0001752724-22-012535.txt : 20220125 0001752724-22-012535.hdr.sgml : 20220125 20220125150503 ACCESSION NUMBER: 0001752724-22-012535 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20211130 FILED AS OF DATE: 20220125 PERIOD START: 20220228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SELECT PORTFOLIOS CENTRAL INDEX KEY: 0000320351 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-03114 FILM NUMBER: 22553546 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 0000320351 S000007465 Gold Portfolio C000020439 Gold Portfolio FSAGX C000040621 Fidelity Advisor Gold Fund: Class I FGDIX C000040622 Fidelity Advisor Gold Fund: Class A FGDAX C000040624 Fidelity Advisor Gold Fund: Class C FGDCX C000040625 Fidelity Advisor Gold Fund: Class M FGDTX C000205043 Fidelity Advisor Gold Fund: Class Z FIJDX NPORT-P 1 primary_doc.xml NPORT-P false 0000320351 XXXXXXXX S000007465 C000040621 C000020439 C000205043 C000040624 C000040622 C000040625 Fidelity Select Portfolios 811-03114 0000320351 Z57125JG1LHEQKDYS630 245 Summer Street Boston 02210 1-800-FIDELITY Select Gold Portfolio S000007465 AC00SNU2ANI7HPORJE59 2022-02-28 2021-11-30 N 1795122568.85 69132390.00 1725990178.85 0.00000000 12386262.24000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 143644.73000000 N ORLA MINING LTD 529900DU63EUQ1UZKL30 ORLA MINING LTD 68634K106 13000000.00000000 NS 55665583.78000000 3.225139080286 Long EC CORP CA N 1 N N ROYAL GOLD INC 5493001NGRU6SFL04184 ROYAL GOLD INC 780287108 200000.00000000 NS USD 20006000.00000000 1.159102771565 Long EC CORP US N 1 N N N PAN AMERN SILVER CORP 549300MKTF5851TYIB83 PAN AM SILVER CORP 697900108 500000.00000000 NS USD 12770000.00000000 0.739865160096 Long EC CORP CA N 1 N N GATOS SILVER INC N/A GATOS SILVER INC 368036109 1500000.00000000 NS USD 20265000.00000000 1.174108650693 Long EC CORP US N 1 N N YAMANA GOLD INC 549300WHE4O6UJ2KU013 YAMANA GOLD INC 98462Y100 1000000.00000000 NS 3992328.47000000 0.231306557761 Long EC CORP CA N 1 N N N TRIPLE FLAG PRECIOUS METALS CORP 254900R7NJ1TEYIM4E61 TRIPLE FLAG PRECIOUS METALS CORP 89679M104 1000000.00000000 NS USD 11530000.00000000 0.668022341105 Long EC CORP CA N 1 N N N ALAMOS GOLD INC 549300TDOX73YGYXE959 ALAMOS GOLD INC A 011532108 3000000.00000000 NS 22944146.54000000 1.329332392568 Long EC CORP CA N 1 N N N ENDEAVOUR MINING PLC 529900NI5MXQ91GHXR07 ENDEAVOUR MINING PLC N/A 700000.00000000 NS 16422560.57000000 0.951486327746 Long EC CORP GB N 1 N N N MAPLE GOLD MINES LTD 529900614R460CGCLU46 MAPLE GOLD MINES LTD 565127107 20000000.00000000 NS 4853418.92000000 0.281196207224 Long EC CORP CA N 1 N N SKEENA RESOURCES LTD NEW 549300DCWSQFVVZ21289 SKEENA RESOURCES LTD 83056P715 2000000.00000000 NS 19163176.64000000 1.110271476328 Long EC CORP CA N 1 N N N ALEXCO RESOURCE CORP 529900K3MN63IDNCWX87 ALEXCO RESOURCE CORP 01535P106 5000000.00000000 NS 10098242.59000000 0.585069527842 Long EC CORP CA N 1 N N OCEANAGOLD CORP 549300CBMSE8I9N3E232 OCEANAGOLD CORP 675222103 10000000.00000000 NS 18161180.48000000 1.052218066043 Long EC CORP CA N 1 N N N ZIJIN MINING GROUP CO LIMITED 529900ABI5CBFXD01Q05 ZIJIN MINING GROUP CO LTD H N/A 20000000.00000000 NS 26570915.62000000 1.539459259131 Long EC CORP CN N 1 N N N i-80 GOLD CORP 549300LFFIWIGUEXPK11 I-80 GOLD CORP 44955L106 10000000.00000000 NS 20744451.84000000 1.201887015013 Long EC CORP CA N 1 N N N GOLD STD VENTURES CORP 549300HW4846RNAG1764 GOLD STANDARD VENTURES CORP 380738104 25000000.00000000 NS 11546440.17000000 0.668974847683 Long EC CORP CA N 1 N N OSISKO MINING INC 254900SJU6CW31RVHW15 OSISKO MINING INC 688281104 5000000.00000000 NS 12211828.25000000 0.707525940740 Long EC CORP CA N 1 N N N HECLA MINING CO 5493009Y6HOBZD1QD537 HECLA MINING CO 422704106 3000000.00000000 NS USD 16620000.00000000 0.962925525513 Long EC CORP US N 1 N N B2GOLD CORPORATION 549300F7OK456M5NLM05 B2GOLD CORPORATION 11777Q209 7000000.00000000 NS 27727112.61000000 1.606446719672 Long EC CORP CA N 1 N N N NEWCREST MNG LTD 5299006MN50OZJUJI655 NEWCREST MINING LTD N/A 4000000.00000000 NS 67350067.88000000 3.902111883676 Long EC CORP AU N 1 N N N SOLGOLD PLC 213800HGFADQBMIEVI76 SOLGOLD PLC N/A 20000000.00000000 NS 6077871.47000000 0.352138241832 Long EC CORP GB N 1 N N N LUNDIN GOLD INC 549300ZOV16K515FC525 LUNDIN GOLD INC 550371108 3000000.00000000 NS 24447140.79000000 1.416412508574 Long EC CORP CA N 1 N N i-80 GOLD CORP 549300LFFIWIGUEXPK11 I-80 GOLD CORP WT 09/30/22 44955L122 625000.00000000 NS 93530.67000000 0.005418957253 Long EC CORP CA N 2 N N N PURE GOLD MINING INC 529900OFY0IOQSQ5B077 PURE GOLD MINING INC 74624E100 23000000.00000000 NS 13503463.93000000 0.782360415225 Long EC CORP CA N 1 N N KIRKLAND LAKE GOLD LTD 5493000QHU254ST8A805 KIRKLAND LAKE GOLD LTD 49741E100 1800000.00000000 NS 71171474.42000000 4.123515608149 Long EC CORP CA N 1 N N N VICTORIA GOLD CORP 549300VUIN6RQ5764L78 VICTORIA GOLD CORP 92625W507 1500000.00000000 NS 18893107.36000000 1.094624267942 Long EC CORP CA N 1 N N BONTERRA RESOURCES INC 529900ODSQ5KQA5QC015 BONTERRA RESOURCES INC 09852X701 6000000.00000000 NS 6058945.56000000 0.351041717052 Long EC CORP CA N 1 N N N i-80 GOLD CORP 549300LFFIWIGUEXPK11 I-80 GOLD CORP (4 MONTH 1 DAY LOCK UP) N/A 2500000.00000000 NS 4926807.31000000 0.285448165949 Long EC CORP CA N 2 N N N NORTHERN STAR RESOURCES LTD 254900XFXCRYYZAX6M78 NORTHERN STAR RESOURCES LTD N/A 8500000.00000000 NS 57199083.90000000 3.313986637983 Long EC CORP AU N 1 N N N TOREX GOLD RES INC 549300QL07027186GQ85 TOREX GOLD RESOURCES INC 891054603 1000000.00000000 NS 10951504.95000000 0.634505635327 Long EC CORP CA N 1 N N N Fidelity Revere Street Trust 549300BDV45LJNXBZC55 Fidelity Cash Central Fund 31635A105 3740568.76500000 NS USD 3741316.88000000 0.216763509192 Long STIV RF US N 1 N N N MARATHON GOLD CORP 52990063E8H31CA3UR10 MARATHON GOLD CORP 56580Q102 10000000.00000000 NS 23562566.05000000 1.365162232017 Long EC CORP CA N 1 N N GOLD BULLION N/A GOLD BULLION N/A 6980.00000000 OU USD 12365419.00000000 0.716424644330 Long COMM CORP US N 1 N N N PRETIUM RESOURCES INC N/A PRETIUM RESOURCES INC 74139C102 2000000.00000000 NS 27053896.43000000 1.567442084057 Long EC CORP CA N 1 N N N WESDOME GOLD MINES LTD 529900DCBALMLHZPLR10 WESDOME GOLD MINES LTD 95083R100 2500000.00000000 NS 24462796.98000000 1.417319593110 Long EC CORP CA N 1 N N N BEMETALS CORP 984500DB094FAOCEA842 BEMETALS CORP 081379109 2000000.00000000 NS 391404.75000000 0.022677113392 Long EC CORP CA N 1 N N N BARRICK GOLD CORP 0O4KBQCJZX82UKGCBV73 BARRICK GOLD CORP 067901108 9000000.00000000 NS 171059532.66000000 9.910805678742 Long EC CORP CA N 1 N N KINROSS GOLD CORP 549300UEBMAQDN0K0R06 KINROSS GOLD CORP 496902404 8000000.00000000 NS 47469568.28000000 2.750280323821 Long EC CORP CA N 1 N N N Fidelity Revere Street Trust 549300BDV45LJNXBZC55 Fidelity Securities Lending Cash Central Fund 31635A303 67327859.87000000 NS USD 67334592.66000000 3.901215284137 Long STIV RF US N 1 N N WESTERN COPPER and GOLD CORP 529900DF4NXAM6X99014 WESTERN COPPER AND GOLD CORP 95805V108 8000000.00000000 NS 11084582.57000000 0.642215854170 Long EC CORP CA N 1 N N EVOLUTION MINING LTD 254900BCFW5QO5LW8F27 EVOLUTION MINING LTD N/A 15000000.00000000 NS 43091782.42000000 2.496641229367 Long EC CORP AU N 1 N N N NOVAGOLD RESOURCES INC 529900587LVZTJ2BHS60 NOVAGOLD RESOURCES INC 66987E206 4000000.00000000 NS 27116521.19000000 1.571070422200 Long EC CORP CA N 1 N N N SEABRIDGE GOLD INC 9845003FEO1A66376A92 SEABRIDGE GOLD INC 811916105 1500000.00000000 NS 28979607.81000000 1.679013482527 Long EC CORP CA N 1 N N N SILVERCREST METALS INC 549300M4CUMXUHSXYQ10 SILVERCREST METALS INC 828363101 2000000.00000000 NS 16924341.46000000 0.980558387144 Long EC CORP CA N 1 N N N ARTEMIS GOLD INC N/A ARTEMIS GOLD INC 04302L100 2500000.00000000 NS 13053348.47000000 0.756281734968 Long EC CORP CA N 1 N N N FRANCO NEVADA CORP N/A FRANCO-NEVADA CORP 351858105 1200000.00000000 NS 164559082.55000000 9.534184178246 Long EC CORP CA N 1 N N N OSISKO GOLD ROYALTIES LTD 549300TJZTXZMPQ6K004 OSISKO GOLD ROYALTIES LTD 68827L101 2000000.00000000 NS 24439312.69000000 1.415958966017 Long EC CORP CA N 1 N N N PURE GOLD MINING INC 529900OFY0IOQSQ5B077 PURE GOLD MINING INC WT 03/28/23 N/A 1500000.00000000 NS 57014.28000000 0.003303279514 Long EC CORP CA N 2 N N N AGNICO EAGLE MINES LTD YGE0EUBRF7IJOB3QRX76 AGNICO EAGLE MINES LTD 008474108 1500000.00000000 NS 74773963.76000000 4.332235761029 Long EC CORP CA N 1 N N ASCOT RESOURCES LTD 98450093855CEDA61B27 ASCOT RESOURCES LTD 04364G106 15000000.00000000 NS 14442835.34000000 0.836785487946 Long EC CORP CA N 1 N N N NEW PACIFIC METALS CORP 549300TC0CSHP59S8103 NEW PACIFIC HOLDINGS CORP 64782A107 3409700.00000000 NS 10489742.06000000 0.607752129098 Long EC CORP CA N 1 N N NEWMONT CORP 549300VSP3RIX7FGDZ51 NEWMONT CORP 651639106 4500000.00000000 NS USD 247140000.00000000 14.31873732703 Long EC CORP US N 1 N N N WHEATON PRECIOUS METALS CORP 549300XSFG5ZCGVYD886 WHEATON PRECIOUS METALS CORP 962879102 3000000.00000000 NS 125453051.00000000 7.268468415248 Long EC CORP CA N 1 N N 2021-12-30 Stacie M. Smith Stacie M. Smith Stacie M. Smith President and Treasurer XXXX NPORT-EX 2 QTLY_141_20211130.htm US_QtlyFinancialStatementsCoverMaster
Consolidated Quarterly Holdings Report
for
Fidelity® Select Portfolios®
Gold Portfolio
November 30, 2021
GOL-NPRT3-0122
1.810695.117
Common Stocks - 99.5%
 
  
Shares
Value ($)
 
Australia - 9.7%
 
  
  
Metals & Mining - 9.7%
  
  
  
Gold - 9.7%
  
  
  
Evolution Mining Ltd.
 
15,000,000
43,091,782
Newcrest Mining Ltd.
 
4,000,000
67,350,068
Northern Star Resources Ltd.
 
8,500,000
57,199,084
 
  
  
167,640,934
Canada - 67.6%
 
  
  
Metals & Mining - 67.6%
  
  
  
Diversified Metals & Mining - 1.9%
  
  
  
BeMetals Corp. (a)
  
2,000,000
391,405
New Pacific Metals Corp. (a)(b)
  
3,391,700
10,434,366
Triple Flag Precious Metals Corp.
 
1,000,000
11,530,000
Western Copper & Gold Corp. (TSX) (a)(b)(c)
  
8,000,000
11,084,583
 
  
  
33,440,354
Gold - 63.4%
  
  
  
Agnico Eagle Mines Ltd. (Canada) (b)
  
1,500,000
74,773,964
Alamos Gold, Inc.
 
3,000,000
22,944,147
Artemis Gold, Inc. (a)
  
2,500,000
13,053,348
Ascot Resources Ltd. (a)
  
15,000,000
14,442,835
B2Gold Corp. (a)
  
7,000,000
27,727,113
Barrick Gold Corp. (Canada) (b)
  
8,422,273
160,078,898
Bonterra Resources, Inc. (a)(c)
  
6,000,000
6,058,946
Franco-Nevada Corp.
 
1,200,000
164,559,083
Gold Standard Ventures Corp. (a)(b)(c)
  
25,000,000
11,546,440
i-80 Gold Corp. (c)
  
10,000,000
20,744,452
i-80 Gold Corp. (c)
  
2,500,000
4,926,807
i-80 Gold Corp. warrants 9/30/22 (a)
  
625,000
93,531
Kinross Gold Corp.
 
8,000,000
47,469,568
Kirkland Lake Gold Ltd. (a)
  
1,800,000
71,171,474
Lundin Gold, Inc. (a)(b)
  
3,000,000
24,447,141
Maple Gold Mines Ltd. (a)(b)(c)
  
20,000,000
4,853,419
Marathon Gold Corp. (a)(b)
  
10,000,000
23,562,566
Novagold Resources, Inc. (a)
  
4,000,000
27,116,521
OceanaGold Corp. (a)
  
10,000,000
18,161,180
Orla Mining Ltd. (a)(b)(c)
  
13,000,000
55,665,584
Osisko Gold Royalties Ltd.
 
2,000,000
24,439,313
Osisko Mining, Inc. (a)
  
5,000,000
12,211,828
Pretium Resources, Inc. (a)
  
1,334,648
18,053,714
Pure Gold Mining, Inc. (a)(b)(c)
  
23,000,000
13,503,464
Pure Gold Mining, Inc. warrants 3/28/23 (a)
  
1,500,000
57,014
Seabridge Gold, Inc. (a)
  
1,500,000
28,979,608
Skeena Resources Ltd. (a)
  
2,000,000
19,163,177
Torex Gold Resources, Inc. (a)
  
1,000,000
10,951,505
Victoria Gold Corp. (a)(b)
  
1,500,000
18,893,107
Wesdome Gold Mines, Inc. (a)
  
2,500,000
24,462,797
Wheaton Precious Metals Corp.
 
3,000,000
125,453,051
Yamana Gold, Inc.
 
1,000,000
3,992,328
 
  
  
1,093,557,923
Precious Metals & Minerals - 1.0%
  
  
  
SilverCrest Metals, Inc. (a)
  
2,000,000
16,924,341
 
  
  
  
Silver - 1.3%
  
  
  
Alexco Resource Corp. (a)(b)
  
5,000,000
10,098,243
Pan American Silver Corp. (b)
  
500,000
12,770,000
 
  
  
22,868,243
TOTAL METALS & MINING
  
  
1,166,790,861
 
  
  
  
China - 1.6%
 
  
  
Metals & Mining - 1.6%
  
  
  
Gold - 1.6%
  
  
  
Zijin Mining Group Co. Ltd. (H Shares)
 
20,000,000
26,570,916
 
  
  
  
South Africa - 1.7%
 
  
  
Metals & Mining - 1.7%
  
  
  
Gold - 1.7%
  
  
  
AngloGold Ashanti Ltd.
 
305,789
6,536,640
Gold Fields Ltd.
 
2,000,000
23,020,001
 
  
  
29,556,641
United Kingdom - 1.3%
 
  
  
Metals & Mining - 1.3%
  
  
  
Gold - 1.3%
  
  
  
Endeavour Mining PLC
 
700,000
16,422,561
Solgold PLC (a)
  
20,000,000
6,077,871
 
  
  
22,500,432
United States of America - 17.6%
 
  
  
Metals & Mining - 17.6%
  
  
  
Gold - 15.5%
  
  
  
Newmont Corp.
 
4,500,000
247,140,001
Royal Gold, Inc.
 
200,000
20,006,000
 
  
  
267,146,001
Silver - 2.1%
  
  
  
Gatos Silver, Inc. (a)(b)
  
1,500,000
20,265,000
Hecla Mining Co. (b)
  
3,000,000
16,620,000
 
  
  
36,885,000
TOTAL METALS & MINING
  
  
304,031,001
 
  
  
  
 
TOTAL COMMON STOCKS
 (Cost $1,226,928,682)
  
  
  
1,717,090,785
 
  
  
  
Commodities - 0.7%
 
  
Troy Ounces
Value ($)
 
Gold Bullion
 
 (Cost $6,051,546)
 
  
6,980
12,365,419
 
  
  
  
Money Market Funds - 3.9%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 0.06% (d)
  
3,740,569
3,741,317
Fidelity Securities Lending Cash Central Fund 0.07% (d)(e)
  
63,742,833
63,749,207
 
TOTAL MONEY MARKET FUNDS
 (Cost $67,490,524)
  
  
67,490,524
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 104.1%
 (Cost $1,300,470,752)
 
  
 
1,796,946,728
NET OTHER ASSETS (LIABILITIES) - (4.1)%  
(71,486,106)
NET ASSETS - 100.0%
1,725,460,622
 
  
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated company
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
 
 
 
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 0.06%
17,142,312
326,287,420
339,688,415
4,760
-
-
3,741,317
0.0%
Fidelity Securities Lending Cash Central Fund 0.07%
1,230,395
506,003,106
443,484,294
276,143
-
-
63,749,207
0.2%
Total
18,372,707
832,290,526
783,172,709
280,903
-
-
67,490,524
  
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
 
Amount 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.
 
 
Consolidated Subsidiary
 
Fund
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain /loss ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Select Cayman Gold Ltd.
12,094,884
-
-
-
-
291,094
12,385,978
 
The Fund invests in certain commodity-related investments through Fidelity Select Cayman Gold Ltd., a wholly owned subsidiary (the "Subsidiary"). As of November 30, 2021, the Fund held an investment of $12,385,978 in the Subsidiary, representing 0.7% of the Fund's net assets. The Quarterly Holdings report is consolidated and includes the holdings of the Fund and the Subsidiary.
 
 
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Battle North Gold Corp.
11,931,045
-
18,949,829
-
5,997,126
1,021,658
-
Bonterra Resources, Inc.
-
4,388,009
-
-
-
-
-
Bonterra Resources, Inc.
-
776,878
-
-
-
894,059
6,058,946
Gold Standard Ventures Corp.
14,928,498
1,424,335
376,999
-
(68,120)
(4,361,274)
11,546,440
Maple Gold Mines Ltd.
4,243,281
-
-
-
-
610,138
4,853,419
Orla Mining Ltd.
41,395,568
3,967,772
-
-
-
10,302,244
55,665,584
Premier Gold Mines Ltd.
27,251,297
-
4,523,160
8,060,976
412,961
(11,170,783)
-
Pure Gold Mining, Inc.
14,167,052
9,548,622
352,930
-
(85,452)
(12,256,685)
13,503,464
Western Copper & Gold Corp.
-
888,853
-
-
-
-
-
Western Copper & Gold Corp. (TSX)
11,659,180
648,418
308,568
-
92,622
(1,895,922)
11,084,583
i-80 Gold Corp.
-
15,180,925
-
-
-
413,108
20,744,452
i-80 Gold Corp.
-
5,291,646
-
-
-
(364,839)
4,926,807
Total
125,575,921
42,115,458
24,511,486
8,060,976
6,349,137
(16,808,296)
128,383,695
 
 
 
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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - 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 vendor 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 commodities are valued at their last traded price prior to 4:00 p.m. Eastern time each business day 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.
 
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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