T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

September

30,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ALBANIA

0.3%

Government

Bonds

0.3%

Republic

of

Albania,

5.90%,

6/9/28

(EUR) (1)

885,000‌

913‌

Total

Albania

(Cost

$938

)

913‌

ANGOLA

0.8%

Government

Bonds

0.8%

Republic

of

Angola,

9.50%,

11/12/25

(USD) 

2,735,000‌

2,686‌

Total

Angola

(Cost

$2,719

)

2,686‌

BAHAMAS

0.1%

Government

Bonds

0.1%

Commonwealth

of

Bahamas,

5.75%,

1/16/24

(USD) 

470,000‌

467‌

Total

Bahamas

(Cost

$467

)

467‌

BRAZIL

8.9%

Government

Bonds

8.9%

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNB,

Inflation-

Indexed,

6.00%,

5/15/35 

4,324,808‌

884‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/25 

24,285,000‌

4,783‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/27 

78,335,000‌

15,233‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/31 

34,230,000‌

6,341‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/33 

15,795,000‌

2,870‌

Total

Brazil

(Cost

$29,872

)

30,111‌

BULGARIA

0.3%

Government

Bonds

0.3%

Republic

of

Bulgaria,

4.50%,

1/27/33

(EUR) 

1,075,000‌

1,100‌

Total

Bulgaria

(Cost

$1,154

)

1,100‌

CHILE

0.8%

Corporate

Bonds

0.2%

CAP,

3.90%,

4/27/31

(USD) 

835,000‌

616‌

616‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

2

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Government

Bonds

0.6%

Bonos

de

la

Tesoreria

de

la

Republica,

6.00%,

4/1/33 (1)

1,870,000,000‌

2,083‌

2,083‌

Total

Chile

(Cost

$3,086

)

2,699‌

CHINA

5.5%

Convertible

Bonds

0.3%

H

World

Group,

3.00%,

5/1/26

(USD) 

315,000‌

365‌

Xiaomi

Best

Time

International,

Zero

Coupon,

12/17/27

(USD) 

700,000‌

598‌

963‌

Corporate

Bonds

0.0%

Agile

Group

Holdings,

5.75%,

1/2/25

(USD) 

540,000‌

74‌

Times

China

Holdings,

6.75%,

7/8/25

(USD) (2)(3)

1,000,000‌

35‌

109‌

Government

Bonds

5.2%

China

Development

Bank,

Series

1904,

3.68%,

2/26/26 

5,900,000‌

830‌

People's

Republic

of

China,

Series

INBK,

2.62%,

4/15/28 

36,000,000‌

4,941‌

People's

Republic

of

China,

Series

INBK,

3.01%,

5/13/28 

19,000,000‌

2,654‌

People's

Republic

of

China,

Series

INBK,

3.81%,

9/14/50 

7,350,000‌

1,141‌

People's

Republic

of

China,

Series

1915,

3.13%,

11/21/29 

57,100,000‌

8,050‌

17,616‌

Total

China

(Cost

$20,951

)

18,688‌

COLOMBIA

5.2%

Corporate

Bonds

0.4%

Empresas

Publicas

de

Medellin,

7.625%,

9/10/24 (1)

1,862,000,000‌

433‌

Empresas

Publicas

de

Medellin,

7.625%,

9/10/24 

4,371,000,000‌

1,015‌

1,448‌

Government

Bonds

4.7%

Republic

of

Colombia,

Series

B,

6.00%,

4/28/28 

28,473,800,000‌

5,761‌

Republic

of

Colombia,

Series

B,

7.00%,

3/26/31 

2,497,000,000‌

480‌

Republic

of

Colombia,

Series

B,

7.00%,

6/30/32 

2,620,000,000‌

485‌

Republic

of

Colombia,

Series

B,

7.25%,

10/18/34 

15,301,300,000‌

2,731‌

Republic

of

Colombia,

Series

B,

13.25%,

2/9/33 

12,661,600,000‌

3,355‌

Republic

of

Colombia,

Series

G,

7.00%,

3/26/31 

16,329,400,000‌

3,139‌

15,951‌

Private

Investment

Company

0.1%

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/1/22,

Cost $81

(USD) (3)(4)

†

106‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

3

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/7/23,

Cost $247

(USD) (3)(4)

†

245‌

351‌

Total

Colombia

(Cost

$18,405

)

17,750‌

CZECH

REPUBLIC

4.1%

Government

Bonds

4.1%

Czech

Republic,

Series

49,

4.20%,

12/4/36 

53,930,000‌

2,210‌

Czech

Republic,

Series

78,

2.50%,

8/25/28 

109,590,000‌

4,294‌

Czech

Republic,

Series

103,

2.00%,

10/13/33 

214,950,000‌

7,329‌

Total

Czech

Republic

(Cost

$14,244

)

13,833‌

EGYPT

0.2%

Government

Bonds

0.2%

Arab

Republic

of

Egypt,

Series

5YR,

14.369%,

10/20/25 

28,100,000‌

763‌

Total

Egypt

(Cost

$1,509

)

763‌

HUNGARY

2.8%

Corporate

Bonds

0.2%

OTP

Bank,

VR,

8.75%,

5/15/33

(USD) (5)

500,000‌

497‌

497‌

Government

Bonds

2.6%

Republic

of

Hungary,

Series

28/B,

4.50%,

3/23/28 

1,149,900,000‌

2,765‌

Republic

of

Hungary,

Series

31/A,

3.25%,

10/22/31 

1,937,000,000‌

4,021‌

Republic

of

Hungary,

Series

33/A,

2.25%,

4/20/33 

967,000,000‌

1,770‌

Republic

of

Hungary,

Series

38/A,

3.00%,

10/27/38 

217,910,000‌

364‌

8,920‌

Total

Hungary

(Cost

$10,088

)

9,417‌

INDIA

1.4%

Corporate

Bonds

0.5%

HDFC

Bank,

8.10%,

3/22/25 

130,000,000‌

1,551‌

1,551‌

Government

Bonds

0.9%

Republic

of

India,

7.26%,

8/22/32 

141,500,000‌

1,704‌

Republic

of

India,

7.26%,

2/6/33 

115,000,000‌

1,389‌

3,093‌

Total

India

(Cost

$5,119

)

4,644‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

4

Par/Shares

$

Value

(Cost

and

value

in

$000s)

INDONESIA

10.3%

Corporate

Bonds

1.0%

Standard

Chartered

Bank,

Series

emtN,

CLN

(Reference:

Republic

of

Indonesia),

9.00%,

3/20/29 (1)

46,100,000,000‌

3,313‌

3,313‌

Government

Bonds

9.3%

Republic

of

Indonesia,

Series

FR65,

6.625%,

5/15/33 

55,866,000,000‌

3,578‌

Republic

of

Indonesia,

Series

FR72,

8.25%,

5/15/36 

80,284,000,000‌

5,786‌

Republic

of

Indonesia,

Series

FR73,

8.75%,

5/15/31 

123,957,000,000‌

8,994‌

Republic

of

Indonesia,

Series

FR82,

7.00%,

9/15/30 

43,800,000,000‌

2,871‌

Republic

of

Indonesia,

Series

FR83,

7.50%,

4/15/40 

65,272,000,000‌

4,418‌

Republic

of

Indonesia,

Series

FR90,

5.125%,

4/15/27 

55,200,000,000‌

3,433‌

Republic

of

Indonesia,

Series

FR91,

6.375%,

4/15/32 

39,539,000,000‌

2,498‌

31,578‌

Total

Indonesia

(Cost

$36,029

)

34,891‌

IVORY

COAST

0.5%

Government

Bonds

0.5%

Republic

of

Ivory

Coast,

5.875%,

10/17/31

(EUR) 

1,915,000‌

1,677‌

Total

Ivory

Coast

(Cost

$1,752

)

1,677‌

MALAYSIA

5.2%

Government

Bonds

5.2%

Government

of

Malaysia,

Series

0120,

4.065%,

6/15/50 

13,145,000‌

2,619‌

Government

of

Malaysia,

Series

0322,

4.504%,

4/30/29 

13,915,000‌

3,060‌

Government

of

Malaysia,

Series

0411,

4.232%,

6/30/31 

14,569,000‌

3,155‌

Government

of

Malaysia,

Series

0519,

3.757%,

5/22/40 

34,375,000‌

6,874‌

Government

of

Malaysia,

Series

0713,

4.935%,

9/30/43 

9,040,000‌

2,065‌

Total

Malaysia

(Cost

$18,896

)

17,773‌

MEXICO

8.6%

Government

Bonds

8.6%

Petroleos

Mexicanos,

6.50%,

3/13/27

(USD) 

2,455,000‌

2,167‌

Petroleos

Mexicanos,

Series

14-2,

7.47%,

11/12/26 

12,010,000‌

588‌

United

Mexican

States,

Series

M,

7.50%,

6/3/27 

57,681,800‌

3,024‌

United

Mexican

States,

Series

M,

7.50%,

5/26/33 

78,700,000‌

3,839‌

United

Mexican

States,

Series

M,

7.75%,

5/29/31 

77,213,000‌

3,905‌

United

Mexican

States,

Series

M,

8.00%,

7/31/53 

41,177,000‌

1,929‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

5

Par/Shares

$

Value

(Cost

and

value

in

$000s)

United

Mexican

States,

Series

M,

8.50%,

5/31/29 

31,775,000‌

1,706‌

United

Mexican

States,

Series

M,

8.50%,

11/18/38 

200,860,000‌

10,166‌

United

Mexican

States,

Series

S,

Inflation-Indexed,

2.75%,

11/27/31 

35,821,991‌

1,736‌

Total

Mexico

(Cost

$29,941

)

29,060‌

PERU

4.1%

Government

Bonds

4.1%

Republic

of

Peru,

6.15%,

8/12/32 

6,364,000‌

1,565‌

Republic

of

Peru,

6.35%,

8/12/28 (1)

20,828,000‌

5,502‌

Republic

of

Peru,

6.35%,

8/12/28 

16,700,000‌

4,412‌

Republic

of

Peru,

6.90%,

8/12/37 

4,284,000‌

1,077‌

Republic

of

Peru,

8.20%,

8/12/26 

5,400,000‌

1,499‌

Total

Peru

(Cost

$15,011

)

14,055‌

PHILIPPINES

0.1%

Government

Bonds

0.1%

Republic

of

Philippines,

Series

25-6,

9.25%,

11/5/34 

14,060,000‌

302‌

Total

Philippines

(Cost

$284

)

302‌

POLAND

2.9%

Government

Bonds

2.9%

Republic

of

Poland,

Series

0727,

2.50%,

7/25/27 

34,200,000‌

7,133‌

Republic

of

Poland,

Series

1029,

2.75%,

10/25/29 

7,300,000‌

1,451‌

Republic

of

Poland,

Series

1033,

6.00%,

10/25/33 

5,962,000‌

1,376‌

Total

Poland

(Cost

$9,403

)

9,960‌

ROMANIA

4.7%

Corporate

Bonds

0.6%

Banca

Comerciala

Romana,

VR,

7.625%,

5/19/27

(EUR) (5)

500,000‌

546‌

Banca

Transilvania,

VR,

8.875%,

4/27/27

(EUR) (5)

1,520,000‌

1,672‌

2,218‌

Government

Bonds

4.1%

Republic

of

Romania,

Series

10Y,

5.00%,

2/12/29 

45,730,000‌

9,014‌

Republic

of

Romania,

Series

15YR,

5.80%,

7/26/27 

5,100,000‌

1,055‌

Republic

of

Romania,

Series

5Y,

4.25%,

4/28/36 

12,870,000‌

2,110‌

Republic

of

Romania,

Series

8Y,

4.15%,

1/26/28 

8,430,000‌

1,635‌

13,814‌

Total

Romania

(Cost

$15,435

)

16,032‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SENEGAL

0.6%

Government

Bonds

0.6%

Republic

of

Senegal,

6.25%,

5/23/33

(USD) 

2,333,000‌

1,876‌

Total

Senegal

(Cost

$1,980

)

1,876‌

SERBIA

0.4%

Government

Bonds

0.4%

Republic

of

Serbia,

Series

12.5,

4.50%,

8/20/32 

185,990,000‌

1,514‌

Total

Serbia

(Cost

$1,946

)

1,514‌

SOUTH

AFRICA

7.1%

Government

Bonds

7.1%

Republic

of

South

Africa,

Series

R213,

7.00%,

2/28/31 

118,760,000‌

4,927‌

Republic

of

South

Africa,

Series

2032,

8.25%,

3/31/32 

14,119,000‌

609‌

Republic

of

South

Africa,

Series

2035,

8.875%,

2/28/35 

244,274,000‌

10,188‌

Republic

of

South

Africa,

Series

2044,

8.75%,

1/31/44 

195,010,000‌

7,201‌

Republic

of

South

Africa,

Series

2048,

8.75%,

2/28/48 

35,644,000‌

1,309‌

Total

South

Africa

(Cost

$29,364

)

24,234‌

SRI

LANKA

0.8%

Government

Bonds

0.8%

Republic

of

Sri

Lanka

Treasury

Bills,

Series

182,

19.00%,

12/15/23 

155,000,000‌

463‌

Republic

of

Sri

Lanka

Treasury

Bills,

Series

182,

19.00%,

12/1/23 

50,000,000‌

150‌

Republic

of

Sri

Lanka

Treasury

Bills,

Series

182,

23.75%,

10/6/23 

265,000,000‌

816‌

Republic

of

Sri

Lanka

Treasury

Bills,

Series

364,

22.25%,

4/5/24 

440,000,000‌

1,260‌

Total

Sri

Lanka

(Cost

$2,714

)

2,689‌

SUPRANATIONAL

1.8%

Government

Bonds

1.8%

European

Bank

for

Reconstruction

&

Development,

Series

GMTN,

5.60%,

1/30/25

(IDR) 

40,230,000,000‌

2,578‌

International

Bank

for

Reconstruction

&

Development,

Series

GDIF,

4.60%,

2/9/26

(IDR) 

22,000,000,000‌

1,378‌

International

Bank

for

Reconstruction

&

Development,

Series

GMTN,

4.90%,

2/12/26

(INR) 

90,700,000‌

1,034‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

International

Finance,

3.59%,

2/26/26

(COP) 

5,750,000,000‌

1,156‌

Total

Supranational

(Cost

$6,795

)

6,146‌

TANZANIA

0.2%

Convertible

Bonds

0.2%

HTA

Group,

2.875%,

3/18/27

(USD) 

800,000‌

658‌

Total

Tanzania

(Cost

$648

)

658‌

THAILAND

6.9%

Government

Bonds

6.9%

Kingdom

of

Thailand,

1.585%,

12/17/35 

299,965,000‌

6,834‌

Kingdom

of

Thailand,

2.00%,

6/17/42 

62,500,000‌

1,352‌

Kingdom

of

Thailand,

3.35%,

6/17/33 

11,070,000‌

308‌

Kingdom

of

Thailand,

3.40%,

6/17/36 

28,213,000‌

778‌

Kingdom

of

Thailand,

3.65%,

6/20/31 

186,542,000‌

5,324‌

Kingdom

of

Thailand,

3.775%,

6/25/32 

229,525,000‌

6,567‌

Kingdom

of

Thailand,

Series

ILB,

Inflation-Indexed,

1.25%,

3/12/28 

92,582,528‌

2,408‌

Total

Thailand

(Cost

$27,119

)

23,571‌

UKRAINE

1.1%

Government

Bonds

1.1%

Government

of

Ukraine,

11.67%,

11/22/23 

130,100,000‌

3,583‌

Total

Ukraine

(Cost

$4,944

)

3,583‌

UNITED

STATES

1.0%

Convertible

Bonds

0.1%

Citigroup

Global

Markets

Holdings,

Series

1299,

Zero

Coupon,

2/26/26

(HKD) 

3,000,000‌

347‌

347‌

U.S.

Treasury

Obligations

0.9%

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

7/15/32 

2,158,950‌

1,881‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.25%,

4/15/28 

1,268,829‌

1,206‌

3,087‌

Total

United

States

(Cost

$3,676

)

3,434‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

8

Par/Shares

$

Value

(Cost

and

value

in

$000s)

URUGUAY

1.8%

Government

Bonds

1.8%

Republic

of

Uruguay,

8.25%,

5/21/31 

106,300,000‌

2,557‌

Republic

of

Uruguay,

8.50%,

3/15/28 (1)

77,100,000‌

1,952‌

Republic

of

Uruguay,

9.75%,

7/20/33 

56,650,000‌

1,486‌

Total

Uruguay

(Cost

$5,785

)

5,995‌

SHORT-TERM

INVESTMENTS

5.7%

Money

Market

Funds

5.3%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (6)(7)

18,034,941‌

18,035‌

18,035‌

U.S.

Treasury

Obligations

0.4%

U.S.

Treasury

Bills,

5.344%,

12/7/23 

1,500,000‌

1,485‌

1,485‌

Total

Short-Term

Investments

(Cost

$19,520)

19,520‌

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED

0.1%

OTC

Options

Purchased

0.1%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Barclays

Bank

USD

/

EUR,

Call,

11/16/23

@

EUR

1.06 (3)

1‌

5,830‌

53‌

BNP

Paribas

USD

/

MXN,

Put,

10/10/23

@

MXN

17.30 (3)

2‌

5,050‌

22‌

Morgan

Stanley

EUR

/

HUF,

Put,

11/2/23

@

HUF

375.00

(EUR) (3)

1‌

7,260‌

4‌

Morgan

Stanley

USD

/

JPY,

Put,

11/6/23

@

JPY

147.50 (3)

1‌

5,000‌

41‌

UBS

Investment

Bank

USD

/

CHF,

Call,

11/16/23

@

CHF

0.91 (3)

2‌

6,740‌

94‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

9

(Amounts

in

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

$

Value

UBS

Investment

Bank

USD

/

EUR,

Call,

11/16/23

@

EUR

1.06 (3)

1‌

990‌

9‌

Total

Options

Purchased

(Cost

$205)

223‌

Total

Investments

in

Securities

94.3%

(Cost

$339,999)

$

320,264‌

Other

Assets

Less

Liabilities

5.7%

19,501

Net

Assets

100.0%

$

339,765‌

‡

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

$14,196

and

represents

4.2%

of

net

assets.

(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

$351

and

represents

0.1%

of

net

assets.

(5)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(6)

Seven-day

yield

(7)

Affiliated

Companies

1

Day

INR

MIBOR

One

day

INR

MIBOR

(Mumbai

interbank

offered

rate)

6M

EURIBOR

Six

month

EURIBOR

(Euro

interbank

offered

rate)

6M

HUF

BUBOR

Six

month

HUF

BUBOR

(Budapest

interbank

offered

rate)

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

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

10

.

.

.

.

.

.

.

.

.

.

CNH

Offshore

China

Renminbi

COP

Colombian

Peso

CPI

Consumer

Price

Index

CZK

Czech

Koruna

EGP

Egyptian

Pound

EUR

Euro

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

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

THB

Thai

Baht

TRY

Turkish

Lira

TWD

Taiwan

Dollar

USD

U.S.

Dollar

UYU

Uruguayan

Peso

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

ZAR

South

African

Rand

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

11

(Amounts

in

000s)

SWAPS

0.1%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

0.0%

Interest

Rate

Swaps

0.0%

Brazil

(0.0)%

Morgan

Stanley,

3

Year

Interest

Rate

Swap,

Receive

Fixed

10.255%

at

Maturity,

Pay

Variable

12.65%,

(BRL

CDI)

at

Maturity,

1/4/27

22,427

(52)

—

(52‌)

Morgan

Stanley,

5

Year

Interest

Rate

Swap,

Receive

Fixed

12.170%

at

Maturity,

Pay

Variable

12.65%,

(BRL

CDI)

at

Maturity,

1/4/27

11,510

44

—

44‌

Total

Brazil

—

(8‌)

China

0.0%

Citibank,

7

Year

Interest

Rate

Swap,

Receive

Fixed

2.650%

Quarterly,

Pay

Variable

1.97%,

(7

Day

Interbank

Repo)

Quarterly,

5/16/30

5,521

9

—

9‌

Citibank,

7

Year

Interest

Rate

Swap,

Receive

Fixed

2.650%

Quarterly,

Pay

Variable

2.00%,

(7

Day

Interbank

Repo)

Quarterly,

5/15/30

5,573

9

—

9‌

Total

China

—

18‌

Total

Bilateral

Interest

Rate

Swaps

—

10‌

Total

Bilateral

Swaps

—

10‌

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.1%

Credit

Default

Swaps,

Protection

Bought

0.1%

South

Africa

0.1%

Protection

Bought

(Relevant

Credit:

Republic

of

South

Africa),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

(USD)

4,460

286

285

1‌

Total

South

Africa

1‌

United

States

0.0%

Protection

Bought

(Relevant

Credit:

Markit

CDX.EM-S40,

5

Year

Index),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

2,920

159

151

8‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

12

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Asia

Ex-Japan-S40,

5

Year

Index),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

5,060

58

63

(5‌)

Total

United

States

3‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Bought

4‌

Interest

Rate

Swaps

(0.0)%

China

0.1%

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.710%

Quarterly,

Pay

Variable

1.973%

(7

Day

Interbank

Repo)

Quarterly,

12/27/27

27,200

56

—

56‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.765%

Quarterly,

Pay

Variable

2.200%

(7

Day

Interbank

Repo)

Quarterly,

12/16/27

5,200

12

—

12‌

Total

China

68‌

Foreign/Europe

0.0%

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.367%

Annually,

Pay

Variable

4.071%

(6M

EURIBOR)

Semi-Annually,

9/21/28

10,825

(22)

—

(22‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.400%

Annually,

Pay

Variable

4.122%

(6M

EURIBOR)

Semi-Annually,

9/27/28

4,061

(2)

—

(2‌)

30

Year

Interest

Rate

Swap,

Pay

Fixed

2.953%

Annually,

Receive

Variable

4.071%

(6M

EURIBOR)

Semi-Annually,

9/22/53

2,300

65

—

65‌

Total

Foreign/Europe

41‌

Hungary

0.0%

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.309%

Annually,

Pay

Variable

12.550%

(6M

HUF

BUBOR)

Semi-Annually,

3/18/27

320,000

(21)

—

(21‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

9.584%

Annually,

Pay

Variable

14.160%

(6M

HUF

BUBOR)

Semi-Annually,

7/27/27

440,000

47

—

47‌

Total

Hungary

26‌

India

(0.0)%

7

Year

Interest

Rate

Swap,

Receive

Fixed

6.638%

Semi-Annually,

Pay

Variable

6.950%

(1

Day

INR

MIBOR)

Semi-Annually,

9/2/30

306,600

(41)

—

(41‌)

Total

India

(41‌)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

13

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Mexico

(0.1)%

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.540%

28

Days,

Pay

Variable

11.506%

(MXIBTIIE)

28

Days,

12/3/24

27,500

(87)

—

(87‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.575%

28

Days,

Pay

Variable

11.505%

(MXIBTIIE)

28

Days,

9/13/24

56,500

(149)

1

(150‌)

7

Year

Interest

Rate

Swap,

Receive

Fixed

8.530%

28

Days,

Pay

Variable

11.505%

(MXIBTIIE)

28

Days,

3/21/30

30,000

(83)

—

(83‌)

Total

Mexico

(320‌)

Poland

(0.0)%

5

Year

Interest

Rate

Swap,

Pay

Fixed

5.060%

Annually,

Receive

Variable

6.950%

(6M

PLN

WIBOR)

Semi-Annually,

6/30/28

5,225

(18)

—

(18‌)

Total

Poland

(18‌)

Total

Centrally

Cleared

Interest

Rate

Swaps

(244‌)

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

380

(4)

—

(4‌)

Total

United

States

9‌

Total

Centrally

Cleared

Zero-Coupon

Inflation

Swaps

9‌

Total

Centrally

Cleared

Swaps

(231‌)

Net

payments

(receipts)

of

variation

margin

to

date

278‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

47‌

**

Includes

interest

purchased

or

sold

but

not

yet

collected

of

$(1).

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

10/6/23

IDR

25,261,384‌

USD

1,683‌

$

(49‌)

Bank

of

America

10/13/23

USD

2,081‌

CZK

44,101‌

171‌

Bank

of

America

10/13/23

USD

4,449‌

ZAR

84,750‌

(21‌)

Bank

of

America

11/17/23

PLN

10,484‌

USD

2,399‌

(2‌)

Bank

of

America

12/8/23

MYR

26,545‌

USD

5,748‌

(57‌)

Bank

of

America

12/8/23

USD

4,157‌

MYR

19,330‌

13‌

Bank

of

America

1/17/24

IDR

24,495,209‌

USD

1,581‌

(1‌)

Barclays

Bank

10/6/23

IDR

31,131,537‌

USD

2,054‌

(40‌)

Barclays

Bank

10/6/23

INR

406,375‌

USD

4,883‌

7‌

Barclays

Bank

10/6/23

KRW

5,203,002‌

USD

3,985‌

(130‌)

Barclays

Bank

10/6/23

TWD

20,783‌

USD

645‌

—‌

Barclays

Bank

10/6/23

USD

3,864‌

KRW

5,149,871‌

48‌

Barclays

Bank

10/13/23

ZAR

86,431‌

USD

4,494‌

65‌

Barclays

Bank

11/10/23

CLP

774,846‌

USD

899‌

(30‌)

Barclays

Bank

11/24/23

EUR

3,645‌

USD

3,904‌

(41‌)

Barclays

Bank

1/17/24

KRW

5,149,871‌

USD

3,887‌

(57‌)

Barclays

Bank

1/17/24

USD

3,132‌

INR

261,976‌

(2‌)

BNP

Paribas

10/6/23

KRW

2,575,668‌

USD

1,949‌

(41‌)

BNP

Paribas

10/6/23

PEN

6,864‌

USD

1,811‌

—‌

BNP

Paribas

10/6/23

USD

1,033‌

KRW

1,296,741‌

72‌

BNP

Paribas

10/6/23

USD

1,944‌

PEN

7,230‌

36‌

BNP

Paribas

10/11/23

USD

962‌

EGP

29,877‌

(2‌)

BNP

Paribas

10/13/23

HUF

742,013‌

USD

2,102‌

(93‌)

BNP

Paribas

10/13/23

USD

1,436‌

RON

6,343‌

88‌

BNP

Paribas

11/10/23

CLP

4,636,873‌

USD

5,287‌

(86‌)

BNP

Paribas

11/24/23

USD

6,215‌

EUR

5,680‌

195‌

BNP

Paribas

12/4/23

BRL

11,528‌

USD

2,335‌

(61‌)

BNP

Paribas

12/7/23

COP

2,531,183‌

USD

609‌

1‌

BNP

Paribas

12/7/23

COP

4,479,703‌

USD

1,081‌

(2‌)

BNP

Paribas

12/7/23

USD

1,350‌

COP

5,704,605‌

(23‌)

BNP

Paribas

12/8/23

USD

1,940‌

MYR

9,055‌

(1‌)

BNP

Paribas

12/14/23

EGP

29,877‌

USD

935‌

6‌

Citibank

10/6/23

TWD

99,562‌

USD

3,085‌

4‌

Citibank

10/6/23

USD

3,449‌

IDR

51,798,253‌

99‌

Citibank

10/6/23

USD

2,315‌

INR

192,686‌

(4‌)

Citibank

10/6/23

USD

644‌

TWD

20,783‌

(1‌)

Citibank

10/13/23

MXN

46,665‌

USD

2,674‌

(3‌)

Citibank

10/13/23

RON

19,723‌

USD

4,375‌

(184‌)

Citibank

10/13/23

USD

3,235‌

CZK

71,851‌

122‌

Citibank

10/13/23

USD

2,268‌

MXN

39,242‌

22‌

Citibank

10/13/23

USD

1,964‌

ZAR

36,662‌

30‌

Citibank

11/10/23

CLP

849,916‌

USD

992‌

(39‌)

Citibank

11/17/23

RSD

273,888‌

USD

2,555‌

(83‌)

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)

Citibank

12/7/23

USD

1,360‌

COP

5,762,227‌

$

(28‌)

Citibank

12/7/23

USD

1,652‌

PHP

94,236‌

(12‌)

Citibank

1/17/24

TWD

20,783‌

USD

648‌

2‌

Citibank

1/17/24

USD

3,103‌

TWD

99,562‌

(9‌)

Deutsche

Bank

10/6/23

USD

3,799‌

IDR

57,924,271‌

53‌

Deutsche

Bank

10/6/23

USD

1,997‌

INR

164,229‌

20‌

Deutsche

Bank

10/6/23

USD

1,003‌

KZT

462,811‌

38‌

Deutsche

Bank

10/6/23

USD

3,757‌

TWD

116,487‌

144‌

Deutsche

Bank

10/11/23

USD

1,427‌

EGP

44,338‌

(4‌)

Deutsche

Bank

10/13/23

CZK

279,789‌

USD

12,820‌

(701‌)

Deutsche

Bank

10/13/23

HUF

590,843‌

USD

1,596‌

4‌

Deutsche

Bank

10/13/23

HUF

2,764,439‌

USD

7,836‌

(350‌)

Deutsche

Bank

10/13/23

USD

2,680‌

CZK

61,896‌

(1‌)

Deutsche

Bank

10/13/23

USD

1,918‌

HUF

708,706‌

(1‌)

Deutsche

Bank

10/13/23

USD

1,757‌

RON

8,265‌

1‌

Deutsche

Bank

10/13/23

USD

2,990‌

ZAR

56,907‌

(12‌)

Deutsche

Bank

10/20/23

CHF

334‌

USD

366‌

(1‌)

Deutsche

Bank

11/17/23

PLN

11,151‌

USD

2,705‌

(156‌)

Deutsche

Bank

11/17/23

USD

2,169‌

PLN

9,466‌

5‌

Deutsche

Bank

11/17/23

USD

258‌

TRY

7,399‌

3‌

Deutsche

Bank

11/24/23

EUR

359‌

USD

381‌

—‌

Deutsche

Bank

12/4/23

BRL

8,832‌

USD

1,746‌

(4‌)

Deutsche

Bank

12/8/23

MYR

34,856‌

USD

7,463‌

10‌

Deutsche

Bank

12/8/23

THB

108,457‌

USD

2,983‌

15‌

Deutsche

Bank

12/8/23

THB

149,184‌

USD

4,290‌

(168‌)

Deutsche

Bank

12/8/23

USD

698‌

MYR

3,215‌

9‌

Deutsche

Bank

12/8/23

USD

3,063‌

MYR

14,352‌

(14‌)

Deutsche

Bank

12/15/23

USD

4,220‌

CNH

30,775‌

(12‌)

Goldman

Sachs

10/6/23

IDR

34,595,811‌

USD

2,229‌

9‌

Goldman

Sachs

10/6/23

IDR

69,200,212‌

USD

4,568‌

(93‌)

Goldman

Sachs

10/6/23

KRW

2,574,203‌

USD

1,945‌

(37‌)

Goldman

Sachs

10/6/23

TWD

53,356‌

USD

1,654‌

1‌

Goldman

Sachs

10/6/23

TWD

31,967‌

USD

992‌

(1‌)

Goldman

Sachs

10/6/23

USD

3,024‌

IDR

45,231,111‌

98‌

Goldman

Sachs

10/6/23

USD

2,114‌

PEN

7,853‌

41‌

Goldman

Sachs

10/6/23

USD

5,428‌

TWD

168,359‌

205‌

Goldman

Sachs

10/13/23

MXN

45,117‌

USD

2,593‌

(10‌)

Goldman

Sachs

10/13/23

ZAR

48,985‌

USD

2,581‌

2‌

Goldman

Sachs

11/10/23

USD

903‌

CLP

816,959‌

(14‌)

Goldman

Sachs

11/17/23

USD

2,745‌

PLN

11,844‌

38‌

Goldman

Sachs

12/4/23

BRL

15,597‌

USD

3,162‌

(85‌)

Goldman

Sachs

12/4/23

USD

4,179‌

BRL

20,923‌

52‌

Goldman

Sachs

12/7/23

COP

5,172,780‌

USD

1,233‌

12‌

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

12/7/23

USD

1,636‌

COP

6,772,977‌

$

6‌

Goldman

Sachs

12/8/23

THB

17,178‌

USD

495‌

(20‌)

Goldman

Sachs

12/8/23

USD

3,582‌

THB

129,818‌

(6‌)

Goldman

Sachs

12/15/23

CNH

22,186‌

USD

3,074‌

(23‌)

Goldman

Sachs

12/15/23

USD

1,754‌

CNH

12,753‌

—‌

Goldman

Sachs

1/17/24

USD

2,938‌

IDR

45,665,334‌

(7‌)

Goldman

Sachs

1/17/24

USD

2,662‌

TWD

85,323‌

(5‌)

HSBC

Bank

10/6/23

IDR

12,869,797‌

USD

833‌

—‌

HSBC

Bank

10/6/23

TWD

63,764‌

USD

2,008‌

(30‌)

HSBC

Bank

10/6/23

USD

2,850‌

TWD

88,216‌

113‌

HSBC

Bank

11/24/23

EUR

3,308‌

USD

3,487‌

19‌

HSBC

Bank

11/24/23

EUR

1,816‌

USD

1,992‌

(68‌)

HSBC

Bank

11/24/23

USD

3,941‌

EUR

3,594‌

132‌

HSBC

Bank

12/4/23

BRL

7,712‌

USD

1,554‌

(32‌)

HSBC

Bank

12/4/23

USD

5,905‌

BRL

29,056‌

173‌

HSBC

Bank

12/7/23

USD

1,032‌

PHP

58,650‌

(4‌)

HSBC

Bank

12/8/23

MYR

53,092‌

USD

11,489‌

(106‌)

HSBC

Bank

12/8/23

USD

3,860‌

MYR

17,948‌

12‌

HSBC

Bank

12/8/23

USD

2,868‌

UYU

109,939‌

46‌

HSBC

Bank

12/8/23

UYU

31,042‌

USD

805‌

(9‌)

HSBC

Bank

12/15/23

CNH

40,174‌

USD

5,508‌

15‌

HSBC

Bank

12/15/23

CNH

44,373‌

USD

6,144‌

(43‌)

HSBC

Bank

1/17/24

USD

832‌

IDR

12,869,797‌

1‌

JPMorgan

Chase

10/6/23

IDR

1,395,707‌

USD

91‌

(1‌)

JPMorgan

Chase

10/6/23

KZT

462,811‌

USD

993‌

(29‌)

JPMorgan

Chase

10/6/23

TWD

59,128‌

USD

1,924‌

(90‌)

JPMorgan

Chase

10/6/23

USD

1,017‌

IDR

15,504,695‌

14‌

JPMorgan

Chase

10/6/23

USD

2,708‌

IDR

42,056,683‌

(12‌)

JPMorgan

Chase

10/6/23

USD

1,397‌

INR

116,022‌

1‌

JPMorgan

Chase

10/6/23

USD

2,060‌

PEN

7,516‌

77‌

JPMorgan

Chase

10/11/23

EGP

61,787‌

USD

1,897‌

98‌

JPMorgan

Chase

10/13/23

CZK

145,555‌

USD

6,515‌

(210‌)

JPMorgan

Chase

10/13/23

HUF

752,208‌

USD

2,062‌

(25‌)

JPMorgan

Chase

10/13/23

MXN

10,407‌

USD

598‌

(2‌)

JPMorgan

Chase

10/13/23

RON

13,417‌

USD

2,909‌

(58‌)

JPMorgan

Chase

10/13/23

USD

516‌

HUF

182,907‌

21‌

JPMorgan

Chase

10/13/23

USD

8,942‌

MXN

153,368‌

163‌

JPMorgan

Chase

10/13/23

USD

4,329‌

MXN

75,678‌

(3‌)

JPMorgan

Chase

10/13/23

USD

971‌

RON

4,446‌

26‌

JPMorgan

Chase

10/13/23

USD

2,153‌

ZAR

38,553‌

119‌

JPMorgan

Chase

10/13/23

USD

517‌

ZAR

9,816‌

(1‌)

JPMorgan

Chase

10/13/23

ZAR

69,307‌

USD

3,644‌

12‌

JPMorgan

Chase

10/13/23

ZAR

47,294‌

USD

2,607‌

(113‌)

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

10/20/23

USD

1,020‌

CHF

875‌

$

62‌

JPMorgan

Chase

11/10/23

CLP

427,265‌

USD

477‌

2‌

JPMorgan

Chase

11/17/23

PLN

12,248‌

USD

2,920‌

(120‌)

JPMorgan

Chase

11/17/23

TRY

5,630‌

USD

202‌

(8‌)

JPMorgan

Chase

11/17/23

USD

2,697‌

PLN

11,398‌

92‌

JPMorgan

Chase

11/17/23

USD

1,937‌

RSD

211,874‌

25‌

JPMorgan

Chase

11/17/23

USD

355‌

TRY

10,067‌

8‌

JPMorgan

Chase

11/24/23

USD

1,187‌

EUR

1,092‌

30‌

JPMorgan

Chase

12/4/23

USD

1,004‌

BRL

5,067‌

4‌

JPMorgan

Chase

12/7/23

PHP

98,811‌

USD

1,733‌

12‌

JPMorgan

Chase

12/7/23

USD

407‌

COP

1,710,163‌

(5‌)

JPMorgan

Chase

12/8/23

USD

1,155‌

MYR

5,396‌

(2‌)

JPMorgan

Chase

12/8/23

USD

1,641‌

UYU

63,886‌

1‌

JPMorgan

Chase

1/17/24

IDR

28,422,079‌

USD

1,828‌

5‌

Morgan

Stanley

10/6/23

TWD

65,285‌

USD

2,043‌

(17‌)

Morgan

Stanley

10/13/23

MXN

55,366‌

USD

3,165‌

4‌

Morgan

Stanley

10/13/23

MXN

75,446‌

USD

4,389‌

(70‌)

Morgan

Stanley

11/10/23

CLP

431,783‌

USD

502‌

(17‌)

Morgan

Stanley

11/10/23

USD

3,391‌

CLP

2,924,381‌

110‌

Morgan

Stanley

11/17/23

PLN

4,478‌

USD

1,092‌

(68‌)

Morgan

Stanley

12/7/23

COP

8,118,739‌

USD

1,951‌

4‌

Morgan

Stanley

12/15/23

CNH

67,275‌

USD

9,289‌

(39‌)

RBC

Dominion

Securities

10/13/23

MXN

25,950‌

USD

1,488‌

(3‌)

RBC

Dominion

Securities

10/13/23

ZAR

28,847‌

USD

1,564‌

(42‌)

RBC

Dominion

Securities

12/15/23

USD

476‌

CNH

3,449‌

2‌

Standard

Chartered

10/6/23

IDR

14,110,486‌

USD

934‌

(22‌)

Standard

Chartered

10/6/23

PEN

15,579‌

USD

4,166‌

(54‌)

Standard

Chartered

10/20/23

USD

2,025‌

CHF

1,761‌

97‌

Standard

Chartered

11/17/23

TRY

77,548‌

USD

2,693‌

(22‌)

State

Street

10/13/23

CZK

2,738‌

USD

123‌

(4‌)

State

Street

10/13/23

MXN

146,203‌

USD

8,465‌

(97‌)

State

Street

10/13/23

ZAR

14,837‌

USD

786‌

(3‌)

State

Street

11/24/23

USD

5,906‌

EUR

5,390‌

194‌

State

Street

12/4/23

BRL

44,647‌

USD

8,917‌

(110‌)

State

Street

1/17/24

USD

416‌

KRW

559,259‌

—‌

UBS

Investment

Bank

10/6/23

IDR

33,239,113‌

USD

2,142‌

8‌

UBS

Investment

Bank

10/6/23

IDR

38,060,427‌

USD

2,511‌

(49‌)

UBS

Investment

Bank

10/6/23

INR

66,562‌

USD

808‌

(7‌)

UBS

Investment

Bank

10/6/23

PEN

30,081‌

USD

7,926‌

13‌

UBS

Investment

Bank

10/6/23

USD

3,153‌

IDR

47,349,460‌

91‌

UBS

Investment

Bank

10/6/23

USD

3,069‌

KRW

3,906,261‌

175‌

UBS

Investment

Bank

10/13/23

USD

1,943‌

RON

9,041‌

22‌

UBS

Investment

Bank

10/20/23

CHF

3,442‌

USD

3,848‌

(79‌)

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)

UBS

Investment

Bank

10/20/23

USD

4,965‌

CHF

4,290‌

$

268‌

UBS

Investment

Bank

11/17/23

PLN

36,494‌

USD

8,822‌

(479‌)

UBS

Investment

Bank

11/17/23

USD

649‌

PLN

2,780‌

14‌

UBS

Investment

Bank

11/24/23

EUR

715‌

USD

759‌

(1‌)

UBS

Investment

Bank

12/4/23

BRL

4,402‌

USD

899‌

(31‌)

UBS

Investment

Bank

12/7/23

USD

2,758‌

COP

11,582,077‌

(30‌)

UBS

Investment

Bank

12/8/23

THB

34,671‌

USD

957‌

1‌

UBS

Investment

Bank

12/8/23

THB

180,466‌

USD

5,211‌

(223‌)

UBS

Investment

Bank

12/15/23

USD

353‌

HKD

2,760‌

—‌

UBS

Investment

Bank

1/17/24

USD

2,139‌

IDR

33,239,113‌

(5‌)

UBS

Investment

Bank

1/17/24

USD

7,887‌

PEN

30,081‌

(12‌)

Wells

Fargo

10/6/23

USD

6,302‌

PEN

23,061‌

215‌

Wells

Fargo

10/13/23

USD

892‌

MXN

15,126‌

26‌

Wells

Fargo

10/20/23

CHF

3,150‌

USD

3,435‌

15‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(993‌)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

19

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

32

Euro

BOBL

contracts

12/23

3,916

$

(55‌)

Short,

61

Euro

BUND

contracts

12/23

(8,296)

107‌

Long,

1

Euro

BUXL

thirty

year

bond

contracts

12/23

129

—‌

Short,

51

Mini

ten

year

JGB

contracts

12/23

(4,948)

33‌

Short,

38

U.S.

Treasury

Long

Bond

contracts

12/23

(4,324)

234‌

Long,

64

U.S.

Treasury

Notes

five

year

contracts

12/23

6,743

(48‌)

Long,

4

Ultra

U.S.

Treasury

Bonds

contracts

12/23

475

(40‌)

Short,

3

Ultra

U.S.

Treasury

Notes

ten

year

contracts

12/23

(335)

10‌

Net

payments

(receipts)

of

variation

margin

to

date

(337‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(96‌)

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

nine

months

ended

September

30,

2023.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

$

—‌#

$

—‌

$

479‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

09/30/23

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

$

19,382‌

 ¤

 ¤

$

18,035‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$479

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

$18,035.

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

Currency

Bond

Fund

24

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

September

30,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

300,170‌

$

—‌

$

300,170‌

Private

Investment

Company

2

—‌

—‌

—‌

351‌

Short-Term

Investments

18,035‌

1,485‌

—‌

19,520‌

Options

Purchased

—‌

223‌

—‌

223‌

Total

Securities

18,035‌

301,878‌

—‌

320,264‌

Swaps*

—‌

264‌

—‌

264‌

Forward

Currency

Exchange

Contracts

—‌

4,289‌

—‌

4,289‌

Futures

Contracts*

384‌

—‌

—‌

384‌

Total

$

18,419‌

$

306,431‌

$

—‌

$

325,201‌

Liabilities

Swaps*

$

—‌

$

485‌

$

—‌

$

485‌

Forward

Currency

Exchange

Contracts

—‌

5,282‌

—‌

5,282‌

Futures

Contracts*

143‌

—‌

—‌

143‌

Total

$

143‌

$

5,767‌

$

—‌

$

5,910‌

1

Includes

Convertible

Bonds,

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.

F192-054Q3

09/23