T.
ROWE
PRICE
International
Stock
Fund
January
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA
1.0%
Common
Stocks
1.0%
MercadoLibre
(USD) (1)(2)
81,699
139,853
Total
Argentina
(Cost
$88,749
)
139,853
BRAZIL
1.3%
Common
Stocks
1.3%
B3
10,533,900
27,810
Localiza
Rent
a
Car
3,256,815
35,767
Localiza
Rent
a
Car,
Rights,
2/6/24 (1)
11,703
23
Raia
Drogasil
12,010,007
61,330
Suzano
6,357,429
66,431
Total
Brazil
(Cost
$164,662
)
191,361
CANADA
10.1%
Common
Stocks
10.1%
Canadian
National
Railway
(USD) (3)
1,508,519
187,117
Canadian
Pacific
Kansas
City
(USD)
1,953,636
157,209
Constellation
Software
73,319
202,643
Constellation
Software,
Warrants,
3/31/40 (1)(4)
75,919
—
Definity
Financial
1,610,183
46,852
Descartes
Systems
Group
(USD) (1)
819,150
71,749
Element
Fleet
Management
7,607,829
128,339
National
Bank
of
Canada
1,384,433
105,888
Shopify,
Class
A
(USD) (1)
1,617,999
129,553
Suncor
Energy
6,348,184
210,213
TMX
Group
8,330,918
206,035
Total
Canada
(Cost
$1,180,159
)
1,445,598
CAYMAN
ISLANDS
0.5%
Convertible
Preferred
Stocks
0.5%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $13,909
(USD) (1)(4)(5)
282,204
67,379
Total
Cayman
Islands
(Cost
$13,909
)
67,379
CHINA
6.0%
Common
Stocks
4.1%
58.com
(USD) (1)(4)
3,564,710
—
T.
ROWE
PRICE
International
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Alibaba
Group
Holding,
ADR
(USD)
2,157,327
155,694
BeiGene,
ADR
(USD) (1)(3)
459,096
68,052
JD
Health
International
(HKD) (1)(3)
10,555,800
34,832
KE
Holdings,
ADR
(USD)
5,327,100
75,485
PDD
Holdings,
ADR
(USD) (1)(3)
485,400
61,583
Silergy
(TWD)
3,866,000
47,578
Tencent
Holdings
(HKD)
2,613,200
90,707
Yum
China
Holdings
(USD) (3)
1,426,745
49,351
583,282
Common
Stocks
-
China
A
Shares
1.9%
Kweichow
Moutai,
A
Shares
(CNH)
347,314
77,568
NARI
Technology,
A
Shares
(CNH)
29,745,214
86,812
Shandong
Pharmaceutical
Glass,
A
Shares
(CNH)
12,115,572
39,684
Shenzhen
Inovance
Technology,
A
Shares
(CNH)
9,391,710
73,086
277,150
Total
China
(Cost
$913,663
)
860,432
DENMARK
2.6%
Common
Stocks
2.6%
Coloplast,
Class
B
435,120
50,157
Genmab (1)
226,548
62,646
Novo
Nordisk,
ADR
(USD)
2,278,752
261,464
Total
Denmark
(Cost
$284,457
)
374,267
FRANCE
6.0%
Common
Stocks
6.0%
Capgemini (2)
638,889
142,039
Dassault
Aviation
686,808
130,087
LVMH
Moet
Hennessy
Louis
Vuitton
222,678
185,281
Safran
946,269
176,677
Sartorius
Stedim
Biotech
343,608
92,581
Thales
868,324
126,996
Total
France
(Cost
$548,374
)
853,661
GERMANY
6.8%
Common
Stocks
6.0%
Daimler
Truck
Holding (2)
913,789
32,656
Deutsche
Boerse
388,022
77,271
Deutsche
Telekom
9,624,130
236,251
Evotec (1)
5,557,014
85,006
T.
ROWE
PRICE
International
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Infineon
Technologies
1,100,608
40,125
Merck
324,776
53,288
Puma
2,225,499
89,563
SAP
1,118,507
193,777
Schott
Pharma (1)
1,477,732
57,463
865,400
Preferred
Stocks
0.8%
Sartorius (3)
297,124
108,392
108,392
Total
Germany
(Cost
$878,267
)
973,792
HONG
KONG
1.9%
Common
Stocks
1.9%
AIA
Group
24,000,000
188,218
Hong
Kong
Exchanges
&
Clearing
2,575,600
78,089
Total
Hong
Kong
(Cost
$175,168
)
266,307
INDIA
6.5%
Common
Stocks
6.5%
Axis
Bank
15,370,483
197,577
HDFC
Bank
10,970,753
192,943
HDFC
Life
Insurance
11,781,357
81,757
Larsen
&
Toubro
3,736,620
156,446
NTPC
60,901,706
233,355
Varun
Beverages
4,464,807
68,640
Total
India
(Cost
$608,596
)
930,718
INDONESIA
1.3%
Common
Stocks
1.3%
Bank
Central
Asia
229,058,100
138,586
Sarana
Menara
Nusantara
862,973,900
48,542
Total
Indonesia
(Cost
$64,025
)
187,128
ITALY
1.7%
Common
Stocks
1.7%
Banca
Mediolanum
9,578,215
98,021
DiaSorin (3)
999,154
91,881
Ermenegildo
Zegna
(USD) (3)
4,638,300
56,541
Total
Italy
(Cost
$244,963
)
246,443
T.
ROWE
PRICE
International
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
JAPAN
14.4%
Common
Stocks
14.4%
Calbee
4,106,200
86,313
Chugai
Pharmaceutical
4,486,100
161,366
Daiichi
Sankyo
4,120,100
123,352
Daikin
Industries
488,800
78,321
Disco
574,400
154,996
Hikari
Tsushin
349,100
60,831
Keyence
309,800
138,604
LY
30,034,500
93,438
Mitsui
Fudosan
1,878,600
47,160
Murata
Manufacturing
5,660,300
114,293
Nextage (3)
3,961,300
59,684
Nippon
Telegraph
&
Telephone
104,696,400
131,473
Olympus
9,548,900
141,359
Persol
Holdings
48,924,000
77,775
Recruit
Holdings
3,100,500
122,466
Seven
&
i
Holdings
4,015,400
158,587
Shimadzu
1,593,000
44,050
SMC
63,400
35,291
Sony
Group
1,335,900
131,010
Stanley
Electric
1,862,600
35,577
Sumitomo
Metal
Mining
2,188,500
60,487
Total
Japan
(Cost
$1,735,091
)
2,056,433
NETHERLANDS
7.8%
Common
Stocks
7.8%
Adyen (1)
66,248
83,087
Akzo
Nobel (2)
1,391,982
106,921
Argenx,
ADR
(USD) (1)(3)
153,501
58,409
ASML
Holding
516,278
447,917
Heineken
1,646,335
165,614
Prosus
8,443,161
249,723
Total
Netherlands
(Cost
$718,363
)
1,111,671
PHILIPPINES
0.7%
Common
Stocks
0.7%
SM
Investments
6,231,375
99,482
Total
Philippines
(Cost
$98,218
)
99,482
T.
ROWE
PRICE
International
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
PORTUGAL
1.4%
Common
Stocks
1.4%
Galp
Energia
7,355,788
115,793
Jeronimo
Martins
3,921,345
89,184
Total
Portugal
(Cost
$154,665
)
204,977
SAUDI
ARABIA
0.7%
Common
Stocks
0.7%
Saudi
National
Bank
9,172,159
99,055
Total
Saudi
Arabia
(Cost
$85,413
)
99,055
SINGAPORE
0.5%
Common
Stocks
0.5%
Sea,
ADR
(USD) (1)(3)
1,754,132
66,903
Total
Singapore
(Cost
$84,100
)
66,903
SOUTH
AFRICA
0.4%
Common
Stocks
0.4%
Capitec
Bank
Holdings
588,975
62,730
Total
South
Africa
(Cost
$37,966
)
62,730
SOUTH
KOREA
2.7%
Common
Stocks
2.7%
LG
Chem
176,000
57,074
NAVER (1)
421,912
62,916
Samsung
Electronics
5,007,094
272,070
Total
South
Korea
(Cost
$248,844
)
392,060
SPAIN
1.4%
Common
Stocks
1.4%
Amadeus
IT
Group
1,991,270
139,549
Fluidra
2,419,080
52,371
Total
Spain
(Cost
$148,872
)
191,920
T.
ROWE
PRICE
International
Stock
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
SWEDEN
2.8%
Common
Stocks
2.8%
Assa
Abloy,
Class
B
4,369,184
119,828
Essity,
Class
B
7,022,821
164,919
Hexagon,
Class
B
7,341,357
80,120
Swedbank,
Class
A
1,902,683
38,773
Total
Sweden
(Cost
$337,313
)
403,640
SWITZERLAND
6.2%
Common
Stocks
6.2%
Alcon
2,528,300
190,318
Cie
Financiere
Richemont,
Class
A
772,709
114,774
Julius
Baer
Group
2,796,455
152,243
Nestle
2,283,732
260,233
Partners
Group
Holding
101,343
136,729
Sonova
Holding
112,376
35,915
Total
Switzerland
(Cost
$662,847
)
890,212
TAIWAN
4.0%
Common
Stocks
4.0%
Taiwan
Semiconductor
Manufacturing
28,782,000
576,172
Total
Taiwan
(Cost
$104,313
)
576,172
THAILAND
0.5%
Common
Stocks
0.5%
Bumrungrad
Hospital
2,370,700
16,034
CP
ALL
32,698,500
48,133
Total
Thailand
(Cost
$53,376
)
64,167
UNITED
KINGDOM
6.3%
Common
Stocks
6.2%
Ashtead
Group
1,428,684
93,425
AstraZeneca,
ADR
(USD) (3)
2,625,736
174,979
Bridgepoint
Group
14,732,349
50,170
Experian
2,230,303
92,831
Hiscox
2,386,932
31,328
London
Stock
Exchange
Group
1,207,286
136,561
Rentokil
Initial
7,194,553
37,050
T.
ROWE
PRICE
International
Stock
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
Smith
&
Nephew
12,223,749
170,949
Unilever
(EUR)
2,139,859
104,313
891,606
Convertible
Preferred
Stocks
0.1%
YuLife
Holdings,
Series
C,
Acquisition
Date:
10/11/22,
Cost $5,670 (1)(4)(5)
286,782
6,481
6,481
Total
United
Kingdom
(Cost
$760,815
)
898,087
UNITED
STATES
2.6%
Common
Stocks
2.6%
Canva,
Acquisition
Date:
8/16/21
-
11/4/21,
Cost $23,865 (1)(4)
(5)
14,001
14,934
Linde
253,492
102,621
Mastercard,
Class
A
245,836
110,437
Waste
Connections
940,498
146,022
374,014
Convertible
Preferred
Stocks
0.0%
Canva,
Series
A,
Acquisition
Date:
11/4/21,
Cost $1,408 (1)(4)(5)
826
881
Canva,
Series
A-3,
Acquisition
Date:
11/4/21,
Cost $58 (1)(4)(5)
34
37
Canva,
Series
A-4,
Acquisition
Date:
11/4/21,
Cost $5 (1)(4)(5)
3
3
Canva,
Series
A-5,
Acquisition
Date:
11/4/21,
Cost $4 (1)(4)(5)
2
2
923
Total
United
States
(Cost
$215,004
)
374,937
SHORT-TERM
INVESTMENTS
2.0%
Money
Market
Funds
2.0%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (6)(7)
289,259,909
289,260
Total
Short-Term
Investments
(Cost
$289,260)
289,260
T.
ROWE
PRICE
International
Stock
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
SECURITIES
LENDING
COLLATERAL
0.8%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.8%
Money
Market
Funds
0.8%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (6)(7)
119,764,565
119,765
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
119,765
Total
Securities
Lending
Collateral
(Cost
$119,765)
119,765
Total
Investments
in
Securities
100.9%
(Cost
$11,019,217)
$
14,438,410
Other
Assets
Less
Liabilities
(0.9)%
(129,310)
Net
Assets
100.0%
$
14,309,100
‡
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
pledged
to
cover
or
as
collateral
for
written
call
options
at
January
31,
2024.
(3)
All
or
a
portion
of
this
security
is
on
loan
at
January
31,
2024.
(4)
Level
3
in
fair
value
hierarchy.
(5)
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
$89,717
and
represents
0.6%
of
net
assets.
(6)
Seven-day
yield
(7)
Affiliated
Companies
T.
ROWE
PRICE
International
Stock
Fund
9
ADR
American
Depositary
Receipts
CNH
Offshore
China
Renminbi
EUR
Euro
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
Morgan
Stanley
Akzo
Nobel,
Call,
2/16/24
@
76.00
(EUR)
888
6,312
(32)
JPMorgan
Chase
Capgemini,
Call,
3/15/24
@
210.00
(EUR)
323
6,645
(238)
Morgan
Stanley
Daimler
Truck
Holding,
Call,
2/16/24
@
35.00
(EUR)
1,931
6,386
(23)
Morgan
Stanley
MercadoLibre,
Call,
3/15/24
@
$1,900.00
75
12,839
(252)
Total
Options
Written
(Premiums
$(778))
$
(545)
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
three
months
ended
January
31,
2024.
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,
5.40%
$
—
$
—
$
4,304++
Totals
$
—#
$
—
$
4,304+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/23
Purchase
Cost
Sales
Cost
Value
01/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
$
331,870
¤
¤
$
409,025
Total
$
409,025^
#
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
$4,304
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
$409,025.
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
January
31,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics 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.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
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
$
2,073,022
$
11,758,254
$
14,934
$
13,846,210
Convertible
Preferred
Stocks
—
—
74,783
74,783
Preferred
Stocks
—
108,392
—
108,392
Short-Term
Investments
289,260
—
—
289,260
Securities
Lending
Collateral
119,765
—
—
119,765
Total
$
2,482,047
$
11,866,646
$
89,717
$
14,438,410
Liabilities
Options
Written
$
—
$
545
$
—
$
545
T.
ROWE
PRICE
International
Stock
Fund
16
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
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.
F37-054Q1
01/24