NPORT-EX 2 QTLY_531_20230228.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity Advisor® Stock Selector Mid Cap Fund
February 28, 2023
MC-NPRT1-0423
1.797928.119
Common Stocks - 97.5%
 
 
Shares
Value ($)
(000s)
 
COMMUNICATION SERVICES - 1.8%
 
 
 
Diversified Telecommunication Services - 0.4%
 
 
 
Frontier Communications Parent, Inc. (a)(b)
 
60,100
1,644
Iridium Communications, Inc.
 
99,500
6,106
 
 
 
7,750
Entertainment - 0.3%
 
 
 
Endeavor Group Holdings, Inc. (a)
 
81,300
1,814
Liberty Media Corp. Liberty Formula One Series C (a)
 
30,300
2,056
Warner Music Group Corp. Class A
 
62,600
1,976
 
 
 
5,846
Interactive Media & Services - 0.2%
 
 
 
IAC, Inc. (a)
 
9,000
467
TripAdvisor, Inc. (a)
 
47,900
1,033
Ziff Davis, Inc. (a)
 
42,100
3,325
 
 
 
4,825
Media - 0.9%
 
 
 
Cable One, Inc.
 
6,100
4,213
Gray Television, Inc.
 
73,300
858
Interpublic Group of Companies, Inc.
 
75,751
2,692
Nexstar Broadcasting Group, Inc. Class A
 
23,800
4,424
S4 Capital PLC (a)
 
204,200
505
The New York Times Co. Class A
 
125,100
4,816
 
 
 
17,508
TOTAL COMMUNICATION SERVICES
 
 
35,929
CONSUMER DISCRETIONARY - 13.1%
 
 
 
Auto Components - 1.4%
 
 
 
Adient PLC (a)
 
245,800
10,501
Lear Corp.
 
112,853
15,760
Novem Group SA
 
173,400
1,614
 
 
 
27,875
Automobiles - 0.6%
 
 
 
Harley-Davidson, Inc.
 
256,272
12,186
Diversified Consumer Services - 0.5%
 
 
 
Cairo Mezz PLC (a)
 
6,339,771
785
H&R Block, Inc.
 
231,400
8,516
 
 
 
9,301
Hotels, Restaurants & Leisure - 4.5%
 
 
 
ARAMARK Holdings Corp.
 
306,200
11,268
Brinker International, Inc. (a)
 
127,100
4,830
Caesars Entertainment, Inc. (a)
 
219,302
11,132
Churchill Downs, Inc.
 
96,647
23,754
Domino's Pizza, Inc.
 
33,600
9,879
Planet Fitness, Inc. (a)
 
85,500
6,930
Vail Resorts, Inc.
 
25,900
6,047
Wyndham Hotels & Resorts, Inc.
 
234,433
18,056
 
 
 
91,896
Household Durables - 1.7%
 
 
 
Leggett & Platt, Inc. (b)
 
204,240
7,044
Mohawk Industries, Inc. (a)
 
75,940
7,810
NVR, Inc. (a)
 
1,478
7,647
Taylor Morrison Home Corp. (a)
 
335,764
12,030
 
 
 
34,531
Multiline Retail - 0.6%
 
 
 
Nordstrom, Inc.
 
151,934
2,960
Ollie's Bargain Outlet Holdings, Inc. (a)
 
147,900
8,510
 
 
 
11,470
Specialty Retail - 1.5%
 
 
 
Burlington Stores, Inc. (a)
 
26,000
5,571
Five Below, Inc. (a)
 
84,900
17,345
Foot Locker, Inc.
 
176,500
7,717
 
 
 
30,633
Textiles, Apparel & Luxury Goods - 2.3%
 
 
 
Capri Holdings Ltd. (a)
 
241,364
11,964
Prada SpA
 
909,100
6,150
PVH Corp.
 
147,954
11,872
Tapestry, Inc.
 
363,149
15,801
 
 
 
45,787
TOTAL CONSUMER DISCRETIONARY
 
 
263,679
CONSUMER STAPLES - 4.3%
 
 
 
Beverages - 0.4%
 
 
 
Boston Beer Co., Inc. Class A (a)
 
13,400
4,339
Celsius Holdings, Inc. (a)
 
42,100
3,823
 
 
 
8,162
Food & Staples Retailing - 1.9%
 
 
 
Albertsons Companies, Inc.
 
38,700
769
BJ's Wholesale Club Holdings, Inc. (a)
 
137,100
9,844
Casey's General Stores, Inc.
 
15,800
3,286
Grocery Outlet Holding Corp. (a)
 
57,684
1,560
Performance Food Group Co. (a)
 
254,200
14,385
Sprouts Farmers Market LLC (a)
 
146,600
4,441
U.S. Foods Holding Corp. (a)
 
112,200
4,211
 
 
 
38,496
Food Products - 1.2%
 
 
 
Bunge Ltd.
 
8,700
831
Darling Ingredients, Inc. (a)
 
157,100
9,940
Freshpet, Inc. (a)(b)
 
24,600
1,530
Ingredion, Inc.
 
71,200
7,077
Nomad Foods Ltd. (a)
 
73,600
1,319
Post Holdings, Inc. (a)
 
22,426
2,017
Sovos Brands, Inc. (a)
 
75,300
984
 
 
 
23,698
Household Products - 0.3%
 
 
 
Energizer Holdings, Inc.
 
114,800
4,159
Reynolds Consumer Products, Inc.
 
53,900
1,479
 
 
 
5,638
Personal Products - 0.5%
 
 
 
BellRing Brands, Inc. (a)
 
142,246
4,393
Olaplex Holdings, Inc. (a)
 
64,700
318
The Beauty Health Co. (a)(b)
 
504,887
6,367
 
 
 
11,078
TOTAL CONSUMER STAPLES
 
 
87,072
ENERGY - 3.5%
 
 
 
Energy Equipment & Services - 1.0%
 
 
 
Championx Corp.
 
393,800
12,038
Liberty Oilfield Services, Inc. Class A
 
539,260
8,224
 
 
 
20,262
Oil, Gas & Consumable Fuels - 2.5%
 
 
 
Antero Resources Corp. (a)
 
179,025
4,690
APA Corp.
 
205,402
7,883
Denbury, Inc. (a)
 
83,502
6,962
EQT Corp.
 
178,492
5,922
HF Sinclair Corp.
 
249,106
12,386
Northern Oil & Gas, Inc.
 
240,700
7,471
Targa Resources Corp.
 
64,300
4,765
 
 
 
50,079
TOTAL ENERGY
 
 
70,341
FINANCIALS - 14.2%
 
 
 
Banks - 5.3%
 
 
 
Associated Banc-Corp.
 
484,153
11,208
Bancorp, Inc., Delaware (a)
 
673,469
23,295
Cadence Bank
 
335,111
8,901
East West Bancorp, Inc.
 
165,523
12,615
First Interstate Bancsystem, Inc.
 
96,214
3,419
PacWest Bancorp
 
420,700
11,674
Pathward Financial, Inc.
 
60,447
3,083
Pinnacle Financial Partners, Inc.
 
87,959
6,517
Piraeus Financial Holdings SA (a)
 
1,022,216
2,596
Popular, Inc.
 
124,200
8,868
Synovus Financial Corp.
 
168,800
7,058
Wintrust Financial Corp.
 
78,242
7,208
 
 
 
106,442
Capital Markets - 0.8%
 
 
 
Interactive Brokers Group, Inc.
 
114,200
9,834
Lazard Ltd. Class A
 
81,561
3,047
Patria Investments Ltd.
 
180,100
2,856
 
 
 
15,737
Consumer Finance - 1.4%
 
 
 
FirstCash Holdings, Inc.
 
61,966
5,468
NerdWallet, Inc. (a)
 
356,883
7,366
OneMain Holdings, Inc.
 
364,980
15,727
 
 
 
28,561
Diversified Financial Services - 0.3%
 
 
 
Cannae Holdings, Inc. (a)
 
227,895
5,146
Sunrisemezz Ltd. (a)
 
16,978
2
Voya Financial, Inc.
 
26,291
1,958
 
 
 
7,106
Insurance - 4.3%
 
 
 
American Financial Group, Inc.
 
95,381
12,792
BRP Group, Inc. (a)
 
353,999
10,174
Fairfax Financial Holdings Ltd. (sub. vtg.)
 
14,337
10,024
Globe Life, Inc.
 
61,096
7,435
Primerica, Inc.
 
72,100
13,839
Reinsurance Group of America, Inc.
 
99,900
14,433
Talanx AG
 
68,538
3,274
Unum Group
 
330,400
14,719
 
 
 
86,690
Mortgage Real Estate Investment Trusts - 0.2%
 
 
 
Rithm Capital Corp.
 
516,181
4,697
Thrifts & Mortgage Finance - 1.9%
 
 
 
Axos Financial, Inc. (a)
 
210,300
9,966
Essent Group Ltd.
 
313,200
13,452
MGIC Investment Corp.
 
669,723
9,215
UWM Holdings Corp. Class A (b)
 
1,178,296
5,020
 
 
 
37,653
TOTAL FINANCIALS
 
 
286,886
HEALTH CARE - 9.3%
 
 
 
Biotechnology - 1.6%
 
 
 
Exelixis, Inc. (a)
 
630,000
10,760
Repligen Corp. (a)
 
30,000
5,231
United Therapeutics Corp. (a)
 
70,400
17,321
 
 
 
33,312
Health Care Equipment & Supplies - 3.4%
 
 
 
Insulet Corp. (a)
 
32,800
9,065
Masimo Corp. (a)
 
128,000
21,416
Nevro Corp. (a)
 
200,000
6,288
Penumbra, Inc. (a)
 
88,500
23,009
Tandem Diabetes Care, Inc. (a)
 
235,000
8,427
 
 
 
68,205
Health Care Providers & Services - 3.6%
 
 
 
Acadia Healthcare Co., Inc. (a)
 
188,500
13,668
agilon health, Inc. (a)
 
560,000
11,878
Alignment Healthcare, Inc. (a)
 
674,100
6,701
Molina Healthcare, Inc. (a)
 
28,000
7,709
Option Care Health, Inc. (a)
 
428,000
13,127
Privia Health Group, Inc. (a)
 
276,000
7,709
Surgery Partners, Inc. (a)
 
345,000
11,540
 
 
 
72,332
Life Sciences Tools & Services - 0.7%
 
 
 
Bruker Corp.
 
204,000
14,060
TOTAL HEALTH CARE
 
 
187,909
INDUSTRIALS - 20.2%
 
 
 
Aerospace & Defense - 2.1%
 
 
 
HEICO Corp. Class A
 
152,213
19,811
Howmet Aerospace, Inc.
 
223,000
9,406
Spirit AeroSystems Holdings, Inc. Class A
 
397,500
13,587
 
 
 
42,804
Air Freight & Logistics - 0.6%
 
 
 
Air Transport Services Group, Inc. (a)
 
547,300
11,455
Airlines - 0.2%
 
 
 
JetBlue Airways Corp. (a)
 
505,400
4,195
Building Products - 1.1%
 
 
 
Carlisle Companies, Inc.
 
84,340
21,778
Commercial Services & Supplies - 0.7%
 
 
 
The Brink's Co.
 
212,492
13,865
Construction & Engineering - 1.5%
 
 
 
MDU Resources Group, Inc.
 
127,868
4,073
Willscot Mobile Mini Holdings (a)
 
496,398
25,512
 
 
 
29,585
Electrical Equipment - 1.2%
 
 
 
Regal Rexnord Corp.
 
161,033
25,385
Machinery - 6.4%
 
 
 
AGCO Corp.
 
132,300
18,629
Allison Transmission Holdings, Inc.
 
112,663
5,351
Chart Industries, Inc. (a)
 
62,200
8,304
Crane Holdings Co.
 
123,300
14,769
Dover Corp.
 
62,500
9,369
ESAB Corp.
 
277,500
16,275
Flowserve Corp.
 
597,094
20,713
IDEX Corp.
 
89,675
20,175
ITT, Inc.
 
173,387
15,759
 
 
 
129,344
Marine - 0.7%
 
 
 
Kirby Corp. (a)
 
192,394
13,954
Professional Services - 2.0%
 
 
 
CACI International, Inc. Class A (a)
 
69,800
20,451
KBR, Inc.
 
359,100
19,790
 
 
 
40,241
Road & Rail - 1.8%
 
 
 
Landstar System, Inc.
 
126,611
22,890
RXO, Inc. (a)
 
267,400
5,500
XPO, Inc. (a)
 
266,400
8,887
 
 
 
37,277
Trading Companies & Distributors - 1.9%
 
 
 
Air Lease Corp. Class A
 
323,700
14,010
WESCO International, Inc.
 
144,513
23,928
 
 
 
37,938
TOTAL INDUSTRIALS
 
 
407,821
INFORMATION TECHNOLOGY - 13.1%
 
 
 
Electronic Equipment & Components - 2.3%
 
 
 
Avnet, Inc.
 
315,800
14,119
Cognex Corp.
 
230,671
10,938
Jabil, Inc.
 
104,300
8,660
Trimble, Inc. (a)
 
97,800
5,091
TTM Technologies, Inc. (a)
 
420,800
5,592
Vishay Intertechnology, Inc.
 
103,800
2,204
 
 
 
46,604
IT Services - 3.7%
 
 
 
Akamai Technologies, Inc. (a)
 
99,700
7,238
AvidXchange Holdings, Inc. (a)
 
294,600
2,931
Cyxtera Technologies, Inc. Class A (a)
 
1,045,600
2,342
ExlService Holdings, Inc. (a)
 
13,073
2,151
GoDaddy, Inc. (a)
 
114,800
8,692
MongoDB, Inc. Class A (a)
 
55,000
11,524
Nuvei Corp. (Canada) (a)(c)
 
133,114
4,076
Repay Holdings Corp. (a)
 
215,676
1,829
Shift4 Payments, Inc. (a)
 
28,367
1,830
Twilio, Inc. Class A (a)
 
182,400
12,259
WEX, Inc. (a)
 
59,400
11,453
Wix.com Ltd. (a)
 
94,900
8,591
 
 
 
74,916
Semiconductors & Semiconductor Equipment - 1.3%
 
 
 
Cirrus Logic, Inc. (a)
 
156,600
16,091
SolarEdge Technologies, Inc. (a)
 
33,500
10,650
 
 
 
26,741
Software - 5.5%
 
 
 
Aspen Technology, Inc. (a)
 
25,848
5,480
Bill Holdings, Inc. (a)
 
7,400
626
Black Knight, Inc. (a)
 
29,192
1,740
Blackbaud, Inc. (a)
 
177,600
9,891
Blend Labs, Inc. (a)
 
1,505,593
2,379
Ceridian HCM Holding, Inc. (a)
 
166,100
12,114
Coupa Software, Inc. (a)
 
130,600
10,579
Elastic NV (a)
 
140,100
8,269
Five9, Inc. (a)
 
149,800
9,887
Gen Digital, Inc.
 
386,900
7,548
Guidewire Software, Inc. (a)
 
72,600
5,097
HubSpot, Inc. (a)
 
28,500
11,026
PTC, Inc. (a)
 
76,300
9,563
Tenable Holdings, Inc. (a)
 
282,200
12,482
Workiva, Inc. (a)
 
48,832
4,356
 
 
 
111,037
Technology Hardware, Storage & Peripherals - 0.3%
 
 
 
Western Digital Corp. (a)
 
124,900
4,806
TOTAL INFORMATION TECHNOLOGY
 
 
264,104
MATERIALS - 6.9%
 
 
 
Chemicals - 2.5%
 
 
 
Ashland, Inc.
 
131,000
13,333
RPM International, Inc.
 
196,300
17,398
The Chemours Co. LLC
 
325,700
11,132
Valvoline, Inc.
 
248,604
8,751
 
 
 
50,614
Construction Materials - 0.9%
 
 
 
Eagle Materials, Inc.
 
127,100
17,835
Metals & Mining - 2.8%
 
 
 
Alcoa Corp.
 
306,500
15,000
Cleveland-Cliffs, Inc. (a)
 
732,100
15,616
Reliance Steel & Aluminum Co.
 
85,100
21,091
Yamana Gold, Inc.
 
1,046,200
5,336
 
 
 
57,043
Paper & Forest Products - 0.7%
 
 
 
Louisiana-Pacific Corp.
 
225,400
13,188
TOTAL MATERIALS
 
 
138,680
REAL ESTATE - 7.8%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 7.4%
 
 
 
American Homes 4 Rent Class A
 
129,600
4,020
CubeSmart
 
525,472
24,692
EastGroup Properties, Inc.
 
110,100
17,976
Equity Lifestyle Properties, Inc.
 
74,300
5,090
Essex Property Trust, Inc.
 
38,300
8,735
Healthcare Trust of America, Inc.
 
509,700
9,939
Lamar Advertising Co. Class A
 
150,000
15,684
Postal Realty Trust, Inc.
 
704,900
10,313
Ryman Hospitality Properties, Inc.
 
62,800
5,826
SITE Centers Corp.
 
826,400
11,049
Spirit Realty Capital, Inc.
 
274,100
11,287
Terreno Realty Corp.
 
134,400
8,361
Ventas, Inc.
 
328,700
15,991
 
 
 
148,963
Real Estate Management & Development - 0.4%
 
 
 
Cushman & Wakefield PLC (a)
 
624,911
8,086
Doma Holdings, Inc. Class A (a)(b)
 
1,299,267
741
WeWork, Inc. (a)(b)
 
488,900
567
 
 
 
9,394
TOTAL REAL ESTATE
 
 
158,357
UTILITIES - 3.3%
 
 
 
Electric Utilities - 1.4%
 
 
 
Allete, Inc.
 
73,100
4,473
IDACORP, Inc.
 
84,900
8,779
OGE Energy Corp.
 
278,600
9,952
PNM Resources, Inc.
 
123,900
6,071
 
 
 
29,275
Gas Utilities - 0.6%
 
 
 
National Fuel Gas Co. (b)
 
84,800
4,857
ONE Gas, Inc. (b)
 
47,118
3,777
UGI Corp.
 
88,600
3,299
 
 
 
11,933
Independent Power and Renewable Electricity Producers - 0.1%
 
 
 
Ormat Technologies, Inc. (b)
 
21,300
1,800
Multi-Utilities - 0.6%
 
 
 
NiSource, Inc.
 
153,100
4,200
NorthWestern Energy Corp.
 
138,000
7,974
 
 
 
12,174
Water Utilities - 0.6%
 
 
 
Essential Utilities, Inc.
 
289,815
12,398
TOTAL UTILITIES
 
 
67,580
 
TOTAL COMMON STOCKS
 (Cost $1,744,051)
 
 
 
1,968,358
 
 
 
 
Convertible Bonds - 0.1%
 
 
Principal
Amount (d)
(000s)
 
Value ($)
(000s)
 
INFORMATION TECHNOLOGY - 0.1%
 
 
 
IT Services - 0.1%
 
 
 
Affirm Holdings, Inc. 0% 11/15/26
 
  (Cost $1,551)
 
 
2,404
1,603
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (d)
(000s)
 
Value ($)
(000s)
 
U.S. Treasury Bills, yield at date of purchase 4.54% 4/6/23 (e)
 
 (Cost $1,015)
 
 
1,020
1,015
 
 
 
 
Money Market Funds - 3.9%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 4.63% (f)
 
53,205,983
53,217
Fidelity Securities Lending Cash Central Fund 4.63% (f)(g)
 
25,880,598
25,883
 
TOTAL MONEY MARKET FUNDS
 (Cost $79,098)
 
 
79,100
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.5%
 (Cost $1,825,715)
 
 
 
2,050,076
NET OTHER ASSETS (LIABILITIES) - (1.5)%  
(30,665)
NET ASSETS - 100.0%
2,019,411
 
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
(000s)
 
Value ($)
(000s)
 
Unrealized
Appreciation/
(Depreciation) ($)
(000s)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini S&P MidCap 400 Index Contracts (United States)
70
Mar 2023
18,222
(211)
(211)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.9%
 
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
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 $4,076,000 or 0.2% of net assets.
 
(d)
Amount is stated in United States dollars unless otherwise noted.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,001,000.
 
(f)
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.
 
(g)
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 4.63%
56,961
184,744
188,488
331
2
(2)
53,217
0.1%
Fidelity Securities Lending Cash Central Fund 4.63%
29,703
160,323
164,143
86
-
-
25,883
0.1%
Total
86,664
345,067
352,631
417
2
(2)
79,100
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend 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 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 and U.S. Treasury Obligations 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.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 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.
 
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.  
 
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
 
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.  
 
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
 
The Fund used futures contracts to manage its exposure to the stock market.
 
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
 
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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