T.
ROWE
PRICE
Overseas
Stock
Fund
July
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
AUSTRALIA
4.7%
Common
Stocks
4.7%
ANZ
Group
Holdings
5,619,741
97,498
BHP
Group
1,865,307
58,052
BHP
Group
(GBP)
4,872,592
151,791
Challenger
9,327,522
45,084
IGO
26,331,674
246,050
Macquarie
Group
914,545
107,852
Rio
Tinto
615,088
48,706
Scentre
Group
58,759,681
111,191
South32
32,364,468
85,222
Worley
11,555,775
135,244
Total
Australia
(Cost
$851,721
)
1,086,690
AUSTRIA
0.3%
Common
Stocks
0.3%
Erste
Group
Bank
1,616,897
61,112
Total
Austria
(Cost
$44,517
)
61,112
BELGIUM
0.4%
Common
Stocks
0.4%
Umicore
3,238,340
95,904
Total
Belgium
(Cost
$102,252
)
95,904
BRAZIL
0.3%
Common
Stocks
0.3%
XP,
Class
A
(USD) (1)
2,383,507
64,378
Total
Brazil
(Cost
$74,655
)
64,378
CANADA
3.9%
Common
Stocks
3.9%
Brookfield
2,917,800
101,851
Definity
Financial
1,788,921
45,027
Element
Fleet
Management
12,192,743
196,670
Magna
International
(USD)
2,568,083
165,205
National
Bank
of
Canada
2,703,585
211,752
T.
ROWE
PRICE
Overseas
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Sun
Life
Financial
3,565,105
187,630
Total
Canada
(Cost
$607,007
)
908,135
CHILE
0.6%
Common
Stocks
0.6%
Antofagasta
(GBP)
6,560,722
141,120
Total
Chile
(Cost
$79,491
)
141,120
CHINA
1.1%
Common
Stocks
1.1%
Alibaba
Group
Holding,
ADR
(USD) (1)
474,938
48,520
Beijing
Enterprises
Holdings
(HKD)
11,072,500
44,038
PICC
Property
&
Casualty,
Class
H
(HKD)
62,230,000
72,991
Ping
An
Insurance
Group,
Class
H
(HKD)
7,002,500
51,025
Tencent
Holdings
(HKD)
914,400
42,027
Total
China
(Cost
$216,335
)
258,601
DENMARK
1.2%
Common
Stocks
1.2%
Genmab (1)
169,654
69,931
Novo
Nordisk,
Class
B
1,349,070
217,541
Total
Denmark
(Cost
$280,129
)
287,472
FINLAND
1.2%
Common
Stocks
1.2%
Sampo,
Class
A
3,687,532
162,497
Stora
Enso,
Class
R
8,614,202
105,604
Total
Finland
(Cost
$243,037
)
268,101
FRANCE
10.8%
Common
Stocks
10.8%
Air
Liquide
1,035,724
186,217
AXA
10,425,168
320,457
BNP
Paribas
2,166,502
142,876
Engie
15,707,045
257,679
EssilorLuxottica
703,635
141,554
Kering
212,676
122,111
L'Oreal
451,986
210,223
T.
ROWE
PRICE
Overseas
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Legrand
1,687,569
169,187
Safran
1,004,517
166,763
Sanofi
3,547,628
378,477
Teleperformance
506,987
73,533
TotalEnergies
5,273,304
320,388
Total
France
(Cost
$1,964,356
)
2,489,465
GERMANY
9.4%
Common
Stocks
8.8%
BASF
2,101,119
112,643
Bayer
2,984,716
174,556
Covestro (1)
2,172,135
116,685
Evotec (1)
2,298,533
60,547
Fresenius
3,819,000
119,848
KION
Group
1,861,031
77,983
Munich
Re
884,636
333,018
SAP
1,760,241
240,117
Siemens
3,168,441
540,036
Siemens
Healthineers
3,112,363
180,839
Zalando (1)
2,013,414
69,513
2,025,785
Preferred
Stocks
0.6%
Dr.
Ing.
h.c.
F.
Porsche
1,143,907
139,880
139,880
Total
Germany
(Cost
$2,060,727
)
2,165,665
HONG
KONG
0.7%
Common
Stocks
0.7%
AIA
Group
10,647,800
106,529
Samsonite
International (1)
21,427,200
63,856
Total
Hong
Kong
(Cost
$134,756
)
170,385
INDIA
0.5%
Common
Stocks
0.5%
HDFC
Bank
5,760,333
115,561
Total
India
(Cost
$116,006
)
115,561
T.
ROWE
PRICE
Overseas
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
IRELAND
0.4%
Common
Stocks
0.4%
DCC
(GBP)
1,552,293
89,876
Total
Ireland
(Cost
$93,763
)
89,876
ITALY
1.6%
Common
Stocks
1.6%
Intesa
Sanpaolo
21,843,538
63,164
Moncler
2,103,909
151,847
Prysmian
3,787,142
151,013
Total
Italy
(Cost
$222,397
)
366,024
JAPAN
19.4%
Common
Stocks
19.4%
Asahi
Kasei
10,915,600
74,387
Astellas
Pharma
14,914,100
218,079
Central
Japan
Railway
605,800
77,199
CyberAgent
10,547,400
66,678
Denso
2,222,400
154,740
Electric
Power
Development
4,236,100
67,017
Hamamatsu
Photonics
2,021,500
97,399
Honda
Motor
1,725,600
55,015
Kirin
Holdings
4,321,700
63,833
Mitsubishi
3,121,900
159,737
Mitsubishi
Electric
13,935,900
201,111
Mitsubishi
HC
Capital
10,415,500
68,902
Mitsubishi
UFJ
Financial
Group
22,251,100
179,172
Mitsui
Fudosan
7,871,800
161,726
Murata
Manufacturing
2,147,100
127,541
Nippon
Telegraph
&
Telephone
285,227,500
327,076
NTT
Data
Group
11,724,300
163,099
Omron
1,283,300
68,883
Otsuka
Holdings
2,679,700
98,525
Panasonic
11,256,000
138,937
Recruit
Holdings
3,600,500
124,706
Renesas
Electronics (1)
5,496,400
106,047
Seven
&
i
Holdings
4,414,900
183,153
SMC
113,100
59,102
Sony
Group
2,252,700
211,002
Stanley
Electric
2,902,000
53,627
T.
ROWE
PRICE
Overseas
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
Sumitomo
6,819,900
146,307
Sumitomo
Mitsui
Trust
Holdings
1,992,967
77,530
Suzuki
Motor
2,481,800
99,683
TechnoPro
Holdings
4,117,400
106,600
THK
2,485,700
49,833
Tokio
Marine
Holdings
8,033,200
184,723
Tokyo
Electron
1,027,400
154,199
Tosoh
1,007,400
13,167
Toyota
Motor
15,119,800
254,221
Welcia
Holdings
1,918,500
36,113
Z
Holdings
21,048,100
58,682
Total
Japan
(Cost
$3,643,860
)
4,487,751
NETHERLANDS
5.0%
Common
Stocks
5.0%
Adyen (1)
30,800
57,165
Akzo
Nobel
1,525,730
130,523
ASML
Holding
545,725
390,886
Heineken
1,737,393
170,059
ING
Groep
18,953,568
276,659
Koninklijke
Philips (1)
5,997,962
124,599
Total
Netherlands
(Cost
$878,677
)
1,149,891
NORWAY
2.8%
Common
Stocks
2.8%
DNB
Bank
12,145,766
250,294
Equinor
9,153,544
279,993
Storebrand
14,408,860
125,948
Total
Norway
(Cost
$487,187
)
656,235
SINGAPORE
1.9%
Common
Stocks
1.9%
DBS
Group
Holdings
4,366,100
112,632
United
Overseas
Bank
7,966,100
180,699
Wilmar
International
48,264,800
140,245
Total
Singapore
(Cost
$352,709
)
433,576
SOUTH
KOREA
1.7%
Common
Stocks
1.7%
KT
3,306,892
76,579
T.
ROWE
PRICE
Overseas
Stock
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
NAVER
361,981
64,493
Samsung
Electronics
4,701,267
257,407
Total
South
Korea
(Cost
$260,174
)
398,479
SPAIN
0.5%
Common
Stocks
0.5%
Amadeus
IT
Group,
Class
A (2)
1,551,597
111,305
Total
Spain
(Cost
$80,461
)
111,305
SWEDEN
2.2%
Common
Stocks
2.2%
Autoliv,
SDR
1,235,798
123,273
Elekta,
Class
B (2)
10,161,184
82,318
Sandvik
3,172,207
64,436
Svenska
Handelsbanken,
Class
A
14,972,902
131,461
Telefonaktiebolaget
LM
Ericsson,
Class
B
23,969,319
120,577
Total
Sweden
(Cost
$640,786
)
522,065
SWITZERLAND
9.2%
Common
Stocks
9.2%
ABB
5,956,054
239,002
Alcon
1,160,517
98,750
Barry
Callebaut
50,003
93,756
Julius
Baer
Group
1,901,096
134,650
Nestle
5,354,217
655,994
Novartis
3,314,270
346,995
Roche
Holding
1,164,381
361,018
Zurich
Insurance
Group
433,223
209,463
Total
Switzerland
(Cost
$1,578,506
)
2,139,628
TAIWAN
1.9%
Common
Stocks
1.9%
Largan
Precision
519,000
35,999
Taiwan
Semiconductor
Manufacturing
22,644,089
408,898
Total
Taiwan
(Cost
$172,032
)
444,897
T.
ROWE
PRICE
Overseas
Stock
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
UNITED
KINGDOM
13.1%
Common
Stocks
13.1%
Amcor,
CDI
(AUD)
4,174,000
42,907
Ashtead
Group
2,264,596
167,544
AstraZeneca,
ADR
(USD)
4,390,100
314,770
Bridgepoint
Group
18,198,464
44,151
Bunzl
2,538,558
94,099
Compass
Group
8,042,490
209,247
Diageo
4,673,219
203,950
Dowlais
Group (1)
23,573,468
37,298
Dr.
Martens
12,637,532
24,721
Great
Portland
Estates
9,403,423
51,601
GSK,
ADR
(USD)
3,062,104
108,919
Johnson
Matthey
3,955,975
91,491
Kingfisher
51,357,511
161,949
Lloyds
Banking
Group
185,292,018
107,052
Melrose
Industries
22,795,708
155,138
National
Grid
11,265,639
149,324
Next
1,343,425
121,501
Persimmon
4,294,752
63,850
Shell,
ADR
(USD) (2)
2,704,537
166,681
Standard
Chartered
8,869,566
85,197
Unilever
7,074,163
380,115
Vodafone
Group,
ADR
(USD)
9,380,304
90,239
WPP
14,471,219
158,008
Total
United
Kingdom
(Cost
$3,154,458
)
3,029,752
UNITED
STATES
2.3%
Common
Stocks
2.3%
Broadcom
311,692
280,102
NXP
Semiconductors
1,131,023
252,195
Total
United
States
(Cost
$128,838
)
532,297
SHORT-TERM
INVESTMENTS
2.4%
Money
Market
Funds
2.4%
T.
Rowe
Price
Government
Reserve
Fund,
5.32% (3)(4)
553,864,016
553,864
Total
Short-Term
Investments
(Cost
$553,864)
553,864
T.
ROWE
PRICE
Overseas
Stock
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
SECURITIES
LENDING
COLLATERAL
0.5%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.5%
Money
Market
Funds
0.5%
T.
Rowe
Price
Government
Reserve
Fund,
5.32% (3)(4)
111,965,984
111,966
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
111,966
Total
Securities
Lending
Collateral
(Cost
$111,966)
111,966
Total
Investments
in
Securities
100.0%
(Cost
$19,134,667)
$
23,140,195
Other
Assets
Less
Liabilities
(0.0)%
(6,431)
Net
Assets
100.0%
$
23,133,764
‡
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
July
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
nine
months
ended
July
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,
5.32%
$
—
$
—
$
15,955++
Totals
$
—#
$
—
$
15,955+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/22
Purchase
Cost
Sales
Cost
Value
07/31/23
T.
Rowe
Price
Government
Reserve
Fund,
5.32%
$
627,586
¤
¤
$
665,830
Total
$
665,830^
#
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
$15,955
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
$665,830.
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
July
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
$
1,491,009
$
20,843,476
$
—
$
22,334,485
Preferred
Stocks
—
139,880
—
139,880
Short-Term
Investments
553,864
—
—
553,864
Securities
Lending
Collateral
111,966
—
—
111,966
Total
$
2,156,839
$
20,983,356
$
—
$
23,140,195
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.
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.
F165-054Q3
07/23