UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-02958
T. Rowe Price International Funds, Inc.
(Exact name of registrant as specified
in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive
offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: December 31
Date of reporting period:
December 31, 2023
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Highlights
and
Market
Commentary
Management’s
Discussion
of
Fund
Performance
Performance
and
Expenses
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
TRECX
Emerging
Markets
Corporate
Bond
Fund
–
.
PACEX
Emerging
Markets
Corporate
Bond
Fund–
.
Advisor
Class
TECIX
Emerging
Markets
Corporate
Bond
Fund–
.
I Class
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
HIGHLIGHTS
The
Emerging
Markets
Corporate
Bond
Fund
underperformed
its
benchmark
on
a
net-of-fees
basis
and
its
Lipper
peer
group
for
the
12
months
ended
December
31,
2023.
Security
selection
hindered
relative
results,
while
sector
allocations
were
beneficial.
In
terms
of
overall
credit
quality
positioning,
we
continued
to
deemphasize
lower-
quality
bonds
in
the
high
yield
segment,
preferring
issuers
rated
BBB
and
BB.
We
remain
generally
constructive
on
the
emerging
market
corporate
asset
class
due
to
its
attractive
relative
value
and
resilient
return
history.
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
An
account
service
fee
will
be
charged
annually
for
each
T.
Rowe
Price
mutual
fund
account
unless
you
meet
criteria
for
a
fee
waiver.
Go
to
troweprice.com/personal-investing/help/fees-and-
minimums.html
to
learn
more
about
this
account
service
fee,
including
other
ways
to
waive
it.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Market
Commentary
Dear
Shareholder
Global
stock
and
bond
indexes
were
broadly
positive
during
2023
as
most
economies
managed
to
avoid
the
recession
that
was
widely
predicted
at
the
start
of
the
year.
Technology
companies
benefited
from
investor
enthusiasm
for
artificial
intelligence
developments
and
led
the
equity
rally,
while
fixed
income
benchmarks
rebounded
late
in
the
year
amid
falling
interest
rates.
For
the
12-month
period,
the
technology-oriented
Nasdaq
Composite
Index
rose
about
43%,
reaching
a
record
high
and
producing
the
strongest
result
of
the
major
benchmarks.
Growth
stocks
outperformed
value
shares,
and
developed
market
stocks
generally
outpaced
their
emerging
markets
counterparts.
Currency
movements
were
mixed
over
the
period,
although
a
weaker
dollar
versus
major
European
currencies
was
beneficial
for
U.S.
investors
in
European
securities.
Within
the
S&P
500
Index,
which
finished
the
year
just
short
of
the
record
level
it
reached
in
early
2022,
the
information
technology,
communication
services,
and
consumer
discretionary
sectors
were
all
lifted
by
the
tech
rally
and
recorded
significant
gains.
A
small
group
of
tech-oriented
mega-cap
companies
helped
drive
much
of
the
market’s
advance.
Conversely,
the
defensive
utilities
sector
had
the
weakest
returns
in
the
growth-focused
environment,
and
the
energy
sector
also
lost
ground
amid
declining
oil
prices.
The
financials
sector
bounced
back
from
the
failure
of
three
large
regional
banks
in
the
spring
and
was
one
of
the
top-performing
segments
in
the
second
half
of
the
year.
The
U.S.
economy
was
the
strongest
among
the
major
markets
during
the
period,
with
gross
domestic
product
growth
coming
in
at
4.9%
in
the
third
quarter,
the
highest
since
the
end
of
2021.
Corporate
fundamentals
were
also
broadly
supportive.
Year-over-year
earnings
growth
contracted
in
the
first
and
second
quarters
of
2023,
but
results
were
better
than
expected,
and
earnings
growth
turned
positive
again
in
the
third
quarter.
Markets
remained
resilient
despite
a
debt
ceiling
standoff
in
the
U.S.,
the
outbreak
of
war
in
the
Middle
East,
the
continuing
conflict
between
Russia
and
Ukraine,
and
a
sluggish
economic
recovery
in
China.
Inflation
remained
a
concern,
but
investors
were
encouraged
by
the
slowing
pace
of
price
increases
as
well
as
the
possibility
that
the
Federal
Reserve
was
nearing
the
end
of
its
rate-hiking
cycle.
The
Fed
held
rates
steady
after
raising
its
short-term
lending
benchmark
rate
to
a
target
range
of
5.25%
to
5.50%
in
July,
the
highest
level
since
March
2001,
and
at
its
final
meeting
of
the
year
in
December,
the
central
bank
indicated
that
there
could
be
three
25-basis-point
rate
cuts
in
2024.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
The
yield
of
the
benchmark
10-year
U.S.
Treasury
note
briefly
reached
5.00%
in
October
for
the
first
time
since
late
2007
before
falling
back
to
3.88%
by
period-end,
the
same
level
where
it
started
the
year,
amid
cooler-than-expected
inflation
readings
and
less-hawkish
Fed
rhetoric.
Fixed
income
benchmarks
were
lifted
late
in
the
year
by
falling
yields.
Investment-grade
and
high
yield
corporate
bonds
produced
solid
returns,
supported
by
the
higher
coupons
that
have
become
available
over
the
past
year,
as
well
as
increasing
hopes
that
the
economy
might
be
able
to
avoid
a
recession.
Global
economies
and
markets
showed
surprising
resilience
in
2023,
but
considerable
uncertainty
remains
as
we
look
ahead.
Geopolitical
events,
the
path
of
monetary
policy,
and
the
impact
of
the
Fed’s
rate
hikes
on
the
economy
all
raise
the
potential
for
additional
volatility.
We
believe
this
environment
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
help
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely,
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Management’s
Discussion
of
Fund
Performance
INVESTMENT
OBJECTIVE
The
fund
seeks
to
provide
high
current
income
and,
secondarily,
capital
appreciation.
FUND
COMMENTARY
How
did
the
fund
perform
in
the
past
12
months?
The
T.
Rowe
Price
Emerging
Markets
Corporate
Bond
Fund
returned
7.41%
for
the
12
months
ended
December
31,
2023,
underperforming
its
benchmark,
J.P.
Morgan
Corporate
Emerging
Market
Bond
Index
Broad
Diversified,
and
its
Lipper
peer
group
average.
(Results
for
Advisor
and
I
Class
shares
varied
slightly,
reflecting
their
different
fee
structures.
Past
performance
cannot
guarantee
future
results.
)
What
factors
influenced
the
fund’s
performance?
Following
a
challenging
year
for
fixed
income
investments
in
2022,
many
fixed
income
sectors
rebounded,
supported
by
higher
yields
and
a
belief
that
most
central
banks
appeared
to
be
at
or
near
their
peak
interest
rates.
Expectations
for
a
pause
in
rate
hikes
and
the
possibility
of
a
“soft
landing”
increased,
bolstering
investors’
tolerance
for
risk.
This
caused
credit
spreads
to
tighten.
(Credit
spreads
measure
the
additional
yield
that
investors
demand
to
hold
a
bond
with
credit
risk
compared
with
a
high-quality
government
security
with
a
comparable
maturity.)
Late
in
the
year,
inflation
measures
cooled,
and
the
U.S.
Federal
Reserve
paused
rate
hikes,
which
helped
drive
base
rates
lower.
PERFORMANCE
COMPARISON
Total
Return
Periods
Ended
12/31/23
6
Months
12
Months
Emerging
Markets
Corporate
Bond
Fund
–
.
4.89%
7.41%
Emerging
Markets
Corporate
Bond
Fund–
.
Advisor
Class
4.74
7.13
Emerging
Markets
Corporate
Bond
Fund–
.
I
Class
4.95
7.66
J.P.
Morgan
Corporate
Emerging
Market
Bond
Index
Broad
Diversified
5.25
9.08
Lipper
Emerging
Market
Hard
Currency
Debt
Funds
Average
6.71
11.03
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
The
fund’s
security
selection
weighed
on
relative
performance,
largely
due
to
underweight
exposure
to
lower-rated
corporates
that
rebounded
amid
improved
investor
risk
sentiment
and
heightened
demand
for
yield.
Within
the
consumer
sector,
our
reduced
exposure
to
Macanese
gaming
credits
was
also
a
drag
on
results.
Our
selection
among
Chinese
consumer
names
was
mixed,
with
Huazhu
and
Zhongsheng
detracting,
while
Health
and
Happiness
added
to
relative
returns.
(Please
refer
to
the
fund’s
portfolio
of
investments
for
a
complete
list
of
our
holdings
and
the
amount
each
represents
in
the
portfolio.)
Similarly,
security
selection
in
the
oil
and
gas
sector
hindered
relative
results.
Reduced
exposure
to
lower-rated
high
yield
oil
companies
led
underperformance—specifically,
the
portfolio’s
lack
of
exposure
to
Argentinian
oil
and
gas
companies
was
a
drag
on
performance
as
Argentinian
assets
rebounded
following
the
election
of
market-friendly
Javier
Milei
as
president.
Our
holdings
of
higher-quality
Qatar
Petroleum
lagged
advances
in
the
sector.
Our
mix
of
securities
within
the
real
estate
sector
provided
a
boost
to
performance
that
was
partially
muted
by
our
overweight
allocation
to
the
sector.
Reduced
exposure
to
Hong
Kong
real
estate
was
helpful
as
China’s
property
sector
woes
weighed
on
the
region.
Positions
in
higher-yielding
PT
Pakuwon
and
Corporacion
Inmobiliara
were
beneficial.
Our
notable
underweight
to
the
relatively
lower-duration
financial
sector
was
helpful
amid
falling
yields.
(Duration
measures
a
bond’s
sensitivity
to
changes
in
interest
rates.)
At
the
same
time,
our
overweight
allocation
to
the
higher-
yielding
transportation
sector
aided
performance
as
investors
sought
higher
yields
and
global
trade
held
up
fairly
well.
How
is
the
fund
positioned?
As
liquidity
remained
challenging
across
all
markets,
we
made
modest
adjustments
throughout
the
period.
Early
in
the
period,
we
reduced
exposure
to
credit
risk
amid
increasing
concerns
about
high
inflation
and
rising
rates
that
tempered
enthusiasm
for
fixed
income
assets.
Following
recent
spread
tightening
and
yield
declines,
we
remain
defensively
positioned
relative
to
history
with
space
to
add
risk
into
any
dislocation.
The
fund
has
a
long-term
structural
underweight
to
investment-grade
bonds
from
higher-quality
Asian
emerging
markets,
which
are
generally
quite
efficiently
priced
and
offer
fewer
opportunities
to
capitalize
on
market
inefficiencies.
Though
we
remain
underweight,
we
increased
exposure
to
higher-quality
countries,
such
as
Mexico,
India,
and
Indonesia.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
In
terms
of
sector
positioning,
the
fund’s
largest
underweight
is
to
the
financial
sector
due
to
its
higher
credit
quality,
lower
yields,
and
mixed
relative
value.
We
prefer
sectors
that
are
driven
by
domestic
consumer
spending,
such
as
technology,
media,
and
telecommunications;
utilities;
and
transportation.
At
the
end
of
the
reporting
period,
the
technology,
media,
and
telecommunications
sector
remained
the
largest
overweight,
though
holdings
in
this
sector
were
trimmed.
We
added
to
the
industrial
sector,
moving
from
underweight
to
overweight
during
the
period.
In
terms
of
overall
credit
quality
positioning,
we
continued
to
deemphasize
both
the
highest-quality
and
lowest-quality
segments,
preferring
issuers
rated
BBB
(the
lowest
investment-grade
rating)
and
BB
(the
highest
non-investment-
grade
rating)
because
these
areas
generally
offer
more
opportunities
to
identify
good
companies
with
improving
fundamentals
that
are
candidates
for
ratings
upgrades.
The
portfolio’s
largest
credit
quality
segment
overweight
was
to
BB
rated
debt.
We
continued
to
underweight
distressed
issuers—companies
that
carry
credit
spreads
above
1,000
basis
points—and
bonds
with
credit
ratings
of
CCC
and
below
given
their
history
of
poor
risk-adjusted
returns
and
periodic
defaults.
What
is
portfolio
management’s
outlook?
We
remain
generally
constructive
on
the
emerging
markets
(EM)
corporate
asset
class
due
to
its
attractive
relative
value
and
resilient
return
history.
With
the
strong
rally
in
recent
months,
valuations
have
largely
priced
in
the
positive
developments.
The
increasing
complacency
in
the
market
and
consensus
expectations
for
a
soft
landing
in
the
U.S.
leave
credit
spreads
more
susceptible
to
any
reversal
of
risk
sentiment
and
upside
inflation
risks.
Sources:
Credit
ratings
for
the
securities
held
in
the
fund
are
provided
by
Moody’s,
Standard
&
Poor’s,
and
Fitch
and
are
converted
to
the
Standard
&
Poor’s
nomenclature.
A
rating
of
AAA
represents
the
highest-
rated
securities,
and
a
rating
of
D
represents
the
lowest-
rated
securities.
If
the
rating
agencies
differ,
the
highest
rating
is
applied
to
the
security.
If
a
rating
is
not
available,
the
security
is
classified
as
Not
Rated.
T.
Rowe
Price
uses
the
rating
of
the
underlying
investment
vehicle
to
determine
the
creditworthiness
of
credit
default
swaps.
The
fund
is
not
rated
by
any
agency.
CREDIT
QUALITY
DIVERSIFICATION
Emerging
Markets
Corporate
Bond
Fund
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
However,
we
believe
that
the
sector’s
high
yield
to
maturity
provides
a
compelling
anchor
for
total
return,
even
at
today’s
tighter
spread
levels,
and
can
support
performance
even
into
modest
increases
in
underlying
Treasury
yields
or
weaker
EM
credit
spreads.
Moreover,
we
believe
that
the
sector’s
lower
duration
and
high
credit
quality
continue
to
leave
it
well
positioned
as
a
more
defensive
asset
within
the
broader
emerging
markets
opportunity
set.
EM
corporate
fundamentals
remain
supportive
with
stable
revenue
growth,
solid
cash
levels,
and
modest
refinancing
needs
expected
to
keep
corporate
defaults
trending
below
long-term
averages
in
2024.
As
always,
our
investment
process
is
centered
around
bottom-up,
fundamental
research
and
effective
security
selection.
This
approach
will
become
increasingly
important
as
the
market
environment
becomes
less
beta
driven
and
fundamentals
come
back
to
the
fore.
The
views
expressed
reflect
the
opinions
of
T.
Rowe
Price
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic,
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
RISK
OF
INTERNATIONAL
BOND
INVESTING
Funds
that
invest
overseas
generally
carry
more
risk
than
funds
that
invest
strictly
in
U.S.
assets,
including
unpredictable
changes
in
currency
values.
Investments
in
emerging
markets
are
subject
to
abrupt
and
severe
price
declines
and
should
be
regarded
as
speculative.
The
economic
and
political
structures
of
developing
nations,
in
most
cases,
do
not
compare
favorably
with
the
U.S.
or
other
developed
countries
in
terms
of
wealth
and
stability,
and
their
financial
markets
often
lack
liquidity.
Some
countries
also
have
legacies
of
hyperinflation,
currency
devaluations,
and
governmental
interference
in
markets.
International
investments
are
subject
to
currency
risk
,
a
decline
in
the
value
of
a
foreign
currency
versus
the
U.S.
dollar,
which
reduces
the
dollar
value
of
securities
denominated
in
that
currency.
The
overall
impact
on
a
fund's
holdings
can
be
significant
and
long
lasting
depending
on
the
currencies
represented
in
the
portfolio,
how
each
one
appreciates
or
depreciates
in
relation
to
the
U.S.
dollar,
and
whether
currency
positions
are
hedged.
Further,
exchange
rate
movements
are
unpredictable,
and
it
is
not
possible
to
effectively
hedge
the
currency
risks
of
many
developing
countries.
Bonds
are
also
subject
to
interest
rate
risk
,
the
decline
in
bond
prices
that
usually
accompanies
a
rise
in
interest
rates,
and
credit
risk
,
the
chance
that
any
fund
holding
could
have
its
credit
rating
downgraded
or
that
a
bond
issuer
will
default
(fail
to
make
timely
payments
of
interest
or
principal),
potentially
reducing
the
fund's
income
level
and
share
price.
BENCHMARK
INFORMATION
Note:
Copyright
©
2024
Fitch
Ratings,
Inc.,
Fitch
Ratings
Ltd.
and
its
subsidiaries.
Note:
Information
has
been
obtained
from
sources
believed
to
be
reliable
but
J.P.
Morgan
does
not
warrant
its
completeness
or
accuracy.
The
index
is
used
with
permission.
The
index
may
not
be
copied,
used,
or
distributed
without
J.P.
Morgan’s
prior
written
approval.
Copyright
2024,
J.P.
Morgan
Chase
&
Co.
All
rights
reserved.
Note:
Portions
of
the
mutual
fund
information
contained
in
this
report
was
supplied
by
Lipper,
a
Refinitiv
Company,
subject
to
the
following:
Copyright
2024
©
Refinitiv.
All
rights
reserved.
Any
copying,
republication
or
redistribution
of
Lipper
content
is
expressly
prohibited
without
the
prior
written
consent
of
Lipper.
Lipper
shall
not
be
liable
for
any
errors
or
delays
in
the
content,
or
for
any
actions
taken
in
reliance
thereon.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Note:
©
2024,
Moody’s
Corporation,
Moody’s
Investors
Service,
Inc.,
Moody’s
Analytics,
Inc.
and/or
their
licensors
and
affiliates
(collectively,
“Moody’s”).
All
rights
reserved.
Moody’s
ratings
and
other
information
(“Moody’s
Information”)
are
proprietary
to
Moody’s
and/or
its
licensors
and
are
protected
by
copyright
and
other
intellectual
property
laws.
Moody’s
Information
is
licensed
to
Client
by
Moody’s.
MOODY’S
INFORMATION
MAY
NOT
BE
COPIED
OR
OTHERWISE
REPRODUCED,
REPACKAGED,
FURTHER
TRANSMITTED,
TRANSFERRED,
DISSEMINATED,
REDISTRIBUTED
OR
RESOLD,
OR
STORED
FOR
SUBSEQUENT
USE
FOR
ANY
SUCH
PURPOSE,
IN
WHOLE
OR
IN
PART,
IN
ANY
FORM
OR
MANNER
OR
BY
ANY
MEANS
WHATSOEVER,
BY
ANY
PERSON
WITHOUT
MOODY’S
PRIOR
WRITTEN
CONSENT.
Moody's
®
is
a
registered
trademark.
Note:
Copyright
©
2024,
S&P
Global
Market
Intelligence
(and
its
affiliates,
as
applicable).
Reproduction
of
any
information,
data
or
material,
including
ratings
(“Content”)
in
any
form
is
prohibited
except
with
the
prior
written
permission
of
the
relevant
party. Such
party,
its
affiliates
and
suppliers
(“Content
Providers”)
do
not
guarantee
the
accuracy,
adequacy,
completeness,
timeliness
or
availability
of
any
Content
and
are
not
responsible
for
any
errors
or
omissions
(negligent
or
otherwise),
regardless
of
the
cause,
or
for
the
results
obtained
from
the
use
of
such
Content.
In
no
event
shall
Content
Providers
be
liable
for
any
damages,
costs,
expenses,
legal
fees,
or
losses
(including
lost
income
or
lost
profit
and
opportunity
costs)
in
connection
with
any
use
of
the
Content.
A
reference
to
a
particular
investment
or
security,
a
rating
or
any
observation
concerning
an
investment
that
is
part
of
the
Content
is
not
a
recommendation
to
buy,
sell
or
hold
such
investment
or
security,
does
not
address
the
appropriateness
of
an
investment
or
security
and
should
not
be
relied
on
as
investment
advice.
Credit
ratings
are
statements
of
opinions
and
are
not
statements
of
fact.
BENCHMARK
INFORMATION
(continued)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
GROWTH
OF
$10,000
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
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund returns
as
well
as
mutual fund
averages
and
indexes.
EMERGING
MARKETS
CORPORATE
BOND
FUND
Note:
Performance
for
the Advisor
and
I
Class
shares
will
vary
due
to
their
differing
fee
structures.
See
the
Average
Annual
Compound
Total
Return
table
on
the
next
page.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
AVERAGE
ANNUAL
COMPOUND
TOTAL
RETURN
Periods
Ended
12/31/23
1
Year
5
Years
10
Years
Since
Inception
Inception
Date
Emerging
Markets
Corporate
Bond
Fund
–
.
7.41%
2.26%
3.17%
–
–
Emerging
Markets
Corporate
Bond
Fund–
.
Advisor
Class
7.13
2.00
2.98
–
–
Emerging
Markets
Corporate
Bond
Fund–
.
I
Class
7.66
2.42
–
3.86%
12/17/15
The
fund’s
performance
information
represents
only
past
performance
and
is
not
necessarily
an
indication
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
cited.
Share
price,
principal
value,
and
return
will
vary,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
For
the
most
recent
month-end
performance,
please
visit
our
website
(troweprice.com)
or
contact
a
T.
Rowe
Price
representative
at
1
-
800
-
225
-
5132
or,
for
0.02
Advisor
and
I
Class
shares,
1-800-638-8790.
This
table
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
had
been
earned
at
a
constant
rate.
Average
annual
total
return
figures
include
changes
in
principal
value,
reinvested
dividends,
and
capital
gain
distributions.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
When
assessing
performance,
investors
should
consider
both
short-
and
long-term
returns.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
EXPENSE
RATIO
FUND
EXPENSE
EXAMPLE
As
a
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
most
recent
six-month
period
and
held
for
the
entire
period.
Please
note
that
the
fund
has
three
share
classes:
The
original
share
class
(Investor
Class)
charges
no
distribution
and
service
(12b-1)
fee,
Advisor
Class
shares
are
offered
only
through
unaffiliated
brokers
and
other
financial
intermediaries
and
charge
a
0.25%
12b-1
fee,
and
I
Class
shares
are
available
to
institutionally
oriented
clients
and
impose
no
12b-1
or
administrative
fee
payment.
Each
share
class
is
presented
separately
in
the
table.
Actual
Expenses
The
first
line
of
the
following
table
(Actual)
provides
information
about
actual
account
values
and
expenses
based
on
the
fund’s
actual
returns.
You
may
use
the
information
on
this
line,
together
with
your
account
balance,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
on
the
first
line
under
the
heading
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
on
the
second
line
of
the
table
(Hypothetical)
is
based
on
hypothetical
account
values
and
expenses
derived
from
the
fund’s
actual
expense
ratio
and
an
assumed
5%
per
year
rate
of
return
before
expenses
(not
the
fund’s
actual
return).
You
may
compare
the
ongoing
costs
of
investing
in
the
fund
with
other
funds
by
contrasting
this
5%
hypothetical
example
and
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
Emerging
Markets
Corporate
Bond
Fund
0.99%
Emerging
Markets
Corporate
Bond
Fund–Advisor
Class
1.36
Emerging
Markets
Corporate
Bond
Fund–I
Class
0.79
The
expense
ratio
shown
is
as
of
the
fund’s
most
recent
prospectus.
This
number
may
vary
from
the
expense
ratio
shown
elsewhere
in
this
report
because
it
is
based
on
a
different
time
period
and,
if
applicable,
includes
acquired
fund
fees
and
expenses
but
does
not
include
fee
or
expense
waivers.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Note:
T.
Rowe
Price
charges
an
annual
account
service
fee
of
$20,
generally
for
accounts
with
less
than
$10,000.
The
fee
is
waived
for
any
investor
whose
T.
Rowe
Price
mutual
fund
accounts
total
$50,000
or
more;
accounts
electing
to
receive
electronic
delivery
of
account
statements,
transaction
confirmations,
prospectuses,
and
shareholder
reports;
or
accounts
of
an
investor
who
is
a
T.
Rowe
Price
Personal
Services
or
Enhanced
Personal
Services
client
(enrollment
in
these
programs
generally
requires
T.
Rowe
Price
assets
of
at
least
$250,000).
This
fee
is
not
included
in
the
accompanying
table.
If
you
are
subject
to
the
fee,
keep
it
in
mind
when
you
are
estimating
the
ongoing
expenses
of
investing
in
the
fund
and
when
comparing
the
expenses
of
this
fund
with
other
funds.
You
should
also
be
aware
that
the
expenses
shown
in
the
table
highlight
only
your
ongoing
costs
and
do
not
reflect
any
transaction
costs,
such
as
redemption
fees
or
sales
loads.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
To
the
extent
a
fund
charges
transaction
costs,
however,
the
total
cost
of
owning
that
fund
is
higher.
EMERGING
MARKETS
CORPORATE
BOND
FUND
Beginning
Account
Value
7/1/23
Ending
Account
Value
12/31/23
Expenses
Paid
During
Period*
7/1/23
to
12/31/23
Investor
Class
Actual
$1,000.00
$1,048.90
$4.54
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,020.77
4.48
Advisor
Class
Actual
1,000.00
1,047.40
5.99
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,019.36
5.90
I
Class
Actual
1,000.00
1,049.50
3.87
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,021.42
3.82
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(184),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.88%,
the
2
Advisor Class
was
1.16%,
and
the
3
I Class
was
0.75%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
8
.81
$
10
.49
$
11
.05
$
10
.80
$
10
.01
Investment
activities
Net
investment
income
(1)(2)
0
.43
0
.38
0
.38
0
.45
0
.48
Net
realized
and
unrealized
gain/
loss
0
.20
(
1
.67
)
(
0
.56
)
0
.26
0
.80
Total
from
investment
activities
0
.63
(
1
.29
)
(
0
.18
)
0
.71
1
.28
Distributions
Net
investment
income
(
0
.43
)
(
0
.39
)
(
0
.38
)
(
0
.46
)
(
0
.49
)
NET
ASSET
VALUE
End
of
period
$
9
.01
$
8
.81
$
10
.49
$
11
.05
$
10
.80
Ratios/Supplemental
Data
Total
return
(2)(3)
7
.41
%
(
12
.32
)
%
(
1
.66
)
%
6
.88
%
13
.00
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1
.03
%
0
.99
%
1
.00
%
1
.06
%
1
.18
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.89
%
0
.88
%
0
.95
%
0
.97
%
0
.96
%
Net
investment
income
4
.90
%
4
.13
%
3
.47
%
4
.29
%
4
.56
%
Portfolio
turnover
rate
46
.3
%
41
.2
%
69
.3
%
79
.3
%
53
.3
%
Net
assets,
end
of
period
(in
thousands)
$90,472
$95,609
$216,473
$141,609
$110,891
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
8
.81
$
10
.48
$
11
.05
$
10
.80
$
10
.00
Investment
activities
Net
investment
income
(1)(2)
0
.41
0
.35
0
.35
0
.42
0
.47
Net
realized
and
unrealized
gain/
loss
0
.20
(
1
.66
)
(
0
.57
)
0
.25
0
.79
Total
from
investment
activities
0
.61
(
1
.31
)
(
0
.22
)
0
.67
1
.26
Distributions
Net
investment
income
(
0
.41
)
(
0
.36
)
(
0
.35
)
(
0
.42
)
(
0
.46
)
NET
ASSET
VALUE
End
of
period
$
9
.01
$
8
.81
$
10
.48
$
11
.05
$
10
.80
Ratios/Supplemental
Data
Total
return
(2)(3)
7
.13
%
(
12
.49
)
%
(
2
.02
)
%
6
.57
%
12
.80
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1
.61
%
1
.36
%
1
.46
%
1
.50
%
1
.61
%
Net
expenses
after
waivers/
payments
by
Price
Associates
1
.17
%
1
.16
%
1
.22
%
1
.25
%
1
.24
%
Net
investment
income
4
.62
%
3
.75
%
3
.24
%
4
.06
%
4
.43
%
Portfolio
turnover
rate
46
.3
%
41
.2
%
69
.3
%
79
.3
%
53
.3
%
Net
assets,
end
of
period
(in
thousands)
$136
$195
$650
$248
$537
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
8
.81
$
10
.49
$
11
.05
$
10
.80
$
10
.01
Investment
activities
Net
investment
income
(1)(2)
0
.44
0
.39
0
.39
0
.46
0
.48
Net
realized
and
unrealized
gain/
loss
0
.21
(
1
.67
)
(
0
.55
)
0
.26
0
.81
Total
from
investment
activities
0
.65
(
1
.28
)
(
0
.16
)
0
.72
1
.29
Distributions
Net
investment
income
(
0
.44
)
(
0
.40
)
(
0
.40
)
(
0
.47
)
(
0
.50
)
NET
ASSET
VALUE
End
of
period
$
9
.02
$
8
.81
$
10
.49
$
11
.05
$
10
.80
Ratios/Supplemental
Data
Total
return
(2)(3)
7
.66
%
(
12
.21
)
%
(
1
.52
)
%
7
.03
%
13
.15
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.83
%
0
.79
%
0
.82
%
0
.90
%
1
.02
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.75
%
0
.75
%
0
.80
%
0
.83
%
0
.83
%
Net
investment
income
5
.02
%
4
.24
%
3
.63
%
4
.41
%
4
.52
%
Portfolio
turnover
rate
46
.3
%
41
.2
%
69
.3
%
79
.3
%
53
.3
%
Net
assets,
end
of
period
(in
thousands)
$228,938
$302,915
$652,673
$357,765
$121,427
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
December
31,
2023
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
AUSTRALIA
0.6%
Corporate
Bonds
0.6%
AngloGold
Ashanti
Holdings,
3.375%,
11/1/28
(USD)
1,960,000
1,759
Total
Australia
(Cost
$1,629
)
1,759
BRAZIL
6.5%
Corporate
Bonds
6.5%
Aegea
Finance,
6.75%,
5/20/29
(USD)
(1)
2,975,000
2,926
Aegea
Finance,
9.00%,
1/20/31
(USD)
(1)
320,000
340
Braskem
Netherlands
Finance,
4.50%,
1/31/30
(USD)
1,400,000
1,088
Braskem
Netherlands
Finance,
7.25%,
2/13/33
(USD)
(1)
700,000
590
Cosan
Overseas,
8.25%
(USD)
(2)
2,975,000
2,967
CSN
Resources,
8.875%,
12/5/30
(USD)
(1)
1,625,000
1,695
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD)
(1)
1,645,000
1,422
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD)
1,660,000
1,434
Globo
Comunicacao
e
Participacoes,
5.50%,
1/14/32
(USD)
273,000
235
Klabin
Austria,
3.20%,
1/12/31
(USD)
4,175,000
3,500
Minerva
Luxembourg,
8.875%,
9/13/33
(USD)
(1)
1,600,000
1,695
Sitios
Latinoamerica,
5.375%,
4/4/32
(USD)
(1)
2,200,000
2,047
Sitios
Latinoamerica,
5.375%,
4/4/32
(USD)
1,025,000
954
Total
Brazil
(Cost
$21,533
)
20,893
CHILE
6.2%
Corporate
Bonds
6.2%
AES
Andes,
VR,
7.125%,
3/26/79
(USD)
(1)(3)
5,035,000
4,842
Agrosuper,
4.60%,
1/20/32
(USD)
(1)
1,222,000
1,052
CAP,
3.90%,
4/27/31
(USD)
2,050,000
1,597
Celulosa
Arauco
y
Constitucion,
4.20%,
1/29/30
(USD)
(1)
1,725,000
1,595
Chile
Electricity,
6.01%,
1/20/33
(USD)
(1)
1,600,000
1,642
Colbun,
3.15%,
3/6/30
(USD)
850,000
758
Colbun,
3.95%,
10/11/27
(USD)
2,775,000
2,663
Interchile,
4.50%,
6/30/56
(USD)
(1)
2,340,000
1,937
Sociedad
de
Transmision
Austral,
4.00%,
1/27/32
(USD)
(1)
3,100,000
2,743
Sociedad
de
Transmision
Austral,
4.00%,
1/27/32
(USD)
600,000
531
VTR
Comunicaciones,
4.375%,
4/15/29
(USD)
(1)
914,000
458
Total
Chile
(Cost
$21,187
)
19,818
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
CHINA
6.3%
Convertible
Bonds
1.2%
H
World
Group,
3.00%,
5/1/26
(USD)
769,000
829
Li
Auto,
0.25%,
5/1/28
(USD)
480,000
703
NIO,
3.875%,
10/15/29
(USD)
(1)
325,000
345
Xiaomi
Best
Time
International,
Zero
Coupon,
12/17/27
(USD)
2,300,000
2,058
3,935
Corporate
Bonds
5.1%
AAC
Technologies
Holdings,
2.625%,
6/2/26
(USD)
1,875,000
1,668
China
Mengniu
Dairy,
1.875%,
6/17/25
(USD)
1,700,000
1,617
Country
Garden
Holdings,
5.125%,
1/17/25
(USD)
(4)(5)
1,850,000
145
Health
&
Happiness
H&H
International
Holdings,
5.625%,
10/24/24
(USD)
1,970,000
1,910
Kaisa
Group
Holdings,
11.25%,
4/9/22
(USD)
(4)(5)
1,000,000
36
Kaisa
Group
Holdings,
11.95%,
10/22/22
(USD)
(4)(5)
5,275,000
193
Lenovo
Group,
5.875%,
4/24/25
(USD)
1,300,000
1,307
Prosus,
4.193%,
1/19/32
(USD)
2,950,000
2,547
Tencent
Holdings,
3.29%,
6/3/60
(USD)
805,000
511
Tencent
Holdings,
3.84%,
4/22/51
(USD)
1,430,000
1,070
West
China
Cement,
4.95%,
7/8/26
(USD)
2,818,000
2,059
Zhongsheng
Group
Holdings,
3.00%,
1/13/26
(USD)
3,500,000
3,264
16,327
Total
China
(Cost
$25,842
)
20,262
COLOMBIA
4.1%
Corporate
Bonds
4.1%
Aris
Mining,
6.875%,
8/9/26
(USD)
(1)
2,685,000
2,334
Banco
Davivienda,
VR,
6.65%
(USD)
(1)(2)(3)
3,200,000
2,292
Banco
de
Bogota,
4.375%,
8/3/27
(USD)
1,605,000
1,490
Banco
de
Bogota,
6.25%,
5/12/26
(USD)
1,025,000
1,013
Bancolombia,
VR,
6.909%,
10/18/27
(USD)
(3)
1,285,000
1,285
Ecopetrol,
4.625%,
11/2/31
(USD)
2,150,000
1,826
Ecopetrol,
8.875%,
1/13/33
(USD)
730,000
794
Geopark,
5.50%,
1/17/27
(USD)
(1)
2,475,000
2,194
Total
Colombia
(Cost
$14,523
)
13,228
GEORGIA
0.8%
Corporate
Bonds
0.8%
Georgian
Railway,
4.00%,
6/17/28
(USD)
(1)
2,887,000
2,665
Total
Georgia
(Cost
$2,887
)
2,665
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
GHANA
0.8%
Corporate
Bonds
0.8%
Kosmos
Energy,
7.125%,
4/4/26
(USD)
1,698,000
1,616
Kosmos
Energy,
7.50%,
3/1/28
(USD)
1,145,000
1,044
Total
Ghana
(Cost
$2,696
)
2,660
HONG
KONG
2.2%
Convertible
Bonds
0.4%
Link
CB,
4.50%,
12/12/27
10,000,000
1,317
1,317
Corporate
Bonds
1.2%
HKT
Capital
No.
6,
3.00%,
1/18/32
(USD)
2,350,000
2,024
NWD
MTN,
4.50%,
5/19/30
(USD)
294,000
219
PCPD
Capital,
5.125%,
6/18/26
(USD)
1,872,000
1,477
3,720
Government
Bonds
0.6%
Airport
Authority,
2.625%,
2/4/51
(USD)
2,650,000
1,825
1,825
Total
Hong
Kong
(Cost
$7,405
)
6,862
INDIA
6.7%
Corporate
Bonds
6.7%
ABJA
Investment,
5.95%,
7/31/24
(USD)
2,865,000
2,859
Adani
International
Container
Terminal,
3.00%,
2/16/31
(USD)
3,594,375
2,950
Adani
Renewable
Energy
RJ,
4.625%,
10/15/39
(USD)
1,524,675
1,198
CA
Magnum
Holdings,
5.375%,
10/31/26
(USD)
1,800,000
1,679
Continuum
Energy
Aura,
9.50%,
2/24/27
(USD)
(1)
1,010,000
1,030
Greenko
Solar
Mauritius,
5.55%,
1/29/25
(USD)
2,650,000
2,599
HDFC
Bank,
5.686%,
3/2/26
(USD)
1,750,000
1,771
India
Airport
Infra,
6.25%,
10/25/25
(USD)
2,000,000
1,972
JSW
Infrastructure,
4.95%,
1/21/29
(USD)
3,085,000
2,850
TML
Holdings
Pte,
5.50%,
6/3/24
(USD)
2,075,000
2,062
Vedanta
Resources
Finance
II,
8.95%,
3/11/25
(USD)
680,000
506
Total
India
(Cost
$22,187
)
21,476
INDONESIA
6.2%
Corporate
Bonds
6.2%
Bank
Negara
Indonesia
Persero,
3.75%,
3/30/26
(USD)
4,090,000
3,910
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Indofood
CBP
Sukses
Makmur,
4.805%,
4/27/52
(USD)
1,500,000
1,226
Minejesa
Capital,
4.625%,
8/10/30
(USD)
1,050,000
999
Minejesa
Capital,
5.625%,
8/10/37
(USD)
3,100,000
2,724
Pakuwon
Jati,
4.875%,
4/29/28
(USD)
2,790,000
2,600
Pertamina
Persero,
6.50%,
11/7/48
(USD)
1,450,000
1,624
PT
Tower
Bersama
Infrastructure,
4.25%,
1/21/25
(USD)
4,650,000
4,569
Star
Energy
Geothermal
Wayang
Windu,
6.75%,
4/24/33
(USD)
2,270,240
2,271
Total
Indonesia
(Cost
$20,695
)
19,923
ISRAEL
4.5%
Corporate
Bonds
4.5%
Bank
Hapoalim,
VR,
3.255%,
1/21/32
(USD)
(1)(3)
1,925,000
1,664
Bank
Leumi
Le-Israel,
VR,
7.129%,
7/18/33
(USD)
(1)(3)
1,705,000
1,657
Energian
Israel
Finance,
4.875%,
3/30/26
(USD)
(1)
1,689,958
1,555
ICL
Group,
6.375%,
5/31/38
(USD)
(1)
1,754,000
1,659
Israel
Electric,
4.25%,
8/14/28
(USD)
(1)
1,125,000
1,048
Leviathan
Bond,
6.125%,
6/30/25
(USD)
(1)
1,970,167
1,899
Teva
Pharmaceutical
Finance
Netherlands
III,
4.75%,
5/9/27
(USD)
1,750,000
1,676
Teva
Pharmaceutical
Finance
Netherlands
III,
6.75%,
3/1/28
(USD)
1,675,000
1,708
Teva
Pharmaceutical
Finance
Netherlands
III,
7.875%,
9/15/29
(USD)
1,505,000
1,618
Total
Israel
(Cost
$15,284
)
14,484
JAMAICA
0.0%
Corporate
Bonds
0.0%
Digicel,
6.75%,
3/1/23
(USD)
(5)(6)
2,725,000
68
Total
Jamaica
(Cost
$2,556
)
68
KAZAKHSTAN
0.7%
Corporate
Bonds
0.7%
KazMunayGas
National,
5.375%,
4/24/30
(USD)
860,000
855
KazMunayGas
National,
5.75%,
4/19/47
(USD)
1,375,000
1,209
Total
Kazakhstan
(Cost
$2,459
)
2,064
KUWAIT
1.2%
Corporate
Bonds
1.2%
MEGlobal,
4.25%,
11/3/26
(USD)
3,735,000
3,617
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
MEGlobal
Canada,
5.875%,
5/18/30
(USD)
330,000
340
Total
Kuwait
(Cost
$4,304
)
3,957
MACAO
2.7%
Corporate
Bonds
2.7%
Melco
Resorts
Finance,
4.875%,
6/6/25
(USD)
1,370,000
1,330
MGM
China
Holdings,
5.875%,
5/15/26
(USD)
1,300,000
1,274
Sands
China,
4.30%,
1/8/26
(USD)
3,740,000
3,594
Studio
City
Finance,
5.00%,
1/15/29
(USD)
1,580,000
1,329
Wynn
Macau,
5.50%,
1/15/26
(USD)
(1)
1,025,000
1,001
Total
Macao
(Cost
$8,241
)
8,528
MALAYSIA
1.2%
Corporate
Bonds
1.2%
Axiata
Spv5
Labuan,
3.064%,
8/19/50
(USD)
1,925,000
1,332
TNB
Global
Ventures
Capital,
3.244%,
10/19/26
(USD)
2,440,000
2,326
Total
Malaysia
(Cost
$4,126
)
3,658
MAURITIUS
1.2%
Corporate
Bonds
1.2%
Axian
Telecom,
7.375%,
2/16/27
(USD)
(1)
3,860,000
3,621
Axian
Telecom,
7.375%,
2/16/27
(USD)
200,000
188
Total
Mauritius
(Cost
$4,050
)
3,809
MEXICO
8.7%
Corporate
Bonds
7.3%
Alpek,
3.25%,
2/25/31
(USD)
2,250,000
1,929
Banco
Mercantil
del
Norte,
VR,
5.875%
(USD)
(1)(2)(3)
600,000
553
Banco
Mercantil
del
Norte,
VR,
7.625%
(USD)
(2)(3)
2,675,000
2,574
BBVA
Bancomer,
VR,
5.125%,
1/18/33
(USD)
(3)
3,155,000
2,861
BBVA
Bancomer,
VR,
5.875%,
9/13/34
(USD)
(1)(3)
2,150,000
2,031
Braskem
Idesa
SAPI,
6.99%,
2/20/32
(USD)
2,250,000
1,319
Braskem
Idesa
SAPI,
7.45%,
11/15/29
(USD)
527,000
332
Cemex,
VR,
9.125%
(USD)
(1)(2)(3)
1,230,000
1,311
Cemex,
VR,
9.125%
(USD)
(2)(3)
575,000
613
Cometa
Energia,
6.375%,
4/24/35
(USD)
(1)
3,328,300
3,233
Corp
Inmobiliaria
Vesta,
3.625%,
5/13/31
(USD)
(1)
1,840,000
1,582
GCC,
3.614%,
4/20/32
(USD)
(1)
2,400,000
2,070
Metalsa,
3.75%,
5/4/31
(USD)
(1)
2,342,000
1,929
Metalsa,
3.75%,
5/4/31
(USD)
150,000
124
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Sixsigma
Networks
Mexico,
7.50%,
5/2/25
(USD)
900,000
824
23,285
Government
Bonds
1.4%
Petroleos
Mexicanos,
6.50%,
3/13/27
(USD)
3,625,000
3,382
Petroleos
Mexicanos,
6.75%,
9/21/47
(USD)
1,500,000
983
4,365
Total
Mexico
(Cost
$30,761
)
27,650
MOROCCO
1.3%
Corporate
Bonds
1.3%
Vivo
Energy
Investments,
5.125%,
9/24/27
(USD)
(1)
3,050,000
2,863
Vivo
Energy
Investments,
5.125%,
9/24/27
(USD)
1,365,000
1,282
Total
Morocco
(Cost
$4,528
)
4,145
OMAN
0.7%
Corporate
Bonds
0.7%
Lamar
Funding,
3.958%,
5/7/25
(USD)
950,000
927
Oztel
Holdings,
6.625%,
4/24/28
(USD)
1,264,000
1,325
Total
Oman
(Cost
$2,283
)
2,252
PANAMA
2.8%
Corporate
Bonds
2.8%
Aeropuerto
Internacional
de
Tocumen,
4.00%,
8/11/41
(USD)
(1)
2,000,000
1,506
AES
Panama
Generation
Holdings
Srl,
4.375%,
5/31/30
(USD)
2,258,818
1,901
Banco
General,
VR,
5.25%
(USD)
(1)(2)(3)
3,407,000
2,929
C&W
Senior
Financing,
6.875%,
9/15/27
(USD)
(1)
2,900,000
2,705
Total
Panama
(Cost
$10,068
)
9,041
PARAGUAY
0.5%
Corporate
Bonds
0.5%
Telefonica
Celular
del
Paraguay,
5.875%,
4/15/27
(USD)
(1)
1,525,000
1,487
Total
Paraguay
(Cost
$1,576
)
1,487
PERU
4.0%
Corporate
Bonds
4.0%
Banco
de
Credito
del
Peru,
VR,
3.25%,
9/30/31
(USD)
(1)(3)
1,935,000
1,771
Cia
de
Minas
Buenaventura,
5.50%,
7/23/26
(USD)
2,385,000
2,279
Consorcio
Transmantaro,
5.20%,
4/11/38
(USD)
(1)
1,840,000
1,750
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Corp
Financiera
de
Desarrollo,
2.40%,
9/28/27
(USD)
1,500,000
1,338
Fondo
MIVIVIENDA,
4.625%,
4/12/27
(USD)
1,700,000
1,663
InRetail
Consumer,
3.25%,
3/22/28
(USD)
(1)
2,120,000
1,904
Minsur,
4.50%,
10/28/31
(USD)
1,125,000
996
Petroleos
del
Peru,
5.625%,
6/19/47
(USD)
1,750,000
1,080
Total
Peru
(Cost
$13,718
)
12,781
PHILIPPINES
3.3%
Corporate
Bonds
3.3%
Globe
Telecom,
2.50%,
7/23/30
(USD)
620,000
508
Globe
Telecom,
3.00%,
7/23/35
(USD)
3,475,000
2,611
ICTSI
Treasury,
3.50%,
11/16/31
(USD)
1,925,000
1,690
International
Container
Terminal
Services,
4.75%,
6/17/30
(USD)
2,760,000
2,688
Manila
Water,
4.375%,
7/30/30
(USD)
3,375,000
3,067
Total
Philippines
(Cost
$12,156
)
10,564
QATAR
1.0%
Corporate
Bonds
1.0%
Qatar
Energy,
3.125%,
7/12/41
(USD)
(1)
2,195,000
1,692
Qatar
Energy,
3.125%,
7/12/41
(USD)
2,000,000
1,542
Total
Qatar
(Cost
$4,229
)
3,234
ROMANIA
0.6%
Corporate
Bonds
0.6%
Banca
Transilvania,
VR,
8.875%,
4/27/27
(EUR)
(3)
1,668,000
1,944
Total
Romania
(Cost
$1,860
)
1,944
SAUDI
ARABIA
2.2%
Corporate
Bonds
1.2%
Gaci
First
Investment,
5.125%,
2/14/53
(USD)
2,050,000
1,862
Saudi
Electricity
Global
Sukuk,
5.06%,
4/8/43
(USD)
1,922,000
1,852
3,714
Government
Bonds
1.0%
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD)
(1)
1,575,000
1,412
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD)
2,000,000
1,794
3,206
Total
Saudi
Arabia
(Cost
$8,077
)
6,920
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SINGAPORE
0.7%
Corporate
Bonds
0.7%
DBS
Group
Holdings,
VR,
3.30%
(USD)
(2)(3)
2,350,000
2,247
Total
Singapore
(Cost
$2,260
)
2,247
SLOVENIA
1.2%
Corporate
Bonds
1.2%
Nova
Kreditna
Banka
Maribor,
VR,
7.375%,
6/29/26
(3)
1,700,000
1,939
Nova
Ljubljanska
Banka
dd,
VR,
7.125%,
6/27/27
(3)
1,700,000
1,982
Total
Slovenia
(Cost
$3,768
)
3,921
SOUTH
AFRICA
1.1%
Corporate
Bonds
1.1%
Bidvest
Group
U.K.,
3.625%,
9/23/26
(USD)
1,800,000
1,674
Transnet,
8.25%,
2/6/28
(USD)
(1)
1,700,000
1,717
Total
South
Africa
(Cost
$3,304
)
3,391
SOUTH
KOREA
2.6%
Corporate
Bonds
2.6%
GS
Caltex,
5.375%,
8/7/28
(USD)
(1)
2,370,000
2,395
Hyundai
Motor
Manufacturing
Indonesia,
1.75%,
5/6/26
(USD)
450,000
416
POSCO,
5.625%,
1/17/26
(USD)
1,600,000
1,614
Shinhan
Bank,
4.50%,
3/26/28
(USD)
2,625,000
2,537
SK
Hynix,
6.25%,
1/17/26
(USD)
(1)
1,400,000
1,416
Total
South
Korea
(Cost
$8,461
)
8,378
TANZANIA
0.8%
Convertible
Bonds
0.2%
HTA
Group,
2.875%,
3/18/27
(USD)
800,000
697
697
Corporate
Bonds
0.6%
HTA
Group,
7.00%,
12/18/25
(USD)
1,774,000
1,751
1,751
Total
Tanzania
(Cost
$2,420
)
2,448
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
THAILAND
3.3%
Corporate
Bonds
3.3%
Bangkok
Bank,
VR,
3.466%,
9/23/36
(USD)
(1)(3)
770,000
647
Bangkok
Bank,
VR,
3.733%,
9/25/34
(USD)
(1)(3)
2,380,000
2,117
Bangkok
Bank,
VR,
3.733%,
9/25/34
(USD)
(3)
1,450,000
1,290
Indorama
Ventures
Global
Services,
4.375%,
9/12/24
(USD)
2,510,000
2,457
Kasikornbank,
VR,
3.343%,
10/2/31
(USD)
(3)
1,404,000
1,292
Thaioil
Treasury
Center,
2.50%,
6/18/30
(USD)
285,000
241
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD)
3,502,000
2,373
Total
Thailand
(Cost
$11,947
)
10,417
TÜRKIYE
4.0%
Corporate
Bonds
4.0%
Akbank
TAS,
6.80%,
2/6/26
(USD)
2,800,000
2,817
Hyundai
Assan
Otomotiv
Sanayi
ve
Ticaret,
1.625%,
7/12/26
(USD)
1,947,000
1,770
Mersin
Uluslararasi
Liman
Isletmeciligi,
8.25%,
11/15/28
(USD)
(1)
1,625,000
1,699
TAV
Havalimanlari
Holding,
8.50%,
12/7/28
(USD)
(1)
1,630,000
1,671
Turkcell
Iletisim
Hizmetleri,
5.75%,
10/15/25
(USD)
2,785,000
2,745
Yapi
ve
Kredi
Bankasi,
9.25%,
10/16/28
(USD)
(1)
1,800,000
1,911
Total
Türkiye
(Cost
$12,205
)
12,613
UNITED
ARAB
EMIRATES
1.9%
Corporate
Bonds
1.9%
EMG
SUKUK,
4.564%,
6/18/24
(USD)
1,605,000
1,595
Emirates
NBD
Bank,
VR,
4.25%
(USD)
(2)(3)
935,000
844
MAF
Global
Securities,
VR,
6.375%
(USD)
(2)(3)
3,074,000
3,029
Sobha
Sukuk,
8.75%,
7/17/28
(USD)
740,000
736
Total
United
Arab
Emirates
(Cost
$6,522
)
6,204
UNITED
KINGDOM
0.5%
Corporate
Bonds
0.5%
Standard
Chartered,
VR,
4.30%
(USD)
(2)(3)
1,945,000
1,580
Total
United
Kingdom
(Cost
$1,700
)
1,580
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
UNITED
STATES
2.3%
Convertible
Bonds
0.6%
Citigroup
Global
Markets
Holdings,
Series
1299,
Zero
Coupon,
2/26/26
(HKD)
16,000,000
1,894
1,894
Corporate
Bonds
1.7%
Hyundai
Capital
America,
5.50%,
3/30/26
(1)
2,775,000
2,783
LCPR
Senior
Secured
Financing,
5.125%,
7/15/29
(1)
550,000
480
LCPR
Senior
Secured
Financing,
6.75%,
10/15/27
(1)
2,393,000
2,327
5,590
Total
United
States
(Cost
$7,638
)
7,484
UZBEKISTAN
0.8%
Corporate
Bonds
0.8%
Ipoteka-Bank
ATIB,
5.50%,
11/19/25
(USD)
2,825,000
2,630
Total
Uzbekistan
(Cost
$2,841
)
2,630
VIETNAM
0.7%
Corporate
Bonds
0.7%
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD)
(1)
442,699
412
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD)
1,978,313
1,843
Total
Vietnam
(Cost
$2,414
)
2,255
SHORT-TERM
INVESTMENTS
1.7%
Money
Market
Funds
1.7%
T.
Rowe
Price
Government
Reserve
Fund,
5.42%
(7)(8)
5,354,297
5,354
Total
Short-Term
Investments
(Cost
$5,354)
5,354
Total
Investments
in
Securities
98.6%
of
Net
Assets
(Cost
$341,694)
$
315,054
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Par/Shares
and
Notional
Amount
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$102,251
and
represents
32.0%
of
net
assets.
(2)
Perpetual
security
with
no
stated
maturity
date.
(3)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(4)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(5)
Non-income
producing
(6)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(7)
Seven-day
yield
(8)
Affiliated
Companies
EUR
Euro
HKD
Hong
Kong
Dollar
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
(Amounts
in
000s)
SWAPS
0.1%
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.1%
Credit
Default
Swaps,
Protection
Sold
0.1%
United
States
0.1%
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.HY-S41,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
3,193
192
178
14
Total
United
States
14
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
14
Total
Centrally
Cleared
Swaps
14
Net
payments
(receipts)
of
variation
margin
to
date
(16)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(2)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Citibank
2/23/24
EUR
212
USD
232
$
3
Morgan
Stanley
2/23/24
EUR
644
USD
707
6
UBS
Investment
Bank
2/23/24
USD
6,671
EUR
6,113
(93)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(84)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
30
Euro
BOBL
contracts
3/24
(3,950)
$
(55)
Long,
11
U.S.
Treasury
Notes
ten
year
contracts
3/24
1,242
5
Long,
16
Ultra
U.S.
Treasury
Bonds
contracts
3/24
2,137
137
Net
payments
(receipts)
of
variation
margin
to
date
(83)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
4
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
year
ended
December
31,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
5.42%
$
—#
$
—
$
403+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
12/31/23
T.
Rowe
Price
Government
Reserve
Fund,
5.42%
$
25,112
¤
¤
$
5,354^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$403
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$5,354.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
December
31,
2023
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$341,694)
$
315,054
Interest
receivable
4,988
Receivable
for
investment
securities
sold
484
Cash
deposits
on
centrally
cleared
swaps
246
Cash
deposits
on
futures
contracts
180
Receivable
for
shares
sold
86
Foreign
currency
(cost
$15)
15
Unrealized
gain
on
forward
currency
exchange
contracts
9
Due
from
affiliates
6
Variation
margin
receivable
on
futures
contracts
4
Other
assets
37
Total
assets
321,109
Liabilities
Payable
for
shares
redeemed
1,170
Investment
management
fees
payable
189
Unrealized
loss
on
forward
currency
exchange
contracts
93
Variation
margin
payable
on
centrally
cleared
swaps
2
Other
liabilities
109
Total
liabilities
1,563
NET
ASSETS
$
319,546
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
December
31,
2023
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(167,581
)
Paid-in
capital
applicable
to
35,431,545
shares
of
$0.01
par
value
capital
stock
outstanding;
18,000,000,000
shares
of
the
Corporation
authorized
487,12
7
NET
ASSETS
$
319,546
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$90,472;
Shares
outstanding:
10,035,822)
$
9.01
Advisor
Class
(Net
assets:
$136;
Shares
outstanding:
15,112)
$
9.01
I
Class
(Net
assets:
$228,938;
Shares
outstanding:
25,380,611)
$
9.02
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Year
Ended
12/31/23
Investment
Income
(Loss)
Income
Interest
$
20,809
Dividend
403
Total
income
21,212
Expenses
Investment
management
2,558
Shareholder
servicing
Investor
Class
$
191
Advisor
Class
1
I
Class
22
214
Prospectus
and
shareholder
reports
Investor
Class
28
I
Class
42
70
Custody
and
accounting
205
Registration
80
Legal
and
audit
44
Proxy
and
annual
meeting
16
Directors
1
Miscellaneous
44
Waived
/
paid
by
Price
Associates
(
335
)
Total
expenses
2,897
Net
investment
income
18,315
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
12/31/23
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(
25,471
)
Futures
107
Swaps
17
Forward
currency
exchange
contracts
34
Foreign
currency
transactions
12
Net
realized
loss
(
25,301
)
Change
in
net
unrealized
gain
/
loss
Securities
32,089
Futures
(
69
)
Swaps
55
Forward
currency
exchange
contracts
(
34
)
Other
assets
and
liabilities
denominated
in
foreign
currencies
6
Change
in
net
unrealized
gain
/
loss
32,047
Net
realized
and
unrealized
gain
/
loss
6,746
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
25,061
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Statement
of
Changes
in
Net
Assets
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/23
12/31/22
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
18,315
$
26,865
Net
realized
loss
(
25,301
)
(
97,183
)
Change
in
net
unrealized
gain
/
loss
32,047
(
43,964
)
Increase
(decrease)
in
net
assets
from
operations
25,061
(
114,282
)
Distributions
to
shareholders
Net
earnings
Investor
Class
(
4,683
)
(
6,438
)
Advisor
Class
(
7
)
(
15
)
I
Class
(
13,700
)
(
20,816
)
Decrease
in
net
assets
from
distributions
(
18,390
)
(
27,269
)
Capital
share
transactions
*
Shares
sold
Investor
Class
31,606
74,074
Advisor
Class
50
104
I
Class
38,314
181,730
Distributions
reinvested
Investor
Class
4,599
6,317
Advisor
Class
7
14
I
Class
13,431
20,573
Shares
redeemed
Investor
Class
(
43,222
)
(
167,950
)
Advisor
Class
(
121
)
(
473
)
I
Class
(
130,508
)
(
443,915
)
Decrease
in
net
assets
from
capital
share
transactions
(
85,844
)
(
329,526
)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/23
12/31/22
Net
Assets
Decrease
during
period
(
79,173
)
(
471,077
)
Beginning
of
period
398,719
869,796
End
of
period
$
319,546
$
398,719
*Share
information
(000s)
Shares
sold
Investor
Class
3,567
7,839
Advisor
Class
6
11
I
Class
4,335
19,327
Distributions
reinvested
Investor
Class
522
695
Advisor
Class
1
1
I
Class
1,523
2,253
Shares
redeemed
Investor
Class
(
4,907
)
(
18,326
)
Advisor
Class
(
14
)
(
52
)
I
Class
(
14,846
)
(
49,433
)
Decrease
in
shares
outstanding
(
9,813
)
(
37,685
)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
International
Funds,
Inc.
(the
corporation) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Emerging
Markets
Corporate
Bond
Fund
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks
to
provide
high
current
income
and,
secondarily,
capital
appreciation.
The
fund
has three classes
of
shares:
the
Emerging
Markets
Corporate
Bond
Fund
(Investor
Class),
the
Emerging
Markets
Corporate
Bond
Fund–Advisor
Class
(Advisor
Class)
and
the
Emerging
Markets
Corporate
Bond
Fund–I
Class
(I
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/
or
certain
administrative
services;
the
Investor
and
I
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
income;
capital
gain
distributions
are
reflected
as
realized
gain/
loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
date. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class’s
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class’s
outstanding
shares.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class’s
average
daily
net
assets;
during
the
year
ended
December
31,
2023,
the
Advisor
Class
incurred
less
than
$1,000
in
these
fees.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
The
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2020–04,
Reference
Rate
Reform
(Topic
848) –
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting
in
March
2020
and
ASU
2021-01
in
January
2021
which
provided
further
amendments
and
clarifications
to
Topic
848.
These
ASUs provide
optional,
temporary
relief
with
respect
to
the
financial
reporting
of
contracts
subject
to
certain
types
of
modifications
due
to
the
planned
discontinuation
of
the
London
Interbank
Offered
Rate
(LIBOR),
and
other
interbank-offered
based
reference
rates,
through December
31,
2022.
In
December
2022,
FASB
issued
ASU
2022-
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
06
which
defers
the
sunset
date
of
Topic
848
from
December
31,
2022
to
December
31,
2024,
after
which
entities
will
no
longer
be
permitted
to
apply
the
relief
in
Topic
848.
Management
intends
to
rely
upon
the
relief
provided
under
Topic
848,
which
is
not
expected to
have
a
material
impact
on
the fund's
financial
statements.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Assets
and
liabilities
other
than
financial
instruments,
including
short-
term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
December
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
309,700
$
—
$
309,700
Short-Term
Investments
5,354
—
—
5,354
Total
Securities
5,354
309,700
—
315,054
Swaps*
—
14
—
14
Forward
Currency
Exchange
Contracts
—
9
—
9
Futures
Contracts*
142
—
—
142
Total
$
5,496
$
309,723
$
—
$
315,219
Liabilities
Forward
Currency
Exchange
Contracts
$
—
$
93
$
—
$
93
Futures
Contracts*
55
—
—
55
Total
$
55
$
93
$
—
$
148
1
Includes
Convertible
Bonds,
Corporate
Bonds
and
Government
Bonds.
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
year ended
December
31,
2023,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund’s
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
portfolio
duration
and
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund’s
derivative
instruments
held
as
of
December
31,
2023,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
year ended
December
31,
2023,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Interest
rate
derivatives
Futures
$
142
Foreign
exchange
derivatives
Forwards
9
Credit
derivatives
Centrally
Cleared
Swaps
14
*
Total
$
165
*
Liabilities
Interest
rate
derivatives
Futures
$
55
Foreign
exchange
derivatives
Forwards
93
Total
$
148
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Futures
Forward
Currency
Exchange
Contracts
Swaps
Total
Realized
Gain
(Loss)
Interest
rate
derivatives
$
107
$
—
$
—
$
107
Foreign
exchange
derivatives
—
34
—
34
Credit
derivatives
—
—
17
17
Total
$
107
$
34
$
17
$
158
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Counterparty
Risk
and
Collateral
The
fund
invests
in
derivatives
in
various
markets,
which
expose
it
to
differing
levels
of
counterparty
risk.
Counterparty
risk
on
exchange-
traded
and
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps,
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Derivatives,
such
as
non-cleared bilateral
swaps,
forward
currency
exchange
contracts,
and
OTC
options,
that
are
transacted
and
settle
directly
with
a
counterparty
(bilateral
derivatives)
may
expose
the
fund
to
greater
counterparty
risk.
To
mitigate
this
risk,
the
fund
has
entered
into
master
netting
arrangements
(MNAs)
with
certain
counterparties
that
permit
net
settlement
under
specified
conditions
and,
for
certain
counterparties,
also
require
the
exchange
of
collateral
to
cover
mark-to-market
exposure.
MNAs
may
be
in
the
form
of
International
Swaps
and
Derivatives
Association
master
agreements
(ISDAs)
or
foreign
exchange
letter
agreements
(FX
letters).
MNAs
provide
the
ability
to
offset
amounts
the
fund
owes
a
counterparty
against
amounts
the
counterparty
owes
the
fund
(net
settlement).
Both
ISDAs
and
FX
letters
generally
allow
termination
of
transactions
and
net
settlement
upon
the
occurrence
of
contractually
specified
events,
such
as
failure
to
pay
or
bankruptcy.
In
addition,
ISDAs
specify
other
events,
the
occurrence
of
which
would
allow
one
of
the
parties
to
terminate.
For
example,
a
downgrade
in
credit
rating
of
a
counterparty
below
a
specified
rating
would
allow
the
fund
to
terminate,
while
a
decline
in
the
fund’s
net
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Futures
Forward
Currency
Exchange
Contracts
Swaps
Total
Change
in
Unrealized
Gain
(Loss)
Interest
rate
derivatives
$
(69)
$
—
$
—
$
(69)
Foreign
exchange
derivatives
—
(34)
—
(34)
Credit
derivatives
—
—
55
55
Total
$
(69)
$
(34)
$
55
$
(48)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
assets
of
more
than
a
specified
percentage
would
allow
the
counterparty
to
terminate.
Upon
termination,
all
transactions
with
that
counterparty
would
be
liquidated
and
a
net
termination
amount
settled.
ISDAs
typically
include
collateral
agreements
whereas
FX
letters
do
not.
Collateral
requirements
are
determined
daily
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
bilateral
derivatives
with
a
counterparty,
subject
to
minimum
transfer
amounts
that
typically
range
from
$100,000
to
$250,000.
Any
additional
collateral
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Collateral
may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies,
although
other
securities
may
be
used
depending
on
the
terms
outlined
in
the
applicable
MNA.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund’s
assets.
Collateral
pledged
by
counterparties
is
not
included
in
the
fund’s
assets
because
the
fund
does
not
obtain
effective
control
over
those
assets.
For
bilateral
derivatives,
collateral
posted
or
received
by
the
fund
is
held
in
a
segregated
account
at
the
fund’s
custodian.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared,
and
OTC
and
bilateral
derivatives
may
be
unwound
with
counterparties
or
transactions
assigned
to
other
counterparties
to
allow
the
fund
to
exit
the
transaction.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
December
31,
2023,
no
collateral
was
pledged
by
either
the
fund
or
counterparties for
bilateral
derivatives. As
of
December
31,
2023,
cash
of $426,000 had
been
posted
by
the
fund
for
exchange-
traded
and/or
centrally
cleared
derivatives.
Forward
Currency
Exchange
Contracts
The
fund
is
subject
to
foreign
currency
exchange
rate
risk
in
the
normal
course
of
pursuing
its
investment
objectives.
It may use
forward
currency
exchange
contracts
(forwards)
primarily
to
protect
its
non-U.S.
dollar-
denominated
securities
from
adverse
currency
movements
or
to
increase
exposure
to
a
particular
foreign
currency,
to
shift
the
fund’s
foreign
currency
exposure
from
one
country
to
another,
or
to
enhance
the
fund’s
return.
A
forward
involves
an
obligation
to
purchase
or
sell
a
fixed
amount
of
a
specific
currency
on
a
future
date
at
a
price
set
at
the
time
of
the
contract.
Although
certain
forwards
may
be
settled
by
exchanging
only
the
net
gain
or
loss
on
the
contract,
most
forwards
are
settled
with
the
exchange
of
the
underlying
currencies
in
accordance
with
the
specified
terms.
Forwards
are
valued
at
the
unrealized
gain
or
loss
on
the
contract,
which
reflects
the
net
amount
the
fund
either
is
entitled
to
receive
or
obligated
to
deliver,
as
measured
by
the
difference
between
the
forward
exchange
rates
at
the
date
of
entry
into
the
contract
and
the
forward
rates
at
the
reporting
date.
Appreciated
forwards
are
reflected
as
assets
and
depreciated
forwards
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
forwards
include
the
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
that
anticipated
currency
movements
will
not
occur,
thereby
reducing
the
fund’s
total
return;
and
the
potential
for
losses
in
excess
of
the
fund’s
initial
investment.
During
the
year ended
December
31,
2023,
the
volume
of
the
fund’s
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
between
0%
and
3%
of
net
assets.
Futures
Contracts
The
fund
is
subject
to interest
rate
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risk.
The
fund
may
enter
into
futures
contracts
to
manage
exposure
to
interest
rate
and
yield
curve
movements,
security
prices,
foreign
currencies,
credit
quality,
and
mortgage
prepayments;
as
an
efficient
means
of
adjusting
exposure
to
all
or
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values
and/or
interest
rates,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
year ended
December
31,
2023,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
0%
and
6%
of
net
assets.
Swaps
The
fund
is
subject
to
credit
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
swap
contracts
to
help
manage
such
risk.
The
fund
may
use
swaps
in
an
effort
to
manage
both
long
and
short
exposure
to
changes
in
interest
rates,
inflation
rates,
and
credit
quality;
to
adjust
overall
exposure
to
certain
markets;
to
enhance
total
return
or
protect
the
value
of
portfolio
securities;
to
serve
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure.
Swap
agreements
can
be
settled
either
directly
with
the
counterparty
(bilateral
swap)
or
through
a
central
clearinghouse
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
(centrally
cleared
swap).
Fluctuations
in
the
fair
value
of
a
contract
are
reflected
in
unrealized
gain
or
loss
and
are
reclassified
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations upon
contract
termination
or
cash
settlement.
Net
periodic
receipts
or
payments
required
by
a
contract
increase
or
decrease,
respectively,
the
value
of
the
contract
until
the
contractual
payment
date,
at
which
time
such
amounts
are
reclassified
from
unrealized
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
bilateral
swaps,
cash
payments
are
made
or
received
by
the
fund
on
a
periodic
basis
in
accordance
with
contract
terms;
unrealized
gain
on
contracts
and
premiums
paid
are
reflected
as
assets
and
unrealized
loss
on
contracts
and
premiums
received
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
For
bilateral
swaps,
premiums
paid
or
received
are
amortized
over
the
life
of
the
swap
and
are
recognized
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
centrally
cleared
swaps,
payments
are
made
or
received
by
the
fund
each
day
to
settle
the
daily
fluctuation
in
the
value
of
the
contract
(variation
margin).
Accordingly,
the
value
of
a
centrally
cleared
swap
included
in
net
assets
is
the
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Credit
default
swaps
are
agreements
where
one
party
(the
protection
buyer)
agrees
to
make
periodic
payments
to
another
party
(the
protection
seller)
in
exchange
for
protection
against
specified
credit
events,
such
as
certain
defaults
and
bankruptcies
related
to
an
underlying
credit
instrument,
or
issuer
or
index
of
such
instruments.
Upon
occurrence
of
a
specified
credit
event,
the
protection
seller
is
required
to
pay
the
buyer
the
difference
between
the
notional
amount
of
the
swap
and
the
value
of
the
underlying
credit,
either
in
the
form
of
a
net
cash
settlement
or
by
paying
the
gross
notional
amount
and
accepting
delivery
of
the
relevant
underlying
credit.
For
credit
default
swaps
where
the
underlying
credit
is
an
index,
a
specified
credit
event
may
affect
all
or
individual
underlying
securities
included
in
the
index
and
will
be
settled
based
upon
the
relative
weighting
of
the
affected
underlying
security(ies)
within
the
index. Generally,
the
payment
risk
for
the
seller
of
protection
is
inversely
related
to
the
current
market
price
or
credit
rating
of
the
underlying
credit
or
the
market
value
of
the
contract
relative
to
the
notional
amount,
which
are
indicators
of
the
markets’
valuation
of
credit
quality.
As
of
December
31,
2023,
the
notional
amount
of
protection
sold
by
the
fund
totaled $3,193,000
(1.0%
of
net
assets),
which
reflects
the
maximum
potential
amount
the
fund
could
be
required
to
pay
under
such
contracts.
Risks
related
to
the
use
of
credit
default
swaps
include
the
possible
inability
of
the
fund
to
accurately
assess
the
current
and
future
creditworthiness
of
underlying
issuers,
the
possible
failure
of
a
counterparty
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund’s
swap
investments,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
year ended
December
31,
2023,
the
volume
of
the
fund’s
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
between
0%
and
3%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective,
the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
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
and
Frontier
Markets
The fund
invests,
either
directly
or
through
investments
in
other
T.
Rowe
Price
funds,
in
securities
of
companies
located
in,
issued
by
governments
of,
or
denominated
in
or
linked
to
the
currencies
of
emerging
and
frontier
market
countries.
Emerging
markets,
and
to
a
greater
extent
frontier
markets, tend
to
have
economic
structures
that
are
less
diverse
and
mature,
less
developed
legal
and
regulatory
regimes,
and
political
systems
that
are
less
stable,
than
those
of
developed
countries.
These
markets
may
be
subject
to
greater
political,
economic,
and
social
uncertainty
and
differing
accounting
standards
and
regulatory
environments
that
may
potentially
impact
the
fund’s
ability
to
buy
or
sell
certain
securities
or
repatriate
proceeds
to
U.S.
dollars.
Emerging
markets
securities
exchanges
are
more
likely
to
experience
delays
with
the
clearing
and
settling
of
trades,
as
well
as
the
custody
of
holdings
by
local
banks,
agents,
and
depositories.
Such
securities
are
often
subject
to
greater
price
volatility,
less
liquidity,
and
higher
rates
of
inflation
than
U.S.
securities.
Investing
in
frontier
markets
is
typically
significantly
riskier
than
investing
in
other
countries,
including
emerging
markets.
Noninvestment-Grade
Debt
The
fund
invests,
either
directly
or
through
its
investment
in
other
T.
Rowe
Price
funds,
in
noninvestment-grade
debt,
including
“high
yield”
or
“junk”
bonds
or
leveraged
loans.
Noninvestment-grade
debt
issuers
are
more
likely
to
suffer
an
adverse
change
in
financial
condition
that
would
result
in
the
inability
to
meet
a
financial
obligation.
The
noninvestment-grade
debt
market
may
experience
sudden
and
sharp
price
swings
due
to
a
variety
of
factors
that
may
decrease
the
ability
of
issuers
to
make
principal
and
interest
payments
and
adversely
affect
the
liquidity
or
value,
or
both,
of
such
securities.
Accordingly,
securities
issued
by
such
companies
carry
a
higher
risk
of
default
and
should
be
considered
speculative.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Bank
Loans
The
fund
invests
in
bank
loans,
which
represent
an
interest
in
amounts
owed
by
a
borrower
to
a
syndicate
of
lenders.
Bank
loans
are
generally
noninvestment
grade
and
often
involve
borrowers
whose
financial
condition
is
highly
leveraged.
The
fund
may
invest
in
fixed
and
floating
rate
loans,
which
may
include
senior
floating
rate
loans;
secured
and
unsecured
loans,
second
lien
or
more
junior
loans;
and
bridge
loans
or
bridge
facilities.
Certain
bank
loans
may
be
revolvers
which
are
a
form
of
senior
bank
debt,
where
the
borrower
can
draw
down
the
credit
of
the
revolver
when
it
needs
cash
and
repays
the
credit
when
the
borrower
has
excess
cash.
Certain
loans
may
be
“covenant-lite”
loans,
which
means
the
loans
contain
fewer
maintenance
covenants
than
other
loans
(in
some
cases,
none)
and
do
not
include
terms
which
allow
the
lender
to
monitor
the
performance
of
the
borrower
and
declare
a
default
if
certain
criteria
are
breached.
As
a
result
of
these
risks,
the
fund’s
exposure
to
losses
may
be
increased.
Bank
loans
may
be
in
the
form
of
either
assignments
or
participations.
A
loan
assignment
transfers
all
legal,
beneficial,
and
economic
rights
to
the
buyer,
and
transfer
typically
requires
consent
of
both
the
borrower
and
agent.
In
contrast,
a
loan
participation
generally
entitles
the
buyer
to
receive
the
cash
flows
from
principal,
interest,
and
any
fee
payments
on
a
portion
of
a
loan;
however,
the
seller
continues
to
hold
legal
title
to
that
portion
of
the
loan.
As
a
result,
the
buyer
of
a
loan
participation
generally
has
no
direct
recourse
against
the
borrower
and
is
exposed
to
credit
risk
of
both
the
borrower
and
seller
of
the
participation.
Bank
loans
often
have
extended
settlement
periods,
generally
may
be
repaid
at
any
time
at
the
option
of
the
borrower,
and
may
require
additional
principal
to
be
funded
at
the
borrowers’
discretion
at
a
later
date
(e.g.
unfunded
commitments
and
revolving
debt
instruments).
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
unfunded
loan
commitments.
The
fund
reflects
both
the
funded
portion
of
a
bank
loan
as
well
as
its
unfunded
commitment
in
the
Portfolio
of
Investments.
However,
if
a
credit
agreement
provides
no
initial
funding
of
a
tranche,
and
funding
of
the
full
commitment
at
a
future
date(s)
is
at
the
borrower’s
discretion
and
considered
uncertain,
a
loan
is
reflected
in
the
Portfolio
of
Investments
only
if,
and
only
to
the
extent
that,
the
fund
has
actually
settled
a
funding
commitment.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $163,521,000 and
$231,083,000,
respectively,
for
the
year ended
December
31,
2023.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
The
fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
fund’s
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
At
December
31,
2023,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were as
follows:
($000s)
December
31,
2023
December
31,
2022
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
18,390
$
27,269
($000s)
Cost
of
investments
$
343,214
Unrealized
appreciation
$
3,218
Unrealized
depreciation
(31,198)
Net
unrealized
appreciation
(depreciation)
$
(27,980)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
At
December
31,
2023,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales
and
the
realization
of
gains/losses
on
certain
open
derivative
contracts.
The
loss
carryforwards
and
deferrals
primarily
relate
to
capital
loss
carryforwards,
late-year
ordinary
loss
deferrals
and
straddle
deferrals.
Capital
loss
carryforwards
are
available
indefinitely
to
offset
future
realized
capital
gains.
The
fund
has
elected
to
defer
certain
losses
to
the
first
day
of
the
following
fiscal
year
for
late-year
ordinary
loss
deferrals.
NOTE
6
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). Price
Associates
has
entered
into
a
sub-advisory
agreement(s)
with
one
or
more
of
its
wholly
owned
subsidiaries,
to
provide
investment
advisory
services
to
the
fund.
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.41%
of
the
fund’s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
December
31,
2023,
the
effective
annual
group
fee
rate
was
0.29%.
The Investor Class
and Advisor Class
are
each
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
dates
indicated
in
the
table
below.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
($000s)
Net
unrealized
appreciation
(depreciation)
$
(27,980)
Loss
carryforwards
and
deferrals
(139,601)
Total
distributable
earnings
(loss)
$
(167,581)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the
class’s
ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
Each
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the
class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
Pursuant
to
these
agreements,
expenses
were
waived/paid
by
and/or
repaid
to
Price
Associates
during
the
year ended December
31,
2023
as
indicated
in
the
table
below.
Including these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $938,000 remain
subject
to
repayment
by
the
fund
at
December
31,
2023.
Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
Investor
Class
Advisor
Class
I
Class
Expense
limitation/I
Class
Limit
0.88%
1.16%
0.05%
Expense
limitation
date
04/30/26
04/30/26
04/30/26
(Waived)/repaid
during
the
period
($000s)
$(138)
$(1)
$(196)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class
and
Advisor
Class.
For
the
year
ended
December
31,
2023,
expenses
incurred
pursuant
to
these
service
agreements
were
$116,000
for
Price
Associates;
$87,000
for
T.
Rowe
Price
Services,
Inc.;
and
less
than
$1,000
for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The
fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
year
ended
December
31,
2023,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
NOTE
7
-
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund's
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
of
T.
Rowe
Price
International
Funds,
Inc.
and
Shareholders
of
T.
Rowe
Price
Emerging
Markets
Corporate
Bond
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
Emerging
Markets
Corporate
Bond
Fund
(one
of
the
funds
constituting
T.
Rowe
Price
International
Funds,
Inc.,
referred
to
hereafter
as
the
"Fund")
as
of
December
31,
2023,
the
related
statement
of
operations
for
the
year
ended
December
31,
2023,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2023
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2023,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2023
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2023
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2023
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
February
16,
2024
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 12/31/23
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
For
shareholders
subject
to
interest
expense
deduction
limitation
under
Section
163(j), $16,835,000 of
the
fund’s
income
qualifies
as
a
Section
163(j)
interest
dividend
and
can
be
treated
as
interest
income
for
purposes
of
Section
163(j),
subject
to
holding
period
requirements
and
other
limitations.
INFORMATION
ON
PROXY
VOTING
POLICIES,
PROCEDURES,
AND
RECORDS
A
description
of
the
policies
and
procedures
used
by
T.
Rowe
Price
funds
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
in
each
fund’s
Statement
of
Additional
Information.
You
may
request
this
document
by
calling
1-800-225-5132
or
by
accessing
the
SEC’s
website,
sec.gov.
The
description
of
our
proxy
voting
policies
and
procedures
is
also
available
on
our
corporate
website.
To
access
it,
please
visit
the
following
Web
page:
https://www.troweprice.com/corporate/us/en/utility/policies.html
Scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Guidelines.”
Click
on
the
links
in
the
shaded
box.
Each
fund’s
most
recent
annual
proxy
voting
record
is
available
on
our
website
and
through
the
SEC’s
website.
To
access
it
through
T.
Rowe
Price,
visit
the
website
location
shown
above,
and
scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Records.”
Click
on
the
Proxy
Voting
Records
link
in
the
shaded
box.
HOW
TO
OBTAIN
QUARTERLY
PORTFOLIO
HOLDINGS
The
fund
files
a
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
fund’s
reports
on
Form
N-PORT
are
available
electronically
on
the
SEC’s
website
(sec.gov).
In
addition,
most
T.
Rowe
Price
funds
disclose
their
first
and
third
fiscal
quarter-end
holdings
on
troweprice.com
.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
TAILORED
SHAREHOLDER
REPORTS
FOR
MUTUAL
FUNDS
AND
EXCHANGE
TRADED
FUNDS
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
rule
and
form
amendments
requiring
Mutual
Funds
and
Exchange-Traded
Funds
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
that
highlight
key
information
to
shareholders.
Other
information,
including
financial
statements,
will
no
longer
appear
in
the
funds’
shareholder
reports
but
will
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
In
accordance
with
Rule
22e-4
(Liquidity
Rule)
under
the
Investment
Company
Act
of
1940,
as
amended,
the
fund
has
established
a
liquidity
risk
management
program
(Liquidity
Program)
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk,
which
generally
represents
the
risk
that
the
fund
would
not
be
able
to
meet
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
fund.
The
fund’s
Board
of
Directors
(Board)
has
appointed
the
fund’s
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
the
administrator
of
the
Liquidity
Program.
As
administrator,
the
Adviser
is
responsible
for
overseeing
the
day-to-day
operations
of
the
Liquidity
Program
and,
among
other
things,
is
responsible
for
assessing,
managing,
and
reviewing
with
the
Board
at
least
annually
the
liquidity
risk
of
each
T.
Rowe
Price
fund.
The
Adviser
has
delegated
oversight
of
the
Liquidity
Program
to
a
Liquidity
Risk
Committee
(LRC),
which
is
a
cross-functional
committee
composed
of
personnel
from
multiple
departments
within
the
Adviser.
The Liquidity
Program’s
principal
objectives
include
supporting
the
T.
Rowe
Price
funds’
compliance
with
limits
on
investments
in
illiquid
assets
and
mitigating
the
risk
that
the
fund
will
be
unable
to
timely
meet
its
redemption
obligations.
The
Liquidity
Program
also
includes
a
number
of
elements
that
support
the
management
and
assessment
of
liquidity
risk,
including
an
annual
assessment
of
factors
that
influence
the
fund’s
liquidity
and
the
periodic
classification
and
reclassification
of
a
fund’s
investments
into
categories
that
reflect
the
LRC’s
assessment
of
their
relative
liquidity
under
current
market
conditions.
Under
the
Liquidity
Program,
every
investment
held
by
the
fund
is
classified
at
least
monthly
into
one
of
four
liquidity
categories
based
on
estimations
of
the
investment’s
ability
to
be
sold
during
designated
time
frames
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
As
required
by
the
Liquidity
Rule,
at
a
meeting
held
on
July
24,
2023,
the
Board
was
presented
with
an
annual
assessment
that
was
prepared
by
the
LRC
on
behalf
of
the
Adviser
and
addressed
the
operation
of
the
Liquidity
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
any
material
changes
to
the
Liquidity
Program
and
the
determination
of
each
fund’s
Highly
Liquid
Investment
Minimum
(HLIM).
The
annual
assessment
included
consideration
of
the
following
factors,
as
applicable:
the
fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
normal
and
reasonably
foreseeable
stressed
conditions,
including
whether
the
investment
strategy
is
appropriate
for
an
open-end
fund,
the
extent
to
which
the
strategy
involves
a
relatively
concentrated
portfolio
or
large
positions
in
particular
issuers,
and
the
use
of
borrowings
for
investment
purposes
and
derivatives;
short-term
and
long-term
cash
flow
projections
covering
both
normal
and
reasonably
foreseeable
stressed
conditions;
and
holdings
of
cash
and
cash
equivalents,
as
well
as
available
borrowing
arrangements.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
For the
fund
and
other
T.
Rowe
Price
funds,
the
annual
assessment
incorporated
a
report
related
to
a
fund’s
holdings,
shareholder
and
portfolio
concentration,
any
borrowings
during
the
period,
cash
flow
projections,
and
other
relevant
data
for
the
period
of
April
1,
2022,
through
March
31,
2023.
The
report
described
the
methodology
for
classifying
a
fund’s
investments
(including
any
derivative
transactions)
into
one
of
four
liquidity
categories,
as
well
as
the
percentage
of
a
fund’s
investments
assigned
to
each
category.
It
also
explained
the
methodology
for
establishing
a
fund’s
HLIM
and
noted
that
the
LRC
reviews
the
HLIM
assigned
to
each
fund
no
less
frequently
than
annually.
During the
period
covered
by
the
annual
assessment,
the
LRC
has
concluded,
and
reported
to
the
Board,
that
the
Liquidity
Program
continues
to
operate
adequately
and
effectively
and
is
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk.
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
(continued)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
ABOUT
THE
FUND'S
DIRECTORS
AND
OFFICERS
Your
fund
is
overseen
by
a
Board
of
Directors
(Board)
that
meets
regularly
to
review
a
wide
variety
of
matters
affecting
or
potentially
affecting
the
fund,
including
performance,
investment
programs,
compliance
matters,
advisory
fees
and
expenses,
service
providers,
and
business
and
regulatory
affairs.
The
Board
elects
the
fund’s
officers,
who
are
listed
in
the
final
table.
The
directors
who
are
also
employees
or
officers
of
T.
Rowe
Price
are
considered
to
be
“interested”
directors
as
defined
in
Section
2(a)(19)
of
the
1940
Act
because
of
their
relationships
with
T.
Rowe
Price
Associates,
Inc. (T.
Rowe
Price),
and
its
affiliates.
The
business
address
of
each
director
and
officer
is
100
East
Pratt
Street,
Baltimore,
Maryland
21202.
The
Statement
of
Additional
Information
includes
additional
information
about
the
fund
directors
and
is
available
without
charge
by
calling
a
T.
Rowe
Price
representative
at
1-800-638-5660.
INDEPENDENT
DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Teresa
Bryce
Bazemore
(1959)
2018
[209]
President
and
Chief
Executive
Officer,
Federal
Home
Loan
Bank
of
San
Francisco
(2021
to
present);
Chief
Executive
Officer,
Bazemore
Consulting
LLC
(2018
to
2021);
Director,
Chimera
Investment
Corporation
(2017
to
2021);
Director,
First
Industrial
Realty
Trust
(2020
to
present);
Director,
Federal
Home
Loan
Bank
of
Pittsburgh
(2017
to
2019)
Melody
Bianchetto
(1966)
2023
[209]
Vice
President
for
Finance,
University
of
Virginia
(2015
to
2023)
Bruce
W.
Duncan
(1951)
2013
[209]
President,
Chief
Executive
Officer,
and
Director,
CyrusOne,
Inc.
(2020
to
2021);
Chair
of
the
Board
(2016
to
2020)
and
President
(2009
to
2016),
First
Industrial
Realty
Trust,
owner
and
operator
of
industrial
properties;
Member,
Investment
Company
Institute
Board
of
Governors
(2017
to
2019);
Member,
Independent
Directors
Council
Governing
Board
(2017
to
2019);
Senior
Advisor,
KKR
(2018
to
2022);
Director,
Boston
Properties
(2016
to
present);
Director,
Marriott
International,
Inc.
(2016
to
2020)
Robert
J.
Gerrard,
Jr.
(1952)
2012
[209]
Chair
of
the
Board,
all
funds
(July
2018
to
present)
Paul
F.
McBride
(1956)
2013
[209]
Advisory
Board
Member,
Vizzia
Technologies
(2015
to
present);
Board
Member,
Dunbar
Armored
(2012
to
2018)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
INTERESTED
DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Mark
J.
Parrell
(1966)
2023
[209]
Board
of
Trustees
Member
and
Chief
Executive
Officer
(2019
to
present),
President
(2018
to
present),
Executive
Vice
President
and
Chief
Financial
Officer
(2007
to
2018),
and
Senior
Vice
President
and
Treasurer
(2005
to
2007),
EQR;
Member,
Nareit
Dividends
Through
Diversity,
Equity
&
Inclusion
CEO
Council
and
Chair,
Nareit
2021
Audit
and
Investment
Committee
(2021);
Advisory
Board,
Ross
Business
School
at
University
of
Michigan
(2015
to
2016);
Member,
National
Multifamily
Housing
Council
and
served
as
Chair
of
the
Finance
Committee
(2015
to
2016);
Member,
Economic
Club
of
Chicago;
Director,
Brookdale
Senior
Living,
Inc.
(2015
to
2017);
Director,
Aviv
REIT,
Inc.
(2013
to
2015);
Director,
Real
Estate
Roundtable
and
the
2022
Executive
Board
Nareit;
Board
of
Directors
and
Chair
of
the
Finance
Committee,
Greater
Chicago
Food
Depository
Kellye
L.
Walker
(1966)
2021
[209]
Executive
Vice
President
and
Chief
Legal
Officer,
Eastman
Chemical
Company
(April
2020
to
present);
Executive
Vice
President
and
Chief
Legal
Officer,
Huntington
Ingalls
Industries,
Inc.
(January
2015
to
March
2020);
Director,
Lincoln
Electric
Company
(October
2020
to
present)
(a)
All
information
about
the
independent
directors
was
current
as
of
December
31,
2022,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
David
Oestreicher
(1967)
2018
[209]
Director,
Vice
President,
and
Secretary,
T.
Rowe
Price,
T.
Rowe
Price
Investment
Services,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
and
T.
Rowe
Price
Services,
Inc.;
Director
and
Secretary,
T.
Rowe
Price
Investment
Management,
Inc.
(Price
Investment
Management);
Vice
President
and
Secretary,
T.
Rowe
Price
International
(Price
International);
Vice
President,
T.
Rowe
Price
Hong
Kong
(Price
Hong
Kong),
T. Rowe
Price
Japan
(Price
Japan),
and
T.
Rowe
Price
Singapore
(Price
Singapore);
General
Counsel,
Vice
President,
and
Secretary,
T.
Rowe
Price
Group,
Inc.;
Chair
of
the
Board,
Chief
Executive
Officer,
President,
and
Secretary,
T.
Rowe
Price
Trust
Company;
Principal
Executive
Officer
and
Executive
Vice
President,
all
funds
INDEPENDENT
DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
OFFICERS
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Eric
L.
Veiel,
CFA
(1972)
2022
[209]
Director
and
Vice
President,
T.
Rowe
Price;
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company;
Vice
President,
Global
Funds
(a)
All
information
about
the
interested
directors
was
current
as
of
December
31,
2022,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
Name
(Year
of
Birth)
Position
Held
With International
Funds
Principal
Occupation(s)
Mariel
Abreu
(1981)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Jason R.
Adams
(1979)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Ulle
Adamson,
CFA
(1979)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Roy
H.
Adkins
(1970)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Syed
H.
Ali
(1970)
Vice
President
Vice
President,
Price
Hong
Kong,
Price
Singapore,
and
T.
Rowe
Price
Group,
Inc.
Kennard
W.
Allen
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Paulina
Amieva
(1981)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Ziad
Bakri,
M.D.,
CFA
(1980)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Harishankar
Balkrishna
(1983)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Sheena
L.
Barbosa
(1983)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Jason
A.
Bauer
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Luis
M.
Baylac
(1982)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
INTERESTED
DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Name
(Year
of
Birth)
Position
Held
With International
Funds
Principal
Occupation(s)
R.
Scott
Berg,
CFA
(1972)
Executive
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Steven
E.
Boothe,
CFA
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Peter
I.
Botoucharov
(1965)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Tala
Boulos
(1984)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Christopher
P.
Brown, CFA
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Armando
(Dino)
Capasso
(1974)
Chief
Compliance
Officer
and
Vice
President
Chief
Compliance
Officer
and
Vice
President,
T.
Rowe
Price
and
Price
Investment
Management;
Vice
President,
T.
Rowe
Price
Group,
Inc.;
formerly,
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
AST
Investment
Services,
Inc.
(ASTIS)
(to
2022);
Chief
Compliance
Officer,
PGIM
Retail
Funds
complex
and
Prudential
Insurance
Funds
(to
2022);
Vice
President
and
Deputy
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
ASTIS
(to
2019)
Shiu
Tak
Sheldon
Chan
(1981)
Vice
President
Vice
President,
Price
International
and
T.
Rowe
Price
Group,
Inc.
Andrew
Chang
(1983)
Vice
President
Vice
President,
Price
Singapore
and
T.
Rowe
Price
Group,
Inc.
Carolyn
Hoi
Che
Chu
(1974)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Vincent
Chung
(1988)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International;
formerly,
Investment
Analyst/Trader,
Observatory
Capital
Management
LLP
(to
2019)
Archibald
Ciganer,
CFA
(1976)
Executive
Vice
President
Director
and
Vice
President,
Price
Japan;
Vice
President,
T.
Rowe
Price
Group,
Inc.
Richard
N.
Clattenburg,
CFA
(1979)
Executive
Vice
President
Vice
President,
Price
Singapore,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
Price
International,
and
T.
Rowe
Price
Trust
Company
Michael
F.
Connelly,
CFA
(1977)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Richard
de
los
Reyes
(1975)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Name
(Year
of
Birth)
Position
Held
With International
Funds
Principal
Occupation(s)
Michael
Della
Vedova
(1969)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Iona
Dent,
CFA
(1991)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Maria
Elena
Drew
(1973)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Shawn
T.
Driscoll
(1975)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Alan
S.
Dupski,
CPA
(1982)
Principal
Financial
Officer,
Vice
President,
and
Treasurer
Vice
President,
Price
Investment
Management,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Bridget
A.
Ebner
(1970)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
David
J.
Eiswert,
CFA
(1972)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Cheryl
Emory
(1963)
Assistant
Secretary
Assistant
Vice
President
and
Assistant
Secretary,
T.
Rowe
Price;
Assistant
Secretary,
T.
Rowe
Price
Group,
Inc.,
Price
Investment
Management,
Price
International,
Price
Hong
Kong,
Price
Singapore,
T.
Rowe
Price
Investment
Services,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Dawei
Feng
(1979)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Quentin
S.
Fitzsimmons
(1968)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Justin
T.
Gerbereux,
CFA
(1975)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Aaron
Gifford,
CFA
(1987)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Vishnu
V.
Gopal
(1979)
Vice
President
Vice
President,
Price
International
and
T.
Rowe
Price
Group,
Inc.
Benjamin
Griffiths,
CFA
(1977)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Shaoyu
Guo
(1992)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.;
formerly,
Economist,
J.P.
Morgan
(to
2020)
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Name
(Year
of
Birth)
Position
Held
With International
Funds
Principal
Occupation(s)
Richard
L.
Hall
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Cheryl
Hampton,
CPA
(1969)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company;
formerly,
Tax
Director,
Invesco
Ltd.
(to
2021);
Vice
President,
Oppenheimer
Funds,
Inc.
(to
2019)
Nabil
Hanano,
CFA
(1984)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Jeffrey
Holford,
Ph.D.,
ACA
(1972)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Stefan
Hubrich,
Ph.D.,
CFA
(1974)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Arif
Husain,
CFA
(1972)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Michael D.
Jacobs
(1971)
Vice
President
Vice
President,
Price
Japan,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Randal
S.
Jenneke
(1971)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.
Nina
P.
Jones,
CPA
(1980)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Yoichiro
Kai
(1973)
Vice
President
Vice
President,
Price
Singapore,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Jacob
H.
Kann,
CFA
(1987)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Jai
Kapadia
(1982)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Andrew
J.
Keirle
(1974)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Benjamin
Kersse,
CPA
(1989)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Trust
Company
Takanori
Kobayashi
(1981)
Vice
President
Vice
President,
Price
Japan,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Paul
J.
Krug,
CPA
(1964)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Christopher
J.
Kushlis,
CFA
(1976)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Name
(Year
of
Birth)
Position
Held
With International
Funds
Principal
Occupation(s)
Shengrong
Lau
(1982)
Vice
President
Vice
President,
Price
Singapore
and
T.
Rowe
Price
Group,
Inc.
Lu
Liu
(1979)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Johannes
Loefstrand
(1988)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Anh Lu
(1968)
Executive
Vice
President
Vice
President,
Price
Hong
Kong,
Price
International, and
T.
Rowe
Price
Group,
Inc.
Sebastien
Mallet
(1974)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Jennifer Martin
(1972)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Ryan
Martyn
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Robert
P.
McDavid
(1972)
Vice
President
Vice
President,
T.
Rowe
Price, Price
Investment
Management, T.
Rowe
Price
Investment
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Colin
McQueen
(1967)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International;
formerly,
Senior
Investment
Manager,
Global
Equities,
Sanlam
FOUR
Investments
UK
Limited
(to
2019)
Raymond
A.
Mills,
Ph.D.,
CFA
(1960)
Executive
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
Price
International,
and
T.
Rowe
Price
Trust
Company
Jihong
Min
(1979)
Executive
Vice
President
Vice
President,
Price
Singapore
and
T.
Rowe
Price
Group,
Inc.
Eric
C.
Moffett
(1974)
Executive
Vice
President
Vice
President,
Price
Singapore
and
T.
Rowe
Price
Group,
Inc.
Ivan
Morozov,
CFA
(1987)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Samy
B.
Muaddi,
CFA
(1984)
Executive
Vice
President
Vice
President,
T.
Rowe
Price,
Price
International,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Tobias
F. Mueller,
CFA
(1980)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Razan
Nasser
(1985)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International;
formerly,
Senior
Economist,
HSBC
Bank
Middle
East
Ltd
(to
2019)
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Name
(Year
of
Birth)
Position
Held
With International
Funds
Principal
Occupation(s)
Kenneth
A. Orchard
(1975)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Oluwaseun Oyegunle,
CFA
(1984)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Fran
M.
Pollack-Matz
(1961)
Vice
President
and
Secretary
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
T.
Rowe
Price
Investment
Services,
Inc., T.
Rowe
Price
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Todd
Reese
(1990)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Melanie
A.
Rizzo
(1982)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
David
L.
Rowlett,
CFA
(1975)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Federico
Santilli,
CFA
(1974)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Nikolaj
Schmidt
(1975)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Sebastian
Schrott
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Richard
Sennett,
CPA
(1970)
Assistant
Treasurer
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Weijie
(Vivian)
Si
(1983)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Scott
D.
Solomon,
CFA
(1981)
Executive
Vice
President
Vice
President,
T.
Rowe
Price, T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Joshua
K.
Spencer,
CFA
(1973)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
David
Stanley
(1963)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Saurabh
Sud,
CFA
(1985)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Taymour
R.
Tamaddon,
CFA
(1976)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Ju
Yen
Tan
(1972)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Name
(Year
of
Birth)
Position
Held
With International
Funds
Principal
Occupation(s)
Sin
Dee
Tan,
CFA
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Siby
Thomas
(1979)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Justin
Thomson
(1968)
President
Director,
Price
Hong
Kong;
Vice
President,
T.
Rowe
Price
Group,
Inc.;
Director
and
Vice
President,
Price
International
Rupinder
Vig
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Willem
Visser
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Christopher Vost,
CFA
(1989)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Zenon
Voyiatzis
(1971)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Verena
E.
Wachnitz,
CFA
(1978)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Hiroshi
Watanabe,
CFA
(1975)
Vice
President
Director
and
Vice
President,
Price
Japan;
Vice
President,
T.
Rowe
Price
Group,
Inc.
James
Woodward,
CFA
(1974)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Marta
Yago
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Benjamin
T.
Yeagle
(1978)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Ernest
C.
Yeung,
CFA
(1979)
Executive
Vice
President
Director
and
Vice
President,
Price
Hong
Kong;
Vice
President,
T.
Rowe
Price
Group,
Inc.
Ellen
York
(1988)
Vice
President
Vice
President,
Price
Investment
Management
and
T.
Rowe
Price
Wenli
Zheng
(1979)
Executive
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
202402-3281594
F193-050
2/24
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its
principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form
N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
The
registrant’s Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered
independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the
registrant’s principal accountant were as follows:
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2023 |
|
|
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2022 |
|
| |
Audit Fees |
|
$ |
40,833 |
|
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$36,495 |
|
| |
Audit-Related Fees |
|
|
- |
|
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|
- |
|
| |
Tax Fees |
|
|
- |
|
|
|
|
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- |
|
| |
All Other Fees |
|
|
- |
|
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- |
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Audit fees include amounts related to the audit of the registrant’s annual financial statements and
services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically
include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these
services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for
agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.
(e)(1) The
registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity
controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings.
If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting.
Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.
(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Less than 50 percent of the hours expended on the principal accountant’s
engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant
were $1,524,000 and $2,037,000, respectively.
(h) All non-audit services rendered in
(g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s
independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy
Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity
Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls
and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal
executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for
Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
T. Rowe Price International Funds, Inc.
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| By |
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/s/ David Oestreicher |
|
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David Oestreicher |
|
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Principal Executive Officer |
|
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|
| Date |
|
February 16, 2024 |
|
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940,
this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
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|
|
| By |
|
/s/ David Oestreicher |
|
|
|
|
David Oestreicher |
|
|
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|
Principal Executive Officer |
|
|
|
|
|
| Date |
|
February 16, 2024 |
|
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|
|
|
| By |
|
/s/ Alan S. Dupski |
|
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|
|
Alan S. Dupski |
|
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|
|
Principal Financial Officer |
|
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|
|
| Date |
|
February 16, 2024 |
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