# EDGAR Filing Document

**Accession Number:** 0000313212
**File Stem:** 0001193125-25-184958
**Filing Date:** 2025-8
**Character Count:** 162966
**Document Hash:** f3481f0ef1025589efdee79a9efab21b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-184958.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001193125-25-184958

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**EFFECTIVENESS DATE**: 20250821

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02958
- **FILM NUMBER:** 251238940

**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 Fund_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: June 30, 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](g68646ic268c3d1615ee7d8c297.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### Emerging Markets Local Currency Bond Fund

#### Investor Class (PRELX)
This semi-annual shareholder report contains important information about Emerging Markets Local Currency Bond Fund (the "fund") for the period of January 1, 2025 to June 30, 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 six months?** (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 | $53 | 1.00% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $294810 |
| Number of Portfolio Holdings | 328 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 55.3% |

---

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

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

---

| | |
|:---|:---|
| Indonesia | 9.8% |
| Mexico | 9.6 |
| South Africa | 7.2 |
| Thailand | 7.2 |
| United States | 6.8 |
| Brazil | 6.6 |
| Colombia | 5.4 |
| Malaysia | 4.7 |
| India | 4.6 |
| Other | 38.1 |

---

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

---

| | |
|:---|:---|
| United Mexican States | 9.4% |
| Republic of Indonesia | 8.7 |
| Kingdom of Thailand | 7.3 |
| Republic of South Africa | 7.2 |
| Brazil Notas do Tesouro Nacional | 6.3 |
| Republic of Colombia | 5.3 |
| Government of Malaysia | 4.7 |
| Czech Republic | 4.7 |
| Republic of India | 4.6 |
| Republic of Poland | 4.5 |

---

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.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F192-053 8/25

Emerging Markets Local Currency Bond Fund

Investor Class (PRELX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g68646id51fd0dee1444ef81d40.jpg)

![Image](g68646ic268c3d1615ee7d8c297.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### Emerging Markets Local Currency Bond Fund

#### Advisor Class (PAELX)
This semi-annual shareholder report contains important information about Emerging Markets Local Currency Bond Fund (the "fund") for the period of January 1, 2025 to June 30, 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 six months?** (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 | $58 | 1.10% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $294810 |
| Number of Portfolio Holdings | 328 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 55.3% |

---

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

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

---

| | |
|:---|:---|
| Indonesia | 9.8% |
| Mexico | 9.6 |
| South Africa | 7.2 |
| Thailand | 7.2 |
| United States | 6.8 |
| Brazil | 6.6 |
| Colombia | 5.4 |
| Malaysia | 4.7 |
| India | 4.6 |
| Other | 38.1 |

---

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

---

| | |
|:---|:---|
| United Mexican States | 9.4% |
| Republic of Indonesia | 8.7 |
| Kingdom of Thailand | 7.3 |
| Republic of South Africa | 7.2 |
| Brazil Notas do Tesouro Nacional | 6.3 |
| Republic of Colombia | 5.3 |
| Government of Malaysia | 4.7 |
| Czech Republic | 4.7 |
| Republic of India | 4.6 |
| Republic of Poland | 4.5 |

---

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.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F292-053 8/25

Emerging Markets Local Currency Bond Fund

Advisor Class (PAELX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g68646id51fd0dee1444ef81d40.jpg)

![Image](g68646ic268c3d1615ee7d8c297.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### Emerging Markets Local Currency Bond Fund

#### I Class (TEIMX)
This semi-annual shareholder report contains important information about Emerging Markets Local Currency Bond Fund (the "fund") for the period of January 1, 2025 to June 30, 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 six months?** (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 | $36 | 0.69% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $294810 |
| Number of Portfolio Holdings | 328 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 55.3% |

---

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

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

---

| | |
|:---|:---|
| Indonesia | 9.8% |
| Mexico | 9.6 |
| South Africa | 7.2 |
| Thailand | 7.2 |
| United States | 6.8 |
| Brazil | 6.6 |
| Colombia | 5.4 |
| Malaysia | 4.7 |
| India | 4.6 |
| Other | 38.1 |

---

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

---

| | |
|:---|:---|
| United Mexican States | 9.4% |
| Republic of Indonesia | 8.7 |
| Kingdom of Thailand | 7.3 |
| Republic of South Africa | 7.2 |
| Brazil Notas do Tesouro Nacional | 6.3 |
| Republic of Colombia | 5.3 |
| Government of Malaysia | 4.7 |
| Czech Republic | 4.7 |
| Republic of India | 4.6 |
| Republic of Poland | 4.5 |

---

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.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F438-053 8/25

Emerging Markets Local Currency Bond Fund

I Class (TEIMX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g68646id51fd0dee1444ef81d40.jpg)

![Image](g68646ic268c3d1615ee7d8c297.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### Emerging Markets Local Currency Bond Fund

#### Z Class (TRZFX)
This semi-annual shareholder report contains important information about Emerging Markets Local Currency Bond Fund (the "fund") for the period of January 1, 2025 to June 30, 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 six months?** (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 are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $294810 |
| Number of Portfolio Holdings | 328 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 55.3% |

---

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

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

---

| | |
|:---|:---|
| Indonesia | 9.8% |
| Mexico | 9.6 |
| South Africa | 7.2 |
| Thailand | 7.2 |
| United States | 6.8 |
| Brazil | 6.6 |
| Colombia | 5.4 |
| Malaysia | 4.7 |
| India | 4.6 |
| Other | 38.1 |

---

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

---

| | |
|:---|:---|
| United Mexican States | 9.4% |
| Republic of Indonesia | 8.7 |
| Kingdom of Thailand | 7.3 |
| Republic of South Africa | 7.2 |
| Brazil Notas do Tesouro Nacional | 6.3 |
| Republic of Colombia | 5.3 |
| Government of Malaysia | 4.7 |
| Czech Republic | 4.7 |
| Republic of India | 4.6 |
| Republic of Poland | 4.5 |

---

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.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F1408-053 8/25

Emerging Markets Local Currency Bond Fund

Z Class (TRZFX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g68646id51fd0dee1444ef81d40.jpg)

------

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

#### Item 2. Code of Ethics.
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 is filed as an exhibit to the registrant's annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant's most recent fiscal half-year.

#### Item 3. Audit Committee Financial Expert.
Disclosure required in registrant's annual Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant's annual Form N-CSR.

#### 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

June

30,

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

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Investor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.57

$

.07

$

.68

$

.56

$

.44

$

.48

Investment

activities

Net

investment

income

(1)(2)

.15

.30

.29

.27

.27

.27

Net

realized

and

unrealized

gain/

loss

.40

(0

.51)

.39

(0

.88)

(0

.87)

(0

.03)

Total

from

investment

activities

.55

(0

.21)

.68

(0

.61)

(0

.60)

.24

Distributions

Net

investment

income

(0

.14)

(0

.15)

(0

.24)

—

(0

.18)

(0

.03)

Tax

return

of

capital

—

(0

.14)

(0

.05)

(0

.27)

(0

.10)

(0

.25)

Total

distributions

(0

.14)

(0

.29)

(0

.29)

(0

.27)

(0

.28)

(0

.28)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 4

#### .98

#### $

#### 4

#### .57

#### $

#### 5

#### .07

#### $

#### 4

#### .68

#### $

#### 5

#### .56

#### $

#### 6

#### .44
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Investor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 12

#### .30

#### %

#### (#### 4

#### .37

####)

#### %

#### 14

#### .91

#### %

#### (#### 11

#### .00

####)

#### %

#### (#### 9

#### .54

####)

#### %

#### 4

#### .08

#### %
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

.05

%

(4) 1

.07

%

.01

%

.01

%

.92

%

.94

%

Net

expenses

after

waivers/

payments

by

Price

Associates

.00

%

(4) 1

.02

%

.01

%

.01

%

.92

%

.94

%

Net

investment

income

.32

%

(4) 6

.14

%

.07

%

.48

%

.41

%

.58

%

Portfolio

turnover

rate

.3

%

.2

%

.6

%

.4

%

.1

%

.1

%

Net

assets,

end

of

period

(in

thousands)

$23,389

$18,751

$27,683

$31,914

$54,575

$416,391

%

%

%

%

%

%

(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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4) Annualized

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Advisor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.54

$

.04

$

.66

$

.55

$

.43

$

.47

Investment

activities

Net

investment

income

(1)(2)

.15

.29

.29

.26

.26

.27

Net

realized

and

unrealized

gain/

loss

.39

(0

.51)

.39

(0

.89)

(0

.88)

(0

.05)

Total

from

investment

activities

.54

(0

.22)

.68

(0

.63)

(0

.62)

.22

Distributions

Net

investment

income

(0

.14)

(0

.14)

(0

.25)

—

(0

.17)

(0

.02)

Tax

return

of

capital

—

(0

.14)

(0

.05)

(0

.26)

(0

.09)

(0

.24)

Total

distributions

(0

.14)

(0

.28)

(0

.30)

(0

.26)

(0

.26)

(0

.26)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 4

#### .94

#### $

#### 4

#### .54

#### $

#### 5

#### .04

#### $

#### 4

#### .66

#### $

#### 5

#### .55

#### $

#### 6

#### .43
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Advisor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 12

#### .09

#### %

#### (#### 4

#### .46

####)

#### %

#### 15

#### .03

#### %

#### (#### 11

#### .31

####)

#### %

#### (#### 9

#### .79

####)

#### %

#### 3

#### .81

#### %
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

.83

%

(4) 20

.50

%

.54

%

.83

%

.89

%

.93

%

Net

expenses

after

waivers/

payments

by

Price

Associates

.10

%

(4) 1

.10

%

.10

%

.10

%

.18

%

.20

%

Net

investment

income

.22

%

(4) 6

.04

%

.98

%

.28

%

.35

%

.48

%

Portfolio

turnover

rate

.3

%

.2

%

.6

%

.4

%

.1

%

.1

%

Net

assets,

end

of

period

(in

thousands)

$4

$3

$15

$15

$34

$49

%

%

%

%

%

%

(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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4) Annualized

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### I

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.57

$

.07

$

.68

$

.57

$

.45

$

.48

Investment

activities

Net

investment

income

(1)(2)

.16

.31

.31

.28

.28

.28

Net

realized

and

unrealized

gain/

loss

.40

(0

.51)

.38

(0

.89)

(0

.87)

(0

.02)

Total

from

investment

activities

.56

(0

.20)

.69

(0

.61)

(0

.59)

.26

Distributions

Net

investment

income

(0

.15)

(0

.15)

(0

.25)

—

(0

.19)

(0

.03)

Tax

return

of

capital

—

(0

.15)

(0

.05)

(0

.28)

(0

.10)

(0

.26)

Total

distributions

(0

.15)

(0

.30)

(0

.30)

(0

.28)

(0

.29)

(0

.29)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 4

#### .98

#### $

#### 4

#### .57

#### $

#### 5

#### .07

#### $

#### 4

#### .68

#### $

#### 5

#### .57

#### $

#### 6

#### .45
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 12

#### .47

#### %

#### (#### 4

#### .06

####)

#### %

#### 15

#### .27

#### %

#### (#### 10

#### .88

####)

#### %

#### (#### 9

#### .37

####)

#### %

#### 4

#### .40

#### %
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

.79

%

(4) 0

.79

%

.77

%

.77

%

.80

%

.82

%

Net

expenses

after

waivers/

payments

by

Price

Associates

.69

%

(4) 0

.70

%

.70

%

.70

%

.76

%

.79

%

Net

investment

income

.65

%

(4) 6

.47

%

.37

%

.81

%

.68

%

.67

%

Portfolio

turnover

rate

.3

%

.2

%

.6

%

.4

%

.1

%

.1

%

Net

assets,

end

of

period

(in

thousands)

$95,547

$93,008

$99,666

$91,372

$119,612

$101,341

%

%

%

%

%

%

(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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4) Annualized

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Z

#### Class
(1) 6

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

2/22/21

(1) Through

12/31/21

12/31/24

12/31/23

12/31/22

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.57

$

.07

$

.68

$

.56

$

.25

Investment

activities

Net

investment

income

(2)(3)

.17

.35

.34

.32

.28

Net

realized

and

unrealized

gain/loss

.40

(0

.52)

.39

(0

.88)

(0

.68)

Total

from

investment

activities

.57

(0

.17)

.73

(0

.56)

(0

.40)

Distributions

Net

investment

income

(0

.17)

(0

.17)

(0

.28)

—

(0

.19)

Tax

return

of

capital

—

(0

.16)

(0

.06)

(0

.32)

(0

.10)

Total

distributions

(0

.17)

(0

.33)

(0

.34)

(0

.32)

(0

.29)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 4

#### .97

#### $

#### 4

#### .57

#### $

#### 5

#### .07

#### $

#### 4

#### .68

#### $

#### 5

#### .56
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Z

#### Class
(1) 6

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

2/22/21

(1) Through

12/31/21

12/31/24

12/31/23

12/31/22

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (3)(4)

#### 12

#### .62

#### %

#### (#### 3

#### .39

####)

#### %

#### 16

#### .07

#### %

#### (#### 10

#### .10

####)

#### %

#### (#### 6

#### .60

####)

#### %
Ratios

to

average

net

assets:

(3) Gross

expenses

before

waivers/payments

by

Price

Associates

.77

%

(5) 0

.77

%

.75

%

.75

%

.79

%

(5) Net

expenses

after

waivers/payments

by

Price

Associates

.00

%

(5) 0

.00

%

.00

%

.00

%

.00

%

(5) Net

investment

income

.34

%

(5) 7

.16

%

.08

%

.53

%

.54

%

(5) Portfolio

turnover

rate

.3

%

.2

%

.6

%

.4

%

.1

%

Net

assets,

end

of

period

(in

thousands)

$175,870

$183,694

$198,633

$240,172

$270,153

%

%

%

%

%

(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

June

30,

2025

(Unaudited)

#### Portfolio

#### of

#### Investments

#### ‡

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### AZERBAIJAN 0.4%

#### Government

#### Bonds 0.4%
Republic

of

Azerbaijan,

5.125%,

9/1/29

(USD)

1,130,000

1,119

#### Total

#### Azerbaijan

#### (Cost

#### $1,112)

#### 1,119

#### BENIN 0.3%

#### Government

#### Bonds 0.3%
Republic

of

Benin,

7.96%,

2/13/38

(USD)

914,000

868

#### Total

#### Benin

#### (Cost

#### $864)

#### 868

#### BRAZIL 6.6%

#### Government

#### Bonds 6.6%
Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/27

18,975,000

3,314

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/29

14,933,000

2,523

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/31

61,237,000

9,896

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/33

4,502,000

705

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/35

14,237,000

2,163

Republic

of

Brazil,

6.25%,

3/18/31

(USD)

970,000

1,005

#### Total

#### Brazil

#### (Cost

#### $19,648)

#### 19,606

#### CANADA 0.1%

#### Government

#### Bonds 0.1%
Export

Development

Canada,

30.00%,

12/5/25

(TRY)

14,510,000

#### Total

#### Canada

#### (Cost

#### $350)

#### 342

#### CHILE 2.0%

#### Government

#### Bonds 2.0%
Bonos

de

la

Tesoreria

de

la

Republica

en

pesos,

4.70%,

9/1/30 (1)

2,990,000,000

3,108

Bonos

de

la

Tesoreria

de

la

Republica

en

pesos,

5.00%,

10/1/28 (1)

900,000,000

966

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Bonos

de

la

Tesoreria

de

la

Republica

en

pesos,

5.30%,

11/1/37 (1)

295,000,000

Bonos

de

la

Tesoreria

de

la

Republica

en

pesos,

5.80%,

10/1/34 (1)

1,305,000,000

1,424

#### Total

#### Chile

#### (Cost

#### $5,493)

#### 5,806

#### CHINA 2.8%

#### Convertible

#### Bonds 0.2%
NIO,

3.875%,

10/15/29

(USD)

700,000

#### Corporate

#### Bonds 0.0%
Agile

Group

Holdings,

5.75%,

1/2/25

(USD) (2)(3)

540,000

Times

China

Holdings,

6.75%,

7/8/25

(USD) (2)(3)

1,000,000

#### Government

#### Bonds 2.6%
People's

Republic

of

China,

Series

INBK,

2.11%,

8/25/34

14,050,000

2,030

People's

Republic

of

China,

Series

INBK,

2.47%,

7/25/54

10,000,000

1,557

People's

Republic

of

China,

Series

INBK,

3.13%,

11/21/29

14,550,000

2,178

People's

Republic

of

China,

Series

INBK,

3.81%,

9/14/50

10,600,000

2,047

7,812

#### Total

#### China

#### (Cost

#### $9,517)

#### 8,381

#### COLOMBIA 5.4%

#### Government

#### Bonds 5.2%
Republic

of

Colombia,

Series

B,

6.00%,

4/28/28

8,173,800,000

1,803

Republic

of

Colombia,

Series

B,

7.75%,

9/18/30

18,330,000,000

3,883

Republic

of

Colombia,

Series

B,

9.25%,

5/28/42

739,800,000

Republic

of

Colombia,

Series

B,

11.50%,

7/25/46

6,600,000,000

1,463

Republic

of

Colombia,

Series

B,

12.75%,

11/28/40

5,090,000,000

1,249

Republic

of

Colombia,

Series

B,

13.25%,

2/9/33

11,160,000,000

2,865

Republic

of

Colombia,

Series

G,

7.00%,

3/26/31

20,577,900,000

4,088

15,490

#### Private

#### Investment

#### Company 0.2%
Bona

Fide

Investments

Feeder

LLC,

Acquisition

Date:

6/7/23,

Cost $247

(USD) (3)(4)

†

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Bona

Fide

Investments

Holdings

III,

Acquisition

Date:

6/14/24,

Cost $200

(USD) (3)(4)

†

584

#### Total

#### Colombia

#### (Cost

#### $15,577)

#### 16,074

#### CÔTE

#### D'IVOIRE 0.9%

#### Government

#### Bonds 0.9%
Republic

of

Côte

d'Ivoire,

6.875%,

4/1/28 (1)

505,000,000

899

Republic

of

Ivory

Coast,

6.875%,

10/17/40

(EUR)

1,065,000

1,069

Republic

of

Ivory

Coast,

7.625%,

1/30/33

(USD) (1)

790,000

781

#### Total

#### Côte

#### d'Ivoire

#### (Cost

#### $2,535)

#### 2,749

#### CZECH

#### REPUBLIC 4.6%

#### Government

#### Bonds 4.6%
Czech

Republic,

Series

103,

2.00%,

10/13/33

256,930,000

10,476

Czech

Republic,

Series

154,

4.50%,

11/11/32

66,030,000

3,239

#### Total

#### Czech

#### Republic

#### (Cost

#### $12,770)

#### 13,715

#### DOMINICAN

#### REPUBLIC 0.3%

#### Government

#### Bonds 0.3%
Dominican

Republic,

10.75%,

6/1/36 (1)

44,800,000

779

#### Total

#### Dominican

#### Republic

#### (Cost

#### $753)

#### 779

#### EGYPT 0.8%

#### Government

#### Bonds 0.8%
Arab

Republic

of

Egypt,

8.50%,

1/31/47

(USD)

1,150,000

935

Arab

Republic

of

Egypt,

Series

5YR,

14.369%,

10/20/25

28,100,000

546

Arab

Republic

of

Egypt

Treasury

Bills,

Series

364D,

26.201%,

9/23/25

47,675,000

902

#### Total

#### Egypt

#### (Cost

#### $3,333)

#### 2,383

#### HUNGARY 3.8%

#### Government

#### Bonds 3.8%
Republic

of

Hungary,

Series

28/B,

4.50%,

3/23/28

1,437,090,000

4,044

Republic

of

Hungary,

Series

32/A,

4.75%,

11/24/32

1,834,000,000

4,800

Republic

of

Hungary,

Series

33/A,

2.25%,

4/20/33

838,210,000

1,809

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Republic

of

Hungary,

Series

38/A,

3.00%,

10/27/38

217,910,000

#### Total

#### Hungary

#### (Cost

#### $10,673)

#### 11,072

#### INDIA 4.6%

#### Government

#### Bonds 4.6%
Republic

of

India,

6.54%,

1/17/32

48,900,000

580

Republic

of

India,

6.67%,

12/17/50

271,020,000

3,036

Republic

of

India,

7.09%,

8/5/54

60,000,000

707

Republic

of

India,

7.18%,

7/24/37

110,750,000

1,353

Republic

of

India,

7.26%,

8/22/32

20,000,000

Republic

of

India,

7.26%,

2/6/33

535,000,000

6,579

Republic

of

India,

7.36%,

9/12/52

76,570,000

928

#### Total

#### India

#### (Cost

#### $13,358)

#### 13,429

#### INDONESIA 9.8%

#### Corporate

#### Bonds 1.1%
Standard

Chartered

Bank,

Series

emtN,

CLN

(Reference:

Republic

of

Indonesia),

9.00%,

3/20/29 (1)

46,100,000,000

3,098

3,098

#### Government

#### Bonds 8.7%
Republic

of

Indonesia,

Series

FR65,

6.625%,

5/15/33

120,446,000,000

7,410

Republic

of

Indonesia,

Series

FR72,

8.25%,

5/15/36

42,835,000,000

2,935

Republic

of

Indonesia,

Series

FR73,

8.75%,

5/15/31

46,007,000,000

3,148

Republic

of

Indonesia,

Series

FR82,

7.00%,

9/15/30

20,100,000,000

1,274

Republic

of

Indonesia,

Series

FR83,

7.50%,

4/15/40

69,458,000,000

4,495

Republic

of

Indonesia,

Series

FR90,

5.125%,

4/15/27

40,570,000,000

2,461

Republic

of

Indonesia,

Series

FR91,

6.375%,

4/15/32

28,100,000,000

1,718

Republic

of

Indonesia,

Series

100,

6.625%,

2/15/34

36,645,000,000

2,255

25,696

#### Total

#### Indonesia

#### (Cost

#### $29,852)

#### 28,794

#### MALAYSIA 4.7%

#### Government

#### Bonds 4.7%
Government

of

Malaysia,

Series

0120,

4.065%,

6/15/50

23,025,000

5,524

Government

of

Malaysia,

Series

0318,

4.642%,

11/7/33

3,975,000

1,022

Government

of

Malaysia,

Series

0519,

3.757%,

5/22/40

16,345,000

3,895

Government

of

Malaysia,

Series

0713,

4.935%,

9/30/43

12,890,000

3,518

#### Total

#### Malaysia

#### (Cost

#### $13,049)

#### 13,959
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### MEXICO 9.6%

#### Government

#### Bonds 9.6%
Petroleos

Mexicanos,

Series

14-2,

7.47%,

11/12/26

12,010,000

614

United

Mexican

States,

Series

M,

7.50%,

5/26/33

72,850,000

3,548

United

Mexican

States,

Series

M,

7.75%,

5/29/31

40,169,000

2,041

United

Mexican

States,

Series

M,

7.75%,

11/23/34

79,515,000

3,868

United

Mexican

States,

Series

M,

8.00%,

7/31/53

8,627,000

United

Mexican

States,

Series

M,

8.50%,

5/31/29

88,830,000

4,721

United

Mexican

States,

Series

M,

8.50%,

2/28/30

146,931,000

7,783

United

Mexican

States,

Series

M,

8.50%,

11/18/38

78,291,000

3,839

United

Mexican

States,

Series

S,

Inflation-Indexed,

2.75%,

11/27/31

33,495,666

1,581

#### Total

#### Mexico

#### (Cost

#### $26,608)

#### 28,373

#### MONTENEGRO 0.4%

#### Government

#### Bonds 0.4%
Republic

of

Montenegro,

7.25%,

3/12/31

(USD) (1)

1,110,000

1,152

#### Total

#### Montenegro

#### (Cost

#### $1,116)

#### 1,152

#### MOROCCO 0.3%

#### Government

#### Bonds 0.3%
Kingdom

of

Morocco,

4.75%,

4/2/35

(EUR) (1)

760,000

898

#### Total

#### Morocco

#### (Cost

#### $885)

#### 898

#### NETHERLANDS 0.1%

#### Government

#### Bonds 0.1%
Nederlandse

Financierings-Maatschappij

voor

Ontwikkelingslanden,

35.00%,

7/22/25

(TRY)

11,000,000

#### Total

#### Netherlands

#### (Cost

#### $338)

#### 276

#### NIGERIA 0.3%

#### Government

#### Bonds 0.3%
Republic

of

Nigeria

OMO

Bill,

Series

358D,

22.202%,

8/19/25

1,259,841,000

794

#### Total

#### Nigeria

#### (Cost

#### $787)

#### 794
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### PERU 3.3%

#### Government

#### Bonds 3.3%
Republic

of

Peru,

6.15%,

8/12/32

19,961,000

5,821

Republic

of

Peru,

6.85%,

8/12/35 (1)

6,950,000

2,026

Republic

of

Peru,

6.90%,

8/12/37

6,774,000

1,944

#### Total

#### Peru

#### (Cost

#### $9,002)

#### 9,791

#### PHILIPPINES 1.1%

#### Government

#### Bonds 1.1%
Philippine

Government

Bond,

Series

1072,

6.25%,

1/25/34

174,850,000

3,114

#### Total

#### Philippines

#### (Cost

#### $3,134)

#### 3,114

#### POLAND 4.5%

#### Government

#### Bonds 4.5%
Republic

of

Poland,

Series

CPI,

Inflation-Indexed,

2.00%,

8/25/36

3,613,280

892

Republic

of

Poland,

Series

0429,

5.75%,

4/25/29

5,230,000

1,504

Republic

of

Poland,

Series

0729,

4.75%,

7/25/29

9,000,000

2,497

Republic

of

Poland,

Series

1029,

2.75%,

10/25/29

20,090,000

5,146

Republic

of

Poland,

Series

1033,

6.00%,

10/25/33

10,431,000

3,018

Republic

of

Poland,

Series

1034,

5.00%,

10/25/34

1,065,000

#### Total

#### Poland

#### (Cost

#### $12,123)

#### 13,344

#### ROMANIA 1.8%

#### Government

#### Bonds 1.8%
Republic

of

Romania,

Series

10Y,

5.00%,

2/12/29

9,135,000

1,968

Republic

of

Romania,

Series

11Y,

7.10%,

7/31/34

12,130,000

2,757

Republic

of

Romania,

Series

5Y,

4.25%,

4/28/36

2,695,000

#### Total

#### Romania

#### (Cost

#### $4,926)

#### 5,210

#### SERBIA 0.4%

#### Government

#### Bonds 0.4%
Republic

of

Serbia,

1.50%,

6/26/29

(EUR)

1,050,000

1,131

#### Total

#### Serbia

#### (Cost

#### $993)

#### 1,131
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### SOUTH

#### AFRICA 7.2%

#### Government

#### Bonds 7.2%
Republic

of

South

Africa,

Series

R213,

7.00%,

2/28/31

60,239,000

3,134

Republic

of

South

Africa,

Series

2030,

8.00%,

1/31/30

55,330,000

3,077

Republic

of

South

Africa,

Series

2032,

8.25%,

3/31/32

43,554,000

2,352

Republic

of

South

Africa,

Series

2035,

8.875%,

2/28/35

88,220,000

4,665

Republic

of

South

Africa,

Series

2044,

8.75%,

1/31/44

134,192,000

6,167

Republic

of

South

Africa,

Series

2048,

8.75%,

2/28/48

38,604,000

1,752

#### Total

#### South

#### Africa

#### (Cost

#### $19,873)

#### 21,147

#### SRI

#### LANKA 0.3%

#### Government

#### Bonds 0.3%
Republic

of

Sri

Lanka,

0.00%,

3/15/36 (5)

10,233,412

Republic

of

Sri

Lanka,

0.00%,

9/15/37 (5)

10,233,412

Republic

of

Sri

Lanka,

0.00%,

9/15/38 (5)

10,233,412

Republic

of

Sri

Lanka,

0.00%,

9/15/39 (5)

10,233,412

Republic

of

Sri

Lanka,

0.00%,

9/15/40 (5)

10,233,412

Republic

of

Sri

Lanka,

0.00%,

9/15/41 (5)

10,233,412

Republic

of

Sri

Lanka,

0.00%,

9/15/42 (5)

10,233,412

Republic

of

Sri

Lanka,

0.00%,

9/15/43 (5)

10,233,412

Republic

of

Sri

Lanka,

4.00%,

4/15/28

(USD) (1)

324,692

Republic

of

Sri

Lanka,

STEP,

1.00%,

6/15/38

(USD) (1)

592,200

#### Total

#### Sri

#### Lanka

#### (Cost

#### $702)

#### 900

#### SUPRANATIONAL 3.0%

#### Government

#### Bonds 3.0%
Asian

Infrastructure

Investment

Bank,

7.00%,

3/1/29

(INR)

97,000,000

1,146

European

Bank

for

Reconstruction

&

Development,

6.50%,

10/3/36

(INR)

113,800,000

1,315

European

Bank

for

Reconstruction

&

Development,

30.00%,

8/25/25

(TRY)

13,820,000

Inter-American

Development

Bank,

7.35%,

10/6/30

(INR)

195,000,000

2,344

International

Bank

for

Reconstruction

&

Development,

6.89%,

2/6/30

(INR)

97,000,000

1,144

International

Bank

for

Reconstruction

&

Development,

Series

GDIF,

4.60%,

2/9/26

(IDR)

22,000,000,000

1,345

International

Finance,

3.59%,

2/26/26

(COP)

5,750,000,000

1,353

#### Total

#### Supranational

#### (Cost

#### $9,133)

#### 8,985
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### TANZANIA 0.3%

#### Convertible

#### Bonds 0.3%
HTA

Group,

2.875%,

3/18/27

(USD)

800,000

760

#### Total

#### Tanzania

#### (Cost

#### $719)

#### 760

#### THAILAND 7.2%

#### Government

#### Bonds 7.2%
Kingdom

of

Thailand,

1.585%,

12/17/35

202,227,000

6,224

Kingdom

of

Thailand,

2.00%,

12/17/31

52,920,000

1,681

Kingdom

of

Thailand,

2.00%,

6/17/42

56,850,000

1,756

Kingdom

of

Thailand,

2.40%,

3/17/29

45,000,000

1,433

Kingdom

of

Thailand,

2.80%,

6/17/34

33,285,000

1,126

Kingdom

of

Thailand,

3.40%,

6/17/36

28,213,000

1,018

Kingdom

of

Thailand,

3.65%,

6/20/31

10,867,000

Kingdom

of

Thailand,

3.775%,

6/25/32

139,793,000

4,946

Kingdom

of

Thailand,

Series

ILB,

Inflation-Indexed,

1.25%,

3/12/28

92,671,196

2,799

#### Total

#### Thailand

#### (Cost

#### $19,032)

#### 21,359

#### TÜRKIYE 1.4%

#### Government

#### Bonds 1.4%
Republic

of

Türkiye,

Series

10Y,

17.80%,

7/13/33

54,753,000

919

Republic

of

Türkiye,

Series

10Y,

26.20%,

10/5/33

137,342,000

3,190

#### Total

#### Türkiye

#### (Cost

#### $5,101)

#### 4,109

#### UKRAINE 0.8%

#### Government

#### Bonds 0.8%
Government

of

Ukraine,

Series

2Y,

17.60%,

1/28/26

92,000,000

2,242

#### Total

#### Ukraine

#### (Cost

#### $2,260)

#### 2,242

#### UNITED

#### STATES 1.2%

#### Convertible

#### Bonds 0.4%
Citigroup

Global

Markets

Holdings,

Series

1299,

Zero

Coupon,

2/26/26

(HKD)

3,000,000

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Goldman

Sachs

Finance

Corp.

International,

Series

700,

Zero

Coupon,

3/15/27

500,000

702

1,076

#### U.S.

#### Government

#### Agency

#### Obligations

#### (Excluding

#### Mortgage-Backed) 0.8%
U.S.

Treasury

Notes,

4.00%,

12/15/25

2,380,000

2,378

2,378

#### Total

#### United

#### States

#### (Cost

#### $3,423)

#### 3,454

#### URUGUAY 0.1%

#### Government

#### Bonds 0.1%
Republic

of

Uruguay,

9.75%,

7/20/33

12,038,000

#### Total

#### Uruguay

#### (Cost

#### $303)

#### 318

#### UZBEKISTAN 0.4%

#### Government

#### Bonds 0.4%
National

Bank

of

Uzbekistan,

8.50%,

7/5/29

(USD)

1,090,000

1,148

#### Total

#### Uzbekistan

#### (Cost

#### $1,089)

#### 1,148

#### SHORT-TERM

#### INVESTMENTS 5.6%

#### Money

#### Market

#### Funds 3.5%
T. Rowe

Price

Government

Reserve

Fund,

4.37% (6)(7)

10,277,856

10,278

10,278

#### U.S.

#### Treasury

#### Obligations 2.1%
U.S.

Treasury

Bills,

4.256%,

9/18/25 (8)

6,350,000

6,291

6,291

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $16,569)

#### 16,569

#### Total

#### Investments

#### in

#### Securities

#### 96.4%

#### of

#### Net

#### Assets

#### (Cost

#### $277,000)

#### $

#### 284,150
‡

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.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

.

.

.

.

.

.

.

.

.

.

†

Investment

fund

is

not

unitized.

(1) Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$16,129

and

represents

5.5%

of

net

assets.

(2) Issuer

has

failed

to

make

a

scheduled

interest

and/or

principal

payment

or

is

in

default.

(3) Non-income

producing

(4) Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$584

and

represents

0.2%

of

net

assets.

(5) See

Note

2. Level

in

fair

value

hierarchy.

(6) Seven-day

yield

(7) Affiliated

Companies

(8) At

June

30,

2025,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/

or

margin

deposit

to

cover

future

funding

obligations.

Day

INR

MIBOR

One

day

INR

MIBOR

(Mumbai

interbank

offered

rate)

6M

CZK

PRIBOR

Six

month

CZK

PRIBOR

(Prague

interbank

offered

rate)

6M

PLN

WIBOR

Six

month

PLN

WIBOR

(Warsaw

interbank

offered

rate)

BRL

Brazilian

Real

BRL

CDI

One

day

Brazilian

interbank

deposit

rate

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

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

KZT

Kazakhstan

Tenge

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

.

.

.

.

.

.

.

.

.

.

MXIBTIIE

Mexican

Interbank

day

interest

rate

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NGN

Nigerian

Naira

PEN

Peruvian

New

Sol

PHP

Philippines

Peso

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.

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

(56) —

(56) 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

(172) —

(172) 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

(193) —

(193) 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

(135) —

(135) #### Total

#### Brazil

#### —

#### (556)

#### China

#### 0.0%
BNP

Paribas,

Year

Interest

Rate

Swap,

Receive

Fixed

1.613%

Quarterly,

Pay

Variable

1.84%,

(7

Day

Interbank

Repo)

Quarterly,

3/26/32

23,760

—

#### Total

#### China

#### —

#### 25

#### Total

#### Bilateral

#### Interest

#### Rate

#### Swaps

#### —

#### (531)

#### Total

#### Bilateral

#### Swaps

#### —

#### (531)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value

#### \*\*

#### Unrealized

#### $

#### Gain/(Loss)

#### CENTRALLY

#### CLEARED

#### SWAPS

#### 0.0%

#### Credit

#### Default

#### Swaps,

#### Protection

#### Bought

#### (0.1)%

#### Foreign/Europe

#### (0.1)%
Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Crossover-S43,

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/30

2,000

(223) (186) (37) #### Total

#### Foreign/Europe

#### (37)
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

in

000s)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value\*\*

#### Unrealized

#### $

#### Gain/(Loss)

#### Supranational

#### 0.1%
Protection

Bought

(Relevant

Credit:

Markit

CDX.EM-S42,

Year

Index),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/29

(USD)

2,780

(44) Protection

Bought

(Relevant

Credit:

Markit

CDX.EM-S43,

Year

Index),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/30

(USD)

2,760

(78) #### Total

#### Supranational

#### (122)

#### United

#### States

#### (0.1)%
Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S44,

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/30

2,470

(190) (141) (49) #### Total

#### United

#### States

#### (49)

#### Total

#### Centrally

#### Cleared

#### Credit

#### Default

#### Swaps,

#### Protection

#### Bought

#### (208)

#### Interest

#### Rate

#### Swaps

#### 0.1%

#### China

#### 0.0%

Year

Interest

Rate

Swap,

Receive

Fixed

1.435%

Quarterly,

Pay

Variable

1.840%

(7

Day

Interbank

Repo)

Quarterly,

12/19/29

7,400

(2) —

(2) 5

Year

Interest

Rate

Swap,

Receive

Fixed

1.595%

Quarterly,

Pay

Variable

1.840%

(7

Day

Interbank

Repo)

Quarterly,

4/2/30

7,000

—

#### Total

#### China

#### 3

#### Czech

#### Republic

#### (0.0)%

Year

Interest

Rate

Swap,

Receive

Fixed

3.508%

Annually,

Pay

Variable

3.480%

(6M

CZK

PRIBOR)

Semi-

Annually,

7/3/28

63,295

(4) —

(4) #### Total

#### Czech

#### Republic

#### (4)

#### India

#### 0.1%

Year

Interest

Rate

Swap,

Receive

Fixed

6.053%

Semi-Annually,

Pay

Variable

5.520%

(1

Day

INR

MIBOR)

Semi-Annually,

2/4/30

246,934

—

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

6.067%

Semi-Annually,

Pay

Variable

5.520%

(1

Day

INR

MIBOR)

Semi-Annually,

9/3/29

71,500

—

Year

Interest

Rate

Swap,

Receive

Fixed

6.227%

Semi-Annually,

Pay

Variable

5.520%

(1

Day

INR

MIBOR)

Semi-Annually,

1/7/30

210,000

—

Year

Interest

Rate

Swap,

Receive

Fixed

6.293%

Semi-Annually,

Pay

Variable

5.520%

(1

Day

INR

MIBOR)

Semi-Annually,

11/5/29

166,000

—

Year

Interest

Rate

Swap,

Receive

Fixed

6.374%

Semi-Annually,

Pay

Variable

5.520%

(1

Day

INR

MIBOR)

Semi-Annually,

5/17/29

187,075

—

Year

Interest

Rate

Swap,

Receive

Fixed

5.787%

Semi-Annually,

Pay

Variable

5.520%

(1

Day

INR

MIBOR)

Semi-Annually,

7/1/32

63,000

—

—

—

Year

Interest

Rate

Swap,

Receive

Fixed

6.350%

Semi-Annually,

Pay

Variable

5.520%

(1

Day

INR

MIBOR)

Semi-Annually,

6/20/31

114,500

—

Year

Interest

Rate

Swap,

Receive

Fixed

6.111%

Semi-Annually,

Pay

Variable

5.520%

(1

Day

INR

MIBOR)

Semi-Annually,

2/5/35

159,923

—

Year

Interest

Rate

Swap,

Receive

Fixed

6.331%

Semi-Annually,

Pay

Variable

5.520%

(1

Day

INR

MIBOR)

Semi-Annually,

11/6/34

95,500

—

#### Total

#### India

#### 318

#### Mexico

#### (0.0)%

Year

Interest

Rate

Swap,

Receive

Fixed

8.850%

Days,

Pay

Variable

8.470%

(MXIBTIIE)

Days,

11/15/29

76,812

—

Year

Interest

Rate

Swap,

Pay

Fixed

9.045%

Days,

Receive

Variable

8.510%

(MXIBTIIE)

Days,

1/24/35

57,130

(203) —

(203) #### Total

#### Mexico

#### (14)
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

in

000s)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value\*\*

#### Unrealized

#### $

#### Gain/(Loss)

#### Poland

#### 0.0%

Year

Interest

Rate

Swap,

Receive

Fixed

5.080%

Annually,

Pay

Variable

5.000%

(6M

PLN

WIBOR)

Semi-

Annually,

5/9/28

6,915

—

Year

Interest

Rate

Swap,

Pay

Fixed

4.230%

Annually,

Receive

Variable

5.010%

(6M

PLN

WIBOR)

Semi-

Annually,

6/10/30

6,809

—

—

—

Year

Interest

Rate

Swap,

Pay

Fixed

4.255%

Annually,

Receive

Variable

5.110%

(6M

PLN

WIBOR)

Semi-

Annually,

6/11/30

1,724

—

—

—

Year

Interest

Rate

Swap,

Pay

Fixed

4.290%

Annually,

Receive

Variable

5.110%

(6M

PLN

WIBOR)

Semi-

Annually,

6/11/30

1,724

(1) —

(1) 5

Year

Interest

Rate

Swap,

Pay

Fixed

4.315%

Annually,

Receive

Variable

5.050%

(6M

PLN

WIBOR)

Semi-

Annually,

6/12/30

5,172

(6) —

(6) 5

Year

Interest

Rate

Swap,

Pay

Fixed

4.320%

Annually,

Receive

Variable

5.050%

(6M

PLN

WIBOR)

Semi-

Annually,

6/12/30

5,171

(6) —

(6) #### Total

#### Poland

#### 32

#### Total

#### Centrally

#### Cleared

#### Interest

#### Rate

#### Swaps

#### 335

#### Zero-Coupon

#### Inflation

#### Swaps

#### 0.0%

#### United

#### States

#### 0.0%

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.481%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

1/10/30

2,425

—

#### Total

#### United

#### States

#### 7

#### Total

#### Centrally

#### Cleared

#### Zero-Coupon

#### Inflation

#### Swaps

#### 7

#### Total

#### Centrally

#### Cleared

#### Swaps

#### 134

#### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### (168)

#### Variation

#### margin

#### receivable
(payable)

#### on

#### centrally

#### cleared

#### swaps

#### $

#### (34)
\*\*

Includes

interest

purchased

or

sold

but

not

yet

collected

of

$4.

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

7/18/25

HUF

447,484

USD

1,240

$

Bank

of

America

7/18/25

RON

5,826

USD

1,259

Bank

of

America

7/18/25

USD

3,419

HUF

1,219,143

(171) Bank

of

America

7/18/25

USD

4,538

ZAR

82,251

(102) Bank

of

America

7/18/25

ZAR

86,943

USD

4,719

Bank

of

America

7/25/25

USD

2,134

JPY

306,465

(1) Bank

of

America

8/14/25

USD

2,678

PLN

10,208

(151) Bank

of

America

9/4/25

MYR

61,069

USD

14,382

Bank

of

America

9/5/25

USD

4,093

COP

16,830,973

Bank

of

America

9/5/25

USD

4,695

COP

19,578,808

(54) Bank

of

America

10/17/25

USD

1,632

CZK

34,783

(31) Bank

of

America

11/20/25

USD

900

TRY

41,258

(15) Barclays

Bank

7/11/25

USD

1,458

KRW

2,033,952

(49) Barclays

Bank

7/17/25

TRY

4,005

USD

Barclays

Bank

7/17/25

USD

653

TRY

27,404

(25) Barclays

Bank

7/18/25

ZAR

81,378

USD

4,535

Barclays

Bank

7/18/25

ZAR

13,640

USD

771

(1) Barclays

Bank

9/12/25

CNH

64,859

USD

9,100

Barclays

Bank

10/10/25

IDR

4,778,767

USD

Barclays

Bank

10/16/25

TRY

63,895

USD

1,461

(1) Barclays

Bank

11/20/25

TRY

16,154

USD

—

BNP

Paribas

7/11/25

IDR

38,354,677

USD

2,304

BNP

Paribas

7/11/25

USD

1,626

IDR

26,633,221

(17) BNP

Paribas

7/11/25

USD

4,522

INR

390,980

(36) BNP

Paribas

7/11/25

USD

1,421

PEN

5,208

(49) BNP

Paribas

7/11/25

USD

1,384

TWD

45,718

(187) BNP

Paribas

7/18/25

USD

782

RON

3,499

(28) BNP

Paribas

9/5/25

THB

20,972

USD

648

—

BNP

Paribas

9/5/25

USD

1,437

THB

47,288

(25) BNP

Paribas

9/11/25

USD

1,385

EGP

72,793

(43) BNY

Mellon

9/12/25

CNH

2,723

USD

—

Canadian

Imperial

Bank

of

Commerce

7/18/25

USD

4,452

ZAR

79,563

(35) Citibank

7/11/25

INR

187,811

USD

2,181

Citibank

7/11/25

KZT

695,545

USD

1,288

Citibank

7/11/25

TWD

64,275

USD

2,231

(22) Citibank

7/17/25

TRY

56,484

USD

1,362

Citibank

7/17/25

USD

TRY

14,954

(2) Citibank

7/18/25

HUF

755,686

USD

2,126

Citibank

7/18/25

MXN

18,013

USD

954

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

7/18/25

RON

546

USD

$

—

Citibank

7/18/25

RSD

28,033

USD

Citibank

7/18/25

USD

1,403

CZK

30,816

(66) Citibank

7/18/25

USD

HUF

50,344

(1) Citibank

7/18/25

USD

2,766

RON

12,749

(187) Citibank

7/25/25

USD

1,336

JPY

186,714

Citibank

7/25/25

USD

1,360

JPY

199,456

(29) Citibank

8/5/25

USD

2,249

TWD

64,275

Citibank

8/14/25

PLN

45,237

USD

11,827

710

Citibank

8/15/25

RSD

64,886

USD

621

Citibank

8/15/25

USD

RSD

20,291

(1) Citibank

8/19/25

NGN

1,092,043

USD

691

Citibank

8/21/25

USD

722

TRY

30,313

(5) Citibank

8/22/25

EUR

1,439

USD

1,632

Citibank

9/3/25

USD

3,419

BRL

18,955

(15) Citibank

9/5/25

COP

1,556,216

USD

Citibank

9/5/25

THB

22,541

USD

696

Citibank

9/11/25

EGP

104,491

USD

1,954

Citibank

9/24/25

EGP

44,756

USD

865

Citibank

10/10/25

PEN

1,787

USD

502

Citibank

10/17/25

USD

CZK

4,712

(1) Citibank

11/20/25

USD

TRY

5,209

(2) Deutsche

Bank

7/11/25

PEN

4,619

USD

1,306

(2) Deutsche

Bank

7/11/25

USD

1,257

INR

108,217

(4) Deutsche

Bank

7/18/25

ZAR

18,418

USD

972

Deutsche

Bank

9/4/25

USD

1,365

MYR

5,772

(8) Deutsche

Bank

10/10/25

USD

1,303

PEN

4,619

Goldman

Sachs

7/11/25

INR

806,503

USD

9,333

Goldman

Sachs

7/11/25

TWD

128,550

USD

4,430

(12) Goldman

Sachs

7/11/25

USD

1,396

IDR

23,252,802

(38) Goldman

Sachs

7/11/25

USD

2,017

TWD

60,560

(64) Goldman

Sachs

7/17/25

USD

947

TRY

39,875

(40) Goldman

Sachs

7/18/25

MXN

12,011

USD

607

Goldman

Sachs

7/18/25

RON

6,840

USD

1,529

Goldman

Sachs

7/18/25

USD

1,359

ZAR

24,993

(51) Goldman

Sachs

8/22/25

USD

897

EUR

770

(14) Goldman

Sachs

9/5/25

THB

224,388

USD

6,881

Goldman

Sachs

9/5/25

USD

1,640

COP

6,752,942

Goldman

Sachs

9/12/25

CNH

53,843

USD

7,553

Goldman

Sachs

10/9/25

USD

4,528

TWD

128,550

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

7/11/25

IDR

19,341,861

USD

1,144

$

HSBC

Bank

7/11/25

INR

51,971

USD

606

—

HSBC

Bank

7/11/25

USD

IDR

3,014,338

(2) HSBC

Bank

7/18/25

CZK

2,185

USD

HSBC

Bank

7/25/25

JPY

390,797

USD

2,731

(9) HSBC

Bank

7/25/25

USD

1,343

JPY

191,231

HSBC

Bank

8/8/25

USD

CLP

264,771

(8) HSBC

Bank

9/4/25

MYR

19,860

USD

4,724

—

HSBC

Bank

9/5/25

USD

3,183

PHP

177,902

HSBC

Bank

9/5/25

USD

2,555

THB

82,579

HSBC

Bank

9/5/25

USD

666

THB

21,680

(4) HSBC

Bank

10/17/25

CZK

51,273

USD

2,434

JPMorgan

Chase

7/3/25

HKD

2,760

USD

—

JPMorgan

Chase

7/3/25

USD

HKD

2,760

JPMorgan

Chase

7/11/25

IDR

79,991,799

USD

4,765

JPMorgan

Chase

7/11/25

INR

177,288

USD

2,079

(12) JPMorgan

Chase

7/11/25

PEN

5,061

USD

1,350

JPMorgan

Chase

7/11/25

USD

IDR

4,674,816

(5) JPMorgan

Chase

7/11/25

USD

INR

21,436

JPMorgan

Chase

7/17/25

TRY

21,744

USD

522

JPMorgan

Chase

7/18/25

CZK

2,413

USD

JPMorgan

Chase

7/18/25

MXN

7,538

USD

JPMorgan

Chase

7/18/25

RON

4,929

USD

1,118

JPMorgan

Chase

7/18/25

RSD

13,265

USD

JPMorgan

Chase

7/18/25

USD

651

CZK

14,015

(17) JPMorgan

Chase

7/18/25

USD

HUF

67,049

(10) JPMorgan

Chase

7/18/25

USD

860

MXN

17,006

(44) JPMorgan

Chase

7/18/25

USD

5,226

RON

23,362

(186) JPMorgan

Chase

7/18/25

USD

ZAR

2,700

(3) JPMorgan

Chase

8/4/25

USD

HKD

2,760

—

JPMorgan

Chase

8/14/25

PLN

1,091

USD

JPMorgan

Chase

9/3/25

BRL

14,143

USD

2,424

JPMorgan

Chase

9/4/25

MYR

1,480

USD

JPMorgan

Chase

9/4/25

USD

5,281

MYR

22,369

(40) JPMorgan

Chase

9/5/25

COP

19,459,294

USD

4,716

JPMorgan

Chase

9/5/25

THB

3,636

USD

—

JPMorgan

Chase

9/5/25

USD

COP

1,093,814

(6) Morgan

Stanley

7/18/25

CZK

40,233

USD

1,816

Morgan

Stanley

7/25/25

JPY

186,604

USD

1,320

(20) Morgan

Stanley

9/5/25

USD

1,338

COP

5,530,881

(4) T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

in

000s)

#### FORWARD

#### CURRENCY

#### EXCHANGE

#### CONTRACTS
(CONTINUED)

#### Counterparty

#### Settlement

#### Receive

#### Deliver

#### Unrealized

#### Gain/(Loss)
RBC

Dominion

Securities

7/11/25

IDR

9,186,347

USD

551

$

RBC

Dominion

Securities

7/11/25

USD

724

INR

62,026

RBC

Dominion

Securities

7/18/25

MXN

71,159

USD

3,446

RBC

Dominion

Securities

8/8/25

USD

CLP

298,518

(1) RBC

Dominion

Securities

8/22/25

EUR

1,256

USD

1,415

RBC

Dominion

Securities

9/3/25

USD

1,597

BRL

9,272

(82) RBC

Dominion

Securities

10/10/25

INR

70,122

USD

815

(1) Societe

Generale

7/18/25

ZAR

26,882

USD

1,484

Societe

Generale

8/14/25

PLN

7,823

USD

2,102

Societe

Generale

9/3/25

BRL

7,833

USD

1,351

Standard

Chartered

8/22/25

USD

9,300

EUR

8,214

(410) Standard

Chartered

9/4/25

MYR

10,740

USD

2,539

State

Street

7/11/25

USD

3,919

IDR

65,164,905

(101) State

Street

7/18/25

HUF

247,659

USD

684

State

Street

7/18/25

USD

1,327

HUF

454,664

(12) State

Street

7/18/25

USD

8,528

MXN

167,256

(368) State

Street

7/18/25

USD

2,261

ZAR

41,024

(53) State

Street

8/21/25

TRY

30,313

USD

712

State

Street

11/20/25

TRY

30,313

USD

654

Toronto-Dominion

Bank

7/18/25

ZAR

44,038

USD

2,384

Toronto-Dominion

Bank

9/5/25

COP

18,308,713

USD

4,478

(36) UBS

Investment

Bank

7/11/25

KRW

1,977,682

USD

1,443

UBS

Investment

Bank

7/11/25

PEN

3,723

USD

1,044

UBS

Investment

Bank

7/11/25

USD

1,449

IDR

24,134,602

(40) UBS

Investment

Bank

7/11/25

USD

7,491

INR

640,913

UBS

Investment

Bank

7/11/25

USD

1,420

KRW

1,973,131

(42) UBS

Investment

Bank

7/11/25

USD

2,922

TWD

86,547

(53) UBS

Investment

Bank

7/18/25

MXN

118,610

USD

5,661

647

UBS

Investment

Bank

7/18/25

RON

27,193

USD

6,005

UBS

Investment

Bank

8/8/25

USD

CLP

183,007

(2) UBS

Investment

Bank

8/22/25

USD

1,414

EUR

1,240

(52) UBS

Investment

Bank

9/3/25

BRL

15,549

USD

2,680

UBS

Investment

Bank

9/5/25

THB

20,272

USD

627

(1) T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

in

000s)

#### FORWARD

#### CURRENCY

#### EXCHANGE

#### CONTRACTS
(CONTINUED)

#### Counterparty

#### Settlement

#### Receive

#### Deliver

#### Unrealized

#### Gain/(Loss)
UBS

Investment

Bank

9/5/25

USD

1,225

COP

5,172,248

$

(30) UBS

Investment

Bank

10/10/25

INR

640,913

USD

7,458

(16) UBS

Investment

Bank

10/10/25

USD

1,041

PEN

3,723

(6) Wells

Fargo

7/11/25

KRW

4,009,133

USD

2,842

Wells

Fargo

7/11/25

PEN

5,173

USD

1,444

Wells

Fargo

7/11/25

USD

4,847

PEN

17,987

(229) Wells

Fargo

7/18/25

USD

1,020

ZAR

19,117

(58) Wells

Fargo

7/25/25

JPY

306,465

USD

2,154

(19) Wells

Fargo

8/14/25

USD

3,505

PLN

13,092

(124) Wells

Fargo

9/3/25

BRL

7,794

USD

1,340

Wells

Fargo

9/5/25

THB

48,968

USD

1,513

Wells

Fargo

9/5/25

USD

3,709

COP

15,516,743

(55) Wells

Fargo

10/10/25

USD

1,112

PEN

3,960

(2) Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

1,214

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

9/25

(2,772)

$

Short,

U.S.

Treasury

Notes

five

year

contracts

9/25

(8,175)

(93) Short,

U.S.

Treasury

Notes

ten

year

contracts

9/25

(1,346)

(24) Short,

Ultra

U.S.

Treasury

Bonds

contracts

9/25

(953) (26) #### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### 111

#### Variation

#### margin

#### receivable
(payable)

#### on

#### open

#### futures

#### contracts

#### $

#### (26)
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

six

months

ended

June

30,

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,

4.37%

$

—#

$

—

$

163+

#### Supplementary

#### Investment

#### Schedule

#### Affiliate

#### Value

#### 12/31/24

#### Purchase

#### Cost

#### Sales

#### Cost

#### Value

#### 6/30/25
T. Rowe

Price

Government

Reserve

Fund,

4.37%

$

9,805

¤

¤

$

10,278^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$163

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$10,278.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

June

30,

2025

(Unaudited)

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$277,000)

$

284,150

Interest

receivable

6,480

Unrealized

gain

on

forward

currency

exchange

contracts

4,962

Receivable

for

investment

securities

sold

3,925

Foreign

currency

(cost

$2,423)

2,113

Receivable

for

shares

sold

Due

from

affiliates

Unrealized

gain

on

bilateral

swaps

Other

assets

Total

assets

302,219

#### Liabilities
Unrealized

loss

on

forward

currency

exchange

contracts

3,748

Payable

for

investment

securities

purchased

2,507

Unrealized

loss

on

bilateral

swaps

556

Payable

for

shares

redeemed

Investment

management

fees

payable

Variation

margin

payable

on

centrally

cleared

swaps

Variation

margin

payable

on

futures

contracts

Other

liabilities

Total

liabilities

7,409

Commitments

and

Contingent

Liabilities

(note

7)

#### NET

#### ASSETS

#### $

#### 294,810
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

June

30,

2025

(Unaudited)

#### 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)

$

(51,165)

Paid-in

capital

applicable

to

59,280,720

shares

of

$0.01

par

value

capital

stock

outstanding;

18,000,000,000

shares

of

the

Corporation

authorized

345,975

#### NET

#### ASSETS

#### $

#### 294,810

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $23,389;

#### Shares

#### outstanding:

#### 4,700,650)

#### $

#### 4.98

#### Advisor

#### Class

#### (Net

#### assets:

#### $4;

#### Shares

#### outstanding:

#### 770)

#### $

#### 4.94

#### I

#### Class

#### (Net

#### assets:

#### $95,547;

#### Shares

#### outstanding:

#### 19,196,853)

#### $

#### 4.98

#### Z

#### Class

#### (Net

#### assets:

#### $175,870;

#### Shares

#### outstanding:

#### 35,382,447)

#### $

#### 4.97
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

#### Statement

#### of

#### Operations

($000s)

Months

Ended

6/30/25

#### Investment

#### Income
(Loss)

Income

.

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

(net

of

foreign

taxes

of

$280)

$

10,336

Dividend

Total

income

10,499

Expenses

Investment

management

910

Shareholder

servicing

Investor

Class

$

I

Class

Prospectus

and

shareholder

reports

Investor

Class

I

Class

Z

Class

Custody

and

accounting

Registration

Legal

and

audit

Miscellaneous

Waived

/

paid

by

Price

Associates

(725)

Total

expenses

Net

investment

income

10,080

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

6/30/25

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

gain

(loss)

Securities

(net

of

foreign

taxes

of

$47)

(2,879)

Futures

(44)

Swaps

540

Options

written

Forward

currency

exchange

contracts

569

Foreign

currency

transactions

(498)

Net

realized

loss

(2,275)

Change

in

net

unrealized

gain

/

loss

Securities

22,344

Futures

(308)

Swaps

(56)

Forward

currency

exchange

contracts

3,452

Other

assets

and

liabilities

denominated

in

foreign

currencies

904

Change

in

net

unrealized

gain

/

loss

26,336

Net

realized

and

unrealized

gain

/

loss

24,061

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 34,141
T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Months

Ended

6/30/25

Year

Ended

12/31/24

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

$

10,080

$

21,490

Net

realized

loss

(2,275)

(5,425)

Change

in

net

unrealized

gain

/

loss

26,336

(27,374)

Increase

(decrease)

in

net

assets

from

operations

34,141

(11,309)

Distributions

to

shareholders

Net

earnings

Investor

Class

(618) (707) I

Class

(2,944)

(3,143)

Z

Class

(6,246)

(6,768)

Tax

return

of

capital

–

–

Investor

Class

–

(691) Advisor

Class

–

–

I

Class

–

(2,991)

Z

Class

–

(6,428)

Decrease

in

net

assets

from

distributions

(9,808)

(20,728)

Capital

share

transactions

\*

Shares

sold

Investor

Class

4,788

4,444

Advisor

Class

–

I

Class

7,944

15,173

Z

Class

4,068

4,311

Distributions

reinvested

Investor

Class

573

1,314

I

Class

2,866

6,014

Z

Class

6,212

13,194

Shares

redeemed

Investor

Class

(2,479)

(12,305)

Advisor

Class

–

(12) I

Class

(16,043)

(17,767)

Z

Class

(32,908)

(12,871)

Increase

(decrease)

in

net

assets

from

capital

share

transactions

(24,979)

1,496

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

6/30/25

Year

Ended

12/31/24

#### Net

#### Assets
Decrease

during

period

(646) (30,541)

Beginning

of

period

295,456

325,997

#### End

#### of

#### period

#### $

#### 294,810

#### $

#### 295,456
\*Share

information

(000s)

Shares

sold

Investor

Class

1,001

918

Advisor

Class

–

–

(1) I

Class

1,660

3,119

Z

Class

882

930

Distributions

reinvested

Investor

Class

I

Class

601

1,251

Z

Class

1,306

2,747

Shares

redeemed

Investor

Class

(520) (2,551)

Advisor

Class

–

(2) I

Class

(3,398)

(3,687)

Z

Class

(7,018)

(2,640)

Increase

(decrease)

in

shares

outstanding

(5,366)

(1) Amount

rounds

to

less

than

1,000

shares

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Unaudited

#### 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

six

months

ended

June

30,

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.

#### New

#### Accounting

#### Guidance
In December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Taxes

Disclosures,

which

enhances

the

transparency

of

income

tax

disclosures.

The

ASU

requires

public

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

amendments

under

this

ASU

are

required

to

be

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024. Management

expects

that

adoption

of

the

guidance

will

not

have

a

material

impact

on

the

fund's

financial

statements.

#### 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

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

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

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

generally

are

traded

in

the over-the-

counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Investments

in

mutual

funds

are

valued

at

the

mutual

fund's

closing

NAV

per

share

on

the

day

of

valuation.

Investments

in

private

investment

companies

are

valued

at

the

investee's

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee's

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation Designee

may

adjust

the

investee's

NAV

to

reflect

fair

value

at

the

valuation

date.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

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

greatest

weight

to

actual

prices

in

arm's

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### 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

June

30,

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

$

—

$

7,881

$

—

$

7,881

Government

Bonds

—

258,906

259,116

Private

Investment

Company

—

—

—

584

Short-Term

Investments

10,278

6,291

—

16,569

Total

Securities

10,278

273,078

284,150

Swaps\*

—

589

—

589

Forward

Currency

Exchange

Contracts

—

4,962

—

4,962

Futures

Contracts\*

—

—

Total

$

10,284

$

278,629

$

$

289,707

#### Liabilities
Swaps\*

$

—

$

986

$

—

$

986

Forward

Currency

Exchange

Contracts

—

3,748

—

3,748

Futures

Contracts\*

—

—

Total

$

$

4,734

$

—

$

4,877

Includes

Convertible

Bonds,

Corporate

Bonds

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

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

six

months ended

June

30,

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

June

30,

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
Inflation

derivatives

Centrally

Cleared

Swaps

$

Interest

rate

derivatives

Bilateral

Swaps,

Centrally

Cleared

Swaps,

Futures

588

Foreign

exchange

derivatives

Forwards

4,962

\*

Total

$

5,557

\*

#### Liabilities
Interest

rate

derivatives

Bilateral

Swaps,

Centrally

Cleared

Swaps,

Futures

$

921

Foreign

exchange

derivatives

Forwards

3,748

Credit

derivatives

Centrally

Cleared

Swaps

Total

$

4,877

\*

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.

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

six

months ended

June

30,

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

(38) —

(44) —

750

668

Foreign

exchange

derivatives

(150) 37

—

569

—

Credit

derivatives

—

—

—

—

(232) (232) Total

$

(188) $

$

(44) $

569

$

540

$

914

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

Inflation

derivatives

$

—

$

—

$

—

$

—

$

$

Interest

rate

derivatives

(26) —

(308) —

(141) Foreign

exchange

derivatives

(97) —

—

3,452

—

3,355

Credit

derivatives

—

—

—

—

(258) (258) Total

$

(123) $

—

$

(308) $

3,452

$

(56) $

2,965

^

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)

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,

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

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.

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

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

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

June

30,

2025,

securities

valued

at $1,319,000

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.

#### 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

($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

$

507

$

(525) $

(18) $

—

$

—

Barclays

Bank

(76) (1) —

—

BNP

Paribas

(385) (299) 301

BNY

Mellon

—

—

—

—

—

Canadian

Imperial

Bank

of

Commerce

—

(35) (35) —

—

Citibank

1,197

(331) 866

(630) 236

Deutsche

Bank

(14) 55

(280) —

Goldman

Sachs

(275) (38) —

—

HSBC

Bank

(23) 92

—

JPMorgan

Chase

(323) 147

—

Morgan

Stanley

(524) (422) 528

RBC

Dominion

Securities

(84) 339

(284) 55

Societe

Generale

—

—

Standard

Chartered

(410) (394) 275

—

State

Street

(534) (454) 307

—

Toronto-Dominion

Bank

(36) 64

—

UBS

Investment

Bank

1,127

(242) 885

(915) —

Wells

Fargo

(487) (271) 286

Total

$

4,987

$

(4,304)

\*

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

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

six

months ended

June

30,

2025,

the

volume

of

the

fund's

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

between

35%

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

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

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

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

six

months ended

June

30,

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

option)

or

through

a

central

clearinghouse

(exchange-traded

option).

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

premium

received

by

the

fund.

During

the

six

months ended

June

30,

2025,

the

volume

of

the

fund's

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

0%

and

16%

of

net

assets.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### 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.

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

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

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

six

months ended

June

30,

2025,

the

volume

of

the

fund's

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

21%

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.

#### 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

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

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 $138,217,000 and

$153,967,000,

respectively,

for

the

six

months ended

June

30,

2025. #### 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

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report.

The

fund

intends

to

retain

realized

gains

to

the

extent

of

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

be

carried

forward

indefinitely

to

offset

future

realized

capital

gains.

As

of

December

31,

2024,

the

fund

had

$45,867,000

of

available

capital

loss

carryforwards.

At

June

30,

2025,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$281,995,000.

Net

unrealized

gain

aggregated

$2,670,000

at

period-end,

of

which

$18,516,000

related

to

appreciated

investments

and

$15,846,000

related

to

depreciated

investments.

#### 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

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.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

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

June

30,

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

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

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

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.

Pursuant

to

these

agreements,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the six

months

ended June

30,

2025 as

indicated

in

the

table

below.

Including

these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $251,000 remain

subject

to

repayment

by

the

fund

at

June

30,

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

six

months

ended

June

30,

2025,

expenses

incurred

pursuant

to

these

service

agreements

were

$65,000

for

Price

Associates;

$21,000

for

T. Rowe

Price

Services,

Inc.;

#### 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)

$(5)

$(1)

$(45)

$(674)

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

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

or

control

over

the

fund.

At

June

30,

2025, approximately

17%

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.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T. Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

As

of

June

30,

2025,

T. Rowe

Price

Group,

Inc.,

or

its

wholly

owned

subsidiaries,

owned

shares

of

the

Advisor

Class,

representing

28%

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

six

months

ended

June

30,

2025,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### 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.

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

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENT
Each

year,

the

fund's

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T. Rowe

Price

Associates,

Inc.

(Adviser),

as

well

as

the

investment

subadvisory

agreement

(Subadvisory

Contract)

that

the

Adviser

has

entered

into

with

T. Rowe

Price

International

Ltd

(Subadviser)

on

behalf

of

the

fund.

In

that

regard,

at

a

meeting

held

on

March

12–13,

2025

(Meeting),

the

Board,

including

all

of

the

fund's

independent

directors

present

in

person

at

the

Meeting,

approved

the

continuation

of

the

fund's

Advisory

Contract

and

Subadvisory

Contract.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

Subadviser

and

the

approval

of

the

Advisory

Contract

and

Subadvisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

and

Subadvisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting,

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

and

Subadviser

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T. Rowe

Price

funds'

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

#### Services

#### Provided

#### by

#### the

#### Adviser

#### and

#### Subadviser
The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser

and

Subadviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund's

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund's

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance;

maintaining

the

fund's

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser's

and

Subadviser's

senior

management

teams

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser's

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser

and

Subadviser,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board's

approval

of

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract.

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Investment

#### Performance

#### of

#### the

#### Fund
The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T. Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund's

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2024. Additionally,

the

Board

reviewed

the

fund's

relative

performance

information

as

of

September

30,

2024,

which

ranked

the

returns

of

the

fund's

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund's

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund's

performance,

length

of

the

fund's

performance

track

record,

and

how

closely

the

fund's

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

fund's

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board's

approval

of

the

continuation

of

the

Advisory

Contract.

#### Costs,

#### Benefits,

#### Profits,

#### and

#### Economies

#### of

#### Scale
The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates,

including

the

Subadviser)

may

have

realized

from

its

relationship

with

the

fund,

including

any

research

received

under

soft-dollar

arrangements

with

broker-dealers.

In

considering

soft-dollar

arrangements,

the

Board

noted

that,

effective

January

1,

2024,

the

Adviser

began

using

brokerage

commissions

in

connection

with

certain

T. Rowe

Price

funds'

securities

transactions

to

pay

for

research

when

permissible,

and

the

Board

considered

that

the

Adviser

may

receive

some

benefit

from

soft-dollar

arrangements

pursuant

to

which

research

is

received

from

broker-dealers

that

execute

the

applicable

fund's

portfolio

transactions.

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENT
(continued)

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T. Rowe

Price

funds.

While

the

Board

did

not

review

information

regarding

profits

realized

from

managing

the

fund

in

particular

because

the

fund

had

either

not

achieved

sufficient

portfolio

asset

size

or

not

recognized

sufficient

revenues

to

produce

meaningful

profit

margin

percentages,

the

Board

concluded

that

the

Adviser's

profits

were

reasonable

in

light

of

the

services

provided

to

the

T. Rowe

Price

funds.

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components

–

a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T. Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund's

average

daily

net

assets

–

and

the

fund

pays

its

own

expenses

of

operations.

Under

the

Subadvisory

Contract,

the

Adviser

may

pay

the

Subadviser

up

to

60%

of

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

The

group

fee

schedule

is

graduated

so

the

rate

decreases

as

total

T. Rowe

Price

fund

assets

increase

and

increases

as

total

T. Rowe

Price

fund

assets

decrease.

As

a

result,

shareholders

benefit

from

overall

growth

in

T. Rowe

Price

fund

assets,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T. Rowe

Price

funds

thus

allowing

shareholders

of

those

funds

to

share

potential

economies

of

scale.

The

fund's

shareholders

also

benefit

from

potential

economies

of

scale

through

a

decline

in

certain

operating

expenses

as

the

fund

grows

in

size.

However,

the

fund

is

also

subject

to

contractual

expense

limitations

that

require

the

Adviser

to

waive

its

fees

and/or

bear

any

expenses

that

would

otherwise

cause

the

expenses

of

a

share

class

of

the

fund

to

exceed

a

certain

percentage

based

on

the

class's

net

assets.

The

expense

limitations

mitigate

the

potential

for

an

increase

in

operating

expenses

above

a

certain

level

that

could

impact

shareholders.

The

fund

also

offers

a

Z

Class,

which

serves

as

an

underlying

investment

within

certain

T. Rowe

Price

fund

of

fund

arrangements.

The

Adviser

waives

its

advisory

fee

on

the

Z

Class

and

waives

or

bears

the

Z

Class's

other

operating

expenses,

with

certain

exceptions.

The

Board

considered

whether

the

advisory

fee

and

operating

expense

waivers

on

the

Z

Class

may

present

a

means

for

cross-

subsidization

of

the

Z

Class

by

other

share

classes

of

the

fund.

In

that

regard,

the

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENT
(continued)

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Board

noted

that

the

Z

Class

operating

expenses

are

covered

by

the

all-inclusive

fees

charged

by

the

investing

T. Rowe

Price

fund

of

funds

and

that

any

Z

Class

operating

expenses

not

covered

by

the

investing

T. Rowe

Price

funds

of

funds'

fees

are

paid

by

the

Adviser

and

not

by

shareholders

of

any

other

share

class

of

the

fund.

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser's

ongoing

investments

in

its

business

in

support

of

the

T. Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund's

investors.

#### Fees

#### and

#### Expenses
The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i) contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Investor

Class

Expense

Group);

(ii) actual

management

fees

and

total

expenses

of

the

Advisor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Advisor

Class

Expense

Group);

and

(iii) actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund's

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

or reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

information

provided

to

the

Board

indicated

that

the

fund's

contractual

management

fee

ranked

in

the

first

quintile

(Investor

Class

Expense

Group),

the

fund's

actual

management

fee

rate

ranked

in

the

fifth

quintile

(Investor

Class

Expense

Group

and

Expense

Universe)

and

first

quintile

(Advisor

Class

Expense

Group),

and

the

fund's

total

expenses

ranked

in

the

fourth

quintile

(Investor

Class

Expense

Group

and

Expense

Universe)

and

first

quintile

(Advisor

Class

Expense

Group).

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENT
(continued)

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

The

Adviser

provided

the

Board

with

additional

information

with

respect

to

the

fund's

relative

management

fees

and

total

expenses

ranking

in

the

fourth

and

fifth

quintiles.

The

Board

reviewed

and

considered

the

information

provided

relating

to

the

fund,

including

other

funds

in

the

peer

group,

and

other

factors

that

the

Board

determined

to

be

relevant.

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

to

investors

outside

the

United

States.

The

fee

schedules,

which

are

subject

to

change,

may

be

negotiated

under

certain

circumstances

and

may

differ

across

regions.

Management

provided

the

Board

with

information

about

the

Adviser's

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

domestic

and

international

businesses

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

and

ETF

("registered

fund")

business.

The

Board

considered

information

showing

that

the

Adviser's

registered

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

other

domestic

and

international

businesses

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser's

proprietary

registered

fund

business.

In

assessing

the

reasonableness

of

the

fund's

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

registered

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution's

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T. Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENT
(continued)

T. ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

#### Approval

#### of

#### the

#### Advisory

#### Contract

#### and

#### Subadvisory

#### Contract
As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract

(including

the

fees

to

be

charged

for

services

thereunder).

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENT
(continued)

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-225-5132* 

*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.*

F192-051

8/25

------

#### 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 filed with the registrant's annual Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Listing standards relating to recovery of erroneously awarded compensation: Not applicable.

&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.](d68646dex99cert.htm)

------

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

[(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.](d68646dex99906ce.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 | August 19, 2025 |

---

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 | August 19, 2025 |

---

---

| | |
|:---|:---|
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | August 19, 2025 |

---

## 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;(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;(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;(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;(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;(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;(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: August 19, 2025 | /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;(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;(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;(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;(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;(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;(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.

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| | |
|:---|:---|
| Date: August 19, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

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## 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.

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| | |
|:---|:---|
| Date: August 19, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: August 19, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

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