T.
ROWE
PRICE
Overseas
Stock
Fund
January
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
AUSTRALIA
5.4%
Common
Stocks
5.4%
Australia
&
New
Zealand
Banking
Group
5,640,175
100,375
BHP
Group
1,872,090
65,565
BHP
Group
(GBP)
4,890,309
171,521
Challenger
9,361,437
47,994
IGO
26,427,417
274,720
Macquarie
Group
862,786
115,103
Rio
Tinto
617,324
55,397
Scentre
Group
43,090,518
93,498
South32
30,051,667
96,434
Woodside
Energy
Group
(GBP)
883,684
22,882
Worley
11,597,793
127,317
Total
Australia
(Cost
$825,917
)
1,170,806
AUSTRIA
0.3%
Common
Stocks
0.3%
Erste
Group
Bank
1,622,776
61,575
Total
Austria
(Cost
$44,628
)
61,575
BELGIUM
0.5%
Common
Stocks
0.5%
Umicore
2,614,403
98,836
Total
Belgium
(Cost
$81,236
)
98,836
BRAZIL
0.2%
Common
Stocks
0.2%
XP,
Class
A
(USD) (1)
2,392,207
42,629
Total
Brazil
(Cost
$74,890
)
42,629
CANADA
4.0%
Common
Stocks
4.0%
Definity
Financial
1,207,821
32,543
Element
Fleet
Management
12,237,043
172,903
Magna
International
(USD) (2)
2,411,183
156,582
Manulife
Financial
5,419,100
107,238
National
Bank
of
Canada (2)
2,713,385
203,828
Sun
Life
Financial
4,003,805
201,191
Total
Canada
(Cost
$624,313
)
874,285
T.
ROWE
PRICE
Overseas
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
CHILE
0.7%
Common
Stocks
0.7%
Antofagasta
(GBP)
6,584,577
141,480
Total
Chile
(Cost
$79,728
)
141,480
CHINA
1.2%
Common
Stocks
1.2%
Alibaba
Group
Holding,
ADR
(USD) (1)
244,938
26,992
Beijing
Enterprises
Holdings
(HKD)
11,112,500
37,736
Meituan,
Class
B
(HKD) (1)
91,710
2,050
PICC
Property
&
Casualty,
Class
H
(HKD)
90,782,000
85,349
Ping
An
Insurance
Group,
Class
H
(HKD)
7,028,000
54,592
Tencent
Holdings
(HKD)
917,100
44,689
Total
China
(Cost
$233,492
)
251,408
DENMARK
0.3%
Common
Stocks
0.3%
Genmab (1)
153,200
60,038
Total
Denmark
(Cost
$48,543
)
60,038
FINLAND
1.4%
Common
Stocks
1.4%
Sampo,
Class
A
3,700,940
194,297
Stora
Enso,
Class
R
7,629,579
109,068
Total
Finland
(Cost
$230,880
)
303,365
FRANCE
11.3%
Common
Stocks
11.3%
Air
Liquide
1,039,489
165,514
AXA
10,463,075
326,438
BNP
Paribas
2,174,380
149,340
Engie
15,232,340
216,297
EssilorLuxottica
805,068
147,713
Ipsen
383,815
40,314
Kering
213,450
133,184
L'Oreal
486,182
200,750
Legrand
1,693,705
151,018
Safran
862,294
123,994
Sanofi
3,560,527
348,663
T.
ROWE
PRICE
Overseas
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Teleperformance
431,653
119,994
TotalEnergies
4,954,384
306,284
Total
France
(Cost
$1,957,645
)
2,429,503
GERMANY
9.6%
Common
Stocks
9.0%
BASF
1,931,921
110,768
Bayer
3,108,078
193,462
Covestro
2,025,718
93,273
Evotec (1)
2,148,159
42,239
Fresenius
3,384,465
98,085
KION
Group
1,867,798
75,210
Munich
Re
863,559
311,924
SAP
1,766,642
209,418
Siemens
3,179,961
496,727
Siemens
Healthineers
3,012,870
161,576
Stroeer (2)
827,934
45,396
Zalando (1)
2,020,736
94,237
1,932,315
Preferred
Stocks
0.6%
Dr
Ing
hc
F
Porsche (1)
1,090,840
129,699
129,699
Total
Germany
(Cost
$2,094,663
)
2,062,014
HONG
KONG
0.6%
Common
Stocks
0.6%
AIA
Group
5,758,600
65,116
Samsonite
International (1)
21,504,900
64,063
Total
Hong
Kong
(Cost
$84,616
)
129,179
INDIA
0.5%
Common
Stocks
0.5%
Housing
Development
Finance
3,235,319
104,387
Total
India
(Cost
$82,283
)
104,387
IRELAND
0.4%
Common
Stocks
0.4%
DCC
(GBP)
1,557,937
88,737
Total
Ireland
(Cost
$93,929
)
88,737
T.
ROWE
PRICE
Overseas
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
ITALY
1.6%
Common
Stocks
1.6%
Intesa
Sanpaolo
18,691,283
49,144
Moncler
2,111,560
132,158
Prysmian
3,856,397
157,486
Total
Italy
(Cost
$216,304
)
338,788
JAPAN
19.5%
Common
Stocks
19.5%
Asahi
Kasei
10,955,300
83,015
Astellas
Pharma
14,356,500
211,330
Central
Japan
Railway
608,000
74,161
CyberAgent
9,011,500
84,275
Denso
2,230,500
120,460
Electric
Power
Development
4,251,500
68,613
Hamamatsu
Photonics
1,856,300
99,183
Honda
Motor
1,732,000
42,844
Kirin
Holdings
4,152,000
63,981
Mitsubishi
3,133,300
104,921
Mitsubishi
Electric
13,986,600
154,143
Mitsubishi
HC
Capital
10,453,400
53,356
Mitsubishi
UFJ
Financial
Group
16,551,400
121,237
Mitsui
Fudosan
7,900,500
148,084
Murata
Manufacturing
2,154,900
123,132
Nippon
Telegraph
&
Telephone
12,838,200
384,960
NTT
Data
11,766,900
182,521
Omron
931,200
53,880
Otsuka
Holdings
2,689,500
86,280
Panasonic
11,296,900
104,760
Recruit
Holdings
3,613,500
116,211
Renesas
Electronics (1)
5,512,600
56,703
Seven
&
i
Holdings
4,238,000
200,088
SMC
100,800
51,197
SoftBank
Group
1,328,100
62,875
Sony
Group
2,006,200
179,257
Stanley
Electric
2,912,700
62,685
Sumitomo
6,844,800
122,864
Sumitomo
Mitsui
Trust
Holdings
2,000,267
72,867
Suzuki
Motor
2,490,900
93,389
TechnoPro
Holdings
4,132,400
128,663
THK
2,166,900
45,987
Tokio
Marine
Holdings
9,101,900
190,637
T.
ROWE
PRICE
Overseas
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
Tokyo
Electron
343,700
120,131
Tosoh
1,011,100
13,229
Toyota
Motor
15,174,800
222,853
Welcia
Holdings
1,925,500
43,036
Z
Holdings
21,124,600
61,467
Total
Japan
(Cost
$3,622,826
)
4,209,275
NETHERLANDS
4.5%
Common
Stocks
4.5%
Adyen (1)
30,912
46,736
Akzo
Nobel
1,531,277
114,057
ASML
Holding
526,525
348,374
Heineken
903,372
90,282
ING
Groep
19,022,483
275,451
Koninklijke
Philips
5,446,911
94,043
Total
Netherlands
(Cost
$773,873
)
968,943
NORWAY
2.8%
Common
Stocks
2.8%
DNB
Bank
11,692,347
218,642
Equinor (2)
8,513,371
259,459
Storebrand
14,147,617
123,163
Total
Norway
(Cost
$456,767
)
601,264
SINGAPORE
1.9%
Common
Stocks
1.9%
DBS
Group
Holdings
3,496,700
95,727
United
Overseas
Bank
7,519,600
170,925
Wilmar
International
48,440,300
150,602
Total
Singapore
(Cost
$321,145
)
417,254
SOUTH
KOREA
1.7%
Common
Stocks
1.7%
KT (1)
2,677,495
76,297
NAVER
361,981
60,135
Samsung
Electronics
4,701,267
234,171
Total
South
Korea
(Cost
$243,073
)
370,603
T.
ROWE
PRICE
Overseas
Stock
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
SPAIN
0.4%
Common
Stocks
0.4%
Amadeus
IT
Group,
Class
A (1)
1,557,239
98,112
Total
Spain
(Cost
$80,698
)
98,112
SWEDEN
2.1%
Common
Stocks
2.1%
Autoliv,
SDR (2)
1,037,370
95,417
Elekta,
Class
B
10,198,130
74,230
Svenska
Handelsbanken,
Class
A
13,709,489
142,963
Telefonaktiebolaget
LM
Ericsson,
Class
B
24,056,473
139,539
Total
Sweden
(Cost
$550,581
)
452,149
SWITZERLAND
9.2%
Common
Stocks
9.2%
ABB
5,977,710
208,118
Alcon
838,048
63,238
Barry
Callebaut
43,596
91,086
Julius
Baer
Group
1,908,008
122,388
Nestle
5,242,070
639,580
Novartis
3,326,321
300,730
Roche
Holding
1,126,858
351,772
Zurich
Insurance
Group
421,123
208,257
Total
Switzerland
(Cost
$1,513,676
)
1,985,169
TAIWAN
2.0%
Common
Stocks
2.0%
Largan
Precision
519,000
37,036
Taiwan
Semiconductor
Manufacturing
22,644,089
399,596
Total
Taiwan
(Cost
$172,032
)
436,632
UNITED
KINGDOM
13.2%
Common
Stocks
13.2%
Amcor,
CDI
(AUD)
5,680,495
67,855
Ashtead
Group
2,161,546
142,379
ASOS (1)(2)
2,815,598
30,463
AstraZeneca,
ADR
(USD)
4,311,000
281,810
Bridgepoint
Group
16,507,224
48,989
Bunzl
2,203,067
80,877
T.
ROWE
PRICE
Overseas
Stock
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
Compass
Group
7,722,629
184,478
Diageo
4,227,232
184,840
Direct
Line
Insurance
Group
18,745,493
41,102
Dr.
Martens
12,683,483
24,309
Great
Portland
Estates
9,437,615
66,385
GSK,
ADR
(USD) (2)
2,638,404
93,030
Johnson
Matthey
3,727,835
104,129
Kingfisher
42,780,053
147,588
Lloyds
Banking
Group
174,487,096
113,556
Melrose
Industries
65,331,342
115,190
National
Grid
10,801,254
137,315
Next
1,348,310
110,392
Persimmon
4,310,369
75,282
Shell,
ADR
(USD)
2,429,537
142,881
Standard
Chartered
8,043,824
67,565
Unilever
6,546,884
333,231
Vodafone
Group,
ADR
(USD)
8,825,904
102,204
WPP
13,366,374
156,169
Total
United
Kingdom
(Cost
$3,158,319
)
2,852,019
UNITED
STATES
1.8%
Common
Stocks
1.8%
Broadcom
351,885
205,856
NXP
Semiconductors
995,266
183,438
Total
United
States
(Cost
$106,654
)
389,294
SHORT-TERM
INVESTMENTS
2.7%
Money
Market
Funds
2.7%
T.
Rowe
Price
Government
Reserve
Fund,
4.36% (3)(4)
579,987,395
579,988
Total
Short-Term
Investments
(Cost
$579,988)
579,988
T.
ROWE
PRICE
Overseas
Stock
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
SECURITIES
LENDING
COLLATERAL
0.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
4.36% (3)(4)
46,786,129
46,786
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
46,786
Total
Securities
Lending
Collateral
(Cost
$46,786)
46,786
Total
Investments
in
Securities
100.0%
(Cost
$18,399,485)
$
21,564,518
Other
Assets
Less
Liabilities
0.0%
7,414
Net
Assets
100.0%
$
21,571,932
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Shares
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
(1)
Non-income
producing
(2)
All
or
a
portion
of
this
security
is
on
loan
at
January
31,
2023.
(3)
Seven-day
yield
(4)
Affiliated
Companies
ADR
American
Depositary
Receipts
AUD
Australian
Dollar
CDI
CHESS
or
CREST
Depositary
Interest
GBP
British
Pound
HKD
Hong
Kong
Dollar
SDR
Swedish
Depository
Receipts
USD
U.S.
Dollar
T.
ROWE
PRICE
Overseas
Stock
Fund
9
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
January
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
T.
Rowe
Price
Government
Reserve
Fund,
4.36%
$
—
$
—
$
4,797++
Totals
$
—#
$
—
$
4,797+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/22
Purchase
Cost
Sales
Cost
Value
01/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.36%
$
627,586
¤
¤
$
626,774
Total
$
626,774^
#
Capital
gain
distributions
from
underlying
Price
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
$4,797
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
$626,774.
T.
ROWE
PRICE
Overseas
Stock
Fund
Unaudited
Notes
to
Portfolio
of
Investments
10
T.
Rowe
Price
Overseas
Stock
Fund (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)
T.
ROWE
PRICE
Overseas
Stock
Fund
11
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s 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 Valuation
Designee
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
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
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 Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
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
Overseas
Stock
Fund
12
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 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
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
January
31,
2023
(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
$
1,235,422
$
19,572,623
$
—
$
20,808,045
Preferred
Stocks
—
129,699
—
129,699
Short-Term
Investments
579,988
—
—
579,988
Securities
Lending
Collateral
46,786
—
—
46,786
Total
$
1,862,196
$
19,702,322
$
—
$
21,564,518
T.
ROWE
PRICE
Overseas
Stock
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
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.
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.
F165-054Q1
01/23