| Common Stocks - 95.6% |
| | | Shares | Value ($) |
| Australia - 2.4% | | | |
| BHP Group Ltd. | | 84,937 | 2,598,566 |
| Commonwealth Bank of Australia | | 5,306 | 404,606 |
| Glencore PLC | | 264,230 | 1,398,030 |
| Imdex Ltd. | | 45,721 | 50,446 |
| Macquarie Group Ltd. | | 7,853 | 968,977 |
| Steadfast Group Ltd. | | 23,314 | 90,211 |
| Woodside Energy Group Ltd. | | 30,739 | 642,944 |
TOTAL AUSTRALIA | | | 6,153,780 |
| Belgium - 0.5% | | | |
| Azelis Group NV | | 16,963 | 350,506 |
| KBC Ancora | | 3,021 | 139,537 |
| KBC Group NV | | 9,080 | 593,475 |
| UCB SA | | 2,988 | 281,903 |
TOTAL BELGIUM | | | 1,365,421 |
| Brazil - 1.1% | | | |
| Localiza Rent a Car SA | | 56,928 | 621,860 |
| Localiza Rent a Car SA rights 2/5/24 (a) | | 251 | 456 |
| Raia Drogasil SA | | 109,088 | 557,066 |
| Suzano Papel e Celulose SA | | 91,692 | 955,341 |
| XP, Inc. Class A | | 26,781 | 658,277 |
TOTAL BRAZIL | | | 2,793,000 |
| Canada - 7.0% | | | |
| Barrick Gold Corp. | | 106,915 | 1,667,874 |
| CAE, Inc. (a) | | 61,625 | 1,233,921 |
| Cameco Corp. | | 23,170 | 1,106,238 |
| Canadian Natural Resources Ltd. | | 15,965 | 1,021,703 |
| Canadian Pacific Kansas City Ltd. | | 51,958 | 4,181,142 |
| Constellation Software, Inc. | | 821 | 2,269,122 |
| Constellation Software, Inc. warrants 8/22/28 (a)(b) | | 921 | 0 |
| Franco-Nevada Corp. | | 10,738 | 1,161,776 |
| McCoy Global, Inc. | | 7,000 | 10,465 |
| Nutrien Ltd. | | 16,669 | 831,187 |
| Osisko Gold Royalties Ltd. | | 4,079 | 59,435 |
| Pason Systems, Inc. | | 7,425 | 81,405 |
| Richelieu Hardware Ltd. | | 30,330 | 979,530 |
| Suncor Energy, Inc. | | 41,159 | 1,362,936 |
| The Toronto-Dominion Bank | | 35,467 | 2,154,479 |
TOTAL CANADA | | | 18,121,213 |
| Chile - 0.6% | | | |
| Antofagasta PLC | | 66,328 | 1,458,397 |
| China - 7.7% | | | |
| Alibaba Group Holding Ltd. | | 198,094 | 1,776,701 |
| China Life Insurance Co. Ltd. (H Shares) | | 1,496,132 | 1,724,804 |
| Chlitina Holding Ltd. | | 9,200 | 55,394 |
| Haier Smart Home Co. Ltd. (A Shares) | | 638,300 | 1,991,752 |
| Hansoh Pharmaceutical Group Co. Ltd. (c) | | 639,776 | 960,910 |
| Industrial & Commercial Bank of China Ltd. (H Shares) | | 2,332,393 | 1,136,179 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 6,100 | 1,367,601 |
| Meituan Class B (a)(c) | | 143,827 | 1,156,833 |
| New Oriental Education & Technology Group, Inc. (a) | | 185,638 | 1,432,800 |
| PDD Holdings, Inc. ADR (a) | | 9,879 | 1,253,349 |
| Shangri-La Asia Ltd. (a) | | 838,623 | 521,123 |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 102,000 | 796,818 |
| Tencent Holdings Ltd. | | 153,238 | 5,319,093 |
| Tsingtao Brewery Co. Ltd. (H Shares) | | 104,841 | 598,298 |
TOTAL CHINA | | | 20,091,655 |
| Denmark - 2.0% | | | |
| DSV A/S | | 1,272 | 227,573 |
| Novo Nordisk A/S Series B | | 37,599 | 4,297,734 |
| Spar Nord Bank A/S | | 3,821 | 65,091 |
| Vestas Wind Systems A/S (a) | | 17,988 | 507,172 |
TOTAL DENMARK | | | 5,097,570 |
| Egypt - 0.0% | | | |
| Integrated Diagnostics Holdings PLC (a)(c) | | 57,949 | 20,166 |
| Finland - 0.5% | | | |
| Kone OYJ (B Shares) | | 8,704 | 432,131 |
| Mandatum Holding OY | | 15,224 | 69,167 |
| Sampo Oyj (A Shares) | | 17,661 | 740,260 |
TOTAL FINLAND | | | 1,241,558 |
| France - 8.3% | | | |
| Air Liquide SA | | 5,328 | 997,047 |
| Airbus Group NV | | 14,122 | 2,249,435 |
| ALTEN | | 2,735 | 425,032 |
| AXA SA | | 51,797 | 1,738,583 |
| BNP Paribas SA | | 18,262 | 1,226,917 |
| Capgemini SA | | 3,486 | 780,589 |
| Edenred SA | | 19,512 | 1,168,620 |
| Laurent-Perrier Group SA | | 393 | 52,452 |
| Lectra | | 10,752 | 380,545 |
| Legrand SA | | 11,347 | 1,099,702 |
| LISI | | 1,912 | 45,045 |
| LVMH Moet Hennessy Louis Vuitton SE | | 4,395 | 3,656,899 |
| Safran SA | | 16,477 | 3,076,401 |
| TotalEnergies SE | | 39,291 | 2,549,026 |
| Vetoquinol SA | | 1,238 | 142,621 |
| VINCI SA | | 9,549 | 1,206,252 |
| Vivendi SA | | 60,576 | 684,431 |
TOTAL FRANCE | | | 21,479,597 |
| Germany - 4.9% | | | |
| Bayer AG | | 9,091 | 282,881 |
| Covestro AG (a)(c) | | 4,122 | 218,634 |
| CTS Eventim AG | | 5,303 | 360,190 |
| Deutsche Borse AG | | 4,662 | 928,389 |
| DHL Group | | 16,696 | 803,291 |
| Fresenius SE & Co. KGaA | | 14,245 | 402,106 |
| Hannover Reuck SE | | 4,121 | 989,582 |
| Infineon Technologies AG | | 8,643 | 315,097 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 2,376 | 1,012,204 |
| Nexus AG | | 1,420 | 88,853 |
| Rheinmetall AG | | 4,013 | 1,408,609 |
| RWE AG | | 20,035 | 743,307 |
| SAP SE | | 15,388 | 2,665,918 |
| Scout24 AG (c) | | 1,301 | 96,198 |
| Siemens AG | | 10,292 | 1,842,514 |
| Stabilus Se | | 867 | 60,950 |
| Vonovia SE | | 20,128 | 627,035 |
TOTAL GERMANY | | | 12,845,758 |
| Greece - 0.7% | | | |
| National Bank of Greece SA (a) | | 246,692 | 1,874,198 |
| Hong Kong - 0.6% | | | |
| AIA Group Ltd. | | 46,300 | 363,104 |
| Pacific Basin Shipping Ltd. | | 2,155,233 | 599,930 |
| Prudential PLC | | 62,340 | 640,392 |
TOTAL HONG KONG | | | 1,603,426 |
| Hungary - 0.5% | | | |
| Richter Gedeon PLC | | 49,772 | 1,343,576 |
| India - 4.0% | | | |
| Axis Bank Ltd. | | 79,902 | 1,026,882 |
| Bharat Heavy Electricals Ltd. | | 327,694 | 899,831 |
| Embassy Office Parks (REIT) | | 6,100 | 26,383 |
| HDFC Bank Ltd. | | 116,101 | 2,040,856 |
| ICICI Bank Ltd. | | 87,500 | 1,083,232 |
| Jio Financial Services Ltd. | | 2,800 | 8,356 |
| Kotak Mahindra Bank Ltd. | | 16,849 | 370,161 |
| Larsen & Toubro Ltd. | | 23,358 | 977,467 |
| Reliance Industries Ltd. | | 2,800 | 96,157 |
| Reliance Industries Ltd. GDR (c) | | 13,395 | 929,613 |
| Shree Cement Ltd. | | 3,059 | 1,050,894 |
| Solar Industries India Ltd. | | 14,178 | 1,104,149 |
| Zomato Ltd. (a) | | 548,468 | 921,105 |
TOTAL INDIA | | | 10,535,086 |
| Indonesia - 0.2% | | | |
| PT Bank Rakyat Indonesia (Persero) Tbk | | 1,256,388 | 452,596 |
| Ireland - 0.3% | | | |
| AerCap Holdings NV (a) | | 1,819 | 139,263 |
| Bank of Ireland Group PLC | | 54,478 | 500,979 |
| Cairn Homes PLC | | 46,704 | 71,736 |
| Irish Residential Properties REIT PLC | | 43,251 | 54,033 |
TOTAL IRELAND | | | 766,011 |
| Israel - 0.2% | | | |
| Ituran Location & Control Ltd. | | 3,644 | 90,663 |
| NICE Ltd. sponsored ADR (a) | | 2,342 | 487,370 |
| Tel Aviv Stock Exchange Ltd. | | 7,200 | 44,746 |
TOTAL ISRAEL | | | 622,779 |
| Italy - 1.9% | | | |
| Eni SpA | | 77,307 | 1,232,377 |
| Interpump Group SpA | | 14,603 | 726,579 |
| Mediobanca SpA | | 59,022 | 784,556 |
| Prada SpA | | 89,500 | 555,015 |
| Prysmian SpA | | 9,711 | 430,177 |
| Ryanair Holdings PLC sponsored ADR (a) | | 5,722 | 764,459 |
| UniCredit SpA | | 19,681 | 576,497 |
TOTAL ITALY | | | 5,069,660 |
| Japan - 12.6% | | | |
| Ai Holdings Corp. | | 1,750 | 29,377 |
| Artnature, Inc. | | 5,300 | 28,387 |
| Aucnet, Inc. | | 3,000 | 43,012 |
| Azbil Corp. | | 39,500 | 1,276,431 |
| Broadleaf Co. Ltd. | | 27,600 | 113,608 |
| Central Automotive Products Ltd. | | 1,600 | 52,810 |
| Curves Holdings Co. Ltd. | | 23,700 | 109,797 |
| Daiichi Sankyo Kabushiki Kaisha | | 4,175 | 124,995 |
| Daiichikosho Co. Ltd. | | 4,000 | 54,799 |
| Daikokutenbussan Co. Ltd. | | 800 | 45,286 |
| DENSO Corp. | | 60,263 | 946,614 |
| Digital Hearts Holdings Co. Ltd. | | 6,700 | 46,566 |
| Eisai Co. Ltd. | | 4,213 | 198,385 |
| Elan Corp. | | 4,200 | 30,117 |
| Fast Retailing Co. Ltd. | | 1,829 | 488,301 |
| FUJIFILM Holdings Corp. | | 8,597 | 544,920 |
| Fujitec Co. Ltd. | | 2,600 | 66,340 |
| Fujitsu Ltd. | | 4,372 | 605,147 |
| Funai Soken Holdings, Inc. | | 2,650 | 46,141 |
| Goldcrest Co. Ltd. | | 6,560 | 104,620 |
| Hitachi Ltd. | | 26,557 | 2,086,062 |
| Hoya Corp. | | 13,459 | 1,709,686 |
| Ibiden Co. Ltd. | | 7,214 | 363,008 |
| INPEX Corp. | | 35,442 | 481,744 |
| Itochu Corp. | | 33,934 | 1,540,065 |
| Keyence Corp. | | 5,984 | 2,677,229 |
| Kobayashi Pharmaceutical Co. Ltd. | | 1,200 | 54,157 |
| Koshidaka Holdings Co. Ltd. | | 19,200 | 122,315 |
| Kusuri No Aoki Holdings Co. Ltd. | | 2,600 | 56,133 |
| Lasertec Corp. | | 4,950 | 1,289,125 |
| LY Corp. | | 67,344 | 209,509 |
| Medikit Co. Ltd. | | 2,300 | 46,849 |
| Minebea Mitsumi, Inc. | | 17,657 | 364,974 |
| Miroku Jyoho Service Co., Ltd. | | 2,600 | 32,194 |
| Misumi Group, Inc. | | 31,924 | 547,334 |
| Mitsubishi Heavy Industries Ltd. | | 9,872 | 658,497 |
| Mitsubishi UFJ Financial Group, Inc. | | 183,769 | 1,721,282 |
| Mitsuboshi Belting Ltd. | | 900 | 30,022 |
| Nagaileben Co. Ltd. | | 6,400 | 101,552 |
| Nihon Parkerizing Co. Ltd. | | 16,100 | 127,881 |
| NOF Corp. | | 4,109 | 185,578 |
| NS Tool Co. Ltd. | | 6,100 | 42,113 |
| NSD Co. Ltd. | | 5,300 | 99,460 |
| OBIC Co. Ltd. | | 1,450 | 222,734 |
| ORIX Corp. | | 44,996 | 868,840 |
| OSG Corp. | | 17,380 | 236,513 |
| Paramount Bed Holdings Co. Ltd. | | 2,400 | 43,347 |
| ProNexus, Inc. | | 4,800 | 42,171 |
| Recruit Holdings Co. Ltd. | | 37,700 | 1,489,102 |
| Renesas Electronics Corp. (a) | | 51,057 | 837,722 |
| San-Ai Obbli Co. Ltd. | | 6,000 | 67,653 |
| Shin-Etsu Chemical Co. Ltd. | | 33,998 | 1,338,236 |
| SHO-BOND Holdings Co. Ltd. | | 17,980 | 800,839 |
| Shoei Co. Ltd. | | 4,200 | 56,130 |
| SK Kaken Co. Ltd. | | 2,200 | 108,625 |
| SoftBank Group Corp. | | 7,821 | 337,638 |
| Software Service, Inc. | | 800 | 67,961 |
| Sony Group Corp. | | 5,999 | 588,312 |
| Sumitomo Mitsui Financial Group, Inc. | | 26,440 | 1,375,234 |
| Suzuki Motor Corp. | | 18,187 | 816,936 |
| Techno Medica Co. Ltd. | | 500 | 6,680 |
| The Monogatari Corp. | | 2,860 | 100,845 |
| TIS, Inc. | | 11,744 | 261,208 |
| Tocalo Co. Ltd. | | 5,600 | 59,568 |
| Tokio Marine Holdings, Inc. | | 48,096 | 1,268,168 |
| Toyota Motor Corp. | | 94,996 | 1,896,863 |
| USS Co. Ltd. | | 21,100 | 399,031 |
| YAKUODO Holdings Co. Ltd. | | 3,000 | 52,671 |
| YONEX Co. Ltd. | | 4,700 | 38,192 |
TOTAL JAPAN | | | 32,883,641 |
| Korea (South) - 3.7% | | | |
| AMOREPACIFIC Corp. | | 2,983 | 263,133 |
| BGF Retail Co. Ltd. | | 491 | 51,967 |
| Hyundai Mipo Dockyard Co. Ltd. (a) | | 13,989 | 705,161 |
| Hyundai Motor Co. Ltd. | | 8,770 | 1,275,613 |
| Korea Aerospace Industries Ltd. | | 38,156 | 1,437,614 |
| Samsung Electronics Co. Ltd. | | 108,128 | 5,875,400 |
TOTAL KOREA (SOUTH) | | | 9,608,888 |
| Luxembourg - 0.1% | | | |
| ArcelorMittal SA (Netherlands) | | 9,412 | 260,799 |
| Mexico - 0.6% | | | |
| Grupo Financiero Banorte S.A.B. de CV Series O | | 76,309 | 776,147 |
| Wal-Mart de Mexico SA de CV Series V | | 197,759 | 817,049 |
TOTAL MEXICO | | | 1,593,196 |
| Netherlands - 4.3% | | | |
| Aalberts Industries NV | | 13,075 | 522,533 |
| ASML Holding NV (Netherlands) | | 6,324 | 5,486,627 |
| BE Semiconductor Industries NV | | 4,753 | 718,092 |
| IMCD NV | | 4,531 | 695,325 |
| Shell PLC ADR | | 52,854 | 3,325,045 |
| Universal Music Group NV | | 10,768 | 317,416 |
TOTAL NETHERLANDS | | | 11,065,038 |
| Norway - 0.1% | | | |
| Kongsberg Gruppen ASA | | 4,765 | 243,296 |
| Medistim ASA | | 1,929 | 39,250 |
TOTAL NORWAY | | | 282,546 |
| Peru - 0.5% | | | |
| Credicorp Ltd. (United States) | | 8,372 | 1,242,656 |
| Poland - 0.3% | | | |
| Powszechna Kasa Oszczednosci Bank SA | | 64,400 | 820,249 |
| Russia - 0.1% | | | |
| LUKOIL PJSC sponsored ADR (a)(b) | | 15,040 | 4,255 |
| Sberbank of Russia sponsored ADR (a)(b) | | 62,556 | 1,114 |
| Yandex NV Series A (a)(b) | | 15,421 | 197,389 |
TOTAL RUSSIA | | | 202,758 |
| Singapore - 0.3% | | | |
| United Overseas Bank Ltd. | | 38,974 | 821,515 |
| South Africa - 1.3% | | | |
| Anglo American PLC (United Kingdom) | | 22,555 | 537,659 |
| FirstRand Ltd. | | 272,855 | 989,842 |
| Impala Platinum Holdings Ltd. | | 201,855 | 783,531 |
| MTN Group Ltd. | | 186,074 | 949,527 |
| Thungela Resources Ltd. | | 4,647 | 29,328 |
TOTAL SOUTH AFRICA | | | 3,289,887 |
| Spain - 1.4% | | | |
| Amadeus IT Holding SA Class A | | 21,757 | 1,529,742 |
| Banco Santander SA (Spain) | | 380,692 | 1,530,024 |
| Cellnex Telecom SA (c) | | 9,442 | 363,303 |
| Fluidra SA | | 1,601 | 34,812 |
| Unicaja Banco SA (c) | | 147,836 | 141,793 |
TOTAL SPAIN | | | 3,599,674 |
| Sweden - 3.3% | | | |
| Addlife AB | | 6,662 | 72,147 |
| AddTech AB (B Shares) | | 22,656 | 471,118 |
| ASSA ABLOY AB (B Shares) | | 39,516 | 1,083,755 |
| Atlas Copco AB (A Shares) | | 166,615 | 2,659,079 |
| Autoliv, Inc. | | 7,483 | 801,579 |
| Bergman & Beving AB (B Shares) | | 5,200 | 90,942 |
| Epiroc AB (A Shares) | | 53,837 | 951,233 |
| Hemnet Group AB | | 5,715 | 154,316 |
| Investor AB (B Shares) | | 60,573 | 1,431,287 |
| INVISIO AB | | 4,673 | 90,931 |
| John Mattson Fastighetsforetagen AB (a) | | 10,132 | 52,575 |
| Lagercrantz Group AB (B Shares) | | 51,594 | 677,234 |
TOTAL SWEDEN | | | 8,536,196 |
| Switzerland - 1.8% | | | |
| Schindler Holding AG: | | | |
| (participation certificate) | | 1,917 | 479,833 |
| (Reg.) | | 107 | 25,592 |
| Swiss Life Holding AG | | 867 | 624,316 |
| Tecan Group AG | | 384 | 148,002 |
| UBS Group AG | | 32,290 | 972,498 |
| UBS Group AG | | 44,493 | 1,330,786 |
| Zurich Insurance Group Ltd. | | 2,296 | 1,168,287 |
TOTAL SWITZERLAND | | | 4,749,314 |
| Taiwan - 4.9% | | | |
| Addcn Technology Co. Ltd. | | 10,354 | 66,557 |
| Asia Vital Components Co. Ltd. | | 46,000 | 624,871 |
| ECLAT Textile Co. Ltd. | | 70,379 | 1,228,599 |
| HIWIN Technologies Corp. | | 142,640 | 1,001,411 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 441,344 | 8,836,884 |
| Yageo Corp. | | 58,217 | 1,024,198 |
TOTAL TAIWAN | | | 12,782,520 |
| United Kingdom - 6.0% | | | |
| AstraZeneca PLC (United Kingdom) | | 7,595 | 1,006,921 |
| B&M European Value Retail SA | | 51,402 | 337,825 |
| BAE Systems PLC | | 207,678 | 3,097,750 |
| Barratt Developments PLC | | 108,359 | 742,095 |
| Beazley PLC | | 44,530 | 307,277 |
| Bodycote PLC | | 22,668 | 183,136 |
| Clarkson PLC | | 1,639 | 73,737 |
| Compass Group PLC | | 65,316 | 1,799,049 |
| Flutter Entertainment PLC (a) | | 1,590 | 328,144 |
| Howden Joinery Group PLC | | 16,094 | 163,738 |
| HSBC Holdings PLC (United Kingdom) | | 58,201 | 454,416 |
| Imperial Brands PLC | | 22,072 | 529,841 |
| InterContinental Hotel Group PLC ADR | | 16,774 | 1,597,891 |
| JD Sports Fashion PLC | | 109,464 | 162,376 |
| Lloyds Banking Group PLC | | 1,581,505 | 847,775 |
| London Stock Exchange Group PLC | | 2,773 | 313,665 |
| Oxford Instruments PLC | | 2,000 | 56,268 |
| Rightmove PLC | | 54,860 | 388,254 |
| Rolls-Royce Holdings PLC (a) | | 97,312 | 369,440 |
| Sage Group PLC | | 38,803 | 579,282 |
| Spectris PLC | | 29,193 | 1,369,233 |
| Spirax-Sarco Engineering PLC | | 750 | 95,095 |
| Standard Chartered PLC (United Kingdom) | | 97,050 | 733,460 |
| Unite Group PLC | | 4,000 | 51,554 |
TOTAL UNITED KINGDOM | | | 15,588,222 |
| United States of America - 10.9% | | | |
| CRH PLC | | 32,136 | 2,306,079 |
| CRH PLC | | 20,133 | 1,434,938 |
| Experian PLC | | 39,805 | 1,656,779 |
| Ferguson PLC | | 2,970 | 558,936 |
| Linde PLC | | 9,946 | 4,026,439 |
| Marsh & McLennan Companies, Inc. | | 9,881 | 1,915,333 |
| MasterCard, Inc. Class A | | 3,526 | 1,583,985 |
| Microsoft Corp. | | 1,700 | 675,886 |
| Moody's Corp. | | 3,732 | 1,463,093 |
| Morningstar, Inc. | | 964 | 269,245 |
| MSCI, Inc. | | 1,521 | 910,501 |
| Nestle SA (Reg. S) | | 29,128 | 3,319,153 |
| NOV, Inc. | | 25,420 | 495,944 |
| Otis Worldwide Corp. | | 5,494 | 485,889 |
| PriceSmart, Inc. | | 3,242 | 246,457 |
| ResMed, Inc. | | 3,166 | 602,173 |
| S&P Global, Inc. | | 3,211 | 1,439,652 |
| Sanofi SA | | 15,093 | 1,511,496 |
| Sherwin-Williams Co. | | 4,665 | 1,419,933 |
| Synopsys, Inc. (a) | | 600 | 320,010 |
| Visa, Inc. Class A | | 5,900 | 1,612,234 |
TOTAL UNITED STATES OF AMERICA | | | 28,254,155 |
| TOTAL COMMON STOCKS (Cost $206,076,940) | | | 248,516,701 |
| | | | |
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
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.
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 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)
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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