T. ROWE PRICE EMERGING MARKETS CORPORATE BOND FUND
March 31, 2020 (Unaudited)
Portfolio of Investments‡ | Par/Shares | $ Value |
(Cost and value in $000s) | ||
ARGENTINA 1.3% | ||
Convertible Bonds 0.1% | ||
MercadoLibre, 2.00%, 8/15/28 (USD) | 200,000 | 259 |
259 | ||
Corporate Bonds 1.2% | ||
Telecom Argentina, 6.50%, 6/15/21 (USD) | 1,550,000 | 1,320 |
YPF, 8.50%, 3/23/21 (USD) | 2,410,000 | 1,646 |
2,966 | ||
Total Argentina (Cost $4,125) | 3,225 | |
BRAZIL 13.0% | ||
Corporate Bonds 13.0% | ||
Azul Investments, 5.875%, 10/26/24 (USD) | 2,080,000 | 1,162 |
Banco BTG Pactual, VR, 7.75%, 2/15/29 (USD) (1)(2) | 3,325,000 | 2,860 |
Banco do Brasil, VR, 9.00% (USD) (2)(3) | 3,300,000 | 3,169 |
Braskem Finance, 7.375% (USD) (3) | 1,515,000 | 1,303 |
Braskem Netherlands Finance, 4.50%, 1/10/28 (USD) | 2,100,000 | 1,680 |
BRF, 4.35%, 9/29/26 (USD) | 1,975,000 | 1,697 |
BRF, 4.875%, 1/24/30 (USD) | 450,000 | 380 |
Centrais Eletricas Brasileiras, 4.625%, 2/4/30 (USD) (1) | 3,895,000 | 3,465 |
Cosan, 5.50%, 9/20/29 (USD) | 2,900,000 | 2,378 |
Cosan Overseas, 8.25% (USD) (3) | 750,000 | 676 |
CSN Resources, 7.625%, 2/13/23 (USD) | 2,700,000 | 1,893 |
CSN Resources, 7.625%, 2/13/23 (USD) (1) | 750,000 | 526 |
Globo Comunicacao e Participacoes, 4.843%, 6/8/25 (USD) | 800,000 | 732 |
Globo Comunicacao e Participacoes, 4.875%, 1/22/30 (USD) | ||
(1) | 325,000 | 280 |
Globo Comunicacao e Participacoes, 5.125%, 3/31/27 (USD) | 3,825,000 | 3,429 |
Itau Unibanco Holding, VR, 6.50% (USD) (1)(2)(3) | 2,450,000 | 2,340 |
Minerva Luxembourg, 6.50%, 9/20/26 (USD) | 2,800,000 | 2,573 |
Oi, 10.00%, 7/27/25 (USD) (4) | 890,000 | 615 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE EMERGING MARKETS CORPORATE BOND FUND
Par/Shares | $ Value | |
(Cost and value in $000s) | ||
Suzano Austria, 6.00%, 1/15/29 (USD) | 2,490,000 | 2,343 |
Total Brazil (Cost $40,095) | 33,501 | |
CHILE 5.1% | ||
Convertible Bonds 0.6% | ||
Liberty Latin America, 2.00%, 7/15/24 (USD) (1) | 1,800,000 | 1,427 |
1,427 | ||
Corporate Bonds 4.5% | ||
AES Gener, VR, 7.125%, 3/26/79 (USD) (1)(2) | 2,900,000 | 2,285 |
AES Gener, VR, 7.125%, 3/26/79 (USD) (2) | 400,000 | 315 |
Celulosa Arauco y Constitucion, 4.20%, 1/29/30 (USD) (1) | 1,270,000 | 1,096 |
Celulosa Arauco y Constitucion, 5.50%, 4/30/49 (USD) (1) | 556,000 | 445 |
Celulosa Arauco y Constitucion, 5.50%, 4/30/49 (USD) | 300,000 | 240 |
Empresa Nacional de Telecomunicaciones, 4.75%, 8/1/26 | ||
(USD) | 375,000 | 357 |
Empresa Nacional de Telecomunicaciones, 4.875%, 10/30/24 | ||
(USD) | 1,750,000 | 1,688 |
Enel Americas, 4.00%, 10/25/26 (USD) | 2,305,000 | 2,173 |
Enel Chile, 4.875%, 6/12/28 (USD) | 2,010,000 | 1,999 |
Latam Finance, 7.00%, 3/1/26 (USD) (1) | 2,075,000 | 957 |
11,555 | ||
Total Chile (Cost $16,152) | 12,982 | |
CHINA 14.5% | ||
Corporate Bonds 14.5% | ||
21Vianet Group, 7.875%, 10/15/21 (USD) | 1,350,000 | 1,147 |
Agile Group Holdings, 8.50%, 7/18/21 (USD) | 1,575,000 | 1,583 |
China Evergrande Group, 6.25%, 6/28/21 (USD) | 2,540,000 | 2,210 |
China Evergrande Group, 9.50%, 4/11/22 (USD) | 1,475,000 | 1,213 |
China Oil & Gas Group, 5.50%, 1/25/23 (USD) | 2,346,000 | 2,123 |
CIFI Holdings Group, 6.00%, 7/16/25 (USD) | 505,000 | 444 |
CIFI Holdings Group, 6.45%, 11/7/24 (USD) | 300,000 | 274 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE EMERGING MARKETS CORPORATE BOND FUND
Par/Shares | $ Value | |
(Cost and value in $000s) | ||
CIFI Holdings Group, 7.625%, 2/28/23 (USD) | 3,050,000 | 2,943 |
Country Garden Holdings, 6.15%, 9/17/25 (USD) | 200,000 | 193 |
Country Garden Holdings, 7.25%, 4/8/26 (USD) | 1,700,000 | 1,683 |
Country Garden Holdings, 8.00%, 1/27/24 (USD) | 1,442,000 | 1,482 |
Easy Tactic, 8.125%, 2/27/23 (USD) | 250,000 | 216 |
Easy Tactic, 9.125%, 7/28/22 (USD) | 1,711,000 | 1,565 |
Fufeng Group, 5.875%, 8/28/21 (USD) | 1,450,000 | 1,521 |
Golden Eagle Retail Group, 4.625%, 5/21/23 (USD) | 1,575,000 | 1,400 |
Health & Happiness H&H International Holdings, 5.625%, | ||
10/24/24 (USD) | 2,145,000 | 2,006 |
Kaisa Group Holdings, 11.25%, 4/9/22 (USD) | 2,100,000 | 1,869 |
Longfor Group Holdings, 4.50%, 1/16/28 (USD) | 990,000 | 1,000 |
Shimao Property Holdings, 4.75%, 7/3/22 (USD) | 450,000 | 444 |
Shimao Property Holdings, 5.20%, 1/30/25 (USD) | 1,575,000 | 1,488 |
Shimao Property Holdings, 5.60%, 7/15/26 (USD) | 1,020,000 | 977 |
Shimao Property Holdings, 6.125%, 2/21/24 (USD) | 686,000 | 679 |
Times China Holdings, 6.25%, 1/17/21 (USD) | 400,000 | 393 |
Times China Holdings, 6.75%, 7/16/23 (USD) | 2,950,000 | 2,677 |
Times China Holdings, 7.625%, 2/21/22 (USD) | 600,000 | 581 |
Yanlord Land HK, 6.75%, 4/23/23 (USD) | 845,000 | 786 |
Yanlord Land HK, 6.80%, 2/27/24 (USD) | 2,150,000 | 1,930 |
Yuzhou Properties, 6.00%, 1/25/22 (USD) | 450,000 | 410 |
Yuzhou Properties, 7.70%, 2/20/25 (USD) | 800,000 | 664 |
Yuzhou Properties, 7.90%, 5/11/21 (USD) | 925,000 | 907 |
Yuzhou Properties, 8.375%, 10/30/24 (USD) | 660,000 | 581 |
Total China (Cost $41,100) | 37,389 | |
COLOMBIA 1.8% | ||
Corporate Bonds 1.8% | ||
Banco de Bogota, 4.375%, 8/3/27 (USD) | 3,355,000 | 3,024 |
Bancolombia, VR, 4.625%, 12/18/29 (USD) (2) | 1,935,000 | 1,708 |
Total Colombia (Cost $5,467) | 4,732 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE EMERGING MARKETS CORPORATE BOND FUND
Par/Shares | $ Value | |
(Cost and value in $000s) | ||
CONGO 0.8% | ||
Corporate Bonds 0.8% | ||
HTA Group, 9.125%, 3/8/22 (USD) | 2,200,000 | 2,063 |
Total Congo (Cost $2,055) | 2,063 | |
COSTA RICA 0.4% | ||
Government Bonds 0.4% | ||
Instituto Costarricense de Electricidad, 6.375%, 5/15/43 (USD) | 1,525,000 | 968 |
Total Costa Rica (Cost $1,272) | 968 | |
EGYPT 1.0% | ||
Government Bonds 1.0% | ||
Arab Republic of Egypt, 5.875%, 6/11/25 (USD) | 1,550,000 | 1,399 |
Arab Republic of Egypt, 6.20%, 3/1/24 (USD) (1) | 975,000 | 912 |
Arab Republic of Egypt, 6.20%, 3/1/24 (USD) | 400,000 | 374 |
Total Egypt (Cost $3,067) | 2,685 | |
HONG KONG 2.6% | ||
Corporate Bonds 2.6% | ||
Bank of East Asia, VR, 5.625% (USD) (2)(3) | 3,050,000 | 2,922 |
Metropolitan Light, 5.50%, 11/21/22 (USD) | 1,850,000 | 1,747 |
Metropolitan Light, 5.50%, 11/21/22 (USD) (1) | 1,507,000 | 1,422 |
PCPD Capital, 4.75%, 3/9/22 (USD) | 540,000 | 540 |
Total Hong Kong (Cost $7,078) | 6,631 | |
INDIA 6.6% | ||
Corporate Bonds 6.6% | ||
ABJA Investment, 5.45%, 1/24/28 (USD) | 2,960,000 | 2,207 |
ABJA Investment, 5.95%, 7/31/24 (USD) | 200,000 | 167 |
Adani Electricity Mumbai, 3.949%, 2/12/30 (USD) (1) | 2,300,000 | 1,912 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE EMERGING MARKETS CORPORATE BOND FUND
Par/Shares | $ Value | |
(Cost and value in $000s) | ||
Adani Ports & Special Economic Zone, 4.375%, 7/3/29 (USD) | 2,550,000 | 2,206 |
Bharti Airtel, 4.375%, 6/10/25 (USD) | 450,000 | 418 |
Bharti Airtel International Netherlands, 5.125%, 3/11/23 (USD) | 750,000 | 739 |
Greenko Dutch, 4.875%, 7/24/22 (USD) (1) | 1,725,000 | 1,536 |
HPCL-Mittal Energy, 5.25%, 4/28/27 (USD) | 710,000 | 535 |
HPCL-Mittal Energy, 5.45%, 10/22/26 (USD) | 620,000 | 487 |
HT Global IT Solutions Holdings, 7.00%, 7/14/21 (USD) (1) | 550,000 | 476 |
HT Global IT Solutions Holdings, 7.00%, 7/14/21 (USD) | 600,000 | 519 |
JSW Steel, 5.95%, 4/18/24 (USD) | 395,000 | 292 |
Network i2i, VR, 5.65% (USD) (2)(3) | 2,120,000 | 1,716 |
Shriram Transport Finance, 5.10%, 7/16/23 (USD) (1) | 3,275,000 | 2,293 |
Tata Motors, 5.75%, 10/30/24 (USD) | 200,000 | 167 |
Tata Motors, 5.875%, 5/20/25 (USD) | 400,000 | 319 |
TML Holdings, 5.75%, 5/7/21 (USD) | 1,150,000 | 1,110 |
Total India (Cost $20,652) | 17,099 | |
INDONESIA 4.2% | ||
Corporate Bonds 4.2% | ||
Adaro Indonesia, 4.25%, 10/31/24 (USD) | 1,565,000 | 1,286 |
Bank Tabungan Negara Persero, 4.20%, 1/23/25 (USD) | 2,240,000 | 1,971 |
Listrindo Capital, 4.95%, 9/14/26 (USD) | 1,100,000 | 966 |
Pakuwon Prima, 5.00%, 2/14/24 (USD) | 935,000 | 795 |
Perusahaan Listrik Negara, 4.125%, 5/15/27 (USD) | 1,300,000 | 1,264 |
Perusahaan Listrik Negara, 4.875%, 7/17/49 (USD) (1) | 325,000 | 314 |
Perusahaan Listrik Negara, 5.45%, 5/21/28 (USD) (1) | 425,000 | 446 |
TBG Global, 5.25%, 2/10/22 (USD) | 900,000 | 864 |
Theta Capital, 8.125%, 1/22/25 (USD) | 1,566,000 | 1,151 |
Tower Bersama Infrastructure, 4.25%, 1/21/25 (USD) | 1,900,000 | 1,710 |
Total Indonesia (Cost $11,799) | 10,767 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE EMERGING MARKETS CORPORATE BOND FUND
Par/Shares | $ Value | |
(Cost and value in $000s) | ||
ISRAEL 3.8% | ||
Corporate Bonds 3.8% | ||
Bank Leumi Le-Israel, VR, 3.275%, 1/29/31 (USD) (1)(2) | 3,100,000 | 2,848 |
Israel Chemicals, 6.375%, 5/31/38 (USD) (1) | 1,850,000 | 2,024 |
Teva Pharmaceutical Finance Netherlands III, 2.80%, 7/21/23 | ||
(USD) | 3,518,000 | 3,219 |
Teva Pharmaceutical Finance Netherlands III, 4.10%, 10/1/46 | ||
(USD) | 350,000 | 252 |
Teva Pharmaceutical Finance Netherlands III, 6.00%, 4/15/24 | ||
(USD) | 600,000 | 591 |
Teva Pharmaceutical Finance Netherlands III, 6.75%, 3/1/28 | ||
(USD) | 295,000 | 286 |
Teva Pharmaceutical Finance Netherlands III, 7.125%, 1/31/25 | ||
(USD) (1) | 560,000 | 549 |
Total Israel (Cost $10,116) | 9,769 | |
JAMAICA 0.3% | ||
Corporate Bonds 0.3% | ||
Digicel, 6.00%, 4/15/21 (USD) | 1,400,000 | 810 |
Total Jamaica (Cost $1,181) | 810 | |
KAZAKHSTAN 0.7% | ||
Corporate Bonds 0.7% | ||
Tengizchevroil Finance International, 4.00%, 8/15/26 (USD) | 1,900,000 | 1,811 |
Total Kazakhstan (Cost $1,930) | 1,811 | |
KUWAIT 3.4% | ||
Corporate Bonds 3.4% | ||
Equate Petrochemical, 4.25%, 11/3/26 (USD) (1) | 1,635,000 | 1,558 |
Equate Petrochemical, 4.25%, 11/3/26 (USD) | 875,000 | 833 |
Kuwait Projects, 4.229%, 10/29/26 (USD) | 3,300,000 | 3,102 |
NBK Tier 1 Financing 2, VR, 4.50% (USD) (1)(2)(3) | 3,405,000 | 3,218 |
Total Kuwait (Cost $9,478) | 8,711 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE EMERGING MARKETS CORPORATE BOND FUND
Par/Shares | $ Value | |
(Cost and value in $000s) | ||
MACAO 0.9% | ||
Corporate Bonds 0.9% | ||
MGM China Holdings, 5.375%, 5/15/24 (USD) (1) | 2,500,000 | 2,373 |
Total Macao (Cost $2,477) | 2,373 | |
MALAYSIA 1.9% | ||
Corporate Bonds 1.9% | ||
Axiata Spv2, 4.357%, 3/24/26 (USD) | 590,000 | 642 |
Gohl Capital, 4.25%, 1/24/27 (USD) | 1,900,000 | 1,577 |
TNB Global Ventures Capital, 3.244%, 10/19/26 (USD) | 2,675,000 | 2,744 |
Total Malaysia (Cost $5,300) | 4,963 | |
MEXICO 4.1% | ||
Corporate Bonds 3.3% | ||
Axtel, 6.375%, 11/14/24 (USD) (1) | 2,050,000 | 1,705 |
Banco Santander Mexico, VR, 8.50% (USD) (2)(3) | 450,000 | 466 |
BBVA Bancomer, VR, 5.125%, 1/18/33 (USD) (2) | 650,000 | 543 |
BBVA Bancomer, VR, 5.35%, 11/12/29 (USD) (2) | 500,000 | 459 |
BBVA Bancomer, VR, 5.875%, 9/13/34 (USD) (1)(2) | 2,400,000 | 2,016 |
Cemex, 5.45%, 11/19/29 (USD) | 1,993,000 | 1,625 |
Cemex, 6.125%, 5/5/25 (USD) | 207,000 | 185 |
Mexico City Airport Trust, 3.875%, 4/30/28 (USD) | 1,900,000 | 1,613 |
8,612 | ||
Government Bonds 0.8% | ||
Petroleos Mexicanos, 6.50%, 3/13/27 (USD) | 2,800,000 | 2,096 |
2,096 | ||
Total Mexico (Cost $12,039) | 10,708 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE EMERGING MARKETS CORPORATE BOND FUND
Par/Shares | $ Value | |
(Cost and value in $000s) | ||
MONGOLIA 0.1% | ||
Corporate Bonds 0.1% | ||
Mongolian Mining, 9.25%, 4/15/24 (USD) | 400,000 | 264 |
Total Mongolia (Cost $375) | 264 | |
OMAN 1.8% | ||
Corporate Bonds 1.8% | ||
Lamar Funding, 3.958%, 5/7/25 (USD) | 1,200,000 | 872 |
OmGrid Funding, 5.196%, 5/16/27 (USD) | 2,280,000 | 1,681 |
Oztel Holdings, 5.625%, 10/24/23 (USD) | 1,500,000 | 1,205 |
Oztel Holdings, 6.625%, 4/24/28 (USD) | 1,050,000 | 764 |
Total Oman (Cost $6,186) | 4,522 | |
PANAMA 1.2% | ||
Corporate Bonds 1.2% | ||
C&W Senior Financing, 6.875%, 9/15/27 (USD) (1) | 400,000 | 348 |
C&W Senior Financing, 7.50%, 10/15/26 (USD) (1) | 1,925,000 | 1,777 |
Sable International Finance, 5.75%, 9/7/27 (USD) (1) | 1,120,000 | 1,017 |
Total Panama (Cost $3,579) | 3,142 | |
PARAGUAY 0.6% | ||
Corporate Bonds 0.6% | ||
Telefonica Celular del Paraguay, 5.875%, 4/15/27 (USD) (1) | 1,625,000 | 1,480 |
Total Paraguay (Cost $1,726) | 1,480 | |
PERU 1.0% | ||
Corporate Bonds 1.0% | ||
Nexa Resources, 5.375%, 5/4/27 (USD) | 3,200,000 | 2,491 |
Total Peru (Cost $3,190) | 2,491 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE EMERGING MARKETS CORPORATE BOND FUND
Par/Shares | $ Value | |
(Cost and value in $000s) | ||
PHILIPPINES 2.6% | ||
Corporate Bonds 2.6% | ||
AC Energy Finance International, 5.65%, 6/4/68 (USD) (3) | 1,461,000 | 1,410 |
AYC Finance, 5.125% (USD) (3) | 800,000 | 748 |
ICTSI Treasury, 4.625%, 1/16/23 (USD) | 200,000 | 204 |
ICTSI Treasury, 5.875%, 9/17/25 (USD) | 3,100,000 | 3,324 |
SM Investments, 4.875%, 6/10/24 (USD) | 950,000 | 997 |
Total Philippines (Cost $6,818) | 6,683 | |
ROMANIA 0.7% | ||
Corporate Bonds 0.7% | ||
RCS & RDS, 2.50%, 2/5/25 (EUR) (1) | 1,900,000 | 1,889 |
Total Romania (Cost $2,094) | 1,889 | |
RUSSIA 0.8% | ||
Corporate Bonds 0.8% | ||
GTLK Europe Capital, 5.95%, 4/17/25 (USD) | 2,140,000 | 2,050 |
Total Russia (Cost $2,239) | 2,050 | |
SAUDI ARABIA 1.6% | ||
Corporate Bonds 0.9% | ||
Samba Funding, 2.75%, 10/2/24 (USD) | 2,600,000 | 2,386 |
2,386 | ||
Government Bonds 0.7% | ||
Saudi Arabian Oil, 2.875%, 4/16/24 (USD) | 500,000 | 487 |
Saudi Arabian Oil, 4.25%, 4/16/39 (USD) (1) | 1,275,000 | 1,269 |
1,756 | ||
Total Saudi Arabia (Cost $4,403) | 4,142 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE EMERGING MARKETS CORPORATE BOND FUND
Par/Shares | $ Value | |
(Cost and value in $000s) | ||
SERBIA 0.8% | ||
Corporate Bonds 0.8% | ||
United Group, 3.125%, 2/15/26 (EUR) (1) | 1,300,000 | 1,216 |
United Group, 4.875%, 7/1/24 (EUR) (1) | 450,000 | 450 |
United Group, 4.875%, 7/1/24 (EUR) | 525,000 | 526 |
Total Serbia (Cost $2,563) | 2,192 | |
SOUTH AFRICA 2.2% | ||
Corporate Bonds 2.2% | ||
FirstRand Bank, VR, 6.25%, 4/23/28 (USD) (2) | 2,075,000 | 1,872 |
MTN Mauritius Investments, 6.50%, 10/13/26 (USD) | 2,350,000 | 2,261 |
Standard Bank Group, VR, 5.95%, 5/31/29 (USD) (2) | 1,600,000 | 1,448 |
Total South Africa (Cost $6,366) | 5,581 | |
SOUTH KOREA 1.0% | ||
Corporate Bonds 1.0% | ||
Shinhan Bank, 4.50%, 3/26/28 (USD) | 600,000 | 631 |
Shinhan Bank, VR, 3.875%, 12/7/26 (USD) (2) | 1,900,000 | 1,890 |
Total South Korea (Cost $2,612) | 2,521 | |
THAILAND 2.2% | ||
Corporate Bonds 2.2% | ||
Bangkok Bank, VR, 3.733%, 9/25/34 (USD) (1)(2) | 2,455,000 | 2,194 |
Bangkok Bank, VR, 3.733%, 9/25/34 (USD) (2) | 1,300,000 | 1,162 |
Indorama Ventures Global Services, 4.375%, 9/12/24 (USD) | 2,400,000 | 2,358 |
Total Thailand (Cost $6,270) | 5,714 | |
TURKEY 1.4% | ||
Corporate Bonds 1.4% | ||
Akbank, 5.125%, 3/31/25 (USD) | 1,225,000 | 998 |
Turk Telekomunikasyon, 6.875%, 2/28/25 (USD) (1) | 995,000 | 942 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE EMERGING MARKETS CORPORATE BOND FUND
Par/Shares | $ Value | |
(Cost and value in $000s) | ||
Turk Telekomunikasyon, 6.875%, 2/28/25 (USD) | 800,000 | 758 |
Turkiye Garanti Bankasi, 5.875%, 3/16/23 (USD) | 1,000,000 | 932 |
Total Turkey (Cost $4,097) | 3,630 | |
UKRAINE 1.7% | ||
Corporate Bonds 1.7% | ||
Kernel Holding, 8.75%, 1/31/22 (USD) | 1,200,000 | 1,038 |
MHP, 7.75%, 5/10/24 (USD) | 1,255,000 | 1,068 |
Ukraine Railways Via Rail Capital Markets, 8.25%, 7/9/24 (USD) | 600,000 | 511 |
VF Ukraine PAT via VFU Funding, 6.20%, 2/11/25 (USD) (1) | 2,250,000 | 1,890 |
Total Ukraine (Cost $5,236) | 4,507 | |
UNITED ARAB EMIRATES 5.2% | ||
Corporate Bonds 5.2% | ||
Acwa Power Management & Investments One, 5.95%, 12/15/39 | ||
(USD) | 2,008,000 | 1,827 |
ADES International Holding, 8.625%, 4/24/24 (USD) | 200,000 | 157 |
DP World Crescent, 4.848%, 9/26/28 (USD) | 2,100,000 | 1,917 |
Emirates Airline, 4.50%, 2/6/25 (USD) | 3,642,777 | 3,495 |
Emirates NBD Bank, VR, 6.125% (USD) (2)(3) | 3,820,000 | 3,269 |
MAF Global Securities, VR, 6.375% (USD) (2)(3) | 2,524,000 | 1,939 |
Ruwais Power, 6.00%, 8/31/36 (USD) | 700,000 | 819 |
Total United Arab Emirates (Cost $15,837) | 13,423 | |
UNITED KINGDOM 0.0% | ||
Common Stocks 0.0% | ||
Mriya Farming (5)(6) | 758 | — |
— | ||
Corporate Bonds 0.0% | ||
Mriya Farming, EC, 0.50%, 12/31/25 (USD) (1)(6) | 320,000 | 5 |
5 | ||
Total United Kingdom (Cost $—) | 5 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE EMERGING MARKETS CORPORATE BOND FUND
Par/Shares | $ Value | ||
(Cost and value in $000s) | |||
UNITED STATES 1.9% | |||
Bank Loans 0.8% (7) | |||
LCPR Loan Financing, FRN, 1M USD LIBOR + 5.00%, 5.705%, | |||
10/15/26 | 2,145,000 | 1,965 | |
1,965 | |||
Corporate Bonds 1.1% | |||
Kosmos Energy, 7.125%, 4/4/26 (1) | 1,205,000 | 651 | |
Kosmos Energy, 7.125%, 4/4/26 | 1,250,000 | 675 | |
LCPR Senior Secured Financing, 6.75%, 10/15/27 (1) | 1,665,000 | 1,638 | |
2,964 | |||
Total United States (Cost $6,367) | 4,929 | ||
VIETNAM 1.0% | |||
Corporate Bonds 1.0% | |||
Mong Duong Finance Holdings, 5.125%, 5/7/29 (USD) (1) | 1,330,000 | 1,133 | |
Mong Duong Finance Holdings, 5.125%, 5/7/29 (USD) | 1,675,000 | 1,426 | |
Total Vietnam (Cost $3,062) | 2,559 | ||
SHORT-TERM INVESTMENTS 2.1% | |||
Money Market Funds 2.1% | |||
T. Rowe Price Government Reserve Fund, 0.95% (8)(9) | 5,532,106 | 5,532 | |
Total Short-Term Investments (Cost $5,532) | 5,532 | ||
Total Investments in Securities 96.3% | |||
(Cost $283,935) | $ | 248,443 | |
Other Assets Less Liabilities 3.7% | 9,468 | ||
Net Assets 100.0% | $ | 257,911 | |
‡ 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. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE EMERGING MARKETS CORPORATE BOND FUND
(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 $59,182 and represents 22.9% of net assets. | ||
(2 | ) | 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 is | ||
provided if the rate is currently floating. | ||
(3 | ) | Perpetual security with no stated maturity date. |
(4 | ) | Security has the ability to pay in-kind or pay in cash. When applicable, |
separate rates of such payments are disclosed. | ||
(5 | ) | Non-income producing |
(6 | ) | Level 3 in fair value hierarchy. |
(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 |
1M USD LIBOR | One month USD LIBOR (London interbank offered rate) | |
EC | Escrow CUSIP; represents a beneficial interest in a residual pool of assets; the | |
amount and timing of future distributions, if any, is uncertain[; when presented, | ||
interest rate and maturity date are those of the original security]. | ||
EUR | Euro | |
FRN | Floating Rate Note | |
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. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE EMERGING MARKETS CORPORATE BOND FUND
(Amounts In 000s) | ||||||||
FORWARD CURRENCY EXCHANGE CONTRACTS | ||||||||
Unrealized | ||||||||
Counterparty | Settlement | Receive | Deliver | Gain/(Loss) | ||||
Goldman Sachs | 5/22/20 | USD | 223 | EUR 202 | $ — | |||
JPMorgan Chase | 5/22/20 | EUR | 297 | USD328 | 1 | |||
RBC Dominion Securities | 5/22/20 | EUR | 355 | USD404 | (12) | |||
State Street | 5/22/20 | EUR | 223 | USD243 | 3 | |||
State Street | 5/22/20 | USD | 4,585 | EUR4,202 | (59) | |||
Net unrealized gain (loss) on open forward | ||||||||
currency exchange contracts | $ (67) |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE EMERGING MARKETS CORPORATE BOND FUND
FUTURES CONTRACTS | ||||||||
($000s) | ||||||||
Value and | ||||||||
Expiration | Notional | Unrealized Gain | ||||||
Date | Amount | (Loss) | ||||||
Short, 24 U. S. Treasury Notes ten year contracts | 6/20 | (3,329 | ) | $ | (30) | |||
Long, 35 Ultra U. S. Treasury Bonds contracts | 6/20 | 7,766 | 750 | |||||
Net payments (receipts) of variation margin to date | (829) | |||||||
Variation margin receivable (payable) on open futures contracts | $ | (109) |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE EMERGING MARKETS CORPORATE BOND FUND
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, 2020. 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.
Change in Net | ||||||||
Net Realized Gain | Unrealized | Investment | ||||||
Affiliate | (Loss) | Gain/Loss | Income | |||||
T. Rowe Price Government | ||||||||
Reserve Fund | $ | —# | $ | — | $ | 36 | + | |
Supplementary Investment Schedule | ||||||||
Value | Purchase | Sales | Value | |||||
Affiliate | 12/31/19 | Cost | Cost | 3/31/20 | ||||
T. Rowe Price Government | ||||||||
Reserve Fund | $ | 17,042 | ¤ | ¤ | $ | 5,532 | ^ |
# | Capital gain distributions from mutual funds represented $0 of the net realized gain (loss) . |
+ | Investment income comprised $36 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 $5,532. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE EMERGING MARKETS CORPORATE BOND FUND
Unaudited
NOTES TO PORTFOLIO OF
INVESTMENTS
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
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.
Fair Value
The fund’s financial instruments 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 T. Rowe Price Valuation Committee (the Valuation Committee) is an internal committee that has been
delegated certain responsibilities by the fund’s Board of Directors (the Board) to ensure that financial instruments are
appropriately priced at fair value in accordance with GAAP and the 1940 Act. Subject to oversight by the Board, the
Valuation Committee develops and oversees pricing-related policies and procedures and approves all fair value
determinations. Specifically, the Valuation Committee establishes procedures to value securities; determines pricing
techniques, sources, and persons eligible to effect fair value pricing actions; oversees the selection, services, and
performance of pricing vendors; oversees valuation-related business continuity practices; and provides guidance on
internal controls and valuation-related matters. The Valuation Committee reports to the Board and has representation
from legal, portfolio management and trading, operations, risk management, and the fund’s treasurer.
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
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 the yield or price of bonds of comparable quality, coupon, maturity, and type, as
T. ROWE PRICE EMERGING MARKETS CORPORATE BOND FUND
well as prices quoted by dealers who make markets in such securities. Generally, debt securities are categorized in Level
2 of the fair value hierarchy; however, to the extent the valuations include significant unobservable inputs, the securities
would be categorized in Level 3.
Equity securities listed or regularly traded on a securities exchange or in the 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.
For valuation purposes, 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 fund 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, the fund will adjust the previous
quoted prices to reflect what it believes to be the fair value of the securities as of the close of the NYSE. In deciding
whether it is necessary to adjust quoted prices to reflect fair value, the fund reviews 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 fund may also fair value
securities in other situations, such as when a particular foreign market is closed but the fund is open. The fund uses
outside pricing services to provide it with quoted prices and information to evaluate or adjust those prices. The fund
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. As a means of evaluating its security valuation process, the fund routinely compares quoted prices, the
next day’s opening prices in the same markets, and adjusted prices.
Actively traded equity securities listed on a domestic exchange generally are categorized in Level 1 of the fair value
hierarchy. Non-U.S. equity securities generally are categorized in Level 2 of the fair value hierarchy despite the
availability of quoted prices because, as described above, the fund evaluates and determines whether those quoted prices
reflect fair value at the close of the NYSE or require adjustment. OTC Bulletin Board securities, certain preferred
securities, and equity securities traded in inactive markets generally are categorized in Level 2 of the fair value
hierarchy.
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 quoted by a major bank.
Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation and are
categorized in Level 1 of the fair value hierarchy. Financial futures contracts are valued at closing settlement prices and
are categorized in Level 1 of the fair value hierarchy. Forward currency exchange contracts are valued using the
prevailing forward exchange rate and are categorized in Level 2 of the fair value hierarchy.
Thinly traded financial instruments and those for which the above valuation procedures are inappropriate or are
deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Committee. The
objective of any fair value pricing determination is to arrive at a price that could reasonably be expected from a current
sale. Financial instruments fair valued by the Valuation Committee are primarily private placements, restricted
securities, warrants, rights, and other securities that are not publicly traded.
Subject to oversight by the Board, the Valuation Committee regularly makes good faith judgments to establish and
adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining
the fair value of troubled or thinly traded debt instruments, the Valuation Committee considers a variety of factors,
which may include, but are not limited to, the issuer’s business prospects, its financial standing and performance, recent
investment transactions in the issuer, strategic events affecting the company, market liquidity for the issuer, and general
economic conditions and events. In consultation with the investment and pricing teams, the Valuation Committee will
determine an appropriate valuation technique based on available information, which may include both observable and
T. ROWE PRICE EMERGING MARKETS CORPORATE BOND FUND
unobservable inputs. The Valuation Committee 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 Committee may also
consider other valuation methods such as 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 and updated as information becomes available, including actual purchase and sale
transactions of the issue. Because any fair value determination involves a significant amount of judgment, there is a
degree of subjectivity inherent in such pricing decisions, and fair value prices determined by the Valuation Committee
could differ from those of other market participants. Depending on the relative significance of unobservable inputs,
including the valuation technique(s) used, fair valued securities may be categorized in Level 2 or 3 of the fair value
hierarchy.
Valuation Inputs
The following table summarizes the fund’s financial instruments, based on the inputs used to determine their fair values
on March 31, 2020 (for further detail by category, please refer to the accompanying Portfolio of Investments):
($000s) | Level 1 | Level 2 | Level 3 | Total Value | ||||
Assets | ||||||||
Fixed Income Securities1 | $ | — | $11,156 | $— | $11,156 | |||
Common Stocks | — | — | — | — | ||||
Corporate Bonds | — | 231,750 | 5 | 231,755 | ||||
Short-Term Investments | 5,532 | — | — | 5,532 | ||||
Total Securities | 5,532 | 242,906 | 5 | 248,443 | ||||
Forward Currency Exchange Contracts | — | 4 | — | 4 | ||||
Total | $ | 5,532 | $242,910 | $5 | $248,447 | |||
Liabilities | ||||||||
Forward Currency Exchange Contracts | $ | — | $71 | $— | $71 | |||
Futures Contracts | 109 | — | — | 109 | ||||
Total | $ | 109 | $71 | $— | $180 | |||
1 Includes Bank Loans, Convertible Bonds, Government Bonds. |
Following is a reconciliation of the fund’s Level 3 holdings for the period ended March 31, 2020. Gain (loss) reflects
both realized and change in unrealized gain/loss on Level 3 holdings during the period, if any. The change in unrealized
gain/loss on Level 3 instruments held at March 31, 2020, totaled $(4,000) for the period ended March 31, 2020.
($000s) | Beginning | Gain (Loss) | Ending | ||||||
Balance | During | Balance | |||||||
1/1/20 | Period | 3/31/20 | |||||||
Investment in Securities | |||||||||
Common Stocks | $ | – | $ | – | $ | – | |||
Corporate Bonds | 9 | (4) | 5 | ||||||
Total | $ | 9 | $ | (4) | $ | 5 |