T.
ROWE
PRICE
International
Discovery
Fund
January
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA
2.1%
Common
Stocks
2.1%
Arcos
Dorados
Holdings,
Class
A
(USD)
1,655,859
20,500
MercadoLibre
(USD) (1)
59,727
102,241
Total
Argentina
(Cost
$22,531
)
122,741
AUSTRALIA
1.3%
Common
Stocks
1.3%
ALS
1,437,802
11,813
Cochlear
89,232
17,708
oOh!media
15,455,015
16,132
Pilbara
Minerals
8,061,117
18,361
Reliance
Worldwide
4,646,334
12,703
Total
Australia
(Cost
$65,237
)
76,717
AUSTRIA
2.0%
Common
Stocks
2.0%
BAWAG
Group
1,831,076
94,276
Schoeller-Bleckmann
Oilfield
Equipment
454,741
21,599
Total
Austria
(Cost
$109,854
)
115,875
BRAZIL
1.9%
Common
Stocks
1.6%
CI&T,
Class
A
(USD) (1)(2)
1,610,880
7,169
Intelbras
Industria
de
Telecomunicacao
Eletronica
Brasileira
3,896,927
16,494
Klabin
9,166,504
39,538
Lojas
Renner
9,695,059
31,525
94,726
Preferred
Stocks
0.3%
Marcopolo
11,115,898
17,904
17,904
Total
Brazil
(Cost
$111,245
)
112,630
CANADA
8.8%
Common
Stocks
8.8%
Aritzia (1)(2)
1,427,733
34,736
ATS (1)
570,931
24,422
T.
ROWE
PRICE
International
Discovery
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Aya
Gold
&
Silver (1)
1,713,141
13,137
Definity
Financial
990,389
28,818
dentalcorp
Holdings (1)
2,239,278
10,926
Descartes
Systems
Group (1)
579,383
50,731
ERO
Copper (1)(2)
2,229,683
34,910
Exchange
Income (2)
673,701
23,542
Filo (1)
1,465,499
22,531
Jamieson
Wellness
1,005,764
23,108
Kinaxis (1)
126,814
15,443
Maple
Leaf
Foods (2)
1,086,899
20,728
NuVista
Energy (1)
2,591,514
20,085
Richelieu
Hardware
704,999
22,769
Shopify,
Class
A (1)
792,331
63,430
SNC-Lavalin
Group (2)
1,053,732
34,948
Spin
Master
896,653
23,062
StorageVault
Canada
7,629,767
30,475
Wesdome
Gold
Mines (1)
3,687,095
21,748
Total
Canada
(Cost
$417,340
)
519,549
CHINA
10.5%
Common
Stocks
5.7%
Atour
Lifestyle
Holdings,
ADR
(USD)
40,376
699
BOE
Varitronix
(HKD)
11,767,000
7,628
Bosideng
International
Holdings
(HKD)
30,234,000
13,668
China
Overseas
Property
Holdings
(HKD)
20,630,000
13,674
China
Resources
Gas
Group
(HKD)
9,366,900
26,564
China
Resources
Mixc
Lifestyle
Services
(HKD)
16,742,200
48,348
H
World
Group
(HKD)
11,028,100
34,567
Haier
Smart
Home,
Class
H
(HKD)
8,547,800
24,153
Hesai
Group,
ADR
(USD) (1)
212,750
1,240
Kanzhun,
ADR
(USD) (2)
4,989,688
69,407
Shandong
Weigao
Group
Medical
Polymer,
Class
H
(HKD)
25,777,600
16,467
Tsingtao
Brewery,
Class
H
(HKD)
4,130,000
23,569
Yangzijiang
Shipbuilding
Holdings
(SGD)
43,994,300
54,923
334,907
Common
Stocks
-
China
A
Shares
4.8%
China
Oilfield
Services,
A
Shares
(CNH)
13,982,320
29,864
CNOOC
Energy
Technology
&
Services,
A
Shares
(CNH)
37,045,116
15,077
Fuyao
Glass
Industry
Group,
A
Shares
(CNH)
5,592,838
29,620
Hongfa
Technology,
A
Shares
(CNH)
5,489,132
17,112
Huali
Industrial
Group,
A
Shares
(CNH)
2,137,130
15,755
Jason
Furniture
Hangzhou,
A
Shares
(CNH)
5,990,370
28,256
Moon
Environment
Technology,
A
Shares
(CNH)
7,087,200
10,310
Qingdao
Hiron
Commercial
Cold
Chain,
A
Shares
(CNH)
4,563,240
8,273
T.
ROWE
PRICE
International
Discovery
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Shandong
Pharmaceutical
Glass,
A
Shares
(CNH)
5,356,414
17,545
Shenzhen
Megmeet
Electrical,
A
Shares
(CNH)
7,139,686
19,361
SUPCON
Technology,
A
Shares
(CNH)
1,403,608
6,887
Warom
Technology,
A
Shares (3)
6,004,143
13,467
WUS
Printed
Circuit
Kunshan,
A
Shares
(CNH)
3,141,910
8,591
Yantai
Jereh
Oilfield
Services
Group,
A
Shares
(CNH)
7,085,344
25,905
YTO
Express
Group,
A
Shares
(CNH)
6,108,934
9,479
Yunnan
Aluminium,
A
Shares
(CNH)
9,114,000
13,612
Zhejiang
Dingli
Machinery,
A
Shares
(CNH)
2,529,900
18,155
287,269
Total
China
(Cost
$823,590
)
622,176
DENMARK
0.9%
Common
Stocks
0.9%
Royal
Unibrew
234,266
15,346
Zealand
Pharma (1)
516,633
35,292
Total
Denmark
(Cost
$30,295
)
50,638
EGYPT
0.1%
Common
Stocks
0.1%
Integrated
Diagnostics
Holdings
(USD) (1)
17,514,095
6,068
Total
Egypt
(Cost
$15,131
)
6,068
FINLAND
0.5%
Common
Stocks
0.5%
Mandatum (1)
866,864
3,914
Valmet
807,479
22,855
Total
Finland
(Cost
$24,731
)
26,769
FRANCE
5.5%
Common
Stocks
5.5%
Coface
1,180,284
15,949
Edenred
448,080
26,763
Eramet (2)
228,911
15,767
Esker (2)
118,108
19,834
Eurofins
Scientific
626,311
37,714
Gaztransport
Et
Technigaz
223,221
31,295
Lectra (2)
68,369
2,412
Nexity (2)
1,488,713
24,814
T.
ROWE
PRICE
International
Discovery
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
Remy
Cointreau
159,749
16,186
SPIE
2,489,379
82,343
Tikehau
Capital (2)
1,045,784
23,930
Virbac
73,255
26,437
Total
France
(Cost
$260,543
)
323,444
GERMANY
4.7%
Common
Stocks
4.7%
Adesso (2)
125,278
12,568
flatexDEGIRO (1)
4,222,623
46,175
Hypoport (1)(2)
97,531
20,717
Knaus
Tabbert (2)
368,067
16,332
Nagarro (1)(2)
183,584
17,943
Redcare
Pharmacy (1)(2)
448,920
62,487
Schott
Pharma (1)
806,699
31,369
Scout24
286,104
21,066
Siltronic (2)
394,855
37,112
Zalando (1)
600,282
11,986
Total
Germany
(Cost
$240,850
)
277,755
HONG
KONG
0.7%
Common
Stocks
0.7%
ASMPT
2,599,200
25,083
Impro
Precision
Industries
54,349,000
17,375
Total
Hong
Kong
(Cost
$48,277
)
42,458
INDIA
4.2%
Common
Stocks
4.2%
Astral
1,305,966
28,847
Blue
Star
1,952,200
27,038
Computer
Age
Management
Services
109,619
3,819
CreditAccess
Grameen (1)
1,395,167
26,804
Dixon
Technologies
India
230,195
16,586
FSN
E-Commerce
Ventures (1)
4,444,995
8,775
Info
Edge
India
309,184
18,745
Page
Industries
43,714
19,679
Polycab
India
453,405
23,672
TeamLease
Services (1)
483,393
16,569
Torrent
Pharmaceuticals
632,421
19,112
Zomato (1)
21,765,013
36,477
Total
India
(Cost
$141,812
)
246,123
T.
ROWE
PRICE
International
Discovery
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
IRELAND
0.6%
Common
Stocks
0.6%
Cairn
Homes
(GBP)
21,528,609
32,959
Total
Ireland
(Cost
$25,602
)
32,959
ITALY
5.1%
Common
Stocks
5.1%
Amplifon
2,804,780
91,544
Ariston
Holding
2,815,541
18,478
BFF
Bank
2,770,813
29,943
Carel
Industries
1,521,189
36,837
Ermenegildo
Zegna
(USD)
3,064,085
37,351
FinecoBank
Banca
Fineco
2,257,202
32,545
GVS (1)
2,700,254
17,222
Interpump
Group
221,514
10,950
Technoprobe (1)
2,438,934
24,244
Total
Italy
(Cost
$188,625
)
299,114
JAPAN
20.2%
Common
Stocks
20.2%
Aida
Engineering
2,074,200
11,793
Aiful
22,217,300
55,702
Daiei
Kankyo
1,735,900
29,532
Daiwabo
Holdings
1,239,200
26,946
Dexerials
328,000
9,453
Disco
68,400
18,457
eGuarantee
668,200
8,709
Eiken
Chemical
1,754,600
21,869
Electric
Power
Development
2,212,100
37,158
Fukui
Computer
Holdings
329,400
5,814
Fukuoka
Financial
Group
598,800
14,717
Fuso
Chemical
432,100
12,168
Hanwa
1,768,100
64,671
Hikari
Tsushin
219,600
38,265
Horiba (2)
576,300
46,239
Idec
1,413,200
28,280
IHI
1,323,000
25,304
Konica
Minolta (1)
1,852,500
5,084
METAWATER
1,574,700
22,949
Miura
600,100
10,966
T.
ROWE
PRICE
International
Discovery
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
Modec (1)
1,669,700
26,075
Musashi
Seimitsu
Industry
905,700
10,280
Nakanishi
1,026,900
16,806
Nextage (2)
2,884,700
43,463
Nifco
412,400
10,702
Nippon
Ceramic
596,200
10,797
Nippon
Seiki
2,719,600
25,208
Nippon
Soda
1,394,000
53,811
Nipro
4,413,600
35,543
Niterra
1,496,400
40,296
Obara
Group (2)(4)
1,484,200
40,374
Persol
Holdings
13,388,100
21,283
Sakata
INX (4)
3,859,900
37,241
Sankyu
398,400
14,893
Sanwa
Holdings
1,136,300
17,367
Seibu
Giken (2)
361,400
3,837
Sumitomo
Seika
Chemicals
592,900
21,012
Taiheiyo
Cement
2,201,800
45,318
Takeuchi
Manufacturing
942,800
32,232
Takuma
1,325,600
15,597
Tokai
Carbon
2,805,100
19,728
Tokyo
Century
1,715,000
19,056
Tokyo
Seimitsu
366,700
23,753
Tokyo
Tatemono
2,758,500
42,514
Toyo
Tire
2,738,400
45,343
Yellow
Hat
2,164,300
26,870
Total
Japan
(Cost
$1,054,438
)
1,193,475
LITHUANIA
0.4%
Common
Stocks
0.4%
Baltic
Classifieds
Group
(GBP)
7,807,066
23,910
Total
Lithuania
(Cost
$17,795
)
23,910
MEXICO
0.9%
Common
Stocks
0.9%
Corp.
Inmobiliaria
Vesta (2)
7,014,108
26,652
Corp.
Inmobiliaria
Vesta,
ADR
(USD)
166,087
6,298
Grupo
Aeroportuario
del
Sureste,
ADR
(USD)
68,161
19,926
Total
Mexico
(Cost
$29,541
)
52,876
T.
ROWE
PRICE
International
Discovery
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
NETHERLANDS
1.5%
Common
Stocks
1.5%
Aalberts
730,755
29,061
IMCD
313,254
47,815
Van
Lanschot
Kempen,
CVA
455,741
13,721
Total
Netherlands
(Cost
$37,832
)
90,597
NEW
ZEALAND
0.3%
Common
Stocks
0.3%
Fisher
&
Paykel
Healthcare
1,159,218
16,743
Total
New
Zealand
(Cost
$1,079
)
16,743
NORWAY
1.2%
Common
Stocks
1.2%
Subsea
7
2,123,538
28,621
TGS
4,527,302
44,086
Total
Norway
(Cost
$87,081
)
72,707
SPAIN
3.2%
Common
Stocks
3.2%
Aedas
Homes
1,118,241
21,379
Amadeus
IT
Group
989,935
69,375
CIE
Automotive
525,122
13,854
Fluidra (2)
1,771,609
38,354
Laboratorios
Farmaceuticos
Rovi
661,351
45,615
Total
Spain
(Cost
$143,549
)
188,577
SWEDEN
1.8%
Common
Stocks
1.8%
Beijer
Ref (2)
2,030,052
27,639
Nordnet
1,642,758
25,850
Norva24
Group (1)
7,191,280
18,872
Olink
Holding,
ADR
(USD) (1)
706,031
17,284
Trelleborg,
Class
B
600,052
18,264
Total
Sweden
(Cost
$91,516
)
107,909
T.
ROWE
PRICE
International
Discovery
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
SWITZERLAND
2.5%
Common
Stocks
2.5%
ams-OSRAM (1)(2)
6,981,116
16,339
DKSH
Holding
510,471
35,720
Montana
Aerospace (1)
2,650,294
51,754
Sensirion
Holding (1)(2)
143,514
11,943
SKAN
Group
124,559
10,990
Tecan
Group
61,230
23,372
Total
Switzerland
(Cost
$145,000
)
150,118
TAIWAN
0.2%
Common
Stocks
0.2%
King
Yuan
Electronics
3,383,000
9,037
Total
Taiwan
(Cost
$6,699
)
9,037
UNITED
KINGDOM
14.8%
Common
Stocks
14.8%
Adriatic
Metals,
CDI
(AUD) (1)
11,107,518
25,748
Ascential (1)(4)
32,272,677
124,307
Auction
Technology
Group (1)(2)
3,305,717
22,822
Big
Yellow
Group
2,724,342
39,394
Bridgepoint
Group
7,738,336
26,353
Croda
International
766,660
46,403
Diploma
302,635
12,475
Dowlais
Group
9,084,881
10,378
FD
Technologies (1)
1,167,418
18,550
Funding
Circle
Holdings (1)
7,449,730
2,825
Genuit
Group
5,020,409
26,849
Genus
1,077,494
31,296
Helios
Towers (1)(2)
17,431,073
17,423
Hiscox
2,191,973
28,769
Intermediate
Capital
Group
3,137,834
70,743
IQE (1)(2)(4)
71,551,343
18,034
Keywords
Studios (2)
2,551,019
53,347
Oxford
Nanopore
Technologies (1)
5,030,014
10,208
Persimmon
1,150,221
21,185
Renishaw
444,615
19,664
Rotork
12,111,970
47,747
Spirax-Sarco
Engineering
309,101
38,904
Syncona (1)
8,902,373
13,228
T.
ROWE
PRICE
International
Discovery
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
Victrex (2)
1,902,469
32,757
Watches
of
Switzerland
Group (1)
3,613,802
17,019
Weir
Group
1,229,989
28,272
YouGov
4,708,219
69,451
Total
United
Kingdom
(Cost
$792,138
)
874,151
UNITED
STATES
0.5%
Common
Stocks
0.5%
Kosmos
Energy (1)(2)
5,352,133
32,434
Total
United
States
(Cost
$33,291
)
32,434
VIETNAM
1.6%
Common
Stocks
1.6%
Asia
Commercial
Bank
21,968,505
24,928
FPT
9,480,286
39,572
Hoa
Phat
Group (1)
27,086,400
30,670
Total
Vietnam
(Cost
$78,712
)
95,170
SHORT-TERM
INVESTMENTS
1.8%
Money
Market
Funds
1.8%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (4)(5)
109,170,809
109,171
Total
Short-Term
Investments
(Cost
$109,171)
109,171
SECURITIES
LENDING
COLLATERAL
2.4%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
2.4%
Money
Market
Funds
2.4%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (4)(5)
143,572,809
143,573
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
143,573
Total
Securities
Lending
Collateral
(Cost
$143,573)
143,573
Total
Investments
in
Securities
102.2%
(Cost
$5,297,078)
$
6,035,464
Other
Assets
Less
Liabilities
(2.2)%
(127,249)
Net
Assets
100.0%
$
5,908,215
T.
ROWE
PRICE
International
Discovery
Fund
10
‡
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,
2024.
(3)
China
A
shares
held
through
the
QFII
are
subject
to
certain
restrictions.
(4)
Affiliated
Companies
(5)
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
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
Ascential
$
(3,392)
$
26,588
$
—
IQE
(878)
7,139
—
Marcopolo
19,886
(3,074)
340
Nippon
Soda
686
3,429
—
Obara
Group
—
4,651
—
Sakata
INX
—
4,976
324
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
—
—
1,414++
Totals
$
16,302#
$
43,709
$
2,078+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/23
Purchase
Cost
Sales
Cost
Value
01/31/24
Ascential
$
111,644
$
—
$
13,925
$
124,307
IQE
12,059
—
1,164
18,034
Marcopolo
43,858
—
22,880
*
Nippon
Soda
53,725
—
3,343
*
Obara
Group
31,492
4,231
—
40,374
Sakata
INX
32,265
—
—
37,241
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
130,552
¤
¤
252,744
Total
$
472,700^
#
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
$2,078
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
$487,396.
*
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
12
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)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
International
Discovery
Fund
13
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.
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.
T.
ROWE
PRICE
International
Discovery
Fund
14
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,
2024
(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
$
314,549
$
5,450,267
$
—
$
5,764,816
Preferred
Stocks
—
17,904
—
17,904
Short-Term
Investments
109,171
—
—
109,171
Securities
Lending
Collateral
143,573
—
—
143,573
Total
$
567,293
$
5,468,171
$
—
$
6,035,464
T.
ROWE
PRICE
International
Discovery
Fund
15
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.
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.
F38-054Q1
01/24