T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

September

30,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ALBANIA

0.6%

Government

Bonds

0.6%

Republic

of

Albania,

3.50%,

6/16/27

(EUR) 

23,830,000‌

29,773‌

Total

Albania

(Cost

$30,733

)

29,773‌

ANGOLA

2.7%

Government

Bonds

2.7%

Republic

of

Angola,

8.00%,

11/26/29

(USD) 

41,080,000‌

42,178‌

Republic

of

Angola,

8.25%,

5/9/28

(USD) 

35,750,000‌

37,143‌

Republic

of

Angola,

9.125%,

11/26/49

(USD) 

28,550,000‌

29,104‌

Republic

of

Angola,

9.50%,

11/12/25

(USD) 

26,245,000‌

28,968‌

Total

Angola

(Cost

$120,622

)

137,393‌

ARGENTINA

1.7%

Convertible

Bonds

0.2%

MercadoLibre,

2.00%,

8/15/28

(USD) 

2,927,000‌

11,209‌

11,209‌

Government

Bonds

1.5%

Republic

of

Argentina,

0.00%,

12/15/35

(USD) (1)(2)

114,895,000‌

776‌

Republic

of

Argentina,

1.00%,

7/9/29

(USD) 

112,549‌

43‌

Republic

of

Argentina,

STEP,

0.50%,

7/9/30

(USD) 

39,942,504‌

14,748‌

Republic

of

Argentina,

STEP,

1.125%,

7/9/35

(USD) 

89,067,679‌

29,353‌

Republic

of

Argentina,

STEP,

2.00%,

1/9/38

(USD) 

82,570,279‌

32,226‌

77,146‌

Total

Argentina

(Cost

$131,587

)

88,355‌

BAHAMAS

1.3%

Government

Bonds

1.3%

Commonwealth

of

Bahamas,

6.00%,

11/21/28

(USD) (3)

52,350,000‌

45,218‌

Commonwealth

of

Bahamas,

6.00%,

11/21/28

(USD) 

20,450,000‌

17,664‌

Commonwealth

of

Bahamas,

8.95%,

10/15/32

(USD) (3)

900,000‌

850‌

Total

Bahamas

(Cost

$72,280

)

63,732‌

BAHRAIN

1.2%

Government

Bonds

1.2%

Kingdom

of

Bahrain,

7.00%,

10/12/28

(USD) 

42,495,000‌

46,576‌

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) 

14,200,000‌

14,664‌

Total

Bahrain

(Cost

$62,101

)

61,240‌

BARBADOS

0.4%

Government

Bonds

0.4%

Government

of

Barbados,

6.50%,

10/1/29

(USD) (3)

21,237,235‌

21,450‌

Total

Barbados

(Cost

$20,741

)

21,450‌

BENIN

0.6%

Government

Bonds

0.6%

Republic

of

Benin,

4.875%,

1/19/32

(EUR) (3)

25,305,000‌

29,319‌

Total

Benin

(Cost

$30,364

)

29,319‌

BERMUDA

0.2%

Government

Bonds

0.2%

Government

of

Bermuda,

3.375%,

8/20/50

(USD) (3)

9,152,000‌

9,217‌

Total

Bermuda

(Cost

$9,138

)

9,217‌

BRAZIL

2.6%

Corporate

Bonds

0.9%

Cosan

Overseas,

8.25%

(USD) (4)

6,085,000‌

6,279‌

Embraer

Netherlands

Finance,

5.05%,

6/15/25

(USD) 

13,000,000‌

13,699‌

Globo

Comunicacao

e

Participacoes,

4.875%,

1/22/30

(USD) 

12,900,000‌

12,801‌

Globo

Comunicacao

e

Participacoes,

5.125%,

3/31/27

(USD) 

6,045,000‌

6,168‌

Petrobras

Global

Finance,

5.50%,

6/10/51

(USD) 

8,490,000‌

7,915‌

46,862‌

Government

Bonds

1.7%

Republic

of

Brazil,

3.875%,

6/12/30

(USD) 

17,900,000‌

17,384‌

Republic

of

Brazil,

4.625%,

1/13/28

(USD) 

20,000,000‌

21,068‌

Republic

of

Brazil,

5.00%,

1/27/45

(USD) 

33,258,000‌

31,120‌

Republic

of

Brazil,

5.625%,

1/7/41

(USD) 

7,585,000‌

7,689‌

Republic

of

Brazil,

8.25%,

1/20/34

(USD) 

5,095,000‌

6,807‌

84,068‌

Total

Brazil

(Cost

$127,381

)

130,930‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

3

Par/Shares

$

Value

(Cost

and

value

in

$000s)

CHILE

1.6%

Corporate

Bonds

1.6%

AES

Andes,

VR,

6.35%,

10/7/79

(USD) (3)(5)

12,750,000‌

13,511‌

AES

Andes,

VR,

7.125%,

3/26/79

(USD) (3)(5)

10,004,000‌

10,635‌

Celulosa

Arauco

y

Constitucion,

5.15%,

1/29/50

(USD) 

10,677,000‌

12,105‌

Corp

Nacional

del

Cobre

de

Chile,

3.15%,

1/15/51

(USD) (3)

3,749,000‌

3,468‌

Corp

Nacional

del

Cobre

de

Chile,

3.70%,

1/30/50

(USD) (3)

10,045,000‌

10,215‌

Corp

Nacional

del

Cobre

de

Chile,

3.75%,

1/15/31

(USD) (3)

4,995,000‌

5,381‌

Empresa

de

los

Ferrocarriles

del

Estado,

3.068%,

8/18/50

(USD) 

6,635,000‌

5,871‌

Empresa

de

Transporte

de

Pasajeros

Metro,

3.693%,

9/13/61

(USD) (3)

4,025,000‌

3,939‌

Empresa

de

Transporte

de

Pasajeros

Metro,

4.70%,

5/7/50

(USD) (3)

13,055,000‌

15,356‌

Total

Chile

(Cost

$79,366

)

80,481‌

CHINA

4.7%

Convertible

Bonds

0.2%

Huazhu

Group,

3.00%,

5/1/26

(USD) 

5,531,000‌

7,234‌

7,234‌

Corporate

Bonds

3.2%

Agile

Group

Holdings,

5.75%,

1/2/25

(USD) 

10,755,000‌

10,135‌

Agile

Group

Holdings,

6.05%,

10/13/25

(USD) 

1,705,000‌

1,613‌

CIFI

Holdings

Group,

6.00%,

7/16/25

(USD) 

2,147,000‌

2,142‌

CIFI

Holdings

Group,

6.45%,

11/7/24

(USD) 

2,938,000‌

2,949‌

CIFI

Holdings

Group,

6.55%,

3/28/24

(USD) 

6,560,000‌

6,633‌

Country

Garden

Holdings,

3.30%,

1/12/31

(USD) 

1,854,000‌

1,699‌

Country

Garden

Holdings,

8.00%,

1/27/24

(USD) 

5,700,000‌

5,933‌

Health

&

Happiness

H&H

International

Holdings,

5.625%,

10/24/24

(USD) 

7,880,000‌

8,058‌

Kaisa

Group

Holdings,

11.95%,

10/22/22

(USD) 

16,680,000‌

14,346‌

Lenovo

Group,

3.421%,

11/2/30

(USD) (3)

5,590,000‌

5,830‌

Lenovo

Group,

3.421%,

11/2/30

(USD) 

6,925,000‌

7,222‌

Shimao

Group

Holdings,

3.45%,

1/11/31

(USD) 

14,751,000‌

13,208‌

Shimao

Group

Holdings,

5.60%,

7/15/26

(USD) 

14,000,000‌

13,897‌

State

Grid

Overseas

Investment

2013,

4.375%,

5/22/43

(USD) (3)

1,365,000‌

1,679‌

State

Grid

Overseas

Investment

2013,

4.375%,

5/22/43

(USD) 

12,979,000‌

15,962‌

State

Grid

Overseas

Investment

2014,

4.85%,

5/7/44

(USD) 

7,953,000‌

10,464‌

State

Grid

Overseas

Investment

2016,

3.50%,

5/4/27

(USD) 

8,000,000‌

8,793‌

Times

China

Holdings,

6.75%,

7/8/25

(USD) 

18,556,000‌

17,048‌

Tingyi

Cayman

Islands

Holding,

1.625%,

9/24/25

(USD) 

9,174,000‌

9,111‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

4

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Yanlord

Land

HK,

6.75%,

4/23/23

(USD) 

5,600,000‌

5,665‌

162,387‌

Government

Bonds

1.3%

People's

Republic

of

China,

3.12%,

12/5/26 

235,000,000‌

37,051‌

People's

Republic

of

China,

3.27%,

11/19/30 

178,600,000‌

28,399‌

65,450‌

Total

China

(Cost

$237,197

)

235,071‌

COLOMBIA

2.6%

Corporate

Bonds

1.3%

Banco

Davivienda,

VR,

6.65%

(USD) (3)(4)(5)

11,500,000‌

12,291‌

Banco

de

Bogota,

6.25%,

5/12/26

(USD) 

11,300,000‌

12,317‌

Bancolombia,

VR,

4.625%,

12/18/29

(USD) (5)

15,000,000‌

15,214‌

Ecopetrol,

5.875%,

5/28/45

(USD) 

18,450,000‌

18,663‌

Grupo

Aval,

4.375%,

2/4/30

(USD) 

7,400,000‌

7,320‌

Millicom

International

Cellular,

4.50%,

4/27/31

(USD) (3)

1,690,000‌

1,770‌

67,575‌

Government

Bonds

1.3%

Republic

of

Colombia,

3.00%,

1/30/30

(USD) 

10,000,000‌

9,469‌

Republic

of

Colombia,

3.125%,

4/15/31

(USD) 

18,025,000‌

16,903‌

Republic

of

Colombia,

4.125%,

5/15/51

(USD) 

5,245,000‌

4,519‌

Republic

of

Colombia,

5.625%,

2/26/44

(USD) 

22,000,000‌

23,010‌

Republic

of

Colombia,

6.125%,

1/18/41

(USD) 

9,470,000‌

10,431‌

64,332‌

Total

Colombia

(Cost

$135,524

)

131,907‌

COSTA

RICA

0.0%

Government

Bonds

0.0%

Republic

of

Costa

Rica,

7.00%,

4/4/44

(USD) 

2,650,000‌

2,624‌

Total

Costa

Rica

(Cost

$2,631

)

2,624‌

DOMINICAN

REPUBLIC

2.7%

Government

Bonds

2.7%

Dominican

Republic,

4.50%,

1/30/30

(USD) (3)

15,985,000‌

16,305‌

Dominican

Republic,

4.875%,

9/23/32

(USD) (3)

28,320,000‌

28,958‌

Dominican

Republic,

4.875%,

9/23/32

(USD) 

5,250,000‌

5,368‌

Dominican

Republic,

5.50%,

1/27/25

(USD) 

1,000,000‌

1,095‌

Dominican

Republic,

6.85%,

1/27/45

(USD) 

64,165,000‌

71,785‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

5

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Dominican

Republic,

7.45%,

4/30/44

(USD) 

8,810,000‌

10,530‌

Total

Dominican

Republic

(Cost

$129,244

)

134,041‌

ECUADOR

1.6%

Government

Bonds

1.6%

Republic

of

Ecuador,

STEP,

0.50%,

7/31/40

(USD) (3)

23,941,050‌

13,931‌

Republic

of

Ecuador,

STEP,

1.00%,

7/31/35

(USD) (3)

58,307,600‌

38,702‌

Republic

of

Ecuador,

STEP,

5.00%,

7/31/30

(USD) (3)

28,761,750‌

24,160‌

Republic

of

Ecuador,

Zero

Coupon,

7/31/30

(USD) (3)

7,889,978‌

4,231‌

Total

Ecuador

(Cost

$79,582

)

81,024‌

EGYPT

3.4%

Government

Bonds

3.4%

Arab

Republic

of

Egypt,

5.875%,

2/16/31

(USD) (3)

8,384,000‌

7,728‌

Arab

Republic

of

Egypt,

6.588%,

2/21/28

(USD) 

17,900,000‌

18,021‌

Arab

Republic

of

Egypt,

7.053%,

1/15/32

(USD) (3)

200,000‌

195‌

Arab

Republic

of

Egypt,

7.50%,

1/31/27

(USD) (3)

300,000‌

318‌

Arab

Republic

of

Egypt,

7.50%,

1/31/27

(USD) 

925,000‌

980‌

Arab

Republic

of

Egypt,

7.60%,

3/1/29

(USD) 

34,650,000‌

36,004‌

Arab

Republic

of

Egypt,

8.50%,

1/31/47

(USD) (3)

21,240,000‌

20,576‌

Arab

Republic

of

Egypt,

8.50%,

1/31/47

(USD) 

64,475,000‌

62,459‌

Arab

Republic

of

Egypt,

8.70%,

3/1/49

(USD) (3)

650,000‌

633‌

Arab

Republic

of

Egypt,

14.051%,

7/21/22 

192,400,000‌

12,351‌

Arab

Republic

of

Egypt

Treasury

Bills,

12.851%,

12/7/21 

200,000,000‌

12,474‌

Total

Egypt

(Cost

$176,003

)

171,739‌

EL

SALVADOR

1.0%

Government

Bonds

1.0%

Republic

of

El

Salvador,

5.875%,

1/30/25

(USD) 

21,075,000‌

16,228‌

Republic

of

El

Salvador,

6.375%,

1/18/27

(USD) 

950,000‌

713‌

Republic

of

El

Salvador,

7.65%,

6/15/35

(USD) 

42,750,000‌

30,994‌

Republic

of

El

Salvador,

8.625%,

2/28/29

(USD) (3)

3,385,000‌

2,606‌

Republic

of

El

Salvador,

8.625%,

2/28/29

(USD) 

3,300,000‌

2,541‌

Total

El

Salvador

(Cost

$70,405

)

53,082‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

GHANA

1.2%

Corporate

Bonds

0.2%

Kosmos

Energy,

7.125%,

4/4/26

(USD) 

7,900,000‌

7,759‌

7,759‌

Government

Bonds

1.0%

Republic

of

Ghana,

6.375%,

2/11/27

(USD) 

20,650,000‌

19,491‌

Republic

of

Ghana,

8.125%,

1/18/26

(USD) 

29,530,000‌

29,942‌

Republic

of

Ghana,

8.627%,

6/16/49

(USD) (3)

1,450,000‌

1,303‌

50,736‌

Total

Ghana

(Cost

$57,073

)

58,495‌

GRENADA

0.0%

Government

Bonds

0.0%

Government

of

Grenada,

7.00%,

5/12/30

(USD) 

2,570,177‌

2,434‌

Total

Grenada

(Cost

$2,280

)

2,434‌

GUATEMALA

0.4%

Government

Bonds

0.4%

Republic

of

Guatemala,

4.50%,

5/3/26

(USD) (3)

1,475,000‌

1,584‌

Republic

of

Guatemala,

4.875%,

2/13/28

(USD) 

11,000,000‌

11,907‌

Republic

of

Guatemala,

4.90%,

6/1/30

(USD) (3)

713,000‌

776‌

Republic

of

Guatemala,

4.90%,

6/1/30

(USD) 

6,435,000‌

7,005‌

Total

Guatemala

(Cost

$21,861

)

21,272‌

HUNGARY

0.2%

Government

Bonds

0.2%

Republic

of

Hungary,

2.125%,

9/22/31

(USD) (3)

11,210,000‌

11,056‌

Total

Hungary

(Cost

$11,057

)

11,056‌

INDIA

2.3%

Corporate

Bonds

0.7%

Adani

Ports

&

Special

Economic

Zone,

4.20%,

8/4/27

(USD) (3)

7,745,000‌

8,129‌

Adani

Ports

&

Special

Economic

Zone,

4.375%,

7/3/29

(USD) 

4,500,000‌

4,737‌

Bharti

Airtel,

3.25%,

6/3/31

(USD) (3)

6,180,000‌

6,218‌

Bharti

Airtel,

3.25%,

6/3/31

(USD) 

6,000,000‌

6,037‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Periama

Holdings,

5.95%,

4/19/26

(USD) 

9,070,000‌

9,750‌

34,871‌

Government

Bonds

1.6%

Export-Import

Bank

of

India,

2.25%,

1/13/31

(USD) (3)

6,540,000‌

6,088‌

Export-Import

Bank

of

India,

3.25%,

1/15/30

(USD) 

69,155,000‌

70,323‌

Export-Import

Bank

of

India,

3.375%,

8/5/26

(USD) 

800,000‌

850‌

Export-Import

Bank

of

India,

3.875%,

2/1/28

(USD) 

1,950,000‌

2,096‌

79,357‌

Total

India

(Cost

$114,060

)

114,228‌

INDONESIA

6.8%

Corporate

Bonds

3.2%

Bank

Negara

Indonesia

Persero,

3.75%,

3/30/26

(USD) 

19,447,000‌

19,997‌

Pertamina

Persero,

5.625%,

5/20/43

(USD) 

66,726,000‌

79,352‌

Perusahaan

Listrik

Negara,

3.875%,

7/17/29

(USD) (3)

4,730,000‌

5,013‌

Perusahaan

Listrik

Negara,

4.875%,

7/17/49

(USD) (3)

6,245,000‌

6,684‌

Perusahaan

Listrik

Negara,

5.25%,

10/24/42

(USD) 

33,100,000‌

37,083‌

Perusahaan

Listrik

Negara,

6.15%,

5/21/48

(USD) 

9,300,000‌

11,502‌

159,631‌

Government

Bonds

3.6%

Perusahaan

Penerbit,

4.15%,

3/29/27

(USD) 

21,500,000‌

24,046‌

Perusahaan

Penerbit,

4.35%,

9/10/24

(USD) 

13,941,000‌

15,285‌

Perusahaan

Penerbit,

4.45%,

2/20/29

(USD) 

19,000,000‌

21,897‌

Perusahaan

Penerbit,

4.55%,

3/29/26

(USD) 

108,775,000‌

123,202‌

184,430‌

Total

Indonesia

(Cost

$313,619

)

344,061‌

ISRAEL

0.9%

Corporate

Bonds

0.9%

ICL

Group,

6.375%,

5/31/38

(USD) (3)

12,850,000‌

16,657‌

Israel

Electric,

4.25%,

8/14/28

(USD) (3)

12,540,000‌

14,038‌

Leviathan

Bond,

6.125%,

6/30/25

(USD) (3)

12,250,000‌

13,261‌

Total

Israel

(Cost

$40,817

)

43,956‌

IVORY

COAST

1.2%

Government

Bonds

1.2%

Republic

of

Ivory

Coast,

6.125%,

6/15/33

(USD) 

43,950,000‌

46,543‌

Republic

of

Ivory

Coast,

6.375%,

3/3/28

(USD) 

600,000‌

661‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

8

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Ivory

Coast,

STEP,

5.75%,

12/31/32

(USD) 

14,944,824‌

15,001‌

Total

Ivory

Coast

(Cost

$62,962

)

62,205‌

JAMAICA

1.8%

Corporate

Bonds

0.2%

TransJamaican

Highway,

5.75%,

10/10/36

(USD) (3)

7,155,419‌

7,175‌

TransJamaican

Highway,

5.75%,

10/10/36

(USD) 

1,979,369‌

1,985‌

9,160‌

Government

Bonds

1.6%

Government

of

Jamaica,

6.75%,

4/28/28

(USD) 

2,650,000‌

3,094‌

Government

of

Jamaica,

7.875%,

7/28/45

(USD) 

14,159,000‌

19,695‌

Government

of

Jamaica,

8.00%,

3/15/39

(USD) 

43,860,000‌

60,966‌

83,755‌

Total

Jamaica

(Cost

$80,873

)

92,915‌

JORDAN

1.0%

Government

Bonds

1.0%

Kingdom

of

Jordan,

5.85%,

7/7/30

(USD) 

49,450,000‌

51,439‌

Total

Jordan

(Cost

$54,209

)

51,439‌

KENYA

0.0%

Government

Bonds

0.0%

Republic

of

Kenya,

8.00%,

5/22/32

(USD) 

900,000‌

997‌

Republic

of

Kenya,

8.25%,

2/28/48

(USD) (3)

600,000‌

651‌

Total

Kenya

(Cost

$1,595

)

1,648‌

KUWAIT

0.5%

Corporate

Bonds

0.4%

Equate

Petrochemical,

4.25%,

11/3/26

(USD) (3)

500,000‌

552‌

Equate

Petrochemical,

4.25%,

11/3/26

(USD) 

1,800,000‌

1,985‌

MEGlobal

Canada,

5.875%,

5/18/30

(USD) (3)

2,935,000‌

3,614‌

MEGlobal

Canada,

5.875%,

5/18/30

(USD) 

9,500,000‌

11,696‌

17,847‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

9

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Government

Bonds

0.1%

Government

of

Kuwait,

3.50%,

3/20/27

(USD) 

5,000,000‌

5,542‌

5,542‌

Total

Kuwait

(Cost

$21,361

)

23,389‌

LEBANON

0.3%

Government

Bonds

0.3%

Lebanese

Republic,

6.00%,

1/27/23

(USD) (1)(6)

78,100,000‌

13,231‌

Total

Lebanon

(Cost

$20,191

)

13,231‌

MEXICO

9.9%

Corporate

Bonds

5.2%

Axtel,

6.375%,

11/14/24

(USD) (3)

8,268,000‌

8,464‌

Banco

Mercantil

del

Norte,

VR,

6.75%

(USD) (4)(5)

2,925,000‌

3,089‌

Banco

Mercantil

del

Norte,

VR,

7.625%

(USD) (4)(5)

9,000,000‌

10,050‌

Banco

Mercantil

del

Norte,

VR,

8.375%

(USD) (4)(5)

5,300,000‌

6,267‌

Banco

Santander

Mexico,

5.375%,

4/17/25

(USD) (3)

8,000,000‌

8,952‌

Banco

Santander

Mexico,

VR,

8.50%

(USD) (4)(5)

16,600,000‌

17,036‌

BBVA

Bancomer,

VR,

5.125%,

1/18/33

(USD) (5)

22,940,000‌

23,947‌

BBVA

Bancomer,

VR,

5.35%,

11/12/29

(USD) (5)

3,210,000‌

3,397‌

Cemex,

5.45%,

11/19/29

(USD) 

7,600,000‌

8,246‌

Cometa

Energia,

6.375%,

4/24/35

(USD) (3)

23,215,600‌

27,249‌

Cometa

Energia,

6.375%,

4/24/35

(USD) 

534,690‌

628‌

Controladora

Mabe,

5.60%,

10/23/28

(USD) (3)

11,015,000‌

12,819‌

Controladora

Mabe,

5.60%,

10/23/28

(USD) 

540,000‌

628‌

Industrias

Penoles,

4.75%,

8/6/50

(USD) (3)

2,990,000‌

3,311‌

Infraestructura

Energetica

Nova,

4.75%,

1/15/51

(USD) 

10,400,000‌

10,721‌

Infraestructura

Energetica

Nova,

4.875%,

1/14/48

(USD) (3)

5,958,000‌

6,144‌

Mexico

City

Airport

Trust,

5.50%,

7/31/47

(USD) (3)

8,220,000‌

8,412‌

Mexico

City

Airport

Trust,

5.50%,

7/31/47

(USD) 

95,506,000‌

97,732‌

Petroleos

Mexicanos,

5.35%,

2/12/28

(USD) 

2,150,000‌

2,122‌

Petroleos

Mexicanos,

7.69%,

1/23/50

(USD) 

490,000‌

465‌

259,679‌

Government

Bonds

4.7%

Petroleos

Mexicanos,

4.50%,

1/23/26

(USD) 

43,550,000‌

43,853‌

Petroleos

Mexicanos,

6.50%,

3/13/27

(USD) 

34,580,000‌

36,568‌

Petroleos

Mexicanos,

6.50%,

6/2/41

(USD) 

174,803,000‌

154,983‌

Petroleos

Mexicanos,

6.875%,

8/4/26

(USD) 

500,000‌

544‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

10

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Petroleos

Mexicanos,

Series

13-2,

7.19%,

9/12/24 

42,400,000‌

1,962‌

237,910‌

Total

Mexico

(Cost

$484,958

)

497,589‌

MOROCCO

1.4%

Corporate

Bonds

0.0%

Vivo

Energy

Investments,

5.125%,

9/24/27

(USD) (3)

220,000‌

233‌

233‌

Government

Bonds

1.4%

Kingdom

of

Morocco,

2.375%,

12/15/27

(USD) 

19,385,000‌

19,021‌

Kingdom

of

Morocco,

3.00%,

12/15/32

(USD) (3)

16,275,000‌

15,509‌

Kingdom

of

Morocco,

3.00%,

12/15/32

(USD) 

18,115,000‌

17,263‌

Kingdom

of

Morocco,

4.00%,

12/15/50

(USD) 

22,450,000‌

20,539‌

72,332‌

Total

Morocco

(Cost

$73,984

)

72,565‌

NIGERIA

0.1%

Government

Bonds

0.1%

Republic

of

Nigeria,

6.50%,

11/28/27

(USD) (3)

480,000‌

499‌

Republic

of

Nigeria,

7.143%,

2/23/30

(USD) (3)

1,600,000‌

1,636‌

Republic

of

Nigeria,

7.143%,

2/23/30

(USD) 

1,500,000‌

1,533‌

Republic

of

Nigeria,

7.625%,

11/28/47

(USD) (3)

400,000‌

387‌

Total

Nigeria

(Cost

$4,053

)

4,055‌

OMAN

4.7%

Corporate

Bonds

1.1%

Bank

Muscat,

4.75%,

3/17/26

(USD) 

13,900,000‌

14,347‌

Lamar

Funding,

3.958%,

5/7/25

(USD) 

12,525,000‌

12,560‌

Oryx

Funding,

5.80%,

2/3/31

(USD) (3)

2,240,000‌

2,376‌

Oryx

Funding,

5.80%,

2/3/31

(USD) 

10,225,000‌

10,847‌

Oztel

Holdings,

6.625%,

4/24/28

(USD) 

12,000,000‌

13,231‌

53,361‌

Government

Bonds

3.6%

Sultanate

of

Oman,

4.75%,

6/15/26

(USD) (3)

18,180,000‌

18,679‌

Sultanate

of

Oman,

4.75%,

6/15/26

(USD) 

35,055,000‌

36,017‌

Sultanate

of

Oman,

5.375%,

3/8/27

(USD) 

9,000,000‌

9,412‌

Sultanate

of

Oman,

5.625%,

1/17/28

(USD) 

14,425,000‌

15,046‌

Sultanate

of

Oman,

6.00%,

8/1/29

(USD) 

3,000,000‌

3,163‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

11

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Sultanate

of

Oman,

6.25%,

1/25/31

(USD) (3)

9,235,000‌

9,899‌

Sultanate

of

Oman,

6.50%,

3/8/47

(USD) 

21,930,000‌

21,328‌

Sultanate

of

Oman,

6.75%,

10/28/27

(USD) (3)

20,000,000‌

22,277‌

Sultanate

of

Oman,

6.75%,

10/28/27

(USD) 

15,500,000‌

17,264‌

Sultanate

of

Oman,

6.75%,

1/17/48

(USD) (3)

5,850,000‌

5,808‌

Sultanate

of

Oman,

6.75%,

1/17/48

(USD) 

13,600,000‌

13,501‌

Sultanate

of

Oman,

7.00%,

1/25/51

(USD) (3)

10,520,000‌

10,706‌

183,100‌

Total

Oman

(Cost

$230,104

)

236,461‌

PAKISTAN

0.6%

Government

Bonds

0.6%

Islamic

Republic

of

Pakistan,

7.875%,

3/31/36

(USD) 

30,961,000‌

30,633‌

Total

Pakistan

(Cost

$32,975

)

30,633‌

PANAMA

0.5%

Corporate

Bonds

0.5%

Aeropuerto

Internacional

de

Tocumen,

4.00%,

8/11/41

(USD) (3)

5,920,000‌

6,095‌

Banco

General,

VR,

5.25%

(USD) (3)(4)(5)

6,420,000‌

6,500‌

Banco

Nacional

de

Panama,

2.50%,

8/11/30

(USD) (3)

13,190,000‌

12,666‌

25,261‌

Government

Bonds

0.0%

Republic

of

Panama,

4.50%,

4/16/50

(USD) 

550,000‌

601‌

601‌

Total

Panama

(Cost

$26,303

)

25,862‌

PARAGUAY

1.2%

Corporate

Bonds

0.2%

Telefonica

Celular

del

Paraguay,

5.875%,

4/15/27

(USD) (3)

11,535,000‌

12,097‌

Telefonica

Celular

del

Paraguay,

5.875%,

4/15/27

(USD) 

300,000‌

315‌

12,412‌

Government

Bonds

1.0%

Republic

of

Paraguay,

2.739%,

1/29/33

(USD) (3)

5,653,000‌

5,448‌

Republic

of

Paraguay,

4.95%,

4/28/31

(USD) (3)

5,990,000‌

6,779‌

Republic

of

Paraguay,

5.40%,

3/30/50

(USD) (3)

2,085,000‌

2,403‌

Republic

of

Paraguay,

5.40%,

3/30/50

(USD) 

23,949,000‌

27,602‌

Republic

of

Paraguay,

5.60%,

3/13/48

(USD) 

5,490,000‌

6,382‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

12

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Paraguay,

6.10%,

8/11/44

(USD) 

375,000‌

458‌

49,072‌

Total

Paraguay

(Cost

$58,913

)

61,484‌

PERU

0.6%

Corporate

Bonds

0.3%

Consorcio

Transmantaro,

4.70%,

4/16/34

(USD) (3)

3,315,000‌

3,680‌

Lima

Metro

Line

2

Finance,

5.875%,

7/5/34

(USD) 

3,953,797‌

4,633‌

Nexa

Resources,

6.50%,

1/18/28

(USD) 

6,575,000‌

7,227‌

15,540‌

Government

Bonds

0.3%

Republic

of

Peru,

3.30%,

3/11/41

(USD) 

16,850,000‌

16,394‌

16,394‌

Total

Peru

(Cost

$32,105

)

31,934‌

PHILIPPINES

1.4%

Corporate

Bonds

0.9%

Globe

Telecom,

2.50%,

7/23/30

(USD) 

6,800,000‌

6,558‌

Globe

Telecom,

3.00%,

7/23/35

(USD) 

11,750,000‌

10,872‌

International

Container

Terminal

Services,

4.75%,

6/17/30

(USD) 

14,100,000‌

15,799‌

Manila

Water,

4.375%,

7/30/30

(USD) 

13,050,000‌

13,735‌

46,964‌

Government

Bonds

0.5%

Republic

of

Philippines,

2.65%,

12/10/45

(USD) 

27,000,000‌

24,755‌

24,755‌

Total

Philippines

(Cost

$72,259

)

71,719‌

QATAR

2.8%

Corporate

Bonds

1.0%

Ooredoo

International

Finance,

2.625%,

4/8/31

(USD) (3)

16,900,000‌

17,254‌

Qatar

Petroleum,

2.25%,

7/12/31

(USD) (3)

12,615,000‌

12,511‌

Qatar

Petroleum,

3.125%,

7/12/41

(USD) (3)

18,715,000‌

18,742‌

48,507‌

Government

Bonds

1.8%

State

of

Qatar,

4.40%,

4/16/50

(USD) (3)

11,820,000‌

14,451‌

State

of

Qatar,

4.40%,

4/16/50

(USD) 

7,200,000‌

8,803‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

13

Par/Shares

$

Value

(Cost

and

value

in

$000s)

State

of

Qatar,

4.817%,

3/14/49

(USD) 

53,200,000‌

68,555‌

91,809‌

Total

Qatar

(Cost

$144,189

)

140,316‌

ROMANIA

1.4%

Government

Bonds

1.4%

Republic

of

Romania,

2.875%,

4/13/42

(EUR) (3)

6,965,000‌

7,559‌

Republic

of

Romania,

3.00%,

2/14/31

(USD) (3)

6,698,000‌

6,848‌

Republic

of

Romania,

3.00%,

2/14/31

(USD) 

11,600,000‌

11,859‌

Republic

of

Romania,

4.00%,

2/14/51

(USD) (3)

7,584,000‌

7,588‌

Republic

of

Romania,

4.00%,

2/14/51

(USD) 

35,000,000‌

35,017‌

Republic

of

Romania,

5.125%,

6/15/48

(USD) 

200,000‌

237‌

Total

Romania

(Cost

$70,532

)

69,108‌

RUSSIA

3.4%

Corporate

Bonds

0.7%

Gazprom

via

Gaz

Finance,

3.50%,

7/14/31

(USD) (3)

15,915,000‌

15,870‌

Gazprom

via

Gaz

Finance,

3.50%,

7/14/31

(USD) 

3,985,000‌

3,974‌

GTLK

Europe,

5.125%,

5/31/24

(USD) 

13,000,000‌

13,881‌

33,725‌

Government

Bonds

2.7%

Russian

Federation,

4.375%,

3/21/29

(USD) 

66,000,000‌

74,863‌

Russian

Federation,

5.25%,

6/23/47

(USD) 

49,800,000‌

63,214‌

138,077‌

Total

Russia

(Cost

$171,081

)

171,802‌

SAUDI

ARABIA

2.9%

Government

Bonds

2.9%

Kingdom

of

Saudi

Arabia,

2.75%,

2/3/32

(USD) 

23,000,000‌

23,683‌

Kingdom

of

Saudi

Arabia,

3.75%,

1/21/55

(USD) 

5,850,000‌

6,121‌

Kingdom

of

Saudi

Arabia,

5.00%,

4/17/49

(USD) 

38,050,000‌

47,481‌

KSA

Sukuk,

2.969%,

10/29/29

(USD) (3)

10,240,000‌

10,833‌

Saudi

Arabian

Oil,

3.50%,

4/16/29

(USD) 

20,050,000‌

21,610‌

Saudi

Arabian

Oil,

4.25%,

4/16/39

(USD) 

33,600,000‌

37,777‌

Total

Saudi

Arabia

(Cost

$137,941

)

147,505‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

14

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SENEGAL

0.9%

Government

Bonds

0.9%

Republic

of

Senegal,

4.75%,

3/13/28

(EUR) 

17,000,000‌

20,538‌

Republic

of

Senegal,

6.25%,

5/23/33

(USD) (3)

1,300,000‌

1,359‌

Republic

of

Senegal,

6.25%,

5/23/33

(USD) 

24,600,000‌

25,709‌

Total

Senegal

(Cost

$44,130

)

47,606‌

SERBIA

1.1%

Government

Bonds

1.1%

Republic

of

Serbia,

2.125%,

12/1/30

(USD) (3)

5,019,000‌

4,707‌

Republic

of

Serbia,

2.125%,

12/1/30

(USD) 

54,300,000‌

50,925‌

Total

Serbia

(Cost

$56,495

)

55,632‌

SINGAPORE

0.2%

Convertible

Bonds

0.2%

Sea,

0.25%,

9/15/26

(USD) 

10,150,000‌

10,293‌

Total

Singapore

(Cost

$10,150

)

10,293‌

SOUTH

AFRICA

0.5%

Government

Bonds

0.5%

Republic

of

South

Africa,

4.875%,

4/14/26

(USD) 

200,000‌

214‌

Republic

of

South

Africa,

5.65%,

9/27/47

(USD) 

12,800,000‌

12,205‌

Republic

of

South

Africa,

6.25%,

3/8/41

(USD) 

10,050,000‌

10,545‌

Total

South

Africa

(Cost

$24,267

)

22,964‌

SRI

LANKA

1.5%

Corporate

Bonds

0.1%

SriLankan

Airlines,

7.00%,

6/25/24

(USD) 

8,760,000‌

5,420‌

5,420‌

Government

Bonds

1.4%

Republic

of

Sri

Lanka,

5.875%,

7/25/22

(USD) 

1,900,000‌

1,397‌

Republic

of

Sri

Lanka,

6.125%,

6/3/25

(USD) 

9,205,000‌

5,837‌

Republic

of

Sri

Lanka,

6.825%,

7/18/26

(USD) (3)

33,625,000‌

21,226‌

Republic

of

Sri

Lanka,

6.825%,

7/18/26

(USD) 

36,300,000‌

22,914‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

15

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Sri

Lanka,

6.85%,

11/3/25

(USD) 

32,565,000‌

20,547‌

71,921‌

Total

Sri

Lanka

(Cost

$94,915

)

77,341‌

SURINAME

0.1%

Government

Bonds

0.1%

Republic

of

Suriname,

9.25%,

10/26/26

(USD) (1)(6)

6,314,000‌

4,343‌

Total

Suriname

(Cost

$4,045

)

4,343‌

TANZANIA

0.4%

Convertible

Bonds

0.2%

HTA

Group,

2.875%,

3/18/27

(USD) 

9,200,000‌

10,200‌

10,200‌

Corporate

Bonds

0.2%

HTA

Group,

7.00%,

12/18/25

(USD) (3)

7,967,000‌

8,403‌

8,403‌

Total

Tanzania

(Cost

$17,214

)

18,603‌

THAILAND

0.6%

Corporate

Bonds

0.6%

Bangkok

Bank,

VR,

3.466%,

9/23/36

(USD) (3)(5)

9,490,000‌

9,411‌

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD) (3)

5,175,000‌

4,548‌

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD) 

16,550,000‌

14,544‌

Total

Thailand

(Cost

$29,963

)

28,503‌

TRINIDAD

AND

TOBAGO

0.5%

Corporate

Bonds

0.2%

Trinidad

Petroleum

Holdings,

9.75%,

6/15/26

(USD) (3)

8,352,000‌

9,277‌

9,277‌

Government

Bonds

0.3%

Republic

of

Trinidad

&

Tobago,

4.50%,

8/4/26

(USD) 

350,000‌

370‌

Republic

of

Trinidad

&

Tobago,

4.50%,

6/26/30

(USD) (3)

14,960,000‌

15,712‌

16,082‌

Total

Trinidad

and

Tobago

(Cost

$24,337

)

25,359‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

16

Par/Shares

$

Value

(Cost

and

value

in

$000s)

TURKEY

2.3%

Corporate

Bonds

0.3%

Akbank,

5.125%,

3/31/25

(USD) 

10,000,000‌

10,023‌

Yapi

ve

Kredi

Bankasi,

5.85%,

6/21/24

(USD) 

1,520,000‌

1,558‌

11,581‌

Government

Bonds

2.0%

Republic

of

Turkey,

4.25%,

4/14/26

(USD) 

23,300,000‌

22,031‌

Republic

of

Turkey,

4.875%,

10/9/26

(USD) 

22,765,000‌

21,871‌

Republic

of

Turkey,

4.875%,

4/16/43

(USD) 

21,250,000‌

16,584‌

Republic

of

Turkey,

6.00%,

3/25/27

(USD) 

17,742,000‌

17,733‌

Republic

of

Turkey,

6.00%,

1/14/41

(USD) 

18,120,000‌

15,743‌

Republic

of

Turkey,

6.50%,

9/20/33

(USD) 

8,850,000‌

8,510‌

102,472‌

Total

Turkey

(Cost

$111,115

)

114,053‌

UKRAINE

3.4%

Corporate

Bonds

0.6%

Ukraine

Railways

Via

Rail

Capital

Markets,

8.25%,

7/9/24

(USD) 

16,220,000‌

16,960‌

VF

Ukraine

PAT

via

VFU

Funding,

6.20%,

2/11/25

(USD) 

12,500,000‌

12,988‌

29,948‌

Government

Bonds

2.8%

Government

of

Ukraine,

7.75%,

9/1/27

(USD) 

81,015,000‌

87,980‌

Government

of

Ukraine,

9.75%,

11/1/28

(USD) (3)

32,620,000‌

38,353‌

Government

of

Ukraine,

9.75%,

11/1/28

(USD) 

8,260,000‌

9,712‌

Government

of

Ukraine,

FRN,

1.258%,

5/31/40

(USD) (2)(3)

6,248,000‌

6,837‌

142,882‌

Total

Ukraine

(Cost

$157,449

)

172,830‌

UNITED

ARAB

EMIRATES

1.9%

Corporate

Bonds

1.6%

Abu

Dhabi

Ports,

2.50%,

5/6/31

(USD) 

14,700,000‌

14,912‌

Acwa

Power

Management

&

Investments

One,

5.95%,

12/15/39

(USD) 

12,986,090‌

15,713‌

DP

World

Crescent,

3.875%,

7/18/29

(USD) 

20,700,000‌

22,405‌

Emirates

NBD

Bank,

VR,

6.125%

(USD) (4)(5)

10,900,000‌

11,601‌

Ruwais

Power,

6.00%,

8/31/36

(USD) 

11,795,000‌

15,835‌

80,466‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

17

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Government

Bonds

0.3%

Abu

Dhabi

Government,

3.125%,

4/16/30

(USD) (3)

12,940,000‌

14,066‌

14,066‌

Total

United

Arab

Emirates

(Cost

$89,798

)

94,532‌

UNITED

KINGDOM

0.0%

Common

Stocks

0.0%

Mriya

Farming (7)(8)

83,934‌

1‌

Mriya

Farming,

Recovery

Certificates

(EUR) (7)(8)

3,975,047‌

46‌

Total

United

Kingdom

(Cost

$–

)

47‌

UNITED

STATES

0.6%

Convertible

Bonds

0.1%

JPMorgan

Chase

Bank,

0.125%,

1/1/23 (3)

4,300,000‌

4,414‌

4,414‌

Corporate

Bonds

0.5%

Citgo

Holding,

9.25%,

8/1/24 (3)

7,610,000‌

7,648‌

LCPR

Senior

Secured

Financing,

5.125%,

7/15/29 (3)

17,835,000‌

18,303‌

25,951‌

Total

United

States

(Cost

$30,910

)

30,365‌

URUGUAY

0.2%

Government

Bonds

0.2%

Republic

of

Uruguay,

5.10%,

6/18/50

(USD) 

7,883,666‌

10,054‌

Total

Uruguay

(Cost

$9,571

)

10,054‌

UZBEKISTAN

0.9%

Government

Bonds

0.9%

Republic

of

Uzbekistan,

3.90%,

10/19/31

(USD) (3)

9,671,000‌

9,446‌

Republic

of

Uzbekistan,

4.75%,

2/20/24

(USD) (3)

1,400,000‌

1,469‌

Republic

of

Uzbekistan,

5.375%,

2/20/29

(USD) (3)

6,620,000‌

7,228‌

Republic

of

Uzbekistan,

5.375%,

2/20/29

(USD) 

25,300,000‌

27,624‌

Total

Uzbekistan

(Cost

$45,318

)

45,767‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

18

Par/Shares

$

Value

(Cost

and

value

in

$000s)

VENEZUELA

1.5%

Corporate

Bonds

0.0%

Electricidad

de

Caracas,

8.50%,

4/10/22

(USD) (1)(6)

12,690,000‌

381‌

381‌

Government

Bonds

1.5%

Petroleos

de

Venezuela,

5.375%,

4/12/27

(USD) (1)(6)

66,915,000‌

4,015‌

Petroleos

de

Venezuela,

6.00%,

5/16/24

(USD) (1)(6)

189,515,000‌

11,371‌

Petroleos

de

Venezuela,

6.00%,

11/15/26

(USD) (1)(6)

66,805,000‌

4,008‌

Petroleos

de

Venezuela,

8.50%,

10/27/20

(USD) (1)(6)

30,901,500‌

8,730‌

Petroleos

de

Venezuela,

9.00%,

11/17/21

(USD) (1)(6)

386,635,000‌

23,198‌

Petroleos

de

Venezuela,

9.75%,

5/17/35

(USD) (1)(6)

19,980,000‌

1,199‌

Petroleos

de

Venezuela,

12.75%,

2/17/22

(USD) (1)(6)

49,738,000‌

2,984‌

Republic

of

Venezuela,

6.00%,

12/9/20

(USD) (1)(6)

55,405,000‌

5,402‌

Republic

of

Venezuela,

7.75%,

10/13/19

(USD) (1)(6)

57,970,000‌

6,087‌

Republic

of

Venezuela,

9.25%,

9/15/27

(USD) (1)(6)

26,000,000‌

2,821‌

Republic

of

Venezuela,

11.75%,

10/21/26

(USD) (1)(6)

26,000,000‌

2,899‌

Republic

of

Venezuela,

11.95%,

8/5/31

(USD) (1)(6)

14,400,000‌

1,577‌

Republic

of

Venezuela,

12.75%,

8/23/22

(USD) (1)(6)

8,300,000‌

921‌

75,212‌

Total

Venezuela

(Cost

$446,747

)

75,593‌

VIETNAM

1.5%

Corporate

Bonds

0.2%

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD) (3)

10,243,000‌

10,225‌

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD) 

1,750,000‌

1,747‌

11,972‌

Government

Bonds

1.3%

Socialist

Republic

of

Vietnam,

4.80%,

11/19/24

(USD) 

54,500,000‌

60,463‌

Socialist

Republic

of

Vietnam,

FRN,

6M

USD

LIBOR

+

0.813%,

0.959%,

3/13/28

(USD) 

4,750,000‌

4,216‌

64,679‌

Total

Vietnam

(Cost

$72,402

)

76,651‌

ZAMBIA

0.5%

Government

Bonds

0.5%

Republic

of

Zambia,

5.375%,

9/20/22

(USD) (1)(6)

31,285,000‌

23,571‌

Total

Zambia

(Cost

$17,417

)

23,571‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

19

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SHORT-TERM

INVESTMENTS

3.8%

Money

Market

Funds

3.4%

T.

Rowe

Price

Government

Reserve

Fund,

0.05% (7)(9)

169,760,256‌

169,760‌

169,760‌

U.S.

Treasury

Obligations

0.4%

U.S.

Treasury

Notes,

2.625%,

12/15/21 (10)

23,565,000‌

23,691‌

23,691‌

Total

Short-Term

Investments

(Cost

$193,449)

193,451‌

Total

Investments

in

Securities

98.8%

(Cost

$5,335,946)

$

4,990,298‌

Other

Assets

Less

Liabilities

1.2%

59,668

Net

Assets

100.0%

$

5,049,966‌

‡

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.

(1)

Non-income

producing

(2)

GDP-linked

note

provides

for

contingent

payments

linked

to

the

gross

domestic

product

of

the

country

presented;

par

reflects

notional

and

will

not

be

paid

over

the

life

or

at

maturity.

(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

$974,587

and

represents

19.3%

of

net

assets.

(4)

Perpetual

security

with

no

stated

maturity

date.

(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

is

provided

if

the

rate

is

currently

floating.

(6)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(7)

Affiliated

Companies

(8)

Level

3

in

fair

value

hierarchy.

(9)

Seven-day

yield

(10)

At

September

30,

2021,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

6M

USD

LIBOR

Six

month

USD

LIBOR

(London

interbank

offered

rate)

CNH

Offshore

China

Renminbi

EUR

Euro

FRN

Floating

Rate

Note

IDR

Indonesian

Rupiah

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

20

.

.

.

.

.

.

.

.

.

.

MXN

Mexican

Peso

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

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.

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

21

(Amounts

in

000s)

SWAPS

(0.0)%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

(0.0)%

Credit

Default

Swaps,

Protection

Sold

(0.0)%

Argentina

(0.0)%

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Republic

of

Argentina,

CCC+*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/25

(USD)

*

1,670

(699)

(319)

(380‌)

Total

Argentina

(319)

(380‌)

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(319)

(380‌)

Total

Bilateral

Swaps

(319)

(380‌)

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Sold

0.0%

United

States

0.0%

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.

EM-S36,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/26

*

96,500

(3,822)

(3,374)

(448‌)

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S36,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/26

*

48,000

4,491

4,630

(139‌)

Total

United

States

(587‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

(587‌)

Total

Centrally

Cleared

Swaps

(587‌)

Net

payments

(receipts)

of

variation

margin

to

date

495‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(92‌)

*

Credit

ratings

as

of

September

30,

2021.

Ratings

shown

are

from

Moody’s

Investors

Service

and

if

Moody’s

does

not

rate

a

security,

then

Standard

&

Poor’s

(S&P)

is

used.

Fitch

is

used

for

securities

that

are

not

rated

by

either

Moody’s

or

S&P.

**

Includes

interest

purchased

or

sold

but

not

yet

collected

of

$3.

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

22

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

10/8/21

USD

59‌

IDR

866,867‌

$

(2‌)

Bank

of

America

10/15/21

USD

3,044‌

CNH

19,595‌

8‌

Bank

of

America

12/17/21

USD

1,140‌

CNH

7,423‌

(4‌)

BNP

Paribas

10/15/21

USD

1,520‌

CNH

9,797‌

3‌

BNP

Paribas

11/19/21

USD

29,193‌

EUR

24,742‌

506‌

Citibank

11/19/21

USD

14,367‌

EUR

12,186‌

237‌

Deutsche

Bank

11/19/21

USD

77‌

EUR

65‌

2‌

Goldman

Sachs

10/15/21

CNH

39,190‌

USD

6,056‌

14‌

Goldman

Sachs

10/15/21

USD

1,518‌

CNH

9,798‌

—‌

HSBC

Bank

10/8/21

USD

118‌

IDR

1,740,661‌

(3‌)

HSBC

Bank

12/17/21

USD

1,398‌

CNH

9,091‌

(3‌)

Morgan

Stanley

10/8/21

USD

150‌

IDR

2,200,874‌

(4‌)

Morgan

Stanley

11/19/21

USD

43,612‌

EUR

36,928‌

795‌

Morgan

Stanley

12/17/21

CNH

23,770‌

USD

3,655‌

9‌

Standard

Chartered

12/17/21

USD

1,119‌

CNH

7,257‌

1‌

State

Street

10/15/21

USD

2,066‌

MXN

41,624‌

53‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

1,612‌

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

23

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

314

U.S.

Treasury

Notes

ten

year

contracts

12/21

41,325

$

(554‌)

Long,

750

Ultra

U.S.

Treasury

Bonds

contracts

12/21

143,297

(3,655‌)

Net

payments

(receipts)

of

variation

margin

to

date

4,139‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(70‌)

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

24

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

nine

months

ended

September

30,

2021.

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

Mriya

Farming 

$

—‌

$

—‌

$

—‌

Mriya

Farming,

Recovery

Certificates 

—‌

(3‌)

—‌

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

—‌

—‌

46‌

Affiliates

not

held

at

period

end

—‌

(263‌)

—‌

Totals

$

—‌#

$

(266‌)

$

46‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/20

Purchase

Cost

Sales

Cost

Value

09/30/21

Mriya

Farming 

$

1‌

$

—‌

$

—‌

$

1‌

Mriya

Farming,

0.50%,

Corporate

Bond 

263‌

—‌

—‌

—‌

Mriya

Farming,

Recovery

Certificates 

49‌

—‌

—‌

46‌

T.

Rowe

Price

Government

Reserve

Fund,

0.05%

201,813‌

 ¤

 ¤

169,760‌

Total

$

169,807‌^

#

Capital

gain

distributions

from

mutual

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$46

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

$169,760.

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

Unaudited

Notes

to

Portfolio

of

Investments

25

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

T.

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

is

an

internal

committee

that

has

been

delegated

certain

responsibilities

by

the

fund’s

Board

of

Directors

(the

Board)

to

ensure

that

financial

instruments

are

appropriately

priced

at

fair

value

in

accordance

with

GAAP

and

the

1940

Act.

Subject

to

oversight

by

the

Board,

the

Valuation

Committee

develops

and

oversees

pricing-related

policies

and

procedures

and

approves

all

fair

value

determinations.

Specifically,

the

Valuation

Committee

establishes

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

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

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

26

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 fund’s

own

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

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

fund

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

27

affect

the

value

of

some

or

all

of

its

portfolio

securities.

Each

business

day,

the

fund

uses

information

from

outside

pricing

services

to

evaluate

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

fund

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The

fund

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

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

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

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

for

which

market

quotations

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

The

objective

of

any

fair

value

pricing

determination

is

to

arrive

at

a

price

that

could

reasonably

be

expected

from

a

current

sale.

Financial

instruments

fair

valued

by

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Committee

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

Committee

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

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

T.

ROWE

PRICE

Emerging

Markets

Bond

Fund

28

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

September

30,

2021

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

F110-054Q3

09/21 

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

4,796,800‌

$

—‌

$

4,796,800‌

Common

Stocks

—‌

—‌

47‌

47‌

Short-Term

Investments

169,760‌

23,691‌

—‌

193,451‌

Total

Securities

169,760‌

4,820,491‌

47‌

4,990,298‌

Forward

Currency

Exchange

Contracts

—‌

1,628‌

—‌

1,628‌

Total

$

169,760‌

$

4,822,119‌

$

47‌

$

4,991,926‌

Liabilities

Swaps*

$

—‌

$

1,286‌

$

—‌

$

1,286‌

Forward

Currency

Exchange

Contracts

—‌

16‌

—‌

16‌

Futures

Contracts*

4,209‌

—‌

—‌

4,209‌

Total

$

4,209‌

$

1,302‌

$

—‌

$

5,511‌

1

Includes

Convertible

Bonds,

Corporate

Bonds

and

Government

Bonds.

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

o

pen

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.