T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
March
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ANGOLA
0.6%
Government
Bonds
0.6%
Republic
of
Angola,
9.50%,
11/12/25
(USD)
2,305,000
2,292
Total
Angola
(Cost
$2,369
)
2,292
BAHAMAS
0.1%
Government
Bonds
0.1%
Commonwealth
of
Bahamas,
5.75%,
1/16/24
(USD)
470,000
446
Total
Bahamas
(Cost
$463
)
446
BRAZIL
7.9%
Corporate
Bonds
0.3%
Sitios
Latinoamerica,
5.375%,
4/4/32
(USD) (1)
1,430,000
1,279
1,279
Government
Bonds
7.6%
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/25
20,285,000
3,881
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/27
50,625,000
9,380
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/31
74,730,000
12,916
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/33
11,090,000
1,866
28,043
Total
Brazil
(Cost
$28,396
)
29,322
CHILE
1.2%
Government
Bonds
1.2%
Bonos
de
la
Tesoreria
de
la
Republica,
Inflation-Indexed,
1.90%,
9/1/30
1,814,290,830
2,315
Bonos
de
la
Tesoreria
de
la
Republica
en
pesos,
7.00%,
5/1/34 (1)
1,330,000,000
1,939
Total
Chile
(Cost
$3,942
)
4,254
CHINA
3.3%
Corporate
Bonds
0.2%
Agile
Group
Holdings,
5.75%,
1/2/25
(USD)
540,000
296
Longfor
Group
Holdings,
3.375%,
4/13/27
(USD)
300,000
246
Times
China
Holdings,
6.75%,
7/8/25
(USD) (2)(3)
1,000,000
156
698
Government
Bonds
3.1%
China
Development
Bank,
Series
1904,
3.68%,
2/26/26
5,900,000
882
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
2
Par/Shares
$
Value
(Cost
and
value
in
$000s)
People's
Republic
of
China,
Series
INBK,
3.01%,
5/13/28
25,000,000
3,693
People's
Republic
of
China,
Series
INBK,
3.81%,
9/14/50
7,350,000
1,181
People's
Republic
of
China,
Series
1915,
3.13%,
11/21/29
39,100,000
5,814
11,570
Total
China
(Cost
$13,381
)
12,268
COLOMBIA
5.1%
Corporate
Bonds
0.3%
Empresas
Publicas
de
Medellin,
7.625%,
9/10/24 (1)
1,862,000,000
361
Empresas
Publicas
de
Medellin,
7.625%,
9/10/24
4,371,000,000
847
1,208
Government
Bonds
4.7%
Republic
of
Colombia,
Series
B,
6.00%,
4/28/28
43,473,800,000
7,489
Republic
of
Colombia,
Series
B,
7.00%,
3/26/31
8,497,000,000
1,405
Republic
of
Colombia,
Series
B,
7.00%,
6/30/32
13,800,000,000
2,198
Republic
of
Colombia,
Series
B,
7.25%,
10/18/34
20,901,300,000
3,225
Republic
of
Colombia,
Series
B,
13.25%,
2/9/33
161,600,000
38
Republic
of
Colombia,
Series
G,
7.00%,
3/26/31
19,383,400,000
3,204
17,559
Private
Investment
Company
0.1%
Bona
Fide
Investments
Feeder
LLC,
Acquisition
date:
6/1/22,
Cost $197
(USD) (3)(4)
†
207
207
Total
Colombia
(Cost
$24,502
)
18,974
CZECH
REPUBLIC
2.3%
Government
Bonds
2.3%
Czech
Republic,
Series
49,
4.20%,
12/4/36
45,000,000
1,996
Czech
Republic,
Series
78,
2.50%,
8/25/28
109,590,000
4,525
Czech
Republic,
Series
103,
2.00%,
10/13/33
50,170,000
1,825
Total
Czech
Republic
(Cost
$7,466
)
8,346
DOMINICAN
REPUBLIC
0.4%
Government
Bonds
0.4%
Dominican
Republic,
9.75%,
6/5/26 (1)
48,250,000
863
Dominican
Republic,
13.625%,
2/3/33 (1)
32,350,000
672
Total
Dominican
Republic
(Cost
$1,392
)
1,535
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
EGYPT
0.5%
Government
Bonds
0.5%
Arab
Republic
of
Egypt,
Series
5YR,
14.369%,
10/20/25
28,100,000
750
Arab
Republic
of
Egypt,
Series
5YR,
15.90%,
7/2/24
38,000,000
1,141
Total
Egypt
(Cost
$3,975
)
1,891
HUNGARY
2.8%
Government
Bonds
2.8%
Republic
of
Hungary,
Series
25/B,
5.50%,
6/24/25
609,120,000
1,538
Republic
of
Hungary,
Series
28/B,
4.50%,
3/23/28
1,185,660,000
2,752
Republic
of
Hungary,
Series
31/A,
3.25%,
10/22/31
832,000,000
1,638
Republic
of
Hungary,
Series
32/G,
4.50%,
5/27/32
1,159,000,000
2,483
Republic
of
Hungary,
Series
33/A,
2.25%,
4/20/33
967,000,000
1,656
Republic
of
Hungary,
Series
38/A,
3.00%,
10/27/38
217,910,000
346
Total
Hungary
(Cost
$12,077
)
10,413
INDIA
2.7%
Corporate
Bonds
0.4%
HDFC
Bank,
8.10%,
3/22/25
130,000,000
1,570
1,570
Government
Bonds
2.3%
Republic
of
India,
6.79%,
12/26/29
430,430,000
5,123
Republic
of
India,
7.26%,
8/22/32
285,000,000
3,467
8,590
Total
India
(Cost
$10,668
)
10,160
INDONESIA
9.9%
Corporate
Bonds
1.3%
Standard
Chartered
Bank,
Series
emtN,
CLN
(Reference:
Republic
of
Indonesia),
9.00%,
3/20/29 (1)
63,100,000,000
4,718
4,718
Government
Bonds
8.6%
Republic
of
Indonesia,
Series
FR65,
6.625%,
5/15/33
14,280,000,000
937
Republic
of
Indonesia,
Series
FR72,
8.25%,
5/15/36
77,804,000,000
5,737
Republic
of
Indonesia,
Series
FR73,
8.75%,
5/15/31
119,457,000,000
8,963
Republic
of
Indonesia,
Series
FR78,
8.25%,
5/15/29
22,100,000,000
1,607
Republic
of
Indonesia,
Series
FR82,
7.00%,
9/15/30
27,300,000,000
1,863
Republic
of
Indonesia,
Series
FR83,
7.50%,
4/15/40
37,272,000,000
2,594
Republic
of
Indonesia,
Series
FR90,
5.125%,
4/15/27
86,200,000,000
5,515
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Indonesia,
Series
FR91,
6.375%,
4/15/32
69,039,000,000
4,512
31,728
Total
Indonesia
(Cost
$36,137
)
36,446
IVORY
COAST
0.4%
Government
Bonds
0.4%
Republic
of
Ivory
Coast,
5.875%,
10/17/31
(EUR)
1,665,000
1,488
Total
Ivory
Coast
(Cost
$1,442
)
1,488
MALAYSIA
6.7%
Government
Bonds
6.7%
Government
of
Malaysia,
Series
0120,
4.065%,
6/15/50
16,045,000
3,425
Government
of
Malaysia,
Series
0311,
4.392%,
4/15/26
3,650,000
849
Government
of
Malaysia,
Series
0322,
4.504%,
4/30/29
14,730,000
3,456
Government
of
Malaysia,
Series
0411,
4.232%,
6/30/31
35,969,000
8,325
Government
of
Malaysia,
Series
0519,
3.757%,
5/22/40
29,575,000
6,313
Government
of
Malaysia,
Series
0713,
4.935%,
9/30/43
9,040,000
2,217
Total
Malaysia
(Cost
$24,671
)
24,585
MEXICO
10.6%
Government
Bonds
10.6%
Petroleos
Mexicanos,
6.50%,
3/13/27
(USD)
1,805,000
1,642
Petroleos
Mexicanos,
Series
14-2,
7.47%,
11/12/26
12,010,000
574
Republic
of
Mexico,
6.35%,
2/9/35
(USD)
550,000
586
United
Mexican
States,
Series
M,
7.75%,
5/29/31
147,535,000
7,687
United
Mexican
States,
Series
M,
8.00%,
7/31/53
29,430,000
1,448
United
Mexican
States,
Series
M
20,
7.50%,
6/3/27
140,981,800
7,423
United
Mexican
States,
Series
M
20,
8.50%,
5/31/29
130,115,000
7,111
United
Mexican
States,
Series
M
30,
8.50%,
11/18/38
238,360,000
12,638
Total
Mexico
(Cost
$36,968
)
39,109
MOROCCO
0.4%
Government
Bonds
0.4%
Kingdom
of
Morocco,
5.95%,
3/8/28
(USD) (1)
1,450,000
1,489
Total
Morocco
(Cost
$1,434
)
1,489
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
NORTH
MACEDONIA
0.4%
Government
Bonds
0.4%
Republic
of
North
Macedonia,
6.96%,
3/13/27
(EUR) (1)
1,420,000
1,549
Total
North
Macedonia
(Cost
$1,502
)
1,549
PANAMA
0.2%
Government
Bonds
0.2%
Republic
of
Panama,
8.875%,
9/30/27
(USD)
720,000
838
Total
Panama
(Cost
$839
)
838
PERU
3.8%
Government
Bonds
3.8%
Republic
of
Peru,
6.15%,
8/12/32
13,534,000
3,290
Republic
of
Peru,
6.35%,
8/12/28 (1)
14,869,000
3,856
Republic
of
Peru,
6.35%,
8/12/28
16,700,000
4,331
Republic
of
Peru,
6.90%,
8/12/37
924,000
230
Republic
of
Peru,
8.20%,
8/12/26
7,900,000
2,200
Total
Peru
(Cost
$15,350
)
13,907
PHILIPPINES
0.1%
Government
Bonds
0.1%
Republic
of
Philippines,
Series
25-6,
9.25%,
11/5/34
14,060,000
323
Total
Philippines
(Cost
$285
)
323
POLAND
2.8%
Government
Bonds
2.8%
Republic
of
Poland,
Series
0727,
2.50%,
7/25/27
34,200,000
6,899
Republic
of
Poland,
Series
1029,
2.75%,
10/25/29
10,037,000
1,932
Republic
of
Poland,
Series
1033,
6.00%,
10/25/33
6,471,000
1,507
Total
Poland
(Cost
$9,437
)
10,338
ROMANIA
4.5%
Government
Bonds
4.5%
Republic
of
Romania,
Series
10Y,
5.00%,
2/12/29
45,920,000
8,982
Republic
of
Romania,
Series
15YR,
5.80%,
7/26/27
12,100,000
2,515
Republic
of
Romania,
Series
5Y,
4.25%,
4/28/36
14,915,000
2,399
Republic
of
Romania,
Series
8Y,
4.15%,
1/26/28
14,760,000
2,842
Total
Romania
(Cost
$15,501
)
16,738
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
6
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SENEGAL
0.5%
Government
Bonds
0.5%
Republic
of
Senegal,
6.25%,
5/23/33
(USD)
2,163,000
1,726
Total
Senegal
(Cost
$2,008
)
1,726
SERBIA
0.4%
Government
Bonds
0.4%
Republic
of
Serbia,
Series
12.5,
4.50%,
8/20/32
185,990,000
1,464
Total
Serbia
(Cost
$1,949
)
1,464
SOUTH
AFRICA
9.2%
Government
Bonds
9.2%
Republic
of
South
Africa,
Series
R186,
10.50%,
12/21/26
109,800,000
6,566
Republic
of
South
Africa,
Series
2032,
8.25%,
3/31/32
176,028,000
8,631
Republic
of
South
Africa,
Series
2035,
8.875%,
2/28/35
176,624,000
8,514
Republic
of
South
Africa,
Series
2044,
8.75%,
1/31/44
99,090,000
4,316
Republic
of
South
Africa,
Series
2048,
8.75%,
2/28/48
141,124,000
6,102
Total
South
Africa
(Cost
$37,530
)
34,129
SOUTH
KOREA
0.2%
Corporate
Bonds
0.2%
POSCO,
5.625%,
1/17/26
(USD) (1)
660,000
668
Total
South
Korea
(Cost
$656
)
668
SUPRANATIONAL
1.4%
Government
Bonds
1.4%
European
Bank
for
Reconstruction
&
Development,
Series
GMTN,
5.60%,
1/30/25
(IDR)
40,230,000,000
2,648
International
Bank
for
Reconstruction
&
Development,
Series
GDIF,
4.60%,
2/9/26
(IDR)
22,000,000,000
1,417
International
Bank
for
Reconstruction
&
Development,
Series
GMTN,
4.90%,
2/12/26
(INR)
90,700,000
1,046
Total
Supranational
(Cost
$5,611
)
5,111
THAILAND
6.4%
Government
Bonds
6.4%
Kingdom
of
Thailand,
1.585%,
12/17/35
339,965,000
8,876
Kingdom
of
Thailand,
2.00%,
6/17/42
9,500,000
244
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Kingdom
of
Thailand,
3.40%,
6/17/36
58,213,000
1,846
Kingdom
of
Thailand,
3.65%,
6/20/31
120,030,000
3,871
Kingdom
of
Thailand,
3.775%,
6/25/32
194,525,000
6,383
Kingdom
of
Thailand,
Series
ILB,
Inflation-Indexed,
1.25%,
3/12/28
90,619,533
2,572
Total
Thailand
(Cost
$24,907
)
23,792
TURKEY
0.3%
Government
Bonds
0.3%
Republic
of
Turkey,
9.875%,
1/15/28
(USD)
1,030,000
1,075
Total
Turkey
(Cost
$1,076
)
1,075
UKRAINE
0.8%
Government
Bonds
0.8%
Government
of
Ukraine,
11.67%,
11/22/23
130,100,000
3,048
Total
Ukraine
(Cost
$4,944
)
3,048
UNITED
STATES
2.2%
U.S.
Treasury
Obligations
2.2%
U.S.
Treasury
Inflation-Indexed
Notes,
0.625%,
7/15/32
8,460,798
8,076
Total
United
States
(Cost
$7,936
)
8,076
URUGUAY
1.4%
Government
Bonds
1.4%
Republic
of
Uruguay,
8.25%,
5/21/31
106,300,000
2,433
Republic
of
Uruguay,
8.50%,
3/15/28 (1)
115,100,000
2,759
Total
Uruguay
(Cost
$5,261
)
5,192
SHORT-TERM
INVESTMENTS
5.4%
Money
Market
Funds
4.8%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (5)(6)
17,673,716
17,674
17,674
U.S.
Treasury
Obligations
0.6%
U.S.
Treasury
Bills,
4.434%,
4/4/23
375,000
375
U.S.
Treasury
Bills,
4.597%,
6/22/23
1,000,000
990
U.S.
Treasury
Bills,
4.854%,
8/10/23 (7)
920,000
904
2,269
Total
Short-Term
Investments
(Cost
$19,943)
19,943
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
8
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED
0.1%
OTC
Options
Purchased
0.1%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Bank
of
America
USD
/
EUR
Call,
4/4/23
@
EUR1.07 (3)
2
5,620
—
Bank
of
America
USD
/
JPY
Put,
4/13/23
@
JPY128.00 (3)
1
3,700
4
BNP
Paribas
EUR
/
CZK
Put,
5/19/23
@
CZK23.75 (3)
1
3,365
45
Citibank
USD
/
MXN
Put,
4/19/23
@
MXN18.45 (3)
1
3,680
93
Deutsche
Bank
USD
/
EUR
Call,
4/20/23
@
EUR1.07 (3)
1
2,740
5
Deutsche
Bank
USD
/
MXN
Put,
4/19/23
@
MXN18.45 (3)
1
3,680
92
Goldman
Sachs
USD
/
KRW
Put,
4/5/23
@
KRW1,285.00 (3)
1
3,710
3
HSBC
Bank
USD
/
JPY
Put,
4/13/23
@
JPY128.00 (3)
1
3,700
4
HSBC
Bank
USD
/
KRW
Put,
4/5/23
@
KRW1,285.00 (3)
1
5,500
4
Total
Options
Purchased
(Cost
$268)
250
Total
Investments
in
Securities
95.0%
(Cost
$364,286)
$
351,185
Other
Assets
Less
Liabilities
5.0%
18,617
Net
Assets
100.0%
$
369,802
‡
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.
†
Investment
fund
is
not
unitized.
(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
$20,153
and
represents
5.4%
of
net
assets.
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
9
.
.
.
.
.
.
.
.
.
.
(2)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(3)
Non-income
producing
(4)
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
$207
and
represents
0.1%
of
net
assets.
(5)
Seven-day
yield
(6)
Affiliated
Companies
(7)
At
March
31,
2023,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
6M
HUF
BUBOR
Six
month
HUF
BUBOR
(Budapest
interbank
offered
rate)
6M
PLN
WIBOR
Six
month
PLN
WIBOR
(Warsaw
interbank
offered
rate)
BRL
Brazilian
Real
BRL
CDI
One
day
Brazilian
interbank
deposit
rate
CHF
Swiss
Franc
CLN
Credit-Linked
Note
CLP
Chilean
Peso
CNH
Offshore
China
Renminbi
COP
Colombian
Peso
CPI
Consumer
Price
Index
CZK
Czech
Koruna
EGP
Egyptian
Pound
EUR
Euro
GBP
British
Pound
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
ILS
Israeli
Shekel
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
KZT
Kazakhstan
Tenge
MXIBTIIE
Mexican
Interbank
28
day
interest
rate
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
OTC
Over-the-counter
PEN
Peruvian
New
Sol
PHP
Philippines
Peso
PLN
Polish
Zloty
RON
New
Romanian
Leu
RSD
Serbian
Dinar
SGD
Singapore
Dollar
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
10
.
.
.
.
.
.
.
.
.
.
THB
Thai
Baht
TRY
Turkish
Lira
TWD
Taiwan
Dollar
USD
U.S.
Dollar
UYU
Uruguayan
Peso
ZAR
South
African
Rand
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
11
(Amounts
in
000s)
SWAPS
(0.0)%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.0%
Interest
Rate
Swaps
0.0%
Brazil
0.0%
Barclays
Bank,
2
Year
Interest
Rate
Swap,
Receive
Fixed
12.635%
at
Maturity,
Pay
Variable
13.65%,
(BRL
CDI)
at
Maturity,
1/2/25
11,000
15
—
15
Goldman
Sachs,
2
Year
Interest
Rate
Swap,
Receive
Fixed
13.310%
at
Maturity,
Pay
Variable
13.65%,
(BRL
CDI)
at
Maturity,
1/2/25
30,000
97
—
97
Goldman
Sachs,
3
Year
Interest
Rate
Swap,
Receive
Fixed
10.840%
at
Maturity,
Pay
Variable
13.65%,
(BRL
CDI)
at
Maturity,
7/1/24
11,000
(72)
—
(72)
Morgan
Stanley,
5
Year
Interest
Rate
Swap,
Receive
Fixed
12.170%
at
Maturity,
Pay
Variable
13.65%,
(BRL
CDI)
at
Maturity,
1/4/27
11,510
(4)
—
(4)
Total
Brazil
—
36
Total
Bilateral
Interest
Rate
Swaps
—
36
Total
Bilateral
Swaps
—
36
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
(0.0)%
Credit
Default
Swaps,
Protection
Bought
0.0%
Brazil
0.0%
Protection
Bought
(Relevant
Credit:
Republic
of
Brazil),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/20/27
(USD)
850
26
55
(29)
Protection
Bought
(Relevant
Credit:
Republic
of
Brazil),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
(USD)
880
38
68
(30)
Total
Brazil
(59)
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
12
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
United
States
0.0%
Protection
Bought
(Relevant
Credit:
Markit
CDX.EM-S38,
5
Year
Index),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
2,755
136
179
(43)
Total
United
States
(43)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Bought
(102)
Interest
Rate
Swaps
(0.0)%
China
(0.0)%
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.510%
Quarterly,
Pay
Variable
3.100%
(7
Day
Interbank
Repo)
Quarterly,
6/24/27
6,000
(8)
—
(8)
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.710%
Quarterly,
Pay
Variable
2.850%
(7
Day
Interbank
Repo)
Quarterly,
12/27/27
27,200
(13)
—
(13)
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.765%
Quarterly,
Pay
Variable
3.100%
(7
Day
Interbank
Repo)
Quarterly,
12/16/27
41,200
(3)
1
(4)
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.790%
Quarterly,
Pay
Variable
3.100%
(7
Day
Interbank
Repo)
Quarterly,
12/9/27
4,300
—
—
—
Total
China
(25)
Hungary
(0.0)%
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.309%
Annually,
Pay
Variable
16.000%
(6M
HUF
BUBOR)
Semi-Annually,
3/18/27
320,000
(114)
—
(114)
5
Year
Interest
Rate
Swap,
Receive
Fixed
9.584%
Annually,
Pay
Variable
15.600%
(6M
HUF
BUBOR)
Semi-Annually,
7/27/27
440,000
32
—
32
Total
Hungary
(82)
Mexico
(0.1)%
5
Year
Interest
Rate
Swap,
Pay
Fixed
8.850%
28
Days,
Receive
Variable
11.337%
(MXIBTIIE)
28
Days,
7/1/27
61,000
(14)
—
(14)
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.540%
28
Days,
Pay
Variable
11.399%
(MXIBTIIE)
28
Days,
12/3/24
27,500
(92)
—
(92)
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.575%
28
Days,
Pay
Variable
11.415%
(MXIBTIIE)
28
Days,
9/13/24
56,500
(175)
1
(176)
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
13
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
7
Year
Interest
Rate
Swap,
Receive
Fixed
8.530%
28
Days,
Pay
Variable
11.415%
(MXIBTIIE)
28
Days,
3/21/30
30,000
9
—
9
Total
Mexico
(273)
Poland
0.1%
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.530%
Annually,
Pay
Variable
7.110%
(6M
PLN
WIBOR)
Semi-Annually,
7/7/27
7,100
109
—
109
Total
Poland
109
Total
Centrally
Cleared
Interest
Rate
Swaps
(271)
Zero-Coupon
Inflation
Swaps
(0.0)%
United
States
(0.0)%
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.349%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
1/24/28
1,010
12
—
12
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.608%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
2/17/28
960
1
—
1
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.915%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
11/9/27
2,280
(27)
—
(27)
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.536%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
3/24/33
1,800
8
—
8
Total
United
States
(6)
Total
Centrally
Cleared
Zero-Coupon
Inflation
Swaps
(6)
Total
Centrally
Cleared
Swaps
(379)
Net
payments
(receipts)
of
variation
margin
to
date
345
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(34)
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
14
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
4/6/23
INR
741,785
USD
9,006
$
18
Bank
of
America
4/6/23
USD
1,642
IDR
24,477,827
9
Bank
of
America
4/6/23
USD
995
IDR
15,250,242
(23)
Bank
of
America
4/6/23
USD
349
INR
28,667
—
Bank
of
America
4/7/23
KZT
1,788,805
USD
3,796
114
Bank
of
America
4/7/23
KZT
417,814
USD
938
(25)
Bank
of
America
4/7/23
TWD
165,985
USD
5,480
(29)
Bank
of
America
4/7/23
USD
2,113
KZT
963,231
8
Bank
of
America
4/7/23
USD
5,456
TWD
165,985
5
Bank
of
America
4/13/23
RON
7,107
USD
1,535
22
Bank
of
America
4/13/23
USD
851
RON
3,930
(10)
Bank
of
America
4/14/23
CNH
8,234
USD
1,198
1
Bank
of
America
4/14/23
CZK
14,338
USD
645
17
Bank
of
America
4/14/23
HUF
589,819
USD
1,613
63
Bank
of
America
4/14/23
USD
1,743
CZK
38,751
(47)
Bank
of
America
4/14/23
USD
1,787
HUF
653,107
(69)
Bank
of
America
4/14/23
ZAR
22,141
USD
1,297
(55)
Bank
of
America
4/21/23
USD
3,718
CHF
3,419
(27)
Bank
of
America
5/5/23
CLP
1,669,806
USD
2,079
13
Bank
of
America
5/5/23
USD
1,755
CLP
1,463,727
(79)
Bank
of
America
5/12/23
PLN
8,190
USD
1,848
45
Bank
of
America
5/12/23
USD
944
TRY
19,095
10
Bank
of
America
5/19/23
EUR
1,665
USD
1,770
41
Bank
of
America
5/19/23
GBP
1,547
USD
1,903
7
Bank
of
America
6/9/23
USD
2,266
COP
11,026,712
(68)
Bank
of
America
7/7/23
KRW
4,700,700
USD
3,638
(19)
Bank
of
America
7/7/23
USD
7,050
INR
582,992
(10)
Bank
of
America
7/7/23
USD
5,551
TWD
165,985
56
Barclays
Bank
4/6/23
IDR
34,881,649
USD
2,313
14
Barclays
Bank
4/6/23
USD
1,230
IDR
18,806,469
(25)
Barclays
Bank
4/13/23
RON
2,296
USD
499
4
Barclays
Bank
4/13/23
USD
1,498
RON
6,914
(17)
Barclays
Bank
4/14/23
USD
2,352
ZAR
40,226
96
Barclays
Bank
4/14/23
USD
5,026
ZAR
91,366
(99)
Barclays
Bank
4/14/23
ZAR
46,590
USD
2,602
12
Barclays
Bank
4/20/23
USD
1,792
ILS
6,496
(15)
Barclays
Bank
5/12/23
TRY
35,938
USD
1,805
(46)
Barclays
Bank
5/12/23
USD
921
PLN
4,149
(37)
Barclays
Bank
5/19/23
EUR
1,862
USD
1,997
28
Barclays
Bank
6/9/23
USD
1,858
PHP
102,106
(22)
Barclays
Bank
6/16/23
USD
488
SGD
659
(9)
BNP
Paribas
4/5/23
USD
5,156
PEN
19,565
(41)
BNP
Paribas
4/7/23
USD
908
KZT
411,705
8
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
15
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
BNP
Paribas
4/12/23
EGP
27,584
USD
920
$
(45)
BNP
Paribas
4/13/23
USD
1,442
RON
6,669
(19)
BNP
Paribas
4/14/23
USD
1,295
MXN
23,457
(3)
BNP
Paribas
4/21/23
JPY
131,236
USD
1,031
(39)
BNP
Paribas
5/12/23
PLN
2,851
USD
642
17
BNP
Paribas
5/19/23
USD
7,052
EUR
6,567
(90)
BNP
Paribas
6/2/23
BRL
7,463
USD
1,424
32
BNP
Paribas
6/2/23
USD
1,285
BRL
6,836
(48)
BNP
Paribas
6/9/23
THB
55,175
USD
1,619
6
BNP
Paribas
6/9/23
USD
1,011
COP
4,859,537
(18)
BNP
Paribas
7/7/23
IDR
10,810,381
USD
722
—
BNY
Mellon
4/14/23
HUF
1,098,859
USD
2,938
184
BNY
Mellon
4/14/23
ZAR
31,925
USD
1,788
3
Canadian
Imperial
Bank
of
Commerce
5/19/23
GBP
1,612
USD
1,971
20
Citibank
4/5/23
PEN
21,005
USD
5,594
(14)
Citibank
4/5/23
USD
3,997
PEN
15,207
(43)
Citibank
4/6/23
USD
5,896
INR
484,396
4
Citibank
4/12/23
EGP
20,964
USD
679
(13)
Citibank
4/12/23
USD
1,198
EGP
37,246
15
Citibank
4/12/23
USD
358
EGP
11,302
(1)
Citibank
4/14/23
HUF
1,001,175
USD
2,740
104
Citibank
4/14/23
USD
909
MXN
16,898
(26)
Citibank
4/20/23
USD
7,318
ILS
25,237
297
Citibank
4/21/23
JPY
286,167
USD
2,264
(101)
Citibank
5/12/23
RSD
61,818
USD
561
11
Citibank
6/2/23
BRL
11,585
USD
2,230
29
Citibank
6/9/23
COP
6,422,502
USD
1,331
28
Citibank
7/7/23
USD
5,561
PEN
21,005
14
Citibank
7/12/23
EGP
37,246
USD
1,090
(22)
Citibank
8/18/23
TRY
26,665
USD
1,236
(87)
Deutsche
Bank
4/6/23
IDR
9,241,723
USD
609
7
Deutsche
Bank
4/6/23
USD
1,910
IDR
29,379,881
(50)
Deutsche
Bank
4/13/23
USD
1,859
RON
8,574
(20)
Deutsche
Bank
4/14/23
CZK
45,006
USD
2,013
66
Deutsche
Bank
4/20/23
ILS
6,165
USD
1,815
(99)
Deutsche
Bank
4/21/23
JPY
108,192
USD
848
(31)
Deutsche
Bank
5/12/23
USD
1,470
PLN
6,522
(37)
Deutsche
Bank
6/9/23
MYR
16,093
USD
3,651
18
Deutsche
Bank
6/9/23
THB
361,057
USD
10,470
165
Goldman
Sachs
4/6/23
IDR
37,264,104
USD
2,449
37
Goldman
Sachs
4/6/23
USD
2,075
INR
172,283
(21)
Goldman
Sachs
4/7/23
TWD
582,245
USD
19,242
(121)
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
16
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Goldman
Sachs
4/7/23
USD
17,371
TWD
525,262
$
121
Goldman
Sachs
4/7/23
USD
1,867
TWD
56,983
(5)
Goldman
Sachs
4/14/23
CZK
263,638
USD
11,605
569
Goldman
Sachs
4/14/23
HUF
300,811
USD
847
8
Goldman
Sachs
4/14/23
MXN
104,539
USD
5,705
80
Goldman
Sachs
4/14/23
USD
1,915
CZK
42,264
(37)
Goldman
Sachs
4/14/23
USD
3,574
MXN
65,179
(34)
Goldman
Sachs
4/14/23
USD
376
ZAR
6,861
(9)
Goldman
Sachs
4/21/23
USD
1,267
JPY
167,425
2
Goldman
Sachs
5/5/23
CLP
462,019
USD
561
18
Goldman
Sachs
5/19/23
USD
371
EUR
341
1
Goldman
Sachs
6/2/23
BRL
39,183
USD
7,387
255
Goldman
Sachs
6/2/23
USD
1,852
BRL
9,630
(26)
Goldman
Sachs
6/9/23
THB
345,690
USD
10,011
171
Goldman
Sachs
6/9/23
USD
3,928
THB
133,531
(5)
Goldman
Sachs
7/7/23
USD
5,429
TWD
162,398
52
HSBC
Bank
4/6/23
IDR
22,546,237
USD
1,495
9
HSBC
Bank
4/6/23
INR
227,512
USD
2,770
(2)
HSBC
Bank
4/6/23
USD
533
IDR
7,986,886
—
HSBC
Bank
4/6/23
USD
562
INR
46,110
1
HSBC
Bank
4/7/23
TWD
62,101
USD
2,041
(2)
HSBC
Bank
4/7/23
USD
2,061
TWD
62,101
21
HSBC
Bank
4/14/23
CNH
12,762
USD
1,868
(9)
HSBC
Bank
4/14/23
MXN
58,551
USD
3,126
115
HSBC
Bank
4/14/23
USD
1,396
MXN
26,655
(79)
HSBC
Bank
4/20/23
USD
1,833
ILS
6,509
22
HSBC
Bank
5/19/23
USD
1,120
EUR
1,041
(12)
HSBC
Bank
6/2/23
BRL
26,711
USD
5,091
118
HSBC
Bank
6/2/23
USD
658
BRL
3,496
(24)
HSBC
Bank
6/9/23
MYR
15,632
USD
3,508
56
HSBC
Bank
6/9/23
USD
1,932
MYR
8,597
(28)
HSBC
Bank
6/9/23
USD
1,917
PHP
105,350
(22)
HSBC
Bank
6/9/23
USD
1,206
UYU
48,009
(21)
HSBC
Bank
6/16/23
USD
1,346
SGD
1,815
(21)
HSBC
Bank
7/7/23
USD
1,493
IDR
22,546,237
(12)
HSBC
Bank
8/18/23
TRY
20,500
USD
956
(72)
JPMorgan
Chase
4/5/23
PEN
1,752
USD
454
12
JPMorgan
Chase
4/6/23
USD
1,172
IDR
17,929,329
(25)
JPMorgan
Chase
4/6/23
USD
2,108
INR
173,500
(2)
JPMorgan
Chase
4/7/23
TWD
35,705
USD
1,174
(1)
JPMorgan
Chase
4/7/23
USD
288
TWD
8,757
—
JPMorgan
Chase
4/7/23
USD
877
TWD
26,948
(8)
JPMorgan
Chase
4/13/23
RON
6,860
USD
1,499
4
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
17
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
JPMorgan
Chase
4/13/23
RON
4,808
USD
1,058
$
(4)
JPMorgan
Chase
4/13/23
USD
1,856
RON
8,432
9
JPMorgan
Chase
4/13/23
USD
2,489
RON
11,409
(11)
JPMorgan
Chase
4/14/23
CNH
29,804
USD
4,325
16
JPMorgan
Chase
4/14/23
CNH
5,361
USD
799
(18)
JPMorgan
Chase
4/14/23
CZK
88,999
USD
4,039
71
JPMorgan
Chase
4/14/23
CZK
86,709
USD
4,005
(1)
JPMorgan
Chase
4/14/23
HUF
936,267
USD
2,531
129
JPMorgan
Chase
4/14/23
MXN
56,966
USD
3,021
132
JPMorgan
Chase
4/14/23
USD
2,468
CNH
16,926
2
JPMorgan
Chase
4/14/23
USD
812
CZK
17,565
1
JPMorgan
Chase
4/14/23
USD
2,137
CZK
47,122
(38)
JPMorgan
Chase
4/14/23
USD
406
HUF
148,712
(16)
JPMorgan
Chase
4/14/23
USD
5,862
MXN
111,664
(318)
JPMorgan
Chase
4/14/23
USD
1,459
ZAR
25,521
27
JPMorgan
Chase
4/14/23
USD
5,062
ZAR
92,607
(133)
JPMorgan
Chase
4/14/23
ZAR
23,595
USD
1,273
50
JPMorgan
Chase
4/14/23
ZAR
38,327
USD
2,198
(48)
JPMorgan
Chase
4/20/23
ILS
14,644
USD
4,006
68
JPMorgan
Chase
4/20/23
ILS
6,017
USD
1,727
(53)
JPMorgan
Chase
4/21/23
USD
4,276
JPY
553,383
94
JPMorgan
Chase
5/12/23
PLN
1,226
USD
276
7
JPMorgan
Chase
5/12/23
TRY
16,957
USD
864
(34)
JPMorgan
Chase
5/12/23
USD
955
PLN
4,126
2
JPMorgan
Chase
5/12/23
USD
447
PLN
1,953
(5)
JPMorgan
Chase
5/12/23
USD
968
RSD
105,696
(9)
JPMorgan
Chase
5/12/23
USD
499
TRY
9,986
10
JPMorgan
Chase
5/19/23
USD
1,436
EUR
1,316
4
JPMorgan
Chase
5/19/23
USD
1,947
GBP
1,641
(79)
JPMorgan
Chase
6/9/23
USD
1,860
THB
63,676
(16)
JPMorgan
Chase
6/16/23
SGD
2,474
USD
1,839
25
Morgan
Stanley
4/5/23
PEN
12,015
USD
3,071
121
Morgan
Stanley
4/14/23
MXN
108,373
USD
5,654
343
Morgan
Stanley
4/14/23
USD
526
MXN
9,499
—
Morgan
Stanley
4/14/23
USD
1,448
MXN
27,763
(89)
Morgan
Stanley
4/14/23
USD
1,936
ZAR
33,110
79
Morgan
Stanley
4/14/23
USD
1,887
ZAR
33,761
(7)
Morgan
Stanley
4/14/23
ZAR
102,325
USD
5,662
78
Morgan
Stanley
4/20/23
ILS
8,080
USD
2,277
(29)
Morgan
Stanley
4/21/23
JPY
257,365
USD
1,925
20
Morgan
Stanley
4/21/23
USD
1,797
CHF
1,665
(27)
Morgan
Stanley
5/12/23
PLN
12,012
USD
2,679
97
Morgan
Stanley
6/2/23
BRL
8,071
USD
1,510
64
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
18
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Morgan
Stanley
6/9/23
COP
2,583,245
USD
521
$
26
Morgan
Stanley
6/9/23
USD
1,534
COP
7,232,696
3
Morgan
Stanley
7/14/23
MXN
9,499
USD
517
—
NatWest
4/14/23
ZAR
18,472
USD
1,003
33
RBC
Dominion
Securities
4/14/23
USD
1,082
MXN
19,657
(6)
RBC
Dominion
Securities
4/14/23
ZAR
17,889
USD
986
18
RBC
Dominion
Securities
4/14/23
ZAR
11,378
USD
663
(25)
RBC
Dominion
Securities
5/19/23
EUR
1,728
USD
1,851
29
Standard
Chartered
4/6/23
IDR
80,230,625
USD
5,182
170
Standard
Chartered
4/6/23
USD
1,029
INR
84,447
2
Standard
Chartered
4/14/23
USD
402
HUF
153,028
(33)
Standard
Chartered
5/5/23
USD
186
CLP
153,007
(6)
Standard
Chartered
6/9/23
MYR
53,917
USD
12,120
172
Standard
Chartered
6/9/23
USD
650
COP
3,166,794
(21)
State
Street
4/6/23
INR
20,107
USD
244
—
State
Street
4/14/23
CNH
163,861
USD
24,275
(408)
State
Street
4/14/23
USD
407
HUF
155,802
(36)
State
Street
5/19/23
USD
1,488
EUR
1,406
(41)
State
Street
5/19/23
USD
3,593
GBP
2,992
(102)
UBS
Investment
Bank
4/6/23
USD
4,620
IDR
70,333,704
(72)
UBS
Investment
Bank
4/13/23
RON
13,866
USD
3,034
4
UBS
Investment
Bank
4/13/23
USD
1,837
RON
8,315
15
UBS
Investment
Bank
4/14/23
CNH
6,265
USD
938
(25)
UBS
Investment
Bank
4/14/23
MXN
34,099
USD
1,877
10
UBS
Investment
Bank
4/14/23
USD
794
HUF
309,278
(85)
UBS
Investment
Bank
4/20/23
ILS
3,336
USD
921
7
UBS
Investment
Bank
4/21/23
JPY
79,941
USD
629
(25)
UBS
Investment
Bank
5/5/23
CLP
1,597,370
USD
1,990
12
UBS
Investment
Bank
5/12/23
PLN
55,588
USD
12,616
229
UBS
Investment
Bank
6/9/23
COP
2,563,179
USD
543
—
Wells
Fargo
4/14/23
USD
2,220
MXN
41,570
(81)
Wells
Fargo
4/14/23
ZAR
31,240
USD
1,727
26
Wells
Fargo
6/9/23
COP
2,641,379
USD
565
(5)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
1,406
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
19
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
108
Euro
BOBL
contracts
6/23
(13,807)
$
(206)
Short,
46
Mini
ten
year
JGB
contracts
6/23
(5,121)
(65)
Short,
25
U.S.
Treasury
Long
Bond
contracts
6/23
(3,279)
(135)
Short,
60
U.S.
Treasury
Notes
five
year
contracts
6/23
(6,570)
(21)
Short,
21
Ultra
U.S.
Treasury
Notes
ten
year
contracts
6/23
(2,544)
7
Net
payments
(receipts)
of
variation
margin
to
date
348
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(72)
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
20
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
$
—#
$
—
$
133+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
03/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
$
19,382
¤
¤
$
17,674^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$133
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
$17,674.
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
21
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
22
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
in
private
investment
companies
are
valued
at
the
investee’s
NAV
per
share
as
of
the
valuation
date,
if
available.
If
the
investee’s
NAV
is
not
available
as
of
the
valuation
date
or
is
not
calculated
in
accordance
with
GAAP,
the
Valuation Designee
may
adjust
the
investee’s
NAV
to
reflect
fair
value
at
the
valuation
date.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
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 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
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
23
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
Local
Currency
Bond
Fund
24
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
330,785
$
—
$
330,785
Private
Investment
Company
2
—
—
—
207
Short-Term
Investments
17,674
2,269
—
19,943
Options
Purchased
—
250
—
250
Total
Securities
17,674
333,304
—
351,185
Swaps*
—
283
—
283
Forward
Currency
Exchange
Contracts
—
5,488
—
5,488
Futures
Contracts*
7
—
—
7
Total
$
17,681
$
339,075
$
—
$
356,963
Liabilities
Swaps*
$
—
$
626
$
—
$
626
Forward
Currency
Exchange
Contracts
—
4,082
—
4,082
Futures
Contracts*
427
—
—
427
Total
$
427
$
4,708
$
—
$
5,135
1
Includes
Corporate
Bonds,
Government
Bonds
and
U.S.
Treasury
Obligations.
2
In
accordance
with
Subtopic
820-10,
certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
unit
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
hierarchy.
The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Portfolio
of
Investments.
*
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.
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
25
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F192-054Q1
03/23