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
December
31,
2023
Annual
Report
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
1
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
2
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
3
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
4
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
5
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
6
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
7
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
8
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
9
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
10
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
11
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
12
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