Quarterly Holdings Report
for
Fidelity® Stock Selector Small Cap Fund
July 31, 2024
SCS-NPRT3-0924
1.804877.120
| Common Stocks - 97.9% | |||
| Shares | Value ($) (000s) | ||
| COMMUNICATION SERVICES - 0.9% | |||
| Entertainment - 0.3% | |||
| Vivid Seats, Inc. Class A (a)(b) | 2,130,897 | 10,399 | |
| Interactive Media & Services - 0.1% | |||
| Ziff Davis, Inc. (a) | 124,200 | 5,947 | |
| Media - 0.4% | |||
| TechTarget, Inc. (a) | 259,098 | 8,291 | |
| Thryv Holdings, Inc. (a) | 281,200 | 5,478 | |
| 13,769 | |||
| Wireless Telecommunication Services - 0.1% | |||
| Gogo, Inc. (a)(b) | 302,600 | 2,748 | |
TOTAL COMMUNICATION SERVICES | 32,863 | ||
| CONSUMER DISCRETIONARY - 11.8% | |||
| Automobile Components - 0.8% | |||
| Adient PLC (a) | 177,100 | 4,562 | |
| LCI Industries (b) | 90,300 | 10,537 | |
| Patrick Industries, Inc. | 126,400 | 16,187 | |
| 31,286 | |||
| Diversified Consumer Services - 0.5% | |||
| Laureate Education, Inc. | 1,336,858 | 20,721 | |
| Hotels, Restaurants & Leisure - 1.0% | |||
| Bloomin' Brands, Inc. | 587,899 | 12,258 | |
| Brinker International, Inc. (a) | 152,900 | 10,215 | |
| Dutch Bros, Inc. (a) | 144,100 | 5,512 | |
| Hilton Grand Vacations, Inc. (a) | 202,300 | 8,741 | |
| 36,726 | |||
| Household Durables - 3.9% | |||
| Green Brick Partners, Inc. (a) | 616,206 | 45,075 | |
| Installed Building Products, Inc. | 135,800 | 36,714 | |
| Lovesac (a) | 163,766 | 4,481 | |
| SharkNinja, Inc. | 386,250 | 29,683 | |
| Skyline Champion Corp. (a) | 368,600 | 30,045 | |
| 145,998 | |||
| Leisure Products - 1.0% | |||
| Acushnet Holdings Corp. (b) | 191,400 | 13,892 | |
| BRP, Inc. | 144,300 | 10,455 | |
| Clarus Corp. (b) | 1,056,061 | 6,379 | |
| Games Workshop Group PLC | 49,841 | 6,600 | |
| 37,326 | |||
| Specialty Retail - 3.3% | |||
| Academy Sports & Outdoors, Inc. | 763,600 | 41,288 | |
| Advance Auto Parts, Inc. | 155,100 | 9,822 | |
| Boot Barn Holdings, Inc. (a) | 123,600 | 16,498 | |
| Dick's Sporting Goods, Inc. | 37,500 | 8,113 | |
| Murphy U.S.A., Inc. | 80,250 | 40,520 | |
| Upbound Group, Inc. | 161,165 | 6,081 | |
| 122,322 | |||
| Textiles, Apparel & Luxury Goods - 1.3% | |||
| Crocs, Inc. (a) | 126,700 | 17,025 | |
| Deckers Outdoor Corp. (a) | 9,200 | 8,488 | |
| Kontoor Brands, Inc. (b) | 309,400 | 21,704 | |
| 47,217 | |||
TOTAL CONSUMER DISCRETIONARY | 441,596 | ||
| CONSUMER STAPLES - 2.6% | |||
| Beverages - 0.5% | |||
| Primo Water Corp. | 505,800 | 11,092 | |
| The Vita Coco Co., Inc. (a)(b) | 329,387 | 8,511 | |
| 19,603 | |||
| Consumer Staples Distribution & Retail - 0.9% | |||
| BJ's Wholesale Club Holdings, Inc. (a) | 98,500 | 8,664 | |
| Performance Food Group Co. (a) | 143,900 | 9,929 | |
| Sprouts Farmers Market LLC (a) | 154,900 | 15,473 | |
| 34,066 | |||
| Food Products - 1.2% | |||
| Nomad Foods Ltd. | 985,077 | 18,825 | |
| Post Holdings, Inc. (a) | 99,300 | 10,859 | |
| The Simply Good Foods Co. (a) | 450,800 | 15,291 | |
| 44,975 | |||
TOTAL CONSUMER STAPLES | 98,644 | ||
| ENERGY - 6.5% | |||
| Energy Equipment & Services - 4.6% | |||
| Cactus, Inc. | 673,618 | 42,519 | |
| CES Energy Solutions Corp. | 1,319,700 | 7,895 | |
| Championx Corp. | 840,413 | 28,793 | |
| Liberty Energy, Inc. Class A | 2,093,878 | 50,567 | |
| TechnipFMC PLC | 810,250 | 23,902 | |
| Valaris Ltd. (a) | 256,300 | 20,143 | |
| 173,819 | |||
| Oil, Gas & Consumable Fuels - 1.9% | |||
| Antero Resources Corp. (a) | 745,588 | 21,637 | |
| Chord Energy Corp. | 64,700 | 11,106 | |
| Northern Oil & Gas, Inc. (b) | 866,122 | 37,408 | |
| 70,151 | |||
TOTAL ENERGY | 243,970 | ||
| FINANCIALS - 16.1% | |||
| Banks - 7.4% | |||
| ConnectOne Bancorp, Inc. | 256,024 | 6,201 | |
| East West Bancorp, Inc. | 161,500 | 14,194 | |
| First Bancorp, Puerto Rico | 1,684,800 | 36,139 | |
| First Interstate Bancsystem, Inc. | 429,000 | 13,544 | |
| Glacier Bancorp, Inc. | 244,900 | 10,949 | |
| Independent Bank Group, Inc. | 296,900 | 17,535 | |
| Metropolitan Bank Holding Corp. (a) | 121,234 | 6,393 | |
| Pathward Financial, Inc. | 338,700 | 22,876 | |
| Pinnacle Financial Partners, Inc. | 208,300 | 20,063 | |
| Synovus Financial Corp. | 1,078,800 | 50,434 | |
| Trico Bancshares | 484,983 | 22,566 | |
| United Community Bank, Inc. | 829,500 | 25,673 | |
| Western Alliance Bancorp. | 378,900 | 30,486 | |
| 277,053 | |||
| Capital Markets - 3.6% | |||
| Houlihan Lokey | 240,282 | 36,102 | |
| Lazard, Inc. Class A | 521,277 | 25,631 | |
| Piper Sandler Cos. | 64,300 | 17,572 | |
| Stifel Financial Corp. | 254,800 | 22,593 | |
| TMX Group Ltd. | 1,025,600 | 31,170 | |
| 133,068 | |||
| Consumer Finance - 1.5% | |||
| FirstCash Holdings, Inc. | 322,005 | 35,936 | |
| SLM Corp. | 823,200 | 18,678 | |
| 54,614 | |||
| Financial Services - 1.7% | |||
| Essent Group Ltd. | 544,300 | 34,204 | |
| Mr. Cooper Group, Inc. (a) | 207,500 | 18,650 | |
| Walker & Dunlop, Inc. (b) | 116,900 | 12,497 | |
| 65,351 | |||
| Insurance - 1.9% | |||
| First American Financial Corp. | 199,400 | 12,080 | |
| Genworth Financial, Inc. Class A (a) | 2,315,700 | 15,677 | |
| Primerica, Inc. | 112,600 | 28,349 | |
| Selective Insurance Group, Inc. | 178,470 | 16,119 | |
| Stewart Information Services Corp. | 400 | 28 | |
| TWFG, Inc. (b) | 21,200 | 536 | |
| 72,789 | |||
TOTAL FINANCIALS | 602,875 | ||
| HEALTH CARE - 17.0% | |||
| Biotechnology - 9.2% | |||
| Allogene Therapeutics, Inc. (a) | 1,988,965 | 5,848 | |
| ALX Oncology Holdings, Inc. (a) | 520,100 | 2,496 | |
| AnaptysBio, Inc. (a) | 262,400 | 9,142 | |
| Arcellx, Inc. (a) | 241,100 | 14,902 | |
| Argenx SE ADR (a) | 29,231 | 15,079 | |
| Ascendis Pharma A/S sponsored ADR (a) | 32,406 | 4,326 | |
| Astria Therapeutics, Inc. (a) | 507,811 | 5,931 | |
| Astria Therapeutics, Inc. warrants (a) | 95,634 | 618 | |
| Autolus Therapeutics PLC ADR (a) | 1,706,679 | 8,004 | |
| Blueprint Medicines Corp. (a) | 127,600 | 13,819 | |
| Boundless Bio, Inc. (b) | 15,000 | 58 | |
| Boundless Bio, Inc. | 114,326 | 440 | |
| Cargo Therapeutics, Inc. | 226,163 | 3,852 | |
| Cargo Therapeutics, Inc. (c) | 144,169 | 2,455 | |
| Celldex Therapeutics, Inc. (a) | 353,500 | 13,472 | |
| Cogent Biosciences, Inc. (a) | 937,790 | 8,843 | |
| Crinetics Pharmaceuticals, Inc. (a) | 327,100 | 17,376 | |
| Cytokinetics, Inc. (a) | 340,955 | 20,120 | |
| Dianthus Therapeutics, Inc. (a) | 341,018 | 10,156 | |
| Immunovant, Inc. (a) | 299,200 | 8,698 | |
| Insmed, Inc. (a) | 164,600 | 11,975 | |
| Keros Therapeutics, Inc. (a) | 228,100 | 11,441 | |
| Madrigal Pharmaceuticals, Inc. (a)(b) | 51,900 | 14,774 | |
| Merus BV (a) | 156,300 | 8,290 | |
| Moonlake Immunotherapeutics Class A (a)(b) | 197,500 | 8,226 | |
| Nuvalent, Inc. Class A (a) | 97,419 | 7,788 | |
| Revolution Medicines, Inc. (a) | 330,800 | 15,098 | |
| Shattuck Labs, Inc. (a)(b) | 300,994 | 1,198 | |
| Spyre Therapeutics, Inc. (a)(b) | 288,785 | 7,942 | |
| Tango Therapeutics, Inc. (a) | 212,624 | 2,094 | |
| Tango Therapeutics, Inc. (c) | 387,835 | 3,820 | |
| Tyra Biosciences, Inc. (a) | 493,150 | 10,928 | |
| Vaxcyte, Inc. (a) | 306,471 | 24,177 | |
| Vericel Corp. (a) | 350,187 | 17,691 | |
| Viking Therapeutics, Inc. (a)(b) | 221,600 | 12,631 | |
| Viridian Therapeutics, Inc. (a) | 476,627 | 8,031 | |
| Xenon Pharmaceuticals, Inc. (a) | 266,971 | 11,514 | |
| 343,253 | |||
| Health Care Equipment & Supplies - 3.1% | |||
| Glaukos Corp. (a) | 183,500 | 21,501 | |
| Integer Holdings Corp. (a)(b) | 150,800 | 17,909 | |
| Lantheus Holdings, Inc. (a) | 127,300 | 13,345 | |
| Masimo Corp. (a) | 85,900 | 9,190 | |
| Penumbra, Inc. (a) | 83,046 | 13,876 | |
| PROCEPT BioRobotics Corp. (a) | 126,900 | 8,035 | |
| TransMedics Group, Inc. (a) | 219,407 | 31,213 | |
| 115,069 | |||
| Health Care Providers & Services - 3.2% | |||
| agilon health, Inc. (a) | 819,601 | 5,647 | |
| Encompass Health Corp. | 179,500 | 16,683 | |
| HealthEquity, Inc. (a) | 258,900 | 20,318 | |
| Hims & Hers Health, Inc. (a) | 410,800 | 8,725 | |
| Privia Health Group, Inc. (a) | 463,103 | 9,605 | |
| Surgery Partners, Inc. (a) | 522,454 | 15,862 | |
| Tenet Healthcare Corp. (a) | 136,960 | 20,503 | |
| The Ensign Group, Inc. | 173,500 | 24,420 | |
| 121,763 | |||
| Life Sciences Tools & Services - 0.1% | |||
| 10X Genomics, Inc. (a) | 133,900 | 2,768 | |
| Pharmaceuticals - 1.4% | |||
| Axsome Therapeutics, Inc. (a)(b) | 96,152 | 8,395 | |
| Enliven Therapeutics, Inc. (c) | 120,720 | 3,185 | |
| Enliven Therapeutics, Inc. (a)(b) | 342,646 | 9,039 | |
| Longboard Pharmaceuticals, Inc. (a) | 339,300 | 11,278 | |
| Neumora Therapeutics, Inc. (b) | 470,000 | 6,044 | |
| Prestige Consumer Healthcare, Inc. (a) | 158,800 | 11,245 | |
| Structure Therapeutics, Inc. ADR (a) | 100,100 | 3,743 | |
| 52,929 | |||
TOTAL HEALTH CARE | 635,782 | ||
| INDUSTRIALS - 18.7% | |||
| Building Products - 1.2% | |||
| AAON, Inc. | 164,800 | 14,590 | |
| Simpson Manufacturing Co. Ltd. | 165,110 | 31,716 | |
| 46,306 | |||
| Commercial Services & Supplies - 0.7% | |||
| The Brink's Co. | 133,700 | 14,706 | |
| Vestis Corp. | 811,300 | 10,523 | |
| 25,229 | |||
| Construction & Engineering - 4.4% | |||
| Comfort Systems U.S.A., Inc. | 42,126 | 14,004 | |
| Construction Partners, Inc. Class A (a) | 297,900 | 19,259 | |
| Dycom Industries, Inc. (a) | 100,400 | 18,424 | |
| EMCOR Group, Inc. | 52,040 | 19,538 | |
| Granite Construction, Inc. (b) | 296,800 | 20,319 | |
| IES Holdings, Inc. (a) | 302,965 | 46,648 | |
| MDU Resources Group, Inc. | 496,640 | 13,379 | |
| Sterling Construction Co., Inc. (a) | 115,700 | 13,463 | |
| 165,034 | |||
| Electrical Equipment - 1.7% | |||
| Array Technologies, Inc. (a)(b) | 571,200 | 6,009 | |
| Atkore, Inc. (b) | 196,370 | 26,510 | |
| Nextracker, Inc. Class A (a) | 301,200 | 14,801 | |
| Thermon Group Holdings, Inc. (a) | 547,055 | 17,949 | |
| 65,269 | |||
| Ground Transportation - 0.8% | |||
| ArcBest Corp. | 224,979 | 28,359 | |
| Machinery - 4.7% | |||
| Astec Industries, Inc. | 540,064 | 18,951 | |
| Atmus Filtration Technologies, Inc. | 305,000 | 9,406 | |
| Federal Signal Corp. | 345,600 | 34,550 | |
| Kadant, Inc. (b) | 49,600 | 17,434 | |
| REV Group, Inc. | 73,600 | 2,148 | |
| SPX Technologies, Inc. (a) | 289,600 | 42,728 | |
| Terex Corp. | 623,530 | 39,445 | |
| Timken Co. | 155,400 | 13,512 | |
| 178,174 | |||
| Professional Services - 2.1% | |||
| CACI International, Inc. (a) | 20,600 | 9,506 | |
| CRA International, Inc. | 82,600 | 14,438 | |
| ExlService Holdings, Inc. (a) | 478,260 | 16,863 | |
| First Advantage Corp. (b) | 781,111 | 13,451 | |
| KBR, Inc. | 165,500 | 11,021 | |
| WNS Holdings Ltd. | 197,250 | 11,752 | |
| 77,031 | |||
| Trading Companies & Distributors - 3.1% | |||
| Applied Industrial Technologies, Inc. | 72,100 | 15,731 | |
| Beacon Roofing Supply, Inc. (a) | 116,800 | 12,007 | |
| FTAI Aviation Ltd. | 189,900 | 21,164 | |
| GMS, Inc. (a) | 332,400 | 31,987 | |
| Rush Enterprises, Inc. Class A | 676,932 | 34,530 | |
| 115,419 | |||
TOTAL INDUSTRIALS | 700,821 | ||
| INFORMATION TECHNOLOGY - 12.4% | |||
| Communications Equipment - 0.3% | |||
| Ciena Corp. (a) | 192,300 | 10,142 | |
| Electronic Equipment, Instruments & Components - 5.5% | |||
| Advanced Energy Industries, Inc. | 334,800 | 38,961 | |
| Celestica, Inc. (a) | 164,600 | 8,632 | |
| ePlus, Inc. (a) | 88,408 | 8,126 | |
| Fabrinet (a) | 186,140 | 41,055 | |
| Insight Enterprises, Inc. (a) | 225,985 | 50,731 | |
| Napco Security Technologies, Inc. | 148,900 | 8,310 | |
| Sanmina Corp. (a) | 274,100 | 20,648 | |
| TD SYNNEX Corp. | 245,800 | 29,292 | |
| 205,755 | |||
| IT Services - 1.2% | |||
| ASGN, Inc. (a) | 261,000 | 24,709 | |
| Endava PLC ADR (a) | 210,200 | 6,697 | |
| Wix.com Ltd. (a) | 86,100 | 13,425 | |
| 44,831 | |||
| Semiconductors & Semiconductor Equipment - 2.1% | |||
| Allegro MicroSystems LLC (a) | 426,700 | 10,258 | |
| Diodes, Inc. (a) | 317,000 | 24,789 | |
| MACOM Technology Solutions Holdings, Inc. (a) | 267,600 | 27,006 | |
| Nova Ltd. (a) | 43,100 | 8,899 | |
| Onto Innovation, Inc. (a) | 38,649 | 7,394 | |
| 78,346 | |||
| Software - 3.3% | |||
| Five9, Inc. (a) | 104,100 | 4,638 | |
| Intapp, Inc. (a) | 214,048 | 7,669 | |
| Lumine Group, Inc. (a) | 333,600 | 8,928 | |
| Manhattan Associates, Inc. (a) | 35,800 | 9,143 | |
| Progress Software Corp. | 215,200 | 12,568 | |
| PROS Holdings, Inc. (a) | 84,612 | 2,039 | |
| Rapid7, Inc. (a) | 99,800 | 3,926 | |
| SPS Commerce, Inc. (a) | 163,600 | 35,243 | |
| Tenable Holdings, Inc. (a) | 528,900 | 24,287 | |
| Vertex, Inc. Class A (a)(b) | 395,060 | 15,664 | |
| 124,105 | |||
TOTAL INFORMATION TECHNOLOGY | 463,179 | ||
| MATERIALS - 5.6% | |||
| Chemicals - 1.2% | |||
| Element Solutions, Inc. | 809,800 | 21,824 | |
| Minerals Technologies, Inc. | 168,891 | 13,238 | |
| Tronox Holdings PLC | 531,300 | 8,586 | |
| 43,648 | |||
| Construction Materials - 1.0% | |||
| Eagle Materials, Inc. | 145,400 | 39,592 | |
| Metals & Mining - 2.7% | |||
| Carpenter Technology Corp. | 117,200 | 17,096 | |
| Commercial Metals Co. | 758,300 | 45,574 | |
| Constellium NV (a) | 1,308,600 | 23,306 | |
| Lundin Mining Corp. | 1,575,600 | 15,908 | |
| 101,884 | |||
| Paper & Forest Products - 0.7% | |||
| Louisiana-Pacific Corp. | 139,300 | 13,674 | |
| Sylvamo Corp. | 161,600 | 11,912 | |
| 25,586 | |||
TOTAL MATERIALS | 210,710 | ||
| REAL ESTATE - 4.3% | |||
| Equity Real Estate Investment Trusts (REITs) - 3.0% | |||
| CareTrust (REIT), Inc. | 853,400 | 23,008 | |
| Elme Communities (SBI) | 450,100 | 7,409 | |
| Essential Properties Realty Trust, Inc. | 1,251,000 | 37,017 | |
| Lamar Advertising Co. Class A | 132,900 | 15,929 | |
| Terreno Realty Corp. | 427,610 | 29,253 | |
| 112,616 | |||
| Real Estate Management & Development - 1.3% | |||
| Colliers International Group, Inc. | 224,600 | 30,269 | |
| Jones Lang LaSalle, Inc. (a) | 81,400 | 20,423 | |
| 50,692 | |||
TOTAL REAL ESTATE | 163,308 | ||
| UTILITIES - 2.0% | |||
| Gas Utilities - 2.0% | |||
| Brookfield Infrastructure Corp. A Shares | 1,134,800 | 44,144 | |
| Southwest Gas Holdings, Inc. | 398,936 | 29,585 | |
| 73,729 | |||
| TOTAL COMMON STOCKS (Cost $2,655,757) | 3,667,477 | ||
| Money Market Funds - 6.1% | |||
| Shares | Value ($) (000s) | ||
| Fidelity Cash Central Fund 5.39% (d) | 111,125,252 | 111,147 | |
| Fidelity Securities Lending Cash Central Fund 5.39% (d)(e) | 120,090,647 | 120,103 | |
| TOTAL MONEY MARKET FUNDS (Cost $231,250) | 231,250 | ||
| TOTAL INVESTMENT IN SECURITIES - 104.0% (Cost $2,887,007) | 3,898,727 |
NET OTHER ASSETS (LIABILITIES) - (4.0)% (f) | (151,663) |
| NET ASSETS - 100.0% | 3,747,064 |
| Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) (000s) | Value ($) (000s) | Unrealized Appreciation/ (Depreciation) ($) (000s) | |
| Purchased | |||||
| Equity Index Contracts | |||||
| CME E-mini Russell 2000 Index Contracts (United States) | 199 | Sep 2024 | 22,616 | 1,833 | 1,833 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.6% | |||||
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (a) | Non-income producing |
| (b) | Security or a portion of the security is on loan at period end. |
| (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 $9,460,000 or 0.3% 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. |
| (e) | Investment made with cash collateral received from securities on loan. |
| (f) | Includes $1,740,800 of cash collateral to cover margin requirements for futures contracts. |
| Additional information on each restricted holding is as follows: | ||
| Security | Acquisition Date | Acquisition Cost ($) (000s) |
| Cargo Therapeutics, Inc. | 5/28/24 | 2,451 |
| Enliven Therapeutics, Inc. | 3/19/24 | 1,690 |
| Tango Therapeutics, Inc. | 8/09/23 | 1,997 |
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 (Amounts in thousands) | 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% | 47,828 | 1,183,164 | 1,119,846 | 3,024 | 1 | - | 111,147 | 0.2% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 73,108 | 824,195 | 777,200 | 270 | - | - | 120,103 | 0.5% |
| Total | 120,936 | 2,007,359 | 1,897,046 | 3,294 | 1 | - | 231,250 | |
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 payments 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.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 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.
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
The Fund used futures contracts to manage its exposure to the stock market.
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
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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