# EDGAR Filing Document

**Accession Number:** 0000313212
**File Stem:** 0001193125-26-062796
**Filing Date:** 2026-2
**Character Count:** 195539
**Document Hash:** 08b2560aa18e81c1bcb0426736d75b5f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-062796.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0001193125-26-062796

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**EFFECTIVENESS DATE**: 20260223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price International Funds, Inc.
- **CENTRAL INDEX KEY:** 0000313212

**ORGANIZATION NAME:**
- **EIN:** 521175211
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02958
- **FILM NUMBER:** 26662484

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE INTERNATIONAL FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE INTERNATIONAL TRUST
- **DATE OF NAME CHANGE:** 19900301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE INTERNATIONAL FUND INC
- **DATE OF NAME CHANGE:** 19890914

## Series and Classes Contracts Data

### T. Rowe Price Emerging Markets Local Currency Bond Fund (Series ID: S000032784)

| Class ID   | Class Name                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000101161 | T. Rowe Price Emerging Markets Local Currency Bond Fund Advisor Class | PAELX           |
| C000102979 | T. Rowe Price Emerging Markets Local Currency Bond Fund               | PRELX           |
| C000166322 | T. Rowe Price Emerging Markets Local Currency Bond Fund-I Class       | TEIMX           |
| C000225813 | T. Rowe Price Emerging Markets Local Currency Bond Fund-Z Class       | TRZFX           |

?xml version='1.0' encoding='ASCII'? Emerging Markets Local Currency Bond Fd_EML

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-02958

T. Rowe Price International Funds, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2025

------

#### Item 1. Reports to Shareholders
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report pursuant to Rule 30e-1

![Image](g67841g33q67.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Emerging Markets Local Currency Bond Fund

# Investor Class (PRELX)
This annual shareholder report contains important information about Emerging Markets Local Currency Bond Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Emerging Markets Local Currency Bond Fund - Investor Class | $105 | 0.96% |

---

## What drove fund performance during the past 12 months?
* Global fixed income markets advanced over the 12-month reporting period as many central banks reduced interest rates. In a volatile period for yields, falling inflation and economic uncertainty boosted demand for perceived safe-haven assets, while U.S. dollar weakness and credit spread shifts also impacted returns. The U.S. dollar declined against most currencies due to interest rate cuts, fiscal worries, and erratic tariff policies. 

* The fund benefited from its currency management relative to the J.P. Morgan GBI - EM Global Diversified. Our holdings in higher-yielding currencies, such as the Egyptian pound, Brazilian real, Turkish lira, and Nigerian naira, was beneficial. Additionally, our tactical duration hedges in the U.S. and the eurozone lifted performance, particularly our short duration heading into the April tariff announcement. 

* Against the style-specific index, an underweight to duration in Asia weighed, particularly in China, Malaysia, and Thailand as central banks cut interest rates. An underweight to the euro for a majority of the period detracted as the currency appreciated. 

* The fund seeks to provide high income and some capital appreciation primarily through a focus on sovereign debt denominated in the currencies of the respective emerging markets. During the period, the fund increased exposure to currencies outside of the style-specific benchmark, initiating positioning in the West African franc, Kazakhstan tenge, and the Uzbekistan som, due to attractive yields. 

* The fund held material exposure to currency derivatives over the period. The fund's derivatives exposure to currency forwards had a positive impact on absolute performance.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. Investor Class 14,699 Regulatory Benchmark 11,338 Strategy Benchmark 14,638](g67841g70o97.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10966 | 10590 | 11102 |
| **2016** | 11311 | 10896 | 11402 |
| **2016** | 11676 | 10985 | 11707 |
| **2016** | 11026 | 10209 | 10994 |
| **2017** | 11861 | 10388 | 11709 |
| **2017** | 12248 | 10659 | 12133 |
| **2017** | 12711 | 10847 | 12564 |
| **2017** | 12763 | 10964 | 12667 |
| **2018** | 13392 | 11113 | 13230 |
| **2018** | 11843 | 10804 | 11851 |
| **2018** | 11569 | 10704 | 11635 |
| **2018** | 11789 | 10832 | 11880 |
| **2019** | 12180 | 11070 | 12227 |
| **2019** | 12862 | 11435 | 12916 |
| **2019** | 12697 | 11517 | 12814 |
| **2019** | 13380 | 11573 | 13480 |
| **2020** | 11166 | 11535 | 11430 |
| **2020** | 12449 | 11918 | 12552 |
| **2020** | 12528 | 12235 | 12628 |
| **2020** | 13926 | 12637 | 13844 |
| **2021** | 12960 | 12073 | 12919 |
| **2021** | 13374 | 12232 | 13376 |
| **2021** | 12908 | 12124 | 12961 |
| **2021** | 12596 | 12042 | 12633 |
| **2022** | 11990 | 11300 | 11816 |
| **2022** | 10901 | 10367 | 10797 |
| **2022** | 10263 | 9647 | 10287 |
| **2022** | 11210 | 10086 | 11156 |
| **2023** | 11843 | 10389 | 11732 |
| **2023** | 12291 | 10230 | 12026 |
| **2023** | 11822 | 9863 | 11634 |
| **2023** | 12882 | 10662 | 12573 |
| **2024** | 12548 | 10440 | 12307 |
| **2024** | 12293 | 10325 | 12107 |
| **2024** | 13354 | 11046 | 13195 |
| **2024** | 12320 | 10482 | 12274 |
| **2025** | 12837 | 10758 | 12803 |
| **2025** | 13835 | 11244 | 13779 |
| **2025** | 14245 | 11311 | 14165 |
| **2025** | 14699 | 11338 | 14638 |

---

202501-4140694, 202601-5113044

F192-052 2/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Emerging Markets Local Currency Bond Fund (Investor Class) | 19.32% | 1.09% | 3.93% |
| Bloomberg Global Aggregate Bond Index (Regulatory Benchmark) | 8.17 | -2.15 | 1.26 |
| J.P. Morgan GBI - EM Global Diversified (Strategy Benchmark) | 19.26 | 1.12 | 3.88 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$390,379

* Number of Portfolio Holdings346

* Investment Advisory Fees Paid (000s)$408

* Portfolio Turnover Rate81.8%

## **What did the fund invest in?** 

### **Geographic Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Indonesia | 9.5% |
| Mexico | 8.9 |
| Brazil | 7.8 |
| South Africa | 7.3 |
| Thailand | 6.7 |
| Malaysia | 6.6 |
| United States | 6.2 |
| Czech Republic | 4.8 |
| Colombia | 4.8 |
| Other | 37.4 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Republic of Indonesia | 8.7% |
| United Mexican States | 8.3 |
| Brazil Notas do Tesouro Nacional | 7.8 |
| Republic of South Africa | 7.3 |
| Kingdom of Thailand | 6.7 |
| Government of Malaysia | 6.6 |
| Czech Republic | 4.8 |
| Republic of Colombia | 4.6 |
| Republic of Romania | 4.5 |
| Republic of Poland | 4.4 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Bloomberg and J.P. Morgan do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Emerging Markets Local Currency Bond Fund

Investor Class (PRELX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g67841g08t37.jpg)

![Image](g67841g33q67.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Emerging Markets Local Currency Bond Fund

# Advisor Class (PAELX)
This annual shareholder report contains important information about Emerging Markets Local Currency Bond Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Emerging Markets Local Currency Bond Fund - Advisor Class | $120 | 1.10% |

---

## What drove fund performance during the past 12 months?
* Global fixed income markets advanced over the 12-month reporting period as many central banks reduced interest rates. In a volatile period for yields, falling inflation and economic uncertainty boosted demand for perceived safe-haven assets, while U.S. dollar weakness and credit spread shifts also impacted returns. The U.S. dollar declined against most currencies due to interest rate cuts, fiscal worries, and erratic tariff policies. 

* The fund benefited from its currency management relative to the J.P. Morgan GBI - EM Global Diversified. Our holdings in higher-yielding currencies, such as the Egyptian pound, Brazilian real, Turkish lira, and Nigerian naira, was beneficial. Additionally, our tactical duration hedges in the U.S. and the eurozone lifted performance, particularly our short duration heading into the April tariff announcement. 

* Against the style-specific index, an underweight to duration in Asia weighed, particularly in China, Malaysia, and Thailand as central banks cut interest rates. An underweight to the euro for a majority of the period detracted as the currency appreciated. 

* The fund seeks to provide high income and some capital appreciation primarily through a focus on sovereign debt denominated in the currencies of the respective emerging markets. During the period, the fund increased exposure to currencies outside of the style-specific benchmark, initiating positioning in the West African franc, Kazakhstan tenge, and the Uzbekistan som, due to attractive yields. 

* The fund held material exposure to currency derivatives over the period. The fund's derivatives exposure to currency forwards had a positive impact on absolute performance.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. Advisor Class 14,401 Regulatory Benchmark 11,338 Strategy Benchmark 14,638](g67841g20u32.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 10982 | 10590 | 11102 |
| **2016** | 11324 | 10896 | 11402 |
| **2016** | 11669 | 10985 | 11707 |
| **2016** | 11033 | 10209 | 10994 |
| **2017** | 11863 | 10388 | 11709 |
| **2017** | 12242 | 10659 | 12133 |
| **2017** | 12696 | 10847 | 12564 |
| **2017** | 12721 | 10964 | 12667 |
| **2018** | 13340 | 11113 | 13230 |
| **2018** | 11806 | 10804 | 11851 |
| **2018** | 11524 | 10704 | 11635 |
| **2018** | 11735 | 10832 | 11880 |
| **2019** | 12116 | 11070 | 12227 |
| **2019** | 12785 | 11435 | 12916 |
| **2019** | 12591 | 11517 | 12814 |
| **2019** | 13259 | 11573 | 13480 |
| **2020** | 11054 | 11535 | 11430 |
| **2020** | 12320 | 11918 | 12552 |
| **2020** | 12390 | 12235 | 12628 |
| **2020** | 13764 | 12637 | 13844 |
| **2021** | 12799 | 12073 | 12919 |
| **2021** | 13200 | 12232 | 13376 |
| **2021** | 12730 | 12124 | 12961 |
| **2021** | 12416 | 12042 | 12633 |
| **2022** | 11791 | 11300 | 11816 |
| **2022** | 10736 | 10367 | 10797 |
| **2022** | 10103 | 9647 | 10287 |
| **2022** | 11012 | 10086 | 11156 |
| **2023** | 11648 | 10389 | 11732 |
| **2023** | 12065 | 10230 | 12026 |
| **2023** | 11597 | 9863 | 11634 |
| **2023** | 12668 | 10662 | 12573 |
| **2024** | 12336 | 10440 | 12307 |
| **2024** | 12081 | 10325 | 12107 |
| **2024** | 13130 | 11046 | 13195 |
| **2024** | 12103 | 10482 | 12274 |
| **2025** | 12612 | 10758 | 12803 |
| **2025** | 13566 | 11244 | 13779 |
| **2025** | 13964 | 11311 | 14165 |
| **2025** | 14401 | 11338 | 14638 |

---

202501-4140694, 202601-5113044

F292-052 2/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Emerging Markets Local Currency Bond Fund (Advisor Class) | 18.99% | 0.91% | 3.71% |
| Bloomberg Global Aggregate Bond Index (Regulatory Benchmark) | 8.17 | -2.15 | 1.26 |
| J.P. Morgan GBI - EM Global Diversified (Strategy Benchmark) | 19.26 | 1.12 | 3.88 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$390,379

* Number of Portfolio Holdings346

* Investment Advisory Fees Paid (000s)$408

* Portfolio Turnover Rate81.8%

## **What did the fund invest in?** 

### **Geographic Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Indonesia | 9.5% |
| Mexico | 8.9 |
| Brazil | 7.8 |
| South Africa | 7.3 |
| Thailand | 6.7 |
| Malaysia | 6.6 |
| United States | 6.2 |
| Czech Republic | 4.8 |
| Colombia | 4.8 |
| Other | 37.4 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Republic of Indonesia | 8.7% |
| United Mexican States | 8.3 |
| Brazil Notas do Tesouro Nacional | 7.8 |
| Republic of South Africa | 7.3 |
| Kingdom of Thailand | 6.7 |
| Government of Malaysia | 6.6 |
| Czech Republic | 4.8 |
| Republic of Colombia | 4.6 |
| Republic of Romania | 4.5 |
| Republic of Poland | 4.4 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Bloomberg and J.P. Morgan do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Emerging Markets Local Currency Bond Fund

Advisor Class (PAELX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g67841g08t37.jpg)

![Image](g67841g33q67.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Emerging Markets Local Currency Bond Fund

# I Class (TEIMX)
This annual shareholder report contains important information about Emerging Markets Local Currency Bond Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Emerging Markets Local Currency Bond Fund - I Class | $72 | 0.66% |

---

## What drove fund performance during the past 12 months?
* Global fixed income markets advanced over the 12-month reporting period as many central banks reduced interest rates. In a volatile period for yields, falling inflation and economic uncertainty boosted demand for perceived safe-haven assets, while U.S. dollar weakness and credit spread shifts also impacted returns. The U.S. dollar declined against most currencies due to interest rate cuts, fiscal worries, and erratic tariff policies. 

* The fund benefited from its currency management relative to the J.P. Morgan GBI - EM Global Diversified. Our holdings in higher-yielding currencies, such as the Egyptian pound, Brazilian real, Turkish lira, and Nigerian naira, was beneficial. Additionally, our tactical duration hedges in the U.S. and the eurozone lifted performance, particularly our short duration heading into the April tariff announcement. 

* Against the style-specific index, an underweight to duration in Asia weighed, particularly in China, Malaysia, and Thailand as central banks cut interest rates. An underweight to the euro for a majority of the period detracted as the currency appreciated. 

* The fund seeks to provide high income and some capital appreciation primarily through a focus on sovereign debt denominated in the currencies of the respective emerging markets. During the period, the fund increased exposure to currencies outside of the style-specific benchmark, initiating positioning in the West African franc, Kazakhstan tenge, and the Uzbekistan som, due to attractive yields. 

* The fund held material exposure to currency derivatives over the period. The fund's derivatives exposure to currency forwards had a positive impact on absolute performance.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $500,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. I Class 753,220 Regulatory Benchmark 566,902 Strategy Benchmark 731,906](g67841g11s82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2015** | 500000 | 500000 | 500000 |
| **2016** | 549569 | 529495 | 555076 |
| **2016** | 567269 | 544798 | 570099 |
| **2016** | 586029 | 549246 | 585369 |
| **2016** | 553831 | 510430 | 549706 |
| **2017** | 596111 | 519421 | 585446 |
| **2017** | 615775 | 532936 | 606660 |
| **2017** | 639264 | 542335 | 628205 |
| **2017** | 642105 | 548176 | 633333 |
| **2018** | 673974 | 555638 | 661477 |
| **2018** | 596277 | 540178 | 592539 |
| **2018** | 582660 | 535189 | 581725 |
| **2018** | 594903 | 541598 | 593996 |
| **2019** | 613783 | 553523 | 611344 |
| **2019** | 649379 | 571760 | 645798 |
| **2019** | 640238 | 575848 | 640681 |
| **2019** | 674910 | 578641 | 674021 |
| **2020** | 563428 | 576750 | 571488 |
| **2020** | 629541 | 595901 | 627584 |
| **2020** | 633783 | 611761 | 631420 |
| **2020** | 704600 | 631854 | 692178 |
| **2021** | 656049 | 603669 | 645952 |
| **2021** | 677252 | 611592 | 668803 |
| **2021** | 652852 | 606189 | 648050 |
| **2021** | 638596 | 602113 | 631630 |
| **2022** | 607148 | 565017 | 590824 |
| **2022** | 553677 | 518335 | 539850 |
| **2022** | 520558 | 482341 | 514339 |
| **2022** | 569126 | 504279 | 557824 |
| **2023** | 601666 | 519441 | 586598 |
| **2023** | 624941 | 511495 | 601297 |
| **2023** | 601549 | 493151 | 581710 |
| **2023** | 656043 | 533099 | 628673 |
| **2024** | 640840 | 521994 | 615374 |
| **2024** | 627031 | 516229 | 605330 |
| **2024** | 681710 | 552277 | 659770 |
| **2024** | 629438 | 524095 | 613700 |
| **2025** | 657773 | 537908 | 640155 |
| **2025** | 707922 | 562204 | 688948 |
| **2025** | 729426 | 565551 | 708271 |
| **2025** | 753220 | 566902 | 731906 |

---

202501-4140694, 202601-5113044

F438-052 2/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Emerging Markets Local Currency Bond Fund (I Class) | 19.67% | 1.34% | 4.18% |
| Bloomberg Global Aggregate Bond Index (Regulatory Benchmark) | 8.17 | -2.15 | 1.26 |
| J.P. Morgan GBI - EM Global Diversified (Strategy Benchmark) | 19.26 | 1.12 | 3.88 |

---

The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$390,379

* Number of Portfolio Holdings346

* Investment Advisory Fees Paid (000s)$408

* Portfolio Turnover Rate81.8%

## **What did the fund invest in?** 

### **Geographic Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Indonesia | 9.5% |
| Mexico | 8.9 |
| Brazil | 7.8 |
| South Africa | 7.3 |
| Thailand | 6.7 |
| Malaysia | 6.6 |
| United States | 6.2 |
| Czech Republic | 4.8 |
| Colombia | 4.8 |
| Other | 37.4 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Republic of Indonesia | 8.7% |
| United Mexican States | 8.3 |
| Brazil Notas do Tesouro Nacional | 7.8 |
| Republic of South Africa | 7.3 |
| Kingdom of Thailand | 6.7 |
| Government of Malaysia | 6.6 |
| Czech Republic | 4.8 |
| Republic of Colombia | 4.6 |
| Republic of Romania | 4.5 |
| Republic of Poland | 4.4 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Bloomberg and J.P. Morgan do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Emerging Markets Local Currency Bond Fund

I Class (TEIMX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g67841g08t37.jpg)

![Image](g67841g33q67.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Emerging Markets Local Currency Bond Fund

# Z Class (TRZFX)
This annual shareholder report contains important information about Emerging Markets Local Currency Bond Fund (the "fund") for the period of January 1, 2025 to December 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

## **What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Emerging Markets Local Currency Bond Fund - Z Class | $0 | 0.00% |

---

## What drove fund performance during the past 12 months?
* Global fixed income markets advanced over the 12-month reporting period as many central banks reduced interest rates. In a volatile period for yields, falling inflation and economic uncertainty boosted demand for perceived safe-haven assets, while U.S. dollar weakness and credit spread shifts also impacted returns. The U.S. dollar declined against most currencies due to interest rate cuts, fiscal worries, and erratic tariff policies. 

* The fund benefited from its currency management relative to the J.P. Morgan GBI - EM Global Diversified. Our holdings in higher-yielding currencies, such as the Egyptian pound, Brazilian real, Turkish lira, and Nigerian naira, was beneficial. Additionally, our tactical duration hedges in the U.S. and the eurozone lifted performance, particularly our short duration heading into the April tariff announcement. 

* Against the style-specific index, an underweight to duration in Asia weighed, particularly in China, Malaysia, and Thailand as central banks cut interest rates. An underweight to the euro for a majority of the period detracted as the currency appreciated. 

* The fund seeks to provide high income and some capital appreciation primarily through a focus on sovereign debt denominated in the currencies of the respective emerging markets. During the period, the fund increased exposure to currencies outside of the style-specific benchmark, initiating positioning in the West African franc, Kazakhstan tenge, and the Uzbekistan som, due to attractive yields. 

* The fund held material exposure to currency derivatives over the period. The fund's derivatives exposure to currency forwards had a positive impact on absolute performance.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. Z Class 11,320 Regulatory Benchmark 9,150 Strategy Benchmark 10,838](g67841g73s52.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Z Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2/22/21** | 10000 | 10000 | 10000 |
| **3/31/21** | 9542 | 9744 | 9565 |
| **6/30/21** | 9870 | 9872 | 9904 |
| **9/30/21** | 9548 | 9784 | 9596 |
| **12/31/21** | 9340 | 9719 | 9353 |
| **3/31/22** | 8894 | 9120 | 8749 |
| **6/30/22** | 8123 | 8366 | 7994 |
| **9/30/22** | 7667 | 7785 | 7616 |
| **12/31/22** | 8397 | 8140 | 8260 |
| **3/31/23** | 8874 | 8384 | 8686 |
| **6/30/23** | 9233 | 8256 | 8904 |
| **9/30/23** | 8902 | 7960 | 8614 |
| **12/31/23** | 9746 | 8605 | 9309 |
| **3/31/24** | 9517 | 8425 | 9113 |
| **6/30/24** | 9347 | 8332 | 8964 |
| **9/30/24** | 10180 | 8914 | 9770 |
| **12/31/24** | 9416 | 8459 | 9088 |
| **3/31/25** | 9835 | 8682 | 9480 |
| **6/30/25** | 10604 | 9074 | 10202 |
| **9/30/25** | 10944 | 9129 | 10488 |
| **12/31/25** | 11320 | 9150 | 10838 |

---

202501-4140694, 202601-5113044

F1408-052 2/26

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 2/22/21** |
| Emerging Markets Local Currency Bond Fund (Z Class) | 20.22% | 2.59% |
| Bloomberg Global Aggregate Bond Index (Regulatory Benchmark) | 8.17 | -1.81 |
| J.P. Morgan GBI - EM Global Diversified (Strategy Benchmark) | 19.26 | 1.67 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$390,379

* Number of Portfolio Holdings346

* Investment Advisory Fees Paid (000s)$408

* Portfolio Turnover Rate81.8%

## **What did the fund invest in?** 

### **Geographic Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Indonesia | 9.5% |
| Mexico | 8.9 |
| Brazil | 7.8 |
| South Africa | 7.3 |
| Thailand | 6.7 |
| Malaysia | 6.6 |
| United States | 6.2 |
| Czech Republic | 4.8 |
| Colombia | 4.8 |
| Other | 37.4 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Republic of Indonesia | 8.7% |
| United Mexican States | 8.3 |
| Brazil Notas do Tesouro Nacional | 7.8 |
| Republic of South Africa | 7.3 |
| Kingdom of Thailand | 6.7 |
| Government of Malaysia | 6.6 |
| Czech Republic | 4.8 |
| Republic of Colombia | 4.6 |
| Republic of Romania | 4.5 |
| Republic of Poland | 4.4 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Bloomberg and J.P. Morgan do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Emerging Markets Local Currency Bond Fund

Z Class (TRZFX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g67841g08t37.jpg)

------

#### Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.

#### Item 2. Code of Ethics.
The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | <u>2025</u> | <u>2024</u> |
|  Audit Fees | $40201 | $39999 |
|  Audit-Related Fees |  |  |
|  Tax Fees |  |  |
|  All Other Fees |  |  |

---

Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,862,000 and $1,262,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.

------

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

December

31,

2025

#### Financial

#### Statements

#### and

#### Other

#### Information
For

more

insights

from

T. Rowe

Price

investment

professionals,

go

to

#### troweprice.com
.

T. ROWE

PRICE

PRELX

Emerging

Markets

Local

Currency

Bond

Fund

PAELX

Emerging

Markets

Local

Currency

Bond

Fund–

.

Advisor Class

TEIMX

Emerging

Markets

Local

Currency

Bond

Fund–

.

I Class

TRZFX

Emerging

Markets

Local

Currency

Bond

Fund–

.

Z Class

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Investor

#### Class
..

Year

..

..

Ended

.

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

4.57 $

5.07 $

4.68 $

5.56 $

6.44 Investment

activities

Net

investment

income

(1)(2)

0.30 0.30 0.29 0.27 0.27 Net

realized

and

unrealized

gain/loss

0.56 (0.51)

0.39 (0.88)

(0.87)

Total

from

investment

activities

0.86 (0.21)

0.68 (0.61)

(0.60)

Distributions

Net

investment

income

(0.30)

(0.15)

(0.24)

—

(0.18)

Tax

return

of

capital

—

(0.14)

(0.05)

(0.27)

(0.10)

Total

distributions

(0.30)

(0.29)

(0.29)

(0.27)

(0.28)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 5.13

#### $

#### 4.57

#### $

#### 5.07

#### $

#### 4.68

#### $

#### 5.56

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 19.32%

#### (4.37)%

#### 14.91%

#### (11.00)%

#### (9.54)%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

1.04%

1.07%

1.01%

1.01%

0.92%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.96%

1.02%

1.01%

1.01%

0.92%

Net

investment

income

6.15%

6.14%

6.07%

5.48%

4.41%

Portfolio

turnover

rate

81.8%

75.2%

107.6%

104.4%

83.1%

Net

assets,

end

of

period

(in

thousands)

$26,058

$18,751

$27,683

$31,914

$54,575

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Advisor

#### Class
..

Year

..

..

Ended

.

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

4.54 $

5.04 $

4.66 $

5.55 $

6.43 Investment

activities

Net

investment

income

(1)(2)

0.29 0.29 0.29 0.26 0.26 Net

realized

and

unrealized

gain/loss

0.55 (0.51)

0.39 (0.89)

(0.88)

Total

from

investment

activities

0.84 (0.22)

0.68 (0.63)

(0.62)

Distributions

Net

investment

income

(0.29)

(0.14)

(0.25)

—

(0.17)

Tax

return

of

capital

—

(0.14)

(0.05)

(0.26)

(0.09)

Total

distributions

(0.29)

(0.28)

(0.30)

(0.26)

(0.26)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 5.09

#### $

#### 4.54

#### $

#### 5.04

#### $

#### 4.66

#### $

#### 5.55

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 18.99%

#### (4.46)%

#### 15.03%

#### (11.31)%

#### (9.79)%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

43.42%

20.50%

4.54%

3.83%

2.89%

Net

expenses

after

waivers/payments

by

Price

Associates

1.10%

1.10%

1.10%

1.10%

1.18%

Net

investment

income

5.99%

6.04%

5.98%

5.28%

4.35%

Portfolio

turnover

rate

81.8%

75.2%

107.6%

104.4%

83.1%

Net

assets,

end

of

period

(in

thousands)

$4

$3

$15

$15

$34

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class
..

Year

..

..

Ended

.

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

4.57 $

5.07 $

4.68 $

5.57 $

6.45 Investment

activities

Net

investment

income

(1)(2)

0.32 0.31 0.31 0.28 0.28 Net

realized

and

unrealized

gain/loss

0.55 (0.51)

0.38 (0.89)

(0.87)

Total

from

investment

activities

0.87 (0.20)

0.69 (0.61)

(0.59)

Distributions

Net

investment

income

(0.31)

(0.15)

(0.25)

—

(0.19)

Tax

return

of

capital

—

(0.15)

(0.05)

(0.28)

(0.10)

Total

distributions

(0.31)

(0.30)

(0.30)

(0.28)

(0.29)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 5.13

#### $

#### 4.57

#### $

#### 5.07

#### $

#### 4.68

#### $

#### 5.57

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 19.67%

#### (4.06)%

#### 15.27%

#### (10.88)%

#### (9.37)%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

0.76%

0.79%

0.77%

0.77%

0.80%

Net

expenses

after

waivers/payments

by

Price

Associates

0.66%

0.70%

0.70%

0.70%

0.76%

Net

investment

income

6.43%

6.47%

6.37%

5.81%

4.68%

Portfolio

turnover

rate

81.8%

75.2%

107.6%

104.4%

83.1%

Net

assets,

end

of

period

(in

thousands)

$135,725

$93,008

$99,666

$91,372

$119,612

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Z

#### Class
(1) ..

Year

..

..

Ended

.

2/22/21

(1) Through

12/31/21

12/31/25

12/31/24

12/31/23

12/31/22

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

4.57 $

5.07 $

4.68 $

5.56 $

6.25 Investment

activities

Net

investment

income

(2)(3)

0.35 0.35 0.34 0.32 0.28 Net

realized

and

unrealized

gain/loss

0.55 (0.52)

0.39 (0.88)

(0.68)

Total

from

investment

activities

0.90 (0.17)

0.73 (0.56)

(0.40)

Distributions

Net

investment

income

(0.35)

(0.17)

(0.28)

—

(0.19)

Tax

return

of

capital

—

(0.16)

(0.06)

(0.32)

(0.10)

Total

distributions

(0.35)

(0.33)

(0.34)

(0.32)

(0.29)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 5.12

#### $

#### 4.57

#### $

#### 5.07

#### $

#### 4.68

#### $

#### 5.56
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Z

#### Class
(1) ..

Year

..

..

Ended

.

2/22/21

(1) Through

12/31/21

12/31/25

12/31/24

12/31/23

12/31/22

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (3)(4)

#### 20.22%

#### (3.39)%

#### 16.07%

#### (10.10)%

#### (6.60)%
Ratios

to

average

net

assets:

(3) Gross

expenses

before

waivers/payments

by

Price

Associates

0.75%

0.77%

0.75%

0.75%

0.79%

(5) Net

expenses

after

waivers/payments

by

Price

Associates

0.00%

0.00%

0.00%

0.00%

0.00%

(5) Net

investment

income

7.11%

7.16%

7.08%

6.53%

5.54%

(5) Portfolio

turnover

rate

81.8%

75.2%

107.6%

104.4%

83.1%

Net

assets,

end

of

period

(in

thousands)

$228,592

$183,694

$198,633

$240,172

$270,153

0%

0%

0%

0%

0%

(1) Inception

date

(2) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(4) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5) Annualized

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

December

31,

2025

#### Portfolio

#### of

#### Investments

#### ‡

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### ARGENTINA 0.1%

#### Corporate

#### Bonds 0.1%
Vaca

Muerta,

FRN,

6M

TSFR

+

5.38%,

Acquisition

Date:

12/1/25,

Cost $438,

9.335%,

7/8/30

(USD) (1)

438,000

#### Total

#### Argentina

#### (Cost

#### $438)

#### 438

#### BENIN 0.2%

#### Government

#### Bonds 0.2%
Republic

of

Benin,

7.96%,

2/13/38

(USD)

914,000

951

#### Total

#### Benin

#### (Cost

#### $865)

#### 951

#### BRAZIL 7.8%

#### Government

#### Bonds 7.8%
Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/27

18,975,000

3,357

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/29

41,851,000

7,085

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/31

85,501,000

13,753

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/33

4,502,000

695

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/35

36,176,000

5,431

#### Total

#### Brazil

#### (Cost

#### $31,051)

#### 30,321

#### CHILE 1.8%

#### Government

#### Bonds 1.8%
Bonos

de

la

Tesoreria

de

la

Republica

en

pesos,

4.70%,

9/1/30 (2)

3,215,000,000

3,508

Bonos

de

la

Tesoreria

de

la

Republica

en

pesos,

5.00%,

10/1/28 (2)

900,000,000

1,007

Bonos

de

la

Tesoreria

de

la

Republica

en

pesos,

5.30%,

11/1/37 (2)

295,000,000

Bonos

de

la

Tesoreria

de

la

Republica

en

pesos,

5.80%,

10/1/34 (2)

2,020,000,000

2,315

#### Total

#### Chile

#### (Cost

#### $6,526)

#### 7,157
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### CHINA 3.3%

#### Common

#### Stocks 0.0%
Times

China

Holdings

(HKD) (3)

43,432

#### Convertible

#### Bonds 0.0%
Times

China

Holdings,

Zero

Coupon,

3/30/27

(USD) (2)

88,284

Times

China

Holdings,

Zero

Coupon,

3/30/27

(USD) (2)

385,755

#### Corporate

#### Bonds 0.0%
Agile

Group

Holdings,

5.75%,

1/2/25

(USD) (3)(4)

540,000

Times

China

Holdings,

4.00%,

3/30/29,

(4.00%

PIK)

(USD) (2)

(5) 85,109

Times

China

Holdings,

4.20%,

9/30/32,

(4.20%

PIK)

(USD) (2)

(5) 315,618

#### Government

#### Bonds 3.3%
People's

Republic

of

China,

Series

INBK,

1.57%,

5/15/32

10,600,000

1,502

People's

Republic

of

China,

Series

INBK,

1.83%,

8/25/35

36,410,000

5,202

People's

Republic

of

China,

Series

INBK,

1.92%,

7/15/45

13,100,000

1,758

People's

Republic

of

China,

Series

INBK,

2.15%,

8/25/55

12,300,000

1,716

People's

Republic

of

China,

Series

INBK,

3.13%,

11/21/29

17,050,000

2,598

12,776

#### Total

#### China

#### (Cost

#### $13,134)

#### 12,819

#### COLOMBIA 4.8%

#### Government

#### Bonds 4.6%
Republic

of

Colombia,

Series

B,

6.00%,

4/28/28

2,620,600,000

607

Republic

of

Colombia,

Series

B,

6.25%,

7/9/36

3,889,000,000

658

Republic

of

Colombia,

Series

B,

7.75%,

9/18/30

18,330,000,000

3,987

Republic

of

Colombia,

Series

B,

11.50%,

7/25/46

6,600,000,000

1,559

Republic

of

Colombia,

Series

B,

11.75%,

1/24/35

5,550,000,000

1,369

Republic

of

Colombia,

Series

B,

12.75%,

11/28/40

9,588,200,000

2,489

Republic

of

Colombia,

Series

B,

13.25%,

2/9/33

5,212,000,000

1,399

Republic

of

Colombia,

Series

G,

7.00%,

3/26/31

28,177,900,000

5,833

17,901

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### Private

#### Investment

#### Company 0.2%
Bona

Fide

Investments

Feeder

LLC,

Acquisition

Date:

6/7/23,

Cost $247

(USD) (1)(3)

†

Bona

Fide

Investments

Holdings

III,

Acquisition

Date:

6/14/24,

Cost $200

(USD) (1)(3)

†

640

#### Total

#### Colombia

#### (Cost

#### $17,921)

#### 18,541

#### CÔTE

#### D'IVOIRE 0.5%

#### Government

#### Bonds 0.5%
Republic

of

Côte

d'Ivoire,

6.875%,

4/1/28 (2)

505,000,000

918

Republic

of

Ivory

Coast,

7.625%,

1/30/33

(USD) (2)

790,000

855

#### Total

#### Côte

#### d'Ivoire

#### (Cost

#### $1,598)

#### 1,773

#### CZECH

#### REPUBLIC 4.8%

#### Government

#### Bonds 4.8%
Czech

Republic,

Series

103,

2.00%,

10/13/33

359,350,000

14,727

Czech

Republic,

Series

154,

4.50%,

11/11/32

84,150,000

4,137

#### Total

#### Czech

#### Republic

#### (Cost

#### $18,022)

#### 18,864

#### DOMINICAN

#### REPUBLIC 0.2%

#### Government

#### Bonds 0.2%
Dominican

Republic,

10.75%,

6/1/36 (2)

44,800,000

774

#### Total

#### Dominican

#### Republic

#### (Cost

#### $753)

#### 774

#### EGYPT 0.4%

#### Government

#### Bonds 0.4%
Arab

Republic

of

Egypt

Treasury

Bills,

Series

364D,

26.037%,

4/21/26

33,000,000

644

Arab

Republic

of

Egypt

Treasury

Bills,

Series

364D,

26.549%,

3/17/26

53,500,000

1,068

#### Total

#### Egypt

#### (Cost

#### $1,702)

#### 1,712

#### HUNGARY 4.0%

#### Government

#### Bonds 4.0%
Republic

of

Hungary,

Series

28/B,

4.50%,

3/23/28

2,124,640,000

6,274

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Republic

of

Hungary,

Series

32/A,

4.75%,

11/24/32

1,834,000,000

5,059

Republic

of

Hungary,

Series

33/A,

2.25%,

4/20/33

1,643,150,000

3,782

Republic

of

Hungary,

Series

38/A,

3.00%,

10/27/38

217,910,000

#### Total

#### Hungary

#### (Cost

#### $14,582)

#### 15,557

#### INDIA 4.3%

#### Government

#### Bonds 4.3%
Republic

of

India,

6.33%,

5/5/35

149,210,000

1,632

Republic

of

India,

6.67%,

12/17/50

271,020,000

2,818

Republic

of

India,

7.09%,

8/5/54

183,290,000

1,997

Republic

of

India,

7.18%,

7/24/37

158,080,000

1,803

Republic

of

India,

7.26%,

8/22/32

142,150,000

1,637

Republic

of

India,

7.26%,

2/6/33

535,000,000

6,170

Republic

of

India,

7.36%,

9/12/52

76,570,000

859

#### Total

#### India

#### (Cost

#### $17,797)

#### 16,916

#### INDONESIA 9.5%

#### Corporate

#### Bonds 0.8%
Standard

Chartered

Bank,

Series

emtN,

CLN

(Reference:

Republic

of

Indonesia),

9.00%,

3/20/29 (2)

46,100,000,000

3,057

3,057

#### Government

#### Bonds 8.7%
Republic

of

Indonesia,

Series

FR65,

6.625%,

5/15/33

120,446,000,000

7,501

Republic

of

Indonesia,

Series

FR72,

8.25%,

5/15/36

46,835,000,000

3,262

Republic

of

Indonesia,

Series

FR73,

8.75%,

5/15/31

46,007,000,000

3,135

Republic

of

Indonesia,

Series

FR82,

7.00%,

9/15/30

95,070,000,000

6,023

Republic

of

Indonesia,

Series

FR83,

7.50%,

4/15/40

100,693,000,000

6,610

Republic

of

Indonesia,

Series

FR90,

5.125%,

4/15/27

48,195,000,000

2,898

Republic

of

Indonesia,

Series

FR91,

6.375%,

4/15/32

42,250,000,000

2,600

Republic

of

Indonesia,

Series

100,

6.625%,

2/15/34

30,245,000,000

1,883

33,912

#### Total

#### Indonesia

#### (Cost

#### $37,864)

#### 36,969

#### MALAYSIA 6.6%

#### Government

#### Bonds 6.6%
Government

of

Malaysia,

Series

0120,

4.065%,

6/15/50

11,339,000

2,836

Government

of

Malaysia,

Series

0125,

3.336%,

5/15/30

14,747,000

3,655

Government

of

Malaysia,

Series

0310,

4.498%,

4/15/30

13,100,000

3,387

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Government

of

Malaysia,

Series

0318,

4.642%,

11/7/33

27,778,000

7,399

Government

of

Malaysia,

Series

0519,

3.757%,

5/22/40

16,345,000

4,023

Government

of

Malaysia,

Series

0713,

4.935%,

9/30/43

16,161,000

4,528

#### Total

#### Malaysia

#### (Cost

#### $24,328)

#### 25,828

#### MEXICO 8.9%

#### Government

#### Bonds 8.9%
Mexican

Bonos,

Series

M,

8.00%,

4/29/55

33,224,000

1,569

Petroleos

Mexicanos,

Series

14-2,

7.47%,

11/12/26

12,010,000

661

United

Mexican

States,

Series

M,

7.50%,

5/26/33

72,850,000

3,764

United

Mexican

States,

Series

M,

7.75%,

5/29/31

40,169,000

2,151

United

Mexican

States,

Series

M,

7.75%,

11/23/34

101,605,000

5,241

United

Mexican

States,

Series

M,

8.00%,

7/31/53

67,696,000

3,205

United

Mexican

States,

Series

M,

8.50%,

2/28/30

204,393,000

11,390

United

Mexican

States,

Series

M,

8.50%,

11/18/38

96,258,000

5,016

United

Mexican

States,

Series

S,

Inflation-Indexed,

2.75%,

11/27/31

34,145,175

1,717

#### Total

#### Mexico

#### (Cost

#### $31,897)

#### 34,714

#### NIGERIA 0.5%

#### Government

#### Bonds 0.5%
Federal

Republic

of

Nigeria

OMO

Bill,

Series

196D,

20.872%,

5/5/26

1,573,000,000

1,019

Federal

Republic

of

Nigeria

OMO

Bill,

Series

232D,

27.615%,

1/20/26

1,375,000,000

942

#### Total

#### Nigeria

#### (Cost

#### $1,901)

#### 1,961

#### PERU 2.2%

#### Government

#### Bonds 2.2%
Republic

of

Peru,

6.15%,

8/12/32

14,778,000

4,745

Republic

of

Peru,

6.85%,

8/12/35 (2)

10,038,000

3,220

Republic

of

Peru,

6.90%,

8/12/37

1,510,000

#### Total

#### Peru

#### (Cost

#### $7,598)

#### 8,435

#### PHILIPPINES 1.4%

#### Government

#### Bonds 1.4%
Republic

of

Philippines,

Series

0770,

6.375%,

7/27/30

144,010,000

2,509

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Republic

of

Philippines,

Series

1072,

6.25%,

1/25/34

167,830,000

2,902

#### Total

#### Philippines

#### (Cost

#### $5,521)

#### 5,411

#### POLAND 4.4%

#### Government

#### Bonds 4.4%
Republic

of

Poland,

Series

CPI,

Inflation-Indexed,

2.00%,

8/25/36

3,624,132

919

Republic

of

Poland,

Series

0429,

5.75%,

4/25/29

5,945,000

1,737

Republic

of

Poland,

Series

0432,

1.75%,

4/25/32

21,300,000

5,024

Republic

of

Poland,

Series

0728,

7.50%,

7/25/28

7,108,000

2,153

Republic

of

Poland,

Series

0729,

4.75%,

7/25/29

9,000,000

2,551

Republic

of

Poland,

Series

1029,

2.75%,

10/25/29

12,804,000

3,382

Republic

of

Poland,

Series

1033,

6.00%,

10/25/33

4,188,000

1,247

Republic

of

Poland,

Series

1035,

5.00%,

10/25/35

711,000

#### Total

#### Poland

#### (Cost

#### $16,162)

#### 17,209

#### ROMANIA 4.5%

#### Government

#### Bonds 4.5%
Republic

of

Romania,

5.375%,

6/7/33

(EUR) (2)

1,162,000

1,380

Republic

of

Romania,

5.375%,

6/7/33

(EUR)

440,000

523

Republic

of

Romania,

Series

10Y,

5.00%,

2/12/29

33,390,000

7,373

Republic

of

Romania,

Series

11Y,

6.75%,

4/25/35

16,700,000

3,857

Republic

of

Romania,

Series

11Y,

7.10%,

7/31/34

17,010,000

4,010

Republic

of

Romania,

Series

5Y,

4.25%,

4/28/36

2,695,000

511

#### Total

#### Romania

#### (Cost

#### $16,931)

#### 17,654

#### SOUTH

#### AFRICA 7.3%

#### Government

#### Bonds 7.3%
Republic

of

South

Africa,

Series

R213,

7.00%,

2/28/31

18,129,000

1,071

Republic

of

South

Africa,

Series

2030,

8.00%,

1/31/30

50,229,000

3,102

Republic

of

South

Africa,

Series

2032,

8.25%,

3/31/32

43,554,000

2,699

Republic

of

South

Africa,

Series

2035,

8.875%,

2/28/35

103,431,000

6,518

Republic

of

South

Africa,

Series

2044,

8.75%,

1/31/44

147,678,000

8,585

Republic

of

South

Africa,

Series

2048,

8.75%,

2/28/48

112,861,000

6,576

#### Total

#### South

#### Africa

#### (Cost

#### $23,545)

#### 28,551
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### SRI

#### LANKA 0.2%

#### Government

#### Bonds 0.2%
Republic

of

Sri

Lanka,

0.00%,

3/15/36 (6)

10,233,412

Republic

of

Sri

Lanka,

0.00%,

9/15/37 (6)

10,233,412

Republic

of

Sri

Lanka,

0.00%,

9/15/38 (6)

10,233,412

Republic

of

Sri

Lanka,

0.00%,

9/15/39 (6)

10,233,412

Republic

of

Sri

Lanka,

0.00%,

9/15/40 (6)

10,233,412

Republic

of

Sri

Lanka,

0.00%,

9/15/41 (6)

10,233,412

Republic

of

Sri

Lanka,

0.00%,

9/15/42 (6)

10,233,412

Republic

of

Sri

Lanka,

0.00%,

9/15/43 (6)

10,233,412

Republic

of

Sri

Lanka,

4.00%,

4/15/28

(USD) (2)

324,690

Republic

of

Sri

Lanka,

STEP,

1.50%,

6/15/38

(USD) (2)

592,200

#### Total

#### Sri

#### Lanka

#### (Cost

#### $714)

#### 903

#### SUPRANATIONAL 2.6%

#### Corporate

#### Bonds 0.2%
International

Bank

for

Reconstruction

&

Development,

6.50%,

4/17/30

(INR)

74,100,000

816

816

#### Government

#### Bonds 2.4%
Asian

Infrastructure

Investment

Bank,

7.00%,

3/1/29

(INR)

97,000,000

1,087

European

Bank

for

Reconstruction

&

Development,

6.50%,

10/3/36

(INR)

113,800,000

1,236

European

Bank

for

Reconstruction

&

Development,

6.75%,

1/13/32

(INR)

75,200,000

835

Inter-American

Development

Bank,

7.35%,

10/6/30

(INR)

195,000,000

2,215

International

Bank

for

Reconstruction

&

Development,

6.89%,

2/6/30

(INR)

97,000,000

1,083

International

Bank

for

Reconstruction

&

Development,

Series

GDIF,

4.60%,

2/9/26

(IDR)

22,000,000,000

1,319

International

Finance,

3.59%,

2/26/26

(COP)

5,750,000,000

1,492

9,267

#### Total

#### Supranational

#### (Cost

#### $10,591)

#### 10,083
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### TANZANIA 0.2%

#### Convertible

#### Bonds 0.2%
HTA

Group,

2.875%,

3/18/27

(USD)

800,000

820

#### Total

#### Tanzania

#### (Cost

#### $742)

#### 820

#### THAILAND 6.7%

#### Government

#### Bonds 6.7%
Kingdom

of

Thailand,

1.585%,

12/17/35

325,717,000

10,270

Kingdom

of

Thailand,

2.00%,

12/17/31

52,920,000

1,745

Kingdom

of

Thailand,

2.00%,

6/17/42

99,030,000

3,069

Kingdom

of

Thailand,

2.40%,

3/17/29

45,000,000

1,483

Kingdom

of

Thailand,

2.80%,

6/17/34

33,285,000

1,162

Kingdom

of

Thailand,

3.40%,

6/17/36

28,213,000

1,040

Kingdom

of

Thailand,

3.65%,

6/20/31

10,867,000

Kingdom

of

Thailand,

3.775%,

6/25/32

103,522,000

3,776

Kingdom

of

Thailand,

Series

ILB,

Inflation-Indexed,

1.25%,

3/12/28

98,740,968

3,099

#### Total

#### Thailand

#### (Cost

#### $23,170)

#### 26,031

#### TÜRKIYE 1.7%

#### Corporate

#### Bonds 0.4%
Türkiye

Is

Bankasi,

Series

92,

Zero

Coupon,

2/17/26

75,000,000

1,670

1,670

#### Government

#### Bonds 1.3%
Republic

of

Türkiye,

Series

10Y,

26.20%,

10/5/33

216,095,000

4,870

4,870

#### Total

#### Türkiye

#### (Cost

#### $6,894)

#### 6,540

#### UKRAINE 0.6%

#### Government

#### Bonds 0.6%
Government

of

Ukraine,

Series

2Y,

17.60%,

1/28/26

92,000,000

2,152

#### Total

#### Ukraine

#### (Cost

#### $2,230)

#### 2,152
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### UNITED

#### STATES 0.3%

#### Convertible

#### Bonds 0.3%
Citigroup

Global

Markets

Holdings,

Series

1299,

Zero

Coupon,

2/26/26

(HKD)

3,000,000

Goldman

Sachs

Finance

Corp.

International,

Series

700,

Zero

Coupon,

3/15/27

500,000

818

#### Total

#### United

#### States

#### (Cost

#### $1,051)

#### 1,200

#### URUGUAY 0.2%

#### Government

#### Bonds 0.2%
Republic

of

Uruguay,

9.75%,

7/20/33

23,294,000

671

#### Total

#### Uruguay

#### (Cost

#### $616)

#### 671

#### UZBEKISTAN 0.4%

#### Corporate

#### Bonds 0.1%
Ipoteka-Bank

ATIB,

17.50%,

10/9/28

6,400,000,000

536

536

#### Government

#### Bonds 0.3%
National

Bank

of

Uzbekistan,

8.50%,

7/5/29

(USD)

1,090,000

1,165

1,165

#### Total

#### Uzbekistan

#### (Cost

#### $1,618)

#### 1,701

#### ZAMBIA 0.2%

#### Government

#### Bonds 0.2%
Republic

of

Zambia,

Series

10Y,

17.50%,

12/22/35

10,895,000

Republic

of

Zambia,

Series

5Y,

16.49%,

12/22/30

7,105,000

#### Total

#### Zambia

#### (Cost

#### $802)

#### 821

#### SHORT-TERM

#### INVESTMENTS 5.9%

#### Money

#### Market

#### Funds 5.9%
T. Rowe

Price

Government

Reserve

Fund,

3.77% (7)(8)

23,074,919

23,075

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $23,075)

#### 23,075
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

in

000s,

except

for

contracts)

#### OPTIONS

#### PURCHASED 0.0%

#### OTC

#### Options

#### Purchased

#### 0.0%

#### Counterparty

#### Description

#### Contracts

#### Notional

#### Amount

#### $

#### Value
Canadian

Imperial

Bank

of

Commerce

USD

/

CAD,

Call,

1/29/26

@

CAD1.39 (3)

3,850

Citibank

USD

/

INR,

Put,

2/24/26

@

INR89.56 (3)

1,935

Deutsche

Bank

EUR

/

BRL,

Put,

2/25/26

@

BRL6.42

(EUR) (3)

4,950

Nomura

Securities

International

USD

/

EUR,

Call,

1/5/26

@

USD1.14 (3)

5,100

—

Nomura

Securities

International

USD

/

JPY,

Put,

2/19/26

@

JPY152.40 (3)

5,800

#### Total

#### Options

#### Purchased

#### (Cost

#### $117)

#### 102

#### Total

#### Investments

#### in

#### Securities

#### 96.5%

#### of

#### Net

#### Assets

#### (Cost

#### $361,756)

#### $

#### 376,654
‡

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

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

$1,078

and

represents

0.3%

of

net

assets.

(2) 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

$18,075

and

represents

4.6%

of

net

assets.

(3) Non-income

producing

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

.

.

.

.

.

.

.

.

.

.

(4) Issuer

has

failed

to

make

a

scheduled

interest

and/or

principal

payment

or

is

in

default.

(5) Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(6) See

Note

2. Level

in

fair

value

hierarchy.

(7) Seven-day

yield

(8) Affiliated

Companies

Day

INR

MIBOR

One

day

INR

MIBOR

(Mumbai

interbank

offered

rate)

6M

PLN

WIBOR

Six

month

PLN

WIBOR

(Warsaw

interbank

offered

rate)

6M

TSFR

Six

month

term

SOFR

(Secured

overnight

financing

rate)

BRL

Brazilian

Real

BRL

CDI

One

day

Brazilian

interbank

deposit

rate

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLN

Credit-Linked

Note

CLP

Chilean

Peso

CNH

Offshore

China

Renminbi

COP

Colombian

Peso

CPI

Consumer

Price

Index

CZK

Czech

Koruna

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KZT

Kazakhstan

Tenge

MXIBTIIE

Mexican

Interbank

day

interest

rate

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NGN

Nigerian

Naira

OTC

Over-the-counter

PEN

Peruvian

New

Sol

PHP

Philippines

Peso

PIK

Payment-in-kind

PLN

Polish

Zloty

RON

New

Romanian

Leu

RSD

Serbian

Dinar

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

.

.

.

.

.

.

.

.

.

.

THB

Thai

Baht

TRY

Turkish

Lira

TWD

Taiwan

Dollar

USD

U.S.

Dollar

ZAR

South

African

Rand

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

in

000s)

#### SWAPS

#### (0.2)%

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Upfront

#### Payments/

#### $(Receipts)

#### Unrealized

#### $

#### Gain/(Loss)

#### BILATERAL

#### SWAPS

#### (0.2)%

#### Interest

#### Rate

#### Swaps

#### (0.2)%

#### Brazil

#### (0.2)%
Goldman

Sachs,

Year

Interest

Rate

Swap,

Receive

Fixed

12.290%

at

Maturity,

Pay

Variable

14.90%,

(BRL

CDI)

at

Maturity,

1/4/27

14,000

(63) —

(63) Morgan

Stanley,

Year

Interest

Rate

Swap,

Receive

Fixed

10.820%

at

Maturity,

Pay

Variable

14.90%,

(BRL

CDI)

at

Maturity,

1/4/27

20,500

(187) —

(187) Morgan

Stanley,

Year

Interest

Rate

Swap,

Receive

Fixed

9.795%

at

Maturity,

Pay

Variable

14.90%,

(BRL

CDI)

at

Maturity,

1/4/27

15,395

(207) —

(207) Morgan

Stanley,

Year

Interest

Rate

Swap,

Receive

Fixed

9.870%

at

Maturity,

Pay

Variable

14.90%,

(BRL

CDI)

at

Maturity,

1/4/27

11,000

(145) —

(145) #### Total

#### Brazil

#### —

#### (602)

#### China

#### (0.0)%
BNP

Paribas,

Year

Interest

Rate

Swap,

Receive

Fixed

1.613%

Quarterly,

Pay

Variable

2.15%,

(7

Day

Interbank

Repo)

Quarterly,

3/26/32

10,095

(1) —

(1) #### Total

#### China

#### —

#### (1)

#### Total

#### Bilateral

#### Interest

#### Rate

#### Swaps

#### —

#### (603)

#### Total

#### Bilateral

#### Swaps

#### —

#### (603)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value

#### Unrealized

#### $

#### Gain/(Loss)

#### CENTRALLY

#### CLEARED

#### SWAPS

#### (0.0)%

#### Credit

#### Default

#### Swaps,

#### Protection

#### Bought

#### 0.0%

#### Supranational

#### 0.0%
Protection

Bought

(Relevant

Credit:

Markit

CDX.EM-S42,

Year

Index),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/29

(USD)

1,650

(1) 51

(52) T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

in

000s)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value

#### Unrealized

#### $

#### Gain/(Loss)
Protection

Bought

(Relevant

Credit:

Markit

CDX.EM-S43,

Year

Index),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/30

(USD)

2,760

(117) #### Total

#### Supranational

#### (169)

#### Total

#### Centrally

#### Cleared

#### Credit

#### Default

#### Swaps,

#### Protection

#### Bought

#### (169)

#### Interest

#### Rate

#### Swaps

#### (0.0)%

#### China

#### 0.0%

Year

Interest

Rate

Swap,

Receive

Fixed

1.435%

Quarterly,

Pay

Variable

1.500%

(7

Day

Interbank

Repo)

Quarterly,

12/19/29

7,400

(5) —

(5) 5

Year

Interest

Rate

Swap,

Receive

Fixed

1.595%

Quarterly,

Pay

Variable

2.150%

(7

Day

Interbank

Repo)

Quarterly,

4/2/30

7,000

—

Year

Interest

Rate

Swap,

Receive

Fixed

1.625%

Quarterly,

Pay

Variable

1.520%

(7

Day

Interbank

Repo)

Quarterly,

12/5/30

18,500

—

Year

Interest

Rate

Swap,

Receive

Fixed

1.625%

Quarterly,

Pay

Variable

1.850%

(7

Day

Interbank

Repo)

Quarterly,

9/9/30

29,100

—

#### Total

#### China

#### 9

#### India

#### 0.0%

Year

Interest

Rate

Swap,

Receive

Fixed

6.053%

Semi-Annually,

Pay

Variable

5.670%

(1

Day

INR

MIBOR)

Semi-Annually,

2/4/30

127,929

—

Year

Interest

Rate

Swap,

Receive

Fixed

6.067%

Semi-Annually,

Pay

Variable

5.670%

(1

Day

INR

MIBOR)

Semi-Annually,

9/3/29

71,500

—

Year

Interest

Rate

Swap,

Receive

Fixed

6.227%

Semi-Annually,

Pay

Variable

5.670%

(1

Day

INR

MIBOR)

Semi-Annually,

1/7/30

210,000

—

Year

Interest

Rate

Swap,

Receive

Fixed

6.293%

Semi-Annually,

Pay

Variable

5.670%

(1

Day

INR

MIBOR)

Semi-Annually,

11/5/29

166,000

—

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

in

000s)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value

#### Unrealized

#### $

#### Gain/(Loss)

Year

Interest

Rate

Swap,

Receive

Fixed

5.745%

Semi-Annually,

Pay

Variable

5.670%

(1

Day

INR

MIBOR)

Semi-Annually,

10/6/32

130,300

(21) —

(21) 7

Year

Interest

Rate

Swap,

Receive

Fixed

5.787%

Semi-Annually,

Pay

Variable

5.670%

(1

Day

INR

MIBOR)

Semi-Annually,

7/1/32

63,000

(8) —

(8) 7

Year

Interest

Rate

Swap,

Receive

Fixed

5.818%

Semi-Annually,

Pay

Variable

5.670%

(1

Day

INR

MIBOR)

Semi-Annually,

9/29/32

156,200

(18) —

(18) 7

Year

Interest

Rate

Swap,

Receive

Fixed

5.918%

Semi-Annually,

Pay

Variable

5.670%

(1

Day

INR

MIBOR)

Semi-Annually,

12/8/32

308,000

(20) —

(20) 7

Year

Interest

Rate

Swap,

Receive

Fixed

6.350%

Semi-Annually,

Pay

Variable

5.670%

(1

Day

INR

MIBOR)

Semi-Annually,

6/20/31

114,500

—

Year

Interest

Rate

Swap,

Receive

Fixed

6.111%

Semi-Annually,

Pay

Variable

5.670%

(1

Day

INR

MIBOR)

Semi-Annually,

2/5/35

159,923

(1) —

(1) 10

Year

Interest

Rate

Swap,

Receive

Fixed

6.331%

Semi-Annually,

Pay

Variable

5.670%

(1

Day

INR

MIBOR)

Semi-Annually,

11/6/34

95,500

—

#### Total

#### India

#### 55

#### Mexico

#### 0.1%

Year

Interest

Rate

Swap,

Receive

Fixed

8.850%

Days,

Pay

Variable

7.250%

(MXIBTIIE)

Days,

11/15/29

76,812

—

Year

Interest

Rate

Swap,

Pay

Fixed

9.045%

Days,

Receive

Variable

7.250%

(MXIBTIIE)

Days,

1/24/35

57,130

(194) —

(194) #### Total

#### Mexico

#### (7)

#### Poland

#### (0.1)%

Year

Interest

Rate

Swap,

Receive

Fixed

5.080%

Annually,

Pay

Variable

4.210%

(6M

PLN

WIBOR)

Semi-

Annually,

5/9/28

6,915

—

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

in

000s)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value

#### Unrealized

#### $

#### Gain/(Loss)

Year

Interest

Rate

Swap,

Pay

Fixed

4.255%

Annually,

Receive

Variable

4.860%

(6M

PLN

WIBOR)

Semi-

Annually,

6/11/30

1,724

(21) —

(21) 5

Year

Interest

Rate

Swap,

Pay

Fixed

4.290%

Annually,

Receive

Variable

4.860%

(6M

PLN

WIBOR)

Semi-

Annually,

6/11/30

1,724

(21) —

(21) 5

Year

Interest

Rate

Swap,

Pay

Fixed

4.315%

Annually,

Receive

Variable

4.850%

(6M

PLN

WIBOR)

Semi-

Annually,

6/12/30

5,172

(66) —

(66) 5

Year

Interest

Rate

Swap,

Pay

Fixed

4.320%

Annually,

Receive

Variable

4.850%

(6M

PLN

WIBOR)

Semi-

Annually,

6/12/30

5,171

(66) —

(66) 7

Year

Interest

Rate

Swap,

Pay

Fixed

4.333%

Annually,

Receive

Variable

4.580%

(6M

PLN

WIBOR)

Semi-

Annually,

9/29/32

3,764

(24) —

(24) #### Total

#### Poland

#### (83)

#### Total

#### Centrally

#### Cleared

#### Interest

#### Rate

#### Swaps

#### (26)

#### Zero-Coupon

#### Inflation

#### Swaps

#### (0.0)%

#### United

#### States

#### (0.0)%

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.408%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

12/1/35

3,500

—

—

—

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.447%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

12/9/35

4,100

(16) —

(16) #### Total

#### United

#### States

#### (16)

#### Total

#### Centrally

#### Cleared

#### Zero-Coupon

#### Inflation

#### Swaps

#### (16)

#### Total

#### Centrally

#### Cleared

#### Swaps

#### (211)

#### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### 226

#### Variation

#### margin

#### receivable
(payable)

#### on

#### centrally

#### cleared

#### swaps

#### $

#### 15
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

in

000s)

#### FORWARD

#### CURRENCY

#### EXCHANGE

#### CONTRACTS

#### Counterparty

#### Settlement

#### Receive

#### Deliver

#### Unrealized

#### Gain/(Loss)
Bank

of

America

1/16/26

HUF

659,208

USD

1,978

$

Bank

of

America

1/16/26

MXN

75,894

USD

4,082

Bank

of

America

1/16/26

USD

1,689

MXN

31,648

(65) Bank

of

America

1/23/26

JPY

391,437

USD

2,571

(67) Bank

of

America

2/13/26

USD

2,344

HUF

796,127

(83) Bank

of

America

3/6/26

USD

PHP

21,785

(1) Barclays

Bank

1/9/26

INR

47,014

USD

524

(2) Barclays

Bank

1/13/26

RON

5,822

USD

1,328

Barclays

Bank

1/15/26

EGP

16,631

USD

Barclays

Bank

1/15/26

TRY

126,138

USD

2,793

Barclays

Bank

1/16/26

HUF

73,950

USD

Barclays

Bank

1/16/26

ZAR

16,529

USD

954

Barclays

Bank

2/13/26

USD

629

PLN

2,284

(7) Barclays

Bank

3/6/26

USD

887

COP

3,370,516

BNP

Paribas

1/9/26

INR

597,028

USD

6,729

(92) BNP

Paribas

1/9/26

USD

2,322

INR

210,149

(14) BNP

Paribas

1/13/26

USD

2,502

RON

10,944

(21) BNP

Paribas

1/14/26

TWD

50,610

USD

1,625

(15) BNP

Paribas

1/15/26

IDR

6,042,066

USD

—

BNP

Paribas

1/23/26

USD

6,820

CHF

5,396

(10) BNP

Paribas

2/20/26

USD

3,316

GBP

2,524

(86) BNP

Paribas

3/6/26

COP

2,930,491

USD

767

(9) BNP

Paribas

3/9/26

MYR

19,816

USD

4,800

BNY

Mellon

3/3/26

BRL

3,668

USD

672

(12) Canadian

Imperial

Bank

of

Commerce

1/16/26

USD

1,904

ZAR

32,791

(74) Canadian

Imperial

Bank

of

Commerce

2/13/26

PLN

4,374

USD

1,218

Citibank

1/7/26

NGN

1,658,287

USD

1,031

Citibank

1/7/26

USD

NGN

304,381

(13) Citibank

1/9/26

INR

383,536

USD

4,296

(33) Citibank

1/9/26

USD

PEN

988

(1) Citibank

1/13/26

RON

17,954

USD

4,087

Citibank

1/15/26

EGP

44,756

USD

888

Citibank

1/15/26

IDR

13,659,915

USD

817

Citibank

1/15/26

IDR

47,157,734

USD

2,826

—

Citibank

1/15/26

USD

541

TRY

24,415

(22) Citibank

1/16/26

CZK

16,177

USD

786

Citibank

1/16/26

HUF

179,557

USD

549

—

Citibank

1/16/26

MXN

39,248

USD

2,129

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

in

000s)

#### FORWARD

#### CURRENCY

#### EXCHANGE

#### CONTRACTS
(CONTINUED)

#### Counterparty

#### Settlement

#### Receive

#### Deliver

#### Unrealized

#### Gain/(Loss)
Citibank

1/16/26

RSD

41,298

USD

$

Citibank

1/16/26

USD

1,505

MXN

27,107

Citibank

1/16/26

ZAR

52,767

USD

3,088

Citibank

1/26/26

CAD

2,384

USD

1,713

Citibank

1/27/26

INR

226,536

USD

2,514

—

Citibank

2/6/26

CLP

750,580

USD

819

Citibank

2/12/26

TRY

7,107

USD

—

Citibank

2/13/26

PLN

3,005

USD

836

Citibank

2/13/26

RSD

44,595

USD

Citibank

2/20/26

USD

EUR

—

Citibank

3/3/26

BRL

12,980

USD

2,402

(67) Citibank

4/10/26

NGN

1,194,944

USD

765

Deutsche

Bank

1/9/26

INR

263,465

USD

2,921

Deutsche

Bank

1/9/26

INR

30,500

USD

(4) Deutsche

Bank

1/13/26

USD

1,131

RON

4,950

(10) Deutsche

Bank

1/15/26

IDR

51,023,554

USD

3,063

(6) Deutsche

Bank

1/15/26

USD

8,207

IDR

136,678,745

Deutsche

Bank

1/16/26

CZK

44,949

USD

2,161

Deutsche

Bank

1/16/26

USD

1,622

HUF

549,123

(56) Deutsche

Bank

2/13/26

PLN

6,906

USD

1,922

Deutsche

Bank

2/13/26

RSD

16,031

USD

Deutsche

Bank

3/6/26

USD

PHP

22,221

(1) Deutsche

Bank

3/13/26

CNH

2,166

USD

Goldman

Sachs

1/14/26

USD

5,045

TWD

152,233

Goldman

Sachs

3/3/26

BRL

1,423

USD

(5) Goldman

Sachs

3/6/26

COP

4,207,662

USD

1,105

(17) Goldman

Sachs

3/6/26

THB

256,206

USD

7,950

HSBC

Bank

1/7/26

USD

1,150

NGN

1,667,541

(3) HSBC

Bank

1/9/26

INR

186,312

USD

2,087

(16) HSBC

Bank

1/13/26

USD

1,531

RON

6,801

(37) HSBC

Bank

1/14/26

USD

TWD

8,803

HSBC

Bank

1/15/26

IDR

15,971,763

USD

953

HSBC

Bank

1/16/26

CZK

43,037

USD

2,049

HSBC

Bank

1/16/26

MXN

23,637

USD

1,310

—

HSBC

Bank

1/16/26

USD

2,163

HUF

731,368

(71) HSBC

Bank

2/6/26

USD

559

CLP

513,658

(12) HSBC

Bank

3/3/26

USD

3,472

BRL

18,835

HSBC

Bank

3/6/26

THB

82,771

USD

2,589

HSBC

Bank

3/6/26

USD

2,020

THB

64,701

(43) HSBC

Bank

3/9/26

MYR

8,123

USD

1,979

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

in

000s)

#### FORWARD

#### CURRENCY

#### EXCHANGE

#### CONTRACTS
(CONTINUED)

#### Counterparty

#### Settlement

#### Receive

#### Deliver

#### Unrealized

#### Gain/(Loss)
HSBC

Bank

4/10/26

NGN

1,667,541

USD

1,115

$

JPMorgan

Chase

1/9/26

INR

65,154

USD

732

(8) JPMorgan

Chase

1/9/26

USD

INR

42,604

JPMorgan

Chase

1/13/26

RON

903

USD

JPMorgan

Chase

1/14/26

USD

TWD

8,227

JPMorgan

Chase

1/15/26

IDR

10,034,329

USD

599

JPMorgan

Chase

1/15/26

IDR

4,371,498

USD

(1) JPMorgan

Chase

1/15/26

TRY

24,667

USD

547

JPMorgan

Chase

1/15/26

USD

1,250

IDR

20,803,174

JPMorgan

Chase

1/15/26

USD

1,858

TRY

82,246

(36) JPMorgan

Chase

1/16/26

CZK

41,937

USD

2,017

JPMorgan

Chase

1/16/26

HUF

367,776

USD

1,111

JPMorgan

Chase

1/16/26

MXN

67,759

USD

3,691

JPMorgan

Chase

1/16/26

USD

4,787

MXN

88,128

(99) JPMorgan

Chase

1/16/26

USD

501

ZAR

8,521

(13) JPMorgan

Chase

1/23/26

JPY

203,252

USD

1,312

(12) JPMorgan

Chase

1/23/26

USD

830

CHF

664

(10) JPMorgan

Chase

1/26/26

USD

2,076

CAD

2,906

(44) JPMorgan

Chase

1/27/26

INR

64,229

USD

713

—

JPMorgan

Chase

2/3/26

USD

HKD

2,760

—

JPMorgan

Chase

2/6/26

CLP

7,505

USD

—

JPMorgan

Chase

2/6/26

USD

1,634

CLP

1,525,001

(62) JPMorgan

Chase

2/12/26

TRY

65,033

USD

1,447

JPMorgan

Chase

2/12/26

USD

TRY

16,997

(3) JPMorgan

Chase

2/13/26

HUF

87,115

USD

JPMorgan

Chase

2/13/26

PLN

54,569

USD

14,906

JPMorgan

Chase

2/20/26

GBP

1,343

USD

1,770

JPMorgan

Chase

2/20/26

USD

528

EUR

(3) JPMorgan

Chase

3/6/26

COP

1,198,211

USD

JPMorgan

Chase

3/6/26

THB

4,067

USD

—

JPMorgan

Chase

3/6/26

USD

1,670

COP

6,471,924

(4) JPMorgan

Chase

3/6/26

USD

727

PHP

43,135

(2) JPMorgan

Chase

3/9/26

MYR

24,489

USD

5,981

JPMorgan

Chase

3/13/26

CNH

141,173

USD

20,096

Morgan

Stanley

1/15/26

IDR

6,089,884

USD

Morgan

Stanley

1/16/26

USD

6,214

CZK

130,221

(122) Morgan

Stanley

1/16/26

USD

1,411

ZAR

23,962

(34) Morgan

Stanley

1/26/26

USD

1,696

CAD

2,377

(37) Morgan

Stanley

2/20/26

GBP

1,325

USD

1,769

Morgan

Stanley

2/20/26

USD

EUR

(2) T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

in

000s)

#### FORWARD

#### CURRENCY

#### EXCHANGE

#### CONTRACTS
(CONTINUED)

#### Counterparty

#### Settlement

#### Receive

#### Deliver

#### Unrealized

#### Gain/(Loss)
NatWest

Bank

2/13/26

USD

4,950

PLN

18,100

$

(90) NatWest

Bank

3/6/26

PHP

20,444

USD

—

NatWest

Bank

3/13/26

USD

530

CNH

3,724

(6) Nomura

Securities

International

1/15/26

USD

991

TRY

44,143

(26) RBC

Dominion

Securities

1/9/26

USD

1,862

INR

168,403

(10) RBC

Dominion

Securities

1/13/26

USD

RON

771

(2) RBC

Dominion

Securities

1/16/26

MXN

6,214

USD

RBC

Dominion

Securities

1/16/26

USD

CZK

8,753

(5) RBC

Dominion

Securities

1/23/26

JPY

25,609

USD

—

RBC

Dominion

Securities

2/6/26

CLP

2,545,808

USD

2,698

RBC

Dominion

Securities

2/13/26

PLN

3,455

USD

947

RBC

Dominion

Securities

2/20/26

USD

EUR

(3) RBC

Dominion

Securities

2/20/26

USD

GBP

(6) RBC

Dominion

Securities

3/3/26

BRL

5,363

USD

984

(19) RBC

Dominion

Securities

3/6/26

COP

149,103

USD

—

RBC

Dominion

Securities

3/6/26

COP

506,952

USD

(2) RBC

Dominion

Securities

3/6/26

USD

4,028

COP

15,314,625

RBC

Dominion

Securities

3/6/26

USD

898

COP

3,483,630

(3) RBC

Dominion

Securities

3/6/26

USD

593

PHP

35,266

(3) Societe

Generale

1/15/26

USD

EGP

9,976

(7) Societe

Generale

1/16/26

USD

1,134

ZAR

19,789

(60) Societe

Generale

2/12/26

TRY

65,132

USD

1,455

Societe

Generale

3/3/26

BRL

7,280

USD

1,338

(28) Societe

Generale

3/6/26

KZT

1,029,795

USD

1,925

Societe

Generale

3/13/26

CNH

14,527

USD

2,070

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

in

000s)

#### FORWARD

#### CURRENCY

#### EXCHANGE

#### CONTRACTS
(CONTINUED)

#### Counterparty

#### Settlement

#### Receive

#### Deliver

#### Unrealized

#### Gain/(Loss)
Standard

Chartered

1/7/26

NGN

313,635

USD

$

Standard

Chartered

1/9/26

PEN

1,893

USD

545

Standard

Chartered

1/15/26

EGP

25,674

USD

513

Standard

Chartered

1/15/26

IDR

9,332,598

USD

560

—

Standard

Chartered

1/26/26

USD

1,712

CAD

2,384

(27) Standard

Chartered

3/3/26

USD

1,722

BRL

9,506

Standard

Chartered

3/6/26

PHP

82,176

USD

1,397

(8) Standard

Chartered

3/6/26

USD

2,969

PHP

175,108

Standard

Chartered

3/6/26

USD

PHP

21,785

(1) Standard

Chartered

3/9/26

MYR

24,942

USD

6,015

Standard

Chartered

3/9/26

USD

2,674

MYR

10,988

(43) State

Street

1/16/26

CZK

15,432

USD

742

State

Street

1/23/26

JPY

25,457

USD

—

Toronto-Dominion

Bank

1/16/26

ZAR

12,769

USD

734

Toronto-Dominion

Bank

2/6/26

CLP

1,701,947

USD

1,814

Toronto-Dominion

Bank

2/20/26

USD

1,914

EUR

1,642

(20) UBS

Investment

Bank

1/9/26

USD

4,267

INR

383,912

(1) UBS

Investment

Bank

1/16/26

USD

1,872

CZK

38,768

(14) UBS

Investment

Bank

2/13/26

USD

874

HUF

287,254

(2) UBS

Investment

Bank

3/6/26

COP

168,984

USD

—

UBS

Investment

Bank

3/6/26

COP

168,984

USD

—

UBS

Investment

Bank

3/6/26

USD

2,001

COP

7,693,131

UBS

Investment

Bank

3/6/26

USD

1,020

COP

3,948,114

(2) UBS

Investment

Bank

3/6/26

USD

3,043

THB

97,498

(66) UBS

Investment

Bank

4/10/26

INR

383,912

USD

4,229

Wells

Fargo

1/9/26

USD

920

PEN

3,127

(10) Wells

Fargo

1/23/26

JPY

261,128

USD

1,717

(47) Wells

Fargo

3/6/26

COP

5,294,204

USD

1,368

Wells

Fargo

3/6/26

USD

965

COP

3,640,157

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

1,163

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### FUTURES

#### CONTRACTS
($000s)

#### Expiration

#### Date

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Gain
(Loss)

Short,

Euro

BOBL

contracts

3/26

(9,965)

$

Short,

Euro

BUND

contracts

3/26

(3,748)

Short,

U.S.

Treasury

Notes

five

year

contracts

3/26

(12,898)

(4) Short,

U.S.

Treasury

Notes

ten

year

contracts

3/26

(3,486)

Short,

Ultra

U.S.

Treasury

Bonds

contracts

3/26

(354) 7

#### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### (72)

#### Variation

#### margin

#### receivable
(payable)

#### on

#### open

#### futures

#### contracts

#### $

#### 21
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### 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

year

ended

December

31,

2025. 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,

3.77%

$

—#

$

—

$

351+

#### Supplementary

#### Investment

#### Schedule

#### Affiliate

#### Value

#### 12/31/24

#### Purchase

#### Cost

#### Sales

#### Cost

#### Value

#### 12/31/25
T. Rowe

Price

Government

Reserve

Fund,

3.77%

$

9,805

¤

¤

$

23,075^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$351

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

$23,075.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

December

31,

2025

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$361,756)

$

376,654

Interest

receivable

8,255

Unrealized

gain

on

forward

currency

exchange

contracts

3,141

Foreign

currency

(cost

$2,880)

2,579

Cash

deposits

on

centrally

cleared

swaps

859

Receivable

for

investment

securities

sold

572

Restricted

cash

pledged

for

bilateral

derivatives

547

Cash

deposits

on

futures

contracts

Receivable

for

shares

sold

Due

from

affiliates

Variation

margin

receivable

on

futures

contracts

Cash

Variation

margin

receivable

on

centrally

cleared

swaps

Other

assets

Total

assets

393,436

#### Liabilities
Unrealized

loss

on

forward

currency

exchange

contracts

1,978

Unrealized

loss

on

bilateral

swaps

603

Payable

for

shares

redeemed

Investment

management

fees

payable

Payable

for

investment

securities

purchased

Other

liabilities

Total

liabilities

3,057

Commitments

and

Contingent

Liabilities

(note

7)

#### NET

#### ASSETS

#### $

#### 390,379
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

December

31,

2025

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Net

#### Assets

#### Consist

#### of:
Total

distributable

earnings

(loss)

$

(41,048)

Paid-in

capital

applicable

to

76,160,961

shares

of

$0.01

par

value

capital

stock

outstanding;

18,000,000,000

shares

of

the

Corporation

authorized

431,427

#### NET

#### ASSETS

#### $

#### 390,379

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $26,058;

#### Shares

#### outstanding:

#### 5,080,414)

#### $

#### 5.13

#### Advisor

#### Class

#### (Net

#### assets:

#### $4;

#### Shares

#### outstanding:

#### 787)

#### $

#### 5.09

#### I

#### Class

#### (Net

#### assets:

#### $135,725;

#### Shares

#### outstanding:

#### 26,456,937)

#### $

#### 5.13

#### Z

#### Class

#### (Net

#### assets:

#### $228,592;

#### Shares

#### outstanding:

#### 44,622,823)

#### $

#### 5.12
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Statement

#### of

#### Operations

($000s)

Year

Ended

12/31/25

#### Investment

#### Income
(Loss)

Income

.

&nbsp;&nbsp;&nbsp;&nbsp;Interest

(net

of

foreign

taxes

of

$887)

$

21,525

Dividend

Total

income

21,876

Expenses

Investment

management

1,885

Shareholder

servicing

Investor

Class

$

Advisor

Class

I

Class

Prospectus

and

shareholder

reports

Investor

Class

Advisor

Class

I

Class

Z

Class

Custody

and

accounting

Registration

Legal

and

audit

Directors

Miscellaneous

Waived

/

paid

by

Price

Associates

(1,477)

Total

expenses

896

Net

investment

income

20,980

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

12/31/25

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

gain

(loss)

Securities

(net

of

foreign

taxes

of

$34)

(1,371)

Futures

(343) Swaps

Options

written

Forward

currency

exchange

contracts

1,933

Foreign

currency

transactions

(2) Net

realized

gain

666

Change

in

net

unrealized

gain

/

loss

Securities

30,092

Futures

(78) Swaps

(473) Forward

currency

exchange

contracts

3,401

Other

assets

and

liabilities

denominated

in

foreign

currencies

802

Change

in

net

unrealized

gain

/

loss

33,744

Net

realized

and

unrealized

gain

/

loss

34,410

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 55,390
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/25

12/31/24

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

$

20,980

$

21,490

Net

realized

gain

(loss)

666

(5,425)

Change

in

net

unrealized

gain

/

loss

33,744

(27,374)

Increase

(decrease)

in

net

assets

from

operations

55,390

(11,309)

Distributions

to

shareholders

Net

earnings

Investor

Class

(1,288)

(707) I

Class

(6,679)

(3,143)

Z

Class

(12,973)

(6,768)

Tax

return

of

capital

–

–

Investor

Class

–

(691) I

Class

–

(2,991)

Z

Class

–

(6,428)

Decrease

in

net

assets

from

distributions

(20,940)

(20,728)

Capital

share

transactions

\*

Shares

sold

Investor

Class

16,668

4,444

Advisor

Class

–

I

Class

50,614

15,173

Z

Class

50,318

4,311

Distributions

reinvested

Investor

Class

1,192

1,314

I

Class

6,373

6,014

Z

Class

12,976

13,194

Shares

redeemed

Investor

Class

(12,974)

(12,305)

Advisor

Class

–

(12) I

Class

(25,694)

(17,767)

Z

Class

(39,000)

(12,871)

Increase

in

net

assets

from

capital

share

transactions

60,473

1,496

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/25

12/31/24

#### Net

#### Assets
Increase

(decrease)

during

period

94,923

(30,541)

Beginning

of

period

295,456

325,997

#### End

#### of

#### period

#### $

#### 390,379

#### $

#### 295,456
\*Share

information

(000s)

Shares

sold

Investor

Class

3,355

918

Advisor

Class

–

–

(1) I

Class

10,140

3,119

Z

Class

10,004

930

Distributions

reinvested

Investor

Class

I

Class

1,297

1,251

Z

Class

2,650

2,747

Shares

redeemed

Investor

Class

(2,618)

(2,551)

Advisor

Class

–

(2) I

Class

(5,314)

(3,687)

Z

Class

(8,243)

(2,640)

Increase

in

shares

outstanding

11,514

(1) Amount

rounds

to

less

than

1,000

shares

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### NOTES

#### TO

#### FINANCIAL

#### STATEMENTS

T. Rowe

Price

International

Funds,

Inc. (the

corporation)

is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Emerging

Markets

Local

Currency

Bond

Fund

(the

fund)

is a

nondiversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks to

provide

high

income

and

capital

appreciation.

The

fund

has four classes

of

shares:

the

Emerging

Markets

Local

Currency

Bond

Fund

(Investor

Class),

the

Emerging

Markets

Local

Currency

Bond

Fund–Advisor

Class

(Advisor

Class),

the

Emerging

Markets

Local

Currency

Bond

Fund–I

Class

(I

Class)

and

the

Emerging

Markets

Local

Currency

Bond

Fund–Z

Class

(Z

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Z

Class

is

only

available

to

funds

advised

by

T. Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services.

The

Advisor

Class

operates

under

a

Board-approved

Rule

12b-1

plan

pursuant

to

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/or

certain

administrative

services;

the

Investor,

I

and

Z

Classes

do

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

#### NOTE

#### 1

#### -

#### SIGNIFICANT

#### ACCOUNTING

#### POLICIES

#### Basis

#### of

#### Preparation
The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

*Accounting* 

*Standards* 

*Codification* 

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946. GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Investment

#### Transactions,

#### Investment

#### Income,

#### and

#### Distributions
Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Inflation

adjustments

to

the

principal

amount

of

inflation-indexed

bonds

are

reflected

as

interest

income. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

as

dividend income;

capital

gain

distributions

are

reflected

as

realized

gain/

loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Earnings

on

investments

recognized

as

partnerships

for

federal

income

tax

purposes

reflect

the

tax

character

of

such

earnings. Non-

cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any, are

declared

by

each

class daily

and

paid

monthly. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

#### Currency

#### Translation
Assets,

including

investments,

and

liabilities

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.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

#### Class

#### Accounting
Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class's

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class's

outstanding

shares.

The

Advisor

Class

pays

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

of

the

class's

average

daily

net

assets;

during

the

year

ended

December

31,

2025,

the

Advisor

Class

incurred

less

than

$1,000

in

these

fees.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Capital

#### Transactions
Each

investor's

interest

in

the

net

assets

of

the

fund

is

represented

by

fund

shares.

The

fund's

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

Eastern

time,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T. Rowe

Price

Associates,

Inc.,

or

its

agents.

#### Indemnification
In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund's

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

#### NOTE

#### 2

#### -

#### VALUATION

#### Fair

#### Value
&nbsp;&nbsp;&nbsp;&nbsp;The

fund's

financial

instruments

are

valued

at

the

close

of

the

NYSE

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

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Level

–

inputs

other

than

Level

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

–

unobservable

inputs

(including

the Valuation

Designee's assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

#### Valuation

#### Techniques
Debt

securities

are

generally 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.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

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

the

fund's 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,

decides 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

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

or 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.

Investments

in

private

investment

companies

are

valued

at

the

investee's

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee's

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation Designee

may

adjust

the

investee's

NAV

to

reflect

fair

value

at

the

valuation

date.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value.

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

the

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

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Valuation

#### Inputs
&nbsp;&nbsp;&nbsp;&nbsp;The

following

table

summarizes

the

fund's

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

December

31,

2025

(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

$

—

$

8,579

$

—

$

8,579

Common

Stocks

—

—

Government

Bonds

—

344,054

344,257

Private

Investment

Company

—

—

—

640

Short-Term

Investments

23,075

—

—

23,075

Options

Purchased

—

—

Total

Securities

23,075

352,736

376,654

Swaps\*

—

—

Forward

Currency

Exchange

Contracts

—

3,141

—

3,141

Futures

Contracts\*

—

—

Total

$

23,172

$

356,316

$

$

380,331

#### Liabilities
Swaps\*

$

—

$

1,253

$

—

$

1,253

Forward

Currency

Exchange

Contracts

—

1,978

—

1,978

Futures

Contracts\*

—

—

Total

$

$

3,231

$

—

$

3,235

Includes

Convertible

Bonds

and

Corporate

Bonds.

In

accordance

with

Subtopic

820-10,

certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

hierarchy.

The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Portfolio

of

Investments.

\*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### NOTE

#### 3

#### -

#### DERIVATIVE

#### INSTRUMENTS
During

the

year ended

December

31,

2025,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement

or

delivery

of

cash

or

other

assets.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund's

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund's

derivative

instruments

held

as

of

December

31,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

($000s)

#### Location

#### on

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value\*

#### Assets
Interest

rate

derivatives

Centrally

Cleared

Swaps,

Futures

$

536

Foreign

exchange

derivatives

Forwards,

Securities^

3,243

^

,\*

Total

$

3,779

^

,\*

#### Liabilities
Inflation

derivatives

Centrally

Cleared

Swaps

$

Interest

rate

derivatives

Bilateral

Swaps,

Centrally

Cleared

Swaps,

Futures

1,072

Foreign

exchange

derivatives

Forwards

1,978

Credit

derivatives

Centrally

Cleared

Swaps

Total

$

3,235

\*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

^

Options

purchased

are

reported

as

securities

and

are

reflected

in

the

accompanying

Portfolio

of

Investments.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

December

31,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure:

($000s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Location

#### of

#### Gain
(Loss)

#### on

#### Statement

#### of

#### Operations

#### Securities^

#### Options

#### Written

#### Futures

#### Forward

#### Currency

#### Exchange

#### Contracts

#### Swaps

#### Total

#### Realized

#### Gain
(Loss)

Inflation

derivatives

$

—

$

—

$

—

$

—

$

$

Interest

rate

derivatives

(211) —

(343) —

852

Foreign

exchange

derivatives

(161) 37

—

1,933

—

1,809

Credit

derivatives

—

—

—

—

(480) (480) Total

$

(372) $

$

(343) $

1,933

$

$

1,667

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

Inflation

derivatives

$

—

$

—

$

—

$

—

$

(14) $

(14) Interest

rate

derivatives

(26) —

(78) —

(240) (344) Foreign

exchange

derivatives

(112) —

—

3,401

—

3,289

Credit

derivatives

—

—

—

—

(219) (219) Total

$

(138) $

—

$

(78) $

3,401

$

(473) $

2,712

^

Options

purchased

are

reported

as

securities.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Counterparty

#### Risk

#### and

#### Collateral
The

fund

invests

in

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Derivatives,

such

as

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

counterparty

risk.

To

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

also

require

the

exchange

of

collateral

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs), with

a

Credit

Support

Annex

(CSA),

if

any,

that

governs

the

collateralization

process, or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

such

as

Additional

Termination

Events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund's

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements,

such

as

a

CSA, whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

a

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Collateral

may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund's

assets.

Collateral

pledged

by

counterparties

is

not

included

in

the

fund's

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

by

the

fund

is

held

in

a

segregated

account

at

the

fund's

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

December

31,

2025,

cash

of $1,278,000 had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

The

following

table

summarizes

the

fund's

OTC

and

bilateral

derivatives

at

the

reporting

date

by

loss

exposure

to

each

counterparty

after

consideration

of

collateral,

if

any.

($000s)

#### Gross

#### Value

#### on

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### amount

#### due

#### (to)/from

#### Counterparty

#### or

#### Exchange

#### Collateral

#### Pledged
(Received)

#### by

#### Fund

#### Loss

#### Exposure,

#### After

#### Collateral\*

#### (not

#### less

#### than

#### $0)

#### Counterparty

#### Assets

#### Liabilities
Bank

of

America

$

$

(216) $

(55) $

$

—

Barclays

Bank

(9) 178

—

BNP

Paribas

(248) (147) —

—

BNY

Mellon

—

(12) (12) —

—

Canadian

Imperial

Bank

of

Commerce

(74) (67) —

—

Citibank

(136) 326

(322) 4

Deutsche

Bank

(77) 40

—

Goldman

Sachs

(85) 337

(260) 77

HSBC

Bank

(182) 43

—

JPMorgan

Chase

803

(297) 506

(277) 229

Morgan

Stanley

(734) (715) 534

—

NatWest

Bank

—

(96) (96) —

—

Nomura

Securities

International

(26) 2

—

RBC

Dominion

Securities

(53) 170

—

Societe

Generale

(95) 6

—

Standard

Chartered

(79) 147

—

State

Street

—

—

Toronto-Dominion

Bank

(20) 94

—

UBS

Investment

Bank

(85) (71) —

—

Wells

Fargo

(57) (32) —

—

Total

$

3,243

$

(2,581)

\*

In

situations

such

as

counterparty

default

or

bankruptcy,

the

fund

may

have

further

rights

of

offset

against

amounts

due

to

or

from

the

counterparty

under

other

agreements.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Forward

#### Currency

#### Exchange

#### Contracts
The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-denominated

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

fund's

foreign

currency

exposure

from

one

country

to

another,

or

to

enhance

the

fund's

return.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund's

total

return;

and

the

potential

for

losses

in

excess

of

the

fund's

initial

investment.

During

the

year ended

December

31,

2025,

the

volume

of

the

fund's

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

between

33%

and

44%

of

net

assets.

#### Futures

#### Contracts
The

fund

is

subject

to interest

rate

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risk.

The fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

credit

quality,

and

mortgage

prepayments;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-

upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-

traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/or

interest

rates,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

During

the

year ended

December

31,

2025,

the

volume

of

the

fund's

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

4%

and

8%

of

net

assets.

#### Options
The

fund

is

subject

to interest

rate

risk

and

foreign

currency

exchange

rate

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risks.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

The

fund

may

buy

or

sell

options

that

can

be

settled

either

directly

with

the

counterparty

(OTC

options)

or

through

a

central

clearinghouse

(exchange-

traded

options).

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses

on

the

accompanying

Statement

of

Operations;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

In

return

for

a

premium

paid,

currency

options

give

the

holder

the

right,

but

not

the

obligation,

to

buy

and

sell

currency

at

a

specified

exchange

rate;

although

certain

currency

options

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract.

In

return

for

a

premium

paid,

call

and

put

options

on

futures

give

the

holder

the

right,

but

not

the

obligation,

to

purchase

or

sell,

respectively,

a

position

in

a

particular

futures

contract

at

a

specified

exercise

price. Risks related

to

the

use

of

options

include

possible

illiquidity

of

the

options

markets;

trading

restrictions

imposed

by

an

exchange

or

counterparty;

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

values,

interest

rates

and

currency

values;

and,

for

options

written,

the

potential

for

losses

to

exceed

any

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

premium

received

by

the

fund.

During

the

year ended

December

31,

2025,

the

volume

of

the

fund's

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

0%

and

16%

of

net

assets.

#### Swaps
The

fund

is

subject

to

interest

rate

risk,

credit

risk

and

inflation

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risks.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Interest

rate

swaps

are

agreements

to

exchange

cash

flows

based

on

the

difference

between

specified

interest

rates

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

interest

rate

swaps

include

the

potential

for

unanticipated

movements

in

interest

or

currency

rates,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund's

swap

investments,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund's

swap

investments,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

Zero-coupon

inflation

swaps

are

agreements

to

exchange

cash

flows,

on

the

contract's

maturity

date,

based

on

the

difference

between

a

predetermined

fixed

rate

and

the

cumulative

change

in

the

consumer

price

index,

both

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

zero-coupon

inflation

swaps

include

the

potential

for

unanticipated

movements

in

inflation

rates,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund's

swap

investments,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

During

the

year ended

December

31,

2025,

the

volume

of

the

fund's

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

16%

and

29%

of

net

assets.

#### NOTE

#### 4

#### -

#### OTHER

#### INVESTMENT

#### TRANSACTIONS
Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund's prospectus

and

Statement

of

Additional

Information.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Emerging

#### and

#### Frontier

#### Markets
The fund

invests,

either

directly

or

through

investments

in

other

T. Rowe

Price

funds,

in

securities

of

companies

located

in,

issued

by

governments

of,

or

denominated

in

or

linked

to

the

currencies

of

emerging

and

frontier

market

countries.

Emerging

markets,

and

to

a

greater

extent

frontier

markets, tend

to

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

that

are

less

stable,

than

those

of

developed

countries.

These

markets

may

be

subject

to

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund's

ability

to

buy

or

sell

certain

securities

or

repatriate

proceeds

to

U.S.

dollars.

Emerging

markets

securities

exchanges

are

more

likely

to

experience

delays

with

the

clearing

and

settling

of

trades,

as

well

as

the

custody

of

holdings

by

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

to

greater

price

volatility,

less

liquidity,

and

higher

rates

of

inflation

than

U.S.

securities.

Investing

in

frontier

markets

is

typically

significantly

riskier

than

investing

in

other

countries,

including

emerging

markets.

#### Noninvestment-Grade

#### Debt
The

fund

invests,

either

directly

or

through

its

investment

in

other

T. Rowe

Price

funds,

in

noninvestment-grade

debt,

including

"high

yield"

or

"junk"

bonds

or

leveraged

loans.

Noninvestment-grade

debt

issuers

are

more

likely

to

suffer

an

adverse

change

in

financial

condition

that

would

result

in

the

inability

to

meet

a

financial

obligation.

The

noninvestment-

grade

debt

market

may

experience

sudden

and

sharp

price

swings

due

to

a

variety

of

factors

that

may

decrease

the

ability

of

issuers

to

make

principal

and

interest

payments

and

adversely

affect

the

liquidity

or

value,

or

both,

of

such

securities.

Accordingly,

securities

issued

by

such

companies

carry

a

higher

risk

of

default

and

should

be

considered

speculative.

#### Restricted

#### Securities
The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

#### Other
Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $284,469,000 and

$225,179,000,

respectively,

for

the

year ended

December

31,

2025. T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### NOTE

#### 5

#### -

#### FEDERAL

#### INCOME

#### TAXES
Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The

fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required.

The

fund's

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

permanent

book/tax

adjustments

relate

primarily

to

the

character

of

net

currency

gains

or

losses

and

the

character

of

income

on

swaps.

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

($000s)

#### December

#### 31,

#### 2025

#### December

#### 31,

#### 2024
Ordinary

income

(including

short-term

capital

gains,

if

any)

$

20,940

$

10,618

Return

of

capital

—

10,110

Total

distributions

$

20,940

$

20,728

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

At

December

31,

2025,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were as

follows:

At

December

31,

2025,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales

and

the

realization

of

gains/losses

on

certain

open

derivative

contracts.

The

loss

carryforwards

and

deferrals

primarily

relate

to

capital

loss

carryforwards

and

straddle

deferrals.

Capital

loss

carryforwards

are

available

indefinitely

to

offset

future

realized

capital

gains.

Other

temporary

differences

relate

primarily

to

differences

in

the

treatment

of

hyperinflationary

currencies.

#### NOTE

#### 6

#### -

#### FOREIGN TAXES
The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

($000s)

Cost

of

investments

$

363,780

Unrealized

appreciation

$

26,551

Unrealized

depreciation

(13,125)

Net

unrealized

appreciation

(depreciation)

$

13,426

($000s)

Overdistributed

ordinary

income

$

(654) Net

unrealized

appreciation

(depreciation)

13,426

Loss

carryforwards

and

deferrals

(53,820)

Total

distributable

earnings

(loss)

$

(41,048)

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/

loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

#### NOTE

#### 7

#### -

#### RELATED

#### PARTY

#### TRANSACTIONS
The

fund

is

managed

by

T. Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T. Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee

and

a

group

fee.

The

individual

fund

fee

is

equal

to

0.31%

of

the

fund's

average

daily

net

assets;

prior

to

June

1,

2025,

the

individual

fund

fee

had

been

0.36%.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.26%

for

assets

in

excess

of

$845

billion.

The

fund's

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund's

average

daily

net

assets. At

December

31,

2025,

the

effective

annual

group

fee

rate

was

0.28%.

The

Investor

Class

and

Advisor

Class

are

each

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

dates

indicated

in

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

dates

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

Prior

to

June

1,

2025,

the

contractual

expense

limitations

for

the

Investor

Class

was

1.02%.

During

the

limitation

period,

Price

Associates

is required

to

waive

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the class's ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

Each

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class's net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the class's net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

of:

(1) the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2) the class's

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class's

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class's

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2) the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class'

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

only

be

amended

or

terminated

with

approval

by

the

fund's

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Pursuant

to

these

agreements,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the year

ended December

31,

2025 as

indicated

in

the

table

below.

Including

these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $280,000 remain

subject

to

repayment

by

the

fund

at

December

31,

2025. Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T. Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund's

transfer

and

dividend-disbursing

agent.

T. Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class

and

Advisor

Class.

For

the

year

ended

December

31,

2025,

expenses

incurred

pursuant

to

these

service

agreements

were

$127,000

for

Price

Associates;

$46,000

for

T. Rowe

Price

Services,

Inc.;

and

less

than

$1,000

for

T. Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T. Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

#### Investor

#### Class

#### Advisor

#### Class

#### I

#### Class

#### Z

#### Class
Expense

limitation/I

Class

Limit

0.92%

1.10%

0.05%

0.00%

Expense

limitation

date

02/29/28

02/29/28

02/29/28

N/A

(Waived)/repaid

during

the

period

($000s)

$(16)

$(2)

$(98)

$(1,361)

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

or

control

over

the

fund.

At

December

31,

2025, approximately

14%

of

the

I

Class's

and

100%

of

the

Z

Class's

outstanding

shares

were

held

by

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T. Rowe

Price

Government

Reserve

Fund

or

the

T. Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Effective

November

12,

2025, cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T. Rowe

Price

Treasury Reserve Fund.

Prior

to

November

12,

2025,

cash

collateral

from

securities

lending,

if

any,

was

invested

in

the

T. Rowe

Price

Government

Reserve

Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

As

of

December

31,

2025,

T. Rowe

Price

Group,

Inc.,

or

its

wholly

owned

subsidiaries,

owned

shares

of

the

Advisor

Class,

representing

27%

of

the

Advisor

Class's

net

assets.

The fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund's

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

year

ended

December

31,

2025,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

#### NOTE

#### 8

#### -

#### SEGMENT

#### REPORTING
Operating segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

Committee

of

Price

Associates

acts

as

the

fund's

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

The

fund's

revenue

is

derived

from

investments

in

a

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund's

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

#### NOTE

#### 9

#### -

#### OTHER

#### MATTERS
Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

or

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

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

fund's

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM

#### To

#### the

#### Board

#### of

#### Directors

#### of
T. #### Rowe

#### Price

#### International

#### Funds,

#### Inc.

#### and

#### Shareholders

#### of
T. #### Rowe

#### Price

#### Emerging

#### Markets

#### Local

#### Currency

#### Bond

#### Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T. Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

(one

of

the

funds

constituting

T. Rowe

Price

International

Funds,

Inc.,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2025,

the

related

statement

of

operations

for

the

year

ended

December

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodians,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

February

18,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T. Rowe

Price

group

of

investment

companies

since

1973. #### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM
(continued)

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### TAX

#### INFORMATION
(UNAUDITED)

#### FOR

#### THE

#### TAX

#### YEAR

#### ENDED 12/31/25
We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

For

shareholders

subject

to

interest

expense

deduction

limitation

under

Section

163(j),

$19,004,000

of

the

fund's

income

qualifies

as

a

Section

163(j)

interest

dividend

and

can

be

treated

as

interest

income

for

purposes

of

Section

163(j),

subject

to

holding

period

requirements

and

other

limitations.

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-638-5660* 

*to* 

*request* 

*a* 

*prospectus* 

*or* 

*summary* 

*prospectus;* 

*each* 

*includes* 

*investment* 

*objectives,* 

*risks,* 

*fees,* 

*expenses,* 

*and* 

*other* 

*information* 

*that* 

*you* 

*should* 

*read* 

*and* 

*consider* 

*carefully* 

*before* 

*investing.*

F192-050

2/26

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

------

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | [The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.](d67841dex99codeeth.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | Listing standards relating to recovery of erroneously awarded compensation: not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | [Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](d67841dex99cert.htm) |
| (b) | [A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.](d67841dex99906ce.htm) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| T. Rowe Price International Funds, Inc. | T. Rowe Price International Funds, Inc. |
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | February 18, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | February 18, 2026 |

---

---

| | |
|:---|:---|
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | February 18, 2026 |

---

## Ex-99.Cert

**Item 19. (a)(3)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Emerging Markets Local Currency Bond Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 18, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Emerging Markets Local Currency Bond Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 18, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 19. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Emerging Markets Local Currency Bond Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| Date: February 18, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: February 18, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I.**  **<u>INTRODUCTORY NOTE</u>** 

**A.** **General Statement.** 

This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds"**) has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act"**) and rules promulgated by the Securities and Exchange Commission thereunder (**"Regulations"**). This Price Funds' Code of Ethics (the **"S-O Code"**) applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) (**"Covered Officers"**). The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. (**"Group"**). The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers**.**"** A list of Covered Officers is attached as **Exhibit A**.

The Price Fund Advisers have, along with their parent, Group also maintained a comprehensive Global Code of Conduct (the **"Code of Conduct"**) and a Code of Ethics and Personal Transactions Policy (the "**Group Code**") since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code of Ethics for Principal Executive and Senior Financial Officers (the "**Group S-O Code**"), similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the "**S-O Codes**".

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

***The Introductory Note is a summary and should not be considered a substitute for reading and understanding the entire Policy. Associates must be familiar with all of their responsibilities under the Policy. Please refer to Section VI below for a list of the applicable rules/regulations. Capitalized terms are defined in Section IV. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them under the Glossary.***

**II.**  **<u>POLICY</u>** 

**Purpose of the Price Funds S-O Code.** 

The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish

------

standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of
interest between personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price
Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Compliance.** Compliance with applicable governmental laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accountability.** Accountability for adherence to the Price Funds S-O Code.

**A.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** 

Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 (**"Investment Company Act"**), the Investment Advisers Act of 1940 (**"Investment Advisers Act"**) and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

------

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**III.**  **<u>PROCEDURES</u>** 

**A.** **Handling of Specific Types of Conflicts.** 

Each Covered Officer (and close family members) must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Entertainment.** 

Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Gifts.** 

Accept any gifts, except as permitted by the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Improper Personal Influence.** 

Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Taking Action at the Expense of a Price Fund.** 

Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Misuse of Price Funds' Transaction Information.** 

Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Outside Business Activities.** 

Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service Providers.** 

Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Receipt of Payments.** 

Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service as a Director or Trustee.** 

Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**B.** **Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Disclosure Requirements and Controls.** 

Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compliance with Applicable Law.** 

It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Fair Disclosure.** 

Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Initial and Annual Affirmations. Each Covered Officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable,
upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with requirements of the Price Funds S-O Code.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Reporting of Material Violations of the Price Funds S-O Code.** 

If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation (**"Report"**) to the Chief Compliance Officer of the Price Funds (**"CCO"**). Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B**.

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Annual Disclosures.** 

Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for Group.

**C.** **Administration of the Price Funds S-O Code.** 

The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price
Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered
Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of
the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price
Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Violations/Investigations.** The following procedures will be followed in investigating and enforcing the Price
Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported
to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a
recommendation to the appropriate Price Funds Board regarding

------

the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe
Price Global Whistleblower Policy.

**D. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B**, the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**E. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

**IV.**  **<u>DEFINED TERMS</u>** 

Capitalized terms used herein shall have the meanings set forth below:

***Act*** means the Sarbanes-Oxley Act of 2002

***Code of Conduct*** means the Group Global Code of Conduct

***Covered Officers*** means the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for a Price Fund

***Group*** means T. Rowe Price Group, Inc.

***Group Code*** means the Group Global Code of Ethics and Conduct

***Group S-O Code*** means the Group Code of Ethics for Principal Executive and Senior Financial Officers

***Investment Advisers Act*** means the Investment Advisers Act of 1940

***Investment Company Act*** means Investment Company Act of 1940

***Price ETFs*** means the T. Rowe Price Exchange-Traded Funds

***Price Funds*** means the T. Rowe Price Mutual Funds and Exchange-Traded Funds

***Price Fund Advisers*** means the investment managers to the Price Funds listed on **Exhibit A**

------

***Regulations*** means the rules promulgated by the Securities and Exchange Commission

***S-O Code*** means this Price Funds' Code of Ethics

***S-O Codes*** means the Group S-O Code and the Price Funds S-O Code

**V.**  **<u>RELATED POLICIES</u> <u>& PROCEDURES</u>** 

**VI.**  **<u>RELATED RULES</u> <u>& REGULATIONS</u>** 

------

**Exhibit A** 

**Persons Covered by the Price Funds and Price ETFs S-0 Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

**Exhibit B** 

Savonne Lynn Ferguson, Chief Compliance Officer