We are deeply saddened by the senseless acts of violence caused by the invasion of Ukraine and the devastating impact it has had on people across the region. The T. Rowe Price Foundation will donate U.S. $500,000 to the United Nations Foundation to support organizations providing humanitarian assistance in the region.

We are in compliance with sanctions against Russia, including those issued by the United States, the United Kingdom, and the European Union. For the foreseeable future, we will also refrain from investing in select Russian and Belarusian securities that we have added to our human rights violators list. This list includes securities that fall under the category of “providing support to the Russian or Belarusian government.” The firm is monitoring this situation closely, both to ensure we comply with evolving sanctions and to uphold our fiduciary responsibilities to our clients. We will continue to provide our clients with robust market commentary and perspectives to help them navigate through market volatility and learn more about how we are managing investment portfolios.