T.

ROWE

PRICE

Mid-Cap

Growth

Fund

March

31,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

95.7%

COMMUNICATION

SERVICES

3.6%

Entertainment

1.9%

Liberty

Media-Liberty

Formula

One,

Class

C (1)

4,693,000‌

351,177‌

Spotify

Technology (1)

1,500,000‌

200,430‌

551,607‌

Interactive

Media

&

Services

0.2%

Match

Group (1)

1,246,700‌

47,861‌

47,861‌

Media

1.5%

Trade

Desk,

Class

A (1)

7,148,300‌

435,403‌

435,403‌

Total

Communication

Services

1,034,871‌

CONSUMER

DISCRETIONARY

11.2%

Automobile

Components

0.1%

Mobileye

Global,

Class

A (1)

493,030‌

21,333‌

21,333‌

Diversified

Consumer

Services

0.5%

Bright

Horizons

Family

Solutions (1)

1,500,000‌

115,485‌

Clear

Secure,

Class

A 

1,695,500‌

44,371‌

159,856‌

Hotels,

Restaurants

&

Leisure

5.6%

Caesars

Entertainment (1)

850,000‌

41,489‌

Chipotle

Mexican

Grill (1)

99,900‌

170,658‌

Domino's

Pizza 

850,000‌

280,389‌

Hilton

Worldwide

Holdings 

3,100,000‌

436,697‌

MGM

Resorts

International 

10,325,000‌

458,636‌

Vail

Resorts 

549,400‌

128,384‌

Yum!

Brands 

747,900‌

98,783‌

1,615,036‌

Specialty

Retail

4.7%

Bath

&

Body

Works 

4,500,000‌

164,610‌

Burlington

Stores (1)

2,742,900‌

554,340‌

Five

Below (1)

1,098,300‌

226,217‌

O'Reilly

Automotive (1)

274,800‌

233,300‌

Ross

Stores 

1,625,000‌

172,461‌

1,350,928‌

Textiles,

Apparel

&

Luxury

Goods

0.3%

Lululemon

Athletica (1)

184,651‌

67,248‌

T.

ROWE

PRICE

Mid-Cap

Growth

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

On

Holding,

Class

A (1)

400,000‌

12,412‌

79,660‌

Total

Consumer

Discretionary

3,226,813‌

CONSUMER

STAPLES

4.1%

Beverages

0.4%

Boston

Beer,

Class

A (1)

325,000‌

106,828‌

106,828‌

Consumer

Staples

Distribution

&

Retail

2.8%

Casey's

General

Stores 

1,248,300‌

270,207‌

Dollar

General 

1,000,000‌

210,460‌

Dollar

Tree (1)

2,400,000‌

344,520‌

825,187‌

Food

Products

0.5%

TreeHouse

Foods (1)

2,753,310‌

138,849‌

138,849‌

Household

Products

0.4%

Reynolds

Consumer

Products 

3,960,700‌

108,919‌

108,919‌

Total

Consumer

Staples

1,179,783‌

ENERGY

3.2%

Oil,

Gas

&

Consumable

Fuels

3.2%

Cheniere

Energy 

1,197,600‌

188,742‌

Coterra

Energy 

5,750,000‌

141,105‌

Devon

Energy 

1,497,900‌

75,809‌

EQT 

1,750,000‌

55,842‌

Pioneer

Natural

Resources 

1,450,000‌

296,148‌

Venture

Global

LNG,

Series

B,

Acquisition

Date:

3/8/18,

Cost $4,038 (1)(2)(3)

1,337‌

22,901‌

Venture

Global

LNG,

Series

C,

Acquisition

Date:

10/16/17

-

3/8/18,

Cost $33,184 (1)(2)(3)

9,021‌

154,515‌

Total

Energy

935,062‌

FINANCIALS

7.5%

Capital

Markets

4.6%

Cboe

Global

Markets 

400,000‌

53,696‌

Intercontinental

Exchange 

2,500,000‌

260,725‌

KKR 

6,504,600‌

341,622‌

MarketAxess

Holdings 

735,000‌

287,598‌

Raymond

James

Financial 

992,700‌

92,589‌

Tradeweb

Markets,

Class

A 

3,611,600‌

285,389‌

1,321,619‌

T.

ROWE

PRICE

Mid-Cap

Growth

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Financial

Services

1.3%

FleetCor

Technologies (1)

1,743,500‌

367,617‌

367,617‌

Insurance

1.6%

Assurant 

2,196,600‌

263,746‌

Axis

Capital

Holdings 

2,000,000‌

109,040‌

Kemper 

1,000,000‌

54,660‌

Markel (1)

33,000‌

42,154‌

469,600‌

Total

Financials

2,158,836‌

HEALTH

CARE

24.5%

Biotechnology

4.6%

Alnylam

Pharmaceuticals (1)

1,500,000‌

300,480‌

Apellis

Pharmaceuticals (1)

1,200,000‌

79,152‌

Argenx,

ADR (1)

349,700‌

130,291‌

Ascendis

Pharma,

ADR (1)

900,000‌

96,498‌

CRISPR

Therapeutics (1)

1,200,000‌

54,276‌

Exact

Sciences (1)

1,447,000‌

98,121‌

Horizon

Therapeutics (1)

1,500,000‌

163,710‌

Ionis

Pharmaceuticals (1)

4,748,900‌

169,726‌

Karuna

Therapeutics (1)

500,000‌

90,820‌

Seagen (1)

800,000‌

161,976‌

1,345,050‌

Health

Care

Equipment

&

Supplies

9.5%

Alcon 

3,135,800‌

221,199‌

Cooper 

949,800‌

354,617‌

DENTSPLY

SIRONA 

2,496,700‌

98,070‌

Enovis (1)

3,249,200‌

173,800‌

Hologic (1)

10,747,500‌

867,323‌

ICU

Medical (1)

860,200‌

141,899‌

Novocure (1)

749,800‌

45,093‌

QuidelOrtho (1)

1,994,800‌

177,717‌

Teleflex (4)

2,593,500‌

656,960‌

2,736,678‌

Health

Care

Providers

&

Services

1.5%

Acadia

Healthcare (1)

3,599,100‌

260,035‌

agilon

health (1)

1,319,729‌

31,343‌

Molina

Healthcare (1)

575,000‌

153,807‌

445,185‌

Health

Care

Technology

1.6%

Doximity,

Class

A (1)

1,994,700‌

64,588‌

T.

ROWE

PRICE

Mid-Cap

Growth

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Veeva

Systems,

Class

A (1)

2,197,000‌

403,787‌

468,375‌

Life

Sciences

Tools

&

Services

6.1%

Agilent

Technologies 

4,593,100‌

635,409‌

Avantor (1)

16,750,000‌

354,095‌

Bruker 

6,175,000‌

486,837‌

West

Pharmaceutical

Services 

800,796‌

277,452‌

1,753,793‌

Pharmaceuticals

1.2%

Catalent (1)

5,142,500‌

337,914‌

337,914‌

Total

Health

Care

7,086,995‌

INDUSTRIALS

&

BUSINESS

SERVICES

17.0%

Aerospace

&

Defense

2.6%

BWX

Technologies 

1,746,600‌

110,106‌

Textron 

9,049,105‌

639,138‌

749,244‌

Commercial

Services

&

Supplies

0.4%

Waste

Connections 

798,900‌

111,103‌

111,103‌

Electrical

Equipment

0.2%

Shoals

Technologies

Group,

Class

A (1)

2,482,500‌

56,576‌

56,576‌

Ground

Transportation

1.5%

JB

Hunt

Transport

Services 

2,496,300‌

438,001‌

438,001‌

Industrial

Conglomerates

1.0%

Roper

Technologies 

644,300‌

283,937‌

283,937‌

Machinery

5.2%

Esab 

3,127,582‌

184,747‌

Fortive 

5,978,100‌

407,527‌

IDEX 

996,300‌

230,175‌

Ingersoll

Rand 

11,982,400‌

697,136‌

1,519,585‌

Passenger

Airlines

1.0%

Southwest

Airlines 

8,983,000‌

292,307‌

292,307‌

Professional

Services

4.6%

Broadridge

Financial

Solutions 

1,098,500‌

161,007‌

T.

ROWE

PRICE

Mid-Cap

Growth

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

CoStar

Group (1)

3,690,600‌

254,098‌

Equifax 

1,849,500‌

375,152‌

Leidos

Holdings 

350,000‌

32,221‌

TransUnion 

4,000,000‌

248,560‌

Verisk

Analytics 

1,392,300‌

267,127‌

1,338,165‌

Trading

Companies

&

Distributors

0.5%

United

Rentals 

398,900‌

157,869‌

157,869‌

Total

Industrials

&

Business

Services

4,946,787‌

INFORMATION

TECHNOLOGY

19.5%

Electronic

Equipment,

Instruments

&

Components

3.4%

Amphenol,

Class

A 

2,722,800‌

222,507‌

Cognex 

2,493,600‌

123,558‌

Corning 

1,999,500‌

70,542‌

Keysight

Technologies (1)

2,581,800‌

416,909‌

Littelfuse 

208,872‌

55,997‌

National

Instruments 

1,750,000‌

91,718‌

981,231‌

IT

Services

0.2%

MongoDB (1)

249,500‌

58,163‌

58,163‌

Semiconductors

&

Semiconductor

Equipment

6.9%

KLA 

699,900‌

279,379‌

Lattice

Semiconductor (1)

2,100,000‌

200,550‌

Marvell

Technology 

12,983,100‌

562,168‌

Microchip

Technology 

11,000,000‌

921,580‌

NXP

Semiconductors 

249,700‌

46,563‌

2,010,240‌

Software

9.0%

Atlassian,

Class

A (1)

749,800‌

128,343‌

BILL

Holdings (1)

925,000‌

75,055‌

Black

Knight (1)

4,000,000‌

230,240‌

CCC

Intelligent

Solutions

Holdings (1)

14,713,400‌

131,979‌

Confluent,

Class

A (1)

998,400‌

24,031‌

Crowdstrike

Holdings,

Class

A (1)

1,847,500‌

253,588‌

Fair

Isaac (1)

400,000‌

281,076‌

Fortinet (1)

7,750,000‌

515,065‌

HashiCorp,

Class

A (1)

498,400‌

14,598‌

Palo

Alto

Networks (1)

375,000‌

74,903‌

Paylocity

Holding (1)

1,150,000‌

228,597‌

PTC (1)

2,000,000‌

256,460‌

T.

ROWE

PRICE

Mid-Cap

Growth

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Synopsys (1)

1,000,000‌

386,250‌

2,600,185‌

Total

Information

Technology

5,649,819‌

MATERIALS

5.1%

Chemicals

0.6%

RPM

International 

1,996,000‌

174,131‌

174,131‌

Construction

Materials

1.1%

Martin

Marietta

Materials 

870,800‌

309,186‌

309,186‌

Containers

&

Packaging

3.4%

Avery

Dennison 

1,888,200‌

337,855‌

Ball 

7,472,800‌

411,826‌

Sealed

Air 

5,306,900‌

243,640‌

993,321‌

Total

Materials

1,476,638‌

Total

Common

Stocks

(Cost

$18,118,441)

27,695,604‌

CONVERTIBLE

PREFERRED

STOCKS

0.4%

CONSUMER

STAPLES

0.0%

Consumer

Staples

Distribution

&

Retail

0.0%

Maplebear

DBA

Instacart,

Series

E,

Acquisition

Date:

11/19/21,

Cost $57,556 (1)(2)(3)

478,699‌

17,712‌

Maplebear

DBA

Instacart,

Series

I,

Acquisition

Date:

2/26/21,

Cost $9,259 (1)(2)(3)

74,070‌

2,741‌

Total

Consumer

Staples

20,453‌

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

0.1%

Software

0.1%

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $18,583 (1)

(2)(3)

252,883‌

15,173‌

Nuro,

Series

D,

Acquisition

Date:

10/29/21,

Cost $17,506 (1)(2)(3)

839,788‌

11,656‌

Total

Information

Technology

26,829‌

T.

ROWE

PRICE

Mid-Cap

Growth

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

‡

MATERIALS

0.2%

Chemicals

0.2%

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $19,360 (1)(2)(3)

408,411‌

20,678‌

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $38,032 (1)(2)

(3)

921,478‌

28,722‌

Total

Materials

49,400‌

Total

Convertible

Preferred

Stocks

(Cost

$186,852)

118,255‌

SHORT-TERM

INVESTMENTS

3.6%

Money

Market

Funds

3.6%

T.

Rowe

Price

Treasury

Reserve

Fund,

4.83% (4)(5)

1,051,893,380‌

1,051,893‌

Total

Short-Term

Investments

(Cost

$1,051,893)

1,051,893‌

Total

Investments

in

Securities

99.7%

(Cost

$19,357,186)

$

28,865,752‌

Other

Assets

Less

Liabilities

0.3%

81,229‌

Net

Assets

100.0%

$

28,946,981‌

‡

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

$295,671

and

represents

1.0%

of

net

assets.

(4)

Affiliated

Companies

(5)

Seven-day

yield

ADR

American

Depositary

Receipts

T.

ROWE

PRICE

Mid-Cap

Growth

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

three

months

ended

March

31,

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

Teleflex 

$

523‌

$

8,983‌

$

882‌

T.

Rowe

Price

Treasury

Reserve

Fund,

4.83%

—‌

—‌

12,347‌

Totals

$

523‌#

$

8,983‌

$

13,229‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

03/31/23

Teleflex 

$

648,264‌

$

—‌

$

287‌

$

656,960‌

T.

Rowe

Price

Treasury

Reserve

Fund,

4.83%

1,068,456‌

 ¤

 ¤

1,051,893‌

Total

$

1,708,853‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$13,229

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

$1,393,684.

T.

ROWE

PRICE

Mid-Cap

Growth

Fund

Unaudited

Notes

to

Portfolio

of

Investments

9

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

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

Mid-Cap

Growth

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.

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

11

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

March

31,

2023

(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

March

31,

2023.

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

March

31,

2023,

totaled $6,644,000 for

the

period ended

March

31,

2023.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

27,518,188‌

$

—‌

$

177,416‌

$

27,695,604‌

Convertible

Preferred

Stocks

—‌

—‌

118,255‌

118,255‌

Short-Term

Investments

1,051,893‌

—‌

—‌

1,051,893‌

Total

$

28,570,081‌

$

—‌

$

295,671‌

$

28,865,752‌

($000s)

Beginning

Balance

12/31/22

Gain

(Loss)

During

Period

Ending

Balance

3/31/23

Investment

in

Securities

Common

Stocks

$

153,249‌

$

24,167‌

$

177,416‌

Convertible

Preferred

Stocks

135,778‌

(17,523‌)

118,255‌

Total

$

289,027‌

$

6,644‌

$

295,671‌

T.

ROWE

PRICE

Mid-Cap

Growth

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.

F64-054Q1

03/23