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)

100 East Pratt Street, Baltimore, MD 21202

 

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

 

(Name and address of agent for service)

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

Date of fiscal year end: December 31 

Date of reporting period: December 31, 2023


Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1


Highlights
and
Market
Commentary
Management’s
Discussion
of
Fund
Performance
Performance
and
Expenses
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
December
31,
2023
Annual
Report
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRELX
Emerging
Markets
Local
Currency
Bond
Fund
.
PAELX
Emerging
Markets
Local
Currency
Bond
Fund–
.
Advisor  Class
TEIMX
Emerging
Markets
Local
Currency
Bond
Fund–
.
I  Class
TRZFX
Emerging
Markets
Local
Currency
Bond
Fund–
.
Z Class
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
HIGHLIGHTS
The
Emerging
Markets
Local
Currency
Bond
Fund
outperformed
its
benchmark
and
its
Lipper
peer
group
average
in
the
12
months
ended
December
31,
2023.
Our
overweight
exposure
to
duration
and
currency
in
Hungary
and
Latin
America
contributed
significantly.
Our
zero
exposure
to
Türkiye
also
added.
We
maintained
overweight
duration
and
currency
exposure
throughout
the
year
in
view
of
continued
strong
fundamental
trends
and
attractive
valuations.
Emerging
market
local
bonds
and
currencies
remain
supported
by
fundamentals,
particularly
disinflation
and
monetary
easing,
and
years
of
moribund
flows
starting
to
reverse.
Slowing
global
growth
and
geopolitics
are
concerns.
We
continue
to
focus
on
active
country
selection,
and
structural
themes
should
continue
to
work
well.
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
An
account
service
fee
will
be
charged
annually
for
each
T.
Rowe
Price
mutual
fund
account
unless
you
meet
criteria
for
a
fee
waiver.
Go
to
troweprice.com/personal-investing/help/fees-and-
minimums.html
to
learn
more
about
this
account
service
fee,
including
other
ways
to
waive
it.
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
Market
Commentary
1
Dear
Shareholder
Global
stock
and
bond
indexes
were
broadly
positive
during
2023
as
most
economies
managed
to
avoid
the
recession
that
was
widely
predicted
at
the
start
of
the
year.
Technology
companies
benefited
from
investor
enthusiasm
for
artificial
intelligence
developments
and
led
the
equity
rally,
while
fixed
income
benchmarks
rebounded
late
in
the
year
amid
falling
interest
rates.
For
the
12-month
period,
the
technology-oriented
Nasdaq
Composite
Index
rose
about
43%,
reaching
a
record
high
and
producing
the
strongest
result
of
the
major
benchmarks.
Growth
stocks
outperformed
value
shares,
and
developed
market
stocks
generally
outpaced
their
emerging
markets
counterparts.
Currency
movements
were
mixed
over
the
period,
although
a
weaker
dollar
versus
major
European
currencies
was
beneficial
for
U.S.
investors
in
European
securities.
Within
the
S&P
500
Index,
which
finished
the
year
just
short
of
the
record
level
it
reached
in
early
2022,
the
information
technology,
communication
services,
and
consumer
discretionary
sectors
were
all
lifted
by
the
tech
rally
and
recorded
significant
gains.
A
small
group
of
tech-oriented
mega-cap
companies
helped
drive
much
of
the
market’s
advance.
Conversely,
the
defensive
utilities
sector
had
the
weakest
returns
in
the
growth-focused
environment,
and
the
energy
sector
also
lost
ground
amid
declining
oil
prices.
The
financials
sector
bounced
back
from
the
failure
of
three
large
regional
banks
in
the
spring
and
was
one
of
the
top-performing
segments
in
the
second
half
of
the
year.
The
U.S.
economy
was
the
strongest
among
the
major
markets
during
the
period,
with
gross
domestic
product
growth
coming
in
at
4.9%
in
the
third
quarter,
the
highest
since
the
end
of
2021.
Corporate
fundamentals
were
also
broadly
supportive.
Year-over-year
earnings
growth
contracted
in
the
first
and
second
quarters
of
2023,
but
results
were
better
than
expected,
and
earnings
growth
turned
positive
again
in
the
third
quarter.
Markets
remained
resilient
despite
a
debt
ceiling
standoff
in
the
U.S.,
the
outbreak
of
war
in
the
Middle
East,
the
continuing
conflict
between
Russia
and
Ukraine,
and
a
sluggish
economic
recovery
in
China.
Inflation
remained
a
concern,
but
investors
were
encouraged
by
the
slowing
pace
of
price
increases
as
well
as
the
possibility
that
the
Federal
Reserve
was
nearing
the
end
of
its
rate-hiking
cycle.
The
Fed
held
rates
steady
after
raising
its
short-term
lending
benchmark
rate
to
a
target
range
of
5.25%
to
5.50%
in
July,
the
highest
level
since
March
2001,
and
at
its
final
meeting
of
the
year
in
December,
the
central
bank
indicated
that
there
could
be
three
25-basis-point
rate
cuts
in
2024.
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
2
The
yield
of
the
benchmark
10-year
U.S.
Treasury
note
briefly
reached
5.00%
in
October
for
the
first
time
since
late
2007
before
falling
back
to
3.88%
by
period-end,
the
same
level
where
it
started
the
year,
amid
cooler-than-expected
inflation
readings
and
less-hawkish
Fed
rhetoric.
Fixed
income
benchmarks
were
lifted
late
in
the
year
by
falling
yields.
Investment-grade
and
high
yield
corporate
bonds
produced
solid
returns,
supported
by
the
higher
coupons
that
have
become
available
over
the
past
year,
as
well
as
increasing
hopes
that
the
economy
might
be
able
to
avoid
a
recession.
Global
economies
and
markets
showed
surprising
resilience
in
2023,
but
considerable
uncertainty
remains
as
we
look
ahead.
Geopolitical
events,
the
path
of
monetary
policy,
and
the
impact
of
the
Fed’s
rate
hikes
on
the
economy
all
raise
the
potential
for
additional
volatility.
We
believe
this
environment
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
help
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely, 
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
Management’s
Discussion
of
Fund
Performance
3
INVESTMENT
OBJECTIVE 
The
fund
seeks
to
provide
high
income
and
capital
appreciation.
FUND
COMMENTARY
How
did
the
fund
perform
in
the
past
12
months?
The
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
posted
a
net-
of-fees
return
of
14.91%
for
the
12
months
ended
December
31,
2023.
The
fund
outperformed
both
the
J.P.
Morgan
Government
Bond
Index–Emerging
Markets
(GBI–EM)
Global
Diversified
and
its
Lipper
peer
group
average.
(Results
for
the
Advisor,
I,
and
Z
Class
shares
varied
slightly,
reflecting
their
different
fee
structures.
Past
performance
cannot
guarantee
future
results
.
)
What
factors
influenced
the
fund’s
performance?
Outperformance
was
driven
by
overweight
positioning
in
both
duration
and
currency.
Bond
positioning
was
the
larger
contributor
driven
by
our
overweight
exposures
in
Latin
America—encompassing
Colombia,
Brazil,
and
Peru—as
well
as
in
Hungary
that
were
held
throughout
the
year.
These
countries
benefited
from
falling
inflation,
monetary
easing,
and
the
sharp
lift
in
investor
sentiment
late
in
the
year.
Idiosyncratically,
off-benchmark
hard
currency
holdings
and
our
position
in
Ukrainian
local
bonds
added
value,
as
did
our
zero
exposure
to
Türkiye.
In
currencies,
similarly
long
exposures
in
the
Hungarian
forint
and
in
Latin
America—notably
in
the
Brazilian
real,
Colombian
peso,
and
Mexican
peso—were
key
positives,
supported
by
valuations
and
the
rise
in
risk
sentiment
in
November
and
December.
PERFORMANCE
COMPARISON
Total
Return
Periods
Ended
12/31/23
6
Months
12
Months
Emerging
Markets
Local
Currency
Bond
Fund
.
4.81‌%
14.91‌%
Emerging
Markets
Local
Currency
Bond
Fund–
.
Advisor  Class
5.00‌
15.03‌
Emerging
Markets
Local
Currency
Bond
Fund–
.
I  Class
4.98‌
15.27‌
Emerging
Markets
Local
Currency
Bond
Fund–
.
Z  Class
5.55‌
16.07‌
J.P.
Morgan
GBI–EM
Global
Diversified
4.55‌
12.70‌
Lipper
Emerging
Market
Local
Currency
Debt
Funds
Average
4.31‌
12.56‌
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
4
The
portfolio
maintains
allocations
to
select
types
of
derivatives
for
hedging
purposes
or
to
gain
exposure
to
certain
currencies
or
countries.
The
fund
had
a
material
exposure
to
currency
forward
contracts
during
the
reporting
period,
which
had
a
positive
impact
on
performance.
The
fund
also
held
interest
rate
derivatives,
and
this
too
had
a
positive
impact
on
performance.
How
is
the
fund
positioned?
We
remained
overweight
emerging
market
(EM)
duration
and
currencies
over
the
year.
We
extended
our
duration
overweight—given
valuations,
and
in
anticipation
of
building
disinflation
and
monetary
easing—adding
to
our
overweight
in
Latin
America,
namely
in
Mexico,
which
augmented
overweight
exposures
in
Brazil,
Peru
and
Colombia.
We
are
neutral
overall
to
Central
and
Eastern
Europe
(CEE)
as
we
remained
underweight
in
Poland
given
concerns
over
fiscal
projections.
In
Asia,
we
are
overweight
to
Indonesia
given
benign
inflation
but
broadly
find
better
opportunities
off
benchmark,
notably
India,
which
will
enter
the
index
in
June
2024.
We
maintained
a
long
bias
in
EM
currencies,
building
a
sizable,
long
position
in
the
first
quarter
amid
dollar
weakness,
when
we
added
in
Brazil
as
fiscal
concerns
faded
and
the
central
bank
held
interest
rates
despite
political
pressure.
We
favor
higher-yielding
currencies,
particularly
in
Latin
America,
where
we
also
added
to
the
Mexican
peso.
As
at
year-end,
the
Hungarian
forint
was
our
largest
long
position,
reflecting
the
valuation
and
our
confidence
in
the
central
bank’s
conservative
approach,
though
we
stayed
underweight
in
the
Polish
zloty.
Sources:
Credit
ratings
for
the
securities
held
in
the
fund
are
provided
by
Moody’s,
Standard
&
Poor’s,
and
Fitch
and
are
converted
to
the
Standard
&
Poor’s
nomenclature.
A
rating
of
AAA
represents
the
highest-
rated
securities,
and
a
rating
of
D
represents
the
lowest-
rated
securities.
If
the
rating
agencies
differ,
the
highest
rating
is
applied
to
the
security.
If
a
rating
is
not
available,
the
security
is
classified
as
Not
Rated.
T.
Rowe
Price
uses
the
rating
of
the
underlying
investment
vehicle
to
determine
the
creditworthiness
of
credit
default
swaps.
The
fund
is
not
rated
by
any
agency.
CREDIT
QUALITY
DIVERSIFICATION
Emerging
Markets
Local
Currency
Bond
Fund
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
5
In
Asia,
we
remained
overweight
to
the
Indonesian
rupiah,
also
adding
a
long
position
in
the
Malaysian
ringgit
at
oversold
levels.
Our
long
EM
positioning
was
principally
funded
by
a
short
position
in
the
U.S.
dollar,
which
increased
over
the
year
as
our
analysis
indicated
it
remained
overvalued,
while
we
added
funding
positions
through
short
exposures
in
the
Australian
and
Canadian
dollars
later
in
the
year.
The
breadth
of
our
research
process
also
allows
us
to
evaluate
currencies
outside
the
benchmark.
Off-benchmark
currency
exposures
included
India
(which
will
enter
the
index
in
June),
Kazakhstan,
Ukraine,
and
South
Korea.
Market
liquidity
is
a
key
variable
that
we
closely
monitor
due
to
a
highly
uncertain
global
macro
backdrop.
Market
volatility
can
impact
the
portfolio
as
emerging
market
debt
is
one
of
the
riskier
fixed
income
asset
classes
and
tends
to
have
lower
liquidity
than
high-quality
government
debt.
We
will
continue
to
actively
consider
market
depth
and
liquidity
when
evaluating
bonds
for
purchase
and
sale.
What
is
portfolio
management’s
outlook?
Emerging
market
local
bonds
and
currencies
performed
strongly
in
2023,
with
the
strategy
delivering
its
best
relative
year
since
inception,
underpinned
by
attractive
carry
and
income,
disinflation,
and
monetary
easing,
with
expectations
for
U.S.
interest
rate
cuts
adding
impetus.
Given
the
strength
of
the
year-end
rally,
near-term
retracement
is
possible.
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
6
Supportive
factors
remain
in
place,
in
our
view.
EM
bonds
offer
attractive
carry
and
income,
EM
monetary
easing
has
some
way
to
go,
and
disinflation
is
building,
particularly
in
Latin
America
and
CEE.
Our
analysis
suggests
the
U.S.
dollar
remains
expensive,
with
most
EM
currencies
undervalued
to
some
degree.
Global
investors
remain
weighted
toward
U.S.
assets
and
broadly
underweight
to
EMs,
which
has
started
to
reverse,
but
has
scope
to
go
further.
Monetary
easing
in
developed
economies
should
support
global
bond
markets
and
investor
sentiment,
while
U.S.
rate
cuts
may
contribute
to
U.S.
dollar
depreciation.
High
investor
expectations
for
rate
cuts
could
be
disappointed,
however,
and
this
could
lead
to
volatility.
In
terms
of
risks,
with
70
countries
due
to
hold
elections,
geopolitics
will
be
a
key
factor,
requiring
on-the-ground
analysis.
The
growth
outlook
is
uncertain.
U.S.
resilience
has
led
to
expectations
of
a
soft
landing
and
recession
being
avoided,
but
restrictive
monetary
conditions
could
have
a
lagged
impact.
Investing
in
EMs
is
complex,
but
by
focusing
on
active
country
selection
and
structural
themes,
there
is
potential
for
further
attractive
rewards
investing
in
these
markets
at
this
stage
of
the
cycle.
The
views
expressed
reflect
the
opinions
of
T.
Rowe
Price
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic,
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
7
RISKS
OF
INTERNATIONAL
BOND
INVESTING
Funds
that
invest
overseas
generally
carry
more
risk
than
funds
that
invest
strictly
in
U.S.
assets,
including
unpredictable
changes
in
currency
values.
Investments
in
emerging
markets
are
subject
to
abrupt
and
severe
price
declines
and
should
be
regarded
as
speculative.
The
economic
and
political
structures
of
developing
nations,
in
most
cases,
do
not
compare
favorably
with
the
U.S.
or
other
developed
countries
in
terms
of
wealth
and
stability,
and
their
financial
markets
often
lack
liquidity.
Some
countries
also
have
legacies
of
hyperinflation,
currency
devaluations,
and
governmental
interference
in
markets.
International
investments
are
subject
to
currency
risk
,
a
decline
in
the
value
of
a
foreign
currency
versus
the
U.S.
dollar,
which
reduces
the
dollar
value
of
securities
denominated
in
that
currency.
The
overall
impact
on
a
fund's
holdings
can
be
significant
and
long-lasting
depending
on
the
currencies
represented
in
the
portfolio,
how
each
one
appreciates
or
depreciates
in
relation
to
the
U.S.
dollar,
and
whether
currency
positions
are
hedged.
Further,
exchange
rate
movements
are
unpredictable,
and
it
is
not
possible
to
effectively
hedge
the
currency
risks
of
many
developing
countries.
Bonds
are
also
subject
to
interest
rate
risk
,
the
decline
in
bond
prices
that
usually
accompanies
a
rise
in
interest
rates,
and
credit
risk
,
the
chance
that
any
fund
holding
could
have
its
credit
rating
downgraded
or
that
a
bond
issuer
will
default
(fail
to
make
timely
payments
of
interest
or
principal),
potentially
reducing
the
fund's
income
level
and
share
price.
BENCHMARK
INFORMATION
Note:
Information
has
been
obtained
from
sources
believed
to
be
reliable
but
J.P.
Morgan
does
not
warrant
its
completeness
or
accuracy.
The
index
is
used
with
permission.
The
index
may
not
be
copied,
used,
or
distributed
without
J.P.
Morgan’s
prior
written
approval.
Copyright
2024,
J.P.
Morgan
Chase
&
Co.
All
rights
reserved.
Note:
Portions
of
the
mutual
fund
information
contained
in
this
report
was
supplied
by
Lipper,
a
Refinitiv
Company,
subject
to
the
following:
Copyright
2024
©
Refinitiv.
All
rights
reserved.
Any
copying,
republication
or
redistribution
of
Lipper
content
is
expressly
prohibited
without
the
prior
written
consent
of
Lipper.
Lipper
shall
not
be
liable
for
any
errors
or
delays
in
the
content,
or
for
any
actions
taken
in
reliance
thereon.
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
8
GROWTH
OF
$10,000 
This
chart
shows
the
value
of
a
hypothetical
$10,000
investment
in
the
fund
over
the
past
10
fiscal
year
periods
or
since
inception
(for funds
lacking
10-year
records).
The
result
is
compared
with
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund returns
as
well
as
mutual fund
averages
and
indexes.
EMERGING
MARKETS
LOCAL
CURRENCY
BOND
FUND 
Note:
Performance
for
the Advisor,
I,
and
Z
Class
shares
will
vary
due
to
their
differing
fee
structures.
See
the
Average
Annual
Compound
Total
Return
table
on
the
next
page. 
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
9
AVERAGE
ANNUAL
COMPOUND
TOTAL
RETURN
Periods
Ended
12/31/23
1
Year
5
Years
10
Years
Since
Inception
Inception
Date
Emerging
Markets
Local
Currency
Bond
Fund
.
14.91‌%
1.79‌%
0.29‌%
–‌
Emerging
Markets
Local
Currency
Bond
Fund–
.
Advisor  Class
15.03‌
1.54‌
0.10‌
–‌
Emerging
Markets
Local
Currency
Bond
Fund–
.
I  Class
15.27‌
1.98‌
–‌
3.49‌%
12/17/15
Emerging
Markets
Local
Currency
Bond
Fund–
.
Z  Class
16.07‌
–‌
–‌
-0.90‌
2/22/21
The
fund’s
performance
information
represents
only
past
performance
and
is
not
necessarily
an
indication
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
cited.
Share
price,
principal
value,
and
return
will
vary,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
For
the
most
recent
month-end
performance,
please
visit
our
website
(troweprice.com)
or
contact
a
T.
Rowe
Price
representative
at
1
-
800
-
225
-
5132
or,
for
0.02
Advisor,
0.03
I
,
and
0.04
Z
Class
shares,
1-800-638-8790.
This
table
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
had
been
earned
at
a
constant
rate.
Average
annual
total
return
figures
include
changes
in
principal
value,
reinvested
dividends,
and
capital
gain
distributions.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
When
assessing
performance,
investors
should
consider
both
short-
and
long-term
returns.
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
10
EXPENSE
RATIO
FUND
EXPENSE
EXAMPLE
As
a
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
most
recent
six-month
period
and
held
for
the
entire
period.
Please
note
that
the
fund
has
four
share
classes:
The
original
share
class
(Investor
Class)
charges
no
distribution
and
service
(12b-1)
fee,
Advisor
Class
shares
are
offered
only
through
unaffiliated
brokers
and
other
financial
intermediaries
and
charge
a
0.25%
12b-1
fee,
I
Class
shares
are
available
to
institutionally
oriented
clients
and
impose
no
12b-1
or
administrative
fee
payment,
and
Z
Class
shares
are
offered
only
to
funds
advised
by
T.
Rowe
Price
and
other
advisory
clients
of
T.
Rowe
Price
or
its
affiliates
that
are
subject
to
a
contractual
fee
for
investment
management
services
and
impose
no
12b-1
fee
or
administrative
fee
payment.
Each
share
class
is
presented
separately
in
the
table.
Actual
Expenses
The
first
line
of
the
following
table
(Actual)
provides
information
about
actual
account
values
and
expenses
based
on
the
fund’s
actual
returns.
You
may
use
the
information
on
this
line,
together
with
your
account
balance,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
on
the
first
line
under
the
heading
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
on
the
second
line
of
the
table
(Hypothetical)
is
based
on
hypothetical
account
values
and
expenses
derived
from
the
fund’s
actual
expense
ratio
and
an
assumed
5%
per
year
rate
of
return
before
expenses
(not
the
fund’s
actual
return).
You
may
compare
the
ongoing
costs
of
investing
in
the
fund
with
other
funds
by
contrasting
this
5%
hypothetical
example
and
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
Emerging
Markets
Local
Currency
Bond
Fund
1.01‌%
Emerging
Markets
Local
Currency
Bond
Fund–Advisor
Class
3.83‌ 
Emerging
Markets
Local
Currency
Bond
Fund–I
Class
0.77‌ 
Emerging
Markets
Local
Currency
Bond
Fund–Z
Class
0.75‌ 
The
expense
ratio
shown
is
as
of
the
fund’s
most
recent
prospectus.
This
number
may
vary
from
the
expense
ratio
shown
elsewhere
in
this
report
because
it
is
based
on
a
different
time
period
and,
if
applicable,
includes
acquired
fund
fees
and
expenses
but
does
not
include
fee
or
expense
waivers.
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
11
Note:
T.
Rowe
Price
charges
an
annual
account
service
fee
of
$20,
generally
for
accounts
with
less
than
$10,000.
The
fee
is
waived
for
any
investor
whose
T.
Rowe
Price
mutual
fund
accounts
total
$50,000
or
more;
accounts
electing
to
receive
electronic
delivery
of
account
statements,
transaction
confirmations,
prospectuses,
and
shareholder
reports;
or
accounts
of
an
investor
who
is
a
T.
Rowe
Price
Personal
Services
or
Enhanced
Personal
Services
client
(enrollment
in
these
programs
generally
requires
T.
Rowe
Price
assets
of
at
least
$250,000).
This
fee
is
not
included
in
the
accompanying
table.
If
you
are
subject
to
the
fee,
keep
it
in
mind
when
you
are
estimating
the
ongoing
expenses
of
investing
in
the
fund
and
when
comparing
the
expenses
of
this
fund
with
other
funds.
You
should
also
be
aware
that
the
expenses
shown
in
the
table
highlight
only
your
ongoing
costs
and
do
not
reflect
any
transaction
costs,
such
as
redemption
fees
or
sales
loads.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
To
the
extent
a
fund
charges
transaction
costs,
however,
the
total
cost
of
owning
that
fund
is
higher.
EMERGING
MARKETS
LOCAL
CURRENCY
BOND
FUND
Beginning
Account
Value
7/1/23
Ending
Account
Value
12/31/23
Expenses
Paid
During
Period*
7/1/23
to
12/31/23
Investor
Class
Actual
$1,000.00
$1,048.10
$5.27
Hypothetical
(assumes
5%
return
before
expenses)
 1,000.00
  1,020.06
  5.19
Advisor
Class
Actual
  1,000.00
  1,050.00
  5.68
Hypothetical
(assumes
5%
return
before
expenses)
 1,000.00
  1,019.66
  5.60
I
Class
Actual
  1,000.00
  1,049.80
  3.62
Hypothetical
(assumes
5%
return
before
expenses)
 1,000.00
  1,021.68
  3.57
Z
Class
Actual
  1,000.00
  1,055.50
  0.00
Hypothetical
(assumes
5%
return
before
expenses)
 1,000.00
  1,025.21
  0.00
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(184),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
1.02%,
the
2
Advisor Class
was
1.10%,
the
3
I Class
was
0.70%,
and
the
4
Z Class
was
0.00%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
T.
ROWE
PRICE
Emerging
Markets
Local
Currency
Bond
Fund
Financial
Highlights
12
For
a
share
outstanding
throughout
each
period