T. Rowe Price International Series NPORT-P T. Rowe Price International Stock Portfolio (Sep 2022 report)

T.

ROWE

PRICE

International

Stock

Portfolio

September

30,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ARGENTINA

0.2%

Common

Stocks

0.2%

MercadoLibre

(USD) (1)

400‌

331‌

Total

Argentina

(Cost

$316

)

331‌

BRAZIL

1.3%

Common

Stocks

1.3%

Raia

Drogasil 

92,004‌

388‌

Rede

D'Or

Sao

Luiz 

11,854‌

66‌

Suzano 

140,010‌

1,159‌

XP,

Class

A

(USD) (1)

50,254‌

955‌

Total

Brazil

(Cost

$3,064

)

2,568‌

CANADA

6.5%

Common

Stocks

6.5%

Canadian

Pacific

Railway

(USD) (2)

51,800‌

3,456‌

Constellation

Software 

1,426‌

1,984‌

Definity

Financial 

17,633‌

496‌

Descartes

Systems

Group

(USD) (1)

10,372‌

659‌

National

Bank

of

Canada (2)

17,100‌

1,072‌

Shopify,

Class

A

(USD) (1)

25,130‌

677‌

TELUS

International

CDA (1)

43,141‌

1,129‌

TMX

Group 

37,497‌

3,449‌

Total

Canada

(Cost

$15,147

)

12,922‌

CAYMAN

ISLANDS

0.5%

Convertible

Preferred

Stocks

0.5%

ByteDance,

Series

E,

Acquisition

Date:

7/8/19,

Cost $293

(USD) (1)

(3)(4)

5,954‌

1,054‌

Total

Cayman

Islands

(Cost

$293

)

1,054‌

CHINA

8.1%

Common

Stocks

4.9%

58.com

(USD) (1)(3)

65,164‌

—‌

Alibaba

Group

Holding,

ADR

(USD) (1)

33,561‌

2,684‌

Baidu,

ADR

(USD) (1)

12,553‌

1,475‌

JD

Health

International

(HKD) (1)

169,850‌

967‌

Kanzhun,

ADR

(USD) (1)

14,201‌

240‌

Silergy

(TWD) 

38,000‌

496‌

Tencent

Holdings

(HKD) 

44,500‌

1,503‌

Trip.com

Group,

ADR

(USD) (1)

65,457‌

1,788‌

Wuxi

Biologics

Cayman

(HKD) (1)

86,500‌

515‌

9,668‌

Common

Stocks

-

China

A

Shares

3.2%

Gree

Electric

Appliances

of

Zhuhai,

A

Shares

(CNH) 

95,984‌

437‌

Shares

$

Value

(Cost

and

value

in

$000s)

Inner

Mongolia

Yili

Industrial

Group,

A

Shares

(CNH) 

246,600‌

1,142‌

Kweichow

Moutai,

A

Shares

(CNH) 

5,570‌

1,464‌

NARI

Technology,

A

Shares

(CNH) 

377,780‌

1,316‌

Shandong

Pharmaceutical

Glass,

A

Shares

(CNH) 

202,700‌

824‌

Shenzhen

Inovance

Technology,

A

Shares

(CNH) 

149,700‌

1,209‌

6,392‌

Total

China

(Cost

$15,008

)

16,060‌

DENMARK

0.7%

Common

Stocks

0.7%

Genmab (1)

4,073‌

1,310‌

Total

Denmark

(Cost

$1,320

)

1,310‌

FRANCE

7.5%

Common

Stocks

7.5%

Capgemini 

7,338‌

1,175‌

Dassault

Aviation 

25,312‌

2,880‌

EssilorLuxottica 

22,536‌

3,063‌

Kering 

4,187‌

1,857‌

LVMH

Moet

Hennessy

Louis

Vuitton 

1,483‌

874‌

Safran 

15,972‌

1,453‌

Sanofi 

4,032‌

307‌

Teleperformance 

3,942‌

1,000‌

Thales 

19,917‌

2,195‌

Total

France

(Cost

$14,223

)

14,804‌

GERMANY

5.9%

Common

Stocks

5.1%

Bayer 

32,184‌

1,483‌

Beiersdorf 

7,141‌

702‌

Daimler

Truck

Holding (1)

27,177‌

614‌

Deutsche

Boerse 

7,710‌

1,264‌

Deutsche

Telekom 

196,068‌

3,337‌

Evotec (1)

63,294‌

1,101‌

Infineon

Technologies 

46,989‌

1,028‌

Knorr-Bremse 

10,335‌

444‌

Shop

Apotheke

Europe (1)

2,544‌

102‌

10,075‌

Preferred

Stocks

0.8%

Dr

Ing

hc

F

Porsche (1)

9,642‌

780‌

Sartorius 

2,678‌

926‌

1,706‌

Total

Germany

(Cost

$13,825

)

11,781‌

HONG

KONG

1.8%

Common

Stocks

1.8%

AIA

Group 

422,000‌

3,514‌

Total

Hong

Kong

(Cost

$1,082

)

3,514‌

T.

ROWE

PRICE

International

Stock

Portfolio

2

Shares

$

Value

(Cost

and

value

in

$000s)

INDIA

6.2%

Common

Stocks

6.2%

Axis

Bank 

280,595‌

2,519‌

HDFC

Life

Insurance 

185,583‌

1,201‌

Housing

Development

Finance 

105,284‌

2,938‌

Kotak

Mahindra

Bank 

40,365‌

895‌

Maruti

Suzuki

India 

13,260‌

1,433‌

NTPC 

1,742,444‌

3,407‌

Total

India

(Cost

$7,995

)

12,393‌

INDONESIA

2.1%

Common

Stocks

2.1%

Bank

Central

Asia 

5,166,700‌

2,885‌

Sarana

Menara

Nusantara 

16,578,100‌

1,340‌

Total

Indonesia

(Cost

$1,339

)

4,225‌

ITALY

2.0%

Common

Stocks

2.0%

Amplifon 

22,689‌

591‌

Banca

Mediolanum 

238,371‌

1,493‌

DiaSorin 

9,969‌

1,113‌

Ermenegildo

Zegna

(USD) (2)

71,084‌

764‌

Total

Italy

(Cost

$4,358

)

3,961‌

JAPAN

15.1%

Common

Stocks

15.1%

Chugai

Pharmaceutical 

74,700‌

1,866‌

Daiichi

Sankyo 

80,000‌

2,236‌

Daikin

Industries 

7,900‌

1,215‌

Disco (2)

4,500‌

992‌

Fujitsu

General 

80,300‌

1,671‌

Hikari

Tsushin (2)

6,700‌

787‌

Keyence 

4,400‌

1,454‌

Murata

Manufacturing 

32,500‌

1,496‌

Nippon

Telegraph

&

Telephone 

113,400‌

3,059‌

NTT

Data 

78,200‌

1,010‌

Otsuka

Holdings 

79,700‌

2,524‌

Outsourcing 

109,900‌

831‌

Pan

Pacific

International

Holdings 

57,300‌

1,011‌

Persol

Holdings 

66,500‌

1,230‌

Seven

&

i

Holdings 

63,800‌

2,563‌

Shimadzu 

37,300‌

978‌

Sony

Group 

21,700‌

1,398‌

Stanley

Electric 

60,500‌

950‌

Suzuki

Motor 

39,600‌

1,233‌

Z

Holdings 

569,300‌

1,509‌

Total

Japan

(Cost

$30,539

)

30,013‌

NETHERLANDS

6.4%

Common

Stocks

6.4%

Adyen (1)

653‌

814‌

Akzo

Nobel 

51,384‌

2,912‌

Shares

$

Value

(Cost

and

value

in

$000s)

ASML

Holding 

8,825‌

3,656‌

Koninklijke

Philips 

89,605‌

1,380‌

Prosus 

76,863‌

3,999‌

Total

Netherlands

(Cost

$14,442

)

12,761‌

PHILIPPINES

0.4%

Common

Stocks

0.4%

SM

Investments 

59,205‌

729‌

Total

Philippines

(Cost

$959

)

729‌

PORTUGAL

1.6%

Common

Stocks

1.6%

Galp

Energia 

226,136‌

2,176‌

Jeronimo

Martins 

52,058‌

969‌

Total

Portugal

(Cost

$3,548

)

3,145‌

RUSSIA

0.0%

Common

Stocks

0.0%

TCS

Group

Holding,

GDR

(USD) (1)

(3)

7,243‌

—‌

Total

Russia

(Cost

$434

)

—‌

SINGAPORE

0.5%

Common

Stocks

0.5%

Sea,

ADR

(USD) (1)

17,500‌

981‌

Total

Singapore

(Cost

$1,149

)

981‌

SOUTH

AFRICA

0.4%

Common

Stocks

0.4%

Capitec

Bank

Holdings 

8,381‌

718‌

Total

South

Africa

(Cost

$440

)

718‌

SOUTH

KOREA

2.4%

Common

Stocks

2.4%

LG

Household

&

Health

Care 

1,547‌

678‌

NAVER 

14,215‌

1,894‌

Samsung

Electronics 

60,687‌

2,228‌

Total

South

Korea

(Cost

$3,502

)

4,800‌

SPAIN

1.2%

Common

Stocks

1.2%

Amadeus

IT

Group,

Class

A (1)

24,771‌

1,149‌

Fluidra 

87,385‌

1,310‌

Total

Spain

(Cost

$3,754

)

2,459‌

SWEDEN

2.0%

Common

Stocks

2.0%

Assa

Abloy,

Class

B 

58,317‌

1,093‌

Essity,

Class

B 

69,107‌

1,365‌

T.

ROWE

PRICE

International

Stock

Portfolio

3

Shares

$

Value

(Cost

and

value

in

$000s)

Olink

Holding,

ADR

(USD) (1)

18,027‌

219‌

Swedbank,

Class

A 

93,310‌

1,225‌

Total

Sweden

(Cost

$4,336

)

3,902‌

SWITZERLAND

9.6%

Common

Stocks

9.6%

Alcon 

42,316‌

2,458‌

Barry

Callebaut 

849‌

1,600‌

Julius

Baer

Group 

72,982‌

3,185‌

Lonza

Group 

4,641‌

2,260‌

Nestle 

40,728‌

4,405‌

Partners

Group

Holding 

3,020‌

2,431‌

PolyPeptide

Group 

11,336‌

330‌

Roche

Holding 

7,337‌

2,388‌

Total

Switzerland

(Cost

$16,728

)

19,057‌

TAIWAN

3.3%

Common

Stocks

3.3%

Taiwan

Semiconductor

Manufacturing 

487,000‌

6,455‌

Total

Taiwan

(Cost

$1,317

)

6,455‌

THAILAND

0.7%

Common

Stocks

0.7%

CP

ALL 

893,200‌

1,321‌

Total

Thailand

(Cost

$1,148

)

1,321‌

UNITED

ARAB

EMIRATES

0.6%

Common

Stocks

0.6%

Network

International

Holdings

(GBP) (1)

354,544‌

1,188‌

Total

United

Arab

Emirates

(Cost

$1,782

)

1,188‌

UNITED

KINGDOM

7.1%

Common

Stocks

7.1%

Ashtead

Group 

31,917‌

1,433‌

AstraZeneca,

ADR

(USD) 

58,111‌

3,187‌

Bridgepoint

Group 

234,335‌

486‌

Burberry

Group 

60,802‌

1,215‌

London

Stock

Exchange

Group 

24,611‌

2,078‌

Rightmove 

75,628‌

404‌

Smith

&

Nephew 

175,632‌

2,027‌

Unilever

(EUR) 

73,616‌

3,240‌

Total

United

Kingdom

(Cost

$14,578

)

14,070‌

UNITED

STATES

3.7%

Common

Stocks

3.7%

Atlassian,

Class

A (1)

3,700‌

779‌

Canva,

Acquisition

Date:

8/16/21

-

11/4/21,

Cost $470 (1)(3)(4)

276‌

264‌

Shares

$

Value

(Cost

and

value

in

$000s)

Linde

(EUR) (2)

9,993‌

2,705‌

Mastercard,

Class

A 

5,021‌

1,428‌

Waste

Connections 

16,545‌

2,236‌

7,412‌

Convertible

Preferred

Stocks

0.0%

Canva,

Series

A,

Acquisition

Date:

11/4/21,

Cost $27 (1)(3)(4)

16‌

15‌

15‌

Total

United

States

(Cost

$5,008

)

7,427‌

SHORT-TERM

INVESTMENTS

2.3%

Money

Market

Funds

2.3%

T.

Rowe

Price

Government

Reserve

Fund,

3.07% (5)(6)

4,566,758‌

4,567‌

Total

Short-Term

Investments

(Cost

$4,567)

4,567‌

SECURITIES

LENDING

COLLATERAL

3.4%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

3.4%

Money

Market

Funds

3.4%

T.

Rowe

Price

Government

Reserve

Fund,

3.07% (5)(6)

6,734,371‌

6,734‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

6,734‌

Total

Securities

Lending

Collateral

(Cost

$6,734)

6,734‌

Total

Investments

in

Securities

103.5%

(Cost

$192,935)

$

205,250‌

Other

Assets

Less

Liabilities

(3.5)%

(6,973)

Net

Assets

100.0%

$

198,277‌

T.

ROWE

PRICE

International

Stock

Portfolio

4

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Shares

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

(1)

Non-income

producing

(2)

All

or

a

portion

of

this

security

is

on

loan

at

September

30,

2022.

(3)

Level

3

in

fair

value

hierarchy.

(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

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$1,333

and

represents

0.7%

of

net

assets.

(5)

Seven-day

yield

(6)

Affiliated

Companies

ADR

American

Depositary

Receipts

CNH

Offshore

China

Renminbi

EUR

Euro

GBP

British

Pound

GDR

Global

Depositary

Receipts

HKD

Hong

Kong

Dollar

TWD

Taiwan

Dollar

USD

U.S.

Dollar

T.

ROWE

PRICE

International

Stock

Portfolio

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

nine

months

ended

September

30,

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,

3.07%

$

—‌

$

—‌

$

46‌

++

Totals

$

—‌

#

$

—‌

$

46‌

+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/21

Purchase

Cost

Sales

Cost

Value

09/30/22

T.

Rowe

Price

Government

Reserve

Fund,

3.07%

$

8,274‌

¤

¤

$

11,301‌

Total

$

11,301‌

^

#

Capital

gain

distributions

from

underlying

Price

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

$46

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

$11,301.

T.

ROWE

PRICE

International

Stock

Portfolio

Unaudited

6

Notes

to

Portfolio

of

Investments

T.

Rowe

Price

International

Stock

Portfolio

 (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 fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee 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

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

International

Stock

Portfolio

7

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 are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee 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

Designee 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.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

September

30,

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

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

These

are

recent

examples

of

global

events

which

may

have

an

impact

on

the

fund’s

performance,

which

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

and

such

other

events.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

E301-054Q3

09/22 

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

21,859‌

$

169,051‌

$

264‌

$

191,174‌

Convertible

Preferred

Stocks

—‌

—‌

1,069‌

1,069‌

Preferred

Stocks

—‌

1,706‌

—‌

1,706‌

Short-Term

Investments

4,567‌

—‌

—‌

4,567‌

Securities

Lending

Collateral

6,734‌

—‌

—‌

6,734‌

Total

$

33,160‌

$

170,757‌

$

1,333‌

$

205,250‌