T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
March
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ANGOLA
0.4%
Government
Bonds
0.4%
Republic
of
Angola,
8.00%,
11/26/29
(USD)
1,275,000
1,191
Total
Angola
(Cost
$1,152
)
1,191
ARGENTINA
0.6%
Corporate
Bonds
0.6%
Telecom
Argentina,
8.50%,
8/6/25
(USD) (1)
921,250
911
YPF,
STEP,
9.00%,
2/12/26
(USD)
830,769
837
Total
Argentina
(Cost
$1,741
)
1,748
AUSTRALIA
0.6%
Corporate
Bonds
0.6%
AngloGold
Ashanti
Holdings,
3.375%,
11/1/28
(USD)
1,960,000
1,762
Total
Australia
(Cost
$1,644
)
1,762
BERMUDA
0.0%
Common
Stocks
0.0%
Digicel
International,
Class
A,
Acquisition
date:
1/30/24,
Cost $68
(USD) (2)(3)(4)
60,783
68
Total
Bermuda
(Cost
$68
)
68
BRAZIL
5.6%
Corporate
Bonds
5.6%
Aegea
Finance,
6.75%,
5/20/29
(USD) (1)
1,479,000
1,449
Banco
do
Brasil,
6.00%,
3/18/31
(USD) (1)
1,010,000
1,016
Braskem
Netherlands
Finance,
4.50%,
1/31/30
(USD)
925,000
796
Braskem
Netherlands
Finance,
7.25%,
2/13/33
(USD) (1)
700,000
674
Cosan
Overseas,
8.25%
(USD) (5)
2,975,000
3,048
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD) (1)
1,305,000
1,143
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD)
1,105,000
968
Klabin
Austria,
3.20%,
1/12/31
(USD)
1,750,000
1,487
Minerva
Luxembourg,
4.375%,
3/18/31
(USD) (1)
1,675,000
1,401
Raizen
Fuels
Finance,
6.45%,
3/5/34
(USD) (1)
1,170,000
1,201
Raizen
Fuels
Finance,
6.95%,
3/5/54
(USD) (1)
520,000
536
Sitios
Latinoamerica,
5.375%,
4/4/32
(USD) (1)
2,200,000
2,057
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
2
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Sitios
Latinoamerica,
5.375%,
4/4/32
(USD)
625,000
584
Total
Brazil
(Cost
$16,428
)
16,360
CHILE
6.2%
Corporate
Bonds
6.2%
AES
Andes,
VR,
7.125%,
3/26/79
(USD) (1)(6)
3,485,000
3,453
Agrosuper,
4.60%,
1/20/32
(USD) (1)
3,145,000
2,719
CAP,
3.90%,
4/27/31
(USD)
2,875,000
2,260
Chile
Electricity,
6.01%,
1/20/33
(USD) (1)
1,600,000
1,616
Colbun,
3.15%,
3/6/30
(USD)
850,000
750
Colbun,
3.95%,
10/11/27
(USD)
1,040,000
993
Corp
Nacional
del
Cobre
de
Chile,
6.30%,
9/8/53
(USD) (1)
1,520,000
1,522
Interchile,
4.50%,
6/30/56
(USD) (1)
1,790,000
1,459
Sociedad
de
Transmision
Austral,
4.00%,
1/27/32
(USD) (1)
2,425,000
2,124
Sociedad
de
Transmision
Austral,
4.00%,
1/27/32
(USD)
600,000
525
VTR
Comunicaciones,
4.375%,
4/15/29
(USD) (1)
914,000
634
Total
Chile
(Cost
$18,966
)
18,055
CHINA
5.4%
Convertible
Bonds
1.3%
H
World
Group,
3.00%,
5/1/26
(USD)
886,000
1,021
Li
Auto,
0.25%,
5/1/28
(USD)
550,000
691
NIO,
3.875%,
10/15/29
(USD) (1)
325,000
220
ZTO
Express
Cayman,
1.50%,
9/1/27
(USD)
2,050,000
1,994
3,926
Corporate
Bonds
4.1%
AAC
Technologies
Holdings,
2.625%,
6/2/26
(USD)
1,875,000
1,739
Country
Garden
Holdings,
5.125%,
1/17/25
(USD) (4)(7)
1,850,000
127
Health
&
Happiness
International
Holdings,
7.50%,
3/26/27
1,000,000
138
Kaisa
Group
Holdings,
11.25%,
4/9/22
(USD) (4)(7)
1,000,000
24
Kaisa
Group
Holdings,
11.95%,
10/22/22
(USD) (4)(7)
5,275,000
125
Lenovo
Group,
5.875%,
4/24/25
(USD)
1,100,000
1,102
Prosus,
4.193%,
1/19/32
(USD)
2,550,000
2,220
Tencent
Holdings,
3.84%,
4/22/51
(USD)
965,000
735
West
China
Cement,
4.95%,
7/8/26
(USD)
2,818,000
2,380
Zhongsheng
Group
Holdings,
3.00%,
1/13/26
(USD)
3,500,000
3,292
11,882
Total
China
(Cost
$21,049
)
15,808
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
COLOMBIA
3.4%
Corporate
Bonds
3.4%
Aris
Mining,
6.875%,
8/9/26
(USD) (1)
2,435,000
2,197
Banco
Davivienda,
VR,
6.65%
(USD) (1)(5)(6)
2,700,000
1,900
Banco
de
Bogota,
4.375%,
8/3/27
(USD)
245,000
233
Ecopetrol,
4.625%,
11/2/31
(USD)
2,150,000
1,790
Ecopetrol,
8.375%,
1/19/36
(USD)
1,315,000
1,328
Ecopetrol,
8.875%,
1/13/33
(USD)
730,000
772
Geopark,
5.50%,
1/17/27
(USD) (1)
1,950,000
1,773
Total
Colombia
(Cost
$10,986
)
9,993
EGYPT
0.4%
Government
Bonds
0.4%
Arab
Republic
of
Egypt,
7.625%,
5/29/32
(USD)
1,325,000
1,132
Total
Egypt
(Cost
$1,159
)
1,132
GEORGIA
0.4%
Corporate
Bonds
0.4%
Georgian
Railway,
4.00%,
6/17/28
(USD) (1)
1,287,000
1,176
Total
Georgia
(Cost
$1,287
)
1,176
GHANA
1.2%
Corporate
Bonds
1.2%
Kosmos
Energy,
7.125%,
4/4/26
(USD)
2,523,000
2,485
Kosmos
Energy,
7.50%,
3/1/28
(USD)
1,145,000
1,110
Total
Ghana
(Cost
$3,486
)
3,595
GUATEMALA
0.3%
Corporate
Bonds
0.3%
Millicom
International
Cellular,
7.375%,
4/2/32
(USD) (1)
820,000
824
Total
Guatemala
(Cost
$820
)
824
HONG
KONG
2.5%
Corporate
Bonds
1.9%
Bank
of
East
Asia,
VR,
6.75%,
3/15/27
(USD) (6)
1,450,000
1,464
Elect
Global
Investments,
4.85%
(USD) (5)
1,630,000
1,084
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
HKT
Capital
No.
6,
3.00%,
1/18/32
(USD)
1,800,000
1,557
PCPD
Capital,
5.125%,
6/18/26
(USD)
1,622,000
1,366
5,471
Government
Bonds
0.6%
Airport
Authority,
2.625%,
2/4/51
(USD)
2,650,000
1,729
1,729
Total
Hong
Kong
(Cost
$7,715
)
7,200
INDIA
7.0%
Corporate
Bonds
7.0%
Adani
International
Container
Terminal,
3.00%,
2/16/31
(USD)
3,594,375
3,067
CA
Magnum
Holdings,
5.375%,
10/31/26
(USD)
1,485,000
1,422
Greenko
Solar
Mauritius,
5.55%,
1/29/25
(USD)
2,650,000
2,622
HDFC
Bank,
5.686%,
3/2/26
(USD)
1,750,000
1,755
India
Airport
Infra,
6.25%,
10/25/25
(USD)
2,000,000
2,005
JSW
Infrastructure,
4.95%,
1/21/29
(USD)
3,285,000
3,085
Reliance
Industries,
6.25%,
10/19/40
(USD)
1,655,000
1,782
State
Bank
of
India,
5.00%,
1/17/29
(USD)
2,210,000
2,193
TML
Holdings
Pte,
5.50%,
6/3/24
(USD)
2,075,000
2,074
Vedanta
Resources
Finance
II,
13.875%,
12/9/28
(USD)
571,200
520
Total
India
(Cost
$20,612
)
20,525
INDONESIA
7.3%
Corporate
Bonds
7.3%
Bank
Negara
Indonesia
Persero,
3.75%,
3/30/26
(USD)
4,090,000
3,909
Freeport
Indonesia,
6.20%,
4/14/52
(USD)
2,400,000
2,388
Indofood
CBP
Sukses
Makmur,
4.805%,
4/27/52
(USD)
1,500,000
1,233
Medco
Oak
Tree
Pte.,
7.375%,
5/14/26
(USD)
1,750,000
1,757
Minejesa
Capital,
4.625%,
8/10/30
(USD)
976,290
929
Minejesa
Capital,
5.625%,
8/10/37
(USD)
2,360,000
2,149
Pakuwon
Jati,
4.875%,
4/29/28
(USD)
3,070,000
2,880
Pertamina
Persero,
6.50%,
11/7/48
(USD)
1,400,000
1,508
PT
Tower
Bersama
Infrastructure,
4.25%,
1/21/25
(USD)
2,810,000
2,775
Star
Energy
Geothermal
Wayang
Windu,
6.75%,
4/24/33
(USD)
1,864,840
1,878
Total
Indonesia
(Cost
$21,599
)
21,406
ISRAEL
3.4%
Corporate
Bonds
3.4%
Bank
Hapoalim,
VR,
3.255%,
1/21/32
(USD) (1)(6)
1,625,000
1,447
Bank
Leumi
Le-Israel,
VR,
7.129%,
7/18/33
(USD) (1)(6)
1,455,000
1,432
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Energean
Israel
Finance,
4.875%,
3/30/26
(USD) (1)
1,204,958
1,142
Leviathan
Bond,
6.125%,
6/30/25
(USD) (1)
1,970,167
1,941
Teva
Pharmaceutical
Finance
Netherlands
III,
4.75%,
5/9/27
(USD)
1,040,000
1,006
Teva
Pharmaceutical
Finance
Netherlands
III,
6.75%,
3/1/28
(USD)
1,400,000
1,433
Teva
Pharmaceutical
Finance
Netherlands
III,
7.875%,
9/15/29
(USD)
1,505,000
1,616
Total
Israel
(Cost
$10,023
)
10,017
KAZAKHSTAN
0.7%
Corporate
Bonds
0.7%
KazMunayGas
National,
5.75%,
4/19/47
(USD)
2,325,000
2,025
Total
Kazakhstan
(Cost
$2,455
)
2,025
KUWAIT
1.0%
Corporate
Bonds
1.0%
MEGlobal,
4.25%,
11/3/26
(USD)
2,710,000
2,612
MEGlobal
Canada,
5.875%,
5/18/30
(USD)
330,000
334
Total
Kuwait
(Cost
$3,198
)
2,946
MACAO
2.8%
Corporate
Bonds
2.8%
Melco
Resorts
Finance,
4.875%,
6/6/25
(USD)
1,370,000
1,338
MGM
China
Holdings,
5.875%,
5/15/26
(USD)
1,300,000
1,285
Sands
China,
4.05%,
1/8/26
(USD)
3,240,000
3,123
Studio
City
Finance,
5.00%,
1/15/29
(USD)
1,580,000
1,391
Wynn
Macau,
5.50%,
1/15/26
(USD) (1)
1,025,000
1,000
Total
Macao
(Cost
$7,850
)
8,137
MALAYSIA
1.2%
Corporate
Bonds
1.2%
Axiata
Spv5
Labuan,
3.064%,
8/19/50
(USD)
1,925,000
1,313
TNB
Global
Ventures
Capital,
3.244%,
10/19/26
(USD)
2,440,000
2,322
Total
Malaysia
(Cost
$4,121
)
3,635
MAURITIUS
1.3%
Corporate
Bonds
1.3%
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
6
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Axian
Telecom,
7.375%,
2/16/27
(USD) (1)
3,860,000
3,750
Axian
Telecom,
7.375%,
2/16/27
(USD)
200,000
194
Total
Mauritius
(Cost
$4,051
)
3,944
MEXICO
7.9%
Corporate
Bonds
6.7%
Banco
Mercantil
del
Norte,
VR,
7.625%
(USD) (5)(6)
1,740,000
1,743
BBVA
Bancomer,
VR,
5.125%,
1/18/33
(USD) (6)
1,355,000
1,260
BBVA
Bancomer,
VR,
5.875%,
9/13/34
(USD) (1)(6)
1,950,000
1,847
BBVA
Bancomer,
VR,
8.125%,
1/8/39
(USD) (1)(6)
1,275,000
1,322
Braskem
Idesa
SAPI,
6.99%,
2/20/32
(USD)
2,425,000
1,884
Braskem
Idesa
SAPI,
7.45%,
11/15/29
(USD)
527,000
431
Cemex,
3.875%,
7/11/31
(USD)
1,005,000
891
Cemex,
VR,
9.125%
(USD) (1)(5)(6)
1,230,000
1,337
Cemex,
VR,
9.125%
(USD) (5)(6)
665,000
723
Cometa
Energia,
6.375%,
4/24/35
(USD) (1)
1,684,200
1,699
Corp
Inmobiliaria
Vesta,
3.625%,
5/13/31
(USD) (1)
1,465,000
1,284
GCC,
3.614%,
4/20/32
(USD) (1)
2,400,000
2,070
Metalsa,
3.75%,
5/4/31
(USD) (1)
1,917,000
1,556
Metalsa,
3.75%,
5/4/31
(USD)
950,000
771
Sixsigma
Networks
Mexico,
7.50%,
5/2/25
(USD)
900,000
868
19,686
Government
Bonds
1.2%
Petroleos
Mexicanos,
6.50%,
3/13/27
(USD)
2,675,000
2,521
Petroleos
Mexicanos,
6.75%,
9/21/47
(USD)
1,500,000
999
3,520
Total
Mexico
(Cost
$24,711
)
23,206
MOROCCO
1.1%
Corporate
Bonds
1.1%
Vivo
Energy
Investments,
5.125%,
9/24/27
(USD) (1)
3,050,000
2,907
Vivo
Energy
Investments,
5.125%,
9/24/27
(USD)
200,000
191
Total
Morocco
(Cost
$3,309
)
3,098
OMAN
0.8%
Corporate
Bonds
0.8%
Oztel
Holdings,
6.625%,
4/24/28
(USD)
2,414,000
2,487
Total
Oman
(Cost
$2,519
)
2,487
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
PANAMA
2.5%
Corporate
Bonds
2.3%
Aeropuerto
Internacional
de
Tocumen,
4.00%,
8/11/41
(USD) (1)
1,175,000
864
AES
Panama
Generation
Holdings
Srl,
4.375%,
5/31/30
(USD)
2,258,818
1,962
Banco
General,
VR,
5.25%
(USD) (1)(5)(6)
2,347,000
2,006
C&W
Senior
Finance,
6.875%,
9/15/27
(USD) (1)
2,175,000
2,056
6,888
Government
Bonds
0.2%
Republic
of
Panama,
7.875%,
3/1/57
(USD)
570,000
577
577
Total
Panama
(Cost
$8,094
)
7,465
PARAGUAY
0.4%
Corporate
Bonds
0.4%
Telefonica
Celular
del
Paraguay,
5.875%,
4/15/27
(USD) (1)
1,300,000
1,265
Total
Paraguay
(Cost
$1,339
)
1,265
PERU
2.8%
Corporate
Bonds
2.8%
Cia
de
Minas
Buenaventura,
5.50%,
7/23/26
(USD)
1,975,000
1,907
Consorcio
Transmantaro,
5.20%,
4/11/38
(USD) (1)
1,840,000
1,748
InRetail
Consumer,
3.25%,
3/22/28
(USD) (1)
1,645,000
1,479
Minsur,
4.50%,
10/28/31
(USD)
2,325,000
2,039
Petroleos
del
Peru,
5.625%,
6/19/47
(USD)
1,750,000
1,177
Total
Peru
(Cost
$8,810
)
8,350
PHILIPPINES
5.0%
Corporate
Bonds
5.0%
Bank
of
the
Philippine
Islands,
5.25%,
3/26/29
(USD)
2,950,000
2,950
Globe
Telecom,
2.50%,
7/23/30
(USD)
620,000
520
Globe
Telecom,
3.00%,
7/23/35
(USD)
3,475,000
2,723
ICTSI
Treasury,
3.50%,
11/16/31
(USD)
1,245,000
1,096
International
Container
Terminal
Services,
4.75%,
6/17/30
(USD)
1,860,000
1,805
Manila
Water,
4.375%,
7/30/30
(USD)
2,775,000
2,609
Metropolitan
Bank
&
Trust,
5.50%,
3/6/34
(USD)
2,950,000
2,959
Total
Philippines
(Cost
$15,758
)
14,662
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
POLAND
0.5%
Corporate
Bonds
0.5%
mBank,
VR,
8.375%,
9/11/27
(EUR) (6)
1,300,000
1,493
Total
Poland
(Cost
$1,499
)
1,493
QATAR
1.2%
Corporate
Bonds
1.2%
Commercial
Bank,
VR,
4.50%
(USD) (5)(6)
829,000
769
Qatar
Energy,
3.125%,
7/12/41
(USD) (1)
1,585,000
1,186
Qatar
Energy,
3.125%,
7/12/41
(USD)
2,000,000
1,496
Total
Qatar
(Cost
$4,390
)
3,451
ROMANIA
0.7%
Corporate
Bonds
0.7%
Banca
Transilvania,
VR,
8.875%,
4/27/27
(EUR) (6)
1,668,000
1,911
Total
Romania
(Cost
$1,858
)
1,911
SAUDI
ARABIA
2.9%
Corporate
Bonds
2.1%
Acwa
Power
Management
&
Investments
One,
5.95%,
12/15/39
(USD)
1,659,758
1,619
EIG
Pearl
Holdings,
3.545%,
8/31/36
(USD)
1,725,000
1,476
Gaci
First
Investment,
5.125%,
2/14/53
(USD)
1,725,000
1,498
Saudi
Electricity
Global
Sukuk,
5.06%,
4/8/43
(USD)
1,647,000
1,587
6,180
Government
Bonds
0.8%
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD) (1)
1,575,000
1,381
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD)
1,100,000
964
2,345
Total
Saudi
Arabia
(Cost
$9,560
)
8,525
SINGAPORE
0.8%
Corporate
Bonds
0.8%
DBS
Group
Holdings,
VR,
3.30%
(USD) (5)(6)
2,350,000
2,291
Total
Singapore
(Cost
$2,260
)
2,291
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
9
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SLOVENIA
1.3%
Corporate
Bonds
1.3%
Nova
Kreditna
Banka
Maribor,
VR,
7.375%,
6/29/26 (6)
1,800,000
1,999
Nova
Ljubljanska
Banka,
VR,
7.125%,
6/27/27 (6)
1,700,000
1,938
Total
Slovenia
(Cost
$3,871
)
3,937
SOUTH
AFRICA
1.3%
Corporate
Bonds
1.3%
Sasol
Financing
USA,
6.50%,
9/27/28
(USD)
1,825,000
1,750
Transnet,
8.25%,
2/6/28
(USD) (1)
1,500,000
1,496
Transnet,
8.25%,
2/6/28
(USD)
600,000
598
Total
South
Africa
(Cost
$3,822
)
3,844
SOUTH
KOREA
2.9%
Convertible
Bonds
0.2%
L&F,
2.50%,
4/26/30
(USD)
1,000,000
666
666
Corporate
Bonds
2.7%
GS
Caltex,
5.375%,
8/7/28
(USD) (1)
2,370,000
2,380
Hanwha
Totalenergies
Petrochemical,
5.50%,
7/18/29
(USD)
2,360,000
2,352
Hyundai
Assan
Otomotiv
Sanayi
ve
Ticaret,
1.625%,
7/12/26
(USD)
1,947,000
1,779
SK
Hynix,
6.25%,
1/17/26
(USD) (1)
1,400,000
1,417
7,928
Total
South
Korea
(Cost
$8,549
)
8,594
TANZANIA
0.6%
Corporate
Bonds
0.6%
HTA
Group,
7.00%,
12/18/25
(USD)
1,774,000
1,773
Total
Tanzania
(Cost
$1,762
)
1,773
THAILAND
2.4%
Corporate
Bonds
2.4%
Bangkok
Bank,
VR,
3.466%,
9/23/36
(USD) (1)(6)
770,000
650
Bangkok
Bank,
VR,
3.733%,
9/25/34
(USD) (1)(6)
2,380,000
2,125
Bangkok
Bank,
VR,
3.733%,
9/25/34
(USD) (6)
1,450,000
1,294
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
10
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Indorama
Ventures
Global
Services,
4.375%,
9/12/24
(USD)
2,940,000
2,895
Total
Thailand
(Cost
$7,595
)
6,964
TÜRKIYE
3.5%
Corporate
Bonds
3.5%
Akbank,
VR,
9.369%
(USD) (1)(5)(6)
2,390,000
2,389
Mersin
Uluslararasi
Liman
Isletmeciligi,
8.25%,
11/15/28
(USD) (1)
1,625,000
1,681
TAV
Havalimanlari
Holding,
8.50%,
12/7/28
(USD) (1)
1,915,000
1,979
TAV
Havalimanlari
Holding,
8.50%,
12/7/28
(USD)
500,000
517
Turkcell
Iletisim
Hizmetleri,
5.75%,
10/15/25
(USD)
2,205,000
2,189
Yapi
ve
Kredi
Bankasi,
9.25%,
10/16/28
(USD) (1)
1,400,000
1,489
Total
Türkiye
(Cost
$9,980
)
10,244
UKRAINE
0.5%
Corporate
Bonds
0.5%
Kernel
Holding,
6.50%,
10/17/24
(USD)
725,000
652
Kernel
Holding,
6.75%,
10/27/27
(USD)
1,060,000
789
Total
Ukraine
(Cost
$1,470
)
1,441
UNITED
ARAB
EMIRATES
0.8%
Corporate
Bonds
0.8%
Emirates
NBD
Bank,
VR,
4.25%
(USD) (5)(6)
1,623,000
1,504
Sobha
Sukuk,
8.75%,
7/17/28
(USD)
740,000
746
Total
United
Arab
Emirates
(Cost
$2,171
)
2,250
UNITED
KINGDOM
1.1%
Corporate
Bonds
1.1%
Standard
Chartered,
VR,
3.265%,
2/18/36
(USD) (6)
1,900,000
1,594
Standard
Chartered,
VR,
4.30%
(USD) (5)(6)
1,945,000
1,600
Total
United
Kingdom
(Cost
$3,280
)
3,194
UNITED
STATES
1.3%
Convertible
Bonds
0.6%
Citigroup
Global
Markets
Holdings,
Series
1299,
Zero
Coupon,
2/26/26
(HKD)
16,000,000
1,863
1,863
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
11
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Corporate
Bonds
0.7%
LCPR
Senior
Secured
Financing,
6.75%,
10/15/27 (1)
2,193,000
2,050
2,050
Total
United
States
(Cost
$4,099
)
3,913
UZBEKISTAN
0.9%
Corporate
Bonds
0.9%
Ipoteka-Bank
ATIB,
5.50%,
11/19/25
(USD)
2,825,000
2,719
Total
Uzbekistan
(Cost
$2,839
)
2,719
VIETNAM
0.8%
Corporate
Bonds
0.8%
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD) (1)
442,699
423
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD)
1,978,313
1,893
Total
Vietnam
(Cost
$2,414
)
2,316
SHORT-TERM
INVESTMENTS
2.8%
Money
Market
Funds
2.8%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (8)(9)
8,286,410
8,286
Total
Short-Term
Investments
(Cost
$8,286)
8,286
Total
Investments
in
Securities
98.5%
(Cost
$304,655)
$
289,226
Other
Assets
Less
Liabilities
1.5%
4,422
Net
Assets
100.0%
$
293,648
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
12
‡
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
$86,803
and
represents
29.6%
of
net
assets.
(2)
Level
3
in
fair
value
hierarchy.
(3)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$68
and
represents
0.0%
of
net
assets.
(4)
Non-income
producing
(5)
Perpetual
security
with
no
stated
maturity
date.
(6)
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.
(7)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(8)
Seven-day
yield
(9)
Affiliated
Companies
CNH
Offshore
China
Renminbi
EUR
Euro
HKD
Hong
Kong
Dollar
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
13
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
BNP
Paribas
5/24/24
USD
118
EUR
108
$
1
HSBC
Bank
6/14/24
USD
139
CNH
1,000
1
State
Street
5/24/24
USD
7,580
EUR
7,009
2
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
4
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
14
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
27
Euro
BOBL
contracts
6/24
(3,445)
$
(13)
Long,
9
U.S.
Treasury
Notes
ten
year
contracts
6/24
997
7
Short,
7
Ultra
U.S.
Treasury
Bonds
contracts
6/24
(903)
(14)
Net
payments
(receipts)
of
variation
margin
to
date
16
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(4)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
15
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
three
months
ended
March
31,
2024.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
—#
$
—
$
70+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
5,354
¤
¤
$
8,286^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$70
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$8,286.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
16
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)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
17
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
18
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Investments
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
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Emerging
Markets
Corporate
Bond
Fund
19
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics 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.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
280,872
$
—
$
280,872
Common
Stocks
—
—
68
68
Short-Term
Investments
8,286
—
—
8,286
Total
Securities
8,286
280,872
68
289,226
Forward
Currency
Exchange
Contracts
—
4
—
4
Futures
Contracts*
7
—
—
7
Total
$
8,293
$
280,876
$
68
$
289,237
Liabilities
Futures
Contracts*
$
27
$
—
$
—
$
27
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
20
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
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.
F193-054Q1
03/24