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CORP 100.00000000 175.00000000 USD 2024-11-01 XXXX -11540.23000000 N N N UNITEDHEALTH GROUP INC 549300GHBMY8T5GXDE41 UNITEDHEALTH GROUP INC 91324P102 115003.00000000 NS USD 67239954.04000000 2.031463625694 Long EC CORP US N 1 N N N KENVUE INC 5493008HSF8L4M2LIJ82 KENVUE INC 49177J102 1159357.00000000 NS USD 26815927.41000000 0.810166840540 Long EC CORP US N 1 N N N AMERICAN TOWER CORP 5493006ORUSIL88JOE18 AMERICAN TOWER CORP 03027X100 61310.00000000 NS USD 14258253.60000000 0.430772506731 Long EC CORP US N 1 N N N CHICAGO BOARD OPTIONS EXCHANGE N/A ESTEE LAUDER COS INC CL A PUT 80 10/18/2024 N/A -600.00000000 NC USD -4500.00000000 -0.00013595467 N/A DE CORP US N 1 CHICAGO BOARD OPTIONS EXCHANGE N/A Put Written LAUDER ESTEE COS INC ESTEE LAUDER COS INC CL A 100.00000000 80.00000000 USD 2024-10-18 XXXX 159665.76000000 N N N JOHNSON and JOHNSON 549300G0CFPGEF6X2043 JOHNSON and JOHNSON 478160104 112514.00000000 NS USD 18234018.84000000 0.550888925379 Long EC CORP US N 1 N N N ROCKWELL AUTOMATION INC VH3R4HHBHH12O0EXZJ88 ROCKWELL AUTOMATION INC 773903109 19700.00000000 NS USD 5288662.00000000 0.159781853437 Long EC CORP US N 1 N N N AMERICAN EXPRESS CO R4PP93JZOLY261QX3811 AMERICAN EXPRESS CO 025816109 13500.00000000 NS USD 3661200.00000000 0.110612726206 Long EC CORP US N 1 N N N PROLOGIS INC 529900DFH19P073LZ636 PROLOGIS INC REIT 74340W103 22800.00000000 NS USD 2879184.00000000 0.086986340951 Long EC CORP US N 1 N N N LINDE PLC 5299003QR1WT0EF88V51 LINDE PLC N/A 5000.00000000 NS USD 2384300.00000000 0.072034830955 Long EC CORP IE N 1 N N N ALPHABET INC 5493006MHB84DD0ZWV18 ALPHABET INC CL A 02079K305 432900.00000000 NS USD 71796465.00000000 2.169125621563 Long EC CORP US N 1 N N N PNC FINANCIAL SERVICES GRP INC CFGNEKW0P8842LEUIA51 PNC FINANCIAL SERVICES GRP INC 693475105 147631.00000000 NS USD 27289590.35000000 0.824477216672 Long EC CORP US N 1 N N N WALT DISNEY CO 549300GZKULIZ0WOW665 DISNEY (WALT) CO 254687106 200499.00000000 NS USD 19285998.81000000 0.582671502785 Long EC CORP US N 1 N N N 2024-10-30 Stacie M. Smith Stacie M. Smith Stacie M. Smith President and Treasurer XXXX NPORT-EX 2 QTLY_361_20240930.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Mega Cap Stock Fund
September 30, 2024
GII-NPRT1-1124
1.808770.120
Common Stocks - 93.2%
 
 
Shares
Value ($)
 
CANADA - 1.1%
 
 
 
Energy - 1.1%
 
 
 
Oil, Gas & Consumable Fuels - 1.1%
 
 
 
Imperial Oil Ltd
 
507,500
35,704,555
FRANCE - 0.6%
 
 
 
Industrials - 0.6%
 
 
 
Aerospace & Defense - 0.6%
 
 
 
Airbus SE
 
127,300
18,631,161
GERMANY - 1.0%
 
 
 
Information Technology - 1.0%
 
 
 
Software - 1.0%
 
 
 
SAP SE ADR
 
138,600
31,753,260
KOREA (SOUTH) - 0.1%
 
 
 
Information Technology - 0.1%
 
 
 
Technology Hardware, Storage & Peripherals - 0.1%
 
 
 
Samsung Electronics Co Ltd
 
144,990
6,760,440
NETHERLANDS - 0.8%
 
 
 
Communication Services - 0.4%
 
 
 
Entertainment - 0.4%
 
 
 
Universal Music Group NV
 
479,399
12,541,664
Health Care - 0.2%
 
 
 
Health Care Equipment & Supplies - 0.2%
 
 
 
Koninklijke Philips NV depository receipt
 
162,792
5,326,554
Information Technology - 0.2%
 
 
 
Semiconductors & Semiconductor Equipment - 0.2%
 
 
 
ASML Holding NV depository receipt
 
9,836
8,195,847
TOTAL NETHERLANDS
 
 
26,064,065
TAIWAN - 0.8%
 
 
 
Information Technology - 0.8%
 
 
 
Semiconductors & Semiconductor Equipment - 0.8%
 
 
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
153,100
26,588,877
UNITED KINGDOM - 0.9%
 
 
 
Consumer Staples - 0.9%
 
 
 
Beverages - 0.7%
 
 
 
Diageo PLC
 
641,262
22,399,221
Tobacco - 0.2%
 
 
 
British American Tobacco PLC ADR
 
229,500
8,395,110
TOTAL UNITED KINGDOM
 
 
30,794,331
UNITED STATES - 87.2%
 
 
 
Communication Services - 9.7%
 
 
 
Entertainment - 0.5%
 
 
 
Walt Disney Co/The
 
203,899
19,613,045
Interactive Media & Services - 7.9%
 
 
 
Alphabet Inc Class A
 
432,900
71,796,465
Alphabet Inc Class C
 
391,700
65,488,323
Meta Platforms Inc Class A (e)
 
214,600
122,845,624
 
 
 
260,130,412
Media - 1.3%
 
 
 
Charter Communications Inc Class A (b)
 
3,400
1,101,872
Comcast Corp Class A
 
965,597
40,332,987
 
 
 
41,434,859
TOTAL COMMUNICATION SERVICES
 
 
321,178,316
 
 
 
 
Consumer Discretionary - 2.9%
 
 
 
Broadline Retail - 0.1%
 
 
 
Amazon.com Inc (b)
 
20,600
3,838,398
Hotels, Restaurants & Leisure - 1.9%
 
 
 
Booking Holdings Inc
 
10,148
42,744,594
Marriott International Inc/MD Class A1
 
26,600
6,612,760
Starbucks Corp
 
127,700
12,449,473
 
 
 
61,806,827
Specialty Retail - 0.7%
 
 
 
Lowe's Cos Inc
 
89,811
24,325,309
Textiles, Apparel & Luxury Goods - 0.2%
 
 
 
NIKE Inc Class B
 
68,300
6,037,720
TOTAL CONSUMER DISCRETIONARY
 
 
96,008,254
 
 
 
 
Consumer Staples - 4.8%
 
 
 
Beverages - 1.4%
 
 
 
Coca-Cola Co/The
 
348,900
25,071,954
Keurig Dr Pepper Inc
 
500,600
18,762,488
Monster Beverage Corp (b)
 
46,900
2,446,773
PepsiCo Inc
 
9,600
1,632,480
 
 
 
47,913,695
Consumer Staples Distribution & Retail - 1.4%
 
 
 
Costco Wholesale Corp
 
1,300
1,152,476
Sysco Corp
 
118,999
9,289,062
Target Corp
 
56,510
8,807,649
Walmart Inc (e)
 
318,300
25,702,725
 
 
 
44,951,912
Food Products - 0.0%
 
 
 
Mondelez International Inc
 
25,900
1,908,052
Household Products - 0.1%
 
 
 
Procter & Gamble Co/The
 
18,210
3,153,972
Personal Care Products - 1.7%
 
 
 
Estee Lauder Cos Inc/The Class A
 
84,300
8,403,867
Haleon PLC ADR
 
1,856,133
19,637,887
Kenvue Inc
 
1,159,357
26,815,928
 
 
 
54,857,682
Tobacco - 0.2%
 
 
 
Philip Morris International Inc
 
56,900
6,907,660
TOTAL CONSUMER STAPLES
 
 
159,692,973
 
 
 
 
Energy - 7.5%
 
 
 
Oil, Gas & Consumable Fuels - 7.5%
 
 
 
Exxon Mobil Corp
 
1,673,964
196,222,060
Shell PLC ADR
 
785,810
51,824,170
 
 
 
248,046,230
Financials - 14.6%
 
 
 
Banks - 11.0%
 
 
 
Bank of America Corp
 
2,340,151
92,857,192
JPMorgan Chase & Co
 
243,330
51,308,564
PNC Financial Services Group Inc/The
 
147,631
27,289,590
US Bancorp
 
457,112
20,903,732
Wells Fargo & Co
 
3,059,576
172,835,448
 
 
 
365,194,526
Capital Markets - 0.3%
 
 
 
Charles Schwab Corp/The
 
73,400
4,757,054
CME Group Inc Class A
 
10,800
2,383,020
KKR & Co Inc Class A
 
11,700
1,527,786
 
 
 
8,667,860
Consumer Finance - 0.1%
 
 
 
American Express Co
 
13,500
3,661,200
Financial Services - 3.2%
 
 
 
Apollo Global Management Inc
 
12,300
1,536,392
Berkshire Hathaway Inc Class B (b)
 
51,200
23,565,312
Fiserv Inc (b)
 
26,600
4,778,690
Mastercard Inc Class A
 
38,052
18,790,078
PayPal Holdings Inc (b)
 
60,000
4,681,800
Visa Inc Class A
 
191,188
52,567,141
 
 
 
105,919,413
TOTAL FINANCIALS
 
 
483,442,999
 
 
 
 
Health Care - 8.5%
 
 
 
Biotechnology - 0.0%
 
 
 
Gilead Sciences Inc
 
19,700
1,651,648
Health Care Equipment & Supplies - 1.8%
 
 
 
Abbott Laboratories
 
107,400
12,244,674
Boston Scientific Corp (b)
 
543,119
45,513,372
Medtronic PLC
 
26,896
2,421,447
 
 
 
60,179,493
Health Care Providers & Services - 3.1%
 
 
 
Cigna Group/The
 
72,262
25,034,447
Humana Inc
 
31,800
10,072,332
UnitedHealth Group Inc
 
115,003
67,239,955
 
 
 
102,346,734
Life Sciences Tools & Services - 0.9%
 
 
 
Danaher Corp
 
91,010
25,302,600
Thermo Fisher Scientific Inc
 
7,400
4,577,418
 
 
 
29,880,018
Pharmaceuticals - 2.7%
 
 
 
Bristol-Myers Squibb Co
 
308,099
15,941,042
Eli Lilly & Co
 
38,300
33,931,502
GSK PLC ADR
 
490,866
20,066,602
Johnson & Johnson
 
112,514
18,234,019
 
 
 
88,173,165
TOTAL HEALTH CARE
 
 
282,231,058
 
 
 
 
Industrials - 12.7%
 
 
 
Aerospace & Defense - 7.7%
 
 
 
Boeing Co (b)
 
494,400
75,168,576
GE Aerospace (e)
 
951,504
179,434,624
 
 
 
254,603,200
Air Freight & Logistics - 1.1%
 
 
 
United Parcel Service Inc Class B
 
275,879
37,613,343
Commercial Services & Supplies - 0.1%
 
 
 
Veralto Corp
 
17,403
1,946,700
Electrical Equipment - 2.5%
 
 
 
GE Vernova Inc (e)
 
301,373
76,844,088
Rockwell Automation Inc
 
19,700
5,288,662
 
 
 
82,132,750
Machinery - 1.3%
 
 
 
Caterpillar Inc
 
52,400
20,494,688
Deere & Co
 
53,280
22,235,342
 
 
 
42,730,030
TOTAL INDUSTRIALS
 
 
419,026,023
 
 
 
 
Information Technology - 24.0%
 
 
 
IT Services - 0.0%
 
 
 
International Business Machines Corp
 
2,900
641,132
Kyndryl Holdings Inc (b)
 
220
5,056
 
 
 
646,188
Semiconductors & Semiconductor Equipment - 9.3%
 
 
 
Analog Devices Inc
 
9,100
2,094,547
Applied Materials Inc
 
134,074
27,089,652
Broadcom Inc
 
217,300
37,484,250
Lam Research Corp
 
20,600
16,811,248
Marvell Technology Inc
 
141,365
10,195,244
Micron Technology Inc
 
10,100
1,047,470
NVIDIA Corp
 
1,521,300
184,746,672
QUALCOMM Inc
 
160,516
27,295,746
 
 
 
306,764,829
Software - 10.7%
 
 
 
Adobe Inc (b)
 
59,110
30,605,976
Autodesk Inc (b)
 
28,800
7,933,824
Intuit Inc
 
9,700
6,023,700
Microsoft Corp
 
605,376
260,493,293
Oracle Corp (e)
 
234,500
39,958,800
Salesforce Inc
 
28,400
7,773,364
 
 
 
352,788,957
Technology Hardware, Storage & Peripherals - 4.0%
 
 
 
Apple Inc
 
529,342
123,336,686
Dell Technologies Inc Class C
 
97,600
11,569,504
 
 
 
134,906,190
TOTAL INFORMATION TECHNOLOGY
 
 
795,106,164
 
 
 
 
Materials - 0.6%
 
 
 
Chemicals - 0.2%
 
 
 
Air Products and Chemicals Inc
 
19,500
5,805,930
Linde PLC
 
5,000
2,384,299
 
 
 
8,190,229
Metals & Mining - 0.4%
 
 
 
Freeport-McMoRan Inc
 
262,300
13,094,016
TOTAL MATERIALS
 
 
21,284,245
 
 
 
 
Real Estate - 0.9%
 
 
 
Industrial REITs - 0.1%
 
 
 
Prologis Inc
 
22,800
2,879,184
Specialized REITs - 0.8%
 
 
 
American Tower Corp
 
61,310
14,258,254
Crown Castle Inc
 
95,700
11,352,891
 
 
 
25,611,145
TOTAL REAL ESTATE
 
 
28,490,329
 
 
 
 
Utilities - 1.0%
 
 
 
Electric Utilities - 1.0%
 
 
 
Duke Energy Corp
 
15,200
1,752,560
NextEra Energy Inc
 
37,900
3,203,687
Southern Co/The (e)
 
311,100
28,054,998
 
 
 
33,011,245
TOTAL UNITED STATES
 
 
2,887,517,836
ZAMBIA - 0.7%
 
 
 
Materials - 0.7%
 
 
 
Metals & Mining - 0.7%
 
 
 
First Quantum Minerals Ltd
 
1,610,600
21,959,750
 
TOTAL COMMON STOCKS
 (Cost $1,816,303,374)
 
 
 
3,085,774,275
 
 
 
 
U.S. Treasury Obligations - 1.5%
 
 
Yield (%) (c)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 10/31/2024 (e)
 
5.13
14,887,000
14,828,997
US Treasury Bills 0% 11/14/2024 (e)
 
5.14
25,619,000
25,473,085
US Treasury Bills 0% 11/7/2024 (e)
 
5.13 to 5.16
11,227,000
11,172,793
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $51,452,711)
 
 
 
51,474,875
 
 
 
 
 
Money Market Funds - 5.3%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (d)
 
 (Cost $174,013,763)
 
 
4.89
173,978,967
174,013,763
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $2,041,769,848)
 
 
 
3,311,262,913
NET OTHER ASSETS (LIABILITIES) - 0.0%  
744,866
NET ASSETS - 100.0%
3,312,007,779
 
 
 Written Options
 
Counterparty
Number
of Contracts
Notional
Amount ($)
Exercise
Price ($)
Expiration
Date
Value ($)
Call Options
 
 
 
 
 
 
GE Aerospace
Chicago Board Options Exchange
353
6,656,874
210.00
11/15/24
(69,365)
GE Aerospace
Chicago Board Options Exchange
400
7,543,200
200.00
11/15/24
(165,000)
GE Vernova Inc
Chicago Board Options Exchange
100
2,549,800
280.00
11/15/24
(95,500)
GE Vernova Inc
Chicago Board Options Exchange
300
7,649,400
240.00
10/18/24
(567,000)
GE Aerospace
Chicago Board Options Exchange
400
7,543,200
190.00
10/25/24
(246,000)
Meta Platforms Inc Class A
Chicago Board Options Exchange
100
5,724,400
575.00
10/18/24
(135,250)
Oracle Corp
Chicago Board Options Exchange
100
1,704,000
175.00
11/01/24
(25,750)
Southern Co/The
Chicago Board Options Exchange
600
5,410,800
95.00
11/15/24
(40,500)
Walmart Inc
Chicago Board Options Exchange
300
2,422,500
72.00
10/18/24
(244,500)
 
 
 
 
 
 
 
 
 
 
 
 
 
(1,588,865)
Put Options
 
 
 
 
 
 
Estee Lauder Cos Inc/The Class A
Chicago Board Options Exchange
600
5,981,400
80.00
10/18/24
(4,500)
Hess Corp
Chicago Board Options Exchange
500
6,790,000
125.00
10/18/24
(28,750)
Boeing Co/The
Chicago Board Options Exchange
500
7,602,000
150.00
10/18/24
(211,250)
Walt Disney Co/The
Chicago Board Options Exchange
400
3,847,600
80.00
10/18/24
(1,000)
United Parcel Service Inc Class B
Chicago Board Options Exchange
500
6,817,000
120.00
10/18/24
(5,250)
 
 
 
 
 
 
 
 
 
 
 
 
 
(250,750)
TOTAL WRITTEN OPTIONS
 
 
 
 
 
(1,839,615)
 
 
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)
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)
Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $75,926,662.
 
 
 
 
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
186,553,102
129,994,844
142,534,183
2,333,125
-
-
174,013,763
0.4%
Fidelity Securities Lending Cash Central Fund
2,072,600
20,475,409
22,548,009
3,854
-
-
-
0.0%
Total
188,625,702
150,470,253
165,082,192
2,336,979
-
-
174,013,763
 
 
 
 
 
 
 
 
 
 
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.
 
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.
 
Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price 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.  
 
Options: Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.
 
The Fund used exchange-traded options to manage its exposure to the stock market.
 
Open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions." Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.
 
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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