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

(a) Report pursuant to Rule 30e-1

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 atwww.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)	$294,810
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

Semi-Annual Shareholder Report

June 30, 2025

Emerging Markets Local Currency Bond Fund

Advisor Class (PAELX)

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)	$294,810
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

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

Semi-Annual Shareholder Report

June 30, 2025

Emerging Markets Local Currency Bond Fund

I Class (TEIMX)

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)	$294,810
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

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

Semi-Annual Shareholder Report

June 30, 2025

Emerging Markets Local Currency Bond Fund

Z Class (TRZFX)

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)	$294,810
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

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

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

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

June

30,

2025

Financial

Statements

and

Other

Information

For

insights

from

Rowe

Price

investment

professionals,

troweprice.com

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

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

Financial

Highlights

For

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

period

.57‌

.07‌

.68‌

.56‌

.44‌

.48‌

Investment

activities

Net

investment

income

(1)(2)

.15‌

.30‌

.29‌

.27‌

Net

realized

and

unrealized

gain/

loss

.40‌

(

.51‌

)

.39‌

(

.88‌

)

(

.87‌

)

(

.03‌

)

Total

from

investment

activities

.55‌

(

.21‌

)

.68‌

(

.61‌

)

(

.60‌

)

.24‌

Distributions

Net

investment

income

(

.14‌

)

(

.15‌

)

(

.24‌

)

—‌

(

.18‌

)

(

.03‌

)

Tax

return

capital

—‌

(

.14‌

)

(

.05‌

)

(

.27‌

)

(

.10‌

)

(

.25‌

)

Total

distributions

(

.14‌

)

(

.29‌

)

(

.29‌

)

(

.27‌

)

(

.28‌

)

(

.28‌

)

NET

ASSET

VALUE

End

period

.98‌

.57‌

.07‌

.68‌

.56‌

.44‌

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

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)

.30‌

(

.37‌

)

.91‌

(

.00‌

)

(

.54‌

)

.08‌

Ratios

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

Price

Associates

.05‌

(4)

.07‌

.01‌

.92‌

.94‌

Net

expenses

after

waivers/

payments

Price

Associates

.00‌

(4)

.02‌

.01‌

.92‌

.94‌

Net

investment

income

.32‌

(4)

.14‌

.07‌

.48‌

.41‌

.58‌

Portfolio

turnover

rate

.3‌

.2‌

107

.6‌

104

.4‌

.1‌

Net

assets,

end

period

(in

thousands)

$23,389

$18,751

$27,683

$31,914

$54,575

$416,391

0‌

(1)

Per

amounts

calculated

using

average

outstanding

method.

(2)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

Financial

Highlights

For

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

period

.54‌

.04‌

.66‌

.55‌

.43‌

.47‌

Investment

activities

Net

investment

income

(1)(2)

.15‌

.29‌

.26‌

.27‌

Net

realized

and

unrealized

gain/

loss

.39‌

(

.51‌

)

.39‌

(

.89‌

)

(

.88‌

)

(

.05‌

)

Total

from

investment

activities

.54‌

(

.22‌

)

.68‌

(

.63‌

)

(

.62‌

)

.22‌

Distributions

Net

investment

income

(

.14‌

)

(

.14‌

)

(

.25‌

)

—‌

(

.17‌

)

(

.02‌

)

Tax

return

capital

—‌

(

.14‌

)

(

.05‌

)

(

.26‌

)

(

.09‌

)

(

.24‌

)

Total

distributions

(

.14‌

)

(

.28‌

)

(

.30‌

)

(

.26‌

)

(

.26‌

)

(

.26‌

)

NET

ASSET

VALUE

End

period

.94‌

.54‌

.04‌

.66‌

.55‌

.43‌

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

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)

.09‌

(

.46‌

)

.03‌

(

.31‌

)

(

.79‌

)

.81‌

Ratios

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

Price

Associates

.83‌

(4)

.50‌

.54‌

.83‌

.89‌

.93‌

Net

expenses

after

waivers/

payments

Price

Associates

.10‌

(4)

.10‌

.18‌

.20‌

Net

investment

income

.22‌

(4)

.04‌

.98‌

.28‌

.35‌

.48‌

Portfolio

turnover

rate

.3‌

.2‌

107

.6‌

104

.4‌

.1‌

Net

assets,

end

period

(in

thousands)

$15

$34

$49

0‌

(1)

Per

amounts

calculated

using

average

outstanding

method.

(2)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

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

period

.57‌

.07‌

.68‌

.57‌

.45‌

.48‌

Investment

activities

Net

investment

income

(1)(2)

.16‌

.31‌

.28‌

Net

realized

and

unrealized

gain/

loss

.40‌

(

.51‌

)

.38‌

(

.89‌

)

(

.87‌

)

(

.02‌

)

Total

from

investment

activities

.56‌

(

.20‌

)

.69‌

(

.61‌

)

(

.59‌

)

.26‌

Distributions

Net

investment

income

(

.15‌

)

(

.15‌

)

(

.25‌

)

—‌

(

.19‌

)

(

.03‌

)

Tax

return

capital

—‌

(

.15‌

)

(

.05‌

)

(

.28‌

)

(

.10‌

)

(

.26‌

)

Total

distributions

(

.15‌

)

(

.30‌

)

(

.30‌

)

(

.28‌

)

(

.29‌

)

(

.29‌

)

NET

ASSET

VALUE

End

period

.98‌

.57‌

.07‌

.68‌

.57‌

.45‌

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

these

financial

statements.

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)

.47‌

(

.06‌

)

.27‌

(

.88‌

)

(

.37‌

)

.40‌

Ratios

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

Price

Associates

.79‌

(4)

.79‌

.77‌

.80‌

.82‌

Net

expenses

after

waivers/

payments

Price

Associates

.69‌

(4)

.70‌

.76‌

.79‌

Net

investment

income

.65‌

(4)

.47‌

.37‌

.81‌

.68‌

.67‌

Portfolio

turnover

rate

.3‌

.2‌

107

.6‌

104

.4‌

.1‌

Net

assets,

end

period

(in

thousands)

$95,547

$93,008

$99,666

$91,372

$119,612

$101,341

0‌

(1)

Per

amounts

calculated

using

average

outstanding

method.

(2)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

Class

(1)

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

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

(

.52‌

)

.39‌

(

.88‌

)

(

.68‌

)

Total

from

investment

activities

.57‌

(

.17‌

)

.73‌

(

.56‌

)

(

.40‌

)

Distributions

Net

investment

income

(

.17‌

)

(

.17‌

)

(

.28‌

)

—‌

(

.19‌

)

Tax

return

capital

—‌

(

.16‌

)

(

.06‌

)

(

.32‌

)

(

.10‌

)

Total

distributions

(

.17‌

)

(

.33‌

)

(

.34‌

)

(

.32‌

)

(

.29‌

)

NET

ASSET

VALUE

End

period

.97‌

.57‌

.07‌

.68‌

.56‌

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

these

financial

statements.

Class

(1)

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)

.62‌

(

.39‌

)

.07‌

(

.10‌

)

(

.60‌

)

Ratios

average

net

assets:

(3)

Gross

expenses

before

waivers/payments

Price

Associates

.77‌

(5)

.77‌

.75‌

.79‌

(5)

Net

expenses

after

waivers/payments

Price

Associates

.00‌

(5)

.00‌

(5)

Net

investment

income

.34‌

(5)

.16‌

.08‌

.53‌

.54‌

(5)

Portfolio

turnover

rate

.3‌

.2‌

107

.6‌

104

.4‌

.1‌

Net

assets,

end

period

(in

thousands)

$175,870

$183,694

$198,633

$240,172

$270,153

0‌

(1)

Inception

date

(2)

Per

amounts

calculated

using

average

outstanding

method.

(3)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(4)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

June

30,

2025

(Unaudited)

Portfolio

Investments

‡

Par/Shares

Value

(

Cost

and

value

$000s)

‡

AZERBAIJAN 0.4%

Government

Bonds 0.4%

Republic

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

Benin,

7.96%,

2/13/38

(USD)

914,000‌

868‌

Total

Benin

(Cost

$864)

868‌

BRAZIL 6.6%

Government

Bonds 6.6%

Brazil

Notas

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/27

18,975,000‌

3,314‌

Brazil

Notas

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/29

14,933,000‌

2,523‌

Brazil

Notas

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/31

61,237,000‌

9,896‌

Brazil

Notas

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/33

4,502,000‌

705‌

Brazil

Notas

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/35

14,237,000‌

2,163‌

Republic

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

342‌

Total

Canada

(Cost

$350)

342‌

CHILE 2.0%

Government

Bonds 2.0%

Bonos

Tesoreria

Republica

pesos,

4.70%,

9/1/30 (1)

2,990,000,000‌

3,108‌

Bonos

Tesoreria

Republica

pesos,

5.00%,

10/1/28 (1)

900,000,000‌

966‌

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Par/Shares

Value

(Cost

and

value

$000s)

Bonos

Tesoreria

Republica

pesos,

5.30%,

11/1/37 (1)

295,000,000‌

308‌

Bonos

Tesoreria

Republica

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

496‌

Corporate

Bonds 0.0%

Agile

Group

Holdings,

5.75%,

1/2/25

(USD) (2)(3)

540,000‌

35‌

Times

China

Holdings,

6.75%,

7/8/25

(USD) (2)(3)

1,000,000‌

38‌

73‌

Government

Bonds 2.6%

People's

Republic

China,

Series

INBK,

2.11%,

8/25/34

14,050,000‌

2,030‌

People's

Republic

China,

Series

INBK,

2.47%,

7/25/54

10,000,000‌

1,557‌

People's

Republic

China,

Series

INBK,

3.13%,

11/21/29

14,550,000‌

2,178‌

People's

Republic

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

Colombia,

Series

6.00%,

4/28/28

8,173,800,000‌

1,803‌

Republic

Colombia,

Series

7.75%,

9/18/30

18,330,000,000‌

3,883‌

Republic

Colombia,

Series

9.25%,

5/28/42

739,800,000‌

139‌

Republic

Colombia,

Series

11.50%,

7/25/46

6,600,000,000‌

1,463‌

Republic

Colombia,

Series

12.75%,

11/28/40

5,090,000,000‌

1,249‌

Republic

Colombia,

Series

13.25%,

2/9/33

11,160,000,000‌

2,865‌

Republic

Colombia,

Series

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)

†

361‌

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Par/Shares

Value

(Cost

and

value

$000s)

Bona

Fide

Investments

Holdings

III,

Acquisition

Date:

6/14/24,

Cost $200

(USD) (3)(4)

†

223‌

584‌

Total

Colombia

(Cost

$15,577)

16,074‌

CÔTE

D'IVOIRE 0.9%

Government

Bonds 0.9%

Republic

Côte

d'Ivoire,

6.875%,

4/1/28 (1)

505,000,000‌

899‌

Republic

Ivory

Coast,

6.875%,

10/17/40

(EUR)

1,065,000‌

1,069‌

Republic

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

Egypt,

8.50%,

1/31/47

(USD)

1,150,000‌

935‌

Arab

Republic

Egypt,

Series

5YR,

14.369%,

10/20/25

28,100,000‌

546‌

Arab

Republic

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

Hungary,

Series

28/B,

4.50%,

3/23/28

1,437,090,000‌

4,044‌

Republic

Hungary,

Series

32/A,

4.75%,

11/24/32

1,834,000,000‌

4,800‌

Republic

Hungary,

Series

33/A,

2.25%,

4/20/33

838,210,000‌

1,809‌

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Par/Shares

Value

(Cost

and

value

$000s)

Republic

Hungary,

Series

38/A,

3.00%,

10/27/38

217,910,000‌

419‌

Total

Hungary

(Cost

$10,673)

11,072‌

INDIA 4.6%

Government

Bonds 4.6%

Republic

India,

6.54%,

1/17/32

48,900,000‌

580‌

Republic

India,

6.67%,

12/17/50

271,020,000‌

3,036‌

Republic

India,

7.09%,

8/5/54

60,000,000‌

707‌

Republic

India,

7.18%,

7/24/37

110,750,000‌

1,353‌

Republic

India,

7.26%,

8/22/32

20,000,000‌

246‌

Republic

India,

7.26%,

2/6/33

535,000,000‌

6,579‌

Republic

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

Indonesia),

9.00%,

3/20/29 (1)

46,100,000,000‌

3,098‌

Government

Bonds 8.7%

Republic

Indonesia,

Series

FR65,

6.625%,

5/15/33

120,446,000,000‌

7,410‌

Republic

Indonesia,

Series

FR72,

8.25%,

5/15/36

42,835,000,000‌

2,935‌

Republic

Indonesia,

Series

FR73,

8.75%,

5/15/31

46,007,000,000‌

3,148‌

Republic

Indonesia,

Series

FR82,

7.00%,

9/15/30

20,100,000,000‌

1,274‌

Republic

Indonesia,

Series

FR83,

7.50%,

4/15/40

69,458,000,000‌

4,495‌

Republic

Indonesia,

Series

FR90,

5.125%,

4/15/27

40,570,000,000‌

2,461‌

Republic

Indonesia,

Series

FR91,

6.375%,

4/15/32

28,100,000,000‌

1,718‌

Republic

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

Malaysia,

Series

0120,

4.065%,

6/15/50

23,025,000‌

5,524‌

Government

Malaysia,

Series

0318,

4.642%,

11/7/33

3,975,000‌

1,022‌

Government

Malaysia,

Series

0519,

3.757%,

5/22/40

16,345,000‌

3,895‌

Government

Malaysia,

Series

0713,

4.935%,

9/30/43

12,890,000‌

3,518‌

Total

Malaysia

(Cost

$13,049)

13,959‌

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Par/Shares

Value

(Cost

and

value

$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

7.50%,

5/26/33

72,850,000‌

3,548‌

United

Mexican

States,

Series

7.75%,

5/29/31

40,169,000‌

2,041‌

United

Mexican

States,

Series

7.75%,

11/23/34

79,515,000‌

3,868‌

United

Mexican

States,

Series

8.00%,

7/31/53

8,627,000‌

378‌

United

Mexican

States,

Series

8.50%,

5/31/29

88,830,000‌

4,721‌

United

Mexican

States,

Series

8.50%,

2/28/30

146,931,000‌

7,783‌

United

Mexican

States,

Series

8.50%,

11/18/38

78,291,000‌

3,839‌

United

Mexican

States,

Series

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

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

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

276‌

Total

Netherlands

(Cost

$338)

276‌

NIGERIA 0.3%

Government

Bonds 0.3%

Republic

Nigeria

OMO

Bill,

Series

358D,

22.202%,

8/19/25

1,259,841,000‌

794‌

Total

Nigeria

(Cost

$787)

794‌

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Par/Shares

Value

(Cost

and

value

$000s)

PERU 3.3%

Government

Bonds 3.3%

Republic

Peru,

6.15%,

8/12/32

19,961,000‌

5,821‌

Republic

Peru,

6.85%,

8/12/35 (1)

6,950,000‌

2,026‌

Republic

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

Poland,

Series

CPI,

Inflation-Indexed,

2.00%,

8/25/36

3,613,280‌

892‌

Republic

Poland,

Series

0429,

5.75%,

4/25/29

5,230,000‌

1,504‌

Republic

Poland,

Series

0729,

4.75%,

7/25/29

9,000,000‌

2,497‌

Republic

Poland,

Series

1029,

2.75%,

10/25/29

20,090,000‌

5,146‌

Republic

Poland,

Series

1033,

6.00%,

10/25/33

10,431,000‌

3,018‌

Republic

Poland,

Series

1034,

5.00%,

10/25/34

1,065,000‌

287‌

Total

Poland

(Cost

$12,123)

13,344‌

ROMANIA 1.8%

Government

Bonds 1.8%

Republic

Romania,

Series

10Y,

5.00%,

2/12/29

9,135,000‌

1,968‌

Republic

Romania,

Series

11Y,

7.10%,

7/31/34

12,130,000‌

2,757‌

Republic

Romania,

Series

5Y,

4.25%,

4/28/36

2,695,000‌

485‌

Total

Romania

(Cost

$4,926)

5,210‌

SERBIA 0.4%

Government

Bonds 0.4%

Republic

Serbia,

1.50%,

6/26/29

(EUR)

1,050,000‌

1,131‌

Total

Serbia

(Cost

$993)

1,131‌

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Par/Shares

Value

(Cost

and

value

$000s)

SOUTH

AFRICA 7.2%

Government

Bonds 7.2%

Republic

South

Africa,

Series

R213,

7.00%,

2/28/31

60,239,000‌

3,134‌

Republic

South

Africa,

Series

2030,

8.00%,

1/31/30

55,330,000‌

3,077‌

Republic

South

Africa,

Series

2032,

8.25%,

3/31/32

43,554,000‌

2,352‌

Republic

South

Africa,

Series

2035,

8.875%,

2/28/35

88,220,000‌

4,665‌

Republic

South

Africa,

Series

2044,

8.75%,

1/31/44

134,192,000‌

6,167‌

Republic

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

Sri

Lanka,

0.00%,

3/15/36 (5)

10,233,412‌

27‌

Republic

Sri

Lanka,

0.00%,

9/15/37 (5)

10,233,412‌

27‌

Republic

Sri

Lanka,

0.00%,

9/15/38 (5)

10,233,412‌

26‌

Republic

Sri

Lanka,

0.00%,

9/15/39 (5)

10,233,412‌

26‌

Republic

Sri

Lanka,

0.00%,

9/15/40 (5)

10,233,412‌

26‌

Republic

Sri

Lanka,

0.00%,

9/15/41 (5)

10,233,412‌

26‌

Republic

Sri

Lanka,

0.00%,

9/15/42 (5)

10,233,412‌

26‌

Republic

Sri

Lanka,

0.00%,

9/15/43 (5)

10,233,412‌

26‌

Republic

Sri

Lanka,

4.00%,

4/15/28

(USD) (1)

324,692‌

305‌

Republic

Sri

Lanka,

STEP,

1.00%,

6/15/38

(USD) (1)

592,200‌

385‌

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

338‌

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

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Par/Shares

Value

(Cost

and

value

$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

Thailand,

1.585%,

12/17/35

202,227,000‌

6,224‌

Kingdom

Thailand,

2.00%,

12/17/31

52,920,000‌

1,681‌

Kingdom

Thailand,

2.00%,

6/17/42

56,850,000‌

1,756‌

Kingdom

Thailand,

2.40%,

3/17/29

45,000,000‌

1,433‌

Kingdom

Thailand,

2.80%,

6/17/34

33,285,000‌

1,126‌

Kingdom

Thailand,

3.40%,

6/17/36

28,213,000‌

1,018‌

Kingdom

Thailand,

3.65%,

6/20/31

10,867,000‌

376‌

Kingdom

Thailand,

3.775%,

6/25/32

139,793,000‌

4,946‌

Kingdom

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

Türkiye,

Series

10Y,

17.80%,

7/13/33

54,753,000‌

919‌

Republic

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

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

374‌

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Par/Shares

Value

(Cost

and

value

$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

Total

United

States

(Cost

$3,423)

3,454‌

URUGUAY 0.1%

Government

Bonds 0.1%

Republic

Uruguay,

9.75%,

7/20/33

12,038,000‌

318‌

Total

Uruguay

(Cost

$303)

318‌

UZBEKISTAN 0.4%

Government

Bonds 0.4%

National

Bank

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%

Rowe

Price

Government

Reserve

Fund,

4.37% (6)(7)

10,277,856‌

10,278‌

U.S.

Treasury

Obligations 2.1%

U.S.

Treasury

Bills,

4.256%,

9/18/25 (8)

6,350,000‌

6,291‌

Total

Short-Term

Investments

(Cost

$16,569)

16,569‌

Total

Investments

Securities

96.4%

Net

Assets

(Cost

$277,000)

284,150‌

‡

Country

classifications

are

generally

based

MSCI

categories

another

unaffiliated

third

party

data

provider;

Par/Shares

and

Notional

Amount

are

denominated

the

currency

the

country

presented

unless

otherwise

noted.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

†

Investment

fund

not

unitized.

(1)

Security

was

purchased

pursuant

Rule

144A

under

the

Securities

Act

1933

and

may

resold

transactions

exempt

from

registration

only

qualified

institutional

buyers.

Total

value

such

securities

period-end

amounts

$16,129

and

represents

5.5%

net

assets.

(2)

Issuer

has

failed

make

scheduled

interest

and/or

principal

payment

default.

(3)

Non-income

producing

(4)

Security

cannot

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

1933

and

rules

("restricted

security").

Acquisition

date

represents

the

day

which

enforceable

right

acquire

such

security

obtained

and

presented

along

with

cost

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

such

registration

are

generally

borne

the

issuer.

The

aggregate

value

restricted

securities

(excluding

144A

holdings)

period

end

amounts

$584

and

represents

0.2%

net

assets.

(5)

See

Note

Level

fair

value

hierarchy.

(6)

Seven-day

yield

(7)

Affiliated

Companies

(8)

June

30,

2025,

all

portion

this

security

pledged

collateral

and/

margin

deposit

cover

future

funding

obligations.

Day

INR

MIBOR

One

day

INR

MIBOR

(Mumbai

interbank

offered

rate)

CZK

PRIBOR

Six

month

CZK

PRIBOR

(Prague

interbank

offered

rate)

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

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

interest

adjusts

specified

date(s);

rate

shown

effective

rate

period-end.

THB

Thai

Baht

TRY

Turkish

Lira

TWD

Taiwan

Dollar

USD

U.S.

Dollar

ZAR

South

African

Rand

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

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%

Maturity,

Pay

Variable

14.90%,

(BRL

CDI)

Maturity,

1/4/27

14,000

(56)

—

(56‌)

Morgan

Stanley,

Year

Interest

Rate

Swap,

Receive

Fixed

10.820%

Maturity,

Pay

Variable

14.90%,

(BRL

CDI)

Maturity,

1/4/27

20,500

(172)

—

(172‌)

Morgan

Stanley,

Year

Interest

Rate

Swap,

Receive

Fixed

9.795%

Maturity,

Pay

Variable

14.90%,

(BRL

CDI)

Maturity,

1/4/27

15,395

(193)

—

(193‌)

Morgan

Stanley,

Year

Interest

Rate

Swap,

Receive

Fixed

9.870%

Maturity,

Pay

Variable

14.90%,

(BRL

CDI)

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%,

Day

Interbank

Repo)

Quarterly,

3/26/32

23,760

—

25‌

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)

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

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

145

(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%

Day

Interbank

Repo)

Quarterly,

12/19/29

7,400

(2)

—

(2‌)

Year

Interest

Rate

Swap,

Receive

Fixed

1.595%

Quarterly,

Pay

Variable

1.840%

Day

Interbank

Repo)

Quarterly,

4/2/30

7,000

—

5‌

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%

Day

INR

MIBOR)

Semi-Annually,

2/4/30

246,934

—

42‌

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

000s)

Description

Notional

Amount

Value

Initial

Value**

Unrealized

Gain/(Loss)

Year

Interest

Rate

Swap,

Receive

Fixed

6.067%

Semi-Annually,

Pay

Variable

5.520%

Day

INR

MIBOR)

Semi-Annually,

9/3/29

71,500

—

12‌

Year

Interest

Rate

Swap,

Receive

Fixed

6.227%

Semi-Annually,

Pay

Variable

5.520%

Day

INR

MIBOR)

Semi-Annually,

1/7/30

210,000

—

53‌

Year

Interest

Rate

Swap,

Receive

Fixed

6.293%

Semi-Annually,

Pay

Variable

5.520%

Day

INR

MIBOR)

Semi-Annually,

11/5/29

166,000

—

46‌

Year

Interest

Rate

Swap,

Receive

Fixed

6.374%

Semi-Annually,

Pay

Variable

5.520%

Day

INR

MIBOR)

Semi-Annually,

5/17/29

187,075

—

55‌

Year

Interest

Rate

Swap,

Receive

Fixed

5.787%

Semi-Annually,

Pay

Variable

5.520%

Day

INR

MIBOR)

Semi-Annually,

7/1/32

63,000

—

—‌

Year

Interest

Rate

Swap,

Receive

Fixed

6.350%

Semi-Annually,

Pay

Variable

5.520%

Day

INR

MIBOR)

Semi-Annually,

6/20/31

114,500

—

40‌

Year

Interest

Rate

Swap,

Receive

Fixed

6.111%

Semi-Annually,

Pay

Variable

5.520%

Day

INR

MIBOR)

Semi-Annually,

2/5/35

159,923

—

33‌

Year

Interest

Rate

Swap,

Receive

Fixed

6.331%

Semi-Annually,

Pay

Variable

5.520%

Day

INR

MIBOR)

Semi-Annually,

11/6/34

95,500

—

37‌

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

189

—

189‌

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)

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

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

—

45‌

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)

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)

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%

Maturity,

Receive

Variable

(Change

CPI)

Maturity,

1/10/30

2,425

—

7‌

Total

United

States

7‌

Total

Centrally

Cleared

Zero-Coupon

Inflation

Swaps

7‌

Total

Centrally

Cleared

Swaps

134‌

Net

payments

(receipts)

variation

margin

date

(168‌)

Variation

margin

receivable

(payable)

centrally

cleared

swaps

(34‌)

Includes

interest

purchased

sold

but

not

yet

collected

$4.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

America

7/18/25

HUF

447,484‌

USD

1,240‌

78‌

Bank

America

7/18/25

RON

5,826‌

USD

1,259‌

91‌

Bank

America

7/18/25

USD

3,419‌

HUF

1,219,143‌

(171‌)

Bank

America

7/18/25

USD

4,538‌

ZAR

82,251‌

(102‌)

Bank

America

7/18/25

ZAR

86,943‌

USD

4,719‌

185‌

Bank

America

7/25/25

USD

2,134‌

JPY

306,465‌

(1‌)

Bank

America

8/14/25

USD

2,678‌

PLN

10,208‌

(151‌)

Bank

America

9/4/25

MYR

61,069‌

USD

14,382‌

143‌

Bank

America

9/5/25

USD

4,093‌

COP

16,830,973‌

10‌

Bank

America

9/5/25

USD

4,695‌

COP

19,578,808‌

(54‌)

Bank

America

10/17/25

USD

1,632‌

CZK

34,783‌

(31‌)

Bank

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

95‌

4‌

Barclays

Bank

7/17/25

USD

653‌

TRY

27,404‌

(25‌)

Barclays

Bank

7/18/25

ZAR

81,378‌

USD

4,535‌

55‌

Barclays

Bank

7/18/25

ZAR

13,640‌

USD

771‌

(1‌)

Barclays

Bank

9/12/25

CNH

64,859‌

USD

9,100‌

14‌

Barclays

Bank

10/10/25

IDR

4,778,767‌

USD

293‌

2‌

Barclays

Bank

10/16/25

TRY

63,895‌

USD

1,461‌

(1‌)

Barclays

Bank

11/20/25

TRY

16,154‌

USD

358‌

—‌

BNP

Paribas

7/11/25

IDR

38,354,677‌

USD

2,304‌

61‌

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

382‌

—‌

Canadian

Imperial

Bank

Commerce

7/18/25

USD

4,452‌

ZAR

79,563‌

(35‌)

Citibank

7/11/25

INR

187,811‌

USD

2,181‌

8‌

Citibank

7/11/25

KZT

695,545‌

USD

1,288‌

47‌

Citibank

7/11/25

TWD

64,275‌

USD

2,231‌

(22‌)

Citibank

7/17/25

TRY

56,484‌

USD

1,362‌

36‌

Citibank

7/17/25

USD

368‌

TRY

14,954‌

(2‌)

Citibank

7/18/25

HUF

755,686‌

USD

2,126‌

99‌

Citibank

7/18/25

MXN

18,013‌

USD

954‌

4‌

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Citibank

7/18/25

RON

546‌

USD

126‌

—‌

Citibank

7/18/25

RSD

28,033‌

USD

263‌

19‌

Citibank

7/18/25

USD

1,403‌

CZK

30,816‌

(66‌)

Citibank

7/18/25

USD

148‌

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

36‌

Citibank

7/25/25

USD

1,360‌

JPY

199,456‌

(29‌)

Citibank

8/5/25

USD

2,249‌

TWD

64,275‌

21‌

Citibank

8/14/25

PLN

45,237‌

USD

11,827‌

710‌

Citibank

8/15/25

RSD

64,886‌

USD

621‌

32‌

Citibank

8/15/25

USD

203‌

RSD

20,291‌

(1‌)

Citibank

8/19/25

NGN

1,092,043‌

USD

691‌

8‌

Citibank

8/21/25

USD

722‌

TRY

30,313‌

(5‌)

Citibank

8/22/25

EUR

1,439‌

USD

1,632‌

69‌

Citibank

9/3/25

USD

3,419‌

BRL

18,955‌

(15‌)

Citibank

9/5/25

COP

1,556,216‌

USD

376‌

2‌

Citibank

9/5/25

THB

22,541‌

USD

696‌

1‌

Citibank

9/11/25

EGP

104,491‌

USD

1,954‌

96‌

Citibank

9/24/25

EGP

44,756‌

USD

865‌

8‌

Citibank

10/10/25

PEN

1,787‌

USD

502‌

1‌

Citibank

10/17/25

USD

224‌

CZK

4,712‌

(1‌)

Citibank

11/20/25

USD

114‌

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

66‌

Deutsche

Bank

9/4/25

USD

1,365‌

MYR

5,772‌

(8‌)

Deutsche

Bank

10/10/25

USD

1,303‌

PEN

4,619‌

3‌

Goldman

Sachs

7/11/25

INR

806,503‌

USD

9,333‌

68‌

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

32‌

Goldman

Sachs

7/18/25

RON

6,840‌

USD

1,529‌

56‌

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

57‌

Goldman

Sachs

9/5/25

USD

1,640‌

COP

6,752,942‌

2‌

Goldman

Sachs

9/12/25

CNH

53,843‌

USD

7,553‌

13‌

Goldman

Sachs

10/9/25

USD

4,528‌

TWD

128,550‌

9‌

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

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

49‌

HSBC

Bank

7/11/25

INR

51,971‌

USD

606‌

—‌

HSBC

Bank

7/11/25

USD

184‌

IDR

3,014,338‌

(2‌)

HSBC

Bank

7/18/25

CZK

2,185‌

USD

97‌

7‌

HSBC

Bank

7/25/25

JPY

390,797‌

USD

2,731‌

(9‌)

HSBC

Bank

7/25/25

USD

1,343‌

JPY

191,231‌

11‌

HSBC

Bank

8/8/25

USD

276‌

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

29‌

HSBC

Bank

9/5/25

USD

2,555‌

THB

82,579‌

3‌

HSBC

Bank

9/5/25

USD

666‌

THB

21,680‌

(4‌)

HSBC

Bank

10/17/25

CZK

51,273‌

USD

2,434‌

16‌

JPMorgan

Chase

7/3/25

HKD

2,760‌

USD

352‌

—‌

JPMorgan

Chase

7/3/25

USD

353‌

HKD

2,760‌

1‌

JPMorgan

Chase

7/11/25

IDR

79,991,799‌

USD

4,765‌

169‌

JPMorgan

Chase

7/11/25

INR

177,288‌

USD

2,079‌

(12‌)

JPMorgan

Chase

7/11/25

PEN

5,061‌

USD

1,350‌

79‌

JPMorgan

Chase

7/11/25

USD

284‌

IDR

4,674,816‌

(5‌)

JPMorgan

Chase

7/11/25

USD

253‌

INR

21,436‌

3‌

JPMorgan

Chase

7/17/25

TRY

21,744‌

USD

522‌

16‌

JPMorgan

Chase

7/18/25

CZK

2,413‌

USD

111‌

4‌

JPMorgan

Chase

7/18/25

MXN

7,538‌

USD

387‌

14‌

JPMorgan

Chase

7/18/25

RON

4,929‌

USD

1,118‌

24‌

JPMorgan

Chase

7/18/25

RSD

13,265‌

USD

128‌

5‌

JPMorgan

Chase

7/18/25

USD

651‌

CZK

14,015‌

(17‌)

JPMorgan

Chase

7/18/25

USD

188‌

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

149‌

ZAR

2,700‌

(3‌)

JPMorgan

Chase

8/4/25

USD

353‌

HKD

2,760‌

—‌

JPMorgan

Chase

8/14/25

PLN

1,091‌

USD

291‌

11‌

JPMorgan

Chase

9/3/25

BRL

14,143‌

USD

2,424‌

138‌

JPMorgan

Chase

9/4/25

MYR

1,480‌

USD

350‌

2‌

JPMorgan

Chase

9/4/25

USD

5,281‌

MYR

22,369‌

(40‌)

JPMorgan

Chase

9/5/25

COP

19,459,294‌

USD

4,716‌

4‌

JPMorgan

Chase

9/5/25

THB

3,636‌

USD

112‌

—‌

JPMorgan

Chase

9/5/25

USD

259‌

COP

1,093,814‌

(6‌)

Morgan

Stanley

7/18/25

CZK

40,233‌

USD

1,816‌

102‌

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)

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

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

15‌

RBC

Dominion

Securities

7/11/25

USD

724‌

INR

62,026‌

1‌

RBC

Dominion

Securities

7/18/25

MXN

71,159‌

USD

3,446‌

338‌

RBC

Dominion

Securities

8/8/25

USD

319‌

CLP

298,518‌

(1‌)

RBC

Dominion

Securities

8/22/25

EUR

1,256‌

USD

1,415‌

69‌

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

33‌

Societe

Generale

8/14/25

PLN

7,823‌

USD

2,102‌

66‌

Societe

Generale

9/3/25

BRL

7,833‌

USD

1,351‌

68‌

Standard

Chartered

8/22/25

USD

9,300‌

EUR

8,214‌

(410‌)

Standard

Chartered

9/4/25

MYR

10,740‌

USD

2,539‌

16‌

State

Street

7/11/25

USD

3,919‌

IDR

65,164,905‌

(101‌)

State

Street

7/18/25

HUF

247,659‌

USD

684‌

46‌

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

15‌

State

Street

11/20/25

TRY

30,313‌

USD

654‌

19‌

Toronto-Dominion

Bank

7/18/25

ZAR

44,038‌

USD

2,384‌

100‌

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

22‌

UBS

Investment

Bank

7/11/25

PEN

3,723‌

USD

1,044‌

6‌

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

20‌

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

295‌

UBS

Investment

Bank

8/8/25

USD

195‌

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

137‌

UBS

Investment

Bank

9/5/25

THB

20,272‌

USD

627‌

(1‌)

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Amounts

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

128‌

Wells

Fargo

7/11/25

PEN

5,173‌

USD

1,444‌

15‌

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

72‌

Wells

Fargo

9/5/25

THB

48,968‌

USD

1,513‌

1‌

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)

open

forward

currency

exchange

contracts

1,214‌

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)

6‌

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)

variation

margin

date

111‌

Variation

margin

receivable

(payable)

open

futures

contracts

(26‌)

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

1940

Act,

affiliated

company

one

which

the

fund

owns

the

outstanding

voting

securities,

company

that

under

common

ownership

control.

The

following

securities

were

considered

affiliated

companies

for

all

some

portion

the

six

months

ended

June

30,

2025.

Net

realized

gain

(loss),

investment

income,

change

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

Net

Unrealized

Gain/Loss

Investment

Income

Rowe

Price

Government

Reserve

Fund,

4.37%

—‌#

—‌

163‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/24

Purchase

Cost

Sales

Cost

Value

6/30/25

Rowe

Price

Government

Reserve

Fund,

4.37%

9,805‌

10,278‌^

Capital

gain

distributions

from

underlying

Price

funds

represented

the

net

realized

gain

(loss).

Investment

income

comprised

$163

dividend

income

and

interest

income.

Purchase

and

sale

information

not

shown

for

cash

management

funds.

The

cost

basis

investments

affiliated

companies

was

$10,278.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

June

30,

2025

(Unaudited)

Statement

Assets

and

Liabilities

($000s,

except

and

per

amounts)

Assets

Investments

securities,

value

(cost

$277,000)

284,150‌

Interest

receivable

6,480‌

Unrealized

gain

forward

currency

exchange

contracts

4,962‌

Receivable

for

investment

securities

sold

3,925‌

Foreign

currency

(cost

$2,423)

2,113‌

Receivable

for

sold

149‌

Due

from

affiliates

95‌

Unrealized

gain

bilateral

swaps

25‌

Other

assets

320‌

Total

assets

302,219‌

Liabilities

Unrealized

loss

forward

currency

exchange

contracts

3,748‌

Payable

for

investment

securities

purchased

2,507‌

Unrealized

loss

bilateral

swaps

556‌

Payable

for

redeemed

292‌

Investment

management

fees

payable

141‌

Variation

margin

payable

centrally

cleared

swaps

34‌

Variation

margin

payable

futures

contracts

26‌

Other

liabilities

105‌

Total

liabilities

7,409‌

Commitments

and

Contingent

Liabilities

(note

)

NET

ASSETS

294,810‌

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

June

30,

2025

(Unaudited)

Statement

Assets

and

Liabilities

($000s,

except

and

per

amounts)

The

accompanying

notes

are

integral

part

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

(

51,165‌

)

Paid-in

capital

applicable

59,280,720

$0.01

par

value

capital

stock

outstanding;

18,000,000,000

the

Corporation

authorized

345,975‌

NET

ASSETS

294,810‌

NET

ASSET

VALUE

PER

Investor

Class

(Net

assets:

$23,389;

outstanding:

4,700,650)

4.98‌

Advisor

Class

(Net

assets:

$4;

outstanding:

770)

4.94‌

Class

(Net

assets:

$95,547;

outstanding:

19,196,853)

4.98‌

Class

(Net

assets:

$175,870;

outstanding:

35,382,447)

4.97‌

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

Statement

Operations

($000s)

Months

Ended

6/30/25

Investment

Income

(Loss)

Income

Interest

(net

foreign

taxes

$280)

10,336‌

Dividend

163‌

Total

income

10,499‌

Expenses

Investment

management

910‌

Shareholder

servicing

Investor

Class

27‌

Class

4‌

31‌

Prospectus

and

shareholder

reports

Investor

Class

1‌

Class

3‌

Class

2‌

6‌

Custody

and

accounting

127‌

Registration

30‌

Legal

and

audit

27‌

Miscellaneous

13‌

Waived

paid

Price

Associates

(

725‌

)

Total

expenses

419‌

Net

investment

income

10,080‌

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

Statement

Operations

($000s)

The

accompanying

notes

are

integral

part

these

financial

statements.

Months

Ended

6/30/25

Realized

and

Unrealized

Gain

Loss

–

Net

realized

gain

(loss)

Securities

(net

foreign

taxes

$47)

(

2,879‌

)

Futures

(

44‌

)

Swaps

540‌

Options

written

37‌

Forward

currency

exchange

contracts

569‌

Foreign

currency

transactions

(

498‌

)

Net

realized

loss

(

2,275‌

)

Change

net

unrealized

gain

loss

Securities

22,344‌

Futures

(

308‌

)

Swaps

(

56‌

)

Forward

currency

exchange

contracts

3,452‌

Other

assets

and

liabilities

denominated

foreign

currencies

904‌

Change

net

unrealized

gain

loss

26,336‌

Net

realized

and

unrealized

gain

loss

24,061‌

INCREASE

NET

ASSETS

FROM

OPERATIONS

34,141‌

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

Statement

Changes

Net

Assets

($000s)

Months

Ended

6/30/25

Year

Ended

12/31/24

Increase

(Decrease)

Net

Assets

Operations

Net

investment

income

10,080‌

21,490‌

Net

realized

loss

(2,275‌)

(5,425‌)

Change

net

unrealized

gain

loss

26,336‌

(27,374‌)

Increase

(decrease)

net

assets

from

operations

34,141‌

(11,309‌)

Distributions

shareholders

Net

earnings

Investor

Class

(618‌)

(707‌)

Class

(2,944‌)

(3,143‌)

Class

(6,246‌)

(6,768‌)

Tax

return

capital

–

Investor

Class

–‌

(691‌)

Advisor

Class

–‌

Class

–‌

(2,991‌)

Class

–‌

(6,428‌)

Decrease

net

assets

from

distributions

(9,808‌)

(20,728‌)

Capital

transactions

sold

Investor

Class

4,788‌

4,444‌

Advisor

Class

–‌

1‌

Class

7,944‌

15,173‌

Class

4,068‌

4,311‌

Distributions

reinvested

Investor

Class

573‌

1,314‌

Class

2,866‌

6,014‌

Class

6,212‌

13,194‌

redeemed

Investor

Class

(2,479‌)

(12,305‌)

Advisor

Class

–‌

(12‌)

Class

(16,043‌)

(17,767‌)

Class

(32,908‌)

(12,871‌)

Increase

(decrease)

net

assets

from

capital

transactions

(24,979‌)

1,496‌

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

(Unaudited)

Statement

Changes

Net

Assets

($000s)

The

accompanying

notes

are

integral

part

these

financial

statements.

Months

Ended

6/30/25

Year

Ended

12/31/24

Net

Assets

Decrease

during

period

(646‌)

(30,541‌)

Beginning

period

295,456‌

325,997‌

End

period

294,810‌

295,456‌

*Share

information

(000s)

sold

Investor

Class

1,001‌

918‌

Advisor

Class

–‌

(1)

Class

1,660‌

3,119‌

Class

882‌

930‌

Distributions

reinvested

Investor

Class

120‌

273‌

Class

601‌

1,251‌

Class

1,306‌

2,747‌

redeemed

Investor

Class

(520‌)

(2,551‌)

Advisor

Class

–‌

(2‌)

Class

(3,398‌)

(3,687‌)

Class

(7,018‌)

(2,640‌)

Increase

(decrease)

outstanding

(5,366‌)

358‌

(1)

Amount

rounds

less

than

1,000

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Unaudited

NOTES

FINANCIAL

STATEMENTS

Rowe

Price

International

Funds,

Inc. (the

corporation)

registered

under

the

Investment

Company

Act

1940

(the

1940

Act).

The

Emerging

Markets

Local

Currency

Bond

Fund

(the

fund)

is a

nondiversified, open-end

management

investment

company

established

the

corporation. The

fund

seeks to

provide

high

income

and

capital

appreciation.

The

fund

has four classes

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

Class)

and

the

Emerging

Markets

Local

Currency

Bond

Fund–Z

Class

Class).

Advisor

Class

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

Class

require

$500,000

initial

investment

minimum,

although

the

minimum

generally

waived

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Class

only

available

funds

advised

Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

contractual

fee

for

investment

management

services.

The

Advisor

Class

operates

under

Board-approved

Rule

12b-1

plan

pursuant

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/or

certain

administrative

services;

the

Investor,

and

Classes

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

matters

solely

that

class;

separate

voting

rights

matters

that

relate

all

classes;

and,

all

other

respects,

the

same

rights

and

obligations

the

other

classes.

NOTE

SIGNIFICANT

ACCOUNTING

POLICIES

Basis

Preparation

The fund

investment

company

and

follows

accounting

and

reporting

guidance

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

accordance

with

accounting

principles

generally

accepted

the

United

States

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

estimates

made

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

maturity.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Investment

Transactions,

Investment

Income,

and

Distributions

Investment

transactions

are

accounted

for

the

trade

date

basis.

Income

and

expenses

are

recorded

the

accrual

basis.

Realized

gains

and

losses

are

reported

the

identified

cost

basis. Premiums

and

discounts

debt

securities

are

amortized

for

financial

reporting

purposes. Inflation

adjustments

the

principal

amount

inflation-indexed

bonds

are

reflected

interest

income. Income

tax-related

interest

and

penalties,

incurred,

are

recorded

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

dividend income;

capital

gain

distributions

are

reflected

realized

gain/

loss. Dividend

income and

capital

gain

distributions

are

recorded

the

ex-dividend

date. Earnings

investments

recognized

partnerships

for

federal

income

tax

purposes

reflect

the

tax

character

such

earnings. Non-

cash

dividends,

any,

are

recorded

the

fair

market

value

the

asset

received. Proceeds

from

litigation

payments,

any,

are

included

either

net

realized

gain

(loss)

change

net

unrealized

gain/loss

from

securities. Distributions

shareholders

are

recorded

the

ex-dividend

date. Income

distributions,

any, are

declared

each

class daily

and

paid

monthly. A

capital

gain

distribution,

any, may

also

declared

and

paid

the

fund

annually.

Currency

Translation

Assets,

including

investments,

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

the

prevailing

exchange

rate,

using

the

mean

the

bid

and

asked

prices

such

currencies

against

U.S.

dollars

provided

outside

pricing

service.

Purchases

and

sales

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

the

prevailing

exchange

rate

the

respective

date

such

transaction.

The

effect

changes

foreign

currency

exchange

rates

realized

and

unrealized

security

gains

and

losses

not

bifurcated

from

the

portion

attributable

changes

market

prices.

Class

Accounting

Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

each

class

are

charged

directly

the

class

which

they

relate.

Expenses

common

all

classes

and

investment

income

are

allocated

the

classes

based

upon

the

relative

daily

net

assets

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

each

class’s

outstanding

shares.

The

Advisor

Class

pays

Rule

12b-1

fees,

amount

not

exceeding

0.25%

the

class’s

average

daily

net

assets;

during

the

six

months

ended

June

30,

2025,

the

Advisor

Class

incurred

less

than

$1,000

these

fees.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Capital

Transactions

Each

investor’s

interest

the

net

assets

of the

fund

represented

fund

shares. The

fund’s

net

asset

value

(NAV)

per

computed

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

Eastern

time,

each

day

the

NYSE

open

for

business.

However,

the

NAV

per

may

calculated

time

other

than

the

normal

the

NYSE

trading

the

NYSE

restricted,

the

NYSE

closes

earlier,

may

permitted

the

SEC.

Purchases

and

redemptions

fund

are

transacted

the

next-computed

NAV

per

share,

after

receipt

the

transaction

order

Rowe

Price

Associates,

Inc.,

its

agents.

New

Accounting

Guidance

In December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

Income

Taxes

Disclosures,

which

enhances

the

transparency

income

tax

disclosures.

The

ASU

requires

public

entities,

annual

basis,

provide

disclosure

specific

categories

the

rate

reconciliation,

well

disclosure

income

taxes

paid

disaggregated

jurisdiction.

The

amendments

under

this

ASU

are

required

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024.

Management

expects

that

adoption

the

guidance

will

not

have

material

impact

the

fund’s

financial

statements.

Indemnification

the

normal

course

business, the

fund

may

provide

indemnification

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

unknown;

however,

the

risk

material

loss

currently

considered

remote.

NOTE

VALUATION

Fair

Value

The

fund’s

financial

instruments

are

valued

the

NYSE

and

are

reported

fair

value,

which

GAAP

defines

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date. The fund’s

Board

Directors

(the

Board)

has

designated

Rowe

Price

Associates,

Inc.

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

oversight

the

Board,

the

Valuation

Designee

performs

the

following

functions

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

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

and

responsibilities

the

Valuation

Designee

are

performed

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

the

Board

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

determine

the

fair

value

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

measure

fair

value:

Level

–

quoted

prices

(unadjusted)

active

markets

for

identical

financial

instruments

that

the

fund

can

access

the

reporting

date

Level

–

inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

active

markets,

quoted

prices

for

identical

similar

financial

instruments

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

publicly

available

information

about

actual

events

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

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

price

the

financial

instrument.

GAAP

requires

valuation

techniques

maximize

the

use

relevant

observable

inputs

and

minimize

the

use

unobservable

inputs.

When

multiple

inputs

are

used

derive

fair

value,

the

financial

instrument

assigned

the

level

within

the

fair

value

hierarchy

based

the

lowest-level

input

that

significant

the

fair

value

the

financial

instrument.

Input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level

but

rather

the

degree

judgment

used

determining

those

values.

Valuation

Techniques

Debt

securities

generally

are

traded

the over-the-

counter

(OTC)

market

and

are

valued

prices

furnished

independent

pricing

services

broker

dealers

who

make

markets

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

price

bonds

comparable

quality,

coupon,

maturity,

and

type,

well

prices

quoted

dealers

who

make

markets

such

securities.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Investments

mutual

funds

are

valued

the

mutual

fund’s

closing

NAV

per

the

day

valuation.

Investments

private

investment

companies

are

valued

the

investee’s

NAV

per

the

valuation

date,

available.

the

investee’s

NAV

not

available

the

valuation

date

not

calculated

accordance

with

GAAP,

the

Valuation Designee

may

adjust

the

investee’s

NAV

reflect

fair

value

the

valuation

date.

Futures

contracts

are

valued

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

prices

furnished

independent

pricing

service

independent

swap

dealers.

Assets

and

liabilities

other

than

financial

instruments,

including

short-

term

receivables

and

payables,

are

carried

cost,

estimated

realizable

value,

less,

which

approximates

fair

value.

Investments

for

which

market

quotations are

not

readily

available

deemed

unreliable

are

valued

fair

value

determined

good

faith

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

investments

for

which

market

quotations

are

not

readily

available

deemed

unreliable,

including

the

use

other

pricing

sources.

Factors

used

determining

fair

value

vary

type

investment

and

may

include

market

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

actual

prices

arm’s

length

transactions,

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

reliably

obtained,

and

prices

are

deemed

representative

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

market-based

valuation

multiples;

discount

premium

from

market

value

similar,

freely

traded

security

the

same

issuer;

discounted

cash

flows;

yield

maturity;

some

combination.

Fair

value

determinations

are

reviewed

regular

basis.

Because

any

fair

value

determination

involves

significant

amount

judgment,

there

degree

subjectivity

inherent

such

pricing

decisions. Fair

value

prices

determined

the

Valuation

Designee could

differ

from

those

other

market

participants,

and

possible

that

the

fair

value

determined

for

security

may

materially

different

from

the

value

that

could

realized

upon

the

sale

that

security.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Valuation

Inputs

The

following

table

summarizes

the

fund’s

financial

instruments,

based

the

inputs

used

determine

their

fair

values

June

30,

2025

(for

further

detail

category,

please

refer

the

accompanying

Portfolio

Investments):

($000s)

Level

Total

Value

Assets

Fixed

Income

Securities

—‌

7,881‌

—‌

7,881‌

Government

Bonds

—‌

258,906‌

210‌

259,116‌

Private

Investment

Company

—‌

584‌

Short-Term

Investments

10,278‌

6,291‌

—‌

16,569‌

Total

Securities

10,278‌

273,078‌

210‌

284,150‌

Swaps*

—‌

589‌

—‌

589‌

Forward

Currency

Exchange

Contracts

—‌

4,962‌

—‌

4,962‌

Futures

Contracts*

6‌

—‌

6‌

Total

10,284‌

278,629‌

210‌

289,707‌

Liabilities

Swaps*

—‌

986‌

—‌

986‌

Forward

Currency

Exchange

Contracts

—‌

3,748‌

—‌

3,748‌

Futures

Contracts*

143‌

—‌

143‌

Total

143‌

4,734‌

—‌

4,877‌

Includes

Convertible

Bonds,

Corporate

Bonds

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

accordance

with

Subtopic

820-10,

certain

investments

that

are

measured

fair

value

using

the

net

asset

value

per

(or

its

equivalent)

practical

expedient

have

not

been

classified

the

fair

value

hierarchy.

The

fair

value

amounts

presented

this

table

are

intended

permit

reconciliation

the

fair

value

hierarchy

the

amounts

presented

the

Portfolio

Investments.

The

fair

value

presented

includes

cumulative

gain

(loss)

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

the

accompanying

Portfolio

Investments

only

the

unsettled

variation

margin

receivable

(payable)

that

date.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

NOTE

DERIVATIVE

INSTRUMENTS

During

the

six

months ended

June

30,

2025,

the

fund

invested

derivative

instruments.

defined

GAAP,

derivative

financial

instrument

whose

value

derived

from

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

prices

rates,

other

variable;

requires

little

initial

investment

and

permits

requires

net

settlement

delivery

cash

other

assets.

The

fund

invests

derivatives

only

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

described

its

prospectus

and

Statement

Additional

Information.

The

fund

may

use

derivatives

for

variety

purposes

and

may

use

them

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

hedge

against

declines

principal

value,

increase

yield,

invest

asset

with

greater

efficiency

and

lower

cost

than

possible

through

direct

investment,

enhance

return,

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

the

instruments

which

the

derivatives

are

based.

The

fund

values

its

derivatives

fair

value

and

recognizes

changes

fair

value

currently

its

results

operations.

Accordingly,

the

fund

does

not

hedge

accounting,

even

for

derivatives

employed

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

gross

basis.

does

not

offset

the

fair

value

derivative

liabilities

against

the

fair

value

derivative

assets

its

financial

statements,

nor

does

offset

the

fair

value

derivative

instruments

against

the

right

reclaim

obligation

return

collateral.

The

following

table

summarizes

the

fair

value

the

fund’s

derivative

instruments

held

June

30,

2025,

and

the

location

the

accompanying

Statement

Assets

and

Liabilities,

presented

primary

underlying

risk

exposure:

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

($000s)

Location

Statement

Assets

and

Liabilities

Fair

Value*

Assets

Inflation

derivatives

Centrally

Cleared

Swaps

7‌

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

208‌

Total

4,877‌

The

fair

value

presented

includes

cumulative

gain

(loss)

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

the

accompanying

Statement

Assets

and

Liabilities

only

the

unsettled

variation

margin

receivable

(payable)

that

date.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Additionally,

the

amount

gains

and

losses

derivative

instruments

recognized

fund

earnings

during

the

six

months ended

June

30,

2025,

and

the

location

the

accompanying

Statement

Operations

summarized

the

following

table

primary

underlying

risk

exposure:

($000s)

Location

Gain

(Loss)

Statement

Operations

Securities^

Options

Written

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Inflation

derivatives

—‌

22‌

Interest

rate

derivatives

(38‌)

—‌

(44‌)

—‌

750‌

668‌

Foreign

exchange

derivatives

(150‌)

37‌

—‌

569‌

—‌

456‌

Credit

derivatives

—‌

(232‌)

Total

(188‌)

37‌

(44‌)

569‌

540‌

914‌

Change

Unrealized

Gain

(Loss)

Inflation

derivatives

—‌

9‌

Interest

rate

derivatives

(26‌)

—‌

(308‌)

—‌

193‌

(141‌)

Foreign

exchange

derivatives

(97‌)

—‌

3,452‌

—‌

3,355‌

Credit

derivatives

—‌

(258‌)

Total

(123‌)

—‌

(308‌)

3,452‌

(56‌)

2,965‌

Options

purchased

are

reported

securities.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Counterparty

Risk

and

Collateral

The

fund

invests

derivatives

various

markets,

which

expose

differing

levels

counterparty

risk.

Counterparty

risk

exchange-traded

and

centrally

cleared

derivative

contracts,

such

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

required

deposit

collateral

amount

specified

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

maintained

over

the

life

the

contract.

Each

clearinghouse

and

clearing

firm,

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

the

fund.

Derivatives,

such

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

counterparty

(bilateral

derivatives)

may

expose

the

fund

greater

counterparty

risk.

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

collateral

cover

mark-to-market

exposure.

MNAs

may

the

form

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

offset

amounts

the

fund

owes

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

letters

generally

allow

termination

transactions

and

net

settlement

upon

the

occurrence

contractually

specified

events,

such

failure

pay

bankruptcy.

addition,

ISDAs

specify

other

events,

the

occurrence

which

would

allow

one

the

parties

terminate.

For

example,

downgrade

credit

rating

counterparty

below

specified

rating

would

allow

the

fund

terminate,

while

decline

the

fund’s

net

assets

than

specified

percentage

would

allow

the

counterparty

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

liquidated

and

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

letters

not.

Collateral

requirements

are

determined

daily

based

the

net

aggregate

unrealized

gain

loss

all

bilateral

derivatives

with

counterparty,

subject

minimum

transfer

amounts

that

typically

range

from

$100,000

$250,000.

Any

additional

collateral

required

due

changes

security

values

typically

transferred

the

business

day.

Collateral

may

the

form

cash

debt

securities

issued

the

U.S.

government

agencies,

although

other

securities

may

used

depending

the

terms

outlined

the

applicable

MNA.

Cash

posted

the

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

fund

reflected

cash

deposits

the

accompanying

financial

statements

and

generally

restricted

from

withdrawal

the

fund;

securities

posted

the

fund

are

noted

the

accompanying

Portfolio

Investments;

both

remain

the

fund’s

assets.

Collateral

pledged

counterparties

not

included

the

fund’s

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

the

fund

held

segregated

account

the

fund’s

custodian.

While

typically

not

sold

the

same

manner

equity

fixed

income

securities,

exchange-traded

centrally

cleared

derivatives

may

closed

out

only

the

exchange

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

unwound

with

counterparties

transactions

assigned

other

counterparties

allow

the

fund

exit

the

transaction.

This

ability

subject

the

liquidity

underlying

positions. As

June

30,

2025,

securities

valued

at $1,319,000

had

been

posted

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

The

following

table

summarizes

the

fund’s

OTC

and

bilateral

derivatives

the

reporting

date

loss

exposure

each

counterparty

after

consideration

collateral,

any.

Forward

Currency

Exchange

Contracts

The

fund

subject

foreign

currency

exchange

rate

risk

the

normal

course

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

protect

its

non-U.S.

dollar-denominated

securities

from

adverse

currency

movements

increase

exposure

particular

foreign

currency,

shift

the

($000s)

Gross

Value

Statements

Assets

and

Liabilities

Net

amount

due

(to)/from

Counterparty

Exchange

Collateral

Pledged

(Received)

Fund

Loss

Exposure,

After

Collateral*

(not

less

than

$0)

Counterparty

Assets

Liabilities

Bank

America

507‌

(525‌)

(18‌)

—‌

Barclays

Bank

75‌

(76‌)

(1‌)

—‌

BNP

Paribas

86‌

(385‌)

(299‌)

301‌

2‌

BNY

Mellon

—‌

Canadian

Imperial

Bank

Commerce

—‌

(35‌)

—‌

Citibank

1,197‌

(331‌)

866‌

(630‌)

236‌

Deutsche

Bank

69‌

(14‌)

55‌

(280‌)

—‌

Goldman

Sachs

237‌

(275‌)

(38‌)

—‌

HSBC

Bank

115‌

(23‌)

92‌

—‌

92‌

JPMorgan

Chase

470‌

(323‌)

147‌

—‌

147‌

Morgan

Stanley

102‌

(524‌)

(422‌)

528‌

106‌

RBC

Dominion

Securities

423‌

(84‌)

339‌

(284‌)

55‌

Societe

Generale

167‌

—‌

167‌

—‌

167‌

Standard

Chartered

16‌

(410‌)

(394‌)

275‌

—‌

State

Street

80‌

(534‌)

(454‌)

307‌

—‌

Toronto-Dominion

Bank

100‌

(36‌)

64‌

—‌

64‌

UBS

Investment

Bank

1,127‌

(242‌)

885‌

(915‌)

—‌

Wells

Fargo

216‌

(487‌)

(271‌)

286‌

15‌

Total

4,987‌

(4,304‌)

situations

such

counterparty

default

bankruptcy,

the

fund

may

have

further

rights

offset

against

amounts

due

from

the

counterparty

under

other

agreements.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

fund’s

foreign

currency

exposure

from

one

country

another,

enhance

the

fund’s

return.

forward

involves

obligation

purchase

sell

fixed

amount

specific

currency

future

date

price

set

the

time

the

contract.

Although

certain

forwards

may

settled

exchanging

only

the

net

gain

loss

the

contract,

most

forwards

are

settled

with

the

exchange

the

underlying

currencies

accordance

with

the

specified

terms.

Forwards

are

valued

the

unrealized

gain

loss

the

contract,

which

reflects

the

net

amount

the

fund

either

entitled

receive

obligated

deliver,

measured

the

difference

between

the

forward

exchange

rates

the

date

entry

into

the

contract

and

the

forward

rates

the

reporting

date.

Appreciated

forwards

are

reflected

assets

and

depreciated

forwards

are

reflected

liabilities

the

accompanying

Statement

Assets

and

Liabilities.

When

contract

closed,

realized

gain

loss

recorded

the

accompanying

Statement

Operations.

Risks

the

use

forwards

include

the

possible

failure

counterparties

meet

the

terms

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund’s

total

return;

and

the

potential

for

losses

excess

the

fund’s

initial

investment.

During

the

six

months ended

June

30,

2025,

the

volume

the

fund’s

activity

forwards,

based

underlying

notional

amounts,

was

generally

between

35%

and

44%

net

assets.

Futures

Contracts

The

fund

subject

to interest

rate

risk in

the

normal

course

pursuing

its

investment

objectives

and

uses

futures

contracts

help

manage

such

risk.

The fund

may

enter

into

futures

contracts

manage

exposure

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

credit

quality,

and

mortgage

prepayments;

efficient

means

adjusting

exposure

all

part

target

market;

enhance

income;

cash

management

tool;

adjust

portfolio

duration

and

credit

exposure. A

futures

contract

provides

for

the

future

sale

one

party

and

purchase

another

specified

amount

specific

underlying

financial

instrument

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

exchange-traded

futures,

which

generally

are

standardized

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

received

the

fund

each

day

settle

daily

fluctuations

the

value

the

contract

(variation

margin),

which

reflect

changes

the

value

the

underlying

financial

instrument.

Variation

margin

recorded

unrealized

gain

loss

until

the

contract

closed.

The

value

futures

contract

included

net

assets

the

amount

unsettled

variation

margin;

net

variation

margin

receivable

reflected

asset

and

net

variation

margin

payable

reflected

liability

the

accompanying

Statement

Assets

and

Liabilities.

When

contract

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

closed,

realized

gain

loss

recorded

the

accompanying

Statement

Operations.

Risks

the

use

futures

contracts

include

possible

illiquidity

the

futures

markets,

contract

prices

that

can

highly

volatile

and

imperfectly

correlated

movements

hedged

security

values

and/or

interest

rates,

and

potential

losses

excess

the

fund’s

initial

investment.

During

the

six

months ended

June

30,

2025,

the

volume

the

fund’s

activity

futures,

based

underlying

notional

amounts,

was

generally

between

and

net

assets.

Options

The

fund

subject

to interest

rate

risk

and

foreign

currency

exchange

rate

risk in

the

normal

course

pursuing

its

investment

objectives

and

uses

options

help

manage

such

risks.

The

fund

may

use

options

manage

exposure

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

efficient

means

adjusting

exposure

all

part

target

market;

enhance

income;

cash

management

tool;

adjust

credit

exposure.

The

fund

may

buy

sell

options

that

can

settled

either

directly

with

the

counterparty

(OTC

option)

through

central

clearinghouse

(exchange-traded

option).

Options

are

included

net

assets

fair

value,

options

purchased

are

included

Investments

Securities,

and

options

written

are

separately

reflected

liability

the

accompanying

Statement

Assets

and

Liabilities.

Premiums

unexercised,

expired

options

are

recorded

realized

gains

losses

the

accompanying

Statement

Operations;

premiums

exercised

options

are

recorded

adjustment

the

proceeds

from

the

sale

cost

the

purchase.

The

difference

between

the

premium

and

the

amount

received

paid

closing

transaction

also

treated

realized

gain

loss

the

accompanying

Statement

Operations.

return

for

premium

paid,

currency

options

give

the

holder

the

right,

but

not

the

obligation,

buy

and

sell

currency

specified

exchange

rate;

although

certain

currency

options

may

settled

exchanging

only

the

net

gain

loss

the

contract.

return

for

premium

paid,

call

and

put

options

futures

give

the

holder

the

right,

but

not

the

obligation,

purchase

sell,

respectively,

position

particular

futures

contract

specified

exercise

price. Risks related

the

use

options

include

possible

illiquidity

the

options

markets;

trading

restrictions

imposed

exchange

counterparty;

possible

failure

counterparties

meet

the

terms

the

agreements;

movements

the

underlying

asset

values,

interest

rates

and

currency

values;

and,

for

options

written,

the

potential

for

losses

exceed

any

premium

received

the

fund.

During

the

six

months ended

June

30,

2025,

the

volume

the

fund’s

activity

options,

based

underlying

notional

amounts,

was

generally

between

and

16%

net

assets.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Swaps

The

fund

subject

interest

rate

risk,

credit

risk

and

inflation

risk in

the

normal

course

pursuing

its

investment

objectives

and

uses

swap

contracts

help

manage

such

risks.

The

fund

may

use

swaps

effort

manage

both

long

and

short

exposure

changes

interest

rates,

inflation

rates,

and

credit

quality;

adjust

overall

exposure

certain

markets;

enhance

total

return

protect

the

value

portfolio

securities;

serve

cash

management

tool;

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

settled

either

directly

with

the

counterparty

(bilateral

swap)

through

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

the

fair

value

contract

are

reflected

unrealized

gain

loss

and

are

reclassified

realized

gain

loss

the

accompanying

Statement

Operations upon

contract

termination

cash

settlement.

Net

periodic

receipts

payments

required

contract

increase

decrease,

respectively,

the

value

the

contract

until

the

contractual

payment

date,

which

time

such

amounts

are

reclassified

from

unrealized

realized

gain

loss

the

accompanying

Statement

Operations.

For

bilateral

swaps,

cash

payments

are

made

received

the

fund

periodic

basis

accordance

with

contract

terms;

unrealized

gain

contracts

and

premiums

paid

are

reflected

assets

and

unrealized

loss

contracts

and

premiums

received

are

reflected

liabilities

the

accompanying

Statement

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

received

are

amortized

over

the

life

the

swap

and

are

recognized

realized

gain

loss

the

accompanying

Statement

Operations.

For

centrally

cleared

swaps,

payments

are

made

received

the

fund

each

day

settle

the

daily

fluctuation

the

value

the

contract

(variation

margin).

Accordingly,

the

value

centrally

cleared

swap

included

net

assets

the

unsettled

variation

margin;

net

variation

margin

receivable

reflected

asset

and

net

variation

margin

payable

reflected

liability

the

accompanying

Statement

Assets

and

Liabilities.

Interest

rate

swaps

are

agreements

exchange

cash

flows

based

the

difference

between

specified

interest

rates

applied

notional

principal

amount

for

specified

period

time.

Risks

the

use

interest

rate

swaps

include

the

potential

for

unanticipated

movements

interest

currency

rates,

the

possible

failure

counterparty

perform

accordance

with

the

terms

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

excess

the

fund’s

initial

investment.

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

make

periodic

payments

another

party

(the

protection

seller)

exchange

for

protection

against

specified

credit

events,

such

certain

defaults

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

and

bankruptcies

underlying

credit

instrument,

issuer

index

such

instruments.

Upon

occurrence

specified

credit

event,

the

protection

seller

required

pay

the

buyer

the

difference

between

the

notional

amount

the

swap

and

the

value

the

underlying

credit,

either

the

form

net

cash

settlement

paying

the

gross

notional

amount

and

accepting

delivery

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

index,

specified

credit

event

may

affect

all

individual

underlying

securities

included

the

index

and

will

settled

based

upon

the

relative

weighting

the

affected

underlying

security(ies)

within

the

index. Risks

the

use

credit

default

swaps

include

the

possible

inability

the

fund

accurately

assess

the

current

and

future

creditworthiness

underlying

issuers,

the

possible

failure

counterparty

perform

accordance

with

the

terms

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

excess

the

fund’s

initial

investment.

Zero-coupon

inflation

swaps

are

agreements

exchange

cash

flows,

the

contract’s

maturity

date,

based

the

difference

between

predetermined

fixed

rate

and

the

cumulative

change

the

consumer

price

index,

both

applied

notional

principal

amount

for

specified

period

time.

Risks

the

use

zero-coupon

inflation

swaps

include

the

potential

for

unanticipated

movements

inflation

rates,

the

possible

failure

counterparty

perform

accordance

with

the

terms

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

excess

the

fund’s

initial

investment.

During

the

six

months ended

June

30,

2025,

the

volume

the

fund’s

activity

swaps,

based

underlying

notional

amounts,

was

generally

between

21%

and

29%

net

assets.

NOTE

OTHER

INVESTMENT

TRANSACTIONS

Consistent

with

its

investment

objective, the

fund

engages

the

following

practices

manage

exposure

certain

risks

and/or

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

fully

in the

fund’s prospectus

and

Statement

Additional

Information.

Emerging

and

Frontier

Markets

The fund

invests,

either

directly

through

investments

other

Rowe

Price

funds,

securities

companies

located

in,

issued

governments

of,

denominated

linked

the

currencies

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

emerging

and

frontier

market

countries.

Emerging

markets,

and

greater

extent

frontier

markets, tend

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

that

are

less

stable,

than

those

developed

countries.

These

markets

may

subject

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund’s

ability

buy

sell

certain

securities

repatriate

proceeds

U.S.

dollars.

Emerging

markets

securities

exchanges

are

likely

experience

delays

with

the

clearing

and

settling

trades,

well

the

custody

holdings

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

greater

price

volatility,

less

liquidity,

and

higher

rates

inflation

than

U.S.

securities.

Investing

frontier

markets

typically

significantly

riskier

than

investing

other

countries,

including

emerging

markets.

Noninvestment-Grade

Debt

The

fund

invests,

either

directly

through

its

investment

other

Rowe

Price

funds,

noninvestment-grade

debt,

including

“high

yield”

“junk”

bonds

leveraged

loans.

Noninvestment-grade

debt

issuers

are

likely

suffer

adverse

change

financial

condition

that

would

result

the

inability

meet

financial

obligation.

The

noninvestment-

grade

debt

market

may

experience

sudden

and

sharp

price

swings

due

variety

factors

that

may

decrease

the

ability

issuers

make

principal

and

interest

payments

and

adversely

affect

the

liquidity

value,

both,

such

securities.

Accordingly,

securities

issued

such

companies

carry

higher

risk

default

and

should

considered

speculative.

Restricted

Securities

The

fund

invests

securities

that

are

subject

legal

contractual

restrictions

resale.

Prompt

sale

such

securities

acceptable

price

may

difficult

and

may

involve

substantial

delays

and

additional

costs.

Other

Purchases

and

sales

portfolio

securities

other

than

in-kind

transactions,

any,

and short-term securities

aggregated $138,217,000 and

$153,967,000,

respectively,

for

the

six

months ended

June

30,

2025.

NOTE

FEDERAL

INCOME

TAXES

Generally,

provision

for

federal

income

taxes

required

since

the

fund

intends

to continue

qualify

regulated

investment

company

under

Subchapter

the

Internal

Revenue

Code

and

distribute

shareholders

all

its taxable

income

and

gains.

Distributions

determined

accordance

with

federal

income

tax

regulations

may

differ

amount

character

from

net

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

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

tax-basis

distributions

and

composition

net

assets

are

finalized

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

the

date

this

report.

The

fund

intends

retain

realized

gains

the

extent

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

carried

forward

indefinitely

offset

future

realized

capital

gains.

December

31,

2024,

the

fund

had

$45,867,000

available

capital

loss

carryforwards.

June

30,

2025,

the

cost

investments

(including

derivatives,

any)

for

federal

income

tax

purposes

was

$281,995,000.

Net

unrealized

gain

aggregated

$2,670,000

period-end,

which

$18,516,000

appreciated

investments

and

$15,846,000

depreciated

investments.

NOTE

FOREIGN TAXES

The

fund

subject

foreign

income

taxes

imposed

certain

countries

which

invests.

Additionally,

capital

gains

realized

upon

disposition

securities

issued

certain

foreign

countries

are

subject

capital

gains

tax

imposed

those

countries.

All

taxes

are

computed

accordance

with

the

applicable

foreign

tax

law,

and,

the

extent

permitted,

capital

losses

are

used

offset

capital

gains.

Taxes

attributable

income

are

accrued

the

fund

reduction

income.

Current

and

deferred

tax

expense

attributable

capital

gains

reflected

component

realized

change

unrealized

gain/

loss

securities

the

accompanying

financial

statements.

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

the

fund

included

either

Other

liabilities

Deferred

tax

liability

the

accompanying

Statement

Assets

and

Liabilities.

NOTE

PARTY

TRANSACTIONS

The

fund

managed

Rowe

Price

Associates,

Inc.

(Price

Associates),

wholly

owned

subsidiary

Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

sub-advisory

agreement(s)

with

one

its

wholly

owned

subsidiaries,

provide

investment

advisory

services

the

fund.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

annual

investment

management

fee,

which

computed

daily

and

paid

monthly. The

fee

consists

individual

fund

fee

and

group

fee.

The

individual

fund

fee

equal

0.31%

the

fund’s

average

daily

net

assets;

prior

June

2025,

the

individual

fund

fee

had

been

0.36%.

The

group

fee

rate

calculated

based

the

combined

net

assets

certain

mutual

funds

sponsored

Price

Associates

(the

group)

applied

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

billion

assets

0.26%

for

assets

excess

$845

billion.

The

fund’s

group

fee

determined

applying

the

group

fee

rate

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

contractual

expense

limitation

through

the

expense

limitation

dates

indicated

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

dates

indicated

the

table

below,

and

may

renewed,

revised,

revoked

only

with

approval

the

fund’s

Board.

Prior

June

2025,

the

contractual

expense

limitations

for

the

Investor

Class

was

1.02%.

During

the

limitation

period,

Price

Associates

is required

waive

pay

any

expenses

(excluding

interest;

expenses

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the class’s ratio

annualized

total

expenses

average

net

assets

(net

expense

ratio)

exceed

its

expense

limitation.

Each

class

required

repay

Price

Associates

for

expenses

previously

waived/paid

the

extent

the

class’s net

assets

grow

expenses

decline

sufficiently

allow

repayment

without

causing

the class’s net

expense

ratio

(after

the

repayment

taken

into

account)

exceed

the

lesser

of:

(1)

the

expense

limitation

place

the

time

such

amounts

were

waived;

(2)

the class’s

current

expense

limitation.

However,

repayment

will

made

than

three

years

after

the

date

payment

waiver.

The

Class

also

subject

operating

expense

limitation

Class

Limit)

pursuant

which

Price

Associates

contractually

required

pay

all

operating

expenses

the

Class,

excluding

management

fees;

interest;

expenses

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

annualized

basis,

exceed

the

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

the

table

below,

and

may

renewed,

revised,

revoked

only

with

approval

the

fund’s

Board.

The

Class

required

repay

Price

Associates

for

expenses

previously

paid

the

extent

the

class’s

net

assets

grow

expenses

decline

sufficiently

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

taken

into

account)

exceed

the

lesser

of:

(1)

the

Class

Limit

place

the

time

such

amounts

were

paid;

(2)

the

current

Class

Limit.

However,

repayment

will

made

than

three

years

after

the

date

payment

waiver.

The

Class

also

subject

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

waive

and/or

bear

all

the

Class’

expenses

(excluding

interest;

expenses

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

expected

remain

place

indefinitely,

and

the

agreement

may

only

amended

terminated

with

approval

the

fund’s

Board.

Expenses

the

fund

waived/paid

the

manager

are

not

subject

later

repayment

the

fund.

Pursuant

these

agreements,

expenses

were waived/paid

and/or

repaid

Price

Associates

during

the six

months

ended June

30,

2025 as

indicated

the

table

below.

Including

these

amounts,

expenses

previously

waived/paid

Price

Associates

the

amount

of $251,000 remain

subject

repayment

the

fund

June

30,

2025. Any

repayment

expenses

previously

waived/paid

Price

Associates

during

the

period

would

included

the

net

investment

income

and

expense

ratios

presented

the

accompanying

Financial

Highlights.

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

Price

Associates,

each

affiliate

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

the

fund.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

its

capacity

the

fund’s

transfer

and

dividend-disbursing

agent.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

the

Investor

Class

and

Advisor

Class.

For

the

six

months

ended

June

30,

2025,

expenses

incurred

pursuant

these

service

agreements

were

$65,000

for

Price

Associates;

$21,000

for

Rowe

Price

Services,

Inc.;

Investor

Class

Advisor

Class

Expense

limitation/I

Class

Limit

0.92%

1.10%

0.05%

0.00%

Expense

limitation

date

02/29/28

N/A

(Waived)/repaid

during

the

period

($000s)

$(5)

$(1)

$(45)

$(674)

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

and

less

than

$1,000

for

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

and

due

from

Price,

exclusive

investment

management

fees

payable,

are

presented

net

the

accompanying

Statement

Assets

and

Liabilities.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

distributor

the

fund.

Pursuant

underwriting

agreement,

compensation

for

any

distribution

services

provided

paid

Investment

Services

the

fund

(except

for

12b-1

fees

under

Board-approved

Rule

12b-1

plan).

Mutual

funds,

trusts,

and

other

accounts

managed

Price

Associates

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

the

fund.

Price

fund

account

may

invest

for

the

purpose

exercising

management

control

over

the

fund.

June

30,

2025, approximately

17%

the

Class's

and

100%

the

Class's

outstanding

were

held

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

certain

open-end

management

investment

companies

managed

Price

Associates

and

considered

affiliates

the

fund:

the

Rowe

Price

Government

Reserve

Fund

the

Rowe

Price

Treasury

Reserve

Fund,

organized

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

short-term

investment

options

mutual

funds,

trusts,

and

other

accounts

managed

Price

Associates

its

affiliates

and

are

not

available

for

direct

purchase

members

the

public.

Cash

collateral

from

securities

lending,

any,

invested

the

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

investment

management

fees.

June

30,

2025,

Rowe

Price

Group,

Inc.,

its

wholly

owned

subsidiaries,

owned

216

the

Advisor

Class,

representing

28%

the

Advisor

Class's

net

assets.

The fund may

participate

securities

purchase

and

sale

transactions

with

other

funds

accounts

advised

Price

Associates

(cross

trades),

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

effected

the

independent

current

market

price

the

security.

During

the

six

months

ended

June

30,

2025,

the

fund

had

purchases

sales

cross

trades

with

other

funds

accounts

advised

Price

Associates.

ROWE

PRICE

Emerging

Markets

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Currency

Bond

Fund

NOTE

SEGMENT

REPORTING

Operating segments

are

defined

components

company

that

engage

business

activities

and

for

which

discrete

financial

information

available

and

regularly

reviewed

the

chief

operating

decision

maker

(CODM)

deciding

how

allocate

resources

and

assess

performance.

The

Management

Committee

Price

Associates

acts

the

fund’s

CODM.

The

fund

makes

investments

accordance

with

its

investment

objective

outlined

the

Prospectus

and

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

the

fund

the

whole.

The

fund’s

revenue

derived

from

investments

portfolio

securities.

The

CODM

allocates

resources

and

assesses

performance

based

the

operating

results

the

fund,

which

consistent

with

the

results

presented

the

statement

operations,

statement

changes

net

assets

and

financial

highlights.

The

CODM

compares

the

fund’s

performance

its

benchmark

index

and

evaluates

the

positioning

the

fund

relation

its

investment

objective.

The

measure

segment

assets

net

assets

the

fund

which

disclosed

the

statement

assets

and

liabilities.

The accounting

policies

the

segment

are

the

same

those

described

the

summary

significant

accounting

policies.

The

financial

statements

include

all

details

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

the

segment.

NOTE

OTHER

MATTERS

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

which

fund

invests.

The

extent

and

duration

such

events

and

resulting

market

disruptions

cannot

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

significantly

than

others,

and

exacerbate

other

pre-

existing

political,

social,

and

economic

risks.

The

fund’s

performance

could

negatively

impacted

the

value

portfolio

holding

were

harmed

these

such

events.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

APPROVAL

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

Each

year,

the

fund’s

Board

Directors

(Board)

considers

the

continuation

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

Rowe

Price

Associates,

Inc.

(Adviser),

well

the

investment

subadvisory

agreement

(Subadvisory

Contract)

that

the

Adviser

has

entered

into

with

Rowe

Price

International

Ltd

(Subadviser)

behalf

the

fund.

that

regard,

meeting

held

March

12–13,

2025

(Meeting),

the

Board,

including

all

the

fund’s

independent

directors

present

person

the

Meeting,

approved

the

continuation

the

fund’s

Advisory

Contract

and

Subadvisory

Contract.

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

the

selection

the

Adviser

and

Subadviser

and

the

approval

the

Advisory

Contract

and

Subadvisory

Contract.

The

independent

directors

were

assisted

their

evaluation

the

Advisory

Contract

and

Subadvisory

Contract

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

providing

information

the

Board,

the

Adviser

was

guided

detailed

set

requests

for

information

submitted

independent

legal

counsel

behalf

the

independent

directors.

considering

and

approving

the

continuation

the

Advisory

Contract

and

Subadvisory

Contract,

the

Board

considered

the

information

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

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,

each

its

meetings,

covers

extensive

agenda

topics

and

materials

and

considers

factors

that

are

relevant

its

annual

consideration

the

renewal

the

Rowe

Price

funds’

advisory

contracts,

including

performance

and

the

services

and

support

provided

the

funds

and

their

shareholders.

Services

Provided

the

Adviser

and

Subadviser

The

Board

considered

the

nature,

quality,

and

extent

the

services

provided

the

fund

the

Adviser

and

Subadviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund’s

investments

accordance

with

its

investment

program

and

the

overall

management

the

fund’s

portfolio,

well

variety

activities

such

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

the

Adviser’s

and

Subadviser’s

senior

management

teams

and

investment

personnel

involved

the

management

the

fund,

well

the

Adviser’s

compliance

record.

The

Board

concluded

that

the

information

considered

with

respect

the

nature,

quality,

and

extent

the

services

provided

the

Adviser

and

Subadviser,

well

the

other

factors

considered

the

Meeting,

supported

the

Board’s

approval

the

continuation

the

Advisory

Contract

and

Subadvisory

Contract.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Investment

Performance

the

Fund

The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

regularly

receives

throughout

the

year

relative

and

absolute

performance

for

the

Rowe

Price

funds.

connection

with

the

Meeting,

the

Board

reviewed

information

provided

the

Adviser

that

compared

the

fund’s

total

returns,

well

wide

variety

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2024.

Additionally,

the

Board

reviewed

the

fund’s

relative

performance

information

September

30,

2024,

which

ranked

the

returns

the

fund’s

Investor

Class

for

various

periods

against

universe

funds

with

similar

investment

programs

selected

Broadridge,

independent

provider

mutual

fund

data.

the

course

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

connection

with

the

Advisory

Contract

review

the

Meeting,

well

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

the

year

regarding

the

fund’s

performance.

The

Board

also

considered

relevant

factors,

such

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund’s

performance,

length

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

considered

with

respect

the

fund’s

performance,

well

the

other

factors

considered

the

Meeting,

supported

the

Board’s

approval

the

continuation

the

Advisory

Contract.

Costs,

Benefits,

Profits,

and

Economies

Scale

The

Board

reviewed

detailed

information

regarding

the

revenues

received

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.

considering

soft-dollar

arrangements,

the

Board

noted

that,

effective

January

2024,

the

Adviser

began

using

brokerage

commissions

connection

with

certain

Rowe

Price

funds’

securities

transactions

pay

for

research

when

permissible,

and

the

Board

considered

that

the

Adviser

may

receive

some

benefit

from

soft-dollar

arrangements

pursuant

which

research

received

from

broker-dealers

that

execute

the

applicable

fund’s

portfolio

transactions.

APPROVAL

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

(continued)

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

The

Board

received

information

the

estimated

costs

incurred

and

profits

realized

the

Adviser

from

managing

the

Rowe

Price

funds.

While

the

Board

did

not

review

information

regarding

profits

realized

from

managing

the

fund

particular

because

the

fund

had

either

not

achieved

sufficient

portfolio

asset

size

not

recognized

sufficient

revenues

produce

meaningful

profit

margin

percentages,

the

Board

concluded

that

the

Adviser’s

profits

were

reasonable

light

the

services

provided

the

Rowe

Price

funds.

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

the

Advisory

Contract

otherwise

from

any

economies

scale

realized

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

fee

the

Adviser

for

investment

management

services

composed

two

components

–

group

fee

rate

based

the

combined

average

net

assets

most

the

Rowe

Price

funds

(including

the

fund)

that

declines

certain

asset

levels

and

individual

fund

fee

rate

based

the

fund’s

average

daily

net

assets

–

and

the

fund

pays

its

own

expenses

operations.

Under

the

Subadvisory

Contract,

the

Adviser

may

pay

the

Subadviser

60%

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

The

group

fee

schedule

graduated

the

rate

decreases

total

Rowe

Price

fund

assets

increase

and

increases

total

Rowe

Price

fund

assets

decrease.

result,

shareholders

benefit

from

overall

growth

Rowe

Price

fund

assets,

which

reduces

the

management

fee

rate

for

any

fund

that

has

group

fee

component

its

management

fee,

and

reflects

that

certain

resources

utilized

operate

the

fund

are

shared

with

other

Rowe

Price

funds

thus

allowing

shareholders

those

funds

potential

economies

scale.

The

fund’s

shareholders

also

benefit

from

potential

economies

scale

through

decline

certain

operating

expenses

the

fund

grows

size.

However,

the

fund

also

subject

contractual

expense

limitations

that

require

the

Adviser

waive

its

fees

and/or

bear

any

expenses

that

would

otherwise

cause

the

expenses

class

the

fund

exceed

certain

percentage

based

the

class’s

net

assets.

The

expense

limitations

mitigate

the

potential

for

increase

operating

expenses

above

certain

level

that

could

impact

shareholders.

The

fund

also

offers

Class,

which

serves

underlying

investment

within

certain

Rowe

Price

fund

arrangements.

The

Adviser

waives

its

advisory

fee

the

Class

and

waives

bears

the

Class’s

other

operating

expenses,

with

certain

exceptions.

The

Board

considered

whether

the

advisory

fee

and

operating

expense

waivers

the

Class

may

present

means

for

cross-

subsidization

the

Class

other

classes

the

fund.

that

regard,

the

APPROVAL

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

(continued)

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Board

noted

that

the

Class

operating

expenses

are

covered

the

all-inclusive

fees

charged

the

investing

Rowe

Price

fund

funds

and

that

any

Class

operating

expenses

not

covered

the

investing

Rowe

Price

funds

funds’

fees

are

paid

the

Adviser

and

not

shareholders

any

other

class

the

fund.

addition,

the

Board

noted

that

the

fund

potentially

indirect

economies

scale

through

the

Adviser’s

ongoing

investments

its

business

support

the

Rowe

Price

funds,

including

investments

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

reasonable

sharing

benefits

from

any

economies

scale

with

the

fund’s

investors.

Fees

and

Expenses

The

Board

was

provided

with

information

regarding

industry

trends

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

Broadridge,

which

compared:

(i)

contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

the

Investor

Class

the

fund

with

group

competitor

funds

selected

Broadridge

(Investor

Class

Expense

Group);

(ii)

actual

management

fees

and

total

expenses

the

Advisor

Class

the

fund

with

group

competitor

funds

selected

Broadridge

(Advisor

Class

Expense

Group);

and

(iii)

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

the

Investor

Class

the

fund

with

broader

set

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

the

Adviser

after

any

applicable

waivers,

reductions,

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

the

fund

after

any

waivers,

reductions,

or reimbursements)

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

seeking

the

most

comparable

funds

based

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

the

Board

indicated

that

the

fund’s

contractual

management

fee

ranked

the

first

quintile

(Investor

Class

Expense

Group),

the

fund’s

actual

management

fee

rate

ranked

the

fifth

quintile

(Investor

Class

Expense

Group

and

Expense

Universe)

and

first

quintile

(Advisor

Class

Expense

Group),

and

the

fund’s

total

expenses

ranked

the

fourth

quintile

(Investor

Class

Expense

Group

and

Expense

Universe)

and

first

quintile

(Advisor

Class

Expense

Group).

APPROVAL

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

(continued)

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

The

Adviser

provided

the

Board

with

additional

information

with

respect

the

fund’s

relative

management

fees

and

total

expenses

ranking

the

fourth

and

fifth

quintiles.

The

Board

reviewed

and

considered

the

information

provided

relating

the

fund,

including

other

funds

the

peer

group,

and

other

factors

that

the

Board

determined

relevant.

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

subadvised

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

investors

outside

the

United

States.

The

fee

schedules,

which

are

subject

change,

may

negotiated

under

certain

circumstances

and

may

differ

across

regions.

Management

provided

the

Board

with

information

about

the

Adviser’s

responsibilities

and

services

provided

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

the

institutional

domestic

and

international

businesses

are

fundamentally

different

from

those

the

proprietary

mutual

fund

and

ETF

(“registered

fund”)

business.

The

Board

considered

information

showing

that

the

Adviser’s

registered

fund

business

generally

complex

from

business

and

compliance

perspective

than

its

other

domestic

and

international

businesses

and

considered

various

relevant

factors,

such

the

broader

scope

operations

and

oversight,

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

applicable

laws

and

regulations

associated

with

the

Adviser’s

proprietary

registered

fund

business.

assessing

the

reasonableness

the

fund’s

management

fee

rate,

the

Board

considered

the

differences

the

nature

the

services

required

for

the

Adviser

manage

its

registered

fund

business

versus

managing

discrete

pool

assets

subadviser

another

institution’s

mutual

fund

for

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

managing

the

fund

and

other

Rowe

Price

funds

than

does

for

institutional

account

clients,

including

subadvised

funds.

the

basis

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

the

fund

under

the

Advisory

Contract

are

reasonable.

APPROVAL

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

(continued)

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Approval

the

Advisory

Contract

and

Subadvisory

Contract

noted,

the

Board

approved

the

continuation

the

Advisory

Contract

and

Subadvisory

Contract.

single

factor

was

considered

isolation

determinative

the

decision.

Rather,

the

Board

concluded,

light

weighting

and

balancing

all

factors

considered,

that

was

the

best

interests

the

fund

and

its

shareholders

for

the

Board

approve

the

continuation

the

Advisory

Contract

and

Subadvisory

Contract

(including

the

fees

charged

for

services

thereunder).

APPROVAL

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

(continued)

1307

Point

Street

Baltimore,

Maryland

21231

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

request

prospectus

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.

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

(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.

(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.

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.
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

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

302 CERTIFICATIONS

906 CERTIFICATIONS

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