<PAGE>
--------------------------------------------------------------------------------
Fellow Shareholders
--------------------------------------------------------------------------------
This is our first report to you since your fund began operations on March 31,
1995, and we would like to welcome all shareholders.
The timing of this launch was opportune since stock prices in many
emerging markets declined in 1994, and current valuations look particularly
attractive. While one month is too brief to be an indication of long-term
performance, we are pleased to report that the Emerging Markets Stock Fund
got off to a good start, generating a strong initial return. As the fund
develops a longer-term record, we will compare its performance with a
benchmark.
--------------------------------------------------------------------------------
Performance
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period Ended 4/30/95
Since Inception (3/31/95)
-------------------------
<S> <C>
Emerging Markets
Stock Fund 4.6%
-----------------------------------------------------------
</TABLE>
MARKET REVIEW
Your fund's goal is to provide investors with long-term capital growth by
investing in both large and small companies in the developing economies of
Latin America, Eastern Europe, Asia, and Africa. These regions contain some
of the world's fastest-growing economies, and the fund provides a well-
diversified vehicle for shareholders to participate in this growth.
In its first full month of operation, the fund had 35% of its assets
invested in Latin America, 32% in Southeast Asia, a large portion temporarily
in U.S. short-term instruments because the fund has just gotten under way, and
the balance scattered in Eastern Europe and South Africa.
The collapse of the Mexican peso and stock market triggered a sharp sell-
off in Latin America before your fund's inception. However, support from the
U.S. government and other measures arrested the decline, and markets there
appear to have stabilized.
--------------------------------------------------------------------------------
Geographical Diversification
--------------------------------------------------------------------------------
[PIE GRAPH APPEARS HERE]
Shows Latin America 35%; Southeast Asia 32%; U.S. Short-Term 22%; and All
Other 11%. Based on net assets as of April 30, 1995.
In Southeast Asia, valuations are the most attractive they have been in
some time. For example, at the end of 1993 the average price/earnings
multiple in the region was 25. By the end of 1994 it had declined to 15.
Profits are strong in many countries in the region, and economic growth is
expected to continue at a healthy pace. At the same time, inflation in
mainland China appears to be slowing.
East European stock markets, which have been in a steep decline for over
a year, seem to be hitting a bottom. Because of the weakness of the dollar,
local investors have begun to favor their own stock markets and currencies.
Several countries in this region are appealing, particularly the Czech
Republic, which is beginning to look like a classic market for this fund.
In our next report, we will provide a more detailed roundup of the
markets your fund invests in, as well as some of the stocks we have added to
your portfolio.
<PAGE>
OUTLOOK
We maintain a positive outlook on emerging markets through the remainder of
1995. Economic activity is rising in many regions, underpinning strong
earnings growth. Stock valuations appear generally attractive in several less
developed markets.
The mixture of currency volatility, rising interest rates, and worry
about emerging markets created a hostile environment for some markets in
recent months. However, renewed stability should enable emerging market
stocks to rebound from current levels as they report stronger earnings in the
months ahead. We intend to monitor events carefully throughout these regions
and concentrate on areas that offer good prospects for growth along with
attractive stock valuations.
Again, we welcome you as new shareholders and thank you for joining
us.
Respectfully submitted,
/s/ Martin G. Wade
Martin G. Wade
President
May 19, 1995
2
<PAGE>
--------------------------------------------------------------------------------
Twenty-Five Largest Holdings
--------------------------------------------------------------------------------
April 30, 1995
<TABLE>
<CAPTION>
Percent of
Net Assets
----------
<S> <C>
Cifra 'B' ADR (USD), Mexico 2.4%
Telefonos de Mexico 'L' ADS
(USD), Mexico 2.3
Pacific Basin Bulk Shipping
(USD), Hong Kong 2.1
LB Aluminum, Malaysia 2.0
Electrobras ADR (USD), Brazil 2.0
Tolmex 'B2', Mexico 2.0
Brahma, Brazil 1.9
Telecomunicacoes Brasilias
ADR (USD), Brazil 1.9
Banco Bradesco, Brazil 1.8
IPS Praha, Czech Republic 1.7
Cia Energetica Minas Gerais, Brazil 1.7
Grupo Televisa PC GDR (USD), Mexico 1.7
Usiminas, Brazil 1.6
Enersis ADS (USD), Chile 1.6
Cemex 'B', Mexico 1.5
Laboratario Chile ADR (USD), Chile 1.5
Panamerican Beverages 'A' (USD), Mexico 1.5
Compania de Telefonos de Chile
'A' ADR (USD), Chile 1.5
Sasol, South Africa 1.4
YPF Sociedad Anonima 'D'
ADR (USD), Argentina 1.4
Compania Cervecerias Unidas
ADS (USD), Chile 1.4
Barlow Limited, South Africa 1.4
Cia Tecidos Norte de Minas, Brazil 1.4
Belize Holdings (USD), Belize 1.3
Telefonica de Argentina 'B'
ADR (USD), Argentina 1.3
--------------------------------------------------------------------
Total 42.3%
====================================================================
</TABLE>
--------------------------------------------------------------------------------
Industry Diversification
--------------------------------------------------------------------------------
April 30, 1995
<TABLE>
<CAPTION>
Percent of
Net Assets
----------
<S> <C>
Consumer Goods 17.0%
Basic Industry 15.4
Utilities 13.6
Financial/Insurance 13.0
Capital Goods 7.6
Energy 3.6
Transport/Storage 2.9
Reserves 26.9
--------------------------------------------------------------------
Total Net Assets 100.0%
====================================================================
</TABLE>
--------------------------------------------------------------------------------
Security Classification
--------------------------------------------------------------------------------
April 30, 1995
<TABLE>
<CAPTION>
Percent Market
of Net Cost Value
Assets (000) (000)
------- ------ ------
<S> <C> <C> <C>
Common Stocks
and Warrants 61.8% $1,698 $1,756
Preferred Stocks 10.3 256 294
Bonds 1.0 28 27
Short-Term
Investments 21.6 613 613
---- ----- -----
Total Investments 94.7 2,595 2,690
Other Assets Less
Liabilities 5.3 151 151
--------------------------------------------------------
Total Net Assets 100.0% $2,746 $2,841
========================================================
</TABLE>
3
<PAGE>
--------------------------------------------------------------------------------
Portfolio of Investments
T. Rowe Price Emerging Markets Stock Fund / April 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ARGENTINA -- 4.3%
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
--------
<S> <C> <C>
COMMON STOCKS
1,150 shs. Central Puerto 'B' ADS (USD)........ $ 22,425
1,200 Quilmes Industrial (USD)............ 22,800
1,600 Telefonica de Argentina 'B'
ADR (USD)......................... 37,600
2,000 YPF Sociedad Anonima 'D'
ADR (USD)......................... 40,500
TOTAL ARGENTINA 123,325
--------------------------------------------------------------------------------
BELIZE -- 1.3%
--------------------------------------------------------------------------------
COMMON STOCK
2,500 Belize Holdings (USD)............... 37,813
--------------------------------------------------------------------------------
BRAZIL -- 12.3%
--------------------------------------------------------------------------------
COMMON STOCK
4,000 Electrobras ADR (USD)............... 56,000
PREFERRED STOCKS
6,600,000 Banco Bradesco...................... 50,703
190,000 Brahma.............................. 55,180
2,100,000 Cia Energetica Minas Gerais......... 49,226
150,000 Cia Tecidos Norte de Minas.......... 39,616
1,500 Telecomunicacoes
Brasilias ADR (USD)............... 53,625
37,500,000 Usiminas............................ 45,617
293,967
TOTAL BRAZIL 349,967
--------------------------------------------------------------------------------
CHILE -- 5.9%
--------------------------------------------------------------------------------
COMMON STOCKS
1,700 Compania Cervecerias
Unidas ADS (USD).................. 40,375
600 Compania de Telefonos de
Chile 'A' ADR (USD)............... 41,475
1,600 Enersis ADS (USD)................... 44,800
2,200 Laboratorio Chile ADR (USD)......... 42,075
TOTAL CHILE 168,725
--------------------------------------------------------------------------------
CHINA -- 2.9%
--------------------------------------------------------------------------------
COMMON STOCKS
1,900 *Huaneng Power International
'N' ADR (USD)..................... 27,550
40,000 Shanghai Diesel Engine 'B'
(USD)............................. 25,920
96,000 Shanghai Petrochemical 'H'
(HKD)............................. 27,593
TOTAL CHINA 81,063
--------------------------------------------------------------------------------
CZECH REPUBLIC -- 1.7%
--------------------------------------------------------------------------------
COMMON STOCK
650 shs. IPS Praha........................... $ 49,545
--------------------------------------------------------------------------------
HONG KONG -- 2.1%
--------------------------------------------------------------------------------
COMMON STOCK & WARRANTS
4,300 Pacific Basin Bulk
Shipping (USD).................... 56,437
4,300 wts. *Pacific Basin Bulk Shipping,
9/30/99 (USD)..................... 2,419
TOTAL HONG KONG 58,856
--------------------------------------------------------------------------------
INDIA -- 3.2%
--------------------------------------------------------------------------------
COMMON STOCKS
1,500 shs. Grasim Industries GDS (USD)......... 30,375
1,900 Reliance Industries GDS (USD)....... 30,875
9,000 Videocon International
GDR (USD)......................... 29,250
TOTAL INDIA 90,500
--------------------------------------------------------------------------------
INDONESIA -- 3.1%
--------------------------------------------------------------------------------
COMMON STOCKS
5,500 Hanjaya Mandala Sampoerna........... 32,266
8,000 *Indofoods Sukses Makmur............. 28,303
800 *Indosat 'B' ADR (USD)............... 28,900
TOTAL INDONESIA 89,469
--------------------------------------------------------------------------------
MALAYSIA -- 12.4%
--------------------------------------------------------------------------------
COMMON STOCKS & WARRANTS
10,000 Arab Malaysian Finance............. 25,283
12,000 Asas Dunia......................... 28,641
11,000 CHG Industries..................... 28,924
8,000 Chemical Company
of Malaysia...................... 29,450
18,000 wts. *Commerce Asset Holdings,
6/27/98.......................... 33,495
11,000 shs. Hock Hua Bank...................... 31,371
32,000 *LB Aluminum........................ 57,217
11,000 Lityan Holdings.................... 30,704
5,000 MTD Capital........................ 30,340
9,000 Malaysian Airline System........... 27,852
9,000 Malaysian Assurance
Alliance......................... 29,308
TOTAL MALAYSIA 352,585
--------------------------------------------------------------------------------
MEXICO -- 11.3%
--------------------------------------------------------------------------------
COMMON STOCKS
13,400 Cemex 'B'.......................... 42,657
46,000 Cifra 'B' ADR (USD)................ 68,080
</TABLE>
4
<PAGE>
<TABLE>
================================================================================
<S> <C> <C>
2,400 shs. Grupo Televisa PC GDR (USD)........ $ 48,000
1,590 Panamerican Beverages
'A' (USD)........................ 41,539
2,115 Telefonos de Mexico 'L'
ADS (USD)........................ 63,979
16,800 Tolmex 'B2'........................ 55,768
TOTAL MEXICO 320,023
--------------------------------------------------------------------------------
POLAND -- 1.4%
--------------------------------------------------------------------------------
COMMON STOCKS
5,300 Elektrim............................ 20,251
3,300 Mostostal Export.................... 18,531
TOTAL POLAND 38,782
--------------------------------------------------------------------------------
SOUTH AFRICA -- 2.9%
--------------------------------------------------------------------------------
COMMON STOCKS
4,000 Barlow Limited...................... 40,345
4,200 Sasol............................... 40,621
TOTAL SOUTH AFRICA 80,966
--------------------------------------------------------------------------------
TAIWAN -- 1.7%
--------------------------------------------------------------------------------
COMMON STOCK
1,000 Yageo GDR (USD)..................... 20,000
CORPORATE BOND
10,000USD Acer, Cv., 4.00%, 6/10/01........... 27,250
TOTAL TAIWAN 47,250
--------------------------------------------------------------------------------
THAILAND -- 6.6%
--------------------------------------------------------------------------------
COMMON STOCKS
3,500 shs. Bangkok Bank Public................. 33,868
1,700 Land & House........................ 29,998
500 Siam Cement......................... 28,746
3,700 Siam Commercial Bank................ 31,291
3,600 Thai Farmers Bank................... 31,616
2,200 United Communications
Industry.......................... 32,202
TOTAL THAILAND 187,721
--------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS -- 21.6%
--------------------------------------------------------------------------------
COMMERCIAL PAPER
$ 125,000 3M, 5.94%, 5/22/95.................. $124,464
100,000 BHF Finance (Delaware),
6.00%, 5/31/95.................... 99,183
100,000 Corporate Asset Funding,
5.90%, 5/1/95..................... 99,951
100,000 Delaware Funding,
5.98%, 5/15/95.................... 99,684
90,000 President & Fellows Harvard
College, 5.93%, 5/1/95............ 89,955
100,000 UBS Finance (Delaware),
5.93%, 5/1/95..................... 99,951
TOTAL SHORT-TERM INVESTMENTS 613,188
--------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 94.7% OF NET
ASSETS (COST $2,594,731) $2,689,778
--------------------------------------------------------------------------------
</TABLE>
* Non-income producing
(HKD) Hong Kong dollar
(USD) U.S. dollar
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
--------------------------------------------------------------------------------
Statement of Assets and Liabilities
--------------------------------------------------------------------------------
T. Rowe Price Emerging Markets Stock Fund / April 30, 1995
<TABLE>
<S> <C>
ASSETS
Investments in securities, at value (cost $2,594,731).............. $2,689,778
Other assets....................................................... 163,428
----------
Total assets....................................................... 2,853,206
----------
LIABILITIES........................................................ 11,973
----------
NET ASSETS......................................................... $2,841,233
==========
NET ASSETS CONSIST OF:
Accumulated net investment income - net of distributions........... $ 1,462
Accumulated net realized gain/loss - net of distributions.......... (3,274)
Net unrealized gain (loss)......................................... 95,047
Paid-in-capital applicable to 271,534 shares of $0.01 par value
capital stock outstanding; 2,000,000,000 shares of the Corporation
authorized......................................................... 2,747,998
----------
NET ASSETS......................................................... $2,841,233
==========
NET ASSET VALUE PER SHARE.......................................... $10.46
======
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
--------------------------------------------------------------------------------
Statement of Operations
--------------------------------------------------------------------------------
T. Rowe Price Emerging Markets Stock Fund / From March 31, 1995
(Commencement of Operations) to April 30, 1995 (Unaudited)
<TABLE>
<S> <C>
INVESTMENT INCOME
Income
Interest.................................................... $ 3,489
Dividend (net of foreign taxes of $242)..................... 916
--------
Total income................................................ 4,405
--------
Expenses
Custody and accounting...................................... 9,833
Legal and audit............................................. 1,926
Shareholder servicing....................................... 600
Organization................................................ 567
Directors................................................... 417
Reimbursed by Manager....................................... (10,400)
--------
Total expenses.............................................. 2,943
--------
Net investment income......................................... 1,462
--------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on foreign currency transactions..... (3,274)
Change in net unrealized gain or loss on securities........... 95,047
--------
Net realized and unrealized gain (loss)....................... 91,773
--------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS............. $ 93,235
========
--------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
--------------------------------------------------------------------------------
Statement of Changes in Net Assets
--------------------------------------------------------------------------------
T. Rowe Price Emerging Markets Stock Fund / From March 31, 1995
(Commencement of Operations) to April 30, 1995 (Unaudited)
<TABLE>
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations
Net investment income...................................... $ 1,462
Net realized gain (loss)................................... (3,274)
Change in net unrealized gain or loss...................... 95,047
----------
Increase (decrease) in net assets from operations.......... 93,235
----------
Capital share transactions*
Shares sold................................................ 2,747,998
----------
Increase (decrease) in net assets............................ 2,841,233
----------
NET ASSETS
Beginning of period........................................ --
----------
End of period.............................................. $2,841,233
==========
-----------------------------------------------------------------------------
*Share information
Shares sold................................................ 271,534
</TABLE>
The accompanying notes are an integral part of these financial statements.
8
<PAGE>
--------------------------------------------------------------------------------
Notes to Financial Statements
--------------------------------------------------------------------------------
T. Rowe Price Emerging Markets Stock Fund / April 30, 1995 (Unaudited)
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
T. Rowe Price International Funds, Inc. (the Corporation) is registered under
the Investment Company Act of 1940. The Emerging Markets Stock Fund (the
fund), a diversified, open-end management investment company, is one of the
portfolios established by the Corporation.
A) Valuation - Equity securities listed or regularly traded on a securities
exchange (including NASDAQ) are valued at the last quoted sales price at the
time the valuations are made. A security which 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. Other equity securities and those
listed securities that are not traded on a particular day are valued at a
price within the limits of the latest bid and asked prices deemed by the
Board of Directors, or by persons delegated by the Board, best to reflect
fair value.
Debt securities are generally traded in the over-the-counter market and
are valued at a price deemed best to reflect fair value as quoted by dealers
who make markets in these securities or by an independent pricing service.
Short-term debt securities are valued at their cost which, when combined with
accrued interest, approximates fair value.
For purposes of determining the fund's net asset value per share, the
U.S. dollar value of all assets and liabilities initially expressed in
foreign currencies is determined by using the mean of the bid and offer
prices of such currencies against U.S. dollars quoted by a major bank.
Assets and liabilities for which the above valuation procedures are
inappropriate or are deemed not to reflect fair value are stated at fair
value as determined in good faith by or under the supervision of the officers
of the fund, as authorized by the Board of Directors.
B) Currency Translation - Assets and liabilities are translated into U.S.
dollars at the prevailing exchange rate at the end of the reporting period.
Purchases and sales of securities and income and expenses are translated into
U.S. dollars at the prevailing exchange rate on the dates of such
transactions. The effect of changes in foreign exchange rates on realized
and unrealized security gains and losses is reflected as a component of such
gains and losses.
C) Other - Income and expenses are recorded on the accrual basis.
Investment transactions are accounted for on the trade date. Realized gains
and losses are reported on an identified cost basis. Dividend income and
distributions to shareholders are recorded by the fund on the ex-dividend
date. Income and capital gain distributions are determined in accordance
with federal income tax regulations and may differ from those determined in
accordance with generally accepted accounting principles.
NOTE 2 - ORGANIZATION
The fund was organized on January 25, 1995, and had no operations prior to
March 31, 1995, other than those related to organizational matters.
NOTE 3 - INVESTMENT TRANSACTIONS
Consistent with its investment objective, the fund engages in the following
practices to manage exposure to certain risks and enhance performance. The
investment objective, policies, program, risk factors, and following
practices of the fund are described more fully in the fund's Prospectus and
Statement of Additional Information.
A) Emerging Markets - At April 30, 1995, the fund held investments in
securities of companies located in emerging markets. Future economic or
political developments could adversely affect the liquidity or value, or
both, of such securities.
9
<PAGE>
--------------------------------------------------------------------------------
Notes to Financial Statements (Cont'd)
--------------------------------------------------------------------------------
B) Other - Purchases of portfolio securities, other than short-term and U.S.
government securities, aggregated $1,981,543 for the period ended April 30,
1995.
NOTE 4 - FEDERAL INCOME TAXES
No provision for federal income taxes is required since the fund intends to
qualify as a regulated investment company and distribute all of its taxable
income.
At April 30, 1995, the aggregate cost of investments for federal income
tax and financial reporting purposes was $2,594,731 and net unrealized gain
aggregated $95,047, of which $139,730 related to appreciated investments and
$44,683 to depreciated investments.
NOTE 5 - RELATED PARTY TRANSACTIONS
The fund is managed by Rowe Price-Fleming International, Inc. (Price
-Fleming), which is owned by T. Rowe Price Associates, Inc. (Price Associates),
Robert Fleming Holdings Limited, and Jardine Fleming Holdings Limited under a
joint venture agreement.
The investment management agreement between the fund and Price-Fleming
(the Manager) provides for an annual investment management fee. The fee is
computed daily and paid monthly, and consists of an Individual Fund Fee equal
to 0.75% of average daily net assets and a Group Fee. The Group Fee is based
on the combined assets of certain mutual funds sponsored by the Manager or
Price Associates (the Group). The Group Fee rate ranges from 0.48% for the
first $1 billion of assets to 0.31% for assets in excess of $34 billion. At
April 30, 1995, and for the period then ended, the effective annual Group Fee
rate was 0.34%. The fund pays a pro rata share of the Group Fee based on the
ratio of its net assets to those of the Group.
Under the terms of the investment management agreement, the Manager is
required to bear any expenses through October 31, 1996 which would cause the
fund's ratio of expenses to average net assets to exceed 1.75%. Thereafter
through October 31, 1998, the fund is required to reimburse the Manager for
these expenses, provided that average net assets have grown or expenses have
declined sufficiently to allow reimbursement without causing the fund's ratio
of expenses to average net assets to exceed 1.75%. Pursuant to this agreement,
$1,754 of management fees were not accrued by the fund for the period ended
April 30, 1995, and $10,400 of other expenses were borne by the Manager.
In addition, the fund has entered into agreements with Price Associates
and two wholly owned subsidiaries of Price Associates, pursuant to which the
fund receives certain other services. Price Associates computes the daily
share price and maintains the financial records of the fund. T. Rowe Price
Services, Inc. (TRPS) is the fund's transfer and dividend disbursing agent
and provides shareholder and administrative services to the fund. T. Rowe
Price Retirement Plan Services, Inc. provides subaccounting and recordkeeping
services for certain retirement accounts invested in the fund. The fund
incurred expenses pursuant to these related party agreements totaling
approximately $8,933 for the period ended April 30, 1995, all of which was
payable at period-end.
During the period ended April 30, 1995, the fund, in the ordinary course
of business, paid commissions of $3,262 to, and placed security purchase and
sale orders aggregating $575,022 with, certain affiliates of the Manager in
connection with the execution of various portfolio transactions.
10
<PAGE>
--------------------------------------------------------------------------------
Financial Highlights
--------------------------------------------------------------------------------
T. Rowe Price Emerging Markets Stock Fund (Unaudited)
<TABLE>
<CAPTION>
For a share outstanding
throughout the period
-----------------------
From
March 31, 1995
(Commencement of
Operations) to
April 30,
1995
------------------
<S> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD............................... $10.00
------
Investment Activities
Net investment income............................. 0.01*
Net realized and unrealized gain (loss)........... 0.45
------
Total from Investment Activities.................... 0.46
------
NET ASSET VALUE, END OF PERIOD...................... $10.46
======
----------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Total Return........................................ 4.6%*
Ratio of Expenses to Average
Net Assets........................................ 1.75%+*
Ratio of Net Investment Income to
Average Net Assets................................ 0.87%+*
Portfolio Turnover Rate............................. 0.0%+
Net Assets, End of Period........................... $2,841,233
----------------------------------------------------------------------------
</TABLE>
* Excludes expenses in excess of a 1.75% voluntary expense
limitation in effect through October 31, 1996.
+ Annualized.
11
<PAGE>
--------------------------------------------------------------------------------
SEMIANNUAL REPORT
--------------------------------------------------------------------------------
T. Rowe Price
-------------
EMERGING MARKETS
STOCK FUND
APRIL 30, 1995
FOR YIELD, PRICE, LAST TRANSACTION, AND CURRENT BALANCE, 24 HOURS,
7 DAYS A WEEK, CALL:
1-800-638-2587 toll free
625-7676 Baltimore area
FOR ASSISTANCE WITH YOUR EXISTING FUND ACCOUNT, CALL:
Shareholder Service Center
1-800-225-5132 toll free
625-6500 Baltimore area
T. ROWE PRICE
100 East Pratt Street
Baltimore, Maryland 21202
This report is authorized for distribution only to shareholders and to
others who have received a copy of the prospectus of the T. Rowe Price
Emerging Markets Stock Fund.
T. Rowe Price
Invest With Confidence(R)
EMF
