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T. Rowe Price Global Stock Fund (PRGSX) NPORT-PT. Rowe Price Emerging Markets Bond Fund (Sep 2024 report)

Filed: 26 Nov 24, 12:30pm

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

September

30,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ALBANIA 0.7%

Government

Bonds 0.7%

Republic

of

Albania,

3.50%,

6/16/27

(EUR)

145,000‌

159‌

Republic

of

Albania,

3.50%,

11/23/31

(EUR) (1)

13,325,000‌

14,048‌

Republic

of

Albania,

3.50%,

11/23/31

(EUR)

315,000‌

332‌

Republic

of

Albania,

5.90%,

6/9/28

(EUR) (1)

12,680,000‌

14,792‌

Republic

of

Albania,

5.90%,

6/9/28

(EUR)

1,696,000‌

1,979‌

Total

Albania

(Cost

$29,214)

31,310‌

ANGOLA 2.7%

Government

Bonds 2.7%

Republic

of

Angola,

8.00%,

11/26/29

(USD)

55,955,000‌

50,978‌

Republic

of

Angola,

8.25%,

5/9/28

(USD)

33,378,000‌

31,758‌

Republic

of

Angola,

8.75%,

4/14/32

(USD) (1)

890,000‌

800‌

Republic

of

Angola,

8.75%,

4/14/32

(USD)

20,578,000‌

18,499‌

Republic

of

Angola,

9.125%,

11/26/49

(USD)

16,600,000‌

13,790‌

Republic

of

Angola,

9.375%,

5/8/48

(USD)

6,060,000‌

5,142‌

Republic

of

Angola,

9.50%,

11/12/25

(USD)

5,535,000‌

5,637‌

Total

Angola

(Cost

$125,294)

126,604‌

ARGENTINA 1.3%

Government

Bonds 1.3%

Republic

of

Argentina,

STEP,

0.75%,

7/9/30

(USD)

25,364,160‌

15,409‌

Republic

of

Argentina,

STEP,

4.125%,

7/9/35

(USD)

47,058,705‌

22,706‌

Republic

of

Argentina,

STEP,

5.00%,

1/9/38

(USD)

46,986,238‌

24,617‌

Total

Argentina

(Cost

$55,284)

62,732‌

BAHAMAS 0.5%

Government

Bonds 0.5%

Commonwealth

of

Bahamas,

6.00%,

11/21/28

(USD) (1)

16,380,000‌

15,436‌

Commonwealth

of

Bahamas,

6.00%,

11/21/28

(USD)

7,075,000‌

6,667‌

Total

Bahamas

(Cost

$23,149)

22,103‌

BAHRAIN 1.7%

Government

Bonds 1.7%

Kingdom

of

Bahrain,

5.625%,

5/18/34

(USD) (1)

9,493,000‌

9,090‌

Kingdom

of

Bahrain,

6.75%,

9/20/29

(USD)

24,770,000‌

26,044‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

2

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Kingdom

of

Bahrain,

7.00%,

10/12/28

(USD)

26,625,000‌

28,262‌

Kingdom

of

Bahrain,

7.50%,

9/20/47

(USD)

14,225,000‌

14,596‌

Total

Bahrain

(Cost

$78,618)

77,992‌

BARBADOS 0.3%

Government

Bonds 0.3%

Government

of

Barbados,

6.50%,

10/1/29

(USD) (1)

15,263,235‌

14,691‌

Total

Barbados

(Cost

$14,878)

14,691‌

BERMUDA 0.3%

Government

Bonds 0.3%

Government

of

Bermuda,

5.00%,

7/15/32

(USD)

13,314,000‌

13,534‌

Total

Bermuda

(Cost

$13,230)

13,534‌

BRAZIL 4.4%

Corporate

Bonds 2.1%

Aegea

Finance,

9.00%,

1/20/31

(USD) (1)

7,780,000‌

8,425‌

Banco

do

Brasil,

6.00%,

3/18/31

(USD) (1)

7,410,000‌

7,588‌

Braskem

Netherlands

Finance,

7.25%,

2/13/33

(USD) (1)

10,640,000‌

10,543‌

Braskem

Netherlands

Finance,

8.50%,

1/12/31

(USD) (1)

5,900,000‌

6,275‌

Cosan

Luxembourg,

7.25%,

6/27/31

(USD) (1)

9,060,000‌

9,519‌

Cosan

Overseas,

8.25%

(USD) (2)

6,515,000‌

6,688‌

Globo

Comunicacao

e

Participacoes,

4.875%,

1/22/30

(USD)

31,100,000‌

29,425‌

Globo

Comunicacao

e

Participacoes,

5.50%,

1/14/32

(USD) (1)

8,620,000‌

8,073‌

Globo

Comunicacao

e

Participacoes,

5.50%,

1/14/32

(USD)

8,695,000‌

8,143‌

Sitios

Latinoamerica,

5.375%,

4/4/32

(USD) (1)

1,200,000‌

1,166‌

95,845‌

Government

Bonds 2.3%

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/29

31,475,000‌

5,362‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/31

226,577,000‌

37,490‌

Republic

of

Brazil,

5.00%,

1/27/45

(USD)

9,881,000‌

8,174‌

Republic

of

Brazil,

6.125%,

3/15/34

(USD)

34,105,000‌

34,840‌

Republic

of

Brazil,

6.25%,

3/18/31

(USD)

18,825,000‌

19,687‌

Republic

of

Brazil,

7.125%,

5/13/54

(USD)

3,880,000‌

4,024‌

109,577‌

Total

Brazil

(Cost

$205,108)

205,422‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

3

Par/Shares

$

Value

(Cost

and

value

in

$000s)

BULGARIA 0.6%

Government

Bonds 0.6%

Republic

of

Bulgaria,

4.50%,

1/27/33

(EUR) (1)

14,980,000‌

17,970‌

Republic

of

Bulgaria,

4.875%,

5/13/36

(EUR)

2,275,000‌

2,797‌

Republic

of

Bulgaria,

5.00%,

3/5/37

(USD)

6,610,000‌

6,624‌

Total

Bulgaria

(Cost

$24,674)

27,391‌

CHILE 2.5%

Corporate

Bonds 2.5%

AES

Andes,

VR,

6.35%,

10/7/79

(USD) (1)(3)

3,556,000‌

3,541‌

AES

Andes,

VR,

8.15%,

6/10/55

(USD) (1)(3)

14,330,000‌

14,821‌

Agrosuper,

4.60%,

1/20/32

(USD) (1)

15,300,000‌

14,105‌

Banco

del

Estado

de

Chile,

VR,

7.95%

(USD) (1)(2)(3)

10,160,000‌

10,919‌

Banco

Santander

Chile,

3.177%,

10/26/31

(USD) (1)

11,853,000‌

10,764‌

Celulosa

Arauco

y

Constitucion,

3.875%,

11/2/27

(USD)

5,545,000‌

5,392‌

Celulosa

Arauco

y

Constitucion,

4.20%,

1/29/30

(USD) (1)

6,610,000‌

6,351‌

Corp

Nacional

del

Cobre

de

Chile,

3.15%,

1/14/30

(USD) (1)

4,995,000‌

4,624‌

Corp

Nacional

del

Cobre

de

Chile,

3.70%,

1/30/50

(USD) (1)

6,350,000‌

4,744‌

Corp

Nacional

del

Cobre

de

Chile,

5.125%,

2/2/33

(USD) (1)

6,170,000‌

6,171‌

Corp.

Nacional

del

Cobre

de

Chile,

6.44%,

1/26/36

(USD) (1)

6,950,000‌

7,581‌

Empresa

de

los

Ferrocarriles

del

Estado,

3.068%,

8/18/50

(USD)

14,510,000‌

9,428‌

Empresa

de

Transporte

de

Pasajeros

Metro,

3.693%,

9/13/61

(USD) (1)

4,825,000‌

3,472‌

Empresa

de

Transporte

de

Pasajeros

Metro,

4.70%,

5/7/50

(USD) (1)

14,000,000‌

12,429‌

Inversiones

CMPC,

6.125%,

2/26/34

(USD)

1,080,000‌

1,146‌

Total

Chile

(Cost

$123,867)

115,488‌

CHINA 0.9%

Government

Bonds 0.9%

People's

Republic

of

China,

Series

INBK,

2.28%,

3/25/31

229,000,000‌

33,300‌

People's

Republic

of

China,

Series

INBK,

2.62%,

6/25/30

15,530,000‌

2,281‌

People's

Republic

of

China,

Series

INBK,

3.27%,

11/19/30

41,800,000‌

6,418‌

Total

China

(Cost

$40,432)

41,999‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

4

Par/Shares

$

Value

(Cost

and

value

in

$000s)

COLOMBIA 4.2%

Corporate

Bonds 0.8%

Banco

de

Bogota,

4.375%,

8/3/27

(USD)

1,500,000‌

1,469‌

Banco

de

Bogota,

6.25%,

5/12/26

(USD)

12,300,000‌

12,373‌

Bancolombia,

VR,

4.625%,

12/18/29

(USD) (3)

12,710,000‌

12,589‌

Ecopetrol,

8.375%,

1/19/36

(USD)

5,230,000‌

5,351‌

Ecopetrol,

8.875%,

1/13/33

(USD)

4,900,000‌

5,257‌

37,039‌

Government

Bonds 3.3%

Republic

of

Colombia,

3.00%,

1/30/30

(USD)

3,475,000‌

2,987‌

Republic

of

Colombia,

3.125%,

4/15/31

(USD)

25,125,000‌

20,816‌

Republic

of

Colombia,

4.125%,

5/15/51

(USD)

10,495,000‌

6,650‌

Republic

of

Colombia,

4.50%,

3/15/29

(USD)

4,675,000‌

4,443‌

Republic

of

Colombia,

5.00%,

6/15/45

(USD)

40,650,000‌

30,088‌

Republic

of

Colombia,

5.625%,

2/26/44

(USD)

22,000,000‌

17,800‌

Republic

of

Colombia,

6.125%,

1/18/41

(USD)

10,790,000‌

9,535‌

Republic

of

Colombia,

7.50%,

2/2/34

(USD)

19,625,000‌

20,411‌

Republic

of

Colombia,

8.00%,

4/20/33

(USD)

7,325,000‌

7,872‌

Republic

of

Colombia,

8.00%,

11/14/35

(USD)

7,040,000‌

7,521‌

Republic

of

Colombia,

8.75%,

11/14/53

(USD)

4,450,000‌

4,892‌

Republic

of

Colombia,

Series

B,

7.00%,

3/26/31

91,235,300,000‌

19,233‌

152,248‌

Private

Investment

Company 0.1%

Bona

Fide

Investments

Feeder

LLC,

Acquisition

Date:

6/7/23,

Cost $3,644

(USD) (4)(5)

†

4,848‌

Bona

Fide

Investments

Holdings

III,

Acquisition

Date:

6/14/24,

Cost $2,915

(USD) (4)(5)

†

2,958‌

7,806‌

Total

Colombia

(Cost

$206,355)

197,093‌

COSTA

RICA 1.2%

Government

Bonds 1.2%

Republic

of

Costa

Rica,

5.625%,

4/30/43

(USD)

9,500,000‌

8,924‌

Republic

of

Costa

Rica,

6.125%,

2/19/31

(USD)

2,950,000‌

3,066‌

Republic

of

Costa

Rica,

6.55%,

4/3/34

(USD)

10,855,000‌

11,570‌

Republic

of

Costa

Rica,

7.00%,

4/4/44

(USD)

1,650,000‌

1,765‌

Republic

of

Costa

Rica,

7.30%,

11/13/54

(USD) (1)

29,595,000‌

32,748‌

Total

Costa

Rica

(Cost

$53,669)

58,073‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

5

Par/Shares

$

Value

(Cost

and

value

in

$000s)

DOMINICAN

REPUBLIC 2.2%

Government

Bonds 2.2%

Dominican

Republic,

4.50%,

1/30/30

(USD) (1)

7,580,000‌

7,266‌

Dominican

Republic,

4.875%,

9/23/32

(USD) (1)

21,630,000‌

20,629‌

Dominican

Republic,

4.875%,

9/23/32

(USD)

25,800,000‌

24,607‌

Dominican

Republic,

5.50%,

2/22/29

(USD) (1)

7,345,000‌

7,408‌

Dominican

Republic,

5.875%,

1/30/60

(USD)

9,220,000‌

8,661‌

Dominican

Republic,

6.60%,

6/1/36

(USD) (1)

3,590,000‌

3,815‌

Dominican

Republic,

6.85%,

1/27/45

(USD)

25,875,000‌

27,644‌

Dominican

Republic,

7.05%,

2/3/31

(USD) (1)

1,950,000‌

2,103‌

Dominican

Republic,

10.75%,

6/1/36 (1)

19,550,000‌

342‌

Total

Dominican

Republic

(Cost

$95,514)

102,475‌

ECUADOR 1.5%

Government

Bonds 1.5%

Republic

of

Ecuador,

STEP,

5.50%,

7/31/35

(USD) (1)

4,003,728‌

2,286‌

Republic

of

Ecuador,

STEP,

5.50%,

7/31/35

(USD)

33,685,000‌

19,231‌

Republic

of

Ecuador,

STEP,

6.90%,

7/31/30

(USD) (1)

62,819,300‌

45,849‌

Republic

of

Ecuador,

Zero

Coupon,

7/31/30

(USD) (1)

7,889,978‌

4,420‌

Total

Ecuador

(Cost

$74,580)

71,786‌

EGYPT 3.1%

Government

Bonds 3.1%

Arab

Republic

of

Egypt,

5.80%,

9/30/27

(USD)

16,159,000‌

15,301‌

Arab

Republic

of

Egypt,

5.875%,

2/16/31

(USD)

5,375,000‌

4,497‌

Arab

Republic

of

Egypt,

6.588%,

2/21/28

(USD)

3,490,000‌

3,342‌

Arab

Republic

of

Egypt,

7.50%,

2/16/61

(USD)

9,725,000‌

7,063‌

Arab

Republic

of

Egypt,

7.60%,

3/1/29

(USD)

40,171,000‌

38,844‌

Arab

Republic

of

Egypt,

7.625%,

5/29/32

(USD)

12,194,000‌

10,828‌

Arab

Republic

of

Egypt,

7.903%,

2/21/48

(USD) (1)

800,000‌

619‌

Arab

Republic

of

Egypt,

8.50%,

1/31/47

(USD) (1)

24,290,000‌

19,645‌

Arab

Republic

of

Egypt,

8.50%,

1/31/47

(USD)

32,167,000‌

26,015‌

Arab

Republic

of

Egypt,

Treasury

Bills,

Series

364D,

29.351%,

12/10/24

961,000,000‌

18,897‌

Total

Egypt

(Cost

$145,251)

145,051‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

EL

SALVADOR 1.8%

Government

Bonds 1.8%

Republic

of

El

Salvador,

0.25%,

4/17/30

(USD) (1)

9,700,000‌

224‌

Republic

of

El

Salvador,

5.875%,

1/30/25

(USD)

11,640,000‌

11,570‌

Republic

of

El

Salvador,

6.375%,

1/18/27

(USD)

950,000‌

913‌

Republic

of

El

Salvador,

7.625%,

2/1/41

(USD)

3,753,000‌

3,076‌

Republic

of

El

Salvador,

7.65%,

6/15/35

(USD)

26,646,000‌

23,072‌

Republic

of

El

Salvador,

8.25%,

4/10/32

(USD)

6,176,000‌

5,758‌

Republic

of

El

Salvador,

9.25%,

4/17/30

(USD) (1)

37,650,000‌

37,519‌

Total

El

Salvador

(Cost

$72,749)

82,132‌

GABON 0.0%

Government

Bonds 0.0%

Gabonese

Republic,

6.625%,

2/6/31

(USD)

530,000‌

412‌

Total

Gabon

(Cost

$401)

412‌

GHANA 1.0%

Corporate

Bonds 0.2%

Kosmos

Energy,

7.125%,

4/4/26

(USD)

700,000‌

695‌

Kosmos

Energy,

8.75%,

10/1/31

(USD) (1)

9,490,000‌

9,361‌

10,056‌

Government

Bonds 0.8%

Republic

of

Ghana,

6.375%,

2/11/27

(USD) (4)(6)

31,630,000‌

16,581‌

Republic

of

Ghana,

8.125%,

1/18/26

(USD) (4)(6)

4,730,000‌

2,511‌

Republic

of

Ghana,

8.625%,

4/7/34

(USD)

17,310,000‌

9,175‌

Republic

of

Ghana,

8.627%,

6/16/49

(USD) (1)(4)(6)

1,450,000‌

763‌

Republic

of

Ghana,

10.75%,

10/14/30

(USD)

9,340,000‌

6,450‌

35,480‌

Total

Ghana

(Cost

$45,175)

45,536‌

GRENADA 0.0%

Government

Bonds 0.0%

Government

of

Grenada,

7.00%,

5/12/30

(USD)

1,828,183‌

1,635‌

Total

Grenada

(Cost

$1,679)

1,635‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

GUATEMALA 1.8%

Government

Bonds 1.8%

Republic

of

Guatemala,

4.50%,

5/3/26

(USD) (1)

1,475,000‌

1,457‌

Republic

of

Guatemala,

4.875%,

2/13/28

(USD)

9,050,000‌

8,938‌

Republic

of

Guatemala,

4.90%,

6/1/30

(USD) (1)

2,813,000‌

2,750‌

Republic

of

Guatemala,

4.90%,

6/1/30

(USD)

6,435,000‌

6,291‌

Republic

of

Guatemala,

5.25%,

8/10/29

(USD) (1)

7,080,000‌

7,024‌

Republic

of

Guatemala,

5.375%,

4/24/32

(USD)

9,620,000‌

9,581‌

Republic

of

Guatemala,

6.55%,

2/6/37

(USD) (1)

3,760,000‌

3,906‌

Republic

of

Guatemala,

6.60%,

6/13/36

(USD) (1)

30,451,000‌

32,113‌

Republic

of

Guatemala,

7.05%,

10/4/32

(USD) (1)

8,800,000‌

9,541‌

Total

Guatemala

(Cost

$80,661)

81,601‌

INDIA 3.7%

Corporate

Bonds 0.8%

ABJA

Investment,

5.45%,

1/24/28

(USD)

3,754,000‌

3,839‌

Greenko

Power

II,

4.30%,

12/13/28

(USD)

11,581,125‌

10,925‌

Reliance

Industries,

2.875%,

1/12/32

(USD)

14,235,000‌

12,591‌

State

Bank

of

India,

5.00%,

1/17/29

(USD)

10,740,000‌

10,957‌

38,312‌

Government

Bonds 2.9%

Export-Import

Bank

of

India,

2.25%,

1/13/31

(USD) (1)

6,795,000‌

5,911‌

Export-Import

Bank

of

India,

2.25%,

1/13/31

(USD)

18,125,000‌

15,768‌

Export-Import

Bank

of

India,

3.25%,

1/15/30

(USD)

74,596,000‌

70,218‌

Republic

of

India,

7.10%,

4/8/34

1,652,000,000‌

20,197‌

Republic

of

India,

7.18%,

8/14/33

1,636,000,000‌

20,063‌

132,157‌

Total

India

(Cost

$174,087)

170,469‌

INDONESIA 5.4%

Corporate

Bonds 1.3%

Bank

Negara

Indonesia

Persero,

3.75%,

3/30/26

(USD)

8,777,000‌

8,568‌

Minejesa

Capital,

5.625%,

8/10/37

(USD)

24,450,000‌

23,538‌

Pertamina

Persero,

5.625%,

5/20/43

(USD)

10,696,000‌

10,925‌

Perusahaan

Listrik

Negara,

3.875%,

7/17/29

(USD) (1)

4,730,000‌

4,585‌

Perusahaan

Listrik

Negara,

4.125%,

5/15/27

(USD)

1,000,000‌

992‌

Perusahaan

Listrik

Negara,

4.375%,

2/5/50

(USD) (1)

400,000‌

334‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

8

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Perusahaan

Listrik

Negara,

6.15%,

5/21/48

(USD)

9,600,000‌

10,109‌

59,051‌

Government

Bonds 4.1%

Perusahaan

Penerbit,

2.80%,

6/23/30

(USD)

34,850,000‌

32,056‌

Perusahaan

Penerbit,

4.15%,

3/29/27

(USD)

14,055,000‌

14,064‌

Perusahaan

Penerbit,

4.40%,

3/1/28

(USD)

400,000‌

403‌

Perusahaan

Penerbit,

4.45%,

2/20/29

(USD)

3,658,000‌

3,695‌

Perusahaan

Penerbit,

4.55%,

3/29/26

(USD)

13,020,000‌

13,138‌

Republic

of

Indonesia,

3.50%,

1/11/28

(USD)

3,412,000‌

3,353‌

Republic

of

Indonesia,

4.55%,

1/11/28

(USD)

4,500,000‌

4,565‌

Republic

of

Indonesia,

4.625%,

4/15/43

(USD)

48,980,000‌

47,973‌

Republic

of

Indonesia,

5.25%,

1/17/42

(USD)

23,820,000‌

24,790‌

Republic

of

Indonesia,

Series

FR64,

6.125%,

5/15/28

392,306,000,000‌

25,849‌

Republic

of

Indonesia,

Series

FR96,

7.00%,

2/15/33

349,793,000,000‌

23,948‌

193,834‌

Total

Indonesia

(Cost

$267,276)

252,885‌

IRAQ 0.0%

Government

Bonds 0.0%

Republic

of

Iraq,

5.80%,

1/15/28

(USD)

437,500‌

425‌

Total

Iraq

(Cost

$409)

425‌

IVORY

COAST 2.7%

Government

Bonds 2.7%

Republic

of

Ivory

Coast,

4.875%,

1/30/32

(EUR)

8,750,000‌

8,622‌

Republic

of

Ivory

Coast,

6.125%,

6/15/33

(USD)

81,645,000‌

77,093‌

Republic

of

Ivory

Coast,

6.625%,

3/22/48

(EUR)

24,185,000‌

22,246‌

Republic

of

Ivory

Coast,

7.625%,

1/30/33

(USD) (1)

15,650,000‌

16,089‌

Total

Ivory

Coast

(Cost

$117,489)

124,050‌

JAMAICA 0.8%

Corporate

Bonds 0.4%

Kingston

Airport

Revenue

Finance,

6.75%,

12/15/36

(USD) (1)

9,240,000‌

9,584‌

TransJamaican

Highway,

5.75%,

10/10/36

(USD) (1)

6,776,133‌

6,247‌

TransJamaican

Highway,

5.75%,

10/10/36

(USD)

2,937,810‌

2,708‌

18,539‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

9

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Government

Bonds 0.4%

Government

of

Jamaica,

7.875%,

7/28/45

(USD)

1,475,000‌

1,830‌

Government

of

Jamaica,

8.00%,

3/15/39

(USD)

12,930,000‌

16,041‌

17,871‌

Total

Jamaica

(Cost

$37,436)

36,410‌

JORDAN 1.9%

Government

Bonds 1.9%

Kingdom

of

Jordan,

5.85%,

7/7/30

(USD)

62,725,000‌

59,277‌

Kingdom

of

Jordan,

7.50%,

1/13/29

(USD) (1)

20,830,000‌

21,210‌

Kingdom

of

Jordan,

7.75%,

1/15/28

(USD) (1)

9,490,000‌

9,767‌

Total

Jordan

(Cost

$95,796)

90,254‌

KAZAKHSTAN 0.4%

Corporate

Bonds 0.4%

KazMunayGas

National,

3.50%,

4/14/33

(USD)

1,200,000‌

1,048‌

KazMunayGas

National,

5.75%,

4/19/47

(USD)

16,980,000‌

15,726‌

Total

Kazakhstan

(Cost

$16,991)

16,774‌

KENYA 0.9%

Government

Bonds 0.9%

Republic

of

Kenya,

7.25%,

2/28/28

(USD)

24,918,000‌

24,021‌

Republic

of

Kenya,

8.00%,

5/22/32

(USD)

400,000‌

373‌

Republic

of

Kenya,

8.25%,

2/28/48

(USD) (1)

600,000‌

511‌

Republic

of

Kenya,

9.75%,

2/16/31

(USD) (1)

16,195,000‌

16,397‌

Total

Kenya

(Cost

$39,147)

41,302‌

KUWAIT 0.2%

Corporate

Bonds 0.2%

MEGlobal

Canada,

5.875%,

5/18/30

(USD)

10,300,000‌

10,797‌

Total

Kuwait

(Cost

$11,384)

10,797‌

MALAYSIA 1.0%

Government

Bonds 1.0%

Government

of

Malaysia,

Series

0318,

4.642%,

11/7/33

69,052,000‌

17,888‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

10

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Government

of

Malaysia,

Series

0419,

3.828%,

7/5/34

114,703,000‌

28,076‌

Total

Malaysia

(Cost

$40,155)

45,964‌

MAURITIUS 0.0%

Corporate

Bonds 0.0%

Axian

Telecom,

7.375%,

2/16/27

(USD)

500,000‌

503‌

Total

Mauritius

(Cost

$464)

503‌

MEXICO 6.7%

Corporate

Bonds 1.7%

Banco

Mercantil

del

Norte,

VR,

7.625%

(USD) (2)(3)

9,500,000‌

9,577‌

Banco

Mercantil

del

Norte,

VR,

8.375%

(USD) (2)(3)

4,550,000‌

4,775‌

BBVA

Bancomer,

VR,

5.125%,

1/18/33

(USD) (3)

14,320,000‌

13,631‌

BBVA

Bancomer,

VR,

5.875%,

9/13/34

(USD) (3)

10,640,000‌

10,361‌

BBVA

Bancomer,

VR,

8.125%,

1/8/39

(USD) (1)(3)

6,710,000‌

7,117‌

BBVA

Bancomer,

VR,

8.45%,

6/29/38

(USD) (1)(3)

19,590,000‌

21,375‌

Cometa

Energia,

6.375%,

4/24/35

(USD) (1)

6,698,637‌

6,804‌

Industrias

Penoles,

4.75%,

8/6/50

(USD) (1)

2,990,000‌

2,404‌

76,044‌

Government

Bonds 5.0%

Petroleos

Mexicanos,

4.50%,

1/23/26

(USD)

13,925,000‌

13,481‌

Petroleos

Mexicanos,

5.50%,

6/27/44

(USD)

1,460,000‌

951‌

Petroleos

Mexicanos,

5.625%,

1/23/46

(USD)

3,460,000‌

2,249‌

Petroleos

Mexicanos,

5.95%,

1/28/31

(USD)

21,340,000‌

18,484‌

Petroleos

Mexicanos,

6.50%,

3/13/27

(USD)

26,430,000‌

25,934‌

Petroleos

Mexicanos,

6.50%,

6/2/41

(USD)

58,473,000‌

42,907‌

Petroleos

Mexicanos,

6.84%,

1/23/30

(USD)

270,000‌

250‌

Petroleos

Mexicanos,

8.75%,

6/2/29

(USD)

36,303,000‌

36,777‌

Petroleos

Mexicanos,

10.00%,

2/7/33

(USD)

13,900,000‌

14,740‌

United

Mexican

States,

6.00%,

5/7/36

(USD)

20,090,000‌

20,510‌

United

Mexican

States,

6.35%,

2/9/35

(USD)

20,515,000‌

21,550‌

United

Mexican

States,

Series

M,

7.75%,

5/29/31

762,632,000‌

36,035‌

233,868‌

Total

Mexico

(Cost

$321,211)

309,912‌

MONGOLIA 0.0%

Government

Bonds 0.0%

State

of

Mongolia,

4.45%,

7/7/31

(USD)

675,000‌

601‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

11

Par/Shares

$

Value

(Cost

and

value

in

$000s)

State

of

Mongolia,

5.125%,

4/7/26

(USD)

375,000‌

371‌

Total

Mongolia

(Cost

$941)

972‌

MONTENEGRO 0.6%

Government

Bonds 0.6%

Republic

of

Montenegro,

7.25%,

3/12/31

(USD) (1)

28,780,000‌

30,190‌

Total

Montenegro

(Cost

$28,931)

30,190‌

MOROCCO 1.8%

Corporate

Bonds 0.3%

OCP,

5.125%,

6/23/51

(USD)

325,000‌

265‌

OCP,

7.50%,

5/2/54

(USD) (1)

11,260,000‌

12,275‌

Vivo

Energy

Investments,

5.125%,

9/24/27

(USD) (1)

220,000‌

218‌

12,758‌

Government

Bonds 1.5%

Kingdom

of

Morocco,

3.00%,

12/15/32

(USD) (1)

17,575,000‌

15,118‌

Kingdom

of

Morocco,

3.00%,

12/15/32

(USD)

13,465,000‌

11,582‌

Kingdom

of

Morocco,

4.00%,

12/15/50

(USD)

42,630,000‌

31,621‌

Kingdom

of

Morocco,

6.50%,

9/8/33

(USD) (1)

12,790,000‌

13,895‌

72,216‌

Total

Morocco

(Cost

$83,015)

84,974‌

NIGERIA 0.7%

Government

Bonds 0.7%

Republic

of

Nigeria,

6.125%,

9/28/28

(USD)

825,000‌

751‌

Republic

of

Nigeria,

6.50%,

11/28/27

(USD) (1)

480,000‌

451‌

Republic

of

Nigeria,

7.143%,

2/23/30

(USD) (1)

1,600,000‌

1,455‌

Republic

of

Nigeria,

7.143%,

2/23/30

(USD)

2,500,000‌

2,274‌

Republic

of

Nigeria,

7.625%,

11/28/47

(USD) (1)

400,000‌

307‌

Republic

of

Nigeria,

7.875%,

2/16/32

(USD)

32,565,000‌

29,376‌

Republic

of

Nigeria,Treasury

Bill,

Series

364D,

18.322%,

11/7/24

487,500,000‌

287‌

Total

Nigeria

(Cost

$30,058)

34,901‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

12

Par/Shares

$

Value

(Cost

and

value

in

$000s)

NORTH

MACEDONIA 0.0%

Government

Bonds 0.0%

Republic

of

North

Macedonia,

6.96%,

3/13/27

(EUR) (1)

345,000‌

402‌

Total

North

Macedonia

(Cost

$366)

402‌

OMAN 3.4%

Corporate

Bonds 0.6%

Lamar

Funding,

3.958%,

5/7/25

(USD)

12,525,000‌

12,424‌

OmGrid

Funding,

5.196%,

5/16/27

(USD)

500,000‌

500‌

Oryx

Funding,

5.80%,

2/3/31

(USD) (1)

200,000‌

204‌

Oryx

Funding,

5.80%,

2/3/31

(USD)

13,100,000‌

13,361‌

26,489‌

Government

Bonds 2.8%

Sultanate

of

Oman,

4.75%,

6/15/26

(USD) (1)

18,180,000‌

18,153‌

Sultanate

of

Oman,

4.75%,

6/15/26

(USD)

22,530,000‌

22,497‌

Sultanate

of

Oman,

5.375%,

3/8/27

(USD)

8,845,000‌

8,960‌

Sultanate

of

Oman,

5.625%,

1/17/28

(USD)

9,500,000‌

9,735‌

Sultanate

of

Oman,

6.50%,

3/8/47

(USD)

23,270,000‌

24,581‌

Sultanate

of

Oman,

6.75%,

10/28/27

(USD) (1)

14,500,000‌

15,337‌

Sultanate

of

Oman,

6.75%,

10/28/27

(USD)

9,200,000‌

9,731‌

Sultanate

of

Oman,

6.75%,

1/17/48

(USD)

13,600,000‌

14,758‌

Sultanate

of

Oman,

7.00%,

1/25/51

(USD) (1)

6,520,000‌

7,306‌

131,058‌

Total

Oman

(Cost

$152,551)

157,547‌

PAKISTAN 0.3%

Government

Bonds 0.3%

Islamic

Republic

of

Pakistan,

7.875%,

3/31/36

(USD)

16,034,000‌

12,969‌

Islamic

Republic

of

Pakistan,

8.25%,

9/30/25

(USD)

475,000‌

467‌

Total

Pakistan

(Cost

$17,081)

13,436‌

PANAMA 4.1%

Corporate

Bonds 0.5%

Aeropuerto

Internacional

de

Tocumen,

4.00%,

8/11/41

(USD) (1)

6,440,000‌

5,212‌

Banco

General,

VR,

5.25%

(USD) (1)(2)(3)

7,325,000‌

6,724‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

13

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Banco

Nacional

de

Panama,

2.50%,

8/11/30

(USD) (1)

14,295,000‌

11,881‌

23,817‌

Government

Bonds 3.6%

Republic

of

Panama,

4.50%,

4/16/50

(USD)

550,000‌

406‌

Republic

of

Panama,

4.50%,

1/19/63

(USD)

19,120,000‌

13,411‌

Republic

of

Panama,

6.40%,

2/14/35

(USD)

74,120,000‌

75,887‌

Republic

of

Panama,

6.853%,

3/28/54

(USD)

5,590,000‌

5,672‌

Republic

of

Panama,

6.875%,

1/31/36

(USD)

13,835,000‌

14,544‌

Republic

of

Panama,

7.50%,

3/1/31

(USD)

330,000‌

361‌

Republic

of

Panama,

7.875%,

3/1/57

(USD)

9,800,000‌

11,094‌

Republic

of

Panama,

8.00%,

3/1/38

(USD)

38,804,000‌

43,918‌

165,293‌

Total

Panama

(Cost

$192,261)

189,110‌

PARAGUAY 1.3%

Corporate

Bonds 0.2%

Telefonica

Celular

del

Paraguay,

5.875%,

4/15/27

(USD) (1)

8,347,000‌

8,284‌

8,284‌

Government

Bonds 1.1%

Republic

of

Paraguay,

2.739%,

1/29/33

(USD) (1)

5,653,000‌

4,826‌

Republic

of

Paraguay,

4.95%,

4/28/31

(USD) (1)

10,130,000‌

10,122‌

Republic

of

Paraguay,

4.95%,

4/28/31

(USD)

225,000‌

225‌

Republic

of

Paraguay,

5.40%,

3/30/50

(USD) (1)

2,085,000‌

1,950‌

Republic

of

Paraguay,

5.40%,

3/30/50

(USD)

27,929,000‌

26,123‌

Republic

of

Paraguay,

5.60%,

3/13/48

(USD)

5,490,000‌

5,274‌

Republic

of

Paraguay,

5.85%,

8/21/33

(USD) (1)

720,000‌

752‌

Republic

of

Paraguay,

6.00%,

2/9/36

(USD) (1)

3,070,000‌

3,248‌

Republic

of

Paraguay,

6.10%,

8/11/44

(USD)

1,000,000‌

1,029‌

53,549‌

Total

Paraguay

(Cost

$67,670)

61,833‌

PERU 1.7%

Corporate

Bonds 0.4%

Consorcio

Transmantaro,

4.70%,

4/16/34

(USD) (1)

3,315,000‌

3,246‌

Lima

Metro

Line

2

Finance,

5.875%,

7/5/34

(USD)

3,561,327‌

3,620‌

Petroleos

del

Peru,

5.625%,

6/19/47

(USD)

19,515,000‌

13,384‌

20,250‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

14

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Government

Bonds 1.3%

Republic

of

Peru,

2.78%,

12/1/60

(USD)

28,975,000‌

17,556‌

Republic

of

Peru,

3.30%,

3/11/41

(USD)

6,250,000‌

4,940‌

Republic

of

Peru,

3.55%,

3/10/51

(USD)

6,625,000‌

5,031‌

Republic

of

Peru,

5.375%,

2/8/35

(USD)

4,780,000‌

4,908‌

Republic

of

Peru,

5.625%,

11/18/50

(USD)

13,365,000‌

13,821‌

Republic

of

Peru,

7.60%,

8/12/39 (1)

50,300,000‌

14,797‌

61,053‌

Total

Peru

(Cost

$89,478)

81,303‌

PHILIPPINES 1.7%

Corporate

Bonds 1.1%

Globe

Telecom,

2.50%,

7/23/30

(USD)

6,800,000‌

6,025‌

Globe

Telecom,

3.00%,

7/23/35

(USD)

13,350,000‌

11,010‌

International

Container

Terminal

Services,

4.75%,

6/17/30

(USD)

15,260,000‌

15,233‌

Manila

Water,

4.375%,

7/30/30

(USD)

16,950,000‌

16,408‌

48,676‌

Government

Bonds 0.6%

Republic

of

Philippines,

2.65%,

12/10/45

(USD)

38,175,000‌

26,927‌

Republic

of

Philippines,

4.625%,

7/17/28

(USD)

1,440,000‌

1,465‌

Republic

of

Philippines,

6.25%,

1/14/36

33,000,000‌

567‌

28,959‌

Total

Philippines

(Cost

$90,552)

77,635‌

POLAND 1.0%

Government

Bonds 1.0%

Republic

of

Poland,

3.875%,

2/14/33

(EUR)

8,700,000‌

10,169‌

Republic

of

Poland,

5.50%,

4/4/53

(USD)

6,310,000‌

6,472‌

Republic

of

Poland,

Series

1034,

5.00%,

10/25/34

115,805,000‌

29,506‌

Total

Poland

(Cost

$43,061)

46,147‌

QATAR 2.3%

Corporate

Bonds 1.1%

Ooredoo

International

Finance,

2.625%,

4/8/31

(USD) (1)

9,000,000‌

8,173‌

QatarEnergy,

2.25%,

7/12/31

(USD) (1)

13,825,000‌

12,178‌

QatarEnergy,

2.25%,

7/12/31

(USD)

15,050,000‌

13,258‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

15

Par/Shares

$

Value

(Cost

and

value

in

$000s)

QatarEnergy,

3.125%,

7/12/41

(USD) (1)

20,475,000‌

16,307‌

49,916‌

Government

Bonds 1.2%

State

of

Qatar,

4.40%,

4/16/50

(USD) (1)

11,820,000‌

10,996‌

State

of

Qatar,

4.40%,

4/16/50

(USD)

4,750,000‌

4,419‌

State

of

Qatar,

4.817%,

3/14/49

(USD)

40,500,000‌

40,067‌

55,482‌

Total

Qatar

(Cost

$129,920)

105,398‌

ROMANIA 2.0%

Corporate

Bonds 0.4%

Banca

Transilvania,

VR,

8.875%,

4/27/27

(EUR) (3)

13,477,000‌

15,907‌

15,907‌

Government

Bonds 1.6%

Republic

of

Romania,

2.625%,

12/2/40

(EUR)

3,400,000‌

2,539‌

Republic

of

Romania,

2.875%,

4/13/42

(EUR) (1)

6,965,000‌

5,251‌

Republic

of

Romania,

4.00%,

2/14/51

(USD) (1)

6,510,000‌

4,766‌

Republic

of

Romania,

4.00%,

2/14/51

(USD)

38,018,000‌

27,833‌

Republic

of

Romania,

5.50%,

9/18/28

(EUR)

16,380,000‌

19,113‌

Republic

of

Romania,

5.75%,

3/24/35

(USD) (1)

7,100,000‌

7,061‌

Republic

of

Romania,

6.375%,

1/30/34

(USD) (1)

8,874,000‌

9,257‌

75,820‌

Total

Romania

(Cost

$104,574)

91,727‌

SAUDI

ARABIA 2.8%

Corporate

Bonds 0.7%

Gaci

First

Investment,

5.125%,

2/14/53

(USD)

23,329,000‌

21,259‌

Greensaif

Pipelines

Bidco,

5.853%,

2/23/36

(USD) (1)

9,350,000‌

9,686‌

30,945‌

Government

Bonds 2.1%

Kingdom

of

Saudi

Arabia,

2.75%,

2/3/32

(USD)

1,900,000‌

1,702‌

Kingdom

of

Saudi

Arabia,

3.25%,

10/26/26

(USD)

500,000‌

492‌

Kingdom

of

Saudi

Arabia,

3.45%,

2/2/61

(USD) (1)

465,000‌

318‌

Kingdom

of

Saudi

Arabia,

3.75%,

1/21/55

(USD)

6,350,000‌

4,702‌

Kingdom

of

Saudi

Arabia,

4.50%,

4/22/60

(USD) (1)

585,000‌

494‌

Kingdom

of

Saudi

Arabia,

4.75%,

1/16/30

(USD) (1)

13,740,000‌

14,058‌

Kingdom

of

Saudi

Arabia,

4.875%,

7/18/33

(USD)

6,300,000‌

6,416‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

16

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Kingdom

of

Saudi

Arabia,

5.00%,

4/17/49

(USD)

15,100,000‌

14,240‌

KSA

Sukuk,

2.969%,

10/29/29

(USD) (1)

3,140,000‌

2,959‌

Saudi

Arabian

Oil,

3.50%,

4/16/29

(USD)

11,250,000‌

10,860‌

Saudi

Arabian

Oil,

4.25%,

4/16/39

(USD)

39,850,000‌

36,370‌

Saudi

Arabian

Oil,

5.25%,

7/17/34

(USD) (1)

5,140,000‌

5,293‌

97,904‌

Total

Saudi

Arabia

(Cost

$137,906)

128,849‌

SENEGAL 1.0%

Government

Bonds 1.0%

Republic

of

Senegal,

4.75%,

3/13/28

(EUR)

15,000,000‌

15,618‌

Republic

of

Senegal,

6.25%,

5/23/33

(USD) (1)

1,300,000‌

1,123‌

Republic

of

Senegal,

6.25%,

5/23/33

(USD)

33,610,000‌

29,021‌

Total

Senegal

(Cost

$45,521)

45,762‌

SERBIA 1.9%

Government

Bonds 1.9%

Republic

of

Serbia,

2.125%,

12/1/30

(USD)

47,275,000‌

39,762‌

Republic

of

Serbia,

6.00%,

6/12/34

(USD) (1)

13,350,000‌

13,768‌

Republic

of

Serbia,

6.25%,

5/26/28

(USD) (1)

12,960,000‌

13,511‌

Republic

of

Serbia,

6.50%,

9/26/33

(USD)

18,815,000‌

20,169‌

Total

Serbia

(Cost

$87,468)

87,210‌

SLOVENIA 0.4%

Corporate

Bonds 0.4%

Nova

Kreditna

Banka

Maribor,

VR,

7.375%,

6/29/26 (3)

15,800,000‌

18,032‌

Total

Slovenia

(Cost

$17,462)

18,032‌

SOUTH

AFRICA 1.2%

Government

Bonds 1.2%

Republic

of

South

Africa,

5.65%,

9/27/47

(USD)

21,590,000‌

18,033‌

Republic

of

South

Africa,

5.875%,

4/20/32

(USD)

8,290,000‌

8,278‌

Republic

of

South

Africa,

6.25%,

3/8/41

(USD)

10,050,000‌

9,509‌

Republic

of

South

Africa,

7.30%,

4/20/52

(USD)

10,185,000‌

10,146‌

Republic

of

South

Africa,

Series

2035,

8.875%,

2/28/35

186,540,000‌

9,999‌

Total

South

Africa

(Cost

$55,752)

55,965‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

17

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SOUTH

KOREA 0.5%

Corporate

Bonds 0.3%

Hanwha

Totalenergies

Petrochemical,

5.50%,

7/18/29

(USD)

11,890,000‌

12,286‌

POSCO,

5.75%,

1/17/28

(USD) (1)

2,340,000‌

2,433‌

14,719‌

Government

Bonds 0.2%

Export-Import

Bank

of

Korea,

5.00%,

1/11/28

(USD)

4,190,000‌

4,312‌

Export-Import

Bank

of

Korea,

5.125%,

1/11/33

(USD)

2,310,000‌

2,422‌

6,734‌

Total

South

Korea

(Cost

$20,704)

21,453‌

SRI

LANKA 2.0%

Corporate

Bonds 0.0%

SriLankan

Airlines,

7.00%,

6/25/24

(USD) (4)(6)

1,449,000‌

1,040‌

1,040‌

Government

Bonds 2.0%

Republic

of

Sri

Lanka,

6.125%,

6/3/25

(USD) (4)(6)

14,831,000‌

8,379‌

Republic

of

Sri

Lanka,

6.825%,

7/18/26

(USD) (4)(6)

41,125,000‌

23,241‌

Republic

of

Sri

Lanka,

6.825%,

7/18/26

(USD) (1)(4)(6)

32,615,000‌

18,431‌

Republic

of

Sri

Lanka,

6.85%,

11/3/25

(USD) (4)(6)

74,534,000‌

42,245‌

92,296‌

Total

Sri

Lanka

(Cost

$111,114)

93,336‌

SUPRANATIONAL 0.3%

Government

Bonds 0.3%

International

Bank

for

Reconstruction

&

Development,

Zero

Coupon,

3/31/27

(USD)

14,075,000‌

12,819‌

Total

Supranational

(Cost

$12,867)

12,819‌

SURINAME 1.0%

Government

Bonds 1.0%

Republic

of

Suriname,

7.95%,

7/15/33,

(4.95%

Cash

and

3.00%

PIK)

(USD) (1)(7)

29,254,593‌

28,413‌

Republic

of

Suriname,

VR,

9.00%,

12/31/50

(USD) (1)

18,316,000‌

17,950‌

Total

Suriname

(Cost

$30,361)

46,363‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

18

Par/Shares

$

Value

(Cost

and

value

in

$000s)

TANZANIA 0.4%

Convertible

Bonds 0.1%

HTA

Group,

2.875%,

3/18/27

(USD)

3,400,000‌

3,176‌

3,176‌

Corporate

Bonds 0.3%

HTA

Group,

7.50%,

6/4/29

(USD) (1)

13,460,000‌

13,729‌

13,729‌

Total

Tanzania

(Cost

$16,833)

16,905‌

THAILAND 0.4%

Corporate

Bonds 0.4%

Bangkok

Bank,

VR,

3.466%,

9/23/36

(USD) (1)(3)

10,370,000‌

9,157‌

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD) (1)

6,140,000‌

4,356‌

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD)

9,590,000‌

6,804‌

Total

Thailand

(Cost

$22,514)

20,317‌

TRINIDAD

AND

TOBAGO 0.2%

Government

Bonds 0.2%

Republic

of

Trinidad

&

Tobago,

6.40%,

6/26/34

(USD) (1)

10,580,000‌

10,944‌

Total

Trinidad

and

Tobago

(Cost

$10,580)

10,944‌

TÜRKIYE 2.9%

Government

Bonds 2.9%

Republic

of

Turkiye,

Series

10Y,

5.95%,

1/15/31

(USD)

26,785,000‌

26,252‌

Republic

of

Turkiye,

Series

10Y,

7.625%,

5/15/34

(USD)

13,300,000‌

14,148‌

Republic

of

Turkiye,

Series

10Y,

9.375%,

1/19/33

(USD)

11,630,000‌

13,638‌

Republic

of

Turkiye,

Series

11Y,

4.25%,

4/14/26

(USD)

1,925,000‌

1,913‌

Republic

of

Turkiye,

Series

11Y,

4.875%,

10/9/26

(USD)

3,765,000‌

3,767‌

Republic

of

Turkiye,

Series

12Y,

6.50%,

9/20/33

(USD)

6,825,000‌

6,771‌

Republic

of

Turkiye,

Series

2Y,

37.00%,

2/18/26

292,700,000‌

8,499‌

Republic

of

Turkiye,

Series

30Y,

4.875%,

4/16/43

(USD)

7,635,000‌

5,771‌

Republic

of

Turkiye,

Series

30Y,

6.00%,

1/14/41

(USD)

15,720,000‌

13,888‌

Republic

of

Turkiye,

Series

5Y,

9.875%,

1/15/28

(USD)

3,585,000‌

4,069‌

Republic

of

Turkiye,

Series

6Y,

8.60%,

9/24/27

(USD)

10,975,000‌

12,001‌

Republic

of

Turkiye,

Series

6Y,

9.375%,

3/14/29

(USD)

22,200,000‌

25,224‌

Total

Türkiye

(Cost

$128,899)

135,941‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

19

Par/Shares

$

Value

(Cost

and

value

in

$000s)

UKRAINE 0.6%

Government

Bonds 0.6%

Government

of

Ukraine,

STEP,

0.00%,

2/1/35

(USD) (1)

5,316,654‌

2,335‌

Government

of

Ukraine,

STEP,

0.00%,

2/1/36

(USD) (1)

4,430,546‌

1,922‌

Government

of

Ukraine,

STEP,

1.75%,

2/1/29

(USD) (1)

7,029,800‌

4,148‌

Government

of

Ukraine,

STEP,

1.75%,

2/1/34

(USD) (1)

7,480,013‌

3,345‌

Government

of

Ukraine,

STEP,

1.75%,

2/1/35

(USD) (1)

7,136,234‌

3,122‌

Government

of

Ukraine,

STEP,

1.75%,

2/1/36

(USD) (1)

29,295,158‌

12,658‌

Total

Ukraine

(Cost

$27,883)

27,530‌

UNITED

ARAB

EMIRATES 0.8%

Corporate

Bonds 0.8%

DP

World

Crescent,

3.875%,

7/18/29

(USD)

11,500,000‌

11,169‌

Emirates

NBD

Bank,

VR,

6.125%

(USD) (2)(3)

12,000,000‌

11,995‌

Galaxy

Pipeline

Assets

Bidco,

2.625%,

3/31/36

(USD)

10,280,000‌

8,799‌

Ruwais

Power,

6.00%,

8/31/36

(USD)

4,865,000‌

5,110‌

37,073‌

Government

Bonds 0.0%

Emirate

of

Dubai,

3.90%,

9/9/50

(USD)

2,560,000‌

1,993‌

1,993‌

Total

United

Arab

Emirates

(Cost

$40,313)

39,066‌

UNITED

KINGDOM 0.0%

Common

Stocks 0.0%

Mriya

Farming,

Recovery

Certificates,

Acquisition

Date:

8/23/18,

Cost $—

(EUR) (4)(5)(8)

4,463,430‌

25‌

Total

United

Kingdom

(Cost

$–)

25‌

UNITED

STATES 0.5%

Corporate

Bonds 0.5%

Hyundai

Capital

America,

5.60%,

3/30/28 (1)

7,335,000‌

7,558‌

LCPR

Senior

Secured

Financing,

5.125%,

7/15/29 (1)

18,880,000‌

15,293‌

Total

United

States

(Cost

$26,456)

22,851‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

20

Par/Shares

$

Value

(Cost

and

value

in

$000s)

URUGUAY 0.4%

Government

Bonds 0.4%

Oriental

Republic

of

Uruguay,

5.75%,

10/28/34

(USD)

16,385,000‌

17,797‌

Total

Uruguay

(Cost

$17,328)

17,797‌

UZBEKISTAN 0.0%

Government

Bonds 0.0%

National

Bank

of

Uzbekistan,

8.50%,

7/5/29

(USD)

550,000‌

562‌

Republic

of

Uzbekistan,

7.85%,

10/12/28

(USD) (1)

1,000,000‌

1,059‌

Total

Uzbekistan

(Cost

$1,535)

1,621‌

VENEZUELA 1.7%

Government

Bonds 1.7%

Petroleos

de

Venezuela,

6.00%,

5/16/24

(USD) (4)(6)

9,185,000‌

891‌

Petroleos

de

Venezuela,

8.50%,

10/27/20

(USD) (4)(6)

12,471,000‌

11,536‌

Petroleos

de

Venezuela,

9.00%,

11/17/21

(USD) (4)(6)

411,225,000‌

42,843‌

Petroleos

de

Venezuela,

9.75%,

5/17/35

(USD) (4)(6)

985,000‌

108‌

Petroleos

de

Venezuela,

12.75%,

2/17/22

(USD) (4)(6)

43,593,000‌

5,011‌

Republic

of

Venezuela,

6.00%,

12/9/20

(USD) (4)(6)

27,000,000‌

3,301‌

Republic

of

Venezuela,

7.75%,

10/13/19

(USD) (4)(6)

61,570,000‌

8,026‌

Republic

of

Venezuela,

9.25%,

9/15/27

(USD) (4)(6)

10,000,000‌

1,585‌

Republic

of

Venezuela,

11.75%,

10/21/26

(USD) (4)(6)

14,600,000‌

2,441‌

Republic

of

Venezuela,

11.95%,

8/5/31

(USD) (4)(6)

800,000‌

130‌

Republic

of

Venezuela,

12.75%,

8/23/22

(USD) (4)(6)

8,850,000‌

1,455‌

Total

Venezuela

(Cost

$284,879)

77,327‌

VIETNAM 0.1%

Government

Bonds 0.1%

Socialist

Republic

of

Vietnam,

4.80%,

11/19/24

(USD)

400,000‌

399‌

Socialist

Republic

of

Vietnam,

Series

30YR,

FRN,

6M

USD

LIBOR

+

0.813%,

6.875%,

3/13/28

(USD)

4,750,000‌

4,356‌

Total

Vietnam

(Cost

$4,936)

4,755‌

ZAMBIA 0.1%

Government

Bonds 0.1%

Republic

of

Zambia,

0.50%,

12/31/53

(USD)

2,904,889‌

1,433‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

21

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Zambia,

STEP,

5.75%,

6/30/33

(USD)

3,094,236‌

2,735‌

Total

Zambia

(Cost

$4,403)

4,168‌

SHORT-TERM

INVESTMENTS 2.5%

Money

Market

Funds 2.5%

T.

Rowe

Price

Government

Reserve

Fund,

4.97% (9)(10)

115,966,871‌

115,967‌

Total

Short-Term

Investments

(Cost

$115,967)

115,967‌

Total

Investments

in

Securities

99.0%

(Cost

$4,883,767)

$

4,605,383‌

Other

Assets

Less

Liabilities

1.0%

47,300

Net

Assets

100.0%

$

4,652,683‌

‡

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

$1,096,466

and

represents

23.6%

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

(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

$7,831

and

represents

0.2%

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

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

22

.

.

.

.

.

.

.

.

.

.

6M

USD

LIBOR

Six

month

USD

LIBOR

(London

interbank

offered

rate)

BRL

Brazilian

Real

CLP

Chilean

Peso

CNH

Offshore

China

Renminbi

COP

Colombian

Peso

EUR

Euro

FRN

Floating

Rate

Note

IDR

Indonesian

Rupiah

INR

Indian

Rupee

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

PEN

Peruvian

New

Sol

PHP

Philippines

Peso

PIK

Payment-in-kind

PLN

Polish

Zloty

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

23

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

10/11/24

USD

21,543‌

INR

1,805,011‌

$

14‌

Bank

of

America

10/18/24

USD

26,986‌

MXN

494,741‌

1,931‌

Bank

of

America

12/6/24

USD

18,552‌

MYR

80,615‌

(1,031‌)

Barclays

Bank

10/15/24

USD

5,521‌

TWD

177,496‌

(95‌)

Barclays

Bank

11/15/24

PLN

5,377‌

USD

1,396‌

(1‌)

Barclays

Bank

11/22/24

EUR

4,782‌

USD

5,315‌

20‌

Barclays

Bank

3/14/25

USD

16,766‌

CNH

118,397‌

(332‌)

BNP

Paribas

10/11/24

PEN

6,818‌

USD

1,824‌

15‌

BNP

Paribas

10/11/24

USD

18,950‌

IDR

312,495,834‌

(1,657‌)

BNP

Paribas

10/15/24

TWD

277,300‌

USD

8,509‌

264‌

BNP

Paribas

11/22/24

USD

57,773‌

EUR

51,889‌

(112‌)

Citibank

10/11/24

INR

779,051‌

USD

9,283‌

9‌

Citibank

10/11/24

USD

9,023‌

INR

755,234‌

15‌

Citibank

11/15/24

PLN

13,239‌

USD

3,427‌

9‌

Citibank

12/6/24

USD

14,516‌

COP

59,360,591‌

523‌

Deutsche

Bank

11/15/24

USD

39,628‌

PLN

156,644‌

(1,024‌)

Deutsche

Bank

12/6/24

USD

6,274‌

COP

25,513,252‌

259‌

Deutsche

Bank

12/6/24

USD

317‌

PHP

17,828‌

(1‌)

Goldman

Sachs

10/11/24

IDR

141,465,092‌

USD

9,341‌

(12‌)

Goldman

Sachs

10/11/24

USD

18,938‌

IDR

309,804,543‌

(1,491‌)

Goldman

Sachs

10/15/24

USD

13,343‌

TWD

429,320‌

(240‌)

Goldman

Sachs

11/15/24

PLN

5,383‌

USD

1,394‌

3‌

Goldman

Sachs

1/17/25

USD

9,307‌

IDR

141,465,092‌

33‌

HSBC

Bank

10/11/24

USD

8,026‌

IDR

131,777,939‌

(664‌)

HSBC

Bank

11/8/24

USD

10,141‌

CLP

9,608,263‌

(540‌)

HSBC

Bank

11/22/24

EUR

901‌

USD

1,009‌

(3‌)

HSBC

Bank

11/22/24

USD

102,153‌

EUR

91,466‌

117‌

HSBC

Bank

12/6/24

USD

24,664‌

MYR

108,646‌

(1,728‌)

HSBC

Bank

3/14/25

USD

8,544‌

CNH

60,234‌

(154‌)

JPMorgan

Chase

10/18/24

MXN

43,941‌

USD

2,260‌

(34‌)

JPMorgan

Chase

10/18/24

USD

7,819‌

ZAR

143,470‌

(471‌)

JPMorgan

Chase

11/22/24

EUR

9,063‌

USD

10,107‌

3‌

JPMorgan

Chase

12/6/24

USD

616‌

PHP

34,587‌

—‌

Standard

Chartered

10/11/24

USD

16,103‌

PEN

61,227‌

(411‌)

State

Street

11/22/24

USD

50,979‌

EUR

45,733‌

(38‌)

UBS

Investment

Bank

10/11/24

INR

569,091‌

USD

6,791‌

(3‌)

UBS

Investment

Bank

11/15/24

PLN

21,694‌

USD

5,586‌

44‌

UBS

Investment

Bank

1/17/25

USD

6,757‌

INR

569,091‌

4‌

UBS

Investment

Bank

3/14/25

USD

25,579‌

CNH

180,251‌

(452‌)

Wells

Fargo

12/3/24

USD

42,553‌

BRL

235,654‌

(386‌)

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

24

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Wells

Fargo

12/6/24

USD

3,199‌

COP

13,065,704‌

$

119‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(7,498‌)

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

25

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

363

Euro

BUND

contracts

12/24

(54,518)

$

(853‌)

Short,

215

U.S.

Treasury

Notes

ten

year

contracts

12/24

(24,570)

23‌

Long,

1,811

Ultra

U.S.

Treasury

Bonds

contracts

12/24

241,033

(619‌)

Net

payments

(receipts)

of

variation

margin

to

date

(1‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(1,450‌)

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

26

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,

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,

4.97%

$

—‌#

$

—‌

$

1,953‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

09/30/24

T.

Rowe

Price

Government

Reserve

Fund,

4.97%

$

43,009‌

¤

¤

$

115,967‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$1,953

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

$115,967.

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

Unaudited

Notes

to

Portfolio

of

Investments

27

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.

On

May

8,

2024,

the

Board

approved

the

reorganization

of

the

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund

(Acquired

fund)

into

the

fund.

The

reorganization

is

anticipated

to

close

on

or

around

September

27,

2024,

and

pursuant

to

which,

the

fund

will

acquire

substantially

all

of

the

assets

and

liabilities

of

the

Acquired

fund

in

exchange

for

I

Class

shares

of

the

fund.

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

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

28

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)

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.

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

29

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

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

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

30

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.

Valuation

Inputs

The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

September

30,

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

$

—‌

$

4,481,585‌

$

—‌

$

4,481,585‌

Common

Stocks

—‌

—‌

25‌

25‌

Private

Investment

Company

2

—‌

—‌

—‌

7,806‌

Short-Term

Investments

115,967‌

—‌

—‌

115,967‌

Total

Securities

115,967‌

4,481,585‌

25‌

4,605,383‌

Forward

Currency

Exchange

Contracts

—‌

3,382‌

—‌

3,382‌

Futures

Contracts*

23‌

—‌

—‌

23‌

Total

$

115,990‌

$

4,484,967‌

$

25‌

$

4,608,788‌

Liabilities

Forward

Currency

Exchange

Contracts

$

—‌

$

10,880‌

$

—‌

$

10,880‌

Futures

Contracts*

1,472‌

—‌

—‌

1,472‌

Total

$

1,472‌

$

10,880‌

$

—‌

$

12,352‌

1

Includes

Convertible

Bonds,

Corporate

Bonds

and

Government

Bonds.

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

31

OTHER

MATTERS

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

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

fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

F110-054Q3

09/24

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.

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