UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-02958

T. Rowe Price International Funds, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202    

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

Registrant’s telephone number, including area code:  (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Highlights

and

Market

Commentary

Management’s

Discussion

of

Fund

Performance

Performance

and

Expenses

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

December

31,

2022

Annual

Report

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

TRECX

Emerging

Markets

Corporate

Bond

Fund

–

.

PACEX

Emerging

Markets

Corporate

Bond

Fund–

.

Advisor  Class

TECIX

Emerging

Markets

Corporate

Bond

Fund–

.

I Class

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

HIGHLIGHTS

The

Emerging

Markets

Corporate

Bond

Fund

performed

in

line

with

its

benchmark

on

a

net-of-fees

basis,

while

outperforming

its

Lipper

peer

group

for

the

12

months

ended

December

31,

2022.

Reduced

exposure

to

Russian

corporates

aided

performance,

while

Chinese

real

estate

holdings

hindered

results.

In

terms

of

overall

credit

quality

positioning,

we

continued

to

deemphasize

lower-

quality

bonds

in

the

high

yield

segment,

preferring

issuers

rated

BBB

and

BB.

We

remain

generally

constructive

on

the

emerging

markets

corporate

asset

class

due

to

its

attractive

relative

value

and

resilient

return

history.

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

Certain

mutual

fund

accounts

that

are

assessed

an

annual

account

service

fee

can

also

save

money

by

switching

to

e-delivery.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

Market

Commentary

1

Dear

Shareholder

Nearly

all

major

global

stock

and

bond

indexes

fell

sharply

in

2022,

as

investors

contended

with

persistently

high

inflation,

tightening

financial

conditions,

and

slowing

economic

and

corporate

earnings

growth.

Double-digit

losses

were

common

in

equity

markets

around

the

world,

and

bond

investors

also

faced

a

historically

tough

environment

amid

a

sharp

rise

in

interest

rates.

Value

shares

declined

but

outperformed

growth

stocks

by

a

considerable

margin

as

equity

investors

turned

risk

averse

and

as

rising

rates

put

downward

pressure

on

growth

stock

valuations.

Emerging

markets

stocks

generally

underperformed

shares

in

developed

markets.

Meanwhile,

the

U.S.

dollar

strengthened

versus

most

currencies

during

the

period,

which

weighed

on

returns

for

U.S.

investors

in

international

securities.

Within

the

S&P

500

Index,

energy

was

a

rare

bright

spot,

gaining

more

than

60%

as

oil

prices

jumped

in

response

to

Russia’s

invasion

of

Ukraine

and

concerns

over

commodity

supply

shortages.

Defensive

shares,

such

as

utilities,

consumer

staples,

and

health

care,

held

up

relatively

well

and

finished

the

year

with

roughly

flat

returns.

Conversely,

communication

services,

consumer

discretionary,

and

information

technology

shares

suffered

the

largest

declines.

Elevated

inflation

remained

a

leading

concern

for

investors

throughout

the

period,

although

there

were

signs

that

price

increases

were

moderating

by

year-

end.

November’s

consumer

price

index

data

showed

headline

inflation

rising

7.1%

on

a

12-month

basis,

the

lowest

level

since

December

2021

but

still

well

above

the

Federal

Reserve’s

2%

long-term

target.

In

response

to

the

high

inflation

readings,

global

central

banks

tightened

monetary

policy,

and

investors

focused

on

communications

from

central

bank

officials

on

how

high

rates

would

have

to

go.

The

Fed,

which

at

the

end

of

2021

had

forecast

that

it

would

only

need

to

raise

interest

rates

0.75

percentage

point

in

all

of

2022,

raised

its

short-term

lending

benchmark

from

near

zero

in

March

to

a

target

range

of

4.25%

to

4.50%

by

December

and

indicated

that

additional

hikes

are

likely.

Bond

yields

increased

considerably

across

the

U.S.

Treasury

yield

curve

as

the

Fed

tightened

monetary

policy,

with

the

yield

on

the

benchmark

10-year

U.S.

Treasury

note

climbing

from

1.52%

at

the

start

of

the

period

to

3.88%

at

the

end

of

the

year.

Significant

inversions

in

the

yield

curve,

which

are

often

considered

a

warning

sign

of

a

coming

recession,

occurred

during

the

period

as

shorter-maturity

Treasuries

experienced

the

largest

yield

increases.

The

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

2

sharp

increase

in

yields

led

to

historically

weak

results

across

the

fixed

income

market,

with

the

Bloomberg

U.S.

Aggregate

Bond

Index

delivering

its

worst

year

on

record.

(Bond

prices

and

yields

move

in

opposite

directions.)

As

the

period

came

to

an

end,

the

economic

backdrop

appeared

mixed.

Although

manufacturing

gauges

have

drifted

toward

contraction

levels,

the

U.S.

jobs

market

remained

resilient,

and

corporate

and

household

balance

sheets

appeared

strong.

Meanwhile,

the

housing

market

has

weakened

amid

rising

mortgage

rates.

The

past

year

has

been

a

trying

time

for

investors

as

few

sectors

remained

untouched

by

the

broad

headwinds

that

markets

faced,

and

volatility

may

continue

in

the

near

term

as

central

banks

tighten

policy

amid

slowing

economic

growth.

However,

in

our

view,

there

continue

to

be

opportunities

for

selective

investors

focused

on

fundamentals.

Valuations

in

most

global

equity

markets

have

improved

markedly,

although

U.S.

equities

still

appear

relatively

expensive

by

historical

standards,

while

bond

yields

have

reached

some

of

the

most

attractive

levels

since

the

2008

global

financial

crisis.

We

believe

this

environment

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

Management’s

Discussion

of

Fund

Performance

3

INVESTMENT

OBJECTIVE 

The

fund

seeks

to

provide

high

current

income

and,

secondarily,

capital

appreciation.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past 12

months?

The

T.

Rowe

Price

Emerging

Markets

Corporate

Bond

Fund

returned

-12.32%

for

the

12

months

ended

December

31,

2022,

on

a

net-of-fees

basis,

performing

in

line

with

its

benchmark,

the

J.P.

Morgan

Corporate

Emerging

Market

Bond

Index

Broad

Diversified,

while

outperforming

its

Lipper

peer

group

average.

(Results

for

Advisor

and

I

Class

shares

varied

slightly,

reflecting

their

different

fee

structures.

Past

performance

cannot

guarantee

future

results

.)

What

factors

influenced

the

fund’s

performance?

Stubbornly

high

inflation,

global

central

bank

tightening,

political

uncertainty

in

some

countries,

and

the

war

between

Russia

and

Ukraine

all

contributed

to

a

challenging

investment

environment.

During

the

first

half

of

2022,

U.S.

Treasury

yields

climbed

significantly.

As

expectations

increased

for

higher

rates,

growth

forecasts

were

reduced,

dragging

down

investors'

tolerance

for

risk.

This

caused

credit

spreads

to

notably

widen.

(Credit

spreads

measure

the

additional

yield

that

investors

demand

to

hold

a

bond

with

credit

risk

compared

with

a

high-quality

government

security

with

a

comparable

maturity.)

Late

in

the

year,

indications

that

the

U.S.

Federal

Reserve's

aggressive

rate

hikes

could

be

decelerating

bolstered

investor

risk

sentiment.

PERFORMANCE

COMPARISON

Total

Return

Periods

Ended

12/31/22

6

Months

12

Months

Emerging

Markets

Corporate

Bond

Fund

–

.

2.28‌%

-12.32‌%

Emerging

Markets

Corporate

Bond

Fund–

.

Advisor  Class

2.01‌

-12.49‌

Emerging

Markets

Corporate

Bond

Fund–

.

I  Class

2.23‌

-12.21‌

J.P.

Morgan

Corporate

Emerging

Market

Bond

Index

Broad

Diversified

1.95‌

-12.26‌

Lipper

Emerging

Market

Hard

Currency

Debt

Funds

Average

4.01‌

-14.81‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

4

Underweight

exposure

to

Russian

corporates

ahead

of

the

Russian

invasion

of

Ukraine

led

outperformance.

Commodities-focused

sectors,

such

as

metals

and

mining

and

oil

and

gas,

were

sources

of

strength

due

to

underweight

allocations

to

these

sectors

that

have

notable

exposures

to

Russia.

Reduced

exposure

to

Russian

issuers

within

the

oil

and

gas

sector

was

beneficial.

Higher-yielding

issuers

Leviathan,

Canacol,

and

Kosmos

outperformed.

Similarly,

lack

of

exposure

to

Russian

issuers

within

the

metals

and

mining

sector

was

constructive,

and

holdings

of

miners

in

Asia

and

Latin

America

provided

a

modest

boost

to

performance.

Positions

in

Tata,

PT

Adaro,

Gran

Colombia,

and

Minsur

were

beneficial.

(Please

refer

to

the

fund’s

portfolio

of

investments

for

a

complete

list

of

our

holdings

and

the

amount

each

represents

in

the

portfolio.)

Our

positioning

in

the

real

estate

sector

hindered

relative

results

due

to

our

overweight

allocation

as

well

as

security

selection

within

the

sector.

The

real

estate

sector

in

aggregate

was

lower,

dragged

down

by

significant

declines

in

Chinese

real

estate,

which

makes

up

the

bulk

of

the

sector.

Our

selection

of

several

Chinese

property

developers

further

weighed

on

relative

performance.

Positions

in

Country

Garden,

Shimao,

KWG,

and

Times

China

led

declines.

Security

selection

elsewhere

was

mixed.

Within

the

transportation

sector,

holdings

of

state-supported

Ukraine

rail

declined

along

with

most

Ukrainian

assets.

Our

position

in

Russian

issuer

GTLK

hindered

relative

performance

despite

exiting

the

position

before

Russia's

invasion

of

Ukraine.

Selection

in

the

financial

sector

weighed

on

relative

results,

largely

owing

to

our

reduced

exposure

to

Turkish

banks

that

held

in

relatively

well

despite

an

unorthodox

monetary

policy

in

the

country.

Our

significant

underweight

to

the

sector

further

hindered

performance

as

the

relatively

defensive

sector

outperformed

amid

periods

of

market

weakness.

Our

mix

of

securities

within

the

technology,

media,

and

telecommunications

sector

was

helpful.

Shorter-duration,

higher-yielding

21Vianet,

Tower

Bersama,

Telfonica

Celular

del

Paraguay,

Oztel,

and

Liberty

aided

performance

amid

rising

rates.

(Duration

measures

a

bond’s

sensitivity

to

changes

in

interest

rates.)

Avoiding

Russian

telecom

VEON

further

supported

relative

performance.

Echoing

results

in

the

technology,

media,

and

telecommunications

sector,

our

security

selection

in

the

industrial

sector

was

beneficial,

largely

due

to

avoidance

of

Russian

companies

and

selection

of

shorter-duration

issuers.

Positions

in

Thai

industrial

Indorama

led

outperformance.

Higher-yielding

Indian

Tata

Motors

also

aided

relative

results.

The

portfolio

maintains

allocations

to

select

types

of

derivatives

for

hedging

purposes

or

to

gain

exposure

to

certain

sectors

or

companies.

The

fund

held

interest

rate

derivatives

that

provided

a

slight

boost

to

performance.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

5

How

is

the

fund

positioned?

As

liquidity

remained

challenging

across

all

markets,

we

made

modest

adjustments

throughout

the

period.

Early

in

the

period,

we

reduced

exposure

to

credit

risk

amid

increasing

concerns

about

high

inflation

and

rising

rates

that

tempered

enthusiasm

for

fixed

income

assets.

Following

sharp

declines

due

to

rapid

changes

in

investor

sentiment,

we

modestly

added

back

to

risk.

We

remain

defensively

positioned

relative

to

history

with

space

to

add

risk

into

any

dislocation.

We

currently

hold

above-average

exposure

to

investment-grade

markets,

such

as

Mexico,

Chile,

and

India,

while

underweighting

frontier

markets

like

Zambia

and

Nigeria.

The

fund

has

a

long-term

structural

underweight

to

investment-

grade

bonds

from

higher-quality

Asian

emerging

markets,

which

are

generally

quite

efficiently

priced

and

offer

fewer

opportunities

to

capitalize

on

market

inefficiencies.

Though

we

remain

underweight,

we

added

to

holdings

in

South

Korea

and

Hong

Kong.

Throughout

the

period,

we

increased

exposure

to

higher-quality

countries,

such

as

Israel

and

Peru.

In

China,

however,

policy

conditions

present

short-term

challenges.

We

have

reduced

holdings,

moving

from

overweight

to

underweight,

and

we

remain

mindful

of

risks

to

the

lowest-

quality

issuers

in

the

market.

We

eliminated

holdings

in

Ukraine

and

Russia

early

in

the

reporting

period.

In

terms

of

sector

positioning,

the

fund’s

largest

underweight

is

the

financial

sector

due

to

its

higher

credit

quality,

lower

yields,

and

mixed

relative

value.

We

further

reduced

holdings

in

the

financial

sector

during

the

reporting

period.

We

prefer

sectors

that

are

driven

by

domestic

consumer

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-

rated

securities,

and

a

rating

of

D

represents

the

lowest-

rated

securities.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps.

The

fund

is

not

rated

by

any

agency.

CREDIT

QUALITY

DIVERSIFICATION

Emerging

Markets

Corporate

Bond

Fund

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

6

spending,

such

as

technology,

media,

and

telecommunications;

utilities;

and

transportation.

At

the

end

of

the

reporting

period,

the

technology,

media,

and

telecommunications

sector

remained

the

largest

overweight,

though

holdings

in

this

sector

were

trimmed.

In

terms

of

overall

credit

quality

positioning,

we

continued

to

deemphasize

both

the

highest-quality

and

lowest-quality

segments,

preferring

issuers

rated

BBB

(the

lowest

investment-grade

rating)

and

BB

(the

highest

non-investment-

grade

rating)

because

these

areas

generally

offer

more

opportunities

to

identify

good

companies

with

improving

fundamentals

that

are

candidates

for

ratings

upgrades.

The

portfolio’s

largest

credit

quality

segment

overweight

was

to

BB

rated

debt.

We

continued

to

underweight

distressed

issuers—companies

that

carry

credit

spreads

above

1,000

basis

points—and

bonds

with

credit

ratings

of

CCC

and

below

given

their

history

of

poor

risk-adjusted

returns

and

periodic

defaults.

What

is

portfolio

management’s

outlook?

Declining

global

rates

volatility

recently

supported

the

emerging

markets

corporate

debt

asset

class

and

led

to

some

spread

compression.

Exogenous

risks,

however,

remain

a

cause

for

caution.

Idiosyncratic

risks

in

a

few

markets

combined

with

a

global

central

bank

rate-hiking

cycle

and

slower

global

growth

are

contributing

to

a

challenging

investment

climate.

Corporate

fundamentals

and

credit

metrics

are

generally

healthy

but

are

likely

at

peak

levels

as

supply

shortages

and

rising

input

prices

are

pressuring

margins

in

places.

We

remain

generally

constructive

on

the

emerging

markets

corporate

asset

class

due

to

its

attractive

relative

value

and

resilient

return

history.

(Past

performances

does

not

guarantee

future

results.)

Nevertheless,

global

growth

has

slowed.

Exogenous

factors,

such

as

global

central

bank

tightening

and

heightened

geopolitical

tensions,

created

a

less

accommodative

environment

for

growth.

Despite

the

weak

economic

backdrop,

some

corporates

appear

to

be

managing

the

macro

issues

well

from

an

operational

perspective,

and

balance

sheets

have

benefited

from

a

period

of

deleveraging.

While

companies

could

start

to

access

the

market

again,

historically

low

issuance

in

2022

may

provide

some

technical

support

in

the

near

term.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

7

In

this

uncertain

environment,

we

believe

that

the

extended

reach

of

T.

Rowe

Price’s

global

credit,

sovereign,

and

equity

research

platforms,

combined

with

our

emphasis

on

collaboration

across

those

platforms,

give

us

a

critical

edge

in

analyzing

both

risks

and

opportunities

in

emerging

markets

corporate

bonds.

As

always,

our

process

is

centered

around

bottom-up,

fundamental

research

and

effective

security

selection.

This

approach

will

become

increasingly

important

as

the

market

environment

becomes

less

beta

driven

and

fundamentals

come

back

to

the

fore.

The

views

expressed

reflect

the

opinions

of

T.

Rowe

Price

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic,

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

8

RISK

OF

INTERNATIONAL

BOND

INVESTING

Funds

that

invest

overseas

generally

carry

more

risk

than

funds

that

invest

strictly

in

U.S.

assets,

including

unpredictable

changes

in

currency

values.

Investments

in

emerging

markets

are

subject

to

abrupt

and

severe

price

declines

and

should

be

regarded

as

speculative.

The

economic

and

political

structures

of

developing

nations,

in

most

cases,

do

not

compare

favorably

with

the

U.S.

or

other

developed

countries

in

terms

of

wealth

and

stability,

and

their

financial

markets

often

lack

liquidity.

Some

countries

also

have

legacies

of

hyperinflation,

currency

devaluations,

and

governmental

interference

in

markets.

International

investments

are

subject

to

currency

risk

,

a

decline

in

the

value

of

a

foreign

currency

versus

the

U.S.

dollar,

which

reduces

the

dollar

value

of

securities

denominated

in

that

currency.

The

overall

impact

on

a

fund's

holdings

can

be

significant

and

long

lasting

depending

on

the

currencies

represented

in

the

portfolio,

how

each

one

appreciates

or

depreciates

in

relation

to

the

U.S.

dollar,

and

whether

currency

positions

are

hedged.

Further,

exchange

rate

movements

are

unpredictable,

and

it

is

not

possible

to

effectively

hedge

the

currency

risks

of

many

developing

countries.

Bonds

are

also

subject

to

interest

rate

risk

,

the

decline

in

bond

prices

that

usually

accompanies

a

rise

in

interest

rates,

and

credit

risk

,

the

chance

that

any

fund

holding

could

have

its

credit

rating

downgraded

or

that

a

bond

issuer

will

default

(fail

to

make

timely

payments

of

interest

or

principal),

potentially

reducing

the

fund's

income

level

and

share

price.

BENCHMARK

INFORMATION

Note:

Copyright

©

2023

Fitch

Ratings,

Inc.,

Fitch

Ratings

Ltd.

and

its

subsidiaries.

Note:

Information

has

been

obtained

from

sources

believed

to

be

reliable

but

J.P.

Morgan

does

not

warrant

its

completeness

or

accuracy.

The

index

is

used

with

permission.

The

index

may

not

be

copied,

used,

or

distributed

without

J.P.

Morgan's

prior

written

approval.

Copyright

2023,

J.P.

Morgan

Chase

&

Co.

All

rights

reserved.

Note:

Portions

of

the

mutual

fund

information

contained

in

this

report

was

supplied

by

Lipper,

a

Refinitiv

Company,

subject

to

the

following:

Copyright

2023

©

Refinitiv.

All

rights

reserved.

Any

copying,

republication

or

redistribution

of

Lipper

content

is

expressly

prohibited

without

the

prior

written

consent

of

Lipper.

Lipper

shall

not

be

liable

for

any

errors

or

delays

in

the

content,

or

for

any

actions

taken

in

reliance

thereon.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

9

Note:

©

2023,

Moody’s

Corporation,

Moody’s

Investors

Service,

Inc.,

Moody’s

Analytics,

Inc.

and/or

their

licensors

and

affiliates

(collectively,

“Moody’s”).

All

rights

reserved.

Moody’s

ratings

and

other

information

(“Moody’s

Information”)

are

proprietary

to

Moody’s

and/or

its

licensors

and

are

protected

by

copyright

and

other

intellectual

property

laws.

Moody’s

Information

is

licensed

to

Client

by

Moody’s.

MOODY’S

INFORMATION

MAY

NOT

BE

COPIED

OR

OTHERWISE

REPRODUCED,

REPACKAGED,

FURTHER

TRANSMITTED,

TRANSFERRED,

DISSEMINATED,

REDISTRIBUTED

OR

RESOLD,

OR

STORED

FOR

SUBSEQUENT

USE

FOR

ANY

SUCH

PURPOSE,

IN

WHOLE

OR

IN

PART,

IN

ANY

FORM

OR

MANNER

OR

BY

ANY

MEANS

WHATSOEVER,

BY

ANY

PERSON

WITHOUT

MOODY’S

PRIOR

WRITTEN

CONSENT.

Moody's

®

is

a

registered

trademark.

Note:

Copyright

©

2023,

S&P

Global

Market

Intelligence

(and

its

affiliates,

as

applicable).

Reproduction

of

any

information,

data

or

material,

including

ratings

("Content")

in

any

form

is

prohibited

except

with

the

prior

written

permission

of

the

relevant

party. Such

party,

its

affiliates

and

suppliers

("Content

Providers")

do

not

guarantee

the

accuracy,

adequacy,

completeness,

timeliness

or

availability

of

any

Content

and

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

or

for

the

results

obtained

from

the

use

of

such

Content.

In

no

event

shall

Content

Providers

be

liable

for

any

damages,

costs,

expenses,

legal

fees,

or

losses

(including

lost

income

or

lost

profit

and

opportunity

costs)

in

connection

with

any

use

of

the

Content.

A

reference

to

a

particular

investment

or

security,

a

rating

or

any

observation

concerning

an

investment

that

is

part

of

the

Content

is

not

a

recommendation

to

buy,

sell

or

hold

such

investment

or

security,

does

not

address

the

appropriateness

of

an

investment

or

security

and

should

not

be

relied

on

as

investment

advice.

Credit

ratings

are

statements

of

opinions

and

are

not

statements

of

fact.

BENCHMARK

INFORMATION

(continued)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

10

GROWTH

OF

$10,000 

This

chart

shows

the

value

of

a

hypothetical

$10,000

investment

in

the

fund

over

the

past

10

fiscal

year

periods

or

since

inception

(for funds

lacking

10-year

records).

The

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from

fund returns

as

well

as

mutual fund

averages

and

indexes.

EMERGING

MARKETS

CORPORATE

BOND

FUND 

Note:

Performance

for

the Advisor

and

I Class

shares

will

vary

due

to

their

differing

fee

structures.

See

the

Average

Annual

Compound

Total

Return

table. 

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

11

AVERAGE

ANNUAL

COMPOUND

TOTAL

RETURN

Periods

Ended

12/31/22

1

Year

5

Years

10

Years

Since

Inception

Inception

Date

Emerging

Markets

Corporate

Bond

Fund

–

.

-12.32‌%

0.49‌%

2.25‌%

–‌

–

Emerging

Markets

Corporate

Bond

Fund–

.

Advisor  Class

-12.49‌

0.24‌

2.08‌

–‌

–

Emerging

Markets

Corporate

Bond

Fund–

.

I  Class

-12.21‌

0.66‌

–‌

3.33‌%

12/17/15

The

fund’s

performance

information

represents

only

past

performance

and

is

not

necessarily

an

indication

of

future

results.

Current

performance

may

be

lower

or

higher

than

the

performance

data

cited.

Share

price,

principal

value,

and

return

will

vary,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

For

the

most

recent

month-end

performance,

please

visit

our

website

(troweprice.com)

or

contact

a

T.

Rowe

Price

representative

at

1

-

800

-

225

-

5132

or,

for

0.02

Advisor

and

I

Class

shares,

1-800-638-8790.

This

table

shows

how

the

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

had

been

earned

at

a

constant

rate.

Average

annual

total

return

figures

include

changes

in

principal

value,

reinvested

dividends,

and

capital

gain

distributions.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

When

assessing

performance,

investors

should

consider

both

short-

and

long-term

returns.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

12

EXPENSE

RATIO

FUND

EXPENSE

EXAMPLE

As

a

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Please

note

that

the

fund

has

three

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

Advisor

Class

shares

are

offered

only

through

unaffiliated

brokers

and

other

financial

intermediaries

and

charge

a

0.25%

12b-1

fee,

and

I

Class

shares

are

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

expenses

based

on

the

fund’s

actual

returns.

You

may

use

the

information

on

this

line,

together

with

your

account

balance,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

on

the

first

line

under

the

heading

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

on

the

second

line

of

the

table

(Hypothetical)

is

based

on

hypothetical

account

values

and

expenses

derived

from

the

fund’s

actual

expense

ratio

and

an

assumed

5%

per

year

rate

of

return

before

expenses

(not

the

fund’s

actual

return).

You

may

compare

the

ongoing

costs

of

investing

in

the

fund

with

other

funds

by

contrasting

this

5%

hypothetical

example

and

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

Emerging

Markets

Corporate

Bond

Fund

0.93‌%

Emerging

Markets

Corporate

Bond

Fund–Advisor

Class

1.39‌ 

Emerging

Markets

Corporate

Bond

Fund–I

Class

0.76‌ 

The

expense

ratio

shown

is

as

of

the

fund’s

most

recent

prospectus.

This

number

may

vary

from

the

expense

ratio

shown

elsewhere

in

this

report

because

it

is

based

on

a

different

time

period

and,

if

applicable,

includes

acquired

fund

fees

and

expenses

but

does

not

include

fee

or

expense

waivers.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

13

Note:

T.

Rowe

Price

charges

an

annual

account

service

fee

of

$20,

generally

for

accounts

with

less

than

$10,000.

The

fee

is

waived

for

any

investor

whose

T.

Rowe

Price

mutual

fund

accounts

total

$50,000

or

more;

accounts

electing

to

receive

electronic

delivery

of

account

statements,

transaction

confirmations,

prospectuses,

and

shareholder

reports;

or

accounts

of

an

investor

who

is

a

T.

Rowe

Price

Personal

Services

or

Enhanced

Personal

Services

client

(enrollment

in

these

programs

generally

requires

T.

Rowe

Price

assets

of

at

least

$250,000).

This

fee

is

not

included

in

the

accompanying

table.

If

you

are

subject

to

the

fee,

keep

it

in

mind

when

you

are

estimating

the

ongoing

expenses

of

investing

in

the

fund

and

when

comparing

the

expenses

of

this

fund

with

other

funds.

You

should

also

be

aware

that

the

expenses

shown

in

the

table

highlight

only

your

ongoing

costs

and

do

not

reflect

any

transaction

costs,

such

as

redemption

fees

or

sales

loads.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

To

the

extent

a

fund

charges

transaction

costs,

however,

the

total

cost

of

owning

that

fund

is

higher.

EMERGING

MARKETS

CORPORATE

BOND

FUND

Beginning

Account

Value

7/1/22

Ending

Account

Value

12/31/22

Expenses

Paid

During

Period*

7/1/22

to

12/31/22

Investor

Class

Actual

$1,000.00

$1,022.80

$4.49

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,020.77

  4.48

Advisor

Class

Actual

  1,000.00

  1,020.10

  5.91

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,019.36

  5.90

I

Class

Actual

  1,000.00

  1,022.30

  3.82

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.42

  3.82

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(184),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.88%,

the

2

Advisor Class

was

1.16%,

and

the

3

I Class

was

0.75%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

Financial

Highlights

14

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

10.49‌

$

11.05‌

$

10.80‌

$

10.01‌

$

10.64‌

Investment

activities

Net

investment

income

(1)(2)

0.38‌

0.38‌

0.45‌

0.48‌

0.46‌

Net

realized

and

unrealized

gain/

loss

(1.67‌)

(0.56‌)

0.26‌

0.80‌

(0.63‌)

Total

from

investment

activities

(1.29‌)

(0.18‌)

0.71‌

1.28‌

(0.17‌)

Distributions

Net

investment

income

(0.39‌)

(0.38‌)

(0.46‌)

(0.49‌)

(0.46‌)

NET

ASSET

VALUE

End

of

period

$

8.81‌

$

10.49‌

$

11.05‌

$

10.80‌

$

10.01‌

Ratios/Supplemental

Data

Total

return

(2)(3)

(12.32‌)%

(1.66‌)%

6.88‌%

13.00‌%

(1.60‌)%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.99‌%

1.00‌%

1.06‌%

1.18‌%

1.40‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.88‌%

0.95‌%

0.97‌%

0.96‌%

1.12‌%

Net

investment

income

4.13‌%

3.47‌%

4.29‌%

4.56‌%

4.48‌%

Portfolio

turnover

rate

41.2‌%

69.3‌%

79.3‌%

53.3‌%

112.8‌%

Net

assets,

end

of

period

(in

thousands)

$95,609

$216,473

$141,609

$110,891

$50,707

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

6

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

Financial

Highlights

15

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Advisor

Class

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

10.48‌

$

11.05‌

$

10.80‌

$

10.00‌

$

10.64‌

Investment

activities

Net

investment

income

(1)(2)

0.35‌

0.35‌

0.42‌

0.47‌

0.44‌

Net

realized

and

unrealized

gain/

loss

(1.66‌)

(0.57‌)

0.25‌

0.79‌

(0.63‌)

Total

from

investment

activities

(1.31‌)

(0.22‌)

0.67‌

1.26‌

(0.19‌)

Distributions

Net

investment

income

(0.36‌)

(0.35‌)

(0.42‌)

(0.46‌)

(0.45‌)

NET

ASSET

VALUE

End

of

period

$

8.81‌

$

10.48‌

$

11.05‌

$

10.80‌

$

10.00‌

Ratios/Supplemental

Data

Total

return

(2)(3)

(12.49‌)%

(2.02‌)%

6.57‌%

12.80‌%

(1.82‌)%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

1.36‌%

1.46‌%

1.50‌%

1.61‌%

1.76‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

1.16‌%

1.22‌%

1.25‌%

1.24‌%

1.25‌%

Net

investment

income

3.75‌%

3.24‌%

4.06‌%

4.43‌%

4.33‌%

Portfolio

turnover

rate

41.2‌%

69.3‌%

79.3‌%

53.3‌%

112.8‌%

Net

assets,

end

of

period

(in

thousands)

$195

$650

$248

$537

$1,296

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

6

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

Financial

Highlights

16

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

10.49‌

$

11.05‌

$

10.80‌

$

10.01‌

$

10.64‌

Investment

activities

Net

investment

income

(1)(2)

0.39‌

0.39‌

0.46‌

0.48‌

0.49‌

Net

realized

and

unrealized

gain/

loss

(1.67‌)

(0.55‌)

0.26‌

0.81‌

(0.63‌)

Total

from

investment

activities

(1.28‌)

(0.16‌)

0.72‌

1.29‌

(0.14‌)

Distributions

Net

investment

income

(0.40‌)

(0.40‌)

(0.47‌)

(0.50‌)

(0.49‌)

NET

ASSET

VALUE

End

of

period

$

8.81‌

$

10.49‌

$

11.05‌

$

10.80‌

$

10.01‌

Ratios/Supplemental

Data

Total

return

(2)(3)

(12.21‌)%

(1.52‌)%

7.03‌%

13.15‌%

(1.32‌)%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.79‌%

0.82‌%

0.90‌%

1.02‌%

1.25‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.75‌%

0.80‌%

0.83‌%

0.83‌%

0.84‌%

Net

investment

income

4.24‌%

3.63‌%

4.41‌%

4.52‌%

4.79‌%

Portfolio

turnover

rate

41.2‌%

69.3‌%

79.3‌%

53.3‌%

112.8‌%

Net

assets,

end

of

period

(in

thousands)

$302,915

$652,673

$357,765

$121,427

$7,231

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

6

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

December

31,

2022

17

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ARGENTINA

0.8%

Corporate

Bonds

0.8%

Arcos

Dorados,

6.125%,

5/27/29

(USD) 

1,600,000‌

1,553‌

YPF,

STEP,

9.00%,

2/12/26

(USD) 

1,875,000‌

1,797‌

Total

Argentina

(Cost

$3,365

)

3,350‌

BRAZIL

5.0%

Convertible

Bonds

0.3%

MercadoLibre,

2.00%,

8/15/28

(USD) 

580,000‌

1,168‌

1,168‌

Corporate

Bonds

4.7%

Azul

Investments,

7.25%,

6/15/26

(USD)  (1)

1,755,000‌

1,076‌

Cosan

Overseas,

8.25%

(USD)  (2)

2,975,000‌

2,980‌

Globo

Comunicacao

e

Participacoes,

4.875%,

1/22/30

(USD)  (1)

2,700,000‌

2,266‌

Globo

Comunicacao

e

Participacoes,

4.875%,

1/22/30

(USD) 

900,000‌

755‌

Globo

Comunicacao

e

Participacoes,

5.50%,

1/14/32

(USD) 

1,250,000‌

1,068‌

Klabin

Austria,

3.20%,

1/12/31

(USD) 

3,250,000‌

2,604‌

MARB

BondCo,

3.95%,

1/29/31

(USD) 

3,175,000‌

2,444‌

Rumo

Luxembourg,

4.20%,

1/18/32

(USD) 

4,290,000‌

3,438‌

Suzano

Austria,

5.00%,

1/15/30

(USD) 

400,000‌

375‌

Suzano

Austria,

7.00%,

3/16/47

(USD) 

1,650,000‌

1,650‌

18,656‌

Total

Brazil

(Cost

$23,085

)

19,824‌

CHILE

7.2%

Corporate

Bonds

7.2%

AES

Andes,

VR,

7.125%,

3/26/79

(USD)  (1)(3)

6,635,000‌

6,324‌

Agrosuper,

4.60%,

1/20/32

(USD)  (1)

5,035,000‌

4,470‌

Agrosuper,

4.60%,

1/20/32

(USD) 

575,000‌

510‌

CAP,

3.90%,

4/27/31

(USD) 

3,150,000‌

2,464‌

Celulosa

Arauco

y

Constitucion,

5.15%,

1/29/50

(USD) 

3,100,000‌

2,699‌

Colbun,

3.15%,

3/6/30

(USD) 

4,100,000‌

3,550‌

Interchile,

4.50%,

6/30/56

(USD)  (1)

4,415,000‌

3,655‌

Sociedad

de

Transmision

Austral,

4.00%,

1/27/32

(USD)  (1)

2,625,000‌

2,278‌

VTR

Comunicaciones,

4.375%,

4/15/29

(USD)  (1)

4,325,000‌

2,540‌

Total

Chile

(Cost

$33,220

)

28,490‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

18

Par/Shares

$

Value

(Cost

and

value

in

$000s)

CHINA

6.3%

Convertible

Bonds

1.2%

H

World

Group,

3.00%,

5/1/26

(USD) 

769,000‌

949‌

Vnet

Group,

Zero

Coupon,

2/1/26

(USD) 

3,340,000‌

2,763‌

Zhongsheng

Group

Holdings,

Zero

Coupon,

5/21/25

(HKD) 

9,000,000‌

1,308‌

5,020‌

Corporate

Bonds

5.1%

China

Mengniu

Dairy,

1.875%,

6/17/25

(USD) 

2,750,000‌

2,510‌

China

Oil

&

Gas

Group,

4.70%,

6/30/26

(USD) 

2,307,000‌

1,929‌

Contemporary

Ruiding

Development,

2.625%,

9/17/30

(USD) 

2,350,000‌

1,917‌

Health

&

Happiness

H&H

International

Holdings,

5.625%,

10/24/24

(USD) 

1,970,000‌

1,752‌

Kaisa

Group

Holdings,

11.25%,

4/9/23

(USD)  (4)(5)

1,000,000‌

129‌

Kaisa

Group

Holdings,

11.95%,

10/22/22

(USD)  (4)(5)

5,275,000‌

734‌

Lenovo

Group,

5.875%,

4/24/25

(USD) 

2,120,000‌

2,066‌

Tencent

Holdings,

3.29%,

6/3/60

(USD) 

1,555,000‌

935‌

Tencent

Holdings,

3.84%,

4/22/51

(USD) 

1,430,000‌

1,016‌

West

China

Cement,

4.95%,

7/8/26

(USD) 

2,818,000‌

2,395‌

Yunda

Holding

Investment,

2.25%,

8/19/25

(USD) 

2,600,000‌

2,301‌

Zhongsheng

Group

Holdings,

3.00%,

1/13/26

(USD) 

2,850,000‌

2,551‌

20,235‌

Total

China

(Cost

$31,193

)

25,255‌

COLOMBIA

5.9%

Corporate

Bonds

5.9%

Aris

Mining,

6.875%,

8/9/26

(USD)  (1)

4,010,000‌

3,150‌

Banco

Davivienda,

VR,

6.65%

(USD)  (1)(2)(3)

5,000,000‌

3,862‌

Banco

de

Bogota,

4.375%,

8/3/27

(USD) 

2,305,000‌

2,097‌

Banco

de

Bogota,

6.25%,

5/12/26

(USD) 

1,725,000‌

1,695‌

Bancolombia,

VR,

4.625%,

12/18/29

(USD)  (3)

3,685,000‌

3,245‌

Canacol

Energy,

5.75%,

11/24/28

(USD)  (1)

4,740,000‌

4,194‌

Ecopetrol,

5.875%,

5/28/45

(USD) 

1,750,000‌

1,222‌

Ecopetrol,

6.875%,

4/29/30

(USD) 

1,500,000‌

1,364‌

Grupo

Aval,

4.375%,

2/4/30

(USD) 

3,250,000‌

2,638‌

Total

Colombia

(Cost

$27,580

)

23,467‌

GEORGIA

0.8%

Corporate

Bonds

0.8%

Georgian

Railway,

4.00%,

6/17/28

(USD)  (1)

3,712,000‌

3,285‌

Total

Georgia

(Cost

$3,712

)

3,285‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

19

Par/Shares

$

Value

(Cost

and

value

in

$000s)

GHANA

0.8%

Corporate

Bonds

0.8%

Kosmos

Energy,

7.125%,

4/4/26

(USD) 

1,973,000‌

1,685‌

Kosmos

Energy,

7.50%,

3/1/28

(USD) 

1,850,000‌

1,488‌

Total

Ghana

(Cost

$3,695

)

3,173‌

GUATEMALA

0.5%

Corporate

Bonds

0.5%

CT

Trust,

5.125%,

2/3/32

(USD)  (1)

2,265,000‌

1,992‌

Total

Guatemala

(Cost

$2,265

)

1,992‌

HONG

KONG

1.3%

Corporate

Bonds

0.8%

PCPD

Capital,

5.125%,

6/18/26

(USD) 

4,322,000‌

3,242‌

3,242‌

Government

Bonds

0.5%

Airport

Authority,

2.625%,

2/4/51

(USD) 

3,150,000‌

1,991‌

1,991‌

Total

Hong

Kong

(Cost

$6,689

)

5,233‌

INDIA

7.0%

Corporate

Bonds

6.1%

ABJA

Investment,

5.45%,

1/24/28

(USD) 

555,000‌

542‌

ABJA

Investment,

5.95%,

7/31/24

(USD) 

2,765,000‌

2,767‌

Adani

Electricity

Mumbai,

3.867%,

7/22/31

(USD) 

1,849,000‌

1,343‌

Adani

International

Container

Terminal,

3.00%,

2/16/31

(USD) 

4,687,500‌

3,677‌

Adani

Renewable

Energy

RJ,

4.625%,

10/15/39

(USD) 

3,786,713‌

2,866‌

Greenko

Power

II,

4.30%,

12/13/28

(USD)  (1)

2,379,524‌

1,998‌

HCL

America,

1.375%,

3/10/26

(USD) 

2,288,000‌

2,026‌

India

Green

Power

Holdings,

4.00%,

2/22/27

(USD) 

2,500,000‌

2,142‌

JSW

Hydro

Energy,

4.125%,

5/18/31

(USD) 

2,655,000‌

2,217‌

Periama

Holdings,

5.95%,

4/19/26

(USD) 

1,395,000‌

1,307‌

TML

Holdings

Pte,

5.50%,

6/3/24

(USD) 

2,775,000‌

2,702‌

Vedanta

Resources,

6.125%,

8/9/24

(USD) 

810,000‌

512‌

24,099‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

20

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Government

Bonds

0.9%

Export-Import

Bank

of

India,

3.375%,

8/5/26

(USD) 

3,900,000‌

3,657‌

3,657‌

Total

India

(Cost

$30,419

)

27,756‌

INDONESIA

6.8%

Corporate

Bonds

6.8%

Bank

Negara

Indonesia

Persero,

3.75%,

3/30/26

(USD) 

5,015,000‌

4,664‌

Freeport

Indonesia,

6.20%,

4/14/52

(USD)  (1)

3,850,000‌

3,371‌

Medco

Oak

Tree

Pte,

7.375%,

5/14/26

(USD) 

2,300,000‌

2,194‌

Minejesa

Capital,

5.625%,

8/10/37

(USD) 

3,100,000‌

2,419‌

Pakuwon

Jati,

4.875%,

4/29/28

(USD) 

3,940,000‌

3,487‌

Pertamina

Persero,

6.50%,

11/7/48

(USD) 

2,000,000‌

2,010‌

Perusahaan

Listrik

Negara,

4.875%,

7/17/49

(USD)  (1)

325,000‌

257‌

Perusahaan

Listrik

Negara,

4.875%,

7/17/49

(USD) 

2,400,000‌

1,899‌

Star

Energy

Geothermal

Wayang

Windu,

6.75%,

4/24/33

(USD) 

2,594,560‌

2,457‌

Tower

Bersama

Infrastructure,

4.25%,

1/21/25

(USD) 

4,650,000‌

4,488‌

Total

Indonesia

(Cost

$30,263

)

27,246‌

ISRAEL

3.5%

Corporate

Bonds

3.5%

ICL

Group,

6.375%,

5/31/38

(USD)  (1)

2,104,000‌

2,062‌

Israel

Electric,

4.25%,

8/14/28

(USD)  (1)

2,675,000‌

2,518‌

Leviathan

Bond,

6.125%,

6/30/25

(USD)  (1)

4,125,000‌

4,027‌

Teva

Pharmaceutical

Finance

Netherlands

III,

3.15%,

10/1/26

(USD) 

1,100,000‌

953‌

Teva

Pharmaceutical

Finance

Netherlands

III,

4.75%,

5/9/27

(USD) 

2,175,000‌

1,979‌

Teva

Pharmaceutical

Finance

Netherlands

III,

6.75%,

3/1/28

(USD) 

2,325,000‌

2,267‌

Total

Israel

(Cost

$15,418

)

13,806‌

JAMAICA

0.3%

Corporate

Bonds

0.3%

Digicel,

6.75%,

3/1/23

(USD) 

2,725,000‌

1,048‌

Total

Jamaica

(Cost

$2,670

)

1,048‌

KAZAKHSTAN

1.2%

Corporate

Bonds

1.2%

KazMunayGas

National,

5.75%,

4/19/47

(USD) 

2,100,000‌

1,637‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

21

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Tengizchevroil

Finance

International,

4.00%,

8/15/26

(USD) 

3,800,000‌

3,259‌

Total

Kazakhstan

(Cost

$6,540

)

4,896‌

KUWAIT

1.1%

Corporate

Bonds

1.1%

Equate

Petrochemical,

4.25%,

11/3/26

(USD) 

4,375,000‌

4,194‌

Total

Kuwait

(Cost

$4,749

)

4,194‌

MACAO

1.0%

Corporate

Bonds

1.0%

Melco

Resorts

Finance,

4.875%,

6/6/25

(USD) 

570,000‌

524‌

Sands

China,

4.30%,

1/8/26

(USD) 

3,615,000‌

3,341‌

Total

Macao

(Cost

$3,682

)

3,865‌

MALAYSIA

1.2%

Corporate

Bonds

1.2%

Axiata

Spv5

Labuan,

3.064%,

8/19/50

(USD) 

2,850,000‌

1,900‌

TNB

Global

Ventures

Capital,

3.244%,

10/19/26

(USD) 

3,225,000‌

2,993‌

Total

Malaysia

(Cost

$5,894

)

4,893‌

MAURITIUS

1.0%

Corporate

Bonds

1.0%

Axian

Telecom,

7.375%,

2/16/27

(USD)  (1)

4,610,000‌

4,057‌

Total

Mauritius

(Cost

$4,610

)

4,057‌

MEXICO

8.1%

Corporate

Bonds

6.9%

America

Movil,

5.375%,

4/4/32

(USD)  (1)

2,200,000‌

1,989‌

Axtel,

6.375%,

11/14/24

(USD)  (1)

3,154,000‌

2,596‌

Banco

Mercantil

del

Norte,

VR,

5.875%

(USD)  (1)(2)(3)

1,275,000‌

1,139‌

Banco

Mercantil

del

Norte,

VR,

7.625%

(USD)  (2)(3)

2,900,000‌

2,721‌

BBVA

Bancomer,

VR,

5.125%,

1/18/33

(USD)  (3)

3,955,000‌

3,557‌

BBVA

Bancomer,

VR,

5.875%,

9/13/34

(USD)  (1)(3)

2,725,000‌

2,521‌

Cometa

Energia,

6.375%,

4/24/35

(USD)  (1)

4,199,300‌

4,034‌

Corp

Inmobiliaria

Vesta,

3.625%,

5/13/31

(USD)  (1)

3,340,000‌

2,686‌

Industrias

Penoles,

4.75%,

8/6/50

(USD)  (1)

2,300,000‌

1,904‌

Metalsa,

3.75%,

5/4/31

(USD)  (1)

5,542,000‌

4,369‌

27,516‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

22

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Government

Bonds

1.2%

Petroleos

Mexicanos,

6.50%,

3/13/27

(USD) 

3,575,000‌

3,269‌

Petroleos

Mexicanos,

6.75%,

9/21/47

(USD) 

2,350,000‌

1,505‌

4,774‌

Total

Mexico

(Cost

$38,784

)

32,290‌

MOROCCO

1.2%

Corporate

Bonds

1.2%

Vivo

Energy

Investments,

5.125%,

9/24/27

(USD)  (1)

3,300,000‌

2,962‌

Vivo

Energy

Investments,

5.125%,

9/24/27

(USD) 

2,140,000‌

1,920‌

Total

Morocco

(Cost

$5,619

)

4,882‌

OMAN

1.7%

Corporate

Bonds

1.7%

Lamar

Funding,

3.958%,

5/7/25

(USD) 

950,000‌

903‌

OmGrid

Funding,

5.196%,

5/16/27

(USD) 

4,630,000‌

4,455‌

Oztel

Holdings,

6.625%,

4/24/28

(USD) 

1,350,000‌

1,359‌

Total

Oman

(Cost

$7,219

)

6,717‌

PANAMA

1.6%

Corporate

Bonds

1.6%

Banco

General,

VR,

5.25%

(USD)  (1)(2)(3)

3,715,000‌

3,079‌

C&W

Senior

Financing,

6.875%,

9/15/27

(USD)  (1)

3,700,000‌

3,449‌

Total

Panama

(Cost

$7,661

)

6,528‌

PARAGUAY

0.8%

Corporate

Bonds

0.8%

Telefonica

Celular

del

Paraguay,

5.875%,

4/15/27

(USD)  (1)

3,225,000‌

3,127‌

Total

Paraguay

(Cost

$3,377

)

3,127‌

PERU

4.8%

Corporate

Bonds

4.8%

Banco

de

Credito

del

Peru,

VR,

3.25%,

9/30/31

(USD)  (1)(3)

3,335,000‌

2,937‌

Cia

de

Minas

Buenaventura,

5.50%,

7/23/26

(USD) 

3,125,000‌

2,684‌

Consorcio

Transmantaro,

5.20%,

4/11/38

(USD)  (1)

1,840,000‌

1,661‌

Corp

Financiera

de

Desarrollo,

2.40%,

9/28/27

(USD) 

2,900,000‌

2,429‌

Fondo

MIVIVIENDA,

4.625%,

4/12/27

(USD) 

2,550,000‌

2,418‌

InRetail

Consumer,

3.25%,

3/22/28

(USD)  (1)

2,820,000‌

2,429‌

Minsur,

4.50%,

10/28/31

(USD) 

3,520,000‌

3,063‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

23

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Petroleos

del

Peru,

5.625%,

6/19/47

(USD) 

2,400,000‌

1,574‌

Total

Peru

(Cost

$21,266

)

19,195‌

PHILIPPINES

4.1%

Corporate

Bonds

4.1%

FPC

Resources,

4.375%,

9/11/27

(USD) 

3,072,000‌

2,880‌

Globe

Telecom,

2.50%,

7/23/30

(USD) 

620,000‌

507‌

Globe

Telecom,

3.00%,

7/23/35

(USD) 

2,825,000‌

2,056‌

Globe

Telecom,

VR,

4.20%

(USD)  (2)(3)

1,600,000‌

1,436‌

ICTSI

Treasury,

3.50%,

11/16/31

(USD) 

2,350,000‌

1,815‌

International

Container

Terminal

Services,

4.75%,

6/17/30

(USD) 

4,470,000‌

3,933‌

Manila

Water,

4.375%,

7/30/30

(USD) 

4,450,000‌

3,798‌

Total

Philippines

(Cost

$19,963

)

16,425‌

QATAR

0.9%

Corporate

Bonds

0.9%

Qatar

Energy

Trading,

3.125%,

7/12/41

(USD)  (1)

2,720,000‌

2,100‌

Qatar

Energy

Trading,

3.125%,

7/12/41

(USD) 

2,000,000‌

1,545‌

Total

Qatar

(Cost

$4,754

)

3,645‌

SAUDI

ARABIA

2.6%

Corporate

Bonds

1.7%

Dar

Al-Arkan

Sukuk,

6.875%,

3/21/23

(USD) 

2,850,000‌

2,847‌

Saudi

Electricity

Global

Sukuk,

5.06%,

4/8/43

(USD) 

3,775,000‌

3,701‌

6,548‌

Government

Bonds

0.9%

Saudi

Arabian

Oil,

4.25%,

4/16/39

(USD)  (1)

2,150,000‌

1,929‌

Saudi

Arabian

Oil,

4.25%,

4/16/39

(USD) 

2,000,000‌

1,795‌

3,724‌

Total

Saudi

Arabia

(Cost

$11,946

)

10,272‌

SINGAPORE

0.1%

Convertible

Bonds

0.1%

Sea,

0.25%,

9/15/26

(USD) 

610,000‌

452‌

Total

Singapore

(Cost

$610

)

452‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

24

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SOUTH

AFRICA

0.6%

Corporate

Bonds

0.6%

Bidvest

Group

U.K.,

3.625%,

9/23/26

(USD) 

2,600,000‌

2,349‌

Total

South

Africa

(Cost

$2,230

)

2,349‌

SOUTH

KOREA

1.1%

Convertible

Bonds

0.4%

POSCO

Holdings,

Zero

Coupon,

9/1/26

(EUR) 

1,600,000‌

1,614‌

1,614‌

Corporate

Bonds

0.7%

Shinhan

Bank,

4.50%,

3/26/28

(USD) 

1,700,000‌

1,575‌

SK

Battery

America,

2.125%,

1/26/26

(USD) 

1,380,000‌

1,189‌

2,764‌

Total

South

Korea

(Cost

$4,623

)

4,378‌

TANZANIA

0.6%

Corporate

Bonds

0.6%

HTA

Group,

7.00%,

12/18/25

(USD) 

2,350,000‌

2,185‌

Total

Tanzania

(Cost

$2,452

)

2,185‌

THAILAND

5.2%

Corporate

Bonds

5.2%

Bangkok

Bank,

VR,

3.466%,

9/23/36

(USD)  (1)(3)

2,270,000‌

1,779‌

Bangkok

Bank,

VR,

3.733%,

9/25/34

(USD)  (1)(3)

2,730,000‌

2,287‌

Bangkok

Bank,

VR,

3.733%,

9/25/34

(USD)  (3)

2,000,000‌

1,676‌

Indorama

Ventures

Global

Services,

4.375%,

9/12/24

(USD) 

2,985,000‌

2,836‌

Kasikornbank,

VR,

3.343%,

10/2/31

(USD)  (3)

4,804,000‌

4,234‌

PTTEP

Treasury

Center,

2.587%,

6/10/27

(USD)  (1)

888,000‌

790‌

PTTEP

Treasury

Center,

2.587%,

6/10/27

(USD) 

3,173,000‌

2,822‌

PTTEP

Treasury

Center,

3.903%,

12/6/59

(USD) 

1,000,000‌

675‌

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD) 

6,002,000‌

3,605‌

Total

Thailand

(Cost

$25,098

)

20,704‌

TURKEY

1.7%

Corporate

Bonds

1.7%

Akbank

TAS,

6.80%,

2/6/26

(USD) 

1,875,000‌

1,817‌

Turk

Telekomunikasyon,

6.875%,

2/28/25

(USD) 

3,325,000‌

3,146‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

25

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Turkiye

Sise

ve

Cam

Fabrikalari,

6.95%,

3/14/26

(USD) 

1,814,000‌

1,772‌

Total

Turkey

(Cost

$6,958

)

6,735‌

UNITED

ARAB

EMIRATES

3.0%

Corporate

Bonds

3.0%

EMG

SUKUK,

4.564%,

6/18/24

(USD) 

4,150,000‌

4,101‌

Emirates

NBD

Bank,

VR,

6.125%

(USD)  (2)(3)

3,632,000‌

3,588‌

MAF

Global

Securities,

VR,

6.375%

(USD)  (2)(3)

4,574,000‌

4,403‌

Total

United

Arab

Emirates

(Cost

$13,131

)

12,092‌

UNITED

KINGDOM

0.0%

Common

Stocks

0.0%

Mriya

Farming  (5)(6)

758‌

—‌

Total

United

Kingdom

(Cost

$–

)

—‌

UNITED

STATES

0.9%

Bank

Loans

0.5%

(7)

Patagonia

Holdco,

FRN,

1M

TSFR

+

5.75%,

8/1/29  (8)

2,600,000‌

2,057‌

2,057‌

Corporate

Bonds

0.4%

LCPR

Senior

Secured

Financing,

5.125%,

7/15/29  (1)

550,000‌

457‌

LCPR

Senior

Secured

Financing,

6.75%,

10/15/27  (1)

1,308,000‌

1,223‌

1,680‌

Total

United

States

(Cost

$4,033

)

3,737‌

UZBEKISTAN

0.9%

Corporate

Bonds

0.9%

Ipoteka-Bank

ATIB,

5.50%,

11/19/25

(USD) 

4,150,000‌

3,619‌

Total

Uzbekistan

(Cost

$4,242

)

3,619‌

VIETNAM

1.1%

Corporate

Bonds

1.1%

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD)  (1)

480,000‌

400‌

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD) 

4,875,000‌

4,065‌

Total

Vietnam

(Cost

$5,341

)

4,465‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

26

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SHORT-TERM

INVESTMENTS

6.3%

Money

Market

Funds

6.3%

T.

Rowe

Price

Government

Reserve

Fund,

4.30%  (9)(10)

25,112,078‌

25,112‌

Total

Short-Term

Investments

(Cost

$25,112)

25,112‌

Total

Investments

in

Securities

99.0%

of

Net

Assets

(Cost

$453,468)

$

394,739‌

‡

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

$109,229

and

represents

27.4%

of

net

assets.

(2)

Perpetual

security

with

no

stated

maturity

date.

(3)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(4)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(5)

Non-income

producing

(6)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(7)

Bank

loan

positions

may

involve

multiple

underlying

tranches.

In

those

instances,

the

position

presented

reflects

the

aggregate

of

those

respective

underlying

tranches

and

the

rate

presented

reflects

the

weighted

average

rate

of

the

settled

positions.

(8)

All

or

a

portion

of

this

loan

is

unsettled

as

of

December

31,

2022.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(9)

Seven-day

yield

(10)

Affiliated

Companies

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

27

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

EUR

Euro

FRN

Floating

Rate

Note

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

28

(Amounts

in

000s)

SWAPS

(0.1)%

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

(0.1)%

Credit

Default

Swaps,

Protection

Sold

(0.1)%

United

States

(0.1)%

Protection

Sold

(Relevant

Credit:

Markit

CDX.EM-S38,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/27

4,275

(248)

(240)

(8‌)

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S39,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/27

4,275

32

65

(33‌)

Total

United

States

(41‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

(41‌)

Total

Centrally

Cleared

Swaps

(41‌)

Net

payments

(receipts)

of

variation

margin

to

date

39‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(2‌)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

29

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Morgan

Stanley

2/24/23

USD

522‌

EUR

501‌

$

(16‌)

State

Street

2/24/23

USD

1,059‌

EUR

1,017‌

(34‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(50‌)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

30

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

116

U.S.

Treasury

Notes

ten

year

contracts

3/23

(13,026)

$

169‌

Short,

66

Ultra

U.S.

Treasury

Bonds

contracts

3/23

(8,865)

(13‌)

Net

payments

(receipts)

of

variation

margin

to

date

(107‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

49‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

31

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

year

ended

December

31,

2022.

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,

4.30%

$

—‌#

$

—‌

$

216‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/21

Purchase

Cost

Sales

Cost

Value

12/31/22

T.

Rowe

Price

Government

Reserve

Fund,

4.30%

$

14,586‌

 ¤

  ¤

$

25,112‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$216

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

$25,112.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

December

31,

2022

Statement

of

Assets

and

Liabilities

32

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$453,468)

$

394,739‌

Interest

receivable

5,342‌

Cash

deposits

on

centrally

cleared

swaps

939‌

Cash

deposits

on

futures

contracts

684‌

Receivable

for

shares

sold

343‌

Variation

margin

receivable

on

futures

contracts

49‌

Due

from

affiliates

21‌

Foreign

currency

(cost

$1)

1‌

Other

assets

51‌

Total

assets

402,169‌

Liabilities

Payable

for

investment

securities

purchased

2,093‌

Payable

for

shares

redeemed

1,004‌

Investment

management

fees

payable

246‌

Unrealized

loss

on

forward

currency

exchange

contracts

50‌

Variation

margin

payable

on

centrally

cleared

swaps

2‌

Other

liabilities

55‌

Total

liabilities

3,450‌

NET

ASSETS

$

398,719‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

December

31,

2022

Statement

of

Assets

and

Liabilities

33

($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)

$

(174,252‌)

Paid-in

capital

applicable

to

45,245,567

shares

of

$0.01

par

value

capital

stock

outstanding;

18,000,000,000

shares

of

the

Corporation

authorized

572,971‌

NET

ASSETS

$

398,719‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

($95,609,376

/

10,853,958

shares

outstanding)

$

8.81‌

Advisor

Class

($195,124

/

22,145

shares

outstanding)

$

8.81‌

I

Class

($302,914,647

/

34,369,464

shares

outstanding)

$

8.81‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

Statement

of

Operations

34

($000s)

Year

Ended

12/31/22

Investment

Income

(Loss)

Income

    Interest

$

31,618‌

Dividend

216‌

Total

income

31,834‌

Expenses

Investment

management

4,440‌

Shareholder

servicing

Investor

Class

$

305‌

Advisor

Class

1‌

I

Class

41‌

347‌

Rule

12b-1

fees

Advisor

Class

1‌

Prospectus

and

shareholder

reports

Investor

Class

31‌

I

Class

30‌

61‌

Custody

and

accounting

294‌

Registration

137‌

Legal

and

audit

39‌

Directors

2‌

Miscellaneous

21‌

Waived

/

paid

by

Price

Associates

(373‌)

Total

expenses

4,969‌

Net

investment

income

26,865‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

Statement

of

Operations

35

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

12/31/22

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(106,058‌)

Futures

8,858‌

Swaps

22‌

Forward

currency

exchange

contracts

3‌

Foreign

currency

transactions

(8‌)

Net

realized

loss

(97,183‌)

Change

in

net

unrealized

gain

/

loss

Securities

(44,153‌)

Futures

290‌

Swaps

(41‌)

Forward

currency

exchange

contracts

(58‌)

Other

assets

and

liabilities

denominated

in

foreign

currencies

(2‌)

Change

in

net

unrealized

gain

/

loss

(43,964‌)

Net

realized

and

unrealized

gain

/

loss

(141,147‌)

DECREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

(114,282‌)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

Statement

of

Changes

in

Net

Assets

36

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/22

12/31/21

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

26,865‌

$

27,916‌

Net

realized

loss

(97,183‌)

(933‌)

Change

in

net

unrealized

gain

/

loss

(43,964‌)

(43,275‌)

Decrease

in

net

assets

from

operations

(114,282‌)

(16,292‌)

Distributions

to

shareholders

Net

earnings

Investor

Class

(6,438‌)

(8,355‌)

Advisor

Class

(15‌)

(11‌)

I

Class

(20,816‌)

(19,922‌)

Decrease

in

net

assets

from

distributions

(27,269‌)

(28,288‌)

Capital

share

transactions

*

Shares

sold

Investor

Class

74,074‌

192,534‌

Advisor

Class

104‌

456‌

I

Class

181,730‌

426,498‌

Distributions

reinvested

Investor

Class

6,317‌

8,192‌

Advisor

Class

14‌

10‌

I

Class

20,573‌

19,876‌

Shares

redeemed

Investor

Class

(167,950‌)

(112,996‌)

Advisor

Class

(473‌)

(44‌)

I

Class

(443,915‌)

(119,772‌)

Increase

(decrease)

in

net

assets

from

capital

share

transactions

(329,526‌)

414,754‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

Statement

of

Changes

in

Net

Assets

37

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/22

12/31/21

Net

Assets

Increase

(decrease)

during

period

(471,077‌)

370,174‌

Beginning

of

period

869,796‌

499,622‌

End

of

period

$

398,719‌

$

869,796‌

*Share

information

(000s)

Shares

sold

Investor

Class

7,839‌

17,619‌

Advisor

Class

11‌

43‌

I

Class

19,327‌

39,248‌

Distributions

reinvested

Investor

Class

695‌

759‌

Advisor

Class

1‌

1‌

I

Class

2,253‌

1,845‌

Shares

redeemed

Investor

Class

(18,326‌)

(10,548‌)

Advisor

Class

(52‌)

(4‌)

I

Class

(49,433‌)

(11,236‌)

Increase

(decrease)

in

shares

outstanding

(37,685‌)

37,727‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

NOTES

TO

FINANCIAL

STATEMENTS

38

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.

Prior

to

November

15,

2021,

the

initial

investment

minimum

was

$1

million

and

was

generally

waived

for

financial

intermediaries,

eligible

retirement

plans,

and

other

certain

accounts.

As

a

result

of

the

reduction

in

the

I

Class

minimum,

certain

assets

transferred

from

the

Investor

Class

to

the

I

Class.

This

transfer

of

shares

from

Investor

Class

to

I

Class

is

reflected

in

the

Statement

of

Changes

in

Net

Assets

within

the

Capital

shares

transactions

as

Shares

redeemed

and

Shares

sold,

respectively.

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.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

39

Investment

Transactions,

Investment

Income,

and

Distributions

Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis.

Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes.

Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense.

Dividends

received

from

mutual

fund

investments

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.

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

40

New

Accounting

Guidance

 In

June

2022,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions,

which

clarifies

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

is

not

considered

in

measuring

fair

value.

The

amendments

under

this

ASU

are

effective

for

fiscal

years

beginning

after

December

15,

2023;

however,

the

fund

opted

to

early

adopt,

as

permitted,

effective

December

1,

2022. Adoption

of

the

guidance

did not

have

a

material

impact

on

the fund's

financial  statements.

The

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2020–04,

Reference

Rate

Reform

(Topic

848) –

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

in

March

2020

and

ASU

2021-01

in

January

2021

which

provided

further

amendments

and

clarifications

to

Topic

848.

These

ASUs provide

optional,

temporary

relief

with

respect

to

the

financial

reporting

of

contracts

subject

to

certain

types

of

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR),

and

other

interbank-offered

based

reference

rates,

through December

31,

2022.

In

December,

2022,

FASB

issued

ASU

2022-06

which

defers

the

sunset

date

of

Topic

848

from

December

31,

2022,

to

December

31,

2024,

after

which

entities

will

no

longer

be

permitted

to

apply

the

relief

in

Topic

848.

Management

intends

to

rely

upon

the

relief

provided

under

Topic

848,

which

is

not

expected to

have

a

material

impact

on

the fund's

financial  statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

41

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

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

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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

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.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Assets

and

liabilities

other

than

financial

instruments,

including

short-

term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

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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.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

December

31,

2022

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

369,627‌

$

—‌

$

369,627‌

Common

Stocks

—‌

—‌

—‌

—‌

Short-Term

Investments

25,112‌

—‌

—‌

25,112‌

Total

Securities

25,112‌

369,627‌

—‌

394,739‌

Futures

Contracts*

169‌

—‌

—‌

169‌

Total

$

25,281‌

$

369,627‌

$

—‌

$

394,908‌

Liabilities

Swaps*

$

—‌

$

41‌

$

—‌

$

41‌

Forward

Currency

Exchange

Contracts

—‌

50‌

—‌

50‌

Futures

Contracts*

13‌

—‌

—‌

13‌

Total

$

13‌

$

91‌

$

—‌

$

104‌

1

Includes

Bank

Loans,

Convertible

Bonds,

Corporate

Bonds

and

Government

Bonds.

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

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NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

year ended

December

31,

2022,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

December

31,

2022,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

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Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

December

31,

2022,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

Assets

Interest

rate

derivatives

Futures

$

169‌

*

Total

$

169‌

*

Liabilities

Interest

rate

derivatives

Futures

$

13‌

Foreign

exchange

derivatives

Forwards

50‌

Credit

derivatives

Centrally

Cleared

Swaps

41‌

Total

$

104‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

($000s)                                              

Location

of

Gain

(Loss)

on

Statement

of

Operations

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Interest

rate

derivatives

$

8,858‌

$

—‌

$

—‌

$

8,858‌

Foreign

exchange

derivatives

—‌

3‌

—‌

3‌

Credit

derivatives

—‌

—‌

22‌

22‌

Total

$

8,858‌

$

3‌

$

22‌

$

8,883‌

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Counterparty

Risk

and

Collateral

 The

fund

invests

in

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-

traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Derivatives,

such

as

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

counterparty

risk.

To

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

also

require

the

exchange

of

collateral

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund’s

net

($000s)                                                

Location

of

Gain

(Loss)

on

Statement

of

Operations

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Change

in

Unrealized

Gain

(Loss)

Interest

rate

derivatives

$

290‌

$

—‌

$

—‌

$

290‌

Foreign

exchange

derivatives

—‌

(58‌)

—‌

(58‌)

Credit

derivatives

—‌

—‌

(41‌)

(41‌)

Total

$

290‌

$

(58‌)

$

(41‌)

$

191‌

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assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

a

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Collateral

may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

Collateral

pledged

by

counterparties

is

not

included

in

the

fund’s

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

or

received

by

the

fund

is

held

in

a

segregated

account

at

the

fund’s

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

December

31,

2022,

no

collateral

was

pledged

by

either

the

fund

or

counterparties for

bilateral

derivatives. As

of

December

31,

2022,

cash

of $1,623,000 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

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reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund’s

total

return;

and

the

potential

for

losses

in

excess

of

the

fund’s

initial

investment.

During

the

year ended

December

31,

2022,

the

volume

of

the

fund’s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

between

0%

and

1%

of

net

assets.

Futures

Contracts

 The

fund

is

subject

to interest

rate

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risk.

The

fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

credit

quality,

and

mortgage

prepayments;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/or

interest

rates,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

year ended

December

31,

2022,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

4%

and

9%

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

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(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

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.

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

in

the

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Generally,

the

payment

risk

for

the

seller

of

protection

is

inversely

related

to

the

current

market

price

or

credit

rating

of

the

underlying

credit

or

the

market

value

of

the

contract

relative

to

the

notional

amount,

which

are

indicators

of

the

markets’

valuation

of

credit

quality.

As

of

December

31,

2022,

the

notional

amount

of

protection

sold

by

the

fund

totaled $8,550,000

(2.1%

of

net

assets),

which

reflects

the

maximum

potential

amount

the

fund

could

be

required

to

pay

under

such

contracts.

Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

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.

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During

the

year ended

December

31,

2022,

the

volume

of

the

fund’s

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

0%

and

3%

of

net

assets.

NOTE

4

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective,

the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of

the

fund

are

described

more

fully

in

the

fund’s

prospectus

and

Statement

of

Additional

Information.

Emerging

and

Frontier

Markets

 The fund

invests,

either

directly

or

through

investments

in

other

T.

Rowe

Price

funds,

in

securities

of

companies

located

in,

issued

by

governments

of,

or

denominated

in

or

linked

to

the

currencies

of

emerging

and

frontier

market

countries.

Emerging

markets,

and

to

a

greater

extent

frontier

markets, tend

to

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

that

are

less

stable,

than

those

of

developed

countries.

These

markets

may

be

subject

to

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund’s

ability

to

buy

or

sell

certain

securities

or

repatriate

proceeds

to

U.S.

dollars.

Emerging

markets

securities

exchanges

are

more

likely

to

experience

delays

with

the

clearing

and

settling

of

trades,

as

well

as

the

custody

of

holdings

by

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

to

greater

price

volatility,

less

liquidity,

and

higher

rates

of

inflation

than

U.S.

securities.

Investing

in

frontier

markets

is

typically

significantly

riskier

than

investing

in

other

countries,

including

emerging

markets.

Noninvestment-Grade

Debt

 The

fund

invests,

either

directly

or

through

its

investment

in

other

T.

Rowe

Price

funds,

in

noninvestment-grade

debt,

including

“high

yield”

or

“junk”

bonds

or

leveraged

loans.

Noninvestment-grade

debt

issuers

are

more

likely

to

suffer

an

adverse

change

in

financial

condition

that

would

result

in

the

inability

to

meet

a

financial

obligation.

The

noninvestment-grade

debt

market

may

experience

sudden

and

sharp

price

swings

due

to

a

variety

of

factors

that

may

decrease

the

ability

of

issuers

to

make

principal

and

interest

payments

and

adversely

affect

the

liquidity

or

value,

or

both,

of

such

securities.

Accordingly,

securities

issued

by

such

companies

carry

a

higher

risk

of

default

and

should

be

considered

speculative. 

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.

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Bank

Loans

 The

fund

invests

in

bank

loans,

which

represent

an

interest

in

amounts

owed

by

a

borrower

to

a

syndicate

of

lenders.

Bank

loans

are

generally

noninvestment

grade

and

often

involve

borrowers

whose

financial

condition

is

highly

leveraged.

The

fund

may

invest

in

fixed

and

floating

rate

loans,

which

may

include

senior

floating

rate

loans;

secured

and

unsecured

loans,

second

lien

or

more

junior

loans;

and

bridge

loans

or

bridge

facilities.

Certain

bank

loans

may

be

revolvers

which

are

a

form

of

senior

bank

debt,

where

the

borrower

can

draw

down

the

credit

of

the

revolver

when

it

needs

cash

and

repays

the

credit

when

the

borrower

has

excess

cash.

Certain

loans

may

be

“covenant-lite”

loans,

which

means

the

loans

contain

fewer

maintenance

covenants

than

other

loans

(in

some

cases,

none)

and

do

not

include

terms

which

allow

the

lender

to

monitor

the

performance

of

the

borrower

and

declare

a

default

if

certain

criteria

are

breached.

As

a

result

of

these

risks,

the

fund’s

exposure

to

losses

may

be

increased.

Bank

loans

may

be

in

the

form

of

either

assignments

or

participations.

A

loan

assignment

transfers

all

legal,

beneficial,

and

economic

rights

to

the

buyer,

and

transfer

typically

requires

consent

of

both

the

borrower

and

agent.

In

contrast,

a

loan

participation

generally

entitles

the

buyer

to

receive

the

cash

flows

from

principal,

interest,

and

any

fee

payments

on

a

portion

of

a

loan;

however,

the

seller

continues

to

hold

legal

title

to

that

portion

of

the

loan.

As

a

result,

the

buyer

of

a

loan

participation

generally

has

no

direct

recourse

against

the

borrower

and

is

exposed

to

credit

risk

of

both

the

borrower

and

seller

of

the

participation.

Bank

loans

often

have

extended

settlement

periods,

generally

may

be

repaid

at

any

time

at

the

option

of

the

borrower,

and

may

require

additional

principal

to

be

funded

at

the

borrowers’

discretion

at

a

later

date

(e.g.

unfunded

commitments

and

revolving

debt

instruments).

Until

settlement,

the

fund

maintains

liquid

assets

sufficient

to

settle

its

unfunded

loan

commitments.

The

fund

reflects

both

the

funded

portion

of

a

bank

loan

as

well

as

its

unfunded

commitment

in

the

Portfolio

of

Investments.

However,

if

a

credit

agreement

provides

no

initial

funding

of

a

tranche,

and

funding

of

the

full

commitment

at

a

future

date(s)

is

at

the

borrower’s

discretion

and

considered

uncertain,

a

loan

is

reflected

in

the

Portfolio

of

Investments

only

if,

and

only

to

the

extent

that,

the

fund

has

actually

settled

a

funding

commitment.

LIBOR

Transition

 The fund

may

invest

in

instruments

that

are

tied

to

reference

rates,

including

LIBOR.

Over

the

course

of

the

last

several

years,

global

regulators

have

indicated

an

intent

to

phase

out

the

use

of

LIBOR

and

similar

interbank

offered

rates

(IBOR).

While

publication

for

most

LIBOR

currencies

and

lesser-used

USD

LIBOR

settings

ceased

immediately

after

December

31,

2021,

remaining

USD

LIBOR

settings

will

continue

to

be

published

until

June

30,

2023.

There

remains

uncertainty

regarding

the

future

utilization

of

LIBOR

and

the

nature

of

any

replacement

rate.

Any

potential

effects

of

the

transition

away

from

LIBOR

on

the fund,

or

on

certain

instruments

in

T.

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52

which

the fund

invests,

cannot

yet

be

determined.

The

transition

process

may

result

in,

among

other

things,

an

increase

in

volatility

or

illiquidity

of

markets

for

instruments

that

currently

rely

on

LIBOR,

a

reduction

in

the

value

of

certain

instruments

held

by

the fund,

or

a

reduction

in

the

effectiveness

of

related

fund

transactions

such

as

hedges.

Any

such

effects

could

have

an

adverse

impact

on

the fund's

performance.

Other

Purchases

and

sales

of

portfolio

securities

other

than

short-term securities

aggregated $250,451,000 and

$572,226,000,

respectively,

for

the

year ended

December

31,

2022.

NOTE

5

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since the fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its

taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required. The

fund’s

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

($000s)

December

31,

2022

December

31,

2021

Ordinary

income

(including

short-term

capital

gains,

if

any)

$

27,269‌

$

28,288‌

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At

December

31,

2022,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were

as

follows:

At

December

31,

2022,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

the

realization

of

gains/

losses

on

certain

open

derivative

contracts

and

wash

sales.

The

loss

carryforwards

and

deferrals

primarily

relate

to

capital

loss

carryforwards

and

straddle

deferrals. Capital

loss

carryforwards

are

available

indefinitely

to

offset

future

realized

capital

gains.

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

($000s)

Cost

of

investments

$

455,279‌

Unrealized

appreciation

$

1,058‌

Unrealized

depreciation

(61,598‌)

Net

unrealized

appreciation

(depreciation)

$

(60,540‌)

($000s)

Overdistributed

ordinary

income

$

(196‌)

Net

unrealized

appreciation

(depreciation)

(60,540‌)

Loss

carryforwards

and

deferrals

(113,516‌)

Total

distributable

earnings

(loss)

$

(174,252‌)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

54

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund’s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’s

average

daily

net

assets. At

December

31,

2022,

the

effective

annual

group

fee

rate

was

0.29%.

The Investor Class

and Advisor Class

are

each

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

dates

indicated

in

the

table

below.

During

the

limitation

period,

Price

Associates

is

required

to

waive

its

management

fee

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

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

Each

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the

class’s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver. 

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

Pursuant

to

these

agreements,

expenses

were

waived/paid

by

and/or

repaid

to

Price

Associates

during

the

year ended December

31,

2022

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $836,000 remain

subject

to

repayment

by

the

fund

at

December

31,

2022.

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.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

55

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class

and

Advisor Class.

For

the

year ended

December

31,

2022,

expenses

incurred

pursuant

to

these

service

agreements

were

$103,000 for

Price

Associates;

$118,000 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.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

year ended

December

31,

2022,

the

aggregate

value

of

purchases

and

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates

was

less

than

1%

of

the

fund’s

net

assets

as

of

December

31,

2022.

Investor

Class

Advisor

Class

I

Class

Expense

limitation/I

Class

Limit

0.88%

1.16%

0.05%

Expense

limitation

date

04/30/24

04/30/24

04/30/24

(Waived)/repaid

during

the

period

($000s)

$(174)

$(1)

$(198)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

56

NOTE

7

-

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

57

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Directors

of

T.

Rowe

Price

International

Funds,

Inc.

and

Shareholders

of

T.

Rowe

Price

Emerging

Markets

Corporate

Bond

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T.

Rowe

Price

Emerging

Markets

Corporate

Bond

Fund

(one

of

the

funds

constituting

T.

Rowe

Price

International

Funds,

Inc.,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2022,

the

related

statement

of

operations

for

the

year

ended

December

31,

2022,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2022

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2022,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2022

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

58

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2022

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.   

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

February

16,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T.

Rowe

Price

group

of

investment

companies

since

1973.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

(continued)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

59

TAX

INFORMATION

(UNAUDITED)

FOR

THE

TAX

YEAR

ENDED 12/31/22

We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

For

shareholders

subject

to

interest

expense

deduction

limitation

under

Section

163(j), $25,144,000 of

the

fund’s

income

qualifies

as

a

Section

163(j)

interest

dividend

and

can

be

treated

as

interest

income

for

purposes

of

Section

163(j),

subject

to

holding

period

requirements

and

other

limitations.

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

https://www.troweprice.com/corporate/us/en/utility/policies.html

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.com

.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

60

APPROVAL

OF

SUBADVISORY

AGREEMENT

At

a

meeting

held

on

July

25,

2022

(Meeting),

the

fund’s

Board

of

Directors

(Board)

considered

the

initial

approval

of

an

investment

subadvisory

agreement

(Subadvisory

Contract)

that

T.

Rowe

Price

Associates,

Inc.

(Adviser),

entered

into

with

T.

Rowe

Price

International

Ltd

(Subadviser)

on

behalf

of

the

fund.

The

Subadvisory

Contract

authorizes

the

Subadviser

to

have

investment

discretion

with

respect

to

all

or

a

portion

of

the

fund’s

portfolio.

The

Board

noted

that

the

Subadvisory

Contract

will

be

substantially

similar

to

other

subadvisory

agreements

that

are

in

place

for

other

T.

Rowe

Price

funds

that

delegate

investment

management

responsibilities

to

affiliated

investment

advisers

and

that

the

Adviser

will

retain

oversight

responsibilities

with

respect

to

the

fund.

The

Board

also

noted

that

the

new

subadvisory

arrangement

will

not

change

the

total

advisory

fees

paid

by

the

fund.

However,

under

the

Subadvisory

Contract,

the

Adviser

may

pay

the

Subadviser

up

to

60%

of

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

At

the

Meeting,

the

Board

reviewed

materials

relevant

to

its

consideration

of

the

proposed

Subadvisory

Contract.

Each

year,

the

Board

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

the

Adviser.

The

fund’s

Advisory

Contract

was

most

recently

approved

by

the

Board

at

a

meeting

held

on

March

7–8,

2022

(March

Meeting).

A

discussion

of

the

basis

for

the

Board’s

approval

of

the

Advisory

Contract

is

included

in

the

fund’s

semiannual

shareholder

report

for

the

period

ended

June

30,

2022.

The

factors

considered

by

the

Board

at

the

Meeting

in

connection

with

approval

of

the

proposed

Subadvisory

Contract

were

substantially

similar

to

the

factors

considered

at

the

March

Meeting

in

connection

with

the

approval

to

continue

the

Advisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Subadvisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

Following

discussion

at

the

Meeting,

the

Board,

including

all

of

the

fund’s

independent

directors,

approved

the

Subadvisory

Contract

between

the

Adviser

and

Subadviser

on

behalf

of

the

fund.

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

Subadvisory

Contract

effective

September

1,

2022.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

61

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

In

accordance

with

Rule

22e-4

(Liquidity

Rule)

under

the

Investment

Company

Act

of

1940,

as

amended,

the

fund

has

established

a

liquidity

risk

management

program

(Liquidity

Program)

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk,

which

generally

represents

the

risk

that

the

fund

would

not

be

able

to

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

fund’s

Board

of

Directors

(Board)

has

appointed

the

fund’s

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

the

administrator

of

the

Liquidity

Program.

As

administrator,

the

Adviser

is

responsible

for

overseeing

the

day-to-day

operations

of

the

Liquidity

Program

and,

among

other

things,

is

responsible

for

assessing,

managing,

and

reviewing

with

the

Board

at

least

annually

the

liquidity

risk

of

each

T.

Rowe

Price

fund.

The

Adviser

has

delegated

oversight

of

the

Liquidity

Program

to

a

Liquidity

Risk

Committee

(LRC),

which

is

a

cross-functional

committee

composed

of

personnel

from

multiple

departments

within

the

Adviser.

The

Liquidity

Program’s

principal

objectives

include

supporting

the

T.

Rowe

Price

funds’

compliance

with

limits

on

investments

in

illiquid

assets

and

mitigating

the

risk

that

the

fund

will

be

unable

to

timely

meet

its

redemption

obligations.

The

Liquidity

Program

also

includes

a

number

of

elements

that

support

the

management

and

assessment

of

liquidity

risk,

including

an

annual

assessment

of

factors

that

influence

the

fund’s

liquidity

and

the

periodic

classification

and

reclassification

of

a

fund’s

investments

into

categories

that

reflect

the

LRC’s

assessment

of

their

relative

liquidity

under

current

market

conditions.

Under

the

Liquidity

Program,

every

investment

held

by

the

fund

is

classified

at

least

monthly

into

one

of

four

liquidity

categories

based

on

estimations

of

the

investment’s

ability

to

be

sold

during

designated

time

frames

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

As

required

by

the

Liquidity

Rule,

at

a

meeting

held

on

July

25,

2022,

the

Board

was

presented

with

an

annual

assessment

prepared

by

the

LRC,

on

behalf

of

the

Adviser,

that

addressed

the

operation

of

the

Liquidity

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

any

material

changes

to

the

Liquidity

Program

and

the

determination

of

each

fund’s

Highly

Liquid

Investment

Minimum

(HLIM).

The

annual

assessment

included

consideration

of

the

following

factors,

as

applicable:

the

fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions,

including

whether

the

investment

strategy

is

appropriate

for

an

open-end

fund,

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

the

use

of

borrowings

for

investment

purposes

and

derivatives;

short-term

and

long-term

cash

flow

projections

covering

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

holdings

of

cash

and

cash

equivalents,

as

well

as

available

borrowing

arrangements.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

62

For

the

fund

and

other

T.

Rowe

Price

funds,

the

annual

assessment

incorporated

a

report

related

to

a

fund’s

holdings,

shareholder

and

portfolio

concentration,

any

borrowings

during

the

period,

cash

flow

projections,

and

other

relevant

data

for

the

period

of

April

1,

2021,

through

March

31,

2022.

The

report

described

the

methodology

for

classifying

a

fund’s

investments

(including

any

derivative

transactions)

into

one

of

four

liquidity

categories,

as

well

as

the

percentage

of

a

fund’s

investments

assigned

to

each

category.

It

also

explained

the

methodology

for

establishing

a

fund’s

HLIM

and

noted

that

the

LRC

reviews

the

HLIM

assigned

to

each

fund

no

less

frequently

than

annually.

During

the

period

covered

by

the

annual

assessment,

the

LRC

has

concluded,

and

reported

to

the

Board,

that

the

Liquidity

Program

continues

to

operate

adequately

and

effectively

and

is

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(continued)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

63

ABOUT

THE

FUND'S

DIRECTORS

AND

OFFICERS

Your

fund

is

overseen

by

a

Board

of

Directors

(Board)

that

meets

regularly

to

review

a

wide

variety

of

matters

affecting

or

potentially

affecting

the

fund,

including

performance,

investment

programs,

compliance

matters,

advisory

fees

and

expenses,

service

providers,

and

business

and

regulatory

affairs.

The

Board

elects

the

fund’s

officers,

who

are

listed

in

the

final

table.

The

directors

who

are

also

employees

or

officers

of

T.

Rowe

Price

are

considered

to

be

“interested”

directors

as

defined

in

Section

2(a)(19)

of

the

1940

Act

because

of

their

relationships

with

T.

Rowe

Price

and

its

affiliates.

The

business

address

of

each

director

and

officer

is

100

East

Pratt

Street,

Baltimore,

Maryland

21202.

The

Statement

of

Additional

Information

includes

additional

information

about

the

fund

directors

and

is

available

without

charge

by

calling

a

T.

Rowe

Price

representative

at

1-800-638-5660.

INDEPENDENT

DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Teresa

Bryce

Bazemore

(1959)

2018

[205]

President

and

Chief

Executive

Officer,

Federal

Home

Loan

Bank

of

San

Francisco

(2021

to

present);

President,

Radian

Guaranty

(2008

to

2017);

Chief

Executive

Officer,

Bazemore

Consulting

LLC

(2018

to

2021);

Director,

Chimera

Investment

Corporation

(2017

to

2021);

Director,

First

Industrial

Realty

Trust

(2020

to

present);

Director,

Federal

Home

Loan

Bank

of

Pittsburgh

(2017

to

2019)

Ronald

J.

Daniels

(b)

(1959)

2018

[0]

President,

The

Johns

Hopkins

University

and

Professor,

Political

Science

Department,

The

Johns

Hopkins

University

(2009

to

present);

Director,

Lyndhurst

Holdings

(2015

to

present);

Director,

BridgeBio

Pharma,

Inc.

(2020

to

present)

Bruce

W.

Duncan

(1951)

2013

[205]

President,

Chief

Executive

Officer,

and

Director,

CyrusOne,

Inc.

(2020

to

2021);

Chief

Executive

Officer

and

Director

(2009

to

2016),

Chair

of

the

Board

(2016

to

2020),

and

President

(2009

to

2016),

First

Industrial

Realty

Trust,

owner

and

operator

of

industrial

properties;

Chair

of

the

Board

(2005

to

2016)

and

Director

(1999

to

2016),

Starwood

Hotels

&

Resorts,

a

hotel

and

leisure

company;

Member,

Investment

Company

Institute

Board

of

Governors

(2017

to

2019);

Member,

Independent

Directors

Council

Governing

Board

(2017

to

2019);

Senior

Advisor,

KKR

(2018

to

present);

Director,

Boston

Properties

(2016

to

present);

Director,

Marriott

International,

Inc.

(2016

to

2020)

Robert

J.

Gerrard,

Jr.

(1952)

2012

[205]

Advisory

Board

Member,

Pipeline

Crisis/Winning

Strategies,

a

collaborative

working

to

improve

opportunities

for

young

African

Americans

(1997

to

2016);

Chair

of

the

Board,

all

funds

(July

2018

to

present)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

64

INTERESTED  DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Paul

F.

McBride

(1956)

2013

[205]

Advisory

Board

Member,

Vizzia

Technologies

(2015

to

present);

Board

Member,

Dunbar

Armored

(2012

to

2018)

Kellye

L.

Walker

(c)

(1966)

2021

[205]

Executive

Vice

President

and

Chief

Legal

Officer,

Eastman

Chemical

Company

(April

2020

to

present);

Executive

Vice

President

and

Chief

Legal

Officer,

Huntington

Ingalls

Industries,

Inc.

(January

2015

to

March

2020);

Director,

Lincoln

Electric

Company

(October

2020

to

present)

(a)

All

information

about

the

independent

directors

was

current

as

of

December

31,

2021,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

(b)

Effective

April

27,

2022,

Mr.

Daniels

resigned

from

his

role

as

an

independent

director

of

the

Price

Funds.

(c)

Effective

November

8,

2021,

Ms.

Walker

was

appointed

as

an

independent

director

of

the

Price

Funds.

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

David

Oestreicher

(1967)

2018

[205]

Director,

Vice

President,

and

Secretary,

T.

Rowe

Price,

T.

Rowe

Price

Investment

Services,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

and

T.

Rowe

Price

Services,

Inc.;

Director

and

Secretary,

T.

Rowe

Price

Investment

Management,

Inc.

(Price

Investment

Management);

Vice

President

and

Secretary,

T.

Rowe

Price

International

(Price

International);

Vice

President,

T.

Rowe

Price

Hong

Kong

(Price

Hong

Kong),

T. Rowe

Price

Japan

(Price

Japan),

and

T.

Rowe

Price

Singapore

(Price

Singapore);

General

Counsel,

Vice

President,

and

Secretary,

T.

Rowe

Price

Group,

Inc.;

Chair

of

the

Board,

Chief

Executive

Officer,

President,

and

Secretary,

T.

Rowe

Price

Trust

Company;

Principal

Executive

Officer

and

Executive

Vice

President,

all

funds

Robert

W.

Sharps,

CFA,

CPA

(b)

(1971)

2017

[0]

Director

and

Vice

President,

T.

Rowe

Price;

Director,

Price

Investment

Management;

Chief

Executive

Officer

and

President,

T.

Rowe

Price

Group,

Inc.;

Vice

President,

T.

Rowe

Price

Trust

Company;

Vice

President,

International

Funds

INDEPENDENT

DIRECTORS

(a)

(CONTINUED)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

65

OFFICERS

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Eric

L.

Veiel,

CFA

(1972)

2022

[205]

Director

and

Vice

President,

T.

Rowe

Price;

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

(a)

All

information

about

the

interested

directors

was

current

as

of

January

1,

2022,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

(b)

Effective

February

3,

2022,

Mr.

Sharps

resigned

from

his

role

as

an

interested

director

of

the

Price

Funds.

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Mariel

Abreu

(1981)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Jason Adams

(1979)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Ulle

Adamson,

CFA

(1979)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Roy

H.

Adkins

(1970)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Syed

H.

Ali

(1970)

Vice

President

Vice

President,

Price

Hong

Kong,

Price

Singapore,

and

T.

Rowe

Price

Group,

Inc.

Kennard

W.

Allen

(1977)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Paulina

Amieva

(1981)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Malik

S.

Asif

(1981)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Ziad

Bakri,

M.D.,

CFA

(1980)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Harishankar

Balkrishna

(1983)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Sheena

L.

Barbosa

(1983)

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

INTERESTED  DIRECTORS

(a)

(CONTINUED)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

66

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Jason

A.

Bauer

(1979)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Luis

M.

Baylac

(1982)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

R.

Scott

Berg,

CFA

(1972)

Executive

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Steven

E.

Boothe,

CFA

(1977)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Peter

I.

Botoucharov

(1965)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Tala

Boulos

(1984)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Christopher

P.

Brown, CFA

(1977)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Armando

(Dino)

Capasso

(1974)

Chief

Compliance

Officer

Chief

Compliance

Officer

and

Vice

President,

T.

Rowe

Price

and

Price

Investment

Management;

Vice

President,

T.

Rowe

Price

Group,

Inc.;

formerly,

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

AST

Investment

Services,

Inc.

(ASTIS)

(to

2022);

Chief

Compliance

Officer,

PGIM

Retail

Funds

complex

and

Prudential

Insurance

Funds

(to

2022);

Vice

President

and

Deputy

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

ASTIS

(to

2019);

Senior

Vice

President

and

Senior

Counsel,

Pacific

Investment

Management

Company

LLC

(to

2017) 

Shiu

Tak

(Sheldon)

Chan

(1981)

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Andrew

Chang

(1983)

Vice

President

Vice

President,

Price

Singapore

and

T.

Rowe

Price

Group,

Inc.

Carolyn

Hoi

Che

Chu

(1974)

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Vincent

Chung

(1988)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International;

formerly,

Investment

Analyst/Trader,

Observatory

Capital

Management

LLP

(to

2019)

Archibald

Ciganer,

CFA

(1976)

Executive

Vice

President

Director

and

Vice

President,

Price

Japan;

Vice

President,

T.

Rowe

Price

Group,

Inc.

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

67

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Richard

N.

Clattenburg,

CFA

(1979)

Executive

Vice

President

Vice

President,

Price

Singapore,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

Price

International,

and

T.

Rowe

Price

Trust

Company

Michael

F.

Connelly,

CFA

(1977)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Richard

de

los

Reyes

(1975)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Michael

Della

Vedova

(1969)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Iona

Dent,

CFA

(1991)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International;

formerly,

Associate,

Equity

Research,

Deutsche

Bank

(to

2018)

Maria

Elena

Drew

(1973)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Shawn

T.

Driscoll

(1975)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Alan

S.

Dupski,

CPA

(1982)

Principal

Financial

Officer,

Vice

President,

and

Treasurer

Vice

President,

Price

Investment

Management,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Bridget

A.

Ebner

(1970)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

David

J.

Eiswert,

CFA

(1972)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Dawei

Feng

(1979)

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.; formerly,

Head

of

China

Consumer

in

Equity

Research,

Credit Lyonnais

Asia-Pacific

(to

2018)

Ryan

W.

Ferro

(1985)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Mark

S.

Finn,

CFA,

CPA

(1963)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Quentin

S.

Fitzsimmons

(1968)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Justin

T.

Gerbereux,

CFA

(1975)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Aaron

Gifford,

CFA

(1987)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

68

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Vishnu

V.

Gopal

(1979)

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Joel

Grant

(1978)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Gary

J.

Greb

(1961)

Vice

President

Vice

President,

Price

Investment

Management,

T.

Rowe

Price,

Price

International,

and

T.

Rowe

Price

Trust

Company

Benjamin

Griffiths,

CFA

(1977)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Gianluca

Guicciardi

(1983)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Shaoyu

Guo

(1992)

Vice

President

Vice

President,

Price

Hong

Kong;

formerly,

Economist,

J.P.

Morgan

(to

2020)

Richard

L.

Hall

(1979)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Cheryl

Hampton,

CPA

(1969)

Vice

President

Vice

President,

T.

Rowe

Price;

formerly,

Tax

Director,

Invesco

Ltd.

(to

2021);

Vice

President,

Oppenheimer

Funds,

Inc.

(to

2019)

Nabil

Hanano,

CFA

(1984)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Jeffrey

Holford,

Ph.D.,

ACA

(1972)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.;

formerly,

Managing

Director,

Jeffries

Financial

Group

(to

2018)

Stefan

Hubrich,

Ph.D.,

CFA

(1974)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Arif

Husain,

CFA

(1972)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Tetsuji

Inoue

(1971)

Vice

President

Vice

President,

Price

Hong

Kong,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Michael Jacobs

(1971)

Vice

President

Vice

President,

Price

Japan,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Randal

S.

Jenneke

(1971)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.

Prashant

G.

Jeyaganesh

(1983)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Nina

P.

Jones,

CPA

(1980)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

69

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Yoichiro

Kai

(1973)

Vice

President

Vice

President,

Price

Singapore,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Jacob

H.

Kann,

CFA

(1987)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Jai

Kapadia

(1982)

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Andrew

J.

Keirle

(1974)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Benjamin

Kersse,

CPA

(1989)

Vice

President

Vice

President,

T.

Rowe

Price

Takanori

Kobayashi

(1981)

Vice

President

Vice

President,

Price

Japan,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Paul

J.

Krug,

CPA

(1964)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Christopher

J.

Kushlis,

CFA

(1976)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Shengrong

Lau

(1982)

Vice

President

Vice

President,

Price

Singapore

and

T.

Rowe

Price

Group,

Inc.

Lu

Liu

(1979)

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Johannes

Loefstrand

(1988)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Anh Lu

(1968)

Executive

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Sebastien

Mallet

(1974)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Jennifer Martin

(1972)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Ryan

Martyn

(1979)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Colin

McQueen

(1967)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International;

formerly,

Senior

Investment

Manager,

Global

Equities,

Sanlam

FOUR

Investments

UK

Limited

(to

2019)

Raymond

A.

Mills,

Ph.D.,

CFA

(1960)

Executive

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

Price

International,

and

T.

Rowe

Price

Trust

Company

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

70

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Jihong

Min

(1979)

Executive

Vice

President

Vice

President,

Price

Singapore

and

T.

Rowe

Price

Group,

Inc.

Eric

C.

Moffett

(1974)

Executive

Vice

President

Vice

President,

Price

Singapore

and

T.

Rowe

Price

Group,

Inc.

Ivan

Morozov,

CFA

(1987)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Samy

B.

Muaddi,

CFA

(1984)

Executive

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Tobias

F. Mueller,

CFA

(1980)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Razan

Nasser

(1985)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International;

formerly,

Senior

Economist,

HSBC

Bank

Middle

East

Ltd

(to

2019)

Philip

A.

Nestico

(1976)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Sridhar

Nishtala

(1975)

Vice

President

Director

and

Vice

President,

Price

Singapore;

Vice

President,

T.

Rowe

Price

Group,

Inc.

Kenneth

A.

Orchard

(1975)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Oluwaseun Oyegunle,

CFA

(1984)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Fran

M.

Pollack-Matz

(1961)

Vice

President

and

Secretary 

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Investment

Services,

Inc.,

and

T.

Rowe

Price

Services,

Inc.

Shannon

H.

Rauser

(1987)

Assistant

Secretary 

Assistant

Vice

President,

T.

Rowe

Price

Todd

Reese

(1990)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Melanie

A.

Rizzo

(1982)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

David

L.

Rowlett,

CFA

(1975)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Federico

Santilli,

CFA

(1974)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Nikolaj

Schmidt

(1975)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and Price

International

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

71

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Sebastian

Schrott

(1977)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Bin

Shen,

CFA

(1987)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

John

C.A.

Sherman

(1969)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Weijie

(Vivian)

Si

(1983)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Scott

D.

Solomon,

CFA

(1981)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Joshua

K.

Spencer,

CFA

(1973)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

David

Stanley

(1963)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Saurabh

Sud,

CFA

(1985)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.;

formerly,

Senior

Vice

President,

PIMCO

(to

2018)

Taymour

R.

Tamaddon,

CFA

(1976)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Ju

Yen

Tan

(1972)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Sin

Dee

Tan,

CFA

(1979)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Siby

Thomas

(1979)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Justin

Thomson

(1968)

President

Director,

Price

Hong

Kong;

Vice

President,

T.

Rowe

Price

Group,

Inc.;

Director

and

Vice

President,

Price

International

Willem

Visser

(1979)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Christopher Vost

(1989)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Zenon

Voyiatzis

(1971)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Verena

E.

Wachnitz,

CFA

(1978)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

72

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Megan

Warren

(1968)

Vice

President

OFAC

Sanctions

Compliance

Officer

and

Vice

President,

Price

Investment

Management;

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

T.

Rowe

Price

Services,

Inc.,

and

T.

Rowe

Price

Trust

Company

Hiroshi

Watanabe,

CFA

(1975)

Vice

President

Director

and

Vice

President,

Price

Japan;

Vice

President,

T.

Rowe

Price

Group,

Inc. 

James

Woodward,

CFA

(1974)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Marta

Yago

(1977)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Benjamin

T.

Yeagle

(1978)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Ernest

C.

Yeung,

CFA

(1979)

Executive

Vice

President

Director

and

Vice

President,

Price

Hong

Kong;

Vice

President,

T.

Rowe

Price

Group,

Inc.

Wenli

Zheng

(1979)

Executive

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

Rowe

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including

economic

and

political

uncertainty

and

currency

fluctuation.

1

The

T.

Rowe

Price

®

ActivePlus

Portfolios

is

a

discretionary

investment

management

program

provided

by

T.

Rowe

Price

Advisory

Services,

Inc.,

a

registered

investment

adviser

under

the

Investment

Advisers

Act

of

1940.

Brokerage

services

are

provided

by

T.

Rowe

Price

Investment

Services,

Inc.,

member

FINRA/SIPC.

Brokerage

accounts

are

carried

by

Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

T.

Rowe

Price

Advisory

Services,

Inc.,

and

T.

Rowe

Price

Investment

Services,

Inc.,

are

affiliated

companies.

2

Brokerage

services

are

provided

by

T.

Rowe

Price

Investment

Services,

Inc.,

member

FINRA/SIPC.

Brokerage

accounts

are

carried

by

Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

202302-2582436

F193-050

2/23

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Ms. Teresa Bryce Bazemore qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) – (d)    Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:

	2022		2021
Audit Fees	$	36,495	$	35,530
Audit-Related Fees		-		-
Tax Fees		-		4,217
All Other Fees		-		-

Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.

(e)(1) The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

  (2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.
(2)	Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.
(b)	A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price International Funds, Inc.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	February 16, 2023

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	February 16, 2023
By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	February 16, 2023