0001752724-21-064692.txt : 20210326
0001752724-21-064692.hdr.sgml : 20210326
20210326155827
ACCESSION NUMBER: 0001752724-21-064692
CONFORMED SUBMISSION TYPE: NPORT-P
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20210129
FILED AS OF DATE: 20210326
PERIOD START: 20211031
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: 21777190
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
S000001495
T. Rowe Price Latin America Fund
C000004014
T. Rowe Price Latin America Fund
PRLAX
C000184319
T. Rowe Price Latin America Fund-I Class
RLAIX
NPORT-P
1
primary_doc.xml
NPORT-P
false
0000313212
XXXXXXXX
S000001495
C000004014
C000184319
T. ROWE PRICE INTERNATIONAL FUNDS, INC.
811-02958
0000313212
549300O4BT3AMY6OUC26
100 East Pratt Street
Baltimore
21202
410-345-2000
T. Rowe Price Latin America Fund
S000001495
NNIEUV820YZDO05KW707
2021-10-31
2021-01-29
N
460468404.17
2690956.19
457777447.98
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
375313.87000000
N
Globant SA
2221008DCMSPYS42DS88
Globant SA
000000000
46800.00000000
NS
USD
8985600.00000000
1.962875200525
Long
EC
CORP
AR
N
1
N
N
N
Lojas Renner SA
N/A
Lojas Renner SA
000000000
1621986.00000000
NS
12344097.86000000
2.696528174218
Long
EC
CORP
BR
N
2
N
N
N
Suzano SA
391200AW174YQSDMGG41
Suzano SA
000000000
837113.00000000
NS
9476693.21000000
2.070152920773
Long
EC
CORP
BR
N
2
N
N
N
TENARIS SA
549300Y7C05BKC4HZB40
TENARIS SA-ADR
88031M109
401400.00000000
NS
USD
6205644.00000000
1.355602821279
Long
EC
CORP
LU
N
1
N
N
Arcos Dorados Holdings Inc
54930023P2MIZN13DQ85
Arcos Dorados Holdings Inc
000000000
404917.00000000
NS
USD
2000289.98000000
0.436956863826
Long
EC
CORP
UY
N
1
N
N
N
CCR SA
N/A
CCR SA
000000000
2518300.00000000
NS
5573822.60000000
1.217583483982
Long
EC
CORP
BR
N
2
N
N
N
Falabella SA
5493004CKJQ7H391LM41
Falabella SA
000000000
1370343.00000000
NS
4689886.80000000
1.024490573027
Long
EC
CORP
CL
N
2
N
N
N
Ez Tec Empreendimentos e Parti
N/A
Ez Tec Empreendimentos e Participacoes SA
000000000
442100.00000000
NS
2963816.94000000
0.647436205754
Long
EC
CORP
BR
N
2
N
N
N
Raia Drogasil SA
N/A
Raia Drogasil SA
000000000
3314900.00000000
NS
15085903.06000000
3.295466634839
Long
EC
CORP
BR
N
2
N
N
N
Arca Continental SAB de CV
254900U2BSJCQHJCXN24
Arca Continental SAB de CV
000000000
1393100.00000000
NS
6341292.79000000
1.385234859860
Long
EC
CORP
MX
N
2
N
N
N
T. ROWE PRICE SHORT-TERM FUND
549300YTML4H25P65J89
T. ROWE PRICE SHORT-TERM FUND
000000000
213449.83000000
NS
USD
2134498.30000000
0.466274236404
Long
STIV
RF
US
N
1
N
N
Grupo Mexico SAB de CV
529900JWLZAYET2ZGW20
Grupo Mexico SAB de CV
000000000
2446600.00000000
NS
10559085.91000000
2.306598098397
Long
EC
CORP
MX
N
2
N
N
N
Petroleo Brasileiro SA
5493000J801JZRCMFE49
Petroleo Brasileiro SA
71654V408
2314203.00000000
NS
USD
23257740.15000000
5.080577964822
Long
EC
CORP
BR
N
1
N
N
N
B3 SA - Brasil Bolsa Balcao
4GTK5S46E6H318LMDS44
B3 SA - Brasil Bolsa Balcao
000000000
2752040.00000000
NS
30118827.94000000
6.579360357943
Long
EC
CORP
BR
N
2
N
N
N
MERCADOLIBRE INC
549300DKPDN9M5S8GB14
MERCADOLIBRE INC
58733R102
8500.00000000
NS
USD
15125835.00000000
3.304189637725
Long
EC
CORP
AR
N
1
N
N
N
XP Inc
5493008KDA8NBZRJST80
XP Inc
000000000
132421.00000000
NS
USD
5778852.44000000
1.262371588093
Long
EC
CORP
BR
N
1
N
N
N
Pagseguro Digital Ltd
N/A
Pagseguro Digital Ltd
000000000
118252.00000000
NS
USD
5788435.40000000
1.264464954650
Long
EC
CORP
BR
N
1
N
N
N
Banco Bradesco SA
549300CTUU1RFXHQJE44
Banco Bradesco SA
000000000
7208634.00000000
NS
32476665.59000000
7.094422351583
Long
EP
CORP
BR
N
2
N
N
N
Orbia Advance Corp SAB de CV
549300MVHZ20SBIOEQ79
Orbia Advance Corp SAB de CV
000000000
2971889.00000000
NS
6352903.85000000
1.387771258290
Long
EC
CORP
MX
N
2
N
N
N
Boa Vista Servicos SA
N/A
Boa Vista Servicos SA
000000000
1828180.00000000
NS
3194319.70000000
0.697788786689
Long
EC
CORP
BR
N
2
N
N
N
TIM SA/Brazil
N/A
TIM SA/Brazil
88706T108
452400.00000000
NS
USD
5446896.00000000
1.189856779541
Long
EC
CORP
BR
N
1
N
N
Alicorp SAA
549300Z1XH47TTIIJS11
Alicorp SAA
000000000
1028560.00000000
NS
2318487.00000000
0.506465971670
Long
EC
CORP
PE
N
2
N
N
N
Regional SAB de CV
N/A
Regional SAB de CV
000000000
1067700.00000000
NS
4384554.66000000
0.957791756528
Long
EC
CORP
MX
N
2
N
N
N
Wal-Mart de Mexico SAB de CV
N/A
Wal-Mart de Mexico SAB de CV
000000000
7695188.00000000
NS
21915462.97000000
4.787361864745
Long
EC
CORP
MX
N
2
N
N
N
Credicorp Ltd
529900UYAEYQCQ2BKB17
Credicorp Ltd
000000000
103100.00000000
NS
USD
15499023.00000000
3.385711346941
Long
EC
CORP
PE
N
1
N
N
N
Copa Holdings SA
529900BB9UQJV6QQHA59
Copa Holdings SA
000000000
33900.00000000
NS
USD
2622843.00000000
0.572951553549
Long
EC
CORP
PA
N
1
N
N
N
BR Malls Participacoes SA
N/A
BR Malls Participacoes SA
000000000
2075780.00000000
NS
3626943.16000000
0.792293979531
Long
EC
CORP
BR
N
2
N
N
N
Iguatemi Empresa de Shopping C
N/A
Iguatemi Empresa de Shopping Centers SA
000000000
284900.00000000
NS
1794879.37000000
0.392085581742
Long
EC
CORP
BR
N
2
N
N
N
StoneCo Ltd
549300O1A9LEF0XZCR35
StoneCo Ltd
000000000
149343.00000000
NS
USD
10737761.70000000
2.345629245691
Long
EC
CORP
BR
N
1
N
N
N
Grupo Aeroportuario del Surest
5299001W7JIDXCUOUC82
Grupo Aeroportuario del Sureste SAB de CV
40051E202
101500.00000000
NS
USD
15906065.00000000
3.474628352748
Long
EC
CORP
MX
N
1
N
N
N
Marcopolo SA
N/A
Marcopolo SA
000000000
8166696.00000000
NS
4343510.87000000
0.948825873613
Long
EP
CORP
BR
N
2
N
N
N
Grupo Aval Acciones y Valores
549300BBUKBHWLSUZM17
Grupo Aval Acciones y Valores SA
40053W101
451000.00000000
NS
USD
2890910.00000000
0.631509920979
Long
EC
CORP
CO
N
1
N
N
Itau Unibanco Holding SA
5493002W2IVG62O3ZJ94
Itau Unibanco Holding SA
000000000
7927334.00000000
NS
41104372.84000000
8.979117040688
Long
EP
CORP
BR
N
2
N
N
N
BRF SA
254900MTXR9LUVQFU480
BRF SA
000000000
1628400.00000000
NS
6345265.93000000
1.386102779418
Long
EC
CORP
BR
N
2
N
N
N
Fresnillo PLC
549300JXWH1UV5J0XV81
Fresnillo PLC
000000000
182825.00000000
NS
2463512.21000000
0.538146258814
Long
EC
CORP
MX
N
2
N
N
N
Patria Investments Ltd
N/A
Patria Investments Ltd
000000000
174200.00000000
NS
USD
3109470.00000000
0.679253644695
Long
EC
CORP
KY
N
1
N
N
N
Ambev SA
549300TH5Q6VRP8OT012
Ambev SA
02319V103
4628100.00000000
NS
USD
12912399.00000000
2.820671716568
Long
EC
CORP
BR
N
1
N
N
N
InRetail Peru Corp
254900VANVRONUW77L44
InRetail Peru Corp
000000000
123058.00000000
NS
USD
5168436.00000000
1.129028094941
Long
EC
CORP
PE
N
2
N
N
N
Rede D'Or Sao Luiz SA
N/A
Rede D'Or Sao Luiz SA
000000000
109171.00000000
NS
1302932.76000000
0.284621439030
Long
EC
CORP
BR
N
2
N
N
N
Grupo SBF SA
N/A
Grupo SBF SA
000000000
1021700.00000000
NS
4756131.70000000
1.038961556753
Long
EC
CORP
BR
N
2
N
N
N
ERO Copper Corp
549300KL8A21SEIO8I47
ERO Copper Corp
296006109
120655.00000000
NS
1761586.59000000
0.384812881843
Long
EC
CORP
CA
N
2
N
N
N
Vasta Platform Ltd
N/A
Vasta Platform Ltd
000000000
149284.00000000
NS
USD
2146703.92000000
0.468940514538
Long
EC
CORP
BR
N
1
N
N
Petrobras Distribuidora SA
549300U7VLJ3SYVNY689
Petrobras Distribuidora SA
000000000
1501897.00000000
NS
6409565.18000000
1.400148742207
Long
EC
CORP
BR
N
2
N
N
N
Porto Seguro SA
N/A
Porto Seguro SA
000000000
294100.00000000
NS
2589782.87000000
0.565729675288
Long
EC
CORP
BR
N
2
N
N
N
EDP - Energias do Brasil SA
N/A
EDP - Energias do Brasil SA
000000000
1014268.00000000
NS
3579616.75000000
0.781955678637
Long
EC
CORP
BR
N
2
N
N
N
Concentradora Fibra Danhos SA
N/A
Concentradora Fibra Danhos SA de CV
000000000
2693700.00000000
NS
3241796.14000000
0.708159861151
Long
EC
CORP
MX
N
2
N
N
Magazine Luiza SA
N/A
Magazine Luiza SA
000000000
3615296.00000000
NS
16598354.26000000
3.625856698105
Long
EC
CORP
BR
N
2
N
N
N
RAPPI INC SER E CVT PFD PP
N/A
RAPPI INC SER E CVT PFD PP
000000000
61675.00000000
NS
USD
3684837.02000000
0.804940705633
Long
EP
CORP
US
Y
3
N
N
N
CPFL Energia SA
529900GBWSBDXN8GGM28
CPFL Energia SA
000000000
558565.00000000
NS
3174940.87000000
0.693555544077
Long
EC
CORP
BR
N
2
N
N
N
Locaweb Servicos de Internet S
N/A
Locaweb Servicos de Internet SA
000000000
158874.00000000
NS
2990829.04000000
0.653336911461
Long
EC
CORP
BR
N
2
N
N
N
Banco BTG Pactual SA
ZXLTQRYIK6IJH3R0IK66
Banco BTG Pactual SA
000000000
340800.00000000
NS
5899874.99000000
1.288808571945
Long
EC
CORP
BR
N
2
N
N
N
Banco Santander Chile
3YJP8HORPAEXJ80D6368
Banco Santander Chile
05965X109
615679.00000000
NS
USD
12430559.01000000
2.715415332243
Long
EC
CORP
CL
N
1
N
N
N
Despegar.com Corp
N/A
Despegar.com Corp
000000000
121960.00000000
NS
USD
1236674.40000000
0.270147515011
Long
EC
CORP
AR
N
1
N
N
N
T. ROWE PRICE GOVERNMENT RESERVE FUND
5493002Y0IYARJVQ5N24
T. ROWE PRICE GOVERNMENT RESERVE FUND
76105Y109
13996887.40000000
NS
USD
13996887.40000000
3.057574693066
Long
STIV
RF
US
N
1
N
N
N
Parque Arauco SA
2549001WW2PV1Y0UEU97
Parque Arauco SA
000000000
1749634.00000000
NS
2563226.95000000
0.559928620623
Long
EC
CORP
CL
N
2
N
N
N
2021-03-26
T. ROWE PRICE INTERNATIONAL FUNDS, INC.
Alan S. Dupski
Alan S. Dupski
Treasurer & Vice President
XXXX
NPORT-EX
2
70C5TRPLatinAmericaFd.htm
T.
ROWE
PRICE
Latin
America
Fund
January
31,
2021
(Unaudited)
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA
7.3%
Common
Stocks
7.3%
Arcos
Dorados
Holdings,
Class
A
(USD)
404,917
2,000
Despegar.com
(USD)
(1)
121,960
1,237
Globant
(USD)
(1)
46,800
8,985
MercadoLibre
(USD)
(1)
8,500
15,126
Tenaris
,
ADR
(USD)
(2)
401,400
6,206
Total
Argentina
(Cost
$15,194
)
33,554
BRAZIL
61.6%
Common
Stocks
44.6%
Ambev
,
ADR
(USD)
4,628,100
12,912
B3
2,752,040
30,119
Banco
BTG
Pactual
340,800
5,900
Boa
Vista
Servicos
1,828,180
3,194
BR
Malls
Participacoes
(1)
2,075,780
3,627
BRF
(1)
1,628,400
6,345
CCR
2,518,300
5,574
CPFL
Energia
558,565
3,175
EDP
-
Energias
Do
Brasil
1,014,268
3,579
Ez
Tec
Empreendimentos
e
Participacoes
442,100
2,964
Grupo
SBF
(1)
1,021,700
4,756
Iguatemi
Empresa
de
Shopping
Centers
284,900
1,795
Locaweb
Servicos
de
Internet
158,874
2,991
Lojas
Renner
1,621,986
12,344
Magazine
Luiza
3,615,296
16,598
Pagseguro
Digital,
Class
A
(USD)
(1)
118,252
5,788
Petrobras
Distribuidora
1,501,897
6,409
Petroleo
Brasileiro
,
ADR
(USD)
2,314,203
23,258
Porto
Seguro
294,100
2,590
Raia
Drogasil
3,314,900
15,086
Rede
D'Or
Sao
Luiz
109,171
1,303
StoneCo
,
Class
A
(USD)
(1)
149,343
10,738
Suzano
(1)
837,113
9,477
TIM,
ADR
(USD)
(2)
452,400
5,447
Vasta
Platform
(USD)
(1)(2)
149,284
2,147
XP,
Class
A
(USD)
(1)
132,421
5,779
203,895
Preferred
Stocks
17.0%
Banco
Bradesco
(3)
7,208,634
32,477
Itau
Unibanco
Holding
(3)
7,927,334
41,104
T.
ROWE
PRICE
Latin
America
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
Marcopolo
(3)
8,166,696
4,344
77,925
Total
Brazil
(Cost
$179,975
)
281,820
CANADA
0.4%
Common
Stocks
0.4%
ERO
Copper
(1)
120,655
1,761
Total
Canada
(Cost
$1,725
)
1,761
CHILE
4.3%
Common
Stocks
4.3%
Banco
Santander
Chile,
ADR
(USD)
615,679
12,430
Falabella
1,370,343
4,690
Parque
Arauco
1,749,634
2,563
Total
Chile
(Cost
$18,862
)
19,683
COLOMBIA
0.6%
Common
Stocks
0.6%
Grupo
Aval
Acciones
y
Valores
,
ADR
(USD)
(2)
451,000
2,891
Total
Colombia
(Cost
$3,837
)
2,891
MEXICO
15.5%
Common
Stocks
15.5%
Arca
Continental
1,393,100
6,341
Concentradora
Fibra
Danhos
(2)
2,693,700
3,242
Fresnillo
(GBP)
182,825
2,464
Grupo
Aeroportuario
del
Sureste
,
ADR
(USD)
(1)
101,500
15,906
Grupo
Mexico,
Series
B
2,446,600
10,559
Orbia
Advance
2,971,889
6,353
Regional
(1)
1,067,700
4,385
Wal-Mart
de
Mexico
7,695,188
21,915
Total
Mexico
(Cost
$56,145
)
71,165
T.
ROWE
PRICE
Latin
America
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
PANAMA
0.6%
Common
Stocks
0.6%
Copa
Holdings,
Class
A
(USD)
33,900
2,623
Total
Panama
(Cost
$2,396
)
2,623
PERU
5.0%
Common
Stocks
5.0%
Alicorp
1,028,560
2,319
Credicorp
(USD)
103,100
15,499
InRetail
Peru
(USD)
123,058
5,168
Total
Peru
(Cost
$11,048
)
22,986
UNITED
STATES
1.5%
Common
Stocks
0.7%
Patria
Investments,
Class
A
(1)
174,200
3,109
3,109
Convertible
Preferred
Stocks
0.8%
Rappi
,
Series
E,
Acquisition
Date:
9/8/20,
Cost
$3,685
(1)(4)(5)
61,675
3,685
3,685
Total
United
States
(Cost
$6,646
)
6,794
SHORT-TERM
INVESTMENTS
3.1%
Money
Market
Funds
3.1%
T.
Rowe
Price
Government
Reserve
Fund,
0.07%
(6)(7)
13,997,711
13,998
Total
Short-Term
Investments
(Cost
$13,998)
13,998
T.
ROWE
PRICE
Latin
America
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
SECURITIES
LENDING
COLLATERAL
0.6%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.6%
Short-Term
Funds
0.6%
T.
Rowe
Price
Short-Term
Fund,
0.13%
(6)(7)
293,282
2,933
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
2,933
Total
Securities
Lending
Collateral
(Cost
$2,933)
2,933
Total
Investments
in
Securities
100.5%
(Cost
$312,759)
$
460,208
Other
Assets
Less
Liabilities
(0.5)%
(2,435)
Net
Assets
100.0%
$
457,773
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Shares
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
(1)
Non-income
producing
(2)
All
or
a
portion
of
this
security
is
on
loan
at
January
31,
2021.
(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)
Level
3
in
fair
value
hierarchy.
(5)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
has
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$3,685
and
represents
0.8%
of
net
assets.
(6)
Seven-day
yield
(7)
Affiliated
Companies
ADR
American
Depositary
Receipts
GBP
British
Pound
USD
U.S.
Dollar
T.
ROWE
PRICE
Latin
America
Fund
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,
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
T.
Rowe
Price
Government
Reserve
Fund,
0.07%
$
—
$
—
$
2
T.
Rowe
Price
Short-Term
Fund,
0.13%
—
—
—++
Totals
$
—#
$
—
$
2+
`0.00
`0.00
`0.00
Supplementary
Investment
Schedule
Affiliate
Value
10/31/20
Purchase
Cost
Sales
Cost
Value
01/31/21
T.
Rowe
Price
Government
Reserve
Fund,
0.07%
$
9,333
¤
¤
$
13,998
T.
Rowe
Price
Short-Term
Fund,
0.13%
5,015
¤
¤
2,933
Total
$
16,931^
#
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
$2
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
$16,931.
T.
ROWE
PRICE
Latin
America
Fund
Unaudited
Notes
to
the
Portfolio
of
Investments
T.
Rowe
Price
Latin
America
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
Latin
America
Fund
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
foreign
securities
and
baskets
of
foreign
securities. The
fund
uses
outside
pricing
services
T.
ROWE
PRICE
Latin
America
Fund
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
Latin
America
Fund
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):
F97-054Q1
01/21
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
152,081
$
209,586
$
—
$
361,667
Convertible
Preferred
Stocks
—
—
3,685
3,685
Preferred
Stocks
—
77,925
—
77,925
Short-Term
Investments
13,998
—
—
13,998
Securities
Lending
Collateral
2,933
—
—
2,933
Total
$
169,012
$
287,511
$
3,685
$
460,208