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Rowe Price International Funds, Inc. 2025-03-01 Dynamic Credit Fund Investment Objective(s) <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The fund seeks </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">total return through a combination of income and capital appreciation.</span></p> Fees and Expenses <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.</p> Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0050 0.0050 0 0 0 0.0034 0.0007 0.0005 0.0084 0.0057 0.0055 -0.0021 -0.0002 -0.0055 0.0063 0.0055 0.0000 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 64 225 424 997 56 179 314 710 0 0 0 0 <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 178.6% of the average value of its portfolio.</p> Portfolio Turnover 1.786 Principal Investment Strategies <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in credit instruments and derivative instruments that are linked to, or provide investment exposure to, credit instruments. The fund defines credit instruments broadly to include any debt instrument or instrument with debt-like characteristics, including corporate and sovereign bonds, bank loans (or leveraged loans), municipal securities, mortgage- and asset-backed securities, and other securitized instruments, which are vehicles backed by pools of assets such as mortgages, loans, or other receivables. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. </p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund may invest in debt instruments of any credit rating, and there are no limits on the fund’s investments in high-yield (junk) bonds. There is no limit on the fund’s investments in securities issued by foreign issuers, including issuers in emerging markets, although the fund’s overall net exposure to non-U.S. currencies through direct holdings and derivatives is normally limited to 25% of its net assets. The fund may invest up to 10% of its net assets in long and short positions in equity securities, including common and preferred stocks, convertible securities, warrants, and other equity securities in addition to derivatives that provide exposure to equity securities.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">High yield instruments are rated below investment grade (BB and lower, or an equivalent rating), and tend to provide high income in an effort to compensate investors for their higher risk of default, which is the failure to make required interest or principal payments. High yield instruments in which the fund may invest include bonds, leveraged loans, and securities in default. The fund may invest in debt instruments of any maturity or duration, although the fund expects to normally maintain an effective duration between -2 and 6 years.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund’s investment approach provides the fund the flexibility to invest across a wide variety of global credit instruments without constraints to particular benchmarks, asset classes, or sectors. Through this flexibility, and the use of active risk management and hedging positions, the fund attempts to benefit from the upsides of the fixed income credit markets while avoiding some of the downsides over a full market cycle.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">When deciding whether to adjust allocations among the various sectors and asset classes (such as high yield corporate bonds, mortgage- and asset-backed securities, international bonds, sovereign bonds, municipal securities, and leveraged loans) or duration (which measures the fund’s price sensitivity to interest rate changes), the portfolio manager weighs such factors as expected interest rate movements and currency valuations, the outlook for inflation and the economy, and the yield advantage and potential for increased returns that lower rated bonds may offer over investment-grade bonds.</p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund may also purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the “to-be-announced” (TBA) market. With TBA transactions, the particular securities to be delivered are not identified at the trade date, but the delivered securities must meet specified terms and standards. The fund will generally enter into TBA transactions with the intention of taking possession of the underlying mortgage-backed securities. However, in an effort to obtain underlying mortgage-backed securities on more preferable terms or to enhance returns, the fund may extend the settlement by entering into “dollar roll” transactions in which the fund sells mortgage-backed securities to a dealer and simultaneously agrees to purchase substantially similar securities in the future at a predetermined price. The fund also expects to engage in short sales of TBA mortgages, including short sales on TBA mortgages the fund does not own, to potentially enhance returns or manage risk. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Bank loans, also known as leveraged loans, represent amounts borrowed by companies or other entities from banks and other lenders. These loans have floating interest rates that reset periodically (typically quarterly or monthly) and are often rated below investment grade. In many cases, the borrowing companies have significantly more debt than equity and the loans have </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">been issued in connection with recapitalizations, acquisitions, leveraged buyouts, or refinancings. Leveraged loans may be acquired directly through an agent acting on behalf of the lenders participating in the loan, as an assignment from another lender who holds a direct interest in the loan, or as a participation interest in another lender’s portion of the loan.</p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund may use a variety of derivatives, such as futures, forwards, and swaps for a number of purposes such as for exposure or hedging. Specifically, the fund uses interest rate swaps, credit default index swaptions, interest rate futures, index futures, interest rate swaptions, forward currency exchange contracts, equity options, inflation swaps, credit default swaps (on both indexes and specific bonds or issuers), and fixed income total return swaps. The fund buys or sells credit default and total return swaps in order to generate returns, adjust the fund’s overall credit quality, or protect the value of certain portfolio holdings, as well as to profit from expected deterioration in the credit quality of an issuer or the widening of credit spreads. Total return swaps may also be used in order to obtain a short position with respect to a particular instrument. Interest rate futures and interest rate swaps are primarily used to manage the fund’s exposure to interest rate changes and limit overall volatility by adjusting the portfolio’s duration and extending or shortening the overall maturity of the fund. Equity options are primarily used to create or hedge equity exposure. Index futures are typically used as an efficient means of gaining exposure to a particular segment of the market, as well as to serve as a cash management tool and to enhance the fund’s returns. Interest rate swaptions would typically be used to manage the fund’s exposure to interest rate changes or to adjust portfolio duration.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Forward currency exchange contracts may be used to limit overall volatility by protecting the fund’s non-U.S. dollar-denominated holdings from adverse currency movements relative to the U.S. dollar or to generate returns by gaining long or short exposure to certain currencies expected to increase or decrease in value relative to other currencies. In addition, the fund may take a short position in a currency, which means that the fund could sell a currency in excess of its assets denominated in that currency (or the fund might sell a currency even if it doesn’t own any assets denominated in the currency).</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund has the ability to take both long and short positions on individual bonds. When the fund takes a long position, it purchases a security that it anticipates will benefit from an increase in the price of that security or the income that the bond could generate. Similarly, a long position through a derivative instrument will benefit from an increase in the price of the underlying instrument and will lose value if the price of the underlying instrument decreases. When a fund takes a short position, the fund borrows the security from a third party and sells it at the then current market price. A short position will benefit from a decrease in price of the security and will lose value if the price of the security increases. The fund has the ability to establish short positions directly or through total return swaps and other derivative instruments, which will benefit from a decrease in price of the underlying instrument and will lose value if the price of the underlying instrument increases. </p> Principal Risks The fund’s share price fluctuates, which means you could lose money by investing in the fund. <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Fixed income markets:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Economic and other market developments can adversely affect the fixed income securities markets. </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">At times, participants in these markets may develop concerns about the ability of certain issuers of debt instruments to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s ability to sell the debt instruments in which it invests or to find and purchase suitable debt instruments.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Interest rates:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of the securities in which the fund invests.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Prepayments and extensions: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The fund is subject to prepayment risks because the principal on mortgage-backed securities, asset-backed securities, or any debt instrument with an embedded call option may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Market conditions:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including economic, political, or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as the coronavirus pandemic) and related governmental and public responses (including sanctions). 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Credit quality:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal </span></p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">payments), rating downgrade, or inability to meet a financial obligation. Securities that are rated below investment grade carry greater risk of default and should be considered speculative.</p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Junk investing:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, and loans that are rated below investment grade, expose the fund to greater volatility and credit risk than investments in securities that are rated investment grade. As a result, bonds and loans rated below investment grade carry a higher risk of default and should be considered speculative. </span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Bank loans:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. The fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. Transactions involving bank loans may have significantly longer settlement periods than more traditional investments (settlement can take longer than 7 days) and often involve borrowers whose financial condition is troubled or highly leveraged, which increases the risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. In addition, loans are not registered under the federal securities laws like stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Covenant lite loans:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Because covenant lite loans contain few or no financial maintenance covenants, they may not include terms that permit the lender of the loan to monitor the borrower’s financial performance and, if certain criteria are breached, declare a default, which would allow the lender to restructure the loan or take other action intended to help mitigate losses. As a result, the fund could experience relatively greater difficulty or delays in enforcing its rights on its holdings of covenant lite loans than its holdings of loans or securities with financial maintenance covenants, which may result in losses, especially during a downturn in the credit cycle.</span></p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Foreign investing: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Non-U.S.</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. The fund’s overall foreign investing risk is increased to the extent it has exposure to emerging markets.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Emerging markets: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Investments in emerging market countries are subject to greater risk and overall volatility than investments in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed </span></p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">legal and regulatory regimes, and political systems that are less stable, than those of developed countries. In addition to the risks associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on the fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.</p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund may not be able to meet requests to redeem shares issued by the fund without significant dilution of the remaining shareholders’ interests in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Markets with lower overall liquidity could lead to greater price volatility and limit the fund’s ability to sell a holding at a suitable price.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The use of derivatives exposes the fund to additional volatility and potential losses. A derivative involves risks different from, and possibly greater than, the risks associated with investing directly in the assets on which the derivative is based, including liquidity risk, valuation risk, correlation risk, market risk, interest rate risk, leverage risk, counterparty and credit risk, operational risk, management risk, legal risk, and regulatory risk. Derivatives can be highly volatile, illiquid, and difficult to value, and changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index. The fund could be exposed to significant losses if it is unable to close a derivatives position due to the lack of a liquid secondary trading market. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Certain derivatives are also subject to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations. The use of derivatives includes the risk of potential operational issues, such as settlement issues. Derivatives are exposed to legal risks, such as the legality or enforceability of a contract. The adviser may not be able to accurately predict the direction of prices, economic factors, or other associated risks which could cause loss in value or impair the fund’s efforts to reduce overall volatility. New regulations may make derivatives more costly, limit availability, or otherwise affect their value or performance.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">TBAs and dollar rolls:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions are collateralized but they still involve the risk that a counterparty will fail to deliver the security, exposing the fund to potential losses. Whether or not the fund takes delivery of the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement. Forward settling securities, such as TBAs, involve leverage which may magnify investment risks and can cause losses to be realized more quickly. In addition, the fund’s portfolio turnover rate and transaction costs are increased when the fund enters into dollar roll transactions.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Leverage: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Establishing short positions and investing in futures contracts, options and swaps and other derivative instruments could give rise to economic leverage. These transactions may </span></p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">expose the fund to greater risk and increase its costs. The use of leverage may cause the fund to liquidate portfolio holdings when it may not be advantageous to do so to satisfy its obligations. Increases and decreases in the value of the fund’s portfolio will be magnified when the fund uses leverage.</p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Short positions: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the fund to suffer a (potentially unlimited) loss. Short sales may also involve transaction and financing costs that will reduce potential fund gains and increase potential fund losses.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Hedging: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The fund’s attempts at hedging and taking long and short positions in currencies may not be successful and could cause the fund to lose money or fail to get the benefit of a gain on a hedged position. If expected changes to securities prices, interest rates, currency values and exchange rates, or the creditworthiness of an issuer are not accurately predicted, the fund could be in a worse position than if it had not entered into such transactions.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Currency exposure:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Because the fund invests in securities issued in foreign currencies, the fund is subject to the risk that it could experience losses based solely on the weakness of foreign currencies versus the U.S. dollar and changes in the exchange rates between such currencies and the U.S. dollar. </span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Active management:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio turnover:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> High portfolio turnover may adversely affect the fund’s performance and increase transaction costs, which could increase the fund’s expenses. High portfolio turnover may also result in the distribution of higher capital gains when compared with a fund with less active trading policies, which could have an adverse tax impact if the fund’s shares are held in a taxable account. </span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Cybersecurity breaches:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.</span></p> Performance <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.</span></p> The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)). The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9.02%;"> </td><td style="width:14.01%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:.49%;"> </td><td style="width:14.99%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Quarter Ended</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Total</p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Return</p></td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Quarter Ended</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Total </p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Return</p></td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Best Quarter</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">6/30/20</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">10.22%</p></td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Worst Quarter</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">3/31/20</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">-15.07%</p></td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-06-30 0.1022 Worst Quarter 2020-03-31 -0.1507 <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)).</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.</p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2024 2019-01-10 0.0734 0.0399 0.0445 0.0439 0.0119 0.0178 0.0429 0.0182 0.0224 2019-01-10 0.0742 0.0401 0.0449 2023-09-13 0.0802 0.0794 Bloomberg Global Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) -0.0065 -0.0169 -0.0196 0.0337 ICE BofA US 3-Month Treasury Bill Index (reflects no deduction for fees, expenses, or taxes) 0.0245 0.0528 0.0248 0.0536 Lipper Alternative Credit Focus Funds (reflects no deduction for fees, expenses, or taxes) 0.0292 0.0649 0.0219 0.0770 Updated performance information is available through troweprice.com. troweprice.com Dynamic Global Bond Fund Investment Objective(s) <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund seeks high current income.</p> Fees and Expenses <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.</p> Shareholder fees (fees paid directly from your investment) 20 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0048 0.0048 0.0048 0 0 0.0025 0 0.0026 0.0004 0.0059 0.0002 0.0074 0.0052 0.0132 0.0050 0 0 -0.0042 -0.0050 0.0074 0.0052 0.0090 0.0000 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 76 237 411 918 53 167 291 653 92 370 676 1547 0 0 0 0 <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 66.4% of the average value of its portfolio.</p> Portfolio Turnover 0.664 Principal Investment Strategies <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. </p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund seeks to offer some protection against rising interest rates and provide a low correlation with the equity markets by investing in a variety of debt securities, including obligations issued by U.S. and foreign governments and their agencies, bonds issued by U.S. and foreign corporations, and mortgage- and asset-backed securities, as well as bank loans, which represent amounts borrowed by companies from banks and other lenders. The fund normally invests at least 40% of its net assets in foreign securities, including securities of emerging market issuers, which may be denominated in U.S. dollars or non-U.S. dollar currencies. For purposes of determining whether a fund holding is a foreign security, the fund uses the country assigned to a security by Bloomberg or another third-party data provider. There is no limit on the fund’s investments in securities issued by foreign issuers, although the fund’s overall net exposure to </p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">non-U.S. currencies through direct holdings and derivatives is normally limited to 50% of its net assets.</p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund focuses mainly on holdings that are rated investment grade (AAA, AA, A, BBB, or an equivalent rating) by credit rating agencies or, if unrated, deemed to be investment grade by T. Rowe Price. However, the fund may invest up to 35% of its total assets in high yield bonds, also known as junk bonds, and other holdings (such as bank loans) that are rated below investment grade (BB and lower, or an equivalent rating) by credit rating agencies or, if unrated, deemed to be below investment grade by T. Rowe Price. If a security is split-rated (i.e., rated investment grade by at least one credit rating agency and below investment grade by another rating agency) at the time of purchase, the higher rating will be used for purposes of this limit.</p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">When deciding whether to adjust duration (which measures the fund’s price sensitivity to interest rate changes) or allocations among the various sectors and asset classes (such as high yield corporate bonds, mortgage- and asset-backed securities, international and emerging market bonds, and bank loans), the portfolio manager weighs such factors as expected interest rate movements and currency valuations, the outlook for inflation and the economy, and the yield advantage that lower rated bonds may offer over investment-grade bonds. The fund may invest in holdings of any maturity and does not attempt to maintain any particular weighted average maturity. The maturities of the fund’s holdings generally reflect the portfolio manager’s outlook for interest rates.</p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund’s investment approach allows the flexibility to invest across the global fixed income universe without constraints to particular benchmarks or asset classes in an effort to create a portfolio with low overall volatility and consistent income even in a rising interest rate environment. Although the fund has broad discretion in seeking fixed-income investments that offer some downside risk protection and lower volatility, it is expected that the fund will normally maintain a relatively concentrated portfolio. As a result, the fund is nondiversified, which means it may invest a greater percentage of its assets in a particular issuer than is permissible for a diversified fund.</p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund may use a variety of derivatives, such as futures, forwards, and swaps for a number of purposes such as for exposure or hedging. Specifically, the fund also uses interest rate futures and swaps, forward currency exchange contracts, credit default swaps, credit default swap index, interest rate swaptions, currency options, equity options, inflation swaps, and options on credit default swaps. Interest rate futures and interest rate swaps are primarily used to manage the fund’s exposure to interest rate changes and limit overall volatility by adjusting the portfolio’s duration and extending or shortening the overall maturity of the fund. Forward currency exchange contracts may be used to limit overall volatility by protecting the fund’s non-U.S. dollar-denominated holdings from adverse currency movements relative to the U.S. dollar. However, such instruments may also be used to reduce volatility or generate returns by gaining long or short exposure to certain currencies expected to increase or decrease in value relative to other currencies. The fund may take a short position in a currency, which means that the fund could sell a currency in excess of its assets denominated in that currency (or the fund might sell a currency even if it doesn’t own any assets denominated in the currency). The fund may buy or </p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">sell credit default swaps involving a specific issuer or an index in order to adjust the fund’s overall credit quality, as well as to protect the value of certain portfolio holdings. Credit default swap indexes are primarily used to hedge the portfolio’s overall credit risk or to efficiently gain exposure to certain sectors or asset classes (such as high yield bonds). Interest rate swaptions are primarily used in an effort to manage exposure to changes in interest rates or to adjust portfolio duration. Currency options are primarily used in an effort to take advantage of currencies that are expected to appreciate in value. Equity options, which include options on single-name securities and equity indices, are primarily used to create or hedge equity exposure. Inflation swaps which are tied to a designated inflation index such as the Consumer Price Index (CPI) would typically be used to manage the fund’s inflation risk. Credit default swaptions are typically used in an effort to protect the value of certain portfolio holdings or to manage the fund’s overall exposure to changes in credit quality.</p> Principal Risks The fund’s share price fluctuates, which means you could lose money by investing in the fund. <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Fixed income markets:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Economic and other market developments can adversely affect the fixed income securities markets. </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">At times, participants in these markets may develop concerns about the ability of certain issuers of debt instruments to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s ability to sell the debt instruments in which it invests or to find and purchase suitable debt instruments.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Interest rates:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of the securities in which the fund invests.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Prepayments and extensions: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The fund is subject to prepayment risks because the principal on mortgage-backed securities, asset-backed securities, or any debt instrument with an embedded call option may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Market conditions:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including economic, political, or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as the coronavirus pandemic) and related governmental and public responses (including sanctions). 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.</span></p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Foreign investing: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Non-U.S.</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. The fund’s overall foreign investing risk is increased to the extent it has exposure to emerging markets.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Emerging markets: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Investments in emerging market countries are subject to greater risk and overall volatility than investments in the U.S. and other developed markets. Emerging market countries 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. In addition to the risks associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on the fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The use of derivatives exposes the fund to additional volatility and potential losses. A derivative involves risks different from, and possibly greater than, the risks associated with investing directly in the assets on which the derivative is based, including liquidity risk, valuation risk, correlation risk, market risk, interest rate risk, leverage risk, counterparty and credit risk, operational risk, management risk, legal risk, and regulatory risk. Derivatives can be highly volatile, illiquid, and difficult to value, and changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index. The fund could be exposed to significant losses if it is unable to close a derivatives position due to the lack of a liquid secondary trading market. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Certain derivatives are also subject to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations. The </span></p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">use of derivatives includes the risk of potential operational issues, such as settlement issues. Derivatives are exposed to legal risks, such as the legality or enforceability of a contract. The adviser may not be able to accurately predict the direction of prices, economic factors, or other associated risks which could cause loss in value or impair the fund’s efforts to reduce overall volatility. New regulations may make derivatives more costly, limit availability, or otherwise affect their value or performance.</p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Currency exposure:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Because the fund invests in securities issued in foreign currencies, the fund is subject to the risk that it could experience losses based solely on the weakness of foreign currencies versus the U.S. dollar and changes in the exchange rates between such currencies and the U.S. dollar. </span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Hedging: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The fund’s attempts at hedging and taking long and short positions in currencies may not be successful and could cause the fund to lose money or fail to get the benefit of a gain on a hedged position. If expected changes to securities prices, interest rates, currency values and exchange rates, or the creditworthiness of an issuer are not accurately predicted, the fund could be in a worse position than if it had not entered into such transactions.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Bank loans:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. The fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. Transactions involving bank loans may have significantly longer settlement periods than more traditional investments (settlement can take longer than 7 days) and often involve borrowers whose financial condition is troubled or highly leveraged, which increases the risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. In addition, loans are not registered under the federal securities laws like stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Junk investing:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, and loans that are rated below investment grade, expose the fund to greater volatility and credit risk than investments in securities that are rated investment grade. As a result, bonds and loans rated below investment grade carry a higher risk of default and should be considered speculative. </span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Credit quality:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. Securities that are rated below investment grade carry greater risk of default and should be considered speculative.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund may not be able to meet requests to redeem shares issued by the fund without significant dilution of the remaining shareholders’ interests in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in </span></p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Markets with lower overall liquidity could lead to greater price volatility and limit the fund’s ability to sell a holding at a suitable price.</p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Nondiversification:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund’s share price can be expected to fluctuate more than that of a similar fund that is more broadly diversified.</span></p><span style="-sec-ix-redline:true;"> </span> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Active management:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Cybersecurity breaches:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.</span></p> Performance <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.</span></p> The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)). The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9.02%;"> </td><td style="width:14.01%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:.49%;"> </td><td style="width:14.99%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Quarter Ended</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Total</p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Return</p></td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Quarter Ended</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Total </p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Return</p></td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Best Quarter</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">3/31/20</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">3.06%</p></td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Worst Quarter</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">6/30/23</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">-4.44%</p></td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-03-31 0.0306 Worst Quarter 2023-06-30 -0.0444 <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)).</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.</p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2024 2015-01-22 0.0538 0.0258 0.0201 0.0381 0.0070 0.0052 0.0316 0.0126 0.0094 2015-08-28 0.0561 0.0276 0.0196 2015-01-22 0.0507 0.0236 0.0177 2020-03-16 0.0615 0.0302 Bloomberg Global Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) 0.0019 0.0044 -0.0169 -0.0196 -0.0219 ICE BofA US 3-Month Treasury Bill Index (reflects no deduction for fees, expenses, or taxes) 0.0178 0.0190 0.0528 0.0248 0.0247 Updated performance information is available through troweprice.com. troweprice.com Emerging Markets Bond Fund Investment Objective(s) <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund seeks to provide high income and capital appreciation.</p> Fees and Expenses <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.</p> Shareholder fees (fees paid directly from your investment) 20 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0069 0.0069 0.0069 0.0069 0 0 0.0025 0 0.0029 0.0004 0.0166 0.0003 0.0098 0.0073 0.0260 0.0072 0 -0.0004 -0.0145 -0.0072 0.0098 0.0069 0.0115 0.0000 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 100 312 542 1201 70 229 401 902 117 646 1227 2807 0 0 0 0 <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 40.2% of the average value of its portfolio.</p> Portfolio Turnover 0.402 Principal Investment Strategies <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund normally invests at least 80% (and potentially all) of its net assets (plus any borrowings for investment purposes) in debt securities of emerging market governments or companies located in emerging market countries. The fund’s investments in debt securities typically consist of a mix of both sovereign bonds and corporate bonds. The fund considers frontier markets to be a subset of emerging markets and any investments in frontier markets are counted toward the fund’s 80% investment policy. For purposes of the fund’s 80% investment policy, the fund relies on a classification by either JPMorgan or the International Monetary Fund to determine which countries are considered emerging markets, and the fund relies on Bloomberg or another unaffiliated data provider to determine the country assigned to a security. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more </p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund ordinarily invests in the securities of at least three countries; however, it may invest in the securities of one country, including the U.S., for temporary defensive purposes.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund’s holdings may be denominated in U.S. dollars or non-U.S. dollar currencies, including emerging market currencies. The extent, if any, to which the fund attempts to cushion the impact of foreign currency fluctuations on the U.S. dollar depends on market conditions. The fund’s holdings may include the lowest-rated bonds, including those in default, and there are no overall limits on the fund’s investments that are rated below investment-grade (BB or lower, or an equivalent rating), also known as “junk” bonds.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the fund expects to maintain an intermediate- to long-term weighted average maturity, there are no maturity restrictions on the overall portfolio or on individual securities. Security selection relies heavily on research, which analyzes political and economic trends as well as creditworthiness of particular issuers. The adviser seeks to favor bonds it expects will be upgraded.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund may use a variety of derivatives, such as futures, forwards, and swaps for a number of purposes such as for exposure or hedging. Specifically, the fund uses interest rate futures and forward foreign currency exchange contracts. Interest rate futures are primarily used as an efficient means of managing the fund’s exposure to interest rate changes and to adjust the fund’s duration. Forward foreign currency exchange contracts are primarily used to help protect the fund’s non-U.S. dollar denominated holdings from unfavorable changes in foreign currency exchange rates, although other currency hedging techniques may be used from time to time.</p> Principal Risks The fund’s share price fluctuates, which means you could lose money by investing in the fund. <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Emerging markets: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Investments in emerging market countries are subject to greater risk and overall volatility than investments in the U.S. and other developed markets. Emerging market countries 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. In addition to the risks associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on the fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.</span></p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Foreign investing: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Non-U.S.</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, </span></p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. The fund’s overall foreign investing risk is increased to the extent it has exposure to emerging markets.</p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Market conditions:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including economic, political, or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as the coronavirus pandemic) and related governmental and public responses (including sanctions). 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Frontier markets: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Frontier markets generally have smaller economies and less mature capital markets than emerging markets. As a result, the risks associated with investing in emerging market countries are magnified in frontier market countries. Frontier markets are more susceptible to abrupt changes in currency values, have less mature markets and settlement practices, and can have lower trading volumes that could lead to greater price volatility and illiquidity. </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Investor protections in frontier market countries may be limited and settlement procedures and custody services may prove inadequate in certain markets.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Investing in Latin America:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Many Latin American countries have histories of inflation, government overspending, political and economic instability, social unrest, high interest and unemployment rates, and extreme currency fluctuations. Many of these countries tend to be highly reliant on the exportation of commodities so their economies may be significantly impacted by fluctuations in commodity prices and the global demand for certain commodities.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Investing in Africa and the Middle East:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Many African and Middle Eastern countries have histories of dictatorships, political and military unrest, social instability, and financial troubles, and their markets should be considered extremely volatile even when compared with those of other emerging market countries. Many of these countries tend to be highly reliant on exporting oil and other commodities so their economies can be significantly impacted by fluctuations in commodity prices and the global demand for certain commodities.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Currency exposure:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Because the fund invests in securities issued in foreign currencies, the fund is subject to the risk that it could experience losses based solely on the weakness of foreign currencies versus the U.S. dollar and changes in the exchange rates between such currencies and the U.S. dollar. </span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Fixed income markets:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Economic and other market developments can adversely affect the fixed income securities markets. </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">At times, participants in these markets may develop concerns about the ability of certain issuers of debt instruments to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s ability to sell the debt instruments in which it invests or to find and purchase suitable debt instruments.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Junk investing: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, expose the fund to greater volatility and credit risk than investments in bonds that are rated investment grade. As a result, bonds rated below investment grade carry a higher risk of default and should be considered speculative.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Credit quality:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. Securities that are rated below investment grade carry greater risk of default and should be considered speculative.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Interest rates:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of the securities in which the fund invests.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The use of derivatives exposes the fund to additional volatility and potential losses. A derivative involves risks different from, and possibly greater than, the risks associated with investing directly in the assets on which the derivative is based, including liquidity risk, valuation risk, correlation risk, market risk, interest rate risk, leverage risk, counterparty and credit risk, operational risk, management risk, legal risk, and regulatory risk. Derivatives can be highly volatile, illiquid, and difficult to value, and changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index. The fund could be exposed to significant losses if it is unable to close a derivatives position due to the lack of a liquid secondary trading market. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Certain derivatives are also subject to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations. The use of derivatives includes the risk of potential operational issues, such as settlement issues. Derivatives are exposed to legal risks, such as the legality or enforceability of a contract. The adviser may not be able to accurately predict the direction of prices, economic factors, or other associated risks which could cause loss in value or impair the fund’s efforts to reduce overall volatility. New regulations may make derivatives more costly, limit availability, or otherwise affect their value or performance.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund may not be able to meet requests to redeem shares issued by the fund without significant dilution of the remaining shareholders’ interests in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Markets with lower overall liquidity could lead to greater price volatility and limit the fund’s ability to sell a holding at a suitable price.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Active management:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Cybersecurity breaches:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.</span></p> Performance <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.</span></p> The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)). The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9.02%;"> </td><td style="width:14.01%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:.49%;"> </td><td style="width:14.99%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Quarter Ended</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Total</p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Return</p></td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Quarter Ended</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Total </p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Return</p></td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Best Quarter</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">6/30/20</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">11.88%</p></td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Worst Quarter</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">3/31/20</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">-15.95%</p></td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-06-30 0.1188 Worst Quarter 2020-03-31 -0.1595 <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)).</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.</p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2024 1994-12-30 0.0617 0.0029 0.0279 0.0375 -0.0173 0.0055 0.0362 -0.0065 0.0116 2015-08-28 0.0647 0.0052 0.0311 2015-08-28 0.0599 0.0008 0.0268 2020-03-16 0.0721 0.0404 J.P. Morgan Emerging Markets Bond Index Global Diversified (reflects no deduction for fees, expenses, or taxes) 0.0323 0.0654 0.0012 0.0313 0.0266 Lipper Emerging Market Hard Currency Debt Funds Average 0.0319 0.0612 0.0062 0.0286 0.0426 Updated performance information is available through troweprice.com. troweprice.com Emerging Markets Corporate Bond Fund Investment Objective(s) <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund seeks to provide high current income and, secondarily, capital appreciation.</p> Fees and Expenses <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.</p> Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0069 0.0069 0.0069 0 0 0.0025 0.0037 0.0016 0.0073 0.0106 0.0085 0.0167 -0.0018 -0.0011 -0.0051 0.0088 0.0074 0.0116 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 90 316 564 1275 76 258 459 1037 118 468 851 1926 <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most </p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">recent fiscal year, the fund’s portfolio turnover rate was 80.3% of the average value of its portfolio.</p> Portfolio Turnover 0.803 Principal Investment Strategies <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds that are issued by companies that are located or listed in, or conduct the predominant part of their business activities in, the emerging market countries of Latin America, Asia, Europe, Africa, and the Middle East. The fund considers frontier markets to be a subset of emerging markets and any investments in frontier markets are counted toward the fund’s 80% investment policy. For purposes of the fund’s 80% investment policy, the fund relies on a classification by either JPMorgan or the International Monetary Fund to determine which countries are considered emerging markets, and the fund relies on Bloomberg or another unaffiliated data provider to determine the country assigned to a security. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">While it is expected that the securities held by the fund will primarily be U.S. dollar-denominated, the fund may also hold securities denominated in emerging market currencies and other non-U.S. currencies. The fund does not generally attempt to cushion the impact of non-U.S. currency fluctuations against the U.S. dollar. Although the fund expects to generally maintain an intermediate-term weighted average maturity, there are no maturity restrictions on the overall portfolio or on individual securities purchased by the fund. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Most of the fund’s investments are expected to be rated below investment grade (BB or lower, or an equivalent rating) by a major credit rating agency or by T. Rowe Price. However, the fund may purchase bonds of any credit quality and there are no overall limits on the fund’s holdings that are unrated or rated below investment grade. Investments in below investment-grade corporate bonds, also known as “junk” bonds, should be considered speculative.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund may use a variety of derivatives, such as futures, forwards, and swaps for a number of purposes such as for exposure or hedging. Specifically, the fund uses interest rate futures and forward foreign currency exchange contracts. Interest rate futures are primarily used as an efficient means of managing the fund’s exposure to interest rate changes and to adjust the fund’s duration. Forward foreign currency exchange contracts are primarily used to help protect the fund’s non-U.S. dollar denominated holdings from unfavorable changes in foreign currency exchange rates, although other currency hedging techniques may be used from time to time.</p> Principal Risks The fund’s share price fluctuates, which means you could lose money by investing in the fund. <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Emerging markets: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Investments in emerging market countries are subject to greater risk and overall volatility than investments in the U.S. and other developed markets. Emerging market countries 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. In addition to the risks associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on the fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.</span></p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Foreign investing: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Non-U.S.</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. The fund’s overall foreign investing risk is increased to the extent it has exposure to emerging markets.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Market conditions:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including economic, political, or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as the coronavirus pandemic) and related governmental and public responses (including sanctions). 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Credit quality:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. Securities that are rated below investment grade carry greater risk of default and should be considered speculative.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Junk investing: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, expose the fund to greater volatility and credit risk than investments in bonds that are rated investment grade. As a result, bonds rated below investment grade carry a higher risk of default and should be considered speculative.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Interest rates:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed </span></p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of the securities in which the fund invests.</p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Fixed income markets:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Economic and other market developments can adversely affect the fixed income securities markets. </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">At times, participants in these markets may develop concerns about the ability of certain issuers of debt instruments to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s ability to sell the debt instruments in which it invests or to find and purchase suitable debt instruments.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Frontier markets: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Frontier markets generally have smaller economies and less mature capital markets than emerging markets. As a result, the risks associated with investing in emerging market countries are magnified in frontier market countries. Frontier markets are more susceptible to abrupt changes in currency values, have less mature markets and settlement practices, and can have lower trading volumes that could lead to greater price volatility and illiquidity. </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Investor protections in frontier market countries may be limited and settlement procedures and custody services may prove inadequate in certain markets.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Investing in Asia: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Many Asian economies have at various times been negatively affected by inflation, currency devaluations, an over-reliance on international trade and exports, particularly for certain commodities, political and social instability, and less developed financial systems and securities trading markets. Trade restrictions, unexpected decreases in exports, changes in government policies, expropriation and/or nationalization of assets, confiscatory taxation, or natural disasters could have a significant impact on companies doing business in Asia. The Asian region may be significantly affected by political unrest, military conflict, economic sanctions, and less demand for Asian products and services.</span></p><span style="-sec-ix-redline:true;"> </span> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund may not be able to meet requests to redeem shares issued by the fund without significant dilution of the remaining shareholders’ interests in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Markets with lower overall liquidity could lead to greater price volatility and limit the fund’s ability to sell a holding at a suitable price.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The use of derivatives exposes the fund to additional volatility and potential losses. A derivative involves risks different from, and possibly greater than, the risks associated with investing directly in the assets on which the derivative is based, including liquidity risk, valuation risk, correlation risk, market risk, interest rate risk, leverage risk, counterparty and credit risk, operational risk, management risk, legal risk, and regulatory risk. Derivatives can be highly </span></p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">volatile, illiquid, and difficult to value, and changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index. The fund could be exposed to significant losses if it is unable to close a derivatives position due to the lack of a liquid secondary trading market. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Certain derivatives are also subject to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations. The use of derivatives includes the risk of potential operational issues, such as settlement issues. Derivatives are exposed to legal risks, such as the legality or enforceability of a contract. The adviser may not be able to accurately predict the direction of prices, economic factors, or other associated risks which could cause loss in value or impair the fund’s efforts to reduce overall volatility. New regulations may make derivatives more costly, limit availability, or otherwise affect their value or performance.</p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Currency exposure:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Because the fund invests in securities issued in foreign currencies, the fund is subject to the risk that it could experience losses based solely on the weakness of foreign currencies versus the U.S. dollar and changes in the exchange rates between such currencies and the U.S. dollar. </span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Active management:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Cybersecurity breaches:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.</span></p> Performance <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.</span></p> The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)). The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9.02%;"> </td><td style="width:14.01%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:.49%;"> </td><td style="width:14.99%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Quarter Ended</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Total</p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Return</p></td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Quarter Ended</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Total </p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Return</p></td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Best Quarter</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">6/30/20</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">12.80%</p></td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Worst Quarter</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">3/31/20</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">-13.34%</p></td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-06-30 0.1280 Worst Quarter 2020-03-31 -0.1334 <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)).</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.</p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2024 2012-05-24 0.0734 0.0122 0.0358 0.0499 -0.0062 0.0166 0.0431 0.0013 0.0190 2015-12-17 0.0748 0.0138 0.0426 2012-05-24 0.0704 0.0094 0.0337 J.P. Morgan Emerging Markets Bond Index Global Diversified (reflects no deduction for fees, expenses, or taxes) 0.0654 0.0012 0.0313 0.0334 J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified (reflects no deduction for fees, expenses, or taxes) 0.0763 0.0218 0.0403 0.0433 Lipper Emerging Market Hard Currency Debt Funds Average 0.0612 0.0062 0.0286 0.0350 Updated performance information is available through troweprice.com. troweprice.com Emerging Markets Local Currency Bond Fund Investment Objective(s) <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund seeks to provide high income and capital appreciation.</p> Fees and Expenses <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.</p> Shareholder fees (fees paid directly from your investment) 20 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0064 0.0064 0.0064 0.0064 0 0 0.0025 0 0.0043 0.0014 0.1961 0.0013 0.0107 0.0078 0.2050 0.0077 -0.0005 -0.0009 -0.1940 -0.0077 0.0102 0.0069 0.0110 0.0000 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 104 335 584 1300 70 239 423 956 112 3519 6207 10027 0 0 0 0 <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 75.2% of the average value of its portfolio.</p> Portfolio Turnover 0.752 Principal Investment Strategies <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Under normal conditions, at least 80% of the fund’s net assets (plus any borrowings for investment purposes) are invested in bonds that are denominated in emerging markets currencies, and in derivative instruments that provide investment exposure to such securities. Emerging market bonds include fixed rate and floating rate bonds that are issued by governments, government agencies, and supranational organizations of, and corporate issuers located in or conducting the predominant part of their business activities in, the emerging market countries of Latin America, Asia, Europe, Africa, and the Middle East. The fund considers frontier markets to be a subset of emerging markets and any investments in frontier markets are counted toward the fund’s 80% investment policy. For purposes of the fund’s 80% investment policy, the fund relies on a classification by either JPMorgan or the International Monetary Fund to determine which countries are considered emerging markets, and the fund relies on Bloomberg or another unaffiliated data provider to determine the country assigned to a security. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Investment decisions are based on fundamental research as well as market factors, such as yield and credit quality differences among bonds as well as supply and demand trends and currency values. The fund generally invests in securities where the combination of fixed-income returns and currency exchange rates appears attractive or, if the currency trend is unfavorable, where the adviser believes the currency risk can be minimized through hedging. The fund may purchase bonds of any credit quality and there are no overall limits on the fund’s investments in bonds that are unrated or rated below investment-grade (also known as “junk” bonds). </p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund may use a variety of derivatives, such as futures, forwards, and swaps for a number of purposes such as for exposure or hedging. Specifically, the fund uses forward currency exchange contracts, currency options, interest rate swaps, interest rate futures, credit default swaps, credit default swap indexes (CDX), and inflation swaps.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Through the use of currency derivative instruments such as forward currency exchange contracts, currency swaps, foreign currency options, and currency futures, the fund has wide flexibility to purchase and sell currencies independently of whether the fund owns bonds in those currencies and to engage in currency hedging transactions. The fund’s currency positions will vary with its outlook on the strength or weakness of one foreign currency compared to another foreign currency and the relative value of various foreign currencies to one another. Currency </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">hedging is permitted, but not required, and the fund will normally be heavily exposed to foreign currencies. The fund may take a short position in a currency, which allows the fund to sell a currency in excess of the value of its holdings denominated in that currency or sell a currency even if it does not hold any assets denominated in the currency. In addition, the fund may use interest rate swaps and futures in order to take long or short positions with respect to its exposure to a particular country or bond market, subject to the investment restrictions applicable to futures and swaps.</p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund may use credit default swaps to buy or sell credit protection on individual bond issuers or sectors of the bond markets. Credit default swaps may be used to replicate the exposure of a bond or portfolio of bonds and as a hedge against a default or other credit event involving one of the fund’s holdings. A CDX is a swap on an index of credit default swaps. CDXs allow the fund to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or a reference index) rather than transacting in a single-name credit default swap. Inflation swaps, which are tied to a designated inflation index such as the Consumer Price Index (CPI), would typically be used to manage the fund’s inflation risk.</p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund is nondiversified, which means it may invest a greater percentage of its assets in a particular issuer than is permissible for a diversified fund. </p> Principal Risks The fund’s share price fluctuates, which means you could lose money by investing in the fund. <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Emerging markets: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Investments in emerging market countries are subject to greater risk and overall volatility than investments in the U.S. and other developed markets. Emerging market countries 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. In addition to the risks associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on the fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.</span></p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Currency exposure:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Because the fund invests in holdings denominated in foreign currencies, the fund is subject to the significant risk that it could experience losses based solely on the weakness of foreign currencies versus the U.S. dollar and changes in the exchange rates between such currencies and the U.S. dollar.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Market conditions:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including economic, political, or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as the </span></p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">coronavirus pandemic) and related governmental and public responses (including sanctions). 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.</p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Foreign investing: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Non-U.S.</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. The fund’s overall foreign investing risk is increased to the extent it has exposure to emerging markets.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Fixed income markets:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Economic and other market developments can adversely affect the fixed income securities markets. </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">At times, participants in these markets may develop concerns about the ability of certain issuers of debt instruments to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s ability to sell the debt instruments in which it invests or to find and purchase suitable debt instruments.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Credit quality:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. Securities that are rated below investment grade carry greater risk of default and should be considered speculative.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Junk investing: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, expose the fund to greater volatility and credit risk than investments in bonds that are rated investment grade. As a result, bonds rated below investment grade carry a higher risk of default and should be considered speculative.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Interest rates:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of the securities in which the fund invests.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund may not be able to meet requests to redeem shares issued by the fund without significant dilution of the remaining shareholders’ interests in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Markets with lower overall liquidity could lead to greater price volatility and limit the fund’s ability to sell a holding at a suitable price.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The use of derivatives exposes the fund to additional volatility and potential losses. A derivative involves risks different from, and possibly greater than, the risks associated with investing directly in the assets on which the derivative is based, including liquidity risk, valuation risk, correlation risk, market risk, interest rate risk, leverage risk, counterparty and credit risk, operational risk, management risk, legal risk, and regulatory risk. Derivatives can be highly volatile, illiquid, and difficult to value, and changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index. The fund could be exposed to significant losses if it is unable to close a derivatives position due to the lack of a liquid secondary trading market. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Certain derivatives are also subject to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations. The use of derivatives includes the risk of potential operational issues, such as settlement issues. Derivatives are exposed to legal risks, such as the legality or enforceability of a contract. The adviser may not be able to accurately predict the direction of prices, economic factors, or other associated risks which could cause loss in value or impair the fund’s efforts to reduce overall volatility. New regulations may make derivatives more costly, limit availability, or otherwise affect their value or performance.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Hedging: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The fund’s attempts at hedging and taking long and short positions in currencies may not be successful and could cause the fund to lose money or fail to get the benefit of a gain on a hedged position. If expected changes to securities prices, interest rates, currency values and exchange rates, or the creditworthiness of an issuer are not accurately predicted, the fund could be in a worse position than if it had not entered into such transactions.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Frontier markets: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Frontier markets generally have smaller economies and less mature capital markets than emerging markets. As a result, the risks associated with investing in emerging market countries are magnified in frontier market countries. Frontier markets are more susceptible to abrupt changes in currency values, have less mature markets and settlement practices, and can have lower trading volumes that could lead to greater price volatility and illiquidity. </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Investor protections in frontier market countries may be limited and settlement procedures and custody services may prove inadequate in certain markets.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Investing in Asia: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Many Asian economies have at various times been negatively affected by inflation, currency devaluations, an over-reliance on international trade and exports, particularly for certain commodities, political and social instability, and less developed financial systems and securities trading markets. Trade restrictions, unexpected decreases in exports, changes in government policies, expropriation and/or nationalization of assets, confiscatory taxation, or </span></p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">natural disasters could have a significant impact on companies doing business in Asia. The Asian region may be significantly affected by political unrest, military conflict, economic sanctions, and less demand for Asian products and services.</p><span style="-sec-ix-redline:true;"> </span> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Nondiversification:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund’s share price can be expected to fluctuate more than that of a similar fund that is more broadly diversified.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Active management:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies.</span></p><span style="-sec-ix-redline:true;"> </span> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Cybersecurity breaches:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.</span></p> Performance <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.</span></p> The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)). The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9.02%;"> </td><td style="width:14.01%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:.49%;"> </td><td style="width:14.99%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Quarter Ended</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Total</p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Return</p></td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Quarter Ended</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Total </p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Return</p></td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Best Quarter</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">6/30/20</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">11.49%</p></td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Worst Quarter</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">3/31/20</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">-16.55%</p></td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-06-30 0.1149 Worst Quarter 2020-03-31 -0.1655 <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)).</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.</p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2024 2011-05-26 -0.0437 -0.0164 0.0044 -0.0554 -0.0250 -0.0038 -0.0257 -0.0155 0.0003 2015-12-17 -0.0406 -0.0139 0.0263 2011-05-26 -0.0446 -0.0181 0.0023 2021-02-22 -0.0339 -0.0155 Bloomberg Global Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) 0.0056 -0.0169 -0.0196 0.0015 -0.0425 J.P. Morgan GBI - EM Global Diversified (reflects no deduction for fees, expenses, or taxes) 0.0231 -0.0238 -0.0186 0.0043 -0.0245 Lipper Emerging Market Local Currency Debt Funds Average 0.0239 -0.0145 -0.0120 0.0053 -0.0124 Updated performance information is available through troweprice.com. troweprice.com Global Consumer Fund Investment Objective(s) <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund seeks to provide long-term growth of capital.</p> Fees and Expenses <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.</p> Shareholder fees (fees paid directly from your investment) 20 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0068 0.0100 0.0168 -0.0063 0.0105 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 107 403 791 1878 <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 18.9% of the average value of its portfolio.</p> Portfolio Turnover 0.189 Principal Investment Strategies <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities issued by companies in the consumer sector. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. </p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund typically invests in at least five countries, including the U.S., and the amount of the fund’s assets invested outside the U.S. will vary depending on the adviser’s outlook for market conditions and opportunities overseas versus those in the U.S. However, the fund typically invests at least 25% of its net assets in securities of foreign issuers. The fund relies on MSCI, Inc., a third-party provider of benchmark indexes and data services, or another unaffiliated data provider to determine the country assigned to a security.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">For purposes of the fund’s 80% investment policy, the fund generally targets companies in the consumer staples and consumer discretionary sectors (excluding automobiles and components companies), as they are classified by one or more widely recognized third-party providers and/or as defined by the investment adviser. The fund seeks to invest in various companies engaged in the research, development, manufacture, distribution, supply or sale of consumer products, services, or equipment. The fund invests in a wide variety of industries within the overall consumer sector. For example, potential investments within the consumer staples sector may include companies involved in activities related to household and personal products; packaged foods and meats; and food and drug retail. Potential investments within the consumer discretionary sector may include companies involved in activities related to apparel, accessories and luxury goods; internet, cable and satellite; and home improvement.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The adviser has flexibility in allocating investments between the consumer staples and consumer discretionary sectors and seeks to identify the best risk-adjusted opportunities for the fund based on market conditions and consumer sentiment. Consumer staples and consumer discretionary </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">stocks tend to perform well over different parts of the economic cycle. For example, when deciding upon allocations between the consumer staples and consumer discretionary sectors, the adviser may generally favor consumer staples companies if the adviser believes that consumer sentiment towards the economy is negative or declining, and may generally favor consumer discretionary companies if the adviser believes that consumer sentiment towards the economy is positive or rising.</p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Stock selection is based on intensive fundamental research that assesses industry trends and companies’ long-term prospects. The fund may purchase securities issued by companies of any size but generally seeks companies the portfolio manager believes are well-positioned in their industry. The adviser may use either a growth or value approach in selecting investments for the fund, and the adviser generally selects stocks with the most favorable combination of company fundamentals and valuation. In the growth area, the adviser may seek companies with capable management, attractive business niches, sound financial and accounting practices, and/or a demonstrated ability to increase revenues, earnings, and cash flow consistently. In the value area, the adviser may seek companies whose current stock prices appear undervalued in terms of earnings, projected cash flow, or asset value per share, that have appreciation potential temporarily unrecognized by the market, or that may be temporarily out of favor.</p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund is nondiversified, which means it may invest a greater percentage of its assets in a particular issuer than is permissible for a diversified fund. </p> Principal Risks The fund’s share price fluctuates, which means you could lose money by investing in the fund. <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Consumer-related companies:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> A fund that focuses its investments in specific industries or sectors is more susceptible to adverse developments affecting those industries and sectors than a more broadly diversified fund. Because the fund invests significantly in companies connected to the consumer staples and consumer discretionary sectors, the fund may perform poorly during a downturn in one or more consumer-related industries and is more exposed to the economic, business or other developments that could adversely impact those industries. Companies involved with consumer-related products, services, or equipment can be significantly affected by general economic trends, as well as by changes in consumer sentiment, demographics and product trends, product cycles, government regulation and import controls, labor relations, intense global competition, and social trends and marketing campaigns. Companies in the consumer staples sector can be particularly affected by the cost of commodities and production, and companies in the consumer discretionary sector can be significantly affected by disposable household income and consumer spending habits, as well as technological obsolescence. Overall, the consumer staples sector should be less cyclical and less impacted by changes in economic conditions than the consumer discretionary sector.</span></p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Foreign investing: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Non-U.S.</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse </span></p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. The fund’s overall foreign investing risk is increased to the extent it has exposure to emerging markets.</p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Market conditions:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including economic, political, or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as the coronavirus pandemic) and related governmental and public responses (including sanctions). 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Stock investing:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of stocks held by the fund may decline due to general weakness or volatility in the stock markets in which the fund invests or because of factors that affect a particular company or industry.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Nondiversification:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund’s share price can be expected to fluctuate more than that of a similar fund that is more broadly diversified.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Active management:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Cybersecurity breaches:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.</span></p> Performance <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">years for the fund.</span></p> The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund. The following table shows the average annual total returns for the fund. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)). The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9.02%;"> </td><td style="width:14.01%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:.49%;"> </td><td style="width:14.99%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Quarter Ended</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Total</p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Return</p></td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Quarter Ended</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Total </p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Return</p></td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Best Quarter</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">6/30/20</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">23.79%</p></td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Worst Quarter</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">6/30/22</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">-16.89%</p></td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-06-30 0.2379 Worst Quarter 2022-06-30 -0.1689 <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following table shows the average annual total returns for the fund. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)).</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. Average Annual Total Returns Periods ended December 31, 2024 2016-06-27 0.1294 0.0705 0.0844 0.1289 0.0650 0.0795 0.0769 0.0539 0.0669 MSCI All Country World Index Net (reflects no deduction for fees or expenses) 0.1749 0.1006 0.1175 MSCI All Country World Index Consumer Discretionary & Consumer Staples ex Automobile & Components Net (reflects no deduction for fees or expenses) 0.1222 0.0590 0.0832 Updated performance information is available through troweprice.com. troweprice.com Global High Income Bond Fund Investment Objective(s) <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund seeks high income and, secondarily, capital appreciation.</p> Fees and Expenses <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.</p> Shareholder fees (fees paid directly from your investment) 20 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0055 0.0055 0.0055 0 0 0.0025 0.0031 0.0010 0.0079 0.0086 0.0065 0.0159 -0.0011 -0.0005 -0.0063 0.0075 0.0060 0.0096 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 77 261 464 1049 61 202 356 805 98 429 796 1827 <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most </p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">recent fiscal year, the fund’s portfolio turnover rate was 45.6% of the average value of its portfolio.</p> Portfolio Turnover 0.456 Principal Investment Strategies <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds that are rated below investment grade. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. </p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund seeks to invest in a diversified portfolio of high yield bonds, also known as “junk” bonds, and other high income producing instruments (such as bank loans). Junk bonds are bonds that are rated below investment grade (BB and lower, or an equivalent rating) by credit rating agencies or, if unrated, deemed to be below investment grade by T. Rowe Price. There is no limit on the fund’s holdings that are rated below investment grade.</p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund may invest in a variety of debt instruments issued by U.S. and foreign corporations, U.S. and foreign governments and agencies, and supranational organizations, as well as bank loans, which represent amounts borrowed by companies from banks and other lenders. The fund normally invests at least 40% of its net assets in foreign securities, including securities of issuers in emerging markets. However, the amount invested in foreign securities will vary based on market conditions and there is no maximum amount that the fund may invest in securities of foreign issuers, including issuers in emerging markets. For purposes of determining whether a fund holding is a foreign security, the fund uses the country assigned to a security by Bloomberg or another third-party data provider. </p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Junk bonds tend to provide high income in an effort to compensate investors for their higher risk of default, which is the failure to make required interest or principal payments, and should be considered speculative. High yield bond issuers often include small or relatively new companies lacking the history or capital to merit investment-grade status, former blue chip companies downgraded because of financial problems, companies electing to borrow heavily to finance or avoid a takeover or buyout, and firms with heavy debt loads. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">While high yield corporate bonds are typically issued with a fixed interest rate, bank loans usually have floating interest rates that reset periodically (typically quarterly or monthly). With bank loans, the borrowing companies tend to have significantly more debt than equity. The loans may or may not be secured by collateral and are often issued in connection with recapitalizations, acquisitions, leveraged buyouts, or refinancings. The bank loans in which the fund invests may be acquired directly from a lender or through the agent, as an assignment from another lender who holds the loans, or as a participation interest in another lender’s pool of loans. The fund may invest up to 20% of its total assets in bank loans.</p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund may invest in holdings of any maturity and does not attempt to maintain any particular weighted average maturity or duration. While most assets are typically invested in bonds and other income producing instruments, the fund also uses derivatives in keeping with the fund’s </p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">objective. The fund may use a variety of derivatives, such as futures, forwards, and swaps for a number of purposes such as for exposure or hedging. Specifically, the fund uses forward currency exchange contracts. Forward currency exchange contracts are primarily used to protect the fund’s foreign bond holdings from adverse currency movements relative to the U.S. dollar. Forward currency exchange contracts are primarily used to protect the fund’s foreign bond holdings from adverse currency movements by hedging the fund’s foreign currency exposure back to the U.S. dollar.</p> Principal Risks The fund’s share price fluctuates, which means you could lose money by investing in the fund. <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Fixed income markets:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Economic and other market developments can adversely affect the fixed income securities markets. </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">At times, participants in these markets may develop concerns about the ability of certain issuers of debt instruments to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s ability to sell the debt instruments in which it invests or to find and purchase suitable debt instruments.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Interest rates:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of the securities in which the fund invests.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Market conditions:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including economic, political, or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as the coronavirus pandemic) and related governmental and public responses (including sanctions). 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Junk investing:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, and loans that are rated below investment grade, expose the fund to greater volatility and credit risk than investments in securities that are rated investment grade. As a result, bonds and loans rated below investment grade carry a higher risk of default and should be considered speculative. </span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Credit quality:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. Securities that are rated below investment grade carry greater risk of default and should be considered speculative.</span></p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Foreign investing: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Non-U.S.</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. The fund’s overall foreign investing risk is increased to the extent it has exposure to emerging markets.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Emerging markets: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Investments in emerging market countries are subject to greater risk and overall volatility than investments in the U.S. and other developed markets. Emerging market countries 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. In addition to the risks associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on the fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Bank loans:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. The fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. Transactions involving bank loans may have significantly longer settlement periods than more traditional investments (settlement can take longer than 7 days) and often involve borrowers whose financial condition is troubled or highly leveraged, which increases the risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. In addition, loans are not registered under the federal securities laws like stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Covenant lite loans:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Because covenant lite loans contain few or no financial maintenance covenants, they may not include terms that permit the lender of the loan to monitor the borrower’s financial performance and, if certain criteria are breached, declare a default, which would allow the lender to restructure the loan or take other action intended to help mitigate losses. As a result, the fund could experience relatively greater difficulty or delays in enforcing its rights on its holdings of covenant lite loans than its holdings of loans or securities with financial maintenance covenants, which may result in losses, especially during a downturn in the credit cycle.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The use of derivatives exposes the fund to additional volatility and potential losses. A derivative involves risks different from, and possibly greater than, the risks associated with investing directly in the assets on which the derivative is based, including liquidity risk, valuation risk, correlation risk, market risk, interest rate risk, leverage risk, counterparty and credit risk, operational risk, management risk, legal risk, and regulatory risk. Derivatives can be highly volatile, illiquid, and difficult to value, and changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index. The fund could be exposed to significant losses if it is unable to close a derivatives position due to the lack of a liquid secondary trading market. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Certain derivatives are also subject to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations. The use of derivatives includes the risk of potential operational issues, such as settlement issues. Derivatives are exposed to legal risks, such as the legality or enforceability of a contract. The adviser may not be able to accurately predict the direction of prices, economic factors, or other associated risks which could cause loss in value or impair the fund’s efforts to reduce overall volatility. New regulations may make derivatives more costly, limit availability, or otherwise affect their value or performance.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund may not be able to meet requests to redeem shares issued by the fund without significant dilution of the remaining shareholders’ interests in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Markets with lower overall liquidity could lead to greater price volatility and limit the fund’s ability to sell a holding at a suitable price.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Active management:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Cybersecurity breaches:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.</span></p> Performance <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.</span></p> The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)). The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9.02%;"> </td><td style="width:14.01%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:.49%;"> </td><td style="width:14.99%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Quarter Ended</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Total</p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Return</p></td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Quarter Ended</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Total </p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Return</p></td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Best Quarter</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">6/30/20</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">14.13%</p></td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Worst Quarter</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">3/31/20</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">-16.61%</p></td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-06-30 0.1413 Worst Quarter 2020-03-31 -0.1661 <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)).</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.</p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2024 2015-01-22 0.0851 0.0352 0.0524 0.0561 0.0081 0.0247 0.0497 0.0147 0.0277 2015-08-28 0.0867 0.0367 0.0552 2015-01-22 0.0828 0.0329 0.0503 Bloomberg Global Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) 0.0019 -0.0169 -0.0196 0.0044 ICE BofA Global High Yield Index Hedged to USD (reflects no deduction for fees, expenses, or taxes) 0.0527 0.0937 0.0381 0.0548 Lipper Global High Yield Funds Average 0.0415 0.0781 0.0328 0.0446 Updated performance information is available through troweprice.com. troweprice.com Global Industrials Fund Investment Objective(s) <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund seeks to provide long-term growth of capital.</p> Fees and Expenses <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.</p> Shareholder fees (fees paid directly from your investment) 20 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0068 0.0068 0.0047 0.0022 0.0115 0.0090 -0.0010 -0.0017 0.0105 0.0073 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 107 345 613 1379 75 252 464 1076 <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 60.9% of the average value of its portfolio.</p> Portfolio Turnover 0.609 Principal Investment Strategies <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities issued by companies in the industrials sector. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. </p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund typically invests in at least five countries, including the U.S., and the amount of the fund’s assets invested outside the U.S. will vary depending on the adviser’s outlook for market conditions and opportunities overseas versus those in the U.S. However, the fund typically invests at least 25% of its net assets in securities of foreign issuers. The fund relies on MSCI, Inc., a third-party provider of benchmark indexes and data services, or another unaffiliated data provider to determine the country assigned to a security.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Stock selection is based on intensive fundamental research that assesses industry trends and companies’ long-term prospects. The fund may purchase securities issued by companies of any size but generally seeks companies the portfolio manager believes are growing market share, benefitting from high barriers to entry, pursuing continuous operational improvement, and allocating capital well. The portfolio manager may consider, among other factors, a company’s growth potential, valuation, cash flows and overall financial condition, strength of processes, and competitive position in its industry. The fund may purchase value stocks that possess the ability to improve margins and growth rates or have some other company-specific catalyst expected to unlock value. The fund may also seek reasonably priced growth stocks with strong competitive positions and above-market earnings growth in attractive industries. The fund invests in a wide variety of industries within the industrials sector, which include, but are not limited to:</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; text-indent:-8.65pt; font-weight:normal; margin-left:8.65pt; font-style:normal;"><span style="font-size:7.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:5.325pt;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">aerospace and defense;</span></p><p style="font-size:8.0pt; font-family:Arial; text-align:left; text-indent:-8.65pt; font-weight:normal; margin-left:8.65pt; font-style:normal;"><span style="font-size:7.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:5.325pt;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">building products and equipment;</span></p><p style="font-size:8.0pt; font-family:Arial; text-align:left; text-indent:-8.65pt; font-weight:normal; margin-left:8.65pt; font-style:normal;"><span style="font-size:7.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:5.325pt;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">automobiles and automobile components;</span></p><p style="font-size:8.0pt; font-family:Arial; text-align:left; text-indent:-8.65pt; font-weight:normal; margin-left:8.65pt; font-style:normal;"><span style="font-size:7.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:5.325pt;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">machinery;</span></p><p style="font-size:8.0pt; font-family:Arial; text-align:left; text-indent:-8.65pt; font-weight:normal; margin-left:8.65pt; font-style:normal;"><span style="font-size:7.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:5.325pt;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">construction and engineering;</span></p><p style="font-size:8.0pt; font-family:Arial; text-align:left; text-indent:-8.65pt; font-weight:normal; margin-left:8.65pt; font-style:normal;"><span style="font-size:7.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:5.325pt;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">electrical components and equipment;</span></p><p style="font-size:8.0pt; font-family:Arial; text-align:left; text-indent:-8.65pt; font-weight:normal; margin-left:8.65pt; font-style:normal;"><span style="font-size:7.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:5.325pt;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">industrial technology;</span></p><p style="font-size:8.0pt; font-family:Arial; text-align:left; text-indent:-8.65pt; font-weight:normal; margin-left:8.65pt; font-style:normal;"><span style="font-size:7.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:5.325pt;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">business services;</span></p><p style="font-size:8.0pt; font-family:Arial; text-align:left; text-indent:-8.65pt; font-weight:normal; margin-left:8.65pt; font-style:normal;"><span style="font-size:7.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:5.325pt;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">transportation; and</span></p><p style="font-size:8.0pt; font-family:Arial; text-align:left; text-indent:-8.65pt; font-weight:normal; margin-left:8.65pt; font-style:normal;"><span style="font-size:7.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:5.325pt;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">manufacturing and industrial conglomerates</span></p> Principal Risks The fund’s share price fluctuates, which means you could lose money by investing in the fund. <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Industrial companies:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> A fund that focuses its investments in specific industries or sectors is more susceptible to adverse developments affecting those industries and sectors than a more broadly diversified fund. Because the fund invests significantly in industrial companies, the fund may perform poorly during a downturn in the industrials sector. </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Companies involved in industrial products, services, or equipment can be significantly affected by general economic trends, as well as by changes in consumer sentiment and spending, commodity prices, technological obsolescence, government regulation and import controls, labor relations, intense global competition, and liability for environmental damage.</span></p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Foreign investing: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Non-U.S.</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. The fund’s overall foreign investing risk is increased to the extent it has exposure to emerging markets.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Market conditions:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including economic, political, or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as the coronavirus pandemic) and related governmental and public responses (including sanctions). 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Stock investing:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of stocks held by the fund may decline due to general weakness or volatility in the stock markets in which the fund invests or because of factors that affect a particular company or industry.</span></p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Investing style: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Because the fund may hold stocks with either growth or value characteristics, it could underperform other funds that take a strictly growth or value approach to investing when one style is currently in favor. Growth stocks tend to be more volatile than the overall stock market and can have sharp price declines as a result of earnings disappointments. Value stocks carry the risk that the market will not recognize their intrinsic value for a long time (or at all) or that they are actually appropriately priced at a low level.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Active management:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Cybersecurity breaches:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one </span></p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.</p> Performance <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.</span></p> The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)). The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9.02%;"> </td><td style="width:14.01%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:.49%;"> </td><td style="width:14.99%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Quarter Ended</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Total</p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Return</p></td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Quarter Ended</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Total </p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Return</p></td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Best Quarter</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">12/31/20</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">24.54%</p></td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Worst Quarter</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">3/31/20</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">-25.21%</p></td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2020-12-31 0.2454 Worst Quarter 2020-03-31 -0.2521 <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)).</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.</p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2024 2013-10-24 0.0521 0.0992 0.0967 0.0512 0.0957 0.0897 0.0316 0.0782 0.0770 2017-05-03 0.0560 0.1028 0.1049 MSCI All Country World Index Net (reflects no deduction for fees or expenses) 0.1749 0.1006 0.0923 0.1022 MSCI All Country World Index Industrials Plus Automobiles and Auto Components Net (reflects no deduction for fees or expenses) 0.1486 0.1031 0.0850 0.0909 Lipper Industrial Funds Average 0.1320 0.1034 0.0977 0.1012 Updated performance information is available through troweprice.com. troweprice.com International Bond Fund Investment Objective(s) <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund seeks to provide current income and capital appreciation.</p> Fees and Expenses <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.</p> Shareholder fees (fees paid directly from your investment) 20 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0048 0.0048 0.0048 0 0 0.0025 0 0.0039 0.0006 0.0064 0.0005 0.0087 0.0054 0.0137 0.0053 -0.0020 -0.0001 -0.0028 -0.0053 0.0067 0.0053 0.0109 0.0000 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 68 237 442 1035 54 171 300 675 111 377 695 1596 0 0 0 0 <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 54.3% of the average value of its portfolio.</p> Portfolio Turnover 0.543 Principal Investment Strategies <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in foreign bonds. The fund relies on Bloomberg or another unaffiliated data provider to determine the country assigned to a security. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund ordinarily invests in the securities of at least three countries; however, it may invest in the securities of one country, including the U.S., for temporary defensive purposes.</p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund focuses its investments in non-U.S. dollar-denominated, investment-grade bonds of issuers in developed and emerging markets. The fund may at times have significant investments in European countries.</p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund may invest up to 25% of its total assets in “junk” bonds that have received a below investment-grade rating (i.e., BB or equivalent, or lower) from each of the rating agencies that has assigned a rating to the bond or deemed by T. Rowe Price to be below investment-grade quality, including those in default or with the lowest rating. If a bond is split-rated (i.e., assigned different ratings by different rating agencies or T. Rowe Price), the higher rating will be used.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the fund expects to generally maintain an intermediate- to long-term weighted average maturity, there are no maturity restrictions on the overall portfolio or on individual securities purchased by the fund. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund normally purchases bonds issued in foreign currencies which may include bonds issued in emerging markets currencies. The fund’s currency positions will vary with its outlook on the strength or weakness of one foreign currency compared to another foreign currency and the relative value of various foreign currencies to one another. </p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund may use derivatives, including, without limitation, futures, forwards (such as, foreign currency exchange contracts), options, structured securities, or swaps. The fund may use derivatives for a variety of purposes, such as a substitute for taking a position in the underlying asset; as part of strategies designed to gain exposure to, for example, issuers, portions of the yield curve, indexes, sectors, currencies and/or geographic regions; and/or to reduce or hedge exposure to other risks, such as interest rate, credit or currency risk. Specifically, forward foreign </p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">exchange contracts, currency options, interest rate futures, interest rate swaps, inflation swaps, credit default swaps, and credit default swap indexes (CDX). </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund may enter into forward currency exchange contracts in an effort to hedge against an expected decline in the value of currencies in which portfolio holdings are denominated, to increase exposure to a particular foreign currency or to shift the fund’s foreign currency exposure from one country to another, or to enhance the fund’s returns. In an effort to achieve these same goals, the fund may also enter into currency swaps, purchase and write options on currencies, and purchase and sell currency futures contracts and related options thereon, as well as use interest rate swaps and futures contracts to adjust its country exposure. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Forward currency exchange contracts and other currency derivatives, such as swaps, options and futures, may be used to help protect the fund’s holdings from unfavorable changes in currency exchange rates, and the fund has wide flexibility to purchase and sell currencies independently of whether the fund owns bonds in those currencies and to engage in currency hedging transactions. Currency hedging is permitted and the fund is likely to be heavily exposed to foreign currencies. The fund may take a short position in a currency, which means that the fund could sell a currency in excess of its assets denominated in that currency (or the fund might sell a currency even if it does not own any assets denominated in that currency). Interest rate derivatives would typically be used to manage the fund’s exposure to interest rate changes or to adjust portfolio duration.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Through the use of futures contracts and interest rate swaps, the fund may either extend or shorten the overall maturity of the fund and adjust its exposure with respect to particular countries or bond markets. A short position in a bond market means that the fund, for example, could sell interest rate futures with respect to bonds of a particular market and the value of the futures contract would exceed the value of the bonds held by the fund (or the fund could sell futures with respect to a particular bond market without owning any bonds in that market). </p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Inflation swaps which are tied to a designated inflation index such as the Consumer Price Index (CPI) would typically be used to manage the fund’s inflation risk. The fund may use credit default swaps to buy or sell credit protection on individual bond issuers or sectors of the bond markets. Credit default swaps may be used to replicate the exposure of a bond or portfolio of bonds and as a hedge against a default or other credit event involving one of the fund’s holdings. However, they may also be used to enhance returns by selling protection in situations where the adviser has a positive view on an issuer’s credit quality or by buying protection in situations where the adviser has a negative view on an issuer’s credit quality. If the fund buys protection, it effectively takes a short position, and if the fund sells protection, it effectively takes a long position, with respect to the creditworthiness of the issuer or sector. A CDX is a swap on an index of credit default swaps. CDXs allow the fund to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or a reference index) rather than transacting in a single-name credit default swap. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Investment decisions are based on fundamental market factors, such as yield and credit quality differences among bonds as well as supply and demand trends and currency values. The fund generally invests in securities where the combination of fixed-income returns and currency </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">exchange rates appears attractive or, if the currency trend is unfavorable, the adviser believes the currency risk can be minimized through hedging.</p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund is nondiversified, which means it may invest a greater percentage of its assets in a particular issuer than is permissible for a diversified fund. </p> Principal Risks The fund’s share price fluctuates, which means you could lose money by investing in the fund. <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Foreign investing: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Non-U.S.</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. The fund’s overall foreign investing risk is increased to the extent it has exposure to emerging markets.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Emerging markets: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Investments in emerging market countries are subject to greater risk and overall volatility than investments in the U.S. and other developed markets. Emerging market countries 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. In addition to the risks associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on the fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Market conditions:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including economic, political, or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as the coronavirus pandemic) and related governmental and public responses (including sanctions). 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Fixed income markets:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Economic and other market developments can adversely affect the fixed income securities markets. </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">At times, participants in these markets may develop concerns about the ability of certain issuers of debt instruments to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s ability to sell the debt instruments in which it invests or to find and purchase suitable debt instruments.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Interest rates:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of the securities in which the fund invests.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Credit quality:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. Securities that are rated below investment grade carry greater risk of default and should be considered speculative.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Junk investing: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, expose the fund to greater volatility and credit risk than investments in bonds that are rated investment grade. As a result, bonds rated below investment grade carry a higher risk of default and should be considered speculative.</span></p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Currency exposure:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Because the fund invests in holdings denominated in foreign currencies, the fund is subject to the significant risk that it could experience losses based solely on the weakness of foreign currencies versus the U.S. dollar and changes in the exchange rates between such currencies and the U.S. dollar.</span></p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Investing in Europe: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The European financial markets have experienced increased volatility due to concerns about economic downturns, political unrest, war, military conflict, economic sanctions, rising government debt levels, inflation, energy crises, and public health pandemics, and these events may continue to significantly affect all of Europe. The economies and markets of European countries are often connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. European economies could be significantly affected by, among other things, rising unemployment, the imposition or unexpected elimination of fiscal and monetary controls by member countries of the European Economic and Monetary Union, uncertainty surrounding the euro, the success of governmental actions to reduce budget deficits, and Russia’s ongoing military conflict in Ukraine.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Hedging: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The fund’s attempts at hedging and taking long and short positions in currencies may not be successful and could cause the fund to lose money or fail to get the benefit of a gain on a </span></p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">hedged position. If expected changes to securities prices, interest rates, currency values and exchange rates, or the creditworthiness of an issuer are not accurately predicted, the fund could be in a worse position than if it had not entered into such transactions.</p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The use of derivatives exposes the fund to additional volatility and potential losses. A derivative involves risks different from, and possibly greater than, the risks associated with investing directly in the assets on which the derivative is based, including liquidity risk, valuation risk, correlation risk, market risk, interest rate risk, leverage risk, counterparty and credit risk, operational risk, management risk, legal risk, and regulatory risk. Derivatives can be highly volatile, illiquid, and difficult to value, and changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index. The fund could be exposed to significant losses if it is unable to close a derivatives position due to the lack of a liquid secondary trading market. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Certain derivatives are also subject to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations. The use of derivatives includes the risk of potential operational issues, such as settlement issues. Derivatives are exposed to legal risks, such as the legality or enforceability of a contract. The adviser may not be able to accurately predict the direction of prices, economic factors, or other associated risks which could cause loss in value or impair the fund’s efforts to reduce overall volatility. New regulations may make derivatives more costly, limit availability, or otherwise affect their value or performance.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Nondiversification:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund’s share price can be expected to fluctuate more than that of a similar fund that is more broadly diversified.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund may not be able to meet requests to redeem shares issued by the fund without significant dilution of the remaining shareholders’ interests in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Markets with lower overall liquidity could lead to greater price volatility and limit the fund’s ability to sell a holding at a suitable price.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Active management:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Cybersecurity breaches:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.</span></p> Performance <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.</span></p> The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)). The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9.02%;"> </td><td style="width:14.01%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:.49%;"> </td><td style="width:14.99%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Quarter Ended</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Total</p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Return</p></td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Quarter Ended</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Total </p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Return</p></td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Best Quarter</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">12/31/23</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">10.44%</p></td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Worst Quarter</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">6/30/22</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">-11.76%</p></td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2023-12-31 0.1044 Worst Quarter 2022-06-30 -0.1176 <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)).</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.</p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2024 1986-09-10 -0.0512 -0.0347 -0.0073 -0.0512 -0.0380 -0.0113 -0.0303 -0.0269 -0.0066 2015-08-28 -0.0511 -0.0334 -0.0012 2000-03-31 -0.0551 -0.0406 -0.0117 2020-03-16 -0.0448 -0.0221 Bloomberg Global Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) 0.0044 -0.0169 -0.0196 0.0015 -0.0219 Bloomberg Global Aggregate ex USD Bond Index (reflects no deduction for fees, expenses, or taxes) -0.0043 -0.0422 -0.0337 -0.0090 -0.0329 Lipper International Income Funds Average 0.0062 0.0067 -0.0109 0.0019 0.0016 Updated performance information is available through troweprice.com. troweprice.com International Bond Fund (USD Hedged) Investment Objective(s) <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund seeks to provide current income and capital appreciation.</p> Fees and Expenses <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.</p> Shareholder fees (fees paid directly from your investment) 20 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0048 0.0048 0.0048 0 0 0.0025 0 0.0031 0.0005 0.0097 0.0002 0.0079 0.0053 0.0170 0.0050 0 0 -0.0071 -0.0050 0.0079 0.0053 0.0099 0.0000 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the previous table; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 81 252 439 978 54 170 296 665 101 454 845 1939 0 0 0 0 <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 54.5% of the average value of its portfolio.</p> Portfolio Turnover 0.545 Principal Investment Strategies <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Under normal conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in non-U.S. dollar-denominated bonds. In addition, under normal market conditions the fund maintains at least 80% of its net assets in U.S. dollar currency exposure. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund ordinarily invests in the securities of at least three countries; however, it may invest in the securities of one country, including the U.S., for temporary defensive purposes. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund may at times have significant investments in European countries.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund invests primarily in bonds that are rated investment grade (i.e., BBB- or equivalent, or better), although the fund may invest up to 25% of its total assets in bonds that have received a below investment-grade rating from a rating agency (i.e., BB and lower, or an equivalent rating), also known as junk bonds, or deemed by T. Rowe Price to be below investment-grade quality. If a bond is split-rated (i.e., rated investment grade by one rating agency or T. Rowe Price and </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">below investment grade by another rating agency or T. Rowe Price), the higher rating will be used for purposes of this requirement. Investments may include bonds that are in default or with the lowest rating. There is no limit on the fund’s investments in investment-grade bonds of emerging markets issuers.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the fund expects to generally maintain an intermediate- to long-term weighted average maturity, there are no maturity restrictions on the overall portfolio or on individual securities purchased by the fund. </p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund normally purchases bonds issued in foreign currencies, which may include bonds issued in emerging markets currencies. However, forward currency exchange contracts or other currency derivatives are typically used to protect the fund’s non-U.S. dollar-denominated holdings from adverse currency movements by hedging the fund’s foreign currency exposure back to the U.S. dollar. While the fund normally maintains at least 80% U.S. dollar currency exposure, the fund’s overall foreign currency exposure within the remainder of the portfolio (through unhedged non-U.S. dollar-denominated holdings and currency derivatives) will vary based on the adviser’s outlook on the strength or weakness of the U.S. dollar compared to foreign currencies and the relative value of various foreign currencies to one another. The fund’s overall foreign currency exposure will generally increase during periods where the U.S. dollar is viewed as less attractive relative to foreign currencies. </p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund may use derivatives, including, without limitation, futures, forwards (such as, foreign currency exchange contracts), options, structured securities, or swaps. The fund may use derivatives for a variety of purposes, such as a substitute for taking a position in the underlying asset; as part of strategies designed to gain exposure to, for example, issuers, portions of the yield curve, indexes, sectors, currencies and/or geographic regions; and/or to reduce or hedge exposure to other risks, such as interest rate, credit or currency risk. Specifically, forward foreign exchange contracts, currency options, interest rate futures, interest rate swaps, inflation swaps, credit default swaps, and credit default swap indexes (CDX). </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Currency derivatives will frequently be used to shift investment exposure from one currency into another for hedging purposes, but they may also be used to enhance returns by gaining long or short exposure to certain currencies expected to increase or decrease in value relative to other currencies. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Forward currency exchange contracts and other currency derivatives, such as swaps, options and futures, may be used to help protect the fund’s holdings from unfavorable changes in currency exchange rates, and the fund has wide flexibility to purchase and sell currencies independently of whether the fund owns bonds in those currencies and to engage in currency hedging transactions. Currency hedging is permitted and the fund is likely to be heavily exposed to foreign currencies. The fund may take a short position in a currency, which means that the fund could sell a currency in excess of its assets denominated in that currency (or the fund might sell a currency even if it does not own any assets denominated in that currency). Interest rate derivatives would typically be used to manage the fund’s exposure to interest rate changes or to adjust portfolio duration.</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Through the use of futures contracts and interest rate swaps, the fund may either extend or shorten the overall maturity of the fund and adjust its exposure with respect to particular countries or bond markets. A short position in a bond market means that the fund, for example, could sell interest rate futures with respect to bonds of a particular market and the value of the futures contract would exceed the value of the bonds held by the fund (or the fund could sell futures with respect to a particular bond market without owning any bonds in that market). </p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Inflation swaps which are tied to a designated inflation index such as the Consumer Price Index (CPI) would typically be used to manage the fund’s inflation risk. The fund may use credit default swaps to buy or sell credit protection on individual bond issuers or sectors of the bond markets. Credit default swaps may be used to replicate the exposure of a bond or portfolio of bonds and as a hedge against a default or other credit event involving one of the fund’s holdings. However, they may also be used to enhance returns by selling protection in situations where the adviser has a positive view on an issuer’s credit quality or by buying protection in situations where the adviser has a negative view on an issuer’s credit quality. If the fund buys protection, it effectively takes a short position, and if the fund sells protection, it effectively takes a long position, with respect to the creditworthiness of the issuer or sector. A CDX is a swap on an index of credit default swaps. CDXs allow the fund to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or a reference index) rather than transacting in a single-name credit default swap. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Investment decisions are based on fundamental market factors, such as yield and credit quality differences among bonds as well as supply and demand trends and currency values. The fund generally invests in securities where the combination of fixed-income returns and currency exchange rates appears attractive or, if the currency trend is unfavorable, the adviser believes the currency risk can be minimized through hedging.</p><p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The fund is nondiversified, which means it may invest a greater percentage of its assets in a particular issuer than is permissible for a diversified fund. </p> Principal Risks The fund’s share price fluctuates, which means you could lose money by investing in the fund. <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Foreign investing: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Non-U.S.</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. The fund’s overall foreign investing risk is increased to the extent it has exposure to emerging markets.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Emerging markets: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Investments in emerging market countries are subject to greater risk and overall volatility than investments in the U.S. and other developed markets. Emerging market countries 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. In addition to the risks associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on the fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Market conditions:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including economic, political, or regulatory developments, recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as the coronavirus pandemic) and related governmental and public responses (including sanctions). 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.</span></p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Currency exposure:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Because the fund invests in holdings denominated in foreign currencies, the fund is subject to the significant risk that it could experience losses based solely on the weakness of foreign currencies versus the U.S. dollar and changes in the exchange rates between such currencies and the U.S. dollar.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Fixed income markets:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Economic and other market developments can adversely affect the fixed income securities markets. </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">At times, participants in these markets may develop concerns about the ability of certain issuers of debt instruments to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s ability to sell the debt instruments in which it invests or to find and purchase suitable debt instruments.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Interest rates:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of the securities in which the fund invests.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Credit quality:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. Securities that are rated below investment grade carry greater risk of default and should be considered speculative.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Junk investing: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, expose the fund to greater volatility and credit risk than investments in bonds that are rated investment grade. As a result, bonds rated below investment grade carry a higher risk of default and should be considered speculative.</span></p> <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Investing in Europe: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The European financial markets have experienced increased volatility due to concerns about economic downturns, political unrest, war, military conflict, economic sanctions, rising government debt levels, inflation, energy crises, and public health pandemics, and these events may continue to significantly affect all of Europe. The economies and markets of European countries are often connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. European economies could be significantly affected by, among other things, rising unemployment, the imposition or unexpected elimination of fiscal and monetary controls by member countries of the European Economic and Monetary Union, uncertainty surrounding the euro, the success of governmental actions to reduce budget deficits, and Russia’s ongoing military conflict in Ukraine.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Hedging: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The fund’s attempts at hedging and taking long and short positions in currencies may not be successful and could cause the fund to lose money or fail to get the benefit of a gain on a hedged position. If expected changes to securities prices, interest rates, currency values and exchange rates, or the creditworthiness of an issuer are not accurately predicted, the fund could be in a worse position than if it had not entered into such transactions.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives: </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The use of derivatives exposes the fund to additional volatility and potential losses. A derivative involves risks different from, and possibly greater than, the risks associated with investing directly in the assets on which the derivative is based, including liquidity risk, valuation risk, correlation risk, market risk, interest rate risk, leverage risk, counterparty and credit risk, operational risk, management risk, legal risk, and regulatory risk. Derivatives can be highly volatile, illiquid, and difficult to value, and changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index. The fund could be exposed to significant losses if it is unable to close a derivatives position due to the lack of a liquid secondary trading market. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Certain derivatives are also subject to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations. The use of derivatives includes the risk of potential operational issues, such as settlement issues. Derivatives are exposed to legal risks, such as the legality or enforceability of a contract. The adviser may not be able to accurately predict the direction of prices, economic factors, or other associated risks which could cause loss in value or impair the fund’s efforts to reduce overall volatility. New regulations may make derivatives more costly, limit availability, or otherwise affect their value or performance.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Nondiversification:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund’s share price can be expected to fluctuate more than that of a similar fund that is more broadly diversified.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund may not be able to meet requests to redeem shares issued by the fund without significant dilution of the remaining shareholders’ interests in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Markets with lower overall liquidity could lead to greater price volatility and limit the fund’s ability to sell a holding at a suitable price.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Active management:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies.</span></p> <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">Cybersecurity breaches:</span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.</span></p> Performance <p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. </p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those </span><span style="font-size:8.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.</span></p> The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)). The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calendar Year Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:9.02%;"> </td><td style="width:14.01%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:.49%;"> </td><td style="width:14.99%;"> </td><td style="width:14.99%;"> </td><td style="width:13%;"> </td><td style="width:5.5%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Quarter Ended</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Total</p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Return</p></td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Quarter Ended</p></td><td style="vertical-align:top;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Total </p><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Return</p></td><td style="vertical-align:top; font-size:1pt;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Best Quarter</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">12/31/23</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">6.46%</p></td><td style="vertical-align:top; font-size:1pt;"> </td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">Worst Quarter</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">6/30/22</p></td><td style="vertical-align:top; background-color:#E6E6E6;"><p style="font-size:8.0pt; font-family:Arial; text-align:center; font-weight:normal; text-decoration:none;">-5.49%</p></td><td style="vertical-align:top; font-size:1pt;"> </td></tr></table> Best Quarter 2023-12-31 0.0646 Worst Quarter 2022-06-30 -0.0549 <p style="-sec-ix-redline:true;font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the table may also include one or more indexes that more closely aligns to the fund’s investment strategy (Strategy Benchmark(s)).</p><p style="font-size:8.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.</p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes. Average Annual Total Returns Periods ended December 31, 2024 2017-09-12 0.0355 0.0078 0.0211 0.0233 -0.0052 0.0057 0.0208 0.0005 0.0096 2017-09-12 0.0381 0.0093 0.0227 2017-09-12 0.0321 0.0043 0.0176 2020-03-16 0.0437 0.0200 Bloomberg Global Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) -0.0062 -0.0169 -0.0196 -0.0219 Bloomberg Global Aggregate ex USD Bond (USD Hedged) Index (USD Hedged) Index (reflects no deduction for fees, expenses, or taxes) 0.0225 0.0497 0.0101 0.0093 Updated performance information is available through troweprice.com. troweprice.com 485BPOS 2024-12-31 0000313212 false 2025-02-25 2025-03-01 N-1A ~ http://troweprice.com/20241231/role/RRSchedule4 ~ ~ http://troweprice.com/20241231/role/RRSchedule5 ~ ~ http://troweprice.com/20241231/role/RRSchedule6 ~ ~ http://troweprice.com/20241231/role/RRBarChart7 ~ ~ http://troweprice.com/20241231/role/RRSchedule8 ~ ~ http://troweprice.com/20241231/role/RRSchedule12 ~ ~ http://troweprice.com/20241231/role/RRSchedule13 ~ ~ http://troweprice.com/20241231/role/RRSchedule14 ~ ~ http://troweprice.com/20241231/role/RRBarChart15 ~ ~ http://troweprice.com/20241231/role/RRSchedule16 ~ ~ http://troweprice.com/20241231/role/RRSchedule20 ~ ~ http://troweprice.com/20241231/role/RRSchedule21 ~ ~ http://troweprice.com/20241231/role/RRSchedule22 ~ ~ http://troweprice.com/20241231/role/RRBarChart23 ~ ~ http://troweprice.com/20241231/role/RRSchedule24 ~ ~ http://troweprice.com/20241231/role/RRSchedule28 ~ ~ http://troweprice.com/20241231/role/RRSchedule29 ~ ~ http://troweprice.com/20241231/role/RRSchedule30 ~ ~ http://troweprice.com/20241231/role/RRBarChart31 ~ ~ http://troweprice.com/20241231/role/RRSchedule32 ~ ~ http://troweprice.com/20241231/role/RRSchedule36 ~ ~ http://troweprice.com/20241231/role/RRSchedule37 ~ ~ http://troweprice.com/20241231/role/RRSchedule38 ~ ~ http://troweprice.com/20241231/role/RRBarChart39 ~ ~ http://troweprice.com/20241231/role/RRSchedule40 ~ ~ http://troweprice.com/20241231/role/RRSchedule44 ~ ~ http://troweprice.com/20241231/role/RRSchedule45 ~ ~ http://troweprice.com/20241231/role/RRSchedule46 ~ ~ http://troweprice.com/20241231/role/RRBarChart47 ~ ~ http://troweprice.com/20241231/role/RRSchedule48 ~ ~ http://troweprice.com/20241231/role/RRSchedule52 ~ ~ http://troweprice.com/20241231/role/RRSchedule53 ~ ~ http://troweprice.com/20241231/role/RRSchedule54 ~ ~ http://troweprice.com/20241231/role/RRBarChart55 ~ ~ http://troweprice.com/20241231/role/RRSchedule56 ~ ~ http://troweprice.com/20241231/role/RRSchedule60 ~ ~ http://troweprice.com/20241231/role/RRSchedule61 ~ ~ http://troweprice.com/20241231/role/RRSchedule62 ~ ~ http://troweprice.com/20241231/role/RRBarChart63 ~ ~ http://troweprice.com/20241231/role/RRSchedule64 ~ ~ http://troweprice.com/20241231/role/RRSchedule68 ~ ~ http://troweprice.com/20241231/role/RRSchedule69 ~ ~ http://troweprice.com/20241231/role/RRSchedule70 ~ ~ http://troweprice.com/20241231/role/RRBarChart71 ~ ~ http://troweprice.com/20241231/role/RRSchedule72 ~ ~ http://troweprice.com/20241231/role/RRSchedule76 ~ ~ http://troweprice.com/20241231/role/RRSchedule77 ~ ~ http://troweprice.com/20241231/role/RRSchedule78 ~ ~ http://troweprice.com/20241231/role/RRBarChart79 ~ ~ http://troweprice.com/20241231/role/RRSchedule80 ~ 0.0267 0.0621 0.0002 0.0389 0.0734 0.0462 -0.019 0.0087 -0.004 0.0942 0.0007 0.036 -0.0497 0.0538 0.0062 0.1463 0.0898 -0.0723 0.113 0.0462 -0.0245 -0.1731 0.1326 0.0617 -0.0067 0.1127 0.0887 -0.016 0.13 0.0688 -0.0166 -0.1232 0.0741 0.0734 -0.152 0.1026 0.1576 -0.0763 0.1349 0.0408 -0.0954 -0.11 0.1491 -0.0437 0.2081 -0.0756 0.2484 0.3158 0.0894 -0.2734 0.1953 0.1294 0.1521 0.0868 -0.0179 0.1435 0.0586 0.0305 -0.1183 0.1393 0.0851 -0.0137 0.0983 0.2592 -0.1218 0.3094 0.3006 0.1474 -0.2159 0.3035 0.0521 -0.057 0.022 0.1115 -0.0294 0.0666 0.115 -0.0719 -0.203 0.0709 -0.0512 0.0156 0.0901 0.0559 -0.0166 -0.1203 0.0988 0.0355 February 28, 2027 February 28, 2027 April 30, 2026 April 30, 2026 April 30, 2026 April 30, 2026 April 30, 2026 April 30, 2026 April 30, 2026 April 30, 2026 February 28, 2027 April 30, 2026 April 30, 2026 April 30, 2026 February 28, 2027 February 28, 2027 February 28, 2027 February 28, 2027 February 28, 2027 April 30, 2026 ~ http://troweprice.com/20241231/role/RRSchedule9 ~ ~ http://troweprice.com/20241231/role/RRSchedule17 ~ ~ http://troweprice.com/20241231/role/RRSchedule25 ~ ~ http://troweprice.com/20241231/role/RRSchedule33 ~ ~ http://troweprice.com/20241231/role/RRSchedule41 ~ ~ http://troweprice.com/20241231/role/RRSchedule49 ~ ~ http://troweprice.com/20241231/role/RRSchedule57 ~ ~ http://troweprice.com/20241231/role/RRSchedule65 ~ ~ http://troweprice.com/20241231/role/RRSchedule73 ~ ~ http://troweprice.com/20241231/role/RRSchedule81 ~ Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. T. Rowe Price Associates, Inc., has contractually agreed (through February 28, 2027) to pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (I Class Operating Expenses), to the extent the I Class Operating Expenses exceed 0.05% of the class’ average daily net assets. The agreement may only be terminated at any time after February 28, 2027, with approval by the fund’s Board of Directors. Any expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the I Class Operating Expenses are below 0.05%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the I Class Operating Expenses (after the reimbursement is taken into account) to exceed the current expense limitation on I Class Operating Expenses (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed (through February 28, 2027) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.63%. The agreement may only be terminated at any time after February 28, 2027, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 0.63%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed to waive and/or bear all the Z Class’ expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) in their entirety. T. Rowe Price Associates, Inc., expects this fee waiver and/or expense reimbursement arrangement to remain in place indefinitely, and the agreement may only be amended or terminated with approval by the fund’s Board of Directors. Due to new SEC Rules on shareholder reporting, the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Return since 1/10/19. Return since 9/13/23. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2026) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.90%. The agreement may only be terminated at any time after April 30, 2026, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 0.90%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed to waive and/or bear all the Z Class’ expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) in their entirety. T. Rowe Price Associates, Inc., expects this fee waiver and/or expense reimbursement arrangement to remain in place indefinitely, and the agreement may only be amended or terminated with approval by the fund’s Board of Directors. Due to new SEC Rules on shareholder reporting, the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Return since 1/22/15. Return since 8/28/15. Return since 3/16/20. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. T. Rowe Price Associates, Inc., has contractually agreed to permanently pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (I Class Operating Expenses), to the extent the I Class Operating Expenses exceed 0.00% of the class’ average daily net assets. The agreement may only be terminated with approval by the fund’s Board of Directors and shareholders. T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2026) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 1.15%. The agreement may only be terminated at any time after April 30, 2026, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 1.15%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed to waive and/or bear all the Z Class’ expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) in their entirety. T. Rowe Price Associates, Inc., expects this fee waiver and/or expense reimbursement arrangement to remain in place indefinitely, and the agreement may only be amended or terminated with approval by the fund’s Board of Directors. Due to new SEC Rules on shareholder reporting, the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Return since 8/28/15. Return since 3/16/20. Return since 8/31/15. Return since 3/31/20. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2026) to pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (I Class Operating Expenses), to the extent the I Class Operating Expenses exceed 0.05% of the class’ average daily net assets. The agreement may only be terminated at any time after April 30, 2026, with approval by the fund’s Board of Directors. Any expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the I Class Operating Expenses are below 0.05%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the I Class Operating Expenses (after the reimbursement is taken into account) to exceed the current expense limitation on I Class Operating Expenses (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2026) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.88%. The agreement may only be terminated at any time after April 30, 2026, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 0.88%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2026) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 1.16%. The agreement may only be terminated at any time after April 30, 2026, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 1.16%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). Due to new SEC Rules on shareholder reporting, the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Return since 12/17/15. Return since 12/31/15. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2026) to pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (I Class Operating Expenses), to the extent the I Class Operating Expenses exceed 0.05% of the class’ average daily net assets. The agreement may only be terminated at any time after April 30, 2026, with approval by the fund’s Board of Directors. Any expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the I Class Operating Expenses are below 0.05%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the I Class Operating Expenses (after the reimbursement is taken into account) to exceed the current expense limitation on I Class Operating Expenses (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2026) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 1.02%. The agreement may only be terminated at any time after April 30, 2026, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 1.02%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2026) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 1.10%. The agreement may only be terminated at any time after April 30, 2026, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 1.10%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed to waive and/or bear all the Z Class’ expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) in their entirety. T. Rowe Price Associates, Inc., expects this fee waiver and/or expense reimbursement arrangement to remain in place indefinitely, and the agreement may only be amended or terminated with approval by the fund’s Board of Directors. Due to new SEC Rules on shareholder reporting, the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Return since 12/17/15. Return since 2/22/21. Return since 12/31/15. Return since 02/28/21. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. T. Rowe Price Associates, Inc., has contractually agreed (through February 28, 2027) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 1.05%. The agreement may only be terminated at any time after February 28, 2027, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the fund whenever the expense ratio is below 1.05%. However, the fund will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The fund may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the expense ratio (after the reimbursement is taken into account) to exceed the current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). Due to new SEC Rules on shareholder reporting, the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Return since 6/27/16. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2026) to pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (I Class Operating Expenses), to the extent the I Class Operating Expenses exceed 0.05% of the class’ average daily net assets. The agreement may only be terminated at any time after April 30, 2026, with approval by the fund’s Board of Directors. Any expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the I Class Operating Expenses are below 0.05%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the I Class Operating Expenses (after the reimbursement is taken into account) to exceed the current expense limitation on I Class Operating Expenses (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2026) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.75%. The agreement may only be terminated at any time after April 30, 2026, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 0.75%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2026) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.96%. The agreement may only be terminated at any time after April 30, 2026, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 0.96%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). Due to new SEC Rules on shareholder reporting, the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Return since 1/22/15. Return since 8/28/15. Return since 1/31/15. Return since 8/31/15. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. T. Rowe Price Associates, Inc., has contractually agreed (through February 28, 2027) to pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (I Class Operating Expenses), to the extent the I Class Operating Expenses exceed 0.05% of the class’ average daily net assets. The agreement may only be terminated at any time after February 28, 2027, with approval by the fund’s Board of Directors. Any expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the I Class Operating Expenses are below 0.05%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the I Class Operating Expenses (after the reimbursement is taken into account) to exceed the current expense limitation on I Class Operating Expenses (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed (through February 28, 2027) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 1.05%. The agreement may only be terminated at any time after February 28, 2027, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 1.05%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). Due to new SEC Rules on shareholder reporting, the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Return since 5/3/17. Return since 4/30/17. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. Restated to show maximum 12b-1 fee rate of 0.25%. Actual rate for the prior fiscal year was 0.24%. T. Rowe Price Associates, Inc., has contractually agreed (through February 28, 2027) to pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (I Class Operating Expenses), to the extent the I Class Operating Expenses exceed 0.05% of the class’ average daily net assets. The agreement may only be terminated at any time after February 28, 2027, with approval by the fund’s Board of Directors. Any expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the I Class Operating Expenses are below 0.05%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the I Class Operating Expenses (after the reimbursement is taken into account) to exceed the current expense limitation on I Class Operating Expenses (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed (through February 28, 2027) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.67%. The agreement may only be terminated at any time after February 28, 2027, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 0.67%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed (through February 28, 2027) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 1.09%. The agreement may only be terminated at any time after February 28, 2027, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 1.09%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed to waive and/or bear all the Z Class’ expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) in their entirety. T. Rowe Price Associates, Inc., expects this fee waiver and/or expense reimbursement arrangement to remain in place indefinitely, and the agreement may only be amended or terminated with approval by the fund’s Board of Directors. Due to new SEC Rules on shareholder reporting, the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Return since 8/28/15. Return since 3/16/20. Return since 8/31/15. Return since 3/31/20. Subject to certain exceptions and account minimums, accounts are charged an annual $20 fee. T. Rowe Price Associates, Inc., has contractually agreed (through April 30, 2026) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.99%. The agreement may only be terminated at any time after April 30, 2026, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and any applicable prior limitations) are subject to reimbursement to T. Rowe Price Associates, Inc., by the class whenever the class’ expense ratio is below 0.99%. However, the class will not reimburse T. Rowe Price Associates, Inc., more than three years from the date such amounts were initially waived or paid. The class may only reimburse T. Rowe Price Associates, Inc., if the reimbursement does not cause the class’ expense ratio (after the reimbursement is taken into account) to exceed the class’ current expense limitation (or the expense limitation in place at the time the amounts were waived or paid). T. Rowe Price Associates, Inc., has contractually agreed to waive and/or bear all the Z Class’ expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) in their entirety. T. Rowe Price Associates, Inc., expects this fee waiver and/or expense reimbursement arrangement to remain in place indefinitely, and the agreement may only be amended or terminated with approval by the fund’s Board of Directors. Due to new SEC Rules on shareholder reporting, the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Return since 9/12/17. Return since 3/16/20.