Morningstar makes every effort to gather the most up-to-date portfolio information from a fund. The law, however, requires funds to report this information only two times during a calendar year, and funds have two months after the report date to actually release the shareholder report and portfolio. At Morningstar, we publish the date of the most recently reported portfolio. Older portfolios should not be disregarded completely; although the list may not represent the exact current holdings of the fund, it may still provide a good picture of the overall nature of the fund's management style.
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