The Fund did not have any
open derivative instruments at March 31, 2023.
Affiliated Investments
At March 31, 2023, the
value of the Fund’s investment in funds that may be deemed to be affiliated was $1,939,743, which represents 0.6% of the Fund’s net assets. Transactions in such funds by the Fund for the fiscal year to
date ended March 31, 2023 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)
| $344,907
| $8,797,542
| $(7,202,706)
| $ —
| $ —
| $1,939,743
| $13,745
| 1,939,743
|
| (1)
| Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio.
|
Fair Value
Measurements
Under generally accepted
accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs
is summarized in the three broad levels listed below.
| •
|
Level 1 – quoted prices in active markets for identical investments
|
| •
|
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
|
| •
| Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments)
|
In cases where the inputs
used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The
inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At March 31, 2023, the
hierarchy of inputs used in valuing the Fund's investments, which are carried at value, were as follows:
| Asset Description
| Level 1
| Level 2
| Level 3
| Total
|
| Common Stocks
| $309,425,996*
| $ —
| $ —
| $309,425,996
|
| Short-Term Investments:
|
|
|
|
|
| Affiliated Fund
| 1,939,743
| —
| —
| 1,939,743
|
| Securities Lending Collateral
| 2,931,674
| —
| —
| 2,931,674
|
| Total Investments
| $314,297,413
| $ —
| $ —
| $314,297,413
|
| *
| The level classification by major category of investments is the same as the category presentation in the Portfolio 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.