Quarterly Holdings Report
for
Fidelity® SAI Sustainable Emerging Markets Equity Fund
July 31, 2026
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
ESP-NPRT3-0926
1.9905640.104
Common Stocks - 94.2%
 
  
Shares
Value ($)
 
AUSTRALIA - 0.4%
 
  
  
Materials - 0.4%
  
  
  
Metals & Mining - 0.4%
  
  
  
Anglogold Ashanti Plc
 
6,537
518,515
BRAZIL - 4.3%
 
  
  
Consumer Discretionary - 1.1%
  
  
  
Household Durables - 0.4%
  
  
  
Cury Construtora e Incorporadora SA
 
90,603
537,811
Specialty Retail - 0.7%
  
  
  
Vibra Energia SA
 
124,108
882,612
TOTAL CONSUMER DISCRETIONARY
  
  
1,420,423
Financials - 1.6%
  
  
  
Banks - 1.4%
  
  
  
Itau Unibanco Holding SA
 
101,314
857,216
NU Holdings Ltd/Cayman Islands Class A (a)
  
63,159
905,069
 
  
  
1,762,285
Capital Markets - 0.2%
  
  
  
Banco BTG Pactual SA unit
 
25,014
280,283
TOTAL FINANCIALS
  
  
2,042,568
Industrials - 0.3%
  
  
  
Ground Transportation - 0.3%
  
  
  
Localiza Rent a Car SA
 
49,687
368,647
Materials - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
Gerdau SA ADR
 
51,238
254,140
Utilities - 1.1%
  
  
  
Electric Utilities - 0.2%
  
  
  
Axia Energia SA
 
24,707
257,444
Water Utilities - 0.9%
  
  
  
Cia de Saneamento Basico do Estado de Sao Paulo SABESP
 
128,063
699,791
Cia de Saneamento de Minas Gerais Copasa MG
 
32,645
413,251
 
  
  
1,113,042
TOTAL UTILITIES
  
  
1,370,486
TOTAL BRAZIL
  
  
5,456,264
CHILE - 0.3%
 
  
  
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
Banco de Chile
 
931,899
194,158
Materials - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
Antofagasta PLC
 
5,583
275,020
TOTAL CHILE
  
  
469,178
CHINA - 26.1%
 
  
  
Communication Services - 4.9%
  
  
  
Entertainment - 0.9%
  
  
  
Netease Inc
 
12,323
327,868
Netease Inc ADR
 
6,405
853,594
 
  
  
1,181,462
Interactive Media & Services - 4.0%
  
  
  
Baidu Inc A Shares (a)
  
12,176
168,669
Tencent Holdings Ltd
 
80,955
4,946,593
 
  
  
5,115,262
TOTAL COMMUNICATION SERVICES
  
  
6,296,724
Consumer Discretionary - 6.7%
  
  
  
Automobile Components - 0.4%
  
  
  
Ningbo Joyson Electronic Corp H Shares
 
201,168
341,163
Zhejiang Yinlun Machinery Co Ltd A Shares (China)
 
30,671
174,433
 
  
  
515,596
Automobiles - 0.6%
  
  
  
BYD Co Ltd H Shares
 
62,162
743,137
Broadline Retail - 4.2%
  
  
  
Alibaba Group Holding Ltd
 
241,836
3,683,985
Alibaba Group Holding Ltd ADR
 
2,124
259,659
JD.com Inc A Shares
 
19,669
323,555
JD.com Inc ADR
 
13,817
456,099
PDD Holdings Inc Class A ADR (a)
  
7,465
661,100
 
  
  
5,384,398
Diversified Consumer Services - 0.2%
  
  
  
New Oriental Education & Technology Group Inc
 
36,497
214,030
Hotels, Restaurants & Leisure - 1.3%
  
  
  
H World Group Ltd ADR
 
3,611
154,154
Luckin Coffee Inc ADR (a)
  
8,658
303,030
Meituan B Shares (a)(b)(c)
  
56,174
663,217
Trip.com Group Ltd ADR (a)
  
4,104
192,929
Yum China Holdings Inc
 
7,344
353,834
 
  
  
1,667,164
TOTAL CONSUMER DISCRETIONARY
  
  
8,524,325
Consumer Staples - 0.5%
  
  
  
Beverages - 0.4%
  
  
  
Kweichow Moutai Co Ltd A Shares (China)
 
2,252
450,030
Personal Care Products - 0.1%
  
  
  
Mao Geping Cosmetics Co LTD H Shares
 
19,441
145,638
TOTAL CONSUMER STAPLES
  
  
595,668
Financials - 5.0%
  
  
  
Banks - 2.8%
  
  
  
China Construction Bank Corp H Shares
 
2,304,141
2,703,739
China Merchants Bank Co Ltd H Shares
 
66,945
434,497
Industrial & Commercial Bank of China Ltd H Shares
 
475,527
455,372
 
  
  
3,593,608
Insurance - 2.2%
  
  
  
China Life Insurance Co Ltd H Shares
 
212,218
790,162
China Pacific Insurance Group Co Ltd H Shares
 
33,718
131,390
PICC Property & Casualty Co Ltd H Shares
 
376,315
786,949
Ping An Insurance Group Co of China Ltd H Shares
 
149,780
1,118,973
 
  
  
2,827,474
TOTAL FINANCIALS
  
  
6,421,082
Health Care - 2.1%
  
  
  
Biotechnology - 0.2%
  
  
  
Innovent Biologics Inc (a)(b)(c)
  
24,047
265,846
Life Sciences Tools & Services - 1.1%
  
  
  
Wuxi Apptec Co Ltd H Shares (b)(c)
  
64,524
1,322,173
Pharmaceuticals - 0.8%
  
  
  
Consun Pharmaceutical Group Ltd
 
207,672
362,520
Hansoh Pharmaceutical Group Co Ltd (b)(c)
  
123,824
508,092
Jiangsu Hengrui Pharmaceuticals Co Ltd H Shares
 
27,054
196,978
 
  
  
1,067,590
TOTAL HEALTH CARE
  
  
2,655,609
Industrials - 3.7%
  
  
  
Electrical Equipment - 1.9%
  
  
  
Contemporary Amperex Technology Co Ltd A Shares (China)
 
17,665
1,035,030
Ningbo Deye Technology Corp A Shares (China)
 
68,731
833,289
Sieyuan Electric Co Ltd A Shares (China)
 
22,045
510,689
 
  
  
2,379,008
Machinery - 1.8%
  
  
  
Airtac International Group
 
17,481
708,320
Sany Heavy Industry Co Ltd A Shares (China)
 
110,041
334,932
Weichai Power Co Ltd H Shares
 
300,108
1,260,527
 
  
  
2,303,779
TOTAL INDUSTRIALS
  
  
4,682,787
Information Technology - 1.9%
  
  
  
Electronic Equipment, Instruments & Components - 0.3%
  
  
  
Luxshare Precision Industry Co Ltd A Shares (China)
 
31,679
269,813
WUS Printed Circuit Kunshan Co Ltd A Shares (China)
 
10,754
165,074
 
  
  
434,887
Semiconductors & Semiconductor Equipment - 1.0%
  
  
  
Anji Microelectronics Technology Shanghai Co Ltd A Shares (China)
 
8,725
306,020
CXMT Corp A Shares
 
25,392
201,157
Montage Technology Co Ltd A Shares (China)
 
26,723
809,561
 
  
  
1,316,738
Software - 0.1%
  
  
  
Z AI Co Ltd H Shares
 
1,100
138,510
Technology Hardware, Storage & Peripherals - 0.5%
  
  
  
Xiaomi Corp B Shares (a)(b)(c)
  
162,944
597,920
TOTAL INFORMATION TECHNOLOGY
  
  
2,488,055
Materials - 1.3%
  
  
  
Metals & Mining - 1.3%
  
  
  
MMG Ltd (a)
  
876,521
937,725
Zijin Mining Group Co Ltd H Shares
 
175,733
744,844
TOTAL MATERIALS
  
  
1,682,569
TOTAL CHINA
  
  
33,346,819
GREECE - 0.8%
 
  
  
Financials - 0.8%
  
  
  
Banks - 0.8%
  
  
  
Eurobank SA
 
65,292
335,047
National Bank of Greece SA
 
38,059
706,593
 
  
  
  
TOTAL GREECE
  
  
1,041,640
HONG KONG - 0.4%
 
  
  
Materials - 0.4%
  
  
  
Metals & Mining - 0.4%
  
  
  
Zijin Gold International Co Ltd
 
31,897
480,749
HUNGARY - 0.8%
 
  
  
Financials - 0.8%
  
  
  
Banks - 0.8%
  
  
  
OTP Bank Nyrt
 
7,059
1,044,590
INDIA - 6.1%
 
  
  
Communication Services - 0.8%
  
  
  
Wireless Telecommunication Services - 0.8%
  
  
  
Bharti Airtel Ltd
 
52,343
1,081,655
Consumer Discretionary - 0.5%
  
  
  
Automobiles - 0.1%
  
  
  
Mahindra & Mahindra Ltd
 
4,367
155,539
Hotels, Restaurants & Leisure - 0.4%
  
  
  
MakeMyTrip Ltd (a)
  
8,366
476,444
TOTAL CONSUMER DISCRETIONARY
  
  
631,983
Energy - 0.7%
  
  
  
Oil, Gas & Consumable Fuels - 0.7%
  
  
  
Reliance Industries Ltd
 
67,203
920,348
Financials - 3.0%
  
  
  
Banks - 2.7%
  
  
  
Axis Bank Ltd
 
25,173
324,246
HDFC Bank Ltd/Gift City
 
159,802
1,251,867
HDFC Bank Ltd/Gift City ADR
 
9,074
217,141
ICICI Bank Ltd
 
79,729
1,198,574
State Bank of India
 
33,951
365,491
 
  
  
3,357,319
Capital Markets - 0.1%
  
  
  
HDFC Asset Management Co Ltd (b)(c)
  
4,181
114,577
Consumer Finance - 0.2%
  
  
  
Bajaj Finance Ltd
 
18,724
223,891
TOTAL FINANCIALS
  
  
3,695,787
Industrials - 0.9%
  
  
  
Construction & Engineering - 0.6%
  
  
  
Larsen & Toubro Ltd
 
18,514
763,827
Passenger Airlines - 0.3%
  
  
  
InterGlobe Aviation Ltd (b)(c)
  
7,029
380,710
TOTAL INDUSTRIALS
  
  
1,144,537
Information Technology - 0.2%
  
  
  
IT Services - 0.2%
  
  
  
Infosys Ltd
 
26,265
312,085
TOTAL INDIA
  
  
7,786,395
INDONESIA - 0.8%
 
  
  
Communication Services - 0.3%
  
  
  
Diversified Telecommunication Services - 0.3%
  
  
  
Telkom Indonesia Persero Tbk PT
 
3,222,840
470,505
Financials - 0.5%
  
  
  
Banks - 0.5%
  
  
  
Bank Central Asia Tbk PT
 
1,694,505
593,882
TOTAL INDONESIA
  
  
1,064,387
KOREA (SOUTH) - 17.6%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Automobiles - 0.1%
  
  
  
Kia Corp
 
3,139
279,627
Consumer Staples - 0.5%
  
  
  
Personal Care Products - 0.5%
  
  
  
APR Corp/Korea
 
2,952
647,313
Financials - 2.4%
  
  
  
Banks - 2.0%
  
  
  
KB Financial Group Inc
 
9,554
1,104,792
Shinhan Financial Group Co Ltd
 
15,872
1,088,650
Woori Financial Group Inc
 
15,506
354,659
 
  
  
2,548,101
Insurance - 0.4%
  
  
  
Hyundai Marine & Fire Insurance Co Ltd (a)
  
18,107
475,878
TOTAL FINANCIALS
  
  
3,023,979
Health Care - 0.5%
  
  
  
Life Sciences Tools & Services - 0.5%
  
  
  
Samsung Biologics Co Ltd (a)(b)(c)
  
582
591,619
Industrials - 1.7%
  
  
  
Electrical Equipment - 1.1%
  
  
  
Doosan Enerbility Co Ltd (a)
  
12,058
545,992
LS Electric Co Ltd
 
6,587
819,485
 
  
  
1,365,477
Industrial Conglomerates - 0.6%
  
  
  
SK Square Co Ltd
 
1,214
824,775
TOTAL INDUSTRIALS
  
  
2,190,252
Information Technology - 12.4%
  
  
  
Semiconductors & Semiconductor Equipment - 5.5%
  
  
  
SK Hynix Inc
 
6,230
6,990,482
Technology Hardware, Storage & Peripherals - 6.9%
  
  
  
Samsung Electronics Co Ltd
 
51,370
8,834,215
TOTAL INFORMATION TECHNOLOGY
  
  
15,824,697
TOTAL KOREA (SOUTH)
  
  
22,557,487
MALAYSIA - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
CIMB Group Holdings Bhd
 
55,377
106,943
MEXICO - 1.9%
 
  
  
Communication Services - 0.3%
  
  
  
Wireless Telecommunication Services - 0.3%
  
  
  
America Movil SAB de CV Series B
 
293,431
373,915
Consumer Staples - 0.1%
  
  
  
Beverages - 0.1%
  
  
  
Fomento Economico Mexicano SAB de CV ADR
 
1,342
171,762
Financials - 0.9%
  
  
  
Banks - 0.9%
  
  
  
Grupo Financiero Banorte SAB de CV
 
77,824
901,293
Regional SAB de CV
 
18,465
151,626
TOTAL FINANCIALS
  
  
1,052,919
Materials - 0.4%
  
  
  
Construction Materials - 0.4%
  
  
  
Cemex SAB de CV ADR
 
46,328
547,597
Real Estate - 0.2%
  
  
  
Real Estate Management & Development - 0.2%
  
  
  
Corp Inmobiliaria Vesta SAB de CV ADR
 
8,869
305,892
TOTAL MEXICO
  
  
2,452,085
PERU - 0.9%
 
  
  
Financials - 0.9%
  
  
  
Banks - 0.9%
  
  
  
Credicorp Ltd
 
2,911
1,166,088
PHILIPPINES - 1.0%
 
  
  
Industrials - 1.0%
  
  
  
Transportation Infrastructure - 1.0%
  
  
  
International Container Terminal Services Inc
 
78,690
1,235,662
POLAND - 1.9%
 
  
  
Consumer Discretionary - 0.5%
  
  
  
Broadline Retail - 0.5%
  
  
  
Allegro.eu SA (a)(b)(c)
  
48,243
580,946
Financials - 0.7%
  
  
  
Banks - 0.7%
  
  
  
Powszechna Kasa Oszczednosci Bank Polski SA
 
30,714
920,191
Industrials - 0.7%
  
  
  
Professional Services - 0.7%
  
  
  
Benefit Systems SA (a)
  
649
938,150
TOTAL POLAND
  
  
2,439,287
SAUDI ARABIA - 0.7%
 
  
  
Financials - 0.7%
  
  
  
Banks - 0.7%
  
  
  
Al Rajhi Bank
 
35,931
598,451
Saudi National Bank/The
 
25,073
261,713
 
  
  
  
TOTAL SAUDI ARABIA
  
  
860,164
SINGAPORE - 0.6%
 
  
  
Consumer Discretionary - 0.6%
  
  
  
Broadline Retail - 0.6%
  
  
  
Sea Ltd Class A ADR (a)
  
7,157
763,938
SOUTH AFRICA - 2.2%
 
  
  
Consumer Discretionary - 0.5%
  
  
  
Broadline Retail - 0.5%
  
  
  
Naspers Ltd Class N
 
12,926
679,166
Consumer Staples - 0.2%
  
  
  
Consumer Staples Distribution & Retail - 0.2%
  
  
  
Shoprite Holdings Ltd
 
16,223
282,166
Financials - 1.1%
  
  
  
Banks - 0.7%
  
  
  
Capitec Bank Holdings Ltd
 
1,952
557,365
Standard Bank Group Ltd
 
16,869
335,896
 
  
  
893,261
Financial Services - 0.4%
  
  
  
FirstRand Ltd
 
77,106
461,138
TOTAL FINANCIALS
  
  
1,354,399
Materials - 0.4%
  
  
  
Chemicals - 0.4%
  
  
  
Sasol Ltd (a)
  
43,301
513,134
TOTAL SOUTH AFRICA
  
  
2,828,865
TAIWAN - 24.4%
 
  
  
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
E.Sun Financial Holding Co Ltd
 
158,222
188,801
Industrials - 1.4%
  
  
  
Electrical Equipment - 1.4%
  
  
  
Bizlink Holding Inc
 
28,344
1,805,478
Information Technology - 22.9%
  
  
  
Communications Equipment - 0.2%
  
  
  
Accton Technology Corp
 
3,373
218,729
Electronic Equipment, Instruments & Components - 3.3%
  
  
  
Chroma ATE Inc
 
956
60,089
Delta Electronics Inc
 
37,710
1,856,104
Elite Material Co Ltd
 
8,863
1,272,899
Hon Hai Precision Industry Co Ltd
 
84,088
642,479
Unimicron Technology Corp
 
18,368
431,168
 
  
  
4,262,739
Semiconductors & Semiconductor Equipment - 18.8%
  
  
  
ASE Technology Holding Co Ltd
 
98,397
1,679,876
eMemory Technology Inc
 
3,851
289,470
MediaTek Inc
 
23,233
2,476,108
Phoenix Silicon International Corp
 
31,057
230,440
Taiwan Semiconductor Manufacturing Co Ltd
 
251,562
18,615,493
Topco Scientific Co Ltd
 
29,625
452,404
WinWay Technology Co Ltd
 
1,588
278,858
 
  
  
24,022,649
Technology Hardware, Storage & Peripherals - 0.6%
  
  
  
Wiwynn Corp
 
4,624
753,172
TOTAL INFORMATION TECHNOLOGY
  
  
29,257,289
TOTAL TAIWAN
  
  
31,251,568
THAILAND - 0.9%
 
  
  
Financials - 0.4%
  
  
  
Banks - 0.4%
  
  
  
Kasikornbank PCL
 
61,604
449,232
Health Care - 0.1%
  
  
  
Health Care Providers & Services - 0.1%
  
  
  
Bumrungrad Hospital Pcl
 
24,295
136,137
Industrials - 0.4%
  
  
  
Transportation Infrastructure - 0.4%
  
  
  
Airports of Thailand PCL
 
274,437
520,926
TOTAL THAILAND
  
  
1,106,295
TURKEY - 0.7%
 
  
  
Industrials - 0.7%
  
  
  
Aerospace & Defense - 0.6%
  
  
  
Aselsan Elektronik Sanayi Ve Ticaret AS
 
92,624
667,117
Electrical Equipment - 0.1%
  
  
  
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS
 
30,480
189,543
TOTAL TURKEY
  
  
856,660
UNITED ARAB EMIRATES - 0.9%
 
  
  
Energy - 0.2%
  
  
  
Energy Equipment & Services - 0.2%
  
  
  
ADNOC Drilling Co PJSC
 
132,144
209,387
Financials - 0.5%
  
  
  
Banks - 0.5%
  
  
  
Abu Dhabi Commercial Bank PJSC
 
161,570
659,828
Real Estate - 0.2%
  
  
  
Real Estate Management & Development - 0.2%
  
  
  
Aldar Properties PJSC
 
111,180
224,903
TOTAL UNITED ARAB EMIRATES
  
  
1,094,118
UNITED STATES - 0.5%
 
  
  
Health Care - 0.5%
  
  
  
Biotechnology - 0.5%
  
  
  
BeOne Medicines Ltd H Shares (a)
  
24,480
605,570
 
TOTAL COMMON STOCKS
 (Cost $86,176,892)
  
  
  
120,533,267
 
  
  
  
International Equity Funds - 1.6%
 
  
Shares
Value ($)
 
iShares ESG Aware MSCI EM ETF
 (Cost $1,890,116)
  
39,946
2,058,017
 
  
  
  
Money Market Funds - 3.8%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (d)
 (Cost $4,811,321)
  
3.69
4,810,533
4,811,496
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 99.6%
 (Cost $92,878,329)
 
  
 
127,402,780
NET OTHER ASSETS (LIABILITIES) - 0.4%  
534,329
NET ASSETS - 100.0%
127,937,109
 
  
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
Legend
 
(a)
Non-income producing.
 
(b)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $5,025,100 or 3.9% of net assets.
 
(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 $5,025,100 or 3.9% of net assets.
 
(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 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
3,549,496
36,158,138
34,896,372
98,389
59
175
4,811,496
4,810,533
 
3,549,496
36,158,138
34,896,372
98,389
59
175
4,811,496
  
 
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.
 
Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs) are valued at their last 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 but the exchange reports a closing bid level, ETFs and ETNs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs and ETNs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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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