T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

March

31,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ANGOLA

0.6%

Government

Bonds

0.6%

Republic

of

Angola,

9.50%,

11/12/25

(USD) 

1,835,000‌

1,871‌

Total

Angola

(Cost

$1,814

)

1,871‌

BRAZIL

7.7%

Government

Bonds

7.7%

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/25 

9,785,000‌

1,951‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/27 

47,635,000‌

9,460‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/29 

12,226,000‌

2,386‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/31 

23,550,000‌

4,519‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/33 

18,795,000‌

3,567‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/35 

12,726,000‌

2,386‌

Total

Brazil

(Cost

$24,236

)

24,269‌

CHINA

5.0%

Convertible

Bonds

0.1%

H

World

Group,

3.00%,

5/1/26

(USD) 

315,000‌

363‌

363‌

Corporate

Bonds

0.1%

Agile

Group

Holdings,

5.75%,

1/2/25

(USD) 

540,000‌

91‌

Times

China

Holdings,

6.75%,

7/8/25

(USD) (1)(2)

1,000,000‌

26‌

117‌

Government

Bonds

4.8%

China

Development

Bank,

Series

1904,

3.68%,

2/26/26 

5,900,000‌

840‌

People's

Republic

of

China,

Series

INBK,

2.62%,

4/15/28 

21,000,000‌

2,947‌

People's

Republic

of

China,

Series

INBK,

3.01%,

5/13/28 

19,000,000‌

2,711‌

People's

Republic

of

China,

Series

INBK,

3.81%,

9/14/50 

7,350,000‌

1,239‌

People's

Republic

of

China,

Series

1915,

3.13%,

11/21/29 

52,050,000‌

7,524‌

15,261‌

Total

China

(Cost

$17,332

)

15,741‌

COLOMBIA

6.9%

Corporate

Bonds

0.5%

Empresas

Publicas

de

Medellin,

7.625%,

9/10/24 (3)

1,862,000,000‌

470‌

Empresas

Publicas

de

Medellin,

7.625%,

9/10/24 

4,371,000,000‌

1,105‌

1,575‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

2

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Government

Bonds

6.3%

Republic

of

Colombia,

Series

B,

6.00%,

4/28/28 

28,473,800,000‌

6,556‌

Republic

of

Colombia,

Series

B,

7.00%,

3/26/31 

2,497,000,000‌

557‌

Republic

of

Colombia,

Series

B,

7.00%,

6/30/32 

2,620,000,000‌

567‌

Republic

of

Colombia,

Series

B,

7.25%,

10/18/34 

10,801,300,000‌

2,278‌

Republic

of

Colombia,

Series

B,

13.25%,

2/9/33 

17,707,200,000‌

5,393‌

Republic

of

Colombia,

Series

G,

7.00%,

3/26/31 

20,577,900,000‌

4,589‌

19,940‌

Private

Investment

Company

0.1%

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/1/22,

Cost $0

(USD) (2)(4)

†

23‌

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/7/23,

Cost $247

(USD) (2)(4)

†

330‌

353‌

Total

Colombia

(Cost

$19,539

)

21,868‌

CZECH

REPUBLIC

4.8%

Government

Bonds

4.8%

Czech

Republic,

Series

49,

4.20%,

12/4/36 

53,930,000‌

2,354‌

Czech

Republic,

Series

78,

2.50%,

8/25/28 

115,510,000‌

4,691‌

Czech

Republic,

Series

103,

2.00%,

10/13/33 

221,110,000‌

8,024‌

Total

Czech

Republic

(Cost

$15,377

)

15,069‌

EGYPT

0.7%

Government

Bonds

0.7%

Arab

Republic

of

Egypt,

Series

5YR,

14.369%,

10/20/25 

28,100,000‌

493‌

Arab

Republic

of

Egypt,

Treasury

Bills,

Series

364D,

30.00%,

9/17/24 

21,150,000‌

397‌

Arab

Republic

of

Egypt,

Treasury

Bills,

Series

364D,

31.25%,

12/10/24 

68,225,000‌

1,216‌

Total

Egypt

(Cost

$3,047

)

2,106‌

EL

SALVADOR

0.6%

Government

Bonds

0.6%

Republic

of

El

Salvador,

5.875%,

1/30/25

(USD) 

2,024,000‌

1,946‌

Total

El

Salvador

(Cost

$1,935

)

1,946‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

3

Par/Shares

$

Value

(Cost

and

value

in

$000s)

HUNGARY

3.4%

Government

Bonds

3.4%

Republic

of

Hungary,

Series

28/B,

4.50%,

3/23/28 

1,107,090,000‌

2,799‌

Republic

of

Hungary,

Series

31/A,

3.25%,

10/22/31 

1,811,620,000‌

3,973‌

Republic

of

Hungary,

Series

32/G,

4.50%,

5/27/32 

403,530,000‌

955‌

Republic

of

Hungary,

Series

33/A,

2.25%,

4/20/33 

1,379,440,000‌

2,671‌

Republic

of

Hungary,

Series

38/A,

3.00%,

10/27/38 

217,910,000‌

398‌

Total

Hungary

(Cost

$10,825

)

10,796‌

INDIA

1.6%

Corporate

Bonds

0.5%

HDFC

Bank,

8.10%,

3/22/25 

130,000,000‌

1,562‌

1,562‌

Government

Bonds

1.1%

Republic

of

India,

6.54%,

1/17/32 

113,970,000‌

1,326‌

Republic

of

India,

7.26%,

8/22/32 

61,500,000‌

745‌

Republic

of

India,

7.26%,

2/6/33 

115,000,000‌

1,398‌

3,469‌

Total

India

(Cost

$5,462

)

5,031‌

INDONESIA

10.7%

Corporate

Bonds

1.0%

Standard

Chartered

Bank,

Series

emtN,

CLN

(Reference:

Republic

of

Indonesia),

9.00%,

3/20/29 (3)

46,100,000,000‌

3,208‌

3,208‌

Government

Bonds

9.7%

Republic

of

Indonesia,

Series

FR65,

6.625%,

5/15/33 

45,766,000,000‌

2,883‌

Republic

of

Indonesia,

Series

FR72,

8.25%,

5/15/36 

52,375,000,000‌

3,693‌

Republic

of

Indonesia,

Series

FR73,

8.75%,

5/15/31 

115,957,000,000‌

8,168‌

Republic

of

Indonesia,

Series

FR82,

7.00%,

9/15/30 

65,138,000,000‌

4,194‌

Republic

of

Indonesia,

Series

FR83,

7.50%,

4/15/40 

41,772,000,000‌

2,784‌

Republic

of

Indonesia,

Series

FR86,

5.50%,

4/15/26 

24,400,000,000‌

1,516‌

Republic

of

Indonesia,

Series

FR90,

5.125%,

4/15/27 

90,570,000,000‌

5,512‌

Republic

of

Indonesia,

Series

100,

6.625%,

2/15/34 

27,300,000,000‌

1,708‌

30,458‌

Total

Indonesia

(Cost

$35,364

)

33,666‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

4

Par/Shares

$

Value

(Cost

and

value

in

$000s)

IVORY

COAST

0.5%

Government

Bonds

0.5%

Republic

of

Ivory

Coast,

5.875%,

10/17/31

(EUR) 

830,000‌

829‌

Republic

of

Ivory

Coast,

7.625%,

1/30/33

(USD) (3)

790,000‌

786‌

Total

Ivory

Coast

(Cost

$1,565

)

1,615‌

JORDAN

0.5%

Government

Bonds

0.5%

Kingdom

of

Jordan,

4.95%,

7/7/25

(USD) 

1,605,000‌

1,561‌

Total

Jordan

(Cost

$1,561

)

1,561‌

KENYA

0.5%

Government

Bonds

0.5%

Republic

of

Kenya,

Series

7Y,

17.933%,

5/6/30 

218,050,000‌

1,603‌

Total

Kenya

(Cost

$1,419

)

1,603‌

LITHUANIA

0.3%

Government

Bonds

0.3%

Republic

of

Lithuania,

3.50%,

2/13/34 

820,000‌

880‌

Total

Lithuania

(Cost

$873

)

880‌

MALAYSIA

5.6%

Government

Bonds

5.6%

Government

of

Malaysia,

Series

0120,

4.065%,

6/15/50 

7,305,000‌

1,515‌

Government

of

Malaysia,

Series

0123,

4.457%,

3/31/53 

2,180,000‌

481‌

Government

of

Malaysia,

Series

0318,

4.642%,

11/7/33 

7,800,000‌

1,751‌

Government

of

Malaysia,

Series

0322,

4.504%,

4/30/29 

4,490,000‌

986‌

Government

of

Malaysia,

Series

0411,

4.232%,

6/30/31 

14,569,000‌

3,167‌

Government

of

Malaysia,

Series

0519,

3.757%,

5/22/40 

36,945,000‌

7,591‌

Government

of

Malaysia,

Series

0713,

4.935%,

9/30/43 

9,040,000‌

2,146‌

Total

Malaysia

(Cost

$18,190

)

17,637‌

MEXICO

5.9%

Government

Bonds

5.9%

Petroleos

Mexicanos,

6.50%,

3/13/27

(USD) 

2,780,000‌

2,620‌

Petroleos

Mexicanos,

Series

14-2,

7.47%,

11/12/26 

12,010,000‌

642‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

5

Par/Shares

$

Value

(Cost

and

value

in

$000s)

United

Mexican

States,

Series

M,

7.50%,

5/26/33 

62,150,000‌

3,331‌

United

Mexican

States,

Series

M,

8.00%,

7/31/53 

8,627,000‌

444‌

United

Mexican

States,

Series

M,

8.50%,

11/18/38 

170,860,000‌

9,558‌

United

Mexican

States,

Series

S,

Inflation-Indexed,

2.75%,

11/27/31 

36,937,027‌

1,905‌

Total

Mexico

(Cost

$17,094

)

18,500‌

MONTENEGRO

0.3%

Government

Bonds

0.3%

Republic

of

Montenegro,

7.25%,

3/12/31

(USD) (3)

830,000‌

846‌

Total

Montenegro

(Cost

$833

)

846‌

MOROCCO

0.3%

Government

Bonds

0.3%

Kingdom

of

Morocco,

1.50%,

11/27/31

(EUR) 

1,110,000‌

965‌

Total

Morocco

(Cost

$984

)

965‌

NIGERIA

0.6%

Government

Bonds

0.6%

Republic

of

Nigeria,

Treasury

Bill,

Series

364D,

23.091%,

3/6/25 

3,061,000,000‌

1,937‌

Total

Nigeria

(Cost

$1,630

)

1,937‌

PERU

4.1%

Government

Bonds

4.1%

Republic

of

Peru,

6.15%,

8/12/32 

20,166,000‌

5,097‌

Republic

of

Peru,

6.35%,

8/12/28 (3)

12,228,000‌

3,368‌

Republic

of

Peru,

6.35%,

8/12/28 

2,700,000‌

744‌

Republic

of

Peru,

6.90%,

8/12/37 

9,184,000‌

2,348‌

Republic

of

Peru,

8.20%,

8/12/26 

5,400,000‌

1,540‌

Total

Peru

(Cost

$12,573

)

13,097‌

PHILIPPINES

0.1%

Government

Bonds

0.1%

Republic

of

Philippines,

Series

25-6,

9.25%,

11/5/34 

14,060,000‌

308‌

Total

Philippines

(Cost

$283

)

308‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

POLAND

4.8%

Government

Bonds

4.8%

Republic

of

Poland,

Series

0727,

2.50%,

7/25/27 

34,200,000‌

7,884‌

Republic

of

Poland,

Series

1029,

2.75%,

10/25/29 

7,300,000‌

1,612‌

Republic

of

Poland,

Series

1033,

6.00%,

10/25/33 

21,410,000‌

5,580‌

Total

Poland

(Cost

$13,661

)

15,076‌

ROMANIA

4.5%

Corporate

Bonds

0.9%

Banca

Comerciala

Romana,

VR,

7.625%,

5/19/27

(EUR) (5)

500,000‌

569‌

Banca

Transilvania,

VR,

7.25%,

12/7/28

(EUR) (5)

550,000‌

621‌

Banca

Transilvania,

VR,

8.875%,

4/27/27

(EUR) (5)

1,520,000‌

1,741‌

2,931‌

Government

Bonds

3.6%

Republic

of

Romania,

Series

10Y,

5.00%,

2/12/29 

32,130,000‌

6,613‌

Republic

of

Romania,

Series

15YR,

5.80%,

7/26/27 

5,100,000‌

1,096‌

Republic

of

Romania,

Series

5Y,

4.25%,

4/28/36 

10,820,000‌

1,911‌

Republic

of

Romania,

Series

8Y,

4.15%,

1/26/28 

8,430,000‌

1,710‌

11,330‌

Total

Romania

(Cost

$13,526

)

14,261‌

SENEGAL

0.3%

Government

Bonds

0.3%

Republic

of

Senegal,

6.25%,

5/23/33

(USD) 

1,115,000‌

953‌

Total

Senegal

(Cost

$942

)

953‌

SERBIA

0.6%

Government

Bonds

0.6%

Republic

of

Serbia,

1.50%,

6/26/29

(EUR) 

1,050,000‌

958‌

Republic

of

Serbia,

Series

12.5,

4.50%,

8/20/32 

110,700,000‌

934‌

Total

Serbia

(Cost

$2,133

)

1,892‌

SLOVENIA

0.4%

Corporate

Bonds

0.4%

Nova

Kreditna

Banka

Maribor,

VR,

7.375%,

6/29/26 (5)

300,000‌

333‌

Nova

Ljubljanska

Banka,

VR,

6.875%,

1/24/34 (5)

900,000‌

1,010‌

Total

Slovenia

(Cost

$1,352

)

1,343‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SOUTH

AFRICA

8.0%

Corporate

Bonds

0.3%

Transnet,

8.25%,

2/6/28

(USD) 

930,000‌

927‌

927‌

Government

Bonds

7.7%

Republic

of

South

Africa,

Series

R186,

10.50%,

12/21/26 

16,750,000‌

909‌

Republic

of

South

Africa,

Series

R213,

7.00%,

2/28/31 

40,409,000‌

1,721‌

Republic

of

South

Africa,

Series

2032,

8.25%,

3/31/32 

138,083,000‌

6,088‌

Republic

of

South

Africa,

Series

2035,

8.875%,

2/28/35 

207,399,000‌

8,744‌

Republic

of

South

Africa,

Series

2044,

8.75%,

1/31/44 

189,338,000‌

7,000‌

24,462‌

Total

South

Africa

(Cost

$27,576

)

25,389‌

SRI

LANKA

0.9%

Government

Bonds

0.9%

Republic

of

Sri

Lanka,

11.00%,

6/1/26 

100,000,000‌

332‌

Republic

of

Sri

Lanka,

Series

A,

11.40%,

1/15/27 

89,000,000‌

296‌

Republic

of

Sri

Lanka,

Series

A,

11.50%,

8/1/26 

105,000,000‌

352‌

Republic

of

Sri

Lanka,

Series

A,

20.00%,

9/15/27 

111,000,000‌

452‌

Republic

of

Sri

Lanka

Treasury

Bills,

Series

364,

22.25%,

4/5/24 

440,000,000‌

1,463‌

Total

Sri

Lanka

(Cost

$2,618

)

2,895‌

SUPRANATIONAL

1.5%

Government

Bonds

1.5%

European

Bank

for

Reconstruction

&

Development,

Series

GMTN,

5.60%,

1/30/25

(IDR) 

17,230,000,000‌

1,077‌

International

Bank

for

Reconstruction

&

Development,

Series

GDIF,

4.60%,

2/9/26

(IDR) 

22,000,000,000‌

1,349‌

International

Bank

for

Reconstruction

&

Development,

Series

GMTN,

4.90%,

2/12/26

(INR) 

90,700,000‌

1,045‌

International

Finance,

3.59%,

2/26/26

(COP) 

5,750,000,000‌

1,328‌

Total

Supranational

(Cost

$5,156

)

4,799‌

TANZANIA

0.2%

Convertible

Bonds

0.2%

HTA

Group,

2.875%,

3/18/27

(USD) 

800,000‌

709‌

Total

Tanzania

(Cost

$667

)

709‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

8

Par/Shares

$

Value

(Cost

and

value

in

$000s)

THAILAND

6.1%

Government

Bonds

6.1%

Kingdom

of

Thailand,

1.585%,

12/17/35 

262,965,000‌

6,467‌

Kingdom

of

Thailand,

2.00%,

6/17/42 

62,500,000‌

1,504‌

Kingdom

of

Thailand,

2.40%,

3/17/29 

45,000,000‌

1,242‌

Kingdom

of

Thailand,

3.40%,

6/17/36 

28,213,000‌

833‌

Kingdom

of

Thailand,

3.65%,

6/20/31 

80,667,000‌

2,381‌

Kingdom

of

Thailand,

3.775%,

6/25/32 

152,005,000‌

4,567‌

Kingdom

of

Thailand,

Series

ILB,

Inflation-Indexed,

1.25%,

3/12/28 

91,860,048‌

2,393‌

Total

Thailand

(Cost

$21,018

)

19,387‌

TÜRKIYE

0.4%

Government

Bonds

0.4%

Republic

of

Türkiye,

17.80%,

7/13/33 

54,753,000‌

1,311‌

Total

Türkiye

(Cost

$1,500

)

1,311‌

UNITED

STATES

0.1%

Convertible

Bonds

0.1%

Citigroup

Global

Markets

Holdings,

Series

1299,

Zero

Coupon,

2/26/26

(HKD) 

3,000,000‌

349‌

Total

United

States

(Cost

$359

)

349‌

URUGUAY

1.1%

Government

Bonds

1.1%

Republic

of

Uruguay,

8.25%,

5/21/31 

39,445,000‌

1,007‌

Republic

of

Uruguay,

9.75%,

7/20/33 

86,380,000‌

2,421‌

Total

Uruguay

(Cost

$3,228

)

3,428‌

SHORT-TERM

INVESTMENTS

3.2%

Money

Market

Funds

3.2%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (6)(7)

10,072,633‌

10,073‌

Total

Short-Term

Investments

(Cost

$10,073)

10,073‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

9

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED

0.1%

OTC

Options

Purchased

0.1%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Citibank

EUR

/

MXN,

Put,

5/10/24

@

MXN18.25

(EUR) (2)

2‌

4,414‌

74‌

HSBC

Bank

USD

/

JPY,

Call,

5/1/24

@

JPY152.00 (2)

1‌

3,160‌

17‌

Total

Options

Purchased

(Cost

$38)

91‌

Total

Investments

in

Securities

92.9%

(Cost

$295,783)

$

293,268‌

Other

Assets

Less

Liabilities

7.1%

22,569

Net

Assets

100.0%

$

315,837‌

‡

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

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(2)

Non-income

producing

(3)

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

$8,678

and

represents

2.7%

of

net

assets.

(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

$353

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)

BRL

Brazilian

Real

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

10

.

.

.

.

.

.

.

.

.

.

BRL

CDI

One

day

Brazilian

interbank

deposit

rate

CHF

Swiss

Franc

CLN

Credit-Linked

Note

CLP

Chilean

Peso

CNH

Offshore

China

Renminbi

COP

Colombian

Peso

CPI

Consumer

Price

Index

CZK

Czech

Koruna

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

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)%

BNP

Paribas,

5

Year

Interest

Rate

Swap,

Receive

Fixed

10.130%

at

Maturity,

Pay

Variable

10.65%,

(BRL

CDI)

at

Maturity,

1/2/29

9,456

(20)

—

(20‌)

Morgan

Stanley,

3

Year

Interest

Rate

Swap,

Receive

Fixed

9.795%

at

Maturity,

Pay

Variable

10.65%,

(BRL

CDI)

at

Maturity,

1/4/27

15,395

(20)

—

(20‌)

Morgan

Stanley,

3

Year

Interest

Rate

Swap,

Receive

Fixed

9.870%

at

Maturity,

Pay

Variable

10.65%,

(BRL

CDI)

at

Maturity,

1/4/27

11,000

(11)

—

(11‌)

Total

Brazil

—

(51‌)

China

0.0%

Citibank,

7

Year

Interest

Rate

Swap,

Receive

Fixed

2.650%

Quarterly,

Pay

Variable

2.05%,

(7

Day

Interbank

Repo)

Quarterly,

5/15/30

5,573

23

—

23‌

Total

China

—

23‌

Total

Bilateral

Interest

Rate

Swaps

—

(28‌)

Total

Bilateral

Swaps

—

(28‌)

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.1%

Credit

Default

Swaps,

Protection

Bought

0.0%

Qatar

(0.0)%

Protection

Bought

(Relevant

Credit:

State

of

Qatar),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

(USD)

3,720

(106)

(72)

(34‌)

Total

Qatar

(34‌)

Saudi

Arabia

(0.0)%

Protection

Bought

(Relevant

Credit:

Kingdom

of

Saudi

Arabia),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

(USD)

1,860

(42)

(26)

(16‌)

Total

Saudi

Arabia

(16‌)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

12

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

South

Africa

0.0%

Protection

Bought

(Relevant

Credit:

Republic

of

South

Africa),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

(USD)

2,330

134

139

(5‌)

Total

South

Africa

(5‌)

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

3,455

83

143

(60‌)

Total

United

States

(60‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Bought

(115‌)

Interest

Rate

Swaps

0.1%

China

0.0%

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.710%

Quarterly,

Pay

Variable

2.400%

(7

Day

Interbank

Repo)

Quarterly,

12/27/27

27,200

91

—

91‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.765%

Quarterly,

Pay

Variable

2.000%

(7

Day

Interbank

Repo)

Quarterly,

12/16/27

5,200

19

—

19‌

Total

China

110‌

Foreign/Europe

0.1%

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.807%

Annually,

Pay

Variable

3.908%

(6M

EURIBOR)

Semi-Annually,

3/5/29

7,135

37

1

36‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.367%

Annually,

Pay

Variable

3.909%

(6M

EURIBOR)

Semi-Annually,

9/21/28

925

43

—

43‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.400%

Annually,

Pay

Variable

3.855%

(6M

EURIBOR)

Semi-Annually,

9/27/28

1,391

68

—

68‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

2.447%

Annually,

Receive

Variable

3.908%

(6M

EURIBOR)

Semi-Annually,

3/4/54

1,462

(36)

1

(37‌)

Total

Foreign/Europe

110‌

Hungary

0.1%

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.309%

Annually,

Pay

Variable

7.750%

(6M

HUF

BUBOR)

Semi-Annually,

3/18/27

320,000

(7)

—

(7‌)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

13

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

5

Year

Interest

Rate

Swap,

Receive

Fixed

9.584%

Annually,

Pay

Variable

8.960%

(6M

HUF

BUBOR)

Semi-Annually,

7/27/27

440,000

160

—

160‌

Total

Hungary

153‌

India

(0.0)%

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.252%

Semi-Annually,

Pay

Variable

7.900%

(1

Day

INR

MIBOR)

Semi-Annually,

12/15/28

130,615

(6)

—

(6‌)

Total

India

(6‌)

Mexico

(0.1)%

3

Year

Interest

Rate

Swap,

Receive

Fixed

9.100%

28

Days,

Pay

Variable

11.494%

(MXIBTIIE)

28

Days,

1/28/27

23,702

1

—

1‌

3

Year

Interest

Rate

Swap,

Receive

Fixed

9.150%

28

Days,

Pay

Variable

11.249%

(MXIBTIIE)

28

Days,

1/28/27

23,702

(6)

—

(6‌)

3

Year

Interest

Rate

Swap,

Receive

Fixed

9.185%

28

Days,

Pay

Variable

11.478%

(MXIBTIIE)

28

Days,

3/2/27

53,000

(13)

—

(13‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.540%

28

Days,

Pay

Variable

11.247%

(MXIBTIIE)

28

Days,

12/3/24

27,500

(50)

—

(50‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.575%

28

Days,

Pay

Variable

11.488%

(MXIBTIIE)

28

Days,

9/13/24

56,500

(71)

1

(72‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

8.655%

28

Days,

Pay

Variable

11.478%

(MXIBTIIE)

28

Days,

12/19/28

13,620

(8)

—

(8‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

9.090%

28

Days,

Pay

Variable

11.485%

(MXIBTIIE)

28

Days,

11/6/28

36,824

13

—

13‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

9.285%

28

Days,

Pay

Variable

11.249%

(MXIBTIIE)

28

Days,

11/1/28

50,000

44

—

44‌

7

Year

Interest

Rate

Swap,

Receive

Fixed

8.530%

28

Days,

Pay

Variable

11.249%

(MXIBTIIE)

28

Days,

3/21/30

30,000

(22)

—

(22‌)

8

Year

Interest

Rate

Swap,

Receive

Fixed

8.690%

28

Days,

Pay

Variable

11.249%

(MXIBTIIE)

28

Days,

3/22/32

110,222

(18)

—

(18‌)

Total

Mexico

(131‌)

Total

Centrally

Cleared

Interest

Rate

Swaps

236‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

14

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

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

11

—

11‌

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

(5)

—

(5‌)

Total

United

States

7‌

Total

Centrally

Cleared

Zero-Coupon

Inflation

Swaps

7‌

Total

Centrally

Cleared

Swaps

128‌

Net

payments

(receipts)

of

variation

margin

to

date

(138‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(10‌)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

15

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

4/5/24

IDR

25,373,677‌

USD

1,629‌

$

(30‌)

Bank

of

America

4/9/24

TRY

49,625‌

USD

1,497‌

16‌

Bank

of

America

4/12/24

CZK

40,113‌

USD

1,762‌

(52‌)

Bank

of

America

4/12/24

MXN

149,687‌

USD

8,741‌

243‌

Bank

of

America

4/12/24

USD

1,642‌

ZAR

30,794‌

18‌

Bank

of

America

4/12/24

ZAR

11,230‌

USD

588‌

4‌

Bank

of

America

5/17/24

USD

1,646‌

PLN

6,570‌

2‌

Bank

of

America

6/7/24

MYR

68,051‌

USD

14,269‌

35‌

Bank

of

America

6/7/24

THB

56,501‌

USD

1,584‌

(27‌)

Bank

of

America

6/7/24

USD

155‌

MYR

728‌

2‌

Bank

of

America

6/7/24

USD

1,018‌

UYU

40,331‌

(47‌)

Barclays

Bank

4/3/24

USD

2,845‌

TWD

87,510‌

111‌

Barclays

Bank

4/5/24

KRW

5,114,169‌

USD

3,895‌

(97‌)

Barclays

Bank

4/5/24

USD

3,115‌

KRW

4,196,737‌

(2‌)

Barclays

Bank

4/9/24

TRY

44,752‌

USD

1,370‌

(6‌)

Barclays

Bank

4/12/24

USD

835‌

HUF

304,116‌

2‌

Barclays

Bank

4/12/24

ZAR

38,112‌

USD

2,033‌

(23‌)

Barclays

Bank

5/24/24

GBP

1,878‌

USD

2,396‌

(25‌)

Barclays

Bank

5/24/24

USD

878‌

EUR

813‌

(1‌)

Barclays

Bank

5/24/24

USD

3,157‌

GBP

2,505‌

(5‌)

Barclays

Bank

6/4/24

BRL

11,193‌

USD

2,243‌

(25‌)

Barclays

Bank

6/7/24

USD

316‌

PHP

17,727‌

1‌

Barclays

Bank

6/14/24

CNH

29,578‌

USD

4,135‌

(47‌)

Barclays

Bank

7/5/24

KRW

4,196,737‌

USD

3,130‌

(4‌)

BNP

Paribas

4/5/24

USD

1,599‌

KRW

2,147,226‌

5‌

BNP

Paribas

4/12/24

CZK

138,586‌

USD

6,140‌

(231‌)

BNP

Paribas

4/12/24

HUF

49,819‌

USD

136‌

—‌

BNP

Paribas

4/12/24

USD

2,187‌

MXN

37,612‌

(70‌)

BNP

Paribas

4/12/24

USD

2,401‌

ZAR

45,028‌

27‌

BNP

Paribas

4/19/24

USD

1,602‌

CHF

1,366‌

84‌

BNP

Paribas

5/10/24

CLP

769,935‌

USD

794‌

(9‌)

BNP

Paribas

6/4/24

USD

342‌

BRL

1,712‌

2‌

BNP

Paribas

6/7/24

THB

176,187‌

USD

4,936‌

(79‌)

BNP

Paribas

6/7/24

USD

1,586‌

THB

56,856‌

18‌

BNP

Paribas

6/14/24

USD

2,561‌

CNH

18,516‌

3‌

Citibank

4/5/24

INR

11,351‌

USD

136‌

—‌

Citibank

4/12/24

HUF

2,457,705‌

USD

7,016‌

(289‌)

Citibank

4/12/24

RON

6,274‌

USD

1,379‌

(17‌)

Citibank

4/12/24

ZAR

29,968‌

USD

1,574‌

6‌

Citibank

4/12/24

ZAR

3,382‌

USD

180‌

(1‌)

Citibank

4/24/24

EGP

47,266‌

USD

1,087‌

(95‌)

Citibank

4/24/24

USD

781‌

EGP

33,299‌

82‌

Citibank

4/24/24

USD

563‌

EGP

29,259‌

(51‌)

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)

Citibank

5/17/24

USD

199‌

RSD

21,535‌

$

—‌

Citibank

5/24/24

USD

3,429‌

EUR

3,143‌

30‌

Citibank

9/5/24

EGP

43,622‌

USD

829‌

50‌

Deutsche

Bank

4/5/24

IDR

38,464,147‌

USD

2,433‌

(8‌)

Deutsche

Bank

4/5/24

INR

28,773‌

USD

345‌

—‌

Deutsche

Bank

4/5/24

USD

570‌

IDR

8,958,820‌

5‌

Deutsche

Bank

4/12/24

HUF

438,282‌

USD

1,223‌

(24‌)

Deutsche

Bank

4/12/24

USD

793‌

CZK

18,580‌

1‌

Deutsche

Bank

4/12/24

USD

783‌

RON

3,592‌

4‌

Deutsche

Bank

4/12/24

ZAR

38,207‌

USD

2,033‌

(18‌)

Deutsche

Bank

5/17/24

RSD

21,535‌

USD

199‌

—‌

Deutsche

Bank

5/17/24

USD

1,066‌

PLN

4,257‌

1‌

Deutsche

Bank

5/24/24

EUR

772‌

USD

834‌

—‌

Deutsche

Bank

5/24/24

GBP

627‌

USD

800‌

(9‌)

Deutsche

Bank

6/7/24

USD

333‌

THB

11,893‌

5‌

Deutsche

Bank

7/5/24

USD

2,426‌

IDR

38,464,147‌

10‌

Goldman

Sachs

4/3/24

TWD

201,470‌

USD

6,328‌

(33‌)

Goldman

Sachs

4/3/24

USD

3,507‌

TWD

107,955‌

133‌

Goldman

Sachs

4/5/24

IDR

66,873,625‌

USD

4,287‌

(72‌)

Goldman

Sachs

4/5/24

USD

4,475‌

IDR

69,734,604‌

79‌

Goldman

Sachs

4/5/24

USD

1,651‌

INR

137,630‌

1‌

Goldman

Sachs

4/12/24

ZAR

14,514‌

USD

775‌

(9‌)

Goldman

Sachs

4/19/24

USD

1,635‌

JPY

240,935‌

38‌

Goldman

Sachs

5/17/24

PLN

2,949‌

USD

730‌

7‌

Goldman

Sachs

6/4/24

BRL

50,563‌

USD

10,053‌

(35‌)

Goldman

Sachs

6/7/24

THB

79,819‌

USD

2,245‌

(45‌)

Goldman

Sachs

7/5/24

USD

6,366‌

TWD

201,470‌

37‌

Goldman

Sachs

7/12/24

TRY

29,507‌

USD

818‌

(11‌)

HSBC

Bank

4/5/24

IDR

36,018,872‌

USD

2,274‌

(4‌)

HSBC

Bank

4/5/24

INR

97,034‌

USD

1,162‌

1‌

HSBC

Bank

4/5/24

INR

182,425‌

USD

2,189‌

(2‌)

HSBC

Bank

4/5/24

KRW

1,229,794‌

USD

926‌

(12‌)

HSBC

Bank

4/5/24

USD

1,543‌

IDR

24,537,116‌

(3‌)

HSBC

Bank

4/5/24

USD

509‌

INR

42,498‌

—‌

HSBC

Bank

4/12/24

RON

7,480‌

USD

1,647‌

(24‌)

HSBC

Bank

4/12/24

USD

2,405‌

CZK

55,672‌

31‌

HSBC

Bank

4/12/24

USD

1,747‌

ZAR

33,105‌

1‌

HSBC

Bank

4/19/24

JPY

343,015‌

USD

2,351‌

(78‌)

HSBC

Bank

4/19/24

USD

1,610‌

CHF

1,420‌

32‌

HSBC

Bank

5/17/24

PLN

7,839‌

USD

1,986‌

(24‌)

HSBC

Bank

5/24/24

EUR

687‌

USD

753‌

(11‌)

HSBC

Bank

6/4/24

USD

1,268‌

BRL

6,331‌

14‌

HSBC

Bank

6/7/24

THB

37,963‌

USD

1,045‌

2‌

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)

HSBC

Bank

6/7/24

USD

250‌

MYR

1,178‌

$

3‌

HSBC

Bank

7/5/24

IDR

5,312,412‌

USD

334‌

—‌

HSBC

Bank

7/5/24

USD

2,183‌

INR

182,425‌

2‌

HSBC

Bank

7/5/24

USD

1,159‌

INR

97,034‌

(1‌)

JPMorgan

Chase

4/3/24

USD

188‌

TWD

6,005‌

1‌

JPMorgan

Chase

4/5/24

IDR

6,437,043‌

USD

407‌

(1‌)

JPMorgan

Chase

4/5/24

PEN

2,575‌

USD

665‌

27‌

JPMorgan

Chase

4/5/24

USD

447‌

INR

37,308‌

—‌

JPMorgan

Chase

4/5/24

USD

358‌

INR

29,853‌

—‌

JPMorgan

Chase

4/5/24

USD

248‌

PEN

943‌

(6‌)

JPMorgan

Chase

4/9/24

TRY

8,076‌

USD

249‌

(3‌)

JPMorgan

Chase

4/9/24

USD

167‌

TRY

5,546‌

(2‌)

JPMorgan

Chase

4/12/24

CZK

20,058‌

USD

866‌

(11‌)

JPMorgan

Chase

4/12/24

HUF

76,863‌

USD

216‌

(6‌)

JPMorgan

Chase

4/12/24

MXN

41,638‌

USD

2,433‌

66‌

JPMorgan

Chase

4/12/24

RON

1,606‌

USD

348‌

1‌

JPMorgan

Chase

4/12/24

RON

4,326‌

USD

942‌

(3‌)

JPMorgan

Chase

4/12/24

USD

1,433‌

HUF

505,339‌

50‌

JPMorgan

Chase

4/12/24

USD

35‌

MXN

610‌

(2‌)

JPMorgan

Chase

4/19/24

CHF

2,091‌

USD

2,397‌

(73‌)

JPMorgan

Chase

5/17/24

PLN

28,514‌

USD

7,095‌

40‌

JPMorgan

Chase

5/17/24

RSD

20,021‌

USD

186‌

(1‌)

JPMorgan

Chase

5/24/24

EUR

738‌

USD

803‌

(6‌)

JPMorgan

Chase

6/7/24

THB

61,166‌

USD

1,686‌

1‌

JPMorgan

Chase

6/7/24

THB

54,334‌

USD

1,545‌

(47‌)

JPMorgan

Chase

6/14/24

CNH

26,634‌

USD

3,719‌

(39‌)

JPMorgan

Chase

7/5/24

IDR

2,063,337‌

USD

130‌

—‌

JPMorgan

Chase

9/5/24

EGP

13,684‌

USD

267‌

9‌

Morgan

Stanley

4/5/24

PEN

6,040‌

USD

1,595‌

28‌

Morgan

Stanley

4/5/24

USD

5,667‌

PEN

21,007‌

21‌

Morgan

Stanley

4/5/24

USD

1,745‌

PEN

6,513‌

(5‌)

Morgan

Stanley

4/12/24

CZK

46,150‌

USD

1,971‌

(4‌)

Morgan

Stanley

4/12/24

MXN

75,406‌

USD

4,379‌

147‌

Morgan

Stanley

4/12/24

USD

1,450‌

ZAR

27,544‌

(3‌)

Morgan

Stanley

4/19/24

CHF

1,385‌

USD

1,581‌

(42‌)

Morgan

Stanley

5/24/24

EUR

643‌

USD

703‌

(8‌)

Morgan

Stanley

5/24/24

USD

1,545‌

EUR

1,422‌

7‌

Morgan

Stanley

6/7/24

USD

5,388‌

COP

21,551,959‌

(122‌)

RBC

Dominion

Securities

4/12/24

MXN

56,273‌

USD

3,281‌

96‌

RBC

Dominion

Securities

4/12/24

USD

1,269‌

MXN

21,085‌

3‌

RBC

Dominion

Securities

4/12/24

ZAR

7,307‌

USD

385‌

—‌

Standard

Chartered

4/5/24

IDR

3,338,091‌

USD

212‌

(1‌)

Standard

Chartered

4/5/24

USD

2,215‌

IDR

34,693,124‌

28‌

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)

Standard

Chartered

4/5/24

USD

867‌

INR

72,294‌

$

—‌

Standard

Chartered

4/5/24

USD

1,042‌

PEN

3,832‌

12‌

Standard

Chartered

4/19/24

JPY

119,762‌

USD

828‌

(34‌)

Standard

Chartered

4/19/24

USD

1,612‌

JPY

240,538‌

18‌

Standard

Chartered

4/24/24

EGP

15,292‌

USD

364‌

(43‌)

Standard

Chartered

5/3/24

USD

353‌

HKD

2,760‌

—‌

State

Street

4/12/24

MXN

116,335‌

USD

7,021‌

(39‌)

State

Street

4/12/24

USD

2,651‌

MXN

44,847‌

(41‌)

State

Street

4/12/24

USD

507‌

ZAR

9,542‌

4‌

State

Street

4/12/24

ZAR

7,715‌

USD

411‌

(5‌)

State

Street

4/19/24

USD

5,680‌

JPY

812,097‌

298‌

State

Street

5/24/24

USD

11,106‌

EUR

10,269‌

3‌

UBS

Investment

Bank

4/5/24

USD

2,475‌

IDR

38,581,792‌

43‌

UBS

Investment

Bank

4/12/24

HUF

325,472‌

USD

931‌

(40‌)

UBS

Investment

Bank

4/12/24

USD

2,274‌

CZK

52,490‌

36‌

UBS

Investment

Bank

4/12/24

ZAR

16,387‌

USD

851‌

13‌

UBS

Investment

Bank

4/19/24

CHF

2,030‌

USD

2,362‌

(106‌)

UBS

Investment

Bank

4/19/24

JPY

232,924‌

USD

1,585‌

(42‌)

UBS

Investment

Bank

4/19/24

USD

3,216‌

CHF

2,720‌

193‌

UBS

Investment

Bank

5/10/24

CLP

4,243,853‌

USD

4,470‌

(144‌)

UBS

Investment

Bank

5/17/24

PLN

1,745‌

USD

437‌

(1‌)

UBS

Investment

Bank

6/7/24

THB

80,354‌

USD

2,243‌

(28‌)

UBS

Investment

Bank

6/7/24

USD

1,774‌

COP

7,088,518‌

(38‌)

Wells

Fargo

4/5/24

PEN

11,840‌

USD

3,174‌

8‌

Wells

Fargo

4/5/24

PEN

11,840‌

USD

3,199‌

(16‌)

Wells

Fargo

4/19/24

JPY

123,261‌

USD

844‌

(27‌)

Wells

Fargo

5/10/24

CLP

5,016,850‌

USD

5,307‌

(193‌)

Wells

Fargo

6/7/24

USD

1,778‌

COP

7,160,119‌

(53‌)

Wells

Fargo

7/5/24

USD

3,194‌

PEN

11,840‌

17‌

Wells

Fargo

7/5/24

USD

3,170‌

PEN

11,840‌

(8‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(581‌)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

19

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

7

Euro

BUND

contracts

6/24

1,007

$

1‌

Short,

80

Mini

ten

year

JGB

contracts

6/24

(7,700)

(11‌)

Long,

21

U.S.

Treasury

Notes

five

year

contracts

6/24

2,247

(4‌)

Short,

16

Ultra

U.S.

Treasury

Bonds

contracts

6/24

(2,064)

(13‌)

Net

payments

(receipts)

of

variation

margin

to

date

17‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(10‌)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

20

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

March

31,

2024.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

$

—‌#

$

—‌

$

136‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

03/31/24

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

$

13,565‌

 ¤

 ¤

$

10,073‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$136

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

$10,073.

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)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

22

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

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.

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

23

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

March

31,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

282,751‌

$

—‌

$

282,751‌

Private

Investment

Company

2

—‌

—‌

—‌

353‌

Short-Term

Investments

10,073‌

—‌

—‌

10,073‌

Options

Purchased

—‌

91‌

—‌

91‌

Total

Securities

10,073‌

282,842‌

—‌

293,268‌

Swaps*

—‌

510‌

—‌

510‌

Forward

Currency

Exchange

Contracts

—‌

2,318‌

—‌

2,318‌

Futures

Contracts*

1‌

—‌

—‌

1‌

Total

$

10,074‌

$

285,670‌

$

—‌

$

296,097‌

Liabilities

Swaps*

$

—‌

$

410‌

$

—‌

$

410‌

Forward

Currency

Exchange

Contracts

—‌

2,899‌

—‌

2,899‌

Futures

Contracts*

28‌

—‌

—‌

28‌

Total

$

28‌

$

3,309‌

$

—‌

$

3,337‌

1

Includes

Convertible

Bonds,

Corporate

Bonds

and

Government

Bonds.

2

In

accordance

with

Subtopic

820-10,

certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

hierarchy.

The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Portfolio

of

Investments.

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

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

and

conflict,

terrorism,

geopolitical

events,

and

public

health

epidemics and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

global

outbreak

of

COVID-19

and

the

related

governmental

and

public

responses

have

led

and

may

continue

to

lead

to

increased

market

volatility

and

the

potential

for

illiquidity

in

certain

classes

of

securities

and

sectors

of

the

market

either

in

specific

countries

or

worldwide.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict,

leading

to

economic

sanctions imposed

on

Russia

that

target certain

of

its

citizens

and

issuers

and

sectors

of

the

Russian

economy,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

of

potential

broader

adverse

market

conditions.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F192-054Q1

03/24