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: June 30, 2024
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
June 30, 2024
Emerging Markets Corporate Bond Fund
This semi-annual shareholder report contains important information about Emerging Markets Corporate Bond Fund (the "fund") for the period of January 1, 2024 to June 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Emerging Markets Corporate Bond Fund - Investor Class | $45 | 0.88% |
What are some fund statistics?
| Total Net Assets (000s) | $277,566 |
| Number of Portfolio Holdings | 197 |
| |
| Portfolio Turnover Rate | 41.5% |
What did the fund invest in?
Credit Quality Allocation* (as a % of Net Assets)
| AA Rated | 2.0% |
| A Rated | 5.8 |
| BBB Rated | 37.8 |
| BB Rated and Below | 44.2 |
| Not Rated | 9.2 |
| Reserves | 1.0 |
*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 ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Top Ten Holdings (as a % of Net Assets)
| Ecopetrol | 1.5% |
| Axian Telecom | 1.5 |
| Teva Pharmaceutical Finance Netherlands III | 1.5 |
| Kosmos Energy | 1.3 |
| BBVA Bancomer | 1.3 |
| Minejesa Capital | 1.3 |
| Bank Negara Indonesia Persero | 1.2 |
| Bangkok Bank | 1.2 |
| Zhongsheng Group Holdings | 1.2 |
| Globe Telecom | 1.2 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Emerging Markets Corporate Bond Fund
Investor Class (TRECX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
June 30, 2024
Emerging Markets Corporate Bond Fund
This semi-annual shareholder report contains important information about Emerging Markets Corporate Bond Fund (the "fund") for the period of January 1, 2024 to June 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Emerging Markets Corporate Bond Fund - Advisor Class | $59 | 1.16% |
What are some fund statistics?
| Total Net Assets (000s) | $277,566 |
| Number of Portfolio Holdings | 197 |
| |
| Portfolio Turnover Rate | 41.5% |
What did the fund invest in?
Credit Quality Allocation* (as a % of Net Assets)
| AA Rated | 2.0% |
| A Rated | 5.8 |
| BBB Rated | 37.8 |
| BB Rated and Below | 44.2 |
| Not Rated | 9.2 |
| Reserves | 1.0 |
*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 ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Top Ten Holdings (as a % of Net Assets)
| Ecopetrol | 1.5% |
| Axian Telecom | 1.5 |
| Teva Pharmaceutical Finance Netherlands III | 1.5 |
| Kosmos Energy | 1.3 |
| BBVA Bancomer | 1.3 |
| Minejesa Capital | 1.3 |
| Bank Negara Indonesia Persero | 1.2 |
| Bangkok Bank | 1.2 |
| Zhongsheng Group Holdings | 1.2 |
| Globe Telecom | 1.2 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Emerging Markets Corporate Bond Fund
Advisor Class (PACEX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
June 30, 2024
Emerging Markets Corporate Bond Fund
This semi-annual shareholder report contains important information about Emerging Markets Corporate Bond Fund (the "fund") for the period of January 1, 2024 to June 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Emerging Markets Corporate Bond Fund - I Class | $38 | 0.75% |
What are some fund statistics?
| Total Net Assets (000s) | $277,566 |
| Number of Portfolio Holdings | 197 |
| |
| Portfolio Turnover Rate | 41.5% |
What did the fund invest in?
Credit Quality Allocation* (as a % of Net Assets)
| AA Rated | 2.0% |
| A Rated | 5.8 |
| BBB Rated | 37.8 |
| BB Rated and Below | 44.2 |
| Not Rated | 9.2 |
| Reserves | 1.0 |
*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 ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Top Ten Holdings (as a % of Net Assets)
| Ecopetrol | 1.5% |
| Axian Telecom | 1.5 |
| Teva Pharmaceutical Finance Netherlands III | 1.5 |
| Kosmos Energy | 1.3 |
| BBVA Bancomer | 1.3 |
| Minejesa Capital | 1.3 |
| Bank Negara Indonesia Persero | 1.2 |
| Bangkok Bank | 1.2 |
| Zhongsheng Group Holdings | 1.2 |
| Globe Telecom | 1.2 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Emerging Markets Corporate Bond Fund
I Class (TECIX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
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 is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant’s annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant’s annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
Financial
Statements
and
Other
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
(Unaudited)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
6/30/24
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
9
.01
$
8
.81
$
10
.49
$
11
.05
$
10
.80
$
10
.01
Investment
activities
Net
investment
income
(1)(2)
0
.24
0
.43
0
.38
0
.38
0
.45
0
.48
Net
realized
and
unrealized
gain/
loss
0
.08
0
.20
(
1
.67
)
(
0
.56
)
0
.26
0
.80
Total
from
investment
activities
0
.32
0
.63
(
1
.29
)
(
0
.18
)
0
.71
1
.28
Distributions
Net
investment
income
(
0
.24
)
(
0
.43
)
(
0
.39
)
(
0
.38
)
(
0
.46
)
(
0
.49
)
NET
ASSET
VALUE
End
of
period
$
9
.09
$
9
.01
$
8
.81
$
10
.49
$
11
.05
$
10
.80
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
6/30/24
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
Ratios/Supplemental
Data
Total
return
(2)(3)
3
.60
%
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
.06
%
(4)
1
.03
%
0
.99
%
1
.00
%
1
.06
%
1
.18
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.88
%
(4)
0
.89
%
0
.88
%
0
.95
%
0
.97
%
0
.96
%
Net
investment
income
5
.37
%
(4)
4
.90
%
4
.13
%
3
.47
%
4
.29
%
4
.56
%
Portfolio
turnover
rate
41
.5
%
46
.3
%
41
.2
%
69
.3
%
79
.3
%
53
.3
%
Net
assets,
end
of
period
(in
thousands)
$85,341
$90,472
$95,609
$216,473
$141,609
$110,891
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
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.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Advisor
Class
6
Months
.
Ended
6/30/24
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
9
.01
$
8
.81
$
10
.48
$
11
.05
$
10
.80
$
10
.00
Investment
activities
Net
investment
income
(1)(2)
0
.23
0
.41
0
.35
0
.35
0
.42
0
.47
Net
realized
and
unrealized
gain/
loss
0
.08
0
.20
(
1
.66
)
(
0
.57
)
0
.25
0
.79
Total
from
investment
activities
0
.31
0
.61
(
1
.31
)
(
0
.22
)
0
.67
1
.26
Distributions
Net
investment
income
(
0
.23
)
(
0
.41
)
(
0
.36
)
(
0
.35
)
(
0
.42
)
(
0
.46
)
NET
ASSET
VALUE
End
of
period
$
9
.09
$
9
.01
$
8
.81
$
10
.48
$
11
.05
$
10
.80
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
6
Months
.
Ended
6/30/24
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
Ratios/Supplemental
Data
Total
return
(2)(3)
3
.45
%
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
.95
%
(4)
1
.61
%
1
.36
%
1
.46
%
1
.50
%
1
.61
%
Net
expenses
after
waivers/
payments
by
Price
Associates
1
.16
%
(4)
1
.17
%
1
.16
%
1
.22
%
1
.25
%
1
.24
%
Net
investment
income
5
.10
%
(4)
4
.62
%
3
.75
%
3
.24
%
4
.06
%
4
.43
%
Portfolio
turnover
rate
41
.5
%
46
.3
%
41
.2
%
69
.3
%
79
.3
%
53
.3
%
Net
assets,
end
of
period
(in
thousands)
$373
$136
$195
$650
$248
$537
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
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.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
6/30/24
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
9
.02
$
8
.81
$
10
.49
$
11
.05
$
10
.80
$
10
.01
Investment
activities
Net
investment
income
(1)(2)
0
.25
0
.44
0
.39
0
.39
0
.46
0
.48
Net
realized
and
unrealized
gain/
loss
0
.07
0
.21
(
1
.67
)
(
0
.55
)
0
.26
0
.81
Total
from
investment
activities
0
.32
0
.65
(
1
.28
)
(
0
.16
)
0
.72
1
.29
Distributions
Net
investment
income
(
0
.25
)
(
0
.44
)
(
0
.40
)
(
0
.40
)
(
0
.47
)
(
0
.50
)
NET
ASSET
VALUE
End
of
period
$
9
.09
$
9
.02
$
8
.81
$
10
.49
$
11
.05
$
10
.80
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
6/30/24
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
Ratios/Supplemental
Data
Total
return
(2)(3)
3
.55
%
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
.85
%
(4)
0
.83
%
0
.79
%
0
.82
%
0
.90
%
1
.02
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.75
%
(4)
0
.75
%
0
.75
%
0
.80
%
0
.83
%
0
.83
%
Net
investment
income
5
.50
%
(4)
5
.02
%
4
.24
%
3
.63
%
4
.41
%
4
.52
%
Portfolio
turnover
rate
41
.5
%
46
.3
%
41
.2
%
69
.3
%
79
.3
%
53
.3
%
Net
assets,
end
of
period
(in
thousands)
$191,852
$228,938
$302,915
$652,673
$357,765
$121,427
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
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.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
June
30,
2024
(Unaudited)
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ANGOLA 0.4%
Government
Bonds 0.4%
Republic
of
Angola,
8.00%,
11/26/29
(USD)
1,275,000
1,150
Total
Angola
(Cost
$1,157)
1,150
ARGENTINA 0.8%
Corporate
Bonds 0.8%
Telecom
Argentina,
8.00%,
7/18/26
(USD)
550,000
547
Telecom
Argentina,
8.50%,
8/6/25
(USD) (1)
921,250
914
YPF,
STEP,
9.00%,
2/12/26
(USD)
726,923
731
Total
Argentina
(Cost
$2,171)
2,192
AUSTRALIA 0.5%
Corporate
Bonds 0.5%
AngloGold
Ashanti
Holdings,
3.375%,
11/1/28
(USD)
1,585,000
1,421
Total
Australia
(Cost
$1,341)
1,421
BERMUDA 0.0%
Common
Stocks 0.0%
Digicel
International,
Class
A,
Acquisition
date:
1/30/24,
Cost $68
(USD) (2)(3)(4)
60,783
68
Total
Bermuda
(Cost
$68)
68
BRAZIL 6.9%
Corporate
Bonds 6.9%
Aegea
Finance,
6.75%,
5/20/29
(USD) (1)
1,479,000
1,439
Banco
do
Brasil,
6.00%,
3/18/31
(USD) (1)
1,010,000
989
Banco
do
Estado
do
Rio
Grande
do
Sul,
VR,
5.375%,
1/28/31
(USD) (5)
200,000
190
Braskem
Netherlands
Finance,
4.50%,
1/31/30
(USD)
925,000
783
Braskem
Netherlands
Finance,
7.25%,
2/13/33
(USD) (1)
700,000
660
Cosan
Overseas,
8.25%
(USD) (6)
2,975,000
3,027
CSN
Resources,
8.875%,
12/5/30
(USD)
1,450,000
1,442
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD) (1)
1,305,000
1,157
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD)
1,105,000
980
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Globo
Comunicacao
e
Participacoes,
5.50%,
1/14/32
(USD) (1)
575,000
504
Nexa
Resources,
6.75%,
4/9/34
(USD) (1)
1,740,000
1,769
Raizen
Fuels
Finance,
6.45%,
3/5/34
(USD) (1)
1,170,000
1,189
Raizen
Fuels
Finance,
6.95%,
3/5/54
(USD) (1)
520,000
529
Sitios
Latinoamerica,
5.375%,
4/4/32
(USD) (1)
1,775,000
1,654
Sitios
Latinoamerica,
5.375%,
4/4/32
(USD)
625,000
582
Suzano
Austria,
5.00%,
1/15/30
(USD)
1,460,000
1,382
Suzano
Austria,
Series
DM3N,
3.125%,
1/15/32
(USD)
975,000
799
Total
Brazil
(Cost
$19,258)
19,075
CHILE 5.8%
Corporate
Bonds 5.8%
AES
Andes,
VR,
8.15%,
6/10/55
(USD) (1)(5)
2,850,000
2,856
Agrosuper,
4.60%,
1/20/32
(USD) (1)
3,145,000
2,758
Banco
del
Estado
de
Chile,
VR,
7.95%
(USD) (1)(5)(6)
600,000
620
CAP,
3.90%,
4/27/31
(USD)
1,725,000
1,382
Chile
Electricity,
6.01%,
1/20/33
(USD) (1)
1,400,000
1,419
Colbun,
3.15%,
3/6/30
(USD)
850,000
750
Colbun,
3.95%,
10/11/27
(USD)
450,000
432
Corp.
Nacional
del
Cobre
de
Chile,
6.30%,
9/8/53
(USD) (1)
1,520,000
1,511
Interchile,
4.50%,
6/30/56
(USD) (1)
1,085,000
913
Sociedad
de
Transmision
Austral,
4.00%,
1/27/32
(USD) (1)
2,425,000
2,169
Sociedad
de
Transmision
Austral,
4.00%,
1/27/32
(USD)
635,000
568
VTR
Comunicaciones,
4.375%,
4/15/29
(USD) (1)
914,000
799
Total
Chile
(Cost
$16,506)
16,177
CHINA 5.3%
Convertible
Bonds 1.6%
H
World
Group,
3.00%,
5/1/26
(USD)
886,000
942
NIO,
3.875%,
10/15/29
(USD) (1)
325,000
207
PDD
Holdings,
Zero
Coupon,
12/1/25
(USD)
691,000
681
Trip.com
Group,
0.75%,
6/15/29
(USD) (1)
702,000
687
ZTO
Express
Cayman,
1.50%,
9/1/27
(USD)
2,050,000
2,013
4,530
Corporate
Bonds 3.7%
Country
Garden
Holdings,
5.125%,
1/17/25
(USD) (2)(7)
1,850,000
160
Health
&
Happiness
International
Holdings,
7.50%,
3/26/27
1,000,000
137
Kaisa
Group
Holdings,
11.25%,
4/9/22
(USD) (2)(7)
1,000,000
36
Kaisa
Group
Holdings,
11.95%,
10/22/22
(USD) (2)(7)
5,275,000
191
Lenovo
Group,
5.875%,
4/24/25
(USD)
1,100,000
1,102
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Prosus,
4.193%,
1/19/32
(USD)
2,550,000
2,250
Tencent
Holdings,
3.84%,
4/22/51
(USD)
965,000
704
West
China
Cement,
4.95%,
7/8/26
(USD)
2,818,000
2,311
Zhongsheng
Group
Holdings,
3.00%,
1/13/26
(USD)
3,500,000
3,336
10,227
Total
China
(Cost
$20,026)
14,757
COLOMBIA 3.6%
Corporate
Bonds 3.6%
Aris
Mining,
6.875%,
8/9/26
(USD) (1)
1,525,000
1,435
Bancolombia,
VR,
4.625%,
12/18/29
(USD) (5)
645,000
624
Bancolombia,
VR,
8.625%,
12/24/34
(USD) (5)
905,000
925
Ecopetrol,
4.625%,
11/2/31
(USD)
2,150,000
1,761
Ecopetrol,
8.375%,
1/19/36
(USD)
1,745,000
1,715
Ecopetrol,
8.875%,
1/13/33
(USD)
730,000
754
Geopark,
5.50%,
1/17/27
(USD) (1)
3,110,000
2,830
Total
Colombia
(Cost
$10,045)
10,044
CYPRUS 0.4%
Corporate
Bonds 0.4%
ASG
Finance
Designated
Activity,
9.75%,
5/15/29
(USD) (1)
1,150,000
1,143
Total
Cyprus
(Cost
$1,150)
1,143
DOMINICAN
REPUBLIC 0.4%
Corporate
Bonds 0.4%
Aeropuertos
Dominicanos
Siglo
XXI,
7.00%,
6/30/34
(USD) (1)
1,110,000
1,125
Total
Dominican
Republic
(Cost
$1,110)
1,125
EGYPT 0.4%
Government
Bonds 0.4%
Arab
Republic
of
Egypt,
7.625%,
5/29/32
(USD)
1,325,000
1,084
Total
Egypt
(Cost
$1,162)
1,084
GEORGIA 0.5%
Corporate
Bonds 0.5%
Georgian
Railway,
4.00%,
6/17/28
(USD) (1)
1,287,000
1,145
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Georgian
Railway,
4.00%,
6/17/28
(USD)
290,000
258
Total
Georgia
(Cost
$1,551)
1,403
GHANA 1.3%
Corporate
Bonds 1.3%
Kosmos
Energy,
7.125%,
4/4/26
(USD)
2,523,000
2,497
Kosmos
Energy,
7.50%,
3/1/28
(USD)
1,245,000
1,189
Total
Ghana
(Cost
$3,593)
3,686
GUATEMALA 0.5%
Corporate
Bonds 0.5%
Millicom
International
Cellular,
7.375%,
4/2/32
(USD) (1)
1,360,000
1,357
Total
Guatemala
(Cost
$1,357)
1,357
HONG
KONG 2.3%
Corporate
Bonds 1.7%
Elect
Global
Investments,
4.85%
(USD) (6)
2,400,000
1,635
HKT
Capital
No.
6,
3.00%,
1/18/32
(USD)
1,800,000
1,535
PCPD
Capital,
5.125%,
6/18/26
(USD)
1,622,000
1,417
4,587
Government
Bonds 0.6%
Airport
Authority,
2.625%,
2/4/51
(USD)
2,650,000
1,679
1,679
Total
Hong
Kong
(Cost
$6,788)
6,266
HUNGARY 0.6%
Corporate
Bonds 0.6%
OTP
Bank,
VR,
8.75%,
5/15/33
(USD) (5)
1,570,000
1,649
Total
Hungary
(Cost
$1,652)
1,649
INDIA 5.5%
Corporate
Bonds 5.5%
Adani
International
Container
Terminal,
3.00%,
2/16/31
(USD)
3,483,000
2,919
CA
Magnum
Holdings,
5.375%,
10/31/26
(USD)
1,485,000
1,417
Greenko
Solar
Mauritius,
5.55%,
1/29/25
(USD)
2,250,000
2,231
HDFC
Bank,
5.686%,
3/2/26
(USD)
1,750,000
1,755
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
India
Airport
Infra,
6.25%,
10/25/25
(USD)
1,685,000
1,685
JSW
Infrastructure,
4.95%,
1/21/29
(USD)
3,010,000
2,845
Reliance
Industries,
6.25%,
10/19/40
(USD)
1,655,000
1,754
Vedanta
Resources
Finance
II,
13.875%,
12/9/28
(USD)
571,200
550
Total
India
(Cost
$15,348)
15,156
INDONESIA 6.4%
Corporate
Bonds 6.4%
Bank
Negara
Indonesia
Persero,
3.75%,
3/30/26
(USD)
3,590,000
3,433
Freeport
Indonesia,
6.20%,
4/14/52
(USD)
900,000
889
Indofood
CBP
Sukses
Makmur,
4.805%,
4/27/52
(USD)
1,500,000
1,246
Medco
Oak
Tree
Pte.,
7.375%,
5/14/26
(USD)
890,000
898
Minejesa
Capital,
4.625%,
8/10/30
(USD)
2,045,560
1,966
Minejesa
Capital,
5.625%,
8/10/37
(USD)
1,760,000
1,593
Pakuwon
Jati,
4.875%,
4/29/28
(USD)
2,670,000
2,520
Pertamina
Persero,
6.50%,
11/7/48
(USD)
1,030,000
1,100
PT
Tower
Bersama
Infrastructure,
4.25%,
1/21/25
(USD)
2,235,000
2,216
Star
Energy
Geothermal
Wayang
Windu,
6.75%,
4/24/33
(USD)
1,800,900
1,813
Total
Indonesia
(Cost
$17,699)
17,674
ISRAEL 2.6%
Corporate
Bonds 2.6%
Energean
Israel
Finance,
4.875%,
3/30/26
(USD) (1)
1,204,958
1,135
Leviathan
Bond,
6.125%,
6/30/25
(USD) (1)
1,970,167
1,904
Teva
Pharmaceutical
Finance
Netherlands
III,
4.75%,
5/9/27
(USD)
1,040,000
1,001
Teva
Pharmaceutical
Finance
Netherlands
III,
6.75%,
3/1/28
(USD)
1,400,000
1,433
Teva
Pharmaceutical
Finance
Netherlands
III,
7.875%,
9/15/29
(USD)
1,505,000
1,618
Total
Israel
(Cost
$7,188)
7,091
KAZAKHSTAN 0.9%
Corporate
Bonds 0.9%
KazMunayGas
National,
5.75%,
4/19/47
(USD)
1,270,000
1,109
Tengizchevroil
Finance
International,
3.25%,
8/15/30
(USD)
1,801,000
1,489
Total
Kazakhstan
(Cost
$2,668)
2,598
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
KUWAIT 1.1%
Corporate
Bonds 1.1%
MEGlobal,
4.25%,
11/3/26
(USD)
2,710,000
2,624
MEGlobal
Canada,
5.875%,
5/18/30
(USD)
330,000
333
Total
Kuwait
(Cost
$3,184)
2,957
MACAO 3.2%
Corporate
Bonds 3.2%
MGM
China
Holdings,
5.875%,
5/15/26
(USD)
1,300,000
1,287
MGM
China
Holdings,
7.125%,
6/26/31
(USD) (1)
1,310,000
1,318
Sands
China,
4.05%,
1/8/26
(USD)
3,240,000
3,138
Studio
City
Finance,
5.00%,
1/15/29
(USD)
2,480,000
2,185
Wynn
Macau,
5.50%,
1/15/26
(USD) (1)
1,025,000
1,004
Total
Macao
(Cost
$8,675)
8,932
MALAYSIA 1.2%
Corporate
Bonds 1.2%
Axiata
Spv5
Labuan,
3.064%,
8/19/50
(USD)
1,925,000
1,279
TNB
Global
Ventures
Capital,
3.244%,
10/19/26
(USD)
2,090,000
1,993
Total
Malaysia
(Cost
$3,755)
3,272
MAURITIUS 1.5%
Corporate
Bonds 1.5%
Axian
Telecom,
7.375%,
2/16/27
(USD) (1)
3,860,000
3,817
Axian
Telecom,
7.375%,
2/16/27
(USD)
400,000
395
Total
Mauritius
(Cost
$4,248)
4,212
MEXICO 5.8%
Corporate
Bonds 4.8%
BBVA
Bancomer,
VR,
5.875%,
9/13/34
(USD) (1)(5)
1,520,000
1,410
BBVA
Bancomer,
VR,
8.125%,
1/8/39
(USD) (1)(5)
2,125,000
2,153
Braskem
Idesa
SAPI,
6.99%,
2/20/32
(USD)
1,025,000
778
Braskem
Idesa
SAPI,
7.45%,
11/15/29
(USD)
527,000
429
Cemex,
VR,
9.125%
(USD) (1)(5)(6)
580,000
620
Cemex,
VR,
9.125%
(USD) (5)(6)
665,000
711
Cometa
Energia,
6.375%,
4/24/35
(USD) (1)
1,112,925
1,081
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Corp
Inmobiliaria
Vesta,
3.625%,
5/13/31
(USD) (1)
965,000
814
GCC,
3.614%,
4/20/32
(USD) (1)
2,400,000
2,069
Metalsa,
3.75%,
5/4/31
(USD) (1)
1,917,000
1,530
Metalsa,
3.75%,
5/4/31
(USD)
950,000
758
Sixsigma
Networks
Mexico,
7.50%,
5/2/25
(USD)
1,100,000
1,058
13,411
Government
Bonds 1.0%
Petroleos
Mexicanos,
6.50%,
3/13/27
(USD)
2,050,000
1,955
Petroleos
Mexicanos,
6.75%,
9/21/47
(USD)
1,250,000
823
2,778
Total
Mexico
(Cost
$17,394)
16,189
MOROCCO 1.2%
Corporate
Bonds 1.2%
OCP,
7.50%,
5/2/54
(USD) (1)
1,490,000
1,522
Vivo
Energy
Investments,
5.125%,
9/24/27
(USD) (1)
2,075,000
1,955
Total
Morocco
(Cost
$3,568)
3,477
OMAN 0.9%
Corporate
Bonds 0.9%
Oztel
Holdings,
6.625%,
4/24/28
(USD)
2,414,000
2,458
Total
Oman
(Cost
$2,513)
2,458
PANAMA 2.0%
Corporate
Bonds 1.8%
Aeropuerto
Internacional
de
Tocumen,
4.00%,
8/11/41
(USD) (1)
1,175,000
886
Aeropuerto
Internacional
de
Tocumen,
5.125%,
8/11/61
(USD) (1)
845,000
624
Banco
General,
VR,
5.25%
(USD) (1)(5)(6)
2,027,000
1,759
C&W
Senior
Finance,
6.875%,
9/15/27
(USD) (1)
1,700,000
1,633
4,902
Government
Bonds 0.2%
Republic
of
Panama,
7.875%,
3/1/57
(USD)
570,000
595
595
Total
Panama
(Cost
$5,875)
5,497
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
PERU 2.3%
Corporate
Bonds 2.3%
Cia
de
Minas
Buenaventura,
5.50%,
7/23/26
(USD)
1,725,000
1,669
Consorcio
Transmantaro,
5.20%,
4/11/38
(USD) (1)
1,840,000
1,727
InRetail
Consumer,
3.25%,
3/22/28
(USD) (1)
1,210,000
1,095
Minsur,
4.50%,
10/28/31
(USD)
1,246,000
1,107
Petroleos
del
Peru,
5.625%,
6/19/47
(USD)
1,275,000
815
Total
Peru
(Cost
$6,864)
6,413
PHILIPPINES 5.3%
Corporate
Bonds 5.3%
Bank
of
the
Philippine
Islands,
5.25%,
3/26/29
(USD)
2,950,000
2,948
Globe
Telecom,
2.50%,
7/23/30
(USD)
620,000
521
Globe
Telecom,
3.00%,
7/23/35
(USD)
3,475,000
2,708
ICTSI
Treasury,
3.50%,
11/16/31
(USD)
1,245,000
1,088
International
Container
Terminal
Services,
4.75%,
6/17/30
(USD)
1,860,000
1,787
Manila
Water,
4.375%,
7/30/30
(USD)
2,775,000
2,605
Metropolitan
Bank
&
Trust,
5.50%,
3/6/34
(USD)
2,950,000
2,939
Total
Philippines
(Cost
$15,756)
14,596
POLAND 0.5%
Corporate
Bonds 0.5%
mBank,
VR,
8.375%,
9/11/27
(EUR) (5)
1,300,000
1,480
Total
Poland
(Cost
$1,494)
1,480
QATAR 1.4%
Corporate
Bonds 1.4%
Commercial
Bank,
VR,
4.50%
(USD) (5)(6)
1,429,000
1,347
Qatar
Energy,
3.125%,
7/12/41
(USD) (1)
1,585,000
1,183
Qatar
Energy,
3.125%,
7/12/41
(USD)
2,000,000
1,493
Total
Qatar
(Cost
$4,951)
4,023
ROMANIA 0.8%
Corporate
Bonds 0.8%
Banca
Transilvania,
VR,
7.25%,
12/7/28
(EUR) (5)
250,000
279
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Banca
Transilvania,
VR,
8.875%,
4/27/27
(EUR) (5)
1,668,000
1,887
Total
Romania
(Cost
$2,137)
2,166
SAUDI
ARABIA 3.9%
Corporate
Bonds 3.1%
Acwa
Power
Management
&
Investments
One,
5.95%,
12/15/39
(USD)
2,023,896
1,954
EIG
Pearl
Holdings,
3.545%,
8/31/36
(USD)
3,375,000
2,901
Gaci
First
Investment,
5.125%,
2/14/53
(USD)
1,725,000
1,495
NCB
Tier
1
Sukuk,
VR,
3.50%
(USD) (5)(6)
1,076,000
1,006
Saudi
Electricity
Global
Sukuk,
5.06%,
4/8/43
(USD)
1,172,000
1,117
8,473
Government
Bonds 0.8%
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD) (1)
1,575,000
1,374
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD)
1,100,000
959
2,333
Total
Saudi
Arabia
(Cost
$11,761)
10,806
SINGAPORE 1.2%
Corporate
Bonds 1.2%
DBS
Group
Holdings,
VR,
3.30%
(USD) (5)(6)
2,350,000
2,300
GLP,
3.875%,
6/4/25
(USD)
987,000
908
Total
Singapore
(Cost
$3,180)
3,208
SLOVENIA 1.2%
Corporate
Bonds 1.2%
Nova
Kreditna
Banka
Maribor,
VR,
7.375%,
6/29/26 (5)
1,900,000
2,087
Nova
Ljubljanska
Banka,
VR,
7.125%,
6/27/27 (5)
1,200,000
1,350
Total
Slovenia
(Cost
$3,421)
3,437
SOUTH
AFRICA 0.6%
Corporate
Bonds 0.6%
Sasol
Financing
USA,
6.50%,
9/27/28
(USD)
1,825,000
1,741
Total
South
Africa
(Cost
$1,724)
1,741
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SOUTH
KOREA 3.5%
Convertible
Bonds 1.0%
L&F,
2.50%,
4/26/30
(USD)
1,000,000
652
LG
Chem,
1.25%,
7/18/28
(USD)
2,200,000
2,093
2,745
Corporate
Bonds 2.5%
GS
Caltex,
5.375%,
8/7/28
(USD) (1)
2,370,000
2,375
Hyundai
Assan
Otomotiv
Sanayi
ve
Ticaret,
1.625%,
7/12/26
(USD)
1,947,000
1,805
LG
Energy
Solution,
5.50%,
7/2/34
(USD) (1)
1,450,000
1,416
SK
Hynix,
6.25%,
1/17/26
(USD) (1)
1,400,000
1,416
7,012
Total
South
Korea
(Cost
$9,728)
9,757
TAIWAN 0.7%
Corporate
Bonds 0.7%
Cathaylife
Singapore,
5.95%,
7/5/34
(USD)
1,950,000
1,943
Total
Taiwan
(Cost
$1,944)
1,943
TANZANIA 0.9%
Corporate
Bonds 0.9%
HTA
Group,
7.50%,
6/4/29
(USD) (1)
2,470,000
2,461
Total
Tanzania
(Cost
$2,458)
2,461
THAILAND 2.3%
Corporate
Bonds 2.3%
Bangkok
Bank,
VR,
3.733%,
9/25/34
(USD) (1)(5)
2,380,000
2,110
Bangkok
Bank,
VR,
3.733%,
9/25/34
(USD) (5)
1,450,000
1,286
Indorama
Ventures
Global
Services,
4.375%,
9/12/24
(USD)
2,940,000
2,906
Total
Thailand
(Cost
$6,823)
6,302
TÜRKIYE 4.4%
Corporate
Bonds 4.4%
Akbank,
VR,
9.369%
(USD) (1)(5)(6)
2,390,000
2,375
Akbank
TAS,
7.498%,
1/20/30
(USD) (1)
1,075,000
1,069
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Ford
Otomotiv
Sanayi,
7.125%,
4/25/29
(USD) (1)
1,710,000
1,729
Mersin
Uluslararasi
Liman
Isletmeciligi,
8.25%,
11/15/28
(USD) (1)
1,625,000
1,666
Sisecam
U.K.,
8.25%,
5/2/29
(USD) (1)
1,440,000
1,464
TAV
Havalimanlari
Holding,
8.50%,
12/7/28
(USD) (1)
1,915,000
1,962
TAV
Havalimanlari
Holding,
8.50%,
12/7/28
(USD)
500,000
512
Yapi
ve
Kredi
Bankasi,
9.25%,
10/16/28
(USD) (1)
1,400,000
1,487
Total
Türkiye
(Cost
$12,069)
12,264
UKRAINE 0.5%
Corporate
Bonds 0.5%
Kernel
Holding,
6.50%,
10/17/24
(USD)
725,000
670
Kernel
Holding,
6.75%,
10/27/27
(USD)
1,060,000
781
Total
Ukraine
(Cost
$1,510)
1,451
UNITED
ARAB
EMIRATES 1.9%
Corporate
Bonds 1.9%
Abu
Dhabi
National
Energy,
4.00%,
10/3/49
(USD)
1,350,000
1,093
Alpha
Star
Holding
VIII,
8.375%,
4/12/27
(USD)
1,925,000
1,969
Emirates
NBD
Bank,
VR,
4.25%
(USD) (5)(6)
1,623,000
1,517
Sobha
Sukuk,
8.75%,
7/17/28
(USD)
740,000
754
Total
United
Arab
Emirates
(Cost
$5,248)
5,333
UNITED
KINGDOM 1.0%
Corporate
Bonds 1.0%
Standard
Chartered,
VR,
3.265%,
2/18/36
(USD) (5)
1,475,000
1,236
Standard
Chartered,
VR,
4.30%
(USD) (5)(6)
1,945,000
1,624
Total
United
Kingdom
(Cost
$2,931)
2,860
UNITED
STATES 1.3%
Convertible
Bonds 0.7%
Citigroup
Global
Markets
Holdings,
Series
1299,
Zero
Coupon,
2/26/26
(HKD)
16,000,000
1,893
1,893
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Corporate
Bonds 0.6%
LCPR
Senior
Secured
Financing,
6.75%,
10/15/27 (1)
1,758,000
1,644
1,644
Total
United
States
(Cost
$3,666)
3,537
UZBEKISTAN 1.3%
Corporate
Bonds 0.8%
Ipoteka-Bank
ATIB,
5.50%,
11/19/25
(USD)
2,300,000
2,233
2,233
Government
Bonds 0.5%
National
Bank
of
Uzbekistan,
8.50%,
7/5/29
(USD)
1,410,000
1,396
1,396
Total
Uzbekistan
(Cost
$3,705)
3,629
VIETNAM 0.8%
Corporate
Bonds 0.8%
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD) (1)
404,775
385
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD)
1,808,837
1,721
Total
Vietnam
(Cost
$2,207)
2,106
SHORT-TERM
INVESTMENTS 3.0%
Money
Market
Funds 3.0%
T.
Rowe
Price
Government
Reserve
Fund,
5.38% (8)(9)
8,294,322
8,294
Total
Short-Term
Investments
(Cost
$8,294)
8,294
Total
Investments
in
Securities
100.8%
of
Net
Assets
(Cost
$292,921)
$
279,917
‡
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
$89,950
and
represents
32.4%
of
net
assets.
(2)
Non-income
producing
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
.
.
.
.
.
.
.
.
.
.
(3)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(4)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$68
and
represents
0.0%
of
net
assets.
(5)
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.
(6)
Perpetual
security
with
no
stated
maturity
date.
(7)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(8)
Seven-day
yield
(9)
Affiliated
Companies
CNH
Offshore
China
Renminbi
EUR
Euro
HKD
Hong
Kong
Dollar
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
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)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Deutsche
Bank
8/23/24
EUR
559
USD
611
$
(10)
HSBC
Bank
9/13/24
USD
139
CNH
1,000
1
UBS
Investment
Bank
8/23/24
USD
8,178
EUR
7,493
131
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
122
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
27
Euro
BOBL
contracts
9/24
(3,367)
$
(24)
Short,
83
U.S.
Treasury
Notes
ten
year
contracts
9/24
(9,129)
(58)
Short,
13
Ultra
U.S.
Treasury
Bonds
contracts
9/24
(1,629)
(18)
Net
payments
(receipts)
of
variation
margin
to
date
148
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
48
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
six
months
ended
June
30,
2024.
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,
5.38%
$
—#
$
—
$
135+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
06/30/24
T.
Rowe
Price
Government
Reserve
Fund,
5.38%
$
5,354
¤
¤
$
8,294^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$135
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
$8,294.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
June
30,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$292,921)
$
279,917
Interest
receivable
4,126
Receivable
for
investment
securities
sold
698
Cash
deposits
on
futures
contracts
284
Foreign
currency
(cost
$243)
242
Unrealized
gain
on
forward
currency
exchange
contracts
132
Receivable
for
shares
sold
104
Variation
margin
receivable
on
futures
contracts
48
Due
from
affiliates
16
Other
assets
50
Total
assets
285,617
Liabilities
Payable
for
investment
securities
purchased
6,987
Payable
for
shares
redeemed
783
Investment
management
fees
payable
159
Unrealized
loss
on
forward
currency
exchange
contracts
10
Other
liabilities
112
Total
liabilities
8,051
Commitments
and
Contingent
Liabilities
(note
6
)
NET
ASSETS
$
277,566
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
June
30,
2024
(Unaudited)
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)
$
(
165,311
)
Paid-in
capital
applicable
to
30,528,058
shares
of
$0.01
par
value
capital
stock
outstanding;
18,000,000,000
shares
of
the
Corporation
authorized
442,877
NET
ASSETS
$
277,566
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$85,341;
Shares
outstanding:
9,389,920)
$
9.09
Advisor
Class
(Net
assets:
$373;
Shares
outstanding:
41,034)
$
9.09
I
Class
(Net
assets:
$191,852;
Shares
outstanding:
21,097,104)
$
9.09
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
(Unaudited)
6
Months
Ended
6/30/24
Investment
Income
(Loss)
Income
.
Interest
$
8,973
Dividend
135
Total
income
9,108
Expenses
Investment
management
1,013
Shareholder
servicing
Investor
Class
$
93
Advisor
Class
1
I
Class
23
117
Prospectus
and
shareholder
reports
Investor
Class
6
I
Class
7
13
Custody
and
accounting
119
Registration
33
Legal
and
audit
23
Directors
1
Miscellaneous
14
Waived
/
paid
by
Price
Associates
(
184
)
Total
expenses
1,149
Net
investment
income
7,959
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/24
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(
11,484
)
Futures
79
Swaps
(
10
)
Forward
currency
exchange
contracts
53
Net
realized
loss
(
11,362
)
Change
in
net
unrealized
gain
/
loss
Securities
13,636
Futures
(
187
)
Swaps
(
14
)
Forward
currency
exchange
contracts
206
Other
assets
and
liabilities
denominated
in
foreign
currencies
(
8
)
Change
in
net
unrealized
gain
/
loss
13,633
Net
realized
and
unrealized
gain
/
loss
2,271
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
10,230
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
6
Months
Ended
6/30/24
Year
Ended
12/31/23
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
7,959
$
18,315
Net
realized
loss
(11,362)
(25,301)
Change
in
net
unrealized
gain
/
loss
13,633
32,047
Increase
in
net
assets
from
operations
10,230
25,061
Distributions
to
shareholders
Net
earnings
Investor
Class
(2,299)
(4,683)
Advisor
Class
(4)
(7)
I
Class
(5,657)
(13,700)
Decrease
in
net
assets
from
distributions
(7,960)
(18,390)
Capital
share
transactions
*
Shares
sold
Investor
Class
9,573
31,606
Advisor
Class
232
50
I
Class
16,921
38,314
Distributions
reinvested
Investor
Class
2,251
4,599
Advisor
Class
4
7
I
Class
5,508
13,431
Shares
redeemed
Investor
Class
(17,627)
(43,222)
Advisor
Class
–
(121)
I
Class
(61,112)
(130,508)
Decrease
in
net
assets
from
capital
share
transactions
(44,250)
(85,844)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/24
Year
Ended
12/31/23
Net
Assets
Decrease
during
period
(41,980)
(79,173)
Beginning
of
period
319,546
398,719
End
of
period
$
277,566
$
319,546
*Share
information
(000s)
Shares
sold
Investor
Class
1,058
3,567
Advisor
Class
26
6
I
Class
1,872
4,335
Distributions
reinvested
Investor
Class
249
522
Advisor
Class
–
(1)
1
I
Class
609
1,523
Shares
redeemed
Investor
Class
(1,953)
(4,907)
Advisor
Class
–
(14)
I
Class
(6,765)
(14,846)
Decrease
in
shares
outstanding
(4,904)
(9,813)
(1)
Amount
rounds
to
less
than
1,000
shares
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Unaudited
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
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
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
six
months
ended
June
30,
2024,
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.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
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)
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
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
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.
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
the
fund’s portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
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.
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
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.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
June
30,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
June
30,
2024,
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
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
271,555
$
—
$
271,555
Common
Stocks
—
—
68
68
Short-Term
Investments
8,294
—
—
8,294
Total
Securities
8,294
271,555
68
279,917
Forward
Currency
Exchange
Contracts
—
132
—
132
Total
$
8,294
$
271,687
$
68
$
280,049
Liabilities
Forward
Currency
Exchange
Contracts
$
—
$
10
$
—
$
10
Futures
Contracts*
100
—
—
100
Total
$
100
$
10
$
—
$
110
1
Includes
Convertible
Bonds,
Corporate
Bonds
and
Government
Bonds.
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
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
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
June
30,
2024,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Foreign
exchange
derivatives
Forwards
$
132
*
Total
$
132
*
Liabilities
Interest
rate
derivatives
Futures
$
100
Foreign
exchange
derivatives
Forwards
10
Total
$
110
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
June
30,
2024,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
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
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Futures
Forward
Currency
Exchange
Contracts
Swaps
Total
Realized
Gain
(Loss)
Interest
rate
derivatives
$
79
$
—
$
—
$
79
Foreign
exchange
derivatives
—
53
—
53
Credit
derivatives
—
—
(10)
(10)
Total
$
79
$
53
$
(10)
$
122
Change
in
Unrealized
Gain
(Loss)
Interest
rate
derivatives
$
(187)
$
—
$
—
$
(187)
Foreign
exchange
derivatives
—
206
—
206
Credit
derivatives
—
—
(14)
(14)
Total
$
(187)
$
206
$
(14)
$
5
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
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
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
June
30,
2024,
no
collateral
was
pledged
by
either
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
the
fund
or
counterparties for
bilateral
derivatives. As
of
June
30,
2024,
cash
of $284,000 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
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
six
months ended
June
30,
2024,
the
volume
of
the
fund’s
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
between
1%
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,
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
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
six
months ended
June
30,
2024,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
1%
and
5%
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
(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
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
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. 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
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
six
months ended
June
30,
2024,
the
volume
of
the
fund’s
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
less
than
1%
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
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
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.
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.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $118,543,000 and
$160,930,000,
respectively,
for
the
six
months ended
June
30,
2024.
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.
Financial
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
December
31,
2023,
the
fund
had
$139,333,000
of
available
capital
loss
carryforwards.
At
June
30,
2024,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$294,263,000.
Net
unrealized
loss
aggregated
$14,329,000
at
period-end,
of
which
$2,785,000
related
to
appreciated
investments
and
$17,114,000
related
to
depreciated
investments.
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
June
30,
2024,
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.
This
agreement
will
continue
through
the
expense
limitation
dates
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
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,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class's ratio
of
annualized
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
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
six
months ended June
30,
2024
as
indicated
in
the
table
below.
Including these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $984,000 remain
subject
to
repayment
by
the
fund
at
June
30,
2024.
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)
$(75)
$(1)
$(108)
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
six
months
ended
June
30,
2024,
expenses
incurred
pursuant
to
these
service
agreements
were
$61,000
for
Price
Associates;
$58,000
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
six
months
ended
June
30,
2024,
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 environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
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
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMNETS
Each
year,
the
fund’s
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
well
as
the
investment
subadvisory
agreements
(Subadvisory
Contracts)
that
the
Adviser
has
entered
into
with
T.
Rowe
Price
International
Ltd
and
T.
Rowe
Price
Hong
Kong
Limited
(Subadvisers)
on
behalf
of
the
fund.
In
that
regard,
at
a
meeting
held
on
March
11–12,
2024
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors
present
in
person
at
the
Meeting,
approved
the
continuation
of
the
fund’s
Advisory
Contract
and
Subadvisory
Contracts.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
Subadvisers
and
the
approval
of
the
Advisory
Contract
and
Subadvisory
Contracts.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
and
Subadvisory
Contracts
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting,
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
and
Subadvisers
about
various
topics.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
and
Subadvisers
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser
and
Subadvisers.
These
services
included,
but
were
not
limited
to,
directing
the
fund’s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance;
maintaining
the
fund’s
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’s
and
Subadvisers’
senior
management
teams
and
investment
personnel
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser
and
Subadvisers,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts.
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund’s
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2023.
Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2023,
which
ranked
the
returns
of
the
fund’s
Investor
Class
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
mutual
fund
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund’s
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund’s
performance,
the
length
of
the
fund’s
performance
track
record,
and
how
closely
the
fund’s
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund’s
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates,
including
the
Subadvisers)
may
have
realized
from
its
relationship
with
the
fund.
In
considering
soft-dollar
arrangements
pursuant
to
which
research
may
be
received
from
broker-dealers
that
execute
the
fund’s
portfolio
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMNETS
(continued)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
transactions,
the
Board
noted
that
during
2023
the
Adviser
paid
the
costs
of
research
services
for
all
client
accounts
that
it
advises,
including
the
T.
Rowe
Price
funds.
However,
effective
January
1,
2024,
the
Adviser
will
begin
using
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds’
securities
transactions
to
pay
for
research
when
permissible.
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
The
Board
also
reviewed
estimates
of
the
profits
realized
from
managing
the
fund
in
particular,
and
the
Board
concluded
that
the
Adviser’s
profits
were
reasonable
in
light
of
the
services
provided
to
the
fund.
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
a
fee
to
the
Adviser
for
investment
management
services
composed
of
two
components—a
group
fee
rate
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
funds
(including
the
fund)
that
declines
at
certain
asset
levels
and
an
individual
fund
fee
rate
based
on
the
fund’s
average
daily
net
assets—and
the
fund
pays
its
own
expenses
of
operations.
Under
each
Subadvisory
Contract,
the
Adviser
may
pay
the
Subadviser
up
to
60%
of
the
advisory
fees
that
the
Adviser
receives
from
the
fund.
The
group
fee
rate
decreases
as
total
T.
Rowe
Price
fund
assets
grow,
which
reduces
the
management
fee
rate
for
any
fund
that
has
a
group
fee
component
to
its
management
fee,
and
reflects
that
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds,
thus
allowing
shareholders
of
those
funds
to
share
potential
economies
of
scale.
The
fund’s
shareholders
benefit
from
potential
economies
of
scale
through
a
decline
in
certain
operating
expenses
as
the
fund
grows
in
size.
However,
the
fund
is
also
subject
to
contractual
expense
limitations
that
require
the
Adviser
to
waive
its
fees
and/or
bear
any
expenses
that
would
otherwise
cause
the
expenses
of
a
share
class
of
the
fund
to
exceed
a
certain
percentage
based
on
the
class’s
net
assets.
The
expense
limitations
mitigate
the
potential
for
an
increase
in
operating
expenses
above
a
certain
level
that
could
impact
shareholders.
In
addition,
the
Board
noted
that
the
fund
potentially
shares
in
indirect
economies
of
scale
through
the
Adviser’s
and
Subadvisers’
ongoing
investments
in
their
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-party
service
providers.
The
Board
concluded
that
the
advisory
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
any
economies
of
scale
with
the
fund’s
investors.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMNETS
(continued)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Investor
Class
Expense
Group);
(ii)
actual
management
fees
and
total
expenses
of
the
Advisor
Class
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Advisor
Class
Expense
Group);
and
(iii)
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
Universe).
The
Board
considered
the
fund’s
contractual
management
fee
rate,
actual
management
fee
rate
(which
reflects
the
management
fees
actually
received
from
the
fund
by
the
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
total
expense
ratio
of
the
fund
after
any
waivers,
reductions,
or reimbursements)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
components
and
attributes
and
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
with
the
highest
relative
expenses.
The
information
provided
to
the
Board
indicated
that
the
fund’s
contractual
management
fee
ranked
in
the
third
quintile
(Investor
Class
Expense
Group),
the
fund’s
actual
management
fee
rate
ranked
in
the
first
quintile
(Investor
Class
Expense
Group
and
Advisor
Class
Expense
Group)
and
third
quintile
(Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
fourth
quintile
(Investor
Class
Expense
Group),
third
quintile
(Expense
Universe),
and
first
quintile
(Advisor
Class
Expense
Group).
The
Board
also
reviewed
the
fee
schedules
for
other
investment
portfolios
with
similar
mandates
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
and
individual
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
and
other
institutional
account
clients,
including
information
about
how
the
requirements
and
economics
of
the
institutional
business
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
business.
The
Board
considered
information
showing
that
the
Adviser’s
mutual
fund
business
is
generally
more
complex
from
a
business
and
compliance
perspective
than
its
institutional
account
business
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMNETS
(continued)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
more
extensive
shareholder
communication
infrastructure,
greater
asset
flows,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
mutual
fund
business.
In
assessing
the
reasonableness
of
the
fund’s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
mutual
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution’s
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
Approval
of
the
Advisory
Contract
and
Subadvisory
Contracts
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts
(including
the
fees
to
be
charged
for
services
thereunder).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMNETS
(continued)
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.
F193-051
8/24
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR and/or the Statement of Additional Information.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
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 Emerging Markets Corporate Bond Fund |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | August 20, 2024 | | |
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.
| | | | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | August 20, 2024 | | |
| | | | |
| By | | /s/ Alan S. Dupski | | |
| | Alan S. Dupski | | |
| | Principal Financial Officer | | |
| | |
| Date | | August 20, 2024 | | |
