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T. Rowe Price Equity Income Fd (PRFDX) NPORT-PMonthly portfolio investment report

Filed: 28 Nov 23, 10:06am

T.

ROWE

PRICE

Equity

Income

Fund

September

30,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

97.3%

COMMUNICATION

SERVICES

4.5%

Diversified

Telecommunication

Services

0.8%

AT&T

1,490,000‌

22,380‌

Verizon

Communications

3,005,000‌

97,392‌

119,772‌

Entertainment

1.1%

Walt

Disney (1)

2,205,000‌

178,715‌

178,715‌

Interactive

Media

&

Services

0.2%

Meta

Platforms,

Class

A (1)

100,000‌

30,021‌

30,021‌

Media

2.4%

Comcast,

Class

A

1,505,000‌

66,732‌

News,

Class

A

14,300,000‌

286,858‌

News,

Class

B

1,540,000‌

32,140‌

385,730‌

Total

Communication

Services

714,238‌

CONSUMER

DISCRETIONARY

2.7%

Broadline

Retail

0.4%

Kohl's

2,920,000‌

61,203‌

61,203‌

Hotels,

Restaurants

&

Leisure

0.8%

Las

Vegas

Sands

2,930,000‌

134,311‌

134,311‌

Leisure

Products

0.7%

Mattel (1)

4,855,000‌

106,956‌

106,956‌

Specialty

Retail

0.8%

Best

Buy

935,000‌

64,954‌

TJX

670,000‌

59,550‌

124,504‌

Total

Consumer

Discretionary

426,974‌

CONSUMER

STAPLES

8.4%

Beverages

0.4%

Constellation

Brands,

Class

A

275,000��

69,116‌

69,116‌

Consumer

Staples

Distribution

&

Retail

1.4%

Dollar

General

295,000‌

31,211‌

T.

ROWE

PRICE

Equity

Income

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Walmart

1,145,000‌

183,120‌

214,331‌

Food

Products

2.2%

Conagra

Brands

7,155,000‌

196,190‌

Mondelez

International,

Class

A

325,000‌

22,555‌

Tyson

Foods,

Class

A

2,715,000‌

137,080‌

355,825‌

Household

Products

1.6%

Colgate-Palmolive

1,295,000‌

92,087‌

Kimberly-Clark

1,370,000‌

165,565‌

257,652‌

Personal

Care

Products

0.9%

Kenvue

7,410,000‌

148,793‌

148,793‌

Tobacco

1.9%

Philip

Morris

International

3,185,000‌

294,867‌

294,867‌

Total

Consumer

Staples

1,340,584‌

ENERGY

9.6%

Oil,

Gas

&

Consumable

Fuels

9.6%

Chevron

355,000‌

59,860‌

Enbridge

2,070,000‌

68,703‌

EOG

Resources

1,255,000‌

159,084‌

EQT

1,715,000‌

69,595‌

Exxon

Mobil

2,310,000‌

271,610‌

Hess

1,090,000‌

166,770‌

Suncor

Energy

1,965,000‌

67,557‌

TC

Energy

2,610,000‌

89,810‌

TotalEnergies

(EUR)

6,520,000‌

428,686‌

TotalEnergies,

ADR

1,395,000‌

91,735‌

Williams

1,630,000‌

54,914‌

Total

Energy

1,528,324‌

FINANCIALS

21.8%

Banks

7.9%

Bank

of

America

2,640,000‌

72,283‌

Citigroup

1,800,000‌

74,034‌

Fifth

Third

Bancorp

6,695,000‌

169,584‌

Huntington

Bancshares

13,770,000‌

143,208‌

JPMorgan

Chase

1,100,000‌

159,522‌

PNC

Financial

Services

Group

155,000‌

19,030‌

U.S.

Bancorp

5,005,000‌

165,465‌

T.

ROWE

PRICE

Equity

Income

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Wells

Fargo

10,990,000‌

449,052‌

1,252,178‌

Capital

Markets

2.5%

Bank

of

New

York

Mellon

695,000‌

29,642‌

Carlyle

Group

1,210,000‌

36,493‌

Charles

Schwab

3,500,000‌

192,150‌

Goldman

Sachs

Group

140,000‌

45,300‌

Morgan

Stanley

855,000‌

69,828‌

State

Street

250,000‌

16,740‌

390,153‌

Financial

Services

3.1%

Apollo

Global

Management

585,000‌

52,510‌

Equitable

Holdings

9,440,000‌

268,002‌

Fiserv (1)

1,560,000‌

176,217‌

496,729‌

Insurance

8.3%

American

International

Group

6,575,000‌

398,445‌

Chubb

1,685,000‌

350,783‌

Hartford

Financial

Services

Group

2,230,000‌

158,129‌

Loews

2,680,000‌

169,671‌

MetLife

3,900,000‌

245,349‌

1,322,377‌

Total

Financials

3,461,437‌

HEALTH

CARE

16.5%

Biotechnology

1.3%

AbbVie

1,040,000‌

155,022‌

Biogen (1)

200,000‌

51,402‌

206,424‌

Health

Care

Equipment

&

Supplies

4.7%

Becton

Dickinson

&

Company

1,300,000‌

336,089‌

GE

HealthCare

Technologies

1,230,000‌

83,689‌

Medtronic

2,015,000‌

157,896‌

Zimmer

Biomet

Holdings

1,555,000‌

174,502‌

752,176‌

Health

Care

Providers

&

Services

5.1%

Cardinal

Health

290,000‌

25,178‌

Centene (1)

480,000‌

33,062‌

Cigna

Group

620,000‌

177,364‌

CVS

Health

2,665,000‌

186,070‌

Elevance

Health

841,000‌

366,188‌

Humana

50,000‌

24,326‌

812,188‌

T.

ROWE

PRICE

Equity

Income

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Pharmaceuticals

5.4%

AstraZeneca,

ADR

1,560,000‌

105,643‌

Johnson

&

Johnson

1,365,000‌

212,599‌

Merck

1,435,000‌

147,733‌

Pfizer

4,815,000‌

159,713‌

Sanofi

(EUR)

1,105,000‌

118,650‌

Sanofi,

ADR

300,000‌

16,092‌

Viatris

10,460,000‌

103,136‌

863,566‌

Total

Health

Care

2,634,354‌

INDUSTRIALS

&

BUSINESS

SERVICES

11.6%

Aerospace

&

Defense

2.9%

Boeing (1)

1,100,000‌

210,848‌

L3Harris

Technologies

1,475,000‌

256,827‌

467,675‌

Air

Freight

&

Logistics

1.2%

United

Parcel

Service,

Class

B

1,170,000‌

182,368‌

182,368‌

Commercial

Services

&

Supplies

0.5%

Stericycle (1)

1,940,000‌

86,737‌

86,737‌

Ground

Transportation

1.0%

Norfolk

Southern

445,000‌

87,634‌

Union

Pacific

385,000‌

78,397‌

166,031‌

Industrial

Conglomerates

3.6%

3M

365,000‌

34,172‌

General

Electric

3,375,000‌

373,106‌

Siemens

(EUR)

1,150,000‌

164,345‌

571,623‌

Machinery

1.5%

Cummins

210,000‌

47,976‌

Flowserve

380,000‌

15,113‌

Stanley

Black

&

Decker

2,090,000‌

174,682‌

237,771‌

Passenger

Airlines

0.9%

Southwest

Airlines

5,045,000‌

136,568‌

136,568‌

Total

Industrials

&

Business

Services

1,848,773‌

T.

ROWE

PRICE

Equity

Income

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

INFORMATION

TECHNOLOGY

7.8%

Communications

Equipment

0.2%

Cisco

Systems

610,000‌

32,794‌

32,794‌

Electronic

Equipment,

Instruments

&

Components

0.4%

TE

Connectivity

500,000‌

61,765‌

61,765‌

IT

Services

0.5%

Accenture,

Class

A

270,000‌

82,920‌

82,920‌

Semiconductors

&

Semiconductor

Equipment

4.3%

Applied

Materials

1,245,000‌

172,370‌

QUALCOMM

3,435,000‌

381,491‌

Texas

Instruments

850,000‌

135,159‌

689,020‌

Software

1.6%

Microsoft

815,000‌

257,336‌

257,336‌

Technology

Hardware,

Storage

&

Peripherals

0.8%

Samsung

Electronics

(KRW)

2,365,000‌

119,561‌

119,561‌

Total

Information

Technology

1,243,396‌

MATERIALS

3.9%

Chemicals

2.5%

CF

Industries

Holdings

3,965,000‌

339,959‌

International

Flavors

&

Fragrances

570,000‌

38,857‌

RPM

International

190,000‌

18,014‌

396,830‌

Containers

&

Packaging

1.4%

International

Paper

6,040,000‌

214,239‌

214,239‌

Total

Materials

611,069‌

REAL

ESTATE

4.0%

Health

Care

Real

Estate

Investment

Trusts

0.2%

Welltower,

REIT

380,000‌

31,130‌

31,130‌

Office

Real

Estate

Investment

Trusts

0.0%

Vornado

Realty

Trust,

REIT

280,000‌

6,350‌

6,350‌

T.

ROWE

PRICE

Equity

Income

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Residential

Real

Estate

Investment

Trusts

1.4%

Equity

Residential,

REIT

3,820,000‌

224,272‌

224,272‌

Specialized

Real

Estate

Investment

Trusts

2.4%

Rayonier,

REIT

4,305,000‌

122,520‌

Weyerhaeuser,

REIT

8,190,000‌

251,106‌

373,626‌

Total

Real

Estate

635,378‌

UTILITIES

6.4%

Electric

Utilities

3.7%

NextEra

Energy

1,880,000‌

107,705‌

PG&E (1)

1,490,000‌

24,034‌

Southern

7,040,000‌

455,629‌

587,368‌

Multi-Utilities

2.7%

Ameren

860,000‌

64,354‌

Dominion

Energy

4,775,000‌

213,299‌

NiSource

935,000‌

23,076‌

Sempra

1,915,000‌

130,277‌

431,006‌

Total

Utilities

1,018,374‌

Total

Miscellaneous

Common

Stocks

0.1% (2)

16,766‌

Total

Common

Stocks

(Cost

$11,871,944)

15,479,667‌

CONVERTIBLE

PREFERRED

STOCKS

0.2%

UTILITIES

0.2%

Electric

Utilities

0.2%

NextEra

Energy,

6.926%,

9/1/25

706,950‌

26,899‌

26,899‌

Multi-Utilities

0.0%

NiSource,

7.75%,

3/1/24

97,800‌

9,557‌

9,557‌

Total

Utilities

36,456‌

Total

Convertible

Preferred

Stocks

(Cost

$44,244)

36,456‌

PREFERRED

STOCKS

1.5%

CONSUMER

DISCRETIONARY

1.5%

Automobiles

1.5%

Dr

Ing

hc

F

Porsche

(EUR)

1,140,000‌

106,963‌

T.

ROWE

PRICE

Equity

Income

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Volkswagen

(EUR)

1,170,000‌

134,432‌

Total

Consumer

Discretionary

241,395‌

Total

Preferred

Stocks

(Cost

$278,557)

241,395‌

SHORT-TERM

INVESTMENTS

0.8%

Money

Market

Funds

0.8%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (3)(4)

129,375,378‌

129,375‌

Total

Short-Term

Investments

(Cost

$129,375)

129,375‌

Total

Investments

in

Securities

99.8%

(Cost

$12,324,120)

$

15,886,893‌

Other

Assets

Less

Liabilities

0.2%

25,952‌

Net

Assets

100.0%

$

15,912,845‌

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

The

identity

of

certain

securities

has

been

concealed

to

protect

the

fund

while

it

completes

a

purchase

or

selling

program

for

the

securities.

(3)

Seven-day

yield

(4)

Affiliated

Companies

ADR

American

Depositary

Receipts

EUR

Euro

KRW

South

Korean

Won

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

T.

ROWE

PRICE

Equity

Income

Fund

8

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,

2023.

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,

5.40%

$

—‌

$

—‌

$

6,249‌++

Totals

$

—‌#

$

—‌

$

6,249‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

09/30/23

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

$

176,681‌

¤

¤

$

129,375‌

Total

$

129,375‌^

#

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

$6,249

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

$129,375.

T.

ROWE

PRICE

Equity

Income

Fund

Unaudited

Notes

to

Portfolio

of

Investments

9

T.

Rowe

Price

Equity

Income

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 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

valuation

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 Valuation

Designee’s assumptions

in

determining

fair

value)

T.

ROWE

PRICE

Equity

Income

Fund

10

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 Valuation

Designee

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

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

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 Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

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

Equity

Income

Fund

11

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,

2023

(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

$

14,648,425‌

$

831,242‌

$

—‌

$

15,479,667‌

Convertible

Preferred

Stocks

—‌

36,456‌

—‌

36,456‌

Preferred

Stocks

—‌

241,395‌

—‌

241,395‌

Short-Term

Investments

129,375‌

—‌

—‌

129,375‌

Total

$

14,777,800‌

$

1,109,093‌

$

—‌

$

15,886,893‌

T.

ROWE

PRICE

Equity

Income

Fund

12

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

the 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.

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F71-054Q3

09/23

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