T.
ROWE
PRICE
International
Stock
Fund
January
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA
0.2%
Common
Stocks
0.2%
MercadoLibre
(USD) (1)
24,830
29,341
Total
Argentina
(Cost
$20,030
)
29,341
BRAZIL
1.4%
Common
Stocks
1.4%
Raia
Drogasil
9,862,191
48,376
Suzano
8,588,427
78,587
XP,
Class
A
(USD) (1)
4,278,001
76,234
Total
Brazil
(Cost
$216,145
)
203,197
CANADA
7.7%
Common
Stocks
7.7%
Canadian
Pacific
Railway
(USD) (2)
3,120,160
246,181
Constellation
Software
87,523
154,633
Definity
Financial
1,525,535
41,104
Descartes
Systems
Group
(USD) (1)
692,431
50,561
National
Bank
of
Canada
1,714,369
128,782
Shopify,
Class
A
(USD) (1)
1,610,021
79,326
Suncor
Energy
4,078,500
141,554
TELUS
International
CDA (1)
2,501,464
59,521
TMX
Group
2,125,573
209,498
Total
Canada
(Cost
$1,089,110
)
1,111,160
CAYMAN
ISLANDS
0.3%
Convertible
Preferred
Stocks
0.3%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $13,909
(USD) (1)(3)(4)
282,204
47,227
Total
Cayman
Islands
(Cost
$13,909
)
47,227
CHINA
7.1%
Common
Stocks
4.1%
58.com
(USD) (1)(4)
3,564,710
—
Alibaba
Group
Holding,
ADR
(USD) (1)
2,033,691
224,113
JD
Health
International
(HKD) (1)
9,949,400
82,623
Meituan,
Class
B
(HKD) (1)
269,680
6,029
Silergy
(TWD)
2,985,000
60,743
Tencent
Holdings
(HKD)
2,696,800
131,412
T.
ROWE
PRICE
International
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Trip.com
Group,
ADR
(USD) (1)
2,270,453
83,462
588,382
Common
Stocks
-
China
A
Shares
3.0%
Inner
Mongolia
Yili
Industrial
Group,
A
Shares
(CNH)
20,041,553
96,861
Kweichow
Moutai,
A
Shares
(CNH)
356,614
97,798
NARI
Technology,
A
Shares
(CNH)
24,777,745
97,121
Shandong
Pharmaceutical
Glass,
A
Shares
(CNH)
11,098,978
47,614
Shenzhen
Inovance
Technology,
A
Shares
(CNH)
8,959,560
94,829
434,223
Total
China
(Cost
$778,924
)
1,022,605
DENMARK
1.2%
Common
Stocks
1.2%
Genmab (1)
194,119
76,074
Novo
Nordisk,
ADR
(USD)
747,729
103,770
Total
Denmark
(Cost
$168,881
)
179,844
FRANCE
8.6%
Common
Stocks
8.6%
Capgemini
794,957
150,871
Dassault
Aviation
1,379,916
235,639
EssilorLuxottica
1,068,993
196,138
Eurofins
Scientific
673,690
48,324
Kering
249,577
155,725
LVMH
Moet
Hennessy
Louis
Vuitton
89,580
78,201
Safran
968,504
139,266
Teleperformance
375,962
104,513
Thales
1,061,109
140,342
Total
France
(Cost
$937,733
)
1,249,019
GERMANY
5.6%
Common
Stocks
4.5%
Bayer
1,357,825
84,518
Daimler
Truck
Holding (1)
1,693,959
56,923
Deutsche
Boerse
495,333
88,636
Deutsche
Telekom
11,424,149
254,516
Evotec (1)
4,940,528
97,146
Infineon
Technologies
1,722,870
62,041
643,780
Preferred
Stocks
1.1%
Dr
Ing
hc
F
Porsche (1)
585,365
69,599
T.
ROWE
PRICE
International
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Sartorius (2)
202,873
90,971
160,570
Total
Germany
(Cost
$689,164
)
804,350
HONG
KONG
2.3%
Common
Stocks
2.3%
AIA
Group
24,616,800
278,358
Hong
Kong
Exchanges
&
Clearing
1,131,200
50,879
Total
Hong
Kong
(Cost
$124,825
)
329,237
INDIA
5.4%
Common
Stocks
5.4%
Axis
Bank
17,283,651
184,734
HDFC
Life
Insurance
11,558,344
82,002
Housing
Development
Finance
6,394,137
206,306
Larsen
&
Toubro
4,100,234
106,566
NTPC
97,719,736
204,312
Total
India
(Cost
$526,605
)
783,920
INDONESIA
1.4%
Common
Stocks
1.4%
Bank
Central
Asia
236,555,300
134,247
Sarana
Menara
Nusantara
881,601,300
66,029
Total
Indonesia
(Cost
$65,873
)
200,276
IRELAND
0.5%
Common
Stocks
0.5%
Kerry
Group,
Class
A
777,875
73,091
Total
Ireland
(Cost
$72,083
)
73,091
ITALY
2.1%
Common
Stocks
2.1%
Amplifon
1,899,121
52,441
Banca
Mediolanum
12,247,569
117,178
DiaSorin
652,361
84,924
Ermenegildo
Zegna
(USD) (2)
3,921,574
44,941
Total
Italy
(Cost
$273,346
)
299,484
T.
ROWE
PRICE
International
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
JAPAN
14.3%
Common
Stocks
14.3%
Chugai
Pharmaceutical
4,875,700
126,403
Daiichi
Sankyo
3,721,300
116,875
Daikin
Industries
471,200
81,845
Disco
249,100
74,838
Fujitsu
General
1,453,000
41,070
Hikari
Tsushin
367,900
52,513
Keyence
319,500
147,088
Murata
Manufacturing
2,017,600
115,287
Nextage
1,336,300
30,058
Nippon
Telegraph
&
Telephone
6,494,300
194,735
Olympus
6,152,200
115,659
Otsuka
Holdings
3,289,600
105,532
Outsourcing
5,869,300
45,611
Pan
Pacific
International
Holdings
2,672,200
49,417
Persol
Holdings
3,518,900
77,154
Seven
&
i
Holdings
3,972,300
187,544
Shimadzu
2,368,700
72,793
SMC
63,700
32,354
Sony
Group
1,313,900
117,399
Stanley
Electric
2,975,200
64,030
Suzuki
Motor
2,514,900
94,289
Z
Holdings
40,363,800
117,447
Total
Japan
(Cost
$1,849,498
)
2,059,941
NETHERLANDS
7.4%
Common
Stocks
7.4%
Adyen (1)
39,909
60,339
Akzo
Nobel
2,601,694
193,787
ASML
Holding
533,178
352,776
Koninklijke
Philips
5,132,706
88,618
Prosus
4,663,396
376,547
Total
Netherlands
(Cost
$835,982
)
1,072,067
PHILIPPINES
0.5%
Common
Stocks
0.5%
SM
Investments
3,885,595
65,706
Total
Philippines
(Cost
$62,370
)
65,706
T.
ROWE
PRICE
International
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
PORTUGAL
1.2%
Common
Stocks
1.2%
Galp
Energia
6,721,698
92,007
Jeronimo
Martins
3,425,367
74,367
Total
Portugal
(Cost
$132,948
)
166,374
RUSSIA
0.0%
Common
Stocks
0.0%
TCS
Group
Holding,
GDR
(USD) (1)(4)
370,433
—
Total
Russia
(Cost
$22,173
)
—
SINGAPORE
0.6%
Common
Stocks
0.6%
Sea,
ADR
(USD) (1)
1,426,889
91,963
Total
Singapore
(Cost
$85,935
)
91,963
SOUTH
AFRICA
0.4%
Common
Stocks
0.4%
Capitec
Bank
Holdings
533,671
55,121
Total
South
Africa
(Cost
$32,956
)
55,121
SOUTH
KOREA
2.7%
Common
Stocks
2.7%
LG
H&H
94,244
57,136
NAVER
696,736
115,746
Samsung
Electronics
4,388,357
218,585
Total
South
Korea
(Cost
$234,201
)
391,467
SPAIN
1.7%
Common
Stocks
1.7%
Amadeus
IT
Group,
Class
A (1)
2,409,739
151,823
Fluidra (2)
5,448,469
96,188
Total
Spain
(Cost
$274,718
)
248,011
SWEDEN
2.2%
Common
Stocks
2.2%
Assa
Abloy,
Class
B
4,300,771
101,310
T.
ROWE
PRICE
International
Stock
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
Essity,
Class
B
4,570,951
119,412
Olink
Holding,
ADR
(USD) (1)
1,547,039
30,291
Swedbank,
Class
A
3,482,891
66,999
Total
Sweden
(Cost
$273,956
)
318,012
SWITZERLAND
8.6%
Common
Stocks
8.6%
Alcon
2,158,911
162,908
Barry
Callebaut
53,436
111,646
Julius
Baer
Group
3,204,926
205,578
Lonza
Group
254,503
145,179
Nestle
2,299,375
280,544
Partners
Group
Holding
197,952
185,738
PolyPeptide
Group
65,835
1,913
Roche
Holding
478,943
149,512
Total
Switzerland
(Cost
$963,994
)
1,243,018
TAIWAN
3.6%
Common
Stocks
3.6%
Taiwan
Semiconductor
Manufacturing
29,563,000
521,692
Total
Taiwan
(Cost
$116,768
)
521,692
THAILAND
0.7%
Common
Stocks
0.7%
Bumrungrad
Hospital
1,544,900
10,156
CP
ALL
44,056,900
87,682
Total
Thailand
(Cost
$68,892
)
97,838
UNITED
ARAB
EMIRATES
0.2%
Common
Stocks
0.2%
Network
International
Holdings
(GBP) (1)
9,149,001
29,706
Total
United
Arab
Emirates
(Cost
$41,878
)
29,706
UNITED
KINGDOM
6.6%
Common
Stocks
6.5%
Ashtead
Group
1,797,570
118,404
AstraZeneca,
ADR
(USD)
2,935,819
191,914
Bridgepoint
Group
14,709,138
43,653
London
Stock
Exchange
Group
1,926,553
176,366
Rightmove
8,052,507
58,509
T.
ROWE
PRICE
International
Stock
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
Smith
&
Nephew
9,148,156
126,339
Unilever
(EUR)
4,476,533
227,260
942,445
Convertible
Preferred
Stocks
0.1%
YuLife
Holdings,
Series
C,
Acquisition
Date:
10/11/22,
Cost $5,670 (1)(3)(4)
286,782
6,305
6,305
Total
United
Kingdom
(Cost
$827,727
)
948,750
UNITED
STATES
3.4%
Common
Stocks
3.4%
Atlassian,
Class
A (1)
277,483
44,847
Canva,
Acquisition
Date:
8/16/21
-
11/4/21,
Cost $23,865 (1)(3)
(4)
14,001
7,726
Linde
(EUR) (2)
735,690
243,380
Mastercard,
Class
A
278,133
103,076
Waste
Connections
690,066
91,710
490,739
Convertible
Preferred
Stocks
0.0%
Canva,
Series
A,
Acquisition
Date:
11/4/21,
Cost $1,408 (1)(3)(4)
826
456
Canva,
Series
A-3,
Acquisition
Date:
11/4/21,
Cost $58 (1)(3)(4)
34
19
Canva,
Series
A-4,
Acquisition
Date:
11/4/21,
Cost $5 (1)(3)(4)
3
1
Canva,
Series
A-5,
Acquisition
Date:
11/4/21,
Cost $3 (1)(3)(4)
2
1
477
Total
United
States
(Cost
$336,735
)
491,216
SHORT-TERM
INVESTMENTS
2.3%
Money
Market
Funds
2.3%
T.
Rowe
Price
Government
Reserve
Fund,
4.36% (5)(6)
331,864,767
331,865
Total
Short-Term
Investments
(Cost
$331,865)
331,865
T.
ROWE
PRICE
International
Stock
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
SECURITIES
LENDING
COLLATERAL
0.9%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.9%
Money
Market
Funds
0.9%
T.
Rowe
Price
Government
Reserve
Fund,
4.36% (5)(6)
132,501,099
132,501
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
132,501
Total
Securities
Lending
Collateral
(Cost
$132,501)
132,501
Total
Investments
in
Securities
101.1%
(Cost
$11,601,725)
$
14,597,999
Other
Assets
Less
Liabilities
(1.1)%
(154,740)
Net
Assets
100.0%
$
14,443,259
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Shares
and
Notional
Amount
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
(1)
Non-income
producing
(2)
All
or
a
portion
of
this
security
is
on
loan
at
January
31,
2023.
(3)
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
$61,735
and
represents
0.4%
of
net
assets.
(4)
Level
3
in
fair
value
hierarchy.
(5)
Seven-day
yield
(6)
Affiliated
Companies
ADR
American
Depositary
Receipts
CHF
Swiss
Franc
CNH
Offshore
China
Renminbi
EUR
Euro
GBP
British
Pound
GDR
Global
Depositary
Receipts
HKD
Hong
Kong
Dollar
OTC
Over-the-counter
TWD
Taiwan
Dollar
USD
U.S.
Dollar
T.
ROWE
PRICE
International
Stock
Fund
9
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.0)%
OTC
Options
Written
(0.0)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Goldman
Sachs
Julius
Baer
Group,
Call,
2/17/23
@
57.00
(CHF)
2,394
14,059
(652)
Goldman
Sachs
Julius
Baer
Group,
Call,
2/17/23
@
58.00
(CHF)
2,375
13,947
(472)
Goldman
Sachs
Julius
Baer
Group,
Call,
3/17/23
@
60.00
(CHF)
2,282
13,401
(343)
Total
Options
Written
(Premiums
$(1,022))
$
(1,467)
T.
ROWE
PRICE
International
Stock
Fund
10
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
January
31,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
4.36%
$
—
$
—
$
3,926++
Totals
$
—#
$
—
$
3,926+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/22
Purchase
Cost
Sales
Cost
Value
01/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.36%
$
504,027
¤
¤
$
464,366
Total
$
464,366^
#
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
$3,926
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
$464,366.
T.
ROWE
PRICE
International
Stock
Fund
Unaudited
Notes
to
Portfolio
of
Investments
11
T.
Rowe
Price
International
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
International
Stock
Fund
12
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
International
Stock
Fund
13
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.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
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.
T.
ROWE
PRICE
International
Stock
Fund
14
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
January
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
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.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
1,491,730
$
12,419,598
$
7,726
$
13,919,054
Convertible
Preferred
Stocks
—
—
54,009
54,009
Preferred
Stocks
—
160,570
—
160,570
Short-Term
Investments
331,865
—
—
331,865
Securities
Lending
Collateral
132,501
—
—
132,501
Total
$
1,956,096
$
12,580,168
$
61,735
$
14,597,999
Liabilities
Options
Written
$
—
$
1,467
$
—
$
1,467
T.
ROWE
PRICE
International
Stock
Fund
15
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.
F37-054Q1
01/23