T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

March

31,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ARGENTINA

0.6%

Convertible

Bonds

0.2%

MercadoLibre

,

2.00%,

8/15/28

(USD) 

396,000‌

1,327‌

1,327‌

Corporate

Bonds

0.4%

MercadoLibre

,

2.375%,

1/14/26

(USD) 

1,925,000‌

1,914‌

YPF,

STEP,

4.00%,

2/12/26

(USD) (1)

1,342,080‌

1,096‌

3,010‌

Total

Argentina

(Cost

$4,278

)

4,337‌

BRAZIL

4.3%

Corporate

Bonds

4.3%

Banco

BTG

Pactual

,

VR,

7.75%,

2/15/29

(USD) (1)(2)

3,325,000‌

3,528‌

Banco

do

Brasil

,

VR,

9.00%

(USD) (2)(3)

1,815,000‌

1,986‌

BRF,

4.875%,

1/24/30

(USD) 

4,600,000‌

4,700‌

Cosan

Overseas,

8.25%

(USD) (3)

2,850,000‌

2,921‌

CSN

Inova

Ventures,

6.75%,

1/28/28

(USD) (1)

600,000‌

637‌

CSN

Resources,

7.625%,

2/13/23

(USD) (1)

250,000‌

260‌

CSN

Resources,

7.625%,

2/13/23

(USD) 

1,500,000‌

1,558‌

CSN

Resources,

7.625%,

4/17/26

(USD) 

1,900,000‌

2,023‌

Globo

Comunicacao

e

Participacoes

,

4.843%,

6/8/25

(USD) 

800,000‌

833‌

Globo

Comunicacao

e

Participacoes

,

4.875%,

1/22/30

(USD) (1)

2,075,000‌

2,097‌

Globo

Comunicacao

e

Participacoes

,

5.125%,

3/31/27

(USD) 

3,825,000‌

3,941‌

Klabin

Austria,

3.20%,

1/12/31

(USD) (1)

1,160,000‌

1,105‌

Petrobras

Global

Finance,

6.75%,

6/3/50

(USD) 

3,150,000‌

3,368‌

Usiminas

International

Sarl

,

5.875%,

7/18/26

(USD) 

505,000‌

532‌

Total

Brazil

(Cost

$29,327

)

29,489‌

CHILE

5.6%

Convertible

Bonds

0.2%

Liberty

Latin

America,

2.00%,

7/15/24

(USD) 

1,000,000‌

992‌

992‌

Corporate

Bonds

5.4%

AES

Gener

,

VR,

7.125%,

3/26/79

(USD) (2)

400,000‌

430‌

AES

Gener

,

VR,

7.125%,

3/26/79

(USD) (1)(2)

7,385,000‌

7,945‌

Celulosa

Arauco

y

Constitucion

,

3.875%,

11/2/27

(USD) 

1,775,000‌

1,916‌

Celulosa

Arauco

y

Constitucion

,

4.20%,

1/29/30

(USD) 

400,000‌

431‌

Celulosa

Arauco

y

Constitucion

,

5.15%,

1/29/50

(USD) 

4,225,000‌

4,724‌

Celulosa

Arauco

y

Constitucion

,

5.50%,

4/30/49

(USD) (1)

556,000‌

648‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

2

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Celulosa

Arauco

y

Constitucion

,

5.50%,

4/30/49

(USD) 

300,000‌

350‌

Corp

Nacional

del

Cobre

de

Chile,

3.00%,

9/30/29

(USD) (1)

2,900,000‌

2,985‌

Enel

Chile,

4.875%,

6/12/28

(USD) 

7,010,000‌

8,129‌

Kenbourne

Invest,

4.70%,

1/22/28

(USD) (1)

3,335,000‌

3,437‌

VTR

Finance,

6.375%,

7/15/28

(USD) (1)

5,492,000‌

5,947‌

36,942‌

Total

Chile

(Cost

$37,237

)

37,934‌

CHINA

11.6%

Convertible

Bonds

0.1%

Huazhu

Group,

3.00%,

5/1/26

(USD) (1)

569,000‌

838‌

838‌

Corporate

Bonds

11.5%

21Vianet

Group,

7.875%,

10/15/21

(USD) 

4,600,000‌

4,691‌

Agile

Group

Holdings,

5.75%,

1/2/25

(USD) 

4,650,000‌

4,766‌

Bright

Food

Singapore

Holdings

Pte

,

1.75%,

7/22/25

(EUR) 

2,200,000‌

2,680‌

Bright

Scholar

Education

Holdings,

7.45%,

7/31/22

(USD) 

6,100,000‌

6,367‌

China

Evergrande

Group,

8.25%,

3/23/22

(USD) 

1,000,000‌

953‌

CIFI

Holdings

Group,

5.25%,

5/13/26

(USD) 

2,100,000‌

2,160‌

CIFI

Holdings

Group,

6.00%,

7/16/25

(USD) 

1,786,000‌

1,902‌

CIFI

Holdings

Group,

6.45%,

11/7/24

(USD) 

1,749,000‌

1,871‌

Country

Garden

Holdings,

5.625%,

1/14/30

(USD) 

3,800,000‌

4,123‌

Country

Garden

Holdings,

7.25%,

4/8/26

(USD) 

2,400,000‌

2,682‌

Golden

Eagle

Retail

Group,

4.625%,

5/21/23

(USD) 

3,175,000‌

3,249‌

Health

&

Happiness

H&H

International

Holdings,

5.625%,

10/24/24

(USD) 

5,945,000‌

6,189‌

Kaisa

Group

Holdings,

11.25%,

4/9/22

(USD) 

2,100,000‌

2,174‌

Kaisa

Group

Holdings,

11.95%,

10/22/22

(USD) 

1,300,000‌

1,370‌

Lenovo

Group,

5.875%,

4/24/25

(USD) 

3,470,000‌

3,943‌

Meituan

,

3.05%,

10/28/30

(USD) (1)

1,130,000‌

1,100‌

Meituan

,

3.05%,

10/28/30

(USD) 

1,900,000‌

1,850‌

Shimao

Group

Holdings,

3.45%,

1/11/31

(USD) 

3,292,000‌

3,160‌

Shimao

Group

Holdings,

5.20%,

1/30/25

(USD) 

975,000‌

1,018‌

Shimao

Group

Holdings,

5.60%,

7/15/26

(USD) 

2,270,000‌

2,450‌

Times

China

Holdings,

5.75%,

1/14/27

(USD) 

4,350,000‌

4,214‌

Times

China

Holdings,

6.20%,

3/22/26

(USD) 

2,320,000‌

2,375‌

Times

China

Holdings,

6.75%,

7/8/25

(USD) 

2,300,000‌

2,409‌

Times

China

Holdings,

7.625%,

2/21/22

(USD) 

600,000‌

608‌

Tingyi

Cayman

Islands

Holding,

1.625%,

9/24/25

(USD) 

2,201,000‌

2,162‌

Yanlord

Land

HK,

6.80%,

2/27/24

(USD) 

4,950,000‌

5,222‌

Yuzhou

Group

Holdings,

6.00%,

1/25/22

(USD) 

450,000‌

435‌

Yuzhou

Group

Holdings,

7.70%,

2/20/25

(USD) 

1,500,000‌

1,309‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

3

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Yuzhou

Group

Holdings,

8.375%,

10/30/24

(USD) 

660,000‌

596‌

78,028‌

Total

China

(Cost

$78,341

)

78,866‌

COLOMBIA

5.4%

Corporate

Bonds

5.4%

Banco

de

Bogota,

4.375%,

8/3/27

(USD) 

3,605,000‌

3,819‌

Banco

de

Bogota,

6.25%,

5/12/26

(USD) 

5,350,000‌

6,012‌

Bancolombia

,

VR,

4.625%,

12/18/29

(USD) (2)

6,960,000‌

7,055‌

Colombia

Telecomunicaciones

,

4.95%,

7/17/30

(USD) (1)

1,055,000‌

1,113‌

Ecopetrol

,

5.875%,

5/28/45

(USD) 

1,900,000‌

2,031‌

Grupo

Aval,

4.375%,

2/4/30

(USD) 

5,850,000‌

5,917‌

Grupo

Energia

Bogota,

4.875%,

5/15/30

(USD) (1)

4,325,000‌

4,799‌

Millicom

International

Cellular,

4.50%,

4/27/31

(USD) (1)

3,426,000‌

3,569‌

Millicom

International

Cellular,

6.25%,

3/25/29

(USD) 

598,500‌

667‌

Millicom

International

Cellular,

6.625%,

10/15/26

(USD) 

1,395,000‌

1,490‌

Total

Colombia

(Cost

$35,772

)

36,472‌

CONGO

(DEMOCRATIC

REPUBLIC)

1.1%

Convertible

Bonds

0.2%

HTA

Group,

2.875%,

3/18/27

(USD) 

1,200,000‌

1,341‌

1,341‌

Corporate

Bonds

0.9%

HTA

Group,

7.00%,

12/18/25

(USD) (1)

2,855,000‌

3,044‌

HTA

Group,

7.00%,

12/18/25

(USD) 

2,900,000‌

3,091‌

6,135‌

Total

Congo

(Democratic

Republic)

(Cost

$7,132

)

7,476‌

EGYPT

0.8%

Government

Bonds

0.8%

Arab

Republic

of

Egypt,

5.875%,

6/11/25

(USD) 

4,225,000‌

4,472‌

Arab

Republic

of

Egypt,

5.875%,

2/16/31

(USD) (1)

853,000‌

801‌

Total

Egypt

(Cost

$5,247

)

5,273‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

4

Par/Shares

$

Value

(Cost

and

value

in

$000s)

GEORGIA

0.8%

Corporate

Bonds

0.8%

Georgian

Railway,

7.75%,

7/11/22

(USD) 

4,925,000‌

5,230‌

Total

Georgia

(Cost

$5,138

)

5,230‌

HONG

KONG

1.1%

Corporate

Bonds

1.1%

HKT

Capital

No

5,

3.25%,

9/30/29

(USD) 

635,000‌

652‌

JMH,

2.50%,

4/9/31

(USD) 

6,866,000‌

6,799‌

Total

Hong

Kong

(Cost

$7,481

)

7,451‌

INDIA

9.2%

Corporate

Bonds

8.3%

ABJA

Investment,

5.45%,

1/24/28

(USD) 

3,560,000‌

3,673‌

ABJA

Investment,

5.95%,

7/31/24

(USD) 

2,090,000‌

2,264‌

Adani

Electricity

Mumbai,

3.949%,

2/12/30

(USD) (1)

2,175,000‌

2,198‌

Adani

Electricity

Mumbai,

3.949%,

2/12/30

(USD) 

1,200,000‌

1,213‌

Adani

International

Container

Terminal,

3.00%,

2/16/31

(USD) 

2,060,000‌

1,974‌

Adani

Ports

&

Special

Economic

Zone,

4.00%,

7/30/27

(USD) 

700,000‌

740‌

Adani

Ports

&

Special

Economic

Zone,

4.375%,

7/3/29

(USD) 

3,720,000‌

3,901‌

Adani

Renewable

Energy

RJ,

4.625%,

10/15/39

(USD) 

2,387,288‌

2,467‌

Adani

Transmission,

4.00%,

8/3/26

(USD) 

1,500,000‌

1,603‌

Adani

Transmission,

4.25%,

5/21/36

(USD) 

2,320,825‌

2,402‌

Bharti

Airtel,

3.25%,

6/3/31

(USD) (1)

1,330,000‌

1,301‌

Bharti

Airtel,

4.375%,

6/10/25

(USD) 

450,000‌

484‌

Bharti

Airtel

International

Netherlands,

5.125%,

3/11/23

(USD) 

750,000‌

801‌

Greenko

Dutch,

4.875%,

7/24/22

(USD) (1)

1,725,000‌

1,747‌

Greenko

Dutch,

4.875%,

7/24/22

(USD) 

1,250,000‌

1,266‌

Greenko

Investment,

4.875%,

8/16/23

(USD) 

2,300,000‌

2,340‌

Housing

Development

Finance,

8.22%,

3/28/22 

130,000,000‌

1,807‌

HPCL-Mittal

Energy,

5.45%,

10/22/26

(USD) 

3,820,000‌

4,014‌

ICICI

Bank,

3.80%,

12/14/27

(USD) 

3,850,000‌

4,099‌

India

Green

Power

Holdings,

4.00%,

2/22/27

(USD) (1)

1,750,000‌

1,761‌

JSW

Steel,

5.95%,

4/18/24

(USD) 

1,995,000‌

2,130‌

Neerg

Energy,

6.00%,

2/13/22

(USD) 

2,250,000‌

2,280‌

Network

i2i,

VR,

5.65%

(USD) (2)(3)

1,620,000‌

1,718‌

Periama

Holdings,

5.95%,

4/19/26

(USD) 

1,847,000‌

1,952‌

Tata

Motors,

5.75%,

10/30/24

(USD) 

400,000‌

422‌

Tata

Motors,

5.875%,

5/20/25

(USD) 

600,000‌

637‌

TML

Holdings

Pte

,

5.50%,

6/3/24

(USD) 

4,025,000‌

4,155‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

5

Par/Shares

$

Value

(Cost

and

value

in

$000s)

TML

Holdings

Pte

,

5.75%,

5/7/21

(USD) 

1,350,000‌

1,352‌

56,701‌

Government

Bonds

0.9%

Export-Import

Bank

of

India,

2.25%,

1/13/31

(USD) (1)

2,650,000‌

2,422‌

Export-Import

Bank

of

India,

3.25%,

1/15/30

(USD) 

3,350,000‌

3,336‌

5,758‌

Total

India

(Cost

$60,990

)

62,459‌

INDONESIA

4.4%

Corporate

Bonds

4.4%

Adaro

Indonesia,

4.25%,

10/31/24

(USD) 

4,265,000‌

4,329‌

Bank

Negara

Indonesia

Persero

,

3.75%,

3/30/26

(USD) 

3,230,000‌

3,266‌

Bank

Tabungan

Negara

Persero

,

4.20%,

1/23/25

(USD) 

2,240,000‌

2,285‌

Cikarang

Listrindo

,

4.95%,

9/14/26

(USD) 

2,775,000‌

2,845‌

Pertamina

Persero

,

6.50%,

11/7/48

(USD) 

1,600,000‌

2,056‌

Perusahaan

Listrik

Negara,

4.125%,

5/15/27

(USD) 

2,650,000‌

2,852‌

Perusahaan

Listrik

Negara,

4.875%,

7/17/49

(USD) (1)

325,000‌

345‌

Perusahaan

Listrik

Negara,

4.875%,

7/17/49

(USD) 

950,000‌

1,007‌

Perusahaan

Listrik

Negara,

5.45%,

5/21/28

(USD) (1)

425,000‌

493‌

Perusahaan

Listrik

Negara,

5.45%,

5/21/28

(USD) 

525,000‌

609‌

Tower

Bersama

Infrastructure,

2.75%,

1/20/26

(USD) 

3,850,000‌

3,869‌

Tower

Bersama

Infrastructure,

4.25%,

1/21/25

(USD) 

5,950,000‌

6,266‌

Total

Indonesia

(Cost

$29,454

)

30,222‌

ISRAEL

2.8%

Corporate

Bonds

2.8%

ICL

Group,

6.375%,

5/31/38

(USD) (1)

4,250,000‌

5,376‌

Leviathan

Bond,

6.125%,

6/30/25

(USD) (1)

4,900,000‌

5,310‌

Teva

Pharmaceutical

Finance

Netherlands

III,

2.80%,

7/21/23

(USD) 

3,518,000‌

3,505‌

Teva

Pharmaceutical

Finance

Netherlands

III,

3.15%,

10/1/26

(USD) 

1,000,000‌

956‌

Teva

Pharmaceutical

Finance

Netherlands

III,

4.10%,

10/1/46

(USD) 

350,000‌

307‌

Teva

Pharmaceutical

Finance

Netherlands

III,

6.00%,

4/15/24

(USD) 

1,050,000‌

1,114‌

Teva

Pharmaceutical

Finance

Netherlands

III,

6.75%,

3/1/28

(USD) 

2,050,000‌

2,304‌

Total

Israel

(Cost

$18,074

)

18,872‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

JAMAICA

0.7%

Corporate

Bonds

0.7%

Digicel

,

6.75%,

3/1/23

(USD) 

1,725,000‌

1,583‌

Digicel

Group,

10.00%

(8.000%

Cash

and

2.000%

PIK

or

10%

PIK),

4/1/24

(USD) (4)

1,325,000‌

1,226‌

Digicel

International

Finance,

8.00%,

12/31/26

(USD) (1)

270,688‌

262‌

Digicel

International

Finance,

8.75%,

5/25/24

(USD) (1)

1,693,067‌

1,752‌

Total

Jamaica

(Cost

$4,539

)

4,823‌

JORDAN

0.5%

Corporate

Bonds

0.5%

Hikma

Finance

USA,

3.25%,

7/9/25

(USD) 

3,603,000‌

3,734‌

Total

Jordan

(Cost

$3,647

)

3,734‌

KAZAKHSTAN

0.9%

Corporate

Bonds

0.9%

KazMunayGas

National,

5.375%,

4/24/30

(USD) 

3,800,000‌

4,509‌

KazMunayGas

National,

5.75%,

4/19/47

(USD) 

1,600,000‌

1,903‌

Total

Kazakhstan

(Cost

$6,552

)

6,412‌

KUWAIT

2.1%

Corporate

Bonds

2.1%

Equate

Petrochemical,

4.25%,

11/3/26

(USD) (1)

1,635,000‌

1,783‌

Equate

Petrochemical,

4.25%,

11/3/26

(USD) 

2,475,000‌

2,698‌

Kuwait

Projects,

4.229%,

10/29/26

(USD) 

6,005,000‌

5,855‌

MEGlobal

Canada,

5.875%,

5/18/30

(USD) (1)

440,000‌

532‌

MEGlobal

Canada,

5.875%,

5/18/30

(USD) 

2,650,000‌

3,206‌

Total

Kuwait

(Cost

$14,055

)

14,074‌

MACAO

1.6%

Corporate

Bonds

1.6%

MGM

China

Holdings,

5.25%,

6/18/25

(USD) (1)

810,000‌

845‌

MGM

China

Holdings,

5.375%,

5/15/24

(USD) (1)

3,375,000‌

3,489‌

Wynn

Macau,

5.625%,

8/26/28

(USD) (1)

6,435,000‌

6,739‌

Total

Macao

(Cost

$10,694

)

11,073‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

MALAYSIA

1.4%

Corporate

Bonds

1.4%

Axiata

Spv5

Labuan,

3.064%,

8/19/50

(USD) 

3,150,000‌

2,891‌

Gohl

Capital,

4.25%,

1/24/27

(USD) 

1,750,000‌

1,860‌

TNB

Global

Ventures

Capital,

3.244%,

10/19/26

(USD) 

4,425,000‌

4,710‌

Total

Malaysia

(Cost

$9,502

)

9,461‌

MEXICO

9.1%

Corporate

Bonds

8.0%

Alfa,

5.25%,

3/25/24

(USD) 

2,700,000‌

2,958‌

Axtel

,

6.375%,

11/14/24

(USD) (1)

5,104,000‌

5,321‌

Banco

Mercantil

del

Norte,

VR,

6.75%

(USD) (2)(3)

800,000‌

835‌

Banco

Mercantil

del

Norte,

VR,

7.625%

(USD) (2)(3)

2,400,000‌

2,635‌

Banco

Santander

Mexico,

5.375%,

4/17/25

(USD) (1)

2,300,000‌

2,587‌

Banco

Santander

Mexico,

VR,

8.50%

(USD) (2)(3)

450,000‌

475‌

BBVA

Bancomer

,

VR,

5.125%,

1/18/33

(USD) (2)

2,675,000‌

2,759‌

BBVA

Bancomer

,

VR,

5.35%,

11/12/29

(USD) (2)

1,000,000‌

1,032‌

BBVA

Bancomer

,

VR,

5.875%,

9/13/34

(USD) (1)(2)

5,225,000‌

5,701‌

Cemex

,

5.45%,

11/19/29

(USD) 

5,893,000‌

6,467‌

Cometa

Energia

,

6.375%,

4/24/35

(USD) (1)

4,029,100‌

4,511‌

Cometa

Energia

,

6.375%,

4/24/35

(USD) 

937,000‌

1,049‌

Controladora

Mabe

,

5.60%,

10/23/28

(USD) (1)

3,750,000‌

4,371‌

Industrias

Penoles

,

4.75%,

8/6/50

(USD) (1)

1,900,000‌

1,956‌

Infraestructura

Energetica

Nova,

4.75%,

1/15/51

(USD) (1)

4,000,000‌

3,987‌

Infraestructura

Energetica

Nova,

4.75%,

1/15/51

(USD) 

1,400,000‌

1,395‌

Infraestructura

Energetica

Nova,

4.875%,

1/14/48

(USD) (1)

1,200,000‌

1,198‌

Kimberly-Clark

de

Mexico,

2.431%,

7/1/31

(USD) (1)

1,560,000‌

1,525‌

Mexico

City

Airport

Trust,

5.50%,

7/31/47

(USD) (1)

3,400,000‌

3,383‌

54,145‌

Government

Bonds

1.1%

Petroleos

Mexicanos

,

6.50%,

3/13/27

(USD) 

5,875,000‌

6,149‌

Petroleos

Mexicanos

,

6.75%,

9/21/47

(USD) 

1,700,000‌

1,449‌

7,598‌

Total

Mexico

(Cost

$58,935

)

61,743‌

MOROCCO

1.0%

Corporate

Bonds

1.0%

Vivo

Energy

Investments,

5.125%,

9/24/27

(USD) (1)

4,700,000‌

5,041‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

8

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Vivo

Energy

Investments,

5.125%,

9/24/27

(USD) 

1,400,000‌

1,501‌

Total

Morocco

(Cost

$6,282

)

6,542‌

OMAN

2.1%

Corporate

Bonds

2.1%

Lamar

Funding,

3.958%,

5/7/25

(USD) 

2,500,000‌

2,509‌

OmGrid

Funding,

5.196%,

5/16/27

(USD) 

3,255,000‌

3,357‌

Oryx

Funding,

5.80%,

2/3/31

(USD) (1)

2,175,000‌

2,255‌

Oztel

Holdings,

5.625%,

10/24/23

(USD) 

300,000‌

319‌

Oztel

Holdings,

6.625%,

4/24/28

(USD) 

5,650,000‌

6,208‌

Total

Oman

(Cost

$14,094

)

14,648‌

PANAMA

1.9%

Corporate

Bonds

1.9%

Banco

Nacional

de

Panama,

2.50%,

8/11/30

(USD) (1)

3,700,000‌

3,440‌

C&W

Senior

Financing,

6.875%,

9/15/27

(USD) (1)

1,900,000‌

2,029‌

C&W

Senior

Financing,

7.50%,

10/15/26

(USD) (1)

4,875,000‌

5,176‌

C&W

Senior

Financing,

7.50%,

10/15/26

(USD) 

900,000‌

956‌

Sable

International

Finance,

5.75%,

9/7/27

(USD) (1)

1,120,000‌

1,184‌

Total

Panama

(Cost

$12,874

)

12,785‌

PARAGUAY

1.0%

Corporate

Bonds

1.0%

Telefonica

Celular

del

Paraguay,

5.875%,

4/15/27

(USD) (1)

5,325,000‌

5,645‌

Telefonica

Celular

del

Paraguay,

5.875%,

4/15/27

(USD) 

900,000‌

954‌

Total

Paraguay

(Cost

$6,518

)

6,599‌

PERU

2.5%

Corporate

Bonds

2.5%

Banco

de

Credito

del

Peru,

VR,

3.25%,

9/30/31

(USD) (1)(2)

3,480,000‌

3,489‌

Corp

Financiera

de

Desarrollo

,

2.40%,

9/28/27

(USD) 

3,100,000‌

3,067‌

Hudbay

Minerals,

6.125%,

4/1/29

(USD) (1)

900,000‌

963‌

InRetail

Consumer,

3.25%,

3/22/28

(USD) (1)

3,340,000‌

3,343‌

Nexa

Resources,

5.375%,

5/4/27

(USD) 

4,600,000‌

5,030‌

Nexa

Resources,

6.50%,

1/18/28

(USD) 

900,000‌

1,035‌

Total

Peru

(Cost

$16,621

)

16,927‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

9

Par/Shares

$

Value

(Cost

and

value

in

$000s)

PHILIPPINES

3.6%

Corporate

Bonds

3.6%

AYC

Finance,

5.125%

(USD) (3)

800,000‌

820‌

FPC

Resources,

4.375%,

9/11/27

(USD) 

4,447,000‌

4,755‌

Globe

Telecom,

2.50%,

7/23/30

(USD) 

3,020,000‌

2,865‌

Globe

Telecom,

3.00%,

7/23/35

(USD) 

1,975,000‌

1,834‌

ICTSI

Treasury,

4.625%,

1/16/23

(USD) 

200,000‌

212‌

ICTSI

Treasury,

5.875%,

9/17/25

(USD) 

3,650,000‌

4,269‌

International

Container

Terminal

Services,

4.75%,

6/17/30

(USD) 

1,830,000‌

2,041‌

Manila

Water,

4.375%,

7/30/30

(USD) 

6,700,000‌

7,053‌

SM

Investments,

4.875%,

6/10/24

(USD) 

950,000‌

1,024‌

Total

Philippines

(Cost

$23,890

)

24,873‌

ROMANIA

0.3%

Corporate

Bonds

0.3%

RCS

&

RDS,

2.50%,

2/5/25

(EUR) (1)

1,900,000‌

2,224‌

Total

Romania

(Cost

$2,094

)

2,224‌

RUSSIA

0.8%

Corporate

Bonds

0.8%

GTLK

Europe

Capital,

4.65%,

3/10/27

(USD) 

1,675,000‌

1,704‌

GTLK

Europe

Capital,

5.95%,

4/17/25

(USD) 

3,660,000‌

3,988‌

Total

Russia

(Cost

$5,513

)

5,692‌

SAUDI

ARABIA

1.7%

Corporate

Bonds

0.8%

Dar

Al-

Arkan

Sukuk

,

6.875%,

3/21/23

(USD) 

3,300,000‌

3,431‌

Saudi

Electricity

Global

Sukuk

,

5.06%,

4/8/43

(USD) 

1,700,000‌

1,952‌

5,383‌

Government

Bonds

0.9%

Saudi

Arabian

Oil,

4.25%,

4/16/39

(USD) (1)

2,150,000‌

2,324‌

Saudi

Arabian

Oil,

4.25%,

4/16/39

(USD) 

3,350,000‌

3,621‌

5,945‌

Total

Saudi

Arabia

(Cost

$11,444

)

11,328‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

10

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SERBIA

0.4%

Corporate

Bonds

0.4%

United

Group,

3.125%,

2/15/26

(EUR) (1)

1,300,000‌

1,480‌

United

Group,

4.875%,

7/1/24

(EUR) (1)

450,000‌

538‌

United

Group,

4.875%,

7/1/24

(EUR) 

525,000‌

627‌

Total

Serbia

(Cost

$2,552

)

2,645‌

SINGAPORE

0.1%

Convertible

Bonds

0.1%

Sea,

2.375%,

12/1/25

(USD) (1)

282,000‌

721‌

Total

Singapore

(Cost

$589

)

721‌

SOUTH

KOREA

1.4%

Corporate

Bonds

1.4%

Kookmin

Bank,

2.50%,

11/4/30

(USD) 

1,100,000‌

1,070‌

LG

Chem

,

3.625%,

4/15/29

(USD) 

3,400,000‌

3,683‌

Shinhan

Bank,

4.00%,

4/23/29

(USD) 

1,225,000‌

1,337‌

Shinhan

Bank,

4.50%,

3/26/28

(USD) 

1,300,000‌

1,440‌

Shinhan

Bank,

VR,

3.875%,

12/7/26

(USD) (2)

1,900,000‌

1,936‌

Total

South

Korea

(Cost

$9,692

)

9,466‌

THAILAND

4.2%

Corporate

Bonds

4.2%

Bangkok

Bank,

VR,

3.733%,

9/25/34

(USD) (2)

4,300,000‌

4,337‌

Bangkok

Bank,

VR,

3.733%,

9/25/34

(USD) (1)(2)

3,380,000‌

3,409‌

GC

Treasury

Center,

2.98%,

3/18/31

(USD) (1)

1,985,000‌

1,965‌

Indorama

Ventures

Global

Services,

4.375%,

9/12/24

(USD) 

6,215,000‌

6,363‌

Kasikornbank

,

VR,

3.343%,

10/2/31

(USD) (2)

3,350,000‌

3,426‌

PTTEP

Treasury

Center,

2.587%,

6/10/27

(USD) (1)

2,288,000‌

2,356‌

PTTEP

Treasury

Center,

2.587%,

6/10/27

(USD) 

1,550,000‌

1,596‌

PTTEP

Treasury

Center,

3.903%,

12/6/59

(USD) 

1,000,000‌

1,000‌

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD) 

5,030,000‌

4,340‌

Total

Thailand

(Cost

$28,586

)

28,792‌

TURKEY

2.4%

Corporate

Bonds

2.4%

Akbank

,

5.125%,

3/31/25

(USD) 

4,925,000‌

4,770‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

11

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Turk

Telekomunikasyon

,

6.875%,

2/28/25

(USD) (1)

995,000‌

1,059‌

Turk

Telekomunikasyon

,

6.875%,

2/28/25

(USD) 

3,275,000‌

3,485‌

Turkiye

Sise

ve

Cam

Fabrikalari

,

6.95%,

3/14/26

(USD) 

4,450,000‌

4,770‌

Yapi

ve

Kredi

Bankasi

,

5.85%,

6/21/24

(USD) 

2,100,000‌

2,051‌

Total

Turkey

(Cost

$16,196

)

16,135‌

UKRAINE

1.5%

Corporate

Bonds

1.5%

Kernel

Holding,

6.75%,

10/27/27

(USD) (1)

2,690,000‌

2,881‌

Kernel

Holding,

6.75%,

10/27/27

(USD) 

1,000,000‌

1,071‌

Ukraine

Railways

Via

Rail

Capital

Markets,

8.25%,

7/9/24

(USD) 

1,675,000‌

1,780‌

VF

Ukraine

PAT

via

VFU

Funding,

6.20%,

2/11/25

(USD) (1)

1,300,000‌

1,348‌

VF

Ukraine

PAT

via

VFU

Funding,

6.20%,

2/11/25

(USD) 

3,150,000‌

3,266‌

Total

Ukraine

(Cost

$9,762

)

10,346‌

UNITED

ARAB

EMIRATES

3.6%

Corporate

Bonds

3.6%

Acwa

Power

Management

&

Investments

One,

5.95%,

12/15/39

(USD) 

5,758,000‌

6,651‌

EMG

SUKUK,

4.564%,

6/18/24

(USD) 

3,600,000‌

3,842‌

Emirates

NBD

Bank,

VR,

6.125%

(USD) (2)(3)

3,970,000‌

4,252‌

MAF

Global

Securities,

VR,

6.375%

(USD) (2)(3)

7,749,000‌

8,263‌

Ruwais

Power,

6.00%,

8/31/36

(USD) 

1,200,000‌

1,566‌

Total

United

Arab

Emirates

(Cost

$23,894

)

24,574‌

UNITED

KINGDOM

0.0%

Common

Stocks

0.0%

Mriya

Farming (5)(6)

758‌

—‌

Total

United

Kingdom

(Cost

$–

)

—‌

UNITED

STATES

1.5%

Convertible

Bonds

0.1%

JPMorgan

Chase

Bank,

0.125%,

1/1/23 (1)

675,000‌

758‌

758‌

Corporate

Bonds

1.4%

Hyundai

Capital

America,

5.875%,

4/7/25 (1)

2,400,000‌

2,767‌

LCPR

Senior

Secured

Financing,

5.125%,

7/15/29 (1)

2,950,000‌

2,998‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

12

Par/Shares

$

Value

(Cost

and

value

in

$000s)

LCPR

Senior

Secured

Financing,

6.75%,

10/15/27 (1)

3,715,000‌

3,954‌

9,719‌

Total

United

States

(Cost

$10,079

)

10,477‌

UZBEKISTAN

0.7%

Corporate

Bonds

0.7%

Ipoteka

-Bank

ATIB,

5.50%,

11/19/25

(USD) 

4,350,000‌

4,470‌

Total

Uzbekistan

(Cost

$4,473

)

4,470‌

VIETNAM

0.8%

Corporate

Bonds

0.8%

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD) (1)

1,080,000‌

1,088‌

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD) 

4,175,000‌

4,207‌

Total

Vietnam

(Cost

$5,242

)

5,295‌

SHORT-TERM

INVESTMENTS

4.1%

Money

Market

Funds

3.6%

T.

Rowe

Price

Government

Reserve

Fund,

0.04% (7)(8)

24,463,842‌

24,464‌

24,464‌

U.S.

Treasury

Obligations

0.5%

U.S.

Treasury

Notes,

2.625%,

12/15/21 (9)

3,122,000‌

3,178‌

3,178‌

Total

Short-Term

Investments

(Cost

$27,642)

27,642‌

Total

Investments

in

Securities

99.6%

(Cost

$664,432)

$

677,582‌

Other

Assets

Less

Liabilities

0.4%

2,664

Net

Assets

100.0%

$

680,246‌

‡

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

$180,279

and

represents

26.5%

of

net

assets.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

13

.

.

.

.

.

.

.

.

.

.

(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)

Level

3

in

fair

value

hierarchy.

(6)

Non-income

producing

(7)

Seven-day

yield

(8)

Affiliated

Companies

(9)

At

March

31,

2021,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

EUR

Euro

PIK

Payment-in-kind

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

14

(Amounts

in

000s)

SWAPS

0.1%

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.1%

Credit

Default

Swaps,

Protection

Sold

0.1%

United

States

0.1%

Protection

Sold

(Relevant

Credit:

Markit

CDX.EM-S35,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/26

5,100

(211)

(168)

(43)

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S36,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/26

8,300

752

715

37

Total

United

States

(6)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

(6)

Total

Centrally

Cleared

Swaps

(6)

Net

payments

(receipts)

of

variation

margin

to

date

58

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

52‌

**

Includes

interest

purchased

or

sold

but

not

yet

collected

of

$11.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

15

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

HSBC

Bank

5/21/21

USD

2,634‌

EUR

2,169‌

$

88‌

UBS

Investment

Bank

5/21/21

USD

5,216‌

EUR

4,305‌

162‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

250‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

16

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

33

Euro

BOBL

contracts

6/21

(5,228)

$

(4‌)

Short,

332

U.S.

Treasury

Notes

ten

year

contracts

6/21

(43,471)

584‌

Short,

11

Ultra

U.S.

Treasury

Bonds

contracts

6/21

(1,993)

8‌

Net

payments

(receipts)

of

variation

margin

to

date

(496‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

92‌

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

17

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,

2021.

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,

0.04%

$

—‌#

$

—‌

$

4‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/20

Purchase

Cost

Sales

Cost

Value

03/31/21

T.

Rowe

Price

Government

Reserve

Fund,

0.04%

$

24,637‌

 ¤

 ¤

$

24,464‌^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$4

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

$24,464.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

Unaudited

Notes

to

Portfolio

of

Investments

18

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

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

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

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

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

19

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

fund's

own

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

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

fund

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

20

affect

the

value

of

some

or

all

of

its

portfolio

securities.

Each

business

day,

the

fund

uses

information

from

outside

pricing

services

to

evaluate

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

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.

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.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Investments

for

which

market

quotations

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

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.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

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

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

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

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.

T.

ROWE

PRICE

Emerging

Markets

Corporate

Bond

Fund

21

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2021

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

F193-054Q1

03/21 

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

649,940‌

$

—‌

$

649,940‌

Common

Stocks

—‌

—‌

—‌

—‌

Short-Term

Investments

24,464‌

3,178‌

—‌

27,642‌

Total

Securities

24,464‌

653,118‌

—‌

677,582‌

Swaps*

—‌

37‌

—‌

37‌

Forward

Currency

Exchange

Contracts

—‌

250‌

—‌

250‌

Futures

Contracts*

592‌

—‌

—‌

592‌

Total

$

25,056‌

$

653,405‌

$

—‌

$

678,461‌

Liabilities

Swaps*

$

—‌

$

43‌

$

—‌

$

43‌

Futures

Contracts*

4‌

—‌

—‌

4‌

Total

$

4‌

$

43‌

$

—‌

$

47‌

1

Includes

Convertible

Bonds,

Corporate

Bonds

and

Government

Bonds.

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.