<PAGE>
Semiannual Report
EMERGING
MARKETS
STOCK FUND
- ---------------
April 30, 1997
- ---------------
[LOGO OF T. ROWE PRICE APPEARS HERE]
<PAGE>
REPORT HIGHLIGHTS
---------------------------------------------------------------------------
. Emerging stock markets performed well overall during the past six months,
with Latin America and Russia generating the best results and Asia the
weakest.
. The fund's return of 11% surpassed the MSCI Emerging Markets Free Index but
trailed the Lipper Emerging Markets Funds Average.
. Performance was split about evenly between country allocation and stock
selection.
. We trimmed Asian positions and redeployed proceeds into Latin American
stocks, particularly those of Brazil.
. We remain optimistic about the prospects for capital appreciation in emerging
markets and believe that investment flows into these regions will stay
buoyant.
<PAGE>
FELLOW SHAREHOLDERS
World stock markets were volatile following the Federal Reserve's decision to
raise a key short-term interest rate by 25 basis points in March. Emerging
markets weathered the storm relatively well, with Latin America hardly blinking
after its appreciation earlier this year, emerging European markets led by
Russia powering ahead, and Asia generating the weakest performance overall.
<TABLE>
<CAPTION>
----------------------
PERFORMANCE COMPARISON
--------------------------------------------------------
Periods Ended 4/30/97 6 Months 12 Months
---------------------------------------------------------
<S> <C> <C>
Emerging Markets Stock Fund 11.10% 6.24%
.........................................................
MSCI Emerging Markets
Free Index 10.98 4.29
.........................................................
Lipper Emerging Markets
Funds Average 14.60 9.25
.........................................................
</TABLE>
Your fund posted solid returns for the six months ended April 30, 1997,
although results for the full year were lackluster due to poor
performance six months earlier. However, returns did surpass those of the
MSCI Emerging Markets Free Index during both periods, although they
trailed the Lipper average for similar funds.
The fund's gain can be attributed about evenly to country allocation and
stock selection. At the country level, the biggest benefits came from
being overweighted in China and Brazil, which in dollar terms rose 44%
and 38%, respectively, during the past six months. We were also only
mildly exposed to the poorly performing markets of Thailand, the
Philippines, and Indonesia. A major drag on performance came from being
underweighted in India, where we only recently received foreign investor
status, and Taiwan where foreign access is also difficult. At the stock
level, large positions in Brazilian utilities and our avoidance of
property-related woes in Asia were beneficial.
We trimmed positions across Asia in the past few months, especially in
Malaysia, the Philippines, and Thailand. Tight monetary policies after
years of extraordinary growth have fostered subdued growth prospects and
some property value concerns. We redeployed proceeds from those sales
into Latin America, most notably Brazil.
1
<PAGE>
MARKET REVIEW
During the past few months there were further signs of free market
advances in many areas. In parts of Eastern Europe, privatization
programs continued apace, and Russia talked about scrapping its
politically sensitive housing subsidies. In Latin America, needed reforms
moved forward, and Brazil started to tackle structural fiscal issues in
particular. Asia has always been pro-business, but China's recent
attempts to reinvigorate its state-owned enterprises are encouraging. The
world is becoming ever more open, and we are confident that the trend
toward reform will remain in place, enabling emerging markets to
flourish.
<TABLE>
<CAPTION>
------------------
MARKET PERFORMANCE
---------------------------------------------------------
(In U.S. Dollar Terms)
Periods Ended 4/30/97 6 Months 12 Months
---------------------------------------------------------
<S> <C> <C>
Argentina 28.39% 24.24%
.........................................................
Brazil 38.45 65.12
.........................................................
Chile 5.13 4.63
.........................................................
China (Free) 43.89 41.79
.........................................................
Israel (Nondomestic) 10.57 -19.86
.........................................................
Malaysia -6.41 -7.23
.........................................................
Mexico 17.13 11.44
.........................................................
Poland 7.69 15.09
.........................................................
South Africa 9.78 -0.44
.........................................................
Thailand -25.81 -49.99
.........................................................
Source: FAME Information Services, Inc.; based on MSCI indices.
</TABLE>
Far East
Asia was generally disappointing, although the so-called triangle
consisting of China, Hong Kong, and Taiwan appeared to be in better
economic shape than many other countries in the region. China started a
reflation drive with urban inflation at a modest level. Politically, the
country seems to have coped smoothly with the passing of paramount leader
Deng Xiaoping. Jiang Zemin took over the reins of government, and all
signs point to a continuation of market-driven and open-door economic
policies. The transfer of sovereignty in Hong Kong will take place in
July, and China's domestic markets have responded with exuberance. Taiwan
also benefited from its many investments in China, and the electronics
sector is once again booming due to the recovery in memory chip prices
and global growth in personal computer sales.
The rest of Asia did not present such a happy picture. Exports
languished, monetary policy tightened, and many governments imposed
2
<PAGE>
strict limits on borrowing to finance property purchases or development.
Worst hit was Thailand where the vast oversupply of commercial property
and subsequent price declines led to the virtual bankruptcy of one of the
country's largest finance companies. The market declined 26% in dollar
terms during the past six months, although we fortunately identified
problems there early and have only 2% of assets invested in this market.
Asia still retains many attractive characteristics: its generally
pro-business policies, disciplined and well-educated work forces, and
high savings rates. The region's prospects, therefore, remain bright over
the longer term, but since Asia is the most expensive of the major
emerging markets, it could underperform for a while longer.
[PIE CHART APPEARS HERE]
<TABLE>
<CAPTION>
- ---------------------------
GEOGRAPHIC DIVERSIFICATION
- -----------------------------------------------------------------------
Based on net assets as of 4/30/97
<S> <C>
Latin America 42%
Far East 38%
Europe 7%
Africa and the Middle East 6%
Other and Reserves 7%
</TABLE>
Latin America
Latin American markets were extremely strong, with Brazil up 38%,
Argentina 28%, Mexico 17%, and Chile a less robust 5%, all in dollar
terms. Interest rates were the major driver behind the region's markets,
where the yield on Mexican 365-day Cetes fell by over three percentage
points as inflation continued to moderate. We still feel that real
interest rates of around 600 basis points (6%) should be achievable over
the medium term.
Confidence around the region continued to grow, with exports especially
strong in Mexico in sharp contrast to the developing economies of Asia.
NAFTA was certainly part of the picture, but a newly competitive export
sector following the sharp devaluations of 1994 and 1995 also helped.
While Brazilian exports were not as strong, worsening the country's trade
picture, its economic reforms remained on track and will be put to the
test in the forthcoming elections. Similarly, politics will play an
important role in Mexico with major Congressional elections scheduled in
July. While it is possible that the reigning PRI party may lose power, we
do not expect the country's economic direction to change significantly.
3
<PAGE>
Eastern Europe, the Middle East, and Africa
The markets of Emerging Europe, the Middle East, and Africa turned in
mixed performances. At the top of the pack was Russia, which rose by more
than 75% in the past six months as Yeltsin's government grew increasingly
market-friendly. Hungary also continued to perform well, and its economy
exhibited signs of reaccelerating, albeit from a depressed base. By
contrast, the stock market in the Czech Republic fell further as the
government of Vaclav Klaus continued to tighten monetary policy to rein
in inflation. After having been the pioneer of Eastern European reform,
this country recently experienced a bit of a setback, and many companies
reported disappointing earnings.
<TABLE>
<CAPTION>
- -------------------------
INDUSTRY DIVERSIFICATION
- --------------------------------------------------------
Percent of Percent of
Net Assets Net Assets
10/31/96 4/30/97
- --------------------------------------------------------
<S> <C> <C>
Services 23.7% 26.9%
........................................................
Finance 27.0 16.1
........................................................
Energy 9.7 15.8
........................................................
Consumer Goods 14.5 12.8
........................................................
Materials 15.8 12.6
........................................................
Multi-industry 3.1 5.5
........................................................
Capital Equipment 4.3 3.2
........................................................
All Other 0.5 0.3
........................................................
Reserves 1.4 6.8
- --------------------------------------------------------
Total 100.0 100.0%
</TABLE>
The markets of Greece and Turkey were both strong, although Turkey gave
back some of its gains during the last couple of months. Turkish
inflation was a problem, with the government still spending an excessive
amount of national wealth on the military. We currently have no holdings
in either country but will monitor developments for possible future
investment.
South African stocks were up 10% in dollar terms during the past six
months. However, we remained underweighted there since we believe the
reform process is being held hostage to politics, and the large web of
cross holdings among South African corporations makes it hard to identify
true value among individual companies.
OUTLOOK
It is too early to tell whether the recent monetary tightening in the
U.S. is the first of several moves or a successful preemptive strike
against inflation. To a great extent, future action will influence the
course of world markets for the balance of the year. We believe that
worldwide
4
<PAGE>
inflation remains benign at the moment and that little more in the way of
further tightening is required.
We remain broadly optimistic about the prospects for emerging markets
going forward and believe that investment flows into the equities of
these regions will stay buoyant. In support of this view, we point to
accelerating growth prospects underpinned by a gradual but well-
entrenched reform process across Latin America and parts of Eastern
Europe. Growth should remain superior in emerging markets, and
valuations, despite strong price moves, are still well below those in the
developed world. Particularly noteworthy in this regard are the markets
of Latin America and the more recently liberalized markets of Europe. As
ever, emerging markets should remain volatile, so we will continue to
approach them in a well-diversified manner.
Respectfully submitted,
/s/ Martin G. Wade
Martin G. Wade
President
May 19, 1997
5
<PAGE>
T. ROWE PRICE EMERGING MARKETS STOCK FUND
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- --------------------
PORTFOLIO HIGHLIGHTS
- -------------------------------------------------------------------------------
TWENTY-FIVE LARGEST HOLDINGS
Percent of
Net Assets
4/30/97
----------------------------------------------------------------------
<S> <C>
Telecomunicacoes Brasileiras, Brazil 5.2%
......................................................................
Telefonos de Mexico, Mexico 2.7
......................................................................
Huaneng Power International, China 2.6
......................................................................
United Engineers, Malaysia 2.6
......................................................................
Tanjong, Malaysia 1.8
----------------------------------------------------------------------
Eletrobras, Brazil 1.8
......................................................................
Samsung Electronic, South Korea 1.7
......................................................................
Cemex, Mexico 1.7
......................................................................
Renong, Malaysia 1.5
......................................................................
Telecomunicacoes de Sao Paulo, Brazil 1.5
----------------------------------------------------------------------
Brahma, Brazil 1.5
......................................................................
Berjaya Sports Toto, Malaysia 1.4
......................................................................
Blue Square, Israel 1.4
......................................................................
Elite Industries, Israel 1.4
......................................................................
Telefonica de Argentina, Argentina 1.4
----------------------------------------------------------------------
Multi-Purpose Holdings, Malaysia 1.3
......................................................................
Cia Energetica Minas Gerais, Brazil 1.3
......................................................................
Korea Electric Power, South Korea 1.3
......................................................................
YPF Sociedad Anonima, Argentina 1.3
......................................................................
Cifra, Mexico 1.2
----------------------------------------------------------------------
Perez Companc, Argentina 1.2
......................................................................
Petrol Brasileiros, Brazil 1.1
......................................................................
Mahanagar Telephone, India 1.1
......................................................................
Commerce Asset Holdings, Malaysia 1.0
......................................................................
Usiminas, Brazil 1.0
----------------------------------------------------------------------
Total 42.0%
</TABLE>
6
<PAGE>
T. ROWE PRICE EMERGING MARKETS STOCK FUND
- -------------------------------------------------------------------------------
- ----------------------
PERFORMANCE COMPARISON
- -------------------------------------------------------------------------------
This chart shows the value of a hypothetical $10,000 investment in the
fund over the past 10 fiscal year periods or since inception (for funds
lacking 10-year records). The result is compared with a broad-based
average or index. The index return does not reflect expenses, which have
been deducted from the fund's return.
EMERGING MARKETS STOCK FUND
-------------------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
MSCI Lipper
Emerging Emerging Emerging
Markets Free Markets Funds Markets
Date Index Average Stock Funds
<S> <C> <C> <C>
3/31/95 10,000 10,000 10,000
Apr-95 10,449 10,397 10,460
Apr-96 11,951 12,027 12,131
Apr-97 12,464 12,999 12,888
</TABLE>
- ------------------------------------
AVERAGE ANNUAL COMPOUND TOTAL RETURN
- -------------------------------------------------------------------------------
This table shows how the fund would have performed each year if its
actual (or cumulative) returns for the periods shown had been earned at a
constant rate.
<TABLE>
<CAPTION>
Since Inception
Periods Ended 4/30/97 1 Year Inception Date
----------------------------------------------------------------------
<S> <C> <C> <C>
Emerging Markets Stock Fund 6.24% 12.96% 3/31/95
......................................................................
</TABLE>
Investment return and principal value represent past performance and will
vary. Shares may be worth more or less at redemption than at original
purchase.
7
<PAGE>
T. ROWE PRICE EMERGING MARKETS STOCK FUND
- -------------------------------------------------------------------------------
Unaudited
<TABLE>
<CAPTION>
- ---------------------
FINANCIAL HIGHLIGHTS For a share outstanding throughout each period
- -----------------------------------------------------------------------------------------------------
6 Months Year 3/31/95
Ended Ended to
4/30/97 10/31/96 10/31/95
<S> <C> <C> <C>
NET ASSET VALUE
Beginning of period $ 11.59 $ 10.48 $ 10.00
.....................................................
Investment activities
Net investment income 0.04 0.02* 0.02*
Net realized and
unrealized gain (loss) 1.20 1.08 0.44
.....................................................
Total from
investment activities 1.24 1.10 0.46
.....................................................
Distributions
Net investment income (0.04) (0.01) -
Net realized gain (0.30) - -
.....................................................
Total distributions (0.34) (0.01) -
.....................................................
Redemption fees added
to paid-in-capital 0.02 0.02 0.02
.....................................................
NET ASSET VALUE
End of period $ 12.51 $ 11.59 $ 10.48
=====================================================
Ratios/Supplemental Data
Total return 11.10% 10.69%* 4.80%*
...................................................................................................
Ratio of expenses to
average net assets 1.75%+ 1.75%* 1.75%+*
...................................................................................................
Ratio of net investment
income to average
net assets 0.82%+ 0.44%* 0.54%+*
...................................................................................................
Portfolio turnover rate 41.2%+ 41.7% 28.8%+
...................................................................................................
Average commission rate paid $ 0.0004 $ 0.0004 $ -
...................................................................................................
Net assets, end of period
(in thousands) $ 121,226 $ 67,896 $ 14,399
...................................................................................................
</TABLE>
* Excludes expenses in excess of a 1.75% voluntary expense limitation in effect
through 10/31/98.
+ Annualized.
The accompanying notes are an integral part of these financial statements.
8
<PAGE>
T. ROWE PRICE EMERGING MARKETS STOCK FUND
- -------------------------------------------------------------------------------
Unaudited April 30, 1997
<TABLE>
<CAPTION>
- ------------------------
STATEMENT OF NET ASSETS Shares/Par Value
- -----------------------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
ARGENTINA 5.5%
Common Stocks 5.5%
Banco de Galicia Buenos Aires (Class B) ADR (USD) 21,165 $ 515
..............................................................................................
Banco Frances del Rio ADR (USD) 23,320 708
..............................................................................................
Perez Companc (Class B) 179,990 1,460
..............................................................................................
Sociedad Comercial del Plata ADR (144a) (USD) 9,800 298
..............................................................................................
Telecom Argentina Stet (Class B) ADR (USD) 6,520 326
..............................................................................................
Telefonica de Argentina (Class B) ADR (USD) 50,000 1,663
..............................................................................................
Transportadora de Gas del Sur ADS (USD) 10,500 131
..............................................................................................
YPF Sociedad Anonima (Class D) ADR (USD) 55,680 1,538
..............................................................................................
Total Argentina (Cost $5,770) 6,639
................
BRAZIL 21.1%
Common Stocks 3.1%
Cia Paranaense de Energia Copel 18,278,000 282
..............................................................................................
Cia Paulista de Forca e Luz 1,397,000 217
..............................................................................................
Companhia de Electricidade do Estado de Rio de Janeiro * 318,228,000 201
..............................................................................................
Companhia Siderurgica Nacional 26,598,000 950
..............................................................................................
Eletrobras ADR (USD) * 95,931 2,170
..............................................................................................
3,820
................
Preferred Stocks 18.0%
Banco Bradesco 138,580,455 1,147
..............................................................................................
Banco Itau 1,474,960 797
..............................................................................................
Brahma 2,627,141 1,787
..............................................................................................
Brasmotor 750,000 180
..............................................................................................
Centrais Electricas de Santa Catarina * 149,000 210
..............................................................................................
Cia Brasileira de Petroleo Ipiranga 11,360,000 177
..............................................................................................
Cia Cimento Portland Itau 2,541,858 896
..............................................................................................
Cia Energetica Minas Gerais 34,642,745 1,580
..............................................................................................
Cia Tecidos Norte de Minas 1,066,583 447
..............................................................................................
Electricidade de Sao Paulo * 1,300,000 261
..............................................................................................
Globex Utilidades 17,000 304
..............................................................................................
Lojas Americanas * 30,393,000 432
..............................................................................................
Lojas Renner 5,900,000 355
..............................................................................................
Pao de Acucar GDR (USD) 14,000 276
..............................................................................................
Petrol Brasileiros 6,322,000 1,332
..............................................................................................
</TABLE>
9
<PAGE>
T. ROWE PRICE EMERGING MARKETS STOCK FUND
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/Par Value
- ----------------------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Telecomunicacoes Brasileiras ADR (USD) 54,839 $ 6,293
.............................................................................................
Telecomunicacoes de Minas Gerais 4,162,000 663
.............................................................................................
Telecomunicacoes de Sao Paulo 6,311,751 1,792
.............................................................................................
Telecomunicacoes do Parana 300,000 206
.............................................................................................
Telecomunicacoes do Rio de Janeiro 3,340,000 556
.............................................................................................
Unibanco 23,800,000 879
.............................................................................................
Usiminas 1,011,605,110 1,198
.............................................................................................
21,768
...............
Total Brazil (Cost $20,585) 25,588
...............
CHILE 4.0%
Common Stocks 4.0%
Chilectra ADR (144a) (USD) 13,409 825
.............................................................................................
Chilgener ADS (USD) 25,956 740
.............................................................................................
Compania Cervecerias Unidas ADS (USD) 14,214 316
.............................................................................................
Compania de Telecomunicaciones de Chile ADR (USD) 23,182 750
.............................................................................................
Empresa Nacional de Electricidad ADS (USD) 57,676 1,110
.............................................................................................
Enersis ADS (USD) 25,482 803
.............................................................................................
Santa Isabel ADR (USD) 5,395 131
.............................................................................................
Sociedad Quimica Minera de Chile (Class B) ADR (USD) 2,380 141
.............................................................................................
Total Chile (Cost $4,461) 4,816
...............
CHINA 5.1%
Common Stocks 5.0%
China Pharmaceutical (HKD) 248,000 48
.............................................................................................
Guangshen Railway (HKD) 460,000 220
.............................................................................................
Huaneng Power International (Class N) ADR (USD)* 130,000 3,153
.............................................................................................
Maanshan Iron & Steel (HKD) 906,000 199
.............................................................................................
Shanghai Diesel Engine (Class B) (USD)* 861,600 420
.............................................................................................
Shanghai New Asia (Class B) (USD) 1,072,000 628
.............................................................................................
Shanghai Petrochemical (Class H) (HKD) 2,288,000 567
.............................................................................................
Shenzhen Expressway (Class H) (HKD)* 770,000 253
.............................................................................................
Yizheng Chemical Fibre (Class H) (HKD) 2,670,000 524
.............................................................................................
6,012
...............
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
T. ROWE PRICE EMERGING MARKETS STOCK FUND
- ----------------------------------------------------------------------------------------------------
Shares/Par Value
- ----------------------------------------------------------------------------------------------------
In thousands
<S> <C> <C> <C>
Convertible Bonds 0.1%
Qingling Motors, 3.50%, 1/22/02 USD 175,000 $ 172
.............................................................................................
172
...............
Total China (Cost $5,803) 6,184
...............
CZECH REPUBLIC 0.9%
Common Stocks 0.9%
IPS Praha* 59,730 454
.............................................................................................
SPT Telecom* 6,050 639
.............................................................................................
Total Czech Republic (Cost $1,191) 1,093
FRANCE 0.4%
Common Stocks 0.4%
Cofinec GDS (USD)* 16,390 471
.............................................................................................
Total France (Cost $676) 471
...............
HUNGARY 0.8%
Common Stocks 0.8%
Graboplast Textile 10,252 470
.............................................................................................
Richter Gedeon 570 43
.............................................................................................
Richter Gedeon GDS (USD) 6,330 478
.............................................................................................
Total Hungary (Cost $501) 991
...............
INDIA 4.0%
Common Stocks 4.0%
Gujarat Ambuja Cement GDR (USD) 70,000 709
.............................................................................................
Hindalco GDR (USD) 16,650 541
.............................................................................................
Hindustan Lever 16,500 508
.............................................................................................
Hindustan Petroleum 44,800 523
.............................................................................................
Housing Development Finance 1,400 125
.............................................................................................
ITC GDR (USD)* 15,000 210
.............................................................................................
Indian Hotels GDR (USD)* 10,000 237
.............................................................................................
Industrial Credit & Investment Corporation of India 198,450 323
.............................................................................................
Mahanagar Telephone 155,000 1,286
.............................................................................................
State Bank of India 13,000 117
.............................................................................................
</TABLE>
11
<PAGE>
T. ROWE PRICE EMERGING MARKETS STOCK FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/Par Value
- ----------------------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Tata Engineering & Locomotive GDR (USD) 25,000 $ 316
.............................................................................................
Total India (Cost $4,555) 4,895
...............
INDONESIA 1.1%
Common Stocks, Rights, and Warrants 1.1%
Bank International Indonesia* 115,231 83
.............................................................................................
Bank International Indonesia, Warrants, 1/17/00* 23,040 8
.............................................................................................
Indofoods Sukses Makmur* 33,000 68
.............................................................................................
Indofoods Sukses Makmur, Rights, 6/4/97* 10,400 6
.............................................................................................
Indorama Synthetic* 12,800 10
.............................................................................................
Indosat 94,000 259
.............................................................................................
Indosat (Class B) ADR (USD) 5,500 151
.............................................................................................
Telekom Indonesia (Class B) 184,000 267
.............................................................................................
Telekom Indonesia (Class B) ADS (USD) 17,300 493
.............................................................................................
Total Indonesia (Cost $1,464) 1,345
...............
ISRAEL 3.7%
Common Stocks 3.7%
Blue Square* 171,390 1,718
.............................................................................................
Elco Holdings 41,441 276
.............................................................................................
Elite Industries 65,552 1,676
.............................................................................................
Teva Pharmaceutical ADR (USD) 16,490 837
.............................................................................................
Total Israel (Cost $3,528) 4,507
...............
MALAYSIA 15.8%
Common Stocks and Rights 15.5%
Arab Malaysian Finance 194,000 425
.............................................................................................
Arab Malaysian Finance, Rights, 5/9/97* 194,000 0
.............................................................................................
Berjaya Group 281,000 331
.............................................................................................
Berjaya Sports Toto 363,000 1,735
.............................................................................................
Commerce Asset Holdings 206,000 1,231
.............................................................................................
Guinness Anchor Bond 127,000 281
.............................................................................................
Hong Leong Credit 30,000 155
.............................................................................................
Hume Industries 35,000 187
.............................................................................................
IJM 83,000 182
.............................................................................................
Intiplus 569,000 861
.............................................................................................
</TABLE>
12
<PAGE>
T. ROWE PRICE EMERGING MARKETS STOCK FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/Par Value
- ----------------------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
MBF Capital 480,000 $ 711
.............................................................................................
MNI Holdings 75,000 358
.............................................................................................
Malaysian Assurance Alliance 83,000 446
.............................................................................................
Multi-Purpose Holdings 788,000 1,287
.............................................................................................
Phileo Allied 286,000 570
.............................................................................................
RJ Reynolds 122,000 248
.............................................................................................
Renong 1,340,000 1,836
.............................................................................................
Resorts World 313,000 1,153
.............................................................................................
Tanjong 600,000 2,175
.............................................................................................
Technology Resources Industries* 316,000 579
.............................................................................................
Time Engineering 500,000 916
.............................................................................................
United Engineers 440,000 3,119
.............................................................................................
18,786
...............
Preferred Stocks 0.3%
Multi-Purpose Holdings, Cv. Loan Stock, 3.00%, 1/13/02 788,000 294
.............................................................................................
Renong, Cv. Loan Stock, 4.00%, 5/21/01 37,400 13
.............................................................................................
307
...............
Total Malaysia (Cost $21,237) 19,093
...............
MEXICO 10.6%
Common Stocks 10.6%
Apasco 26,000 154
.............................................................................................
Cemex (Class B) 499,540 1,836
.............................................................................................
Cemex ADR (USD) 3,380 25
.............................................................................................
Cemex ADS (USD) 33,728 223
.............................................................................................
Cifra (Class B) ADR (USD) 973,470 1,465
.............................................................................................
Corporacion Geo* 47,000 218
.............................................................................................
Fomentos Economico Mexicano (Class B) 104,952 493
.............................................................................................
Gruma (Class B)* 61,548 290
.............................................................................................
Grupo Elektra 45,000 421
.............................................................................................
Grupo Financiero Banamex (Class B)* 355,000 760
.............................................................................................
Grupo Financiero Inbursa (Class B) 60,000 205
.............................................................................................
Grupo Industrial Maseca (Class B)* 365,000 356
.............................................................................................
Grupo Modelo (Class C) 113,000 685
.............................................................................................
Grupo Televisa GDR (USD)* 13,750 318
.............................................................................................
Kimberly-Clark Mexico (Class A) 225,000 818
.............................................................................................
Panamerican Beverages (Class A) (USD) 38,380 1,113
.............................................................................................
</TABLE>
13
<PAGE>
T. ROWE PRICE EMERGING MARKETS STOCK FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/Par Value
- ----------------------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Pepsi-Gemex* 126,000 $ 243
.............................................................................................
Telefonos de Mexico (Class L) ADR (USD) 78,995 3,259
.............................................................................................
Total Mexico (Cost $12,337) 12,882
...............
PERU 0.7%
Common Stocks 0.7%
Credicorp (USD) 9,600 202
.............................................................................................
Telefonica del Peru (Class B) ADS (USD) 26,020 624
.............................................................................................
Total Peru (Cost $810) 826
...............
PHILIPPINES 2.2%
Common Stocks 2.2%
Ayala Land (Class B) 117,500 85
.............................................................................................
Bank of the Philippine Islands 40,000 215
.............................................................................................
First Philippine Holdings (Class B) 75,050 131
.............................................................................................
La Tondena Distillers 92,000 211
.............................................................................................
Philippine Long Distance Telephone 8,000 456
.............................................................................................
Philippine Long Distance Telephone ADS (USD) 15,000 836
.............................................................................................
Philippine National Bank* 13,750 90
.............................................................................................
San Miguel (Class B) 87,000 251
.............................................................................................
Southeast Asia Cement* 3,587,560 166
.............................................................................................
Universal Robina 423,000 156
.............................................................................................
William Gothong & Aboitiz* 930,000 84
.............................................................................................
Total Philippines (Cost $3,494) 2,681
...............
POLAND 2.0%
Common Stocks 2.0%
Bank Rozwoju Eksportu* 27,640 660
.............................................................................................
Bank Slaski 7,950 675
.............................................................................................
Gorazdze 31,704 1,062
.............................................................................................
Total Poland (Cost $2,194) 2,397
...............
PORTUGAL 1.7%
Common Stocks and Warrants 1.7%
Jeronimo Martins* 17,479 1,046
.............................................................................................
</TABLE>
14
<PAGE>
T. ROWE PRICE EMERGING MARKETS STOCK FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/Par Value
- ----------------------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Jeronimo Martins, Warrants, 9/15/03* 1,456 $ 26
.............................................................................................
Portugal Telecom 27,000 995
.............................................................................................
Total Portugal (Cost $1,572) 2,067
...............
RUSSIA 1.1%
Common Stocks 1.1%
Lukoil ADR (USD) 11,288 632
.............................................................................................
Rao Gazprom ADS (USD)* 46,844 731
.............................................................................................
Total Russia (Cost $1,216) 1,363
...............
SOUTH AFRICA 2.1%
Common Stocks 2.1%
Barlow Limited 61,300 675
.............................................................................................
Murray & Roberts Holdings 64,100 200
.............................................................................................
Sasol 64,200 823
.............................................................................................
South African Breweries ADR (USD) 28,600 833
.............................................................................................
Speciality Stores 1,200 1
.............................................................................................
Speciality Stores (Class N) 15,600 11
.............................................................................................
Total South Africa (Cost $2,514) 2,543
...............
SOUTH KOREA 4.7%
Common Stocks 4.7%
Cho Hung Bank 68,400 373
.............................................................................................
Kook Min Bank 27,917 535
.............................................................................................
Korea Electric Power 52,110 1,554
.............................................................................................
Pohang Iron & Steel 6,405 466
.............................................................................................
Samsung Electronic 25,674 2,110
.............................................................................................
Shinhan Bank 42,740 649
.............................................................................................
Total South Korea (Cost $6,284) 5,687
...............
TAIWAN 3.5%
Common Stocks 3.5%
Bank Sino Pacific* 390,320 388
.............................................................................................
Chayang Sheng Dyei* 135,000 193
.............................................................................................
China Steel 144,000 154
.............................................................................................
</TABLE>
15
<PAGE>
T. ROWE PRICE EMERGING MARKETS STOCK FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/Par Value
- ----------------------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
Compeq Manufacturing 51,000 $ 363
.............................................................................................
Delpha Construction* 187,000 285
.............................................................................................
Hung Poo Construction* 87,000 234
.............................................................................................
Taichung Business Bank* 132,000 287
.............................................................................................
Taishin International Bank* 383,000 416
.............................................................................................
Tong Lung Metal* 248,000 423
.............................................................................................
United World Chinese* 22,000 57
.............................................................................................
Yageo* 219,000 772
.............................................................................................
Yieh Phui Enterprise* 419,000 612
.............................................................................................
Total Taiwan (Cost $3,932) 4,184
...............
THAILAND 2.0%
Common Stocks 2.0%
Advanced Information Service 70,000 466
.............................................................................................
Bangkok Bank 83,700 775
.............................................................................................
PTT Exploration & Production* 25,000 320
.............................................................................................
Siam Cement 16,100 431
.............................................................................................
Thai Farmers Bank 80,000 484
.............................................................................................
Total Thailand (Cost $3,617) 2,476
...............
VENEZUELA 0.2%
Common Stocks 0.2%
Compania Anonima Nacional Telefonos
de Venezuela (Class D) ADR (USD)* 9,000 270
.............................................................................................
Total Venezuela (Cost $281) 270
...............
SHORT-TERM INVESTMENTS 5.7%
Commercial Paper 5.7%
Asset Securitization Cooperative, 4(2), 5.52%, 5/15/97 $ 2,000,000 1,996
.............................................................................................
Falcon Asset Securitization, 4(2), 5.55%, 6/3/97 2,000,000 1,990
.............................................................................................
Investments in Commercial Paper
through a Joint Account, 5.60%, 5/1/97 2,918,583 2,918
.............................................................................................
Total Short-Term Investments (Cost $6,904) 6,904
...............
</TABLE>
16
<PAGE>
T. ROWE PRICE EMERGING MARKETS STOCK FUND
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value
- ---------------------------------------------------------------------------------------------------
In thousands
<S> <C>
Total Investments in Securities
98.9% of Net Assets (Cost $114,926) $ 119,902
Other Assets Less Liabilities 1,324
...............
NET ASSETS $ 121,226
===============
Net Assets Consist of:
Accumulated net investment income - net of distributions $ 352
Accumulated net realized gain/loss - net of distributions (547)
Net unrealized gain (loss) 4,949
Paid-in-capital applicable to 9,687,663 shares of $0.01 par
value capital stock outstanding; 2,000,000,000 shares
of the Corporation authorized 116,472
...............
NET ASSETS $ 121,226
===============
NET ASSET VALUE PER SHARE $ 12.51
===============
</TABLE>
* Non-income producing
4(2) Commercial paper sold within terms of a private placement memorandum,
exempt from registration under section 4.2 of the Securities Act of 1933,
as amended, and may be sold only to dealers in that program or other
"accredited investors."
144a Security was purchased pursuant to Rule 144a under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers -- total of such securities at period-end amounts to
0.9% of net assets.
HKD Hong Kong dollar
USD U.S. dollar
The accompanying notes are an integral part of these financial statements.
17
<PAGE>
T. ROWE PRICE EMERGING MARKETS STOCK FUND
- --------------------------------------------------------------------------------
Unaudited
<TABLE>
<CAPTION>
- ------------------------
STATEMENT OF OPERATIONS
- ---------------------------------------------------------------------------------------------------
In thousands
6 Months
Ended
4/30/97
<S> <C>
Investment Income
Income
Dividend (net of foreign taxes of $60) $ 1,008
Interest 190
...............
Total income 1,198
...............
Expenses
Investment management 502
Shareholder servicing 149
Custody and accounting 74
Registration 28
Prospectus and shareholder reports 8
Legal and audit 7
Directors 4
Miscellaneous 6
Reimbursed to manager 37
...............
Total expenses 815
...............
Net investment income 383
...............
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Securities (200)
Foreign currency transactions (101)
...............
Net realized gain (loss) (301)
...............
Change in net unrealized gain or loss
Securities 6,867
Other assets and liabilities
denominated in foreign currencies (11)
...............
Change in net unrealized gain or loss 6,856
...............
Net realized and unrealized gain (loss) 6,555
...............
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ 6,938
===============
</TABLE>
The accompanying notes are an integral part of these financial statements.
18
<PAGE>
T. ROWE PRICE EMERGING MARKETS STOCK FUND
- --------------------------------------------------------------------------------
Unaudited
<TABLE>
<CAPTION>
- -------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
- ---------------------------------------------------------------------------------------------------
In thousands
6 Months Year
Ended Ended
4/30/97 10/31/96
Increase (Decrease) in Net Assets
<S> <C> <C>
Operations
Net investment income $ 383 $ 204
Net realized gain (loss) (301) 1,610
Change in net unrealized gain or loss 6,856 (1,186)
...............................
Increase (decrease) in net assets from operations 6,938 628
...............................
Distributions to shareholders
Net investment income (243) (15)
Net realized gain (1,829) -
...............................
Decrease in net assets from distributions (2,072) (15)
...............................
Capital share transactions*
Shares sold 58,761 63,650
Distributions reinvested 2,007 15
Shares redeemed (12,414) (10,920)
Redemption fees received 110 139
...............................
Increase (decrease) in net assets from capital
share transactions 48,464 52,884
...............................
Net Assets
Increase (decrease) during period 53,330 53,497
Beginning of period 67,896 14,399
...............................
End of period $ 121,226 $ 67,896
===============================
Share information
Shares sold 4,663 5,418
Distributions reinvested 173 1
Shares redeemed (1,008) (932)
...............................
Increase (decrease) in shares outstanding 3,828 4,487
</TABLE>
The accompanying notes are an integral part of these financial statements.
19
<PAGE>
T. ROWE PRICE EMERGING MARKETS STOCK FUND
- --------------------------------------------------------------------------------
Unaudited April 30, 1997
- ------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
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 and commenced operations
on March 31, 1995.
Valuation Equity securities 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.
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 amortized cost which
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.
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.
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 the 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.
20
<PAGE>
T. ROWE PRICE EMERGING MARKETS STOCK FUND
- --------------------------------------------------------------------------------
NOTE 2 - INVESTMENT TRANSACTIONS
Consistent with its investment objective, the fund engages in the
following practices to manage exposure to certain risks or enhance
performance. The investment objective, policies, program, and risk
factors of the fund are described more fully in the fund's prospectus and
Statement of Additional Information.
Emerging Markets At April 30, 1997, 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.
Commercial Paper Joint Account The fund, and other affiliated funds, may
transfer uninvested cash into a commercial paper joint account, the daily
aggregate balance of which is invested in high-grade commercial paper.
All securities purchased by the joint account satisfy the fund's criteria
as to quality, yield, and liquidity.
Other Purchases and sales of portfolio securities, other than short-term
securities, aggregated $57,281,000 and $17,967,000, respectively, for the
six months ended April 30, 1997.
NOTE 3 - FEDERAL INCOME TAXES
No provision for federal income taxes is required since the fund intends
to continue to qualify as a regulated investment company and distribute
all of its taxable income.
At April 30, 1997, the aggregate cost of investments for federal income
tax and financial reporting purposes was $114,926,000, and net unrealized
gain aggregated $4,976,000, of which $12,821,000 related to appreciated
investments and $7,845,000 to depreciated investments.
NOTE 4 - RELATED PARTY TRANSACTIONS
The fund is managed by Rowe Price-Fleming International, Inc. (the
manager), 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 the manager
provides for an annual investment management fee, of which $105,000 was
payable at April 30, 1997. The fee is computed daily and paid monthly,
and
21
<PAGE>
T. ROWE PRICE EMERGING MARKETS STOCK FUND
- --------------------------------------------------------------------------------
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 0.30% for assets in excess of $80 billion. At April 30, 1997,
and for the six months then ended, the effective annual group fee rate
was 0.33%. 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, 1998, which would cause
the fund's ratio of expenses to average net assets to exceed 1.75%.
Thereafter, through October 31, 2000, the fund is required to reimburse
the manager for these expenses, provided that the 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 a prior agreement, $37,000 of fund expenses
previously borne by the manager were reimbursed to the manager during the
six months ended April 30, 1997, and $3,000 remains subject to
reimbursement through October 31, 1998. Unaccrued management fees from
previous years aggregating $210,000 are also subject to reimbursement
through this date.
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., 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. Additionally, the fund is one of several T. Rowe
Price mutual funds (the underlying funds) in which the T. Rowe Price
Spectrum International Fund (Spectrum) invests. In accordance with the
agreement among Spectrum, the underlying funds, Price Associates and
TRPS, expenses from the operation of Spectrum are borne by the underlying
funds based on each underlying fund's proportionate share of assets owned
by Spectrum. The fund incurred expenses pursuant to these related party
agreements totaling approximately $174,000 for the six months ended
April 30, 1997, of which $30,000 was payable at period-end.
During the six months ended April 30, 1997, the fund, in the ordinary
course of business, placed security purchase and sale orders aggregating
$6,597,000 with certain affiliates of the manager and paid commissions of
$33,000 related thereto.
22
<PAGE>
T. ROWE PRICE SHAREHOLDER SERVICES
- --------------------------------------------------------------------------------
INVESTMENT SERVICES AND INFORMATION
KNOWLEDGEABLE SERVICE REPRESENTATIVES
By Phone 1-800-225-5132 Available Monday through Friday from 8 a.m. to
10 p.m. ET and weekends from 8:30 a.m. to 5 p.m. ET.
In Person Available in T. Rowe Price Investor Centers.
ACCOUNT SERVICES
Checking Available on most fixed income funds ($500 minimum).
Automatic Investing From your bank account or paycheck.
Automatic Withdrawal Scheduled, automatic redemptions.
Distribution Options Reinvest all, some, or none of your distributions.
Automated 24-Hour Services Including Tele*Access(R) and T. Rowe Price
OnLine.
DISCOUNT BROKERAGE*
Individual Investments Stocks, bonds, options, precious metals, and
other securities at a savings over regular commission rates.
INVESTMENT INFORMATION
Combined Statement Overview of your T. Rowe Price accounts.
Shareholder Reports Fund managers' reviews of their strategies and
results.
T. Rowe Price Report Quarterly investment newsletter discussing markets
and financial strategies.
Performance Update Quarterly review of all T. Rowe Price fund results.
Insights Educational reports on investment strategies and financial
markets.
Investment Guides Asset Mix Worksheet, College Planning Kit,
Diversifying Overseas: A Guide to International Investing, Personal
Strategy Planner, Retirees Financial Guide, and Retirement Planning Kit.
*A division of T. Rowe Price Investment Services, Inc. Member NASD/SIPC.
23
<PAGE>
T. ROWE PRICE MUTUAL FUNDS
- -------------------------------------------------------------------------------
STOCK FUNDS
..........................
Domestic
Balanced
Blue Chip Growth
Capital Appreciation
Capital Opportunity
Dividend Growth
Equity Income
Equity Index
Financial Services
Growth & Income
Growth Stock
Health Sciences
Mid-Cap Growth
Mid-Cap Value
New America Growth
New Era
New Horizons*
Science & Technology
Small-Cap Stock**
Small-Cap Value*
Spectrum Growth Value
International/Global
Emerging Markets Stock
European Stock
Global Stock
International Discovery
International Stock
Japan
Latin America
New Asia
Spectrum International
BOND FUNDS
..........................
Domestic Taxable
Corporate Income
GNMA
High Yield
New Income
Short-Term Bond
Short-Term U.S. Government
Spectrum Income
Summit GNMA
Summit Limited-Term Bond
U.S. Treasury Intermediate
U.S. Treasury Long-Term
Domestic Tax-Free
California Tax-Free Bond
Florida Insured
Intermediate Tax-Free
Georgia Tax-Free Bond
Maryland Short-Term Tax-Free Bond
Maryland Tax-Free Bond
New Jersey Tax-Free Bond
New York Tax-Free Bond
Summit Municipal Income
Summit Municipal Intermediate
Tax-Free High Yield
Tax-Free Income
Tax-Free Insured
Intermediate Bond
Tax-Free Short-Intermediate
Virginia Short-Term Tax-Free Bond
Virginia Tax-Free Bond
..........................
International/Global
Global Government Bond
Emerging Markets Bond
International Bond
MONEY MARKET FUNDS
..........................
Taxable
Prime Reserve
Summit Cash Reserves
U.S. Treasury Money
Tax-Free
California Tax-Free Money
New York Tax-Free Money
Summit Municipal
Money Market
Tax-Exempt Money
BLENDED ASSET FUNDS
..........................
Personal Strategy Income
Personal Strategy Balanced
Personal Strategy Growth
T. ROWE PRICE NO-LOAD
VARIABLE ANNUITY
..........................
Equity Income Portfolio
International Stock Portfolio
Limited-Term Bond Portfolio
Mid-Cap Growth Portfolio
New America Growth Portfolio
Personal Strategy Balanced Portfolio
Prime Reserve Portfolio
*Closed to new investors.
**Formerly the OTC Fund.
Please call for a prospectus. Read it carefully before you invest or send money.
The T. Rowe Price No-Load Variable Annuity [#V6021] is issued by Security
Benefit Life Insurance Company. In New York, it [#FSB201(11-96)] is issued by
First Security Benefit Life Insurance Company of New York, White Plains, NY.
T. Rowe Price refers to the underlying portfolios' investment managers and the
distributors, T. Rowe Price Investment Services, Inc.; T. Rowe Price Insurance
Agency, Inc.; and T. Rowe Price Insurance Agency of Texas, Inc. The Security
Benefit Group of Companies and the T. Rowe Price companies are not affiliated.
The variable annuity may not be available in all states. The contract has
limitations. Call a representative for costs and complete details of the
coverage.
24
<PAGE>
T. ROWE PRICE DISCOUNT BROKERAGE
- --------------------------------------------------------------------------------
DISCOUNT BROKERAGE
A Division of T. Rowe Price Investment Services, Inc., Member NASD/SIPC
This low-cost service gives you the opportunity to easily
consolidate all your investments with one company. Through T. Rowe
Price Discount Brokerage, you can buy and sell individual
securities--stocks, bonds, options, and others--at considerable
commission savings over full-service brokers.* We also provide a
wide range of services, including:
Automated Telephone and Computer Services You can enter trades,
access quotes, and review account information 24 hours a day, seven
days a week. Any trades executed through these programs save you an
additional 10% on commissions.**
Investor Information A variety of informative reports, such as our
Brokerage Insights series, S&P Market Month newsletter, and select
stock reports, can help you better evaluate economic trends and
investment opportunities.
Dividend Reinvestment Service Virtually all stocks held in customer
accounts are eligible for this service, free of charge.
*Based on a February 1997 telephone survey that compared our
commission rates on stock transactions of various sizes with those
of other full-service and discount brokerages. Commission rates
will vary based on size and nature of trades. Services vary by
firm. For additional information concerning our commission rates
and services, call 1-800-638-5660.
**Discount applies to our current commission schedule; subject to
our $35 minimum commission.
25
<PAGE>
For yield, price, last transaction, current balance, or to conduct transactions,
24 hours, 7 days a week, call Tele*Access(R): 1-800-638-2587 toll free
For assistance with your existing fund account, call:
Shareholder Service Center
1-800-225-5132 toll free
410-625-6500 Baltimore area
To open a Discount Brokerage account or obtain information, call:
1-800-638-5660 toll free
Internet address:
www.troweprice.com
T. Rowe Price Associates
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.
Investor Centers:
101 East Lombard St.
Baltimore, MD 21202
T. Rowe Price
Financial Center
10090 Red Run Blvd.
Owings Mills, MD 21117
Farragut Square
900 17th Street, N.W.
Washington, D.C. 20006
ARCO Tower
31st Floor
515 South Flower St.
Los Angeles, CA 90071
4200 West Cypress St.
10th Floor
Tampa, FL 33607
[LOGO OF T. ROWE PRICE APPEARS HERE]
T. Rowe Price Investment Services, Inc., Distributor.
