T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
September
30,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ALBANIA
1.7%
Government
Bonds
1.7%
Republic
of
Albania,
3.50%,
6/16/27
(EUR)
22,685,000
22,456
Republic
of
Albania,
3.50%,
11/23/31
(EUR) (1)
17,725,000
15,436
Republic
of
Albania,
3.50%,
11/23/31
(EUR)
17,705,000
15,419
Republic
of
Albania,
5.90%,
6/9/28
(EUR) (1)
12,680,000
13,087
Total
Albania
(Cost
$76,935
)
66,398
ANGOLA
2.9%
Government
Bonds
2.9%
Republic
of
Angola,
8.00%,
11/26/29
(USD)
64,455,000
53,209
Republic
of
Angola,
8.25%,
5/9/28
(USD)
46,525,000
40,399
Republic
of
Angola,
8.75%,
4/14/32
(USD) (1)
360,000
290
Republic
of
Angola,
9.125%,
11/26/49
(USD)
18,900,000
13,588
Republic
of
Angola,
9.50%,
11/12/25
(USD)
5,535,000
5,435
Total
Angola
(Cost
$122,819
)
112,921
ARGENTINA
1.2%
Government
Bonds
1.2%
Republic
of
Argentina,
1.00%,
7/9/29
(USD)
112,549
31
Republic
of
Argentina,
STEP,
0.75%,
7/9/30
(USD)
24,842,504
7,125
Republic
of
Argentina,
STEP,
3.625%,
7/9/35
(USD)
50,292,679
12,531
Republic
of
Argentina,
STEP,
4.25%,
1/9/38
(USD)
78,695,279
23,245
Republic
of
Argentina,
Series
$GDP,
0.00%,
12/15/35
(USD) (2)
(3)
114,895,000
3,137
Total
Argentina
(Cost
$93,775
)
46,069
BAHAMAS
0.7%
Government
Bonds
0.7%
Commonwealth
of
Bahamas,
6.00%,
11/21/28
(USD) (1)
25,925,000
21,589
Commonwealth
of
Bahamas,
6.00%,
11/21/28
(USD)
7,075,000
5,891
Total
Bahamas
(Cost
$32,732
)
27,480
BAHRAIN
2.6%
Government
Bonds
2.6%
Kingdom
of
Bahrain,
5.625%,
5/18/34
(USD) (1)
39,800,000
34,163
Kingdom
of
Bahrain,
6.75%,
9/20/29
(USD)
30,060,000
29,617
Kingdom
of
Bahrain,
7.00%,
10/12/28
(USD)
24,120,000
24,512
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
2
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Kingdom
of
Bahrain,
7.50%,
9/20/47
(USD)
14,200,000
12,635
Total
Bahrain
(Cost
$112,444
)
100,927
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
$4,106
)
3,770
BERMUDA
0.5%
Government
Bonds
0.5%
Government
of
Bermuda,
5.00%,
7/15/32
(USD)
19,600,000
18,311
Total
Bermuda
(Cost
$19,449
)
18,311
BRAZIL
2.7%
Convertible
Bonds
0.2%
MercadoLibre,
2.00%,
8/15/28
(USD)
2,134,000
6,215
6,215
Corporate
Bonds
1.5%
Braskem
Netherlands
Finance,
7.25%,
2/13/33
(USD) (1)
9,755,000
8,997
Braskem
Netherlands
Finance,
8.50%,
1/12/31
(USD) (1)
5,480,000
5,437
Cosan
Overseas,
8.25%
(USD) (4)
6,085,000
6,074
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD)
28,650,000
23,824
Globo
Comunicacao
e
Participacoes,
5.50%,
1/14/32
(USD) (1)
7,645,000
6,286
Globo
Comunicacao
e
Participacoes,
5.50%,
1/14/32
(USD)
8,220,000
6,759
57,377
Government
Bonds
1.0%
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/29
31,475,000
5,951
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/31
142,475,000
26,393
Republic
of
Brazil,
5.00%,
1/27/45
(USD)
9,058,000
6,728
39,072
Total
Brazil
(Cost
$105,806
)
102,664
BULGARIA
0.4%
Government
Bonds
0.4%
Republic
of
Bulgaria,
4.50%,
1/27/33
(EUR) (1)
14,980,000
15,323
Total
Bulgaria
(Cost
$15,754
)
15,323
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
CHILE
3.1%
Corporate
Bonds
2.6%
AES
Andes,
VR,
6.35%,
10/7/79
(USD) (1)(5)
12,750,000
12,043
AES
Andes,
VR,
7.125%,
3/26/79
(USD) (1)(5)
12,974,000
12,251
Agrosuper,
4.60%,
1/20/32
(USD) (1)
13,900,000
11,168
Banco
Santander
Chile,
3.177%,
10/26/31
(USD) (1)
16,850,000
13,993
Celulosa
Arauco
y
Constitucion,
4.20%,
1/29/30
(USD) (1)
11,200,000
9,611
Celulosa
Arauco
y
Constitucion,
5.15%,
1/29/50
(USD)
10,677,000
8,251
Corp
Nacional
del
Cobre
de
Chile,
3.15%,
1/14/30
(USD) (1)
4,995,000
4,230
Corp
Nacional
del
Cobre
de
Chile,
3.70%,
1/30/50
(USD) (1)
6,350,000
4,138
Corp
Nacional
del
Cobre
de
Chile,
5.125%,
2/2/33
(USD) (1)
5,670,000
5,231
Empresa
de
los
Ferrocarriles
del
Estado,
3.068%,
8/18/50
(USD)
12,990,000
7,477
Empresa
de
Transporte
de
Pasajeros
Metro,
3.693%,
9/13/61
(USD) (1)
4,025,000
2,454
Empresa
de
Transporte
de
Pasajeros
Metro,
4.70%,
5/7/50
(USD) (1)
13,055,000
10,183
101,030
Government
Bonds
0.5%
Republic
of
Chile,
3.25%,
9/21/71
(USD)
11,500,000
6,548
Republic
of
Chile,
3.50%,
1/31/34
(USD)
3,080,000
2,553
Republic
of
Chile,
4.00%,
1/31/52
(USD)
3,530,000
2,583
Republic
of
Chile,
4.95%,
1/5/36
(USD)
7,120,000
6,544
18,228
Total
Chile
(Cost
$145,298
)
119,258
CHINA
1.7%
Corporate
Bonds
0.3%
Lenovo
Group,
3.421%,
11/2/30
(USD) (1)
5,590,000
4,562
Lenovo
Group,
3.421%,
11/2/30
(USD)
6,925,000
5,651
10,213
Government
Bonds
1.4%
People's
Republic
of
China,
Series
INBK,
2.62%,
6/25/30
126,500,000
17,242
People's
Republic
of
China,
Series
INBK,
3.27%,
11/19/30
41,800,000
5,969
People's
Republic
of
China,
Series
1916,
3.12%,
12/5/26
235,000,000
32,897
56,108
Total
China
(Cost
$73,226
)
66,321
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
COLOMBIA
4.6%
Corporate
Bonds
1.4%
Banco
Davivienda,
VR,
6.65%
(USD) (1)(4)(5)
19,100,000
12,940
Banco
de
Bogota,
4.375%,
8/3/27
(USD)
1,500,000
1,380
Banco
de
Bogota,
6.25%,
5/12/26
(USD)
11,300,000
10,789
Bancolombia,
VR,
4.625%,
12/18/29
(USD) (5)
11,790,000
10,165
Ecopetrol,
4.625%,
11/2/31
(USD)
16,510,000
12,620
Ecopetrol,
6.875%,
4/29/30
(USD)
2,240,000
2,047
Ecopetrol,
8.875%,
1/13/33
(USD)
4,510,000
4,409
54,350
Government
Bonds
3.1%
Republic
of
Colombia,
3.00%,
1/30/30
(USD)
24,225,000
18,644
Republic
of
Colombia,
3.125%,
4/15/31
(USD)
23,025,000
17,093
Republic
of
Colombia,
4.125%,
5/15/51
(USD)
9,615,000
5,392
Republic
of
Colombia,
4.50%,
3/15/29
(USD)
4,475,000
3,899
Republic
of
Colombia,
5.00%,
6/15/45
(USD)
36,700,000
24,175
Republic
of
Colombia,
5.625%,
2/26/44
(USD)
22,000,000
15,808
Republic
of
Colombia,
6.125%,
1/18/41
(USD)
9,470,000
7,449
Republic
of
Colombia,
Series
B,
7.00%,
3/26/31
122,415,200,000
23,534
115,994
Private
Investment
Company
0.1%
Bona
Fide
Investments
Feeder
LLC,
Acquisition
date:
6/1/22,
Cost $1,089
(USD) (3)(6)
†
1,422
Bona
Fide
Investments
Feeder
LLC,
Acquisition
date:
6/7/23,
Cost $3,313
(USD) (3)(6)
†
3,296
4,718
Total
Colombia
(Cost
$204,560
)
175,062
COSTA
RICA
0.3%
Government
Bonds
0.3%
Republic
of
Costa
Rica,
5.625%,
4/30/43
(USD)
9,500,000
7,899
Republic
of
Costa
Rica,
6.125%,
2/19/31
(USD)
1,500,000
1,452
Republic
of
Costa
Rica,
7.00%,
4/4/44
(USD)
1,650,000
1,570
Total
Costa
Rica
(Cost
$11,484
)
10,921
DOMINICAN
REPUBLIC
4.1%
Government
Bonds
4.1%
Dominican
Republic,
4.50%,
1/30/30
(USD) (1)
5,335,000
4,535
Dominican
Republic,
4.875%,
9/23/32
(USD) (1)
49,745,000
40,534
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Dominican
Republic,
4.875%,
9/23/32
(USD)
33,100,000
26,971
Dominican
Republic,
5.50%,
2/22/29
(USD) (1)
7,345,000
6,740
Dominican
Republic,
5.875%,
1/30/60
(USD)
55,125,000
39,653
Dominican
Republic,
6.85%,
1/27/45
(USD)
43,730,000
37,342
Dominican
Republic,
7.05%,
2/3/31
(USD) (1)
1,950,000
1,887
Total
Dominican
Republic
(Cost
$175,664
)
157,662
ECUADOR
1.2%
Government
Bonds
1.2%
Republic
of
Ecuador,
STEP,
2.50%,
7/31/40
(USD) (1)
23,941,050
7,930
Republic
of
Ecuador,
STEP,
3.50%,
7/31/35
(USD) (1)
35,657,600
13,347
Republic
of
Ecuador,
STEP,
3.50%,
7/31/35
(USD)
7,300,000
2,733
Republic
of
Ecuador,
STEP,
6.00%,
7/31/30
(USD) (1)
41,681,750
21,389
Republic
of
Ecuador,
Zero
Coupon,
7/31/30
(USD) (1)
7,889,978
2,371
Total
Ecuador
(Cost
$86,104
)
47,770
EGYPT
1.6%
Government
Bonds
1.6%
Arab
Republic
of
Egypt,
5.875%,
2/16/31
(USD)
4,800,000
2,659
Arab
Republic
of
Egypt,
7.50%,
1/31/27
(USD)
18,072,000
13,077
Arab
Republic
of
Egypt,
7.60%,
3/1/29
(USD)
10,245,000
6,615
Arab
Republic
of
Egypt,
7.625%,
5/29/32
(USD)
7,996,000
4,629
Arab
Republic
of
Egypt,
8.50%,
1/31/47
(USD) (1)
21,240,000
11,398
Arab
Republic
of
Egypt,
8.50%,
1/31/47
(USD)
40,476,000
21,721
Total
Egypt
(Cost
$93,027
)
60,099
EL
SALVADOR
1.0%
Government
Bonds
1.0%
Republic
of
El
Salvador,
5.875%,
1/30/25
(USD)
9,230,000
8,412
Republic
of
El
Salvador,
6.375%,
1/18/27
(USD)
950,000
778
Republic
of
El
Salvador,
7.65%,
6/15/35
(USD)
41,882,000
29,760
Total
El
Salvador
(Cost
$42,302
)
38,950
GHANA
0.4%
Corporate
Bonds
0.2%
Kosmos
Energy,
7.125%,
4/4/26
(USD)
7,900,000
7,446
7,446
Government
Bonds
0.2%
Republic
of
Ghana,
8.125%,
1/18/26
(USD) (7)
1,800,000
849
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
6
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Ghana,
8.627%,
6/16/49
(USD) (1)(7)
1,450,000
620
Republic
of
Ghana,
10.75%,
10/14/30
(USD)
8,510,000
5,740
7,209
Total
Ghana
(Cost
$16,702
)
14,655
GRENADA
0.0%
Government
Bonds
0.0%
Government
of
Grenada,
7.00%,
5/12/30
(USD)
1,999,026
1,714
Total
Grenada
(Cost
$1,812
)
1,714
GUATEMALA
1.8%
Government
Bonds
1.8%
Republic
of
Guatemala,
4.50%,
5/3/26
(USD) (1)
1,475,000
1,403
Republic
of
Guatemala,
4.875%,
2/13/28
(USD)
11,000,000
10,246
Republic
of
Guatemala,
4.90%,
6/1/30
(USD) (1)
713,000
650
Republic
of
Guatemala,
4.90%,
6/1/30
(USD)
6,435,000
5,864
Republic
of
Guatemala,
5.25%,
8/10/29
(USD) (1)
6,850,000
6,330
Republic
of
Guatemala,
5.375%,
4/24/32
(USD)
7,720,000
7,078
Republic
of
Guatemala,
6.60%,
6/13/36
(USD) (1)
29,447,000
28,303
Republic
of
Guatemala,
7.05%,
10/4/32
(USD) (1)
8,150,000
8,211
Total
Guatemala
(Cost
$73,458
)
68,085
INDIA
2.9%
Corporate
Bonds
0.9%
ABJA
Investment,
5.45%,
1/24/28
(USD)
2,584,000
2,527
Adani
International
Container
Terminal,
3.00%,
2/16/31
(USD)
9,159,150
6,910
Greenko
Power
II,
4.30%,
12/13/28
(USD)
11,315,500
9,716
Periama
Holdings,
5.95%,
4/19/26
(USD)
4,704,000
4,476
Reliance
Industries,
2.875%,
1/12/32
(USD)
13,000,000
10,384
34,013
Government
Bonds
2.0%
Export-Import
Bank
of
India,
2.25%,
1/13/31
(USD) (1)
6,540,000
5,083
Export-Import
Bank
of
India,
2.25%,
1/13/31
(USD)
15,650,000
12,164
Export-Import
Bank
of
India,
3.25%,
1/15/30
(USD)
69,155,000
59,082
Export-Import
Bank
of
India,
3.375%,
8/5/26
(USD)
800,000
752
Export-Import
Bank
of
India,
3.875%,
2/1/28
(USD)
1,950,000
1,807
78,888
Total
India
(Cost
$128,485
)
112,901
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
INDONESIA
7.0%
Corporate
Bonds
1.3%
Bank
Negara
Indonesia
Persero,
3.75%,
3/30/26
(USD)
8,047,000
7,482
Minejesa
Capital,
5.625%,
8/10/37
(USD)
22,250,000
17,055
Pertamina
Persero,
5.625%,
5/20/43
(USD)
9,776,000
8,583
Perusahaan
Listrik
Negara,
3.875%,
7/17/29
(USD) (1)
4,730,000
4,221
Perusahaan
Listrik
Negara,
4.875%,
7/17/49
(USD) (1)
4,845,000
3,611
Perusahaan
Listrik
Negara,
6.15%,
5/21/48
(USD)
9,300,000
8,248
49,200
Government
Bonds
5.7%
Perusahaan
Penerbit,
2.80%,
6/23/30
(USD)
31,150,000
26,327
Perusahaan
Penerbit,
4.15%,
3/29/27
(USD)
34,385,000
33,008
Perusahaan
Penerbit,
4.40%,
3/1/28
(USD)
200,000
192
Perusahaan
Penerbit,
4.45%,
2/20/29
(USD)
2,990,000
2,863
Perusahaan
Penerbit,
4.55%,
3/29/26
(USD)
65,170,000
63,991
Republic
of
Indonesia,
3.50%,
1/11/28
(USD)
3,105,000
2,883
Republic
of
Indonesia,
4.55%,
1/11/28
(USD)
3,600,000
3,496
Republic
of
Indonesia,
4.625%,
4/15/43
(USD)
45,480,000
39,166
Republic
of
Indonesia,
5.25%,
1/17/42
(USD)
21,720,000
20,369
Republic
of
Indonesia,
Series
FR64,
6.125%,
5/15/28
392,306,000,000
25,049
217,344
Total
Indonesia
(Cost
$305,820
)
266,544
ISRAEL
0.6%
Corporate
Bonds
0.6%
ICL
Group,
6.375%,
5/31/38
(USD) (1)
12,850,000
12,350
Leviathan
Bond,
6.125%,
6/30/25
(USD) (1)
12,250,000
11,913
Total
Israel
(Cost
$27,148
)
24,263
IVORY
COAST
2.7%
Government
Bonds
2.7%
Republic
of
Ivory
Coast,
4.875%,
1/30/32
(EUR)
12,750,000
10,296
Republic
of
Ivory
Coast,
6.125%,
6/15/33
(USD)
89,300,000
74,329
Republic
of
Ivory
Coast,
6.375%,
3/3/28
(USD)
200,000
187
Republic
of
Ivory
Coast,
6.625%,
3/22/48
(EUR)
26,185,000
19,110
Total
Ivory
Coast
(Cost
$115,870
)
103,922
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
JAMAICA
1.0%
Corporate
Bonds
0.2%
TransJamaican
Highway,
5.75%,
10/10/36
(USD) (1)
6,713,540
5,540
TransJamaican
Highway,
5.75%,
10/10/36
(USD)
2,688,202
2,218
7,758
Government
Bonds
0.8%
Government
of
Jamaica,
6.75%,
4/28/28
(USD)
2,650,000
2,702
Government
of
Jamaica,
7.875%,
7/28/45
(USD)
1,975,000
2,182
Government
of
Jamaica,
8.00%,
3/15/39
(USD)
22,930,000
26,250
31,134
Total
Jamaica
(Cost
$42,706
)
38,892
JORDAN
2.2%
Government
Bonds
2.2%
Kingdom
of
Jordan,
5.85%,
7/7/30
(USD)
62,225,000
55,426
Kingdom
of
Jordan,
7.50%,
1/13/29
(USD) (1)
19,830,000
19,415
Kingdom
of
Jordan,
7.75%,
1/15/28
(USD) (1)
9,140,000
9,134
Total
Jordan
(Cost
$94,583
)
83,975
KAZAKHSTAN
0.3%
Corporate
Bonds
0.3%
KazMunayGas
National,
5.75%,
4/19/47
(USD)
16,645,000
12,979
Total
Kazakhstan
(Cost
$15,423
)
12,979
KENYA
0.8%
Government
Bonds
0.8%
Republic
of
Kenya,
7.25%,
2/28/28
(USD)
36,709,000
29,636
Republic
of
Kenya,
8.00%,
5/22/32
(USD)
900,000
702
Republic
of
Kenya,
8.25%,
2/28/48
(USD) (1)
600,000
410
Total
Kenya
(Cost
$34,137
)
30,748
KUWAIT
0.2%
Corporate
Bonds
0.2%
MEGlobal
Canada,
5.875%,
5/18/30
(USD)
9,500,000
9,435
Total
Kuwait
(Cost
$10,659
)
9,435
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
9
Par/Shares
$
Value
(Cost
and
value
in
$000s)
MAURITIUS
0.0%
Corporate
Bonds
0.0%
Axian
Telecom,
7.375%,
2/16/27
(USD)
500,000
449
Total
Mauritius
(Cost
$451
)
449
MEXICO
7.0%
Corporate
Bonds
2.8%
Banco
Mercantil
del
Norte,
VR,
7.625%
(USD) (4)(5)
9,000,000
8,292
Banco
Mercantil
del
Norte,
VR,
8.375%
(USD) (4)(5)
3,975,000
3,776
BBVA
Bancomer,
VR,
5.125%,
1/18/33
(USD) (5)
15,940,000
13,737
BBVA
Bancomer,
VR,
5.35%,
11/12/29
(USD) (5)
3,210,000
3,094
BBVA
Bancomer,
VR,
5.875%,
9/13/34
(USD) (5)
10,300,000
9,023
BBVA
Bancomer,
VR,
8.45%,
6/29/38
(USD) (1)(5)
17,930,000
17,686
Cemex,
5.45%,
11/19/29
(USD)
7,600,000
7,206
Cometa
Energia,
6.375%,
4/24/35
(USD) (1)
9,400,450
8,763
Industrias
Penoles,
4.75%,
8/6/50
(USD) (1)
2,990,000
2,252
Infraestructura
Energetica
Nova,
4.75%,
1/15/51
(USD)
10,400,000
7,357
Infraestructura
Energetica
Nova,
4.875%,
1/14/48
(USD) (1)
5,958,000
4,326
Petroleos
Mexicanos,
5.95%,
1/28/31
(USD)
7,700,000
5,519
Petroleos
Mexicanos,
6.84%,
1/23/30
(USD)
2,920,000
2,284
Petroleos
Mexicanos,
10.00%,
2/7/33
(USD) (1)
12,775,000
11,384
104,699
Government
Bonds
4.2%
Petroleos
Mexicanos,
4.50%,
1/23/26
(USD)
37,150,000
33,217
Petroleos
Mexicanos,
6.50%,
3/13/27
(USD)
24,330,000
21,472
Petroleos
Mexicanos,
6.50%,
6/2/41
(USD)
58,473,000
35,238
Petroleos
Mexicanos,
8.75%,
6/2/29
(USD)
31,845,000
28,250
Petroleos
Mexicanos,
Series
13-2,
7.19%,
9/12/24
42,400,000
2,285
United
Mexican
States,
6.35%,
2/9/35
(USD)
18,880,000
18,504
United
Mexican
States,
Series
M,
7.75%,
5/29/31
457,600,000
23,142
162,108
Total
Mexico
(Cost
$304,507
)
266,807
MONGOLIA
0.3%
Government
Bonds
0.3%
State
of
Mongolia,
4.45%,
7/7/31
(USD)
13,319,000
10,299
State
of
Mongolia,
5.125%,
4/7/26
(USD)
375,000
351
Total
Mongolia
(Cost
$11,681
)
10,650
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
10
Par/Shares
$
Value
(Cost
and
value
in
$000s)
MOROCCO
2.1%
Corporate
Bonds
0.0%
OCP,
5.125%,
6/23/51
(USD)
325,000
216
Vivo
Energy
Investments,
5.125%,
9/24/27
(USD) (1)
220,000
203
419
Government
Bonds
2.1%
Kingdom
of
Morocco,
3.00%,
12/15/32
(USD) (1)
16,275,000
12,424
Kingdom
of
Morocco,
3.00%,
12/15/32
(USD)
29,995,000
22,898
Kingdom
of
Morocco,
4.00%,
12/15/50
(USD)
51,245,000
31,874
Kingdom
of
Morocco,
6.50%,
9/8/33
(USD) (1)
11,740,000
11,564
78,760
Total
Morocco
(Cost
$92,862
)
79,179
NIGERIA
0.8%
Government
Bonds
0.8%
Republic
of
Nigeria,
6.125%,
9/28/28
(USD)
825,000
659
Republic
of
Nigeria,
6.50%,
11/28/27
(USD) (1)
480,000
402
Republic
of
Nigeria,
7.143%,
2/23/30
(USD) (1)
1,600,000
1,266
Republic
of
Nigeria,
7.143%,
2/23/30
(USD)
2,500,000
1,978
Republic
of
Nigeria,
7.625%,
11/28/47
(USD) (1)
400,000
267
Republic
of
Nigeria,
7.875%,
2/16/32
(USD)
31,110,000
24,575
Total
Nigeria
(Cost
$27,871
)
29,147
NORTH
MACEDONIA
0.0%
Government
Bonds
0.0%
Republic
of
North
Macedonia,
6.96%,
3/13/27
(EUR) (1)
810,000
874
Total
North
Macedonia
(Cost
$858
)
874
OMAN
4.2%
Corporate
Bonds
0.8%
Lamar
Funding,
3.958%,
5/7/25
(USD)
12,525,000
11,965
Oryx
Funding,
5.80%,
2/3/31
(USD) (1)
2,240,000
2,137
Oryx
Funding,
5.80%,
2/3/31
(USD)
12,425,000
11,856
Oztel
Holdings,
6.625%,
4/24/28
(USD)
4,629,000
4,738
30,696
Government
Bonds
3.4%
Sultanate
of
Oman,
4.75%,
6/15/26
(USD) (1)
18,180,000
17,655
Sultanate
of
Oman,
4.75%,
6/15/26
(USD)
27,055,000
26,274
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
11
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Sultanate
of
Oman,
5.375%,
3/8/27
(USD)
9,000,000
8,784
Sultanate
of
Oman,
5.625%,
1/17/28
(USD)
8,100,000
7,906
Sultanate
of
Oman,
6.00%,
8/1/29
(USD)
3,775,000
3,709
Sultanate
of
Oman,
6.50%,
3/8/47
(USD)
24,230,000
21,704
Sultanate
of
Oman,
6.75%,
10/28/27
(USD) (1)
14,500,000
14,773
Sultanate
of
Oman,
6.75%,
10/28/27
(USD)
7,500,000
7,641
Sultanate
of
Oman,
6.75%,
1/17/48
(USD)
13,600,000
12,541
Sultanate
of
Oman,
7.00%,
1/25/51
(USD) (1)
10,520,000
9,945
130,932
Total
Oman
(Cost
$168,676
)
161,628
PAKISTAN
0.4%
Government
Bonds
0.4%
Islamic
Republic
of
Pakistan,
7.875%,
3/31/36
(USD)
28,876,000
13,781
Islamic
Republic
of
Pakistan,
8.25%,
4/15/24
(USD)
950,000
782
Islamic
Republic
of
Pakistan,
8.25%,
9/30/25
(USD)
1,100,000
677
Total
Pakistan
(Cost
$32,211
)
15,240
PANAMA
3.3%
Corporate
Bonds
0.6%
Aeropuerto
Internacional
de
Tocumen,
4.00%,
8/11/41
(USD) (1)
5,920,000
4,611
Banco
General,
VR,
5.25%
(USD) (1)(4)(5)
6,420,000
5,677
Banco
Nacional
de
Panama,
2.50%,
8/11/30
(USD) (1)
13,190,000
10,272
20,560
Government
Bonds
2.7%
Republic
of
Panama,
2.252%,
9/29/32
(USD)
47,800,000
34,715
Republic
of
Panama,
4.50%,
4/16/50
(USD)
550,000
376
Republic
of
Panama,
4.50%,
1/19/63
(USD)
17,370,000
11,282
Republic
of
Panama,
6.40%,
2/14/35
(USD)
59,910,000
58,204
104,577
Total
Panama
(Cost
$143,169
)
125,137
PARAGUAY
1.4%
Corporate
Bonds
0.3%
Telefonica
Celular
del
Paraguay,
5.875%,
4/15/27
(USD) (1)
11,535,000
10,512
10,512
Government
Bonds
1.1%
Republic
of
Paraguay,
2.739%,
1/29/33
(USD) (1)
5,653,000
4,332
Republic
of
Paraguay,
4.95%,
4/28/31
(USD) (1)
9,290,000
8,620
Republic
of
Paraguay,
4.95%,
4/28/31
(USD)
225,000
209
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
12
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Paraguay,
5.40%,
3/30/50
(USD) (1)
2,085,000
1,650
Republic
of
Paraguay,
5.40%,
3/30/50
(USD)
24,949,000
19,750
Republic
of
Paraguay,
5.60%,
3/13/48
(USD)
5,490,000
4,457
Republic
of
Paraguay,
5.85%,
8/21/33
(USD) (1)
5,160,000
4,892
Republic
of
Paraguay,
6.10%,
8/11/44
(USD)
375,000
330
44,240
Total
Paraguay
(Cost
$67,837
)
54,752
PERU
1.2%
Corporate
Bonds
0.2%
Consorcio
Transmantaro,
4.70%,
4/16/34
(USD) (1)
3,315,000
2,957
Lima
Metro
Line
2
Finance,
5.875%,
7/5/34
(USD)
3,522,593
3,402
6,359
Government
Bonds
1.0%
Republic
of
Peru,
2.78%,
12/1/60
(USD)
30,965,000
16,570
Republic
of
Peru,
3.30%,
3/11/41
(USD)
16,850,000
11,698
Republic
of
Peru,
3.55%,
3/10/51
(USD)
6,035,000
3,990
Republic
of
Peru,
6.15%,
8/12/32
25,200,000
6,197
38,455
Total
Peru
(Cost
$63,187
)
44,814
PHILIPPINES
1.8%
Corporate
Bonds
1.1%
Globe
Telecom,
2.50%,
7/23/30
(USD)
6,800,000
5,365
Globe
Telecom,
3.00%,
7/23/35
(USD)
11,750,000
8,491
International
Container
Terminal
Services,
4.75%,
6/17/30
(USD)
14,100,000
13,283
Manila
Water,
4.375%,
7/30/30
(USD)
15,350,000
13,834
40,973
Government
Bonds
0.7%
Republic
of
Philippines,
2.65%,
12/10/45
(USD)
41,000,000
24,791
Republic
of
Philippines,
4.625%,
7/17/28
(USD)
1,240,000
1,204
25,995
Total
Philippines
(Cost
$88,400
)
66,968
POLAND
0.4%
Government
Bonds
0.4%
Republic
of
Poland,
3.875%,
2/14/33
(EUR)
10,700,000
10,986
Republic
of
Poland,
5.50%,
4/4/53
(USD)
5,790,000
5,256
Total
Poland
(Cost
$17,099
)
16,242
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
13
Par/Shares
$
Value
(Cost
and
value
in
$000s)
QATAR
2.4%
Corporate
Bonds
1.1%
Ooredoo
International
Finance,
2.625%,
4/8/31
(USD) (1)
8,200,000
6,851
Qatar
Energy,
2.25%,
7/12/31
(USD) (1)
12,615,000
10,134
Qatar
Energy,
2.25%,
7/12/31
(USD)
13,800,000
11,086
QatarEnergy,
3.125%,
7/12/41
(USD) (1)
18,715,000
12,970
41,041
Government
Bonds
1.3%
State
of
Qatar,
3.75%,
4/16/30
(USD)
4,830,000
4,514
State
of
Qatar,
4.40%,
4/16/50
(USD) (1)
11,820,000
9,672
State
of
Qatar,
4.40%,
4/16/50
(USD)
7,200,000
5,892
State
of
Qatar,
4.817%,
3/14/49
(USD)
37,300,000
32,452
52,530
Total
Qatar
(Cost
$129,372
)
93,571
ROMANIA
1.9%
Corporate
Bonds
0.4%
Banca
Transilvania,
VR,
8.875%,
4/27/27
(EUR) (5)
13,477,000
14,827
14,827
Government
Bonds
1.5%
Republic
of
Romania,
2.625%,
12/2/40
(EUR)
5,400,000
3,372
Republic
of
Romania,
2.875%,
4/13/42
(EUR) (1)
6,965,000
4,350
Republic
of
Romania,
3.00%,
2/14/31
(USD) (1)
6,698,000
5,405
Republic
of
Romania,
3.00%,
2/14/31
(USD)
2,340,000
1,888
Republic
of
Romania,
4.00%,
2/14/51
(USD) (1)
7,584,000
4,851
Republic
of
Romania,
4.00%,
2/14/51
(USD)
35,000,000
22,385
Republic
of
Romania,
5.50%,
9/18/28
(EUR)
16,380,000
17,240
59,491
Total
Romania
(Cost
$97,256
)
74,318
SAUDI
ARABIA
2.5%
Corporate
Bonds
0.5%
Gaci
First
Investment,
5.125%,
2/14/53
(USD)
21,446,000
17,494
17,494
Government
Bonds
2.0%
Kingdom
of
Saudi
Arabia,
2.75%,
2/3/32
(USD)
1,900,000
1,580
Kingdom
of
Saudi
Arabia,
3.75%,
1/21/55
(USD)
5,850,000
3,898
Kingdom
of
Saudi
Arabia,
5.00%,
4/17/49
(USD)
30,550,000
25,628
KSA
Sukuk,
2.969%,
10/29/29
(USD) (1)
6,140,000
5,422
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
14
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Saudi
Arabian
Oil,
3.50%,
4/16/29
(USD)
9,250,000
8,351
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD)
38,600,000
31,488
76,367
Total
Saudi
Arabia
(Cost
$117,126
)
93,861
SENEGAL
2.2%
Government
Bonds
2.2%
Republic
of
Senegal,
4.75%,
3/13/28
(EUR)
17,000,000
15,350
Republic
of
Senegal,
6.25%,
5/23/33
(USD) (1)
1,300,000
1,046
Republic
of
Senegal,
6.25%,
5/23/33
(USD)
84,225,000
67,732
Total
Senegal
(Cost
$95,478
)
84,128
SERBIA
1.4%
Government
Bonds
1.4%
Republic
of
Serbia,
2.125%,
12/1/30
(USD)
57,250,000
42,167
Republic
of
Serbia,
6.25%,
5/26/28
(USD) (1)
11,930,000
11,713
Total
Serbia
(Cost
$63,967
)
53,880
SLOVENIA
0.4%
Corporate
Bonds
0.4%
Nova
Kreditna
Banka
Maribor,
VR,
7.375%,
6/29/26 (5)
15,800,000
17,076
Total
Slovenia
(Cost
$17,606
)
17,076
SOUTH
AFRICA
2.0%
Corporate
Bonds
0.3%
Transnet,
8.25%,
2/6/28
(USD) (1)
11,440,000
10,981
10,981
Government
Bonds
1.7%
Republic
of
South
Africa,
5.65%,
9/27/47
(USD)
22,120,000
14,773
Republic
of
South
Africa,
5.875%,
4/20/32
(USD)
19,350,000
16,507
Republic
of
South
Africa,
6.25%,
3/8/41
(USD)
10,050,000
7,764
Republic
of
South
Africa,
7.30%,
4/20/52
(USD)
15,130,000
12,034
Republic
of
South
Africa,
Series
2030,
8.00%,
1/31/30
274,829,000
12,676
63,754
Total
South
Africa
(Cost
$89,222
)
74,735
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
15
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SOUTH
KOREA
0.2%
Corporate
Bonds
0.1%
POSCO,
5.75%,
1/17/28
(USD) (1)
2,140,000
2,128
2,128
Government
Bonds
0.1%
Export-Import
Bank
of
Korea,
5.00%,
1/11/28
(USD)
3,840,000
3,798
Export-Import
Bank
of
Korea,
5.125%,
1/11/33
(USD)
1,910,000
1,873
5,671
Total
South
Korea
(Cost
$7,875
)
7,799
SRI
LANKA
1.5%
Corporate
Bonds
0.0%
SriLankan
Airlines,
7.00%,
6/25/24
(USD) (3)(7)
3,219,000
1,846
1,846
Government
Bonds
1.5%
Republic
of
Sri
Lanka,
6.125%,
6/3/25
(USD) (3)(7)
2,400,000
1,167
Republic
of
Sri
Lanka,
6.825%,
7/18/26
(USD) (1)(7)
32,615,000
15,734
Republic
of
Sri
Lanka,
6.825%,
7/18/26
(USD) (7)
36,575,000
17,644
Republic
of
Sri
Lanka,
6.85%,
11/3/25
(USD) (3)(7)
46,865,000
22,677
57,222
Total
Sri
Lanka
(Cost
$86,984
)
59,068
SUPRANATIONAL
0.3%
Government
Bonds
0.3%
International
Bank
for
Reconstruction
&
Development,
Zero
Coupon,
3/31/27
(USD)
12,900,000
11,514
Total
Supranational
(Cost
$11,377
)
11,514
SURINAME
0.8%
Government
Bonds
0.8%
Republic
of
Suriname,
9.25%,
10/26/26
(USD) (3)(7)
30,570,000
26,367
Republic
of
Suriname,
12.875%,
12/30/23
(USD) (3)(7)
1,900,000
1,712
Republic
of
Suriname,
12.875%,
12/30/23
(USD) (1)(3)(7)
4,250,000
3,829
Total
Suriname
(Cost
$28,337
)
31,908
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
16
Par/Shares
$
Value
(Cost
and
value
in
$000s)
TANZANIA
0.3%
Convertible
Bonds
0.1%
HTA
Group,
2.875%,
3/18/27
(USD)
3,000,000
2,465
2,465
Corporate
Bonds
0.2%
HTA
Group,
7.00%,
12/18/25
(USD) (1)
7,967,000
7,695
7,695
Total
Tanzania
(Cost
$11,005
)
10,160
THAILAND
0.7%
Corporate
Bonds
0.7%
Bangkok
Bank,
VR,
3.466%,
9/23/36
(USD) (1)(5)
9,490,000
7,376
Bangkok
Bank,
VR,
3.733%,
9/25/34
(USD) (1)(5)
650,000
543
Thaioil
Treasury
Center,
2.50%,
6/18/30
(USD)
3,000,000
2,354
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD) (1)
5,175,000
2,991
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD)
21,207,000
12,256
Total
Thailand
(Cost
$33,477
)
25,520
TURKEY
2.7%
Government
Bonds
2.7%
Republic
of
Turkey,
4.25%,
4/14/26
(USD)
22,840,000
20,956
Republic
of
Turkey,
4.875%,
10/9/26
(USD)
3,765,000
3,460
Republic
of
Turkey,
4.875%,
4/16/43
(USD)
21,250,000
13,523
Republic
of
Turkey,
6.00%,
1/14/41
(USD)
18,120,000
13,427
Republic
of
Turkey,
6.50%,
9/20/33
(USD)
6,250,000
5,359
Republic
of
Turkey,
8.60%,
9/24/27
(USD)
10,300,000
10,465
Republic
of
Turkey,
9.375%,
3/14/29
(USD)
20,400,000
20,956
Republic
of
Turkey,
9.375%,
1/19/33
(USD)
10,680,000
10,901
Republic
of
Turkey,
9.875%,
1/15/28
(USD)
3,260,000
3,441
Total
Turkey
(Cost
$108,686
)
102,488
UNITED
ARAB
EMIRATES
0.9%
Corporate
Bonds
0.8%
DP
World
Crescent,
3.875%,
7/18/29
(USD)
10,600,000
9,644
Emirates
NBD
Bank,
VR,
6.125%
(USD) (4)(5)
10,900,000
10,761
Ruwais
Power,
6.00%,
8/31/36
(USD)
11,795,000
11,762
32,167
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
17
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
Bonds
0.1%
Emirate
of
Dubai,
3.90%,
9/9/50
(USD)
2,330,000
1,599
1,599
Total
United
Arab
Emirates
(Cost
$37,348
)
33,766
UNITED
KINGDOM
0.0%
Common
Stocks
0.0%
Mriya
Farming,
Recovery
Certificates,
Cost $—
(EUR) (3)(6)(8)
3,975,047
—
Total
United
Kingdom
(Cost
$–
)
—
UNITED
STATES
0.6%
Corporate
Bonds
0.6%
Hyundai
Capital
America,
5.60%,
3/30/28 (1)
6,730,000
6,575
LCPR
Senior
Secured
Financing,
5.125%,
7/15/29 (1)
17,835,000
14,402
Total
United
States
(Cost
$24,795
)
20,977
URUGUAY
0.5%
Government
Bonds
0.5%
Oriental
Republic
of
Uruguay,
5.75%,
10/28/34
(USD)
17,120,000
17,467
Total
Uruguay
(Cost
$18,018
)
17,467
VENEZUELA
1.7%
Corporate
Bonds
0.0%
Electricidad
de
Caracas,
8.50%,
4/10/18
(USD) (3)(7)
12,690,000
190
190
Government
Bonds
1.7%
Petroleos
de
Venezuela,
5.375%,
4/12/27
(USD) (3)(7)
44,790,000
2,575
Petroleos
de
Venezuela,
6.00%,
5/16/24
(USD) (3)(7)
182,715,000
10,506
Petroleos
de
Venezuela,
6.00%,
11/15/26
(USD) (3)(7)
54,847,000
3,154
Petroleos
de
Venezuela,
8.50%,
10/27/20
(USD) (3)(7)
30,901,500
15,605
Petroleos
de
Venezuela,
9.00%,
11/17/21
(USD) (3)(7)
386,635,000
22,232
Petroleos
de
Venezuela,
12.75%,
2/17/22
(USD) (3)(7)
40,163,000
2,309
Republic
of
Venezuela,
6.00%,
12/9/20
(USD) (3)(7)
36,325,000
2,543
Republic
of
Venezuela,
7.75%,
10/13/19
(USD) (3)(7)
57,970,000
4,058
Republic
of
Venezuela,
9.25%,
9/15/27
(USD) (3)(7)
9,000,000
922
Republic
of
Venezuela,
11.75%,
10/21/26
(USD) (3)(7)
13,100,000
1,343
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
18
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Venezuela,
12.75%,
8/23/22
(USD) (3)(7)
8,300,000
851
66,098
Total
Venezuela
(Cost
$398,159
)
66,288
VIETNAM
0.5%
Corporate
Bonds
0.1%
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD) (1)
6,743,000
6,126
6,126
Government
Bonds
0.4%
Socialist
Republic
of
Vietnam,
4.80%,
11/19/24
(USD)
10,145,000
9,975
Socialist
Republic
of
Vietnam,
Series
30YR,
FRN,
6M
USD
LIBOR
+
0.813%,
6.713%,
3/13/28
(USD)
4,750,000
4,650
14,625
Total
Vietnam
(Cost
$21,579
)
20,751
ZAMBIA
0.2%
Government
Bonds
0.2%
Republic
of
Zambia,
5.375%,
9/20/22
(USD) (3)(7)
13,376,000
6,691
Total
Zambia
(Cost
$7,495
)
6,691
SHORT-TERM
INVESTMENTS
1.1%
Money
Market
Funds
1.1%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (9)(10)
41,351,685
41,352
Total
Short-Term
Investments
(Cost
$41,352)
41,352
Total
Investments
in
Securities
98.0%
(Cost
$4,747,611)
$
3,757,224
Other
Assets
Less
Liabilities
2.0%
77,740
Net
Assets
100.0%
$
3,834,964
‡
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
$774,745
and
represents
20.2%
of
net
assets.
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
19
.
.
.
.
.
.
.
.
.
.
(2)
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.
(3)
Non-income
producing
(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.
(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
$4,718
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
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
10/13/23
USD
13,541
ZAR
257,939
$
(65)
BNP
Paribas
11/24/23
USD
76,343
EUR
69,788
2,382
BNP
Paribas
12/4/23
USD
12,658
BRL
62,495
330
BNP
Paribas
12/7/23
USD
9,384
COP
39,643,884
(160)
Citibank
10/6/23
USD
2,660
IDR
39,939,193
77
Citibank
12/7/23
COP
31,344,759
USD
7,499
47
Citibank
12/7/23
USD
9,448
COP
40,044,327
(193)
Goldman
Sachs
10/6/23
IDR
25,449,741
USD
1,639
6
Goldman
Sachs
10/6/23
USD
2,331
IDR
34,875,579
76
Goldman
Sachs
12/4/23
USD
12,646
BRL
62,495
318
Goldman
Sachs
12/15/23
USD
9,552
CNH
68,940
73
Goldman
Sachs
1/17/24
USD
1,637
IDR
25,449,741
(5)
HSBC
Bank
10/6/23
IDR
24,913,319
USD
1,612
(1)
HSBC
Bank
10/13/23
ZAR
10,993
USD
587
(7)
HSBC
Bank
11/24/23
USD
41,474
EUR
37,819
1,393
HSBC
Bank
12/15/23
USD
19,092
CNH
137,883
134
HSBC
Bank
1/17/24
USD
1,610
IDR
24,913,319
3
JPMorgan
Chase
11/24/23
USD
337
EUR
313
5
Morgan
Stanley
10/13/23
USD
4,910
MXN
85,235
31
Morgan
Stanley
12/15/23
USD
28,864
CNH
209,048
121
RBC
Dominion
Securities
10/13/23
USD
5,238
MXN
91,318
11
RBC
Dominion
Securities
11/24/23
USD
17,949
EUR
16,682
270
State
Street
10/13/23
USD
16,045
MXN
280,038
16
State
Street
11/24/23
USD
69,371
EUR
63,381
2,200
UBS
Investment
Bank
10/6/23
IDR
24,451,712
USD
1,576
6
UBS
Investment
Bank
10/6/23
USD
6,160
PEN
23,492
(9)
UBS
Investment
Bank
11/24/23
USD
448
EUR
417
6
UBS
Investment
Bank
12/7/23
USD
19,169
COP
80,489,097
(210)
UBS
Investment
Bank
1/17/24
PEN
23,492
USD
6,190
10
UBS
Investment
Bank
1/17/24
USD
1,573
IDR
24,451,712
(4)
Wells
Fargo
10/6/23
USD
6,419
PEN
23,492
219
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
7,080
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
21
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
102
U.S.
Treasury
Notes
ten
year
contracts
12/23
(11,022)
$
178
Long,
1,023
Ultra
U.S.
Treasury
Bonds
contracts
12/23
121,417
(9,214)
Net
payments
(receipts)
of
variation
margin
to
date
9,402
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
366
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
nine
months
ended
September
30,
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,
5.40%
$
—#
$
—
$
4,972+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
09/30/23
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
$
219,101
¤
¤
$
41,352^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$4,972
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
$41,352.
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
September
30,
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
$
—
$
3,711,154
$
—
$
3,711,154
Common
Stocks
—
—
—
—
Private
Investment
Company
2
—
—
—
4,718
Short-Term
Investments
41,352
—
—
41,352
Total
Securities
41,352
3,711,154
—
3,757,224
Forward
Currency
Exchange
Contracts
—
7,734
—
7,734
Futures
Contracts*
178
—
—
178
Total
$
41,530
$
3,718,888
$
—
$
3,765,136
Liabilities
Forward
Currency
Exchange
Contracts
$
—
$
654
$
—
$
654
Futures
Contracts*
9,214
—
—
9,214
Total
$
9,214
$
654
$
—
$
9,868
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.
F110-054Q3
09/23