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, 2022

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,

2022

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

index

but

underperformed

its

Lipper

peer

group

average

in

the

12

months

ended

December

31,

2022.

Our

bond

positioning

added

value,

mostly

due

to

an

underweight

to

Russia,

while

currency

detracted,

primarily

due

to

an

off-benchmark

holding

in

the

Ukrainian

hryvnia.

We

managed

exposures

dynamically

through

the

period

amid

highly

volatile

conditions

but

finished

with

a

broadly

constructive

stance

across

both

bonds

and

currencies.

We

are

cautiously

optimistic

for

emerging

market

local

bonds

heading

into

2023.

In

our

view,

valuations

are

attractive

and

positioning

is

light,

while

emerging

economies

are

enjoying

improving

fundamentals

and,

in

many

cases,

are

well

advanced

with

policy

tightening.

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

Certain

mutual

fund

accounts

that

are

assessed

an

annual

account

service

fee

can

also

save

money

by

switching

to

e-delivery.

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Market

Commentary

1

Dear

Shareholder

Nearly

all

major

global

stock

and

bond

indexes

fell

sharply

in

2022,

as

investors

contended

with

persistently

high

inflation,

tightening

financial

conditions,

and

slowing

economic

and

corporate

earnings

growth.

Double-digit

losses

were

common

in

equity

markets

around

the

world,

and

bond

investors

also

faced

a

historically

tough

environment

amid

a

sharp

rise

in

interest

rates.

Value

shares

declined

but

outperformed

growth

stocks

by

a

considerable

margin

as

equity

investors

turned

risk

averse

and

as

rising

rates

put

downward

pressure

on

growth

stock

valuations.

Emerging

markets

stocks

generally

underperformed

shares

in

developed

markets.

Meanwhile,

the

U.S.

dollar

strengthened

versus

most

currencies

during

the

period,

which

weighed

on

returns

for

U.S.

investors

in

international

securities.

Within

the

S&P

500

Index,

energy

was

a

rare

bright

spot,

gaining

more

than

60%

as

oil

prices

jumped

in

response

to

Russia’s

invasion

of

Ukraine

and

concerns

over

commodity

supply

shortages.

Defensive

shares,

such

as

utilities,

consumer

staples,

and

health

care,

held

up

relatively

well

and

finished

the

year

with

roughly

flat

returns.

Conversely,

communication

services,

consumer

discretionary,

and

information

technology

shares

suffered

the

largest

declines.

Elevated

inflation

remained

a

leading

concern

for

investors

throughout

the

period,

although

there

were

signs

that

price

increases

were

moderating

by

year-

end.

November’s

consumer

price

index

data

showed

headline

inflation

rising

7.1%

on

a

12-month

basis,

the

lowest

level

since

December

2021

but

still

well

above

the

Federal

Reserve’s

2%

long-term

target.

In

response

to

the

high

inflation

readings,

global

central

banks

tightened

monetary

policy,

and

investors

focused

on

communications

from

central

bank

officials

on

how

high

rates

would

have

to

go.

The

Fed,

which

at

the

end

of

2021

had

forecast

that

it

would

only

need

to

raise

interest

rates

0.75

percentage

point

in

all

of

2022,

raised

its

short-term

lending

benchmark

from

near

zero

in

March

to

a

target

range

of

4.25%

to

4.50%

by

December

and

indicated

that

additional

hikes

are

likely.

Bond

yields

increased

considerably

across

the

U.S.

Treasury

yield

curve

as

the

Fed

tightened

monetary

policy,

with

the

yield

on

the

benchmark

10-year

U.S.

Treasury

note

climbing

from

1.52%

at

the

start

of

the

period

to

3.88%

at

the

end

of

the

year.

Significant

inversions

in

the

yield

curve,

which

are

often

considered

a

warning

sign

of

a

coming

recession,

occurred

during

the

period

as

shorter-maturity

Treasuries

experienced

the

largest

yield

increases.

The

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

2

sharp

increase

in

yields

led

to

historically

weak

results

across

the

fixed

income

market,

with

the

Bloomberg

U.S.

Aggregate

Bond

Index

delivering

its

worst

year

on

record.

(Bond

prices

and

yields

move

in

opposite

directions.)

As

the

period

came

to

an

end,

the

economic

backdrop

appeared

mixed.

Although

manufacturing

gauges

have

drifted

toward

contraction

levels,

the

U.S.

jobs

market

remained

resilient,

and

corporate

and

household

balance

sheets

appeared

strong.

Meanwhile,

the

housing

market

has

weakened

amid

rising

mortgage

rates.

The

past

year

has

been

a

trying

time

for

investors

as

few

sectors

remained

untouched

by

the

broad

headwinds

that

markets

faced,

and

volatility

may

continue

in

the

near

term

as

central

banks

tighten

policy

amid

slowing

economic

growth.

However,

in

our

view,

there

continue

to

be

opportunities

for

selective

investors

focused

on

fundamentals.

Valuations

in

most

global

equity

markets

have

improved

markedly,

although

U.S.

equities

still

appear

relatively

expensive

by

historical

standards,

while

bond

yields

have

reached

some

of

the

most

attractive

levels

since

the

2008

global

financial

crisis.

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

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

-11.00%

for

the

12

months

ended

December

31,

2022.

The

fund

outperformed

the

J.P.

Morgan

Government

Bond

Index–Emerging

Markets

(GBI-EM)

Global

Diversified

but

lagged

its

peer

group

average.

(Results

for

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?

Bond

positioning

drove

outperformance

over

the

year.

The

main

contributor

was

our

underweight

to

duration

in

Russia,

a

position

we

subsequently

closed.

This

position

performed

strongly

as

Russian

bonds

sold

off

sharply

around

the

invasion

of

Ukraine

and

the

consequent

imposition

of

severe

economic

sanctions.

Elsewhere,

underweights

to

Poland

and

the

Czech

Republic

were

helpful

amid

heightened

inflation

and

monetary

tightening.

Our

off-benchmark

short

exposure

to

the

eurozone

contributed

to

relative

performance

as

high-inflation

prints

and

hawkish

policy

action

led

to

sell-offs

in

high-quality

government

bonds.

Against

this,

overweight

duration

positions

in

Brazil

and

Hungary

detracted.

PERFORMANCE

COMPARISON

Total

Return

Periods

Ended

12/31/22

6

Months

12

Months

Emerging

Markets

Local

Currency

Bond

Fund

–

.

2.84‌%

-11.00‌%

Emerging

Markets

Local

Currency

Bond

Fund–

.

Advisor  Class

2.57‌

-11.31‌

Emerging

Markets

Local

Currency

Bond

Fund–

.

I  Class

2.79‌

-10.88‌

Emerging

Markets

Local

Currency

Bond

Fund–

.

Z  Class

3.37‌

-10.10‌

J.P.

Morgan

GBI–EM

Global

Diversified

3.33‌

-11.69‌

Lipper

Emerging

Market

Local

Currency

Debt

Funds

Average

3.66‌

-10.09‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

4

Currency

positioning

detracted

slightly

with

a

negative

impact

from

our

off-benchmark

holding

in

the

Ukrainian

hryvnia

as

Ukraine's

central

bank

devalued

the

currency

in

response

to

economic

impacts

from

the

war

with

Russia.

Our

underweights

in

the

Polish

zloty

and

Chilean

peso

(hedged

against

the

U.S.

dollar)

detracted

as

both

currencies

rallied

strongly

in

the

fourth

quarter,

while

the

greenback

weakened

markedly.

The

zloty

was

supported

by

expectations

that

monetary

policy

would

remain

tight,

with

the

peso

benefiting

from

rising

copper

prices.

Our

underweight

positions

in

the

Taiwanese

dollar

and

Russian

ruble

were

positive

contributors.

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

negative

impact

on

performance.

The

fund

also

held

interest

rate

derivatives,

which

had

a

positive

impact

on

performance.

How

is

the

fund

positioned?

It

was

a

challenging

year

for

emerging

market

(EM)

local

bonds

and

currencies

amid

the

geopolitical

shock

of

Russia’s

invasion

of

Ukraine,

continued

elevated

inflation,

aggressive

monetary

tightening,

and

persistent

U.S.

dollar

strength.

We

actively

managed

duration,

increasing

our

underweight

in

the

first

quarter,

shifting

from

overweight

to

underweight

in

Asia.

With

the

Russia-Ukraine

conflict

threatening

to

drive

inflation

even

higher,

we

retained

defensive

core

rate

positions,

notably

underweights

to

U.S.

Treasuries

and

German

bunds.

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.

Securities

that

have

not

been

rated

by

any

rating

agency

totaled

0.18%

of

the

portfolio

at

the

end

of

the

reporting

period.

CREDIT

QUALITY

DIVERSIFICATION

Emerging

Markets

Local

Currency

Bond

Fund

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

5

We

moved

to

a

neutral

duration

stance

before

shifting

to

an

underweight

in

the

third

quarter

as

major

central

banks,

led

by

the

Federal

Reserve,

turned

more

aggressive

on

fighting

inflation.

We

increased

our

defensive

short

position

in

German

bunds

and

our

underweight

duration

in

central

eastern

Europe.

Easing

inflation

data

created

a

much

more

benign

backdrop

in

the

final

quarter

of

the

year,

and

we

moved

overweight

duration.

We

added

to

our

duration

overweight

in

Latin

America

mainly.

In

terms

of

currencies,

we

held

a

constructive

bias

toward

EM

currencies

through

the

period,

principally

funded

by

a

basket

of

developed

market

currencies,

most

notably

the

U.S.

dollar

and

the

euro.

We

switched

to

overweight

in

the

U.S.

dollar

in

the

third

quarter,

as

we

reduced

risk

and

as

growth

concerns

and

geopolitical

risks

drove

support

for

the

greenback.

We

reversed

the

position

again

in

the

fourth

quarter,

finishing

the

year

underweight

in

the

U.S.

dollar

although

less

so

than

we

were

at

the

start.

We

remained

overweight

currencies

in

emerging

Europe,

given

expectations

that

monetary

and

fiscal

policy

will

remain

tight,

although

we

stayed

short

the

Polish

zloty,

due

to

its

relatively

loose

fiscal

policy

trajectory.

We

increased

and

broadened

our

overweight

in

Latin

America

across

currencies.

In

Asia,

we

moderated

our

overall

overweight.

We

implemented

a

long

position

in

the

Singaporean

dollar

as

the

currency

is

supported

by

a

likely

extension

of

the

tightening

cycle,

and

we

switched

to

a

long

position

in

the

Japanese

yen

after

the

central

bank

adjusted

its

yield

curve

measure.

The

breadth

of

our

research

process

also

allows

us

to

evaluate

currencies

outside

the

benchmark

where

we

see

attractive

opportunities.

Accordingly,

we

held

off-benchmark

currency

exposures

to

India,

Kazakhstan,

Ukraine,

and

Israel

(short).

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?

We

are

cautiously

optimistic

for

EM

local

bonds

heading

into

2023.

In

our

view,

valuations

are

attractive

and

positioning

is

light,

while

emerging

economies

are

enjoying

improving

fundamentals

and,

in

many

cases,

are

well

advanced

with

policy

tightening.

Against

this,

a

weakening

global

growth

outlook

(potentially

exacerbated

by

restrictive

monetary

policy),

ongoing

inflationary

pressures,

and

the

war

in

Ukraine

remain

key

concerns.

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

6

Regarding

valuations,

EM

sovereign

debt

looks

attractive

both

on

a

historical

basis

and

relative

to

other

asset

classes

as

the

market

aggressively

marked

down

local

EM

debt

through

2022.

This

is

one

reason

we

think

investors

could

be

tempted

back

to

the

asset

class

after

years

of

reduced

allocation.

Technical

support

could

return

in

2023

as

investors

remain

underallocated

to

local

EM

debt,

and

outflows

could

start

to

reverse.

The

supportive

effects

of

a

stable-to-weakening

U.S.

dollar

should

not

be

underestimated

to

global

growth,

global

asset

prices,

and,

particularly,

EMs.

With

global

investors

still

notably

overweight

U.S.

dollar

assets,

there

is

room

for

further

weakness

in

the

greenback

should

they

start

to

reduce

their

allocations.

While

a

declining

dollar

could

be

supportive,

EM

economies

are

already

revising

growth

forecasts

upward

in

line

with

stronger

fundamentals

underpinned

by

the

post-pandemic

recovery,

a

rebound

in

manufacturing,

and

commodity

tailwinds.

The

likelihood

that

China

fully

reopens

its

economy

by

the

new

fiscal

year

in

April

2023

is

another

potential

boon.

A

full

reopening

could

spur

a

substantial

rebound

in

consumption-led

growth,

while

China

has

scope

to

implement

stimulus

support.

Despite

these

bullish

indicators,

we

will

continue

to

monitor

global

growth

fears

and

inflation

pressures

and

the

ongoing

conflict

in

Ukraine.

While

market

sentiment

remains

bearish,

overall,

and

fragile,

investors

have

keenly

and

consistently

priced

in

tail

risks.

The

environment

for

investing

in

EM

will

never

be

easy,

but

by

focusing

on

active

country

selection

and

structural

themes,

we

are

confident

there

is

potential

to

reap

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

2023,

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

2023

©

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. 

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

9

AVERAGE

ANNUAL

COMPOUND

TOTAL

RETURN

EXPENSE

RATIO

Periods

Ended

12/31/22

1

Year

5

Years

10

Years

Since

Inception

Inception

Date

Emerging

Markets

Local

Currency

Bond

Fund

–

.

-11.00‌%

-2.56‌%

-2.15‌%

–‌

–

Emerging

Markets

Local

Currency

Bond

Fund–

.

Advisor  Class

-11.31‌

-2.84‌

-2.37‌

–‌

–

Emerging

Markets

Local

Currency

Bond

Fund–

.

I  Class

-10.88‌

-2.38‌

–‌

1.92‌%

12/17/15

Emerging

Markets

Local

Currency

Bond

Fund–

.

Z  Class

-10.10‌

–‌

–‌

-8.99‌

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,

3

I

,

and

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.

Emerging

Markets

Local

Currency

Bond

Fund

0.84‌%

Emerging

Markets

Local

Currency

Bond

Fund–Advisor

Class

2.81‌ 

Emerging

Markets

Local

Currency

Bond

Fund–I

Class

0.73‌ 

Emerging

Markets

Local

Currency

Bond

Fund–Z

Class

0.73‌ 

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

10

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.

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.

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

11

EMERGING

MARKETS

LOCAL

CURRENCY

BOND

FUND

Beginning

Account

Value

7/1/22

Ending

Account

Value

12/31/22

Expenses

Paid

During

Period*

7/1/22

to

12/31/22

Investor

Class

Actual

$1,000.00

$1,028.40

$5.21

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,020.06

  5.19

Advisor

Class

Actual

  1,000.00

  1,025.70

  5.62

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,019.66

  5.60

I

Class

Actual

  1,000.00

  1,027.90

  3.58

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.68

  3.57

Z

Class

Actual

  1,000.00

  1,033.70

  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%.

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Financial

Highlights

12

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

5.56‌

$

6.44‌

$

6.48‌

$

6.04‌

$

6.93‌

Investment

activities

Net

investment

income

(1)(2)

0.27‌

0.27‌

0.27‌

0.36‌

0.38‌

Net

realized

and

unrealized

gain/

loss

(0.88‌)

(0.87‌)

(0.03‌)

0.43‌

(0.90‌)

Total

from

investment

activities

(0.61‌)

(0.60‌)

0.24‌

0.79‌

(0.52‌)

Distributions

Net

investment

income

—‌

(0.18‌)

(0.03‌)

(0.11‌)

(0.16‌)

Tax

return

of

capital

(0.27‌)

(0.10‌)

(0.25‌)

(0.24‌)

(0.21‌)

Total

distributions

(0.27‌)

(0.28‌)

(0.28‌)

(0.35‌)

(0.37‌)

NET

ASSET

VALUE

End

of

period

$

4.68‌

$

5.56‌

$

6.44‌

$

6.48‌

$

6.04‌

Ratios/Supplemental

Data

Total

return

(2)(3)

(11.00‌)%

(9.54‌)%

4.08‌%

13.49‌%

(7.63‌)%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

1.01‌%

0.92‌%

0.94‌%

0.94‌%

0.95‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

1.01‌%

0.92‌%

0.94‌%

0.92‌%

0.92‌%

Net

investment

income

5.48‌%

4.41‌%

4.58‌%

5.72‌%

5.84‌%

Portfolio

turnover

rate

104.4‌%

83.1‌%

76.1‌%

50.2‌%

47.8‌%

Net

assets,

end

of

period

(in

thousands)

$31,914

$54,575

$416,391

$406,675

$394,420

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Financial

Highlights

13

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Advisor

Class

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

5.55‌

$

6.43‌

$

6.47‌

$

6.04‌

$

6.92‌

Investment

activities

Net

investment

income

(1)(2)

0.26‌

0.26‌

0.27‌

0.34‌

0.36‌

Net

realized

and

unrealized

gain/

loss

(0.89‌)

(0.88‌)

(0.05‌)

0.42‌

(0.88‌)

Total

from

investment

activities

(0.63‌)

(0.62‌)

0.22‌

0.76‌

(0.52‌)

Distributions

Net

investment

income

—‌

(0.17‌)

(0.02‌)

(0.10‌)

(0.16‌)

Tax

return

of

capital

(0.26‌)

(0.09‌)

(0.24‌)

(0.23‌)

(0.20‌)

Total

distributions

(0.26‌)

(0.26‌)

(0.26‌)

(0.33‌)

(0.36‌)

NET

ASSET

VALUE

End

of

period

$

4.66‌

$

5.55‌

$

6.43‌

$

6.47‌

$

6.04‌

Ratios/Supplemental

Data

Total

return

(2)(3)

(11.31‌)%

(9.79‌)%

3.81‌%

12.99‌%

(7.75‌)%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

3.83‌%

2.89‌%

1.93‌%

1.92‌%

1.69‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

1.10‌%

1.18‌%

1.20‌%

1.20‌%

1.20‌%

Net

investment

income

5.28‌%

4.35‌%

4.48‌%

5.50‌%

5.56‌%

Portfolio

turnover

rate

104.4‌%

83.1‌%

76.1‌%

50.2‌%

47.8‌%

Net

assets,

end

of

period

(in

thousands)

$15

$34

$49

$151

$212

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Financial

Highlights

14

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

5.57‌

$

6.45‌

$

6.48‌

$

6.05‌

$

6.93‌

Investment

activities

Net

investment

income

(1)(2)

0.28‌

0.28‌

0.28‌

0.37‌

0.38‌

Net

realized

and

unrealized

gain/

loss

(0.89‌)

(0.87‌)

(0.02‌)

0.42‌

(0.88‌)

Total

from

investment

activities

(0.61‌)

(0.59‌)

0.26‌

0.79‌

(0.50‌)

Distributions

Net

investment

income

—‌

(0.19‌)

(0.03‌)

(0.11‌)

(0.17‌)

Tax

return

of

capital

(0.28‌)

(0.10‌)

(0.26‌)

(0.25‌)

(0.21‌)

Total

distributions

(0.28‌)

(0.29‌)

(0.29‌)

(0.36‌)

(0.38‌)

NET

ASSET

VALUE

End

of

period

$

4.68‌

$

5.57‌

$

6.45‌

$

6.48‌

$

6.05‌

Ratios/Supplemental

Data

Total

return

(2)(3)

(10.88‌)%

(9.37‌)%

4.40‌%

13.45‌%

(7.35‌)%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.77‌%

0.80‌%

0.82‌%

0.81‌%

0.81‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.70‌%

0.76‌%

0.79‌%

0.79‌%

0.79‌%

Net

investment

income

5.81‌%

4.68‌%

4.67‌%

5.90‌%

5.98‌%

Portfolio

turnover

rate

104.4‌%

83.1‌%

76.1‌%

50.2‌%

47.8‌%

Net

assets,

end

of

period

(in

thousands)

$91,372

$119,612

$101,341

$82,057

$196,112

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Financial

Highlights

15

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Z

Class

(1)

.

.

Year

Ended

12/31/22

2/22/21

(1)

Through

12/31/21

NET

ASSET

VALUE

Beginning

of

period

$

5.56‌

$

6.25‌

Investment

activities

Net

investment

income

(2)(3)

0.32‌

0.28‌

Net

realized

and

unrealized

gain/loss

(0.88‌)

(0.68‌)

Total

from

investment

activities

(0.56‌)

(0.40‌)

Distributions

Net

investment

income

—‌

(0.19‌)

Tax

return

of

capital

(0.32‌)

(0.10‌)

Total

distributions

(0.32‌)

(0.29‌)

NET

ASSET

VALUE

End

of

period

$

4.68‌

$

5.56‌

Ratios/Supplemental

Data

Total

return

(3)(4)

(10.10‌)%

(6.60‌)%

Ratios

to

average

net

assets:

(3)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.75‌%

0.79‌%

(5)

Net

expenses

after

waivers/payments

by

Price

Associates

0.00‌%

0.00‌%

(5)

Net

investment

income

6.53‌%

5.54‌%

(5)

Portfolio

turnover

rate

104.4‌%

83.1‌%

Net

assets,

end

of

period

(in

thousands)

$240,172

$270,153

0‌%

0‌%

(1)

Inception

date

(2)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(4)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

December

31,

2022

16

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ANGOLA

0.2%

Government

Bonds

0.2%

Republic

of

Angola,

9.50%,

11/12/25

(USD) 

860,000‌

887‌

Total

Angola

(Cost

$918

)

887‌

BAHAMAS

0.1%

Government

Bonds

0.1%

Commonwealth

of

Bahamas,

5.75%,

1/16/24

(USD) 

470,000‌

455‌

Total

Bahamas

(Cost

$461

)

455‌

BERMUDA

0.1%

Government

Bonds

0.1%

Government

of

Bermuda,

5.00%,

7/15/32

(USD) 

200,000‌

199‌

Total

Bermuda

(Cost

$196

)

199‌

BRAZIL

9.6%

Government

Bonds

9.6%

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/25 

83,485,000‌

15,122‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/27 

69,630,000‌

12,122‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/29 

4,900,000‌

832‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/31 

30,200,000‌

5,001‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/33 

11,090,000‌

1,797‌

Total

Brazil

(Cost

$36,377

)

34,874‌

BULGARIA

0.4%

Government

Bonds

0.4%

Republic

of

Bulgaria,

4.125%,

9/23/29

(EUR) 

1,220,000‌

1,285‌

Total

Bulgaria

(Cost

$1,204

)

1,285‌

CHILE

1.5%

Government

Bonds

1.5%

Bonos

de

la

Tesoreria

de

la

Republica,

5.00%,

10/1/28  (1)

2,910,000,000‌

3,320‌

Bonos

de

la

Tesoreria

de

la

Republica,

Inflation-Indexed,

1.90%,

9/1/30 

1,791,235,260‌

2,146‌

Total

Chile

(Cost

$5,287

)

5,466‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

17

Par/Shares

$

Value

(Cost

and

value

in

$000s)

CHINA

3.6%

Corporate

Bonds

0.2%

Agile

Group

Holdings,

5.75%,

1/2/25

(USD) 

540,000‌

289‌

CIFI

Holdings

Group,

4.45%,

8/17/26

(USD)  (2)

350,000‌

93‌

Longfor

Group

Holdings,

3.375%,

4/13/27

(USD) 

300,000‌

241‌

Times

China

Holdings,

6.75%,

7/8/25

(USD) 

1,000,000‌

174‌

797‌

Government

Bonds

3.4%

China

Development

Bank,

Series

1904,

3.68%,

2/26/26 

13,900,000‌

2,061‌

People's

Republic

of

China,

Series

INBK,

3.01%,

5/13/28 

25,000,000‌

3,646‌

People's

Republic

of

China,

Series

INBK,

3.81%,

9/14/50 

13,000,000‌

2,054‌

People's

Republic

of

China,

Series

1915,

3.13%,

11/21/29 

31,100,000‌

4,570‌

12,331‌

Total

China

(Cost

$14,444

)

13,128‌

COLOMBIA

5.2%

Corporate

Bonds

0.3%

Empresas

Publicas

de

Medellin,

7.625%,

9/10/24  (1)

1,862,000,000‌

344‌

Empresas

Publicas

de

Medellin,

7.625%,

9/10/24 

4,371,000,000‌

807‌

1,151‌

Government

Bonds

4.8%

Republic

of

Colombia,

Series

B,

6.00%,

4/28/28 

43,789,200,000‌

6,760‌

Republic

of

Colombia,

Series

B,

7.00%,

6/30/32 

10,000,000,000‌

1,407‌

Republic

of

Colombia,

Series

B,

7.25%,

10/18/34 

20,901,300,000‌

2,850‌

Republic

of

Colombia,

Series

B,

7.50%,

8/26/26 

9,799,100,000‌

1,729‌

Republic

of

Colombia,

Series

G,

7.00%,

3/26/31 

19,383,400,000‌

2,832‌

Titulos

De

Tesoreria,

Series

B,

7.00%,

3/26/31 

12,497,000,000‌

1,826‌

17,404‌

Private

Investment

Company

0.1%

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/1/22,

Cost $197

(USD)  (3)(4)

†

196‌

196‌

Total

Colombia

(Cost

$28,228

)

18,751‌

CZECH

REPUBLIC

3.3%

Government

Bonds

3.3%

Czech

Republic,

Series

78,

2.50%,

8/25/28 

255,200,000‌

9,827‌

Czech

Republic,

Series

103,

2.00%,

10/13/33 

68,020,000‌

2,272‌

Total

Czech

Republic

(Cost

$11,250

)

12,099‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

18

Par/Shares

$

Value

(Cost

and

value

in

$000s)

DOMINICAN

REPUBLIC

0.2%

Government

Bonds

0.2%

Dominican

Republic,

9.75%,

6/5/26  (1)

48,250,000‌

824‌

Total

Dominican

Republic

(Cost

$820

)

824‌

EGYPT

0.7%

Government

Bonds

0.7%

Arab

Republic

of

Egypt,

Series

5YR,

14.369%,

10/20/25 

28,100,000‌

1,036‌

Arab

Republic

of

Egypt,

Series

5YR,

15.90%,

7/2/24 

38,000,000‌

1,492‌

Total

Egypt

(Cost

$3,978

)

2,528‌

HUNGARY

4.2%

Government

Bonds

4.2%

Republic

of

Hungary,

Series

25/B,

5.50%,

6/24/25 

1,729,120,000‌

4,060‌

Republic

of

Hungary,

Series

28/B,

4.50%,

3/23/28 

2,765,660,000‌

5,768‌

Republic

of

Hungary,

Series

31/A,

3.25%,

10/22/31 

832,000,000‌

1,465‌

Republic

of

Hungary,

Series

32/G,

4.50%,

5/27/32 

1,159,000,000‌

2,234‌

Republic

of

Hungary,

Series

33/A,

2.25%,

4/20/33 

967,000,000‌

1,508‌

Republic

of

Hungary,

Series

38/A,

3.00%,

10/27/38 

217,910,000‌

310‌

Total

Hungary

(Cost

$19,039

)

15,345‌

INDIA

1.8%

Corporate

Bonds

0.4%

HDFC

Bank,

8.10%,

3/22/25 

130,000,000‌

1,559‌

1,559‌

Government

Bonds

1.4%

Republic

of

India,

6.79%,

12/26/29 

430,430,000‌

5,062‌

5,062‌

Total

India

(Cost

$7,191

)

6,621‌

INDONESIA

8.2%

Corporate

Bonds

1.3%

Standard

Chartered

Bank,

Series

emtN,

CLN

(Reference:

Republic

of

Indonesia),

9.00%,

3/20/29  (1)

63,100,000,000‌

4,517‌

4,517‌

Government

Bonds

6.9%

Republic

of

Indonesia,

Series

FR65,

6.625%,

5/15/33 

14,280,000,000‌

894‌

Republic

of

Indonesia,

Series

FR72,

8.25%,

5/15/36 

77,804,000,000‌

5,459‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

19

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Indonesia,

Series

FR73,

8.75%,

5/15/31 

110,957,000,000‌

7,959‌

Republic

of

Indonesia,

Series

FR82,

7.00%,

9/15/30 

27,300,000,000‌

1,774‌

Republic

of

Indonesia,

Series

FR83,

7.50%,

4/15/40 

71,572,000,000‌

4,734‌

Republic

of

Indonesia,

Series

FR91,

6.375%,

4/15/32 

69,039,000,000‌

4,275‌

25,095‌

Total

Indonesia

(Cost

$30,993

)

29,612‌

MACAO

0.1%

Corporate

Bonds

0.1%

Studio

City

Finance,

5.00%,

1/15/29

(USD)  (1)

650,000‌

481‌

Total

Macao

(Cost

$653

)

481‌

MALAYSIA

6.0%

Government

Bonds

6.0%

Government

of

Malaysia,

Series

0120,

4.065%,

6/15/50 

16,045,000‌

3,327‌

Government

of

Malaysia,

Series

0322,

4.504%,

4/30/29 

8,430,000‌

1,965‌

Government

of

Malaysia,

Series

0411,

4.232%,

6/30/31 

35,969,000‌

8,279‌

Government

of

Malaysia,

Series

0519,

3.757%,

5/22/40 

26,775,000‌

5,620‌

Government

of

Malaysia,

Series

0713,

4.935%,

9/30/43 

10,170,000‌

2,455‌

Total

Malaysia

(Cost

$22,064

)

21,646‌

MEXICO

10.8%

Corporate

Bonds

0.5%

America

Movil,

5.375%,

4/4/32

(USD)  (1)

1,430,000‌

1,292‌

Mexico

City

Airport

Trust,

3.875%,

4/30/28

(USD) 

720,000‌

660‌

1,952‌

Government

Bonds

10.3%

Petroleos

Mexicanos,

6.50%,

3/13/27

(USD) 

1,825,000‌

1,669‌

Petroleos

Mexicanos,

Series

14-2,

7.47%,

11/12/26 

12,010,000‌

526‌

United

Mexican

States,

Series

M,

5.75%,

3/5/26 

84,600,000‌

3,932‌

United

Mexican

States,

Series

M,

7.75%,

5/29/31 

108,945,000‌

5,178‌

United

Mexican

States,

Series

M

20,

7.50%,

6/3/27 

212,861,800‌

10,307‌

United

Mexican

States,

Series

M

20,

8.50%,

5/31/29 

80,415,000‌

4,017‌

United

Mexican

States,

Series

M

30,

8.50%,

11/18/38 

238,360,000‌

11,585‌

37,214‌

Total

Mexico

(Cost

$39,429

)

39,166‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

20

Par/Shares

$

Value

(Cost

and

value

in

$000s)

OMAN

0.3%

Government

Bonds

0.3%

Sultanate

of

Oman,

4.75%,

6/15/26

(USD) 

1,080,000‌

1,046‌

Total

Oman

(Cost

$1,021

)

1,046‌

PANAMA

0.2%

Government

Bonds

0.2%

Republic

of

Panama,

8.875%,

9/30/27

(USD) 

720,000‌

831‌

Total

Panama

(Cost

$845

)

831‌

PERU

4.1%

Government

Bonds

4.1%

Republic

of

Peru,

6.15%,

8/12/32 

14,614,000‌

3,383‌

Republic

of

Peru,

6.35%,

8/12/28  (1)

14,869,000‌

3,724‌

Republic

of

Peru,

6.35%,

8/12/28 

16,700,000‌

4,182‌

Republic

of

Peru,

6.90%,

8/12/37 

6,504,000‌

1,534‌

Republic

of

Peru,

8.20%,

8/12/26 

7,900,000‌

2,178‌

Total

Peru

(Cost

$17,476

)

15,001‌

PHILIPPINES

0.9%

Government

Bonds

0.9%

Republic

of

Philippines,

Series

25-6,

9.25%,

11/5/34 

112,000,000‌

2,325‌

Republic

of

Philippines,

Series

1065,

2.875%,

7/9/30 

76,200,000‌

1,055‌

Total

Philippines

(Cost

$3,842

)

3,380‌

POLAND

3.2%

Government

Bonds

3.2%

Republic

of

Poland,

Series

0727,

2.50%,

7/25/27 

27,600,000‌

5,252‌

Republic

of

Poland,

Series

1024,

2.25%,

10/25/24 

4,280,000‌

905‌

Republic

of

Poland,

Series

1029,

2.75%,

10/25/29 

30,666,000‌

5,502‌

Total

Poland

(Cost

$10,555

)

11,659‌

ROMANIA

3.9%

Government

Bonds

3.9%

Republic

of

Romania,

Series

10Y,

4.75%,

2/24/25 

6,760,000‌

1,403‌

Republic

of

Romania,

Series

10Y,

5.00%,

2/12/29 

48,590,000‌

9,102‌

Republic

of

Romania,

Series

15YR,

5.80%,

7/26/27 

12,100,000‌

2,439‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

21

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Romania,

Series

8Y,

4.15%,

1/26/28 

7,160,000‌

1,327‌

Total

Romania

(Cost

$13,380

)

14,271‌

SENEGAL

0.5%

Government

Bonds

0.5%

Republic

of

Senegal,

6.25%,

5/23/33

(USD) 

2,163,000‌

1,794‌

Total

Senegal

(Cost

$2,005

)

1,794‌

SERBIA

0.8%

Government

Bonds

0.8%

Republic

of

Serbia,

Series

10Y,

5.875%,

2/8/28 

156,000,000‌

1,369‌

Republic

of

Serbia,

Series

12.5,

4.50%,

8/20/32 

185,990,000‌

1,414‌

Total

Serbia

(Cost

$3,296

)

2,783‌

SOUTH

AFRICA

10.6%

Government

Bonds

10.6%

Republic

of

South

Africa,

Series

R186,

10.50%,

12/21/26 

48,600,000‌

3,028‌

Republic

of

South

Africa,

Series

R213,

7.00%,

2/28/31 

187,938,000‌

8,933‌

Republic

of

South

Africa,

Series

2032,

8.25%,

3/31/32 

89,750,000‌

4,505‌

Republic

of

South

Africa,

Series

2035,

8.875%,

2/28/35 

210,124,000‌

10,429‌

Republic

of

South

Africa,

Series

2044,

8.75%,

1/31/44 

122,820,000‌

5,631‌

Republic

of

South

Africa,

Series

2048,

8.75%,

2/28/48 

132,294,000‌

6,088‌

Total

South

Africa

(Cost

$42,262

)

38,614‌

SUPRANATIONAL

1.4%

Government

Bonds

1.4%

European

Bank

for

Reconstruction

&

Development,

Series

GMTN,

5.60%,

1/30/25

(IDR) 

40,230,000,000‌

2,548‌

International

Bank

for

Reconstruction

&

Development,

Series

GDIF,

4.60%,

2/9/26

(IDR) 

22,000,000,000‌

1,355‌

International

Bank

for

Reconstruction

&

Development,

Series

GMTN,

4.90%,

2/12/26

(INR) 

90,700,000‌

1,027‌

Total

Supranational

(Cost

$5,607

)

4,930‌

THAILAND

5.0%

Government

Bonds

5.0%

Kingdom

of

Thailand,

1.585%,

12/17/35 

313,965,000‌

7,741‌

Kingdom

of

Thailand,

2.00%,

6/17/42 

60,000,000‌

1,400‌

Kingdom

of

Thailand,

3.40%,

6/17/36 

58,213,000‌

1,745‌

Kingdom

of

Thailand,

3.65%,

6/20/31 

42,810,000‌

1,349‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

22

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Kingdom

of

Thailand,

3.775%,

6/25/32 

102,525,000‌

3,250‌

Kingdom

of

Thailand,

Series

ILB,

Inflation-Indexed,

1.25%,

3/12/28 

90,508,194‌

2,538‌

Total

Thailand

(Cost

$19,914

)

18,023‌

UKRAINE

0.9%

Government

Bonds

0.9%

Government

of

Ukraine,

9.84%,

2/15/23 

30,000,000‌

772‌

Government

of

Ukraine,

11.67%,

11/22/23 

130,100,000‌

2,566‌

Total

Ukraine

(Cost

$6,063

)

3,338‌

UNITED

STATES

1.1%

U.S.

Treasury

Obligations

1.1%

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

7/15/32 

4,323,283‌

3,955‌

Total

United

States

(Cost

$4,089

)

3,955‌

URUGUAY

1.1%

Government

Bonds

1.1%

Republic

of

Uruguay,

8.25%,

5/21/31 

66,300,000‌

1,440‌

Republic

of

Uruguay,

8.50%,

3/15/28  (1)

115,100,000‌

2,635‌

Total

Uruguay

(Cost

$4,296

)

4,075‌

SHORT-TERM

INVESTMENTS

6.3%

Money

Market

Funds

5.3%

T.

Rowe

Price

Government

Reserve

Fund,

4.30%  (5)(6)

19,381,501‌

19,382‌

19,382‌

U.S.

Treasury

Obligations

1.0%

U.S.

Treasury

Bills,

2.414%,

1/26/23  (7)

3,500,000‌

3,491‌

3,491‌

Total

Short-Term

Investments

(Cost

$22,876)

22,873‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

23

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED

0.1%

Exchange-Traded

Options

Purchased

0.0%

Description

Contracts

Notional

Amount

$

Value

U.S.

Treasury

Notes

10-year

futures

contracts,

Put,

1/27/23

@

$112.00  (3)

142‌

15,946‌

113‌

Total

Exchange-Traded

Options

Purchased

(Cost

$127)

113‌

OTC

Options

Purchased

0.1%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Bank

of

America

USD

/

EUR

Call,

2/15/23

@

EUR1.03  (3)

1‌

3,600‌

7‌

BNP

Paribas

USD

/

EUR

Call,

2/15/23

@

EUR1.03  (3)

1‌

7,200‌

13‌

Citibank

USD

/

MXN

Put,

2/9/23

@

MXN19.25  (3)

1‌

5,425‌

32‌

HSBC

Bank

USD

/

CNH

Put,

2/2/23

@

CNH6.95  (3)

1‌

5,403‌

70‌

Standard

Chartered

USD

/

CNH

Put,

2/2/23

@

CNH6.95  (3)

1‌

5,403‌

70‌

Total

OTC

Options

Purchased

(Cost

$299)

192‌

Total

Options

Purchased

(Cost

$426)

305‌

Total

Investments

in

Securities

96.4%

of

Net

Assets

(Cost

$380,485)

$

350,245‌

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Par/Shares

and

Notional

Amount

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

†

Investment

fund

is

not

unitized.

(1)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$17,137

and

represents

4.7%

of

net

assets.

(2)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(3)

Non-income

producing

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

24

.

.

.

.

.

.

.

.

.

.

(4)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$196

and

represents

0.1%

of

net

assets.

(5)

Seven-day

yield

(6)

Affiliated

Companies

(7)

At

December

31,

2022,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

6M

HUF

BUBOR

Six

month

HUF

BUBOR

(Budapest

interbank

offered

rate)

6M

PLN

WIBOR

Six

month

PLN

WIBOR

(Warsaw

interbank

offered

rate)

BRL

Brazilian

Real

BRL

CDI

One

day

Brazilian

interbank

deposit

rate

CLN

Credit-Linked

Note

CLP

Chilean

Peso

CNH

Offshore

China

Renminbi

COP

Colombian

Peso

CPI

Consumer

Price

Index

CZK

Czech

Koruna

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

ILS

Israeli

Shekel

INR

Indian

Rupee

INR

MIBOR

Mumbai

interbank

offered

rate

JPY

Japanese

Yen

KRW

South

Korean

Won

KZT

Kazakhstan

Tenge

MXIBTIIE

Mexican

Interbank

28

day

interest

rate

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

OTC

Over-the-counter

PEN

Peruvian

New

Sol

PHP

Philippines

Peso

PLN

Polish

Zloty

RON

New

Romanian

Leu

RSD

Serbian

Dinar

SGD

Singapore

Dollar

THB

Thai

Baht

TRY

Turkish

Lira

TWD

Taiwan

Dollar

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

25

.

.

.

.

.

.

.

.

.

.

USD

U.S.

Dollar

ZAR

South

African

Rand

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

26

(Amounts

in

000s)

SWAPS

(0.1)%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

(0.0)%

Interest

Rate

Swaps

(0.0)%

Brazil

(0.0)%

Barclays

Bank,

2

Year

Interest

Rate

Swap,

Receive

Fixed

12.630%

at

Maturity,

Pay

Variable

13.65%,

(BRL

CDI)

at

Maturity,

1/2/25

11,000

(1)

—

(1‌)

Goldman

Sachs,

2

Year

Interest

Rate

Swap,

Receive

Fixed

13.310%

at

Maturity,

Pay

Variable

13.65%,

(BRL

CDI)

at

Maturity,

1/2/25

30,000

52

—

52‌

Goldman

Sachs,

3

Year

Interest

Rate

Swap,

Receive

Fixed

10.840%

at

Maturity,

Pay

Variable

13.65%,

(BRL

CDI)

at

Maturity,

7/1/24

11,000

(75)

—

(75‌)

Morgan

Stanley,

5

Year

Interest

Rate

Swap,

Receive

Fixed

12.170%

at

Maturity,

Pay

Variable

13.65%,

(BRL

CDI)

at

Maturity,

1/4/27

11,510

(26)

—

(26‌)

Total

Brazil

—

(50‌)

Total

Bilateral

Interest

Rate

Swaps

—

(50‌)

Total

Bilateral

Swaps

—

(50‌)

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

(0.1)%

Credit

Default

Swaps,

Protection

Bought

0.1%

Brazil

0.0%

Protection

Bought

(Relevant

Credit:

Republic

of

Brazil),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/27

(USD)

850

43

55

(12‌)

Protection

Bought

(Relevant

Credit:

Republic

of

Brazil),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

(USD)

880

56

68

(12‌)

Total

Brazil

(24‌)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

27

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

South

Africa

0.1%

Protection

Bought

(Relevant

Credit:

Republic

of

South

Africa),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

(USD)

3,580

227

252

(25‌)

Total

South

Africa

(25‌)

United

States

0.0%

Protection

Bought

(Relevant

Credit:

Markit

CDX.EM-S38,

5

Year

Index),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

2,730

159

223

(64‌)

Total

United

States

(64‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Bought

(113‌)

Interest

Rate

Swaps

(0.2)%

China

(0.0)%

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.445%

Quarterly,

Pay

Variable

1.800%

(7

Day

Interbank

Repo)

Quarterly,

7/26/27

12,900

(22)

—

(22‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.510%

Quarterly,

Pay

Variable

3.500%

(7

Day

Interbank

Repo)

Quarterly,

6/24/27

6,000

(9)

—

(9‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.530%

Quarterly,

Pay

Variable

1.800%

(7

Day

Interbank

Repo)

Quarterly,

6/28/27

11,000

(14)

—

(14‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.710%

Quarterly,

Pay

Variable

1.800%

(7

Day

Interbank

Repo)

Quarterly,

12/27/27

27,200

(13)

—

(13‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.765%

Quarterly,

Pay

Variable

3.500%

(7

Day

Interbank

Repo)

Quarterly,

12/16/27

41,200

(5)

1

(6‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.790%

Quarterly,

Pay

Variable

3.500%

(7

Day

Interbank

Repo)

Quarterly,

12/9/27

4,300

1

1

—‌

Total

China

(64‌)

Hungary

(0.1)%

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.309%

Annually,

Pay

Variable

13.670%

(6M

HUF

BUBOR)

Semi-Annually,

3/18/27

320,000

(132)

—

(132‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

9.584%

Annually,

Pay

Variable

12.180%

(6M

HUF

BUBOR)

Semi-Annually,

7/27/27

440,000

(86)

—

(86‌)

Total

Hungary

(218‌)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

28

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

India

(0.0)%

5

Year

Interest

Rate

Swap,

Pay

Fixed

6.640%

Semi-Annually,

Receive

Variable

6.600%

(INR

MIBOR)

Semi-Annually,

5/3/27

67,000

(7)

—

(7‌)

5

Year

Interest

Rate

Swap,

Pay

Fixed

7.022%

Semi-Annually,

Receive

Variable

6.600%

(INR

MIBOR)

Semi-Annually,

6/23/27

207,800

(59)

1

(60‌)

Total

India

(67‌)

Mexico

(0.1)%

4

Year

Interest

Rate

Swap,

Receive

Fixed

8.425%

28

Days,

Pay

Variable

10.374%

(MXIBTIIE)

28

Days,

12/11/26

36,000

(31)

—

(31‌)

5

Year

Interest

Rate

Swap,

Pay

Fixed

8.850%

28

Days,

Receive

Variable

10.736%

(MXIBTIIE)

28

Days,

7/1/27

61,000

2

—

2‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.540%

28

Days,

Pay

Variable

10.316%

(MXIBTIIE)

28

Days,

12/3/24

27,500

(88)

—

(88‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.575%

28

Days,

Pay

Variable

10.329%

(MXIBTIIE)

28

Days,

9/13/24

56,500

(168)

1

(169‌)

Total

Mexico

(286‌)

Poland

0.0%

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.530%

Annually,

Pay

Variable

7.390%

(6M

PLN

WIBOR)

Semi-Annually,

7/7/27

7,100

12

—

12‌

Total

Poland

12‌

Total

Centrally

Cleared

Interest

Rate

Swaps

(623‌)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

29

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

Zero-Coupon

Inflation

Swaps

(0.0)%

United

States

(0.0)%

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.915%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

11/9/27

2,280

(34)

—

(34‌)

Total

United

States

(34‌)

Total

Centrally

Cleared

Zero-Coupon

Inflation

Swaps

(34‌)

Total

Centrally

Cleared

Swaps

(770‌)

Net

payments

(receipts)

of

variation

margin

to

date

741‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(29‌)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

30

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

1/13/23

USD

2,574‌

CNH

18,076‌

$

(40‌)

Bank

of

America

1/13/23

USD

1,896‌

HUF

826,359‌

(310‌)

Bank

of

America

1/13/23

USD

1,674‌

RON

8,207‌

(102‌)

Bank

of

America

1/19/23

IDR

20,180,116‌

USD

1,285‌

16‌

Bank

of

America

1/19/23

KZT

1,297,029‌

USD

2,674‌

109‌

Bank

of

America

1/19/23

USD

2,913‌

INR

243,365‌

(25‌)

Bank

of

America

2/17/23

PLN

14,147‌

USD

3,088‌

128‌

Bank

of

America

2/17/23

USD

4,705‌

PLN

22,121‌

(323‌)

Barclays

Bank

1/13/23

USD

1,857‌

HUF

745,668‌

(134‌)

Barclays

Bank

1/13/23

USD

1,799‌

ZAR

31,663‌

(63‌)

Barclays

Bank

1/13/23

ZAR

29,258‌

USD

1,703‌

17‌

Barclays

Bank

1/19/23

IDR

81,548,441‌

USD

5,312‌

(55‌)

Barclays

Bank

3/2/23

BRL

9,096‌

USD

1,701‌

2‌

Barclays

Bank

3/2/23

BRL

1,615‌

USD

306‌

(4‌)

BNP

Paribas

1/11/23

EGP

27,584‌

USD

1,218‌

(134‌)

BNP

Paribas

1/13/23

CNH

21,464‌

USD

2,997‌

108‌

BNP

Paribas

1/13/23

CZK

2,794‌

USD

111‌

12‌

BNP

Paribas

1/13/23

USD

571‌

RON

2,714‌

(16‌)

BNP

Paribas

1/13/23

ZAR

76,354‌

USD

4,330‌

158‌

BNP

Paribas

1/19/23

CLP

3,343,063‌

USD

3,660‌

274‌

BNP

Paribas

1/19/23

IDR

29,758,541‌

USD

1,906‌

13‌

BNP

Paribas

1/19/23

IDR

11,882,753‌

USD

768‌

(2‌)

BNP

Paribas

1/19/23

KZT

409,538‌

USD

885‌

(6‌)

BNP

Paribas

1/19/23

PEN

5,278‌

USD

1,370‌

17‌

BNP

Paribas

1/19/23

USD

1,842‌

CLP

1,718,038‌

(179‌)

BNP

Paribas

1/19/23

USD

1,348‌

IDR

20,868,019‌

3‌

BNP

Paribas

1/19/23

USD

3,551‌

PEN

13,911‌

(105‌)

BNP

Paribas

2/17/23

PHP

97,517‌

USD

1,691‌

59‌

BNP

Paribas

3/2/23

BRL

10,014‌

USD

1,845‌

29‌

BNP

Paribas

3/10/23

MYR

11,341‌

USD

2,569‌

32‌

BNP

Paribas

3/10/23

THB

63,545‌

USD

1,845‌

2‌

Canadian

Imperial

Bank

of

Commerce

1/13/23

CZK

33,067‌

USD

1,448‌

14‌

Canadian

Imperial

Bank

of

Commerce

1/13/23

USD

402‌

MXN

7,749‌

5‌

Canadian

Imperial

Bank

of

Commerce

1/19/23

ILS

5,952‌

USD

1,716‌

(21‌)

Citibank

1/13/23

CNH

25,605‌

USD

3,550‌

153‌

Citibank

1/13/23

RON

8,186‌

USD

1,752‌

20‌

Citibank

1/13/23

USD

1,760‌

CNH

12,748‌

(84‌)

Citibank

1/13/23

USD

2,359‌

CZK

54,610‌

(55‌)

Citibank

1/13/23

USD

1,938‌

MXN

37,859‌

1‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

31

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Citibank

1/13/23

USD

2,050‌

MXN

41,848‌

$

(92‌)

Citibank

1/13/23

USD

7,620‌

RON

38,584‌

(732‌)

Citibank

1/13/23

USD

3,540‌

ZAR

61,041‌

(48‌)

Citibank

1/19/23

IDR

25,729,500‌

USD

1,648‌

11‌

Citibank

1/19/23

ILS

3,294‌

USD

949‌

(11‌)

Citibank

1/19/23

USD

6,252‌

ILS

21,511‌

127‌

Citibank

1/19/23

USD

1,912‌

INR

158,411‌

(1‌)

Citibank

1/20/23

JPY

242,274‌

USD

1,825‌

26‌

Citibank

2/1/23

EGP

20,964‌

USD

845‌

(56‌)

Citibank

2/17/23

TRY

5,812‌

USD

295‌

5‌

Citibank

2/24/23

USD

3,539‌

EUR

3,345‌

(56‌)

Citibank

3/2/23

USD

3,159‌

BRL

16,440‌

81‌

Citibank

3/2/23

USD

1,583‌

BRL

8,507‌

(9‌)

Citibank

3/10/23

USD

1,344‌

PHP

76,189‌

(22‌)

Citibank

3/17/23

RSD

187,092‌

USD

1,678‌

29‌

Citibank

3/17/23

USD

4,777‌

RSD

531,102‌

(69‌)

Deutsche

Bank

1/13/23

HUF

558,525‌

USD

1,261‌

230‌

Deutsche

Bank

1/13/23

MXN

37,227‌

USD

1,871‌

34‌

Deutsche

Bank

1/13/23

MXN

27,109‌

USD

1,396‌

(8‌)

Deutsche

Bank

1/13/23

USD

2,666‌

HUF

1,048,230‌

(133‌)

Deutsche

Bank

1/13/23

USD

905‌

MXN

17,538‌

8‌

Deutsche

Bank

1/19/23

INR

154,512‌

USD

1,890‌

(24‌)

Deutsche

Bank

1/19/23

TWD

65,017‌

USD

2,056‌

64‌

Deutsche

Bank

1/19/23

USD

1,605‌

INR

132,009‌

11‌

Deutsche

Bank

2/24/23

EUR

1,791‌

USD

1,870‌

55‌

Deutsche

Bank

3/2/23

BRL

13,673‌

USD

2,532‌

28‌

Deutsche

Bank

3/10/23

MYR

6,681‌

USD

1,529‌

4‌

Deutsche

Bank

3/10/23

THB

617,634‌

USD

17,668‌

287‌

Deutsche

Bank

3/10/23

USD

790‌

MYR

3,549‌

(24‌)

Goldman

Sachs

1/13/23

USD

437‌

CNH

3,040‌

(3‌)

Goldman

Sachs

1/13/23

USD

5,271‌

CZK

132,356‌

(580‌)

Goldman

Sachs

1/19/23

CLP

1,414,313‌

USD

1,594‌

70‌

Goldman

Sachs

1/19/23

IDR

27,638,081‌

USD

1,758‌

24‌

Goldman

Sachs

1/19/23

KRW

3,583,346‌

USD

2,736‌

106‌

Goldman

Sachs

1/19/23

TWD

53,293‌

USD

1,719‌

19‌

Goldman

Sachs

1/19/23

USD

1,667‌

CLP

1,592,278‌

(207‌)

Goldman

Sachs

1/19/23

USD

834‌

IDR

12,974,862‌

(3‌)

Goldman

Sachs

1/19/23

USD

1,700‌

ILS

6,011‌

(11‌)

Goldman

Sachs

1/19/23

USD

1,643‌

INR

135,969‌

1‌

Goldman

Sachs

1/19/23

USD

1,399‌

INR

116,642‌

(10‌)

Goldman

Sachs

1/19/23

USD

10,458‌

TWD

331,459‌

(351‌)

Goldman

Sachs

2/17/23

USD

1,162‌

PHP

64,745‌

—‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

32

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Goldman

Sachs

3/2/23

BRL

1,615‌

USD

307‌

$

(4‌)

Goldman

Sachs

3/10/23

USD

1,892‌

COP

9,264,235‌

7‌

HSBC

Bank

1/13/23

CNH

17,597‌

USD

2,452‌

93‌

HSBC

Bank

1/13/23

MXN

89,084‌

USD

4,495‌

64‌

HSBC

Bank

1/13/23

USD

3,797‌

CNH

26,500‌

(37‌)

HSBC

Bank

1/13/23

USD

801‌

MXN

16,357‌

(36‌)

HSBC

Bank

1/13/23

USD

482‌

RON

2,436‌

(45‌)

HSBC

Bank

1/13/23

USD

1,603‌

ZAR

29,620‌

(138‌)

HSBC

Bank

1/19/23

INR

137,830‌

USD

1,654‌

10‌

HSBC

Bank

1/19/23

USD

576‌

IDR

8,835,767‌

7‌

HSBC

Bank

3/2/23

USD

4,188‌

BRL

22,615‌

(46‌)

HSBC

Bank

3/10/23

MYR

26,784‌

USD

6,001‌

142‌

HSBC

Bank

3/17/23

SGD

4,873‌

USD

3,522‌

121‌

JPMorgan

Chase

1/13/23

CNH

54,812‌

USD

7,702‌

227‌

JPMorgan

Chase

1/13/23

CZK

69,214‌

USD

2,783‌

277‌

JPMorgan

Chase

1/13/23

MXN

17,107‌

USD

843‌

33‌

JPMorgan

Chase

1/13/23

MXN

8,269‌

USD

423‌

—‌

JPMorgan

Chase

1/13/23

RON

52,198‌

USD

10,918‌

380‌

JPMorgan

Chase

1/13/23

USD

3,937‌

CNH

28,328‌

(161‌)

JPMorgan

Chase

1/13/23

USD

336‌

CZK

7,962‌

(16‌)

JPMorgan

Chase

1/13/23

USD

3,354‌

HUF

1,311,609‌

(147‌)

JPMorgan

Chase

1/13/23

USD

5,081‌

MXN

103,276‌

(204‌)

JPMorgan

Chase

1/13/23

USD

3,889‌

RON

18,952‌

(214‌)

JPMorgan

Chase

1/13/23

USD

2,638‌

ZAR

45,475‌

(35‌)

JPMorgan

Chase

1/13/23

ZAR

14,437‌

USD

843‌

6‌

JPMorgan

Chase

1/19/23

CLP

450,494‌

USD

504‌

26‌

JPMorgan

Chase

1/19/23

IDR

3,587,907‌

USD

235‌

(3‌)

JPMorgan

Chase

1/19/23

ILS

12,118‌

USD

3,507‌

(57‌)

JPMorgan

Chase

1/19/23

PEN

5,714‌

USD

1,480‌

22‌

JPMorgan

Chase

1/19/23

USD

275‌

IDR

4,292,790‌

(1‌)

JPMorgan

Chase

1/19/23

USD

1,794‌

ILS

6,204‌

28‌

JPMorgan

Chase

1/19/23

USD

2,642‌

KRW

3,583,346‌

(201‌)

JPMorgan

Chase

1/19/23

USD

241‌

TWD

7,377‌

—‌

JPMorgan

Chase

1/19/23

USD

1,820‌

TWD

56,460‌

(21‌)

JPMorgan

Chase

1/20/23

JPY

489,070‌

USD

3,340‌

397‌

JPMorgan

Chase

2/17/23

PLN

2,893‌

USD

609‌

48‌

JPMorgan

Chase

2/17/23

TRY

45,667‌

USD

2,325‌

26‌

JPMorgan

Chase

2/17/23

USD

1,320‌

PLN

5,983‌

(40‌)

JPMorgan

Chase

2/17/23

USD

555‌

TRY

10,730‌

2‌

JPMorgan

Chase

2/24/23

USD

1,778‌

EUR

1,666‌

(12‌)

JPMorgan

Chase

2/24/23

USD

1,830‌

GBP

1,514‌

(3‌)

JPMorgan

Chase

3/2/23

USD

540‌

BRL

2,871‌

2‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

33

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

JPMorgan

Chase

3/10/23

USD

1,598‌

COP

7,776,084‌

$

16‌

JPMorgan

Chase

3/10/23

USD

2,044‌

MYR

8,998‌

(20‌)

JPMorgan

Chase

3/17/23

USD

1,412‌

RSD

157,803‌

(28‌)

JPMorgan

Chase

3/17/23

USD

1,798‌

SGD

2,433‌

(20‌)

Morgan

Stanley

1/13/23

CNH

23,632‌

USD

3,356‌

63‌

Morgan

Stanley

1/13/23

MXN

21,555‌

USD

1,088‌

15‌

Morgan

Stanley

1/13/23

USD

1,093‌

CZK

24,730‌

—‌

Morgan

Stanley

1/13/23

USD

3,158‌

ZAR

56,668‌

(173‌)

Morgan

Stanley

1/13/23

ZAR

30,604‌

USD

1,688‌

111‌

Morgan

Stanley

1/19/23

CLP

924,285‌

USD

1,051‌

37‌

Morgan

Stanley

1/19/23

PEN

6,574‌

USD

1,636‌

91‌

Morgan

Stanley

1/19/23

USD

2,758‌

CLP

2,470,736‌

(149‌)

Morgan

Stanley

1/19/23

USD

728‌

PEN

2,785‌

(4‌)

Morgan

Stanley

1/20/23

USD

2,148‌

JPY

316,044‌

(267‌)

Morgan

Stanley

2/24/23

USD

4,681‌

EUR

4,465‌

(117‌)

Morgan

Stanley

3/2/23

BRL

5,392‌

USD

980‌

30‌

Morgan

Stanley

3/10/23

THB

3,696‌

USD

107‌

—‌

RBC

Dominion

Securities

1/20/23

JPY

363,411‌

USD

2,724‌

53‌

RBC

Dominion

Securities

3/10/23

USD

911‌

COP

4,465,146‌

2‌

Standard

Chartered

1/13/23

CNH

12,578‌

USD

1,809‌

11‌

Standard

Chartered

1/13/23

RON

9,052‌

USD

1,954‌

6‌

Standard

Chartered

1/13/23

ZAR

18,879‌

USD

1,072‌

37‌

Standard

Chartered

1/19/23

USD

280‌

INR

23,076‌

2‌

Standard

Chartered

3/10/23

MYR

37,960‌

USD

8,657‌

49‌

Standard

Chartered

3/10/23

THB

37,519‌

USD

1,091‌

—‌

State

Street

1/13/23

CNH

48,195‌

USD

6,759‌

213‌

State

Street

1/13/23

MXN

28,513‌

USD

1,399‌

60‌

State

Street

1/13/23

USD

915‌

CZK

22,672‌

(87‌)

State

Street

1/13/23

USD

2,796‌

MXN

55,045‌

(21‌)

State

Street

1/13/23

ZAR

2,552‌

USD

149‌

1‌

State

Street

1/20/23

USD

1,178‌

JPY

173,175‌

(145‌)

State

Street

2/17/23

USD

1,153‌

PHP

64,170‌

2‌

State

Street

2/24/23

EUR

2,083‌

USD

2,193‌

45‌

State

Street

2/24/23

USD

5,667‌

EUR

5,443‌

(182‌)

State

Street

3/2/23

BRL

29,635‌

USD

5,463‌

85‌

UBS

Investment

Bank

1/13/23

CNH

48,669‌

USD

6,996‌

44‌

UBS

Investment

Bank

1/13/23

CZK

400,893‌

USD

15,921‌

1,803‌

UBS

Investment

Bank

1/13/23

HUF

2,908,261‌

USD

7,019‌

745‌

UBS

Investment

Bank

1/13/23

MXN

22,947‌

USD

1,151‌

23‌

UBS

Investment

Bank

1/13/23

MXN

36,130‌

USD

1,865‌

(16‌)

UBS

Investment

Bank

1/13/23

RON

8,414‌

USD

1,645‌

176‌

UBS

Investment

Bank

1/13/23

USD

2,216‌

RON

10,887‌

(141‌)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

34

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

UBS

Investment

Bank

1/13/23

ZAR

34,237‌

USD

1,970‌

$

43‌

UBS

Investment

Bank

1/19/23

IDR

28,345,576‌

USD

1,840‌

(13‌)

UBS

Investment

Bank

1/19/23

USD

2,092‌

IDR

32,805,187‌

(23‌)

UBS

Investment

Bank

1/19/23

USD

4,005‌

PEN

16,077‌

(220‌)

UBS

Investment

Bank

2/17/23

PLN

60,100‌

USD

12,386‌

1,274‌

UBS

Investment

Bank

2/17/23

USD

907‌

PLN

3,989‌

—‌

UBS

Investment

Bank

3/10/23

USD

1,136‌

PHP

64,364‌

(17‌)

UBS

Investment

Bank

3/10/23

USD

1,760‌

THB

61,028‌

(14‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

2,161‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

35

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

30

Euro

BOBL

contracts

3/23

(3,717)

$

118‌

Short,

29

Euro

BUND

contracts

3/23

(4,126)

170‌

Short,

32

Long

Gilt

ten

year

contracts

3/23

(3,865)

188‌

Short,

50

U.S.

Treasury

Long

Bond

contracts

3/23

(6,267)

(1‌)

Short,

49

U.S.

Treasury

Notes

five

year

contracts

3/23

(5,289)

(1‌)

Long,

10

U.S.

Treasury

Notes

ten

year

contracts

3/23

1,123

(3‌)

Long,

16

Ultra

U.S.

Treasury

Bonds

contracts

3/23

2,149

(23‌)

Short,

24

Ultra

U.S.

Treasury

Notes

ten

year

contracts

3/23

(2,839)

53‌

Net

payments

(receipts)

of

variation

margin

to

date

(454‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

47‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

36

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

year

ended

December

31,

2022.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

4.30%

$

—‌#

$

—‌

$

161‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/21

Purchase

Cost

Sales

Cost

Value

12/31/22

T.

Rowe

Price

Government

Reserve

Fund,

4.30%

$

17,543‌

 ¤

  ¤

$

19,382‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$161

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$19,382.

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

December

31,

2022

Statement

of

Assets

and

Liabilities

37

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$380,485)

$

350,245‌

Unrealized

gain

on

forward

currency

exchange

contracts

9,347‌

Interest

receivable

8,206‌

Receivable

for

investment

securities

sold

4,981‌

Foreign

currency

(cost

$5,021)

4,978‌

Cash

deposits

on

centrally

cleared

swaps

855‌

Cash

deposits

on

futures

contracts

811‌

Due

from

affiliates

147‌

Unrealized

gain

on

bilateral

swaps

52‌

Variation

margin

receivable

on

futures

contracts

47‌

Receivable

for

shares

sold

19‌

Other

assets

328‌

Total

assets

380,016‌

Liabilities

Payable

for

investment

securities

purchased

8,642‌

Unrealized

loss

on

forward

currency

exchange

contracts

7,186‌

Payable

for

shares

redeemed

345‌

Investment

management

fees

payable

199‌

Unrealized

loss

on

bilateral

swaps

102‌

Variation

margin

payable

on

centrally

cleared

swaps

29‌

Other

liabilities

40‌

Total

liabilities

16,543‌

NET

ASSETS

$

363,473‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

December

31,

2022

Statement

of

Assets

and

Liabilities

38

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

(83,727‌)

Paid-in

capital

applicable

to

77,700,554

shares

of

$0.01

par

value

capital

stock

outstanding;

18,000,000,000

shares

of

the

Corporation

authorized

447,200‌

NET

ASSETS

$

363,473‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

($31,913,964

/

6,820,235

shares

outstanding)

$

4.68‌

Advisor

Class

($14,492

/

3,107

shares

outstanding)

$

4.66‌

I

Class

($91,371,953

/

19,517,235

shares

outstanding)

$

4.68‌

Z

Class

($240,172,331

/

51,359,977

shares

outstanding)

$

4.68‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Statement

of

Operations

39

($000s)

Year

Ended

12/31/22

Investment

Income

(Loss)

Income

    Interest

(net

of

foreign

taxes

of

$457)

$

24,525‌

Dividend

161‌

Total

income

24,686‌

Expenses

Investment

management

2,443‌

Shareholder

servicing

Investor

Class

$

94‌

I

Class

6‌

100‌

Prospectus

and

shareholder

reports

Investor

Class

12‌

I

Class

10‌

Z

Class

3‌

25‌

Custody

and

accounting

264‌

Registration

81‌

Legal

and

audit

45‌

Directors

1‌

Miscellaneous

18‌

Waived

/

paid

by

Price

Associates

(1,880‌)

Total

expenses

1,097‌

Net

investment

income

23,589‌

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Statement

of

Operations

40

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

12/31/22

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(net

of

foreign

taxes

of

$76)

(67,929‌)

Futures

4,294‌

Swaps

(161‌)

Options

written

3‌

Forward

currency

exchange

contracts

(6,940‌)

Foreign

currency

transactions

(728‌)

Net

realized

loss

(71,461‌)

Change

in

net

unrealized

gain

/

loss

Securities

144‌

Futures

340‌

Swaps

(473‌)

Forward

currency

exchange

contracts

2,464‌

Other

assets

and

liabilities

denominated

in

foreign

currencies

4‌

Change

in

net

unrealized

gain

/

loss

2,479‌

Net

realized

and

unrealized

gain

/

loss

(68,982‌)

DECREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

(45,393‌)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Statement

of

Changes

in

Net

Assets

41

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/22

12/31/21

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

23,589‌

$

24,225‌

Net

realized

loss

(71,461‌)

(12,347‌)

Change

in

net

unrealized

gain

/

loss

2,479‌

(60,400‌)

Decrease

in

net

assets

from

operations

(45,393‌)

(48,522‌)

Distributions

to

shareholders

Net

earnings

Investor

Class

–‌

(4,284‌)

Advisor

Class

–‌

(1‌)

I

Class

–‌

(3,818‌)

Z

Class

–‌

(7,929‌)

Tax

return

of

capital

–

–

Investor

Class

(2,269‌)

(2,446‌)

Advisor

Class

(1‌)

(1‌)

I

Class

(5,670‌)

(2,074‌)

Z

Class

(15,653‌)

(4,236‌)

Decrease

in

net

assets

from

distributions

(23,593‌)

(24,789‌)

Capital

share

transactions

*

(1)

Shares

sold

Investor

Class

11,297‌

49,287‌

Advisor

Class

–‌

74‌

I

Class

30,634‌

87,989‌

Z

Class

7,723‌

308,344‌

Distributions

reinvested

Investor

Class

2,155‌

5,415‌

Advisor

Class

1‌

2‌

I

Class

5,380‌

5,627‌

Z

Class

15,659‌

12,252‌

Shares

redeemed

Investor

Class

(28,276‌)

(379,957‌)

Advisor

Class

(15‌)

(82‌)

I

Class

(46,264‌)

(58,405‌)

Z

Class

(10,209‌)

(30,642‌)

Decrease

in

net

assets

from

capital

share

transactions

(11,915‌)

(96‌)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

Statement

of

Changes

in

Net

Assets

42

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/22

12/31/21

Net

Assets

Decrease

during

period

(80,901‌)

(73,407‌)

Beginning

of

period

444,374‌

517,781‌

End

of

period

$

363,473‌

$

444,374‌

*Share

information

(000s)

(1)

Shares

sold

Investor

Class

2,320‌

8,143‌

Advisor

Class

–‌

12‌

I

Class

6,145‌

14,825‌

Z

Class

1,579‌

51,667‌

Distributions

reinvested

Investor

Class

448‌

895‌

Advisor

Class

–‌

–‌

I

Class

1,120‌

952‌

Z

Class

3,267‌

2,095‌

Shares

redeemed

Investor

Class

(5,755‌)

(63,880‌)

Advisor

Class

(3‌)

(14‌)

I

Class

(9,233‌)

(10,012‌)

Z

Class

(2,068‌)

(5,180‌)

Decrease

in

shares

outstanding

(2,180‌)

(497‌)

(1)

Includes

the

exchange

of

shares

from

certain

classes

to

the

I

Class

and/or

Z

Class

related

to

shares

held

by

affiliated

products.

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

NOTES

TO

FINANCIAL

STATEMENTS

43

T.

Rowe

Price

International

Funds,

Inc.

(the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Emerging

Markets

Local

Currency

Bond

Fund

(the

fund)

is a

nondiversified,

open-end

management

investment

company

established

by

the

corporation. The

fund

seeks

to

provide

high

income

and

capital

appreciation.

The

fund

has

four classes

of

shares:

the

Emerging

Markets

Local

Currency

Bond

Fund

(Investor

Class),

the

Emerging

Markets

Local

Currency

Bond

Fund–Advisor

Class

(Advisor

Class),

the

Emerging

Markets

Local

Currency

Bond

Fund–I

Class

(I

Class)

and

the

Emerging

Markets

Local

Currency

Bond

Fund–Z

Class

(Z

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

Prior

to

November

15,

2021,

the

initial

investment

minimum

was

$1

million

and

was

generally

waived

for

financial

intermediaries,

eligible

retirement

plans,

and

other

certain

accounts.

As

a

result

of

the

reduction

in

the

I

Class

minimum,

certain

assets

transferred

from

the

Investor

Class

to

the

I

Class.

This

transfer

of

shares

from

Investor

Class

to

I

Class

is

reflected

in

the

Statement

of

Changes

in

Net

Assets

within

the

Capital

shares

transactions

as

Shares

redeemed

and

Shares

sold,

respectively.

The

Z

Class

is

only

available

to

funds

advised

by

T.

Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services.

The

Advisor

Class

operates

under

a

Board-approved

Rule

12b-1

plan

pursuant

to

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/or

certain

administrative

services;

the

Investor,

I

and

Z

Classes

do

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

44

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis.

Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes.

Inflation

adjustments

to

the

principal

amount

of

inflation-indexed

bonds

are

reflected

as

interest

income.

Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense.

Dividends

received

from

mutual

fund

investments

are

reflected

as

dividend

income;

capital

gain

distributions

are

reflected

as

realized

gain/loss.

Dividend

income

and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date.

Earnings

on

investments

recognized

as

partnerships

for

federal

income

tax

purposes

reflect

the

tax

character

of

such

earnings.

Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received.

Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Income

distributions,

if

any, are

declared

by

each

class daily

and

paid

monthly.

A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to all classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class’s

outstanding

shares.

The

Advisor

Class

pays

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

of

the

class’s

average

daily

net

assets;

during

the year

ended December

31,

2022,

the Advisor

Class incurred

less

than

$1,000

in

these

fees.

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

45

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

New

Accounting

Guidance

The

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2020–04,

Reference

Rate

Reform

(Topic

848) –

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

in

March

2020

and

ASU

2021-01

in

January

2021

which

provided

further

amendments

and

clarifications

to

Topic

848.

These

ASUs provide

optional,

temporary

relief

with

respect

to

the

financial

reporting

of

contracts

subject

to

certain

types

of

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR),

and

other

interbank-offered

based

reference

rates,

through December

31,

2022.

In

December,

2022,

FASB

issued

ASU

2022-06

which

defers

the

sunset

date

of

Topic

848

from

December

31,

2022,

to

December

31,

2024,

after

which

entities

will

no

longer

be

permitted

to

apply

the

relief

in

Topic

848.

Management

intends

to

rely

upon

the

relief

provided

under

Topic

848,

which

is

not

expected to

have

a

material

impact

on

the fund's

financial  statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

46

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

in

private

investment

companies

are

valued

at

the

investee’s

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee’s

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation Designee

may

adjust

the

investee’s

NAV

to

reflect

fair

value

at

the

valuation

date.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

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of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

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48

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

December

31,

2022

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

326,871‌

$

—‌

$

326,871‌

Private

Investment

Company

2

—‌

—‌

—‌

196‌

Short-Term

Investments

19,382‌

3,491‌

—‌

22,873‌

Options

Purchased

113‌

192‌

—‌

305‌

Total

Securities

19,495‌

330,554‌

—‌

350,245‌

Swaps*

—‌

66‌

—‌

66‌

Forward

Currency

Exchange

Contracts

—‌

9,347‌

—‌

9,347‌

Futures

Contracts*

529‌

—‌

—‌

529‌

Total

$

20,024‌

$

339,967‌

$

—‌

$

360,187‌

Liabilities

Swaps*

$

—‌

$

886‌

$

—‌

$

886‌

Forward

Currency

Exchange

Contracts

—‌

7,186‌

—‌

7,186‌

Futures

Contracts*

28‌

—‌

—‌

28‌

Total

$

28‌

$

8,072‌

$

—‌

$

8,100‌

1

Includes

Corporate

Bonds,

Government

Bonds

and

U.S.

Treasury

Obligations.

2

In

accordance

with

Subtopic

820-10,

certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

hierarchy.

The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Portfolio

of

Investments.

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

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49

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

year ended

December

31,

2022,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

December

31,

2022,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

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50

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

Assets

Interest

rate

derivatives

Bilateral

Swaps

,

Centrally

Cleared

Swaps

,

Futures

,

Securities^

$

708‌

Foreign

exchange

derivatives

Forwards

,

Securities^

9,539‌

^

,*

Total

$

10,247‌

^

,*

Liabilities

Inflation

derivatives

Centrally

Cleared

Swaps

$

34‌

Interest

rate

derivatives

Bilateral

Swaps,

Centrally

Cleared

Swaps,

Futures

767‌

Foreign

exchange

derivatives

Forwards

7,186‌

Credit

derivatives

Centrally

Cleared

Swaps

113‌

Total

$

8,100‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

^

Options

purchased

are

reported

as

securities

and

are

reflected

in

the

accompanying

Portfolio

of

Investments.

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Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

December

31,

2022,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

($000s)                                               

Location

of

Gain

(Loss)

on

Statement

of

Operations

Securities^

Options

Written

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Inflation

derivatives

$

—‌

$

—‌

$

—‌

$

—‌

$

471‌

$

471‌

Interest

rate

derivatives

(130‌)

—‌

4,294‌

—‌

(625‌)

3,539‌

Foreign

exchange

derivatives

(130‌)

3‌

—‌

(6,940‌)

—‌

(7,067‌)

Credit

derivatives

—‌

—‌

—‌

—‌

(7‌)

(7‌)

Total

$

(260‌)

$

3‌

$

4,294‌

$

(6,940‌)

$

(161‌)

$

(3,064‌)

Change

in

Unrealized

Gain

(Loss)

Inflation

derivatives

$

—‌

$

—‌

$

—‌

$

—‌

$

(180‌)

$

(180‌)

Interest

rate

derivatives

16‌

—‌

340‌

—‌

(286‌)

70‌

Foreign

exchange

derivatives

(61‌)

—‌

—‌

2,464‌

—‌

2,403‌

Credit

derivatives

—‌

—‌

—‌

—‌

(7‌)

(7‌)

Total

$

(45‌)

$

—‌

$

340‌

$

2,464‌

$

(473‌)

$

2,286‌

^

Options

purchased

are

reported

as

securities.

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52

Counterparty

Risk

and

Collateral

 The

fund

invests

in

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-

traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Derivatives,

such

as

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

counterparty

risk.

To

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

also

require

the

exchange

of

collateral

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund’s

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

a

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Collateral

may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

Collateral

pledged

by

counterparties

T.

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53

is

not

included

in

the

fund’s

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

by

the

fund

is

held

in

a

segregated

account

at

the

fund’s

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

December

31,

2022,

cash

of $1,666,000 had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

The

following

table

summarizes

the

fund’s

OTC

and

bilateral

derivatives

at

the

reporting

date

by

loss

exposure

to

each

counterparty

after

consideration

of

collateral,

if

any. 

($000s)

Gross

Value

on

Statements

of

Assets

and

Liabilities

Net

amount

due

(to)/from

Counterparty

or

Exchange

Collateral

Pledged

(Received)

by

Fund

Loss

Exposure,

After

Collateral*

(not

less

than

$0)

Counterparty

Assets

Liabilities

Bank

of

America

$

260‌

$

(800‌)

$

(540‌)

$

312‌

$

—‌

Barclays

Bank

19‌

(257‌)

(238‌)

281‌

43‌

BNP

Paribas

720‌

(442‌)

278‌

—‌

278‌

Canadian

Imperial

Bank

of

Commerce

19‌

(21‌)

(2‌)

—‌

—‌

Citibank

485‌

(1,235‌)

(750‌)

690‌

—‌

Deutsche

Bank

721‌

(189‌)

532‌

(660‌)

—‌

Goldman

Sachs

279‌

(1,244‌)

(965‌)

1,213‌

248‌

HSBC

Bank

507‌

(302‌)

205‌

—‌

205‌

JPMorgan

Chase

1,490‌

(1,183‌)

307‌

(190‌)

117‌

Morgan

Stanley

347‌

(736‌)

(389‌)

282‌

—‌

RBC

Dominion

Securities

55‌

—‌

55‌

—‌

55‌

Standard

Chartered

175‌

—‌

175‌

—‌

175‌

State

Street

406‌

(435‌)

(29‌)

—‌

—‌

UBS

Investment

Bank

4,108‌

(444‌)

3,664‌

(3,588‌)

76‌

Total

$

9,591‌

$

(7,288‌)

*

In

situations

such

as

counterparty

default

or

bankruptcy,

the

fund

may

have

further

rights

of

offset

against

amounts

due

to

or

from

the

counterparty

under

other

agreements.

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54

Forward

Currency

Exchange

Contracts

 The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-

denominated

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

fund’s

foreign

currency

exposure

from

one

country

to

another,

or

to

enhance

the

fund’s

return.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund’s

total

return;

and

the

potential

for

losses

in

excess

of

the

fund’s

initial

investment.

During

the

year ended

December

31,

2022,

the

volume

of

the

fund’s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

between

43%

and

52%

of

net

assets.

Futures

Contracts

 The

fund

is

subject

to interest

rate

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risk.

The

fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

credit

quality,

and

mortgage

prepayments;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Risks

related

to

the

use

of

futures

contracts

include

possible

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illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/or

interest

rates,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

year ended

December

31,

2022,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

4%

and

7%

of

net

assets.

Options 

 The

fund

is

subject

to interest

rate

risk

and

foreign

currency

exchange

rate

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risks.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss.

In

return

for

a

premium

paid,

currency

options

give

the

holder

the

right,

but

not

the

obligation,

to

buy

and

sell

currency

at

a

specified

exchange

rate;

although

certain

currency

options

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract.

In

return

for

a

premium

paid,

call

and

put

options

on

futures

give

the

holder

the

right,

but

not

the

obligation,

to

purchase

or

sell,

respectively,

a

position

in

a

particular

futures

contract

at

a

specified

exercise

price.

Risks related

to

the

use

of

options

include

possible

illiquidity

of

the

options

markets;

trading

restrictions

imposed

by

an

exchange

or

counterparty;

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

values,

interest

rates

and

currency

values;

and,

for

options

written,

the

potential

for

losses

to

exceed

any

premium

received

by

the

fund.

During

the

year ended

December

31,

2022,

the

volume

of

the

fund’s

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

1%

and

14%

of

net

assets.

Swaps

 The

fund

is

subject

to

interest

rate

risk,

credit

risk

and

inflation

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risks.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

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to

realized

gain

or

loss

upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

in

the

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Interest

rate

swaps

are

agreements

to

exchange

cash

flows

based

on

the

difference

between

specified

interest

rates

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

interest

rate

swaps

include

the

potential

for

unanticipated

movements

in

interest

or

currency

rates,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment. 

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

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Zero-coupon

inflation

swaps

are

agreements

to

exchange

cash

flows,

on

the

contract’s

maturity

date,

based

on

the

difference

between

a

predetermined

fixed

rate

and

the

cumulative

change

in

the

consumer

price

index,

both

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

zero-coupon

inflation

swaps

include

the

potential

for

unanticipated

movements

in

inflation

rates,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment. 

During

the

year ended

December

31,

2022,

the

volume

of

the

fund’s

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

11%

and

15%

of

net

assets.

NOTE

4

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective,

the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of

the

fund

are

described

more

fully

in

the

fund’s

prospectus

and

Statement

of

Additional

Information.

Emerging

and

Frontier

Markets

 The fund

invests,

either

directly

or

through

investments

in

other

T.

Rowe

Price

funds,

in

securities

of

companies

located

in,

issued

by

governments

of,

or

denominated

in

or

linked

to

the

currencies

of

emerging

and

frontier

market

countries.

Emerging

markets,

and

to

a

greater

extent

frontier

markets, tend

to

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

that

are

less

stable,

than

those

of

developed

countries.

These

markets

may

be

subject

to

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund’s

ability

to

buy

or

sell

certain

securities

or

repatriate

proceeds

to

U.S.

dollars.

Emerging

markets

securities

exchanges

are

more

likely

to

experience

delays

with

the

clearing

and

settling

of

trades,

as

well

as

the

custody

of

holdings

by

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

to

greater

price

volatility,

less

liquidity,

and

higher

rates

of

inflation

than

U.S.

securities.

Investing

in

frontier

markets

is

typically

significantly

riskier

than

investing

in

other

countries,

including

emerging

markets.

Noninvestment-Grade

Debt

 The

fund

invests,

either

directly

or

through

its

investment

in

other

T.

Rowe

Price

funds,

in

noninvestment-grade

debt,

including

“high

yield”

or

“junk”

bonds

or

leveraged

loans.

Noninvestment-grade

debt

issuers

are

more

likely

to

suffer

an

adverse

change

in

financial

condition

that

would

result

in

the

inability

to

meet

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a

financial

obligation.

The

noninvestment-grade

debt

market

may

experience

sudden

and

sharp

price

swings

due

to

a

variety

of

factors

that

may

decrease

the

ability

of

issuers

to

make

principal

and

interest

payments

and

adversely

affect

the

liquidity

or

value,

or

both,

of

such

securities.

Accordingly,

securities

issued

by

such

companies

carry

a

higher

risk

of

default

and

should

be

considered

speculative. 

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

Investment

in

Bona

Fide

Investments

Feeder

LLC

 The

fund

invested

in

Bona

Fide

Investments

Feeder

LLC

(Bona

Fide

Investments

Feeder),

a

private

alternative

debt

investment

fund

offered

by

Gramercy

Funds

Management

LLC

(Gramercy).

Bona

Fide

Investments

Feeder

invests

in

the

Bona

Fide

Investment

Holdings

LLC

(underlying

fund)

which

provides

the

fund

exposure

to

alternative investments

by acquiring

sentencias

(underlying

interests), obligations

owed

to

individual

holders

by

the

government

of

the

Republic

of

Colombia

that

have

been

converted

from

judgments

against

various

Colombian

governmental

agencies.

Bona

Fide

Investments

Feeder’s

concentration

of

investments

in

sentencias

through

the

underlying

fund

may

expose

it

to

greater

risk

than

if

its

investments

were

spread

across

a

large

variety

of

investment

instruments.

In

addition,

Colombia

has

experienced

and

may

in

the

future

experience

political

and

economic

instability,

which

may

increase

the

risk

of

investment

loss.

Bona

Fide

Investments

Feeder,

and

the

underlying

fund,

are

not

subject

to

the

same

regulatory

requirements

as

an

open-end

mutual

fund,

and,

therefore,

the

investments

and

related

valuations

may

not

be transparent.

Ownership

interests

in

Bona

Fide

Investments

Feeder

are

not

transferable

and

do

not

have

redemption

rights.

In

addition,

the

fund

is

subject

to

a

15-month

commitment

period

after

acquisition.

These

restrictions

are

subject

to

change

at

the

sole

discretion

of

Gramercy.

Following

the

expiration

of

the

commitment

period,

distributions

attributable

to

the

underlying

interests,

if

any,

will

be

received

by

the

fund. As

of

December

31,

2022,

the

remaining

restriction

period

on

this

investment

was 8

months

and

the

fund

had

a

remaining

unfunded

commitment

of

$197,000.

LIBOR

Transition

 The fund

may

invest

in

instruments

that

are

tied

to

reference

rates,

including

LIBOR.

Over

the

course

of

the

last

several

years,

global

regulators

have

indicated

an

intent

to

phase

out

the

use

of

LIBOR

and

similar

interbank

offered

rates

(IBOR).

While

publication

for

most

LIBOR

currencies

and

lesser-used

USD

LIBOR

settings

ceased

immediately

after

December

31,

2021,

remaining

USD

LIBOR

settings

will

continue

to

be

published

until

June

30,

2023.

There

remains

uncertainty

regarding

the

future

utilization

of

LIBOR

and

the

nature

of

any

replacement

rate.

Any

potential

effects

of

the

transition

away

from

LIBOR

on

the fund,

or

on

certain

instruments

in

which

the fund

invests,

cannot

yet

be

determined.

The

transition

process

may

result

in,

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among

other

things,

an

increase

in

volatility

or

illiquidity

of

markets

for

instruments

that

currently

rely

on

LIBOR,

a

reduction

in

the

value

of

certain

instruments

held

by

the fund,

or

a

reduction

in

the

effectiveness

of

related

fund

transactions

such

as

hedges.

Any

such

effects

could

have

an

adverse

impact

on

the fund's

performance.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

short-term securities

aggregated $340,481,000 and

$356,318,000,

respectively,

for

the

year ended

December

31,

2022.

NOTE

5

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its

taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required. The

fund’s

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

permanent

book/tax

adjustments

relate

primarily

to

the

current

net

operating

loss,

the

character

of

net

currency

losses

and

the

character

of

income

on

swaps.

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The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

December

31,

2022,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were

as

follows:

At

December

31,

2022,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales

and

the

realization

of

gains/losses

on

certain

open

derivative

contracts.

The

loss

carryforwards

and

deferrals

primarily

relate

to

capital

loss

carryforwards

and

straddle

deferrals. Capital

loss

carryforwards

are

available

indefinitely

to

offset

future

realized

capital

gains.

($000s)

December

31,

2022

December

31,

2021

Ordinary

income

(including

short-term

capital

gains,

if

any)

$

—‌

$

16,032‌

Return

of

capital

23,593‌

8,757‌

Total

distributions

$

23,593‌

$

24,789‌

($000s)

Cost

of

investments

$

394,124‌

Unrealized

appreciation

$

13,617‌

Unrealized

depreciation

(58,381‌)

Net

unrealized

appreciation

(depreciation)

$

(44,764‌)

($000s)

Overdistributed

ordinary

income

$

(2,073‌)

Net

unrealized

appreciation

(depreciation)

(44,764‌)

Loss

carryforwards

and

deferrals

(36,890‌)

Total

distributable

earnings

(loss)

$

(83,727‌)

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NOTE

6

-

FOREIGN  TAXES

The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

NOTE

7

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.36%

of

the

fund’s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund’s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’s

average

daily

net

assets. At

December

31,

2022,

the

effective

annual

group

fee

rate

was

0.29%.

The Advisor Class

is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

During

the

limitation

period,

Price

Associates

is

required

to

waive

its

management

fee

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary expenses;

and

acquired

fund

fees

and

expenses) that

would

otherwise

cause

the

class’s

ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

net

expense

ratio

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(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the

class’s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class’

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

only

be

amended

or

terminated

with

approval

by

the

fund’s

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

Pursuant

to

these

agreements,

expenses

were

waived/paid

by

and/or

repaid

to

Price

Associates

during

the

year ended December

31,

2022

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $152,000 remain

subject

to

repayment

by

the

fund

at

December

31,

2022.

Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

Advisor

Class

I

Class

Z

Class

Expense

limitation/I

Class

Limit

1.10%

0.05%

0.00%

Expense

limitation

date

04/30/24

04/30/24

N/A

(Waived)/repaid

during

the

period

($000s)

$(1)

$(72)

$(1,807)

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In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class

and

Advisor Class.

For

the

year ended

December

31,

2022,

expenses

incurred

pursuant

to

these

service

agreements

were

$103,000 for

Price

Associates;

$43,000 for

T.

Rowe

Price

Services,

Inc.;

and

less

than

$1,000 for

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

December

31,

2022,

approximately

100%

of

the

Z

Class’s

outstanding

shares

were

held

by

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

year ended

December

31,

2022,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

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64

NOTE

8

-

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

T.

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Fund

65

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Directors

of

T.

Rowe

Price

International

Funds,

Inc.

and

Shareholders

of

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

(one

of

the

funds

constituting

T.

Rowe

Price

International

Funds,

Inc.,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2022,

the

related

statement

of

operations

for

the

year

ended

December

31,

2022,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2022,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022

and

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T.

ROWE

PRICE

Emerging

Markets

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Currency

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Fund

66

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2022

by

correspondence

with

the

custodians,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.   

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

February

16,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T.

Rowe

Price

group

of

investment

companies

since

1973.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

(continued)

T.

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PRICE

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Markets

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Currency

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Fund

67

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

https://www.troweprice.com/corporate/us/en/utility/policies.html

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.com

.

T.

ROWE

PRICE

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Markets

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Currency

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Fund

68

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

In

accordance

with

Rule

22e-4

(Liquidity

Rule)

under

the

Investment

Company

Act

of

1940,

as

amended,

the

fund

has

established

a

liquidity

risk

management

program

(Liquidity

Program)

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk,

which

generally

represents

the

risk

that

the

fund

would

not

be

able

to

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

fund’s

Board

of

Directors

(Board)

has

appointed

the

fund’s

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

the

administrator

of

the

Liquidity

Program.

As

administrator,

the

Adviser

is

responsible

for

overseeing

the

day-to-day

operations

of

the

Liquidity

Program

and,

among

other

things,

is

responsible

for

assessing,

managing,

and

reviewing

with

the

Board

at

least

annually

the

liquidity

risk

of

each

T.

Rowe

Price

fund.

The

Adviser

has

delegated

oversight

of

the

Liquidity

Program

to

a

Liquidity

Risk

Committee

(LRC),

which

is

a

cross-functional

committee

composed

of

personnel

from

multiple

departments

within

the

Adviser.

The

Liquidity

Program’s

principal

objectives

include

supporting

the

T.

Rowe

Price

funds’

compliance

with

limits

on

investments

in

illiquid

assets

and

mitigating

the

risk

that

the

fund

will

be

unable

to

timely

meet

its

redemption

obligations.

The

Liquidity

Program

also

includes

a

number

of

elements

that

support

the

management

and

assessment

of

liquidity

risk,

including

an

annual

assessment

of

factors

that

influence

the

fund’s

liquidity

and

the

periodic

classification

and

reclassification

of

a

fund’s

investments

into

categories

that

reflect

the

LRC’s

assessment

of

their

relative

liquidity

under

current

market

conditions.

Under

the

Liquidity

Program,

every

investment

held

by

the

fund

is

classified

at

least

monthly

into

one

of

four

liquidity

categories

based

on

estimations

of

the

investment’s

ability

to

be

sold

during

designated

time

frames

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

As

required

by

the

Liquidity

Rule,

at

a

meeting

held

on

July

25,

2022,

the

Board

was

presented

with

an

annual

assessment

prepared

by

the

LRC,

on

behalf

of

the

Adviser,

that

addressed

the

operation

of

the

Liquidity

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

any

material

changes

to

the

Liquidity

Program

and

the

determination

of

each

fund’s

Highly

Liquid

Investment

Minimum

(HLIM).

The

annual

assessment

included

consideration

of

the

following

factors,

as

applicable:

the

fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions,

including

whether

the

investment

strategy

is

appropriate

for

an

open-end

fund,

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

the

use

of

borrowings

for

investment

purposes

and

derivatives;

short-term

and

long-term

cash

flow

projections

covering

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

holdings

of

cash

and

cash

equivalents,

as

well

as

available

borrowing

arrangements.

T.

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69

For

the

fund

and

other

T.

Rowe

Price

funds,

the

annual

assessment

incorporated

a

report

related

to

a

fund’s

holdings,

shareholder

and

portfolio

concentration,

any

borrowings

during

the

period,

cash

flow

projections,

and

other

relevant

data

for

the

period

of

April

1,

2021,

through

March

31,

2022.

The

report

described

the

methodology

for

classifying

a

fund’s

investments

(including

any

derivative

transactions)

into

one

of

four

liquidity

categories,

as

well

as

the

percentage

of

a

fund’s

investments

assigned

to

each

category.

It

also

explained

the

methodology

for

establishing

a

fund’s

HLIM

and

noted

that

the

LRC

reviews

the

HLIM

assigned

to

each

fund

no

less

frequently

than

annually.

During

the

period

covered

by

the

annual

assessment,

the

LRC

has

concluded,

and

reported

to

the

Board,

that

the

Liquidity

Program

continues

to

operate

adequately

and

effectively

and

is

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(continued)

T.

ROWE

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Fund

70

ABOUT

THE

FUND'S

DIRECTORS

AND

OFFICERS

Your

fund

is

overseen

by

a

Board

of

Directors

(Board)

that

meets

regularly

to

review

a

wide

variety

of

matters

affecting

or

potentially

affecting

the

fund,

including

performance,

investment

programs,

compliance

matters,

advisory

fees

and

expenses,

service

providers,

and

business

and

regulatory

affairs.

The

Board

elects

the

fund’s

officers,

who

are

listed

in

the

final

table.

The

directors

who

are

also

employees

or

officers

of

T.

Rowe

Price

are

considered

to

be

“interested”

directors

as

defined

in

Section

2(a)(19)

of

the

1940

Act

because

of

their

relationships

with

T.

Rowe

Price

and

its

affiliates.

The

business

address

of

each

director

and

officer

is

100

East

Pratt

Street,

Baltimore,

Maryland

21202.

The

Statement

of

Additional

Information

includes

additional

information

about

the

fund

directors

and

is

available

without

charge

by

calling

a

T.

Rowe

Price

representative

at

1-800-638-5660.

INDEPENDENT

DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Teresa

Bryce

Bazemore

(1959)

2018

[205]

President

and

Chief

Executive

Officer,

Federal

Home

Loan

Bank

of

San

Francisco

(2021

to

present);

President,

Radian

Guaranty

(2008

to

2017);

Chief

Executive

Officer,

Bazemore

Consulting

LLC

(2018

to

2021);

Director,

Chimera

Investment

Corporation

(2017

to

2021);

Director,

First

Industrial

Realty

Trust

(2020

to

present);

Director,

Federal

Home

Loan

Bank

of

Pittsburgh

(2017

to

2019)

Ronald

J.

Daniels

(b)

(1959)

2018

[0]

President,

The

Johns

Hopkins

University

and

Professor,

Political

Science

Department,

The

Johns

Hopkins

University

(2009

to

present);

Director,

Lyndhurst

Holdings

(2015

to

present);

Director,

BridgeBio

Pharma,

Inc.

(2020

to

present)

Bruce

W.

Duncan

(1951)

2013

[205]

President,

Chief

Executive

Officer,

and

Director,

CyrusOne,

Inc.

(2020

to

2021);

Chief

Executive

Officer

and

Director

(2009

to

2016),

Chair

of

the

Board

(2016

to

2020),

and

President

(2009

to

2016),

First

Industrial

Realty

Trust,

owner

and

operator

of

industrial

properties;

Chair

of

the

Board

(2005

to

2016)

and

Director

(1999

to

2016),

Starwood

Hotels

&

Resorts,

a

hotel

and

leisure

company;

Member,

Investment

Company

Institute

Board

of

Governors

(2017

to

2019);

Member,

Independent

Directors

Council

Governing

Board

(2017

to

2019);

Senior

Advisor,

KKR

(2018

to

present);

Director,

Boston

Properties

(2016

to

present);

Director,

Marriott

International,

Inc.

(2016

to

2020)

Robert

J.

Gerrard,

Jr.

(1952)

2012

[205]

Advisory

Board

Member,

Pipeline

Crisis/Winning

Strategies,

a

collaborative

working

to

improve

opportunities

for

young

African

Americans

(1997

to

2016);

Chair

of

the

Board,

all

funds

(July

2018

to

present)

T.

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INTERESTED  DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Paul

F.

McBride

(1956)

2013

[205]

Advisory

Board

Member,

Vizzia

Technologies

(2015

to

present);

Board

Member,

Dunbar

Armored

(2012

to

2018)

Kellye

L.

Walker

(c)

(1966)

2021

[205]

Executive

Vice

President

and

Chief

Legal

Officer,

Eastman

Chemical

Company

(April

2020

to

present);

Executive

Vice

President

and

Chief

Legal

Officer,

Huntington

Ingalls

Industries,

Inc.

(January

2015

to

March

2020);

Director,

Lincoln

Electric

Company

(October

2020

to

present)

(a)

All

information

about

the

independent

directors

was

current

as

of

December

31,

2021,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

(b)

Effective

April

27,

2022,

Mr.

Daniels

resigned

from

his

role

as

an

independent

director

of

the

Price

Funds.

(c)

Effective

November

8,

2021,

Ms.

Walker

was

appointed

as

an

independent

director

of

the

Price

Funds.

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

David

Oestreicher

(1967)

2018

[205]

Director,

Vice

President,

and

Secretary,

T.

Rowe

Price,

T.

Rowe

Price

Investment

Services,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

and

T.

Rowe

Price

Services,

Inc.;

Director

and

Secretary,

T.

Rowe

Price

Investment

Management,

Inc.

(Price

Investment

Management);

Vice

President

and

Secretary,

T.

Rowe

Price

International

(Price

International);

Vice

President,

T.

Rowe

Price

Hong

Kong

(Price

Hong

Kong),

T. Rowe

Price

Japan

(Price

Japan),

and

T.

Rowe

Price

Singapore

(Price

Singapore);

General

Counsel,

Vice

President,

and

Secretary,

T.

Rowe

Price

Group,

Inc.;

Chair

of

the

Board,

Chief

Executive

Officer,

President,

and

Secretary,

T.

Rowe

Price

Trust

Company;

Principal

Executive

Officer

and

Executive

Vice

President,

all

funds

Robert

W.

Sharps,

CFA,

CPA

(b)

(1971)

2017

[0]

Director

and

Vice

President,

T.

Rowe

Price;

Director,

Price

Investment

Management;

Chief

Executive

Officer

and

President,

T.

Rowe

Price

Group,

Inc.;

Vice

President,

T.

Rowe

Price

Trust

Company;

Vice

President,

International

Funds

INDEPENDENT

DIRECTORS

(a)

(CONTINUED)

T.

ROWE

PRICE

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Currency

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72

OFFICERS

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Eric

L.

Veiel,

CFA

(1972)

2022

[205]

Director

and

Vice

President,

T.

Rowe

Price;

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

(a)

All

information

about

the

interested

directors

was

current

as

of

January

1,

2022,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

(b)

Effective

February

3,

2022,

Mr.

Sharps

resigned

from

his

role

as

an

interested

director

of

the

Price

Funds.

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Mariel

Abreu

(1981)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Jason Adams

(1979)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Ulle

Adamson,

CFA

(1979)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Roy

H.

Adkins

(1970)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Syed

H.

Ali

(1970)

Vice

President

Vice

President,

Price

Hong

Kong,

Price

Singapore,

and

T.

Rowe

Price

Group,

Inc.

Kennard

W.

Allen

(1977)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Paulina

Amieva

(1981)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Malik

S.

Asif

(1981)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Ziad

Bakri,

M.D.,

CFA

(1980)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Harishankar

Balkrishna

(1983)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Sheena

L.

Barbosa

(1983)

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

INTERESTED  DIRECTORS

(a)

(CONTINUED)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

73

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Jason

A.

Bauer

(1979)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Luis

M.

Baylac

(1982)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

R.

Scott

Berg,

CFA

(1972)

Executive

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Steven

E.

Boothe,

CFA

(1977)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Peter

I.

Botoucharov

(1965)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Tala

Boulos

(1984)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Christopher

P.

Brown, CFA

(1977)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Armando

(Dino)

Capasso

(1974)

Chief

Compliance

Officer

Chief

Compliance

Officer

and

Vice

President,

T.

Rowe

Price

and

Price

Investment

Management;

Vice

President,

T.

Rowe

Price

Group,

Inc.;

formerly,

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

AST

Investment

Services,

Inc.

(ASTIS)

(to

2022);

Chief

Compliance

Officer,

PGIM

Retail

Funds

complex

and

Prudential

Insurance

Funds

(to

2022);

Vice

President

and

Deputy

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

ASTIS

(to

2019);

Senior

Vice

President

and

Senior

Counsel,

Pacific

Investment

Management

Company

LLC

(to

2017) 

Shiu

Tak

(Sheldon)

Chan

(1981)

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Andrew

Chang

(1983)

Vice

President

Vice

President,

Price

Singapore

and

T.

Rowe

Price

Group,

Inc.

Carolyn

Hoi

Che

Chu

(1974)

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Vincent

Chung

(1988)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International;

formerly,

Investment

Analyst/Trader,

Observatory

Capital

Management

LLP

(to

2019)

Archibald

Ciganer,

CFA

(1976)

Executive

Vice

President

Director

and

Vice

President,

Price

Japan;

Vice

President,

T.

Rowe

Price

Group,

Inc.

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

74

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Richard

N.

Clattenburg,

CFA

(1979)

Executive

Vice

President

Vice

President,

Price

Singapore,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

Price

International,

and

T.

Rowe

Price

Trust

Company

Michael

F.

Connelly,

CFA

(1977)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Richard

de

los

Reyes

(1975)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Michael

Della

Vedova

(1969)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Iona

Dent,

CFA

(1991)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International;

formerly,

Associate,

Equity

Research,

Deutsche

Bank

(to

2018)

Maria

Elena

Drew

(1973)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Shawn

T.

Driscoll

(1975)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Alan

S.

Dupski,

CPA

(1982)

Principal

Financial

Officer,

Vice

President

and

Treasurer

Vice

President,

Price

Investment

Management,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Bridget

A.

Ebner

(1970)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

David

J.

Eiswert,

CFA

(1972)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Dawei

Feng

(1979)

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.; formerly,

Head

of

China

Consumer

in

Equity

Research,

Credit  Lyonnais

Asia-Pacific

(to

2018)

Ryan

W.

Ferro

(1985)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Mark

S.

Finn,

CFA,

CPA

(1963)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Quentin

S.

Fitzsimmons

(1968)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Justin

T.

Gerbereux,

CFA

(1975)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Aaron

Gifford,

CFA

(1987)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

75

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Vishnu

V.

Gopal

(1979)

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Joel

Grant

(1978)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Gary

J.

Greb

(1961)

Vice

President

Vice

President,

Price

Investment

Management,

T.

Rowe

Price,

Price

International,

and

T.

Rowe

Price

Trust

Company

Benjamin

Griffiths,

CFA

(1977)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Gianluca

Guicciardi

(1983)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Shaoyu

Guo

(1992)

Vice

President

Vice

President,

Price

Hong

Kong;

formerly,

Economist,

J.P.

Morgan

(to

2020)

Richard

L.

Hall

(1979)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Cheryl

Hampton,

CPA

(1969)

Vice

President

Vice

President,

T.

Rowe

Price;

formerly,

Tax

Director,

Invesco

Ltd.

(to

2021);

Vice

President,

Oppenheimer

Funds,

Inc.

(to

2019)

Nabil

Hanano,

CFA

(1984)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Jeffrey

Holford,

Ph.D.,

ACA

(1972)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.;

formerly,

Managing

Director,

Jeffries

Financial

Group

(to

2018)

Stefan

Hubrich,

Ph.D.,

CFA

(1974)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Arif

Husain,

CFA

(1972)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Tetsuji

Inoue

(1971)

Vice

President

Vice

President,

Price

Hong

Kong,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Michael Jacobs

(1971)

Vice

President

Vice

President,

Price

Japan,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Randal

S.

Jenneke

(1971)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.

Prashant

G.

Jeyaganesh

(1983)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Nina

P.

Jones,

CPA

(1980)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

76

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Yoichiro

Kai

(1973)

Vice

President

Vice

President,

Price

Singapore,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Jacob

H.

Kann,

CFA

(1987)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Jai

Kapadia

(1982)

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Andrew

J.

Keirle

(1974)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Benjamin

Kersse,

CPA

(1989)

Vice

President

Vice

President,

T.

Rowe

Price

Takanori

Kobayashi

(1981)

Vice

President

Vice

President,

Price

Japan,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Paul

J.

Krug,

CPA

(1964)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Christopher

J.

Kushlis,

CFA

(1976)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Shengrong

Lau

(1982)

Vice

President

Vice

President,

Price

Singapore

and

T.

Rowe

Price

Group,

Inc.

Lu

Liu

(1979)

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Johannes

Loefstrand

(1988)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Anh Lu

(1968)

Executive

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Sebastien

Mallet

(1974)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Jennifer Martin

(1972)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Ryan

Martyn

(1979)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Colin

McQueen

(1967)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International;

formerly,

Senior

Investment

Manager,

Global

Equities,

Sanlam

FOUR

Investments

UK

Limited

(to

2019)

Raymond

A.

Mills,

Ph.D.,

CFA

(1960)

Executive

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

Price

International,

and

T.

Rowe

Price

Trust

Company

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

77

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Jihong

Min

(1979)

Executive

Vice

President

Vice

President,

Price

Singapore

and

T.

Rowe

Price

Group,

Inc.

Eric

C.

Moffett

(1974)

Executive

Vice

President

Vice

President,

Price

Singapore

and

T.

Rowe

Price

Group,

Inc.

Ivan

Morozov,

CFA

(1987)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Samy

B.

Muaddi,

CFA

(1984)

Executive

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Tobias

F. Mueller,

CFA

(1980)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Razan

Nasser

(1985)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International;

formerly,

Senior

Economist,

HSBC

Bank

Middle

East

Ltd

(to

2019)

Philip

A.

Nestico

(1976)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Sridhar

Nishtala

(1975)

Vice

President

Director

and

Vice

President,

Price

Singapore;

Vice

President,

T.

Rowe

Price

Group,

Inc.

Kenneth

A.

Orchard

(1975)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Oluwaseun Oyegunle,

CFA

(1984)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Fran

M.

Pollack-Matz

(1961)

Vice

President

and

Secretary 

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Investment

Services,

Inc.,

and

T.

Rowe

Price

Services,

Inc.

Shannon

H.

Rauser

(1987)

Assistant

Secretary 

Assistant

Vice

President,

T.

Rowe

Price

Todd

Reese

(1990)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Melanie

A.

Rizzo

(1982)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

David

L.

Rowlett,

CFA

(1975)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Federico

Santilli,

CFA

(1974)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Nikolaj

Schmidt

(1975)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and Price

International

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

78

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Sebastian

Schrott

(1977)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Bin

Shen,

CFA

(1987)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

John

C.A.

Sherman

(1969)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Weijie

(Vivian)

Si

(1983)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Scott

D.

Solomon,

CFA

(1981)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Joshua

K.

Spencer,

CFA

(1973)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

David

Stanley

(1963)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Saurabh

Sud,

CFA

(1985)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.;

formerly,

Senior

Vice

President,

PIMCO

(to

2018)

Taymour

R.

Tamaddon,

CFA

(1976)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Ju

Yen

Tan

(1972)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Sin

Dee

Tan,

CFA

(1979)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Siby

Thomas

(1979)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Justin

Thomson

(1968)

President

Director,

Price

Hong

Kong;

Vice

President,

T.

Rowe

Price

Group,

Inc.;

Director

and

Vice

President,

Price

International

Willem

Visser

(1979)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Christopher Vost

(1989)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Zenon

Voyiatzis

(1971)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Verena

E.

Wachnitz,

CFA

(1978)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

ROWE

PRICE

Emerging

Markets

Local

Currency

Bond

Fund

79

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Megan

Warren

(1968)

Vice

President

OFAC

Sanctions

Compliance

Officer

and

Vice

President,

Price

Investment

Management;

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

T.

Rowe

Price

Services,

Inc.,

and

T.

Rowe

Price

Trust

Company

Hiroshi

Watanabe,

CFA

(1975)

Vice

President

Director

and

Vice

President,

Price

Japan;

Vice

President,

T.

Rowe

Price

Group,

Inc. 

James

Woodward,

CFA

(1974)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Marta

Yago

(1977)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Benjamin

T.

Yeagle

(1978)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Ernest

C.

Yeung,

CFA

(1979)

Executive

Vice

President

Director

and

Vice

President,

Price

Hong

Kong;

Vice

President,

T.

Rowe

Price

Group,

Inc.

Wenli

Zheng

(1979)

Executive

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

Rowe

Price

Investment

Services,

Inc.

|

100

East

Pratt

Street

|

Baltimore,

MD

21202-1009

You

have

many

investment

goals.

Explore

products

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education,

or

for

other

priorities,

we

have

solutions

for

you.

See

how

we

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the

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that

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to

you.

RETIREMENT

IRAs:

Traditional,

Roth,

Rollover/Transfer,

or

Brokerage

Small

Business

Plans

help

minimize

taxes,

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savings

T.

Rowe

Price

®

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Portfolios

1

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powered

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experts

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INVESTING

Individual

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2

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access

to

stocks,

ETFs,

bonds,

and

more

Gifts

and

transfers

to

a

child

(UGMA/UTMAs)

Trust

Transfer

on

Death

COLLEGE

SAVINGS

T.

Rowe

Price-managed

529

plans

offer

tax-

advantaged

solutions

for

families

saving

money

for

college

tuition

and

education-

related

expenses

Visit

troweprice.com/broadrange

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

All

mutual

funds

are

subject

to

market

risk,

including

possible

loss

of

principal.

Investing

internationally

involves

special

risks

including

economic

and

political

uncertainty

and

currency

fluctuation.

1

The

T.

Rowe

Price

®

ActivePlus

Portfolios

is

a

discretionary

investment

management

program

provided

by

T.

Rowe

Price

Advisory

Services,

Inc.,

a

registered

investment

adviser

under

the

Investment

Advisers

Act

of

1940.

Brokerage

services

are

provided

by

T.

Rowe

Price

Investment

Services,

Inc.,

member

FINRA/SIPC.

Brokerage

accounts

are

carried

by

Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

T.

Rowe

Price

Advisory

Services,

Inc.,

and

T.

Rowe

Price

Investment

Services,

Inc.,

are

affiliated

companies.

2

Brokerage

services

are

provided

by

T.

Rowe

Price

Investment

Services,

Inc.,

member

FINRA/SIPC.

Brokerage

accounts

are

carried

by

Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

202302-2582466

F192-050

2/23

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2.  Code of Ethics.

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

Item 3.  Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Ms. Teresa Bryce Bazemore qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered independent for purposes of Item 3 of Form N-CSR.

Item 4.  Principal Accountant Fees and Services.

(a) – (d)  Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:

	2022		2021
Audit Fees	$	36,495	$	39,030
Audit-Related Fees		-		-
Tax Fees		-		4,217
All Other Fees		-		-

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

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

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

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

(g)  The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

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

Item 5.  Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)  Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b)  Not applicable.

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.  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 11.  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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.   Exhibits.

(a)(1) The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.

    (2) 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.

    (3) Written solicitation to repurchase securities issued by closed-end companies: not applicable.

(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	February 16, 2023

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

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	February 16, 2023

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	February 16, 2023