Quarterly Holdings Report
for
Fidelity® Series Small Cap Core Fund
January 31, 2024
SCC-NPRT3-0324
1.9906195.101
Common Stocks - 93.6% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 1.9% | |||
Diversified Telecommunication Services - 0.5% | |||
Cogent Communications Group, Inc. | 9,327 | 720,044 | |
Interactive Media & Services - 1.2% | |||
IAC, Inc. (a) | 9,348 | 469,363 | |
QuinStreet, Inc. (a) | 48,837 | 618,765 | |
Ziff Davis, Inc. (a) | 10,606 | 714,844 | |
1,802,972 | |||
Wireless Telecommunication Services - 0.2% | |||
Gogo, Inc. (a) | 39,030 | 345,416 | |
TOTAL COMMUNICATION SERVICES | 2,868,432 | ||
CONSUMER DISCRETIONARY - 8.8% | |||
Automobile Components - 0.9% | |||
Adient PLC (a) | 4,294 | 149,045 | |
Gentherm, Inc. (a) | 9,315 | 448,517 | |
LCI Industries | 6,531 | 726,770 | |
1,324,332 | |||
Diversified Consumer Services - 2.5% | |||
Adtalem Global Education, Inc. (a) | 5,295 | 267,292 | |
European Wax Center, Inc. (a)(b) | 35,321 | 524,164 | |
Grand Canyon Education, Inc. (a) | 8,083 | 1,055,559 | |
Laureate Education, Inc. Class A | 69,505 | 877,153 | |
OneSpaWorld Holdings Ltd. (a) | 71,520 | 974,818 | |
3,698,986 | |||
Hotels, Restaurants & Leisure - 1.2% | |||
Aramark | 32,514 | 945,507 | |
Bowlero Corp. Class A (b) | 46,758 | 505,454 | |
El Pollo Loco Holdings, Inc. (a) | 27,745 | 256,919 | |
Noodles & Co. (a) | 12,741 | 32,362 | |
Red Rock Resorts, Inc. | 1,628 | 89,019 | |
1,829,261 | |||
Household Durables - 1.4% | |||
Cavco Industries, Inc. (a) | 1,778 | 590,154 | |
LGI Homes, Inc. (a) | 4,413 | 520,778 | |
SharkNinja Hong Kong Co. Ltd. | 7,460 | 348,531 | |
TopBuild Corp. (a) | 1,895 | 699,501 | |
2,158,964 | |||
Leisure Products - 0.6% | |||
Brunswick Corp. | 10,681 | 861,743 | |
Specialty Retail - 2.0% | |||
Academy Sports & Outdoors, Inc. | 3,210 | 201,363 | |
America's Car Mart, Inc. (a) | 1,327 | 80,801 | |
Camping World Holdings, Inc. (b) | 26,213 | 651,393 | |
Dick's Sporting Goods, Inc. | 912 | 135,952 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 1,870 | 551,370 | |
Murphy U.S.A., Inc. | 2,807 | 989,524 | |
Victoria's Secret & Co. (a) | 16,511 | 430,112 | |
3,040,515 | |||
Textiles, Apparel & Luxury Goods - 0.2% | |||
Deckers Outdoor Corp. (a) | 123 | 92,709 | |
Rocky Brands, Inc. | 4,564 | 127,701 | |
220,410 | |||
TOTAL CONSUMER DISCRETIONARY | 13,134,211 | ||
CONSUMER STAPLES - 3.3% | |||
Beverages - 0.3% | |||
Primo Water Corp. | 35,351 | 515,418 | |
Consumer Staples Distribution & Retail - 1.2% | |||
Performance Food Group Co. (a) | 11,518 | 837,128 | |
Sprouts Farmers Market LLC (a) | 18,251 | 919,303 | |
1,756,431 | |||
Food Products - 0.7% | |||
SunOpta, Inc. (a) | 36,828 | 219,127 | |
The Simply Good Foods Co. (a) | 4,144 | 156,643 | |
TreeHouse Foods, Inc. (a) | 16,675 | 702,018 | |
1,077,788 | |||
Household Products - 0.5% | |||
Spectrum Brands Holdings, Inc. | 8,592 | 675,503 | |
Personal Care Products - 0.6% | |||
BellRing Brands, Inc. (a) | 14,727 | 813,961 | |
TOTAL CONSUMER STAPLES | 4,839,101 | ||
ENERGY - 5.6% | |||
Energy Equipment & Services - 2.7% | |||
Cactus, Inc. | 7,067 | 299,923 | |
Liberty Oilfield Services, Inc. Class A | 59,834 | 1,243,949 | |
Oceaneering International, Inc. (a) | 65,234 | 1,355,563 | |
TechnipFMC PLC | 58,292 | 1,127,367 | |
4,026,802 | |||
Oil, Gas & Consumable Fuels - 2.9% | |||
California Resources Corp. | 11,499 | 548,272 | |
Chord Energy Corp. | 8,834 | 1,358,316 | |
Golar LNG Ltd. | 23,908 | 521,433 | |
National Energy Services Reunited Corp. (a) | 34,556 | 255,714 | |
Northern Oil & Gas, Inc. | 20,285 | 679,548 | |
Range Resources Corp. | 28,135 | 817,040 | |
Sitio Royalties Corp. | 8,821 | 188,152 | |
4,368,475 | |||
TOTAL ENERGY | 8,395,277 | ||
FINANCIALS - 18.2% | |||
Banks - 11.0% | |||
Associated Banc-Corp. | 43,978 | 923,978 | |
Byline Bancorp, Inc. | 25,742 | 562,205 | |
Cadence Bank | 60,206 | 1,602,684 | |
Camden National Corp. | 4,323 | 155,758 | |
ConnectOne Bancorp, Inc. | 20,540 | 469,134 | |
East West Bancorp, Inc. | 10,498 | 764,359 | |
Eastern Bankshares, Inc. | 66,105 | 922,826 | |
First Foundation, Inc. | 2,239 | 21,315 | |
First Interstate Bancsystem, Inc. | 39,977 | 1,100,167 | |
FNB Corp., Pennsylvania | 71,890 | 947,510 | |
Glacier Bancorp, Inc. | 17,049 | 659,114 | |
Hanmi Financial Corp. | 34,427 | 576,652 | |
Independent Bank Corp. | 26,093 | 663,806 | |
Independent Bank Group, Inc. | 1,755 | 84,854 | |
International Bancshares Corp. | 7,348 | 388,415 | |
Orrstown Financial Services, Inc. | 9,248 | 255,985 | |
Pinnacle Financial Partners, Inc. | 8,545 | 755,207 | |
Popular, Inc. | 863 | 73,743 | |
United Community Bank, Inc. | 37,184 | 1,016,611 | |
Univest Corp. of Pennsylvania | 10,437 | 221,682 | |
Webster Financial Corp. | 26,051 | 1,289,003 | |
Western Alliance Bancorp. | 21,735 | 1,390,171 | |
Wintrust Financial Corp. | 16,181 | 1,569,233 | |
16,414,412 | |||
Capital Markets - 1.8% | |||
Patria Investments Ltd. | 3,354 | 47,862 | |
Perella Weinberg Partners Class A | 18,988 | 223,109 | |
Piper Jaffray Companies | 4,821 | 836,395 | |
PJT Partners, Inc. | 7,442 | 715,697 | |
Stifel Financial Corp. | 11,155 | 813,757 | |
2,636,820 | |||
Consumer Finance - 1.4% | |||
FirstCash Holdings, Inc. | 16,570 | 1,901,739 | |
NerdWallet, Inc. (a) | 16,985 | 260,040 | |
2,161,779 | |||
Financial Services - 2.2% | |||
Essent Group Ltd. | 4,069 | 224,446 | |
Federal Agricultural Mortgage Corp. Class C (non-vtg.) | 2,315 | 431,261 | |
Flywire Corp. (a) | 35,680 | 762,482 | |
NMI Holdings, Inc. (a) | 27,829 | 888,302 | |
Shift4 Payments, Inc. (a) | 7,487 | 537,641 | |
Walker & Dunlop, Inc. | 4,134 | 399,303 | |
3,243,435 | |||
Insurance - 1.1% | |||
BRP Group, Inc. (a) | 13,263 | 297,622 | |
Selective Insurance Group, Inc. | 6,953 | 729,092 | |
White Mountains Insurance Group Ltd. | 405 | 638,268 | |
1,664,982 | |||
Mortgage Real Estate Investment Trusts - 0.7% | |||
Redwood Trust, Inc. | 150,603 | 1,010,546 | |
TOTAL FINANCIALS | 27,131,974 | ||
HEALTH CARE - 15.8% | |||
Biotechnology - 6.6% | |||
Apogee Therapeutics, Inc. | 2,433 | 81,506 | |
Arcellx, Inc. (a) | 11,962 | 739,730 | |
Blueprint Medicines Corp. (a) | 14,969 | 1,190,485 | |
Celldex Therapeutics, Inc. (a) | 21,357 | 752,194 | |
Crinetics Pharmaceuticals, Inc. (a) | 16,716 | 609,800 | |
Cytokinetics, Inc. (a) | 15,213 | 1,188,592 | |
Day One Biopharmaceuticals, Inc. (a) | 52,136 | 784,647 | |
Keros Therapeutics, Inc. (a) | 2,255 | 124,837 | |
Madrigal Pharmaceuticals, Inc. (a)(b) | 2,883 | 624,775 | |
Moonlake Immunotherapeutics (a) | 6,182 | 345,450 | |
Natera, Inc. (a) | 17,144 | 1,130,475 | |
PTC Therapeutics, Inc. (a) | 11,383 | 296,982 | |
Repligen Corp. (a) | 3,157 | 597,936 | |
Spyre Therapeutics, Inc. (a) | 2,208 | 57,209 | |
Vaxcyte, Inc. (a) | 3,376 | 241,114 | |
Verve Therapeutics, Inc. (a)(b) | 25,170 | 272,339 | |
Viridian Therapeutics, Inc. (a) | 5,883 | 113,248 | |
Xenon Pharmaceuticals, Inc. (a) | 15,779 | 713,526 | |
Zentalis Pharmaceuticals, Inc. (a) | 5,235 | 62,035 | |
9,926,880 | |||
Health Care Equipment & Supplies - 4.1% | |||
Axonics, Inc. (a) | 12,886 | 874,702 | |
Glaukos Corp. (a) | 9,626 | 857,003 | |
Inspire Medical Systems, Inc. (a) | 3,746 | 789,919 | |
iRhythm Technologies, Inc. (a) | 7,075 | 847,444 | |
Masimo Corp. (a) | 5,246 | 676,419 | |
Merit Medical Systems, Inc. (a) | 12,823 | 1,004,041 | |
RxSight, Inc. (a) | 4,961 | 225,775 | |
TransMedics Group, Inc. (a) | 9,665 | 828,967 | |
ViewRay, Inc. (a) | 34,227 | 0 | |
6,104,270 | |||
Health Care Providers & Services - 2.4% | |||
Acadia Healthcare Co., Inc. (a) | 11,035 | 906,415 | |
LifeStance Health Group, Inc. (a) | 74,977 | 448,362 | |
Privia Health Group, Inc. (a) | 23,817 | 480,151 | |
Surgery Partners, Inc. (a) | 25,639 | 786,861 | |
The Ensign Group, Inc. | 8,760 | 991,807 | |
3,613,596 | |||
Health Care Technology - 0.4% | |||
Phreesia, Inc. (a) | 21,501 | 547,845 | |
Pharmaceuticals - 2.3% | |||
Arvinas Holding Co. LLC (a) | 29,215 | 1,212,423 | |
Axsome Therapeutics, Inc. (a)(b) | 11,097 | 999,063 | |
CymaBay Therapeutics, Inc. (a) | 27,939 | 656,846 | |
Enliven Therapeutics, Inc. (a) | 3,921 | 61,560 | |
Verona Pharma PLC ADR (a) | 25,390 | 465,907 | |
3,395,799 | |||
TOTAL HEALTH CARE | 23,588,390 | ||
INDUSTRIALS - 15.3% | |||
Aerospace & Defense - 2.0% | |||
AerSale Corp. (a) | 45,345 | 421,709 | |
Cadre Holdings, Inc. | 26,362 | 896,044 | |
Kratos Defense & Security Solutions, Inc. (a) | 45,086 | 763,306 | |
Spirit AeroSystems Holdings, Inc. Class A (a) | 20,820 | 571,717 | |
V2X, Inc. (a) | 7,776 | 302,409 | |
2,955,185 | |||
Building Products - 0.5% | |||
UFP Industries, Inc. | 6,948 | 788,251 | |
Commercial Services & Supplies - 1.4% | |||
ACV Auctions, Inc. Class A (a) | 35,987 | 466,751 | |
The Brink's Co. | 16,395 | 1,325,372 | |
VSE Corp. | 4,139 | 257,073 | |
2,049,196 | |||
Construction & Engineering - 1.5% | |||
Bowman Consulting Group Ltd. (a)(b) | 4,580 | 143,858 | |
Comfort Systems U.S.A., Inc. | 3,450 | 750,272 | |
Construction Partners, Inc. Class A (a) | 2,328 | 105,924 | |
EMCOR Group, Inc. | 2,611 | 595,595 | |
Granite Construction, Inc. | 12,669 | 571,499 | |
Sterling Construction Co., Inc. (a) | 1,875 | 140,813 | |
2,307,961 | |||
Electrical Equipment - 2.0% | |||
Atkore, Inc. | 6,794 | 1,036,289 | |
Fluence Energy, Inc. (a)(b) | 17,065 | 339,082 | |
Nextracker, Inc. Class A | 18,495 | 837,269 | |
Shoals Technologies Group, Inc. (a) | 55,301 | 728,314 | |
2,940,954 | |||
Ground Transportation - 0.4% | |||
Saia, Inc. (a) | 1,392 | 627,207 | |
Machinery - 2.4% | |||
Columbus McKinnon Corp. (NY Shares) | 1,647 | 64,348 | |
Crane Co. | 7,582 | 941,002 | |
Federal Signal Corp. | 17,492 | 1,346,534 | |
Hillenbrand, Inc. | 2,430 | 113,165 | |
ITT, Inc. | 3,635 | 439,035 | |
Terex Corp. | 12,157 | 746,805 | |
3,650,889 | |||
Professional Services - 3.1% | |||
ASGN, Inc. (a) | 13,360 | 1,240,075 | |
Concentrix Corp. | 5,424 | 482,031 | |
CRA International, Inc. | 4,544 | 487,299 | |
ICF International, Inc. | 7,549 | 1,049,613 | |
Maximus, Inc. | 1,796 | 145,692 | |
TrueBlue, Inc. (a) | 27,114 | 373,631 | |
WNS Holdings Ltd. sponsored ADR (a) | 11,883 | 824,086 | |
4,602,427 | |||
Trading Companies & Distributors - 2.0% | |||
Applied Industrial Technologies, Inc. | 7,996 | 1,410,974 | |
Beacon Roofing Supply, Inc. (a) | 6,217 | 515,327 | |
FTAI Aviation Ltd. | 18,260 | 985,127 | |
2,911,428 | |||
TOTAL INDUSTRIALS | 22,833,498 | ||
INFORMATION TECHNOLOGY - 12.9% | |||
Communications Equipment - 0.1% | |||
Lumentum Holdings, Inc. (a) | 3,430 | 188,444 | |
Electronic Equipment, Instruments & Components - 2.5% | |||
Advanced Energy Industries, Inc. | 6,966 | 725,718 | |
Coherent Corp. (a) | 18,596 | 884,054 | |
Crane Nxt Co. | 12,335 | 718,884 | |
Napco Security Technologies, Inc. | 21,835 | 758,766 | |
TTM Technologies, Inc. (a) | 40,001 | 556,414 | |
3,643,836 | |||
IT Services - 1.3% | |||
Digitalocean Holdings, Inc. (a)(b) | 16,546 | 557,931 | |
Fastly, Inc. Class A (a) | 28,333 | 570,060 | |
Perficient, Inc. (a) | 11,426 | 778,453 | |
1,906,444 | |||
Semiconductors & Semiconductor Equipment - 4.0% | |||
Cirrus Logic, Inc. (a) | 7,604 | 587,029 | |
Diodes, Inc. (a) | 4,891 | 329,262 | |
Ichor Holdings Ltd. (a) | 19,871 | 719,330 | |
Impinj, Inc. (a) | 319 | 30,937 | |
MACOM Technology Solutions Holdings, Inc. (a) | 10,024 | 864,370 | |
MKS Instruments, Inc. | 4,413 | 469,764 | |
Nova Ltd. (a) | 4,466 | 646,721 | |
Onto Innovation, Inc. (a) | 2,662 | 429,913 | |
SiTime Corp. (a) | 7,234 | 770,927 | |
SMART Global Holdings, Inc. (a) | 33,858 | 665,310 | |
Synaptics, Inc. (a) | 4,178 | 446,252 | |
Ultra Clean Holdings, Inc. (a) | 1,727 | 65,971 | |
6,025,786 | |||
Software - 5.0% | |||
BlackLine, Inc. (a) | 14,893 | 873,921 | |
MicroStrategy, Inc. Class A (a) | 920 | 461,113 | |
PROS Holdings, Inc. (a) | 4,392 | 151,173 | |
Qualys, Inc. (a) | 6,032 | 1,141,073 | |
Rapid7, Inc. (a) | 18,505 | 1,018,330 | |
Telos Corp. (a) | 27,878 | 112,627 | |
Tenable Holdings, Inc. (a) | 30,016 | 1,413,754 | |
Varonis Systems, Inc. (a) | 32,190 | 1,444,687 | |
Workiva, Inc. (a) | 9,271 | 861,647 | |
7,478,325 | |||
TOTAL INFORMATION TECHNOLOGY | 19,242,835 | ||
MATERIALS - 4.0% | |||
Chemicals - 2.2% | |||
Element Solutions, Inc. | 29,344 | 652,317 | |
Methanex Corp. | 7,528 | 333,641 | |
Olin Corp. | 10,759 | 560,221 | |
Quaker Houghton | 4,511 | 856,819 | |
The Chemours Co. LLC | 21,702 | 654,749 | |
Tronox Holdings PLC | 9,172 | 126,482 | |
3,184,229 | |||
Construction Materials - 0.6% | |||
Eagle Materials, Inc. | 4,096 | 926,843 | |
Containers & Packaging - 0.5% | |||
Graphic Packaging Holding Co. | 29,647 | 756,295 | |
Metals & Mining - 0.7% | |||
ATI, Inc. (a) | 22,734 | 929,139 | |
Constellium NV (a) | 7,410 | 138,938 | |
1,068,077 | |||
TOTAL MATERIALS | 5,935,444 | ||
REAL ESTATE - 5.8% | |||
Equity Real Estate Investment Trusts (REITs) - 4.6% | |||
Apple Hospitality (REIT), Inc. | 43,081 | 691,881 | |
Armada Hoffler Properties, Inc. (b) | 48,165 | 576,053 | |
Douglas Emmett, Inc. | 49,123 | 665,617 | |
Four Corners Property Trust, Inc. | 31,058 | 727,068 | |
LXP Industrial Trust (REIT) | 99,993 | 908,936 | |
Outfront Media, Inc. | 29,954 | 390,001 | |
Plymouth Industrial REIT, Inc. | 35,794 | 792,479 | |
Postal Realty Trust, Inc. | 16,259 | 229,252 | |
RLJ Lodging Trust | 36,217 | 419,393 | |
Ryman Hospitality Properties, Inc. | 5,176 | 568,842 | |
Urban Edge Properties | 48,177 | 832,017 | |
6,801,539 | |||
Real Estate Management & Development - 1.2% | |||
Cushman & Wakefield PLC (a) | 109,066 | 1,147,374 | |
Jones Lang LaSalle, Inc. (a) | 3,893 | 689,295 | |
1,836,669 | |||
TOTAL REAL ESTATE | 8,638,208 | ||
UTILITIES - 2.0% | |||
Electric Utilities - 0.9% | |||
Allete, Inc. | 15,793 | 933,524 | |
IDACORP, Inc. | 4,469 | 413,740 | |
1,347,264 | |||
Gas Utilities - 0.8% | |||
Brookfield Infrastructure Corp. A Shares | 17,286 | 605,183 | |
New Jersey Resources Corp. | 14,200 | 579,786 | |
1,184,969 | |||
Independent Power and Renewable Electricity Producers - 0.3% | |||
Brookfield Renewable Corp. | 16,532 | 461,573 | |
TOTAL UTILITIES | 2,993,806 | ||
TOTAL COMMON STOCKS (Cost $137,876,587) | 139,601,176 | ||
Money Market Funds - 1.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (c) | 477,304 | 477,399 | |
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | 991,226 | 991,325 | |
TOTAL MONEY MARKET FUNDS (Cost $1,468,724) | 1,468,724 | ||
Equity Funds - 4.9% | |||
Shares | Value ($) | ||
Small Blend Funds - 4.9% | |||
iShares Russell 2000 Index ETF (Cost $7,343,498) | 38,000 | 7,329,436 | |
TOTAL INVESTMENT IN SECURITIES - 99.5% (Cost $146,688,809) | 148,399,336 |
NET OTHER ASSETS (LIABILITIES) - 0.5% | 790,231 |
NET ASSETS - 100.0% | 149,189,567 |
Security Type Abbreviations
ETF | - | EXCHANGE-TRADED FUND |
Legend
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | 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% | 37,469 | 29,055,032 | 28,615,102 | 21,013 | - | - | 477,399 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | - | 1,291,042 | 299,717 | 1,161 | - | - | 991,325 | 0.0% |
Total | 37,469 | 30,346,074 | 28,914,819 | 22,174 | - | - | 1,468,724 | |
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.
Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs) are valued at their last 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 but the exchange reports a closing bid level, ETFs and ETNs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs and ETNs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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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