T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
March
31,
2024
(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)
145,000
152
Republic
of
Albania,
3.50%,
11/23/31
(EUR) (1)
17,725,000
17,228
Republic
of
Albania,
3.50%,
11/23/31
(EUR)
22,200,000
21,578
Republic
of
Albania,
5.90%,
6/9/28
(EUR) (1)
12,680,000
14,083
Republic
of
Albania,
5.90%,
6/9/28
(EUR)
1,696,000
1,884
Total
Albania
(Cost
$54,463
)
54,925
ANGOLA
3.4%
Government
Bonds
3.4%
Republic
of
Angola,
8.00%,
11/26/29
(USD)
64,455,000
60,189
Republic
of
Angola,
8.25%,
5/9/28
(USD)
48,105,000
46,446
Republic
of
Angola,
8.75%,
4/14/32
(USD) (1)
360,000
332
Republic
of
Angola,
8.75%,
4/14/32
(USD)
7,240,000
6,673
Republic
of
Angola,
9.125%,
11/26/49
(USD)
14,900,000
12,648
Republic
of
Angola,
9.375%,
5/8/48
(USD)
5,550,000
4,803
Republic
of
Angola,
9.50%,
11/12/25
(USD)
5,535,000
5,645
Total
Angola
(Cost
$132,827
)
136,736
ARGENTINA
1.4%
Government
Bonds
1.4%
Republic
of
Argentina,
STEP,
0.75%,
7/9/30
(USD)
33,000,000
17,368
Republic
of
Argentina,
STEP,
3.625%,
7/9/35
(USD)
50,292,679
20,976
Republic
of
Argentina,
STEP,
4.25%,
1/9/38
(USD)
43,680,279
20,346
Total
Argentina
(Cost
$57,922
)
58,690
BAHAMAS
0.7%
Government
Bonds
0.7%
Commonwealth
of
Bahamas,
6.00%,
11/21/28
(USD) (1)
23,325,000
21,155
Commonwealth
of
Bahamas,
6.00%,
11/21/28
(USD)
7,075,000
6,417
Total
Bahamas
(Cost
$30,106
)
27,572
BAHRAIN
1.7%
Government
Bonds
1.7%
Kingdom
of
Bahrain,
5.625%,
5/18/34
(USD) (1)
8,708,000
7,867
Kingdom
of
Bahrain,
6.75%,
9/20/29
(USD)
23,060,000
23,329
Kingdom
of
Bahrain,
7.00%,
10/12/28
(USD)
24,120,000
24,875
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)
13,000,000
12,488
Total
Bahrain
(Cost
$72,605
)
68,559
BARBADOS
0.3%
Government
Bonds
0.3%
Government
of
Barbados,
6.50%,
10/1/29
(USD) (1)
14,111,235
13,427
Total
Barbados
(Cost
$13,731
)
13,427
BERMUDA
0.5%
Government
Bonds
0.5%
Government
of
Bermuda,
5.00%,
7/15/32
(USD)
19,600,000
18,904
Total
Bermuda
(Cost
$19,456
)
18,904
BRAZIL
3.5%
Corporate
Bonds
1.9%
Banco
do
Brasil,
6.00%,
3/18/31
(USD) (1)
6,820,000
6,863
Braskem
Netherlands
Finance,
7.25%,
2/13/33
(USD) (1)
9,755,000
9,390
Braskem
Netherlands
Finance,
8.50%,
1/12/31
(USD) (1)
5,480,000
5,686
Cosan
Luxembourg,
7.25%,
6/27/31
(USD) (1)
8,340,000
8,523
Cosan
Overseas,
8.25%
(USD) (2)
6,085,000
6,233
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD)
28,650,000
25,085
Globo
Comunicacao
e
Participacoes,
5.50%,
1/14/32
(USD) (1)
7,645,000
6,646
Globo
Comunicacao
e
Participacoes,
5.50%,
1/14/32
(USD)
8,220,000
7,145
75,571
Government
Bonds
1.6%
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/29
31,475,000
6,142
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/31
164,577,000
31,583
Republic
of
Brazil,
5.00%,
1/27/45
(USD)
9,058,000
7,257
Republic
of
Brazil,
6.125%,
3/15/34
(USD)
11,180,000
11,076
Republic
of
Brazil,
6.25%,
3/18/31
(USD)
7,325,000
7,476
Republic
of
Brazil,
7.125%,
5/13/54
(USD)
3,540,000
3,570
67,104
Total
Brazil
(Cost
$142,659
)
142,675
BULGARIA
0.5%
Government
Bonds
0.5%
Republic
of
Bulgaria,
4.50%,
1/27/33
(EUR) (1)
14,980,000
17,218
Republic
of
Bulgaria,
4.875%,
5/13/36
(EUR)
2,275,000
2,673
Total
Bulgaria
(Cost
$18,160
)
19,891
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
CHILE
2.9%
Corporate
Bonds
2.6%
AES
Andes,
VR,
6.35%,
10/7/79
(USD) (1)(3)
7,366,000
7,191
AES
Andes,
VR,
7.125%,
3/26/79
(USD) (1)(3)
12,974,000
12,855
Agrosuper,
4.60%,
1/20/32
(USD) (1)
13,900,000
12,018
Banco
Santander
Chile,
3.177%,
10/26/31
(USD) (1)
16,850,000
14,710
Celulosa
Arauco
y
Constitucion,
4.20%,
1/29/30
(USD) (1)
11,200,000
10,256
Celulosa
Arauco
y
Constitucion,
5.15%,
1/29/50
(USD)
10,677,000
8,727
Corp
Nacional
del
Cobre
de
Chile,
3.15%,
1/14/30
(USD) (1)
4,995,000
4,432
Corp
Nacional
del
Cobre
de
Chile,
3.70%,
1/30/50
(USD) (1)
6,350,000
4,397
Corp
Nacional
del
Cobre
de
Chile,
5.125%,
2/2/33
(USD) (1)
5,670,000
5,412
Corp.
Nacional
del
Cobre
de
Chile,
6.44%,
1/26/36
(USD) (1)
5,810,000
6,003
Empresa
de
los
Ferrocarriles
del
Estado,
3.068%,
8/18/50
(USD)
12,990,000
7,878
Empresa
de
Transporte
de
Pasajeros
Metro,
3.693%,
9/13/61
(USD) (1)
4,025,000
2,706
Empresa
de
Transporte
de
Pasajeros
Metro,
4.70%,
5/7/50
(USD) (1)
13,055,000
10,850
107,435
Government
Bonds
0.3%
Republic
of
Chile,
3.25%,
9/21/71
(USD)
11,500,000
7,285
Republic
of
Chile,
3.50%,
1/31/34
(USD)
3,080,000
2,704
9,989
Total
Chile
(Cost
$134,922
)
117,424
CHINA
1.4%
Government
Bonds
1.4%
People's
Republic
of
China,
Series
INBK,
2.62%,
6/25/30
126,500,000
17,764
People's
Republic
of
China,
Series
INBK,
3.27%,
11/19/30
41,800,000
6,125
People's
Republic
of
China,
Series
1916,
3.12%,
12/5/26
235,000,000
33,425
Total
China
(Cost
$60,339
)
57,314
COLOMBIA
3.7%
Corporate
Bonds
1.1%
Banco
Davivienda,
VR,
6.65%
(USD) (1)(2)(3)
3,920,000
2,759
Banco
de
Bogota,
4.375%,
8/3/27
(USD)
1,500,000
1,424
Banco
de
Bogota,
6.25%,
5/12/26
(USD)
11,300,000
11,305
Bancolombia,
VR,
4.625%,
12/18/29
(USD) (3)
11,790,000
11,500
Ecopetrol,
6.875%,
4/29/30
(USD)
2,240,000
2,188
Ecopetrol,
8.375%,
1/19/36
(USD)
8,810,000
8,899
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Ecopetrol,
8.875%,
1/13/33
(USD)
4,510,000
4,773
42,848
Government
Bonds
2.5%
Republic
of
Colombia,
3.00%,
1/30/30
(USD)
2,918,000
2,427
Republic
of
Colombia,
3.125%,
4/15/31
(USD)
23,025,000
18,453
Republic
of
Colombia,
4.125%,
5/15/51
(USD)
9,615,000
5,991
Republic
of
Colombia,
4.50%,
3/15/29
(USD)
4,475,000
4,130
Republic
of
Colombia,
5.00%,
6/15/45
(USD)
36,700,000
26,718
Republic
of
Colombia,
5.625%,
2/26/44
(USD)
22,000,000
17,501
Republic
of
Colombia,
6.125%,
1/18/41
(USD)
9,470,000
8,185
Republic
of
Colombia,
8.00%,
11/14/35
(USD)
4,230,000
4,451
Republic
of
Colombia,
8.75%,
11/14/53
(USD)
4,010,000
4,366
Republic
of
Colombia,
Series
B,
7.00%,
3/26/31
49,235,300,000
10,979
103,201
Private
Investment
Company
0.1%
Bona
Fide
Investments
Feeder
LLC,
Acquisition
date:
6/1/22,
Cost $—
(USD) (4)(5)
†
308
Bona
Fide
Investments
Feeder
LLC,
Acquisition
date:
6/7/23,
Cost $3,312
(USD) (4)(5)
†
4,430
4,738
Total
Colombia
(Cost
$161,409
)
150,787
COSTA
RICA
1.0%
Government
Bonds
1.0%
Republic
of
Costa
Rica,
5.625%,
4/30/43
(USD)
9,500,000
8,603
Republic
of
Costa
Rica,
6.125%,
2/19/31
(USD)
1,500,000
1,523
Republic
of
Costa
Rica,
7.00%,
4/4/44
(USD)
1,650,000
1,714
Republic
of
Costa
Rica,
7.30%,
11/13/54
(USD) (1)
26,605,000
28,303
Total
Costa
Rica
(Cost
$37,817
)
40,143
DOMINICAN
REPUBLIC
3.0%
Government
Bonds
3.0%
Dominican
Republic,
4.50%,
1/30/30
(USD) (1)
5,335,000
4,875
Dominican
Republic,
4.875%,
9/23/32
(USD) (1)
54,595,000
49,041
Dominican
Republic,
4.875%,
9/23/32
(USD)
33,100,000
29,733
Dominican
Republic,
5.50%,
2/22/29
(USD) (1)
7,345,000
7,149
Dominican
Republic,
5.875%,
1/30/60
(USD)
8,204,000
6,996
Dominican
Republic,
6.85%,
1/27/45
(USD)
24,265,000
24,102
Dominican
Republic,
7.05%,
2/3/31
(USD) (1)
1,950,000
2,022
Total
Dominican
Republic
(Cost
$122,978
)
123,918
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
ECUADOR
1.2%
Government
Bonds
1.2%
Republic
of
Ecuador,
STEP,
3.50%,
7/31/35
(USD) (1)
4,003,728
2,118
Republic
of
Ecuador,
STEP,
3.50%,
7/31/35
(USD)
7,300,000
3,861
Republic
of
Ecuador,
STEP,
6.00%,
7/31/30
(USD) (1)
56,490,750
38,450
Republic
of
Ecuador,
Zero
Coupon,
7/31/30
(USD) (1)
7,889,978
3,917
Total
Ecuador
(Cost
$54,887
)
48,346
EGYPT
3.2%
Government
Bonds
3.2%
Arab
Republic
of
Egypt,
5.80%,
9/30/27
(USD)
15,279,000
13,824
Arab
Republic
of
Egypt,
5.875%,
2/16/31
(USD)
4,800,000
3,852
Arab
Republic
of
Egypt,
6.588%,
2/21/28
(USD)
2,055,000
1,881
Arab
Republic
of
Egypt,
7.50%,
1/31/27
(USD)
13,222,000
12,764
Arab
Republic
of
Egypt,
7.50%,
2/16/61
(USD)
8,875,000
6,397
Arab
Republic
of
Egypt,
7.60%,
3/1/29
(USD)
12,975,000
11,990
Arab
Republic
of
Egypt,
7.625%,
5/29/32
(USD)
11,096,000
9,477
Arab
Republic
of
Egypt,
8.50%,
1/31/47
(USD) (1)
21,240,000
16,904
Arab
Republic
of
Egypt,
8.50%,
1/31/47
(USD)
46,396,000
36,925
Arab
Republic
of
Egypt,
Treasury
Bills,
Series
364D,
24.998%,
6/25/24
14,000,000
280
Arab
Republic
of
Egypt,
Treasury
Bills,
Series
364D,
29.75%,
6/11/24
743,950,000
14,992
Total
Egypt
(Cost
$132,082
)
129,286
EL
SALVADOR
0.7%
Government
Bonds
0.7%
Republic
of
El
Salvador,
5.875%,
1/30/25
(USD)
9,230,000
8,874
Republic
of
El
Salvador,
6.375%,
1/18/27
(USD)
950,000
830
Republic
of
El
Salvador,
7.65%,
6/15/35
(USD)
26,556,000
20,267
Total
El
Salvador
(Cost
$27,473
)
29,971
GHANA
0.6%
Corporate
Bonds
0.2%
Kosmos
Energy,
7.125%,
4/4/26
(USD)
7,900,000
7,780
7,780
Government
Bonds
0.4%
Republic
of
Ghana,
6.375%,
2/11/27
(USD) (6)
15,795,000
8,147
Republic
of
Ghana,
8.125%,
1/18/26
(USD) (6)
4,530,000
2,399
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)(6)
1,450,000
734
Republic
of
Ghana,
10.75%,
10/14/30
(USD)
8,510,000
5,818
17,098
Total
Ghana
(Cost
$25,072
)
24,878
GRENADA
0.0%
Government
Bonds
0.0%
Government
of
Grenada,
7.00%,
5/12/30
(USD)
1,856,239
1,736
Total
Grenada
(Cost
$1,692
)
1,736
GUATEMALA
1.7%
Government
Bonds
1.7%
Republic
of
Guatemala,
4.50%,
5/3/26
(USD) (1)
1,475,000
1,438
Republic
of
Guatemala,
4.875%,
2/13/28
(USD)
9,000,000
8,701
Republic
of
Guatemala,
4.90%,
6/1/30
(USD) (1)
1,813,000
1,734
Republic
of
Guatemala,
4.90%,
6/1/30
(USD)
6,435,000
6,155
Republic
of
Guatemala,
5.25%,
8/10/29
(USD) (1)
6,850,000
6,646
Republic
of
Guatemala,
5.375%,
4/24/32
(USD)
7,720,000
7,432
Republic
of
Guatemala,
6.60%,
6/13/36
(USD) (1)
29,447,000
30,167
Republic
of
Guatemala,
7.05%,
10/4/32
(USD) (1)
8,150,000
8,664
Total
Guatemala
(Cost
$72,182
)
70,937
INDIA
3.0%
Corporate
Bonds
0.8%
ABJA
Investment,
5.45%,
1/24/28
(USD)
2,584,000
2,582
Greenko
Power
II,
4.30%,
12/13/28
(USD)
10,980,000
10,090
Reliance
Industries,
2.875%,
1/12/32
(USD)
13,000,000
11,056
State
Bank
of
India,
5.00%,
1/17/29
(USD)
9,860,000
9,783
33,511
Government
Bonds
2.2%
Export-Import
Bank
of
India,
2.25%,
1/13/31
(USD) (1)
6,540,000
5,410
Export-Import
Bank
of
India,
2.25%,
1/13/31
(USD)
15,650,000
12,947
Export-Import
Bank
of
India,
3.25%,
1/15/30
(USD)
69,155,000
62,122
Republic
of
India,
7.18%,
8/14/33
821,000,000
9,929
90,408
Total
India
(Cost
$132,405
)
123,919
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
INDONESIA
6.1%
Corporate
Bonds
1.2%
Bank
Negara
Indonesia
Persero,
3.75%,
3/30/26
(USD)
8,047,000
7,691
Minejesa
Capital,
5.625%,
8/10/37
(USD)
22,250,000
20,260
Pertamina
Persero,
5.625%,
5/20/43
(USD)
9,776,000
9,621
Perusahaan
Listrik
Negara,
3.875%,
7/17/29
(USD) (1)
4,730,000
4,409
Perusahaan
Listrik
Negara,
6.15%,
5/21/48
(USD)
9,300,000
9,423
51,404
Government
Bonds
4.9%
Perusahaan
Penerbit,
2.80%,
6/23/30
(USD)
31,150,000
27,569
Perusahaan
Penerbit,
4.15%,
3/29/27
(USD)
13,335,000
13,046
Perusahaan
Penerbit,
4.40%,
3/1/28
(USD)
200,000
197
Perusahaan
Penerbit,
4.45%,
2/20/29
(USD)
2,761,000
2,706
Perusahaan
Penerbit,
4.55%,
3/29/26
(USD)
37,670,000
37,460
Republic
of
Indonesia,
3.50%,
1/11/28
(USD)
3,412,000
3,241
Republic
of
Indonesia,
4.55%,
1/11/28
(USD)
3,600,000
3,552
Republic
of
Indonesia,
4.625%,
4/15/43
(USD)
45,480,000
42,626
Republic
of
Indonesia,
5.25%,
1/17/42
(USD)
21,720,000
21,774
Republic
of
Indonesia,
Series
FR64,
6.125%,
5/15/28
392,306,000,000
24,385
Republic
of
Indonesia,
Series
FR96,
7.00%,
2/15/33
349,793,000,000
22,549
199,105
Total
Indonesia
(Cost
$273,725
)
250,509
IRAQ
0.0%
Government
Bonds
0.0%
Republic
of
Iraq,
5.80%,
1/15/28
(USD)
500,000
472
Total
Iraq
(Cost
$463
)
472
ISRAEL
0.4%
Corporate
Bonds
0.4%
Leviathan
Bond,
6.125%,
6/30/25
(USD) (1)
15,800,000
15,563
Total
Israel
(Cost
$15,614
)
15,563
IVORY
COAST
2.7%
Government
Bonds
2.7%
Republic
of
Ivory
Coast,
4.875%,
1/30/32
(EUR)
8,750,000
8,160
Republic
of
Ivory
Coast,
6.125%,
6/15/33
(USD)
75,050,000
67,865
Republic
of
Ivory
Coast,
6.625%,
3/22/48
(EUR)
24,185,000
21,333
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Ivory
Coast,
7.625%,
1/30/33
(USD) (1)
14,610,000
14,523
Total
Ivory
Coast
(Cost
$110,237
)
111,881
JAMAICA
0.6%
Corporate
Bonds
0.2%
TransJamaican
Highway,
5.75%,
10/10/36
(USD) (1)
6,564,554
5,822
TransJamaican
Highway,
5.75%,
10/10/36
(USD)
2,628,545
2,331
8,153
Government
Bonds
0.4%
Government
of
Jamaica,
7.875%,
7/28/45
(USD)
1,475,000
1,739
Government
of
Jamaica,
8.00%,
3/15/39
(USD)
12,930,000
15,385
17,124
Total
Jamaica
(Cost
$27,770
)
25,277
JORDAN
2.0%
Government
Bonds
2.0%
Kingdom
of
Jordan,
5.85%,
7/7/30
(USD)
56,800,000
52,399
Kingdom
of
Jordan,
7.50%,
1/13/29
(USD) (1)
19,830,000
19,830
Kingdom
of
Jordan,
7.75%,
1/15/28
(USD) (1)
9,140,000
9,286
Total
Jordan
(Cost
$88,551
)
81,515
KAZAKHSTAN
0.4%
Corporate
Bonds
0.4%
KazMunayGas
National,
5.75%,
4/19/47
(USD)
16,645,000
14,500
Total
Kazakhstan
(Cost
$15,435
)
14,500
KENYA
1.4%
Government
Bonds
1.4%
Republic
of
Kenya,
7.25%,
2/28/28
(USD)
41,614,000
39,821
Republic
of
Kenya,
8.00%,
5/22/32
(USD)
400,000
376
Republic
of
Kenya,
8.25%,
2/28/48
(USD) (1)
600,000
518
Republic
of
Kenya,
9.75%,
2/16/31
(USD) (1)
14,960,000
15,362
Republic
of
Kenya,
Series
8.5Y,
18.461%,
8/9/32
55,500,000
440
Total
Kenya
(Cost
$53,343
)
56,517
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
9
Par/Shares
$
Value
(Cost
and
value
in
$000s)
KUWAIT
0.2%
Corporate
Bonds
0.2%
MEGlobal
Canada,
5.875%,
5/18/30
(USD)
9,500,000
9,603
Total
Kuwait
(Cost
$10,581
)
9,603
MALAYSIA
0.8%
Government
Bonds
0.8%
Government
of
Malaysia,
Series
0318,
4.642%,
11/7/33
69,052,000
15,498
Government
of
Malaysia,
Series
0419,
3.828%,
7/5/34
75,003,000
15,804
Total
Malaysia
(Cost
$31,681
)
31,302
MAURITIUS
0.0%
Corporate
Bonds
0.0%
Axian
Telecom,
7.375%,
2/16/27
(USD)
500,000
486
Total
Mauritius
(Cost
$458
)
486
MEXICO
8.3%
Corporate
Bonds
2.4%
Banco
Mercantil
del
Norte,
VR,
7.625%
(USD) (2)(3)
9,000,000
9,015
Banco
Mercantil
del
Norte,
VR,
8.375%
(USD) (2)(3)
3,975,000
4,082
BBVA
Bancomer,
VR,
5.125%,
1/18/33
(USD) (3)
12,870,000
11,969
BBVA
Bancomer,
VR,
5.875%,
9/13/34
(USD) (3)
10,090,000
9,555
BBVA
Bancomer,
VR,
8.125%,
1/8/39
(USD) (1)(3)
6,170,000
6,397
BBVA
Bancomer,
VR,
8.45%,
6/29/38
(USD) (1)(3)
17,930,000
18,945
Cemex,
5.45%,
11/19/29
(USD)
7,600,000
7,490
Cemex,
VR,
9.125%
(USD) (2)(3)
5,850,000
6,359
Cometa
Energia,
6.375%,
4/24/35
(USD) (1)
9,182,900
9,263
Industrias
Penoles,
4.75%,
8/6/50
(USD) (1)
2,990,000
2,340
Infraestructura
Energetica
Nova,
4.75%,
1/15/51
(USD)
10,400,000
8,066
Infraestructura
Energetica
Nova,
4.875%,
1/14/48
(USD) (1)
5,958,000
4,652
98,133
Government
Bonds
5.9%
Petroleos
Mexicanos,
4.50%,
1/23/26
(USD)
37,150,000
34,851
Petroleos
Mexicanos,
6.50%,
3/13/27
(USD)
24,330,000
22,934
Petroleos
Mexicanos,
6.50%,
6/2/41
(USD)
58,473,000
39,745
Petroleos
Mexicanos,
8.75%,
6/2/29
(USD)
31,845,000
31,076
Petroleos
Mexicanos,
10.00%,
2/7/33
(USD)
12,775,000
12,731
Petroleos
Mexicanos,
Series
13-2,
7.19%,
9/12/24
42,400,000
2,481
United
Mexican
States,
6.00%,
5/7/36
(USD)
18,180,000
18,258
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
10
Par/Shares
$
Value
(Cost
and
value
in
$000s)
United
Mexican
States,
6.35%,
2/9/35
(USD)
18,880,000
19,511
United
Mexican
States,
Series
M,
7.75%,
5/29/31
1,058,167,000
58,549
240,136
Total
Mexico
(Cost
$353,079
)
338,269
MONGOLIA
0.0%
Government
Bonds
0.0%
State
of
Mongolia,
4.45%,
7/7/31
(USD)
675,000
573
State
of
Mongolia,
5.125%,
4/7/26
(USD)
375,000
363
Total
Mongolia
(Cost
$936
)
936
MONTENEGRO
0.7%
Government
Bonds
0.7%
Republic
of
Montenegro,
7.25%,
3/12/31
(USD) (1)
26,206,000
26,700
Total
Montenegro
(Cost
$26,349
)
26,700
MOROCCO
1.5%
Corporate
Bonds
0.0%
OCP,
5.125%,
6/23/51
(USD)
325,000
246
Vivo
Energy
Investments,
5.125%,
9/24/27
(USD) (1)
220,000
209
455
Government
Bonds
1.5%
Kingdom
of
Morocco,
3.00%,
12/15/32
(USD) (1)
16,275,000
13,105
Kingdom
of
Morocco,
3.00%,
12/15/32
(USD)
12,195,000
9,820
Kingdom
of
Morocco,
4.00%,
12/15/50
(USD)
39,125,000
26,803
Kingdom
of
Morocco,
6.50%,
9/8/33
(USD) (1)
11,740,000
12,151
61,879
Total
Morocco
(Cost
$66,007
)
62,334
NIGERIA
0.9%
Government
Bonds
0.9%
Republic
of
Nigeria,
6.125%,
9/28/28
(USD)
825,000
749
Republic
of
Nigeria,
6.50%,
11/28/27
(USD) (1)
480,000
452
Republic
of
Nigeria,
7.143%,
2/23/30
(USD) (1)
1,600,000
1,457
Republic
of
Nigeria,
7.143%,
2/23/30
(USD)
2,500,000
2,277
Republic
of
Nigeria,
7.625%,
11/28/47
(USD) (1)
400,000
312
Republic
of
Nigeria,
7.875%,
2/16/32
(USD)
31,990,000
29,051
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
11
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Nigeria,Treasury
Bill,
Series
364D,
18.322%,
11/7/24
487,500,000
336
Total
Nigeria
(Cost
$29,281
)
34,634
NORTH
MACEDONIA
0.0%
Government
Bonds
0.0%
Republic
of
North
Macedonia,
6.96%,
3/13/27
(EUR) (1)
345,000
390
Total
North
Macedonia
(Cost
$366
)
390
OMAN
3.7%
Corporate
Bonds
0.7%
Lamar
Funding,
3.958%,
5/7/25
(USD)
12,525,000
12,228
Oryx
Funding,
5.80%,
2/3/31
(USD)
12,425,000
12,481
Oztel
Holdings,
6.625%,
4/24/28
(USD)
4,629,000
4,770
29,479
Government
Bonds
3.0%
Sultanate
of
Oman,
4.75%,
6/15/26
(USD) (1)
18,180,000
17,890
Sultanate
of
Oman,
4.75%,
6/15/26
(USD)
27,055,000
26,623
Sultanate
of
Oman,
5.375%,
3/8/27
(USD)
4,400,000
4,386
Sultanate
of
Oman,
5.625%,
1/17/28
(USD)
8,100,000
8,147
Sultanate
of
Oman,
6.50%,
3/8/47
(USD)
20,210,000
20,456
Sultanate
of
Oman,
6.75%,
10/28/27
(USD) (1)
14,500,000
15,102
Sultanate
of
Oman,
6.75%,
10/28/27
(USD)
7,500,000
7,812
Sultanate
of
Oman,
6.75%,
1/17/48
(USD)
13,600,000
13,954
Sultanate
of
Oman,
7.00%,
1/25/51
(USD) (1)
6,520,000
6,879
121,249
Total
Oman
(Cost
$149,908
)
150,728
PAKISTAN
0.4%
Government
Bonds
0.4%
Islamic
Republic
of
Pakistan,
7.875%,
3/31/36
(USD)
16,731,000
12,914
Islamic
Republic
of
Pakistan,
8.25%,
4/15/24
(USD)
950,000
946
Islamic
Republic
of
Pakistan,
8.25%,
9/30/25
(USD)
475,000
448
Total
Pakistan
(Cost
$18,792
)
14,308
PANAMA
3.6%
Corporate
Bonds
0.5%
Aeropuerto
Internacional
de
Tocumen,
4.00%,
8/11/41
(USD) (1)
5,920,000
4,354
Banco
General,
VR,
5.25%
(USD) (1)(2)(3)
6,420,000
5,486
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
12
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Banco
Nacional
de
Panama,
2.50%,
8/11/30
(USD) (1)
13,190,000
10,361
20,201
Government
Bonds
3.1%
Republic
of
Panama,
2.252%,
9/29/32
(USD)
44,800,000
32,097
Republic
of
Panama,
4.50%,
4/16/50
(USD)
550,000
373
Republic
of
Panama,
4.50%,
1/19/63
(USD)
17,370,000
11,174
Republic
of
Panama,
6.40%,
2/14/35
(USD)
68,520,000
64,877
Republic
of
Panama,
6.875%,
1/31/36
(USD)
6,200,000
6,060
Republic
of
Panama,
7.50%,
3/1/31
(USD)
330,000
343
Republic
of
Panama,
7.875%,
3/1/57
(USD)
9,000,000
9,117
Republic
of
Panama,
8.00%,
3/1/38
(USD)
4,170,000
4,379
128,420
Total
Panama
(Cost
$168,153
)
148,621
PARAGUAY
1.4%
Corporate
Bonds
0.3%
Telefonica
Celular
del
Paraguay,
5.875%,
4/15/27
(USD) (1)
11,535,000
11,220
11,220
Government
Bonds
1.1%
Republic
of
Paraguay,
2.739%,
1/29/33
(USD) (1)
5,653,000
4,603
Republic
of
Paraguay,
4.95%,
4/28/31
(USD) (1)
9,290,000
8,960
Republic
of
Paraguay,
4.95%,
4/28/31
(USD)
225,000
217
Republic
of
Paraguay,
5.40%,
3/30/50
(USD) (1)
2,085,000
1,838
Republic
of
Paraguay,
5.40%,
3/30/50
(USD)
24,949,000
22,000
Republic
of
Paraguay,
5.60%,
3/13/48
(USD)
5,490,000
4,996
Republic
of
Paraguay,
5.85%,
8/21/33
(USD) (1)
430,000
431
Republic
of
Paraguay,
6.00%,
2/9/36
(USD) (1)
2,870,000
2,911
Republic
of
Paraguay,
6.10%,
8/11/44
(USD)
1,000,000
973
46,929
Total
Paraguay
(Cost
$66,399
)
58,149
PERU
0.9%
Corporate
Bonds
0.2%
Consorcio
Transmantaro,
4.70%,
4/16/34
(USD) (1)
3,315,000
3,128
Lima
Metro
Line
2
Finance,
5.875%,
7/5/34
(USD)
3,406,701
3,382
6,510
Government
Bonds
0.7%
Republic
of
Peru,
2.78%,
12/1/60
(USD)
27,465,000
15,902
Republic
of
Peru,
3.30%,
3/11/41
(USD)
4,850,000
3,650
Republic
of
Peru,
3.55%,
3/10/51
(USD)
6,035,000
4,383
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
13
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Peru,
6.15%,
8/12/32
25,200,000
6,369
30,304
Total
Peru
(Cost
$47,762
)
36,814
PHILIPPINES
1.7%
Corporate
Bonds
1.1%
Globe
Telecom,
2.50%,
7/23/30
(USD)
6,800,000
5,701
Globe
Telecom,
3.00%,
7/23/35
(USD)
11,750,000
9,208
International
Container
Terminal
Services,
4.75%,
6/17/30
(USD)
14,100,000
13,688
Manila
Water,
4.375%,
7/30/30
(USD)
15,350,000
14,430
43,027
Government
Bonds
0.6%
Republic
of
Philippines,
2.65%,
12/10/45
(USD)
35,000,000
23,282
Republic
of
Philippines,
4.625%,
7/17/28
(USD)
1,240,000
1,226
24,508
Total
Philippines
(Cost
$82,456
)
67,535
POLAND
0.4%
Government
Bonds
0.4%
Republic
of
Poland,
3.875%,
2/14/33
(EUR)
8,700,000
9,723
Republic
of
Poland,
5.50%,
4/4/53
(USD)
5,790,000
5,784
Total
Poland
(Cost
$14,974
)
15,507
QATAR
2.3%
Corporate
Bonds
1.1%
Ooredoo
International
Finance,
2.625%,
4/8/31
(USD) (1)
8,200,000
7,059
QatarEnergy,
2.25%,
7/12/31
(USD) (1)
12,615,000
10,593
QatarEnergy,
2.25%,
7/12/31
(USD)
13,800,000
11,588
QatarEnergy,
3.125%,
7/12/41
(USD) (1)
18,715,000
14,002
43,242
Government
Bonds
1.2%
State
of
Qatar,
4.40%,
4/16/50
(USD) (1)
11,820,000
10,464
State
of
Qatar,
4.40%,
4/16/50
(USD)
3,200,000
2,833
State
of
Qatar,
4.817%,
3/14/49
(USD)
37,300,000
35,032
48,329
Total
Qatar
(Cost
$118,864
)
91,571
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
14
Par/Shares
$
Value
(Cost
and
value
in
$000s)
ROMANIA
1.9%
Corporate
Bonds
0.4%
Banca
Transilvania,
VR,
8.875%,
4/27/27
(EUR) (3)
13,477,000
15,438
15,438
Government
Bonds
1.5%
Republic
of
Romania,
2.625%,
12/2/40
(EUR)
3,400,000
2,512
Republic
of
Romania,
2.875%,
4/13/42
(EUR) (1)
6,965,000
5,162
Republic
of
Romania,
4.00%,
2/14/51
(USD) (1)
5,684,000
4,038
Republic
of
Romania,
4.00%,
2/14/51
(USD)
35,000,000
24,868
Republic
of
Romania,
5.50%,
9/18/28
(EUR)
16,380,000
18,254
Republic
of
Romania,
6.375%,
1/30/34
(USD) (1)
8,248,000
8,379
63,213
Total
Romania
(Cost
$93,049
)
78,651
SAUDI
ARABIA
2.5%
Corporate
Bonds
0.5%
Gaci
First
Investment,
5.125%,
2/14/53
(USD)
21,446,000
18,626
18,626
Government
Bonds
2.0%
Kingdom
of
Saudi
Arabia,
2.75%,
2/3/32
(USD)
1,900,000
1,637
Kingdom
of
Saudi
Arabia,
3.75%,
1/21/55
(USD)
5,850,000
4,231
Kingdom
of
Saudi
Arabia,
4.75%,
1/16/30
(USD) (1)
12,670,000
12,588
Kingdom
of
Saudi
Arabia,
4.875%,
7/18/33
(USD)
5,800,000
5,774
Kingdom
of
Saudi
Arabia,
5.00%,
4/17/49
(USD)
14,550,000
13,275
KSA
Sukuk,
2.969%,
10/29/29
(USD) (1)
3,140,000
2,854
Saudi
Arabian
Oil,
3.50%,
4/16/29
(USD)
9,250,000
8,639
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD)
38,600,000
33,833
82,831
Total
Saudi
Arabia
(Cost
$114,291
)
101,457
SENEGAL
1.0%
Government
Bonds
1.0%
Republic
of
Senegal,
4.75%,
3/13/28
(EUR)
15,000,000
14,620
Republic
of
Senegal,
6.25%,
5/23/33
(USD) (1)
1,300,000
1,112
Republic
of
Senegal,
6.25%,
5/23/33
(USD)
30,030,000
25,671
Total
Senegal
(Cost
$42,273
)
41,403
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
15
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SERBIA
1.8%
Government
Bonds
1.8%
Republic
of
Serbia,
2.125%,
12/1/30
(USD)
57,250,000
45,510
Republic
of
Serbia,
6.25%,
5/26/28
(USD) (1)
11,930,000
12,199
Republic
of
Serbia,
6.50%,
9/26/33
(USD)
17,020,000
17,401
Total
Serbia
(Cost
$81,163
)
75,110
SLOVENIA
0.4%
Corporate
Bonds
0.4%
Nova
Kreditna
Banka
Maribor,
VR,
7.375%,
6/29/26 (3)
15,800,000
17,545
Total
Slovenia
(Cost
$17,535
)
17,545
SOUTH
AFRICA
1.6%
Corporate
Bonds
0.5%
Transnet,
8.25%,
2/6/28
(USD) (1)
11,440,000
11,405
Transnet,
8.25%,
2/6/28
(USD)
8,725,000
8,699
20,104
Government
Bonds
1.1%
Republic
of
South
Africa,
5.65%,
9/27/47
(USD)
19,120,000
13,931
Republic
of
South
Africa,
5.875%,
4/20/32
(USD)
7,175,000
6,476
Republic
of
South
Africa,
6.25%,
3/8/41
(USD)
10,050,000
8,323
Republic
of
South
Africa,
7.30%,
4/20/52
(USD)
9,580,000
8,323
Republic
of
South
Africa,
Series
2035,
8.875%,
2/28/35
224,365,000
9,459
46,512
Total
South
Africa
(Cost
$74,235
)
66,616
SOUTH
KOREA
0.5%
Corporate
Bonds
0.3%
Hanwha
Totalenergies
Petrochemical,
5.50%,
7/18/29
(USD)
10,930,000
10,894
POSCO,
5.75%,
1/17/28
(USD) (1)
2,140,000
2,173
13,067
Government
Bonds
0.2%
Export-Import
Bank
of
Korea,
5.00%,
1/11/28
(USD)
3,840,000
3,879
Export-Import
Bank
of
Korea,
5.125%,
1/11/33
(USD)
1,910,000
1,950
5,829
Total
South
Korea
(Cost
$18,792
)
18,896
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
16
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SRI
LANKA
1.8%
Corporate
Bonds
0.0%
SriLankan
Airlines,
7.00%,
6/25/24
(USD) (4)(6)
1,449,000
1,055
1,055
Government
Bonds
1.8%
Republic
of
Sri
Lanka,
6.125%,
6/3/25
(USD) (4)(6)
2,400,000
1,440
Republic
of
Sri
Lanka,
6.825%,
7/18/26
(USD) (6)
36,575,000
21,943
Republic
of
Sri
Lanka,
6.825%,
7/18/26
(USD) (1)(6)
32,615,000
19,568
Republic
of
Sri
Lanka,
6.85%,
11/3/25
(USD) (4)(6)
48,350,000
29,009
71,960
Total
Sri
Lanka
(Cost
$85,991
)
73,015
SUPRANATIONAL
0.3%
Government
Bonds
0.3%
International
Bank
for
Reconstruction
&
Development,
Zero
Coupon,
3/31/27
(USD)
12,900,000
11,518
Total
Supranational
(Cost
$11,583
)
11,518
SURINAME
0.9%
Government
Bonds
0.9%
Republic
of
Suriname,
7.95%,
7/15/33,
(4.95%
Cash
and
3.00%
PIK)
(USD) (1)(7)
26,561,078
24,404
Republic
of
Suriname,
VR,
9.00%,
12/31/50
(USD) (1)
16,743,000
12,370
Total
Suriname
(Cost
$27,272
)
36,774
TANZANIA
0.3%
Convertible
Bonds
0.1%
HTA
Group,
2.875%,
3/18/27
(USD)
3,000,000
2,660
2,660
Corporate
Bonds
0.2%
HTA
Group,
7.00%,
12/18/25
(USD) (1)
7,967,000
7,964
7,964
Total
Tanzania
(Cost
$11,003
)
10,624
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
17
Par/Shares
$
Value
(Cost
and
value
in
$000s)
THAILAND
0.7%
Corporate
Bonds
0.7%
Bangkok
Bank,
VR,
3.466%,
9/23/36
(USD) (1)(3)
9,490,000
8,013
Thaioil
Treasury
Center,
2.50%,
6/18/30
(USD)
3,000,000
2,536
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD) (1)
5,175,000
3,518
Thaioil
Treasury
Center,
3.50%,
10/17/49
(USD)
21,207,000
14,418
Total
Thailand
(Cost
$32,981
)
28,485
TÜRKIYE
2.9%
Government
Bonds
2.9%
Republic
of
Turkiye,
4.25%,
4/14/26
(USD)
22,840,000
22,084
Republic
of
Turkiye,
4.875%,
10/9/26
(USD)
3,765,000
3,654
Republic
of
Turkiye,
4.875%,
4/16/43
(USD)
21,250,000
14,968
Republic
of
Turkiye,
6.00%,
1/14/41
(USD)
14,120,000
11,658
Republic
of
Turkiye,
6.50%,
9/20/33
(USD)
6,250,000
5,874
Republic
of
Turkiye,
7.625%,
5/15/34
(USD)
12,190,000
12,254
Republic
of
Turkiye,
8.60%,
9/24/27
(USD)
10,300,000
10,928
Republic
of
Turkiye,
9.375%,
3/14/29
(USD)
20,400,000
22,224
Republic
of
Turkiye,
9.375%,
1/19/33
(USD)
10,680,000
11,897
Republic
of
Turkiye,
9.875%,
1/15/28
(USD)
3,260,000
3,596
Total
Türkiye
(Cost
$117,764
)
119,137
UKRAINE
0.3%
Government
Bonds
0.3%
Government
of
Ukraine,
7.375%,
9/25/34
(USD) (6)
39,540,000
11,763
Total
Ukraine
(Cost
$10,891
)
11,763
UNITED
ARAB
EMIRATES
0.8%
Corporate
Bonds
0.8%
DP
World
Crescent,
3.875%,
7/18/29
(USD)
10,600,000
9,955
Emirates
NBD
Bank,
VR,
6.125%
(USD) (2)(3)
10,900,000
10,872
Ruwais
Power,
6.00%,
8/31/36
(USD)
11,795,000
11,852
32,679
Government
Bonds
0.0%
Emirate
of
Dubai,
3.90%,
9/9/50
(USD)
2,330,000
1,728
1,728
Total
United
Arab
Emirates
(Cost
$37,275
)
34,407
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
18
Par/Shares
$
Value
(Cost
and
value
in
$000s)
UNITED
KINGDOM
0.0%
Common
Stocks
0.0%
Mriya
Farming,
Recovery
Certificates,
Acquisition
date:
8/23/18,
Cost $—
(EUR) (4)(5)(8)
3,975,047
21
Total
United
Kingdom
(Cost
$–
)
21
UNITED
STATES
0.5%
Corporate
Bonds
0.5%
Hyundai
Capital
America,
5.60%,
3/30/28 (1)
6,730,000
6,798
LCPR
Senior
Secured
Financing,
5.125%,
7/15/29 (1)
17,835,000
14,892
Total
United
States
(Cost
$24,792
)
21,690
URUGUAY
0.4%
Government
Bonds
0.4%
Oriental
Republic
of
Uruguay,
5.75%,
10/28/34
(USD)
15,120,000
15,982
Total
Uruguay
(Cost
$16,014
)
15,982
UZBEKISTAN
0.0%
Government
Bonds
0.0%
Republic
of
Uzbekistan,
7.85%,
10/12/28
(USD) (1)
1,000,000
1,047
Total
Uzbekistan
(Cost
$990
)
1,047
VENEZUELA
2.2%
Government
Bonds
2.2%
Petroleos
de
Venezuela,
5.375%,
4/12/27
(USD) (4)(6)
43,175,000
4,106
Petroleos
de
Venezuela,
6.00%,
5/16/24
(USD) (4)(6)
76,165,000
7,274
Petroleos
de
Venezuela,
6.00%,
11/15/26
(USD) (4)(6)
8,566,000
821
Petroleos
de
Venezuela,
8.50%,
10/27/20
(USD) (4)(6)
13,761,000
11,120
Petroleos
de
Venezuela,
9.00%,
11/17/21
(USD) (4)(6)
386,635,000
40,597
Petroleos
de
Venezuela,
12.75%,
2/17/22
(USD) (4)(6)
40,163,000
5,081
Republic
of
Venezuela,
6.00%,
12/9/20
(USD) (4)(6)
36,325,000
5,092
Republic
of
Venezuela,
7.75%,
10/13/19
(USD) (4)(6)
57,970,000
8,226
Republic
of
Venezuela,
9.25%,
9/15/27
(USD) (4)(6)
9,000,000
1,627
Republic
of
Venezuela,
11.75%,
10/21/26
(USD) (4)(6)
13,100,000
2,430
Republic
of
Venezuela,
12.75%,
8/23/22
(USD) (4)(6)
8,300,000
1,452
Total
Venezuela
(Cost
$314,168
)
87,826
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
19
Par/Shares
$
Value
(Cost
and
value
in
$000s)
VIETNAM
0.3%
Corporate
Bonds
0.2%
Mong
Duong
Finance
Holdings,
5.125%,
5/7/29
(USD) (1)
6,219,004
5,950
5,950
Government
Bonds
0.1%
Socialist
Republic
of
Vietnam,
4.80%,
11/19/24
(USD)
400,000
397
Socialist
Republic
of
Vietnam,
Series
30YR,
FRN,
6M
USD
LIBOR
+
0.813%,
6.50%,
3/13/28
(USD)
4,750,000
4,594
4,991
Total
Vietnam
(Cost
$11,143
)
10,941
ZAMBIA
0.1%
Government
Bonds
0.1%
Republic
of
Zambia,
5.375%,
9/20/22
(USD) (4)(6)
6,526,000
4,340
Total
Zambia
(Cost
$2,768
)
4,340
SHORT-TERM
INVESTMENTS
0.8%
Money
Market
Funds
0.8%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (9)(10)
34,267,742
34,268
Total
Short-Term
Investments
(Cost
$34,268)
34,268
Total
Investments
in
Securities
98.2%
(Cost
$4,456,612)
$
4,005,675
Other
Assets
Less
Liabilities
1.8%
73,395
Net
Assets
100.0%
$
4,079,070
‡
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
$910,980
and
represents
22.3%
of
net
assets.
(2)
Perpetual
security
with
no
stated
maturity
date.
(3)
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.
(4)
Non-income
producing
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
20
.
.
.
.
.
.
.
.
.
.
(5)
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
$4,759
and
represents
0.1%
of
net
assets.
(6)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(7)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(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
INR
Indian
Rupee
KRW
South
Korean
Won
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
PEN
Peruvian
New
Sol
PIK
Payment-in-kind
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TWD
Taiwan
Dollar
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
21
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
4/5/24
USD
19,359
IDR
307,130,436
$
(2)
Bank
of
America
4/12/24
USD
26,901
MXN
460,671
(748)
Bank
of
America
6/7/24
USD
31,324
MYR
149,386
(76)
Barclays
Bank
4/5/24
USD
19,294
KRW
25,996,216
(12)
Barclays
Bank
6/14/24
USD
68,183
CNH
487,744
784
Barclays
Bank
7/5/24
KRW
25,996,216
USD
19,386
(26)
BNP
Paribas
4/5/24
USD
19,555
KRW
25,994,147
251
BNP
Paribas
5/24/24
EUR
5,326
USD
5,784
(25)
BNP
Paribas
6/4/24
BRL
43,085
USD
8,669
(133)
BNP
Paribas
7/12/24
USD
9,902
ZAR
187,044
114
Citibank
4/5/24
USD
2,832
INR
236,044
2
Citibank
5/24/24
EUR
3,040
USD
3,318
(30)
Deutsche
Bank
4/5/24
IDR
766,332,262
USD
48,469
(160)
Deutsche
Bank
4/5/24
USD
20,468
IDR
318,820,156
369
Deutsche
Bank
4/5/24
USD
7,170
INR
598,328
(3)
Deutsche
Bank
7/5/24
USD
48,340
IDR
766,332,262
189
Goldman
Sachs
4/3/24
TWD
606,816
USD
19,061
(98)
Goldman
Sachs
4/5/24
USD
28,286
IDR
439,565,778
576
Goldman
Sachs
5/24/24
EUR
4,423
USD
4,795
(12)
Goldman
Sachs
6/4/24
USD
37,582
BRL
189,389
60
Goldman
Sachs
7/5/24
USD
19,175
TWD
606,816
112
HSBC
Bank
4/3/24
USD
19,541
TWD
606,816
579
HSBC
Bank
4/5/24
IDR
299,184,108
USD
19,167
(307)
HSBC
Bank
4/5/24
INR
782,697
USD
9,394
(11)
HSBC
Bank
4/5/24
KRW
51,990,363
USD
39,091
(482)
JPMorgan
Chase
5/24/24
EUR
2,071
USD
2,268
(28)
Morgan
Stanley
4/5/24
USD
6,329
PEN
23,492
15
Morgan
Stanley
4/12/24
MXN
18,900
USD
1,120
15
Morgan
Stanley
4/12/24
USD
13,476
MXN
232,068
(452)
Morgan
Stanley
5/24/24
EUR
3,224
USD
3,522
(36)
Morgan
Stanley
6/7/24
USD
9,444
COP
37,776,748
(214)
RBC
Dominion
Securities
4/12/24
USD
10,097
MXN
173,185
(297)
State
Street
5/24/24
USD
209,807
EUR
193,989
49
UBS
Investment
Bank
4/12/24
USD
10,209
MXN
176,517
(385)
UBS
Investment
Bank
6/7/24
USD
3,109
COP
12,424,910
(68)
Wells
Fargo
4/5/24
PEN
11,746
USD
3,149
8
Wells
Fargo
4/5/24
PEN
11,746
USD
3,173
(16)
Wells
Fargo
6/7/24
USD
3,116
COP
12,550,415
(93)
Wells
Fargo
7/5/24
USD
3,169
PEN
11,746
17
Wells
Fargo
7/5/24
USD
3,145
PEN
11,746
(8)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(582)
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
22
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
559
Euro
BUND
contracts
6/24
(80,438)
$
(674)
Short,
155
U.S.
Treasury
Notes
ten
year
contracts
6/24
(17,174)
145
Long,
1,444
Ultra
U.S.
Treasury
Bonds
contracts
6/24
186,276
2,593
Net
payments
(receipts)
of
variation
margin
to
date
(1,371)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
693
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
23
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%
$
—#
$
—
$
264+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
43,009
¤
¤
$
34,268^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$264
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
$34,268.
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
24
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)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
25
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
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
T.
ROWE
PRICE
Emerging
Markets
Bond
Fund
26
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
27
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
$
—
$
3,966,648
$
—
$
3,966,648
Common
Stocks
—
—
21
21
Private
Investment
Company
2
—
—
—
4,738
Short-Term
Investments
34,268
—
—
34,268
Total
Securities
34,268
3,966,648
21
4,005,675
Forward
Currency
Exchange
Contracts
—
3,140
—
3,140
Futures
Contracts*
2,738
—
—
2,738
Total
$
37,006
$
3,969,788
$
21
$
4,011,553
Liabilities
Forward
Currency
Exchange
Contracts
$
—
$
3,722
$
—
$
3,722
Futures
Contracts*
674
—
—
674
Total
$
674
$
3,722
$
—
$
4,396
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;
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
28
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.
F110-054Q1
03/24