T. Rowe Price Emerging Europe & Mediterranean Fund to focus on Europe

By Toni Weeks

San Diego, Oct. 19 - The T. Rowe Price Emerging Europe & Mediterranean Fund's board of directors has approved changing the fund's investment objective to delete the portion relating to investments in the Mediterranean region. The change is subject to shareholder approval.

According to a form 497K filing with the Securities and Exchange Commission, the fund will now "seek long-term growth of capital through investments primarily in the common stocks of companies located (or with primary operations) in the emerging market countries of Europe."

The shift is partly a result of the fund eliminating its investments in Israel, which was reclassified by the third-party benchmark index used by the fund to a developed market from an emerging market. Although the fund will maintain modest positions in other Mediterranean emerging market countries such as Egypt and Turkey, the fund said that removal of the reference to investments in the Mediterranean region from the investment objective will better reflect its focus on emerging European countries.

Shareholders of the fund at the close of business on Nov. 10 will vote on the change at a special shareholder meeting on Feb. 8, 2012.

If shareholders approve the change, the fund's name will change to the "T. Rowe Price Emerging Europe Fund" to better reflect its new investment objective. The fund will modify its investment strategies and invest at least 80% of its net assets in the emerging markets of Europe, including Eastern Europe and the former Soviet Union.

If approved by the shareholders, the changes will be effective March 1, 2012.

S. Leigh Innes will continue as the fund's investment manager.

Baltimore-based T. Rowe Price is an investment and financial services provider.

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