0001752724-22-214287.txt : 20220923
0001752724-22-214287.hdr.sgml : 20220923
20220923142522
ACCESSION NUMBER: 0001752724-22-214287
CONFORMED SUBMISSION TYPE: NPORT-P
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20220729
FILED AS OF DATE: 20220923
DATE AS OF CHANGE: 20220923
PERIOD START: 20221031
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: 221261937
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
S000066812
T. Rowe Price China Evolution Equity Fund
C000215155
T. Rowe Price China Evolution Equity Fund
TCELX
C000215156
T. Rowe Price China Evolution Equity Fund-I Class
TRCLX
NPORT-P
1
primary_doc.xml
NPORT-P
false
0000313212
XXXXXXXX
S000066812
C000215155
C000215156
T. ROWE PRICE INTERNATIONAL FUNDS, INC.
811-02958
0000313212
549300O4BT3AMY6OUC26
100 East Pratt Street
Baltimore
21202
410-345-2000
T. Rowe Price China Evolution Equity Fund
S000066812
549300A05CCR72T01B88
2022-10-31
2022-07-29
N
70583293.16
189572.07
70393721.09
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
2008112.55000000
N
FOCUS MEDIA INFORMATION TECHNOLOGY CO LTD
300300V7WGZW0LZKTD06
FOCUS MEDIA INFORMATION TECHNOLOGY CO LTD
000000000
2045180.00000000
NS
1797409.94000000
2.553366851713
Long
EC
CORP
CN
N
2
N
N
N
Chroma ATE Inc
N/A
Chroma ATE Inc
000000000
154000.00000000
NS
889130.79000000
1.263082525305
Long
EC
CORP
TW
N
2
N
N
N
BAFANG ELECTRIC SUZHOU CO LTD
N/A
BAFANG ELECTRIC SUZHOU CO LTD
000000000
39258.00000000
NS
1021316.59000000
1.450863193741
Long
EC
CORP
CN
N
2
N
N
N
Qingdao Haier Biomedical Co Lt
65560007PZ5ME4672K78
Qingdao Haier Biomedical Co Ltd
000000000
175984.00000000
NS
1817661.51000000
2.582135852253
Long
EC
CORP
CN
N
2
N
N
N
SHENZHEN INOVANCE TECHNOLOGY CO LTD
N/A
SHENZHEN INOVANCE TECHNOLOGY CO LTD
000000000
23900.00000000
NS
234794.90000000
0.333545231541
Long
EC
CORP
CN
N
2
N
N
N
HONGFA TECHNOLOGY CO LTD
N/A
HONGFA TECHNOLOGY CO LTD
000000000
289947.00000000
NS
1769994.50000000
2.514420991805
Long
EC
CORP
CN
N
2
N
N
N
China Resources Mixc Lifestyle
N/A
China Resources Mixc Lifestyle Services Ltd
000000000
635830.00000000
NS
2693876.61000000
3.826870590568
Long
EC
CORP
CN
N
2
N
N
N
Oppein Home Group Inc
6556007044PK3S44WF71
Oppein Home Group Inc
000000000
47600.00000000
NS
851344.39000000
1.209403874120
Long
EC
CORP
CN
N
2
N
N
N
KE Holdings Inc
254900RHVY072XPAZE03
KE Holdings Inc
482497104
115689.00000000
NS
USD
1632371.79000000
2.318916750988
Long
EC
CORP
CN
N
1
N
N
N
FUYAO GLASS INDUSTRY GROUP CO LTD
549300AS5CSLWETN0P64
FUYAO GLASS INDUSTRY GROUP CO LTD
000000000
292244.00000000
NS
1779916.00000000
2.528515288635
Long
EC
CORP
CN
N
2
N
N
N
ZTO Express Cayman Inc
549300SCJPK3YZJTJR78
ZTO Express Cayman Inc
000000000
76550.00000000
NS
1957046.51000000
2.780143569194
Long
EC
CORP
CN
N
2
N
N
N
YANTAI JEREH OILFIELD SERVICES GROUP CO LTD
300300QPHWK638H2EU20
YANTAI JEREH OILFIELD SERVICES GROUP CO LTD
000000000
217100.00000000
NS
1158379.19000000
1.645571752797
Long
EC
CORP
CN
N
2
N
N
N
Li Ning Co Ltd
529900T77L2FV3FZ3U81
Li Ning Co Ltd
000000000
230000.00000000
NS
1865675.53000000
2.650343668598
Long
EC
CORP
CN
N
2
N
N
N
NARI TECHNOLOGY DEVELOPMENT CO
N/A
NARI TECHNOLOGY CO LTD
000000000
536204.00000000
NS
2327162.66000000
3.305923630638
Long
EC
CORP
CN
N
2
N
N
N
Hichain Logistics Co Ltd
N/A
Hichain Logistics Co Ltd
000000000
174440.00000000
NS
636704.92000000
0.904491068437
Long
EC
CORP
CN
N
2
N
N
N
Li Auto Inc
2549003R73Q70J5H4I65
Li Auto Inc
000000000
104900.00000000
NS
1693900.75000000
2.406323637635
Long
EC
CORP
CN
N
2
N
N
N
Tsingtao Brewery Co Ltd
300300OJ7D0Q1ESE8L15
Tsingtao Brewery Co Ltd
000000000
224000.00000000
NS
2188053.68000000
3.108308022533
Long
EC
CORP
CN
N
2
N
N
N
SHUANGHUAN DR.
N/A
Zhejiang Shuanghuan Driveline Co Ltd
000000000
455600.00000000
NS
2677781.58000000
3.804006292800
Long
EC
CORP
CN
N
2
N
N
N
SHANDONG PHARMACEUTICAL GLASS CO LTD
N/A
SHANDONG PHARMACEUTICAL GLASS CO LTD
000000000
258700.00000000
NS
1007845.26000000
1.431726074988
Long
EC
CORP
CN
N
2
N
N
N
ZHEJIANG HANGKE TECHNOLOGY INC CO
N/A
ZHEJIANG HANGKE TECHNOLOGY INC CO
000000000
70290.00000000
NS
781328.55000000
1.109940684910
Long
EC
CORP
CN
N
2
N
N
N
SUNNY OPTICAL
3003004QIVP0DFVVWM94
Sunny Optical Technology Group Co Ltd
000000000
16900.00000000
NS
228633.40000000
0.324792320195
Long
EC
CORP
CN
N
2
N
N
N
TINGYI
5299009MPI9B60VN4P25
Tingyi Cayman Islands Holding Corp
000000000
946000.00000000
NS
1557293.81000000
2.212262380630
Long
EC
CORP
CN
N
2
N
N
N
Warom Technology Inc Co
N/A
Warom Technology Inc Co
000000000
498010.00000000
NS
1844862.67000000
2.620777310012
Long
EC
CORP
CN
N
2
N
N
N
T. ROWE PRICE GOVERNMENT RESERVE FUND
5493002Y0IYARJVQ5N24
T. ROWE PRICE GOVERNMENT RESERVE FUND
76105Y109
4053136.77000000
NS
USD
4053136.77000000
5.757810081978
Long
STIV
RF
US
N
1
N
N
N
CG SERVICES
549300P2JRKENZSEBB42
Country Garden Services Holdings Co Ltd
000000000
675000.00000000
NS
1505280.28000000
2.138372935386
Long
EC
CORP
CN
N
2
N
N
N
Haier Smart Home Co Ltd
3003002BYTNGNJTWSH07
Haier Smart Home Co Ltd
000000000
572200.00000000
NS
1831332.44000000
2.601556519023
Long
EC
CORP
CN
N
2
N
N
N
Kanzhun Ltd
254900F4ZCBITP7L0251
Kanzhun Ltd
48553T106
232149.00000000
NS
USD
5457822.99000000
7.753280982293
Long
EC
CORP
CN
N
1
N
N
N
ZHONGJI INNOLIGHT CO LTD
655600K7YZDKAI214O83
ZHONGJI INNOLIGHT CO LTD
000000000
271419.00000000
NS
1322860.02000000
1.879230135183
Long
EC
CORP
CN
N
2
N
N
N
Yangzijiang Shipbuilding Holdi
254900Z3JEM14YIGLM66
Yangzijiang Shipbuilding Holdings Ltd
000000000
3303500.00000000
NS
2227238.09000000
3.163972660505
Long
EC
CORP
CN
N
2
N
N
N
China Resources Land Ltd
5299001HL0TU7X15HK51
China Resources Land Ltd
000000000
438000.00000000
NS
1829211.28000000
2.598543238908
Long
EC
CORP
HK
N
2
N
N
N
WANHUA CHEMICAL GROUP CO LTD
3003002H0G2KDG6CR124
WANHUA CHEMICAL GROUP CO LTD
000000000
79576.00000000
NS
990451.00000000
1.407016115448
Long
EC
CORP
CN
N
2
N
N
N
H World Group Ltd
549300Y5ML31FVN83730
H World Group Ltd
000000000
682500.00000000
NS
2676590.89000000
3.802314820916
Long
EC
CORP
CN
N
2
N
N
N
JASON FURNITURE HANGZHOU CO LT
N/A
Jason Furniture Hangzhou Co Ltd
000000000
281957.30000000
NS
1935601.90000000
2.749679758405
Long
EC
CORP
CN
N
2
N
N
N
BOE Varitronix Ltd
529900SG21VXEZYNQO29
BOE Varitronix Ltd
000000000
397000.00000000
NS
922970.82000000
1.311155037279
Long
EC
CORP
HK
N
2
N
N
N
WEIGAO GROUP
5299005WQUU15JQU8S60
Shandong Weigao Group Medical Polymer Co Ltd
000000000
1233600.00000000
NS
1543061.94000000
2.192044853016
Long
EC
CORP
CN
N
2
N
N
N
Sino Biopharmaceutical Ltd
529900LPR4ADFEJAR786
Sino Biopharmaceutical Ltd
000000000
2095500.00000000
NS
1214851.34000000
1.725795029995
Long
EC
CORP
HK
N
2
N
N
N
China Resources Gas Group Ltd
529900A0E1J5JSOKEK83
China Resources Gas Group Ltd
000000000
482100.00000000
NS
2023100.26000000
2.873978287656
Long
EC
CORP
HK
N
2
N
N
N
Yum China Holdings Inc
529900DO9BYZ7VA3K502
Yum China Holdings Inc
98850P109
22800.00000000
NS
USD
1110588.00000000
1.577680484570
Long
EC
CORP
CN
N
1
N
N
N
SHENZHEN MEGMEET ELECTRICAL CO LTD
N/A
SHENZHEN MEGMEET ELECTRICAL CO LTD
000000000
402680.00000000
NS
1779701.57000000
2.528210673398
Long
EC
CORP
CN
N
2
N
N
N
Impro Precision Industries Ltd
2549009NAG20HWV31U35
Impro Precision Industries Ltd
000000000
212000.00000000
NS
62320.32000000
0.088531077822
Long
EC
CORP
HK
N
2
N
N
N
Wuxi Biologics Cayman Inc
5493001TD2TH6VDTJU11
Wuxi Biologics Cayman Inc
000000000
39500.00000000
NS
378098.65000000
0.537119851238
Long
EC
CORP
CN
N
2
N
N
N
CHINA OILFIELD SERVICES LTD
529900J4X53VL8QQW675
CHINA OILFIELD SERVICES LTD
000000000
519401.00000000
NS
1022201.21000000
1.452119868323
Long
EC
CORP
CN
N
2
N
N
N
2022-09-23
T. ROWE PRICE INTERNATIONAL FUNDS, INC.
Alan S. Dupski
Alan S. Dupski
Treasurer & Vice President
XXXX
NPORT-EX
2
70LYTRP073122.htm
T.
ROWE
PRICE
China
Evolution
Equity
Fund
July
31,
2022
(Unaudited)
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
CHINA
90.6%
Common
Stocks
51.0%
BOE
Varitronix
(HKD)
397,000
923
China
Resources
Gas
Group
(HKD)
482,100
2,023
China
Resources
Land
(HKD)
438,000
1,829
China
Resources
Mixc
Lifestyle
Services
(HKD)
635,830
2,694
Country
Garden
Services
Holdings
(HKD)
675,000
1,505
H
World
Group
(HKD)
682,500
2,677
Haier
Smart
Home,
Class
H
(HKD)
572,200
1,831
Kanzhun,
ADR
(USD) (1)
234,342
5,510
KE
Holdings,
ADR
(USD) (1)
115,689
1,632
Li
Auto,
Class
A
(HKD) (1)
104,900
1,694
Li
Ning
(HKD)
204,000
1,655
Shandong
Weigao
Group
Medical
Polymer,
Class
H
(HKD)
1,233,600
1,543
Sino
Biopharmaceutical
(HKD)
2,095,500
1,215
Sunny
Optical
Technology
Group
(HKD)
16,900
229
Tingyi
Cayman
Islands
Holding
(HKD)
946,000
1,557
Tsingtao
Brewery,
Class
H
(HKD)
224,000
2,188
Wuxi
Biologics
Cayman
(HKD) (1)
39,500
378
Yangzijiang
Shipbuilding
Holdings
(SGD)
3,303,500
2,227
Yum
China
Holdings
(USD)
22,800
1,111
ZTO
Express
Cayman
(HKD)
58,250
1,489
35,910
Common
Stocks
-
China
A
Shares
39.6%
Bafang
Electric
Suzhou,
A
Shares
(CNH)
39,258
1,021
China
Oilfield
Services,
A
Shares
(CNH)
519,401
1,022
Focus
Media
Information
Technology,
A
Shares
(CNH)
2,045,180
1,797
Fuyao
Glass
Industry
Group,
A
Shares
(CNH)
292,244
1,780
Hichain
Logistics,
A
Shares (2)
174,440
637
Hongfa
Technology,
A
Shares
(CNH)
289,947
1,770
Jason
Furniture
Hangzhou,
A
Shares
(CNH)
281,957
1,936
Jiangsu
GoodWe
Power
Supply
Technology,
A
Shares
(CNH)
19,917
1,047
NARI
Technology,
A
Shares
(CNH)
536,204
2,327
Oppein
Home
Group,
A
Shares
(CNH)
47,600
851
Qingdao
Haier
Biomedical,
A
Shares (2)
175,984
1,818
Shandong
Pharmaceutical
Glass,
A
Shares
(CNH)
258,700
1,008
Shenzhen
Inovance
Technology,
A
Shares
(CNH)
23,900
235
Shenzhen
Megmeet
Electrical,
A
Shares
(CNH)
402,680
1,780
Wanhua
Chemical
Group,
A
Shares
(CNH)
79,576
990
Warom
Technology,
A
Shares (2)
498,010
1,845
Yantai
Jereh
Oilfield
Services
Group,
A
Shares
(CNH)
217,100
1,158
YTO
Express
Group,
A
Shares
(CNH)
10,400
30
Zhejiang
HangKe
Technology,
A
Shares
(CNH)
70,290
781
T.
ROWE
PRICE
China
Evolution
Equity
Fund
T.
ROWE
PRICE
China
Evolution
Equity
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
Zhejiang
Shuanghuan
Driveline,
A
Shares (2)
455,600
2,678
Zhongji
Innolight,
A
Shares
(CNH)
271,419
1,323
27,834
Total
China
(Cost
$66,061
)
63,744
HONG
KONG
0.1%
Common
Stocks
0.1%
Impro
Precision
Industries
212,000
62
Total
Hong
Kong
(Cost
$74
)
62
TAIWAN
1.2%
Common
Stocks
1.2%
Chroma
ATE
154,000
889
Total
Taiwan
(Cost
$1,018
)
889
SHORT-TERM
INVESTMENTS
5.8%
Money
Market
Funds
5.8%
T.
Rowe
Price
Government
Reserve
Fund,
2.03% (3)(4)
4,058,931
4,059
Total
Short-Term
Investments
(Cost
$4,059)
4,059
Total
Investments
in
Securities
97.7%
(Cost
$71,212)
$
68,754
Other
Assets
Less
Liabilities
2.3%
1,616
Net
Assets
100.0%
$
70,370
‡
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)
China
A
shares
held
through
the
QFII
are
subject
to
certain
restrictions.
(3)
Seven-day
yield
(4)
Affiliated
Companies
ADR
American
Depositary
Receipts
CNH
Offshore
China
Renminbi
HKD
Hong
Kong
Dollar
SGD
Singapore
Dollar
USD
U.S.
Dollar
T.
ROWE
PRICE
China
Evolution
Equity
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
nine
months
ended
July
31,
2022.
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,
2.03%
$
—
$
—
$
10++
Totals
$
—#
$
—
$
10+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/21
Purchase
Cost
Sales
Cost
Value
07/31/22
T.
Rowe
Price
Government
Reserve
Fund,
2.03%
$
4,110
¤
¤
$
4,059
Total
$
4,059^
#
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
$10
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
$4,059.
T.
ROWE
PRICE
China
Evolution
Equity
Fund
Unaudited
Notes
to
Portfolio
of
Investments
T.
Rowe
Price
China
Evolution
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
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
China
Evolution
Equity
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
China
Evolution
Equity
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
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
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
China
Evolution
Equity
Fund
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
July
31,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
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
a
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
an
impact
on
the
fund’s
performance,
which
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F1228-054Q3
07/22
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
8,253
$
56,442
$
—
$
64,695
Short-Term
Investments
4,059
—
—
4,059
Total
$
12,312
$
56,442
$
—
$
68,754