,963
 
  
  
28,338,851
Health Care Technology - 0.1%
  
  
  
Waystar Holding Corp (a)
  
100,289
2,117,100
Life Sciences Tools & Services - 1.8%
  
  
  
Bruker Corp
 
145,420
9,138,193
Charles River Laboratories International Inc (a)
  
25,200
5,859,252
Repligen Corp (a)
  
50,215
7,080,817
West Pharmaceutical Services Inc
 
11,400
3,886,944
 
  
  
25,965,206
Pharmaceuticals - 1.8%
  
  
  
Elanco Animal Health Inc (a)
  
370,000
9,756,900
Royalty Pharma PLC Class A
 
192,865
11,269,102
Viatris Inc
 
311,500
5,469,940
 
  
  
26,495,942
TOTAL HEALTH CARE
  
  
112,258,691
Industrials - 24.9%
  
  
  
Aerospace & Defense - 5.5%
  
  
  
Beta Technologies Inc (c)
  
72,260
1,367,882
Beta Technologies Inc Class A (a)
  
110,388
2,089,645
BWX Technologies Inc
 
15,928
2,687,053
Carpenter Technology Corp
 
41,725
21,682,814
Curtiss-Wright Corp
 
19,000
13,756,000
Huntington Ingalls Industries Inc
 
12,640
4,126,328
Karman Holdings Inc (a)(b)
  
79,513
3,828,551
Leonardo DRS Inc
 
116,200
5,351,010
Textron Inc
 
74,500
6,351,870
Woodward Inc
 
50,073
18,063,835
 
  
  
79,304,988
Air Freight & Logistics - 0.3%
  
  
  
CH Robinson Worldwide Inc
 
37,458
5,533,670
Building Products - 1.7%
  
  
  
Carlisle Cos Inc
 
21,804
7,847,696
Louisiana-Pacific Corp
 
58,883
4,264,896
Madison Air Solutions Corp Class A
 
69,100
2,008,046
Masterbrand Inc (a)
  
148,200
1,222,649
Simpson Manufacturing Co Inc
 
46,000
8,636,040
 
  
  
23,979,327
Commercial Services & Supplies - 0.7%
  
  
  
GFL Environmental Inc Subordinate Voting Shares
 
117,629
4,857,540
OPENLANE Inc (a)
  
145,466
5,783,728
 
  
  
10,641,268
Construction & Engineering - 3.4%
  
  
  
AECOM
 
84,292
6,101,898
Centuri Holdings Inc (a)
  
208,353
5,800,548
Comfort Systems USA Inc
 
9,001
15,568,940
Construction Partners Inc Class A (a)
  
31,900
3,296,865
Granite Construction Inc
 
39,900
4,826,703
IES Holdings Inc (a)
  
6,500
4,839,510
Quanta Services Inc
 
13,756
9,180,204
 
  
  
49,614,668
Electrical Equipment - 3.4%
  
  
  
Acuity Inc
 
57,855
18,999,003
Forgent Power Solutions Inc Class A
 
170,100
5,659,227
Nextpower Inc Class A (a)
  
107,870
9,694,277
nVent Electric PLC
 
92,558
14,238,197
 
  
  
48,590,704
Ground Transportation - 1.6%
  
  
  
Lyft Inc Class A (a)
  
245,292
3,890,331
XPO Inc (a)
  
98,000
19,695,060
 
  
  
23,585,391
Machinery - 5.2%
  
  
  
Allison Transmission Holdings Inc
 
98,159
11,243,132
Atmus Filtration Technologies Inc
 
83,633
4,317,972
CECO Environmental Corp (a)
  
94,101
6,200,315
Crane Co
 
50,178
10,710,996
ITT Inc
 
82,605
16,188,928
RBC Bearings Inc (a)
  
27,360
15,083,842
Westinghouse Air Brake Technologies Corp
 
39,557
11,505,549
 
  
  
75,250,734
Professional Services - 1.6%
  
  
  
CACI International Inc (a)
  
14,200
7,068,050
FTI Consulting Inc (a)
  
63,991
10,198,886
TransUnion
 
68,027
5,348,282
 
  
  
22,615,218
Trading Companies & Distributors - 1.5%
  
  
  
Applied Industrial Technologies Inc
 
30,508
10,531,667
Herc Holdings Inc
 
42,600
6,395,964
Watsco Inc
 
14,659
4,534,028
 
  
  
21,461,659
TOTAL INDUSTRIALS
  
  
360,577,627
Information Technology - 12.6%
  
  
  
Communications Equipment - 0.4%
  
  
  
Ciena Corp (a)
  
15,486
5,838,996
Electronic Equipment, Instruments & Components - 4.3%
  
  
  
Advanced Energy Industries Inc
 
20,800
6,022,016
Belden Inc
 
53,142
6,592,265
Coherent Corp (a)
  
17,149
4,508,301
Flex Ltd (a)
  
220,720
25,106,901
Sanmina Corp (a)
  
38,445
7,133,854
TD SYNNEX Corp
 
51,200
13,091,840
 
  
  
62,455,177
IT Services - 2.5%
  
  
  
Okta Inc Class A (a)
  
77,600
11,013,768
Twilio Inc Class A (a)
  
125,572
24,781,634
 
  
  
35,795,402
Semiconductors & Semiconductor Equipment - 3.3%
  
  
  
MACOM Technology Solutions Holdings Inc (a)
  
48,100
12,094,264
ON Semiconductor Corp (a)
  
35,348
2,884,750
Onto Innovation Inc (a)
  
26,700
6,904,086
Rambus Inc (a)
  
90,500
8,238,215
Semtech Corp (a)
  
52,400
6,173,768
SiTime Corp (a)
  
8,200
4,388,640
Synaptics Inc (a)
  
27,200
2,919,104
Veeco Instruments Inc (a)
  
76,115
3,805,750
 
  
  
47,408,577
Software - 1.2%
  
  
  
Manhattan Associates Inc (a)
  
23,300
4,458,688
Rubrik Inc Class A (a)
  
85,500
6,186,780
Samsara Inc Class A (a)
  
170,800
6,365,716
 
  
  
17,011,184
Technology Hardware, Storage & Peripherals - 0.9%
  
  
  
Everpure Inc Class A (a)
  
24,369
1,880,556
Western Digital Corp
 
20,866
11,368,631
 
  
  
13,249,187
TOTAL INFORMATION TECHNOLOGY
  
  
181,758,523
Materials - 4.8%
  
  
  
Chemicals - 1.3%
  
  
  
Celanese Corp
 
54,900
2,455,128
CF Industries Holdings Inc
 
78,984
9,888,007
Element Solutions Inc
 
182,300
6,695,879
 
  
  
19,039,014
Construction Materials - 0.7%
  
  
  
Eagle Materials Inc
 
30,495
6,249,645
James Hardie Industries PLC (a)
  
135,400
3,559,666
 
  
  
9,809,311
Containers & Packaging - 1.3%
  
  
  
AptarGroup Inc
 
46,797
6,268,926
Crown Holdings Inc
 
106,300
12,527,455
 
  
  
18,796,381
Metals & Mining - 1.5%
  
  
  
Alcoa Corp
 
198,200
8,970,532
Hecla Mining Co
 
278,300
3,929,596
Steel Dynamics Inc
 
37,510
9,424,763
 
  
  
22,324,891
TOTAL MATERIALS
  
  
69,969,597
Real Estate - 6.3%
  
  
  
Health Care REITs - 1.5%
  
  
  
CareTrust REIT Inc
 
175,488
7,359,967
Ventas Inc
 
154,937
14,488,159
 
  
  
21,848,126
Industrial REITs - 0.8%
  
  
  
Terreno Realty Corp
 
154,347
11,058,963
Real Estate Management & Development - 1.8%
  
  
  
Compass Inc Class A (a)
  
415,912
4,737,238
Jones Lang LaSalle Inc (a)
  
59,968
21,290,439
 
  
  
26,027,677
Retail REITs - 1.6%
  
  
  
Macerich Co/The
 
227,614
5,881,546
NNN REIT Inc
 
235,448
11,188,489
Tanger Inc
 
141,148
5,739,077
 
  
  
22,809,112
Specialized REITs - 0.6%
  
  
  
CubeSmart
 
215,752
8,945,077
TOTAL REAL ESTATE
  
  
90,688,955
Utilities - 1.7%
  
  
  
Electric Utilities - 0.5%
  
  
  
IDACORP Inc
 
49,307
7,046,463
Independent Power and Renewable Electricity Producers - 0.4%
  
  
  
Talen Energy Corp (a)
  
9,618
3,213,374
Vistra Corp
 
18,132
2,686,981
 
  
  
5,900,355
Multi-Utilities - 0.8%
  
  
  
NiSource Inc
 
248,018
11,019,440
TOTAL UTILITIES
  
  
23,966,258
TOTAL UNITED STATES
  
  
1,271,829,041
 
TOTAL COMMON STOCKS
 (Cost $1,029,654,628)
  
  
  
1,409,861,643
 
  
  
  
Convertible Preferred Stocks - 0.0%
 
  
Shares
Value ($)
 
UNITED STATES - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
National Resilience LLC Series B (a)(d)(e)
  (Cost $212,262)
  
15,539
68,682
 
  
  
  
Money Market Funds - 2.6%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (g)
  
3.69
37,043,011
37,050,420
Fidelity Securities Lending Cash Central Fund (g)(h)
  
3.72
654,526
654,591
 
TOTAL MONEY MARKET FUNDS
 (Cost $37,703,459)
  
  
  
37,705,011
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
 (Cost $1,067,570,349)
 
  
 
1,447,635,336
NET OTHER ASSETS (LIABILITIES) - (0.1)% (f)
(1,082,964)
NET ASSETS - 100.0%
1,446,552,372
 
  
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value and Unrealized
Appreciation/
(Depreciation) ($)
 
LONG
  
  
  
  
CME E-Mini S&P MidCap 400 Index Contracts (United States)
70
9/2026
26,410,300
(144,359)

Legend
 
(a)
Non-income producing.
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
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 $1,367,882 or 0.1% of net assets.
 
(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 $68,682 or 0.0% of net assets.
 
(e)
Level 3 security.
 
(f)
Includes $1,531,584 of cash collateral to cover margin requirements for futures contracts.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
At period end, the value of non-cash collateral for securities on loan amounted to $16,246,987.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
National Resilience LLC Series B
12/1/2020
212,262
 
  
  
 
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
41,094,727
79,188,920
83,234,442
358,912
(337)
1,552
37,050,420
37,043,011
Fidelity Securities Lending Cash Central Fund
23,234,549
75,004,203
97,584,160
65,665
-
(1)
654,591
654,526
 
64,329,276
154,193,123
180,818,602
424,577
(337)
1,551
37,705,011
  
 
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.
 
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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