0000313212-23-000333.txt : 20230330 0000313212-23-000333.hdr.sgml : 20230330 20230330130840 ACCESSION NUMBER: 0000313212-23-000333 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230131 FILED AS OF DATE: 20230330 DATE AS OF CHANGE: 20230330 PERIOD START: 20231031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price International Funds, Inc. CENTRAL INDEX KEY: 0000313212 IRS NUMBER: 521175211 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-02958 FILM NUMBER: 23779006 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-2000 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE INTERNATIONAL FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE INTERNATIONAL TRUST DATE OF NAME CHANGE: 19900301 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE INTERNATIONAL FUND INC DATE OF NAME CHANGE: 19890914 0000313212 S000046336 T. Rowe Price International Disciplined Equity Fund C000144795 T. Rowe Price International Disciplined Equity Fund PRCNX C000144796 T. Rowe Price International Disciplined Equity Fund-Advisor Class PRNCX C000184324 T. Rowe Price International Disciplined Equity Fund-I Class RICIX NPORT-P 1 primary_doc.xml NPORT-P false 0000313212 XXXXXXXX S000046336 C000144796 C000144795 C000184324 T. ROWE PRICE INTERNATIONAL FUNDS, INC. 811-02958 0000313212 549300O4BT3AMY6OUC26 100 East Pratt Street Baltimore 21202 410-345-2000 T. Rowe Price International Disciplined Equity Fund S000046336 54930050ONZ3GNNPPL95 2023-10-31 2023-01-31 N 249577247.370000 342479.990000 249234767.380000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 221913.300000 USD N BHP Group Ltd WZE1WSENV6JSZFK0JC28 BHP GROUP LTD 000000000 91279.000000 NS 3201484.460000 1.2845256276 Long EC CORP AU N 2 N N N HSBC Holdings PLC MLU0ZO3ML4LN2LL2TL39 HSBC HOLDINGS PLC 000000000 532397.000000 NS 3922887.050000 1.5739726408 Long EC CORP GB N 2 N N N Taylor Wimpey PLC 21380089BTRXTD8S3R66 TAYLOR WIMPEY PLC 000000000 1360749.000000 NS 1974342.780000 0.7921618644 Long EC CORP GB N 2 N N N Smith & Nephew PLC 213800ZTMDN8S67S1H61 SMITH & NEPHEW PLC 000000000 265844.000000 NS 3671396.480000 1.4730675494 Long EC CORP GB N 2 N N N Mainstreet Equity Corp 984500FB1BA3F6U3DB35 MAINSTREET EQUITY CORP 000000000 15714.000000 NS 1559412.690000 0.6256802397 Long EC CORP CA N 2 N N N Power Corp of Canada 549300BE2CB8T87IJV50 POWER CORP OF CANADA 000000000 156160.000000 NS 4235702.830000 1.6994831317 Long EC CORP CA N 2 N N N HAL Trust 5493000O3IE3DNOY3R07 HAL TRUST 000000000 28556.000000 NS 3933010.050000 1.5780342732 Long EC CORP BM N 2 N N N L E Lundbergforetagen AB 529900BPSFZS6O3A9R04 L E LUNDBERGFORETAGEN AB 000000000 80579.000000 NS 3731392.810000 1.4971397647 Long EC CORP SE N 2 N N N Continental AG 529900A7YD9C0LLXM621 CONTINENTAL AG 000000000 44835.000000 NS 3148098.330000 1.2631056105 Long EC CORP DE N 2 N N N Schneider Electric SE 969500A1YF1XUYYXS284 SCHNEIDER ELECTRIC SE 000000000 16865.000000 NS 2735766.030000 1.0976662922 Long EC CORP FR N 2 N N N Storebrand ASA 5967007LIEEXZX7NA051 STOREBRAND ASA 000000000 284700.000000 NS 2478474.910000 0.9944338569 Long EC CORP NO N 2 N N N Bayer AG 549300J4U55H3WP1XT59 BAYER AG 000000000 58738.000000 NS 3656143.010000 1.4669474281 Long EC CORP DE N 2 N N N Henkel AG & Co KGaA 549300VZCL1HTH4O4Y49 HENKEL AG & CO KGAA 000000000 53993.000000 NS 3849718.020000 1.5446151676 Long EP CORP DE N 2 N N N BASF SE 529900PM64WH8AF1E917 BASF SE 000000000 64284.000000 NS 3685752.120000 1.4788274360 Long EC CORP DE N 2 N N N Barry Callebaut AG 213800Y5RWKLDPUTT265 BARRY CALLEBAUT AG 000000000 1783.000000 NS 3725280.640000 1.4946873902 Long EC CORP CH N 2 N N N Volkswagen AG 529900NNUPAGGOMPXZ31 VOLKSWAGEN AG 000000000 23877.000000 NS 3311518.410000 1.3286743438 Long EP CORP DE N 2 N N N Sanofi 549300E9PC51EN656011 SANOFI 000000000 39430.000000 NS 3861162.040000 1.5492068304 Long EC CORP FR N 2 N N N Siemens AG W38RGI023J3WT1HWRP32 SIEMENS AG 000000000 22043.000000 NS 3443232.890000 1.3815218985 Long EC CORP DE N 2 N N N Koninklijke Philips NV H1FJE8H61JGM1JSGM897 KONINKLIJKE PHILIPS NV 000000000 204719.000000 NS 3534565.520000 1.4181671190 Long EC CORP NL N 2 N N N Hoya Corp 353800X4VR3BHEUCJB42 HOYA CORP 000000000 33400.000000 NS 3673062.760000 1.4737361078 Long EC CORP JP N 2 N N N Jardine Matheson Holdings Ltd 2138009KENVUNWOLPK41 JARDINE MATHESON HOLDINGS LTD 000000000 59400.000000 NS USD 3157441.930000 1.2668545256 Long EC CORP BM N 2 N N N Japan Tobacco Inc 353800Z0ENYBQO0XRJ31 JAPAN TOBACCO INC 000000000 188600.000000 NS 3845916.420000 1.5430898588 Long EC CORP JP N 2 N N N Keyence Corp 529900M7PQBS7A89DZ11 KEYENCE CORP 000000000 3100.000000 NS 1427143.710000 0.5726102040 Long EC CORP JP N 2 N N N Kirin Holdings Co Ltd 353800GBVL72LLMTYM96 KIRIN HOLDINGS CO LTD 000000000 310700.000000 NS 4787802.370000 1.9210009985 Long EC CORP JP N 2 N N N Mitsubishi Corp KVIPTY4PULAPGC1VVD26 MITSUBISHI CORP 000000000 106700.000000 NS 3572951.450000 1.4335686339 Long EC CORP JP N 2 N N N Mitsubishi Electric Corp 549300TRXM9Y6561AX39 MITSUBISHI ELECTRIC CORP 000000000 401600.000000 NS 4425934.980000 1.7758096218 Long EC CORP JP N 2 N N N Nippon Sanso Holdings Corp 353800F1K6653B4VPY57 NIPPON SANSO HOLDINGS CORP 000000000 14200.000000 NS 231614.470000 0.0929302410 Long EC CORP JP N 2 N N N Nippon Telegraph & Telephone Corp 353800VHQU5VIXVUA841 NIPPON TELEGRAPH & TELEPHONE CORP 000000000 131900.000000 NS 3955090.620000 1.5868936190 Long EC CORP JP N 2 N N N Shimadzu Corp N/A SHIMADZU CORP 000000000 137300.000000 NS 4219376.270000 1.6929324566 Long EC CORP JP N 2 N N N Shimano Inc 529900L32YT3P9DECR10 SHIMANO INC 000000000 22800.000000 NS 4066048.900000 1.6314132024 Long EC CORP JP N 2 N N N Sony Group Corp 529900R5WX9N2OI2N910 SONY GROUP CORP 000000000 41700.000000 NS 3725961.210000 1.4949604540 Long EC CORP JP N 2 N N N Tokyo Electron Ltd 549300H5LSF8DP3RIJ34 TOKYO ELECTRON LTD 000000000 9600.000000 NS 3355433.520000 1.3462943213 Long EC CORP JP N 2 N N N Groupe Bruxelles Lambert NV 549300KV0ZEHT2KVU152 GROUPE BRUXELLES LAMBERT NV 000000000 67906.000000 NS 5809031.720000 2.3307469424 Long EC CORP BE N 2 N N N Novartis AG 5493007HIVTX6SY6XD66 NOVARTIS AG 000000000 41472.000000 NS 3749445.410000 1.5043829757 Long EC CORP CH N 2 N N N Roche Holding AG 549300U41AUUVOAAOB37 ROCHE HOLDING AG 000000000 15977.000000 NS 4987546.520000 2.0011439706 Long EC CORP CH N 2 N N N Nestle SA KY37LUS27QQX7BB93L28 NESTLE SA 000000000 40741.000000 NS 4970771.020000 1.9944131681 Long EC CORP CH N 2 N N N EssilorLuxottica SA 549300M3VH1A3ER1TB49 ESSILORLUXOTTICA SA 000000000 16061.000000 NS 2946861.610000 1.1823637773 Long EC CORP FR N 2 N N N Wendel SE 969500M98ZMIZYJD5O34 WENDEL SE 000000000 28545.000000 NS 3022575.300000 1.2127422397 Long EC CORP FR N 2 N N N T Rowe Price Government Reserve Investment Fund 5493007QR86JJLYO6D96 T ROWE PRICE GOVERNMENT RESERVE INVESTMENT FUND 76105Y109 14925810.500000 NS USD 14925810.500000 5.9886550568 Long STIV RF US N 1 N N N Heineken NV 724500K5PTPSST86UQ23 HEINEKEN NV 000000000 36836.000000 NS 3681348.580000 1.4770606118 Long EC CORP NL N 2 N N N Sprott Physical Gold and Silver Trust N/A SPROTT PHYSICAL GOLD AND SILVER TRUST 85208R101 117400.000000 NS USD 2167204.000000 0.8695432113 Long EC RF CA N 1 N N N Millicom International Cellular SA 549300CTHC1CP86P2G96 MILLICOM INTERNATIONAL CELLULAR SA 000000000 207612.000000 NS 3557087.120000 1.4272034184 Long EC CORP LU N 2 N N N Ayala Corp 254900QJ68UH8GKNGI69 AYALA CORP 000000000 211410.000000 NS 2749355.620000 1.1031188180 Long EC CORP PH N 2 N N N TotalEnergies SE 529900S21EQ1BO4ESM68 TOTALENERGIES SE 000000000 57686.000000 NS 3566194.330000 1.4308574873 Long EC CORP FR N 2 N N N Mondi PLC 213800LOZA69QFDC9N34 MONDI PLC 000000000 113244.000000 NS 2135538.900000 0.8568382824 Long EC CORP GB N 2 N N N Orkla ASA 549300PZS8G8RG6RVZ52 ORKLA ASA 000000000 523669.000000 NS 3909564.760000 1.5686273633 Long EC CORP NO N 2 N N N Industrivarden AB 549300TM1DLIQI3B3T37 INDUSTRIVARDEN AB 000000000 143050.000000 NS 3768605.230000 1.5120704345 Long EC CORP SE N 2 N N N Iberdrola SA 5QK37QC7NWOJ8D7WVQ45 IBERDROLA SA 000000000 167161.000000 NS 1961094.630000 0.7868463339 Long EC CORP ES N 2 N N N Hoshizaki Corp 5299001QAMLGU3SRBG20 HOSHIZAKI CORP 000000000 130800.000000 NS 4701772.600000 1.8864834346 Long EC CORP JP N 2 N N N Amadeus IT Group SA 9598004A3FTY3TEHHN09 AMADEUS IT GROUP SA 000000000 44577.000000 NS 2808527.180000 1.1268601125 Long EC CORP ES N 2 N N N Tricon Residential Inc 984500EFFDE9C3A9G721 TRICON RESIDENTIAL INC 000000000 403748.000000 NS 3504783.290000 1.4062176505 Long EC CORP CA N 2 N N N Otsuka Holdings Co Ltd N/A OTSUKA HOLDINGS CO LTD 000000000 116500.000000 NS 3737370.170000 1.4995380497 Long EC CORP JP N 2 N N N Rolls-Royce Holdings PLC 213800EC7997ZBLZJH69 ROLLS-ROYCE HOLDINGS PLC 000000000 1321994.000000 NS 1729611.280000 0.6939687020 Long EC CORP GB N 2 N N N ASML Holding NV 724500Y6DUVHQD6OXN27 ASML HOLDING NV 000000000 5875.000000 NS 3887179.140000 1.5596456228 Long EC CORP NL N 2 N N N Suntory Beverage & Food Ltd 549300FONLMVK7YYYH41 SUNTORY BEVERAGE & FOOD LTD 000000000 104700.000000 NS 3535485.440000 1.4185362167 Long EC CORP JP N 2 N N N Cie Financiere Richemont SA 549300YIPGJ6UX2QPS51 CIE FINANCIERE RICHEMONT SA 000000000 19147.000000 NS 2951650.380000 1.1842851666 Long EC CORP CH N 2 N N N Knorr-Bremse AG 5299001GRRO0Z25YZT52 KNORR-BREMSE AG 000000000 42715.000000 NS 2807573.050000 1.1264772887 Long EC CORP DE N 2 N N N Red Electrica Corp SA 5493009HMD0C90GUV498 RED ELECTRICA CORP SA 000000000 143857.000000 NS 2546111.150000 1.0215714191 Long EC CORP ES N 2 N N N National Grid PLC 8R95QZMKZLJX5Q2XR704 NATIONAL GRID PLC 000000000 185799.000000 NS 2362045.610000 0.9477191464 Long EC CORP GB N 2 N N N Great Portland Estates PLC 213800JMEDD2Q4N1MC42 GREAT PORTLAND ESTATES PLC 000000000 385529.000000 NS 2711858.720000 1.0880740069 Long EC CORP GB N 2 N N N Verallia SA 5299007YZU978DE0ZY32 VERALLIA SA 000000000 76068.000000 NS 2808565.450000 1.1268754675 Long EC CORP FR N 2 N N N Unilever PLC 549300MKFYEKVRWML317 UNILEVER PLC 000000000 73124.000000 NS 3712277.790000 1.4894702810 Long EC CORP GB N 2 N N N ACEN Corp 549300LGUZQ61GQQXQ60 ACEN CORP 000000000 1083990.000000 NS 139448.960000 0.0559508456 Long EC CORP PH N 2 N N N H Lundbeck A/S 5493006R4KC2OI5D3470 H LUNDBECK A/S 000000000 702089.000000 NS 2608843.510000 1.0467414067 Long EC CORP DK N 2 N N N EXOR NV 5493002ENHZ6NYET7405 EXOR NV 000000000 43618.000000 NS 3467134.370000 1.3911118446 Long EC CORP NL N 2 N N N Investor AB 549300VEBQPHRZBKUX38 INVESTOR AB 000000000 190356.000000 NS 3698995.740000 1.4841411489 Long EC CORP SE N 2 N N N GSK PLC 5493000HZTVUYLO1D793 GSK PLC 000000000 193160.000000 NS 3392862.850000 1.3613120215 Long EC CORP GB N 2 N N N Eurofins Scientific SE 529900JEHFM47DYY3S57 EUROFINS SCIENTIFIC SE 000000000 49108.000000 NS 3522506.490000 1.4133286969 Long EC CORP LU N 2 N N N Shell PLC 21380068P1DRHMJ8KU70 SHELL PLC 000000000 118931.000000 NS 3491551.360000 1.4009086279 Long EC CORP GB N 2 N N N Brookfield Corp C6J3FGIWG6MBDGTE8F80 BROOKFIELD CORP 000000000 70000.000000 NS 2604186.240000 1.0448727789 Long EC CORP CA N 2 N N N CK Hutchison Holdings Ltd 254900Z8HM1VEPOQ2G79 CK HUTCHISON HOLDINGS LTD 000000000 632972.000000 NS 4028203.290000 1.6162284790 Long EC CORP KY N 2 N N N 2023-01-31 T. ROWE PRICE INTERNATIONAL FUNDS, INC. /s/ Alan Dupski Alan Dupski Treasurer & Vice President XXXX NPORT-EX 2 70FNTRP013123.htm T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T.
ROWE
PRICE
International
Disciplined
Equity
Fund
January
31,
2023
(Unaudited)
1
Portfolio
of
Investments
Shares
$
Value
(
Cost
and
value
in
$000s)
AUSTRALIA
1.3%
Common
Stocks
1.3%
BHP
Group
(GBP) 
91,279‌
3,201‌
Total
Australia
(Cost
$1,267
)
3,201‌
BELGIUM
2.3%
Common
Stocks
2.3%
Groupe
Bruxelles
Lambert 
67,906‌
5,809‌
Total
Belgium
(Cost
$5,278
)
5,809‌
CANADA
5.7%
Common
Stocks
5.7%
Brookfield 
70,000‌
2,604‌
Mainstreet
Equity (1)
15,714‌
1,559‌
Power
Corp.
of
Canada 
156,160‌
4,236‌
Sprott
Physical
Gold
&
Silver
Trust
(USD) (1)
127,200‌
2,348‌
Tricon
Residential 
403,748‌
3,505‌
Total
Canada
(Cost
$12,514
)
14,252‌
DENMARK
1.1%
Common
Stocks
1.1%
H
Lundbeck 
732,526‌
2,722‌
Total
Denmark
(Cost
$3,243
)
2,722‌
FRANCE
9.0%
Common
Stocks
9.0%
EssilorLuxottica 
16,061‌
2,947‌
Eurofins
Scientific 
49,108‌
3,522‌
Sanofi 
39,430‌
3,861‌
Schneider
Electric 
16,865‌
2,736‌
TotalEnergies 
58,121‌
3,593‌
Verallia 
76,068‌
2,809‌
Wendel 
28,545‌
3,023‌
Total
France
(Cost
$16,243
)
22,491‌
GERMANY
9.6%
Common
Stocks
6.7%
BASF 
64,284‌
3,686‌
T.
ROWE
PRICE
International
Disciplined
Equity
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Bayer 
58,738‌
3,656‌
Continental 
44,835‌
3,148‌
Knorr-Bremse 
42,715‌
2,808‌
Siemens 
22,043‌
3,443‌
16,741‌
Preferred
Stocks
2.9%
Henkel 
53,993‌
3,850‌
Volkswagen 
23,877‌
3,311‌
7,161‌
Total
Germany
(Cost
$20,917
)
23,902‌
HONG
KONG
2.9%
Common
Stocks
2.9%
CK
Hutchison
Holdings 
632,972‌
4,028‌
Jardine
Matheson
Holdings
(USD) 
59,400‌
3,158‌
Total
Hong
Kong
(Cost
$6,806
)
7,186‌
JAPAN
21.4%
Common
Stocks
21.4%
Hoshizaki 
130,800‌
4,702‌
Hoya 
33,400‌
3,673‌
Japan
Tobacco 
188,600‌
3,846‌
Keyence 
3,100‌
1,427‌
Kirin
Holdings 
310,700‌
4,788‌
Mitsubishi 
106,700‌
3,573‌
Mitsubishi
Electric 
401,600‌
4,426‌
Nippon
Sanso
Holdings 
18,700‌
305‌
Nippon
Telegraph
&
Telephone 
131,900‌
3,955‌
Otsuka
Holdings 
116,500‌
3,737‌
Shimadzu 
137,300‌
4,219‌
Shimano 
22,800‌
4,066‌
Sony
Group 
41,700‌
3,726‌
Suntory
Beverage
&
Food 
104,700‌
3,536‌
Tokyo
Electron 
9,600‌
3,355‌
Total
Japan
(Cost
$48,882
)
53,334‌
NETHERLANDS
7.5%
Common
Stocks
7.5%
ASML
Holding 
5,931‌
3,924‌
EXOR (1)
45,545‌
3,620‌
HAL
Trust 
28,556‌
3,933‌
T.
ROWE
PRICE
International
Disciplined
Equity
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Heineken 
36,836‌
3,681‌
Koninklijke
Philips 
204,719‌
3,535‌
Total
Netherlands
(Cost
$14,661
)
18,693‌
NORWAY
2.6%
Common
Stocks
2.6%
Orkla 
523,669‌
3,910‌
Storebrand 
298,768‌
2,601‌
Total
Norway
(Cost
$6,379
)
6,511‌
PHILIPPINES
1.2%
Common
Stocks
1.2%
ACEN 
1,083,990‌
140‌
Ayala 
211,410‌
2,749‌
Total
Philippines
(Cost
$3,570
)
2,889‌
SPAIN
2.9%
Common
Stocks
2.9%
Amadeus
IT
Group,
Class
A (1)
44,577‌
2,809‌
Iberdrola 
167,161‌
1,961‌
Red
Electrica 
143,857‌
2,546‌
Total
Spain
(Cost
$6,012
)
7,316‌
SWEDEN
5.9%
Common
Stocks
5.9%
Industrivarden,
Class
143,050‌
3,769‌
Investor,
Class
190,356‌
3,699‌
L
E
Lundbergforetagen,
Class
80,579‌
3,731‌
Millicom
International
Cellular,
SDR (1)
207,612‌
3,557‌
Total
Sweden
(Cost
$12,171
)
14,756‌
SWITZERLAND
8.2%
Common
Stocks
8.2%
Barry
Callebaut 
1,783‌
3,725‌
Cie
Financiere
Richemont 
19,147‌
2,952‌
Nestle 
40,741‌
4,971‌
Novartis 
41,472‌
3,749‌
Roche
Holding 
16,501‌
5,151‌
Total
Switzerland
(Cost
$16,827
)
20,548‌
T.
ROWE
PRICE
International
Disciplined
Equity
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
UNITED
KINGDOM
11.9%
Common
Stocks
11.9%
Great
Portland
Estates 
385,529‌
2,712‌
GSK 
193,160‌
3,393‌
HSBC
Holdings 
570,680‌
4,205‌
Mondi 
113,244‌
2,136‌
National
Grid 
194,954‌
2,478‌
Rolls-Royce
Holdings (1)
1,415,563‌
1,852‌
Shell 
118,931‌
3,492‌
Smith
&
Nephew 
265,844‌
3,671‌
Taylor
Wimpey 
1,378,278‌
2,000‌
Unilever
(EUR) 
73,124‌
3,712‌
Total
United
Kingdom
(Cost
$27,432
)
29,651‌
SHORT-TERM
INVESTMENTS
6.0%
Money
Market
Funds
6.0%
T.
Rowe
Price
Government
Reserve
Fund,
4.36% (2)(3)
14,961,752‌
14,962‌
Total
Short-Term
Investments
(Cost
$14,962)
14,962‌
Total
Investments
in
Securities
99.5%
(Cost
$217,164)
$
248,223‌
Other
Assets
Less
Liabilities
0.5%
1,175
Net
Assets
100.0%
$
249,398‌
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)
Seven-day
yield
(3)
Affiliated
Companies
EUR
Euro
GBP
British
Pound
SDR
Swedish
Depository
Receipts
USD
U.S.
Dollar
T.
ROWE
PRICE
International
Disciplined
Equity
Fund
5
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,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
4.36%
$
—‌
$
—‌
$
138‌++
Totals
$
—‌#
$
—‌
$
138‌+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/22
Purchase
Cost
Sales
Cost
Value
01/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.36%
$
17,192‌
 ¤
 ¤
$
14,962‌
Total
$
14,962‌^
#
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
$138
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$14,962.
T.
ROWE
PRICE
International
Disciplined
Equity
Fund
Unaudited
Notes
to
Portfolio
of
Investments
6
T.
Rowe
Price
International
Disciplined
Equity
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
Disciplined
Equity
Fund
7
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
Disciplined
Equity
Fund
8
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
January
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
$
2,348‌
$
223,752‌
$
—‌
$
226,100‌
Preferred
Stocks
—‌
7,161‌
—‌
7,161‌
Short-Term
Investments
14,962‌
—‌
—‌
14,962‌
Total
$
17,310‌
$
230,913‌
$
—‌
$
248,223‌
T.
ROWE
PRICE
International
Disciplined
Equity
Fund
9
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.
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.
F106-054Q1
01/23