T.
ROWE
PRICE
Mid-Cap
Growth
Fund
September
30,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
95.1%
COMMUNICATION
SERVICES
3.1%
Entertainment
1.4%
Liberty
Media-Liberty
Formula
One,
Class
C (1)
4,327,100
253,136
Spotify
Technology (1)
1,343,700
115,961
369,097
Interactive
Media
&
Services
0.3%
Match
Group (1)
1,495,700
71,420
Vimeo (1)
3,576,900
14,307
85,727
Media
1.4%
Trade
Desk,
Class
A (1)
5,993,200
358,094
358,094
Total
Communication
Services
812,918
CONSUMER
DISCRETIONARY
13.0%
Automobiles
0.4%
Rivian
Automotive,
Class
A (1)
2,996,600
98,618
98,618
Diversified
Consumer
Services
0.5%
Bright
Horizons
Family
Solutions (1)
1,697,000
97,832
Clear
Secure,
Class
A (1)
1,700,000
38,862
136,694
Hotels,
Restaurants
&
Leisure
5.5%
Chipotle
Mexican
Grill (1)
226,970
341,081
Domino's
Pizza
600,000
186,120
DraftKings,
Class
A (1)
3,985,800
60,345
Hilton
Worldwide
Holdings
3,346,200
403,619
MGM
Resorts
International
8,984,500
267,019
Vail
Resorts
747,300
161,148
Yum!
Brands
125,000
13,293
1,432,625
Multiline
Retail
2.4%
Dollar
General
1,498,200
359,358
Dollar
Tree (1)
1,997,800
271,901
631,259
Specialty
Retail
3.6%
Bath
&
Body
Works
3,995,500
130,253
Burlington
Stores (1)
2,575,000
288,117
Five
Below (1)
1,000,000
137,670
O'Reilly
Automotive (1)
349,100
245,540
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
1
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Ross
Stores
1,296,300
109,239
Warby
Parker,
Class
A (1)
1,000,000
13,340
924,159
Textiles,
Apparel
&
Luxury
Goods
0.6%
Deckers
Outdoor (1)
250,000
78,152
Lululemon
Athletica (1)
196,765
55,008
On
Holding,
Class
A (1)
700,000
11,235
144,395
Total
Consumer
Discretionary
3,367,750
CONSUMER
STAPLES
2.6%
Beverages
0.5%
Boston
Beer,
Class
A (1)
399,600
129,330
129,330
Food
&
Staples
Retailing
1.2%
Casey's
General
Stores
1,500,000
303,780
303,780
Food
Products
0.5%
TreeHouse
Foods (1)
2,760,410
117,097
117,097
Household
Products
0.4%
Reynolds
Consumer
Products
3,970,900
103,283
103,283
Personal
Products
0.0%
Olaplex
Holdings (1)
822,252
7,852
7,852
Total
Consumer
Staples
661,342
ENERGY
2.6%
Oil,
Gas
&
Consumable
Fuels
2.6%
Cheniere
Energy
1,497,300
248,417
Coterra
Energy
4,500,000
117,540
Pioneer
Natural
Resources
748,800
162,138
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $4,038 (1)(2)(3)
1,337
19,781
Venture
Global
LNG,
Series
C,
Acquisition
Date:
10/16/17
-
3/8/18,
Cost $33,184 (1)(2)(3)
9,021
133,468
Total
Energy
681,344
FINANCIALS
5.8%
Capital
Markets
3.7%
Cboe
Global
Markets
1,200,000
140,844
Intercontinental
Exchange
125,000
11,294
KKR
6,520,900
280,399
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
MarketAxess
Holdings
998,800
222,223
Raymond
James
Financial
995,500
98,375
Tradeweb
Markets,
Class
A
3,620,900
204,291
957,426
Insurance
2.1%
Assurant
2,100,000
305,067
Axis
Capital
Holdings
3,579,000
175,908
Kemper
1,240,700
51,191
532,166
Total
Financials
1,489,592
HEALTH
CARE
24.4%
Biotechnology
4.7%
Alkermes (1)
2,246,000
50,153
Alnylam
Pharmaceuticals (1)
1,583,100
316,873
Apellis
Pharmaceuticals (1)
850,000
58,055
Argenx,
ADR (1)
648,000
228,776
Ascendis
Pharma,
ADR (1)
235,000
24,266
CRISPR
Therapeutics (1)
600,000
39,210
Exact
Sciences (1)
1,450,900
47,140
Exelixis (1)
2,312,200
36,255
Ionis
Pharmaceuticals (1)
4,234,900
187,310
Karuna
Therapeutics (1)
138,469
31,146
Neurocrine
Biosciences (1)
500,000
53,105
Seagen (1)
799,100
109,341
Ultragenyx
Pharmaceutical (1)
675,000
27,952
1,209,582
Health
Care
Equipment
&
Supplies
8.7%
Alcon
3,143,900
182,912
Cooper
1,190,000
314,041
DENTSPLY
SIRONA
2,000,000
56,700
Enovis (1)
2,978,266
137,209
Hologic (1)
11,729,700
756,800
ICU
Medical (1)
894,100
134,651
QuidelOrtho (1)
2,225,000
159,043
Teleflex (4)
2,525,000
508,687
2,250,043
Health
Care
Providers
&
Services
2.2%
Acadia
Healthcare (1)(4)
4,825,000
377,218
agilon
health (1)
1,323,429
30,995
Molina
Healthcare (1)
507,959
167,545
575,758
Health
Care
Technology
1.6%
Doximity,
Class
A (1)
2,000,000
60,440
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Multiplan (1)
14,993,500
42,881
Veeva
Systems,
Class
A (1)
1,869,800
308,293
411,614
Life
Sciences
Tools
&
Services
5.6%
Agilent
Technologies
4,691,800
570,288
Avantor (1)
16,500,000
323,400
Bruker
6,867,300
364,379
West
Pharmaceutical
Services
802,596
197,503
1,455,570
Pharmaceuticals
1.6%
Catalent (1)
5,300,000
383,508
Perrigo
875,000
31,202
414,710
Total
Health
Care
6,317,277
INDUSTRIALS
&
BUSINESS
SERVICES
16.9%
Aerospace
&
Defense
2.8%
BWX
Technologies
1,997,700
100,624
Textron (4)
10,750,000
626,295
726,919
Airlines
1.0%
Southwest
Airlines (1)
8,390,600
258,766
258,766
Commercial
Services
&
Supplies
0.5%
Waste
Connections
998,200
134,887
134,887
Electrical
Equipment
0.2%
Shoals
Technologies
Group,
Class
A (1)
2,488,900
53,636
53,636
Industrial
Conglomerates
0.9%
Roper
Technologies
645,500
232,148
232,148
Machinery
4.8%
Esab
2,978,266
99,355
Fortive
5,993,200
349,404
IDEX
998,800
199,610
Ingersoll
Rand
13,712,000
593,181
1,241,550
Professional
Services
4.7%
Clarivate (1)
10,000,000
93,900
CoStar
Group (1)
4,083,000
284,381
Equifax
1,675,000
287,145
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Leidos
Holdings
1,091,900
95,509
TransUnion
3,521,100
209,470
Verisk
Analytics
1,396,000
238,060
1,208,465
Road
&
Rail
1.6%
JB
Hunt
Transport
Services
2,647,000
414,044
414,044
Trading
Companies
&
Distributors
0.4%
United
Rentals (1)
399,600
107,940
107,940
Total
Industrials
&
Business
Services
4,378,355
INFORMATION
TECHNOLOGY
21.3%
Electronic
Equipment,
Instruments
&
Components
4.0%
Amphenol,
Class
A
2,729,900
182,794
Cognex
2,500,000
103,625
Corning
4,492,100
130,361
Keysight
Technologies (1)
2,588,400
407,311
Littelfuse
209,272
41,580
National
Instruments
4,450,000
167,943
1,033,614
IT
Services
1.6%
Broadridge
Financial
Solutions
596,700
86,116
FleetCor
Technologies (1)
1,748,000
307,945
MongoDB (1)
125,000
24,820
Thoughtworks
Holding (1)
515,123
5,403
424,284
Semiconductors
&
Semiconductor
Equipment
6.8%
KLA
1,273,600
385,429
Lattice
Semiconductor (1)
2,600,000
127,946
Marvell
Technology
11,500,000
493,465
Microchip
Technology
11,200,000
683,536
Wolfspeed (1)
598,200
61,830
1,752,206
Software
8.9%
Atlassian,
Class
A (1)
1,098,200
231,270
Bill.com
Holdings (1)
747,200
98,907
Black
Knight (1)
3,995,500
258,629
CCC
Intelligent
Solutions
Holdings (1)
14,750,000
134,225
Crowdstrike
Holdings,
Class
A (1)
1,148,000
189,202
DocuSign (1)
1,248,600
66,763
Fair
Isaac (1)
450,000
185,404
Fortinet (1)
7,991,000
392,598
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Paylocity
Holding (1)
773,600
186,886
PTC (1)
1,738,500
181,847
SentinelOne,
Class
A (1)
2,250,000
57,510
Synopsys (1)
1,000,000
305,510
2,288,751
Total
Information
Technology
5,498,855
MATERIALS
5.4%
Chemicals
0.8%
RPM
International
2,491,000
207,525
207,525
Construction
Materials
1.1%
Martin
Marietta
Materials
872,700
281,088
281,088
Containers
&
Packaging
3.5%
Avery
Dennison
1,893,200
308,024
Ball
7,491,600
361,994
Sealed
Air
5,320,400
236,811
906,829
Total
Materials
1,395,442
Total
Common
Stocks
(Cost
$18,713,238)
24,602,875
CONVERTIBLE
PREFERRED
STOCKS
0.6%
CONSUMER
DISCRETIONARY
0.1%
Internet
&
Direct
Marketing
Retail
0.1%
Maplebear
DBA
Instacart,
Series
E,
Acquisition
Date:
11/19/21,
Cost $57,556 (1)(2)(3)
478,699
23,207
Maplebear
DBA
Instacart,
Series
I,
Acquisition
Date:
2/26/21,
Cost $9,259 (1)(2)(3)
74,070
3,591
Total
Consumer
Discretionary
26,798
HEALTH
CARE
0.1%
Biotechnology
0.1%
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $26,556 (1)(2)(3)
3,278,524
21,573
Total
Health
Care
21,573
INFORMATION
TECHNOLOGY
0.2%
Software
0.2%
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $12,479 (1)
(2)(3)
211,074
11,671
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $19,735 (1)
(2)(3)
268,554
14,849
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $17,506 (1)(2)(3)
839,788
17,506
Total
Information
Technology
44,026
MATERIALS
0.2%
Chemicals
0.2%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $19,360 (1)(2)(3)
408,411
31,856
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $38,032 (1)(2)
(3)
921,478
28,723
Total
Materials
60,579
Total
Convertible
Preferred
Stocks
(Cost
$200,483)
152,976
SHORT-TERM
INVESTMENTS
4.6%
Money
Market
Funds
4.6%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.06% (4)(5)
1,198,060,011
1,198,060
Total
Short-Term
Investments
(Cost
$1,198,060)
1,198,060
Total
Investments
in
Securities
100.3%
(Cost
$20,111,781)
$
25,953,911
Other
Assets
Less
Liabilities
(0.3)%
(73,484)
Net
Assets
100.0%
$
25,880,427
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Level
3
in
fair
value
hierarchy.
(3)
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
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$306,225
and
represents
1.2%
of
net
assets.
(4)
Affiliated
Companies
(5)
Seven-day
yield
ADR
American
Depositary
Receipts
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
8
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
Acadia
Healthcare
$
6,307
$
83,598
$
—
Bruker
27,056
(251,097)
1,092
Casey's
General
Stores
32,599
(25,360)
1,914
Enovis
195
(25,662)
—
Esab
120
(38,322)
298
Hologic
34,919
(179,301)
—
Teleflex
2,349
(291,536)
2,320
Textron
10,356
(228,653)
694
TreeHouse
Foods
(27,376)
32,469
—
T.
Rowe
Price
Treasury
Reserve
Fund,
3.06%
—
—
10,457
Affiliates
not
held
at
period
end
384
(111,248)
—
Totals
$
86,909#
$
(1,035,112)
$
16,775+
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
9
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
Acadia
Healthcare
$
309,649
$
260
$
16,289
$
377,218
Bruker
629,325
490
14,339
*
Casey's
General
Stores
393,595
358
64,813
*
Colfax
412,572
366
301,690
—
Enovis
—
163,240
369
*
Esab
—
137,989
312
*
Hologic
1,008,157
910
72,966
*
Teleflex
*
94,983
992
508,687
Textron
896,848
785
42,685
626,295
TreeHouse
Foods
137,417
116
52,905
*
T.
Rowe
Price
Treasury
Reserve
Fund,
3.06%
1,208,662
¤
¤
1,198,060
Total
$
2,710,260^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$16,775
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
$2,045,826.
*
On
the
date
indicated,
issuer
was
held
but
not
considered
an
affiliated
company.
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
Unaudited
Notes
to
Portfolio
of
Investments
10
T.
Rowe
Price
Mid-Cap
Growth
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
Growth
Fund
11
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.
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
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
12
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):
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
September
30,
2022.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/
loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
September
30,
2022,
totaled $42,253,000 for
the
period ended
September
30,
2022.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
24,449,626
$
—
$
153,249
$
24,602,875
Convertible
Preferred
Stocks
—
—
152,976
152,976
Short-Term
Investments
1,198,060
—
—
1,198,060
Total
$
25,647,686
$
—
$
306,225
$
25,953,911
($000s)
Beginning
Balance
12/31/21
Gain
(Loss)
During
Period
Ending
Balance
9/30/22
Investment
in
Securities
Common
Stocks
$
61,632
$
91,617
$
153,249
Convertible
Preferred
Stocks
202,340
(49,364)
152,976
Total
$
263,972
$
42,253
$
306,225
T.
ROWE
PRICE
Mid-Cap
Growth
Fund
13
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,
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.
F64-054Q3
09/22