Quarterly Holdings Report
for
Fidelity® Series Small Cap Core Fund
July 31, 2026
SCC-NPRT1-0926
1.9906194.103
Common Stocks - 98.4%
 
  
Shares
Value ($)
 
BAHAMAS (NASSAU) - 0.4%
 
  
  
Consumer Discretionary - 0.4%
  
  
  
Diversified Consumer Services - 0.4%
  
  
  
OneSpaWorld Holdings Ltd (a)
  
256,048
6,595,796
BURKINA FASO - 0.2%
 
  
  
Materials - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
IAMGOLD Corp (United States) (b)
  
182,600
2,591,094
CAMEROON - 0.4%
 
  
  
Energy - 0.4%
  
  
  
Oil, Gas & Consumable Fuels - 0.4%
  
  
  
Golar LNG Ltd (a)
  
110,885
5,449,998
CANADA - 2.0%
 
  
  
Health Care - 0.5%
  
  
  
Biotechnology - 0.5%
  
  
  
Xenon Pharmaceuticals Inc (b)
  
125,316
7,853,554
Information Technology - 0.1%
  
  
  
Software - 0.1%
  
  
  
D-Wave Quantum Inc (a)(b)
  
84,500
1,527,759
Materials - 0.9%
  
  
  
Metals & Mining - 0.9%
  
  
  
Hudbay Minerals Inc (United States) (a)
  
309,600
7,043,400
Triple Flag Precious Metals Corp (United States)
 
229,300
6,596,961
TOTAL MATERIALS
  
  
13,640,361
Utilities - 0.5%
  
  
  
Gas Utilities - 0.5%
  
  
  
Brookfield Infrastructure Corp (United States) (a)
  
177,429
7,505,247
TOTAL CANADA
  
  
30,526,921
FRANCE - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Inventiva SA ADR (b)
  
164,161
735,441
ISRAEL - 0.5%
 
  
  
Information Technology - 0.5%
  
  
  
Software - 0.5%
  
  
  
Cellebrite DI Ltd (a)(b)
  
503,189
7,422,038
NETHERLANDS - 0.2%
 
  
  
Health Care - 0.2%
  
  
  
Biotechnology - 0.2%
  
  
  
Newamsterdam Pharma Co NV (b)
  
134,200
3,729,418
NORWAY - 0.6%
 
  
  
Energy - 0.6%
  
  
  
Energy Equipment & Services - 0.6%
  
  
  
Seadrill Ltd (b)
  
216,100
9,689,924
PUERTO RICO - 0.9%
 
  
  
Communication Services - 0.3%
  
  
  
Diversified Telecommunication Services - 0.3%
  
  
  
Liberty Latin America Ltd Class C (b)
  
493,027
3,978,728
Financials - 0.6%
  
  
  
Banks - 0.3%
  
  
  
Popular Inc
 
23,959
4,197,856
Financial Services - 0.3%
  
  
  
EVERTEC Inc
 
163,200
4,967,808
TOTAL FINANCIALS
  
  
9,165,664
TOTAL PUERTO RICO
  
  
13,144,392
TAIWAN - 0.6%
 
  
  
Information Technology - 0.6%
  
  
  
Semiconductors & Semiconductor Equipment - 0.6%
  
  
  
Silicon Motion Technology Corp ADR
 
38,806
9,841,202
UNITED STATES - 92.6%
 
  
  
Communication Services - 2.0%
  
  
  
Diversified Telecommunication Services - 0.2%
  
  
  
Csquare Inc
 
179,000
3,572,840
Entertainment - 1.4%
  
  
  
Cinemark Holdings Inc
 
309,400
11,320,946
IMAX Corp (a)(b)
  
192,191
9,194,417
 
  
  
20,515,363
Media - 0.4%
  
  
  
Magnite Inc (b)
  
327,600
6,322,680
TOTAL COMMUNICATION SERVICES
  
  
30,410,883
Consumer Discretionary - 10.2%
  
  
  
Automobile Components - 0.7%
  
  
  
LCI Industries
 
29,258
2,994,849
Patrick Industries Inc
 
95,860
7,913,243
 
  
  
10,908,092
Diversified Consumer Services - 1.5%
  
  
  
Grand Canyon Education Inc (b)
  
47,474
6,899,871
Laureate Education Inc (b)
  
426,398
16,335,308
 
  
  
23,235,179
Hotels, Restaurants & Leisure - 3.3%
  
  
  
Brinker International Inc (b)
  
27,800
5,940,860
Cava Group Inc (a)(b)
  
49,100
3,202,793
Dutch Bros Inc Class A (b)
  
84,900
5,588,967
Kura Sushi USA Inc Class A (a)(b)
  
61,600
2,837,912
Lindblad Expeditions Holdings Inc (b)
  
282,500
8,356,350
Pursuit Attractions and Hospitality Inc (b)
  
126,300
6,381,939
Red Rock Resorts Inc Class A
 
193,720
12,483,317
Rush Street Interactive Inc Class A (b)
  
215,300
5,793,723
 
  
  
50,585,861
Household Durables - 0.6%
  
  
  
Cavco Industries Inc (b)
  
2,562
1,401,491
Meritage Homes Corp
 
106,600
7,483,320
 
  
  
8,884,811
Leisure Products - 0.6%
  
  
  
Latham Group Inc (b)
  
651,300
3,490,968
YETI Holdings Inc (b)
  
128,600
6,293,684
 
  
  
9,784,652
Specialty Retail - 2.9%
  
  
  
Abercrombie & Fitch Co Class A (b)
  
89,800
8,938,692
Academy Sports & Outdoors Inc
 
100,377
4,762,889
Bob's Discount Furniture Inc (a)
  
181,200
3,020,603
Boot Barn Holdings Inc (b)
  
51,423
7,661,513
Signet Jewelers Ltd (a)
  
124,300
11,547,470
Urban Outfitters Inc (b)
  
115,700
8,582,626
 
  
  
44,513,793
Textiles, Apparel & Luxury Goods - 0.6%
  
  
  
Steven Madden Ltd
 
196,800
9,068,544
TOTAL CONSUMER DISCRETIONARY
  
  
156,980,932
Consumer Staples - 0.8%
  
  
  
Beverages - 0.4%
  
  
  
Vita Coco Co Inc/The (b)
  
82,400
5,433,456
Food Products - 0.1%
  
  
  
Darling Ingredients Inc (b)
  
49,200
2,983,488
Mama's Creations Inc (b)
  
29,100
536,312
 
  
  
3,519,800
Household Products - 0.3%
  
  
  
Energizer Holdings Inc
 
252,420
5,293,247
TOTAL CONSUMER STAPLES
  
  
14,246,503
Energy - 4.8%
  
  
  
Energy Equipment & Services - 2.9%
  
  
  
Cactus Inc Class A
 
29,848
1,940,418
Expro Ltd
 
276,900
4,416,555
Flowco Holdings Inc Class A (a)
  
416,200
8,511,290
HMH Holding Inc Class A (b)
  
274,400
5,704,776
Innovex International Inc (b)
  
222,000
6,233,760
Solaris Energy Infrastructure Inc Class A
 
223,500
11,490,136
WaterBridge Infrastructure LLC Class A (a)
  
155,400
5,317,788
 
  
  
43,614,723
Oil, Gas & Consumable Fuels - 1.9%
  
  
  
California Resources Corp
 
150,200
7,903,524
Centrus Energy Corp Class A (a)(b)
  
16,900
2,990,117
Chord Energy Corp
 
104,611
14,685,292
Gulfport Energy Corp (b)
  
24,800
4,001,976
 
  
  
29,580,909
TOTAL ENERGY
  
  
73,195,632
Financials - 19.3%
  
  
  
Banks - 12.7%
  
  
  
Ameris Bancorp
 
100,000
8,721,000
Associated Banc-Corp
 
273,800
8,454,944
BOK Financial Corp
 
41,166
5,816,344
Camden National Corp (a)
  
122,680
7,101,945
Central BanCo Inc
 
189,700
6,222,160
Community Financial System Inc
 
219,300
14,212,833
CVB Financial Corp (a)
  
665,600
14,889,472
Eastern Bankshares Inc (a)
  
707,977
16,255,153
First Bancorp/Southern Pines NC
 
159,900
10,052,913
First Busey Corp
 
317,700
9,804,222
First Hawaiian Inc
 
225,600
6,269,424
First Interstate BancSystem Inc Class A (a)
  
248,507
9,448,236
FNB Corp/PA
 
368,706
6,968,543
Hancock Whitney Corp
 
144,400
11,118,800
Nbt Bancorp Inc
 
270,300
14,231,295
UMB Financial Corp
 
86,600
12,620,218
United Community Banks Inc/GA
 
191,089
6,772,194
Univest Financial Corp
 
243,308
10,763,946
Western Alliance Bancorp
 
44,398
3,573,595
Wintrust Financial Corp
 
74,719
11,920,669
 
  
  
195,217,906
Capital Markets - 2.5%
  
  
  
Perella Weinberg Partners Class A (a)
  
588,207
10,381,854
PJT Partners Inc Class A (a)
  
48,291
8,127,858
Victory Capital Holdings Inc Class A (a)
  
85,700
8,486,871
Wealthfront Corp (b)
  
287,800
2,731,222
WisdomTree Inc (a)
  
435,300
8,431,761
 
  
  
38,159,566
Consumer Finance - 1.3%
  
  
  
Enova International Inc (b)
  
31,100
7,903,754
FirstCash Holdings Inc
 
59,250
12,087,593
 
  
  
19,991,347
Financial Services - 1.7%
  
  
  
Essent Group Ltd
 
127,100
8,383,516
HA Sustainable Infrastructure Capital Inc
 
190,300
7,206,661
Remitly Global Inc (b)
  
436,500
9,939,105
 
  
  
25,529,282
Insurance - 1.1%
  
  
  
Baldwin Insurance Group Inc/The Class A (a)(b)
  
188,055
5,216,645
Selective Insurance Group Inc
 
122,085
11,572,437
 
  
  
16,789,082
TOTAL FINANCIALS
  
  
295,687,183
Health Care - 18.3%
  
  
  
Biotechnology - 10.2%
  
  
  
Alkermes PLC (b)
  
168,300
8,245,018
Arcus Biosciences Inc (b)
  
179,200
5,051,648
Avalo Therapeutics Inc (b)
  
203,900
3,721,175
Blueprint Medicines Corp rights (b)(c)
  
35,641
0
Celldex Therapeutics Inc (b)
  
150,228
5,717,678
CG oncology Inc (b)
  
94,900
6,755,931
Cogent Biosciences Inc (b)
  
152,900
5,952,397
Cytokinetics Inc (b)
  
32,651
2,518,372
CytomX Therapeutics Inc (b)
  
729,800
2,262,380
First Tracks Biotherapeutics Inc
 
149,200
6,570,768
Janux Therapeutics Inc (b)
  
318,300
4,828,611
Kiniksa Pharmaceuticals International Plc Class A (b)
  
75,400
5,605,236
Kymera Therapeutics Inc (a)(b)
  
66,500
6,876,100
Legend Biotech Corp ADR (b)
  
137,700
2,554,335
Madrigal Pharmaceuticals Inc (b)
  
7,782
3,636,684
MapLight Therapeutics Inc (a)
  
138,400
1,801,968
Mirum Pharmaceuticals Inc (b)
  
58,800
6,229,860
Nurix Therapeutics Inc (b)
  
217,300
5,043,533
Olema Pharmaceuticals Inc (b)
  
397,900
4,555,955
Praxis Precision Medicines Inc (b)
  
23,900
7,357,137
PTC Therapeutics Inc (b)
  
88,000
5,984,880
Relay Therapeutics Inc (b)
  
275,300
5,183,899
Rhythm Pharmaceuticals Inc (b)
  
52,800
5,240,400
Solid Biosciences Inc (a)(b)
  
479,800
3,867,188
Stoke Therapeutics Inc (b)
  
174,100
5,024,526
Tango Therapeutics Inc (b)
  
163,800
4,452,084
Tenax Therapeutics Inc (b)
  
272,400
3,731,880
Travere Therapeutics Inc (b)
  
115,800
6,472,062
Upstream Bio Inc (b)
  
132,200
834,182
Vaxcyte Inc (b)
  
139,166
7,526,097
Viking Therapeutics Inc (b)
  
100,200
3,180,348
Viridian Therapeutics Inc (b)
  
259,932
4,917,913
Zenas Biopharma Inc (b)
  
153,300
4,819,752
 
  
  
156,519,997
Health Care Equipment & Supplies - 2.1%
  
  
  
Anteris Technologies Global Corp (b)
  
351,400
2,754,976
Envista Holdings Corp (b)
  
238,800
6,521,628
ICU Medical Inc (b)
  
45,300
7,633,503
iRhythm Technologies Inc (b)
  
32,598
3,819,508
Merit Medical Systems Inc (b)
  
102,476
8,711,485
TransMedics Group Inc (b)
  
38,900
2,976,239
ViewRay Inc (b)
  
34,227
0
 
  
  
32,417,339
Health Care Providers & Services - 3.3%
  
  
  
BrightSpring Health Services Inc (b)
  
178,500
10,658,235
Ensign Group Inc/The
 
66,749
11,892,002
Guardian Pharmacy Services Inc Class A (b)
  
174,405
6,894,230
LifeStance Health Group Inc (b)
  
1,152,465
12,077,833
Progyny Inc (b)
  
285,700
8,893,841
 
  
  
50,416,141
Health Care Technology - 0.3%
  
  
  
Waystar Holding Corp (b)
  
188,600
3,981,346
Life Sciences Tools & Services - 0.9%
  
  
  
Charles River Laboratories International Inc (b)
  
39,600
9,207,396
Repligen Corp (b)
  
31,300
4,413,613
 
  
  
13,621,009
Pharmaceuticals - 1.5%
  
  
  
Alumis Inc (b)
  
206,200
5,825,150
Elanco Animal Health Inc (b)
  
148,600
3,918,582
Jazz Pharmaceuticals PLC (b)
  
18,500
4,677,910
Structure Therapeutics Inc ADR (b)
  
98,200
4,717,528
Tarsus Pharmaceuticals Inc (b)
  
66,900
3,949,776
 
  
  
23,088,946
TOTAL HEALTH CARE
  
  
280,044,778
Industrials - 15.2%
  
  
  
Aerospace & Defense - 2.1%
  
  
  
Cadre Holdings Inc (a)
  
118,760
3,661,371
Ducommun Inc (b)
  
46,300
8,288,626
Hawkeye 360 Inc
 
102,300
2,168,760
Karman Holdings Inc (b)
  
76,300
3,673,845
Park Aerospace Corp (a)
  
201,700
6,837,630
V2X Inc (b)
  
87,378
7,884,991
 
  
  
32,515,223
Building Products - 1.8%
  
  
  
AZZ Inc
 
51,155
7,403,152
Louisiana-Pacific Corp
 
75,800
5,490,194
Modine Manufacturing Co (b)
  
26,500
5,328,090
Tecnoglass Holdings Inc
 
102,012
4,431,401
UFP Industries Inc
 
64,324
5,579,464
 
  
  
28,232,301
Commercial Services & Supplies - 1.9%
  
  
  
Brady Corp Class A
 
106,609
10,050,030
BrightView Holdings Inc (b)
  
450,100
5,869,304
Brink's Co/The
 
108,791
12,886,294
 
  
  
28,805,628
Construction & Engineering - 3.5%
  
  
  
Bowman Consulting Group Ltd (b)
  
153,278
4,115,514
Construction Partners Inc Class A (b)
  
119,653
12,366,138
Granite Construction Inc
 
85,800
10,379,226
IES Holdings Inc (b)
  
27,421
20,416,031
Limbach Holdings Inc (a)(b)
  
75,100
5,384,670
 
  
  
52,661,579
Electrical Equipment - 0.5%
  
  
  
Forgent Power Solutions Inc Class A
 
127,600
4,245,252
Nextpower Inc Class A (b)
  
33,868
3,043,717
X-Energy Inc Class A (a)
  
48,800
795,928
 
  
  
8,084,897
Ground Transportation - 0.2%
  
  
  
Saia Inc (b)
  
8,200
2,850,566
Machinery - 2.6%
  
  
  
Atmus Filtration Technologies Inc
 
192,200
9,923,286
Gates Industrial Corp Ltd
 
373,000
10,436,540
Terex Corp
 
237,830
14,945,237
Wabash National Corp (a)
  
412,700
5,183,512
 
  
  
40,488,575
Passenger Airlines - 0.3%
  
  
  
Alaska Air Group Inc (b)
  
81,700
3,876,665
Professional Services - 1.1%
  
  
  
CRA International Inc
 
41,050
7,349,182
ExlService Holdings Inc (b)
  
183,200
6,215,976
Planet Labs PBC Class A (a)(b)
  
136,400
2,793,472
 
  
  
16,358,630
Trading Companies & Distributors - 1.2%
  
  
  
Herc Holdings Inc
 
89,900
13,497,586
Xometry Inc Class A (b)
  
62,521
5,359,300
 
  
  
18,856,886
TOTAL INDUSTRIALS
  
  
232,730,950
Information Technology - 11.4%
  
  
  
Electronic Equipment, Instruments & Components - 3.7%
  
  
  
Advanced Energy Industries Inc
 
22,776
6,594,108
Bel Fuse Inc Class A
 
12,885
2,875,030
Bel Fuse Inc Class B
 
32,300
8,784,631
Belden Inc
 
60,003
7,443,372
Mirion Technologies Inc Class A (a)(b)
  
461,600
6,914,768
OSI Systems Inc (b)
  
36,000
7,970,040
Sanmina Corp (b)
  
54,100
10,038,796
TTM Technologies Inc (b)
  
53,500
6,176,040
 
  
  
56,796,785
Semiconductors & Semiconductor Equipment - 2.6%
  
  
  
Axcelis Technologies Inc (b)
  
24,300
3,168,234
Diodes Inc (b)
  
144,926
11,930,308
Onto Innovation Inc (b)
  
32,439
8,388,077
Penguin Solutions Inc (b)
  
117,500
6,184,025
Rigetti Computing Inc Class A (a)(b)
  
72,000
1,076,400
SiTime Corp (b)
  
2,800
1,498,560
Veeco Instruments Inc (b)
  
147,800
7,390,000
 
  
  
39,635,604
Software - 5.1%
  
  
  
A10 Networks Inc
 
195,200
5,772,064
ACI Worldwide Inc (b)
  
220,900
12,664,197
Adeia Inc
 
263,700
7,027,605
Agilysys Inc (b)
  
55,450
5,831,122
Braze Inc Class A (b)
  
37,600
936,992
JFrog Ltd (b)
  
110,300
8,800,837
nCino Inc (a)(b)
  
150,900
2,785,614
PAR Technology Corp (a)(b)
  
144,600
2,450,970
Riot Platforms Inc (b)
  
409,700
8,263,649
Terawulf Inc (a)(b)
  
518,800
9,162,008
Varonis Systems Inc (b)
  
214,452
8,567,357
Workiva Inc Class A (b)
  
91,116
5,448,737
 
  
  
77,711,152
TOTAL INFORMATION TECHNOLOGY
  
  
174,143,541
Materials - 2.5%
  
  
  
Chemicals - 1.5%
  
  
  
Ecovyst Inc (b)
  
582,800
7,028,568
Element Solutions Inc
 
230,479
8,465,494
Minerals Technologies Inc
 
103,200
7,867,968
 
  
  
23,362,030
Construction Materials - 0.4%
  
  
  
Eagle Materials Inc
 
31,473
6,450,077
Metals & Mining - 0.6%
  
  
  
Constellium SE (b)
  
180,801
5,022,652
Warrior Met Coal Inc
 
43,350
3,442,423
 
  
  
8,465,075
TOTAL MATERIALS
  
  
38,277,182
Real Estate - 6.1%
  
  
  
Health Care REITs - 1.0%
  
  
  
CareTrust REIT Inc
 
200,600
8,413,164
Sabra Health Care REIT Inc
 
314,800
6,664,316
 
  
  
15,077,480
Office REITs - 1.4%
  
  
  
Douglas Emmett Inc
 
733,407
8,668,871
Kilroy Realty Corp
 
138,200
5,364,923
Postal Realty Trust Inc Class A
 
303,818
6,999,967
 
  
  
21,033,761
Real Estate Management & Development - 1.2%
  
  
  
Compass Inc Class A (b)
  
612,600
6,977,514
Cushman & Wakefield Ltd
 
454,391
6,097,927
Landbridge Co LLC Class A (a)
  
77,642
6,018,808
 
  
  
19,094,249
Retail REITs - 1.7%
  
  
  
Curbline Properties Corp (a)
  
253,024
7,752,655
Tanger Inc
 
231,600
9,416,857
Urban Edge Properties
 
344,277
7,801,317
 
  
  
24,970,829
Specialized REITs - 0.8%
  
  
  
CubeSmart
 
165,100
6,845,046
Outfront Media Inc
 
184,544
5,881,417
 
  
  
12,726,463
TOTAL REAL ESTATE
  
  
92,902,782
Utilities - 2.0%
  
  
  
Electric Utilities - 0.6%
  
  
  
IDACORP Inc
 
65,073
9,299,582
Gas Utilities - 1.4%
  
  
  
New Jersey Resources Corp
 
98,213
5,685,551
Southwest Gas Holdings Inc
 
89,300
7,983,420
UGI Corp
 
194,100
7,010,892
 
  
  
20,679,863
TOTAL UTILITIES
  
  
29,979,445
TOTAL UNITED STATES
  
  
1,418,599,811
 
TOTAL COMMON STOCKS
 (Cost $1,224,602,559)
  
  
  
1,508,326,035
 
  
  
  
Non-Convertible Preferred Stocks - 0.1%
 
  
Shares
Value ($)
 
PUERTO RICO - 0.1%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Liberty Latin America Ltd 9%
  (Cost $1,364,176)
  
57,222
1,156,457
 
  
  
  
Money Market Funds - 6.7%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (d)
  
3.69
17,640,911
17,644,439
Fidelity Securities Lending Cash Central Fund (d)(e)
  
3.72
85,171,204
85,179,721
 
TOTAL MONEY MARKET FUNDS
 (Cost $102,822,409)
  
  
  
102,824,160
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 105.2%
 (Cost $1,328,789,144)
 
  
 
1,612,306,652
NET OTHER ASSETS (LIABILITIES) - (5.2)%  
(79,954,204)
NET ASSETS - 100.0%
1,532,352,448
 
  
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing.
 
(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.
 
(e)
Investment made with cash collateral received from securities on loan.
 
At period end, the value of non-cash collateral for securities on loan amounted to $65,052,528.
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
Fidelity Cash Central Fund
24,738,857
87,030,909
94,126,083
214,811
(995)
1,751
17,644,439
17,640,911
Fidelity Securities Lending Cash Central Fund
99,830,028
172,178,397
186,828,704
66,011
-
-
85,179,721
85,171,204
 
124,568,885
259,209,306
280,954,787
280,822
(995)
1,751
102,824,160
  
 
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 income 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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