Quarterly Holdings Report
for
Fidelity® SAI International Low Volatility Index Fund
July 31, 2026
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
SV2-NPRT3-0926
1.9866139.111
Common Stocks - 99.6%
 
  
Shares
Value ($)
 
AUSTRALIA - 3.5%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Telstra Group Ltd
 
2,724,908
9,619,946
Consumer Discretionary - 0.5%
  
  
  
Hotels, Restaurants & Leisure - 0.5%
  
  
  
Lottery Corp/The
 
11,061,276
43,337,943
Financials - 1.5%
  
  
  
Insurance - 1.5%
  
  
  
Insurance Australia Group Ltd
 
11,754,599
70,036,166
Medibank Pvt Ltd
 
13,686,389
49,609,626
TOTAL FINANCIALS
  
  
119,645,792
Health Care - 0.4%
  
  
  
Biotechnology - 0.4%
  
  
  
CSL Ltd
 
334,145
28,890,261
Industrials - 1.0%
  
  
  
Professional Services - 1.0%
  
  
  
Computershare Ltd
 
2,701,910
77,634,232
TOTAL AUSTRALIA
  
  
279,128,174
CHINA - 1.5%
 
  
  
Financials - 1.5%
  
  
  
Banks - 1.5%
  
  
  
BOC Hong Kong Holdings Ltd
 
17,864,500
118,908,357
DENMARK - 0.9%
 
  
  
Financials - 0.9%
  
  
  
Banks - 0.4%
  
  
  
Ringkjoebing Landbobank A/S
 
126,189
33,912,564
Insurance - 0.5%
  
  
  
Tryg A/S
 
1,579,919
37,706,490
TOTAL DENMARK
  
  
71,619,054
FINLAND - 2.5%
 
  
  
Financials - 1.9%
  
  
  
Insurance - 1.9%
  
  
  
Mandatum Holding Oy
 
2,248,399
15,413,847
Sampo Oyj A Shares
 
11,870,397
131,426,135
TOTAL FINANCIALS
  
  
146,839,982
Materials - 0.6%
  
  
  
Paper & Forest Products - 0.6%
  
  
  
UPM-Kymmene Oyj
 
1,797,603
48,905,204
TOTAL FINLAND
  
  
195,745,186
FRANCE - 4.3%
 
  
  
Communication Services - 1.5%
  
  
  
Diversified Telecommunication Services - 1.5%
  
  
  
Orange SA
 
6,104,881
116,650,207
Consumer Staples - 0.5%
  
  
  
Food Products - 0.5%
  
  
  
Danone SA
 
529,078
41,154,929
Health Care - 0.4%
  
  
  
Pharmaceuticals - 0.4%
  
  
  
Ipsen SA
 
191,604
36,942,531
Materials - 1.9%
  
  
  
Chemicals - 1.9%
  
  
  
Air Liquide SA
 
750,841
147,922,087
TOTAL FRANCE
  
  
342,669,754
GERMANY - 4.0%
 
  
  
Consumer Staples - 0.5%
  
  
  
Personal Care Products - 0.5%
  
  
  
Beiersdorf AG (b)
  
447,418
41,561,139
Financials - 2.8%
  
  
  
Capital Markets - 1.7%
  
  
  
Deutsche Boerse AG
 
435,772
131,262,035
Insurance - 1.1%
  
  
  
Hannover Rueck SE
 
299,662
86,596,142
TOTAL FINANCIALS
  
  
217,858,177
Materials - 0.7%
  
  
  
Chemicals - 0.7%
  
  
  
Symrise AG
 
533,558
54,820,772
TOTAL GERMANY
  
  
314,240,088
HONG KONG - 3.3%
 
  
  
Communication Services - 0.2%
  
  
  
Diversified Telecommunication Services - 0.2%
  
  
  
PCCW Ltd
 
21,947,000
16,455,213
Industrials - 0.4%
  
  
  
Ground Transportation - 0.4%
  
  
  
MTR Corp Ltd (b)
  
8,043,083
33,967,524
Real Estate - 0.4%
  
  
  
Real Estate Management & Development - 0.4%
  
  
  
Hongkong Land Holdings Ltd (Singapore)
 
976,500
7,918,189
Sino Land Co Ltd
 
18,242,859
24,890,160
TOTAL REAL ESTATE
  
  
32,808,349
Utilities - 2.3%
  
  
  
Electric Utilities - 1.7%
  
  
  
CLP Holdings Ltd
 
7,910,000
78,643,948
Power Assets Holdings Ltd
 
6,778,000
51,035,512
 
  
  
129,679,460
Gas Utilities - 0.6%
  
  
  
Hong Kong & China Gas Co Ltd
 
53,785,015
48,213,386
TOTAL UTILITIES
  
  
177,892,846
TOTAL HONG KONG
  
  
261,123,932
INDONESIA - 0.9%
 
  
  
Industrials - 0.9%
  
  
  
Industrial Conglomerates - 0.9%
  
  
  
Jardine Matheson Holdings Ltd (Singapore)
 
1,023,676
67,987,401
ISRAEL - 1.4%
 
  
  
Industrials - 1.4%
  
  
  
Aerospace & Defense - 1.4%
  
  
  
Elbit Systems Ltd
 
133,913
107,857,688
ITALY - 0.8%
 
  
  
Consumer Discretionary - 0.4%
  
  
  
Hotels, Restaurants & Leisure - 0.4%
  
  
  
Lottomatica Group Spa
 
1,250,510
33,858,761
Health Care - 0.4%
  
  
  
Pharmaceuticals - 0.4%
  
  
  
Recordati Industria Chimica e Farmaceutica SpA
 
539,140
32,111,285
TOTAL ITALY
  
  
65,970,046
JAPAN - 32.1%
 
  
  
Communication Services - 4.0%
  
  
  
Diversified Telecommunication Services - 1.0%
  
  
  
NTT Inc
 
84,240,100
80,745,303
Wireless Telecommunication Services - 3.0%
  
  
  
KDDI Corp
 
6,601,800
121,629,699
SoftBank Corp
 
80,387,700
112,830,403
 
  
  
234,460,102
TOTAL COMMUNICATION SERVICES
  
  
315,205,405
Consumer Discretionary - 3.8%
  
  
  
Automobile Components - 1.3%
  
  
  
Bridgestone Corp
 
4,275,100
105,575,452
Automobiles - 1.3%
  
  
  
Toyota Motor Corp
 
5,377,400
101,765,588
Broadline Retail - 0.4%
  
  
  
Pan Pacific International Holdings Corp
 
5,071,600
28,413,251
Hotels, Restaurants & Leisure - 0.6%
  
  
  
McDonald's Holdings Co Japan Ltd (b)
  
429,500
21,680,889
Skylark Holdings Co Ltd
 
1,130,600
22,280,000
 
  
  
43,960,889
Household Durables - 0.2%
  
  
  
Haseko Corp
 
988,400
17,197,870
TOTAL CONSUMER DISCRETIONARY
  
  
296,913,050
Consumer Staples - 0.7%
  
  
  
Beverages - 0.5%
  
  
  
Kirin Holdings Co Ltd
 
1,347,500
24,928,421
Suntory Beverage & Food Ltd
 
629,600
18,253,399
 
  
  
43,181,820
Food Products - 0.2%
  
  
  
Nisshin Seifun Group Inc
 
1,242,200
15,725,228
TOTAL CONSUMER STAPLES
  
  
58,907,048
Financials - 6.1%
  
  
  
Banks - 2.2%
  
  
  
Gunma Bank Ltd/The
 
1,810,000
28,444,815
Hachijuni Nagano Bank Ltd
 
2,257,500
35,077,102
Hirogin Holdings Inc
 
1,517,400
20,767,548
Kyoto Financial Group Inc
 
1,497,700
41,282,574
Mebuki Financial Group Inc
 
4,706,500
43,610,379
 
  
  
169,182,418
Consumer Finance - 0.2%
  
  
  
Marui Group Co Ltd
 
912,700
17,003,185
Insurance - 3.7%
  
  
  
Japan Post Holdings Co Ltd
 
8,569,200
126,775,844
Tokio Marine Holdings Inc
 
3,133,900
159,723,601
 
  
  
286,499,445
TOTAL FINANCIALS
  
  
472,685,048
Health Care - 2.1%
  
  
  
Health Care Providers & Services - 0.2%
  
  
  
Medipal Holdings Corp
 
1,008,900
18,166,767
Pharmaceuticals - 1.9%
  
  
  
Astellas Pharma Inc
 
5,929,200
81,436,410
Takeda Pharmaceutical Co Ltd
 
1,989,200
68,300,458
 
  
  
149,736,868
TOTAL HEALTH CARE
  
  
167,903,635
Industrials - 6.0%
  
  
  
Air Freight & Logistics - 0.2%
  
  
  
Yamato Holdings Co Ltd
 
1,433,200
18,598,881
Building Products - 0.5%
  
  
  
AGC Inc
 
1,080,600
40,752,692
Commercial Services & Supplies - 1.2%
  
  
  
Secom Co Ltd
 
2,040,540
87,898,442
Ground Transportation - 3.8%
  
  
  
East Japan Railway Co
 
5,637,600
129,712,967
Hankyu Hanshin Holdings Inc
 
1,187,340
35,130,922
Kintetsu Group Holdings Co Ltd
 
947,500
20,581,119
Kyushu Railway Co
 
768,500
17,341,770
Tobu Railway Co Ltd
 
980,300
19,015,383
Tokyu Corp
 
2,825,900
31,022,571
West Japan Railway Co (b)
  
2,264,000
42,721,271
 
  
  
295,526,003
Industrial Conglomerates - 0.3%
  
  
  
Sekisui Chemical Co Ltd
 
1,346,200
22,405,400
TOTAL INDUSTRIALS
  
  
465,181,418
Information Technology - 4.1%
  
  
  
Electronic Equipment, Instruments & Components - 2.3%
  
  
  
Hirose Electric Co Ltd
 
152,500
25,697,595
Kyocera Corp
 
6,981,000
159,214,242
 
  
  
184,911,837
IT Services - 0.3%
  
  
  
Otsuka Corp
 
1,133,100
23,381,020
Technology Hardware, Storage & Peripherals - 1.5%
  
  
  
Canon Inc
 
4,275,700
119,014,645
TOTAL INFORMATION TECHNOLOGY
  
  
327,307,502
Materials - 0.5%
  
  
  
Chemicals - 0.2%
  
  
  
Kuraray Co Ltd
 
1,530,500
17,554,025
Paper & Forest Products - 0.3%
  
  
  
Oji Holdings Corp
 
4,436,200
24,393,757
TOTAL MATERIALS
  
  
41,947,782
Real Estate - 1.3%
  
  
  
Diversified REITs - 0.4%
  
  
  
Daiwa House REIT Investment Corp
 
22,562
17,468,722
United Urban Investment Corp
 
15,903
16,251,403
 
  
  
33,720,125
Office REITs - 0.9%
  
  
  
Japan Real Estate Investment Corp
 
35,354
27,054,660
Nippon Building Fund Inc
 
33,413
28,184,093
Orix JREIT Inc
 
27,432
17,751,236
 
  
  
72,989,989
TOTAL REAL ESTATE
  
  
106,710,114
Utilities - 3.5%
  
  
  
Electric Utilities - 1.6%
  
  
  
Chubu Electric Power Co Inc
 
3,767,000
65,225,893
Kansai Electric Power Co Inc/The
 
4,153,400
62,901,071
 
  
  
128,126,964
Gas Utilities - 1.6%
  
  
  
Osaka Gas Co Ltd
 
1,977,360
67,841,070
Tokyo Gas Co Ltd
 
1,586,000
61,227,322
 
  
  
129,068,392
Independent Power and Renewable Electricity Producers - 0.3%
  
  
  
Electric Power Development Co Ltd
 
836,900
19,798,004
TOTAL UTILITIES
  
  
276,993,360
TOTAL JAPAN
  
  
2,529,754,362
NETHERLANDS - 5.0%
 
  
  
Communication Services - 1.1%
  
  
  
Diversified Telecommunication Services - 1.1%
  
  
  
Koninklijke KPN NV
 
19,021,106
89,814,640
Consumer Staples - 1.4%
  
  
  
Consumer Staples Distribution & Retail - 1.4%
  
  
  
Koninklijke Ahold Delhaize NV
 
2,735,984
108,405,799
Financials - 0.5%
  
  
  
Financial Services - 0.5%
  
  
  
EXOR NV
 
464,666
37,132,991
Industrials - 1.0%
  
  
  
Professional Services - 1.0%
  
  
  
Wolters Kluwer NV
 
1,043,583
81,930,313
Information Technology - 1.0%
  
  
  
Semiconductors & Semiconductor Equipment - 1.0%
  
  
  
ASML Holding NV
 
48,690
80,238,465
TOTAL NETHERLANDS
  
  
397,522,208
NEW ZEALAND - 0.1%
 
  
  
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
Contact Energy Ltd
 
1,466,200
7,840,710
NORWAY - 0.5%
 
  
  
Consumer Staples - 0.5%
  
  
  
Food Products - 0.5%
  
  
  
Orkla ASA
 
3,749,736
41,651,855
SINGAPORE - 4.0%
 
  
  
Financials - 3.1%
  
  
  
Banks - 2.1%
  
  
  
Oversea-Chinese Banking Corp Ltd
 
7,259,800
164,893,456
Capital Markets - 1.0%
  
  
  
Singapore Exchange Ltd
 
4,047,500
77,162,379
TOTAL FINANCIALS
  
  
242,055,835
Industrials - 0.8%
  
  
  
Aerospace & Defense - 0.8%
  
  
  
Singapore Technologies Engineering Ltd
 
7,603,700
59,748,267
Real Estate - 0.1%
  
  
  
Industrial REITs - 0.1%
  
  
  
Mapletree Industrial Trust
 
10,638,243
16,008,546
TOTAL SINGAPORE
  
  
317,812,648
SPAIN - 0.4%
 
  
  
Utilities - 0.4%
  
  
  
Electric Utilities - 0.4%
  
  
  
Redeia Corp SA (b)
  
2,016,728
35,569,126
SWEDEN - 0.2%
 
  
  
Consumer Staples - 0.2%
  
  
  
Household Products - 0.2%
  
  
  
Essity AB B Shares
 
604,345
17,593,039
SWITZERLAND - 9.3%
 
  
  
Communication Services - 1.2%
  
  
  
Diversified Telecommunication Services - 1.2%
  
  
  
Swisscom AG
 
126,144
97,051,850
Consumer Staples - 2.1%
  
  
  
Food Products - 2.1%
  
  
  
Chocoladefabriken Lindt & Spruengli AG participation certificates
 
540
63,521,554
Nestle SA
 
1,034,041
103,353,503
TOTAL CONSUMER STAPLES
  
  
166,875,057
Financials - 2.5%
  
  
  
Banks - 0.5%
  
  
  
Banque Cantonale Vaudoise
 
141,140
22,171,786
Valiant Holding AG
 
78,480
15,337,794
 
  
  
37,509,580
Insurance - 2.0%
  
  
  
Zurich Insurance Group AG
 
204,800
156,001,932
TOTAL FINANCIALS
  
  
193,511,512
Health Care - 0.3%
  
  
  
Health Care Providers & Services - 0.3%
  
  
  
Galenica AG (c)(d)
  
248,482
26,417,253
Industrials - 1.2%
  
  
  
Professional Services - 1.2%
  
  
  
SGS SA
 
804,078
95,262,033
Real Estate - 1.8%
  
  
  
Real Estate Management & Development - 1.8%
  
  
  
Allreal Holding AG
 
72,566
18,984,117
Mobimo Holding AG
 
36,624
15,832,875
PSP Swiss Property AG
 
227,947
41,165,517
Swiss Prime Site AG
 
398,734
65,004,813
TOTAL REAL ESTATE
  
  
140,987,322
Utilities - 0.2%
  
  
  
Electric Utilities - 0.2%
  
  
  
BKW AG
 
97,087
16,080,090
TOTAL SWITZERLAND
  
  
736,185,117
UNITED KINGDOM - 15.6%
 
  
  
Consumer Discretionary - 0.7%
  
  
  
Diversified Consumer Services - 0.7%
  
  
  
Pearson PLC
 
3,144,045
53,054,655
Consumer Staples - 5.2%
  
  
  
Beverages - 0.7%
  
  
  
Diageo PLC
 
2,452,262
53,872,111
Household Products - 1.4%
  
  
  
Reckitt Benckiser Group PLC
 
1,551,381
109,492,410
Personal Care Products - 1.7%
  
  
  
Unilever PLC
 
2,092,403
133,134,550
Tobacco - 1.4%
  
  
  
British American Tobacco PLC
 
1,789,861
108,574,659
TOTAL CONSUMER STAPLES
  
  
405,073,730
Financials - 0.9%
  
  
  
Insurance - 0.9%
  
  
  
Admiral Group PLC
 
1,339,558
68,099,284
Health Care - 3.5%
  
  
  
Pharmaceuticals - 3.5%
  
  
  
Astrazeneca PLC
 
806,061
137,230,096
GSK PLC
 
5,418,390
140,893,648
TOTAL HEALTH CARE
  
  
278,123,744
Industrials - 3.6%
  
  
  
Aerospace & Defense - 0.9%
  
  
  
BAE Systems PLC
 
2,506,838
70,966,913
Commercial Services & Supplies - 0.2%
  
  
  
Serco Group PLC
 
4,983,282
16,226,383
Industrial Conglomerates - 0.0%
  
  
  
CK Hutchison Holdings Ltd
 
841,000
7,879,565
Professional Services - 1.7%
  
  
  
RELX PLC
 
3,744,953
131,717,332
Trading Companies & Distributors - 0.8%
  
  
  
Bunzl PLC
 
1,611,211
60,845,700
TOTAL INDUSTRIALS
  
  
287,635,893
Utilities - 1.7%
  
  
  
Multi-Utilities - 1.7%
  
  
  
National Grid PLC
 
8,073,038
129,215,863
Water Utilities - 0.0%
  
  
  
Severn Trent PLC
 
82,938
3,373,511
TOTAL UTILITIES
  
  
132,589,374
TOTAL UNITED KINGDOM
  
  
1,224,576,680
UNITED STATES - 9.3%
 
  
  
Energy - 2.2%
  
  
  
Oil, Gas & Consumable Fuels - 2.2%
  
  
  
BP PLC
 
2,737,827
20,569,746
Shell PLC
 
3,380,318
154,722,921
TOTAL ENERGY
  
  
175,292,667
Health Care - 7.1%
  
  
  
Life Sciences Tools & Services - 0.5%
  
  
  
QIAGEN NV (Germany)
 
1,027,726
42,332,566
Pharmaceuticals - 6.6%
  
  
  
Haleon PLC
 
23,506,263
115,076,333
Novartis AG
 
1,009,707
157,909,992
Roche Holding AG
 
332,369
145,371,610
Sanofi SA
 
1,196,503
103,032,888
 
  
  
521,390,823
TOTAL HEALTH CARE
  
  
563,723,389
TOTAL UNITED STATES
  
  
739,016,056
 
TOTAL COMMON STOCKS
 (Cost $6,490,382,790)
  
  
  
7,872,771,481
 
  
  
  
U.S. Treasury Obligations - 0.1%
 
  
Yield (%) (e)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 8/13/2026 (f)
 (Cost $4,104,055)
  
3.64
4,109,000
4,104,885
 
  
  
  
  
Money Market Funds - 0.8%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Securities Lending Cash Central Fund (g)(h)
 (Cost $63,376,447)
  
3.72
63,370,110
63,376,447
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.5%
 (Cost $6,557,863,292)
 
  
 
7,940,252,813
NET OTHER ASSETS (LIABILITIES) - (0.5)%  
(35,571,658)
NET ASSETS - 100.0%
7,904,681,155
 
  
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value and Unrealized
Appreciation/
(Depreciation) ($)
 
LONG
  
  
  
  
ICE MSCI EAFE Index Contracts (United States)
200
9/2026
31,823,000
581,290

Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $26,417,253 or 0.3% of net assets.
 
(d)
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 $26,417,253 or 0.3% of net assets.
 
(e)
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.
 
(f)
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 $1,725,270.
 
(g)
Investment made with cash collateral received from securities on loan.
 
(h)
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.
 
At period end, the value of non-cash collateral for securities on loan amounted to $55,533,892.
 
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
57,476,428
1,034,738,351
1,092,210,644
1,443,397
(4,135)
-
-
-
Fidelity Securities Lending Cash Central Fund
30,918,962
594,702,341
562,238,524
932,510
(6,332)
-
63,376,447
63,370,110
 
88,395,390
1,629,440,692
1,654,449,168
2,375,907
(10,467)
-
63,376,447
  
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. Treasury Obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.  
 
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
 
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.  
 
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
 
The Fund used futures contracts to manage its exposure to the stock market.
 
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
 
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
 
 
 
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
 
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