T.
ROWE
PRICE
International
Stock
Fund
July
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA
0.7%
Common
Stocks
0.7%
MercadoLibre
(USD) (1)
79,699
98,671
Total
Argentina
(Cost
$86,214
)
98,671
BRAZIL
1.6%
Common
Stocks
1.6%
Localiza
Rent
a
Car
5,304,685
75,351
Raia
Drogasil
12,263,007
75,464
Suzano
8,488,029
86,303
Total
Brazil
(Cost
$182,663
)
237,118
CANADA
8.3%
Common
Stocks
8.3%
Canadian
National
Railway
(USD)
967,519
117,292
Canadian
Pacific
Kansas
City
(USD) (2)
2,185,336
179,831
Constellation
Software
75,219
158,918
Definity
Financial
1,620,783
40,795
Descartes
Systems
Group
(USD) (1)
675,842
52,628
Element
Fleet
Management
1,559,576
25,156
National
Bank
of
Canada
1,381,233
108,182
Shopify,
Class
A
(USD) (1)
1,909,499
129,044
Suncor
Energy
6,325,884
197,934
TELUS
International
CDA (1)
1,807,777
16,862
TMX
Group
8,987,732
199,705
Total
Canada
(Cost
$1,129,810
)
1,226,347
CAYMAN
ISLANDS
0.4%
Convertible
Preferred
Stocks
0.4%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $13,909
(USD) (1)(3)(4)
282,204
55,874
Total
Cayman
Islands
(Cost
$13,909
)
55,874
CHINA
7.2%
Common
Stocks
4.4%
58.com
(USD) (4)
3,564,710
—
Alibaba
Group
Holding,
ADR
(USD) (1)
2,294,727
234,429
BeiGene,
ADR
(USD) (1)
238,996
51,198
T.
ROWE
PRICE
International
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
JD
Health
International
(HKD) (1)
9,752,050
71,290
Silergy
(TWD)
4,051,000
42,849
Tencent
Holdings
(HKD)
2,630,500
120,901
Yum
China
Holdings
(USD)
2,163,445
132,013
652,680
Common
Stocks
-
China
A
Shares
2.8%
Inner
Mongolia
Yili
Industrial
Group,
A
Shares
(CNH)
19,213,481
77,135
Kweichow
Moutai,
A
Shares
(CNH)
348,714
91,993
NARI
Technology,
A
Shares
(CNH)
29,520,714
100,486
Shandong
Pharmaceutical
Glass,
A
Shares
(CNH)
12,004,578
43,713
Shenzhen
Inovance
Technology,
A
Shares
(CNH)
9,925,810
98,691
412,018
Total
China
(Cost
$922,957
)
1,064,698
CYPRUS
0.0%
Common
Stocks
0.0%
TCS
Group
Holding,
GDR
(USD) (1)(4)
370,433
—
Total
Cyprus
(Cost
$22,173
)
—
DENMARK
1.7%
Common
Stocks
1.7%
Genmab (1)
200,468
82,633
Novo
Nordisk,
ADR
(USD)
1,051,426
169,385
Total
Denmark
(Cost
$212,100
)
252,018
FRANCE
7.1%
Common
Stocks
7.1%
Capgemini
833,013
150,957
Dassault
Aviation
733,072
142,408
EssilorLuxottica
361,543
72,734
Eurofins
Scientific (2)
1,347,417
92,671
Kering
251,728
144,533
LVMH
Moet
Hennessy
Louis
Vuitton
87,320
81,100
Safran
952,542
158,134
Teleperformance
418,762
60,737
Thales
961,726
143,864
Total
France
(Cost
$806,675
)
1,047,138
T.
ROWE
PRICE
International
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
GERMANY
6.8%
Common
Stocks
5.9%
Bayer
509,591
29,802
Daimler
Truck
Holding (5)
1,903,659
71,445
Deutsche
Boerse
454,671
87,116
Deutsche
Telekom
10,070,082
219,540
Evotec (1)
5,048,141
132,976
Infineon
Technologies
1,355,094
59,537
Puma
1,868,224
126,257
SAP
1,057,248
144,221
870,894
Preferred
Stocks
0.9%
Sartorius (2)
301,847
124,536
124,536
Total
Germany
(Cost
$837,212
)
995,430
HONG
KONG
2.1%
Common
Stocks
2.1%
AIA
Group
23,374,600
233,857
Hong
Kong
Exchanges
&
Clearing
1,751,000
73,826
Total
Hong
Kong
(Cost
$138,514
)
307,683
INDIA
6.0%
Common
Stocks
6.0%
Axis
Bank
15,955,882
185,434
HDFC
Bank
10,527,973
211,207
HDFC
Life
Insurance
11,464,285
90,225
Larsen
&
Toubro
4,008,317
130,818
NTPC
82,937,237
219,708
Varun
Beverages
4,727,555
46,268
Total
India
(Cost
$654,356
)
883,660
INDONESIA
1.3%
Common
Stocks
1.3%
Bank
Central
Asia
230,576,300
139,644
Sarana
Menara
Nusantara
868,693,900
58,464
Total
Indonesia
(Cost
$64,437
)
198,108
T.
ROWE
PRICE
International
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
IRELAND
0.5%
Common
Stocks
0.5%
Kerry
Group,
Class
A
688,702
68,453
Total
Ireland
(Cost
$63,487
)
68,453
ITALY
2.2%
Common
Stocks
2.2%
Amplifon (2)
1,818,910
61,537
Banca
Mediolanum
9,952,974
96,712
DiaSorin (2)
770,185
86,409
Ermenegildo
Zegna
(USD) (2)
4,965,779
78,807
Total
Italy
(Cost
$279,399
)
323,465
JAPAN
13.9%
Common
Stocks
13.9%
Calbee
2,269,500
44,005
Chugai
Pharmaceutical
4,887,600
145,461
Daiichi
Sankyo
3,065,200
94,407
Daikin
Industries
459,000
92,809
Disco
584,900
109,947
Hikari
Tsushin
283,200
42,023
Keyence
311,800
139,918
Mitsui
Fudosan
1,674,000
34,392
Murata
Manufacturing
1,899,300
112,822
Nextage (2)
2,651,600
69,646
Nippon
Telegraph
&
Telephone
117,008,900
134,176
Olympus
8,130,400
132,663
Otsuka
Holdings
2,050,900
75,406
Outsourcing
5,761,900
58,949
Persol
Holdings
4,075,600
80,618
Recruit
Holdings
1,763,400
61,077
Seven
&
i
Holdings
3,885,400
161,186
Shimadzu
2,230,700
67,748
SMC
46,100
24,090
Sony
Group
1,311,700
122,862
Stanley
Electric
2,770,000
51,188
Sumitomo
Metal
Mining
1,831,900
63,265
Suzuki
Motor
815,100
32,739
Z
Holdings
35,768,400
99,723
Total
Japan
(Cost
$1,781,506
)
2,051,120
T.
ROWE
PRICE
International
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
NETHERLANDS
6.8%
Common
Stocks
6.8%
Adyen (1)
25,317
46,989
Akzo
Nobel
2,180,658
186,551
ASML
Holding
519,700
372,245
Koninklijke
Philips (1)
2,299,766
47,775
Prosus
4,414,321
349,205
Total
Netherlands
(Cost
$627,800
)
1,002,765
PHILIPPINES
0.5%
Common
Stocks
0.5%
SM
Investments
4,669,025
77,580
Total
Philippines
(Cost
$75,042
)
77,580
PORTUGAL
1.2%
Common
Stocks
1.2%
Galp
Energia
6,551,761
87,070
Jeronimo
Martins
3,316,040
90,282
Total
Portugal
(Cost
$128,306
)
177,352
SAUDI
ARABIA
0.2%
Common
Stocks
0.2%
Saudi
National
Bank
2,936,916
30,179
Total
Saudi
Arabia
(Cost
$28,904
)
30,179
SINGAPORE
0.5%
Common
Stocks
0.5%
Sea,
ADR
(USD) (1)
1,014,232
67,467
Total
Singapore
(Cost
$56,486
)
67,467
SOUTH
AFRICA
0.4%
Common
Stocks
0.4%
Capitec
Bank
Holdings
592,880
59,473
Total
South
Africa
(Cost
$38,149
)
59,473
T.
ROWE
PRICE
International
Stock
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
SOUTH
KOREA
2.6%
Common
Stocks
2.6%
NAVER
577,410
102,876
Samsung
Electronics
4,970,690
272,158
Total
South
Korea
(Cost
$201,860
)
375,034
SPAIN
1.7%
Common
Stocks
1.7%
Amadeus
IT
Group
1,894,898
135,933
Fluidra (2)
5,117,298
113,170
Total
Spain
(Cost
$231,316
)
249,103
SWEDEN
2.3%
Common
Stocks
2.3%
Assa
Abloy,
Class
B
4,131,136
99,324
Essity,
Class
B
5,783,160
143,401
Olink
Holding,
ADR
(USD) (1)(2)
1,853,917
35,224
Swedbank,
Class
A
3,580,448
65,672
Total
Sweden
(Cost
$309,743
)
343,621
SWITZERLAND
8.5%
Common
Stocks
8.5%
Alcon
2,928,613
249,200
Barry
Callebaut
60,197
112,869
Julius
Baer
Group (5)
2,367,591
167,691
Lonza
Group
142,740
82,937
Nestle
2,298,869
281,656
Partners
Group
Holding (5)
166,495
186,913
Roche
Holding
558,432
173,143
Total
Switzerland
(Cost
$933,437
)
1,254,409
TAIWAN
3.6%
Common
Stocks
3.6%
Taiwan
Semiconductor
Manufacturing
28,917,000
522,172
Total
Taiwan
(Cost
$106,455
)
522,172
T.
ROWE
PRICE
International
Stock
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
THAILAND
0.5%
Common
Stocks
0.5%
Bumrungrad
Hospital
2,386,400
15,032
CP
ALL
32,915,300
61,129
Total
Thailand
(Cost
$53,700
)
76,161
UNITED
KINGDOM
6.1%
Common
Stocks
6.1%
Ashtead
Group
1,921,773
142,180
AstraZeneca,
ADR
(USD)
1,845,836
132,346
Bridgepoint
Group
14,641,596
35,522
London
Stock
Exchange
Group
1,675,020
181,899
Rightmove
8,144,568
59,675
Smith
&
Nephew
10,078,078
153,318
Unilever
(EUR)
3,440,496
185,194
890,134
Convertible
Preferred
Stocks
0.0%
YuLife
Holdings,
Series
C,
Acquisition
Date:
10/11/22,
Cost $5,670 (1)(3)(4)
286,782
6,564
6,564
Total
United
Kingdom
(Cost
$712,052
)
896,698
UNITED
STATES
2.8%
Common
Stocks
2.8%
Canva,
Acquisition
Date:
8/16/21
-
11/4/21,
Cost $23,865 (1)(3)
(4)
14,001
9,935
Linde
458,550
179,142
Mastercard,
Class
A
267,295
105,389
Waste
Connections
799,253
112,830
407,296
Convertible
Preferred
Stocks
0.0%
Canva,
Series
A,
Acquisition
Date:
11/4/21,
Cost $1,408 (1)(3)(4)
826
586
Canva,
Series
A-3,
Acquisition
Date:
11/4/21,
Cost $58 (1)(3)(4)
34
24
Canva,
Series
A-4,
Acquisition
Date:
11/4/21,
Cost $5 (1)(3)(4)
3
2
Canva,
Series
A-5,
Acquisition
Date:
11/4/21,
Cost $3 (1)(3)(4)
2
2
614
Total
United
States
(Cost
$224,573
)
407,910
T.
ROWE
PRICE
International
Stock
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
SHORT-TERM
INVESTMENTS
2.4%
Money
Market
Funds
2.4%
T.
Rowe
Price
Government
Reserve
Fund,
5.32% (6)(7)
353,695,593
353,696
Total
Short-Term
Investments
(Cost
$353,696)
353,696
SECURITIES
LENDING
COLLATERAL
1.0%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
1.0%
Money
Market
Funds
1.0%
T.
Rowe
Price
Government
Reserve
Fund,
5.32% (6)(7)
140,735,524
140,736
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
140,736
Total
Securities
Lending
Collateral
(Cost
$140,736)
140,736
Total
Investments
in
Securities
100.9%
(Cost
$11,417,667)
$
14,844,139
Other
Assets
Less
Liabilities
(0.9)%
(131,248)
Net
Assets
100.0%
$
14,712,891
‡
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
July
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
$72,987
and
represents
0.5%
of
net
assets.
(4)
Level
3
in
fair
value
hierarchy.
(5)
All
or
a
portion
of
this
security
is
pledged
to
cover
or
as
collateral
for
written
call
options
at
July
31,
2023.
(6)
Seven-day
yield
(7)
Affiliated
Companies
ADR
American
Depositary
Receipts
CHF
Swiss
Franc
CNH
Offshore
China
Renminbi
EUR
Euro
T.
ROWE
PRICE
International
Stock
Fund
9
.
.
.
.
.
.
.
.
.
.
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
10
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.0)%
OTC
Options
Written
(0.0)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Goldman
Sachs
Daimler
Truck
Holding,
Call,
9/15/23
@
35.00
(EUR)
1,968
6,718
(184)
Goldman
Sachs
Julius
Baer
Group,
Call,
9/15/23
@
65.00
(CHF)
1,008
6,226
(66)
Goldman
Sachs
Partners
Group
Holding,
Call,
9/15/23
@
1,040.00
(CHF)
650
6,363
(101)
Total
Options
Written
(Premiums
$(343))
$
(351)
T.
ROWE
PRICE
International
Stock
Fund
11
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
nine
months
ended
July
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,
5.32%
$
—
$
—
$
13,138++
Totals
$
—#
$
—
$
13,138+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/22
Purchase
Cost
Sales
Cost
Value
07/31/23
T.
Rowe
Price
Government
Reserve
Fund,
5.32%
$
504,027
¤
¤
$
494,432
Total
$
494,432^
#
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
$13,138
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
$494,432.
T.
ROWE
PRICE
International
Stock
Fund
Unaudited
Notes
to
Portfolio
of
Investments
12
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
13
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
14
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
15
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
July
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
$
1,875,696
$
12,276,488
$
9,935
$
14,162,119
Convertible
Preferred
Stocks
—
—
63,052
63,052
Preferred
Stocks
—
124,536
—
124,536
Short-Term
Investments
353,696
—
—
353,696
Securities
Lending
Collateral
140,736
—
—
140,736
Total
$
2,370,128
$
12,401,024
$
72,987
$
14,844,139
Liabilities
Options
Written
$
—
$
351
$
—
$
351
T.
ROWE
PRICE
International
Stock
Fund
16
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
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.
F37-054Q3
07/23