T.
ROWE
PRICE
New
Era
Fund
March
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
94.5%
AGRICULTURE
2.7%
Agricultural
Products
1.1%
Darling
Ingredients (1)
484,918
38,978
38,978
Fertilizers
&
Agricultural
Chemicals
0.6%
CF
Industries
Holdings
213,647
22,018
22,018
Packaged
Foods
&
Meats
1.0%
Bakkafrost
(NOK)
367,181
24,628
Sanderson
Farms
63,268
11,862
36,490
Total
Agriculture
97,486
CHEMICALS
11.9%
Industrial
Gases
4.4%
Air
Liquide
(EUR)
186,129
32,562
Air
Products
&
Chemicals
170,683
42,656
Linde
245,610
78,455
153,673
Specialty
Chemicals
7.5%
Akzo
Nobel
(EUR)
436,488
37,504
Albemarle
123,300
27,268
Element
Solutions
1,084,517
23,751
Hexpol
(SEK)
1,085,377
10,594
International
Flavors
&
Fragrances
145,900
19,161
Koninklijke
DSM
(EUR)
78,751
14,088
Quaker
Chemical
38,613
6,673
RPM
International
524,435
42,710
Sherwin-Williams
270,274
67,466
Shin-Etsu
Chemical
(JPY)
106,600
16,196
265,411
Total
Chemicals
419,084
COMMODITY
INDUSTRIALS
12.5%
Construction
&
Engineering
0.7%
Quanta
Services
182,235
23,984
23,984
Construction
&
Farm
Machinery
&
Heavy
Trucks
2.7%
AGCO
140,238
20,479
Alamo
Group
77,854
11,194
Caterpillar
141,364
31,499
T.
ROWE
PRICE
New
Era
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Deere
81,233
33,749
96,921
Construction
Materials
1.3%
Martin
Marietta
Materials
60,265
23,196
Vulcan
Materials
114,476
21,029
44,225
Electrical
Components
&
Equipment
2.2%
Hubbell
153,747
28,254
Legrand
(EUR)
203,096
19,310
Schneider
Electric
(EUR)
171,279
28,756
76,320
Industrial
Machinery
2.7%
Alfa
Laval
(SEK)
714,752
24,586
Epiroc,
Class
B
(SEK)
1,551,290
28,008
Sandvik
(SEK)
942,914
20,030
Weir
Group
(GBP)
1,072,290
22,882
95,506
Metal
&
Glass
Containers
1.4%
Ardagh
Metal
Packaging (1)
567,151
4,611
Ball
255,048
22,954
Verallia
(EUR)
875,237
20,840
48,405
Railroads
1.5%
Norfolk
Southern
90,352
25,770
Union
Pacific
105,238
28,752
54,522
Total
Commodity
Industrials
439,883
ENERGY
SERVICES
&
PROCESSORS
7.0%
Oil
&
Gas
Equipment
&
Services
3.8%
Cactus,
Class
A
573,953
32,566
ChampionX (1)
931,508
22,803
Enerflex
(CAD)
2,309,968
14,801
Energy
Reservoir
Holdings,
Class
A-1,
Acquisition
Date:
4/30/19,
Cost $10,109 (1)(2)(3)(4)
10,108,939
10,109
Halliburton
664,554
25,167
Liberty
Oilfield
Services,
Class
A (1)
758,122
11,235
TechnipFMC (1)
2,221,046
17,213
133,894
Oil
&
Gas
Storage
&
Transportation
1.8%
Enbridge
315,258
14,530
TC
Energy
540,338
30,486
T.
ROWE
PRICE
New
Era
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $489 (1)(2)(4)
162
964
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $11,184 (1)(2)(4)
3,124
18,588
64,568
Semiconductor
Equipment
1.4%
Entegris
168,763
22,152
Shoals
Technologies
Group,
Class
A (1)
1,570,478
26,761
48,913
Total
Energy
Services
&
Processors
247,375
EXPLORATION
&
PRODUCTION
17.2%
OUS
Oil
&
Gas
Exploration
&
Production
2.8%
Aker
BP
(NOK)
718,874
26,813
Canadian
Natural
Resources
(CAD)
538,903
33,369
Lundin
Energy
(SEK)
904,311
37,958
98,140
U.S.
Oil
Exploration
&
Production
14.4%
ConocoPhillips
1,749,408
174,941
Devon
Energy
1,482,888
87,683
EOG
Resources
962,780
114,792
Magnolia
Oil
&
Gas,
Class
A
1,435,197
33,942
Pioneer
Natural
Resources
383,304
95,838
507,196
Total
Exploration
&
Production
605,336
INTEGRATEDS
14.4%
Integrated
Oil
&
Gas
14.4%
Chevron
766,327
124,781
Equinor
(NOK)
2,993,136
111,754
Galp
Energia
(EUR)
5,795,611
73,272
Hess
521,588
55,831
TotalEnergies
(EUR)
2,837,226
143,562
Total
Integrateds
509,200
METALS
&
MINING
12.4%
Diversified
Metals
&
Mining
10.2%
Antofagasta
(GBP)
643,781
13,989
BHP
Group
(AUD)
2,241,359
86,399
Boliden
(SEK)
1,976,195
99,690
ERO
Copper
(CAD) (1)
928,626
13,601
Grupo
Mexico,
Series
B
(MXN)
3,801,357
22,695
IGO
(AUD)
3,911,870
40,892
OZ
Minerals
(AUD)
1,141,431
22,763
T.
ROWE
PRICE
New
Era
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Reliance
Steel
&
Aluminum
99,068
18,164
Southern
Copper
561,307
42,603
360,796
Precious
Metals
&
Minerals
2.2%
Franco-Nevada
(CAD)
75,888
12,076
Northern
Star
Resources
(AUD)
2,474,737
19,965
Perseus
Mining
(AUD)
6,888,376
10,119
Victoria
Gold
(CAD) (1)
885,000
11,256
Wesdome
Gold
Mines
(CAD) (1)
2,059,835
25,852
79,268
Total
Metals
&
Mining
440,064
OTHER
8.0%
Building
Products
0.6%
ROCKWOOL
International,
Class
B
(DKK)
60,476
19,964
19,964
Paper
&
Forest
Products
7.1%
Avery
Dennison
109,967
19,131
International
Paper
791,653
36,535
Mayr
Melnhof
Karton
(EUR)
89,321
15,924
Mondi
(GBP)
1,278,302
24,847
Packaging
Corp.
of
America
404,777
63,190
Stora
Enso,
Class
R
(EUR)
890,062
17,461
Svenska
Cellulosa,
Class
B
(SEK)
900,879
17,493
UPM-Kymmene
(EUR)
822,038
26,844
West
Fraser
Timber
(CAD)
143,191
11,781
Westrock
403,669
18,984
252,190
Research
&
Consulting
Services
0.3%
ALS
(AUD)
1,171,737
11,635
11,635
Total
Other
283,789
UTILITIES
5.6%
Electric
Utilities
2.3%
Iberdrola
(EUR)
1,423,013
15,554
IDACORP
89,562
10,332
NextEra
Energy
376,508
31,894
Xcel
Energy
333,122
24,041
81,821
Independent
Power
Producers
&
Energy
Traders
0.2%
Bluescape
Opportunities
Acquisition (1)
595,120
5,957
5,957
T.
ROWE
PRICE
New
Era
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Multi-Utilities
3.1%
Ameren
232,819
21,829
CMS
Energy
318,148
22,251
Dominion
Energy
288,373
24,503
Sempra
Energy
240,784
40,481
109,064
Total
Utilities
196,842
Total
Miscellaneous
Common
Stocks
2.8% (5)
97,961
Total
Common
Stocks
(Cost
$2,189,407)
3,337,020
CONVERTIBLE
PREFERRED
STOCKS
4.1%
AGRICULTURE
1.1%
Fertilizers
&
Agricultural
Chemicals
1.1%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $11,372 (1)(2)(4)
615,892
38,282
Total
Agriculture
38,282
COMMODITY
INDUSTRIALS
0.2%
Electrical
Components
&
Equipment
0.2%
Tonian
Holdings,
Series
A,
Non-Voting
Units,
Acquisition
Date:
1/15/21,
Cost $1,771 (1)(2)(4)
1,796,201
2,066
Tonian
Holdings,
Series
A,
Voting
Units,
Acquisition
Date:
1/15/21,
Cost $2,490 (1)(2)(4)
2,526,018
2,905
Total
Commodity
Industrials
4,971
METALS
&
MINING
0.6%
Diversified
Metals
&
Mining
0.6%
Jetti
Holdings,
Series
C,
Acquisition
Date:
5/24/21
-
6/30/21,
Cost $4,843 (1)(2)(4)
83,662
4,843
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $7,697 (1)(2)(4)
280,805
7,697
Lilac
Solutions,
Series
B,
Acquisition
Date:
9/8/21,
Cost $7,899 (1)
(2)(4)
601,655
7,899
Total
Metals
&
Mining
20,439
UTILITIES
2.2%
Electric
Utilities
2.2%
NextEra
Energy,
5.279%,
3/1/23
801,909
41,826
Southern,
Series
A,
6.75%,
8/1/22
682,766
37,002
Total
Utilities
78,828
Total
Convertible
Preferred
Stocks
(Cost
$100,321)
142,520
T.
ROWE
PRICE
New
Era
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
1.3%
Money
Market
Funds
1.3%
T.
Rowe
Price
Government
Reserve
Fund,
0.29% (6)(7)
46,619,967
46,620
Total
Short-Term
Investments
(Cost
$46,620)
46,620
Total
Investments
in
Securities
99.9%
(Cost
$2,336,348)
$
3,526,160
Other
Assets
Less
Liabilities
0.1%
5,208
Net
Assets
100.0%
$
3,531,368
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Level
3
in
fair
value
hierarchy.
(3)
Investment
in
a
partnership
held
indirectly
through
a
limited
liability
company
that
is
owned
by
the
fund
and
treated
as
a
corporation
for
U.S.
tax
purposes.
(4)
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
$93,353
and
represents
2.6%
of
net
assets.
(5)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(6)
Seven-day
yield
(7)
Affiliated
Companies
AUD
Australian
Dollar
CAD
Canadian
Dollar
DKK
Danish
Krone
EUR
Euro
GBP
British
Pound
JPY
Japanese
Yen
MXN
Mexican
Peso
NOK
Norwegian
Krone
SEK
Swedish
Krona
T.
ROWE
PRICE
New
Era
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
Tonian
Holdings,
Series
A,
Non-Voting
Units
$
—
$
270
$
—
Tonian
Holdings,
Series
A,
Voting
Units
—
379
—
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
—
—
12++
Totals
$
—#
$
649
$
12+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/2021
Purchase
Cost
Sales
Cost
Value
03/31/22
Tonian
Holdings,
Series
A,
Non-
Voting
Units
$
1,796
$
—
$
—
$
*
Tonian
Holdings,
Series
A,
Voting
Units
2,526
—
—
*
T.
Rowe
Price
Government
Reserve
Fund,
0.29%
25,051
¤
¤
46,620
Total
$
46,620^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$12
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
$46,620.
*
On
the
date
indicated,
issuer
was
held
but
not
considered
an
affiliated
company.
T.
ROWE
PRICE
New
Era
Fund
Unaudited
Notes
to
Portfolio
of
Investments
8
T.
Rowe
Price
New
Era
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
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
T.
ROWE
PRICE
New
Era
Fund
9
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.
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.
T.
ROWE
PRICE
New
Era
Fund
10
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):
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 $649,000 for
the
period ended
March
31,
2022.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
1,988,550
$
1,318,809
$
29,661
$
3,337,020
Convertible
Preferred
Stocks
—
78,828
63,692
142,520
Short-Term
Investments
46,620
—
—
46,620
Total
$
2,035,170
$
1,397,637
$
93,353
$
3,526,160
T.
ROWE
PRICE
New
Era
Fund
11
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.
F41-054Q1
03/22
($000s)
Beginning
Balance
12/31/21
Gain
(Loss)
During
Period
Total
Purchases
Ending
Balance
3/31/22
Investment
in
Securities
Common
Stocks
$
29,661
$
—
$
—
$
29,661
Convertible
Preferred
Stocks
55,346
649
7,697
63,692
Total
$
85,007
$
649
$
7,697
$
93,353