T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
March
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ALBANIA
1.4%
Government
Bonds
1.4%
Republic
of
Albania,
3.50%,
6/16/27
(EUR)
22,685,000
22,304
Republic
of
Albania,
3.50%,
11/23/31
(EUR) (1)
17,725,000
15,993
Republic
of
Albania,
3.50%,
11/23/31
(EUR)
17,705,000
15,975
Total
Albania
(Cost
$63,473
)
54,272
ANGOLA
2.0%
Government
Bonds
2.0%
Republic
of
Angola,
8.00%,
11/26/29
(USD)
26,525,000
22,822
Republic
of
Angola,
8.25%,
5/9/28
(USD)
39,800,000
35,308
Republic
of
Angola,
8.75%,
4/14/32
(USD) (1)
360,000
305
Republic
of
Angola,
9.125%,
11/26/49
(USD)
18,900,000
14,688
Republic
of
Angola,
9.50%,
11/12/25
(USD)
5,535,000
5,505
Total
Angola
(Cost
$84,323
)
78,628
ARGENTINA
1.0%
Government
Bonds
1.0%
Republic
of
Argentina,
1.00%,
7/9/29
(USD)
112,549
32
Republic
of
Argentina,
STEP,
0.50%,
7/9/30
(USD)
24,842,504
7,258
Republic
of
Argentina,
STEP,
1.50%,
7/9/35
(USD)
27,867,679
7,313
Republic
of
Argentina,
STEP,
3.875%,
1/9/38
(USD)
78,695,279
24,795
Republic
of
Argentina,
Series
$GDP,
12/15/35
(USD) (2)(3)
114,895,000
870
Total
Argentina
(Cost
$84,814
)
40,268
AZERBAIJAN
0.4%
Government
Bonds
0.4%
Republic
of
Azerbaijan,
3.50%,
9/1/32
(USD)
15,900,000
13,596
Republic
of
Azerbaijan,
5.125%,
9/1/29
(USD)
675,000
649
Total
Azerbaijan
(Cost
$14,138
)
14,245
BAHAMAS
0.6%
Government
Bonds
0.6%
Commonwealth
of
Bahamas,
6.00%,
11/21/28
(USD) (1)
25,925,000
19,800
Commonwealth
of
Bahamas,
6.00%,
11/21/28
(USD)
7,075,000
5,403
Total
Bahamas
(Cost
$32,715
)
25,203
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
2
Par/Shares
$
Value
(Cost
and
value
in
$000s)
BAHRAIN
2.6%
Government
Bonds
2.6%
Kingdom
of
Bahrain,
5.625%,
5/18/34
(USD) (1)
39,800,000
34,892
Kingdom
of
Bahrain,
6.75%,
9/20/29
(USD)
30,060,000
29,924
Kingdom
of
Bahrain,
7.00%,
10/12/28
(USD)
24,610,000
25,070
Kingdom
of
Bahrain,
7.50%,
9/20/47
(USD)
14,200,000
12,872
Total
Bahrain
(Cost
$113,210
)
102,758
BARBADOS
0.1%
Government
Bonds
0.1%
Government
of
Barbados,
6.50%,
10/1/29
(USD) (1)
4,037,235
3,770
Total
Barbados
(Cost
$4,111
)
3,770
BERMUDA
0.5%
Government
Bonds
0.5%
Government
of
Bermuda,
5.00%,
7/15/32
(USD)
19,600,000
19,707
Total
Bermuda
(Cost
$19,442
)
19,707
BRAZIL
2.2%
Convertible
Bonds
0.2%
MercadoLibre,
2.00%,
8/15/28
(USD)
2,830,000
8,529
8,529
Corporate
Bonds
1.3%
Braskem
Netherlands
Finance,
7.25%,
2/13/33
(USD) (1)
9,755,000
9,382
Cosan
Overseas,
8.25%
(USD) (4)
6,085,000
6,061
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD)
28,650,000
22,845
Globo
Comunicacao
e
Participacoes,
5.50%,
1/14/32
(USD) (1)
7,645,000
6,106
Globo
Comunicacao
e
Participacoes,
5.50%,
1/14/32
(USD)
6,730,000
5,375
49,769
Government
Bonds
0.7%
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/31
123,300,000
21,311
Republic
of
Brazil,
5.00%,
1/27/45
(USD)
9,058,000
7,141
28,452
Total
Brazil
(Cost
$91,641
)
86,750
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
BULGARIA
0.4%
Government
Bonds
0.4%
Republic
of
Bulgaria,
4.50%,
1/27/33
(EUR) (1)
14,980,000
15,963
Total
Bulgaria
(Cost
$15,739
)
15,963
CHILE
3.2%
Corporate
Bonds
2.9%
AES
Andes,
VR,
6.35%,
10/7/79
(USD) (1)(5)
12,750,000
11,893
AES
Andes,
VR,
7.125%,
3/26/79
(USD) (1)(5)
21,324,000
20,397
Agrosuper,
4.60%,
1/20/32
(USD) (1)
13,900,000
11,863
Banco
Santander
Chile,
3.177%,
10/26/31
(USD) (1)
16,850,000
14,129
Celulosa
Arauco
y
Constitucion,
4.20%,
1/29/30
(USD) (1)
11,200,000
10,189
Celulosa
Arauco
y
Constitucion,
5.15%,
1/29/50
(USD)
10,677,000
9,080
Corp
Nacional
del
Cobre
de
Chile,
3.15%,
1/14/30
(USD) (1)
4,995,000
4,486
Corp
Nacional
del
Cobre
de
Chile,
3.70%,
1/30/50
(USD) (1)
6,350,000
4,805
Corp
Nacional
del
Cobre
de
Chile,
5.125%,
2/2/33
(USD) (1)
5,670,000
5,732
Empresa
de
los
Ferrocarriles
del
Estado,
3.068%,
8/18/50
(USD)
12,990,000
8,143
Empresa
de
Transporte
de
Pasajeros
Metro,
3.693%,
9/13/61
(USD) (1)
4,025,000
2,791
Empresa
de
Transporte
de
Pasajeros
Metro,
4.70%,
5/7/50
(USD) (1)
13,055,000
11,481
114,989
Government
Bonds
0.3%
Republic
of
Chile,
3.25%,
9/21/71
(USD)
11,500,000
7,488
Republic
of
Chile,
3.50%,
1/31/34
(USD)
3,080,000
2,749
Republic
of
Chile,
4.00%,
1/31/52
(USD)
3,530,000
2,874
13,111
Total
Chile
(Cost
$147,032
)
128,100
CHINA
1.5%
Corporate
Bonds
0.5%
Health
&
Happiness
H&H
International
Holdings,
5.625%,
10/24/24
(USD)
7,880,000
6,984
Lenovo
Group,
3.421%,
11/2/30
(USD) (1)
5,590,000
4,688
Lenovo
Group,
3.421%,
11/2/30
(USD)
6,925,000
5,807
17,479
Government
Bonds
1.0%
People's
Republic
of
China,
Series
INBK,
3.27%,
11/19/30
41,800,000
6,307
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
People's
Republic
of
China,
Series
1916,
3.12%,
12/5/26
235,000,000
34,847
41,154
Total
China
(Cost
$63,861
)
58,633
COLOMBIA
4.6%
Corporate
Bonds
1.4%
Banco
Davivienda,
VR,
6.65%
(USD) (1)(4)(5)
19,100,000
13,217
Banco
de
Bogota,
4.375%,
8/3/27
(USD)
1,500,000
1,338
Banco
de
Bogota,
6.25%,
5/12/26
(USD)
11,300,000
10,995
Bancolombia,
VR,
4.625%,
12/18/29
(USD) (5)
11,790,000
9,915
Ecopetrol,
4.625%,
11/2/31
(USD)
16,510,000
12,717
Ecopetrol,
6.875%,
4/29/30
(USD)
2,240,000
2,067
Ecopetrol,
8.875%,
1/13/33
(USD)
4,510,000
4,569
54,818
Government
Bonds
3.2%
Republic
of
Colombia,
3.00%,
1/30/30
(USD)
29,300,000
23,054
Republic
of
Colombia,
3.125%,
4/15/31
(USD)
23,025,000
17,621
Republic
of
Colombia,
4.125%,
5/15/51
(USD)
16,165,000
10,001
Republic
of
Colombia,
4.50%,
3/15/29
(USD)
4,475,000
3,955
Republic
of
Colombia,
5.00%,
6/15/45
(USD)
36,700,000
25,744
Republic
of
Colombia,
5.625%,
2/26/44
(USD)
22,000,000
16,704
Republic
of
Colombia,
6.125%,
1/18/41
(USD)
9,470,000
7,775
Republic
of
Colombia,
Series
B,
7.00%,
3/26/31
131,178,200,000
21,688
126,542
Private
Investment
Company
0.0%
Bona
Fide
Investments
Feeder
LLC,
Acquisition
date:
6/1/22,
Cost $2,650
(USD) (2)(6)
†
2,777
2,777
Total
Colombia
(Cost
$214,284
)
184,137
COSTA
RICA
0.3%
Government
Bonds
0.3%
Republic
of
Costa
Rica,
5.625%,
4/30/43
(USD)
9,500,000
8,317
Republic
of
Costa
Rica,
7.00%,
4/4/44
(USD)
2,650,000
2,599
Total
Costa
Rica
(Cost
$10,935
)
10,916
DOMINICAN
REPUBLIC
4.6%
Government
Bonds
4.6%
Dominican
Republic,
4.50%,
1/30/30
(USD) (1)
5,335,000
4,659
Dominican
Republic,
4.875%,
9/23/32
(USD) (1)
57,120,000
48,645
Dominican
Republic,
4.875%,
9/23/32
(USD)
37,850,000
32,234
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Dominican
Republic,
5.50%,
2/22/29
(USD) (1)
7,345,000
6,936
Dominican
Republic,
5.875%,
1/30/60
(USD)
57,625,000
44,273
Dominican
Republic,
6.85%,
1/27/45
(USD)
50,655,000
45,404
Dominican
Republic,
7.05%,
2/3/31
(USD) (1)
1,950,000
1,985
Total
Dominican
Republic
(Cost
$196,580
)
184,136
ECUADOR
1.3%
Government
Bonds
1.3%
Republic
of
Ecuador,
STEP,
1.50%,
7/31/40
(USD) (1)
23,941,050
7,285
Republic
of
Ecuador,
STEP,
2.50%,
7/31/35
(USD) (1)
53,872,600
18,185
Republic
of
Ecuador,
STEP,
2.50%,
7/31/35
(USD)
7,300,000
2,464
Republic
of
Ecuador,
STEP,
5.50%,
7/31/30
(USD) (1)
45,326,750
21,296
Republic
of
Ecuador,
Zero
Coupon,
7/31/30
(USD) (1)
7,889,978
2,397
Total
Ecuador
(Cost
$99,974
)
51,627
EGYPT
1.2%
Government
Bonds
1.2%
Arab
Republic
of
Egypt,
5.875%,
2/16/31
(USD)
4,800,000
2,922
Arab
Republic
of
Egypt,
7.60%,
3/1/29
(USD)
10,245,000
7,175
Arab
Republic
of
Egypt,
8.50%,
1/31/47
(USD) (1)
21,240,000
12,387
Arab
Republic
of
Egypt,
8.50%,
1/31/47
(USD)
40,476,000
23,606
Total
Egypt
(Cost
$73,785
)
46,090
EL
SALVADOR
0.9%
Government
Bonds
0.9%
Republic
of
El
Salvador,
5.875%,
1/30/25
(USD)
9,230,000
7,199
Republic
of
El
Salvador,
6.375%,
1/18/27
(USD) (1)
3,300,000
1,861
Republic
of
El
Salvador,
6.375%,
1/18/27
(USD)
950,000
536
Republic
of
El
Salvador,
7.65%,
6/15/35
(USD)
53,082,000
25,227
Total
El
Salvador
(Cost
$54,902
)
34,823
GHANA
0.5%
Corporate
Bonds
0.2%
Kosmos
Energy,
7.125%,
4/4/26
(USD)
7,900,000
6,788
6,788
Government
Bonds
0.3%
Republic
of
Ghana,
8.125%,
1/18/26
(USD) (7)
1,800,000
705
Republic
of
Ghana,
8.625%,
4/7/34
(USD) (7)
13,940,000
4,879
Republic
of
Ghana,
8.627%,
6/16/49
(USD) (1)(7)
1,450,000
489
Republic
of
Ghana,
8.875%,
5/7/42
(USD) (7)
2,645,000
905
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
6
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Ghana,
10.75%,
10/14/30
(USD)
8,510,000
5,908
12,886
Total
Ghana
(Cost
$22,305
)
19,674
GRENADA
0.0%
Government
Bonds
0.0%
Government
of
Grenada,
7.00%,
5/12/30
(USD)
2,141,814
1,799
Total
Grenada
(Cost
$1,930
)
1,799
GUATEMALA
0.8%
Government
Bonds
0.8%
Republic
of
Guatemala,
4.50%,
5/3/26
(USD) (1)
1,475,000
1,446
Republic
of
Guatemala,
4.875%,
2/13/28
(USD)
11,000,000
10,723
Republic
of
Guatemala,
4.90%,
6/1/30
(USD) (1)
713,000
683
Republic
of
Guatemala,
4.90%,
6/1/30
(USD)
6,435,000
6,162
Republic
of
Guatemala,
5.25%,
8/10/29
(USD) (1)
6,850,000
6,694
Republic
of
Guatemala,
5.375%,
4/24/32
(USD)
5,270,000
5,132
Total
Guatemala
(Cost
$33,603
)
30,840
INDIA
3.1%
Corporate
Bonds
1.0%
ABJA
Investment,
5.45%,
1/24/28
(USD)
2,584,000
2,507
Adani
International
Container
Terminal,
3.00%,
2/16/31
(USD)
10,968,750
8,369
Greenko
Power
II,
4.30%,
12/13/28
(USD)
11,651,000
10,093
Periama
Holdings,
5.95%,
4/19/26
(USD)
9,070,000
8,596
Reliance
Industries,
2.875%,
1/12/32
(USD)
13,000,000
10,816
40,381
Government
Bonds
2.1%
Export-Import
Bank
of
India,
2.25%,
1/13/31
(USD) (1)
6,540,000
5,251
Export-Import
Bank
of
India,
2.25%,
1/13/31
(USD)
15,650,000
12,564
Export-Import
Bank
of
India,
3.25%,
1/15/30
(USD)
69,155,000
60,856
Export-Import
Bank
of
India,
3.375%,
8/5/26
(USD)
800,000
756
Export-Import
Bank
of
India,
3.875%,
2/1/28
(USD)
1,950,000
1,842
81,269
Total
India
(Cost
$134,387
)
121,650
INDONESIA
6.8%
Corporate
Bonds
1.3%
Bank
Negara
Indonesia
Persero,
3.75%,
3/30/26
(USD)
8,047,000
7,363
Minejesa
Capital,
5.625%,
8/10/37
(USD)
22,250,000
17,463
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Pertamina
Persero,
5.625%,
5/20/43
(USD)
9,776,000
9,264
Perusahaan
Listrik
Negara,
3.875%,
7/17/29
(USD) (1)
4,730,000
4,289
Perusahaan
Listrik
Negara,
4.875%,
7/17/49
(USD) (1)
4,845,000
3,959
Perusahaan
Listrik
Negara,
6.15%,
5/21/48
(USD)
9,300,000
9,049
51,387
Government
Bonds
5.5%
Perusahaan
Penerbit,
2.80%,
6/23/30
(USD)
31,150,000
27,756
Perusahaan
Penerbit,
4.15%,
3/29/27
(USD)
34,385,000
33,955
Perusahaan
Penerbit,
4.40%,
3/1/28
(USD)
200,000
199
Perusahaan
Penerbit,
4.45%,
2/20/29
(USD)
6,000,000
5,963
Perusahaan
Penerbit,
4.55%,
3/29/26
(USD)
65,170,000
65,395
Republic
of
Indonesia,
4.55%,
1/11/28
(USD)
3,600,000
3,604
Republic
of
Indonesia,
4.625%,
4/15/43
(USD)
45,480,000
42,645
Republic
of
Indonesia,
5.25%,
1/17/42
(USD)
21,720,000
21,287
Republic
of
Indonesia,
Series
FR64,
6.125%,
5/15/28
278,800,000,000
18,354
219,158
Total
Indonesia
(Cost
$299,155
)
270,545
ISRAEL
0.6%
Corporate
Bonds
0.6%
ICL
Group,
6.375%,
5/31/38
(USD) (1)
12,850,000
12,673
Leviathan
Bond,
6.125%,
6/30/25
(USD) (1)
12,250,000
11,883
Total
Israel
(Cost
$27,202
)
24,556
IVORY
COAST
2.7%
Government
Bonds
2.7%
Republic
of
Ivory
Coast,
4.875%,
1/30/32
(EUR)
12,750,000
10,576
Republic
of
Ivory
Coast,
6.125%,
6/15/33
(USD)
86,655,000
75,256
Republic
of
Ivory
Coast,
6.375%,
3/3/28
(USD)
200,000
192
Republic
of
Ivory
Coast,
6.625%,
3/22/48
(EUR)
26,185,000
19,751
Total
Ivory
Coast
(Cost
$113,151
)
105,775
JAMAICA
1.0%
Corporate
Bonds
0.2%
TransJamaican
Highway,
5.75%,
10/10/36
(USD) (1)
6,816,010
5,710
TransJamaican
Highway,
5.75%,
10/10/36
(USD)
2,729,232
2,286
7,996
Government
Bonds
0.8%
Government
of
Jamaica,
6.75%,
4/28/28
(USD)
2,650,000
2,792
Government
of
Jamaica,
7.875%,
7/28/45
(USD)
1,975,000
2,321
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
of
Jamaica,
8.00%,
3/15/39
(USD)
22,930,000
27,719
32,832
Total
Jamaica
(Cost
$42,975
)
40,828
JORDAN
1.6%
Government
Bonds
1.6%
Kingdom
of
Jordan,
5.85%,
7/7/30
(USD)
62,225,000
55,604
Kingdom
of
Jordan,
7.75%,
1/15/28
(USD) (1)
9,140,000
9,300
Total
Jordan
(Cost
$75,124
)
64,904
KAZAKHSTAN
0.5%
Corporate
Bonds
0.5%
KazMunayGas
National,
5.75%,
4/19/47
(USD)
28,170,000
22,098
Total
Kazakhstan
(Cost
$25,872
)
22,098
KENYA
0.6%
Government
Bonds
0.6%
Republic
of
Kenya,
7.25%,
2/28/28
(USD)
29,762,000
24,481
Republic
of
Kenya,
8.00%,
5/22/32
(USD)
900,000
733
Republic
of
Kenya,
8.25%,
2/28/48
(USD) (1)
600,000
441
Total
Kenya
(Cost
$27,816
)
25,655
KUWAIT
0.2%
Corporate
Bonds
0.2%
MEGlobal
Canada,
5.875%,
5/18/30
(USD)
9,500,000
9,720
Total
Kuwait
(Cost
$10,735
)
9,720
MAURITIUS
0.0%
Corporate
Bonds
0.0%
Axian
Telecom,
7.375%,
2/16/27
(USD)
500,000
456
Total
Mauritius
(Cost
$446
)
456
MEXICO
7.9%
Corporate
Bonds
3.2%
Axtel,
6.375%,
11/14/24
(USD) (1)
8,268,000
7,404
Banco
Mercantil
del
Norte,
VR,
6.75%
(USD) (4)(5)
2,925,000
2,784
Banco
Mercantil
del
Norte,
VR,
7.625%
(USD) (4)(5)
9,000,000
7,972
Banco
Mercantil
del
Norte,
VR,
8.375%
(USD) (4)(5)
8,100,000
7,527
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
9
Par/Shares
$
Value
(Cost
and
value
in
$000s)
BBVA
Bancomer,
VR,
5.125%,
1/18/33
(USD) (5)
27,115,000
23,218
BBVA
Bancomer,
VR,
5.35%,
11/12/29
(USD) (5)
3,210,000
3,017
BBVA
Bancomer,
VR,
5.875%,
9/13/34
(USD) (5)
10,300,000
9,004
Cemex,
5.45%,
11/19/29
(USD)
7,600,000
7,162
Cometa
Energia,
6.375%,
4/24/35
(USD) (1)
9,812,650
9,270
Industrias
Penoles,
4.75%,
8/6/50
(USD) (1)
2,990,000
2,346
Infraestructura
Energetica
Nova,
4.75%,
1/15/51
(USD)
10,400,000
7,732
Infraestructura
Energetica
Nova,
4.875%,
1/14/48
(USD) (1)
5,958,000
4,444
Mexico
City
Airport
Trust,
5.50%,
7/31/47
(USD)
39,677,000
30,591
Petroleos
Mexicanos,
6.84%,
1/23/30
(USD)
2,920,000
2,423
Petroleos
Mexicanos,
10.00%,
2/7/33
(USD) (1)
2,500,000
2,398
127,292
Government
Bonds
4.7%
Petroleos
Mexicanos,
4.50%,
1/23/26
(USD)
37,150,000
34,076
Petroleos
Mexicanos,
6.50%,
3/13/27
(USD)
24,330,000
22,132
Petroleos
Mexicanos,
6.50%,
6/2/41
(USD)
64,593,000
43,133
Petroleos
Mexicanos,
8.75%,
6/2/29
(USD)
46,430,000
43,224
Petroleos
Mexicanos,
Series
13-2,
7.19%,
9/12/24
42,400,000
2,186
United
Mexican
States,
6.35%,
2/9/35
(USD)
18,880,000
20,096
United
Mexican
States,
Series
M,
7.75%,
5/29/31
457,600,000
23,843
188,690
Total
Mexico
(Cost
$354,818
)
315,982
MONGOLIA
0.3%
Government
Bonds
0.3%
State
of
Mongolia,
4.45%,
7/7/31
(USD)
13,319,000
9,945
State
of
Mongolia,
5.125%,
4/7/26
(USD)
375,000
333
Total
Mongolia
(Cost
$11,585
)
10,278
MOROCCO
2.3%
Corporate
Bonds
0.0%
OCP,
5.125%,
6/23/51
(USD)
325,000
237
Vivo
Energy
Investments,
5.125%,
9/24/27
(USD) (1)
220,000
202
439
Government
Bonds
2.3%
Kingdom
of
Morocco,
3.00%,
12/15/32
(USD) (1)
16,275,000
13,162
Kingdom
of
Morocco,
3.00%,
12/15/32
(USD)
29,995,000
24,257
Kingdom
of
Morocco,
4.00%,
12/15/50
(USD)
62,395,000
42,663
Kingdom
of
Morocco,
6.50%,
9/8/33
(USD) (1)
11,740,000
12,156
92,238
Total
Morocco
(Cost
$103,092
)
92,677
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
10
Par/Shares
$
Value
(Cost
and
value
in
$000s)
NIGERIA
0.7%
Government
Bonds
0.7%
Republic
of
Nigeria,
6.125%,
9/28/28
(USD)
825,000
645
Republic
of
Nigeria,
6.50%,
11/28/27
(USD) (1)
480,000
392
Republic
of
Nigeria,
7.143%,
2/23/30
(USD) (1)
1,600,000
1,224
Republic
of
Nigeria,
7.143%,
2/23/30
(USD)
2,500,000
1,913
Republic
of
Nigeria,
7.625%,
11/28/47
(USD) (1)
400,000
256
Republic
of
Nigeria,
7.875%,
2/16/32
(USD)
31,110,000
23,546
Total
Nigeria
(Cost
$27,570
)
27,976
NORTH
MACEDONIA
0.0%
Government
Bonds
0.0%
Republic
of
North
Macedonia,
6.96%,
3/13/27
(EUR) (1)
810,000
884
Total
North
Macedonia
(Cost
$857
)
884
OMAN
4.7%
Corporate
Bonds
0.8%
Lamar
Funding,
3.958%,
5/7/25
(USD)
12,525,000
11,946
Oryx
Funding,
5.80%,
2/3/31
(USD) (1)
2,240,000
2,155
Oryx
Funding,
5.80%,
2/3/31
(USD)
12,425,000
11,955
Oztel
Holdings,
6.625%,
4/24/28
(USD)
6,500,000
6,758
32,814
Government
Bonds
3.9%
Sultanate
of
Oman,
4.75%,
6/15/26
(USD) (1)
18,180,000
17,800
Sultanate
of
Oman,
4.75%,
6/15/26
(USD)
27,055,000
26,489
Sultanate
of
Oman,
5.375%,
3/8/27
(USD)
9,000,000
8,921
Sultanate
of
Oman,
5.625%,
1/17/28
(USD)
8,500,000
8,513
Sultanate
of
Oman,
6.00%,
8/1/29
(USD)
13,000,000
13,104
Sultanate
of
Oman,
6.25%,
1/25/31
(USD) (1)
9,235,000
9,420
Sultanate
of
Oman,
6.50%,
3/8/47
(USD)
24,230,000
22,379
Sultanate
of
Oman,
6.75%,
10/28/27
(USD) (1)
14,500,000
15,176
Sultanate
of
Oman,
6.75%,
10/28/27
(USD)
7,500,000
7,850
Sultanate
of
Oman,
6.75%,
1/17/48
(USD)
13,600,000
12,894
Sultanate
of
Oman,
7.00%,
1/25/51
(USD) (1)
10,520,000
10,268
152,814
Total
Oman
(Cost
$189,581
)
185,628
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
11
Par/Shares
$
Value
(Cost
and
value
in
$000s)
PAKISTAN
0.3%
Government
Bonds
0.3%
Islamic
Republic
of
Pakistan,
7.875%,
3/31/36
(USD)
28,876,000
10,135
Islamic
Republic
of
Pakistan,
8.25%,
4/15/24
(USD)
950,000
429
Islamic
Republic
of
Pakistan,
8.25%,
9/30/25
(USD)
725,000
286
Total
Pakistan
(Cost
$31,897
)
10,850
PANAMA
3.3%
Corporate
Bonds
0.5%
Aeropuerto
Internacional
de
Tocumen,
4.00%,
8/11/41
(USD) (1)
5,920,000
4,732
Banco
General,
VR,
5.25%
(USD) (1)(4)(5)
6,420,000
5,610
Banco
Nacional
de
Panama,
2.50%,
8/11/30
(USD) (1)
13,190,000
10,245
20,587
Government
Bonds
2.8%
Republic
of
Panama,
2.252%,
9/29/32
(USD)
47,800,000
36,753
Republic
of
Panama,
4.50%,
4/16/50
(USD)
550,000
420
Republic
of
Panama,
4.50%,
1/19/63
(USD)
17,370,000
12,573
Republic
of
Panama,
6.40%,
2/14/35
(USD)
59,910,000
62,602
112,348
Total
Panama
(Cost
$142,799
)
132,935
PARAGUAY
1.3%
Corporate
Bonds
0.3%
Telefonica
Celular
del
Paraguay,
5.875%,
4/15/27
(USD) (1)
11,535,000
10,610
10,610
Government
Bonds
1.0%
Republic
of
Paraguay,
2.739%,
1/29/33
(USD) (1)
5,653,000
4,608
Republic
of
Paraguay,
4.95%,
4/28/31
(USD) (1)
9,290,000
9,033
Republic
of
Paraguay,
4.95%,
4/28/31
(USD)
225,000
219
Republic
of
Paraguay,
5.40%,
3/30/50
(USD) (1)
2,085,000
1,803
Republic
of
Paraguay,
5.40%,
3/30/50
(USD)
23,949,000
20,709
Republic
of
Paraguay,
5.60%,
3/13/48
(USD)
5,490,000
4,894
Republic
of
Paraguay,
6.10%,
8/11/44
(USD)
375,000
365
41,631
Total
Paraguay
(Cost
$61,900
)
52,241
PERU
1.4%
Corporate
Bonds
0.3%
Consorcio
Transmantaro,
4.70%,
4/16/34
(USD) (1)
3,315,000
3,036
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
12
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Lima
Metro
Line
2
Finance,
5.875%,
7/5/34
(USD)
3,635,154
3,502
Nexa
Resources,
6.50%,
1/18/28
(USD)
6,575,000
6,407
12,945
Government
Bonds
1.1%
Republic
of
Peru,
2.78%,
12/1/60
(USD)
30,965,000
18,535
Republic
of
Peru,
3.30%,
3/11/41
(USD)
16,850,000
12,679
Republic
of
Peru,
3.55%,
3/10/51
(USD)
6,035,000
4,441
Republic
of
Peru,
6.15%,
8/12/32
25,200,000
6,126
41,781
Total
Peru
(Cost
$70,365
)
54,726
PHILIPPINES
1.8%
Corporate
Bonds
1.0%
Globe
Telecom,
2.50%,
7/23/30
(USD)
6,800,000
5,492
Globe
Telecom,
3.00%,
7/23/35
(USD)
11,750,000
8,702
International
Container
Terminal
Services,
4.75%,
6/17/30
(USD)
14,100,000
13,219
Manila
Water,
4.375%,
7/30/30
(USD)
15,350,000
13,546
40,959
Government
Bonds
0.8%
Republic
of
Philippines,
2.65%,
12/10/45
(USD)
41,000,000
28,195
Republic
of
Philippines,
4.625%,
7/17/28
(USD)
1,240,000
1,249
29,444
Total
Philippines
(Cost
$88,345
)
70,403
POLAND
0.4%
Government
Bonds
0.4%
Republic
of
Poland,
3.875%,
2/14/33
(EUR)
10,700,000
11,436
Republic
of
Poland,
5.50%,
4/4/53
(USD)
5,790,000
5,875
Total
Poland
(Cost
$17,095
)
17,311
QATAR
2.6%
Corporate
Bonds
1.1%
Ooredoo
International
Finance,
2.625%,
4/8/31
(USD) (1)
8,200,000
7,124
Qatar
Energy,
2.25%,
7/12/31
(USD) (1)
12,615,000
10,735
Qatar
Energy,
2.25%,
7/12/31
(USD)
13,800,000
11,743
Qatar
Energy,
3.125%,
7/12/41
(USD) (1)
18,715,000
14,656
44,258
Government
Bonds
1.5%
State
of
Qatar,
3.75%,
4/16/30
(USD)
4,830,000
4,728
State
of
Qatar,
4.40%,
4/16/50
(USD) (1)
11,820,000
10,967
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
13
Par/Shares
$
Value
(Cost
and
value
in
$000s)
State
of
Qatar,
4.40%,
4/16/50
(USD)
7,200,000
6,680
State
of
Qatar,
4.817%,
3/14/49
(USD)
37,300,000
36,648
59,023
Total
Qatar
(Cost
$129,493
)
103,281
ROMANIA
1.6%
Government
Bonds
1.6%
Republic
of
Romania,
2.625%,
12/2/40
(EUR)
5,400,000
3,407
Republic
of
Romania,
2.875%,
4/13/42
(EUR) (1)
6,965,000
4,444
Republic
of
Romania,
3.00%,
2/14/31
(USD) (1)
6,698,000
5,526
Republic
of
Romania,
3.00%,
2/14/31
(USD)
2,340,000
1,930
Republic
of
Romania,
3.375%,
1/28/50
(EUR)
29,645,000
19,513
Republic
of
Romania,
4.00%,
2/14/51
(USD) (1)
7,584,000
5,315
Republic
of
Romania,
4.00%,
2/14/51
(USD)
35,000,000
24,528
Total
Romania
(Cost
$88,222
)
64,663
SAUDI
ARABIA
2.1%
Government
Bonds
2.1%
Kingdom
of
Saudi
Arabia,
2.75%,
2/3/32
(USD)
1,900,000
1,676
Kingdom
of
Saudi
Arabia,
3.75%,
1/21/55
(USD)
5,850,000
4,511
Kingdom
of
Saudi
Arabia,
5.00%,
4/17/49
(USD)
30,550,000
28,540
KSA
Sukuk,
2.969%,
10/29/29
(USD) (1)
6,140,000
5,668
Saudi
Arabian
Oil,
3.50%,
4/16/29
(USD)
9,250,000
8,656
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD)
38,600,000
34,677
Total
Saudi
Arabia
(Cost
$97,648
)
83,728
SENEGAL
2.1%
Government
Bonds
2.1%
Republic
of
Senegal,
4.75%,
3/13/28
(EUR)
17,000,000
15,553
Republic
of
Senegal,
6.25%,
5/23/33
(USD) (1)
1,300,000
1,037
Republic
of
Senegal,
6.25%,
5/23/33
(USD)
84,225,000
67,203
Total
Senegal
(Cost
$95,131
)
83,793
SERBIA
1.4%
Government
Bonds
1.4%
Republic
of
Serbia,
2.125%,
12/1/30
(USD)
57,250,000
43,588
Republic
of
Serbia,
6.25%,
5/26/28
(USD) (1)
11,930,000
12,077
Total
Serbia
(Cost
$63,663
)
55,665
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
14
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SOUTH
AFRICA
2.2%
Corporate
Bonds
0.3%
Transnet,
8.25%,
2/6/28
(USD) (1)
11,440,000
11,410
11,410
Government
Bonds
1.9%
Republic
of
South
Africa,
5.65%,
9/27/47
(USD)
22,120,000
16,399
Republic
of
South
Africa,
5.875%,
4/20/32
(USD)
19,350,000
17,628
Republic
of
South
Africa,
6.25%,
3/8/41
(USD)
10,050,000
8,544
Republic
of
South
Africa,
7.30%,
4/20/52
(USD)
15,130,000
13,182
Republic
of
South
Africa,
Series
2030,
8.00%,
1/31/30
376,000,000
19,247
75,000
Total
South
Africa
(Cost
$94,582
)
86,410
SOUTH
KOREA
0.2%
Corporate
Bonds
0.1%
POSCO,
5.75%,
1/17/28
(USD) (1)
2,140,000
2,210
2,210
Government
Bonds
0.1%
Export-Import
Bank
of
Korea,
5.00%,
1/11/28
(USD)
3,840,000
3,925
Export-Import
Bank
of
Korea,
5.125%,
1/11/33
(USD)
1,910,000
1,989
5,914
Total
South
Korea
(Cost
$7,873
)
8,124
SRI
LANKA
1.2%
Corporate
Bonds
0.1%
SriLankan
Airlines,
7.00%,
6/25/24
(USD) (2)(7)
8,760,000
4,862
4,862
Government
Bonds
1.1%
Republic
of
Sri
Lanka,
6.125%,
6/3/25
(USD) (2)(7)
2,400,000
897
Republic
of
Sri
Lanka,
6.825%,
7/18/26
(USD) (2)(7)
36,575,000
13,579
Republic
of
Sri
Lanka,
6.825%,
7/18/26
(USD) (1)(2)(7)
32,615,000
12,109
Republic
of
Sri
Lanka,
6.85%,
11/3/25
(USD) (2)(7)
39,565,000
14,641
41,226
Total
Sri
Lanka
(Cost
$89,757
)
46,088
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
15
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SUPRANATIONAL
0.3%
Government
Bonds
0.3%
International
Bank
for
Reconstruction
&
Development,
Zero
Coupon,
3/31/27
(USD)
12,900,000
11,754
Total
Supranational
(Cost
$11,175
)
11,754
SURINAME
0.7%
Government
Bonds
0.7%
Republic
of
Suriname,
9.25%,
10/26/26
(USD) (2)(7)
30,570,000
22,255
Republic
of
Suriname,
12.875%,
12/30/23
(USD) (2)(7)
1,900,000
1,416
Republic
of
Suriname,
12.875%,
12/30/23
(USD) (1)(2)(7)
4,250,000
3,166
Total
Suriname
(Cost
$28,337
)
26,837
TANZANIA
0.2%
Convertible
Bonds
0.0%
HTA
Group,
2.875%,
3/18/27
(USD)
3,000,000
2,441
2,441
Corporate
Bonds
0.2%
HTA
Group,
7.00%,
12/18/25
(USD) (1)
7,967,000
7,579
7,579
Total
Tanzania
(Cost
$11,007
)
10,020
THAILAND
0.9%
Corporate
Bonds
0.9%
Bangkok
Bank,
VR,
3.466%,
9/23/36
(USD) (1)(5)
9,490,000
7,765
Bangkok
Bank,
VR,
3.733%,
9/25/34
(USD) (1)(5)
650,000
552
Thaioil
Treasury
Center,
2.50%,
6/18/30
(USD)
3,000,000
2,418
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD) (1)
5,175,000
3,182
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD)
34,607,000
21,279
Total
Thailand
(Cost
$45,788
)
35,196
TURKEY
2.6%
Government
Bonds
2.6%
Republic
of
Turkey,
4.25%,
4/14/26
(USD)
22,840,000
20,605
Republic
of
Turkey,
4.875%,
10/9/26
(USD)
3,765,000
3,404
Republic
of
Turkey,
4.875%,
4/16/43
(USD)
21,250,000
14,136
Republic
of
Turkey,
6.00%,
1/14/41
(USD)
18,120,000
13,712
Republic
of
Turkey,
6.50%,
9/20/33
(USD)
6,250,000
5,354
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
16
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Turkey,
8.60%,
9/24/27
(USD)
10,300,000
10,425
Republic
of
Turkey,
9.375%,
3/14/29
(USD)
20,400,000
20,809
Republic
of
Turkey,
9.375%,
1/19/33
(USD)
10,680,000
10,893
Republic
of
Turkey,
9.875%,
1/15/28
(USD)
3,260,000
3,402
Total
Turkey
(Cost
$108,393
)
102,740
UKRAINE
0.0%
Government
Bonds
0.0%
Government
of
Ukraine,
FRN,
1.258%,
8/1/41
(USD) (1)(2)
6,248,000
1,683
Total
Ukraine
(Cost
$4,255
)
1,683
UNITED
ARAB
EMIRATES
0.9%
Corporate
Bonds
0.8%
DP
World
Crescent,
3.875%,
7/18/29
(USD)
10,600,000
10,009
Emirates
NBD
Bank,
VR,
6.125%
(USD) (4)(5)
10,900,000
10,632
Ruwais
Power,
6.00%,
8/31/36
(USD)
11,795,000
12,361
33,002
Government
Bonds
0.1%
Emirate
of
Dubai,
3.90%,
9/9/50
(USD)
2,330,000
1,695
1,695
Total
United
Arab
Emirates
(Cost
$37,420
)
34,697
UNITED
KINGDOM
0.0%
Common
Stocks
0.0%
Mriya
Farming,
Recovery
Certificates,
Cost $—
(EUR) (2)(6)(8)
3,975,047
—
Total
United
Kingdom
(Cost
$–
)
—
UNITED
STATES
0.5%
Corporate
Bonds
0.5%
Hyundai
Capital
America,
5.60%,
3/30/28 (1)
6,730,000
6,744
LCPR
Senior
Secured
Financing,
5.125%,
7/15/29 (1)
17,835,000
14,914
Total
United
States
(Cost
$24,797
)
21,658
URUGUAY
0.5%
Government
Bonds
0.5%
Oriental
Republic
of
Uruguay,
5.75%,
10/28/34
(USD)
17,120,000
18,772
Total
Uruguay
(Cost
$18,049
)
18,772
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
17
Par/Shares
$
Value
(Cost
and
value
in
$000s)
UZBEKISTAN
0.6%
Government
Bonds
0.6%
Republic
of
Uzbekistan,
5.375%,
2/20/29
(USD) (1)
6,620,000
6,074
Republic
of
Uzbekistan,
5.375%,
2/20/29
(USD)
20,350,000
18,672
Total
Uzbekistan
(Cost
$28,548
)
24,746
VENEZUELA
1.3%
Corporate
Bonds
0.0%
Electricidad
de
Caracas,
8.50%,
4/10/18
(USD) (2)(7)
12,690,000
190
190
Government
Bonds
1.3%
Petroleos
de
Venezuela,
5.375%,
4/12/27
(USD) (2)(7)
44,790,000
2,016
Petroleos
de
Venezuela,
6.00%,
5/16/24
(USD) (2)(7)
182,715,000
8,542
Petroleos
de
Venezuela,
6.00%,
11/15/26
(USD) (2)(7)
66,805,000
2,923
Petroleos
de
Venezuela,
8.50%,
10/27/20
(USD) (2)(7)
30,901,500
8,343
Petroleos
de
Venezuela,
9.00%,
11/17/21
(USD) (2)(7)
386,635,000
17,882
Petroleos
de
Venezuela,
12.75%,
2/17/22
(USD) (2)(7)
40,163,000
2,058
Republic
of
Venezuela,
6.00%,
12/9/20
(USD) (2)(7)
36,325,000
2,724
Republic
of
Venezuela,
7.75%,
10/13/19
(USD) (2)(7)
57,970,000
4,348
Republic
of
Venezuela,
9.25%,
9/15/27
(USD) (2)(7)
9,000,000
968
Republic
of
Venezuela,
11.75%,
10/21/26
(USD) (2)(7)
13,100,000
1,408
Republic
of
Venezuela,
12.75%,
8/23/22
(USD) (2)(7)
8,300,000
892
52,104
Total
Venezuela
(Cost
$403,653
)
52,294
VIETNAM
0.5%
Corporate
Bonds
0.1%
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD) (1)
6,743,000
5,730
5,730
Government
Bonds
0.4%
Socialist
Republic
of
Vietnam,
4.80%,
11/19/24
(USD)
9,745,000
9,550
Socialist
Republic
of
Vietnam,
Series
30YR,
FRN,
6M
USD
LIBOR
+
0.813%,
6.312%,
3/13/28
(USD)
4,750,000
4,664
14,214
Total
Vietnam
(Cost
$21,247
)
19,944
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
18
Par/Shares
$
Value
(Cost
and
value
in
$000s)
ZAMBIA
0.6%
Government
Bonds
0.6%
Republic
of
Zambia,
5.375%,
9/20/22
(USD) (2)(7)
54,945,000
23,379
Total
Zambia
(Cost
$32,369
)
23,379
SHORT-TERM
INVESTMENTS
4.0%
Money
Market
Funds
3.8%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (9)(10)
152,102,908
152,103
152,103
U.S.
Treasury
Obligations
0.2%
U.S.
Treasury
Bills,
4.751%,
8/31/23 (11)
5,400,000
5,294
5,294
Total
Short-Term
Investments
(Cost
$157,397)
157,397
Total
Investments
in
Securities
98.6%
(Cost
$4,898,368)
$
3,923,286
Other
Assets
Less
Liabilities
1.4%
55,254
Net
Assets
100.0%
$
3,978,540
‡
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
$729,637
and
represents
18.3%
of
net
assets.
(2)
Non-income
producing
(3)
GDP-linked
note
provides
for
contingent
payments
linked
to
the
gross
domestic
product
of
the
country
presented;
par
reflects
notional
and
will
not
be
paid
over
the
life
or
at
maturity.
(4)
Perpetual
security
with
no
stated
maturity
date.
(5)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
19
.
.
.
.
.
.
.
.
.
.
(6)
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
$2,777
and
represents
0.1%
of
net
assets.
(7)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(8)
Level
3
in
fair
value
hierarchy.
(9)
Seven-day
yield
(10)
Affiliated
Companies
(11)
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
USD
LIBOR
Six
month
USD
LIBOR
(London
interbank
offered
rate)
BRL
Brazilian
Real
CNH
Offshore
China
Renminbi
COP
Colombian
Peso
EUR
Euro
FRN
Floating
Rate
Note
IDR
Indonesian
Rupiah
MXN
Mexican
Peso
PEN
Peruvian
New
Sol
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.
ZAR
South
African
Rand
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
20
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
4/6/23
USD
4,054
IDR
61,202,281
$
(29)
Barclays
Bank
4/14/23
USD
5,937
ZAR
100,937
275
Barclays
Bank
5/19/23
EUR
5,470
USD
5,841
108
Barclays
Bank
5/19/23
USD
3,096
EUR
2,914
(73)
BNP
Paribas
4/5/23
PEN
12,786
USD
3,309
88
BNP
Paribas
4/14/23
USD
4,676
MXN
87,167
(148)
BNP
Paribas
4/14/23
USD
5,962
ZAR
106,157
7
BNP
Paribas
5/19/23
USD
157,988
EUR
147,123
(2,014)
BNP
Paribas
6/2/23
USD
5,887
BRL
30,860
(132)
BNP
Paribas
6/9/23
USD
1,277
COP
6,139,233
(22)
Citibank
4/5/23
PEN
23,492
USD
6,256
(15)
Citibank
4/5/23
USD
9,535
PEN
36,278
(103)
Citibank
4/14/23
USD
3,650
MXN
71,092
(284)
Citibank
6/2/23
USD
3,986
BRL
21,178
(145)
Citibank
6/9/23
USD
3,140
COP
15,148,598
(66)
Citibank
7/7/23
USD
6,220
PEN
23,492
16
Goldman
Sachs
6/2/23
USD
5,393
BRL
28,656
(196)
Goldman
Sachs
6/9/23
USD
1,034
COP
4,926,382
(8)
HSBC
Bank
4/6/23
IDR
277,468,839
USD
18,322
189
HSBC
Bank
4/14/23
USD
8,275
MXN
158,069
(473)
HSBC
Bank
4/14/23
USD
3,913
ZAR
72,041
(128)
HSBC
Bank
6/2/23
USD
5,395
BRL
28,656
(194)
HSBC
Bank
7/7/23
USD
4,954
IDR
74,814,772
(40)
JPMorgan
Chase
5/19/23
EUR
43
USD
47
—
Morgan
Stanley
4/14/23
MXN
151,846
USD
8,408
(4)
Morgan
Stanley
4/14/23
USD
4,263
MXN
82,941
(327)
Morgan
Stanley
4/14/23
USD
3,973
ZAR
68,719
118
Morgan
Stanley
6/9/23
USD
7,343
COP
36,396,169
(362)
Morgan
Stanley
7/14/23
USD
8,262
MXN
151,847
7
RBC
Dominion
Securities
4/14/23
USD
3,931
MXN
75,250
(234)
State
Street
4/14/23
USD
42,661
CNH
287,967
717
State
Street
5/19/23
EUR
388
USD
410
11
UBS
Investment
Bank
4/6/23
USD
14,246
IDR
216,266,558
(182)
UBS
Investment
Bank
6/9/23
USD
975
COP
4,612,257
(1)
Wells
Fargo
6/9/23
USD
656
COP
3,069,150
6
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(3,638)
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
21
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
1,053
U.S.
Treasury
Notes
ten
year
contracts
6/23
(121,013)
$
(3,300)
Long,
1,095
Ultra
U.S.
Treasury
Bonds
contracts
6/23
154,532
3,924
Net
payments
(receipts)
of
variation
margin
to
date
489
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
1,113
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
22
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%
$
—#
$
—
$
2,010+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
03/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
$
219,101
¤
¤
$
152,103^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$2,010
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
$152,103.
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
23
T.
Rowe
Price
Emerging
Markets
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
Bond
Fund
24
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.
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
25
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
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.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
26
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
$
—
$
3,763,112
$
—
$
3,763,112
Common
Stocks
—
—
—
—
Private
Investment
Company
2
—
—
—
2,777
Short-Term
Investments
152,103
5,294
—
157,397
Total
Securities
152,103
3,768,406
—
3,923,286
Forward
Currency
Exchange
Contracts
—
1,542
—
1,542
Futures
Contracts*
3,924
—
—
3,924
Total
$
156,027
$
3,769,948
$
—
$
3,928,752
Liabilities
Forward
Currency
Exchange
Contracts
$
—
$
5,180
$
—
$
5,180
Futures
Contracts*
3,300
—
—
3,300
Total
$
3,300
$
5,180
$
—
$
8,480
1
Includes
Convertible
Bonds,
Corporate
Bonds
and
Government
Bonds.
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;
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
Bond
Fund
27
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.
F110-054Q1
03/23