0001752724-23-145931.txt : 20230627 0001752724-23-145931.hdr.sgml : 20230627 20230627125452 ACCESSION NUMBER: 0001752724-23-145931 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230430 FILED AS OF DATE: 20230627 DATE AS OF CHANGE: 20230627 PERIOD START: 20240131 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY DEVONSHIRE TRUST CENTRAL INDEX KEY: 0000035341 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-01352 FILM NUMBER: 231045516 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 EQUITY INCOME FUND INC DATE OF NAME CHANGE: 19870304 FORMER COMPANY: FORMER CONFORMED NAME: EVEREST FUND INC DATE OF NAME CHANGE: 19751117 FORMER COMPANY: FORMER CONFORMED NAME: EVEREST 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549300LO13MQ9HYSTR83 ARCHER DANIELS MIDLAND CO 039483102 243300.00000000 NS USD 18996864.00000000 0.195321643842 Long EC CORP US N 1 N N N FLOWSERVE CORP 6Y0GK87T6V7NJKZJVM41 FLOWSERVE CORP 34354P105 1451211.00000000 NS USD 48455935.29000000 0.498213438531 Long EC CORP US N 1 N N N UNITEDHEALTH GROUP INC 549300GHBMY8T5GXDE41 UNITEDHEALTH GROUP INC 91324P102 140600.00000000 NS USD 69187854.00000000 0.711374539355 Long EC CORP US N 1 N N N BUNGE LIMITED 5493007M0RIN8HY3MM77 BUNGE LIMITED N/A 36700.00000000 NS USD 3435120.00000000 0.035319160320 Long EC CORP BM N 1 N N N ALTRIA GROUP INC XSGZFLO9YTNO9VCQV219 ALTRIA GROUP INC 02209S103 871100.00000000 NS USD 41385961.00000000 0.425521493153 Long EC CORP US N 1 N N N GEN DIGITAL INC YF6ZV0M6AU4FY94MK914 GEN DIGITAL INC 668771108 1316492.00000000 NS USD 23262413.64000000 0.239179101977 Long EC CORP US N 1 N N N AMERICAN TOWER CORP 5493006ORUSIL88JOE18 AMERICAN TOWER CORP 03027X100 126700.00000000 NS USD 25896213.00000000 0.266259256919 Long EC CORP US N 1 N N N HILTON WORLDWIDE HOLDINGS INC 549300HVGPK36ICB0B89 HILTON WORLDWIDE HOLDINGS INC 43300A203 551300.00000000 NS USD 79398226.00000000 0.816355374259 Long EC CORP US N 1 N N N US FOODS HOLDING CORP 549300UGOZSO64CFPR97 US FOODS HOLDING CORP 912008109 573100.00000000 NS USD 22007040.00000000 0.226271621931 Long EC CORP US N 1 N N N AMERISOURCEBERGEN CORP AI8GXW8LG5WK7E9UD086 AMERISOURCEBERGEN CORP 03073E105 575300.00000000 NS USD 95988805.00000000 0.986936116563 Long EC CORP US N 1 N N N AMDOCS LIMITED 549300HQV672RJ7RQV66 AMDOCS LTD N/A 525288.00000000 NS USD 47932530.00000000 0.492831898628 Long EC CORP GG N 1 N N N JOHNSON and JOHNSON 549300G0CFPGEF6X2043 JOHNSON and JOHNSON 478160104 1440306.00000000 NS USD 235778092.20000000 2.424219310643 Long EC CORP US N 1 N N N CISCO SYSTEMS INC 8E6NF1YAL0WT6CWXXV93 CISCO SYSTEMS INC 17275R102 2847464.00000000 NS USD 134542674.00000000 1.383338652769 Long EC CORP US N 1 N N N VISTRA CORP 549300KP43CPCUJOOG15 VISTRA CORP 92840M102 1728933.00000000 NS USD 41252341.38000000 0.424147645141 Long EC CORP US N 1 N N N PROLOGIS INC 529900DFH19P073LZ636 PROLOGIS INC REIT 74340W103 633463.00000000 NS USD 79341240.75000000 0.815769464252 Long EC CORP US N 1 N N N ALPHABET INC 5493006MHB84DD0ZWV18 ALPHABET INC CL A 02079K305 2128734.00000000 NS USD 228498307.56000000 2.349370140659 Long EC CORP US N 1 N N N 2023-05-30 Stacie M. Smith Stacie M. Smith Stacie M. Smith President and Treasurer XXXX NPORT-EX 2 QTLY_2461_20230430.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Series Stock Selector Large Cap Value Fund
April 30, 2023
LDT-NPRT1-0623
1.950976.110
Common Stocks - 96.9%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 8.6%
 
 
 
Diversified Telecommunication Services - 2.1%
 
 
 
AT&T, Inc.
 
2,297,900
40,603,893
Deutsche Telekom AG
 
728,200
17,558,188
Verizon Communications, Inc.
 
3,631,887
141,026,172
 
 
 
199,188,253
Entertainment - 0.8%
 
 
 
Activision Blizzard, Inc.
 
594,124
46,169,376
Warner Bros Discovery, Inc.
 
2,335,200
31,782,072
 
 
 
77,951,448
Interactive Media & Services - 3.3%
 
 
 
Alphabet, Inc. Class A (a)
 
2,128,734
228,498,308
Meta Platforms, Inc. Class A (a)
 
389,735
93,661,115
 
 
 
322,159,423
Media - 2.4%
 
 
 
Comcast Corp. Class A
 
4,406,159
182,282,798
Omnicom Group, Inc.
 
581,512
52,667,542
 
 
 
234,950,340
TOTAL COMMUNICATION SERVICES
 
 
834,249,464
CONSUMER DISCRETIONARY - 5.3%
 
 
 
Automobiles - 0.6%
 
 
 
General Motors Co.
 
1,662,900
54,942,216
Hotels, Restaurants & Leisure - 1.9%
 
 
 
Hilton Worldwide Holdings, Inc.
 
551,300
79,398,226
McDonald's Corp.
 
359,000
106,174,250
 
 
 
185,572,476
Household Durables - 0.5%
 
 
 
Tempur Sealy International, Inc.
 
1,274,300
47,748,021
Specialty Retail - 2.3%
 
 
 
Dick's Sporting Goods, Inc.
 
514,300
74,578,643
Lowe's Companies, Inc.
 
570,900
118,650,147
Williams-Sonoma, Inc. (b)
 
291,700
35,307,368
 
 
 
228,536,158
TOTAL CONSUMER DISCRETIONARY
 
 
516,798,871
CONSUMER STAPLES - 7.8%
 
 
 
Beverages - 1.6%
 
 
 
Constellation Brands, Inc. Class A (sub. vtg.)
 
206,800
47,454,396
Diageo PLC
 
420,537
19,183,262
Keurig Dr. Pepper, Inc.
 
963,000
31,490,100
The Coca-Cola Co.
 
963,400
61,802,110
 
 
 
159,929,868
Consumer Staples Distribution & Retail - 2.0%
 
 
 
Dollar Tree, Inc. (a)
 
404,300
62,144,953
U.S. Foods Holding Corp. (a)
 
559,500
21,484,800
Walmart, Inc.
 
728,271
109,947,073
 
 
 
193,576,826
Food Products - 1.1%
 
 
 
Archer Daniels Midland Co.
 
243,300
18,996,864
Bunge Ltd.
 
36,700
3,435,120
Freshpet, Inc. (a)
 
11,700
806,949
Mondelez International, Inc.
 
969,952
74,414,717
Tyson Foods, Inc. Class A
 
137,200
8,573,628
 
 
 
106,227,278
Household Products - 1.9%
 
 
 
Energizer Holdings, Inc.
 
459,200
15,351,056
Kimberly-Clark Corp.
 
146,100
21,168,429
Procter & Gamble Co.
 
922,272
144,224,895
 
 
 
180,744,380
Tobacco - 1.2%
 
 
 
Altria Group, Inc.
 
871,100
41,385,961
Philip Morris International, Inc.
 
732,200
73,198,034
 
 
 
114,583,995
TOTAL CONSUMER STAPLES
 
 
755,062,347
ENERGY - 8.0%
 
 
 
Energy Equipment & Services - 0.9%
 
 
 
Schlumberger Ltd.
 
1,643,600
81,111,660
Oil, Gas & Consumable Fuels - 7.1%
 
 
 
Canadian Natural Resources Ltd.
 
1,563,200
95,256,148
Cenovus Energy, Inc. (Canada)
 
5,975,947
100,301,166
Exxon Mobil Corp.
 
3,104,100
367,339,191
Hess Corp.
 
550,600
79,870,036
Valero Energy Corp.
 
407,100
46,682,157
 
 
 
689,448,698
TOTAL ENERGY
 
 
770,560,358
FINANCIALS - 20.0%
 
 
 
Banks - 9.2%
 
 
 
Bank of America Corp.
 
8,461,183
247,743,438
BNP Paribas SA
 
528,700
34,161,099
Citigroup, Inc.
 
2,690,000
126,618,300
JPMorgan Chase & Co.
 
994,203
137,438,623
KeyCorp
 
2,649,300
29,831,118
U.S. Bancorp
 
2,331,200
79,913,536
Wells Fargo & Co.
 
5,994,643
238,287,059
 
 
 
893,993,173
Capital Markets - 2.4%
 
 
 
Bank of New York Mellon Corp.
 
3,401,781
144,881,853
BlackRock, Inc. Class A
 
72,162
48,435,134
Cboe Global Markets, Inc.
 
270,940
37,850,318
 
 
 
231,167,305
Consumer Finance - 0.5%
 
 
 
Capital One Financial Corp.
 
524,716
51,054,867
Financial Services - 2.2%
 
 
 
Berkshire Hathaway, Inc. Class B (a)
 
280,034
92,005,171
Block, Inc. Class A (a)
 
155,500
9,452,845
Fiserv, Inc. (a)
 
451,700
55,161,604
FleetCor Technologies, Inc. (a)
 
258,600
55,319,712
 
 
 
211,939,332
Insurance - 5.7%
 
 
 
Arthur J. Gallagher & Co.
 
141,200
29,378,072
Chubb Ltd.
 
546,500
110,152,540
Globe Life, Inc.
 
350,500
38,036,260
Hartford Financial Services Group, Inc.
 
1,389,879
98,667,510
Progressive Corp.
 
366,900
50,045,160
The Travelers Companies, Inc.
 
1,213,630
219,836,938
 
 
 
546,116,480
TOTAL FINANCIALS
 
 
1,934,271,157
HEALTH CARE - 15.2%
 
 
 
Health Care Equipment & Supplies - 2.9%
 
 
 
Abbott Laboratories
 
826,700
91,325,549
Becton, Dickinson & Co.
 
292,700
77,363,537
Boston Scientific Corp. (a)
 
1,783,300
92,945,596
Medtronic PLC
 
178,300
16,216,385
 
 
 
277,851,067
Health Care Providers & Services - 3.9%
 
 
 
AmerisourceBergen Corp.
 
575,300
95,988,805
Centene Corp. (a)
 
844,200
58,190,706
Cigna Group
 
338,700
85,789,323
CVS Health Corp.
 
512,800
37,593,368
Molina Healthcare, Inc. (a)
 
116,500
34,704,185
UnitedHealth Group, Inc.
 
140,600
69,187,854
 
 
 
381,454,241
Life Sciences Tools & Services - 3.0%
 
 
 
Danaher Corp.
 
457,600
108,410,016
Thermo Fisher Scientific, Inc.
 
329,200
182,673,080
 
 
 
291,083,096
Pharmaceuticals - 5.4%
 
 
 
Bristol-Myers Squibb Co.
 
985,100
65,775,127
Eli Lilly & Co.
 
59,200
23,434,912
Johnson & Johnson
 
1,440,306
235,778,092
Merck & Co., Inc.
 
837,200
96,671,484
Pfizer, Inc.
 
2,518,500
97,944,465
 
 
 
519,604,080
TOTAL HEALTH CARE
 
 
1,469,992,484
INDUSTRIALS - 10.6%
 
 
 
Aerospace & Defense - 2.4%
 
 
 
Northrop Grumman Corp.
 
139,156
64,188,488
Raytheon Technologies Corp.
 
372,592
37,221,941
The Boeing Co. (a)
 
645,015
133,376,202
 
 
 
234,786,631
Air Freight & Logistics - 1.6%
 
 
 
C.H. Robinson Worldwide, Inc. (b)
 
486,000
49,022,820
FedEx Corp.
 
457,411
104,189,078
 
 
 
153,211,898
Construction & Engineering - 0.5%
 
 
 
Fluor Corp. (a)
 
1,598,000
46,437,880
Electrical Equipment - 0.7%
 
 
 
Sensata Technologies, Inc. PLC
 
1,629,170
70,787,437
Ground Transportation - 1.8%
 
 
 
Knight-Swift Transportation Holdings, Inc. Class A
 
823,700
46,390,784
U-Haul Holding Co. (non-vtg.)
 
818,100
44,259,210
XPO, Inc. (a)
 
1,814,100
80,146,938
 
 
 
170,796,932
Industrial Conglomerates - 1.8%
 
 
 
3M Co.
 
206,616
21,946,752
General Electric Co.
 
1,588,112
157,175,445
 
 
 
179,122,197
Machinery - 1.1%
 
 
 
Flowserve Corp.
 
1,451,211
48,455,935
Timken Co.
 
709,100
54,494,335
 
 
 
102,950,270
Professional Services - 0.7%
 
 
 
Concentrix Corp.
 
310,726
29,988,166
Manpower, Inc.
 
534,000
40,429,140
 
 
 
70,417,306
TOTAL INDUSTRIALS
 
 
1,028,510,551
INFORMATION TECHNOLOGY - 7.2%
 
 
 
Communications Equipment - 1.4%
 
 
 
Cisco Systems, Inc.
 
2,847,464
134,542,674
Electronic Equipment, Instruments & Components - 1.5%
 
 
 
Jabil, Inc.
 
268,211
20,960,690
TD SYNNEX Corp.
 
236,907
21,094,199
Teledyne Technologies, Inc. (a)
 
103,149
42,744,946
Vontier Corp.
 
2,235,228
60,641,736
 
 
 
145,441,571
IT Services - 1.3%
 
 
 
Amdocs Ltd.
 
525,288
47,932,530
GoDaddy, Inc. (a)
 
390,045
29,518,606
IBM Corp.
 
399,149
50,456,425
 
 
 
127,907,561
Semiconductors & Semiconductor Equipment - 1.6%
 
 
 
Microchip Technology, Inc.
 
1,312,140
95,773,099
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
682,805
57,560,462
 
 
 
153,333,561
Software - 1.4%
 
 
 
Adobe, Inc. (a)
 
99,557
37,588,741
Dropbox, Inc. Class A (a)
 
1,060,578
21,572,157
Gen Digital, Inc.
 
1,316,492
23,262,414
Salesforce, Inc. (a)
 
275,382
54,627,527
 
 
 
137,050,839
TOTAL INFORMATION TECHNOLOGY
 
 
698,276,206
MATERIALS - 4.3%
 
 
 
Chemicals - 2.2%
 
 
 
Axalta Coating Systems Ltd. (a)
 
1,522,100
48,052,697
Eastman Chemical Co.
 
421,600
35,528,232
Olin Corp.
 
907,351
50,267,245
The Chemours Co. LLC
 
1,320,500
38,386,935
Westlake Corp.
 
390,700
44,453,846
 
 
 
216,688,955
Containers & Packaging - 0.9%
 
 
 
Crown Holdings, Inc.
 
452,900
38,849,762
O-I Glass, Inc. (a)
 
2,007,565
45,109,986
 
 
 
83,959,748
Metals & Mining - 1.2%
 
 
 
Freeport-McMoRan, Inc.
 
1,909,100
72,373,981
Glencore PLC
 
7,224,000
42,640,623
 
 
 
115,014,604
TOTAL MATERIALS
 
 
415,663,307
REAL ESTATE - 4.4%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 4.4%
 
 
 
American Tower Corp.
 
126,700
25,896,213
Equinix, Inc.
 
12,000
8,688,960
Equity Lifestyle Properties, Inc.
 
864,500
59,564,050
Essex Property Trust, Inc.
 
261,700
57,503,341
Host Hotels & Resorts, Inc.
 
1,916,700
30,993,039
Invitation Homes, Inc.
 
1,967,200
65,645,464
Mid-America Apartment Communities, Inc.
 
219,900
33,820,620
Prologis (REIT), Inc.
 
633,463
79,341,241
Welltower, Inc.
 
796,800
63,122,496
 
 
 
424,575,424
Real Estate Management & Development - 0.0%
 
 
 
Cushman & Wakefield PLC (a)
 
540,700
5,325,895
TOTAL REAL ESTATE
 
 
429,901,319
UTILITIES - 5.5%
 
 
 
Electric Utilities - 3.6%
 
 
 
Constellation Energy Corp.
 
795,533
61,574,254
Edison International
 
890,200
65,518,720
Evergy, Inc.
 
634,600
39,415,006
PG&E Corp. (a)
 
5,129,648
87,768,277
Southern Co.
 
1,306,000
96,056,300
 
 
 
350,332,557
Independent Power and Renewable Electricity Producers - 1.1%
 
 
 
The AES Corp.
 
2,600,200
61,520,732
Vistra Corp.
 
1,728,933
41,252,341
 
 
 
102,773,073
Multi-Utilities - 0.8%
 
 
 
Sempra Energy
 
528,500
82,176,465
TOTAL UTILITIES
 
 
535,282,095
 
TOTAL COMMON STOCKS
 (Cost $7,746,145,853)
 
 
 
9,388,568,159
 
 
 
 
Money Market Funds - 2.9%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 4.88% (c)
 
204,000,331
204,041,131
Fidelity Securities Lending Cash Central Fund 4.88% (c)(d)
 
83,964,554
83,972,950
 
TOTAL MONEY MARKET FUNDS
 (Cost $288,013,220)
 
 
288,014,081
 
 
 
 
Equity Funds - 0.9%
 
 
Shares
Value ($)
 
Domestic Equity Funds - 0.9%
 
 
 
iShares Russell 1000 Value Index ETF
  (Cost $83,036,257)
 
559,000
86,438,170
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.7%
 (Cost $8,117,195,330)
 
 
 
9,763,020,410
NET OTHER ASSETS (LIABILITIES) - (0.7)%  
(72,554,272)
NET ASSETS - 100.0%
9,690,466,138
 
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
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.
 
(d)
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 4.88%
200,523,919
1,374,753,200
1,371,235,988
2,599,934
-
-
204,041,131
0.5%
Fidelity Securities Lending Cash Central Fund 4.88%
117,148,435
207,182,452
240,357,937
16,131
-
-
83,972,950
0.3%
Total
317,672,354
1,581,935,652
1,611,593,925
2,616,065
-
-
288,014,081
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs) are valued at their last 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 but the exchange reports a closing bid level, ETFs and ETNs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs and ETNs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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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