0001752724-22-072282.txt : 20220325
0001752724-22-072282.hdr.sgml : 20220325
20220325123555
ACCESSION NUMBER: 0001752724-22-072282
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: 22769586
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
S000018747
T. Rowe Price Africa & Middle East Fund
C000051889
T. Rowe Price Africa & Middle East Fund
TRAMX
C000184321
T. Rowe Price Africa & Middle East Fund-I Class
PRAMX
C000225812
T. Rowe Price Africa & Middle East Fund-Z Class
TRZMX
NPORT-P
1
primary_doc.xml
NPORT-P
false
0000313212
XXXXXXXX
S000018747
C000184321
C000051889
C000225812
T. ROWE PRICE INTERNATIONAL FUNDS, INC.
811-02958
0000313212
549300O4BT3AMY6OUC26
100 East Pratt Street
Baltimore
21202
410-345-2000
T. Rowe Price Africa & Middle East Fund
S000018747
Q0BDHQYSLARY8T9Q5425
2022-10-31
2022-01-31
N
145844580.38
2841974.93
143002605.45
0.00000000
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0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
224383.72000000
N
Standard Chartered Bank Zambia
549300247QDZHDI30A83
Standard Chartered Bank Zambia PLC
000000000
1711371.00000000
NS
56629.12000000
0.039600061706
Long
EC
CORP
ZM
N
2
N
N
N
Netcare Ltd
N/A
Netcare Ltd
000000000
1053539.00000000
NS
1019533.27000000
0.712947338820
Long
EC
CORP
ZA
N
2
N
N
N
Saudi Kayan Petrochemical Co
N/A
Saudi Kayan Petrochemical Co
000000000
413084.00000000
NS
2179050.25000000
1.523783600405
Long
EC
CORP
SA
N
2
N
N
N
Integrated Diagnostics Holding
2138007JN9NUWKKTS790
Integrated Diagnostics Holdings PLC
000000000
2328368.00000000
NS
USD
3053566.69000000
2.135322416253
Long
EC
CORP
EG
N
2
N
N
N
Al Rajhi Bank
558600BQZS4Y1DTU8589
Al Rajhi Bank
000000000
362418.00000000
NS
14392559.38000000
10.06454346388
Long
EC
CORP
SA
N
2
N
N
N
Capitec Bank Holdings Ltd
N/A
Capitec Bank Holdings Ltd
000000000
18920.00000000
NS
2490739.81000000
1.741744356448
Long
EC
CORP
ZA
N
2
N
N
N
Prosus NV
635400Z5LQ5F9OLVT688
Prosus NV
000000000
71563.00000000
NS
5953744.87000000
4.163382094518
Long
EC
CORP
NL
N
2
N
N
N
Emaar Properties PJSC
254900YWYEXYXK1BMP81
Emaar Properties PJSC
000000000
2286796.00000000
NS
3047108.58000000
2.130806337696
Long
EC
CORP
AE
N
2
N
N
N
Saudi Basic Industries Corp
213800ZCTFZZZJSK8645
Saudi Basic Industries Corp
000000000
73960.00000000
NS
2475702.26000000
1.731228778811
Long
EC
CORP
SA
N
2
N
N
N
Naspers Ltd
21380044BQ8812EEKT59
Naspers Ltd
000000000
30243.00000000
NS
4888726.73000000
3.418627733820
Long
EC
CORP
ZA
N
2
N
N
N
Boursa Kuwait Securities Co KP
N/A
Boursa Kuwait Securities Co KPSC
000000000
90437.00000000
NS
637364.84000000
0.445701557670
Long
EC
CORP
KW
N
2
N
N
N
Masraf Al Rayan QSC
254900KFL51VLXABR231
Masraf Al Rayan QSC
000000000
2563394.00000000
NS
3454017.95000000
2.415353160266
Long
EC
CORP
QA
N
2
N
N
N
Transaction Capital Ltd
213800LKDMT3FP3FQU40
Transaction Capital Ltd
000000000
956959.00000000
NS
2701038.12000000
1.888803432287
Long
EC
CORP
ZA
N
2
N
N
N
Abu Dhabi Commercial Bank PJSC
213800RWVKKIRX1AUH58
Abu Dhabi Commercial Bank PJSC
000000000
1417579.00000000
NS
3470520.30000000
2.426893054905
Long
EC
CORP
AE
N
2
N
N
N
Mr Price Group Ltd
378900D3417C35C5D733
Mr Price Group Ltd
000000000
108497.00000000
NS
1442410.36000000
1.008660195708
Long
EC
CORP
ZA
N
2
N
N
N
Saudi National Bank/The
5586006ZEFQ542K7CY16
Saudi National Bank/The
000000000
495712.00000000
NS
9773674.63000000
6.834612977326
Long
EC
CORP
SA
N
2
N
N
N
Label Vie
N/A
Label Vie
000000000
2912.00000000
NS
1622461.56000000
1.134567831749
Long
EC
CORP
MA
N
2
N
N
N
First Abu Dhabi Bank PJSC
2138002Y3WMK6RZS8H90
First Abu Dhabi Bank PJSC
000000000
388064.00000000
NS
2117292.10000000
1.480596869782
Long
EC
CORP
AE
N
2
N
N
N
United Electronics Co
N/A
United Electronics Co
000000000
94119.00000000
NS
3512833.89000000
2.456482438865
Long
EC
CORP
SA
N
2
N
N
N
Vodacom Tanzania Ltd
N/A
Vodacom Tanzania Ltd
000000000
1305429.00000000
NS
300583.19000000
0.210194205241
Long
EC
CORP
TZ
N
2
N
N
N
Clicks Group Ltd
378900E967958A677472
Clicks Group Ltd
000000000
74254.00000000
NS
1421965.16000000
0.994363113542
Long
EC
CORP
ZA
N
2
N
N
N
Helios Towers PLC
213800DGC7GS4XCHCU30
Helios Towers PLC
000000000
383341.00000000
NS
792445.38000000
0.554147511862
Long
EC
CORP
GB
N
2
N
N
N
Bid Corp Ltd
N/A
Bid Corp Ltd
000000000
94194.00000000
NS
2035781.41000000
1.423597425790
Long
EC
CORP
ZA
N
2
N
N
N
ADNOC Drilling Co PJSC
254900JPRSQL1PM0JV19
ADNOC Drilling Co PJSC
000000000
2395108.00000000
NS
2252465.29000000
1.575121853837
Long
EC
CORP
AE
N
2
N
N
N
Saudi Tadawul Group Holding Co
N/A
Saudi Tadawul Group Holding Co
000000000
47266.00000000
NS
2040857.17000000
1.427146843638
Long
EC
CORP
SA
N
2
N
N
N
Network International Holdings
213800XVRNKWENNLKK60
Network International Holdings PLC
000000000
349498.00000000
NS
1244530.08000000
0.870284898714
Long
EC
CORP
AE
N
2
N
N
N
Emirates NBD Bank PJSC
54930029BCN8HF3B1286
Emirates NBD Bank PJSC
000000000
714334.00000000
NS
2605289.22000000
1.821847379494
Long
EC
CORP
AE
N
2
N
N
N
MTN Group Ltd
2549009JD6Q6XHZS5E05
MTN Group Ltd
000000000
306495.00000000
NS
3854460.11000000
2.695377540759
Long
EC
CORP
ZA
N
2
N
N
N
Bidvest Group Ltd/The
5299002ARE4TRMIRGM72
Bidvest Group Ltd/The
000000000
247618.00000000
NS
3035982.30000000
2.123025864071
Long
EC
CORP
ZA
N
2
N
N
N
Mouwasat Medical Services Co
N/A
Mouwasat Medical Services Co
000000000
80390.00000000
NS
4249781.14000000
2.971820776710
Long
EC
CORP
SA
N
2
N
N
N
T. ROWE PRICE GOVERNMENT RESERVE FUND
5493002Y0IYARJVQ5N24
T. ROWE PRICE GOVERNMENT RESERVE FUND
76105Y109
6055129.03000000
NS
USD
6055129.03000000
4.234278816771
Long
STIV
RF
US
N
1
N
N
N
Shoprite Holdings Ltd
529900Q4O1EYP6NH5150
Shoprite Holdings Ltd
000000000
293627.00000000
NS
4017373.67000000
2.809301031514
Long
EC
CORP
ZA
N
2
N
N
N
Commercial International Bank
213800FIIXJAMEVRIH48
Commercial International Bank Egypt SAE
201712205
901934.00000000
NS
USD
2917685.51000000
2.040302343316
Long
EC
CORP
EG
N
2
N
N
N
Hightech Payment Systems SA
N/A
Hightech Payment Systems SA
000000000
1674.00000000
NS
1231023.12000000
0.860839644233
Long
EC
CORP
MA
N
2
N
N
N
Jahez International Co
N/A
Jahez International Co
000000000
8203.00000000
NS
2172803.49000000
1.519415316359
Long
EC
CORP
SA
N
2
N
N
N
Telkom SA SOC Ltd
N/A
Telkom SA SOC Ltd
000000000
545806.00000000
NS
1759031.42000000
1.230069490317
Long
EC
CORP
ZA
N
2
N
N
N
Industries Qatar QSC
N/A
Industries Qatar QSC
000000000
631546.00000000
NS
2919261.70000000
2.041404554003
Long
EC
CORP
QA
N
2
N
N
N
Bupa Arabia for Cooperative In
558600B2WJHD5P31XS68
Bupa Arabia for Cooperative Insurance Co
000000000
34883.00000000
NS
1385209.74000000
0.968660490933
Long
EC
CORP
SA
N
2
N
N
N
FirstRand Ltd
529900XYOP8CUZU7R671
FirstRand Ltd
000000000
1374691.00000000
NS
5541519.04000000
3.875117535489
Long
EC
CORP
ZA
N
2
N
N
N
Qatar National Bank QPSC
549300FFSRVBS0SQXY75
Qatar National Bank QPSC
000000000
895483.00000000
NS
5380634.86000000
3.762613165730
Long
EC
CORP
QA
N
2
N
N
N
Leejam Sports Co JSC
N/A
Leejam Sports Co JSC
000000000
123015.00000000
NS
3906748.02000000
2.731941846588
Long
EC
CORP
SA
N
2
N
N
N
Anglo American PLC
549300S9XF92D1X8ME43
Anglo American PLC
000000000
49420.00000000
NS
2189505.99000000
1.531095173483
Long
EC
CORP
GB
N
2
N
N
N
Commercial Bank PSQC/The
2138004FUUD4I7X8H721
Commercial Bank PSQC/The
000000000
848946.00000000
NS
1671815.60000000
1.169080517616
Long
EC
CORP
QA
N
2
N
N
N
Saudi British Bank/The
558600TQS0WENZUC5190
Saudi British Bank/The
000000000
378871.00000000
NS
4069101.80000000
2.845473889930
Long
EC
CORP
SA
N
2
N
N
N
ACWA Power Co
558600Y0TFKRV2QZ1A74
ACWA Power Co
000000000
77975.00000000
NS
2121793.66000000
1.483744756484
Long
EC
CORP
SA
N
2
N
N
N
Ninety One PLC
549300G0TJCT3K15ZG14
Ninety One PLC
000000000
332535.00000000
NS
1169968.99000000
0.818145226318
Long
EC
CORP
GB
N
2
N
N
N
Mondi PLC
213800LOZA69QFDC9N34
Mondi PLC
000000000
45469.00000000
NS
1137597.66000000
0.795508345054
Long
EC
CORP
GB
N
2
N
N
N
Arabian Internet & Communicati
N/A
Arabian Internet & Communications Services Co
000000000
40490.00000000
NS
2242965.22000000
1.568478569283
Long
EC
CORP
SA
N
2
N
N
N
OCI NV
549300NCMRGIBJYUOE57
OCI NV
000000000
51942.00000000
NS
1421543.14000000
0.994068000038
Long
EC
CORP
NL
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
70V6TRP013122.htm
T.
ROWE
PRICE
Africa
&
Middle
East
Fund
January
31,
2022
(Unaudited)
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
EGYPT
5.1%
Common
Stocks
5.1%
Commercial
International
Bank
Egypt,
GDR
(USD) (1)
901,934
2,918
Integrated
Diagnostics
Holdings
(USD)
2,328,368
3,054
OCI
(EUR) (1)
51,942
1,421
Total
Egypt
(Cost
$5,908
)
7,393
KUWAIT
0.7%
Common
Stocks
0.7%
Boursa
Kuwait
Securities
141,636
998
Total
Kuwait
(Cost
$967
)
998
MOROCCO
2.0%
Common
Stocks
2.0%
Hightech
Payment
Systems
1,674
1,231
Label
Vie
2,912
1,622
Total
Morocco
(Cost
$1,200
)
2,853
NETHERLANDS
4.1%
Common
Stocks
4.1%
Prosus
71,563
5,954
Total
Netherlands
(Cost
$6,088
)
5,954
QATAR
9.4%
Common
Stocks
9.4%
Commercial
Bank
848,946
1,672
Industries
Qatar
631,546
2,919
Masraf
Al
Rayan
2,563,394
3,454
Qatar
National
Bank
895,483
5,381
Total
Qatar
(Cost
$11,281
)
13,426
SAUDI
ARABIA
38.5%
Common
Stocks
38.5%
Al
Rajhi
Bank
380,318
15,103
Arabian
Internet
&
Communications
Services (1)
40,490
2,243
Bupa
Arabia
for
Cooperative
Insurance
34,883
1,385
T.
ROWE
PRICE
Africa
&
Middle
East
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
International
Co.
for
Water
&
Power
Projects (1)
77,975
2,122
Jahez
International (1)
8,203
2,173
Leejam
Sports
123,015
3,907
Mouwasat
Medical
Services
80,390
4,250
Saudi
Basic
Industries
73,960
2,476
Saudi
British
Bank
378,871
4,069
Saudi
Kayan
Petrochemical (1)
413,084
2,179
Saudi
National
Bank
495,712
9,773
Saudi
Tadawul
Group
Holding (1)
47,266
2,041
United
Electronics
94,119
3,513
Total
Saudi
Arabia
(Cost
$29,105
)
55,234
SOUTH
AFRICA
23.6%
Common
Stocks
23.6%
Bid
94,194
2,036
Bidvest
Group
247,618
3,036
Capitec
Bank
Holdings
18,920
2,491
Clicks
Group
74,254
1,422
FirstRand
1,374,691
5,542
Mr
Price
Group
108,497
1,442
MTN
Group (1)
306,495
3,854
Naspers,
N
Shares
30,243
4,889
Netcare
1,053,539
1,020
Shoprite
Holdings
293,627
4,017
Telkom (1)
424,823
1,369
Transaction
Capital
956,959
2,701
Total
South
Africa
(Cost
$23,038
)
33,819
TANZANIA
0.2%
Common
Stocks
0.2%
Vodacom
Tanzania (1)
1,305,429
300
Total
Tanzania
(Cost
$496
)
300
UNITED
ARAB
EMIRATES
10.3%
Common
Stocks
10.3%
Abu
Dhabi
Commercial
Bank
1,417,579
3,471
ADNOC
Drilling (1)
2,395,108
2,252
Emaar
Properties
2,286,796
3,047
Emirates
NBD
Bank
714,334
2,605
First
Abu
Dhabi
Bank
392,718
2,143
T.
ROWE
PRICE
Africa
&
Middle
East
Fund
Shares
$
Value
(Cost
and
value
in
$000s)
Network
International
Holdings
(GBP) (1)
349,498
1,245
Total
United
Arab
Emirates
(Cost
$11,589
)
14,763
UNITED
KINGDOM
3.1%
Common
Stocks
3.1%
Anglo
American
(ZAR)
49,420
2,189
Mondi
45,469
1,138
Ninety
One
332,535
1,170
Total
United
Kingdom
(Cost
$2,740
)
4,497
ZAMBIA
0.0%
Common
Stocks
0.0%
Standard
Chartered
Bank
Zambia (1)
1,711,371
57
Total
Zambia
(Cost
$335
)
57
SHORT-TERM
INVESTMENTS
4.2%
Money
Market
Funds
4.2%
T.
Rowe
Price
Government
Reserve
Fund,
0.09% (2)(3)
6,055,329
6,055
Total
Short-Term
Investments
(Cost
$6,055)
6,055
Total
Investments
in
Securities
101.2%
(Cost
$98,802)
$
145,349
Other
Assets
Less
Liabilities
(1.2)%
(1,741)
Net
Assets
100.0%
$
143,608
‡
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
EUR
Euro
GBP
British
Pound
GDR
Global
Depositary
Receipts
USD
U.S.
Dollar
ZAR
South
African
Rand
T.
ROWE
PRICE
Africa
&
Middle
East
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%
$
—
#
$
—
$
—
+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/21
Purchase
Cost
Sales
Cost
Value
01/31/22
T.
Rowe
Price
Government
Reserve
Fund,
0.09%
$
1,319
¤
¤
$
6,055
^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
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
$6,055.
T.
ROWE
PRICE
Africa
&
Middle
East
Fund
Unaudited
Notes
to
Portfolio
of
Investments
T.
Rowe
Price
Africa
&
Middle
East
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
Africa
&
Middle
East
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
Africa
&
Middle
East
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
Africa
&
Middle
East
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.
F168-054Q1
01/22
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
—
$
139,294
$
—
$
139,294
Short-Term
Investments
6,055
—
—
6,055
Total
$
6,055
$
139,294
$
—
$
145,349