T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

March

31,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ALBANIA

1.4%

Government

Bonds

1.4%

Republic

of

Albania,

3.50%,

6/16/27

(EUR) 

145,000‌

152‌

Republic

of

Albania,

3.50%,

11/23/31

(EUR) (1)

17,725,000‌

17,228‌

Republic

of

Albania,

3.50%,

11/23/31

(EUR) 

22,200,000‌

21,578‌

Republic

of

Albania,

5.90%,

6/9/28

(EUR) (1)

12,680,000‌

14,083‌

Republic

of

Albania,

5.90%,

6/9/28

(EUR) 

1,696,000‌

1,884‌

Total

Albania

(Cost

$54,463

)

54,925‌

ANGOLA

3.4%

Government

Bonds

3.4%

Republic

of

Angola,

8.00%,

11/26/29

(USD) 

64,455,000‌

60,189‌

Republic

of

Angola,

8.25%,

5/9/28

(USD) 

48,105,000‌

46,446‌

Republic

of

Angola,

8.75%,

4/14/32

(USD) (1)

360,000‌

332‌

Republic

of

Angola,

8.75%,

4/14/32

(USD) 

7,240,000‌

6,673‌

Republic

of

Angola,

9.125%,

11/26/49

(USD) 

14,900,000‌

12,648‌

Republic

of

Angola,

9.375%,

5/8/48

(USD) 

5,550,000‌

4,803‌

Republic

of

Angola,

9.50%,

11/12/25

(USD) 

5,535,000‌

5,645‌

Total

Angola

(Cost

$132,827

)

136,736‌

ARGENTINA

1.4%

Government

Bonds

1.4%

Republic

of

Argentina,

STEP,

0.75%,

7/9/30

(USD) 

33,000,000‌

17,368‌

Republic

of

Argentina,

STEP,

3.625%,

7/9/35

(USD) 

50,292,679‌

20,976‌

Republic

of

Argentina,

STEP,

4.25%,

1/9/38

(USD) 

43,680,279‌

20,346‌

Total

Argentina

(Cost

$57,922

)

58,690‌

BAHAMAS

0.7%

Government

Bonds

0.7%

Commonwealth

of

Bahamas,

6.00%,

11/21/28

(USD) (1)

23,325,000‌

21,155‌

Commonwealth

of

Bahamas,

6.00%,

11/21/28

(USD) 

7,075,000‌

6,417‌

Total

Bahamas

(Cost

$30,106

)

27,572‌

BAHRAIN

1.7%

Government

Bonds

1.7%

Kingdom

of

Bahrain,

5.625%,

5/18/34

(USD) (1)

8,708,000‌

7,867‌

Kingdom

of

Bahrain,

6.75%,

9/20/29

(USD) 

23,060,000‌

23,329‌

Kingdom

of

Bahrain,

7.00%,

10/12/28

(USD) 

24,120,000‌

24,875‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

2

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Kingdom

of

Bahrain,

7.50%,

9/20/47

(USD) 

13,000,000‌

12,488‌

Total

Bahrain

(Cost

$72,605

)

68,559‌

BARBADOS

0.3%

Government

Bonds

0.3%

Government

of

Barbados,

6.50%,

10/1/29

(USD) (1)

14,111,235‌

13,427‌

Total

Barbados

(Cost

$13,731

)

13,427‌

BERMUDA

0.5%

Government

Bonds

0.5%

Government

of

Bermuda,

5.00%,

7/15/32

(USD) 

19,600,000‌

18,904‌

Total

Bermuda

(Cost

$19,456

)

18,904‌

BRAZIL

3.5%

Corporate

Bonds

1.9%

Banco

do

Brasil,

6.00%,

3/18/31

(USD) (1)

6,820,000‌

6,863‌

Braskem

Netherlands

Finance,

7.25%,

2/13/33

(USD) (1)

9,755,000‌

9,390‌

Braskem

Netherlands

Finance,

8.50%,

1/12/31

(USD) (1)

5,480,000‌

5,686‌

Cosan

Luxembourg,

7.25%,

6/27/31

(USD) (1)

8,340,000‌

8,523‌

Cosan

Overseas,

8.25%

(USD) (2)

6,085,000‌

6,233‌

Globo

Comunicacao

e

Participacoes,

4.875%,

1/22/30

(USD) 

28,650,000‌

25,085‌

Globo

Comunicacao

e

Participacoes,

5.50%,

1/14/32

(USD) (1)

7,645,000‌

6,646‌

Globo

Comunicacao

e

Participacoes,

5.50%,

1/14/32

(USD) 

8,220,000‌

7,145‌

75,571‌

Government

Bonds

1.6%

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/29 

31,475,000‌

6,142‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/31 

164,577,000‌

31,583‌

Republic

of

Brazil,

5.00%,

1/27/45

(USD) 

9,058,000‌

7,257‌

Republic

of

Brazil,

6.125%,

3/15/34

(USD) 

11,180,000‌

11,076‌

Republic

of

Brazil,

6.25%,

3/18/31

(USD) 

7,325,000‌

7,476‌

Republic

of

Brazil,

7.125%,

5/13/54

(USD) 

3,540,000‌

3,570‌

67,104‌

Total

Brazil

(Cost

$142,659

)

142,675‌

BULGARIA

0.5%

Government

Bonds

0.5%

Republic

of

Bulgaria,

4.50%,

1/27/33

(EUR) (1)

14,980,000‌

17,218‌

Republic

of

Bulgaria,

4.875%,

5/13/36

(EUR) 

2,275,000‌

2,673‌

Total

Bulgaria

(Cost

$18,160

)

19,891‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

3

Par/Shares

$

Value

(Cost

and

value

in

$000s)

CHILE

2.9%

Corporate

Bonds

2.6%

AES

Andes,

VR,

6.35%,

10/7/79

(USD) (1)(3)

7,366,000‌

7,191‌

AES

Andes,

VR,

7.125%,

3/26/79

(USD) (1)(3)

12,974,000‌

12,855‌

Agrosuper,

4.60%,

1/20/32

(USD) (1)

13,900,000‌

12,018‌

Banco

Santander

Chile,

3.177%,

10/26/31

(USD) (1)

16,850,000‌

14,710‌

Celulosa

Arauco

y

Constitucion,

4.20%,

1/29/30

(USD) (1)

11,200,000‌

10,256‌

Celulosa

Arauco

y

Constitucion,

5.15%,

1/29/50

(USD) 

10,677,000‌

8,727‌

Corp

Nacional

del

Cobre

de

Chile,

3.15%,

1/14/30

(USD) (1)

4,995,000‌

4,432‌

Corp

Nacional

del

Cobre

de

Chile,

3.70%,

1/30/50

(USD) (1)

6,350,000‌

4,397‌

Corp

Nacional

del

Cobre

de

Chile,

5.125%,

2/2/33

(USD) (1)

5,670,000‌

5,412‌

Corp.

Nacional

del

Cobre

de

Chile,

6.44%,

1/26/36

(USD) (1)

5,810,000‌

6,003‌

Empresa

de

los

Ferrocarriles

del

Estado,

3.068%,

8/18/50

(USD) 

12,990,000‌

7,878‌

Empresa

de

Transporte

de

Pasajeros

Metro,

3.693%,

9/13/61

(USD) (1)

4,025,000‌

2,706‌

Empresa

de

Transporte

de

Pasajeros

Metro,

4.70%,

5/7/50

(USD) (1)

13,055,000‌

10,850‌

107,435‌

Government

Bonds

0.3%

Republic

of

Chile,

3.25%,

9/21/71

(USD) 

11,500,000‌

7,285‌

Republic

of

Chile,

3.50%,

1/31/34

(USD) 

3,080,000‌

2,704‌

9,989‌

Total

Chile

(Cost

$134,922

)

117,424‌

CHINA

1.4%

Government

Bonds

1.4%

People's

Republic

of

China,

Series

INBK,

2.62%,

6/25/30 

126,500,000‌

17,764‌

People's

Republic

of

China,

Series

INBK,

3.27%,

11/19/30 

41,800,000‌

6,125‌

People's

Republic

of

China,

Series

1916,

3.12%,

12/5/26 

235,000,000‌

33,425‌

Total

China

(Cost

$60,339

)

57,314‌

COLOMBIA

3.7%

Corporate

Bonds

1.1%

Banco

Davivienda,

VR,

6.65%

(USD) (1)(2)(3)

3,920,000‌

2,759‌

Banco

de

Bogota,

4.375%,

8/3/27

(USD) 

1,500,000‌

1,424‌

Banco

de

Bogota,

6.25%,

5/12/26

(USD) 

11,300,000‌

11,305‌

Bancolombia,

VR,

4.625%,

12/18/29

(USD) (3)

11,790,000‌

11,500‌

Ecopetrol,

6.875%,

4/29/30

(USD) 

2,240,000‌

2,188‌

Ecopetrol,

8.375%,

1/19/36

(USD) 

8,810,000‌

8,899‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

4

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Ecopetrol,

8.875%,

1/13/33

(USD) 

4,510,000‌

4,773‌

42,848‌

Government

Bonds

2.5%

Republic

of

Colombia,

3.00%,

1/30/30

(USD) 

2,918,000‌

2,427‌

Republic

of

Colombia,

3.125%,

4/15/31

(USD) 

23,025,000‌

18,453‌

Republic

of

Colombia,

4.125%,

5/15/51

(USD) 

9,615,000‌

5,991‌

Republic

of

Colombia,

4.50%,

3/15/29

(USD) 

4,475,000‌

4,130‌

Republic

of

Colombia,

5.00%,

6/15/45

(USD) 

36,700,000‌

26,718‌

Republic

of

Colombia,

5.625%,

2/26/44

(USD) 

22,000,000‌

17,501‌

Republic

of

Colombia,

6.125%,

1/18/41

(USD) 

9,470,000‌

8,185‌

Republic

of

Colombia,

8.00%,

11/14/35

(USD) 

4,230,000‌

4,451‌

Republic

of

Colombia,

8.75%,

11/14/53

(USD) 

4,010,000‌

4,366‌

Republic

of

Colombia,

Series

B,

7.00%,

3/26/31 

49,235,300,000‌

10,979‌

103,201‌

Private

Investment

Company

0.1%

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/1/22,

Cost $—

(USD) (4)(5)

†

308‌

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/7/23,

Cost $3,312

(USD) (4)(5)

†

4,430‌

4,738‌

Total

Colombia

(Cost

$161,409

)

150,787‌

COSTA

RICA

1.0%

Government

Bonds

1.0%

Republic

of

Costa

Rica,

5.625%,

4/30/43

(USD) 

9,500,000‌

8,603‌

Republic

of

Costa

Rica,

6.125%,

2/19/31

(USD) 

1,500,000‌

1,523‌

Republic

of

Costa

Rica,

7.00%,

4/4/44

(USD) 

1,650,000‌

1,714‌

Republic

of

Costa

Rica,

7.30%,

11/13/54

(USD) (1)

26,605,000‌

28,303‌

Total

Costa

Rica

(Cost

$37,817

)

40,143‌

DOMINICAN

REPUBLIC

3.0%

Government

Bonds

3.0%

Dominican

Republic,

4.50%,

1/30/30

(USD) (1)

5,335,000‌

4,875‌

Dominican

Republic,

4.875%,

9/23/32

(USD) (1)

54,595,000‌

49,041‌

Dominican

Republic,

4.875%,

9/23/32

(USD) 

33,100,000‌

29,733‌

Dominican

Republic,

5.50%,

2/22/29

(USD) (1)

7,345,000‌

7,149‌

Dominican

Republic,

5.875%,

1/30/60

(USD) 

8,204,000‌

6,996‌

Dominican

Republic,

6.85%,

1/27/45

(USD) 

24,265,000‌

24,102‌

Dominican

Republic,

7.05%,

2/3/31

(USD) (1)

1,950,000‌

2,022‌

Total

Dominican

Republic

(Cost

$122,978

)

123,918‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

5

Par/Shares

$

Value

(Cost

and

value

in

$000s)

ECUADOR

1.2%

Government

Bonds

1.2%

Republic

of

Ecuador,

STEP,

3.50%,

7/31/35

(USD) (1)

4,003,728‌

2,118‌

Republic

of

Ecuador,

STEP,

3.50%,

7/31/35

(USD) 

7,300,000‌

3,861‌

Republic

of

Ecuador,

STEP,

6.00%,

7/31/30

(USD) (1)

56,490,750‌

38,450‌

Republic

of

Ecuador,

Zero

Coupon,

7/31/30

(USD) (1)

7,889,978‌

3,917‌

Total

Ecuador

(Cost

$54,887

)

48,346‌

EGYPT

3.2%

Government

Bonds

3.2%

Arab

Republic

of

Egypt,

5.80%,

9/30/27

(USD) 

15,279,000‌

13,824‌

Arab

Republic

of

Egypt,

5.875%,

2/16/31

(USD) 

4,800,000‌

3,852‌

Arab

Republic

of

Egypt,

6.588%,

2/21/28

(USD) 

2,055,000‌

1,881‌

Arab

Republic

of

Egypt,

7.50%,

1/31/27

(USD) 

13,222,000‌

12,764‌

Arab

Republic

of

Egypt,

7.50%,

2/16/61

(USD) 

8,875,000‌

6,397‌

Arab

Republic

of

Egypt,

7.60%,

3/1/29

(USD) 

12,975,000‌

11,990‌

Arab

Republic

of

Egypt,

7.625%,

5/29/32

(USD) 

11,096,000‌

9,477‌

Arab

Republic

of

Egypt,

8.50%,

1/31/47

(USD) (1)

21,240,000‌

16,904‌

Arab

Republic

of

Egypt,

8.50%,

1/31/47

(USD) 

46,396,000‌

36,925‌

Arab

Republic

of

Egypt,

Treasury

Bills,

Series

364D,

24.998%,

6/25/24 

14,000,000‌

280‌

Arab

Republic

of

Egypt,

Treasury

Bills,

Series

364D,

29.75%,

6/11/24 

743,950,000‌

14,992‌

Total

Egypt

(Cost

$132,082

)

129,286‌

EL

SALVADOR

0.7%

Government

Bonds

0.7%

Republic

of

El

Salvador,

5.875%,

1/30/25

(USD) 

9,230,000‌

8,874‌

Republic

of

El

Salvador,

6.375%,

1/18/27

(USD) 

950,000‌

830‌

Republic

of

El

Salvador,

7.65%,

6/15/35

(USD) 

26,556,000‌

20,267‌

Total

El

Salvador

(Cost

$27,473

)

29,971‌

GHANA

0.6%

Corporate

Bonds

0.2%

Kosmos

Energy,

7.125%,

4/4/26

(USD) 

7,900,000‌

7,780‌

7,780‌

Government

Bonds

0.4%

Republic

of

Ghana,

6.375%,

2/11/27

(USD) (6)

15,795,000‌

8,147‌

Republic

of

Ghana,

8.125%,

1/18/26

(USD) (6)

4,530,000‌

2,399‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Ghana,

8.627%,

6/16/49

(USD) (1)(6)

1,450,000‌

734‌

Republic

of

Ghana,

10.75%,

10/14/30

(USD) 

8,510,000‌

5,818‌

17,098‌

Total

Ghana

(Cost

$25,072

)

24,878‌

GRENADA

0.0%

Government

Bonds

0.0%

Government

of

Grenada,

7.00%,

5/12/30

(USD) 

1,856,239‌

1,736‌

Total

Grenada

(Cost

$1,692

)

1,736‌

GUATEMALA

1.7%

Government

Bonds

1.7%

Republic

of

Guatemala,

4.50%,

5/3/26

(USD) (1)

1,475,000‌

1,438‌

Republic

of

Guatemala,

4.875%,

2/13/28

(USD) 

9,000,000‌

8,701‌

Republic

of

Guatemala,

4.90%,

6/1/30

(USD) (1)

1,813,000‌

1,734‌

Republic

of

Guatemala,

4.90%,

6/1/30

(USD) 

6,435,000‌

6,155‌

Republic

of

Guatemala,

5.25%,

8/10/29

(USD) (1)

6,850,000‌

6,646‌

Republic

of

Guatemala,

5.375%,

4/24/32

(USD) 

7,720,000‌

7,432‌

Republic

of

Guatemala,

6.60%,

6/13/36

(USD) (1)

29,447,000‌

30,167‌

Republic

of

Guatemala,

7.05%,

10/4/32

(USD) (1)

8,150,000‌

8,664‌

Total

Guatemala

(Cost

$72,182

)

70,937‌

INDIA

3.0%

Corporate

Bonds

0.8%

ABJA

Investment,

5.45%,

1/24/28

(USD) 

2,584,000‌

2,582‌

Greenko

Power

II,

4.30%,

12/13/28

(USD) 

10,980,000‌

10,090‌

Reliance

Industries,

2.875%,

1/12/32

(USD) 

13,000,000‌

11,056‌

State

Bank

of

India,

5.00%,

1/17/29

(USD) 

9,860,000‌

9,783‌

33,511‌

Government

Bonds

2.2%

Export-Import

Bank

of

India,

2.25%,

1/13/31

(USD) (1)

6,540,000‌

5,410‌

Export-Import

Bank

of

India,

2.25%,

1/13/31

(USD) 

15,650,000‌

12,947‌

Export-Import

Bank

of

India,

3.25%,

1/15/30

(USD) 

69,155,000‌

62,122‌

Republic

of

India,

7.18%,

8/14/33 

821,000,000‌

9,929‌

90,408‌

Total

India

(Cost

$132,405

)

123,919‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

INDONESIA

6.1%

Corporate

Bonds

1.2%

Bank

Negara

Indonesia

Persero,

3.75%,

3/30/26

(USD) 

8,047,000‌

7,691‌

Minejesa

Capital,

5.625%,

8/10/37

(USD) 

22,250,000‌

20,260‌

Pertamina

Persero,

5.625%,

5/20/43

(USD) 

9,776,000‌

9,621‌

Perusahaan

Listrik

Negara,

3.875%,

7/17/29

(USD) (1)

4,730,000‌

4,409‌

Perusahaan

Listrik

Negara,

6.15%,

5/21/48

(USD) 

9,300,000‌

9,423‌

51,404‌

Government

Bonds

4.9%

Perusahaan

Penerbit,

2.80%,

6/23/30

(USD) 

31,150,000‌

27,569‌

Perusahaan

Penerbit,

4.15%,

3/29/27

(USD) 

13,335,000‌

13,046‌

Perusahaan

Penerbit,

4.40%,

3/1/28

(USD) 

200,000‌

197‌

Perusahaan

Penerbit,

4.45%,

2/20/29

(USD) 

2,761,000‌

2,706‌

Perusahaan

Penerbit,

4.55%,

3/29/26

(USD) 

37,670,000‌

37,460‌

Republic

of

Indonesia,

3.50%,

1/11/28

(USD) 

3,412,000‌

3,241‌

Republic

of

Indonesia,

4.55%,

1/11/28

(USD) 

3,600,000‌

3,552‌

Republic

of

Indonesia,

4.625%,

4/15/43

(USD) 

45,480,000‌

42,626‌

Republic

of

Indonesia,

5.25%,

1/17/42

(USD) 

21,720,000‌

21,774‌

Republic

of

Indonesia,

Series

FR64,

6.125%,

5/15/28 

392,306,000,000‌

24,385‌

Republic

of

Indonesia,

Series

FR96,

7.00%,

2/15/33 

349,793,000,000‌

22,549‌

199,105‌

Total

Indonesia

(Cost

$273,725

)

250,509‌

IRAQ

0.0%

Government

Bonds

0.0%

Republic

of

Iraq,

5.80%,

1/15/28

(USD) 

500,000‌

472‌

Total

Iraq

(Cost

$463

)

472‌

ISRAEL

0.4%

Corporate

Bonds

0.4%

Leviathan

Bond,

6.125%,

6/30/25

(USD) (1)

15,800,000‌

15,563‌

Total

Israel

(Cost

$15,614

)

15,563‌

IVORY

COAST

2.7%

Government

Bonds

2.7%

Republic

of

Ivory

Coast,

4.875%,

1/30/32

(EUR) 

8,750,000‌

8,160‌

Republic

of

Ivory

Coast,

6.125%,

6/15/33

(USD) 

75,050,000‌

67,865‌

Republic

of

Ivory

Coast,

6.625%,

3/22/48

(EUR) 

24,185,000‌

21,333‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

8

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Ivory

Coast,

7.625%,

1/30/33

(USD) (1)

14,610,000‌

14,523‌

Total

Ivory

Coast

(Cost

$110,237

)

111,881‌

JAMAICA

0.6%

Corporate

Bonds

0.2%

TransJamaican

Highway,

5.75%,

10/10/36

(USD) (1)

6,564,554‌

5,822‌

TransJamaican

Highway,

5.75%,

10/10/36

(USD) 

2,628,545‌

2,331‌

8,153‌

Government

Bonds

0.4%

Government

of

Jamaica,

7.875%,

7/28/45

(USD) 

1,475,000‌

1,739‌

Government

of

Jamaica,

8.00%,

3/15/39

(USD) 

12,930,000‌

15,385‌

17,124‌

Total

Jamaica

(Cost

$27,770

)

25,277‌

JORDAN

2.0%

Government

Bonds

2.0%

Kingdom

of

Jordan,

5.85%,

7/7/30

(USD) 

56,800,000‌

52,399‌

Kingdom

of

Jordan,

7.50%,

1/13/29

(USD) (1)

19,830,000‌

19,830‌

Kingdom

of

Jordan,

7.75%,

1/15/28

(USD) (1)

9,140,000‌

9,286‌

Total

Jordan

(Cost

$88,551

)

81,515‌

KAZAKHSTAN

0.4%

Corporate

Bonds

0.4%

KazMunayGas

National,

5.75%,

4/19/47

(USD) 

16,645,000‌

14,500‌

Total

Kazakhstan

(Cost

$15,435

)

14,500‌

KENYA

1.4%

Government

Bonds

1.4%

Republic

of

Kenya,

7.25%,

2/28/28

(USD) 

41,614,000‌

39,821‌

Republic

of

Kenya,

8.00%,

5/22/32

(USD) 

400,000‌

376‌

Republic

of

Kenya,

8.25%,

2/28/48

(USD) (1)

600,000‌

518‌

Republic

of

Kenya,

9.75%,

2/16/31

(USD) (1)

14,960,000‌

15,362‌

Republic

of

Kenya,

Series

8.5Y,

18.461%,

8/9/32 

55,500,000‌

440‌

Total

Kenya

(Cost

$53,343

)

56,517‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

9

Par/Shares

$

Value

(Cost

and

value

in

$000s)

KUWAIT

0.2%

Corporate

Bonds

0.2%

MEGlobal

Canada,

5.875%,

5/18/30

(USD) 

9,500,000‌

9,603‌

Total

Kuwait

(Cost

$10,581

)

9,603‌

MALAYSIA

0.8%

Government

Bonds

0.8%

Government

of

Malaysia,

Series

0318,

4.642%,

11/7/33 

69,052,000‌

15,498‌

Government

of

Malaysia,

Series

0419,

3.828%,

7/5/34 

75,003,000‌

15,804‌

Total

Malaysia

(Cost

$31,681

)

31,302‌

MAURITIUS

0.0%

Corporate

Bonds

0.0%

Axian

Telecom,

7.375%,

2/16/27

(USD) 

500,000‌

486‌

Total

Mauritius

(Cost

$458

)

486‌

MEXICO

8.3%

Corporate

Bonds

2.4%

Banco

Mercantil

del

Norte,

VR,

7.625%

(USD) (2)(3)

9,000,000‌

9,015‌

Banco

Mercantil

del

Norte,

VR,

8.375%

(USD) (2)(3)

3,975,000‌

4,082‌

BBVA

Bancomer,

VR,

5.125%,

1/18/33

(USD) (3)

12,870,000‌

11,969‌

BBVA

Bancomer,

VR,

5.875%,

9/13/34

(USD) (3)

10,090,000‌

9,555‌

BBVA

Bancomer,

VR,

8.125%,

1/8/39

(USD) (1)(3)

6,170,000‌

6,397‌

BBVA

Bancomer,

VR,

8.45%,

6/29/38

(USD) (1)(3)

17,930,000‌

18,945‌

Cemex,

5.45%,

11/19/29

(USD) 

7,600,000‌

7,490‌

Cemex,

VR,

9.125%

(USD) (2)(3)

5,850,000‌

6,359‌

Cometa

Energia,

6.375%,

4/24/35

(USD) (1)

9,182,900‌

9,263‌

Industrias

Penoles,

4.75%,

8/6/50

(USD) (1)

2,990,000‌

2,340‌

Infraestructura

Energetica

Nova,

4.75%,

1/15/51

(USD) 

10,400,000‌

8,066‌

Infraestructura

Energetica

Nova,

4.875%,

1/14/48

(USD) (1)

5,958,000‌

4,652‌

98,133‌

Government

Bonds

5.9%

Petroleos

Mexicanos,

4.50%,

1/23/26

(USD) 

37,150,000‌

34,851‌

Petroleos

Mexicanos,

6.50%,

3/13/27

(USD) 

24,330,000‌

22,934‌

Petroleos

Mexicanos,

6.50%,

6/2/41

(USD) 

58,473,000‌

39,745‌

Petroleos

Mexicanos,

8.75%,

6/2/29

(USD) 

31,845,000‌

31,076‌

Petroleos

Mexicanos,

10.00%,

2/7/33

(USD) 

12,775,000‌

12,731‌

Petroleos

Mexicanos,

Series

13-2,

7.19%,

9/12/24 

42,400,000‌

2,481‌

United

Mexican

States,

6.00%,

5/7/36

(USD) 

18,180,000‌

18,258‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

10

Par/Shares

$

Value

(Cost

and

value

in

$000s)

United

Mexican

States,

6.35%,

2/9/35

(USD) 

18,880,000‌

19,511‌

United

Mexican

States,

Series

M,

7.75%,

5/29/31 

1,058,167,000‌

58,549‌

240,136‌

Total

Mexico

(Cost

$353,079

)

338,269‌

MONGOLIA

0.0%

Government

Bonds

0.0%

State

of

Mongolia,

4.45%,

7/7/31

(USD) 

675,000‌

573‌

State

of

Mongolia,

5.125%,

4/7/26

(USD) 

375,000‌

363‌

Total

Mongolia

(Cost

$936

)

936‌

MONTENEGRO

0.7%

Government

Bonds

0.7%

Republic

of

Montenegro,

7.25%,

3/12/31

(USD) (1)

26,206,000‌

26,700‌

Total

Montenegro

(Cost

$26,349

)

26,700‌

MOROCCO

1.5%

Corporate

Bonds

0.0%

OCP,

5.125%,

6/23/51

(USD) 

325,000‌

246‌

Vivo

Energy

Investments,

5.125%,

9/24/27

(USD) (1)

220,000‌

209‌

455‌

Government

Bonds

1.5%

Kingdom

of

Morocco,

3.00%,

12/15/32

(USD) (1)

16,275,000‌

13,105‌

Kingdom

of

Morocco,

3.00%,

12/15/32

(USD) 

12,195,000‌

9,820‌

Kingdom

of

Morocco,

4.00%,

12/15/50

(USD) 

39,125,000‌

26,803‌

Kingdom

of

Morocco,

6.50%,

9/8/33

(USD) (1)

11,740,000‌

12,151‌

61,879‌

Total

Morocco

(Cost

$66,007

)

62,334‌

NIGERIA

0.9%

Government

Bonds

0.9%

Republic

of

Nigeria,

6.125%,

9/28/28

(USD) 

825,000‌

749‌

Republic

of

Nigeria,

6.50%,

11/28/27

(USD) (1)

480,000‌

452‌

Republic

of

Nigeria,

7.143%,

2/23/30

(USD) (1)

1,600,000‌

1,457‌

Republic

of

Nigeria,

7.143%,

2/23/30

(USD) 

2,500,000‌

2,277‌

Republic

of

Nigeria,

7.625%,

11/28/47

(USD) (1)

400,000‌

312‌

Republic

of

Nigeria,

7.875%,

2/16/32

(USD) 

31,990,000‌

29,051‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

11

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Nigeria,Treasury

Bill,

Series

364D,

18.322%,

11/7/24 

487,500,000‌

336‌

Total

Nigeria

(Cost

$29,281

)

34,634‌

NORTH

MACEDONIA

0.0%

Government

Bonds

0.0%

Republic

of

North

Macedonia,

6.96%,

3/13/27

(EUR) (1)

345,000‌

390‌

Total

North

Macedonia

(Cost

$366

)

390‌

OMAN

3.7%

Corporate

Bonds

0.7%

Lamar

Funding,

3.958%,

5/7/25

(USD) 

12,525,000‌

12,228‌

Oryx

Funding,

5.80%,

2/3/31

(USD) 

12,425,000‌

12,481‌

Oztel

Holdings,

6.625%,

4/24/28

(USD) 

4,629,000‌

4,770‌

29,479‌

Government

Bonds

3.0%

Sultanate

of

Oman,

4.75%,

6/15/26

(USD) (1)

18,180,000‌

17,890‌

Sultanate

of

Oman,

4.75%,

6/15/26

(USD) 

27,055,000‌

26,623‌

Sultanate

of

Oman,

5.375%,

3/8/27

(USD) 

4,400,000‌

4,386‌

Sultanate

of

Oman,

5.625%,

1/17/28

(USD) 

8,100,000‌

8,147‌

Sultanate

of

Oman,

6.50%,

3/8/47

(USD) 

20,210,000‌

20,456‌

Sultanate

of

Oman,

6.75%,

10/28/27

(USD) (1)

14,500,000‌

15,102‌

Sultanate

of

Oman,

6.75%,

10/28/27

(USD) 

7,500,000‌

7,812‌

Sultanate

of

Oman,

6.75%,

1/17/48

(USD) 

13,600,000‌

13,954‌

Sultanate

of

Oman,

7.00%,

1/25/51

(USD) (1)

6,520,000‌

6,879‌

121,249‌

Total

Oman

(Cost

$149,908

)

150,728‌

PAKISTAN

0.4%

Government

Bonds

0.4%

Islamic

Republic

of

Pakistan,

7.875%,

3/31/36

(USD) 

16,731,000‌

12,914‌

Islamic

Republic

of

Pakistan,

8.25%,

4/15/24

(USD) 

950,000‌

946‌

Islamic

Republic

of

Pakistan,

8.25%,

9/30/25

(USD) 

475,000‌

448‌

Total

Pakistan

(Cost

$18,792

)

14,308‌

PANAMA

3.6%

Corporate

Bonds

0.5%

Aeropuerto

Internacional

de

Tocumen,

4.00%,

8/11/41

(USD) (1)

5,920,000‌

4,354‌

Banco

General,

VR,

5.25%

(USD) (1)(2)(3)

6,420,000‌

5,486‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

12

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Banco

Nacional

de

Panama,

2.50%,

8/11/30

(USD) (1)

13,190,000‌

10,361‌

20,201‌

Government

Bonds

3.1%

Republic

of

Panama,

2.252%,

9/29/32

(USD) 

44,800,000‌

32,097‌

Republic

of

Panama,

4.50%,

4/16/50

(USD) 

550,000‌

373‌

Republic

of

Panama,

4.50%,

1/19/63

(USD) 

17,370,000‌

11,174‌

Republic

of

Panama,

6.40%,

2/14/35

(USD) 

68,520,000‌

64,877‌

Republic

of

Panama,

6.875%,

1/31/36

(USD) 

6,200,000‌

6,060‌

Republic

of

Panama,

7.50%,

3/1/31

(USD) 

330,000‌

343‌

Republic

of

Panama,

7.875%,

3/1/57

(USD) 

9,000,000‌

9,117‌

Republic

of

Panama,

8.00%,

3/1/38

(USD) 

4,170,000‌

4,379‌

128,420‌

Total

Panama

(Cost

$168,153

)

148,621‌

PARAGUAY

1.4%

Corporate

Bonds

0.3%

Telefonica

Celular

del

Paraguay,

5.875%,

4/15/27

(USD) (1)

11,535,000‌

11,220‌

11,220‌

Government

Bonds

1.1%

Republic

of

Paraguay,

2.739%,

1/29/33

(USD) (1)

5,653,000‌

4,603‌

Republic

of

Paraguay,

4.95%,

4/28/31

(USD) (1)

9,290,000‌

8,960‌

Republic

of

Paraguay,

4.95%,

4/28/31

(USD) 

225,000‌

217‌

Republic

of

Paraguay,

5.40%,

3/30/50

(USD) (1)

2,085,000‌

1,838‌

Republic

of

Paraguay,

5.40%,

3/30/50

(USD) 

24,949,000‌

22,000‌

Republic

of

Paraguay,

5.60%,

3/13/48

(USD) 

5,490,000‌

4,996‌

Republic

of

Paraguay,

5.85%,

8/21/33

(USD) (1)

430,000‌

431‌

Republic

of

Paraguay,

6.00%,

2/9/36

(USD) (1)

2,870,000‌

2,911‌

Republic

of

Paraguay,

6.10%,

8/11/44

(USD) 

1,000,000‌

973‌

46,929‌

Total

Paraguay

(Cost

$66,399

)

58,149‌

PERU

0.9%

Corporate

Bonds

0.2%

Consorcio

Transmantaro,

4.70%,

4/16/34

(USD) (1)

3,315,000‌

3,128‌

Lima

Metro

Line

2

Finance,

5.875%,

7/5/34

(USD) 

3,406,701‌

3,382‌

6,510‌

Government

Bonds

0.7%

Republic

of

Peru,

2.78%,

12/1/60

(USD) 

27,465,000‌

15,902‌

Republic

of

Peru,

3.30%,

3/11/41

(USD) 

4,850,000‌

3,650‌

Republic

of

Peru,

3.55%,

3/10/51

(USD) 

6,035,000‌

4,383‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

13

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Peru,

6.15%,

8/12/32 

25,200,000‌

6,369‌

30,304‌

Total

Peru

(Cost

$47,762

)

36,814‌

PHILIPPINES

1.7%

Corporate

Bonds

1.1%

Globe

Telecom,

2.50%,

7/23/30

(USD) 

6,800,000‌

5,701‌

Globe

Telecom,

3.00%,

7/23/35

(USD) 

11,750,000‌

9,208‌

International

Container

Terminal

Services,

4.75%,

6/17/30

(USD) 

14,100,000‌

13,688‌

Manila

Water,

4.375%,

7/30/30

(USD) 

15,350,000‌

14,430‌

43,027‌

Government

Bonds

0.6%

Republic

of

Philippines,

2.65%,

12/10/45

(USD) 

35,000,000‌

23,282‌

Republic

of

Philippines,

4.625%,

7/17/28

(USD) 

1,240,000‌

1,226‌

24,508‌

Total

Philippines

(Cost

$82,456

)

67,535‌

POLAND

0.4%

Government

Bonds

0.4%

Republic

of

Poland,

3.875%,

2/14/33

(EUR) 

8,700,000‌

9,723‌

Republic

of

Poland,

5.50%,

4/4/53

(USD) 

5,790,000‌

5,784‌

Total

Poland

(Cost

$14,974

)

15,507‌

QATAR

2.3%

Corporate

Bonds

1.1%

Ooredoo

International

Finance,

2.625%,

4/8/31

(USD) (1)

8,200,000‌

7,059‌

QatarEnergy,

2.25%,

7/12/31

(USD) (1)

12,615,000‌

10,593‌

QatarEnergy,

2.25%,

7/12/31

(USD) 

13,800,000‌

11,588‌

QatarEnergy,

3.125%,

7/12/41

(USD) (1)

18,715,000‌

14,002‌

43,242‌

Government

Bonds

1.2%

State

of

Qatar,

4.40%,

4/16/50

(USD) (1)

11,820,000‌

10,464‌

State

of

Qatar,

4.40%,

4/16/50

(USD) 

3,200,000‌

2,833‌

State

of

Qatar,

4.817%,

3/14/49

(USD) 

37,300,000‌

35,032‌

48,329‌

Total

Qatar

(Cost

$118,864

)

91,571‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

14

Par/Shares

$

Value

(Cost

and

value

in

$000s)

ROMANIA

1.9%

Corporate

Bonds

0.4%

Banca

Transilvania,

VR,

8.875%,

4/27/27

(EUR) (3)

13,477,000‌

15,438‌

15,438‌

Government

Bonds

1.5%

Republic

of

Romania,

2.625%,

12/2/40

(EUR) 

3,400,000‌

2,512‌

Republic

of

Romania,

2.875%,

4/13/42

(EUR) (1)

6,965,000‌

5,162‌

Republic

of

Romania,

4.00%,

2/14/51

(USD) (1)

5,684,000‌

4,038‌

Republic

of

Romania,

4.00%,

2/14/51

(USD) 

35,000,000‌

24,868‌

Republic

of

Romania,

5.50%,

9/18/28

(EUR) 

16,380,000‌

18,254‌

Republic

of

Romania,

6.375%,

1/30/34

(USD) (1)

8,248,000‌

8,379‌

63,213‌

Total

Romania

(Cost

$93,049

)

78,651‌

SAUDI

ARABIA

2.5%

Corporate

Bonds

0.5%

Gaci

First

Investment,

5.125%,

2/14/53

(USD) 

21,446,000‌

18,626‌

18,626‌

Government

Bonds

2.0%

Kingdom

of

Saudi

Arabia,

2.75%,

2/3/32

(USD) 

1,900,000‌

1,637‌

Kingdom

of

Saudi

Arabia,

3.75%,

1/21/55

(USD) 

5,850,000‌

4,231‌

Kingdom

of

Saudi

Arabia,

4.75%,

1/16/30

(USD) (1)

12,670,000‌

12,588‌

Kingdom

of

Saudi

Arabia,

4.875%,

7/18/33

(USD) 

5,800,000‌

5,774‌

Kingdom

of

Saudi

Arabia,

5.00%,

4/17/49

(USD) 

14,550,000‌

13,275‌

KSA

Sukuk,

2.969%,

10/29/29

(USD) (1)

3,140,000‌

2,854‌

Saudi

Arabian

Oil,

3.50%,

4/16/29

(USD) 

9,250,000‌

8,639‌

Saudi

Arabian

Oil,

4.25%,

4/16/39

(USD) 

38,600,000‌

33,833‌

82,831‌

Total

Saudi

Arabia

(Cost

$114,291

)

101,457‌

SENEGAL

1.0%

Government

Bonds

1.0%

Republic

of

Senegal,

4.75%,

3/13/28

(EUR) 

15,000,000‌

14,620‌

Republic

of

Senegal,

6.25%,

5/23/33

(USD) (1)

1,300,000‌

1,112‌

Republic

of

Senegal,

6.25%,

5/23/33

(USD) 

30,030,000‌

25,671‌

Total

Senegal

(Cost

$42,273

)

41,403‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

15

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SERBIA

1.8%

Government

Bonds

1.8%

Republic

of

Serbia,

2.125%,

12/1/30

(USD) 

57,250,000‌

45,510‌

Republic

of

Serbia,

6.25%,

5/26/28

(USD) (1)

11,930,000‌

12,199‌

Republic

of

Serbia,

6.50%,

9/26/33

(USD) 

17,020,000‌

17,401‌

Total

Serbia

(Cost

$81,163

)

75,110‌

SLOVENIA

0.4%

Corporate

Bonds

0.4%

Nova

Kreditna

Banka

Maribor,

VR,

7.375%,

6/29/26 (3)

15,800,000‌

17,545‌

Total

Slovenia

(Cost

$17,535

)

17,545‌

SOUTH

AFRICA

1.6%

Corporate

Bonds

0.5%

Transnet,

8.25%,

2/6/28

(USD) (1)

11,440,000‌

11,405‌

Transnet,

8.25%,

2/6/28

(USD) 

8,725,000‌

8,699‌

20,104‌

Government

Bonds

1.1%

Republic

of

South

Africa,

5.65%,

9/27/47

(USD) 

19,120,000‌

13,931‌

Republic

of

South

Africa,

5.875%,

4/20/32

(USD) 

7,175,000‌

6,476‌

Republic

of

South

Africa,

6.25%,

3/8/41

(USD) 

10,050,000‌

8,323‌

Republic

of

South

Africa,

7.30%,

4/20/52

(USD) 

9,580,000‌

8,323‌

Republic

of

South

Africa,

Series

2035,

8.875%,

2/28/35 

224,365,000‌

9,459‌

46,512‌

Total

South

Africa

(Cost

$74,235

)

66,616‌

SOUTH

KOREA

0.5%

Corporate

Bonds

0.3%

Hanwha

Totalenergies

Petrochemical,

5.50%,

7/18/29

(USD) 

10,930,000‌

10,894‌

POSCO,

5.75%,

1/17/28

(USD) (1)

2,140,000‌

2,173‌

13,067‌

Government

Bonds

0.2%

Export-Import

Bank

of

Korea,

5.00%,

1/11/28

(USD) 

3,840,000‌

3,879‌

Export-Import

Bank

of

Korea,

5.125%,

1/11/33

(USD) 

1,910,000‌

1,950‌

5,829‌

Total

South

Korea

(Cost

$18,792

)

18,896‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

16

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SRI

LANKA

1.8%

Corporate

Bonds

0.0%

SriLankan

Airlines,

7.00%,

6/25/24

(USD) (4)(6)

1,449,000‌

1,055‌

1,055‌

Government

Bonds

1.8%

Republic

of

Sri

Lanka,

6.125%,

6/3/25

(USD) (4)(6)

2,400,000‌

1,440‌

Republic

of

Sri

Lanka,

6.825%,

7/18/26

(USD) (6)

36,575,000‌

21,943‌

Republic

of

Sri

Lanka,

6.825%,

7/18/26

(USD) (1)(6)

32,615,000‌

19,568‌

Republic

of

Sri

Lanka,

6.85%,

11/3/25

(USD) (4)(6)

48,350,000‌

29,009‌

71,960‌

Total

Sri

Lanka

(Cost

$85,991

)

73,015‌

SUPRANATIONAL

0.3%

Government

Bonds

0.3%

International

Bank

for

Reconstruction

&

Development,

Zero

Coupon,

3/31/27

(USD) 

12,900,000‌

11,518‌

Total

Supranational

(Cost

$11,583

)

11,518‌

SURINAME

0.9%

Government

Bonds

0.9%

Republic

of

Suriname,

7.95%,

7/15/33,

(4.95%

Cash

and

3.00%

PIK)

(USD) (1)(7)

26,561,078‌

24,404‌

Republic

of

Suriname,

VR,

9.00%,

12/31/50

(USD) (1)

16,743,000‌

12,370‌

Total

Suriname

(Cost

$27,272

)

36,774‌

TANZANIA

0.3%

Convertible

Bonds

0.1%

HTA

Group,

2.875%,

3/18/27

(USD) 

3,000,000‌

2,660‌

2,660‌

Corporate

Bonds

0.2%

HTA

Group,

7.00%,

12/18/25

(USD) (1)

7,967,000‌

7,964‌

7,964‌

Total

Tanzania

(Cost

$11,003

)

10,624‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

17

Par/Shares

$

Value

(Cost

and

value

in

$000s)

THAILAND

0.7%

Corporate

Bonds

0.7%

Bangkok

Bank,

VR,

3.466%,

9/23/36

(USD) (1)(3)

9,490,000‌

8,013‌

Thaioil

Treasury

Center,

2.50%,

6/18/30

(USD) 

3,000,000‌

2,536‌

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD) (1)

5,175,000‌

3,518‌

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD) 

21,207,000‌

14,418‌

Total

Thailand

(Cost

$32,981

)

28,485‌

TÜRKIYE

2.9%

Government

Bonds

2.9%

Republic

of

Turkiye,

4.25%,

4/14/26

(USD) 

22,840,000‌

22,084‌

Republic

of

Turkiye,

4.875%,

10/9/26

(USD) 

3,765,000‌

3,654‌

Republic

of

Turkiye,

4.875%,

4/16/43

(USD) 

21,250,000‌

14,968‌

Republic

of

Turkiye,

6.00%,

1/14/41

(USD) 

14,120,000‌

11,658‌

Republic

of

Turkiye,

6.50%,

9/20/33

(USD) 

6,250,000‌

5,874‌

Republic

of

Turkiye,

7.625%,

5/15/34

(USD) 

12,190,000‌

12,254‌

Republic

of

Turkiye,

8.60%,

9/24/27

(USD) 

10,300,000‌

10,928‌

Republic

of

Turkiye,

9.375%,

3/14/29

(USD) 

20,400,000‌

22,224‌

Republic

of

Turkiye,

9.375%,

1/19/33

(USD) 

10,680,000‌

11,897‌

Republic

of

Turkiye,

9.875%,

1/15/28

(USD) 

3,260,000‌

3,596‌

Total

Türkiye

(Cost

$117,764

)

119,137‌

UKRAINE

0.3%

Government

Bonds

0.3%

Government

of

Ukraine,

7.375%,

9/25/34

(USD) (6)

39,540,000‌

11,763‌

Total

Ukraine

(Cost

$10,891

)

11,763‌

UNITED

ARAB

EMIRATES

0.8%

Corporate

Bonds

0.8%

DP

World

Crescent,

3.875%,

7/18/29

(USD) 

10,600,000‌

9,955‌

Emirates

NBD

Bank,

VR,

6.125%

(USD) (2)(3)

10,900,000‌

10,872‌

Ruwais

Power,

6.00%,

8/31/36

(USD) 

11,795,000‌

11,852‌

32,679‌

Government

Bonds

0.0%

Emirate

of

Dubai,

3.90%,

9/9/50

(USD) 

2,330,000‌

1,728‌

1,728‌

Total

United

Arab

Emirates

(Cost

$37,275

)

34,407‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

18

Par/Shares

$

Value

(Cost

and

value

in

$000s)

UNITED

KINGDOM

0.0%

Common

Stocks

0.0%

Mriya

Farming,

Recovery

Certificates,

Acquisition

date:

8/23/18,

Cost $—

(EUR) (4)(5)(8)

3,975,047‌

21‌

Total

United

Kingdom

(Cost

$–

)

21‌

UNITED

STATES

0.5%

Corporate

Bonds

0.5%

Hyundai

Capital

America,

5.60%,

3/30/28 (1)

6,730,000‌

6,798‌

LCPR

Senior

Secured

Financing,

5.125%,

7/15/29 (1)

17,835,000‌

14,892‌

Total

United

States

(Cost

$24,792

)

21,690‌

URUGUAY

0.4%

Government

Bonds

0.4%

Oriental

Republic

of

Uruguay,

5.75%,

10/28/34

(USD) 

15,120,000‌

15,982‌

Total

Uruguay

(Cost

$16,014

)

15,982‌

UZBEKISTAN

0.0%

Government

Bonds

0.0%

Republic

of

Uzbekistan,

7.85%,

10/12/28

(USD) (1)

1,000,000‌

1,047‌

Total

Uzbekistan

(Cost

$990

)

1,047‌

VENEZUELA

2.2%

Government

Bonds

2.2%

Petroleos

de

Venezuela,

5.375%,

4/12/27

(USD) (4)(6)

43,175,000‌

4,106‌

Petroleos

de

Venezuela,

6.00%,

5/16/24

(USD) (4)(6)

76,165,000‌

7,274‌

Petroleos

de

Venezuela,

6.00%,

11/15/26

(USD) (4)(6)

8,566,000‌

821‌

Petroleos

de

Venezuela,

8.50%,

10/27/20

(USD) (4)(6)

13,761,000‌

11,120‌

Petroleos

de

Venezuela,

9.00%,

11/17/21

(USD) (4)(6)

386,635,000‌

40,597‌

Petroleos

de

Venezuela,

12.75%,

2/17/22

(USD) (4)(6)

40,163,000‌

5,081‌

Republic

of

Venezuela,

6.00%,

12/9/20

(USD) (4)(6)

36,325,000‌

5,092‌

Republic

of

Venezuela,

7.75%,

10/13/19

(USD) (4)(6)

57,970,000‌

8,226‌

Republic

of

Venezuela,

9.25%,

9/15/27

(USD) (4)(6)

9,000,000‌

1,627‌

Republic

of

Venezuela,

11.75%,

10/21/26

(USD) (4)(6)

13,100,000‌

2,430‌

Republic

of

Venezuela,

12.75%,

8/23/22

(USD) (4)(6)

8,300,000‌

1,452‌

Total

Venezuela

(Cost

$314,168

)

87,826‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

19

Par/Shares

$

Value

(Cost

and

value

in

$000s)

VIETNAM

0.3%

Corporate

Bonds

0.2%

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD) (1)

6,219,004‌

5,950‌

5,950‌

Government

Bonds

0.1%

Socialist

Republic

of

Vietnam,

4.80%,

11/19/24

(USD) 

400,000‌

397‌

Socialist

Republic

of

Vietnam,

Series

30YR,

FRN,

6M

USD

LIBOR

+

0.813%,

6.50%,

3/13/28

(USD) 

4,750,000‌

4,594‌

4,991‌

Total

Vietnam

(Cost

$11,143

)

10,941‌

ZAMBIA

0.1%

Government

Bonds

0.1%

Republic

of

Zambia,

5.375%,

9/20/22

(USD) (4)(6)

6,526,000‌

4,340‌

Total

Zambia

(Cost

$2,768

)

4,340‌

SHORT-TERM

INVESTMENTS

0.8%

Money

Market

Funds

0.8%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (9)(10)

34,267,742‌

34,268‌

Total

Short-Term

Investments

(Cost

$34,268)

34,268‌

Total

Investments

in

Securities

98.2%

(Cost

$4,456,612)

$

4,005,675‌

Other

Assets

Less

Liabilities

1.8%

73,395

Net

Assets

100.0%

$

4,079,070‌

‡

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

$910,980

and

represents

22.3%

of

net

assets.

(2)

Perpetual

security

with

no

stated

maturity

date.

(3)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(4)

Non-income

producing

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

20

.

.

.

.

.

.

.

.

.

.

(5)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$4,759

and

represents

0.1%

of

net

assets.

(6)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(7)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(8)

Level

3

in

fair

value

hierarchy.

(9)

Seven-day

yield

(10)

Affiliated

Companies

6M

USD

LIBOR

Six

month

USD

LIBOR

(London

interbank

offered

rate)

BRL

Brazilian

Real

CNH

Offshore

China

Renminbi

COP

Colombian

Peso

EUR

Euro

FRN

Floating

Rate

Note

IDR

Indonesian

Rupiah

INR

Indian

Rupee

KRW

South

Korean

Won

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

PEN

Peruvian

New

Sol

PIK

Payment-in-kind

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

TWD

Taiwan

Dollar

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

ZAR

South

African

Rand

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

21

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

4/5/24

USD

19,359‌

IDR

307,130,436‌

$

(2‌)

Bank

of

America

4/12/24

USD

26,901‌

MXN

460,671‌

(748‌)

Bank

of

America

6/7/24

USD

31,324‌

MYR

149,386‌

(76‌)

Barclays

Bank

4/5/24

USD

19,294‌

KRW

25,996,216‌

(12‌)

Barclays

Bank

6/14/24

USD

68,183‌

CNH

487,744‌

784‌

Barclays

Bank

7/5/24

KRW

25,996,216‌

USD

19,386‌

(26‌)

BNP

Paribas

4/5/24

USD

19,555‌

KRW

25,994,147‌

251‌

BNP

Paribas

5/24/24

EUR

5,326‌

USD

5,784‌

(25‌)

BNP

Paribas

6/4/24

BRL

43,085‌

USD

8,669‌

(133‌)

BNP

Paribas

7/12/24

USD

9,902‌

ZAR

187,044‌

114‌

Citibank

4/5/24

USD

2,832‌

INR

236,044‌

2‌

Citibank

5/24/24

EUR

3,040‌

USD

3,318‌

(30‌)

Deutsche

Bank

4/5/24

IDR

766,332,262‌

USD

48,469‌

(160‌)

Deutsche

Bank

4/5/24

USD

20,468‌

IDR

318,820,156‌

369‌

Deutsche

Bank

4/5/24

USD

7,170‌

INR

598,328‌

(3‌)

Deutsche

Bank

7/5/24

USD

48,340‌

IDR

766,332,262‌

189‌

Goldman

Sachs

4/3/24

TWD

606,816‌

USD

19,061‌

(98‌)

Goldman

Sachs

4/5/24

USD

28,286‌

IDR

439,565,778‌

576‌

Goldman

Sachs

5/24/24

EUR

4,423‌

USD

4,795‌

(12‌)

Goldman

Sachs

6/4/24

USD

37,582‌

BRL

189,389‌

60‌

Goldman

Sachs

7/5/24

USD

19,175‌

TWD

606,816‌

112‌

HSBC

Bank

4/3/24

USD

19,541‌

TWD

606,816‌

579‌

HSBC

Bank

4/5/24

IDR

299,184,108‌

USD

19,167‌

(307‌)

HSBC

Bank

4/5/24

INR

782,697‌

USD

9,394‌

(11‌)

HSBC

Bank

4/5/24

KRW

51,990,363‌

USD

39,091‌

(482‌)

JPMorgan

Chase

5/24/24

EUR

2,071‌

USD

2,268‌

(28‌)

Morgan

Stanley

4/5/24

USD

6,329‌

PEN

23,492‌

15‌

Morgan

Stanley

4/12/24

MXN

18,900‌

USD

1,120‌

15‌

Morgan

Stanley

4/12/24

USD

13,476‌

MXN

232,068‌

(452‌)

Morgan

Stanley

5/24/24

EUR

3,224‌

USD

3,522‌

(36‌)

Morgan

Stanley

6/7/24

USD

9,444‌

COP

37,776,748‌

(214‌)

RBC

Dominion

Securities

4/12/24

USD

10,097‌

MXN

173,185‌

(297‌)

State

Street

5/24/24

USD

209,807‌

EUR

193,989‌

49‌

UBS

Investment

Bank

4/12/24

USD

10,209‌

MXN

176,517‌

(385‌)

UBS

Investment

Bank

6/7/24

USD

3,109‌

COP

12,424,910‌

(68‌)

Wells

Fargo

4/5/24

PEN

11,746‌

USD

3,149‌

8‌

Wells

Fargo

4/5/24

PEN

11,746‌

USD

3,173‌

(16‌)

Wells

Fargo

6/7/24

USD

3,116‌

COP

12,550,415‌

(93‌)

Wells

Fargo

7/5/24

USD

3,169‌

PEN

11,746‌

17‌

Wells

Fargo

7/5/24

USD

3,145‌

PEN

11,746‌

(8‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(582‌)

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

22

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

559

Euro

BUND

contracts

6/24

(80,438)

$

(674‌)

Short,

155

U.S.

Treasury

Notes

ten

year

contracts

6/24

(17,174)

145‌

Long,

1,444

Ultra

U.S.

Treasury

Bonds

contracts

6/24

186,276

2,593‌

Net

payments

(receipts)

of

variation

margin

to

date

(1,371‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

693‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

23

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%

$

—‌#

$

—‌

$

264‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

03/31/24

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

$

43,009‌

 ¤

 ¤

$

34,268‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$264

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

$34,268.

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

Unaudited

Notes

to

Portfolio

of

Investments

24

T.

Rowe

Price

Emerging

Markets

Bond

Fund (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

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

Bond

Fund

25

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

its portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

26

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

in

private

investment

companies

are

valued

at

the

investee’s

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee’s

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation Designee

may

adjust

the

investee’s

NAV

to

reflect

fair

value

at

the

valuation

date.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

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

Bond

Fund

27

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

$

—‌

$

3,966,648‌

$

—‌

$

3,966,648‌

Common

Stocks

—‌

—‌

21‌

21‌

Private

Investment

Company

2

—‌

—‌

—‌

4,738‌

Short-Term

Investments

34,268‌

—‌

—‌

34,268‌

Total

Securities

34,268‌

3,966,648‌

21‌

4,005,675‌

Forward

Currency

Exchange

Contracts

—‌

3,140‌

—‌

3,140‌

Futures

Contracts*

2,738‌

—‌

—‌

2,738‌

Total

$

37,006‌

$

3,969,788‌

$

21‌

$

4,011,553‌

Liabilities

Forward

Currency

Exchange

Contracts

$

—‌

$

3,722‌

$

—‌

$

3,722‌

Futures

Contracts*

674‌

—‌

—‌

674‌

Total

$

674‌

$

3,722‌

$

—‌

$

4,396‌

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;

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

Bond

Fund

28

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.

F110-054Q1

03/24