T.

ROWE

PRICE

Blue

Chip

Growth

Fund

March

31,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(Cost

and

value

in

$000s)

‡

COMMON

STOCKS

99.8%

COMMUNICATION

SERVICES

21.0%

Entertainment

2.9%

Netflix (1)

2,959,739‌

1,108,688‌

Sea,

ADR (1)

7,374,770‌

883,424‌

Spotify

Technology (1)

1,256,916‌

189,819‌

Walt

Disney (1)

2,196,600‌

301,286‌

2,483,217‌

Interactive

Media

&

Services

17.9%

Alphabet,

Class

A (1)

301,403‌

838,307‌

Alphabet,

Class

C (1)

3,151,139‌

8,801,100‌

Meta

Platforms,

Class

A (1)

19,453,741‌

4,325,734‌

Pinterest,

Class

A (1)

8,578,977‌

211,128‌

Snap,

Class

A (1)

25,687,378‌

924,489‌

Tencent

Holdings

(HKD) 

8,075,940‌

372,255‌

15,473,013‌

Wireless

Telecommunication

Services

0.2%

T-Mobile

U.S. (1)

1,590,494‌

204,140‌

204,140‌

Total

Communication

Services

18,160,370‌

CONSUMER

DISCRETIONARY

21.2%

Automobiles

4.4%

Rivian

Automotive,

Acquisition

Date:

1/19/21

-

7/23/21,

Cost $519,491 (1)(2)

10,555,351‌

503,786‌

Rivian

Automotive,

Class

A (1)(3)

4,226,064‌

212,317‌

Tesla (1)

2,900,157‌

3,125,209‌

3,841,312‌

Hotels,

Restaurants

&

Leisure

1.5%

Booking

Holdings (1)

198,432‌

466,008‌

Chipotle

Mexican

Grill (1)

410,197‌

648,944‌

Starbucks 

1,877,756‌

170,819‌

1,285,771‌

Internet

&

Direct

Marketing

Retail

11.6%

Amazon.com (1)

2,893,221‌

9,431,756‌

DoorDash,

Class

A (1)

4,831,475‌

566,200‌

JD.com,

Class

A

(HKD) (1)

394,506‌

11,196‌

10,009,152‌

Multiline

Retail

0.7%

Dollar

General 

2,749,757‌

612,178‌

612,178‌

T.

ROWE

PRICE

Blue

Chip

Growth

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Specialty

Retail

1.5%

Carvana (1)(3)(4)

4,727,419‌

563,934‌

Ross

Stores 

6,195,671‌

560,460‌

TJX 

2,338,547‌

141,669‌

1,266,063‌

Textiles,

Apparel

&

Luxury

Goods

1.5%

Lululemon

Athletica (1)

1,878,234‌

685,988‌

NIKE,

Class

B 

4,698,351‌

632,210‌

1,318,198‌

Total

Consumer

Discretionary

18,332,674‌

FINANCIALS

2.7%

Capital

Markets

2.2%

Charles

Schwab 

5,319,643‌

448,499‌

Goldman

Sachs

Group 

2,430,709‌

802,377‌

MSCI 

214,012‌

107,623‌

S&P

Global 

1,394,820‌

572,127‌

1,930,626‌

Insurance

0.5%

Chubb 

1,393,635‌

298,098‌

Marsh

&

McLennan 

1,024,836‌

174,653‌

472,751‌

Total

Financials

2,403,377‌

HEALTH

CARE

10.1%

Health

Care

Equipment

&

Supplies

2.8%

Align

Technology (1)

380,139‌

165,741‌

Intuitive

Surgical (1)

4,459,150‌

1,345,236‌

Stryker 

2,539,289‌

678,879‌

Teleflex 

674,312‌

239,266‌

2,429,122‌

Health

Care

Providers

&

Services

3.1%

HCA

Healthcare 

1,824,988‌

457,378‌

Humana 

749,419‌

326,125‌

UnitedHealth

Group 

3,747,501‌

1,911,113‌

2,694,616‌

Health

Care

Technology

0.3%

Veeva

Systems,

Class

A (1)

1,025,123‌

217,798‌

217,798‌

Life

Sciences

Tools

&

Services

1.8%

Danaher 

3,448,751‌

1,011,622‌

T.

ROWE

PRICE

Blue

Chip

Growth

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Thermo

Fisher

Scientific 

928,449‌

548,389‌

1,560,011‌

Pharmaceuticals

2.1%

AstraZeneca,

ADR 

3,576,050‌

237,235‌

Eli

Lilly 

3,937,028‌

1,127,447‌

Zoetis 

2,586,100‌

487,713‌

1,852,395‌

Total

Health

Care

8,753,942‌

INDUSTRIALS

&

BUSINESS

SERVICES

1.1%

Commercial

Services

&

Supplies

0.1%

Cintas 

260,848‌

110,962‌

110,962‌

Industrial

Conglomerates

0.8%

General

Electric 

2,795,910‌

255,826‌

Roper

Technologies 

945,894‌

446,679‌

702,505‌

Professional

Services

0.2%

TransUnion 

1,428,658‌

147,638‌

147,638‌

Total

Industrials

&

Business

Services

961,105‌

INFORMATION

TECHNOLOGY

43.3%

Electronic

Equipment,

Instruments

&

Components

0.2%

TE

Connectivity 

1,108,475‌

145,188‌

145,188‌

IT

Services

7.9%

Adyen

(EUR) (1)

63,070‌

124,923‌

Affirm

Holdings (1)(3)

2,978,261‌

137,834‌

ANT

International,

Class

C,

Acquisition

Date:

6/7/18,

Cost $104,886 (1)(2)(5)

27,519,082‌

78,429‌

Block,

Class

A (1)

3,423,722‌

464,257‌

Mastercard,

Class

A 

4,954,791‌

1,770,743‌

MongoDB (1)

1,265,403‌

561,320‌

PayPal

Holdings (1)

4,674,423‌

540,597‌

Shopify,

Class

A (1)

725,701‌

490,545‌

Snowflake,

Class

A (1)

917,615‌

210,253‌

Twilio,

Class

A (1)

509,160‌

83,915‌

Visa,

Class

A 

10,519,133‌

2,332,828‌

6,795,644‌

Semiconductors

&

Semiconductor

Equipment

7.0%

Advanced

Micro

Devices (1)

8,528,367‌

932,492‌

ASML

Holding 

1,052,678‌

703,115‌

T.

ROWE

PRICE

Blue

Chip

Growth

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

‡

Marvell

Technology 

5,446,423‌

390,563‌

Monolithic

Power

Systems 

690,131‌

335,183‌

NVIDIA 

10,887,682‌

2,970,813‌

Taiwan

Semiconductor

Manufacturing,

ADR 

2,645,943‌

275,866‌

Texas

Instruments 

2,225,362‌

408,309‌

6,016,341‌

Software

19.5%

Atlassian,

Class

A (1)

1,823,492‌

535,797‌

Bill.com

Holdings (1)

2,360,909‌

535,431‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $99,124 (1)(2)

(5)

58,155‌

79,382‌

Confluent,

Class

A (1)(3)

2,988,400‌

122,524‌

Crowdstrike

Holdings,

Class

A (1)

473,186‌

107,451‌

Datadog,

Class

A (1)

1,455,397‌

220,449‌

DocuSign (1)

1,916,166‌

205,260‌

Fortinet (1)

1,747,708‌

597,262‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $32,574 (1)(2)(5)

1,131,497‌

32,533‌

HashiCorp,

Class

A (1)(3)

785,955‌

42,442‌

Intuit 

2,892,183‌

1,390,677‌

Microsoft 

32,534,865‌

10,030,824‌

Paycom

Software (1)

197,610‌

68,448‌

ServiceNow (1)

3,475,633‌

1,935,545‌

Synopsys (1)

2,737,169‌

912,216‌

16,816,241‌

Technology

Hardware,

Storage

&

Peripherals

8.7%

Apple 

43,100,094‌

7,525,707‌

7,525,707‌

Total

Information

Technology

37,299,121‌

MATERIALS

0.3%

Chemicals

0.3%

Linde 

766,208‌

244,750‌

Sherwin-Williams 

180,762‌

45,122‌

Total

Materials

289,872‌

REAL

ESTATE

0.1%

Real

Estate

Management

&

Development

0.1%

Opendoor

Technologies,

Class

A (1)

14,076,800‌

121,764‌

Total

Real

Estate

121,764‌

Total

Common

Stocks

(Cost

$42,306,703)

86,322,225‌

T.

ROWE

PRICE

Blue

Chip

Growth

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

‡

CONVERTIBLE

PREFERRED

STOCKS

0.2%

INFORMATION

TECHNOLOGY

0.2%

Software

0.2%

Canva,

Series

A,

Acquisition

Date:

11/4/21

-

12/17/21,

Cost $6,254 (1)(2)(5)

3,669‌

5,008‌

Canva,

Series

A-3,

Acquisition

Date:

11/4/21

-

12/17/21,

Cost $699 (1)(2)(5)

410‌

560‌

Canva,

Series

A-4,

Acquisition

Date:

11/4/21

-

12/17/21,

Cost $77 (1)(2)(5)

45‌

61‌

Canva,

Series

A-5,

Acquisition

Date:

11/4/21,

Cost $13 (1)(2)(5)

8‌

11‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $31,087 (1)

(2)(5)

175,270‌

29,074‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $93,418 (1)

(2)(5)

423,756‌

70,292‌

Gusto,

Series

E,

Acquisition

Date:

7/31/21,

Cost $46,366 (1)(2)(5)

1,525,418‌

46,366‌

Total

Information

Technology

151,372‌

Total

Convertible

Preferred

Stocks

(Cost

$177,914)

151,372‌

SHORT-TERM

INVESTMENTS

0.0%

Money

Market

Funds

0.0%

T.

Rowe

Price

Government

Reserve

Fund,

0.29% (4)(6)

26,019,968‌

26,020‌

Total

Short-Term

Investments

(Cost

$26,020)

26,020‌

SECURITIES

LENDING

COLLATERAL

0.3%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

0.3%

Money

Market

Funds

0.3%

T.

Rowe

Price

Government

Reserve

Fund,

0.29% (4)(6)

249,590,441‌

249,590‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

249,590‌

Total

Securities

Lending

Collateral

(Cost

$249,590)

249,590‌

Total

Investments

in

Securities

100.3%

(Cost

$42,760,227)

$

86,749,207‌

Other

Assets

Less

Liabilities

(0.3)%

(277,077‌)

Net

Assets

100.0%

$

86,472,130‌

‡

Shares

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Non-income

producing

T.

ROWE

PRICE

Blue

Chip

Growth

Fund

6

.

.

.

.

.

.

.

.

.

.

(2)

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

$845,502

and

represents

1.0%

of

net

assets.

(3)

All

or

a

portion

of

this

security

is

on

loan

at

March

31,

2022.

(4)

Affiliated

Companies

(5)

Level

3

in

fair

value

hierarchy.

(6)

Seven-day

yield

ADR

American

Depositary

Receipts

EUR

Euro

HKD

Hong

Kong

Dollar

T.

ROWE

PRICE

Blue

Chip

Growth

Fund

7

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,

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

Carvana 

$

(222‌)

$

(494,111‌)

$

—‌

T.

Rowe

Price

Government

Reserve

Fund,

0.29%

—‌

—‌

31‌++

Totals

$

(222‌)#

$

(494,111‌)

$

31‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/21

Purchase

Cost

Sales

Cost

Value

03/31/22

Carvana 

$

*

$

82,919‌

$

1,734‌

$

563,934‌

T.

Rowe

Price

Government

Reserve

Fund,

0.29%

139,810‌

 ¤

 ¤

275,610‌

Total

$

839,544‌^

#

Capital

gain

distributions

from

mutual

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

$31

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

$1,567,011.

*

On

the

date

indicated,

issuer

was

held

but

not

considered

an

affiliated

company.

T.

ROWE

PRICE

Blue

Chip

Growth

Fund

Unaudited

Notes

to

Portfolio

of

Investments

8

T.

Rowe

Price

Blue

Chip

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

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

Blue

Chip

Growth

Fund

9

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 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the

fund

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

its

portfolio

securities.

Each

business

day,

the

fund

uses

information

from

outside

pricing

services

to

evaluate

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The

fund

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The

fund

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

T.

ROWE

PRICE

Blue

Chip

Growth

Fund

10

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.

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

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.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2022

(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

$

85,119,721‌

$

1,012,160‌

$

190,344‌

$

86,322,225‌

Convertible

Preferred

Stocks

—‌

—‌

151,372‌

151,372‌

Short-Term

Investments

26,020‌

—‌

—‌

26,020‌

Securities

Lending

Collateral

249,590‌

—‌

—‌

249,590‌

Total

$

85,395,331‌

$

1,012,160‌

$

341,716‌

$

86,749,207‌

T.

ROWE

PRICE

Blue

Chip

Growth

Fund

11

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.

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, 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.

F93-054Q1

03/22