NPORT-EX 2 QTLY_5031_20240131.htm 010 - Quarterly Front Cover
Quarterly Holdings Report
for
Fidelity® Enduring Opportunities Fund
January 31, 2024
IDF-NPRT1-0324
1.9896223.104
Common Stocks - 98.4%
 
  
Shares
Value ($)
 
COMMUNICATION SERVICES - 7.7%
 
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Elisa Corp. (A Shares)
 
363
16,574
Entertainment - 1.5%
  
  
  
Netflix, Inc. (a)
  
171
96,463
Sea Ltd. ADR (a)
  
788
30,054
The Walt Disney Co.
 
701
67,331
 
  
  
193,848
Interactive Media & Services - 6.1%
  
  
  
Adevinta ASA Class B (a)
  
2,862
30,750
Alphabet, Inc.:
  
  
  
 Class A (a)
  
1,285
180,029
 Class C (a)
  
1,155
163,779
Hemnet Group AB
 
1,268
34,238
Kakao Corp.
 
572
22,369
LY Corp.
 
7,791
24,238
Match Group, Inc. (a)
  
956
36,691
Meta Platforms, Inc. Class A
 
563
219,649
NAVER Corp.
 
163
24,307
Rightmove PLC
 
2,316
16,391
Tencent Holdings Ltd.
 
1,936
67,201
 
  
  
819,642
TOTAL COMMUNICATION SERVICES
  
  
1,030,064
CONSUMER DISCRETIONARY - 18.6%
 
  
  
Automobile Components - 0.5%
  
  
  
Aptiv PLC (a)
  
346
28,140
DENSO Corp.
 
2,140
33,615
 
  
  
61,755
Automobiles - 2.0%
  
  
  
BYD Co. Ltd. (H Shares)
 
1,258
28,167
Ferrari NV (Italy)
 
90
31,484
Tesla, Inc. (a)
  
718
134,474
Toyota Motor Corp.
 
3,408
68,050
 
  
  
262,175
Broadline Retail - 3.4%
  
  
  
Amazon.com, Inc. (a)
  
2,110
327,472
B&M European Value Retail SA
 
4,226
27,774
Dollarama, Inc.
 
412
30,237
MercadoLibre, Inc. (a)
  
28
47,931
Prosus NV
 
642
19,230
 
  
  
452,644
Diversified Consumer Services - 0.3%
  
  
  
Duolingo, Inc. (a)
  
199
35,599
Hotels, Restaurants & Leisure - 4.3%
  
  
  
Amadeus IT Holding SA Class A
 
515
36,210
Chipotle Mexican Grill, Inc. (a)
  
29
69,854
Churchill Downs, Inc.
 
393
47,541
Compass Group PLC
 
1,263
34,788
Domino's Pizza, Inc.
 
103
43,901
Doordash, Inc. (a)
  
538
56,060
Flutter Entertainment PLC (a)
  
104
21,464
Hilton Worldwide Holdings, Inc.
 
344
65,690
Oriental Land Co. Ltd.
 
1,008
37,437
Restaurant Brands Asia Ltd. (a)
  
12,252
17,477
Wingstop, Inc.
 
233
65,499
Yum! Brands, Inc.
 
322
41,696
Zomato Ltd. (a)
  
22,115
37,140
 
  
  
574,757
Household Durables - 0.7%
  
  
  
Berkeley Group Holdings PLC
 
397
24,155
Maytronics Ltd.
 
2,186
24,031
NVR, Inc. (a)
  
7
49,527
 
  
  
97,713
Leisure Products - 0.3%
  
  
  
Roland Corp.
 
647
21,496
SHIMANO, Inc.
 
129
18,521
 
  
  
40,017
Specialty Retail - 4.4%
  
  
  
Carvana Co. Class A (a)
  
948
40,821
Fast Retailing Co. Ltd.
 
142
37,911
Five Below, Inc. (a)
  
225
40,379
Floor & Decor Holdings, Inc. Class A (a)
  
417
41,934
Lowe's Companies, Inc.
 
319
67,896
National Vision Holdings, Inc. (a)
  
2,205
41,917
Nitori Holdings Co. Ltd.
 
184
24,082
The Home Depot, Inc.
 
302
106,594
TJX Companies, Inc.
 
611
57,990
Ulta Beauty, Inc. (a)
  
102
51,209
Wayfair LLC Class A (a)
  
635
31,909
WH Smith PLC
 
1,154
17,710
Workman Co. Ltd.
 
659
18,839
ZOZO, Inc.
 
833
18,240
 
  
  
597,431
Textiles, Apparel & Luxury Goods - 2.7%
  
  
  
adidas AG
 
108
20,556
Hermes International SCA
 
16
33,853
lululemon athletica, Inc. (a)
  
196
88,949
LVMH Moet Hennessy Louis Vuitton SE
 
82
68,229
Moncler SpA
 
333
20,621
NIKE, Inc. Class B
 
494
50,156
Prada SpA
 
2,910
18,046
PVH Corp.
 
346
41,610
Shenzhou International Group Holdings Ltd.
 
3,057
27,224
 
  
  
369,244
TOTAL CONSUMER DISCRETIONARY
  
  
2,491,335
CONSUMER STAPLES - 5.0%
 
  
  
Beverages - 1.0%
  
  
  
Ambev SA
 
10,151
26,799
Davide Campari Milano NV
 
1,556
15,824
Kweichow Moutai Co. Ltd. (A Shares)
 
115
25,783
Monster Beverage Corp.
 
806
44,346
Pernod Ricard SA
 
175
28,841
 
  
  
141,593
Consumer Staples Distribution & Retail - 2.7%
  
  
  
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)
 
541
31,701
Casey's General Stores, Inc.
 
169
45,860
Clicks Group Ltd.
 
1,582
25,429
Cosmos Pharmaceutical Corp.
 
150
16,112
Costco Wholesale Corp.
 
172
119,519
Wal-Mart de Mexico SA de CV Series V
 
8,849
36,560
Walmart, Inc.
 
499
82,460
 
  
  
357,641
Food Products - 0.5%
  
  
  
Freshpet, Inc. (a)
  
498
42,878
McCormick & Co., Inc. (non-vtg.)
 
399
27,196
 
  
  
70,074
Household Products - 0.2%
  
  
  
Unicharm Corp.
 
664
22,847
Personal Care Products - 0.6%
  
  
  
Hindustan Unilever Ltd.
 
930
27,797
L'Oreal SA
 
100
47,855
 
  
  
75,652
TOTAL CONSUMER STAPLES
  
  
667,807
ENERGY - 1.9%
 
  
  
Energy Equipment & Services - 0.4%
  
  
  
Schlumberger Ltd.
 
1,053
51,281
Oil, Gas & Consumable Fuels - 1.5%
  
  
  
Cheniere Energy, Inc.
 
268
43,949
Hess Corp.
 
332
46,656
Parkland Corp.
 
761
25,969
PrairieSky Royalty Ltd.
 
2,270
37,449
Reliance Industries Ltd.
 
1,262
43,339
 
  
  
197,362
TOTAL ENERGY
  
  
248,643
FINANCIALS - 11.3%
 
  
  
Banks - 2.9%
  
  
  
Bank of America Corp.
 
2,493
84,787
Credicorp Ltd. (United States)
 
263
39,037
FinecoBank SpA
 
1,536
22,293
JPMorgan Chase & Co.
 
806
140,534
KBC Group NV
 
396
25,883
PNC Financial Services Group, Inc.
 
287
43,397
PT Bank Central Asia Tbk
 
55,476
33,564
 
  
  
389,495
Capital Markets - 2.8%
  
  
  
Avanza Bank Holding AB
 
742
14,973
Banca Generali SpA
 
585
22,380
Bolsa Mexicana de Valores S.A.B. de CV
 
13,232
26,808
Brookfield Corp. (Canada) Class A
 
857
34,014
HUB24 Ltd.
 
1,195
28,878
Moody's Corp.
 
124
48,613
Morningstar, Inc.
 
159
44,409
Netwealth Group Ltd.
 
1,886
20,485
Nordnet AB
 
1,221
19,277
Partners Group Holding AG
 
19
25,827
S&P Global, Inc.
 
151
67,701
VZ Holding AG
 
239
28,194
 
  
  
381,559
Financial Services - 2.3%
  
  
  
Adyen BV (a)(b)
  
30
37,626
Edenred SA
 
403
24,137
Fiserv, Inc. (a)
  
421
59,727
Flywire Corp. (a)
  
1,341
28,657
Visa, Inc. Class A
 
481
131,438
Zenkoku Hosho Co. Ltd.
 
657
24,449
 
  
  
306,034
Insurance - 3.3%
  
  
  
American Financial Group, Inc.
 
324
39,010
Arch Capital Group Ltd. (a)
  
396
32,642
Arthur J. Gallagher & Co.
 
191
44,343
Assurant, Inc.
 
248
41,652
Chubb Ltd.
 
275
67,375
Globe Life, Inc.
 
324
39,794
Hannover Reuck SE
 
148
35,539
Qualitas Controladora S.A.B. de CV
 
5,390
59,557
Steadfast Group Ltd.
 
5,820
22,520
The Travelers Companies, Inc.
 
259
54,742
 
  
  
437,174
TOTAL FINANCIALS
  
  
1,514,262
HEALTH CARE - 8.9%
 
  
  
Biotechnology - 0.1%
  
  
  
Zai Lab Ltd. (a)
  
7,076
15,035
Health Care Equipment & Supplies - 3.6%
  
  
  
Align Technology, Inc. (a)
  
133
35,554
Boston Scientific Corp. (a)
  
1,073
67,878
Coloplast A/S Series B
 
165
19,080
Hoya Corp.
 
287
36,457
IDEXX Laboratories, Inc. (a)
  
86
44,297
Inspire Medical Systems, Inc. (a)
  
165
34,794
Intuitive Surgical, Inc. (a)
  
167
63,163
Masimo Corp. (a)
  
429
55,315
ResMed, Inc.
 
186
35,377
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
 
486
18,225
Straumann Holding AG
 
201
30,839
The Cooper Companies, Inc.
 
117
43,645
 
  
  
484,624
Health Care Providers & Services - 1.7%
  
  
  
Apollo Hospitals Enterprise Ltd.
 
457
34,929
Humana, Inc.
 
106
40,074
Surgery Partners, Inc. (a)
  
909
27,897
UnitedHealth Group, Inc.
 
253
129,470
 
  
  
232,370
Health Care Technology - 0.3%
  
  
  
Veeva Systems, Inc. Class A (a)
  
159
32,978
Life Sciences Tools & Services - 1.5%
  
  
  
10X Genomics, Inc. (a)
  
566
23,585
Danaher Corp.
 
294
70,534
Lonza Group AG
 
45
22,001
Sartorius Stedim Biotech
 
66
17,917
West Pharmaceutical Services, Inc.
 
135
50,359
Wuxi Biologics (Cayman), Inc. (a)(b)
  
7,907
20,808
 
  
  
205,204
Pharmaceuticals - 1.7%
  
  
  
Eli Lilly & Co.
 
210
135,578
Novo Nordisk A/S Series B
 
830
94,873
 
  
  
230,451
TOTAL HEALTH CARE
  
  
1,200,662
INDUSTRIALS - 13.9%
 
  
  
Aerospace & Defense - 1.2%
  
  
  
HEICO Corp.
 
234
42,024
INVISIO AB
 
1,159
22,553
Northrop Grumman Corp.
 
112
50,037
Safran SA
 
223
41,636
 
  
  
156,250
Air Freight & Logistics - 0.8%
  
  
  
C.H. Robinson Worldwide, Inc.
 
444
37,336
Delhivery Private Ltd. (a)
  
4,535
24,582
DHL Group
 
752
36,181
ZTO Express, Inc. sponsored ADR
 
919
15,035
 
  
  
113,134
Building Products - 1.1%
  
  
  
ASSA ABLOY AB (B Shares)
 
1,243
34,090
Kingspan Group PLC (Ireland)
 
315
25,722
The AZEK Co., Inc. (a)
  
1,102
42,493
Trex Co., Inc. (a)
  
522
42,533
 
  
  
144,838
Commercial Services & Supplies - 1.4%
  
  
  
Casella Waste Systems, Inc. Class A (a)
  
471
40,195
Cintas Corp.
 
87
52,598
Copart, Inc.
 
1,214
58,321
GFL Environmental, Inc.
 
625
21,235
Waste Connections, Inc. (Canada)
 
135
20,957
 
  
  
193,306
Construction & Engineering - 0.2%
  
  
  
Larsen & Toubro Ltd.
 
646
27,033
Electrical Equipment - 1.2%
  
  
  
AMETEK, Inc.
 
292
47,319
Eaton Corp. PLC
 
265
65,211
Generac Holdings, Inc. (a)
  
316
35,920
Nidec Corp.
 
481
17,940
 
  
  
166,390
Ground Transportation - 0.7%
  
  
  
Localiza Rent a Car SA
 
2,415
26,381
Old Dominion Freight Lines, Inc.
 
103
40,275
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
13,622
22,463
 
  
  
89,119
Industrial Conglomerates - 1.0%
  
  
  
General Electric Co.
 
562
74,420
Honeywell International, Inc.
 
291
58,858
 
  
  
133,278
Machinery - 1.8%
  
  
  
Atlas Copco AB (A Shares)
 
2,381
37,999
Fortive Corp.
 
573
44,797
Indutrade AB
 
1,261
30,814
Minebea Mitsumi, Inc.
 
1,199
24,784
Miura Co. Ltd.
 
820
14,984
Rational AG
 
22
16,976
SMC Corp.
 
48
26,719
VAT Group AG (b)
  
53
24,978
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares)
 
4,467
13,089
 
  
  
235,140
Marine Transportation - 0.1%
  
  
  
SITC International Holdings Co. Ltd.
 
8,782
13,325
Passenger Airlines - 0.2%
  
  
  
Ryanair Holdings PLC sponsored ADR (a)
  
221
29,526
Professional Services - 3.1%
  
  
  
BayCurrent Consulting, Inc.
 
987
22,947
Centre Testing International Group Co. Ltd. (A Shares)
 
4,438
7,278
Dayforce, Inc. (a)
  
605
42,060
Equifax, Inc.
 
204
49,845
Experian PLC
 
912
37,960
Funai Soken Holdings, Inc.
 
852
14,835
Headhunter Group PLC ADR (a)(c)
  
622
1,693
Recruit Holdings Co. Ltd.
 
936
36,971
RELX PLC (London Stock Exchange)
 
972
40,118
Sporton International, Inc.
 
3,398
25,163
Thomson Reuters Corp.
 
235
34,890
TriNet Group, Inc. (a)
  
301
34,224
Verisk Analytics, Inc.
 
201
48,548
Wolters Kluwer NV
 
161
23,750
 
  
  
420,282
Trading Companies & Distributors - 1.1%
  
  
  
AddTech AB (B Shares)
 
979
20,358
Ashtead Group PLC
 
500
32,962
Azelis Group NV
 
826
17,068
Ferguson PLC
 
292
54,855
IMCD NV
 
158
24,247
 
  
  
149,490
TOTAL INDUSTRIALS
  
  
1,871,111
INFORMATION TECHNOLOGY - 22.3%
 
  
  
Electronic Equipment, Instruments & Components - 2.0%
  
  
  
Amphenol Corp. Class A
 
540
54,594
Azbil Corp.
 
666
21,522
CDW Corp.
 
230
52,146
Keyence Corp.
 
88
39,371
Lagercrantz Group AB (B Shares)
 
2,284
29,980
Murata Manufacturing Co. Ltd.
 
1,494
30,167
Teledyne Technologies, Inc. (a)
  
88
36,825
 
  
  
264,605
IT Services - 2.0%
  
  
  
Cloudflare, Inc. (a)
  
630
49,802
Kainos Group PLC
 
1,700
24,711
Nagarro SE (a)
  
139
13,722
SHIFT, Inc. (a)
  
109
19,650
Shopify, Inc. Class A (a)
  
364
29,145
Softcat PLC
 
1,104
20,231
Tata Consultancy Services Ltd.
 
872
40,035
Twilio, Inc. Class A (a)
  
535
37,627
VeriSign, Inc. (a)
  
198
39,378
 
  
  
274,301
Semiconductors & Semiconductor Equipment - 6.9%
  
  
  
Advantest Corp.
 
692
27,540
ASM International NV (Netherlands)
 
58
32,356
ASML Holding NV (Netherlands)
 
111
96,302
BE Semiconductor Industries NV
 
189
28,554
Disco Corp.
 
140
37,777
eMemory Technology, Inc.
 
516
46,031
Monolithic Power Systems, Inc.
 
91
54,848
NVIDIA Corp.
 
557
342,705
Silicon Laboratories, Inc. (a)
  
339
41,819
Taiwan Semiconductor Manufacturing Co. Ltd.
 
6,528
130,708
Teradyne, Inc.
 
369
35,642
Tokyo Electron Ltd.
 
277
51,404
 
  
  
925,686
Software - 11.0%
  
  
  
Adobe, Inc. (a)
  
150
92,667
ANSYS, Inc. (a)
  
124
40,651
Atlassian Corp. PLC (a)
  
149
37,216
ATOSS Software AG
 
90
24,802
Bill Holdings, Inc. (a)
  
425
33,171
Confluent, Inc. (a)
  
1,109
24,797
Constellation Software, Inc.
 
17
46,985
Constellation Software, Inc. warrants 8/22/28 (a)(c)
  
17
0
Dassault Systemes SA
 
787
40,797
Fortnox AB
 
3,520
19,551
HubSpot, Inc. (a)
  
101
61,711
Lumine Group, Inc.
 
1,386
32,329
Microsoft Corp.
 
1,499
595,962
Money Forward, Inc. (a)
  
614
23,966
Procore Technologies, Inc. (a)
  
607
43,334
Salesforce, Inc. (a)
  
379
106,533
SAP SE
 
341
59,077
ServiceNow, Inc. (a)
  
90
68,886
Synopsys, Inc. (a)
  
102
54,402
Topicus.Com, Inc. (a)
  
259
20,035
Workday, Inc. Class A (a)
  
185
53,848
 
  
  
1,480,720
Technology Hardware, Storage & Peripherals - 0.4%
  
  
  
Seagate Technology Holdings PLC
 
614
52,608
TOTAL INFORMATION TECHNOLOGY
  
  
2,997,920
MATERIALS - 4.0%
 
  
  
Chemicals - 2.5%
  
  
  
Air Products & Chemicals, Inc.
 
156
39,891
Ecolab, Inc.
 
229
45,392
Givaudan SA
 
8
33,457
Linde PLC
 
163
65,987
NOF Corp.
 
431
19,466
Shin-Etsu Chemical Co. Ltd.
 
1,120
44,086
Sika AG
 
124
34,231
Solar Industries India Ltd.
 
455
35,434
Symrise AG
 
185
19,181
 
  
  
337,125
Construction Materials - 0.8%
  
  
  
Martin Marietta Materials, Inc.
 
116
58,977
Vulcan Materials Co.
 
240
54,242
 
  
  
113,219
Metals & Mining - 0.7%
  
  
  
Freeport-McMoRan, Inc.
 
1,160
46,040
Press Metal Aluminium Holdings
 
19,537
19,553
Ternium SA sponsored ADR
 
583
22,539
 
  
  
88,132
TOTAL MATERIALS
  
  
538,476
REAL ESTATE - 4.3%
 
  
  
Equity Real Estate Investment Trusts (REITs) - 2.8%
  
  
  
American Tower Corp.
 
262
51,260
Big Yellow Group PLC
 
1,115
16,222
Embassy Office Parks (REIT)
 
6,240
26,989
Equinix, Inc.
 
65
53,935
Equity Lifestyle Properties, Inc.
 
537
36,350
Extra Space Storage, Inc.
 
219
31,632
National Storage REIT unit
 
15,614
23,417
Prologis, Inc.
 
395
50,043
Safestore Holdings PLC
 
1,505
15,792
Segro PLC
 
1,591
17,780
Sun Communities, Inc.
 
258
32,340
Warehouses de Pauw
 
822
24,234
 
  
  
379,994
Real Estate Management & Development - 1.5%
  
  
  
Ayala Land, Inc.
 
36,338
21,951
CBRE Group, Inc. (a)
  
470
40,566
Colliers International Group, Inc.
 
176
20,660
CoStar Group, Inc. (a)
  
506
42,241
Grainger Trust PLC
 
6,615
22,065
Katitas Co. Ltd.
 
1,802
22,404
Oberoi Realty Ltd.
 
1,813
28,912
 
  
  
198,799
TOTAL REAL ESTATE
  
  
578,793
UTILITIES - 0.5%
 
  
  
Electric Utilities - 0.4%
  
  
  
Constellation Energy Corp.
 
439
53,558
Gas Utilities - 0.1%
  
  
  
Nippon Gas Co. Ltd.
 
1,244
19,270
TOTAL UTILITIES
  
  
72,828
 
TOTAL COMMON STOCKS
 (Cost $10,271,669)
  
  
  
13,211,901
 
  
  
  
Nonconvertible Preferred Stocks - 0.3%
 
  
Shares
Value ($)
 
HEALTH CARE - 0.1%
 
  
  
Life Sciences Tools & Services - 0.1%
  
  
  
Sartorius AG (non-vtg.)
 
63
23,210
INDUSTRIALS - 0.2%
 
  
  
Passenger Airlines - 0.2%
  
  
  
Azul SA (a)
  
9,633
26,054
 
TOTAL NONCONVERTIBLE PREFERRED STOCKS
 (Cost $38,051)
  
  
  
49,264
 
  
  
  
Money Market Funds - 1.4%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 5.39% (d)
 
 (Cost $183,814)
 
  
183,778
183,814
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
 (Cost $10,493,534)
 
  
 
13,444,979
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(15,818)
NET ASSETS - 100.0%
13,429,161
 
  
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 $83,412 or 0.6% of net assets.
 
(c)
Level 3 security
 
(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.
 
 
 
 
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
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 5.39%
160,448
950,562
927,196
2,729
-
-
183,814
0.0%
Total
160,448
950,562
927,196
2,729
-
-
183,814
  
 
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
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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