T.
ROWE
PRICE
International
Discovery
Fund
January
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA
1.6%
Common
Stocks
1.6%
MercadoLibre
(USD) (1)
93,800
110,843
Total
Argentina
(Cost
$18,193
)
110,843
AUSTRALIA
2.1%
Common
Stocks
2.1%
ALS
1,654,640
15,352
Cochlear
287,552
43,442
IDP
Education
1,570,896
34,958
oOh!media
17,785,816
18,110
OZ
Minerals
1,585,666
31,407
Total
Australia
(Cost
$81,508
)
143,269
AUSTRIA
2.0%
Common
Stocks
2.0%
BAWAG
Group
1,738,688
107,703
Schoeller-Bleckmann
Oilfield
Equipment
371,042
27,217
Total
Austria
(Cost
$104,083
)
134,920
BRAZIL
1.6%
Common
Stocks
1.2%
Arco
Platform,
Class
A
(USD) (1)(2)
1,666,800
22,068
CI&T,
Class
A
(USD) (1)(2)
1,017,296
7,569
Grupo
SBF
7,428,000
16,184
Intelbras
Industria
de
Telecomunicacao
Eletronica
Brasileira
3,352,700
20,401
Klabin
4,449,400
17,022
83,244
Preferred
Stocks
0.4%
Marcopolo (3)
45,067,283
26,723
26,723
Total
Brazil
(Cost
$162,711
)
109,967
CANADA
5.7%
Common
Stocks
5.7%
Altus
Group
843,200
36,084
Aritzia (1)
1,445,200
52,125
ATS (1)
283,300
11,472
T.
ROWE
PRICE
International
Discovery
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
CAE (1)
1,242,500
28,062
Definity
Financial
963,464
25,959
dentalcorp
Holdings (1)(2)
2,577,008
18,942
Descartes
Systems
Group (1)
750,400
54,762
Exchange
Income (2)
252,200
10,508
Orla
Mining (1)
662,482
2,858
Richelieu
Hardware
576,900
17,157
Shopify,
Class
A (1)
1,080,760
53,260
Spin
Master
1,443,995
37,941
StorageVault
Canada
3,606,715
17,430
Summit
Industrial
Income
REIT
1,319,800
22,695
Total
Canada
(Cost
$270,105
)
389,255
CHINA
14.3%
Common
Stocks
8.6%
BOE
Varitronix
(HKD)
12,472,000
29,706
Bosideng
International
Holdings
(HKD)
32,044,000
17,857
China
Overseas
Property
Holdings
(HKD)
21,870,000
28,607
China
Resources
Gas
Group
(HKD)
9,927,400
41,747
China
Resources
Mixc
Lifestyle
Services
(HKD)
12,756,200
73,497
H
World
Group
(HKD)
10,563,400
50,224
Haier
Smart
Home,
Class
H
(HKD)
9,059,400
33,412
Kanzhun,
ADR
(USD) (1)
5,080,403
123,403
Li
Ning
(HKD)
2,844,500
28,120
Shandong
Weigao
Group
Medical
Polymer,
Class
H
(HKD)
27,320,400
45,417
Tingyi
Cayman
Islands
Holding
(HKD)
11,292,000
18,785
Topsports
International
Holdings
(HKD)
731,000
689
Tsingtao
Brewery,
Class
H
(HKD)
4,534,000
43,775
Yangzijiang
Shipbuilding
Holdings
(SGD)
46,626,800
45,967
581,206
Common
Stocks
-
China
A
Shares
5.7%
Beijing
Career
International,
A
Shares
(CNH)
2,481,000
18,448
China
Oilfield
Services,
A
Shares
(CNH)
11,204,619
27,184
Fuyao
Glass
Industry
Group,
A
Shares
(CNH)
5,927,438
34,359
Hichain
Logistics,
A
Shares (4)
4,326,643
18,920
Hongfa
Technology,
A
Shares
(CNH)
5,817,532
32,361
Jason
Furniture
Hangzhou,
A
Shares
(CNH)
6,348,870
40,206
Qingdao
Haier
Biomedical,
A
Shares (4)
2,136,027
22,980
Qingdao
Hiron
Commercial
Cold
Chain,
A
Shares
(CNH)
3,454,600
15,248
Shandong
Pharmaceutical
Glass,
A
Shares
(CNH)
5,677,014
24,354
Shenzhen
Megmeet
Electrical,
A
Shares
(CNH)
8,172,786
34,329
Toly
Bread,
A
Shares
(CNH)
6,653,400
16,511
Warom
Technology,
A
Shares (4)
10,161,743
37,659
Yantai
Jereh
Oilfield
Services
Group,
A
Shares
(CNH)
5,444,644
26,208
T.
ROWE
PRICE
International
Discovery
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
YTO
Express
Group,
A
Shares
(CNH)
6,474,434
20,163
Zhejiang
Shuanghuan
Driveline,
A
Shares (4)
4,160,056
18,345
387,275
Total
China
(Cost
$849,265
)
968,481
DENMARK
0.7%
Common
Stocks
0.7%
Zealand
Pharma (1)
1,462,224
45,667
Total
Denmark
(Cost
$42,917
)
45,667
EGYPT
0.2%
Common
Stocks
0.2%
Edita
Food
Industries
7,739,375
3,847
Integrated
Diagnostics
Holdings
(USD)
19,203,563
10,422
Total
Egypt
(Cost
$27,589
)
14,269
FINLAND
0.3%
Common
Stocks
0.3%
Valmet
661,269
20,766
Total
Finland
(Cost
$17,140
)
20,766
FRANCE
3.8%
Common
Stocks
3.8%
Edenred
470,906
25,650
Esker
135,920
22,694
Eurofins
Scientific
961,281
68,952
Nexity
1,144,252
34,567
SPIE
2,545,642
69,497
Tikehau
Capital (2)
1,162,815
33,129
Virbac
11,005
3,340
Total
France
(Cost
$175,786
)
257,829
GERMANY
3.6%
Common
Stocks
3.6%
Adesso (2)
76,073
12,034
Auto1
Group (1)(2)
749,730
6,074
CANCOM
868,472
29,940
Evotec (1)
731,254
14,379
flatexDEGIRO (1)(2)
4,815,323
40,975
T.
ROWE
PRICE
International
Discovery
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
Hypoport (1)(2)
112,240
15,291
Knaus
Tabbert
400,468
17,220
MYT
Netherlands
Parent,
ADR
(USD) (1)
1,005,896
11,729
Nagarro (1)(2)
180,670
24,750
Scout24
329,252
19,168
Shop
Apotheke
Europe (1)(2)
698,256
50,347
Total
Germany
(Cost
$352,712
)
241,907
HONG
KONG
0.3%
Common
Stocks
0.3%
Impro
Precision
Industries
54,349,000
18,389
Total
Hong
Kong
(Cost
$21,124
)
18,389
INDIA
3.2%
Common
Stocks
3.2%
Astral
1,397,044
35,258
Blue
Star
1,328,916
20,027
CreditAccess
Grameen (1)
1,781,945
18,834
Dr
Lal
PathLabs
372,152
9,594
Fine
Organic
Industries
146,074
8,942
FSN
E-Commerce
Ventures (1)
5,115,354
8,604
Info
Edge
India
291,235
13,172
Polycab
India
823,079
29,566
TeamLease
Services (1)
542,633
15,294
Torrent
Pharmaceuticals
1,329,331
24,777
V-Mart
Retail
408,578
13,813
Zomato (1)
31,530,092
19,243
Total
India
(Cost
$171,237
)
217,124
IRELAND
0.5%
Common
Stocks
0.5%
Cairn
Homes
(GBP)
29,757,760
31,729
Total
Ireland
(Cost
$38,111
)
31,729
ITALY
4.5%
Common
Stocks
4.5%
Amplifon
3,465,511
95,694
Ariston
Holding
2,782,818
28,850
Carel
Industries
2,675,725
66,184
Ermenegildo
Zegna
(USD)
3,064,085
35,114
FinecoBank
Banca
Fineco
3,671,020
65,902
T.
ROWE
PRICE
International
Discovery
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
GVS (1)(2)
2,606,906
13,774
Total
Italy
(Cost
$162,010
)
305,518
JAPAN
20.1%
Common
Stocks
20.1%
Aida
Engineering
2,198,300
13,803
Aiful (2)
17,763,400
53,707
Daiei
Kankyo (1)(2)
1,525,700
19,844
Daiwabo
Holdings
3,548,900
53,716
DIC
1,587,300
29,511
Disco
43,800
13,159
eGuarantee
761,500
14,206
Eiken
Chemical
1,999,200
24,481
Electric
Power
Development
2,520,300
40,674
Fukui
Computer
Holdings
719,300
16,588
Hanwa
1,955,800
62,275
Hikari
Tsushin
283,200
40,423
Horiba
477,500
21,990
Idec
1,322,800
31,498
IHI
772,100
23,460
Media
Do (2)
449,500
6,007
METAWATER
1,459,200
19,260
Mitsui
Mining
&
Smelting
1,357,500
36,165
Modec (1)
1,902,400
20,706
Musashi
Seimitsu
Industry
2,520,400
34,734
Nakanishi
1,548,500
32,852
NET
One
Systems
1,125,400
30,498
Nextage
2,642,700
59,443
NGK
Spark
Plug
1,705,000
33,318
Nifco
935,700
24,288
Nippon
Ceramic
679,400
12,663
Nippon
Seiki
2,801,100
18,058
Nippon
Soda (3)
1,510,300
49,365
Nipro
5,028,500
40,366
Nitto
Boseki
523,700
8,258
NSK
332,400
1,870
Obara
Group (2)(3)
1,353,900
39,174
Persol
Holdings
644,800
14,138
Ryohin
Keikaku (2)
1,643,400
18,222
Sakata
INX (3)
4,090,900
34,473
Sankyu
453,800
17,831
Sanwa
Holdings
1,819,100
19,258
Socionext (1)
483,300
31,013
Stanley
Electric
1,091,600
23,493
T.
ROWE
PRICE
International
Discovery
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
Sumitomo
Seika
Chemicals
652,700
20,856
Taiheiyo
Cement
2,508,600
43,232
Taiyo
Yuden
501,200
17,024
Takeuchi
Manufacturing
1,190,200
26,342
Takuma
1,510,500
14,962
Tokai
Carbon
1,714,000
14,788
Tokyo
Century
808,200
28,417
Tokyo
Seimitsu
417,600
14,378
Tokyo
Tatemono
2,760,100
34,218
Toyo
Tire
2,625,300
31,408
Yellow
Hat
2,455,200
33,661
Total
Japan
(Cost
$1,350,812
)
1,364,074
LUXEMBOURG
0.6%
Common
Stocks
0.6%
Majorel
Group
Luxembourg
1,604,365
39,427
Total
Luxembourg
(Cost
$56,271
)
39,427
MEXICO
0.6%
Common
Stocks
0.6%
Corp.
Inmobiliaria
Vesta
8,125,700
22,120
Grupo
Aeroportuario
del
Sureste,
ADR
(USD)
80,700
21,950
Total
Mexico
(Cost
$27,940
)
44,070
NETHERLANDS
1.8%
Common
Stocks
1.8%
Aalberts
609,535
28,820
IMCD
360,497
57,150
Kendrion
464,692
8,416
Van
Lanschot
Kempen,
CVA
946,116
27,224
Total
Netherlands
(Cost
$57,566
)
121,610
NEW
ZEALAND
0.5%
Common
Stocks
0.5%
Fisher
&
Paykel
Healthcare
2,088,630
34,277
Total
New
Zealand
(Cost
$2,514
)
34,277
NORWAY
1.1%
Common
Stocks
1.1%
Subsea
7
1,363,930
16,997
T.
ROWE
PRICE
International
Discovery
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
TGS
3,301,538
54,664
Total
Norway
(Cost
$65,198
)
71,661
RUSSIA
0.0%
Common
Stocks
0.0%
HeadHunter
Group,
ADR
(USD) (5)
975,900
—
Ozon
Holdings,
ADR
(USD) (1)(5)
513,691
—
Total
Russia
(Cost
$40,432
)
—
SAUDI
ARABIA
0.2%
Common
Stocks
0.2%
Saudi
Tadawul
Group
Holding
330,746
14,330
Total
Saudi
Arabia
(Cost
$9,323
)
14,330
SPAIN
3.1%
Common
Stocks
3.1%
Aedas
Homes
1,286,887
21,676
Amadeus
IT
Group,
Class
A (1)
1,139,230
71,776
CIE
Automotive
875,196
25,997
Fluidra
2,038,790
35,993
Laboratorios
Farmaceuticos
Rovi
1,112,260
47,130
Linea
Directa
Aseguradora
Cia
de
Seguros
y
Reaseguros (2)
10,483,390
10,926
Total
Spain
(Cost
$201,911
)
213,498
SWEDEN
2.1%
Common
Stocks
2.1%
Avanza
Bank
Holding (2)
1,808,925
41,738
Beijer
Ref (2)
1,252,940
19,329
Olink
Holding,
ADR
(USD) (1)
1,242,137
24,321
Thule
Group (2)
1,533,806
36,756
Trelleborg,
Class
B
690,548
17,267
Total
Sweden
(Cost
$80,909
)
139,411
SWITZERLAND
2.4%
Common
Stocks
2.4%
ams (1)
2,498,252
23,339
Bossard
Holding,
Class
A
53,960
13,750
DKSH
Holding
587,456
50,048
Montana
Aerospace (1)(2)
1,840,489
33,685
PolyPeptide
Group
408,609
11,871
T.
ROWE
PRICE
International
Discovery
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
Sensirion
Holding (1)
165,158
19,654
SKAN
Group
116,367
8,660
Total
Switzerland
(Cost
$192,340
)
161,007
TAIWAN
0.3%
Common
Stocks
0.3%
Chroma
ATE
3,000,000
18,617
Total
Taiwan
(Cost
$20,186
)
18,617
UNITED
ARAB
EMIRATES
0.5%
Common
Stocks
0.5%
Air
Arabia
56,721,466
34,058
Total
United
Arab
Emirates
(Cost
$15,018
)
34,058
UNITED
KINGDOM
17.7%
Common
Stocks
17.7%
Abcam,
ADR
(USD) (1)
4,142,601
57,458
Adriatic
Metals,
CDI
(AUD) (1)
7,542,827
16,828
AJ
Bell
3,648,319
15,211
Ascential (1)(3)
26,896,567
89,332
Auction
Technology
Group (1)
2,203,838
19,100
Baltic
Classifieds
Group
12,755,405
23,919
Big
Yellow
Group
1,313,642
19,593
Bridgepoint
Group
5,956,879
17,678
Bytes
Technology
Group
340,253
1,626
Croda
International
643,433
54,844
Dechra
Pharmaceuticals
922,434
32,715
Derwent
London
1,038,160
33,117
Diploma
348,276
11,781
Dr.
Martens
10,720,106
20,546
FD
Technologies (1)
1,325,970
22,448
Frontier
Developments (1)
329,335
1,968
Funding
Circle
Holdings (1)
17,557,830
12,589
Genuit
Group
4,957,428
19,994
Genus
1,062,475
38,108
Helios
Towers (1)
20,059,885
26,517
Intermediate
Capital
Group
3,611,058
62,137
IQE (1)(2)(3)
63,755,960
37,279
Keywords
Studios
2,179,088
76,537
Molten
Ventures (1)(3)
7,972,921
35,272
National
Express
Group (1)
11,332,130
18,667
Ocado
Group (1)
4,902,395
39,231
T.
ROWE
PRICE
International
Discovery
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
Oxford
Nanopore
Technologies (1)
4,545,026
13,279
Renishaw
406,232
19,827
Rightmove
3,093,235
22,475
Rotork
13,938,599
54,907
Spirax-Sarco
Engineering
288,955
41,275
Syncona (1)
9,502,442
20,606
Trainline (1)
11,937,039
41,791
Victorian
Plumbing
Group (1)
7,406,571
8,349
Victrex
1,532,305
34,873
Watches
of
Switzerland
Group (1)
2,806,179
32,942
Weir
Group
1,959,651
43,199
YouGov
5,010,230
60,193
Total
United
Kingdom
(Cost
$1,183,433
)
1,198,211
UNITED
STATES
0.6%
Common
Stocks
0.6%
Kosmos
Energy (1)
4,807,200
38,025
Total
United
States
(Cost
$31,170
)
38,025
VIETNAM
0.6%
Common
Stocks
0.6%
FPT
6,677,380
25,550
Hoa
Phat
Group
15,245,000
14,421
Total
Vietnam
(Cost
$41,126
)
39,971
SHORT-TERM
INVESTMENTS
2.6%
Money
Market
Funds
2.6%
T.
Rowe
Price
Government
Reserve
Fund,
4.36% (3)(6)
178,777,159
178,777
Total
Short-Term
Investments
(Cost
$178,777)
178,777
T.
ROWE
PRICE
International
Discovery
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
SECURITIES
LENDING
COLLATERAL
1.4%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
1.4%
Money
Market
Funds
1.4%
T.
Rowe
Price
Government
Reserve
Fund,
4.36% (3)(6)
93,803,303
93,803
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
93,803
Total
Securities
Lending
Collateral
(Cost
$93,803)
93,803
Total
Investments
in
Securities
100.6%
(Cost
$6,143,220)
$
6,814,760
Other
Assets
Less
Liabilities
(0.6)%
(43,552)
Net
Assets
100.0%
$
6,771,208
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Shares
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
(1)
Non-income
producing
(2)
All
or
a
portion
of
this
security
is
on
loan
at
January
31,
2023.
(3)
Affiliated
Companies
(4)
China
A
shares
held
through
the
QFII
are
subject
to
certain
restrictions.
(5)
Level
3
in
fair
value
hierarchy.
(6)
Seven-day
yield
ADR
American
Depositary
Receipts
AUD
Australian
Dollar
CDI
CHESS
or
CREST
Depositary
Interest
CNH
Offshore
China
Renminbi
CVA
Dutch
Certificate
(Certificaten
Van
Aandelen)
GBP
British
Pound
HKD
Hong
Kong
Dollar
SGD
Singapore
Dollar
USD
U.S.
Dollar
T.
ROWE
PRICE
International
Discovery
Fund
11
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
Arco
Platform,
Class
A
$
—
$
3,166
$
—
Ascential
—
30,091
—
CI&T,
Class
A
—
(773)
—
IQE
—
6,679
—
Marcopolo
—
1,771
874
Media
Do
(16,475)
16,101
—
Molten
Ventures
—
6,046
—
Nippon
Soda
—
4,309
—
Obara
Group
—
7,778
—
Sakata
INX
—
5,198
341
T.
Rowe
Price
Government
Reserve
Fund,
4.36%
—
—
1,136++
Totals
$
(16,475)#
$
80,366
$
2,351+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/22
Purchase
Cost
Sales
Cost
Value
01/31/23
Arco
Platform,
Class
A
$
18,902
$
—
$
—
$
*
Ascential
59,241
—
—
89,332
CI&T,
Class
A
8,342
—
—
*
IQE
30,600
—
—
37,279
Marcopolo
24,952
—
—
26,723
Media
Do
11,002
—
21,096
*
Molten
Ventures
29,226
—
—
35,272
Nippon
Soda
45,056
—
—
49,365
Obara
Group
31,396
—
—
39,174
Sakata
INX
29,275
—
—
34,473
T.
Rowe
Price
Government
Reserve
Fund,
4.36%
190,991
¤
¤
272,580
Total
$
584,198^
T.
ROWE
PRICE
International
Discovery
Fund
12
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
#
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
$2,351
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
$627,627.
*
On
the
date
indicated,
issuer
was
held
but
not
considered
an
affiliated
company.
T.
ROWE
PRICE
International
Discovery
Fund
Unaudited
Notes
to
Portfolio
of
Investments
13
T.
Rowe
Price
International
Discovery
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
Discovery
Fund
14
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
Discovery
Fund
15
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
January
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
452,480
$
6,062,977
$
—
$
6,515,457
Preferred
Stocks
—
26,723
—
26,723
Short-Term
Investments
178,777
—
—
178,777
Securities
Lending
Collateral
93,803
—
—
93,803
Total
$
725,060
$
6,089,700
$
—
$
6,814,760
T.
ROWE
PRICE
International
Discovery
Fund
16
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F38-054Q1
01/23