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
PREMX
Emerging
Markets
Bond
Fund
.
PAIKX
Emerging
Markets
Bond
Fund–
.
Advisor  Class
PRXIX
Emerging
Markets
Bond
Fund–
.
I  Class
TREZX
Emerging
Markets
Bond
Fund–
.
Z Class
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
HIGHLIGHTS
The
Emerging
Markets
Bond
Fund
outperformed
its
benchmark
and
its
Lipper
peer
group
for
the
12
months
ended
December
31,
2023.
The
fund’s
country
allocation
decisions
led
outperformance,
while
security
selection
modestly
detracted
from
relative
performance.
The
portfolio
remains
underweight
lower-yielding
mainstream
markets
that
provide
limited
relative
value,
such
as
Malaysia
and
the
United
Arab
Emirates,
in
favor
of
higher-yielding
frontier
countries
that
we
view
as
fundamentally
well
anchored,
such
as
Côte
d’Ivoire,
Angola,
and
the
Dominican
Republic.
As
fixed
income
assets
recovered
from
a
weak
2022,
we
trimmed
risk.
The
rally
near
the
end
of
the
year
has
largely
priced
in
many
of
the
positive
developments
around
the
Fed’s
expected
policy
path
and
the
potential
for
a
soft
landing
in
the
U.S.
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
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
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
Bond
Fund
Management’s
Discussion
of
Fund
Performance
3
INVESTMENT
OBJECTIVE 
The
fund
seeks
to
provide
high
income
and
capital
appreciation.
FUND
COMMENTARY
How
did
the
fund
perform
in
the
past
12
months?
The
T.
Rowe
Price
Emerging
Markets
Bond
Fund
returned
13.26%
for
the
12
months
ended
December
31,
2023,
outperforming
the
benchmark
J.P.
Morgan
Emerging
Markets
Bond
Index
Global
Diversified
as
well
as
the
Lipper
peer
group
average.
(Results
for
Advisor,
I,
and
Z
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.
The
fund’s
country
allocation
decisions
added
to
relative
returns,
led
by
out-
of-benchmark
holdings
in
Venezuela.
Our
allocation
to
the
country
was
a
significant
contributor
to
relative
results
as
the
U.S.
eased
sanctions
and
lifted
a
secondary
trading
ban
on
sovereign
and
quasi-sovereign
debt
in
October.
PERFORMANCE
COMPARISON
Total
Return
Periods
Ended
12/31/23
6
Months
12
Months
Emerging
Markets
Bond
Fund
.
8.75‌%
13.26‌%
Emerging
Markets
Bond
Fund–
.
Advisor  Class
8.79‌
13.06‌
Emerging
Markets
Bond
Fund–
.
I  Class
9.03‌
13.57‌
Emerging
Markets
Bond
Fund–
.
Z  Class
9.28‌
14.22‌
J.P.
Morgan
Emerging
Markets
Bond
Index
Global
Diversified
6.73‌
11.09‌
Lipper
Emerging
Market
Hard
Currency
Debt
Funds
Average
6.71‌
11.03‌
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
4
Our
notable
underweight
allocations
to
high-quality,
lower-yielding
sovereigns
aided
relative
performance.
Sovereign
bonds
in
the
United
Arab
Emirates,
Saudi
Arabia,
Uruguay,
and
Malaysia
underperformed
as
investors
sought
increased
yields
offered
elsewhere.
Our
significant
underweight
to
China
lifted
relative
results
as
the
higher-rated
mainstream
country
also
experienced
a
sluggish
economic
recovery
coupled
with
continued
woes
in
the
property
market
that
weighed
on
the
country.
Positioning
among
frontier
countries
was
largely
positive.
Overweight
or
out-
of-benchmark
positions
in
high
yield,
high-conviction,
and
fundamentally
well-anchored
countries—such
as
Angola,
Senegal,
and
the
Dominican
Republic—added
materially.
Our
underweight
allocations
to
select
frontiers
that
we
do
not
view
as
having
significant
fundamental
anchors
detracted
from
relative
performance.
Our
reduced
exposure
to
Nigeria,
Pakistan,
and
Ukraine
held
back
relative
results
as
these
countries
made
progress
in
economic
reforms
or
restructuring
negotiations,
generating
enthusiasm
for
the
higher-yielding
frontier
sovereigns.
Nigeria
secured
additional
financing
and
made
progress
on
market
reforms,
such
as
eliminating
fuel
subsidies
and
foreign
exchange
market
liberalization.
Pakistan
took
steps
to
unlock
funding
under
the
International
Monetary
Fund
(IMF)
program,
including
revising
its
budget,
improving
its
foreign
reserves,
and
increasing
electricity
and
natural
gas
prices.
Ukraine
advanced
from
low
levels
amid
optimism
as
foreign
aid
bolstered
currency
reserves
and
the
IMF
upgraded
its
growth
forecast.
The
fund's
security
selection
was
a
marginal
drag
on
relative
results.
In
Sri
Lanka
and
El
Salvador,
selection
of
shorter-maturity
issues
underperformed
longer
maturities
as
investor
risk
sentiment
was
bolstered
by
easing
inflation
and
demand
for
higher
yields
was
notable.
(Please
refer
to
the
fund’s
portfolio
of
investments
for
a
complete
list
of
holdings
and
the
amount
each
represents
in
the
portfolio.)
Positions
in
locally
denominated
Colombian
and
Brazilian
sovereigns
generated
gains,
supported
by
easing
inflation
and
central
bank
rate
cuts.
Euro-
denominated
selections
in
Côte
d’Ivoire
and
Romania
were
also
beneficial.
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
5
How
is
the
fund
positioned?
At
the
country
level,
we
see
both
idiosyncratic
risks
and
opportunities.
As
liquidity
remained
challenging
across
all
markets,
modest
portfolio
changes
were
made
during
the
reporting
period.
As
many
emerging
markets
assets
advanced
from
excessively
cheap
levels,
we
trimmed
risk
where
opportunities
presented
themselves,
locking
in
some
gains.
Despite
trimming
some
positions
in
frontier
sovereigns,
we
continue
to
see
opportunity
in
select
frontiers
that
our
research
platform
views
as
default
remote
and
fundamentally
well
anchored.
The
fund
retained
overweight
positions
in
Côte
d’Ivoire,
the
Dominican
Republic,
and
Senegal
but
did
trim
holdings
after
a
period
of
outperformance.
Additionally,
we
increased
the
fund’s
overweight
exposure
to
Angola.
We
added
into
improved
valuations
in
institutionally
sound
mainstream
markets,
such
as
Indonesia
and
Brazil.
We
maintain
our
structural
underweight
to
low-beta,
investment-grade
countries—such
as
Malaysia,
the
United
Arab
Emirates,
and
Uruguay—which
offer
limited
room
for
spread
compression.
However,
we
added
exposure
to
some
better-valued
defensive
markets.
We
maintain
a
meaningful
allocation
to
off-benchmark
emerging
markets
corporate
bonds,
mostly
within
mainstream
markets
such
as
Mexico,
India,
and
Indonesia.
Corporate
debt
is
positioned
to
benefit
from
recovering
domestic
growth
and
often
offers
higher
yields,
greater
diversification,
and
smaller
drawdowns
in
periods
of
stress.
Within
the
emerging
markets
corporate
segment,
we
tend
to
favor
issuers
in
domestically
oriented
sectors—such
as
technology,
media,
and
telecommunications
and
utilities—or
larger
quasi-
sovereigns
that
are
generally
more
liquid
than
traditional
corporates
and
may
benefit
from
explicit
or
implicit
state
support.
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
Bond
Fund
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
6
The
fund
at
times
holds
small
amounts
of
local
currency-denominated
sovereign
bonds
and
local
currencies
where
the
relative
value
appears
especially
compelling
versus
debt
denominated
in
U.S.
dollars.
At
the
end
of
the
period,
total
nondollar
exposure
accounted
for
less
than
2%
of
the
portfolio.
Depending
on
our
outlook
for
a
particular
currency
and
the
costs
involved,
we
may
fully
or
partially
hedge
the
currency
exposure
to
reduce
risk
or
opt
not
to
hedge
if
a
currency
appears
to
be
poised
to
gain
against
the
dollar.
What
is
portfolio
management’s
outlook?
Emerging
markets
debt
has
continued
to
offer
a
substantial
yield
premium
over
many
fixed
income
assets
and
broadly
sound
fundamentals,
making
the
asset
class
compelling
on
a
long-term
risk-adjusted
basis,
in
our
view.
Sovereign
fundamentals
remain
broadly
supportive
with
sufficient
economic
buffers
to
support
debt
sustainability.
Emerging
markets
growth
continues
to
notably
outpace
that
of
developed
markets,
and
inflation
remains
on
a
downward
trajectory.
Stressed
fiscal
conditions
persist
in
some
frontier
markets,
but
we
do
not
anticipate
a
systematic
default
cycle
as
risks
are
concentrated
in
smaller
markets
that
pose
less
contagion
risk.
However,
the
rally
in
credit
spreads
in
recent
months
has
largely
priced
in
many
of
the
positive
developments
around
the
Fed’s
expected
policy
path
and
the
potential
for
a
soft
landing
in
the
U.S.
This
market
complacency
leaves
us
more
cautious
as
current
valuations
leave
little
buffer
for
potential
exogenous
headwinds
associated
with
still-tight
financial
conditions
and
U.S.
inflation
volatility.
Additionally,
several
emerging
markets
countries
have
elections,
several
of
which
carry
important
implications
for
macroeconomic
sustainability.
Following
strong
performance
in
2023,
we
expect
volatility
to
persist
over
the
medium
term
with
more
heterogenous
outcomes
across
emerging
markets
that
better
reflect
underlying
fundamentals.
The
investment
team
will
look
to
add
to
high-conviction
assets
as
dislocations
would
create
attractive
entry
points.
In
addition
to
sovereign
and
quasi-sovereign
bonds,
we
believe
emerging
markets
corporate
debt
also
offers
increasingly
attractive
opportunities
given
its
more
defensive
nature
and
improved
relative
value.
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
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
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
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
BOND
FUND 
Note:
Performance
for
the Advisor,
I,
and
Z
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
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
Bond
Fund
.
13.26‌%
1.24‌%
2.50‌%
–‌
Emerging
Markets
Bond
Fund–
.
Advisor  Class
13.06‌
1.00‌
–‌
2.29‌%
8/28/15
Emerging
Markets
Bond
Fund–
.
I  Class
13.57‌
1.42‌
–‌
2.72‌
8/28/15
Emerging
Markets
Bond
Fund–
.
Z  Class
14.22‌
–‌
–‌
3.22‌
3/16/20
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,
0.03
I
,
and
0.04
Z
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
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
four
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,
I
Class
shares
are
available
to
institutionally
oriented
clients
and
impose
no
12b-1
or
administrative
fee
payment,
and
Z
Class
shares
are
offered
only
to
funds
advised
by
T.
Rowe
Price
and
other
advisory
clients
of
T.
Rowe
Price
or
its
affiliates
that
are
subject
to
a
contractual
fee
for
investment
management
services
and
impose
no
12b-1
fee
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
Bond
Fund
0.99‌%
Emerging
Markets
Bond
Fund–Advisor
Class
1.40‌ 
Emerging
Markets
Bond
Fund–I
Class
0.75‌ 
Emerging
Markets
Bond
Fund–Z
Class
0.72‌ 
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
Bond
Fund
12