0001752724-22-072280.txt : 20220325
0001752724-22-072280.hdr.sgml : 20220325
20220325123555
ACCESSION NUMBER: 0001752724-22-072280
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: 22769583
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
S000001488
T. Rowe Price Emerging Europe Fund
C000004006
T. Rowe Price Emerging Europe Fund
TREMX
C000184316
T. Rowe Price Emerging Europe Fund-I Class
TTEEX
C000225806
T. Rowe Price Emerging Europe Fund-Z Class
TRZEX
NPORT-P
1
primary_doc.xml
NPORT-P
false
0000313212
XXXXXXXX
S000001488
C000004006
C000184316
C000225806
T. ROWE PRICE INTERNATIONAL FUNDS, INC.
811-02958
0000313212
549300O4BT3AMY6OUC26
100 East Pratt Street
Baltimore
21202
410-345-2000
T. Rowe Price Emerging Europe Fund
S000001488
BVN3MWBWV2V4M8TC6A78
2022-10-31
2022-01-31
N
145915692.42
226369.40
145689323.02
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
29994.04000000
N
MMC Norilsk Nickel PJSC
253400JPTEEW143W3E47
MMC Norilsk Nickel PJSC
55315J102
100547.00000000
NS
USD
2842283.35000000
1.950920830080
Long
EC
CORP
RU
N
2
N
N
N
Nova Ljubljanska Banka dd
5493001BABFV7P27OW30
Nova Ljubljanska Banka dd
66980N203
76330.00000000
NS
1269364.96000000
0.871282077291
Long
EC
CORP
SI
N
2
N
N
N
Novatek PJSC
2138008R6GCRVBDFA581
Novatek PJSC
669888109
32398.00000000
NS
USD
6842639.68000000
4.696733801872
Long
EC
CORP
RU
N
2
N
N
N
EPAM SYSTEMS INC
549300XCR4R530HJP604
EPAM SYSTEMS INC
29414B104
660.00000000
NS
USD
314252.40000000
0.215700363956
Long
EC
CORP
US
N
1
N
N
N
Komercni Banka AS
IYKCAVNFR8QGF00HV840
Komercni Banka AS
000000000
55113.00000000
NS
2443894.47000000
1.677469851146
Long
EC
CORP
CZ
N
2
N
N
N
Sberbank of Russia PJSC
549300WE6TAF5EEWQS81
Sberbank of Russia PJSC
000000000
5003260.00000000
NS
17242342.66000000
11.83500774290
Long
EC
CORP
RU
N
2
N
N
N
Wizz Air Holdings Plc
213800COXGZCORLJZA85
Wizz Air Holdings Plc
000000000
31740.00000000
NS
1739719.72000000
1.194129867540
Long
EC
CORP
CH
N
2
N
N
N
Rosneft Oil Co PJSC
253400JT3MQWNDKMJE44
Rosneft Oil Co PJSC
000000000
653424.00000000
NS
4873109.72000000
3.344864001688
Long
EC
CORP
RU
N
2
N
N
N
Baltic Classifieds Group PLC
213800I1RPHCFSSQS969
Baltic Classifieds Group PLC
000000000
443636.00000000
NS
1002571.42000000
0.688157099791
Long
EC
CORP
GB
N
2
N
N
N
Segezha Group PJSC
253400AUENB54PN7LX36
Segezha Group PJSC
000000000
11000000.00000000
NS
1422318.18000000
0.976267958774
Long
EC
CORP
RU
N
2
N
N
N
Georgia Capital PLC
213800Q65T5GNBOW7H65
Georgia Capital PLC
000000000
104356.00000000
NS
906482.74000000
0.622202589187
Long
EC
CORP
GE
N
2
N
N
N
Yandex NV
549300GGZHJ5Q1B18P93
Yandex NV
000000000
69578.00000000
NS
3339616.66000000
2.292286483849
Long
EC
CORP
RU
N
2
N
N
N
United Medical Group CY PLC
N/A
United Medical Group CY PLC
91085A203
45399.00000000
NS
575982.12000000
0.395349575425
Long
EC
CORP
RU
N
2
N
N
N
Ozon Holdings PLC
213800GXSI7E5V776B13
Ozon Holdings PLC
69269L104
116707.00000000
NS
USD
2412333.69000000
1.655806781166
Long
EC
CORP
RU
N
1
N
N
N
Magnit PJSC
2534009KKPTVL99W2Y12
Magnit PJSC
55953Q202
163409.00000000
NS
USD
2152311.64000000
1.477329700889
Long
EC
CORP
RU
N
2
N
N
N
TCS Group Holding PLC
549300XQRN9MR54V1W18
TCS Group Holding PLC
87238U203
66273.00000000
NS
4771942.47000000
3.275423600770
Long
EC
CORP
CY
N
2
N
N
N
HeadHunter Group PLC
549300IMUCFEWXP6RU11
HeadHunter Group PLC
42207L106
56667.00000000
NS
USD
2510914.77000000
1.723472055433
Long
EC
CORP
RU
N
1
N
N
N
D-MARKET Elektronik Hizmetler
9845004CF6A069998F16
D-MARKET Elektronik Hizmetler ve Ticaret AS
23292B104
47733.00000000
NS
USD
91170.03000000
0.062578388113
Long
EC
CORP
TR
N
1
N
N
N
Public Power Corp SA
213800T9Y5XCOVRZ4Y57
Public Power Corp SA
000000000
112795.00000000
NS
1097970.64000000
0.753638370499
Long
EC
CORP
GR
N
2
N
N
N
JUMBO SA
549300TGIVUUMY40MZ05
JUMBO SA
000000000
70336.00000000
NS
1046196.89000000
0.718101277645
Long
EC
CORP
GR
N
2
N
N
N
Gazprom PJSC
213800FD9J2IHTA7YX78
Gazprom PJSC
368287207
2707934.00000000
NS
USD
23573415.79000000
16.18060630754
Long
EC
CORP
RU
N
2
N
N
N
OTP Bank Nyrt
529900W3MOO00A18X956
OTP Bank Nyrt
000000000
108595.00000000
NS
6301461.76000000
4.325273554284
Long
EC
CORP
HU
N
2
N
N
N
Yandex NV
549300GGZHJ5Q1B18P93
Yandex NV
000000000
93300.00000000
NS
USD
4483998.00000000
3.077780792065
Long
EC
CORP
RU
N
1
N
N
N
InPost SA
2221003M23QLERR89585
InPost SA
000000000
197464.00000000
NS
1603065.08000000
1.100331202568
Long
EC
CORP
PL
N
2
N
N
N
Alpha Services and Holdings SA
5299009N55YRQC69CN08
Alpha Services and Holdings SA
000000000
1704219.00000000
NS
2579080.03000000
1.770260151216
Long
EC
CORP
GR
N
2
N
N
N
VEON Ltd
5493008CA3NMHYEVT131
VEON Ltd
91822M106
798200.00000000
NS
USD
1141426.00000000
0.783465786194
Long
EC
CORP
NL
N
1
N
N
N
LUKOIL PJSC
549300LCJ1UJXHYBWI24
LUKOIL PJSC
000000000
178895.00000000
NS
15882472.95000000
10.90160392043
Long
EC
CORP
RU
N
2
N
N
N
Bank Polska Kasa Opieki SA
5493000LKS7B3UTF7H35
Bank Polska Kasa Opieki SA
000000000
147757.00000000
NS
4923463.96000000
3.379426754096
Long
EC
CORP
PL
N
2
N
N
N
National Bank of Greece SA
5UMCZOEYKCVFAW8ZLO05
National Bank of Greece SA
000000000
2060931.00000000
NS
8111502.89000000
5.567671481929
Long
EC
CORP
GR
N
2
N
N
N
Surgutneftegas PJSC
2138002GZLU65FRAC894
Surgutneftegas PJSC
000000000
3053200.00000000
NS
1439257.30000000
0.987894836879
Long
EC
CORP
RU
N
2
N
N
N
Eurobank Ergasias Services and
JEUVK5RWVJEN8W0C9M24
Eurobank Ergasias Services and Holdings SA
000000000
1666330.00000000
NS
1884623.45000000
1.293590642700
Long
EC
CORP
GR
N
2
N
N
N
Cian PLC
549300GFR1SDAPWD1E97
Cian PLC
83418T108
177144.00000000
NS
USD
1507495.44000000
1.034732956918
Long
EC
CORP
RU
N
1
N
N
N
Kazakhstan Kagazy PLC
N/A
Kazakhstan Kagazy PLC
000000000
327395.00000000
NS
USD
0.00000000
0.000000
Long
EC
CORP
KZ
N
3
N
N
N
Halyk Savings Bank of Kazakhst
213800NYDTVQM4SDUD67
Halyk Savings Bank of Kazakhstan JSC
46627J302
265306.00000000
NS
USD
3464150.80000000
2.377765733405
Long
EC
CORP
KZ
N
2
N
N
N
Kaspi.KZ JSC
2549003YU6FARG8OAZ13
Kaspi.KZ JSC
48581R205
28227.00000000
NS
USD
2414759.42000000
1.657471783068
Long
EC
CORP
KZ
N
2
N
N
N
Enefit Green AS
485100EAUB2D0VTK1R43
Enefit Green AS
000000000
217293.00000000
NS
956419.75000000
0.656478958220
Long
EC
CORP
EE
N
2
N
N
N
LAMDA Development SA
213800C7PQZVF38FYL54
LAMDA Development SA
000000000
346654.00000000
NS
2738033.56000000
1.879364598066
Long
EC
CORP
GR
N
2
N
N
N
T. ROWE PRICE GOVERNMENT RESERVE FUND
5493002Y0IYARJVQ5N24
T. ROWE PRICE GOVERNMENT RESERVE FUND
76105Y109
555915.17000000
NS
USD
555915.17000000
0.381575779526
Long
STIV
RF
US
N
1
N
N
N
Shoper SA
259400HA8L5O5KQEIV88
Shoper SA
000000000
79910.00000000
NS
1068971.52000000
0.733733603699
Long
EC
CORP
PL
N
2
N
N
N
VK Co Ltd
2138009IXUP41SPL5B50
VK Co Ltd
560317208
263468.00000000
NS
USD
2126164.69000000
1.459382641038
Long
EC
CORP
RU
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
70I1TRP013122.htm
T.
ROWE
PRICE
Emerging
Europe
Fund
January
31,
2022
(Unaudited)
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
CZECH
REPUBLIC
1.7%
Common
Stocks
1.7%
Komercni
Banka
55,113
2,444
Total
Czech
Republic
(Cost
$2,309
)
2,444
ESTONIA
0.6%
Common
Stocks
0.6%
Enefit
Green (1)
217,293
957
Total
Estonia
(Cost
$803
)
957
GREECE
12.0%
Common
Stocks
12.0%
Alpha
Services
and
Holdings (1)
1,704,219
2,579
Eurobank
Ergasias
Services
&
Holdings (1)
1,666,330
1,885
JUMBO
70,336
1,046
LAMDA
Development (1)
346,654
2,738
National
Bank
of
Greece (1)
2,060,931
8,111
Public
Power (1)
112,795
1,098
Total
Greece
(Cost
$12,855
)
17,457
HUNGARY
5.5%
Common
Stocks
5.5%
OTP
Bank (1)
108,595
6,301
Wizz
Air
Holdings
(GBP) (1)
31,740
1,740
Total
Hungary
(Cost
$3,711
)
8,041
KAZAKHSTAN
4.0%
Common
Stocks
4.0%
Halyk
Savings
Bank
of
Kazakhstan,
GDR
(USD)
265,306
3,464
Kaspi.KZ,
GDR
(USD)
28,227
2,415
Kazakhstan
Kagazy,
GDR
(USD) (1)(2)(3)(4)
327,395
—
Total
Kazakhstan
(Cost
$23,588
)
5,879
POLAND
5.2%
Common
Stocks
5.2%
Bank
Polska
Kasa
Opieki
147,757
4,924
T.
ROWE
PRICE
Emerging
Europe
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
InPost
(EUR) (1)
197,464
1,603
Shoper (1)
79,910
1,069
Total
Poland
(Cost
$8,965
)
7,596
RUSSIA
67.6%
Common
Stocks
67.6%
Cian,
ADR
(USD) (1)
177,144
1,508
Gazprom,
ADR
(USD)
2,667,204
23,219
HeadHunter
Group,
ADR
(USD)
56,667
2,511
LUKOIL
177,289
15,740
Magnit,
GDR
(USD)
163,409
2,152
MMC
Norilsk
Nickel,
ADR
(USD)
100,547
2,842
Novatek,
GDR
(USD)
31,868
6,731
Ozon
Holdings,
ADR
(USD) (1)
116,707
2,412
Rosneft
Oil
653,424
4,873
Sberbank
of
Russia
5,003,260
17,242
Segezha
Group
11,000,000
1,422
Surgutneftegas
3,053,200
1,439
TCS
Group
Holding,
GDR
66,273
4,772
United
Medical
Group
CY,
GDR
41,322
524
VEON,
ADR
(USD) (1)
798,200
1,142
VK,
GDR
(USD) (1)
263,468
2,126
Yandex,
Class
A (1)
69,578
3,340
Yandex,
Class
A
(USD) (1)
93,300
4,484
Total
Russia
(Cost
$84,517
)
98,479
SLOVENIA
0.9%
Common
Stocks
0.9%
Nova
Ljubljanska
Banka,
GDR
76,330
1,269
Total
Slovenia
(Cost
$891
)
1,269
TURKEY
0.1%
Common
Stocks
0.1%
D-MARKET
Elektronik
Hizmetler
ve
Ticaret,
ADR
(USD) (1)
47,733
91
Total
Turkey
(Cost
$595
)
91
UNITED
KINGDOM
1.3%
Common
Stocks
1.3%
Baltic
Classifieds
Group (1)
443,636
1,003
T.
ROWE
PRICE
Emerging
Europe
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
Georgia
Capital (1)
104,356
906
Total
United
Kingdom
(Cost
$1,631
)
1,909
UNITED
STATES
0.2%
Common
Stocks
0.2%
EPAM
Systems (1)
660
314
Total
United
States
(Cost
$48
)
314
SHORT-TERM
INVESTMENTS
0.4%
Money
Market
Funds
0.4%
T.
Rowe
Price
Government
Reserve
Fund,
0.09% (3)(5)
555,919
556
Total
Short-Term
Investments
(Cost
$556)
556
Total
Investments
in
Securities
99.5%
(Cost
$140,469)
$
144,992
Other
Assets
Less
Liabilities
0.5%
674
Net
Assets
100.0%
$
145,666
‡
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)
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.
(3)
Affiliated
Companies
(4)
Level
3
in
fair
value
hierarchy.
(5)
Seven-day
yield
ADR
American
Depositary
Receipts
EUR
Euro
GBP
British
Pound
GDR
Global
Depositary
Receipts
USD
U.S.
Dollar
T.
ROWE
PRICE
Emerging
Europe
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
Kazakhstan
Kagazy,
GDR
$
—
$
—
$
—
T.
Rowe
Price
Government
Reserve
Fund,
0.09%
—
—
—++
T.
Rowe
Price
Short-Term
Fund
—
—
—++
Totals
$
—#
$
—
$
—+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/21
Purchase
Cost
Sales
Cost
Value
01/31/22
Kazakhstan
Kagazy,
GDR
$
—
$
—
$
—
$
—
T.
Rowe
Price
Government
Reserve
Fund,
0.09%
2,824
¤
¤
556
T.
Rowe
Price
Short-Term
Fund
260
¤
¤
—
Total
$
556^
#
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
$0
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
$17,177.
T.
ROWE
PRICE
Emerging
Europe
Fund
Unaudited
Notes
to
Portfolio
of
Investments
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
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
Emerging
Europe
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
Emerging
Europe
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
Emerging
Europe
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,
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
would
remove
Russian
securities
from
its
MSCI
Emerging
Markets
Indices,
including
the
MSCI
Emerging
Markets
Europe
Index
(Index),
as
of
the
close
of
March
9,
2022,
at
a
price
that
is
effectively
zero.
Prior
to
the
market
events
described
above,
as
of
January
31,
2022,
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
may
be
valued
effectively
at
zero.
As
this
conflict
and
market
events
continue
to
evolve,
there
may
be
additional
impacts
to
the
investments
in
the
fund.
F131-054Q1
01/22
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
12,462
$
131,974
$
—
$
144,436
Short-Term
Investments
556
—
—
556
Total
$
13,018
$
131,974
$
—
$
144,992