T.
ROWE
PRICE
International
Discovery
Fund
July
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA
1.5%
Common
Stocks
1.5%
MercadoLibre
(USD) (1)
79,453
98,367
Total
Argentina
(Cost
$6,915
)
98,367
AUSTRALIA
1.5%
Common
Stocks
1.5%
ALS
1,561,225
12,348
Cochlear
179,071
28,808
IDP
Education
1,482,209
24,839
oOh!media
16,781,692
15,764
Pilbara
Minerals
5,871,124
19,208
Total
Australia
(Cost
$76,496
)
100,967
AUSTRIA
1.8%
Common
Stocks
1.8%
BAWAG
Group
1,988,258
96,863
Schoeller-Bleckmann
Oilfield
Equipment
394,888
23,932
Total
Austria
(Cost
$116,716
)
120,795
BRAZIL
2.5%
Common
Stocks
1.8%
Arco
Platform,
Class
A
(USD) (1)
1,619,800
20,912
CI&T,
Class
A
(USD) (1)(2)
1,659,796
9,892
Grupo
SBF
1,423,344
3,973
Intelbras
Industria
de
Telecomunicacao
Eletronica
Brasileira
4,231,444
21,047
Klabin
8,492,768
41,272
Lojas
Renner
4,281,959
16,951
114,047
Preferred
Stocks
0.7%
Marcopolo (3)
42,522,900
46,940
46,940
Total
Brazil
(Cost
$162,906
)
160,987
CANADA
7.7%
Common
Stocks
7.7%
Altus
Group
795,591
26,565
T.
ROWE
PRICE
International
Discovery
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Aritzia (1)(2)
1,363,592
25,945
ATS (1)
619,941
28,114
CAE (1)
780,844
17,842
Definity
Financial
1,075,406
27,068
dentalcorp
Holdings (1)(2)
2,431,501
14,088
Descartes
Systems
Group (1)
629,118
49,069
ERO
Copper (1)
229,097
5,507
Exchange
Income (2)
552,533
21,533
Filo (1)
1,173,100
22,187
Jamieson
Wellness (2)
261,644
6,028
Maple
Leaf
Foods
834,000
17,405
NuVista
Energy (1)
2,813,973
24,306
Orla
Mining (1)(2)
4,002,205
18,696
Richelieu
Hardware (2)
765,518
25,555
Shopify,
Class
A (1)
1,019,746
68,888
SNC-Lavalin
Group
875,432
25,433
Spin
Master
1,362,523
36,330
StorageVault
Canada
6,485,316
24,050
Wesdome
Gold
Mines (1)
4,003,600
21,283
Total
Canada
(Cost
$405,829
)
505,892
CHINA
12.3%
Common
Stocks
7.0%
BOE
Varitronix
(HKD)
11,767,000
17,971
Bosideng
International
Holdings
(HKD)
30,234,000
13,861
China
Overseas
Property
Holdings
(HKD)
20,630,000
24,238
China
Resources
Gas
Group
(HKD)
9,366,900
32,449
China
Resources
Mixc
Lifestyle
Services
(HKD)
12,036,000
58,251
H
World
Group
(HKD) (1)
9,967,000
47,716
Haier
Smart
Home,
Class
H
(HKD)
8,547,800
28,109
Hesai
Group,
ADR
(USD) (1)(2)
224,956
2,861
Kanzhun,
ADR
(USD) (1)(2)
4,793,629
89,545
Li
Ning
(HKD)
3,811,000
23,234
Shandong
Weigao
Group
Medical
Polymer,
Class
H
(HKD)
25,777,600
33,291
Tsingtao
Brewery,
Class
H
(HKD)
4,130,000
37,138
Yangzijiang
Shipbuilding
Holdings
(SGD)
43,994,300
50,966
459,630
Common
Stocks
-
China
A
Shares
5.3%
Beijing
Career
International,
A
Shares
(CNH)
2,340,800
12,271
Bethel
Automotive
Safety
Systems,
A
Shares
(CNH)
1,012,200
12,829
China
Oilfield
Services,
A
Shares
(CNH)
10,572,019
22,481
Fuyao
Glass
Industry
Group,
A
Shares
(CNH)
5,592,838
29,674
Hichain
Logistics,
A
Shares (4)
4,204,543
12,518
Hongfa
Technology,
A
Shares
(CNH)
5,489,132
26,673
T.
ROWE
PRICE
International
Discovery
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Jason
Furniture
Hangzhou,
A
Shares
(CNH) (1)
5,990,370
38,006
Moon
Environment
Technology,
A
Shares
(CNH)
7,087,200
17,195
Qingdao
Haier
Biomedical,
A
Shares (4)
2,075,772
13,869
Qingdao
Hiron
Commercial
Cold
Chain,
A
Shares
(CNH)
4,563,240
12,144
Shandong
Pharmaceutical
Glass,
A
Shares
(CNH)
5,356,414
19,505
Shenzhen
Megmeet
Electrical,
A
Shares
(CNH)
7,139,686
32,416
Warom
Technology,
A
Shares (4)
9,875,043
34,517
Yantai
Jereh
Oilfield
Services
Group,
A
Shares
(CNH)
5,137,244
20,143
YTO
Express
Group,
A
Shares
(CNH)
6,108,934
13,448
Yunnan
Aluminium,
A
Shares
(CNH)
9,114,000
18,958
Zhejiang
Supcon
Technology,
A
Shares
(CNH)
1,403,608
10,633
347,280
Total
China
(Cost
$823,382
)
806,910
DENMARK
0.8%
Common
Stocks
0.8%
Royal
Unibrew
254,376
21,986
Zealand
Pharma (1)
825,894
28,661
Total
Denmark
(Cost
$41,213
)
50,647
EGYPT
0.2%
Common
Stocks
0.2%
Integrated
Diagnostics
Holdings
(USD)
18,119,400
10,012
Total
Egypt
(Cost
$15,955
)
10,012
FINLAND
0.4%
Common
Stocks
0.4%
Valmet
876,795
23,258
Total
Finland
(Cost
$24,005
)
23,258
FRANCE
4.4%
Common
Stocks
4.4%
Edenred
444,321
28,859
Eramet
78,709
6,627
Esker
128,247
21,300
Eurofins
Scientific (2)
680,075
46,773
Gaztransport
Et
Technigaz
286,343
34,923
Nexity (2)
1,089,595
18,449
SPIE
2,703,071
81,141
T.
ROWE
PRICE
International
Discovery
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
Tikehau
Capital (2)
1,097,168
27,922
Virbac
78,584
24,205
Total
France
(Cost
$224,032
)
290,199
GERMANY
4.7%
Common
Stocks
4.7%
Adesso (2)
108,624
12,686
Auto1
Group (1)(2)
707,403
7,623
CANCOM
819,441
23,594
Evotec (1)
689,971
18,175
flatexDEGIRO (1)(2)
4,585,098
45,199
Hypoport (1)(2)
105,904
22,097
Knaus
Tabbert
381,766
25,156
Nagarro (1)(2)
199,344
18,885
Redcare
Pharmacy (1)(2)
662,485
76,811
Scout24
310,664
20,537
Siltronic
415,763
36,601
Total
Germany
(Cost
$334,266
)
307,364
HONG
KONG
0.7%
Common
Stocks
0.7%
ASMPT
2,599,200
25,353
Impro
Precision
Industries
54,349,000
18,783
Total
Hong
Kong
(Cost
$48,277
)
44,136
INDIA
4.0%
Common
Stocks
4.0%
Astral
1,559,534
37,504
Blue
Star
2,357,744
22,503
CreditAccess
Grameen (1)
1,681,342
29,868
Dixon
Technologies
India
293,633
14,731
FSN
E-Commerce
Ventures (1)
4,826,559
8,451
Info
Edge
India
335,725
18,705
Page
Industries
41,097
18,993
Polycab
India
647,665
38,054
TeamLease
Services (1)
518,584
14,838
Torrent
Pharmaceuticals
1,254,282
30,690
Zomato (1)
29,750,017
30,474
Total
India
(Cost
$167,441
)
264,811
T.
ROWE
PRICE
International
Discovery
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
IRELAND
0.5%
Common
Stocks
0.5%
Cairn
Homes
(GBP)
28,077,745
34,157
Total
Ireland
(Cost
$35,235
)
34,157
ITALY
5.0%
Common
Stocks
5.0%
Amplifon
3,023,838
102,303
Ariston
Holding
3,057,231
28,496
BFF
Bank
1,995,390
22,523
Carel
Industries
1,468,240
42,024
Ermenegildo
Zegna
(USD)
3,064,085
48,627
FinecoBank
Banca
Fineco
2,450,963
38,057
GVS (1)
2,932,047
18,578
Technoprobe (1)(2)
2,648,296
24,217
Total
Italy
(Cost
$180,369
)
324,825
JAPAN
19.9%
Common
Stocks
19.9%
Aida
Engineering
2,074,200
14,822
Aiful
22,244,000
55,897
Daiei
Kankyo
2,415,200
40,934
Daiwabo
Holdings
2,006,400
38,884
DIC
1,497,600
28,270
Disco
124,000
23,309
eGuarantee
718,400
10,660
Eiken
Chemical
1,886,200
20,016
Electric
Power
Development
2,378,000
37,621
Fukui
Computer
Holdings
678,600
12,526
Fukuoka
Financial
Group
643,800
15,513
Fuso
Chemical
134,800
4,251
Hanwa
1,900,600
65,013
Hikari
Tsushin
267,200
39,649
Horiba
509,200
30,039
Idec
1,284,400
27,329
IHI
515,000
12,662
Konica
Minolta
1,991,400
7,381
METAWATER
1,574,700
20,305
Mitsui
Mining
&
Smelting
984,000
23,259
Modec (1)
1,795,000
18,888
T.
ROWE
PRICE
International
Discovery
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
Musashi
Seimitsu
Industry
1,114,000
13,891
Nakanishi
1,180,600
27,203
Nextage (2)
2,933,600
77,053
Nifco
665,300
19,830
Nippon
Ceramic
641,000
11,578
Nippon
Seiki
2,719,600
19,042
Nippon
Soda (3)
1,498,500
56,347
Nipro
4,744,600
34,450
Niterra
1,608,700
34,016
Obara
Group (3)
1,277,500
37,320
Persol
Holdings
921,900
18,236
Sakata
INX (3)
3,859,900
33,271
Sankyu
428,300
14,852
Sanwa
Holdings
1,716,400
23,343
Socionext (2)
67,600
7,999
Stanley
Electric
1,029,900
19,032
Sumitomo
Pharma
2,930,800
12,148
Sumitomo
Seika
Chemicals
615,900
20,166
Taiheiyo
Cement
2,366,900
49,431
Takeuchi
Manufacturing
1,123,100
35,196
Takuma
1,425,100
15,594
Tokai
Carbon
1,617,200
14,387
Tokyo
Century
762,700
29,873
Tokyo
Seimitsu
394,100
21,830
Tokyo
Tatemono
3,110,800
41,571
Toyo
Tire
2,691,700
36,446
Yellow
Hat
2,316,600
30,438
Total
Japan
(Cost
$1,208,469
)
1,301,771
MEXICO
0.8%
Common
Stocks
0.8%
Corp.
Inmobiliaria
Vesta (2)
7,616,208
27,613
Corp.
Inmobiliaria
Vesta,
ADR
(USD)
180,345
6,541
Grupo
Aeroportuario
del
Sureste,
ADR
(USD)
58,013
16,417
Total
Mexico
(Cost
$28,959
)
50,571
NETHERLANDS
1.6%
Common
Stocks
1.6%
Aalberts
575,123
25,952
IMCD
340,145
51,542
Van
Lanschot
Kempen,
CVA
892,702
29,251
Total
Netherlands
(Cost
$41,224
)
106,745
T.
ROWE
PRICE
International
Discovery
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
NEW
ZEALAND
0.3%
Common
Stocks
0.3%
Fisher
&
Paykel
Healthcare
1,258,727
19,217
Total
New
Zealand
(Cost
$1,233
)
19,217
NORWAY
1.2%
Common
Stocks
1.2%
Subsea
7
2,264,967
30,439
TGS
3,602,880
48,089
Total
Norway
(Cost
$79,365
)
78,528
RUSSIA
0.0%
Common
Stocks
0.0%
HeadHunter
Group,
ADR
(USD) (1)(5)
975,900
—
Total
Russia
(Cost
$21,701
)
—
SAUDI
ARABIA
0.3%
Common
Stocks
0.3%
Saudi
Tadawul
Group
Holding
312,074
16,750
Total
Saudi
Arabia
(Cost
$8,735
)
16,750
SPAIN
3.2%
Common
Stocks
3.2%
Aedas
Homes
1,214,233
21,724
Amadeus
IT
Group,
Class
A
1,074,913
77,110
CIE
Automotive
825,786
25,881
Fluidra (2)
1,923,686
42,543
Laboratorios
Farmaceuticos
Rovi
830,932
39,895
Total
Spain
(Cost
$165,242
)
207,153
SWEDEN
1.8%
Common
Stocks
1.8%
Avanza
Bank
Holding (2)
1,706,800
38,651
Beijer
Ref
1,769,351
24,061
Norva24
Group (1)
7,293,969
18,531
Olink
Holding,
ADR
(USD) (1)(2)
1,172,031
22,269
T.
ROWE
PRICE
International
Discovery
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
Trelleborg,
Class
B
651,562
17,346
Total
Sweden
(Cost
$90,028
)
120,858
SWITZERLAND
1.8%
Common
Stocks
1.8%
ams (1)
2,223,655
19,683
DKSH
Holding
554,291
44,727
Montana
Aerospace (1)
1,736,582
27,332
Sensirion
Holding (1)(2)
155,834
13,657
SKAN
Group
131,039
12,011
Total
Switzerland
(Cost
$138,136
)
117,410
TAIWAN
0.2%
Common
Stocks
0.2%
King
Yuan
Electronics
6,503,000
13,067
Total
Taiwan
(Cost
$13,012
)
13,067
UNITED
KINGDOM
16.2%
Common
Stocks
16.2%
Abcam,
ADR
(USD) (1)
2,622,507
61,472
Adriatic
Metals,
CDI
(AUD) (1)
11,522,942
27,193
Ascential (1)(3)
29,486,579
79,249
Auction
Technology
Group (1)
2,079,417
18,946
Baltic
Classifieds
Group
12,035,281
30,625
Big
Yellow
Group
2,082,379
28,658
Bridgepoint
Group
5,620,574
13,636
Croda
International
832,471
63,029
Dechra
Pharmaceuticals
808,485
38,542
Derwent
London
776,412
21,099
Diploma
328,614
13,668
Dowlais
Group (1)
9,864,738
15,608
Dr.
Martens
10,114,887
19,787
FD
Technologies (1)
1,267,631
29,131
Funding
Circle
Holdings (1)
16,998,633
10,558
Genuit
Group
5,451,367
21,920
Genus
1,002,492
31,711
Helios
Towers (1)
19,088,174
22,105
Hiscox
1,092,509
15,122
Intermediate
Capital
Group
3,407,190
61,493
IQE (1)(2)(3)
72,650,538
18,439
Keywords
Studios
2,056,065
46,424
T.
ROWE
PRICE
International
Discovery
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
Oxford
Nanopore
Technologies (1)
5,461,797
18,445
Persimmon
1,005,899
14,955
Renishaw
383,298
19,205
Rightmove
2,918,602
21,385
Rotork
13,151,676
52,094
Spirax-Sarco
Engineering
272,642
38,939
Syncona (1)
8,965,969
17,511
Trainline (1)
8,496,847
28,713
Victrex
2,065,780
41,016
Watches
of
Switzerland
Group (1)
2,647,752
25,694
Weir
Group
1,335,573
31,455
YouGov
5,112,378
63,577
Total
United
Kingdom
(Cost
$982,343
)
1,061,404
UNITED
STATES
0.6%
Common
Stocks
0.6%
Kosmos
Energy (1)
5,811,567
41,262
Total
United
States
(Cost
$36,355
)
41,262
VIETNAM
1.4%
Common
Stocks
1.4%
Asia
Commercial
Bank
18,131,705
18,211
FPT
10,294,086
39,269
Hoa
Phat
Group (1)
29,411,600
35,058
Total
Vietnam
(Cost
$79,706
)
92,538
SHORT-TERM
INVESTMENTS
2.4%
Money
Market
Funds
2.4%
T.
Rowe
Price
Government
Reserve
Fund,
5.32% (3)(6)
154,722,518
154,723
Total
Short-Term
Investments
(Cost
$154,723)
154,723
T.
ROWE
PRICE
International
Discovery
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
SECURITIES
LENDING
COLLATERAL
1.9%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
1.9%
Money
Market
Funds
1.9%
T.
Rowe
Price
Government
Reserve
Fund,
5.32% (3)(6)
122,947,429
122,947
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
122,947
Total
Securities
Lending
Collateral
(Cost
$122,947)
122,947
Total
Investments
in
Securities
101.6%
(Cost
$5,835,215)
$
6,648,271
Other
Assets
Less
Liabilities
(1.6)%
(107,158)
Net
Assets
100.0%
$
6,541,113
‡
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
July
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
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
Arco
Platform,
Class
A
$
(782)
$
3,390
$
—
Ascential
(4,658)
15,445
—
CI&T,
Class
A
(435)
(1,019)
—
IQE
(3,663)
(10,637)
—
Marcopolo
330
24,140
2,113
Nippon
Soda
127
11,677
1,275
Obara
Group
(550)
8,677
457
Sakata
INX
(1,874)
7,794
649
T.
Rowe
Price
Government
Reserve
Fund,
5.32%
—
—
3,968++
Affiliates
not
held
at
period
end
(60,839)
56,641
—
Totals
$
(72,344)#
$
116,108
$
8,462+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/22
Purchase
Cost
Sales
Cost
Value
07/31/23
Arco
Platform,
Class
A
$
18,902
$
—
$
1,380
$
*
Ascential
59,241
13,460
8,897
79,249
CI&T,
Class
A
8,342
3,293
724
*
IQE
30,600
2,976
4,500
18,439
Marcopolo
24,952
—
2,152
46,940
Media
Do
11,002
—
43,257
—
Molten
Ventures
29,226
—
53,612
—
Nippon
Soda
45,056
1,073
1,459
56,347
Obara
Group
31,396
—
2,753
37,320
Sakata
INX
29,275
—
3,798
33,271
T.
Rowe
Price
Government
Reserve
Fund,
5.32%
190,991
¤
¤
277,670
Total
$
549,236^
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
$8,462
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
$573,054.
*
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
July
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
$
435,676
$
5,887,985
$
—
$
6,323,661
Preferred
Stocks
—
46,940
—
46,940
Short-Term
Investments
154,723
—
—
154,723
Securities
Lending
Collateral
122,947
—
—
122,947
Total
$
713,346
$
5,934,925
$
—
$
6,648,271
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.
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.
F38-054Q3
07/23