The Fund did not have any
open derivative instruments at December 31, 2022.
Affiliated Investments
At December 31, 2022, the
value of the Fund’s investment in funds that may be deemed to be affiliated was $3,110,482, which represents 0.2% of the Fund’s net assets. Transactions in such funds by the Fund for the fiscal year to
date ended December 31, 2022 were as follows:
| Name
| Value,
beginning
of period
| Purchases
| Sales
proceeds
| Net
realized
gain
(loss)
| Change in
unrealized
appreciation
(depreciation)
| Value,
end of
period
| Dividend
income
| Shares,
end of
period
|
| Short-Term Investments
|
|
|
|
|
|
|
| Liquidity Fund, Institutional Class(1)
| $2,436,597
| $40,725,232
| $(40,051,347)
| $ —
| $ —
| $3,110,482
| $25,835
| 3,110,482
|
| (1)
| Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio.
|
Fair Value
Measurements
U.S. generally accepted
accounting principles (U.S. GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the
three broad levels listed below:
Level 1 - quoted prices
in active markets for identical securities
Level 2 - other
significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - significant
unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The inputs or
methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following table
summarizes the market value of the Fund's holdings as of December 31, 2022, based on the inputs used to value them:
| Asset Description
| Level 1
| Level 2
| Level 3
| Total
|
| Common Stocks
| $1,738,786,709(1)
| $ —
| $ —
| $1,738,786,709
|
| Short-Term Investments:
|
|
|
|
|
| Affiliated Fund
| 3,110,482
| —
| —
| 3,110,482
|
| Securities Lending Collateral
| 4,892,859
| —
| —
| 4,892,859
|
| Total Investments
| $1,746,790,050
| $ —
| $ —
| $1,746,790,050
|
| (1)
| The level classification by major category of investments is the same as the category presentation in the Schedule of Investments.
|
For information on the
Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to
shareholders.