T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

March

31,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ARGENTINA

0.3%

Corporate

Bonds

0.3%

YPF,

STEP,

9.00%,

2/12/26

(USD) 

1,246,154‌

1,210‌

Total

Argentina

(Cost

$1,208

)

1,210‌

BRAZIL

6.2%

Convertible

Bonds

0.3%

MercadoLibre,

2.00%,

8/15/28

(USD) 

323,000‌

973‌

973‌

Corporate

Bonds

5.9%

Aegea

Finance,

6.75%,

5/20/29

(USD) (1)

1,650,000‌

1,521‌

Braskem

Netherlands

Finance,

4.50%,

1/31/30

(USD) 

1,400,000‌

1,190‌

Braskem

Netherlands

Finance,

7.25%,

2/13/33

(USD) (1)

2,025,000‌

1,948‌

Cosan

Luxembourg,

7.00%,

1/20/27

(USD) 

1,050,000‌

1,053‌

Cosan

Overseas,

8.25%

(USD) (2)

2,975,000‌

2,963‌

Globo

Comunicacao

e

Participacoes,

4.875%,

1/22/30

(USD) (1)

2,700,000‌

2,153‌

Globo

Comunicacao

e

Participacoes,

4.875%,

1/22/30

(USD) 

900,000‌

718‌

Klabin

Austria,

3.20%,

1/12/31

(USD) 

3,250,000‌

2,684‌

MARB

BondCo,

3.95%,

1/29/31

(USD) 

2,125,000‌

1,618‌

Rumo

Luxembourg,

4.20%,

1/18/32

(USD) 

3,425,000‌

2,743‌

Sitios

Latinoamerica,

5.375%,

4/4/32

(USD) (1)

2,200,000‌

1,968‌

Suzano

Austria,

3.75%,

1/15/31

(USD) 

1,900,000‌

1,655‌

Suzano

Austria,

5.00%,

1/15/30

(USD) 

400,000‌

381‌

22,595‌

Total

Brazil

(Cost

$25,192

)

23,568‌

CHILE

6.9%

Corporate

Bonds

6.9%

AES

Andes,

VR,

7.125%,

3/26/79

(USD) (1)(3)

6,435,000‌

6,155‌

Agrosuper,

4.60%,

1/20/32

(USD) (1)

3,185,000‌

2,718‌

CAP,

3.90%,

4/27/31

(USD) 

2,450,000‌

1,892‌

Celulosa

Arauco

y

Constitucion,

5.15%,

1/29/50

(USD) 

2,250,000‌

1,913‌

Colbun,

3.15%,

3/6/30

(USD) 

4,100,000‌

3,488‌

Falabella,

3.75%,

10/30/27

(USD) 

1,750,000‌

1,547‌

Interchile,

4.50%,

6/30/56

(USD) (1)

4,415,000‌

3,534‌

Sociedad

de

Transmision

Austral,

4.00%,

1/27/32

(USD) (1)

3,100,000‌

2,576‌

Sociedad

de

Transmision

Austral,

4.00%,

1/27/32

(USD) 

700,000‌

582‌

VTR

Comunicaciones,

4.375%,

4/15/29

(USD) (1)

3,014,000‌

1,833‌

Total

Chile

(Cost

$30,432

)

26,238‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

2

Par/Shares

$

Value

(Cost

and

value

in

$000s)

CHINA

5.1%

Convertible

Bonds

1.4%

H

World

Group,

3.00%,

5/1/26

(USD) 

769,000‌

1,036‌

PDD

Holdings,

Zero

Coupon,

12/1/25

(USD) 

2,020,000‌

1,940‌

Vnet

Group,

Zero

Coupon,

2/1/26

(USD) 

1,520,000‌

1,211‌

Zhongsheng

Group

Holdings,

Zero

Coupon,

5/21/25

(HKD) 

9,000,000‌

1,296‌

5,483‌

Corporate

Bonds

3.7%

China

Mengniu

Dairy,

1.875%,

6/17/25

(USD) 

2,750,000‌

2,560‌

Country

Garden

Holdings,

3.30%,

1/12/31

(USD) 

480,000‌

221‌

Country

Garden

Holdings,

3.875%,

10/22/30

(USD) 

490,000‌

228‌

Health

&

Happiness

H&H

International

Holdings,

5.625%,

10/24/24

(USD) 

1,970,000‌

1,746‌

Kaisa

Group

Holdings,

11.25%,

4/9/22

(USD) (4)(5)

1,000,000‌

128‌

Kaisa

Group

Holdings,

11.95%,

10/22/22

(USD) (4)(5)

5,275,000‌

650‌

Lenovo

Group,

5.875%,

4/24/25

(USD) 

2,120,000‌

2,130‌

Tencent

Holdings,

3.29%,

6/3/60

(USD) 

1,555,000‌

974‌

Tencent

Holdings,

3.84%,

4/22/51

(USD) 

1,430,000‌

1,041‌

West

China

Cement,

4.95%,

7/8/26

(USD) 

2,818,000‌

2,279‌

Zhongsheng

Group

Holdings,

3.00%,

1/13/26

(USD) 

2,400,000‌

2,199‌

14,156‌

Total

China

(Cost

$24,922

)

19,639‌

COLOMBIA

4.9%

Corporate

Bonds

4.9%

Aris

Mining,

6.875%,

8/9/26

(USD) (1)

2,485,000‌

2,034‌

Banco

Davivienda,

VR,

6.65%

(USD) (1)(2)(3)

5,000,000‌

3,460‌

Banco

de

Bogota,

4.375%,

8/3/27

(USD) 

1,605,000‌

1,431‌

Banco

de

Bogota,

6.25%,

5/12/26

(USD) 

1,725,000‌

1,678‌

Bancolombia,

VR,

4.625%,

12/18/29

(USD) (3)

3,315,000‌

2,788‌

Canacol

Energy,

5.75%,

11/24/28

(USD) (1)

2,280,000‌

1,843‌

Ecopetrol,

6.875%,

4/29/30

(USD) 

1,500,000‌

1,384‌

Ecopetrol,

8.875%,

1/13/33

(USD) 

730,000‌

740‌

Geopark,

5.50%,

1/17/27

(USD) (1)

2,450,000‌

2,058‌

Grupo

Aval,

4.375%,

2/4/30

(USD) 

1,500,000‌

1,162‌

Total

Colombia

(Cost

$22,051

)

18,578‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

3

Par/Shares

$

Value

(Cost

and

value

in

$000s)

COSTA

RICA

0.3%

Corporate

Bonds

0.3%

Liberty

Costa

Rica

Senior

Secured

Finance,

10.875%,

1/15/31

(USD) (1)

1,250,000‌

1,177‌

Total

Costa

Rica

(Cost

$1,250

)

1,177‌

GEORGIA

0.7%

Corporate

Bonds

0.7%

Georgian

Railway,

4.00%,

6/17/28

(USD) (1)

3,087,000‌

2,661‌

Total

Georgia

(Cost

$3,087

)

2,661‌

GHANA

0.9%

Corporate

Bonds

0.9%

Kosmos

Energy,

7.125%,

4/4/26

(USD) 

2,373,000‌

2,039‌

Kosmos

Energy,

7.50%,

3/1/28

(USD) 

1,850,000‌

1,508‌

Total

Ghana

(Cost

$4,053

)

3,547‌

GUATEMALA

0.5%

Corporate

Bonds

0.5%

CT

Trust,

5.125%,

2/3/32

(USD) (1)

2,265,000‌

1,897‌

Total

Guatemala

(Cost

$2,265

)

1,897‌

HONG

KONG

1.8%

Corporate

Bonds

1.2%

HKT

Capital

No.

6,

3.00%,

1/18/32

(USD) 

2,350,000‌

2,017‌

PCPD

Capital,

5.125%,

6/18/26

(USD) 

3,372,000‌

2,833‌

4,850‌

Government

Bonds

0.6%

Airport

Authority,

2.625%,

2/4/51

(USD) 

3,150,000‌

2,200‌

2,200‌

Total

Hong

Kong

(Cost

$7,734

)

7,050‌

INDIA

7.3%

Corporate

Bonds

6.3%

ABJA

Investment,

5.95%,

7/31/24

(USD) 

4,015,000‌

4,003‌

Adani

Electricity

Mumbai,

3.867%,

7/22/31

(USD) 

953,000‌

662‌

Adani

International

Container

Terminal,

3.00%,

2/16/31

(USD) 

4,687,500‌

3,576‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

4

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Adani

Renewable

Energy

RJ,

4.625%,

10/15/39

(USD) 

3,786,713‌

2,658‌

Greenko

Solar

Mauritius,

5.55%,

1/29/25

(USD) 

2,200,000‌

2,118‌

HDFC

Bank,

5.686%,

3/2/26

(USD) 

2,000,000‌

2,026‌

India

Green

Power

Holdings,

4.00%,

2/22/27

(USD) 

2,500,000‌

2,125‌

JSW

Hydro

Energy,

4.125%,

5/18/31

(USD) 

2,655,000‌

2,205‌

Periama

Holdings,

5.95%,

4/19/26

(USD) 

1,395,000‌

1,322‌

TML

Holdings

Pte,

5.50%,

6/3/24

(USD) 

2,775,000‌

2,706‌

Vedanta

Resources

Finance

II,

8.95%,

3/11/25

(USD) 

1,050,000‌

649‌

24,050‌

Government

Bonds

1.0%

Export-Import

Bank

of

India,

3.375%,

8/5/26

(USD) 

3,900,000‌

3,684‌

3,684‌

Total

India

(Cost

$30,699

)

27,734‌

INDONESIA

7.1%

Corporate

Bonds

7.1%

Bank

Negara

Indonesia

Persero,

3.75%,

3/30/26

(USD) 

5,015,000‌

4,589‌

FPC

Resources,

4.375%,

9/11/27

(USD) 

2,497,000‌

2,323‌

Freeport

Indonesia,

6.20%,

4/14/52

(USD) (1)

2,900,000‌

2,661‌

Medco

Oak

Tree

Pte,

7.375%,

5/14/26

(USD) 

2,300,000‌

2,194‌

Minejesa

Capital,

5.625%,

8/10/37

(USD) 

3,100,000‌

2,433‌

Pakuwon

Jati,

4.875%,

4/29/28

(USD) 

3,290,000‌

2,912‌

Pertamina

Persero,

6.50%,

11/7/48

(USD) 

1,450,000‌

1,506‌

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

2,547‌

Tower

Bersama

Infrastructure,

4.25%,

1/21/25

(USD) 

4,650,000‌

4,507‌

Total

Indonesia

(Cost

$29,719

)

27,245‌

ISRAEL

4.0%

Corporate

Bonds

4.0%

Bank

Leumi

Le-Israel,

VR,

7.129%,

7/18/33

(USD) (1)(3)

830,000‌

802‌

Energean

Israel

Finance,

4.875%,

3/30/26

(USD) (1)

2,100,000‌

1,943‌

ICL

Group,

6.375%,

5/31/38

(USD) (1)

2,104,000‌

2,075‌

Israel

Electric,

4.25%,

8/14/28

(USD) (1)

2,675,000‌

2,508‌

Leviathan

Bond,

6.125%,

6/30/25

(USD) (1)

2,075,000‌

2,013‌

Teva

Pharmaceutical

Finance

Netherlands

III,

4.75%,

5/9/27

(USD) 

2,175,000‌

2,023‌

Teva

Pharmaceutical

Finance

Netherlands

III,

6.75%,

3/1/28

(USD) 

2,325,000‌

2,325‌

Teva

Pharmaceutical

Finance

Netherlands

III,

7.875%,

9/15/29

(USD) 

1,705,000‌

1,786‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

5

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Total

Israel

(Cost

$16,697

)

15,475‌

JAMAICA

0.1%

Corporate

Bonds

0.1%

Digicel,

6.75%,

3/1/23

(USD) (4)(6)

2,725,000‌

586‌

Total

Jamaica

(Cost

$2,556

)

586‌

KAZAKHSTAN

1.2%

Corporate

Bonds

1.2%

KazMunayGas

National,

5.375%,

4/24/30

(USD) 

1,200,000‌

1,073‌

KazMunayGas

National,

5.75%,

4/19/47

(USD) 

2,100,000‌

1,648‌

Tengizchevroil

Finance

International,

4.00%,

8/15/26

(USD) 

2,250,000‌

1,994‌

Total

Kazakhstan

(Cost

$6,014

)

4,715‌

KUWAIT

1.1%

Corporate

Bonds

1.1%

Equate

Petrochemical,

4.25%,

11/3/26

(USD) 

4,375,000‌

4,254‌

Total

Kuwait

(Cost

$4,726

)

4,254‌

MACAO

1.5%

Corporate

Bonds

1.5%

Melco

Resorts

Finance,

4.875%,

6/6/25

(USD) 

1,870,000‌

1,761‌

MGM

China

Holdings,

5.875%,

5/15/26

(USD) 

650,000‌

612‌

Sands

China,

4.30%,

1/8/26

(USD) 

3,615,000‌

3,397‌

Total

Macao

(Cost

$5,569

)

5,770‌

MALAYSIA

1.3%

Corporate

Bonds

1.3%

Axiata

Spv5

Labuan,

3.064%,

8/19/50

(USD) 

2,850,000‌

2,038‌

TNB

Global

Ventures

Capital,

3.244%,

10/19/26

(USD) 

3,225,000‌

3,037‌

Total

Malaysia

(Cost

$5,887

)

5,075‌

MAURITIUS

1.3%

Corporate

Bonds

1.3%

Axian

Telecom,

7.375%,

2/16/27

(USD) (1)

4,610,000‌

4,203‌

Axian

Telecom,

7.375%,

2/16/27

(USD) 

675,000‌

615‌

Total

Mauritius

(Cost

$5,244

)

4,818‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

MEXICO

8.9%

Corporate

Bonds

7.7%

Alpek,

3.25%,

2/25/31

(USD) 

3,000,000‌

2,428‌

Axtel,

6.375%,

11/14/24

(USD) (1)

2,379,000‌

2,130‌

Banco

Mercantil

del

Norte,

VR,

5.875%

(USD) (1)(2)(3)

1,275,000‌

1,087‌

Banco

Mercantil

del

Norte,

VR,

7.625%

(USD) (2)(3)

2,900,000‌

2,569‌

BBVA

Bancomer,

VR,

5.125%,

1/18/33

(USD) (3)

3,955,000‌

3,387‌

BBVA

Bancomer,

VR,

5.875%,

9/13/34

(USD) (1)(3)

2,725,000‌

2,382‌

Braskem

Idesa

SAPI,

6.99%,

2/20/32

(USD) 

2,250,000‌

1,700‌

Cemex,

VR,

9.125%

(USD) (1)(2)(3)

1,230,000‌

1,233‌

Cometa

Energia,

6.375%,

4/24/35

(USD) (1)

4,199,300‌

3,967‌

Corp

Inmobiliaria

Vesta,

3.625%,

5/13/31

(USD) (1)

1,840,000‌

1,488‌

GCC,

3.614%,

4/20/32

(USD) (1)

2,400,000‌

2,016‌

Industrias

Penoles,

4.75%,

8/6/50

(USD) (1)

2,300,000‌

1,805‌

Metalsa,

3.75%,

5/4/31

(USD) (1)

4,042,000‌

3,060‌

29,252‌

Government

Bonds

1.2%

Petroleos

Mexicanos,

6.50%,

3/13/27

(USD) 

3,575,000‌

3,252‌

Petroleos

Mexicanos,

6.75%,

9/21/47

(USD) 

2,350,000‌

1,530‌

4,782‌

Total

Mexico

(Cost

$40,099

)

34,034‌

MOROCCO

1.3%

Corporate

Bonds

1.3%

Vivo

Energy

Investments,

5.125%,

9/24/27

(USD) (1)

3,300,000‌

3,029‌

Vivo

Energy

Investments,

5.125%,

9/24/27

(USD) 

2,140,000‌

1,965‌

Total

Morocco

(Cost

$5,611

)

4,994‌

OMAN

1.2%

Corporate

Bonds

1.2%

Lamar

Funding,

3.958%,

5/7/25

(USD) 

950,000‌

906‌

OmGrid

Funding,

5.196%,

5/16/27

(USD) 

1,855,000‌

1,782‌

Oztel

Holdings,

6.625%,

4/24/28

(USD) 

1,975,000‌

2,053‌

Total

Oman

(Cost

$4,981

)

4,741‌

PANAMA

2.7%

Corporate

Bonds

2.7%

Aeropuerto

Internacional

de

Tocumen,

4.00%,

8/11/41

(USD) (1)

2,500,000‌

1,999‌

AES

Panama

Generation

Holdings

Srl,

4.375%,

5/31/30

(USD) 

2,300,000‌

1,980‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Banco

General,

VR,

5.25%

(USD) (1)(2)(3)

3,982,000‌

3,480‌

C&W

Senior

Financing,

6.875%,

9/15/27

(USD) (1)

3,125,000‌

2,798‌

Total

Panama

(Cost

$11,396

)

10,257‌

PARAGUAY

0.8%

Corporate

Bonds

0.8%

Telefonica

Celular

del

Paraguay,

5.875%,

4/15/27

(USD) (1)

3,225,000‌

2,966‌

Total

Paraguay

(Cost

$3,369

)

2,966‌

PERU

4.3%

Corporate

Bonds

4.3%

Banco

de

Credito

del

Peru,

VR,

3.25%,

9/30/31

(USD) (1)(3)

3,335,000‌

2,880‌

Cia

de

Minas

Buenaventura,

5.50%,

7/23/26

(USD) 

3,125,000‌

2,669‌

Consorcio

Transmantaro,

5.20%,

4/11/38

(USD) (1)

1,840,000‌

1,695‌

Corp

Financiera

de

Desarrollo,

2.40%,

9/28/27

(USD) 

2,900,000‌

2,504‌

Fondo

MIVIVIENDA,

4.625%,

4/12/27

(USD) 

1,700,000‌

1,617‌

InRetail

Consumer,

3.25%,

3/22/28

(USD) (1)

2,820,000‌

2,441‌

Minsur,

4.50%,

10/28/31

(USD) 

1,345,000‌

1,148‌

Petroleos

del

Peru,

5.625%,

6/19/47

(USD) 

2,400,000‌

1,556‌

Total

Peru

(Cost

$18,580

)

16,510‌

PHILIPPINES

3.8%

Corporate

Bonds

3.8%

Globe

Telecom,

2.50%,

7/23/30

(USD) 

620,000‌

501‌

Globe

Telecom,

3.00%,

7/23/35

(USD) 

2,825,000‌

2,092‌

Globe

Telecom,

VR,

4.20%

(USD) (2)(3)

1,600,000‌

1,464‌

ICTSI

Treasury,

3.50%,

11/16/31

(USD) 

2,350,000‌

1,944‌

International

Container

Terminal

Services,

4.75%,

6/17/30

(USD) 

4,070,000‌

3,816‌

Manila

Water,

4.375%,

7/30/30

(USD) 

4,450,000‌

3,927‌

PLDT,

3.45%,

6/23/50

(USD) 

1,090,000‌

736‌

Total

Philippines

(Cost

$17,033

)

14,480‌

QATAR

1.0%

Corporate

Bonds

1.0%

Qatar

Energy,

3.125%,

7/12/41

(USD) (1)

2,720,000‌

2,130‌

Qatar

Energy,

3.125%,

7/12/41

(USD) 

2,000,000‌

1,566‌

Total

Qatar

(Cost

$4,754

)

3,696‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

8

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SAUDI

ARABIA

2.0%

Corporate

Bonds

1.0%

Saudi

Electricity

Global

Sukuk,

5.06%,

4/8/43

(USD) 

3,775,000‌

3,693‌

3,693‌

Government

Bonds

1.0%

Saudi

Arabian

Oil,

3.50%,

4/16/29

(USD) 

225,000‌

211‌

Saudi

Arabian

Oil,

4.25%,

4/16/39

(USD) (1)

2,150,000‌

1,931‌

Saudi

Arabian

Oil,

4.25%,

4/16/39

(USD) 

2,000,000‌

1,797‌

3,939‌

Total

Saudi

Arabia

(Cost

$9,281

)

7,632‌

SOUTH

AFRICA

1.2%

Corporate

Bonds

1.2%

Bidvest

Group

U.K.,

3.625%,

9/23/26

(USD) 

2,600,000‌

2,362‌

Transnet,

8.25%,

2/6/28

(USD) (1)

2,100,000‌

2,094‌

Total

South

Africa

(Cost

$4,351

)

4,456‌

SOUTH

KOREA

1.9%

Corporate

Bonds

1.9%

Hyundai

Motor

Manufacturing

Indonesia,

1.75%,

5/6/26

(USD) 

450,000‌

400‌

POSCO,

5.625%,

1/17/26

(USD) 

1,600,000‌

1,619‌

POSCO,

5.75%,

1/17/28

(USD) (1)

320,000‌

331‌

Shinhan

Bank,

4.50%,

3/26/28

(USD) 

3,050,000‌

2,900‌

SK

Hynix,

6.25%,

1/17/26

(USD) (1)

2,000,000‌

2,021‌

Total

South

Korea

(Cost

$7,473

)

7,271‌

TANZANIA

0.6%

Corporate

Bonds

0.6%

HTA

Group,

7.00%,

12/18/25

(USD) 

2,350,000‌

2,236‌

Total

Tanzania

(Cost

$2,444

)

2,236‌

THAILAND

5.5%

Corporate

Bonds

5.5%

Bangkok

Bank,

VR,

3.466%,

9/23/36

(USD) (1)(3)

2,270,000‌

1,857‌

Bangkok

Bank,

VR,

3.733%,

9/25/34

(USD) (1)(3)

2,730,000‌

2,320‌

Bangkok

Bank,

VR,

3.733%,

9/25/34

(USD) (3)

2,000,000‌

1,699‌

Indorama

Ventures

Global

Services,

4.375%,

9/12/24

(USD) 

2,985,000‌

2,884‌

Kasikornbank,

VR,

3.343%,

10/2/31

(USD) (3)

4,804,000‌

4,231‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

9

Par/Shares

$

Value

(Cost

and

value

in

$000s)

PTTEP

Treasury

Center,

2.587%,

6/10/27

(USD) (1)

888,000‌

810‌

PTTEP

Treasury

Center,

2.587%,

6/10/27

(USD) 

3,173,000‌

2,893‌

PTTEP

Treasury

Center,

3.903%,

12/6/59

(USD) 

1,000,000‌

705‌

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD) 

6,002,000‌

3,690‌

Total

Thailand

(Cost

$25,107

)

21,089‌

TURKEY

2.4%

Corporate

Bonds

2.4%

Akbank

TAS,

6.80%,

2/6/26

(USD) 

2,925,000‌

2,837‌

Akbank

TAS,

VR,

6.797%,

4/27/28

(USD) (3)

380,000‌

380‌

Turk

Telekomunikasyon,

6.875%,

2/28/25

(USD) 

1,175,000‌

1,130‌

Turkcell

Iletisim

Hizmetleri,

5.75%,

10/15/25

(USD) 

3,050,000‌

2,911‌

Turkiye

Sise

ve

Cam

Fabrikalari,

6.95%,

3/14/26

(USD) 

1,814,000‌

1,785‌

Total

Turkey

(Cost

$8,932

)

9,043‌

UNITED

ARAB

EMIRATES

3.2%

Corporate

Bonds

3.2%

EMG

SUKUK,

4.564%,

6/18/24

(USD) 

4,150,000‌

4,106‌

Emirates

NBD

Bank,

VR,

6.125%

(USD) (2)(3)

3,632,000‌

3,543‌

MAF

Global

Securities,

VR,

6.375%

(USD) (2)(3)

4,574,000‌

4,462‌

Total

United

Arab

Emirates

(Cost

$13,105

)

12,111‌

UNITED

KINGDOM

0.4%

Corporate

Bonds

0.4%

Standard

Chartered,

VR,

4.30%

(USD) (2)(3)

1,945,000‌

1,400‌

Total

United

Kingdom

(Cost

$1,700

)

1,400‌

UNITED

STATES

1.4%

Bank

Loans

0.4%

(7)

Patagonia

Holdco,

FRN,

3M

TSFR

+

5.75%,

10.473%,

8/1/29 

1,838,880‌

1,512‌

1,512‌

Corporate

Bonds

1.0%

Hyundai

Capital

America,

5.50%,

3/30/26 (1)

1,115,000‌

1,116‌

LCPR

Senior

Secured

Financing,

5.125%,

7/15/29 (1)

550,000‌

460‌

LCPR

Senior

Secured

Financing,

6.75%,

10/15/27 (1)

2,393,000‌

2,226‌

3,802‌

Total

United

States

(Cost

$5,550

)

5,314‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

10

Par/Shares

$

Value

(Cost

and

value

in

$000s)

UZBEKISTAN

0.7%

Corporate

Bonds

0.7%

Ipoteka-Bank

ATIB,

5.50%,

11/19/25

(USD) 

2,875,000‌

2,641‌

Total

Uzbekistan

(Cost

$2,939

)

2,641‌

VIETNAM

1.0%

Corporate

Bonds

1.0%

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD) (1)

480,000‌

408‌

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD) 

3,895,000‌

3,310‌

Total

Vietnam

(Cost

$4,363

)

3,718‌

SHORT-TERM

INVESTMENTS

1.2%

Money

Market

Funds

0.9%

T.

Rowe

Price

Government

Reserve

Fund,

4.82% (8)(9)

3,349,172‌

3,349‌

3,349‌

U.S.

Treasury

Obligations

0.3%

U.S.

Treasury

Bills,

4.791%,

8/31/23 

1,219,000‌

1,195‌

1,195‌

Total

Short-Term

Investments

(Cost

$4,544)

4,544‌

Total

Investments

in

Securities

98.0%

(Cost

$424,917)

$

374,370‌

Other

Assets

Less

Liabilities

2.0%

7,462

Net

Assets

100.0%

$

381,832‌

‡

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

$113,901

and

represents

29.8%

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.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

11

.

.

.

.

.

.

.

.

.

.

(6)

Issuer

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

(7)

Bank

loan

positions

may

involve

multiple

underlying

tranches.

In

those

instances,

the

position

presented

reflects

the

aggregate

of

those

respective

underlying

tranches

and

the

rate

presented

reflects

the

weighted

average

rate

of

the

settled

positions.

(8)

Seven-day

yield

(9)

Affiliated

Companies

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

EUR

Euro

FRN

Floating

Rate

Note

HKD

Hong

Kong

Dollar

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

12

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

BNP

Paribas

5/19/23

USD

1,631‌

EUR

1,518‌

$

(21‌)

Morgan

Stanley

5/19/23

EUR

1,518‌

USD

1,615‌

36‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

15‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

13

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

160

U.S.

Treasury

Notes

ten

year

contracts

6/23

(18,388)

$

(513‌)

Short,

48

Ultra

U.S.

Treasury

Bonds

contracts

6/23

(6,774)

(223‌)

Net

payments

(receipts)

of

variation

margin

to

date

616‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(120‌)

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

three

months

ended

March

31,

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,

4.82%

$

—‌#

$

—‌

$

143‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

03/31/23

T.

Rowe

Price

Government

Reserve

Fund,

4.82%

$

25,112‌

 ¤

 ¤

$

3,349‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$143

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

$3,349.

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

March

31,

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

$

—‌

$

369,826‌

$

—‌

$

369,826‌

Short-Term

Investments

3,349‌

1,195‌

—‌

4,544‌

Total

Securities

3,349‌

371,021‌

—‌

374,370‌

Forward

Currency

Exchange

Contracts

—‌

36‌

—‌

36‌

Total

$

3,349‌

$

371,057‌

$

—‌

$

374,406‌

Liabilities

Forward

Currency

Exchange

Contracts

$

—‌

$

21‌

$

—‌

$

21‌

Futures

Contracts*

736‌

—‌

—‌

736‌

Total

$

736‌

$

21‌

$

—‌

$

757‌

1

Includes

Bank

Loans,

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.

F193-054Q1

03/23