UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-07145
T. Rowe Price International Series, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: December 31
Date of reporting period: June 30, 2024
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
June 30, 2024
International Stock Portfolio
This semi-annual shareholder report contains important information about International Stock Portfolio (the "fund") for the period of January 1, 2024 to June 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| International Stock Portfolio | $48 | 0.95% |
What are some fund statistics?
| Total Net Assets (000s) | $247,920 |
| Number of Portfolio Holdings | 135 |
| |
| Portfolio Turnover Rate | 15.6% |
What did the fund invest in?
Sector Allocation (as a % of Net Assets)
| Information Technology | 21.4% |
| Industrials & Business Services | 15.9 |
| Financials | 14.7 |
| Health Care | 14.5 |
| Consumer Discretionary | 10.5 |
| Consumer Staples | 8.1 |
| Communication Services | 5.2 |
| Energy | 3.5 |
| Utilities | 1.5 |
| Other | 4.7 |
Top Ten Holdings (as a % of Net Assets)
| Taiwan Semiconductor Manufacturing | 5.7% |
| ASML Holding | 3.4 |
| Novo Nordisk | 2.4 |
| Samsung Electronics | 2.1 |
| Prosus | 1.9 |
| Deutsche Telekom | 1.8 |
| Nestle | 1.6 |
| AstraZeneca | 1.6 |
| SAP | 1.5 |
| Axis Bank | 1.5 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
International Stock Portfolio
(QAAGYX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant’s annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant’s annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.
Financial
Statements
and
Other
Information
International
Stock
Portfolio
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
T.
ROWE
PRICE
International
Stock
Portfolio
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
.
6
Months
.
Ended
6/30/24
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
15.01
$
13.04
$
16.01
$
17.08
$
15.62
$
13.04
Investment
activities
Net
investment
income
(1)(2)
0.09
0.13
0.11
0.11
0.08
0.34
(3)
Net
realized
and
unrealized
gain/
loss
0.54
1.98
(2.64)
0.09
2.17
3.27
Total
from
investment
activities
0.63
2.11
(2.53)
0.20
2.25
3.61
Distributions
Net
investment
income
–
(0.14)
(0.11)
(0.11)
(0.09)
(0.37)
Net
realized
gain
–
–
(0.33)
(1.16)
(0.70)
(0.66)
Total
distributions
–
(0.14)
(0.44)
(1.27)
(0.79)
(1.03)
NET
ASSET
VALUE
End
of
period
$
15.64
$
15.01
$
13.04
$
16.01
$
17.08
$
15.62
Ratios/Supplemental
Data
Total
return
(2)(4)
4.20%
16.24%
(15.81)%
1.32%
14.45%
27.77%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1.03%
(5)
1.05%
1.05%
1.05%
1.05%
1.05%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.95%
(5)
0.95%
0.95%
0.95%
0.95%
0.95%
Net
investment
income
1.13%
(5)
0.89%
0.79%
0.59%
0.56%
2.31%
(3)
Portfolio
turnover
rate
15.6%
32.9%
31.1%
29.1%
30.6%
33.8%
Net
assets,
end
of
period
(in
thousands)
$
247,920
$
247,785
$
223,011
$
291,749
$
300,544
$
295,743
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Reflects
special
dividends
which
amounted
to
$0.16
per
share
and
1.07%
of
average
net
assets.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
International
Stock
Portfolio
June
30,
2024
(Unaudited)
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA 1.4%
Common
Stocks 1.4%
MercadoLibre
(USD) (1)
2,079
3,417
Total
Argentina
(Cost
$2,548)
3,417
BRAZIL 1.0%
Common
Stocks 1.0%
B3
673,180
1,232
Raia
Drogasil
169,389
780
WEG
67,618
510
Total
Brazil
(Cost
$2,796)
2,522
CANADA 9.5%
Common
Stocks 9.5%
Canadian
National
Railway
(USD)
27,213
3,215
Canadian
Pacific
Kansas
City
(USD) (2)
24,458
1,925
Constellation
Software
1,187
3,420
Constellation
Software,
Warrants,
3/31/40 (1)(3)
1,253
—
Definity
Financial
26,814
882
Descartes
Systems
Group
(USD) (1)
13,405
1,298
Element
Fleet
Management
146,903
2,673
National
Bank
of
Canada (2)
15,621
1,239
Shopify,
Class
A
(USD) (1)
33,030
2,182
Suncor
Energy
(USD)
89,518
3,411
TMX
Group
119,293
3,320
Total
Canada
(Cost
$18,441)
23,565
CAYMAN
ISLANDS 0.5%
Convertible
Preferred
Stocks 0.5%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $273
(USD) (1)
(3)(4)
5,545
1,303
Total
Cayman
Islands
(Cost
$273)
1,303
CHINA 5.9%
Common
Stocks 4.1%
58.com
(USD) (1)(3)
65,164
—
Alibaba
Group
Holding,
ADR
(USD)
23,713
1,707
BeiGene,
ADR
(USD) (1)
10,008
1,428
JD
Health
International
(HKD) (1)
118,750
322
KE
Holdings,
ADR
(USD)
149,411
2,114
PDD
Holdings,
ADR
(USD) (1)
8,083
1,075
Silergy
(TWD)
49,000
695
Tencent
Holdings
(HKD)
43,500
2,064
Yum
China
Holdings
(USD)
23,059
711
10,116
Shares
$
Value
(Cost
and
value
in
$000s)
Common
Stocks
-
China
A
Shares 1.8%
Kweichow
Moutai,
A
Shares
(CNH)
5,770
1,163
NARI
Technology,
A
Shares
(CNH)
405,596
1,390
Shandong
Pharmaceutical
Glass,
A
Shares
(CNH)
201,700
703
Shenzhen
Inovance
Technology,
A
Shares
(CNH)
186,100
1,312
4,568
Total
China
(Cost
$12,888)
14,684
DENMARK 2.8%
Common
Stocks 2.8%
Coloplast,
Class
B (2)
1,795
216
Genmab (1)
2,532
634
Novo
Nordisk,
ADR
(USD)
41,864
5,976
Total
Denmark
(Cost
$4,154)
6,826
FRANCE 6.2%
Common
Stocks 6.2%
Capgemini
11,222
2,229
Dassault
Aviation
11,851
2,146
Dassault
Systemes
22,567
848
LVMH
Moet
Hennessy
Louis
Vuitton
3,708
2,847
Safran
15,511
3,269
Sartorius
Stedim
Biotech
9,518
1,573
Schneider
Electric
1,604
385
Thales
12,603
2,016
Total
France
(Cost
$11,030)
15,313
GERMANY 7.7%
Common
Stocks 7.3%
Deutsche
Boerse
3,864
790
Deutsche
Telekom
177,014
4,449
Douglas (1)
39,367
723
Evotec (1)(2)
100,260
961
Merck
5,371
888
Puma
17,558
807
SAP
18,633
3,743
Schott
Pharma
25,903
850
Siemens
17,898
3,331
Siemens
Healthineers
28,117
1,619
18,161
Preferred
Stocks 0.4%
Sartorius (2)
4,479
1,049
1,049
Total
Germany
(Cost
$18,418)
19,210
T.
ROWE
PRICE
International
Stock
Portfolio
Shares
$
Value
(Cost
and
value
in
$000s)
HONG
KONG 1.7%
Common
Stocks 1.7%
AIA
Group
394,200
2,667
Hong
Kong
Exchanges
&
Clearing
32,700
1,046
Sun
Hung
Kai
Properties
46,000
399
Total
Hong
Kong
(Cost
$2,454)
4,112
INDIA 6.3%
Common
Stocks 6.3%
Axis
Bank
246,551
3,732
HDFC
Bank
86,276
1,744
InterGlobe
Aviation (1)
6,787
344
Kotak
Mahindra
Bank
76,024
1,639
Larsen
&
Toubro
51,116
2,170
NTPC
802,193
3,649
Reliance
Industries
38,582
1,445
Varun
Beverages
51,302
999
Total
India
(Cost
$8,745)
15,722
INDONESIA 1.7%
Common
Stocks 1.7%
Bank
Central
Asia
3,815,300
2,309
Sarana
Menara
Nusantara
11,722,000
525
Telkom
Indonesia
Persero
7,362,300
1,399
Total
Indonesia
(Cost
$2,535)
4,233
ITALY 1.6%
Common
Stocks 1.6%
Banca
Mediolanum
127,153
1,401
DiaSorin
15,869
1,579
Ermenegildo
Zegna
(USD)
75,452
893
Total
Italy
(Cost
$3,566)
3,873
JAPAN 13.5%
Common
Stocks 13.5%
Calbee
73,200
1,408
Chugai
Pharmaceutical
71,800
2,557
Daiichi
Sankyo
63,200
2,196
Daikin
Industries
7,600
1,058
Disco
8,100
3,085
Hikari
Tsushin
7,500
1,405
Keyence
5,300
2,320
LY
327,700
791
Mitsui
Fudosan
91,700
844
Murata
Manufacturing
102,300
2,118
Nextage (2)
68,300
1,019
Nippon
Telegraph
&
Telephone
659,700
624
Olympus
181,000
2,922
Shares
$
Value
(Cost
and
value
in
$000s)
Persol
Holdings
821,700
1,139
Recruit
Holdings
51,500
2,771
Seven
&
i
Holdings
236,400
2,889
Shimadzu
39,400
987
SMC
500
238
Sony
Group
28,200
2,403
Sumitomo
Metal
Mining
20,900
635
Total
Japan
(Cost
$27,297)
33,409
LUXEMBOURG 0.4%
Common
Stocks 0.4%
CVC
Capital
Partners (1)
60,361
1,108
Total
Luxembourg
(Cost
$963)
1,108
MEXICO 0.2%
Common
Stocks 0.2%
Grupo
Mexico,
Series
B
101,198
546
Total
Mexico
(Cost
$552)
546
NETHERLANDS 7.5%
Common
Stocks 7.5%
Adyen (1)
879
1,044
Argenx,
ADR
(USD) (1)
3,321
1,428
ASML
Holding
8,225
8,383
Heineken
21,265
2,057
ING
Groep
56,860
977
Prosus
129,343
4,599
Total
Netherlands
(Cost
$9,488)
18,488
NORWAY 0.6%
Common
Stocks 0.6%
Equinor,
ADR
(USD)
55,366
1,581
Total
Norway
(Cost
$1,431)
1,581
PHILIPPINES 0.6%
Common
Stocks 0.6%
SM
Investments
106,595
1,508
Total
Philippines
(Cost
$1,671)
1,508
PORTUGAL 1.6%
Common
Stocks 1.6%
Galp
Energia
111,766
2,361
Jeronimo
Martins
86,536
1,691
Total
Portugal
(Cost
$2,592)
4,052
T.
ROWE
PRICE
International
Stock
Portfolio
Shares
$
Value
(Cost
and
value
in
$000s)
SAUDI
ARABIA 0.7%
Common
Stocks 0.7%
Saudi
National
Bank
171,284
1,655
Total
Saudi
Arabia
(Cost
$1,588)
1,655
SINGAPORE 0.5%
Common
Stocks 0.5%
Sea,
ADR
(USD) (1)
15,591
1,113
Total
Singapore
(Cost
$597)
1,113
SOUTH
KOREA 2.7%
Common
Stocks 2.7%
LG
Chem
3,248
809
NAVER
6,972
839
Samsung
Electronics
87,028
5,122
Total
South
Korea
(Cost
$4,316)
6,770
SPAIN 1.0%
Common
Stocks 1.0%
Amadeus
IT
Group,
Class
A
35,363
2,353
Total
Spain
(Cost
$1,631)
2,353
SWEDEN 2.5%
Common
Stocks 2.5%
Assa
Abloy,
Class
B
62,572
1,772
Essity,
Class
B
117,930
3,015
Hexagon,
Class
B
125,610
1,423
Total
Sweden
(Cost
$4,890)
6,210
SWITZERLAND 5.6%
Common
Stocks 5.6%
Alcon
29,371
2,611
Cie
Financiere
Richemont,
Class
A
14,088
2,202
Julius
Baer
Group
39,931
2,233
Nestle
38,939
3,975
Partners
Group
Holding
1,721
2,204
Sonova
Holding
2,120
653
Total
Switzerland
(Cost
$9,162)
13,878
TAIWAN 5.7%
Common
Stocks 5.7%
Taiwan
Semiconductor
Manufacturing
479,000
14,192
Total
Taiwan
(Cost
$1,281)
14,192
Shares
$
Value
(Cost
and
value
in
$000s)
UNITED
KINGDOM 5.8%
Common
Stocks 5.8%
AstraZeneca,
ADR
(USD)
50,836
3,965
Bridgepoint
Group
246,013
680
Experian
36,883
1,714
Hiscox
77,873
1,130
London
Stock
Exchange
Group
19,829
2,351
Rentokil
Initial
132,555
770
Smith
&
Nephew
151,175
1,873
Unilever
(EUR)
33,762
1,852
14,335
Convertible
Preferred
Stocks 0.0%
Yulife
Holdings,
Series
C,
Acquisition
Date:
10/11/22,
Cost $103 (1)(3)(4)
5,222
80
80
Total
United
Kingdom
(Cost
$11,544)
14,415
UNITED
STATES 2.7%
Common
Stocks 2.7%
Canva,
Acquisition
Date:
8/16/21
-
11/4/21,
Cost $470 (1)(3)(4)
276
294
Coupang (1)
31,870
668
Linde
3,717
1,631
Mastercard,
Class
A
2,018
890
NXP
Semiconductors
2,377
640
Waste
Connections
14,275
2,503
6,626
Convertible
Preferred
Stocks 0.0%
Canva,
Series
A,
Acquisition
Date:
11/4/21,
Cost $27 (1)(3)(4)
16
17
17
Total
United
States
(Cost
$3,765)
6,643
VIETNAM 0.2%
Common
Stocks 0.2%
Asia
Commercial
Bank
575,000
578
Total
Vietnam
(Cost
$604)
578
SHORT-TERM
INVESTMENTS 1.6%
Money
Market
Funds 1.6%
T.
Rowe
Price
Government
Reserve
Fund,
5.38% (5)(6)
3,853,530
3,854
Total
Short-Term
Investments
(Cost
$3,854)
3,854
T.
ROWE
PRICE
International
Stock
Portfolio
Shares
$
Value
(Cost
and
value
in
$000s)
SECURITIES
LENDING
COLLATERAL 2.3%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK 2.3%
Money
Market
Funds 2.3%
T.
Rowe
Price
Government
Reserve
Fund,
5.38% (5)(6)
5,633,279
5,633
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
5,633
Total
Securities
Lending
Collateral
(Cost
$5,633)
5,633
Total
Investments
in
Securities
102.0%
of
Net
Assets
(Cost
$180,707)
$
252,766
‡
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)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2024.
(3)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(4)
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
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$1,694
and
represents
0.7%
of
net
assets.
(5)
Seven-day
yield
(6)
Affiliated
Companies
ADR
American
Depositary
Receipts
CNH
Offshore
China
Renminbi
EUR
Euro
HKD
Hong
Kong
Dollar
TWD
Taiwan
Dollar
USD
U.S.
Dollar
T.
ROWE
PRICE
International
Stock
Portfolio
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
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
six
months
ended
June
30,
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,
5.38%
$
—
$
—
$
118++
Totals
$
—#
$
—
$
118+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
06/30/24
T.
Rowe
Price
Government
Reserve
Fund,
5.38%
$
10,703
¤
¤
$
9,487
Total
$
9,487^
#
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
as
described
in
Note
4
.
+
Investment
income
comprised
$118
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
$9,487.
T.
ROWE
PRICE
International
Stock
Portfolio
June
30,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$180,707)
$
252,766
Receivable
for
investment
securities
sold
928
Foreign
currency
(cost
$628)
626
Dividends
receivable
214
Receivable
for
shares
sold
78
Other
assets
571
Total
assets
255,183
Liabilities
Obligation
to
return
securities
lending
collateral
5,633
Payable
for
investment
securities
purchased
572
Investment
management
fees
payable
134
Payable
for
shares
redeemed
77
Due
to
affiliates
2
Other
liabilities
845
Total
liabilities
7,263
NET
ASSETS
$
247,920
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
74,875
Paid-in
capital
applicable
to
15,850,550
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
of
the
Corporation
authorized
173,045
NET
ASSETS
$
247,920
NET
ASSET
VALUE
PER
SHARE
$
15.64
T.
ROWE
PRICE
International
Stock
Portfolio
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/24
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$327)
$
2,564
Securities
lending
9
Total
income
2,573
Expenses
Investment
management
and
administrative
expenses
1
861
Investment
management
273
Shareholder
servicing
60
Prospectus
and
shareholder
reports
3
Custody
and
accounting
45
Legal
and
audit
30
Miscellaneous
1
Waived
/
paid
by
Price
Associates
(97)
Total
expenses
1,176
Net
investment
income
1,397
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(net
of
foreign
taxes
of
$160)
4,629
Options
written
25
Foreign
currency
transactions
(37)
Net
realized
gain
4,617
Change
in
net
unrealized
gain
/
loss
Securities
(net
of
decrease
in
deferred
foreign
taxes
of
$(42))
4,240
Options
written
1
Other
assets
and
liabilities
denominated
in
foreign
currencies
(28)
Change
in
net
unrealized
gain
/
loss
4,213
Net
realized
and
unrealized
gain
/
loss
8,830
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
10,227
1
Prior
to
May
1,
2024,
the
fund
operated
under
an
all-inclusive
annual
fee
which
is
represented
as
"Investment
management
and
administrative
expense"
on
the
Statement
of
Operations.
See
Note
7.
T.
ROWE
PRICE
International
Stock
Portfolio
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/24
Year
Ended
12/31/23
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
1,397
$
2,104
Net
realized
gain
4,617
7,179
Change
in
net
unrealized
gain
/
loss
4,213
26,282
Increase
in
net
assets
from
operations
10,227
35,565
Distributions
to
shareholders
Net
earnings
–
(2,359)
Capital
share
transactions
*
Shares
sold
3,544
13,703
Distributions
reinvested
–
2,359
Shares
redeemed
(13,636)
(24,494)
Decrease
in
net
assets
from
capital
share
transactions
(10,092)
(8,432)
Net
Assets
Increase
during
period
135
24,774
Beginning
of
period
247,785
223,011
End
of
period
$
247,920
$
247,785
*Share
information
(000s)
Shares
sold
231
969
Distributions
reinvested
–
161
Shares
redeemed
(884)
(1,729)
Decrease
in
shares
outstanding
(653)
(599)
T.
ROWE
PRICE
International
Stock
Portfolio
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
International
Series,
Inc. (the
corporation) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
International
Stock
Portfolio
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks
long-term
growth
of
capital
through
investments
primarily
in
the
common
stocks
of
established,
non-U.S.
companies.
Shares
of
the
fund are
currently offered
only
to
insurance
company
separate
accounts
established
for
the
purpose
of
funding
variable
annuity
contracts
and
variable
life
insurance
policies.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any,
are
declared
and
paid annually. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
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.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
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
T.
ROWE
PRICE
International
Stock
Portfolio
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)
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
the
fund’s 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
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
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
T.
ROWE
PRICE
International
Stock
Portfolio
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
June
30,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
June
30,
2024,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund’s
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
As
of
June
30,
2024,
the
fund
held
no
derivative
instruments.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
43,771
$
196,765
$
294
$
240,830
Convertible
Preferred
Stocks
—
—
1,400
1,400
Preferred
Stocks
—
1,049
—
1,049
Short-Term
Investments
3,854
—
—
3,854
Securities
Lending
Collateral
5,633
—
—
5,633
Total
$
53,258
$
197,814
$
1,694
$
252,766
T.
ROWE
PRICE
International
Stock
Portfolio
The
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
June
30,
2024,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
Options
The
fund
is
subject
to equity
price
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
options
to
help
manage
such
risk.
The
fund
may
use
options
to
manage
exposure
to
security
prices,
interest
rates,
foreign
currencies,
and
credit
quality;
as
an
efficient
means
of
adjusting
exposure
to
all
or
a
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
credit
exposure.
The
fund
may
buy
or
sell
options
that
can
be
settled
either
directly
with
the
counterparty
(OTC
option)
or
through
a
central
clearinghouse
(exchange-traded
option).
Options
are
included
in
net
assets
at
fair
value,
options
purchased
are
included
in
Investments
in
Securities,
and
options
written
are
separately
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Premiums
on
unexercised,
expired
options
are
recorded
as
realized
gains
or
losses
on
the
accompanying
Statement
of
Operations;
premiums
on
exercised
options
are
recorded
as
an
adjustment
to
the
proceeds
from
the
sale
or
cost
of
the
purchase.
The
difference
between
the
premium
and
the
amount
received
or
paid
in
a
closing
transaction
is
also
treated
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
In
return
for
a
premium
paid,
call
and
put
options
give
the
holder
the
right,
but
not
the
obligation,
to
purchase
or
sell,
respectively,
a
security
at
a
specified
exercise
price. Risks related
to
the
use
of
options
include
possible
illiquidity
of
the
options
markets;
trading
restrictions
imposed
by
an
exchange
or
counterparty;
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
movements
in
the
underlying
asset
values
and,
for
options
written,
the
potential
for
losses
to
exceed
any
premium
received
by
the
fund.
During
the
six
months ended
June
30,
2024,
the
volume
of
the
fund’s
activity
in
options,
based
on
underlying
notional
amounts,
was
generally
less
than
1%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund’s prospectus
and
Statement
of
Additional
Information.
Emerging
and
Frontier
Markets
The fund
invests,
either
directly
or
through
investments
in
other
T.
Rowe
Price
funds,
in
securities
of
companies
located
in,
issued
by
governments
of,
or
denominated
in
or
linked
to
the
currencies
of
emerging
and
frontier
market
countries.
Emerging
markets,
and
to
a
greater
extent
frontier
markets, tend
to
have
economic
structures
that
are
less
diverse
and
mature,
less
developed
legal
and
regulatory
regimes,
and
political
systems
that
are
less
stable,
than
those
of
developed
countries.
These
markets
may
be
subject
to
greater
political,
economic,
and
social
uncertainty
and
differing
accounting
standards
and
regulatory
environments
that
may
potentially
impact
the
fund’s
ability
to
buy
or
sell
certain
securities
or
repatriate
proceeds
to
U.S.
dollars.
Emerging
markets
securities
exchanges
are
more
likely
to
experience
delays
with
the
clearing
and
settling
of
trades,
as
well
as
the
custody
of
holdings
by
local
banks,
agents,
and
depositories.
Such
securities
are
often
subject
to
greater
price
volatility,
less
liquidity,
and
higher
rates
of
inflation
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Options
Written
Realized
Gain
(Loss)
Equity
derivatives
$
25
Total
$
25
Change
in
Unrealized
Gain
(Loss)
Equity
derivatives
$
1
Total
$
1
T.
ROWE
PRICE
International
Stock
Portfolio
than
U.S.
securities.
Investing
in
frontier
markets
is
typically
significantly
riskier
than
investing
in
other
countries,
including
emerging
markets.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Securities
Lending
The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
June
30,
2024,
the
value
of
loaned
securities
was
$5,403,000;
the
value
of
cash
collateral
and
related
investments
was
$5,633,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $37,767,000 and
$45,427,000,
respectively,
for
the
six
months ended
June
30,
2024.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
December
31,
2023,
the
fund
had
$1,507,000
of
available
capital
loss
carryforwards.
At
June
30,
2024,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$181,803,000.
Net
unrealized
gain
aggregated
$70,143,000
at
period-end,
of
which
$80,273,000
related
to
appreciated
investments
and
$10,130,000
related
to
depreciated
investments.
NOTE
6
-
FOREIGN TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
ROWE
PRICE
International
Stock
Portfolio
NOTE
7
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group).
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.37%
of
the
fund’s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
June
30,
2024,
the
effective
annual
group
fee
rate
was
0.29%.
Prior
to
May
1,
2024,
the
fund
paid
an
all-inclusive
annual
fee
equal
to
1.05%
of
the
fund’s
average
daily
net
assets,
which
was
computed
daily
and
paid
monthly.
The
all-inclusive
fee
covered
investment
management
services
and
ordinary,
recurring
operating
expenses
but
did
not
cover
interest
expense;
expenses
related
to
borrowing,
taxes,
and
brokerage;
or
nonrecurring,
extraordinary
expenses.
Prior
to
May
1,
2024,
Price
Associates
had
also
contractually
agreed,
through
April
30,
2024,
to
waive
a
portion
of
its
management
fee
in
order
to
limit
the
fund’s
management
fee
to
0.95%
of
the
fund’s
average
daily
net
assets.
Fees
waived
and
expenses
paid
under
this
agreement
are
not
subject
to
reimbursement
to
Price
Associates
by
the
fund. The
total
management
fees
waived
through
April
30,
2024
were $82,000.
Effective
May
1,
2024, the
fund
is
subject
to
a
permanent
contractual
expense
limitation,
pursuant
to
which
Price
Associates
is
required
to
waive or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
acquired
fund
fees
and
expenses;
and
12b-1
fees,
if
any)
that
would
otherwise
cause
the fund’s
ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
0.95%.
The
agreement
may
only
be
terminated
with
approval
by
the
fund’s
shareholders.
The
fund is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the fund’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the fund’s
net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the fund’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver. The
total
management
fees
waived
and/or
expenses
paid were $15,000
for
the
period
from
May
1,
2024
through
June
30,
2024. Including
this
amount,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of
$15,000
remain
subject
to
repayment
by
the
fund
at
June
30,
2024.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
a
wholly
owned
subsidiary
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
Prior
to
May
1,
2024,
pursuant
to
the
all-inclusive
fee
arrangement
under
the
investment
management
and
administrative
agreement,
expenses
incurred
by
the
fund
pursuant
to
these
service
agreements
were
paid
by
Price
Associates.
For
the
period
May
1,
2024
through
June
30,
2024,
expenses
incurred
pursuant
to
these
service
agreements
were
$24,000
for
Price
Associates
and
less
than
$1,000
for
T.
Rowe
Price
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
T.
ROWE
PRICE
International
Stock
Portfolio
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
June
30,
2024,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
8
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
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
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
T.
ROWE
PRICE
International
Stock
Portfolio
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
Each
year,
the
fund’s
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser).
In
that
regard,
at
a
meeting
held
on
March
11–12,
2024
(March
Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors
present
in
person
at
the
March
Meeting,
approved
the
continuation
of
the
fund’s
Advisory
Contract,
including
an
amendment
that
will
go
into
effect
on
May
1,
2024.
At
the
March
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
the
approval
of
the
Advisory
Contract.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
March
Meeting,
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
about
various
topics.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser.
These
services
included,
but
were
not
limited
to,
directing
the
fund’s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance;
maintaining
the
fund’s
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’s
senior
management
team
and
investment
personnel
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser,
as
well
as
the
other
factors
considered
at
the
March
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
March
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund’s
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2023.
Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2023,
which
ranked
the
returns
of
the
fund
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
mutual
fund
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
March
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund’s
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund’s
performance,
the
length
of
the
fund’s
performance
track
record,
and
how
closely
the
fund’s
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund’s
performance,
as
well
as
the
other
factors
considered
at
the
March
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates)
may
have
realized
from
its
relationship
with
the
fund.
In
considering
soft-dollar
arrangements
pursuant
to
which
research
may
be
received
from
broker-dealers
that
execute
the
fund’s
portfolio
transactions,
the
Board
noted
that
during
2023
the
Adviser
paid
the
costs
of
research
services
for
all
client
accounts
that
it
advises,
including
the
T.
Rowe
Price
funds.
However,
effective
January
1,
2024,
the
Adviser
will
begin
using
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds’
securities
transactions
to
pay
for
research
when
permissible.
T.
ROWE
PRICE
International
Stock
Portfolio
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
The
Board
also
reviewed
estimates
of
the
profits
realized
from
managing
the
fund
in
particular,
and
the
Board
concluded
that
the
Adviser’s
profits
were
reasonable
in
light
of
the
services
provided
to
the
fund.
The
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
realized
by
the
Adviser.
At
the
time
of
the
March
Meeting,
under
the
Advisory
Contract,
the
fund
paid
the
Adviser
an
all-inclusive
management
fee
based
on
the
fund’s
average
daily
net
assets.
The
all-inclusive
management
fee
included
investment
management
services
and
provided
for
the
Adviser
to
pay
all
of
the
fund’s
ordinary,
recurring
operating
expenses
except
for
interest,
taxes,
portfolio
transaction
fees,
and
any
nonrecurring
extraordinary
expenses
that
may
arise.
The
Adviser
has
generally
implemented
an
all-inclusive
management
fee
structure
in
situations
where
a
fixed
total
expense
ratio
is
useful
for
purposes
of
providing
certainty
of
fees
and
expenses
for
the
fund’s
investors
and
has
historically
sought
to
set
the
initial
all-inclusive
management
fee
rate
at
levels
below
the
expense
ratios
of
comparable
funds
to
take
into
account
potential
future
economies
of
scale.
In
addition,
the
assets
of
the
fund
have
been
included
in
the
calculation
of
the
group
fee
rate,
which
serves
as
a
component
of
the
management
fee
for
many
T.
Rowe
Price
funds
and
declines
at
certain
asset
levels
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
funds.
Although
the
fund
did
not
have
a
group
fee
component
to
its
management
fee,
its
assets
have
been
included
in
the
calculation
because
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds.
The
Board
noted
that,
effective
May
1,
2024,
under
an
amendment
to
the
Advisory
Contract,
the
fund
will
pay
a
fee
to
the
Adviser
for
investment
management
services
composed
of
two
components—a
group
fee
rate
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
funds
(including
the
fund)
that
declines
at
certain
asset
levels
and
an
individual
fund
fee
rate
based
on
the
fund’s
average
daily
net
assets—and
the
fund
will
pay
its
own
expenses
of
operations
(subject
to
an
expense
limitation).
The
group
fee
rate
decreases
as
total
T.
Rowe
Price
fund
assets
grow,
which
reduces
the
management
fee
rate
for
any
fund
that
has
a
group
fee
component
to
its
management
fee,
and
reflects
that
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds,
thus
allowing
shareholders
of
those
funds
to
share
potential
economies
of
scale.
The
fund
will
be
subject
to
a
permanent
contractual
expense
limitation
that
requires
the
Adviser
to
waive
its
fees
and/or
bear
any
expenses
that
would
otherwise
cause
the
fund’s
total
expenses
to
exceed
a
certain
percentage
based
on
the
fund’s
net
assets.
The
expense
limitation
mitigates
the
potential
for
an
increase
in
operating
expenses
above
a
certain
level
that
could
impact
shareholders
and
limits
the
fund’s
expenses
to
the
net
total
expense
ratio
at
the
time
of
the
management
fee
restructure.
In
addition,
the
Board
noted
that
the
fund
potentially
shares
in
indirect
economies
of
scale
through
the
Adviser’s
ongoing
investments
in
its
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-party
service
providers.
The
Board
concluded
that
the
advisory
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
any
economies
of
scale
with
the
fund’s
investors.
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Expense
Group)
and
(ii)
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
fund
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
Universe).
The
Board
considered
the
fund’s
contractual
management
fee
rate,
actual
management
fee
rate
(which
reflects
the
management
fees
actually
received
from
the
fund
by
the
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
total
expense
ratio
of
the
fund
after
any
waivers,
reductions,
or
reimbursements)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
components
and
attributes
and
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
with
the
highest
relative
expenses.
The
information
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
International
Stock
Portfolio
compiled
by
Broadridge
reflects
the
all-inclusive
management
fee
structure
that
was
in
place
at
the
time
of
the
March
Meeting
and
does
not
reflect
the
fee
structure
that
will
be
in
place
with
the
May
1,
2024
amendment
to
the
Advisory
Contract.
The
information
provided
to
the
Board
indicated
that
the
fund’s
contractual
management
fee
ranked
in
the
fifth
quintile
(Expense
Group),
the
fund’s
actual
management
fee
rate
ranked
in
the
fifth
quintile
(Expense
Group
and
Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
fourth
quintile
(Expense
Group
and
Expense
Universe).
The
Adviser
provided
the
Board
with
additional
information
with
respect
to
the
fund’s
relative
management
fees
and
total
expenses
ranking
in
the
fourth
and
fifth
quintiles.
The
Board
reviewed
and
considered
the
information
provided
relating
to
the
fund,
including
other
funds
in
the
peer
group,
and
other
factors
that
the
Board
determined
to
be
relevant.
The
Board
also
reviewed
the
fee
schedules
for
other
investment
portfolios
with
similar
mandates
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
and
individual
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
and
other
institutional
account
clients,
including
information
about
how
the
requirements
and
economics
of
the
institutional
business
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
business.
The
Board
considered
information
showing
that
the
Adviser’s
mutual
fund
business
is
generally
more
complex
from
a
business
and
compliance
perspective
than
its
institutional
account
business
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
greater
asset
flows,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
mutual
fund
business.
In
assessing
the
reasonableness
of
the
fund’s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
mutual
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution’s
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
Approval
of
the
Advisory
Contract
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract,
including
the
amendment
to
the
Advisory
Contract
that
will
become
effective
on
May
1,
2024.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
(including
the
fees
to
be
charged
for
services
thereunder).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
(continued)
T.
ROWE
PRICE
International
Stock
Portfolio
Approval
of
New
Subadvisory
Agreement
Subsequent
to
the
March
Meeting,
at
a
meeting
held
on
May
8,
2024
(May
Meeting),
the
fund’s
Board
considered
the
initial
approval
of
an
investment
subadvisory
agreement
(Subadvisory
Contract)
that
the
Adviser
entered
into
with
T.
Rowe
Price
International
Ltd
(Subadviser)
on
behalf
of
the
fund.
The
Subadvisory
Contract
authorizes
the
Subadviser
to
have
investment
discretion
with
respect
to
all
or
a
portion
of
the
fund’s
portfolio.
The
Board
noted
that
the
Subadvisory
Contract
will
be
substantially
similar
to
other
subadvisory
agreements
that
are
in
place
for
other
T.
Rowe
Price
funds
that
delegate
investment
management
responsibilities
to
affiliated
investment
advisers
and
that
the
Adviser
will
retain
oversight
responsibilities
with
respect
to
the
fund.
The
Board
also
noted
that
the
new
subadvisory
arrangement
will
not
change
the
total
advisory
fees
paid
by
the
fund.
However,
under
the
Subadvisory
Contract,
the
Adviser
may
pay
the
Subadviser
up
to
60%
of
the
advisory
fees
that
the
Adviser
receives
from
the
fund.
At
the
May
Meeting,
the
Board
reviewed
materials
relevant
to
its
consideration
of
the
proposed
Subadvisory
Contract.
The
factors
considered
by
the
Board
at
the
May
Meeting
in
connection
with
approval
of
the
proposed
Subadvisory
Contract
were
substantially
similar
to
the
factors
considered
at
the
March
Meeting
in
connection
with
the
approval
to
continue
the
Advisory
Contract.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Subadvisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
Following
discussion
at
the
May
Meeting,
the
Board,
including
all
of
the
fund’s
independent
directors
present
in
person
at
the
May
Meeting,
approved
the
Subadvisory
Contract
between
the
Adviser
and
Subadviser
on
behalf
of
the
fund.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
Subadvisory
Contract,
effective
July
1,
2024.
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
E301-051
8/24
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR and/or the Statement of Additional Information.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | |
| T. Rowe Price International Stock Portfolio |
| | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | August 20, 2024 | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | August 20, 2024 | | |
| | | | |
| By | | /s/ Alan S. Dupski | | |
| | Alan S. Dupski | | |
| | Principal Financial Officer | | |
| | |
| Date | | August 20, 2024 | | |
