NPORT-EX 2 QTLY_318_20210731.htm

Quarterly Holdings Report
for

Fidelity® Worldwide Fund

July 31, 2021







WLD-QTLY-0921
1.804829.117





Schedule of Investments July 31, 2021 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%   
 Shares Value 
Australia - 0.5%   
Bapcor Ltd. 560,404 $3,355,820 
Lynas Rare Earths Ltd. (a) 1,076,937 5,800,877 
National Storage REIT unit 3,779,850 5,908,285 
Rio Tinto Ltd. 317 31,038 
Technology One Ltd. 249,900 1,731,193 
TOTAL AUSTRALIA  16,827,213 
Austria - 0.4%   
Erste Group Bank AG 165,300 6,414,010 
Wienerberger AG 136,800 5,592,134 
TOTAL AUSTRIA  12,006,144 
Bailiwick of Jersey - 0.1%   
Experian PLC 104,377 4,595,283 
Belgium - 0.5%   
KBC Groep NV 131,764 10,613,113 
UCB SA 40,500 4,381,533 
TOTAL BELGIUM  14,994,646 
Brazil - 0.1%   
Rede D'Oregon Sao Luiz SA (b) 158,400 2,098,517 
British Virgin Islands - 0.1%   
Fix Price Group Ltd. GDR (Reg. S) (a) 252,800 1,932,656 
Canada - 0.6%   
Brookfield Asset Management, Inc. Class A 28,000 1,511,720 
Constellation Software, Inc. 4,900 7,848,916 
Shopify, Inc. Class A (a) 3,000 4,503,847 
Suncor Energy, Inc. 223,900 4,407,650 
Topicus.Com, Inc. 8,183 616,545 
TOTAL CANADA  18,888,678 
Cayman Islands - 0.6%   
Akeso, Inc. (a)(b) 226,000 1,499,173 
Hansoh Pharmaceutical Group Co. Ltd. (b) 306,000 1,096,633 
Medlive Technology Co. Ltd. 57,000 224,812 
Medlive Technology Co. Ltd. 222,500 789,801 
Sea Ltd. ADR (a) 48,600 13,421,376 
Zai Lab Ltd. (a) 21,900 3,074,891 
TOTAL CAYMAN ISLANDS  20,106,686 
China - 0.1%   
Kweichow Moutai Co. Ltd. (A Shares) 8,800 2,286,656 
WuXi AppTec Co. Ltd. (H Shares) (b) 87,780 1,940,588 
TOTAL CHINA  4,227,244 
Curacao - 0.1%   
Schlumberger Ltd. 82,000 2,364,060 
Denmark - 0.6%   
A.P. Moller - Maersk A/S Series B 1,200 3,330,268 
ORSTED A/S (b) 39,600 5,881,588 
Vestas Wind Systems A/S 249,000 9,180,163 
TOTAL DENMARK  18,392,019 
Finland - 0.5%   
Musti Group OYJ 83,200 3,438,569 
Nanoform Finland PLC (a) 710,832 5,986,894 
Neste Oyj 97,200 5,975,027 
TOTAL FINLAND  15,400,490 
France - 2.1%   
AXA SA 223,400 5,785,401 
BNP Paribas SA 115,900 7,067,489 
Capgemini SA 46,000 9,944,927 
Elior SA (a)(b) 321,900 2,205,206 
Hydrogen Refueling Solutions 56,700 2,145,606 
LVMH Moet Hennessy Louis Vuitton SE 22,539 18,046,242 
Sartorius Stedim Biotech 1,000 570,942 
Societe Generale Series A 167,700 4,911,218 
SR Teleperformance SA 13,700 5,779,078 
VINCI SA 50,263 5,319,100 
Worldline SA (a)(b) 45,700 4,277,839 
TOTAL FRANCE  66,053,048 
Germany - 2.7%   
adidas AG 18,169 6,597,366 
Allianz SE 38,600 9,615,743 
Brenntag AG 58,700 5,863,088 
Daimler AG (Germany) 136,500 12,189,573 
Deutsche Post AG 215,300 14,591,150 
Exasol AG (a) 115,475 2,582,115 
Instone Real Estate Group BV (b) 94,872 2,937,344 
Linde PLC 10,034 3,072,716 
Merck KGaA 14,900 3,051,610 
Nexus AG 46,000 3,661,479 
Shop Apotheke Europe NV (a)(b) 18,200 2,731,103 
Siemens AG 62,900 9,814,486 
Siemens Healthineers AG (b) 66,100 4,365,931 
SUSE SA (a) 59,000 1,881,998 
TOTAL GERMANY  82,955,702 
Greece - 0.1%   
Alpha Bank AE (a) 763,500 985,960 
Piraeus Financial Holdings SA (a) 470,500 809,289 
TOTAL GREECE  1,795,249 
Hong Kong - 0.6%   
AIA Group Ltd. 808,600 9,675,517 
Antengene Corp. (b) 895,402 1,647,665 
Hong Kong Exchanges and Clearing Ltd. 107,400 6,854,893 
TOTAL HONG KONG  18,178,075 
Hungary - 0.3%   
OTP Bank PLC (a) 117,700 6,348,030 
Richter Gedeon PLC 86,900 2,385,099 
TOTAL HUNGARY  8,733,129 
India - 1.5%   
Avenue Supermarts Ltd. (a)(b) 16,542 778,955 
Axis Bank Ltd. (a) 264,100 2,518,317 
Eicher Motors Ltd. 54,500 1,854,885 
HDFC Bank Ltd. 221,924 4,274,857 
HDFC Bank Ltd. sponsored ADR (a) 114,786 8,100,448 
Housing Development Finance Corp. Ltd. 258,394 8,484,649 
Lupin Ltd. 1,335 19,886 
Pine Labs Private Ltd. (c)(d) 792 295,305 
Reliance Industries Ltd. 267,600 7,326,078 
Reliance Industries Ltd. 10,760 204,125 
Reliance Industries Ltd. sponsored GDR (b) 36,700 2,029,510 
Sunteck Realty Ltd. 186,516 955,116 
V-Mart Retail Ltd. (a) 106,503 5,558,052 
Zomato Ltd. (c) 2,358,400 3,599,769 
TOTAL INDIA  45,999,952 
Ireland - 2.8%   
Accenture PLC Class A 47,000 14,930,960 
Adient PLC (a) 41,000 1,727,330 
Cairn Homes PLC (a) 2,946,839 3,797,090 
CRH PLC 202,900 10,140,761 
Dalata Hotel Group PLC (a) 1,126,374 5,157,582 
Flutter Entertainment PLC (a) 21,100 3,607,467 
Horizon Therapeutics PLC (a) 30,000 3,000,600 
Linde PLC 82,000 25,205,980 
Medtronic PLC 112,000 14,706,720 
Ryanair Holdings PLC sponsored ADR (a) 35,874 3,911,701 
TOTAL IRELAND  86,186,191 
Italy - 0.5%   
BFF Bank SpA (b) 403,100 4,212,743 
GVS SpA (b) 158,100 2,419,345 
Intesa Sanpaolo SpA 1,304,600 3,604,020 
Reply SpA 26,900 4,808,856 
TOTAL ITALY  15,044,964 
Japan - 5.8%   
Daiichi Sankyo Kabushiki Kaisha 210,700 4,172,768 
Daiichikosho Co. Ltd. 55,700 1,942,049 
FANUC Corp. 31,200 6,987,794 
FUJIFILM Holdings Corp. 110,800 7,951,320 
Fujitsu Ltd. 26,300 4,474,430 
Hitachi Ltd. 200,100 11,509,596 
Hoya Corp. 86,700 12,174,591 
Itochu Corp. 228,700 6,769,346 
JEOL Ltd. 76,800 4,963,420 
Keyence Corp. 18,940 10,486,446 
Lifenet Insurance Co. (a) 157,600 1,623,335 
Minebea Mitsumi, Inc. 363,400 9,812,130 
Misumi Group, Inc. 60,900 2,109,475 
Mitsubishi Electric Corp. 235,200 3,191,018 
Mitsubishi UFJ Financial Group, Inc. 585,500 3,093,010 
NSD Co. Ltd. 226,400 3,867,404 
ORIX Corp. 568,300 9,904,650 
PALTAC Corp. 40,500 1,871,701 
Persol Holdings Co. Ltd. 222,900 4,459,829 
Recruit Holdings Co. Ltd. 251,300 13,025,042 
Renesas Electronics Corp. (a) 688,300 7,409,711 
SHIFT, Inc. (a) 18,800 3,441,083 
Shiseido Co. Ltd. 45,200 3,020,975 
SMC Corp. 7,000 4,134,725 
Sony Group Corp. 125,100 13,068,758 
THK Co. Ltd. 113,000 3,203,409 
TIS, Inc. 134,100 3,465,416 
Toyota Motor Corp. sponsored ADR (e) 41,000 7,373,440 
Z Holdings Corp. 1,272,600 6,369,596 
ZOZO, Inc. 135,400 4,597,466 
TOTAL JAPAN  180,473,933 
Kenya - 0.1%   
Safaricom Ltd. 5,920,700 2,287,048 
Korea (South) - 0.4%   
Samsung Electronics Co. Ltd. 144,880 9,865,956 
Samsung SDI Co. Ltd. 5,120 3,291,162 
TOTAL KOREA (SOUTH)  13,157,118 
Luxembourg - 0.3%   
B&M European Value Retail SA 315,800 2,427,460 
Eurofins Scientific SA 51,610 6,173,663 
TOTAL LUXEMBOURG  8,601,123 
Netherlands - 2.0%   
Adyen BV (a)(b) 1,800 4,878,093 
AerCap Holdings NV (a) 93,300 4,944,900 
Airbus Group NV (a) 80,000 10,973,505 
ASML Holding NV (Netherlands) 31,200 23,848,803 
IMCD NV 23,900 4,139,301 
ING Groep NV (Certificaten Van Aandelen) 241,800 3,102,464 
NXP Semiconductors NV 43,500 8,977,965 
RHI Magnesita NV 42,522 2,236,555 
TOTAL NETHERLANDS  63,101,586 
New Zealand - 0.2%   
EBOS Group Ltd. 72,992 1,577,476 
Ryman Healthcare Group Ltd. 501,375 4,603,879 
TOTAL NEW ZEALAND  6,181,355 
Norway - 0.7%   
Equinor ASA 471,280 9,198,622 
Kongsberg Gruppen ASA 231,300 6,623,719 
Schibsted ASA (A Shares) 73,700 3,907,420 
Volue A/S 341,200 1,778,461 
TOTAL NORWAY  21,508,222 
Philippines - 0.0%   
D&L Industries, Inc. 7,836,300 1,255,189 
Poland - 0.1%   
Allegro.eu SA (a)(b) 269,200 4,618,850 
Spain - 0.6%   
Aena SME SA (a)(b) 13,500 2,149,129 
Amadeus IT Holding SA Class A (a) 118,200 7,745,463 
Cellnex Telecom SA (b) 131,656 8,580,361 
TOTAL SPAIN  18,474,953 
Sweden - 1.4%   
ASSA ABLOY AB (B Shares) 178,400 5,722,411 
EQT AB 104,700 5,047,454 
Ericsson (B Shares) 30,966 357,167 
Evolution AB (b) 23,700 4,128,586 
HEXPOL AB (B Shares) 189,100 2,574,523 
Indutrade AB 279,300 9,110,571 
Kry International AB (d) 489 207,453 
Nibe Industrier AB (B Shares) 310,700 3,710,325 
Nordnet AB 296,200 4,779,306 
Stillfront Group AB (a) 394,180 3,006,124 
Svenska Handelsbanken AB (A Shares) 422,500 4,761,284 
TOTAL SWEDEN  43,405,204 
Switzerland - 3.6%   
ADC Therapeutics SA (a) 74,800 1,573,792 
Dufry AG (a) 53,050 2,806,758 
Garmin Ltd. 82,000 12,890,400 
Lonza Group AG 15,902 12,381,711 
Nestle SA (Reg. S) 137,350 17,392,586 
Partners Group Holding AG 5,958 10,184,868 
Roche Holding AG (participation certificate) 65,649 25,361,009 
Schindler Holding AG (participation certificate) 11,448 3,705,419 
Sika AG 28,169 9,922,976 
Swiss Re Ltd. 96,820 8,766,547 
Zur Rose Group AG (a) 13,250 4,929,348 
TOTAL SWITZERLAND  109,915,414 
Taiwan - 0.4%   
MediaTek, Inc. 128,000 4,189,369 
Taiwan Semiconductor Manufacturing Co. Ltd. 430,000 8,995,470 
TOTAL TAIWAN  13,184,839 
United Kingdom - 3.7%   
Anglo American PLC (United Kingdom) 243,958 10,810,749 
Big Yellow Group PLC 184,600 3,725,745 
Bytes Technology Group PLC 570,600 3,826,078 
Compass Group PLC (a) 500,050 10,572,007 
Cranswick PLC 45,396 2,555,568 
Dechra Pharmaceuticals PLC 59,400 4,103,530 
Deliveroo PLC 260,000 1,132,989 
Deliveroo PLC Class A (a)(b) 378,100 1,734,345 
Diageo PLC 173,620 8,609,167 
Diageo PLC sponsored ADR 30,000 5,946,300 
Dr. Martens Ltd. (a) 407,300 2,451,417 
J.D. Weatherspoon PLC (a) 172,100 2,715,136 
JD Sports Fashion PLC 558,700 6,966,039 
Jet2 PLC (a) 171,400 2,957,824 
JTC PLC (b) 378,800 3,380,335 
Lloyds Banking Group PLC 5,707,312 3,608,545 
M&G PLC 3,308,114 10,364,520 
Next PLC 37,000 4,053,713 
Ocado Group PLC (a) 120,900 3,117,346 
Prudential PLC (a) 482,312 9,057,256 
THG PLC 231,500 1,884,051 
Vistry Group PLC 258,955 4,292,373 
WH Smith PLC (a) 144,000 3,252,600 
Zegona Communications PLC 1,659,900 3,357,065 
TOTAL UNITED KINGDOM  114,474,698 
United States of America - 63.4%   
10X Genomics, Inc. (a) 31,000 5,680,130 
Abbott Laboratories 47,000 5,686,060 
Adobe, Inc. (a) 106,124 65,969,862 
Alphabet, Inc. Class A (a) 45,000 121,253,850 
Amazon.com, Inc. (a) 29,800 99,162,182 
Apple, Inc. 714,000 104,144,040 
Ares Management Corp. 45,000 3,222,450 
Arthur J. Gallagher & Co. 86,000 11,980,660 
B. Riley Financial, Inc. 14,000 945,840 
Baker Hughes Co. Class A 448,000 9,515,520 
BRP Group, Inc. (a) 40,000 1,090,400 
Caesars Entertainment, Inc. (a) 794,000 69,363,840 
Callaway Golf Co. (a) 54,000 1,710,720 
CDW Corp. 12,000 2,200,200 
Chart Industries, Inc. (a) 80,000 12,436,000 
Cheniere Energy, Inc. (a) 62,000 5,265,660 
Cleveland-Cliffs, Inc. (a) 681,000 17,025,000 
Concentrix Corp. (a) 6,000 982,380 
Constellation Brands, Inc. Class A (sub. vtg.) 61,000 13,684,740 
Coupang, Inc. Class A (a)(e) 16,800 610,176 
Crocs, Inc. (a) 16,553 2,248,063 
Danaher Corp. 77,000 22,906,730 
Deckers Outdoor Corp. (a) 79,731 32,757,481 
Dlocal Ltd. 70,400 3,177,856 
Eli Lilly & Co. 87,000 21,184,500 
Encompass Health Corp. 167 
Exxon Mobil Corp. 347,000 19,976,790 
Facebook, Inc. Class A (a) 322,000 114,728,600 
First Republic Bank 40,000 7,800,800 
Floor & Decor Holdings, Inc. Class A (a) 62,000 7,564,620 
Freeport-McMoRan, Inc. 388,000 14,782,800 
Generac Holdings, Inc. (a) 3,500 1,467,760 
General Electric Co. 360,000 4,662,000 
Hess Corp. 215,313 16,458,526 
Intuit, Inc. 158,700 84,106,239 
JPMorgan Chase & Co. 53,000 8,044,340 
KBR, Inc. 198,000 7,662,600 
KKR & Co. LP 25,000 1,594,000 
Lowe's Companies, Inc. 219,000 42,199,110 
lululemon athletica, Inc. (a) 12,000 4,802,040 
Marriott International, Inc. Class A (a) 16,000 2,335,680 
Marsh & McLennan Companies, Inc. 68,000 10,010,960 
Marvell Technology, Inc. 1,094,900 66,252,399 
MasterCard, Inc. Class A 98,000 37,822,120 
MercadoLibre, Inc. (a) 2,400 3,764,880 
Microsoft Corp. 441,000 125,645,306 
Monster Beverage Corp. (a) 15,000 1,414,800 
Morgan Stanley 180,000 17,276,400 
MSCI, Inc. 18,000 10,727,280 
NextEra Energy, Inc. 53,000 4,128,700 
NICE Systems Ltd. sponsored ADR (a) 11,200 3,120,880 
NIKE, Inc. Class B 20,000 3,350,200 
NVIDIA Corp. 448,000 87,355,520 
Old Dominion Freight Lines, Inc. 13,000 3,498,950 
Olin Corp. 704,000 33,109,120 
ON Semiconductor Corp. (a) 558,000 21,795,480 
Oshkosh Corp. 43,000 5,140,650 
Otis Worldwide Corp. 29,000 2,596,950 
Outset Medical, Inc. 25,486 1,043,907 
Owens & Minor, Inc. 114,000 5,272,500 
PayPal Holdings, Inc. (a) 382,000 105,252,460 
Penn National Gaming, Inc. (a) 20,592 1,408,081 
RH (a) 8,000 5,312,640 
Rogers Corp. (a) 27,000 5,146,200 
Royalty Pharma PLC 94,600 3,613,720 
S&P Global, Inc. 256,628 110,021,556 
Seer, Inc. 16,133 515,288 
Signature Bank 99,000 22,470,030 
Square, Inc. (a) 117,000 28,929,420 
Stripe, Inc. Class B (a)(c)(d) 10,000 401,250 
Stryker Corp. 98,000 26,552,120 
SVB Financial Group (a) 25,000 13,749,000 
T-Mobile U.S., Inc. (a) 48,700 7,013,774 
TaskUs, Inc. 19,000 578,550 
The Boeing Co. (a) 90,000 20,383,200 
Thermo Fisher Scientific, Inc. 38,000 20,520,380 
Triumph Group, Inc. (a) 580,000 11,049,000 
Twitter, Inc. (a) 148,000 10,323,000 
Ulta Beauty, Inc. (a) 54,000 18,133,200 
Union Pacific Corp. 67,000 14,656,920 
Visa, Inc. Class A 55,000 13,551,450 
Wayfair LLC Class A (a) 13,829 3,337,767 
Wells Fargo & Co. 1,758,000 80,762,520 
Zoetis, Inc. Class A 27,000 5,472,900 
Zoom Video Communications, Inc. Class A (a) 45,000 17,014,500 
TOTAL UNITED STATES OF AMERICA  1,961,886,340 
TOTAL COMMON STOCKS   
(Cost $1,989,633,077)  3,019,305,818 
Preferred Stocks - 0.7%   
Convertible Preferred Stocks - 0.2%   
China - 0.1%   
ByteDance Ltd. Series E1 (c)(d) 14,425 1,676,041 
dMed Biopharmaceutical Co. Ltd. Series C (c)(d) 138,905 1,921,056 
  3,597,097 
India - 0.0%   
Delhivery Pvt Ltd. Series H (c)(d) 2,037 976,941 
United States of America - 0.1%   
Instacart, Inc. Series I (c)(d) 8,000 1,000,000 
Stripe, Inc. Series H (c)(d) 4,200 168,525 
  1,168,525 
TOTAL CONVERTIBLE PREFERRED STOCKS  5,742,563 
Nonconvertible Preferred Stocks - 0.5%   
Germany - 0.4%   
Volkswagen AG 47,400 11,554,905 
India - 0.1%   
Pine Labs Private Ltd.:   
Series 1 (c)(d) 1,892 705,451 
Series A (c)(d) 473 176,363 
Series B (c)(d) 514 191,650 
Series B2 (c)(d) 416 155,110 
Series C (c)(d) 774 288,594 
Series C1 (c)(d) 163 60,776 
Series D (c)(d) 174 64,878 
  1,642,822 
Sweden - 0.0%   
Kry International AB Series E (d) 2,824 1,261,130 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  14,458,857 
TOTAL PREFERRED STOCKS   
(Cost $16,950,554)  20,201,420 
Money Market Funds - 2.0%   
Fidelity Cash Central Fund 0.06% (f) 58,662,816 58,674,549 
Fidelity Securities Lending Cash Central Fund 0.06% (f)(g) 4,533,043 4,533,496 
TOTAL MONEY MARKET FUNDS   
(Cost $63,204,501)  63,208,045 
TOTAL INVESTMENT IN SECURITIES - 100.2%   
(Cost $2,069,788,132)  3,102,715,283 
NET OTHER ASSETS (LIABILITIES) - (0.2)%  (7,208,891) 
NET ASSETS - 100%  $3,095,506,392 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) 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 $69,591,839 or 2.2% of net assets.

 (c) 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 $11,681,709 or 0.4% of net assets.

 (d) Level 3 security

 (e) Security or a portion of the security is on loan at period end.

 (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.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
ByteDance Ltd. Series E1 11/18/20 $1,580,608 
Delhivery Pvt Ltd. Series H 5/20/21 $994,308 
dMed Biopharmaceutical Co. Ltd. Series C 12/1/20 $1,972,888 
Instacart, Inc. Series I 2/26/21 $1,000,000 
Pine Labs Private Ltd. 6/30/21 $295,305 
Pine Labs Private Ltd. Series 1 6/30/21 $705,451 
Pine Labs Private Ltd. Series A 6/30/21 $176,363 
Pine Labs Private Ltd. Series B 6/30/21 $191,650 
Pine Labs Private Ltd. Series B2 6/30/21 $155,110 
Pine Labs Private Ltd. Series C 6/30/21 $288,594 
Pine Labs Private Ltd. Series C1 6/30/21 $60,776 
Pine Labs Private Ltd. Series D 6/30/21 $64,878 
Stripe, Inc. Class B 5/18/21 $401,284 
Stripe, Inc. Series H 3/15/21 $168,525 
Zomato Ltd. 12/9/20 - 2/10/21 $1,583,813 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $19,455 
Fidelity Securities Lending Cash Central Fund 82,567 
Total $102,022 

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.

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $69,101,346 $710,987,428 $721,414,374 $149 $-- $58,674,549 0.1% 
Fidelity Securities Lending Cash Central Fund 0.06% 13,681,346 152,880,952 162,028,802 -- -- 4,533,496 0.0% 
Total $82,782,692 $863,868,380 $883,443,176 $149 $-- $63,208,045  

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security 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 Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 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 each business day and are categorized as Level 1 in the 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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