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 $(38,440,000) 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
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
19,692,754
$
629,696
$
71,621
$
20,394,071
Convertible
Preferred
Stocks
—
—
282,749
282,749
Short-Term
Investments
119,762
—
—
119,762
Total
$
19,812,516
$
629,696
$
354,370
$
20,796,582
($000s)
Beginning
Balance
12/31/21
Gain
(Loss)
During
Period
Ending
Balance
3/31/22
Investment
in
Securities
Common
Stocks
$
94,852
$
(23,231)
$
71,621
Convertible
Preferred
Stocks
297,960
(15,211)
282,749
Total
$
392,812
$
(38,442)
$
354,370