NPORT-EX 2 70I1TRP073122.htm
T.
ROWE
PRICE
Emerging
Europe
Fund
July
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
CZECH
REPUBLIC
2.3%
Common
Stocks
2.3%
Komercni
Banka 
26,597‌
672‌
Total
Czech
Republic
(Cost
$1,037
)
672‌
GREECE
35.2%
Common
Stocks
35.2%
Alpha
Services
and
Holdings (1)
357,887‌
318‌
Eurobank
Ergasias
Services
&
Holdings (1)
1,324,679‌
1,220‌
JUMBO 
43,435‌
673‌
LAMDA
Development (1)
180,205‌
1,071‌
Motor
Oil
Hellas
Corinth
Refineries 
30,379‌
527‌
National
Bank
of
Greece (1)
1,422,292‌
4,456‌
OPAP 
76,557‌
1,061‌
Public
Power (1)
79,335‌
471‌
Terna
Energy 
23,859‌
429‌
Total
Greece
(Cost
$9,306
)
10,226‌
HUNGARY
11.9%
Common
Stocks
11.9%
OTP
Bank 
92,929‌
1,918‌
Richter
Gedeon 
40,682‌
832‌
Wizz
Air
Holdings
(GBP) (1)
25,684‌
698‌
Total
Hungary
(Cost
$3,833
)
3,448‌
KAZAKHSTAN
12.9%
Common
Stocks
12.9%
Halyk
Savings
Bank
of
Kazakhstan,
GDR
(USD) (1)
177,710‌
1,668‌
Kaspi.KZ,
GDR
(USD) 
26,713‌
1,408‌
Kazakhstan
Kagazy,
GDR
(USD) (1)(2)(3)(4)
327,395‌
—‌
NAC
Kazatomprom,
GDR
(USD) (5)
22,022‌
660‌
Total
Kazakhstan
(Cost
$22,218
)
3,736‌
POLAND
17.4%
Common
Stocks
17.4%
Allegro.eu (1)
102,804‌
559‌
Bank
Polska
Kasa
Opieki 
55,786‌
883‌
InPost
(EUR) (1)
197,464‌
1,304‌
Powszechna
Kasa
Oszczednosci
Bank
Polski (1)
57,532‌
326‌
T.
ROWE
PRICE
Emerging
Europe
Fund
1
T.
ROWE
PRICE
Emerging
Europe
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Powszechny
Zaklad
Ubezpieczen 
199,652‌
1,308‌
Shoper 
79,910‌
654‌
Total
Poland
(Cost
$9,000
)
5,034‌
PORTUGAL
2.3%
Common
Stocks
2.3%
Jeronimo
Martins 
28,773‌
666‌
Total
Portugal
(Cost
$626
)
666‌
RUSSIA
1.3%
Common
Stocks
1.3%
Cian,
ADR
(USD) (1)(4)
177,144‌
—‌
Gazprom,
ADR
(USD) (4)
1,829,422‌
—‌
HeadHunter
Group,
ADR
(USD) (4)
50,567‌
—‌
LUKOIL (4)
170,476‌
—‌
Magnit,
GDR
(USD) (4)
163,409‌
—‌
MMC
Norilsk
Nickel,
ADR
(USD) (4)
217,415‌
—‌
Moscow
Exchange (1)(4)
207,430‌
—‌
Novatek,
GDR
(USD) (4)
23,052‌
—‌
Ozon
Holdings,
ADR
(USD) (1)(4)
160,907‌
—‌
Rosneft
Oil (4)
607,203‌
—‌
Sberbank
of
Russia (1)(4)
10,373,360‌
—‌
Segezha
Group (4)
11,000,000‌
—‌
Surgutneftegas (4)
2,584,700‌
—‌
TCS
Group
Holding,
GDR (1)(4)
66,273‌
—‌
VEON,
ADR
(USD) (1)
798,200‌
387‌
VK,
GDR
(USD) (1)(4)
263,468‌
—‌
Yandex,
Class
A (1)(4)
69,578‌
—‌
Yandex,
Class
A
(USD) (1)(4)
101,000‌
—‌
Total
Russia
(Cost
$84,289
)
387‌
TURKEY
5.5%
Common
Stocks
5.5%
D-MARKET
Elektronik
Hizmetler
ve
Ticaret,
ADR
(USD) (1)(5)
899,733‌
792‌
Eregli
Demir
ve
Celik
Fabrikalari 
517,262‌
801‌
Total
Turkey
(Cost
$2,336
)
1,593‌
UNITED
KINGDOM
7.9%
Common
Stocks
7.9%
Baltic
Classifieds
Group (1)
443,636‌
891‌
Central
Asia
Metals 
164,865‌
502‌
T.
ROWE
PRICE
Emerging
Europe
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
Endava,
ADR
(USD) (1)
1,058‌
108‌
Georgia
Capital (1)
104,356‌
804‌
Total
United
Kingdom
(Cost
$2,317
)
2,305‌
UNITED
STATES
0.2%
Common
Stocks
0.2%
EPAM
Systems (1)
198‌
69‌
Total
United
States
(Cost
$14
)
69‌
SHORT-TERM
INVESTMENTS
2.6%
Money
Market
Funds
2.6%
T.
Rowe
Price
Government
Reserve
Fund,
2.03% (3)(6)
750,482‌
750‌
Total
Short-Term
Investments
(Cost
$750)
750‌
SECURITIES
LENDING
COLLATERAL
2.8%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
2.8%
Money
Market
Funds
2.8%
T.
Rowe
Price
Government
Reserve
Fund,
2.03% (3)(6)
814,274‌
814‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
814‌
Total
Securities
Lending
Collateral
(Cost
$814)
814‌
Total
Investments
in
Securities
102.3%
(Cost
$136,540)
$
29,700‌
Other
Assets
Less
Liabilities
(2.3)%
(678)
Net
Assets
100.0%
$
29,022‌
‡
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.
T.
ROWE
PRICE
Emerging
Europe
Fund
4
.
.
.
.
.
.
.
.
.
.
(5)
All
or
a
portion
of
this
security
is
on
loan
at
July
31,
2022.
(6)
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
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,
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,
2.03%
—‌
—‌
5‌++
T.
Rowe
Price
Short-Term
Fund
—‌
—‌
—‌++
Totals
$
—‌#
$
—‌
$
5‌+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/21
Purchase
Cost
Sales
Cost
Value
07/31/22
Kazakhstan
Kagazy,
GDR 
$
—‌
$
—‌
$
—‌
$
—‌
T.
Rowe
Price
Government
Reserve
Fund,
2.03%
2,824‌
 ¤
 ¤
1,564‌
T.
Rowe
Price
Short-Term
Fund
260‌
 ¤
 ¤
—‌
Total
$
1,564‌^
#
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
$5
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
$18,186.
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
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
7
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
8
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
9
Valuation
Inputs
  The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
July
31,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
July
31,
2022.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
July
31,
2022,
totaled $(128,080,000) for
the
period ended
July
31,
2022.
During
the
period,
transfers
into
Level
3
resulted
from
a
lack
of marketability
for
the
securities.
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund’s
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
Committee
considers
a
wide
variety
of
factors
and
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
1,356‌
$
26,780‌
$
—‌
$
28,136‌
Short-Term
Investments
750‌
—‌
—‌
750‌
Securities
Lending
Collateral
814‌
—‌
—‌
814‌
Total
$
2,920‌
$
26,780‌
$
—‌
$
29,700‌
($000s)
Beginning
Balance
10/31/21
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Transfer
Into
Level
3
Ending
Balance
7/31/22
Investment
in
Securities
Common
Stocks
$
—
$
(132,612
)
$
33,849
$
(14,280
)
$
113,043
$
—
T.
ROWE
PRICE
Emerging
Europe
Fund
10
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
fund’s
management.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
+
Valuation
techniques
may
change
in
order
to
reflect
management’s
judgment
of
current
market
participant
assumptions.
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
a
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
response
to
political
and
military
actions
undertaken
by
Russia,
the
U.S.,
European
Union,
and
other
jurisdictions
have
imposed
economic
sanctions
against
certain
Russian
individuals,
entities
and
sectors.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
prompting
additional
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
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stock
$
—‌
Recent
comparable
transaction
price(s)
Discount
for
lack
of
marketability
100%
100%
Decrease
Estimated
Liquidation
Value
—#
—#
—#
Decrease
T.
ROWE
PRICE
Emerging
Europe
Fund
11
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),
as
of
the
close
of
March
9,
2022.
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.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
As
this
conflict
and
market
events
continue
to
evolve,
there
may
be
additional
impacts
to
the
investments
in
the
fund. 
F131-054Q3
07/22