| Common Stocks - 100.2% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 8.7% | | | |
| Diversified Telecommunication Services - 0.3% | | | |
| Liberty Latin America Ltd. Class C (a) | | 4,540 | 48,124 |
| Entertainment - 1.8% | | | |
| Live Nation Entertainment, Inc. (a) | | 464 | 44,632 |
| Netflix, Inc. (a) | | 162 | 101,793 |
| Sea Ltd. ADR Class A (a) | | 656 | 43,099 |
| The Walt Disney Co. | | 657 | 61,554 |
| | | | 251,078 |
| Interactive Media & Services - 6.6% | | | |
| Alphabet, Inc.: | | | |
| Class A | | 1,335 | 229,006 |
| Class C | | 1,177 | 203,798 |
| Baltic Classifieds Group PLC | | 7,416 | 25,836 |
| Hemnet Group AB | | 809 | 29,900 |
| Kakao Corp. | | 572 | 16,369 |
| LY Corp. | | 7,791 | 19,492 |
| Meta Platforms, Inc. Class A | | 543 | 257,833 |
| NAVER Corp. | | 245 | 31,122 |
| Rightmove PLC | | 3,529 | 26,141 |
| Tencent Holdings Ltd. | | 2,058 | 94,969 |
| | | | 934,466 |
TOTAL COMMUNICATION SERVICES | | | 1,233,668 |
| CONSUMER DISCRETIONARY - 15.8% | | | |
| Automobile Components - 0.5% | | | |
| Aptiv PLC (a) | | 534 | 37,054 |
| DENSO Corp. | | 2,140 | 35,094 |
| | | | 72,148 |
| Automobiles - 0.5% | | | |
| BYD Co. Ltd. (H Shares) | | 1,258 | 37,243 |
| Ferrari NV (Italy) | | 90 | 37,052 |
| | | | 74,295 |
| Broadline Retail - 3.6% | | | |
| Amazon.com, Inc. (a) | | 2,036 | 380,691 |
| B&M European Value Retail SA | | 4,226 | 25,431 |
| Dollarama, Inc. | | 412 | 38,623 |
| MercadoLibre, Inc. (a) | | 27 | 45,060 |
| Prosus NV | | 642 | 22,380 |
| | | | 512,185 |
| Diversified Consumer Services - 0.8% | | | |
| Duolingo, Inc. (a) | | 193 | 33,184 |
| OneSpaWorld Holdings Ltd. | | 2,589 | 41,657 |
| Service Corp. International | | 549 | 43,871 |
| | | | 118,712 |
| Hotels, Restaurants & Leisure - 3.8% | | | |
| Airbnb, Inc. Class A (a) | | 360 | 50,242 |
| Cava Group, Inc. (a) | | 508 | 42,784 |
| Chipotle Mexican Grill, Inc. (a) | | 1,026 | 55,732 |
| Churchill Downs, Inc. | | 371 | 53,261 |
| Compass Group PLC | | 1,263 | 38,894 |
| Domino's Pizza, Inc. | | 97 | 41,584 |
| Dominos Pizza Enterprises Ltd. | | 1,022 | 21,901 |
| Flutter Entertainment PLC (a) | | 146 | 28,857 |
| Hilton Worldwide Holdings, Inc. | | 287 | 61,610 |
| Oriental Land Co. Ltd. | | 1,008 | 28,859 |
| Restaurant Brands Asia Ltd. (a) | | 19,425 | 25,056 |
| Yum! Brands, Inc. | | 300 | 39,849 |
| Zomato Ltd. (a) | | 18,382 | 50,375 |
| | | | 539,004 |
| Household Durables - 0.9% | | | |
| Berkeley Group Holdings PLC | | 397 | 25,917 |
| NVR, Inc. (a) | | 7 | 60,252 |
| TopBuild Corp. (a) | | 98 | 46,897 |
| | | | 133,066 |
| Leisure Products - 0.3% | | | |
| Roland Corp. | | 647 | 16,887 |
| SHIMANO, Inc. | | 129 | 23,018 |
| | | | 39,905 |
| Specialty Retail - 4.0% | | | |
| Carvana Co. Class A (a) | | 434 | 57,822 |
| Dick's Sporting Goods, Inc. | | 195 | 42,188 |
| Fast Retailing Co. Ltd. | | 142 | 39,142 |
| Five Below, Inc. (a) | | 225 | 16,367 |
| Floor & Decor Holdings, Inc. Class A (a) | | 404 | 39,592 |
| Lowe's Companies, Inc. | | 298 | 73,162 |
| National Vision Holdings, Inc. (a) | | 2,205 | 31,884 |
| Nitori Holdings Co. Ltd. | | 184 | 22,502 |
| The Home Depot, Inc. | | 287 | 105,662 |
| Ulta Beauty, Inc. (a) | | 102 | 37,219 |
| Wayfair LLC Class A (a) | | 635 | 34,563 |
| WH Smith PLC | | 1,154 | 19,583 |
| Workman Co. Ltd. | | 659 | 18,564 |
| ZOZO, Inc. | | 833 | 24,386 |
| | | | 562,636 |
| Textiles, Apparel & Luxury Goods - 1.4% | | | |
| Hermes International SCA | | 16 | 35,030 |
| lululemon athletica, Inc. (a) | | 170 | 43,972 |
| LVMH Moet Hennessy Louis Vuitton SE | | 76 | 53,608 |
| Moncler SpA | | 333 | 19,850 |
| Prada SpA | | 2,910 | 21,007 |
| Shenzhou International Group Holdings Ltd. | | 3,057 | 25,961 |
| | | | 199,428 |
TOTAL CONSUMER DISCRETIONARY | | | 2,251,379 |
| CONSUMER STAPLES - 5.1% | | | |
| Beverages - 0.9% | | | |
| Ambev SA | | 10,151 | 20,782 |
| Davide Campari Milano NV | | 2,695 | 24,325 |
| Kweichow Moutai Co. Ltd. (A Shares) | | 115 | 22,639 |
| Monster Beverage Corp. (a) | | 779 | 40,080 |
| Pernod Ricard SA | | 175 | 23,485 |
| | | | 131,311 |
| Consumer Staples Distribution & Retail - 2.8% | | | |
| Alimentation Couche-Tard, Inc. (multi-vtg.) | | 541 | 33,350 |
| Casey's General Stores, Inc. | | 139 | 53,910 |
| Clicks Group Ltd. | | 1,582 | 30,750 |
| Cosmos Pharmaceutical Corp. | | 273 | 24,447 |
| Costco Wholesale Corp. | | 154 | 126,588 |
| Wal-Mart de Mexico SA de CV Series V | | 8,849 | 29,429 |
| Walmart, Inc. | | 1,429 | 98,087 |
| | | | 396,561 |
| Food Products - 0.7% | | | |
| Freshpet, Inc. (a) | | 417 | 50,749 |
| McCormick & Co., Inc. (non-vtg.) | | 620 | 47,746 |
| | | | 98,495 |
| Household Products - 0.2% | | | |
| Unicharm Corp. | | 664 | 22,244 |
| Personal Care Products - 0.5% | | | |
| Hindustan Unilever Ltd. | | 930 | 30,053 |
| L'Oreal SA | | 97 | 41,947 |
| | | | 72,000 |
TOTAL CONSUMER STAPLES | | | 720,611 |
| ENERGY - 2.0% | | | |
| Energy Equipment & Services - 0.3% | | | |
| Schlumberger Ltd. | | 992 | 47,904 |
| Oil, Gas & Consumable Fuels - 1.7% | | | |
| Cheniere Energy, Inc. | | 259 | 47,304 |
| Hess Corp. | | 312 | 47,867 |
| Parkland Corp. | | 761 | 21,348 |
| PrairieSky Royalty Ltd. | | 2,270 | 45,625 |
| Reliance Industries Ltd. | | 1,182 | 42,505 |
| Saudi Arabian Oil Co. (b) | | 4,111 | 30,242 |
| | | | 234,891 |
TOTAL ENERGY | | | 282,795 |
| FINANCIALS - 11.8% | | | |
| Banks - 3.1% | | | |
| Bank of America Corp. | | 2,382 | 96,018 |
| Credicorp Ltd. (United States) | | 229 | 39,077 |
| FinecoBank SpA | | 1,536 | 26,099 |
| JPMorgan Chase & Co. | | 775 | 164,920 |
| KBC Group NV | | 396 | 30,703 |
| PNC Financial Services Group, Inc. | | 267 | 48,354 |
| PT Bank Central Asia Tbk | | 55,476 | 35,056 |
| | | | 440,227 |
| Capital Markets - 2.8% | | | |
| Avanza Bank Holding AB | | 742 | 16,608 |
| Banca Generali SpA | | 585 | 25,451 |
| Bolsa Mexicana de Valores S.A.B. de CV | | 13,232 | 20,596 |
| Brookfield Corp. (Canada) Class A | | 857 | 41,793 |
| HUB24 Ltd. | | 1,195 | 38,730 |
| Moody's Corp. | | 116 | 52,952 |
| Morningstar, Inc. | | 149 | 47,330 |
| Nordnet AB | | 1,221 | 24,923 |
| Partners Group Holding AG | | 19 | 25,640 |
| S&P Global, Inc. | | 143 | 69,316 |
| VZ Holding AG | | 239 | 32,293 |
| | | | 395,632 |
| Financial Services - 3.1% | | | |
| Adyen BV (a)(b) | | 21 | 25,688 |
| Banca Mediolanum S.p.A. | | 2,233 | 26,366 |
| BFF Bank SpA (b) | | 2,091 | 23,648 |
| Edenred SA | | 403 | 16,796 |
| Fiserv, Inc. (a) | | 391 | 63,956 |
| Flywire Corp. (a) | | 1,341 | 24,554 |
| MasterCard, Inc. Class A | | 249 | 115,464 |
| Visa, Inc. Class A | | 461 | 122,474 |
| Zenkoku Hosho Co. Ltd. | | 657 | 27,319 |
| | | | 446,265 |
| Insurance - 2.8% | | | |
| American Financial Group, Inc. | | 313 | 40,990 |
| Arch Capital Group Ltd. (a) | | 515 | 49,327 |
| Arthur J. Gallagher & Co. | | 179 | 50,745 |
| Assurant, Inc. | | 239 | 41,794 |
| Chubb Ltd. | | 257 | 70,845 |
| Hannover Reuck SE | | 148 | 36,792 |
| Qualitas Controladora S.A.B. de CV | | 3,072 | 28,318 |
| Steadfast Group Ltd. | | 5,820 | 24,701 |
| The Travelers Companies, Inc. | | 238 | 51,513 |
| | | | 395,025 |
TOTAL FINANCIALS | | | 1,677,149 |
| HEALTH CARE - 9.1% | | | |
| Biotechnology - 0.2% | | | |
| Zai Lab Ltd. (a) | | 14,460 | 27,375 |
| Health Care Equipment & Supplies - 3.6% | | | |
| Alcon, Inc. (Switzerland) | | 393 | 37,332 |
| Align Technology, Inc. (a) | | 133 | 30,840 |
| Boston Scientific Corp. (a) | | 937 | 69,226 |
| Coloplast A/S Series B | | 165 | 21,450 |
| Hoya Corp. | | 287 | 35,961 |
| IDEXX Laboratories, Inc. (a) | | 83 | 39,518 |
| Inspire Medical Systems, Inc. (a) | | 165 | 23,273 |
| Intuitive Surgical, Inc. (a) | | 155 | 68,915 |
| Masimo Corp. (a) | | 393 | 42,043 |
| ResMed, Inc. | | 245 | 52,246 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | | 764 | 27,208 |
| Straumann Holding AG | | 201 | 25,919 |
| The Cooper Companies, Inc. | | 452 | 42,185 |
| | | | 516,116 |
| Health Care Providers & Services - 1.4% | | | |
| Apollo Hospitals Enterprise Ltd. | | 425 | 33,579 |
| Surgery Partners, Inc. (a) | | 909 | 27,597 |
| UnitedHealth Group, Inc. | | 242 | 139,431 |
| | | | 200,607 |
| Health Care Technology - 0.2% | | | |
| Veeva Systems, Inc. Class A (a) | | 159 | 30,517 |
| Life Sciences Tools & Services - 1.8% | | | |
| 10X Genomics, Inc. (a) | | 566 | 11,699 |
| Danaher Corp. | | 276 | 76,474 |
| Lonza Group AG | | 45 | 30,115 |
| Thermo Fisher Scientific, Inc. | | 144 | 88,321 |
| West Pharmaceutical Services, Inc. | | 131 | 40,108 |
| | | | 246,717 |
| Pharmaceuticals - 1.9% | | | |
| Eli Lilly & Co. | | 202 | 162,463 |
| Novo Nordisk A/S Series B | | 795 | 105,332 |
| | | | 267,795 |
TOTAL HEALTH CARE | | | 1,289,127 |
| INDUSTRIALS - 15.4% | | | |
| Aerospace & Defense - 1.9% | | | |
| General Electric Co. | | 534 | 90,887 |
| HEICO Corp. | | 220 | 53,095 |
| INVISIO AB | | 1,159 | 27,056 |
| Northrop Grumman Corp. | | 108 | 52,307 |
| Safran SA | | 209 | 45,916 |
| | | | 269,261 |
| Air Freight & Logistics - 0.9% | | | |
| C.H. Robinson Worldwide, Inc. | | 444 | 39,538 |
| Delhivery Private Ltd. (a) | | 4,535 | 21,882 |
| DHL Group | | 752 | 33,543 |
| ZTO Express, Inc. sponsored ADR | | 1,725 | 32,689 |
| | | | 127,652 |
| Building Products - 1.4% | | | |
| ASSA ABLOY AB (B Shares) | | 1,243 | 37,855 |
| Kingspan Group PLC (Ireland) | | 315 | 29,455 |
| Simpson Manufacturing Co. Ltd. | | 195 | 37,458 |
| The AZEK Co., Inc. Class A, (a) | | 1,035 | 46,461 |
| Trex Co., Inc. (a) | | 506 | 42,317 |
| | | | 193,546 |
| Commercial Services & Supplies - 1.5% | | | |
| Casella Waste Systems, Inc. Class A (a) | | 441 | 45,670 |
| Cintas Corp. | | 84 | 64,171 |
| Copart, Inc. | | 1,133 | 59,290 |
| GFL Environmental, Inc. | | 625 | 24,250 |
| Waste Connections, Inc. (Canada) | | 135 | 24,010 |
| | | | 217,391 |
| Construction & Engineering - 0.2% | | | |
| Larsen & Toubro Ltd. | | 646 | 29,435 |
| Electrical Equipment - 1.4% | | | |
| AMETEK, Inc. | | 274 | 47,534 |
| Eaton Corp. PLC | | 228 | 69,492 |
| Generac Holdings, Inc. (a) | | 305 | 47,482 |
| Nidec Corp. | | 724 | 31,849 |
| | | | 196,357 |
| Ground Transportation - 0.6% | | | |
| Localiza Rent a Car SA | | 2,415 | 18,714 |
| Old Dominion Freight Lines, Inc. | | 206 | 43,297 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | | 13,622 | 20,784 |
| | | | 82,795 |
| Industrial Conglomerates - 0.4% | | | |
| Honeywell International, Inc. | | 269 | 55,078 |
| Machinery - 1.6% | | | |
| Atlas Copco AB (A Shares) | | 2,227 | 39,635 |
| Indutrade AB | | 1,261 | 37,020 |
| Minebea Mitsumi, Inc. | | 1,199 | 28,841 |
| Rational AG | | 33 | 28,911 |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | | 3,307 | 21,368 |
| SMC Corp. | | 48 | 23,355 |
| Spirax-Sarco Engineering PLC | | 231 | 26,905 |
| VAT Group AG (b) | | 53 | 26,586 |
| | | | 232,621 |
| Marine Transportation - 0.2% | | | |
| SITC International Holdings Co. Ltd. | | 13,363 | 29,761 |
| Passenger Airlines - 0.2% | | | |
| Ryanair Holdings PLC sponsored ADR | | 221 | 22,387 |
| Professional Services - 2.8% | | | |
| BayCurrent Consulting, Inc. | | 987 | 29,945 |
| Dayforce, Inc. (a) | | 605 | 35,864 |
| Equifax, Inc. | | 190 | 53,080 |
| Experian PLC | | 892 | 42,107 |
| Funai Soken Holdings, Inc. | | 1,334 | 19,573 |
| Recruit Holdings Co. Ltd. | | 876 | 50,233 |
| RELX PLC (London Stock Exchange) | | 951 | 44,885 |
| Thomson Reuters Corp. | | 235 | 38,084 |
| Verisk Analytics, Inc. | | 189 | 49,471 |
| Wolters Kluwer NV | | 218 | 36,593 |
| | | | 399,835 |
| Trading Companies & Distributors - 1.9% | | | |
| AddTech AB (B Shares) | | 979 | 31,539 |
| Ashtead Group PLC | | 500 | 36,008 |
| Azelis Group NV | | 826 | 15,644 |
| Fastenal Co. | | 676 | 47,827 |
| Ferguson PLC | | 269 | 59,893 |
| IMCD NV | | 158 | 22,742 |
| Watsco, Inc. | | 108 | 52,865 |
| | | | 266,518 |
| Transportation Infrastructure - 0.4% | | | |
| Athens International Airport SA | | 3,235 | 27,876 |
| International Container Terminal Services, Inc. | | 5,594 | 34,138 |
| | | | 62,014 |
TOTAL INDUSTRIALS | | | 2,184,651 |
| INFORMATION TECHNOLOGY - 23.4% | | | |
| Communications Equipment - 0.5% | | | |
| Arista Networks, Inc. (a) | | 188 | 65,151 |
| Electronic Equipment, Instruments & Components - 1.7% | | | |
| Amphenol Corp. Class A | | 1,013 | 65,095 |
| Azbil Corp. | | 666 | 19,508 |
| CDW Corp. | | 216 | 47,112 |
| Keyence Corp. | | 88 | 38,479 |
| Lagercrantz Group AB (B Shares) | | 2,284 | 38,517 |
| Murata Manufacturing Co. Ltd. | | 1,494 | 33,238 |
| | | | 241,949 |
| IT Services - 1.6% | | | |
| Cloudflare, Inc. (a) | | 592 | 45,880 |
| Kainos Group PLC | | 1,700 | 23,996 |
| Nagarro SE (a) | | 231 | 20,100 |
| SHIFT, Inc. (a) | | 109 | 8,342 |
| Shopify, Inc. Class A (a) | | 364 | 22,277 |
| Softcat PLC | | 1,104 | 23,077 |
| Tata Consultancy Services Ltd. | | 812 | 42,530 |
| VeriSign, Inc. (a) | | 198 | 37,028 |
| | | | 223,230 |
| Semiconductors & Semiconductor Equipment - 8.6% | | | |
| Advantest Corp. | | 692 | 30,629 |
| ASM International NV (Netherlands) | | 56 | 38,400 |
| ASML Holding NV (Netherlands) | | 105 | 96,648 |
| BE Semiconductor Industries NV | | 189 | 24,372 |
| Disco Corp. | | 98 | 32,771 |
| eMemory Technology, Inc. | | 516 | 36,814 |
| Monolithic Power Systems, Inc. | | 84 | 72,500 |
| NVIDIA Corp. | | 5,374 | 628,862 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 6,291 | 184,319 |
| Teradyne, Inc. | | 347 | 45,513 |
| Tokyo Electron Ltd. | | 186 | 38,920 |
| | | | 1,229,748 |
| Software - 10.6% | | | |
| Adobe, Inc. (a) | | 141 | 77,783 |
| ANSYS, Inc. (a) | | 124 | 38,890 |
| Aspen Technology, Inc. (a) | | 204 | 38,342 |
| Atlassian Corp. PLC Class A, (a) | | 149 | 26,309 |
| ATOSS Software AG | | 180 | 26,571 |
| Cadence Design Systems, Inc. (a) | | 186 | 49,785 |
| Confluent, Inc. (a) | | 1,109 | 27,747 |
| Constellation Software, Inc. | | 17 | 53,639 |
| Constellation Software, Inc. warrants 3/31/40 (a)(c) | | 17 | 0 |
| Dassault Systemes SA | | 787 | 29,834 |
| Fortnox AB | | 3,520 | 21,707 |
| HubSpot, Inc. (a) | | 95 | 47,218 |
| Lumine Group, Inc. (a) | | 1,233 | 32,998 |
| Microsoft Corp. | | 1,498 | 626,688 |
| Money Forward, Inc. (a) | | 614 | 20,280 |
| Procore Technologies, Inc. (a) | | 586 | 41,624 |
| Salesforce, Inc. | | 360 | 93,168 |
| SAP SE | | 317 | 67,020 |
| ServiceNow, Inc. (a) | | 84 | 68,409 |
| Synopsys, Inc. (a) | | 96 | 53,599 |
| Topicus.Com, Inc. | | 259 | 22,806 |
| Workday, Inc. Class A (a) | | 179 | 40,654 |
| | | | 1,505,071 |
| Technology Hardware, Storage & Peripherals - 0.4% | | | |
| Seagate Technology Holdings PLC | | 570 | 58,237 |
TOTAL INFORMATION TECHNOLOGY | | | 3,323,386 |
| MATERIALS - 3.7% | | | |
| Chemicals - 2.4% | | | |
| Air Products & Chemicals, Inc. | | 217 | 57,255 |
| Ecolab, Inc. | | 215 | 49,598 |
| Givaudan SA | | 8 | 39,255 |
| Linde PLC | | 151 | 68,479 |
| Shin-Etsu Chemical Co. Ltd. | | 1,083 | 48,118 |
| Sika AG | | 124 | 37,691 |
| Solar Industries India Ltd. | | 374 | 48,168 |
| | | | 348,564 |
| Construction Materials - 0.8% | | | |
| Martin Marietta Materials, Inc. | | 98 | 58,148 |
| Vulcan Materials Co. | | 207 | 56,824 |
| | | | 114,972 |
| Metals & Mining - 0.5% | | | |
| Freeport-McMoRan, Inc. | | 1,071 | 48,634 |
| Ternium SA sponsored ADR | | 583 | 20,218 |
| | | | 68,852 |
TOTAL MATERIALS | | | 532,388 |
| REAL ESTATE - 4.5% | | | |
| Equity Real Estate Investment Trusts (REITs) - 3.0% | | | |
| American Tower Corp. | | 246 | 54,218 |
| Big Yellow Group PLC | | 1,993 | 31,001 |
| Embassy Office Parks (REIT) | | 6,240 | 27,030 |
| Equinix, Inc. | | 63 | 49,785 |
| Equity Lifestyle Properties, Inc. | | 537 | 36,881 |
| Extra Space Storage, Inc. | | 301 | 48,046 |
| National Storage REIT unit | | 15,992 | 25,831 |
| Prologis, Inc. | | 454 | 57,227 |
| Safestore Holdings PLC | | 2,266 | 23,494 |
| Segro PLC | | 1,591 | 18,731 |
| Sun Communities, Inc. | | 258 | 32,696 |
| Warehouses de Pauw | | 849 | 23,044 |
| | | | 427,984 |
| Real Estate Management & Development - 1.5% | | | |
| Ayala Land, Inc. | | 36,338 | 18,376 |
| CBRE Group, Inc. (a) | | 470 | 52,974 |
| Colliers International Group, Inc. | | 176 | 23,719 |
| CoStar Group, Inc. (a) | | 490 | 38,230 |
| Grainger Trust PLC | | 6,793 | 21,046 |
| Katitas Co. Ltd. | | 1,802 | 22,602 |
| Oberoi Realty Ltd. | | 1,813 | 40,327 |
| | | | 217,274 |
TOTAL REAL ESTATE | | | 645,258 |
| UTILITIES - 0.7% | | | |
| Electric Utilities - 0.4% | | | |
| Constellation Energy Corp. | | 295 | 55,991 |
| Multi-Utilities - 0.3% | | | |
| Public Service Enterprise Group, Inc. | | 616 | 49,138 |
TOTAL UTILITIES | | | 105,129 |
| TOTAL COMMON STOCKS (Cost $10,038,768) | | | 14,245,541 |
| | | | |
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.
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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