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