0001752724-22-094148.txt : 20220427 0001752724-22-094148.hdr.sgml : 20220427 20220427121831 ACCESSION NUMBER: 0001752724-22-094148 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220228 FILED AS OF DATE: 20220427 PERIOD START: 20221130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY ADVISOR SERIES I CENTRAL INDEX KEY: 0000722574 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-03785 FILM NUMBER: 22857973 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 ADVISOR SERIES 1 DATE OF NAME CHANGE: 19930706 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY BROAD STREET TRUST DATE OF NAME CHANGE: 19920820 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY ADVISOR EQUITY PORTFOLIO 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INTERNATIONAL 549300I7ROF15MAEVP56 EDISON INTL 281020107 171800.00000000 NS USD 10895556.00000000 0.926339585900 Long EC CORP US N 1 N N N RESTAURANT BRANDS INTL INC 5299009RXTX9DN9AKJ98 RESTAURANT BRANDS INTERNATIONAL INC 76131D103 105400.00000000 NS USD 5900292.00000000 0.501642508925 Long EC CORP CA N 1 N N VALVOLINE INC 549300CMHPBEY6VPOT75 VALVOLINE INC 92047W101 285400.00000000 NS USD 9226982.00000000 0.784477514042 Long EC CORP US N 1 N N N CVS HEALTH CORP 549300EJG376EN5NQE29 CVS HEALTH CORP 126650100 60500.00000000 NS USD 6270825.00000000 0.533145204683 Long EC CORP US N 1 N N N Fidelity Revere Street Trust 549300BDV45LJNXBZC55 Fidelity Securities Lending Cash Central Fund 31635A303 20534197.33900000 NS USD 20536250.76000000 1.745990936577 Long STIV RF US N 1 N N NVIDIA CORP 549300S4KLFTLO7GSQ80 NVIDIA CORP 67066G104 22000.00000000 NS USD 5364700.00000000 0.456106505852 Long EC CORP US N 1 N N N ALIMENTATION COUCHE-TARD INC 549300OSW32RVX8CCZ87 ALIMENTATION COUCHE A MULT VTG 01626P304 181500.00000000 NS 7123964.50000000 0.605679079149 Long EC CORP CA N 1 N N N MASTERCARD INC AR5L2ODV9HN37376R084 MASTERCARD INC CL A 57636Q104 20500.00000000 NS USD 7396810.00000000 0.628876388904 Long EC CORP US N 1 N N N WELLS FARGO and CO PBLD0EJDB5FWOLXP3B76 WELLS FARGO and CO 949746101 310690.00000000 NS USD 16581525.30000000 1.409760390383 Long EC CORP US N 1 N N N BJS WHOLESALE CLUB HOLDINGS INC 549300UCIWH1C93V0J03 BJS WHSL CLUB HLDGS INC 05550J101 44700.00000000 NS USD 2810289.00000000 0.238930619834 Long EC CORP US N 1 N N N HUMANA INC 529900YLDW34GJAO4J06 HUMANA INC 444859102 27300.00000000 NS USD 11856936.00000000 1.008076061863 Long EC CORP US N 1 N N N BROOKFIELD ASSET MANAGEMENT INC C6J3FGIWG6MBDGTE8F80 BROOKFIELD ASSET INC VTG CL A 112585104 88700.00000000 NS USD 4846568.00000000 0.412054951042 Long EC CORP CA N 1 N N N LENNAR CORP 529900G61XVRLX5TJX09 LENNAR CORP CL A 526057104 130300.00000000 NS USD 11711364.00000000 0.995699538242 Long EC CORP US N 1 N N N UNITEDHEALTH GROUP INC 549300GHBMY8T5GXDE41 UNITEDHEALTH GROUP INC 91324P102 48397.00000000 NS USD 23030680.39000000 1.958067209740 Long EC CORP US N 1 N N N EXELON CORP 3SOUA6IRML7435B56G12 EXELON CORP 30161N101 227800.00000000 NS USD 9695168.00000000 0.824282662615 Long EC CORP US N 1 N N N UNIVERSAL DISPLAY CORP N/A UNIVERSAL DISPLAY CORP 91347P105 11200.00000000 NS USD 1734992.00000000 0.147508926650 Long EC CORP US N 1 N N N SIMON PROPERTY GROUP INC 529900GQL5X8H7AO3T64 SIMON PPTY GROUP INC - REIT 828806109 80400.00000000 NS USD 11059824.00000000 0.940305642437 Long EC CORP US N 1 N N N RELIANCE INDUSTRIES LTD 5493003UOETFYRONLG31 RELIANCE INDS GDR 759470107 164800.00000000 NS USD 10344234.23000000 0.879466238627 Long EC CORP IN N 2 N N N ALTRIA GROUP INC XSGZFLO9YTNO9VCQV219 ALTRIA GROUP INC 02209S103 280373.00000000 NS USD 14380331.17000000 1.222614983680 Long EC CORP US N 1 N N N AMERICAN TOWER CORP 5493006ORUSIL88JOE18 AMERICAN TOWER CORP 03027X100 41300.00000000 NS USD 9369731.00000000 0.796614026355 Long EC CORP US N 1 N N N HILTON WORLDWIDE HOLDINGS INC 549300HVGPK36ICB0B89 HILTON WORLDWIDE HOLDINGS INC 43300A203 38200.00000000 NS USD 5686452.00000000 0.483461843610 Long EC CORP US N 1 N N N DXC TECHNOLOGY CO 549300DOVZ3EDJB7O259 DXC TECHNOLOGY CO 23355L106 111100.00000000 NS USD 3780733.00000000 0.321437716590 Long EC CORP US N 1 N N N SANOFI 549300E9PC51EN656011 SANOFI N/A 39600.00000000 NS 4139490.71000000 0.351939277824 Long EC CORP FR N 2 N N N BROOKFIELD INFRASTRUCTURE CORP N/A BROOKFIELD INFRASTRUCTURE - A 11275Q107 60000.00000000 NS USD 4226400.00000000 0.359328300992 Long EC CORP CA N 1 N N N VISTRA CORP 549300KP43CPCUJOOG15 VISTRA CORP 92840M102 140200.00000000 NS USD 3199364.00000000 0.272009755436 Long EC CORP US N 1 N N N SS and C TECHNOLOGIES HLDGS INC 529900POY8H7NPPNKK71 SS and C TECHNOLOGIES HOLDINGS INC 78467J100 159300.00000000 NS USD 11942721.00000000 1.015369497955 Long EC CORP US N 1 N N N COGNIZANT TECHNOLOGY SOLUTIONS CORP 5493006IEVQEFQO40L83 COGNIZANT TECH SOLUTIONS CL A 192446102 83900.00000000 NS USD 7226307.00000000 0.614380233002 Long EC CORP US N 1 N N N ALPHABET INC 5493006MHB84DD0ZWV18 ALPHABET INC CL A 02079K305 5100.00000000 NS USD 13775814.00000000 1.171218966357 Long EC CORP US N 1 N N N NEWMONT CORP 549300VSP3RIX7FGDZ51 NEWMONT CORP 651639106 16600.00000000 NS USD 1098920.00000000 0.093430119375 Long EC CORP US N 1 N N N WALT DISNEY CO 549300GZKULIZ0WOW665 DISNEY (WALT) CO 254687106 51700.00000000 NS USD 7675382.00000000 0.652560565381 Long EC CORP US N 1 N N N 2022-03-30 Stacie M. Smith Stacie M. Smith Stacie M. Smith President and Treasurer XXXX NPORT-EX 2 QTLY_714_20220228.htm US_QtlyFinancialStatementsCoverMaster
Quarterly Holdings Report
for
Fidelity Advisor® Dividend Growth Fund
February 28, 2022
ADGF-NPRT1-0422
1.797922.118
Common Stocks - 98.4%
 
 
Shares
Value ($)
(000s)
 
COMMUNICATION SERVICES - 7.9%
 
 
 
Diversified Telecommunication Services - 2.7%
 
 
 
Cellnex Telecom SA (a)
 
184,700
8,354
Deutsche Telekom AG
 
338,200
6,062
Verizon Communications, Inc.
 
317,000
17,013
 
 
 
31,429
Entertainment - 2.1%
 
 
 
Activision Blizzard, Inc.
 
126,400
10,302
Electronic Arts, Inc.
 
52,100
6,778
The Walt Disney Co. (b)
 
51,700
7,675
 
 
 
24,755
Interactive Media & Services - 1.9%
 
 
 
Alphabet, Inc. Class A (b)
 
5,100
13,776
Meta Platforms, Inc. Class A (b)
 
42,400
8,948
 
 
 
22,724
Media - 1.2%
 
 
 
Comcast Corp. Class A
 
296,450
13,862
TOTAL COMMUNICATION SERVICES
 
 
92,770
CONSUMER DISCRETIONARY - 9.7%
 
 
 
Auto Components - 0.0%
 
 
 
Lear Corp.
 
3,600
566
Automobiles - 0.3%
 
 
 
General Motors Co. (b)
 
73,700
3,443
Diversified Consumer Services - 0.2%
 
 
 
H&R Block, Inc. (c)
 
73,800
1,831
Hotels, Restaurants & Leisure - 2.9%
 
 
 
Churchill Downs, Inc.
 
41,000
9,876
Domino's Pizza, Inc.
 
11,800
5,100
Hilton Worldwide Holdings, Inc. (b)
 
38,200
5,686
Krispy Kreme, Inc. (c)
 
105,500
1,573
Marriott International, Inc. Class A (b)
 
33,000
5,615
Restaurant Brands International, Inc. (c)
 
105,400
5,900
Starbucks Corp.
 
100
9
 
 
 
33,759
Household Durables - 2.0%
 
 
 
D.R. Horton, Inc.
 
41,300
3,527
Lennar Corp. Class A
 
130,300
11,711
Sony Group Corp.
 
25,900
2,646
Whirlpool Corp. (c)
 
29,900
6,018
 
 
 
23,902
Internet & Direct Marketing Retail - 0.2%
 
 
 
eBay, Inc.
 
53,800
2,937
Multiline Retail - 1.6%
 
 
 
Dollar General Corp.
 
82,600
16,383
Target Corp.
 
12,000
2,397
 
 
 
18,780
Specialty Retail - 2.2%
 
 
 
American Eagle Outfitters, Inc.
 
900
19
Camping World Holdings, Inc. (c)
 
239,500
7,355
Lowe's Companies, Inc.
 
66,400
14,678
Williams-Sonoma, Inc.
 
26,400
3,824
 
 
 
25,876
Textiles, Apparel & Luxury Goods - 0.3%
 
 
 
adidas AG
 
5,100
1,206
PVH Corp.
 
19,100
1,870
 
 
 
3,076
TOTAL CONSUMER DISCRETIONARY
 
 
114,170
CONSUMER STAPLES - 8.7%
 
 
 
Beverages - 3.5%
 
 
 
Constellation Brands, Inc. Class A (sub. vtg.)
 
19,200
4,140
Diageo PLC
 
134,554
6,666
Keurig Dr. Pepper, Inc.
 
396,900
15,348
The Coca-Cola Co.
 
232,600
14,477
 
 
 
40,631
Food & Staples Retailing - 1.8%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
181,500
7,124
BJ's Wholesale Club Holdings, Inc. (b)
 
44,700
2,810
Walmart, Inc.
 
86,400
11,678
 
 
 
21,612
Household Products - 1.4%
 
 
 
Reynolds Consumer Products, Inc.
 
200,300
5,963
Spectrum Brands Holdings, Inc.
 
116,385
10,798
 
 
 
16,761
Tobacco - 2.0%
 
 
 
Altria Group, Inc.
 
280,373
14,380
Swedish Match Co. AB
 
1,231,500
8,953
 
 
 
23,333
TOTAL CONSUMER STAPLES
 
 
102,337
ENERGY - 5.1%
 
 
 
Oil, Gas & Consumable Fuels - 5.1%
 
 
 
ARC Resources Ltd.
 
232,800
2,878
Cameco Corp. (c)
 
113,600
2,792
Canadian Natural Resources Ltd. (c)
 
190,100
10,613
Energy Transfer LP
 
472,200
4,788
Enterprise Products Partners LP
 
450,000
10,989
Exxon Mobil Corp.
 
165,122
12,949
Hess Corp.
 
39,000
3,941
Reliance Industries Ltd. sponsored GDR (a)
 
164,800
10,344
Viper Energy Partners LP
 
16,353
481
 
 
 
59,775
FINANCIALS - 7.9%
 
 
 
Banks - 1.4%
 
 
 
Wells Fargo & Co.
 
310,690
16,582
Capital Markets - 2.9%
 
 
 
BlackRock, Inc. Class A
 
10,300
7,662
Brookfield Asset Management, Inc. Class A
 
88,700
4,847
Intercontinental Exchange, Inc.
 
130,700
16,745
S&P Global, Inc.
 
14,048
5,278
 
 
 
34,532
Diversified Financial Services - 0.6%
 
 
 
Apollo Global Management, Inc.
 
103,100
6,728
Insurance - 3.0%
 
 
 
Arthur J. Gallagher & Co.
 
79,400
12,560
Brookfield Asset Management Reinsurance Partners Ltd.
 
491
27
Marsh & McLennan Companies, Inc.
 
49,000
7,615
The Travelers Companies, Inc.
 
84,600
14,537
 
 
 
34,739
TOTAL FINANCIALS
 
 
92,581
HEALTH CARE - 12.8%
 
 
 
Biotechnology - 0.4%
 
 
 
AbbVie, Inc.
 
29,100
4,300
Health Care Providers & Services - 4.8%
 
 
 
Cigna Corp.
 
63,500
15,099
CVS Health Corp.
 
60,500
6,271
Humana, Inc.
 
27,300
11,857
UnitedHealth Group, Inc.
 
48,397
23,031
 
 
 
56,258
Life Sciences Tools & Services - 1.5%
 
 
 
Danaher Corp.
 
13,500
3,705
Thermo Fisher Scientific, Inc.
 
26,800
14,579
 
 
 
18,284
Pharmaceuticals - 6.1%
 
 
 
AstraZeneca PLC (United Kingdom)
 
61,900
7,524
Bristol-Myers Squibb Co.
 
268,200
18,417
Eli Lilly & Co.
 
49,000
12,248
Merck KGaA
 
47,200
9,362
Pfizer, Inc.
 
43,200
2,028
Roche Holding AG (participation certificate)
 
28,770
10,896
Sanofi SA
 
39,600
4,139
UCB SA
 
67,900
7,410
 
 
 
72,024
TOTAL HEALTH CARE
 
 
150,866
INDUSTRIALS - 10.7%
 
 
 
Aerospace & Defense - 2.5%
 
 
 
Airbus Group NV
 
59,600
7,610
L3Harris Technologies, Inc.
 
8,300
2,094
Northrop Grumman Corp.
 
20,000
8,843
The Boeing Co. (b)
 
50,500
10,370
 
 
 
28,917
Air Freight & Logistics - 0.3%
 
 
 
United Parcel Service, Inc. Class B
 
14,300
3,009
Airlines - 0.1%
 
 
 
Copa Holdings SA Class A (b)
 
17,300
1,468
Building Products - 0.2%
 
 
 
Fortune Brands Home & Security, Inc.
 
29,300
2,546
Commercial Services & Supplies - 1.0%
 
 
 
GFL Environmental, Inc.
 
381,600
11,157
Industrial Conglomerates - 2.1%
 
 
 
General Electric Co.
 
232,887
22,243
Hitachi Ltd.
 
53,900
2,649
 
 
 
24,892
Machinery - 2.4%
 
 
 
Allison Transmission Holdings, Inc.
 
295,043
11,784
Deere & Co.
 
20,100
7,236
Fortive Corp.
 
23,800
1,541
PACCAR, Inc.
 
19,600
1,799
Toro Co.
 
61,500
5,769
 
 
 
28,129
Marine - 0.2%
 
 
 
2020 Bulkers Ltd.
 
202,600
2,637
Professional Services - 0.6%
 
 
 
Cool Co. Ltd. (b)
 
173,200
1,579
Equifax, Inc.
 
21,900
4,782
Leidos Holdings, Inc.
 
5,900
601
 
 
 
6,962
Road & Rail - 1.2%
 
 
 
Canadian Pacific Railway Ltd.
 
99,800
7,014
TFI International, Inc. (Canada)
 
73,600
7,672
 
 
 
14,686
Trading Companies & Distributors - 0.1%
 
 
 
Watsco, Inc.
 
5,400
1,475
TOTAL INDUSTRIALS
 
 
125,878
INFORMATION TECHNOLOGY - 23.8%
 
 
 
Electronic Equipment & Components - 0.2%
 
 
 
Jabil, Inc.
 
44,400
2,567
IT Services - 5.4%
 
 
 
Amadeus IT Holding SA Class A (b)
 
27,800
1,834
Cognizant Technology Solutions Corp. Class A
 
83,900
7,226
DXC Technology Co. (b)
 
111,100
3,781
Fidelity National Information Services, Inc.
 
80,600
7,676
Genpact Ltd.
 
261,700
10,950
Global Payments, Inc.
 
20,800
2,774
MasterCard, Inc. Class A
 
20,500
7,397
Visa, Inc. Class A
 
100,900
21,807
 
 
 
63,445
Semiconductors & Semiconductor Equipment - 4.1%
 
 
 
Broadcom, Inc.
 
16,000
9,399
Intel Corp.
 
12,700
606
KLA Corp.
 
10,500
3,659
Lam Research Corp.
 
8,900
4,996
Marvell Technology, Inc.
 
207,200
14,158
Microchip Technology, Inc.
 
15,100
1,062
NVIDIA Corp.
 
22,000
5,365
NXP Semiconductors NV
 
15,200
2,890
Teradyne, Inc.
 
39,800
4,693
Universal Display Corp.
 
11,200
1,735
 
 
 
48,563
Software - 10.5%
 
 
 
Intuit, Inc.
 
26,200
12,428
Microsoft Corp.
 
304,800
91,072
Oracle Corp.
 
71,200
5,409
SAP SE
 
18,700
2,109
SS&C Technologies Holdings, Inc.
 
159,300
11,943
 
 
 
122,961
Technology Hardware, Storage & Peripherals - 3.6%
 
 
 
Apple, Inc.
 
215,196
35,533
Samsung Electronics Co. Ltd.
 
106,640
6,426
 
 
 
41,959
TOTAL INFORMATION TECHNOLOGY
 
 
279,495
MATERIALS - 2.3%
 
 
 
Chemicals - 0.9%
 
 
 
Air Products & Chemicals, Inc.
 
4,700
1,111
Valvoline, Inc.
 
285,400
9,227
 
 
 
10,338
Metals & Mining - 1.4%
 
 
 
Franco-Nevada Corp.
 
900
132
Freeport-McMoRan, Inc.
 
111,000
5,211
Glencore Xstrata PLC
 
1,795,700
10,559
Newmont Corp.
 
16,600
1,099
 
 
 
17,001
TOTAL MATERIALS
 
 
27,339
REAL ESTATE - 3.7%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 3.7%
 
 
 
American Tower Corp.
 
41,300
9,370
Crown Castle International Corp.
 
7,200
1,199
CubeSmart
 
18,700
902
Digital Realty Trust, Inc.
 
52,000
7,016
Four Corners Property Trust, Inc.
 
116,900
3,084
National Retail Properties, Inc.
 
46,700
1,990
Park Hotels & Resorts, Inc. (b)
 
185,600
3,497
Public Storage
 
11,600
4,118
Simon Property Group, Inc.
 
80,400
11,060
The Macerich Co.
 
94,200
1,441
 
 
 
43,677
UTILITIES - 5.8%
 
 
 
Electric Utilities - 2.9%
 
 
 
Constellation Energy Corp.
 
30,433
1,399
Duke Energy Corp.
 
6,100
613
Edison International
 
171,800
10,896
Exelon Corp.
 
227,800
9,695
FirstEnergy Corp.
 
64,800
2,712
Southern Co.
 
133,500
8,647
 
 
 
33,962
Gas Utilities - 0.3%
 
 
 
Brookfield Infrastructure Corp. A Shares
 
60,000
4,226
Independent Power and Renewable Electricity Producers - 1.2%
 
 
 
NextEra Energy Partners LP
 
52,200
4,072
The AES Corp.
 
346,800
7,363
Vistra Corp.
 
140,200
3,199
 
 
 
14,634
Multi-Utilities - 1.4%
 
 
 
CenterPoint Energy, Inc.
 
350,500
9,586
Dominion Energy, Inc.
 
81,000
6,442
 
 
 
16,028
TOTAL UTILITIES
 
 
68,850
 
TOTAL COMMON STOCKS
 (Cost $950,807)
 
 
 
1,157,738
 
 
 
 
Money Market Funds - 3.6%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 0.07% (d)
 
20,948,651
20,953
Fidelity Securities Lending Cash Central Fund 0.07% (d)(e)
 
21,190,596
21,193
 
TOTAL MONEY MARKET FUNDS
 (Cost $42,146)
 
 
42,146
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.0%
 (Cost $992,953)
 
 
 
1,199,884
NET OTHER ASSETS (LIABILITIES) - (2.0)%  
(23,560)
NET ASSETS - 100.0%
1,176,324
 
 
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
Legend
 
(a)
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 $18,698,000 or 1.6% of net assets.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(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 (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 0.07%
2,542
54,681
36,270
2
-
-
20,953
0.0%
Fidelity Securities Lending Cash Central Fund 0.07%
25,359
32,231
36,397
24
-
-
21,193
0.1%
Total
27,901
86,912
72,667
26
-
-
42,146
 
 
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.
 
 
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 - 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 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 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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