T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

March

31,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ANGOLA

0.6%

Government

Bonds

0.6%

Republic

of

Angola,

9.50%,

11/12/25

(USD) 

2,305,000‌

2,292‌

Total

Angola

(Cost

$2,369

)

2,292‌

BAHAMAS

0.1%

Government

Bonds

0.1%

Commonwealth

of

Bahamas,

5.75%,

1/16/24

(USD) 

470,000‌

446‌

Total

Bahamas

(Cost

$463

)

446‌

BRAZIL

7.9%

Corporate

Bonds

0.3%

Sitios

Latinoamerica,

5.375%,

4/4/32

(USD) (1)

1,430,000‌

1,279‌

1,279‌

Government

Bonds

7.6%

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/25 

20,285,000‌

3,881‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/27 

50,625,000‌

9,380‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/31 

74,730,000‌

12,916‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/33 

11,090,000‌

1,866‌

28,043‌

Total

Brazil

(Cost

$28,396

)

29,322‌

CHILE

1.2%

Government

Bonds

1.2%

Bonos

de

la

Tesoreria

de

la

Republica,

Inflation-Indexed,

1.90%,

9/1/30 

1,814,290,830‌

2,315‌

Bonos

de

la

Tesoreria

de

la

Republica

en

pesos,

7.00%,

5/1/34 (1)

1,330,000,000‌

1,939‌

Total

Chile

(Cost

$3,942

)

4,254‌

CHINA

3.3%

Corporate

Bonds

0.2%

Agile

Group

Holdings,

5.75%,

1/2/25

(USD) 

540,000‌

296‌

Longfor

Group

Holdings,

3.375%,

4/13/27

(USD) 

300,000‌

246‌

Times

China

Holdings,

6.75%,

7/8/25

(USD) (2)(3)

1,000,000‌

156‌

698‌

Government

Bonds

3.1%

China

Development

Bank,

Series

1904,

3.68%,

2/26/26 

5,900,000‌

882‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

2

Par/Shares

$

Value

(Cost

and

value

in

$000s)

People's

Republic

of

China,

Series

INBK,

3.01%,

5/13/28 

25,000,000‌

3,693‌

People's

Republic

of

China,

Series

INBK,

3.81%,

9/14/50 

7,350,000‌

1,181‌

People's

Republic

of

China,

Series

1915,

3.13%,

11/21/29 

39,100,000‌

5,814‌

11,570‌

Total

China

(Cost

$13,381

)

12,268‌

COLOMBIA

5.1%

Corporate

Bonds

0.3%

Empresas

Publicas

de

Medellin,

7.625%,

9/10/24 (1)

1,862,000,000‌

361‌

Empresas

Publicas

de

Medellin,

7.625%,

9/10/24 

4,371,000,000‌

847‌

1,208‌

Government

Bonds

4.7%

Republic

of

Colombia,

Series

B,

6.00%,

4/28/28 

43,473,800,000‌

7,489‌

Republic

of

Colombia,

Series

B,

7.00%,

3/26/31 

8,497,000,000‌

1,405‌

Republic

of

Colombia,

Series

B,

7.00%,

6/30/32 

13,800,000,000‌

2,198‌

Republic

of

Colombia,

Series

B,

7.25%,

10/18/34 

20,901,300,000‌

3,225‌

Republic

of

Colombia,

Series

B,

13.25%,

2/9/33 

161,600,000‌

38‌

Republic

of

Colombia,

Series

G,

7.00%,

3/26/31 

19,383,400,000‌

3,204‌

17,559‌

Private

Investment

Company

0.1%

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/1/22,

Cost $197

(USD) (3)(4)

†

207‌

207‌

Total

Colombia

(Cost

$24,502

)

18,974‌

CZECH

REPUBLIC

2.3%

Government

Bonds

2.3%

Czech

Republic,

Series

49,

4.20%,

12/4/36 

45,000,000‌

1,996‌

Czech

Republic,

Series

78,

2.50%,

8/25/28 

109,590,000‌

4,525‌

Czech

Republic,

Series

103,

2.00%,

10/13/33 

50,170,000‌

1,825‌

Total

Czech

Republic

(Cost

$7,466

)

8,346‌

DOMINICAN

REPUBLIC

0.4%

Government

Bonds

0.4%

Dominican

Republic,

9.75%,

6/5/26 (1)

48,250,000‌

863‌

Dominican

Republic,

13.625%,

2/3/33 (1)

32,350,000‌

672‌

Total

Dominican

Republic

(Cost

$1,392

)

1,535‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

3

Par/Shares

$

Value

(Cost

and

value

in

$000s)

EGYPT

0.5%

Government

Bonds

0.5%

Arab

Republic

of

Egypt,

Series

5YR,

14.369%,

10/20/25 

28,100,000‌

750‌

Arab

Republic

of

Egypt,

Series

5YR,

15.90%,

7/2/24 

38,000,000‌

1,141‌

Total

Egypt

(Cost

$3,975

)

1,891‌

HUNGARY

2.8%

Government

Bonds

2.8%

Republic

of

Hungary,

Series

25/B,

5.50%,

6/24/25 

609,120,000‌

1,538‌

Republic

of

Hungary,

Series

28/B,

4.50%,

3/23/28 

1,185,660,000‌

2,752‌

Republic

of

Hungary,

Series

31/A,

3.25%,

10/22/31 

832,000,000‌

1,638‌

Republic

of

Hungary,

Series

32/G,

4.50%,

5/27/32 

1,159,000,000‌

2,483‌

Republic

of

Hungary,

Series

33/A,

2.25%,

4/20/33 

967,000,000‌

1,656‌

Republic

of

Hungary,

Series

38/A,

3.00%,

10/27/38 

217,910,000‌

346‌

Total

Hungary

(Cost

$12,077

)

10,413‌

INDIA

2.7%

Corporate

Bonds

0.4%

HDFC

Bank,

8.10%,

3/22/25 

130,000,000‌

1,570‌

1,570‌

Government

Bonds

2.3%

Republic

of

India,

6.79%,

12/26/29 

430,430,000‌

5,123‌

Republic

of

India,

7.26%,

8/22/32 

285,000,000‌

3,467‌

8,590‌

Total

India

(Cost

$10,668

)

10,160‌

INDONESIA

9.9%

Corporate

Bonds

1.3%

Standard

Chartered

Bank,

Series

emtN,

CLN

(Reference:

Republic

of

Indonesia),

9.00%,

3/20/29 (1)

63,100,000,000‌

4,718‌

4,718‌

Government

Bonds

8.6%

Republic

of

Indonesia,

Series

FR65,

6.625%,

5/15/33 

14,280,000,000‌

937‌

Republic

of

Indonesia,

Series

FR72,

8.25%,

5/15/36 

77,804,000,000‌

5,737‌

Republic

of

Indonesia,

Series

FR73,

8.75%,

5/15/31 

119,457,000,000‌

8,963‌

Republic

of

Indonesia,

Series

FR78,

8.25%,

5/15/29 

22,100,000,000‌

1,607‌

Republic

of

Indonesia,

Series

FR82,

7.00%,

9/15/30 

27,300,000,000‌

1,863‌

Republic

of

Indonesia,

Series

FR83,

7.50%,

4/15/40 

37,272,000,000‌

2,594‌

Republic

of

Indonesia,

Series

FR90,

5.125%,

4/15/27 

86,200,000,000‌

5,515‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

4

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Indonesia,

Series

FR91,

6.375%,

4/15/32 

69,039,000,000‌

4,512‌

31,728‌

Total

Indonesia

(Cost

$36,137

)

36,446‌

IVORY

COAST

0.4%

Government

Bonds

0.4%

Republic

of

Ivory

Coast,

5.875%,

10/17/31

(EUR) 

1,665,000‌

1,488‌

Total

Ivory

Coast

(Cost

$1,442

)

1,488‌

MALAYSIA

6.7%

Government

Bonds

6.7%

Government

of

Malaysia,

Series

0120,

4.065%,

6/15/50 

16,045,000‌

3,425‌

Government

of

Malaysia,

Series

0311,

4.392%,

4/15/26 

3,650,000‌

849‌

Government

of

Malaysia,

Series

0322,

4.504%,

4/30/29 

14,730,000‌

3,456‌

Government

of

Malaysia,

Series

0411,

4.232%,

6/30/31 

35,969,000‌

8,325‌

Government

of

Malaysia,

Series

0519,

3.757%,

5/22/40 

29,575,000‌

6,313‌

Government

of

Malaysia,

Series

0713,

4.935%,

9/30/43 

9,040,000‌

2,217‌

Total

Malaysia

(Cost

$24,671

)

24,585‌

MEXICO

10.6%

Government

Bonds

10.6%

Petroleos

Mexicanos,

6.50%,

3/13/27

(USD) 

1,805,000‌

1,642‌

Petroleos

Mexicanos,

Series

14-2,

7.47%,

11/12/26 

12,010,000‌

574‌

Republic

of

Mexico,

6.35%,

2/9/35

(USD) 

550,000‌

586‌

United

Mexican

States,

Series

M,

7.75%,

5/29/31 

147,535,000‌

7,687‌

United

Mexican

States,

Series

M,

8.00%,

7/31/53 

29,430,000‌

1,448‌

United

Mexican

States,

Series

M

20,

7.50%,

6/3/27 

140,981,800‌

7,423‌

United

Mexican

States,

Series

M

20,

8.50%,

5/31/29 

130,115,000‌

7,111‌

United

Mexican

States,

Series

M

30,

8.50%,

11/18/38 

238,360,000‌

12,638‌

Total

Mexico

(Cost

$36,968

)

39,109‌

MOROCCO

0.4%

Government

Bonds

0.4%

Kingdom

of

Morocco,

5.95%,

3/8/28

(USD) (1)

1,450,000‌

1,489‌

Total

Morocco

(Cost

$1,434

)

1,489‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

5

Par/Shares

$

Value

(Cost

and

value

in

$000s)

NORTH

MACEDONIA

0.4%

Government

Bonds

0.4%

Republic

of

North

Macedonia,

6.96%,

3/13/27

(EUR) (1)

1,420,000‌

1,549‌

Total

North

Macedonia

(Cost

$1,502

)

1,549‌

PANAMA

0.2%

Government

Bonds

0.2%

Republic

of

Panama,

8.875%,

9/30/27

(USD) 

720,000‌

838‌

Total

Panama

(Cost

$839

)

838‌

PERU

3.8%

Government

Bonds

3.8%

Republic

of

Peru,

6.15%,

8/12/32 

13,534,000‌

3,290‌

Republic

of

Peru,

6.35%,

8/12/28 (1)

14,869,000‌

3,856‌

Republic

of

Peru,

6.35%,

8/12/28 

16,700,000‌

4,331‌

Republic

of

Peru,

6.90%,

8/12/37 

924,000‌

230‌

Republic

of

Peru,

8.20%,

8/12/26 

7,900,000‌

2,200‌

Total

Peru

(Cost

$15,350

)

13,907‌

PHILIPPINES

0.1%

Government

Bonds

0.1%

Republic

of

Philippines,

Series

25-6,

9.25%,

11/5/34 

14,060,000‌

323‌

Total

Philippines

(Cost

$285

)

323‌

POLAND

2.8%

Government

Bonds

2.8%

Republic

of

Poland,

Series

0727,

2.50%,

7/25/27 

34,200,000‌

6,899‌

Republic

of

Poland,

Series

1029,

2.75%,

10/25/29 

10,037,000‌

1,932‌

Republic

of

Poland,

Series

1033,

6.00%,

10/25/33 

6,471,000‌

1,507‌

Total

Poland

(Cost

$9,437

)

10,338‌

ROMANIA

4.5%

Government

Bonds

4.5%

Republic

of

Romania,

Series

10Y,

5.00%,

2/12/29 

45,920,000‌

8,982‌

Republic

of

Romania,

Series

15YR,

5.80%,

7/26/27 

12,100,000‌

2,515‌

Republic

of

Romania,

Series

5Y,

4.25%,

4/28/36 

14,915,000‌

2,399‌

Republic

of

Romania,

Series

8Y,

4.15%,

1/26/28 

14,760,000‌

2,842‌

Total

Romania

(Cost

$15,501

)

16,738‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SENEGAL

0.5%

Government

Bonds

0.5%

Republic

of

Senegal,

6.25%,

5/23/33

(USD) 

2,163,000‌

1,726‌

Total

Senegal

(Cost

$2,008

)

1,726‌

SERBIA

0.4%

Government

Bonds

0.4%

Republic

of

Serbia,

Series

12.5,

4.50%,

8/20/32 

185,990,000‌

1,464‌

Total

Serbia

(Cost

$1,949

)

1,464‌

SOUTH

AFRICA

9.2%

Government

Bonds

9.2%

Republic

of

South

Africa,

Series

R186,

10.50%,

12/21/26 

109,800,000‌

6,566‌

Republic

of

South

Africa,

Series

2032,

8.25%,

3/31/32 

176,028,000‌

8,631‌

Republic

of

South

Africa,

Series

2035,

8.875%,

2/28/35 

176,624,000‌

8,514‌

Republic

of

South

Africa,

Series

2044,

8.75%,

1/31/44 

99,090,000‌

4,316‌

Republic

of

South

Africa,

Series

2048,

8.75%,

2/28/48 

141,124,000‌

6,102‌

Total

South

Africa

(Cost

$37,530

)

34,129‌

SOUTH

KOREA

0.2%

Corporate

Bonds

0.2%

POSCO,

5.625%,

1/17/26

(USD) (1)

660,000‌

668‌

Total

South

Korea

(Cost

$656

)

668‌

SUPRANATIONAL

1.4%

Government

Bonds

1.4%

European

Bank

for

Reconstruction

&

Development,

Series

GMTN,

5.60%,

1/30/25

(IDR) 

40,230,000,000‌

2,648‌

International

Bank

for

Reconstruction

&

Development,

Series

GDIF,

4.60%,

2/9/26

(IDR) 

22,000,000,000‌

1,417‌

International

Bank

for

Reconstruction

&

Development,

Series

GMTN,

4.90%,

2/12/26

(INR) 

90,700,000‌

1,046‌

Total

Supranational

(Cost

$5,611

)

5,111‌

THAILAND

6.4%

Government

Bonds

6.4%

Kingdom

of

Thailand,

1.585%,

12/17/35 

339,965,000‌

8,876‌

Kingdom

of

Thailand,

2.00%,

6/17/42 

9,500,000‌

244‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Kingdom

of

Thailand,

3.40%,

6/17/36 

58,213,000‌

1,846‌

Kingdom

of

Thailand,

3.65%,

6/20/31 

120,030,000‌

3,871‌

Kingdom

of

Thailand,

3.775%,

6/25/32 

194,525,000‌

6,383‌

Kingdom

of

Thailand,

Series

ILB,

Inflation-Indexed,

1.25%,

3/12/28 

90,619,533‌

2,572‌

Total

Thailand

(Cost

$24,907

)

23,792‌

TURKEY

0.3%

Government

Bonds

0.3%

Republic

of

Turkey,

9.875%,

1/15/28

(USD) 

1,030,000‌

1,075‌

Total

Turkey

(Cost

$1,076

)

1,075‌

UKRAINE

0.8%

Government

Bonds

0.8%

Government

of

Ukraine,

11.67%,

11/22/23 

130,100,000‌

3,048‌

Total

Ukraine

(Cost

$4,944

)

3,048‌

UNITED

STATES

2.2%

U.S.

Treasury

Obligations

2.2%

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

7/15/32 

8,460,798‌

8,076‌

Total

United

States

(Cost

$7,936

)

8,076‌

URUGUAY

1.4%

Government

Bonds

1.4%

Republic

of

Uruguay,

8.25%,

5/21/31 

106,300,000‌

2,433‌

Republic

of

Uruguay,

8.50%,

3/15/28 (1)

115,100,000‌

2,759‌

Total

Uruguay

(Cost

$5,261

)

5,192‌

SHORT-TERM

INVESTMENTS

5.4%

Money

Market

Funds

4.8%

T.

Rowe

Price

Government

Reserve

Fund,

4.82% (5)(6)

17,673,716‌

17,674‌

17,674‌

U.S.

Treasury

Obligations

0.6%

U.S.

Treasury

Bills,

4.434%,

4/4/23 

375,000‌

375‌

U.S.

Treasury

Bills,

4.597%,

6/22/23 

1,000,000‌

990‌

U.S.

Treasury

Bills,

4.854%,

8/10/23 (7)

920,000‌

904‌

2,269‌

Total

Short-Term

Investments

(Cost

$19,943)

19,943‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

8

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED

0.1%

OTC

Options

Purchased

0.1%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Bank

of

America

USD

/

EUR

Call,

4/4/23

@

EUR1.07 (3)

2‌

5,620‌

—‌

Bank

of

America

USD

/

JPY

Put,

4/13/23

@

JPY128.00 (3)

1‌

3,700‌

4‌

BNP

Paribas

EUR

/

CZK

Put,

5/19/23

@

CZK23.75 (3)

1‌

3,365‌

45‌

Citibank

USD

/

MXN

Put,

4/19/23

@

MXN18.45 (3)

1‌

3,680‌

93‌

Deutsche

Bank

USD

/

EUR

Call,

4/20/23

@

EUR1.07 (3)

1‌

2,740‌

5‌

Deutsche

Bank

USD

/

MXN

Put,

4/19/23

@

MXN18.45 (3)

1‌

3,680‌

92‌

Goldman

Sachs

USD

/

KRW

Put,

4/5/23

@

KRW1,285.00 (3)

1‌

3,710‌

3‌

HSBC

Bank

USD

/

JPY

Put,

4/13/23

@

JPY128.00 (3)

1‌

3,700‌

4‌

HSBC

Bank

USD

/

KRW

Put,

4/5/23

@

KRW1,285.00 (3)

1‌

5,500‌

4‌

Total

Options

Purchased

(Cost

$268)

250‌

Total

Investments

in

Securities

95.0%

(Cost

$364,286)

$

351,185‌

Other

Assets

Less

Liabilities

5.0%

18,617

Net

Assets

100.0%

$

369,802‌

‡

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

$20,153

and

represents

5.4%

of

net

assets.

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

9

.

.

.

.

.

.

.

.

.

.

(2)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(3)

Non-income

producing

(4)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$207

and

represents

0.1%

of

net

assets.

(5)

Seven-day

yield

(6)

Affiliated

Companies

(7)

At

March

31,

2023,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

6M

HUF

BUBOR

Six

month

HUF

BUBOR

(Budapest

interbank

offered

rate)

6M

PLN

WIBOR

Six

month

PLN

WIBOR

(Warsaw

interbank

offered

rate)

BRL

Brazilian

Real

BRL

CDI

One

day

Brazilian

interbank

deposit

rate

CHF

Swiss

Franc

CLN

Credit-Linked

Note

CLP

Chilean

Peso

CNH

Offshore

China

Renminbi

COP

Colombian

Peso

CPI

Consumer

Price

Index

CZK

Czech

Koruna

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

ILS

Israeli

Shekel

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

KZT

Kazakhstan

Tenge

MXIBTIIE

Mexican

Interbank

28

day

interest

rate

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

OTC

Over-the-counter

PEN

Peruvian

New

Sol

PHP

Philippines

Peso

PLN

Polish

Zloty

RON

New

Romanian

Leu

RSD

Serbian

Dinar

SGD

Singapore

Dollar

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

10

.

.

.

.

.

.

.

.

.

.

THB

Thai

Baht

TRY

Turkish

Lira

TWD

Taiwan

Dollar

USD

U.S.

Dollar

UYU

Uruguayan

Peso

ZAR

South

African

Rand

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

11

(Amounts

in

000s)

SWAPS

(0.0)%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

0.0%

Interest

Rate

Swaps

0.0%

Brazil

0.0%

Barclays

Bank,

2

Year

Interest

Rate

Swap,

Receive

Fixed

12.635%

at

Maturity,

Pay

Variable

13.65%,

(BRL

CDI)

at

Maturity,

1/2/25

11,000

15

—

15‌

Goldman

Sachs,

2

Year

Interest

Rate

Swap,

Receive

Fixed

13.310%

at

Maturity,

Pay

Variable

13.65%,

(BRL

CDI)

at

Maturity,

1/2/25

30,000

97

—

97‌

Goldman

Sachs,

3

Year

Interest

Rate

Swap,

Receive

Fixed

10.840%

at

Maturity,

Pay

Variable

13.65%,

(BRL

CDI)

at

Maturity,

7/1/24

11,000

(72)

—

(72‌)

Morgan

Stanley,

5

Year

Interest

Rate

Swap,

Receive

Fixed

12.170%

at

Maturity,

Pay

Variable

13.65%,

(BRL

CDI)

at

Maturity,

1/4/27

11,510

(4)

—

(4‌)

Total

Brazil

—

36‌

Total

Bilateral

Interest

Rate

Swaps

—

36‌

Total

Bilateral

Swaps

—

36‌

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

(0.0)%

Credit

Default

Swaps,

Protection

Bought

0.0%

Brazil

0.0%

Protection

Bought

(Relevant

Credit:

Republic

of

Brazil),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/27

(USD)

850

26

55

(29‌)

Protection

Bought

(Relevant

Credit:

Republic

of

Brazil),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

(USD)

880

38

68

(30‌)

Total

Brazil

(59‌)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

12

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

United

States

0.0%

Protection

Bought

(Relevant

Credit:

Markit

CDX.EM-S38,

5

Year

Index),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

2,755

136

179

(43‌)

Total

United

States

(43‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Bought

(102‌)

Interest

Rate

Swaps

(0.0)%

China

(0.0)%

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.510%

Quarterly,

Pay

Variable

3.100%

(7

Day

Interbank

Repo)

Quarterly,

6/24/27

6,000

(8)

—

(8‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.710%

Quarterly,

Pay

Variable

2.850%

(7

Day

Interbank

Repo)

Quarterly,

12/27/27

27,200

(13)

—

(13‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.765%

Quarterly,

Pay

Variable

3.100%

(7

Day

Interbank

Repo)

Quarterly,

12/16/27

41,200

(3)

1

(4‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.790%

Quarterly,

Pay

Variable

3.100%

(7

Day

Interbank

Repo)

Quarterly,

12/9/27

4,300

—

—

—‌

Total

China

(25‌)

Hungary

(0.0)%

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.309%

Annually,

Pay

Variable

16.000%

(6M

HUF

BUBOR)

Semi-Annually,

3/18/27

320,000

(114)

—

(114‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

9.584%

Annually,

Pay

Variable

15.600%

(6M

HUF

BUBOR)

Semi-Annually,

7/27/27

440,000

32

—

32‌

Total

Hungary

(82‌)

Mexico

(0.1)%

5

Year

Interest

Rate

Swap,

Pay

Fixed

8.850%

28

Days,

Receive

Variable

11.337%

(MXIBTIIE)

28

Days,

7/1/27

61,000

(14)

—

(14‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.540%

28

Days,

Pay

Variable

11.399%

(MXIBTIIE)

28

Days,

12/3/24

27,500

(92)

—

(92‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.575%

28

Days,

Pay

Variable

11.415%

(MXIBTIIE)

28

Days,

9/13/24

56,500

(175)

1

(176‌)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

13

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

7

Year

Interest

Rate

Swap,

Receive

Fixed

8.530%

28

Days,

Pay

Variable

11.415%

(MXIBTIIE)

28

Days,

3/21/30

30,000

9

—

9‌

Total

Mexico

(273‌)

Poland

0.1%

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.530%

Annually,

Pay

Variable

7.110%

(6M

PLN

WIBOR)

Semi-Annually,

7/7/27

7,100

109

—

109‌

Total

Poland

109‌

Total

Centrally

Cleared

Interest

Rate

Swaps

(271‌)

Zero-Coupon

Inflation

Swaps

(0.0)%

United

States

(0.0)%

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.349%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

1/24/28

1,010

12

—

12‌

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.608%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

2/17/28

960

1

—

1‌

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.915%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

11/9/27

2,280

(27)

—

(27‌)

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.536%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

3/24/33

1,800

8

—

8‌

Total

United

States

(6‌)

Total

Centrally

Cleared

Zero-Coupon

Inflation

Swaps

(6‌)

Total

Centrally

Cleared

Swaps

(379‌)

Net

payments

(receipts)

of

variation

margin

to

date

345‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(34‌)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

14

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

4/6/23

INR

741,785‌

USD

9,006‌

$

18‌

Bank

of

America

4/6/23

USD

1,642‌

IDR

24,477,827‌

9‌

Bank

of

America

4/6/23

USD

995‌

IDR

15,250,242‌

(23‌)

Bank

of

America

4/6/23

USD

349‌

INR

28,667‌

—‌

Bank

of

America

4/7/23

KZT

1,788,805‌

USD

3,796‌

114‌

Bank

of

America

4/7/23

KZT

417,814‌

USD

938‌

(25‌)

Bank

of

America

4/7/23

TWD

165,985‌

USD

5,480‌

(29‌)

Bank

of

America

4/7/23

USD

2,113‌

KZT

963,231‌

8‌

Bank

of

America

4/7/23

USD

5,456‌

TWD

165,985‌

5‌

Bank

of

America

4/13/23

RON

7,107‌

USD

1,535‌

22‌

Bank

of

America

4/13/23

USD

851‌

RON

3,930‌

(10‌)

Bank

of

America

4/14/23

CNH

8,234‌

USD

1,198‌

1‌

Bank

of

America

4/14/23

CZK

14,338‌

USD

645‌

17‌

Bank

of

America

4/14/23

HUF

589,819‌

USD

1,613‌

63‌

Bank

of

America

4/14/23

USD

1,743‌

CZK

38,751‌

(47‌)

Bank

of

America

4/14/23

USD

1,787‌

HUF

653,107‌

(69‌)

Bank

of

America

4/14/23

ZAR

22,141‌

USD

1,297‌

(55‌)

Bank

of

America

4/21/23

USD

3,718‌

CHF

3,419‌

(27‌)

Bank

of

America

5/5/23

CLP

1,669,806‌

USD

2,079‌

13‌

Bank

of

America

5/5/23

USD

1,755‌

CLP

1,463,727‌

(79‌)

Bank

of

America

5/12/23

PLN

8,190‌

USD

1,848‌

45‌

Bank

of

America

5/12/23

USD

944‌

TRY

19,095‌

10‌

Bank

of

America

5/19/23

EUR

1,665‌

USD

1,770‌

41‌

Bank

of

America

5/19/23

GBP

1,547‌

USD

1,903‌

7‌

Bank

of

America

6/9/23

USD

2,266‌

COP

11,026,712‌

(68‌)

Bank

of

America

7/7/23

KRW

4,700,700‌

USD

3,638‌

(19‌)

Bank

of

America

7/7/23

USD

7,050‌

INR

582,992‌

(10‌)

Bank

of

America

7/7/23

USD

5,551‌

TWD

165,985‌

56‌

Barclays

Bank

4/6/23

IDR

34,881,649‌

USD

2,313‌

14‌

Barclays

Bank

4/6/23

USD

1,230‌

IDR

18,806,469‌

(25‌)

Barclays

Bank

4/13/23

RON

2,296‌

USD

499‌

4‌

Barclays

Bank

4/13/23

USD

1,498‌

RON

6,914‌

(17‌)

Barclays

Bank

4/14/23

USD

2,352‌

ZAR

40,226‌

96‌

Barclays

Bank

4/14/23

USD

5,026‌

ZAR

91,366‌

(99‌)

Barclays

Bank

4/14/23

ZAR

46,590‌

USD

2,602‌

12‌

Barclays

Bank

4/20/23

USD

1,792‌

ILS

6,496‌

(15‌)

Barclays

Bank

5/12/23

TRY

35,938‌

USD

1,805‌

(46‌)

Barclays

Bank

5/12/23

USD

921‌

PLN

4,149‌

(37‌)

Barclays

Bank

5/19/23

EUR

1,862‌

USD

1,997‌

28‌

Barclays

Bank

6/9/23

USD

1,858‌

PHP

102,106‌

(22‌)

Barclays

Bank

6/16/23

USD

488‌

SGD

659‌

(9‌)

BNP

Paribas

4/5/23

USD

5,156‌

PEN

19,565‌

(41‌)

BNP

Paribas

4/7/23

USD

908‌

KZT

411,705‌

8‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

15

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

BNP

Paribas

4/12/23

EGP

27,584‌

USD

920‌

$

(45‌)

BNP

Paribas

4/13/23

USD

1,442‌

RON

6,669‌

(19‌)

BNP

Paribas

4/14/23

USD

1,295‌

MXN

23,457‌

(3‌)

BNP

Paribas

4/21/23

JPY

131,236‌

USD

1,031‌

(39‌)

BNP

Paribas

5/12/23

PLN

2,851‌

USD

642‌

17‌

BNP

Paribas

5/19/23

USD

7,052‌

EUR

6,567‌

(90‌)

BNP

Paribas

6/2/23

BRL

7,463‌

USD

1,424‌

32‌

BNP

Paribas

6/2/23

USD

1,285‌

BRL

6,836‌

(48‌)

BNP

Paribas

6/9/23

THB

55,175‌

USD

1,619‌

6‌

BNP

Paribas

6/9/23

USD

1,011‌

COP

4,859,537‌

(18‌)

BNP

Paribas

7/7/23

IDR

10,810,381‌

USD

722‌

—‌

BNY

Mellon

4/14/23

HUF

1,098,859‌

USD

2,938‌

184‌

BNY

Mellon

4/14/23

ZAR

31,925‌

USD

1,788‌

3‌

Canadian

Imperial

Bank

of

Commerce

5/19/23

GBP

1,612‌

USD

1,971‌

20‌

Citibank

4/5/23

PEN

21,005‌

USD

5,594‌

(14‌)

Citibank

4/5/23

USD

3,997‌

PEN

15,207‌

(43‌)

Citibank

4/6/23

USD

5,896‌

INR

484,396‌

4‌

Citibank

4/12/23

EGP

20,964‌

USD

679‌

(13‌)

Citibank

4/12/23

USD

1,198‌

EGP

37,246‌

15‌

Citibank

4/12/23

USD

358‌

EGP

11,302‌

(1‌)

Citibank

4/14/23

HUF

1,001,175‌

USD

2,740‌

104‌

Citibank

4/14/23

USD

909‌

MXN

16,898‌

(26‌)

Citibank

4/20/23

USD

7,318‌

ILS

25,237‌

297‌

Citibank

4/21/23

JPY

286,167‌

USD

2,264‌

(101‌)

Citibank

5/12/23

RSD

61,818‌

USD

561‌

11‌

Citibank

6/2/23

BRL

11,585‌

USD

2,230‌

29‌

Citibank

6/9/23

COP

6,422,502‌

USD

1,331‌

28‌

Citibank

7/7/23

USD

5,561‌

PEN

21,005‌

14‌

Citibank

7/12/23

EGP

37,246‌

USD

1,090‌

(22‌)

Citibank

8/18/23

TRY

26,665‌

USD

1,236‌

(87‌)

Deutsche

Bank

4/6/23

IDR

9,241,723‌

USD

609‌

7‌

Deutsche

Bank

4/6/23

USD

1,910‌

IDR

29,379,881‌

(50‌)

Deutsche

Bank

4/13/23

USD

1,859‌

RON

8,574‌

(20‌)

Deutsche

Bank

4/14/23

CZK

45,006‌

USD

2,013‌

66‌

Deutsche

Bank

4/20/23

ILS

6,165‌

USD

1,815‌

(99‌)

Deutsche

Bank

4/21/23

JPY

108,192‌

USD

848‌

(31‌)

Deutsche

Bank

5/12/23

USD

1,470‌

PLN

6,522‌

(37‌)

Deutsche

Bank

6/9/23

MYR

16,093‌

USD

3,651‌

18‌

Deutsche

Bank

6/9/23

THB

361,057‌

USD

10,470‌

165‌

Goldman

Sachs

4/6/23

IDR

37,264,104‌

USD

2,449‌

37‌

Goldman

Sachs

4/6/23

USD

2,075‌

INR

172,283‌

(21‌)

Goldman

Sachs

4/7/23

TWD

582,245‌

USD

19,242‌

(121‌)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

16

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Goldman

Sachs

4/7/23

USD

17,371‌

TWD

525,262‌

$

121‌

Goldman

Sachs

4/7/23

USD

1,867‌

TWD

56,983‌

(5‌)

Goldman

Sachs

4/14/23

CZK

263,638‌

USD

11,605‌

569‌

Goldman

Sachs

4/14/23

HUF

300,811‌

USD

847‌

8‌

Goldman

Sachs

4/14/23

MXN

104,539‌

USD

5,705‌

80‌

Goldman

Sachs

4/14/23

USD

1,915‌

CZK

42,264‌

(37‌)

Goldman

Sachs

4/14/23

USD

3,574‌

MXN

65,179‌

(34‌)

Goldman

Sachs

4/14/23

USD

376‌

ZAR

6,861‌

(9‌)

Goldman

Sachs

4/21/23

USD

1,267‌

JPY

167,425‌

2‌

Goldman

Sachs

5/5/23

CLP

462,019‌

USD

561‌

18‌

Goldman

Sachs

5/19/23

USD

371‌

EUR

341‌

1‌

Goldman

Sachs

6/2/23

BRL

39,183‌

USD

7,387‌

255‌

Goldman

Sachs

6/2/23

USD

1,852‌

BRL

9,630‌

(26‌)

Goldman

Sachs

6/9/23

THB

345,690‌

USD

10,011‌

171‌

Goldman

Sachs

6/9/23

USD

3,928‌

THB

133,531‌

(5‌)

Goldman

Sachs

7/7/23

USD

5,429‌

TWD

162,398‌

52‌

HSBC

Bank

4/6/23

IDR

22,546,237‌

USD

1,495‌

9‌

HSBC

Bank

4/6/23

INR

227,512‌

USD

2,770‌

(2‌)

HSBC

Bank

4/6/23

USD

533‌

IDR

7,986,886‌

—‌

HSBC

Bank

4/6/23

USD

562‌

INR

46,110‌

1‌

HSBC

Bank

4/7/23

TWD

62,101‌

USD

2,041‌

(2‌)

HSBC

Bank

4/7/23

USD

2,061‌

TWD

62,101‌

21‌

HSBC

Bank

4/14/23

CNH

12,762‌

USD

1,868‌

(9‌)

HSBC

Bank

4/14/23

MXN

58,551‌

USD

3,126‌

115‌

HSBC

Bank

4/14/23

USD

1,396‌

MXN

26,655‌

(79‌)

HSBC

Bank

4/20/23

USD

1,833‌

ILS

6,509‌

22‌

HSBC

Bank

5/19/23

USD

1,120‌

EUR

1,041‌

(12‌)

HSBC

Bank

6/2/23

BRL

26,711‌

USD

5,091‌

118‌

HSBC

Bank

6/2/23

USD

658‌

BRL

3,496‌

(24‌)

HSBC

Bank

6/9/23

MYR

15,632‌

USD

3,508‌

56‌

HSBC

Bank

6/9/23

USD

1,932‌

MYR

8,597‌

(28‌)

HSBC

Bank

6/9/23

USD

1,917‌

PHP

105,350‌

(22‌)

HSBC

Bank

6/9/23

USD

1,206‌

UYU

48,009‌

(21‌)

HSBC

Bank

6/16/23

USD

1,346‌

SGD

1,815‌

(21‌)

HSBC

Bank

7/7/23

USD

1,493‌

IDR

22,546,237‌

(12‌)

HSBC

Bank

8/18/23

TRY

20,500‌

USD

956‌

(72‌)

JPMorgan

Chase

4/5/23

PEN

1,752‌

USD

454‌

12‌

JPMorgan

Chase

4/6/23

USD

1,172‌

IDR

17,929,329‌

(25‌)

JPMorgan

Chase

4/6/23

USD

2,108‌

INR

173,500‌

(2‌)

JPMorgan

Chase

4/7/23

TWD

35,705‌

USD

1,174‌

(1‌)

JPMorgan

Chase

4/7/23

USD

288‌

TWD

8,757‌

—‌

JPMorgan

Chase

4/7/23

USD

877‌

TWD

26,948‌

(8‌)

JPMorgan

Chase

4/13/23

RON

6,860‌

USD

1,499‌

4‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

17

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

JPMorgan

Chase

4/13/23

RON

4,808‌

USD

1,058‌

$

(4‌)

JPMorgan

Chase

4/13/23

USD

1,856‌

RON

8,432‌

9‌

JPMorgan

Chase

4/13/23

USD

2,489‌

RON

11,409‌

(11‌)

JPMorgan

Chase

4/14/23

CNH

29,804‌

USD

4,325‌

16‌

JPMorgan

Chase

4/14/23

CNH

5,361‌

USD

799‌

(18‌)

JPMorgan

Chase

4/14/23

CZK

88,999‌

USD

4,039‌

71‌

JPMorgan

Chase

4/14/23

CZK

86,709‌

USD

4,005‌

(1‌)

JPMorgan

Chase

4/14/23

HUF

936,267‌

USD

2,531‌

129‌

JPMorgan

Chase

4/14/23

MXN

56,966‌

USD

3,021‌

132‌

JPMorgan

Chase

4/14/23

USD

2,468‌

CNH

16,926‌

2‌

JPMorgan

Chase

4/14/23

USD

812‌

CZK

17,565‌

1‌

JPMorgan

Chase

4/14/23

USD

2,137‌

CZK

47,122‌

(38‌)

JPMorgan

Chase

4/14/23

USD

406‌

HUF

148,712‌

(16‌)

JPMorgan

Chase

4/14/23

USD

5,862‌

MXN

111,664‌

(318‌)

JPMorgan

Chase

4/14/23

USD

1,459‌

ZAR

25,521‌

27‌

JPMorgan

Chase

4/14/23

USD

5,062‌

ZAR

92,607‌

(133‌)

JPMorgan

Chase

4/14/23

ZAR

23,595‌

USD

1,273‌

50‌

JPMorgan

Chase

4/14/23

ZAR

38,327‌

USD

2,198‌

(48‌)

JPMorgan

Chase

4/20/23

ILS

14,644‌

USD

4,006‌

68‌

JPMorgan

Chase

4/20/23

ILS

6,017‌

USD

1,727‌

(53‌)

JPMorgan

Chase

4/21/23

USD

4,276‌

JPY

553,383‌

94‌

JPMorgan

Chase

5/12/23

PLN

1,226‌

USD

276‌

7‌

JPMorgan

Chase

5/12/23

TRY

16,957‌

USD

864‌

(34‌)

JPMorgan

Chase

5/12/23

USD

955‌

PLN

4,126‌

2‌

JPMorgan

Chase

5/12/23

USD

447‌

PLN

1,953‌

(5‌)

JPMorgan

Chase

5/12/23

USD

968‌

RSD

105,696‌

(9‌)

JPMorgan

Chase

5/12/23

USD

499‌

TRY

9,986‌

10‌

JPMorgan

Chase

5/19/23

USD

1,436‌

EUR

1,316‌

4‌

JPMorgan

Chase

5/19/23

USD

1,947‌

GBP

1,641‌

(79‌)

JPMorgan

Chase

6/9/23

USD

1,860‌

THB

63,676‌

(16‌)

JPMorgan

Chase

6/16/23

SGD

2,474‌

USD

1,839‌

25‌

Morgan

Stanley

4/5/23

PEN

12,015‌

USD

3,071‌

121‌

Morgan

Stanley

4/14/23

MXN

108,373‌

USD

5,654‌

343‌

Morgan

Stanley

4/14/23

USD

526‌

MXN

9,499‌

—‌

Morgan

Stanley

4/14/23

USD

1,448‌

MXN

27,763‌

(89‌)

Morgan

Stanley

4/14/23

USD

1,936‌

ZAR

33,110‌

79‌

Morgan

Stanley

4/14/23

USD

1,887‌

ZAR

33,761‌

(7‌)

Morgan

Stanley

4/14/23

ZAR

102,325‌

USD

5,662‌

78‌

Morgan

Stanley

4/20/23

ILS

8,080‌

USD

2,277‌

(29‌)

Morgan

Stanley

4/21/23

JPY

257,365‌

USD

1,925‌

20‌

Morgan

Stanley

4/21/23

USD

1,797‌

CHF

1,665‌

(27‌)

Morgan

Stanley

5/12/23

PLN

12,012‌

USD

2,679‌

97‌

Morgan

Stanley

6/2/23

BRL

8,071‌

USD

1,510‌

64‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

18

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Morgan

Stanley

6/9/23

COP

2,583,245‌

USD

521‌

$

26‌

Morgan

Stanley

6/9/23

USD

1,534‌

COP

7,232,696‌

3‌

Morgan

Stanley

7/14/23

MXN

9,499‌

USD

517‌

—‌

NatWest

4/14/23

ZAR

18,472‌

USD

1,003‌

33‌

RBC

Dominion

Securities

4/14/23

USD

1,082‌

MXN

19,657‌

(6‌)

RBC

Dominion

Securities

4/14/23

ZAR

17,889‌

USD

986‌

18‌

RBC

Dominion

Securities

4/14/23

ZAR

11,378‌

USD

663‌

(25‌)

RBC

Dominion

Securities

5/19/23

EUR

1,728‌

USD

1,851‌

29‌

Standard

Chartered

4/6/23

IDR

80,230,625‌

USD

5,182‌

170‌

Standard

Chartered

4/6/23

USD

1,029‌

INR

84,447‌

2‌

Standard

Chartered

4/14/23

USD

402‌

HUF

153,028‌

(33‌)

Standard

Chartered

5/5/23

USD

186‌

CLP

153,007‌

(6‌)

Standard

Chartered

6/9/23

MYR

53,917‌

USD

12,120‌

172‌

Standard

Chartered

6/9/23

USD

650‌

COP

3,166,794‌

(21‌)

State

Street

4/6/23

INR

20,107‌

USD

244‌

—‌

State

Street

4/14/23

CNH

163,861‌

USD

24,275‌

(408‌)

State

Street

4/14/23

USD

407‌

HUF

155,802‌

(36‌)

State

Street

5/19/23

USD

1,488‌

EUR

1,406‌

(41‌)

State

Street

5/19/23

USD

3,593‌

GBP

2,992‌

(102‌)

UBS

Investment

Bank

4/6/23

USD

4,620‌

IDR

70,333,704‌

(72‌)

UBS

Investment

Bank

4/13/23

RON

13,866‌

USD

3,034‌

4‌

UBS

Investment

Bank

4/13/23

USD

1,837‌

RON

8,315‌

15‌

UBS

Investment

Bank

4/14/23

CNH

6,265‌

USD

938‌

(25‌)

UBS

Investment

Bank

4/14/23

MXN

34,099‌

USD

1,877‌

10‌

UBS

Investment

Bank

4/14/23

USD

794‌

HUF

309,278‌

(85‌)

UBS

Investment

Bank

4/20/23

ILS

3,336‌

USD

921‌

7‌

UBS

Investment

Bank

4/21/23

JPY

79,941‌

USD

629‌

(25‌)

UBS

Investment

Bank

5/5/23

CLP

1,597,370‌

USD

1,990‌

12‌

UBS

Investment

Bank

5/12/23

PLN

55,588‌

USD

12,616‌

229‌

UBS

Investment

Bank

6/9/23

COP

2,563,179‌

USD

543‌

—‌

Wells

Fargo

4/14/23

USD

2,220‌

MXN

41,570‌

(81‌)

Wells

Fargo

4/14/23

ZAR

31,240‌

USD

1,727‌

26‌

Wells

Fargo

6/9/23

COP

2,641,379‌

USD

565‌

(5‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

1,406‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

19

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

108

Euro

BOBL

contracts

6/23

(13,807)

$

(206‌)

Short,

46

Mini

ten

year

JGB

contracts

6/23

(5,121)

(65‌)

Short,

25

U.S.

Treasury

Long

Bond

contracts

6/23

(3,279)

(135‌)

Short,

60

U.S.

Treasury

Notes

five

year

contracts

6/23

(6,570)

(21‌)

Short,

21

Ultra

U.S.

Treasury

Notes

ten

year

contracts

6/23

(2,544)

7‌

Net

payments

(receipts)

of

variation

margin

to

date

348‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(72‌)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

20

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

March

31,

2023.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

4.82%

$

—‌#

$

—‌

$

133‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

03/31/23

T.

Rowe

Price

Government

Reserve

Fund,

4.82%

$

19,382‌

 ¤

 ¤

$

17,674‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$133

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

$17,674.

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Unaudited

Notes

to

Portfolio

of

Investments

21

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

22

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.   

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

in

private

investment

companies

are

valued

at

the

investee’s

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee’s

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation Designee

may

adjust

the

investee’s

NAV

to

reflect

fair

value

at

the

valuation

date.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

23

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

Local

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Bond

Fund

24

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

330,785‌

$

—‌

$

330,785‌

Private

Investment

Company

2

—‌

—‌

—‌

207‌

Short-Term

Investments

17,674‌

2,269‌

—‌

19,943‌

Options

Purchased

—‌

250‌

—‌

250‌

Total

Securities

17,674‌

333,304‌

—‌

351,185‌

Swaps*

—‌

283‌

—‌

283‌

Forward

Currency

Exchange

Contracts

—‌

5,488‌

—‌

5,488‌

Futures

Contracts*

7‌

—‌

—‌

7‌

Total

$

17,681‌

$

339,075‌

$

—‌

$

356,963‌

Liabilities

Swaps*

$

—‌

$

626‌

$

—‌

$

626‌

Forward

Currency

Exchange

Contracts

—‌

4,082‌

—‌

4,082‌

Futures

Contracts*

427‌

—‌

—‌

427‌

Total

$

427‌

$

4,708‌

$

—‌

$

5,135‌

1

Includes

Corporate

Bonds,

Government

Bonds

and

U.S.

Treasury

Obligations.

2

In

accordance

with

Subtopic

820-10,

certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

unit

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

hierarchy.

The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Portfolio

of

Investments.

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

25

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F192-054Q1

03/23