T.

ROWE

PRICE

All-Cap

Opportunities

Fund

March

31,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

97.9%

COMMUNICATION

SERVICES

10.6%

Entertainment

3.6%

CTS

Eventim

(EUR) (1)

561,770‌

38,154‌

Liberty

Media-Liberty

Formula

One,

Class

C (1)

1,761,198‌

123,002‌

Live

Nation

Entertainment (1)

1,186,981‌

139,636‌

300,792‌

Interactive

Media

&

Services

4.8%

Alphabet,

Class

C (1)

130,060‌

363,256‌

Snap,

Class

A (1)

1,275,300‌

45,898‌

409,154‌

Media

1.1%

Charter

Communications,

Class

A (1)

174,999‌

95,465‌

95,465‌

Wireless

Telecommunication

Services

1.1%

T-Mobile

U.S. (1)

725,434‌

93,109‌

93,109‌

Total

Communication

Services

898,520‌

CONSUMER

DISCRETIONARY

17.2%

Automobiles

2.8%

Rivian

Automotive,

Acquisition

Date:

12/23/19

-

1/19/21,

Cost $49,488 (1)(2)

2,901,661‌

138,490‌

Rivian

Automotive,

Class

A (1)

367,409‌

18,459‌

Tesla (1)

78,200‌

84,268‌

241,217‌

Hotels,

Restaurants

&

Leisure

5.4%

Cedar

Fair (1)

2,108,471‌

115,544‌

Chipotle

Mexican

Grill (1)

80,500‌

127,354‌

Marriott

International,

Class

A (1)

703,000‌

123,552‌

Planet

Fitness,

Class

A (1)

1,076,452‌

90,939‌

457,389‌

Internet

&

Direct

Marketing

Retail

2.6%

Amazon.com (1)

68,432‌

223,085‌

223,085‌

Specialty

Retail

4.9%

Burlington

Stores (1)

134,204‌

24,448‌

Carvana (1)

203,576‌

24,285‌

Home

Depot 

559,800‌

167,565‌

O'Reilly

Automotive (1)

214,400‌

146,855‌

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Ross

Stores 

570,546‌

51,612‌

414,765‌

Textiles,

Apparel

&

Luxury

Goods

1.5%

Lululemon

Athletica (1)

338,800‌

123,740‌

123,740‌

Total

Consumer

Discretionary

1,460,196‌

CONSUMER

STAPLES

0.4%

Personal

Products

0.4%

Olaplex

Holdings (1)

1,962,766‌

30,678‌

Total

Consumer

Staples

30,678‌

ENERGY

4.2%

Energy

Equipment

&

Services

3.2%

Baker

Hughes 

3,564,392‌

129,780‌

Halliburton 

3,765,100‌

142,584‌

272,364‌

Oil,

Gas

&

Consumable

Fuels

1.0%

EOG

Resources 

418,700‌

49,922‌

Valero

Energy 

335,200‌

34,036‌

83,958‌

Total

Energy

356,322‌

FINANCIALS

8.5%

Banks

0.6%

East

West

Bancorp 

100,993‌

7,980‌

Western

Alliance

Bancorp 

481,561‌

39,883‌

47,863‌

Capital

Markets

6.3%

Charles

Schwab 

3,223,362‌

271,762‌

CME

Group 

490,745‌

116,729‌

London

Stock

Exchange

Group

(GBP) 

687,560‌

71,699‌

XP,

Class

A (1)

2,364,656‌

71,176‌

531,366‌

Insurance

1.6%

Chubb 

643,426‌

137,629‌

137,629‌

Total

Financials

716,858‌

HEALTH

CARE

16.9%

Biotechnology

2.4%

AbbVie 

734,419‌

119,056‌

Argenx,

ADR (1)

195,300‌

61,580‌

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Ultragenyx

Pharmaceutical (1)

364,069‌

26,439‌

207,075‌

Health

Care

Equipment

&

Supplies

2.7%

Cooper 

204,573‌

85,428‌

Intuitive

Surgical (1)

287,785‌

86,819‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $9,145 (1)(2)

(3)

2,428,492‌

1,991‌

Teleflex 

161,538‌

57,319‌

231,557‌

Health

Care

Providers

&

Services

7.7%

Centene (1)

1,113,900‌

93,779‌

HCA

Healthcare 

223,174‌

55,932‌

Humana 

213,598‌

92,952‌

Molina

Healthcare (1)

454,700‌

151,683‌

UnitedHealth

Group 

500,553‌

255,267‌

649,613‌

Life

Sciences

Tools

&

Services

2.4%

Thermo

Fisher

Scientific 

225,200‌

133,014‌

West

Pharmaceutical

Services 

161,700‌

66,412‌

199,426‌

Pharmaceuticals

1.7%

AstraZeneca,

ADR 

1,393,122‌

92,420‌

Zoetis 

274,100‌

51,692‌

144,112‌

Total

Health

Care

1,431,783‌

INDUSTRIALS

&

BUSINESS

SERVICES

7.6%

Aerospace

&

Defense

1.8%

Airbus

(EUR) (1)

1,255,528‌

151,503‌

151,503‌

Commercial

Services

&

Supplies

0.7%

Waste

Connections 

413,608‌

57,781‌

57,781‌

Industrial

Conglomerates

2.8%

General

Electric 

1,555,057‌

142,288‌

Roper

Technologies 

194,800‌

91,990‌

234,278‌

Machinery

1.8%

Middleby (1)

905,500‌

148,448‌

148,448‌

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Professional

Services

0.5%

TransUnion 

393,100‌

40,623‌

40,623‌

Total

Industrials

&

Business

Services

632,633‌

INFORMATION

TECHNOLOGY

26.4%

IT

Services

7.3%

Adyen

(EUR) (1)

17,256‌

34,179‌

Euronet

Worldwide (1)

325,985‌

42,427‌

Fidelity

National

Information

Services 

1,428,172‌

143,417‌

VeriSign (1)

394,400‌

87,738‌

Visa,

Class

A 

1,380,092‌

306,063‌

613,824‌

Semiconductors

&

Semiconductor

Equipment

4.6%

Advanced

Micro

Devices (1)

1,250,200‌

136,697‌

NVIDIA 

448,123‌

122,275‌

Texas

Instruments 

715,812‌

131,337‌

390,309‌

Software

10.1%

Atlassian,

Class

A (1)

96,300‌

28,296‌

Canva,

Acquisition

Date:

8/16/21

-

11/4/21,

Cost $6,944 (1)(2)(3)

4,074‌

5,561‌

Ceridian

HCM

Holding (1)

371,114‌

25,369‌

Microsoft 

1,714,024‌

528,451‌

Salesforce (1)

555,393‌

117,921‌

ServiceNow (1)

38,383‌

21,375‌

Synopsys (1)

204,226‌

68,062‌

Workiva (1)

507,954‌

59,939‌

854,974‌

Technology

Hardware,

Storage

&

Peripherals

4.4%

Apple 

2,156,232‌

376,500‌

376,500‌

Total

Information

Technology

2,235,607‌

MATERIALS

3.1%

Chemicals

3.1%

Albemarle 

463,408‌

102,483‌

CF

Industries

Holdings 

336,500‌

34,680‌

FMC 

510,020‌

67,103‌

Sherwin-Williams 

227,300‌

56,738‌

Total

Materials

261,004‌

UTILITIES

3.0%

Electric

Utilities

3.0%

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

American

Electric

Power 

474,730‌

47,364‌

NextEra

Energy 

2,393,964‌

202,793‌

Total

Utilities

250,157‌

Total

Common

Stocks

(Cost

$6,076,576)

8,273,758‌

CONVERTIBLE

PREFERRED

STOCKS

1.1%

COMMUNICATION

SERVICES

0.3%

Interactive

Media

&

Services

0.3%

ByteDance,

Series

E,

Acquisition

Date:

7/8/19,

Cost $7,875 (1)(2)

(3)

159,769‌

25,093‌

Total

Communication

Services

25,093‌

CONSUMER

DISCRETIONARY

0.2%

Leisure

Products

0.2%

Rad

Power

Bikes,

Series

D,

Acquisition

Date:

9/16/21,

Cost $17,747 (1)(2)(3)

1,851,771‌

17,747‌

Total

Consumer

Discretionary

17,747‌

HEALTH

CARE

0.1%

Biotechnology

0.1%

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $5,689 (1)(2)(3)

702,380‌

5,689‌

Total

Health

Care

5,689‌

INDUSTRIALS

&

BUSINESS

SERVICES

0.2%

Aerospace

&

Defense

0.2%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $10,359 (1)(2)(3)

230,036‌

15,641‌

ABL

Space

Systems,

Series

B-2,

Acquisition

Date:

10/22/21,

Cost $4,648 (1)(2)(3)

68,354‌

4,648‌

Total

Industrials

&

Business

Services

20,289‌

INFORMATION

TECHNOLOGY

0.2%

Software

0.2%

Canva,

Series

A,

Acquisition

Date:

11/4/21,

Cost $412 (1)(2)(3)

242‌

330‌

Canva,

Series

A-3,

Acquisition

Date:

11/4/21,

Cost $17 (1)(2)(3)

10‌

14‌

Waymo,

Series

A-2,

Acquisition

Date:

5/8/20,

Cost $14,266 (1)(2)

(3)

166,137‌

15,239‌

Total

Information

Technology

15,583‌

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

‡

MATERIALS

0.1%

Chemicals

0.1%

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $8,661 (1)(2)(3)

182,704‌

9,528‌

Total

Materials

9,528‌

Total

Convertible

Preferred

Stocks

(Cost

$69,674)

93,929‌

SHORT-TERM

INVESTMENTS

1.0%

Money

Market

Funds

1.0%

T.

Rowe

Price

Government

Reserve

Fund,

0.29% (4)(5)

85,376,788‌

85,377‌

Total

Short-Term

Investments

(Cost

$85,377)

85,377‌

Total

Investments

in

Securities

100.0%

(Cost

$6,231,627)

$

8,453,064‌

Other

Assets

Less

Liabilities

(0.0)%

(

822‌

)

Net

Assets

100.0%

$

8,452,242‌

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

has

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$239,971

and

represents

2.8%

of

net

assets.

(3)

Level

3

in

fair

value

hierarchy.

(4)

Seven-day

yield

(5)

Affiliated

Companies

ADR

American

Depositary

Receipts

EUR

Euro

GBP

British

Pound

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

7

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

March

31,

2022.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

0.29%

$

—‌

#

$

—‌

$

32‌

+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/20

Purchase

Cost

Sales

Cost

Value

03/31/22

T.

Rowe

Price

Government

Reserve

Fund,

0.29%

$

238,566‌

¤

¤

$

85,377‌

^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$32

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$85,377.

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

Unaudited

Notes

to

Portfolio

of

Investments

8

T.

Rowe

Price

All-Cap

Opportunities

Fund,

Inc. (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The

T.

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

is

an

internal

committee

that

has

been

delegated

certain

responsibilities

by

the

fund’s

Board

of

Directors

(the

Board)

to

ensure

that

financial

instruments

are

appropriately

priced

at

fair

value

in

accordance

with

GAAP

and

the

1940

Act.

Subject

to

oversight

by

the

Board,

the

Valuation

Committee

develops

and

oversees

pricing-related

policies

and

procedures

and

approves

all

fair

value

determinations.

Specifically,

the

Valuation

Committee

establishes

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

9

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the fund’s

own

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the

fund

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

its

portfolio

securities.

Each

business

day,

the

fund

uses

information

from

outside

pricing

services

to

evaluate

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The

fund

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The

fund

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

10

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

for

which

market

quotations

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

The

objective

of

any

fair

value

pricing

determination

is

to

arrive

at

a

price

that

could

reasonably

be

expected

from

a

current

sale.

Financial

instruments

fair

valued

by

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Committee

typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Committee

may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2022

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

7,832,181‌

$

434,025‌

$

7,552‌

$

8,273,758‌

Convertible

Preferred

Stocks

—‌

—‌

93,929‌

93,929‌

Short-Term

Investments

85,377‌

—‌

—‌

85,377‌

Total

$

7,917,558‌

$

434,025‌

$

101,481‌

$

8,453,064‌

T.

ROWE

PRICE

All-Cap

Opportunities

Fund

11

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

March

31,

2022.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

3

holdings

during

the

period,

if

any.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

March

31,

2022,

totaled $4,493,000 for

the

period ended

March

31,

2022.

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict.

Economic

sanctions

have

since

been

imposed

on

Russia

and

certain

of

its

citizens,

including

the

exclusion

of

Russia

from

the

SWIFT

global

payments

network.

As

a

result, Russian-related

stocks

and

debt

have

since

suffered

significant

declines

in

value.

The

duration

of

the

coronavirus

outbreak

and

the

Russian-Ukraine

conflict,

and

their

effects

on

the

financial

markets,

cannot

be

determined

with

certainty.

The fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

and

such

other

events.

Management

is

actively

monitoring

these

events.

F60-054Q1

03/22 

($000s)

Beginning

Balance

12/31/21

Gain

(Loss)

During

Period

Ending

Balance

3/31/22

Investment

in

Securities

Common

Stocks

$

9,420‌

$

(1,868‌)

$

7,552‌

Convertible

Preferred

Stocks

87,568‌

6,361‌

93,929‌

Total

$

96,988‌

$

4,493‌

$

101,481‌