Quarterly Holdings Report
for
Fidelity Advisor® Diversified Stock Fund
December 31, 2023
ADESI-NPRT1-0224
1.827901.118
| Common Stocks - 98.9% | |||
| Shares | Value ($) | ||
| COMMUNICATION SERVICES - 9.9% | |||
| Entertainment - 1.2% | |||
| Netflix, Inc. (a) | 39,200 | 19,085,696 | |
| Spotify Technology SA (a) | 14,300 | 2,687,113 | |
| The Walt Disney Co. | 90,300 | 8,153,187 | |
| Universal Music Group NV | 103,700 | 2,960,338 | |
| 32,886,334 | |||
| Interactive Media & Services - 7.9% | |||
| Alphabet, Inc. Class C (a) | 1,005,660 | 141,727,664 | |
| Meta Platforms, Inc. Class A (a) | 250,631 | 88,713,349 | |
| 230,441,013 | |||
| Media - 0.8% | |||
| Comcast Corp. Class A | 547,300 | 23,999,105 | |
TOTAL COMMUNICATION SERVICES | 287,326,452 | ||
| CONSUMER DISCRETIONARY - 9.9% | |||
| Automobile Components - 0.1% | |||
| Aptiv PLC (a) | 25,700 | 2,305,804 | |
| Automobiles - 0.5% | |||
| Li Auto, Inc. ADR (a) | 56,500 | 2,114,795 | |
| Tesla, Inc. (a) | 49,000 | 12,175,520 | |
| 14,290,315 | |||
| Broadline Retail - 4.5% | |||
| Amazon.com, Inc. (a) | 872,200 | 132,522,068 | |
| Hotels, Restaurants & Leisure - 1.4% | |||
| Airbnb, Inc. Class A (a) | 130,700 | 17,793,498 | |
| Compass Group PLC | 53,105 | 1,453,130 | |
| Domino's Pizza, Inc. | 7,600 | 3,132,948 | |
| Draftkings Holdings, Inc. (a) | 23,300 | 821,325 | |
| Hilton Worldwide Holdings, Inc. | 100,784 | 18,351,759 | |
| 41,552,660 | |||
| Household Durables - 0.3% | |||
| D.R. Horton, Inc. | 52,400 | 7,963,752 | |
| Specialty Retail - 1.8% | |||
| Abercrombie & Fitch Co. Class A (a) | 55,500 | 4,896,210 | |
| Lowe's Companies, Inc. | 75,300 | 16,758,015 | |
| Revolve Group, Inc. (a) | 25,100 | 416,158 | |
| RH (a) | 1,900 | 553,812 | |
| TJX Companies, Inc. | 302,640 | 28,390,658 | |
| 51,014,853 | |||
| Textiles, Apparel & Luxury Goods - 1.3% | |||
| Brunello Cucinelli SpA | 208,600 | 20,403,160 | |
| Moncler SpA | 13,867 | 852,682 | |
| NIKE, Inc. Class B | 86,700 | 9,413,019 | |
| On Holding AG (a) | 6,700 | 180,699 | |
| Ralph Lauren Corp. (b) | 47,400 | 6,835,080 | |
| Tory Burch LLC (a)(c)(d)(e) | 28,846 | 1,025,177 | |
| 38,709,817 | |||
TOTAL CONSUMER DISCRETIONARY | 288,359,269 | ||
| CONSUMER STAPLES - 2.4% | |||
| Beverages - 0.5% | |||
| Boston Beer Co., Inc. Class A (a) | 9,203 | 3,180,465 | |
| Monster Beverage Corp. | 209,980 | 12,096,948 | |
| 15,277,413 | |||
| Consumer Staples Distribution & Retail - 0.8% | |||
| Dollar Tree, Inc. (a) | 78,300 | 11,122,515 | |
| Performance Food Group Co. (a) | 31,200 | 2,157,480 | |
| Target Corp. | 43,100 | 6,138,302 | |
| Walmart, Inc. | 21,700 | 3,421,005 | |
| 22,839,302 | |||
| Household Products - 0.5% | |||
| The Clorox Co. | 102,300 | 14,586,957 | |
| Personal Care Products - 0.6% | |||
| Estee Lauder Companies, Inc. Class A | 70,400 | 10,296,000 | |
| Kenvue, Inc. | 356,400 | 7,673,292 | |
| 17,969,292 | |||
TOTAL CONSUMER STAPLES | 70,672,964 | ||
| ENERGY - 4.0% | |||
| Energy Equipment & Services - 2.9% | |||
| Baker Hughes Co. Class A | 823,400 | 28,143,812 | |
| NOV, Inc. | 680,900 | 13,808,652 | |
| Schlumberger Ltd. | 581,600 | 30,266,464 | |
| Seadrill Ltd. (a) | 8,000 | 378,240 | |
| TechnipFMC PLC | 585,200 | 11,785,928 | |
| Weatherford International PLC (a) | 7,500 | 733,725 | |
| 85,116,821 | |||
| Oil, Gas & Consumable Fuels - 1.1% | |||
| Antero Resources Corp. (a) | 106,300 | 2,410,884 | |
| Chesapeake Energy Corp. | 13,100 | 1,007,914 | |
| Exxon Mobil Corp. | 140,034 | 14,000,599 | |
| Hess Corp. | 58,995 | 8,504,719 | |
| Range Resources Corp. | 182,595 | 5,558,192 | |
| 31,482,308 | |||
TOTAL ENERGY | 116,599,129 | ||
| FINANCIALS - 15.3% | |||
| Banks - 2.5% | |||
| JPMorgan Chase & Co. | 124,400 | 21,160,440 | |
| PNC Financial Services Group, Inc. | 81,600 | 12,635,760 | |
| Starling Bank Ltd. Series D (a)(d)(e) | 879,300 | 3,519,311 | |
| U.S. Bancorp | 377,700 | 16,346,856 | |
| Wells Fargo & Co. | 406,100 | 19,988,242 | |
| 73,650,609 | |||
| Capital Markets - 5.6% | |||
| Ares Management Corp. | 257,500 | 30,621,900 | |
| BlackRock, Inc. Class A | 28,600 | 23,217,480 | |
| Blue Owl Capital, Inc. Class A | 310,800 | 4,630,920 | |
| Cboe Global Markets, Inc. | 51,600 | 9,213,696 | |
| CME Group, Inc. | 109,000 | 22,955,400 | |
| Deutsche Borse AG | 14,700 | 3,027,242 | |
| Goldman Sachs Group, Inc. | 44,800 | 17,282,496 | |
| Intercontinental Exchange, Inc. | 99,400 | 12,765,942 | |
| KKR & Co. LP | 165,200 | 13,686,820 | |
| London Stock Exchange Group PLC | 17,900 | 2,115,987 | |
| Moody's Corp. | 17,600 | 6,873,856 | |
| Morgan Stanley | 115,600 | 10,779,700 | |
| Raymond James Financial, Inc. | 19,400 | 2,163,100 | |
| UBS Group AG | 92,700 | 2,864,430 | |
| XP, Inc. Class A | 78,700 | 2,051,709 | |
| 164,250,678 | |||
| Consumer Finance - 0.1% | |||
| American Express Co. | 7,700 | 1,442,518 | |
| Financial Services - 4.6% | |||
| Apollo Global Management, Inc. | 149,100 | 13,894,629 | |
| Berkshire Hathaway, Inc. Class B (a) | 37,145 | 13,248,136 | |
| Block, Inc. Class A (a) | 24,200 | 1,871,870 | |
| MasterCard, Inc. Class A | 164,459 | 70,143,408 | |
| Visa, Inc. Class A | 129,700 | 33,767,395 | |
| 132,925,438 | |||
| Insurance - 2.5% | |||
| Arthur J. Gallagher & Co. | 75,954 | 17,080,536 | |
| Chubb Ltd. | 84,200 | 19,029,200 | |
| Globe Life, Inc. | 33,100 | 4,028,932 | |
| Hartford Financial Services Group, Inc. | 78,000 | 6,269,640 | |
| Marsh & McLennan Companies, Inc. | 72,000 | 13,641,840 | |
| The Travelers Companies, Inc. | 67,942 | 12,942,272 | |
| 72,992,420 | |||
TOTAL FINANCIALS | 445,261,663 | ||
| HEALTH CARE - 10.4% | |||
| Biotechnology - 1.5% | |||
| Karuna Therapeutics, Inc. (a) | 8,400 | 2,658,684 | |
| Legend Biotech Corp. ADR (a) | 53,600 | 3,225,112 | |
| Moderna, Inc. (a) | 57,700 | 5,738,265 | |
| Nuvalent, Inc. Class A (a) | 26,800 | 1,972,212 | |
| Regeneron Pharmaceuticals, Inc. (a) | 21,755 | 19,107,199 | |
| Vertex Pharmaceuticals, Inc. (a) | 26,500 | 10,782,585 | |
| 43,484,057 | |||
| Health Care Equipment & Supplies - 2.6% | |||
| Baxter International, Inc. | 60,100 | 2,323,466 | |
| Boston Scientific Corp. (a) | 1,051,437 | 60,783,573 | |
| Edwards Lifesciences Corp. (a) | 17,900 | 1,364,875 | |
| Glaukos Corp. (a) | 43,200 | 3,433,968 | |
| Intuitive Surgical, Inc. (a) | 15,900 | 5,364,024 | |
| Stryker Corp. | 9,149 | 2,739,760 | |
| 76,009,666 | |||
| Health Care Providers & Services - 3.2% | |||
| agilon health, Inc. (a) | 481,347 | 6,040,905 | |
| Cardinal Health, Inc. | 20,900 | 2,106,720 | |
| Centene Corp. (a) | 137,100 | 10,174,191 | |
| CVS Health Corp. | 216,500 | 17,094,840 | |
| UnitedHealth Group, Inc. | 110,708 | 58,284,441 | |
| 93,701,097 | |||
| Health Care Technology - 0.2% | |||
| Evolent Health, Inc. | 145,500 | 4,805,865 | |
| Life Sciences Tools & Services - 0.5% | |||
| Agilent Technologies, Inc. | 60,100 | 8,355,703 | |
| Bruker Corp. | 8,500 | 624,580 | |
| Danaher Corp. | 7,600 | 1,758,184 | |
| Thermo Fisher Scientific, Inc. | 8,933 | 4,741,547 | |
| 15,480,014 | |||
| Pharmaceuticals - 2.4% | |||
| Eli Lilly & Co. | 86,238 | 50,269,855 | |
| Merck & Co., Inc. | 132,200 | 14,412,444 | |
| Novo Nordisk A/S Series B | 62,600 | 6,487,312 | |
| 71,169,611 | |||
TOTAL HEALTH CARE | 304,650,310 | ||
| INDUSTRIALS - 13.8% | |||
| Aerospace & Defense - 3.0% | |||
| BWX Technologies, Inc. | 4,000 | 306,920 | |
| General Dynamics Corp. | 28,900 | 7,504,463 | |
| Howmet Aerospace, Inc. | 106,200 | 5,747,544 | |
| Lockheed Martin Corp. | 5,300 | 2,402,172 | |
| The Boeing Co. (a) | 248,403 | 64,748,726 | |
| TransDigm Group, Inc. | 6,100 | 6,170,760 | |
| 86,880,585 | |||
| Air Freight & Logistics - 0.5% | |||
| FedEx Corp. | 57,900 | 14,646,963 | |
| Building Products - 1.5% | |||
| Carrier Global Corp. | 10,000 | 574,500 | |
| Trane Technologies PLC | 179,949 | 43,889,561 | |
| 44,464,061 | |||
| Commercial Services & Supplies - 0.4% | |||
| Cintas Corp. | 16,610 | 10,010,183 | |
| Copart, Inc. | 10,400 | 509,600 | |
| Republic Services, Inc. | 2,100 | 346,311 | |
| 10,866,094 | |||
| Construction & Engineering - 0.5% | |||
| Fluor Corp. (a) | 356,400 | 13,960,188 | |
| Electrical Equipment - 3.2% | |||
| Eaton Corp. PLC | 313,900 | 75,593,398 | |
| Hubbell, Inc. Class B | 30,900 | 10,163,937 | |
| Prysmian SpA | 150,500 | 6,840,168 | |
| 92,597,503 | |||
| Ground Transportation - 1.1% | |||
| Lyft, Inc. (a) | 238,300 | 3,572,117 | |
| Uber Technologies, Inc. (a) | 460,872 | 28,375,889 | |
| 31,948,006 | |||
| Industrial Conglomerates - 1.3% | |||
| General Electric Co. | 309,300 | 39,475,959 | |
| Machinery - 1.4% | |||
| Caterpillar, Inc. | 105,000 | 31,045,350 | |
| PACCAR, Inc. | 25,800 | 2,519,370 | |
| Parker Hannifin Corp. | 7,100 | 3,270,970 | |
| Pentair PLC | 42,600 | 3,097,446 | |
| 39,933,136 | |||
| Passenger Airlines - 0.0% | |||
| Alaska Air Group, Inc. (a) | 37,700 | 1,472,939 | |
| Delta Air Lines, Inc. | 12,200 | 490,806 | |
| 1,963,745 | |||
| Trading Companies & Distributors - 0.9% | |||
| Applied Industrial Technologies, Inc. | 9,500 | 1,640,555 | |
| Ferguson PLC | 14,100 | 2,722,287 | |
| United Rentals, Inc. | 26,900 | 15,424,998 | |
| W.W. Grainger, Inc. | 8,300 | 6,878,127 | |
| 26,665,967 | |||
TOTAL INDUSTRIALS | 403,402,207 | ||
| INFORMATION TECHNOLOGY - 29.0% | |||
| Electronic Equipment, Instruments & Components - 1.2% | |||
| Amphenol Corp. Class A | 163,300 | 16,187,929 | |
| Flex Ltd. (a) | 250,000 | 7,615,000 | |
| Jabil, Inc. | 82,700 | 10,535,980 | |
| 34,338,909 | |||
| IT Services - 1.9% | |||
| Accenture PLC Class A | 54,323 | 19,062,484 | |
| Shopify, Inc. Class A (a) | 478,000 | 37,236,200 | |
| X Holdings Corp. (d)(e) | 22,870 | 725,436 | |
| 57,024,120 | |||
| Semiconductors & Semiconductor Equipment - 8.8% | |||
| Advanced Micro Devices, Inc. (a) | 60,000 | 8,844,600 | |
| Applied Materials, Inc. | 28,000 | 4,537,960 | |
| ASML Holding NV (depository receipt) | 18,300 | 13,851,636 | |
| GlobalFoundries, Inc. (a) | 71,700 | 4,345,020 | |
| Lam Research Corp. | 6,301 | 4,935,321 | |
| Marvell Technology, Inc. | 907,248 | 54,716,127 | |
| Micron Technology, Inc. | 51,100 | 4,360,874 | |
| Monolithic Power Systems, Inc. | 4,000 | 2,523,120 | |
| NVIDIA Corp. | 271,200 | 134,303,664 | |
| NXP Semiconductors NV | 29,700 | 6,821,496 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 19,300 | 2,007,200 | |
| Universal Display Corp. | 76,400 | 14,612,264 | |
| 255,859,282 | |||
| Software - 14.6% | |||
| Adobe, Inc. (a) | 56,019 | 33,420,935 | |
| Autodesk, Inc. (a) | 12,300 | 2,994,804 | |
| CoreWeave, Inc. (d)(e) | 4,162 | 1,289,637 | |
| Dynatrace, Inc. (a) | 258,136 | 14,117,458 | |
| Fair Isaac Corp. (a) | 3,700 | 4,306,837 | |
| HubSpot, Inc. (a) | 11,100 | 6,443,994 | |
| Intuit, Inc. | 14,400 | 9,000,432 | |
| Microsoft Corp. | 753,513 | 283,351,027 | |
| Oracle Corp. | 96,700 | 10,195,081 | |
| Rapid7, Inc. (a) | 40,000 | 2,284,000 | |
| Salesforce, Inc. (a) | 83,695 | 22,023,502 | |
| Synopsys, Inc. (a) | 25,600 | 13,181,696 | |
| Tenable Holdings, Inc. (a) | 14,709 | 677,497 | |
| UiPath, Inc. Class A (a) | 361,400 | 8,977,176 | |
| Workday, Inc. Class A (a) | 31,200 | 8,613,072 | |
| Zoom Video Communications, Inc. Class A (a) | 69,000 | 4,961,790 | |
| 425,838,938 | |||
| Technology Hardware, Storage & Peripherals - 2.5% | |||
| Apple, Inc. | 377,455 | 72,671,411 | |
| Samsung Electronics Co. Ltd. | 15,000 | 909,365 | |
| 73,580,776 | |||
TOTAL INFORMATION TECHNOLOGY | 846,642,025 | ||
| MATERIALS - 4.1% | |||
| Chemicals - 3.0% | |||
| Linde PLC | 127,100 | 52,201,241 | |
| Sherwin-Williams Co. (f) | 114,466 | 35,701,945 | |
| 87,903,186 | |||
| Construction Materials - 0.4% | |||
| Martin Marietta Materials, Inc. | 21,500 | 10,726,565 | |
| Containers & Packaging - 0.1% | |||
| Aptargroup, Inc. | 2,100 | 259,602 | |
| Ball Corp. | 60,900 | 3,502,968 | |
| 3,762,570 | |||
| Metals & Mining - 0.6% | |||
| Freeport-McMoRan, Inc. | 247,800 | 10,548,846 | |
| Gold Fields Ltd. sponsored ADR (b) | 221,700 | 3,205,782 | |
| Newmont Corp. | 1,100 | 45,529 | |
| Newmont Corp. CDI | 71,800 | 2,971,893 | |
| Wheaton Precious Metals Corp. | 34,900 | 1,721,756 | |
| 18,493,806 | |||
TOTAL MATERIALS | 120,886,127 | ||
| REAL ESTATE - 0.1% | |||
| Real Estate Management & Development - 0.1% | |||
| Zillow Group, Inc. Class C (a) | 36,800 | 2,129,248 | |
| UTILITIES - 0.0% | |||
| Electric Utilities - 0.0% | |||
| Constellation Energy Corp. | 7,400 | 864,986 | |
| TOTAL COMMON STOCKS (Cost $1,887,170,370) | 2,886,794,380 | ||
| Convertible Preferred Stocks - 0.4% | |||
| Shares | Value ($) | ||
| COMMUNICATION SERVICES - 0.1% | |||
| Interactive Media & Services - 0.1% | |||
| ByteDance Ltd. Series E1 (a)(d)(e) | 17,226 | 3,809,185 | |
| Reddit, Inc. Series E (a)(d)(e) | 3,500 | 116,690 | |
| 3,925,875 | |||
| INFORMATION TECHNOLOGY - 0.3% | |||
| IT Services - 0.1% | |||
| Yanka Industries, Inc.: | |||
| Series E (a)(d)(e) | 165,574 | 1,155,707 | |
| Series F (a)(d)(e) | 265,105 | 1,850,433 | |
| 3,006,140 | |||
| Software - 0.2% | |||
| Evozyne, Inc. Series A (a)(d)(e) | 20,000 | 293,000 | |
| Moloco, Inc. Series A (d)(e) | 100,208 | 5,013,406 | |
| 5,306,406 | |||
TOTAL INFORMATION TECHNOLOGY | 8,312,546 | ||
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $18,948,765) | 12,238,421 | ||
| Money Market Funds - 1.1% | |||
| Shares | Value ($) | ||
| Fidelity Cash Central Fund 5.40% (g) | 23,333,124 | 23,337,790 | |
| Fidelity Securities Lending Cash Central Fund 5.40% (g)(h) | 7,625,113 | 7,625,875 | |
| TOTAL MONEY MARKET FUNDS (Cost $30,963,665) | 30,963,665 | ||
| TOTAL INVESTMENT IN SECURITIES - 100.4% (Cost $1,937,082,800) | 2,929,996,466 |
NET OTHER ASSETS (LIABILITIES) - (0.4)% | (10,862,318) |
| NET ASSETS - 100.0% | 2,919,134,148 |
| Written Options | ||||||
| Counterparty | Number of Contracts | Notional Amount ($) | Exercise Price ($) | Expiration Date | Value ($) | |
| Call Options | ||||||
| Sherwin-Williams Co. | Chicago Board Options Exchange | 200 | 6,238,000 | 260.00 | 01/19/24 | (1,010,000) |
Legend
| (a) | Non-income producing |
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
| (d) | 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 $18,797,982 or 0.6% of net assets. |
| (e) | Level 3 security |
| (f) | Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $6,238,000. |
| (g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (h) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: | ||
| Security | Acquisition Date | Acquisition Cost ($) |
| ByteDance Ltd. Series E1 | 11/18/20 | 1,887,525 |
| CoreWeave, Inc. | 11/29/23 | 1,289,637 |
| Evozyne, Inc. Series A | 4/09/21 | 449,400 |
| Moloco, Inc. Series A | 6/26/23 | 6,012,480 |
| Reddit, Inc. Series E | 5/18/21 | 148,660 |
| Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 1,694,172 |
| Tory Burch LLC | 5/14/15 | 2,229,055 |
| X Holdings Corp. | 10/25/22 | 2,287,000 |
| Yanka Industries, Inc. Series E | 5/15/20 | 2,000,001 |
| Yanka Industries, Inc. Series F | 4/08/21 | 8,450,699 |
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 5.40% | 46,932,472 | 123,018,511 | 146,613,193 | 756,769 | - | - | 23,337,790 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 5.40% | 1,132,389 | 11,796,697 | 5,303,211 | 256 | - | - | 7,625,875 | 0.0% |
| Total | 48,064,861 | 134,815,208 | 151,916,404 | 757,025 | - | - | 30,963,665 | |
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.
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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