The Fund did not have any open
derivative instruments at September 30, 2023.
Affiliated Investments
At September 30, 2023, the value of
the Fund's investment in funds that may be deemed to be affiliated was $2,638, which represents less than 0.05% of the Fund's net assets. Transactions in such investments by the Fund for the fiscal year to date ended
September 30, 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
|
| Affiliated Fund
|
| Liquidity Fund, Institutional Class(1)
| $344,907
| $21,001,792
| $(21,344,061)
| $ —
| $ —
| $2,638
| $33,983
| 2,638
|
| (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 September 30, 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
| $320,029,254*
| $ —
| $ —
| $320,029,254
|
| Short-Term Investments
| 2,638
| —
| —
| 2,638
|
| Total Investments
| $320,031,892
| $ —
| $ —
| $320,031,892
|
| *
| 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.