T.
ROWE
PRICE
Emerging
Markets
Discovery
Stock
Fund
January
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA
1.5%
Common
Stocks
1.5%
Tenaris
(EUR)
3,704,072
65,639
Total
Argentina
(Cost
$30,933
)
65,639
BRAZIL
4.8%
Common
Stocks
4.8%
Ambev
20,405,800
54,991
Banco
BTG
Pactual
13,347,800
56,796
Klabin
12,597,900
48,195
Multiplan
Empreendimentos
Imobiliarios
10,413,900
49,091
Total
Brazil
(Cost
$219,415
)
209,073
CHILE
1.8%
Common
Stocks
1.8%
Banco
de
Chile
707,721,223
77,331
Total
Chile
(Cost
$68,147
)
77,331
CHINA
32.2%
Common
Stocks
25.0%
Alibaba
Group
Holding
(HKD) (1)
13,428,200
184,620
Baidu,
Class
A
(HKD) (1)
6,670,014
112,123
Beijing
Capital
International
Airport,
Class
H
(HKD) (1)
53,838,000
40,947
China
Construction
Bank,
Class
H
(HKD)
106,211,000
68,749
China
Resources
Gas
Group
(HKD)
18,194,300
76,511
Guangdong
Investment
(HKD) (2)
48,676,000
52,883
JOYY,
ADR
(USD)
714,461
25,492
KE
Holdings,
ADR
(USD) (1)
5,479,487
100,494
Longfor
Group
Holdings
(HKD)
13,680,350
45,201
Shandong
Weigao
Group
Medical
Polymer,
Class
H
(HKD)
26,100,200
43,389
Tingyi
Cayman
Islands
Holding
(HKD)
24,688,000
41,071
Tongcheng
Travel
Holdings
(HKD) (1)
32,988,400
74,745
Trip.com
Group
(HKD) (1)
2,406,050
88,508
Tsingtao
Brewery,
Class
H
(HKD)
8,790,000
84,866
Yangzijiang
Shipbuilding
Holdings
(SGD)
60,550,900
59,694
1,099,293
Common
Stocks
-
China
A
Shares
7.2%
China
Oilfield
Services,
A
Shares
(CNH)
23,851,174
57,865
Fuyao
Glass
Industry
Group,
A
Shares
(CNH)
11,791,689
68,352
Inner
Mongolia
Yili
Industrial
Group,
A
Shares
(CNH)
12,226,974
59,093
T.
ROWE
PRICE
Emerging
Markets
Discovery
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
NARI
Technology,
A
Shares
(CNH)
16,059,612
62,949
Weichai
Power,
A
Shares
(CNH)
41,584,040
69,253
317,512
Total
China
(Cost
$1,325,289
)
1,416,805
HONG
KONG
1.4%
Common
Stocks
1.4%
Galaxy
Entertainment
Group
8,890,000
61,886
Total
Hong
Kong
(Cost
$48,903
)
61,886
HUNGARY
1.6%
Common
Stocks
1.6%
OTP
Bank
2,352,693
70,890
Total
Hungary
(Cost
$90,843
)
70,890
INDIA
9.8%
Common
Stocks
9.8%
Ashok
Leyland
10,163,966
18,633
Hindalco
Industries
8,869,108
51,260
ICICI
Bank
8,182,340
84,027
Petronet
LNG
25,257,713
67,421
Reliance
Industries
2,252,445
65,054
Shree
Cement
169,672
49,274
Shriram
Finance
2,914,174
46,095
Tech
Mahindra
3,812,801
47,660
Total
India
(Cost
$384,225
)
429,424
INDONESIA
2.1%
Common
Stocks
2.1%
Bank
Rakyat
Indonesia
Persero
305,166,607
93,585
Total
Indonesia
(Cost
$80,378
)
93,585
MALAYSIA
2.2%
Common
Stocks
2.2%
CIMB
Group
Holdings
72,228,825
97,556
Total
Malaysia
(Cost
$80,955
)
97,556
T.
ROWE
PRICE
Emerging
Markets
Discovery
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
MEXICO
6.5%
Common
Stocks
6.5%
Fresnillo
(GBP)
4,934,510
50,124
Gruma,
Class
B
5,419,455
78,602
Grupo
Aeroportuario
del
Pacifico,
ADR
(USD)
353,312
60,971
Grupo
Mexico,
Series
B
16,659,464
74,094
Orbia
Advance
10,186,776
20,297
Total
Mexico
(Cost
$236,339
)
284,088
NETHERLANDS
1.3%
Common
Stocks
1.3%
Prosus
(ZAR)
718,307
57,628
Total
Netherlands
(Cost
$49,113
)
57,628
POLAND
1.5%
Common
Stocks
1.5%
Powszechny
Zaklad
Ubezpieczen
7,706,262
65,503
Total
Poland
(Cost
$60,236
)
65,503
RUSSIA
0.0%
Common
Stocks
0.0%
Moscow
Exchange (1)(3)
27,929,000
—
Novatek (3)
1,864,000
—
Yandex,
Class
A
(USD) (1)(3)
1,064,100
—
Total
Russia
(Cost
$111,742
)
—
SAUDI
ARABIA
3.4%
Common
Stocks
3.4%
Saudi
Basic
Industries
1,533,731
38,060
Saudi
British
Bank
6,645,658
64,392
Saudi
National
Bank
3,729,022
47,208
Total
Saudi
Arabia
(Cost
$143,144
)
149,660
SINGAPORE
1.3%
Common
Stocks
1.3%
Jardine
Cycle
&
Carriage
2,675,900
59,324
Total
Singapore
(Cost
$45,240
)
59,324
T.
ROWE
PRICE
Emerging
Markets
Discovery
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
SOUTH
AFRICA
2.5%
Common
Stocks
2.5%
FirstRand
19,478,468
72,374
Kumba
Iron
Ore
1,293,741
39,615
Total
South
Africa
(Cost
$107,563
)
111,989
SOUTH
KOREA
12.2%
Common
Stocks
12.2%
Amorepacific (1)
239,103
28,421
CJ
CheilJedang
159,256
44,681
Hyundai
Motor
501,657
68,387
Kangwon
Land (1)
3,162,781
60,605
KT (1)
1,517,422
43,240
Lotte
Chemical (1)
327,109
47,227
Samsung
Electronics
4,875,284
242,839
Total
South
Korea
(Cost
$594,999
)
535,400
SWITZERLAND
1.6%
Common
Stocks
1.6%
Holcim
1,140,806
68,203
Total
Switzerland
(Cost
$57,771
)
68,203
TAIWAN
6.7%
Common
Stocks
6.7%
ASE
Technology
Holding
15,143,000
51,093
Bizlink
Holding
5,507,000
48,311
Hon
Hai
Precision
Industry
32,542,000
108,519
MediaTek
3,642,000
87,994
Total
Taiwan
(Cost
$323,482
)
295,917
THAILAND
2.9%
Common
Stocks
2.9%
Bangkok
Dusit
Medical
Services,
Class
F
63,149,900
56,789
Land
&
Houses,
NVDR
233,902,700
70,292
Total
Thailand
(Cost
$102,888
)
127,081
T.
ROWE
PRICE
Emerging
Markets
Discovery
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
UNITED
KINGDOM
1.5%
Common
Stocks
1.5%
Prudential
3,840,901
63,817
Total
United
Kingdom
(Cost
$57,272
)
63,817
SHORT-TERM
INVESTMENTS
1.1%
Money
Market
Funds
1.1%
T.
Rowe
Price
Government
Reserve
Fund,
4.36% (4)(5)
48,170,215
48,170
Total
Short-Term
Investments
(Cost
$48,170)
48,170
SECURITIES
LENDING
COLLATERAL
0.0%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.0%
Money
Market
Funds
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
4.36% (4)(5)
439,777
440
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
440
Total
Securities
Lending
Collateral
(Cost
$440)
440
Total
Investments
in
Securities
99.9%
(Cost
$4,267,487)
$
4,389,409
Other
Assets
Less
Liabilities
0.1%
4,706
Net
Assets
100.0%
$
4,394,115
‡
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)
Level
3
in
fair
value
hierarchy.
(4)
Seven-day
yield
(5)
Affiliated
Companies
T.
ROWE
PRICE
Emerging
Markets
Discovery
Stock
Fund
6
ADR
American
Depositary
Receipts
CNH
Offshore
China
Renminbi
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
NVDR
Non-Voting
Depositary
Receipts
SGD
Singapore
Dollar
USD
U.S.
Dollar
ZAR
South
African
Rand
T.
ROWE
PRICE
Emerging
Markets
Discovery
Stock
Fund
7
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%
$
—
$
—
$
763++
Totals
$
—#
$
—
$
763+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/22
Purchase
Cost
Sales
Cost
Value
01/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.36%
$
118,908
¤
¤
$
48,610
Total
$
48,610^
#
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
$763
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
$48,610.
T.
ROWE
PRICE
Emerging
Markets
Discovery
Stock
Fund
Unaudited
Notes
to
Portfolio
of
Investments
8
T.
Rowe
Price
Emerging
Markets
Discovery
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
Emerging
Markets
Discovery
Stock
Fund
9
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
Emerging
Markets
Discovery
Stock
Fund
10
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
$
186,957
$
4,153,842
$
—
$
4,340,799
Short-Term
Investments
48,170
—
—
48,170
Securities
Lending
Collateral
440
—
—
440
Total
$
235,567
$
4,153,842
$
—
$
4,389,409
T.
ROWE
PRICE
Emerging
Markets
Discovery
Stock
Fund
11
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.
F34-054Q1
01/23