T. Rowe Price Global Stock Fund (PRGSX) NPORT-P T. Rowe Price International Discovery Fund (Jul 2024 report)

T.

ROWE

PRICE

International

Discovery

Fund

July

31,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ARGENTINA 1.8%

Common

Stocks 1.8% 

Arcos

Dorados

Holdings,

Class

A

(USD) 

1,619,056‌

15,640‌

MercadoLibre

(USD) (1)

58,400‌

97,464‌

Total

Argentina

(Cost

$21,970)

113,104‌

AUSTRALIA 1.2%

Common

Stocks 1.2% 

ALS 

1,405,845‌

14,233‌

Cochlear 

87,249‌

19,714‌

oOh!media 

15,111,508‌

14,354‌

Pilbara

Minerals 

7,881,948‌

15,235‌

Reliance

Worldwide 

4,543,063‌

15,314‌

Total

Australia

(Cost

$62,835)

78,850‌

AUSTRIA 2.4%

Common

Stocks 2.4% 

BAWAG

Group 

1,790,379‌

130,751‌

Schoeller-Bleckmann

Oilfield

Equipment 

444,634‌

17,672‌

Total

Austria

(Cost

$106,615)

148,423‌

BRAZIL 1.6%

Common

Stocks 1.6% 

CI&T,

Class

A

(USD) (1)

2,760,356‌

16,866‌

Intelbras

Industria

de

Telecomunicacao

Eletronica

Brasileira 

3,810,312‌

14,281‌

Klabin 

9,859,043‌

38,313‌

Multiplan

Empreendimentos

Imobiliarios 

3,529,300‌

14,982‌

TOTVS 

2,830,200‌

13,925‌

98,367‌

Preferred

Stocks 0.0% 

Klabin 

2‌

—‌

—‌

Total

Brazil

(Cost

$106,262)

98,367‌

CANADA 9.3%

Common

Stocks 9.3% 

Aritzia (1)

1,396,000‌

45,824‌

AtkinsRealis

Group (2)

1,030,312‌

44,387‌

T.

ROWE

PRICE

International

Discovery

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

ATS (1)

629,815‌

18,927‌

Aya

Gold

&

Silver (1)(2)

2,903,474‌

32,764‌

BRP 

232,711‌

16,860‌

Definity

Financial 

968,377‌

33,681‌

dentalcorp

Holdings (1)(2)

2,189,507‌

12,607‌

Descartes

Systems

Group (1)

505,306‌

51,392‌

ERO

Copper (1)(2)

2,180,126‌

42,634‌

Exchange

Income (2)

658,728‌

23,183‌

Filo (1)

1,721,927‌

39,848‌

Jamieson

Wellness 

983,410‌

23,270‌

Kinaxis (1)

169,169‌

20,813‌

Maple

Leaf

Foods (2)

1,062,742‌

19,405‌

NuVista

Energy (1)

2,533,914‌

24,538‌

Richelieu

Hardware 

689,330‌

20,361‌

Shopify,

Class

A (1)

490,775‌

30,058‌

Spin

Master 

876,724‌

20,073‌

StorageVault

Canada 

7,460,185‌

25,342‌

Wesdome

Gold

Mines (1)

3,605,144‌

34,703‌

Total

Canada

(Cost

$444,135)

580,670‌

CHINA 11.7%

Common

Stocks 5.9% 

Atour

Lifestyle

Holdings,

ADR

(USD) 

492,797‌

8,249‌

BOC

Aviation

(HKD) 

2,438,600‌

21,398‌

Bosideng

International

Holdings

(HKD) 

50,308,000‌

25,147‌

China

Resources

Gas

Group

(HKD) 

9,278,400‌

31,489‌

China

Resources

Mixc

Lifestyle

Services

(HKD) 

18,112,800‌

50,774‌

COSCO

SHIPPING

Energy

Transportation,

Class

H

(HKD) (2)

9,678,000‌

11,610‌

Greentown

Service

Group

(HKD) 

3,458,000‌

1,513‌

H

World

Group

(HKD) 

9,139,000‌

27,486‌

Haier

Smart

Home,

Class

H

(HKD) 

7,816,400‌

25,555‌

Kanzhun,

ADR

(USD) 

3,680,633‌

49,983‌

Kingboard

Laminates

Holdings

(HKD) 

19,380,000‌

17,427‌

Ninebot,

CDR 

3,686,451‌

20,920‌

Shandong

Weigao

Group

Medical

Polymer,

Class

H

(HKD) 

27,888,400‌

14,151‌

Tsingtao

Brewery,

Class

H

(HKD) (2)

2,976,000‌

19,013‌

Wasion

Holdings

(HKD) 

8,658,000‌

7,038‌

Yangzijiang

Shipbuilding

Holdings

(SGD) 

18,313,100‌

36,924‌

368,677‌

Common

Stocks

-

China

A

Shares 5.8% 

China

Oilfield

Services,

A

Shares

(CNH) 

12,001,320‌

25,087‌

CNOOC

Energy

Technology

&

Services,

A

Shares

(CNH) 

41,286,824‌

22,070‌

T.

ROWE

PRICE

International

Discovery

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

Fuyao

Glass

Industry

Group,

A

Shares

(CNH) 

3,937,218‌

24,556‌

Hongfa

Technology,

A

Shares

(CNH) 

5,938,532‌

22,527‌

Huali

Industrial

Group,

A

Shares

(CNH) 

2,312,130‌

18,637‌

Humanwell

Healthcare

Group,

A

Shares

(CNH) 

4,735,500‌

13,074‌

Jason

Furniture

Hangzhou,

A

Shares

(CNH) 

3,262,170‌

11,462‌

Jiangsu

Hengli

Hydraulic,

A

Shares

(CNH) 

2,566,013‌

16,269‌

Montage

Technology,

A

Shares

(CNH) 

1,671,064‌

13,802‌

Shandong

Pharmaceutical

Glass,

A

Shares

(CNH) 

5,794,914‌

19,542‌

Suzhou

Hailu

Heavy

Industry,

A

Shares (1)(3)

15,771,740‌

10,393‌

Warom

Technology,

A

Shares (3)

5,917,342‌

16,651‌

WUS

Printed

Circuit

Kunshan,

A

Shares

(CNH) 

2,101,010‌

9,784‌

Xiamen

Faratronic,

A

Shares

(CNH) 

1,545,243‌

18,551‌

Xuji

Electric,

A

Shares

(CNH) 

6,565,100‌

27,722‌

Yankershop

Food,

A

Shares

(CNH) 

3,407,580‌

17,937‌

Yantai

Jereh

Oilfield

Services

Group,

A

Shares

(CNH) 

7,665,344‌

33,375‌

YTO

Express

Group,

A

Shares

(CNH) 

6,609,134‌

13,125‌

Yunnan

Aluminium,

A

Shares

(CNH) 

11,899,500‌

19,920‌

Zhejiang

Dingli

Machinery,

A

Shares

(CNH) 

1,227,200‌

8,923‌

363,407‌

Total

China

(Cost

$797,608)

732,084‌

DENMARK 1.0%

Common

Stocks 1.0% 

Royal

Unibrew (1)

229,060‌

17,984‌

Zealand

Pharma (1)(2)

327,413‌

44,110‌

Total

Denmark

(Cost

$24,543)

62,094‌

FINLAND 0.4%

Common

Stocks 0.4% 

Mandatum 

847,596‌

3,926‌

Valmet (2)

789,532‌

22,360‌

Total

Finland

(Cost

$24,070)

26,286‌

FRANCE 5.8%

Common

Stocks 5.8% 

Beneteau (2)

1,443,793‌

14,076‌

Coface 

1,193,825‌

18,074‌

Edenred 

438,121‌

18,243‌

Eramet 

223,824‌

19,011‌

Esker 

115,483‌

25,359‌

Eurofins

Scientific 

612,391‌

36,256‌

T.

ROWE

PRICE

International

Discovery

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

Lectra 

740,059‌

20,852‌

Nexity (1)(2)

2,105,160‌

23,727‌

Planisware (1)

1,411,332‌

42,469‌

SPIE 

2,434,050‌

94,088‌

Verallia 

604,982‌

17,795‌

Virbac 

88,046‌

33,517‌

Total

France

(Cost

$287,505)

363,467‌

GERMANY 5.4%

Common

Stocks 5.4% 

Adesso (2)

122,494‌

12,111‌

flatexDEGIRO 

3,754,867‌

53,025‌

Hypoport (1)(2)

94,001‌

27,937‌

Knaus

Tabbert (2)

340,254‌

11,413‌

Nagarro (1)(2)

179,504‌

15,610‌

Redcare

Pharmacy (1)(2)

496,269‌

74,293‌

Schott

Pharma (2)

1,270,318‌

43,780‌

Scout24 

279,745‌

22,116‌

Siltronic (2)

719,099‌

58,646‌

Zalando (1)

759,465‌

19,461‌

Total

Germany

(Cost

$299,248)

338,392‌

HONG

KONG 0.4%

Common

Stocks 0.4% 

ASMPT 

1,033,500‌

10,806‌

Impro

Precision

Industries 

54,349,000‌

14,019‌

Total

Hong

Kong

(Cost

$31,632)

24,825‌

INDIA 5.6%

Common

Stocks 5.6% 

Astral 

1,276,940‌

33,429‌

Blue

Star 

1,560,210‌

32,211‌

Computer

Age

Management

Services 

109,619‌

5,952‌

Craftsman

Automation 

65,799‌

4,398‌

CreditAccess

Grameen 

1,364,158‌

21,663‌

Dixon

Technologies

India 

179,186‌

25,989‌

Info

Edge

India 

302,312‌

25,423‌

Metro

Brands 

1,134,991‌

18,354‌

Page

Industries 

50,172‌

25,444‌

Polycab

India 

443,328‌

36,423‌

Sapphire

Foods

India (1)

885,726‌

17,496‌

T.

ROWE

PRICE

International

Discovery

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

TeamLease

Services (1)

466,973‌

19,635‌

Torrent

Pharmaceuticals 

431,767‌

16,387‌

Vedant

Fashions 

1,216,449‌

16,739‌

Zomato (1)

18,465,840‌

50,781‌

Total

India

(Cost

$167,167)

350,324‌

IRELAND 0.7%

Common

Stocks 0.7% 

Cairn

Homes

(GBP) 

20,227,620‌

41,467‌

Total

Ireland

(Cost

$23,888)

41,467‌

ITALY 4.1%

Common

Stocks 4.1% 

Amplifon 

2,321,684‌

73,737‌

Ariston

Holding 

2,752,962‌

11,181‌

BFF

Bank 

1,931,227‌

21,830‌

Carel

Industries (2)

1,487,379‌

27,472‌

Ermenegildo

Zegna

(USD) 

3,064,085‌

34,624‌

FinecoBank

Banca

Fineco 

2,207,033‌

37,467‌

GVS (1)

2,640,237‌

18,246‌

Interpump

Group 

311,679‌

13,517‌

Technoprobe (1)

2,384,725‌

21,698‌

Total

Italy

(Cost

$175,782)

259,772‌

JAPAN 19.9%

Common

Stocks 19.9% 

Aida

Engineering 

575,100‌

3,269‌

Aiful 

20,043,600‌

51,948‌

Daiei

Kankyo 

1,671,200‌

31,965‌

Daiwabo

Holdings 

1,211,600‌

22,831‌

Dexerials 

320,800‌

15,401‌

eGuarantee 

653,300‌

6,396‌

Eiken

Chemical 

1,076,300‌

17,430‌

Electric

Power

Development 

1,357,500‌

22,441‌

Fukuoka

Financial

Group 

585,400‌

16,420‌

Fuso

Chemical 

422,400‌

10,933‌

Hanwa 

1,241,600‌

47,991‌

Hikari

Tsushin 

214,800‌

40,222‌

Horiba 

512,500‌

40,562‌

Idec 

1,074,900‌

22,146‌

IHI 

1,120,300‌

40,869‌

T.

ROWE

PRICE

International

Discovery

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

Konica

Minolta 

7,697,800‌

22,569‌

METAWATER 

1,417,800‌

17,607‌

Miura 

1,727,500‌

40,124‌

Modec (2)

1,040,400‌

19,408‌

Nakanishi 

1,004,000‌

17,344‌

Nextage (2)

2,820,500‌

38,401‌

Nifco 

517,000‌

13,109‌

Nippon

Ceramic 

582,900‌

9,645‌

Nippon

Seiki 

2,659,100‌

24,292‌

Nippon

Soda 

1,134,600‌

40,795‌

Nipro 

3,505,100‌

30,608‌

Niterra 

1,241,100‌

36,759‌

Obara

Group (2)(4)

1,484,200‌

39,488‌

Persol

Holdings 

13,090,500‌

22,452‌

Rengo 

3,764,000‌

26,252‌

Resorttrust 

1,506,900‌

25,436‌

Round

One 

2,656,400‌

15,816‌

Sakata

INX (4)

3,774,100‌

44,346‌

Sankyu 

389,500‌

13,304‌

Sega

Sammy

Holdings 

1,428,600‌

23,135‌

Shimizu 

3,649,600‌

22,938‌

Sumitomo

Seika

Chemicals 

512,700‌

18,167‌

Taiheiyo

Cement 

2,152,800‌

58,799‌

Takashimaya 

1,243,300‌

23,023‌

Takeuchi

Manufacturing 

479,100‌

15,325‌

Timee (1)

636,000‌

6,156‌

Tokai

Carbon (2)

4,264,000‌

27,326‌

Tokyo

Century 

1,676,800‌

17,862‌

Tokyo

Seimitsu 

358,600‌

24,719‌

Tokyo

Tatemono 

1,673,700‌

29,197‌

Toyo

Tire 

2,677,500‌

43,686‌

TRYT (1)(2)

5,988,800‌

17,148‌

Yellow

Hat 

1,889,800‌

33,083‌

Total

Japan

(Cost

$1,033,985)

1,249,143‌

LITHUANIA 0.4%

Common

Stocks 0.4% 

Baltic

Classifieds

Group

(GBP) 

7,633,544‌

26,597‌

Total

Lithuania

(Cost

$17,400)

26,597‌

T.

ROWE

PRICE

International

Discovery

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

MAURITIUS 0.2%

Common

Stocks 0.2% 

Alphamin

Resources

(CAD) 

19,440,486‌

14,081‌

Total

Mauritius

(Cost

$14,844)

14,081‌

MEXICO 0.7%

Common

Stocks 0.7% 

Corp.

Inmobiliaria

Vesta 

6,858,210‌

20,095‌

Corp.

Inmobiliaria

Vesta,

ADR

(USD) 

162,396‌

4,771‌

Grupo

Aeroportuario

del

Sureste,

ADR

(USD) 

66,647‌

20,027‌

Total

Mexico

(Cost

$28,894)

44,893‌

NETHERLANDS 1.0%

Common

Stocks 1.0% 

Aalberts 

495,271‌

18,938‌

IMCD 

306,292‌

44,043‌

Total

Netherlands

(Cost

$20,497)

62,981‌

NEW

ZEALAND 0.3%

Common

Stocks 0.3% 

Fisher

&

Paykel

Healthcare 

1,133,453‌

21,881‌

Total

New

Zealand

(Cost

$1,039)

21,881‌

NORWAY 2.0%

Common

Stocks 2.0% 

Frontline 

667,903‌

16,465‌

Seadrill

(USD) (1)

318,400‌

17,515‌

Subsea

7 

2,076,340‌

39,938‌

TGS 

4,426,678‌

54,130‌

Total

Norway

(Cost

$115,876)

128,048‌

SLOVENIA 0.3%

Common

Stocks 0.3% 

Nova

Ljubljanska

Banka,

GDR 

642,358‌

18,252‌

Total

Slovenia

(Cost

$15,690)

18,252‌

T.

ROWE

PRICE

International

Discovery

Fund

8

Shares

$

Value

(Cost

and

value

in

$000s)

SPAIN 2.6%

Common

Stocks 2.6% 

Aedas

Homes 

972,775‌

24,432‌

Amadeus

IT

Group 

543,805‌

35,815‌

Fluidra 

1,092,430‌

24,338‌

Laboratorios

Farmaceuticos

Rovi 

826,661‌

79,537‌

Total

Spain

(Cost

$93,927)

164,122‌

SWEDEN 2.5%

Common

Stocks 2.5% 

Beijer

Ref (2)

1,984,932‌

31,520‌

Camurus (1)

353,674‌

22,382‌

Nordnet (2)

1,606,246‌

32,816‌

Norva24

Group (1)

7,012,420‌

20,159‌

Sweco,

Class

B 

1,125,850‌

18,195‌

Trelleborg,

Class

B 

586,716‌

21,804‌

Troax

Group 

360,987‌

8,200‌

Total

Sweden

(Cost

$114,522)

155,076‌

SWITZERLAND 2.4%

Common

Stocks 2.4% 

ams-OSRAM (1)

6,825,951‌

9,165‌

DKSH

Holding 

499,126‌

39,045‌

Montana

Aerospace (1)

2,591,388‌

55,138‌

Sensirion

Holding (1)(2)

140,325‌

13,164‌

SKAN

Group 

117,997‌

10,654‌

Tecan

Group 

59,870‌

22,356‌

Total

Switzerland

(Cost

$141,635)

149,522‌

UNITED

KINGDOM 13.6%

Common

Stocks 13.6% 

Adriatic

Metals,

CDI

(AUD) (1)

10,860,639‌

22,865‌

Ascential (2)(4)

14,584,044‌

107,419‌

Auction

Technology

Group (1)

3,685,515‌

24,068‌

Big

Yellow

Group 

2,663,791‌

41,426‌

Bridgepoint

Group 

7,596,145‌

28,634‌

Croda

International 

1,094,805‌

56,924‌

Diploma 

295,909‌

16,919‌

Genuit

Group 

4,908,824‌

32,258‌

Genus 

1,270,994‌

29,785‌

T.

ROWE

PRICE

International

Discovery

Fund

9

Shares

$

Value

(Cost

and

value

in

$000s)

Helios

Towers (1)

17,043,645‌

27,633‌

Hiscox 

2,143,254‌

35,001‌

Intermediate

Capital

Group 

1,497,121‌

42,259‌

IQE (1)(2)(4)

65,420,057‌

26,228‌

Keywords

Studios 

3,190,976‌

98,011‌

Oxford

Nanopore

Technologies (1)

4,918,215‌

7,659‌

Persimmon 

1,124,656‌

22,934‌

Renishaw 

434,733‌

21,164‌

Rotork 

11,842,766‌

55,117‌

Spirax

Group 

302,231‌

35,285‌

Syncona (1)

8,073,638‌

12,990‌

Victrex 

1,860,185‌

26,322‌

Watches

of

Switzerland

Group (1)

4,122,848‌

21,621‌

Weir

Group 

1,202,651‌

31,395‌

YouGov 

4,603,573‌

27,325‌

Total

United

Kingdom

(Cost

$703,070)

851,242‌

UNITED

STATES 0.5%

Common

Stocks 0.5% 

Kosmos

Energy (1)

5,233,175‌

28,939‌

Total

United

States

(Cost

$32,503)

28,939‌

VIETNAM 2.2%

Common

Stocks 2.2% 

Asia

Commercial

Bank 

30,652,910‌

31,342‌

FPT 

10,902,328‌

55,654‌

Hoa

Phat

Group (1)

29,795,040‌

32,174‌

Military

Commercial

Joint

Stock

Bank 

15,901,200‌

16,477‌

Total

Vietnam

(Cost

$101,037)

135,647‌

SHORT-TERM

INVESTMENTS 0.0%

Money

Market

Funds 0.0%

T.

Rowe

Price

Government

Reserve

Fund,

5.36% (4)(5)

2,541,478‌

2,541‌

Total

Short-Term

Investments

(Cost

$2,541)

2,541‌

T.

ROWE

PRICE

International

Discovery

Fund

10

Shares

$

Value

(Cost

and

value

in

$000s)

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,

5.36% (4)(5)

147,714,091‌

147,714‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

147,714‌

Total

Securities

Lending

Collateral

(Cost

$147,714)

147,714‌

Total

Investments

in

Securities

 102.4%

(Cost

$5,158,434)

$

6,418,804‌

Other

Assets

Less

Liabilities

(2.4)%

(151,612)

Net

Assets

100.0%

$

6,267,192‌

‡

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,

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

CAD

Canadian

Dollar

CDI

CHESS

or

CREST

Depositary

Interest

CDR

China

Depositary

Receipt

CNH

Offshore

China

Renminbi

GBP

British

Pound

GDR

Global

Depositary

Receipts

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

nine

months

ended

July

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 

$

(7,975‌)

$

43,989‌

$

40,487‌

IQE 

(5,315‌)

21,448‌

—‌

Nippon

Soda 

1,043‌

(1,434‌)

936‌

Obara

Group 

—‌

3,765‌

498‌

Sakata

INX 

(270‌)

13,207‌

862‌

T.

Rowe

Price

Government

Reserve

Fund,

5.36%

—‌

—‌

2,379‌++

Affiliates

not

held

at

period

end

32,555‌

(14,562‌)

614‌

Totals

$

20,038‌#

$

66,413‌

$

45,776‌+

Supplementary

Investment

Schedule

Affiliate

Value

10/31/23

Purchase

Cost

Sales

Cost

Value

07/31/24

Ascential 

$

111,644‌

$

—‌

$

48,214‌

$

107,419‌

IQE 

12,059‌

—‌

7,279‌

26,228‌

Marcopolo 

43,858‌

—‌

29,296‌

—‌

Nippon

Soda 

53,725‌

—‌

11,496‌

*

Obara

Group 

31,492‌

4,231‌

—‌

39,488‌

Sakata

INX 

32,265‌

—‌

1,126‌

44,346‌

T.

Rowe

Price

Government

Reserve

Fund,

5.36%

130,552‌

 ¤

 ¤

150,255‌

Total

$

367,736‌^

#

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

$45,776

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

$343,377.

*

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)

T.

ROWE

PRICE

International

Discovery

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

T.

ROWE

PRICE

International

Discovery

Fund

14

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.

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.

T.

ROWE

PRICE

International

Discovery

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,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

OTHER

MATTERS 

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

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

fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

F38-054Q3

07/24

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

294,078‌

$

5,974,471‌

$

—‌

$

6,268,549‌

Preferred

Stocks

—‌

—‌

—‌

—‌

Short-Term

Investments

2,541‌

—‌

—‌

2,541‌

Securities

Lending

Collateral

147,714‌

—‌

—‌

147,714‌

Total

$

444,333‌

$

5,974,471‌

$

—‌

$

6,418,804‌