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 $686,926, which represents less than 0.05% 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)
| $3,102,248
| $83,449,203
| $(85,864,525)
| $ —
| $ —
| $686,926
| $47,904
| 686,926
|
| (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(1)
| Total
|
| Common Stocks
| $3,832,020,937(2)
| $ —
| $ —
| $3,832,020,937
|
| Rights
| —
| —
| 7,766
| 7,766
|
| Short-Term Investments:
|
|
|
|
|
| Affiliated Fund
| 686,926
| —
| —
| 686,926
|
| Securities Lending Collateral
| 3,759,068
| —
| —
| 3,759,068
|
| Total Investments
| $3,836,466,931
| $ —
| $7,766
| $3,836,474,697
|
| (1)
| None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.
|
| (2)
| The level classification by major category of investments is the same as the category presentation in the Schedule of Investments.
|
Level 3 investments at the beginning
and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended December 31, 2022 is not presented.
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.