Quarterly Holdings Report
for
Fidelity® U.S. Sustainability Index Fund
July 31, 2026
USY-NPRT3-0926
1.9883817.109
Common Stocks - 99.8%
 
  
Shares
Value ($)
 
BRAZIL - 0.3%
 
  
  
Consumer Discretionary - 0.3%
  
  
  
Broadline Retail - 0.3%
  
  
  
MercadoLibre Inc (b)
  
7,867
14,773,833
NETHERLANDS - 0.2%
 
  
  
Information Technology - 0.2%
  
  
  
Semiconductors & Semiconductor Equipment - 0.2%
  
  
  
NXP Semiconductors NV
 
43,698
10,013,834
UNITED KINGDOM - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
TechnipFMC PLC
 
68,866
4,934,938
UNITED STATES - 99.3%
 
  
  
Communication Services - 13.0%
  
  
  
Diversified Telecommunication Services - 1.3%
  
  
  
AT&T Inc
 
1,203,544
27,982,398
Comcast Corp Class A
 
619,048
14,832,390
Verizon Communications Inc
 
719,518
33,680,638
 
  
  
76,495,426
Entertainment - 0.6%
  
  
  
Electronic Arts Inc
 
40,037
8,402,165
Walt Disney Co/The
 
305,580
29,393,740
 
  
  
37,795,905
Interactive Media & Services - 11.0%
  
  
  
Alphabet Inc Class A
 
999,709
356,026,366
Alphabet Inc Class C
 
795,548
283,732,194
 
  
  
639,758,560
Media - 0.1%
  
  
  
Fox Corp Class A
 
34,327
1,998,861
Fox Corp Class B
 
24,499
1,272,478
 
  
  
3,271,339
TOTAL COMMUNICATION SERVICES
  
  
757,321,230
Consumer Discretionary - 8.2%
  
  
  
Automobile Components - 0.0%
  
  
  
Aptiv PLC (b)
  
37,082
2,094,021
Automobiles - 2.6%
  
  
  
Rivian Automotive Inc Class A (b)
  
162,662
2,475,716
Tesla Inc (b)
  
483,834
150,573,979
 
  
  
153,049,695
Broadline Retail - 0.1%
  
  
  
eBay Inc
 
73,411
8,369,588
Distributors - 0.0%
  
  
  
Genuine Parts Co
 
24,549
3,053,159
Hotels, Restaurants & Leisure - 2.1%
  
  
  
Booking Holdings Inc
 
134,837
26,010,057
Carnival Corp Ltd
 
222,253
6,180,856
Chipotle Mexican Grill Inc (b)
  
224,945
8,372,453
Darden Restaurants Inc
 
19,702
4,010,933
Domino's Pizza Inc
 
5,192
1,803,908
Expedia Group Inc Class A
 
20,179
5,947,558
Hilton Worldwide Holdings Inc
 
39,267
12,584,681
Hyatt Hotels Corp Class A
 
6,837
1,190,048
McDonald's Corp
 
121,684
32,932,559
Royal Caribbean Cruises Ltd
 
43,961
13,992,786
Yum! Brands Inc
 
47,068
7,214,583
 
  
  
120,240,422
Household Durables - 0.4%
  
  
  
DR Horton Inc
 
45,379
6,491,920
Garmin Ltd
 
28,226
8,292,234
NVR Inc (b)
  
453
2,784,613
PulteGroup Inc
 
33,329
4,215,119
 
  
  
21,783,886
Specialty Retail - 2.9%
  
  
  
AutoZone Inc (b)
  
2,836
8,554,085
Best Buy Co Inc
 
34,107
2,942,070
Burlington Stores Inc (b)
  
10,848
3,997,271
Carvana Co Class A (b)
  
111,160
6,931,938
Dick's Sporting Goods Inc
 
10,452
2,047,651
Home Depot Inc/The
 
170,919
56,738,272
Lowe's Cos Inc
 
96,036
19,957,241
O'Reilly Automotive Inc (b)
  
143,675
12,837,361
Ross Stores Inc
 
53,864
13,523,634
TJX Cos Inc/The
 
189,660
29,841,105
Tractor Supply Co
 
91,417
2,812,901
Ulta Beauty Inc (b)
  
7,520
3,856,482
Williams-Sonoma Inc
 
20,529
4,694,161
 
  
  
168,734,172
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Deckers Outdoor Corp (b)
  
24,394
2,363,291
Lululemon Athletica Inc (b)
  
17,134
2,036,718
 
  
  
4,400,009
TOTAL CONSUMER DISCRETIONARY
  
  
481,724,952
Consumer Staples - 5.4%
  
  
  
Beverages - 1.9%
  
  
  
Coca-Cola Co/The
 
664,684
58,219,672
Keurig Dr Pepper Inc
 
223,484
6,954,822
Monster Beverage Corp (b)
  
121,897
11,748,433
PepsiCo Inc
 
235,062
32,805,253
 
  
  
109,728,180
Consumer Staples Distribution & Retail - 1.7%
  
  
  
Costco Wholesale Corp
 
76,215
72,548,296
Dollar General Corp
 
38,185
4,851,404
Kroger Co/The
 
96,135
5,550,835
Sysco Corp
 
81,689
6,963,170
Target Corp
 
77,893
11,254,760
 
  
  
101,168,465
Food Products - 0.2%
  
  
  
Bunge Global SA
 
21,616
2,296,268
General Mills Inc
 
93,869
3,355,817
Hershey Co/The
 
25,582
4,478,129
McCormick & Co Inc/MD
 
44,555
2,267,849
 
  
  
12,398,063
Household Products - 1.4%
  
  
  
Church & Dwight Co Inc
 
41,448
4,095,477
Clorox Co/The
 
21,606
2,064,021
Colgate-Palmolive Co
 
129,777
11,848,640
Kimberly-Clark Corp
 
57,528
6,288,386
Procter & Gamble Co/The
 
399,384
57,706,994
 
  
  
82,003,518
Personal Care Products - 0.2%
  
  
  
Estee Lauder Cos Inc/The Class A
 
43,044
3,611,391
Kenvue Inc
 
328,749
6,325,131
 
  
  
9,936,522
TOTAL CONSUMER STAPLES
  
  
315,234,748
Energy - 2.0%
  
  
  
Energy Equipment & Services - 0.4%
  
  
  
Baker Hughes Co Class A
 
170,507
10,313,968
Halliburton Co
 
142,267
4,588,111
SLB Ltd
 
257,674
12,778,054
 
  
  
27,680,133
Oil, Gas & Consumable Fuels - 1.6%
  
  
  
Cheniere Energy Inc
 
35,392
9,328,269
Marathon Petroleum Corp
 
50,621
16,020,029
ONEOK Inc
 
109,036
9,901,559
Phillips 66
 
68,905
14,585,810
Targa Resources Corp
 
35,898
9,705,742
Valero Energy Corp
 
51,366
16,072,422
Williams Cos Inc/The
 
209,804
15,009,378
 
  
  
90,623,209
TOTAL ENERGY
  
  
118,303,342
Financials - 11.6%
  
  
  
Banks - 1.2%
  
  
  
Citizens Financial Group Inc
 
73,052
5,234,176
Fifth Third Bancorp
 
156,164
8,823,266
Huntington Bancshares Inc/OH
 
353,920
6,030,797
KeyCorp
 
155,107
3,503,867
PNC Financial Services Group Inc/The
 
68,844
17,202,050
Regions Financial Corp
 
146,559
4,536,001
Truist Financial Corp
 
213,111
11,047,674
US Bancorp
 
264,694
16,678,369
 
  
  
73,056,200
Capital Markets - 3.9%
  
  
  
Ameriprise Financial Inc
 
15,624
8,528,204
Ares Management Corp Class A
 
36,830
4,717,554
Bank of New York Mellon Corp/The
 
117,699
18,399,885
Blackrock Inc
 
25,397
27,692,635
Cboe Global Markets Inc
 
18,104
5,616,404
Charles Schwab Corp/The
 
283,813
29,868,480
Intercontinental Exchange Inc
 
97,591
14,880,676
LPL Financial Holdings Inc
 
13,977
4,943,665
Moody's Corp
 
25,920
12,399,610
Morgan Stanley
 
203,380
42,795,220
Nasdaq Inc
 
78,647
7,407,761
Northern Trust Corp
 
30,152
5,493,393
Raymond James Financial Inc
 
30,731
5,408,041
S&P Global Inc
 
52,217
21,509,749
State Street Corp
 
47,718
8,787,747
T Rowe Price Group Inc
 
37,075
4,143,130
 
  
  
222,592,154
Consumer Finance - 1.0%
  
  
  
American Express Co
 
91,447
30,749,054
Capital One Financial Corp
 
103,242
21,578,610
Synchrony Financial
 
60,425
4,579,611
 
  
  
56,907,275
Financial Services - 3.6%
  
  
  
Apollo Global Management Inc
 
72,742
9,135,668
Fidelity National Information Services Inc
 
90,512
4,052,221
Fiserv Inc (b)
  
93,071
5,020,250
Mastercard Inc Class A
 
140,717
80,644,913
PayPal Holdings Inc
 
148,093
8,472,401
Visa Inc Class A
 
288,921
105,782,646
 
  
  
213,108,099
Insurance - 1.9%
  
  
  
AFLAC Inc
 
78,938
10,063,016
Allstate Corp/The
 
44,326
11,705,610
Arch Capital Group Ltd (b)
  
59,523
5,983,847
Hartford Insurance Group Inc/The
 
47,065
6,678,994
Marsh & McLennan Cos Inc
 
83,370
15,814,455
MetLife Inc
 
95,367
9,167,630
Principal Financial Group Inc
 
36,951
4,201,329
Progressive Corp/The
 
100,781
21,307,119
Prudential Financial Inc
 
59,794
7,299,652
Travelers Companies Inc/The
 
36,270
13,578,037
Willis Towers Watson PLC
 
16,455
5,527,564
 
  
  
111,327,253
Mortgage Real Estate Investment Trusts (REITs) - 0.0%
  
  
  
Annaly Capital Management Inc
 
126,003
2,862,788
TOTAL FINANCIALS
  
  
679,853,769
Health Care - 10.4%
  
  
  
Biotechnology - 1.7%
  
  
  
Alnylam Pharmaceuticals Inc (b)
  
22,928
4,712,163
Amgen Inc
 
92,581
35,658,498
Biogen Inc (b)
  
25,294
5,133,417
Gilead Sciences Inc
 
213,232
27,764,939
Incyte Corp (b)
  
29,266
3,497,872
Vertex Pharmaceuticals Inc (b)
  
43,764
20,879,804
 
  
  
97,646,693
Health Care Equipment & Supplies - 0.8%
  
  
  
Cooper Cos Inc/The (b)
  
33,229
2,403,121
Edwards Lifesciences Corp (b)
  
99,058
8,525,923
IDEXX Laboratories Inc (b)
  
13,630
7,620,124
Insulet Corp (b)
  
12,264
2,027,852
STERIS PLC
 
16,741
3,823,644
Stryker Corp
 
59,289
19,310,428
Zimmer Biomet Holdings Inc
 
33,095
3,108,613
 
  
  
46,819,705
Health Care Providers & Services - 0.9%
  
  
  
Cencora Inc
 
31,721
9,876,016
Cigna Group/The
 
45,274
12,633,710
Elevance Health Inc
 
37,730
14,180,443
Humana Inc
 
20,644
7,511,526
Labcorp Holdings Inc
 
14,106
4,361,575
Quest Diagnostics Inc
 
18,727
4,363,578
 
  
  
52,926,848
Health Care Technology - 0.1%
  
  
  
Veeva Systems Inc Class A (b)
  
25,960
5,290,129
Life Sciences Tools & Services - 0.9%
  
  
  
Agilent Technologies Inc
 
48,588
6,723,122
Danaher Corp
 
109,351
21,321,258
IQVIA Holdings Inc (b)
  
29,273
6,879,740
Mettler-Toledo International Inc (b)
  
3,482
4,931,557
Waters Corp (b)
  
16,947
6,394,273
West Pharmaceutical Services Inc
 
12,362
4,214,947
 
  
  
50,464,897
Pharmaceuticals - 6.0%
  
  
  
Bristol-Myers Squibb Co
 
351,171
22,934,978
Eli Lilly & Co
 
138,041
158,587,022
Johnson & Johnson
 
413,588
106,023,284
Merck & Co Inc
 
424,799
55,308,830
Royalty Pharma PLC Class A
 
70,289
4,106,986
Zoetis Inc Class A
 
72,465
5,600,820
 
  
  
352,561,920
TOTAL HEALTH CARE
  
  
605,710,192
Industrials - 9.1%
  
  
  
Aerospace & Defense - 1.2%
  
  
  
Axon Enterprise Inc (b)
  
13,199
6,965,904
GE Aerospace
 
179,443
64,612,041
 
  
  
71,577,945
Air Freight & Logistics - 0.1%
  
  
  
CH Robinson Worldwide Inc
 
20,210
2,985,623
Expeditors International of Washington Inc
 
22,670
3,806,067
 
  
  
6,791,690
Building Products - 0.8%
  
  
  
Allegion plc
 
14,682
2,310,947
Carlisle Cos Inc
 
7,001
2,519,800
Carrier Global Corp
 
129,129
7,981,463
Johnson Controls International plc
 
105,115
15,416,166
Lennox International Inc
 
5,363
2,230,364
Trane Technologies PLC
 
38,019
17,296,745
 
  
  
47,755,485
Commercial Services & Supplies - 0.1%
  
  
  
Veralto Corp
 
42,245
3,978,212
Construction & Engineering - 0.6%
  
  
  
Comfort Systems USA Inc
 
6,061
10,483,651
EMCOR Group Inc
 
7,689
6,131,439
Quanta Services Inc
 
25,797
17,215,886
 
  
  
33,830,976
Electrical Equipment - 1.5%
  
  
  
Eaton Corp PLC
 
66,817
27,742,418
GE Vernova Inc
 
46,325
45,875,184
Hubbell Inc
 
9,092
4,296,425
Rockwell Automation Inc
 
19,264
9,248,261
 
  
  
87,162,288
Ground Transportation - 1.0%
  
  
  
CSX Corp
 
319,043
16,079,767
JB Hunt Transport Services Inc
 
12,981
3,527,587
Old Dominion Freight Line Inc
 
32,402
6,873,760
Union Pacific Corp
 
101,868
29,758,699
XPO Inc (b)
  
19,869
3,993,073
 
  
  
60,232,886
Industrial Conglomerates - 0.3%
  
  
  
3M Co
 
90,556
15,963,212
Machinery - 2.3%
  
  
  
Caterpillar Inc
 
79,857
65,068,283
CNH Industrial NV Class A
 
151,759
1,555,530
Cummins Inc
 
23,729
15,048,932
Deere & Co
 
41,676
24,700,115
Dover Corp
 
22,937
4,693,369
Fortive Corp
 
48,497
2,871,507
Graco Inc
 
28,242
2,241,850
IDEX Corp
 
12,641
2,913,118
Ingersoll Rand Inc
 
67,609
5,637,238
Pentair PLC
 
27,798
1,819,101
Xylem Inc/NY
 
41,954
4,907,359
 
  
  
131,456,402
Passenger Airlines - 0.0%
  
  
  
Delta Air Lines Inc
 
28,111
2,458,026
Professional Services - 0.7%
  
  
  
Automatic Data Processing Inc
 
69,605
18,546,948
Broadridge Financial Solutions Inc
 
20,455
3,149,047
Jacobs Solutions Inc
 
20,330
2,743,127
Paychex Inc
 
56,556
6,608,003
TransUnion
 
33,839
2,660,422
Verisk Analytics Inc
 
22,883
4,458,753
 
  
  
38,166,300
Trading Companies & Distributors - 0.5%
  
  
  
Ferguson Enterprises Inc
 
33,392
7,824,747
United Rentals Inc
 
10,846
11,705,654
WW Grainger Inc
 
7,481
10,340,388
 
  
  
29,870,789
TOTAL INDUSTRIALS
  
  
529,244,211
Information Technology - 34.6%
  
  
  
Communications Equipment - 0.1%
  
  
  
F5 Inc (b)
  
9,814
3,950,822
Electronic Equipment, Instruments & Components - 0.2%
  
  
  
Keysight Technologies Inc (b)
  
29,513
9,417,008
IT Services - 1.0%
  
  
  
Accenture PLC Class A
 
106,870
17,731,870
IBM Corporation
 
161,824
36,191,938
Twilio Inc Class A (b)
  
25,237
4,980,522
 
  
  
58,904,330
Semiconductors & Semiconductor Equipment - 19.2%
  
  
  
Advanced Micro Devices Inc (b)
  
280,278
133,454,370
Analog Devices Inc
 
84,002
30,863,175
Applied Materials Inc
 
136,311
69,201,005
First Solar Inc (b)
  
17,688
3,732,698
Lam Research Corp
 
214,488
62,849,274
Marvell Technology Inc
 
146,569
27,490,482
NVIDIA Corp
 
3,967,948
796,565,561
 
  
  
1,124,156,565
Software - 12.7%
  
  
  
Adobe Inc (b)
  
71,143
17,814,919
Atlassian Corp Class A (b)
  
31,094
3,140,960
Autodesk Inc (b)
  
38,494
9,015,295
Cadence Design Systems Inc (b)
  
48,303
16,423,986
Fair Isaac Corp (b)
  
4,101
4,605,300
Intuit Inc
 
48,625
15,368,904
Microsoft Corp
 
1,213,776
564,065,983
Palo Alto Networks Inc (b)
  
139,989
46,452,550
PTC Inc (b)
  
23,054
3,163,009
Salesforce Inc
 
140,335
25,824,447
ServiceNow Inc (b)
  
182,735
20,325,614
Synopsys Inc (b)
  
23,438
9,111,757
Trimble Inc (b)
  
47,756
2,702,034
Workday Inc Class A (b)
  
16,475
2,641,601
Zscaler Inc (b)
  
19,612
2,965,334
 
  
  
743,621,693
Technology Hardware, Storage & Peripherals - 1.4%
  
  
  
Hewlett Packard Enterprise Co
 
229,113
10,974,513
NetApp Inc
 
34,221
6,108,448
Seagate Technology Holdings PLC
 
37,526
32,127,134
Western Digital Corp
 
59,478
32,405,994
 
  
  
81,616,089
TOTAL INFORMATION TECHNOLOGY
  
  
2,021,666,507
Materials - 2.1%
  
  
  
Chemicals - 1.0%
  
  
  
Ecolab Inc
 
43,597
12,103,835
International Flavors & Fragrances Inc
 
42,949
3,402,420
Linde PLC
 
79,471
38,017,338
PPG Industries Inc
 
38,741
4,281,655
 
  
  
57,805,248
Construction Materials - 0.3%
  
  
  
CRH PLC
 
114,941
10,920,544
Martin Marietta Materials Inc
 
10,364
5,442,551
 
  
  
16,363,095
Containers & Packaging - 0.2%
  
  
  
Avery Dennison Corp
 
13,072
2,218,711
Ball Corp
 
43,022
2,792,128
International Paper Co
 
88,204
3,601,369
Smurfit Westrock PLC
 
90,891
4,178,259
 
  
  
12,790,467
Metals & Mining - 0.6%
  
  
  
Newmont Corp
 
186,188
17,447,677
Nucor Corp
 
38,089
9,799,919
Steel Dynamics Inc
 
23,653
5,943,053
 
  
  
33,190,649
TOTAL MATERIALS
  
  
120,149,459
Real Estate - 2.0%
  
  
  
Health Care REITs - 0.5%
  
  
  
Welltower Inc
 
121,280
28,432,883
Industrial REITs - 0.4%
  
  
  
Prologis Inc
 
162,548
23,506,066
Real Estate Management & Development - 0.1%
  
  
  
CBRE Group Inc Class A (b)
  
51,364
7,540,749
Specialized REITs - 1.0%
  
  
  
American Tower Corp
 
81,955
14,207,719
Crown Castle Inc
 
40,480
3,088,624
Digital Realty Trust Inc
 
59,915
11,295,176
Equinix Inc
 
17,090
17,419,495
Iron Mountain Inc
 
52,101
6,372,994
SBA Communications Corp Class A
 
19,408
3,512,460
Weyerhaeuser Co
 
131,832
3,299,755
 
  
  
59,196,223
TOTAL REAL ESTATE
  
  
118,675,921
Utilities - 0.9%
  
  
  
Electric Utilities - 0.4%
  
  
  
Edison International
 
65,805
4,828,113
Eversource Energy
 
64,725
4,633,662
Exelon Corp
 
178,091
8,160,130
NRG Energy Inc
 
35,757
4,801,808
 
  
  
22,423,713
Gas Utilities - 0.1%
  
  
  
Atmos Energy Corp
 
28,275
4,885,355
Multi-Utilities - 0.4%
  
  
  
CMS Energy Corp
 
52,700
3,793,873
Consolidated Edison Inc
 
62,731
6,828,269
NiSource Inc
 
82,012
3,643,793
Sempra
 
112,185
9,933,982
 
  
  
24,199,917
Water Utilities - 0.0%
  
  
  
American Water Works Co Inc
 
34,508
4,629,937
TOTAL UTILITIES
  
  
56,138,922
TOTAL UNITED STATES
  
  
5,804,023,253
 
TOTAL COMMON STOCKS
 (Cost $3,517,648,153)
  
  
  
5,833,745,858
 
  
  
  
U.S. Treasury Obligations - 0.0%
 
  
Yield (%) (c)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 8/13/2026 (d)
 (Cost $2,558,917)
  
3.64
2,562,000
2,559,434
 
  
  
  
  
Money Market Funds - 0.1%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (e)
 (Cost $4,882,426)
  
3.69
4,881,500
4,882,476
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 99.9%
 (Cost $3,525,089,496)
 
  
 
5,841,187,768
NET OTHER ASSETS (LIABILITIES) - 0.1%  
3,929,396
NET ASSETS - 100.0%
5,845,117,164
 
  
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value and Unrealized
Appreciation/
(Depreciation) ($)
 
LONG
  
  
  
  
CME E-Mini Nasdaq 100 Index Contracts (United States)
3
9/2026
1,704,255
(55,173)
CME E-Mini S&P 500 Index Contracts (United States)
23
9/2026
8,647,138
118,925
TOTAL LONG
  
  
  
63,752

Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing.
 
(c)
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.
 
(d)
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 $720,278.
 
(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.
 
 
 
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
283,664,053
763,618,923
1,042,392,173
9,453,025
(8,377)
50
4,882,476
4,881,500
 
283,664,053
763,618,923
1,042,392,173
9,453,025
(8,377)
50
4,882,476
  
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
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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