XML 34 R27.htm IDEA: XBRL DOCUMENT v3.20.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName T. Rowe Price International Funds, Inc.
Prospectus Date rr_ProspectusDate May 01, 2020
T. Rowe Price Emerging Markets Corporate Bond Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading T. ROWE PRICE Emerging Markets Corporate Bond Fund Investor Class I Class Advisor Class SUMMARY
Objective [Heading] rr_ObjectiveHeading Investment Objective(s)
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund seeks to provide high current income and,
Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock secondarily, capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the Investor Class or I Class, which are not reflected in the table.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Fees and Expenses of the Fund Shareholder fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 53.3% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 53.30%
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to reflect current fees.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the table above; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks, and Performance Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in bonds that are issued by companies that are located or listed in, or conduct the predominant part of their business activities in, the emerging market countries of Latin America, Asia, Europe, Africa, and the Middle East. The fund considers frontier markets to be a subset of emerging markets and any investments in frontier markets will be counted toward the fund’s 80% investment policy. The fund relies on a classification by either JP Morgan or the International Monetary Fund to determine which countries are emerging markets.

While it is expected that the securities held by the fund will primarily be U.S. dollar-denominated, the fund may also hold securities denominated in emerging market currencies and other non-U.S. currencies. The fund does not generally attempt to cushion the impact of non-U.S. currency fluctuations against the U.S. dollar. Although the fund expects to generally maintain an intermediate-term weighted average maturity, there are no maturity restrictions on the overall portfolio or on individual securities purchased by the fund.

Most of the fund’s investments are expected to be rated below investment grade (BB or lower, or an equivalent rating) by a major credit rating agency or by T. Rowe Price. However, the fund may purchase bonds of any credit quality and there are no overall limits on the fund’s holdings that are unrated or rated below investment grade. Investments in below investment-grade corporate bonds, also known as “junk” bonds, should be considered speculative.

The fund may sell holdings for a variety of reasons, such as to alter geographic or currency exposure, to adjust the portfolio’s average maturity, duration, or overall credit quality, or to shift assets into and out of higher- or lower-yielding securities.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund, which may be even greater during periods of market disruption or volatility, are summarized as follows:

Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.

Emerging markets Investments in emerging market countries are subject to greater risk and overall volatility than investments in the U.S. and developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to the risks associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on the fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.

International investing Investing in the securities of non-U.S. issuers involves special risks not typically associated with investing in U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.

Credit quality An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. Securities that are rated below investment grade carry greater risk of default and should be considered speculative.

Junk investing Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, expose the fund to greater volatility and credit risk than investments in bonds that are rated investment-grade. Issuers of junk bonds are usually not as strong financially and are more likely to suffer an adverse change in financial condition that would result in the inability to meet a financial obligation. As a result, bonds rated below investment grade carry a higher risk of default and should be considered speculative.

Interest rates The prices of, and the income generated by, debt instruments held by the fund may be affected by changes in interest rates. A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk.

Fixed income markets Economic and other market developments can adversely affect the fixed income securities markets. At times, participants in these markets may develop concerns about the ability of certain issuers of debt instruments to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s ability to sell the debt instruments in which it invests or to find and purchase suitable debt instruments.

Frontier markets Frontier markets generally have smaller economies and less mature capital markets than emerging markets. As a result, the risks associated with investing in emerging market countries are magnified in frontier market countries. Frontier markets are more susceptible to abrupt changes in currency values, have less mature markets and settlement practices, and can have lower trading volumes that could lead to greater price volatility and illiquidity. Investor protections in frontier market countries may be limited and settlement procedures and custody services may prove inadequate in certain markets.

Liquidity The fund may not be able to meet requests to redeem shares issued by the fund without significant dilution of the remaining shareholders’ interest in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Markets with lower overall liquidity could lead to greater price volatility and limit the fund’s ability to sell a holding at a suitable price.

Currency exposure Because the fund invests in securities issued in foreign currencies, the fund is subject to the risk that it could experience losses based solely on the weakness of foreign currencies versus the U.S. dollar and changes in the exchange rates between such currencies and the U.S. dollar.

Active management The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies.
Risk Lose Money [Text] rr_RiskLoseMoney The fund’s share price fluctuates, which means you could lose money by investing in the fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.

The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress troweprice.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.
Bar Chart [Heading] rr_BarChartHeading EMERGING MARKETS CORPORATE BOND FUND Calendar Year Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
  Quarter Ended    Total Return  Quarter Ended     Total Return
Best Quarter             3/31/19             5.40%      Worst Quarter            6/30/13            -5.33%
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns Periods ended December 31, 2019
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for the Investor Class and will differ for other share classes.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.

In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock Updated performance information is available through troweprice.com.
T. Rowe Price Emerging Markets Corporate Bond Fund | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum account fee rr_MaximumAccountFee $ 20 [1]
Management fees rr_ManagementFeesOverAssets 0.79%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets
Other expenses rr_OtherExpensesOverAssets 0.40%
Total annual fund operating expenses rr_ExpensesOverAssets 1.19% [2]
Fee waiver/expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.22%) [3]
Total annual fund operating expenses after fee waiver/expense reimbursement rr_NetExpensesOverAssets 0.97% [3]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination April 30, 2021
1 year rr_ExpenseExampleYear01 $ 99
3 years rr_ExpenseExampleYear03 356
5 years rr_ExpenseExampleYear05 633
10 years rr_ExpenseExampleYear10 $ 1,424
2013 rr_AnnualReturn2013 (1.72%)
2014 rr_AnnualReturn2014 3.14%
2015 rr_AnnualReturn2015 (0.67%)
2016 rr_AnnualReturn2016 11.27%
2017 rr_AnnualReturn2017 8.87%
2018 rr_AnnualReturn2018 (1.60%)
2019 rr_AnnualReturn2019 13.00%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2019
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 5.40%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2013
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (5.33%)
1 Year rr_AverageAnnualReturnYear01 13.00%
5 Years rr_AverageAnnualReturnYear05 6.00%
Since inception rr_AverageAnnualReturnSinceInception 5.67%
Inception date rr_AverageAnnualReturnInceptionDate May 24, 2012
T. Rowe Price Emerging Markets Corporate Bond Fund | I Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum account fee rr_MaximumAccountFee
Management fees rr_ManagementFeesOverAssets 0.79%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets
Other expenses rr_OtherExpensesOverAssets 0.24% [2],[4]
Total annual fund operating expenses rr_ExpensesOverAssets 1.03% [2]
Fee waiver/expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.19%) [4]
Total annual fund operating expenses after fee waiver/expense reimbursement rr_NetExpensesOverAssets 0.84% [4]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination April 30, 2022
1 year rr_ExpenseExampleYear01 $ 86
3 years rr_ExpenseExampleYear03 289
5 years rr_ExpenseExampleYear05 531
10 years rr_ExpenseExampleYear10 $ 1,224
1 Year rr_AverageAnnualReturnYear01 13.15%
5 Years rr_AverageAnnualReturnYear05
Since inception rr_AverageAnnualReturnSinceInception 7.94%
Inception date rr_AverageAnnualReturnInceptionDate Dec. 17, 2015
T. Rowe Price Emerging Markets Corporate Bond Fund | Advisor Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum account fee rr_MaximumAccountFee
Management fees rr_ManagementFeesOverAssets 0.79%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25% [5]
Other expenses rr_OtherExpensesOverAssets 0.60%
Total annual fund operating expenses rr_ExpensesOverAssets 1.64% [2]
Fee waiver/expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.39%) [6]
Total annual fund operating expenses after fee waiver/expense reimbursement rr_NetExpensesOverAssets 1.25% [6]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination April 30, 2021
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Restated to show maximum 12b-1 fee rate of 0.25%. Actual rate for the prior fiscal year was 0.22%.
1 year rr_ExpenseExampleYear01 $ 127
3 years rr_ExpenseExampleYear03 479
5 years rr_ExpenseExampleYear05 855
10 years rr_ExpenseExampleYear10 $ 1,911
1 Year rr_AverageAnnualReturnYear01 12.80%
5 Years rr_AverageAnnualReturnYear05 5.87%
Since inception rr_AverageAnnualReturnSinceInception 5.54%
Inception date rr_AverageAnnualReturnInceptionDate May 24, 2012
T. Rowe Price Emerging Markets Corporate Bond Fund | Returns after taxes on distributions | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 10.89%
5 Years rr_AverageAnnualReturnYear05 4.00%
Since inception rr_AverageAnnualReturnSinceInception 3.69%
Inception date rr_AverageAnnualReturnInceptionDate May 24, 2012
T. Rowe Price Emerging Markets Corporate Bond Fund | Returns after taxes on distributions and sale of fund shares | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.65%
5 Years rr_AverageAnnualReturnYear05 3.69%
Since inception rr_AverageAnnualReturnSinceInception 3.47%
Inception date rr_AverageAnnualReturnInceptionDate May 24, 2012
T. Rowe Price Emerging Markets Corporate Bond Fund | J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 13.09%
5 Years rr_AverageAnnualReturnYear05 5.93%
T. Rowe Price Emerging Markets Corporate Bond Fund | J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified (reflects no deduction for fees, expenses, or taxes) | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
Since inception rr_AverageAnnualReturnSinceInception 5.73% [7]
Inception date rr_AverageAnnualReturnInceptionDate May 24, 2012
T. Rowe Price Emerging Markets Corporate Bond Fund | J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified (reflects no deduction for fees, expenses, or taxes) | I Class  
Risk/Return: rr_RiskReturnAbstract  
Since inception rr_AverageAnnualReturnSinceInception 7.06% [8]
Inception date rr_AverageAnnualReturnInceptionDate Dec. 17, 2015
T. Rowe Price Emerging Markets Corporate Bond Fund | J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified (reflects no deduction for fees, expenses, or taxes) | Advisor Class  
Risk/Return: rr_RiskReturnAbstract  
Since inception rr_AverageAnnualReturnSinceInception 5.73% [7]
Inception date rr_AverageAnnualReturnInceptionDate May 24, 2012
T. Rowe Price Emerging Markets Corporate Bond Fund | Lipper Emerging Market Hard Currency Debt Funds Average  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 13.20%
5 Years rr_AverageAnnualReturnYear05 4.84%
T. Rowe Price Emerging Markets Corporate Bond Fund | Lipper Emerging Market Hard Currency Debt Funds Average | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
Since inception rr_AverageAnnualReturnSinceInception 4.39% [9]
Inception date rr_AverageAnnualReturnInceptionDate May 31, 2012
T. Rowe Price Emerging Markets Corporate Bond Fund | Lipper Emerging Market Hard Currency Debt Funds Average | I Class  
Risk/Return: rr_RiskReturnAbstract  
Since inception rr_AverageAnnualReturnSinceInception 6.96% [10]
Inception date rr_AverageAnnualReturnInceptionDate Dec. 31, 2015
T. Rowe Price Emerging Markets Corporate Bond Fund | Lipper Emerging Market Hard Currency Debt Funds Average | Advisor Class  
Risk/Return: rr_RiskReturnAbstract  
Since inception rr_AverageAnnualReturnSinceInception 4.39% [9]
Inception date rr_AverageAnnualReturnInceptionDate May 31, 2012
[1] Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.
[2] Restated to reflect current fees.
[3] T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2021) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to exceed 0.97% of the class’ average daily net assets. The agreement may only be terminated at any time after April 30, 2021, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and a previous limitation of 1.15%) are subject to reimbursement to T. Rowe Price Associates, Inc., by the fund whenever the class’ expense ratio is below 0.97%. However, no reimbursement will be made more than three years from the date such amounts were initially waived or reimbursed. The fund may only make repayments to T. Rowe Price Associates, Inc., if such repayment does not cause the class’ 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’ current expense limitation.
[4] T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2022) to pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (“I Class Operating Expenses”), to the extent the I Class Operating Expenses exceed 0.05% of the class’ average daily net assets. The agreement may only be terminated at any time after April 30, 2022, with approval by the fund’s Board of Directors. Any expenses paid under this agreement(and a previous limitation of 0.05%) are subject to reimbursement to T. Rowe Price Associates, Inc., by the fund whenever the fund’s I Class Operating Expenses are below 0.05%. However, no reimbursement will be made more than three years from the date such amounts were initially waived or reimbursed. The fund may only make repayments to T. Rowe Price Associates, Inc., if such repayment does not cause the I Class Operating Expenses (after the repayment is taken into account) to exceed the lesser of: (1) the limitation on I Class Operating Expenses in place at the time such amounts were waived; or (2) the current expense limitation on I Class Operating Expenses.
[5] Restated to show maximum 12b-1 fee rate of 0.25%. Actual rate for the prior fiscal year was 0.22%.
[6] T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2021) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to exceed 1.25% of the class’ average daily net assets. The agreement may only be terminated at any time after April 30, 2021, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and a previous limitation of 1.25%) are subject to reimbursement to T. Rowe Price Associates, Inc., by the fund whenever the class’ expense ratio is below 1.25%. However, no reimbursement will be made more than three years from the date such amounts were initially waived or reimbursed. The fund may only make repayments to T. Rowe Price Associates, Inc., if such repayment does not cause the class’ 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’ current expense limitation.
[7] Return since 5/24/12.
[8] Return since 12/17/15.
[9] Return since 5/31/12.
[10] Return since 12/31/15.