T. ROWE PRICE INTERNATIONAL DISCOVERY FUND
July 31, 2020 (Unaudited)
| Portfolio of Investments‡ | Shares | $ Value |
| (Cost and value in $000s) | ||
| ARGENTINA 1.8% | ||
| Common Stocks 1.8% | ||
| MercadoLibre (USD) (1) | 141,200 | 158,796 |
| Total Argentina (Cost $12,752) | 158,796 | |
| AUSTRALIA 2.2% | ||
| Common Stocks 2.2% | ||
| Cochlear | 332,047 | 45,312 |
| IDP Education | 2,657,103 | 25,165 |
| NEXTDC (1) | 5,934,154 | 48,036 |
| oOh!media | 20,537,900 | 10,834 |
| OZ Minerals | 2,649,717 | 25,718 |
| Steadfast Group | 15,459,470 | 37,085 |
| Total Australia (Cost $162,616) | 192,150 | |
| AUSTRIA 0.4% | ||
| Common Stocks 0.4% | ||
| BAWAG Group (1) | 943,086 | 34,622 |
| Total Austria (Cost $35,317) | 34,622 | |
| BELGIUM 0.8% | ||
| Common Stocks 0.8% | ||
| Barco | 1,228,337 | 24,199 |
| Galapagos (1) | 238,097 | 44,220 |
| Total Belgium (Cost $60,858) | 68,419 | |
| BRAZIL 1.8% | ||
| Common Stocks 1.6% | ||
| Grupo SBF (1) | 3,050,500 | 16,988 |
| Iguatemi Empresa de Shopping Centers | 2,927,400 | 18,827 |
| StoneCo, Class A (USD) (1) | 1,621,952 | 77,383 |
| The accompanying notes are an integral part of this Portfolio of Investments. | ||
| T. ROWE PRICE INTERNATIONAL DISCOVERY FUND | ||
|
| ||
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| Transmissora Alianca de Energia Eletrica | 4,557,777 | 25,364 |
| 138,562 | ||
| Preferred Stocks 0.2% | ||
| Marcopolo (2)(3) | 37,289,683 | 21,302 |
| 21,302 | ||
| Total Brazil (Cost $142,551) | 159,864 | |
| CANADA 4.1% | ||
| Common Stocks 4.1% | ||
| Altus Group (4) | 1,476,200 | 47,015 |
| CAE | 1,434,700 | 21,412 |
| Descartes Systems Group (1)(4) | 996,900 | 56,125 |
| DIRTT Environmental Solutions (1)(2)(4) | 7,600,270 | 12,653 |
| Seven Generations Energy, Class A (1) | 1,853,730 | 5,079 |
| Shopify, Class A (1)(4) | 176,343 | 180,336 |
| Spin Master (1)(2) | 1,826,425 | 34,062 |
| Total Canada (Cost $205,284) | 356,682 | |
| CHINA 13.0% | ||
| Common Stocks 7.9% | ||
| China Feihe (HKD) (4) | 23,352,000 | 44,945 |
| Country Garden Services Holdings (HKD) | 25,481,000 | 153,736 |
| Greentown Service Group (HKD) | 20,052,000 | 27,448 |
| Haier Electronics Group (HKD) | 16,562,000 | 57,550 |
| Hope Education Group (HKD) (4) | 187,922,000 | 63,184 |
| Huazhu Group, ADR (USD) | 216,417 | 7,430 |
| Hygeia Healthcare Holdings (HKD) (1) | 4,002,104 | 16,472 |
| JOYY, ADR (USD) (1) | 454,900 | 36,310 |
| Li Auto, ADR (USD) (1) | 1,217,764 | 19,484 |
| Li Ning (HKD) | 10,607,000 | 34,189 |
| Luthai Textile, B Shares (HKD) (2) | 10,917,312 | 6,069 |
| Renrui Human Resources Technology Holdings (HKD) (1)(4) | 1,855,000 | 7,300 |
| Shandong Weigao Group Medical Polymer, H Shares (HKD) | 30,036,000 | 76,489 |
| Tsingtao Brewery, H Shares (HKD) | 5,444,000 | 48,530 |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE INTERNATIONAL DISCOVERY FUND | ||
|
| ||
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| Vipshop Holdings, ADR (USD) (1) | 1,480,393 | 33,708 |
| Zhongsheng Group Holdings (HKD) (4) | 7,179,000 | 44,379 |
| 677,223 | ||
| Common Stocks - China A Shares 5.1% | ||
| Bafang Electric Suzhou, A Shares (CNH) | 2,412,124 | 55,047 |
| Changzhou Xingyu Automotive Lighting Systems, A Shares (5) | 1,091,361 | 23,303 |
| Fuyao Glass Industry Group, A Shares (CNH) | 9,246,564 | 32,270 |
| Guangzhou Wondfo Biotech, A Shares (CNH) | 1,225,863 | 17,120 |
| Hualan Biological Engineering, A Shares (CNH) | 4,872,549 | 45,278 |
| Jason Furniture Hangzhou, A Shares (CNH) | 5,898,241 | 48,307 |
| Jiajiayue Group, A Shares (5) | 9,630,959 | 59,914 |
| Qingdao Haier Biomedical, A Shares (5) | 3,384,400 | 40,341 |
| Shandong Sinocera Functional Material, A Shares (CNH) | 5,945,100 | 30,494 |
| Yifeng Pharmacy Chain, A Shares (CNH) | 4,693,760 | 57,989 |
| Zhongji Innolight, A Shares (CNH) | 3,658,446 | 30,999 |
| 441,062 | ||
| Total China (Cost $648,460) | 1,118,285 | |
| DENMARK 1.9% | ||
| Common Stocks 1.9% | ||
| Ambu, Class B | 2,993,133 | 104,501 |
| Netcompany Group (1) | 848,777 | 61,351 |
| Total Denmark (Cost $26,352) | 165,852 | |
| EGYPT 0.3% | ||
| Common Stocks 0.3% | ||
| Edita Food Industries, GDR (USD) | 1,683,373 | 5,249 |
| Integrated Diagnostics Holdings (USD) (1) | 5,192,671 | 20,922 |
| Total Egypt (Cost $30,825) | 26,171 | |
| FINLAND 0.6% | ||
| Common Stocks 0.6% | ||
| Huhtamaki (1) | 664,860 | 29,637 |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE INTERNATIONAL DISCOVERY FUND | ||
|
| ||
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| Terveystalo | 2,268,264 | 23,590 |
| Total Finland (Cost $47,422) | 53,227 | |
| FRANCE 2.7% | ||
| Common Stocks 2.7% | ||
| BioMerieux | 181,262 | 29,214 |
| Edenred | 773,359 | 38,362 |
| Eurofins Scientific (1) | 137,694 | 90,125 |
| SMCP (1)(4) | 2,706,712 | 11,729 |
| SPIE | 1,490,271 | 24,259 |
| Tikehau Capital (4) | 1,352,338 | 35,604 |
| Total France (Cost $197,439) | 229,293 | |
| GEORGIA 0.1% | ||
| Common Stocks 0.1% | ||
| Georgia Capital (GBP) (1) | 1,156,933 | 5,509 |
| Total Georgia (Cost $9,433) | 5,509 | |
| GERMANY 5.3% | ||
| Common Stocks 5.3% | ||
| AIXTRON (1)(2) | 6,771,890 | 83,039 |
| Aumann (1)(4) | 365,859 | 5,069 |
| Brenntag | 470,603 | 29,042 |
| Cancom | 268,373 | 16,140 |
| Evotec (1)(4) | 872,484 | 23,084 |
| Hypoport (1) | 81,252 | 38,119 |
| Instone Real Estate Group (1) | 1,548,072 | 39,678 |
| MorphoSys (1) | 164,299 | 21,092 |
| Norma Group | 999,004 | 27,788 |
| Scout24 | 1,137,636 | 97,789 |
| Shop Apotheke Europe (1)(4) | 504,786 | 75,536 |
| Total Germany (Cost $298,165) | 456,376 | |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INTERNATIONAL DISCOVERY FUND
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| HONG KONG 1.2% | ||
| Common Stocks 1.2% | ||
| Impro Precision Industries | 60,088,000 | 20,637 |
| JS Global Lifestyle | 51,033,500 | 52,402 |
| SITC International Holdings | 34,299,000 | 34,407 |
| Total Hong Kong (Cost $76,032) | 107,446 | |
| INDIA 2.2% | ||
| Common Stocks 2.2% | ||
| Blue Star | 2,354,485 | 15,255 |
| Dr Lal PathLabs | 397,608 | 9,981 |
| Escorts | 2,977,140 | 44,917 |
| Hexaware Technologies | 6,662,556 | 34,038 |
| Polycab India | 1,805,438 | 19,835 |
| TeamLease Services (1) | 750,808 | 18,508 |
| Torrent Pharmaceuticals | 1,353,648 | 48,170 |
| Total India (Cost $149,401) | 190,704 | |
| IRELAND 1.0% | ||
| Common Stocks 1.0% | ||
| Cairn Homes | 28,627,427 | 29,352 |
| DCC (GBP) | 614,942 | 54,681 |
| Total Ireland (Cost $70,843) | 84,033 | |
| ITALY 4.2% | ||
| Common Stocks 4.2% | ||
| Amplifon (1) | 4,975,910 | 170,345 |
| Brunello Cucinelli (1) | 648,042 | 18,876 |
| Carel Industries | 3,446,919 | 65,098 |
| FinecoBank Banca Fineco (1) | 4,380,023 | 63,851 |
| Freni Brembo (1)(4) | 1,766,652 | 16,001 |
| GVS (1) | 2,430,581 | 31,695 |
| Total Italy (Cost $175,498) | 365,866 | |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE INTERNATIONAL DISCOVERY FUND | ||
|
| ||
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| JAPAN 18.1% | ||
| Common Stocks 18.1% | ||
| Aida Engineering | 2,538,600 | 15,890 |
| Aruhi (2)(4) | 2,001,800 | 25,745 |
| Capcom | 693,200 | 27,243 |
| CyberAgent | 593,500 | 33,572 |
| Daiwa Office Investment | 3,924 | 20,572 |
| Denka | 543,200 | 13,063 |
| DIC | 1,237,400 | 29,790 |
| Disco | 138,300 | 33,515 |
| Electric Power Development | 1,045,100 | 14,257 |
| Fujitec | 1,730,000 | 29,646 |
| Fujitsu General | 1,991,800 | 48,816 |
| Fukuoka Financial Group | 1,613,100 | 23,460 |
| Hanwa | 1,628,100 | 28,931 |
| Heiwa Real Estate | 1,508,300 | 36,816 |
| Hikari Tsushin | 100,000 | 21,680 |
| Horiba | 551,400 | 28,436 |
| Hoshino Resorts REIT (4) | 8,865 | 34,340 |
| Idec (4) | 1,412,900 | 22,814 |
| Industrial & Infrastructure Fund Investment (4) | 16,441 | 30,922 |
| Koito Manufacturing | 540,200 | 21,152 |
| Mabuchi Motor | 734,400 | 22,045 |
| Maeda | 4,611,100 | 31,486 |
| Matsumotokiyoshi Holdings | 750,300 | 25,065 |
| Media do | 51,800 | 2,934 |
| METAWATER | 842,500 | 36,635 |
| Mitsui Mining & Smelting | 1,299,500 | 27,598 |
| Modec | 2,121,400 | 28,297 |
| Musashi Seimitsu Industry | 2,565,500 | 19,052 |
| Nakanishi | 1,848,900 | 29,220 |
| NET One Systems | 2,277,300 | 88,721 |
| Nextage (2)(4) | 5,823,300 | 52,150 |
| NGK Spark Plug | 1,511,900 | 20,333 |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE INTERNATIONAL DISCOVERY FUND | ||
|
| ||
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| Nifco | 1,021,600 | 22,953 |
| Nippon Ceramic | 784,500 | 15,071 |
| Nippon Seiki | 2,161,100 | 24,277 |
| Nippon Soda | 895,900 | 23,008 |
| Nipro | 3,985,800 | 42,677 |
| Nitto Boseki (4) | 604,700 | 28,269 |
| NOF | 927,700 | 34,736 |
| Obara Group (2)(4) | 1,075,700 | 34,603 |
| PALTAC | 581,200 | 31,481 |
| Persol Holdings | 1,715,700 | 21,691 |
| Round One | 3,589,600 | 21,364 |
| Ryohin Keikaku | 1,657,300 | 19,976 |
| Sakata INX | 2,891,600 | 26,732 |
| Sakata Seed | 564,600 | 17,280 |
| Sansan (1)(4) | 666,800 | 32,750 |
| Sanwa Holdings | 4,098,000 | 35,120 |
| Stanley Electric | 1,260,500 | 30,195 |
| Sumitomo Seika Chemicals | 557,800 | 17,703 |
| Taiyo Yuden | 718,800 | 22,786 |
| Takuma | 1,727,900 | 23,891 |
| Tokyo Tatemono | 2,735,800 | 29,240 |
| Toyo Tire | 2,642,700 | 35,163 |
| VT Holdings | 4,021,800 | 11,904 |
| Yellow Hat | 2,249,000 | 29,519 |
| Total Japan (Cost $1,468,395) | 1,556,585 | |
| NETHERLANDS 2.9% | ||
| Common Stocks 2.9% | ||
| Aalberts | 727,259 | 25,972 |
| EQT (SEK) (4) | 1,862,575 | 44,033 |
| IMCD | 641,831 | 66,370 |
| Intertrust | 1,861,758 | 34,499 |
| Just Eat Takeaway. com (1)(4) | 503,717 | 54,360 |
| Kendrion (1) | 554,441 | 7,629 |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE INTERNATIONAL DISCOVERY FUND | ||
|
| ||
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| Van Lanschot Kempen, CVA | 1,128,844 | 19,537 |
| Total Netherlands (Cost $141,616) | 252,400 | |
| NEW ZEALAND 2.0% | ||
| Common Stocks 2.0% | ||
| Fisher & Paykel Healthcare | 5,770,656 | 138,233 |
| Xero (AUD) (1) | 494,606 | 31,701 |
| Total New Zealand (Cost $32,763) | 169,934 | |
| SPAIN 2.5% | ||
| Common Stocks 2.5% | ||
| Aedas Homes (1) | 1,535,430 | 32,428 |
| Amadeus IT Group, A Shares | 992,305 | 49,551 |
| CIE Automotive | 1,044,229 | 16,519 |
| Inmobiliaria Colonial Socimi | 6,060,482 | 51,949 |
| Laboratorios Farmaceuticos Rovi | 1,801,666 | 62,225 |
| Total Spain (Cost $196,382) | 212,672 | |
| SWEDEN 3.6% | ||
| Common Stocks 3.6% | ||
| Ambea (1)(2) | 4,727,275 | 29,327 |
| Avanza Bank Holding | 3,310,409 | 64,550 |
| Elekta, B Shares (4) | 7,469,651 | 76,979 |
| MIPS | 195,606 | 8,266 |
| Thule Group (4) | 3,315,791 | 98,632 |
| Trelleborg, B Shares (1) | 1,797,901 | 27,922 |
| Total Sweden (Cost $219,791) | 305,676 | |
| SWITZERLAND 3.6% | ||
| Common Stocks 3.6% | ||
| ams (1) | 2,850,172 | 47,942 |
| DKSH Holding | 700,914 | 45,018 |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE INTERNATIONAL DISCOVERY FUND | ||
|
| ||
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| Sensirion Holding (1)(4) | 530,470 | 25,663 |
| Tecan Group | 277,809 | 116,511 |
| Zur Rose Group (1) | 258,681 | 71,479 |
| Total Switzerland (Cost $191,376) | 306,613 | |
| TAIWAN 1.4% | ||
| Common Stocks 1.4% | ||
| Silergy | 563,000 | 33,775 |
| Taiwan Union Technology | 8,800,000 | 40,785 |
| Wiwynn | 1,582,000 | 42,415 |
| Total Taiwan (Cost $58,749) | 116,975 | |
| UNITED ARAB EMIRATES 0.6% | ||
| Common Stocks 0.6% | ||
| Air Arabia | 65,192,167 | 20,451 |
| Network International Holdings (GBP) (1) | 6,207,003 | 32,762 |
| Total United Arab Emirates (Cost $56,357) | 53,213 | |
| UNITED KINGDOM 17.3% | ||
| Common Stocks 17.3% | ||
| Abcam | 5,111,393 | 86,165 |
| AJ Bell | 5,908,773 | 33,224 |
| Ascential (2) | 22,199,879 | 78,024 |
| ASOS (1) | 1,780,038 | 77,865 |
| Codemasters Group Holdings (1) | 4,005,152 | 18,683 |
| Croda International | 593,249 | 44,277 |
| Draper Esprit (1)(2)(4) | 7,419,645 | 51,138 |
| First Derivatives (2) | 1,516,519 | 53,213 |
| Funding Circle Holdings (1)(2)(4) | 20,948,865 | 24,794 |
| Genus | 1,180,083 | 52,664 |
| Helios Towers (1) | 23,934,155 | 49,004 |
| Hiscox | 2,397,141 | 24,460 |
| HomeServe | 765,026 | 13,244 |
| Howden Joinery Group | 2,963,026 | 18,908 |
The accompanying notes are an integral part of this Portfolio of Investments.
| T. ROWE PRICE INTERNATIONAL DISCOVERY FUND | ||
|
| ||
| Shares | $ Value | |
| (Cost and value in $000s) | ||
| Intermediate Capital Group | 4,308,482 | 75,416 |
| Investec | 5,859,306 | 11,478 |
| IP Group (1) | 9,854,478 | 8,564 |
| IQE (1)(2)(4) | 61,168,256 | 42,316 |
| Keywords Studios (4) | 2,480,499 | 61,610 |
| LivaNova (USD) (1) | 487,539 | 22,690 |
| Naked Wines (2)(4) | 4,188,504 | 22,972 |
| Ninety One (1) | 2,929,653 | 8,248 |
| Ocado Group (1) | 5,069,900 | 135,822 |
| Playtech | 10,227,240 | 40,011 |
| Polypipe Group | 4,513,884 | 23,803 |
| Renishaw | 823,031 | 52,128 |
| Rightmove | 3,690,646 | 26,635 |
| Rotork | 8,225,202 | 29,831 |
| Spirax-Sarco Engineering | 344,763 | 46,073 |
| SSP Group | 4,962,785 | 13,324 |
| Syncona (1)(6) | 9,928,781 | 30,725 |
| Trainline (1) | 9,049,574 | 48,674 |
| Tyman (1) | 7,442,372 | 17,111 |
| Victrex | 1,828,246 | 44,610 |
| WANdisco (1)(2)(4) | 2,725,562 | 18,945 |
| Watches of Switzerland Group (1) | 6,385,434 | 21,633 |
| YouGov (2) | 5,977,882 | 62,513 |
| Total United Kingdom (Cost $1,241,755) | 1,490,795 | |
| UNITED STATES 1.4% | ||
| Common Stocks 1.4% | ||
| Wix. com (1) | 403,200 | 117,121 |
| Total United States (Cost $24,386) | 117,121 | |
| SHORT-TERM INVESTMENTS 2.8% | ||
| Money Market Funds 2.8% | ||
| T. Rowe Price Government Reserve Fund, 0.13% (2)(7) | 239,426,646 | 239,427 |
| Total Short-Term Investments (Cost $239,427) | 239,427 | |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INTERNATIONAL DISCOVERY FUND
| Shares | $ Value | |||
| (Cost and value in $000s) | ||||
| SECURITIES LENDING COLLATERAL 3.2% | ||||
| Investments in a Pooled Account through Securities Lending | ||||
| Program with JPMorgan Chase Bank 3.2% | ||||
| Short-Term Funds 3.2% | ||||
| T. Rowe Price Short-Term Fund, 0.25% (2)(7) | 27,246,152 | 272,461 | ||
| Total Investments in a Pooled Account through Securities Lending Program with | ||||
| JPMorgan Chase Bank | 272,461 | |||
| Total Securities Lending Collateral (Cost $272,461) | 272,461 | |||
| Total Investments in Securities 103.0% | ||||
| (Cost $6,492,706) | $ | 8,867,167 | ||
| Other Assets Less Liabilities (3.0)% | (258,912) | |||
| Net Assets 100.0% | $ | 8,608,255 | ||
| ‡ | 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 | ) | Affiliated Companies |
| (3 | ) | Preferred stocks are shares that carry certain preferential rights. The dividend |
| rate may not be consistent each pay period and could be zero for a particular | ||
| year. | ||
| (4 | ) | All or a portion of this security is on loan at July 31, 2020. |
| (5 | ) | China A shares held through the QFII are subject to certain restrictions. |
| (6 | ) | Organized as a closed-end management investment company. |
| (7 | ) | Seven-day yield |
| ADR | American Depositary Receipts | |
| AUD | Australian Dollar | |
| CNH | Offshore China Renminbi | |
| CVA | Dutch Certificate (Certificaten Van Aandelen) | |
| GBP | British Pound | |
| GDR | Global Depositary Receipts | |
| HKD | Hong Kong Dollar | |
| SEK | Swedish Krona | |
| USD | U. S. Dollar |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INTERNATIONAL DISCOVERY FUND
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, 2020. 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.
| Change in Net | ||||||||
| Net Realized Gain | Unrealized | Investment | ||||||
| Affiliate | (Loss) | Gain/Loss | Income | |||||
| AIXTRON | $ | (756) | $ | 22,103 | $ | — | ||
| Ambea | (644) | (4,674) | — | |||||
| Aruhi | 5,606 | (13,088) | 480 | |||||
| Ascential | (1,742) | (20,251) | — | |||||
| DIRTT Environmental Solutions | (1,382) | (21,507) | — | |||||
| Draper Esprit | — | 8,794 | — | |||||
| First Derivatives | (2,082) | 10,559 | 173 | |||||
| Funding Circle Holdings | — | (1,459) | — | |||||
| IQE | — | (16,473) | — | |||||
| Luthai Textile, B Shares | (8,260) | 1,699 | 189 | |||||
| Marcopolo | (321) | (12,496) | 608 | |||||
| Naked Wines | (423) | 9,699 | 294 | |||||
| Nextage | (426) | 649 | 85 | |||||
| Obara Group | — | (1,910) | 348 | |||||
| Spin Master | (2,358) | (16,278) | — | |||||
| WANdisco | (278) | 4,533 | — | |||||
| YouGov | 2,186 | 19,374 | 327 | |||||
| T. Rowe Price Government | ||||||||
| Reserve Fund | — | — | 1,618 | |||||
| T. Rowe Price Short-Term Fund | — | — | —++ | |||||
| Affiliates not held at period end | (45,016) | 39,726 | — | |||||
| Totals | $ | (55,896) # | $ | 9,000 | $ | 4,122+ | ||
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INTERNATIONAL DISCOVERY FUND
| Affiliated Companies (Continued) | |||||||
| ($000s) | |||||||
| Supplementary Investment Schedule | |||||||
| Value | Purchase | Sales | Value | ||||
| Affiliate | 10/31/19 | Cost | Cost | 7/31/20 | |||
| AIXTRON | $ | 60,604 | 4,332 | 4,000$ | 83,039 | ||
| Ambea | * | 8,647 | 1,865 | 29,327 | |||
| Aruhi | * | 15,327 | 9,540 | 25,745 | |||
| Ascential | 94,948 | 8,848 | 5,521 | 78,024 | |||
| DIRTT Environmental | |||||||
| Solutions | 36,048 | — | 1,888 | 12,653 | |||
| Draper Esprit | 34,934 | 7,410 | — | 51,138 | |||
| First Derivatives | 46,831 | — | 4,177 | 53,213 | |||
| Funding Circle Holdings | * | 9,723 | — | 24,794 | |||
| IQE | 58,350 | 439 | — | 42,316 | |||
| Luthai Textile, B Shares | 18,654 | — | 14,284 | 6,069 | |||
| Machvision | 25,009 | — | 31,722 | — | |||
| Marcopolo | 35,259 | — | 1,461 | 21,302 | |||
| Naked Wines | 14,579 | — | 1,306 | 22,972 | |||
| Nextage | * | 37,781 | 1,692 | 52,150 | |||
| Obara Group | * | 6,234 | — | 34,603 | |||
| Spin Master | 53,974 | — | 3,634 | 34,062 | |||
| WANdisco | 14,827 | — | 415 | 18,945 | |||
| Xaar | 3,658 | — | 36,671 | — | |||
| YouGov | 43,632 | — | 493 | 62,513 | |||
| T. Rowe Price Government | |||||||
| Reserve Fund | 388,755 | ¤ | ¤ | 239,427 | |||
| T. Rowe Price Short-Term | |||||||
| Fund | 332,104 | ¤ | ¤ | 272,461 | |||
| Total | $ | 1,164,753^ | |||||
| # | Capital gain distributions from mutual 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 $4,122 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 $1,172,248. |
| * | On the date indicated, issuer was held but not considered an affiliated company. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INTERNATIONAL DISCOVERY FUND
Unaudited
NOTES TO PORTFOLIO OF
INVESTMENTS
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
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.
Fair Value
The fund’s financial instruments 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 T. Rowe Price Valuation Committee (the Valuation Committee) is an internal committee that has been
delegated certain responsibilities by the fund’s Board of Directors (the Board) to ensure that financial instruments are
appropriately priced at fair value in accordance with GAAP and the 1940 Act. Subject to oversight by the Board, the
Valuation Committee develops and oversees pricing-related policies and procedures and approves all fair value
determinations. Specifically, the Valuation Committee establishes procedures to value securities; determines pricing
techniques, sources, and persons eligible to effect fair value pricing actions; oversees the selection, services, and
performance of pricing vendors; oversees valuation-related business continuity practices; and provides guidance on
internal controls and valuation-related matters. The Valuation Committee reports to the Board and has representation
from legal, portfolio management and trading, operations, risk management, and the fund’s treasurer.
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
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 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
T. ROWE PRICE INTERNATIONAL DISCOVERY FUND
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.
For valuation purposes, 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 fund 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, the fund will adjust the previous
quoted prices to reflect what it believes to be the fair value of the securities as of the close of the NYSE. In deciding
whether it is necessary to adjust quoted prices to reflect fair value, the fund reviews 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 fund may also fair value
securities in other situations, such as when a particular foreign market is closed but the fund is open. The fund uses
outside pricing services to provide it with quoted prices and information to evaluate or adjust those prices. The fund
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. As a means of evaluating its security valuation process, the fund routinely compares quoted prices, the
next day’s opening prices in the same markets, and adjusted prices.
Actively traded equity securities listed on a domestic exchange generally are categorized in Level 1 of the fair value
hierarchy. Non-U.S. equity securities generally are categorized in Level 2 of the fair value hierarchy despite the
availability of quoted prices because, as described above, the fund evaluates and determines whether those quoted prices
reflect fair value at the close of the NYSE or require adjustment. OTC Bulletin Board securities, certain preferred
securities, and equity securities traded in inactive markets generally are categorized in Level 2 of the fair value
hierarchy.
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 quoted by a major bank.
Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation and are
categorized in Level 1 of the fair value hierarchy.
Thinly traded financial instruments and those for which the above valuation procedures are inappropriate or are
deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Committee. The
objective of any fair value pricing determination is to arrive at a price that could reasonably be expected from a current
sale. Financial instruments fair valued by the Valuation Committee are primarily private placements, restricted
securities, warrants, rights, and other securities that are not publicly traded.
Subject to oversight by the Board, the Valuation Committee regularly makes good faith judgments to establish and
adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining
the fair value of an equity investment with limited market activity, such as a private placement or a thinly traded public
company stock, the Valuation Committee considers a variety of factors, which may include, but are not limited to, the
issuer’s business prospects, its financial standing and performance, recent investment transactions in the issuer, new
rounds of financing, negotiated transactions of significant size between other investors in the company, relevant market
valuations of peer companies, strategic events affecting the company, market liquidity for the issuer, and general
economic conditions and events. In consultation with the investment and pricing teams, the Valuation Committee will
determine an appropriate valuation technique based on available information, which may include both observable and
unobservable inputs. The Valuation Committee 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 Committee 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; or some combination. Fair value determinations are reviewed on a
regular basis and updated as information becomes available, including actual purchase and sale transactions of the
issue. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity
T. ROWE PRICE INTERNATIONAL DISCOVERY FUND
inherent in such pricing decisions, and fair value prices determined by the Valuation Committee could differ from
those of other market participants. Depending on the relative significance of unobservable inputs, including the
valuation technique(s) used, fair valued securities may be categorized in Level 2 or 3 of the fair value hierarchy.
Valuation Inputs
The following table summarizes the fund’s financial instruments, based on the inputs used to determine their fair values
on July 31, 2020 (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 | $ | 472,922$ | 7,861,055$ | — $ | 8,333,977 | ||
| Preferred Stocks | — | 21,302 | — | 21,302 | |||
| Short-Term Investments | 239,427 | — | — | 239,427 | |||
| Securities Lending Collateral | 272,461 | — | — | 272,461 | |||
| Total | $ | 984,810$ | 7,882,357$ | — $ | 8,867,167 | ||