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: June 30, 2024
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
June 30, 2024
This semi-annual shareholder report contains important information about International Bond Fund (the "fund") for the period of January 1, 2024 to June 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| International Bond Fund - Investor Class | $32 | 0.67% |
What are some fund statistics?
| Total Net Assets (000s) | $840,047 |
| Number of Portfolio Holdings | 621 |
| |
| Portfolio Turnover Rate | 29.5% |
What did the fund invest in?
Credit Quality Allocation* (as a % of Net Assets)
| AAA Rated | 15.0% |
| AA Rated | 9.1 |
| A Rated | 34.7 |
| BBB Rated | 24.0 |
| BB Rated and Below | 9.2 |
| Not Rated | 0.6 |
| Reserves | 7.4 |
*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 ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Top Ten Holdings (as a % of Net Assets)
| Government of Japan | 9.4% |
| People's Republic of China | 6.6 |
| U.S. Treasury Bills | 4.9 |
| United Kingdom Gilt | 4.0 |
| Government of Malaysia | 3.2 |
| Republic of Indonesia | 2.9 |
| Government of Singapore | 2.2 |
| Brazil Notas do Tesouro Nacional | 2.0 |
| Commonwealth of Australia | 2.0 |
| Bundesrepublik Deutschland Bundesanleihe | 2.0 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
International Bond Fund
Investor Class (RPIBX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
June 30, 2024
This semi-annual shareholder report contains important information about International Bond Fund (the "fund") for the period of January 1, 2024 to June 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| International Bond Fund - Advisor Class | $53 | 1.09% |
What are some fund statistics?
| Total Net Assets (000s) | $840,047 |
| Number of Portfolio Holdings | 621 |
| |
| Portfolio Turnover Rate | 29.5% |
What did the fund invest in?
Credit Quality Allocation* (as a % of Net Assets)
| AAA Rated | 15.0% |
| AA Rated | 9.1 |
| A Rated | 34.7 |
| BBB Rated | 24.0 |
| BB Rated and Below | 9.2 |
| Not Rated | 0.6 |
| Reserves | 7.4 |
*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 ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Top Ten Holdings (as a % of Net Assets)
| Government of Japan | 9.4% |
| People's Republic of China | 6.6 |
| U.S. Treasury Bills | 4.9 |
| United Kingdom Gilt | 4.0 |
| Government of Malaysia | 3.2 |
| Republic of Indonesia | 2.9 |
| Government of Singapore | 2.2 |
| Brazil Notas do Tesouro Nacional | 2.0 |
| Commonwealth of Australia | 2.0 |
| Bundesrepublik Deutschland Bundesanleihe | 2.0 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
International Bond Fund
Advisor Class (PAIBX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
June 30, 2024
This semi-annual shareholder report contains important information about International Bond Fund (the "fund") for the period of January 1, 2024 to June 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| International Bond Fund - I Class | $26 | 0.54% |
What are some fund statistics?
| Total Net Assets (000s) | $840,047 |
| Number of Portfolio Holdings | 621 |
| |
| Portfolio Turnover Rate | 29.5% |
What did the fund invest in?
Credit Quality Allocation* (as a % of Net Assets)
| AAA Rated | 15.0% |
| AA Rated | 9.1 |
| A Rated | 34.7 |
| BBB Rated | 24.0 |
| BB Rated and Below | 9.2 |
| Not Rated | 0.6 |
| Reserves | 7.4 |
*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 ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Top Ten Holdings (as a % of Net Assets)
| Government of Japan | 9.4% |
| People's Republic of China | 6.6 |
| U.S. Treasury Bills | 4.9 |
| United Kingdom Gilt | 4.0 |
| Government of Malaysia | 3.2 |
| Republic of Indonesia | 2.9 |
| Government of Singapore | 2.2 |
| Brazil Notas do Tesouro Nacional | 2.0 |
| Commonwealth of Australia | 2.0 |
| Bundesrepublik Deutschland Bundesanleihe | 2.0 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
International Bond Fund
I Class (RPISX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
June 30, 2024
This semi-annual shareholder report contains important information about International Bond Fund (the "fund") for the period of January 1, 2024 to June 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| International Bond Fund - Z Class | $0 | 0.00% |
What are some fund statistics?
| Total Net Assets (000s) | $840,047 |
| Number of Portfolio Holdings | 621 |
| |
| Portfolio Turnover Rate | 29.5% |
What did the fund invest in?
Credit Quality Allocation* (as a % of Net Assets)
| AAA Rated | 15.0% |
| AA Rated | 9.1 |
| A Rated | 34.7 |
| BBB Rated | 24.0 |
| BB Rated and Below | 9.2 |
| Not Rated | 0.6 |
| Reserves | 7.4 |
*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 ratings agencies differ, the highest rating is applied to the security. If a rating is not available, the security is classified as Not Rated. The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Top Ten Holdings (as a % of Net Assets)
| Government of Japan | 9.4% |
| People's Republic of China | 6.6 |
| U.S. Treasury Bills | 4.9 |
| United Kingdom Gilt | 4.0 |
| Government of Malaysia | 3.2 |
| Republic of Indonesia | 2.9 |
| Government of Singapore | 2.2 |
| Brazil Notas do Tesouro Nacional | 2.0 |
| Commonwealth of Australia | 2.0 |
| Bundesrepublik Deutschland Bundesanleihe | 2.0 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
International Bond Fund
Z Class (TRLZX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant’s annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant’s annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
RPIBX
International
Bond
Fund
PAIBX
International
Bond
Fund–
.
Advisor Class
RPISX
International
Bond
Fund–
.
I Class
TRLZX
International
Bond
Fund–
.
Z Class
T.
ROWE
PRICE
International
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
6/30/24
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
7.38
$
7.07
$
9.03
$
9.91
$
9.01
$
8.62
Investment
activities
Net
investment
income
(1)(2)
0.11
0.19
0.14
0.12
0.13
0.18
Net
realized
and
unrealized
gain/
loss
(0.52)
0.30
(1.96)
(0.83)
0.90
0.39
Total
from
investment
activities
(0.41)
0.49
(1.82)
(0.71)
1.03
0.57
Distributions
Net
investment
income
(0.10)
(0.03)
(0.08)
(0.12)
(0.13)
(0.17)
Net
realized
gain
—
—
—
(0.05)
—
(0.01)
Tax
return
of
capital
—
(0.15)
(0.06)
—
—
—
Total
distributions
(0.10)
(0.18)
(0.14)
(0.17)
(0.13)
(0.18)
NET
ASSET
VALUE
End
of
period
$
6.87
$
7.38
$
7.07
$
9.03
$
9.91
$
9.01
T.
ROWE
PRICE
International
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
6/30/24
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
Ratios/Supplemental
Data
Total
return
(2)(3)
(5.53)%
7.09%
(20.30)%
(7.19)%
11.50%
6.66%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.85%
(4)
0.90%
0.86%
0.71%
0.69%
0.70%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.67%
(4)
0.67%
0.67%
0.69%
0.69%
0.70%
Net
investment
income
3.06%
(4)
2.69%
1.77%
1.31%
1.37%
2.07%
Portfolio
turnover
rate
29.5%
68.1%
69.3%
37.9%
61.2%
26.3%
Net
assets,
end
of
period
(in
millions)
$206
$244
$253
$478
$843
$663
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
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.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
International
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Advisor
Class
6
Months
.
Ended
6/30/24
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
7.26
$
7.07
$
9.06
$
9.93
$
9.03
$
8.63
Investment
activities
Net
investment
income
(1)(2)
0.09
0.12
0.05
0.09
0.09
0.16
Net
realized
and
unrealized
gain/
loss
(0.50)
0.29
(1.97)
(0.82)
0.91
0.39
Total
from
investment
activities
(0.41)
0.41
(1.92)
(0.73)
1.00
0.55
Distributions
Net
investment
income
(0.09)
(0.03)
(0.05)
(0.09)
(0.10)
(0.14)
Net
realized
gain
—
—
—
(0.05)
—
(0.01)
Tax
return
of
capital
—
(0.19)
(0.02)
—
—
—
Total
distributions
(0.09)
(0.22)
(0.07)
(0.14)
(0.10)
(0.15)
NET
ASSET
VALUE
End
of
period
$
6.76
$
7.26
$
7.07
$
9.06
$
9.93
$
9.03
T.
ROWE
PRICE
International
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
6
Months
.
Ended
6/30/24
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
Ratios/Supplemental
Data
Total
return
(2)(3)
(5.70)%
6.04%
(21.25)%
(7.33)%
11.14%
6.47%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1.31%
(4)
1.79%
1.75%
0.98%
1.01%
1.00%
Net
expenses
after
waivers/
payments
by
Price
Associates
1.09%
(4)
1.65%
1.75%
0.98%
0.99%
1.00%
Net
investment
income
2.67%
(4)
1.67%
0.71%
0.96%
1.02%
1.75%
Portfolio
turnover
rate
29.5%
68.1%
69.3%
37.9%
61.2%
26.3%
Net
assets,
end
of
period
(in
thousands)
$2,015
$2,026
$3,263
$4,780
$5,396
$5,284
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
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.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
International
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
6/30/24
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
7.40
$
7.09
$
9.05
$
9.93
$
9.03
$
8.64
Investment
activities
Net
investment
income
(1)(2)
0.11
0.20
0.15
0.13
0.14
0.20
Net
realized
and
unrealized
gain/
loss
(0.52)
0.30
(1.96)
(0.82)
0.90
0.38
Total
from
investment
activities
(0.41)
0.50
(1.81)
(0.69)
1.04
0.58
Distributions
Net
investment
income
(0.11)
(0.03)
(0.08)
(0.14)
(0.14)
(0.18)
Net
realized
gain
—
—
—
(0.05)
—
(0.01)
Tax
return
of
capital
—
(0.16)
(0.07)
—
—
—
Total
distributions
(0.11)
(0.19)
(0.15)
(0.19)
(0.14)
(0.19)
Redemption
fees
added
to
paid-in
capital
(1)(3)
—
—
—
—
—
—
(4)
NET
ASSET
VALUE
End
of
period
$
6.88
$
7.40
$
7.09
$
9.05
$
9.93
$
9.03
T.
ROWE
PRICE
International
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
6/30/24
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
Ratios/Supplemental
Data
Total
return
(2)(5)
(5.58)%
7.22%
(20.14)%
(7.02)%
11.66%
6.83%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.54%
(6)
0.57%
0.57%
0.53%
0.54%
0.56%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.54%
(6)
0.54%
0.54%
0.53%
0.54%
0.54%
Net
investment
income
3.22%
(6)
2.84%
1.93%
1.42%
1.51%
2.20%
Portfolio
turnover
rate
29.5%
68.1%
69.3%
37.9%
61.2%
26.3%
Net
assets,
end
of
period
(in
thousands)
$452,087
$451,855
$401,030
$409,624
$386,901
$440,200
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
The
fund
charged
redemption
fees
through
March
31,
2019.
(4)
Amounts
round
to
less
than
$0.01
per
share.
(5)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(6)
Annualized
T.
ROWE
PRICE
International
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Z
Class
(1)
6
Months
.
Ended
6/30/24
..
Year
..
..
Ended
.
3/16/20
(1)
Through
12/31/20
12/31/23
12/31/22
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
7.38
$
7.08
$
9.03
$
9.91
$
8.65
Investment
activities
Net
investment
income
(2)(3)
0.13
0.24
0.19
0.19
0.14
Net
realized
and
unrealized
gain/loss
(0.51)
0.29
(1.95)
(0.83)
1.26
Total
from
investment
activities
(0.38)
0.53
(1.76)
(0.64)
1.40
Distributions
Net
investment
income
(0.13)
(0.04)
(0.10)
(0.19)
(0.14)
Net
realized
gain
—
—
—
(0.05)
—
Tax
return
of
capital
—
(0.19)
(0.09)
—
—
Total
distributions
(0.13)
(0.23)
(0.19)
(0.24)
(0.14)
NET
ASSET
VALUE
End
of
period
$
6.87
$
7.38
$
7.08
$
9.03
$
9.91
Ratios/Supplemental
Data
Total
return
(3)(4)
(5.21)%
7.66%
(19.65)%
(6.54)%
16.34%
Ratios
to
average
net
assets:
(3)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.52%
(5)
0.56%
0.54%
0.52%
0.73%
(5)
Net
expenses
after
waivers/
payments
by
Price
Associates
0.00%
(5)
0.00%
0.00%
0.00%
0.00%
(5)
Net
investment
income
3.68%
(5)
3.42%
2.45%
2.02%
1.94%
(5)
Portfolio
turnover
rate
29.5%
68.1%
69.3%
37.9%
61.2%
Net
assets,
end
of
period
(in
thousands)
$179,602
$277,541
$235,142
$374,142
$115
0%
0%
0%
0%
0%
(1)
Inception
date
(2)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(3)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(4)
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
June
30,
2024
(Unaudited)
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ALBANIA 0.4%
Government
Bonds 0.4%
Republic
of
Albania,
5.90%,
6/9/28
(EUR) (1)
2,640,000
2,917
Total
Albania
(Cost
$2,801)
2,917
AUSTRALIA 4.0%
Corporate
Bonds 1.2%
APA
Infrastructure,
2.00%,
3/22/27
(EUR)
410,000
418
APA
Infrastructure,
3.50%,
3/22/30
(GBP)
940,000
1,067
AusNet
Services
Holdings,
1.50%,
2/26/27
(EUR)
415,000
420
Brambles
Finance,
4.25%,
3/22/31
(EUR)
1,430,000
1,569
NBN,
4.125%,
3/15/29
(EUR)
1,910,000
2,105
Sydney
Airport
Finance,
1.75%,
4/26/28
(EUR)
415,000
414
Sydney
Airport
Finance,
4.375%,
5/3/33
(EUR)
1,355,000
1,498
Transurban
Finance,
1.75%,
3/29/28
(EUR)
415,000
416
Transurban
Finance,
3.00%,
4/8/30
(EUR)
1,900,000
1,954
9,861
Government
Bonds 2.8%
Commonwealth
of
Australia,
Series
140,
4.50%,
4/21/33
22,514,000
15,167
Commonwealth
of
Australia,
Series
150,
3.00%,
3/21/47
4,152,000
2,091
New
South
Wales
Treasury,
Series
26,
4.00%,
5/20/26
9,397,400
6,217
23,475
Total
Australia
(Cost
$37,066)
33,336
AUSTRIA 0.5%
Corporate
Bonds 0.1%
Mondi
Finance
Europe,
2.375%,
4/1/28
395,000
405
405
Government
Bonds 0.4%
Republic
of
Austria,
0.75%,
3/20/51 (1)
6,290,000
3,738
3,738
Total
Austria
(Cost
$4,341)
4,143
BELGIUM 0.1%
Corporate
Bonds 0.1%
Anheuser-Busch
InBev,
1.15%,
1/22/27
410,000
416
T.
ROWE
PRICE
International
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Anheuser-Busch
InBev,
1.65%,
3/28/31
300,000
289
Total
Belgium
(Cost
$715)
705
BRAZIL 2.3%
Corporate
Bonds 0.3%
Braskem
Netherlands
Finance,
4.50%,
1/10/28
(USD)
450,000
410
Braskem
Netherlands
Finance,
4.50%,
1/31/30
(USD)
1,325,000
1,121
MercadoLibre,
3.125%,
1/14/31
(USD)
980,000
831
2,362
Government
Bonds 2.0%
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/27
9,859,000
1,698
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/31
76,653,000
12,392
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/35
20,448,000
3,207
17,297
Total
Brazil
(Cost
$21,489)
19,659
BULGARIA 0.8%
Government
Bonds 0.8%
Republic
of
Bulgaria,
4.375%,
5/13/31
(EUR)
2,635,000
2,933
Republic
of
Bulgaria,
4.50%,
1/27/33
(EUR)
3,310,000
3,690
Total
Bulgaria
(Cost
$6,351)
6,623
CANADA 4.0%
Asset-Backed
Securities 0.1%
Cologix
Canadian
Issuer,
Series
2022-1CAN,
Class
A2,
4.94%,
1/25/52 (1)
1,690,000
1,153
1,153
Corporate
Bonds 0.8%
Magna
International,
1.50%,
9/25/27
(EUR)
415,000
417
Royal
Bank
of
Canada,
4.125%,
7/5/28
(EUR)
375,000
410
TER
Finance
Jersey,
Series
21,
Zero
Coupon,
1/2/25
(USD) (1)
(2)
2,700,000
2,611
Toronto-Dominion
Bank,
2.551%,
8/3/27
(EUR) (3)
400,000
415
Transcanada
Trust,
Series
17-B,
VR,
4.65%,
5/18/77 (4)
4,481,000
3,129
6,982
Government
Bonds 3.1%
Government
of
Canada,
Series
0318,
4.00%,
3/1/29
20,840,000
15,547
T.
ROWE
PRICE
International
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
of
Canada
Real
Return
Bond,
Inflation-Indexed,
Series
CPI,
4.00%,
12/1/31
11,479,663
9,720
Province
of
Ontario,
3.50%,
6/2/43
496,000
321
25,588
Total
Canada
(Cost
$36,260)
33,723
CHILE 0.5%
Corporate
Bonds 0.4%
Corp
Nacional
del
Cobre
de
Chile,
6.30%,
9/8/53
(USD) (1)
1,950,000
1,938
Interchile,
4.50%,
6/30/56
(USD)
1,700,000
1,430
3,368
Government
Bonds 0.1%
Republic
of
Chile,
4.125%,
7/5/34
(EUR)
1,100,000
1,196
1,196
Total
Chile
(Cost
$4,543)
4,564
CHINA 7.4%
Corporate
Bonds 0.3%
State
Grid
Overseas
Investment
BVI,
1.375%,
5/2/25
(EUR) (1)
2,000,000
2,098
2,098
Government
Bonds 7.1%
China
Development
Bank,
Series
1905,
3.48%,
1/8/29
30,000,000
4,378
People's
Republic
of
China,
Series
INBK,
2.28%,
3/25/31
10,000,000
1,390
People's
Republic
of
China,
Series
INBK,
2.60%,
9/1/32
144,000,000
20,368
People's
Republic
of
China,
Series
INBK,
2.69%,
8/15/32
90,000,000
12,813
People's
Republic
of
China,
Series
INBK,
3.32%,
4/15/52
48,000,000
7,691
People's
Republic
of
China,
Series
INBK,
3.53%,
10/18/51
30,000,000
4,970
People's
Republic
of
China,
Series
1908,
4.00%,
6/24/69
9,000,000
1,734
People's
Republic
of
China,
Series
1915,
3.13%,
11/21/29
45,000,000
6,554
59,898
Total
China
(Cost
$60,793)
61,996
COLOMBIA 1.2%
Government
Bonds 1.2%
Republic
of
Colombia,
Series
B,
6.00%,
4/28/28
9,493,400,000
2,004
Republic
of
Colombia,
Series
B,
7.00%,
3/26/31
17,280,000,000
3,507
Republic
of
Colombia,
Series
B,
7.25%,
10/18/34
6,788,200,000
1,286
T.
ROWE
PRICE
International
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Colombia,
Series
B,
13.25%,
2/9/33
12,127,600,000
3,325
Total
Colombia
(Cost
$9,285)
10,122
CYPRUS 0.6%
Government
Bonds 0.6%
Republic
of
Cyprus,
0.95%,
1/20/32
3,426,000
3,089
Republic
of
Cyprus,
1.50%,
4/16/27
425,000
434
Republic
of
Cyprus,
2.75%,
2/26/34
547,000
546
Republic
of
Cyprus,
2.75%,
5/3/49
642,000
559
Total
Cyprus
(Cost
$5,968)
4,628
CZECH
REPUBLIC 0.7%
Government
Bonds 0.7%
Republic
of
Czech,
Series
103,
2.00%,
10/13/33
141,850,000
5,089
Republic
of
Czech,
Series
125,
1.50%,
4/24/40
33,570,000
984
Total
Czech
Republic
(Cost
$6,206)
6,073
DENMARK 0.7%
Corporate
Bonds 0.7%
Carlsberg
Breweries,
0.375%,
6/30/27
(EUR)
430,000
419
Danske
Bank,
VR,
0.75%,
6/9/29
(EUR) (4)
560,000
533
Danske
Bank,
VR,
1.375%,
2/17/27
(EUR) (4)
500,000
514
Danske
Bank,
VR,
1.375%,
2/12/30
(EUR) (4)
775,000
814
Danske
Bank,
VR,
4.50%,
11/9/28
(EUR) (4)
380,000
415
Orsted,
4.875%,
1/12/32
(GBP)
910,000
1,124
TDC
Net,
5.056%,
5/31/28
(EUR)
365,000
398
TDC
Net,
5.618%,
2/6/30
(EUR)
1,345,000
1,476
Total
Denmark
(Cost
$5,727)
5,693
EGYPT 0.4%
Government
Bonds 0.4%
Arab
Republic
of
Egypt,
Treasury
Bills,
Series
364D,
30.00%,
9/17/24
68,650,000
1,360
Arab
Republic
of
Egypt,
Treasury
Bills,
Series
364D,
31.25%,
12/10/24
119,400,000
2,238
Total
Egypt
(Cost
$3,522)
3,598
T.
ROWE
PRICE
International
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
ESTONIA 0.6%
Government
Bonds 0.6%
Republic
of
Estonia,
3.25%,
1/17/34
5,150,000
5,370
Total
Estonia
(Cost
$5,604)
5,370
FINLAND 0.1%
Corporate
Bonds 0.1%
Elisa,
0.25%,
9/15/27
435,000
421
Metso,
0.875%,
5/26/28
440,000
423
Total
Finland
(Cost
$873)
844
FRANCE 3.0%
Corporate
Bonds 1.8%
Altice
France,
5.875%,
2/1/27 (1)
375,000
300
Banijay
Entertainment,
7.00%,
5/1/29 (1)
175,000
195
Banque
Federative
du
Credit
Mutuel,
1.25%,
5/26/27
500,000
501
Banque
Federative
du
Credit
Mutuel,
3.125%,
9/14/27
400,000
422
Banque
Federative
du
Credit
Mutuel,
5.125%,
1/13/33
900,000
1,003
Banque
Stellantis
France,
4.00%,
1/21/27
400,000
432
BNP
Paribas,
VR,
2.125%,
1/23/27 (4)
1,000,000
1,042
BNP
Paribas,
VR,
3.875%,
1/10/31 (4)
500,000
539
BPCE,
0.25%,
1/14/31
1,100,000
946
Credit
Agricole,
1.00%,
9/16/24
1,400,000
1,490
Credit
Agricole
Assurances,
VR,
2.625%,
1/29/48 (4)
1,000,000
995
Electricite
de
France,
6.125%,
6/2/34
(GBP)
1,200,000
1,541
EssilorLuxottica,
0.375%,
11/27/27
400,000
389
Holding
d'Infrastructures
de
Transport,
1.475%,
1/18/31
1,300,000
1,188
IPD
3,
8.00%,
6/15/28 (1)
305,000
342
Loxam,
6.375%,
5/15/28
645,000
708
Orange,
3.25%,
1/15/32
(GBP)
1,100,000
1,235
RTE
Reseau
de
Transport
d'Electricite
SADIR,
0.75%,
1/12/34
1,100,000
914
Veolia
Environnement,
1.25%,
4/2/27
1,000,000
1,008
Veolia
Environnement,
1.94%,
1/7/30
500,000
491
15,681
Government
Bonds 1.2%
Republic
of
France,
1.25%,
5/25/36 (1)
3,607,000
3,068
T.
ROWE
PRICE
International
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
France,
3.00%,
5/25/54 (1)
7,243,000
6,745
9,813
Total
France
(Cost
$27,345)
25,494
GERMANY 5.6%
Corporate
Bonds 1.4%
Allianz,
VR,
3.375% (4)(5)
1,100,000
1,172
Daimler
Truck
International
Finance,
1.625%,
4/6/27
400,000
408
E.ON
International
Finance,
6.25%,
6/3/30
(GBP)
1,865,000
2,487
Fresenius,
1.625%,
10/8/27
415,000
420
Fresenius,
5.00%,
11/28/29
1,200,000
1,352
Gruenenthal,
3.625%,
11/15/26 (1)
200,000
209
Gruenenthal,
6.75%,
5/15/30 (1)
100,000
112
Gruenenthal,
6.75%,
5/15/30
600,000
673
Hannover
Rueck,
1.125%,
4/18/28
400,000
404
Hannover
Rueck,
VR,
1.125%,
10/9/39 (4)
900,000
828
Hannover
Rueck,
VR,
1.75%,
10/8/40 (4)
900,000
836
Knorr-Bremse,
3.25%,
9/21/27
400,000
425
ProGroup,
5.375%,
4/15/31 (1)
430,000
455
TK
Elevator
Midco,
4.375%,
7/15/27 (1)(3)
490,000
505
Volkswagen
Bank,
4.375%,
5/3/28
400,000
437
Volkswagen
Financial
Services,
0.375%,
2/12/30
825,000
734
Volkswagen
International
Finance,
Series
10Y,
1.875%,
3/30/27
200,000
204
11,661
Government
Bonds 4.2%
Bundesobligation,
Series
184,
0.00%,
10/9/26
10,558,000
10,637
Bundesrepublik
Deutschland
Bundesanleihe,
0.00%,
2/15/30
11,232,000
10,519
Bundesrepublik
Deutschland
Bundesanleihe,
2.20%,
2/15/34
1
—
Bundesrepublik
Deutschland
Bundesanleihe,
2.50%,
8/15/54
2,293,000
2,354
Bundesrepublik
Deutschland
Bundesanleihe,
4.75%,
7/4/40
2,575,000
3,487
Deutsche
Bundesrepublik,
Inflation-Indexed,
0.50%,
4/15/30
6,847,371
7,303
KfW,
4.70%,
6/2/37
(CAD)
924,000
704
35,004
Total
Germany
(Cost
$47,173)
46,665
GREECE 0.4%
Government
Bonds 0.4%
Hellenic
Republic,
0.75%,
6/18/31 (1)
3,809,000
3,414
Total
Greece
(Cost
$4,587)
3,414
T.
ROWE
PRICE
International
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
HUNGARY 1.1%
Corporate
Bonds 0.1%
OTP
Bank,
VR,
7.35%,
3/4/26
(EUR) (4)
910,000
990
990
Government
Bonds 1.0%
Magyar
Export-Import
Bank,
6.00%,
5/16/29
(EUR)
670,000
756
Republic
of
Hungary,
5.00%,
2/22/27
(EUR)
1,557,000
1,719
Republic
of
Hungary,
Series
33/A,
2.25%,
4/20/33
3,071,650,000
5,896
8,371
Total
Hungary
(Cost
$9,696)
9,361
ICELAND 0.6%
Corporate
Bonds 0.2%
Landsbankinn,
0.375%,
5/23/25
(EUR)
1,675,000
1,733
1,733
Government
Bonds 0.4%
Republic
of
Iceland,
0.00%,
4/15/28
(EUR)
2,249,000
2,130
Republic
of
Iceland,
3.50%,
3/21/34
(EUR)
1,283,000
1,378
3,508
Total
Iceland
(Cost
$5,988)
5,241
INDIA 1.2%
Government
Bonds 1.2%
Republic
of
India,
6.54%,
1/17/32
338,480,000
3,945
Republic
of
India,
7.26%,
8/22/32
534,200,000
6,488
Total
India
(Cost
$10,363)
10,433
INDONESIA 3.1%
Corporate
Bonds 0.2%
Freeport
Indonesia,
4.763%,
4/14/27
(USD)
891,000
877
Minejesa
Capital,
5.625%,
8/10/37
(USD)
400,000
362
1,239
Government
Bonds 2.9%
Republic
of
Indonesia,
3.75%,
6/14/28
(EUR)
6,942,000
7,429
Republic
of
Indonesia,
Series
FR86,
5.50%,
4/15/26
73,160,000,000
4,385
Republic
of
Indonesia,
Series
FR91,
6.375%,
4/15/32
11,860,000,000
698
T.
ROWE
PRICE
International
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Indonesia,
Series
FR95,
6.375%,
8/15/28
58,190,000,000
3,499
Republic
of
Indonesia,
Series
FR96,
7.00%,
2/15/33
140,127,000,000
8,522
24,533
Total
Indonesia
(Cost
$27,616)
25,772
IRELAND 0.2%
Corporate
Bonds 0.1%
Smurfit
Kappa
Treasury,
1.50%,
9/15/27
420,000
421
421
Government
Bonds 0.1%
Republic
of
Ireland,
1.50%,
5/15/50
252,000
187
Republic
of
Ireland,
2.00%,
2/18/45
848,000
743
930
Total
Ireland
(Cost
$1,905)
1,351
ISRAEL 0.4%
Government
Bonds 0.4%
State
of
Israel,
1.50%,
1/18/27
(EUR)
3,044,000
3,007
Total
Israel
(Cost
$3,296)
3,007
ITALY 3.2%
Corporate
Bonds 1.0%
Aeroporti
di
Roma,
1.625%,
6/8/27
405,000
412
Autostrade
per
l'Italia,
1.625%,
1/25/28
425,000
419
Autostrade
per
l'Italia,
2.00%,
12/4/28
990,000
975
Autostrade
per
l'Italia,
2.00%,
1/15/30
1,067,000
1,022
CA
Auto
Bank,
0.50%,
9/13/24
1,000,000
1,064
CA
Auto
Bank,
4.75%,
1/25/27
380,000
416
IMA
Industria
Macchine
Automatiche,
FRN,
3M
EURIBOR
+
3.75%,
7.652%,
4/15/29 (1)
100,000
108
Inter
Media
and
Communication,
6.75%,
2/9/27
920,000
970
Intesa
Sanpaolo,
1.75%,
7/4/29
1,515,000
1,478
Italgas,
1.625%,
1/19/27
405,000
413
Snam,
0.875%,
10/25/26
1,165,000
1,172
8,449
Government
Bonds 2.2%
Italy
Buoni
Poliennali
Del
Tesoro,
Series
50Y,
2.80%,
3/1/67
5,290,000
3,946
T.
ROWE
PRICE
International
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Italy
Buoni
Poliennali
Del
Tesoro,
Series
CPI,
1.30%,
5/15/28 (1)
6,215,495
6,551
Republic
of
Italy,
2.375%,
10/17/24
(USD)
8,075,000
7,992
18,489
Total
Italy
(Cost
$29,789)
26,938
IVORY
COAST 0.3%
Government
Bonds 0.3%
Republic
of
Ivory
Coast,
5.875%,
10/17/31
(EUR)
2,915,000
2,822
Total
Ivory
Coast
(Cost
$2,685)
2,822
JAPAN 9.4%
Government
Bonds 9.4%
Government
of
Japan,
Series
16,
1.30%,
3/20/63
346,650,000
1,597
Government
of
Japan,
Series
19,
Inflation-Indexed,
0.10%,
9/10/24
892,600,800
5,568
Government
of
Japan,
Series
20,
Inflation-Indexed,
0.10%,
3/10/25
1,741,210,400
10,952
Government
of
Japan,
Series
26,
Inflation-Indexed,
0.005%,
3/10/31
1,200,648,228
7,929
Government
of
Japan,
Series
27,
Inflation-Indexed,
0.005%,
3/10/32
773,147,250
5,085
Government
of
Japan,
Series
28,
Inflation-Indexed,
0.005%,
3/10/33
298,105,500
1,950
Government
of
Japan,
Series
29,
Inflation-Indexed,
0.005%,
3/10/34
682,387,805
4,448
Government
of
Japan,
Series
44,
1.70%,
9/20/44
1,740,150,000
10,515
Government
of
Japan,
Series
74,
1.00%,
3/20/52
1,168,550,000
5,564
Government
of
Japan,
Series
75,
1.30%,
6/20/52
1,516,250,000
7,786
Government
of
Japan,
Series
76,
1.40%,
9/20/52
1,208,200,000
6,348
Government
of
Japan,
Series
338,
0.40%,
3/20/25
1,795,000,000
11,180
Total
Japan
(Cost
$107,364)
78,922
KUWAIT 0.2%
Corporate
Bonds 0.2%
MEGlobal,
2.625%,
4/28/28
(USD) (1)
1,485,000
1,338
MEGlobal,
2.625%,
4/28/28
(USD)
530,000
477
Total
Kuwait
(Cost
$1,959)
1,815
T.
ROWE
PRICE
International
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
LATVIA 1.7%
Government
Bonds 1.7%
Republic
of
Latvia,
0.375%,
10/7/26
(EUR)
11,633,000
11,614
Republic
of
Latvia,
3.875%,
5/22/29
(EUR)
2,070,000
2,257
Total
Latvia
(Cost
$15,443)
13,871
LITHUANIA 0.9%
Government
Bonds 0.9%
Republic
of
Lithuania,
3.50%,
2/13/34
1,755,000
1,859
Republic
of
Lithuania,
3.875%,
6/14/33
5,040,000
5,515
Total
Lithuania
(Cost
$7,217)
7,374
LUXEMBOURG 0.5%
Corporate
Bonds 0.5%
Albion
Financing
1,
5.25%,
10/15/26
600,000
642
Altice
Financing,
4.25%,
8/15/29 (1)
365,000
294
Blackstone
Property
Partners
Europe
Holdings,
1.75%,
3/12/29
1,700,000
1,603
Logicor
Financing,
0.875%,
1/14/31
1,115,000
941
Logicor
Financing,
1.50%,
7/13/26
1,075,000
1,086
Total
Luxembourg
(Cost
$5,117)
4,566
MACAO 0.4%
Corporate
Bonds 0.4%
Melco
Resorts
Finance,
4.875%,
6/6/25
(USD)
795,000
779
MGM
China
Holdings,
7.125%,
6/26/31
(USD) (1)(3)
490,000
493
Sands
China,
4.05%,
1/8/26
(USD)
1,155,000
1,119
Wynn
Macau,
5.50%,
1/15/26
(USD)
980,000
960
Total
Macao
(Cost
$3,343)
3,351
MALAYSIA 3.2%
Government
Bonds 3.2%
Government
of
Malaysia,
Series
0119,
3.906%,
7/15/26
27,570,000
5,899
Government
of
Malaysia,
Series
0120,
4.065%,
6/15/50
11,478,000
2,375
Government
of
Malaysia,
Series
0123,
4.457%,
3/31/53
6,670,000
1,468
Government
of
Malaysia,
Series
0216,
4.736%,
3/15/46
63,031,000
14,409
T.
ROWE
PRICE
International
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
of
Malaysia,
Series
0318,
4.642%,
11/7/33
12,550,000
2,818
Total
Malaysia
(Cost
$28,182)
26,969
MEXICO 2.0%
Corporate
Bonds 0.6%
America
Movil,
5.75%,
6/28/30
(GBP)
1,070,000
1,402
BBVA
Bancomer,
VR,
5.125%,
1/18/33
(USD) (4)
2,050,000
1,870
Bimbo
Bakeries
USA,
6.05%,
1/15/29
(USD) (1)
1,625,000
1,671
4,943
Government
Bonds 1.4%
Petroleos
Mexicanos,
4.875%,
2/21/28
(EUR)
2,700,000
2,638
United
Mexican
States,
Series
M,
7.50%,
5/26/33
40,234,000
1,894
United
Mexican
States,
Series
M,
8.50%,
5/31/29
21,234,000
1,093
United
Mexican
States,
Series
M,
8.50%,
11/18/38
120,387,000
5,837
11,462
Total
Mexico
(Cost
$17,208)
16,405
MONTENEGRO 0.3%
Government
Bonds 0.3%
Kingdom
of
Montenegro,
7.25%,
3/12/31
(USD) (1)
2,370,000
2,381
Total
Montenegro
(Cost
$2,393)
2,381
MOROCCO 0.2%
Government
Bonds 0.2%
Kingdom
of
Morocco,
1.375%,
3/30/26
(EUR)
1,937,000
1,971
Total
Morocco
(Cost
$2,029)
1,971
NETHERLANDS 0.8%
Corporate
Bonds 0.8%
GTCR
W
Dutch
Finance,
8.50%,
1/15/31
(GBP) (1)
100,000
135
ING
Groep,
VR,
0.375%,
9/29/28 (4)
400,000
385
ING
Groep,
VR,
1.25%,
2/16/27 (4)
1,500,000
1,542
Nationale-Nederlanden
Bank,
0.375%,
2/26/25
1,000,000
1,047
NN
Group,
1.625%,
6/1/27 (3)
405,000
411
Sartorius
Finance,
4.50%,
9/14/32
1,300,000
1,429
Universal
Music
Group,
3.00%,
6/30/27
390,000
412
VZ
Secured
Financing,
3.50%,
1/15/32
600,000
561
T.
ROWE
PRICE
International
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Wolters
Kluwer,
1.50%,
3/22/27
410,000
418
Ziggo,
2.875%,
1/15/30
510,000
476
Total
Netherlands
(Cost
$6,908)
6,816
NEW
ZEALAND 1.3%
Corporate
Bonds 0.2%
Chorus,
3.625%,
9/7/29
(EUR)
1,290,000
1,370
1,370
Government
Bonds 1.1%
New
Zealand
Government
Bond,
Series
0433,
3.50%,
4/14/33
14,136,000
7,900
New
Zealand
Government
Bond,
Series
0551,
2.75%,
5/15/51
3,063,000
1,251
9,151
Total
New
Zealand
(Cost
$10,856)
10,521
NORTH
MACEDONIA 0.1%
Government
Bonds 0.1%
Republic
of
North
Macedonia,
6.96%,
3/13/27
(EUR) (1)
860,000
957
Total
North
Macedonia
(Cost
$912)
957
NORWAY 0.1%
Corporate
Bonds 0.1%
Avinor,
0.75%,
10/1/30
(EUR)
1,185,000
1,081
Total
Norway
(Cost
$1,073)
1,081
PERU 1.1%
Government
Bonds 1.1%
Republic
of
Peru,
5.40%,
8/12/34
30,425,000
6,967
Republic
of
Peru,
Series
REGS,
5.40%,
8/12/34
11,242,000
2,574
Total
Peru
(Cost
$9,556)
9,541
PHILIPPINES 0.1%
Government
Bonds 0.1%
Republic
of
Philippines,
0.25%,
4/28/25
(EUR)
910,000
943
Total
Philippines
(Cost
$1,093)
943
T.
ROWE
PRICE
International
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
POLAND 0.9%
Government
Bonds 0.9%
Republic
of
Poland,
Series
1033,
6.00%,
10/25/33
8,650,000
2,202
Republic
of
Poland,
Series
1034,
5.00%,
10/25/34
20,796,000
4,899
Total
Poland
(Cost
$7,109)
7,101
PORTUGAL 0.2%
Corporate
Bonds 0.2%
Banco
Comercial
Portugues,
VR,
1.75%,
4/7/28 (3)(4)
600,000
605
Banco
Comercial
Portugues,
VR,
6.888%,
12/7/27 (4)
1,200,000
1,361
Total
Portugal
(Cost
$1,918)
1,966
QATAR 0.4%
Corporate
Bonds 0.4%
QatarEnergy,
3.125%,
7/12/41
(USD)
1,750,000
1,306
QNB
Finance,
2.75%,
2/12/27
(USD)
2,200,000
2,067
Total
Qatar
(Cost
$3,432)
3,373
ROMANIA 0.4%
Corporate
Bonds 0.4%
Banca
Transilvania,
VR,
8.875%,
4/27/27
(EUR) (4)
1,935,000
2,190
RCS
&
RDS,
3.25%,
2/5/28
(EUR) (3)
1,100,000
1,103
Total
Romania
(Cost
$3,194)
3,293
SERBIA 1.4%
Corporate
Bonds 0.1%
United
Group,
4.625%,
8/15/28
(EUR) (1)
650,000
674
674
Government
Bonds 1.3%
Republic
of
Serbia,
1.00%,
9/23/28
(EUR) (1)
4,900,000
4,472
Republic
of
Serbia,
1.50%,
6/26/29
(EUR) (1)
1,335,000
1,217
Republic
of
Serbia,
1.50%,
6/26/29
(EUR)
1,785,000
1,627
Republic
of
Serbia,
1.65%,
3/3/33
(EUR)
2,090,000
1,680
T.
ROWE
PRICE
International
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Serbia,
3.125%,
5/15/27
(EUR)
2,250,000
2,313
11,309
Total
Serbia
(Cost
$13,800)
11,983
SINGAPORE 2.2%
Government
Bonds 2.2%
Government
of
Singapore,
0.50%,
11/1/25
7,340,000
5,201
Government
of
Singapore,
1.625%,
7/1/31
8,331,000
5,543
Government
of
Singapore,
2.375%,
6/1/25
3,960,000
2,886
Government
of
Singapore,
2.875%,
7/1/29
4,874,000
3,537
Government
of
Singapore,
3.25%,
6/1/54
1,622,000
1,247
Total
Singapore
(Cost
$18,154)
18,414
SLOVENIA 0.8%
Corporate
Bonds 0.0%
Summer
BidCo,
10.00%,
2/15/29,
(10.00%
Cash
or
10.75%
PIK) (1)(6)
102,986
111
111
Government
Bonds 0.8%
Republic
of
Slovenia,
Series
RS74,
1.50%,
3/25/35 (3)
1,805,000
1,618
Republic
of
Slovenia,
Series
RS76,
3.125%,
8/7/45
3,533,000
3,499
Republic
of
Slovenia,
Series
RS77,
2.25%,
3/3/32
900,000
904
Republic
of
Slovenia,
Series
RS86,
0.00%,
2/12/31
955,000
835
6,856
Total
Slovenia
(Cost
$8,331)
6,967
SOUTH
AFRICA 0.1%
Corporate
Bonds 0.1%
Anglo
American
Capital,
3.375%,
3/11/29
(GBP)
850,000
996
Total
South
Africa
(Cost
$942)
996
SOUTH
KOREA 0.1%
Corporate
Bonds 0.1%
Shinhan
Bank,
4.50%,
4/12/28
(USD) (1)
865,000
852
Total
South
Korea
(Cost
$862)
852
T.
ROWE
PRICE
International
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SPAIN 2.6%
Corporate
Bonds 1.3%
Banco
Bilbao
Vizcaya
Argentaria,
VR,
5.75%,
9/15/33 (4)
400,000
446
Banco
de
Sabadell,
VR,
0.875%,
6/16/28 (4)
1,100,000
1,082
Banco
de
Sabadell,
VR,
5.00%,
6/7/29 (4)
400,000
447
Banco
de
Sabadell,
VR,
5.125%,
11/10/28 (4)
900,000
1,005
Banco
Santander,
1.125%,
1/17/25
1,000,000
1,055
CaixaBank,
3.75%,
9/7/29
600,000
652
CaixaBank,
VR,
0.75%,
5/26/28 (4)
400,000
395
CaixaBank,
VR,
6.25%,
2/23/33 (4)
400,000
450
Cellnex
Telecom,
1.75%,
10/23/30 (3)
2,200,000
2,064
Cirsa
Finance
International,
7.875%,
7/31/28 (1)
760,000
860
Inmobiliaria
Colonial
Socimi,
1.625%,
11/28/25
1,500,000
1,559
Lorca
Telecom
Bondco,
4.00%,
9/18/27
1,200,000
1,254
11,269
Government
Bonds 1.3%
Kingdom
of
Spain,
0.00%,
1/31/28
9,072,000
8,723
Kingdom
of
Spain,
1.90%,
10/31/52 (1)
3,019,000
2,119
10,842
Total
Spain
(Cost
$22,161)
22,111
SRI
LANKA 0.2%
Government
Bonds 0.2%
Republic
of
Sri
Lanka,
Series
A,
11.40%,
1/15/27
185,000,000
616
Republic
of
Sri
Lanka,
Series
A,
11.50%,
8/1/26
129,000,000
431
Republic
of
Sri
Lanka,
Series
A,
20.00%,
9/15/27
235,000,000
956
Total
Sri
Lanka
(Cost
$1,749)
2,003
SWEDEN 2.1%
Corporate
Bonds 0.4%
Autoliv,
4.25%,
3/15/28
(EUR)
375,000
406
Electrolux,
4.50%,
9/29/28
(EUR)
380,000
413
Skandinaviska
Enskilda
Banken,
0.375%,
6/21/28
(EUR)
450,000
425
Tele2,
0.75%,
3/23/31
(EUR)
610,000
555
Tele2,
2.125%,
5/15/28
(EUR)
405,000
411
Verisure
Holding,
3.875%,
7/15/26
(EUR) (1)
260,000
275
Verisure
Holding,
9.25%,
10/15/27
(EUR)
600,000
679
3,164
T.
ROWE
PRICE
International
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
Bonds 1.7%
Kingdom
of
Sweden,
Series
1056,
2.25%,
6/1/32
51,940,000
4,917
Kingdom
of
Sweden,
Series
1065,
1.75%,
11/11/33 (1)
63,080,000
5,725
Kingdom
of
Sweden,
Inflation-Indexed,
Series
3111,
0.125%,
6/1/32
37,184,609
3,368
14,010
Total
Sweden
(Cost
$17,259)
17,174
SWITZERLAND 0.4%
Corporate
Bonds 0.4%
ABB
Finance,
3.25%,
1/16/27
(EUR)
380,000
407
ABB
Finance,
3.375%,
1/16/31
(EUR)
700,000
749
Holcim
Finance
Luxembourg,
2.25%,
5/26/28
(EUR)
405,000
414
UBS
Group,
VR,
2.875%,
4/2/32
(EUR) (4)
515,000
515
UBS
Group,
VR,
7.75%,
3/1/29
(EUR) (4)
1,200,000
1,451
Total
Switzerland
(Cost
$3,434)
3,536
TANZANIA 0.2%
Corporate
Bonds 0.2%
HTA
Group,
7.50%,
6/4/29
(USD) (1)
1,275,000
1,270
Total
Tanzania
(Cost
$1,269)
1,270
THAILAND 1.2%
Corporate
Bonds 0.1%
Bangkok
Bank,
VR,
3.733%,
9/25/34
(USD) (4)
1,340,000
1,188
1,188
Government
Bonds 1.1%
Kingdom
of
Thailand,
2.00%,
12/17/31
224,283,000
5,862
Kingdom
of
Thailand,
3.45%,
6/17/43
106,269,000
2,980
8,842
Total
Thailand
(Cost
$10,786)
10,030
UNITED
KINGDOM 7.0%
Corporate
Bonds 3.0%
Barclays,
VR,
0.577%,
8/9/29
(EUR) (4)
820,000
769
Barclays,
VR,
0.877%,
1/28/28
(EUR) (4)
425,000
423
Barclays,
VR,
5.262%,
1/29/34
(EUR) (4)
460,000
526
T.
ROWE
PRICE
International
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Barclays,
VR,
6.369%,
1/31/31 (4)
790,000
1,029
Deuce
Finco,
5.50%,
6/15/27 (1)
345,000
417
Heathrow
Funding,
2.75%,
10/13/29
1,390,000
1,568
HSBC
Holdings,
VR,
4.752%,
3/10/28
(EUR) (4)
830,000
909
Jerrold
Finco,
5.25%,
1/15/27
600,000
734
Kane
Bidco,
5.00%,
2/15/27
(EUR) (3)
1,455,000
1,536
Legal
&
General
Group,
VR,
5.375%,
10/27/45 (4)
525,000
657
London
Stock
Exchange
Group,
1.75%,
12/6/27
(EUR)
410,000
415
Marks
&
Spencer,
6.00%,
6/12/25
450,000
571
Motion
Finco,
7.375%,
6/15/30
(EUR) (1)
1,085,000
1,205
National
Grid
Electricity
Distribution
East
Midlands,
3.53%,
9/20/28
(EUR)
390,000
415
Nationwide
Building
Society,
VR,
2.00%,
7/25/29
(EUR) (4)
950,000
1,015
NatWest
Group,
VR,
0.67%,
9/14/29
(EUR) (4)
850,000
799
NatWest
Group,
VR,
1.043%,
9/14/32
(EUR) (4)
850,000
820
Next
Group,
3.625%,
5/18/28
1,787,000
2,147
Next
Group,
4.375%,
10/2/26
540,000
670
Reckitt
Benckiser
Treasury
Services,
3.875%,
9/14/33
(EUR)
865,000
929
Santander
U.K.
Group
Holdings,
VR,
0.603%,
9/13/29
(EUR) (4)
1,050,000
980
Santander
U.K.
Group
Holdings,
VR,
2.421%,
1/17/29 (4)
530,000
603
Santander
U.K.
Group
Holdings,
VR,
3.53%,
8/25/28
(EUR) (4)
800,000
846
Severn
Trent
Utilities
Finance,
4.625%,
11/30/34
960,000
1,124
Smiths
Group,
2.00%,
2/23/27
(EUR)
400,000
410
Standard
Chartered,
VR,
2.50%,
9/9/30
(EUR) (4)
1,200,000
1,260
Tesco
Corporate
Treasury
Services,
2.75%,
4/27/30
950,000
1,065
Vmed
O2
U.K.
Financing
I,
4.50%,
7/15/31 (1)
1,095,000
1,140
24,982
Government
Bonds 4.0%
United
Kingdom
Gilt,
0.625%,
7/31/35
3,931,000
3,394
United
Kingdom
Gilt,
0.625%,
10/22/50
10,879,000
5,476
United
Kingdom
Gilt,
3.25%,
1/22/44
10,952,000
11,416
United
Kingdom
Gilt,
4.00%,
10/22/63
1,463,000
1,650
United
Kingdom
Gilt,
4.25%,
12/7/46
9,612,792
11,460
33,396
Total
United
Kingdom
(Cost
$59,132)
58,378
UNITED
STATES 5.7%
Corporate
Bonds 5.4%
AbbVie,
2.125%,
11/17/28
(EUR)
410,000
416
AbbVie,
2.625%,
11/15/28
(EUR)
995,000
1,034
American
Honda
Finance,
0.75%,
11/25/26
(GBP)
796,000
915
T.
ROWE
PRICE
International
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
American
Honda
Finance,
1.95%,
10/18/24
(EUR)
847,000
902
AT&T,
3.95%,
4/30/31
(EUR)
1,300,000
1,410
Athene
Global
Funding,
0.832%,
1/8/27
(EUR)
1,045,000
1,037
Bank
of
America,
VR,
1.662%,
4/25/28
(EUR) (4)
410,000
417
Becton
Dickinson
&
Company,
3.02%,
5/24/25
(GBP) (3)
1,018,000
1,260
Becton
Dickinson
&
Company,
3.519%,
2/8/31
(EUR)
583,000
618
Becton
Dickinson
Euro
Finance,
0.334%,
8/13/28
(EUR)
450,000
422
Becton
Dickinson
Euro
Finance,
1.213%,
2/12/36
(EUR)
408,000
327
Berkshire
Hathaway
Finance,
1.50%,
3/18/30
(EUR)
1,020,000
984
Capital
One
Financial,
1.65%,
6/12/29
(EUR)
2,100,000
1,996
Carrier
Global,
4.125%,
5/29/28
(EUR)
380,000
414
Comcast,
0.00%,
9/14/26
(EUR)
1,000,000
994
Dana
Financing
Luxembourg,
8.50%,
7/15/31
(EUR) (1)
464,000
539
Dow
Chemical,
0.50%,
3/15/27
(EUR)
430,000
424
Duke
Energy,
3.75%,
4/1/31
(EUR)
1,385,000
1,462
Encore
Capital
Group,
4.875%,
10/15/25
(EUR) (1)
540,000
574
Encore
Capital
Group,
5.375%,
2/15/26
(GBP) (1)(3)
910,000
1,131
Equitable
Financial
Life
Global
Funding,
0.60%,
6/16/28
(EUR)
445,000
423
FedEx,
1.625%,
1/11/27
(EUR)
415,000
424
Fiserv,
1.625%,
7/1/30
(EUR)
100,000
95
Fiserv,
3.00%,
7/1/31
(GBP)
1,000,000
1,095
Fiserv,
4.50%,
5/24/31
(EUR)
1,760,000
1,955
Ford
Motor
Credit,
4.867%,
8/3/27
(EUR)
1,425,000
1,564
Ford
Motor
Credit,
5.125%,
2/20/29
(EUR)
650,000
723
General
Motors
Financial,
0.85%,
2/26/26
(EUR)
1,000,000
1,023
Goldman
Sachs
Group,
1.625%,
7/27/26
(EUR)
1,204,000
1,240
Goldman
Sachs
Group,
VR,
3.625%,
10/29/29
(GBP) (4)
545,000
646
Harley-Davidson
Financial
Services,
5.125%,
4/5/26
(EUR)
1,370,000
1,496
Highland
Holdings,
0.318%,
12/15/26
(EUR)
765,000
757
JPMorgan
Chase,
1.50%,
10/29/26
(EUR)
1,300,000
1,335
JPMorgan
Chase,
VR,
1.638%,
5/18/28
(EUR) (4)
415,000
421
Medtronic
Global
Holdings,
0.375%,
10/15/28
(EUR)
554,000
523
Metropolitan
Life
Global
Funding,
5.00%,
1/10/30
(GBP)
650,000
824
Mondelez
International,
1.625%,
3/8/27
(EUR)
405,000
413
Mondelez
International
Holdings
Netherlands,
0.25%,
9/9/29
(EUR) (1)
389,000
355
Morgan
Stanley,
VR,
0.406%,
10/29/27
(EUR) (4)
1,269,000
1,261
Morgan
Stanley,
VR,
5.148%,
1/25/34
(EUR) (4)
400,000
464
Netflix,
3.625%,
5/15/27
(EUR)
390,000
419
Netflix,
3.875%,
11/15/29
(EUR)
975,000
1,057
Prologis,
2.25%,
6/30/29
(GBP)
1,252,000
1,394
Thermo
Fisher
Scientific,
0.875%,
10/1/31
(EUR)
955,000
856
Thermo
Fisher
Scientific,
2.375%,
4/15/32
(EUR)
156,000
154
T.
ROWE
PRICE
International
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Thermo
Fisher
Scientific
Finance
I,
0.80%,
10/18/30
(EUR)
593,000
543
Upjohn
Finance,
1.362%,
6/23/27
(EUR)
420,000
419
Upjohn
Finance,
1.908%,
6/23/32
(EUR)
880,000
787
Utah
Acquisition,
3.125%,
11/22/28
(EUR)
995,000
1,032
Verizon
Communications,
1.30%,
5/18/33
(EUR)
835,000
733
Verizon
Communications,
2.625%,
12/1/31
(EUR)
750,000
753
VF,
4.125%,
3/7/26
(EUR)
669,000
708
VF,
4.25%,
3/7/29
(EUR)
695,000
715
Wells
Fargo,
1.00%,
2/2/27
(EUR)
420,000
421
Westlake,
1.625%,
7/17/29
(EUR)
1,680,000
1,615
45,919
Municipal
Securities 0.3%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (7)
3,679,010
2,253
2,253
Total
United
States
(Cost
$50,842)
48,172
SHORT-TERM
INVESTMENTS 6.4%
Money
Market
Funds 1.5%
T.
Rowe
Price
Government
Reserve
Fund,
5.38% (8)(9)
12,295,531
12,296
12,296
U.S.
Treasury
Obligations 4.9%
U.S.
Treasury
Bills,
5.283%,
7/11/24 (10)
7,102,000
7,092
U.S.
Treasury
Bills,
5.288%,
11/21/24
8,732,000
8,553
U.S.
Treasury
Bills,
5.30%,
7/16/24
25,790,000
25,733
41,378
Total
Short-Term
Investments
(Cost
$53,674)
53,674
SECURITIES
LENDING
COLLATERAL 1.0%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK 1.0%
Money
Market
Funds 1.0%
T.
Rowe
Price
Government
Reserve
Fund,
5.38% (8)(9)
8,369,255
8,369
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
8,369
Total
Securities
Lending
Collateral
(Cost
$8,369)
8,369
T.
ROWE
PRICE
International
Bond
Fund
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED 0.1%
OTC
Options
Purchased
0
.1
%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Citibank
USD
/
GBP,
Call,
8/8/24
@
USD1.26 (11)
1
17,102
91
Citibank
USD
/
GBP,
Put,
8/8/24
@
USD1.30 (11)
1
17,102
10
HSBC
Bank
USD
/
JPY,
Call,
7/29/24
@
JPY158.50 (11)
2
14,889
257
Morgan
Stanley
Credit
Default
Swap
Protection
Bought
(Relevant
Credit:
Markit
iTraxx
Europe-S41,
5
Year
Index,
6/20/29),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
8/21/24
@
0.63%*
(EUR) (11)
1
118,025
315
Total
Options
Purchased
(Cost
$358)
673
Total
Investments
in
Securities
99.1%
of
Net
Assets
(Cost
$889,415)
$
832,311
‡
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.
*
Exercise
Spread
(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
$66,664
and
represents
7.9%
of
net
assets.
(2)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(3)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2024.
T.
ROWE
PRICE
International
Bond
Fund
.
.
.
.
.
.
.
.
.
.
(4)
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.
(5)
Perpetual
security
with
no
stated
maturity
date.
(6)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(7)
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.
(8)
Seven-day
yield
(9)
Affiliated
Companies
(10)
At
June
30,
2024,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
(11)
Non-income
producing
1
Day
INR
MIBOR
One
day
INR
MIBOR
(Mumbai
interbank
offered
rate)
3M
EURIBOR
Three
month
EURIBOR
(Euro
interbank
offered
rate)
6M
EURIBOR
Six
month
EURIBOR
(Euro
interbank
offered
rate)
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CNH
Offshore
China
Renminbi
COP
Colombian
Peso
CPI
Consumer
Price
Index
CZK
Czech
Koruna
DKK
Danish
Krone
EGP
Egyptian
Pound
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GO
General
Obligation
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
ILS
Israeli
Shekel
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
OTC
Over-the-counter
T.
ROWE
PRICE
International
Bond
Fund
.
.
.
.
.
.
.
.
.
.
PEN
Peruvian
New
Sol
PIK
Payment-in-kind
PLN
Polish
Zloty
RON
New
Romanian
Leu
SEK
Swedish
Krona
SGD
Singapore
Dollar
SONIA
Sterling
Overnight
Index
Average
THB
Thai
Baht
TONA
Tokyo
overnight
average
rate
TRY
Turkish
Lira
TWD
Taiwan
Dollar
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
ZAR
South
African
Rand
T.
ROWE
PRICE
International
Bond
Fund
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.0)%
OTC
Options
Written (0.0)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Morgan
Stanley
Credit
Default
Swap
Protection
Sold
(Relevant
Credit:
Markit
iTraxx
Europe-S41,
5
Year
Index,
6/20/29),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
8/21/24
@
0.50%*
(EUR)
1
118,025
(
28
)
Total
Options
Written
(Premiums
$(88))
$
(
28
)
T.
ROWE
PRICE
International
Bond
Fund
(Amounts
in
000s)
SWAPS
(0.1)%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Greece
0.0%
Bank
of
America,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
(USD)
*
3,672
16
(15)
31
Bank
of
America,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/29
(USD)
*
1,700
10
(47)
57
Barclays
Bank,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
(USD)
*
2,800
13
(1)
14
Citibank,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/25
(USD)
*
1,356
11
(15)
26
Morgan
Stanley,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
(USD)
*
833
4
—
4
Morgan
Stanley,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/25
(USD)
*
572
5
(5)
10
Total
Greece
(83)
142
Vietnam
0.0%
Goldman
Sachs,
Protection
Sold (Relevant
Credit:
Socialist
Republic
of
Vietnam,
Ba2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
(USD)
*
3,250
25
23
2
Total
Vietnam
23
2
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(60)
144
Total
Bilateral
Swaps
(60)
144
T.
ROWE
PRICE
International
Bond
Fund
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
(0.1)%
Credit
Default
Swaps,
Protection
Bought
(0.2)%
Canada
(0.0)%
Protection
Bought
(Relevant
Credit:
Bombardier),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/20/28
(USD)
2,550
(324)
(103)
(
221
)
Total
Canada
(
221
)
Foreign/Europe
(0.2)%
Protection
Bought
(Relevant
Credit:
Markit
iTraxx
Europe-S41,
5
Year
Index),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/20/29
*
76,840
(1,488)
(1,660)
172
Total
Foreign/Europe
172
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Bought
(
49
)
Credit
Default
Swaps,
Protection
Sold
0.0%
Greece
0.0%
Protection
Sold
(Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
(USD)
*
1,600
21
17
4
Total
Greece
4
Spain
0.0%
Protection
Sold
(Relevant
Credit:
Cellnex
Telecom,
BBB-*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
*
753
133
122
11
Total
Spain
11
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
15
Interest
Rate
Swaps
0.1%
China
0.0%
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.283%
Quarterly,
Pay
Variable
2.350%
(7
Day
Interbank
Repo)
Quarterly,
8/18/28
39,900
88
—
88
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.476%
Quarterly,
Pay
Variable
2.300%
(7
Day
Interbank
Repo)
Quarterly,
6/1/28
29,985
95
—
95
T.
ROWE
PRICE
International
Bond
Fund
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.568%
Quarterly,
Pay
Variable
2.350%
(7
Day
Interbank
Repo)
Quarterly,
5/16/28
22,665
84
—
84
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.579%
Quarterly,
Pay
Variable
2.030%
(7
Day
Interbank
Repo)
Quarterly,
5/15/28
28,915
108
—
108
Total
China
375
Foreign/Europe
0.0%
2
Year
Interest
Rate
Swap,
Receive
Fixed
3.155%
Annually,
Pay
Variable
3.851%
(6M
EURIBOR)
Semi-Annually,
4/2/26
13,475
(61)
—
(
61
)
2
Year
Interest
Rate
Swap,
Receive
Fixed
3.220%
Annually,
Pay
Variable
3.865%
(6M
EURIBOR)
Semi-Annually,
4/16/26
47,200
(133)
—
(
133
)
2
Year
Interest
Rate
Swap,
Receive
Fixed
3.365%
Annually,
Pay
Variable
3.835%
(6M
EURIBOR)
Semi-Annually,
4/30/26
16,600
12
—
12
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.807%
Annually,
Pay
Variable
3.908%
(6M
EURIBOR)
Semi-Annually,
3/5/29
12,182
(102)
1
(
103
)
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.367%
Annually,
Pay
Variable
3.909%
(6M
EURIBOR)
Semi-Annually,
9/21/28
22,640
777
—
777
7
Year
Interest
Rate
Swap,
Receive
Fixed
2.638%
Annually,
Pay
Variable
3.743%
(6M
EURIBOR)
Semi-Annually,
12/17/29
7,350
7
—
7
30
Year
Interest
Rate
Swap,
Pay
Fixed
2.427%
Annually,
Receive
Variable
3.912%
(6M
EURIBOR)
Semi-Annually,
3/5/54
2,150
71
—
71
30
Year
Interest
Rate
Swap,
Pay
Fixed
2.953%
Annually,
Receive
Variable
3.909%
(6M
EURIBOR)
Semi-Annually,
9/22/53
2,600
(249)
—
(
249
)
Total
Foreign/Europe
321
T.
ROWE
PRICE
International
Bond
Fund
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
India
(0.0)%
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.378%
Semi-Annually,
Pay
Variable
6.860%
(1
Day
INR
MIBOR)
Semi-Annually,
5/28/29
288,090
(8)
—
(
8
)
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.387%
Semi-Annually,
Pay
Variable
6.860%
(1
Day
INR
MIBOR)
Semi-Annually,
5/28/29
286,606
(7)
—
(
7
)
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.390%
Semi-Annually,
Pay
Variable
6.860%
(1
Day
INR
MIBOR)
Semi-Annually,
5/28/29
298,304
(6)
—
(
6
)
7
Year
Interest
Rate
Swap,
Receive
Fixed
6.350%
Semi-Annually,
Pay
Variable
6.860%
(1
Day
INR
MIBOR)
Semi-Annually,
6/20/31
317,250
(21)
—
(
21
)
Total
India
(
42
)
Japan
0.0%
5
Year
Interest
Rate
Swap,
Pay
Fixed
0.418%
Annually,
Receive
Variable
0.007%
(JPY
TONA)
Annually,
8/10/28
3,018,045
88
—
88
Total
Japan
88
United
Kingdom
0.1%
3
Year
Interest
Rate
Swap,
Pay
Fixed
4.225%
Annually,
Receive
Variable
5.200%
(GBP
SONIA)
Annually,
6/21/27
18,242
43
—
43
Total
United
Kingdom
43
Total
Centrally
Cleared
Interest
Rate
Swaps
785
Zero-Coupon
Inflation
Swaps
(0.0)%
Foreign/Europe
(0.0)%
2
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.059%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
5/15/26
19,700
(22)
—
(
22
)
Total
Foreign/Europe
(
22
)
Total
Centrally
Cleared
Zero-Coupon
Inflation
Swaps
(
22
)
Total
Centrally
Cleared
Swaps
729
Net
payments
(receipts)
of
variation
margin
to
date
(
795
)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(
66
)
T.
ROWE
PRICE
International
Bond
Fund
*
Credit
ratings
as
of
June
30,
2024.
Ratings
shown
are
from
Moody’s
Investors
Service
and
if
Moody’s
does
not
rate
a
security,
then
Standard
&
Poor’s
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody’s
or
S&P.
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$1.
T.
ROWE
PRICE
International
Bond
Fund
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
7/5/24
INR
175,517
USD
2,102
$
3
Bank
of
America
7/12/24
HUF
137,935
USD
373
1
Bank
of
America
7/12/24
MXN
82,585
USD
4,801
(
297
)
Bank
of
America
7/12/24
USD
4,169
CZK
95,101
103
Bank
of
America
7/12/24
USD
4,814
HUF
1,722,063
147
Bank
of
America
7/12/24
USD
3,736
MXN
67,787
39
Bank
of
America
7/19/24
CAD
2,133
USD
1,563
(
3
)
Bank
of
America
7/19/24
NOK
36,090
USD
3,253
129
Bank
of
America
7/19/24
USD
4,001
CHF
3,581
5
Bank
of
America
8/16/24
PLN
9,573
USD
2,364
13
Bank
of
America
8/16/24
PLN
25,049
USD
6,342
(
123
)
Bank
of
America
8/30/24
USD
263
SEK
2,763
2
Bank
of
America
9/6/24
USD
18,619
MYR
86,821
186
Bank
of
America
10/11/24
USD
2,095
INR
175,517
(
3
)
Barclays
Bank
7/5/24
INR
727,282
USD
8,708
12
Barclays
Bank
7/5/24
KRW
39,407,904
USD
29,388
(
765
)
Barclays
Bank
7/5/24
TWD
60,436
USD
1,870
(
7
)
Barclays
Bank
7/12/24
MXN
31,776
USD
1,855
(
122
)
Barclays
Bank
7/12/24
TRY
32,305
USD
912
62
Barclays
Bank
7/12/24
USD
1,461
TRY
52,637
(
125
)
Barclays
Bank
7/12/24
USD
2,203
ZAR
40,770
(
35
)
Barclays
Bank
7/19/24
USD
2,105
JPY
327,073
65
Barclays
Bank
8/9/24
CLP
639,648
USD
684
(
4
)
Barclays
Bank
8/23/24
GBP
9,473
USD
12,046
(
66
)
Barclays
Bank
8/23/24
USD
301
EUR
280
—
Barclays
Bank
8/23/24
USD
338
GBP
266
1
Barclays
Bank
8/30/24
USD
97
SEK
1,026
—
Barclays
Bank
10/15/24
USD
1,880
TWD
60,436
12
BNP
Paribas
7/5/24
IDR
85,274,746
USD
5,186
23
BNP
Paribas
7/5/24
IDR
37,442,137
USD
2,291
(
4
)
BNP
Paribas
7/5/24
USD
29,244
KRW
40,511,110
(
180
)
BNP
Paribas
7/12/24
CZK
438,881
USD
18,807
(
40
)
BNP
Paribas
7/12/24
HUF
783,602
USD
2,110
13
BNP
Paribas
7/12/24
HUF
458,935
USD
1,291
(
47
)
BNP
Paribas
7/12/24
MXN
7,611
USD
412
3
BNP
Paribas
7/12/24
USD
2,330
CZK
55,217
(
31
)
BNP
Paribas
7/12/24
USD
12,036
HUF
4,307,195
364
BNP
Paribas
7/12/24
USD
4,950
MXN
82,585
446
BNP
Paribas
7/12/24
ZAR
39,372
USD
2,097
65
BNP
Paribas
7/19/24
AUD
650
USD
425
9
BNP
Paribas
7/19/24
CAD
4,753
USD
3,457
19
T.
ROWE
PRICE
International
Bond
Fund
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
BNP
Paribas
7/19/24
JPY
468,590
USD
3,022
$
(
100
)
BNP
Paribas
7/19/24
USD
4,083
AUD
6,161
(
30
)
BNP
Paribas
7/19/24
USD
52
JPY
8,146
2
BNP
Paribas
8/23/24
USD
2,877
EUR
2,665
15
BNP
Paribas
9/6/24
USD
7,331
MYR
34,088
93
BNP
Paribas
9/13/24
CNH
312,509
USD
43,303
(
244
)
BNP
Paribas
10/11/24
KRW
36,361,432
USD
26,377
121
BNP
Paribas
10/11/24
USD
5,171
IDR
85,274,746
(
30
)
BNP
Paribas
10/18/24
USD
18,850
CZK
438,881
34
BNY
Mellon
8/23/24
EUR
655
USD
716
(
12
)
BNY
Mellon
9/13/24
USD
11,003
SGD
14,738
94
Canadian
Imperial
Bank
of
Commerce
7/19/24
USD
3,448
CAD
4,743
(
20
)
Citibank
7/5/24
INR
73,438
USD
880
—
Citibank
7/5/24
TWD
35,485
USD
1,090
3
Citibank
7/5/24
TWD
134,806
USD
4,211
(
57
)
Citibank
7/5/24
USD
654
IDR
10,658,211
3
Citibank
7/5/24
USD
2,114
TWD
68,504
3
Citibank
7/12/24
HUF
4,660,139
USD
12,932
(
303
)
Citibank
7/12/24
RON
7,061
USD
1,541
(
22
)
Citibank
7/12/24
TRY
68,930
USD
1,945
133
Citibank
7/12/24
USD
10,906
CZK
252,486
109
Citibank
7/12/24
USD
1,252
TRY
42,395
(
26
)
Citibank
7/19/24
AUD
543
USD
361
1
Citibank
7/19/24
JPY
647,934
USD
4,237
(
197
)
Citibank
7/19/24
NOK
1,328
USD
127
(
2
)
Citibank
7/19/24
NZD
1,280
USD
760
20
Citibank
7/19/24
USD
851
CAD
1,161
2
Citibank
7/19/24
USD
238
CAD
327
(
1
)
Citibank
7/19/24
USD
113
CHF
102
(
1
)
Citibank
7/19/24
USD
2,766
JPY
425,091
115
Citibank
7/19/24
USD
101
NOK
1,098
(
2
)
Citibank
8/9/24
USD
2,193
CLP
2,060,490
4
Citibank
8/23/24
EUR
8,319
USD
9,065
(
131
)
Citibank
9/4/24
EGP
83,836
USD
1,841
(
145
)
Citibank
10/11/24
USD
877
INR
73,438
—
Citibank
3/4/25
EGP
15,643
USD
299
(
5
)
Citibank
3/12/25
EGP
52,386
USD
936
48
Deutsche
Bank
7/5/24
INR
68,988
USD
825
2
Deutsche
Bank
7/5/24
KRW
1,103,206
USD
800
2
Deutsche
Bank
7/5/24
USD
6,694
IDR
106,116,790
212
T.
ROWE
PRICE
International
Bond
Fund
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Deutsche
Bank
7/5/24
USD
2,272
IDR
37,343,817
$
(
9
)
Deutsche
Bank
7/12/24
USD
3,904
HUF
1,427,700
35
Deutsche
Bank
7/12/24
ZAR
45,607
USD
2,475
29
Deutsche
Bank
7/19/24
JPY
197,649
USD
1,258
(
25
)
Deutsche
Bank
7/19/24
USD
5,858
JPY
908,101
195
Deutsche
Bank
7/19/24
USD
123
NOK
1,314
—
Deutsche
Bank
8/16/24
PLN
1,117
USD
280
(
3
)
Deutsche
Bank
8/23/24
EUR
5,586
USD
6,029
(
30
)
Deutsche
Bank
8/23/24
USD
117
EUR
107
2
Deutsche
Bank
8/30/24
USD
74
SEK
785
—
Goldman
Sachs
7/5/24
TWD
146,178
USD
4,519
(
15
)
Goldman
Sachs
7/5/24
USD
9,301
TWD
294,342
231
Goldman
Sachs
7/12/24
TRY
66,688
USD
1,849
161
Goldman
Sachs
7/19/24
JPY
442,397
USD
2,803
(
44
)
Goldman
Sachs
7/19/24
NZD
386
USD
238
(
3
)
Goldman
Sachs
7/19/24
USD
147
CAD
200
1
Goldman
Sachs
7/19/24
USD
178
CAD
243
—
Goldman
Sachs
7/19/24
USD
7,694
NOK
81,386
67
Goldman
Sachs
7/19/24
USD
3,219
NOK
35,495
(
107
)
Goldman
Sachs
7/19/24
USD
174
NZD
290
(
2
)
Goldman
Sachs
8/23/24
USD
144
EUR
134
—
Goldman
Sachs
9/4/24
BRL
21,977
USD
4,026
(
125
)
Goldman
Sachs
9/4/24
USD
8,119
BRL
44,346
246
Goldman
Sachs
10/15/24
USD
4,543
TWD
146,179
25
HSBC
Bank
7/5/24
IDR
35,959,936
USD
2,196
1
HSBC
Bank
7/5/24
IDR
11,154,598
USD
693
(
11
)
HSBC
Bank
7/5/24
TWD
133,535
USD
4,146
(
31
)
HSBC
Bank
7/5/24
USD
1,318
IDR
21,200,000
23
HSBC
Bank
7/5/24
USD
11,568
INR
967,530
(
32
)
HSBC
Bank
7/5/24
USD
4,589
TWD
147,594
41
HSBC
Bank
7/12/24
USD
1,957
CZK
45,617
6
HSBC
Bank
7/12/24
USD
4,441
ZAR
85,027
(
228
)
HSBC
Bank
7/19/24
CAD
230
USD
168
—
HSBC
Bank
7/19/24
USD
4,470
CAD
6,100
9
HSBC
Bank
7/19/24
USD
55
CHF
50
—
HSBC
Bank
7/19/24
USD
182
JPY
28,688
3
HSBC
Bank
7/19/24
USD
42
NZD
69
—
HSBC
Bank
8/9/24
USD
4,224
CLP
3,839,964
145
HSBC
Bank
8/23/24
USD
93
EUR
86
—
HSBC
Bank
8/23/24
USD
44
GBP
35
—
HSBC
Bank
9/6/24
USD
6,396
MYR
29,904
47
T.
ROWE
PRICE
International
Bond
Fund
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
HSBC
Bank
10/11/24
USD
2,190
IDR
35,959,936
$
(
3
)
JPMorgan
Chase
7/5/24
IDR
5,487,400
USD
342
(
7
)
JPMorgan
Chase
7/12/24
DKK
23,298
USD
3,407
(
59
)
JPMorgan
Chase
7/12/24
USD
1,589
MXN
27,442
93
JPMorgan
Chase
7/19/24
AUD
1,701
USD
1,114
21
JPMorgan
Chase
7/19/24
CAD
929
USD
682
(
3
)
JPMorgan
Chase
7/19/24
CHF
56
USD
63
(
1
)
JPMorgan
Chase
7/19/24
JPY
732,003
USD
4,786
(
221
)
JPMorgan
Chase
7/19/24
NZD
176
USD
104
3
JPMorgan
Chase
7/19/24
NZD
69
USD
42
—
JPMorgan
Chase
7/19/24
USD
3,237
AUD
4,984
(
90
)
JPMorgan
Chase
7/19/24
USD
4,247
CAD
5,839
(
24
)
JPMorgan
Chase
7/19/24
USD
14,347
JPY
2,236,435
401
JPMorgan
Chase
7/19/24
USD
2,305
JPY
369,885
(
2
)
JPMorgan
Chase
8/23/24
EUR
2,942
USD
3,205
(
46
)
JPMorgan
Chase
8/23/24
GBP
301
USD
385
(
4
)
JPMorgan
Chase
8/23/24
USD
1,413
EUR
1,310
6
JPMorgan
Chase
8/23/24
USD
97
GBP
77
—
JPMorgan
Chase
8/23/24
USD
759
GBP
600
—
JPMorgan
Chase
8/30/24
USD
572
SEK
5,990
5
JPMorgan
Chase
9/13/24
CNH
3,050
USD
420
—
JPMorgan
Chase
9/13/24
USD
1,380
CNH
10,000
2
JPMorgan
Chase
9/13/24
USD
6,276
CNH
45,552
—
JPMorgan
Chase
9/13/24
USD
4,423
SGD
5,991
(
11
)
Morgan
Stanley
7/5/24
USD
1,314
PEN
4,898
40
Morgan
Stanley
7/19/24
CAD
8,142
USD
5,928
27
Morgan
Stanley
7/19/24
CHF
53
USD
59
—
Morgan
Stanley
7/19/24
JPY
333,306
USD
2,145
(
67
)
Morgan
Stanley
7/19/24
NZD
257
USD
157
(
1
)
Morgan
Stanley
7/19/24
USD
94
JPY
14,450
4
Morgan
Stanley
7/19/24
USD
222
NOK
2,402
(
3
)
Morgan
Stanley
7/19/24
USD
75
NZD
125
(
1
)
Morgan
Stanley
8/9/24
USD
2,206
CLP
2,034,129
45
RBC
Dominion
Securities
7/12/24
MXN
135,961
USD
7,934
(
518
)
RBC
Dominion
Securities
7/19/24
AUD
530
USD
344
10
RBC
Dominion
Securities
7/19/24
CAD
24,617
USD
17,858
145
RBC
Dominion
Securities
7/19/24
CAD
4,452
USD
3,263
(
8
)
T.
ROWE
PRICE
International
Bond
Fund
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
RBC
Dominion
Securities
7/19/24
JPY
611,082
USD
3,969
$
(
159
)
RBC
Dominion
Securities
7/19/24
NOK
25,120
USD
2,319
35
RBC
Dominion
Securities
7/19/24
USD
2,311
NOK
24,203
43
Societe
Generale
7/12/24
CZK
9,540
USD
406
2
Standard
Chartered
7/5/24
USD
928
INR
77,694
(
3
)
Standard
Chartered
7/5/24
USD
697
PEN
2,586
24
Standard
Chartered
7/19/24
NOK
48,451
USD
4,547
(
6
)
Standard
Chartered
8/23/24
EUR
795
USD
856
(
2
)
Standard
Chartered
8/30/24
USD
7,542
SEK
80,237
(
53
)
Standard
Chartered
9/4/24
USD
1,066
BRL
5,845
28
Standard
Chartered
9/6/24
USD
4,203
THB
154,172
(
23
)
Standard
Chartered
9/13/24
USD
7,193
CNH
52,000
28
State
Street
7/12/24
HUF
458,935
USD
1,290
(
47
)
State
Street
7/12/24
ZAR
40,818
USD
2,210
31
State
Street
7/18/24
ILS
5,956
USD
1,611
(
33
)
State
Street
7/19/24
AUD
6,146
USD
3,955
147
State
Street
7/19/24
CHF
7,990
USD
8,844
72
State
Street
7/19/24
JPY
9,770,946
USD
63,166
(
2,235
)
State
Street
7/19/24
NOK
16,159
USD
1,473
41
State
Street
7/19/24
USD
424
JPY
67,071
6
State
Street
7/19/24
USD
6,572
NZD
10,915
(
77
)
State
Street
8/23/24
EUR
12,911
USD
14,053
(
188
)
State
Street
8/23/24
USD
13,034
GBP
10,243
81
State
Street
8/30/24
USD
222
SEK
2,350
(
1
)
State
Street
9/4/24
USD
5,712
BRL
29,704
439
State
Street
9/13/24
CNH
300,253
USD
41,688
(
317
)
UBS
Investment
Bank
7/5/24
PEN
15,288
USD
4,005
(
27
)
UBS
Investment
Bank
7/5/24
USD
273
PEN
1,009
10
UBS
Investment
Bank
7/19/24
AUD
6,428
USD
4,274
17
UBS
Investment
Bank
7/19/24
CHF
1,060
USD
1,161
22
UBS
Investment
Bank
7/19/24
JPY
1,367,918
USD
9,047
(
517
)
UBS
Investment
Bank
7/19/24
USD
154
CAD
210
—
UBS
Investment
Bank
7/19/24
USD
4,607
CHF
4,111
19
UBS
Investment
Bank
7/19/24
USD
8,690
CHF
7,867
(
89
)
UBS
Investment
Bank
7/19/24
USD
2,113
JPY
328,147
66
UBS
Investment
Bank
8/23/24
EUR
8,134
USD
8,876
(
141
)
UBS
Investment
Bank
8/23/24
USD
2,426
EUR
2,261
(
2
)
UBS
Investment
Bank
10/11/24
IDR
12,095,476
USD
733
5
T.
ROWE
PRICE
International
Bond
Fund
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
UBS
Investment
Bank
10/11/24
USD
4,004
PEN
15,288
$
27
Wells
Fargo
7/5/24
PEN
17,310
USD
4,545
(
41
)
Wells
Fargo
7/5/24
USD
6,479
PEN
24,105
207
Wells
Fargo
7/12/24
USD
355
DKK
2,462
1
Wells
Fargo
7/19/24
USD
646
NOK
7,127
(
22
)
Wells
Fargo
9/6/24
USD
9,269
COP
36,676,632
529
Wells
Fargo
10/11/24
USD
4,544
PEN
17,310
41
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(
2,169
)
T.
ROWE
PRICE
International
Bond
Fund
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
45
Commonwealth
of
Australia
ten
year
bond
contracts
9/24
(3,409)
$
5
Long,
67
Commonwealth
of
Australia
three
year
bond
contracts
9/24
4,714
(
14
)
Long,
33
Euro
BOBL
contracts
9/24
4,115
31
Short,
17
Euro
BTP
contracts
9/24
(2,099)
2
Short,
52
Euro
BUND
contracts
9/24
(7,330)
41
Long,
9
Euro
BUXL
thirty
year
bond
contracts
9/24
1,255
18
Long,
122
Euro
OAT
contracts
9/24
16,086
(
114
)
Short,
31
Euro
SCHATZ
contracts
9/24
(3,509)
(
13
)
Long,
83
Government
of
Canada
ten
year
bond
contracts
9/24
7,285
58
Short,
2
Government
of
Japan
ten
year
bond
contracts
9/24
(1,776)
6
Long,
300
Republic
of
South
Korea
ten
year
bond
contracts
9/24
24,981
102
Short,
181
Republic
of
South
Korea
three
year
bond
contracts
9/24
(13,833)
(
35
)
Short,
129
U.K.
Gilt
ten
year
contracts
9/24
(15,911)
(
179
)
Short,
56
U.S.
Treasury
Long
Bond
contracts
9/24
(6,625)
(
70
)
Short,
60
U.S.
Treasury
Notes
five
year
contracts
9/24
(6,395)
6
Short,
72
U.S.
Treasury
Notes
ten
year
contracts
9/24
(7,919)
(
73
)
Net
payments
(receipts)
of
variation
margin
to
date
384
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
155
T.
ROWE
PRICE
International
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
six
months
ended
June
30,
2024.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
5.38%
$
—
$
—
$
438
++
Totals
$
—
#
$
—
$
438
+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
06/30/24
T.
Rowe
Price
Government
Reserve
Fund,
5.38%
$
25,836
¤
¤
$
20,665
Total
$
20,665
^
#
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
$438
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
$20,665.
T.
ROWE
PRICE
International
Bond
Fund
June
30,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$889,415)
$
832,311
Foreign
currency
(cost
$9,122)
9,121
Interest
receivable
8,324
Unrealized
gain
on
forward
currency
exchange
contracts
6,728
Cash
deposits
on
centrally
cleared
swaps
3,709
Receivable
for
investment
securities
sold
3,074
Cash
deposits
on
futures
contracts
2,061
Receivable
for
shares
sold
238
Variation
margin
receivable
on
futures
contracts
155
Unrealized
gain
on
bilateral
swaps
144
Due
from
affiliates
39
Bilateral
swap
premiums
paid
23
Other
assets
217
Total
assets
866,144
Liabilities
Unrealized
loss
on
forward
currency
exchange
contracts
8,897
Obligation
to
return
securities
lending
collateral
8,369
Payable
for
investment
securities
purchased
7,668
Payable
for
shares
redeemed
387
Investment
management
fees
payable
336
Bilateral
swap
premiums
received
83
Variation
margin
payable
on
centrally
cleared
swaps
66
Options
written
(premiums
$88)
28
Payable
to
directors
1
Other
liabilities
262
Total
liabilities
26,097
Commitments
and
Contingent
Liabilities
(note
7
)
NET
ASSETS
$
840,047
T.
ROWE
PRICE
International
Bond
Fund
June
30,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(189,059)
Paid-in
capital
applicable
to
122,169,388
shares
of
$0.01
par
value
capital
stock
outstanding;
18,000,000,000
shares
of
the
Corporation
authorized
1,029,106
NET
ASSETS
$
840,047
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$206,343;
Shares
outstanding:
30,048,043)
$
6.87
Advisor
Class
(Net
assets:
$2,015;
Shares
outstanding:
298,212)
$
6.76
I
Class
(Net
assets:
$452,087;
Shares
outstanding:
65,667,044)
$
6.88
Z
Class
(Net
assets:
$179,602;
Shares
outstanding:
26,156,089)
$
6.87
T.
ROWE
PRICE
International
Bond
Fund
(Unaudited)
6
Months
Ended
6/30/24
Investment
Income
(Loss)
Income
.
Interest
(net
of
foreign
taxes
of
$347)
$
16,414
Dividend
438
Securities
lending
26
Other
17
Total
income
16,895
Expenses
Investment
management
2,196
Shareholder
servicing
Investor
Class
$
351
Advisor
Class
4
I
Class
39
394
Rule
12b-1
fees
Advisor
Class
2
Prospectus
and
shareholder
reports
Investor
Class
13
Advisor
Class
1
I
Class
2
Z
Class
1
17
Custody
and
accounting
120
Registration
33
Legal
and
audit
20
Directors
2
Waived
/
paid
by
Price
Associates
(823)
Total
expenses
1,961
Net
investment
income
14,934
T.
ROWE
PRICE
International
Bond
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/24
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(22,645)
Futures
(314)
Swaps
(4,989)
Options
written
24
Forward
currency
exchange
contracts
(5,676)
Foreign
currency
transactions
(128)
Net
realized
loss
(33,728)
Change
in
net
unrealized
gain
/
loss
Securities
(33,683)
Futures
(62)
Swaps
3,765
Options
written
1,014
Forward
currency
exchange
contracts
(5,195)
Other
assets
and
liabilities
denominated
in
foreign
currencies
(368)
Change
in
net
unrealized
gain
/
loss
(34,529)
Net
realized
and
unrealized
gain
/
loss
(68,257)
DECREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
(53,323)
T.
ROWE
PRICE
International
Bond
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
6
Months
Ended
6/30/24
Year
Ended
12/31/23
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
14,934
$
28,491
Net
realized
loss
(33,728)
(49,485)
Change
in
net
unrealized
gain
/
loss
(34,529)
83,213
Increase
(decrease)
in
net
assets
from
operations
(53,323)
62,219
Distributions
to
shareholders
Net
earnings
Investor
Class
(3,241)
(1,039)
Advisor
Class
(24)
(12)
I
Class
(6,928)
(1,981)
Z
Class
(4,230)
(1,508)
Tax
return
of
capital
–
–
Investor
Class
–
(5,164)
Advisor
Class
–
(82)
I
Class
–
(9,677)
Z
Class
–
(7,810)
Decrease
in
net
assets
from
distributions
(14,423)
(27,273)
Capital
share
transactions
*
Shares
sold
Investor
Class
13,023
25,373
Advisor
Class
361
162
I
Class
47,499
90,677
Z
Class
2,258
93,805
Distributions
reinvested
Investor
Class
3,085
5,945
Advisor
Class
24
93
I
Class
6,608
11,168
Z
Class
4,203
9,318
Shares
redeemed
Investor
Class
(37,270)
(51,191)
Advisor
Class
(257)
(1,490)
I
Class
(21,680)
(68,823)
Z
Class
(85,257)
(67,712)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
(67,403)
47,325
T.
ROWE
PRICE
International
Bond
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/24
Year
Ended
12/31/23
Net
Assets
Increase
(decrease)
during
period
(135,149)
82,271
Beginning
of
period
975,196
892,925
End
of
period
$
840,047
$
975,196
*Share
information
(000s)
Shares
sold
Investor
Class
1,846
3,586
Advisor
Class
53
23
I
Class
6,709
12,725
Z
Class
320
12,976
Distributions
reinvested
Investor
Class
442
842
Advisor
Class
4
13
I
Class
944
1,579
Z
Class
601
1,321
Shares
redeemed
Investor
Class
(5,283)
(7,226)
Advisor
Class
(38)
(219)
I
Class
(3,080)
(9,756)
Z
Class
(12,379)
(9,918)
Increase
(decrease)
in
shares
outstanding
(9,861)
5,946
T.
ROWE
PRICE
International
Bond
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
International
Funds,
Inc. (the
corporation) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
International
Bond
Fund
(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
(Investor
Class),
the
International
Bond
Fund–Advisor
Class
(Advisor
Class),
the
International
Bond
Fund–I
Class
(I
Class)
and
the
International
Bond
Fund–Z
Class
(Z
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Z
Class
is
only
available
to
funds
advised
by
T.
Rowe
Price
Associates,
Inc.
and
its
affiliates
and
other
clients
that
are
subject
to
a
contractual
fee
for
investment
management
services.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/
or
certain
administrative
services;
the
Investor,
I
and
Z
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
T.
ROWE
PRICE
International
Bond
Fund
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 other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. 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.
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
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
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
T.
ROWE
PRICE
International
Bond
Fund
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
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;
T.
ROWE
PRICE
International
Bond
Fund
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
June
30,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
570,568
$
—
$
570,568
Corporate
Bonds
—
196,416
2,611
199,027
Short-Term
Investments
12,296
41,378
—
53,674
Securities
Lending
Collateral
8,369
—
—
8,369
Options
Purchased
—
673
—
673
Total
Securities
20,665
809,035
2,611
832,311
Swaps*
—
1,644
—
1,644
Forward
Currency
Exchange
Contracts
—
6,728
—
6,728
Futures
Contracts*
269
—
—
269
Total
$
20,934
$
817,407
$
2,611
$
840,952
Liabilities
Options
Written
$
—
$
28
$
—
$
28
Swaps*
—
831
—
831
Forward
Currency
Exchange
Contracts
—
8,897
—
8,897
Futures
Contracts*
498
—
—
498
Total
$
498
$
9,756
$
—
$
10,254
T.
ROWE
PRICE
International
Bond
Fund
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
June
30,
2024,
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
June
30,
2024,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
1
Includes
Asset-Backed
Securities,
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
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Interest
rate
derivatives
Centrally
Cleared
Swaps,
Futures
$
1,642
Foreign
exchange
derivatives
Forwards,
Securities^
7,086
Credit
derivatives
Bilateral
Swaps
and
Premiums,
Centrally
Cleared
Swaps,
Securities^
586
^
,*
Total
$
9,314
^
,*
Liabilities
Inflation
derivatives
Centrally
Cleared
Swaps
$
22
Interest
rate
derivatives
Centrally
Cleared
Swaps,
Futures
1,086
Foreign
exchange
derivatives
Forwards
8,897
Credit
derivatives
Centrally
Cleared
Swaps,
Options
Written
249
Total
$
10,254
*
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
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
June
30,
2024,
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
$
—
$
24
$
(314)
$
—
$
(5,117)
$
(5,407)
Foreign
exchange
derivatives
(105)
—
—
(5,676)
—
(5,781)
Credit
derivatives
—
—
—
—
128
128
Total
$
(105)
$
24
$
(314)
$
(5,676)
$
(4,989)
$
(11,060)
Change
in
Unrealized
Gain
(Loss)
Inflation
derivatives
$
—
$
—
$
—
$
—
$
(22)
$
(22)
Interest
rate
derivatives
—
954
(62)
—
3,843
4,735
Foreign
exchange
derivatives
32
—
—
(5,195)
—
(5,163)
Credit
derivatives
204
60
—
—
(56)
208
Total
$
236
$
1,014
$
(62)
$
(5,195)
$
3,765
$
(242)
^
Options
purchased
are
reported
as
securities.
T.
ROWE
PRICE
International
Bond
Fund
Counterparty
Risk
and
Collateral
The
fund
invests
in
derivatives
in
various
markets,
which
expose
it
to
differing
levels
of
counterparty
risk.
Counterparty
risk
on
exchange-traded
and
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps,
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Derivatives,
such
as
non-cleared bilateral
swaps,
forward
currency
exchange
contracts,
and
OTC
options,
that
are
transacted
and
settle
directly
with
a
counterparty
(bilateral
derivatives)
may
expose
the
fund
to
greater
counterparty
risk.
To
mitigate
this
risk,
the
fund
has
entered
into
master
netting
arrangements
(MNAs)
with
certain
counterparties
that
permit
net
settlement
under
specified
conditions
and,
for
certain
counterparties,
also
require
the
exchange
of
collateral
to
cover
mark-to-market
exposure.
MNAs
may
be
in
the
form
of
International
Swaps
and
Derivatives
Association
master
agreements
(ISDAs)
or
foreign
exchange
letter
agreements
(FX
letters).
MNAs
provide
the
ability
to
offset
amounts
the
fund
owes
a
counterparty
against
amounts
the
counterparty
owes
the
fund
(net
settlement).
Both
ISDAs
and
FX
letters
generally
allow
termination
of
transactions
and
net
settlement
upon
the
occurrence
of
contractually
specified
events,
such
as
failure
to
pay
or
bankruptcy.
In
addition,
ISDAs
specify
other
events,
the
occurrence
of
which
would
allow
one
of
the
parties
to
terminate.
For
example,
a
downgrade
in
credit
rating
of
a
counterparty
below
a
specified
rating
would
allow
the
fund
to
terminate,
while
a
decline
in
the
fund’s
net
assets
of
more
than
a
specified
percentage
would
allow
the
counterparty
to
terminate.
Upon
termination,
all
transactions
with
that
counterparty
would
be
liquidated
and
a
net
termination
amount
settled.
ISDAs
typically
include
collateral
agreements
whereas
FX
letters
do
not.
Collateral
requirements
are
determined
daily
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
bilateral
derivatives
with
a
counterparty,
subject
to
minimum
transfer
amounts
that
typically
range
from
$100,000
to
$250,000.
Any
additional
collateral
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Collateral
may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies,
although
other
securities
may
be
used
depending
on
the
terms
outlined
in
the
applicable
MNA.
Cash
posted
by
the
T.
ROWE
PRICE
International
Bond
Fund
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
June
30,
2024,
cash
of $5,770,000 had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives.
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.
T.
ROWE
PRICE
International
Bond
Fund
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
($000s)
Gross
Value
on
Statements
of
Assets
and
Liabilities
Net
amount
due
(to)/from
Collateral
Pledged
(Received)
by
Fund
Loss
Exposure,
After
Collateral*
(not
less
than
$0)
Counterparty
Assets
Liabilities
Bank
of
America
$
654
$
(426)
$
228
$
—
$
228
Barclays
Bank
165
(1,124)
(959)
1,064
105
BNP
Paribas
1,207
(706)
501
(801)
—
BNY
Mellon
94
(12)
82
—
82
Canadian
Imperial
Bank
of
Commerce
—
(20)
(20)
—
—
Citibank
553
(892)
(339)
443
104
Deutsche
Bank
477
(67)
410
(350)
60
Goldman
Sachs
756
(296)
460
(300)
160
HSBC
Bank
532
(305)
227
(277)
—
JPMorgan
Chase
531
(468)
63
—
63
Morgan
Stanley
440
(100)
340
(449)
—
RBC
Dominion
Securities
233
(685)
(452)
453
1
Societe
Generale
2
—
2
—
2
Standard
Chartered
80
(87)
(7)
—
—
State
Street
817
(2,898)
(2,081)
2,125
44
UBS
Investment
Bank
166
(776)
(610)
608
—
Wells
Fargo
778
(63)
715
(600)
115
Total
$
7,485
$
(8,925)
*
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
the
underlying
currencies
in
accordance
with
the
specified
terms.
Forwards
are
valued
at
the
unrealized
gain
or
loss
on
the
contract,
which
reflects
the
net
amount
the
fund
either
is
entitled
to
receive
or
obligated
to
deliver,
as
measured
by
the
difference
between
the
forward
exchange
rates
at
the
date
of
entry
into
the
contract
and
the
forward
rates
at
the
reporting
date.
Appreciated
forwards
are
reflected
as
assets
and
depreciated
forwards
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
forwards
include
the
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
that
anticipated
currency
movements
will
not
occur,
thereby
reducing
the
fund’s
total
return;
and
the
potential
for
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
June
30,
2024,
the
volume
of
the
fund’s
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
between
37%
and
47%
of
net
assets.
Futures
Contracts
The
fund
is
subject
to interest
rate
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risk.
The fund
may
enter
into
futures
contracts
to
manage
exposure
to
interest
rate
and
yield
curve
movements,
security
prices,
foreign
currencies,
credit
quality,
and
mortgage
prepayments;
as
an
efficient
means
of
adjusting
exposure
to
all
or
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values
and/or
interest
rates,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
T.
ROWE
PRICE
International
Bond
Fund
six
months ended
June
30,
2024,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
7%
and
14%
of
net
assets.
Options
The
fund
is
subject
to interest
rate
risk,
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
rates,
foreign
currencies,
and
credit
quality;
as
an
efficient
means
of
adjusting
exposure
to
all
or
a
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
credit
exposure.
The
fund
may
buy
or
sell
options
that
can
be
settled
either
directly
with
the
counterparty
(OTC
option)
or
through
a
central
clearinghouse
(exchange-traded
option).
Options
are
included
in
net
assets
at
fair
value,
options
purchased
are
included
in
Investments
in
Securities,
and
options
written
are
separately
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Premiums
on
unexercised,
expired
options
are
recorded
as
realized
gains
or
losses
on
the
accompanying
Statement
of
Operations;
premiums
on
exercised
options
are
recorded
as
an
adjustment
to
the
proceeds
from
the
sale
or
cost
of
the
purchase.
The
difference
between
the
premium
and
the
amount
received
or
paid
in
a
closing
transaction
is
also
treated
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
In
return
for
a
premium
paid,
currency
options
give
the
holder
the
right,
but
not
the
obligation,
to
buy
and
sell
currency
at
a
specified
exchange
rate;
although
certain
currency
options
may
be
settled
by
exchanging
only
the
net
gain
or
loss
on
the
contract.
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,
interest
rates,
currency
values
and
credit
ratings;
and,
for
options
written,
the
potential
for
losses
to
exceed
any
premium
received
by
the
fund.
During
the
six
months ended
June
30,
2024,
the
volume
of
the
fund’s
activity
in
options,
based
on
underlying
notional
amounts,
was
generally
between
5%
and
36%
of
net
assets.
T.
ROWE
PRICE
International
Bond
Fund
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
on
the
accompanying
Statement
of
Operations upon
contract
termination
or
cash
settlement.
Net
periodic
receipts
or
payments
required
by
a
contract
increase
or
decrease,
respectively,
the
value
of
the
contract
until
the
contractual
payment
date,
at
which
time
such
amounts
are
reclassified
from
unrealized
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
bilateral
swaps,
cash
payments
are
made
or
received
by
the
fund
on
a
periodic
basis
in
accordance
with
contract
terms;
unrealized
gain
on
contracts
and
premiums
paid
are
reflected
as
assets
and
unrealized
loss
on
contracts
and
premiums
received
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
For
bilateral
swaps,
premiums
paid
or
received
are
amortized
over
the
life
of
the
swap
and
are
recognized
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
centrally
cleared
swaps,
payments
are
made
or
received
by
the
fund
each
day
to
settle
the
daily
fluctuation
in
the
value
of
the
contract
(variation
margin).
Accordingly,
the
value
of
a
centrally
cleared
swap
included
in
net
assets
is
the
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Interest
rate
swaps
are
agreements
to
exchange
cash
flows
based
on
the
difference
between
specified
interest
rates
applied
to
a
notional
principal
amount
for
a
specified
period
of
time.
Risks
related
to
the
use
of
interest
rate
swaps
include
the
potential
for
unanticipated
movements
in
interest
or
currency
rates,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund’s
swap
investments,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
Credit
default
swaps
are
agreements
where
one
party
(the
protection
buyer)
agrees
to
make
periodic
payments
to
another
party
(the
protection
seller)
in
exchange
for
protection
against
specified
credit
events,
such
as
certain
defaults
T.
ROWE
PRICE
International
Bond
Fund
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
June
30,
2024,
the
notional
amount
of
protection
sold
by
the
fund
totaled $16,589,000
(2.0%
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
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
six
months ended
June
30,
2024,
the
volume
of
the
fund’s
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
between
32%
and
66%
of
net
assets.
T.
ROWE
PRICE
International
Bond
Fund
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.
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.
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
T.
ROWE
PRICE
International
Bond
Fund
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
June
30,
2024,
the
value
of
loaned
securities
was
$7,980,000;
including
securities
sold
but
not
yet
settled,
which
are
not
reflected
in
the
accompanying
Portfolio
of
Investments;
the
value
of
cash
collateral
and
related
investments
was
$8,369,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $241,383,000 and
$284,600,000,
respectively,
for
the
six
months ended
June
30,
2024.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
December
31,
2023,
the
fund
had
$82,713,000
of
available
capital
loss
carryforwards.
At
June
30,
2024,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$889,692,000.
Net
unrealized
loss
aggregated
$60,762,000
at
period-end,
of
which
$17,568,000
related
to
appreciated
investments
and
$78,330,000
related
to
depreciated
investments.
T.
ROWE
PRICE
International
Bond
Fund
NOTE
6
-
FOREIGN TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/
loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
NOTE
7
-
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
June
30,
2024,
the
effective
annual
group
fee
rate
was
0.29%.
The Investor
Class and Advisor
Class are
each
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
dates
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
dates
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
T.
ROWE
PRICE
International
Bond
Fund
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class's ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
Each
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class's net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class's net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class's
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
Z
Class
is
also
subject
to
a
contractual
expense
limitation
agreement
whereby
Price
Associates
has
agreed
to
waive
and/or
bear
all
of
the
Z
Class’
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
in
their
entirety.
This
fee
waiver
and/or
expense
reimbursement
arrangement
is
expected
to
remain
in
place
indefinitely,
and
the
agreement
may
only
be
amended
or
terminated
with
approval
by
the
fund’s
Board.
Expenses
of
the
fund
waived/paid
by
the
manager
are
not
subject
to
later
repayment
by
the
fund.
Pursuant
to
these
agreements,
expenses
were
waived/paid
by
and/or
repaid
to
Price
Associates
during
the
six
months ended June
30,
2024
as
indicated
in
the
table
below.
Including these
amounts,
expenses
previously
waived/
paid
by
Price
Associates
in
the
amount
of $1,737,000 remain
subject
to
T.
ROWE
PRICE
International
Bond
Fund
repayment
by
the
fund
at
June
30,
2024.
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
six
months
ended
June
30,
2024,
expenses
incurred
pursuant
to
these
service
agreements
were
$64,000
for
Price
Associates;
$276,000
for
T.
Rowe
Price
Services,
Inc.;
and
$3,000
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.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
Additionally,
the
fund
is
one
of
several
mutual
funds
in
which
certain
college
savings
plans
managed
by
Price
Associates invests.
As
approved
by
the
fund’s
Board
of
Directors,
shareholder
servicing
costs
associated
with
each
college
savings
plan
are
borne
by
the
fund
in
proportion
to
the
average
daily
value
of
its
shares
owned
by
the
college
savings
plan.
Price
has
agreed
to waive/reimburse
shareholder
servicing
costs in
excess
of
0.05%
of
the
fund’s
average
daily
value
of
its
shares
owned
by
the
college
savings
plan.
Any
amounts
waived/
paid
by
Price
under
this
voluntary
agreement
are
not
subject
to
repayment
by
the
fund.
Price
may
amend
or
terminate
this
voluntary
arrangement
at
any
time
Investor
Class
Advisor
Class
I
Class
Z
Class
Expense
limitation/I
Class
Limit
0.67%
1.09%
0.05%
0.00%
Expense
limitation
date
02/28/27
02/28/27
02/28/27
N/A
(Waived)/repaid
during
the
period
($000s)
$(199)
$(2)
$(7)
$(615)
T.
ROWE
PRICE
International
Bond
Fund
without
prior
notice.
For
the
six
months ended
June
30,
2024,
the
fund
was
charged $4,000 for
shareholder
servicing
costs
related
to
the
college
savings
plans, of
which
$2,000
was
for
services
provided
by
Price.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities. At
June
30,
2024,
approximately
4%
of
the
outstanding
shares
of
the
I
Class
were
held
by
college
savings
plans.
Mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
(collectively,
Price
Funds
and
accounts)
may
invest
in
the
fund.
No
Price
fund
or
account
may
invest
for
the
purpose
of
exercising
management
or
control
over
the
fund.
At
June
30,
2024, approximately
5%
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.
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
June
30,
2024,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
8
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
T.
ROWE
PRICE
International
Bond
Fund
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
T.
ROWE
PRICE
International
Bond
Fund
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENTS
Each
year,
the
fund’s
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
well
as
the
investment
subadvisory
agreements
(Subadvisory
Contracts)
that
the
Adviser
has
entered
into
with
T.
Rowe
Price
International
Ltd
and
T.
Rowe
Price
Hong
Kong
Limited
(Subadvisers)
on
behalf
of
the
fund.
In
that
regard,
at
a
meeting
held
on
March
11–12,
2024
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors
present
in
person
at
the
Meeting,
approved
the
continuation
of
the
fund’s
Advisory
Contract
and
Subadvisory
Contracts.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
Subadvisers
and
the
approval
of
the
Advisory
Contract
and
Subadvisory
Contracts.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
and
Subadvisory
Contracts
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting,
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
and
Subadvisers
about
various
topics.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
and
Subadvisers
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser
and
Subadvisers.
These
services
included,
but
were
not
limited
to,
directing
the
fund’s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance;
maintaining
the
fund’s
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’s
and
Subadvisers’
senior
management
teams
and
investment
personnel
T.
ROWE
PRICE
International
Bond
Fund
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser
and
Subadvisers,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts.
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund’s
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2023.
Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2023,
which
ranked
the
returns
of
the
fund’s
Investor
Class
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
mutual
fund
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund’s
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund’s
performance,
the
length
of
the
fund’s
performance
track
record,
and
how
closely
the
fund’s
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund’s
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates,
including
the
Subadvisers)
may
have
realized
from
its
relationship
with
the
fund.
In
considering
soft-dollar
arrangements
pursuant
to
which
research
may
be
received
from
broker-dealers
that
execute
the
fund’s
portfolio
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENTS
(continued)
T.
ROWE
PRICE
International
Bond
Fund
transactions,
the
Board
noted
that
during
2023
the
Adviser
paid
the
costs
of
research
services
for
all
client
accounts
that
it
advises,
including
the
T.
Rowe
Price
funds.
However,
effective
January
1,
2024,
the
Adviser
will
begin
using
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds’
securities
transactions
to
pay
for
research
when
permissible.
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
The
Board
also
reviewed
estimates
of
the
profits
realized
from
managing
the
fund
in
particular,
and
the
Board
concluded
that
the
Adviser’s
profits
were
reasonable
in
light
of
the
services
provided
to
the
fund.
The
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
a
fee
to
the
Adviser
for
investment
management
services
composed
of
two
components—a
group
fee
rate
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
funds
(including
the
fund)
that
declines
at
certain
asset
levels
and
an
individual
fund
fee
rate
based
on
the
fund’s
average
daily
net
assets—and
the
fund
pays
its
own
expenses
of
operations.
Under
each
Subadvisory
Contract,
the
Adviser
may
pay
the
Subadviser
up
to
60%
of
the
advisory
fees
that
the
Adviser
receives
from
the
fund.
The
group
fee
rate
decreases
as
total
T.
Rowe
Price
fund
assets
grow,
which
reduces
the
management
fee
rate
for
any
fund
that
has
a
group
fee
component
to
its
management
fee,
and
reflects
that
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds,
thus
allowing
shareholders
of
those
funds
to
share
potential
economies
of
scale.
The
fund’s
shareholders
benefit
from
potential
economies
of
scale
through
a
decline
in
certain
operating
expenses
as
the
fund
grows
in
size.
However,
the
fund
is
also
subject
to
contractual
expense
limitations
that
require
the
Adviser
to
waive
its
fees
and/or
bear
any
expenses
that
would
otherwise
cause
the
expenses
of
a
share
class
of
the
fund
to
exceed
a
certain
percentage
based
on
the
class’s
net
assets.
The
expense
limitations
mitigate
the
potential
for
an
increase
in
operating
expenses
above
a
certain
level
that
could
impact
shareholders.
The
fund
also
offers
a
Z
Class,
which
serves
as
an
underlying
investment
within
certain
T.
Rowe
Price
fund
of
funds
arrangements.
The
Adviser
waives
its
advisory
fee
on
the
Z
Class
and
waives
or
bears
the
Z
Class’s
other
operating
expenses,
with
certain
exceptions.
The
Board
considered
whether
the
advisory
fee
and
operating
expense
waivers
on
the
Z
Class
may
present
a
means
for
cross-
subsidization
of
the
Z
Class
by
other
share
classes
of
the
fund.
In
that
regard,
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENTS
(continued)
T.
ROWE
PRICE
International
Bond
Fund
the
Board
noted
that
the
Z
Class
operating
expenses
are
largely
covered
by
the
all-inclusive
fees
charged
by
the
investing
T.
Rowe
Price
fund
of
funds
and
that
any
Z
Class
operating
expenses
not
covered
by
the
investing
T.
Rowe
Price
fund
of
funds’
fees
are
paid
by
the
Adviser
and
not
by
shareholders
of
any
other
share
class
of
the
fund.
In
addition,
the
Board
noted
that
the
fund
potentially
shares
in
indirect
economies
of
scale
through
the
Adviser’s
and
Subadvisers’
ongoing
investments
in
their
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-party
service
providers.
The
Board
concluded
that
the
advisory
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
any
economies
of
scale
with
the
fund’s
investors.
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Investor
Class
Expense
Group);
(ii)
actual
management
fees
and
total
expenses
of
the
Advisor
Class
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Advisor
Class
Expense
Group);
and
(iii)
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
Universe).
The
Board
considered
the
fund’s
contractual
management
fee
rate,
actual
management
fee
rate
(which
reflects
the
management
fees
actually
received
from
the
fund
by
the
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
total
expense
ratio
of
the
fund
after
any
waivers,
reductions,
or reimbursements)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
components
and
attributes
and
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
with
the
highest
relative
expenses.
The
information
provided
to
the
Board
indicated
that
the
fund’s
contractual
management
fee
ranked
in
the
first
quintile
(Investor
Class
Expense
Group),
the
fund’s
actual
management
fee
rate
ranked
in
the
first
quintile
(Investor
Class
Expense
Group,
Expense
Universe,
and
Advisor
Class
Expense
Group),
and
the
fund’s
total
expenses
ranked
in
the
first
quintile
(Investor
Class
Expense
Group,
Expense
Universe,
and
Advisor
Class
Expense
Group).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENTS
(continued)
T.
ROWE
PRICE
International
Bond
Fund
The
Board
also
reviewed
the
fee
schedules
for
other
investment
portfolios
with
similar
mandates
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
and
individual
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
and
other
institutional
account
clients,
including
information
about
how
the
requirements
and
economics
of
the
institutional
business
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
business.
The
Board
considered
information
showing
that
the
Adviser’s
mutual
fund
business
is
generally
more
complex
from
a
business
and
compliance
perspective
than
its
institutional
account
business
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
greater
asset
flows,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
mutual
fund
business.
In
assessing
the
reasonableness
of
the
fund’s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
mutual
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution’s
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
Approval
of
the
Advisory
Contract
and
Subadvisory
Contracts
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts
(including
the
fees
to
be
charged
for
services
thereunder).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENTS
(continued)
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F76-051
8/24
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR and/or the Statement of Additional Information.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
| (a)(1) | The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR. |
| (2) | Listing standards relating to recovery of erroneously awarded compensation: Not applicable. |
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 Bond Fund |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | August 20, 2024 | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | August 20, 2024 | | |
| | | | |
| By | | /s/ Alan S. Dupski | | |
| | Alan S. Dupski | | |
| | Principal Financial Officer | | |
| | |
| Date | | August 20, 2024 | | |
