UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-02958
T. Rowe Price International Funds, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: December 31
Date of reporting period: December 31, 2022
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Highlights
and
Market
Commentary
Management’s
Discussion
of
Fund
Performance
Performance
and
Expenses
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
TNIBX
International
Bond
Fund
(USD
Hedged)
–
.
TTABX
International
Bond
Fund
(USD
Hedged)–
.
Advisor Class
TNBMX
International
Bond
Fund
(USD
Hedged)–
.
I Class
TRMZX
International
Bond
Fund
(USD
Hedged)–
.
Z Class
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
HIGHLIGHTS
The
International
Bond
Fund
(USD
Hedged)
underperformed
its
benchmark
for
the
12-month
period
ended
December
31,
2022,
but
outperformed
the
Lipper
peer
group
average.
The
fund’s
duration
positioning
was
mixed
but
ultimately
negative
for
the
reporting
period.
An
overweight
duration
posture
in
Hungary
significantly
weighed
on
results.
Given
continued
market
volatility
and
a
clouded
outlook
for
economic
growth,
we
moved
to
a
more
defensive
position
in
our
sector
allocations
over
the
period
by
gradually
decreasing
the
fund’s
exposures
to
credit
while
ending
the
year
with
a
higher
cash
allocation.
The
outlook
for
credit
remains
concerning,
and
we
believe
high-quality
duration
is
more
attractive
primarily
because
central
banks
seem
determined
to
tighten
policy
to
keep
inflation
under
control
at
the
expense
of
an
increasingly
likely
global
recession.
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
Certain
mutual
fund
accounts
that
are
assessed
an
annual
account
service
fee
can
also
save
money
by
switching
to
e-delivery.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Market
Commentary
Dear
Shareholder
Nearly
all
major
global
stock
and
bond
indexes
fell
sharply
in
2022,
as
investors
contended
with
persistently
high
inflation,
tightening
financial
conditions,
and
slowing
economic
and
corporate
earnings
growth.
Double-digit
losses
were
common
in
equity
markets
around
the
world,
and
bond
investors
also
faced
a
historically
tough
environment
amid
a
sharp
rise
in
interest
rates.
Value
shares
declined
but
outperformed
growth
stocks
by
a
considerable
margin
as
equity
investors
turned
risk
averse
and
as
rising
rates
put
downward
pressure
on
growth
stock
valuations.
Emerging
markets
stocks
generally
underperformed
shares
in
developed
markets.
Meanwhile,
the
U.S.
dollar
strengthened
versus
most
currencies
during
the
period,
which
weighed
on
returns
for
U.S.
investors
in
international
securities.
Within
the
S&P
500
Index,
energy
was
a
rare
bright
spot,
gaining
more
than
60%
as
oil
prices
jumped
in
response
to
Russia’s
invasion
of
Ukraine
and
concerns
over
commodity
supply
shortages.
Defensive
shares,
such
as
utilities,
consumer
staples,
and
health
care,
held
up
relatively
well
and
finished
the
year
with
roughly
flat
returns.
Conversely,
communication
services,
consumer
discretionary,
and
information
technology
shares
suffered
the
largest
declines.
Elevated
inflation
remained
a
leading
concern
for
investors
throughout
the
period,
although
there
were
signs
that
price
increases
were
moderating
by
year-
end.
November’s
consumer
price
index
data
showed
headline
inflation
rising
7.1%
on
a
12-month
basis,
the
lowest
level
since
December
2021
but
still
well
above
the
Federal
Reserve’s
2%
long-term
target.
In
response
to
the
high
inflation
readings,
global
central
banks
tightened
monetary
policy,
and
investors
focused
on
communications
from
central
bank
officials
on
how
high
rates
would
have
to
go.
The
Fed,
which
at
the
end
of
2021
had
forecast
that
it
would
only
need
to
raise
interest
rates
0.75
percentage
point
in
all
of
2022,
raised
its
short-term
lending
benchmark
from
near
zero
in
March
to
a
target
range
of
4.25%
to
4.50%
by
December
and
indicated
that
additional
hikes
are
likely.
Bond
yields
increased
considerably
across
the
U.S.
Treasury
yield
curve
as
the
Fed
tightened
monetary
policy,
with
the
yield
on
the
benchmark
10-year
U.S.
Treasury
note
climbing
from
1.52%
at
the
start
of
the
period
to
3.88%
at
the
end
of
the
year.
Significant
inversions
in
the
yield
curve,
which
are
often
considered
a
warning
sign
of
a
coming
recession,
occurred
during
the
period
as
shorter-maturity
Treasuries
experienced
the
largest
yield
increases.
The
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
sharp
increase
in
yields
led
to
historically
weak
results
across
the
fixed
income
market,
with
the
Bloomberg
U.S.
Aggregate
Bond
Index
delivering
its
worst
year
on
record.
(Bond
prices
and
yields
move
in
opposite
directions.)
As
the
period
came
to
an
end,
the
economic
backdrop
appeared
mixed.
Although
manufacturing
gauges
have
drifted
toward
contraction
levels,
the
U.S.
jobs
market
remained
resilient,
and
corporate
and
household
balance
sheets
appeared
strong.
Meanwhile,
the
housing
market
has
weakened
amid
rising
mortgage
rates.
The
past
year
has
been
a
trying
time
for
investors
as
few
sectors
remained
untouched
by
the
broad
headwinds
that
markets
faced,
and
volatility
may
continue
in
the
near
term
as
central
banks
tighten
policy
amid
slowing
economic
growth.
However,
in
our
view,
there
continue
to
be
opportunities
for
selective
investors
focused
on
fundamentals.
Valuations
in
most
global
equity
markets
have
improved
markedly,
although
U.S.
equities
still
appear
relatively
expensive
by
historical
standards,
while
bond
yields
have
reached
some
of
the
most
attractive
levels
since
the
2008
global
financial
crisis.
We
believe
this
environment
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely,
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Management’s
Discussion
of
Fund
Performance
INVESTMENT
OBJECTIVE
The
fund
seeks
to
provide
current
income
and
capital
appreciation.
FUND
COMMENTARY
How
did
the
fund
perform
in
the
past 12
months?
The
International
Bond
Fund
(USD
Hedged)
returned
-12.03%
for
the
12-month
period
ended
December
31,
2022,
underperforming
the
Bloomberg
Global
Aggregate
ex
USD
Bond
(USD
Hedged)
Index
but
outperforming
the
Lipper
peer
group
average.
(Results
for
Advisor,
I,
and
Z
Class
shares
varied,
reflecting
different
fee
structures.
Past
performance
cannot
guarantee
future
results
.)
What
factors
influenced
the
fund’s
performance?
Global
fixed
income
markets
struggled
over
the
past
year
as
higher
interest
rates
weighed
on
bond
sectors.
Most
global
sovereign
bond
yields
rose
as
major
central
banks
remained
hawkish
and
hiked
policy
rates
to
fight
stubbornly
high
inflation.
Widening
credit
spreads
also
pressured
fixed
income
markets,
although
spread
tightening
in
the
fourth
quarter
brought
some
relief
for
fixed
income
investors.
(Credit
spreads
measure
the
additional
yield
that
investors
demand
to
hold
a
bond
with
credit
risk
compared
with
a
high-quality
government
security
with
a
comparable
maturity.)
The
fund’s
duration
positioning
was
mixed
but
ultimately
negative
for
the
reporting
period.
(Duration
measures
a
bond’s
sensitivity
to
changes
in
interest
rates.)
An
overweight
duration
posture
in
Hungary
significantly
weighed
on
results.
With
the
war
in
Ukraine
exacerbating
rising
inflation
for
central
and
Eastern
Europe,
Hungary’s
central
bank
took
an
especially
hawkish
stance
with
rate
increases.
The
National
Bank
of
Hungary
raised
rates
several
times
during
PERFORMANCE
COMPARISON
Total
Return
Periods
Ended
12/31/22
6
Months
12
Months
International
Bond
Fund
(USD
Hedged)
–
.
-3.65%
-12.03%
International
Bond
Fund
(USD
Hedged)–
.
Advisor Class
-3.77
-12.23
International
Bond
Fund
(USD
Hedged)–
.
I Class
-3.43
-11.81
International
Bond
Fund
(USD
Hedged)–
.
Z Class
-3.27
-11.43
Bloomberg
Global
Aggregate
ex
USD
Bond
(USD
Hedged)
Index
-2.03
-9.76
Lipper
International
Income
Funds
Average
-0.99
-14.16
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
the
period
and
notably
surprised
markets
in
June
by
raising
rates
by
185
basis
points
to
curb
inflation
and
support
the
country’s
struggling
currency.
After
June,
Hungary’s
central
bank
hiked
rates
further
by
a
total
of
525
basis
points,
and
we
believe
the
bank
has
likely
hit
its
terminal
rate
in
its
hiking
cycle.
However,
duration
positioning
and
holdings
in
developed
market
government
debt
contributed
at
times.
With
sovereign
rates
surging
upward,
underweight
positioning
in
several
countries
benefited
the
portfolio’s
relative
returns.
The
fund’s
shorter-than-benchmark
duration
posture
in
the
eurozone
and
the
UK
notably
outperformed
earlier
in
the
period.
Underweight
positions
in
Japan
and
Canada
and
a
short
duration
position
in
Poland
also
contributed.
The
fund’s
exposure
to
corporate
credit
sectors
detracted
overall
as
credit
spreads
widened
throughout
much
of
the
year.
Additionally,
a
short
position
in
the
high
yield
corporate
market
held
later
in
the
year
dampened
returns
as
high
yield
corporate
bonds
staged
a
rebound
in
the
fourth
quarter.
On
the
other
hand,
holding
exposure
to
inflation-linked
securities
from
several
countries
benefited
the
fund
significantly
over
the
period
and
helped
offset
some
of
the
detraction
from
our
credit
exposures.
Inflation-indexed
debt
issued
by
Germany,
Japan,
and
Italy
notably
outperformed
as
global
inflation
data
and
expectations
rose
sharply
in
the
first
half
of
2022
on
the
back
of
pandemic-
related
disruptions
to
the
global
supply
chain
and
Russia’s
invasion
of
Ukraine.
Currency
positioning
was
negative
overall.
A
long
position
in
the
Hungarian
forint
weighed
on
performance.
The
currency
struggled
significantly
and
reached
a
historically
low
level
versus
the
euro
by
the
middle
of
the
year
as
inflation,
budget
deficits,
and
the
European
Union's
withholding
of
€15.5
billion
in
recovery
funds
hampered
the
currency.
We
exited
the
position
by
October.
Since
our
last
report,
the
portfolio’s
long
exposure
to
the
Japanese
yen
rebounded.
After
several
months
of
underperformance
for
the
yen
against
the
backdrop
of
the
Bank
of
Japan’s
continued
accommodative
monetary
stance,
the
central
bank
announced
changes
to
its
yield
curve
control
measures.
Following
the
policy
adjustment,
the
yen
recorded
its
biggest
daily
gain
versus
the
U.S.
dollar
since
1998.
How
is
the
fund
positioned?
Given
continued
market
volatility
and
a
clouded
outlook
for
economic
growth,
we
moved
to
a
more
defensive
position
in
our
sector
allocations
over
the
period.
We
gradually
decreased
the
fund’s
exposures
in
global
investment-
grade
and
high
yield
corporate
securities
while
ending
the
year
with
a
higher
cash
allocation.
We
believe
that
having
increased
liquidity
is
important
in
case
dislocations
arise
in
the
near
term
and
we
need
to
quickly
redeploy
assets.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Despite
periods
of
spread
widening,
we
continued
to
believe
valuations
looked
less
attractive
in
credit
and
favored
owning
duration
instead.
Overall
portfolio
duration
increased
over
the
year,
fueled
by
adding
exposure
in
high-quality
sovereigns
like
Germany,
Canada,
and
the
UK.
The
fund
maintained
duration
exposure
in
higher-quality,
lower-beta
emerging
markets
countries
such
as
Malaysia,
Thailand,
and
Israel.
After
a
strong
run
of
performance,
we
eliminated
German
and
Italian
inflation-linked
securities
and
ended
the
period
with
an
overall
short
eurozone
inflation-linked
exposure
given
less
attractive
valuations
and
a
possible
peak
in
inflation
data.
However,
these
eliminations
were
somewhat
offset
by
inflation-linked
positions
in
Brazil,
Canada,
and
Japan.
In
currencies,
our
main
shift
over
the
period
was
adding
to
the
U.S.
dollar,
the
euro,
and
the
Swiss
franc.
With
the
Federal
Reserve
(Fed)
committed
to
aggressive
policy
rate
hikes
to
slow
the
rise
in
inflation,
we
believed
the
currency
could
be
supported
through
the
near
term,
and
we
moved
from
a
short
position
to
long
exposure
in
the
dollar
by
March
in
anticipation
of
a
larger-than-expected
rate
hike
from
the
Fed.
We
added
to
the
euro,
while
rotating
away
from
central
and
Eastern
European
currencies
like
the
Polish
zloty,
Czech
koruna,
and
Hungarian
forint,
as
the
European
Central
Bank
began
its
own
rate
hiking
cycle.
By
the
end
of
the
period,
the
fund
moved
to
an
overall
short
position
in
the
zloty.
In
July,
we
added
to
the
portfolio’s
long
position
in
the
Swiss
franc
versus
the
euro
as
the
macroeconomic
backdrop
for
the
eurozone
appeared
to
be
deteriorating
with
the
region
facing
a
potential
energy
crisis
in
the
winter.
Sources:
Credit
ratings
for
the
securities
held
in
the
fund
are
provided
by
Moody’s,
Standard
&
Poor’s,
and
Fitch
and
are
converted
to
the
Standard
&
Poor’s
nomenclature.
A
rating
of
AAA
represents
the
highest-
rated
securities,
and
a
rating
of
D
represents
the
lowest-
rated
securities.
If
the
rating
agencies
differ,
the
highest
rating
is
applied
to
the
security.
If
a
rating
is
not
available,
the
security
is
classified
as
Not
Rated.
T.
Rowe
Price
uses
the
rating
of
the
underlying
investment
vehicle
to
determine
the
creditworthiness
of
credit
default
swaps.
The
fund
is
not
rated
by
any
agency.
Securities
that
have
not
been
rated
by
any
rating
agency
totaled
-0.08%
of
the
portfolio
at
the
end
of
the
reporting
period.
CREDIT
QUALITY
DIVERSIFICATION
International
Bond
Fund
(USD
Hedged)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
The
portfolio
maintains
allocations
to
various
types
of
derivatives
for
hedging
purposes
or
to
gain
exposure
to
certain
currencies
or
countries
that
we
find
attractive.
Overall
derivative
exposure
added
to
absolute
returns.
The
fund’s
meaningful
exposure
to
currency
forward
contracts
contributed
while
interest
rate
derivatives
had
a
negative
impact
on
absolute
performance.
What
is
portfolio
management’s
outlook?
Although
we
enter
2023
with
the
market
hopeful
that
peak
inflation
is
behind
us
and
that
central
banks
will
pause
rate
hikes
in
the
short
term,
we
believe
macro
headwinds
remain
challenging.
Data
may
increasingly
show
that
a
recession
is
already
upon
us
in
the
U.S.
and
Europe
but
realized
inflation
and
a
tight
labor
market
may
limit
the
ability
of
central
banks
to
stop
hiking.
The
outlook
for
credit
remains
concerning,
and
we
believe
high-quality
duration
is
more
attractive
primarily
because
central
banks
seem
determined
to
tighten
policy
to
keep
inflation
under
control
at
the
expense
of
an
increasingly
likely
global
recession.
While
we
believe
we’re
in
a
credit
bear
market,
there
may
be
tradeable
bear
market
rallies,
so
we
want
to
be
positioned
to
take
advantage
of
any
bouncebacks.
The
views
expressed
reflect
the
opinions
of
T.
Rowe
Price
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic,
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
RISKS
OF
INTERNATIONAL
BOND
INVESTING
Funds
that
invest
overseas
generally
carry
more
risk
than
funds
that
invest
strictly
in
U.S.
assets,
including
unpredictable
changes
in
currency
values.
Investments
in
emerging
markets
are
subject
to
abrupt
and
severe
price
declines,
and
should
be
regarded
as
speculative.
The
economic
and
political
structures
of
developing
nations,
in
most
cases,
do
not
compare
favorably
with
the
U.S.
or
other
developed
countries
in
terms
of
wealth
and
stability,
and
their
financial
markets
often
lack
liquidity.
Some
countries
also
have
legacies
of
hyperinflation,
currency
devaluations,
and
governmental
interference
in
markets.
International
investments
are
subject
to
currency
risk
,
a
decline
in
the
value
of
a
foreign
currency
versus
the
U.S.
dollar,
which
reduces
the
dollar
value
of
securities
denominated
in
that
currency.
The
overall
impact
on
a
fund’s
holdings
can
be
significant
and
long-lasting
depending
on
the
currencies
represented
in
the
portfolio,
how
each
one
appreciates
or
depreciates
in
relation
to
the
U.S.
dollar,
and
whether
currency
positions
are
hedged.
Further,
exchange
rate
movements
are
unpredictable,
and
it
is
not
possible
to
effectively
hedge
the
currency
risks
of
many
developing
countries.
Bonds
are
also
subject
to
interest
rate
risk
,
the
decline
in
bond
prices
that
usually
accompanies
a
rise
in
interest
rates,
and
credit
risk
,
the
chance
that
any
fund
holding
could
have
its
credit
rating
downgraded
or
that
a
bond
issuer
will
default
(fail
to
make
timely
payments
of
interest
or
principal),
potentially
reducing
the
fund’s
income
level
and
share
price.
BENCHMARK
INFORMATION
Note:
Bloomberg
®
and the
Bloomberg
Global
Aggregate
ex
USD
Bond
(USD
Hedged)
Index
are
service
marks
of
Bloomberg
Finance
L.P.
and
its
affiliates,
including
Bloomberg
Index
Services
Limited
(“BISL”),
the
administrator
of
the
index
(collectively,
“Bloomberg”)
and
have
been
licensed
for
use
for
certain
purposes
by
T.
Rowe
Price.
Bloomberg
is
not
affiliated
with
T.
Rowe
Price,
and
Bloomberg
does
not
approve,
endorse,
review,
or
recommend
its
products.
Bloomberg
does
not
guarantee
the
timeliness,
accurateness,
or
completeness
of
any
data
or
information
relating
to
its
products.
Note:
Copyright
©
2023
Fitch
Ratings,
Inc.,
Fitch
Ratings
Ltd.
and
its
subsidiaries.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Note:
Portions
of
the
mutual
fund
information
contained
in
this
report
was
supplied
by
Lipper,
a
Refinitiv
Company,
subject
to
the
following:
Copyright
2023
©
Refinitiv.
All
rights
reserved.
Any
copying,
republication
or
redistribution
of
Lipper
content
is
expressly
prohibited
without
the
prior
written
consent
of
Lipper.
Lipper
shall
not
be
liable
for
any
errors
or
delays
in
the
content,
or
for
any
actions
taken
in
reliance
thereon.
Note:
©
2023,
Moody’s
Corporation,
Moody’s
Investors
Service,
Inc.,
Moody’s
Analytics,
Inc.
and/or
their
licensors
and
affiliates
(collectively,
“Moody’s”).
All
rights
reserved.
Moody’s
ratings
and
other
information
(“Moody’s
Information”)
are
proprietary
to
Moody’s
and/or
its
licensors
and
are
protected
by
copyright
and
other
intellectual
property
laws.
Moody’s
Information
is
licensed
to
Client
by
Moody’s.
MOODY’S
INFORMATION
MAY
NOT
BE
COPIED
OR
OTHERWISE
REPRODUCED,
REPACKAGED,
FURTHER
TRANSMITTED,
TRANSFERRED,
DISSEMINATED,
REDISTRIBUTED
OR
RESOLD,
OR
STORED
FOR
SUBSEQUENT
USE
FOR
ANY
SUCH
PURPOSE,
IN
WHOLE
OR
IN
PART,
IN
ANY
FORM
OR
MANNER
OR
BY
ANY
MEANS
WHATSOEVER,
BY
ANY
PERSON
WITHOUT
MOODY’S
PRIOR
WRITTEN
CONSENT.
Moody's
®
is
a
registered
trademark.
Note:
Copyright
©
2023,
S&P
Global
Market
Intelligence
(and
its
affiliates,
as
applicable).
Reproduction
of
any
information,
data
or
material,
including
ratings
("Content")
in
any
form
is
prohibited
except
with
the
prior
written
permission
of
the
relevant
party. Such
party,
its
affiliates
and
suppliers
("Content
Providers")
do
not
guarantee
the
accuracy,
adequacy,
completeness,
timeliness
or
availability
of
any
Content
and
are
not
responsible
for
any
errors
or
omissions
(negligent
or
otherwise),
regardless
of
the
cause,
or
for
the
results
obtained
from
the
use
of
such
Content.
In
no
event
shall
Content
Providers
be
liable
for
any
damages,
costs,
expenses,
legal
fees,
or
losses
(including
lost
income
or
lost
profit
and
opportunity
costs)
in
connection
with
any
use
of
the
Content.
A
reference
to
a
particular
investment
or
security,
a
rating
or
any
observation
concerning
an
investment
that
is
part
of
the
Content
is
not
a
recommendation
to
buy,
sell
or
hold
such
investment
or
security,
does
not
address
the
appropriateness
of
an
investment
or
security
and
should
not
be
relied
on
as
investment
advice.
Credit
ratings
are
statements
of
opinions
and
are
not
statements
of
fact.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
GROWTH
OF
$10,000
This
chart
shows
the
value
of
a
hypothetical
$10,000
investment
in
the
fund
over
the
past
10
fiscal
year
periods
or
since
inception
(for funds
lacking
10-year
records).
The
result
is
compared
with
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund returns
as
well
as
mutual fund
averages
and
indexes.
INTERNATIONAL
BOND
FUND
(USD
HEDGED)
*The
Lipper
International
Income
Funds
Average
is
from
9/30/17.
Note:
Performance
for
the Advisor,
I,
and
Z Class
shares
will
vary
due
to
their
differing
fee
structures.
See
the
Average
Annual
Compound
Total
Return
table.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
AVERAGE
ANNUAL
COMPOUND
TOTAL
RETURN
Periods
Ended
12/31/22
1
Year
5
Years
Since
Inception
Inception
Date
International
Bond
Fund
(USD
Hedged)
–
.
-12.03%
0.22%
0.45%
9/12/17
International
Bond
Fund
(USD
Hedged)–
.
Advisor Class
-12.23
-0.10
0.10
9/12/17
International
Bond
Fund
(USD
Hedged)–
.
I Class
-11.81
0.38
0.59
9/12/17
International
Bond
Fund
(USD
Hedged)–
.
Z Class
-11.43
–
-1.76
3/16/20
The
fund’s
performance
information
represents
only
past
performance
and
is
not
necessarily
an
indication
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
cited.
Share
price,
principal
value,
and
return
will
vary,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
For
the
most
recent
month-end
performance,
please
visit
our
website
(troweprice.com)
or
contact
a
T.
Rowe
Price
representative
at
1
-
800
-
225
-
5132
or,
for
0.02
Advisor,
I
,
and
Z
Class
shares,
1-800-638-8790.
This
table
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
had
been
earned
at
a
constant
rate.
Average
annual
total
return
figures
include
changes
in
principal
value,
reinvested
dividends,
and
capital
gain
distributions.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
When
assessing
performance,
investors
should
consider
both
short-
and
long-term
returns.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
EXPENSE
RATIO
FUND
EXPENSE
EXAMPLE
As
a
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
most
recent
six-month
period
and
held
for
the
entire
period.
Please
note
that
the
fund
has
four
share
classes:
The
original
share
class
(Investor
Class)
charges
no
distribution
and
service
(12b-1)
fee,
Advisor
Class
shares
are
offered
only
through
unaffiliated
brokers
and
other
financial
intermediaries
and
charge
a
0.25%
12b-1
fee,
I
Class
shares
are
available
to
institutionally
oriented
clients
and
impose
no
12b-1
or
administrative
fee
payment,
and
Z
Class
shares
are
offered
only
to
funds
advised
by
T.
Rowe
Price
and
other
advisory
clients
of
T.
Rowe
Price
or
its
affiliates
that
are
subject
to
a
contractual
fee
for
investment
management
services
and
impose
no
12b-1
fee
or
administrative
fee
payment.
Each
share
class
is
presented
separately
in
the
table.
Actual
Expenses
The
first
line
of
the
following
table
(Actual)
provides
information
about
actual
account
values
and
expenses
based
on
the
fund’s
actual
returns.
You
may
use
the
information
on
this
line,
together
with
your
account
balance,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
on
the
first
line
under
the
heading
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
on
the
second
line
of
the
table
(Hypothetical)
is
based
on
hypothetical
account
values
and
expenses
derived
from
the
fund’s
actual
expense
ratio
and
an
assumed
5%
per
year
rate
of
return
before
expenses
(not
the
fund’s
actual
return).
You
may
compare
the
ongoing
costs
of
investing
in
the
fund
with
other
funds
by
contrasting
this
5%
hypothetical
example
and
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
International
Bond
Fund
(USD
Hedged)
0.61%
International
Bond
Fund
(USD
Hedged)–Advisor
Class
1.08
International
Bond
Fund
(USD
Hedged)–I
Class
0.50
International
Bond
Fund
(USD
Hedged)–Z
Class
0.50
The
expense
ratio
shown
is
as
of
the
fund’s
most
recent
prospectus.
This
number
may
vary
from
the
expense
ratio
shown
elsewhere
in
this
report
because
it
is
based
on
a
different
time
period
and,
if
applicable,
includes
acquired
fund
fees
and
expenses
but
does
not
include
fee
or
expense
waivers.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Note:
T.
Rowe
Price
charges
an
annual
account
service
fee
of
$20,
generally
for
accounts
with
less
than
$10,000.
The
fee
is
waived
for
any
investor
whose
T.
Rowe
Price
mutual
fund
accounts
total
$50,000
or
more;
accounts
electing
to
receive
electronic
delivery
of
account
statements,
transaction
confirmations,
prospectuses,
and
shareholder
reports;
or
accounts
of
an
investor
who
is
a
T.
Rowe
Price
Personal
Services
or
Enhanced
Personal
Services
client
(enrollment
in
these
programs
generally
requires
T.
Rowe
Price
assets
of
at
least
$250,000).
This
fee
is
not
included
in
the
accompanying
table.
If
you
are
subject
to
the
fee,
keep
it
in
mind
when
you
are
estimating
the
ongoing
expenses
of
investing
in
the
fund
and
when
comparing
the
expenses
of
this
fund
with
other
funds.
You
should
also
be
aware
that
the
expenses
shown
in
the
table
highlight
only
your
ongoing
costs
and
do
not
reflect
any
transaction
costs,
such
as
redemption
fees
or
sales
loads.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
To
the
extent
a
fund
charges
transaction
costs,
however,
the
total
cost
of
owning
that
fund
is
higher.
INTERNATIONAL
BOND
FUND
(USD
HEDGED)
Beginning
Account
Value
7/1/22
Ending
Account
Value
12/31/22
Expenses
Paid
During
Period*
7/1/22
to
12/31/22
Investor
Class
Actual
$1,000.00
$963.50
$3.81
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,021.32
3.92
Advisor
Class
Actual
1,000.00
962.30
4.90
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,020.21
5.04
I
Class
Actual
1,000.00
965.70
2.63
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,022.53
2.70
Z
Class
Actual
1,000.00
967.30
0.00
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,025.21
0.00
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(184),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.77%,
the
2
Advisor Class
was
0.99%,
the
3
I Class
was
0.53%,
and
the
4
Z Class
was
0.00%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
For
a
share
outstanding
throughout
each
period
Investor
Class
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
NET
ASSET
VALUE
Beginning
of
period
$
9.91
$
10.35
$
9.98
$
9.45
$
10.06
Investment
activities
Net
investment
income
(1)(2)
0.15
0.11
0.16
0.18
0.17
Net
realized
and
unrealized
gain/
loss
(1.32)
(0.28)
0.39
0.67
(0.01)
Total
from
investment
activities
(1.17)
(0.17)
0.55
0.85
0.16
Distributions
Net
investment
income
(0.15)
(0.15)
(0.02)
(0.18)
(0.17)
Net
realized
gain
(0.68)
(0.12)
(0.06)
(0.14)
(0.60)
Tax
return
of
capital
—
—
(0.10)
—
—
Total
distributions
(0.83)
(0.27)
(0.18)
(0.32)
(0.77)
NET
ASSET
VALUE
End
of
period
$
7.91
$
9.91
$
10.35
$
9.98
$
9.45
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
Ratios/Supplemental
Data
Total
return
(2)(3)
(12.03)%
(1.66)%
5.59%
9.01%
1.56%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.75%
0.61%
0.64%
0.64%
0.67%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.75%
0.61%
0.64%
0.64%
0.67%
Net
investment
income
1.65%
1.04%
1.55%
1.85%
1.70%
Portfolio
turnover
rate
74.6%
35.3%
49.4%
31.4%
22.5%
Net
assets,
end
of
period
(in
millions)
$76
$218
$579
$4,766
$4,164
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
For
a
share
outstanding
throughout
each
period
Advisor
Class
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
NET
ASSET
VALUE
Beginning
of
period
$
9.90
$
10.35
$
9.98
$
9.45
$
10.05
Investment
activities
Net
investment
income
(1)(2)
0.13
0.10
0.11
0.15
0.13
Net
realized
and
unrealized
gain/
loss
(1.32)
(0.32)
0.41
0.67
—
(3)
Total
from
investment
activities
(1.19)
(0.22)
0.52
0.82
0.13
Distributions
Net
investment
income
(0.13)
(0.11)
(0.02)
(0.15)
(0.13)
Net
realized
gain
(0.68)
(0.12)
(0.06)
(0.14)
(0.60)
Tax
return
of
capital
—
—
(0.07)
—
—
Total
distributions
(0.81)
(0.23)
(0.15)
(0.29)
(0.73)
NET
ASSET
VALUE
End
of
period
$
7.90
$
9.90
$
10.35
$
9.98
$
9.45
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
Ratios/Supplemental
Data
Total
return
(2)(4)
(12.23)%
(2.12)%
5.22%
8.63%
1.34%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.99%
1.08%
0.99%
1.18%
1.18%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.99%
0.99%
0.99%
0.99%
0.99%
Net
investment
income
1.46%
1.03%
1.08%
1.51%
1.34%
Portfolio
turnover
rate
74.6%
35.3%
49.4%
31.4%
22.5%
Net
assets,
end
of
period
(in
thousands)
$81
$102
$106
$249
$236
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Amounts
round
to
less
than
$0.01
per
share.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
For
a
share
outstanding
throughout
each
period
I
Class
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
NET
ASSET
VALUE
Beginning
of
period
$
9.91
$
10.36
$
9.99
$
9.45
$
10.06
Investment
activities
Net
investment
income
(1)(2)
0.17
0.15
0.16
0.20
0.19
Net
realized
and
unrealized
gain/
loss
(1.32)
(0.32)
0.41
0.67
(0.02)
Total
from
investment
activities
(1.15)
(0.17)
0.57
0.87
0.17
Distributions
Net
investment
income
(0.17)
(0.16)
(0.03)
(0.19)
(0.18)
Net
realized
gain
(0.68)
(0.12)
(0.06)
(0.14)
(0.60)
Tax
return
of
capital
—
—
(0.11)
—
—
Total
distributions
(0.85)
(0.28)
(0.20)
(0.33)
(0.78)
NET
ASSET
VALUE
End
of
period
$
7.91
$
9.91
$
10.36
$
9.99
$
9.45
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
Ratios/Supplemental
Data
Total
return
(2)(3)
(11.81)%
(1.64)%
5.72%
9.26%
1.70%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.53%
0.50%
0.51%
0.51%
0.53%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.53%
0.50%
0.51%
0.51%
0.53%
Net
investment
income
1.91%
1.48%
1.64%
1.99%
1.86%
Portfolio
turnover
rate
74.6%
35.3%
49.4%
31.4%
22.5%
Net
assets,
end
of
period
(in
millions)
$1,246
$555
$422
$1,784
$1,320
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Z
Class
(1)
..
Year
..
..
Ended
.
3/16/20
(1)
Through
12/31/20
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
9.92
$
10.36
$
9.73
Investment
activities
Net
investment
income
(2)(3)
0.22
0.21
0.16
Net
realized
and
unrealized
gain/loss
(1.33)
(0.32)
0.67
Total
from
investment
activities
(1.11)
(0.11)
0.83
Distributions
Net
investment
income
(0.22)
(0.21)
(0.03)
Net
realized
gain
(0.68)
(0.12)
(0.06)
Tax
return
of
capital
—
—
(0.11)
Total
distributions
(0.90)
(0.33)
(0.20)
NET
ASSET
VALUE
End
of
period
$
7.91
$
9.92
$
10.36
Ratios/Supplemental
Data
Total
return
(3)(4)
(11.43)%
(1.05)%
8.57%
Ratios
to
average
net
assets:
(3)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.51%
0.50%
0.50%
(5)
Net
expenses
after
waivers/payments
by
Price
Associates
0.00%
0.00%
0.00%
(5)
Net
investment
income
2.44%
2.10%
1.94%
(5)
Portfolio
turnover
rate
74.6%
35.3%
49.4%
Net
assets,
end
of
period
(in
millions)
$4,359
$5,334
$4,808
0%
0%
0%
(1)
Inception
date
(2)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(3)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
December
31,
2022
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ALBANIA
0.3%
Government
Bonds
0.3%
Republic
of
Albania,
3.50%,
10/9/25
(EUR) (1)
5,310,000
5,309
Republic
of
Albania,
3.50%,
6/16/27
(EUR) (1)
4,085,000
3,916
Republic
of
Albania,
3.50%,
11/23/31
(EUR) (1)(2)
11,810,000
10,301
Total
Albania
(Cost
$23,854
)
19,526
AUSTRALIA
1.5%
Corporate
Bonds
0.2%
Transurban
Finance,
1.875%,
9/16/24
(EUR)
7,836,000
8,165
8,165
Government
Bonds
1.3%
Commonwealth
of
Australia,
Series
150,
3.00%,
3/21/47
28,048,000
15,143
Commonwealth
of
Australia,
Series
158,
1.25%,
5/21/32
53,848,000
28,744
New
South
Wales
Treasury,
Series
26,
4.00%,
5/20/26
46,975,600
31,982
75,869
Total
Australia
(Cost
$99,575
)
84,034
BRAZIL
0.7%
Corporate
Bonds
0.3%
Braskem
Netherlands
Finance,
4.50%,
1/31/30
(USD)
6,200,000
5,287
MercadoLibre,
3.125%,
1/14/31
(USD)
6,325,000
4,898
Suzano
Austria,
5.00%,
1/15/30
(USD)
5,800,000
5,440
15,625
Government
Bonds
0.4%
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNB,
Inflation-
Indexed,
6.00%,
5/15/25
32,373,802
6,113
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/27
86,665,000
15,088
21,201
Total
Brazil
(Cost
$39,285
)
36,826
CANADA
5.3%
Asset-Backed
Securities
0.1%
Cologix
Canadian
Issuer,
Series
2022-1CAN,
Class
A2,
4.94%,
1/25/52 (1)
8,230,000
5,545
5,545
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Corporate
Bonds
0.3%
Transcanada
Trust,
Series
17-B,
VR,
4.65%,
5/18/77 (3)
27,134,000
17,900
17,900
Government
Bonds
4.9%
Government
of
Canada,
1.25%,
3/1/27
319,546,000
216,036
Government
of
Canada
Real
Return
Bond,
Inflation-Indexed,
Series
CPI,
4.00%,
12/1/31
63,414,473
57,054
Province
of
Ontario,
3.50%,
6/2/43
5,239,000
3,440
276,530
Total
Canada
(Cost
$329,751
)
299,975
CHILE
0.3%
Corporate
Bonds
0.3%
Celulosa
Arauco
y
Constitucion,
4.20%,
1/29/30
(USD) (1)
12,060,000
11,265
Interchile,
4.50%,
6/30/56
(USD)
8,000,000
6,623
Total
Chile
(Cost
$19,197
)
17,888
CHINA
6.7%
Corporate
Bonds
0.4%
State
Grid
Overseas
Investment
BVI,
1.375%,
5/2/25
(EUR) (1)
10,000,000
10,015
Tencent
Holdings,
3.24%,
6/3/50
(USD)
10,200,000
6,467
Tencent
Holdings,
3.84%,
4/22/51
(USD) (2)
7,000,000
4,973
21,455
Government
Bonds
6.3%
People's
Republic
of
China,
Series
INBK,
2.60%,
9/1/32
860,000,000
121,088
People's
Republic
of
China,
Series
INBK,
2.69%,
8/15/32
510,000,000
72,237
People's
Republic
of
China,
Series
INBK,
3.02%,
5/27/31
270,000,000
39,310
People's
Republic
of
China,
Series
INBK,
3.27%,
11/19/30
100,000,000
14,862
People's
Republic
of
China,
Series
INBK,
3.32%,
4/15/52
180,000,000
26,436
People's
Republic
of
China,
Series
INBK,
3.53%,
10/18/51
170,000,000
25,686
People's
Republic
of
China,
Series
1908,
4.00%,
6/24/69
80,000,000
13,256
People's
Republic
of
China,
Series
1915,
3.13%,
11/21/29
310,000,000
45,557
358,432
Total
China
(Cost
$376,777
)
379,887
COLOMBIA
0.2%
Corporate
Bonds
0.2%
Banco
de
Bogota,
6.25%,
5/12/26
(USD) (2)
5,800,000
5,698
Ecopetrol,
4.625%,
11/2/31
(USD)
6,760,000
5,177
Total
Colombia
(Cost
$12,840
)
10,875
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
CYPRUS
0.6%
Government
Bonds
0.6%
Republic
of
Cyprus,
0.95%,
1/20/32
19,769,000
15,584
Republic
of
Cyprus,
1.25%,
1/21/40
395,000
273
Republic
of
Cyprus,
1.50%,
4/16/27
2,130,000
2,065
Republic
of
Cyprus,
2.75%,
6/27/24
1,668,000
1,776
Republic
of
Cyprus,
2.75%,
2/26/34
2,716,000
2,470
Republic
of
Cyprus,
2.75%,
5/3/49 (2)
2,832,000
2,410
Republic
of
Cyprus,
3.75%,
7/26/23
6,740,000
7,258
Total
Cyprus
(Cost
$42,358
)
31,836
CZECH
REPUBLIC
1.8%
Government
Bonds
1.8%
Republic
of
Czech,
Series
89,
2.40%,
9/17/25
691,350,000
28,416
Republic
of
Czech,
Series
105,
2.75%,
7/23/29
1,917,560,000
73,699
Total
Czech
Republic
(Cost
$109,889
)
102,115
DENMARK
0.1%
Corporate
Bonds
0.1%
Danske
Bank,
VR,
1.375%,
2/12/30
(EUR) (3)
4,700,000
4,596
Total
Denmark
(Cost
$5,241
)
4,596
FRANCE
2.8%
Corporate
Bonds
0.5%
Altice
France,
3.375%,
1/15/28 (1)
505,000
405
Altice
France,
5.875%,
2/1/27 (1)
1,305,000
1,216
BNP
Paribas,
VR,
2.125%,
1/23/27 (3)
9,300,000
9,271
BPCE,
1.125%,
1/18/23
3,000,000
3,209
Credit
Agricole,
0.875%,
1/14/32
1,000,000
800
Credit
Agricole,
1.00%,
9/16/24
5,800,000
5,968
Credit
Agricole,
1.875%,
12/20/26
5,200,000
5,118
25,987
Government
Bonds
2.3%
Republic
of
France,
0.00%,
5/25/32
98,637,000
79,316
Republic
of
France,
1.25%,
5/25/36 (1)
65,636,000
54,508
133,824
Total
France
(Cost
$199,136
)
159,811
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
GERMANY
13.0%
Corporate
Bonds
0.6%
Allianz,
VR,
3.375% (3)(4)
13,400,000
13,825
Gruenenthal,
3.625%,
11/15/26 (1)
990,000
966
Hannover
Rueck,
VR,
1.125%,
10/9/39 (3)
4,700,000
3,840
Hannover
Rueck,
VR,
1.75%,
10/8/40 (3)
4,800,000
3,971
TK
Elevator
Midco,
4.375%,
7/15/27 (1)(2)
2,745,000
2,599
Volkswagen
International
Finance,
Series
10Y,
1.875%,
3/30/27
1,300,000
1,248
Volkswagen
Leasing,
1.50%,
6/19/26
5,135,000
4,971
Volkswagen
Leasing,
1.625%,
8/15/25 (2)
5,350,000
5,374
36,794
Government
Bonds
12.4%
Bundesobligation,
Series
185,
0.00%,
4/16/27 (2)
162,482,000
155,896
Bundesobligation,
Series
186,
1.30%,
10/15/27
181,955,000
183,637
Bundesrepublik
Deutschland
Bundesanleihe,
0.00%,
2/15/32 (2)
38,343,000
32,610
Bundesrepublik
Deutschland
Bundesanleihe,
0.00%,
8/15/52
11,680,200
6,081
Bundesrepublik
Deutschland
Bundesanleihe,
1.70%,
8/15/32
322,416,000
319,497
KfW,
4.70%,
6/2/37
(CAD)
5,202,000
3,983
701,704
Total
Germany
(Cost
$740,639
)
738,498
GREECE
0.2%
Government
Bonds
0.2%
Hellenic
Republic,
0.75%,
6/18/31 (1)(2)
17,599,000
13,973
Total
Greece
(Cost
$21,179
)
13,973
HUNGARY
1.4%
Government
Bonds
1.4%
Republic
of
Hungary,
5.00%,
2/22/27
(EUR)
8,464,000
9,010
Republic
of
Hungary,
Series
32/A,
4.75%,
11/24/32
1,077,550,000
2,097
Republic
of
Hungary,
Series
33/A,
2.25%,
4/20/33
45,278,670,000
70,601
Total
Hungary
(Cost
$137,507
)
81,708
ICELAND
0.4%
Corporate
Bonds
0.2%
Arion
Banki,
1.00%,
3/20/23
(EUR)
5,500,000
5,863
Landsbankinn,
0.375%,
5/23/25
(EUR)
8,060,000
7,379
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Landsbankinn,
1.00%,
5/30/23
(EUR)
1,000,000
1,058
14,300
Government
Bonds
0.2%
Republic
of
Iceland,
0.00%,
4/15/28
(EUR)
10,385,000
9,147
9,147
Total
Iceland
(Cost
$28,902
)
23,447
INDIA
0.1%
Corporate
Bonds
0.1%
ABJA
Investment,
5.45%,
1/24/28
(USD) (2)
7,256,000
7,092
Total
India
(Cost
$7,048
)
7,092
INDONESIA
0.9%
Corporate
Bonds
0.1%
Minejesa
Capital,
5.625%,
8/10/37
(USD)
8,300,000
6,477
6,477
Government
Bonds
0.8%
Republic
of
Indonesia,
3.75%,
6/14/28
(EUR)
40,797,000
42,549
42,549
Total
Indonesia
(Cost
$61,976
)
49,026
IRELAND
0.1%
Government
Bonds
0.1%
Republic
of
Ireland,
1.50%,
5/15/50
2,696,000
1,949
Republic
of
Ireland,
2.00%,
2/18/45
5,630,000
4,721
Total
Ireland
(Cost
$10,777
)
6,670
ISRAEL
2.0%
Corporate
Bonds
0.2%
Bank
Hapoalim,
VR,
3.255%,
1/21/32
(USD) (1)(3)
6,450,000
5,549
Leviathan
Bond,
6.50%,
6/30/27
(USD) (1)
5,700,000
5,515
Teva
Pharmaceutical
Finance
Netherlands
II,
6.00%,
1/31/25
(EUR) (2)
1,245,000
1,306
12,370
Government
Bonds
1.8%
State
of
Israel,
1.50%,
1/18/27
(EUR)
18,046,000
17,865
State
of
Israel,
Series
0142,
5.50%,
1/31/42
117,027,000
41,653
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
State
of
Israel,
Series
0825,
1.75%,
8/31/25
153,957,436
41,640
101,158
Total
Israel
(Cost
$129,441
)
113,528
ITALY
1.1%
Corporate
Bonds
0.6%
Enel
Finance
International,
5.625%,
8/14/24
(GBP)
2,663,000
3,242
FCA
Bank,
0.50%,
9/13/24
5,800,000
5,840
Infrastrutture
Wireless
Italiane,
1.625%,
10/21/28
4,612,000
4,180
International
Game
Technology,
3.50%,
6/15/26 (1)(2)
2,410,000
2,445
International
Game
Technology,
3.50%,
6/15/26 (2)
4,550,000
4,615
Intesa
Sanpaolo,
1.75%,
7/4/29
5,200,000
4,652
UniCredit,
2.00%,
3/4/23
5,086,000
5,439
UniCredit,
VR,
4.875%,
2/20/29 (3)
6,100,000
6,441
36,854
Government
Bonds
0.5%
Italy
Buoni
Poliennali
Del
Tesoro,
Series
50Y,
2.80%,
3/1/67
37,508,000
26,310
26,310
Total
Italy
(Cost
$81,892
)
63,164
JAPAN
24.3%
Government
Bonds
24.3%
Government
of
Japan,
Series
27,
2.50%,
9/20/37
6,495,550,000
59,641
Government
of
Japan,
Series
31,
2.20%,
9/20/39
4,702,950,000
41,508
Government
of
Japan,
Series
44,
1.70%,
9/20/44
9,286,250,000
75,320
Government
of
Japan,
Series
73,
0.70%,
12/20/51
586,150,000
3,579
Government
of
Japan,
Series
74,
1.00%,
3/20/52
10,935,750,000
72,262
Government
of
Japan,
Series
75,
1.30%,
6/20/52
10,616,750,000
76,116
Government
of
Japan,
Series
76,
1.40%,
9/20/52
8,124,950,000
59,329
Government
of
Japan,
Series
338,
0.40%,
3/20/25
11,668,850,000
89,609
Government
of
Japan
Treasury
Bills,
Series
1113,
(0.166)%,
1/16/23
43,123,000,000
328,604
Government
of
Japan
Treasury
Bills,
Series
1119,
(0.126)%,
5/10/23
43,000,000,000
327,776
Government
of
Japan,
Inflation-Indexed,
Series
18,
0.10%,
3/10/24
5,258,844,600
40,907
Government
of
Japan,
Inflation-Indexed,
Series
19,
0.10%,
9/10/24
8,814,452,400
68,837
Government
of
Japan,
Inflation-Indexed,
Series
20,
0.10%,
3/10/25
10,046,765,000
78,456
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
of
Japan,
Inflation-Indexed,
Series
26,
0.005%,
3/10/31
7,037,523,009
55,569
Total
Japan
(Cost
$1,414,848
)
1,377,513
KUWAIT
0.2%
Corporate
Bonds
0.2%
Equate
Petrochemical,
2.625%,
4/28/28
(USD) (1)
9,170,000
8,012
Equate
Petrochemical,
2.625%,
4/28/28
(USD)
3,125,000
2,731
Total
Kuwait
(Cost
$12,035
)
10,743
LATVIA
1.1%
Government
Bonds
1.1%
Republic
of
Latvia,
0.375%,
10/7/26
(EUR) (2)
64,671,000
61,940
Total
Latvia
(Cost
$71,212
)
61,940
LITHUANIA
0.0%
Corporate
Bonds
0.0%
PLT
VII
Finance,
4.625%,
1/5/26 (1)
1,150,000
1,163
Total
Lithuania
(Cost
$1,298
)
1,163
LUXEMBOURG
0.3%
Corporate
Bonds
0.3%
Altice
Financing,
4.25%,
8/15/29 (1)
1,775,000
1,524
Blackstone
Property
Partners
Europe
Holdings,
1.75%,
3/12/29
9,970,000
7,750
JAB
Holdings,
2.00%,
5/18/28 (2)
5,900,000
5,618
Total
Luxembourg
(Cost
$20,406
)
14,892
MALAYSIA
3.8%
Corporate
Bonds
0.0%
Axiata,
2.163%,
8/19/30
(USD) (2)
3,210,000
2,595
2,595
Government
Bonds
3.8%
1MDB
Global
Investments,
4.40%,
3/9/23
(USD)
49,400,000
48,367
Government
of
Malaysia,
Series
0120,
4.065%,
6/15/50
115,179,000
23,883
Government
of
Malaysia,
Series
0216,
4.736%,
3/15/46
310,065,000
72,279
Government
of
Malaysia,
Series
0318,
4.642%,
11/7/33
121,750,000
28,828
Government
of
Malaysia,
Series
0413,
3.844%,
4/15/33
51,500,000
11,420
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
of
Malaysia,
Series
0518,
4.921%,
7/6/48
119,656,000
28,352
213,129
Total
Malaysia
(Cost
$228,018
)
215,724
MEXICO
1.1%
Corporate
Bonds
0.3%
America
Movil,
5.75%,
6/28/30
(GBP)
4,930,000
6,044
BBVA
Bancomer,
VR,
5.125%,
1/18/33
(USD) (3)
11,800,000
10,611
16,655
Government
Bonds
0.8%
Petroleos
Mexicanos,
5.125%,
3/15/23
(EUR)
35,958,000
38,547
United
Mexican
States,
Series
M
20,
8.50%,
5/31/29
163,115,000
8,147
46,694
Total
Mexico
(Cost
$70,684
)
63,349
NETHERLANDS
0.3%
Corporate
Bonds
0.3%
Cooperatieve
Rabobank,
4.625%,
5/23/29
(GBP)
100,000
110
LeasePlan,
VR,
7.375% (3)(4)
8,200,000
8,691
Nationale-Nederlanden
Bank,
0.375%,
2/26/25
5,300,000
5,244
Trivium
Packaging
Finance,
3.75%,
8/15/26 (1)
710,000
690
Ziggo,
2.875%,
1/15/30 (2)
2,720,000
2,323
Total
Netherlands
(Cost
$19,415
)
17,058
NORTH
MACEDONIA
0.2%
Government
Bonds
0.2%
Republic
of
North
Macedonia,
1.625%,
3/10/28
(EUR) (1)
12,000,000
10,092
Total
North
Macedonia
(Cost
$14,298
)
10,092
NORWAY
0.2%
Government
Bonds
0.2%
Kingdom
of
Norway,
Series
476,
3.00%,
3/14/24 (1)
104,912,000
10,686
Total
Norway
(Cost
$12,802
)
10,686
PERU
0.1%
Corporate
Bonds
0.1%
Banco
de
Credito
del
Peru,
VR,
3.125%,
7/1/30
(USD) (3)
6,175,000
5,606
Total
Peru
(Cost
$6,273
)
5,606
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
PHILIPPINES
0.1%
Government
Bonds
0.1%
Republic
of
Philippines,
0.25%,
4/28/25
(EUR)
4,245,000
4,222
Total
Philippines
(Cost
$5,091
)
4,222
POLAND
0.0%
Corporate
Bonds
0.0%
InPost,
2.25%,
7/15/27
(EUR) (1)
1,740,000
1,546
Total
Poland
(Cost
$2,075
)
1,546
PORTUGAL
0.1%
Corporate
Bonds
0.1%
Banco
Comercial
Portugues,
VR,
6.888%,
12/7/27 (3)
3,900,000
3,649
Total
Portugal
(Cost
$4,411
)
3,649
QATAR
0.1%
Corporate
Bonds
0.1%
QNB
Finance,
2.75%,
2/12/27
(USD) (2)
8,200,000
7,547
Total
Qatar
(Cost
$7,877
)
7,547
ROMANIA
1.0%
Government
Bonds
1.0%
Republic
of
Romania,
2.125%,
3/7/28
(EUR) (1)
12,830,000
11,503
Republic
of
Romania,
2.875%,
10/28/24
(EUR) (2)
2,725,000
2,877
Republic
of
Romania,
2.875%,
5/26/28
(EUR) (2)
16,560,000
15,395
Republic
of
Romania,
2.875%,
3/11/29
(EUR) (2)
3,963,000
3,514
Republic
of
Romania,
3.624%,
5/26/30
(EUR)
23,390,000
20,554
Total
Romania
(Cost
$69,755
)
53,843
SAUDI
ARABIA
0.2%
Corporate
Bonds
0.1%
Dar
Al-Arkan
Sukuk,
6.75%,
2/15/25
(USD)
4,330,000
4,206
4,206
Government
Bonds
0.1%
Saudi
Arabian
Oil,
4.25%,
4/16/39
(USD)
5,800,000
5,205
5,205
Total
Saudi
Arabia
(Cost
$9,793
)
9,411
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SERBIA
1.3%
Corporate
Bonds
0.1%
Summer
BidCo,
9.00%,
11/15/25,
(9.00%
Cash
or
9.75%
PIK)
(EUR) (2)(5)
1,505,312
1,175
United
Group,
4.625%,
8/15/28
(EUR) (1)
3,105,000
2,460
3,635
Government
Bonds
1.2%
Republic
of
Serbia,
1.00%,
9/23/28
(EUR) (1)
26,075,000
20,080
Republic
of
Serbia,
1.50%,
6/26/29
(EUR) (1)
14,635,000
11,277
Republic
of
Serbia,
1.65%,
3/3/33
(EUR)
10,435,000
6,806
Republic
of
Serbia,
2.05%,
9/23/36
(EUR) (1)
13,065,000
7,922
Republic
of
Serbia,
2.05%,
9/23/36
(EUR)
12,725,000
7,715
Republic
of
Serbia,
Series
12.5,
4.50%,
8/20/32
2,276,590,000
17,308
71,108
Total
Serbia
(Cost
$109,236
)
74,743
SINGAPORE
3.3%
Government
Bonds
3.3%
Government
of
Singapore,
0.50%,
11/1/25
44,175,000
30,845
Government
of
Singapore,
1.625%,
7/1/31
53,221,000
35,376
Government
of
Singapore,
2.375%,
6/1/25
15,670,000
11,546
Government
of
Singapore,
2.875%,
7/1/29
149,773,000
110,672
Total
Singapore
(Cost
$184,166
)
188,439
SLOVENIA
1.1%
Government
Bonds
1.1%
Republic
of
Slovenia,
Series
RS74,
1.50%,
3/25/35 (2)
11,285,000
9,254
Republic
of
Slovenia,
Series
RS76,
3.125%,
8/7/45
34,752,000
32,528
Republic
of
Slovenia,
Series
RS77,
2.25%,
3/3/32 (2)
7,145,000
6,803
Republic
of
Slovenia,
Series
RS78,
1.75%,
11/3/40 (2)
14,425,000
10,887
Republic
of
Slovenia,
Series
RS86,
0.00%,
2/12/31 (2)
4,975,000
3,961
Total
Slovenia
(Cost
$90,304
)
63,433
SPAIN
0.6%
Corporate
Bonds
0.6%
Abertis
Infraestructuras,
3.00%,
3/27/31 (2)
4,300,000
3,971
Banco
de
Sabadell,
VR,
0.875%,
6/16/28 (3)
4,000,000
3,435
Banco
Santander,
1.125%,
1/17/25
5,800,000
5,890
CaixaBank,
VR,
2.75%,
7/14/28 (3)
9,400,000
9,869
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Cellnex
Telecom,
1.75%,
10/23/30
4,800,000
3,955
Cirsa
Finance
International,
6.25%,
12/20/23 (2)
410,256
435
Cirsa
Finance
International,
6.25%,
12/20/23 (1)
890,497
944
Inmobiliaria
Colonial
Socimi,
1.625%,
11/28/25
7,300,000
7,173
Total
Spain
(Cost
$43,167
)
35,672
SWEDEN
2.2%
Corporate
Bonds
0.2%
Akelius
Residential
Property,
1.75%,
2/7/25
(EUR)
6,390,000
6,315
Tele2,
0.75%,
3/23/31
(EUR)
4,600,000
3,721
Verisure
Holding,
3.875%,
7/15/26
(EUR) (1)
1,600,000
1,544
11,580
Government
Bonds
2.0%
Kingdom
of
Sweden,
Series
1056,
2.25%,
6/1/32 (1)(2)
1,214,390,000
115,291
115,291
Total
Sweden
(Cost
$140,920
)
126,871
SWITZERLAND
0.0%
Corporate
Bonds
0.0%
Aquarius
&
Investments
for
Zurich
Insurance,
VR,
4.25%,
10/2/43
(EUR) (3)
2,131,000
2,258
Total
Switzerland
(Cost
$2,936
)
2,258
THAILAND
2.2%
Corporate
Bonds
0.2%
Bangkok
Bank,
VR,
3.733%,
9/25/34
(USD) (3)
9,700,000
8,127
8,127
Government
Bonds
2.0%
Kingdom
of
Thailand,
1.60%,
12/17/29
132,630,000
3,667
Kingdom
of
Thailand,
2.00%,
12/17/31
3,200,559,000
89,087
Kingdom
of
Thailand,
3.65%,
6/20/31
694,772,000
21,890
114,644
Total
Thailand
(Cost
$128,661
)
122,771
UNITED
ARAB
EMIRATES
0.1%
Corporate
Bonds
0.1%
EMG
SUKUK,
4.564%,
6/18/24
(USD)
5,800,000
5,731
Total
United
Arab
Emirates
(Cost
$5,967
)
5,731
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
UNITED
KINGDOM
8.8%
Corporate
Bonds
1.4%
Barclays,
VR,
1.106%,
5/12/32
(EUR) (3)
6,000,000
4,692
Bellis
Acquisition,
3.25%,
2/16/26 (1)
1,450,000
1,421
Crh
Finance
U.K.,
4.125%,
12/2/29
10,000,000
10,961
Deuce
Finco,
5.50%,
6/15/27 (1)
1,600,000
1,539
Eastern
Power
Networks,
5.75%,
3/8/24
62,000
75
Jerrold
Finco,
4.875%,
1/15/26 (1)
580,000
600
Legal
&
General
Group,
VR,
5.375%,
10/27/45 (3)
5,685,000
6,684
Marks
&
Spencer,
6.00%,
6/12/25
1,713,000
1,990
Nationwide
Building
Society,
VR,
1.50%,
3/8/26
(EUR) (3)
2,770,000
2,764
Nationwide
Building
Society,
VR,
2.00%,
7/25/29
(EUR) (3)
5,050,000
5,094
Next
Group,
3.625%,
5/18/28 (2)
7,491,000
7,974
Next
Group,
4.375%,
10/2/26
982,000
1,123
Severn
Trent
Utilities
Finance,
6.125%,
2/26/24
206,000
251
Sky,
1.875%,
11/24/23
(EUR)
5,244,000
5,563
Standard
Chartered,
VR,
2.50%,
9/9/30
(EUR) (3)
9,070,000
8,919
Tesco
Corporate
Treasury
Services,
0.875%,
5/29/26
(EUR)
5,250,000
5,071
Tesco
Corporate
Treasury
Services,
1.875%,
11/2/28
4,850,000
4,789
Vmed
O2
U.K.
Financing
I,
4.50%,
7/15/31 (1)
5,145,000
4,733
Vmed
O2
U.K.
Financing
I,
4.50%,
7/15/31
5,630,000
5,179
79,422
Government
Bonds
7.4%
United
Kingdom
Gilt,
0.625%,
6/7/25
55,319,000
62,397
United
Kingdom
Gilt,
0.625%,
10/22/50
22,419,000
12,058
United
Kingdom
Gilt,
4.25%,
6/7/32
238,931,000
301,854
United
Kingdom
Gilt,
4.25%,
12/7/46
35,581,797
44,144
420,453
Total
United
Kingdom
(Cost
$613,260
)
499,875
UNITED
STATES
2.7%
Corporate
Bonds
2.5%
American
Honda
Finance,
0.75%,
11/25/26
(GBP)
4,097,000
4,232
American
Honda
Finance,
1.95%,
10/18/24
(EUR)
4,680,000
4,867
Ardagh
Metal
Packaging
Finance
USA,
3.00%,
9/1/29
(EUR) (1)
5,325,000
4,131
Bank
of
America,
2.375%,
6/19/24
(EUR)
5,000,000
5,282
Bank
of
America,
VR,
1.379%,
2/7/25
(EUR) (3)
5,786,000
6,018
Becton
Dickinson
&
Company,
3.02%,
5/24/25
(GBP)
7,393,000
8,455
Becton
Dickinson
Euro
Finance,
0.334%,
8/13/28
(EUR)
1,450,000
1,274
Becton
Dickinson
Euro
Finance,
1.213%,
2/12/36
(EUR)
1,874,000
1,393
Berkshire
Hathaway
Finance,
1.50%,
3/18/30
(EUR)
5,119,000
4,612
Bunge
Finance
Europe,
1.85%,
6/16/23
(EUR) (2)
9,220,000
9,802
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Capital
One
Financial,
1.65%,
6/12/29
(EUR)
11,300,000
9,592
Encore
Capital
Group,
4.875%,
10/15/25
(EUR) (1)
3,480,000
3,464
Fiserv,
0.375%,
7/1/23
(EUR)
1,090,000
1,154
Fiserv,
3.00%,
7/1/31
(GBP)
9,825,000
9,872
General
Motors
Financial,
0.85%,
2/26/26
(EUR)
10,000,000
9,545
Goldman
Sachs
Group,
1.375%,
5/15/24
(EUR)
5,700,000
5,950
Goldman
Sachs
Group,
1.625%,
7/27/26
(EUR)
4,137,000
4,116
Graphic
Packaging
International,
2.625%,
2/1/29
(EUR) (1)
2,975,000
2,767
Highland
Holdings,
0.318%,
12/15/26
(EUR)
3,635,000
3,392
Medtronic
Global
Holdings,
0.375%,
10/15/28
(EUR)
2,969,000
2,639
Mondelez
International
Holdings
Netherlands,
0.25%,
9/9/29
(EUR) (1)
6,160,000
5,146
Morgan
Stanley,
VR,
0.406%,
10/29/27
(EUR) (3)
4,931,000
4,539
Morgan
Stanley,
VR,
0.637%,
7/26/24
(EUR) (3)
3,049,000
3,208
Prologis,
2.25%,
6/30/29
(GBP)
5,048,000
5,092
Thermo
Fisher
Scientific,
0.875%,
10/1/31
(EUR)
5,170,000
4,339
Thermo
Fisher
Scientific,
2.375%,
4/15/32
(EUR)
842,000
797
Thermo
Fisher
Scientific
Finance
I,
0.80%,
10/18/30
(EUR)
1,890,000
1,629
Verizon
Communications,
1.30%,
5/18/33
(EUR)
5,270,000
4,252
Westlake,
1.625%,
7/17/29
(EUR)
14,435,000
12,394
143,953
Municipal
Securities
0.2%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (6)(7)
22,245,826
9,732
9,732
Total
United
States
(Cost
$191,743
)
153,685
SHORT-TERM
INVESTMENTS
7.2%
Money
Market
Funds
1.1%
T.
Rowe
Price
Government
Reserve
Fund,
4.30% (8)(9)
61,994,152
61,994
61,994
U.S.
Treasury
Obligations
6.1%
U.S.
Treasury
Bills,
3.262%,
1/26/23 (10)
349,239,000
348,339
348,339
Total
Short-Term
Investments
(Cost
$410,449)
410,333
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SECURITIES
LENDING
COLLATERAL
3.0%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
3.0%
Money
Market
Funds
3.0%
T.
Rowe
Price
Government
Reserve
Fund,
4.30% (8)(9)
170,500,480
170,500
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
170,500
Total
Securities
Lending
Collateral
(Cost
$170,500)
170,500
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED
0.0%
OTC
Options
Purchased
0.0%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Bank
of
America
USD
/
JPY
Put,
2/17/23
@
JPY128.80 (7)
1
58,400
847
Citibank
USD
/
EUR
Call,
12/30/22
@
EUR0.97 (7)
1
133,725
—
Citibank
USD
/
GBP
Call,
2/3/23
@
GBP1.19 (7)
1
117,505
1,003
Morgan
Stanley
USD
/
EUR
Call,
1/6/23
@
EUR0.99 (7)
1
134,800
—
Morgan
Stanley
USD
/
JPY
Put,
3/17/23
@
JPY127.85 (7)
1
58,400
987
UBS
Investment
Bank
USD
/
CAD
Call,
3/3/23
@
CAD1.39 (7)
1
117,700
554
UBS
Investment
Bank
USD
/
EUR
Call,
12/30/22
@
EUR0.99 (7)
1
134,900
—
Total
Options
Purchased
(Cost
$5,707)
3,391
Total
Investments
in
Securities
105.1%
of
Net
Assets
(Cost
$6,544,571)
$
5,971,161
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
‡
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
$362,062
and
represents
6.4%
of
net
assets.
(2)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
December
31,
2022.
(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)
Non-income
producing
(8)
Seven-day
yield
(9)
Affiliated
Companies
(10)
At
December
31,
2022,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
6M
CZK
PRIBOR
Six
month
CZK
PRIBOR
(Prague
interbank
offered
rate)
6M
EURIBOR
Six
month
EURIBOR
(Euro
interbank
offered
rate)
6M
PLN
WIBOR
Six
month
PLN
WIBOR
(Warsaw
interbank
offered
rate)
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CNH
Offshore
China
Renminbi
CPI
Consumer
Price
Index
CZK
Czech
Koruna
EUR
Euro
GBP
British
Pound
GO
General
Obligation
HUF
Hungarian
Forint
ILS
Israeli
Shekel
INR
Indian
Rupee
JPY
Japanese
Yen
MXIBTIIE
Mexican
Interbank
28
day
interest
rate
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NOK
Norwegian
Krone
OTC
Over-the-counter
PIK
Payment-in-kind
PLN
Polish
Zloty
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
.
.
.
.
.
.
.
.
.
.
RSD
Serbian
Dinar
SEK
Swedish
Krona
SGD
Singapore
Dollar
THB
Thai
Baht
TWD
Taiwan
Dollar
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
ZAR
South
African
Rand
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(Amounts
in
000s)
SWAPS
(1.2)%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
(0.0)%
Credit
Default
Swaps,
Protection
Sold
(0.0)%
Greece
(0.0)%
Bank
of
America,
Protection
Sold
(Relevant
Credit:
Hellenic
Republic,
BB+*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
(USD)
17,964
129
(295)
424
Bank
of
America,
Protection
Sold
(Relevant
Credit:
Hellenic
Republic,
BB+*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/29
(USD)
12,470
(494)
(437)
(57)
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Hellenic
Republic,
BB+*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/24
(USD)
9,200
61
(167)
228
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Hellenic
Republic,
BB+*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
(USD)
16,500
119
(36)
155
Citibank,
Protection
Sold
(Relevant
Credit:
Hellenic
Republic,
BB+*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/25
(USD)
6,635
36
(186)
222
Morgan
Stanley,
Protection
Sold
(Relevant
Credit:
Hellenic
Republic,
BB+*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
(USD)
4,911
35
(15)
50
Morgan
Stanley,
Protection
Sold
(Relevant
Credit:
Hellenic
Republic,
BB+*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/25
(USD)
2,801
15
(64)
79
Total
Greece
(1,200)
1,101
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(1,200)
1,101
Total
Bilateral
Swaps
(1,200)
1,101
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
(1.2)%
Credit
Default
Swaps,
Protection
Bought
(0.1)%
Foreign/Europe
(0.1)%
Protection
Bought
(Relevant
Credit:
Markit
iTraxx
Crossover-S38,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
*
233,665
(2,914)
4,678
(7,592)
Protection
Bought
(Relevant
Credit:
Markit
iTraxx
Europe-S38,
5
Year
Index),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
109,340
(77)
2,374
(2,451)
Total
Foreign/Europe
(10,043)
Germany
0.0%
Protection
Bought
(Relevant
Credit:
LANXESS
AG),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
*
13,200
650
1,115
(465)
Total
Germany
(465)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Bought
(10,508)
Credit
Default
Swaps,
Protection
Sold
(0.0)%
Greece
(0.0)%
Protection
Sold
(Relevant
Credit:
Hellenic
Republic,
BB+*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
(USD)
3,700
—
39
(39)
Total
Greece
(39)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
(39)
Interest
Rate
Swaps
(1.1)%
Czech
Republic
0.1%
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.180%
Annually,
Pay
Variable
7.260%
(6M
CZK
PRIBOR)
Semi-Annually,
6/21/27
451,320
1,292
1
1,291
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.285%
Annually,
Pay
Variable
7.260%
(6M
CZK
PRIBOR)
Semi-Annually,
6/22/27
227,041
698
—
698
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.333%
Annually,
Pay
Variable
7.260%
(6M
CZK
PRIBOR)
Semi-Annually,
6/22/27
449,939
1,426
—
1,426
Total
Czech
Republic
3,415
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
Foreign/Europe
(1.2)%
4
Year
Interest
Rate
Swap,
Receive
Fixed
(0.090)%
Annually,
Pay
Variable
2.198%
(6M
EURIBOR)
Semi-Annually,
11/4/25
27,310
(2,736)
—
(2,736)
4
Year
Interest
Rate
Swap,
Receive
Fixed
(0.144)%
Annually,
Pay
Variable
2.038%
(6M
EURIBOR)
Semi-Annually,
10/20/25
36,080
(3,645)
—
(3,645)
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.160%
Annually,
Pay
Variable
2.752%
(6M
EURIBOR)
Semi-Annually,
12/30/27
200,750
(765)
—
(765)
7
Year
Interest
Rate
Swap,
Receive
Fixed
(0.057)%
Annually,
Pay
Variable
2.294%
(6M
EURIBOR)
Semi-Annually,
5/19/28
33,000
(5,751)
—
(5,751)
7
Year
Interest
Rate
Swap,
Receive
Fixed
(0.079)%
Annually,
Pay
Variable
2.703%
(6M
EURIBOR)
Semi-Annually,
6/29/28
7,869
(1,392)
1
(1,393)
7
Year
Interest
Rate
Swap,
Receive
Fixed
(0.094)%
Annually,
Pay
Variable
2.701%
(6M
EURIBOR)
Semi-Annually,
6/28/28
7,800
(1,388)
—
(1,388)
7
Year
Interest
Rate
Swap,
Receive
Fixed
(0.100)%
Annually,
Pay
Variable
2.405%
(6M
EURIBOR)
Semi-Annually,
6/3/28
3,300
(585)
—
(585)
7
Year
Interest
Rate
Swap,
Receive
Fixed
(0.101)%
Annually,
Pay
Variable
2.442%
(6M
EURIBOR)
Semi-Annually,
6/1/28
21,200
(3,764)
—
(3,764)
7
Year
Interest
Rate
Swap,
Receive
Fixed
2.638%
Annually,
Pay
Variable
2.519%
(6M
EURIBOR)
Semi-Annually,
12/17/29
47,260
(1,721)
—
(1,721)
9
Year
Interest
Rate
Swap,
Pay
Fixed
0.858%
Annually,
Receive
Variable
1.740%
(6M
EURIBOR)
Semi-Annually,
9/22/27
600
68
1
67
10
Year
Interest
Rate
Swap,
Receive
Fixed
0.830%
Annually,
Pay
Variable
1.203%
(6M
EURIBOR)
Semi-Annually,
3/2/32
143,450
(28,008)
—
(28,008)
10
Year
Interest
Rate
Swap,
Receive
Fixed
1.222%
Annually,
Pay
Variable
1.809%
(6M
EURIBOR)
Semi-Annually,
4/5/32
49,550
(8,030)
—
(8,030)
10
Year
Interest
Rate
Swap,
Receive
Fixed
1.627%
Annually,
Pay
Variable
2.057%
(6M
EURIBOR)
Semi-Annually,
4/21/32
30,272
(3,799)
—
(3,799)
10
Year
Interest
Rate
Swap,
Receive
Fixed
1.640%
Annually,
Pay
Variable
2.130%
(6M
EURIBOR)
Semi-Annually,
5/3/32
30,750
(3,832)
—
(3,832)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.683%
Annually,
Pay
Variable
2.436%
(6M
EURIBOR)
Semi-Annually,
11/30/32
4,760
(217)
—
(217)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.698%
Annually,
Pay
Variable
2.436%
(6M
EURIBOR)
Semi-Annually,
11/30/32
2,040
(91)
—
(91)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.702%
Annually,
Pay
Variable
2.338%
(6M
EURIBOR)
Semi-Annually,
11/24/32
3,600
(156)
1
(157)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.712%
Annually,
Pay
Variable
2.338%
(6M
EURIBOR)
Semi-Annually,
11/24/32
1,200
(50)
1
(51)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.730%
Annually,
Pay
Variable
2.327%
(6M
EURIBOR)
Semi-Annually,
11/23/32
88,800
(3,619)
—
(3,619)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.735%
Annually,
Pay
Variable
2.294%
(6M
EURIBOR)
Semi-Annually,
11/22/32
4,585
(185)
—
(185)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.742%
Annually,
Pay
Variable
2.294%
(6M
EURIBOR)
Semi-Annually,
11/22/32
13,400
(529)
—
(529)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.796%
Annually,
Pay
Variable
2.300%
(6M
EURIBOR)
Semi-Annually,
11/17/32
2,890
(99)
1
(100)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.803%
Annually,
Pay
Variable
2.311%
(6M
EURIBOR)
Semi-Annually,
11/18/32
4,912
(166)
1
(167)
10
Year
Interest
Rate
Swap,
Receive
Fixed
2.822%
Annually,
Pay
Variable
2.300%
(6M
EURIBOR)
Semi-Annually,
11/17/32
19,300
(620)
1
(621)
Total
Foreign/Europe
(71,087)
Mexico
(0.1)%
7
Year
Interest
Rate
Swap,
Receive
Fixed
5.499%
28
Days,
Pay
Variable
10.715%
(MXIBTIIE)
28
Days,
5/4/27
525,000
(3,282)
—
(3,282)
Total
Mexico
(3,282)
Poland
0.1%
10
Year
Interest
Rate
Swap,
Pay
Fixed
1.775%
Annually,
Receive
Variable
7.570%
(6M
PLN
WIBOR)
Semi-Annually,
10/22/29
32,824
1,792
1
1,791
10
Year
Interest
Rate
Swap,
Pay
Fixed
1.780%
Annually,
Receive
Variable
7.570%
(6M
PLN
WIBOR)
Semi-Annually,
10/22/29
22,976
1,252
—
1,252
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
10
Year
Interest
Rate
Swap,
Pay
Fixed
2.850%
Annually,
Receive
Variable
7.470%
(6M
PLN
WIBOR)
Semi-Annually,
4/6/28
15,800
496
—
496
10
Year
Interest
Rate
Swap,
Pay
Fixed
2.910%
Annually,
Receive
Variable
7.320%
(6M
PLN
WIBOR)
Semi-Annually,
3/27/28
16,200
498
1
497
10
Year
Interest
Rate
Swap,
Pay
Fixed
2.920%
Annually,
Receive
Variable
7.780%
(6M
PLN
WIBOR)
Semi-Annually,
5/7/28
16,100
491
—
491
10
Year
Interest
Rate
Swap,
Pay
Fixed
3.030%
Annually,
Receive
Variable
7.600%
(6M
PLN
WIBOR)
Semi-Annually,
5/18/28
10,100
292
—
292
10
Year
Interest
Rate
Swap,
Pay
Fixed
3.075%
Annually,
Receive
Variable
7.300%
(6M
PLN
WIBOR)
Semi-Annually,
2/27/28
8,000
234
—
234
10
Year
Interest
Rate
Swap,
Pay
Fixed
3.149%
Annually,
Receive
Variable
7.300%
(6M
PLN
WIBOR)
Semi-Annually,
2/13/28
15,931
456
—
456
10
Year
Interest
Rate
Swap,
Pay
Fixed
3.158%
Annually,
Receive
Variable
7.300%
(6M
PLN
WIBOR)
Semi-Annually,
2/14/28
12,062
344
1
343
10
Year
Interest
Rate
Swap,
Pay
Fixed
3.160%
Annually,
Receive
Variable
7.300%
(6M
PLN
WIBOR)
Semi-Annually,
2/12/28
10,007
286
1
285
Total
Poland
6,137
Total
Centrally
Cleared
Interest
Rate
Swaps
(64,817)
Zero-Coupon
Inflation
Swaps
(0.0)%
Foreign/Europe
(0.0)%
5
Year
Zero-Coupon
Inflation
Swap
Receive
Fixed
2.573%
at
Maturity,
Pay
Variable
(Change
in
CPI)
at
Maturity,
12/15/27
82,450
(688)
—
(688)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
5
Year
Zero-Coupon
Inflation
Swap
Receive
Fixed
2.575%
at
Maturity,
Pay
Variable
(Change
in
CPI)
at
Maturity,
12/15/27
82,450
(678)
—
(678)
Total
Foreign/Europe
(1,366)
Total
Centrally
Cleared
Zero-Coupon
Inflation
Swaps
(1,366)
Total
Centrally
Cleared
Swaps
(76,730)
Net
payments
(receipts)
of
variation
margin
to
date
70,858
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(5,872)
*
Credit
ratings
as
of
December
31,
2022.
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.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
1/20/23
USD
74,456
JPY
10,222,091
$
(3,653)
Bank
of
America
1/31/23
USD
2,871
EUR
2,876
(215)
Bank
of
America
2/24/23
GBP
3,734
USD
4,459
62
Bank
of
America
2/24/23
USD
17,069
GBP
14,396
(359)
Bank
of
America
2/24/23
USD
6,740
SEK
71,034
(89)
Barclays
Bank
2/24/23
USD
3,675
SEK
40,890
(256)
BNP
Paribas
1/19/23
CLP
13,852,299
USD
14,651
1,650
BNP
Paribas
1/19/23
USD
46,741
CLP
46,059,210
(7,459)
BNP
Paribas
1/20/23
USD
239,323
JPY
34,142,548
(21,567)
BNP
Paribas
1/31/23
USD
469,996
EUR
477,938
(42,764)
BNP
Paribas
2/24/23
USD
11,234
EUR
10,865
(442)
BNP
Paribas
2/24/23
USD
67,201
GBP
55,409
119
BNP
Paribas
3/2/23
USD
13,934
BRL
75,620
(222)
BNP
Paribas
3/10/23
USD
10,078
MYR
44,697
(173)
Canadian
Imperial
Bank
of
Commerce
1/20/23
CAD
101,890
USD
75,095
164
Citibank
1/13/23
USD
251,070
CNH
1,810,456
(10,823)
Citibank
1/13/23
USD
16,826
MXN
343,537
(755)
Citibank
1/13/23
ZAR
469,475
USD
25,886
1,709
Citibank
1/19/23
CLP
3,485,960
USD
3,672
430
Citibank
1/19/23
ILS
186,147
USD
52,767
235
Citibank
1/19/23
ILS
3,727
USD
1,067
(5)
Citibank
1/19/23
USD
140,625
ILS
483,571
2,937
Citibank
1/19/23
USD
24,547
INR
2,014,181
228
Citibank
1/19/23
USD
1,019
INR
84,399
—
Citibank
1/20/23
CAD
8,453
USD
6,191
53
Citibank
1/20/23
CAD
94,508
USD
70,406
(600)
Citibank
1/20/23
JPY
9,563,422
USD
71,061
2,015
Citibank
1/20/23
USD
80,440
AUD
124,663
(4,512)
Citibank
1/20/23
USD
17,429
CAD
24,287
(510)
Citibank
1/20/23
USD
20,124
JPY
2,936,403
(2,314)
Citibank
2/24/23
EUR
3,369
USD
3,521
99
Citibank
2/24/23
USD
507
EUR
501
(31)
Citibank
2/24/23
USD
43,077
GBP
35,423
191
Citibank
2/24/23
USD
39,528
SEK
410,573
55
Citibank
3/10/23
USD
4,904
THB
171,185
(73)
Citibank
3/17/23
USD
6,456
RSD
717,873
(93)
Citibank
3/17/23
USD
11,980
SGD
16,169
(108)
Citibank
3/24/23
EUR
43,296
USD
46,452
165
Deutsche
Bank
1/13/23
USD
57,263
HUF
25,419,795
(10,595)
Deutsche
Bank
1/13/23
USD
4,780
MXN
93,817
(21)
Deutsche
Bank
1/19/23
USD
855
INR
70,332
6
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Deutsche
Bank
1/20/23
USD
8,230
CAD
11,000
$
105
Deutsche
Bank
1/20/23
USD
313,088
JPY
44,022,621
(23,298)
Deutsche
Bank
2/24/23
USD
4,872
GBP
4,111
(105)
Deutsche
Bank
3/10/23
USD
108,223
THB
3,783,202
(1,759)
Deutsche
Bank
3/24/23
USD
595,058
EUR
568,335
(16,865)
Goldman
Sachs
1/13/23
USD
2,708
CZK
65,726
(198)
Goldman
Sachs
1/19/23
INR
3,747,451
USD
45,514
(268)
Goldman
Sachs
1/19/23
USD
875
INR
72,442
1
Goldman
Sachs
1/19/23
USD
26,951
TWD
854,227
(903)
Goldman
Sachs
1/20/23
USD
3,192
JPY
460,477
(327)
Goldman
Sachs
2/24/23
USD
3,781
SEK
40,433
(106)
Goldman
Sachs
3/24/23
USD
1,190
EUR
1,139
(37)
HSBC
Bank
1/13/23
USD
171,435
CNH
1,230,297
(6,534)
HSBC
Bank
1/19/23
CLP
3,516,939
USD
3,725
414
HSBC
Bank
1/20/23
JPY
6,897,119
USD
47,424
5,279
HSBC
Bank
1/31/23
EUR
1,381
USD
1,427
55
HSBC
Bank
1/31/23
USD
10,200
EUR
9,996
(525)
HSBC
Bank
2/24/23
USD
347,730
EUR
343,741
(21,651)
HSBC
Bank
2/24/23
USD
14,175
GBP
11,651
70
HSBC
Bank
3/10/23
USD
65,671
MYR
293,120
(1,557)
HSBC
Bank
3/17/23
USD
238,966
CNH
1,652,313
(1,220)
JPMorgan
Chase
1/13/23
USD
77,098
CNH
555,858
(3,311)
JPMorgan
Chase
1/13/23
USD
38,739
MXN
786,393
(1,506)
JPMorgan
Chase
1/20/23
CHF
4,154
USD
4,409
95
JPMorgan
Chase
1/20/23
JPY
1,207,122
USD
8,307
917
JPMorgan
Chase
1/20/23
USD
5,513
AUD
8,241
(103)
JPMorgan
Chase
1/31/23
USD
5,699
EUR
5,481
(182)
JPMorgan
Chase
2/17/23
USD
8,692
RSD
1,026,344
(673)
JPMorgan
Chase
2/24/23
EUR
1,097
USD
1,146
33
JPMorgan
Chase
2/24/23
USD
2,858
GBP
2,406
(55)
JPMorgan
Chase
3/17/23
USD
7,895
SGD
10,618
(42)
Morgan
Stanley
1/19/23
CLP
12,793,908
USD
13,244
1,812
Morgan
Stanley
1/20/23
CHF
3,649
USD
3,639
316
Morgan
Stanley
1/20/23
USD
348,296
JPY
51,252,908
(43,339)
Morgan
Stanley
2/24/23
EUR
3,965
USD
4,130
131
Morgan
Stanley
2/24/23
GBP
3,852
USD
4,633
30
Morgan
Stanley
2/24/23
USD
301,924
GBP
253,667
(5,185)
Morgan
Stanley
3/2/23
USD
7,399
BRL
40,718
(224)
RBC
Dominion
Securities
1/20/23
AUD
7,223
USD
4,912
10
RBC
Dominion
Securities
1/20/23
JPY
2,977,067
USD
20,484
2,264
RBC
Dominion
Securities
1/20/23
USD
203,562
CAD
273,343
1,664
RBC
Dominion
Securities
1/20/23
USD
7,697
CAD
10,573
(113)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Standard
Chartered
1/20/23
USD
7,143
CAD
9,622
$
36
Standard
Chartered
1/20/23
USD
15,070
JPY
2,204,208
(1,773)
Standard
Chartered
3/10/23
USD
89,624
MYR
392,906
(490)
State
Street
1/13/23
CNH
2,037,764
USD
281,343
13,432
State
Street
1/13/23
CZK
89,903
USD
3,616
358
State
Street
1/13/23
USD
15,201
CNH
110,952
(849)
State
Street
1/13/23
USD
7,068
CZK
167,516
(338)
State
Street
1/13/23
USD
9,432
HUF
3,802,462
(719)
State
Street
1/19/23
USD
1,651
ILS
5,853
(16)
State
Street
1/19/23
USD
5,147
INR
422,299
48
State
Street
1/20/23
CAD
141,551
USD
103,543
1,010
State
Street
1/20/23
CHF
3,478
USD
3,674
96
State
Street
1/20/23
JPY
17,503,706
USD
133,069
680
State
Street
1/20/23
USD
4,624
AUD
6,946
(110)
State
Street
1/20/23
USD
17,035
CAD
22,712
259
State
Street
1/20/23
USD
336,798
CAD
461,656
(4,194)
State
Street
1/20/23
USD
466,902
JPY
66,921,647
(44,461)
State
Street
1/20/23
USD
10,805
NOK
113,988
(840)
State
Street
1/31/23
USD
78,960
EUR
79,118
(5,922)
State
Street
2/24/23
EUR
71,135
USD
75,754
687
State
Street
2/24/23
GBP
18,476
USD
22,293
76
State
Street
2/24/23
GBP
5,343
USD
6,548
(80)
State
Street
2/24/23
USD
303,773
EUR
299,296
(17,848)
State
Street
2/24/23
USD
12,196
GBP
10,028
55
State
Street
2/24/23
USD
188,100
GBP
157,689
(2,811)
State
Street
3/17/23
USD
146,705
SGD
198,247
(1,495)
State
Street
3/24/23
USD
51,246
EUR
49,357
(1,897)
UBS
Investment
Bank
1/13/23
USD
92,304
CZK
2,316,764
(10,122)
UBS
Investment
Bank
1/13/23
USD
27,083
ZAR
469,475
(512)
UBS
Investment
Bank
1/19/23
CLP
22,133,538
USD
23,217
2,829
UBS
Investment
Bank
1/19/23
INR
936,863
USD
11,359
(48)
UBS
Investment
Bank
1/19/23
USD
23,863
CLP
23,202,760
(3,441)
UBS
Investment
Bank
1/19/23
USD
27,455
INR
2,249,539
295
UBS
Investment
Bank
1/20/23
CHF
142,947
USD
144,114
10,851
UBS
Investment
Bank
1/20/23
JPY
4,727,251
USD
32,620
3,502
UBS
Investment
Bank
1/20/23
USD
92,151
AUD
147,805
(8,572)
UBS
Investment
Bank
1/20/23
USD
17,426
CAD
24,287
(513)
UBS
Investment
Bank
1/20/23
USD
6,121
CHF
5,632
15
UBS
Investment
Bank
1/20/23
USD
45,749
CHF
43,442
(1,345)
UBS
Investment
Bank
2/17/23
USD
58,306
PLN
282,912
(5,997)
UBS
Investment
Bank
2/24/23
EUR
30,595
USD
32,448
429
UBS
Investment
Bank
2/24/23
USD
65,916
SEK
684,288
127
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
UBS
Investment
Bank
3/17/23
USD
21,745
SGD
29,457
$
(275)
UBS
Investment
Bank
3/24/23
EUR
2,883
USD
3,093
11
Wells
Fargo
1/19/23
CLP
13,479,325
USD
14,032
1,830
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(292,453)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
4,255
Commonwealth
of
Australia
three
year
bond
contracts
3/23
309,392
$
(4,155)
Short,
566
Euro
BTP
contracts
3/23
(65,992)
1,506
Long,
1,018
Euro
SCHATZ
contracts
3/23
114,878
(1,223)
Long,
2,091
Government
of
Canada
ten
year
bond
contracts
3/23
189,256
(6,826)
Short,
187
Government
of
Japan
ten
year
bond
contracts
3/23
(207,262)
3,845
Long,
935
Republic
of
South
Korea
ten
year
bond
contracts
3/23
81,299
(2,499)
Long,
5,372
Republic
of
South
Korea
three
year
bond
contracts
3/23
439,489
(3,701)
Net
payments
(receipts)
of
variation
margin
to
date
13,203
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
150
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
year
ended
December
31,
2022.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
4.30%
$
—
$
—
$
2,948++
Totals
$
—#
$
—
$
2,948+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
12/31/22
T.
Rowe
Price
Government
Reserve
Fund,
4.30%
$
172,562
¤
¤
$
232,494
Total
$
232,494^
#
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
as
described
in
Note
4.
+
Investment
income
comprised
$2,948
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
$232,494.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
December
31,
2022
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$6,544,571)
$
5,971,161
Receivable
for
investment
securities
sold
143,392
Unrealized
gain
on
forward
currency
exchange
contracts
59,940
Interest
receivable
37,689
Foreign
currency
(cost
$9,248)
9,272
Receivable
for
shares
sold
7,008
Due
from
affiliates
1,900
Unrealized
gain
on
bilateral
swaps
1,158
Cash
800
Variation
margin
receivable
on
futures
contracts
150
Other
assets
6,106
Total
assets
6,238,576
Liabilities
Unrealized
loss
on
forward
currency
exchange
contracts
352,393
Obligation
to
return
securities
lending
collateral
170,500
Payable
for
shares
redeemed
20,675
Variation
margin
payable
on
centrally
cleared
swaps
5,872
Investment
management
fees
payable
2,404
Bilateral
swap
premiums
received
1,200
Unrealized
loss
on
bilateral
swaps
57
Payable
to
directors
3
Other
liabilities
5,132
Total
liabilities
558,236
NET
ASSETS
$
5,680,340
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
December
31,
2022
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(1,328,144)
Paid-in
capital
applicable
to
717,998,704
shares
of
$0.01
par
value
capital
stock
outstanding;
18,000,000,000
shares
of
the
Corporation
authorized
7,008,484
NET
ASSETS
$
5,680,340
NET
ASSET
VALUE
PER
SHARE
Investor
Class
($75,578,511
/
9,554,175
shares
outstanding)
$
7.91
Advisor
Class
($81,247
/
10,288
shares
outstanding)
$
7.90
I
Class
($1,246,023,183
/
157,431,476
shares
outstanding)
$
7.91
Z
Class
($4,358,656,814
/
551,002,765
shares
outstanding)
$
7.91
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Year
Ended
12/31/22
Investment
Income
(Loss)
Income
Interest
(net
of
foreign
taxes
of
$492)
$
133,960
Dividend
2,948
Securities
lending
861
Total
income
137,769
Expenses
Investment
management
27,353
Shareholder
servicing
Investor
Class
$
224
I
Class
87
311
Prospectus
and
shareholder
reports
Investor
Class
30
I
Class
80
Z
Class
4
114
Custody
and
accounting
1,137
Registration
110
Legal
and
audit
46
Directors
14
Miscellaneous
49
Waived
/
paid
by
Price
Associates
(24,558)
Total
expenses
4,576
Net
investment
income
133,193
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
12/31/22
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(net
of
foreign
taxes
of
$319)
(480,990)
Futures
(73,194)
Swaps
(4,610)
Options
written
(3,308)
Forward
currency
exchange
contracts
723,276
Foreign
currency
transactions
(7,249)
Net
realized
gain
153,925
Change
in
net
unrealized
gain
/
loss
Securities
(563,612)
Futures
(16,045)
Swaps
(83,379)
Forward
currency
exchange
contracts
(317,242)
Other
assets
and
liabilities
denominated
in
foreign
currencies
998
Change
in
net
unrealized
gain
/
loss
(979,280)
Net
realized
and
unrealized
gain
/
loss
(825,355)
DECREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
(692,162)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Statement
of
Changes
in
Net
Assets
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/22
12/31/21
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
133,193
$
120,391
Net
realized
gain
153,925
155,711
Change
in
net
unrealized
gain
/
loss
(979,280)
(344,801)
Decrease
in
net
assets
from
operations
(692,162)
(68,699)
Distributions
to
shareholders
Net
earnings
Investor
Class
(7,863)
(6,990)
Advisor
Class
(8)
(2)
I
Class
(111,790)
(14,542)
Z
Class
(466,548)
(173,298)
Decrease
in
net
assets
from
distributions
(586,209)
(194,832)
Capital
share
transactions
*
(1)
Shares
sold
Investor
Class
51,366
69,664
I
Class
958,606
157,082
Z
Class
417,201
1,527,670
Distributions
reinvested
Investor
Class
7,708
6,507
I
Class
111,592
14,542
Z
Class
466,454
173,262
Shares
redeemed
Investor
Class
(180,257)
(420,112)
I
Class
(177,930)
(16,804)
Z
Class
(803,344)
(950,635)
Increase
in
net
assets
from
capital
share
transactions
851,396
561,176
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/22
12/31/21
Net
Assets
Increase
(decrease)
during
period
(426,975)
297,645
Beginning
of
period
6,107,315
5,809,670
End
of
period
$
5,680,340
$
6,107,315
*Share
information
(000s)
(1)
Shares
sold
Investor
Class
5,615
6,833
I
Class
107,777
15,469
Z
Class
45,193
150,345
Distributions
reinvested
Investor
Class
926
647
I
Class
13,583
1,450
Z
Class
55,920
17,234
Shares
redeemed
Investor
Class
(19,025)
(41,393)
I
Class
(19,923)
(1,659)
Z
Class
(88,056)
(93,656)
Increase
in
shares
outstanding
102,010
55,270
(1)
Includes
the
exchange
of
shares
from
certain
classes
to
the
I
Class
and/or
Z
Class
related
to
shares
held
by
affiliated
products.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
International
Funds,
Inc.
(the
corporation) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
International
Bond
Fund
(USD
Hedged)
(the
fund)
is a
nondiversified,
open-end
management
investment
company
established
by
the
corporation. The
fund
seeks
to
provide
current
income
and
capital
appreciation.
The
fund
has
four classes
of
shares:
the
International
Bond
Fund
(USD
Hedged)
(Investor
Class),
the
International
Bond
Fund
(USD
Hedged)–Advisor
Class
(Advisor
Class),
the
International
Bond
Fund
(USD
Hedged)–I
Class
(I
Class),
and
the
International
Bond
Fund
(USD
Hedged)–Z
Class
(Z
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
Prior
to
November
15,
2021,
the
initial
investment
minimum
was
$1
million
and
was
generally
waived
for
financial
intermediaries,
eligible
retirement
plans,
and
other
certain
accounts.
As
a
result
of
the
reduction
in
the
I
Class
minimum,
certain
assets
transferred
from
the
Investor
Class
to
the
I
Class.
This
transfer
of
shares
from
Investor
Class
to
I
Class
is
reflected
in
the
Statement
of
Changes
in
Net
Assets
within
the
Capital
shares
transactions
as
Shares
redeemed
and
Shares
sold,
respectively.
The
Z
Class
is
only
available
to
funds
advised
by
T.
Rowe
Price
Associates,
Inc.
and
its
affiliates
and
other
clients
that
are
subject
to
a
contractual
fee
for
investment
management
services.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/or
certain
administrative
services;
the
Investor,
I
and
Z
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis.
Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income.
Inflation
adjustments
to
the
principal
amount
of
inflation-indexed
bonds
are
reflected
as
interest
income.
Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense.
Dividends
received
from
mutual
fund
investments
are
reflected
as
dividend
income;
capital
gain
distributions
are
reflected
as
realized
gain/
loss.
Dividend
income
and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly.
A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to all classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class’s
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class’s
outstanding
shares.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class’s
average
daily
net
assets;
during
the year
ended December
31,
2022,
the Advisor
Class incurred
less
than
$1,000
in
these
fees.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
New
Accounting
Guidance
The
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2020–04,
Reference
Rate
Reform
(Topic
848) –
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting
in
March
2020
and
ASU
2021-01
in
January
2021
which
provided
further
amendments
and
clarifications
to
Topic
848.
These
ASUs provide
optional,
temporary
relief
with
respect
to
the
financial
reporting
of
contracts
subject
to
certain
types
of
modifications
due
to
the
planned
discontinuation
of
the
London
Interbank
Offered
Rate
(LIBOR),
and
other
interbank-offered
based
reference
rates,
through December
31,
2022.
In
December,
2022,
FASB
issued
ASU
2022-06
which
defers
the
sunset
date
of
Topic
848
from
December
31,
2022,
to
December
31,
2024,
after
which
entities
will
no
longer
be
permitted
to
apply
the
relief
in
Topic
848.
Management
intends
to
rely
upon
the
relief
provided
under
Topic
848,
which
is
not
expected to
have
a
material
impact
on
the fund's
financial statements.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
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
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
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)
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
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.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
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
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
December
31,
2022
(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
$
—
$
5,386,937
$
—
$
5,386,937
Short-Term
Investments
61,994
348,339
—
410,333
Securities
Lending
Collateral
170,500
—
—
170,500
Options
Purchased
—
3,391
—
3,391
Total
Securities
232,494
5,738,667
—
5,971,161
Swaps*
—
10,014
—
10,014
Forward
Currency
Exchange
Contracts
—
59,940
—
59,940
Futures
Contracts*
5,351
—
—
5,351
Total
$
237,845
$
5,808,621
$
—
$
6,046,466
Liabilities
Swaps*
$
—
$
86,843
$
—
$
86,843
Forward
Currency
Exchange
Contracts
—
352,393
—
352,393
Futures
Contracts*
18,404
—
—
18,404
Total
$
18,404
$
439,236
$
—
$
457,640
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Government
Bonds
and
Municipal
Securities.
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
year ended
December
31,
2022,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund’s
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
portfolio
duration
and
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund’s
derivative
instruments
held
as
of
December
31,
2022,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Interest
rate
derivatives
Centrally
Cleared
Swaps
,
Futures
$
14,970
Foreign
exchange
derivatives
Forwards
,
Securities^
63,331
Credit
derivatives
Bilateral
Swaps
and
Premiums
395
^
,*
Total
$
78,696
^
,*
Liabilities
Inflation
derivatives
Centrally
Cleared
Swaps
$
1,366
Interest
rate
derivatives
Centrally
Cleared
Swaps,
Futures
92,840
Foreign
exchange
derivatives
Forwards
352,393
Credit
derivatives
Bilateral
Swaps
and
Premiums
,
Centrally
Cleared
Swaps
11,041
Total
$
457,640
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
^
Options
purchased
are
reported
as
securities
and
are
reflected
in
the
accompanying
Portfolio
of
Investments.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
year ended
December
31,
2022,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Securities^
Options
Written
Futures
Forward
Currency
Exchange
Contracts
Swaps
Total
Realized
Gain
(Loss)
Interest
rate
derivatives
$
—
$
—
$
(73,194)
$
—
$
1,938
$
(71,256)
Foreign
exchange
derivatives
1,471
(3,308)
—
723,276
—
721,439
Credit
derivatives
(361)
—
—
—
(6,548)
(6,909)
Total
$
1,110
$
(3,308)
$
(73,194)
$
723,276
$
(4,610)
$
643,274
Change
in
Unrealized
Gain
(Loss)
Inflation
derivatives
$
—
$
—
$
—
$
—
$
(1,366)
$
(1,366)
Interest
rate
derivatives
—
—
(16,045)
—
(72,647)
(88,692)
Foreign
exchange
derivatives
(3,105)
—
—
(317,242)
—
(320,347)
Credit
derivatives
—
—
—
—
(9,366)
(9,366)
Total
$
(3,105)
$
—
$
(16,045)
$
(317,242)
$
(83,379)
$
(419,771)
^
Options
purchased
are
reported
as
securities.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Counterparty
Risk
and
Collateral
The
fund
invests
in
derivatives
in
various
markets,
which
expose
it
to
differing
levels
of
counterparty
risk.
Counterparty
risk
on
exchange-
traded
and
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps,
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Derivatives,
such
as
non-cleared bilateral
swaps,
forward
currency
exchange
contracts,
and
OTC
options,
that
are
transacted
and
settle
directly
with
a
counterparty
(bilateral
derivatives)
may
expose
the
fund
to
greater
counterparty
risk.
To
mitigate
this
risk,
the
fund
has
entered
into
master
netting
arrangements
(MNAs)
with
certain
counterparties
that
permit
net
settlement
under
specified
conditions
and,
for
certain
counterparties,
also
require
the
exchange
of
collateral
to
cover
mark-to-market
exposure.
MNAs
may
be
in
the
form
of
International
Swaps
and
Derivatives
Association
master
agreements
(ISDAs)
or
foreign
exchange
letter
agreements
(FX
letters).
MNAs
provide
the
ability
to
offset
amounts
the
fund
owes
a
counterparty
against
amounts
the
counterparty
owes
the
fund
(net
settlement).
Both
ISDAs
and
FX
letters
generally
allow
termination
of
transactions
and
net
settlement
upon
the
occurrence
of
contractually
specified
events,
such
as
failure
to
pay
or
bankruptcy.
In
addition,
ISDAs
specify
other
events,
the
occurrence
of
which
would
allow
one
of
the
parties
to
terminate.
For
example,
a
downgrade
in
credit
rating
of
a
counterparty
below
a
specified
rating
would
allow
the
fund
to
terminate,
while
a
decline
in
the
fund’s
net
assets
of
more
than
a
specified
percentage
would
allow
the
counterparty
to
terminate.
Upon
termination,
all
transactions
with
that
counterparty
would
be
liquidated
and
a
net
termination
amount
settled.
ISDAs
typically
include
collateral
agreements
whereas
FX
letters
do
not.
Variation
margin
amounts
are
determined
daily
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
non-cleared
bilateral
derivatives,
subject
to
minimum
transfer
amounts
that
typically
range
from
$100,000
to
$250,000.
Any
additional
variation
margin
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Initial
margin
amounts
are
determined
on
a
daily
basis
and
calculated
in
accordance
to
global
regulations
on
all
bilateral
derivatives,
subject
to
an
initial
margin
threshold
(typically
$50,000,000
per
counterparty)
and
a
minimum
transfer
amount
of
$100,000
to
$250,000
when
initial
margin
amounts
exceed
the
counterparty
threshold.
Any
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
additional
initial
margin
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Variation
margin
and
initial
margin
are
collectively
referred
to
as
collateral.
Collateral
may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies,
and
by
the
governments
of
France,
Germany,
Italy,
Spain,
or
the
United
Kingdom,
although
other
securities
may
be
used
depending
on
the
terms
outlined
in
the
applicable
MNA.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund’s
assets.
Collateral
pledged
by
counterparties
is
not
included
in
the
fund’s
assets
because
the
fund
does
not
obtain
effective
control
over
those
assets.
For
bilateral
derivatives,
collateral
posted
by
the
fund
is
held
in
a
segregated
account
at
the
fund’s
custodian.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared,
and
OTC
and
bilateral
derivatives
may
be
unwound
with
counterparties
or
transactions
assigned
to
other
counterparties
to
allow
the
fund
to
exit
the
transaction.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
December
31,
2022,
securities
valued
at $77,271,000
had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
The
following
table
summarizes
the
fund’s
OTC
and
bilateral
derivatives
at
the
reporting
date
by
loss
exposure
to
each
counterparty
after
consideration
of
collateral,
if
any.
Forward
Currency
Exchange
Contracts
The
fund
is
subject
to
foreign
currency
exchange
rate
risk
in
the
normal
course
of
pursuing
its
investment
objectives.
It may use
forward
currency
exchange
contracts
(forwards)
primarily
to
protect
its
non-U.S.
dollar-
denominated
securities
from
adverse
currency
movements
or
to
increase
exposure
to
a
particular
foreign
currency,
to
shift
the
fund’s
foreign
currency
exposure
from
one
country
to
another,
or
to
enhance
the
fund’s
return.
A
forward
involves
an
obligation
to
purchase
or
sell
a
fixed
amount
of
a
specific
currency
on
a
future
date
at
a
price
set
at
the
time
of
the
contract.
Although
certain
forwards
may
be
settled
by
exchanging
only
the
net
gain
or
loss
on
the
contract,
most
forwards
are
settled
with
the
exchange
of
the
($000s)
Gross
Value
on
Statements
of
Assets
and
Liabilities
Net
amount
due
(to)/from
Counterparty
or
Exchange
Collateral
Pledged
(Received)
by
Fund
Loss
Exposure,
After
Collateral*
(not
less
than
$0)
Counterparty
Assets
Liabilities
Bank
of
America
$
1,038
$
(4,810)
$
(3,772)
$
2,829
$
—
Barclays
Bank
180
(256)
(76)
41
—
BNP
Paribas
1,769
(72,627)
(70,858)
63,819
—
Canadian
Imperial
Bank
of
Commerce
164
—
164
—
164
Citibank
9,156
(19,824)
(10,668)
8,209
—
Deutsche
Bank
111
(52,643)
(52,532)
44,470
—
Goldman
Sachs
1
(1,839)
(1,838)
1,926
88
HSBC
Bank
5,818
(31,487)
(25,669)
20,703
—
JPMorgan
Chase
1,045
(5,872)
(4,827)
4,014
—
Morgan
Stanley
3,326
(48,748)
(45,422)
37,393
—
RBC
Dominion
Securities
3,938
(113)
3,825
(3,850)
—
Standard
Chartered
36
(2,263)
(2,227)
1,008
—
State
Street
16,701
(81,580)
(64,879)
57,649
—
UBS
Investment
Bank
18,613
(30,825)
(12,212)
11,933
—
Wells
Fargo
1,830
—
1,830
(1,660)
170
Total
$
63,726
$
(352,887)
*
In
situations
such
as
counterparty
default
or
bankruptcy,
the
fund
may
have
further
rights
of
offset
against
amounts
due
to
or
from
the
counterparty
under
other
agreements.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
underlying
currencies
in
accordance
with
the
specified
terms.
Forwards
are
valued
at
the
unrealized
gain
or
loss
on
the
contract,
which
reflects
the
net
amount
the
fund
either
is
entitled
to
receive
or
obligated
to
deliver,
as
measured
by
the
difference
between
the
forward
exchange
rates
at
the
date
of
entry
into
the
contract
and
the
forward
rates
at
the
reporting
date.
Appreciated
forwards
are
reflected
as
assets
and
depreciated
forwards
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Risks
related
to
the
use
of
forwards
include
the
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
that
anticipated
currency
movements
will
not
occur,
thereby
reducing
the
fund’s
total
return;
and
the
potential
for
losses
in
excess
of
the
fund’s
initial
investment.
During
the
year ended
December
31,
2022,
the
volume
of
the
fund’s
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
between
89%
and
105%
of
net
assets.
Futures
Contracts
The
fund
is
subject
to interest
rate
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risk.
The
fund
may
enter
into
futures
contracts
to
manage
exposure
to
interest
rate
and
yield
curve
movements,
security
prices,
foreign
currencies,
credit
quality,
and
mortgage
prepayments;
as
an
efficient
means
of
adjusting
exposure
to
all
or
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values
and/or
interest
rates,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
year ended
December
31,
2022,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
10%
and
49%
of
net
assets.
Options
The
fund
is
subject
to foreign
currency
exchange
rate
risk
and
credit
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
options
to
help
manage
such
risks.
The
fund
may
use
options
to
manage
exposure
to
security
prices,
interest
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
rates,
foreign
currencies,
and
credit
quality;
as
an
efficient
means
of
adjusting
exposure
to
all
or
a
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
credit
exposure.
Options
are
included
in
net
assets
at
fair
value,
options
purchased
are
included
in
Investments
in
Securities,
and
options
written
are
separately
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Premiums
on
unexercised,
expired
options
are
recorded
as
realized
gains
or
losses;
premiums
on
exercised
options
are
recorded
as
an
adjustment
to
the
proceeds
from
the
sale
or
cost
of
the
purchase.
The
difference
between
the
premium
and
the
amount
received
or
paid
in
a
closing
transaction
is
also
treated
as
realized
gain
or
loss.
In
return
for
a
premium
paid,
currency
options
give
the
holder
the
right,
but
not
the
obligation,
to
buy
and
sell
currency
at
a
specified
exchange
rate;
although
certain
currency
options
may
be
settled
by
exchanging
only
the
net
gain
or
loss
on
the
contract.
In
return
for
a
premium
paid,
options
on
swaps
give
the
holder
the
right,
but
not
the
obligation,
to
enter
a
specified
swap
contract
on
predefined
terms.
The
exercise
price
of
an
option
on
a
credit
default
swap
is
stated
in
terms
of
a
specified
spread
that
represents
the
cost
of
credit
protection
on
the
reference
asset,
including
both
the
upfront
premium
to
open
the
position
and
future
periodic
payments.
The
exercise
price
of
an
interest
rate
swap
is
stated
in
terms
of
a
fixed
interest
rate;
generally,
there
is
no
upfront
payment
to
open
the
position.
Risks related
to
the
use
of
options
include
possible
illiquidity
of
the
options
markets;
trading
restrictions
imposed
by
an
exchange
or
counterparty;
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
movements
in
the
underlying
asset
values,
currency
values
and
credit
ratings;
and,
for
options
written,
the
potential
for
losses
to
exceed
any
premium
received
by
the
fund.
During
the
year ended
December
31,
2022,
the
volume
of
the
fund’s
activity
in
options,
based
on
underlying
notional
amounts,
was
generally
between
3%
and
14%
of
net
assets.
Swaps
The
fund
is
subject
to
interest
rate
risk,
credit
risk
and
inflation
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
swap
contracts
to
help
manage
such
risks.
The
fund
may
use
swaps
in
an
effort
to
manage
both
long
and
short
exposure
to
changes
in
interest
rates,
inflation
rates,
and
credit
quality;
to
adjust
overall
exposure
to
certain
markets;
to
enhance
total
return
or
protect
the
value
of
portfolio
securities;
to
serve
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure.
Swap
agreements
can
be
settled
either
directly
with
the
counterparty
(bilateral
swap)
or
through
a
central
clearinghouse
(centrally
cleared
swap).
Fluctuations
in
the
fair
value
of
a
contract
are
reflected
in
unrealized
gain
or
loss
and
are
reclassified
to
realized
gain
or
loss
upon
contract
termination
or
cash
settlement.
Net
periodic
receipts
or
payments
required
by
a
contract
increase
or
decrease,
respectively,
the
value
of
the
contract
until
the
contractual
payment
date,
at
which
time
such
amounts
are
reclassified
from
unrealized
to
realized
gain
or
loss.
For
bilateral
swaps,
cash
payments
are
made
or
received
by
the
fund
on
a
periodic
basis
in
accordance
with
contract
terms;
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
unrealized
gain
on
contracts
and
premiums
paid
are
reflected
as
assets
and
unrealized
loss
on
contracts
and
premiums
received
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
For
bilateral
swaps,
premiums
paid
or
received
are
amortized
over
the
life
of
the
swap
and
are
recognized
as
realized
gain
or
loss
in
the
Statement
of
Operations.
For
centrally
cleared
swaps,
payments
are
made
or
received
by
the
fund
each
day
to
settle
the
daily
fluctuation
in
the
value
of
the
contract
(variation
margin).
Accordingly,
the
value
of
a
centrally
cleared
swap
included
in
net
assets
is
the
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Interest
rate
swaps
are
agreements
to
exchange
cash
flows
based
on
the
difference
between
specified
interest
rates
applied
to
a
notional
principal
amount
for
a
specified
period
of
time.
Risks
related
to
the
use
of
interest
rate
swaps
include
the
potential
for
unanticipated
movements
in
interest
or
currency
rates,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund’s
swap
investments,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
Credit
default
swaps
are
agreements
where
one
party
(the
protection
buyer)
agrees
to
make
periodic
payments
to
another
party
(the
protection
seller)
in
exchange
for
protection
against
specified
credit
events,
such
as
certain
defaults
and
bankruptcies
related
to
an
underlying
credit
instrument,
or
issuer
or
index
of
such
instruments.
Upon
occurrence
of
a
specified
credit
event,
the
protection
seller
is
required
to
pay
the
buyer
the
difference
between
the
notional
amount
of
the
swap
and
the
value
of
the
underlying
credit,
either
in
the
form
of
a
net
cash
settlement
or
by
paying
the
gross
notional
amount
and
accepting
delivery
of
the
relevant
underlying
credit.
For
credit
default
swaps
where
the
underlying
credit
is
an
index,
a
specified
credit
event
may
affect
all
or
individual
underlying
securities
included
in
the
index
and
will
be
settled
based
upon
the
relative
weighting
of
the
affected
underlying
security(ies)
within
the
index. Generally,
the
payment
risk
for
the
seller
of
protection
is
inversely
related
to
the
current
market
price
or
credit
rating
of
the
underlying
credit
or
the
market
value
of
the
contract
relative
to
the
notional
amount,
which
are
indicators
of
the
markets’
valuation
of
credit
quality.
As
of
December
31,
2022,
the
notional
amount
of
protection
sold
by
the
fund
totaled $74,181,000
(1.3%
of
net
assets),
which
reflects
the
maximum
potential
amount
the
fund
could
be
required
to
pay
under
such
contracts.
Risks
related
to
the
use
of
credit
default
swaps
include
the
possible
inability
of
the
fund
to
accurately
assess
the
current
and
future
creditworthiness
of
underlying
issuers,
the
possible
failure
of
a
counterparty
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund’s
swap
investments,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
Zero-coupon
inflation
swaps
are
agreements
to
exchange
cash
flows,
on
the
contract’s
maturity
date,
based
on
the
difference
between
a
predetermined
fixed
rate
and
the
cumulative
change
in
the
consumer
price
index,
both
applied
to
a
notional
principal
amount
for
a
specified
period
of
time.
Risks
related
to
the
use
of
zero-coupon
inflation
swaps
include
the
potential
for
unanticipated
movements
in
inflation
rates,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund’s
swap
investments,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
year ended
December
31,
2022,
the
volume
of
the
fund’s
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
between
10%
and
28%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective,
the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of
the
fund
are
described
more
fully
in
the
fund’s
prospectus
and
Statement
of
Additional
Information.
Emerging
and
Frontier
Markets
The fund
invests,
either
directly
or
through
investments
in
other
T.
Rowe
Price
funds,
in
securities
of
companies
located
in,
issued
by
governments
of,
or
denominated
in
or
linked
to
the
currencies
of
emerging
and
frontier
market
countries.
Emerging
markets,
and
to
a
greater
extent
frontier
markets, tend
to
have
economic
structures
that
are
less
diverse
and
mature,
less
developed
legal
and
regulatory
regimes,
and
political
systems
that
are
less
stable,
than
those
of
developed
countries.
These
markets
may
be
subject
to
greater
political,
economic,
and
social
uncertainty
and
differing
accounting
standards
and
regulatory
environments
that
may
potentially
impact
the
fund’s
ability
to
buy
or
sell
certain
securities
or
repatriate
proceeds
to
U.S.
dollars.
Emerging
markets
securities
exchanges
are
more
likely
to
experience
delays
with
the
clearing
and
settling
of
trades,
as
well
as
the
custody
of
holdings
by
local
banks,
agents,
and
depositories.
Such
securities
are
often
subject
to
greater
price
volatility,
less
liquidity,
and
higher
rates
of
inflation
than
U.S.
securities.
Investing
in
frontier
markets
is
typically
significantly
riskier
than
investing
in
other
countries,
including
emerging
markets.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
LIBOR
Transition
The fund
may
invest
in
instruments
that
are
tied
to
reference
rates,
including
LIBOR.
Over
the
course
of
the
last
several
years,
global
regulators
have
indicated
an
intent
to
phase
out
the
use
of
LIBOR
and
similar
interbank
offered
rates
(IBOR).
While
publication
for
most
LIBOR
currencies
and
lesser-used
USD
LIBOR
settings
ceased
immediately
after
December
31,
2021,
remaining
USD
LIBOR
settings
will
continue
to
be
published
until
June
30,
2023.
There
remains
uncertainty
regarding
the
future
utilization
of
LIBOR
and
the
nature
of
any
replacement
rate.
Any
potential
effects
of
the
transition
away
from
LIBOR
on
the fund,
or
on
certain
instruments
in
which
the fund
invests,
cannot
yet
be
determined.
The
transition
process
may
result
in,
among
other
things,
an
increase
in
volatility
or
illiquidity
of
markets
for
instruments
that
currently
rely
on
LIBOR,
a
reduction
in
the
value
of
certain
instruments
held
by
the fund,
or
a
reduction
in
the
effectiveness
of
related
fund
transactions
such
as
hedges.
Any
such
effects
could
have
an
adverse
impact
on
the fund's
performance.
Securities
Lending
The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
December
31,
2022,
the
value
of
loaned
securities
was
$164,096,000;
the
value
of
cash
collateral
and
related
investments
was
$170,500,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
short-term securities
aggregated $3,953,867,000 and
$3,797,631,000,
respectively,
for
the
year ended
December
31,
2022.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to
continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its
taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
The fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required. The
fund’s
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
permanent
book/tax
adjustments
relate
primarily
to
deemed
distributions
on
shareholder
redemptions,
the
character
of
net
currency
gains
or
losses
and
the
character
of
income
on
swaps.
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
($000s)
December
31,
2022
December
31,
2021
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
585,611
$
176,562
Long-term
capital
gain
598
18,270
Total
distributions
$
586,209
$
194,832
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
At
December
31,
2022,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were
as
follows:
At
December
31,
2022,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales
and
the
realization
of
gains/losses
on
certain
open
derivative
contracts.
The
loss
carryforwards
and
deferrals
primarily
relate
to
capital
loss
carryforwards,
late-year
ordinary
loss
deferrals
and
straddle
deferrals. Capital
loss
carryforwards
are
available
indefinitely
to
offset
future
realized
capital
gains.
The
fund
has
elected
to
defer
certain
losses
to
the
first
day
of
the
following
fiscal
year
for
late-year
ordinary
loss
deferrals.
NOTE
6
-
FOREIGN TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/loss
on
securities
in
the
accompanying
financial
statements.
To
the
($000s)
Cost
of
investments
$
6,560,882
Unrealized
appreciation
$
145,473
Unrealized
depreciation
(814,984)
Net
unrealized
appreciation
(depreciation)
$
(669,511)
($000s)
Net
unrealized
appreciation
(depreciation)
(669,511)
Loss
carryforwards
and
deferrals
(658,633)
Total
distributable
earnings
(loss)
$
(1,328,144)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
NOTE
7
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). Price
Associates
has
entered
into
a
sub-advisory
agreement(s)
with
one
or
more
of
its
wholly
owned
subsidiaries,
to
provide
investment
advisory
services
to
the
fund.
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.20%
of
the
fund’s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
December
31,
2022,
the
effective
annual
group
fee
rate
was
0.29%.
The Advisor Class
is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
During
the
limitation
period,
Price
Associates
is
required
to
waive
its
management
fee
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary expenses;
and
acquired
fund
fees
and
expenses) that
would
otherwise
cause
the
class’s
ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the
class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
Z
Class
is
also
subject
to
a
contractual
expense
limitation
agreement
whereby
Price
Associates
has
agreed
to
waive
and/or
bear
all
of
the
Z
Class’
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
in
their
entirety.
This
fee
waiver
and/or
expense
reimbursement
arrangement
is
expected
to
remain
in
place
indefinitely,
and
the
agreement
may
only
be
amended
or
terminated
with
approval
by
the
fund’s
Board.
Expenses
of
the
fund
waived/paid
by
the
manager
are
not
subject
to
later
repayment
by
the
fund.
Pursuant
to
these
agreements,
expenses
were
waived/paid
by
and/or
repaid
to
Price
Associates
during
the
year ended December
31,
2022
as
indicated
in
the
table
below.
Including these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of less
than
$1,000 remain
subject
to
repayment
by
the
fund
at
December
31,
2022.
Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class
and
Advisor Class.
For
the
Advisor
Class
I
Class
Z
Class
Expense
limitation/I
Class
Limit
0.99%
0.05%
0.00%
Expense
limitation
date
04/30/24
04/30/24
N/A
(Waived)/repaid
during
the
period
($000s)
$—
(1)
$—
$(24,558)
(1)
Amount
rounds
to
less
than
$1,000
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
year ended
December
31,
2022,
expenses
incurred
pursuant
to
these
service
agreements
were
$102,000 for
Price
Associates;
$250,000 for
T.
Rowe
Price
Services,
Inc.;
and
less
than
$1,000 for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
(collectively,
Price
Funds
and
accounts)
may
invest
in
the
fund.
No
Price
fund
or
account
may
invest
for
the
purpose
of
exercising
management
or
control
over
the
fund.
At
December
31,
2022,
approximately
21%
of
the
I
Class’s
and
100%
of
the
Z
Class’s
outstanding
shares
were
held
by
Price
Funds
and
accounts.
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
As
of
December
31,
2022,
T.
Rowe
Price
Group,
Inc.,
or
its
wholly
owned
subsidiaries,
owned
10,288
shares
of
the
Advisor
Class,
representing
100%
of
the
Advisor
Class's
net
assets.
The
fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
year ended
December
31,
2022,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
8
-
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
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.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
of
T.
Rowe
Price
International
Funds,
Inc.
and
Shareholders
of
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
(one
of
the
funds
constituting
T.
Rowe
Price
International
Funds,
Inc.,
referred
to
hereafter
as
the
"Fund")
as
of
December
31,
2022,
the
related
statement
of
operations
for
the
year
ended
December
31,
2022,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2022,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2022
and
the
financial
highlights
for
each
of
the
periods
indicated
therein,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2022
by
correspondence
with
the
custodians,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
February
16,
2023
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 12/31/22
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
The
fund’s
distributions
to
shareholders
included:
$453,952,000 from
short-term
capital
gains
$598,000 from
long-term
capital
gains,
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%
For
shareholders
subject
to
interest
expense
deduction
limitation
under
Section
163(j), $123,272,000 of
the
fund’s
income
qualifies
as
a
Section
163(j)
interest
dividend
and
can
be
treated
as
interest
income
for
purposes
of
Section
163(j),
subject
to
holding
period
requirements
and
other
limitations.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
INFORMATION
ON
PROXY
VOTING
POLICIES,
PROCEDURES,
AND
RECORDS
A
description
of
the
policies
and
procedures
used
by
T.
Rowe
Price
funds
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
in
each
fund’s
Statement
of
Additional
Information.
You
may
request
this
document
by
calling
1-800-225-5132
or
by
accessing
the
SEC’s
website,
sec.gov.
The
description
of
our
proxy
voting
policies
and
procedures
is
also
available
on
our
corporate
website.
To
access
it,
please
visit
the
following
Web
page:
https://www.troweprice.com/corporate/us/en/utility/policies.html
Scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Guidelines.”
Click
on
the
links
in
the
shaded
box.
Each
fund’s
most
recent
annual
proxy
voting
record
is
available
on
our
website
and
through
the
SEC’s
website.
To
access
it
through
T.
Rowe
Price,
visit
the
website
location
shown
above,
and
scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Records.”
Click
on
the
Proxy
Voting
Records
link
in
the
shaded
box.
HOW
TO
OBTAIN
QUARTERLY
PORTFOLIO
HOLDINGS
The
fund
files
a
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
fund’s
reports
on
Form
N-PORT
are
available
electronically
on
the
SEC’s
website
(sec.gov).
In
addition,
most
T.
Rowe
Price
funds
disclose
their
first
and
third
fiscal
quarter-end
holdings
on
troweprice.com
.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
In
accordance
with
Rule
22e-4
(Liquidity
Rule)
under
the
Investment
Company
Act
of
1940,
as
amended,
the
fund
has
established
a
liquidity
risk
management
program
(Liquidity
Program)
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk,
which
generally
represents
the
risk
that
the
fund
would
not
be
able
to
meet
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
fund.
The
fund’s
Board
of
Directors
(Board)
has
appointed
the
fund’s
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
the
administrator
of
the
Liquidity
Program.
As
administrator,
the
Adviser
is
responsible
for
overseeing
the
day-to-day
operations
of
the
Liquidity
Program
and,
among
other
things,
is
responsible
for
assessing,
managing,
and
reviewing
with
the
Board
at
least
annually
the
liquidity
risk
of
each
T.
Rowe
Price
fund.
The
Adviser
has
delegated
oversight
of
the
Liquidity
Program
to
a
Liquidity
Risk
Committee
(LRC),
which
is
a
cross-functional
committee
composed
of
personnel
from
multiple
departments
within
the
Adviser.
The
Liquidity
Program’s
principal
objectives
include
supporting
the
T.
Rowe
Price
funds’
compliance
with
limits
on
investments
in
illiquid
assets
and
mitigating
the
risk
that
the
fund
will
be
unable
to
timely
meet
its
redemption
obligations.
The
Liquidity
Program
also
includes
a
number
of
elements
that
support
the
management
and
assessment
of
liquidity
risk,
including
an
annual
assessment
of
factors
that
influence
the
fund’s
liquidity
and
the
periodic
classification
and
reclassification
of
a
fund’s
investments
into
categories
that
reflect
the
LRC’s
assessment
of
their
relative
liquidity
under
current
market
conditions.
Under
the
Liquidity
Program,
every
investment
held
by
the
fund
is
classified
at
least
monthly
into
one
of
four
liquidity
categories
based
on
estimations
of
the
investment’s
ability
to
be
sold
during
designated
time
frames
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
As
required
by
the
Liquidity
Rule,
at
a
meeting
held
on
July
25,
2022,
the
Board
was
presented
with
an
annual
assessment
prepared
by
the
LRC,
on
behalf
of
the
Adviser,
that
addressed
the
operation
of
the
Liquidity
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
any
material
changes
to
the
Liquidity
Program
and
the
determination
of
each
fund’s
Highly
Liquid
Investment
Minimum
(HLIM).
The
annual
assessment
included
consideration
of
the
following
factors,
as
applicable:
the
fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
normal
and
reasonably
foreseeable
stressed
conditions,
including
whether
the
investment
strategy
is
appropriate
for
an
open-end
fund,
the
extent
to
which
the
strategy
involves
a
relatively
concentrated
portfolio
or
large
positions
in
particular
issuers,
and
the
use
of
borrowings
for
investment
purposes
and
derivatives;
short-term
and
long-term
cash
flow
projections
covering
both
normal
and
reasonably
foreseeable
stressed
conditions;
and
holdings
of
cash
and
cash
equivalents,
as
well
as
available
borrowing
arrangements.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
For
the
fund
and
other
T.
Rowe
Price
funds,
the
annual
assessment
incorporated
a
report
related
to
a
fund’s
holdings,
shareholder
and
portfolio
concentration,
any
borrowings
during
the
period,
cash
flow
projections,
and
other
relevant
data
for
the
period
of
April
1,
2021,
through
March
31,
2022.
The
report
described
the
methodology
for
classifying
a
fund’s
investments
(including
any
derivative
transactions)
into
one
of
four
liquidity
categories,
as
well
as
the
percentage
of
a
fund’s
investments
assigned
to
each
category.
It
also
explained
the
methodology
for
establishing
a
fund’s
HLIM
and
noted
that
the
LRC
reviews
the
HLIM
assigned
to
each
fund
no
less
frequently
than
annually.
During
the
period
covered
by
the
annual
assessment,
the
LRC
has
concluded,
and
reported
to
the
Board,
that
the
Liquidity
Program
continues
to
operate
adequately
and
effectively
and
is
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk.
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
(continued)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
ABOUT
THE
FUND'S
DIRECTORS
AND
OFFICERS
Your
fund
is
overseen
by
a
Board
of
Directors
(Board)
that
meets
regularly
to
review
a
wide
variety
of
matters
affecting
or
potentially
affecting
the
fund,
including
performance,
investment
programs,
compliance
matters,
advisory
fees
and
expenses,
service
providers,
and
business
and
regulatory
affairs.
The
Board
elects
the
fund’s
officers,
who
are
listed
in
the
final
table.
The
directors
who
are
also
employees
or
officers
of
T.
Rowe
Price
are
considered
to
be
“interested”
directors
as
defined
in
Section
2(a)(19)
of
the
1940
Act
because
of
their
relationships
with
T.
Rowe
Price
and
its
affiliates.
The
business
address
of
each
director
and
officer
is
100
East
Pratt
Street,
Baltimore,
Maryland
21202.
The
Statement
of
Additional
Information
includes
additional
information
about
the
fund
directors
and
is
available
without
charge
by
calling
a
T.
Rowe
Price
representative
at
1-800-638-5660.
INDEPENDENT
DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Teresa
Bryce
Bazemore
(1959)
2018
[205]
President
and
Chief
Executive
Officer,
Federal
Home
Loan
Bank
of
San
Francisco
(2021
to
present);
President,
Radian
Guaranty
(2008
to
2017);
Chief
Executive
Officer,
Bazemore
Consulting
LLC
(2018
to
2021);
Director,
Chimera
Investment
Corporation
(2017
to
2021);
Director,
First
Industrial
Realty
Trust
(2020
to
present);
Director,
Federal
Home
Loan
Bank
of
Pittsburgh
(2017
to
2019)
Ronald
J.
Daniels
(b)
(1959)
2018
[0]
President,
The
Johns
Hopkins
University
and
Professor,
Political
Science
Department,
The
Johns
Hopkins
University
(2009
to
present);
Director,
Lyndhurst
Holdings
(2015
to
present);
Director,
BridgeBio
Pharma,
Inc.
(2020
to
present)
Bruce
W.
Duncan
(1951)
2013
[205]
President,
Chief
Executive
Officer,
and
Director,
CyrusOne,
Inc.
(2020
to
2021);
Chief
Executive
Officer
and
Director
(2009
to
2016),
Chair
of
the
Board
(2016
to
2020),
and
President
(2009
to
2016),
First
Industrial
Realty
Trust,
owner
and
operator
of
industrial
properties;
Chair
of
the
Board
(2005
to
2016)
and
Director
(1999
to
2016),
Starwood
Hotels
&
Resorts,
a
hotel
and
leisure
company;
Member,
Investment
Company
Institute
Board
of
Governors
(2017
to
2019);
Member,
Independent
Directors
Council
Governing
Board
(2017
to
2019);
Senior
Advisor,
KKR
(2018
to
present);
Director,
Boston
Properties
(2016
to
present);
Director,
Marriott
International,
Inc.
(2016
to
2020)
Robert
J.
Gerrard,
Jr.
(1952)
2012
[205]
Advisory
Board
Member,
Pipeline
Crisis/Winning
Strategies,
a
collaborative
working
to
improve
opportunities
for
young
African
Americans
(1997
to
2016);
Chair
of
the
Board,
all
funds
(July
2018
to
present)
T.
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PRICE
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Hedged)
INTERESTED DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Paul
F.
McBride
(1956)
2013
[205]
Advisory
Board
Member,
Vizzia
Technologies
(2015
to
present);
Board
Member,
Dunbar
Armored
(2012
to
2018)
Kellye
L.
Walker
(c)
(1966)
2021
[205]
Executive
Vice
President
and
Chief
Legal
Officer,
Eastman
Chemical
Company
(April
2020
to
present);
Executive
Vice
President
and
Chief
Legal
Officer,
Huntington
Ingalls
Industries,
Inc.
(January
2015
to
March
2020);
Director,
Lincoln
Electric
Company
(October
2020
to
present)
(a)
All
information
about
the
independent
directors
was
current
as
of
December
31,
2021,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
(b)
Effective
April
27,
2022,
Mr.
Daniels
resigned
from
his
role
as
an
independent
director
of
the
Price
Funds.
(c)
Effective
November
8,
2021,
Ms.
Walker
was
appointed
as
an
independent
director
of
the
Price
Funds.
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
David
Oestreicher
(1967)
2018
[205]
Director,
Vice
President,
and
Secretary,
T.
Rowe
Price,
T.
Rowe
Price
Investment
Services,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
and
T.
Rowe
Price
Services,
Inc.;
Director
and
Secretary,
T.
Rowe
Price
Investment
Management,
Inc.
(Price
Investment
Management);
Vice
President
and
Secretary,
T.
Rowe
Price
International
(Price
International);
Vice
President,
T.
Rowe
Price
Hong
Kong
(Price
Hong
Kong),
T. Rowe
Price
Japan
(Price
Japan),
and
T.
Rowe
Price
Singapore
(Price
Singapore);
General
Counsel,
Vice
President,
and
Secretary,
T.
Rowe
Price
Group,
Inc.;
Chair
of
the
Board,
Chief
Executive
Officer,
President,
and
Secretary,
T.
Rowe
Price
Trust
Company;
Principal
Executive
Officer
and
Executive
Vice
President,
all
funds
Robert
W.
Sharps,
CFA,
CPA
(b)
(1971)
2017
[0]
Director
and
Vice
President,
T.
Rowe
Price;
Director,
Price
Investment
Management;
Chief
Executive
Officer
and
President,
T.
Rowe
Price
Group,
Inc.;
Vice
President,
T.
Rowe
Price
Trust
Company;
Vice
President,
International
Funds
INDEPENDENT
DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
OFFICERS
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Eric
L.
Veiel,
CFA
(1972)
2022
[205]
Director
and
Vice
President,
T.
Rowe
Price;
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
(a)
All
information
about
the
interested
directors
was
current
as
of
January
1,
2022,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
(b)
Effective
February
3,
2022,
Mr.
Sharps
resigned
from
his
role
as
an
interested
director
of
the
Price
Funds.
Name
(Year
of
Birth)
Position
Held
With
International
Funds
Principal
Occupation(s)
Mariel
Abreu
(1981)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Jason Adams
(1979)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Ulle
Adamson,
CFA
(1979)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Roy
H.
Adkins
(1970)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Syed
H.
Ali
(1970)
Vice
President
Vice
President,
Price
Hong
Kong,
Price
Singapore,
and
T.
Rowe
Price
Group,
Inc.
Kennard
W.
Allen
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Paulina
Amieva
(1981)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Malik
S.
Asif
(1981)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Ziad
Bakri,
M.D.,
CFA
(1980)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Harishankar
Balkrishna
(1983)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Sheena
L.
Barbosa
(1983)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
INTERESTED DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Name
(Year
of
Birth)
Position
Held
With
International
Funds
Principal
Occupation(s)
Jason
A.
Bauer
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Luis
M.
Baylac
(1982)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
R.
Scott
Berg,
CFA
(1972)
Executive
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Steven
E.
Boothe,
CFA
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Peter
I.
Botoucharov
(1965)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Tala
Boulos
(1984)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Christopher
P.
Brown, CFA
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Armando
(Dino)
Capasso
(1974)
Chief
Compliance
Officer
Chief
Compliance
Officer
and
Vice
President,
T.
Rowe
Price
and
Price
Investment
Management;
Vice
President,
T.
Rowe
Price
Group,
Inc.;
formerly,
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
AST
Investment
Services,
Inc.
(ASTIS)
(to
2022);
Chief
Compliance
Officer,
PGIM
Retail
Funds
complex
and
Prudential
Insurance
Funds
(to
2022);
Vice
President
and
Deputy
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
ASTIS
(to
2019);
Senior
Vice
President
and
Senior
Counsel,
Pacific
Investment
Management
Company
LLC
(to
2017)
Shiu
Tak
(Sheldon)
Chan
(1981)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Andrew
Chang
(1983)
Vice
President
Vice
President,
Price
Singapore
and
T.
Rowe
Price
Group,
Inc.
Carolyn
Hoi
Che
Chu
(1974)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Vincent
Chung
(1988)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International;
formerly,
Investment
Analyst/Trader,
Observatory
Capital
Management
LLP
(to
2019)
Archibald
Ciganer,
CFA
(1976)
Executive
Vice
President
Director
and
Vice
President,
Price
Japan;
Vice
President,
T.
Rowe
Price
Group,
Inc.
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Name
(Year
of
Birth)
Position
Held
With
International
Funds
Principal
Occupation(s)
Richard
N.
Clattenburg,
CFA
(1979)
Executive
Vice
President
Vice
President,
Price
Singapore,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
Price
International,
and
T.
Rowe
Price
Trust
Company
Michael
F.
Connelly,
CFA
(1977)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Richard
de
los
Reyes
(1975)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Michael
Della
Vedova
(1969)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Iona
Dent,
CFA
(1991)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International;
formerly,
Associate,
Equity
Research,
Deutsche
Bank
(to
2018)
Maria
Elena
Drew
(1973)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Shawn
T.
Driscoll
(1975)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Alan
S.
Dupski,
CPA
(1982)
Principal
Financial
Officer,
Vice
President,
and
Treasurer
Vice
President,
Price
Investment
Management,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Bridget
A.
Ebner
(1970)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
David
J.
Eiswert,
CFA
(1972)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Dawei
Feng
(1979)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.; formerly,
Head
of
China
Consumer
in
Equity
Research,
Credit Lyonnais
Asia-Pacific
(to
2018)
Ryan
W.
Ferro
(1985)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Mark
S.
Finn,
CFA,
CPA
(1963)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Quentin
S.
Fitzsimmons
(1968)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Justin
T.
Gerbereux,
CFA
(1975)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Aaron
Gifford,
CFA
(1987)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Name
(Year
of
Birth)
Position
Held
With
International
Funds
Principal
Occupation(s)
Vishnu
V.
Gopal
(1979)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Joel
Grant
(1978)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Gary
J.
Greb
(1961)
Vice
President
Vice
President,
Price
Investment
Management,
T.
Rowe
Price,
Price
International,
and
T.
Rowe
Price
Trust
Company
Benjamin
Griffiths,
CFA
(1977)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Gianluca
Guicciardi
(1983)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Shaoyu
Guo
(1992)
Vice
President
Vice
President,
Price
Hong
Kong;
formerly,
Economist,
J.P.
Morgan
(to
2020)
Richard
L.
Hall
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Cheryl
Hampton,
CPA
(1969)
Vice
President
Vice
President,
T.
Rowe
Price;
formerly,
Tax
Director,
Invesco
Ltd.
(to
2021);
Vice
President,
Oppenheimer
Funds,
Inc.
(to
2019)
Nabil
Hanano,
CFA
(1984)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Jeffrey
Holford,
Ph.D.,
ACA
(1972)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.;
formerly,
Managing
Director,
Jeffries
Financial
Group
(to
2018)
Stefan
Hubrich,
Ph.D.,
CFA
(1974)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Arif
Husain,
CFA
(1972)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Tetsuji
Inoue
(1971)
Vice
President
Vice
President,
Price
Hong
Kong,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Michael Jacobs
(1971)
Vice
President
Vice
President,
Price
Japan,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Randal
S.
Jenneke
(1971)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.
Prashant
G.
Jeyaganesh
(1983)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Nina
P.
Jones,
CPA
(1980)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Name
(Year
of
Birth)
Position
Held
With
International
Funds
Principal
Occupation(s)
Yoichiro
Kai
(1973)
Vice
President
Vice
President,
Price
Singapore,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Jacob
H.
Kann,
CFA
(1987)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Jai
Kapadia
(1982)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Andrew
J.
Keirle
(1974)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Benjamin
Kersse,
CPA
(1989)
Vice
President
Vice
President,
T.
Rowe
Price
Takanori
Kobayashi
(1981)
Vice
President
Vice
President,
Price
Japan,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Paul
J.
Krug,
CPA
(1964)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Christopher
J.
Kushlis,
CFA
(1976)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Shengrong
Lau
(1982)
Vice
President
Vice
President,
Price
Singapore
and
T.
Rowe
Price
Group,
Inc.
Lu
Liu
(1979)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Johannes
Loefstrand
(1988)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Anh Lu
(1968)
Executive
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Sebastien
Mallet
(1974)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Jennifer Martin
(1972)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Ryan
Martyn
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Colin
McQueen
(1967)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International;
formerly,
Senior
Investment
Manager,
Global
Equities,
Sanlam
FOUR
Investments
UK
Limited
(to
2019)
Raymond
A.
Mills,
Ph.D.,
CFA
(1960)
Executive
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
Price
International,
and
T.
Rowe
Price
Trust
Company
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Name
(Year
of
Birth)
Position
Held
With
International
Funds
Principal
Occupation(s)
Jihong
Min
(1979)
Executive
Vice
President
Vice
President,
Price
Singapore
and
T.
Rowe
Price
Group,
Inc.
Eric
C.
Moffett
(1974)
Executive
Vice
President
Vice
President,
Price
Singapore
and
T.
Rowe
Price
Group,
Inc.
Ivan
Morozov,
CFA
(1987)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Samy
B.
Muaddi,
CFA
(1984)
Executive
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Tobias
F. Mueller,
CFA
(1980)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Razan
Nasser
(1985)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International;
formerly,
Senior
Economist,
HSBC
Bank
Middle
East
Ltd
(to
2019)
Philip
A.
Nestico
(1976)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Sridhar
Nishtala
(1975)
Vice
President
Director
and
Vice
President,
Price
Singapore;
Vice
President,
T.
Rowe
Price
Group,
Inc.
Kenneth
A.
Orchard
(1975)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Oluwaseun Oyegunle,
CFA
(1984)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Fran
M.
Pollack-Matz
(1961)
Vice
President
and
Secretary
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
T.
Rowe
Price
Investment
Services,
Inc.,
and
T.
Rowe
Price
Services,
Inc.
Shannon
H.
Rauser
(1987)
Assistant
Secretary
Assistant
Vice
President,
T.
Rowe
Price
Todd
Reese
(1990)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Melanie
A.
Rizzo
(1982)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
David
L.
Rowlett,
CFA
(1975)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Federico
Santilli,
CFA
(1974)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Nikolaj
Schmidt
(1975)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and Price
International
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Name
(Year
of
Birth)
Position
Held
With
International
Funds
Principal
Occupation(s)
Sebastian
Schrott
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Bin
Shen,
CFA
(1987)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
John
C.A.
Sherman
(1969)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Weijie
(Vivian)
Si
(1983)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Scott
D.
Solomon,
CFA
(1981)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Joshua
K.
Spencer,
CFA
(1973)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
David
Stanley
(1963)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Saurabh
Sud,
CFA
(1985)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.;
formerly,
Senior
Vice
President,
PIMCO
(to
2018)
Taymour
R.
Tamaddon,
CFA
(1976)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Ju
Yen
Tan
(1972)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Sin
Dee
Tan,
CFA
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Siby
Thomas
(1979)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Justin
Thomson
(1968)
President
Director,
Price
Hong
Kong;
Vice
President,
T.
Rowe
Price
Group,
Inc.;
Director
and
Vice
President,
Price
International
Willem
Visser
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Christopher Vost
(1989)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Zenon
Voyiatzis
(1971)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Verena
E.
Wachnitz,
CFA
(1978)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Name
(Year
of
Birth)
Position
Held
With
International
Funds
Principal
Occupation(s)
Megan
Warren
(1968)
Vice
President
OFAC
Sanctions
Compliance
Officer
and
Vice
President,
Price
Investment
Management;
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
T.
Rowe
Price
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Hiroshi
Watanabe,
CFA
(1975)
Vice
President
Director
and
Vice
President,
Price
Japan;
Vice
President,
T.
Rowe
Price
Group,
Inc.
James
Woodward,
CFA
(1974)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Marta
Yago
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Benjamin
T.
Yeagle
(1978)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Ernest
C.
Yeung,
CFA
(1979)
Executive
Vice
President
Director
and
Vice
President,
Price
Hong
Kong;
Vice
President,
T.
Rowe
Price
Group,
Inc.
Wenli
Zheng
(1979)
Executive
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
Rowe
Price
Investment
Services,
Inc.
|
100
East
Pratt
Street
|
Baltimore,
MD
21202-1009
You
have
many
investment
goals.
Explore
products
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Rowe
Price
®
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GENERAL
INVESTING
Individual
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2
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access
to
stocks,
ETFs,
bonds,
and
more
Gifts
and
transfers
to
a
child
(UGMA/UTMAs)
Trust
Transfer
on
Death
COLLEGE
SAVINGS
T.
Rowe
Price-managed
529
plans
offer
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families
saving
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related
expenses
Visit
troweprice.com/broadrange
Call
1-800-225-5132
to
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a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
All
mutual
funds
are
subject
to
market
risk,
including
possible
loss
of
principal.
Investing
internationally
involves
special
risks
including
economic
and
political
uncertainty
and
currency
fluctuation.
1
The
T.
Rowe
Price
®
ActivePlus
Portfolios
is
a
discretionary
investment
management
program
provided
by
T.
Rowe
Price
Advisory
Services,
Inc.,
a
registered
investment
adviser
under
the
Investment
Advisers
Act
of
1940.
Brokerage
services
are
provided
by
T.
Rowe
Price
Investment
Services,
Inc.,
member
FINRA/SIPC.
Brokerage
accounts
are
carried
by
Pershing
LLC,
a
BNY
Mellon
Company,
member
NYSE/FINRA/SIPC.
T.
Rowe
Price
Advisory
Services,
Inc.,
and
T.
Rowe
Price
Investment
Services,
Inc.,
are
affiliated
companies.
2
Brokerage
services
are
provided
by
T.
Rowe
Price
Investment
Services,
Inc.,
member
FINRA/SIPC.
Brokerage
accounts
are
carried
by
Pershing
LLC,
a
BNY
Mellon
Company,
member
NYSE/FINRA/SIPC.
202302-2582529
F1114-050
2/23
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Directors has determined that Ms. Teresa Bryce Bazemore qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:
| | | | | | | | | | |
| | | | | 2022 | | | 2021 | |
| | Audit Fees | | $ | 36,495 | | | $ | 35,530 | |
| | Audit-Related Fees | | | - | | | | - | |
| | Tax Fees | | | - | | | | 4,217 | |
| | All Other Fees | | | - | | | | - | |
Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.
(e)(1) The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.
(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.
(h) All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
T. Rowe Price International Funds, Inc.
| | |
| By | | /s/ David Oestreicher |
| | David Oestreicher |
| | Principal Executive Officer |
| |
| Date | | February 16, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
| |
| By | | /s/ David Oestreicher |
| | David Oestreicher |
| | Principal Executive Officer |
| |
| Date | | February 16, 2023 |
| |
| By | | /s/ Alan S. Dupski |
| | Alan S. Dupski |
| | Principal Financial Officer |
| |
| Date | | February 16, 2023 |
