T.
ROWE
PRICE
Overseas
Stock
Fund
January
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
AUSTRALIA
4.2%
Common
Stocks
4.2%
ANZ
Group
Holdings
5,597,065
98,757
BHP
Group
3,453,858
105,668
BHP
Group
(GBP)
4,852,931
148,649
Challenger
9,289,884
39,409
IGO
12,576,640
61,138
Macquarie
Group
910,854
112,390
Pilbara
Minerals
41,280,054
94,022
Scentre
Group
65,188,993
129,599
South32
32,233,873
69,793
Worley
11,509,147
110,528
Total
Australia
(Cost
$920,225
)
969,953
AUSTRIA
0.2%
Common
Stocks
0.2%
Erste
Group
Bank
1,159,846
49,964
Total
Austria
(Cost
$29,731
)
49,964
BELGIUM
0.3%
Common
Stocks
0.3%
Umicore
3,225,273
73,364
Total
Belgium
(Cost
$101,966
)
73,364
BRAZIL
0.3%
Common
Stocks
0.3%
XP,
Class
A
(USD)
2,373,907
58,351
Total
Brazil
(Cost
$74,396
)
58,351
CANADA
4.0%
Common
Stocks
4.0%
Brookfield
3,379,300
134,121
Definity
Financial
1,962,721
57,110
Element
Fleet
Management
12,143,643
204,855
Magna
International
(USD)
2,557,683
145,404
National
Bank
of
Canada (1)
2,917,085
223,113
T.
ROWE
PRICE
Overseas
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Sun
Life
Financial
3,322,705
172,234
Total
Canada
(Cost
$630,298
)
936,837
CHILE
0.6%
Common
Stocks
0.6%
Antofagasta
(GBP)
6,534,248
142,416
Total
Chile
(Cost
$79,227
)
142,416
CHINA
0.6%
Common
Stocks
0.6%
Alibaba
Group
Holding,
ADR
(USD) (1)
473,038
34,139
Beijing
Enterprises
Holdings
(HKD)
11,028,000
39,914
Ping
An
Insurance
Group,
Class
H
(HKD)
6,974,000
29,316
Tencent
Holdings
(HKD)
1,062,800
36,891
Total
China
(Cost
$151,561
)
140,260
DENMARK
1.8%
Common
Stocks
1.8%
Genmab (2)
269,430
74,503
Novo
Nordisk,
Class
B
2,940,713
336,137
Total
Denmark
(Cost
$331,630
)
410,640
FINLAND
1.3%
Common
Stocks
1.3%
Mandatum (2)
4,188,306
18,911
Sampo,
Class
A
4,188,306
175,303
Stora
Enso,
Class
R
8,579,443
109,171
Total
Finland
(Cost
$281,058
)
303,385
FRANCE
11.1%
Common
Stocks
11.1%
Air
Liquide
1,083,221
202,707
AXA
10,383,100
348,512
BNP
Paribas
2,298,795
154,443
Engie
16,650,862
265,955
EssilorLuxottica
700,795
137,337
Kering
274,929
112,934
L'Oreal
450,163
215,427
T.
ROWE
PRICE
Overseas
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Legrand
1,843,866
178,700
Safran
1,000,462
186,795
Sanofi
3,409,400
341,436
Teleperformance
504,942
78,859
TotalEnergies
5,451,330
353,658
Total
France
(Cost
$2,038,578
)
2,576,763
GERMANY
9.0%
Common
Stocks
8.5%
BASF
2,092,641
100,037
Bayer
2,972,673
92,499
Covestro (2)
2,163,370
114,238
Evotec (2)
2,908,076
44,485
Fresenius
3,803,590
106,778
KION
Group
1,853,522
84,567
Munich
Re
852,410
362,887
SAP
1,753,139
303,725
Siemens
3,215,973
575,736
Siemens
Healthineers
3,431,617
190,974
1,975,926
Preferred
Stocks
0.5%
Dr.
Ing.
h.c.
F.
Porsche
1,383,304
117,445
117,445
Total
Germany
(Cost
$2,005,704
)
2,093,371
HONG
KONG
0.9%
Common
Stocks
0.9%
AIA
Group
20,027,400
157,063
Samsonite
International (2)
21,340,800
59,578
Total
Hong
Kong
(Cost
$219,191
)
216,641
INDIA
0.5%
Common
Stocks
0.5%
HDFC
Bank
6,811,549
119,795
Total
India
(Cost
$136,281
)
119,795
T.
ROWE
PRICE
Overseas
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
IRELAND
0.5%
Common
Stocks
0.5%
DCC
(GBP)
1,546,029
112,395
Total
Ireland
(Cost
$93,579
)
112,395
ITALY
1.7%
Common
Stocks
1.7%
Intesa
Sanpaolo
31,150,266
95,983
Moncler
2,095,420
128,903
Prysmian
3,944,264
173,587
Total
Italy
(Cost
$253,682
)
398,473
JAPAN
19.7%
Common
Stocks
19.7%
Asahi
Kasei
10,871,500
82,445
Astellas
Pharma
16,029,900
186,628
Central
Japan
Railway
3,016,400
75,388
CyberAgent
10,504,900
67,797
Denso
10,068,600
158,158
Electric
Power
Development
5,375,500
90,295
Hamamatsu
Photonics
2,178,700
86,069
Honda
Motor
5,156,000
57,634
Kirin
Holdings
4,304,200
61,868
LY
20,963,200
65,217
Mitsubishi
7,674,300
132,266
Mitsubishi
Electric
13,879,700
205,979
Mitsubishi
HC
Capital
10,373,500
73,553
Mitsubishi
UFJ
Financial
Group
18,691,100
175,071
Mitsui
Fudosan
7,839,900
196,811
Murata
Manufacturing
6,415,100
129,535
Nippon
Telegraph
&
Telephone
274,573,200
344,797
NTT
Data
Group
14,650,000
211,013
Omron
1,278,200
57,475
Otsuka
Holdings
1,501,700
59,029
Panasonic
11,898,800
112,072
Recruit
Holdings
3,585,900
141,639
Renesas
Electronics (2)
5,474,100
89,817
Seven
&
i
Holdings
4,397,000
173,659
SMC
112,600
62,678
Sony
Group
2,243,600
220,026
T.
ROWE
PRICE
Overseas
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
Stanley
Electric
2,890,200
55,204
Sumitomo
6,792,300
156,208
Sumitomo
Mitsui
Trust
Holdings
3,251,234
66,628
Suzuki
Motor
2,471,800
111,030
TechnoPro
Holdings
4,100,800
94,543
THK
2,820,900
54,237
Tokio
Marine
Holdings
8,000,900
210,963
Tokyo
Electron
956,800
177,556
Toyota
Motor
15,058,800
300,691
Welcia
Holdings
1,910,800
32,233
Total
Japan
(Cost
$3,608,489
)
4,576,212
NETHERLANDS
5.4%
Common
Stocks
5.4%
Adyen (2)
35,779
44,874
Akzo
Nobel
1,610,233
123,686
Argenx,
ADR
(USD) (1)(2)
46,933
17,858
ASML
Holding
562,347
487,886
Heineken
1,892,898
190,417
ING
Groep
19,507,932
277,178
Koninklijke
Philips (2)
5,973,759
126,378
Total
Netherlands
(Cost
$946,594
)
1,268,277
NORWAY
2.8%
Common
Stocks
2.8%
DNB
Bank
12,802,959
248,886
Equinor
9,640,254
275,876
Storebrand
14,350,719
129,030
Total
Norway
(Cost
$514,695
)
653,792
SINGAPORE
1.7%
Common
Stocks
1.7%
DBS
Group
Holdings
4,348,600
102,998
United
Overseas
Bank
7,933,900
167,235
Wilmar
International
48,070,100
117,709
Total
Singapore
(Cost
$351,516
)
387,942
SOUTH
KOREA
1.8%
Common
Stocks
1.8%
KT (2)
3,601,255
95,390
T.
ROWE
PRICE
Overseas
Stock
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
NAVER (2)
456,097
68,014
Samsung
Electronics
4,701,267
255,452
Total
South
Korea
(Cost
$283,531
)
418,856
SPAIN
0.5%
Common
Stocks
0.5%
Amadeus
IT
Group
1,673,573
117,285
Total
Spain
(Cost
$89,387
)
117,285
SWEDEN
2.9%
Common
Stocks
2.9%
Autoliv,
SDR
1,328,836
143,446
Elekta,
Class
B (1)
10,120,182
76,364
Sandvik
6,912,848
145,279
Svenska
Handelsbanken,
Class
A (1)
15,959,400
172,048
Telefonaktiebolaget
LM
Ericsson,
Class
B
23,872,600
132,337
Total
Sweden
(Cost
$729,814
)
669,474
SWITZERLAND
8.8%
Common
Stocks
8.8%
ABB
5,932,021
250,995
Alcon
1,249,804
94,079
Barry
Callebaut
54,041
78,933
Julius
Baer
Group
2,361,711
128,575
Nestle
5,466,619
622,925
Novartis
3,300,897
341,358
Roche
Holding
1,119,346
318,696
Zurich
Insurance
Group
431,476
219,228
Total
Switzerland
(Cost
$1,598,331
)
2,054,789
TAIWAN
2.1%
Common
Stocks
2.1%
Largan
Precision
519,000
41,149
Taiwan
Semiconductor
Manufacturing
22,644,089
453,300
Total
Taiwan
(Cost
$172,032
)
494,449
T.
ROWE
PRICE
Overseas
Stock
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
UNITED
KINGDOM
13.3%
Common
Stocks
13.3%
Amcor,
CDI
(AUD)
4,157,157
39,441
Ashtead
Group
2,671,106
174,669
AstraZeneca,
ADR
(USD)
5,155,000
343,529
Bridgepoint
Group
18,125,030
61,724
Bunzl
2,725,888
110,779
Compass
Group
8,629,423
237,687
Diageo
4,948,910
178,744
Dowlais
Group
29,005,906
33,134
Great
Portland
Estates
9,365,479
49,278
GSK,
ADR
(USD)
3,049,804
120,284
Johnson
Matthey
3,940,012
80,991
Kingfisher
54,062,207
150,311
Lloyds
Banking
Group
12,610,394
6,760
Melrose
Industries
22,703,725
169,222
National
Grid
13,399,694
178,472
Next
1,441,306
153,869
Persimmon
4,811,130
88,612
Shell,
ADR
(USD)
3,295,537
207,322
Standard
Chartered
10,705,981
80,911
Unilever
8,053,714
391,896
Vodafone
Group,
ADR
(USD) (1)
9,342,304
80,344
WPP
16,416,593
158,756
Total
United
Kingdom
(Cost
$3,193,847
)
3,096,735
UNITED
STATES
2.5%
Common
Stocks
2.5%
Broadcom
294,582
347,607
NXP
Semiconductors
1,126,458
237,198
Total
United
States
(Cost
$127,854
)
584,805
SHORT-TERM
INVESTMENTS
1.0%
Money
Market
Funds
1.0%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (3)(4)
229,774,582
229,775
Total
Short-Term
Investments
(Cost
$229,775)
229,775
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,
5.40% (3)(4)
123,779,468
123,779
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
123,779
Total
Securities
Lending
Collateral
(Cost
$123,779)
123,779
Total
Investments
in
Securities
100.0%
(Cost
$19,316,751)
$
23,278,778
Other
Assets
Less
Liabilities
(0.0)%
(8,605)
Net
Assets
100.0%
$
23,270,173
‡
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)
All
or
a
portion
of
this
security
is
on
loan
at
January
31,
2024.
(2)
Non-income
producing
(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,
2024.
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,
5.40%
$
—
$
—
$
3,714++
Totals
$
—#
$
—
$
3,714+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/23
Purchase
Cost
Sales
Cost
Value
01/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
$
607,090
¤
¤
$
353,554
Total
$
353,554^
#
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
$3,714
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
$353,554.
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)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Overseas
Stock
Fund
11
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.
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.
T.
ROWE
PRICE
Overseas
Stock
Fund
12
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,
2024
(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
$
1,592,036
$
21,215,743
$
—
$
22,807,779
Preferred
Stocks
—
117,445
—
117,445
Short-Term
Investments
229,775
—
—
229,775
Securities
Lending
Collateral
123,779
—
—
123,779
Total
$
1,945,590
$
21,333,188
$
—
$
23,278,778
T.
ROWE
PRICE
Overseas
Stock
Fund
13
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics 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.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
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.
F165-054Q1
01/24