T.
ROWE
PRICE
Emerging
Markets
Stock
Fund
January
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA
0.8%
Common
Stocks
0.8%
MercadoLibre
(USD) (1)
73,273
82,949
Total
Argentina
(Cost
$15,351
)
82,949
BRAZIL
5.0%
Common
Stocks
4.0%
B3
43,115,800
119,196
Localiza
Rent
a
Car
2,698,800
29,890
Lojas
Renner
6,932,055
36,918
Pagseguro
Digital,
Class
A
(USD) (1)
1,096,404
24,801
Raia
Drogasil
21,880,106
95,842
Rede
D'Or
Sao
Luiz
4,611,572
38,646
StoneCo,
Class
A
(USD) (1)
1,313,624
20,466
XP,
Class
A
(USD) (1)
1,817,241
60,532
426,291
Preferred
Stocks
1.0%
Itau
Unibanco
Holding
21,959,918
105,455
105,455
Total
Brazil
(Cost
$495,871
)
531,746
CHILE
0.7%
Common
Stocks
0.7%
Banco
Santander
Chile,
ADR
(USD)
3,766,168
75,625
Total
Chile
(Cost
$72,534
)
75,625
CHINA
32.3%
Common
Stocks
24.1%
Alibaba
Group
Holding
(HKD) (1)
8,866,356
138,967
Alibaba
Group
Holding,
ADR
(USD) (1)
2,085,017
262,274
China
Mengniu
Dairy
(HKD)
635,000
3,753
China
Overseas
Land
&
Investment
(HKD)
55,175,000
162,848
China
Resources
Mixc
Lifestyle
Services
(HKD)
3,917,000
23,023
ENN
Energy
Holdings
(HKD)
4,439,500
70,678
I-Mab,
ADR
(USD) (1)
370,222
9,348
JD.com
(HKD)
585,795
19,956
Kingdee
International
Software
Group
(HKD) (1)
9,594,000
21,983
Meituan,
Class
B
(HKD) (1)
6,575,700
196,182
T.
ROWE
PRICE
Emerging
Markets
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
Pinduoduo,
ADR
(USD) (1)
830,600
49,703
Ping
An
Insurance
Group,
Class
H
(HKD)
31,826,000
252,565
Sino
Biopharmaceutical
(HKD)
70,890,500
48,890
Sunny
Optical
Technology
Group
(HKD)
1,586,700
40,965
Tencent
Holdings
(HKD)
12,301,700
770,853
Trip.com
Group,
ADR
(USD) (1)
1,753,809
46,669
Wuxi
Biologics
Cayman
(HKD) (1)
9,197,000
92,179
Yum
China
Holdings
(USD)
5,287,000
254,675
Zhongsheng
Group
Holdings
(HKD)
16,523,000
126,932
2,592,443
Common
Stocks
-
China
A
Shares
8.2%
Glodon,
A
Shares (2)
5,610,592
54,645
Hongfa
Technology,
A
Shares
(CNH)
6,511,389
65,646
Huayu
Automotive
Systems,
A
Shares
(CNH)
35,159,440
153,804
Hundsun
Technologies,
A
Shares
(CNH)
9,426,000
87,409
Jiangsu
Hengrui
Medicine,
A
Shares
(CNH)
7,671,591
49,585
Kweichow
Moutai,
A
Shares (2)
213,784
63,911
Midea
Group,
A
Shares
(CNH)
2,132,267
24,819
Midea
Group,
A
Shares (2)
9,887,034
114,955
Ping
An
Insurance
Group,
A
Shares
(CNH)
1,493,377
11,824
Ping
An
Insurance
Group,
A
Shares (2)
2,406,900
19,035
Songcheng
Performance
Development,
A
Shares
(CNH)
13,059,600
31,633
Songcheng
Performance
Development,
A
Shares (2)
30,679,138
74,228
Yifeng
Pharmacy
Chain,
A
Shares
(CNH)
8,462,267
66,377
ZWSOFT
Guangzhou,
A
Shares (2)
1,215,419
58,529
876,400
Total
China
(Cost
$2,745,288
)
3,468,843
CZECH
REPUBLIC
0.5%
Common
Stocks
0.5%
Komercni
Banka
1,332,636
59,094
Total
Czech
Republic
(Cost
$49,639
)
59,094
HONG
KONG
4.2%
Common
Stocks
4.2%
AIA
Group
28,042,800
292,761
Budweiser
Brewing
APAC
54,091,600
142,885
Hong
Kong
Exchanges
&
Clearing
276,100
15,759
Total
Hong
Kong
(Cost
$302,300
)
451,405
T.
ROWE
PRICE
Emerging
Markets
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
HUNGARY
1.2%
Common
Stocks
1.2%
OTP
Bank (1)
1,691,877
98,175
Wizz
Air
Holdings
(GBP) (1)
635,559
34,836
Total
Hungary
(Cost
$100,949
)
133,011
INDIA
11.0%
Common
Stocks
11.0%
HDFC
Asset
Management
1,443,283
42,846
HDFC
Bank
9,198,334
184,845
Housing
Development
Finance
7,532,542
256,710
Infosys
7,615,158
179,338
Kotak
Mahindra
Bank
7,221,029
181,019
Maruti
Suzuki
India
482,018
55,764
Reliance
Industries
4,109,251
132,288
Tata
Consultancy
Services
808,486
40,807
Voltas
6,642,644
105,700
Total
India
(Cost
$799,746
)
1,179,317
INDONESIA
0.6%
Common
Stocks
0.6%
Bank
Central
Asia
117,471,000
62,482
Total
Indonesia
(Cost
$22,540
)
62,482
MEXICO
2.3%
Common
Stocks
2.3%
Grupo
Aeroportuario
del
Sureste,
ADR
(USD)
453,212
92,075
Grupo
Financiero
Banorte,
Class
O
11,606,400
73,415
Wal-Mart
de
Mexico
23,577,448
79,974
Total
Mexico
(Cost
$170,802
)
245,464
NETHERLANDS
2.6%
Common
Stocks
2.6%
ASML
Holding
84,415
57,174
Heineken
713,619
76,533
Prosus
1,727,827
143,748
Total
Netherlands
(Cost
$292,680
)
277,455
T.
ROWE
PRICE
Emerging
Markets
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
PHILIPPINES
1.4%
Common
Stocks
1.4%
SM
Investments
5,166,279
96,306
Universal
Robina
19,995,369
49,913
Total
Philippines
(Cost
$94,735
)
146,219
POLAND
0.1%
Common
Stocks
0.1%
InPost
(EUR) (1)
1,724,159
13,997
Total
Poland
(Cost
$33,880
)
13,997
QATAR
1.0%
Common
Stocks
1.0%
Qatar
National
Bank
17,192,164
103,302
Total
Qatar
(Cost
$93,189
)
103,302
RUSSIA
2.8%
Common
Stocks
2.8%
Ozon
Holdings,
ADR
(USD) (1)
970,056
20,051
Sberbank
of
Russia,
ADR
(USD)
11,815,677
165,750
VK,
GDR
(USD) (1)
522,127
4,214
X5
Retail
Group,
GDR
(USD)
2,671,798
60,410
Yandex,
Class
A
(USD) (1)
1,093,430
52,550
Total
Russia
(Cost
$257,760
)
302,975
SAUDI
ARABIA
2.3%
Common
Stocks
2.3%
Al
Rajhi
Bank
2,246,810
89,227
Saudi
National
Bank
5,492,145
108,285
Saudi
Tadawul
Group
Holding (1)
1,128,879
48,743
Total
Saudi
Arabia
(Cost
$135,517
)
246,255
T.
ROWE
PRICE
Emerging
Markets
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
SINGAPORE
0.5%
Common
Stocks
0.5%
Sea,
ADR
(USD) (1)
394,510
59,299
Total
Singapore
(Cost
$82,603
)
59,299
SOUTH
AFRICA
2.2%
Common
Stocks
2.2%
Capitec
Bank
Holdings
428,472
56,406
Clicks
Group
2,599,162
49,774
FirstRand
20,221,165
81,514
Shoprite
Holdings
3,624,131
49,585
Total
South
Africa
(Cost
$160,047
)
237,279
SOUTH
KOREA
8.7%
Common
Stocks
8.2%
Coupang
(USD) (1)
2,063,381
42,960
KakaoBank (1)
92,624
3,218
LG
Household
&
Health
Care
131,449
106,927
NAVER
579,048
152,950
Samsung
Electronics
9,228,961
574,033
880,088
Preferred
Stocks
0.5%
Samsung
Electronics
913,807
51,399
51,399
Total
South
Korea
(Cost
$334,681
)
931,487
TAIWAN
13.1%
Common
Stocks
13.1%
MediaTek
2,466,000
97,947
President
Chain
Store
9,366,000
89,456
Taiwan
Semiconductor
Manufacturing
50,128,111
1,159,062
Vanguard
International
Semiconductor
11,305,000
54,534
Total
Taiwan
(Cost
$355,278
)
1,400,999
T.
ROWE
PRICE
Emerging
Markets
Stock
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
THAILAND
1.7%
Common
Stocks
1.7%
Airports
of
Thailand (1)
14,063,200
26,927
CP
ALL
82,634,000
156,440
Total
Thailand
(Cost
$145,711
)
183,367
TURKEY
0.1%
Common
Stocks
0.1%
D-MARKET
Elektronik
Hizmetler
ve
Ticaret,
ADR
(USD) (1)
4,441,323
8,483
Total
Turkey
(Cost
$54,419
)
8,483
UNITED
ARAB
EMIRATES
1.2%
Common
Stocks
1.2%
First
Abu
Dhabi
Bank
17,237,653
94,049
Network
International
Holdings
(GBP) (1)
8,973,558
31,954
Total
United
Arab
Emirates
(Cost
$98,467
)
126,003
URUGUAY
0.6%
Common
Stocks
0.6%
Globant
(USD) (1)
240,400
61,345
Total
Uruguay
(Cost
$54,601
)
61,345
SHORT-TERM
INVESTMENTS
2.8%
Money
Market
Funds
2.8%
T.
Rowe
Price
Government
Reserve
Fund,
0.09% (3)(4)
302,640,798
302,641
Total
Short-Term
Investments
(Cost
$302,641)
302,641
Total
Investments
in
Securities
99.7%
(Cost
$7,271,229)
$
10,691,042
Other
Assets
Less
Liabilities
0.3%
36,260
Net
Assets
100.0%
$
10,727,302
‡
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
T.
ROWE
PRICE
Emerging
Markets
Stock
Fund
7
.
.
.
.
.
.
.
.
.
.
(2)
China
A
shares
held
through
the
QFII
are
subject
to
certain
restrictions.
(3)
Seven-day
yield
(4)
Affiliated
Companies
ADR
American
Depositary
Receipts
CNH
Offshore
China
Renminbi
EUR
Euro
GBP
British
Pound
GDR
Global
Depositary
Receipts
HKD
Hong
Kong
Dollar
USD
U.S.
Dollar
T.
ROWE
PRICE
Emerging
Markets
Stock
Fund
8
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%
$
—
#
$
—
$
28
+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/21
Purchase
Cost
Sales
Cost
Value
01/31/22
T.
Rowe
Price
Government
Reserve
Fund,
0.09%
$
208,615
¤
¤
$
302,641
^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$28
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
$302,641.
T.
ROWE
PRICE
Emerging
Markets
Stock
Fund
Unaudited
Notes
to
Portfolio
of
Investments
9
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
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
Markets
Stock
Fund
10
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
Markets
Stock
Fund
11
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
Markets
Stock
Fund
12
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.
F111-054Q1
01/22
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
1,223,805
$
9,007,742
$
—
$
10,231,547
Preferred
Stocks
—
156,854
—
156,854
Short-Term
Investments
302,641
—
—
302,641
Total
$
1,526,446
$
9,164,596
$
—
$
10,691,042