Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
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
that
the
Fund
has
the
ability
to
access
for
identical,
unrestricted
assets
or
liabilities;
Level
2
—
Inputs
other
than
quoted
prices
included
within
level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3
—
Inputs
that
are
unobservable
and
significant
to the
entire
fair
value
measurement
for
the asset
or
liability (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.
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
....................................
$
5,170,492
$
—
$
—
$
5,170,492
Automobiles
..........................................
3,382,441
—
—
3,382,441
Broadline
Retail
........................................
22,028,492
—
—
22,028,492
Capital
Markets
........................................
8,961,172
—
—
8,961,172
Chemicals
............................................
3,777,388
—
—
3,777,388
Commercial
Services
&
Supplies
.............................
5,044,547
—
—
5,044,547
Electrical
Equipment
.....................................
3,354,206
—
—
3,354,206
Entertainment
.........................................
6,739,484
—
—
6,739,484
Financial
Services
......................................
12,731,205
—
—
12,731,205
Ground
Transportation
...................................
1,643,945
—
—
1,643,945
Health
Care
Equipment
&
Supplies
...........................
12,153,993
—
—
12,153,993
Hotels,
Restaurants
&
Leisure
..............................
1,917,478
—
—
1,917,478
Interactive
Media
&
Services
...............................
23,010,559
—
—
23,010,559
IT
Services
...........................................
1,813,728
—
—
1,813,728
Life
Sciences
Tools
&
Services
..............................
3,044,875
—
—
3,044,875
Pharmaceuticals
.......................................
8,756,631
—
—
8,756,631
Real
Estate
Management
&
Development
.......................
3,080,517
—
—
3,080,517
Semiconductors
&
Semiconductor
Equipment
....................
53,417,850
—
—
53,417,850
Software
.............................................
42,337,538
—
—
42,337,538
Technology
Hardware,
Storage
&
Peripherals
....................
20,148,675
—
—
20,148,675
Textiles,
Apparel
&
Luxury
Goods
............................
—
1,088,964
—
1,088,964
Preferred
Securities
.......................................
—
—
1,745,121
1,745,121
Short-Term
Securities
Money
Market
Funds
......................................
486,924
—
—
486,924
$
243,002,140
$
1,088,964
$
1,745,121
$
245,836,225
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
MSCI
Morgan
Stanley
Capital
International
NYRS
New
York
Registered
Shares
