UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-02958

T. Rowe Price International Funds, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

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

Date of fiscal year end:  December 31

Date of reporting period:  June 30, 2023

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Market

Commentary

Portfolio

Summary

Fund

Expense

Example

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

June

30,

2023

Semiannual

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

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

Most

major

global

stock

and

bond

indexes

produced

positive

returns

during

the

first

half

of

your

fund’s

fiscal

year,

the

six-month

period

ended

June

30,

2023.

Despite

turmoil

in

the

banking

sector

and

a

protracted

debt

ceiling

standoff,

markets

were

resilient

as

growth

remained

positive

in

the

major

economies

and

corporate

earnings

results

came

in

stronger

than

expected.

For

the

six-month

period,

the

technology-oriented

Nasdaq

Composite

Index

gained

more

than

30%,

the

strongest

result

of

the

major

benchmarks,

as

tech

companies

benefited

from

investor

enthusiasm

for

artificial

intelligence

applications.

Growth

stocks

outperformed

value

shares,

and

developed

market

stocks

generally

outpaced

their

emerging

market

counterparts.

Currency

movements

were

mixed

over

the

period,

although

a

weaker

dollar

versus

major

European

currencies

was

beneficial

for

U.S.

investors

in

European

securities.

Within

the

S&P

500

Index,

the

information

technology,

communication

services,

and

consumer

discretionary

sectors

were

all

lifted

by

the

tech

rally

and

recorded

significant

gains.

Conversely,

the

defensive

utilities

sector

had

the

weakest

returns

in

the

growth-focused

environment,

and

the

energy

sector

also

lost

ground

amid

declining

oil

prices.

The

financials

sector

partly

recovered

from

the

failure

of

three

large

regional

banks

during

the

period

but

still

finished

with

modest

losses.

Cheaper

oil

contributed

to

slowing

inflation,

although

core

inflation

readings—

which

exclude

volatile

food

and

energy

prices—remained

stubbornly

high.

In

response,

the

Federal

Reserve

raised

its

short-term

lending

benchmark

rate

to

a

target

range

of

5.00%

to

5.25%

by

early

May,

the

highest

level

since

2007.

The

Fed

held

rates

steady

at

its

June

meeting,

but

policymakers

indicated

that

two

more

rate

hikes

could

come

by

the

end

of

the

year.

In

the

fixed

income

market,

returns

were

generally

positive

across

most

sectors

as

investors

benefited

from

the

higher

interest

rates

that

have

become

available

over

the

past

year.

Investment-grade

corporate

bonds

were

supported

by

generally

solid

balance

sheets

and

were

among

the

strongest

performers.

Global

economies

and

markets

showed

surprising

resilience

in

recent

months,

but,

moving

into

the

second

half

of

2023,

we

believe

investors

could

face

potential

challenges.

The

impact

of

the

Fed’s

rate

hikes

has

yet

to

be

fully

felt

in

the

economy,

and

while

the

regional

banking

turmoil

appears

to

have

been

contained

by

the

swift

actions

of

regulators,

it

could

weigh

on

credit

conditions.

Moreover,

market

consensus

still

seems

to

point

to

a

coming

recession,

although

hopes

have

emerged

that

such

a

downturn

could

be

more

modest.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

2

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.

You

may

notice

that

this

report

no

longer

contains

the

commentary

on

your

fund’s

performance

and

positioning

that

we

previously

included

in

the

semiannual

shareholder

letters.

The

Securities

and

Exchange

Commission

(SEC)

adopted

new

rules

in

January

that

will

require

fund

reports

to

transition

to

a

new

format

known

as

a

Tailored

Shareholder

Report.

This

change

will

require

a

much

more

concise

summary

of

performance

rather

than

the

level

of

detail

we

have

provided

historically

while

also

aiming

to

be

more

visually

engaging.

As

we

prepare

to

make

changes

to

the

annual

reports

to

meet

the

new

report

regulatory

requirements

by

mid-2024,

we

felt

the

time

was

right

to

discontinue

the

optional

six-month

semiannual

fund

letter

to

focus

on

the

changes

to

come.

While

semiannual

fund

letters

will

no

longer

be

produced,

you

may

continue

to

access

current

fund

information

as

well

as

insights

and

perspectives

from

our

investment

team

on

our

personal

investing

website.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

Portfolio

Summary

3

Note:

Copyright

©

2023

Fitch

Ratings,

Inc.,

Fitch

Ratings

Ltd.

and

its

subsidiaries.

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.

CREDIT

QUALITY

DIVERSIFICATION

Emerging

Markets

Corporate

Bond

Fund

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.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

4

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.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

5

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.

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.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

6

EMERGING

MARKETS

CORPORATE

BOND

FUND

Beginning

Account

Value

1/1/23

Ending

Account

Value

6/30/23

Expenses

Paid

During

Period*

1/1/23

to

6/30/23

Investor

Class

Actual

$1,000.00

$1,024.00

$4.47

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,020.38

  4.46

Advisor

Class

Actual

  1,000.00

  1,022.80

  5.87

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,018.99

  5.86

I

Class

Actual

  1,000.00

  1,025.80

  3.77

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.08

  3.76

*

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

(181),

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

0.89%,

the

2

Advisor Class

was

1.17%,

and

the

3

I Class

was

0.75%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

(Unaudited)

Financial

Highlights

7

For

a

share

outstanding

throughout

each

period

Investor

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

8.81‌

$

10.49‌

$

11.05‌

$

10.80‌

$

10.01‌

$

10.64‌

Investment

activities

Net

investment

income

(1)(2)

0.21‌

0.38‌

0.38‌

0.45‌

0.48‌

0.46‌

Net

realized

and

unrealized

gain/loss

—‌

(3)

(1.67‌)

(0.56‌)

0.26‌

0.80‌

(0.63‌)

Total

from

investment

activities

0.21‌

(1.29‌)

(0.18‌)

0.71‌

1.28‌

(0.17‌)

Distributions

Net

investment

income

(0.21‌)

(0.39‌)

(0.38‌)

(0.46‌)

(0.49‌)

(0.46‌)

NET

ASSET

VALUE

End

of

period

$

8.81‌

$

8.81‌

$

10.49‌

$

11.05‌

$

10.80‌

$

10.01‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

(Unaudited)

Financial

Highlights

8

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

Ratios/Supplemental

Data

Total

return

(2)(4)

2.40‌%

(12.32‌)%

(1.66‌)%

6.88‌%

13.00‌%

(1.60‌)%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

1.02‌%

(5)

0.99‌%

1.00‌%

1.06‌%

1.18‌%

1.40‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.89‌%

(5)

0.88‌%

0.95‌%

0.97‌%

0.96‌%

1.12‌%

Net

investment

income

4.75‌%

(5)

4.13‌%

3.47‌%

4.29‌%

4.56‌%

4.48‌%

Portfolio

turnover

rate

27.3‌%

41.2‌%

69.3‌%

79.3‌%

53.3‌%

112.8‌%

Net

assets,

end

of

period

(in

thousands)

$96,514

$95,609

$216,473

$141,609

$110,891

$50,707

0‌%

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)

Amounts

round

to

less

than

$0.01

per

share.

(4)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

(Unaudited)

Financial

Highlights

9

For

a

share

outstanding

throughout

each

period

Advisor

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

8.81‌

$

10.48‌

$

11.05‌

$

10.80‌

$

10.00‌

$

10.64‌

Investment

activities

Net

investment

income

(1)(2)

0.20‌

0.35‌

0.35‌

0.42‌

0.47‌

0.44‌

Net

realized

and

unrealized

gain/loss

—‌

(3)

(1.66‌)

(0.57‌)

0.25‌

0.79‌

(0.63‌)

Total

from

investment

activities

0.20‌

(1.31‌)

(0.22‌)

0.67‌

1.26‌

(0.19‌)

Distributions

Net

investment

income

(0.20‌)

(0.36‌)

(0.35‌)

(0.42‌)

(0.46‌)

(0.45‌)

NET

ASSET

VALUE

End

of

period

$

8.81‌

$

8.81‌

$

10.48‌

$

11.05‌

$

10.80‌

$

10.00‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

(Unaudited)

Financial

Highlights

10

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Advisor

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

Ratios/Supplemental

Data

Total

return

(2)(4)

2.28‌%

(12.49‌)%

(2.02‌)%

6.57‌%

12.80‌%

(1.82‌)%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

1.24‌%

(5)

1.36‌%

1.46‌%

1.50‌%

1.61‌%

1.76‌%

Net

expenses

after

waivers/payments

by

Price

Associates

1.17‌%

(5)

1.16‌%

1.22‌%

1.25‌%

1.24‌%

1.25‌%

Net

investment

income

4.46‌%

(5)

3.75‌%

3.24‌%

4.06‌%

4.43‌%

4.33‌%

Portfolio

turnover

rate

27.3‌%

41.2‌%

69.3‌%

79.3‌%

53.3‌%

112.8‌%

Net

assets,

end

of

period

(in

thousands)

$161

$195

$650

$248

$537

$1,296

0‌%

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)

Amounts

round

to

less

than

$0.01

per

share.

(4)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

(Unaudited)

Financial

Highlights

11

For

a

share

outstanding

throughout

each

period

I

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

8.81‌

$

10.49‌

$

11.05‌

$

10.80‌

$

10.01‌

$

10.64‌

Investment

activities

Net

investment

income

(1)(2)

0.21‌

0.39‌

0.39‌

0.46‌

0.48‌

0.49‌

Net

realized

and

unrealized

gain/loss

0.02‌

(1.67‌)

(0.55‌)

0.26‌

0.81‌

(0.63‌)

Total

from

investment

activities

0.23‌

(1.28‌)

(0.16‌)

0.72‌

1.29‌

(0.14‌)

Distributions

Net

investment

income

(0.22‌)

(0.40‌)

(0.40‌)

(0.47‌)

(0.50‌)

(0.49‌)

NET

ASSET

VALUE

End

of

period

$

8.82‌

$

8.81‌

$

10.49‌

$

11.05‌

$

10.80‌

$

10.01‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

(Unaudited)

Financial

Highlights

12

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

Ratios/Supplemental

Data

Total

return

(2)(3)

2.58‌%

(12.21‌)%

(1.52‌)%

7.03‌%

13.15‌%

(1.32‌)%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.82‌

%

(4)

0.79‌%

0.82‌%

0.90‌%

1.02‌%

1.25‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.75‌%

(4)

0.75‌%

0.80‌%

0.83‌%

0.83‌%

0.84‌%

Net

investment

income

4.89‌%

(4)

4.24‌%

3.63‌%

4.41‌%

4.52‌%

4.79‌%

Portfolio

turnover

rate

27.3‌%

41.2‌%

69.3‌%

79.3‌%

53.3‌%

112.8‌%

Net

assets,

end

of

period

(in

thousands)

$277,420

$302,915

$652,673

$357,765

$121,427

$7,231

0‌%

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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

June

30,

2023

(Unaudited)

13

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

BRAZIL

6.2%

Convertible

Bonds

0.2%

MercadoLibre,

2.00%,

8/15/28

(USD) 

323,000‌

887‌

887‌

Corporate

Bonds

6.0%

Aegea

Finance,

6.75%,

5/20/29

(USD)  (1)

2,650,000‌

2,418‌

Braskem

Netherlands

Finance,

4.50%,

1/31/30

(USD) 

1,400,000‌

1,204‌

Braskem

Netherlands

Finance,

7.25%,

2/13/33

(USD)  (1)

2,025,000‌

1,991‌

Cosan

Luxembourg,

7.00%,

1/20/27

(USD) 

1,050,000‌

1,050‌

Cosan

Luxembourg,

7.50%,

6/27/30

(USD)  (1)

650,000‌

644‌

Cosan

Overseas,

8.25%

(USD)  (2)

2,975,000‌

2,961‌

Globo

Comunicacao

e

Participacoes,

4.875%,

1/22/30

(USD)  (1)

2,700,000‌

2,152‌

Globo

Comunicacao

e

Participacoes,

4.875%,

1/22/30

(USD) 

1,508,000‌

1,202‌

Klabin

Austria,

3.20%,

1/12/31

(USD) 

4,250,000‌

3,401‌

Petrorio

Luxembourg

Trading,

6.125%,

6/9/26

(USD) 

570,000‌

548‌

Rumo

Luxembourg,

4.20%,

1/18/32

(USD) 

3,425,000‌

2,739‌

Sitios

Latinoamerica,

5.375%,

4/4/32

(USD)  (1)

2,200,000‌

1,994‌

22,304‌

Total

Brazil

(Cost

$24,897

)

23,191‌

CHILE

6.1%

Corporate

Bonds

6.1%

AES

Andes,

VR,

7.125%,

3/26/79

(USD)  (1)(3)

5,685,000‌

5,261‌

Agrosuper,

4.60%,

1/20/32

(USD)  (1)

1,232,000‌

1,046‌

CAP,

3.90%,

4/27/31

(USD) 

2,450,000‌

1,786‌

Celulosa

Arauco

y

Constitucion,

5.15%,

1/29/50

(USD) 

2,250,000‌

1,822‌

Colbun,

3.15%,

3/6/30

(USD) 

1,100,000‌

958‌

Colbun,

3.95%,

10/11/27

(USD) 

3,050,000‌

2,891‌

Interchile,

4.50%,

6/30/56

(USD)  (1)

4,415,000‌

3,671‌

Sociedad

de

Transmision

Austral,

4.00%,

1/27/32

(USD)  (1)

3,100,000‌

2,655‌

Sociedad

de

Transmision

Austral,

4.00%,

1/27/32

(USD) 

1,800,000‌

1,542‌

VTR

Comunicaciones,

4.375%,

4/15/29

(USD)  (1)

2,039,000‌

1,041‌

Total

Chile

(Cost

$26,436

)

22,673‌

CHINA

5.9%

Convertible

Bonds

1.6%

H

World

Group,

3.00%,

5/1/26

(USD) 

769,000‌

875‌

PDD

Holdings,

Zero

Coupon,

12/1/25

(USD) 

2,020,000‌

1,959‌

Xiaomi

Best

Time

International,

Zero

Coupon,

12/17/27

(USD) 

2,300,000‌

1,936‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

14

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Zhongsheng

Group

Holdings,

Zero

Coupon,

5/21/25

(HKD) 

9,000,000‌

1,235‌

6,005‌

Corporate

Bonds

4.3%

AAC

Technologies

Holdings,

2.625%,

6/2/26

(USD) 

2,300,000‌

2,016‌

China

Mengniu

Dairy,

1.875%,

6/17/25

(USD) 

2,750,000‌

2,557‌

Country

Garden

Holdings,

3.30%,

1/12/31

(USD) 

480,000‌

132‌

Country

Garden

Holdings,

3.875%,

10/22/30

(USD) 

1,820,000‌

520‌

Health

&

Happiness

H&H

International

Holdings,

5.625%,

10/24/24

(USD) 

1,970,000‌

1,817‌

Kaisa

Group

Holdings,

11.25%,

4/9/22

(USD)  (4)(5)

1,000,000‌

67‌

Kaisa

Group

Holdings,

11.95%,

10/22/22

(USD)  (4)(5)

5,275,000‌

351‌

Lenovo

Group,

5.875%,

4/24/25

(USD) 

2,120,000‌

2,110‌

Tencent

Holdings,

3.29%,

6/3/60

(USD) 

1,555,000‌

965‌

Tencent

Holdings,

3.84%,

4/22/51

(USD) 

1,430,000‌

1,052‌

West

China

Cement,

4.95%,

7/8/26

(USD) 

2,818,000‌

2,163‌

Zhongsheng

Group

Holdings,

3.00%,

1/13/26

(USD) 

2,400,000‌

2,189‌

15,939‌

Total

China

(Cost

$28,111

)

21,944‌

COLOMBIA

5.0%

Corporate

Bonds

5.0%

Aris

Mining,

6.875%,

8/9/26

(USD)  (1)

2,485,000‌

1,828‌

Banco

Davivienda,

VR,

6.65%

(USD)  (1)(2)(3)

5,000,000‌

3,684‌

Banco

de

Bogota,

4.375%,

8/3/27

(USD) 

1,605,000‌

1,481‌

Banco

de

Bogota,

6.25%,

5/12/26

(USD) 

1,725,000‌

1,668‌

Bancolombia,

VR,

4.625%,

12/18/29

(USD)  (3)

1,715,000‌

1,461‌

Bancolombia,

VR,

6.909%,

10/18/27

(USD)  (3)

1,625,000‌

1,542‌

Canacol

Energy,

5.75%,

11/24/28

(USD)  (1)

1,390,000‌

1,190‌

Ecopetrol,

6.875%,

4/29/30

(USD) 

2,550,000‌

2,328‌

Ecopetrol,

8.875%,

1/13/33

(USD) 

730,000‌

724‌

Geopark,

5.50%,

1/17/27

(USD)  (1)

3,275,000‌

2,661‌

Total

Colombia

(Cost

$21,258

)

18,567‌

COSTA

RICA

0.3%

Corporate

Bonds

0.3%

Liberty

Costa

Rica

Senior

Secured

Finance,

10.875%,

1/15/31

(USD)  (1)

1,250,000‌

1,239‌

Total

Costa

Rica

(Cost

$1,250

)

1,239‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

15

Par/Shares

$

Value

(Cost

and

value

in

$000s)

GEORGIA

0.7%

Corporate

Bonds

0.7%

Georgian

Railway,

4.00%,

6/17/28

(USD)  (1)

3,087,000‌

2,677‌

Total

Georgia

(Cost

$3,087

)

2,677‌

GHANA

1.0%

Corporate

Bonds

1.0%

Kosmos

Energy,

7.125%,

4/4/26

(USD) 

2,373,000‌

2,089‌

Kosmos

Energy,

7.50%,

3/1/28

(USD) 

1,850,000‌

1,540‌

Total

Ghana

(Cost

$4,063

)

3,629‌

GUATEMALA

0.5%

Corporate

Bonds

0.5%

CT

Trust,

5.125%,

2/3/32

(USD)  (1)

2,265,000‌

1,820‌

Total

Guatemala

(Cost

$2,265

)

1,820‌

HONG

KONG

1.8%

Corporate

Bonds

1.2%

HKT

Capital

No.

6,

3.00%,

1/18/32

(USD) 

2,350,000‌

1,991‌

PCPD

Capital,

5.125%,

6/18/26

(USD) 

3,372,000‌

2,681‌

4,672‌

Government

Bonds

0.6%

Airport

Authority,

2.625%,

2/4/51

(USD) 

3,150,000‌

2,183‌

2,183‌

Total

Hong

Kong

(Cost

$7,746

)

6,855‌

INDIA

8.1%

Corporate

Bonds

7.1%

ABJA

Investment,

5.95%,

7/31/24

(USD) 

4,015,000‌

4,005‌

Adani

International

Container

Terminal,

3.00%,

2/16/31

(USD) 

4,575,000‌

3,599‌

Adani

Renewable

Energy

RJ,

4.625%,

10/15/39

(USD) 

1,815,600‌

1,331‌

CA

Magnum

Holdings,

5.375%,

10/31/26

(USD) 

1,500,000‌

1,347‌

Greenko

Solar

Mauritius,

5.55%,

1/29/25

(USD) 

2,200,000‌

2,126‌

HDFC

Bank,

5.686%,

3/2/26

(USD) 

2,000,000‌

1,996‌

India

Green

Power

Holdings,

4.00%,

2/22/27

(USD) 

2,500,000‌

2,188‌

JSW

Hydro

Energy,

4.125%,

5/18/31

(USD) 

2,520,000‌

2,128‌

JSW

Infrastructure,

4.95%,

1/21/29

(USD) 

3,400,000‌

2,913‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

16

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Periama

Holdings,

5.95%,

4/19/26

(USD) 

1,395,000‌

1,346‌

TML

Holdings

Pte,

5.50%,

6/3/24

(USD) 

2,775,000‌

2,744‌

Vedanta

Resources

Finance

II,

8.95%,

3/11/25

(USD) 

1,050,000‌

794‌

26,517‌

Government

Bonds

1.0%

Export-Import

Bank

of

India,

3.375%,

8/5/26

(USD) 

3,900,000‌

3,675‌

3,675‌

Total

India

(Cost

$31,938

)

30,192‌

INDONESIA

7.0%

Corporate

Bonds

7.0%

Bank

Negara

Indonesia

Persero,

3.75%,

3/30/26

(USD) 

5,015,000‌

4,645‌

FPC

Resources,

4.375%,

9/11/27

(USD) 

2,497,000‌

2,403‌

Freeport

Indonesia,

6.20%,

4/14/52

(USD)  (1)

2,900,000‌

2,621‌

Indofood

CBP

Sukses

Makmur,

4.805%,

4/27/52

(USD) 

1,500,000‌

1,117‌

Minejesa

Capital,

5.625%,

8/10/37

(USD) 

3,100,000‌

2,437‌

Pakuwon

Jati,

4.875%,

4/29/28

(USD) 

3,290,000‌

2,958‌

Pertamina

Persero,

6.50%,

11/7/48

(USD) 

1,450,000‌

1,510‌

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara,

4.875%,

7/17/49

(USD) 

1,925,000‌

1,573‌

Star

Energy

Geothermal

Wayang

Windu,

6.75%,

4/24/33

(USD) 

2,594,560‌

2,550‌

Tower

Bersama

Infrastructure,

4.25%,

1/21/25

(USD) 

4,650,000‌

4,556‌

Total

Indonesia

(Cost

$28,748

)

26,370‌

ISRAEL

4.8%

Corporate

Bonds

4.8%

Bank

Hapoalim,

VR,

3.255%,

1/21/32

(USD)  (1)(3)

2,250,000‌

1,928‌

Bank

Leumi

Le-Israel,

VR,

7.129%,

7/18/33

(USD)  (1)(3)

1,980,000‌

1,953‌

Energean

Israel

Finance,

4.875%,

3/30/26

(USD)  (1)

2,100,000‌

1,950‌

ICL

Group,

6.375%,

5/31/38

(USD)  (1)

2,104,000‌

2,113‌

Israel

Electric,

4.25%,

8/14/28

(USD)  (1)

2,675,000‌

2,483‌

Leviathan

Bond,

6.125%,

6/30/25

(USD)  (1)

2,075,000‌

2,026‌

Teva

Pharmaceutical

Finance

Netherlands

III,

4.75%,

5/9/27

(USD) 

2,175,000‌

2,012‌

Teva

Pharmaceutical

Finance

Netherlands

III,

6.75%,

3/1/28

(USD) 

1,925,000‌

1,891‌

Teva

Pharmaceutical

Finance

Netherlands

III,

7.875%,

9/15/29

(USD) 

1,705,000‌

1,761‌

Total

Israel

(Cost

$19,287

)

18,117‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

17

Par/Shares

$

Value

(Cost

and

value

in

$000s)

JAMAICA

0.1%

Corporate

Bonds

0.1%

Digicel,

6.75%,

3/1/23

(USD)  (5)(6)

2,725,000‌

525‌

Total

Jamaica

(Cost

$2,556

)

525‌

KAZAKHSTAN

1.3%

Corporate

Bonds

1.3%

KazMunayGas

National,

5.375%,

4/24/30

(USD) 

1,200,000‌

1,116‌

KazMunayGas

National,

5.75%,

4/19/47

(USD) 

2,100,000‌

1,714‌

Tengizchevroil

Finance

International,

4.00%,

8/15/26

(USD) 

2,250,000‌

2,053‌

Total

Kazakhstan

(Cost

$6,005

)

4,883‌

KUWAIT

1.1%

Corporate

Bonds

1.1%

MEGlobal,

4.25%,

11/3/26

(USD) 

4,375,000‌

4,205‌

Total

Kuwait

(Cost

$4,702

)

4,205‌

MACAO

2.3%

Corporate

Bonds

2.3%

Melco

Resorts

Finance,

4.875%,

6/6/25

(USD) 

2,770,000‌

2,642‌

MGM

China

Holdings,

5.875%,

5/15/26

(USD) 

1,300,000‌

1,240‌

Sands

China,

4.30%,

1/8/26

(USD) 

4,015,000‌

3,778‌

Wynn

Macau,

5.50%,

1/15/26

(USD)  (1)

1,025,000‌

953‌

Total

Macao

(Cost

$8,413

)

8,613‌

MALAYSIA

1.3%

Corporate

Bonds

1.3%

Axiata

Spv5

Labuan,

3.064%,

8/19/50

(USD) 

2,850,000‌

1,991‌

TNB

Global

Ventures

Capital,

3.244%,

10/19/26

(USD) 

3,225,000‌

2,980‌

Total

Malaysia

(Cost

$5,879

)

4,971‌

MAURITIUS

1.2%

Corporate

Bonds

1.2%

Axian

Telecom,

7.375%,

2/16/27

(USD)  (1)

4,310,000‌

3,965‌

Axian

Telecom,

7.375%,

2/16/27

(USD) 

675,000‌

621‌

Total

Mauritius

(Cost

$4,947

)

4,586‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

18

Par/Shares

$

Value

(Cost

and

value

in

$000s)

MEXICO

9.3%

Corporate

Bonds

8.0%

Alpek,

3.25%,

2/25/31

(USD) 

3,000,000‌

2,427‌

Axtel,

6.375%,

11/14/24

(USD)  (1)

2,379,000‌

2,428‌

Banco

Mercantil

del

Norte,

VR,

5.875%

(USD)  (1)(2)(3)

1,275,000‌

1,089‌

Banco

Mercantil

del

Norte,

VR,

7.625%

(USD)  (2)(3)

2,900,000‌

2,642‌

BBVA

Bancomer,

VR,

5.125%,

1/18/33

(USD)  (3)

3,955,000‌

3,435‌

BBVA

Bancomer,

VR,

5.875%,

9/13/34

(USD)  (1)(3)

2,725,000‌

2,428‌

Braskem

Idesa

SAPI,

6.99%,

2/20/32

(USD) 

2,250,000‌

1,460‌

Cemex,

VR,

9.125%

(USD)  (1)(2)(3)

1,230,000‌

1,247‌

Cometa

Energia,

6.375%,

4/24/35

(USD)  (1)

4,022,900‌

3,906‌

Corp

Inmobiliaria

Vesta,

3.625%,

5/13/31

(USD)  (1)

1,840,000‌

1,533‌

GCC,

3.614%,

4/20/32

(USD)  (1)

2,400,000‌

2,041‌

Industrias

Penoles,

4.75%,

8/6/50

(USD)  (1)

2,300,000‌

1,834‌

Metalsa,

3.75%,

5/4/31

(USD)  (1)

4,042,000‌

3,186‌

Metalsa,

3.75%,

5/4/31

(USD) 

450,000‌

355‌

30,011‌

Government

Bonds

1.3%

Petroleos

Mexicanos,

6.50%,

3/13/27

(USD) 

4,175,000‌

3,718‌

Petroleos

Mexicanos,

6.75%,

9/21/47

(USD) 

1,500,000‌

943‌

4,661‌

Total

Mexico

(Cost

$40,047

)

34,672‌

MOROCCO

1.3%

Corporate

Bonds

1.3%

Vivo

Energy

Investments,

5.125%,

9/24/27

(USD)  (1)

3,300,000‌

2,966‌

Vivo

Energy

Investments,

5.125%,

9/24/27

(USD) 

2,140,000‌

1,924‌

Total

Morocco

(Cost

$5,604

)

4,890‌

OMAN

1.2%

Corporate

Bonds

1.2%

Lamar

Funding,

3.958%,

5/7/25

(USD) 

950,000‌

912‌

OmGrid

Funding,

5.196%,

5/16/27

(USD) 

1,855,000‌

1,797‌

Oztel

Holdings,

6.625%,

4/24/28

(USD) 

1,775,000‌

1,845‌

Total

Oman

(Cost

$4,759

)

4,554‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

19

Par/Shares

$

Value

(Cost

and

value

in

$000s)

PANAMA

2.3%

Corporate

Bonds

2.3%

Aeropuerto

Internacional

de

Tocumen,

4.00%,

8/11/41

(USD)  (1)

2,500,000‌

2,005‌

AES

Panama

Generation

Holdings

Srl,

4.375%,

5/31/30

(USD) 

2,279,409‌

1,949‌

Banco

General,

VR,

5.25%

(USD)  (1)(2)(3)

3,407,000‌

2,946‌

C&W

Senior

Financing,

6.875%,

9/15/27

(USD)  (1)

2,150,000‌

1,878‌

Total

Panama

(Cost

$9,800

)

8,778‌

PARAGUAY

0.6%

Corporate

Bonds

0.6%

Telefonica

Celular

del

Paraguay,

5.875%,

4/15/27

(USD)  (1)

2,400,000‌

2,205‌

Total

Paraguay

(Cost

$2,498

)

2,205‌

PERU

4.5%

Corporate

Bonds

4.5%

Banco

de

Credito

del

Peru,

VR,

3.25%,

9/30/31

(USD)  (1)(3)

3,335,000‌

2,939‌

Cia

de

Minas

Buenaventura,

5.50%,

7/23/26

(USD) 

3,125,000‌

2,715‌

Consorcio

Transmantaro,

5.20%,

4/11/38

(USD)  (1)

1,840,000‌

1,710‌

Corp

Financiera

de

Desarrollo,

2.40%,

9/28/27

(USD) 

2,900,000‌

2,530‌

Fondo

MIVIVIENDA,

4.625%,

4/12/27

(USD) 

1,700,000‌

1,644‌

InRetail

Consumer,

3.25%,

3/22/28

(USD)  (1)

2,820,000‌

2,425‌

Minsur,

4.50%,

10/28/31

(USD) 

1,345,000‌

1,183‌

Petroleos

del

Peru,

5.625%,

6/19/47

(USD) 

2,400,000‌

1,550‌

Total

Peru

(Cost

$18,592

)

16,696‌

PHILIPPINES

3.9%

Corporate

Bonds

3.9%

Globe

Telecom,

2.50%,

7/23/30

(USD) 

620,000‌

500‌

Globe

Telecom,

3.00%,

7/23/35

(USD) 

2,825,000‌

2,126‌

Globe

Telecom,

VR,

4.20%

(USD)  (2)(3)

1,600,000‌

1,490‌

ICTSI

Treasury,

3.50%,

11/16/31

(USD) 

2,350,000‌

2,045‌

International

Container

Terminal

Services,

4.75%,

6/17/30

(USD) 

4,070,000‌

3,953‌

Manila

Water,

4.375%,

7/30/30

(USD) 

3,875,000‌

3,575‌

PLDT,

3.45%,

6/23/50

(USD) 

1,090,000‌

744‌

Total

Philippines

(Cost

$16,440

)

14,433‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

20

Par/Shares

$

Value

(Cost

and

value

in

$000s)

QATAR

1.0%

Corporate

Bonds

1.0%

Qatar

Energy,

3.125%,

7/12/41

(USD)  (1)

2,720,000‌

2,087‌

Qatar

Energy,

3.125%,

7/12/41

(USD) 

2,000,000‌

1,534‌

Total

Qatar

(Cost

$4,753

)

3,621‌

SAUDI

ARABIA

2.0%

Corporate

Bonds

1.0%

Gaci

First

Investment,

5.125%,

2/14/53

(USD) 

2,050,000‌

1,847‌

Saudi

Electricity

Global

Sukuk,

5.06%,

4/8/43

(USD) 

1,922,000‌

1,858‌

3,705‌

Government

Bonds

1.0%

Saudi

Arabian

Oil,

3.50%,

4/16/29

(USD) 

225,000‌

208‌

Saudi

Arabian

Oil,

4.25%,

4/16/39

(USD)  (1)

2,150,000‌

1,900‌

Saudi

Arabian

Oil,

4.25%,

4/16/39

(USD) 

2,000,000‌

1,768‌

3,876‌

Total

Saudi

Arabia

(Cost

$8,875

)

7,581‌

SOUTH

AFRICA

1.1%

Corporate

Bonds

1.1%

Bidvest

Group

U.K.,

3.625%,

9/23/26

(USD) 

2,600,000‌

2,324‌

Transnet,

8.25%,

2/6/28

(USD)  (1)

1,900,000‌

1,850‌

Total

South

Africa

(Cost

$4,173

)

4,174‌

SOUTH

KOREA

1.9%

Corporate

Bonds

1.9%

Hyundai

Motor

Manufacturing

Indonesia,

1.75%,

5/6/26

(USD) 

450,000‌

398‌

POSCO,

5.625%,

1/17/26

(USD) 

1,600,000‌

1,593‌

POSCO,

5.75%,

1/17/28

(USD)  (1)

320,000‌

325‌

Shinhan

Bank,

4.50%,

3/26/28

(USD) 

3,050,000‌

2,871‌

SK

Hynix,

6.25%,

1/17/26

(USD)  (1)

2,000,000‌

2,002‌

Total

South

Korea

(Cost

$7,471

)

7,189‌

TANZANIA

0.8%

Corporate

Bonds

0.8%

HTA

Group,

7.00%,

12/18/25

(USD) 

3,125,000‌

2,965‌

Total

Tanzania

(Cost

$3,160

)

2,965‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

21

Par/Shares

$

Value

(Cost

and

value

in

$000s)

THAILAND

3.8%

Corporate

Bonds

3.8%

Bangkok

Bank,

VR,

3.466%,

9/23/36

(USD)  (1)(3)

770,000‌

628‌

Bangkok

Bank,

VR,

3.733%,

9/25/34

(USD)  (1)(3)

2,730,000‌

2,317‌

Bangkok

Bank,

VR,

3.733%,

9/25/34

(USD)  (3)

2,000,000‌

1,698‌

Indorama

Ventures

Global

Services,

4.375%,

9/12/24

(USD) 

2,985,000‌

2,872‌

Kasikornbank,

VR,

3.343%,

10/2/31

(USD)  (3)

1,654,000‌

1,462‌

PTTEP

Treasury

Center,

2.587%,

6/10/27

(USD)  (1)

888,000‌

808‌

PTTEP

Treasury

Center,

2.587%,

6/10/27

(USD) 

2,048,000‌

1,864‌

PTTEP

Treasury

Center,

3.903%,

12/6/59

(USD) 

438,000‌

316‌

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD) 

3,502,000‌

2,236‌

Total

Thailand

(Cost

$16,665

)

14,201‌

TURKEY

2.1%

Corporate

Bonds

2.1%

Akbank

TAS,

6.80%,

2/6/26

(USD) 

2,000,000‌

1,913‌

Hyundai

Assan

Otomotiv

Sanayi

ve

Ticaret,

1.625%,

7/12/26

(USD) 

1,947,000‌

1,689‌

Turk

Telekomunikasyon,

6.875%,

2/28/25

(USD) 

740,000‌

703‌

Turkcell

Iletisim

Hizmetleri,

5.75%,

10/15/25

(USD) 

1,975,000‌

1,869‌

Turkiye

Sise

ve

Cam

Fabrikalari,

6.95%,

3/14/26

(USD) 

1,814,000‌

1,769‌

Total

Turkey

(Cost

$8,021

)

7,943‌

UNITED

ARAB

EMIRATES

2.9%

Corporate

Bonds

2.9%

EMG

SUKUK,

4.564%,

6/18/24

(USD) 

4,150,000‌

4,085‌

Emirates

NBD

Bank,

VR,

6.125%

(USD)  (2)(3)

3,632,000‌

3,589‌

MAF

Global

Securities,

VR,

6.375%

(USD)  (2)(3)

3,074,000‌

2,996‌

Total

United

Arab

Emirates

(Cost

$11,477

)

10,670‌

UNITED

KINGDOM

0.4%

Corporate

Bonds

0.4%

Standard

Chartered,

VR,

4.30%

(USD)  (2)(3)

1,945,000‌

1,393‌

Total

United

Kingdom

(Cost

$1,700

)

1,393‌

UNITED

STATES

1.5%

Corporate

Bonds

1.5%

Hyundai

Capital

America,

5.50%,

3/30/26  (1)

2,775,000‌

2,750‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

22

Par/Shares

$

Value

(Cost

and

value

in

$000s)

LCPR

Senior

Secured

Financing,

5.125%,

7/15/29  (1)

550,000‌

458‌

LCPR

Senior

Secured

Financing,

6.75%,

10/15/27  (1)

2,393,000‌

2,237‌

Total

United

States

(Cost

$5,749

)

5,445‌

UZBEKISTAN

0.8%

Corporate

Bonds

0.8%

Ipoteka-Bank

ATIB,

5.50%,

11/19/25

(USD) 

3,275,000‌

3,029‌

Total

Uzbekistan

(Cost

$3,302

)

3,029‌

VIETNAM

1.0%

Corporate

Bonds

1.0%

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD)  (1)

480,000‌

424‌

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD) 

3,895,000‌

3,437‌

Total

Vietnam

(Cost

$4,364

)

3,861‌

SHORT-TERM

INVESTMENTS

1.6%

Money

Market

Funds

1.3%

T.

Rowe

Price

Government

Reserve

Fund,

5.13%  (7)(8)

4,743,302‌

4,743‌

4,743‌

U.S.

Treasury

Obligations

0.3%

U.S.

Treasury

Bills,

4.791%,

8/31/23 

1,219,000‌

1,209‌

1,209‌

Total

Short-Term

Investments

(Cost

$5,952)

5,952‌

Total

Investments

in

Securities

98.7%

of

Net

Assets

(Cost

$414,990)

$

369,309‌

‡

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

$114,516

and

represents

30.6%

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.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

23

.

.

.

.

.

.

.

.

.

.

(4)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(5)

Non-income

producing

(6)

Issuer

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

(7)

Seven-day

yield

(8)

Affiliated

Companies

HKD

Hong

Kong

Dollar

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

24

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

37

Ultra

U.S.

Treasury

Bonds

contracts

9/23

(5,040)

$

(32‌)

Net

payments

(receipts)

of

variation

margin

to

date

(14‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(46‌)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

25

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

six

months

ended

June

30,

2023.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

5.13%

$

—‌#

$

—‌

$

236‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

06/30/23

T.

Rowe

Price

Government

Reserve

Fund,

5.13%

$

25,112‌

 ¤

  ¤

$

4,743‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$236

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

$4,743.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

June

30,

2023

(Unaudited)

Statement

of

Assets

and

Liabilities

26

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$414,990)

$

369,309‌

Interest

receivable

5,487‌

Receivable

for

investment

securities

sold

1,734‌

Receivable

for

shares

sold

288‌

Cash

deposits

on

futures

contracts

271‌

Due

from

affiliates

15‌

Foreign

currency

(cost

$2)

2‌

Other

assets

50‌

Total

assets

377,156‌

Liabilities

Payable

for

investment

securities

purchased

1,885‌

Payable

for

shares

redeemed

869‌

Investment

management

fees

payable

216‌

Variation

margin

payable

on

futures

contracts

46‌

Other

liabilities

45‌

Total

liabilities

3,061‌

NET

ASSETS

$

374,095‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

June

30,

2023

(Unaudited)

Statement

of

Assets

and

Liabilities

27

($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)

$

(

174,148‌

)

Paid-in

capital

applicable

to

42,440,417

shares

of

$0.01

par

value

capital

stock

outstanding;

18,000,000,000

shares

of

the

Corporation

authorized

548,243‌

NET

ASSETS

$

374,095‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$96,514;

Shares

outstanding:

10,954,054)

$

8.81‌

Advisor

Class

(Net

assets:

$161;

Shares

outstanding:

18,333)

$

8.81‌

I

Class

(Net

assets:

$277,420;

Shares

outstanding:

31,468,030)

$

8.82‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

(Unaudited)

Statement

of

Operations

28

($000s)

6

Months

Ended

6/30/23

Investment

Income

(Loss)

Income

    Interest

$

10,660‌

Dividend

236‌

Total

income

10,896‌

Expenses

Investment

management

1,346‌

Shareholder

servicing

Investor

Class

91‌

Prospectus

and

shareholder

reports

Investor

Class

$

17‌

I

Class

25‌

42‌

Custody

and

accounting

104‌

Registration

44‌

Legal

and

audit

20‌

Proxy

and

annual

meeting

9‌

Directors

1‌

Miscellaneous

31‌

Waived

/

paid

by

Price

Associates

(157‌)

Total

expenses

1,531‌

Net

investment

income

9,365‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

(Unaudited)

Statement

of

Operations

29

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

6/30/23

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(12,511‌)

Futures

(269‌)

Swaps

9‌

Forward

currency

exchange

contracts

(26‌)

Foreign

currency

transactions

10‌

Net

realized

loss

(12,787‌)

Change

in

net

unrealized

gain

/

loss

Securities

13,048‌

Futures

(188‌)

Swaps

41‌

Forward

currency

exchange

contracts

50‌

Change

in

net

unrealized

gain

/

loss

12,951‌

Net

realized

and

unrealized

gain

/

loss

164‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

9,529‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

30

($000s)

6

Months

Ended

6/30/23

Year

Ended

12/31/22

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

9,365‌

$

26,865‌

Net

realized

loss

(

12,787‌

)

(

97,183‌

)

Change

in

net

unrealized

gain

/

loss

12,951‌

(

43,964‌

)

Increase

(decrease)

in

net

assets

from

operations

9,529‌

(

114,282‌

)

Distributions

to

shareholders

Net

earnings

Investor

Class

(

2,319‌

)

(

6,438‌

)

Advisor

Class

(

3‌

)

(

15‌

)

I

Class

(

7,103‌

)

(

20,816‌

)

Decrease

in

net

assets

from

distributions

(

9,425‌

)

(

27,269‌

)

Capital

share

transactions

*

Shares

sold

Investor

Class

22,603‌

74,074‌

Advisor

Class

50‌

104‌

I

Class

21,968‌

181,730‌

Distributions

reinvested

Investor

Class

2,286‌

6,317‌

Advisor

Class

3‌

14‌

I

Class

6,986‌

20,573‌

Shares

redeemed

Investor

Class

(

23,900‌

)

(

167,950‌

)

Advisor

Class

(

89‌

)

(

473‌

)

I

Class

(

54,635‌

)

(

443,915‌

)

Decrease

in

net

assets

from

capital

share

transactions

(

24,728‌

)

(

329,526‌

)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

31

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

6/30/23

Year

Ended

12/31/22

Net

Assets

Decrease

during

period

(

24,624‌

)

(

471,077‌

)

Beginning

of

period

398,719‌

869,796‌

End

of

period

$

374,095‌

$

398,719‌

*Share

information

(000s)

Shares

sold

Investor

Class

2,540‌

7,839‌

Advisor

Class

6‌

11‌

I

Class

2,472‌

19,327‌

Distributions

reinvested

Investor

Class

258‌

695‌

Advisor

Class

–‌

1‌

I

Class

788‌

2,253‌

Shares

redeemed

Investor

Class

(

2,698‌

)

(

18,326‌

)

Advisor

Class

(

10‌

)

(

52‌

)

I

Class

(

6,161‌

)

(

49,433‌

)

Decrease

in

shares

outstanding

(

2,805‌

)

(

37,685‌

)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

Unaudited

NOTES

TO

FINANCIAL

STATEMENTS

32

T.

Rowe

Price

International

Funds,

Inc.

(the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Emerging

Markets

Corporate

Bond

Fund

(the

fund)

is a

diversified,

open-end

management

investment

company

established

by

the

corporation. The

fund

seeks

to

provide

high

current

income

and,

secondarily,

capital

appreciation.

The

fund

has

three classes

of

shares:

the

Emerging

Markets

Corporate

Bond

Fund

(Investor

Class),

the

Emerging

Markets

Corporate

Bond

Fund–Advisor

Class

(Advisor

Class)

and

the

Emerging

Markets

Corporate

Bond

Fund–I

Class

(I

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Advisor

Class

operates

under

a

Board-approved

Rule

12b-1

plan

pursuant

to

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/

or

certain

administrative

services;

the

Investor

and

I

Classes

do

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

 Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis.

Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes.

Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense.

Dividends

received

from other

investment

companies are

reflected

as

dividend

income;

capital

gain

distributions

are

reflected

as

realized

gain/

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

33

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.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Income

distributions,

if

any, are

declared

by

each

class daily

and

paid

monthly.

A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class’s

outstanding

shares.

The

Advisor

Class

pays

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

of

the

class’s

average

daily

net

assets;

during

the

six

months

ended

June

30,

2023,

the

Advisor

Class

incurred

less

than

$1,000

in

these

fees.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

New

Accounting

Guidance

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-

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

34

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;

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)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

35

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.   

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.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

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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

June

30,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

six

months ended

June

30,

2023,

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

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

363,357‌

$

—‌

$

363,357‌

Short-Term

Investments

4,743‌

1,209‌

—‌

5,952‌

Total

$

4,743‌

$

364,566‌

$

—‌

$

369,309‌

Liabilities

Futures

Contracts*

$

32‌

$

—‌

$

—‌

$

32‌

1

Includes

Convertible

Bonds,

Corporate

Bonds

and

Government

Bonds.

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

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and

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

June

30,

2023,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

*

Liabilities

Interest

rate

derivatives

Futures

$

32‌

Total

$

32‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

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Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

six

months ended

June

30,

2023,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

Counterparty

Risk

and

Collateral

 The

fund

invests

in

exchange-traded

and/or

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps.

Counterparty

risk

on

such

derivatives

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.

Collateral may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

($000s)                                               

Location

of

Gain

(Loss)

on

Statement

of

Operations

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Interest

rate

derivatives

$

(269‌)

$

—‌

$

—‌

$

(269‌)

Foreign

exchange

derivatives

—‌

(26‌)

—‌

(26‌)

Credit

derivatives

—‌

—‌

9‌

9‌

Total

$

(269‌)

$

(26‌)

$

9‌

$

(286‌)

Change

in

Unrealized

Gain

(Loss)

Interest

rate

derivatives

$

(188‌)

$

—‌

$

—‌

$

(188‌)

Foreign

exchange

derivatives

—‌

50‌

—‌

50‌

Credit

derivatives

—‌

—‌

41‌

41‌

Total

$

(188‌)

$

50‌

$

41‌

$

(97‌)

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the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

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.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

June

30,

2023,

cash

of $271,000 had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives. 

Forward

Currency

Exchange

Contracts

 The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-

denominated

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

fund’s

foreign

currency

exposure

from

one

country

to

another,

or

to

enhance

the

fund’s

return.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund’s

total

return;

and

the

potential

for

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

June

30,

2023,

the

volume

of

the

fund’s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

less

than

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,

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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

six

months ended

June

30,

2023,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

0%

and

6%

of

net

assets.

Swaps

 The

fund

is

subject

to

credit

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risk.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

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.

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Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

June

30,

2023,

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

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42

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.

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.

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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.

Other

Purchases

and

sales

of

portfolio

securities

other

than

short-term securities

aggregated $101,490,000 and

$108,646,000,

respectively,

for

the

six

months ended

June

30,

2023.

NOTE

5

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its

taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/

tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report.

The

fund

intends

to

retain

realized

gains

to

the

extent

of

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

be

carried

forward

indefinitely

to

offset

future

realized

capital

gains.

As

of

December

31,

2022,

the

fund

had

$113,462,000 of

available

capital

loss

carryforwards.

At

June

30,

2023,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$416,634,000.

Net

unrealized

loss

aggregated

$47,360,000

at

period-end,

of

which $1,054,000

related

to

appreciated

investments

and $48,414,000

related

to

depreciated

investments.

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44

NOTE

6

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.41%

of

the

fund’s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund’s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’s

average

daily

net

assets. At

June

30,

2023,

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

T.

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45

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

Pursuant

to

these

agreements,

expenses

were

waived/paid

by

and/or

repaid

to

Price

Associates

during

the

six

months ended June

30,

2023

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $854,000 remain

subject

to

repayment

by

the

fund

at

June

30,

2023.

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.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class

and

Advisor

Class.

For

the

six

months

ended

June

30,

2023,

expenses

incurred

pursuant

to

these

service

agreements

were

$60,000

for

Price

Associates;

$30,000

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

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)

$(67)

$—

(1)

$(90)

(1)

Amount

rounds

to

less

than

$1,000

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46

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months

ended

June

30,

2023,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

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.

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

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

47

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.

RESULTS

OF

PROXY

VOTING

A

Special

Meeting

of

Shareholders

was

held

on

July

24,

2023

for

shareholders

of

record

on

April

7,

2023,

to

elect

the

following

director-nominees

to

serve

on

the

Board

of

all

Price

Funds.

The

newly

elected

Directors

took

office

effective

July

24,

2023.

The

results

of

the

voting

were

as

follows:

Teresa

Bryce

Bazemore,

Bruce

W.

Duncan,

Robert

J.

Gerrard,

Jr.,

Paul

F.

McBride

and

David

Oestreicher

continue

to

serve

as

Directors

on

the

Board

of

all

Price

Funds.

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

.

Votes

For

Votes

Withheld

Melody

Bianchetto

5,316,532,865

42,338,636

Mark

J.

Parrell

5,314,462,793

44,388,756

Kellye

L.

Walker

5,314,203,135

44,903,088

Eric

L.

Veiel

5,309,419,858

49,685,657

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

48

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENTS

Each

year,

the

fund’s

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

well

as

the

investment

subadvisory

agreements

(Subadvisory

Contracts)

that

the

Adviser

has

entered

into

with

T.

Rowe

Price

International

Ltd

and

T.

Rowe

Price

Hong

Kong

Limited

(Subadvisers)

on

behalf

of

the

fund.

In

that

regard,

at

a

meeting

held

on

March

6–7,

2023

(Meeting),

the

Board,

including

all

of

the

fund’s

independent

directors,

approved

the

continuation

of

the

fund’s

Advisory

Contract

and

Subadvisory

Contracts.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

Subadvisers

and

the

approval

of

the

Advisory

Contract

and

Subadvisory

Contracts.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

and

Subadvisory

Contracts

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

and

Subadvisers

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T.

Rowe

Price

funds’

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

Services

Provided

by

the

Adviser

and

Subadvisers

The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser

and

Subadvisers.

These

services

included,

but

were

not

limited

to,

directing

the

fund’s

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund’s

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance;

maintaining

the

fund’s

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser’s

and

Subadvisers’

senior

management

teams

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser’s

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser

and

Subadvisers,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

49

Investment

Performance

of

the

Fund

The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T.

Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund’s

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2022. Additionally,

the

Board

reviewed

the

fund’s

relative

performance

information

as

of

September

30,

2022,

which

ranked

the

returns

of

the

fund’s

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund’s

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund’s

performance,

length

of

the

fund’s

performance

track

record,

and

how

closely

the

fund’s

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

fund’s

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts.

Costs,

Benefits,

Profits,

and

Economies

of

Scale

The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates)

may

have

realized

from

its

relationship

with

the

fund.

In

considering

soft-

dollar

arrangements

pursuant

to

which

research

may

be

received

from

broker-dealers

that

execute

the

fund’s

portfolio

transactions,

the

Board

noted

that

the

Adviser

bears

the

cost

of

research

services

for

all

client

accounts

that

it

advises,

including

the

T.

Rowe

Price

funds.

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T.

Rowe

Price

funds.

The

Board

also

reviewed

estimates

of

the

profits

realized

from

managing

the

fund

in

particular,

and

the

Board

concluded

that

the

Adviser’s

profits

were

reasonable

in

light

of

the

services

provided

to

the

fund.

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components—a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T.

Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund’s

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENTS

(continued)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

50

average

daily

net

assets—and

the

fund

pays

its

own

expenses

of

operations.

Under

each

Subadvisory

Contract,

the

Adviser

may

pay

the

Subadviser

up

to

60%

of

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

The

group

fee

rate

decreases

as

total

T.

Rowe

Price

fund

assets

grow,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T.

Rowe

Price

funds

thus

allowing

shareholders

of

those

funds

to

share

potential

economies

of

scale.

The

fund

is

also

subject

to

contractual

expense

limitations

that

require

the

Adviser

to

waive

its

fees

and/or

bear

any

expenses

that

would

cause

the

expenses

of

a

share

class

of

the

fund

to

exceed

a

certain

percentage

based

on

the

class’s

net

assets.

The

expense

limitations

mitigate

the

potential

for

relatively

higher

expenses

until

the

fund

achieves

greater

scale

and

protect

against

an

increase

in

operating

expenses

above

a

certain

level

that

could

impact

shareholders.

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser’s

ongoing

investments

in

its

business

in

support

of

the

T.

Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-

party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund’s

investors.

Fees

and

Expenses

The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i)

contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Investor

Class

Expense

Group);

(ii)

actual

management

fees

and

total

expenses

of

the

Advisor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Advisor

Class

Expense

Group);

and

(iii)

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund’s

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

or reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

information

provided

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENTS

(continued)

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

51

to

the

Board

indicated

that

the

fund’s

contractual

management

fee

ranked

in

the

third

quintile

(Investor

Class

Expense

Group);

the

fund’s

actual

management

fee

rate

ranked

in

the

third

quintile

(Investor

Class

Expense

Group

and

Expense

Universe)

and

first

quintile

(Advisor

Class

Expense

Group);

and

the

fund’s

total

expenses

ranked

in

the

third

quintile

(Investor

Class

Expense

Group),

fourth

quintile

(Expense

Universe),

and

first

quintile

(Advisor

Class

Expense

Group).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

to

investors

outside

the

United

States.

Management

provided

the

Board

with

information

about

the

Adviser’s

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

business

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

business.

The

Board

considered

information

showing

that

the

Adviser’s

mutual

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

institutional

account

business

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser’s

proprietary

mutual

fund

business.

In

assessing

the

reasonableness

of

the

fund’s

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

mutual

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution’s

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T.

Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

Approval

of

the

Advisory

Contract

and

Subadvisory

Contracts

As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts

(including

the

fees

to

be

charged

for

services

thereunder).

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENTS

(continued)

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

F193-051

8/23

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

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 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 filed with the registrant’s annual Form N-CSR.
(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	August 18, 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	August 18, 2023
By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	August 18, 2023