0001752724-23-239296.txt : 20231027 0001752724-23-239296.hdr.sgml : 20231027 20231027092851 ACCESSION NUMBER: 0001752724-23-239296 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230831 FILED AS OF DATE: 20231027 DATE AS OF CHANGE: 20231027 PERIOD START: 20240531 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SUMMER STREET TRUST CENTRAL INDEX KEY: 0000225322 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-02737 FILM NUMBER: 231352689 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY HIGH INCOME FUND DATE OF NAME CHANGE: 19890309 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY AGGRESSIVE INCOME FUND DATE OF NAME CHANGE: 19810205 0000225322 S000075897 Fidelity SAI 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724500M9BY5293JDF951 NXP SEMICONDUCTORS NV N/A 359.00000000 NS USD 73853.48000000 0.716707306261 Long EC CORP NL N 1 N N N CIGNA GROUP (THE) 549300VIWYMSIGT1U456 CIGNA GROUP (THE) 125523100 302.00000000 NS USD 83430.52000000 0.809647199416 Long EC CORP US N 1 N N N LOWES COS INC WAFCR4OKGSC504WU3E95 LOWES COS INC 548661107 475.00000000 NS USD 109478.00000000 1.062423632236 Long EC CORP US N 1 N N N RAYMOND JAMES FINANCIAL INC. 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(ARTHUR J.) and CO 54930049QLLMPART6V29 ARTHUR J GALLAGHAR AND CO 363576109 505.00000000 NS USD 116392.40000000 1.129524072166 Long EC CORP US N 1 N N N LEAR CORP 549300UPNBTXA1SYTQ33 LEAR CORP NEW 521865204 215.00000000 NS USD 30979.35000000 0.300637512114 Long EC CORP US N 1 N N N ASTRAZENECA PLC PY6ZZQWO2IZFZC3IOL08 ASTRAZENECA PLC SPONS ADR 046353108 387.00000000 NS USD 26246.34000000 0.254706259483 Long EC CORP GB N 1 N N N GE HEALTHCARE TECHNOLOGIES INC 549300OI9J7XOWZMUN85 GE HEALTHCARE TECHNOLOGIES INC WI 36266G107 117.00000000 NS USD 8242.65000000 0.079990373885 Long EC CORP US N 1 N N N BOSTON SCIENTIFIC CORP Y6ZDD9FP4P8JSSJMW954 BOSTON SCIENTIFIC CORP 101137107 1301.00000000 NS USD 70175.94000000 0.681018808074 Long EC CORP US N 1 N N N ELI LILLY and CO FRDRIPF3EKNDJ2CQJL29 ELI LILLY and CO 532457108 263.00000000 NS USD 145754.60000000 1.414468035104 Long EC CORP US N 1 N N N APTARGROUP INC VNPEQDQFAA7IY1T2PX43 APTARGROUP INC 038336103 253.00000000 NS USD 33537.68000000 0.325464694298 Long EC CORP US N 1 N N N COCA COLA CO UWJKFUJFZ02DKWI3RY53 COCA COLA CO 191216100 1499.00000000 NS USD 89685.17000000 0.870345129332 Long EC CORP US N 1 N N N CLOROX CO 54930044KVSC06Z79I06 CLOROX CO 189054109 375.00000000 NS USD 58668.75000000 0.569347873305 Long EC CORP US N 1 N N N GENERAL ELECTRIC CO 3C7474T6CDKPR9K6YT90 GENERAL ELECTRIC CO 369604301 665.00000000 NS USD 76115.90000000 0.738662845036 Long EC CORP US N 1 N N N CATERPILLAR INC WRJR7GS4GTRECRRTVX92 CATERPILLAR INC 149123101 413.00000000 NS USD 116106.69000000 1.126751414135 Long EC CORP US N 1 N N N INTERCONTINENTAL EXCHANGE INC 5493000F4ZO33MV32P92 INTERCONTINENTAL EXCHANGE INC 45866F104 753.00000000 NS USD 88846.47000000 0.862206008227 Long EC CORP US N 1 N N N COMCAST CORP 51M0QTTNCGUN7KFCFZ59 COMCAST CORP CL A 20030N101 1162.00000000 NS USD 54335.12000000 0.527292383386 Long EC CORP US N 1 N N N ZOETIS INC 549300HD9Q1LOC9KLJ48 ZOETIS INC CL A 98978V103 361.00000000 NS USD 68774.11000000 0.667414820785 Long EC CORP US N 1 N N N VERIZON COMMUNICATIONS INC 2S72QS2UO2OESLG6Y829 VERIZON COMMUNICATIONS INC 92343V104 2186.00000000 NS USD 76466.28000000 0.742063089764 Long EC CORP US N 1 N N N AGILENT TECHNOLOGIES INC QUIX8Y7A2WP0XRMW7G29 AGILENT TECHNOLOGIES INC 00846U101 713.00000000 NS USD 86322.91000000 0.837716249725 Long EC CORP US N 1 N N N Fidelity Revere Street Trust 549300BDV45LJNXBZC55 Fidelity Cash Central Fund 31635A105 420364.58600000 NS USD 420448.66000000 4.080222442189 Long STIV RF US N 1 N N N TRANE TECHNOLOGIES PLC 549300BURLR9SLYY2705 TRANE TECHNOLOGIES PLC N/A 604.00000000 NS USD 123977.04000000 1.203128821778 Long EC CORP IE N 1 N N N LOCKHEED MARTIN CORP DPRBOZP0K5RM2YE8UU08 LOCKHEED MARTIN CORP 539830109 185.00000000 NS USD 82944.75000000 0.804933069383 Long EC CORP US N 1 N N N BLOCK INC 549300OHIIUWSTIZME52 BLOCK INC CL A 852234103 632.00000000 NS USD 36434.80000000 0.353579646648 Long EC CORP US N 1 N N N TAIWAN SEMICONDUCTOR MFG CO LTD 549300KB6NK5SBD14S87 TAIWAN SEMIC MFG CO LTD SP ADR 874039100 1841.00000000 NS USD 172262.37000000 1.671711328604 Long EC CORP TW N 1 N N N VERTEX PHARMACEUTICALS INC 54930015RAQRRZ5ZGJ91 VERTEX PHARMACEUTICALS INC 92532F100 208.00000000 NS USD 72454.72000000 0.703133111630 Long EC CORP US N 1 N N N DANAHER CORP S4BKK9OTCEWQ3YHPFM11 DANAHER CORP 235851102 186.00000000 NS USD 49290.00000000 0.478332275278 Long EC CORP US N 1 N N N BAKER HUGHES CO N/A BAKER HUGHES CO 05722G100 2166.00000000 NS USD 78387.54000000 0.760707858828 Long EC CORP US N 1 N N N VOYA FINANCIAL INC 549300T065Z4KJ686G75 VOYA FINANCIAL INC 929089100 269.00000000 NS USD 18743.92000000 0.181899409641 Long EC CORP US N 1 N N N NETFLIX INC 549300Y7VHGU0I7CE873 NETFLIX INC 64110L106 112.00000000 NS USD 48572.16000000 0.471366033840 Long EC CORP US N 1 N N N TRAVELERS COS INC 549300Y650407RU8B149 TRAVELERS COMPANIES INC 89417E109 400.00000000 NS USD 64492.00000000 0.625859304062 Long EC CORP US N 1 N N N MORGAN STANLEY IGJSJL3JD5P30I6NJZ34 MORGAN STANLEY 617446448 969.00000000 NS USD 82510.35000000 0.800717456877 Long EC CORP US N 1 N N N DIAGEO PLC 213800ZVIELEA55JMJ32 DIAGEO PLC N/A 1012.00000000 NS 41444.45000000 0.402195537962 Long EC CORP GB N 2 N N N CVS HEALTH CORP 549300EJG376EN5NQE29 CVS HEALTH CORP 126650100 1101.00000000 NS USD 71752.17000000 0.696315251212 Long EC CORP US N 1 N N N SHOPIFY INC 549300HGQ43STJLLP808 SHOPIFY INC CL A 82509L107 2621.00000000 NS USD 174270.29000000 1.691197085191 Long EC CORP CA N 1 N N N PENTAIR PLC 549300EVR9D56WPSRP15 PENTAIR PLC N/A 712.00000000 NS USD 50025.12000000 0.485466209589 Long EC CORP IE N 1 N N N APPLIED MATERIALS INC 41BNNE1AFPNAZELZ6K07 APPLIED MATERIALS INC 038222105 507.00000000 NS USD 77449.32000000 0.751602950991 Long EC CORP US N 1 N N N DEUTSCHE BOERSE AG 529900G3SW56SHYNPR95 DEUTSCHE BOERSE AG N/A 177.00000000 NS 31421.74000000 0.304930663165 Long EC CORP DE N 2 N N N NVIDIA CORP 549300S4KLFTLO7GSQ80 NVIDIA CORP 67066G104 1361.00000000 NS USD 671721.55000000 6.518687307059 Long EC CORP US N 1 N N N JPMORGAN CHASE and CO 8I5DZWZKVSZI1NUHU748 JPMORGAN CHASE and CO 46625H100 458.00000000 NS USD 67019.14000000 0.650383804491 Long EC CORP US N 1 N N N MASTERCARD INC AR5L2ODV9HN37376R084 MASTERCARD INC CL A 57636Q104 407.00000000 NS USD 167944.48000000 1.629808586707 Long EC CORP US N 1 N N N BANK OF AMERICA CORPORATION 9DJT3UXIJIZJI4WXO774 BANK OF AMERICA CORPORATION 060505104 1758.00000000 NS USD 50401.86000000 0.489122263584 Long EC CORP US N 1 N N N METTLER-TOLEDO INTL INC 5493000BD5GJNUDIUG10 METTLER-TOLEDO INTL INC 592688105 27.00000000 NS USD 32763.96000000 0.317956168267 Long EC CORP US N 1 N N N WORKDAY INC 549300J0DYC0N31V7G13 WORKDAY INC CL A 98138H101 268.00000000 NS USD 65526.00000000 0.635893703994 Long EC CORP US N 1 N N N AIRBNB INC 549300HMUDNO0RY56D37 AIRBNB INC CLASS A 009066101 472.00000000 NS USD 62091.60000000 0.602564745458 Long EC CORP US N 1 N N N HUMANA INC 529900YLDW34GJAO4J06 HUMANA INC 444859102 149.00000000 NS USD 68782.87000000 0.667499831756 Long EC CORP US N 1 N N N GILEAD SCIENCES INC 549300WTZWR07K8MNV44 GILEAD SCIENCES INC 375558103 876.00000000 NS USD 66996.48000000 0.650163901684 Long EC CORP US N 1 N N N UNITEDHEALTH GROUP INC 549300GHBMY8T5GXDE41 UNITEDHEALTH GROUP INC 91324P102 330.00000000 NS USD 157271.40000000 1.526232229624 Long EC CORP US N 1 N N N KENVUE INC 5493008HSF8L4M2LIJ82 KENVUE INC 49177J102 1668.00000000 NS USD 38447.40000000 0.373110820055 Long EC CORP US N 1 N N N AMERICAN EXPRESS CO R4PP93JZOLY261QX3811 AMERICAN EXPRESS CO 025816109 577.00000000 NS USD 91160.23000000 0.884659773398 Long EC CORP US N 1 N N N LINDE PLC 5299003QR1WT0EF88V51 LINDE PLC N/A 296.00000000 NS USD 114563.84000000 1.111778905494 Long EC CORP IE N 1 N N N UBER TECHNOLOGIES INC 549300B2FTG34FILDR98 UBER TECHNOLOGIES INC 90353T100 1959.00000000 NS USD 92523.57000000 0.897890236457 Long EC CORP US N 1 N N N CHENIERE ENERGY INC MIHC87W9WTYSYZWV1J40 CHENIERE ENERGY INC 16411R208 338.00000000 NS USD 55161.60000000 0.535312916128 Long EC CORP US N 1 N N N NEWMONT CORP 549300VSP3RIX7FGDZ51 NEWMONT CORP 651639106 2294.00000000 NS USD 90429.48000000 0.877568247527 Long EC CORP US N 1 N N N 2023-09-30 Stacie M. Smith Stacie M. Smith Stacie M. Smith President and Treasurer XXXX NPORT-EX 2 QTLY_6550_20230831.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® SAI Sustainable Future Fund
August 31, 2023
 
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.
FSP-NPRT1-1023
1.9905635.101
Common Stocks - 95.7%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 7.2%
 
 
 
Diversified Telecommunication Services - 0.7%
 
 
 
Verizon Communications, Inc.
 
2,186
76,466
Entertainment - 0.5%
 
 
 
Netflix, Inc. (a)
 
112
48,572
Interactive Media & Services - 5.5%
 
 
 
Alphabet, Inc. Class C (a)
 
3,473
477,017
Meta Platforms, Inc. Class A (a)
 
305
90,246
 
 
 
567,263
Media - 0.5%
 
 
 
Comcast Corp. Class A
 
1,162
54,335
TOTAL COMMUNICATION SERVICES
 
 
746,636
CONSUMER DISCRETIONARY - 8.9%
 
 
 
Automobile Components - 0.7%
 
 
 
Aptiv PLC (a)
 
369
37,435
Lear Corp.
 
215
30,979
 
 
 
68,414
Broadline Retail - 2.9%
 
 
 
Amazon.com, Inc. (a)
 
2,195
302,932
Hotels, Restaurants & Leisure - 1.2%
 
 
 
Airbnb, Inc. Class A (a)
 
472
62,092
Marriott International, Inc. Class A
 
290
59,018
 
 
 
121,110
Household Durables - 0.2%
 
 
 
D.R. Horton, Inc.
 
202
24,042
Specialty Retail - 3.9%
 
 
 
Lowe's Companies, Inc.
 
475
109,478
The Home Depot, Inc.
 
444
146,653
TJX Companies, Inc.
 
1,525
141,032
 
 
 
397,163
TOTAL CONSUMER DISCRETIONARY
 
 
913,661
CONSUMER STAPLES - 3.3%
 
 
 
Beverages - 1.3%
 
 
 
Diageo PLC
 
1,012
41,444
The Coca-Cola Co.
 
1,499
89,685
 
 
 
131,129
Consumer Staples Distribution & Retail - 0.5%
 
 
 
Target Corp.
 
414
52,392
Household Products - 0.8%
 
 
 
Kimberly-Clark Corp.
 
180
23,189
The Clorox Co.
 
375
58,669
 
 
 
81,858
Personal Care Products - 0.7%
 
 
 
Kenvue, Inc.
 
1,668
38,447
L'Oreal SA
 
80
35,202
 
 
 
73,649
TOTAL CONSUMER STAPLES
 
 
339,028
ENERGY - 1.9%
 
 
 
Energy Equipment & Services - 0.7%
 
 
 
Baker Hughes Co. Class A
 
2,166
78,388
Oil, Gas & Consumable Fuels - 1.2%
 
 
 
Cheniere Energy, Inc.
 
338
55,162
Hess Corp.
 
419
64,736
 
 
 
119,898
TOTAL ENERGY
 
 
198,286
FINANCIALS - 13.0%
 
 
 
Banks - 1.2%
 
 
 
Bank of America Corp.
 
1,758
50,402
Huntington Bancshares, Inc.
 
1,114
12,354
JPMorgan Chase & Co.
 
458
67,019
 
 
 
129,775
Capital Markets - 4.0%
 
 
 
BlackRock, Inc. Class A
 
157
109,985
CME Group, Inc.
 
209
42,360
Deutsche Borse AG
 
177
31,422
Intercontinental Exchange, Inc.
 
753
88,846
Morgan Stanley
 
969
82,510
Raymond James Financial, Inc.
 
558
58,361
 
 
 
413,484
Consumer Finance - 0.9%
 
 
 
American Express Co.
 
577
91,160
Financial Services - 3.7%
 
 
 
Block, Inc. Class A (a)
 
632
36,435
MasterCard, Inc. Class A
 
407
167,944
Visa, Inc. Class A
 
637
156,498
Voya Financial, Inc.
 
269
18,744
 
 
 
379,621
Insurance - 3.2%
 
 
 
Arthur J. Gallagher & Co.
 
505
116,392
MetLife, Inc.
 
1,277
80,885
Progressive Corp.
 
481
64,199
The Travelers Companies, Inc.
 
400
64,492
 
 
 
325,968
TOTAL FINANCIALS
 
 
1,340,008
HEALTH CARE - 12.5%
 
 
 
Biotechnology - 2.1%
 
 
 
AbbVie, Inc.
 
260
38,210
Gilead Sciences, Inc.
 
876
66,996
Regeneron Pharmaceuticals, Inc. (a)
 
50
41,325
Vertex Pharmaceuticals, Inc. (a)
 
208
72,455
 
 
 
218,986
Health Care Equipment & Supplies - 1.3%
 
 
 
Boston Scientific Corp. (a)
 
1,301
70,176
GE Healthcare Holding LLC
 
117
8,243
Stryker Corp.
 
214
60,680
 
 
 
139,099
Health Care Providers & Services - 3.7%
 
 
 
Cigna Group
 
302
83,431
CVS Health Corp.
 
1,101
71,752
Humana, Inc.
 
149
68,783
UnitedHealth Group, Inc.
 
330
157,271
 
 
 
381,237
Life Sciences Tools & Services - 2.1%
 
 
 
Agilent Technologies, Inc.
 
713
86,323
Danaher Corp.
 
186
49,290
Mettler-Toledo International, Inc. (a)
 
27
32,764
Thermo Fisher Scientific, Inc.
 
78
43,454
 
 
 
211,831
Pharmaceuticals - 3.3%
 
 
 
AstraZeneca PLC sponsored ADR
 
387
26,246
Eli Lilly & Co.
 
263
145,755
Merck & Co., Inc.
 
682
74,324
Novo Nordisk A/S Series B
 
146
26,930
Zoetis, Inc. Class A
 
361
68,774
 
 
 
342,029
TOTAL HEALTH CARE
 
 
1,293,182
INDUSTRIALS - 13.3%
 
 
 
Aerospace & Defense - 0.8%
 
 
 
Lockheed Martin Corp.
 
185
82,945
Building Products - 2.9%
 
 
 
Carrier Global Corp.
 
1,272
73,076
Fortune Brands Home & Security, Inc.
 
661
45,622
The AZEK Co., Inc. (a)
 
1,647
56,014
Trane Technologies PLC
 
604
123,977
 
 
 
298,689
Electrical Equipment - 4.5%
 
 
 
Eaton Corp. PLC
 
1,457
335,649
Hubbell, Inc. Class B
 
188
61,297
Prysmian SpA
 
1,251
51,263
Sunrun, Inc. (a)
 
886
13,848
 
 
 
462,057
Ground Transportation - 0.9%
 
 
 
Uber Technologies, Inc. (a)
 
1,959
92,524
Industrial Conglomerates - 1.4%
 
 
 
General Electric Co.
 
665
76,116
Honeywell International, Inc.
 
391
73,485
 
 
 
149,601
Machinery - 2.4%
 
 
 
Caterpillar, Inc.
 
413
116,107
Cummins, Inc.
 
339
77,984
Pentair PLC
 
712
50,025
 
 
 
244,116
Professional Services - 0.4%
 
 
 
Equifax, Inc.
 
201
41,547
TOTAL INDUSTRIALS
 
 
1,371,479
INFORMATION TECHNOLOGY - 30.3%
 
 
 
IT Services - 3.2%
 
 
 
Accenture PLC Class A
 
487
157,676
Shopify, Inc. Class A (a)
 
2,621
174,270
 
 
 
331,946
Semiconductors & Semiconductor Equipment - 12.4%
 
 
 
Analog Devices, Inc.
 
291
52,898
Applied Materials, Inc.
 
507
77,449
Lam Research Corp.
 
127
89,205
Marvell Technology, Inc.
 
944
54,988
MKS Instruments, Inc.
 
219
21,950
NVIDIA Corp.
 
1,361
671,722
NXP Semiconductors NV
 
359
73,853
ON Semiconductor Corp. (a)
 
589
57,993
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
1,841
172,262
 
 
 
1,272,320
Software - 12.3%
 
 
 
Adobe, Inc. (a)
 
118
66,002
HubSpot, Inc. (a)
 
96
52,466
Intuit, Inc.
 
143
77,479
Microsoft Corp.
 
2,694
882,987
Oracle Corp.
 
1,037
124,844
Workday, Inc. Class A (a)
 
268
65,526
 
 
 
1,269,304
Technology Hardware, Storage & Peripherals - 2.4%
 
 
 
Apple, Inc.
 
1,309
245,922
TOTAL INFORMATION TECHNOLOGY
 
 
3,119,492
MATERIALS - 3.9%
 
 
 
Chemicals - 1.1%
 
 
 
Linde PLC
 
296
114,564
Containers & Packaging - 1.9%
 
 
 
Aptargroup, Inc.
 
253
33,538
Avery Dennison Corp.
 
109
20,533
O-I Glass, Inc. (a)
 
6,974
138,504
 
 
 
192,575
Metals & Mining - 0.9%
 
 
 
Newmont Corp.
 
2,294
90,429
TOTAL MATERIALS
 
 
397,568
REAL ESTATE - 0.6%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 0.6%
 
 
 
Extra Space Storage, Inc.
 
150
19,302
SL Green Realty Corp.
 
657
25,794
Weyerhaeuser Co.
 
379
12,412
 
 
 
57,508
UTILITIES - 0.8%
 
 
 
Electric Utilities - 0.8%
 
 
 
NextEra Energy, Inc.
 
1,281
85,571
 
TOTAL COMMON STOCKS
 (Cost $8,897,767)
 
 
 
9,862,419
 
 
 
 
Money Market Funds - 4.1%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 5.43% (b)
 
 (Cost $420,449)
 
 
420,365
420,449
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.8%
 (Cost $9,318,216)
 
 
 
10,282,868
NET OTHER ASSETS (LIABILITIES) - 0.2%  
21,750
NET ASSETS - 100.0%
10,304,618
 
 
Legend
 
(a)
Non-income producing
 
(b)
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.
 
 
 
 
 
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 5.43%
253,749
2,698,774
2,532,074
4,335
-
-
420,449
0.0%
Total
253,749
2,698,774
2,532,074
4,335
-
-
420,449
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
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.
 
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.
 
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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