0001752724-22-072236.txt : 20220325
0001752724-22-072236.hdr.sgml : 20220325
20220325122224
ACCESSION NUMBER: 0001752724-22-072236
CONFORMED SUBMISSION TYPE: NPORT-P
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20220131
FILED AS OF DATE: 20220325
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: 22769488
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
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T. Rowe Price European Stock Fund
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T. Rowe Price European Stock Fund
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T. Rowe Price European Stock Fund-I Class
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T. Rowe Price European Stock Fund-Z Class
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0000313212
549300O4BT3AMY6OUC26
100 East Pratt Street
Baltimore
21202
410-345-2000
T. Rowe Price European Stock Fund
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Mayr Melnhof Karton AG
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Greggs PLC
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Cellnex Telecom SA
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ASML Holding NV
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FinecoBank Banca Fineco SpA
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Barry Callebaut AG
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Barry Callebaut AG
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Bridgepoint Group PLC
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Bridgepoint Group PLC
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Partners Group Holding AG
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Symrise AG
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Symrise AG
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EC
CORP
DE
N
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N
N
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Dechra Pharmaceuticals PLC
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Dechra Pharmaceuticals PLC
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12524296.87000000
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CORP
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N
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N
N
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InterContinental Hotels Group
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InterContinental Hotels Group PLC
000000000
278056.00000000
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18372122.09000000
1.491205083809
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EC
CORP
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N
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N
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Valmet Oyj
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Valmet Oyj
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13321459.62000000
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EC
CORP
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N
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ROCKWOOL International A/S
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ROCKWOOL International A/S
000000000
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EC
CORP
DK
N
2
N
N
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Evotec SE
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Evotec SE
000000000
226972.00000000
NS
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EC
CORP
DE
N
2
N
N
N
Amadeus IT Group SA
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Amadeus IT Group SA
000000000
359488.00000000
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24718477.05000000
2.006317966994
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EC
CORP
ES
N
2
N
N
N
Deutsche Telekom AG
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Deutsche Telekom AG
000000000
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CORP
DE
N
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Airbus SE
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Airbus SE
000000000
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30028839.14000000
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EC
CORP
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N
2
N
N
N
Great Portland Estates PLC
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Great Portland Estates PLC
000000000
1284682.00000000
NS
13310528.93000000
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EC
CORP
GB
N
2
N
N
N
AstraZeneca PLC
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AstraZeneca PLC
000000000
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34925396.44000000
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EC
CORP
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N
2
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N
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London Stock Exchange Group PL
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London Stock Exchange Group PLC
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National Grid PLC
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National Grid PLC
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Koninklijke DSM NV
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Koninklijke DSM NV
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CORP
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Thales SA
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Thales SA
000000000
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EC
CORP
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N
N
Ascential PLC
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Ascential PLC
000000000
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NS
12745970.60000000
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Long
EC
CORP
GB
N
2
N
N
N
Topdanmark AS
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Topdanmark AS
000000000
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NS
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EC
CORP
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N
2
N
N
N
ING Groep NV
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ING Groep NV
000000000
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NS
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1.635845088908
Long
EC
CORP
NL
N
2
N
N
N
Julius Baer Group Ltd
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Julius Baer Group Ltd
000000000
303810.00000000
NS
19853889.47000000
1.611475297519
Long
EC
CORP
CH
N
2
N
N
N
Iberdrola SA
5QK37QC7NWOJ8D7WVQ45
Iberdrola SA
000000000
1801838.00000000
NS
20658191.53000000
1.676757866126
Long
EC
CORP
ES
N
2
N
N
N
Stora Enso Oyj
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Stora Enso Oyj
000000000
731664.00000000
NS
14894516.66000000
1.208939220818
Long
EC
CORP
FI
N
2
N
N
N
Banca Mediolanum SpA
7LVZJ6XRIE7VNZ4UBX81
Banca Mediolanum SpA
000000000
1302582.00000000
NS
12662282.86000000
1.027756101389
Long
EC
CORP
IT
N
2
N
N
N
Fluidra SA
95980020140005026620
Fluidra SA
000000000
362935.00000000
NS
11556616.59000000
0.938012785143
Long
EC
CORP
ES
N
2
N
N
N
Knorr-Bremse AG
5299001GRRO0Z25YZT52
Knorr-Bremse AG
000000000
108398.00000000
NS
10990438.41000000
0.892057953349
Long
EC
CORP
DE
N
2
N
N
N
PRADA SpA
8156000FE0A2DC5B7852
PRADA SpA
000000000
2613400.00000000
NS
15980549.67000000
1.297088969539
Long
EC
CORP
IT
N
2
N
N
N
Roche Holding AG
549300U41AUUVOAAOB37
Roche Holding AG
000000000
117463.00000000
NS
45458108.40000000
3.689686037049
Long
EC
CORP
CH
N
2
N
N
N
Verallia SA
5299007YZU978DE0ZY32
Verallia SA
000000000
369608.00000000
NS
11592709.36000000
0.940942317282
Long
EC
CORP
FR
N
2
N
N
N
Zalando SE
529900YRFFGH5AXU4S86
Zalando SE
000000000
277237.00000000
NS
22003712.19000000
1.785969379022
Long
EC
CORP
DE
N
2
N
N
N
EssilorLuxottica SA
549300M3VH1A3ER1TB49
EssilorLuxottica SA
000000000
108245.00000000
NS
20478373.94000000
1.662162660245
Long
EC
CORP
FR
N
2
N
N
N
Lonza Group AG
549300EFW4H2TCZ71055
Lonza Group AG
000000000
30670.00000000
NS
21145182.16000000
1.716285303385
Long
EC
CORP
CH
N
2
N
N
N
Prysmian SpA
529900X0H1IO3RS1A464
Prysmian SpA
000000000
352809.00000000
NS
11897257.47000000
0.965661491674
Long
EC
CORP
IT
N
2
N
N
N
Swedbank AB
M312WZV08Y7LYUC71685
Swedbank AB
000000000
1051026.00000000
NS
20577206.97000000
1.670184614163
Long
EC
CORP
SE
N
2
N
N
N
Sampo Oyj
743700UF3RL386WIDA22
Sampo Oyj
000000000
375392.00000000
NS
18631769.55000000
1.512279819240
Long
EC
CORP
FI
N
2
N
N
N
Smith & Nephew PLC
213800ZTMDN8S67S1H61
Smith & Nephew PLC
000000000
1029710.00000000
NS
17512255.50000000
1.421412523966
Long
EC
CORP
GB
N
2
N
N
N
Siemens AG
W38RGI023J3WT1HWRP32
Siemens AG
000000000
212111.00000000
NS
33677117.31000000
2.733461507315
Long
EC
CORP
DE
N
2
N
N
N
De' Longhi SpA
8156000E09A52C4F8A38
De' Longhi SpA
000000000
330325.00000000
NS
11383502.58000000
0.923961686935
Long
EC
CORP
IT
N
2
N
N
N
Scout24 SE
5493007EIKM2ENQS7U66
Scout24 SE
000000000
193055.00000000
NS
11533967.42000000
0.936174426064
Long
EC
CORP
DE
N
2
N
N
N
Ashtead Group PLC
2138007UTBN8X9K1A235
Ashtead Group PLC
000000000
332136.00000000
NS
23757029.09000000
1.928280379461
Long
EC
CORP
GB
N
2
N
N
N
Zurich Insurance Group AG
529900QVNRBND50TXP03
Zurich Insurance Group AG
000000000
62016.00000000
NS
29662772.59000000
2.407630270983
Long
EC
CORP
CH
N
2
N
N
N
adidas AG
549300JSX0Z4CW0V5023
adidas AG
000000000
57837.00000000
NS
15871474.68000000
1.288235709213
Long
EC
CORP
DE
N
2
N
N
N
Segro PLC
213800XC35KGM9NFC641
Segro PLC
000000000
703707.00000000
NS
12406191.24000000
1.006969981865
Long
EC
CORP
GB
N
2
N
N
N
KION Group AG
5299005KY91C4C6U9H17
KION Group AG
000000000
54964.00000000
NS
5081600.41000000
0.412456891379
Long
EC
CORP
DE
N
2
N
N
N
Assa Abloy AB
549300YECS8HKCIMMB67
Assa Abloy AB
000000000
597861.00000000
NS
16370696.58000000
1.328755918668
Long
EC
CORP
SE
N
2
N
N
N
Aedas Homes SA
9598005H67MP8U20RW81
Aedas Homes SA
000000000
342689.00000000
NS
9331721.09000000
0.757425291533
Long
EC
CORP
ES
N
2
N
N
N
T. ROWE PRICE GOVERNMENT RESERVE FUND
5493002Y0IYARJVQ5N24
T. ROWE PRICE GOVERNMENT RESERVE FUND
76105Y109
12069481.69000000
NS
USD
12069481.69000000
0.979640368537
Long
STIV
RF
US
N
1
N
N
Davide Campari-Milano NV
213800ED5AN2J56N6Z02
Davide Campari-Milano NV
000000000
1269405.00000000
NS
15937754.92000000
1.293615459596
Long
EC
CORP
IT
N
2
N
N
N
Husqvarna AB
549300GYQIIJ3UXB7655
Husqvarna AB
000000000
929334.00000000
NS
12921428.18000000
1.048790079757
Long
EC
CORP
SE
N
2
N
N
N
Teleperformance
9695004GI61FHFFNRG61
Teleperformance
000000000
45772.00000000
NS
17237235.59000000
1.399090057028
Long
EC
CORP
FR
N
2
N
N
N
Kering SA
549300VGEJKB7SVUZR78
Kering SA
000000000
26661.00000000
NS
19909503.96000000
1.615989343845
Long
EC
CORP
FR
N
2
N
N
N
Howden Joinery Group PLC
213800KC1LJOJTY3JP45
Howden Joinery Group PLC
000000000
1198328.00000000
NS
13220484.30000000
1.073063487277
Long
EC
CORP
GB
N
2
N
N
N
Ferrari NV
549300RIVY5EX8RCON76
Ferrari NV
000000000
76518.00000000
NS
17635305.71000000
1.431400107209
Long
EC
CORP
IT
N
2
N
N
N
Epiroc AB
5493004Q73OEYW1SPE91
Epiroc AB
000000000
834393.00000000
NS
17805222.81000000
1.445191722685
Long
EC
CORP
SE
N
2
N
N
N
Infineon Technologies AG
TSI2PJM6EPETEQ4X1U25
Infineon Technologies AG
000000000
421659.00000000
NS
17510551.88000000
1.421274246700
Long
EC
CORP
DE
N
2
N
N
N
Jeronimo Martins SGPS SA
259400A8SZP10GB5IB19
Jeronimo Martins SGPS SA
000000000
861118.00000000
NS
20693564.87000000
1.679629004483
Long
EC
CORP
PT
N
2
N
N
N
Mondi PLC
213800LOZA69QFDC9N34
Mondi PLC
000000000
563354.00000000
NS
14094662.15000000
1.144017645304
Long
EC
CORP
GB
N
2
N
N
N
2022-03-24
T. ROWE PRICE INTERNATIONAL FUNDS, INC.
Alan S. Dupski
Alan S. Dupski
Treasurer & Vice President
XXXX
NPORT-EX
2
7040TRP013122.htm
T.
ROWE
PRICE
European
Stock
Fund
January
31,
2022
(Unaudited)
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
AUSTRIA
2.1%
Common
Stocks
2.1%
BAWAG
Group
290,308
17,423
Mayr
Melnhof
Karton
44,633
8,683
Total
Austria
(Cost
$21,232
)
26,106
DENMARK
2.4%
Common
Stocks
2.4%
ROCKWOOL
International,
B
Shares
43,088
16,503
Topdanmark
232,825
13,316
Total
Denmark
(Cost
$24,982
)
29,819
FINLAND
3.8%
Common
Stocks
3.8%
Sampo,
Class
A
375,392
18,632
Stora
Enso,
Class
R
731,664
14,895
Valmet
348,781
13,321
Total
Finland
(Cost
$33,378
)
46,848
FRANCE
12.7%
Common
Stocks
12.7%
Airbus (1)
235,164
30,029
Edenred
405,940
17,436
EssilorLuxottica
108,245
20,478
Kering
26,661
19,910
Sanofi
253,499
26,506
Teleperformance
45,772
17,237
Thales
140,611
12,971
Verallia
369,608
11,593
Total
France
(Cost
$143,315
)
156,160
GERMANY
12.9%
Common
Stocks
12.9%
adidas
57,837
15,871
Deutsche
Telekom
1,048,410
19,793
Evotec (1)
226,972
9,184
Infineon
Technologies
421,659
17,511
T.
ROWE
PRICE
European
Stock
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
KION
Group
18,774
1,736
Knorr-Bremse
108,398
10,990
Scout24
193,055
11,534
Siemens
212,111
33,677
Symrise
140,476
16,787
Zalando (1)
277,237
22,004
Total
Germany
(Cost
$133,599
)
159,087
ITALY
8.0%
Common
Stocks
8.0%
Banca
Mediolanum
1,302,582
12,662
Davide
Campari-Milano
1,269,405
15,938
De'
Longhi
330,325
11,383
Ferrari
76,518
17,635
FinecoBank
Banca
Fineco
753,360
12,666
PRADA
2,613,400
15,981
Prysmian
352,809
11,897
Total
Italy
(Cost
$77,507
)
98,162
NETHERLANDS
8.9%
Common
Stocks
8.9%
Akzo
Nobel
198,735
20,571
ASML
Holding
72,613
49,180
ING
Groep
1,362,769
20,154
Koninklijke
DSM
106,175
19,904
Total
Netherlands
(Cost
$66,467
)
109,809
PORTUGAL
1.7%
Common
Stocks
1.7%
Jeronimo
Martins
861,118
20,694
Total
Portugal
(Cost
$14,696
)
20,694
SPAIN
7.0%
Common
Stocks
7.0%
Aedas
Homes
342,689
9,332
Amadeus
IT
Group,
Class
A (1)
359,488
24,718
Cellnex
Telecom
444,016
20,134
Fluidra
362,935
11,557
T.
ROWE
PRICE
European
Stock
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
Iberdrola
1,801,838
20,658
Total
Spain
(Cost
$73,936
)
86,399
SWEDEN
5.5%
Common
Stocks
5.5%
Assa
Abloy,
Class
B
614,850
16,836
Epiroc,
Class
A
834,393
17,805
Husqvarna,
B
Shares
929,334
12,922
Swedbank,
Class
A
1,051,026
20,577
Total
Sweden
(Cost
$46,161
)
68,140
SWITZERLAND
13.3%
Common
Stocks
13.3%
Alcon
258,922
19,965
Barry
Callebaut
6,699
15,378
Julius
Baer
Group
303,810
19,854
Lonza
Group
30,670
21,145
Partners
Group
Holding
8,616
12,013
Roche
Holding
117,463
45,458
Zurich
Insurance
Group
62,016
29,663
Total
Switzerland
(Cost
$119,270
)
163,476
UNITED
KINGDOM
20.6%
Common
Stocks
20.6%
Ascential (1)
2,668,152
12,746
Ashtead
Group
345,459
24,710
AstraZeneca
300,232
34,925
Bridgepoint
Group (1)
1,259,146
6,554
Dechra
Pharmaceuticals
222,975
12,524
Experian
395,378
16,514
Great
Portland
Estates
1,284,682
13,311
Greggs
308,663
11,194
Howden
Joinery
Group
1,198,328
13,220
InterContinental
Hotels
Group (1)
278,056
18,372
London
Stock
Exchange
Group
222,194
21,756
Mondi
563,354
14,095
National
Grid
1,285,298
18,808
Segro
703,707
12,406
Smith
&
Nephew
1,029,710
17,512
Trainline (1)
1,616,448
4,894
Total
United
Kingdom
(Cost
$214,526
)
253,541
T.
ROWE
PRICE
European
Stock
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
SHORT-TERM
INVESTMENTS
1.0%
Money
Market
Funds
1.0%
T.
Rowe
Price
Government
Reserve
Fund,
0.09% (2)(3)
12,069,830
12,070
Total
Short-Term
Investments
(Cost
$12,070)
12,070
Total
Investments
in
Securities
99.9%
(Cost
$981,139)
$
1,230,311
Other
Assets
Less
Liabilities
0.1%
1,596
Net
Assets
100.0%
$
1,231,907
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Shares
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Seven-day
yield
(3)
Affiliated
Companies
T.
ROWE
PRICE
European
Stock
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,
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,
0.09%
$
—
#
$
—
$
1
+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/21
Purchase
Cost
Sales
Cost
Value
01/31/22
T.
Rowe
Price
Government
Reserve
Fund,
0.09%
$
22,347
¤
¤
$
12,070
^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$1
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
$12,070.
T.
ROWE
PRICE
European
Stock
Fund
Unaudited
Notes
to
Portfolio
of
Investments
T.
Rowe
Price
European
Stock
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
European
Stock
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
European
Stock
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
European
Stock
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,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
SUBSEQUENT
EVENT
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result,
Russia’s
central
bank
closed
the
country’s
stock
market
on
February
28,
2022,
and
Russian-related
stocks
and
debt
and
the
Russian
ruble
have
since
suffered
significant
declines
in
value.
In
addition,
this
armed
conflict
and
the
related
sanctions
may
cause
significant
disruptions
to
global
business
activity
and
volatility
in
global
financial
markets.
The
duration
of
the
conflict
and
related
economic
sanctions
and
their
effects
on
the
financial
markets
cannot
be
determined
with
certainty.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
such
events.
Management
is
actively
monitoring
these
events.
F79-054Q1
01/22
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
—
$
1,218,241
$
—
$
1,218,241
Short-Term
Investments
12,070
—
—
12,070
Total
$
12,070
$
1,218,241
$
—
$
1,230,311