T.
ROWE
PRICE
Emerging
Markets
Stock
Fund
January
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA
0.6%
Common
Stocks
0.6%
MercadoLibre
(USD) (1)
35,443
41,883
Total
Argentina
(Cost
$33,917
)
41,883
BRAZIL
5.5%
Common
Stocks
5.5%
B3
43,311,659
110,662
Localiza
Rent
a
Car
9,943,191
115,997
Localiza
Rent
a
Car,
Right,
2/3/23 (1)
44,671
154
Raia
Drogasil
21,141,113
103,700
WEG
5,721,768
43,204
Total
Brazil
(Cost
$295,082
)
373,717
CHILE
0.5%
Common
Stocks
0.5%
Banco
Santander
Chile,
ADR
(USD)
2,087,100
35,293
Total
Chile
(Cost
$31,417
)
35,293
CHINA
37.7%
Common
Stocks
27.0%
Alibaba
Group
Holding
(HKD) (1)
6,724,456
92,452
Alibaba
Group
Holding,
ADR
(USD) (1)
719,294
79,266
China
Overseas
Land
&
Investment
(HKD)
39,910,500
107,769
China
Resources
Mixc
Lifestyle
Services
(HKD)
7,632,200
43,974
ENN
Energy
Holdings
(HKD)
1,837,600
27,687
JD.com,
Class
A
(HKD)
2,160,295
64,146
KE
Holdings,
ADR
(USD) (1)
1,429,000
26,208
Kingdee
International
Software
Group
(HKD) (1)
13,708,000
29,918
Li
Auto,
ADR
(USD) (1)
1,475,426
36,738
Li
Auto,
Class
A
(HKD) (1)
212,300
2,598
Li
Ning
(HKD)
12,834,500
126,878
Meituan,
Class
B
(HKD) (1)
5,217,770
116,648
Nongfu
Spring,
Class
H
(HKD)
3,424,800
19,387
Pinduoduo,
ADR
(USD) (1)
590,935
57,900
Silergy
(TWD)
2,265,000
46,091
Sunny
Optical
Technology
Group
(HKD)
1,510,200
20,383
Tencent
Holdings
(HKD)
8,463,500
412,417
Wuxi
Biologics
Cayman
(HKD) (1)
2,011,500
16,797
Yum
China
Holdings
(HKD)
373,400
22,624
T.
ROWE
PRICE
Emerging
Markets
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Yum
China
Holdings
(USD)
4,518,476
278,383
Zhongsheng
Group
Holdings
(HKD)
35,168,500
198,990
1,827,254
Common
Stocks
-
China
A
Shares
10.7%
Centre
Testing
International
Group,
A
Shares (2)
9,489,101
33,418
Chacha
Food,
A
Shares
(CNH)
5,943,900
40,228
Chacha
Food,
A
Shares (2)
1,520,393
10,287
Foshan
Haitian
Flavouring
&
Food,
A
Shares
(CNH)
3,879,775
45,723
Fuyao
Glass
Industry
Group,
A
Shares
(CNH)
14,612,952
84,706
Glodon,
A
Shares
(CNH)
420,700
4,082
Glodon,
A
Shares (2)
5,077,592
49,255
Hongfa
Technology,
A
Shares
(CNH)
6,287,784
34,977
Hundsun
Technologies,
A
Shares
(CNH)
10,504,410
73,675
Kweichow
Moutai,
A
Shares
(CNH)
125,504
34,418
Shenzhen
Inovance
Technology,
A
Shares
(CNH)
5,624,631
59,532
Songcheng
Performance
Development,
A
Shares
(CNH)
5,384,400
11,626
Songcheng
Performance
Development,
A
Shares (2)
34,376,338
74,208
Yifeng
Pharmacy
Chain,
A
Shares
(CNH)
10,007,191
84,253
Zhejiang
Sanhua
Intelligent
Controls,
A
Shares
(CNH)
11,803,414
44,903
ZWSOFT
Guangzhou,
A
Shares (2)
1,246,945
40,066
725,357
Total
China
(Cost
$2,115,899
)
2,552,611
HONG
KONG
3.3%
Common
Stocks
3.3%
AIA
Group
7,077,200
80,027
Budweiser
Brewing
APAC
44,884,900
141,626
Total
Hong
Kong
(Cost
$147,976
)
221,653
HUNGARY
0.9%
Common
Stocks
0.9%
OTP
Bank
1,987,604
59,889
Total
Hungary
(Cost
$72,350
)
59,889
INDIA
13.1%
Common
Stocks
13.1%
Asian
Paints
926,490
30,987
Axis
Bank
4,596,503
49,129
HDFC
Asset
Management
1,196,930
27,839
HDFC
Bank
4,358,631
85,895
HDFC
Life
Insurance
8,812,989
62,525
T.
ROWE
PRICE
Emerging
Markets
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Hindustan
Unilever
1,270,159
40,072
Housing
Development
Finance
3,531,642
113,948
Infosys
5,503,831
103,683
Kotak
Mahindra
Bank
5,655,790
120,357
Maruti
Suzuki
India
373,558
40,744
Reliance
Industries
3,399,476
98,183
Tata
Consultancy
Services
499,323
20,608
Voltas
9,145,237
89,838
Total
India
(Cost
$735,148
)
883,808
INDONESIA
1.1%
Common
Stocks
1.1%
Bank
Central
Asia
96,977,000
55,035
Sumber
Alfaria
Trijaya
85,887,800
16,236
Total
Indonesia
(Cost
$32,012
)
71,271
MEXICO
3.1%
Common
Stocks
3.1%
Grupo
Financiero
Banorte,
Class
O
5,655,738
46,855
Grupo
Mexico,
Series
B
11,171,964
49,688
Wal-Mart
de
Mexico
28,423,637
110,974
Total
Mexico
(Cost
$149,030
)
207,517
NETHERLANDS
2.1%
Common
Stocks
2.1%
ASML
Holding
155,228
102,706
Prosus
465,297
37,571
Total
Netherlands
(Cost
$119,140
)
140,277
PERU
0.4%
Common
Stocks
0.4%
Credicorp
(USD)
226,014
30,354
Total
Peru
(Cost
$32,832
)
30,354
PHILIPPINES
1.9%
Common
Stocks
1.9%
BDO
Unibank
14,975,192
33,776
Jollibee
Foods
3,057,020
13,338
SM
Investments
2,831,969
47,889
T.
ROWE
PRICE
Emerging
Markets
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
Universal
Robina
14,693,529
37,119
Total
Philippines
(Cost
$91,863
)
132,122
POLAND
0.4%
Common
Stocks
0.4%
Powszechna
Kasa
Oszczednosci
Bank
Polski
3,560,066
26,553
Total
Poland
(Cost
$24,487
)
26,553
QATAR
0.8%
Common
Stocks
0.8%
Qatar
National
Bank
11,365,589
56,339
Total
Qatar
(Cost
$59,643
)
56,339
RUSSIA
0.0%
Common
Stocks
0.0%
Moscow
Exchange (1)(3)
8,670,400
—
Ozon
Holdings,
ADR
(USD) (1)(3)
941,156
—
X5
Retail
Group,
GDR
(USD) (1)(3)
2,748,364
—
Yandex,
Class
A
(USD) (1)(3)
1,338,330
—
Total
Russia
(Cost
$173,743
)
—
SAUDI
ARABIA
2.2%
Common
Stocks
2.2%
Al
Rajhi
Bank (1)
1,657,531
36,385
Arabian
Internet
&
Communications
Services
293,186
19,853
Nahdi
Medical
1,731,738
87,852
Saudi
British
Bank
730,459
7,077
Total
Saudi
Arabia
(Cost
$133,085
)
151,167
SINGAPORE
0.5%
Common
Stocks
0.5%
Sea,
ADR
(USD) (1)
520,357
33,537
Total
Singapore
(Cost
$46,589
)
33,537
SOUTH
AFRICA
2.9%
Common
Stocks
2.9%
Capitec
Bank
Holdings
634,337
65,518
Clicks
Group
4,489,279
68,524
T.
ROWE
PRICE
Emerging
Markets
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
FirstRand
16,085,914
59,769
Total
South
Africa
(Cost
$168,242
)
193,811
SOUTH
KOREA
6.9%
Common
Stocks
6.9%
LG
Chem
195,610
110,403
NAVER
204,391
33,954
POSCO
Holdings
181,749
44,661
Samsung
Electronics
5,586,648
278,272
Total
South
Korea
(Cost
$192,546
)
467,290
TAIWAN
10.0%
Common
Stocks
10.0%
Chailease
Holding
7,235,000
54,524
Taiwan
Semiconductor
Manufacturing
33,107,111
584,235
Vanguard
International
Semiconductor
11,292,000
37,955
Total
Taiwan
(Cost
$192,798
)
676,714
THAILAND
1.9%
Common
Stocks
1.9%
Bumrungrad
Hospital
1,930,500
12,691
CP
ALL
48,036,700
95,602
Siam
Cement
1,817,500
18,500
Total
Thailand
(Cost
$92,810
)
126,793
UNITED
ARAB
EMIRATES
0.6%
Common
Stocks
0.6%
First
Abu
Dhabi
Bank
10,125,225
37,558
Total
United
Arab
Emirates
(Cost
$27,778
)
37,558
UNITED
STATES
1.1%
Common
Stocks
1.1%
Las
Vegas
Sands (1)
1,267,100
74,759
Total
United
States
(Cost
$69,726
)
74,759
T.
ROWE
PRICE
Emerging
Markets
Stock
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
SHORT-TERM
INVESTMENTS
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
4.36% (4)(5)
15,736,792
15,737
Total
Short-Term
Investments
(Cost
$15,737)
15,737
Total
Investments
in
Securities
97.7%
(Cost
$5,053,850)
$
6,610,653
Other
Assets
Less
Liabilities
2.3%
153,631
Net
Assets
100.0%
$
6,764,284
‡
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)
Level
3
in
fair
value
hierarchy.
(4)
Seven-day
yield
(5)
Affiliated
Companies
ADR
American
Depositary
Receipts
CNH
Offshore
China
Renminbi
GDR
Global
Depositary
Receipts
HKD
Hong
Kong
Dollar
TWD
Taiwan
Dollar
USD
U.S.
Dollar
T.
ROWE
PRICE
Emerging
Markets
Stock
Fund
7
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,
2023.
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,
4.36%
$
—#
$
—
$
713+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/22
Purchase
Cost
Sales
Cost
Value
01/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.36%
$
358,555
¤
¤
$
15,737^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$713
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
$15,737.
T.
ROWE
PRICE
Emerging
Markets
Stock
Fund
Unaudited
Notes
to
Portfolio
of
Investments
8
T.
Rowe
Price
Emerging
Markets
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 fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee 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
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)
T.
ROWE
PRICE
Emerging
Markets
Stock
Fund
9
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s 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 Valuation
Designee
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
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
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 Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
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.
T.
ROWE
PRICE
Emerging
Markets
Stock
Fund
10
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 are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee 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
Designee 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.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Emerging
Markets
Stock
Fund
11
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
January
31,
2023
(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
the 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
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F111-054Q1
01/23
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
694,321
$
5,900,595
$
—
$
6,594,916
Short-Term
Investments
15,737
—
—
15,737
Total
$
710,058
$
5,900,595
$
—
$
6,610,653