T.

ROWE

PRICE

International

Discovery

Fund

January

31,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ARGENTINA

1.7%

Common

Stocks

1.7%

MercadoLibre

(USD)

(1)

99,900‌

177,773‌

Total

Argentina

(Cost

$8,827

)

177,773‌

AUSTRALIA

2.7%

Common

Stocks

2.7%

Cochlear

309,145‌

46,483‌

IDP

Education

2,473,834‌

43,057‌

NEXTDC

(1)

4,555,111‌

40,109‌

oOh!media

19,121,331‌

23,001‌

OZ

Minerals

2,466,957‌

34,894‌

Steadfast

Group

14,393,178‌

43,747‌

Xero

(1)

460,491‌

45,427‌

Total

Australia

(Cost

$163,489

)

276,718‌

AUSTRIA

0.5%

Common

Stocks

0.5%

BAWAG

Group

(1)

1,162,831‌

50,557‌

Total

Austria

(Cost

$45,312

)

50,557‌

BELGIUM

0.2%

Common

Stocks

0.2%

Barco

1,143,614‌

22,093‌

Total

Belgium

(Cost

$33,705

)

22,093‌

BRAZIL

2.1%

Common

Stocks

1.9%

Boa

Vista

Servicos

11,199,061‌

19,568‌

Grupo

SBF

(1)

6,430,800‌

29,936‌

Iguatemi

Empresa

de

Shopping

Centers

4,959,700‌

31,246‌

StoneCo,

Class

A

(USD)

(1)

1,510,052‌

108,573‌

189,323‌

T.

ROWE

PRICE

International

Discovery

Fund

2

Shares

$

Value

(Cost

and

value

in

$000s)

Preferred

Stocks

0.2%

Marcopolo

(2)(3)

46,572,883‌

24,770‌

24,770‌

Total

Brazil

(Cost

$173,787

)

214,093‌

CANADA

3.3%

Common

Stocks

3.3%

Altus

Group

1,024,632‌

39,223‌

CAE

1,335,800‌

30,179‌

Descartes

Systems

Group

(1)

928,100‌

56,597‌

DIRTT

Environmental

Solutions

(1)(2)(4)

7,076,070‌

15,992‌

Seven

Generations

Energy,

Class

A

(1)

1,725,930‌

8,287‌

Shopify,

Class

A

(1)

139,043‌

151,606‌

Spin

Master

(1)(2)

1,700,425‌

36,169‌

Total

Canada

(Cost

$179,287

)

338,053‌

CHINA

12.9%

Common

Stocks

7.5%

Beijing

Enterprises

Urban

Resources

Group

(HKD)

(1)(4)

130,876,000‌

34,820‌

China

Feihe

(HKD)

21,741,000‌

64,827‌

China

Resources

Mixc

Lifestyle

Services

(HKD)

(1)

11,053,400‌

58,166‌

Country

Garden

Services

Holdings

(HKD)

23,723,000‌

192,812‌

Greentown

Service

Group

(HKD)

(4)

25,830,000‌

29,049‌

Haier

Smart

Home,

H

Shares

(HKD)

(1)(4)

12,037,200‌

49,836‌

Hope

Education

Group

(HKD)

174,960,000‌

59,743‌

Huazhu

Group,

ADR

(USD)

201,517‌

9,774‌

JOYY,

ADR

(USD)

(4)

458,700‌

42,219‌

Li

Ning

(HKD)

6,706,000‌

41,777‌

Lu

Thai

Textile,

B

Shares

(HKD)

2,000,710‌

977‌

Microport

Cardioflow

Medtech

(HKD)

(1)

1,083,000‌

1,704‌

Shandong

Weigao

Group

Medical

Polymer,

H

Shares

(HKD)

21,448,000‌

40,056‌

Silergy

(TWD)

524,000‌

48,862‌

Tsingtao

Brewery,

H

Shares

(HKD)

5,070,000‌

48,894‌

Vipshop

Holdings,

ADR

(USD)

(1)

1,490,898‌

40,880‌

764,396‌

Common

Stocks

-

China

A

Shares

5.4%

Autel

Intelligent

Technology,

A

Shares

(5)

2,040,846‌

20,742‌

Bafang

Electric

Suzhou,

A

Shares

(CNH)

2,448,524‌

78,372‌

Beijing

Shunxin

Agriculture,

A

Shares

(CNH)

3,884,336‌

39,591‌

Fuyao

Glass

Industry

Group,

A

Shares

(CNH)

5,056,064‌

45,986‌

T.

ROWE

PRICE

International

Discovery

Fund

3

Shares

$

Value

(Cost

and

value

in

$000s)

Guangdong

Kinlong

Hardware

Products,

A

Shares

(5)

2,259,442‌

60,175‌

Hongfa

Technology,

A

Shares

(CNH)

4,225,200‌

36,017‌

Jason

Furniture

Hangzhou,

A

Shares

(CNH)

5,491,441‌

62,288‌

Qingdao

Haier

Biomedical,

A

Shares

(5)

3,182,400‌

38,780‌

Shenzhen

Megmeet

Electrical,

A

Shares

(CNH)

8,081,341‌

43,746‌

Yifeng

Pharmacy

Chain,

A

Shares

(CNH)

4,370,060‌

68,464‌

Zhejiang

Shuanghuan

Driveline,

A

Shares

(5)

24,540,002‌

32,870‌

Zhongji

Innolight,

A

Shares

(CNH)

3,406,146‌

27,183‌

554,214‌

Total

China

(Cost

$763,264

)

1,318,610‌

DENMARK

1.9%

Common

Stocks

1.9%

Ambu,

Class

B

2,570,797‌

121,065‌

Netcompany

Group

(1)

790,234‌

73,720‌

Total

Denmark

(Cost

$23,990

)

194,785‌

EGYPT

0.3%

Common

Stocks

0.3%

Edita

Food

Industries,

GDR

(USD)

1,683,373‌

4,549‌

Integrated

Diagnostics

Holdings

(USD)

(4)

20,770,684‌

22,327‌

Total

Egypt

(Cost

$30,825

)

26,876‌

FINLAND

0.7%

Common

Stocks

0.7%

Huhtamaki

625,184‌

30,656‌

QT

Group

(1)

509,147‌

42,152‌

Total

Finland

(Cost

$40,908

)

72,808‌

FRANCE

2.5%

Common

Stocks

2.5%

BioMerieux

168,760‌

26,088‌

Edenred

720,017‌

38,999‌

Eurofins

Scientific

(1)

1,281,967‌

123,052‌

SPIE

(1)

1,387,482‌

30,638‌

Tikehau

Capital

(4)

1,269,068‌

34,475‌

Total

France

(Cost

$119,672

)

253,252‌

T.

ROWE

PRICE

International

Discovery

Fund

4

Shares

$

Value

(Cost

and

value

in

$000s)

GERMANY

6.8%

Common

Stocks

6.8%

AIXTRON

(1)(2)

6,304,810‌

117,839‌

Aumann

(1)(4)

340,624‌

6,221‌

CANCOM

571,138‌

33,831‌

Evotec

(1)(4)

812,306‌

31,931‌

flatexDEGIRO

(1)

399,226‌

36,886‌

Hypoport

(1)

75,648‌

51,455‌

Instone

Real

Estate

Group

(1)

1,441,296‌

36,563‌

Knaus

Tabbert

(1)

430,538‌

36,204‌

MorphoSys

(1)

260,592‌

31,116‌

MYT

Netherlands

Parent,

ADR

(USD)

(1)(4)

1,052,482‌

34,648‌

Norma

Group

930,099‌

46,384‌

Scout24

1,059,169‌

81,780‌

Shop

Apotheke

Europe

(1)(4)

660,533‌

154,206‌

Total

Germany

(Cost

$406,292

)

699,064‌

HONG

KONG

1.5%

Common

Stocks

1.5%

Impro

Precision

Industries

60,088,000‌

24,374‌

JS

Global

Lifestyle

26,074,500‌

58,635‌

SITC

International

Holdings

31,933,000‌

73,203‌

Total

Hong

Kong

(Cost

$57,405

)

156,212‌

INDIA

2.5%

Common

Stocks

2.5%

Astral

Poly

Technik

1,402,473‌

32,695‌

Blue

Star

2,192,088‌

22,178‌

CreditAccess

Grameen

(1)

1,906,796‌

18,091‌

Dr

Lal

PathLabs

398,228‌

12,263‌

Escorts

2,771,797‌

45,758‌

Info

Edge

India

311,640‌

18,756‌

Polycab

India

1,832,643‌

30,651‌

TeamLease

Services

(1)

699,022‌

27,436‌

Torrent

Pharmaceuticals

1,260,282‌

44,668‌

Total

India

(Cost

$173,710

)

252,496‌

T.

ROWE

PRICE

International

Discovery

Fund

5

Shares

$

Value

(Cost

and

value

in

$000s)

IRELAND

0.8%

Common

Stocks

0.8%

Cairn

Homes

(GBP)

(1)

31,381,949‌

34,776‌

DCC

(GBP)

572,527‌

43,071‌

Total

Ireland

(Cost

$67,544

)

77,847‌

ITALY

4.0%

Common

Stocks

4.0%

Amplifon

(1)

4,632,704‌

183,634‌

Brunello

Cucinelli

(1)(4)

603,345‌

24,152‌

Carel

Industries

3,332,787‌

68,887‌

FinecoBank

Banca

Fineco

(1)

4,077,918‌

63,411‌

Freni

Brembo

(1)(4)

1,644,800‌

22,359‌

GVS

(1)

2,601,668‌

47,134‌

Total

Italy

(Cost

$165,823

)

409,577‌

JAPAN

18.9%

Common

Stocks

18.9%

Aida

Engineering

2,363,500‌

22,377‌

Aruhi

(2)(4)

1,863,700‌

30,709‌

Capcom

464,400‌

29,136‌

Coca-Cola

Bottlers

Japan

Holdings

1,251,500‌

18,999‌

Daiwa

Office

Investment

3,654‌

23,689‌

Daiwabo

Holdings

233,400‌

19,672‌

Denka

505,700‌

19,259‌

DIC

1,152,100‌

28,207‌

Disco

128,700‌

41,868‌

Electric

Power

Development

3,067,700‌

50,084‌

Fujitec

1,610,700‌

35,142‌

Fujitsu

General

1,854,400‌

46,094‌

Fukuoka

Financial

Group

1,501,800‌

26,865‌

Hanwa

1,515,800‌

39,157‌

Heiwa

Real

Estate

1,404,300‌

48,054‌

Hikari

Tsushin

93,100‌

19,524‌

Horiba

513,400‌

33,611‌

Idec

1,422,100‌

25,107‌

Industrial

&

Infrastructure

Fund

Investment

(4)

21,318‌

38,373‌

Mabuchi

Motor

683,800‌

28,198‌

Maeda

6,132,500‌

50,214‌

Matsumotokiyoshi

Holdings

698,500‌

27,703‌

T.

ROWE

PRICE

International

Discovery

Fund

6

Shares

$

Value

(Cost

and

value

in

$000s)

Media

Do

488,200‌

28,821‌

METAWATER

1,568,700‌

35,476‌

Mitsui

Mining

&

Smelting

1,209,900‌

42,136‌

Modec

1,975,100‌

36,871‌

Musashi

Seimitsu

Industry

2,709,600‌

38,355‌

Nakanishi

1,721,400‌

32,905‌

NET

One

Systems

1,812,300‌

60,463‌

Nextage

(2)

5,530,100‌

77,987‌

NGK

Spark

Plug

1,564,100‌

29,177‌

Nifco

951,100‌

33,249‌

Nippon

Ceramic

(4)

730,400‌

18,926‌

Nippon

Seiki

2,778,100‌

34,056‌

Nippon

Soda

834,100‌

23,890‌

Nipro

5,406,100‌

63,748‌

Nitto

Boseki

563,000‌

26,406‌

NOF

863,700‌

41,505‌

Obara

Group

(2)(4)

1,075,700‌

41,402‌

PALTAC

541,100‌

28,118‌

Persol

Holdings

1,597,300‌

29,958‌

Round

One

3,342,000‌

29,111‌

Ryohin

Keikaku

1,543,000‌

36,894‌

Sakata

INX

2,732,900‌

27,629‌

Sakata

Seed

471,600‌

16,643‌

Sansan

(1)(4)

620,800‌

49,790‌

Sanwa

Holdings

3,815,300‌

43,497‌

Sega

Sammy

Holdings

1,284,200‌

20,453‌

Stanley

Electric

1,173,600‌

36,713‌

Sumitomo

Seika

Chemicals

530,600‌

21,792‌

Taiyo

Yuden

669,200‌

39,256‌

Takuma

1,608,700‌

33,943‌

Tokyo

Tatemono

3,161,200‌

42,678‌

Toyo

Tire

(4)

2,460,400‌

37,367‌

V-Cube

675,900‌

19,225‌

VT

Holdings

3,416,700‌

13,815‌

Yellow

Hat

2,093,900‌

33,623‌

Total

Japan

(Cost

$1,477,820

)

1,927,920‌

MEXICO

0.3%

Common

Stocks

0.3%

Grupo

Aeroportuario

del

Sureste,

ADR

(USD)

(1)

165,200‌

25,889‌

Total

Mexico

(Cost

$26,328

)

25,889‌

T.

ROWE

PRICE

International

Discovery

Fund

7

Shares

$

Value

(Cost

and

value

in

$000s)

NETHERLANDS

2.9%

Common

Stocks

2.9%

Aalberts

677,097‌

30,566‌

EQT

(SEK)

1,401,920‌

43,699‌

IMCD

597,561‌

74,160‌

Intertrust

(1)

1,733,347‌

26,650‌

Just

Eat

Takeaway.com

(1)(4)

729,716‌

83,688‌

Kendrion

(1)

516,199‌

12,071‌

Van

Lanschot

Kempen,

CVA

(1)

1,050,984‌

26,142‌

Total

Netherlands

(Cost

$152,610

)

296,976‌

NEW

ZEALAND

1.3%

Common

Stocks

1.3%

Fisher

&

Paykel

Healthcare

5,372,634‌

133,154‌

Total

New

Zealand

(Cost

$8,251

)

133,154‌

RUSSIA

0.5%

Common

Stocks

0.5%

HeadHunter

Group,

ADR

(USD)

1,037,000‌

32,054‌

Ozon

Holdings,

ADR

(USD)

(1)

451,892‌

21,844‌

Total

Russia

(Cost

$38,720

)

53,898‌

SPAIN

2.5%

Common

Stocks

2.5%

Aedas

Homes

(1)

1,429,526‌

35,520‌

Amadeus

IT

Group,

A

Shares

923,863‌

58,982‌

CIE

Automotive

(4)

972,205‌

25,551‌

Inmobiliaria

Colonial

Socimi

5,642,470‌

54,245‌

Laboratorios

Farmaceuticos

Rovi

1,677,399‌

82,579‌

Total

Spain

(Cost

$180,375

)

256,877‌

SWEDEN

3.0%

Common

Stocks

3.0%

Ambea

(1)

4,401,219‌

35,939‌

Avanza

Bank

Holding

2,650,093‌

72,212‌

Beijer

Ref

463,939‌

19,245‌

MIPS

368,766‌

21,807‌

T.

ROWE

PRICE

International

Discovery

Fund

8

Shares

$

Value

(Cost

and

value

in

$000s)

Thule

Group

(1)(4)

3,087,090‌

114,475‌

Trelleborg,

Class

B

(1)

2,038,325‌

46,101‌

Total

Sweden

(Cost

$158,735

)

309,779‌

SWITZERLAND

2.1%

Common

Stocks

2.1%

ams

(1)

2,680,087‌

67,037‌

DKSH

Holding

652,570‌

52,483‌

Sensirion

Holding

(1)

493,882‌

32,317‌

Tecan

Group

132,115‌

63,922‌

Total

Switzerland

(Cost

$127,135

)

215,759‌

TAIWAN

0.4%

Common

Stocks

0.4%

Taiwan

Union

Technology

805,000‌

3,152‌

Win

Semiconductors

2,392,000‌

35,117‌

Total

Taiwan

(Cost

$40,262

)

38,269‌

UNITED

ARAB

EMIRATES

0.5%

Common

Stocks

0.5%

Air

Arabia

60,695,643‌

21,021‌

Network

International

Holdings

(GBP)

(1)

7,356,616‌

34,274‌

Total

United

Arab

Emirates

(Cost

$58,705

)

55,295‌

UNITED

KINGDOM

20.2%

Common

Stocks

20.2%

Abcam

4,758,843‌

107,912‌

AJ

Bell

5,501,225‌

32,348‌

Ascential

(1)(2)

20,668,679‌

93,594‌

ASOS

(1)

1,657,262‌

101,258‌

Bytes

Technology

Group

(1)

6,426,707‌

31,700‌

Codemasters

Group

Holdings

(1)

4,543,893‌

37,355‌

Croda

International

596,050‌

51,212‌

CVS

Group

(1)

1,443,685‌

30,208‌

Derwent

London

956,893‌

41,421‌

Dr.

Martens

(1)

5,533,247‌

34,116‌

Draper

Esprit

(1)(2)

8,341,138‌

78,513‌

First

Derivatives

(1)(2)

1,411,920‌

58,124‌

T.

ROWE

PRICE

International

Discovery

Fund

9

Shares

$

Value

(Cost

and

value

in

$000s)

Frontier

Developments

(1)

868,820‌

37,538‌

Funding

Circle

Holdings

(1)(2)(4)

19,503,951‌

26,637‌

Genus

1,098,689‌

73,802‌

Helios

Towers

(1)

22,283,335‌

48,530‌

Hiscox

(1)

2,231,802‌

28,467‌

HomeServe

1,617,022‌

23,052‌

Howden

Joinery

Group

(1)

3,964,312‌

36,348‌

Intermediate

Capital

Group

4,011,311‌

93,039‌

IP

Group

(1)

9,174,781‌

11,898‌

IQE

(1)(2)(4)

61,168,256‌

66,449‌

Keywords

Studios

(1)

2,309,411‌

86,217‌

Ninety

One

2,929,653‌

9,351‌

Ocado

Group

(1)

4,720,212‌

179,183‌

Playtech

(1)

9,264,709‌

58,809‌

Polypipe

Group

(1)

4,202,546‌

29,499‌

Renishaw

(1)

766,264‌

62,775‌

Rightmove

(1)

3,436,090‌

28,127‌

Rotork

7,657,882‌

33,962‌

Spirax-Sarco

Engineering

320,983‌

48,530‌

SSP

Group

4,620,484‌

18,276‌

Syncona

(1)(4)(6)

9,243,959‌

32,240‌

THG

(1)

5,577,697‌

55,100‌

Trainline

(1)

9,903,433‌

55,150‌

Tyman

(1)

6,929,047‌

32,829‌

Victrex

1,702,146‌

54,414‌

WANdisco

(1)(4)

1,468,073‌

9,843‌

Watches

of

Switzerland

Group

(1)

6,262,647‌

54,795‌

YouGov

(2)

5,565,567‌

78,226‌

Total

United

Kingdom

(Cost

$1,258,147

)

2,070,847‌

UNITED

STATES

0.9%

Common

Stocks

0.9%

Wix.com

(1)

375,400‌

92,743‌

Total

United

States

(Cost

$22,669

)

92,743‌

SHORT-TERM

INVESTMENTS

1.3%

Money

Market

Funds

1.3%

T.

Rowe

Price

Government

Reserve

Fund,

0.07%

(2)(7)

130,109,509‌

130,110‌

Total

Short-Term

Investments

(Cost

$130,110)

130,110‌

T.

ROWE

PRICE

International

Discovery

Fund

10

Shares

$

Value

(Cost

and

value

in

$000s)

SECURITIES

LENDING

COLLATERAL

2.3%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

2.3%

Short-Term

Funds

2.3%

T.

Rowe

Price

Short-Term

Fund,

0.13%

(2)(7)

23,586,609‌

235,866‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

235,866‌

Total

Securities

Lending

Collateral

(Cost

$235,866)

235,866‌

Total

Investments

in

Securities

101.5%

(Cost

$6,369,573)

$

10,384,196‌

Other

Assets

Less

Liabilities

(1.5)%

(151,975)

Net

Assets

100.0%

$

10,232,221‌

‡

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

January

31,

2021.

(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

CNH

Offshore

China

Renminbi

CVA

Dutch

Certificate

(Certificaten

Van

Aandelen)

GBP

British

Pound

GDR

Global

Depositary

Receipts

HKD

Hong

Kong

Dollar

SEK

Swedish

Krona

TWD

Taiwan

Dollar

USD

U.S.

Dollar

T.

ROWE

PRICE

International

Discovery

Fund

11

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,

2021.

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

AIXTRON

$

1,754‌

$

47,113‌

$

—‌

Ambea

(

599‌

)

12,242‌

—‌

Aruhi

87‌

(

2,925‌

)

—‌

Ascential

(

560‌

)

22,246‌

—‌

DIRTT

Environmental

Solutions

(

1,687‌

)

8,155‌

—‌

Draper

Esprit

691‌

12,780‌

—‌

First

Derivatives

(

2,341‌

)

6,863‌

—‌

Funding

Circle

Holdings

(

577‌

)

7,284‌

—‌

IQE

—‌

23,059‌

—‌

Marcopolo

—‌

3,732‌

181‌

Nextage

593‌

11,333‌

391‌

Obara

Group

—‌

4,071‌

—‌

Spin

Master

(

2,633‌

)

4,718‌

—‌

YouGov

4,115‌

3,820‌

398‌

T.

Rowe

Price

Government

Reserve

Fund,

0.07%

—‌

—‌

37‌

T.

Rowe

Price

Short-Term

Fund,

0.13%

—‌

—‌

—‌

++

Totals

$

(

1,157‌

)

#

$

164,491‌

$

1,007‌

+

`0.00

`0.00

`0.00

T.

ROWE

PRICE

International

Discovery

Fund

12

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

10/31/20

Purchase

Cost

Sales

Cost

Value

01/31/21

AIXTRON

$

76,260‌

$

—‌

$

5,534‌

$

117,839‌

Ambea

26,578‌

—‌

2,881‌

*

Aruhi

35,942‌

—‌

2,308‌

30,709‌

Ascential

79,504‌

—‌

8,156‌

93,594‌

DIRTT

Environmental

Solutions

10,611‌

—‌

2,774‌

15,992‌

Draper

Esprit

70,202‌

—‌

4,469‌

78,513‌

First

Derivatives

57,657‌

—‌

6,396‌

58,124‌

Funding

Circle

Holdings

21,519‌

—‌

2,166‌

26,637‌

IQE

43,390‌

—‌

—‌

66,449‌

Marcopolo

15,792‌

5,246‌

—‌

24,770‌

Nextage

69,904‌

—‌

3,250‌

77,987‌

Obara

Group

37,331‌

—‌

—‌

41,402‌

Spin

Master

36,987‌

—‌

5,536‌

36,169‌

YouGov

75,125‌

—‌

719‌

78,226‌

T.

Rowe

Price

Government

Reserve

Fund,

0.07%

157,421‌

¤

¤

130,110‌

T.

Rowe

Price

Short-Term

Fund,

0.13%

177,989‌

¤

¤

235,866‌

Total

$

1,112,387‌

^

#

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

$1,007

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

$901,688.

*

On

the

date

indicated,

issuer

was

held

but

not

considered

an

affiliated

company.

T.

ROWE

PRICE

International

Discovery

Fund

Unaudited

Notes

to

the

Portfolio

of

Investments

13

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. 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

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services,

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

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

T.

ROWE

PRICE

International

Discovery

Fund

14

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

fund's

own

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

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.

Each

business

day,

the

fund

uses

information

from

outside

pricing

services

to

evaluate

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

T.

ROWE

PRICE

International

Discovery

Fund

15

foreign

securities

and

baskets

of

foreign

securities. 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.

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

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

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.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

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;

discounted

cash

flows;

yield

to

maturity;

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

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

T.

ROWE

PRICE

International

Discovery

Fund

16

Valuation

Inputs

 The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

January

31,

2021 (for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

F38-054Q1

01/21 

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Common

Stocks

$

586,397‌

$

9,407,053‌

$

—‌

$

9,993,450‌

Preferred

Stocks

—‌

24,770‌

—‌

24,770‌

Short-Term

Investments

130,110‌

—‌

—‌

130,110‌

Securities

Lending

Collateral

235,866‌

—‌

—‌

235,866‌

Total

$

952,373‌

$

9,431,823‌

$

—‌

$

10,384,196‌