NPORT-EX 2 70BATRP093023.htm T. ROWE PRICE INTERNATIONAL FUNDS, INC.
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.
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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