0001752724-24-011805.txt : 20240124 0001752724-24-011805.hdr.sgml : 20240124 20240124171053 ACCESSION NUMBER: 0001752724-24-011805 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20231130 FILED AS OF DATE: 20240124 DATE AS OF CHANGE: 20240124 PERIOD START: 20240228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SELECT PORTFOLIOS CENTRAL INDEX KEY: 0000320351 ORGANIZATION NAME: 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: 24557501 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 S000007461 Fidelity Environment and Alternative Energy Fund C000020435 Fidelity Environment and Alternative Energy Fund FSLEX NPORT-P 1 primary_doc.xml NPORT-P false 0000320351 XXXXXXXX S000007461 C000020435 Fidelity Select Portfolios 811-03114 0000320351 Z57125JG1LHEQKDYS630 245 Summer Street Boston 02210 1-800-FIDELITY Fidelity Environment and Alternative Energy Fund S000007461 1N6VIPFDXC4HQGU3C298 2024-02-28 2023-11-30 N 501583087.38 8624809.13 492958278.25 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 N COHERENT CORP 549300O5C25A0MMHHU33 COHERENT CORP 19247G107 86100.00000000 NS USD 3167619.00000000 0.642573446833 Long EC CORP US N 1 N N N AES CORP 2NUNNB7D43COUIRE5295 AES CORP 00130H105 82930.00000000 NS USD 1427225.30000000 0.289522534253 Long EC CORP US N 1 N N N RWE AG 529900GB7KCA94ACC940 RWE AG N/A 214500.00000000 NS 9192235.58000000 1.864708634700 Long EC CORP DE N 1 N N N AZEK CO INC/THE 5493002LDDDU1RX46815 AZEK CO INC 05478C105 111950.00000000 NS USD 3861155.50000000 0.783262127924 Long EC CORP US N 1 N N N ANALOG DEVICES INC GYVOE5EZ4GDAVTU4CQ61 ANALOG DEVICES INC 032654105 42070.00000000 NS USD 7714796.60000000 1.564999907778 Long EC CORP US N 1 N N N VERALTO CORP S4BKK9OTCEWQ3YHPFM11 VERALTO CORP 92338C103 45056.00000000 NS USD 3480576.00000000 0.706058941206 Long EC CORP US N 1 N N N CELLINK CORP N/A CELLINK CORP SER D PC PP N/A 14200.00000000 NS USD 141290.00000000 0.028661654795 Long EP CORP US Y 3 N N N SOLAREDGE TECHNOLOGIES INC 5493000K6Y58XXPDF853 SOLAREDGE TECHNOLOGIES INC 83417M104 3750.00000000 NS USD 297675.00000000 0.060385434860 Long EC CORP US N 1 N N N SOUTHERN COMPANY 549300FC3G3YU2FBZD92 SOUTHERN CO 842587107 104300.00000000 NS USD 7403214.00000000 1.501793219962 Long EC CORP US N 1 N N N MICROSOFT CORP INR2EJN1ERAN0W5ZP974 MICROSOFT CORP 594918104 189480.00000000 NS USD 71795866.80000000 14.56428869698 Long EC CORP US N 1 N N N TIMKEN CO B0I35MLPFXZSE70ASS73 TIMKEN CO 887389104 36100.00000000 NS USD 2613640.00000000 0.530194970916 Long EC CORP US N 1 N N N QUANTA SVCS INC SHVRXXEACT60MMH07S24 QUANTA SVCS INC 74762E102 25970.00000000 NS USD 4890410.70000000 0.992053671836 Long EC CORP US N 1 N N N ON SEMICONDUCTOR CORP ZV20P4CNJVT8V1ZGJ064 ON SEMICONDUCTOR CORP 682189105 90040.00000000 NS USD 6422553.20000000 1.302859386559 Long EC CORP US N 1 N N N DEERE and CO PWFTNG3EI0Y73OXWDH08 DEERE and CO 244199105 9290.00000000 NS USD 3385368.90000000 0.686745521754 Long EC CORP US N 1 N N N NXP SEMICONDUCTORS NV 724500M9BY5293JDF951 NXP SEMICONDUCTORS NV N/A 55960.00000000 NS USD 11420316.80000000 2.316690337474 Long EC CORP NL N 1 N N N NESTE OYJ 5493009GY1X8GQ66AM14 NESTE OYJ N/A 72720.00000000 NS 2760951.52000000 0.560078132738 Long EC CORP FI N 1 N N N VERTIV HOLDINGS CO 549300KTTIRAOGXCRV69 VERTIV HOLDINGS CO 92537N108 106320.00000000 NS USD 4641931.20000000 0.941647884782 Long EC CORP US N 1 N N N BALL CORP 0BGI85ALH27ZJP15DY16 BALL CORP 058498106 170050.00000000 NS USD 9402064.50000000 1.907273883984 Long EC CORP US N 1 N N N ARRAY TECHNOLOGIES INC 549300JM5FECYJQ85V37 ARRAY TECHNOLOGIES INC 04271T100 163010.00000000 NS USD 2521764.70000000 0.511557430164 Long EC CORP US N 1 N N UNION PACIFIC CORP 549300LMMRSZZCZ8CL11 UNION PACIFIC CORP 907818108 102730.00000000 NS USD 23141987.10000000 4.694512319004 Long EC CORP US N 1 N N N AECOM 0EEB8GF0W0NPCIHZX097 AECOM 00766T100 54210.00000000 NS USD 4817100.60000000 0.977182210450 Long EC CORP US N 1 N N N CLEAN HARBORS INC 5493000SJVZVZJKHJF48 CLEAN HARBORS INC 184496107 9040.00000000 NS USD 1461406.40000000 0.296456407059 Long EC CORP US N 1 N N N VESTAS WIND SYSTEMS AS 549300DYMC8BGZZC8844 VESTAS WIND SYSTEMS AS N/A 194740.00000000 NS 5384687.06000000 1.092321053845 Long EC CORP DK N 2 N N N FLUENCE ENERGY INC N/A FLUENCE ENERGY INC 34379V103 101170.00000000 NS USD 2537343.60000000 0.514717717898 Long EC CORP US N 1 N N SUNRUN INC 54930007SJ77CI66U531 SUNRUN INC 86771W105 128440.00000000 NS USD 1656876.00000000 0.336108768856 Long EC CORP US N 1 N N CUMMINS INC ZUNI8PYC725B6H8JU438 CUMMINS INC 231021106 48332.00000000 NS USD 10834101.12000000 2.197772427812 Long EC CORP US N 1 N N N TESLA INC 54930043XZGB27CTOV49 TESLA INC 88160R101 129020.00000000 NS USD 30975121.60000000 6.283517889173 Long EC CORP US N 1 N N N PG and E CORP 8YQ2GSDWYZXO2EDN3511 PG and E CORP 69331C108 607280.00000000 NS USD 10426997.60000000 2.115188659984 Long EC CORP US N 1 N N N KANSAI ELECTRIC POWER CO INC 353800PFUKP5ONPJNZ86 KANSAI ELECTRIC POWER CO INC N/A 447530.00000000 NS 5949559.09000000 1.206909256321 Long EC CORP JP N 1 N N N KBR INC 254900OFQDXZRKRCV808 KBR INC 48242W106 152440.00000000 NS USD 7876574.80000000 1.597817735805 Long EC CORP US N 1 N N N BWX TECHNOLOGIES INC 549300NP85N265KWMS58 BWX TECHNOLOGIES INC 05605H100 17430.00000000 NS USD 1360062.90000000 0.275898176378 Long EC CORP US N 1 N N N EATON CORP PLC 549300VDIGTMXUNT7H71 EATON CORP PLC N/A 100730.00000000 NS USD 22935213.70000000 4.652566903109 Long EC CORP IE N 1 N N N PARKER-HANNIFIN CORP 5493002CONDB4N2HKI23 PARKER HANNIFIN CORP 701094104 9830.00000000 NS USD 4258159.40000000 0.863797117905 Long EC CORP US N 1 N N N CHEMOURS CO 549300M1BOLNXL8DOV14 CHEMOURS CO/ THE 163851108 103770.00000000 NS USD 2846411.10000000 0.577414200265 Long EC CORP US N 1 N N N WOODWARD INC YPYKXXTR8TFDH54ZMB45 WOODWARD INC 980745103 21670.00000000 NS USD 2929350.60000000 0.594239052115 Long EC CORP US N 1 N N N ENPHASE ENERGY INC 5493008U7KIGMI59Z314 ENPHASE ENERGY INC 29355A107 10000.00000000 NS USD 1010200.00000000 0.204926064653 Long EC CORP US N 1 N N N AGILENT TECHNOLOGIES INC QUIX8Y7A2WP0XRMW7G29 AGILENT TECHNOLOGIES INC 00846U101 24600.00000000 NS USD 3143880.00000000 0.637757826313 Long EC CORP US N 1 N N N Fidelity Revere Street Trust 549300BDV45LJNXBZC55 Fidelity Cash Central Fund 31635A105 989218.30700000 NS USD 989416.15000000 0.200709916772 Long STIV RF US N 1 N N N TRANE TECHNOLOGIES PLC 549300BURLR9SLYY2705 TRANE TECHNOLOGIES PLC N/A 66050.00000000 NS USD 14888330.50000000 3.020200929144 Long EC CORP IE N 1 N N N PURECYCLE TECHNOLOGIES INC N/A PURECYCLE TECHNOLOGIES INC 74623V103 225910.00000000 NS USD 912676.40000000 0.185142727137 Long EC CORP US N 1 N N DANAHER CORP S4BKK9OTCEWQ3YHPFM11 DANAHER CORP 235851102 129800.00000000 NS USD 28985638.00000000 5.879937365672 Long EC CORP US N 1 N N N BAKER HUGHES CO N/A BAKER HUGHES CO 05722G100 137030.00000000 NS USD 4624762.50000000 0.938165095110 Long EC CORP US N 1 N N N TETRA TECH INC NEW 549300UJ1LP7JGJC5P32 TETRA TECH INC 88162G103 22710.00000000 NS USD 3591586.50000000 0.728578189770 Long EC CORP US N 1 N N N IBM CORPORATION VGRQXHF3J8VDLUA7XE92 INTL BUS MACH CORP 459200101 186170.00000000 NS USD 29519115.20000000 5.988156909504 Long EC CORP US N 1 N N N Fidelity Revere Street Trust 549300BDV45LJNXBZC55 Fidelity Securities Lending Cash Central Fund 31635A303 8282021.81700000 NS USD 8282850.02000000 1.680233477243 Long STIV RF US N 1 N N OWENS CORNING NEW JO5M6676RDJIZ2U8X907 OWENS CORNING INC 690742101 29760.00000000 NS USD 4034860.80000000 0.818499450769 Long EC CORP US N 1 N N N FIRST SOLAR INC 549300NPYMLM4NHTOF27 FIRST SOLAR INC 336433107 34820.00000000 NS USD 5493899.60000000 1.114475573775 Long EC CORP US N 1 N N N AMDOCS LIMITED 549300HQV672RJ7RQV66 AMDOCS LTD N/A 58750.00000000 NS USD 4921487.50000000 0.998357815892 Long EC CORP GG N 1 N N N ARISTA NETWORKS INC 635400H1WKBLOQERUU95 ARISTA NETWORKS INC 040413106 63010.00000000 NS USD 13843927.10000000 2.808336467975 Long EC CORP US N 1 N N N PROLOGIS INC 529900DFH19P073LZ636 PROLOGIS INC REIT 74340W103 180820.00000000 NS USD 20781642.60000000 4.215700094088 Long EC CORP US N 1 N N N ASPEN AEROGELS INC N/A ASPEN AEROGELS INC 04523Y105 256510.00000000 NS USD 2688224.80000000 0.545325014024 Long EC CORP US N 1 N N REPUBLIC SERVICES INC NKNQHM6BLECKVOQP7O46 REPUBLIC SERVICES INC 760759100 90820.00000000 NS USD 14698308.80000000 2.981653711583 Long EC CORP US N 1 N N N LINDE PLC 5299003QR1WT0EF88V51 LINDE PLC N/A 101760.00000000 NS USD 42105235.20000000 8.541338498153 Long EC CORP IE N 1 N N N 2023-12-30 Stacie M. Smith Stacie M. Smith Stacie M. Smith President and Treasurer XXXX NPORT-EX 2 QTLY_516_20231130.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Environment and Alternative Energy Fund
November 30, 2023
ENV-NPRT3-0124
1.810704.119
Common Stocks - 99.6%
 
  
Shares
Value ($)
 
Aerospace & Defense - 0.9%
 
  
  
Aerospace & Defense - 0.9%
  
  
  
BWX Technologies, Inc.
 
17,430
1,360,063
Woodward, Inc.
 
21,670
2,929,351
 
  
  
4,289,414
Automobiles - 6.3%
 
  
  
Automobile Manufacturers - 6.3%
  
  
  
Tesla, Inc. (a)
  
129,020
30,975,122
Building Products - 4.6%
 
  
  
Building Products - 4.6%
  
  
  
Owens Corning
 
29,760
4,034,861
The AZEK Co., Inc. (a)
  
111,950
3,861,156
Trane Technologies PLC
 
66,050
14,888,331
 
  
  
22,784,348
Chemicals - 9.8%
 
  
  
Commodity Chemicals - 0.2%
  
  
  
PureCycle Technologies, Inc. (a)(b)
  
225,910
912,676
Diversified Chemicals - 0.6%
  
  
  
The Chemours Co. LLC
 
103,770
2,846,411
Industrial Gases - 8.5%
  
  
  
Linde PLC
 
101,760
42,105,235
Specialty Chemicals - 0.5%
  
  
  
Aspen Aerogels, Inc. (a)(b)
  
256,510
2,688,225
TOTAL CHEMICALS
  
  
48,552,547
Commercial Services & Supplies - 4.7%
 
  
  
Environmental & Facilities Services - 4.7%
  
  
  
Clean Harbors, Inc. (a)
  
9,040
1,461,406
Republic Services, Inc.
 
90,820
14,698,309
Tetra Tech, Inc.
 
22,710
3,591,587
Veralto Corp.
 
45,056
3,480,576
 
  
  
23,231,878
Communications Equipment - 2.8%
 
  
  
Communications Equipment - 2.8%
  
  
  
Arista Networks, Inc. (a)
  
63,010
13,843,927
Construction & Engineering - 2.0%
 
  
  
Construction & Engineering - 2.0%
  
  
  
AECOM
 
54,210
4,817,101
Quanta Services, Inc.
 
25,970
4,890,411
 
  
  
9,707,512
Containers & Packaging - 1.9%
 
  
  
Metal, Glass & Plastic Containers - 1.9%
  
  
  
Ball Corp.
 
170,050
9,402,065
Electric Utilities - 4.8%
 
  
  
Electric Utilities - 4.8%
  
  
  
Kansai Electric Power Co., Inc.
 
447,530
5,949,559
PG&E Corp.
 
607,280
10,426,998
Southern Co.
 
104,300
7,403,214
 
  
  
23,779,771
Electrical Equipment - 8.0%
 
  
  
Electrical Components & Equipment - 6.9%
  
  
  
Array Technologies, Inc. (a)(b)
  
163,010
2,521,765
Eaton Corp. PLC
 
100,730
22,935,214
Fluence Energy, Inc. (a)(b)
  
101,170
2,537,344
Sunrun, Inc. (a)(b)
  
128,440
1,656,876
Vertiv Holdings Co.
 
106,320
4,641,931
 
  
  
34,293,130
Heavy Electrical Equipment - 1.1%
  
  
  
Vestas Wind Systems A/S (a)
  
194,740
5,384,687
TOTAL ELECTRICAL EQUIPMENT
  
  
39,677,817
Electronic Equipment, Instruments & Components - 0.6%
 
  
  
Electronic Components - 0.6%
  
  
  
Coherent Corp. (a)
  
86,100
3,167,619
Energy Equipment & Services - 0.9%
 
  
  
Oil & Gas Equipment & Services - 0.9%
  
  
  
Baker Hughes Co. Class A
 
137,030
4,624,763
Equity Real Estate Investment Trusts (REITs) - 4.2%
 
  
  
Industrial REITs - 4.2%
  
  
  
Prologis (REIT), Inc.
 
180,820
20,781,643
Ground Transportation - 4.7%
 
  
  
Rail Transportation - 4.7%
  
  
  
Union Pacific Corp.
 
102,730
23,141,987
Independent Power and Renewable Electricity Producers - 2.2%
 
  
  
Independent Power Producers & Energy Traders - 2.2%
  
  
  
RWE AG
 
214,500
9,192,236
The AES Corp.
 
82,930
1,427,225
 
  
  
10,619,461
IT Services - 7.0%
 
  
  
IT Consulting & Other Services - 7.0%
  
  
  
Amdocs Ltd.
 
58,750
4,921,488
IBM Corp.
 
186,170
29,519,115
 
  
  
34,440,603
Life Sciences Tools & Services - 6.5%
 
  
  
Life Sciences Tools & Services - 6.5%
  
  
  
Agilent Technologies, Inc.
 
24,600
3,143,880
Danaher Corp.
 
129,800
28,985,638
 
  
  
32,129,518
Machinery - 4.3%
 
  
  
Agricultural & Farm Machinery - 0.7%
  
  
  
Deere & Co.
 
9,290
3,385,369
Construction Machinery & Heavy Transportation Equipment - 2.2%
  
  
  
Cummins, Inc.
 
48,332
10,834,101
Industrial Machinery & Supplies & Components - 1.4%
  
  
  
Parker Hannifin Corp.
 
9,830
4,258,159
Timken Co.
 
36,100
2,613,640
 
  
  
6,871,799
TOTAL MACHINERY
  
  
21,091,269
Oil, Gas & Consumable Fuels - 0.6%
 
  
  
Oil & Gas Refining & Marketing - 0.6%
  
  
  
Neste OYJ
 
72,720
2,760,952
Professional Services - 1.6%
 
  
  
Research & Consulting Services - 1.6%
  
  
  
KBR, Inc.
 
152,440
7,876,575
Semiconductors & Semiconductor Equipment - 6.6%
 
  
  
Semiconductor Materials & Equipment - 0.3%
  
  
  
Enphase Energy, Inc. (a)
  
10,000
1,010,200
SolarEdge Technologies, Inc. (a)
  
3,750
297,675
 
  
  
1,307,875
Semiconductors - 6.3%
  
  
  
Analog Devices, Inc.
 
42,070
7,714,797
First Solar, Inc. (a)
  
34,820
5,493,900
NXP Semiconductors NV
 
55,960
11,420,317
ON Semiconductor Corp. (a)
  
90,040
6,422,553
 
  
  
31,051,567
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
  
  
32,359,442
Software - 14.6%
 
  
  
Systems Software - 14.6%
  
  
  
Microsoft Corp.
 
189,480
71,795,861
 
TOTAL COMMON STOCKS
 (Cost $386,318,460)
  
  
  
491,034,094
 
  
  
  
Convertible Preferred Stocks - 0.0%
 
  
Shares
Value ($)
 
Electronic Equipment, Instruments & Components - 0.0%
 
  
  
Electronic Components - 0.0%
  
  
  
CelLink Corp. Series D (a)(c)(d)
 
  (Cost $295,699)
 
  
14,200
141,290
 
  
  
  
Money Market Funds - 2.0%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 5.40% (e)
  
989,218
989,416
Fidelity Securities Lending Cash Central Fund 5.39% (e)(f)
  
8,833,892
8,834,775
 
TOTAL MONEY MARKET FUNDS
 (Cost $9,824,191)
  
  
9,824,191
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 101.6%
 (Cost $396,438,350)
 
  
 
500,999,575
NET OTHER ASSETS (LIABILITIES) - (1.6)%  
(8,067,284)
NET ASSETS - 100.0%
492,932,291
 
  
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 $141,290 or 0.0% of net assets.
 
(d)
Level 3 security
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
CelLink Corp. Series D
1/20/22
295,699
 
  
  
 
 
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%
480,638
48,056,194
47,547,416
68,027
-
-
989,416
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
5,110,325
69,072,472
65,348,022
43,786
-
-
8,834,775
0.0%
Total
5,590,963
117,128,666
112,895,438
111,813
-
-
9,824,191
  
 
  
  
  
  
  
  
  
  
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.
 
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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