T.
ROWE
PRICE
Credit
Opportunities
Fund
February
28,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
BANK
LOANS
17.2%
(1)
Aerospace
&
Defense
0.4%
Dynasty
Acquisition,
FRN,
1M
USD
LIBOR
+
3.50%,
3.724%,
4/6/26
62
60
Peraton,
FRN,
1M
USD
LIBOR
+
3.75%,
4.50%,
2/1/28
199
197
Peraton,
FRN,
1M
USD
LIBOR
+
7.75%,
8.50%,
2/1/29
140
141
398
Airlines
1.1%
AAdvantage
Loyalty
IP,
FRN,
1M
USD
LIBOR
+
4.75%,
5.50%,
4/20/28
320
325
Air
Canada,
FRN,
1M
USD
LIBOR
+
3.50%,
4.25%,
8/11/28
175
174
Mileage
Plus
Holdings,
FRN,
1M
USD
LIBOR
+
5.25%,
6.25%,
6/21/27
505
527
United
Airlines,
FRN,
1M
USD
LIBOR
+
3.75%,
4.50%,
4/21/28
114
113
1,139
Broadcasting
0.5%
Clear
Channel
Outdoor
Holdings,
FRN,
1M
USD
LIBOR
+
3.50%,
3.799%,
8/21/26
304
298
NEP
Group,
FRN,
3M
USD
LIBOR
+
7.00%,
7.209%,
10/19/26
195
189
487
Chemicals
0.2%
Aruba
Investments
Holdings,
FRN,
1M
USD
LIBOR
+
7.75%,
8.50%,
11/24/28
160
159
159
Consumer
Products
0.1%
Life
Time,
FRN,
1M
USD
LIBOR
+
4.75%,
5.75%,
12/16/24
76
76
76
Energy
1.0%
BCP
Raptor,
FRN,
3M
USD
LIBOR
+
4.25%,
5.25%,
6/24/24
525
523
BCP
Raptor
II,
FRN,
3M
USD
LIBOR
+
4.75%,
4.959%,
11/3/25
436
435
958
Financial
0.8%
EIG
Management,
FRN,
3M
USD
LIBOR
+
3.75%,
4.50%,
2/24/25
193
192
Tegra118
Wealth
Solutions,
FRN,
1M
USD
LIBOR
+
4.00%,
4.488%,
2/18/27
576
574
766
Food
0.7%
Woof
Holdings,
FRN,
1M
USD
LIBOR
+
3.75%,
4.50%,
12/21/27 (2)
159
157
Woof
Holdings,
FRN,
1M
USD
LIBOR
+
7.25%,
8.00%,
12/21/28 (3)
555
557
714
T.
ROWE
PRICE
Credit
Opportunities
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
‡
Health
Care
0.5%
Gainwell
Acquisition,
FRN,
1M
USD
LIBOR
+
4.00%,
4.75%,
10/1/27
238
237
Loire
Finco
Luxembourg,
FRN,
1M
USD
LIBOR
+
3.25%,
3.459%,
4/21/27
266
261
498
Information
Technology
2.4%
Applied
Systems,
FRN,
1M
USD
LIBOR
+
5.50%,
6.25%,
9/19/25
209
208
Boxer
Parent,
FRN,
1M
USD
LIBOR
+
5.50%,
6.00%,
2/27/26
70
70
Delta
Topco,
FRN,
1M
USD
LIBOR
+
7.25%,
8.00%,
12/1/28
205
204
Epicor
Software,
FRN,
1M
USD
LIBOR
+
7.75%,
8.75%,
7/31/28
100
102
MH
Sub
I,
FRN,
1M
USD
LIBOR
+
3.75%,
4.75%,
9/13/24
248
246
MH
Sub
I,
FRN,
1M
USD
LIBOR
+
6.25%,
6.459%,
2/23/29
265
263
Proofpoint,
FRN,
1M
USD
LIBOR
+
3.25%,
3.758%,
8/31/28
170
168
Proofpoint,
FRN,
1M
USD
LIBOR
+
6.25%,
6.758%,
8/31/29
75
75
RealPage,
FRN,
1M
USD
LIBOR
+
3.25%,
3.75%,
4/24/28
165
163
RealPage,
FRN,
1M
USD
LIBOR
+
6.25%,
7.25%,
4/23/29
510
514
Shutterfly,
FRN,
1M
USD
LIBOR
+
5.00%,
5.75%,
9/25/26
441
417
2,430
Manufacturing
0.9%
Engineered
Machinery
Holdings,
FRN,
1M
USD
LIBOR
+
6.00%,
6.75%,
5/21/29 (3)
365
366
Engineered
Machinery
Holdings,
FRN,
1M
USD
LIBOR
+
6.50%,
7.25%,
5/21/29
250
250
Madison
IAQ,
FRN,
1M
USD
LIBOR
+
3.25%,
3.75%,
6/21/28
50
49
Pro
Mach
Group,
FRN,
1M
USD
LIBOR
+
4.00%,
4.408%,
8/31/28
27
27
Pro
Mach
Group,
FRN,
1M
USD
LIBOR
+
4.00%,
5.00%,
8/31/28
168
167
859
Restaurants
0.3%
Tacala
Investment,
FRN,
1M
USD
LIBOR
+
7.50%,
8.25%,
2/4/28
350
346
346
Satellites
0.4%
Intelsat
Jackson
Holdings,
FRN,
SOFR
+
4.25%,
1/25/29 (3)
455
448
448
Services
4.3%
Ascend
Learning,
FRN,
1M
USD
LIBOR
+
3.50%,
4.00%,
12/11/28
465
458
Ascend
Learning,
FRN,
1M
USD
LIBOR
+
5.75%,
6.25%,
11/18/29 (3)
710
707
CoreLogic,
FRN,
1M
USD
LIBOR
+
6.25%,
7.00%,
6/4/29
220
218
EG
Finco,
FRN,
3M
EURIBOR
+
7.00%,
7.00%,
4/30/27
(EUR)
165
184
Loyalty
Ventures,
FRN,
1M
USD
LIBOR
+
4.50%,
5.00%,
11/3/27
370
365
Renaissance
Holdings,
FRN,
3M
USD
LIBOR
+
7.00%,
7.209%,
5/29/26
185
184
Staples,
FRN,
3M
USD
LIBOR
+
5.00%,
5.317%,
4/16/26
337
319
T.
ROWE
PRICE
Credit
Opportunities
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
‡
UKG,
FRN,
1M
USD
LIBOR
+
5.25%,
5.75%,
5/3/27
1,850
1,840
4,275
Wireless
Communications
3.6%
Asurion,
FRN,
1M
USD
LIBOR
+
3.25%,
3.459%,
7/31/27
556
545
Asurion,
FRN,
1M
USD
LIBOR
+
5.25%,
5.459%,
1/31/28
1,591
1,570
Asurion,
FRN,
1M
USD
LIBOR
+
5.25%,
5.459%,
1/20/29
1,470
1,452
3,567
Total
Bank
Loans
(Cost
$17,166)
17,120
COMMON
STOCKS
0.8%
Information
Technology
0.1%
TE
Connectivity
—
43
43
Metals
&
Mining
0.3%
Constellium (4)
16
307
307
Wireless
Communications
0.4%
Crown
Castle
International,
REIT
1
155
T-Mobile
U.S. (4)
2
275
430
Total
Common
Stocks
(Cost
$525)
780
CONVERTIBLE
BONDS
0.1%
Cable
Operators
0.1%
DISH
Network,
3.375%,
8/15/26
185
168
Total
Convertible
Bonds
(Cost
$164)
168
CONVERTIBLE
PREFERRED
STOCKS
2.8%
Energy
1.3%
Targa
Resources,
Series A,
9.50%,
Acquisition
Date:
10/30/17
-
2/10/21,
Cost $1,214 (5)(6)
1
1,292
1,292
Health
Care
0.4%
Avantor,
Series A,
6.25%,
5/15/22
4
444
444
T.
ROWE
PRICE
Credit
Opportunities
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
‡
Insurance
0.2%
Alliant
Services,
Series A,
Acquisition
Date:
11/6/20,
Cost $167 (6)
—
165
165
Manufacturing
0.3%
Danaher,
Series B,
5.00%,
4/15/23
—
309
309
Utilities
0.6%
American
Electric
Power,
6.125%,
3/15/22
3
135
American
Electric
Power,
6.125%,
8/15/23
2
119
NextEra
Energy,
5.279%,
3/1/23
7
355
609
Total
Convertible
Preferred
Stocks
(Cost
$2,381)
2,819
CORPORATE
BONDS
71.6%
Aerospace
&
Defense
0.8%
TransDigm,
6.25%,
3/15/26 (7)
360
370
TransDigm,
7.50%,
3/15/27
100
104
TransDigm,
8.00%,
12/15/25 (7)
275
286
760
Airlines
2.3%
Air
Canada,
4.625%,
8/15/29
(CAD) (7)
125
96
American
Airlines,
5.50%,
4/20/26 (7)
315
321
American
Airlines,
5.75%,
4/20/29 (7)
350
359
American
Airlines,
11.75%,
7/15/25 (7)
682
826
Delta
Air
Lines,
4.75%,
10/20/28 (7)
165
172
Delta
Air
Lines,
7.375%,
1/15/26
225
251
Mileage
Plus
Holdings,
6.50%,
6/20/27 (7)
130
137
United
Airlines,
4.625%,
4/15/29 (7)
110
107
2,269
Automotive
5.9%
Clarios
Global,
8.50%,
5/15/27 (7)
495
517
Ford
Motor,
9.00%,
4/22/25
325
376
Ford
Motor,
9.625%,
4/22/30
240
331
Ford
Motor
Credit,
5.125%,
6/16/25
275
286
Goodyear
Tire
&
Rubber,
5.00%,
7/15/29 (7)
432
422
Goodyear
Tire
&
Rubber,
5.25%,
7/15/31 (7)
220
213
Goodyear
Tire
&
Rubber,
5.625%,
4/30/33
93
89
LCM
Investments
Holdings
II,
4.875%,
5/1/29 (7)
235
223
Rivian
Holdings,
FRN,
6M
USD
LIBOR
+
5.625%,
6.625%,
10/15/26 (7)
1,890
1,914
Tenneco,
5.00%,
7/15/26
365
363
Tenneco,
5.125%,
4/15/29 (7)
285
283
T.
ROWE
PRICE
Credit
Opportunities
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
‡
Tenneco,
7.875%,
1/15/29 (7)
825
864
5,881
Broadcasting
4.8%
Clear
Channel
Outdoor
Holdings,
7.50%,
6/1/29 (7)
645
666
Clear
Channel
Outdoor
Holdings,
7.75%,
4/15/28 (7)
480
500
Diamond
Sports
Group,
5.375%,
8/15/26 (7)
18
7
Diamond
Sports
Group,
6.625%,
8/15/27 (7)
155
36
iHeartCommunications,
8.375%,
5/1/27
1,163
1,214
Lamar
Media,
4.875%,
1/15/29
165
165
Midas
OpCo
Holdings,
5.625%,
8/15/29 (7)
575
564
Nexstar
Media,
5.625%,
7/15/27 (7)
200
204
Sirius
XM
Radio,
4.00%,
7/15/28 (7)
85
82
Sirius
XM
Radio,
5.50%,
7/1/29 (7)
120
123
Terrier
Media
Buyer,
8.875%,
12/15/27 (7)
460
473
Townsquare
Media,
6.875%,
2/1/26 (7)
450
461
Univision
Communications,
4.50%,
5/1/29 (7)
260
247
4,742
Building
&
Real
Estate
1.2%
Brookfield
Residential
Properties,
5.00%,
6/15/29 (7)
190
178
Cushman
&
Wakefield
U.S.
Borrower,
6.75%,
5/15/28 (7)
370
387
Howard
Hughes,
4.125%,
2/1/29 (7)
220
209
Howard
Hughes,
5.375%,
8/1/28 (7)
420
424
1,198
Building
Products
0.2%
New
Enterprise
Stone
&
Lime,
5.25%,
7/15/28 (7)
200
195
195
Cable
Operators
7.1%
Altice
Financing,
5.00%,
1/15/28 (7)
345
312
Altice
France,
5.125%,
7/15/29 (7)
335
303
Altice
France,
5.50%,
10/15/29 (7)
470
431
Altice
France
Holding,
6.00%,
2/15/28 (7)
815
717
CCO
Holdings,
4.50%,
8/15/30 (7)
405
389
CCO
Holdings,
4.50%,
6/1/33 (7)
200
187
CCO
Holdings,
4.75%,
3/1/30 (7)
260
254
CCO
Holdings,
4.75%,
2/1/32 (7)
300
290
CCO
Holdings,
5.00%,
2/1/28 (7)
333
334
CCO
Holdings,
5.375%,
6/1/29 (7)
800
810
CSC
Holdings,
6.50%,
2/1/29 (7)
745
750
CSC
Holdings,
7.50%,
4/1/28 (7)
625
622
DISH
DBS,
5.125%,
6/1/29
225
190
DISH
DBS,
5.25%,
12/1/26 (7)
245
239
DISH
DBS,
5.75%,
12/1/28 (7)
490
468
DISH
DBS,
7.75%,
7/1/26
145
146
Netflix,
6.375%,
5/15/29
345
401
T.
ROWE
PRICE
Credit
Opportunities
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
‡
VTR
Finance,
6.375%,
7/15/28 (7)
200
203
7,046
Chemicals
0.4%
Kobe
U.S.
Midco
2,
(9.25%
Cash
or
10.00%
PIK),
9.25%,
11/1/26 (7)(8)
145
146
Methanex,
5.125%,
10/15/27
82
83
Methanex,
5.25%,
12/15/29
120
122
Methanex,
5.65%,
12/1/44
108
101
452
Consumer
Products
0.7%
Crocs,
4.25%,
3/15/29 (7)
380
334
Life
Time,
5.75%,
1/15/26 (7)
158
157
Wolverine
World
Wide,
4.00%,
8/15/29 (7)
195
179
670
Container
0.8%
Ardagh
Metal
Packaging
Finance
USA,
4.00%,
9/1/29 (7)
400
376
Trivium
Packaging
Finance,
5.50%,
8/15/26 (7)
200
203
Trivium
Packaging
Finance,
8.50%,
8/15/27 (7)
225
230
809
Energy
11.2%
Aethon
United
BR,
8.25%,
2/15/26 (7)
165
173
Archrock
Partners,
6.25%,
4/1/28 (7)
145
145
Chesapeake
Energy,
5.50%,
2/1/26 (7)
135
139
Chesapeake
Energy,
5.875%,
2/1/29 (7)
150
154
Citgo
Holding,
9.25%,
8/1/24 (7)
705
705
CITGO
Petroleum,
7.00%,
6/15/25 (7)
180
180
Continental
Resources,
5.75%,
1/15/31 (7)
230
255
CrownRock,
5.625%,
10/15/25 (7)
50
51
DCP
Midstream
Operating,
6.75%,
9/15/37 (7)
215
262
DCP
Midstream
Operating,
8.125%,
8/16/30
46
58
EQT,
5.00%,
1/15/29
70
74
EQT,
STEP,
6.625%,
2/1/25
35
38
EQT,
STEP,
7.50%,
2/1/30
270
322
Exterran
Energy
Solutions,
8.125%,
5/1/25
116
116
Gulfport
Energy,
8.00%,
5/17/26 (7)
155
164
Hess,
7.30%,
8/15/31
500
630
Hess,
7.875%,
10/1/29
10
13
Magnolia
Oil
&
Gas
Operating,
6.00%,
8/1/26 (7)
630
644
NGL
Energy
Operating,
7.50%,
2/1/26 (7)
1,040
1,040
NuStar
Logistics,
5.75%,
10/1/25
80
83
NuStar
Logistics,
6.00%,
6/1/26
300
304
Occidental
Petroleum,
6.625%,
9/1/30
265
307
Occidental
Petroleum,
7.50%,
5/1/31
74
90
Occidental
Petroleum,
7.875%,
9/15/31
45
56
Occidental
Petroleum,
7.95%,
6/15/39
270
340
T.
ROWE
PRICE
Credit
Opportunities
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
‡
Occidental
Petroleum,
8.50%,
7/15/27
300
361
Occidental
Petroleum,
8.875%,
7/15/30
820
1,057
Range
Resources,
8.25%,
1/15/29
130
142
Rockcliff
Energy
II,
5.50%,
10/15/29 (7)
140
139
Solaris
Midstream
Holdings,
7.625%,
4/1/26 (7)
165
169
Southwestern
Energy,
8.375%,
9/15/28
265
289
Tallgrass
Energy
Partners,
6.00%,
3/1/27 (7)
220
220
Tallgrass
Energy
Partners,
6.00%,
12/31/30 (7)
220
210
Tallgrass
Energy
Partners,
7.50%,
10/1/25 (7)
185
193
Targa
Resources
Partners,
4.00%,
1/15/32
395
390
Targa
Resources
Partners,
4.875%,
2/1/31 (7)
120
124
Targa
Resources
Partners,
5.50%,
3/1/30
80
85
Targa
Resources
Partners,
6.50%,
7/15/27
150
159
Targa
Resources
Partners,
6.875%,
1/15/29
260
283
Transocean
Phoenix
2,
7.75%,
10/15/24 (7)
35
35
Transocean
Pontus,
6.125%,
8/1/25 (7)
101
100
Transocean
Proteus,
6.25%,
12/1/24 (7)
83
82
USA
Compression
Partners,
6.875%,
9/1/27
205
204
Venture
Global
Calcasieu
Pass,
3.875%,
8/15/29 (7)
225
221
Venture
Global
Calcasieu
Pass,
4.125%,
8/15/31 (7)
290
287
11,093
Entertainment
&
Leisure
3.3%
Carnival,
7.625%,
3/1/26 (7)
525
537
Carnival,
9.875%,
8/1/27 (7)
345
388
Cedar
Fair,
5.25%,
7/15/29
180
179
Cedar
Fair,
5.375%,
4/15/27
350
352
Cedar
Fair,
6.50%,
10/1/28
605
623
Live
Nation
Entertainment,
4.75%,
10/15/27 (7)
170
167
NCL,
5.875%,
2/15/27 (7)
110
110
NCL,
7.75%,
2/15/29 (7)
105
108
Royal
Caribbean
Cruises,
5.50%,
8/31/26 (7)
230
226
Royal
Caribbean
Cruises,
5.50%,
4/1/28 (7)
170
166
Royal
Caribbean
Cruises,
9.125%,
6/15/23 (7)
20
21
Royal
Caribbean
Cruises,
10.875%,
6/1/23 (7)
105
112
SeaWorld
Parks
&
Entertainment,
5.25%,
8/15/29 (7)
280
270
3,259
Financial
3.5%
Acrisure,
10.125%,
8/1/26 (7)
413
438
Advisor
Group
Holdings,
10.75%,
8/1/27 (7)
210
229
Alliant
Holdings
Intermediate,
6.75%,
10/15/27 (7)
265
259
AmWINS
Group,
4.875%,
6/30/29 (7)
80
76
GTCR
AP
Finance,
8.00%,
5/15/27 (7)
85
85
Home
Point
Capital,
5.00%,
2/1/26 (7)
220
182
Midcap
Financial
Issuer
Trust,
5.625%,
1/15/30 (7)
200
182
Midcap
Financial
Issuer
Trust,
6.50%,
5/1/28 (7)
530
514
T.
ROWE
PRICE
Credit
Opportunities
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
‡
Navient,
4.875%,
3/15/28
175
164
Navient,
5.50%,
3/15/29
775
730
Navient,
6.75%,
6/25/25
255
265
OneMain
Finance,
5.375%,
11/15/29
150
150
OneMain
Finance,
6.125%,
3/15/24
25
26
OneMain
Finance,
6.875%,
3/15/25
155
165
3,465
Food
0.2%
Triton
Water
Holdings,
6.25%,
4/1/29 (7)
202
186
186
Foreign
Govt
&
Muni
(Excl
Canadian)
0.4%
Petroleos
Mexicanos,
6.625%,
6/15/35
400
363
363
Gaming
3.7%
Caesars
Entertainment,
4.625%,
10/15/29 (7)
135
128
Caesars
Entertainment,
8.125%,
7/1/27 (7)
700
752
CCM
Merger,
6.375%,
5/1/26 (7)
120
123
International
Game
Technology,
6.25%,
1/15/27 (7)
620
659
International
Game
Technology,
6.50%,
2/15/25 (7)
400
422
Peninsula
Pacific
Entertainment,
8.50%,
11/15/27 (7)
615
678
Scientific
Games
Holdings,
6.625%,
3/1/30 (7)
355
351
Scientific
Games
International,
7.00%,
5/15/28 (7)
65
67
Scientific
Games
International,
7.25%,
11/15/29 (7)
195
207
Scientific
Games
International,
8.625%,
7/1/25 (7)
130
137
Wynn
Resorts
Finance,
5.125%,
10/1/29 (7)
200
193
3,717
Health
Care
6.3%
Avantor
Funding,
4.625%,
7/15/28 (7)
215
217
Bausch
Health,
7.25%,
5/30/29 (7)
516
450
Bausch
Health
Americas,
8.50%,
1/31/27 (7)
517
523
Cano
Health,
6.25%,
10/1/28 (7)
180
166
Centene,
4.625%,
12/15/29
295
303
CHS,
5.25%,
5/15/30 (7)
275
267
CHS,
6.00%,
1/15/29 (7)
205
206
CHS,
6.875%,
4/1/28 (7)
180
167
CHS,
6.875%,
4/15/29 (7)
375
359
CHS,
8.00%,
12/15/27 (7)
200
211
Minerva
Merger
Sub,
6.50%,
2/15/30 (7)
425
408
Mozart
Debt
Merger,
5.25%,
10/1/29 (7)
840
800
Tenet
Healthcare,
6.125%,
10/1/28 (7)
290
293
Tenet
Healthcare,
6.875%,
11/15/31
290
309
Teva
Pharmaceutical
Finance
Netherlands
III,
4.75%,
5/9/27
240
231
Teva
Pharmaceutical
Finance
Netherlands
III,
5.125%,
5/9/29
245
235
Teva
Pharmaceutical
Finance
Netherlands
III,
7.125%,
1/31/25
1,075
1,123
6,268
T.
ROWE
PRICE
Credit
Opportunities
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
‡
Information
Technology
0.5%
Boxer
Parent,
7.125%,
10/2/25 (7)
30
31
Condor
Merger
Sub,
7.375%,
2/15/30 (7)
200
192
Photo
Holdings
Merger
Sub,
8.50%,
10/1/26 (7)
290
287
510
Lodging
0.4%
Hilton
Domestic
Operating,
4.875%,
1/15/30
180
185
Hilton
Domestic
Operating,
5.375%,
5/1/25 (7)
30
31
Hilton
Domestic
Operating,
5.75%,
5/1/28 (7)
165
172
388
Manufacturing
0.4%
Madison
IAQ,
4.125%,
6/30/28 (7)
205
193
Madison
IAQ,
5.875%,
6/30/29 (7)
115
104
Roller
Bearing
of
America,
4.375%,
10/15/29 (7)
120
115
412
Metals
&
Mining
2.1%
Arconic,
6.125%,
2/15/28 (7)
225
230
Big
River
Steel,
6.625%,
1/31/29 (7)
184
192
Cleveland-Cliffs,
9.875%,
10/17/25 (7)
83
92
Freeport-McMoRan,
5.40%,
11/14/34
257
291
Freeport-McMoRan,
5.45%,
3/15/43
320
368
Hecla
Mining,
7.25%,
2/15/28
300
314
Hudbay
Minerals,
4.50%,
4/1/26 (7)
115
111
Hudbay
Minerals,
6.125%,
4/1/29 (7)
120
123
Joseph
T.
Ryerson
&
Son,
8.50%,
8/1/28 (7)
126
136
TMS
International,
6.25%,
4/15/29 (7)
250
240
2,097
Real
Estate
Investment
Trust
Securities
0.1%
Service
Properties
Trust,
7.50%,
9/15/25
55
58
58
Restaurants
0.4%
Dave
&
Buster's,
7.625%,
11/1/25 (7)
220
231
Yum!
Brands,
7.75%,
4/1/25 (7)
180
187
418
Retail
2.1%
Bath
&
Body
Works,
6.625%,
10/1/30 (7)
315
340
Bath
&
Body
Works,
6.75%,
7/1/36
110
120
Bath
&
Body
Works,
6.95%,
3/1/33
115
121
Bath
&
Body
Works,
7.50%,
6/15/29
70
77
Bath
&
Body
Works,
9.375%,
7/1/25 (7)
150
176
PetSmart,
4.75%,
2/15/28 (7)
380
373
PetSmart,
7.75%,
2/15/29 (7)
580
606
Rent-A-Center,
6.375%,
2/15/29 (7)
285
272
2,085
T.
ROWE
PRICE
Credit
Opportunities
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
‡
Services
3.8%
Albion
Financing
1,
6.125%,
10/15/26 (7)
290
282
Albion
Financing
2,
8.75%,
4/15/27 (7)
200
193
Allied
Universal
Holdco,
9.75%,
7/15/27 (7)
325
340
Clarivate
Science
Holdings,
4.875%,
7/1/29 (7)
200
188
eG
Global
Finance,
6.75%,
2/7/25 (7)
200
199
eG
Global
Finance,
8.50%,
10/30/25 (7)
200
202
GFL
Environmental,
4.00%,
8/1/28 (7)
230
213
Presidio
Holdings,
8.25%,
2/1/28 (7)
290
297
Prime
Security
Services
Borrower,
5.75%,
4/15/26 (7)
185
190
Prime
Security
Services
Borrower,
6.25%,
1/15/28 (7)
240
232
Ritchie
Bros
Holdings,
4.95%,
12/15/29
(CAD) (7)
115
89
Sabre
GLBL,
7.375%,
9/1/25 (7)
65
67
Sabre
GLBL,
9.25%,
4/15/25 (7)
215
241
TK
Elevator
U.S.
Newco,
5.25%,
7/15/27 (7)
490
487
Vertical
Holdco,
7.625%,
7/15/28 (7)
439
446
WASH
Multifamily
Acquisition,
5.75%,
4/15/26 (7)
165
165
3,831
Supermarkets
1.0%
Albertsons,
4.875%,
2/15/30 (7)
250
251
Albertsons,
5.875%,
2/15/28 (7)
305
316
Albertsons,
7.50%,
3/15/26 (7)
405
429
New
Albertsons,
7.45%,
8/1/29
15
17
New
Albertsons,
8.00%,
5/1/31
5
6
1,019
Transportation
0.4%
Watco,
6.50%,
6/15/27 (7)
370
374
374
Utilities
6.4%
Calpine,
5.00%,
2/1/31 (7)
295
272
Calpine,
5.125%,
3/15/28 (7)
400
385
NRG
Energy,
5.25%,
6/15/29 (7)
190
194
NRG
Energy,
5.75%,
1/15/28
315
322
PG&E,
5.00%,
7/1/28
213
211
PG&E,
5.25%,
7/1/30
330
328
Pike,
5.50%,
9/1/28 (7)
385
371
Vistra,
VR,
7.00% (5)(7)(9)
2,020
2,000
Vistra,
VR,
8.00% (5)(7)(9)
1,920
1,982
Vistra
Operations,
4.375%,
5/1/29 (7)
325
315
6,380
Wireless
Communications
1.2%
Sprint,
7.125%,
6/15/24
250
270
Sprint,
7.625%,
2/15/25
675
747
T.
ROWE
PRICE
Credit
Opportunities
Fund
11
Par/Shares
$
Value
(Amounts
in
000s)
‡
Sprint
Capital,
6.875%,
11/15/28
170
201
1,218
Total
Corporate
Bonds
(Cost
$71,531)
71,163
MUNICIPAL
SECURITIES
1.4%
Puerto
Rico
1.4%
Puerto
Rico
Commonwealth,
Public
Improvement,
Series A,
GO,
5.25%,
7/1/23 (4)(10)
125
118
Puerto
Rico
Commonwealth,
Public
Improvement,
Series A,
GO,
5.25%,
7/1/25 (4)(10)
65
65
Puerto
Rico
Commonwealth,
Public
Improvement,
Series A,
GO,
8.00%,
7/1/35 (4)(10)
1,180
1,061
Puerto
Rico
Commonwealth,
Public
Improvement,
Series E,
GO,
5.50%,
7/1/31 (4)(10)
135
134
Total
Municipal
Securities
(Cost
$1,209)
1,378
SHORT-TERM
INVESTMENTS
4.6%
Money
Market
Funds
4.6%
T.
Rowe
Price
Government
Reserve
Fund,
0.12% (11)(12)
4,537
4,537
Total
Short-Term
Investments
(Cost
$4,537)
4,537
Total
Investments
in
Securities
98.5%
(Cost
$97,513)
$
97,965
Other
Assets
Less
Liabilities
1.5%
1,464
Net
Assets
100.0%
$
99,429
‡
Par/Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Bank
loan
positions
may
involve
multiple
underlying
tranches.
In
those
instances,
the
position
presented
reflects
the
aggregate
of
those
respective
underlying
tranches
and
the
rate
presented
reflects
the
weighted
average
rate
of
the
settled
positions.
(2)
Level
3
in
fair
value
hierarchy.
(3)
All
or
a
portion
of
this
loan
is
unsettled
as
of
February
28,
2022.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(4)
Non-income
producing
(5)
Perpetual
security
with
no
stated
maturity
date.
T.
ROWE
PRICE
Credit
Opportunities
Fund
12
.
.
.
.
.
.
.
.
.
.
(6)
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
has
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$1,457
and
represents
1.5%
of
net
assets.
(7)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$52,686
and
represents
53.0%
of
net
assets.
(8)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(9)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(10)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(11)
Seven-day
yield
(12)
Affiliated
Companies
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
EURIBOR
Three
month
EURIBOR
(Euro
interbank
offered
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
6M
USD
LIBOR
Six
month
USD
LIBOR
(London
interbank
offered
rate)
CAD
Canadian
Dollar
EUR
Euro
FRN
Floating
Rate
Note
GO
General
Obligation
OTC
Over-the-counter
PIK
Payment-in-kind
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
SOFR
Secured
overnight
financing
rate
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Credit
Opportunities
Fund
13
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.0)%
OTC
Options
Written
(0.0)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Credit
Suisse
Credit
Default
Swap,
Protection
Bought
(Relevant
Credit:
Markit
CDX.
NA.HY-S37,
5
Year
Index,
12/20/26),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
3/16/22
@
0.99%*
(USD)
1
1,495
(1)
Credit
Suisse
Credit
Default
Swap,
Protection
Bought
(Relevant
Credit:
Markit
CDX.
NA.HY-S37,
5
Year
Index,
12/20/26),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
3/16/22
@
1.01%*
(USD)
1
1,850
(1)
Total
Options
Written
(Premiums
$(9))
$
(2)
*
Exercise
Spread
T.
ROWE
PRICE
Credit
Opportunities
Fund
14
(Amounts
in
000s)
SWAPS
(0.0)%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Royal
Caribbean
Cruises,
B2*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
*
65
3
(1)
4
Citibank,
Protection
Sold
(Relevant
Credit:
Royal
Caribbean
Cruises,
B2*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
*
70
3
(2)
5
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(3)
9
Total
Bilateral
Swaps
(3)
9
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
(0.0)%
Credit
Default
Swaps,
Protection
Sold
(0.0)%
Protection
Sold
(Relevant
Credit:
American
Airlines
Group,
Caa1*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/20/23
58
—
(2)
2
Protection
Sold
(Relevant
Credit:
American
Airlines
Group,
Caa1*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/20/25
96
(7)
(6)
(1)
Protection
Sold
(Relevant
Credit:
Community
Health Systems,
Caa2*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/26
*
216
(17)
(7)
(10)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
(9)
Total
Centrally
Cleared
Swaps
(9)
Net
payments
(receipts)
of
variation
margin
to
date
7
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(2)
*
Credit
ratings
as
of
February
28,
2022.
Ratings
shown
are
from
Moody’s
Investors
Service
and
if
Moody’s
does
not
rate
a
security,
then
Standard
&
Poor’s
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody’s
or
S&P.
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$1.
T.
ROWE
PRICE
Credit
Opportunities
Fund
15
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
JPMorgan
Chase
5/20/22
USD
194
EUR
171
$
3
State
Street
4/22/22
USD
192
CAD
240
2
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
5
T.
ROWE
PRICE
Credit
Opportunities
Fund
16
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
February
28,
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,
0.12%
$
—#
$
—
$
1+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/21
Purchase
Cost
Sales
Cost
Value
02/28/22
T.
Rowe
Price
Government
Reserve
Fund,
0.12%
$
2,576
¤
¤
$
4,537^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$1
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
$4,537.
T.
ROWE
PRICE
Credit
Opportunities
Fund
Unaudited
Notes
to
Portfolio
of
Investments
17
T.
Rowe
Price
Credit
Opportunities
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
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
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
T.
ROWE
PRICE
Credit
Opportunities
Fund
18
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
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
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.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
T.
ROWE
PRICE
Credit
Opportunities
Fund
19
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
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
Committee
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
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.
T.
ROWE
PRICE
Credit
Opportunities
Fund
20
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
February
28,
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,
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
72,709
$
—
$
72,709
Bank
Loans
—
16,963
157
17,120
Common
Stocks
780
—
—
780
Convertible
Preferred
Stocks
—
2,819
—
2,819
Short-Term
Investments
4,537
—
—
4,537
Total
Securities
5,317
92,491
157
97,965
Swaps*
—
8
—
8
Forward
Currency
Exchange
Contracts
—
5
—
5
Total
$
5,317
$
92,504
$
157
$
97,978
Liabilities
Options
Written
$
—
$
2
$
—
$
2
Swaps*
—
11
—
11
Total
$
—
$
13
$
—
$
13
1
Includes
Convertible
Bonds,
Corporate
Bonds
and
Municipal
Securities.
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Credit
Opportunities
Fund
21
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result,
Russia’s
central
bank
closed
the
country’s
stock
market
on
February
28,
2022,
and
Russian-related
stocks
and
debt
have
since
suffered
significant
declines
in
value.
The
duration
of
the
coronavirus
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
markets,
cannot
be
determined
with
certainty.
The fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
F105-054Q3
02/22