T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
September
30,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA
0.2%
Government
Bonds
0.2%
Republic
of
Argentina,
STEP,
3.625%,
7/9/35
(USD)
3,475,000
866
Total
Argentina
(Cost
$1,070
)
866
BRAZIL
6.1%
Convertible
Bonds
0.3%
MercadoLibre,
2.00%,
8/15/28
(USD)
323,000
941
941
Corporate
Bonds
5.8%
Aegea
Finance,
6.75%,
5/20/29
(USD) (1)
3,275,000
3,023
Aegea
Finance,
9.00%,
1/20/31
(USD) (1)
320,000
323
Braskem
Netherlands
Finance,
4.50%,
1/31/30
(USD)
1,400,000
1,142
Braskem
Netherlands
Finance,
7.25%,
2/13/33
(USD) (1)
700,000
645
Cosan
Luxembourg,
7.50%,
6/27/30
(USD) (1)
450,000
447
Cosan
Luxembourg,
7.50%,
6/27/30
(USD)
700,000
695
Cosan
Overseas,
8.25%
(USD) (2)
2,975,000
2,970
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD) (1)
1,645,000
1,368
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD)
1,508,000
1,254
Klabin
Austria,
3.20%,
1/12/31
(USD)
4,600,000
3,585
Minerva
Luxembourg,
8.875%,
9/13/33
(USD) (1)
1,800,000
1,789
Sitios
Latinoamerica,
5.375%,
4/4/32
(USD) (1)
2,200,000
1,896
Sitios
Latinoamerica,
5.375%,
4/4/32
(USD)
1,025,000
883
20,020
Total
Brazil
(Cost
$22,442
)
20,961
CHILE
6.1%
Corporate
Bonds
6.1%
AES
Andes,
VR,
7.125%,
3/26/79
(USD) (1)(3)
5,335,000
5,037
Agrosuper,
4.60%,
1/20/32
(USD) (1)
802,000
644
CAP,
3.90%,
4/27/31
(USD)
2,450,000
1,808
Celulosa
Arauco
y
Constitucion,
5.15%,
1/29/50
(USD)
1,400,000
1,082
Chile
Electricity,
6.01%,
1/20/33
(USD) (1)
1,820,000
1,814
Colbun,
3.15%,
3/6/30
(USD)
1,100,000
920
Colbun,
3.95%,
10/11/27
(USD)
2,775,000
2,565
Interchile,
4.50%,
6/30/56
(USD) (1)
4,090,000
3,077
Sociedad
de
Transmision
Austral,
4.00%,
1/27/32
(USD) (1)
3,100,000
2,627
Sociedad
de
Transmision
Austral,
4.00%,
1/27/32
(USD)
1,150,000
975
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
2
Par/Shares
$
Value
(Cost
and
value
in
$000s)
VTR
Comunicaciones,
4.375%,
4/15/29
(USD) (1)
914,000
507
Total
Chile
(Cost
$24,326
)
21,056
CHINA
6.2%
Convertible
Bonds
1.6%
H
World
Group,
3.00%,
5/1/26
(USD)
769,000
891
NIO,
3.875%,
10/15/29
(USD) (1)
710,000
730
PDD
Holdings,
Zero
Coupon,
12/1/25
(USD)
2,020,000
2,013
Xiaomi
Best
Time
International,
Zero
Coupon,
12/17/27
(USD)
2,300,000
1,965
5,599
Corporate
Bonds
4.6%
AAC
Technologies
Holdings,
2.625%,
6/2/26
(USD)
2,300,000
1,955
China
Mengniu
Dairy,
1.875%,
6/17/25
(USD)
1,950,000
1,817
Country
Garden
Holdings,
5.125%,
1/17/25
(USD)
1,850,000
129
Health
&
Happiness
H&H
International
Holdings,
5.625%,
10/24/24
(USD)
1,970,000
1,881
Kaisa
Group
Holdings,
11.25%,
4/9/22
(USD) (4)(5)
1,000,000
59
Kaisa
Group
Holdings,
11.95%,
10/22/22
(USD) (4)(5)
5,275,000
310
Lenovo
Group,
5.875%,
4/24/25
(USD)
2,120,000
2,109
Tencent
Holdings,
3.29%,
6/3/60
(USD)
1,555,000
846
Tencent
Holdings,
3.84%,
4/22/51
(USD)
1,430,000
914
West
China
Cement,
4.95%,
7/8/26
(USD)
2,818,000
1,999
Zhongsheng
Group
Holdings,
3.00%,
1/13/26
(USD)
4,100,000
3,742
15,761
Total
China
(Cost
$27,597
)
21,360
COLOMBIA
4.3%
Corporate
Bonds
4.3%
Aris
Mining,
6.875%,
8/9/26
(USD) (1)
2,485,000
1,989
Banco
Davivienda,
VR,
6.65%
(USD) (1)(2)(3)
4,700,000
3,184
Banco
de
Bogota,
4.375%,
8/3/27
(USD)
1,605,000
1,477
Banco
de
Bogota,
6.25%,
5/12/26
(USD)
1,025,000
979
Bancolombia,
VR,
6.909%,
10/18/27
(USD) (3)
1,625,000
1,511
Ecopetrol,
4.625%,
11/2/31
(USD)
3,025,000
2,312
Ecopetrol,
8.875%,
1/13/33
(USD)
730,000
713
Geopark,
5.50%,
1/17/27
(USD) (1)
2,975,000
2,554
Total
Colombia
(Cost
$17,318
)
14,719
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
GEORGIA
0.8%
Corporate
Bonds
0.8%
Georgian
Railway,
4.00%,
6/17/28
(USD) (1)
3,087,000
2,703
Total
Georgia
(Cost
$3,087
)
2,703
GHANA
0.9%
Corporate
Bonds
0.9%
Kosmos
Energy,
7.125%,
4/4/26
(USD)
1,698,000
1,600
Kosmos
Energy,
7.50%,
3/1/28
(USD)
1,850,000
1,663
Total
Ghana
(Cost
$3,404
)
3,263
HONG
KONG
1.9%
Convertible
Bonds
0.4%
Link
CB,
4.50%,
12/12/27
10,000,000
1,273
1,273
Corporate
Bonds
0.9%
HKT
Capital
No.
6,
3.00%,
1/18/32
(USD)
2,350,000
1,889
PCPD
Capital,
5.125%,
6/18/26
(USD)
1,872,000
1,362
3,251
Government
Bonds
0.6%
Airport
Authority,
2.625%,
2/4/51
(USD)
3,150,000
1,902
1,902
Total
Hong
Kong
(Cost
$7,565
)
6,426
INDIA
6.7%
Corporate
Bonds
5.9%
ABJA
Investment,
5.95%,
7/31/24
(USD)
3,615,000
3,605
Adani
International
Container
Terminal,
3.00%,
2/16/31
(USD)
4,575,000
3,451
Adani
Renewable
Energy
RJ,
4.625%,
10/15/39
(USD)
1,815,600
1,325
CA
Magnum
Holdings,
5.375%,
10/31/26
(USD)
1,500,000
1,331
Greenko
Solar
Mauritius,
5.55%,
1/29/25
(USD)
3,050,000
2,955
HDFC
Bank,
5.686%,
3/2/26
(USD)
1,750,000
1,749
JSW
Infrastructure,
4.95%,
1/21/29
(USD)
2,600,000
2,284
TML
Holdings
Pte,
5.50%,
6/3/24
(USD)
2,775,000
2,738
Vedanta
Resources
Finance
II,
8.95%,
3/11/25
(USD)
1,050,000
774
20,212
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
Bonds
0.8%
Export-Import
Bank
of
India,
3.375%,
8/5/26
(USD)
3,125,000
2,937
2,937
Total
India
(Cost
$25,149
)
23,149
INDONESIA
7.4%
Corporate
Bonds
7.4%
Bank
Negara
Indonesia
Persero,
3.75%,
3/30/26
(USD)
5,015,000
4,663
FPC
Resources,
4.375%,
9/11/27
(USD)
2,147,000
2,052
Freeport
Indonesia,
6.20%,
4/14/52
(USD) (1)
2,900,000
2,433
Indofood
CBP
Sukses
Makmur,
4.805%,
4/27/52
(USD)
1,500,000
1,040
Minejesa
Capital,
5.625%,
8/10/37
(USD)
3,100,000
2,376
Pakuwon
Jati,
4.875%,
4/29/28
(USD)
3,290,000
2,965
Pertamina
Persero,
6.50%,
11/7/48
(USD)
1,450,000
1,405
Perusahaan
Listrik
Negara,
4.875%,
7/17/49
(USD)
1,925,000
1,435
Star
Energy
Geothermal
Wayang
Windu,
6.75%,
4/24/33
(USD)
2,594,560
2,499
Tower
Bersama
Infrastructure,
4.25%,
1/21/25
(USD)
4,650,000
4,522
Total
Indonesia
(Cost
$28,377
)
25,390
ISRAEL
5.1%
Corporate
Bonds
5.1%
Bank
Hapoalim,
VR,
3.255%,
1/21/32
(USD) (1)(3)
2,250,000
1,919
Bank
Leumi
Le-Israel,
VR,
7.129%,
7/18/33
(USD) (1)(3)
1,980,000
1,939
Energian
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
2,022
Israel
Electric,
4.25%,
8/14/28
(USD) (1)
2,675,000
2,449
Leviathan
Bond,
6.125%,
6/30/25
(USD) (1)
1,850,000
1,799
Teva
Pharmaceutical
Finance
Netherlands
III,
4.75%,
5/9/27
(USD)
2,175,000
1,996
Teva
Pharmaceutical
Finance
Netherlands
III,
6.75%,
3/1/28
(USD)
1,925,000
1,889
Teva
Pharmaceutical
Finance
Netherlands
III,
7.875%,
9/15/29
(USD)
1,705,000
1,735
Total
Israel
(Cost
$19,045
)
17,698
JAMAICA
0.0%
Corporate
Bonds
0.0%
Digicel,
6.75%,
3/1/23
(USD) (4)(6)
2,725,000
82
Total
Jamaica
(Cost
$2,556
)
82
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
KAZAKHSTAN
0.6%
Corporate
Bonds
0.6%
KazMunayGas
National,
5.375%,
4/24/30
(USD)
1,200,000
1,094
KazMunayGas
National,
5.75%,
4/19/47
(USD)
1,375,000
1,072
Total
Kazakhstan
(Cost
$2,780
)
2,166
KUWAIT
1.0%
Corporate
Bonds
1.0%
MEGlobal,
4.25%,
11/3/26
(USD)
3,735,000
3,553
Total
Kuwait
(Cost
$3,994
)
3,553
MACAO
2.5%
Corporate
Bonds
2.5%
Melco
Resorts
Finance,
4.875%,
6/6/25
(USD)
2,770,000
2,620
MGM
China
Holdings,
5.875%,
5/15/26
(USD)
1,300,000
1,238
Sands
China,
4.30%,
1/8/26
(USD)
4,015,000
3,754
Wynn
Macau,
5.50%,
1/15/26
(USD) (1)
1,025,000
959
Total
Macao
(Cost
$8,482
)
8,571
MALAYSIA
1.2%
Corporate
Bonds
1.2%
Axiata
Spv5
Labuan,
3.064%,
8/19/50
(USD)
2,850,000
1,757
TNB
Global
Ventures
Capital,
3.244%,
10/19/26
(USD)
2,715,000
2,535
Total
Malaysia
(Cost
$5,341
)
4,292
MAURITIUS
1.3%
Corporate
Bonds
1.3%
Axian
Telecom,
7.375%,
2/16/27
(USD) (1)
4,310,000
3,869
Axian
Telecom,
7.375%,
2/16/27
(USD)
675,000
606
Total
Mauritius
(Cost
$4,949
)
4,475
MEXICO
8.6%
Corporate
Bonds
7.3%
Alpek,
3.25%,
2/25/31
(USD)
2,250,000
1,768
Banco
Mercantil
del
Norte,
VR,
5.875%
(USD) (1)(2)(3)
600,000
513
Banco
Mercantil
del
Norte,
VR,
7.625%
(USD) (2)(3)
2,900,000
2,672
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
6
Par/Shares
$
Value
(Cost
and
value
in
$000s)
BBVA
Bancomer,
VR,
5.125%,
1/18/33
(USD) (3)
3,955,000
3,408
BBVA
Bancomer,
VR,
5.875%,
9/13/34
(USD) (1)(3)
2,150,000
1,884
Braskem
Idesa
SAPI,
6.99%,
2/20/32
(USD)
2,250,000
1,355
Cemex,
VR,
9.125%
(USD) (1)(2)(3)
1,230,000
1,282
Cometa
Energia,
6.375%,
4/24/35
(USD) (1)
4,022,900
3,750
Corp
Inmobiliaria
Vesta,
3.625%,
5/13/31
(USD) (1)
1,840,000
1,502
GCC,
3.614%,
4/20/32
(USD) (1)
2,400,000
1,964
Industrias
Penoles,
4.75%,
8/6/50
(USD) (1)
2,300,000
1,732
Metalsa,
3.75%,
5/4/31
(USD) (1)
4,042,000
2,995
Metalsa,
3.75%,
5/4/31
(USD)
150,000
111
24,936
Government
Bonds
1.3%
Petroleos
Mexicanos,
6.50%,
3/13/27
(USD)
4,175,000
3,685
Petroleos
Mexicanos,
6.75%,
9/21/47
(USD)
1,500,000
890
4,575
Total
Mexico
(Cost
$35,517
)
29,511
MOROCCO
1.5%
Corporate
Bonds
1.5%
Vivo
Energy
Investments,
5.125%,
9/24/27
(USD) (1)
3,300,000
3,039
Vivo
Energy
Investments,
5.125%,
9/24/27
(USD)
2,140,000
1,971
Total
Morocco
(Cost
$5,595
)
5,010
OMAN
1.2%
Corporate
Bonds
1.2%
Lamar
Funding,
3.958%,
5/7/25
(USD)
950,000
907
OmGrid
Funding,
5.196%,
5/16/27
(USD)
1,855,000
1,768
Oztel
Holdings,
6.625%,
4/24/28
(USD)
1,264,000
1,294
Total
Oman
(Cost
$4,200
)
3,969
PANAMA
2.7%
Corporate
Bonds
2.7%
Aeropuerto
Internacional
de
Tocumen,
4.00%,
8/11/41
(USD) (1)
2,500,000
1,947
AES
Panama
Generation
Holdings
Srl,
4.375%,
5/31/30
(USD)
2,279,409
1,939
Banco
General,
VR,
5.25%
(USD) (1)(2)(3)
3,407,000
3,013
C&W
Senior
Financing,
6.875%,
9/15/27
(USD) (1)
2,900,000
2,553
Total
Panama
(Cost
$10,495
)
9,452
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
PARAGUAY
0.4%
Corporate
Bonds
0.4%
Telefonica
Celular
del
Paraguay,
5.875%,
4/15/27
(USD) (1)
1,525,000
1,390
Total
Paraguay
(Cost
$1,580
)
1,390
PERU
3.9%
Corporate
Bonds
3.9%
Banco
de
Credito
del
Peru,
VR,
3.25%,
9/30/31
(USD) (1)(3)
1,935,000
1,702
Cia
de
Minas
Buenaventura,
5.50%,
7/23/26
(USD)
3,125,000
2,742
Consorcio
Transmantaro,
5.20%,
4/11/38
(USD) (1)
1,840,000
1,641
Corp
Financiera
de
Desarrollo,
2.40%,
9/28/27
(USD)
2,025,000
1,744
Fondo
MIVIVIENDA,
4.625%,
4/12/27
(USD)
1,700,000
1,609
InRetail
Consumer,
3.25%,
3/22/28
(USD) (1)
2,120,000
1,810
Minsur,
4.50%,
10/28/31
(USD)
1,345,000
1,131
Petroleos
del
Peru,
5.625%,
6/19/47
(USD)
1,750,000
1,059
Total
Peru
(Cost
$15,154
)
13,438
PHILIPPINES
3.5%
Corporate
Bonds
3.5%
Globe
Telecom,
2.50%,
7/23/30
(USD)
620,000
489
Globe
Telecom,
3.00%,
7/23/35
(USD)
3,475,000
2,511
Globe
Telecom,
VR,
4.20%
(USD) (2)(3)
375,000
350
ICTSI
Treasury,
3.50%,
11/16/31
(USD)
2,350,000
1,992
International
Container
Terminal
Services,
4.75%,
6/17/30
(USD)
2,760,000
2,600
Manila
Water,
4.375%,
7/30/30
(USD)
3,875,000
3,493
PLDT,
3.45%,
6/23/50
(USD)
1,090,000
730
Total
Philippines
(Cost
$14,242
)
12,165
QATAR
0.9%
Corporate
Bonds
0.9%
Qatar
Energy,
3.125%,
7/12/41
(USD) (1)
2,720,000
1,885
Qatar
Energy,
3.125%,
7/12/41
(USD)
2,000,000
1,386
Total
Qatar
(Cost
$4,753
)
3,271
ROMANIA
1.1%
Corporate
Bonds
1.1%
Banca
Comerciala
Romana,
VR,
7.625%,
5/19/27
(EUR) (3)
1,300,000
1,419
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Banca
Transilvania,
VR,
8.875%,
4/27/27
(EUR) (3)
2,068,000
2,275
Total
Romania
(Cost
$3,815
)
3,694
SAUDI
ARABIA
2.0%
Corporate
Bonds
1.0%
Gaci
First
Investment,
5.125%,
2/14/53
(USD)
2,050,000
1,672
Saudi
Electricity
Global
Sukuk,
5.06%,
4/8/43
(USD)
1,922,000
1,730
3,402
Government
Bonds
1.0%
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD) (1)
2,150,000
1,754
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD)
2,000,000
1,631
3,385
Total
Saudi
Arabia
(Cost
$8,655
)
6,787
SINGAPORE
0.3%
Corporate
Bonds
0.3%
Continuum
Energy
Aura,
9.50%,
2/24/27
(USD) (1)
1,010,000
1,006
Total
Singapore
(Cost
$1,010
)
1,006
SLOVENIA
1.1%
Corporate
Bonds
1.1%
Nova
Kreditna
Banka
Maribor,
VR,
7.375%,
6/29/26 (3)
1,900,000
2,053
Nova
Ljubljanska
Banka
dd,
VR,
7.125%,
6/27/27 (3)
1,700,000
1,855
Total
Slovenia
(Cost
$4,001
)
3,908
SOUTH
AFRICA
1.1%
Corporate
Bonds
1.1%
Bidvest
Group
U.K.,
3.625%,
9/23/26
(USD)
2,350,000
2,091
Transnet,
8.25%,
2/6/28
(USD) (1)
1,900,000
1,824
Total
South
Africa
(Cost
$3,973
)
3,915
SOUTH
KOREA
2.6%
Corporate
Bonds
2.6%
GS
Caltex,
5.375%,
8/7/28
(USD) (1)
2,790,000
2,729
Hyundai
Motor
Manufacturing
Indonesia,
1.75%,
5/6/26
(USD)
450,000
403
POSCO,
5.625%,
1/17/26
(USD)
1,600,000
1,594
POSCO,
5.75%,
1/17/28
(USD) (1)
320,000
318
Shinhan
Bank,
4.50%,
3/26/28
(USD)
2,625,000
2,449
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
9
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SK
Hynix,
6.25%,
1/17/26
(USD) (1)
1,400,000
1,401
Total
South
Korea
(Cost
$9,198
)
8,894
TANZANIA
0.9%
Convertible
Bonds
0.2%
HTA
Group,
2.875%,
3/18/27
(USD)
800,000
657
657
Corporate
Bonds
0.7%
HTA
Group,
7.00%,
12/18/25
(USD)
2,499,000
2,414
2,414
Total
Tanzania
(Cost
$3,159
)
3,071
THAILAND
3.4%
Corporate
Bonds
3.4%
Bangkok
Bank,
VR,
3.466%,
9/23/36
(USD) (1)(3)
770,000
598
Bangkok
Bank,
VR,
3.733%,
9/25/34
(USD) (1)(3)
2,380,000
1,989
Bangkok
Bank,
VR,
3.733%,
9/25/34
(USD) (3)
2,000,000
1,671
Indorama
Ventures
Global
Services,
4.375%,
9/12/24
(USD)
2,510,000
2,427
Kasikornbank,
VR,
3.343%,
10/2/31
(USD) (3)
1,654,000
1,477
PTT
Treasury
Center,
5.875%,
8/3/35
(USD)
1,500,000
1,443
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD)
3,502,000
2,024
Total
Thailand
(Cost
$14,031
)
11,629
TURKEY
3.0%
Corporate
Bonds
3.0%
Akbank
TAS,
6.80%,
2/6/26
(USD)
2,800,000
2,737
Hyundai
Assan
Otomotiv
Sanayi
ve
Ticaret,
1.625%,
7/12/26
(USD)
1,947,000
1,713
Turkcell
Iletisim
Hizmetleri,
5.75%,
10/15/25
(USD)
2,785,000
2,700
Turkiye
Sise
ve
Cam
Fabrikalari,
6.95%,
3/14/26
(USD)
1,464,000
1,429
Yapi
ve
Kredi
Bankasi,
9.25%,
10/16/28
(USD) (1)
1,800,000
1,812
Total
Turkey
(Cost
$10,369
)
10,391
UNITED
ARAB
EMIRATES
1.6%
Corporate
Bonds
1.6%
EMG
SUKUK,
4.564%,
6/18/24
(USD)
2,480,000
2,444
MAF
Global
Securities,
VR,
6.375%
(USD) (2)(3)
3,074,000
2,974
Total
United
Arab
Emirates
(Cost
$5,883
)
5,418
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
10
Par/Shares
$
Value
(Cost
and
value
in
$000s)
UNITED
KINGDOM
0.4%
Corporate
Bonds
0.4%
Standard
Chartered,
VR,
4.30%
(USD) (2)(3)
1,945,000
1,405
Total
United
Kingdom
(Cost
$1,700
)
1,405
UNITED
STATES
2.1%
Convertible
Bonds
0.5%
Citigroup
Global
Markets
Holdings,
Series
1299,
Zero
Coupon,
2/26/26
(HKD)
16,000,000
1,849
1,849
Corporate
Bonds
1.6%
Hyundai
Capital
America,
5.50%,
3/30/26 (1)
2,775,000
2,740
LCPR
Senior
Secured
Financing,
5.125%,
7/15/29 (1)
550,000
444
LCPR
Senior
Secured
Financing,
6.75%,
10/15/27 (1)
2,393,000
2,190
5,374
Total
United
States
(Cost
$7,623
)
7,223
UZBEKISTAN
0.9%
Corporate
Bonds
0.9%
Ipoteka-Bank
ATIB,
5.50%,
11/19/25
(USD)
3,275,000
2,981
Total
Uzbekistan
(Cost
$3,299
)
2,981
VIETNAM
1.2%
Corporate
Bonds
1.2%
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD) (1)
480,000
436
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD)
3,895,000
3,539
Total
Vietnam
(Cost
$4,364
)
3,975
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
11
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SHORT-TERM
INVESTMENTS
2.1%
Money
Market
Funds
2.1%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (7)(8)
7,159,131
7,159
Total
Short-Term
Investments
(Cost
$7,159)
7,159
Total
Investments
in
Securities
98.8%
(Cost
$387,257)
$
340,392
Other
Assets
Less
Liabilities
1.2%
4,080
Net
Assets
100.0%
$
344,472
‡
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
$107,539
and
represents
31.2%
of
net
assets.
(2)
Perpetual
security
with
no
stated
maturity
date.
(3)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(4)
Non-income
producing
(5)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(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
EUR
Euro
HKD
Hong
Kong
Dollar
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
12
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
BNP
Paribas
11/24/23
USD
3,199
EUR
2,926
$
98
HSBC
Bank
11/24/23
USD
676
EUR
617
23
Standard
Chartered
11/24/23
USD
795
EUR
738
13
State
Street
11/24/23
USD
1,915
EUR
1,757
53
UBS
Investment
Bank
11/24/23
USD
1,353
EUR
1,261
16
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
203
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
13
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
30
Euro
BOBL
contracts
12/23
(3,671)
$
25
Long,
49
U.S.
Treasury
Notes
ten
year
contracts
12/23
5,295
(95)
Short,
40
Ultra
U.S.
Treasury
Bonds
contracts
12/23
(4,748)
341
Net
payments
(receipts)
of
variation
margin
to
date
(303)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(32)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
14
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
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
nine
months
ended
September
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,
5.40%
$
—#
$
—
$
328+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
09/30/23
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
$
25,112
¤
¤
$
7,159^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$328
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
$7,159.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
15
T.
Rowe
Price
Emerging
Markets
Corporate
Bond
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
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)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
16
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
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.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
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
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
17
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
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
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
333,233
$
—
$
333,233
Short-Term
Investments
7,159
—
—
7,159
Total
Securities
7,159
333,233
—
340,392
Forward
Currency
Exchange
Contracts
—
203
—
203
Futures
Contracts*
366
—
—
366
Total
$
7,525
$
333,436
$
—
$
340,961
Liabilities
Futures
Contracts*
$
95
$
—
$
—
$
95
1
Includes
Convertible
Bonds,
Corporate
Bonds
and
Government
Bonds.
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
18
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.
F193-054Q3
09/23