Quarterly Holdings Report
for
Fidelity® Value Fund
July 31, 2026
VAL-NPRT3-0926
1.804828.122
Common Stocks - 99.4%
 
  
Shares
Value ($)
 
BERMUDA - 0.7%
 
  
  
Financials - 0.7%
  
  
  
Capital Markets - 0.7%
  
  
  
Marex Group Ltd
 
1,106,800
71,853,456
CANADA - 3.0%
 
  
  
Consumer Discretionary - 0.8%
  
  
  
Textiles, Apparel & Luxury Goods - 0.8%
  
  
  
Gildan Activewear Inc
 
1,488,400
82,391,012
Energy - 1.3%
  
  
  
Oil, Gas & Consumable Fuels - 1.3%
  
  
  
Cenovus Energy Inc
 
1,989,381
59,985,829
Imperial Oil Ltd
 
561,854
72,844,431
TOTAL ENERGY
  
  
132,830,260
Financials - 0.2%
  
  
  
Capital Markets - 0.2%
  
  
  
Onex Corp Subordinate Voting Shares
 
326,900
25,030,813
Industrials - 0.7%
  
  
  
Ground Transportation - 0.3%
  
  
  
TFI International Inc
 
259,600
35,071,972
Machinery - 0.4%
  
  
  
ATS Corp (a)
  
1,516,100
41,367,354
TOTAL INDUSTRIALS
  
  
76,439,326
TOTAL CANADA
  
  
316,691,411
FRANCE - 0.7%
 
  
  
Communication Services - 0.3%
  
  
  
Media - 0.3%
  
  
  
JCDecaux SE
 
1,083,900
28,297,719
Energy - 0.4%
  
  
  
Energy Equipment & Services - 0.4%
  
  
  
Vallourec SACA (a)
  
1,904,500
45,919,572
TOTAL FRANCE
  
  
74,217,291
GERMANY - 0.2%
 
  
  
Health Care - 0.2%
  
  
  
Biotechnology - 0.2%
  
  
  
BioNTech SE ADR (a)
  
200,000
18,115,999
HONG KONG - 0.4%
 
  
  
Financials - 0.4%
  
  
  
Insurance - 0.4%
  
  
  
Prudential PLC
 
2,615,286
39,303,958
ISRAEL - 0.6%
 
  
  
Health Care - 0.4%
  
  
  
Pharmaceuticals - 0.4%
  
  
  
Teva Pharmaceutical Industries Ltd ADR (a)
  
1,108,600
38,812,086
Information Technology - 0.2%
  
  
  
IT Services - 0.2%
  
  
  
Wix.com Ltd (a)(b)
  
507,800
27,944,234
TOTAL ISRAEL
  
  
66,756,320
ITALY - 0.2%
 
  
  
Consumer Discretionary - 0.2%
  
  
  
Hotels, Restaurants & Leisure - 0.2%
  
  
  
Lottomatica Group Spa
 
831,000
22,500,124
LUXEMBOURG - 0.5%
 
  
  
Materials - 0.5%
  
  
  
Metals & Mining - 0.5%
  
  
  
ArcelorMittal SA depository receipt
 
758,900
53,229,246
NORWAY - 0.3%
 
  
  
Energy - 0.3%
  
  
  
Energy Equipment & Services - 0.3%
  
  
  
TGS ASA
 
2,134,400
28,691,381
PORTUGAL - 0.4%
 
  
  
Energy - 0.4%
  
  
  
Oil, Gas & Consumable Fuels - 0.4%
  
  
  
Galp Energia SGPS SA
 
2,027,800
46,052,574
PUERTO RICO - 0.5%
 
  
  
Financials - 0.5%
  
  
  
Banks - 0.5%
  
  
  
Popular Inc
 
286,831
50,255,660
SPAIN - 0.2%
 
  
  
Communication Services - 0.2%
  
  
  
Diversified Telecommunication Services - 0.2%
  
  
  
Cellnex Telecom SA (e)(f)
  
728,000
22,614,638
SWITZERLAND - 0.3%
 
  
  
Consumer Discretionary - 0.3%
  
  
  
Automobile Components - 0.3%
  
  
  
Garrett Motion Inc
 
856,200
26,670,630
UNITED KINGDOM - 0.3%
 
  
  
Energy - 0.3%
  
  
  
Energy Equipment & Services - 0.3%
  
  
  
Subsea 7 SA
 
1,009,200
33,904,435
UNITED STATES - 91.1%
 
  
  
Communication Services - 1.1%
  
  
  
Media - 1.1%
  
  
  
Nexstar Media Group Inc (b)
  
427,000
81,356,310
Omnicom Group Inc (b)
  
446,700
35,155,290
TOTAL COMMUNICATION SERVICES
  
  
116,511,600
Consumer Discretionary - 9.0%
  
  
  
Automobile Components - 0.8%
  
  
  
Aptiv PLC (a)
  
780,100
44,052,247
Patrick Industries Inc
 
454,559
37,523,845
 
  
  
81,576,092
Distributors - 0.9%
  
  
  
Genuine Parts Co
 
724,300
90,081,191
Diversified Consumer Services - 1.3%
  
  
  
Bright Horizons Family Solutions Inc (a)
  
729,600
54,384,384
Driven Brands Holdings Inc (a)(b)
  
5,436,900
77,584,563
 
  
  
131,968,947
Hotels, Restaurants & Leisure - 2.2%
  
  
  
Booking Holdings Inc
 
287,000
55,362,300
Carnival Corp Ltd
 
3,255,500
90,535,456
Churchill Downs Inc
 
581,500
49,020,450
Hilton Grand Vacations Inc (a)(b)
  
857,300
39,555,822
 
  
  
234,474,028
Household Durables - 1.0%
  
  
  
Leggett & Platt Inc (b)
  
2,856,800
27,996,640
Mohawk Industries Inc (a)
  
436,700
53,757,770
Somnigroup International Inc
 
382,700
25,001,791
 
  
  
106,756,201
Leisure Products - 1.0%
  
  
  
BRP Inc Subordinate Voting Shares
 
524,657
32,418,439
Brunswick Corp/DE
 
548,400
43,323,600
Mattel Inc (a)(b)
  
1,768,500
26,686,665
 
  
  
102,428,704
Specialty Retail - 1.7%
  
  
  
Bath & Body Works Inc
 
2,783,400
56,002,008
Lithia Motors Inc (b)
  
223,400
86,102,828
Upbound Group Inc
 
1,833,774
35,556,878
 
  
  
177,661,714
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Samsonite Group SA (e)(f)
  
12,896,100
23,235,475
TOTAL CONSUMER DISCRETIONARY
  
  
948,182,352
Consumer Staples - 3.5%
  
  
  
Beverages - 1.4%
  
  
  
Keurig Dr Pepper Inc
 
2,718,200
84,590,384
Primo Brands Corp Class A
 
2,175,100
49,374,770
 
  
  
133,965,154
Consumer Staples Distribution & Retail - 0.8%
  
  
  
Performance Food Group Co (a)
  
620,000
70,921,800
Sprouts Farmers Market Inc (a)
  
157,900
13,762,564
 
  
  
84,684,364
Food Products - 0.6%
  
  
  
Darling Ingredients Inc (a)
  
1,121,394
68,001,332
Household Products - 0.7%
  
  
  
Kimberly-Clark Corp
 
699,700
76,484,207
TOTAL CONSUMER STAPLES
  
  
363,135,057
Energy - 4.6%
  
  
  
Energy Equipment & Services - 1.8%
  
  
  
Baker Hughes Co Class A
 
578,600
34,999,514
Expro Ltd (b)
  
2,832,400
45,176,780
Noble Corp PLC (b)
  
1,149,800
48,751,520
Weatherford International PLC
 
647,271
56,823,921
 
  
  
185,751,735
Oil, Gas & Consumable Fuels - 2.8%
  
  
  
Cheniere Energy Inc
 
202,000
53,241,140
Delek US Holdings Inc
 
750,200
50,916,074
Marathon Petroleum Corp
 
121,200
38,356,164
Sunococorp LLC
 
914,800
69,927,312
Targa Resources Corp
 
295,013
79,762,665
 
  
  
292,203,355
TOTAL ENERGY
  
  
477,955,090
Financials - 16.2%
  
  
  
Banks - 1.9%
  
  
  
East West Bancorp Inc
 
331,466
43,422,046
First Citizens BancShares Inc/NC Class A (b)
  
18,892
41,310,192
First Citizens BancShares Inc/NC Class A (d)
  
5,040
11,020,716
Pinnacle Financial Partners Inc
 
724,700
76,260,181
Western Alliance Bancorp
 
374,800
30,167,652
 
  
  
202,180,787
Capital Markets - 2.9%
  
  
  
Ares Management Corp Class A (b)
  
401,900
51,479,371
BGC Group Inc Class A
 
3,590,800
41,366,016
Charles Schwab Corp/The
 
517,500
54,461,700
LPL Financial Holdings Inc
 
261,900
92,634,030
Raymond James Financial Inc
 
347,000
61,065,060
 
  
  
301,006,177
Consumer Finance - 2.5%
  
  
  
Capital One Financial Corp
 
270,200
56,474,503
Credit Acceptance Corp (a)(b)
  
83,000
47,219,530
Enova International Inc (a)
  
29,260
7,436,136
EZCORP Inc Class A (a)(b)
  
1,337,631
39,821,275
OneMain Holdings Inc
 
821,380
51,401,960
PROG Holdings Inc
 
464,814
20,461,112
SLM Corp
 
1,594,970
41,461,245
 
  
  
264,275,761
Financial Services - 5.1%
  
  
  
Apollo Global Management Inc
 
790,802
99,316,823
Corebridge Financial Inc (b)
  
1,721,000
53,677,990
Corpay Inc (a)
  
231,200
88,343,832
Fiserv Inc (a)
  
1,236,100
66,675,234
Global Payments Inc
 
658,800
55,391,904
Remitly Global Inc (a)
  
2,055,300
46,799,181
Shift4 Payments Inc Class A (a)(b)
  
1,274,000
67,522,000
WEX Inc (a)(b)
  
320,300
59,883,288
 
  
  
537,610,252
Insurance - 3.8%
  
  
  
Arthur J Gallagher & Co
 
282,600
70,486,092
First American Financial Corp
 
729,256
54,686,907
Globe Life Inc
 
230,000
41,917,500
Primerica Inc
 
217,443
69,573,062
Reinsurance Group of America Inc
 
397,816
94,222,720
Ryan Specialty Holdings Inc Class A (b)
  
1,471,100
64,963,776
 
  
  
395,850,057
TOTAL FINANCIALS
  
  
1,700,923,034
Health Care - 13.5%
  
  
  
Biotechnology - 0.2%
  
  
  
Moderna Inc (a)
  
487,100
26,702,822
Health Care Equipment & Supplies - 2.9%
  
  
  
Boston Scientific Corp (a)
  
610,900
28,547,356
GE HealthCare Technologies Inc
 
1,373,127
93,400,099
Lantheus Holdings Inc (a)
  
433,100
43,154,084
QuidelOrtho Corp (a)(b)(c)
  
3,806,300
63,831,651
Solventum Corp (a)
  
932,811
79,699,372
 
  
  
308,632,562
Health Care Providers & Services - 5.6%
  
  
  
Acadia Healthcare Co Inc (a)(b)
  
2,063,300
61,114,946
AdaptHealth Corp (a)
  
4,848,996
52,369,157
Cencora Inc
 
155,900
48,537,906
Cigna Group/The
 
230,000
64,181,500
CVS Health Corp
 
443,200
46,283,376
Humana Inc
 
199,600
72,626,456
LifeStance Health Group Inc (a)
  
4,541,298
47,592,803
Molina Healthcare Inc (a)
  
218,872
42,815,741
PACS Group Inc (a)
  
1,776,814
81,751,212
Tenet Healthcare Corp (a)
  
255,100
64,994,378
 
  
  
582,267,475
Health Care Technology - 0.7%
  
  
  
Waystar Holding Corp (a)(b)
  
3,487,900
73,629,569
Life Sciences Tools & Services - 3.1%
  
  
  
Bio-Rad Laboratories Inc Class A (a)(b)
  
130,200
42,377,496
Charles River Laboratories International Inc (a)
  
267,000
62,080,170
Fortrea Holdings Inc (a)
  
2,290,800
43,914,636
ICON PLC (a)
  
391,770
64,079,860
IQVIA Holdings Inc (a)
  
258,250
60,693,915
Sotera Health Co (a)(b)
  
3,040,800
54,308,688
 
  
  
327,454,765
Pharmaceuticals - 1.0%
  
  
  
Jazz Pharmaceuticals PLC (a)
  
212,385
53,703,671
Viatris Inc
 
2,748,800
48,268,928
 
  
  
101,972,599
TOTAL HEALTH CARE
  
  
1,420,659,792
Industrials - 23.1%
  
  
  
Aerospace & Defense - 0.8%
  
  
  
Textron Inc
 
946,800
80,724,168
Air Freight & Logistics - 1.6%
  
  
  
FedEx Corp
 
124,000
38,117,600
Forward Air Corp Class Common Stock (a)(b)
  
1,427,231
20,052,596
GXO Logistics Inc (a)
  
1,019,500
51,138,120
United Parcel Service Inc Class B
 
562,400
58,613,328
 
  
  
167,921,644
Building Products - 3.4%
  
  
  
Allegion plc
 
437,700
68,893,980
Griffon Corp
 
442,500
38,130,225
Hayward Holdings Inc (a)
  
4,946,300
74,837,519
Masterbrand Inc (a)(b)
  
6,123,400
50,518,050
Resideo Technologies Inc (a)
  
2,141,400
73,450,020
UFP Industries Inc (b)
  
611,700
53,058,858
 
  
  
358,888,652
Commercial Services & Supplies - 3.2%
  
  
  
Brink's Co/The
 
611,000
72,372,950
Clean Harbors Inc (a)
  
123,000
38,484,240
Copart Inc (a)
  
1,496,700
43,583,904
HNI Corp (b)
  
1,995,561
89,820,201
Onterris Inc (a)(b)
  
1,307,149
27,437,057
Vestis Corp (a)
  
4,157,200
60,113,112
 
  
  
331,811,464
Construction & Engineering - 2.0%
  
  
  
AECOM
 
1,295,500
93,781,245
Centuri Holdings Inc (a)
  
1,896,753
52,805,603
WillScot Holdings Corp
 
2,453,492
59,570,786
 
  
  
206,157,634
Electrical Equipment - 1.0%
  
  
  
Acuity Inc
 
193,600
63,576,304
Regal Rexnord Corp
 
217,756
44,690,064
 
  
  
108,266,368
Ground Transportation - 0.6%
  
  
  
U-Haul Holding Co Class N
 
1,058,725
66,255,011
Machinery - 3.9%
  
  
  
Allison Transmission Holdings Inc
 
575,629
65,932,546
Gates Industrial Corp Ltd
 
2,061,800
57,689,164
JBT Marel Corp (b)
  
251,400
34,811,358
Middleby Corp/The (a)
  
263,000
35,131,540
Mueller Industries Inc
 
918,300
60,984,303
Oshkosh Corp
 
422,500
60,168,225
Otis Worldwide Corp
 
447,600
32,204,820
Pentair PLC
 
95,200
6,229,888
Terex Corp
 
918,299
57,705,909
 
  
  
410,857,753
Marine Transportation - 0.4%
  
  
  
Matson Inc (b)
  
243,400
49,310,406
Passenger Airlines - 1.0%
  
  
  
Delta Air Lines Inc
 
1,165,200
101,885,088
Professional Services - 4.1%
  
  
  
Amentum Holdings Inc (a)(b)
  
2,662,800
59,114,160
Concentrix Corp (b)
  
1,263,300
31,077,180
ExlService Holdings Inc (a)
  
1,859,300
63,086,049
First Advantage Corp (a)(b)
  
2,205,126
43,749,700
KBR Inc
 
2,356,100
86,256,821
SS&C Technologies Holdings Inc
 
1,139,400
87,790,770
TransUnion
 
698,800
54,939,656
 
  
  
426,014,336
Trading Companies & Distributors - 1.1%
  
  
  
Herc Holdings Inc
 
495,815
74,441,664
McGrath RentCorp
 
322,400
37,124,360
 
  
  
111,566,024
TOTAL INDUSTRIALS
  
  
2,419,658,548
Information Technology - 6.9%
  
  
  
Electronic Equipment, Instruments & Components - 2.1%
  
  
  
Arrow Electronics Inc (a)
  
261,800
56,698,026
Avnet Inc
 
630,900
56,049,156
Sanmina Corp (a)
  
302,100
56,057,676
TD SYNNEX Corp
 
195,300
49,938,210
 
  
  
218,743,068
IT Services - 0.5%
  
  
  
EPAM Systems Inc (a)
  
126,200
13,321,672
GoDaddy Inc Class A (a)
  
508,200
42,048,468
 
  
  
55,370,140
Semiconductors & Semiconductor Equipment - 0.8%
  
  
  
Axcelis Technologies Inc (a)
  
278,700
36,336,906
First Solar Inc (a)
  
243,400
51,364,702
 
  
  
87,701,608
Software - 1.3%
  
  
  
Gen Digital Inc
 
2,810,100
77,137,245
Intuit Inc
 
155,800
49,243,706
Octave Intelligence PLC Class B (b)
  
279,183
5,092,298
 
  
  
131,473,249
Technology Hardware, Storage & Peripherals - 2.2%
  
  
  
Western Digital Corp
 
427,900
233,137,036
TOTAL INFORMATION TECHNOLOGY
  
  
726,425,101
Materials - 2.6%
  
  
  
Chemicals - 1.7%
  
  
  
Corteva Inc
 
985,751
77,588,461
Mosaic Co/The
 
1,569,700
34,721,764
Scotts Miracle-Gro Co/The (b)
  
947,500
62,231,800
 
  
  
174,542,025
Construction Materials - 0.6%
  
  
  
James Hardie Industries PLC (a)
  
2,583,500
67,920,215
Containers & Packaging - 0.3%
  
  
  
Sonoco Products Co (b)
  
479,500
27,024,620
TOTAL MATERIALS
  
  
269,486,860
Real Estate - 5.2%
  
  
  
Health Care REITs - 1.1%
  
  
  
Welltower Inc
 
498,500
116,868,340
Real Estate Management & Development - 1.8%
  
  
  
Compass Inc Class A (a)
  
7,277,977
82,896,158
Jones Lang LaSalle Inc (a)
  
291,800
103,597,754
 
  
  
186,493,912
Retail REITs - 0.8%
  
  
  
Macerich Co/The
 
3,235,100
83,594,984
Specialized REITs - 1.5%
  
  
  
Equinix Inc
 
54,500
55,550,760
Iron Mountain Inc
 
865,300
105,843,496
 
  
  
161,394,256
TOTAL REAL ESTATE
  
  
548,351,492
Utilities - 5.4%
  
  
  
Electric Utilities - 3.4%
  
  
  
Constellation Energy Corp
 
217,997
57,278,712
NRG Energy Inc
 
556,700
74,759,243
PG&E Corp
 
6,305,000
109,580,900
Xcel Energy Inc
 
1,510,200
118,097,640
 
  
  
359,716,495
Gas Utilities - 0.8%
  
  
  
UGI Corp
 
2,338,544
84,468,209
Independent Power and Renewable Electricity Producers - 0.6%
  
  
  
Vistra Corp
 
405,200
60,046,588
Multi-Utilities - 0.6%
  
  
  
Sempra
 
723,700
64,083,635
TOTAL UTILITIES
  
  
568,314,927
TOTAL UNITED STATES
  
  
9,559,603,853
 
TOTAL COMMON STOCKS
 (Cost $8,346,792,588)
  
  
  
10,430,460,976
 
  
  
  
Money Market Funds - 3.8%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (g)
  
3.69
66,435,982
66,449,269
Fidelity Securities Lending Cash Central Fund (g)(h)
  
3.72
331,249,602
331,282,727
 
TOTAL MONEY MARKET FUNDS
 (Cost $397,729,325)
  
  
  
397,731,996
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 103.2%
 (Cost $8,744,521,913)
 
  
 
10,828,192,972
NET OTHER ASSETS (LIABILITIES) - (3.2)%  
(337,559,631)
NET ASSETS - 100.0%
10,490,633,341
 
  
 
Legend
 
(a)
Non-income producing.
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated company.
 
(d)
Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $11,020,716 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
 
(e)
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 $45,850,113 or 0.4% of net assets.
 
(f)
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 $45,850,113 or 0.4% of net assets.
 
(g)
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.
 
(h)
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 $241,132,167.
Additional information on each lock-up restriction is as follows:
Security
Restriction Expiration Date
First Citizens BancShares Inc/NC Class A
11/13/2026
 
  
 
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
66,308,248
2,109,972,582
2,109,822,886
1,728,542
(11,057)
2,382
66,449,269
66,435,982
Fidelity Securities Lending Cash Central Fund
168,498,751
2,177,402,361
2,014,621,587
1,584,829
3,202
-
331,282,727
331,249,602
 
234,806,999
4,287,374,943
4,124,444,473
3,313,371
(7,855)
2,382
397,731,996
  
 
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.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
QuidelOrtho Corp
43,197,495
58,935,745
33,251,055
-
(22,757,466)
17,706,932
63,831,651
3,806,300
Total
43,197,495
58,935,745
33,251,055
-
(22,757,466)
17,706,932
63,831,651
  
 
 
 
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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