T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
March
31,
2024
(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)
1,835,000
1,871
Total
Angola
(Cost
$1,814
)
1,871
BRAZIL
7.7%
Government
Bonds
7.7%
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/25
9,785,000
1,951
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/27
47,635,000
9,460
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/29
12,226,000
2,386
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/31
23,550,000
4,519
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/33
18,795,000
3,567
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/35
12,726,000
2,386
Total
Brazil
(Cost
$24,236
)
24,269
CHINA
5.0%
Convertible
Bonds
0.1%
H
World
Group,
3.00%,
5/1/26
(USD)
315,000
363
363
Corporate
Bonds
0.1%
Agile
Group
Holdings,
5.75%,
1/2/25
(USD)
540,000
91
Times
China
Holdings,
6.75%,
7/8/25
(USD) (1)(2)
1,000,000
26
117
Government
Bonds
4.8%
China
Development
Bank,
Series
1904,
3.68%,
2/26/26
5,900,000
840
People's
Republic
of
China,
Series
INBK,
2.62%,
4/15/28
21,000,000
2,947
People's
Republic
of
China,
Series
INBK,
3.01%,
5/13/28
19,000,000
2,711
People's
Republic
of
China,
Series
INBK,
3.81%,
9/14/50
7,350,000
1,239
People's
Republic
of
China,
Series
1915,
3.13%,
11/21/29
52,050,000
7,524
15,261
Total
China
(Cost
$17,332
)
15,741
COLOMBIA
6.9%
Corporate
Bonds
0.5%
Empresas
Publicas
de
Medellin,
7.625%,
9/10/24 (3)
1,862,000,000
470
Empresas
Publicas
de
Medellin,
7.625%,
9/10/24
4,371,000,000
1,105
1,575
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
2
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
Bonds
6.3%
Republic
of
Colombia,
Series
B,
6.00%,
4/28/28
28,473,800,000
6,556
Republic
of
Colombia,
Series
B,
7.00%,
3/26/31
2,497,000,000
557
Republic
of
Colombia,
Series
B,
7.00%,
6/30/32
2,620,000,000
567
Republic
of
Colombia,
Series
B,
7.25%,
10/18/34
10,801,300,000
2,278
Republic
of
Colombia,
Series
B,
13.25%,
2/9/33
17,707,200,000
5,393
Republic
of
Colombia,
Series
G,
7.00%,
3/26/31
20,577,900,000
4,589
19,940
Private
Investment
Company
0.1%
Bona
Fide
Investments
Feeder
LLC,
Acquisition
date:
6/1/22,
Cost $0
(USD) (2)(4)
†
23
Bona
Fide
Investments
Feeder
LLC,
Acquisition
date:
6/7/23,
Cost $247
(USD) (2)(4)
†
330
353
Total
Colombia
(Cost
$19,539
)
21,868
CZECH
REPUBLIC
4.8%
Government
Bonds
4.8%
Czech
Republic,
Series
49,
4.20%,
12/4/36
53,930,000
2,354
Czech
Republic,
Series
78,
2.50%,
8/25/28
115,510,000
4,691
Czech
Republic,
Series
103,
2.00%,
10/13/33
221,110,000
8,024
Total
Czech
Republic
(Cost
$15,377
)
15,069
EGYPT
0.7%
Government
Bonds
0.7%
Arab
Republic
of
Egypt,
Series
5YR,
14.369%,
10/20/25
28,100,000
493
Arab
Republic
of
Egypt,
Treasury
Bills,
Series
364D,
30.00%,
9/17/24
21,150,000
397
Arab
Republic
of
Egypt,
Treasury
Bills,
Series
364D,
31.25%,
12/10/24
68,225,000
1,216
Total
Egypt
(Cost
$3,047
)
2,106
EL
SALVADOR
0.6%
Government
Bonds
0.6%
Republic
of
El
Salvador,
5.875%,
1/30/25
(USD)
2,024,000
1,946
Total
El
Salvador
(Cost
$1,935
)
1,946
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
HUNGARY
3.4%
Government
Bonds
3.4%
Republic
of
Hungary,
Series
28/B,
4.50%,
3/23/28
1,107,090,000
2,799
Republic
of
Hungary,
Series
31/A,
3.25%,
10/22/31
1,811,620,000
3,973
Republic
of
Hungary,
Series
32/G,
4.50%,
5/27/32
403,530,000
955
Republic
of
Hungary,
Series
33/A,
2.25%,
4/20/33
1,379,440,000
2,671
Republic
of
Hungary,
Series
38/A,
3.00%,
10/27/38
217,910,000
398
Total
Hungary
(Cost
$10,825
)
10,796
INDIA
1.6%
Corporate
Bonds
0.5%
HDFC
Bank,
8.10%,
3/22/25
130,000,000
1,562
1,562
Government
Bonds
1.1%
Republic
of
India,
6.54%,
1/17/32
113,970,000
1,326
Republic
of
India,
7.26%,
8/22/32
61,500,000
745
Republic
of
India,
7.26%,
2/6/33
115,000,000
1,398
3,469
Total
India
(Cost
$5,462
)
5,031
INDONESIA
10.7%
Corporate
Bonds
1.0%
Standard
Chartered
Bank,
Series
emtN,
CLN
(Reference:
Republic
of
Indonesia),
9.00%,
3/20/29 (3)
46,100,000,000
3,208
3,208
Government
Bonds
9.7%
Republic
of
Indonesia,
Series
FR65,
6.625%,
5/15/33
45,766,000,000
2,883
Republic
of
Indonesia,
Series
FR72,
8.25%,
5/15/36
52,375,000,000
3,693
Republic
of
Indonesia,
Series
FR73,
8.75%,
5/15/31
115,957,000,000
8,168
Republic
of
Indonesia,
Series
FR82,
7.00%,
9/15/30
65,138,000,000
4,194
Republic
of
Indonesia,
Series
FR83,
7.50%,
4/15/40
41,772,000,000
2,784
Republic
of
Indonesia,
Series
FR86,
5.50%,
4/15/26
24,400,000,000
1,516
Republic
of
Indonesia,
Series
FR90,
5.125%,
4/15/27
90,570,000,000
5,512
Republic
of
Indonesia,
Series
100,
6.625%,
2/15/34
27,300,000,000
1,708
30,458
Total
Indonesia
(Cost
$35,364
)
33,666
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
IVORY
COAST
0.5%
Government
Bonds
0.5%
Republic
of
Ivory
Coast,
5.875%,
10/17/31
(EUR)
830,000
829
Republic
of
Ivory
Coast,
7.625%,
1/30/33
(USD) (3)
790,000
786
Total
Ivory
Coast
(Cost
$1,565
)
1,615
JORDAN
0.5%
Government
Bonds
0.5%
Kingdom
of
Jordan,
4.95%,
7/7/25
(USD)
1,605,000
1,561
Total
Jordan
(Cost
$1,561
)
1,561
KENYA
0.5%
Government
Bonds
0.5%
Republic
of
Kenya,
Series
7Y,
17.933%,
5/6/30
218,050,000
1,603
Total
Kenya
(Cost
$1,419
)
1,603
LITHUANIA
0.3%
Government
Bonds
0.3%
Republic
of
Lithuania,
3.50%,
2/13/34
820,000
880
Total
Lithuania
(Cost
$873
)
880
MALAYSIA
5.6%
Government
Bonds
5.6%
Government
of
Malaysia,
Series
0120,
4.065%,
6/15/50
7,305,000
1,515
Government
of
Malaysia,
Series
0123,
4.457%,
3/31/53
2,180,000
481
Government
of
Malaysia,
Series
0318,
4.642%,
11/7/33
7,800,000
1,751
Government
of
Malaysia,
Series
0322,
4.504%,
4/30/29
4,490,000
986
Government
of
Malaysia,
Series
0411,
4.232%,
6/30/31
14,569,000
3,167
Government
of
Malaysia,
Series
0519,
3.757%,
5/22/40
36,945,000
7,591
Government
of
Malaysia,
Series
0713,
4.935%,
9/30/43
9,040,000
2,146
Total
Malaysia
(Cost
$18,190
)
17,637
MEXICO
5.9%
Government
Bonds
5.9%
Petroleos
Mexicanos,
6.50%,
3/13/27
(USD)
2,780,000
2,620
Petroleos
Mexicanos,
Series
14-2,
7.47%,
11/12/26
12,010,000
642
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
United
Mexican
States,
Series
M,
7.50%,
5/26/33
62,150,000
3,331
United
Mexican
States,
Series
M,
8.00%,
7/31/53
8,627,000
444
United
Mexican
States,
Series
M,
8.50%,
11/18/38
170,860,000
9,558
United
Mexican
States,
Series
S,
Inflation-Indexed,
2.75%,
11/27/31
36,937,027
1,905
Total
Mexico
(Cost
$17,094
)
18,500
MONTENEGRO
0.3%
Government
Bonds
0.3%
Republic
of
Montenegro,
7.25%,
3/12/31
(USD) (3)
830,000
846
Total
Montenegro
(Cost
$833
)
846
MOROCCO
0.3%
Government
Bonds
0.3%
Kingdom
of
Morocco,
1.50%,
11/27/31
(EUR)
1,110,000
965
Total
Morocco
(Cost
$984
)
965
NIGERIA
0.6%
Government
Bonds
0.6%
Republic
of
Nigeria,
Treasury
Bill,
Series
364D,
23.091%,
3/6/25
3,061,000,000
1,937
Total
Nigeria
(Cost
$1,630
)
1,937
PERU
4.1%
Government
Bonds
4.1%
Republic
of
Peru,
6.15%,
8/12/32
20,166,000
5,097
Republic
of
Peru,
6.35%,
8/12/28 (3)
12,228,000
3,368
Republic
of
Peru,
6.35%,
8/12/28
2,700,000
744
Republic
of
Peru,
6.90%,
8/12/37
9,184,000
2,348
Republic
of
Peru,
8.20%,
8/12/26
5,400,000
1,540
Total
Peru
(Cost
$12,573
)
13,097
PHILIPPINES
0.1%
Government
Bonds
0.1%
Republic
of
Philippines,
Series
25-6,
9.25%,
11/5/34
14,060,000
308
Total
Philippines
(Cost
$283
)
308
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
6
Par/Shares
$
Value
(Cost
and
value
in
$000s)
POLAND
4.8%
Government
Bonds
4.8%
Republic
of
Poland,
Series
0727,
2.50%,
7/25/27
34,200,000
7,884
Republic
of
Poland,
Series
1029,
2.75%,
10/25/29
7,300,000
1,612
Republic
of
Poland,
Series
1033,
6.00%,
10/25/33
21,410,000
5,580
Total
Poland
(Cost
$13,661
)
15,076
ROMANIA
4.5%
Corporate
Bonds
0.9%
Banca
Comerciala
Romana,
VR,
7.625%,
5/19/27
(EUR) (5)
500,000
569
Banca
Transilvania,
VR,
7.25%,
12/7/28
(EUR) (5)
550,000
621
Banca
Transilvania,
VR,
8.875%,
4/27/27
(EUR) (5)
1,520,000
1,741
2,931
Government
Bonds
3.6%
Republic
of
Romania,
Series
10Y,
5.00%,
2/12/29
32,130,000
6,613
Republic
of
Romania,
Series
15YR,
5.80%,
7/26/27
5,100,000
1,096
Republic
of
Romania,
Series
5Y,
4.25%,
4/28/36
10,820,000
1,911
Republic
of
Romania,
Series
8Y,
4.15%,
1/26/28
8,430,000
1,710
11,330
Total
Romania
(Cost
$13,526
)
14,261
SENEGAL
0.3%
Government
Bonds
0.3%
Republic
of
Senegal,
6.25%,
5/23/33
(USD)
1,115,000
953
Total
Senegal
(Cost
$942
)
953
SERBIA
0.6%
Government
Bonds
0.6%
Republic
of
Serbia,
1.50%,
6/26/29
(EUR)
1,050,000
958
Republic
of
Serbia,
Series
12.5,
4.50%,
8/20/32
110,700,000
934
Total
Serbia
(Cost
$2,133
)
1,892
SLOVENIA
0.4%
Corporate
Bonds
0.4%
Nova
Kreditna
Banka
Maribor,
VR,
7.375%,
6/29/26 (5)
300,000
333
Nova
Ljubljanska
Banka,
VR,
6.875%,
1/24/34 (5)
900,000
1,010
Total
Slovenia
(Cost
$1,352
)
1,343
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SOUTH
AFRICA
8.0%
Corporate
Bonds
0.3%
Transnet,
8.25%,
2/6/28
(USD)
930,000
927
927
Government
Bonds
7.7%
Republic
of
South
Africa,
Series
R186,
10.50%,
12/21/26
16,750,000
909
Republic
of
South
Africa,
Series
R213,
7.00%,
2/28/31
40,409,000
1,721
Republic
of
South
Africa,
Series
2032,
8.25%,
3/31/32
138,083,000
6,088
Republic
of
South
Africa,
Series
2035,
8.875%,
2/28/35
207,399,000
8,744
Republic
of
South
Africa,
Series
2044,
8.75%,
1/31/44
189,338,000
7,000
24,462
Total
South
Africa
(Cost
$27,576
)
25,389
SRI
LANKA
0.9%
Government
Bonds
0.9%
Republic
of
Sri
Lanka,
11.00%,
6/1/26
100,000,000
332
Republic
of
Sri
Lanka,
Series
A,
11.40%,
1/15/27
89,000,000
296
Republic
of
Sri
Lanka,
Series
A,
11.50%,
8/1/26
105,000,000
352
Republic
of
Sri
Lanka,
Series
A,
20.00%,
9/15/27
111,000,000
452
Republic
of
Sri
Lanka
Treasury
Bills,
Series
364,
22.25%,
4/5/24
440,000,000
1,463
Total
Sri
Lanka
(Cost
$2,618
)
2,895
SUPRANATIONAL
1.5%
Government
Bonds
1.5%
European
Bank
for
Reconstruction
&
Development,
Series
GMTN,
5.60%,
1/30/25
(IDR)
17,230,000,000
1,077
International
Bank
for
Reconstruction
&
Development,
Series
GDIF,
4.60%,
2/9/26
(IDR)
22,000,000,000
1,349
International
Bank
for
Reconstruction
&
Development,
Series
GMTN,
4.90%,
2/12/26
(INR)
90,700,000
1,045
International
Finance,
3.59%,
2/26/26
(COP)
5,750,000,000
1,328
Total
Supranational
(Cost
$5,156
)
4,799
TANZANIA
0.2%
Convertible
Bonds
0.2%
HTA
Group,
2.875%,
3/18/27
(USD)
800,000
709
Total
Tanzania
(Cost
$667
)
709
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
THAILAND
6.1%
Government
Bonds
6.1%
Kingdom
of
Thailand,
1.585%,
12/17/35
262,965,000
6,467
Kingdom
of
Thailand,
2.00%,
6/17/42
62,500,000
1,504
Kingdom
of
Thailand,
2.40%,
3/17/29
45,000,000
1,242
Kingdom
of
Thailand,
3.40%,
6/17/36
28,213,000
833
Kingdom
of
Thailand,
3.65%,
6/20/31
80,667,000
2,381
Kingdom
of
Thailand,
3.775%,
6/25/32
152,005,000
4,567
Kingdom
of
Thailand,
Series
ILB,
Inflation-Indexed,
1.25%,
3/12/28
91,860,048
2,393
Total
Thailand
(Cost
$21,018
)
19,387
TÜRKIYE
0.4%
Government
Bonds
0.4%
Republic
of
Türkiye,
17.80%,
7/13/33
54,753,000
1,311
Total
Türkiye
(Cost
$1,500
)
1,311
UNITED
STATES
0.1%
Convertible
Bonds
0.1%
Citigroup
Global
Markets
Holdings,
Series
1299,
Zero
Coupon,
2/26/26
(HKD)
3,000,000
349
Total
United
States
(Cost
$359
)
349
URUGUAY
1.1%
Government
Bonds
1.1%
Republic
of
Uruguay,
8.25%,
5/21/31
39,445,000
1,007
Republic
of
Uruguay,
9.75%,
7/20/33
86,380,000
2,421
Total
Uruguay
(Cost
$3,228
)
3,428
SHORT-TERM
INVESTMENTS
3.2%
Money
Market
Funds
3.2%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (6)(7)
10,072,633
10,073
Total
Short-Term
Investments
(Cost
$10,073)
10,073
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
9
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED
0.1%
OTC
Options
Purchased
0.1%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Citibank
EUR
/
MXN,
Put,
5/10/24
@
MXN18.25
(EUR) (2)
2
4,414
74
HSBC
Bank
USD
/
JPY,
Call,
5/1/24
@
JPY152.00 (2)
1
3,160
17
Total
Options
Purchased
(Cost
$38)
91
Total
Investments
in
Securities
92.9%
(Cost
$295,783)
$
293,268
Other
Assets
Less
Liabilities
7.1%
22,569
Net
Assets
100.0%
$
315,837
‡
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
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(2)
Non-income
producing
(3)
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
$8,678
and
represents
2.7%
of
net
assets.
(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
$353
and
represents
0.1%
of
net
assets.
(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)
Seven-day
yield
(7)
Affiliated
Companies
1
Day
INR
MIBOR
One
day
INR
MIBOR
(Mumbai
interbank
offered
rate)
6M
EURIBOR
Six
month
EURIBOR
(Euro
interbank
offered
rate)
6M
HUF
BUBOR
Six
month
HUF
BUBOR
(Budapest
interbank
offered
rate)
BRL
Brazilian
Real
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
10
.
.
.
.
.
.
.
.
.
.
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
HKD
Hong
Kong
Dollar
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
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
THB
Thai
Baht
TRY
Turkish
Lira
TWD
Taiwan
Dollar
USD
U.S.
Dollar
UYU
Uruguayan
Peso
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
Local
Currency
Bond
Fund
11
(Amounts
in
000s)
SWAPS
0.1%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
(0.0)%
Interest
Rate
Swaps
(0.0)%
Brazil
(0.0)%
BNP
Paribas,
5
Year
Interest
Rate
Swap,
Receive
Fixed
10.130%
at
Maturity,
Pay
Variable
10.65%,
(BRL
CDI)
at
Maturity,
1/2/29
9,456
(20)
—
(20)
Morgan
Stanley,
3
Year
Interest
Rate
Swap,
Receive
Fixed
9.795%
at
Maturity,
Pay
Variable
10.65%,
(BRL
CDI)
at
Maturity,
1/4/27
15,395
(20)
—
(20)
Morgan
Stanley,
3
Year
Interest
Rate
Swap,
Receive
Fixed
9.870%
at
Maturity,
Pay
Variable
10.65%,
(BRL
CDI)
at
Maturity,
1/4/27
11,000
(11)
—
(11)
Total
Brazil
—
(51)
China
0.0%
Citibank,
7
Year
Interest
Rate
Swap,
Receive
Fixed
2.650%
Quarterly,
Pay
Variable
2.05%,
(7
Day
Interbank
Repo)
Quarterly,
5/15/30
5,573
23
—
23
Total
China
—
23
Total
Bilateral
Interest
Rate
Swaps
—
(28)
Total
Bilateral
Swaps
—
(28)
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.1%
Credit
Default
Swaps,
Protection
Bought
0.0%
Qatar
(0.0)%
Protection
Bought
(Relevant
Credit:
State
of
Qatar),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/28
(USD)
3,720
(106)
(72)
(34)
Total
Qatar
(34)
Saudi
Arabia
(0.0)%
Protection
Bought
(Relevant
Credit:
Kingdom
of
Saudi
Arabia),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/28
(USD)
1,860
(42)
(26)
(16)
Total
Saudi
Arabia
(16)
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
12
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
South
Africa
0.0%
Protection
Bought
(Relevant
Credit:
Republic
of
South
Africa),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/28
(USD)
2,330
134
139
(5)
Total
South
Africa
(5)
United
States
0.0%
Protection
Bought
(Relevant
Credit:
Markit
CDX.EM-S40,
5
Year
Index),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/28
3,455
83
143
(60)
Total
United
States
(60)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Bought
(115)
Interest
Rate
Swaps
0.1%
China
0.0%
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.710%
Quarterly,
Pay
Variable
2.400%
(7
Day
Interbank
Repo)
Quarterly,
12/27/27
27,200
91
—
91
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.765%
Quarterly,
Pay
Variable
2.000%
(7
Day
Interbank
Repo)
Quarterly,
12/16/27
5,200
19
—
19
Total
China
110
Foreign/Europe
0.1%
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.807%
Annually,
Pay
Variable
3.908%
(6M
EURIBOR)
Semi-Annually,
3/5/29
7,135
37
1
36
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.367%
Annually,
Pay
Variable
3.909%
(6M
EURIBOR)
Semi-Annually,
9/21/28
925
43
—
43
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.400%
Annually,
Pay
Variable
3.855%
(6M
EURIBOR)
Semi-Annually,
9/27/28
1,391
68
—
68
30
Year
Interest
Rate
Swap,
Pay
Fixed
2.447%
Annually,
Receive
Variable
3.908%
(6M
EURIBOR)
Semi-Annually,
3/4/54
1,462
(36)
1
(37)
Total
Foreign/Europe
110
Hungary
0.1%
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.309%
Annually,
Pay
Variable
7.750%
(6M
HUF
BUBOR)
Semi-Annually,
3/18/27
320,000
(7)
—
(7)
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
13
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
5
Year
Interest
Rate
Swap,
Receive
Fixed
9.584%
Annually,
Pay
Variable
8.960%
(6M
HUF
BUBOR)
Semi-Annually,
7/27/27
440,000
160
—
160
Total
Hungary
153
India
(0.0)%
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.252%
Semi-Annually,
Pay
Variable
7.900%
(1
Day
INR
MIBOR)
Semi-Annually,
12/15/28
130,615
(6)
—
(6)
Total
India
(6)
Mexico
(0.1)%
3
Year
Interest
Rate
Swap,
Receive
Fixed
9.100%
28
Days,
Pay
Variable
11.494%
(MXIBTIIE)
28
Days,
1/28/27
23,702
1
—
1
3
Year
Interest
Rate
Swap,
Receive
Fixed
9.150%
28
Days,
Pay
Variable
11.249%
(MXIBTIIE)
28
Days,
1/28/27
23,702
(6)
—
(6)
3
Year
Interest
Rate
Swap,
Receive
Fixed
9.185%
28
Days,
Pay
Variable
11.478%
(MXIBTIIE)
28
Days,
3/2/27
53,000
(13)
—
(13)
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.540%
28
Days,
Pay
Variable
11.247%
(MXIBTIIE)
28
Days,
12/3/24
27,500
(50)
—
(50)
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.575%
28
Days,
Pay
Variable
11.488%
(MXIBTIIE)
28
Days,
9/13/24
56,500
(71)
1
(72)
5
Year
Interest
Rate
Swap,
Receive
Fixed
8.655%
28
Days,
Pay
Variable
11.478%
(MXIBTIIE)
28
Days,
12/19/28
13,620
(8)
—
(8)
5
Year
Interest
Rate
Swap,
Receive
Fixed
9.090%
28
Days,
Pay
Variable
11.485%
(MXIBTIIE)
28
Days,
11/6/28
36,824
13
—
13
5
Year
Interest
Rate
Swap,
Receive
Fixed
9.285%
28
Days,
Pay
Variable
11.249%
(MXIBTIIE)
28
Days,
11/1/28
50,000
44
—
44
7
Year
Interest
Rate
Swap,
Receive
Fixed
8.530%
28
Days,
Pay
Variable
11.249%
(MXIBTIIE)
28
Days,
3/21/30
30,000
(22)
—
(22)
8
Year
Interest
Rate
Swap,
Receive
Fixed
8.690%
28
Days,
Pay
Variable
11.249%
(MXIBTIIE)
28
Days,
3/22/32
110,222
(18)
—
(18)
Total
Mexico
(131)
Total
Centrally
Cleared
Interest
Rate
Swaps
236
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
14
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
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
11
—
11
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
380
(5)
—
(5)
Total
United
States
7
Total
Centrally
Cleared
Zero-Coupon
Inflation
Swaps
7
Total
Centrally
Cleared
Swaps
128
Net
payments
(receipts)
of
variation
margin
to
date
(138)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(10)
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
15
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
4/5/24
IDR
25,373,677
USD
1,629
$
(30)
Bank
of
America
4/9/24
TRY
49,625
USD
1,497
16
Bank
of
America
4/12/24
CZK
40,113
USD
1,762
(52)
Bank
of
America
4/12/24
MXN
149,687
USD
8,741
243
Bank
of
America
4/12/24
USD
1,642
ZAR
30,794
18
Bank
of
America
4/12/24
ZAR
11,230
USD
588
4
Bank
of
America
5/17/24
USD
1,646
PLN
6,570
2
Bank
of
America
6/7/24
MYR
68,051
USD
14,269
35
Bank
of
America
6/7/24
THB
56,501
USD
1,584
(27)
Bank
of
America
6/7/24
USD
155
MYR
728
2
Bank
of
America
6/7/24
USD
1,018
UYU
40,331
(47)
Barclays
Bank
4/3/24
USD
2,845
TWD
87,510
111
Barclays
Bank
4/5/24
KRW
5,114,169
USD
3,895
(97)
Barclays
Bank
4/5/24
USD
3,115
KRW
4,196,737
(2)
Barclays
Bank
4/9/24
TRY
44,752
USD
1,370
(6)
Barclays
Bank
4/12/24
USD
835
HUF
304,116
2
Barclays
Bank
4/12/24
ZAR
38,112
USD
2,033
(23)
Barclays
Bank
5/24/24
GBP
1,878
USD
2,396
(25)
Barclays
Bank
5/24/24
USD
878
EUR
813
(1)
Barclays
Bank
5/24/24
USD
3,157
GBP
2,505
(5)
Barclays
Bank
6/4/24
BRL
11,193
USD
2,243
(25)
Barclays
Bank
6/7/24
USD
316
PHP
17,727
1
Barclays
Bank
6/14/24
CNH
29,578
USD
4,135
(47)
Barclays
Bank
7/5/24
KRW
4,196,737
USD
3,130
(4)
BNP
Paribas
4/5/24
USD
1,599
KRW
2,147,226
5
BNP
Paribas
4/12/24
CZK
138,586
USD
6,140
(231)
BNP
Paribas
4/12/24
HUF
49,819
USD
136
—
BNP
Paribas
4/12/24
USD
2,187
MXN
37,612
(70)
BNP
Paribas
4/12/24
USD
2,401
ZAR
45,028
27
BNP
Paribas
4/19/24
USD
1,602
CHF
1,366
84
BNP
Paribas
5/10/24
CLP
769,935
USD
794
(9)
BNP
Paribas
6/4/24
USD
342
BRL
1,712
2
BNP
Paribas
6/7/24
THB
176,187
USD
4,936
(79)
BNP
Paribas
6/7/24
USD
1,586
THB
56,856
18
BNP
Paribas
6/14/24
USD
2,561
CNH
18,516
3
Citibank
4/5/24
INR
11,351
USD
136
—
Citibank
4/12/24
HUF
2,457,705
USD
7,016
(289)
Citibank
4/12/24
RON
6,274
USD
1,379
(17)
Citibank
4/12/24
ZAR
29,968
USD
1,574
6
Citibank
4/12/24
ZAR
3,382
USD
180
(1)
Citibank
4/24/24
EGP
47,266
USD
1,087
(95)
Citibank
4/24/24
USD
781
EGP
33,299
82
Citibank
4/24/24
USD
563
EGP
29,259
(51)
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)
Citibank
5/17/24
USD
199
RSD
21,535
$
—
Citibank
5/24/24
USD
3,429
EUR
3,143
30
Citibank
9/5/24
EGP
43,622
USD
829
50
Deutsche
Bank
4/5/24
IDR
38,464,147
USD
2,433
(8)
Deutsche
Bank
4/5/24
INR
28,773
USD
345
—
Deutsche
Bank
4/5/24
USD
570
IDR
8,958,820
5
Deutsche
Bank
4/12/24
HUF
438,282
USD
1,223
(24)
Deutsche
Bank
4/12/24
USD
793
CZK
18,580
1
Deutsche
Bank
4/12/24
USD
783
RON
3,592
4
Deutsche
Bank
4/12/24
ZAR
38,207
USD
2,033
(18)
Deutsche
Bank
5/17/24
RSD
21,535
USD
199
—
Deutsche
Bank
5/17/24
USD
1,066
PLN
4,257
1
Deutsche
Bank
5/24/24
EUR
772
USD
834
—
Deutsche
Bank
5/24/24
GBP
627
USD
800
(9)
Deutsche
Bank
6/7/24
USD
333
THB
11,893
5
Deutsche
Bank
7/5/24
USD
2,426
IDR
38,464,147
10
Goldman
Sachs
4/3/24
TWD
201,470
USD
6,328
(33)
Goldman
Sachs
4/3/24
USD
3,507
TWD
107,955
133
Goldman
Sachs
4/5/24
IDR
66,873,625
USD
4,287
(72)
Goldman
Sachs
4/5/24
USD
4,475
IDR
69,734,604
79
Goldman
Sachs
4/5/24
USD
1,651
INR
137,630
1
Goldman
Sachs
4/12/24
ZAR
14,514
USD
775
(9)
Goldman
Sachs
4/19/24
USD
1,635
JPY
240,935
38
Goldman
Sachs
5/17/24
PLN
2,949
USD
730
7
Goldman
Sachs
6/4/24
BRL
50,563
USD
10,053
(35)
Goldman
Sachs
6/7/24
THB
79,819
USD
2,245
(45)
Goldman
Sachs
7/5/24
USD
6,366
TWD
201,470
37
Goldman
Sachs
7/12/24
TRY
29,507
USD
818
(11)
HSBC
Bank
4/5/24
IDR
36,018,872
USD
2,274
(4)
HSBC
Bank
4/5/24
INR
97,034
USD
1,162
1
HSBC
Bank
4/5/24
INR
182,425
USD
2,189
(2)
HSBC
Bank
4/5/24
KRW
1,229,794
USD
926
(12)
HSBC
Bank
4/5/24
USD
1,543
IDR
24,537,116
(3)
HSBC
Bank
4/5/24
USD
509
INR
42,498
—
HSBC
Bank
4/12/24
RON
7,480
USD
1,647
(24)
HSBC
Bank
4/12/24
USD
2,405
CZK
55,672
31
HSBC
Bank
4/12/24
USD
1,747
ZAR
33,105
1
HSBC
Bank
4/19/24
JPY
343,015
USD
2,351
(78)
HSBC
Bank
4/19/24
USD
1,610
CHF
1,420
32
HSBC
Bank
5/17/24
PLN
7,839
USD
1,986
(24)
HSBC
Bank
5/24/24
EUR
687
USD
753
(11)
HSBC
Bank
6/4/24
USD
1,268
BRL
6,331
14
HSBC
Bank
6/7/24
THB
37,963
USD
1,045
2
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)
HSBC
Bank
6/7/24
USD
250
MYR
1,178
$
3
HSBC
Bank
7/5/24
IDR
5,312,412
USD
334
—
HSBC
Bank
7/5/24
USD
2,183
INR
182,425
2
HSBC
Bank
7/5/24
USD
1,159
INR
97,034
(1)
JPMorgan
Chase
4/3/24
USD
188
TWD
6,005
1
JPMorgan
Chase
4/5/24
IDR
6,437,043
USD
407
(1)
JPMorgan
Chase
4/5/24
PEN
2,575
USD
665
27
JPMorgan
Chase
4/5/24
USD
447
INR
37,308
—
JPMorgan
Chase
4/5/24
USD
358
INR
29,853
—
JPMorgan
Chase
4/5/24
USD
248
PEN
943
(6)
JPMorgan
Chase
4/9/24
TRY
8,076
USD
249
(3)
JPMorgan
Chase
4/9/24
USD
167
TRY
5,546
(2)
JPMorgan
Chase
4/12/24
CZK
20,058
USD
866
(11)
JPMorgan
Chase
4/12/24
HUF
76,863
USD
216
(6)
JPMorgan
Chase
4/12/24
MXN
41,638
USD
2,433
66
JPMorgan
Chase
4/12/24
RON
1,606
USD
348
1
JPMorgan
Chase
4/12/24
RON
4,326
USD
942
(3)
JPMorgan
Chase
4/12/24
USD
1,433
HUF
505,339
50
JPMorgan
Chase
4/12/24
USD
35
MXN
610
(2)
JPMorgan
Chase
4/19/24
CHF
2,091
USD
2,397
(73)
JPMorgan
Chase
5/17/24
PLN
28,514
USD
7,095
40
JPMorgan
Chase
5/17/24
RSD
20,021
USD
186
(1)
JPMorgan
Chase
5/24/24
EUR
738
USD
803
(6)
JPMorgan
Chase
6/7/24
THB
61,166
USD
1,686
1
JPMorgan
Chase
6/7/24
THB
54,334
USD
1,545
(47)
JPMorgan
Chase
6/14/24
CNH
26,634
USD
3,719
(39)
JPMorgan
Chase
7/5/24
IDR
2,063,337
USD
130
—
JPMorgan
Chase
9/5/24
EGP
13,684
USD
267
9
Morgan
Stanley
4/5/24
PEN
6,040
USD
1,595
28
Morgan
Stanley
4/5/24
USD
5,667
PEN
21,007
21
Morgan
Stanley
4/5/24
USD
1,745
PEN
6,513
(5)
Morgan
Stanley
4/12/24
CZK
46,150
USD
1,971
(4)
Morgan
Stanley
4/12/24
MXN
75,406
USD
4,379
147
Morgan
Stanley
4/12/24
USD
1,450
ZAR
27,544
(3)
Morgan
Stanley
4/19/24
CHF
1,385
USD
1,581
(42)
Morgan
Stanley
5/24/24
EUR
643
USD
703
(8)
Morgan
Stanley
5/24/24
USD
1,545
EUR
1,422
7
Morgan
Stanley
6/7/24
USD
5,388
COP
21,551,959
(122)
RBC
Dominion
Securities
4/12/24
MXN
56,273
USD
3,281
96
RBC
Dominion
Securities
4/12/24
USD
1,269
MXN
21,085
3
RBC
Dominion
Securities
4/12/24
ZAR
7,307
USD
385
—
Standard
Chartered
4/5/24
IDR
3,338,091
USD
212
(1)
Standard
Chartered
4/5/24
USD
2,215
IDR
34,693,124
28
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)
Standard
Chartered
4/5/24
USD
867
INR
72,294
$
—
Standard
Chartered
4/5/24
USD
1,042
PEN
3,832
12
Standard
Chartered
4/19/24
JPY
119,762
USD
828
(34)
Standard
Chartered
4/19/24
USD
1,612
JPY
240,538
18
Standard
Chartered
4/24/24
EGP
15,292
USD
364
(43)
Standard
Chartered
5/3/24
USD
353
HKD
2,760
—
State
Street
4/12/24
MXN
116,335
USD
7,021
(39)
State
Street
4/12/24
USD
2,651
MXN
44,847
(41)
State
Street
4/12/24
USD
507
ZAR
9,542
4
State
Street
4/12/24
ZAR
7,715
USD
411
(5)
State
Street
4/19/24
USD
5,680
JPY
812,097
298
State
Street
5/24/24
USD
11,106
EUR
10,269
3
UBS
Investment
Bank
4/5/24
USD
2,475
IDR
38,581,792
43
UBS
Investment
Bank
4/12/24
HUF
325,472
USD
931
(40)
UBS
Investment
Bank
4/12/24
USD
2,274
CZK
52,490
36
UBS
Investment
Bank
4/12/24
ZAR
16,387
USD
851
13
UBS
Investment
Bank
4/19/24
CHF
2,030
USD
2,362
(106)
UBS
Investment
Bank
4/19/24
JPY
232,924
USD
1,585
(42)
UBS
Investment
Bank
4/19/24
USD
3,216
CHF
2,720
193
UBS
Investment
Bank
5/10/24
CLP
4,243,853
USD
4,470
(144)
UBS
Investment
Bank
5/17/24
PLN
1,745
USD
437
(1)
UBS
Investment
Bank
6/7/24
THB
80,354
USD
2,243
(28)
UBS
Investment
Bank
6/7/24
USD
1,774
COP
7,088,518
(38)
Wells
Fargo
4/5/24
PEN
11,840
USD
3,174
8
Wells
Fargo
4/5/24
PEN
11,840
USD
3,199
(16)
Wells
Fargo
4/19/24
JPY
123,261
USD
844
(27)
Wells
Fargo
5/10/24
CLP
5,016,850
USD
5,307
(193)
Wells
Fargo
6/7/24
USD
1,778
COP
7,160,119
(53)
Wells
Fargo
7/5/24
USD
3,194
PEN
11,840
17
Wells
Fargo
7/5/24
USD
3,170
PEN
11,840
(8)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(581)
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
19
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
7
Euro
BUND
contracts
6/24
1,007
$
1
Short,
80
Mini
ten
year
JGB
contracts
6/24
(7,700)
(11)
Long,
21
U.S.
Treasury
Notes
five
year
contracts
6/24
2,247
(4)
Short,
16
Ultra
U.S.
Treasury
Bonds
contracts
6/24
(2,064)
(13)
Net
payments
(receipts)
of
variation
margin
to
date
17
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(10)
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,
2024.
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,
5.39%
$
—#
$
—
$
136+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
13,565
¤
¤
$
10,073^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$136
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
$10,073.
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)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
22
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
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.
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
23
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,
2024
(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
$
—
$
282,751
$
—
$
282,751
Private
Investment
Company
2
—
—
—
353
Short-Term
Investments
10,073
—
—
10,073
Options
Purchased
—
91
—
91
Total
Securities
10,073
282,842
—
293,268
Swaps*
—
510
—
510
Forward
Currency
Exchange
Contracts
—
2,318
—
2,318
Futures
Contracts*
1
—
—
1
Total
$
10,074
$
285,670
$
—
$
296,097
Liabilities
Swaps*
$
—
$
410
$
—
$
410
Forward
Currency
Exchange
Contracts
—
2,899
—
2,899
Futures
Contracts*
28
—
—
28
Total
$
28
$
3,309
$
—
$
3,337
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
share
(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
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics 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.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
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
03/24