T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
March
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ALBANIA
0.5%
Government
Bonds
0.5%
Republic
of
Albania,
3.50%,
6/16/27
(EUR) (1)
4,085,000
4,285
Republic
of
Albania,
3.50%,
11/23/31
(EUR) (1)
11,810,000
11,479
Republic
of
Albania,
5.90%,
6/9/28
(EUR) (1)
15,580,000
17,304
Total
Albania
(Cost
$34,287
)
33,068
AUSTRALIA
3.3%
Corporate
Bonds
1.1%
APA
Infrastructure,
2.00%,
3/22/27
(EUR)
2,580,000
2,654
APA
Infrastructure,
3.50%,
3/22/30
(GBP)
5,500,000
6,244
AusNet
Services
Holdings,
1.50%,
2/26/27
(EUR)
2,615,000
2,665
Brambles
Finance,
4.25%,
3/22/31
(EUR)
7,660,000
8,649
NBN,
4.125%,
3/15/29
(EUR)
11,070,000
12,362
Sydney
Airport
Finance,
1.75%,
4/26/28
(EUR)
2,630,000
2,655
Sydney
Airport
Finance,
4.375%,
5/3/33
(EUR)
8,150,000
9,216
Transurban
Finance,
1.75%,
3/29/28
(EUR)
2,620,000
2,650
Transurban
Finance,
1.875%,
9/16/24
(EUR)
7,836,000
8,370
Transurban
Finance,
3.00%,
4/8/30
(EUR)
11,250,000
11,790
67,255
Government
Bonds
2.2%
Commonwealth
of
Australia,
Series
140,
4.50%,
4/21/33
126,357,000
85,641
Commonwealth
of
Australia,
Series
150,
3.00%,
3/21/47
28,048,000
14,653
New
South
Wales
Treasury,
Series
26,
4.00%,
5/20/26
46,975,600
30,635
130,929
Total
Australia
(Cost
$220,530
)
198,184
AUSTRIA
0.5%
Corporate
Bonds
0.1%
Mondi
Finance
Europe,
2.375%,
4/1/28
2,505,000
2,599
2,599
Government
Bonds
0.4%
Republic
of
Austria,
0.75%,
3/20/51 (1)
40,505,000
25,804
25,804
Total
Austria
(Cost
$27,732
)
28,403
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
2
Par/Shares
$
Value
(Cost
and
value
in
$000s)
BELGIUM
0.1%
Corporate
Bonds
0.1%
Anheuser-Busch
InBev,
1.15%,
1/22/27
2,600,000
2,653
Anheuser-Busch
InBev,
1.65%,
3/28/31
1,465,000
1,423
Total
Belgium
(Cost
$4,099
)
4,076
BRAZIL
1.4%
Corporate
Bonds
0.2%
Braskem
Netherlands
Finance,
4.50%,
1/10/28
(USD)
4,300,000
3,863
Braskem
Netherlands
Finance,
4.50%,
1/31/30
(USD)
6,750,000
5,808
MercadoLibre,
3.125%,
1/14/31
(USD)
6,325,000
5,300
14,971
Government
Bonds
1.2%
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/27
86,665,000
17,212
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/31
128,164,000
24,595
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/35
159,610,000
29,927
71,734
Total
Brazil
(Cost
$87,121
)
86,705
BULGARIA
1.2%
Government
Bonds
1.2%
Republic
of
Bulgaria,
4.375%,
5/13/31
(EUR)
16,796,000
19,233
Republic
of
Bulgaria,
4.50%,
1/27/33
(EUR) (2)
18,433,000
21,187
Republic
of
Bulgaria,
4.50%,
1/27/33
(EUR) (1)
8,790,000
10,103
Republic
of
Bulgaria,
4.875%,
5/13/36
(EUR)
18,625,000
21,882
Total
Bulgaria
(Cost
$66,455
)
72,405
CANADA
3.9%
Asset-Backed
Securities
0.1%
Cologix
Canadian
Issuer,
Series
2022-1CAN,
Class
A2,
4.94%,
1/25/52 (1)
8,230,000
5,640
5,640
Corporate
Bonds
0.7%
Magna
International,
1.50%,
9/25/27
(EUR)
2,620,000
2,656
Royal
Bank
of
Canada,
4.125%,
7/5/28
(EUR)
2,385,000
2,638
TER
Finance
Jersey,
Series
21,
Zero
Coupon,
1/2/25
(USD) (1)
17,400,000
16,584
Toronto-Dominion
Bank,
2.551%,
8/3/27
(EUR)
2,535,000
2,662
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Transcanada
Trust,
Series
17-B,
VR,
4.65%,
5/18/77 (3)
27,134,000
18,747
43,287
Government
Bonds
3.1%
Government
of
Canada,
Series
0318,
4.00%,
3/1/29
89,387,000
67,361
Government
of
Canada,
Series
0929,
3.25%,
12/1/33
84,190,000
61,033
Government
of
Canada
Real
Return
Bond,
Inflation-Indexed,
Series
CPI,
4.00%,
12/1/31
65,300,027
56,344
Province
of
Ontario,
3.50%,
6/2/43
5,239,000
3,428
188,166
Total
Canada
(Cost
$252,228
)
237,093
CHILE
0.4%
Corporate
Bonds
0.3%
Corp
Nacional
del
Cobre
de
Chile,
6.30%,
9/8/53
(USD) (1)
12,480,000
12,500
Interchile,
4.50%,
6/30/56
(USD)
8,000,000
6,520
19,020
Government
Bonds
0.1%
Republic
of
Chile,
4.125%,
7/5/34
(EUR)
6,420,000
6,949
6,949
Total
Chile
(Cost
$26,105
)
25,969
CHINA
5.5%
Corporate
Bonds
0.2%
State
Grid
Overseas
Investment
BVI,
1.375%,
5/2/25
(EUR) (1)
10,000,000
10,486
10,486
Government
Bonds
5.3%
China
Development
Bank,
Series
1905,
3.48%,
1/8/29
250,000,000
36,298
People's
Republic
of
China,
Series
INBK,
2.60%,
9/1/32
670,000,000
93,989
People's
Republic
of
China,
Series
INBK,
2.62%,
4/15/28
110,000,000
15,438
People's
Republic
of
China,
Series
INBK,
2.69%,
8/15/32
510,000,000
72,014
People's
Republic
of
China,
Series
INBK,
3.02%,
5/27/31
45,000,000
6,492
People's
Republic
of
China,
Series
INBK,
3.32%,
4/15/52
109,000,000
17,116
People's
Republic
of
China,
Series
INBK,
3.53%,
10/18/51
170,000,000
27,577
People's
Republic
of
China,
Series
1908,
4.00%,
6/24/69
60,000,000
11,129
People's
Republic
of
China,
Series
1915,
3.13%,
11/21/29
310,000,000
44,810
324,863
Total
China
(Cost
$327,734
)
335,349
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
COLOMBIA
1.0%
Government
Bonds
1.0%
Republic
of
Colombia,
Series
B,
6.00%,
4/28/28
60,253,700,000
13,873
Republic
of
Colombia,
Series
B,
7.00%,
3/26/31
95,880,000,000
21,380
Republic
of
Colombia,
Series
B,
13.25%,
2/9/33
90,056,200,000
27,429
Total
Colombia
(Cost
$51,448
)
62,682
CYPRUS
0.5%
Government
Bonds
0.5%
Republic
of
Cyprus,
0.95%,
1/20/32
19,769,000
18,231
Republic
of
Cyprus,
1.50%,
4/16/27
2,130,000
2,196
Republic
of
Cyprus,
2.75%,
6/27/24
1,668,000
1,798
Republic
of
Cyprus,
2.75%,
2/26/34
2,716,000
2,822
Republic
of
Cyprus,
2.75%,
5/3/49 (2)
2,832,000
2,611
Total
Cyprus
(Cost
$33,723
)
27,658
CZECH
REPUBLIC
0.6%
Corporate
Bonds
0.2%
Ceska
sporitelna,
VR,
5.737%,
3/8/28
(EUR) (3)
10,500,000
11,724
11,724
Government
Bonds
0.4%
Republic
of
Czech,
Series
103,
2.00%,
10/13/33
562,550,000
20,415
Republic
of
Czech,
Series
125,
1.50%,
4/24/40
220,710,000
6,651
27,066
Total
Czech
Republic
(Cost
$39,418
)
38,790
DENMARK
0.8%
Corporate
Bonds
0.8%
Carlsberg
Breweries,
0.375%,
6/30/27
(EUR)
2,735,000
2,683
Carlsberg
Breweries,
0.875%,
7/1/29
(EUR)
3,773,000
3,597
Danske
Bank,
VR,
0.75%,
6/9/29
(EUR) (3)
8,420,000
8,039
Danske
Bank,
VR,
1.375%,
2/17/27
(EUR) (3)
2,440,000
2,515
Danske
Bank,
VR,
1.375%,
2/12/30
(EUR) (3)
4,700,000
4,931
Danske
Bank,
VR,
4.50%,
11/9/28
(EUR) (3)
2,410,000
2,662
Orsted,
4.875%,
1/12/32
(GBP)
5,750,000
7,155
TDC
Net,
5.056%,
5/31/28
(EUR)
2,310,000
2,560
TDC
Net,
5.618%,
2/6/30
(EUR)
13,970,000
15,507
Total
Denmark
(Cost
$49,052
)
49,649
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
EGYPT
0.4%
Government
Bonds
0.4%
Arab
Republic
of
Egypt,
Treasury
Bills,
Series
364D,
24.998%,
6/25/24
243,600,000
4,866
Arab
Republic
of
Egypt,
Treasury
Bills,
Series
364D,
30.00%,
9/17/24
436,825,000
8,201
Arab
Republic
of
Egypt,
Treasury
Bills,
Series
364D,
31.25%,
12/10/24
760,825,000
13,563
Total
Egypt
(Cost
$25,680
)
26,630
ESTONIA
0.6%
Government
Bonds
0.6%
Republic
of
Estonia,
3.25%,
1/17/34 (2)
32,500,000
34,739
Total
Estonia
(Cost
$35,357
)
34,739
FINLAND
0.1%
Corporate
Bonds
0.1%
Elisa,
0.25%,
9/15/27
2,760,000
2,680
Metso,
0.875%,
5/26/28 (2)
2,775,000
2,699
Total
Finland
(Cost
$5,487
)
5,379
FRANCE
4.0%
Corporate
Bonds
1.8%
Altice
France,
3.375%,
1/15/28 (1)
505,000
389
Altice
France,
5.875%,
2/1/27 (1)
1,305,000
1,086
Banijay
Entertainment,
7.00%,
5/1/29 (1)
1,045,000
1,182
Banque
Federative
du
Credit
Mutuel,
1.25%,
5/26/27
3,000,000
3,028
Banque
Federative
du
Credit
Mutuel,
1.375%,
7/16/28
3,100,000
3,084
Banque
Federative
du
Credit
Mutuel,
3.125%,
9/14/27
2,500,000
2,670
Banque
Federative
du
Credit
Mutuel,
5.125%,
1/13/33
5,400,000
6,194
Banque
Stellantis
France,
4.00%,
1/21/27
2,400,000
2,617
BNP
Paribas,
VR,
2.125%,
1/23/27 (3)
9,300,000
9,745
BNP
Paribas,
VR,
3.875%,
1/10/31 (3)
4,000,000
4,411
BPCE,
0.25%,
1/14/31
7,100,000
6,202
BPCE,
3.50%,
1/25/28
5,500,000
5,953
Credit
Agricole,
0.875%,
1/14/32
1,000,000
881
Credit
Agricole,
1.00%,
9/16/24
5,800,000
6,174
Credit
Agricole,
1.875%,
12/20/26
5,200,000
5,383
Credit
Agricole
Assurances,
VR,
2.625%,
1/29/48 (3)
6,000,000
6,064
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
6
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Electricite
de
France,
6.125%,
6/2/34
(GBP)
7,200,000
9,369
EssilorLuxottica,
0.375%,
11/27/27
2,700,000
2,644
Holding
d'Infrastructures
de
Transport,
1.475%,
1/18/31
8,600,000
8,042
IPD
3,
8.00%,
6/15/28 (1)
1,825,000
2,084
Loxam,
6.375%,
5/15/28
3,795,000
4,248
Orange,
3.25%,
1/15/32
(GBP)
6,500,000
7,448
RTE
Reseau
de
Transport
d'Electricite
SADIR,
0.75%,
1/12/34
7,200,000
6,108
Veolia
Environnement,
1.25%,
4/2/27
2,000,000
2,029
Veolia
Environnement,
1.94%,
1/7/30 (2)
5,700,000
5,678
112,713
Government
Bonds
2.2%
Republic
of
France,
1.25%,
5/25/36 (1)
65,636,000
58,767
Republic
of
France,
3.00%,
5/25/33 (1)
18,975,000
20,860
Republic
of
France,
3.00%,
5/25/54 (1)
51,945,000
53,132
132,759
Total
France
(Cost
$263,782
)
245,472
GERMANY
7.3%
Corporate
Bonds
1.6%
Allianz,
VR,
3.375% (3)(4)
13,400,000
14,348
Daimler
Truck
International
Finance,
1.625%,
4/6/27
2,600,000
2,661
E.ON
International
Finance,
6.25%,
6/3/30
(GBP)
11,400,000
15,433
Fresenius,
1.625%,
10/8/27 (2)
2,635,000
2,676
Fresenius,
5.00%,
11/28/29
5,200,000
5,909
Gruenenthal,
3.625%,
11/15/26 (1)
990,000
1,045
Gruenenthal,
6.75%,
5/15/30 (1)
530,000
604
Gruenenthal,
6.75%,
5/15/30
3,500,000
3,990
Hannover
Rueck,
1.125%,
4/18/28
2,600,000
2,653
Hannover
Rueck,
VR,
1.125%,
10/9/39 (3)
11,500,000
10,639
Hannover
Rueck,
VR,
1.75%,
10/8/40 (3)
4,800,000
4,499
Knorr-Bremse,
3.25%,
9/21/27
2,500,000
2,687
ProGroup,
5.375%,
4/15/31 (1)
2,755,000
2,964
TK
Elevator
Midco,
4.375%,
7/15/27 (1)(2)
2,745,000
2,848
Volkswagen
Bank,
4.375%,
5/3/28
2,400,000
2,644
Volkswagen
Financial
Services,
0.375%,
2/12/30
10,300,000
9,252
Volkswagen
International
Finance,
Series
10Y,
1.875%,
3/30/27
1,300,000
1,331
Volkswagen
Leasing,
1.50%,
6/19/26
5,135,000
5,284
Volkswagen
Leasing,
1.625%,
8/15/25
5,350,000
5,606
97,073
Government
Bonds
5.7%
Bundesobligation,
Series
184,
0.00%,
10/9/26
79,031,000
79,890
Bundesrepublik
Deutschland
Bundesanleihe,
0.00%,
2/15/30
103,692,000
98,218
Bundesrepublik
Deutschland
Bundesanleihe,
0.00%,
8/15/52
25,789,200
14,193
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Bundesrepublik
Deutschland
Bundesanleihe,
2.20%,
2/15/34
18,041,000
19,308
Bundesrepublik
Deutschland
Bundesanleihe,
4.75%,
7/4/40
18,688,000
26,279
Deutsche
Bundesrepublik,
Inflation-Indexed,
0.50%,
4/15/30
94,067,687
102,877
KfW,
4.70%,
6/2/37
(CAD)
5,202,000
3,966
344,731
Total
Germany
(Cost
$437,480
)
441,804
GREECE
0.3%
Government
Bonds
0.3%
Hellenic
Republic,
0.75%,
6/18/31 (1)
17,599,000
16,132
Total
Greece
(Cost
$21,191
)
16,132
HUNGARY
1.6%
Corporate
Bonds
0.1%
OTP
Bank,
VR,
7.35%,
3/4/26
(EUR) (3)
5,290,000
5,836
5,836
Government
Bonds
1.5%
Magyar
Export-Import
Bank,
6.00%,
5/16/29
(EUR)
4,370,000
4,989
Republic
of
Hungary,
5.00%,
2/22/27
(EUR)
8,464,000
9,436
Republic
of
Hungary,
Series
33/A,
2.25%,
4/20/33
39,263,030,000
76,034
90,459
Total
Hungary
(Cost
$110,887
)
96,295
ICELAND
0.4%
Corporate
Bonds
0.1%
Landsbankinn,
0.375%,
5/23/25
(EUR)
8,060,000
8,305
8,305
Government
Bonds
0.3%
Republic
of
Iceland,
0.00%,
4/15/28
(EUR)
10,385,000
9,854
Republic
of
Iceland,
3.50%,
3/21/34
(EUR)
8,096,000
8,871
18,725
Total
Iceland
(Cost
$30,344
)
27,030
INDIA
1.3%
Corporate
Bonds
0.2%
ABJA
Investment,
5.95%,
7/31/24
(USD)
6,850,000
6,841
State
Bank
of
India,
4.875%,
5/5/28
(USD)
5,088,000
5,045
11,886
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
Bonds
1.1%
Republic
of
India,
6.54%,
1/17/32
2,136,000,000
24,845
Republic
of
India,
7.26%,
8/22/32
3,550,060,000
43,014
67,859
Total
India
(Cost
$79,467
)
79,745
INDONESIA
2.7%
Corporate
Bonds
0.0%
Minejesa
Capital,
5.625%,
8/10/37
(USD) (2)
3,965,000
3,611
3,611
Government
Bonds
2.7%
Republic
of
Indonesia,
3.75%,
6/14/28
(EUR)
40,797,000
44,250
Republic
of
Indonesia,
Series
FR86,
5.50%,
4/15/26
473,000,000,000
29,381
Republic
of
Indonesia,
Series
FR91,
6.375%,
4/15/32
75,730,000,000
4,692
Republic
of
Indonesia,
Series
FR95,
6.375%,
8/15/28
441,080,000,000
27,677
Republic
of
Indonesia,
Series
FR96,
7.00%,
2/15/33
891,119,000,000
57,445
163,445
Total
Indonesia
(Cost
$177,057
)
167,056
IRELAND
0.2%
Corporate
Bonds
0.1%
Smurfit
Kappa
Treasury,
1.50%,
9/15/27
2,650,000
2,667
2,667
Government
Bonds
0.1%
Republic
of
Ireland,
1.50%,
5/15/50
2,696,000
2,116
Republic
of
Ireland,
2.00%,
2/18/45
5,630,000
5,145
7,261
Total
Ireland
(Cost
$13,446
)
9,928
ISRAEL
0.4%
Corporate
Bonds
0.1%
Bank
Hapoalim,
VR,
3.255%,
1/21/32
(USD) (1)(3)
6,450,000
5,744
5,744
Government
Bonds
0.3%
State
of
Israel,
1.50%,
1/18/27
(EUR)
18,046,000
18,060
18,060
Total
Israel
(Cost
$28,143
)
23,804
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
9
Par/Shares
$
Value
(Cost
and
value
in
$000s)
ITALY
3.8%
Corporate
Bonds
0.9%
Aeroporti
di
Roma,
1.625%,
6/8/27
2,575,000
2,647
Autostrade
per
l'Italia,
1.625%,
1/25/28
2,680,000
2,679
Autostrade
per
l'Italia,
2.00%,
12/4/28
6,245,000
6,234
Autostrade
per
l'Italia,
2.00%,
1/15/30
5,620,000
5,489
CA
Auto
Bank,
0.50%,
9/13/24
5,800,000
6,159
CA
Auto
Bank,
4.75%,
1/25/27
2,395,000
2,643
Enel
Finance
International,
5.625%,
8/14/24
(GBP)
2,663,000
3,359
Inter
Media
&
Communication,
6.75%,
2/9/27
5,350,000
5,640
Intesa
Sanpaolo,
1.75%,
7/4/29
8,399,000
8,280
Italgas,
1.625%,
1/19/27
2,570,000
2,636
Lottomatica,
FRN,
3M
EURIBOR
+
4.125%,
8.067%,
6/1/28 (1)
1,040,000
1,132
Snam,
0.875%,
10/25/26
6,950,000
7,034
53,932
Government
Bonds
2.9%
Italy
Buoni
Poliennali
Del
Tesoro,
Series
10Y,
4.40%,
5/1/33
94,148,000
108,367
Italy
Buoni
Poliennali
Del
Tesoro,
Series
50Y,
2.80%,
3/1/67
37,508,000
30,624
Italy
Buoni
Poliennali
Del
Tesoro,
Series
CPI,
1.30%,
5/15/28 (1)
35,195,005
38,247
177,238
Total
Italy
(Cost
$235,021
)
231,170
IVORY
COAST
0.3%
Government
Bonds
0.3%
Republic
of
Ivory
Coast,
5.875%,
10/17/31
(EUR)
18,675,000
18,658
Total
Ivory
Coast
(Cost
$17,242
)
18,658
JAPAN
14.7%
Government
Bonds
14.7%
Government
of
Japan,
Series
16,
1.30%,
3/20/63
10,800,000,000
60,080
Government
of
Japan,
Series
19,
Inflation-Indexed,
0.10%,
9/10/24
9,082,318,000
60,499
Government
of
Japan,
Series
20,
Inflation-Indexed,
0.10%,
3/10/25
10,361,024,000
69,505
Government
of
Japan,
Series
26,
Inflation-Indexed,
0.005%,
3/10/31
7,254,130,653
51,319
Government
of
Japan,
Series
27,
Inflation-Indexed,
0.005%,
3/10/32
4,458,160,000
31,458
Government
of
Japan,
Series
28,
Inflation-Indexed,
0.005%,
3/10/33
3,219,583,500
22,632
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
10
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
of
Japan,
Series
44,
1.70%,
9/20/44
13,073,850,000
89,803
Government
of
Japan,
Series
73,
0.70%,
12/20/51
586,150,000
3,018
Government
of
Japan,
Series
74,
1.00%,
3/20/52
9,339,650,000
52,073
Government
of
Japan,
Series
75,
1.30%,
6/20/52
10,616,750,000
63,712
Government
of
Japan,
Series
76,
1.40%,
9/20/52
10,620,450,000
65,231
Government
of
Japan,
Series
338,
0.40%,
3/20/25
13,396,000,000
88,799
Government
of
Japan,
Treasury
Bills,
Series
1205,
(0.121)%,
7/10/24
4,280,000,000
28,271
Government
of
Japan,
Treasury
Bills,
Series
1211,
(0.085)%,
8/13/24
13,597,850,000
89,812
Government
of
Japan,
Treasury
Bills,
Series
1215,
(0.11)%,
6/3/24
9,100,000,000
60,113
Government
of
Japan,
Treasury
Bills,
Series
1221,
(0.065)%,
7/1/24
9,240,000,000
61,048
Total
Japan
(Cost
$1,053,546
)
897,373
KUWAIT
0.2%
Corporate
Bonds
0.2%
MEGlobal,
2.625%,
4/28/28
(USD) (1)
9,170,000
8,188
MEGlobal,
2.625%,
4/28/28
(USD)
3,125,000
2,791
Total
Kuwait
(Cost
$12,090
)
10,979
LATVIA
1.3%
Government
Bonds
1.3%
Republic
of
Latvia,
0.375%,
10/7/26
(EUR)
64,671,000
65,237
Republic
of
Latvia,
3.875%,
5/22/29
(EUR)
13,210,000
14,627
Total
Latvia
(Cost
$85,577
)
79,864
LITHUANIA
0.9%
Corporate
Bonds
0.0%
PLT
VII
Finance,
4.625%,
1/5/26 (1)
1,150,000
1,240
1,240
Government
Bonds
0.9%
Republic
of
Lithuania,
3.50%,
2/13/34
15,620,000
16,764
Republic
of
Lithuania,
3.875%,
6/14/33
30,295,000
33,760
50,524
Total
Lithuania
(Cost
$50,071
)
51,764
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
11
Par/Shares
$
Value
(Cost
and
value
in
$000s)
LUXEMBOURG
0.4%
Corporate
Bonds
0.4%
Albion
Financing
1,
5.25%,
10/15/26
3,200,000
3,475
Altice
Financing,
4.25%,
8/15/29 (1)
1,775,000
1,555
Blackstone
Property
Partners
Europe
Holdings,
1.75%,
3/12/29
9,970,000
9,331
Logicor
Financing,
0.875%,
1/14/31
7,100,000
6,084
Logicor
Financing,
1.50%,
7/13/26
6,240,000
6,327
Total
Luxembourg
(Cost
$28,937
)
26,772
MACAO
0.2%
Corporate
Bonds
0.2%
Melco
Resorts
Finance,
4.875%,
6/6/25
(USD)
5,175,000
5,054
Sands
China,
4.05%,
1/8/26
(USD)
5,110,000
4,925
Total
Macao
(Cost
$9,978
)
9,979
MALAYSIA
3.1%
Government
Bonds
3.1%
Government
of
Malaysia,
Series
0119,
3.906%,
7/15/26
178,500,000
38,113
Government
of
Malaysia,
Series
0120,
4.065%,
6/15/50
94,879,000
19,681
Government
of
Malaysia,
Series
0123,
4.457%,
3/31/53
42,075,000
9,278
Government
of
Malaysia,
Series
0216,
4.736%,
3/15/46
310,065,000
72,191
Government
of
Malaysia,
Series
0316,
3.90%,
11/30/26
25,840,000
5,531
Government
of
Malaysia,
Series
0318,
4.642%,
11/7/33
78,750,000
17,674
Government
of
Malaysia,
Series
0518,
4.921%,
7/6/48
119,656,000
28,202
Total
Malaysia
(Cost
$200,917
)
190,670
MEXICO
2.7%
Corporate
Bonds
0.5%
America
Movil,
5.75%,
6/28/30
(GBP)
6,670,000
8,844
BBVA
Bancomer,
VR,
5.125%,
1/18/33
(USD) (3)
12,085,000
11,239
Bimbo
Bakeries
USA,
6.05%,
1/15/29
(USD) (1)
8,900,000
9,215
29,298
Government
Bonds
2.2%
Petroleos
Mexicanos,
4.75%,
2/26/29
(EUR)
13,400,000
12,189
Petroleos
Mexicanos,
4.875%,
2/21/28
(EUR)
17,590,000
16,748
United
Mexican
States,
Series
M,
7.50%,
5/26/33
974,155,000
52,213
United
Mexican
States,
Series
M,
8.50%,
5/31/29
163,115,000
9,501
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
12
Par/Shares
$
Value
(Cost
and
value
in
$000s)
United
Mexican
States,
Series
M,
8.50%,
11/18/38
756,690,000
42,329
132,980
Total
Mexico
(Cost
$154,910
)
162,278
MONTENEGRO
0.2%
Government
Bonds
0.2%
Republic
of
Montenegro,
7.25%,
3/12/31
(USD) (1)
14,142,000
14,409
Total
Montenegro
(Cost
$14,274
)
14,409
MOROCCO
0.2%
Government
Bonds
0.2%
Kingdom
of
Morocco,
1.375%,
3/30/26
(EUR)
12,030,000
12,324
Total
Morocco
(Cost
$12,534
)
12,324
NETHERLANDS
1.1%
Corporate
Bonds
1.1%
Boost
Newco
Borrower,
8.50%,
1/15/31
(GBP) (1)
235,000
320
Cooperatieve
Rabobank,
4.625%,
5/23/29
(GBP)
100,000
121
ING
Groep,
VR,
0.375%,
9/29/28 (3)
2,800,000
2,696
ING
Groep,
VR,
1.25%,
2/16/27 (3)
8,800,000
9,055
ING
Groep,
VR,
4.75%,
5/23/34 (3)
6,000,000
6,950
LeasePlan,
VR,
7.375% (3)(4)
8,200,000
8,848
Nationale-Nederlanden
Bank,
0.375%,
2/26/25
5,300,000
5,536
NN
Group,
1.625%,
6/1/27
2,575,000
2,640
Sartorius
Finance,
4.50%,
9/14/32
8,000,000
9,079
Summer
BidCo,
10.00%,
2/15/29,
(10.00%
Cash
or
10.75%
PIK) (1)(5)
395,000
431
TenneT
Holding,
2.00%,
6/5/34
12,320,000
11,867
Universal
Music
Group,
3.00%,
6/30/27
2,470,000
2,642
VZ
Secured
Financing,
3.50%,
1/15/32 (2)
3,900,000
3,703
Wolters
Kluwer,
1.50%,
3/22/27 (2)
2,585,000
2,647
Ziggo,
2.875%,
1/15/30
2,720,000
2,588
Total
Netherlands
(Cost
$70,076
)
69,123
NEW
ZEALAND
1.1%
Corporate
Bonds
0.2%
Chorus,
3.625%,
9/7/29
(EUR)
8,130,000
8,785
8,785
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
13
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
Bonds
0.9%
New
Zealand
Government
Bond,
Series
0433,
3.50%,
4/14/33
82,975,000
45,716
New
Zealand
Government
Bond,
Series
0551,
2.75%,
5/15/51
22,771,000
9,258
54,974
Total
New
Zealand
(Cost
$66,162
)
63,759
NORTH
MACEDONIA
0.1%
Government
Bonds
0.1%
Republic
of
North
Macedonia,
6.96%,
3/13/27
(EUR) (1)
5,430,000
6,144
Total
North
Macedonia
(Cost
$5,756
)
6,144
NORWAY
0.2%
Corporate
Bonds
0.2%
Avinor,
0.75%,
10/1/30
(EUR)
10,635,000
9,846
Total
Norway
(Cost
$9,573
)
9,846
PERU
0.8%
Corporate
Bonds
0.1%
Banco
de
Credito
del
Peru,
VR,
3.125%,
7/1/30
(USD) (3)
5,160,000
4,945
4,945
Government
Bonds
0.7%
Republic
of
Peru,
5.40%,
8/12/34
189,750,000
43,948
43,948
Total
Peru
(Cost
$48,332
)
48,893
PHILIPPINES
0.1%
Government
Bonds
0.1%
Republic
of
Philippines,
0.25%,
4/28/25
(EUR)
4,245,000
4,396
Total
Philippines
(Cost
$5,098
)
4,396
POLAND
0.4%
Corporate
Bonds
0.0%
InPost,
2.25%,
7/15/27
(EUR) (1)
1,740,000
1,760
1,760
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
14
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
Bonds
0.4%
Republic
of
Poland,
Series
1033,
6.00%,
10/25/33
79,910,000
20,827
20,827
Total
Poland
(Cost
$21,853
)
22,587
PORTUGAL
0.2%
Corporate
Bonds
0.2%
Banco
Comercial
Portugues,
VR,
1.125%,
2/12/27 (3)
5,800,000
5,932
Banco
Comercial
Portugues,
VR,
1.75%,
4/7/28 (3)
3,500,000
3,547
Banco
Comercial
Portugues,
VR,
6.888%,
12/7/27 (3)
3,900,000
4,434
Total
Portugal
(Cost
$13,223
)
13,913
QATAR
0.2%
Corporate
Bonds
0.2%
QNB
Finance,
2.75%,
2/12/27
(USD)
8,200,000
7,675
QNB
Finance,
4.875%,
1/30/29
(USD)
4,275,000
4,232
Total
Qatar
(Cost
$12,204
)
11,907
ROMANIA
0.3%
Corporate
Bonds
0.3%
Banca
Transilvania,
VR,
8.875%,
4/27/27
(EUR) (3)
12,440,000
14,250
RCS
&
RDS,
3.25%,
2/5/28
(EUR) (2)
6,300,000
6,348
Total
Romania
(Cost
$19,763
)
20,598
SAUDI
ARABIA
0.1%
Government
Bonds
0.1%
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD) (2)
5,800,000
5,084
Total
Saudi
Arabia
(Cost
$5,385
)
5,084
SENEGAL
0.2%
Government
Bonds
0.2%
Republic
of
Senegal,
5.375%,
6/8/37
(EUR)
18,390,000
14,473
Total
Senegal
(Cost
$13,841
)
14,473
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
15
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SERBIA
1.4%
Corporate
Bonds
0.0%
United
Group,
4.625%,
8/15/28
(EUR) (1)
3,105,000
3,213
3,213
Government
Bonds
1.4%
Republic
of
Serbia,
1.00%,
9/23/28
(EUR) (1)(2)
26,075,000
23,940
Republic
of
Serbia,
1.50%,
6/26/29
(EUR) (1)
14,635,000
13,358
Republic
of
Serbia,
1.50%,
6/26/29
(EUR)
13,215,000
12,062
Republic
of
Serbia,
1.65%,
3/3/33
(EUR)
10,435,000
8,439
Republic
of
Serbia,
2.05%,
9/23/36
(EUR) (1)
5,025,000
3,808
Republic
of
Serbia,
2.05%,
9/23/36
(EUR)
4,885,000
3,702
Republic
of
Serbia,
3.125%,
5/15/27
(EUR)
18,700,000
19,423
84,732
Total
Serbia
(Cost
$100,567
)
87,945
SINGAPORE
1.7%
Government
Bonds
1.7%
Government
of
Singapore,
0.50%,
11/1/25
44,175,000
31,230
Government
of
Singapore,
1.625%,
7/1/31
48,911,000
32,765
Government
of
Singapore,
2.375%,
6/1/25
15,670,000
11,444
Government
of
Singapore,
2.875%,
7/1/29
40,189,000
29,475
Total
Singapore
(Cost
$102,356
)
104,914
SLOVENIA
0.7%
Government
Bonds
0.7%
Republic
of
Slovenia,
Series
RS74,
1.50%,
3/25/35 (2)
11,285,000
10,428
Republic
of
Slovenia,
Series
RS76,
3.125%,
8/7/45
21,586,000
22,532
Republic
of
Slovenia,
Series
RS77,
2.25%,
3/3/32 (2)
7,145,000
7,366
Republic
of
Slovenia,
Series
RS86,
0.00%,
2/12/31
4,975,000
4,423
Total
Slovenia
(Cost
$52,155
)
44,749
SOUTH
AFRICA
0.1%
Corporate
Bonds
0.1%
Anglo
American
Capital,
3.375%,
3/11/29
(GBP)
5,340,000
6,211
Total
South
Africa
(Cost
$5,884
)
6,211
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
16
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SOUTH
KOREA
0.4%
Corporate
Bonds
0.4%
NongHyup
Bank,
4.875%,
7/3/28
(USD) (1)
11,310,000
11,273
Shinhan
Bank,
4.50%,
4/12/28
(USD) (1)
12,100,000
11,904
Total
South
Korea
(Cost
$23,335
)
23,177
SPAIN
2.7%
Corporate
Bonds
1.4%
Banco
Bilbao
Vizcaya
Argentaria,
3.375%,
9/20/27
7,900,000
8,514
Banco
Bilbao
Vizcaya
Argentaria,
VR,
5.75%,
9/15/33 (3)
2,700,000
3,063
Banco
de
Sabadell,
VR,
0.875%,
6/16/28 (3)
6,600,000
6,499
Banco
de
Sabadell,
VR,
5.00%,
6/7/29 (3)
2,300,000
2,601
Banco
de
Sabadell,
VR,
5.125%,
11/10/28 (3)
5,100,000
5,759
Banco
Santander,
1.125%,
1/17/25
5,800,000
6,124
CaixaBank,
3.75%,
9/7/29
9,300,000
10,241
CaixaBank,
VR,
0.75%,
5/26/28 (3)
2,700,000
2,668
CaixaBank,
VR,
6.25%,
2/23/33 (3)
2,600,000
2,968
Cellnex
Telecom,
1.75%,
10/23/30 (2)
13,000,000
12,465
Cirsa
Finance
International,
7.875%,
7/31/28 (1)(2)
4,415,000
5,031
EDP
Servicios
Financieros
Espana,
4.375%,
4/4/32
5,143,000
5,818
Inmobiliaria
Colonial
Socimi,
1.625%,
11/28/25
7,300,000
7,598
Lorca
Telecom
Bondco,
4.00%,
9/18/27
8,700,000
9,116
88,465
Government
Bonds
1.3%
Kingdom
of
Spain,
0.00%,
1/31/28
65,124,000
63,152
Kingdom
of
Spain,
1.90%,
10/31/52 (1)
20,837,000
15,452
78,604
Total
Spain
(Cost
$164,026
)
167,069
SRI
LANKA
0.4%
Government
Bonds
0.4%
Republic
of
Sri
Lanka,
11.00%,
6/1/26
1,017,000,000
3,376
Republic
of
Sri
Lanka,
Series
A,
11.40%,
1/15/27
1,227,000,000
4,086
Republic
of
Sri
Lanka,
Series
A,
11.50%,
8/1/26
1,063,000,000
3,563
Republic
of
Sri
Lanka,
Series
A,
20.00%,
9/15/27
1,544,000,000
6,292
Republic
of
Sri
Lanka,
Treasury
Bills,
Series
364,
21.75%,
4/5/24
2,244,000,000
7,460
Total
Sri
Lanka
(Cost
$22,038
)
24,777
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
17
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SWEDEN
1.3%
Corporate
Bonds
0.4%
Autoliv,
4.25%,
3/15/28
(EUR)
2,365,000
2,600
Electrolux,
4.50%,
9/29/28
(EUR)
2,415,000
2,646
Skandinaviska
Enskilda
Banken,
0.375%,
6/21/28
(EUR)
2,865,000
2,707
Tele2,
0.75%,
3/23/31
(EUR)
5,645,000
5,178
Tele2,
2.125%,
5/15/28
(EUR)
2,575,000
2,633
Verisure
Holding,
3.875%,
7/15/26
(EUR) (1)
1,600,000
1,698
Verisure
Holding,
9.25%,
10/15/27
(EUR)
3,600,000
4,149
21,611
Government
Bonds
0.9%
Kingdom
of
Sweden,
Series
1056,
2.25%,
6/1/32 (2)
337,510,000
31,332
Kingdom
of
Sweden,
Inflation-Indexed,
Series
3111,
0.125%,
6/1/32
285,399,173
25,048
56,380
Total
Sweden
(Cost
$80,926
)
77,991
SWITZERLAND
0.4%
Corporate
Bonds
0.4%
ABB
Finance,
3.25%,
1/16/27
(EUR)
2,400,000
2,598
ABB
Finance,
3.375%,
1/16/31
(EUR)
4,445,000
4,858
Holcim
Finance
Luxembourg,
2.25%,
5/26/28
(EUR)
2,555,000
2,636
UBS
Group,
VR,
2.875%,
4/2/32
(EUR) (3)
7,050,000
7,132
UBS
Group,
VR,
7.75%,
3/1/29
(EUR) (3)
6,929,000
8,522
Total
Switzerland
(Cost
$24,058
)
25,746
THAILAND
1.9%
Corporate
Bonds
0.1%
Bangkok
Bank,
VR,
3.733%,
9/25/34
(USD) (3)
7,545,000
6,734
6,734
Government
Bonds
1.8%
Kingdom
of
Thailand,
1.60%,
12/17/29
132,630,000
3,509
Kingdom
of
Thailand,
2.00%,
12/17/31
2,010,559,000
53,564
Kingdom
of
Thailand,
3.45%,
6/17/43
691,700,000
20,177
Kingdom
of
Thailand,
3.65%,
6/20/31
1,104,772,000
32,605
109,855
Total
Thailand
(Cost
$124,002
)
116,589
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
18
Par/Shares
$
Value
(Cost
and
value
in
$000s)
UNITED
KINGDOM
5.3%
Corporate
Bonds
2.8%
Barclays,
VR,
0.577%,
8/9/29
(EUR) (3)
5,175,000
4,854
Barclays,
VR,
0.877%,
1/28/28
(EUR) (3)
7,895,000
7,872
Barclays,
VR,
6.369%,
1/31/31 (3)
4,650,000
6,107
Bellis
Acquisition,
3.25%,
2/16/26 (1)
1,450,000
1,726
Deuce
Finco,
5.50%,
6/15/27 (1)
1,600,000
1,909
Heathrow
Funding,
2.75%,
10/13/29
8,360,000
9,454
HSBC
Holdings,
VR,
4.752%,
3/10/28
(EUR) (3)
10,715,000
11,899
Jerrold
Finco,
4.875%,
1/15/26 (1)
580,000
729
Jerrold
Finco,
5.25%,
1/15/27
2,800,000
3,370
Jerrold
Finco,
7.875%,
4/15/30 (1)
345,000
435
Kane
Bidco,
5.00%,
2/15/27
(EUR) (2)
8,420,000
8,751
Legal
&
General
Group,
VR,
5.375%,
10/27/45 (3)
5,685,000
7,130
London
Stock
Exchange
Group,
1.75%,
12/6/27
(EUR)
2,610,000
2,677
Marks
&
Spencer,
6.00%,
6/12/25
1,713,000
2,165
Motion
Finco,
7.375%,
6/15/30
(EUR) (1)
6,345,000
7,136
National
Grid
Electricity
Distribution
East
Midlands,
3.53%,
9/20/28
(EUR)
2,455,000
2,655
Nationwide
Building
Society,
VR,
1.50%,
3/8/26
(EUR) (3)
2,770,000
2,922
Nationwide
Building
Society,
VR,
2.00%,
7/25/29
(EUR) (3)
5,050,000
5,398
NatWest
Group,
VR,
0.67%,
9/14/29
(EUR) (3)
5,250,000
4,971
NatWest
Group,
VR,
0.78%,
2/26/30
(EUR) (3)
2,014,000
1,894
NatWest
Group,
VR,
1.043%,
9/14/32
(EUR) (2)(3)
5,075,000
4,894
Next
Group,
3.625%,
5/18/28
7,491,000
9,031
Next
Group,
4.375%,
10/2/26
982,000
1,219
Reckitt
Benckiser
Treasury
Services,
3.875%,
9/14/33
(EUR)
5,540,000
6,070
Santander
U.K.
Group
Holdings,
VR,
0.603%,
9/13/29
(EUR) (3)
6,475,000
6,098
Santander
U.K.
Group
Holdings,
VR,
2.421%,
1/17/29 (3)
3,320,000
3,746
Santander
U.K.
Group
Holdings,
VR,
3.53%,
8/25/28
(EUR) (3)
5,300,000
5,687
Severn
Trent
Utilities
Finance,
4.625%,
11/30/34
5,970,000
7,189
Smiths
Group,
2.00%,
2/23/27
(EUR)
2,535,000
2,621
Standard
Chartered,
VR,
2.50%,
9/9/30
(EUR) (3)
6,670,000
7,001
Tesco
Corporate
Treasury
Services,
0.875%,
5/29/26
(EUR)
5,250,000
5,349
Tesco
Corporate
Treasury
Services,
2.75%,
4/27/30
4,850,000
5,447
Vmed
O2
U.K.
Financing
I,
4.50%,
7/15/31 (1)
5,145,000
5,520
Vmed
O2
U.K.
Financing
I,
4.50%,
7/15/31
5,630,000
6,040
169,966
Government
Bonds
2.5%
United
Kingdom
Gilt,
0.625%,
7/31/35
34,481,000
30,277
United
Kingdom
Gilt,
0.625%,
10/22/50
78,870,000
41,540
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
19
Par/Shares
$
Value
(Cost
and
value
in
$000s)
United
Kingdom
Gilt,
4.25%,
12/7/46
64,972,797
80,300
152,117
Total
United
Kingdom
(Cost
$339,809
)
322,083
UNITED
STATES
5.1%
Corporate
Bonds
4.9%
AbbVie,
2.125%,
11/17/28
(EUR)
2,605,000
2,684
AbbVie,
2.625%,
11/15/28
(EUR)
5,967,000
6,275
American
Honda
Finance,
0.75%,
11/25/26
(GBP)
4,097,000
4,686
American
Honda
Finance,
1.95%,
10/18/24
(EUR)
4,680,000
4,998
AT&T,
3.95%,
4/30/31
(EUR)
13,150,000
14,608
Athene
Global
Funding,
0.832%,
1/8/27
(EUR)
6,150,000
6,115
Bank
of
America,
2.375%,
6/19/24
(EUR)
5,000,000
5,374
Bank
of
America,
VR,
1.662%,
4/25/28
(EUR) (3)
2,610,000
2,659
Becton
Dickinson
&
Company,
3.02%,
5/24/25
(GBP)
7,393,000
9,079
Becton
Dickinson
&
Company,
3.519%,
2/8/31
(EUR)
3,520,000
3,805
Becton
Dickinson
Euro
Finance,
0.334%,
8/13/28
(EUR)
4,290,000
4,075
Becton
Dickinson
Euro
Finance,
1.213%,
2/12/36
(EUR)
1,874,000
1,562
Berkshire
Hathaway
Finance,
1.50%,
3/18/30
(EUR) (2)
5,119,000
5,024
Capital
One
Financial,
1.65%,
6/12/29
(EUR)
11,300,000
10,817
Carrier
Global,
4.125%,
5/29/28
(EUR)
2,420,000
2,667
Comcast,
0.00%,
9/14/26
(EUR)
3,000,000
2,979
Dana
Financing
Luxembourg,
8.50%,
7/15/31
(EUR) (1)
2,623,000
3,112
Dow
Chemical,
0.50%,
3/15/27
(EUR)
2,715,000
2,686
Encore
Capital
Group,
4.875%,
10/15/25
(EUR) (1)
3,480,000
3,717
Equitable
Financial
Life
Global
Funding,
0.60%,
6/16/28
(EUR)
2,805,000
2,681
FedEx,
1.625%,
1/11/27
(EUR)
2,620,000
2,688
Fiserv,
1.625%,
7/1/30
(EUR)
175,000
167
Fiserv,
3.00%,
7/1/31
(GBP)
9,825,000
10,945
Fiserv,
4.50%,
5/24/31
(EUR)
10,825,000
12,183
Ford
Motor
Credit,
4.867%,
8/3/27
(EUR)
8,810,000
9,778
Ford
Motor
Credit,
5.125%,
2/20/29
(EUR) (2)
4,125,000
4,658
General
Motors
Financial,
0.85%,
2/26/26
(EUR)
10,000,000
10,239
Goldman
Sachs
Group,
1.375%,
5/15/24
(EUR)
5,700,000
6,130
Goldman
Sachs
Group,
1.625%,
7/27/26
(EUR)
4,137,000
4,282
Goldman
Sachs
Group,
VR,
3.625%,
10/29/29
(GBP) (3)
3,180,000
3,788
Graphic
Packaging
International,
2.625%,
2/1/29
(EUR) (1)
2,975,000
2,970
Harley-Davidson
Financial
Services,
5.125%,
4/5/26
(EUR)
8,000,000
8,838
Highland
Holdings,
0.318%,
12/15/26
(EUR)
3,635,000
3,603
International
Game
Technology,
3.50%,
6/15/26
(EUR) (1)
2,410,000
2,566
International
Game
Technology,
3.50%,
6/15/26
(EUR)
4,550,000
4,845
JPMorgan
Chase,
VR,
1.638%,
5/18/28
(EUR) (3)
2,620,000
2,669
Medtronic
Global
Holdings,
0.375%,
10/15/28
(EUR)
2,969,000
2,830
Metropolitan
Life
Global
Funding
I,
5.00%,
1/10/30
(GBP)
570,000
734
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
20
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Mondelez
International,
0.25%,
3/17/28
(EUR)
10,218,000
9,805
Mondelez
International,
1.625%,
3/8/27
(EUR)
2,575,000
2,654
Mondelez
International
Holdings
Netherlands,
0.25%,
9/9/29
(EUR) (1)
6,160,000
5,675
Morgan
Stanley,
VR,
0.406%,
10/29/27
(EUR) (3)
4,931,000
4,908
Morgan
Stanley,
VR,
0.495%,
10/26/29
(EUR) (3)
11,660,000
10,958
Morgan
Stanley,
VR,
5.148%,
1/25/34
(EUR) (3)
2,000,000
2,383
Netflix,
3.625%,
5/15/27
(EUR)
2,455,000
2,671
Netflix,
3.875%,
11/15/29
(EUR)
5,585,000
6,153
Prologis,
2.25%,
6/30/29
(GBP)
5,048,000
5,623
Thermo
Fisher
Scientific,
0.875%,
10/1/31
(EUR)
5,170,000
4,720
Thermo
Fisher
Scientific,
2.375%,
4/15/32
(EUR)
842,000
852
Thermo
Fisher
Scientific
Finance
I,
0.80%,
10/18/30
(EUR)
1,890,000
1,756
Upjohn
Finance,
1.362%,
6/23/27
(EUR)
2,670,000
2,666
Upjohn
Finance,
1.908%,
6/23/32
(EUR)
5,520,000
5,012
Utah
Acquisition
Sub,
3.125%,
11/22/28
(EUR)
5,630,000
5,905
Verizon
Communications,
1.30%,
5/18/33
(EUR)
5,270,000
4,712
Verizon
Communications,
2.625%,
12/1/31
(EUR)
4,715,000
4,818
VF,
4.125%,
3/7/26
(EUR)
4,239,000
4,518
VF,
4.25%,
3/7/29
(EUR) (2)
4,355,000
4,616
Wells
Fargo,
1.00%,
2/2/27
(EUR)
2,660,000
2,671
Westlake,
1.625%,
7/17/29
(EUR)
9,435,000
9,128
295,720
Municipal
Securities
0.2%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (6)
20,826,087
12,037
12,037
Total
United
States
(Cost
$324,299
)
307,757
SHORT-TERM
INVESTMENTS
4.7%
Money
Market
Funds
2.2%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (7)(8)
131,950,583
131,951
131,951
U.S.
Treasury
Obligations
2.5%
U.S.
Treasury
Bills,
5.29%,
4/11/24 (9)
152,550,000
152,327
152,327
Total
Short-Term
Investments
(Cost
$284,278)
284,278
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
21
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SECURITIES
LENDING
COLLATERAL
1.6%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
1.6%
Money
Market
Funds
1.6%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (7)(8)
99,094,568
99,095
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
99,095
Total
Securities
Lending
Collateral
(Cost
$99,095)
99,095
(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
83,566
1,402
HSBC
Bank
USD
/
JPY
Call,
5/1/24
@
JPY152.00 (10)
1
60,345
312
Total
Options
Purchased
(Cost
$729)
1,714
Total
Investments
in
Securities
99.5%
(Cost
$6,362,173)
$
6,065,103
Other
Assets
Less
Liabilities
0.5%
32,920
Net
Assets
100.0%
$
6,098,023
‡
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
$488,835
and
represents
8.0%
of
net
assets.
(2)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2024.
(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.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
22
.
.
.
.
.
.
.
.
.
.
(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
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
PIK
Payment-in-kind
PLN
Polish
Zloty
SEK
Swedish
Krona
SGD
Singapore
Dollar
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
23
.
.
.
.
.
.
.
.
.
.
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
(USD
Hedged)
24
(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
275,900
(5,291)
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
275,900
(7,380)
Total
Options
Written
(Premiums
$(14,297))
$
(12,671)
*
Exercise
Spread
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
25
(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)
*
17,964
124
(108)
232
Bank
of
America,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/29
(USD)
*
12,470
181
(360)
541
Barclays
Bank,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/24
(USD)
*
9,200
22
(25)
47
Barclays
Bank,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
(USD)
*
16,500
114
(13)
127
Citibank,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/25
(USD)
*
6,635
72
(92)
164
Morgan
Stanley,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
(USD)
*
4,911
34
(5)
39
Morgan
Stanley,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/25
(USD)
*
2,801
30
(31)
61
Total
Greece
(634)
1,211
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(634)
1,211
Total
Bilateral
Swaps
(634)
1,211
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
26
(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)
14,510
(1,527)
(587)
(940)
Total
Canada
(940)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Bought
(940)
Credit
Default
Swaps,
Protection
Sold
0.0%
Foreign/Europe
0.0%
Protection
Sold
(Relevant
Credit:
Markit
iTraxx
Europe-S40,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
110,050
2,610
2,069
541
Total
Foreign/Europe
541
Greece
0.0%
Protection
Sold
(Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
(USD)
3,700
61
39
22
Total
Greece
22
Spain
0.0%
Protection
Sold
(Relevant
Credit:
Cellnex
Telecom,
BBB-*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
4,592
900
744
156
Total
Spain
156
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
719
Interest
Rate
Swaps
(0.0)%
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
235,500
287
—
287
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.476%
Quarterly,
Pay
Variable
2.450%
(7
Day
Interbank
Repo)
Quarterly,
6/1/28
219,090
505
—
505
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
27
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.562%
Quarterly,
Pay
Variable
2.050%
(7
Day
Interbank
Repo)
Quarterly,
5/15/28
37,862
107
—
107
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.568%
Quarterly,
Pay
Variable
2.400%
(7
Day
Interbank
Repo)
Quarterly,
5/16/28
128,613
366
—
366
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.579%
Quarterly,
Pay
Variable
2.050%
(7
Day
Interbank
Repo)
Quarterly,
5/15/28
164,070
479
—
479
Total
China
1,744
Foreign/Europe
0.1%
2
Year
Interest
Rate
Swap,
Pay
Fixed
2.928%
Annually,
Receive
Variable
3.837%
(6M
EURIBOR)
Semi-Annually,
2/6/26
511,850
3,510
—
3,510
2
Year
Interest
Rate
Swap,
Receive
Fixed
3.155%
Annually,
Pay
Variable
0.000%
(6M
EURIBOR)
Semi-Annually,
4/2/26
996,750
25
—
25
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.793%
Annually,
Pay
Variable
3.912%
(6M
EURIBOR)
Semi-Annually,
3/5/29
68,100
305
—
305
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.807%
Annually,
Pay
Variable
3.908%
(6M
EURIBOR)
Semi-Annually,
3/5/29
135,871
707
11
696
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.367%
Annually,
Pay
Variable
3.909%
(6M
EURIBOR)
Semi-Annually,
9/21/28
194,575
9,078
—
9,078
7
Year
Interest
Rate
Swap,
Receive
Fixed
2.638%
Annually,
Pay
Variable
3.938%
(6M
EURIBOR)
Semi-Annually,
12/17/29
47,260
(211)
—
(211)
9
Year
Interest
Rate
Swap,
Pay
Fixed
0.858%
Annually,
Receive
Variable
3.906%
(6M
EURIBOR)
Semi-Annually,
9/22/27
600
40
1
39
10
Year
Interest
Rate
Swap,
Receive
Fixed
0.830%
Annually,
Pay
Variable
3.908%
(6M
EURIBOR)
Semi-Annually,
3/2/32
40,250
(5,538)
—
(5,538)
10
Year
Interest
Rate
Swap,
Receive
Fixed
1.222%
Annually,
Pay
Variable
4.138%
(6M
EURIBOR)
Semi-Annually,
4/5/32
7,300
(841)
—
(841)
10
Year
Interest
Rate
Swap,
Receive
Fixed
1.640%
Annually,
Pay
Variable
4.092%
(6M
EURIBOR)
Semi-Annually,
5/3/32
30,750
(2,353)
—
(2,353)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.683%
Annually,
Pay
Variable
4.026%
(6M
EURIBOR)
Semi-Annually,
11/30/32
4,760
13
—
13
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
28
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.698%
Annually,
Pay
Variable
4.026%
(6M
EURIBOR)
Semi-Annually,
11/30/32
2,040
8
—
8
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.730%
Annually,
Pay
Variable
4.070%
(6M
EURIBOR)
Semi-Annually,
11/23/32
88,800
545
—
545
30
Year
Interest
Rate
Swap,
Pay
Fixed
2.427%
Annually,
Receive
Variable
3.912%
(6M
EURIBOR)
Semi-Annually,
3/5/54
13,800
(281)
—
(281)
30
Year
Interest
Rate
Swap,
Pay
Fixed
2.447%
Annually,
Receive
Variable
3.908%
(6M
EURIBOR)
Semi-Annually,
3/4/54
27,700
(690)
11
(701)
30
Year
Interest
Rate
Swap,
Pay
Fixed
2.953%
Annually,
Receive
Variable
3.909%
(6M
EURIBOR)
Semi-Annually,
9/22/53
29,920
(4,554)
—
(4,554)
Total
Foreign/Europe
(260)
India
(0.0)%
7
Year
Interest
Rate
Swap,
Pay
Fixed
6.410%
Semi-Annually,
Receive
Variable
7.900%
(1
Day
INR
MIBOR)
Semi-Annually,
3/20/31
1,713,747
(27)
—
(27)
Total
India
(27)
Japan
(0.0)%
5
Year
Interest
Rate
Swap,
Pay
Fixed
0.418%
Annually,
Receive
Variable
(0.020)%
(JPY
TONA)
Annually,
8/10/28
58,400,000
(550)
—
(550)
5
Year
Interest
Rate
Swap,
Pay
Fixed
0.544%
Annually,
Receive
Variable
(0.006)%
(JPY
TONA)
Annually,
11/27/28
1,750,000
(62)
—
(62)
Total
Japan
(612)
Mexico
(0.1)%
7
Year
Interest
Rate
Swap,
Receive
Fixed
5.499%
28
Days,
Pay
Variable
11.472%
(MXIBTIIE)
28
Days,
5/4/27
525,000
(3,286)
—
(3,286)
Total
Mexico
(3,286)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
29
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
United
Kingdom
(0.0)%
2
Year
Interest
Rate
Swap,
Pay
Fixed
4.439%
Annually,
Receive
Variable
5.190%
(GBP
SONIA)
Annually,
3/27/26
645,500
(443)
—
(443)
Total
United
Kingdom
(443)
Total
Centrally
Cleared
Interest
Rate
Swaps
(2,884)
Total
Centrally
Cleared
Swaps
(3,105)
Net
payments
(receipts)
of
variation
margin
to
date
2,429
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(676)
*
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
$17.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
30
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
4/5/24
IDR
371,519,799
USD
23,854
$
(433)
Bank
of
America
4/5/24
KRW
20,843,567
USD
15,739
(261)
Bank
of
America
4/9/24
TRY
260,336
USD
7,852
83
Bank
of
America
4/12/24
USD
15,263
MXN
261,371
(424)
Bank
of
America
4/19/24
USD
68,138
CAD
91,826
326
Bank
of
America
4/19/24
USD
833
EUR
763
10
Bank
of
America
5/17/24
USD
15,102
PLN
60,277
18
Bank
of
America
6/7/24
USD
188,926
MYR
901,001
(457)
Barclays
Bank
4/3/24
USD
27,221
TWD
837,181
1,060
Barclays
Bank
4/5/24
KRW
58,676,733
USD
44,684
(1,110)
Barclays
Bank
4/5/24
USD
4,169
INR
347,672
1
Barclays
Bank
4/5/24
USD
59,569
KRW
80,263,704
(36)
Barclays
Bank
4/9/24
TRY
260,336
USD
7,969
(34)
Barclays
Bank
4/9/24
USD
9,138
TRY
299,407
12
Barclays
Bank
4/12/24
ZAR
426,044
USD
22,727
(259)
Barclays
Bank
5/24/24
GBP
35,185
USD
44,892
(469)
Barclays
Bank
5/24/24
USD
16,719
EUR
15,482
(21)
Barclays
Bank
5/24/24
USD
381,042
GBP
302,320
(652)
Barclays
Bank
6/14/24
USD
465,998
CNH
3,333,493
5,356
Barclays
Bank
7/5/24
KRW
80,263,704
USD
59,855
(81)
BNP
Paribas
4/5/24
USD
15,558
KRW
20,890,721
44
BNP
Paribas
4/12/24
CZK
508,619
USD
22,571
(888)
BNP
Paribas
4/12/24
USD
22,720
ZAR
426,044
252
BNP
Paribas
4/19/24
USD
52,094
EUR
47,839
439
BNP
Paribas
4/19/24
USD
5,493
JPY
816,359
83
BNP
Paribas
5/24/24
GBP
1,826
USD
2,311
(6)
BNP
Paribas
5/24/24
SEK
699,469
USD
67,592
(2,092)
BNP
Paribas
5/24/24
USD
5,869
EUR
5,354
80
BNP
Paribas
6/7/24
USD
57,605
THB
2,056,227
918
BNP
Paribas
6/14/24
USD
36,810
CNH
265,957
59
BNP
Paribas
6/14/24
USD
107,415
SGD
142,604
1,429
BNP
Paribas
6/21/24
USD
841,740
EUR
769,836
8,356
BNY
Mellon
4/19/24
USD
625,304
EUR
568,411
11,552
Canadian
Imperial
Bank
of
Commerce
4/19/24
CAD
18,860
USD
13,979
(51)
Canadian
Imperial
Bank
of
Commerce
4/19/24
USD
122,695
CAD
164,427
1,268
Canadian
Imperial
Bank
of
Commerce
4/19/24
USD
2,120
EUR
1,938
28
Citibank
4/5/24
USD
17,827
IDR
279,455,365
211
Citibank
4/5/24
USD
455
INR
37,914
—
Citibank
4/12/24
HUF
9,399,205
USD
26,868
(1,144)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
31
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Citibank
4/18/24
ILS
21,163
USD
5,644
$
116
Citibank
4/18/24
USD
6,639
ILS
24,728
(91)
Citibank
4/19/24
AUD
24,476
USD
16,448
(488)
Citibank
4/19/24
NOK
113,988
USD
10,637
(132)
Citibank
4/19/24
USD
45,367
EUR
41,617
430
Citibank
5/24/24
USD
1,822
EUR
1,673
13
Citibank
9/4/24
EGP
534,968
USD
11,748
(960)
Citibank
3/4/25
EGP
99,817
USD
1,910
(30)
Citibank
3/12/25
EGP
334,493
USD
5,979
302
Deutsche
Bank
4/5/24
IDR
1,432,387,778
USD
90,596
(299)
Deutsche
Bank
4/5/24
USD
1,152
INR
96,106
—
Deutsche
Bank
4/12/24
HUF
6,276,270
USD
17,665
(488)
Deutsche
Bank
4/12/24
USD
13,878
CZK
325,163
16
Deutsche
Bank
4/12/24
USD
8,598
HUF
3,107,145
94
Deutsche
Bank
4/19/24
USD
7,293
EUR
6,679
81
Deutsche
Bank
5/17/24
PLN
116,900
USD
28,784
469
Deutsche
Bank
5/24/24
GBP
7,617
USD
9,723
(106)
Deutsche
Bank
6/7/24
USD
681
MYR
3,233
2
Deutsche
Bank
7/5/24
USD
90,355
IDR
1,432,387,778
353
Goldman
Sachs
4/3/24
TWD
1,869,960
USD
58,737
(302)
Goldman
Sachs
4/3/24
USD
33,546
TWD
1,032,779
1,273
Goldman
Sachs
4/5/24
IDR
238,002,804
USD
15,311
(307)
Goldman
Sachs
4/5/24
USD
57,583
IDR
894,852,643
1,172
Goldman
Sachs
4/5/24
USD
20,470
INR
1,706,855
8
Goldman
Sachs
4/19/24
USD
61,998
CAD
83,047
669
Goldman
Sachs
6/4/24
BRL
206,203
USD
41,152
(298)
Goldman
Sachs
6/4/24
USD
16,959
BRL
85,460
27
Goldman
Sachs
6/7/24
USD
26,205
THB
931,543
524
Goldman
Sachs
7/5/24
USD
59,089
TWD
1,869,960
345
Goldman
Sachs
7/12/24
TRY
428,688
USD
11,887
(156)
HSBC
Bank
4/5/24
IDR
32,089,879
USD
2,049
(27)
HSBC
Bank
4/5/24
INR
1,230,703
USD
14,739
15
HSBC
Bank
4/5/24
INR
2,313,745
USD
27,759
(22)
HSBC
Bank
4/5/24
KRW
21,634,125
USD
16,283
(217)
HSBC
Bank
4/5/24
USD
6,795
IDR
106,063,828
109
HSBC
Bank
4/5/24
USD
15,447
IDR
245,590,507
(35)
HSBC
Bank
4/12/24
USD
30,260
CZK
704,907
208
HSBC
Bank
4/19/24
CAD
21,286
USD
15,750
(31)
HSBC
Bank
4/19/24
JPY
5,436,718
USD
36,997
(966)
HSBC
Bank
4/19/24
USD
144,310
JPY
21,384,932
2,584
HSBC
Bank
5/17/24
PLN
62,178
USD
15,751
(192)
HSBC
Bank
6/4/24
USD
24,188
BRL
120,743
266
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
32
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
HSBC
Bank
7/5/24
USD
27,684
INR
2,313,745
$
23
HSBC
Bank
7/5/24
USD
14,696
INR
1,230,703
(17)
JPMorgan
Chase
4/5/24
USD
16,248
INR
1,355,901
(6)
JPMorgan
Chase
4/19/24
CHF
25,892
USD
29,682
(904)
JPMorgan
Chase
4/19/24
USD
120,875
AUD
180,704
3,047
JPMorgan
Chase
4/19/24
USD
60,956
JPY
9,102,493
630
JPMorgan
Chase
5/17/24
USD
20,834
PLN
83,728
(118)
JPMorgan
Chase
5/24/24
USD
48,172
EUR
44,390
174
Morgan
Stanley
4/5/24
PEN
169,276
USD
44,796
704
Morgan
Stanley
4/5/24
USD
38,345
PEN
141,751
243
Morgan
Stanley
4/5/24
USD
32,692
PEN
122,009
(103)
Morgan
Stanley
4/12/24
USD
7,646
MXN
131,668
(257)
Morgan
Stanley
4/19/24
CHF
13,170
USD
15,035
(397)
Morgan
Stanley
5/24/24
EUR
13,868
USD
15,159
(163)
Morgan
Stanley
6/7/24
USD
36,886
COP
147,540,524
(837)
RBC
Dominion
Securities
4/5/24
IDR
156,164,682
USD
9,982
(137)
RBC
Dominion
Securities
4/12/24
MXN
281,594
USD
16,255
645
RBC
Dominion
Securities
4/12/24
USD
5,729
MXN
98,260
(168)
RBC
Dominion
Securities
4/19/24
CAD
61,456
USD
45,470
(87)
RBC
Dominion
Securities
4/19/24
USD
156,518
EUR
142,091
3,092
RBC
Dominion
Securities
5/24/24
GBP
149
USD
191
(2)
Standard
Chartered
4/5/24
USD
21,302
PEN
78,351
242
Standard
Chartered
4/19/24
USD
58,609
NZD
93,893
2,511
State
Street
4/12/24
MXN
286,632
USD
16,447
756
State
Street
4/12/24
USD
44,146
MXN
751,329
(946)
State
Street
4/19/24
CAD
2,992
USD
2,242
(32)
State
Street
4/19/24
JPY
1,566,345
USD
10,847
(466)
State
Street
4/19/24
USD
3,924
EUR
3,601
35
State
Street
4/19/24
USD
774,739
JPY
110,763,980
40,665
State
Street
4/19/24
USD
10,936
NOK
113,988
431
State
Street
5/24/24
USD
729,853
EUR
674,827
171
State
Street
6/14/24
CNH
319,038
USD
44,049
37
State
Street
6/21/24
EUR
25,381
USD
27,638
(162)
UBS
Investment
Bank
4/5/24
USD
45,174
IDR
704,202,599
781
UBS
Investment
Bank
4/12/24
CZK
355,590
USD
15,767
(607)
UBS
Investment
Bank
4/12/24
HUF
6,121,295
USD
17,513
(760)
UBS
Investment
Bank
4/12/24
USD
21,100
CZK
487,020
338
UBS
Investment
Bank
4/19/24
CHF
24,818
USD
28,876
(1,292)
UBS
Investment
Bank
4/19/24
JPY
4,873,295
USD
33,168
(871)
UBS
Investment
Bank
4/19/24
USD
75,530
CHF
63,880
4,531
UBS
Investment
Bank
4/19/24
USD
558
EUR
511
7
UBS
Investment
Bank
4/19/24
USD
62,450
JPY
9,311,468
740
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
33
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
UBS
Investment
Bank
5/10/24
CLP
27,688,171
USD
29,164
$
(939)
UBS
Investment
Bank
5/24/24
USD
11,978
EUR
10,980
105
UBS
Investment
Bank
5/24/24
USD
124,580
SEK
1,300,565
2,793
UBS
Investment
Bank
6/7/24
USD
12,143
COP
48,526,618
(264)
UBS
Investment
Bank
6/7/24
USD
26,175
THB
937,785
322
Wells
Fargo
4/5/24
PEN
86,418
USD
23,168
60
Wells
Fargo
4/5/24
PEN
86,417
USD
23,347
(118)
Wells
Fargo
5/10/24
CLP
45,883,393
USD
48,522
(1,750)
Wells
Fargo
6/7/24
USD
12,169
COP
49,016,785
(364)
Wells
Fargo
7/5/24
USD
23,316
PEN
86,417
125
Wells
Fargo
7/5/24
USD
23,135
PEN
86,417
(56)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
78,481
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
34
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
408
Commonwealth
of
Australia
ten
year
bond
contracts
6/24
(30,995)
$
14
Long,
712
Commonwealth
of
Australia
three
year
bond
contracts
6/24
49,605
3
Long,
395
Euro
BOBL
contracts
6/24
50,392
200
Short,
98
Euro
SCHATZ
contracts
6/24
(11,175)
2
Long,
1,168
Government
of
Canada
ten
year
bond
contracts
6/24
103,767
(381)
Short,
61
Government
of
Japan
ten
year
bond
contracts
6/24
(58,784)
(79)
Long,
1,998
Republic
of
South
Korea
ten
year
bond
contracts
6/24
168,567
(492)
Short,
1,325
Republic
of
South
Korea
three
year
bond
contracts
6/24
(103,195)
144
Net
payments
(receipts)
of
variation
margin
to
date
325
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(264)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
35
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%
$
—
$
—
$
1,963++
Totals
$
—#
$
—
$
1,963+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
167,811
¤
¤
$
231,046
Total
$
231,046^
#
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
$1,963
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
$231,046.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Unaudited
Notes
to
Portfolio
of
Investments
36
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)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
37
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
(USD
Hedged)
38
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):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
5,680,016
$
—
$
5,680,016
Short-Term
Investments
131,951
152,327
—
284,278
Securities
Lending
Collateral
99,095
—
—
99,095
Options
Purchased
—
1,714
—
1,714
Total
Securities
231,046
5,834,057
—
6,065,103
Swaps*
—
17,259
—
17,259
Forward
Currency
Exchange
Contracts
—
103,869
—
103,869
Futures
Contracts*
363
—
—
363
Total
$
231,409
$
5,955,185
$
—
$
6,186,594
Liabilities
Options
Written
$
—
$
12,671
$
—
$
12,671
Swaps*
—
19,787
—
19,787
Forward
Currency
Exchange
Contracts
—
25,388
—
25,388
Futures
Contracts*
952
—
—
952
Total
$
952
$
57,846
$
—
$
58,798
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Government
Bonds
and
Municipal
Securities.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
39
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.
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.
F1114-054Q1
03/24
*
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.