Quarterly Holdings Report
for
Fidelity® SAI Small-Mid Cap 500 Index Fund
April 30, 2024
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.
SV3-NPRT3-0624
1.9867679.108
Common Stocks - 99.8% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 2.5% | |||
Diversified Telecommunication Services - 0.3% | |||
Frontier Communications Parent, Inc. (a)(b) | 118,227 | 2,735,773 | |
Iridium Communications, Inc. | 59,230 | 1,823,692 | |
4,559,465 | |||
Entertainment - 0.6% | |||
AMC Entertainment Holdings, Inc. Class A (b) | 119,017 | 348,720 | |
Liberty Media Corp. Liberty Live: | |||
Class C | 22,175 | 827,571 | |
Series A | 9,842 | 352,934 | |
Madison Square Garden Sports Corp. (a) | 8,977 | 1,669,004 | |
Playtika Holding Corp. | 11,203 | 81,222 | |
Roku, Inc. Class A (a) | 60,354 | 3,480,012 | |
TKO Group Holdings, Inc. | 29,843 | 2,825,237 | |
9,584,700 | |||
Interactive Media & Services - 0.3% | |||
IAC, Inc. (a) | 35,781 | 1,701,744 | |
TripAdvisor, Inc. (a) | 51,911 | 1,366,817 | |
Zoominfo Technologies, Inc. (a) | 145,326 | 2,304,870 | |
5,373,431 | |||
Media - 1.3% | |||
Cable One, Inc. (b) | 2,687 | 1,058,275 | |
Interpublic Group of Companies, Inc. | 186,231 | 5,668,872 | |
Liberty Media Corp. Liberty SiriusXM | 74,168 | 1,784,482 | |
Liberty Media Corp. Liberty SiriusXM Class A | 35,857 | 862,719 | |
News Corp.: | |||
Class A | 184,351 | 4,387,554 | |
Class B | 55,772 | 1,368,645 | |
Nexstar Media Group, Inc. Class A | 15,594 | 2,495,976 | |
The New York Times Co. Class A | 77,988 | 3,355,824 | |
20,982,347 | |||
TOTAL COMMUNICATION SERVICES | 40,499,943 | ||
CONSUMER DISCRETIONARY - 14.3% | |||
Automobile Components - 0.8% | |||
BorgWarner, Inc. | 112,669 | 3,692,163 | |
Gentex Corp. | 113,177 | 3,881,971 | |
Lear Corp. | 27,993 | 3,523,479 | |
Phinia, Inc. | 22,513 | 878,007 | |
QuantumScape Corp. Class A (a)(b) | 163,232 | 884,717 | |
12,860,337 | |||
Automobiles - 0.3% | |||
Harley-Davidson, Inc. | 61,064 | 2,099,991 | |
Thor Industries, Inc. | 24,740 | 2,459,651 | |
4,559,642 | |||
Broadline Retail - 0.4% | |||
Kohl's Corp. | 53,353 | 1,277,271 | |
Macy's, Inc. | 130,663 | 2,408,119 | |
Nordstrom, Inc. (b) | 55,078 | 1,047,033 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 29,763 | 2,176,866 | |
6,909,289 | |||
Distributors - 0.4% | |||
Pool Corp. | 18,352 | 6,653,151 | |
Diversified Consumer Services - 0.9% | |||
ADT, Inc. | 123,631 | 803,602 | |
Bright Horizons Family Solutions, Inc. (a) | 27,732 | 2,876,086 | |
Grand Canyon Education, Inc. (a) | 14,365 | 1,867,737 | |
H&R Block, Inc. | 69,308 | 3,273,417 | |
Mister Car Wash, Inc. (a)(b) | 36,741 | 245,797 | |
Service Corp. International | 69,316 | 4,970,650 | |
14,037,289 | |||
Hotels, Restaurants & Leisure - 3.1% | |||
Aramark | 125,639 | 3,958,885 | |
Boyd Gaming Corp. | 34,082 | 1,823,728 | |
Cava Group, Inc. (b) | 23,193 | 1,668,504 | |
Choice Hotels International, Inc. (b) | 14,249 | 1,685,087 | |
Churchill Downs, Inc. | 34,341 | 4,429,989 | |
Hyatt Hotels Corp. Class A | 20,927 | 3,113,728 | |
Marriott Vacations Worldwide Corp. | 16,901 | 1,624,355 | |
Norwegian Cruise Line Holdings Ltd. (a) | 204,157 | 3,862,650 | |
Penn Entertainment, Inc. (a) | 72,233 | 1,194,734 | |
Planet Fitness, Inc. (a) | 41,164 | 2,463,254 | |
Texas Roadhouse, Inc. Class A | 32,286 | 5,190,943 | |
Travel+Leisure Co. | 34,021 | 1,481,274 | |
Vail Resorts, Inc. | 18,245 | 3,455,056 | |
Wendy's Co. | 81,241 | 1,624,008 | |
Wingstop, Inc. | 14,196 | 5,462,479 | |
Wyndham Hotels & Resorts, Inc. | 39,225 | 2,883,430 | |
Wynn Resorts Ltd. | 50,170 | 4,598,081 | |
50,520,185 | |||
Household Durables - 2.2% | |||
Leggett & Platt, Inc. | 63,945 | 1,155,486 | |
Mohawk Industries, Inc. (a) | 25,540 | 2,945,273 | |
Newell Brands, Inc. | 183,672 | 1,458,356 | |
PulteGroup, Inc. | 103,499 | 11,531,859 | |
Tempur Sealy International, Inc. | 80,577 | 4,033,685 | |
Toll Brothers, Inc. | 50,138 | 5,971,937 | |
TopBuild Corp. (a) | 15,300 | 6,191,451 | |
Whirlpool Corp. | 25,842 | 2,451,372 | |
35,739,419 | |||
Leisure Products - 0.8% | |||
Brunswick Corp. | 33,065 | 2,666,362 | |
Hasbro, Inc. | 63,107 | 3,868,459 | |
Mattel, Inc. (a) | 169,995 | 3,114,308 | |
Peloton Interactive, Inc. Class A (a)(b) | 162,301 | 504,756 | |
Polaris, Inc. | 26,035 | 2,217,141 | |
YETI Holdings, Inc. (a) | 41,827 | 1,494,060 | |
13,865,086 | |||
Specialty Retail - 3.2% | |||
Advance Auto Parts, Inc. | 28,673 | 2,092,556 | |
AutoNation, Inc. (a) | 13,714 | 2,210,011 | |
Bath & Body Works, Inc. | 109,204 | 4,960,046 | |
Dick's Sporting Goods, Inc. | 27,215 | 5,468,582 | |
Five Below, Inc. (a) | 26,463 | 3,872,595 | |
Floor & Decor Holdings, Inc. Class A (a)(b) | 50,265 | 5,545,737 | |
GameStop Corp. Class A (a)(b) | 129,336 | 1,434,336 | |
Gap, Inc. | 93,852 | 1,925,843 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 13,069 | 3,324,492 | |
Murphy U.S.A., Inc. | 9,399 | 3,889,494 | |
Penske Automotive Group, Inc. | 9,444 | 1,444,082 | |
Petco Health & Wellness Co., Inc. (a)(b) | 39,639 | 59,459 | |
RH (a) | 7,509 | 1,855,098 | |
Valvoline, Inc. (a) | 62,658 | 2,664,218 | |
Victoria's Secret & Co. (a) | 37,230 | 655,993 | |
Wayfair LLC Class A (a) | 40,602 | 2,036,190 | |
Williams-Sonoma, Inc. | 30,784 | 8,828,236 | |
52,266,968 | |||
Textiles, Apparel & Luxury Goods - 2.2% | |||
Birkenstock Holding PLC | 12,208 | 546,552 | |
Capri Holdings Ltd. (a) | 54,586 | 1,936,711 | |
Carter's, Inc. | 17,353 | 1,187,119 | |
Columbia Sportswear Co. (b) | 16,818 | 1,339,217 | |
Crocs, Inc. (a) | 28,690 | 3,568,175 | |
Deckers Outdoor Corp. (a) | 12,358 | 10,114,652 | |
PVH Corp. | 28,639 | 3,115,923 | |
Ralph Lauren Corp. | 18,983 | 3,106,378 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 64,321 | 4,248,402 | |
Tapestry, Inc. | 110,632 | 4,416,429 | |
Under Armour, Inc.: | |||
Class A (sub. vtg.) (a) | 91,701 | 617,148 | |
Class C (non-vtg.) (a) | 96,844 | 631,423 | |
VF Corp. | 168,834 | 2,103,672 | |
36,931,801 | |||
TOTAL CONSUMER DISCRETIONARY | 234,343,167 | ||
CONSUMER STAPLES - 3.2% | |||
Beverages - 0.4% | |||
Boston Beer Co., Inc. Class A (a) | 4,538 | 1,263,425 | |
Celsius Holdings, Inc. (a) | 69,380 | 4,944,713 | |
6,208,138 | |||
Consumer Staples Distribution & Retail - 1.6% | |||
Albertsons Companies, Inc. | 201,192 | 4,104,317 | |
BJ's Wholesale Club Holdings, Inc. (a) | 64,242 | 4,797,593 | |
Casey's General Stores, Inc. | 17,987 | 5,748,285 | |
Grocery Outlet Holding Corp. (a) | 45,817 | 1,189,867 | |
Maplebear, Inc. (NASDAQ) | 10,237 | 349,389 | |
Performance Food Group Co. (a) | 74,002 | 5,023,256 | |
U.S. Foods Holding Corp. (a) | 109,438 | 5,499,260 | |
26,711,967 | |||
Food Products - 0.9% | |||
Darling Ingredients, Inc. (a) | 76,537 | 3,242,873 | |
Flowers Foods, Inc. | 90,747 | 2,263,230 | |
Freshpet, Inc. (a) | 20,905 | 2,217,393 | |
Ingredion, Inc. | 31,476 | 3,606,835 | |
Pilgrim's Pride Corp. (a) | 19,848 | 714,925 | |
Post Holdings, Inc. (a) | 24,533 | 2,604,178 | |
Seaboard Corp. | 103 | 340,941 | |
14,990,375 | |||
Household Products - 0.1% | |||
Reynolds Consumer Products, Inc. | 26,248 | 751,480 | |
Spectrum Brands Holdings, Inc. | 14,576 | 1,193,337 | |
1,944,817 | |||
Personal Care Products - 0.2% | |||
Coty, Inc. Class A (a) | 181,836 | 2,080,204 | |
Olaplex Holdings, Inc. (a) | 62,568 | 86,970 | |
2,167,174 | |||
TOTAL CONSUMER STAPLES | 52,022,471 | ||
ENERGY - 3.7% | |||
Energy Equipment & Services - 0.5% | |||
NOV, Inc. | 189,456 | 3,503,041 | |
TechnipFMC PLC | 209,072 | 5,356,425 | |
8,859,466 | |||
Oil, Gas & Consumable Fuels - 3.2% | |||
Antero Midstream GP LP | 163,734 | 2,266,079 | |
Antero Resources Corp. (a) | 136,567 | 4,644,644 | |
APA Corp. | 175,860 | 5,529,038 | |
Chesapeake Energy Corp. | 59,775 | 5,372,577 | |
DT Midstream, Inc. | 46,857 | 2,914,505 | |
EQT Corp. | 174,144 | 6,981,433 | |
HF Sinclair Corp. | 77,220 | 4,189,185 | |
New Fortress Energy, Inc. (b) | 31,249 | 818,724 | |
Ovintiv, Inc. | 123,984 | 6,362,859 | |
Range Resources Corp. | 113,055 | 4,059,805 | |
Southwestern Energy Co. (a) | 529,788 | 3,968,112 | |
Texas Pacific Land Corp. | 8,936 | 5,149,817 | |
52,256,778 | |||
TOTAL ENERGY | 61,116,244 | ||
FINANCIALS - 15.9% | |||
Banks - 3.7% | |||
Bank OZK | 51,439 | 2,296,751 | |
BOK Financial Corp. | 13,342 | 1,183,836 | |
Columbia Banking Systems, Inc. | 100,401 | 1,888,543 | |
Comerica, Inc. | 63,547 | 3,188,153 | |
Commerce Bancshares, Inc. | 57,945 | 3,168,433 | |
Cullen/Frost Bankers, Inc. | 28,584 | 2,982,455 | |
East West Bancorp, Inc. | 67,823 | 5,052,135 | |
First Citizens Bancshares, Inc. | 5,242 | 8,841,996 | |
First Hawaiian, Inc. | 61,399 | 1,294,905 | |
First Horizon National Corp. | 268,466 | 4,005,513 | |
FNB Corp., Pennsylvania | 172,665 | 2,303,351 | |
New York Community Bancorp, Inc. | 343,702 | 910,810 | |
Pinnacle Financial Partners, Inc. | 36,330 | 2,786,511 | |
Popular, Inc. | 33,980 | 2,887,960 | |
Prosperity Bancshares, Inc. | 42,061 | 2,606,520 | |
Synovus Financial Corp. | 69,834 | 2,499,359 | |
TFS Financial Corp. | 24,152 | 290,066 | |
Webster Financial Corp. | 82,561 | 3,618,649 | |
Western Alliance Bancorp. | 52,206 | 2,966,867 | |
Wintrust Financial Corp. | 29,374 | 2,838,703 | |
Zions Bancorporation NA | 70,262 | 2,865,284 | |
60,476,800 | |||
Capital Markets - 3.9% | |||
Affiliated Managers Group, Inc. | 16,122 | 2,516,644 | |
Carlyle Group LP | 101,882 | 4,564,314 | |
Cboe Global Markets, Inc. | 50,807 | 9,203,688 | |
Evercore, Inc. Class A | 16,984 | 3,082,596 | |
FactSet Research Systems, Inc. | 18,539 | 7,728,724 | |
Houlihan Lokey | 24,431 | 3,114,708 | |
Invesco Ltd. | 175,401 | 2,485,432 | |
Janus Henderson Group PLC | 64,643 | 2,018,154 | |
Jefferies Financial Group, Inc. | 87,472 | 3,766,544 | |
Lazard, Inc. Class A | 52,849 | 2,034,687 | |
MarketAxess Holdings, Inc. | 17,893 | 3,580,210 | |
Morningstar, Inc. | 12,413 | 3,508,534 | |
Robinhood Markets, Inc. (a) | 305,540 | 5,038,355 | |
SEI Investments Co. | 48,498 | 3,198,443 | |
Stifel Financial Corp. | 47,211 | 3,773,103 | |
TPG, Inc. | 34,594 | 1,491,001 | |
Virtu Financial, Inc. Class A | 40,941 | 888,420 | |
XP, Inc. Class A | 155,969 | 3,192,685 | |
65,186,242 | |||
Consumer Finance - 0.9% | |||
Ally Financial, Inc. | 130,680 | 5,011,578 | |
Credit Acceptance Corp. (a) | 3,026 | 1,554,517 | |
OneMain Holdings, Inc. | 54,170 | 2,822,799 | |
SLM Corp. | 105,830 | 2,242,538 | |
SoFi Technologies, Inc. (a)(b) | 459,096 | 3,112,671 | |
14,744,103 | |||
Financial Services - 2.4% | |||
Affirm Holdings, Inc. (a)(b) | 108,733 | 3,466,408 | |
Corebridge Financial, Inc. (b) | 109,357 | 2,904,522 | |
Equitable Holdings, Inc. | 162,763 | 6,007,582 | |
Euronet Worldwide, Inc. (a) | 21,112 | 2,167,780 | |
Jack Henry & Associates, Inc. | 35,128 | 5,714,974 | |
MGIC Investment Corp. | 132,983 | 2,696,895 | |
NCR Atleos Corp. | 31,185 | 621,517 | |
Shift4 Payments, Inc. (a)(b) | 25,887 | 1,497,822 | |
The Western Union Co. | 175,852 | 2,363,451 | |
Toast, Inc. (a) | 177,103 | 4,184,944 | |
UWM Holdings Corp. Class A (b) | 44,811 | 282,309 | |
Voya Financial, Inc. | 46,724 | 3,184,708 | |
WEX, Inc. (a) | 20,649 | 4,362,308 | |
39,455,220 | |||
Insurance - 4.2% | |||
American Financial Group, Inc. | 34,561 | 4,415,168 | |
Assurant, Inc. | 25,540 | 4,454,176 | |
Assured Guaranty Ltd. | 26,490 | 2,031,783 | |
Axis Capital Holdings Ltd. | 37,536 | 2,302,083 | |
Brighthouse Financial, Inc. (a) | 30,700 | 1,481,275 | |
Everest Re Group Ltd. | 20,696 | 7,583,221 | |
First American Financial Corp. | 48,394 | 2,592,467 | |
Globe Life, Inc. | 41,793 | 3,183,373 | |
Hanover Insurance Group, Inc. | 17,138 | 2,224,855 | |
Kemper Corp. | 29,066 | 1,694,838 | |
Kinsale Capital Group, Inc. | 10,541 | 3,829,018 | |
Lincoln National Corp. | 81,610 | 2,225,505 | |
Old Republic International Corp. | 124,227 | 3,709,418 | |
Primerica, Inc. | 16,811 | 3,561,578 | |
Reinsurance Group of America, Inc. | 32,111 | 6,004,436 | |
RenaissanceRe Holdings Ltd. | 24,969 | 5,474,453 | |
RLI Corp. | 19,420 | 2,745,017 | |
Ryan Specialty Group Holdings, Inc. | 46,520 | 2,295,297 | |
Unum Group | 92,895 | 4,709,777 | |
White Mountains Insurance Group Ltd. | 1,196 | 2,126,655 | |
68,644,393 | |||
Mortgage Real Estate Investment Trusts - 0.8% | |||
AGNC Investment Corp. | 334,359 | 3,059,385 | |
Annaly Capital Management, Inc. | 241,456 | 4,524,885 | |
Rithm Capital Corp. | 232,656 | 2,587,135 | |
Starwood Property Trust, Inc. | 142,296 | 2,699,355 | |
12,870,760 | |||
TOTAL FINANCIALS | 261,377,518 | ||
HEALTH CARE - 9.2% | |||
Biotechnology - 2.6% | |||
Apellis Pharmaceuticals, Inc. (a) | 48,805 | 2,156,693 | |
Exact Sciences Corp. (a)(b) | 86,245 | 5,118,641 | |
Exelixis, Inc. (a) | 148,301 | 3,479,141 | |
Ionis Pharmaceuticals, Inc. (a) | 68,763 | 2,837,161 | |
Natera, Inc. (a) | 52,553 | 4,881,123 | |
Neurocrine Biosciences, Inc. (a) | 46,677 | 6,419,955 | |
Repligen Corp. (a) | 26,814 | 4,402,859 | |
Roivant Sciences Ltd. (a) | 175,618 | 1,914,236 | |
Sarepta Therapeutics, Inc. (a) | 43,200 | 5,471,712 | |
Ultragenyx Pharmaceutical, Inc. (a) | 37,951 | 1,614,436 | |
United Therapeutics Corp. (a) | 21,803 | 5,109,097 | |
43,405,054 | |||
Health Care Equipment & Supplies - 1.8% | |||
Dentsply Sirona, Inc. | 102,106 | 3,064,201 | |
Enovis Corp. (a) | 25,319 | 1,398,368 | |
Envista Holdings Corp. (a) | 79,062 | 1,555,940 | |
Globus Medical, Inc. (a) | 57,235 | 2,849,731 | |
ICU Medical, Inc. (a) | 9,757 | 955,405 | |
Inspire Medical Systems, Inc. (a) | 14,073 | 3,400,881 | |
Integra LifeSciences Holdings Corp. (a) | 32,902 | 959,751 | |
Masimo Corp. (a) | 20,845 | 2,801,776 | |
Novocure Ltd. (a) | 50,724 | 620,862 | |
Penumbra, Inc. (a) | 17,519 | 3,441,958 | |
QuidelOrtho Corp. (a) | 25,784 | 1,045,541 | |
Shockwave Medical, Inc. (a) | 17,513 | 5,782,617 | |
Tandem Diabetes Care, Inc. (a) | 31,098 | 1,140,986 | |
29,018,017 | |||
Health Care Providers & Services - 2.1% | |||
Acadia Healthcare Co., Inc. (a) | 43,314 | 3,202,637 | |
agilon health, Inc. (a)(b) | 140,447 | 772,459 | |
Amedisys, Inc. (a) | 15,467 | 1,423,737 | |
Chemed Corp. | 7,088 | 4,025,984 | |
DaVita, Inc. (a) | 26,080 | 3,625,381 | |
Encompass Health Corp. | 47,684 | 3,975,892 | |
Henry Schein, Inc. (a) | 62,952 | 4,361,315 | |
Premier, Inc. | 57,241 | 1,195,192 | |
R1 RCM, Inc. (a) | 73,772 | 906,658 | |
Tenet Healthcare Corp. (a) | 48,748 | 5,473,913 | |
Universal Health Services, Inc. Class B | 28,435 | 4,846,177 | |
33,809,345 | |||
Health Care Technology - 0.2% | |||
Certara, Inc. (a) | 57,634 | 986,118 | |
Doximity, Inc. (a)(b) | 54,454 | 1,322,688 | |
Teladoc Health, Inc. (a)(b) | 79,594 | 1,014,824 | |
3,323,630 | |||
Life Sciences Tools & Services - 1.6% | |||
10X Genomics, Inc. (a) | 44,321 | 1,297,719 | |
Azenta, Inc. (a) | 26,514 | 1,390,924 | |
Bio-Techne Corp. | 75,164 | 4,751,116 | |
Bruker Corp. | 48,364 | 3,772,876 | |
Charles River Laboratories International, Inc. (a) | 24,513 | 5,613,477 | |
Maravai LifeSciences Holdings, Inc. (a) | 53,141 | 435,756 | |
Medpace Holdings, Inc. (a) | 11,251 | 4,369,326 | |
QIAGEN NV | 106,753 | 4,518,854 | |
Sotera Health Co. (a) | 59,831 | 670,107 | |
26,820,155 | |||
Pharmaceuticals - 0.9% | |||
Catalent, Inc. (a) | 86,864 | 4,851,354 | |
Elanco Animal Health, Inc. (a) | 236,661 | 3,114,459 | |
Jazz Pharmaceuticals PLC (a) | 29,482 | 3,265,132 | |
Organon & Co. | 123,372 | 2,295,953 | |
Perrigo Co. PLC | 65,151 | 2,127,832 | |
15,654,730 | |||
TOTAL HEALTH CARE | 152,030,931 | ||
INDUSTRIALS - 23.1% | |||
Aerospace & Defense - 2.6% | |||
Axon Enterprise, Inc. (a) | 34,003 | 10,665,381 | |
BWX Technologies, Inc. | 44,093 | 4,222,787 | |
Curtiss-Wright Corp. | 18,419 | 4,667,743 | |
Hexcel Corp. | 40,698 | 2,613,219 | |
Huntington Ingalls Industries, Inc. | 18,929 | 5,242,008 | |
Mercury Systems, Inc. (a) | 25,945 | 731,649 | |
Spirit AeroSystems Holdings, Inc. Class A (a) | 55,615 | 1,779,680 | |
Textron, Inc. | 94,535 | 7,996,716 | |
Woodward, Inc. | 28,895 | 4,691,392 | |
42,610,575 | |||
Air Freight & Logistics - 0.2% | |||
GXO Logistics, Inc. (a) | 56,512 | 2,806,386 | |
Building Products - 3.9% | |||
A.O. Smith Corp. | 58,456 | 4,842,495 | |
Advanced Drain Systems, Inc. | 32,339 | 5,077,223 | |
Allegion PLC | 42,384 | 5,152,199 | |
Armstrong World Industries, Inc. | 21,169 | 2,431,895 | |
Builders FirstSource, Inc. (a) | 58,602 | 10,713,618 | |
Carlisle Companies, Inc. | 23,375 | 9,075,344 | |
Fortune Brands Innovations, Inc. | 61,054 | 4,463,047 | |
Hayward Holdings, Inc. (a) | 64,056 | 869,880 | |
Lennox International, Inc. | 15,438 | 7,154,278 | |
Owens Corning | 42,775 | 7,195,183 | |
The AZEK Co., Inc. (a) | 69,350 | 3,165,134 | |
Trex Co., Inc. (a) | 52,448 | 4,644,270 | |
64,784,566 | |||
Commercial Services & Supplies - 1.0% | |||
Clean Harbors, Inc. (a) | 24,439 | 4,629,969 | |
Driven Brands Holdings, Inc. (a) | 29,430 | 421,732 | |
MSA Safety, Inc. | 17,794 | 3,210,038 | |
Stericycle, Inc. (a) | 44,467 | 1,989,009 | |
Tetra Tech, Inc. | 25,593 | 4,983,469 | |
Vestis Corp. | 56,521 | 1,041,117 | |
16,275,334 | |||
Construction & Engineering - 1.5% | |||
AECOM | 65,568 | 6,055,860 | |
EMCOR Group, Inc. | 22,404 | 8,002,037 | |
MasTec, Inc. (a) | 30,020 | 2,662,474 | |
MDU Resources Group, Inc. | 97,576 | 2,410,127 | |
Valmont Industries, Inc. | 10,018 | 2,051,686 | |
Willscot Mobile Mini Holdings (a) | 89,966 | 3,325,143 | |
24,507,327 | |||
Electrical Equipment - 2.9% | |||
Acuity Brands, Inc. | 14,894 | 3,698,180 | |
ChargePoint Holdings, Inc. Class A (a)(b) | 172,277 | 229,128 | |
Generac Holdings, Inc. (a) | 28,914 | 3,931,147 | |
Hubbell, Inc. Class B | 25,879 | 9,588,687 | |
nVent Electric PLC | 79,447 | 5,725,745 | |
Plug Power, Inc. (a)(b) | 254,136 | 587,054 | |
Regal Rexnord Corp. | 31,943 | 5,154,642 | |
Sensata Technologies, Inc. PLC | 72,844 | 2,790,654 | |
Sunrun, Inc. (a)(b) | 102,988 | 1,059,747 | |
Vertiv Holdings Co. | 165,790 | 15,418,467 | |
48,183,451 | |||
Ground Transportation - 1.7% | |||
Avis Budget Group, Inc. | 8,983 | 857,427 | |
Hertz Global Holdings, Inc. (a)(b) | 63,570 | 289,244 | |
Knight-Swift Transportation Holdings, Inc. Class A | 75,426 | 3,486,944 | |
Landstar System, Inc. | 17,267 | 3,011,537 | |
Lyft, Inc. (a) | 168,703 | 2,638,515 | |
Ryder System, Inc. | 21,122 | 2,573,716 | |
Saia, Inc. (a) | 12,825 | 5,089,345 | |
Schneider National, Inc. Class B | 26,050 | 538,714 | |
U-Haul Holding Co. (a)(b) | 3,640 | 230,157 | |
U-Haul Holding Co. (non-vtg.) | 48,533 | 2,976,044 | |
XPO, Inc. (a) | 55,010 | 5,911,375 | |
27,603,018 | |||
Machinery - 4.6% | |||
AGCO Corp. | 30,222 | 3,451,050 | |
Allison Transmission Holdings, Inc. | 43,111 | 3,170,814 | |
Crane Co. | 23,167 | 3,243,612 | |
Donaldson Co., Inc. | 58,472 | 4,221,678 | |
ESAB Corp. | 27,244 | 2,884,595 | |
Flowserve Corp. | 63,163 | 2,978,767 | |
Gates Industrial Corp. PLC (a) | 79,581 | 1,402,217 | |
Graco, Inc. | 80,708 | 6,472,782 | |
ITT, Inc. | 39,906 | 5,161,442 | |
Lincoln Electric Holdings, Inc. | 26,955 | 5,917,431 | |
Middleby Corp. (a) | 25,686 | 3,569,583 | |
Nordson Corp. | 27,624 | 7,132,241 | |
Oshkosh Corp. | 31,480 | 3,534,260 | |
Pentair PLC | 79,245 | 6,267,487 | |
RBC Bearings, Inc. (a) | 13,652 | 3,338,597 | |
Snap-On, Inc. | 25,140 | 6,736,514 | |
Timken Co. | 29,524 | 2,634,131 | |
Toro Co. | 50,271 | 4,403,237 | |
76,520,438 | |||
Marine Transportation - 0.2% | |||
Kirby Corp. (a) | 28,460 | 3,105,840 | |
Passenger Airlines - 0.4% | |||
Alaska Air Group, Inc. (a) | 59,886 | 2,576,296 | |
American Airlines Group, Inc. (a) | 313,727 | 4,238,452 | |
6,814,748 | |||
Professional Services - 2.7% | |||
Booz Allen Hamilton Holding Corp. Class A | 61,919 | 9,143,579 | |
CACI International, Inc. Class A (a) | 10,651 | 4,284,152 | |
Clarivate PLC (a)(b) | 223,368 | 1,509,968 | |
Concentrix Corp. | 21,193 | 1,158,621 | |
Dayforce, Inc. (a) | 72,173 | 4,429,257 | |
Dun & Bradstreet Holdings, Inc. | 131,493 | 1,196,586 | |
FTI Consulting, Inc. (a) | 16,070 | 3,436,248 | |
Genpact Ltd. | 85,477 | 2,627,563 | |
KBR, Inc. | 64,635 | 4,197,397 | |
ManpowerGroup, Inc. | 23,377 | 1,763,795 | |
Paycor HCM, Inc. (a) | 31,105 | 540,294 | |
Paylocity Holding Corp. (a) | 20,284 | 3,147,265 | |
Robert Half, Inc. | 49,880 | 3,448,703 | |
Science Applications International Corp. | 25,025 | 3,220,718 | |
44,104,146 | |||
Trading Companies & Distributors - 1.4% | |||
Air Lease Corp. Class A | 49,957 | 2,509,840 | |
Core & Main, Inc. (a) | 83,809 | 4,732,694 | |
MSC Industrial Direct Co., Inc. Class A | 22,330 | 2,037,389 | |
SiteOne Landscape Supply, Inc. (a) | 21,464 | 3,367,487 | |
Watsco, Inc. | 16,248 | 7,274,555 | |
WESCO International, Inc. | 21,368 | 3,263,962 | |
23,185,927 | |||
TOTAL INDUSTRIALS | 380,501,756 | ||
INFORMATION TECHNOLOGY - 11.7% | |||
Communications Equipment - 1.0% | |||
Ciena Corp. (a) | 69,553 | 3,215,435 | |
F5, Inc. (a) | 28,552 | 4,719,931 | |
Juniper Networks, Inc. | 153,730 | 5,352,879 | |
Lumentum Holdings, Inc. (a) | 32,264 | 1,411,873 | |
ViaSat, Inc. (a)(b) | 56,487 | 898,708 | |
15,598,826 | |||
Electronic Equipment, Instruments & Components - 1.9% | |||
Arrow Electronics, Inc. (a) | 26,026 | 3,322,739 | |
Avnet, Inc. | 43,882 | 2,144,513 | |
Cognex Corp. | 83,426 | 3,465,516 | |
Coherent Corp. (a) | 62,713 | 3,426,011 | |
Crane NXT Co. | 23,240 | 1,413,224 | |
IPG Photonics Corp. (a) | 14,484 | 1,216,366 | |
Jabil, Inc. | 60,234 | 7,069,062 | |
Littelfuse, Inc. | 11,682 | 2,694,336 | |
TD SYNNEX Corp. | 32,713 | 3,854,900 | |
Vontier Corp. | 75,154 | 3,053,507 | |
31,660,174 | |||
IT Services - 0.7% | |||
Amdocs Ltd. | 55,589 | 4,668,920 | |
DXC Technology Co. (a) | 93,298 | 1,818,378 | |
Globant SA (a) | 19,910 | 3,555,727 | |
Kyndryl Holdings, Inc. (a) | 109,660 | 2,155,916 | |
12,198,941 | |||
Semiconductors & Semiconductor Equipment - 1.9% | |||
Allegro MicroSystems LLC (a)(b) | 36,177 | 1,074,095 | |
Cirrus Logic, Inc. (a) | 26,002 | 2,302,997 | |
Entegris, Inc. | 72,133 | 9,587,918 | |
Lattice Semiconductor Corp. (a) | 65,797 | 4,513,674 | |
MKS Instruments, Inc. | 32,052 | 3,813,547 | |
Qorvo, Inc. (a) | 47,283 | 5,524,546 | |
Universal Display Corp. | 22,561 | 3,564,187 | |
Wolfspeed, Inc. (a)(b) | 59,881 | 1,618,583 | |
31,999,547 | |||
Software - 5.8% | |||
AppLovin Corp. (a) | 97,014 | 6,846,278 | |
Aspen Technology, Inc. (a) | 13,262 | 2,610,890 | |
Bentley Systems, Inc. Class B | 93,946 | 4,934,983 | |
Bill Holdings, Inc. (a) | 49,542 | 3,089,439 | |
CCC Intelligent Solutions Holdings, Inc. Class A (a) | 163,548 | 1,835,009 | |
Confluent, Inc. (a)(b) | 92,513 | 2,601,466 | |
Dolby Laboratories, Inc. Class A | 28,208 | 2,190,633 | |
DoubleVerify Holdings, Inc. (a) | 67,928 | 1,990,290 | |
Dropbox, Inc. Class A (a) | 123,246 | 2,854,377 | |
Dynatrace, Inc. (a) | 124,718 | 5,650,973 | |
Elastic NV (a) | 38,778 | 3,963,887 | |
Five9, Inc. (a) | 34,891 | 2,008,675 | |
Gen Digital, Inc. | 267,585 | 5,389,162 | |
GitLab, Inc. (a) | 43,901 | 2,303,485 | |
Guidewire Software, Inc. (a) | 39,390 | 4,348,656 | |
HashiCorp, Inc. (a) | 46,959 | 1,524,289 | |
Informatica, Inc. (a) | 20,963 | 649,224 | |
Manhattan Associates, Inc. (a) | 29,766 | 6,133,582 | |
nCino, Inc. (a)(b) | 34,045 | 992,752 | |
NCR Voyix Corp. (a) | 62,371 | 764,045 | |
Nutanix, Inc. Class A (a) | 117,355 | 7,123,449 | |
Pegasystems, Inc. | 20,239 | 1,202,601 | |
Procore Technologies, Inc. (a) | 38,433 | 2,629,586 | |
PTC, Inc. (a) | 55,343 | 9,820,062 | |
RingCentral, Inc. (a) | 40,356 | 1,195,345 | |
SentinelOne, Inc. (a) | 115,900 | 2,448,967 | |
Smartsheet, Inc. (a) | 61,780 | 2,337,137 | |
Teradata Corp. (a) | 46,930 | 1,741,103 | |
UiPath, Inc. Class A (a) | 183,769 | 3,486,098 | |
94,666,443 | |||
Technology Hardware, Storage & Peripherals - 0.4% | |||
Pure Storage, Inc. Class A (a) | 139,326 | 7,022,030 | |
TOTAL INFORMATION TECHNOLOGY | 193,145,961 | ||
MATERIALS - 6.1% | |||
Chemicals - 1.5% | |||
Ashland, Inc. | 24,104 | 2,297,834 | |
Axalta Coating Systems Ltd. (a) | 106,855 | 3,359,521 | |
Element Solutions, Inc. | 107,782 | 2,492,998 | |
Ginkgo Bioworks Holdings, Inc. Class A (a)(b) | 760,501 | 677,682 | |
Huntsman Corp. | 80,021 | 1,909,301 | |
NewMarket Corp. | 3,007 | 1,584,448 | |
Olin Corp. | 57,983 | 3,031,351 | |
RPM International, Inc. | 61,424 | 6,566,840 | |
The Chemours Co. LLC | 71,787 | 1,920,302 | |
The Scotts Miracle-Gro Co. Class A (b) | 20,192 | 1,383,960 | |
25,224,237 | |||
Construction Materials - 0.3% | |||
Eagle Materials, Inc. | 16,472 | 4,129,695 | |
Containers & Packaging - 2.7% | |||
Aptargroup, Inc. | 31,591 | 4,561,109 | |
Ardagh Metal Packaging SA | 69,079 | 272,862 | |
Avery Dennison Corp. | 39,003 | 8,474,572 | |
Berry Global Group, Inc. | 56,007 | 3,172,236 | |
Crown Holdings, Inc. | 51,239 | 4,205,185 | |
Graphic Packaging Holding Co. | 147,055 | 3,801,372 | |
Packaging Corp. of America | 42,738 | 7,392,819 | |
Sealed Air Corp. | 69,436 | 2,185,845 | |
Silgan Holdings, Inc. | 38,967 | 1,818,200 | |
Sonoco Products Co. | 47,215 | 2,646,401 | |
WestRock Co. | 122,695 | 5,884,452 | |
44,415,053 | |||
Metals & Mining - 1.5% | |||
Alcoa Corp. | 85,857 | 3,017,015 | |
Cleveland-Cliffs, Inc. (a) | 240,579 | 4,065,785 | |
MP Materials Corp. (a)(b) | 50,178 | 802,848 | |
Reliance, Inc. | 27,587 | 7,854,571 | |
Royal Gold, Inc. | 31,666 | 3,804,037 | |
SSR Mining, Inc. | 98,289 | 526,829 | |
United States Steel Corp. | 106,956 | 3,903,894 | |
23,974,979 | |||
Paper & Forest Products - 0.1% | |||
Louisiana-Pacific Corp. | 31,030 | 2,271,086 | |
TOTAL MATERIALS | 100,015,050 | ||
REAL ESTATE - 7.1% | |||
Equity Real Estate Investment Trusts (REITs) - 6.5% | |||
Agree Realty Corp. | 47,867 | 2,738,950 | |
American Homes 4 Rent Class A | 160,836 | 5,757,929 | |
Americold Realty Trust | 136,900 | 3,007,693 | |
Apartment Income (REIT) Corp. | 70,837 | 2,718,724 | |
Boston Properties, Inc. | 75,760 | 4,688,786 | |
Brixmor Property Group, Inc. | 144,567 | 3,194,931 | |
Camden Property Trust (SBI) | 50,118 | 4,995,762 | |
Cousins Properties, Inc. | 73,074 | 1,676,318 | |
CubeSmart | 108,030 | 4,368,733 | |
EastGroup Properties, Inc. | 22,094 | 3,432,524 | |
EPR Properties | 35,830 | 1,454,340 | |
Equity Lifestyle Properties, Inc. | 85,812 | 5,173,605 | |
Federal Realty Investment Trust (SBI) | 39,046 | 4,067,422 | |
First Industrial Realty Trust, Inc. | 63,743 | 2,895,207 | |
Gaming & Leisure Properties | 123,566 | 5,279,975 | |
Healthcare Realty Trust, Inc. | 183,446 | 2,610,437 | |
Highwoods Properties, Inc. (SBI) | 50,233 | 1,316,105 | |
Host Hotels & Resorts, Inc. | 337,668 | 6,371,795 | |
Kilroy Realty Corp. | 56,332 | 1,904,022 | |
Kimco Realty Corp. | 316,929 | 5,904,387 | |
Lamar Advertising Co. Class A | 41,969 | 4,862,109 | |
Medical Properties Trust, Inc. (b) | 286,574 | 1,318,240 | |
National Storage Affiliates Trust | 36,256 | 1,270,410 | |
NNN (REIT), Inc. | 87,619 | 3,551,198 | |
Omega Healthcare Investors, Inc. | 118,192 | 3,594,219 | |
Park Hotels & Resorts, Inc. | 100,369 | 1,618,952 | |
Rayonier, Inc. | 70,887 | 2,102,508 | |
Regency Centers Corp. | 87,272 | 5,168,248 | |
Rexford Industrial Realty, Inc. | 101,660 | 4,352,065 | |
STAG Industrial, Inc. | 87,777 | 3,018,651 | |
Vornado Realty Trust | 85,356 | 2,221,817 | |
106,636,062 | |||
Real Estate Management & Development - 0.6% | |||
Howard Hughes Holdings, Inc. | 16,246 | 1,058,589 | |
Jones Lang LaSalle, Inc. (a) | 22,886 | 4,135,500 | |
Zillow Group, Inc.: | |||
Class A (a) | 25,782 | 1,082,844 | |
Class C (a) | 74,833 | 3,185,641 | |
9,462,574 | |||
TOTAL REAL ESTATE | 116,098,636 | ||
UTILITIES - 3.0% | |||
Electric Utilities - 1.1% | |||
Hawaiian Electric Industries, Inc. (b) | 52,965 | 521,705 | |
IDACORP, Inc. | 24,384 | 2,311,116 | |
NRG Energy, Inc. | 108,347 | 7,873,576 | |
OGE Energy Corp. | 96,553 | 3,345,561 | |
Pinnacle West Capital Corp. | 54,688 | 4,027,771 | |
18,079,729 | |||
Gas Utilities - 0.3% | |||
National Fuel Gas Co. | 42,899 | 2,277,937 | |
UGI Corp. | 100,901 | 2,579,030 | |
4,856,967 | |||
Independent Power and Renewable Electricity Producers - 1.0% | |||
Brookfield Renewable Corp. (b) | 64,330 | 1,495,029 | |
Clearway Energy, Inc.: | |||
Class A | 16,726 | 363,121 | |
Class C | 39,548 | 924,632 | |
Vistra Corp. | 170,699 | 12,945,812 | |
15,728,594 | |||
Multi-Utilities - 0.3% | |||
NiSource, Inc. | 199,697 | 5,563,558 | |
Water Utilities - 0.3% | |||
Essential Utilities, Inc. | 121,167 | 4,432,289 | |
TOTAL UTILITIES | 48,661,137 | ||
TOTAL COMMON STOCKS (Cost $1,377,738,915) | 1,639,812,814 | ||
U.S. Treasury Obligations - 0.0% | |||
Principal Amount (c) | Value ($) | ||
U.S. Treasury Bills, yield at date of purchase 5.3% 5/23/24 (d) (Cost $99,680) | 100,000 | 99,677 | |
Money Market Funds - 2.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (e) | 634,481 | 634,608 | |
Fidelity Securities Lending Cash Central Fund 5.39% (e)(f) | 41,215,904 | 41,220,025 | |
TOTAL MONEY MARKET FUNDS (Cost $41,854,633) | 41,854,633 | ||
TOTAL INVESTMENT IN SECURITIES - 102.3% (Cost $1,419,693,228) | 1,681,767,124 |
NET OTHER ASSETS (LIABILITIES) - (2.3)% (g) | (38,506,968) |
NET ASSETS - 100.0% | 1,643,260,156 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini S&P MidCap 400 Index Contracts (United States) | 12 | Jun 2024 | 3,452,640 | 16,140 | 16,140 |
The notional amount of futures purchased as a percentage of Net Assets is 0.2% |
Legend
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Amount is stated in United States dollars unless otherwise noted. |
(d) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $99,677. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
(g) | Includes $82,596 of cash collateral to cover margin requirements for futures contracts. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | 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% | 1,445,348 | 112,595,096 | 113,405,989 | 175,023 | 153 | - | 634,608 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 92,897,377 | 204,933,990 | 256,611,342 | 318,101 | - | - | 41,220,025 | 0.1% |
Total | 94,342,725 | 317,529,086 | 370,017,331 | 493,124 | 153 | - | 41,854,633 | |
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.
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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