T.
ROWE
PRICE
Institutional
Mid-Cap
Equity
Growth
Fund
March
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
97.3%
COMMUNICATION
SERVICES
2.5%
Entertainment
1.7%
Liberty
Media-Liberty
Formula
One,
Class
C (1)
805,000
56,221
Playtika
Holding (1)
566,000
10,941
Spotify
Technology (1)
248,000
37,453
104,615
Interactive
Media
&
Services
0.8%
IAC/InterActiveCorp (1)
165,900
16,637
Match
Group (1)
192,000
20,878
Vimeo (1)
680,000
8,078
45,593
Total
Communication
Services
150,208
CONSUMER
DISCRETIONARY
15.2%
Auto
Components
0.2%
Aptiv (1)
94,000
11,253
11,253
Automobiles
1.4%
Rivian
Automotive,
Acquisition
Date:
12/23/19
-
7/10/20
,
Cost $21,243 (1)
(2)
1,774,986
84,717
84,717
Diversified
Consumer
Services
1.4%
Bright
Horizons
Family
Solutions (1)
235,000
31,182
Clear
Secure,
Class
A (1)
111,000
2,984
Terminix
Global
Holdings (1)
1,108,000
50,558
84,724
Hotels,
Restaurants
&
Leisure
4.9%
Chipotle
Mexican
Grill (1)
43,000
68,027
Domino's
Pizza
104,000
42,329
DraftKings,
Class
A (1)
753,000
14,661
Hilton
Worldwide
Holdings (1)
569,000
86,340
MGM
Resorts
International
1,202,000
50,412
Vail
Resorts
141,000
36,698
298,467
Internet
&
Direct
Marketing
Retail
0.7%
Deliveroo
(GBP) (1)
2,689,110
3,965
DoorDash,
Class
A (1)
103,000
12,070
Etsy (1)
170,100
21,140
Farfetch,
Class
A (1)
466,000
7,046
44,221
Leisure
Products
0.2%
Peloton
Interactive,
Class
A (1)
376,084
9,936
9,936
Multiline
Retail
2.4%
Dollar
General
379,000
84,377
Dollar
Tree (1)
389,000
62,298
146,675
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Specialty
Retail
3.5%
Bath
&
Body
Works
509,300
24,345
Burlington
Stores (1)
450,000
81,977
Five
Below (1)
141,000
22,330
O'Reilly
Automotive (1)
80,000
54,797
Ross
Stores
266,000
24,062
Warby
Parker,
Class
A (1)
98,000
3,313
210,824
Textiles,
Apparel
&
Luxury
Goods
0.5%
Deckers
Outdoor (1)
68,000
18,616
Lululemon
Athletica (1)
38,200
13,952
32,568
Total
Consumer
Discretionary
923,385
CONSUMER
STAPLES
2.4%
Beverages
0.4%
Boston
Beer,
Class
A (1)
68,707
26,691
26,691
Food
&
Staples
Retailing
1.2%
Casey's
General
Stores
373,000
73,917
73,917
Food
Products
0.3%
TreeHouse
Foods (1)
601,000
19,388
19,388
Household
Products
0.4%
Reynolds
Consumer
Products
740,000
21,712
21,712
Personal
Products
0.1%
Olaplex
Holdings (1)
371,000
5,799
5,799
Total
Consumer
Staples
147,507
ENERGY
0.2%
Oil,
Gas
&
Consumable
Fuels
0.2%
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $912 (1)(2)(3)
302
1,797
Venture
Global
LNG,
Series
C,
Acquisition
Date:
10/16/17
-
3/8/18,
Cost $7,719 (1)(2)(3)
2,097
12,477
Total
Energy
14,274
FINANCIALS
6.0%
Capital
Markets
3.9%
Cboe
Global
Markets
369,000
42,221
KKR
1,243,000
72,678
MarketAxess
Holdings
86,000
29,257
Raymond
James
Financial
189,000
20,773
Tradeweb
Markets,
Class
A
812,000
71,351
236,280
Consumer
Finance
0.1%
SoFi
Technologies,
Class
A (1)
758,000
7,163
7,163
T.
ROWE
PRICE
Institutional
Mid-Cap
Equity
Growth
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Insurance
2.0%
Assurant
376,000
68,368
Axis
Capital
Holdings
672,000
40,636
Kemper
231,000
13,061
122,065
Total
Financials
365,508
HEALTH
CARE
26.2%
Biotechnology
4.0%
Alkermes (1)
1,239,000
32,598
Alnylam
Pharmaceuticals (1)
291,000
47,517
Apellis
Pharmaceuticals (1)
65,000
3,303
Argenx,
ADR (1)
122,307
38,565
Exact
Sciences (1)
275,000
19,228
Exelixis (1)
398,000
9,023
Ionis
Pharmaceuticals (1)
805,000
29,817
Neurocrine
Biosciences (1)
273,000
25,594
Seagen (1)
189,000
27,225
Ultragenyx
Pharmaceutical (1)
180,000
13,071
245,941
Health
Care
Equipment
&
Supplies
9.7%
Alcon
581,900
46,162
Cooper
233,000
97,299
DENTSPLY
SIRONA
328,000
16,144
Hologic (1)
2,493,000
191,512
ICU
Medical (1)
165,000
36,736
Ortho
Clinical
Diagnostics
Holdings (1)
1,120,000
20,899
Quidel (1)
329,000
36,999
Teleflex
407,000
144,416
590,167
Health
Care
Providers
&
Services
1.7%
Acadia
Healthcare (1)
955,000
62,581
agilon
health (1)
239,000
6,059
Molina
Healthcare (1)
96,000
32,024
100,664
Health
Care
Technology
1.6%
Doximity,
Class
A (1)
235,000
12,241
Multiplan (1)
2,747,000
12,856
Veeva
Systems,
Class
A (1)
332,000
70,537
95,634
Life
Sciences
Tools
&
Services
5.8%
Agilent
Technologies
829,800
109,807
Avantor (1)
2,722,000
92,058
Bruker
1,396,000
89,763
West
Pharmaceutical
Services
151,000
62,017
353,645
Pharmaceuticals
3.4%
Catalent (1)
1,350,000
149,715
Elanco
Animal
Health (1)
1,071,000
27,942
Perrigo
771,000
29,630
207,287
Total
Health
Care
1,593,338
Shares
$
Value
(Cost
and
value
in
$000s)
‡
INDUSTRIALS
&
BUSINESS
SERVICES
17.5%
Aerospace
&
Defense
3.4%
BWX
Technologies
777,000
41,849
Textron
2,199,000
163,562
205,411
Airlines
1.1%
Southwest
Airlines (1)
1,517,000
69,479
69,479
Commercial
Services
&
Supplies
0.7%
Waste
Connections
296,000
41,351
41,351
Electrical
Equipment
0.1%
Shoals
Technologies
Group,
Class
A (1)
470,000
8,009
8,009
Industrial
Conglomerates
0.9%
Roper
Technologies
122,000
57,612
57,612
Machinery
4.9%
Colfax (1)
1,667,000
66,330
Fortive
877,000
53,435
IDEX
245,600
47,089
Ingersoll
Rand
2,577,000
129,752
296,606
Professional
Services
4.8%
Clarivate (1)
2,112,856
35,411
CoStar
Group (1)
758,830
50,546
Equifax
222,000
52,636
Leidos
Holdings
198,700
21,464
TransUnion
789,000
81,535
Upwork (1)
202,000
4,694
Verisk
Analytics
225,000
48,292
294,578
Road
&
Rail
1.6%
JB
Hunt
Transport
Services
480,500
96,480
96,480
Total
Industrials
&
Business
Services
1,069,526
INFORMATION
TECHNOLOGY
21.0%
Electronic
Equipment,
Instruments
&
Components
3.9%
Amphenol,
Class
A
516,000
38,881
Cognex
379,000
29,240
Corning
1,035,000
38,202
Keysight
Technologies (1)
484,000
76,457
Littelfuse
39,000
9,727
National
Instruments
1,127,000
45,745
238,252
IT
Services
1.7%
Broadridge
Financial
Solutions
111,000
17,284
FleetCor
Technologies (1)
325,000
80,945
T.
ROWE
PRICE
Institutional
Mid-Cap
Equity
Growth
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Thoughtworks
Holding (1)
204,000
4,245
102,474
Semiconductors
&
Semiconductor
Equipment
7.8%
Entegris
151,200
19,847
KLA
256,000
93,711
Lattice
Semiconductor (1)
196,000
11,946
Marvell
Technology
1,923,000
137,898
Microchip
Technology
2,103,600
158,065
Skyworks
Solutions
318,000
42,383
Wolfspeed (1)
90,000
10,247
474,097
Software
7.6%
Atlassian,
Class
A (1)
91,000
26,739
Bill.com
Holdings (1)
137,000
31,070
Black
Knight (1)
681,600
39,526
CCC
Intelligent
Solutions
Holdings (1)
1,572,653
17,362
Ceridian
HCM
Holding (1)
752,000
51,407
Crowdstrike
Holdings,
Class
A (1)
160,800
36,514
DocuSign (1)
274,900
29,447
Fortinet (1)
303,000
103,547
HashiCorp,
Class
A (1)
10,409
562
nCino (1)
162,000
6,639
Paylocity
Holding (1)
28,000
5,762
Procore
Technologies (1)
65,000
3,767
PTC (1)
333,000
35,871
SentinelOne,
Class
A (1)
207,000
8,019
Synopsys (1)
81,000
26,995
Trade
Desk,
Class
A (1)
568,000
39,334
462,561
Total
Information
Technology
1,277,384
MATERIALS
6.2%
Chemicals
0.6%
RPM
International
470,000
38,277
38,277
Construction
Materials
0.9%
Martin
Marietta
Materials
141,080
54,300
54,300
Containers
&
Packaging
4.7%
Ardagh
Metal
Packaging (1)
955,329
7,767
Avery
Dennison
357,700
62,229
Ball
1,663,090
149,678
Sealed
Air
992,700
66,471
286,145
Total
Materials
378,722
REAL
ESTATE
0.1%
Real
Estate
Management
&
Development
0.1%
eXp
World
Holdings
148,000
3,133
Total
Real
Estate
3,133
Total
Common
Stocks
(Cost
$3,613,601)
5,922,985
Shares
$
Value
(Cost
and
value
in
$000s)
‡
CONVERTIBLE
PREFERRED
STOCKS
0.6%
CONSUMER
DISCRETIONARY
0.2%
Internet
&
Direct
Marketing
Retail
0.2%
Maplebear
DBA
Instacart,
Series
E,
Acquisition
Date:
11/19/21,
Cost $11,454 (1)(2)(3)
95,262
9,145
Maplebear
DBA
Instacart,
Series
I,
Acquisition
Date:
2/26/21,
Cost $1,898 (1)(2)(3)
15,187
1,458
Total
Consumer
Discretionary
10,603
HEALTH
CARE
0.1%
Biotechnology
0.1%
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $5,272 (1)(2)(3)
650,866
5,272
Total
Health
Care
5,272
INFORMATION
TECHNOLOGY
0.1%
Software
0.1%
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $2,562 (1)(2)(3)
14,443
2,396
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $4,018 (1)(2)(3)
18,224
3,023
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $3,467 (1)(2)(3)
166,336
3,468
Total
Information
Technology
8,887
MATERIALS
0.2%
Chemicals
0.2%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $3,882 (1)(2)(3)
81,901
4,271
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $7,712 (1)(2)(3)
186,841
5,824
Total
Materials
10,095
Total
Convertible
Preferred
Stocks
(Cost
$40,265)
34,857
SHORT-TERM
INVESTMENTS
1.9%
Money
Market
Funds
1.9%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.29% (4)(5)
118,718,184
118,718
Total
Short-Term
Investments
(Cost
$118,718)
118,718
Total
Investments
in
Securities
99.8%
(Cost
$3,772,584)
$
6,076,560
Other
Assets
Less
Liabilities
0.2%
13,514
Net
Assets
100.0%
$
6,090,074
T.
ROWE
PRICE
Institutional
Mid-Cap
Equity
Growth
Fund
4
‡
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
$133,848
and
represents
2.2%
of
net
assets.
(3)
Level
3
in
fair
value
hierarchy.
(4)
Seven-day
yield
(5)
Affiliated
Companies
ADR
American
Depositary
Receipts
GBP
British
Pound
T.
ROWE
PRICE
Institutional
Mid-Cap
Equity
Growth
Fund
5
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
Treasury
Reserve
Fund,
0.29%
$
—
#
$
—
$
32
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
03/31/22
T.
Rowe
Price
Treasury
Reserve
Fund,
0.29%
$
144,771
¤
¤
$
118,718
^
#
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
$118,718.
T.
ROWE
PRICE
Institutional
Mid-Cap
Equity
Growth
Fund
Unaudited
6
Notes
to
Portfolio
of
Investments
T.
Rowe
Price
Institutional
Mid-Cap
Equity
Growth
Fund (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
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
T.
ROWE
PRICE
Institutional
Mid-Cap
Equity
Growth
Fund
7
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.
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):
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.
E116-054Q1
03/22
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
5,820,029
$
88,682
$
14,274
$
5,922,985
Convertible
Preferred
Stocks
—
—
34,857
34,857
Short-Term
Investments
118,718
—
—
118,718
Total
$
5,938,747
$
88,682
$
49,131
$
6,076,560