T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
March
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ALBANIA
0.3%
Government
Bonds
0.3%
Republic
of
Albania,
3.50%,
10/9/25
(EUR) (1)
5,310,000
5,438
Republic
of
Albania,
3.50%,
6/16/27
(EUR) (1)
4,085,000
4,017
Republic
of
Albania,
3.50%,
11/23/31
(EUR) (1)(2)
11,810,000
10,656
Total
Albania
(Cost
$23,862
)
20,111
AUSTRALIA
3.4%
Corporate
Bonds
0.3%
APA
Infrastructure,
3.125%,
7/18/31
(GBP)
5,720,000
5,818
Transurban
Finance,
1.875%,
9/16/24
(EUR)
7,836,000
8,264
14,082
Government
Bonds
3.1%
Commonwealth
of
Australia,
Series
140,
4.50%,
4/21/33
138,679,000
102,470
Commonwealth
of
Australia,
Series
150,
3.00%,
3/21/47
28,048,000
16,528
Commonwealth
of
Australia,
Series
158,
1.25%,
5/21/32
53,848,000
30,360
New
South
Wales
Treasury,
Series
26,
4.00%,
5/20/26
46,975,600
32,004
181,362
Total
Australia
(Cost
$209,761
)
195,444
AUSTRIA
0.4%
Government
Bonds
0.4%
Republic
of
Austria,
0.75%,
3/20/51 (1)
40,505,000
25,592
Total
Austria
(Cost
$24,611
)
25,592
BELGIUM
0.0%
Corporate
Bonds
0.0%
Anheuser-Busch
InBev,
1.65%,
3/28/31
1,465,000
1,389
Total
Belgium
(Cost
$1,367
)
1,389
BRAZIL
1.5%
Corporate
Bonds
0.3%
Braskem
Netherlands
Finance,
4.50%,
1/31/30
(USD)
6,200,000
5,272
MercadoLibre,
3.125%,
1/14/31
(USD)
6,325,000
4,989
Suzano
Austria,
5.00%,
1/15/30
(USD)
5,800,000
5,529
15,790
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
2
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
Bonds
1.2%
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNB,
Inflation-
Indexed,
6.00%,
5/15/25
33,092,739
6,557
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/27
86,665,000
16,058
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/31
274,810,000
47,497
70,112
Total
Brazil
(Cost
$84,510
)
85,902
BULGARIA
0.2%
Government
Bonds
0.2%
Republic
of
Bulgaria,
4.50%,
1/27/33
(EUR) (1)
8,790,000
9,367
Total
Bulgaria
(Cost
$9,290
)
9,367
CANADA
5.2%
Asset-Backed
Securities
0.1%
Cologix
Canadian
Issuer,
Series
2022-1CAN,
Class
A2,
4.94%,
1/25/52 (1)
8,230,000
5,630
5,630
Corporate
Bonds
0.3%
Transcanada
Trust,
Series
17-B,
VR,
4.65%,
5/18/77 (3)
27,134,000
17,960
17,960
Government
Bonds
4.8%
Government
of
Canada,
1.25%,
3/1/27
313,140,000
215,560
Government
of
Canada
Real
Return
Bond,
Inflation-Indexed,
Series
CPI,
4.00%,
12/1/31
63,474,410
58,269
Province
of
Ontario,
3.50%,
6/2/43
5,239,000
3,555
277,384
Total
Canada
(Cost
$325,474
)
300,974
CHILE
0.3%
Corporate
Bonds
0.3%
Celulosa
Arauco
y
Constitucion,
4.20%,
1/29/30
(USD) (1)
12,060,000
10,971
Interchile,
4.50%,
6/30/56
(USD)
8,000,000
6,403
Total
Chile
(Cost
$19,200
)
17,374
CHINA
6.4%
Corporate
Bonds
0.4%
State
Grid
Overseas
Investment
BVI,
1.375%,
5/2/25
(EUR) (1)
10,000,000
10,264
Tencent
Holdings,
3.24%,
6/3/50
(USD)
10,200,000
6,710
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Tencent
Holdings,
3.84%,
4/22/51
(USD) (2)
7,000,000
5,097
22,071
Government
Bonds
6.0%
People's
Republic
of
China,
Series
INBK,
2.60%,
9/1/32
860,000,000
122,351
People's
Republic
of
China,
Series
INBK,
2.69%,
8/15/32
510,000,000
73,091
People's
Republic
of
China,
Series
INBK,
3.02%,
5/27/31
270,000,000
39,876
People's
Republic
of
China,
Series
INBK,
3.32%,
4/15/52
180,000,000
26,587
People's
Republic
of
China,
Series
INBK,
3.53%,
10/18/51
170,000,000
26,027
People's
Republic
of
China,
Series
1908,
4.00%,
6/24/69
80,000,000
13,607
People's
Republic
of
China,
Series
1915,
3.13%,
11/21/29
310,000,000
46,097
347,636
Total
China
(Cost
$360,614
)
369,707
COLOMBIA
0.5%
Corporate
Bonds
0.1%
Banco
de
Bogota,
6.25%,
5/12/26
(USD)
5,800,000
5,643
5,643
Government
Bonds
0.4%
Republic
of
Colombia,
Series
B,
6.00%,
4/28/28
60,253,700,000
10,381
Republic
of
Colombia,
Series
B,
7.00%,
3/26/31
75,808,300,000
12,533
Republic
of
Colombia,
Series
B,
13.25%,
2/9/33
1,866,500,000
435
23,349
Total
Colombia
(Cost
$28,118
)
28,992
CYPRUS
0.6%
Government
Bonds
0.6%
Republic
of
Cyprus,
0.95%,
1/20/32
19,769,000
16,550
Republic
of
Cyprus,
1.25%,
1/21/40 (2)
395,000
270
Republic
of
Cyprus,
1.50%,
4/16/27
2,130,000
2,125
Republic
of
Cyprus,
2.75%,
6/27/24
1,668,000
1,801
Republic
of
Cyprus,
2.75%,
2/26/34
2,716,000
2,540
Republic
of
Cyprus,
2.75%,
5/3/49 (2)
2,832,000
2,418
Republic
of
Cyprus,
3.75%,
7/26/23
6,740,000
7,315
Total
Cyprus
(Cost
$42,308
)
33,019
CZECH
REPUBLIC
1.5%
Government
Bonds
1.5%
Republic
of
Czech,
Series
89,
2.40%,
9/17/25
691,350,000
29,921
Republic
of
Czech,
Series
105,
2.75%,
7/23/29
1,352,460,000
55,858
Total
Czech
Republic
(Cost
$84,327
)
85,779
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
DENMARK
0.2%
Corporate
Bonds
0.2%
Danske
Bank,
VR,
1.375%,
2/17/27
(EUR) (3)
2,440,000
2,425
Danske
Bank,
VR,
1.375%,
2/12/30
(EUR) (3)
4,700,000
4,721
Orsted,
4.875%,
1/12/32
(GBP)
5,750,000
7,026
Total
Denmark
(Cost
$14,722
)
14,172
FRANCE
3.2%
Corporate
Bonds
0.8%
Altice
France,
3.375%,
1/15/28 (1)
505,000
428
Altice
France,
5.875%,
2/1/27 (1)
1,305,000
1,249
Banque
Federative
du
Credit
Mutuel,
1.25%,
5/26/27
3,000,000
2,941
Banque
Federative
du
Credit
Mutuel,
1.375%,
7/16/28
3,100,000
2,965
BNP
Paribas,
VR,
2.125%,
1/23/27 (3)
9,300,000
9,503
BNP
Paribas,
VR,
3.875%,
1/10/31 (3)
4,000,000
4,295
BPCE,
0.25%,
1/14/31
7,100,000
5,811
Credit
Agricole,
0.875%,
1/14/32
1,000,000
837
Credit
Agricole,
1.00%,
9/16/24
5,800,000
6,035
Credit
Agricole,
1.875%,
12/20/26
5,200,000
5,249
RTE
Reseau
de
Transport
d'Electricite
SADIR,
0.75%,
1/12/34
7,200,000
5,897
45,210
Government
Bonds
2.4%
Republic
of
France,
0.00%,
5/25/32
98,637,000
83,502
Republic
of
France,
1.25%,
5/25/36 (1)
65,636,000
57,572
141,074
Total
France
(Cost
$217,540
)
186,284
GERMANY
4.3%
Corporate
Bonds
0.9%
Allianz,
VR,
3.375% (3)(4)
13,400,000
14,169
E.ON
International
Finance,
6.25%,
6/3/30
(GBP)
5,100,000
6,631
Fresenius,
5.00%,
11/28/29
5,200,000
5,764
Gruenenthal,
3.625%,
11/15/26 (1)
990,000
1,012
Hannover
Rueck,
VR,
1.125%,
10/9/39 (3)
4,700,000
3,931
Hannover
Rueck,
VR,
1.75%,
10/8/40 (3)
4,800,000
4,034
TK
Elevator
Midco,
4.375%,
7/15/27 (1)(2)
2,745,000
2,688
Volkswagen
International
Finance,
Series
10Y,
1.875%,
3/30/27
1,300,000
1,297
Volkswagen
Leasing,
1.50%,
6/19/26
5,135,000
5,177
Volkswagen
Leasing,
1.625%,
8/15/25
5,350,000
5,555
50,258
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
Bonds
3.4%
Bundesrepublik
Deutschland
Bundesanleihe,
0.00%,
8/15/52
27,421,200
15,408
Deutsche
Bundesrepublik,
Inflation-Indexed,
0.10%,
4/15/26
88,709,344
96,650
Deutsche
Bundesrepublik,
Inflation-Indexed,
0.50%,
4/15/30
74,938,786
84,992
KfW,
4.70%,
6/2/37
(CAD)
5,202,000
3,995
201,045
Total
Germany
(Cost
$253,595
)
251,303
GREECE
0.3%
Government
Bonds
0.3%
Hellenic
Republic,
0.75%,
6/18/31 (1)
17,599,000
14,664
Total
Greece
(Cost
$21,181
)
14,664
HUNGARY
1.0%
Government
Bonds
1.0%
Republic
of
Hungary,
5.00%,
2/22/27
(EUR)
8,464,000
9,263
Republic
of
Hungary,
Series
32/A,
4.75%,
11/24/32
1,077,550,000
2,336
Republic
of
Hungary,
Series
33/A,
2.25%,
4/20/33
25,704,650,000
44,014
Total
Hungary
(Cost
$78,362
)
55,613
ICELAND
0.3%
Corporate
Bonds
0.1%
Landsbankinn,
0.375%,
5/23/25
(EUR)
8,060,000
7,625
Landsbankinn,
1.00%,
5/30/23
(EUR)
1,000,000
1,079
8,704
Government
Bonds
0.2%
Republic
of
Iceland,
0.00%,
4/15/28
(EUR)
10,385,000
9,407
9,407
Total
Iceland
(Cost
$22,721
)
18,111
INDIA
0.9%
Corporate
Bonds
0.1%
ABJA
Investment,
5.45%,
1/24/28
(USD) (2)
7,256,000
7,040
7,040
Government
Bonds
0.8%
Republic
of
India,
7.26%,
8/22/32
3,550,060,000
43,187
43,187
Total
India
(Cost
$49,846
)
50,227
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
6
Par/Shares
$
Value
(Cost
and
value
in
$000s)
INDONESIA
2.6%
Corporate
Bonds
0.1%
Minejesa
Capital,
5.625%,
8/10/37
(USD)
8,300,000
6,514
6,514
Government
Bonds
2.5%
Republic
of
Indonesia,
3.75%,
6/14/28
(EUR)
40,797,000
43,636
Republic
of
Indonesia,
Series
FR87,
6.50%,
2/15/31
763,931,000,000
50,667
Republic
of
Indonesia,
Series
FR91,
6.375%,
4/15/32
324,510,000,000
21,207
Republic
of
Indonesia,
Series
FR95,
6.375%,
8/15/28
441,080,000,000
29,470
144,980
Total
Indonesia
(Cost
$161,588
)
151,494
IRELAND
0.1%
Government
Bonds
0.1%
Republic
of
Ireland,
1.50%,
5/15/50
2,696,000
2,050
Republic
of
Ireland,
2.00%,
2/18/45
5,630,000
4,997
Total
Ireland
(Cost
$10,765
)
7,047
ISRAEL
1.9%
Corporate
Bonds
0.2%
Bank
Hapoalim,
VR,
3.255%,
1/21/32
(USD) (1)(3)
6,450,000
5,368
Leviathan
Bond,
6.50%,
6/30/27
(USD) (1)
5,700,000
5,457
10,825
Government
Bonds
1.7%
State
of
Israel,
1.50%,
1/18/27
(EUR) (2)
18,046,000
17,893
State
of
Israel,
Series
0142,
5.50%,
1/31/42
117,027,000
38,964
State
of
Israel,
Series
0347,
3.75%,
3/31/47
13,870,000
3,693
State
of
Israel,
Series
0825,
1.75%,
8/31/25
153,957,436
40,613
101,163
Total
Israel
(Cost
$131,551
)
111,988
ITALY
4.5%
Corporate
Bonds
0.6%
Autostrade
per
l'Italia,
2.00%,
12/4/28
6,245,000
5,866
Autostrade
per
l'Italia,
2.25%,
1/25/32
3,300,000
2,903
Enel
Finance
International,
5.625%,
8/14/24
(GBP)
2,663,000
3,305
FCA
Bank,
0.50%,
9/13/24 (2)
5,800,000
5,972
Infrastrutture
Wireless
Italiane,
1.625%,
10/21/28
4,612,000
4,438
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Intesa
Sanpaolo,
1.75%,
7/4/29
5,200,000
4,833
UniCredit,
VR,
4.875%,
2/20/29 (2)(3)
6,100,000
6,508
33,825
Government
Bonds
3.9%
Italy
Buoni
Poliennali
Del
Tesoro,
Series
10Y,
4.40%,
5/1/33
146,586,000
163,630
Italy
Buoni
Poliennali
Del
Tesoro,
Series
50Y,
2.80%,
3/1/67
37,508,000
28,397
Italy
Buoni
Poliennali
Del
Tesoro,
Series
5Y,
3.40%,
4/1/28
33,603,000
36,176
228,203
Total
Italy
(Cost
$272,598
)
262,028
IVORY
COAST
0.3%
Government
Bonds
0.3%
Republic
of
Ivory
Coast,
5.875%,
10/17/31
(EUR)
17,625,000
15,757
Total
Ivory
Coast
(Cost
$15,112
)
15,757
JAPAN
14.7%
Government
Bonds
14.7%
Government
of
Japan,
Series
44,
1.70%,
9/20/44
8,984,200,000
75,386
Government
of
Japan,
Series
73,
0.70%,
12/20/51
586,150,000
3,801
Government
of
Japan,
Series
74,
1.00%,
3/20/52
10,935,750,000
76,659
Government
of
Japan,
Series
75,
1.30%,
6/20/52
10,616,750,000
80,182
Government
of
Japan,
Series
76,
1.40%,
9/20/52
8,408,200,000
65,194
Government
of
Japan,
Series
338,
0.40%,
3/20/25
13,396,000,000
101,854
Government
of
Japan
Treasury
Bills,
Series
1119,
(0.126)%,
5/10/23
27,700,000,000
208,637
Government
of
Japan,
Inflation-Indexed,
Series
18,
0.10%,
3/10/24
5,312,307,900
40,548
Government
of
Japan,
Inflation-Indexed,
Series
19,
0.10%,
9/10/24
8,898,160,400
68,624
Government
of
Japan,
Inflation-Indexed,
Series
20,
0.10%,
3/10/25
10,141,995,000
78,331
Government
of
Japan,
Inflation-Indexed,
Series
26,
0.005%,
3/10/31
7,106,578,497
55,438
Total
Japan
(Cost
$901,446
)
854,654
KUWAIT
0.2%
Corporate
Bonds
0.2%
Equate
Petrochemical,
2.625%,
4/28/28
(USD) (1)
9,170,000
8,099
Equate
Petrochemical,
2.625%,
4/28/28
(USD)
3,125,000
2,760
Total
Kuwait
(Cost
$12,046
)
10,859
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
LATVIA
1.1%
Government
Bonds
1.1%
Republic
of
Latvia,
0.375%,
10/7/26
(EUR)
64,671,000
62,782
Total
Latvia
(Cost
$71,218
)
62,782
LITHUANIA
0.0%
Corporate
Bonds
0.0%
PLT
VII
Finance,
4.625%,
1/5/26 (1)
1,150,000
1,174
Total
Lithuania
(Cost
$1,298
)
1,174
LUXEMBOURG
0.3%
Corporate
Bonds
0.3%
Altice
Financing,
4.25%,
8/15/29 (1)
1,775,000
1,549
Blackstone
Property
Partners
Europe
Holdings,
1.75%,
3/12/29
9,970,000
7,999
JAB
Holdings,
2.00%,
5/18/28 (2)
5,900,000
5,758
Total
Luxembourg
(Cost
$20,410
)
15,306
MALAYSIA
2.5%
Corporate
Bonds
0.1%
Axiata,
2.163%,
8/19/30
(USD) (2)
3,210,000
2,713
2,713
Government
Bonds
2.4%
Government
of
Malaysia,
Series
0120,
4.065%,
6/15/50
94,879,000
20,251
Government
of
Malaysia,
Series
0216,
4.736%,
3/15/46
310,065,000
73,790
Government
of
Malaysia,
Series
0318,
4.642%,
11/7/33
78,750,000
18,903
Government
of
Malaysia,
Series
0518,
4.921%,
7/6/48
119,656,000
28,884
141,828
Total
Malaysia
(Cost
$150,637
)
144,541
MEXICO
2.1%
Corporate
Bonds
0.3%
America
Movil,
5.75%,
6/28/30
(GBP)
6,670,000
8,537
BBVA
Bancomer,
VR,
5.125%,
1/18/33
(USD) (3)
11,800,000
10,104
18,641
Government
Bonds
1.8%
Petroleos
Mexicanos,
4.75%,
2/26/29
(EUR)
13,400,000
11,520
United
Mexican
States,
Series
M,
7.50%,
5/26/33
899,090,000
45,519
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
9
Par/Shares
$
Value
(Cost
and
value
in
$000s)
United
Mexican
States,
Series
M
20,
8.50%,
5/31/29
163,115,000
8,915
United
Mexican
States,
Series
M
30,
8.50%,
11/18/38
727,050,000
38,549
104,503
Total
Mexico
(Cost
$121,759
)
123,144
NETHERLANDS
0.3%
Corporate
Bonds
0.3%
Cooperatieve
Rabobank,
4.625%,
5/23/29
(GBP)
100,000
113
LeasePlan,
VR,
7.375% (3)(4)
8,200,000
8,548
Nationale-Nederlanden
Bank,
0.375%,
2/26/25 (2)
5,300,000
5,359
Trivium
Packaging
Finance,
3.75%,
8/15/26 (1)
710,000
710
Ziggo,
2.875%,
1/15/30 (2)
2,720,000
2,426
Total
Netherlands
(Cost
$19,430
)
17,156
NEW
ZEALAND
0.2%
Corporate
Bonds
0.2%
Chorus,
3.625%,
9/7/29
(EUR)
8,130,000
8,611
Total
New
Zealand
(Cost
$8,529
)
8,611
NORTH
MACEDONIA
0.3%
Government
Bonds
0.3%
Republic
of
North
Macedonia,
1.625%,
3/10/28
(EUR) (1)
12,000,000
10,349
Republic
of
North
Macedonia,
6.96%,
3/13/27
(EUR) (1)(2)
5,430,000
5,925
Total
North
Macedonia
(Cost
$20,047
)
16,274
NORWAY
0.3%
Corporate
Bonds
0.1%
Avinor,
0.75%,
10/1/30
(EUR)
5,335,000
4,708
4,708
Government
Bonds
0.2%
Kingdom
of
Norway,
Series
476,
3.00%,
3/14/24 (1)
104,912,000
9,969
9,969
Total
Norway
(Cost
$17,440
)
14,677
PERU
0.1%
Corporate
Bonds
0.1%
Banco
de
Credito
del
Peru,
VR,
3.125%,
7/1/30
(USD) (3)
6,175,000
5,564
Total
Peru
(Cost
$6,270
)
5,564
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
10
Par/Shares
$
Value
(Cost
and
value
in
$000s)
PHILIPPINES
0.1%
Government
Bonds
0.1%
Republic
of
Philippines,
0.25%,
4/28/25
(EUR)
4,245,000
4,260
Total
Philippines
(Cost
$5,092
)
4,260
POLAND
0.0%
Corporate
Bonds
0.0%
InPost,
2.25%,
7/15/27
(EUR) (1)
1,740,000
1,612
Total
Poland
(Cost
$2,075
)
1,612
PORTUGAL
0.1%
Corporate
Bonds
0.1%
Banco
Comercial
Portugues,
VR,
6.888%,
12/7/27 (3)
3,900,000
3,489
Total
Portugal
(Cost
$4,411
)
3,489
QATAR
0.1%
Corporate
Bonds
0.1%
QNB
Finance,
2.75%,
2/12/27
(USD) (2)
8,200,000
7,579
Total
Qatar
(Cost
$7,895
)
7,579
ROMANIA
1.6%
Government
Bonds
1.6%
Republic
of
Romania,
2.125%,
3/7/28
(EUR) (1)
12,830,000
11,906
Republic
of
Romania,
2.875%,
10/28/24
(EUR)
2,725,000
2,911
Republic
of
Romania,
2.875%,
5/26/28
(EUR) (2)
16,560,000
15,826
Republic
of
Romania,
2.875%,
3/11/29
(EUR) (2)
3,963,000
3,675
Republic
of
Romania,
3.624%,
5/26/30
(EUR)
23,390,000
21,529
Republic
of
Romania,
Series
15Y,
4.75%,
10/11/34
225,515,000
39,196
Total
Romania
(Cost
$108,504
)
95,043
SAUDI
ARABIA
0.1%
Government
Bonds
0.1%
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD)
5,800,000
5,211
Total
Saudi
Arabia
(Cost
$5,367
)
5,211
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
11
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SENEGAL
0.2%
Government
Bonds
0.2%
Republic
of
Senegal,
4.75%,
3/13/28
(EUR)
6,700,000
6,130
Republic
of
Senegal,
5.375%,
6/8/37
(EUR)
9,600,000
6,716
Total
Senegal
(Cost
$12,544
)
12,846
SERBIA
1.2%
Corporate
Bonds
0.1%
Summer
BidCo,
9.00%,
11/15/25,
(9.00%
Cash
or
9.75%
PIK)
(EUR) (5)
1,505,312
1,287
United
Group,
4.625%,
8/15/28
(EUR) (1)
3,105,000
2,502
3,789
Government
Bonds
1.1%
Republic
of
Serbia,
1.00%,
9/23/28
(EUR) (1)
26,075,000
21,882
Republic
of
Serbia,
1.50%,
6/26/29
(EUR) (1)(2)
14,635,000
12,154
Republic
of
Serbia,
1.65%,
3/3/33
(EUR)
10,435,000
7,492
Republic
of
Serbia,
2.05%,
9/23/36
(EUR) (2)
12,725,000
8,376
Republic
of
Serbia,
2.05%,
9/23/36
(EUR) (1)
13,065,000
8,600
Republic
of
Serbia,
Series
12.5,
4.50%,
8/20/32
1,008,460,000
7,936
66,440
Total
Serbia
(Cost
$96,495
)
70,229
SINGAPORE
3.4%
Government
Bonds
3.4%
Government
of
Singapore,
0.50%,
11/1/25
44,175,000
31,107
Government
of
Singapore,
1.625%,
7/1/31
48,911,000
33,187
Government
of
Singapore,
2.375%,
6/1/25
15,670,000
11,592
Government
of
Singapore,
2.875%,
7/1/29
162,299,000
121,367
Total
Singapore
(Cost
$190,737
)
197,253
SLOVENIA
1.2%
Government
Bonds
1.2%
Republic
of
Slovenia,
Series
RS74,
1.50%,
3/25/35 (2)
11,285,000
9,823
Republic
of
Slovenia,
Series
RS76,
3.125%,
8/7/45
38,377,000
38,568
Republic
of
Slovenia,
Series
RS77,
2.25%,
3/3/32 (2)
7,145,000
7,143
Republic
of
Slovenia,
Series
RS78,
1.75%,
11/3/40 (2)
14,425,000
11,883
Republic
of
Slovenia,
Series
RS86,
0.00%,
2/12/31 (2)
4,975,000
4,190
Total
Slovenia
(Cost
$93,872
)
71,607
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
12
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SOUTH
AFRICA
1.0%
Corporate
Bonds
0.1%
Anglo
American
Capital,
3.375%,
3/11/29
(GBP)
5,340,000
5,799
5,799
Government
Bonds
0.9%
Republic
of
South
Africa,
Series
R186,
10.50%,
12/21/26
487,376,000
29,144
Republic
of
South
Africa,
Series
R213,
7.00%,
2/28/31
527,225,000
24,524
53,668
Total
South
Africa
(Cost
$58,127
)
59,467
SPAIN
1.8%
Corporate
Bonds
0.7%
Abertis
Infraestructuras,
3.00%,
3/27/31
4,300,000
4,249
Banco
de
Sabadell,
VR,
0.875%,
6/16/28 (3)
4,000,000
3,530
Banco
Santander,
1.125%,
1/17/25
5,800,000
5,993
CaixaBank,
VR,
2.75%,
7/14/28 (3)
9,400,000
10,079
Cellnex
Telecom,
1.75%,
10/23/30 (2)
10,200,000
8,838
Cirsa
Finance
International,
6.25%,
12/20/23 (1)
890,497
961
Cirsa
Finance
International,
6.25%,
12/20/23
410,256
443
Inmobiliaria
Colonial
Socimi,
1.625%,
11/28/25
7,300,000
7,469
41,562
Government
Bonds
1.1%
Kingdom
of
Spain,
0.00%,
1/31/28
65,124,000
61,441
61,441
Total
Spain
(Cost
$107,132
)
103,003
SWEDEN
2.3%
Corporate
Bonds
0.2%
Akelius
Residential
Property,
1.75%,
2/7/25
(EUR)
6,390,000
6,452
Tele2,
0.75%,
3/23/31
(EUR)
5,645,000
4,741
Verisure
Holding,
3.875%,
7/15/26
(EUR) (1)
1,600,000
1,606
12,799
Government
Bonds
2.1%
Kingdom
of
Sweden,
Series
1056,
2.25%,
6/1/32 (2)
1,243,490,000
119,954
119,954
Total
Sweden
(Cost
$144,509
)
132,753
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
13
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SWITZERLAND
0.2%
Corporate
Bonds
0.2%
ABB
Finance,
3.375%,
1/16/31
(EUR)
4,445,000
4,720
Aquarius
&
Investments
for
Zurich
Insurance,
VR,
4.25%,
10/2/43
(EUR) (3)
2,131,000
2,286
Credit
Suisse
Group,
VR,
2.875%,
4/2/32
(EUR) (3)
7,050,000
6,347
Total
Switzerland
(Cost
$13,174
)
13,353
THAILAND
2.2%
Corporate
Bonds
0.2%
Bangkok
Bank,
VR,
3.733%,
9/25/34
(USD) (3)
9,700,000
8,242
8,242
Government
Bonds
2.0%
Kingdom
of
Thailand,
1.60%,
12/17/29
132,630,000
3,746
Kingdom
of
Thailand,
2.00%,
12/17/31
3,200,559,000
91,468
Kingdom
of
Thailand,
3.65%,
6/20/31
694,772,000
22,408
117,622
Total
Thailand
(Cost
$128,694
)
125,864
UNITED
ARAB
EMIRATES
0.1%
Corporate
Bonds
0.1%
EMG
SUKUK,
4.564%,
6/18/24
(USD)
5,800,000
5,739
Total
United
Arab
Emirates
(Cost
$5,939
)
5,739
UNITED
KINGDOM
9.0%
Corporate
Bonds
2.1%
Barclays,
VR,
0.577%,
8/9/29
(EUR) (3)
5,175,000
4,478
Barclays,
VR,
0.877%,
1/28/28
(EUR) (3)
5,200,000
4,853
Barclays,
VR,
1.106%,
5/12/32
(EUR) (3)
6,000,000
4,843
Bellis
Acquisition,
3.25%,
2/16/26 (1)
1,450,000
1,464
Crh
Finance
U.K.,
4.125%,
12/2/29
10,000,000
11,656
Deuce
Finco,
5.50%,
6/15/27 (1)
1,600,000
1,645
Eastern
Power
Networks,
5.75%,
3/8/24
62,000
77
INEOS
Finance,
6.625%,
5/15/28
(EUR) (1)
2,325,000
2,539
Jerrold
Finco,
4.875%,
1/15/26 (1)
580,000
614
Legal
&
General
Group,
VR,
5.375%,
10/27/45 (3)
5,685,000
6,838
Marks
&
Spencer,
6.00%,
6/12/25
1,713,000
2,087
Nationwide
Building
Society,
VR,
1.50%,
3/8/26
(EUR) (3)
2,770,000
2,836
Nationwide
Building
Society,
VR,
2.00%,
7/25/29
(EUR) (3)
5,050,000
5,237
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
14
Par/Shares
$
Value
(Cost
and
value
in
$000s)
NatWest
Group,
VR,
0.67%,
9/14/29
(EUR) (2)(3)
5,250,000
4,628
NatWest
Group,
VR,
0.78%,
2/26/30
(EUR) (3)
2,014,000
1,754
Next
Group,
3.625%,
5/18/28 (2)
7,491,000
8,541
Next
Group,
4.375%,
10/2/26
982,000
1,176
Santander
U.K.
Group
Holdings,
VR,
0.603%,
9/13/29
(EUR) (3)
6,475,000
5,591
Santander
U.K.
Group
Holdings,
VR,
2.421%,
1/17/29 (3)
3,320,000
3,502
Santander
U.K.
Group
Holdings,
VR,
3.53%,
8/25/28
(EUR) (3)
5,300,000
5,432
Severn
Trent
Utilities
Finance,
4.625%,
11/30/34
5,970,000
6,957
Severn
Trent
Utilities
Finance,
6.125%,
2/26/24
206,000
256
Sky,
1.875%,
11/24/23
(EUR)
5,244,000
5,630
Standard
Chartered,
VR,
2.50%,
9/9/30
(EUR) (3)
9,070,000
9,224
Tesco
Corporate
Treasury
Services,
0.875%,
5/29/26
(EUR)
5,250,000
5,175
Tesco
Corporate
Treasury
Services,
1.875%,
11/2/28
4,850,000
5,046
Vmed
O2
U.K.
Financing
I,
4.50%,
7/15/31 (1)
5,145,000
5,049
Vmed
O2
U.K.
Financing
I,
4.50%,
7/15/31
5,630,000
5,525
122,653
Government
Bonds
6.9%
United
Kingdom
Gilt,
0.625%,
6/7/25
55,319,000
64,263
United
Kingdom
Gilt,
0.625%,
10/22/50
22,419,000
12,777
United
Kingdom
Gilt,
1.50%,
7/22/26
124,268,000
144,059
United
Kingdom
Gilt,
4.25%,
12/7/46
7,253,797
9,508
United
Kingdom
Gilt,
Inflation-Indexed,
Series
3MO,
0.125%,
3/22/26
31,379,893
39,092
United
Kingdom
Gilt,
Inflation-Indexed,
Series
3MO,
0.125%,
8/10/28
104,167,051
131,844
401,543
Total
United
Kingdom
(Cost
$563,934
)
524,196
UNITED
STATES
3.7%
Corporate
Bonds
3.6%
AbbVie,
2.625%,
11/15/28
(EUR)
5,967,000
6,121
American
Honda
Finance,
0.75%,
11/25/26
(GBP)
4,097,000
4,397
American
Honda
Finance,
1.95%,
10/18/24
(EUR)
4,680,000
4,952
Ardagh
Metal
Packaging
Finance
USA,
3.00%,
9/1/29
(EUR) (1)
5,325,000
4,278
Bank
of
America,
2.375%,
6/19/24
(EUR) (2)
5,000,000
5,338
Bank
of
America,
VR,
1.379%,
2/7/25
(EUR) (3)
5,786,000
6,136
Bank
of
America,
VR,
1.662%,
4/25/28
(EUR) (3)
4,750,000
4,659
Becton
Dickinson
&
Company,
3.02%,
5/24/25
(GBP)
7,393,000
8,736
Becton
Dickinson
Euro
Finance,
0.334%,
8/13/28
(EUR)
1,450,000
1,323
Becton
Dickinson
Euro
Finance,
1.213%,
2/12/36
(EUR)
1,874,000
1,443
Berkshire
Hathaway
Finance,
1.50%,
3/18/30
(EUR)
5,119,000
4,885
Bunge
Finance
Europe,
1.85%,
6/16/23
(EUR)
9,220,000
9,959
Capital
One
Financial,
1.65%,
6/12/29
(EUR)
11,300,000
9,504
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
15
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Encore
Capital
Group,
4.875%,
10/15/25
(EUR) (1)(2)
3,480,000
3,434
Fiserv,
0.375%,
7/1/23
(EUR)
1,090,000
1,173
Fiserv,
3.00%,
7/1/31
(GBP)
9,825,000
10,277
Ford
Motor
Credit,
4.867%,
8/3/27
(EUR)
6,420,000
6,737
General
Motors
Financial,
0.85%,
2/26/26
(EUR)
10,000,000
9,860
Goldman
Sachs
Group,
1.375%,
5/15/24
(EUR)
5,700,000
6,015
Goldman
Sachs
Group,
1.625%,
7/27/26
(EUR)
4,137,000
4,194
Graphic
Packaging
International,
2.625%,
2/1/29
(EUR) (1)
2,975,000
2,760
Highland
Holdings,
0.318%,
12/15/26
(EUR) (2)
3,635,000
3,506
International
Game
Technology,
3.50%,
6/15/26
(EUR) (2)
4,550,000
4,748
International
Game
Technology,
3.50%,
6/15/26
(EUR) (1)(2)
2,410,000
2,515
Medtronic
Global
Holdings,
0.375%,
10/15/28
(EUR)
2,969,000
2,731
Metropolitan
Life
Global
Funding
I,
5.00%,
1/10/30
(GBP)
570,000
704
Mondelez
International,
0.25%,
3/17/28
(EUR)
3,875,000
3,549
Mondelez
International
Holdings
Netherlands,
0.25%,
9/9/29
(EUR) (1)
6,160,000
5,395
Morgan
Stanley,
VR,
0.406%,
10/29/27
(EUR) (3)
4,931,000
4,674
Morgan
Stanley,
VR,
0.637%,
7/26/24
(EUR) (3)
3,049,000
3,272
Morgan
Stanley,
VR,
5.148%,
1/25/34
(EUR) (3)
2,000,000
2,280
Netflix,
3.875%,
11/15/29
(EUR)
8,385,000
8,924
Prologis,
2.25%,
6/30/29
(GBP)
5,048,000
5,292
Thermo
Fisher
Scientific,
0.875%,
10/1/31
(EUR)
5,170,000
4,508
Thermo
Fisher
Scientific,
2.375%,
4/15/32
(EUR)
842,000
826
Thermo
Fisher
Scientific
Finance
I,
0.80%,
10/18/30
(EUR)
1,890,000
1,688
Upjohn
Finance,
1.908%,
6/23/32
(EUR)
5,520,000
4,608
Verizon
Communications,
1.30%,
5/18/33
(EUR)
5,270,000
4,481
Verizon
Communications,
2.625%,
12/1/31
(EUR)
4,715,000
4,689
VF,
4.125%,
3/7/26
(EUR)
4,239,000
4,613
VF,
4.25%,
3/7/29
(EUR)
4,355,000
4,710
Westlake,
1.625%,
7/17/29
(EUR)
14,435,000
13,185
207,079
Municipal
Securities
0.1%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (6)
22,245,826
9,677
9,677
Total
United
States
(Cost
$250,314
)
216,756
SHORT-TERM
INVESTMENTS
8.0%
Money
Market
Funds
4.5%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (7)(8)
259,213,260
259,213
259,213
U.S.
Treasury
Obligations
3.5%
U.S.
Treasury
Bills,
3.912%,
4/27/23 (9)
44,300,000
44,162
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
16
Par/Shares
$
Value
(Cost
and
value
in
$000s)
U.S.
Treasury
Bills,
4.484%,
4/4/23 (9)
162,515,000
162,495
206,657
Total
Short-Term
Investments
(Cost
$465,844)
465,870
SECURITIES
LENDING
COLLATERAL
1.5%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
1.5%
Money
Market
Funds
1.5%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (7)(8)
87,919,091
87,919
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
87,919
Total
Securities
Lending
Collateral
(Cost
$87,919)
87,919
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED
0.0%
OTC
Options
Purchased
0
.0
%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Bank
of
America
USD
/
JPY
Put,
4/10/23
@
JPY132.00 (10)
1
57,100
324
Citibank
USD
/
EUR
Put,
6/13/23
@
EUR1.10 (10)
1
173,750
2,011
Total
Options
Purchased
(Cost
$2,212)
2,335
Total
Investments
in
Securities
99.8%
(Cost
$6,168,343)
$
5,793,464
Other
Assets
Less
Liabilities
0.2%
10,957
Net
Assets
100.0%
$
5,804,421
‡
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.
(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
$299,064
and
represents
5.2%
of
net
assets.
(2)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2023.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
17
.
.
.
.
.
.
.
.
.
.
(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)
Perpetual
security
with
no
stated
maturity
date.
(5)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(6)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board’s
Certified
Fiscal
Plan.
(7)
Seven-day
yield
(8)
Affiliated
Companies
(9)
At
March
31,
2023,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(10)
Non-income
producing
6M
CZK
PRIBOR
Six
month
CZK
PRIBOR
(Prague
interbank
offered
rate)
6M
EURIBOR
Six
month
EURIBOR
(Euro
interbank
offered
rate)
6M
PLN
WIBOR
Six
month
PLN
WIBOR
(Warsaw
interbank
offered
rate)
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CNH
Offshore
China
Renminbi
COP
Colombian
Peso
CZK
Czech
Koruna
EUR
Euro
GBP
British
Pound
GBP
SONIA
Sterling
Overnight
Index
Average
GO
General
Obligation
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
ILS
Israeli
Shekel
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXIBTIIE
Mexican
Interbank
28
day
interest
rate
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NOK
Norwegian
Krone
OTC
Over-the-counter
PIK
Payment-in-kind
PLN
Polish
Zloty
RON
New
Romanian
Leu
RSD
Serbian
Dinar
SEK
Swedish
Krona
SGD
Singapore
Dollar
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
18
.
.
.
.
.
.
.
.
.
.
THB
Thai
Baht
TWD
Taiwan
Dollar
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.
ZAR
South
African
Rand
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
19
(Amounts
in
000s)
SWAPS
(0.4)%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Greece
0.0%
Bank
of
America,
Protection
Sold
(Relevant
Credit:
Hellenic
Republic,
BB+*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
(USD)
17,964
131
(258)
389
Bank
of
America,
Protection
Sold
(Relevant
Credit:
Hellenic
Republic,
BB+*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/29
(USD)
*
12,470
(349)
(422)
73
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Hellenic
Republic,
BB+*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/24
(USD)
9,200
63
(139)
202
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Hellenic
Republic,
BB+*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
(USD)
16,500
120
(32)
152
Citibank,
Protection
Sold
(Relevant
Credit:
Hellenic
Republic,
BB+*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/25
(USD)
6,635
51
(168)
219
Morgan
Stanley,
Protection
Sold
(Relevant
Credit:
Hellenic
Republic,
BB+*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
(USD)
4,911
36
(12)
48
Morgan
Stanley,
Protection
Sold
(Relevant
Credit:
Hellenic
Republic,
BB+*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/25
(USD)
2,801
22
(57)
79
Total
Greece
(1,088)
1,162
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(1,088)
1,162
Total
Bilateral
Swaps
(1,088)
1,162
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
20
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
(0.4)%
Credit
Default
Swaps,
Protection
Sold
0.0%
Foreign/Europe
0.0%
Protection
Sold
(Relevant
Credit:
Markit
iTraxx
Europe-S38,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/27
220,050
2,304
(40)
2,344
Total
Foreign/Europe
2,344
Greece
0.0%
Protection
Sold
(Relevant
Credit:
Hellenic
Republic,
BB+*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
(USD)
3,700
19
39
(
20
)
Total
Greece
(
20
)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
2,324
Interest
Rate
Swaps
(0.4)%
Czech
Republic
0.1%
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.180%
Annually,
Pay
Variable
7.260%
(6M
CZK
PRIBOR)
Semi-Annually,
6/21/27
451,320
1,485
1
1,484
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.285%
Annually,
Pay
Variable
7.260%
(6M
CZK
PRIBOR)
Semi-Annually,
6/22/27
227,041
798
—
798
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.333%
Annually,
Pay
Variable
7.260%
(6M
CZK
PRIBOR)
Semi-Annually,
6/22/27
449,939
1,628
—
1,628
Total
Czech
Republic
3,910
Foreign/Europe
(0.5)%
2
Year
Interest
Rate
Swap,
Receive
Fixed
3.544%
Annually,
Pay
Variable
3.198%
(6M
EURIBOR)
Semi-Annually,
2/27/25
37,700
95
—
95
4
Year
Interest
Rate
Swap,
Receive
Fixed
(0.090)%
Annually,
Pay
Variable
2.198%
(6M
EURIBOR)
Semi-Annually,
11/4/25
27,310
(2,725)
—
(
2,725
)
4
Year
Interest
Rate
Swap,
Receive
Fixed
(0.144)%
Annually,
Pay
Variable
2.038%
(6M
EURIBOR)
Semi-Annually,
10/20/25
36,080
(3,635)
—
(
3,635
)
7
Year
Interest
Rate
Swap,
Receive
Fixed
2.638%
Annually,
Pay
Variable
2.519%
(6M
EURIBOR)
Semi-Annually,
12/17/29
47,260
(978)
—
(
978
)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
21
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
9
Year
Interest
Rate
Swap,
Pay
Fixed
0.858%
Annually,
Receive
Variable
3.095%
(6M
EURIBOR)
Semi-Annually,
9/22/27
600
58
1
57
10
Year
Interest
Rate
Swap,
Receive
Fixed
0.830%
Annually,
Pay
Variable
3.290%
(6M
EURIBOR)
Semi-Annually,
3/2/32
40,250
(7,301)
—
(
7,301
)
10
Year
Interest
Rate
Swap,
Receive
Fixed
1.222%
Annually,
Pay
Variable
1.809%
(6M
EURIBOR)
Semi-Annually,
4/5/32
49,550
(7,133)
—
(
7,133
)
10
Year
Interest
Rate
Swap,
Receive
Fixed
1.627%
Annually,
Pay
Variable
2.057%
(6M
EURIBOR)
Semi-Annually,
4/21/32
30,272
(3,216)
—
(
3,216
)
10
Year
Interest
Rate
Swap,
Receive
Fixed
1.640%
Annually,
Pay
Variable
2.130%
(6M
EURIBOR)
Semi-Annually,
5/3/32
30,750
(3,236)
—
(
3,236
)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.683%
Annually,
Pay
Variable
2.436%
(6M
EURIBOR)
Semi-Annually,
11/30/32
4,760
(108)
—
(
108
)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.698%
Annually,
Pay
Variable
2.436%
(6M
EURIBOR)
Semi-Annually,
11/30/32
2,040
(44)
—
(
44
)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.702%
Annually,
Pay
Variable
2.338%
(6M
EURIBOR)
Semi-Annually,
11/24/32
3,600
(74)
1
(
75
)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.712%
Annually,
Pay
Variable
2.338%
(6M
EURIBOR)
Semi-Annually,
11/24/32
1,200
(23)
1
(
24
)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.730%
Annually,
Pay
Variable
2.327%
(6M
EURIBOR)
Semi-Annually,
11/23/32
88,800
(1,592)
—
(
1,592
)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.735%
Annually,
Pay
Variable
2.294%
(6M
EURIBOR)
Semi-Annually,
11/22/32
4,585
(80)
—
(
80
)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.742%
Annually,
Pay
Variable
2.294%
(6M
EURIBOR)
Semi-Annually,
11/22/32
13,400
(222)
—
(
222
)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.796%
Annually,
Pay
Variable
2.300%
(6M
EURIBOR)
Semi-Annually,
11/17/32
2,890
(33)
1
(
34
)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.803%
Annually,
Pay
Variable
2.311%
(6M
EURIBOR)
Semi-Annually,
11/18/32
4,912
(53)
1
(
54
)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
22
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.822%
Annually,
Pay
Variable
2.300%
(6M
EURIBOR)
Semi-Annually,
11/17/32
19,300
(177)
—
(
177
)
Total
Foreign/Europe
(
30,482
)
Mexico
(0.1)%
7
Year
Interest
Rate
Swap,
Receive
Fixed
5.499%
28
Days,
Pay
Variable
11.320%
(MXIBTIIE)
28
Days,
5/4/27
525,000
(3,313)
—
(
3,313
)
Total
Mexico
(
3,313
)
Poland
0.1%
10
Year
Interest
Rate
Swap,
Pay
Fixed
1.775%
Annually,
Receive
Variable
7.570%
(6M
PLN
WIBOR)
Semi-Annually,
10/22/29
32,824
1,678
1
1,677
10
Year
Interest
Rate
Swap,
Pay
Fixed
1.780%
Annually,
Receive
Variable
7.570%
(6M
PLN
WIBOR)
Semi-Annually,
10/22/29
22,976
1,173
—
1,173
10
Year
Interest
Rate
Swap,
Pay
Fixed
2.850%
Annually,
Receive
Variable
7.470%
(6M
PLN
WIBOR)
Semi-Annually,
4/6/28
15,800
439
—
439
10
Year
Interest
Rate
Swap,
Pay
Fixed
2.910%
Annually,
Receive
Variable
6.950%
(6M
PLN
WIBOR)
Semi-Annually,
3/27/28
16,200
411
1
410
10
Year
Interest
Rate
Swap,
Pay
Fixed
2.920%
Annually,
Receive
Variable
7.780%
(6M
PLN
WIBOR)
Semi-Annually,
5/7/28
16,100
431
—
431
10
Year
Interest
Rate
Swap,
Pay
Fixed
3.030%
Annually,
Receive
Variable
7.600%
(6M
PLN
WIBOR)
Semi-Annually,
5/18/28
10,100
253
—
253
10
Year
Interest
Rate
Swap,
Pay
Fixed
3.075%
Annually,
Receive
Variable
7.000%
(6M
PLN
WIBOR)
Semi-Annually,
2/27/28
8,000
193
—
193
10
Year
Interest
Rate
Swap,
Pay
Fixed
3.149%
Annually,
Receive
Variable
6.990%
(6M
PLN
WIBOR)
Semi-Annually,
2/13/28
15,931
377
—
377
10
Year
Interest
Rate
Swap,
Pay
Fixed
3.158%
Annually,
Receive
Variable
6.990%
(6M
PLN
WIBOR)
Semi-Annually,
2/14/28
12,062
285
1
284
10
Year
Interest
Rate
Swap,
Pay
Fixed
3.160%
Annually,
Receive
Variable
6.990%
(6M
PLN
WIBOR)
Semi-Annually,
2/12/28
10,007
236
1
235
Total
Poland
5,472
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
23
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
United
Kingdom
(0.0)%
2
Year
Interest
Rate
Swap,
Receive
Fixed
3.955%
Annually,
Pay
Variable
3.914%
(GBP
SONIA)
Annually,
1/27/25
312,475
(2,493)
—
(
2,493
)
Total
United
Kingdom
(
2,493
)
Total
Centrally
Cleared
Interest
Rate
Swaps
(
26,906
)
Total
Centrally
Cleared
Swaps
(
24,582
)
Net
payments
(receipts)
of
variation
margin
to
date
27,274
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
2,692
*
Credit
ratings
as
of
March
31,
2023.
Ratings
shown
are
from
Moody’s
Investors
Service
and
if
Moody’s
does
not
rate
a
security,
then
Standard
&
Poor’s
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody’s
or
S&P.
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$40.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
24
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
4/6/23
USD
3,547
IDR
52,861,620
$
20
Bank
of
America
4/6/23
USD
21,226
IDR
321,939,661
(
253
)
Bank
of
America
4/6/23
USD
3,810
INR
312,741
5
Bank
of
America
4/7/23
TWD
1,318,293
USD
43,522
(
229
)
Bank
of
America
4/7/23
USD
43,334
TWD
1,318,293
40
Bank
of
America
4/14/23
CZK
235,543
USD
10,583
294
Bank
of
America
4/14/23
MXN
297,591
USD
15,811
658
Bank
of
America
4/21/23
EUR
1,855
USD
2,024
(
10
)
Bank
of
America
4/21/23
JPY
11,706,061
USD
90,459
(
1,991
)
Bank
of
America
4/21/23
USD
27,502
AUD
39,235
1,255
Bank
of
America
5/19/23
GBP
27,995
USD
34,440
129
Bank
of
America
5/19/23
USD
716
GBP
578
3
Bank
of
America
6/23/23
USD
2,774
EUR
2,563
(
19
)
Bank
of
America
7/7/23
KRW
38,282,079
USD
29,709
(
235
)
Bank
of
America
7/7/23
USD
44,090
TWD
1,318,293
445
Barclays
Bank
4/6/23
USD
9,320
IDR
143,437,507
(
249
)
Barclays
Bank
4/14/23
USD
6,076
ZAR
110,875
(
143
)
Barclays
Bank
5/19/23
USD
6,220
GBP
5,037
(
1
)
Barclays
Bank
6/9/23
USD
28,868
ZAR
528,201
(
616
)
Barclays
Bank
6/16/23
USD
51,430
SGD
69,508
(
931
)
Barclays
Bank
6/23/23
USD
21,985
EUR
20,276
(
109
)
BNP
Paribas
4/7/23
KRW
36,926,490
USD
28,314
40
BNP
Paribas
4/13/23
USD
14,643
RON
67,509
(
147
)
BNP
Paribas
4/14/23
CZK
273,749
USD
12,232
409
BNP
Paribas
4/14/23
HUF
4,410,248
USD
12,476
54
BNP
Paribas
4/14/23
USD
29,740
MXN
563,124
(
1,425
)
BNP
Paribas
4/21/23
CAD
26,350
USD
19,274
229
BNP
Paribas
4/21/23
USD
269,924
EUR
246,375
2,415
BNP
Paribas
4/21/23
USD
287,583
JPY
36,620,314
10,828
BNP
Paribas
5/19/23
SEK
299,267
USD
28,900
11
BNP
Paribas
5/19/23
USD
520,204
EUR
484,566
(
6,778
)
BNP
Paribas
6/2/23
USD
7,768
BRL
40,718
(
174
)
BNP
Paribas
6/9/23
USD
3,933
COP
18,902,602
(
68
)
BNP
Paribas
6/23/23
USD
97,270
EUR
90,769
(
1,639
)
BNY
Mellon
5/19/23
USD
5,053
GBP
4,093
(
1
)
BNY
Mellon
5/19/23
USD
2,876
SEK
29,708
6
BNY
Mellon
6/23/23
USD
162,572
EUR
150,496
(
1,421
)
Canadian
Imperial
Bank
of
Commerce
4/21/23
USD
181,784
CAD
242,575
2,243
Citibank
4/6/23
USD
2,786
INR
228,878
1
Citibank
4/7/23
KRW
35,011,336
USD
27,289
(
406
)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
25
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Citibank
4/14/23
CNH
805,688
USD
116,702
$
651
Citibank
4/14/23
CZK
1,536,187
USD
68,548
2,388
Citibank
4/14/23
HUF
29,438,511
USD
80,828
2,809
Citibank
4/14/23
MXN
297,591
USD
15,817
653
Citibank
4/14/23
USD
18,849
MXN
367,124
(
1,468
)
Citibank
4/14/23
USD
11,736
ZAR
214,104
(
274
)
Citibank
4/20/23
USD
85,647
ILS
299,551
2,307
Citibank
4/21/23
AUD
62,723
USD
42,076
(
117
)
Citibank
4/21/23
JPY
2,124,011
USD
15,816
236
Citibank
4/21/23
USD
685,594
JPY
86,956,451
28,427
Citibank
5/12/23
USD
6,033
RSD
665,221
(
115
)
Citibank
5/19/23
USD
43,681
EUR
41,036
(
947
)
Citibank
6/9/23
USD
295
COP
1,421,671
(
6
)
Citibank
6/23/23
USD
15,482
EUR
14,295
(
95
)
Deutsche
Bank
4/6/23
USD
8,638
IDR
133,091,787
(
241
)
Deutsche
Bank
4/14/23
CZK
942,647
USD
43,482
46
Deutsche
Bank
4/21/23
USD
236,757
JPY
30,190,104
8,597
Deutsche
Bank
5/19/23
SEK
352,915
USD
34,206
(
113
)
Deutsche
Bank
5/19/23
USD
28,558
EUR
26,687
(
465
)
Deutsche
Bank
6/9/23
MYR
7,342
USD
1,646
28
Deutsche
Bank
6/9/23
USD
57,277
THB
1,977,194
(
962
)
Deutsche
Bank
9/1/23
USD
12,418
INR
1,037,070
(
88
)
Goldman
Sachs
4/6/23
USD
3,511
IDR
52,484,720
9
Goldman
Sachs
4/6/23
USD
6,103
INR
505,740
(
49
)
Goldman
Sachs
4/7/23
TWD
2,144,026
USD
70,648
(
237
)
Goldman
Sachs
4/7/23
USD
29,681
KRW
36,616,353
1,566
Goldman
Sachs
4/7/23
USD
70,800
TWD
2,144,026
389
Goldman
Sachs
4/14/23
USD
108,289
CZK
2,460,103
(
5,310
)
Goldman
Sachs
4/14/23
USD
10,511
MXN
193,435
(
194
)
Goldman
Sachs
4/21/23
JPY
21,020,420
USD
156,372
2,489
Goldman
Sachs
6/2/23
USD
7,116
BRL
37,810
(
259
)
Goldman
Sachs
6/9/23
USD
3,185
COP
15,168,344
(
26
)
Goldman
Sachs
6/9/23
USD
57,245
THB
1,977,194
(
993
)
Goldman
Sachs
6/23/23
USD
2,602
EUR
2,383
6
Goldman
Sachs
6/23/23
USD
660
EUR
609
(
3
)
Goldman
Sachs
7/7/23
USD
43,115
TWD
1,289,799
413
HSBC
Bank
4/6/23
IDR
1,089,455,766
USD
72,234
450
HSBC
Bank
4/6/23
INR
2,052,637
USD
25,023
(
55
)
HSBC
Bank
4/6/23
USD
22,122
IDR
338,206,760
(
441
)
HSBC
Bank
4/6/23
USD
6,134
INR
503,025
15
HSBC
Bank
4/7/23
TWD
1,753,865
USD
57,651
(
53
)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
26
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
HSBC
Bank
4/7/23
USD
28,598
KRW
35,321,473
$
1,477
HSBC
Bank
4/7/23
USD
29,240
TWD
882,602
255
HSBC
Bank
4/7/23
USD
28,604
TWD
871,263
(
9
)
HSBC
Bank
4/14/23
CNH
198,439
USD
29,050
(
146
)
HSBC
Bank
4/14/23
USD
22,019
MXN
428,311
(
1,685
)
HSBC
Bank
4/14/23
USD
5,912
ZAR
106,839
(
81
)
HSBC
Bank
4/21/23
JPY
17,716,694
USD
136,024
(
2,131
)
HSBC
Bank
4/21/23
USD
269,602
EUR
246,375
2,094
HSBC
Bank
5/19/23
USD
7,123
GBP
5,781
(
15
)
HSBC
Bank
6/2/23
USD
7,118
BRL
37,810
(
256
)
HSBC
Bank
6/9/23
USD
26,450
MYR
117,926
(
436
)
HSBC
Bank
6/16/23
USD
111,776
CNH
762,378
152
HSBC
Bank
6/16/23
USD
111,477
CNH
762,378
(
148
)
HSBC
Bank
6/16/23
USD
141,937
SGD
191,309
(
2,178
)
HSBC
Bank
6/23/23
USD
5,010
EUR
4,584
15
HSBC
Bank
6/23/23
USD
19,222
EUR
17,907
(
291
)
HSBC
Bank
7/7/23
USD
72,141
IDR
1,089,455,766
(
586
)
HSBC
Bank
9/1/23
INR
286,008
USD
3,456
(
8
)
HSBC
Bank
9/1/23
USD
8,623
INR
716,667
(
19
)
JPMorgan
Chase
4/13/23
USD
11,526
RON
53,048
(
96
)
JPMorgan
Chase
5/19/23
USD
9,078
GBP
7,344
8
Morgan
Stanley
4/14/23
MXN
345,912
USD
19,154
(
10
)
Morgan
Stanley
4/14/23
USD
22,016
MXN
428,311
(
1,688
)
Morgan
Stanley
4/21/23
USD
77,778
AUD
111,650
3,089
Morgan
Stanley
4/21/23
USD
13,374
JPY
1,743,436
198
Morgan
Stanley
4/21/23
USD
2,132
JPY
289,880
(
58
)
Morgan
Stanley
5/19/23
EUR
1,275
USD
1,367
20
Morgan
Stanley
5/19/23
USD
9,098
GBP
7,359
11
Morgan
Stanley
5/19/23
USD
2,326
GBP
1,888
(
5
)
Morgan
Stanley
6/2/23
USD
10,642
BRL
56,319
(
342
)
Morgan
Stanley
6/23/23
USD
12,093
EUR
11,045
58
Morgan
Stanley
6/23/23
USD
2,178
EUR
2,001
(
3
)
Morgan
Stanley
7/14/23
USD
18,821
MXN
345,912
16
RBC
Dominion
Securities
4/21/23
CAD
194,163
USD
141,973
1,736
RBC
Dominion
Securities
4/21/23
USD
181,238
CAD
242,575
1,697
RBC
Dominion
Securities
6/23/23
USD
10,185
EUR
9,320
30
Standard
Chartered
4/21/23
JPY
15,303,427
USD
116,408
(
754
)
Standard
Chartered
4/21/23
USD
175,800
JPY
23,013,616
1,876
Standard
Chartered
6/9/23
MYR
263,648
USD
59,612
496
Standard
Chartered
6/9/23
USD
118,500
MYR
527,625
(
1,790
)
State
Street
4/13/23
USD
2,713
RON
12,488
(
23
)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
27
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
State
Street
4/14/23
HUF
1,409,666
USD
3,909
$
96
State
Street
4/14/23
MXN
1,081,734
USD
57,971
1,895
State
Street
4/14/23
USD
186,830
CNH
1,261,124
3,141
State
Street
4/14/23
USD
25,563
HUF
9,789,456
(
2,249
)
State
Street
4/21/23
CAD
44,383
USD
32,738
112
State
Street
4/21/23
JPY
1,876,268
USD
13,950
229
State
Street
4/21/23
JPY
14,463,762
USD
113,797
(
4,488
)
State
Street
4/21/23
USD
2,941
AUD
4,390
5
State
Street
4/21/23
USD
148,888
CAD
199,724
1,063
State
Street
4/21/23
USD
51,572
JPY
6,892,606
(
518
)
State
Street
4/21/23
USD
11,529
NOK
113,988
631
State
Street
5/19/23
GBP
69,325
USD
84,142
1,463
State
Street
5/19/23
GBP
1,652
USD
2,045
(
5
)
State
Street
5/19/23
USD
643,910
GBP
536,185
(
18,197
)
State
Street
5/19/23
USD
3,978
SEK
41,158
2
State
Street
6/2/23
USD
34,783
BRL
186,893
(
1,668
)
State
Street
6/16/23
SGD
78,084
USD
58,394
427
State
Street
6/16/23
USD
2,902
CNH
19,816
1
State
Street
6/16/23
USD
2,681
SGD
3,557
1
State
Street
6/23/23
USD
46,097
EUR
42,191
122
State
Street
6/23/23
USD
97,324
EUR
90,302
(
1,076
)
UBS
Investment
Bank
4/6/23
USD
3,078
IDR
47,433,709
(
86
)
UBS
Investment
Bank
4/6/23
USD
6,119
INR
502,252
10
UBS
Investment
Bank
4/13/23
USD
10,668
RON
49,207
(
113
)
UBS
Investment
Bank
4/14/23
HUF
8,691,714
USD
23,914
780
UBS
Investment
Bank
4/14/23
USD
2,870
CNH
19,899
(
28
)
UBS
Investment
Bank
4/14/23
USD
49,880
HUF
19,432,801
(
5,330
)
UBS
Investment
Bank
4/14/23
USD
32,699
MXN
609,404
(
1,026
)
UBS
Investment
Bank
4/20/23
ILS
118,438
USD
32,649
302
UBS
Investment
Bank
4/20/23
USD
3,717
ILS
13,310
13
UBS
Investment
Bank
4/21/23
AUD
54,622
USD
36,146
393
UBS
Investment
Bank
4/21/23
AUD
44,504
USD
30,710
(
939
)
UBS
Investment
Bank
4/21/23
CAD
6,556
USD
4,818
34
UBS
Investment
Bank
4/21/23
CHF
105,154
USD
114,421
768
UBS
Investment
Bank
4/21/23
JPY
11,894,443
USD
92,266
(
2,375
)
UBS
Investment
Bank
4/21/23
USD
197,430
AUD
280,432
9,835
UBS
Investment
Bank
4/21/23
USD
115,228
CHF
105,154
40
UBS
Investment
Bank
4/21/23
USD
175,421
JPY
22,306,846
6,839
UBS
Investment
Bank
4/21/23
USD
12,392
JPY
1,676,312
(
277
)
UBS
Investment
Bank
5/12/23
PLN
122,639
USD
28,068
269
UBS
Investment
Bank
5/12/23
USD
61,120
PLN
269,166
(
1,075
)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
28
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
UBS
Investment
Bank
5/19/23
GBP
5,227
USD
6,339
$
116
UBS
Investment
Bank
5/19/23
USD
121,432
SEK
1,247,218
944
UBS
Investment
Bank
6/9/23
USD
7,244
COP
35,250,382
(
218
)
UBS
Investment
Bank
6/23/23
USD
35,545
EUR
32,769
(
163
)
Wells
Fargo
4/14/23
USD
8,982
MXN
168,181
(
326
)
Wells
Fargo
6/9/23
USD
2,020
COP
9,449,785
20
Wells
Fargo
6/9/23
USD
5,566
COP
27,575,407
(
271
)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
30,801
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
29
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
1,001
Commonwealth
of
Australia
ten
year
bond
contracts
6/23
82,225
$
2,100
Short,
5,968
Commonwealth
of
Australia
three
year
bond
contracts
6/23
(434,099)
(
5,257
)
Short,
499
Euro
BUND
contracts
6/23
(73,512)
46
Short,
946
Euro
SCHATZ
contracts
6/23
(108,436)
(
1,022
)
Long,
96
Government
of
Canada
ten
year
bond
contracts
6/23
8,961
134
Short,
254
Government
of
Japan
ten
year
bond
contracts
6/23
(283,355)
(
5,123
)
Long,
1,765
Republic
of
South
Korea
ten
year
bond
contracts
6/23
154,354
698
Short,
1,327
Republic
of
South
Korea
three
year
bond
contracts
6/23
(106,906)
(
177
)
Short,
1,033
U.K.
Gilt
ten
year
contracts
6/23
(131,700)
(
3,620
)
Short,
1,265
U.S.
Treasury
Notes
ten
year
contracts
6/23
(145,376)
(
4,054
)
Net
payments
(receipts)
of
variation
margin
to
date
15,333
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(
942
)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
30
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
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
three
months
ended
March
31,
2023.
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,
4.82%
$
—
$
—
$
1,473
++
Totals
$
—
#
$
—
$
1,473
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
03/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
$
232,494
¤
¤
$
347,132
Total
$
347,132
^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$1,473
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
$347,132.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Unaudited
Notes
to
Portfolio
of
Investments
31
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
(the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s
most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
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:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
32
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
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.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
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
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
33
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
34
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
5,237,340
$
—
$
5,237,340
Short-Term
Investments
259,213
206,657
—
465,870
Securities
Lending
Collateral
87,919
—
—
87,919
Options
Purchased
—
2,335
—
2,335
Total
Securities
347,132
5,446,332
—
5,793,464
Swaps*
—
12,301
—
12,301
Forward
Currency
Exchange
Contracts
—
113,343
—
113,343
Futures
Contracts*
2,978
—
—
2,978
Total
$
350,110
$
5,571,976
$
—
$
5,922,086
Liabilities
Swaps*
$
—
$
36,809
$
—
$
36,809
Forward
Currency
Exchange
Contracts
—
82,542
—
82,542
Futures
Contracts*
19,253
—
—
19,253
Total
$
19,253
$
119,351
$
—
$
138,604
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Government
Bonds
and
Municipal
Securities.
*
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
International
Bond
Fund
(USD
Hedged)
35
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F1114-054Q1
03/23