0001752724-22-237708.txt : 20221026 0001752724-22-237708.hdr.sgml : 20221026 20221026142529 ACCESSION NUMBER: 0001752724-22-237708 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220831 FILED AS OF DATE: 20221026 DATE AS OF CHANGE: 20221026 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: 221332779 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: 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5941300.00000000 0.550844058205 Long EC CORP CA N 1 N N N VALVOLINE INC 549300CMHPBEY6VPOT75 VALVOLINE INC 92047W101 288200.00000000 NS USD 8377974.00000000 0.776758823439 Long EC CORP US N 1 N N N CVS HEALTH CORP 549300EJG376EN5NQE29 CVS HEALTH CORP 126650100 84800.00000000 NS USD 8323120.00000000 0.771673067802 Long EC CORP US N 1 N N N Fidelity Revere Street Trust 549300BDV45LJNXBZC55 Fidelity Securities Lending Cash Central Fund 31635A303 9271722.85000000 NS USD 9272650.02000000 0.859708172847 Long STIV RF US N 1 N N NVIDIA CORP 549300S4KLFTLO7GSQ80 NVIDIA CORP 67066G104 24500.00000000 NS USD 3698030.00000000 0.342860628577 Long EC CORP US N 1 N N N ALIMENTATION COUCHE-TARD INC 549300OSW32RVX8CCZ87 ALIMENTATION COUCHE A MULT VTG 01626P304 187400.00000000 NS 8053341.46000000 0.746660712629 Long EC CORP CA N 1 N N N MASTERCARD INC AR5L2ODV9HN37376R084 MASTERCARD INC CL A 57636Q104 17400.00000000 NS USD 5644038.00000000 0.523283590558 Long EC CORP US N 1 N N N WELLS FARGO and CO PBLD0EJDB5FWOLXP3B76 WELLS FARGO and CO 949746101 312890.00000000 NS USD 13676421.90000000 1.268001235610 Long EC CORP US N 1 N N N SYSCO CORP 5RGWIFLMGH3YS7KWI652 SYSCO CORP 871829107 11500.00000000 NS USD 945530.00000000 0.087664245595 Long EC CORP US N 1 N N N BANK OF AMERICA CORPORATION 9DJT3UXIJIZJI4WXO774 BANK OF AMERICA CORPORATION 060505104 121000.00000000 NS USD 4066810.00000000 0.377051844605 Long EC CORP US N 1 N N N LEIDOS HLDGS INC 549300IUTGTP6EJP8124 LEIDOS HOLDINGS INC 525327102 10400.00000000 NS USD 988520.00000000 0.091650037604 Long EC CORP US N 1 N N N ARCHER DANIELS MIDLAND CO 549300LO13MQ9HYSTR83 ARCHER DANIELS MIDLAND CO 039483102 29000.00000000 NS USD 2548810.00000000 0.236311387069 Long EC CORP US N 1 N N N HUMANA INC 529900YLDW34GJAO4J06 HUMANA INC 444859102 25900.00000000 NS USD 12478102.00000000 1.156899726387 Long EC CORP US N 1 N N N BROOKFIELD ASSET MANAGEMENT INC C6J3FGIWG6MBDGTE8F80 BROOKFIELD ASSET INC VTG CL A 112585104 86600.00000000 NS USD 4166326.00000000 0.386278410726 Long EC CORP CA N 1 N N N LENNAR CORP 529900G61XVRLX5TJX09 LENNAR CORP CL A 526057104 148200.00000000 NS USD 11478090.00000000 1.064184214911 Long EC CORP US N 1 N N N UNITEDHEALTH GROUP INC 549300GHBMY8T5GXDE41 UNITEDHEALTH GROUP INC 91324P102 46897.00000000 NS USD 24355019.01000000 2.258060947797 Long EC CORP US N 1 N N N EXELON CORP 3SOUA6IRML7435B56G12 EXELON CORP 30161N101 258900.00000000 NS USD 11368299.00000000 1.054005008341 Long EC CORP US N 1 N N N UNIVERSAL DISPLAY CORP N/A UNIVERSAL DISPLAY CORP 91347P105 6000.00000000 NS USD 670380.00000000 0.062153878736 Long EC CORP US N 1 N N N SIMON PROPERTY GROUP INC 529900GQL5X8H7AO3T64 SIMON PPTY GROUP INC - REIT 828806109 57000.00000000 NS USD 5812860.00000000 0.538935820810 Long EC CORP US N 1 N N N RELIANCE INDUSTRIES LTD 5493003UOETFYRONLG31 RELIANCE INDS GDR 759470107 124600.00000000 NS USD 8211140.00000000 0.761290909413 Long EC CORP IN N 1 N N N ALTRIA GROUP INC XSGZFLO9YTNO9VCQV219 ALTRIA GROUP INC 02209S103 246373.00000000 NS USD 11116349.76000000 1.030645686000 Long EC CORP US N 1 N N N AMERICAN TOWER CORP 5493006ORUSIL88JOE18 AMERICAN TOWER CORP 03027X100 39700.00000000 NS USD 10085785.00000000 0.935097493745 Long EC CORP US N 1 N N N HILTON WORLDWIDE HOLDINGS INC 549300HVGPK36ICB0B89 HILTON WORLDWIDE HOLDINGS INC 43300A203 11300.00000000 NS USD 1439168.00000000 0.133431596041 Long EC CORP US N 1 N N N DXC TECHNOLOGY CO 549300DOVZ3EDJB7O259 DXC TECHNOLOGY CO 23355L106 46600.00000000 NS USD 1154748.00000000 0.107061766705 Long EC CORP US N 1 N N N SANOFI 549300E9PC51EN656011 SANOFI N/A 9400.00000000 NS 768448.50000000 0.071246240765 Long EC CORP FR N 2 N N N BROOKFIELD INFRASTRUCTURE CORP N/A BROOKFIELD INFRASTRUCTURE - A 11275Q107 139100.00000000 NS USD 6621160.00000000 0.613876869444 Long EC CORP CA N 1 N N N VISTRA CORP 549300KP43CPCUJOOG15 VISTRA CORP 92840M102 156400.00000000 NS USD 3870900.00000000 0.358888166715 Long EC CORP US N 1 N N N SS and C TECHNOLOGIES HLDGS INC 529900POY8H7NPPNKK71 SS and C TECHNOLOGIES HOLDINGS INC 78467J100 218900.00000000 NS USD 12205864.00000000 1.131659343858 Long EC CORP US N 1 N N N COGNIZANT TECHNOLOGY SOLUTIONS CORP 5493006IEVQEFQO40L83 COGNIZANT TECH SOLUTIONS CL A 192446102 66600.00000000 NS USD 4207122.00000000 0.390060787343 Long EC CORP US N 1 N N N PROLOGIS INC 529900DFH19P073LZ636 PROLOGIS INC REIT 74340W103 20300.00000000 NS USD 2527553.00000000 0.234340557091 Long EC CORP US N 1 N N N ALPHABET INC 5493006MHB84DD0ZWV18 ALPHABET INC CL A 02079K305 72800.00000000 NS USD 7878416.00000000 0.730442603752 Long EC CORP US N 1 N N N NEWMONT CORP 549300VSP3RIX7FGDZ51 NEWMONT CORP 651639106 184700.00000000 NS USD 7639192.00000000 0.708263094388 Long EC CORP US N 1 N N N 2022-09-30 Stacie M. Smith Stacie M. Smith Stacie M. Smith President and Treasurer XXXX NPORT-EX 2 QTLY_714_20220831.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity Advisor® Dividend Growth Fund
August 31, 2022
ADGF-NPRT3-1022
1.805738.118
Common Stocks - 97.4%
 
 
Shares
Value ($)
(000s)
 
COMMUNICATION SERVICES - 6.2%
 
 
 
Diversified Telecommunication Services - 2.6%
 
 
 
Cellnex Telecom SA (a)
 
154,200
6,005
Deutsche Telekom AG
 
268,000
5,051
Verizon Communications, Inc.
 
398,000
16,640
 
 
 
27,696
Entertainment - 1.3%
 
 
 
Activision Blizzard, Inc.
 
128,100
10,055
Electronic Arts, Inc.
 
29,000
3,679
 
 
 
13,734
Interactive Media & Services - 1.4%
 
 
 
Alphabet, Inc. Class A (b)
 
72,800
7,878
Meta Platforms, Inc. Class A (b)
 
43,800
7,136
 
 
 
15,014
Media - 0.9%
 
 
 
Comcast Corp. Class A
 
287,450
10,403
TOTAL COMMUNICATION SERVICES
 
 
66,847
CONSUMER DISCRETIONARY - 7.3%
 
 
 
Diversified Consumer Services - 0.2%
 
 
 
H&R Block, Inc.
 
55,400
2,493
Hotels, Restaurants & Leisure - 2.0%
 
 
 
Churchill Downs, Inc.
 
19,200
3,784
Domino's Pizza, Inc.
 
16,300
6,061
Expedia, Inc. (b)
 
34,700
3,562
Hilton Worldwide Holdings, Inc.
 
11,300
1,439
Krispy Kreme, Inc. (c)
 
96,900
1,139
Restaurant Brands International, Inc.
 
100,700
5,941
Starbucks Corp.
 
100
8
 
 
 
21,934
Household Durables - 2.0%
 
 
 
D.R. Horton, Inc.
 
132,300
9,413
Lennar Corp. Class A
 
148,200
11,478
 
 
 
20,891
Multiline Retail - 1.4%
 
 
 
Dollar General Corp.
 
56,400
13,390
Kohl's Corp.
 
36,900
1,049
Target Corp.
 
2,900
465
 
 
 
14,904
Specialty Retail - 1.7%
 
 
 
Camping World Holdings, Inc. (c)
 
34,500
1,039
Lowe's Companies, Inc.
 
49,000
9,513
TJX Companies, Inc.
 
96,200
5,998
Williams-Sonoma, Inc.
 
9,900
1,473
 
 
 
18,023
TOTAL CONSUMER DISCRETIONARY
 
 
78,245
CONSUMER STAPLES - 9.7%
 
 
 
Beverages - 3.5%
 
 
 
Constellation Brands, Inc. Class A (sub. vtg.)
 
38,900
9,571
Keurig Dr. Pepper, Inc.
 
396,900
15,130
The Coca-Cola Co.
 
212,300
13,101
 
 
 
37,802
Food & Staples Retailing - 1.8%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
187,400
8,053
Sysco Corp.
 
11,500
946
Walmart, Inc.
 
77,900
10,326
 
 
 
19,325
Food Products - 0.8%
 
 
 
Archer Daniels Midland Co.
 
29,000
2,549
The J.M. Smucker Co.
 
40,300
5,642
 
 
 
8,191
Household Products - 1.4%
 
 
 
Reynolds Consumer Products, Inc. (c)
 
436,400
12,189
Spectrum Brands Holdings, Inc.
 
39,285
2,475
 
 
 
14,664
Tobacco - 2.2%
 
 
 
Altria Group, Inc.
 
246,373
11,116
Philip Morris International, Inc.
 
39,500
3,772
Swedish Match Co. AB
 
912,600
9,162
 
 
 
24,050
TOTAL CONSUMER STAPLES
 
 
104,032
ENERGY - 6.9%
 
 
 
Energy Equipment & Services - 0.3%
 
 
 
Baker Hughes Co. Class A
 
129,600
3,274
Oil, Gas & Consumable Fuels - 6.6%
 
 
 
ARC Resources Ltd.
 
615,100
8,491
Arch Resources, Inc. (c)
 
31,300
4,557
Cameco Corp.
 
85,100
2,481
Canadian Natural Resources Ltd.
 
137,200
7,520
Cool Co. Ltd. (b)
 
173,200
1,882
Energy Transfer LP
 
754,900
8,840
Enterprise Products Partners LP
 
462,500
12,173
Exxon Mobil Corp.
 
111,922
10,699
Reliance Industries Ltd. sponsored GDR (a)(b)
 
124,600
8,211
Viper Energy Partners LP
 
220,553
6,731
 
 
 
71,585
TOTAL ENERGY
 
 
74,859
FINANCIALS - 7.7%
 
 
 
Banks - 1.7%
 
 
 
Bank of America Corp.
 
121,000
4,067
Wells Fargo & Co.
 
312,890
13,676
 
 
 
17,743
Capital Markets - 2.4%
 
 
 
BlackRock, Inc. Class A
 
7,800
5,198
Brookfield Asset Management, Inc. Class A
 
86,600
4,166
Intercontinental Exchange, Inc.
 
122,300
12,334
S&P Global, Inc.
 
12,548
4,419
 
 
 
26,117
Diversified Financial Services - 0.4%
 
 
 
Apollo Global Management, Inc.
 
81,700
4,541
Insurance - 3.2%
 
 
 
Arthur J. Gallagher & Co.
 
74,000
13,436
Brookfield Asset Management Reinsurance Partners Ltd.
 
491
24
Marsh & McLennan Companies, Inc.
 
47,400
7,649
The Travelers Companies, Inc.
 
82,000
13,254
 
 
 
34,363
TOTAL FINANCIALS
 
 
82,764
HEALTH CARE - 14.1%
 
 
 
Biotechnology - 0.3%
 
 
 
AbbVie, Inc.
 
29,100
3,913
Health Care Equipment & Supplies - 1.3%
 
 
 
Baxter International, Inc.
 
135,500
7,786
Becton, Dickinson & Co.
 
25,100
6,336
 
 
 
14,122
Health Care Providers & Services - 6.7%
 
 
 
Cigna Corp.
 
81,600
23,130
CVS Health Corp.
 
84,800
8,323
HCA Holdings, Inc.
 
19,200
3,799
Humana, Inc.
 
25,900
12,478
UnitedHealth Group, Inc.
 
46,897
24,355
 
 
 
72,085
Life Sciences Tools & Services - 1.5%
 
 
 
Danaher Corp.
 
12,000
3,239
Thermo Fisher Scientific, Inc.
 
23,000
12,542
 
 
 
15,781
Pharmaceuticals - 4.3%
 
 
 
AstraZeneca PLC (United Kingdom)
 
25,400
3,142
Bristol-Myers Squibb Co.
 
270,900
18,261
Eli Lilly & Co.
 
32,000
9,639
Perrigo Co. PLC
 
224,200
8,390
Pfizer, Inc.
 
40,900
1,850
Roche Holding AG (participation certificate)
 
12,670
4,083
Sanofi SA
 
9,400
768
 
 
 
46,133
TOTAL HEALTH CARE
 
 
152,034
INDUSTRIALS - 8.4%
 
 
 
Aerospace & Defense - 2.2%
 
 
 
Airbus Group NV
 
19,700
1,930
L3Harris Technologies, Inc.
 
13,300
3,035
Lockheed Martin Corp.
 
7,900
3,319
Northrop Grumman Corp.
 
17,300
8,269
The Boeing Co. (b)
 
41,800
6,698
 
 
 
23,251
Air Freight & Logistics - 0.2%
 
 
 
United Parcel Service, Inc. Class B
 
13,700
2,665
Airlines - 0.0%
 
 
 
Copa Holdings SA Class A (b)
 
2,900
206
Building Products - 0.1%
 
 
 
Fortune Brands Home & Security, Inc.
 
20,800
1,278
Commercial Services & Supplies - 0.9%
 
 
 
GFL Environmental, Inc.
 
359,100
10,117
Industrial Conglomerates - 1.3%
 
 
 
General Electric Co.
 
167,887
12,330
Hitachi Ltd.
 
44,000
2,198
 
 
 
14,528
Machinery - 2.1%
 
 
 
Allison Transmission Holdings, Inc.
 
289,643
10,502
Caterpillar, Inc.
 
10,000
1,847
Deere & Co.
 
18,400
6,721
Fortive Corp.
 
23,800
1,507
Toro Co.
 
20,100
1,667
 
 
 
22,244
Marine - 0.2%
 
 
 
2020 Bulkers Ltd.
 
202,600
1,808
Professional Services - 0.5%
 
 
 
Equifax, Inc.
 
21,300
4,020
Leidos Holdings, Inc.
 
10,400
989
 
 
 
5,009
Road & Rail - 0.9%
 
 
 
Canadian Pacific Railway Ltd.
 
73,000
5,465
TFI International, Inc. (Canada)
 
40,700
4,061
 
 
 
9,526
TOTAL INDUSTRIALS
 
 
90,632
INFORMATION TECHNOLOGY - 20.0%
 
 
 
Electronic Equipment & Components - 0.2%
 
 
 
Jabil, Inc.
 
42,400
2,557
IT Services - 6.2%
 
 
 
Cognizant Technology Solutions Corp. Class A
 
66,600
4,207
DXC Technology Co. (b)
 
46,600
1,155
Fidelity National Information Services, Inc.
 
97,800
8,936
Genpact Ltd.
 
288,800
13,568
Global Payments, Inc.
 
19,900
2,472
MasterCard, Inc. Class A
 
17,400
5,644
SS&C Technologies Holdings, Inc.
 
218,900
12,206
Visa, Inc. Class A
 
92,900
18,460
 
 
 
66,648
Semiconductors & Semiconductor Equipment - 3.2%
 
 
 
Broadcom, Inc.
 
14,500
7,237
KLA Corp.
 
8,000
2,753
Lam Research Corp.
 
6,900
3,022
Marvell Technology, Inc.
 
229,700
10,755
Microchip Technology, Inc.
 
13,400
874
NVIDIA Corp.
 
24,500
3,698
NXP Semiconductors NV
 
14,500
2,386
Teradyne, Inc.
 
35,300
2,988
Universal Display Corp.
 
6,000
670
 
 
 
34,383
Software - 8.5%
 
 
 
Intuit, Inc.
 
26,400
11,399
Microsoft Corp.
 
274,300
71,721
Oracle Corp.
 
112,700
8,357
 
 
 
91,477
Technology Hardware, Storage & Peripherals - 1.9%
 
 
 
Apple, Inc.
 
108,596
17,073
Samsung Electronics Co. Ltd.
 
87,950
3,881
 
 
 
20,954
TOTAL INFORMATION TECHNOLOGY
 
 
216,019
MATERIALS - 3.4%
 
 
 
Chemicals - 1.2%
 
 
 
CF Industries Holdings, Inc.
 
44,500
4,604
Valvoline, Inc.
 
288,200
8,378
 
 
 
12,982
Metals & Mining - 2.2%
 
 
 
Barrick Gold Corp.
 
132,200
1,963
Freeport-McMoRan, Inc.
 
146,900
4,348
Glencore Xstrata PLC
 
1,847,000
10,099
Newmont Corp.
 
184,700
7,639
 
 
 
24,049
TOTAL MATERIALS
 
 
37,031
REAL ESTATE - 4.4%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 4.4%
 
 
 
American Tower Corp.
 
39,700
10,086
Crown Castle International Corp.
 
30,200
5,159
CubeSmart
 
50,900
2,344
Digital Realty Trust, Inc.
 
49,000
6,058
Four Corners Property Trust, Inc.
 
185,400
4,985
National Retail Properties, Inc.
 
102,800
4,616
Park Hotels & Resorts, Inc.
 
133,400
1,868
Prologis (REIT), Inc.
 
22,900
2,851
Public Storage
 
12,300
4,069
Simon Property Group, Inc.
 
57,000
5,813
 
 
 
47,849
UTILITIES - 9.3%
 
 
 
Electric Utilities - 4.9%
 
 
 
Constellation Energy Corp.
 
39,733
3,242
Duke Energy Corp.
 
26,000
2,780
Edison International
 
180,400
12,226
Exelon Corp.
 
258,900
11,368
FirstEnergy Corp.
 
184,000
7,277
NextEra Energy, Inc.
 
52,500
4,466
PG&E Corp. (b)
 
50,466
622
Southern Co.
 
136,400
10,512
 
 
 
52,493
Gas Utilities - 0.6%
 
 
 
Brookfield Infrastructure Corp. A Shares
 
139,100
6,621
Independent Power and Renewable Electricity Producers - 2.1%
 
 
 
NextEra Energy Partners LP
 
95,400
7,831
The AES Corp.
 
449,000
11,427
Vistra Corp.
 
156,400
3,871
 
 
 
23,129
Multi-Utilities - 1.7%
 
 
 
CenterPoint Energy, Inc.
 
316,400
9,976
Dominion Energy, Inc.
 
100,600
8,229
 
 
 
18,205
TOTAL UTILITIES
 
 
100,448
 
TOTAL COMMON STOCKS
 (Cost $941,435)
 
 
 
1,050,760
 
 
 
 
Money Market Funds - 3.6%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 2.33% (d)
 
29,468,822
29,475
Fidelity Securities Lending Cash Central Fund 2.34% (d)(e)
 
9,085,616
9,087
 
TOTAL MONEY MARKET FUNDS
 (Cost $38,562)
 
 
38,562
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.0%
 (Cost $979,997)
 
 
 
1,089,322
NET OTHER ASSETS (LIABILITIES) - (1.0)%  
(10,787)
NET ASSETS - 100.0%
1,078,535
 
 
 
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 $14,216,000 or 1.3% 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 2.33%
2,542
188,469
161,536
244
-
-
29,475
0.1%
Fidelity Securities Lending Cash Central Fund 2.34%
25,359
108,535
124,807
78
-
-
9,087
0.0%
Total
27,901
297,004
286,343
322
-
-
38,562
 
 
 
 
 
 
 
 
 
 
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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