T.
ROWE
PRICE
International
Bond
Fund
March
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ALBANIA
0.6%
Government
Bonds
0.6%
Republic
of
Albania,
3.50%,
6/16/27
(EUR) (1)
720,000
756
Republic
of
Albania,
3.50%,
11/23/31
(EUR) (1)
1,780,000
1,730
Republic
of
Albania,
5.90%,
6/9/28
(EUR) (1)
2,640,000
2,932
Total
Albania
(Cost
$5,592
)
5,418
AUSTRALIA
3.7%
Corporate
Bonds
1.1%
APA
Infrastructure,
2.00%,
3/22/27
(EUR)
410,000
422
APA
Infrastructure,
3.50%,
3/22/30
(GBP)
940,000
1,067
AusNet
Services
Holdings,
1.50%,
2/26/27
(EUR)
415,000
423
Brambles
Finance,
4.25%,
3/22/31
(EUR)
1,430,000
1,614
NBN,
4.125%,
3/15/29
(EUR)
1,910,000
2,133
Sydney
Airport
Finance,
1.75%,
4/26/28
(EUR)
415,000
419
Sydney
Airport
Finance,
4.375%,
5/3/33
(EUR)
1,355,000
1,532
Transurban
Finance,
1.75%,
3/29/28
(EUR)
415,000
420
Transurban
Finance,
3.00%,
4/8/30
(EUR)
1,900,000
1,991
10,021
Government
Bonds
2.6%
Commonwealth
of
Australia,
Series
140,
4.50%,
4/21/33
23,559,000
15,968
Commonwealth
of
Australia,
Series
150,
3.00%,
3/21/47
4,710,000
2,461
New
South
Wales
Treasury,
Series
26,
4.00%,
5/20/26
9,397,400
6,128
24,557
Total
Australia
(Cost
$38,372
)
34,578
AUSTRIA
0.5%
Corporate
Bonds
0.1%
Mondi
Finance
Europe,
2.375%,
4/1/28
395,000
410
410
Government
Bonds
0.4%
Republic
of
Austria,
0.75%,
3/20/51 (1)
6,290,000
4,007
4,007
Total
Austria
(Cost
$4,323
)
4,417
BELGIUM
0.1%
Corporate
Bonds
0.1%
Anheuser-Busch
InBev
,
1.15%,
1/22/27
410,000
418
T.
ROWE
PRICE
International
Bond
Fund
2
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Anheuser-Busch
InBev
,
1.65%,
3/28/31
300,000
292
Total
Belgium
(Cost
$712
)
710
BRAZIL
1.5%
Corporate
Bonds
0.3%
Braskem
Netherlands
Finance,
4.50%,
1/10/28
(USD)
450,000
405
Braskem
Netherlands
Finance,
4.50%,
1/31/30
(USD)
1,325,000
1,140
MercadoLibre
,
3.125%,
1/14/31
(USD)
1,380,000
1,156
2,701
Government
Bonds
1.2%
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/27
17,395,000
3,455
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/31
16,640,000
3,193
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/35
26,052,000
4,884
11,532
Total
Brazil
(Cost
$14,320
)
14,233
BULGARIA
1.3%
Government
Bonds
1.3%
Republic
of
Bulgaria,
4.375%,
5/13/31
(EUR)
2,635,000
3,017
Republic
of
Bulgaria,
4.50%,
1/27/33
(EUR) (2)
3,310,000
3,805
Republic
of
Bulgaria,
4.50%,
1/27/33
(EUR) (1)
1,420,000
1,632
Republic
of
Bulgaria,
4.875%,
5/13/36
(EUR)
2,928,000
3,440
Total
Bulgaria
(Cost
$10,927
)
11,894
CANADA
4.1%
Asset-Backed
Securities
0.1%
Cologix
Canadian
Issuer,
Series
2022-1CAN,
Class
A2,
4.94%,
1/25/52 (1)
1,690,000
1,158
1,158
Corporate
Bonds
0.8%
Magna
International,
1.50%,
9/25/27
(EUR)
415,000
421
Royal
Bank
of
Canada,
4.125%,
7/5/28
(EUR)
375,000
415
TER
Finance
Jersey,
Series
21,
Zero
Coupon,
1/2/25
(USD) (1)
2,700,000
2,573
Toronto-Dominion
Bank,
2.551%,
8/3/27
(EUR)
400,000
420
Transcanada
Trust,
Series
17-B,
VR,
4.65%,
5/18/77 (3)
4,481,000
3,096
6,925
Government
Bonds
3.2%
Government
of
Canada,
Series
0318,
4.00%,
3/1/29
14,092,000
10,619
Government
of
Canada,
Series
0929,
3.25%,
12/1/33
12,860,000
9,323
T.
ROWE
PRICE
International
Bond
Fund
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
of
Canada
Real
Return
Bond,
Inflation-Indexed,
Series
CPI,
4.00%,
12/1/31
11,315,253
9,763
Province
of
Ontario,
3.50%,
6/2/43
996,000
652
30,357
Total
Canada
(Cost
$41,041
)
38,440
CHILE
0.5%
Corporate
Bonds
0.4%
Corp
Nacional
del
Cobre
de
Chile,
6.30%,
9/8/53
(USD) (1)
1,950,000
1,953
Interchile
,
4.50%,
6/30/56
(USD)
1,700,000
1,385
3,338
Government
Bonds
0.1%
Republic
of
Chile,
4.125%,
7/5/34
(EUR)
1,100,000
1,191
1,191
Total
Chile
(Cost
$4,542
)
4,529
CHINA
5.3%
Corporate
Bonds
0.2%
State
Grid
Overseas
Investment
BVI,
1.375%,
5/2/25
(EUR) (1)
2,000,000
2,098
2,098
Government
Bonds
5.1%
China
Development
Bank,
Series
1905,
3.48%,
1/8/29
30,000,000
4,356
People's
Republic
of
China,
Series
INBK,
2.60%,
9/1/32
110,000,000
15,431
People's
Republic
of
China,
Series
INBK,
2.69%,
8/15/32
70,000,000
9,884
People's
Republic
of
China,
Series
INBK,
3.02%,
5/27/31
11,000,000
1,587
People's
Republic
of
China,
Series
INBK,
3.32%,
4/15/52
17,000,000
2,669
People's
Republic
of
China,
Series
INBK,
3.53%,
10/18/51
30,000,000
4,867
People's
Republic
of
China,
Series
1908,
4.00%,
6/24/69
10,000,000
1,855
People's
Republic
of
China,
Series
1915,
3.13%,
11/21/29
50,000,000
7,227
47,876
Total
China
(Cost
$49,126
)
49,974
COLOMBIA
1.0%
Government
Bonds
1.0%
Republic
of
Colombia,
Series
B,
6.00%,
4/28/28
9,493,400,000
2,186
Republic
of
Colombia,
Series
B,
7.00%,
3/26/31
17,280,000,000
3,853
Republic
of
Colombia,
Series
B,
13.25%,
2/9/33
12,127,600,000
3,694
Total
Colombia
(Cost
$7,904
)
9,733
T.
ROWE
PRICE
International
Bond
Fund
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
CYPRUS
0.5%
Government
Bonds
0.5%
Republic
of
Cyprus,
0.95%,
1/20/32
3,426,000
3,160
Republic
of
Cyprus,
1.50%,
4/16/27
425,000
438
Republic
of
Cyprus,
2.75%,
2/26/34
547,000
568
Republic
of
Cyprus,
2.75%,
5/3/49 (2)
642,000
592
Total
Cyprus
(Cost
$5,970
)
4,758
CZECH
REPUBLIC
0.6%
Corporate
Bonds
0.2%
Ceska
sporitelna
,
VR,
5.737%,
3/8/28
(EUR) (3)
1,700,000
1,898
1,898
Government
Bonds
0.4%
Republic
of
Czech,
Series
103,
2.00%,
10/13/33
88,190,000
3,200
Republic
of
Czech,
Series
125,
1.50%,
4/24/40
33,570,000
1,012
4,212
Total
Czech
Republic
(Cost
$6,209
)
6,110
DENMARK
0.8%
Corporate
Bonds
0.8%
Carlsberg
Breweries,
0.375%,
6/30/27
(EUR)
430,000
422
Carlsberg
Breweries,
0.875%,
7/1/29
(EUR)
845,000
806
Danske
Bank,
VR,
0.75%,
6/9/29
(EUR) (3)
560,000
535
Danske
Bank,
VR,
1.375%,
2/17/27
(EUR) (3)
500,000
515
Danske
Bank,
VR,
1.375%,
2/12/30
(EUR) (3)
775,000
813
Danske
Bank,
VR,
4.50%,
11/9/28
(EUR) (3)
380,000
420
Orsted
,
4.875%,
1/12/32
(GBP)
910,000
1,132
TDC
Net,
5.056%,
5/31/28
(EUR)
365,000
404
TDC
Net,
5.618%,
2/6/30
(EUR)
2,345,000
2,603
Total
Denmark
(Cost
$7,565
)
7,650
EGYPT
0.4%
Government
Bonds
0.4%
Arab
Republic
of
Egypt,
Treasury
Bills,
Series
364D,
24.998%,
6/25/24
38,000,000
759
Arab
Republic
of
Egypt,
Treasury
Bills,
Series
364D,
30.00%,
9/17/24
68,650,000
1,289
T.
ROWE
PRICE
International
Bond
Fund
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Arab
Republic
of
Egypt,
Treasury
Bills,
Series
364D,
31.25%,
12/10/24
119,400,000
2,129
Total
Egypt
(Cost
$4,027
)
4,177
ESTONIA
0.6%
Government
Bonds
0.6%
Republic
of
Estonia,
3.25%,
1/17/34
5,150,000
5,505
Total
Estonia
(Cost
$5,603
)
5,505
FINLAND
0.1%
Corporate
Bonds
0.1%
Elisa,
0.25%,
9/15/27
435,000
422
Metso
,
0.875%,
5/26/28
440,000
428
Total
Finland
(Cost
$867
)
850
FRANCE
4.3%
Corporate
Bonds
2.0%
Altice
France,
5.875%,
2/1/27 (1)
375,000
312
Banijay
Entertainment,
7.00%,
5/1/29 (1)
175,000
198
Banque
Federative
du
Credit
Mutuel
,
1.25%,
5/26/27
500,000
505
Banque
Federative
du
Credit
Mutuel
,
1.375%,
7/16/28
500,000
497
Banque
Federative
du
Credit
Mutuel
,
3.125%,
9/14/27
400,000
427
Banque
Federative
du
Credit
Mutuel
,
5.125%,
1/13/33
900,000
1,032
Banque
Stellantis
France,
4.00%,
1/21/27
400,000
436
BNP
Paribas,
VR,
2.125%,
1/23/27 (3)
1,000,000
1,048
BNP
Paribas,
VR,
3.875%,
1/10/31 (3)
1,000,000
1,103
BPCE,
0.25%,
1/14/31
1,100,000
961
BPCE,
3.50%,
1/25/28
900,000
974
Credit
Agricole
,
1.00%,
9/16/24
1,400,000
1,490
Credit
Agricole
,
1.875%,
12/20/26
1,100,000
1,139
Credit
Agricole
Assurances,
VR,
2.625%,
1/29/48 (3)
1,000,000
1,011
Electricite
de
France,
6.125%,
6/2/34
(GBP)
1,200,000
1,562
EssilorLuxottica
,
0.375%,
11/27/27
400,000
392
Holding
d'Infrastructures
de
Transport,
1.475%,
1/18/31
1,300,000
1,216
IPD
3,
8.00%,
6/15/28 (1)
305,000
348
Loxam
,
6.375%,
5/15/28
645,000
722
Orange,
3.25%,
1/15/32
(GBP)
1,100,000
1,260
RTE
Reseau
de
Transport
d'Electricite
SADIR,
0.75%,
1/12/34
1,100,000
933
Veolia
Environnement
,
1.25%,
4/2/27
1,000,000
1,014
Veolia
Environnement
,
1.94%,
1/7/30
500,000
498
19,078
T.
ROWE
PRICE
International
Bond
Fund
6
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
Bonds
2.3%
Republic
of
France,
1.25%,
5/25/36 (1)
10,350,000
9,267
Republic
of
France,
3.00%,
5/25/33 (1)
3,300,000
3,628
Republic
of
France,
3.00%,
5/25/54 (1)
8,118,000
8,303
21,198
Total
France
(Cost
$43,071
)
40,276
GERMANY
6.9%
Corporate
Bonds
1.7%
Allianz,
VR,
3.375% (3)(4)
2,300,000
2,463
Daimler
Truck
International
Finance,
1.625%,
4/6/27
400,000
409
E.ON
International
Finance,
6.25%,
6/3/30
(GBP)
1,865,000
2,525
Fresenius,
1.625%,
10/8/27 (2)
415,000
421
Fresenius,
5.00%,
11/28/29
1,200,000
1,364
Gruenenthal
,
3.625%,
11/15/26 (1)
200,000
211
Gruenenthal
,
6.75%,
5/15/30 (1)
100,000
114
Gruenenthal
,
6.75%,
5/15/30
600,000
684
Hannover
Rueck
,
1.125%,
4/18/28
400,000
408
Hannover
Rueck
,
VR,
1.125%,
10/9/39 (3)
1,900,000
1,758
Hannover
Rueck
,
VR,
1.75%,
10/8/40 (3)
900,000
843
Knorr-
Bremse
,
3.25%,
9/21/27 (2)
400,000
430
ProGroup
,
5.375%,
4/15/31 (1)
430,000
463
TK
Elevator
Midco
,
4.375%,
7/15/27 (1)
490,000
508
Volkswagen
Bank,
4.375%,
5/3/28
400,000
441
Volkswagen
Financial
Services,
0.375%,
2/12/30
1,625,000
1,460
Volkswagen
International
Finance,
Series
10Y,
1.875%,
3/30/27
200,000
205
Volkswagen
Leasing,
1.50%,
6/19/26
1,630,000
1,677
16,384
Government
Bonds
5.2%
Bundesobligation
,
Series
184,
0.00%,
10/9/26
12,654,000
12,792
Bundesrepublik
Deutschland
Bundesanleihe
,
0.00%,
2/15/30
16,037,000
15,190
Bundesrepublik
Deutschland
Bundesanleihe
,
4.75%,
7/4/40
2,987,000
4,201
Deutsche
Bundesrepublik
,
Inflation-Indexed,
0.50%,
4/15/30
14,670,207
16,044
KfW
,
4.70%,
6/2/37
(CAD)
924,000
704
48,931
Total
Germany
(Cost
$64,776
)
65,315
GREECE
0.4%
Government
Bonds
0.4%
Hellenic
Republic,
0.75%,
6/18/31 (1)
3,809,000
3,492
Total
Greece
(Cost
$4,586
)
3,492
T.
ROWE
PRICE
International
Bond
Fund
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
HUNGARY
1.6%
Corporate
Bonds
0.1%
OTP
Bank,
VR,
7.35%,
3/4/26
(EUR) (3)
910,000
1,004
1,004
Government
Bonds
1.5%
Magyar
Export-Import
Bank,
6.00%,
5/16/29
(EUR)
670,000
765
Republic
of
Hungary,
5.00%,
2/22/27
(EUR)
1,557,000
1,735
Republic
of
Hungary,
Series
33/A,
2.25%,
4/20/33
6,130,440,000
11,872
14,372
Total
Hungary
(Cost
$17,501
)
15,376
ICELAND
0.6%
Corporate
Bonds
0.2%
Landsbankinn
,
0.375%,
5/23/25
(EUR)
1,675,000
1,726
1,726
Government
Bonds
0.4%
Republic
of
Iceland,
0.00%,
4/15/28
(EUR)
2,249,000
2,134
Republic
of
Iceland,
3.50%,
3/21/34
(EUR)
1,283,000
1,406
3,540
Total
Iceland
(Cost
$5,985
)
5,266
INDIA
1.4%
Corporate
Bonds
0.2%
ABJA
Investment,
5.95%,
7/31/24
(USD)
1,200,000
1,198
State
Bank
of
India,
4.875%,
5/5/28
(USD)
825,000
818
2,016
Government
Bonds
1.2%
Republic
of
India,
6.54%,
1/17/32
338,480,000
3,937
Republic
of
India,
7.26%,
8/22/32
602,040,000
7,295
11,232
Total
India
(Cost
$13,207
)
13,248
INDONESIA
2.8%
Corporate
Bonds
0.0%
Minejesa
Capital,
5.625%,
8/10/37
(USD)
400,000
364
364
T.
ROWE
PRICE
International
Bond
Fund
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
Bonds
2.8%
Republic
of
Indonesia,
3.75%,
6/14/28
(EUR)
6,942,000
7,530
Republic
of
Indonesia,
Series
FR86,
5.50%,
4/15/26
73,160,000,000
4,544
Republic
of
Indonesia,
Series
FR91,
6.375%,
4/15/32
11,860,000,000
735
Republic
of
Indonesia,
Series
FR95,
6.375%,
8/15/28
69,495,000,000
4,361
Republic
of
Indonesia,
Series
FR96,
7.00%,
2/15/33
140,127,000,000
9,033
26,203
Total
Indonesia
(Cost
$27,491
)
26,567
IRELAND
0.2%
Corporate
Bonds
0.1%
Smurfit
Kappa
Treasury,
1.50%,
9/15/27
420,000
422
422
Government
Bonds
0.1%
Republic
of
Ireland,
1.50%,
5/15/50
522,000
410
Republic
of
Ireland,
2.00%,
2/18/45
848,000
775
1,185
Total
Ireland
(Cost
$2,262
)
1,607
ISRAEL
0.4%
Corporate
Bonds
0.1%
Bank
Hapoalim
,
VR,
3.255%,
1/21/32
(USD) (1)(3)
1,280,000
1,140
1,140
Government
Bonds
0.3%
State
of
Israel,
1.50%,
1/18/27
(EUR)
3,044,000
3,046
3,046
Total
Israel
(Cost
$4,568
)
4,186
ITALY
3.9%
Corporate
Bonds
0.9%
Aeroporti
di
Roma,
1.625%,
6/8/27
405,000
416
Autostrade
per
l'Italia
,
1.625%,
1/25/28
425,000
425
Autostrade
per
l'Italia
,
2.00%,
12/4/28
990,000
988
Autostrade
per
l'Italia
,
2.00%,
1/15/30
1,067,000
1,042
CA
Auto
Bank,
0.50%,
9/13/24
1,000,000
1,062
CA
Auto
Bank,
4.75%,
1/25/27
380,000
419
Inter
Media
and
Communication,
6.75%,
2/9/27
920,000
970
Intesa
Sanpaolo,
1.75%,
7/4/29
1,515,000
1,494
Italgas
,
1.625%,
1/19/27
405,000
416
T.
ROWE
PRICE
International
Bond
Fund
9
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Lottomatica
,
FRN,
3M
EURIBOR
+
4.125%,
8.067%,
6/1/28 (1)
185,000
201
Snam
,
0.875%,
10/25/26
1,165,000
1,179
8,612
Government
Bonds
3.0%
Italy
Buoni
Poliennali
Del
Tesoro,
Series
10Y,
4.40%,
5/1/33
14,464,000
16,649
Italy
Buoni
Poliennali
Del
Tesoro,
Series
50Y,
2.80%,
3/1/67
5,796,000
4,732
Italy
Buoni
Poliennali
Del
Tesoro,
Series
CPI,
1.30%,
5/15/28 (1)
6,096,212
6,625
28,006
Total
Italy
(Cost
$38,027
)
36,618
IVORY
COAST
0.3%
Government
Bonds
0.3%
Republic
of
Ivory
Coast,
5.875%,
10/17/31
(EUR)
2,915,000
2,912
Total
Ivory
Coast
(Cost
$2,674
)
2,912
JAPAN
15.4%
Government
Bonds
15.4%
Government
of
Japan,
Series
16,
1.30%,
3/20/63
1,695,800,000
9,434
Government
of
Japan,
Series
19,
Inflation-Indexed,
0.10%,
9/10/24
1,590,827,000
10,597
Government
of
Japan,
Series
20,
Inflation-Indexed,
0.10%,
3/10/25
1,731,660,800
11,616
Government
of
Japan,
Series
26,
Inflation-Indexed,
0.005%,
3/10/31
1,265,871,992
8,955
Government
of
Japan,
Series
27,
Inflation-Indexed,
0.005%,
3/10/32
768,740,000
5,424
Government
of
Japan,
Series
28,
Inflation-Indexed,
0.005%,
3/10/33
296,406,100
2,084
Government
of
Japan,
Series
44,
1.70%,
9/20/44
1,740,150,000
11,953
Government
of
Japan,
Series
73,
0.70%,
12/20/51
53,700,000
277
Government
of
Japan,
Series
74,
1.00%,
3/20/52
1,665,550,000
9,286
Government
of
Japan,
Series
75,
1.30%,
6/20/52
1,516,250,000
9,099
Government
of
Japan,
Series
76,
1.40%,
9/20/52
1,860,800,000
11,429
Government
of
Japan,
Series
338,
0.40%,
3/20/25
2,089,800,000
13,853
Government
of
Japan
Treasury
Bills,
Series
1205,
(0.121)%,
7/10/24
663,000,000
4,379
Government
of
Japan
Treasury
Bills,
Series
1211,
(0.085)%,
8/13/24
3,529,900,000
23,315
Government
of
Japan
Treasury
Bills,
Series
1221,
(0.065)%,
7/1/24
2,079,500,000
13,739
Total
Japan
(Cost
$170,787
)
145,440
T.
ROWE
PRICE
International
Bond
Fund
10
Par/Shares
$
Value
(Cost
and
value
in
$000s)
KUWAIT
0.1%
Corporate
Bonds
0.1%
MEGlobal
,
2.625%,
4/28/28
(USD) (1)
1,485,000
1,326
Total
Kuwait
(Cost
$1,488
)
1,326
LATVIA
1.5%
Government
Bonds
1.5%
Republic
of
Latvia,
0.375%,
10/7/26
(EUR)
11,633,000
11,735
Republic
of
Latvia,
3.875%,
5/22/29
(EUR)
2,070,000
2,292
Total
Latvia
(Cost
$15,449
)
14,027
LITHUANIA
0.9%
Corporate
Bonds
0.0%
PLT
VII
Finance,
4.625%,
1/5/26 (1)
200,000
216
216
Government
Bonds
0.9%
Republic
of
Lithuania,
3.50%,
2/13/34
2,430,000
2,608
Republic
of
Lithuania,
3.875%,
6/14/33
5,040,000
5,616
8,224
Total
Lithuania
(Cost
$8,160
)
8,440
LUXEMBOURG
0.5%
Corporate
Bonds
0.5%
Albion
Financing
1,
5.25%,
10/15/26
600,000
652
Altice
Financing,
4.25%,
8/15/29 (1)
365,000
320
Blackstone
Property
Partners
Europe
Holdings,
1.75%,
3/12/29
1,700,000
1,591
Logicor
Financing,
0.875%,
1/14/31
1,115,000
955
Logicor
Financing,
1.50%,
7/13/26
1,075,000
1,090
Total
Luxembourg
(Cost
$5,096
)
4,608
MACAO
0.2%
Corporate
Bonds
0.2%
Melco
Resorts
Finance,
4.875%,
6/6/25
(USD)
795,000
776
Sands
China,
4.05%,
1/8/26
(USD)
787,000
759
Total
Macao
(Cost
$1,535
)
1,535
T.
ROWE
PRICE
International
Bond
Fund
11
Par/Shares
$
Value
(Cost
and
value
in
$000s)
MALAYSIA
3.2%
Government
Bonds
3.2%
Government
of
Malaysia,
Series
0119,
3.906%,
7/15/26
27,570,000
5,887
Government
of
Malaysia,
Series
0120,
4.065%,
6/15/50
18,478,000
3,833
Government
of
Malaysia,
Series
0123,
4.457%,
3/31/53
6,670,000
1,471
Government
of
Malaysia,
Series
0216,
4.736%,
3/15/46
63,031,000
14,675
Government
of
Malaysia,
Series
0316,
3.90%,
11/30/26
3,990,000
854
Government
of
Malaysia,
Series
0318,
4.642%,
11/7/33
15,499,000
3,478
Total
Malaysia
(Cost
$31,368
)
30,198
MEXICO
2.5%
Corporate
Bonds
0.3%
America
Movil
,
5.75%,
6/28/30
(GBP)
1,070,000
1,419
BBVA
Bancomer
,
VR,
5.125%,
1/18/33
(USD) (3)
435,000
404
Bimbo
Bakeries
USA,
6.05%,
1/15/29
(USD) (1)
1,375,000
1,424
3,247
Government
Bonds
2.2%
Petroleos
Mexicanos
,
4.75%,
2/26/29
(EUR)
2,185,000
1,988
Petroleos
Mexicanos
,
4.875%,
2/21/28
(EUR)
2,700,000
2,571
United
Mexican
States,
Series
M,
7.50%,
5/26/33
144,734,000
7,757
United
Mexican
States,
Series
M,
8.50%,
5/31/29
21,234,000
1,237
United
Mexican
States,
Series
M,
8.50%,
11/18/38
120,387,000
6,734
20,287
Total
Mexico
(Cost
$22,471
)
23,534
MONTENEGRO
0.2%
Government
Bonds
0.2%
Kingdom
of
Montenegro,
7.25%,
3/12/31
(USD) (1)
2,170,000
2,211
Total
Montenegro
(Cost
$2,190
)
2,211
MOROCCO
0.2%
Government
Bonds
0.2%
Kingdom
of
Morocco,
1.375%,
3/30/26
(EUR)
1,937,000
1,984
Total
Morocco
(Cost
$2,018
)
1,984
T.
ROWE
PRICE
International
Bond
Fund
12
Par/Shares
$
Value
(Cost
and
value
in
$000s)
NETHERLANDS
1.1%
Corporate
Bonds
1.1%
Boost
Newco
Borrower,
8.50%,
1/15/31
(GBP) (1)
100,000
136
ING
Groep
,
VR,
0.375%,
9/29/28 (3)
400,000
385
ING
Groep
,
VR,
1.25%,
2/16/27 (3)
1,500,000
1,543
LeasePlan
,
VR,
7.375% (3)(4)
1,500,000
1,619
Nationale-Nederlanden
Bank,
0.375%,
2/26/25
1,000,000
1,045
NN
Group,
1.625%,
6/1/27
405,000
415
Sartorius
Finance,
4.50%,
9/14/32
1,300,000
1,475
Summer
BidCo
,
10.00%,
2/15/29,
(10.00%
Cash
or
10.75%
PIK) (1)(5)
100,000
109
TenneT
Holding,
2.00%,
6/5/34
2,100,000
2,023
Universal
Music
Group,
3.00%,
6/30/27
390,000
417
VZ
Secured
Financing,
3.50%,
1/15/32 (2)
600,000
570
Wolters
Kluwer,
1.50%,
3/22/27
410,000
420
Ziggo
,
2.875%,
1/15/30
510,000
485
Total
Netherlands
(Cost
$10,843
)
10,642
NEW
ZEALAND
1.1%
Corporate
Bonds
0.1%
Chorus,
3.625%,
9/7/29
(EUR)
1,290,000
1,394
1,394
Government
Bonds
1.0%
New
Zealand
Government
Bond,
Series
0433,
3.50%,
4/14/33
14,136,000
7,788
New
Zealand
Government
Bond,
Series
0551,
2.75%,
5/15/51
3,327,000
1,353
9,141
Total
New
Zealand
(Cost
$10,949
)
10,535
NORTH
MACEDONIA
0.1%
Government
Bonds
0.1%
Republic
of
North
Macedonia,
6.96%,
3/13/27
(EUR) (1)
860,000
973
Total
North
Macedonia
(Cost
$912
)
973
NORWAY
0.2%
Corporate
Bonds
0.2%
Avinor
,
0.75%,
10/1/30
(EUR)
1,750,000
1,620
Total
Norway
(Cost
$1,575
)
1,620
T.
ROWE
PRICE
International
Bond
Fund
13
Par/Shares
$
Value
(Cost
and
value
in
$000s)
PERU
0.8%
Corporate
Bonds
0.1%
Banco
de
Credito
del
Peru,
VR,
3.125%,
7/1/30
(USD) (3)
975,000
934
934
Government
Bonds
0.7%
Republic
of
Peru,
5.40%,
8/12/34
30,425,000
7,047
7,047
Total
Peru
(Cost
$7,890
)
7,981
PHILIPPINES
0.1%
Government
Bonds
0.1%
Republic
of
Philippines,
0.25%,
4/28/25
(EUR)
910,000
942
Total
Philippines
(Cost
$1,093
)
942
POLAND
0.3%
Corporate
Bonds
0.0%
InPost
,
2.25%,
7/15/27
(EUR) (1)
365,000
369
369
Government
Bonds
0.3%
Republic
of
Poland,
Series
1033,
6.00%,
10/25/33
10,950,000
2,854
2,854
Total
Poland
(Cost
$3,145
)
3,223
PORTUGAL
0.3%
Corporate
Bonds
0.3%
Banco
Comercial
Portugues
,
VR,
1.125%,
2/12/27 (3)
1,000,000
1,023
Banco
Comercial
Portugues
,
VR,
1.75%,
4/7/28 (3)
600,000
608
Banco
Comercial
Portugues
,
VR,
6.888%,
12/7/27 (3)
1,200,000
1,364
Total
Portugal
(Cost
$2,874
)
2,995
QATAR
0.2%
Corporate
Bonds
0.2%
QNB
Finance,
2.75%,
2/12/27
(USD)
2,200,000
2,059
Total
Qatar
(Cost
$2,117
)
2,059
T.
ROWE
PRICE
International
Bond
Fund
14
Par/Shares
$
Value
(Cost
and
value
in
$000s)
ROMANIA
0.3%
Corporate
Bonds
0.3%
Banca
Transilvania
,
VR,
8.875%,
4/27/27
(EUR) (3)
1,935,000
2,217
RCS
&
RDS,
3.25%,
2/5/28
(EUR) (2)
1,100,000
1,108
Total
Romania
(Cost
$3,188
)
3,325
SAUDI
ARABIA
0.1%
Government
Bonds
0.1%
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD) (2)
1,000,000
877
Total
Saudi
Arabia
(Cost
$929
)
877
SENEGAL
0.2%
Government
Bonds
0.2%
Republic
of
Senegal,
5.375%,
6/8/37
(EUR)
2,910,000
2,290
Total
Senegal
(Cost
$2,189
)
2,290
SERBIA
1.5%
Corporate
Bonds
0.1%
United
Group,
4.625%,
8/15/28
(EUR) (1)
650,000
673
673
Government
Bonds
1.4%
Republic
of
Serbia,
1.00%,
9/23/28
(EUR) (1)
4,900,000
4,499
Republic
of
Serbia,
1.50%,
6/26/29
(EUR) (1)
1,890,000
1,725
Republic
of
Serbia,
1.50%,
6/26/29
(EUR)
2,060,000
1,880
Republic
of
Serbia,
1.65%,
3/3/33
(EUR)
2,090,000
1,690
Republic
of
Serbia,
2.05%,
9/23/36
(EUR) (1)
607,000
460
Republic
of
Serbia,
2.05%,
9/23/36
(EUR)
925,000
701
Republic
of
Serbia,
3.125%,
5/15/27
(EUR)
2,250,000
2,337
13,292
Total
Serbia
(Cost
$16,073
)
13,965
SINGAPORE
1.8%
Government
Bonds
1.8%
Government
of
Singapore,
0.50%,
11/1/25
7,340,000
5,189
Government
of
Singapore,
1.625%,
7/1/31
8,331,000
5,581
Government
of
Singapore,
2.375%,
6/1/25
3,960,000
2,892
T.
ROWE
PRICE
International
Bond
Fund
15
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
of
Singapore,
2.875%,
7/1/29
4,874,000
3,575
Total
Singapore
(Cost
$16,901
)
17,237
SLOVENIA
0.8%
Government
Bonds
0.8%
Republic
of
Slovenia,
Series
RS74,
1.50%,
3/25/35 (2)
1,805,000
1,668
Republic
of
Slovenia,
Series
RS76,
3.125%,
8/7/45
3,533,000
3,688
Republic
of
Slovenia,
Series
RS77,
2.25%,
3/3/32 (2)
900,000
928
Republic
of
Slovenia,
Series
RS86,
0.00%,
2/12/31
955,000
849
Total
Slovenia
(Cost
$8,217
)
7,133
SOUTH
AFRICA
0.1%
Corporate
Bonds
0.1%
Anglo
American
Capital,
3.375%,
3/11/29
(GBP)
850,000
989
Total
South
Africa
(Cost
$937
)
989
SOUTH
KOREA
0.4%
Corporate
Bonds
0.4%
NongHyup
Bank,
4.875%,
7/3/28
(USD) (1)
1,940,000
1,934
Shinhan
Bank,
4.50%,
4/12/28
(USD) (1)
2,090,000
2,056
Total
South
Korea
(Cost
$4,017
)
3,990
SPAIN
2.8%
Corporate
Bonds
1.4%
Banco
Bilbao
Vizcaya
Argentaria,
3.375%,
9/20/27
1,400,000
1,509
Banco
Bilbao
Vizcaya
Argentaria,
VR,
5.75%,
9/15/33 (3)
400,000
454
Banco
de
Sabadell,
VR,
0.875%,
6/16/28 (3)
1,100,000
1,083
Banco
de
Sabadell,
VR,
5.00%,
6/7/29 (3)
400,000
452
Banco
de
Sabadell,
VR,
5.125%,
11/10/28 (3)
900,000
1,016
Banco
Santander,
1.125%,
1/17/25 (2)
1,000,000
1,056
CaixaBank
,
3.75%,
9/7/29
600,000
661
CaixaBank
,
VR,
0.75%,
5/26/28 (3)
400,000
395
CaixaBank
,
VR,
6.25%,
2/23/33 (3)
400,000
456
Cellnex
Telecom,
1.75%,
10/23/30 (2)
2,200,000
2,110
Cirsa
Finance
International,
7.875%,
7/31/28 (1)
760,000
866
Inmobiliaria
Colonial
Socimi
,
1.625%,
11/28/25
1,500,000
1,561
Lorca
Telecom
Bondco
,
4.00%,
9/18/27
1,500,000
1,572
13,191
T.
ROWE
PRICE
International
Bond
Fund
16
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
Bonds
1.4%
Kingdom
of
Spain,
0.00%,
1/31/28
10,972,000
10,640
Kingdom
of
Spain,
1.90%,
10/31/52 (1)
3,254,000
2,413
13,053
Total
Spain
(Cost
$25,828
)
26,244
SRI
LANKA
0.4%
Government
Bonds
0.4%
Republic
of
Sri
Lanka,
11.00%,
6/1/26
171,000,000
568
Republic
of
Sri
Lanka,
Series
A,
11.40%,
1/15/27
185,000,000
616
Republic
of
Sri
Lanka,
Series
A,
11.50%,
8/1/26
179,000,000
600
Republic
of
Sri
Lanka,
Series
A,
20.00%,
9/15/27
235,000,000
957
Republic
of
Sri
Lanka,
Treasury
Bills,
Series
364,
21.75%,
4/5/24
381,000,000
1,267
Total
Sri
Lanka
(Cost
$3,568
)
4,008
SWEDEN
1.3%
Corporate
Bonds
0.4%
Autoliv
,
4.25%,
3/15/28
(EUR)
375,000
412
Electrolux,
4.50%,
9/29/28
(EUR)
380,000
416
Skandinaviska
Enskilda
Banken
,
0.375%,
6/21/28
(EUR)
450,000
425
Tele2,
0.75%,
3/23/31
(EUR)
610,000
560
Tele2,
2.125%,
5/15/28
(EUR)
405,000
414
Verisure
Holding,
3.875%,
7/15/26
(EUR) (1)
260,000
276
Verisure
Holding,
9.25%,
10/15/27
(EUR)
600,000
692
3,195
Government
Bonds
0.9%
Kingdom
of
Sweden,
Series
1056,
2.25%,
6/1/32
51,940,000
4,821
Kingdom
of
Sweden,
Inflation-Indexed,
Series
3111,
0.125%,
6/1/32
45,357,732
3,981
8,802
Total
Sweden
(Cost
$12,528
)
11,997
SWITZERLAND
0.4%
Corporate
Bonds
0.4%
ABB
Finance,
3.25%,
1/16/27
(EUR)
380,000
411
ABB
Finance,
3.375%,
1/16/31
(EUR)
700,000
765
Holcim
Finance
Luxembourg,
2.25%,
5/26/28
(EUR)
405,000
418
UBS
Group,
VR,
2.875%,
4/2/32
(EUR) (3)
1,115,000
1,128
T.
ROWE
PRICE
International
Bond
Fund
17
Par/Shares
$
Value
(Cost
and
value
in
$000s)
UBS
Group,
VR,
7.75%,
3/1/29
(EUR) (3)
1,200,000
1,476
Total
Switzerland
(Cost
$3,925
)
4,198
THAILAND
1.9%
Corporate
Bonds
0.1%
Bangkok
Bank,
VR,
3.733%,
9/25/34
(USD) (3)
1,340,000
1,196
1,196
Government
Bonds
1.8%
Kingdom
of
Thailand,
2.00%,
12/17/31
295,073,000
7,861
Kingdom
of
Thailand,
3.45%,
6/17/43
114,750,000
3,347
Kingdom
of
Thailand,
3.65%,
6/20/31
204,042,000
6,022
17,230
Total
Thailand
(Cost
$19,876
)
18,426
UNITED
KINGDOM
5.6%
Corporate
Bonds
3.2%
Barclays,
VR,
0.577%,
8/9/29
(EUR) (3)
820,000
769
Barclays,
VR,
0.877%,
1/28/28
(EUR) (3)
1,225,000
1,221
Barclays,
VR,
5.262%,
1/29/34
(EUR) (3)
460,000
535
Barclays,
VR,
6.369%,
1/31/31 (3)
790,000
1,038
Bellis
Acquisition,
3.25%,
2/16/26 (1)
450,000
536
Deuce
Finco
,
5.50%,
6/15/27 (1)
345,000
412
Heathrow
Funding,
2.75%,
10/13/29
1,390,000
1,572
HSBC
Holdings,
VR,
4.752%,
3/10/28
(EUR) (3)
1,830,000
2,032
Jerrold
Finco
,
5.25%,
1/15/27
600,000
722
Kane
Bidco
,
5.00%,
2/15/27
(EUR) (2)
1,455,000
1,512
Legal
&
General
Group,
VR,
5.375%,
10/27/45 (3)
525,000
658
London
Stock
Exchange
Group,
1.75%,
12/6/27
(EUR)
410,000
420
Marks
&
Spencer,
6.00%,
6/12/25
450,000
569
Motion
Finco
,
7.375%,
6/15/30
(EUR) (1)
1,085,000
1,220
National
Grid
Electricity
Distribution
East
Midlands,
3.53%,
9/20/28
(EUR)
390,000
422
Nationwide
Building
Society,
VR,
2.00%,
7/25/29
(EUR) (3)
950,000
1,015
NatWest
Group,
VR,
0.67%,
9/14/29
(EUR) (3)
850,000
805
NatWest
Group,
VR,
0.78%,
2/26/30
(EUR) (3)
365,000
343
NatWest
Group,
VR,
1.043%,
9/14/32
(EUR) (3)
850,000
820
Next
Group,
3.625%,
5/18/28
1,787,000
2,154
Next
Group,
4.375%,
10/2/26
540,000
670
Reckitt
Benckiser
Treasury
Services,
3.875%,
9/14/33
(EUR)
865,000
948
Santander
U.K.
Group
Holdings,
VR,
0.603%,
9/13/29
(EUR) (3)
1,050,000
989
Santander
U.K.
Group
Holdings,
VR,
2.421%,
1/17/29 (3)
530,000
598
Santander
U.K.
Group
Holdings,
VR,
3.53%,
8/25/28
(EUR) (3)
800,000
858
T.
ROWE
PRICE
International
Bond
Fund
18
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Severn
Trent
Utilities
Finance,
4.625%,
11/30/34
960,000
1,156
Smiths
Group,
2.00%,
2/23/27
(EUR)
400,000
413
Standard
Chartered,
VR,
2.50%,
9/9/30
(EUR) (3)
1,200,000
1,260
Tesco
Corporate
Treasury
Services,
0.875%,
5/29/26
(EUR)
1,000,000
1,019
Tesco
Corporate
Treasury
Services,
2.75%,
4/27/30
950,000
1,067
Vmed
O2
U.K.
Financing
I,
4.50%,
7/15/31 (1)
1,095,000
1,175
Vmed
O2
U.K.
Financing
I,
4.50%,
7/15/31
750,000
805
29,733
Government
Bonds
2.4%
United
Kingdom
Gilt,
0.625%,
7/31/35
3,931,000
3,452
United
Kingdom
Gilt,
0.625%,
10/22/50
14,398,000
7,583
United
Kingdom
Gilt,
4.25%,
12/7/46
9,612,792
11,881
22,916
Total
United
Kingdom
(Cost
$55,067
)
52,649
UNITED
STATES
5.6%
Corporate
Bonds
5.4%
AbbVie,
2.125%,
11/17/28
(EUR) (2)
410,000
422
AbbVie,
2.625%,
11/15/28
(EUR)
995,000
1,046
American
Honda
Finance,
0.75%,
11/25/26
(GBP)
796,000
910
American
Honda
Finance,
1.95%,
10/18/24
(EUR)
847,000
905
AT&T,
3.95%,
4/30/31
(EUR)
2,300,000
2,555
Athene
Global
Funding,
0.832%,
1/8/27
(EUR)
1,045,000
1,039
Bank
of
America,
VR,
1.662%,
4/25/28
(EUR) (3)
410,000
418
Becton
Dickinson
&
Company,
3.02%,
5/24/25
(GBP)
1,018,000
1,250
Becton
Dickinson
&
Company,
3.519%,
2/8/31
(EUR)
583,000
630
Becton
Dickinson
Euro
Finance,
0.334%,
8/13/28
(EUR)
450,000
427
Becton
Dickinson
Euro
Finance,
1.213%,
2/12/36
(EUR)
408,000
340
Berkshire
Hathaway
Finance,
1.50%,
3/18/30
(EUR)
1,020,000
1,001
Capital
One
Financial,
1.65%,
6/12/29
(EUR) (2)
2,100,000
2,010
Carrier
Global,
4.125%,
5/29/28
(EUR)
380,000
419
Comcast,
0.00%,
9/14/26
(EUR)
1,000,000
993
Dana
Financing
Luxembourg,
8.50%,
7/15/31
(EUR) (1)
464,000
551
Dow
Chemical,
0.50%,
3/15/27
(EUR)
430,000
425
Encore
Capital
Group,
4.875%,
10/15/25
(EUR) (1)
540,000
577
Encore
Capital
Group,
5.375%,
2/15/26
(GBP) (1)(2)
910,000
1,118
Equitable
Financial
Life
Global
Funding,
0.60%,
6/16/28
(EUR)
445,000
425
FedEx,
1.625%,
1/11/27
(EUR)
415,000
426
Fiserv,
1.625%,
7/1/30
(EUR)
100,000
96
Fiserv,
3.00%,
7/1/31
(GBP)
1,000,000
1,114
Fiserv,
4.50%,
5/24/31
(EUR)
1,760,000
1,981
Ford
Motor
Credit,
4.867%,
8/3/27
(EUR)
1,425,000
1,582
Ford
Motor
Credit,
5.125%,
2/20/29
(EUR)
650,000
734
T.
ROWE
PRICE
International
Bond
Fund
19
Par/Shares
$
Value
(Cost
and
value
in
$000s)
General
Motors
Financial,
0.85%,
2/26/26
(EUR)
1,000,000
1,024
Goldman
Sachs
Group,
1.625%,
7/27/26
(EUR)
1,204,000
1,246
Goldman
Sachs
Group,
VR,
3.625%,
10/29/29
(GBP) (3)
545,000
649
Graphic
Packaging
International,
2.625%,
2/1/29
(EUR) (1)
625,000
624
Harley-Davidson
Financial
Services,
5.125%,
4/5/26
(EUR)
1,370,000
1,514
Highland
Holdings,
0.318%,
12/15/26
(EUR)
765,000
758
JPMorgan
Chase,
1.50%,
10/29/26
(EUR)
1,300,000
1,341
JPMorgan
Chase,
VR,
1.638%,
5/18/28
(EUR) (3)
415,000
423
Medtronic
Global
Holdings,
0.375%,
10/15/28
(EUR)
554,000
528
Metropolitan
Life
Global
Funding,
5.00%,
1/10/30
(GBP)
650,000
837
Mondelez
International,
0.25%,
3/17/28
(EUR)
1,960,000
1,881
Mondelez
International,
1.625%,
3/8/27
(EUR)
405,000
417
Mondelez
International
Holdings
Netherlands,
0.25%,
9/9/29
(EUR) (1)
689,000
635
Morgan
Stanley,
VR,
0.406%,
10/29/27
(EUR) (3)
1,269,000
1,263
Morgan
Stanley,
VR,
0.495%,
10/26/29
(EUR) (3)
2,120,000
1,992
Morgan
Stanley,
VR,
5.148%,
1/25/34
(EUR) (3)
400,000
477
Netflix,
3.625%,
5/15/27
(EUR)
390,000
424
Netflix,
3.875%,
11/15/29
(EUR)
975,000
1,074
Prologis,
2.25%,
6/30/29
(GBP)
1,252,000
1,395
Thermo
Fisher
Scientific,
0.875%,
10/1/31
(EUR)
955,000
872
Thermo
Fisher
Scientific,
2.375%,
4/15/32
(EUR)
156,000
158
Thermo
Fisher
Scientific
Finance
I,
0.80%,
10/18/30
(EUR)
593,000
551
Upjohn
Finance,
1.362%,
6/23/27
(EUR)
420,000
419
Upjohn
Finance,
1.908%,
6/23/32
(EUR)
880,000
799
Utah
Acquisition,
3.125%,
11/22/28
(EUR)
995,000
1,044
Verizon
Communications,
1.30%,
5/18/33
(EUR)
835,000
747
Verizon
Communications,
2.625%,
12/1/31
(EUR)
750,000
766
VF,
4.125%,
3/7/26
(EUR)
669,000
713
VF,
4.25%,
3/7/29
(EUR)
695,000
737
Wells
Fargo,
1.00%,
2/2/27
(EUR)
420,000
422
Westlake,
1.625%,
7/17/29
(EUR)
1,680,000
1,625
50,749
Municipal
Securities
0.2%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (6)
3,679,010
2,126
2,126
Total
United
States
(Cost
$55,196
)
52,875
SHORT-TERM
INVESTMENTS
3.1%
Money
Market
Funds
1.5%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (7)(8)
14,647,654
14,648
14,648
T.
ROWE
PRICE
International
Bond
Fund
20
Par/Shares
$
Value
(Cost
and
value
in
$000s)
U.S.
Treasury
Obligations
1.6%
U.S.
Treasury
Bills,
5.277%,
4/11/24 (9)
14,600,000
14,579
14,579
Total
Short-Term
Investments
(Cost
$29,227)
29,227
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,
5.39% (7)(8)
14,597,449
14,597
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
14,597
Total
Securities
Lending
Collateral
(Cost
$14,597)
14,597
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED
0.0%
OTC
Options
Purchased
0.0%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Citibank
EUR
/
MXN,
Put,
5/10/24
@
MXN18.25
(EUR) (10)
2
13,154
220
HSBC
Bank
USD
/
JPY,
Call,
5/1/24
@
JPY152.00 (10)
1
9,400
49
Total
Options
Purchased
(Cost
$114)
269
Total
Investments
in
Securities
101.1%
(Cost
$1,005,585)
$
956,408
Other
Assets
Less
Liabilities
(1.1)%
(10,032)
Net
Assets
100.0%
$
946,376
‡
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
$82,483
and
represents
8.7%
of
net
assets.
(2)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2024.
T.
ROWE
PRICE
International
Bond
Fund
21
.
.
.
.
.
.
.
.
.
.
(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,
2024,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(10)
Non-income
producing
1
Day
INR
MIBOR
One
day
INR
MIBOR
(Mumbai
interbank
offered
rate)
3M
EURIBOR
Three
month
EURIBOR
(Euro
interbank
offered
rate)
6M
EURIBOR
Six
month
EURIBOR
(Euro
interbank
offered
rate)
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CNH
Offshore
China
Renminbi
COP
Colombian
Peso
CZK
Czech
Koruna
DKK
Danish
Krone
EGP
Egyptian
Pound
EUR
Euro
FRN
Floating
Rate
Note
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
NZD
New
Zealand
Dollar
OTC
Over-the-counter
PEN
Peruvian
New
Sol
T.
ROWE
PRICE
International
Bond
Fund
22
.
.
.
.
.
.
.
.
.
.
PIK
Payment-in-kind
PLN
Polish
Zloty
RON
New
Romanian
Leu
SEK
Swedish
Krona
SGD
Singapore
Dollar
THB
Thai
Baht
TONA
Tokyo
overnight
average
rate
TRY
Turkish
Lira
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
23
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.2)%
OTC
Options
Written
(0.2)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Citibank
5
Year
Interest
Rate
Swap,
1/14/31
Pay
Fixed
2.45%
Annually,
Receive
Variable
3.851%
(6M
EURIBOR)
Semi-Annually,
1/12/26
@
2.45%*
(EUR)
1
43,700
(838)
Citibank
5
Year
Interest
Rate
Swap,
1/14/31
Receive
Fixed
2.45%
Annually,
Pay
Variable
3.851%
(6M
EURIBOR)
Semi-Annually,
1/12/26
@
2.45%*
(EUR)
1
43,700
(1,169)
Total
Options
Written
(Premiums
$(2,265))
$
(2,007)
*
Exercise
Spread
T.
ROWE
PRICE
International
Bond
Fund
24
(Amounts
in
000s)
SWAPS
(0.0)%
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,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
(USD)
*
3,672
25
(22)
47
Bank
of
America,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/29
(USD)
*
1,700
25
(49)
74
Barclays
Bank,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/24
(USD)
*
380
1
(1)
2
Barclays
Bank,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
(USD)
*
2,800
19
(2)
21
Citibank,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/25
(USD)
*
1,356
15
(18)
33
Morgan
Stanley,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
(USD)
*
833
6
(1)
7
Morgan
Stanley,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/25
(USD)
*
572
6
(7)
13
Total
Greece
(100)
197
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(100)
197
Total
Bilateral
Swaps
(100)
197
T.
ROWE
PRICE
International
Bond
Fund
25
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
(0.0)%
Credit
Default
Swaps,
Protection
Bought
(0.0)%
Canada
(0.0)%
Protection
Bought
(Relevant
Credit:
Bombardier),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/20/28
(USD)
2,550
(268)
(103)
(165)
Total
Canada
(165)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Bought
(165)
Credit
Default
Swaps,
Protection
Sold
0.1%
Foreign/Europe
0.1%
Protection
Sold
(Relevant
Credit:
Markit
iTraxx
Europe-S40,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
17,500
415
329
86
Total
Foreign/Europe
86
Greece
0.0%
Protection
Sold
(Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
(USD)
1,600
26
17
9
Total
Greece
9
Spain
0.0%
Protection
Sold
(Relevant
Credit:
Cellnex
Telecom,
BBB-*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
753
148
122
26
Total
Spain
26
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
121
Interest
Rate
Swaps
(0.1)%
China
0.0%
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.283%
Quarterly,
Pay
Variable
2.000%
(7
Day
Interbank
Repo)
Quarterly,
8/18/28
39,900
49
—
49
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.476%
Quarterly,
Pay
Variable
2.450%
(7
Day
Interbank
Repo)
Quarterly,
6/1/28
29,985
69
—
69
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.562%
Quarterly,
Pay
Variable
2.050%
(7
Day
Interbank
Repo)
Quarterly,
5/15/28
6,673
19
—
19
T.
ROWE
PRICE
International
Bond
Fund
26
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.568%
Quarterly,
Pay
Variable
2.400%
(7
Day
Interbank
Repo)
Quarterly,
5/16/28
22,665
65
—
65
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.579%
Quarterly,
Pay
Variable
2.050%
(7
Day
Interbank
Repo)
Quarterly,
5/15/28
28,915
84
—
84
Total
China
286
Foreign/Europe
(0.0)%
2
Year
Interest
Rate
Swap,
Pay
Fixed
2.928%
Annually,
Receive
Variable
3.837%
(6M
EURIBOR)
Semi-Annually,
2/6/26
80,270
550
—
550
2
Year
Interest
Rate
Swap,
Receive
Fixed
3.155%
Annually,
Pay
Variable
0.000%
(6M
EURIBOR)
Semi-Annually,
4/2/26
154,875
4
—
4
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.793%
Annually,
Pay
Variable
3.912%
(6M
EURIBOR)
Semi-Annually,
3/5/29
10,600
48
—
48
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.807%
Annually,
Pay
Variable
3.908%
(6M
EURIBOR)
Semi-Annually,
3/5/29
21,152
110
2
108
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.367%
Annually,
Pay
Variable
3.909%
(6M
EURIBOR)
Semi-Annually,
9/21/28
29,140
1,360
—
1,360
7
Year
Interest
Rate
Swap,
Receive
Fixed
2.638%
Annually,
Pay
Variable
3.938%
(6M
EURIBOR)
Semi-Annually,
12/17/29
7,350
(33)
—
(33)
10
Year
Interest
Rate
Swap,
Receive
Fixed
0.830%
Annually,
Pay
Variable
3.908%
(6M
EURIBOR)
Semi-Annually,
3/2/32
11,900
(1,637)
—
(1,637)
10
Year
Interest
Rate
Swap,
Receive
Fixed
1.222%
Annually,
Pay
Variable
4.138%
(6M
EURIBOR)
Semi-Annually,
4/5/32
650
(75)
—
(75)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.698%
Annually,
Pay
Variable
4.026%
(6M
EURIBOR)
Semi-Annually,
11/30/32
300
—
—
—
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.730%
Annually,
Pay
Variable
4.070%
(6M
EURIBOR)
Semi-Annually,
11/23/32
13,600
83
—
83
30
Year
Interest
Rate
Swap,
Pay
Fixed
2.427%
Annually,
Receive
Variable
3.912%
(6M
EURIBOR)
Semi-Annually,
3/5/54
2,150
(44)
—
(44)
30
Year
Interest
Rate
Swap,
Pay
Fixed
2.447%
Annually,
Receive
Variable
3.908%
(6M
EURIBOR)
Semi-Annually,
3/4/54
4,975
(124)
2
(126)
T.
ROWE
PRICE
International
Bond
Fund
27
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
30
Year
Interest
Rate
Swap,
Pay
Fixed
2.953%
Annually,
Receive
Variable
3.909%
(6M
EURIBOR)
Semi-Annually,
9/22/53
3,060
(466)
—
(466)
Total
Foreign/Europe
(228)
India
(0.0)%
7
Year
Interest
Rate
Swap,
Pay
Fixed
6.252%
Semi-Annually,
Receive
Variable
7.900%
(1
Day
INR
MIBOR)
Semi-Annually,
3/20/31
338,584
(5)
—
(5)
Total
India
(5)
Japan
(0.0)%
5
Year
Interest
Rate
Swap,
Pay
Fixed
0.418%
Annually,
Receive
Variable
(0.020)%
(JPY
TONA)
Annually,
8/10/28
9,725,400
(92)
—
(92)
Total
Japan
(92)
Mexico
(0.1)%
7
Year
Interest
Rate
Swap,
Receive
Fixed
5.499%
28
Days,
Pay
Variable
11.472%
(MXIBTIIE)
28
Days,
5/4/27
100,000
(626)
—
(626)
Total
Mexico
(626)
United
Kingdom
(0.0)%
2
Year
Interest
Rate
Swap,
Pay
Fixed
4.439%
Annually,
Receive
Variable
5.190%
(GBP
SONIA)
Annually,
3/27/26
101,050
(69)
—
(69)
Total
United
Kingdom
(69)
Total
Centrally
Cleared
Interest
Rate
Swaps
(734)
Total
Centrally
Cleared
Swaps
(778)
Net
payments
(receipts)
of
variation
margin
to
date
668
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(110)
*
Credit
ratings
as
of
March
31,
2024.
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
$3.
T.
ROWE
PRICE
International
Bond
Fund
28
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
4/3/24
USD
2,580
TWD
79,349
$
100
Bank
of
America
4/5/24
IDR
51,437,767
USD
3,303
(60)
Bank
of
America
4/5/24
KRW
3,010,416
USD
2,273
(38)
Bank
of
America
4/9/24
TRY
40,937
USD
1,235
13
Bank
of
America
4/12/24
MXN
17,266
USD
1,008
28
Bank
of
America
4/19/24
USD
10,742
CAD
14,477
51
Bank
of
America
5/17/24
USD
2,355
PLN
9,401
3
Bank
of
America
6/7/24
USD
23,929
MYR
114,117
(58)
Barclays
Bank
4/3/24
USD
3,130
TWD
96,252
122
Barclays
Bank
4/5/24
KRW
36,646,914
USD
27,908
(693)
Barclays
Bank
4/5/24
USD
661
INR
55,090
—
Barclays
Bank
4/5/24
USD
29,247
KRW
39,407,904
(18)
Barclays
Bank
4/9/24
TRY
40,936
USD
1,253
(5)
Barclays
Bank
4/9/24
USD
1,513
TRY
49,568
2
Barclays
Bank
4/12/24
ZAR
67,511
USD
3,601
(41)
Barclays
Bank
5/24/24
GBP
4,287
USD
5,404
9
Barclays
Bank
5/24/24
GBP
5,629
USD
7,182
(75)
Barclays
Bank
6/14/24
CNH
632,354
USD
88,398
(1,016)
Barclays
Bank
7/5/24
KRW
39,407,904
USD
29,388
(40)
BNP
Paribas
4/5/24
USD
2,053
KRW
2,756,956
6
BNP
Paribas
4/12/24
CZK
141,725
USD
6,289
(247)
BNP
Paribas
4/12/24
USD
3,600
ZAR
67,511
40
BNP
Paribas
4/19/24
USD
8,103
EUR
7,441
68
BNP
Paribas
4/19/24
USD
661
JPY
98,273
10
BNP
Paribas
5/24/24
SEK
123,526
USD
11,936
(369)
BNP
Paribas
5/24/24
USD
12,407
EUR
11,392
88
BNP
Paribas
6/7/24
USD
6,452
THB
230,316
103
BNP
Paribas
6/14/24
USD
3,594
CNH
26,000
1
BNP
Paribas
6/14/24
USD
14,146
SGD
18,780
188
Canadian
Imperial
Bank
of
Commerce
4/19/24
CAD
38,721
USD
28,877
(283)
Canadian
Imperial
Bank
of
Commerce
5/24/24
USD
334
EUR
305
4
Citibank
4/5/24
USD
2,711
IDR
42,501,260
32
Citibank
4/5/24
USD
271
INR
22,622
—
Citibank
4/12/24
DKK
23,298
USD
3,432
(60)
Citibank
4/12/24
HUF
2,236,884
USD
6,394
(272)
Citibank
4/12/24
RON
7,061
USD
1,551
(19)
Citibank
4/18/24
ILS
5,956
USD
1,593
28
Citibank
5/24/24
USD
7,132
EUR
6,534
67
Citibank
9/4/24
EGP
83,836
USD
1,841
(150)
Citibank
3/4/25
EGP
15,643
USD
299
(5)
Citibank
3/12/25
EGP
52,386
USD
936
47
T.
ROWE
PRICE
International
Bond
Fund
29
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Deutsche
Bank
4/5/24
IDR
106,116,790
USD
6,712
$
(22)
Deutsche
Bank
4/5/24
USD
687
INR
57,342
—
Deutsche
Bank
4/12/24
HUF
882,102
USD
2,483
(68)
Deutsche
Bank
4/12/24
USD
2,351
CZK
55,092
3
Deutsche
Bank
4/12/24
USD
1,463
HUF
528,864
16
Deutsche
Bank
5/17/24
PLN
18,609
USD
4,582
75
Deutsche
Bank
5/24/24
GBP
1,938
USD
2,474
(27)
Deutsche
Bank
7/5/24
USD
6,694
IDR
106,116,790
26
Goldman
Sachs
4/3/24
TWD
294,342
USD
9,245
(48)
Goldman
Sachs
4/3/24
USD
3,857
TWD
118,741
146
Goldman
Sachs
4/5/24
IDR
37,390,491
USD
2,405
(48)
Goldman
Sachs
4/5/24
USD
966
IDR
15,014,400
20
Goldman
Sachs
4/5/24
USD
3,211
INR
267,772
1
Goldman
Sachs
4/19/24
USD
9,469
CAD
12,684
102
Goldman
Sachs
5/24/24
EUR
1,936
USD
2,103
(10)
Goldman
Sachs
6/4/24
BRL
34,265
USD
6,838
(49)
Goldman
Sachs
6/4/24
USD
3,136
BRL
15,804
5
Goldman
Sachs
6/7/24
USD
2,935
THB
104,341
59
Goldman
Sachs
7/5/24
USD
9,301
TWD
294,342
54
Goldman
Sachs
7/12/24
TRY
66,688
USD
1,849
(24)
HSBC
Bank
4/5/24
INR
214,472
USD
2,569
3
HSBC
Bank
4/5/24
INR
403,212
USD
4,838
(4)
HSBC
Bank
4/5/24
KRW
2,507,530
USD
1,887
(25)
HSBC
Bank
4/5/24
USD
1,022
IDR
15,948,905
16
HSBC
Bank
4/5/24
USD
2,430
IDR
38,638,112
(5)
HSBC
Bank
4/12/24
USD
4,731
CZK
110,208
33
HSBC
Bank
4/19/24
CAD
3,219
USD
2,382
(5)
HSBC
Bank
4/19/24
JPY
135,710
USD
899
1
HSBC
Bank
4/19/24
JPY
918,965
USD
6,254
(163)
HSBC
Bank
4/19/24
USD
33,589
JPY
4,978,359
595
HSBC
Bank
5/17/24
PLN
9,743
USD
2,468
(30)
HSBC
Bank
6/4/24
USD
3,698
BRL
18,461
41
HSBC
Bank
7/5/24
USD
4,824
INR
403,212
4
HSBC
Bank
7/5/24
USD
2,561
INR
214,472
(3)
JPMorgan
Chase
4/5/24
IDR
5,112,900
USD
327
(4)
JPMorgan
Chase
4/5/24
USD
2,575
INR
214,858
(1)
JPMorgan
Chase
4/19/24
AUD
5,201
USD
3,479
(88)
JPMorgan
Chase
4/19/24
CHF
4,133
USD
4,738
(144)
JPMorgan
Chase
4/19/24
USD
1,512
JPY
218,353
65
JPMorgan
Chase
5/17/24
PLN
3,152
USD
784
5
JPMorgan
Chase
5/24/24
USD
7,654
EUR
7,052
29
JPMorgan
Chase
6/7/24
USD
108
MYR
512
—
Morgan
Stanley
4/5/24
PEN
26,434
USD
6,995
110
T.
ROWE
PRICE
International
Bond
Fund
30
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Morgan
Stanley
4/5/24
USD
5,234
PEN
19,335
$
36
Morgan
Stanley
4/5/24
USD
5,100
PEN
19,032
(16)
Morgan
Stanley
4/12/24
MXN
8,698
USD
505
17
Morgan
Stanley
4/19/24
CHF
2,056
USD
2,347
(62)
Morgan
Stanley
5/24/24
EUR
1,998
USD
2,184
(23)
Morgan
Stanley
5/24/24
USD
3,101
EUR
2,853
16
Morgan
Stanley
6/7/24
USD
4,989
COP
19,954,526
(113)
RBC
Dominion
Securities
4/5/24
IDR
25,120,641
USD
1,606
(22)
RBC
Dominion
Securities
4/12/24
MXN
47,149
USD
2,725
104
RBC
Dominion
Securities
4/19/24
CAD
9,837
USD
7,278
(14)
RBC
Dominion
Securities
5/24/24
GBP
50
USD
64
(1)
Standard
Chartered
4/5/24
USD
3,309
PEN
12,172
38
Standard
Chartered
4/19/24
USD
6,813
NZD
10,915
292
State
Street
4/12/24
MXN
41,810
USD
2,399
110
State
Street
4/12/24
USD
6,754
MXN
114,924
(143)
State
Street
4/19/24
JPY
8,458,479
USD
59,163
(3,105)
State
Street
4/19/24
NOK
16,159
USD
1,550
(61)
State
Street
5/24/24
EUR
13,782
USD
14,948
(46)
State
Street
5/24/24
USD
384
EUR
351
5
State
Street
6/14/24
CNH
45,566
USD
6,291
5
UBS
Investment
Bank
4/5/24
USD
7,254
IDR
113,075,911
125
UBS
Investment
Bank
4/12/24
CZK
54,308
USD
2,408
(93)
UBS
Investment
Bank
4/12/24
HUF
804,648
USD
2,302
(100)
UBS
Investment
Bank
4/12/24
USD
3,308
CZK
76,349
53
UBS
Investment
Bank
4/19/24
CHF
3,981
USD
4,632
(207)
UBS
Investment
Bank
4/19/24
JPY
734,956
USD
5,002
(131)
UBS
Investment
Bank
4/19/24
USD
2,578
CHF
2,180
155
UBS
Investment
Bank
4/19/24
USD
8,146
JPY
1,214,644
97
UBS
Investment
Bank
5/10/24
CLP
4,793,578
USD
5,049
(163)
UBS
Investment
Bank
5/24/24
EUR
1,417
USD
1,528
4
UBS
Investment
Bank
5/24/24
USD
1,630
EUR
1,494
14
UBS
Investment
Bank
5/24/24
USD
14,558
SEK
151,984
326
UBS
Investment
Bank
6/7/24
USD
1,642
COP
6,563,117
(36)
UBS
Investment
Bank
6/7/24
USD
2,932
THB
105,040
36
Wells
Fargo
4/5/24
PEN
12,053
USD
3,231
8
Wells
Fargo
4/5/24
PEN
12,052
USD
3,256
(16)
Wells
Fargo
5/10/24
CLP
7,558,761
USD
7,994
(289)
Wells
Fargo
6/7/24
USD
1,646
COP
6,629,411
(49)
Wells
Fargo
7/5/24
USD
3,252
PEN
12,053
18
Wells
Fargo
7/5/24
USD
3,227
PEN
12,053
(8)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(5,037)
T.
ROWE
PRICE
International
Bond
Fund
31
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
95
Commonwealth
of
Australia
ten
year
bond
contracts
6/24
(7,217)
$
3
Long,
67
Commonwealth
of
Australia
three
year
bond
contracts
6/24
4,668
(1)
Long,
34
Euro
BOBL
contracts
6/24
4,338
17
Long,
2
Euro
BUXL
thirty
year
bond
contracts
6/24
293
7
Long,
168
Government
of
Canada
ten
year
bond
contracts
6/24
14,925
(65)
Short,
8
Government
of
Japan
ten
year
bond
contracts
6/24
(7,709)
(5)
Short,
6
Long
Gilt
ten
year
contracts
6/24
(757)
(12)
Long,
316
Republic
of
South
Korea
ten
year
bond
contracts
6/24
26,660
(78)
Short,
225
Republic
of
South
Korea
three
year
bond
contracts
6/24
(17,524)
25
Net
payments
(receipts)
of
variation
margin
to
date
54
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(55)
T.
ROWE
PRICE
International
Bond
Fund
32
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,
2024.
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,
5.39%
$
—
$
—
$
253++
Totals
$
—#
$
—
$
253+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
25,836
¤
¤
$
29,245
Total
$
29,245^
#
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
$253
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
$29,245.
T.
ROWE
PRICE
International
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
33
T.
Rowe
Price
International
Bond
Fund (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)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
International
Bond
Fund
34
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
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
T.
ROWE
PRICE
International
Bond
Fund
35
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
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
T.
ROWE
PRICE
International
Bond
Fund
36
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
912,315
$
—
$
912,315
Short-Term
Investments
14,648
14,579
—
29,227
Securities
Lending
Collateral
14,597
—
—
14,597
Options
Purchased
—
269
—
269
Total
Securities
29,245
927,163
—
956,408
Swaps*
—
2,657
—
2,657
Forward
Currency
Exchange
Contracts
—
3,878
—
3,878
Futures
Contracts*
52
—
—
52
Total
$
29,297
$
933,698
$
—
$
962,995
Liabilities
Options
Written
$
—
$
2,007
$
—
$
2,007
Swaps*
—
3,338
—
3,338
Forward
Currency
Exchange
Contracts
—
8,915
—
8,915
Futures
Contracts*
161
—
—
161
Total
$
161
$
14,260
$
—
$
14,421
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
37
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
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.
F76-054Q1
03/24