T.
ROWE
PRICE
Emerging
Europe
Fund
July
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
CYPRUS
0.0%
Common
Stocks
0.0%
Galaxy
Cosmos
Mezz (1)
13,255
8
TCS
Group
Holding,
GDR
(RUB) (1)(2)
66,273
—
Total
Cyprus
(Cost
$5,352
)
8
GREECE
34.4%
Common
Stocks
34.4%
Alpha
Services
and
Holdings (1)
357,887
645
Eurobank
Ergasias
Services
&
Holdings (1)
1,324,679
2,314
JUMBO
43,435
1,296
LAMDA
Development (1)
105,474
825
Motor
Oil
Hellas
Corinth
Refineries
30,379
768
National
Bank
of
Greece (1)
1,127,964
7,768
OPAP
76,557
1,346
Public
Power (1)
30,175
357
Terna
Energy
23,859
458
Total
Greece
(Cost
$7,407
)
15,777
HUNGARY
10.5%
Common
Stocks
10.5%
OTP
Bank
92,929
3,379
Richter
Gedeon
40,682
1,027
Wizz
Air
Holdings
(GBP) (1)
13,902
424
Total
Hungary
(Cost
$3,603
)
4,830
KAZAKHSTAN
7.3%
Common
Stocks
7.3%
Halyk
Savings
Bank
of
Kazakhstan,
GDR
(USD)
157,344
2,254
Kaspi.KZ,
GDR
(USD)
10,589
970
Kazakhstan
Kagazy,
GDR
(USD) (1)(2)(3)(4)
327,395
—
NAC
Kazatomprom,
GDR
(USD)
4,214
114
Total
Kazakhstan
(Cost
$19,563
)
3,338
POLAND
11.5%
Common
Stocks
11.5%
Allegro.eu (1)
102,804
906
InPost
(EUR) (1)
148,410
1,774
T.
ROWE
PRICE
Emerging
Europe
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Powszechna
Kasa
Oszczednosci
Bank
Polski
57,532
584
Powszechny
Zaklad
Ubezpieczen
199,652
2,019
Total
Poland
(Cost
$5,395
)
5,283
PORTUGAL
1.3%
Common
Stocks
1.3%
Jeronimo
Martins
22,383
609
Total
Portugal
(Cost
$481
)
609
RUSSIA
0.0%
Common
Stocks
0.0%
Gazprom (1)(2)
3,658,844
—
HeadHunter
Group,
ADR
(USD) (1)(2)
50,567
—
LUKOIL (2)
170,476
—
Magnit (2)
32,681
—
MMC
Norilsk
Nickel (2)
21,740
—
MMC
Norilsk
Nickel,
ADR
(USD) (1)(2)
15
—
Moscow
Exchange (2)
207,430
—
Novatek (2)
230,520
—
Rosneft
Oil (2)
607,203
—
Sberbank
of
Russia (2)
10,373,360
—
Segezha
Group (1)(2)
11,000,000
—
Surgutneftegas (2)
2,584,700
—
Yandex,
Class
A (1)(2)
69,578
—
Total
Russia
(Cost
$58,215
)
—
TURKEY
25.5%
Common
Stocks
25.5%
BIM
Birlesik
Magazalar
330,279
2,652
D-MARKET
Elektronik
Hizmetler
ve
Ticaret,
ADR
(USD) (1)
899,733
1,475
Eregli
Demir
ve
Celik
Fabrikalari (1)
614,174
950
KOC
Holding
465,347
2,333
Turk
Hava
Yollari
AO (1)
169,801
1,477
Turkcell
Iletisim
Hizmetleri
639,128
1,226
Turkiye
Petrol
Rafinerileri
415,057
1,593
Total
Turkey
(Cost
$10,305
)
11,706
UNITED
KINGDOM
5.8%
Common
Stocks
5.8%
Baltic
Classifieds
Group
443,636
1,129
T.
ROWE
PRICE
Emerging
Europe
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Central
Asia
Metals
103,390
243
Endava,
ADR
(USD) (1)(5)
1,058
56
Georgia
Capital (1)
104,356
1,245
Total
United
Kingdom
(Cost
$2,094
)
2,673
UNITED
STATES
0.1%
Common
Stocks
0.1%
EPAM
Systems (1)
198
47
Total
United
States
(Cost
$14
)
47
SHORT-TERM
INVESTMENTS
0.3%
Money
Market
Funds
0.3%
T.
Rowe
Price
Government
Reserve
Fund,
5.32% (4)(6)
142,506
143
Total
Short-Term
Investments
(Cost
$143)
143
SECURITIES
LENDING
COLLATERAL
0.1%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.1%
Money
Market
Funds
0.1%
T.
Rowe
Price
Government
Reserve
Fund,
5.32% (4)(6)
42,029
42
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
42
Total
Securities
Lending
Collateral
(Cost
$42)
42
Total
Investments
in
Securities
96.8%
(Cost
$112,614)
$
44,456
Other
Assets
Less
Liabilities
3.2%
1,458
Net
Assets
100.0%
$
45,914
‡
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)
Level
3
in
fair
value
hierarchy.
(3)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$0
and
represents
0.0%
of
net
assets.
(4)
Affiliated
Companies
T.
ROWE
PRICE
Emerging
Europe
Fund
4
.
.
.
.
.
.
.
.
.
.
(5)
All
or
a
portion
of
this
security
is
on
loan
at
July
31,
2023.
(6)
Seven-day
yield
ADR
American
Depositary
Receipts
EUR
Euro
GBP
British
Pound
GDR
Global
Depositary
Receipts
RUB
Russian
Ruble
USD
U.S.
Dollar
T.
ROWE
PRICE
Emerging
Europe
Fund
5
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,
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
Kazakhstan
Kagazy,
GDR
$
—
$
—
$
—
T.
Rowe
Price
Government
Reserve
Fund,
5.32%
—
—
88++
Totals
$
—#
$
—
$
88+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/22
Purchase
Cost
Sales
Cost
Value
07/31/23
Kazakhstan
Kagazy,
GDR
$
—
$
—
$
—
$
—
T.
Rowe
Price
Government
Reserve
Fund,
5.32%
1,195
¤
¤
185
Total
$
185^
#
Capital
gain
distributions
from
underlying
Price
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
$88
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
$16,806.
T.
ROWE
PRICE
Emerging
Europe
Fund
Unaudited
Notes
to
Portfolio
of
Investments
6
T.
Rowe
Price
Emerging
Europe
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
Europe
Fund
7
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
Europe
Fund
8
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.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
July
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
1,578
$
42,693
$
—
$
44,271
Short-Term
Investments
143
—
—
143
Securities
Lending
Collateral
42
—
—
42
Total
$
1,763
$
42,693
$
—
$
44,456
T.
ROWE
PRICE
Emerging
Europe
Fund
9
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
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result,
the
Russian
central
bank
has
suspended
the
sales
of
Russian
securities
by
non-residents
of
Russia
on
its
local
stock
exchange.
In
addition,
U.S.
and
non-U.S.
exchanges
have
halted
trading
in
certain
ADRs
and
GDRs
of
Russian
companies.
Consequently,
the
Russian
equity
market
has
become
largely
uninvestable
and
it
is
uncertain
when
these
restrictions
on
trading
Russian
securities
will
be
relieved.
Additionally,
MSCI,
Inc.
(MSCI)
announced
that
it
removed
Russian
securities
from
its
MSCI
Emerging
Markets
Indices,
including
the
MSCI
Emerging
Markets
Europe
Index
(Index).
Prior
to
the
market
events
described
above,
the
Index
had
67.08%
exposure
to
Russian
securities.
The
fund
relies
on
MSCI
to
define
investable
emerging
market
countries
and
uses
the
Index
as
the
fund’s
benchmark.
As
a
result
of
the
market
events
described
above,
the
Russian
securities
that
continue
to
be
held
in
the
fund’s
portfolio
that
cannot
be
sold
have
been
valued
effectively
at
zero.
In
addition,
the
fund
holds
an
investment,
Sberbank
of
Russia,
that
is
included
on
the
U.S.
Specially
Designated
Nationals
and
Blocked
Persons
(SDN)
list.
T.
Rowe
Price,
as
a
U.S.
company,
is
required
to
report
investments
in
any
company
on
the
SDN
list
to
the
U.S.
Department
of
Treasury’s
Office
of
Foreign
Assets
Control.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
T.
ROWE
PRICE
Emerging
Europe
Fund
10
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.
F131-054Q3
07/23