T.

ROWE

PRICE

Mid-Cap

Value

Fund

September

30,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

94.0%

COMMUNICATION

SERVICES

4.8%

Entertainment

0.7%

Madison

Square

Garden

Entertainment (1)

945,724‌

41,697‌

Madison

Square

Garden

Sports (1)

309,889‌

42,349‌

84,046‌

Media

4.1%

DISH

Network,

Class

A (1)

3,021,512‌

41,788‌

Fox,

Class

A 

565,787‌

17,358‌

News,

Class

A 

16,163,715‌

244,234‌

Paramount

Global,

Class

B 

5,392,088‌

102,665‌

Scholastic 

2,514,418‌

77,343‌

483,388‌

Total

Communication

Services

567,434‌

CONSUMER

DISCRETIONARY

6.1%

Automobiles

0.9%

General

Motors 

3,454,689‌

110,861‌

110,861‌

Diversified

Consumer

Services

1.1%

Bright

Horizons

Family

Solutions (1)

892,328‌

51,443‌

Strategic

Education (2)

1,226,364‌

75,311‌

126,754‌

Hotels,

Restaurants

&

Leisure

0.8%

Compass

Group

(GBP) 

4,813,335‌

95,845‌

95,845‌

Household

Durables

0.8%

Mohawk

Industries (1)

1,027,404‌

93,689‌

93,689‌

Specialty

Retail

1.1%

Best

Buy 

1,278,447‌

80,977‌

Burlington

Stores (1)

467,269‌

52,283‌

133,260‌

Textiles,

Apparel

&

Luxury

Goods

1.4%

Ralph

Lauren 

2,003,883‌

170,190‌

170,190‌

Total

Consumer

Discretionary

730,599‌

CONSUMER

STAPLES

7.5%

Beverages

1.7%

Carlsberg,

Class

B

(DKK) 

948,009‌

110,857‌

T.

ROWE

PRICE

Mid-Cap

Value

Fund

1

T.

ROWE

PRICE

Mid-Cap

Value

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Monster

Beverage (1)

976,633‌

84,928‌

195,785‌

Food

&

Staples

Retailing

1.5%

Sysco 

2,570,524‌

181,762‌

181,762‌

Food

Products

3.8%

Bunge 

1,301,540‌

107,468‌

Campbell

Soup 

1,946,505‌

91,719‌

Flowers

Foods 

9,980,273‌

246,413‌

445,600‌

Household

Products

0.5%

Kimberly-Clark 

512,962‌

57,729‌

57,729‌

Total

Consumer

Staples

880,876‌

ENERGY

8.4%

Energy

Equipment

&

Services

4.5%

Expro

Group

Holdings (1)

7,243,216‌

92,279‌

NOV 

4,684,943‌

75,802‌

SEACOR

Marine

Holdings (1)(2)

3,060,096‌

17,198‌

TechnipFMC (1)(2)

28,423,826‌

240,465‌

Tidewater (1)(2)

4,963,627‌

107,711‌

533,455‌

Oil,

Gas

&

Consumable

Fuels

3.9%

Cameco 

7,224,912‌

191,532‌

Canadian

Natural

Resources 

1,138,999‌

53,043‌

Equitrans

Midstream 

21,085,452‌

157,719‌

Imperial

Oil 

1,400,081‌

60,582‌

462,876‌

Total

Energy

996,331‌

FINANCIALS

17.4%

Banks

5.6%

Fifth

Third

Bancorp 

7,255,762‌

231,894‌

Popular 

1,705,033‌

122,865‌

Signature

Bank 

667,863‌

100,847‌

Webster

Financial 

3,155,892‌

142,647‌

Westamerica

BanCorp 

1,244,272‌

65,063‌

663,316‌

Capital

Markets

3.4%

Lazard,

Class

A 

1,851,738‌

58,941‌

Main

Street

Capital 

1,837,875‌

61,826‌

Open

Lending,

Class

A (1)

6,663,384‌

53,574‌

T.

ROWE

PRICE

Mid-Cap

Value

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

State

Street 

3,829,719‌

232,885‌

407,226‌

Consumer

Finance

0.4%

OneMain

Holdings 

1,684,700‌

49,732‌

49,732‌

Diversified

Financial

Services

1.2%

Groupe

Bruxelles

Lambert

(EUR) 

1,022,449‌

71,505‌

Jackson

Financial,

Class

A 

2,502,548‌

69,446‌

140,951‌

Insurance

6.8%

Brown

&

Brown 

2,647,974‌

160,149‌

CNA

Financial 

3,027,698‌

111,722‌

Kemper 

2,792,841‌

115,233‌

Loews 

3,134,460‌

156,222‌

Marsh

&

McLennan 

440,982‌

65,834‌

RenaissanceRe

Holdings 

1,366,570‌

191,853‌

801,013‌

Total

Financials

2,062,238‌

HEALTH

CARE

11.7%

Biotechnology

0.7%

Alkermes (1)

1,853,275‌

41,384‌

Galapagos

(EUR) (1)

858,843‌

36,674‌

78,058‌

Health

Care

Equipment

&

Supplies

4.0%

DENTSPLY

SIRONA 

3,851,604‌

109,193‌

Hologic (1)

963,122‌

62,141‌

Koninklijke

Philips

(EUR) 

7,619,464‌

117,313‌

Zimmer

Biomet

Holdings 

1,810,954‌

189,335‌

477,982‌

Health

Care

Providers

&

Services

6.2%

Cardinal

Health 

3,107,424‌

207,203‌

Centene (1)

1,573,825‌

122,459‌

Fresenius

(EUR) 

2,490,242‌

53,080‌

Patterson 

3,934,758‌

94,513‌

Select

Medical

Holdings (2)

11,730,849‌

259,252‌

736,507‌

Life

Sciences

Tools

&

Services

0.8%

Charles

River

Laboratories

International (1)

508,430‌

100,059‌

100,059‌

Total

Health

Care

1,392,606‌

T.

ROWE

PRICE

Mid-Cap

Value

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

INDUSTRIALS

&

BUSINESS

SERVICES

10.8%

Aerospace

&

Defense

3.4%

Rolls-Royce

Holdings

(GBP) (1)

113,285,455‌

86,760‌

Spirit

AeroSystems

Holdings,

Class

A 

4,005,328‌

87,797‌

Textron 

3,809,393‌

221,935‌

396,492‌

Air

Freight

&

Logistics

0.9%

CH

Robinson

Worldwide 

1,145,285‌

110,302‌

110,302‌

Building

Products

0.9%

Trane

Technologies 

766,000‌

110,925‌

110,925‌

Electrical

Equipment

0.7%

Rockwell

Automation 

385,345‌

82,892‌

82,892‌

Machinery

3.3%

Alstom

(EUR) 

3,074,048‌

49,725‌

Middleby (1)

453,744‌

58,157‌

PACCAR 

2,284,828‌

191,217‌

Stanley

Black

&

Decker 

1,175,100‌

88,379‌

387,478‌

Road

&

Rail

1.1%

JB

Hunt

Transport

Services 

798,370‌

124,881‌

124,881‌

Trading

Companies

&

Distributors

0.5%

Ashtead

Group

(GBP) 

1,427,849‌

64,125‌

64,125‌

Total

Industrials

&

Business

Services

1,277,095‌

INFORMATION

TECHNOLOGY

5.5%

Communications

Equipment

1.0%

Arista

Networks (1)

560,357‌

63,259‌

Motorola

Solutions 

238,400‌

53,394‌

116,653‌

Electronic

Equipment,

Instruments

&

Components

1.8%

Corning 

2,182,771‌

63,344‌

National

Instruments 

3,936,083‌

148,548‌

211,892‌

IT

Services

0.6%

Global

Payments 

691,488‌

74,715‌

74,715‌

T.

ROWE

PRICE

Mid-Cap

Value

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Semiconductors

&

Semiconductor

Equipment

0.8%

Marvell

Technology 

2,306,745‌

98,982‌

98,982‌

Technology

Hardware,

Storage

&

Peripherals

1.3%

Western

Digital (1)

4,596,476‌

149,615‌

149,615‌

Total

Information

Technology

651,857‌

MATERIALS

8.5%

Chemicals

1.7%

Corteva 

1,839,523‌

105,129‌

PPG

Industries 

363,676‌

40,255‌

Scotts

Miracle-Gro 

1,197,131‌

51,177‌

196,561‌

Construction

Materials

1.8%

Summit

Materials,

Class

A (1)

5,373,959‌

128,760‌

Vulcan

Materials 

499,438‌

78,766‌

207,526‌

Containers

&

Packaging

1.2%

Ball 

1,478,983‌

71,464‌

Westrock 

2,398,304‌

74,084‌

145,548‌

Metals

&

Mining

3.8%

AngloGold

Ashanti,

ADR 

6,154,400‌

85,054‌

Franco-Nevada

(CAD) 

1,266,553‌

151,287‌

Freeport-McMoRan 

1,477,789‌

40,388‌

Fresnillo

(GBP) 

14,372,074‌

122,606‌

Gold

Fields,

ADR 

5,741,532‌

46,449‌

445,784‌

Total

Materials

995,419‌

REAL

ESTATE

5.7%

Equity

Real

Estate

Investment

Trusts

5.3%

Apartment

Investment

&

Management,

Class

A,

REIT 

9,836,953‌

71,810‌

Equity

Commonwealth,

REIT 

5,381,481‌

131,093‌

Equity

Residential,

REIT 

930,267‌

62,532‌

Rayonier,

REIT 

3,534,231‌

105,921‌

Regency

Centers,

REIT 

1,834,594‌

98,793‌

Rexford

Industrial

Realty,

REIT 

973,700‌

50,632‌

Weyerhaeuser,

REIT 

3,779,436‌

107,941‌

628,722‌

T.

ROWE

PRICE

Mid-Cap

Value

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Equity

Real

Estate

Investment

Trusts

(Reits)

0.4%

Vornado

Realty

Trust,

REIT 

2,262,500‌

52,400‌

52,400‌

Total

Real

Estate

681,122‌

UTILITIES

5.1%

Electric

Utilities

4.6%

FirstEnergy 

6,497,573‌

240,410‌

PG&E (1)

24,566,650‌

307,083‌

547,493‌

Multi-Utilities

0.5%

CenterPoint

Energy 

2,240,489‌

63,137‌

63,137‌

Total

Utilities

610,630‌

Total

Miscellaneous

Common

Stocks

 2.5% (3)

298,414‌

Total

Common

Stocks

(Cost

$10,746,159)

11,144,621‌

SHORT-TERM

INVESTMENTS

6.0%

Money

Market

Funds

6.0%

T.

Rowe

Price

Government

Reserve

Fund,

3.07% (2)(4)

704,749,399‌

704,749‌

Total

Short-Term

Investments

(Cost

$704,749)

704,749‌

Total

Investments

in

Securities

100.0%

(Cost

$11,450,908)

$

11,849,370‌

Other

Assets

Less

Liabilities

(0.0)%

(4,958‌)

Net

Assets

100.0%

$

11,844,412‌

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

(2)

Affiliated

Companies

(3)

The

identity

of

certain

securities

has

been

concealed

to

protect

the

fund

while

it

completes

a

purchase

or

selling

program

for

the

securities.

(4)

Seven-day

yield

ADR

American

Depositary

Receipts

CAD

Canadian

Dollar

DKK

Danish

Krone

EUR

Euro

GBP

British

Pound

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

T.

ROWE

PRICE

Mid-Cap

Value

Fund

7

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

Apartment

Investment

&

Management,

Class

A,

REIT 

$

443‌

$

(4,248‌)

$

197‌

Equity

Commonwealth,

REIT 

(1,331‌)

(6,895‌)

5,676‌

Expro

Group

Holdings 

1,138‌

(14,791‌)

—‌

Flowers

Foods 

11,744‌

(44,265‌)

7,535‌

Patterson 

5,205‌

(22,522‌)

5,366‌

Scholastic 

874‌

(23,012‌)

1,191‌

SEACOR

Marine

Holdings 

195‌

5,978‌

—‌

Select

Medical

Holdings 

3,239‌

(81,828‌)

3,848‌

Strategic

Education 

(1,255‌)

6,602‌

2,281‌

TechnipFMC 

(5,144‌)

66,885‌

—‌

Tidewater 

1,623‌

51,879‌

—‌

Westamerica

BanCorp 

643‌

(8,273‌)

2,600‌

T.

Rowe

Price

Government

Reserve

Fund,

3.07%

—‌

—‌

6,039‌

Totals

$

17,374‌#

$

(74,490‌)

$

34,733‌+

T.

ROWE

PRICE

Mid-Cap

Value

Fund

8

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

12/31/21

Purchase

Cost

Sales

Cost

Value

09/30/22

Apartment

Investment

&

Management,

Class

A,

REIT 

$

*

$

2,888‌

$

806‌

$

*

Equity

Commonwealth,

REIT 

184,556‌

2,245‌

48,813‌

*

Expro

Group

Holdings 

*

20,405‌

1,363‌

*

Flowers

Foods 

356,712‌

14‌

66,048‌

*

Patterson 

210,323‌

—‌

93,288‌

*

Scholastic 

*

11,183‌

909‌

*

SEACOR

Marine

Holdings 

9,245‌

2,206‌

231‌

17,198‌

Select

Medical

Holdings 

284,141‌

58,217‌

1,278‌

259,252‌

Strategic

Education 

70,656‌

6,078‌

8,025‌

75,311‌

TechnipFMC 

136,221‌

61,309‌

23,950‌

240,465‌

Tidewater 

50,863‌

5,375‌

406‌

107,711‌

Westamerica

BanCorp 

128,351‌

—‌

55,015‌

*

T.

Rowe

Price

Government

Reserve

Fund,

3.07%

921,488‌

 ¤

 ¤

704,749‌

Total

$

1,404,686‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$34,733

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

$1,323,537.

*

On

the

date

indicated,

issuer

was

held

but

not

considered

an

affiliated

company.

T.

ROWE

PRICE

Mid-Cap

Value

Fund

Unaudited

Notes

to

Portfolio

of

Investments

9

T.

Rowe

Price

Mid-Cap

Value

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

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)

T.

ROWE

PRICE

Mid-Cap

Value

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

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

Mid-Cap

Value

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,

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

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

10,162,832‌

$

981,789‌

$

—‌

$

11,144,621‌

Short-Term

Investments

704,749‌

—‌

—‌

704,749‌

Total

$

10,867,581‌

$

981,789‌

$

—‌

$

11,849,370‌

T.

ROWE

PRICE

Mid-Cap

Value

Fund

12

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.

F115-054Q3

09/22