Quarterly Holdings Report
for
Fidelity® Blue Chip Growth K6 Fund
April 30, 2024
BCFK6-NPRT3-0624
1.9884005.106
| Common Stocks - 92.7% | |||
| Shares | Value ($) | ||
| COMMUNICATION SERVICES - 16.5% | |||
| Diversified Telecommunication Services - 0.0% | |||
| Indus Towers Ltd. (a) | 1,530,400 | 6,475,222 | |
| Entertainment - 2.9% | |||
| Netflix, Inc. (a) | 505,236 | 278,203,151 | |
| Roblox Corp. (a) | 438,491 | 15,592,740 | |
| Sea Ltd. ADR (a) | 908,096 | 57,382,586 | |
| Sphere Entertainment Co. (a)(b) | 62,877 | 2,443,400 | |
| Spotify Technology SA (a) | 19,058 | 5,344,626 | |
| Take-Two Interactive Software, Inc. (a) | 50,602 | 7,226,472 | |
| The Walt Disney Co. | 133,511 | 14,833,072 | |
| TKO Group Holdings, Inc. | 60,937 | 5,768,906 | |
| Universal Music Group NV | 349,791 | 10,340,326 | |
| 397,135,279 | |||
| Interactive Media & Services - 13.3% | |||
| Alphabet, Inc. Class A | 5,064,025 | 824,321,990 | |
| Epic Games, Inc. (a)(c)(d) | 607 | 364,200 | |
| Meta Platforms, Inc. Class A | 1,664,423 | 715,984,842 | |
| Reddit, Inc. Class B (n) | 55,991 | 2,488,240 | |
| Snap, Inc. Class A (a) | 18,871,080 | 284,009,754 | |
| 1,827,169,026 | |||
| Media - 0.0% | |||
| The Trade Desk, Inc. (a) | 49,428 | 4,095,110 | |
| Wireless Telecommunication Services - 0.3% | |||
| T-Mobile U.S., Inc. | 107,469 | 17,643,186 | |
| Vodafone Idea Ltd. (n) | 52,610,536 | 8,254,294 | |
| Vodafone Idea Ltd. (n) | 52,610,536 | 8,254,294 | |
| Vodafone Idea Ltd. (a) | 5,556,660 | 873,183 | |
| 35,024,957 | |||
TOTAL COMMUNICATION SERVICES | 2,269,899,594 | ||
| CONSUMER DISCRETIONARY - 17.3% | |||
| Automobiles - 1.0% | |||
| General Motors Co. | 44,569 | 1,984,658 | |
| Neutron Holdings, Inc. (a)(c)(d) | 491,550 | 14,550 | |
| Rad Power Bikes, Inc. (a)(c)(d) | 101,681 | 47,790 | |
| Rad Power Bikes, Inc. warrants 10/6/33 (a)(c)(d) | 110,642 | 278,818 | |
| Rivian Automotive, Inc. (a)(b) | 1,960,493 | 17,448,388 | |
| Tesla, Inc. (a) | 608,350 | 111,498,388 | |
| 131,272,592 | |||
| Broadline Retail - 5.9% | |||
| Amazon.com, Inc. (a) | 4,255,080 | 744,639,000 | |
| Dollarama, Inc. | 33,800 | 2,819,592 | |
| Lenskart Solutions Pvt Ltd. (c)(d) | 252,546 | 6,959,691 | |
| Ollie's Bargain Outlet Holdings, Inc. (a) | 134,940 | 9,869,512 | |
| PDD Holdings, Inc. ADR (a) | 375,917 | 47,057,290 | |
| 811,345,085 | |||
| Diversified Consumer Services - 0.1% | |||
| Duolingo, Inc. (a) | 17,196 | 3,881,997 | |
| New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 88,855 | 6,850,721 | |
| 10,732,718 | |||
| Hotels, Restaurants & Leisure - 3.0% | |||
| Airbnb, Inc. Class A (a) | 574,751 | 91,138,266 | |
| Caesars Entertainment, Inc. (a) | 562,488 | 20,148,320 | |
| Cava Group, Inc. | 42,239 | 3,038,674 | |
| Chipotle Mexican Grill, Inc. (a) | 21,640 | 68,373,744 | |
| Deliveroo PLC Class A (a)(e) | 67,085 | 112,159 | |
| Doordash, Inc. (a) | 60,842 | 7,864,437 | |
| Draftkings Holdings, Inc. (a) | 343,198 | 14,263,309 | |
| Flutter Entertainment PLC (a) | 48,352 | 9,017,423 | |
| Hilton Worldwide Holdings, Inc. | 9,033 | 1,782,030 | |
| Light & Wonder, Inc. Class A (a) | 55,602 | 4,963,035 | |
| Marriott International, Inc. Class A | 111,478 | 26,323,300 | |
| McDonald's Corp. | 162,911 | 44,481,219 | |
| Penn Entertainment, Inc. (a) | 807,102 | 13,349,467 | |
| Restaurant Brands International, Inc. | 91,822 | 6,966,106 | |
| Royal Caribbean Cruises Ltd. (a) | 22,632 | 3,160,106 | |
| Sonder Holdings, Inc.: | |||
| Stage 1 rights (a)(d) | 1,448 | 14 | |
| Stage 2 rights (a)(d) | 1,447 | 0 | |
| Stage 3 rights (a)(d) | 1,447 | 0 | |
| Stage 4 rights (a)(d) | 1,447 | 0 | |
| Stage 5: | |||
| rights (a)(d) | 1,447 | 0 | |
| rights (a)(d) | 1,447 | 0 | |
| Starbucks Corp. | 594,553 | 52,611,995 | |
| Sweetgreen, Inc. Class A (a) | 1,477,184 | 33,192,324 | |
| Yum! Brands, Inc. | 17,981 | 2,539,816 | |
| Zomato Ltd. (a) | 1,613,800 | 3,723,474 | |
| 407,049,218 | |||
| Household Durables - 0.2% | |||
| D.R. Horton, Inc. | 51,374 | 7,320,281 | |
| Garmin Ltd. | 32,811 | 4,740,205 | |
| SharkNinja, Inc. | 179,255 | 11,522,511 | |
| TopBuild Corp. (a) | 14,391 | 5,823,606 | |
| 29,406,603 | |||
| Specialty Retail - 3.8% | |||
| Abercrombie & Fitch Co. Class A (a) | 482,789 | 58,668,519 | |
| American Eagle Outfitters, Inc. (b) | 2,293,040 | 55,629,150 | |
| Aritzia, Inc. (a) | 301,771 | 7,812,529 | |
| Beyond, Inc. (a) | 190,713 | 3,839,053 | |
| Dick's Sporting Goods, Inc. | 147,654 | 29,669,595 | |
| Fanatics, Inc. Class A (a)(c)(d) | 225,366 | 15,572,791 | |
| Five Below, Inc. (a) | 177,611 | 25,991,594 | |
| Floor & Decor Holdings, Inc. Class A (a) | 5,545 | 611,780 | |
| Foot Locker, Inc. | 125,407 | 2,614,736 | |
| Gap, Inc. (b) | 200,699 | 4,118,343 | |
| Lowe's Companies, Inc. | 607,268 | 138,451,031 | |
| RH (a) | 242,341 | 59,870,344 | |
| The Home Depot, Inc. | 9,255 | 3,093,206 | |
| TJX Companies, Inc. | 948,523 | 89,246,529 | |
| Warby Parker, Inc. (a) | 1,116,035 | 13,102,251 | |
| Wayfair LLC Class A (a) | 246,513 | 12,362,627 | |
| Williams-Sonoma, Inc. | 22,315 | 6,399,496 | |
| 527,053,574 | |||
| Textiles, Apparel & Luxury Goods - 3.3% | |||
| adidas AG | 38,200 | 9,229,658 | |
| Compagnie Financiere Richemont SA Series A | 38,004 | 5,253,180 | |
| Crocs, Inc. (a) | 246,417 | 30,646,882 | |
| Deckers Outdoor Corp. (a) | 135,567 | 110,957,522 | |
| Hermes International SCA | 3,844 | 9,234,315 | |
| lululemon athletica, Inc. (a) | 337,408 | 121,669,325 | |
| LVMH Moet Hennessy Louis Vuitton SE | 34,174 | 28,071,765 | |
| NIKE, Inc. Class B | 881,409 | 81,318,794 | |
| On Holding AG (a) | 465,454 | 14,778,165 | |
| Prada SpA | 228,900 | 1,866,752 | |
| PVH Corp. | 343,626 | 37,386,509 | |
| Ralph Lauren Corp. | 22,136 | 3,622,335 | |
| Tapestry, Inc. | 105,083 | 4,194,913 | |
| 458,230,115 | |||
TOTAL CONSUMER DISCRETIONARY | 2,375,089,905 | ||
| CONSUMER STAPLES - 3.5% | |||
| Beverages - 0.7% | |||
| Celsius Holdings, Inc. (a) | 829,040 | 59,085,681 | |
| Constellation Brands, Inc. Class A (sub. vtg.) | 8,810 | 2,232,983 | |
| PepsiCo, Inc. | 210,459 | 37,021,843 | |
| 98,340,507 | |||
| Consumer Staples Distribution & Retail - 1.5% | |||
| Costco Wholesale Corp. | 106,859 | 77,248,371 | |
| Dollar Tree, Inc. (a) | 118,310 | 13,990,158 | |
| Maplebear, Inc. (NASDAQ) | 48,193 | 1,644,827 | |
| Target Corp. | 192,081 | 30,921,199 | |
| Walmart, Inc. | 1,408,609 | 83,600,944 | |
| 207,405,499 | |||
| Food Products - 0.4% | |||
| Bowery Farming, Inc. warrants (a)(c)(d) | 30,501 | 26,841 | |
| Lamb Weston Holdings, Inc. | 212,819 | 17,736,335 | |
| Patanjali Foods Ltd. | 219,400 | 3,961,155 | |
| The Hershey Co. | 129,192 | 25,052,913 | |
| The Real Good Food Co. LLC: | |||
| Class B (a)(d) | 139,521 | 1 | |
| Class B unit (a)(e) | 139,521 | 39,484 | |
| The Real Good Food Co., Inc. (a) | 49,648 | 14,050 | |
| Tyson Foods, Inc. Class A | 128,821 | 7,812,994 | |
| 54,643,773 | |||
| Household Products - 0.5% | |||
| Procter & Gamble Co. | 425,392 | 69,423,974 | |
| The Clorox Co. | 11,636 | 1,720,615 | |
| 71,144,589 | |||
| Personal Care Products - 0.2% | |||
| Estee Lauder Companies, Inc. Class A | 154,842 | 22,716,870 | |
| Kenvue, Inc. | 350,270 | 6,592,081 | |
| Oddity Tech Ltd. | 71,629 | 2,330,808 | |
| Oddity Tech Ltd. (e) | 42,893 | 1,395,738 | |
| 33,035,497 | |||
| Tobacco - 0.2% | |||
| JUUL Labs, Inc. Class A (a)(c)(d)(f) | 6,645,581 | 7,110,772 | |
| Philip Morris International, Inc. | 139,751 | 13,267,960 | |
| 20,378,732 | |||
TOTAL CONSUMER STAPLES | 484,948,597 | ||
| ENERGY - 1.4% | |||
| Energy Equipment & Services - 0.0% | |||
| Secure Energy Services, Inc. | 339,684 | 2,877,068 | |
| Oil, Gas & Consumable Fuels - 1.4% | |||
| Cameco Corp. | 301,707 | 13,765,457 | |
| Cheniere Energy, Inc. | 17,985 | 2,838,393 | |
| Diamondback Energy, Inc. | 199,722 | 40,170,086 | |
| EOG Resources, Inc. | 292,339 | 38,626,752 | |
| Exxon Mobil Corp. | 272,991 | 32,286,646 | |
| Marathon Petroleum Corp. | 13,798 | 2,507,373 | |
| Occidental Petroleum Corp. (b) | 394,219 | 26,073,645 | |
| Phillips 66 Co. | 17,417 | 2,494,289 | |
| Reliance Industries Ltd. | 788,991 | 27,689,070 | |
| Reliance Industries Ltd. GDR (e) | 37,865 | 2,677,056 | |
| Valero Energy Corp. | 16,438 | 2,627,943 | |
| 191,756,710 | |||
TOTAL ENERGY | 194,633,778 | ||
| FINANCIALS - 3.4% | |||
| Banks - 0.1% | |||
| Citigroup, Inc. | 241,749 | 14,826,466 | |
| HDFC Bank Ltd. | 109,468 | 1,987,438 | |
| 16,813,904 | |||
| Capital Markets - 0.6% | |||
| Blue Owl Capital, Inc. Class A | 246,651 | 4,659,237 | |
| Coinbase Global, Inc. (a) | 217,383 | 44,330,915 | |
| CVC Capital Partners PLC | 217,783 | 3,951,106 | |
| Goldman Sachs Group, Inc. | 33,919 | 14,473,576 | |
| KKR & Co. LP | 49,325 | 4,590,678 | |
| Morgan Stanley | 120,625 | 10,957,575 | |
| 82,963,087 | |||
| Consumer Finance - 0.4% | |||
| American Express Co. | 203,274 | 47,572,214 | |
| Financial Services - 2.0% | |||
| Ant International Co. Ltd. Class C (a)(c)(d) | 201,988 | 357,519 | |
| Apollo Global Management, Inc. | 43,655 | 4,731,329 | |
| Berkshire Hathaway, Inc. Class B (a) | 10,211 | 4,051,010 | |
| Block, Inc. Class A (a) | 521,763 | 38,088,699 | |
| Jio Financial Services Ltd. | 747,491 | 3,365,106 | |
| MasterCard, Inc. Class A | 381,008 | 171,910,810 | |
| Visa, Inc. Class A | 211,141 | 56,714,584 | |
| 279,219,057 | |||
| Insurance - 0.3% | |||
| Progressive Corp. | 197,928 | 41,218,506 | |
TOTAL FINANCIALS | 467,786,768 | ||
| HEALTH CARE - 8.7% | |||
| Biotechnology - 1.2% | |||
| Alnylam Pharmaceuticals, Inc. (a) | 57,980 | 8,346,221 | |
| Apogee Therapeutics, Inc. | 51,728 | 2,601,918 | |
| Arcellx, Inc. (a) | 20,525 | 1,026,661 | |
| Ascendis Pharma A/S sponsored ADR (a) | 68,506 | 9,483,971 | |
| Cibus, Inc. (a) | 7,157 | 122,027 | |
| Janux Therapeutics, Inc. (a) | 28,205 | 1,607,685 | |
| Legend Biotech Corp. ADR (a) | 107,939 | 4,721,252 | |
| Moderna, Inc. (a) | 78,269 | 8,633,853 | |
| Moonlake Immunotherapeutics (a) | 70,680 | 2,891,519 | |
| Regeneron Pharmaceuticals, Inc. (a) | 120,009 | 106,887,216 | |
| Viking Therapeutics, Inc. (a) | 139,790 | 11,124,488 | |
| 157,446,811 | |||
| Health Care Equipment & Supplies - 1.4% | |||
| Blink Health LLC Series A1 (a)(c)(d) | 5,757 | 237,188 | |
| Boston Scientific Corp. (a) | 1,066,693 | 76,663,226 | |
| DexCom, Inc. (a) | 485,771 | 61,882,368 | |
| Glaukos Corp. (a) | 40,080 | 3,847,680 | |
| Inspire Medical Systems, Inc. (a) | 47,525 | 11,484,892 | |
| Intuitive Surgical, Inc. (a) | 24,541 | 9,095,385 | |
| Masimo Corp. (a) | 28,487 | 3,828,938 | |
| Stryker Corp. | 72,458 | 24,382,117 | |
| TransMedics Group, Inc. (a) | 18,173 | 1,710,624 | |
| 193,132,418 | |||
| Health Care Providers & Services - 1.6% | |||
| McKesson Corp. | 4,314 | 2,317,524 | |
| Surgery Partners, Inc. (a) | 86,787 | 2,165,336 | |
| UnitedHealth Group, Inc. | 452,806 | 219,022,262 | |
| 223,505,122 | |||
| Health Care Technology - 0.0% | |||
| MultiPlan Corp. warrants (a)(c) | 13,856 | 0 | |
| Life Sciences Tools & Services - 0.4% | |||
| Danaher Corp. | 168,184 | 41,477,538 | |
| Thermo Fisher Scientific, Inc. | 26,374 | 14,999,421 | |
| Veterinary Emergency Group LLC Class A (a)(c)(d)(g) | 62,379 | 3,333,534 | |
| 59,810,493 | |||
| Pharmaceuticals - 4.1% | |||
| Eli Lilly & Co. | 506,938 | 395,969,272 | |
| Galderma Group AG | 45,738 | 3,408,271 | |
| GSK PLC sponsored ADR | 112,818 | 4,675,178 | |
| Merck & Co., Inc. | 155,779 | 20,129,762 | |
| Novo Nordisk A/S: | |||
| Series B | 47,646 | 6,110,233 | |
| Series B sponsored ADR | 542,976 | 69,669,251 | |
| UCB SA | 20,700 | 2,751,439 | |
| Zoetis, Inc. Class A | 393,471 | 62,656,322 | |
| 565,369,728 | |||
TOTAL HEALTH CARE | 1,199,264,572 | ||
| INDUSTRIALS - 5.2% | |||
| Aerospace & Defense - 1.6% | |||
| ABL Space Systems warrants 12/14/30 (a)(c)(d) | 7,180 | 98,079 | |
| General Electric Co. | 318,137 | 51,480,929 | |
| Howmet Aerospace, Inc. | 230,595 | 15,392,216 | |
| L3Harris Technologies, Inc. | 22,439 | 4,803,068 | |
| Loar Holdings, Inc. | 13,698 | 716,679 | |
| Northrop Grumman Corp. | 11,820 | 5,733,055 | |
| Space Exploration Technologies Corp.: | |||
| Class A (a)(c)(d) | 473,993 | 45,977,321 | |
| Class C (a)(c)(d) | 151,589 | 14,704,133 | |
| Spirit AeroSystems Holdings, Inc. Class A (a) | 125,543 | 4,017,376 | |
| The Boeing Co. (a) | 350,496 | 58,827,249 | |
| TransDigm Group, Inc. | 15,243 | 19,023,721 | |
| 220,773,826 | |||
| Air Freight & Logistics - 0.2% | |||
| FedEx Corp. | 114,959 | 30,093,967 | |
| Building Products - 0.1% | |||
| Builders FirstSource, Inc. (a) | 27,195 | 4,971,790 | |
| The AZEK Co., Inc. (a) | 51,674 | 2,358,401 | |
| Trane Technologies PLC | 4,400 | 1,396,296 | |
| 8,726,487 | |||
| Commercial Services & Supplies - 0.1% | |||
| ACV Auctions, Inc. Class A (a) | 386,359 | 6,741,965 | |
| Construction & Engineering - 0.1% | |||
| Comfort Systems U.S.A., Inc. | 12,119 | 3,749,740 | |
| EMCOR Group, Inc. | 21,944 | 7,837,738 | |
| Larsen & Toubro Ltd. | 113,200 | 4,864,622 | |
| Sterling Construction Co., Inc. (a) | 13,698 | 1,391,717 | |
| 17,843,817 | |||
| Electrical Equipment - 0.4% | |||
| Acuity Brands, Inc. | 21,491 | 5,336,215 | |
| Eaton Corp. PLC | 87,289 | 27,780,597 | |
| GE Vernova LLC | 97,129 | 14,929,699 | |
| Nextracker, Inc. Class A (a) | 42,657 | 1,825,293 | |
| 49,871,804 | |||
| Ground Transportation - 2.4% | |||
| Bird Global, Inc. (a)(c) | 8,055 | 282 | |
| Bird Global, Inc.: | |||
| Stage 1 rights (a)(d) | 1,029 | 0 | |
| Stage 2 rights (a)(d) | 1,029 | 0 | |
| Stage 3 rights (a)(d) | 1,029 | 0 | |
| Lyft, Inc. (a) | 4,361,762 | 68,217,958 | |
| Norfolk Southern Corp. | 7,879 | 1,814,691 | |
| Uber Technologies, Inc. (a) | 3,853,412 | 255,365,613 | |
| 325,398,544 | |||
| Passenger Airlines - 0.0% | |||
| Delta Air Lines, Inc. | 111,938 | 5,604,736 | |
| Trading Companies & Distributors - 0.3% | |||
| Ferguson PLC | 32,512 | 6,824,269 | |
| FTAI Aviation Ltd. | 445,582 | 31,284,312 | |
| Watsco, Inc. | 7,737 | 3,464,010 | |
| ZKH Group Ltd. (A Shares) (o) | 3,320,935 | 1,036,597 | |
| 42,609,188 | |||
TOTAL INDUSTRIALS | 707,664,334 | ||
| INFORMATION TECHNOLOGY - 36.3% | |||
| Communications Equipment - 0.1% | |||
| Arista Networks, Inc. (a) | 43,434 | 11,143,427 | |
| Ciena Corp. (a) | 166,737 | 7,708,252 | |
| 18,851,679 | |||
| Electronic Equipment, Instruments & Components - 0.0% | |||
| Corning, Inc. | 44,100 | 1,472,058 | |
| IT Services - 0.8% | |||
| MongoDB, Inc. Class A (a) | 71,527 | 26,120,230 | |
| Okta, Inc. (a) | 518,071 | 48,170,242 | |
| Shopify, Inc. Class A (a) | 180,819 | 12,694,698 | |
| Snowflake, Inc. (a) | 97,664 | 15,157,453 | |
| X Holdings Corp. Class A (a)(c)(d) | 24,710 | 692,374 | |
| 102,834,997 | |||
| Semiconductors & Semiconductor Equipment - 20.5% | |||
| Advanced Micro Devices, Inc. (a) | 382,190 | 60,531,252 | |
| Applied Materials, Inc. | 30,385 | 6,035,980 | |
| ASML Holding NV (depository receipt) | 34,777 | 30,341,889 | |
| Astera Labs, Inc. | 102,527 | 8,690,189 | |
| Astera Labs, Inc. (n) | 305,326 | 25,879,432 | |
| Broadcom, Inc. | 56,776 | 73,824,130 | |
| Enphase Energy, Inc. (a) | 26,835 | 2,918,575 | |
| First Solar, Inc. (a) | 26,625 | 4,693,988 | |
| GlobalFoundries, Inc. (a) | 1,323,465 | 64,690,969 | |
| Impinj, Inc. (a) | 50,606 | 8,065,584 | |
| Lam Research Corp. | 11,634 | 10,405,566 | |
| Marvell Technology, Inc. | 5,203,173 | 342,941,132 | |
| Micron Technology, Inc. | 328,771 | 37,137,972 | |
| Monolithic Power Systems, Inc. | 49,733 | 33,287,789 | |
| NVIDIA Corp. | 1,948,500 | 1,683,542,963 | |
| NXP Semiconductors NV | 806,449 | 206,604,169 | |
| ON Semiconductor Corp. (a) | 1,127,431 | 79,100,559 | |
| Synaptics, Inc. (a) | 11,877 | 1,068,455 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 830,313 | 114,035,187 | |
| Teradyne, Inc. | 278,699 | 32,418,268 | |
| Xsight Labs Ltd. warrants 1/11/34 (a)(c)(d) | 14,367 | 26,435 | |
| 2,826,240,483 | |||
| Software - 9.4% | |||
| Adobe, Inc. (a) | 215,017 | 99,516,318 | |
| AppLovin Corp. (a) | 89,864 | 6,341,702 | |
| Bill Holdings, Inc. (a) | 171,826 | 10,715,069 | |
| Cadence Design Systems, Inc. (a) | 3,818 | 1,052,355 | |
| CoreWeave, Inc. (c)(d) | 30,838 | 12,033,296 | |
| Datadog, Inc. Class A (a) | 171,067 | 21,468,909 | |
| HubSpot, Inc. (a) | 85,511 | 51,723,039 | |
| Intuit, Inc. | 139,169 | 87,066,910 | |
| Microsoft Corp. | 1,830,152 | 712,533,078 | |
| Oracle Corp. | 369,693 | 42,052,579 | |
| Palantir Technologies, Inc. (a) | 176,395 | 3,875,398 | |
| Pine Labs Private Ltd. (a)(c)(d) | 1,109 | 362,621 | |
| PTC, Inc. (a) | 6,980 | 1,238,531 | |
| Rubrik, Inc. | 36,032 | 1,153,745 | |
| Salesforce, Inc. | 514,113 | 138,265,550 | |
| ServiceNow, Inc. (a) | 117,241 | 81,286,703 | |
| Stripe, Inc. Class B (a)(c)(d) | 19,200 | 499,200 | |
| Synopsys, Inc. (a) | 16,807 | 8,917,626 | |
| Zoom Video Communications, Inc. Class A (a) | 219,048 | 13,383,833 | |
| 1,293,486,462 | |||
| Technology Hardware, Storage & Peripherals - 5.5% | |||
| Apple, Inc. | 4,099,857 | 698,328,643 | |
| Dell Technologies, Inc. | 313,429 | 39,065,791 | |
| Western Digital Corp. (a) | 181,696 | 12,869,528 | |
| 750,263,962 | |||
TOTAL INFORMATION TECHNOLOGY | 4,993,149,641 | ||
| MATERIALS - 0.2% | |||
| Chemicals - 0.1% | |||
| Linde PLC | 13,708 | 6,044,680 | |
| Sherwin-Williams Co. | 12,585 | 3,770,592 | |
| 9,815,272 | |||
| Construction Materials - 0.0% | |||
| CRH PLC | 51,140 | 3,959,259 | |
| Grasim Industries Ltd. | 136,600 | 3,937,488 | |
| 7,896,747 | |||
| Metals & Mining - 0.1% | |||
| ATI, Inc. (a) | 106,237 | 6,342,349 | |
| Carpenter Technology Corp. | 96,118 | 8,237,313 | |
| 14,579,662 | |||
TOTAL MATERIALS | 32,291,681 | ||
| REAL ESTATE - 0.2% | |||
| Equity Real Estate Investment Trusts (REITs) - 0.1% | |||
| Welltower, Inc. | 186,358 | 17,756,190 | |
| Real Estate Management & Development - 0.1% | |||
| Zillow Group, Inc. Class C (a) | 156,842 | 6,676,764 | |
TOTAL REAL ESTATE | 24,432,954 | ||
| UTILITIES - 0.0% | |||
| Independent Power and Renewable Electricity Producers - 0.0% | |||
| Vistra Corp. | 30,739 | 2,331,246 | |
| TOTAL COMMON STOCKS (Cost $7,956,929,872) | 12,751,493,070 | ||
| Preferred Stocks - 0.8% | |||
| Shares | Value ($) | ||
| Convertible Preferred Stocks - 0.7% | |||
| COMMUNICATION SERVICES - 0.1% | |||
| Interactive Media & Services - 0.1% | |||
| ByteDance Ltd. Series E1 (a)(c)(d) | 31,950 | 7,363,517 | |
| CONSUMER DISCRETIONARY - 0.0% | |||
| Automobiles - 0.0% | |||
| Rad Power Bikes, Inc.: | |||
| Series A(a)(c)(d) | 13,256 | 6,230 | |
| Series C(a)(c)(d) | 52,162 | 41,208 | |
| Series D(a)(c)(d) | 102,800 | 118,220 | |
| 165,658 | |||
| Broadline Retail - 0.0% | |||
| Meesho: | |||
| Series E1(c)(d) | 4,649 | 260,344 | |
| Series F(a)(c)(d) | 63,600 | 3,623,292 | |
| 3,883,636 | |||
| Hotels, Restaurants & Leisure - 0.0% | |||
| Discord, Inc. Series I (a)(c)(d) | 700 | 175,938 | |
TOTAL CONSUMER DISCRETIONARY | 4,225,232 | ||
| CONSUMER STAPLES - 0.0% | |||
| Consumer Staples Distribution & Retail - 0.0% | |||
| GoBrands, Inc.: | |||
| Series G(a)(c)(d) | 18,300 | 678,930 | |
| Series H(a)(c)(d) | 11,467 | 540,325 | |
| 1,219,255 | |||
| Food Products - 0.0% | |||
| AgBiome LLC Series C (a)(c)(d) | 68,700 | 1 | |
| Bowery Farming, Inc.: | |||
| Series C1(a)(c)(d) | 17,874 | 111,176 | |
| Series D1(c)(d) | 30,501 | 120,479 | |
| 231,656 | |||
| Tobacco - 0.0% | |||
| JUUL Labs, Inc. Series E (a)(c)(d) | 12,508 | 13,384 | |
TOTAL CONSUMER STAPLES | 1,464,295 | ||
| FINANCIALS - 0.0% | |||
| Financial Services - 0.0% | |||
| Akeana Series C (c)(d) | 85,300 | 1,081,604 | |
| Tenstorrent Holdings, Inc. Series C1 (c)(d) | 16,673 | 1,005,549 | |
| 2,087,153 | |||
| HEALTH CARE - 0.0% | |||
| Health Care Equipment & Supplies - 0.0% | |||
| Blink Health LLC Series C (a)(c)(d) | 16,970 | 699,164 | |
| INDUSTRIALS - 0.4% | |||
| Aerospace & Defense - 0.4% | |||
| ABL Space Systems: | |||
| Series B(a)(c)(d) | 29,724 | 807,898 | |
| Series B2(a)(c)(d) | 17,155 | 509,332 | |
| Series C1(c)(d) | 9,574 | 219,245 | |
| Relativity Space, Inc. Series E (a)(c)(d) | 276,014 | 5,920,500 | |
| Space Exploration Technologies Corp.: | |||
| Series G(a)(c)(d) | 4,374 | 4,242,780 | |
| Series J(c)(d) | 29,526 | 28,640,220 | |
| Series N(a)(c)(d) | 8,141 | 7,896,770 | |
| 48,236,745 | |||
| Construction & Engineering - 0.0% | |||
| Beta Technologies, Inc. Series A (a)(c)(d) | 11,104 | 1,232,433 | |
TOTAL INDUSTRIALS | 49,469,178 | ||
| INFORMATION TECHNOLOGY - 0.2% | |||
| Electronic Equipment, Instruments & Components - 0.0% | |||
| CelLink Corp. Series D (a)(c)(d) | 92,760 | 821,854 | |
| Enevate Corp. Series E (a)(c)(d) | 1,325,513 | 1,047,155 | |
| Menlo Micro, Inc. Series C (a)(c)(d) | 560,500 | 358,720 | |
| 2,227,729 | |||
| IT Services - 0.0% | |||
| Yanka Industries, Inc. Series F (a)(c)(d) | 55,991 | 330,347 | |
| Semiconductors & Semiconductor Equipment - 0.1% | |||
| Alif Semiconductor Series C (a)(c)(d) | 47,598 | 848,672 | |
| Retym, Inc. Series C (c)(d) | 154,149 | 1,250,148 | |
| Sima Technologies, Inc.: | |||
| Series B(a)(c)(d) | 313,000 | 2,097,100 | |
| Series B1(a)(c)(d) | 20,966 | 161,019 | |
| Xsight Labs Ltd.: | |||
| Series D(a)(c)(d) | 130,900 | 671,517 | |
| Series D1(c)(d) | 47,890 | 353,907 | |
| 5,382,363 | |||
| Software - 0.1% | |||
| Algolia, Inc. Series D (a)(c)(d) | 30,436 | 485,454 | |
| Bolt Technology OU Series E (a)(c)(d) | 20,165 | 2,476,317 | |
| Databricks, Inc.: | |||
| Series G(a)(c)(d) | 48,000 | 3,774,240 | |
| Series H(a)(c)(d) | 31,572 | 2,482,506 | |
| Series I(c)(d) | 1,359 | 106,858 | |
| Moloco, Inc. Series A (c)(d) | 20,180 | 900,432 | |
| Mountain Digital, Inc. Series D (a)(c)(d) | 62,139 | 973,097 | |
| Skyryse, Inc. Series B (a)(c)(d) | 67,400 | 1,364,176 | |
| Stripe, Inc.: | |||
| Series H(a)(c)(d) | 8,086 | 210,236 | |
| Series I(a)(c)(d) | 124,536 | 3,237,936 | |
| 16,011,252 | |||
| Technology Hardware, Storage & Peripherals - 0.0% | |||
| Lightmatter, Inc.: | |||
| Series C(c)(d) | 70,909 | 1,510,362 | |
| Series C2(c)(d) | 11,138 | 281,903 | |
| 1,792,265 | |||
TOTAL INFORMATION TECHNOLOGY | 25,743,956 | ||
| MATERIALS - 0.0% | |||
| Metals & Mining - 0.0% | |||
| Diamond Foundry, Inc. Series C (a)(c)(d) | 249,802 | 5,575,581 | |
| UTILITIES - 0.0% | |||
| Independent Power and Renewable Electricity Producers - 0.0% | |||
| Redwood Materials: | |||
| Series C(a)(c)(d) | 37,990 | 1,355,863 | |
| Series D(c)(d) | 10,886 | 388,521 | |
| 1,744,384 | |||
| TOTAL CONVERTIBLE PREFERRED STOCKS | 98,372,460 | ||
| Nonconvertible Preferred Stocks - 0.1% | |||
| CONSUMER DISCRETIONARY - 0.0% | |||
| Automobiles - 0.0% | |||
| Neutron Holdings, Inc.: | |||
| Series 1C(a)(c)(d) | 3,178,083 | 94,071 | |
| Series 1D(a)(c)(d) | 5,904,173 | 174,764 | |
| Waymo LLC Series A2 (a)(c)(d) | 7,817 | 476,602 | |
| 745,437 | |||
| FINANCIALS - 0.1% | |||
| Financial Services - 0.1% | |||
| Circle Internet Financial Ltd. Series E (a)(c)(d) | 137,547 | 4,114,031 | |
| INFORMATION TECHNOLOGY - 0.0% | |||
| IT Services - 0.0% | |||
| Gupshup, Inc. (a)(c)(d) | 78,911 | 830,933 | |
| Software - 0.0% | |||
| Pine Labs Private Ltd.: | |||
| Series 1(a)(c)(d) | 2,652 | 867,151 | |
| Series A(a)(c)(d) | 663 | 216,788 | |
| Series B(a)(c)(d) | 721 | 235,753 | |
| Series B2(a)(c)(d) | 583 | 190,629 | |
| Series C(a)(c)(d) | 1,085 | 354,773 | |
| Series C1(a)(c)(d) | 228 | 74,551 | |
| Series D(a)(c)(d) | 244 | 79,783 | |
| 2,019,428 | |||
TOTAL INFORMATION TECHNOLOGY | 2,850,361 | ||
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | 7,709,829 | ||
| TOTAL PREFERRED STOCKS (Cost $112,404,499) | 106,082,289 | ||
| Corporate Bonds - 0.0% | |||
Principal Amount (h) | Value ($) | ||
| Convertible Bonds - 0.0% | |||
| CONSUMER DISCRETIONARY - 0.0% | |||
| Automobiles - 0.0% | |||
| Neutron Holdings, Inc.: | |||
| 4% 5/22/27(c)(d) | 237,400 | 288,845 | |
| 4% 6/12/27(c)(d) | 64,200 | 78,112 | |
| 6.5% 10/29/26(c)(d)(i) | 2,708,561 | 2,827,196 | |
| 3,194,153 | |||
| INFORMATION TECHNOLOGY - 0.0% | |||
| Semiconductors & Semiconductor Equipment - 0.0% | |||
| Sima Technologies, Inc. 10% 12/31/27 (c)(d) | 303,649 | 303,649 | |
| TOTAL CONVERTIBLE BONDS | 3,497,802 | ||
| Nonconvertible Bonds - 0.0% | |||
| FINANCIALS - 0.0% | |||
| Financial Services - 0.0% | |||
| Ant International Co. Ltd. 3.55% 8/14/24 (c)(d) | 278,448 | 278,810 | |
| TOTAL CORPORATE BONDS (Cost $3,592,258) | 3,776,612 | ||
| Preferred Securities - 0.0% | |||
Principal Amount (h) | Value ($) | ||
| CONSUMER DISCRETIONARY - 0.0% | |||
| Automobiles - 0.0% | |||
| Rad Power Bikes, Inc. 8% 12/31/25 (c)(d) | 110,642 | 205,175 | |
| FINANCIALS - 0.0% | |||
| Financial Services - 0.0% | |||
| Tenstorrent Holdings, Inc. 5% 11/6/25 (c)(d) | 509,145 | 555,172 | |
| INFORMATION TECHNOLOGY - 0.0% | |||
| Electronic Equipment, Instruments & Components - 0.0% | |||
| Enevate Corp. 6% (c)(d)(j) | 68,928 | 72,760 | |
| TOTAL PREFERRED SECURITIES (Cost $688,715) | 833,107 | ||
| Money Market Funds - 6.4% | |||
| Shares | Value ($) | ||
| Fidelity Cash Central Fund 5.39% (k) | 860,871,080 | 861,043,254 | |
| Fidelity Securities Lending Cash Central Fund 5.39% (k)(l) | 26,010,925 | 26,013,526 | |
| TOTAL MONEY MARKET FUNDS (Cost $887,056,780) | 887,056,780 | ||
| TOTAL INVESTMENT IN SECURITIES - 99.9% (Cost $8,960,672,124) | 13,749,241,858 |
NET OTHER ASSETS (LIABILITIES) - 0.1% (m) | 6,891,644 |
| NET ASSETS - 100.0% | 13,756,133,502 |
| Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
| Purchased | |||||
| Equity Index Contracts | |||||
| CME E-mini NASDAQ 100 Index Contracts (United States) | 1,601 | Jun 2024 | 562,631,425 | (23,110,800) | (23,110,800) |
| CME E-mini S&P 500 Index Contracts (United States) | 1,141 | Jun 2024 | 289,072,350 | (7,173,826) | (7,173,826) |
| TOTAL FUTURES CONTRACTS | (30,284,626) | ||||
| The notional amount of futures purchased as a percentage of Net Assets is 6.2% | |||||
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 $219,389,443 or 1.6% of net assets. |
| (d) | Level 3 security |
| (e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,224,437 or 0.0% of net assets. |
| (f) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (g) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
| (h) | Amount is stated in United States dollars unless otherwise noted. |
| (i) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
| (j) | Security is perpetual in nature with no stated maturity date. |
| (k) | 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. |
| (l) | Investment made with cash collateral received from securities on loan. |
| (m) | Includes $41,801,500 of cash collateral to cover margin requirements for futures contracts. |
| (n) | Equity security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. As of period end, the total fair value of unadjusted equity securities subject to contractual sale restrictions is $44,876,260 and all restrictions are set to expire on or before September 30, 2024. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse. |
| (o) | Equity security is subject to lock-up or market standoff agreement and valued at a discount to the market price of the equivalent equity security. As of period end, the total fair value of equity securities discounted due to contractual sale restrictions is $1,036,597 and all restrictions are set to expire on or before June 30, 2024. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse. |
| Additional information on each restricted holding is as follows: | ||
| Security | Acquisition Date | Acquisition Cost ($) |
| ABL Space Systems warrants 12/14/30 | 12/14/23 | 0 |
| ABL Space Systems Series B | 3/24/21 | 1,338,638 |
| ABL Space Systems Series B2 | 10/22/21 | 1,166,473 |
| ABL Space Systems Series C1 | 12/14/23 | 313,081 |
| AgBiome LLC Series C | 6/29/18 | 435,125 |
| Akeana Series C | 1/23/24 | 1,088,496 |
| Algolia, Inc. Series D | 7/23/21 | 890,102 |
| Alif Semiconductor Series C | 3/08/22 | 966,170 |
| Ant International Co. Ltd. Class C | 5/16/18 | 769,853 |
| Ant International Co. Ltd. 3.55% 8/14/24 | 8/14/23 | 278,448 |
| Beta Technologies, Inc. Series A | 4/09/21 | 813,590 |
| Bird Global, Inc. | 5/11/21 | 2,013,670 |
| Blink Health LLC Series A1 | 12/30/20 | 155,957 |
| Blink Health LLC Series C | 11/07/19 - 7/14/21 | 647,847 |
| Bolt Technology OU Series E | 1/03/22 | 5,238,796 |
| Bowery Farming, Inc. Series C1 | 5/18/21 | 1,076,896 |
| Bowery Farming, Inc. Series D1 | 10/25/23 | 288,183 |
| Bowery Farming, Inc. warrants | 10/25/23 | 0 |
| ByteDance Ltd. Series E1 | 11/18/20 | 3,500,895 |
| CelLink Corp. Series D | 1/20/22 | 1,931,625 |
| Circle Internet Financial Ltd. Series E | 5/11/21 | 2,232,400 |
| CoreWeave, Inc. | 11/29/23 | 9,555,463 |
| Databricks, Inc. Series G | 2/01/21 | 2,837,886 |
| Databricks, Inc. Series H | 8/31/21 | 2,320,041 |
| Databricks, Inc. Series I | 9/14/23 | 99,887 |
| Diamond Foundry, Inc. Series C | 3/15/21 | 5,995,248 |
| Discord, Inc. Series I | 9/15/21 | 385,437 |
| Enevate Corp. Series E | 1/29/21 | 1,469,576 |
| Enevate Corp. 6% | 11/02/23 | 68,928 |
| Epic Games, Inc. | 7/30/20 | 349,025 |
| Fanatics, Inc. Class A | 8/13/20 - 10/24/22 | 10,009,624 |
| GoBrands, Inc. Series G | 3/02/21 | 4,569,827 |
| GoBrands, Inc. Series H | 7/22/21 | 4,454,821 |
| Gupshup, Inc. | 6/08/21 | 1,804,316 |
| JUUL Labs, Inc. Class A | 12/20/17 - 2/23/24 | 7,714,319 |
| JUUL Labs, Inc. Series E | 12/20/17 - 7/06/18 | 342,963 |
| Lenskart Solutions Pvt Ltd. | 4/30/24 | 6,959,691 |
| Lightmatter, Inc. Series C | 5/19/23 | 1,166,935 |
| Lightmatter, Inc. Series C2 | 12/18/23 | 289,608 |
| Meesho Series E1 | 4/18/24 | 260,344 |
| Meesho Series F | 9/21/21 | 4,876,358 |
| Menlo Micro, Inc. Series C | 2/09/22 | 742,943 |
| Moloco, Inc. Series A | 6/26/23 | 1,210,800 |
| Mountain Digital, Inc. Series D | 11/05/21 | 1,427,041 |
| MultiPlan Corp. warrants | 10/08/20 | 0 |
| Neutron Holdings, Inc. | 2/04/21 | 4,916 |
| Neutron Holdings, Inc. Series 1C | 7/03/18 | 581,081 |
| Neutron Holdings, Inc. Series 1D | 1/25/19 | 1,431,762 |
| Neutron Holdings, Inc. 4% 5/22/27 | 6/04/20 | 237,400 |
| Neutron Holdings, Inc. 4% 6/12/27 | 6/12/20 | 64,200 |
| Neutron Holdings, Inc. 6.5% 10/29/26 | 10/29/21 - 4/29/24 | 2,708,561 |
| Pine Labs Private Ltd. | 6/30/21 | 413,502 |
| Pine Labs Private Ltd. Series 1 | 6/30/21 | 988,825 |
| Pine Labs Private Ltd. Series A | 6/30/21 | 247,206 |
| Pine Labs Private Ltd. Series B | 6/30/21 | 268,832 |
| Pine Labs Private Ltd. Series B2 | 6/30/21 | 217,377 |
| Pine Labs Private Ltd. Series C | 6/30/21 | 404,553 |
| Pine Labs Private Ltd. Series C1 | 6/30/21 | 85,012 |
| Pine Labs Private Ltd. Series D | 6/30/21 | 90,978 |
| Rad Power Bikes, Inc. | 1/21/21 | 490,493 |
| Rad Power Bikes, Inc. warrants 10/6/33 | 10/06/23 | 0 |
| Rad Power Bikes, Inc. Series A | 1/21/21 | 63,945 |
| Rad Power Bikes, Inc. Series C | 1/21/21 | 251,621 |
| Rad Power Bikes, Inc. Series D | 9/17/21 | 985,215 |
| Rad Power Bikes, Inc. 8% 12/31/25 | 10/06/23 | 110,642 |
| Redwood Materials Series C | 5/28/21 | 1,800,858 |
| Redwood Materials Series D | 6/02/23 | 519,653 |
| Relativity Space, Inc. Series E | 5/27/21 | 6,302,807 |
| Retym, Inc. Series C | 5/17/23 - 6/20/23 | 1,199,557 |
| Sima Technologies, Inc. Series B | 5/10/21 | 1,604,876 |
| Sima Technologies, Inc. Series B1 | 4/25/22 | 148,668 |
| Sima Technologies, Inc. 10% 12/31/27 | 4/08/24 | 303,649 |
| Skyryse, Inc. Series B | 10/21/21 | 1,663,430 |
| Space Exploration Technologies Corp. Class A | 2/16/21 - 4/02/24 | 40,573,525 |
| Space Exploration Technologies Corp. Class C | 12/15/22 - 4/02/24 | 13,293,333 |
| Space Exploration Technologies Corp. Series G | 9/07/23 | 3,542,940 |
| Space Exploration Technologies Corp. Series J | 9/07/23 | 23,916,060 |
| Space Exploration Technologies Corp. Series N | 8/04/20 | 2,198,070 |
| Stripe, Inc. Class B | 5/18/21 | 770,465 |
| Stripe, Inc. Series H | 3/15/21 | 324,451 |
| Stripe, Inc. Series I | 3/20/23 - 5/12/23 | 2,507,425 |
| Tenstorrent Holdings, Inc. Series C1 | 4/23/21 | 991,307 |
| Tenstorrent Holdings, Inc. 5% 11/6/25 | 11/06/23 | 509,145 |
| Veterinary Emergency Group LLC Class A | 9/16/21 - 3/17/22 | 2,621,723 |
| Waymo LLC Series A2 | 5/08/20 | 671,224 |
| X Holdings Corp. Class A | 10/25/22 | 2,471,000 |
| Xsight Labs Ltd. warrants 1/11/34 | 1/11/24 | 0 |
| Xsight Labs Ltd. Series D | 2/16/21 | 1,046,676 |
| Xsight Labs Ltd. Series D1 | 1/11/24 | 382,928 |
| Yanka Industries, Inc. Series F | 4/08/21 | 1,784,814 |
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% | 665,660,945 | 2,539,731,130 | 2,344,347,810 | 38,126,205 | (1,011) | - | 861,043,254 | 1.7% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 161,527,112 | 441,737,827 | 577,251,413 | 143,627 | - | - | 26,013,526 | 0.1% |
| Total | 827,188,057 | 2,981,468,957 | 2,921,599,223 | 38,269,832 | (1,011) | - | 887,056,780 | |
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.
Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate Bonds and Preferred Securities 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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