# EDGAR Filing Document

**Accession Number:** 0000313212
**File Stem:** 0001193125-25-184964
**Filing Date:** 2025-8
**Character Count:** 176907
**Document Hash:** ce388e2777e12cbcad92b2c8b4832ec2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-184964.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001193125-25-184964

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**EFFECTIVENESS DATE**: 20250821

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price International Funds, Inc.
- **CENTRAL INDEX KEY:** 0000313212

**ORGANIZATION NAME:**
- **EIN:** 521175211
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02958
- **FILM NUMBER:** 251238955

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE INTERNATIONAL FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE INTERNATIONAL TRUST
- **DATE OF NAME CHANGE:** 19900301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE INTERNATIONAL FUND INC
- **DATE OF NAME CHANGE:** 19890914

## Series and Classes Contracts Data

### T. Rowe Price Emerging Markets Bond Fund (Series ID: S000001490)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000004009 | T. Rowe Price Emerging Markets Bond Fund               | PREMX           |
| C000159127 | T. Rowe Price Emerging Markets Bond Fund-Advisor Class | PAIKX           |
| C000159128 | T. Rowe Price Emerging Markets Bond Fund-I Class       | PRXIX           |
| C000219336 | T. Rowe Price Emerging Markets Bond Fund-Z Class       | TREZX           |

?xml version='1.0' encoding='ASCII'? Emerging Markets Bond Fund_EMB

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-02958

T. Rowe Price International Funds, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2025

------

#### Item 1. Reports to Shareholders

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Report pursuant to Rule 30e-1
![Image](g87601i9fb8df0cd5c46a741793.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### Emerging Markets Bond Fund

#### Investor Class (PREMX)
This semi-annual shareholder report contains important information about Emerging Markets Bond Fund (the "fund") for the period of January 1, 2025 to June 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Emerging Markets Bond Fund - Investor Class | $50 | 0.99% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $4881566 |
| Number of Portfolio Holdings | 426 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 31.5% |

---

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

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

---

| | |
|:---|:---|
| Mexico | 7.5% |
| Brazil | 6.3 |
| Indonesia | 5.8 |
| Colombia | 5.5 |
| Chile | 4.4 |
| Türkiye | 3.6 |
| Peru | 3.5 |
| Argentina | 3.3 |
| Panama | 3.3 |
| Other | 56.8 |

---

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

---

| | |
|:---|:---|
| Republic of Colombia | 4.4% |
| Republic of Turkiye | 3.6 |
| Republic of Argentina | 3.3 |
| Republic of Brazil | 3.3 |
| Republic of Peru | 3.1 |
| Republic of South Africa | 3.1 |
| Republic of Sri Lanka | 3.1 |
| United Mexican States | 3.1 |
| Republic of Panama | 3.0 |
| Arab Republic of Egypt | 2.9 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

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

202505-4461501

F110-053 8/25

Emerging Markets Bond Fund

Investor Class (PREMX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g87601i34e589c2b2d8eae9916e.jpg)

![Image](g87601i9fb8df0cd5c46a741793.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### Emerging Markets Bond Fund

#### Advisor Class (PAIKX)
This semi-annual shareholder report contains important information about Emerging Markets Bond Fund (the "fund") for the period of January 1, 2025 to June 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Emerging Markets Bond Fund - Advisor Class | $58 | 1.15% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $4881566 |
| Number of Portfolio Holdings | 426 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 31.5% |

---

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

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

---

| | |
|:---|:---|
| Mexico | 7.5% |
| Brazil | 6.3 |
| Indonesia | 5.8 |
| Colombia | 5.5 |
| Chile | 4.4 |
| Türkiye | 3.6 |
| Peru | 3.5 |
| Argentina | 3.3 |
| Panama | 3.3 |
| Other | 56.8 |

---

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

---

| | |
|:---|:---|
| Republic of Colombia | 4.4% |
| Republic of Turkiye | 3.6 |
| Republic of Argentina | 3.3 |
| Republic of Brazil | 3.3 |
| Republic of Peru | 3.1 |
| Republic of South Africa | 3.1 |
| Republic of Sri Lanka | 3.1 |
| United Mexican States | 3.1 |
| Republic of Panama | 3.0 |
| Arab Republic of Egypt | 2.9 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

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

202505-4461501

F210-053 8/25

Emerging Markets Bond Fund

Advisor Class (PAIKX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g87601i34e589c2b2d8eae9916e.jpg)

![Image](g87601i9fb8df0cd5c46a741793.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### Emerging Markets Bond Fund

#### I Class (PRXIX)
This semi-annual shareholder report contains important information about Emerging Markets Bond Fund (the "fund") for the period of January 1, 2025 to June 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Emerging Markets Bond Fund - I Class | $35 | 0.69% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $4881566 |
| Number of Portfolio Holdings | 426 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 31.5% |

---

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

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

---

| | |
|:---|:---|
| Mexico | 7.5% |
| Brazil | 6.3 |
| Indonesia | 5.8 |
| Colombia | 5.5 |
| Chile | 4.4 |
| Türkiye | 3.6 |
| Peru | 3.5 |
| Argentina | 3.3 |
| Panama | 3.3 |
| Other | 56.8 |

---

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

---

| | |
|:---|:---|
| Republic of Colombia | 4.4% |
| Republic of Turkiye | 3.6 |
| Republic of Argentina | 3.3 |
| Republic of Brazil | 3.3 |
| Republic of Peru | 3.1 |
| Republic of South Africa | 3.1 |
| Republic of Sri Lanka | 3.1 |
| United Mexican States | 3.1 |
| Republic of Panama | 3.0 |
| Arab Republic of Egypt | 2.9 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

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

202505-4461501

F530-053 8/25

Emerging Markets Bond Fund

I Class (PRXIX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g87601i34e589c2b2d8eae9916e.jpg)

![Image](g87601i9fb8df0cd5c46a741793.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### Emerging Markets Bond Fund

#### Z Class (TREZX)
This semi-annual shareholder report contains important information about Emerging Markets Bond Fund (the "fund") for the period of January 1, 2025 to June 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

# **What were the fund costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Emerging Markets Bond Fund - Z Class | $0 | 0.00% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $4881566 |
| Number of Portfolio Holdings | 426 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 31.5% |

---

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

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

---

| | |
|:---|:---|
| Mexico | 7.5% |
| Brazil | 6.3 |
| Indonesia | 5.8 |
| Colombia | 5.5 |
| Chile | 4.4 |
| Türkiye | 3.6 |
| Peru | 3.5 |
| Argentina | 3.3 |
| Panama | 3.3 |
| Other | 56.8 |

---

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

---

| | |
|:---|:---|
| Republic of Colombia | 4.4% |
| Republic of Turkiye | 3.6 |
| Republic of Argentina | 3.3 |
| Republic of Brazil | 3.3 |
| Republic of Peru | 3.1 |
| Republic of South Africa | 3.1 |
| Republic of Sri Lanka | 3.1 |
| United Mexican States | 3.1 |
| Republic of Panama | 3.0 |
| Arab Republic of Egypt | 2.9 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

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

202505-4461501

F1248-053 8/25

Emerging Markets Bond Fund

Z Class (TREZX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g87601i34e589c2b2d8eae9916e.jpg)

------

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

#### Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant's annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant's most recent fiscal half-year.

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

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

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.

------

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

June

30,

2025

#### Financial

#### Statements

#### and

#### Other

#### Information
For

more

insights

from

T. Rowe

Price

investment

professionals,

go

to

#### troweprice.com
.

T. ROWE

PRICE

PREMX

Emerging

Markets

Bond

Fund

PAIKX

Emerging

Markets

Bond

Fund–

.

Advisor Class

PRXIX

Emerging

Markets

Bond

Fund–

.

I Class

TREZX

Emerging

Markets

Bond

Fund–

.

Z Class

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Investor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.15

$

.12

$

.50

$

.81

$

.59

$

.63

Investment

activities

Net

investment

income

(1)(2)

.28

.52

.47

.44

.50

.54

Net

realized

and

unrealized

gain/

loss

.17

.03

(3) 0

.62

(2

.31)

(0

.78)

(0

.05)

Total

from

investment

activities

.45

.55

.09

(1

.87)

(0

.28)

.49

Distributions

Net

investment

income

(0

.28)

(0

.52)

(0

.47)

(0

.44)

(0

.48)

(0

.51)

Tax

return

of

capital

—

—

—

—

(0

.02)

(0

.02)

Total

distributions

(0

.28)

(0

.52)

(0

.47)

(0

.44)

(0

.50)

(0

.53)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 9

#### .32

#### $

#### 9

#### .15

#### $

#### 9

#### .12

#### $

#### 8

#### .50

#### $

#### 10

#### .81

#### $

#### 11

#### .59
T. ROWE

PRICE

Emerging

Markets

Bond

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Investor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(4)

#### 4

#### .96

#### %

#### 6

#### .17

#### %

#### 13

#### .26

#### %

#### (#### 17

#### .31

####)

#### %

#### (#### 2

#### .45

####)

#### %

#### 4

#### .62

#### %
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

.99

%

(5) 0

.98

%

.98

%

.99

%

.91

%

.90

%

Net

expenses

after

waivers/

payments

by

Price

Associates

.99

%

(5) 0

.98

%

.98

%

.99

%

.91

%

.90

%

Net

investment

income

.06

%

(5) 5

.70

%

.44

%

.89

%

.48

%

.87

%

Portfolio

turnover

rate

.5

%

.2

%

.0

%

.6

%

.1

%

.2

%

Net

assets,

end

of

period

(in

millions)

$345

$352

$379

$540

$1,016

$1,715

%

%

%

%

%

%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) The

amount

presented

is

inconsistent

with

the

fund's

aggregate

gains

and

losses

because

of

the

timing

of

sales

and

redemptions

of

fund

shares

in

relation

to

fluctuating

market

values

for

the

investment

portfolio.

(4) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5) Annualized

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Advisor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.15

$

.12

$

.50

$

.81

$

.59

$

.63

Investment

activities

Net

investment

income

(1)(2)

.27

.50

.45

.42

.52

.54

Net

realized

and

unrealized

gain/

loss

.17

.03

(3) 0

.62

(2

.30)

(0

.83)

(0

.09)

Total

from

investment

activities

.44

.53

.07

(1

.88)

(0

.31)

.45

Distributions

Net

investment

income

(0

.27)

(0

.50)

(0

.45)

(0

.43)

(0

.45)

(0

.47)

Tax

return

of

capital

—

—

—

—

(0

.02)

(0

.02)

Total

distributions

(0

.27)

(0

.50)

(0

.45)

(0

.43)

(0

.47)

(0

.49)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 9

#### .32

#### $

#### 9

#### .15

#### $

#### 9

#### .12

#### $

#### 8

#### .50

#### $

#### 10

#### .81

#### $

#### 11

#### .59
T. ROWE

PRICE

Emerging

Markets

Bond

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Advisor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(4)

#### 4

#### .87

#### %

#### 5

#### .99

#### %

#### 13

#### .06

#### %

#### (#### 17

#### .43

####)

#### %

#### (#### 2

#### .72

####)

#### %

#### 4

#### .30

#### %
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

.25

%

(5) 2

.60

%

.40

%

.40

%

.51

%

.33

%

Net

expenses

after

waivers/

payments

by

Price

Associates

.15

%

(5) 1

.15

%

.15

%

.15

%

.19

%

.20

%

Net

investment

income

.89

%

(5) 5

.52

%

.27

%

.74

%

.62

%

.86

%

Portfolio

turnover

rate

.5

%

.2

%

.0

%

.6

%

.1

%

.2

%

Net

assets,

end

of

period

(in

thousands)

$78

$73

$87

$107

$209

$213

%

%

%

%

%

%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) The

amount

presented

is

inconsistent

with

the

fund's

aggregate

gains

and

losses

because

of

the

timing

of

sales

and

redemptions

of

fund

shares

in

relation

to

fluctuating

market

values

for

the

investment

portfolio.

(4) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5) Annualized

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### I

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.14

$

.11

$

.49

$

.80

$

.58

$

.62

Investment

activities

Net

investment

income

(1)(2)

.29

.56

.49

.46

.52

.55

Net

realized

and

unrealized

gain/

loss

.17

.02

(3) 0

.62

(2

.30)

(0

.78)

(0

.05)

Total

from

investment

activities

.46

.58

.11

(1

.84)

(0

.26)

.50

Distributions

Net

investment

income

(0

.29)

(0

.55)

(0

.49)

(0

.47)

(0

.50)

(0

.52)

Tax

return

of

capital

—

—

—

—

(0

.02)

(0

.02)

Total

distributions

(0

.29)

(0

.55)

(0

.49)

(0

.47)

(0

.52)

(0

.54)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 9

#### .31

#### $

#### 9

#### .14

#### $

#### 9

#### .11

#### $

#### 8

#### .49

#### $

#### 10

#### .80

#### $

#### 11

#### .58
T. ROWE

PRICE

Emerging

Markets

Bond

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(4)

#### 5

#### .11

#### %

#### 6

#### .47

#### %

#### 13

#### .57

#### %

#### (#### 17

#### .09

####)

#### %

#### (#### 2

#### .30

####)

#### %

#### 4

#### .77

#### %
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

.72

%

(5) 0

.73

%

.76

%

.75

%

.75

%

.76

%

Net

expenses

after

waivers/

payments

by

Price

Associates

.69

%

(5) 0

.70

%

.71

%

.71

%

.75

%

.76

%

Net

investment

income

.35

%

(5) 6

.11

%

.74

%

.22

%

.61

%

.03

%

Portfolio

turnover

rate

.5

%

.2

%

.0

%

.6

%

.1

%

.2

%

Net

assets,

end

of

period

(in

millions)

$1,642

$1,576

$632

$439

$474

$462

%

%

%

%

%

%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) The

amount

presented

is

inconsistent

with

the

fund's

aggregate

gains

and

losses

because

of

the

timing

of

sales

and

redemptions

of

fund

shares

in

relation

to

fluctuating

market

values

for

the

investment

portfolio.

(4) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5) Annualized

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Z

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

3/16/20

(1) Through

12/31/20

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

.15

$

.12

$

.51

$

.82

$

.60

$

.11

Investment

activities

Net

investment

income

(2)(3)

.32

.61

.55

.53

.60

.48

Net

realized

and

unrealized

gain/

loss

.18

.03

(4) 0

.61

(2

.31)

(0

.78)

.50

(4) Total

from

investment

activities

.50

.64

.16

(1

.78)

(0

.18)

.98

Distributions

Net

investment

income

(0

.32)

(0

.61)

(0

.55)

(0

.53)

(0

.57)

(0

.47)

Tax

return

of

capital

—

—

—

—

(0

.03)

(0

.02)

Total

distributions

(0

.32)

(0

.61)

(0

.55)

(0

.53)

(0

.60)

(0

.49)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 9

#### .33

#### $

#### 9

#### .15

#### $

#### 9

#### .12

#### $

#### 8

#### .51

#### $

#### 10

#### .82

#### $

#### 11

#### .60
T. ROWE

PRICE

Emerging

Markets

Bond

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Z

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

3/16/20

(1) Through

12/31/20

12/31/24

12/31/23

12/31/22

12/31/21

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (3)(5)

#### 5

#### .57

#### %

#### 7

#### .21

#### %

#### 14

#### .22

#### %

#### (#### 16

#### .45

####)

#### %

#### (#### 1

#### .56

####)

#### %

#### 20

#### .07

#### %
Ratios

to

average

net

assets:

(3) Gross

expenses

before

waivers/

payments

by

Price

Associates

.71

%

(6) 0

.72

%

.72

%

.72

%

.75

%

.75

%

(6) Net

expenses

after

waivers/

payments

by

Price

Associates

.00

%

(6) 0

.00

%

.00

%

.00

%

.00

%

.00

%

(6) Net

investment

income

.04

%

(6) 6

.69

%

.43

%

.93

%

.34

%

.55

%

(6) Portfolio

turnover

rate

.5

%

.2

%

.0

%

.6

%

.1

%

.2

%

Net

assets,

end

of

period

(in

millions)

$2,894

$3,009

$3,103

$2,964

$3,384

$3,105

%

%

%

%

%

%

(1) Inception

date

(2) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(4) The

amount

presented

is

inconsistent

with

the

fund's

aggregate

gains

and

losses

because

of

the

timing

of

sales

and

redemptions

of

fund

shares

in

relation

to

fluctuating

market

values

for

the

investment

portfolio.

(5) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(6) Annualized

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

June

30,

2025

(Unaudited)

#### Portfolio

#### of

#### Investments

#### ‡

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### ANGOLA 0.6%

#### Government

#### Bonds 0.6%
Republic

of

Angola,

8.00%,

11/26/29

(USD)

6,048,000

5,500

Republic

of

Angola,

8.25%,

5/9/28

(USD)

11,839,000

11,176

Republic

of

Angola,

8.75%,

4/14/32

(USD)

3,405,000

3,012

Republic

of

Angola,

9.125%,

11/26/49

(USD)

3,285,000

2,551

Republic

of

Angola,

9.375%,

5/8/48

(USD)

6,060,000

4,830

Republic

of

Angola,

9.50%,

11/12/25

(USD)

400,000

#### Total

#### Angola

#### (Cost

#### $27,950)

#### 27,471

#### ARGENTINA 3.3%

#### Government

#### Bonds 3.3%
Argentina

Republic

Treasury

Bonds,

29.50%,

5/30/30

484,900,000

Republic

of

Argentina,

1.00%,

7/9/29

(USD)

62,424,000

52,405

Republic

of

Argentina,

STEP,

0.75%,

7/9/30

(USD)

37,986,080

30,389

Republic

of

Argentina,

STEP,

4.125%,

7/9/35

(USD)

50,508,705

34,104

Republic

of

Argentina,

STEP,

5.00%,

1/9/38

(USD)

63,956,238

45,743

#### Total

#### Argentina

#### (Cost

#### $130,934)

#### 163,062

#### ARMENIA 0.4%

#### Government

#### Bonds 0.4%
Republic

of

Armenia,

6.75%,

3/12/35

(USD) (1)

20,670,000

20,133

#### Total

#### Armenia

#### (Cost

#### $20,169)

#### 20,133

#### AZERBAIJAN 0.3%

#### Government

#### Bonds 0.3%
Republic

of

Azerbaijan,

3.50%,

9/1/32

(USD)

15,396,000

13,800

#### Total

#### Azerbaijan

#### (Cost

#### $13,458)

#### 13,800

#### BAHRAIN 0.7%

#### Government

#### Bonds 0.7%
Kingdom

of

Bahrain,

6.75%,

9/20/29

(USD)

7,925,000

8,076

Kingdom

of

Bahrain,

7.00%,

10/12/28

(USD)

26,625,000

27,326

#### Total

#### Bahrain

#### (Cost

#### $36,085)

#### 35,402
T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### BARBADOS 0.4%

#### Government

#### Bonds 0.4%
Government

of

Barbados,

8.00%,

6/26/35

(USD) (1)

17,050,000

17,140

#### Total

#### Barbados

#### (Cost

#### $17,053)

#### 17,140

#### BENIN 0.0%

#### Government

#### Bonds 0.0%
Republic

of

Benin,

7.96%,

2/13/38

(USD)

645,000

612

#### Total

#### Benin

#### (Cost

#### $584)

#### 612

#### BRAZIL 6.3%

#### Corporate

#### Bonds 2.7%
Aegea

Finance,

9.00%,

1/20/31

(USD) (1)

7,780,000

8,268

Cosan

Luxembourg,

7.25%,

6/27/31

(USD) (1)

9,060,000

9,413

Cosan

Overseas,

8.25%

(USD) (2)

6,515,000

6,579

CSN

Resources,

4.625%,

6/10/31

(USD)

2,400,000

1,891

CSN

Resources,

8.875%,

12/5/30

(USD)

19,645,000

19,477

FS

Luxembourg,

8.625%,

6/25/33

(USD) (1)

11,060,000

10,927

Globo

Comunicacao

e

Participacoes,

4.875%,

1/22/30

(USD)

31,100,000

29,422

Globo

Comunicacao

e

Participacoes,

5.50%,

1/14/32

(USD) (1)

8,620,000

8,092

Globo

Comunicacao

e

Participacoes,

5.50%,

1/14/32

(USD)

8,695,000

8,163

Raizen

Fuels

Finance,

6.25%,

7/8/32

(USD) (1)

10,400,000

10,335

Sitios

Latinoamerica,

5.375%,

4/4/32

(USD) (1)

20,620,000

20,343

132,910

#### Government

#### Bonds 3.6%
Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/29

31,475,000

5,318

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/31

54,272,000

8,771

Republic

of

Brazil,

5.00%,

1/27/45

(USD)

9,881,000

7,536

Republic

of

Brazil,

5.50%,

11/6/30

(USD)

14,110,000

14,157

Republic

of

Brazil,

6.00%,

10/20/33

(USD)

11,645,000

11,574

Republic

of

Brazil,

6.125%,

3/15/34

(USD)

39,105,000

38,814

Republic

of

Brazil,

6.25%,

3/18/31

(USD)

18,825,000

19,500

Republic

of

Brazil,

6.625%,

3/15/35

(USD)

48,855,000

49,418

Republic

of

Brazil,

7.125%,

1/20/37

(USD)

13,275,000

14,220

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Republic

of

Brazil,

7.125%,

5/13/54

(USD)

3,880,000

3,725

173,033

#### Total

#### Brazil

#### (Cost

#### $302,263)

#### 305,943

#### BULGARIA 0.4%

#### Government

#### Bonds 0.4%
Republic

of

Bulgaria,

4.50%,

1/27/33

(EUR) (1)

8,336,000

10,670

Republic

of

Bulgaria,

Series

13Y,

5.00%,

3/5/37

(USD)

6,610,000

6,469

Republic

of

Bulgaria,

Series

12.5,

4.875%,

5/13/36

(EUR)

2,275,000

2,980

#### Total

#### Bulgaria

#### (Cost

#### $17,655)

#### 20,119

#### CHILE 4.4%

#### Corporate

#### Bonds 3.1%
AES

Andes,

VR,

8.15%,

6/10/55

(USD) (1)(3)

14,330,000

14,855

Agrosuper,

4.60%,

1/20/32

(USD) (1)

21,563,000

20,145

Banco

Santander

Chile,

3.177%,

10/26/31

(USD) (1)

11,853,000

10,792

Celulosa

Arauco

y

Constitucion,

3.875%,

11/2/27

(USD)

5,545,000

5,428

Celulosa

Arauco

y

Constitucion,

4.20%,

1/29/30

(USD) (1)

6,610,000

6,333

Celulosa

Arauco

y

Constitucion,

6.18%,

5/5/32

(USD) (1)

4,470,000

4,564

Chile

Electricity

Mpc

II,

5.58%,

10/20/35

(USD) (1)

10,557,054

10,574

Corp.

Nacional

del

Cobre

de

Chile,

3.00%,

9/30/29

(USD)

3,775,000

3,509

Corp.

Nacional

del

Cobre

de

Chile,

3.15%,

1/14/30

(USD) (1)

4,995,000

4,648

Corp.

Nacional

del

Cobre

de

Chile,

3.70%,

1/30/50

(USD) (1)

6,350,000

4,312

Corp.

Nacional

del

Cobre

de

Chile,

5.125%,

2/2/33

(USD) (1)

6,170,000

6,014

Corp.

Nacional

del

Cobre

de

Chile,

5.95%,

1/8/34

(USD)

8,890,000

9,081

Corp.

Nacional

del

Cobre

de

Chile,

6.33%,

1/13/35

(USD) (1)

14,291,000

14,865

Corp.

Nacional

del

Cobre

de

Chile,

6.44%,

1/26/36

(USD) (1)

9,700,000

10,170

Empresa

de

los

Ferrocarriles

del

Estado,

3.068%,

8/18/50

(USD)

14,510,000

8,598

Empresa

de

Transporte

de

Pasajeros

Metro,

3.693%,

9/13/61

(USD) (1)

4,825,000

3,127

Empresa

de

Transporte

de

Pasajeros

Metro,

4.70%,

5/7/50

(USD) (1)

14,000,000

11,369

Inversiones

CMPC,

6.125%,

2/26/34

(USD)

1,080,000

1,108

149,492

#### Government

#### Bonds 1.3%
Bonos

de

la

Tesoreria

de

la

Republica

en

pesos,

6.00%,

4/1/33 (1)

21,320,000,000

23,476

Republic

of

Chile,

3.75%,

1/14/32

(EUR)

5,290,000

6,354

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Republic

of

Chile,

5.65%,

1/13/37

(USD)

34,320,000

35,439

65,269

#### Total

#### Chile

#### (Cost

#### $224,415)

#### 214,761

#### CHINA 0.3%

#### Convertible

#### Bonds 0.3%
Alibaba

Group

Holding,

0.50%,

6/1/31

(USD)

6,550,000

8,300

JD.com,

0.25%,

6/1/29

(USD)

8,185,000

8,516

#### Total

#### China

#### (Cost

#### $19,858)

#### 16,816

#### COLOMBIA 5.5%

#### Corporate

#### Bonds 0.9%
Banco

de

Bogota,

4.375%,

8/3/27

(USD)

1,500,000

1,475

Banco

de

Bogota,

6.25%,

5/12/26

(USD)

12,300,000

12,346

Ecopetrol,

8.375%,

1/19/36

(USD)

5,230,000

5,050

Ecopetrol,

8.875%,

1/13/33

(USD)

23,480,000

24,239

43,110

#### Government

#### Bonds 4.4%
Republic

of

Colombia,

3.125%,

4/15/31

(USD)

17,680,000

14,562

Republic

of

Colombia,

4.125%,

5/15/51

(USD)

22,495,000

12,860

Republic

of

Colombia,

5.00%,

6/15/45

(USD)

40,650,000

27,520

Republic

of

Colombia,

5.625%,

2/26/44

(USD)

22,000,000

16,314

Republic

of

Colombia,

6.125%,

1/18/41

(USD)

10,790,000

8,815

Republic

of

Colombia,

7.375%,

4/25/30

(USD)

9,300,000

9,638

Republic

of

Colombia,

7.50%,

2/2/34

(USD)

32,425,000

32,322

Republic

of

Colombia,

7.75%,

11/7/36

(USD)

15,330,000

15,015

Republic

of

Colombia,

8.00%,

4/20/33

(USD)

41,070,000

42,546

Republic

of

Colombia,

8.00%,

11/14/35

(USD)

12,370,000

12,454

Republic

of

Colombia,

8.375%,

11/7/54

(USD)

11,135,000

10,609

Republic

of

Colombia,

8.50%,

4/25/35

(USD)

9,100,000

9,464

Republic

of

Colombia,

8.75%,

11/14/53

(USD)

4,450,000

4,418

216,537

#### Private

#### Investment

#### Company 0.2%
Bona

Fide

Investments

Feeder

LLC,

Acquisition

Date:

6/7/23,

Cost $3,644

(USD) (4)(5)

†

5,325

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Bona

Fide

Investments

Holdings

III,

Acquisition

Date:

6/14/24,

Cost $2,915

(USD) (4)(5)

†

3,249

8,574

#### Total

#### Colombia

#### (Cost

#### $284,694)

#### 268,221

#### COSTA

#### RICA 0.6%

#### Government

#### Bonds 0.6%
Republic

of

Costa

Rica,

5.625%,

4/30/43

(USD)

9,500,000

8,541

Republic

of

Costa

Rica,

6.125%,

2/19/31

(USD)

4,420,000

4,555

Republic

of

Costa

Rica,

7.00%,

4/4/44

(USD)

1,650,000

1,691

Republic

of

Costa

Rica,

7.30%,

11/13/54

(USD) (1)

11,806,000

12,258

#### Total

#### Costa

#### Rica

#### (Cost

#### $27,138)

#### 27,045

#### CÔTE

#### D'IVOIRE 3.2%

#### Government

#### Bonds 3.2%
Republic

of

Côte

d'Ivoire,

6.875%,

4/1/28 (1)

9,403,000,000

16,734

Republic

of

Ivory

Coast,

4.875%,

1/30/32

(EUR)

2,583,000

2,732

Republic

of

Ivory

Coast,

6.125%,

6/15/33

(USD)

84,615,000

77,068

Republic

of

Ivory

Coast,

6.625%,

3/22/48

(EUR)

26,585,000

24,476

Republic

of

Ivory

Coast,

7.625%,

1/30/33

(USD) (1)

15,650,000

15,473

Republic

of

Ivory

Coast,

7.625%,

1/30/33

(USD)

470,000

Republic

of

Ivory

Coast,

8.075%,

4/1/36

(USD) (1)

12,080,000

11,675

Republic

of

Ivory

Coast,

8.25%,

1/30/37

(USD)

6,800,000

6,567

#### Total

#### Côte

#### d'Ivoire

#### (Cost

#### $152,244)

#### 155,190

#### CZECH

#### REPUBLIC 0.2%

#### Corporate

#### Bonds 0.2%
Czechoslovak

Group,

6.50%,

1/10/31

(USD) (1)

7,110,000

7,181

#### Total

#### Czech

#### Republic

#### (Cost

#### $7,110)

#### 7,181

#### DOMINICAN

#### REPUBLIC 1.6%

#### Government

#### Bonds 1.6%
Dominican

Republic,

4.50%,

1/30/30

(USD) (1)

7,580,000

7,216

Dominican

Republic,

4.875%,

9/23/32

(USD) (1)

2,535,000

2,347

Dominican

Republic,

5.50%,

2/22/29

(USD) (1)

7,345,000

7,331

Dominican

Republic,

5.875%,

1/30/60

(USD)

9,220,000

7,762

Dominican

Republic,

6.85%,

1/27/45

(USD)

25,875,000

25,662

Dominican

Republic,

6.95%,

3/15/37

(USD) (1)

14,455,000

14,718

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Dominican

Republic,

7.05%,

2/3/31

(USD) (1)

9,950,000

10,449

Dominican

Republic,

10.50%,

3/15/37 (1)

55,500,000

928

Dominican

Republic,

10.75%,

6/1/36 (1)

19,550,000

#### Total

#### Dominican

#### Republic

#### (Cost

#### $78,276)

#### 76,753

#### ECUADOR 1.8%

#### Government

#### Bonds 1.8%
Republic

of

Ecuador,

STEP,

5.00%,

7/31/40

(USD)

14,553,000

9,197

Republic

of

Ecuador,

STEP,

5.50%,

7/31/35

(USD)

44,243,466

32,220

Republic

of

Ecuador,

STEP,

6.90%,

7/31/30

(USD) (1)

42,717,331

37,217

Republic

of

Ecuador,

STEP,

6.90%,

7/31/30

(USD)

9,680,000

8,434

#### Total

#### Ecuador

#### (Cost

#### $71,104)

#### 87,068

#### EGYPT 2.9%

#### Government

#### Bonds 2.9%
Arab

Republic

of

Egypt,

5.80%,

9/30/27

(USD)

16,159,000

15,855

Arab

Republic

of

Egypt,

6.588%,

2/21/28

(USD)

3,490,000

3,498

Arab

Republic

of

Egypt,

7.30%,

9/30/33

(USD)

3,338,000

2,969

Arab

Republic

of

Egypt,

7.50%,

2/16/61

(USD)

9,725,000

7,092

Arab

Republic

of

Egypt,

7.60%,

3/1/29

(USD)

28,421,000

28,672

Arab

Republic

of

Egypt,

7.903%,

2/21/48

(USD) (1)

800,000

615

Arab

Republic

of

Egypt,

8.50%,

1/31/47

(USD) (1)

24,290,000

19,741

Arab

Republic

of

Egypt,

8.50%,

1/31/47

(USD)

49,827,000

40,496

Arab

Republic

of

Egypt,

8.625%,

2/4/30

(USD) (1)

14,740,000

14,919

Arab

Republic

of

Egypt,

9.45%,

2/4/33

(USD)

8,400,000

8,511

#### Total

#### Egypt

#### (Cost

#### $142,466)

#### 142,368

#### EL

#### SALVADOR 1.8%

#### Government

#### Bonds 1.8%
Republic

of

El

Salvador,

0.25%,

4/17/30

(USD) (1)

9,700,000

Republic

of

El

Salvador,

6.375%,

1/18/27

(USD)

950,000

945

Republic

of

El

Salvador,

7.125%,

1/20/50

(USD)

160,000

Republic

of

El

Salvador,

7.625%,

2/1/41

(USD)

3,753,000

3,462

Republic

of

El

Salvador,

7.65%,

6/15/35

(USD)

27,181,000

26,366

Republic

of

El

Salvador,

8.25%,

4/10/32

(USD)

7,026,000

7,134

Republic

of

El

Salvador,

9.25%,

4/17/30

(USD) (1)

26,500,000

28,123

Republic

of

El

Salvador,

9.50%,

7/15/52

(USD)

10,930,000

11,244

Republic

of

El

Salvador,

9.65%,

11/21/54

(USD) (1)

5,860,000

6,050

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Republic

of

El

Salvador,

9.65%,

11/21/54

(USD)

3,340,000

3,449

#### Total

#### El

#### Salvador

#### (Cost

#### $79,714)

#### 87,130

#### GAMBIA 0.0%

#### Corporate

#### Bonds 0.0%
Africell

Holding,

10.50%,

10/23/29

(USD) (1)

850,000

829

#### Total

#### Gambia

#### (Cost

#### $850)

#### 829

#### GHANA 1.4%

#### Corporate

#### Bonds 0.1%
Kosmos

Energy,

8.75%,

10/1/31

(USD) (1)

3,950,000

2,930

2,930

#### Government

#### Bonds 1.3%
Republic

of

Ghana,

STEP,

5.00%,

7/3/29

(USD) (1)

350,900

Republic

of

Ghana,

STEP,

5.00%,

7/3/29

(USD)

15,248,420

14,332

Republic

of

Ghana,

STEP,

5.00%,

7/3/35

(USD) (1)

379,600

Republic

of

Ghana,

STEP,

5.00%,

7/3/35

(USD)

56,895,101

44,407

Republic

of

Ghana,

Zero

Coupon,

7/3/26

(USD) (1)

34,800

Republic

of

Ghana,

Zero

Coupon,

7/3/26

(USD)

1,512,240

1,470

Republic

of

Ghana,

Zero

Coupon,

1/3/30

(USD) (1)

68,415

Republic

of

Ghana,

Zero

Coupon,

1/3/30

(USD)

2,730,344

2,289

63,215

#### Total

#### Ghana

#### (Cost

#### $62,639)

#### 66,145

#### GRENADA 0.0%

#### Government

#### Bonds 0.0%
Government

of

Grenada,

7.00%,

5/12/30

(USD)

1,828,183

1,764

#### Total

#### Grenada

#### (Cost

#### $1,695)

#### 1,764

#### GUATEMALA 1.1%

#### Government

#### Bonds 1.1%
Republic

of

Guatemala,

4.50%,

5/3/26

(USD) (1)

1,475,000

1,464

Republic

of

Guatemala,

4.875%,

2/13/28

(USD)

9,050,000

8,963

Republic

of

Guatemala,

4.90%,

6/1/30

(USD) (1)

698,000

685

Republic

of

Guatemala,

5.25%,

8/10/29

(USD) (1)

7,080,000

7,045

Republic

of

Guatemala,

6.125%,

6/1/50

(USD)

8,265,000

7,506

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Republic

of

Guatemala,

6.55%,

2/6/37

(USD) (1)

3,760,000

3,802

Republic

of

Guatemala,

6.60%,

6/13/36

(USD) (1)

4,982,000

5,065

Republic

of

Guatemala,

7.05%,

10/4/32

(USD) (1)

19,690,000

20,965

#### Total

#### Guatemala

#### (Cost

#### $55,247)

#### 55,495

#### INDIA 2.1%

#### Corporate

#### Bonds 0.5%
ABJA

Investment,

5.45%,

1/24/28

(USD)

3,754,000

3,801

Greenko

Power

II,

4.30%,

12/13/28

(USD)

10,646,625

10,026

State

Bank

of

India,

5.00%,

1/17/29

(USD)

10,540,000

10,677

24,504

#### Government

#### Bonds 1.6%
Export-Import

Bank

of

India,

2.25%,

1/13/31

(USD) (1)

5,545,000

4,878

Export-Import

Bank

of

India,

2.25%,

1/13/31

(USD)

14,790,000

13,009

Export-Import

Bank

of

India,

3.25%,

1/15/30

(USD)

49,031,000

46,189

Republic

of

India,

6.79%,

10/7/34

947,940,000

11,392

75,468

#### Total

#### India

#### (Cost

#### $103,366)

#### 99,972

#### INDONESIA 5.8%

#### Corporate

#### Bonds 1.9%
Bank

Negara

Indonesia

Persero,

3.75%,

3/30/26

(USD)

13,777,000

13,639

Minejesa

Capital,

5.625%,

8/10/37

(USD)

24,450,000

23,568

Pertamina

Persero,

5.625%,

5/20/43

(USD)

10,696,000

10,119

Pertamina

Persero,

6.00%,

5/3/42

(USD)

17,000,000

16,787

Perusahaan

Listrik

Negara,

3.875%,

7/17/29

(USD) (1)

4,730,000

4,583

Perusahaan

Listrik

Negara,

4.00%,

6/30/50

(USD)

13,850,000

9,764

Perusahaan

Listrik

Negara,

4.125%,

5/15/27

(USD)

1,000,000

991

Perusahaan

Listrik

Negara,

4.375%,

2/5/50

(USD) (1)

400,000

Perusahaan

Listrik

Negara,

6.15%,

5/21/48

(USD)

9,600,000

9,359

89,114

#### Government

#### Bonds 3.9%
Perusahaan

Penerbit,

2.80%,

6/23/30

(USD)

34,850,000

32,333

Perusahaan

Penerbit,

4.15%,

3/29/27

(USD)

14,055,000

14,099

Perusahaan

Penerbit,

4.40%,

3/1/28

(USD)

400,000

Perusahaan

Penerbit,

4.45%,

2/20/29

(USD)

3,658,000

3,688

Republic

of

Indonesia,

3.50%,

1/11/28

(USD)

3,412,000

3,366

Republic

of

Indonesia,

4.55%,

1/11/28

(USD)

4,500,000

4,541

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Republic

of

Indonesia,

4.625%,

4/15/43

(USD)

48,980,000

44,060

Republic

of

Indonesia,

5.15%,

9/10/54

(USD)

11,790,000

11,085

Republic

of

Indonesia,

5.25%,

1/17/42

(USD)

23,820,000

23,408

Republic

of

Indonesia,

5.60%,

1/15/35

(USD)

30,000,000

31,349

Republic

of

Indonesia,

Series

103,

6.75%,

7/15/35

372,460,000,000

23,151

191,484

#### Total

#### Indonesia

#### (Cost

#### $299,292)

#### 280,598

#### IRAQ 0.0%

#### Government

#### Bonds 0.0%
Republic

of

Iraq,

5.80%,

1/15/28

(USD)

520,125

516

#### Total

#### Iraq

#### (Cost

#### $496)

#### 516

#### JAMAICA 0.6%

#### Corporate

#### Bonds 0.6%
Kingston

Airport

Revenue

Finance,

6.75%,

12/15/36

(USD) (1)

17,165,000

17,275

TransJamaican

Highway,

5.75%,

10/10/36

(USD) (1)

6,891,228

6,406

TransJamaican

Highway,

5.75%,

10/10/36

(USD)

2,827,721

2,628

26,309

#### Government

#### Bonds 0.0%
Government

of

Jamaica,

7.875%,

7/28/45

(USD)

1,475,000

1,725

1,725

#### Total

#### Jamaica

#### (Cost

#### $28,890)

#### 28,034

#### JORDAN 0.6%

#### Government

#### Bonds 0.6%
Kingdom

of

Jordan,

5.85%,

7/7/30

(USD)

7,275,000

7,016

Kingdom

of

Jordan,

7.50%,

1/13/29

(USD) (1)

12,470,000

12,821

Kingdom

of

Jordan,

7.75%,

1/15/28

(USD) (1)

9,490,000

9,829

#### Total

#### Jordan

#### (Cost

#### $28,939)

#### 29,666

#### KAZAKHSTAN 0.6%

#### Corporate

#### Bonds 0.6%
KazMunayGas

National,

3.50%,

4/14/33

(USD)

1,200,000

1,042

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

KazMunayGas

National,

5.75%,

4/19/47

(USD)

32,140,000

28,008

#### Total

#### Kazakhstan

#### (Cost

#### $30,513)

#### 29,050

#### KENYA 0.0%

#### Government

#### Bonds 0.0%
Republic

of

Kenya,

7.25%,

2/28/28

(USD)

1,085,000

1,067

Republic

of

Kenya,

8.00%,

5/22/32

(USD)

400,000

Republic

of

Kenya,

8.25%,

2/28/48

(USD) (1)

600,000

#### Total

#### Kenya

#### (Cost

#### $2,005)

#### 1,930

#### KUWAIT 0.4%

#### Corporate

#### Bonds 0.4%
MEGlobal

Canada,

5.875%,

5/18/30

(USD)

17,081,000

17,699

#### Total

#### Kuwait

#### (Cost

#### $18,219)

#### 17,699

#### KYRGYZSTAN 0.0%

#### Government

#### Bonds 0.0%
Kyrgyz

Republic,

7.75%,

6/3/30

(USD) (1)

900,000

888

#### Total

#### Kyrgyzstan

#### (Cost

#### $891)

#### 888

#### LEBANON 0.2%

#### Government

#### Bonds 0.2%
Lebanese

Republic,

Series

89,

8.25%,

5/17/34

(USD) (5)(6)

45,825,000

8,753

#### Total

#### Lebanon

#### (Cost

#### $7,639)

#### 8,753

#### MALAYSIA 1.9%

#### Government

#### Bonds 1.9%
Government

of

Malaysia,

Series

0419,

3.828%,

7/5/34

389,525,000

94,750

#### Total

#### Malaysia

#### (Cost

#### $92,471)

#### 94,750

#### MAURITIUS 0.0%

#### Corporate

#### Bonds 0.0%
Axian

Telecom,

7.375%,

2/16/27

(USD)

500,000

508

#### Total

#### Mauritius

#### (Cost

#### $474)

#### 508
T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### MEXICO 7.5%

#### Corporate

#### Bonds 1.6%
Banco

Mercantil

del

Norte,

VR,

7.625%

(USD) (2)(3)

9,500,000

9,473

Banco

Mercantil

del

Norte,

VR,

8.375%

(USD) (2)(3)

4,550,000

4,722

BBVA

Mexico,

VR,

5.125%,

1/18/33

(USD) (3)

14,320,000

13,772

BBVA

Mexico,

VR,

5.875%,

9/13/34

(USD) (3)

10,640,000

10,463

BBVA

Mexico,

VR,

8.125%,

1/8/39

(USD) (1)(3)

6,710,000

6,940

BBVA

Mexico,

VR,

8.45%,

6/29/38

(USD) (1)(3)

19,590,000

20,732

Saavi

Energia,

8.875%,

2/10/35

(USD) (1)

7,260,000

7,585

Saavi

Energia,

8.875%,

2/10/35

(USD)

6,020,000

6,290

79,977

#### Government

#### Bonds 5.9%
Petroleos

Mexicanos,

4.50%,

1/23/26

(USD)

13,925,000

13,746

Petroleos

Mexicanos,

5.95%,

1/28/31

(USD)

6,670,000

6,036

Petroleos

Mexicanos,

6.50%,

3/13/27

(USD)

26,430,000

26,263

Petroleos

Mexicanos,

6.50%,

6/2/41

(USD)

23,679,000

17,604

Petroleos

Mexicanos,

8.75%,

6/2/29

(USD)

31,423,000

32,575

Petroleos

Mexicanos,

10.00%,

2/7/33

(USD)

38,133,000

40,851

United

Mexican

States,

3.50%,

2/12/34

(USD)

22,200,000

18,687

United

Mexican

States,

5.85%,

7/2/32

(USD)

14,120,000

14,307

United

Mexican

States,

6.00%,

5/7/36

(USD)

20,090,000

19,877

United

Mexican

States,

6.35%,

2/9/35

(USD)

37,125,000

38,075

United

Mexican

States,

6.625%,

1/29/38

(USD)

6,060,000

6,160

United

Mexican

States,

6.875%,

5/13/37

(USD)

34,610,000

36,182

United

Mexican

States,

7.375%,

5/13/55

(USD)

16,640,000

17,218

287,581

#### Total

#### Mexico

#### (Cost

#### $361,776)

#### 367,558

#### MOLDOVA 0.0%

#### Corporate

#### Bonds 0.0%
Aragvi

Finance

International,

11.125%,

11/20/29

(USD) (1)

520,000

525

#### Total

#### Moldova

#### (Cost

#### $516)

#### 525

#### MONTENEGRO 1.0%

#### Government

#### Bonds 1.0%
Government

of

Montenegro,

7.25%,

3/12/31

(USD)

4,875,000

5,058

Republic

of

Montenegro,

4.875%,

4/1/32 (1)

10,220,000

11,939

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Republic

of

Montenegro,

7.25%,

3/12/31

(USD) (1)

28,780,000

29,863

#### Total

#### Montenegro

#### (Cost

#### $44,894)

#### 46,860

#### MOROCCO 0.7%

#### Corporate

#### Bonds 0.4%
OCP,

6.70%,

3/1/36

(USD)

8,040,000

8,094

OCP,

7.50%,

5/2/54

(USD) (1)

11,060,000

11,077

Vivo

Energy

Investments,

5.125%,

9/24/27

(USD) (1)

220,000

19,387

#### Government

#### Bonds 0.3%
Kingdom

of

Morocco,

4.00%,

12/15/50

(USD)

21,421,000

14,617

Kingdom

of

Morocco,

6.50%,

9/8/33

(USD)

615,000

649

15,266

#### Total

#### Morocco

#### (Cost

#### $34,682)

#### 34,653

#### NIGERIA 0.9%

#### Government

#### Bonds 0.9%
Republic

of

Nigeria,

6.125%,

9/28/28

(USD)

825,000

790

Republic

of

Nigeria,

6.50%,

11/28/27

(USD) (1)

480,000

Republic

of

Nigeria,

7.143%,

2/23/30

(USD) (1)

1,600,000

1,525

Republic

of

Nigeria,

7.625%,

11/28/47

(USD) (1)

400,000

Republic

of

Nigeria,

7.875%,

2/16/32

(USD)

9,732,000

9,252

Republic

of

Nigeria,

10.375%,

12/9/34

(USD) (1)

5,961,000

6,285

Republic

of

Nigeria

OMO

Bill,

Series

169D,

26.69%,

11/11/25

42,033,192,000

24,806

#### Total

#### Nigeria

#### (Cost

#### $41,621)

#### 43,454

#### OMAN 1.9%

#### Corporate

#### Bonds 0.2%
Oryx

Funding,

5.80%,

2/3/31

(USD)

8,473,000

8,621

8,621

#### Government

#### Bonds 1.7%
Sultanate

of

Oman,

4.75%,

6/15/26

(USD)

6,325,000

6,314

Sultanate

of

Oman,

5.375%,

3/8/27

(USD)

18,495,000

18,695

Sultanate

of

Oman,

5.625%,

1/17/28

(USD)

9,500,000

9,720

Sultanate

of

Oman,

6.25%,

1/25/31

(USD)

2,825,000

3,004

Sultanate

of

Oman,

6.50%,

3/8/47

(USD)

3,561,000

3,614

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Sultanate

of

Oman,

6.75%,

10/28/27

(USD) (1)

14,500,000

15,192

Sultanate

of

Oman,

6.75%,

10/28/27

(USD)

9,200,000

9,639

Sultanate

of

Oman,

6.75%,

1/17/48

(USD)

10,320,000

10,678

Sultanate

of

Oman,

7.00%,

1/25/51

(USD) (1)

6,520,000

6,943

83,799

#### Total

#### Oman

#### (Cost

#### $89,701)

#### 92,420

#### PAKISTAN 0.6%

#### Government

#### Bonds 0.6%
Islamic

Republic

of

Pakistan,

6.00%,

4/8/26

(USD)

470,000

Islamic

Republic

of

Pakistan,

6.875%,

12/5/27

(USD)

16,020,000

15,163

Islamic

Republic

of

Pakistan,

7.375%,

4/8/31

(USD)

2,954,000

2,632

Islamic

Republic

of

Pakistan,

7.875%,

3/31/36

(USD)

12,588,000

10,255

Islamic

Republic

of

Pakistan,

8.25%,

9/30/25

(USD)

475,000

#### Total

#### Pakistan

#### (Cost

#### $30,893)

#### 28,988

#### PANAMA 3.3%

#### Corporate

#### Bonds 0.4%
Aeropuerto

Internacional

de

Tocumen,

4.00%,

8/11/41

(USD) (1)

1,995,000

1,503

Banco

General,

VR,

5.25%

(USD) (1)(2)(3)

7,325,000

6,611

Banco

Nacional

de

Panama,

2.50%,

8/11/30

(USD) (1)

8,795,000

7,375

C&W

Senior

Finance,

9.00%,

1/15/33

(USD) (1)

2,915,000

2,984

18,473

#### Government

#### Bonds 2.9%
Republic

of

Panama,

6.40%,

2/14/35

(USD)

65,395,000

63,828

Republic

of

Panama,

6.70%,

1/26/36

(USD)

11,655,000

11,619

Republic

of

Panama,

6.853%,

3/28/54

(USD)

10,890,000

10,004

Republic

of

Panama,

6.875%,

1/31/36

(USD)

1,715,000

1,709

Republic

of

Panama,

7.50%,

3/1/31

(USD)

5,200,000

5,546

Republic

of

Panama,

7.875%,

3/1/57

(USD)

9,800,000

9,996

Republic

of

Panama,

8.00%,

3/1/38

(USD)

38,804,000

41,678

144,380

#### Total

#### Panama

#### (Cost

#### $163,183)

#### 162,853
T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### PARAGUAY 1.0%

#### Corporate

#### Bonds 0.2%
Telefonica

Celular

del

Paraguay,

5.875%,

4/15/27

(USD) (1)

8,347,000

8,316

8,316

#### Government

#### Bonds 0.8%
Republic

of

Paraguay,

4.95%,

4/28/31

(USD) (1)

9,730,000

9,687

Republic

of

Paraguay,

4.95%,

4/28/31

(USD)

225,000

Republic

of

Paraguay,

5.40%,

3/30/50

(USD) (1)

2,085,000

1,793

Republic

of

Paraguay,

5.40%,

3/30/50

(USD)

13,539,000

11,643

Republic

of

Paraguay,

5.60%,

3/13/48

(USD)

5,490,000

4,900

Republic

of

Paraguay,

5.85%,

8/21/33

(USD) (1)

720,000

737

Republic

of

Paraguay,

6.00%,

2/9/36

(USD) (1)

4,135,000

4,214

Republic

of

Paraguay,

6.00%,

2/9/36

(USD)

6,875,000

7,006

Republic

of

Paraguay,

6.10%,

8/11/44

(USD)

1,000,000

962

Republic

of

Paraguay,

8.50%,

3/4/35

(PYG) (1)

7,000,000,000

848

42,014

#### Total

#### Paraguay

#### (Cost

#### $54,835)

#### 50,330

#### PERU 3.5%

#### Corporate

#### Bonds 0.4%
Consorcio

Transmantaro,

4.70%,

4/16/34

(USD) (1)

3,315,000

3,185

Lima

Metro

Line

Finance,

5.875%,

7/5/34

(USD)

3,360,223

3,410

Scotiabank

Peru,

VR,

6.10%,

10/1/35

(USD) (1)(3)

9,940,000

10,109

16,704

#### Government

#### Bonds 3.1%
Republic

of

Peru,

2.78%,

12/1/60

(USD)

28,975,000

15,639

Republic

of

Peru,

3.30%,

3/11/41

(USD)

6,250,000

4,653

Republic

of

Peru,

3.55%,

3/10/51

(USD)

6,625,000

4,568

Republic

of

Peru,

5.375%,

2/8/35

(USD)

32,535,000

32,557

Republic

of

Peru,

5.625%,

11/18/50

(USD)

42,445,000

40,439

Republic

of

Peru,

6.20%,

6/30/55

(USD)

13,260,000

13,336

Republic

of

Peru,

6.85%,

8/12/35 (1)

49,200,000

14,340

Republic

of

Peru,

7.60%,

8/12/39 (1)

50,300,000

15,111

Republic

of

Peru,

8.75%,

11/21/33

(USD)

10,112,000

12,378

153,021

#### Total

#### Peru

#### (Cost

#### $179,842)

#### 169,725
T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### PHILIPPINES 1.6%

#### Corporate

#### Bonds 0.9%
Globe

Telecom,

2.50%,

7/23/30

(USD)

6,800,000

6,080

Globe

Telecom,

3.00%,

7/23/35

(USD)

6,650,000

5,377

International

Container

Terminal

Services,

4.75%,

6/17/30

(USD)

15,260,000

15,236

Manila

Water,

4.375%,

7/30/30

(USD)

16,950,000

16,528

43,221

#### Government

#### Bonds 0.7%
Republic

of

Philippines,

2.65%,

12/10/45

(USD)

38,175,000

24,795

Republic

of

Philippines,

4.625%,

7/17/28

(USD)

1,440,000

1,453

Republic

of

Philippines,

6.25%,

1/14/36

622,000,000

10,812

37,060

#### Total

#### Philippines

#### (Cost

#### $94,105)

#### 80,281

#### POLAND 1.4%

#### Government

#### Bonds 1.4%
Republic

of

Poland,

Series

10Y,

5.125%,

9/18/34

(USD)

15,593,000

15,689

Republic

of

Poland,

Series

10Y,

5.375%,

2/12/35

(USD)

18,780,000

19,167

Republic

of

Poland,

Series

30Y,

5.50%,

4/4/53

(USD)

6,310,000

5,887

Republic

of

Poland,

Series

30Y,

5.50%,

3/18/54

(USD)

21,050,000

19,584

Republic

of

Poland,

Series

5Y,

4.875%,

2/12/30

(USD)

9,537,000

9,735

#### Total

#### Poland

#### (Cost

#### $69,277)

#### 70,062

#### QATAR 1.7%

#### Corporate

#### Bonds 0.9%
Ooredoo

International

Finance,

2.625%,

4/8/31

(USD) (1)

9,000,000

8,114

QatarEnergy,

2.25%,

7/12/31

(USD) (1)

13,825,000

12,127

QatarEnergy,

2.25%,

7/12/31

(USD)

10,050,000

8,816

QatarEnergy,

3.125%,

7/12/41

(USD) (1)

20,475,000

15,141

44,198

#### Government

#### Bonds 0.8%
State

of

Qatar,

4.817%,

3/14/49

(USD)

40,500,000

36,415

36,415

#### Total

#### Qatar

#### (Cost

#### $106,709)

#### 80,613
T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### ROMANIA 1.3%

#### Corporate

#### Bonds 0.4%
Banca

Transilvania,

VR,

8.875%,

4/27/27

(EUR) (3)

17,577,000

21,562

21,562

#### Government

#### Bonds 0.9%
Republic

of

Romania,

2.625%,

12/2/40

(EUR)

3,400,000

2,500

Republic

of

Romania,

4.00%,

2/14/51

(USD)

9,500,000

5,959

Republic

of

Romania,

5.50%,

9/18/28

(EUR)

16,380,000

20,135

Republic

of

Romania,

5.75%,

3/24/35

(USD) (1)

7,100,000

6,575

Republic

of

Romania,

6.375%,

1/30/34

(USD) (1)

8,874,000

8,708

43,877

#### Total

#### Romania

#### (Cost

#### $65,766)

#### 65,439

#### SAUDI

#### ARABIA 2.0%

#### Corporate

#### Bonds 0.7%
Gaci

First

Investment,

5.125%,

2/14/53

(USD)

23,329,000

20,007

Greensaif

Pipelines

Bidco,

5.853%,

2/23/36

(USD) (1)

9,750,000

9,871

Greensaif

Pipelines

Bidco,

6.129%,

2/23/38

(USD)

4,600,000

4,746

34,624

#### Government

#### Bonds 1.3%
Kingdom

of

Saudi

Arabia,

3.45%,

2/2/61

(USD) (1)

465,000

Kingdom

of

Saudi

Arabia,

3.75%,

1/21/55

(USD)

6,350,000

4,344

Kingdom

of

Saudi

Arabia,

4.50%,

4/22/60

(USD) (1)

585,000

Kingdom

of

Saudi

Arabia,

4.75%,

1/16/30

(USD) (1)

13,740,000

13,882

Kingdom

of

Saudi

Arabia,

4.875%,

7/18/33

(USD)

6,300,000

6,331

Kingdom

of

Saudi

Arabia,

5.00%,

4/17/49

(USD)

15,100,000

13,172

Saudi

Arabian

Oil,

3.50%,

4/16/29

(USD)

10,277,000

9,938

Saudi

Arabian

Oil,

4.25%,

4/16/39

(USD)

12,345,000

10,768

Saudi

Arabian

Oil,

5.25%,

7/17/34

(USD) (1)

5,140,000

5,199

64,380

#### Total

#### Saudi

#### Arabia

#### (Cost

#### $107,884)

#### 99,004

#### SENEGAL 0.0%

#### Government

#### Bonds 0.0%
Republic

of

Senegal,

6.25%,

5/23/33

(USD) (1)

430,000

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Republic

of

Senegal,

6.25%,

5/23/33

(USD)

310,000

Republic

of

Senegal,

Series

7Y,

7.75%,

6/10/31

(USD)

270,000

#### Total

#### Senegal

#### (Cost

#### $945)

#### 687

#### SERBIA 0.5%

#### Government

#### Bonds 0.5%
Republic

of

Serbia,

6.25%,

5/26/28

(USD) (1)

20,010,000

20,704

Republic

of

Serbia,

6.50%,

9/26/33

(USD)

5,295,000

5,583

#### Total

#### Serbia

#### (Cost

#### $25,550)

#### 26,287

#### SINGAPORE 0.2%

#### Convertible

#### Bonds 0.2%
Sea,

2.375%,

12/1/25

(USD)

5,115,000

9,107

#### Total

#### Singapore

#### (Cost

#### $7,430)

#### 9,107

#### SOUTH

#### AFRICA 3.3%

#### Corporate

#### Bonds 0.1%
Transnet,

8.25%,

2/6/28

(USD)

5,565,000

5,763

5,763

#### Government

#### Bonds 3.2%
Republic

of

South

Africa,

7.10%,

11/19/36

(USD) (1)

7,950,000

7,895

Republic

of

South

Africa,

7.10%,

11/19/36

(USD)

85,074,000

84,490

Republic

of

South

Africa,

7.95%,

11/19/54

(USD) (1)

19,055,000

18,215

Republic

of

South

Africa,

Series

10Y,

5.875%,

4/20/32

(USD)

8,290,000

8,126

Republic

of

South

Africa,

Series

30Y,

5.65%,

9/27/47

(USD)

21,590,000

16,179

Republic

of

South

Africa,

Series

30Y,

6.25%,

3/8/41

(USD)

10,050,000

8,703

Republic

of

South

Africa,

Series

30Y,

7.30%,

4/20/52

(USD)

10,185,000

9,192

152,800

#### Total

#### South

#### Africa

#### (Cost

#### $163,015)

#### 158,563

#### SOUTH

#### KOREA 0.2%

#### Corporate

#### Bonds 0.2%
Hanwha

Totalenergies

Petrochemical,

5.50%,

7/18/29

(USD)

11,890,000

12,028

#### Total

#### South

#### Korea

#### (Cost

#### $11,877)

#### 12,028
T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### SRI

#### LANKA 3.1%

#### Corporate

#### Bonds 0.0%
SriLankan

Airlines,

7.00%,

6/25/24

(USD) (5)(6)

1,449,000

1,345

1,345

#### Government

#### Bonds 3.1%
Republic

of

Sri

Lanka,

4.00%,

4/15/28

(USD) (1)

17,625,455

16,590

Republic

of

Sri

Lanka,

STEP,

3.10%,

1/15/30

(USD) (1)

18,152,073

16,223

Republic

of

Sri

Lanka,

STEP,

3.35%,

3/15/33

(USD) (1)

35,604,981

28,827

Republic

of

Sri

Lanka,

STEP,

3.60%,

6/15/35

(USD) (1)

72,568,964

49,958

Republic

of

Sri

Lanka,

STEP,

3.60%,

6/15/35

(USD)

13,465,000

9,270

Republic

of

Sri

Lanka,

STEP,

3.60%,

5/15/36

(USD) (1)

16,685,398

13,619

Republic

of

Sri

Lanka,

STEP,

3.60%,

2/15/38

(USD) (1)

19,804,818

16,127

150,614

#### Total

#### Sri

#### Lanka

#### (Cost

#### $144,332)

#### 151,959

#### SUPRANATIONAL 0.5%

#### Government

#### Bonds 0.5%
Corp.

Andina

de

Fomento,

VR,

6.75%

(USD) (1)(2)(3)

8,630,000

8,703

International

Bank

for

Reconstruction

&

Development,

Zero

Coupon,

3/31/27

(USD)

14,075,000

13,118

#### Total

#### Supranational

#### (Cost

#### $21,849)

#### 21,821

#### SURINAME 1.0%

#### Government

#### Bonds 1.0%
Republic

of

Suriname,

7.95%,

7/15/33,

(4.95%

Cash

and

3.00%

PIK)

(USD) (1)(7)

29,693,410

29,456

Republic

of

Suriname,

VR,

9.00%,

12/31/50

(USD) (1)

18,316,000

20,642

#### Total

#### Suriname

#### (Cost

#### $31,254)

#### 50,098

#### TANZANIA 0.4%

#### Convertible

#### Bonds 0.1%
HTA

Group,

2.875%,

3/18/27

(USD)

3,400,000

3,229

3,229

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### Corporate

#### Bonds 0.3%
HTA

Group,

7.50%,

6/4/29

(USD) (1)

13,460,000

13,824

13,824

#### Total

#### Tanzania

#### (Cost

#### $16,842)

#### 17,053

#### THAILAND 0.6%

#### Corporate

#### Bonds 0.6%
Bangkok

Bank,

VR,

3.466%,

9/23/36

(USD) (1)(3)

18,870,000

16,808

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD)

16,790,000

10,291

#### Total

#### Thailand

#### (Cost

#### $28,852)

#### 27,099

#### TRINIDAD

#### AND

#### TOBAGO 0.2%

#### Government

#### Bonds 0.2%
Republic

of

Trinidad

&

Tobago,

6.40%,

6/26/34

(USD) (1)

10,270,000

10,111

#### Total

#### Trinidad

#### and

#### Tobago

#### (Cost

#### $10,270)

#### 10,111

#### TÜRKIYE 3.6%

#### Government

#### Bonds 3.6%
Republic

of

Turkiye,

6.50%,

1/3/35

(USD)

15,500,000

14,667

Republic

of

Turkiye,

7.25%,

5/29/32

(USD)

11,670,000

11,729

Republic

of

Turkiye,

Series

10Y,

5.95%,

1/15/31

(USD)

26,785,000

25,863

Republic

of

Turkiye,

Series

10Y,

7.625%,

5/15/34

(USD)

13,300,000

13,646

Republic

of

Turkiye,

Series

10Y,

9.375%,

1/19/33

(USD)

11,630,000

13,148

Republic

of

Turkiye,

Series

12Y,

6.50%,

9/20/33

(USD)

6,825,000

6,573

Republic

of

Turkiye,

Series

2Y,

37.00%,

2/18/26

901,965,000

22,474

Republic

of

Turkiye,

Series

30Y,

6.00%,

1/14/41

(USD)

31,340,000

25,905

Republic

of

Turkiye,

Series

5Y,

9.875%,

1/15/28

(USD)

3,585,000

3,926

Republic

of

Turkiye,

Series

6Y,

8.60%,

9/24/27

(USD)

10,975,000

11,650

Republic

of

Turkiye,

Series

6Y,

9.375%,

3/14/29

(USD)

22,200,000

24,512

#### Total

#### Türkiye

#### (Cost

#### $172,698)

#### 174,093

#### UKRAINE 1.0%

#### Corporate

#### Bonds 0.0%
MHP,

6.25%,

9/19/29

(USD)

2,538,000

2,069

2,069

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### Government

#### Bonds 1.0%
Government

of

Uk

raine,

STEP,

0.00%,

2/1/34

(USD) (1)

—

Government

of

Ukraine,

STEP,

1.75%,

2/1/29

(USD) (1)

13,101,932

8,043

Government

of

Ukraine,

STEP,

1.75%,

2/1/34

(USD) (1)

7,361,753

3,788

Government

of

Ukraine,

STEP,

1.75%,

2/1/35

(USD) (1)

7,136,234

3,611

Government

of

Ukraine,

STEP,

1.75%,

2/1/36

(USD) (1)

58,175,157

28,386

Government

of

Ukraine,

STEP,

1.75%,

2/1/36

(USD)

5,205,000

2,540

46,368

#### Total

#### Ukraine

#### (Cost

#### $51,181)

#### 48,437

#### UNITED

#### ARAB

#### EMIRATES 1.0%

#### Corporate

#### Bonds 1.0%
DP

World,

5.25%,

12/24/29

(USD)

29,015,000

29,489

Galaxy

Pipeline

Assets

Bidco,

2.625%,

3/31/36

(USD)

17,380,000

14,801

Ruwais

Power,

6.00%,

8/31/36

(USD)

4,865,000

5,031

#### Total

#### United

#### Arab

#### Emirates

#### (Cost

#### $48,837)

#### 49,321

#### UNITED

#### KINGDOM 0.0%

#### Common

#### Stocks 0.0%
Mriya

Farming,

Recovery

Certificates,

Acquisition

Date:

8/23/18,

Cost $—

(EUR) (4)(5)(8)

4,463,430

#### Total

#### United

#### Kingdom

#### (Cost

#### $–)

#### 15

#### UNITED

#### STATES 0.2%

#### Corporate

#### Bonds 0.2%
Hyundai

Capital

America,

5.60%,

3/30/28 (1)

11,450,000

11,710

#### Total

#### United

#### States

#### (Cost

#### $11,553)

#### 11,710

#### URUGUAY 0.9%

#### Government

#### Bonds 0.9%
Oriental

Republic

of

Uruguay,

5.75%,

10/28/34

(USD)

16,385,000

17,322

Republic

of

Uruguay,

5.10%,

6/18/50

(USD)

30,085,000

27,858

#### Total

#### Uruguay

#### (Cost

#### $45,877)

#### 45,180
T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### UZBEKISTAN 0.6%

#### Corporate

#### Bonds 0.2%
Navoi

Mining

&

Metallurgical

Combinat,

6.95%,

10/17/31

(USD) (1)

9,555,000

9,789

Uzbekneftegaz,

8.75%,

5/7/30

(USD) (1)

400,000

10,202

#### Government

#### Bonds 0.4%
National

Bank

of

Uzbekistan,

8.50%,

7/5/29

(USD)

550,000

579

Republic

of

Uzbekistan,

6.947%,

5/25/32

(USD) (1)

1,000,000

1,031

Republic

of

Uzbekistan,

6.947%,

5/25/32

(USD)

17,160,000

17,686

Republic

of

Uzbekistan,

7.85%,

10/12/28

(USD) (1)

1,000,000

1,069

20,365

#### Total

#### Uzbekistan

#### (Cost

#### $30,074)

#### 30,567

#### VENEZUELA 1.6%

#### Government

#### Bonds 1.6%
Petroleos

de

Venezuela,

6.00%,

5/16/24

(USD) (5)(6)

9,185,000

1,173

Petroleos

de

Venezuela,

8.50%,

10/27/20

(USD) (5)(6)

12,471,000

11,567

Petroleos

de

Venezuela,

9.00%,

11/17/21

(USD) (5)(6)

339,540,000

43,889

Petroleos

de

Venezuela,

9.75%,

5/17/35

(USD) (5)(6)

985,000

Petroleos

de

Venezuela,

12.75%,

2/17/22

(USD) (5)(6)

43,593,000

6,483

Republic

of

Venezuela,

6.00%,

12/9/20

(USD) (5)(6)

1,070,000

Republic

of

Venezuela,

7.75%,

10/13/19

(USD) (5)(6)

61,570,000

9,167

Republic

of

Venezuela,

9.25%,

9/15/27

(USD) (5)(6)

10,000,000

2,037

Republic

of

Venezuela,

11.75%,

10/21/26

(USD) (5)(6)

14,600,000

2,951

Republic

of

Venezuela,

11.95%,

8/5/31

(USD) (5)(6)

800,000

Republic

of

Venezuela,

12.75%,

8/23/22

(USD) (5)(6)

8,850,000

1,607

#### Total

#### Venezuela

#### (Cost

#### $215,131)

#### 79,318

#### VIETNAM 0.1%

#### Government

#### Bonds 0.1%
Socialist

Republic

of

Vietnam,

Series

30YR,

FRN,

6M

TSFR

+

0.813%,

5.438%,

3/13/28

(USD)

4,750,000

4,542

#### Total

#### Vietnam

#### (Cost

#### $4,586)

#### 4,542
T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### ZAMBIA 0.3%

#### Government

#### Bonds 0.3%
Republic

of

Zambia,

0.50%,

12/31/53

(USD)

22,564,889

15,545

Republic

of

Zambia,

13.00%,

9/20/31

8,450,000

Republic

of

Zambia,

STEP,

5.75%,

6/30/33

(USD)

1,004,227

925

#### Total

#### Zambia

#### (Cost

#### $15,081)

#### 16,767

#### SHORT-TERM

#### INVESTMENTS 1.8%

#### Money

#### Market

#### Funds 1.8%
T. Rowe

Price

Government

Reserve

Fund,

4.37% (9)(10)

86,343,439

86,343

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $86,343)

#### 86,343

#### Total

#### Investments

#### in

#### Securities

#### 98.9%

#### of

#### Net

#### Assets

#### (Cost

#### $4,976,057)

#### $

#### 4,826,683
‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Par/Shares

and

Notional

Amount

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

†

Investment

fund

is

not

unitized.

(1) Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$1,217,697

and

represents

24.9%

of

net

assets.

(2) Perpetual

security

with

no

stated

maturity

date.

(3) Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(4) Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$8,589

and

represents

0.2%

of

net

assets.

(5) Non-income

producing

(6) Issuer

has

failed

to

make

a

scheduled

interest

and/or

principal

payment

or

is

in

default.

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

.

.

.

.

.

.

.

.

.

.

(7) Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(8) See

Note

2. Level

in

fair

value

hierarchy.

(9) Seven-day

yield

(10) Affiliated

Companies

6M

TSFR

Six

month

term

SOFR

(Secured

overnight

financing

rate)

CLP

Chilean

Peso

COP

Colombian

Peso

EGP

Egyptian

Pound

EUR

Euro

FRN

Floating

Rate

Note

ICP

Chilean

Average

Chamber

Index

IDR

Indonesian

Rupiah

MYR

Malaysian

Ringgit

PEN

Peruvian

New

Sol

PHP

Philippines

Peso

PIK

Payment-in-kind

PYG

Paraguay

Guarani

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

TRY

Turkish

Lira

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

(Amounts

in

000s)

#### SWAPS

#### 0.0%

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value

#### Unrealized

#### $

#### Gain/(Loss)

#### CENTRALLY

#### CLEARED

#### SWAPS

#### 0.0%

#### Interest

#### Rate

#### Swaps

#### 0.0%

#### Chile

#### 0.0%

Year

Interest

Rate

Swap,

Receive

Fixed

4.729%

Semi-Annually,

Pay

Variable

4.887%

(ICP)

Semi-Annually,

5/22/30

28,675,000

—

#### Total

#### Chile

#### 98

#### Total

#### Centrally

#### Cleared

#### Interest

#### Rate

#### Swaps

#### 98

#### Total

#### Centrally

#### Cleared

#### Swaps

#### 98

#### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### (73)

#### Variation

#### margin

#### receivable
(payable)

#### on

#### centrally

#### cleared

#### swaps

#### $

#### 25
T. ROWE

PRICE

Emerging

Markets

Bond

Fund

(Amounts

in

000s)

#### FORWARD

#### CURRENCY

#### EXCHANGE

#### CONTRACTS

#### Counterparty

#### Settlement

#### Receive

#### Deliver

#### Unrealized

#### Gain/(Loss)
Bank

of

America

9/4/25

USD

46,543

MYR

197,626

$

(463) Barclays

Bank

9/2/25

TRY

178,855

USD

4,257

(14) BNP

Paribas

7/11/25

USD

22,558

IDR

382,398,979

(1,030)

Citibank

7/11/25

IDR

382,398,979

USD

23,511

Citibank

9/11/25

EGP

703,702

USD

13,045

762

Citibank

12/11/25

EGP

703,803

USD

12,581

705

Deutsche

Bank

7/11/25

PEN

27,947

USD

7,901

(14) Deutsche

Bank

8/8/25

USD

11,019

CLP

10,416,449

(162) Deutsche

Bank

10/10/25

USD

7,882

PEN

27,947

HSBC

Bank

8/8/25

USD

3,554

CLP

3,408,820

(105) HSBC

Bank

8/22/25

EUR

11,149

USD

12,646

534

HSBC

Bank

9/4/25

USD

26,645

MYR

113,330

(310) HSBC

Bank

9/5/25

USD

11,181

PHP

624,899

JPMorgan

Chase

8/22/25

EUR

USD

JPMorgan

Chase

9/4/25

USD

21,511

MYR

91,534

(260) Morgan

Stanley

8/8/25

USD

5,210

CLP

4,901,859

(52) Morgan

Stanley

8/22/25

EUR

2,987

USD

3,384

RBC

Dominion

Securities

8/8/25

USD

4,106

CLP

3,843,305

(19) Standard

Chartered

8/22/25

USD

164,279

EUR

145,100

(7,248)

UBS

Investment

Bank

7/11/25

PEN

22,521

USD

6,317

UBS

Investment

Bank

8/8/25

USD

2,509

CLP

2,356,138

(20) UBS

Investment

Bank

9/5/25

USD

2,086

COP

8,807,199

(51) UBS

Investment

Bank

10/10/25

USD

6,300

PEN

22,521

(39) Wells

Fargo

7/11/25

PEN

23,955

USD

6,746

Wells

Fargo

7/11/25

USD

27,783

PEN

102,370

(1,106)

Wells

Fargo

8/8/25

CLP

24,926,571

USD

26,554

Wells

Fargo

9/5/25

USD

6,316

COP

26,421,596

(94) Wells

Fargo

10/10/25

USD

6,727

PEN

23,955

(15) Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(8,396)

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### FUTURES

#### CONTRACTS
($000s)

#### Expiration

#### Date

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Gain
(Loss)

Short,

Euro

BUND

contracts

9/25

(61,784)

$

Short,

1,655

U.S.

Treasury

Notes

ten

year

contracts

9/25

(185,567)

(1,538)

Long,

1,565

Ultra

U.S.

Treasury

Bonds

contracts

9/25

186,431

7,731

#### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### (5,236)

#### Variation

#### margin

#### receivable
(payable)

#### on

#### open

#### futures

#### contracts

#### $

#### 1,412
T. ROWE

PRICE

Emerging

Markets

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### AFFILIATED

#### COMPANIES
($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

six

months

ended

June

30,

2025. Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

#### Affiliate

#### Net

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Net

#### Unrealized

#### Gain/Loss

#### Investment

#### Income
T. Rowe

Price

Government

Reserve

Fund,

4.37%

$

—#

$

—

$

2,689+

#### Supplementary

#### Investment

#### Schedule

#### Affiliate

#### Value

#### 12/31/24

#### Purchase

#### Cost

#### Sales

#### Cost

#### Value

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

Price

Government

Reserve

Fund,

4.37%

$

163,922

¤

¤

$

86,343^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$2,689

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$86,343.

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

June

30,

2025

(Unaudited)

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$4,976,057)

$

4,826,683

Interest

receivable

81,978

Foreign

currency

(cost

$19,950)

20,006

Restricted

cash

pledged

for

bilateral

derivatives

8,390

Cash

deposits

on

futures

contracts

6,742

Receivable

for

shares

sold

4,949

Unrealized

gain

on

forward

currency

exchange

contracts

2,606

Due

from

affiliates

1,501

Variation

margin

receivable

on

futures

contracts

1,412

Cash

deposits

on

centrally

cleared

swaps

817

Receivable

for

investment

securities

sold

Cash

Variation

margin

receivable

on

centrally

cleared

swaps

Other

assets

Total

assets

4,955,676

#### Liabilities
Payable

for

investment

securities

purchased

53,737

Unrealized

loss

on

forward

currency

exchange

contracts

11,002

Payable

for

shares

redeemed

6,043

Investment

management

fees

payable

2,531

Payable

to

directors

Other

liabilities

793

Total

liabilities

74,110

Commitments

and

Contingent

Liabilities

(note

8)

#### NET

#### ASSETS

#### $

#### 4,881,566
T. ROWE

PRICE

Emerging

Markets

Bond

Fund

June

30,

2025

(Unaudited)

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Net

#### Assets

#### Consist

#### of:
Total

distributable

earnings

(loss)

$

(1,575,138)

Paid-in

capital

applicable

to

523,572,671

shares

of

$0.01

par

value

capital

stock

outstanding;

18,000,000,000

shares

of

the

Corporation

authorized

6,456,704

#### NET

#### ASSETS

#### $

#### 4,881,566

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $345,279;

#### Shares

#### outstanding:

#### 37,032,704)

#### $

#### 9.32

#### Advisor

#### Class

#### (Net

#### assets:

#### $78;

#### Shares

#### outstanding:

#### 8,369)

#### $

#### 9.32

#### I

#### Class

#### (Net

#### assets:

#### $1,642,266;

#### Shares

#### outstanding:

#### 176,340,166)

#### $

#### 9.31

#### Z

#### Class

#### (Net

#### assets:

#### $2,893,943;

#### Shares

#### outstanding:

#### 310,191,432)

#### $

#### 9.33
T. ROWE

PRICE

Emerging

Markets

Bond

Fund

(Unaudited)

#### Statement

#### of

#### Operations

($000s)

Months

Ended

6/30/25

#### Investment

#### Income
(Loss)

Income

.

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

(net

of

foreign

taxes

of

$134)

$

167,081

Dividend

2,689

Other

Total

income

169,774

Expenses

Investment

management

16,536

Shareholder

servicing

Investor

Class

$

Advisor

Class

I

Class

529

Prospectus

and

shareholder

reports

Investor

Class

I

Class

Custody

and

accounting

Legal

and

audit

Registration

Directors

Miscellaneous

Waived

/

paid

by

Price

Associates

(10,592)

Total

expenses

7,152

Net

investment

income

162,622

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

(Unaudited)

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

6/30/25

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

gain

(loss)

Securities

(net

of

foreign

taxes

of

$119)

(139,062)

Futures

(32,843)

Swaps

(124)

Forward

currency

exchange

contracts

(4,529)

Foreign

currency

transactions

(965)

Net

realized

loss

(177,523)

Change

in

net

unrealized

gain

/

loss

Securities

259,808

Futures

19,953

Swaps

Forward

currency

exchange

contracts

(21,362)

Other

assets

and

liabilities

denominated

in

foreign

currencies

770

Change

in

net

unrealized

gain

/

loss

259,267

Net

realized

and

unrealized

gain

/

loss

81,744

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 244,366
T. ROWE

PRICE

Emerging

Markets

Bond

Fund

(Unaudited)

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Months

Ended

6/30/25

Year

Ended

12/31/24

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

$

162,622

$

277,236

Net

realized

loss

(177,523)

(175,575)

Change

in

net

unrealized

gain

/

loss

259,267

171,936

Increase

in

net

assets

from

operations

244,366

273,597

Distributions

to

shareholders

Net

earnings

Investor

Class

(10,422)

(20,838)

Advisor

Class

(2) (4) I

Class

(49,672)

(53,777)

Z

Class

(104,395)

(200,861)

Decrease

in

net

assets

from

distributions

(164,491)

(275,480)

Capital

share

transactions

\*

Shares

sold

Investor

Class

52,107

85,661

Advisor

Class

I

Class

180,062

702,082

Z

Class

87,152

195,113

Shares

issued

in

connection

with

fund

acquisition

I

Class

–

367,005

Distributions

reinvested

Investor

Class

9,685

19,532

Advisor

Class

I

Class

46,138

48,948

Z

Class

103,679

201,045

Shares

redeemed

Investor

Class

(74,928)

(133,716)

Advisor

Class

(1) (29) I

Class

(188,747)

(160,968)

Z

Class

(350,824)

(500,632)

Increase

(decrease)

in

net

assets

from

capital

share

transactions

(135,673)

824,055

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

(Unaudited)

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

6/30/25

Year

Ended

12/31/24

#### Net

#### Assets
Increase

(decrease)

during

period

(55,798)

822,172

Beginning

of

period

4,937,364

4,115,192

#### End

#### of

#### period

#### $

#### 4,881,566

#### $

#### 4,937,364
\*Share

information

(000s)

Shares

sold

Investor

Class

5,697

9,359

Advisor

Class

–

(1) 1

I

Class

19,649

76,251

Z

Class

9,318

21,468

Shares

issued

in

connection

with

fund

acquisition

I

Class

–

38,877

Distributions

reinvested

Investor

Class

1,051

2,131

Advisor

Class

–

(1) –

(1) I

Class

5,012

5,334

Z

Class

11,241

21,925

Shares

redeemed

Investor

Class

(8,188)

(14,597)

Advisor

Class

–

(1) (3) I

Class

(20,759)

(17,482)

Z

Class

(39,081)

(54,843)

Increase

(decrease)

in

shares

outstanding

(16,060)

88,421

(1) Amount

rounds

to

less

than

1,000

shares

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

Unaudited

#### NOTES

#### TO

#### FINANCIAL

#### STATEMENTS

T. Rowe

Price

International

Funds,

Inc. (the

corporation)

is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Emerging

Markets

Bond

Fund

(the

fund)

is a

diversified, open-end

management

company

established

by

the

corporation. The

fund

seeks to

provide

high

income

and

capital

appreciation.

The

fund

has four classes

of

shares:

the

Emerging

Markets

Bond

Fund

(Investor

Class),

the

Emerging

Markets

Bond

Fund–Advisor

Class

(Advisor

Class),

the

Emerging

Markets

Bond

Fund–I

Class

(I

Class)

and

the

Emerging

Markets

Bond

Fund–Z

Class

(Z

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Z

Class

is

only

available

to

funds

advised

by

T. Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services.

The

Advisor

Class

operates

under

a

Board-approved

Rule

12b-1

plan

pursuant

to

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/

or

certain

administrative

services;

the

Investor,

I

and

Z

Classes

do

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

#### NOTE

#### 1

#### -

#### SIGNIFICANT

#### ACCOUNTING

#### POLICIES

#### Basis

#### of

#### Preparation
The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

*Accounting* 

*Standards* 

*Codification* 

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946. GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

#### Investment

#### Transactions,

#### Investment

#### Income,

#### and

#### Distributions
Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

amortized

for

financial

reporting

purposes. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

as

dividend income;

capital

gain

distributions

are

reflected

as

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Earnings

on

investments

recognized

as

partnerships

for

federal

income

tax

purposes

reflect

the

tax

character

of

such

earnings. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any, are

declared

by

each

class daily

and

paid

monthly. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

#### Currency

#### Translation
Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

#### Class

#### Accounting
Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class's

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class's

outstanding

shares.

The

Advisor

Class

pays

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

of

the

class's

average

daily

net

assets;

during

the

six

months

ended

June

30,

2025,

the

Advisor

Class

incurred

less

than

$1,000

in

these

fees.

#### Capital

#### Transactions
Each

investor's

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund's

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

Eastern

time,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T. Rowe

Price

Associates,

Inc.,

or

its

agents.

#### New

#### Accounting

#### Guidance
In December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Taxes

Disclosures,

which

enhances

the

transparency

of

income

tax

disclosures.

The

ASU

requires

public

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

amendments

under

this

ASU

are

required

to

be

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024. Management

expects

that

adoption

of

the

guidance

will

not

have

a

material

impact

on

the

fund's

financial

statements.

#### Indemnification
In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund's

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

#### NOTE

#### 2

#### -

#### VALUATION

#### Fair

#### Value
&nbsp;&nbsp;&nbsp;&nbsp;The

fund's

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund's

Board

of

Directors

(the

Board)

has

designated

T. Rowe

Price

Associates,

Inc.

as

the

fund's

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

Level

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

–

inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

–

unobservable

inputs

(including

the Valuation

Designee's assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

#### Valuation

#### Techniques
Debt

securities

generally

are

traded

in

the over-the-

counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

the

fund's portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund's

closing

NAV

per

share

on

the

day

of

valuation.

Investments

in

private

investment

companies

are

valued

at

the

investee's

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee's

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation Designee

may

adjust

the

investee's

NAV

to

reflect

fair

value

at

the

valuation

date.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Assets

and

liabilities

other

than

financial

instruments,

including

short-

term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm's

length

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

#### Valuation

#### Inputs
&nbsp;&nbsp;&nbsp;&nbsp;The

following

table

summarizes

the

fund's

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

June

30,

2025

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

($000s)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Value

#### Assets
Fixed

Income

Securities

$

—

$

4,731,751

$

—

$

4,731,751

Common

Stocks

—

—

Private

Investment

Company

—

—

—

8,574

Short-Term

Investments

86,343

—

—

86,343

Total

Securities

86,343

4,731,751

4,826,683

Swaps\*

—

—

Forward

Currency

Exchange

Contracts

—

2,606

—

2,606

Futures

Contracts\*

8,186

—

—

8,186

Total

$

94,529

$

4,734,455

$

$

4,837,573

#### Liabilities
Forward

Currency

Exchange

Contracts

$

—

$

11,002

$

—

$

11,002

Futures

Contracts\*

1,538

—

—

1,538

Total

$

1,538

$

11,002

$

—

$

12,540

Includes

Convertible

Bonds,

Corporate

Bonds

and

Government

Bonds.

In

accordance

with

Subtopic

820-10,

certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

hierarchy.

The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Portfolio

of

Investments.

\*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### NOTE

#### 3

#### -

#### DERIVATIVE

#### INSTRUMENTS
During

the

six

months ended

June

30,

2025,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement

or

delivery

of

cash

or

other

assets.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund's

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund's

derivative

instruments

held

as

of

June

30,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

six

months ended

June

30,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure:

($000s)

#### Location

#### on

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value\*

#### Assets
Interest

rate

derivatives

Centrally

Cleared

Swaps,

Futures

$

8,284

Foreign

exchange

derivatives

Forwards

2,606

\*

Total

$

10,890

\*

#### Liabilities
Interest

rate

derivatives

Futures

$

1,538

Foreign

exchange

derivatives

Forwards

11,002

Total

$

12,540

\*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

($000s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Location

#### of

#### Gain
(Loss)

#### on

#### Statement

#### of

#### Operations

#### Securities^

#### Futures

#### Forward

#### Currency

#### Exchange

#### Contracts

#### Swaps

#### Total

#### Realized

#### Gain
(Loss)

Interest

rate

derivatives

$

—

$

(32,843)

$

—

$

—

$

(32,843)

Foreign

exchange

derivatives

(1,118)

—

(4,529)

—

(5,647)

Credit

derivatives

—

—

—

(124) (124) Total

$

(1,118)

$

(32,843)

$

(4,529)

$

(124) $

(38,614)

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Counterparty

#### Risk

#### and

#### Collateral
The

fund

invests

in

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Derivatives,

such

as

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

counterparty

risk.

To

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

also

require

the

exchange

of

collateral

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

($000s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Location

#### of

#### Gain
(Loss)

#### on

#### Statement

#### of

#### Operations

#### Securities^

#### Futures

#### Forward

#### Currency

#### Exchange

#### Contracts

#### Swaps

#### Total

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

Interest

rate

derivatives

$

—

$

19,953

$

—

$

$

20,051

Foreign

exchange

derivatives

—

—

(21,362)

—

(21,362)

Total

$

—

$

19,953

$

(21,362)

$

$

(1,311)

^

Options

purchased

are

reported

as

securities.

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund's

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

a

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Collateral

may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund's

assets.

Collateral

pledged

by

counterparties

is

not

included

in

the

fund's

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

or

received

by

the

fund

is

held

in

a

segregated

account

at

the

fund's

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

June

30,

2025,

cash

of $8,390,000 had

been

pledged

or

posted

by

the

fund

to

counterparties

for

bilateral

derivatives. As

of

June

30,

2025,

collateral

pledged

by

counterparties

to

the

fund

for

bilateral

derivatives

consisted

of $1,310,000 cash

and

securities

valued

at

$493,000. As

of

June

30,

2025,

cash

of $7,559,000 had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

#### Forward

#### Currency

#### Exchange

#### Contracts
The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-denominated

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

fund's

foreign

currency

exposure

from

one

country

to

another,

or

to

enhance

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

the

fund's

return.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund's

total

return;

and

the

potential

for

losses

in

excess

of

the

fund's

initial

investment.

During

the

six

months ended

June

30,

2025,

the

volume

of

the

fund's

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

between

6%

and

8%

of

net

assets.

#### Futures

#### Contracts
The

fund

is

subject

to interest

rate

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risk.

The fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

credit

quality,

and

mortgage

prepayments;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

of

Operations.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/or

interest

rates,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

During

the

six

months ended

June

30,

2025,

the

volume

of

the

fund's

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

7%

and

9%

of

net

assets.

#### Options
The

fund

is

subject

to foreign

currency

exchange

rate

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risk.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

The

fund

may

buy

or

sell

options

that

can

be

settled

either

directly

with

the

counterparty

(OTC

option)

or

through

a

central

clearinghouse

(exchange-traded

option).

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses

on

the

accompanying

Statement

of

Operations;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

In

return

for

a

premium

paid,

currency

options

give

the

holder

the

right,

but

not

the

obligation,

to

buy

and

sell

currency

at

a

specified

exchange

rate;

although

certain

currency

options

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract. Risks related

to

the

use

of

options

include

possible

illiquidity

of

the

options

markets;

trading

restrictions

imposed

by

an

exchange

or

counterparty;

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

values

and

currency

values;

and,

for

options

written,

the

potential

for

losses

to

exceed

any

premium

received

by

the

fund.

During

the

six

months ended

June

30,

2025,

the

volume

of

the

fund's

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

0%

and

8%

of

net

assets.

#### Swaps
The

fund

is

subject

to

interest

rate

risk

and

credit

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risks.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Interest

rate

swaps

are

agreements

to

exchange

cash

flows

based

on

the

difference

between

specified

interest

rates

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

interest

rate

swaps

include

the

potential

for

unanticipated

movements

in

interest

or

currency

rates,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund's

swap

investments,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund's

swap

investments,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

During

the

six

months ended

June

30,

2025,

the

volume

of

the

fund's

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

0%

and

1%

of

net

assets.

#### NOTE

#### 4

#### -

#### OTHER

#### INVESTMENT

#### TRANSACTIONS
Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund's prospectus

and

Statement

of

Additional

Information.

#### Emerging

#### and

#### Frontier

#### Markets
The fund

invests,

either

directly

or

through

investments

in

other

T. Rowe

Price

funds,

in

securities

of

companies

located

in,

issued

by

governments

of,

or

denominated

in

or

linked

to

the

currencies

of

emerging

and

frontier

market

countries.

Emerging

markets,

and

to

a

greater

extent

frontier

markets, tend

to

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

that

are

less

stable,

than

those

of

developed

countries.

These

markets

may

be

subject

to

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund's

ability

to

buy

or

sell

certain

securities

or

repatriate

proceeds

to

U.S.

dollars.

Emerging

markets

securities

exchanges

are

more

likely

to

experience

delays

with

the

clearing

and

settling

of

trades,

as

well

as

the

custody

of

holdings

by

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

to

greater

price

volatility,

less

liquidity,

and

higher

rates

of

inflation

than

U.S.

securities.

Investing

in

frontier

markets

is

typically

significantly

riskier

than

investing

in

other

countries,

including

emerging

markets.

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Noninvestment-Grade

#### Debt
The

fund

invests,

either

directly

or

through

its

investment

in

other

T. Rowe

Price

funds,

in

noninvestment-grade

debt,

including

"high

yield"

or

"junk"

bonds

or

leveraged

loans.

Noninvestment-grade

debt

issuers

are

more

likely

to

suffer

an

adverse

change

in

financial

condition

that

would

result

in

the

inability

to

meet

a

financial

obligation.

The

noninvestment-

grade

debt

market

may

experience

sudden

and

sharp

price

swings

due

to

a

variety

of

factors

that

may

decrease

the

ability

of

issuers

to

make

principal

and

interest

payments

and

adversely

affect

the

liquidity

or

value,

or

both,

of

such

securities.

Accordingly,

securities

issued

by

such

companies

carry

a

higher

risk

of

default

and

should

be

considered

speculative.

#### Restricted

#### Securities
The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

#### Other
Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $1,461,524,000 and

$1,562,489,000,

respectively,

for

the

six

months ended

June

30,

2025. #### NOTE

#### 5

#### -

#### FEDERAL

#### INCOME

#### TAXES
Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report.

The

fund

intends

to

retain

realized

gains

to

the

extent

of

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

be

carried

forward

indefinitely

to

offset

future

realized

capital

gains.

As

of

December

31,

2024,

the

fund

had

$1,204,384,000

of

available

capital

loss

carryforwards.

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

At

June

30,

2025,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$4,989,815,000.

Net

unrealized

loss

aggregated

$164,583,000

at

period-end,

of

which

$185,126,000

related

to

appreciated

investments

and

$349,709,000

related

to

depreciated

investments.

#### NOTE

#### 6

#### -

#### FOREIGN TAXES
The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/

loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

#### NOTE

#### 7

#### -

#### ACQUISITION
On

September

30,

2024,

the

fund

acquired

substantially

all

of

the

assets

of

the

T. Rowe

Price

Institutional

Emerging

Markets

Bond

Fund

(the

acquired

fund),

pursuant

to

the

Agreement

and

Plan

of

Reorganization

dated

May

8,

2024. The

acquired

fund

had

identical

investment

objectives,

investment

strategies

and

policies.

The

acquired

fund

was

available

only

to

institutional

investors

and

required

an

initial

investment

of

$1,000,000

while

the

fund's

I

Class

requires

an

investment

minimum

of

$500,000.

In

addition,

the

fund's

I

Class

offered

the

same

net

expense

ratio

as

that

of

the

acquired

fund

at

the

time

of

reorganization.

The

Boards

of

the

acquired

fund

and

the

fund

approved

the

reorganization,

and

the

acquired

fund's

Board

approved

the

liquidation

and

dissolution

of

the

acquired

fund.

The

acquisition

was

accomplished

by

a

tax-free

exchange

of

38,877,326

shares

of

the

fund's

I

Class

with

a

value

of

$367,005,000

for

all

52,945,448

shares

of

the

acquired

fund

then

outstanding,

with

the

same

value.

The

exchange

was

based

on

values

at

the

close

of

the

NYSE

on

the

immediately

preceding

business

day,

September

27,

2024. The

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

net

assets

of

the

acquired

fund

at

that

date

included

$18,013,000

of

unrealized

depreciation

and

$87,564,000

of

net

realized

losses

carried

forward

for

tax

purposes

to

offset

distributable

gains

realized

by

the

fund

in

the

future.

Assets

of

the

acquired

fund,

including

securities

of

$315,537,000,

cash

of

$48,627,000,

receivables

and

other

assets

of

$4,332,000

and

payables

of

$1,491,000,

were

combined

with

those

of

the

fund,

resulting

in

aggregate

net

assets

of

$4,628,612,000

immediately

after

the

acquisition.

The

net

assets

received,

and

shares

issued

by

the

fund

were

recorded

at

fair

value;

however,

for

financial

reporting

purposes,

the

historical

cost

basis

of

the

investments

received

from

the

acquired

fund

will

be

carried

forward

to

align

ongoing

reporting

of

the

fund's

realized

and

unrealized

gains

and

losses

with

amounts

distributable

to

shareholders

for

tax

purposes.

Pro

forma

results

of

operations

of

the

combined

entity

for

the

entire

year ended

December 31,

2024,

as

though

the

acquisition

had

occurred

as

of

the

beginning

of

the

year

(rather

than

on

the

actual

acquisition

date),

were

as

follows:

#### NOTE

#### 8

#### -

#### RELATED

#### PARTY

#### TRANSACTIONS
The

fund

is

managed

by

T. Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T. Rowe

Price

Group,

Inc.

(Price

Group). Prior

to

May

1,

2025,

Price

Associates

had

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee

and

a

group

fee.

The

individual

fund

fee

is

equal

to

0.36%

of

the

fund's

average

daily

net

assets;

prior

to

June

1,

2025,

the

individual

fund

fee

had

been

0.41%.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.26%

for

assets

in

excess

of

$845

billion.

The

fund's

group

fee

($000s)

Net

investment

income

$

292,160

Net

realized

gain

(loss)

(182,479)

Change

in

net

unrealized

gain/loss

191,587

Increase

(decrease)

in

net

assets

from

operations

$

301,268

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

is

determined

by

applying

the

group

fee

rate

to

the

fund's

average

daily

net

assets. At

June

30,

2025,

the

effective

annual

group

fee

rate

was

0.28%. Price

Associates

has

agreed

to

permanently

waive

a

portion

of

the

fund's

annual

investment

management

fee

in

order

to

limit

the

fund's

management

fees

to

0.70%

of

the

fund's

average

daily

net

assets.

This

agreement

can

only

be

modified

or

terminated

with

approval

by

the

fund's

shareholders.

The

fund

has

no

obligation

to

repay

fees

waived

under

this

arrangement.

The

Investor

Class

and

Advisor

Class

are

each

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

dates

indicated

in

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

dates

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

During

the

limitation

period,

Price

Associates

is required

to

waive

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the class's ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

Each

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class's net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the class's net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2) the class's

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class's

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class's

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2) the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class'

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

only

be

amended

or

terminated

with

approval

by

the

fund's

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

Pursuant

to

these

agreements,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the six

months

ended June

30,

2025 as

indicated

in

the

table

below.

Including

these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $2,000 remain

subject

to

repayment

by

the

fund

at

June

30,

2025. Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T. Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund's

transfer

and

dividend-disbursing

agent.

T. Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class.

For

the

six

months

ended

June

30,

2025,

expenses

incurred

pursuant

to

these

service

agreements

were

$68,000

for

Price

Associates;

$368,000

for

T. Rowe

Price

Services,

Inc.;

and

$4,000

for

T. Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

#### Investor

#### Class

#### Advisor

#### Class

#### I

#### Class

#### Z

#### Class
Expense

limitation/I

Class

Limit

1.05%

1.15%

0.01%

0.00%

Expense

limitation

date

02/29/28

02/29/28

02/29/28

N/A

(Waived)/repaid

during

the

period

($000s)

$—

$—

(1) $(224)

$(10,368)

(1) Amount

rounds

to

less

than

$1,000

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

T. Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

Additionally,

the

fund

is

one

of

several

mutual

funds

in

which

certain

college

savings

plans

managed

by

Price

Associates invests.

As

approved

by

the

fund's

Board

of

Directors,

shareholder

servicing

costs

associated

with

each

college

savings

plan

are

borne

by

the

fund

in

proportion

to

the

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Price

has

agreed

to waive/reimburse

shareholder

servicing

costs in

excess

of

0.05%

of

the

fund's

average

daily

value

of

its

shares

owned

by

the

college

savings

plan.

Any

amounts

waived/

paid

by

Price

under

this

voluntary

agreement

are

not

subject

to

repayment

by

the

fund.

Price

may

amend

or

terminate

this

voluntary

arrangement

at

any

time

without

prior

notice.

For

the

six

months ended

June

30,

2025,

the

fund

was

charged $3,000 for

shareholder

servicing

costs

related

to

the

college

savings

plans, of

which

$1,000

was

for

services

provided

by

Price.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities. At

June

30,

2025,

approximately

1%

of

the

outstanding

shares

of

the

I

Class

were

held

by

college

savings

plans.

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

June

30,

2025, approximately

13%

of

the

I

Class's

and

100%

of

the

Z

Class's

outstanding

shares

were

held

by

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T. Rowe

Price

Government

Reserve

Fund

or

the

T. Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T. Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

The fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund's

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months

ended

June

30,

2025,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

#### NOTE

#### 9

#### -

#### SEGMENT

#### REPORTING
Operating segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

Committee

of

Price

Associates

acts

as

the

fund's

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

The

fund's

revenue

is

derived

from

investments

in

a

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund's

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### NOTE

#### 10

#### -

#### OTHER

#### MATTERS
Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

or

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-

existing

political,

social,

and

economic

risks.

The

fund's

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
Each

year,

the

fund's

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T. Rowe

Price

Associates,

Inc.

(Adviser).

In

that

regard,

at

a

meeting

held

on

March

12-13,

2025

(Meeting),

the

Board,

including

all

of

the

fund's

independent

directors

present

in

person

at

the

Meeting,

approved

the

continuation

of

the

fund's

Advisory

Contract.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

the

approval

of

the

Advisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

The

Adviser

had

entered

into

investment

subadvisory

agreements

(Subadvisory

Contracts)

with

T. Rowe

Price

International

Ltd

and

T. Rowe

Price

Hong

Kong

Limited

(Subadvisers)

on

behalf

of

the

fund.

However,

at

the

Meeting,

the

Board

was

presented

with

information

explaining

that

investment

management

services

would

no

longer

be

provided

to

the

fund

by

these

Subadvisers

and

the

Adviser

was

not

seeking

continuation

of

these

Subadvisory

Contracts.

As

a

result,

the

Board

approved

terminating

these

Subadvisory

Contracts

with

respect

to

the

fund

at

the

end

of

their

term

on

April

30,

2025. In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T. Rowe

Price

funds'

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

#### Services

#### Provided

#### by

#### the

#### Adviser
The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund's

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund's

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance

and

infrastructure,

as

well

as

compliance

with

new

regulatory

requirements

(e.g.,

derivatives

and

liquidity

risk

management);

maintaining

the

fund's

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser's

senior

management

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

team

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser's

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board's

approval

of

the

continuation

of

the

Advisory

Contract.

#### Investment

#### Performance

#### of

#### the

#### Fund
The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T. Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund's

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2024. Additionally,

the

Board

reviewed

the

fund's

relative

performance

information

as

of

September

30,

2024,

which

ranked

the

returns

of

the

fund's

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund's

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund's

performance,

length

of

the

fund's

performance

track

record,

and

how

closely

the

fund's

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

fund's

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board's

approval

of

the

continuation

of

the

Advisory

Contract.

#### Costs,

#### Benefits,

#### Profits,

#### and

#### Economies

#### of

#### Scale
The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates)

may

have

realized

from

its

relationship

with

the

fund,

including

any

research

received

under

soft-dollar

arrangements

with

broker-dealers.

In

considering

soft-dollar

arrangements,

the

Board

noted

that,

effective

January

1,

2024,

the

Adviser

began

using

brokerage

commissions

in

connection

with

certain

T. Rowe

Price

funds'

securities

transactions

to

pay

for

research

when

permissible,

and

the

Board

considered

that

the

Adviser

may

receive

some

benefit

from

soft-

dollar

arrangements

pursuant

to

which

research

is

received

from

broker-dealers

that

execute

the

applicable

fund's

portfolio

transactions.

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
(continued)

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T. Rowe

Price

funds.

The

Board

also

reviewed

estimates

of

the

profits

realized

from

managing

the

fund

in

particular,

and

the

Board

concluded

that

the

Adviser's

profits

were

reasonable

in

light

of

the

services

provided

to

the

fund.

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components

–

a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T. Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund's

average

daily

net

assets

–

and

the

fund

pays

its

own

expenses

of

operations.

The

group

fee

schedule

is

graduated

so

the

rate

decreases

as

total

T. Rowe

Price

fund

assets

increase

and

increases

as

total

T. Rowe

Price

fund

assets

decrease.

As

a

result,

shareholders

benefit

from

overall

growth

in

T. Rowe

Price

fund

assets,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T. Rowe

Price

funds

thus

allowing

shareholders

of

those

funds

to

share

potential

economies

of

scale.

The

fund

is

subject

to

a

permanent

expense

limitation

under

which

the

Adviser

has

agreed

to

waive

a

portion

of

the

management

fee

it

is

entitled

to

receive

from

the

fund

in

order

to

limit

the

fund's

overall

management

fee

rate

to

0.70%

of

the

fund's

average

daily

net

assets.

The

fund's

shareholders

also

benefit

from

potential

economies

of

scale

through

a

decline

in

certain

operating

expenses

as

the

fund

grows

in

size.

However,

the

fund

is

also

subject

to

contractual

expense

limitations

that

require

the

Adviser

to

waive

its

fees

and/or

bear

any

expenses

that

would

otherwise

cause

the

expenses

of

a

share

class

of

the

fund

to

exceed

a

certain

percentage

based

on

the

class's

net

assets.

The

expense

limitations

mitigate

the

potential

for

an

increase

in

operating

expenses

above

a

certain

level

that

could

impact

shareholders.

The

fund

also

offers

a

Z

Class,

which

serves

as

an

underlying

investment

within

certain

T. Rowe

Price

fund

of

fund

arrangements.

The

Adviser

waives

its

advisory

fee

on

the

Z

Class

and

waives

or

bears

the

Z

Class's

other

operating

expenses,

with

certain

exceptions.

The

Board

considered

whether

the

advisory

fee

and

operating

expense

waivers

on

the

Z

Class

may

present

a

means

for

cross-

subsidization

of

the

Z

Class

by

other

share

classes

of

the

fund.

In

that

regard,

the

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
(continued)

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

Board

noted

that

the

Z

Class

operating

expenses

are

covered

by

the

all-inclusive

fees

charged

by

the

investing

T. Rowe

Price

fund

of

funds

and

that

any

Z

Class

operating

expenses

not

covered

by

the

investing

T. Rowe

Price

funds

of

funds'

fees

are

paid

by

the

Adviser

and

not

by

shareholders

of

any

other

share

class

of

the

fund.

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser's

ongoing

investments

in

its

business

in

support

of

the

T. Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund's

investors.

#### Fees

#### and

#### Expenses
The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i) contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Investor

Class

Expense

Group);

(ii) actual

management

fees

and

total

expenses

of

the

Advisor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Advisor

Class

Expense

Group);

and

(iii) actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund's

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

or reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

information

provided

to

the

Board

indicated

that

the

fund's

contractual

management

fee

ranked

in

the

first

quintile

(Investor

Class

Expense

Group),

the

fund's

actual

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
(continued)

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

management

fee

rate

ranked

in

the

second

quintile

(Investor

Class

Expense

Group),

first

quintile

(Advisor

Class

Expense

Group),

and

fourth

quintile

(Expense

Universe),

and

the

fund's

total

expenses

ranked

in

the

fifth

quintile

(Investor

Class

Expense

Group

and

Expense

Universe)

and

first

quintile

(Advisor

Class

Expense

Group).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

to

investors

outside

the

United

States.

The

fee

schedules,

which

are

subject

to

change,

may

be

negotiated

under

certain

circumstances

and

may

differ

across

regions.

Management

provided

the

Board

with

information

about

the

Adviser's

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

domestic

and

international

businesses

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

and

ETF

("registered

fund")

business.

The

Board

considered

information

showing

that

the

Adviser's

registered

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

other

domestic

and

international

businesses

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser's

proprietary

registered

fund

business.

In

assessing

the

reasonableness

of

the

fund's

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

registered

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution's

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T. Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
(continued)

T. ROWE

PRICE

Emerging

Markets

Bond

Fund

#### Approval

#### of

#### the

#### Advisory

#### Contract
As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

(including

the

fees

to

be

charged

for

services

thereunder).

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT
(continued)

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-225-5132* 

*to* 

*request* 

*a* 

*prospectus* 

*or* 

*summary* 

*prospectus;* 

*each* 

*includes* 

*investment* 

*objectives,* 

*risks,* 

*fees,* 

*expenses,* 

*and* 

*other* 

*information* 

*that* 

*you* 

*should* 

*read* 

*and* 

*consider* 

*carefully* 

*before* 

*investing.*

F110-051

8/25

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

------

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | The registrant's code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant's annual Form N-CSR. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | Listing standards relating to recovery of erroneously awarded compensation: Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | [Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](d87601dex99cert.htm) |
| (b) | [A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.](d87601dex99906ce.htm) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| T. Rowe Price International Funds, Inc. | T. Rowe Price International Funds, Inc. |
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | August 19, 2025 |

---

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

---

| | |
|:---|:---|
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | August 19, 2025 |

---

---

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

---

## Ex-99.Cert

**Item 19. (a)(3)** 

**<u>CERTIFICATIONS</u>** 

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Emerging Markets Bond Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 19, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>** 

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Emerging Markets Bond Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

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

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## Exhibit 99.906

**Item 19. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Emerging Markets Bond Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

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

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