NPORT-EX 2 QTLY_1799_20240430.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Series Small Cap Opportunities Fund
April 30, 2024
SMO-NPRT3-0624
1.847958.117
Common Stocks - 97.7%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 1.3%
 
 
 
Diversified Telecommunication Services - 0.3%
 
 
 
Cogent Communications Group, Inc.
 
258,200
16,571,276
Entertainment - 0.3%
 
 
 
Vivid Seats, Inc. Class A (a)(b)
 
2,767,316
14,556,082
Interactive Media & Services - 0.1%
 
 
 
Ziff Davis, Inc. (a)
 
173,000
8,669,030
Media - 0.5%
 
 
 
TechTarget, Inc. (a)
 
441,848
12,150,820
Thryv Holdings, Inc. (a)
 
586,300
13,490,763
 
 
 
25,641,583
Wireless Telecommunication Services - 0.1%
 
 
 
Gogo, Inc. (a)
 
489,700
4,436,682
TOTAL COMMUNICATION SERVICES
 
 
69,874,653
CONSUMER DISCRETIONARY - 11.7%
 
 
 
Automobile Components - 1.3%
 
 
 
Adient PLC (a)
 
495,350
14,796,105
LCI Industries (b)
 
213,400
22,189,332
Patrick Industries, Inc.
 
292,500
30,563,325
 
 
 
67,548,762
Broadline Retail - 0.3%
 
 
 
Macy's, Inc.
 
524,500
9,666,535
Savers Value Village, Inc. (b)
 
382,729
6,322,683
 
 
 
15,989,218
Diversified Consumer Services - 0.5%
 
 
 
Laureate Education, Inc. Class A
 
1,724,462
25,004,699
Hotels, Restaurants & Leisure - 0.9%
 
 
 
Bloomin' Brands, Inc. (b)
 
584,100
15,063,939
Brinker International, Inc. (a)
 
286,150
15,337,640
Hilton Grand Vacations, Inc. (a)
 
405,800
16,897,512
 
 
 
47,299,091
Household Durables - 2.7%
 
 
 
Green Brick Partners, Inc. (a)
 
889,569
48,152,370
Lovesac (a)
 
248,088
5,502,592
SharkNinja, Inc.
 
813,592
52,297,694
Skyline Champion Corp. (a)
 
522,698
39,197,123
 
 
 
145,149,779
Leisure Products - 1.1%
 
 
 
Acushnet Holdings Corp. (b)
 
206,700
12,604,566
BRP, Inc.
 
294,300
19,800,288
Clarus Corp. (b)
 
1,681,784
10,645,693
Games Workshop Group PLC
 
110,808
13,721,400
 
 
 
56,771,947
Specialty Retail - 4.0%
 
 
 
Academy Sports & Outdoors, Inc.
 
1,385,272
80,761,345
Advance Auto Parts, Inc.
 
222,000
16,201,560
Boot Barn Holdings, Inc. (a)
 
207,300
22,071,231
Dick's Sporting Goods, Inc.
 
104,350
20,968,089
Murphy U.S.A., Inc.
 
143,691
59,462,210
Upbound Group, Inc.
 
349,352
10,833,406
 
 
 
210,297,841
Textiles, Apparel & Luxury Goods - 0.9%
 
 
 
Crocs, Inc. (a)
 
203,600
25,321,732
Deckers Outdoor Corp. (a)
 
8,000
6,547,760
Kontoor Brands, Inc. (b)
 
246,000
15,266,760
 
 
 
47,136,252
TOTAL CONSUMER DISCRETIONARY
 
 
615,197,589
CONSUMER STAPLES - 3.1%
 
 
 
Beverages - 0.5%
 
 
 
Primo Water Corp.
 
735,900
13,886,433
The Vita Coco Co., Inc. (a)
 
581,700
14,100,408
 
 
 
27,986,841
Consumer Staples Distribution & Retail - 1.1%
 
 
 
BJ's Wholesale Club Holdings, Inc. (a)
 
270,450
20,197,206
Performance Food Group Co. (a)
 
261,200
17,730,256
Sprouts Farmers Market LLC (a)
 
306,700
20,251,401
 
 
 
58,178,863
Food Products - 1.2%
 
 
 
Nomad Foods Ltd.
 
2,079,078
37,548,149
The Simply Good Foods Co. (a)
 
685,200
24,975,540
 
 
 
62,523,689
Personal Care Products - 0.3%
 
 
 
BellRing Brands, Inc. (a)
 
309,833
17,093,487
TOTAL CONSUMER STAPLES
 
 
165,782,880
ENERGY - 7.0%
 
 
 
Energy Equipment & Services - 4.6%
 
 
 
Cactus, Inc.
 
1,073,031
53,265,259
Championx Corp.
 
1,611,900
54,111,483
Liberty Oilfield Services, Inc. Class A (b)
 
3,352,254
73,749,588
TechnipFMC PLC
 
1,346,900
34,507,578
Valaris Ltd. (a)
 
451,100
29,348,566
 
 
 
244,982,474
Oil, Gas & Consumable Fuels - 2.4%
 
 
 
Antero Resources Corp. (a)
 
1,352,858
46,010,701
Chord Energy Corp.
 
120,100
21,255,298
Northern Oil & Gas, Inc. (b)
 
1,417,145
57,805,345
 
 
 
125,071,344
TOTAL ENERGY
 
 
370,053,818
FINANCIALS - 14.9%
 
 
 
Banks - 6.7%
 
 
 
ConnectOne Bancorp, Inc.
 
515,318
9,229,345
East West Bancorp, Inc.
 
257,700
19,196,073
First Bancorp, Puerto Rico
 
2,813,700
48,536,325
First Interstate Bancsystem, Inc.
 
743,400
19,848,780
Glacier Bancorp, Inc. (b)
 
435,850
15,769,053
Independent Bank Group, Inc.
 
504,300
18,780,132
Metropolitan Bank Holding Corp. (a)
 
270,040
10,720,588
Pathward Financial, Inc.
 
606,102
30,529,358
Pinnacle Financial Partners, Inc.
 
322,100
24,705,070
Synovus Financial Corp.
 
1,521,695
54,461,464
Trico Bancshares
 
742,580
25,819,507
United Community Bank, Inc.
 
1,325,900
33,452,457
Webster Financial Corp.
 
442,471
19,393,504
Western Alliance Bancorp.
 
381,850
21,700,536
 
 
 
352,142,192
Capital Markets - 3.2%
 
 
 
Houlihan Lokey (b)
 
411,879
52,510,454
Lazard, Inc. Class A
 
949,467
36,554,480
Stifel Financial Corp.
 
299,100
23,904,072
TMX Group Ltd.
 
2,049,620
54,268,441
 
 
 
167,237,447
Consumer Finance - 1.0%
 
 
 
FirstCash Holdings, Inc.
 
308,424
34,845,744
SLM Corp.
 
832,600
17,642,794
 
 
 
52,488,538
Financial Services - 1.4%
 
 
 
Essent Group Ltd.
 
1,089,800
57,726,706
Walker & Dunlop, Inc.
 
205,340
18,815,304
 
 
 
76,542,010
Insurance - 2.6%
 
 
 
Assurant, Inc.
 
81,800
14,265,920
First American Financial Corp.
 
343,496
18,401,081
Genworth Financial, Inc. Class A (a)
 
2,417,300
14,334,589
Primerica, Inc.
 
261,980
55,503,083
Selective Insurance Group, Inc.
 
249,857
25,397,964
Stewart Information Services Corp.
 
122,958
7,624,626
 
 
 
135,527,263
TOTAL FINANCIALS
 
 
783,937,450
HEALTH CARE - 14.8%
 
 
 
Biotechnology - 8.5%
 
 
 
Allogene Therapeutics, Inc. (a)
 
1,586,400
4,378,464
ALX Oncology Holdings, Inc. (a)
 
983,900
16,745,978
Arcellx, Inc. (a)
 
270,300
13,520,406
Argenx SE ADR (a)
 
43,200
16,221,600
Arrowhead Pharmaceuticals, Inc. (a)
 
458,229
10,365,140
Ascendis Pharma A/S sponsored ADR (a)
 
96,248
13,324,573
Astria Therapeutics, Inc. (a)
 
791,405
7,265,098
Astria Therapeutics, Inc. warrants (a)
 
183,003
844,786
Autolus Therapeutics PLC ADR (a)
 
1,331,075
4,898,356
Blueprint Medicines Corp. (a)
 
189,000
17,263,260
Boundless Bio, Inc.
 
251,973
2,494,533
Boundless Bio, Inc.
 
26,709
264,419
Cargo Therapeutics, Inc.
 
458,678
8,760,750
Celldex Therapeutics, Inc. (a)
 
524,000
19,608,080
Cogent Biosciences, Inc. (a)
 
1,389,993
9,034,955
Crinetics Pharmaceuticals, Inc. (a)
 
378,500
16,585,870
Cytokinetics, Inc. (a)
 
456,645
28,001,471
Dianthus Therapeutics, Inc. (a)(b)
 
554,454
11,837,593
Insmed, Inc. (a)
 
688,900
17,029,608
Keros Therapeutics, Inc. (a)
 
338,200
19,071,098
Kymera Therapeutics, Inc. (a)
 
122,501
4,118,484
Madrigal Pharmaceuticals, Inc. (a)(b)
 
72,900
14,873,058
Moonlake Immunotherapeutics (a)(b)
 
192,741
7,885,034
Morphic Holding, Inc. (a)
 
280,462
7,648,199
Nuvalent, Inc. Class A (a)
 
157,200
10,827,936
Revolution Medicines, Inc. (a)
 
143,400
5,345,952
Shattuck Labs, Inc. (a)
 
604,679
6,337,036
Spyre Therapeutics, Inc. (a)
 
281,961
9,313,172
Tango Therapeutics, Inc. (c)
 
772,654
5,949,436
Tango Therapeutics, Inc. (a)
 
115,476
889,165
Tyra Biosciences, Inc. (a)
 
542,569
9,277,930
Tyra Biosciences, Inc. (c)
 
188,513
3,223,572
Vaxcyte, Inc. (a)
 
470,940
28,515,417
Vericel Corp. (a)
 
495,437
22,725,695
Viking Therapeutics, Inc. (a)
 
495,600
39,439,848
Viridian Therapeutics, Inc. (a)
 
774,652
10,271,886
Xenon Pharmaceuticals, Inc. (a)
 
375,930
15,281,555
Zentalis Pharmaceuticals, Inc. (a)(b)
 
756,796
8,370,164
 
 
 
447,809,577
Health Care Equipment & Supplies - 2.6%
 
 
 
Dentsply Sirona, Inc.
 
323,200
9,699,232
Glaukos Corp. (a)
 
272,000
26,112,000
Inspire Medical Systems, Inc. (a)
 
68,000
16,432,880
Integer Holdings Corp. (a)
 
282,900
31,580,127
Masimo Corp. (a)
 
81,400
10,940,974
Penumbra, Inc. (a)
 
32,600
6,404,922
TransMedics Group, Inc. (a)
 
394,247
37,110,470
 
 
 
138,280,605
Health Care Providers & Services - 2.0%
 
 
 
Acadia Healthcare Co., Inc. (a)
 
161,049
11,907,963
agilon health, Inc. (a)
 
1,108,699
6,097,845
Encompass Health Corp.
 
194,300
16,200,734
Privia Health Group, Inc. (a)
 
711,709
13,095,446
Progyny, Inc. (a)
 
445,000
14,266,700
Surgery Partners, Inc. (a)
 
802,892
20,032,155
Tenet Healthcare Corp. (a)
 
221,640
24,887,956
 
 
 
106,488,799
Life Sciences Tools & Services - 0.1%
 
 
 
10X Genomics, Inc. (a)
 
255,700
7,486,896
Pharmaceuticals - 1.6%
 
 
 
Axsome Therapeutics, Inc. (a)
 
142,548
10,514,340
Edgewise Therapeutics, Inc. (a)
 
559,755
10,042,005
Enliven Therapeutics, Inc. (c)
 
224,300
3,900,577
Enliven Therapeutics, Inc. (a)(b)
 
748,307
13,013,059
Intra-Cellular Therapies, Inc. (a)
 
222,500
15,977,725
Longboard Pharmaceuticals, Inc. (a)
 
503,000
10,713,900
Prestige Brands Holdings, Inc. (a)
 
250,600
17,983,056
 
 
 
82,144,662
TOTAL HEALTH CARE
 
 
782,210,539
INDUSTRIALS - 19.6%
 
 
 
Building Products - 1.0%
 
 
 
Simpson Manufacturing Co. Ltd.
 
314,208
54,637,629
Commercial Services & Supplies - 0.6%
 
 
 
The Brink's Co.
 
200,332
17,521,037
Vestis Corp.
 
851,000
15,675,420
 
 
 
33,196,457
Construction & Engineering - 4.8%
 
 
 
Comfort Systems U.S.A., Inc.
 
132,222
40,910,809
Construction Partners, Inc. Class A (a)
 
345,155
17,823,804
Dycom Industries, Inc. (a)
 
170,610
23,888,812
EMCOR Group, Inc.
 
114,560
40,917,395
Granite Construction, Inc. (b)
 
540,300
29,986,650
IES Holdings, Inc. (a)
 
457,718
61,846,856
MDU Resources Group, Inc.
 
618,900
15,286,830
Sterling Construction Co., Inc. (a)
 
202,900
20,614,640
 
 
 
251,275,796
Electrical Equipment - 2.1%
 
 
 
Array Technologies, Inc. (a)(b)
 
945,000
11,661,300
Atkore, Inc.
 
292,824
51,332,047
Nextracker, Inc. Class A (a)
 
404,200
17,295,718
Thermon Group Holdings, Inc. (a)
 
1,008,162
32,190,613
 
 
 
112,479,678
Ground Transportation - 0.6%
 
 
 
ArcBest Corp.
 
307,500
34,104,825
Machinery - 4.6%
 
 
 
Astec Industries, Inc.
 
591,389
24,720,060
Atmus Filtration Technologies, Inc.
 
571,689
17,316,460
Federal Signal Corp.
 
567,930
46,172,709
Kadant, Inc.
 
92,156
25,231,391
SPX Technologies, Inc. (a)
 
456,744
55,635,987
Terex Corp.
 
1,000,500
56,078,025
Timken Co.
 
209,300
18,673,746
 
 
 
243,828,378
Professional Services - 2.6%
 
 
 
ASGN, Inc. (a)
 
234,250
22,593,413
CACI International, Inc. Class A (a)
 
53,700
21,599,751
CRA International, Inc.
 
148,474
21,542,093
ExlService Holdings, Inc. (a)
 
763,455
22,140,195
First Advantage Corp. (b)
 
815,072
13,285,674
KBR, Inc.
 
337,600
21,923,744
WNS Holdings Ltd.
 
274,737
11,514,228
 
 
 
134,599,098
Trading Companies & Distributors - 3.3%
 
 
 
Applied Industrial Technologies, Inc.
 
133,700
24,500,525
Beacon Roofing Supply, Inc. (a)
 
234,457
23,101,048
FTAI Aviation Ltd.
 
414,200
29,080,982
GMS, Inc. (a)
 
515,500
47,694,060
Rush Enterprises, Inc. Class A
 
1,092,551
47,984,840
 
 
 
172,361,455
TOTAL INDUSTRIALS
 
 
1,036,483,316
INFORMATION TECHNOLOGY - 13.4%
 
 
 
Communications Equipment - 0.3%
 
 
 
Ciena Corp. (a)
 
390,300
18,043,569
Electronic Equipment, Instruments & Components - 4.9%
 
 
 
Advanced Energy Industries, Inc.
 
534,199
51,197,632
Fabrinet (a)
 
392,956
68,008,895
Insight Enterprises, Inc. (a)
 
370,107
67,570,435
Napco Security Technologies, Inc.
 
266,200
10,834,340
Sanmina Corp. (a)
 
321,164
19,485,020
TD SYNNEX Corp.
 
359,700
42,387,048
 
 
 
259,483,370
IT Services - 0.7%
 
 
 
Endava PLC ADR (a)
 
294,300
8,534,700
Perficient, Inc. (a)
 
210,700
9,957,682
Wix.com Ltd. (a)
 
146,100
17,366,907
 
 
 
35,859,289
Semiconductors & Semiconductor Equipment - 3.3%
 
 
 
Allegro MicroSystems LLC (a)
 
579,100
17,193,479
Diodes, Inc. (a)
 
534,951
39,056,773
MACOM Technology Solutions Holdings, Inc. (a)
 
626,900
63,912,455
Nova Ltd. (a)
 
104,500
17,754,550
Onto Innovation, Inc. (a)
 
205,592
38,135,260
 
 
 
176,052,517
Software - 4.2%
 
 
 
Five9, Inc. (a)
 
330,800
19,044,156
Intapp, Inc. (a)
 
481,318
14,882,353
Lumine Group, Inc. (a)
 
585,700
16,043,836
Manhattan Associates, Inc. (a)
 
39,500
8,139,370
Progress Software Corp.
 
414,800
20,665,336
PROS Holdings, Inc. (a)
 
767,952
25,150,428
Rapid7, Inc. (a)
 
173,500
7,772,800
SPS Commerce, Inc. (a)
 
262,850
45,701,730
Tenable Holdings, Inc. (a)
 
1,111,900
50,002,143
Vertex, Inc. Class A (a)
 
415,657
12,108,088
 
 
 
219,510,240
TOTAL INFORMATION TECHNOLOGY
 
 
708,948,985
MATERIALS - 6.1%
 
 
 
Chemicals - 1.1%
 
 
 
Element Solutions, Inc.
 
1,384,117
32,014,626
The Chemours Co. LLC
 
432,400
11,566,700
Tronox Holdings PLC
 
999,647
16,984,003
 
 
 
60,565,329
Construction Materials - 1.1%
 
 
 
Eagle Materials, Inc.
 
222,700
55,833,117
Containers & Packaging - 0.3%
 
 
 
O-I Glass, Inc. (a)
 
891,100
13,330,856
Metals & Mining - 2.9%
 
 
 
Commercial Metals Co.
 
1,214,684
65,277,118
Constellium NV (a)
 
3,000,295
59,075,809
Lundin Mining Corp.
 
2,717,000
31,025,489
 
 
 
155,378,416
Paper & Forest Products - 0.7%
 
 
 
Louisiana-Pacific Corp.
 
243,300
17,807,127
Sylvamo Corp.
 
274,800
17,175,000
 
 
 
34,982,127
TOTAL MATERIALS
 
 
320,089,845
REAL ESTATE - 3.8%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 2.3%
 
 
 
Elme Communities (SBI)
 
799,700
12,123,452
Essential Properties Realty Trust, Inc.
 
1,771,200
46,653,408
Lamar Advertising Co. Class A
 
246,300
28,533,855
Terreno Realty Corp.
 
651,996
35,435,983
 
 
 
122,746,698
Real Estate Management & Development - 1.5%
 
 
 
Colliers International Group, Inc.
 
371,900
38,728,496
Jones Lang LaSalle, Inc. (a)
 
159,100
28,749,370
Marcus & Millichap, Inc.
 
399,810
12,661,983
 
 
 
80,139,849
TOTAL REAL ESTATE
 
 
202,886,547
UTILITIES - 2.0%
 
 
 
Gas Utilities - 2.0%
 
 
 
Brookfield Infrastructure Corp. A Shares
 
1,575,066
47,992,261
Southwest Gas Holdings, Inc.
 
733,060
54,700,937
 
 
 
102,693,198
 
TOTAL COMMON STOCKS
 (Cost $3,862,798,407)
 
 
 
5,158,158,820
 
 
 
 
Money Market Funds - 4.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (d)
 
66,286,857
66,300,115
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)
 
150,064,065
150,079,071
 
TOTAL MONEY MARKET FUNDS
 (Cost $216,379,186)
 
 
216,379,186
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.8%
 (Cost $4,079,177,593)
 
 
 
5,374,538,006
NET OTHER ASSETS (LIABILITIES) - (1.8)% (f)
(96,766,192)
NET ASSETS - 100.0%
5,277,771,814
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini Russell 2000 Index Contracts (United States)
280
Jun 2024
27,798,400
(1,491,432)
(1,491,432)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.5%
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $13,073,585 or 0.2% of net assets.
 
(d)
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.
 
(e)
Investment made with cash collateral received from securities on loan.
 
(f)
Includes $1,280,500 of cash collateral to cover margin requirements for futures contracts.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Enliven Therapeutics, Inc.
3/19/24
3,140,200
 
 
 
Tango Therapeutics, Inc.
8/09/23
3,979,168
 
 
 
Tyra Biosciences, Inc.
2/02/24
2,452,554
 
 
 
 
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%
83,542,137
1,416,710,677
1,433,953,034
3,805,404
335
-
66,300,115
0.1%
Fidelity Securities Lending Cash Central Fund 5.39%
139,488,836
1,154,814,335
1,144,224,100
542,963
-
-
150,079,071
0.5%
Total
223,030,973
2,571,525,012
2,578,177,134
4,348,367
335
-
216,379,186
 
 
 
 
 
 
 
 
 
 
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 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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