T.
ROWE
PRICE
International
Value
Equity
Fund
January
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
AUSTRALIA
4.3%
Common
Stocks
4.3%
BHP
Group
2,179,645
76,336
BHP
Group
(GBP)
3,087,542
108,291
Downer
EDI
15,566,500
41,657
South32
31,124,572
99,877
Suncorp
Group
5,756,365
51,170
Worley
7,341,626
80,594
Total
Australia
(Cost
$350,409
)
457,925
AUSTRIA
1.6%
Common
Stocks
1.6%
BAWAG
Group
1,610,777
99,779
Erste
Group
Bank
1,729,298
65,617
Total
Austria
(Cost
$108,822
)
165,396
BELGIUM
0.6%
Common
Stocks
0.6%
KBC
Group
836,583
61,964
Total
Belgium
(Cost
$59,717
)
61,964
BRAZIL
0.2%
Common
Stocks
0.2%
EDP
5,946,949
24,063
Total
Brazil
(Cost
$18,147
)
24,063
CANADA
3.6%
Common
Stocks
3.6%
BRP
384,436
32,080
Definity
Financial
1,107,127
29,830
Magna
International
(USD) (1)
623,817
40,511
Manulife
Financial
4,428,320
87,631
National
Bank
of
Canada
821,629
61,720
Sun
Life
Financial (1)
1,542,750
77,523
TC
Energy
1,116,364
48,101
Total
Canada
(Cost
$290,940
)
377,396
T.
ROWE
PRICE
International
Value
Equity
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
CHINA
2.2%
Common
Stocks
2.0%
Alibaba
Group
Holding,
ADR
(USD) (2)
522,765
57,609
Baidu,
ADR
(USD) (2)
440,043
59,265
Fosun
International
(HKD) (1)
33,368,000
30,980
JOYY,
ADR
(USD)
822,124
29,334
Yangzijiang
Shipbuilding
Holdings
(SGD)
29,252,900
28,839
206,027
Common
Stocks
-
China
A
Shares
0.2%
Huayu
Automotive
Systems,
A
Shares
(CNH)
8,205,607
22,210
22,210
Total
China
(Cost
$311,103
)
228,237
DENMARK
0.6%
Common
Stocks
0.6%
Carlsberg,
Class
B
456,159
64,757
Total
Denmark
(Cost
$55,394
)
64,757
FINLAND
1.2%
Common
Stocks
1.2%
Kojamo
1,236,871
18,992
Sampo,
Class
A
2,087,439
109,589
Total
Finland
(Cost
$98,641
)
128,581
FRANCE
10.3%
Common
Stocks
10.3%
Airbus
1,018,412
127,674
Alstom
2,149,436
63,914
AXA
5,827,936
181,826
BNP
Paribas
2,008,686
137,960
Dassault
Aviation
343,225
58,610
Engie
7,034,910
99,895
Faurecia (2)
1,760,062
34,979
Sanofi
1,724,705
168,891
TotalEnergies
3,581,903
221,436
Total
France
(Cost
$941,687
)
1,095,185
T.
ROWE
PRICE
International
Value
Equity
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
GERMANY
9.1%
Common
Stocks
7.9%
Bayer
1,773,947
110,419
Brenntag
582,647
43,493
Covestro
1,728,782
79,601
Daimler
Truck
Holding (2)
1,952,721
65,619
Deutsche
Post
1,678,729
72,281
Deutsche
Telekom
4,014,077
89,429
Fresenius
1,758,675
50,968
GEA
Group
913,452
41,215
HeidelbergCement
636,198
43,654
Mercedes-Benz
Group
1,025,365
76,299
Siemens
907,298
141,725
Vonovia
759,959
21,467
836,170
Preferred
Stocks
1.2%
Dr.
Ing.
h.c.
F.
Porsche (2)
530,034
63,021
Volkswagen
439,664
60,977
123,998
Total
Germany
(Cost
$945,804
)
960,168
HONG
KONG
2.4%
Common
Stocks
2.4%
AIA
Group
8,775,400
99,229
CK
Hutchison
Holdings
7,157,500
45,550
Galaxy
Entertainment
Group
9,532,000
66,355
Hongkong
Land
Holdings
(USD)
7,975,803
38,992
Total
Hong
Kong
(Cost
$242,484
)
250,126
HUNGARY
0.4%
Common
Stocks
0.4%
OTP
Bank
1,332,806
40,159
Total
Hungary
(Cost
$48,703
)
40,159
INDIA
1.5%
Common
Stocks
1.5%
ICICI
Bank,
ADR
(USD)
2,746,270
57,205
Indus
Towers
13,980,729
26,201
Petronet
LNG
7,531,449
20,104
T.
ROWE
PRICE
International
Value
Equity
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
Shriram
Finance
3,407,801
53,902
Total
India
(Cost
$114,986
)
157,412
ITALY
3.7%
Common
Stocks
3.7%
Enel
18,325,999
107,906
Leonardo
5,309,778
54,681
Prysmian
1,567,723
64,022
Stellantis
4,096,053
64,389
UniCredit
4,994,139
97,541
Total
Italy
(Cost
$358,752
)
388,539
JAPAN
17.2%
Common
Stocks
17.2%
Asahi
Group
Holdings
2,289,800
75,614
Asics
1,904,400
45,326
Astellas
Pharma
6,187,400
91,079
DIC (1)
1,506,200
28,003
Fujitsu
722,900
102,926
Hitachi
2,412,000
126,491
Isetan
Mitsukoshi
Holdings
2,540,400
27,642
MatsukiyoCocokara
1,483,700
74,014
Minebea
Mitsumi
1,750,900
30,523
Mitsubishi
Electric
5,231,800
57,658
Mitsubishi
Estate
4,375,000
56,232
Mitsubishi
UFJ
Financial
Group
16,557,000
121,278
Mitsui
Fudosan
4,044,100
75,801
Nippon
Sanso
Holdings
2,287,900
37,318
Nippon
Shokubai
644,900
27,302
Nippon
Steel
2,455,200
51,104
Nippon
Telegraph
&
Telephone
5,543,100
166,213
ORIX
4,386,900
77,135
Otsuka
Holdings
1,762,300
56,535
Persol
Holdings
1,903,900
41,744
Sompo
Holdings
1,496,100
64,406
Stanley
Electric
1,583,700
34,083
Sumitomo
3,795,900
68,136
Taiheiyo
Cement
1,985,000
34,208
Takeda
Pharmaceutical
1,835,800
57,713
Tokyo
Electron
218,900
76,511
Toyota
Motor
8,199,700
120,419
Total
Japan
(Cost
$1,560,135
)
1,825,414
T.
ROWE
PRICE
International
Value
Equity
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
NETHERLANDS
7.4%
Common
Stocks
7.4%
AerCap
Holdings
(USD) (2)
1,240,642
78,421
Akzo
Nobel
1,004,130
74,793
ASML
Holding
186,226
123,216
ING
Groep
16,372,391
237,077
Koninklijke
DSM
251,707
32,370
Koninklijke
Philips
5,235,629
90,395
Prosus
1,108,023
89,468
Signify
1,526,192
55,256
Total
Netherlands
(Cost
$672,341
)
780,996
PORTUGAL
1.0%
Common
Stocks
1.0%
Banco
Comercial
Portugues,
Class
R
117,889,349
25,116
Galp
Energia
5,867,599
80,316
Total
Portugal
(Cost
$112,058
)
105,432
RUSSIA
0.0%
Common
Stocks
0.0%
Gazprom (3)
12,742,080
—
Total
Russia
(Cost
$54,961
)
—
SINGAPORE
0.9%
Common
Stocks
0.9%
United
Overseas
Bank
4,210,836���
95,715
Total
Singapore
(Cost
$64,852
)
95,715
SOUTH
KOREA
2.1%
Common
Stocks
2.1%
KT,
ADR
(USD) (2)
3,774,824
54,018
Lotte
Chemical (2)
253,876
36,654
Samsung
Electronics
2,594,821
129,248
Total
South
Korea
(Cost
$160,437
)
219,920
SPAIN
1.3%
Common
Stocks
1.3%
Iberdrola (1)
9,318,538
109,323
T.
ROWE
PRICE
International
Value
Equity
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
Indra
Sistemas
2,599,976
31,747
Total
Spain
(Cost
$91,326
)
141,070
SWEDEN
1.9%
Common
Stocks
1.9%
LM
Ericsson,
Class
B
13,806,976
80,087
Millicom
International
Cellular,
SDR (1)(2)
2,404,002
41,188
Swedbank,
Class
A
4,165,010
80,120
Total
Sweden
(Cost
$239,249
)
201,395
SWITZERLAND
5.2%
Common
Stocks
5.2%
Novartis
1,276,989
115,451
Roche
Holding
717,082
223,852
UBS
Group
4,447,744
94,939
Zurich
Insurance
Group
238,113
117,754
Total
Switzerland
(Cost
$381,092
)
551,996
TAIWAN
0.9%
Common
Stocks
0.9%
Taiwan
Semiconductor
Manufacturing
5,638,000
99,493
Total
Taiwan
(Cost
$21,838
)
99,493
UNITED
KINGDOM
18.2%
Common
Stocks
18.2%
Amcor,
CDI
(AUD)
3,995,828
47,731
AstraZeneca,
ADR
(USD)
3,924,826
256,566
Barclays
6,690,696
15,381
British
American
Tobacco
1,591,148
60,995
Burberry
Group
2,099,360
63,948
Direct
Line
Insurance
Group
15,662,640
34,343
Great
Portland
Estates
4,672,796
32,869
GSK,
ADR
(USD) (1)
3,281,030
115,689
HSBC
Holdings
18,840,505
138,823
Imperial
Brands
4,480,276
112,393
Informa
6,417,963
53,081
InterContinental
Hotels
Group
914,347
63,477
Investec
5,413,103
34,619
Lloyds
Banking
Group
131,511,926
85,587
Mondi
1,432,512
27,014
Next
679,540
55,637
T.
ROWE
PRICE
International
Value
Equity
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
Prudential
4,677,070
77,710
Rolls-Royce
Holdings (2)
61,299,246
80,200
Shell
5,242,131
153,897
Smiths
Group
2,746,610
58,632
Standard
Chartered
1,252,184
10,518
Taylor
Wimpey
31,232,221
45,316
Unilever
3,015,046
153,463
Vodafone
Group
47,072,987
54,314
WPP
8,103,022
94,674
Total
United
Kingdom
(Cost
$1,853,026
)
1,926,877
UNITED
STATES
0.4%
Common
Stocks
0.4%
NXP
Semiconductors
235,690
43,440
Total
United
States
(Cost
$16,849
)
43,440
SHORT-TERM
INVESTMENTS
1.3%
Money
Market
Funds
1.3%
T.
Rowe
Price
Government
Reserve
Fund,
4.36% (4)(5)
142,032,500
142,032
Total
Short-Term
Investments
(Cost
$142,032)
142,032
SECURITIES
LENDING
COLLATERAL
0.4%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.4%
Money
Market
Funds
0.4%
T.
Rowe
Price
Government
Reserve
Fund,
4.36% (4)(5)
39,335,754
39,336
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
39,336
Total
Securities
Lending
Collateral
(Cost
$39,336)
39,336
Total
Investments
in
Securities
99.9%
(Cost
$9,355,121)
$
10,573,024
Other
Assets
Less
Liabilities
0.1%
14,750
Net
Assets
100.0%
$
10,587,774
T.
ROWE
PRICE
International
Value
Equity
Fund
8
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Shares
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
(1)
All
or
a
portion
of
this
security
is
on
loan
at
January
31,
2023.
(2)
Non-income
producing
(3)
Level
3
in
fair
value
hierarchy.
(4)
Seven-day
yield
(5)
Affiliated
Companies
ADR
American
Depositary
Receipts
AUD
Australian
Dollar
CDI
CHESS
or
CREST
Depositary
Interest
CNH
Offshore
China
Renminbi
GBP
British
Pound
HKD
Hong
Kong
Dollar
SDR
Swedish
Depository
Receipts
SGD
Singapore
Dollar
USD
U.S.
Dollar
T.
ROWE
PRICE
International
Value
Equity
Fund
9
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
January
31,
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%
$
—
$
—
$
1,135++
Totals
$
—#
$
—
$
1,135+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/22
Purchase
Cost
Sales
Cost
Value
01/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.36%
$
259,736
¤
¤
$
181,368
Total
$
181,368^
#
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
$1,135
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
$181,368.
T.
ROWE
PRICE
International
Value
Equity
Fund
Unaudited
Notes
to
Portfolio
of
Investments
10
T.
Rowe
Price
International
Value
Equity
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
Value
Equity
Fund
11
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
Value
Equity
Fund
12
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
$
792,058
$
9,475,600
$
—
$
10,267,658
Preferred
Stocks
—
123,998
—
123,998
Short-Term
Investments
142,032
—
—
142,032
Securities
Lending
Collateral
39,336
—
—
39,336
Total
$
973,426
$
9,599,598
$
—
$
10,573,024
T.
ROWE
PRICE
International
Value
Equity
Fund
13
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.
F127-054Q1
01/23