0001752724-23-239228.txt : 20231027 0001752724-23-239228.hdr.sgml : 20231027 20231027092424 ACCESSION NUMBER: 0001752724-23-239228 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230831 FILED AS OF DATE: 20231027 DATE AS OF CHANGE: 20231027 PERIOD START: 20231130 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: 231352614 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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353800PX8Q64N86H5W41 SHIN-ETSU CHEMICAL CO LTD N/A 148900.00000000 NS 4746003.73000000 0.422377858046 Long EC CORP JP N 2 N N N BANK OF AMERICA CORPORATION 9DJT3UXIJIZJI4WXO774 BANK OF AMERICA CORPORATION 060505104 503900.00000000 NS USD 14446813.00000000 1.285716210454 Long EC CORP US N 1 N N N LEIDOS HLDGS INC 549300IUTGTP6EJP8124 LEIDOS HOLDINGS INC 525327102 26300.00000000 NS USD 2564513.00000000 0.228232755281 Long EC CORP US N 1 N N N ASML HOLDING NV 724500Y6DUVHQD6OXN27 ASML HOLDING NV N/A 3600.00000000 NS 2367101.38000000 0.210663806339 Long EC CORP NL N 2 N N N HUMANA INC 529900YLDW34GJAO4J06 HUMANA INC 444859102 15800.00000000 NS USD 7293754.00000000 0.649118788543 Long EC CORP US N 1 N N N BROOKFIELD CORP C6J3FGIWG6MBDGTE8F80 BROOKFIELD CORP CL A 11271J107 221400.00000000 NS USD 7551954.00000000 0.672097692301 Long EC CORP CA N 1 N N N LENNAR CORP 529900G61XVRLX5TJX09 LENNAR CORP CL A 526057104 25100.00000000 NS USD 2989159.00000000 0.266024775286 Long EC CORP US N 1 N N N GILEAD SCIENCES INC 549300WTZWR07K8MNV44 GILEAD SCIENCES INC 375558103 110400.00000000 NS USD 8443392.00000000 0.751432580017 Long EC CORP US N 1 N N N UNITEDHEALTH GROUP INC 549300GHBMY8T5GXDE41 UNITEDHEALTH GROUP INC 91324P102 59697.00000000 NS USD 28450396.26000000 2.531986512551 Long EC CORP US N 1 N N N EXELON CORP 3SOUA6IRML7435B56G12 EXELON CORP 30161N101 137300.00000000 NS USD 5508476.00000000 0.490235243447 Long EC CORP US N 1 N N N UNIVERSAL DISPLAY CORP N/A UNIVERSAL DISPLAY CORP 91347P105 17600.00000000 NS USD 2861056.00000000 0.254624052946 Long EC CORP US N 1 N N N RELIANCE INDUSTRIES LTD 5493003UOETFYRONLG31 RELIANCE INDS GDR 759470107 133100.00000000 NS USD 7733110.00000000 0.688219947488 Long EC CORP IN N 1 N N N ALTRIA GROUP INC XSGZFLO9YTNO9VCQV219 ALTRIA GROUP INC 02209S103 134873.00000000 NS USD 5964084.06000000 0.530782779320 Long EC CORP US N 1 N N N AMERICAN TOWER CORP 5493006ORUSIL88JOE18 AMERICAN TOWER CORP 03027X100 24400.00000000 NS USD 4424208.00000000 0.393739155066 Long EC CORP US N 1 N N N HIMALAYA SHIPPING LTD 984500D86FFE5EYE7988 HIMALAYA SHIPPING LTD N/A 207000.00000000 NS USD 1026720.00000000 0.091374516137 Long EC CORP BM N 1 N N HILTON WORLDWIDE HOLDINGS INC 549300HVGPK36ICB0B89 HILTON WORLDWIDE HOLDINGS INC 43300A203 15400.00000000 NS USD 2289210.00000000 0.203731743889 Long EC CORP US N 1 N N N AMDOCS LIMITED 549300HQV672RJ7RQV66 AMDOCS LTD N/A 85900.00000000 NS USD 7662280.00000000 0.681916323347 Long EC CORP GG N 1 N N N BROOKFIELD INFRASTRUCTURE CORP N/A BROOKFIELD INFRASTRUCTURE - A 11275Q107 98200.00000000 NS USD 3815070.00000000 0.339527987454 Long EC CORP CA N 1 N N N CISCO SYSTEMS INC 8E6NF1YAL0WT6CWXXV93 CISCO SYSTEMS INC 17275R102 102100.00000000 NS USD 5855435.00000000 0.521113390113 Long EC CORP US N 1 N N N VISTRA CORP 549300KP43CPCUJOOG15 VISTRA CORP 92840M102 333700.00000000 NS USD 10484854.00000000 0.933115611869 Long EC CORP US N 1 N N N SS and C TECHNOLOGIES HLDGS INC 529900POY8H7NPPNKK71 SS and C TECHNOLOGIES HOLDINGS INC 78467J100 191400.00000000 NS USD 10990188.00000000 0.978088583796 Long EC CORP US N 1 N N N AGNICO EAGLE MINES LTD YGE0EUBRF7IJOB3QRX76 AGNICO EAGLE MINES LTD 008474108 88600.00000000 NS 4302135.88000000 0.382875160112 Long EC CORP CA N 1 N N N ALPHABET INC 5493006MHB84DD0ZWV18 ALPHABET INC CL A 02079K305 76100.00000000 NS USD 10362537.00000000 0.922229823445 Long EC CORP US N 1 N N N CHENIERE ENERGY INC MIHC87W9WTYSYZWV1J40 CHENIERE ENERGY INC 16411R208 28400.00000000 NS USD 4634880.00000000 0.412488231799 Long EC CORP US N 1 N N N NEWMONT CORP 549300VSP3RIX7FGDZ51 NEWMONT CORP 651639106 209300.00000000 NS USD 8250606.00000000 0.734275295200 Long EC CORP US N 1 N N N WHEATON PRECIOUS METALS CORP 549300XSFG5ZCGVYD886 WHEATON PRECIOUS METALS CORP 962879102 215300.00000000 NS 9391490.53000000 0.835810058229 Long EC CORP CA N 1 N N N 2023-09-30 Stacie M. Smith Stacie M. Smith Stacie M. Smith President and Treasurer XXXX NPORT-EX 2 QTLY_714_20230831.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity Advisor® Dividend Growth Fund
August 31, 2023
ADGF-NPRT3-1023
1.805738.119
Common Stocks - 97.0%
 
 
Shares
Value ($)
(000s)
 
COMMUNICATION SERVICES - 3.9%
 
 
 
Diversified Telecommunication Services - 0.7%
 
 
 
Cellnex Telecom SA (a)
 
114,200
4,371
Verizon Communications, Inc.
 
93,300
3,264
 
 
 
7,635
Entertainment - 0.3%
 
 
 
Activision Blizzard, Inc.
 
41,900
3,854
Interactive Media & Services - 1.9%
 
 
 
Alphabet, Inc. Class A (b)
 
76,100
10,363
Meta Platforms, Inc. Class A (b)
 
35,700
10,563
 
 
 
20,926
Media - 1.0%
 
 
 
Comcast Corp. Class A
 
254,650
11,907
TOTAL COMMUNICATION SERVICES
 
 
44,322
CONSUMER DISCRETIONARY - 2.9%
 
 
 
Diversified Consumer Services - 0.7%
 
 
 
H&R Block, Inc.
 
201,242
8,046
Hotels, Restaurants & Leisure - 1.0%
 
 
 
Churchill Downs, Inc.
 
19,300
2,418
Domino's Pizza, Inc.
 
13,000
5,036
Hilton Worldwide Holdings, Inc.
 
15,400
2,289
Restaurant Brands International, Inc. (c)
 
24,100
1,674
Starbucks Corp.
 
100
10
 
 
 
11,427
Household Durables - 0.9%
 
 
 
D.R. Horton, Inc.
 
18,900
2,249
JM AB (B Shares)
 
214,400
2,828
Lennar Corp. Class A
 
25,100
2,989
Sony Group Corp.
 
27,400
2,279
 
 
 
10,345
Specialty Retail - 0.3%
 
 
 
Valvoline, Inc.
 
78,500
2,704
TOTAL CONSUMER DISCRETIONARY
 
 
32,522
CONSUMER STAPLES - 6.5%
 
 
 
Beverages - 1.9%
 
 
 
Constellation Brands, Inc. Class A (sub. vtg.)
 
16,400
4,273
Keurig Dr. Pepper, Inc.
 
406,900
13,692
The Coca-Cola Co.
 
67,300
4,027
 
 
 
21,992
Consumer Staples Distribution & Retail - 1.4%
 
 
 
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
130,700
6,835
Dollar General Corp.
 
17,900
2,479
Walmart, Inc.
 
40,400
6,569
 
 
 
15,883
Food Products - 0.4%
 
 
 
The J.M. Smucker Co.
 
27,900
4,044
Household Products - 0.7%
 
 
 
Reynolds Consumer Products, Inc.
 
274,661
7,495
Personal Care Products - 0.3%
 
 
 
Estee Lauder Companies, Inc. Class A
 
20,500
3,291
Tobacco - 1.8%
 
 
 
Altria Group, Inc.
 
134,873
5,964
Philip Morris International, Inc.
 
147,100
14,130
 
 
 
20,094
TOTAL CONSUMER STAPLES
 
 
72,799
ENERGY - 10.7%
 
 
 
Energy Equipment & Services - 3.4%
 
 
 
Baker Hughes Co. Class A
 
92,800
3,358
Borr Drilling Ltd. (b)
 
399,200
2,790
Noble Corp. PLC
 
124,698
6,577
Schlumberger Ltd.
 
70,000
4,127
Seadrill Ltd. (b)
 
212,500
10,338
Subsea 7 SA sponsored ADR (c)
 
221,600
2,884
Tidewater, Inc. (b)
 
132,200
8,597
 
 
 
38,671
Oil, Gas & Consumable Fuels - 7.3%
 
 
 
ARC Resources Ltd. (c)
 
368,000
5,613
Canadian Natural Resources Ltd.
 
98,900
6,398
Cheniere Energy, Inc.
 
28,400
4,635
Cool Co. Ltd.
 
268,400
3,772
Energy Transfer LP
 
923,700
12,442
Enterprise Products Partners LP
 
363,200
9,665
Exxon Mobil Corp.
 
197,022
21,907
Golar LNG Ltd.
 
140,100
3,096
Reliance Industries Ltd. GDR (a)
 
133,100
7,733
Sitio Royalties Corp.
 
122,900
3,122
Viper Energy Partners LP
 
107,453
2,989
 
 
 
81,372
TOTAL ENERGY
 
 
120,043
FINANCIALS - 12.4%
 
 
 
Banks - 2.8%
 
 
 
Bank of America Corp.
 
503,900
14,447
Wells Fargo & Co.
 
401,890
16,594
 
 
 
31,041
Capital Markets - 2.5%
 
 
 
B. Riley Financial, Inc. (c)
 
87,900
4,501
Brookfield Corp. Class A
 
238,300
8,128
Intercontinental Exchange, Inc.
 
91,100
10,749
S&P Global, Inc.
 
11,648
4,553
 
 
 
27,931
Financial Services - 5.3%
 
 
 
Apollo Global Management, Inc.
 
81,400
7,109
Fidelity National Information Services, Inc.
 
79,700
4,452
Global Payments, Inc.
 
56,400
7,145
MasterCard, Inc. Class A
 
36,500
15,061
Visa, Inc. Class A
 
106,500
26,165
 
 
 
59,932
Insurance - 1.8%
 
 
 
Arthur J. Gallagher & Co.
 
33,200
7,652
Chubb Ltd.
 
12,600
2,531
Marsh & McLennan Companies, Inc.
 
31,700
6,181
The Travelers Companies, Inc.
 
23,400
3,773
 
 
 
20,137
TOTAL FINANCIALS
 
 
139,041
HEALTH CARE - 13.1%
 
 
 
Biotechnology - 1.0%
 
 
 
AbbVie, Inc.
 
20,200
2,969
Gilead Sciences, Inc.
 
110,400
8,443
 
 
 
11,412
Health Care Equipment & Supplies - 0.3%
 
 
 
Baxter International, Inc.
 
77,500
3,147
Health Care Providers & Services - 6.5%
 
 
 
Cigna Group
 
72,200
19,946
CVS Health Corp.
 
62,700
4,086
Elevance Health, Inc.
 
15,700
6,940
HCA Holdings, Inc.
 
23,300
6,461
Humana, Inc.
 
15,800
7,294
UnitedHealth Group, Inc.
 
59,697
28,450
 
 
 
73,177
Life Sciences Tools & Services - 1.9%
 
 
 
Danaher Corp.
 
42,400
11,236
Thermo Fisher Scientific, Inc.
 
17,500
9,749
 
 
 
20,985
Pharmaceuticals - 3.4%
 
 
 
Bristol-Myers Squibb Co.
 
143,500
8,847
Eli Lilly & Co.
 
23,100
12,802
Novo Nordisk A/S Series B sponsored ADR
 
30,000
5,569
Perrigo Co. PLC
 
111,900
3,917
Roche Holding AG (participation certificate)
 
11,570
3,396
Royalty Pharma PLC
 
123,200
3,674
 
 
 
38,205
TOTAL HEALTH CARE
 
 
146,926
INDUSTRIALS - 13.1%
 
 
 
Aerospace & Defense - 4.3%
 
 
 
Airbus Group NV
 
29,900
4,375
Howmet Aerospace, Inc.
 
132,300
6,545
L3Harris Technologies, Inc.
 
13,600
2,422
Lockheed Martin Corp.
 
6,800
3,049
Northrop Grumman Corp.
 
9,300
4,028
Spirit AeroSystems Holdings, Inc. Class A
 
133,000
2,836
Textron, Inc.
 
84,000
6,528
The Boeing Co. (b)
 
83,200
18,639
 
 
 
48,422
Commercial Services & Supplies - 0.8%
 
 
 
GFL Environmental, Inc.
 
203,500
6,595
The Brink's Co.
 
32,700
2,479
 
 
 
9,074
Electrical Equipment - 1.6%
 
 
 
nVent Electric PLC
 
62,200
3,517
Prysmian SpA
 
56,900
2,332
Vertiv Holdings Co.
 
318,400
12,542
 
 
 
18,391
Industrial Conglomerates - 1.5%
 
 
 
General Electric Co.
 
96,987
11,101
Hitachi Ltd.
 
88,800
5,917
 
 
 
17,018
Machinery - 1.6%
 
 
 
Allison Transmission Holdings, Inc.
 
295,743
17,878
Marine Transportation - 0.3%
 
 
 
2020 Bulkers Ltd.
 
216,500
1,852
Himalaya Shipping Ltd. (c)
 
207,000
1,027
 
 
 
2,879
Professional Services - 2.2%
 
 
 
Equifax, Inc.
 
17,500
3,617
Genpact Ltd.
 
87,400
3,263
Leidos Holdings, Inc.
 
26,300
2,565
Paycom Software, Inc.
 
12,900
3,803
SS&C Technologies Holdings, Inc.
 
191,400
10,990
 
 
 
24,238
Trading Companies & Distributors - 0.8%
 
 
 
United Rentals, Inc.
 
7,600
3,622
Watsco, Inc. (c)
 
14,200
5,177
 
 
 
8,799
TOTAL INDUSTRIALS
 
 
146,699
INFORMATION TECHNOLOGY - 21.3%
 
 
 
Communications Equipment - 0.5%
 
 
 
Cisco Systems, Inc.
 
102,100
5,855
Electronic Equipment, Instruments & Components - 0.4%
 
 
 
Jabil, Inc.
 
38,900
4,451
IT Services - 0.7%
 
 
 
Amdocs Ltd.
 
85,900
7,662
Semiconductors & Semiconductor Equipment - 8.9%
 
 
 
ASML Holding NV (Netherlands)
 
3,600
2,367
BE Semiconductor Industries NV
 
45,100
5,189
Broadcom, Inc.
 
14,400
13,290
Marvell Technology, Inc.
 
263,545
15,351
Monolithic Power Systems, Inc.
 
7,200
3,753
NVIDIA Corp.
 
69,400
34,252
NXP Semiconductors NV
 
37,768
7,770
Skyworks Solutions, Inc.
 
29,000
3,153
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR
 
126,800
11,865
Universal Display Corp.
 
17,600
2,861
 
 
 
99,851
Software - 9.5%
 
 
 
Intuit, Inc.
 
28,300
15,333
Microsoft Corp.
 
278,300
91,213
 
 
 
106,546
Technology Hardware, Storage & Peripherals - 1.3%
 
 
 
Apple, Inc.
 
31,296
5,880
Samsung Electronics Co. Ltd.
 
171,880
8,679
 
 
 
14,559
TOTAL INFORMATION TECHNOLOGY
 
 
238,924
MATERIALS - 5.3%
 
 
 
Chemicals - 0.8%
 
 
 
CF Industries Holdings, Inc.
 
33,600
2,590
International Flavors & Fragrances, Inc.
 
31,600
2,226
Shin-Etsu Chemical Co. Ltd.
 
148,900
4,746
 
 
 
9,562
Metals & Mining - 4.1%
 
 
 
Agnico Eagle Mines Ltd. (Canada) (c)
 
88,600
4,302
Arch Resources, Inc. (c)
 
58,100
7,588
Barrick Gold Corp.
 
279,500
4,531
First Quantum Minerals Ltd.
 
47,600
1,279
Freeport-McMoRan, Inc.
 
128,500
5,128
Glencore PLC
 
1,044,200
5,575
Newmont Corp.
 
209,300
8,251
Wheaton Precious Metals Corp.
 
215,300
9,391
 
 
 
46,045
Paper & Forest Products - 0.4%
 
 
 
Louisiana-Pacific Corp.
 
72,600
4,536
TOTAL MATERIALS
 
 
60,143
REAL ESTATE - 1.8%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 1.8%
 
 
 
American Tower Corp.
 
24,400
4,424
Crown Castle International Corp.
 
47,700
4,794
Digital Realty Trust, Inc.
 
24,200
3,188
Four Corners Property Trust, Inc.
 
142,400
3,583
NNN (REIT), Inc.
 
102,600
4,041
 
 
 
20,030
UTILITIES - 6.0%
 
 
 
Electric Utilities - 3.8%
 
 
 
Constellation Energy Corp.
 
69,833
7,274
Edison International
 
143,600
9,887
Exelon Corp.
 
137,300
5,508
FirstEnergy Corp.
 
270,200
9,746
PG&E Corp. (b)
 
74,466
1,214
Southern Co.
 
124,100
8,405
 
 
 
42,034
Gas Utilities - 0.3%
 
 
 
Brookfield Infrastructure Corp. A Shares
 
98,200
3,815
Independent Power and Renewable Electricity Producers - 1.6%
 
 
 
NextEra Energy Partners LP
 
76,900
3,836
The AES Corp.
 
220,900
3,961
Vistra Corp.
 
333,700
10,485
 
 
 
18,282
Multi-Utilities - 0.3%
 
 
 
Dominion Energy, Inc.
 
78,700
3,820
TOTAL UTILITIES
 
 
67,951
 
TOTAL COMMON STOCKS
 (Cost $904,161)
 
 
 
1,089,400
 
 
 
 
Money Market Funds - 3.8%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 5.43% (d)
 
28,650,495
28,656
Fidelity Securities Lending Cash Central Fund 5.44% (d)(e)
 
13,744,918
13,746
 
TOTAL MONEY MARKET FUNDS
 (Cost $42,402)
 
 
42,402
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.8%
 (Cost $946,563)
 
 
 
1,131,802
NET OTHER ASSETS (LIABILITIES) - (0.8)%  
(8,927)
NET ASSETS - 100.0%
1,122,875
 
 
 
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 $12,104,000 or 1.1% 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 5.43%
43,415
311,169
325,928
710
-
-
28,656
0.1%
Fidelity Securities Lending Cash Central Fund 5.44%
26,109
119,329
131,692
81
-
-
13,746
0.0%
Total
69,524
430,498
457,620
791
-
-
42,402
 
 
 
 
 
 
 
 
 
 
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.
 
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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