NPORT-EX 2 7019TRP093023.htm T. ROWE PRICE EQUITY INCOME FUND, INC.
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