0001752724-23-266064.txt : 20231127 0001752724-23-266064.hdr.sgml : 20231127 20231127100942 ACCESSION NUMBER: 0001752724-23-266064 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230930 FILED AS OF DATE: 20231127 DATE AS OF CHANGE: 20231127 PERIOD START: 20240630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY HASTINGS STREET TRUST CENTRAL INDEX KEY: 0000035348 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-00215 FILM NUMBER: 231438251 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY FUND INC DATE OF NAME CHANGE: 19851205 0000035348 S000007019 Fidelity Growth Discovery Fund 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NS USD 239902639.87000000 7.056209966606 Long EC CORP US N 1 N N N SITIME CORP N/A SITIME CORP 82982T106 136021.00000000 NS USD 15540399.25000000 0.457086758746 Long EC CORP US N 1 N N N BEAM THERAPEUTICS INC N/A BEAM THERAPEUTICS INC 07373V105 28757.00000000 NS USD 691605.85000000 0.020342069159 Long EC CORP US N 1 N N N MASTERCARD INC AR5L2ODV9HN37376R084 MASTERCARD INC CL A 57636Q104 160196.00000000 NS USD 63423198.36000000 1.865454271884 Long EC CORP US N 1 N N N UNIVERSAL MUSIC GROUP NV 724500GJBUL3D9TW9Y18 UNIVERSAL MUSIC GROUP NV N/A 2591731.00000000 NS 67634287.89000000 1.989314234109 Long EC CORP NL N 2 N N N BIO TECHNE CORP 54930073RLKQ51TILZ35 BIO TECHNE CORP 09073M104 119299.00000000 NS USD 8120682.93000000 0.238852077064 Long EC CORP US N 1 N N N SILICON LABORATORIES INC 4PRDF8Q9TDHRVZKZSZ47 SILICON LABORATORIES INC 826919102 4800.00000000 NS USD 556272.00000000 0.016361520793 Long EC CORP US N 1 N N N AIRBNB INC 549300HMUDNO0RY56D37 AIRBNB INC CLASS A 009066101 199653.00000000 NS USD 27394388.13000000 0.805745841966 Long EC CORP US N 1 N N N INSMED INC 529900Q55QAG41CCAC11 INSMED INC 457669307 308106.00000000 NS USD 7779676.50000000 0.228822120865 Long EC CORP US N 1 N N N INSPIRE MEDICAL SYSTEMS INC 549300XQQCQ7HCJKTW25 INSPIRE MEDICAL SYSTEMS INC 457730109 31600.00000000 NS USD 6270704.00000000 0.184439004449 Long EC CORP US N 1 N N N UNITEDHEALTH GROUP INC 549300GHBMY8T5GXDE41 UNITEDHEALTH GROUP INC 91324P102 105982.00000000 NS USD 53435064.58000000 1.571675223999 Long EC CORP US N 1 N N N UNIVERSAL DISPLAY CORP N/A UNIVERSAL DISPLAY CORP 91347P105 124090.00000000 NS USD 19480889.10000000 0.572987624897 Long EC CORP US N 1 N N N REPLIGEN CORP 54930006QJ0T5AUO1E71 REPLIGEN 759916109 79919.00000000 NS USD 12707920.19000000 0.373775599752 Long EC CORP US N 1 N N N KENVUE INC 5493008HSF8L4M2LIJ82 KENVUE INC 49177J102 75200.00000000 NS USD 1510016.00000000 0.044413808679 Long EC CORP US N 1 N N N RANGE RESOURCES CORP H3Y3WLYCX0BTO1TRW162 RANGE RESOURCES CORP 75281A109 598311.00000000 NS USD 19391259.51000000 0.570351367094 Long EC CORP US N 1 N N N ELEVATEBIO, LLC N/A ELEVATEBIO LLC SER C PC PP N/A 75700.00000000 NS USD 290688.00000000 0.008549949945 Long EP CORP US Y 3 N N N NEW FORTRESS ENERGY INC 254900EICTYTCHA5X705 NEW FORTRESS ENERGY INC 644393100 226089.00000000 NS USD 7411197.42000000 0.217984116922 Long EC CORP US N 1 N N ASPEN AEROGELS INC N/A ASPEN AEROGELS INC 04523Y105 225159.00000000 NS USD 1936367.40000000 0.056953999982 Long EC CORP US N 1 N N ALPHABET INC 5493006MHB84DD0ZWV18 ALPHABET INC CL A 02079K305 1320794.00000000 NS USD 172839102.84000000 5.083683117200 Long EC CORP US N 1 N N N UBER TECHNOLOGIES INC 549300B2FTG34FILDR98 UBER TECHNOLOGIES INC 90353T100 2786118.00000000 NS USD 128133566.82000000 3.768767829074 Long EC CORP US N 1 N N N 2SEVENTY BIO INC N/A 2SEVENTY BIO INC-W/I 901384107 34400.00000000 NS USD 134848.00000000 0.003966258154 Long EC CORP US N 1 N N CHENIERE ENERGY INC MIHC87W9WTYSYZWV1J40 CHENIERE ENERGY INC 16411R208 321600.00000000 NS USD 53372736.00000000 1.569841965525 Long EC CORP US N 1 N N N SAMSONITE INTERNATIONAL SA 549300UULS5HYFJSEL12 SAMSONITE INTERNATIONAL S.A. N/A 5975123.00000000 NS 20525071.50000000 0.603699959959 Long EC CORP LU N 1 N N N XOMA CORP 549300U6ZVYFCWNBJ613 XOMA CORPORATION 98419J206 147500.00000000 NS USD 2078275.00000000 0.061127900786 Long EC CORP US N 1 N N N 2023-10-30 Stacie M. Smith Stacie M. Smith Stacie M. Smith President and Treasurer XXXX NPORT-EX 2 QTLY_339_20230930.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Growth Discovery Fund
September 30, 2023
CII-NPRT1-1123
1.808775.119
Common Stocks - 99.2%
 
 
Shares
Value ($)
(000s)
 
COMMUNICATION SERVICES - 9.9%
 
 
 
Entertainment - 4.8%
 
 
 
Netflix, Inc. (a)
 
146,185
55,199
Universal Music Group NV
 
2,591,731
67,634
Warner Music Group Corp. Class A
 
1,275,446
40,049
 
 
 
162,882
Interactive Media & Services - 5.1%
 
 
 
Alphabet, Inc. Class A (a)
 
1,320,794
172,839
Epic Games, Inc. (a)(b)(c)
 
2,244
1,397
 
 
 
174,236
TOTAL COMMUNICATION SERVICES
 
 
337,118
CONSUMER DISCRETIONARY - 9.9%
 
 
 
Automobiles - 0.4%
 
 
 
BYD Co. Ltd. (H Shares)
 
465,500
14,342
Broadline Retail - 4.7%
 
 
 
Amazon.com, Inc. (a)
 
992,369
126,150
Dollarama, Inc.
 
26,400
1,819
MercadoLibre, Inc. (a)
 
24,801
31,445
 
 
 
159,414
Hotels, Restaurants & Leisure - 2.2%
 
 
 
Airbnb, Inc. Class A (a)
 
199,653
27,394
Booking Holdings, Inc. (a)
 
6,858
21,150
Flutter Entertainment PLC (a)
 
143,751
23,485
Kura Sushi U.S.A., Inc. Class A (a)
 
51,863
3,429
 
 
 
75,458
Household Durables - 0.0%
 
 
 
Blu Investments LLC (a)(b)(c)
 
3,320,224
1
Specialty Retail - 1.4%
 
 
 
Floor & Decor Holdings, Inc. Class A (a)(d)
 
117,802
10,661
TJX Companies, Inc.
 
429,039
38,133
 
 
 
48,794
Textiles, Apparel & Luxury Goods - 1.2%
 
 
 
LVMH Moet Hennessy Louis Vuitton SE
 
24,617
18,582
Samsonite International SA (a)(e)
 
5,975,123
20,525
 
 
 
39,107
TOTAL CONSUMER DISCRETIONARY
 
 
337,116
CONSUMER STAPLES - 1.6%
 
 
 
Beverages - 1.3%
 
 
 
Boston Beer Co., Inc. Class A (a)
 
30,100
11,725
Monster Beverage Corp.
 
571,303
30,250
 
 
 
41,975
Personal Care Products - 0.3%
 
 
 
Estee Lauder Companies, Inc. Class A
 
61,915
8,950
Kenvue, Inc.
 
75,200
1,510
 
 
 
10,460
TOTAL CONSUMER STAPLES
 
 
52,435
ENERGY - 4.1%
 
 
 
Energy Equipment & Services - 0.6%
 
 
 
Baker Hughes Co. Class A
 
530,861
18,750
Oil, Gas & Consumable Fuels - 3.5%
 
 
 
Cheniere Energy, Inc.
 
321,600
53,373
New Fortress Energy, Inc. (d)
 
226,089
7,411
Range Resources Corp.
 
598,311
19,391
Reliance Industries Ltd.
 
1,222,943
34,537
Southwestern Energy Co. (a)
 
875,600
5,648
 
 
 
120,360
TOTAL ENERGY
 
 
139,110
FINANCIALS - 5.0%
 
 
 
Banks - 0.0%
 
 
 
HDFC Bank Ltd. (a)
 
71,414
1,310
Capital Markets - 1.1%
 
 
 
CME Group, Inc.
 
188,657
37,773
Financial Services - 2.3%
 
 
 
Apollo Global Management, Inc.
 
38,100
3,420
Jio Financial Services Ltd.
 
1,481,343
4,125
MasterCard, Inc. Class A
 
160,196
63,423
One97 Communications Ltd. (a)
 
285,800
2,952
Rocket Companies, Inc. (a)(d)
 
553,618
4,529
 
 
 
78,449
Insurance - 1.6%
 
 
 
Arthur J. Gallagher & Co.
 
129,484
29,513
BRP Group, Inc. (a)
 
337,843
7,848
Marsh & McLennan Companies, Inc.
 
81,017
15,418
 
 
 
52,779
TOTAL FINANCIALS
 
 
170,311
HEALTH CARE - 16.8%
 
 
 
Biotechnology - 6.4%
 
 
 
2seventy bio, Inc. (a)(d)
 
34,400
135
Adamas Pharmaceuticals, Inc.:
 
 
 
 rights (a)(c)
 
678,800
170
 rights (a)(c)
 
678,800
75
Affimed NV (a)(d)
 
251,902
120
Alnylam Pharmaceuticals, Inc. (a)
 
128,866
22,822
Arcellx, Inc. (a)
 
24,570
882
Arrowhead Pharmaceuticals, Inc. (a)
 
6,600
177
Beam Therapeutics, Inc. (a)
 
39,300
945
BioMarin Pharmaceutical, Inc. (a)
 
75,600
6,689
Blueprint Medicines Corp. (a)
 
20,200
1,014
Cytokinetics, Inc. (a)
 
85,863
2,530
Evelo Biosciences, Inc. (a)(d)
 
9,380
37
Galapagos NV sponsored ADR (a)
 
196,745
6,798
Gamida Cell Ltd. (a)(d)
 
996,121
1,026
Gamida Cell Ltd. warrants 4/21/28 (a)
 
182,600
73
Genmab A/S (a)
 
13,700
4,850
Hookipa Pharma, Inc. (a)
 
454,700
280
Immunocore Holdings PLC ADR (a)
 
80,789
4,193
Insmed, Inc. (a)
 
308,106
7,780
Legend Biotech Corp. ADR (a)
 
78,368
5,264
Regeneron Pharmaceuticals, Inc. (a)
 
37,252
30,657
Repligen Corp. (a)
 
79,919
12,708
Sarepta Therapeutics, Inc. (a)
 
27,300
3,309
Seagen, Inc. (a)
 
119,142
25,276
Seres Therapeutics, Inc. (a)
 
161,000
383
Synlogic, Inc. (a)
 
29,513
83
Vertex Pharmaceuticals, Inc. (a)
 
220,653
76,730
Vor Biopharma, Inc. (a)
 
246,895
523
XOMA Corp. (a)
 
147,500
2,078
 
 
 
217,607
Health Care Equipment & Supplies - 2.0%
 
 
 
Axonics Modulation Technologies, Inc. (a)
 
68,400
3,839
Boston Scientific Corp. (a)
 
966,765
51,045
Inspire Medical Systems, Inc. (a)
 
31,600
6,271
Lantheus Holdings, Inc. (a)
 
35,700
2,480
Penumbra, Inc. (a)
 
24,100
5,830
 
 
 
69,465
Health Care Providers & Services - 2.7%
 
 
 
HealthEquity, Inc. (a)
 
499,150
36,463
UnitedHealth Group, Inc.
 
105,982
53,435
 
 
 
89,898
Health Care Technology - 0.2%
 
 
 
Evolent Health, Inc. (b)
 
159,100
4,116
Simulations Plus, Inc. (d)
 
43,467
1,813
 
 
 
5,929
Life Sciences Tools & Services - 2.5%
 
 
 
Agilent Technologies, Inc.
 
28,700
3,209
Bio-Techne Corp.
 
119,299
8,121
Bruker Corp.
 
227,123
14,150
Charles River Laboratories International, Inc. (a)
 
55,607
10,898
Codexis, Inc. (a)
 
584,001
1,104
Danaher Corp.
 
66,714
16,552
Sartorius Stedim Biotech
 
47,012
11,233
Thermo Fisher Scientific, Inc.
 
40,411
20,455
 
 
 
85,722
Pharmaceuticals - 3.0%
 
 
 
Aclaris Therapeutics, Inc. (a)
 
89,364
612
AstraZeneca PLC sponsored ADR
 
279,915
18,956
Eli Lilly & Co.
 
148,716
79,880
Nuvation Bio, Inc. (a)
 
119,094
160
Revance Therapeutics, Inc. (a)
 
242,847
2,785
 
 
 
102,393
TOTAL HEALTH CARE
 
 
571,014
INDUSTRIALS - 13.0%
 
 
 
Electrical Equipment - 1.5%
 
 
 
Bloom Energy Corp. Class A (a)(d)
 
46,373
615
Eaton Corp. PLC
 
196,183
41,842
HD Hyundai Electric Co. Ltd.
 
14,800
726
Hubbell, Inc. Class B
 
28,848
9,041
 
 
 
52,224
Ground Transportation - 3.8%
 
 
 
Uber Technologies, Inc. (a)
 
2,786,118
128,134
Industrial Conglomerates - 1.5%
 
 
 
General Electric Co.
 
463,278
51,215
Machinery - 2.0%
 
 
 
Energy Recovery, Inc. (a)
 
135,800
2,880
Ingersoll Rand, Inc.
 
535,296
34,109
Parker Hannifin Corp.
 
56,121
21,860
Westinghouse Air Brake Tech Co.
 
88,385
9,393
 
 
 
68,242
Passenger Airlines - 0.5%
 
 
 
Ryanair Holdings PLC sponsored ADR (a)
 
166,111
16,148
Professional Services - 2.8%
 
 
 
Equifax, Inc.
 
231,019
42,318
KBR, Inc.
 
633,562
37,342
TransUnion Holding Co., Inc.
 
208,939
15,000
 
 
 
94,660
Trading Companies & Distributors - 0.9%
 
 
 
Ferguson PLC
 
194,146
32,132
TOTAL INDUSTRIALS
 
 
442,755
INFORMATION TECHNOLOGY - 38.8%
 
 
 
Electronic Equipment, Instruments & Components - 1.5%
 
 
 
Flex Ltd. (a)
 
962,629
25,972
Jabil, Inc.
 
196,900
24,985
 
 
 
50,957
IT Services - 2.1%
 
 
 
Gartner, Inc. (a)
 
36,254
12,457
MongoDB, Inc. Class A (a)
 
101,385
35,065
Shopify, Inc. Class A (a)
 
218,551
11,926
Snowflake, Inc. (a)
 
88,118
13,462
 
 
 
72,910
Semiconductors & Semiconductor Equipment - 13.1%
 
 
 
Aixtron AG
 
349,675
12,873
Allegro MicroSystems LLC (a)
 
161,213
5,149
Arm Holdings Ltd. ADR (d)
 
31,300
1,675
ASML Holding NV (depository receipt)
 
26,267
15,462
BE Semiconductor Industries NV
 
188,300
18,514
eMemory Technology, Inc.
 
18,757
1,178
KLA Corp.
 
42,500
19,493
Marvell Technology, Inc.
 
138,000
7,470
Monolithic Power Systems, Inc.
 
21,707
10,029
NVIDIA Corp.
 
551,513
239,903
NXP Semiconductors NV
 
145,354
29,059
Silicon Laboratories, Inc. (a)
 
4,800
556
SiTime Corp. (a)
 
136,021
15,540
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
571,682
49,679
Universal Display Corp.
 
124,090
19,481
 
 
 
446,061
Software - 17.8%
 
 
 
ASAPP, Inc. warrants 8/28/28 (a)(b)(c)
 
1,014,955
2,487
Confluent, Inc. (a)(d)
 
584,375
17,303
HubSpot, Inc. (a)
 
50,056
24,653
Manhattan Associates, Inc. (a)
 
118,151
23,354
Microsoft Corp.
 
1,471,182
464,524
NICE Ltd. sponsored ADR (a)
 
61,239
10,411
Oracle Corp.
 
475,065
50,319
ServiceNow, Inc. (a)
 
20,974
11,724
Volue A/S (a)
 
490,946
998
 
 
 
605,773
Technology Hardware, Storage & Peripherals - 4.3%
 
 
 
Apple, Inc.
 
848,381
145,251
TOTAL INFORMATION TECHNOLOGY
 
 
1,320,952
MATERIALS - 0.1%
 
 
 
Chemicals - 0.1%
 
 
 
Aspen Aerogels, Inc. (a)(d)
 
225,159
1,936
 
TOTAL COMMON STOCKS
 (Cost $2,238,430)
 
 
 
3,372,747
 
 
 
 
Convertible Preferred Stocks - 0.3%
 
 
Shares
Value ($)
(000s)
 
CONSUMER DISCRETIONARY - 0.0%
 
 
 
Textiles, Apparel & Luxury Goods - 0.0%
 
 
 
Canva, Inc.:
 
 
 
 Series A (b)(c)
 
423
451
 Series A2 (b)(c)
 
77
82
 
 
 
533
HEALTH CARE - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
ElevateBio LLC Series C (a)(b)(c)
 
75,700
291
INFORMATION TECHNOLOGY - 0.2%
 
 
 
Software - 0.2%
 
 
 
ASAPP, Inc.:
 
 
 
 Series C (a)(b)(c)
 
250,763
614
 Series D (b)(c)
 
1,768,998
4,334
 
 
 
4,948
MATERIALS - 0.1%
 
 
 
Metals & Mining - 0.1%
 
 
 
Illuminated Holdings, Inc.:
 
 
 
 Series C2 (a)(b)(c)
 
50,974
1,234
 Series C3 (a)(b)(c)
 
63,718
1,543
 Series C4 (a)(b)(c)
 
18,303
443
 Series C5 (a)(b)(c)
 
36,887
893
 
 
 
4,113
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $14,775)
 
 
 
9,885
 
 
 
 
Convertible Bonds - 0.0%
 
 
Principal
Amount (f)
(000s)
 
Value ($)
(000s)
 
MATERIALS - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Illuminated Holdings, Inc. 6% (b)(c)(g)
 
  (Cost $1,908)
 
 
1,908
1,908
 
 
 
 
Money Market Funds - 1.9%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 5.39% (h)
 
19,568,080
19,572
Fidelity Securities Lending Cash Central Fund 5.39% (h)(i)
 
46,184,995
46,190
 
TOTAL MONEY MARKET FUNDS
 (Cost $65,762)
 
 
65,762
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.4%
 (Cost $2,320,875)
 
 
 
3,450,302
NET OTHER ASSETS (LIABILITIES) - (1.4)%  
(48,886)
NET ASSETS - 100.0%
3,401,416
 
 
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
Legend
 
(a)
Non-income producing
 
(b)
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 $19,794,000 or 0.6% of net assets.
 
(c)
Level 3 security
 
(d)
Security or a portion of the security is on loan at period end.
 
(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 $20,525,000 or 0.6% of net assets.
 
(f)
Amount is stated in United States dollars unless otherwise noted.
 
(g)
Security is perpetual in nature with no stated maturity date.
 
(h)
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.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
(000s)
ASAPP, Inc. warrants 8/28/28
8/29/23
0
 
 
 
ASAPP, Inc. Series C
4/30/21
1,654
 
 
 
ASAPP, Inc. Series D
8/29/23
6,831
 
 
 
Blu Investments LLC
5/21/20
6
 
 
 
Canva, Inc. Series A
9/22/23
451
 
 
 
Canva, Inc. Series A2
9/22/23
82
 
 
 
ElevateBio LLC Series C
3/09/21
318
 
 
 
Epic Games, Inc.
3/29/21
1,986
 
 
 
Evolent Health, Inc.
3/28/23
4,614
 
 
 
Illuminated Holdings, Inc. Series C2
7/07/20
1,274
 
 
 
Illuminated Holdings, Inc. Series C3
7/07/20
1,912
 
 
 
Illuminated Holdings, Inc. Series C4
1/08/21
659
 
 
 
Illuminated Holdings, Inc. Series C5
6/16/21
1,594
 
 
 
Illuminated Holdings, Inc. 6%
6/14/23 - 9/27/23
1,909
 
 
 
 
 
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 (Amounts in thousands)
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%
44,138
110,825
135,391
266
-
-
19,572
0.0%
Fidelity Securities Lending Cash Central Fund 5.39%
22,191
83,625
59,626
76
-
-
46,190
0.2%
Total
66,329
194,450
195,017
342
-
-
65,762
 
 
 
 
 
 
 
 
 
 
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.
 
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. Convertible Bonds 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.
 
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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