NPORT-EX 2 QTLY_6211_20240331.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® U.S. Equity Central Fund
March 31, 2024
USE-NPRT3-0524
1.9900196.103
Common Stocks - 97.8%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 8.5%
 
 
 
Diversified Telecommunication Services - 0.3%
 
 
 
AT&T, Inc.
 
3,228,500
56,821,600
GCI Liberty, Inc. Class A (Escrow) (a)(b)
 
264,647
3
Liberty Global Ltd. Class C
 
170,718
3,011,466
 
 
 
59,833,069
Entertainment - 1.6%
 
 
 
Capcom Co. Ltd.
 
102,400
1,911,629
Electronic Arts, Inc.
 
19,600
2,600,332
Endeavor Group Holdings, Inc.
 
119,000
3,061,870
Lions Gate Entertainment Corp.:
 
 
 
 Class A (c)(d)
 
89,400
889,530
 Class B (c)
 
463,126
4,311,703
Marcus Corp. (d)
 
318,400
4,540,384
Netflix, Inc. (c)
 
131,705
79,988,398
Roblox Corp. (c)
 
89,300
3,409,474
Roku, Inc. Class A (c)
 
106,900
6,966,673
Sea Ltd. ADR (c)
 
507,100
27,236,341
Spotify Technology SA (c)
 
43,100
11,374,090
Take-Two Interactive Software, Inc. (c)
 
39,660
5,889,113
The Walt Disney Co.
 
945,920
115,742,771
TKO Group Holdings, Inc.
 
221,112
19,106,288
Ubisoft Entertainment SA (c)
 
469,700
9,883,883
Warner Music Group Corp. Class A
 
170,300
5,623,306
 
 
 
302,535,785
Interactive Media & Services - 6.3%
 
 
 
Alphabet, Inc. Class A (c)
 
4,376,800
660,590,424
Angi, Inc. (c)
 
2,492,732
6,530,958
IAC, Inc. (c)
 
15,000
800,100
Match Group, Inc. (c)
 
488,000
17,704,640
Meta Platforms, Inc. Class A
 
994,125
482,727,218
Pinterest, Inc. Class A (c)
 
126,100
4,371,887
Reddit, Inc. Class B (l)
 
236,672
11,672,663
Snap, Inc. Class A (c)
 
2,067,600
23,736,048
 
 
 
1,208,133,938
Media - 0.3%
 
 
 
Altice U.S.A., Inc. Class A (c)
 
4,739,716
12,370,659
Comcast Corp. Class A
 
286,482
12,418,995
Liberty Broadband Corp.:
 
 
 
 Class A (c)
 
375,853
21,468,723
 Class C (c)
 
221,300
12,664,999
Paramount Global Class B (d)
 
99,300
1,168,761
S4 Capital PLC (c)
 
692,100
459,042
 
 
 
60,551,179
TOTAL COMMUNICATION SERVICES
 
 
1,631,053,971
CONSUMER DISCRETIONARY - 10.4%
 
 
 
Automobile Components - 0.1%
 
 
 
Adient PLC (c)
 
270,845
8,916,217
Aptiv PLC (c)
 
245,500
19,554,075
 
 
 
28,470,292
Automobiles - 0.7%
 
 
 
Tesla, Inc. (c)
 
817,610
143,727,662
Broadline Retail - 3.9%
 
 
 
Amazon.com, Inc. (c)
 
4,044,268
729,505,062
Etsy, Inc. (c)
 
146,400
10,060,608
Ollie's Bargain Outlet Holdings, Inc. (c)
 
177,759
14,144,284
 
 
 
753,709,954
Distributors - 0.1%
 
 
 
LKQ Corp.
 
363,100
19,393,171
Hotels, Restaurants & Leisure - 2.3%
 
 
 
Airbnb, Inc. Class A (c)
 
179,900
29,676,304
Aramark
 
624,994
20,324,805
Booking Holdings, Inc.
 
17,423
63,208,553
Caesars Entertainment, Inc. (c)
 
415,658
18,180,881
Churchill Downs, Inc.
 
279,464
34,583,670
Domino's Pizza, Inc.
 
82,019
40,753,601
Flutter Entertainment PLC (c)
 
43,100
8,589,549
Hilton Worldwide Holdings, Inc.
 
218,003
46,502,220
Marriott International, Inc. Class A
 
206,276
52,045,498
McDonald's Corp.
 
79,090
22,299,426
Penn Entertainment, Inc. (c)
 
343,100
6,247,851
Red Rock Resorts, Inc.
 
230,800
13,806,456
Restaurant Brands International, Inc.
 
264,200
20,981,133
Wyndham Hotels & Resorts, Inc.
 
138,100
10,599,175
Yum! Brands, Inc.
 
330,300
45,796,095
 
 
 
433,595,217
Household Durables - 0.2%
 
 
 
D.R. Horton, Inc.
 
131,420
21,625,161
Mohawk Industries, Inc. (c)
 
100,757
13,188,084
 
 
 
34,813,245
Leisure Products - 0.1%
 
 
 
Brunswick Corp.
 
112,300
10,839,196
Specialty Retail - 1.9%
 
 
 
Burlington Stores, Inc. (c)
 
41,800
9,705,542
Five Below, Inc. (c)
 
109,929
19,938,922
Foot Locker, Inc.
 
189,300
5,395,050
JD Sports Fashion PLC
 
2,904,000
4,929,806
Lowe's Companies, Inc.
 
469,661
119,636,747
The Home Depot, Inc.
 
154,834
59,394,322
TJX Companies, Inc.
 
1,170,776
118,740,102
Valvoline, Inc. (c)
 
486,771
21,695,383
 
 
 
359,435,874
Textiles, Apparel & Luxury Goods - 1.1%
 
 
 
Capri Holdings Ltd. (c)
 
329,536
14,927,981
lululemon athletica, Inc. (c)
 
119,267
46,591,654
LVMH Moet Hennessy Louis Vuitton SE
 
12,991
11,689,260
NIKE, Inc. Class B
 
595,310
55,947,234
PVH Corp.
 
370,721
52,127,080
Tapestry, Inc.
 
622,161
29,540,204
 
 
 
210,823,413
TOTAL CONSUMER DISCRETIONARY
 
 
1,994,808,024
CONSUMER STAPLES - 5.7%
 
 
 
Beverages - 2.0%
 
 
 
Boston Beer Co., Inc. Class A (c)
 
87,750
26,712,855
Brown-Forman Corp. Class B (non-vtg.)
 
149,600
7,722,352
Constellation Brands, Inc. Class A (sub. vtg.)
 
91,966
24,992,680
Diageo PLC
 
489,125
18,098,710
Duckhorn Portfolio, Inc. (c)
 
128,600
1,197,266
Keurig Dr. Pepper, Inc.
 
2,855,401
87,575,149
MGP Ingredients, Inc.
 
6,500
559,845
Monster Beverage Corp. (c)
 
396,056
23,478,200
PepsiCo, Inc.
 
299,000
52,327,990
The Coca-Cola Co.
 
2,280,891
139,544,911
 
 
 
382,209,958
Consumer Staples Distribution & Retail - 0.9%
 
 
 
Albertsons Companies, Inc.
 
139,600
2,993,024
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
316,100
18,041,188
BJ's Wholesale Club Holdings, Inc. (c)
 
151,600
11,468,540
Dollar General Corp.
 
16,400
2,559,384
Dollar Tree, Inc. (c)
 
35,900
4,780,085
Performance Food Group Co. (c)
 
454,102
33,894,173
Sysco Corp.
 
71,600
5,812,488
Target Corp.
 
183,100
32,447,151
Walgreens Boots Alliance, Inc.
 
180,900
3,923,721
Walmart, Inc.
 
906,700
54,556,139
 
 
 
170,475,893
Food Products - 0.8%
 
 
 
Archer Daniels Midland Co.
 
243,600
15,300,516
Bunge Global SA
 
77,100
7,904,292
Darling Ingredients, Inc. (c)
 
56,826
2,642,977
General Mills, Inc.
 
147,900
10,348,563
Laird Superfood, Inc. (c)(d)
 
75,800
181,920
Lamb Weston Holdings, Inc.
 
184,300
19,633,479
Mondelez International, Inc.
 
480,712
33,649,840
Nomad Foods Ltd.
 
1,063,107
20,794,373
The J.M. Smucker Co.
 
121,400
15,280,618
The Real Good Food Co. LLC:
 
 
 
 Class B (b)(c)
 
146,056
1
 Class B unit (c)(e)
 
146,056
52,726
The Simply Good Foods Co. (c)
 
95,100
3,236,253
TreeHouse Foods, Inc. (c)
 
256,803
10,002,477
Tyson Foods, Inc. Class A
 
255,100
14,982,023
 
 
 
154,010,058
Household Products - 1.1%
 
 
 
Colgate-Palmolive Co.
 
61,500
5,538,075
Energizer Holdings, Inc.
 
1,121,615
33,020,346
Kimberly-Clark Corp.
 
143,000
18,497,050
Procter & Gamble Co.
 
911,593
147,905,964
The Clorox Co.
 
42,200
6,461,242
 
 
 
211,422,677
Personal Care Products - 0.5%
 
 
 
Edgewell Personal Care Co. (d)
 
75,500
2,917,320
Estee Lauder Companies, Inc. Class A
 
161,900
24,956,885
Kenvue, Inc.
 
2,878,100
61,764,026
Olaplex Holdings, Inc. (c)
 
1,354,700
2,601,024
 
 
 
92,239,255
Tobacco - 0.4%
 
 
 
Altria Group, Inc.
 
725,867
31,662,319
British American Tobacco PLC sponsored ADR
 
304,300
9,281,150
JUUL Labs, Inc. Class A (a)(b)(c)(f)
 
1,400,324
1,498,347
Philip Morris International, Inc.
 
478,453
43,835,864
 
 
 
86,277,680
TOTAL CONSUMER STAPLES
 
 
1,096,635,521
ENERGY - 4.2%
 
 
 
Energy Equipment & Services - 0.4%
 
 
 
Expro Group Holdings NV (c)
 
702,900
14,036,913
Noble Corp. PLC
 
122,400
5,935,176
Schlumberger Ltd.
 
293,300
16,075,773
TechnipFMC PLC
 
700,200
17,582,022
Weatherford International PLC (c)
 
247,600
28,577,992
 
 
 
82,207,876
Oil, Gas & Consumable Fuels - 3.8%
 
 
 
Africa Oil Corp.
 
7,522,657
13,106,545
Athabasca Oil Corp. (c)
 
4,937,600
19,064,374
ConocoPhillips Co.
 
621,100
79,053,608
Eco Atlantic Oil & Gas Ltd. (c)
 
2,059,561
220,469
Exxon Mobil Corp.
 
2,810,738
326,720,185
Hess Corp.
 
82,075
12,527,928
Imperial Oil Ltd. (d)
 
920,700
63,505,224
Kosmos Energy Ltd. (c)
 
2,561,973
15,269,359
MEG Energy Corp. (c)
 
2,238,850
51,403,222
PBF Energy, Inc. Class A
 
186,900
10,759,833
Phillips 66 Co.
 
310,359
50,694,039
Shell PLC ADR
 
384,400
25,770,176
Valero Energy Corp.
 
326,486
55,727,895
 
 
 
723,822,857
TOTAL ENERGY
 
 
806,030,733
FINANCIALS - 13.5%
 
 
 
Banks - 5.0%
 
 
 
AIB Group PLC
 
2,050,340
10,405,292
Bancorp, Inc., Delaware (c)
 
760,400
25,442,984
Bank of America Corp.
 
2,143,014
81,263,091
Bank of Ireland Group PLC
 
1,929,700
19,692,733
Citigroup, Inc.
 
1,304,133
82,473,371
Citizens Financial Group, Inc.
 
661,529
24,006,887
East West Bancorp, Inc.
 
461,609
36,517,888
JPMorgan Chase & Co.
 
1,669,444
334,389,633
KeyCorp
 
2,534,041
40,063,188
M&T Bank Corp.
 
207,870
30,232,613
Piraeus Financial Holdings SA (c)
 
3,343,502
13,969,571
PNC Financial Services Group, Inc.
 
426,941
68,993,666
Popular, Inc.
 
513,500
45,234,215
Starling Bank Ltd. Series D (a)(b)(c)
 
4,618,325
19,410,633
Wells Fargo & Co.
 
2,150,687
124,653,819
 
 
 
956,749,584
Capital Markets - 2.8%
 
 
 
Bank of New York Mellon Corp.
 
1,009,501
58,167,448
BlackRock, Inc. Class A
 
68,104
56,778,305
Cboe Global Markets, Inc.
 
95,730
17,588,473
CME Group, Inc.
 
181,824
39,144,889
Coinbase Global, Inc. (c)
 
131,995
34,994,514
London Stock Exchange Group PLC
 
157,400
18,833,555
LPL Financial
 
163,736
43,259,051
MarketAxess Holdings, Inc.
 
110,047
24,127,805
Moody's Corp.
 
109,645
43,093,774
Morgan Stanley
 
960,095
90,402,545
Palmer Square Capital BDC, Inc.
 
279,700
4,556,313
Patria Investments Ltd.
 
898,838
13,338,756
State Street Corp.
 
317,332
24,536,110
StepStone Group, Inc. Class A
 
325,072
11,618,073
Tradeweb Markets, Inc. Class A
 
179,000
18,646,430
UBS Group AG
 
1,094,867
33,634,314
Virtu Financial, Inc. Class A
 
648,701
13,311,345
 
 
 
546,031,700
Consumer Finance - 0.3%
 
 
 
Discover Financial Services
 
292,679
38,367,290
NerdWallet, Inc. (c)
 
253,200
3,722,040
OneMain Holdings, Inc.
 
363,904
18,591,855
 
 
 
60,681,185
Financial Services - 3.2%
 
 
 
Apollo Global Management, Inc.
 
583,140
65,574,093
Block, Inc. Class A (c)
 
1,322,549
111,861,194
Essent Group Ltd.
 
479,833
28,554,862
Fiserv, Inc. (c)
 
373,636
59,714,506
Global Payments, Inc.
 
298,292
39,869,709
Jumo World Holding Ltd. (a)(b)
 
999,839
1,659,733
Jumo World Ltd. (b)(c)
 
998
0
Marqeta, Inc. Class A (c)
 
3,539,612
21,096,088
MasterCard, Inc. Class A
 
95,768
46,118,996
Mr. Cooper Group, Inc. (c)
 
20
1,559
Screaming Eagle Acquisition Corp. (c)
 
57,800
618,460
UWM Holdings Corp. Class A (d)
 
1,641,003
11,913,682
Visa, Inc. Class A
 
732,557
204,442,008
Voya Financial, Inc.
 
168,600
12,462,912
 
 
 
603,887,802
Insurance - 2.2%
 
 
 
Arthur J. Gallagher & Co.
 
204,031
51,015,911
Beazley PLC
 
2,518,952
21,158,210
Chubb Ltd.
 
274,252
71,066,921
Direct Line Insurance Group PLC
 
4,108,028
10,113,240
Fairfax Financial Holdings Ltd. (sub. vtg.)
 
33,571
36,186,938
Globe Life, Inc.
 
122,105
14,209,359
Hartford Financial Services Group, Inc.
 
468,047
48,232,243
Marsh & McLennan Companies, Inc.
 
268,158
55,235,185
Progressive Corp.
 
263,070
54,408,137
Reinsurance Group of America, Inc.
 
139,876
26,979,283
Unum Group
 
759,681
40,764,482
 
 
 
429,369,909
TOTAL FINANCIALS
 
 
2,596,720,180
HEALTH CARE - 12.1%
 
 
 
Biotechnology - 2.4%
 
 
 
Acelyrin, Inc.
 
280,000
1,890,000
Acumen Pharmaceuticals, Inc. (c)
 
280,000
1,134,000
Allogene Therapeutics, Inc. (c)
 
1,000,000
4,470,000
Alnylam Pharmaceuticals, Inc. (c)
 
142,000
21,221,900
Apogee Therapeutics, Inc.
 
48,634
3,231,729
Arcellx, Inc. (c)
 
112,000
7,789,600
Arcus Biosciences, Inc. (c)
 
210,000
3,964,800
Argenx SE ADR (c)
 
80,000
31,497,600
Ascendis Pharma A/S sponsored ADR (c)
 
240,000
36,280,800
Avidity Biosciences, Inc. (c)
 
400,000
10,208,000
Avidity Biosciences, Inc. (a)
 
71,580
1,826,722
Blueprint Medicines Corp. (c)
 
242,000
22,956,120
Cargo Therapeutics, Inc.
 
350,000
7,812,000
Caris Life Sciences, Inc. (a)(b)(c)
 
227,063
599,446
Celldex Therapeutics, Inc. (c)
 
175,000
7,344,750
Cytokinetics, Inc. (c)
 
435,000
30,497,850
Immunocore Holdings PLC ADR (c)
 
140,000
9,100,000
Insmed, Inc. (c)
 
200,000
5,426,000
Intellia Therapeutics, Inc. (c)
 
140,000
3,851,400
Janux Therapeutics, Inc. (c)
 
228,000
8,584,200
Keros Therapeutics, Inc. (c)
 
190,000
12,578,000
Legend Biotech Corp. ADR (c)
 
600,000
33,654,000
Morphic Holding, Inc. (c)
 
100,000
3,520,000
Nuvalent, Inc. Class A (c)
 
180,000
13,516,200
Poseida Therapeutics, Inc. (c)
 
800,000
2,552,000
Regeneron Pharmaceuticals, Inc. (c)
 
102,800
98,943,972
Repligen Corp. (c)
 
37,000
6,805,040
Spyre Therapeutics, Inc. (c)
 
150,000
5,689,500
Summit Therapeutics, Inc. (c)(d)
 
280,000
1,159,200
Vaxcyte, Inc. (c)
 
425,000
29,031,750
Viking Therapeutics, Inc. (c)
 
45,000
3,690,000
Viridian Therapeutics, Inc. (c)
 
340,000
5,953,400
Xenon Pharmaceuticals, Inc. (c)
 
350,000
15,067,500
Zentalis Pharmaceuticals, Inc. (c)
 
230,000
3,624,800
 
 
 
455,472,279
Health Care Equipment & Supplies - 3.0%
 
 
 
Boston Scientific Corp. (c)
 
3,450,000
236,290,500
Edwards Lifesciences Corp. (c)
 
400,000
38,224,000
Glaukos Corp. (c)
 
315,000
29,701,350
Inspire Medical Systems, Inc. (c)
 
175,000
37,588,250
Insulet Corp. (c)
 
182,000
31,194,800
Intuitive Surgical, Inc. (c)
 
69,000
27,537,210
Masimo Corp. (c)
 
295,000
43,320,750
Medical Microinstruments, Inc. warrants 2/16/31 (a)(b)(c)
 
4,627
57,051
Penumbra, Inc. (c)
 
375,000
83,692,500
PROCEPT BioRobotics Corp. (c)
 
185,000
9,142,700
Shockwave Medical, Inc. (c)
 
52,800
17,193,264
Stryker Corp.
 
81,800
29,273,766
 
 
 
583,216,141
Health Care Providers & Services - 2.7%
 
 
 
Acadia Healthcare Co., Inc. (c)
 
180,000
14,259,600
agilon health, Inc. (c)
 
3,000,000
18,300,000
Alignment Healthcare, Inc. (c)
 
1,399,100
6,939,536
BrightSpring Health Services, Inc.
 
900,000
9,783,000
Centene Corp. (c)
 
780,000
61,214,400
Cigna Group
 
240,000
87,165,600
CVS Health Corp.
 
985,000
78,563,600
Humana, Inc.
 
47,000
16,295,840
LifeStance Health Group, Inc. (c)
 
2,600,000
16,042,000
Molina Healthcare, Inc. (c)
 
36,000
14,789,880
Privia Health Group, Inc. (c)
 
1,150,000
22,528,500
Surgery Partners, Inc. (c)
 
1,080,000
32,216,400
UnitedHealth Group, Inc.
 
294,000
145,441,800
 
 
 
523,540,156
Health Care Technology - 0.3%
 
 
 
Evolent Health, Inc. Class A (c)
 
450,000
14,755,500
Phreesia, Inc. (c)
 
440,000
10,529,200
Veeva Systems, Inc. Class A (c)
 
138,000
31,973,220
 
 
 
57,257,920
Life Sciences Tools & Services - 1.5%
 
 
 
10X Genomics, Inc. (c)
 
769,900
28,894,347
Bruker Corp.
 
285,000
26,772,900
Danaher Corp.
 
604,000
150,830,880
Eden Biologics, Inc. (b)(c)
 
1,008,062
0
IQVIA Holdings, Inc. (c)
 
110,000
27,817,900
Lonza Group AG
 
18,500
11,055,573
Thermo Fisher Scientific, Inc.
 
82,500
47,949,825
 
 
 
293,321,425
Pharmaceuticals - 2.2%
 
 
 
AstraZeneca PLC (United Kingdom)
 
264,000
35,466,770
Chime Biologics Wuhan Co. Ltd. (b)(c)
 
1,008,062
525,029
Edgewise Therapeutics, Inc. (c)
 
200,000
3,648,000
Eli Lilly & Co.
 
267,000
207,715,320
Enliven Therapeutics, Inc. (c)
 
100,000
1,759,000
Merck & Co., Inc.
 
875,000
115,456,250
Pharvaris BV (c)
 
240,000
5,546,400
Royalty Pharma PLC
 
785,000
23,840,450
Structure Therapeutics, Inc. ADR (c)
 
195,000
8,357,700
UCB SA
 
105,000
12,959,146
 
 
 
415,274,065
TOTAL HEALTH CARE
 
 
2,328,081,986
INDUSTRIALS - 10.4%
 
 
 
Aerospace & Defense - 1.8%
 
 
 
Axon Enterprise, Inc. (c)
 
69,000
21,588,720
HEICO Corp. Class A
 
131,661
20,267,894
Howmet Aerospace, Inc.
 
821,400
56,208,402
L3Harris Technologies, Inc.
 
175,610
37,422,491
Lockheed Martin Corp.
 
102,200
46,487,714
Northrop Grumman Corp.
 
60,500
28,958,930
The Boeing Co. (c)
 
476,200
91,901,838
TransDigm Group, Inc.
 
32,800
40,396,480
 
 
 
343,232,469
Air Freight & Logistics - 0.3%
 
 
 
FedEx Corp.
 
212,500
61,569,750
Building Products - 1.0%
 
 
 
Carlisle Companies, Inc.
 
164,778
64,568,259
The AZEK Co., Inc. (c)
 
117,800
5,915,916
Trane Technologies PLC
 
383,210
115,039,642
 
 
 
185,523,817
Commercial Services & Supplies - 0.7%
 
 
 
Cintas Corp.
 
94,828
65,149,681
Waste Connections, Inc. (United States)
 
373,272
64,206,517
 
 
 
129,356,198
Construction & Engineering - 0.6%
 
 
 
EMCOR Group, Inc.
 
54,200
18,980,840
Quanta Services, Inc.
 
130,900
34,007,820
Willscot Mobile Mini Holdings (c)
 
1,490,000
69,285,000
 
 
 
122,273,660
Electrical Equipment - 1.6%
 
 
 
AMETEK, Inc.
 
643,832
117,756,873
Eaton Corp. PLC
 
294,500
92,084,260
Fluence Energy, Inc. (c)
 
237,500
4,118,250
Hubbell, Inc. Class B
 
100,900
41,878,545
Nextracker, Inc. Class A (c)
 
154,500
8,693,715
Regal Rexnord Corp.
 
151,200
27,231,120
Vertiv Holdings Co.
 
222,600
18,179,742
 
 
 
309,942,505
Ground Transportation - 1.4%
 
 
 
CSX Corp.
 
1,600,378
59,326,012
Landstar System, Inc.
 
95,785
18,463,517
Old Dominion Freight Lines, Inc.
 
153,566
33,678,559
Uber Technologies, Inc. (c)
 
1,111,700
85,589,783
Union Pacific Corp.
 
262,500
64,556,625
 
 
 
261,614,496
Industrial Conglomerates - 0.5%
 
 
 
General Electric Co.
 
531,500
93,294,195
Machinery - 2.1%
 
 
 
Caterpillar, Inc.
 
324,383
118,863,663
Chart Industries, Inc. (c)
 
165,800
27,310,576
Flowserve Corp.
 
577,200
26,366,496
Fortive Corp.
 
645,394
55,516,792
IDEX Corp.
 
77,971
19,026,483
ITT, Inc.
 
263,500
35,843,905
Parker Hannifin Corp.
 
167,700
93,205,983
Snap-On, Inc.
 
72,700
21,535,194
 
 
 
397,669,092
Marine Transportation - 0.0%
 
 
 
Eagle Bulk Shipping, Inc. (d)
 
121,200
7,571,364
Professional Services - 0.2%
 
 
 
Dayforce, Inc. (c)
 
8,100
536,301
ExlService Holdings, Inc. (c)
 
446,730
14,206,014
TransUnion
 
220,195
17,571,561
 
 
 
32,313,876
Trading Companies & Distributors - 0.2%
 
 
 
Air Lease Corp. Class A
 
125,800
6,471,152
W.W. Grainger, Inc.
 
16,400
16,683,720
Watsco, Inc.
 
61,400
26,522,958
 
 
 
49,677,830
TOTAL INDUSTRIALS
 
 
1,994,039,252
INFORMATION TECHNOLOGY - 25.7%
 
 
 
Electronic Equipment, Instruments & Components - 0.1%
 
 
 
Corning, Inc.
 
503,477
16,594,602
TE Connectivity Ltd.
 
600
87,144
 
 
 
16,681,746
IT Services - 1.7%
 
 
 
Capgemini SA
 
260,017
59,834,775
Cognizant Technology Solutions Corp. Class A
 
699,677
51,279,327
EPAM Systems, Inc. (c)
 
104,600
28,886,336
MongoDB, Inc. Class A (c)
 
118,800
42,606,432
Okta, Inc. (c)
 
469,800
49,150,476
Snowflake, Inc. (c)
 
306,100
49,465,760
Twilio, Inc. Class A (c)
 
833,841
50,989,377
X Holdings Corp. Class A (a)(b)
 
31,890
856,247
 
 
 
333,068,730
Semiconductors & Semiconductor Equipment - 6.0%
 
 
 
Advanced Micro Devices, Inc. (c)
 
303,271
54,737,383
Analog Devices, Inc.
 
796,361
157,512,242
ASML Holding NV (depository receipt)
 
33,300
32,316,651
Lattice Semiconductor Corp. (c)
 
163,300
12,774,959
Marvell Technology, Inc.
 
338,244
23,974,735
Microchip Technology, Inc.
 
413,804
37,122,357
Micron Technology, Inc.
 
1,197,911
141,221,728
NVIDIA Corp.
 
642,600
580,627,656
ON Semiconductor Corp. (c)
 
785,700
57,788,235
Skyworks Solutions, Inc.
 
140,263
15,193,288
SolarEdge Technologies, Inc. (c)
 
402,200
28,548,156
 
 
 
1,141,817,390
Software - 13.6%
 
 
 
Adobe, Inc. (c)
 
418,349
211,098,905
Atlassian Corp. PLC (c)
 
263,500
51,411,485
Autodesk, Inc. (c)
 
334,832
87,196,949
Bill Holdings, Inc. (c)
 
533,873
36,687,753
BlackLine, Inc. (c)
 
546,851
35,315,638
Constellation Software, Inc.
 
8,390
22,917,574
Constellation Software, Inc. warrants 8/22/28 (b)(c)
 
9,990
1
Datadog, Inc. Class A (c)
 
267,800
33,100,080
Dynatrace, Inc. (c)
 
362,600
16,839,144
Elastic NV (c)
 
461,800
46,290,832
Five9, Inc. (c)
 
599,100
37,210,101
Gen Digital, Inc.
 
1,648,110
36,917,664
HubSpot, Inc. (c)
 
111,104
69,613,322
Microsoft Corp.
 
3,272,459
1,376,788,945
Palo Alto Networks, Inc. (c)
 
170,990
48,583,389
PTC, Inc. (c)
 
216,557
40,916,280
Salesforce, Inc.
 
893,438
269,085,657
Tenable Holdings, Inc. (c)
 
808,600
39,969,098
Unity Software, Inc. (c)(d)
 
1,172,000
31,292,400
Workday, Inc. Class A (c)
 
274,689
74,921,425
Workiva, Inc. (c)
 
577,200
48,946,560
 
 
 
2,615,103,202
Technology Hardware, Storage & Peripherals - 4.3%
 
 
 
Apple, Inc.
 
4,744,232
813,540,903
TOTAL INFORMATION TECHNOLOGY
 
 
4,920,211,971
MATERIALS - 2.5%
 
 
 
Chemicals - 1.7%
 
 
 
Air Products & Chemicals, Inc.
 
64,189
15,551,069
Axalta Coating Systems Ltd. (c)
 
157,600
5,419,864
Cabot Corp.
 
128,800
11,875,360
Celanese Corp. Class A
 
68,800
11,823,968
Corteva, Inc.
 
278,000
16,032,260
Dow, Inc.
 
473,400
27,424,062
DuPont de Nemours, Inc.
 
94,007
7,207,517
Ecolab, Inc.
 
124,900
28,839,410
Ecovyst, Inc. (c)
 
317,300
3,537,895
Element Solutions, Inc.
 
330,900
8,265,882
Koppers Holdings, Inc.
 
81,700
4,507,389
Linde PLC
 
206,800
96,021,376
LyondellBasell Industries NV Class A
 
138,800
14,196,464
Olin Corp.
 
183,484
10,788,859
Orion SA
 
112,400
2,643,648
Quaker Houghton
 
12,700
2,606,675
Sherwin-Williams Co.
 
45,700
15,872,981
The Chemours Co. LLC
 
557,400
14,637,324
The Mosaic Co.
 
192,800
6,258,288
Tronox Holdings PLC
 
786,800
13,650,980
Westlake Corp.
 
62,400
9,534,720
 
 
 
326,695,991
Construction Materials - 0.1%
 
 
 
Martin Marietta Materials, Inc.
 
17,022
10,450,487
Vulcan Materials Co.
 
36,500
9,961,580
 
 
 
20,412,067
Containers & Packaging - 0.2%
 
 
 
Aptargroup, Inc.
 
68,600
9,870,854
Avery Dennison Corp.
 
45,900
10,247,175
Crown Holdings, Inc.
 
69,395
5,500,248
Greif, Inc. Class A
 
108,400
7,485,020
 
 
 
33,103,297
Metals & Mining - 0.5%
 
 
 
Alcoa Corp.
 
34,100
1,152,239
Arch Resources, Inc.
 
14,900
2,395,771
Commercial Metals Co.
 
108,956
6,403,344
First Quantum Minerals Ltd.
 
768,880
8,264,658
Franco-Nevada Corp.
 
50,400
6,005,360
Freeport-McMoRan, Inc.
 
555,000
26,096,100
Ivanhoe Mines Ltd. (c)
 
695,800
8,301,006
Nucor Corp.
 
116,600
23,075,140
Steel Dynamics, Inc.
 
71,900
10,657,737
Teck Resources Ltd. Class B
 
119,400
5,466,132
Wheaton Precious Metals Corp.
 
63,200
2,976,752
 
 
 
100,794,239
Paper & Forest Products - 0.0%
 
 
 
Interfor Corp. (c)
 
60,300
941,972
TOTAL MATERIALS
 
 
481,947,566
REAL ESTATE - 2.6%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 2.4%
 
 
 
Alexandria Real Estate Equities, Inc.
 
40,500
5,220,855
American Tower Corp.
 
111,004
21,933,280
Americold Realty Trust
 
494,900
12,332,908
Crown Castle, Inc.
 
411,100
43,506,713
CubeSmart
 
899,615
40,680,590
Digital Realty Trust, Inc.
 
126,500
18,221,060
Douglas Emmett, Inc.
 
329,100
4,564,617
Equinix, Inc.
 
50,600
41,761,698
Equity Lifestyle Properties, Inc.
 
328,400
21,148,960
Essex Property Trust, Inc.
 
99,359
24,324,077
Four Corners Property Trust, Inc.
 
638,603
15,626,615
Lamar Advertising Co. Class A
 
68,500
8,179,585
Mid-America Apartment Communities, Inc.
 
204,200
26,868,636
NETSTREIT Corp.
 
276,792
5,084,669
NNN (REIT), Inc.
 
244,300
10,441,382
Omega Healthcare Investors, Inc.
 
418,100
13,241,227
Prologis, Inc.
 
494,451
64,387,409
Ryman Hospitality Properties, Inc.
 
123,500
14,277,835
SITE Centers Corp.
 
1,980,600
29,015,790
Tanger, Inc.
 
302,900
8,944,637
Terreno Realty Corp.
 
178,500
11,852,400
Ventas, Inc.
 
662,300
28,836,542
 
 
 
470,451,485
Real Estate Management & Development - 0.2%
 
 
 
CoStar Group, Inc. (c)
 
82,100
7,930,860
Doma Holdings, Inc. Class A (c)(d)
 
169,561
769,807
Jones Lang LaSalle, Inc. (c)
 
138,520
27,023,867
 
 
 
35,724,534
TOTAL REAL ESTATE
 
 
506,176,019
UTILITIES - 2.2%
 
 
 
Electric Utilities - 1.5%
 
 
 
Allete, Inc.
 
11,200
667,968
American Electric Power Co., Inc.
 
243,119
20,932,546
Constellation Energy Corp.
 
149,743
27,679,994
Edison International
 
337,679
23,884,036
Entergy Corp.
 
184,500
19,497,960
Evergy, Inc.
 
67,000
3,576,460
Eversource Energy
 
335,000
20,022,950
Exelon Corp.
 
211,600
7,949,812
FirstEnergy Corp.
 
523,679
20,224,483
Kansai Electric Power Co., Inc.
 
30,100
429,491
NextEra Energy, Inc.
 
911,917
58,280,615
NRG Energy, Inc.
 
62,124
4,205,174
PG&E Corp.
 
1,440,506
24,142,881
Pinnacle West Capital Corp.
 
58,100
4,341,813
PPL Corp.
 
628,300
17,297,099
Southern Co.
 
374,955
26,899,272
Xcel Energy, Inc.
 
210,300
11,303,625
 
 
 
291,336,179
Gas Utilities - 0.1%
 
 
 
Southwest Gas Holdings, Inc.
 
51,000
3,882,630
UGI Corp.
 
162,300
3,982,842
 
 
 
7,865,472
Independent Power and Renewable Electricity Producers - 0.2%
 
 
 
Clearway Energy, Inc. Class A
 
44,888
965,541
NextEra Energy Partners LP
 
109,198
3,284,676
Sunnova Energy International, Inc. (c)(d)
 
3,337
20,456
The AES Corp.
 
721,200
12,931,116
Vistra Corp.
 
249,778
17,397,038
 
 
 
34,598,827
Multi-Utilities - 0.4%
 
 
 
DTE Energy Co.
 
78,400
8,791,776
NiSource, Inc.
 
495,502
13,705,585
Public Service Enterprise Group, Inc.
 
247,156
16,505,078
Sempra
 
489,506
35,161,216
 
 
 
74,163,655
Water Utilities - 0.0%
 
 
 
Essential Utilities, Inc.
 
112,200
4,157,010
TOTAL UTILITIES
 
 
412,121,143
 
TOTAL COMMON STOCKS
 (Cost $11,166,481,723)
 
 
 
18,767,826,366
 
 
 
 
Preferred Stocks - 0.3%
 
 
Shares
Value ($)
 
Convertible Preferred Stocks - 0.2%
 
 
 
FINANCIALS - 0.1%
 
 
 
Financial Services - 0.1%
 
 
 
Circle Internet Financial Ltd. Series F (a)(b)(c)
 
160,054
4,787,215
Saluda Medical, Inc. Series E (a)(b)
 
301,188
2,593,229
Thriveworks TopCo LLC Series B (a)(b)(c)(g)
 
141,317
1,506,439
 
 
 
8,886,883
HEALTH CARE - 0.1%
 
 
 
Biotechnology - 0.1%
 
 
 
Asimov, Inc. Series B (a)(b)(c)
 
35,044
1,678,257
Caris Life Sciences, Inc. Series D (a)(b)(c)
 
1,077,331
2,844,154
Cleerly, Inc. Series C (a)(b)(c)
 
411,426
4,435,172
Element Biosciences, Inc. Series C (a)(b)(c)
 
195,016
1,948,210
ElevateBio LLC Series C (a)(b)(c)
 
626,000
2,172,220
Inscripta, Inc. Series E (a)(b)(c)
 
423,474
1,448,281
 
 
 
14,526,294
Health Care Equipment & Supplies - 0.0%
 
 
 
Medical Microinstruments, Inc. Series C (a)(b)
 
92,546
3,030,882
 
 
 
 
Health Care Providers & Services - 0.0%
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C (a)(b)(c)
 
416,172
2,276,461
 
 
 
 
Health Care Technology - 0.0%
 
 
 
Aledade, Inc.:
 
 
 
  Series B1(a)(b)(c)
 
67,586
2,867,674
  Series E1(a)(b)(c)
 
14,822
628,897
Omada Health, Inc. Series E (a)(b)(c)
 
597,550
2,384,225
Wugen, Inc. Series B (a)(b)(c)
 
155,150
878,149
 
 
 
6,758,945
Pharmaceuticals - 0.0%
 
 
 
Galvanize Therapeutics Series B (a)(b)(c)
 
1,112,588
1,145,966
 
 
 
 
TOTAL HEALTH CARE
 
 
27,738,548
 
 
 
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 
 
36,625,431
Nonconvertible Preferred Stocks - 0.1%
 
 
 
FINANCIALS - 0.1%
 
 
 
Financial Services - 0.1%
 
 
 
Circle Internet Financial Ltd. Series E (a)(b)(c)
 
388,096
11,607,951
 
 
 
 
 
TOTAL PREFERRED STOCKS
 (Cost $65,853,389)
 
 
 
48,233,382
 
 
 
 
Corporate Bonds - 0.1%
 
 
Principal
Amount (h)
 
Value ($)
 
Convertible Bonds - 0.0%
 
 
 
HEALTH CARE - 0.0%
 
 
 
Pharmaceuticals - 0.0%
 
 
 
Galvanize Therapeutics 6% 2/28/27 (a)(b)
 
973,100
982,150
 
 
 
 
Nonconvertible Bonds - 0.1%
 
 
 
FINANCIALS - 0.1%
 
 
 
Financial Services - 0.1%
 
 
 
Ant International Co. Ltd. 3.55% 8/14/24 (a)(b)
 
7,721,395
7,731,433
 
 
 
 
 
TOTAL CORPORATE BONDS
 (Cost $8,694,495)
 
 
 
8,713,583
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (h)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 5.27% to 5.31% 4/4/24 to 6/27/24 (i)
 
 (Cost $6,673,302)
 
 
6,700,000
6,673,246
 
 
 
 
Money Market Funds - 2.0%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (j)
 
346,269,877
346,339,131
Fidelity Securities Lending Cash Central Fund 5.39% (j)(k)
 
41,316,847
41,320,979
 
TOTAL MONEY MARKET FUNDS
 (Cost $387,660,109)
 
 
387,660,110
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
 (Cost $11,635,363,018)
 
 
 
19,219,106,687
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(29,319,178)
NET ASSETS - 100.0%
19,189,787,509
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P 500 Index Contracts (United States)
529
Jun 2024
140,409,825
3,097,275
3,097,275
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.7%
 
Legend
 
(a)
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 $82,855,147 or 0.4% of net assets.
 
(b)
Level 3 security
 
(c)
Non-income producing
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
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 $52,726 or 0.0% of net assets.
 
(f)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(g)
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
 
(h)
Amount is stated in United States dollars unless otherwise noted.
 
(i)
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 $6,673,246.
 
(j)
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.
 
(k)
Investment made with cash collateral received from securities on loan.
 
(l)
Equity security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. As of period end, the total fair value of unadjusted equity securities subject to contractual sale restrictions is $11,672,663 and all restrictions are set to expire on or before  September 30, 2024.  Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Aledade, Inc. Series B1
5/07/21
2,587,915
 
 
 
Aledade, Inc. Series E1
5/20/22
738,349
 
 
 
Ant International Co. Ltd. 3.55% 8/14/24
8/14/23
7,721,395
 
 
 
Asimov, Inc. Series B
10/29/21
3,247,902
 
 
 
Avidity Biosciences, Inc.
2/29/24
1,181,070
 
 
 
Caris Life Sciences, Inc.
10/06/22
1,271,553
 
 
 
Caris Life Sciences, Inc. Series D
5/11/21
8,726,381
 
 
 
Circle Internet Financial Ltd. Series E
5/11/21
6,298,800
 
 
 
Circle Internet Financial Ltd. Series F
5/09/22
6,744,676
 
 
 
Cleerly, Inc. Series C
7/08/22
4,846,845
 
 
 
dMed Biopharmaceutical Co. Ltd. Series C
12/01/20
5,910,953
 
 
 
Element Biosciences, Inc. Series C
6/21/21
4,008,885
 
 
 
ElevateBio LLC Series C
3/09/21
2,626,070
 
 
 
Galvanize Therapeutics Series B
3/29/22
1,926,207
 
 
 
Galvanize Therapeutics 6% 2/28/27
2/28/24
973,100
 
 
 
GCI Liberty, Inc. Class A (Escrow)
5/23/23
0
 
 
 
Inscripta, Inc. Series E
3/30/21
3,739,275
 
 
 
Jumo World Holding Ltd.
9/06/23
999,839
 
 
 
JUUL Labs, Inc. Class A
2/23/24
1,494,692
 
 
 
Medical Microinstruments, Inc. warrants 2/16/31
2/16/24
0
 
 
 
Medical Microinstruments, Inc. Series C
2/16/24
3,084,901
 
 
 
Omada Health, Inc. Series E
12/22/21
3,582,432
 
 
 
Saluda Medical, Inc. Series E
4/06/23
2,431,732
 
 
 
Starling Bank Ltd. Series D
6/18/21
8,257,037
 
 
 
Thriveworks TopCo LLC Series B
7/23/21 - 2/25/22
4,148,893
 
 
 
Wugen, Inc. Series B
7/09/21
1,203,173
 
 
 
X Holdings Corp. Class A
10/27/21
2,390,803
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 5.39%
205,039,854
2,594,494,714
2,453,195,437
10,266,888
-
-
346,339,131
0.7%
Fidelity Securities Lending Cash Central Fund 5.39%
65,705,738
457,116,242
481,501,001
332,167
-
-
41,320,979
0.1%
Total
270,745,592
3,051,610,956
2,934,696,438
10,599,055
-
-
387,660,110
 
 
 
 
 
 
 
 
 
 
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 payments 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 Directors (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. Corporate Bonds and 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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