Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
—
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds.
There
may
not
be
a
secondary
market,
and/
or
there
are
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
Certain
investments
of
the
Fund
were
fair
valued
using
net
asset
value
("NAV")
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
4,275,627
$
—
$
—
$
4,275,627
Automobiles
..........................................
4,730,503
—
—
4,730,503
Broadline
Retail
........................................
12,875,718
—
—
12,875,718
Capital
Markets
........................................
8,530,544
—
—
8,530,544
Chemicals
............................................
1,950,105
—
—
1,950,105
Commercial
Services
&
Supplies
.............................
3,847,243
—
—
3,847,243
Entertainment
.........................................
2,681,961
—
—
2,681,961
Financial
Services
......................................
13,444,094
—
—
13,444,094
Health
Care
Equipment
&
Supplies
...........................
8,445,898
—
—
8,445,898
Health
Care
Providers
&
Services
............................
5,333,651
—
—
5,333,651
Hotels,
Restaurants
&
Leisure
..............................
2,463,354
3,631,621
—
6,094,975
Interactive
Media
&
Services
...............................
11,086,920
—
—
11,086,920
IT
Services
...........................................
344,784
—
—
344,784
Life
Sciences
Tools
&
Services
..............................
5,989,539
2,037,769
—
8,027,308
Oil,
Gas
&
Consumable
Fuels
...............................
2,440,460
—
—
2,440,460
Pharmaceuticals
.......................................
5,007,288
—
—
5,007,288
Semiconductors
&
Semiconductor
Equipment
....................
21,294,170
—
—
21,294,170
Software
.............................................
31,865,676
—
—
31,865,676
Specialty
Retail
........................................
887,671
—
—
887,671
Technology
Hardware,
Storage
&
Peripherals
....................
15,921,260
—
—
15,921,260
Textiles,
Apparel
&
Luxury
Goods
............................
4,019,649
3,493,560
—
7,513,209
Preferred
Securities
.......................................
—
—
1,623,246
1,623,246
Short-Term
Securities
Money
Market
Funds
......................................
432,105
—
—
432,105
$
167,868,220
$
9,162,950
$
1,623,246
$
178,654,416
Investments
Valued
at
NAV
(a)
......................................
8,557,735
$
—
$
187,212,151
$
—
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
