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
International Bond Fund (USD Hedged)
This semi-annual shareholder report contains important information about International Bond Fund (USD Hedged) (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 (USD Hedged) - Investor Class | $39 | 0.78% |
What are some fund statistics?
| Total Net Assets (000s) | $6,463,000 |
| Number of Portfolio Holdings | 662 |
| |
| Portfolio Turnover Rate | 25.5% |
What did the fund invest in?
Credit Quality Allocation* (as a % of Net Assets)
| AAA Rated | 19.3% |
| AA Rated | 8.6 |
| A Rated | 34.1 |
| BBB Rated | 21.2 |
| BB Rated and Below | 7.9 |
| Not Rated | 0.5 |
| Reserves | 8.4 |
*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 | 9.2% |
| People's Republic of China | 7.0 |
| U.S. Treasury Bills | 5.3 |
| United Kingdom Gilt | 4.0 |
| Government of Malaysia | 3.1 |
| Government of Canada | 2.9 |
| Bundesrepublik Deutschland Bundesanleihe | 2.7 |
| Republic of Indonesia | 2.6 |
| Government of Japan, Treasury Bills | 2.6 |
| Government of Singapore | 2.1 |
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 (USD Hedged)
Investor Class (TNIBX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
June 30, 2024
International Bond Fund (USD Hedged)
This semi-annual shareholder report contains important information about International Bond Fund (USD Hedged) (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 (USD Hedged) - Advisor Class | $49 | 0.99% |
What are some fund statistics?
| Total Net Assets (000s) | $6,463,000 |
| Number of Portfolio Holdings | 662 |
| |
| Portfolio Turnover Rate | 25.5% |
What did the fund invest in?
Credit Quality Allocation* (as a % of Net Assets)
| AAA Rated | 19.3% |
| AA Rated | 8.6 |
| A Rated | 34.1 |
| BBB Rated | 21.2 |
| BB Rated and Below | 7.9 |
| Not Rated | 0.5 |
| Reserves | 8.4 |
*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 | 9.2% |
| People's Republic of China | 7.0 |
| U.S. Treasury Bills | 5.3 |
| United Kingdom Gilt | 4.0 |
| Government of Malaysia | 3.1 |
| Government of Canada | 2.9 |
| Bundesrepublik Deutschland Bundesanleihe | 2.7 |
| Republic of Indonesia | 2.6 |
| Government of Japan, Treasury Bills | 2.6 |
| Government of Singapore | 2.1 |
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 (USD Hedged)
Advisor Class (TTABX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
June 30, 2024
International Bond Fund (USD Hedged)
This semi-annual shareholder report contains important information about International Bond Fund (USD Hedged) (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 (USD Hedged) - I Class | $26 | 0.53% |
What are some fund statistics?
| Total Net Assets (000s) | $6,463,000 |
| Number of Portfolio Holdings | 662 |
| |
| Portfolio Turnover Rate | 25.5% |
What did the fund invest in?
Credit Quality Allocation* (as a % of Net Assets)
| AAA Rated | 19.3% |
| AA Rated | 8.6 |
| A Rated | 34.1 |
| BBB Rated | 21.2 |
| BB Rated and Below | 7.9 |
| Not Rated | 0.5 |
| Reserves | 8.4 |
*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 | 9.2% |
| People's Republic of China | 7.0 |
| U.S. Treasury Bills | 5.3 |
| United Kingdom Gilt | 4.0 |
| Government of Malaysia | 3.1 |
| Government of Canada | 2.9 |
| Bundesrepublik Deutschland Bundesanleihe | 2.7 |
| Republic of Indonesia | 2.6 |
| Government of Japan, Treasury Bills | 2.6 |
| Government of Singapore | 2.1 |
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 (USD Hedged)
I Class (TNBMX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
June 30, 2024
International Bond Fund (USD Hedged)
This semi-annual shareholder report contains important information about International Bond Fund (USD Hedged) (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 (USD Hedged) - Z Class | $0 | 0.00% |
What are some fund statistics?
| Total Net Assets (000s) | $6,463,000 |
| Number of Portfolio Holdings | 662 |
| |
| Portfolio Turnover Rate | 25.5% |
What did the fund invest in?
Credit Quality Allocation* (as a % of Net Assets)
| AAA Rated | 19.3% |
| AA Rated | 8.6 |
| A Rated | 34.1 |
| BBB Rated | 21.2 |
| BB Rated and Below | 7.9 |
| Not Rated | 0.5 |
| Reserves | 8.4 |
*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 | 9.2% |
| People's Republic of China | 7.0 |
| U.S. Treasury Bills | 5.3 |
| United Kingdom Gilt | 4.0 |
| Government of Malaysia | 3.1 |
| Government of Canada | 2.9 |
| Bundesrepublik Deutschland Bundesanleihe | 2.7 |
| Republic of Indonesia | 2.6 |
| Government of Japan, Treasury Bills | 2.6 |
| Government of Singapore | 2.1 |
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 (USD Hedged)
Z Class (TRMZX)
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
TNIBX
International
Bond
Fund
(USD
Hedged)
TTABX
International
Bond
Fund
(USD
Hedged)–
.
Advisor Class
TNBMX
International
Bond
Fund
(USD
Hedged)–
.
I Class
TRMZX
International
Bond
Fund
(USD
Hedged)–
.
Z Class
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(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
$
8.48
$
7.91
$
9.91
$
10.35
$
9.98
$
9.45
Investment
activities
Net
investment
income
(1)(2)
0.12
0.21
0.15
0.11
0.16
0.18
Net
realized
and
unrealized
gain/
loss
(0.11)
0.56
(1.32)
(0.28)
0.39
0.67
Total
from
investment
activities
0.01
0.77
(1.17)
(0.17)
0.55
0.85
Distributions
Net
investment
income
(0.12)
(0.03)
(0.15)
(0.15)
(0.02)
(0.18)
Net
realized
gain
—
—
(0.68)
(0.12)
(0.06)
(0.14)
Tax
return
of
capital
—
(0.17)
—
—
(0.10)
—
Total
distributions
(0.12)
(0.20)
(0.83)
(0.27)
(0.18)
(0.32)
NET
ASSET
VALUE
End
of
period
$
8.37
$
8.48
$
7.91
$
9.91
$
10.35
$
9.98
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(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)
0.09%
9.88%
(12.03)%
(1.66)%
5.59%
9.01%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.78%
(4)
0.77%
0.75%
0.61%
0.64%
0.64%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.78%
(4)
0.77%
0.75%
0.61%
0.64%
0.64%
Net
investment
income
2.94%
(4)
2.59%
1.65%
1.04%
1.55%
1.85%
Portfolio
turnover
rate
25.5%
68.9%
74.6%
35.3%
49.4%
31.4%
Net
assets,
end
of
period
(in
millions)
$73
$82
$76
$218
$579
$4,766
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
(USD
Hedged)
(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
$
8.46
$
7.90
$
9.90
$
10.35
$
9.98
$
9.45
Investment
activities
Net
investment
income
(1)(2)
0.11
0.19
0.13
0.10
0.11
0.15
Net
realized
and
unrealized
gain/
loss
(0.11)
0.55
(1.32)
(0.32)
0.41
0.67
Total
from
investment
activities
—
(3)
0.74
(1.19)
(0.22)
0.52
0.82
Distributions
Net
investment
income
(0.11)
(0.02)
(0.13)
(0.11)
(0.02)
(0.15)
Net
realized
gain
—
—
(0.68)
(0.12)
(0.06)
(0.14)
Tax
return
of
capital
—
(0.16)
—
—
(0.07)
—
Total
distributions
(0.11)
(0.18)
(0.81)
(0.23)
(0.15)
(0.29)
NET
ASSET
VALUE
End
of
period
$
8.35
$
8.46
$
7.90
$
9.90
$
10.35
$
9.98
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(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)(4)
(0.02)%
9.52%
(12.23)%
(2.12)%
5.22%
8.63%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1.30%
(5)
0.99%
0.99%
1.08%
0.99%
1.18%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.99%
(5)
0.99%
0.99%
0.99%
0.99%
0.99%
Net
investment
income
2.70%
(5)
2.40%
1.46%
1.03%
1.08%
1.51%
Portfolio
turnover
rate
25.5%
68.9%
74.6%
35.3%
49.4%
31.4%
Net
assets,
end
of
period
(in
thousands)
$72
$212
$81
$102
$106
$249
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)
Amounts
round
to
less
than
$0.01
per
share.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Annualized
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(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
$
8.47
$
7.91
$
9.91
$
10.36
$
9.99
$
9.45
Investment
activities
Net
investment
income
(1)(2)
0.13
0.23
0.17
0.15
0.16
0.20
Net
realized
and
unrealized
gain/
loss
(0.10)
0.55
(1.32)
(0.32)
0.41
0.67
Total
from
investment
activities
0.03
0.78
(1.15)
(0.17)
0.57
0.87
Distributions
Net
investment
income
(0.13)
(0.03)
(0.17)
(0.16)
(0.03)
(0.19)
Net
realized
gain
—
—
(0.68)
(0.12)
(0.06)
(0.14)
Tax
return
of
capital
—
(0.19)
—
—
(0.11)
—
Total
distributions
(0.13)
(0.22)
(0.85)
(0.28)
(0.20)
(0.33)
NET
ASSET
VALUE
End
of
period
$
8.37
$
8.47
$
7.91
$
9.91
$
10.36
$
9.99
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(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)(3)
0.33%
10.00%
(11.81)%
(1.64)%
5.72%
9.26%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.54%
(4)
0.54%
0.53%
0.50%
0.51%
0.51%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.53%
(4)
0.54%
0.53%
0.50%
0.51%
0.51%
Net
investment
income
3.20%
(4)
2.84%
1.91%
1.48%
1.64%
1.99%
Portfolio
turnover
rate
25.5%
68.9%
74.6%
35.3%
49.4%
31.4%
Net
assets,
end
of
period
(in
millions)
$1,634
$1,488
$1,246
$555
$422
$1,784
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
(USD
Hedged)
(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
$
8.48
$
7.91
$
9.92
$
10.36
$
9.73
Investment
activities
Net
investment
income
(2)(3)
0.16
0.27
0.22
0.21
0.16
Net
realized
and
unrealized
gain/loss
(0.12)
0.56
(1.33)
(0.32)
0.67
Total
from
investment
activities
0.04
0.83
(1.11)
(0.11)
0.83
Distributions
Net
investment
income
(0.15)
(0.03)
(0.22)
(0.21)
(0.03)
Net
realized
gain
—
—
(0.68)
(0.12)
(0.06)
Tax
return
of
capital
—
(0.23)
—
—
(0.11)
Total
distributions
(0.15)
(0.26)
(0.90)
(0.33)
(0.20)
NET
ASSET
VALUE
End
of
period
$
8.37
$
8.48
$
7.91
$
9.92
$
10.36
Ratios/Supplemental
Data
Total
return
(3)(4)
0.48%
10.72%
(11.43)%
(1.05)%
8.57%
Ratios
to
average
net
assets:
(3)
Gross
expenses
before
waivers/payments
by
Price
Associates
0.50%
(5)
0.51%
0.51%
0.50%
0.50%
(5)
Net
expenses
after
waivers/
payments
by
Price
Associates
0.00%
(5)
0.00%
0.00%
0.00%
0.00%
(5)
Net
investment
income
3.74%
(5)
3.37%
2.44%
2.10%
1.94%
(5)
Portfolio
turnover
rate
25.5%
68.9%
74.6%
35.3%
49.4%
Net
assets,
end
of
period
(in
millions)
$4,757
$4,488
$4,359
$5,334
$4,808
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
(USD
Hedged)
June
30,
2024
(Unaudited)
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ALBANIA 0.3%
Government
Bonds 0.3%
Republic
of
Albania,
3.50%,
6/16/27
(EUR) (1)
4,085,000
4,246
Republic
of
Albania,
5.90%,
6/9/28
(EUR) (1)
15,580,000
17,212
Total
Albania
(Cost
$21,150)
21,458
AUSTRALIA 3.1%
Corporate
Bonds 1.0%
APA
Infrastructure,
2.00%,
3/22/27
(EUR)
2,580,000
2,633
APA
Infrastructure,
3.50%,
3/22/30
(GBP)
5,500,000
6,246
AusNet
Services
Holdings,
1.50%,
2/26/27
(EUR)
2,615,000
2,647
Brambles
Finance,
4.25%,
3/22/31
(EUR)
7,660,000
8,403
NBN,
4.125%,
3/15/29
(EUR)
11,070,000
12,200
Sydney
Airport
Finance,
1.75%,
4/26/28
(EUR)
2,630,000
2,627
Sydney
Airport
Finance,
4.375%,
5/3/33
(EUR)
8,150,000
9,009
Transurban
Finance,
1.75%,
3/29/28
(EUR)
2,620,000
2,625
Transurban
Finance,
1.875%,
9/16/24
(EUR)
7,836,000
8,352
Transurban
Finance,
3.00%,
4/8/30
(EUR)
11,250,000
11,569
66,311
Government
Bonds 2.1%
Commonwealth
of
Australia,
Series
140,
4.50%,
4/21/33
126,357,000
85,123
Commonwealth
of
Australia,
Series
150,
3.00%,
3/21/47
31,429,000
15,827
New
South
Wales
Treasury,
Series
26,
4.00%,
5/20/26
46,975,600
31,077
132,027
Total
Australia
(Cost
$222,051)
198,338
AUSTRIA 0.5%
Corporate
Bonds 0.0%
Mondi
Finance
Europe,
2.375%,
4/1/28
2,505,000
2,567
2,567
Government
Bonds 0.5%
Republic
of
Austria,
0.75%,
3/20/51 (1)
48,284,000
28,694
28,694
Total
Austria
(Cost
$32,595)
31,261
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
BELGIUM 0.1%
Corporate
Bonds 0.1%
Anheuser-Busch
InBev,
1.15%,
1/22/27
2,600,000
2,640
Anheuser-Busch
InBev,
1.65%,
3/28/31
1,465,000
1,411
Total
Belgium
(Cost
$4,117)
4,051
BRAZIL 2.3%
Corporate
Bonds 0.2%
Braskem
Netherlands
Finance,
4.50%,
1/10/28
(USD)
4,300,000
3,918
Braskem
Netherlands
Finance,
4.50%,
1/31/30
(USD)
6,750,000
5,712
MercadoLibre,
3.125%,
1/14/31
(USD)
6,325,000
5,365
14,995
Government
Bonds 2.1%
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/27
86,665,000
14,920
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/31
576,611,000
93,220
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/35
159,685,000
25,045
133,185
Total
Brazil
(Cost
$161,595)
148,180
BULGARIA 0.8%
Government
Bonds 0.8%
Republic
of
Bulgaria,
4.375%,
5/13/31
(EUR)
16,796,000
18,696
Republic
of
Bulgaria,
4.50%,
1/27/33
(EUR) (1)
8,790,000
9,799
Republic
of
Bulgaria,
4.50%,
1/27/33
(EUR)
18,433,000
20,549
Total
Bulgaria
(Cost
$46,913)
49,044
CANADA 4.8%
Asset-Backed
Securities 0.1%
Cologix
Canadian
Issuer,
Series
2022-1CAN,
Class
A2,
4.94%,
1/25/52 (1)
8,230,000
5,617
5,617
Corporate
Bonds 0.7%
Magna
International,
1.50%,
9/25/27
(EUR) (2)
2,620,000
2,635
Royal
Bank
of
Canada,
4.125%,
7/5/28
(EUR) (2)
2,385,000
2,609
TER
Finance
Jersey,
Series
21,
Zero
Coupon,
1/2/25
(USD) (1)
(3)
17,400,000
16,824
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Toronto-Dominion
Bank,
2.551%,
8/3/27
(EUR) (2)
2,535,000
2,631
Transcanada
Trust,
Series
17-B,
VR,
4.65%,
5/18/77 (4)
27,134,000
18,944
43,643
Government
Bonds 4.0%
Government
of
Canada,
Series
0318,
4.00%,
3/1/29
167,230,000
124,760
Government
of
Canada,
Series
0929,
3.25%,
12/1/33
84,190,000
60,345
Government
of
Canada
Real
Return
Bond,
Inflation-Indexed,
Series
CPI,
4.00%,
12/1/31
87,074,618
73,727
Province
of
Ontario,
3.50%,
6/2/43
5,239,000
3,386
262,218
Total
Canada
(Cost
$327,881)
311,478
CHILE 0.4%
Corporate
Bonds 0.3%
Corp
Nacional
del
Cobre
de
Chile,
6.30%,
9/8/53
(USD) (1)
12,480,000
12,404
Interchile,
4.50%,
6/30/56
(USD)
8,000,000
6,729
19,133
Government
Bonds 0.1%
Republic
of
Chile,
4.125%,
7/5/34
(EUR)
6,420,000
6,979
6,979
Total
Chile
(Cost
$26,110)
26,112
CHINA 7.7%
Corporate
Bonds 0.2%
State
Grid
Overseas
Investment
BVI,
1.375%,
5/2/25
(EUR) (1)
10,000,000
10,492
10,492
Government
Bonds 7.5%
China
Development
Bank,
Series
1905,
3.48%,
1/8/29
250,000,000
36,483
People's
Republic
of
China,
Series
INBK,
2.28%,
3/25/31
135,000,000
18,758
People's
Republic
of
China,
Series
INBK,
2.60%,
9/1/32
980,000,000
138,614
People's
Republic
of
China,
Series
INBK,
2.62%,
4/15/28
110,000,000
15,511
People's
Republic
of
China,
Series
INBK,
2.69%,
8/15/32
765,000,000
108,911
People's
Republic
of
China,
Series
INBK,
3.02%,
5/27/31
45,000,000
6,552
People's
Republic
of
China,
Series
INBK,
3.32%,
4/15/52
372,000,000
59,608
People's
Republic
of
China,
Series
INBK,
3.53%,
10/18/51
217,000,000
35,950
People's
Republic
of
China,
Series
1908,
4.00%,
6/24/69
64,000,000
12,333
People's
Republic
of
China,
Series
1915,
3.13%,
11/21/29
370,000,000
53,886
486,606
Total
China
(Cost
$485,757)
497,098
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
COLOMBIA 1.0%
Government
Bonds 1.0%
Republic
of
Colombia,
Series
B,
6.00%,
4/28/28
60,253,700,000
12,719
Republic
of
Colombia,
Series
B,
7.00%,
3/26/31
95,880,000,000
19,458
Republic
of
Colombia,
Series
B,
7.25%,
10/18/34
49,411,400,000
9,364
Republic
of
Colombia,
Series
B,
13.25%,
2/9/33
90,056,200,000
24,691
Total
Colombia
(Cost
$61,433)
66,232
CYPRUS 0.4%
Government
Bonds 0.4%
Republic
of
Cyprus,
0.95%,
1/20/32
19,769,000
17,827
Republic
of
Cyprus,
1.50%,
4/16/27
2,130,000
2,174
Republic
of
Cyprus,
2.75%,
2/26/34
2,716,000
2,709
Republic
of
Cyprus,
2.75%,
5/3/49
2,832,000
2,467
Total
Cyprus
(Cost
$31,675)
25,177
CZECH
REPUBLIC 0.7%
Government
Bonds 0.7%
Republic
of
Czech,
Series
103,
2.00%,
10/13/33
1,077,850,000
38,667
Republic
of
Czech,
Series
125,
1.50%,
4/24/40
253,610,000
7,438
Total
Czech
Republic
(Cost
$47,008)
46,105
DENMARK 0.8%
Corporate
Bonds 0.8%
Carlsberg
Breweries,
0.375%,
6/30/27
(EUR)
2,735,000
2,667
Carlsberg
Breweries,
0.875%,
7/1/29
(EUR)
3,773,000
3,550
Danske
Bank,
VR,
0.75%,
6/9/29
(EUR) (4)
8,420,000
8,014
Danske
Bank,
VR,
1.375%,
2/17/27
(EUR) (4)
2,440,000
2,509
Danske
Bank,
VR,
1.375%,
2/12/30
(EUR) (4)
4,700,000
4,937
Danske
Bank,
VR,
4.50%,
11/9/28
(EUR) (4)
2,410,000
2,633
Orsted,
4.875%,
1/12/32
(GBP)
5,750,000
7,100
TDC
Net,
5.056%,
5/31/28
(EUR)
2,310,000
2,517
TDC
Net,
5.618%,
2/6/30
(EUR)
13,970,000
15,335
Total
Denmark
(Cost
$49,167)
49,262
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
EGYPT 0.4%
Government
Bonds 0.4%
Arab
Republic
of
Egypt,
Treasury
Bills,
Series
364D,
28.462%,
9/17/24
679,825,000
13,466
Arab
Republic
of
Egypt,
Treasury
Bills,
Series
364D,
31.25%,
12/10/24
760,825,000
14,262
Total
Egypt
(Cost
$27,232)
27,728
ESTONIA 0.5%
Government
Bonds 0.5%
Republic
of
Estonia,
3.25%,
1/17/34
32,500,000
33,885
Total
Estonia
(Cost
$35,363)
33,885
FINLAND 0.1%
Corporate
Bonds 0.1%
Elisa,
0.25%,
9/15/27
2,760,000
2,669
Metso,
0.875%,
5/26/28
2,775,000
2,669
Total
Finland
(Cost
$5,523)
5,338
FRANCE 2.9%
Corporate
Bonds 1.7%
Altice
France,
3.375%,
1/15/28 (1)
505,000
375
Altice
France,
5.875%,
2/1/27 (1)
1,305,000
1,043
Banijay
Entertainment,
7.00%,
5/1/29 (1)
1,045,000
1,164
Banque
Federative
du
Credit
Mutuel,
1.25%,
5/26/27
3,000,000
3,008
Banque
Federative
du
Credit
Mutuel,
1.375%,
7/16/28 (2)
3,100,000
3,039
Banque
Federative
du
Credit
Mutuel,
3.125%,
9/14/27
2,500,000
2,635
Banque
Federative
du
Credit
Mutuel,
5.125%,
1/13/33
5,400,000
6,018
Banque
Stellantis
France,
4.00%,
1/21/27
2,400,000
2,593
BNP
Paribas,
VR,
2.125%,
1/23/27 (4)
9,300,000
9,686
BNP
Paribas,
VR,
3.875%,
1/10/31 (4)
4,000,000
4,316
BPCE,
0.25%,
1/14/31
7,100,000
6,106
BPCE,
3.50%,
1/25/28
5,500,000
5,863
Credit
Agricole,
0.875%,
1/14/32
1,000,000
862
Credit
Agricole,
1.00%,
9/16/24
5,800,000
6,173
Credit
Agricole,
1.875%,
12/20/26
5,200,000
5,341
Credit
Agricole
Assurances,
VR,
2.625%,
1/29/48 (4)
6,000,000
5,968
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Electricite
de
France,
6.125%,
6/2/34
(GBP)
7,200,000
9,243
EssilorLuxottica,
0.375%,
11/27/27
2,700,000
2,626
Holding
d'Infrastructures
de
Transport,
1.475%,
1/18/31
8,600,000
7,862
IPD
3,
8.00%,
6/15/28 (1)
1,825,000
2,049
Loxam,
6.375%,
5/15/28
3,795,000
4,167
Orange,
3.25%,
1/15/32
(GBP)
6,500,000
7,299
RTE
Reseau
de
Transport
d'Electricite
SADIR,
0.75%,
1/12/34
7,200,000
5,982
Veolia
Environnement,
1.25%,
4/2/27
2,000,000
2,015
Veolia
Environnement,
1.94%,
1/7/30
5,700,000
5,603
111,036
Government
Bonds 1.2%
Republic
of
France,
1.25%,
5/25/36 (1)
27,715,000
23,576
Republic
of
France,
3.00%,
5/25/54 (1)
54,668,000
50,906
74,482
Total
France
(Cost
$201,489)
185,518
GERMANY 6.4%
Corporate
Bonds 1.5%
Allianz,
VR,
3.375% (4)(5)
13,400,000
14,279
Daimler
Truck
International
Finance,
1.625%,
4/6/27
2,600,000
2,651
E.ON
International
Finance,
6.25%,
6/3/30
(GBP)
11,400,000
15,200
Fresenius,
1.625%,
10/8/27
2,635,000
2,665
Fresenius,
5.00%,
11/28/29
5,200,000
5,858
Gruenenthal,
3.625%,
11/15/26 (1)
990,000
1,036
Gruenenthal,
6.75%,
5/15/30 (1)
530,000
595
Gruenenthal,
6.75%,
5/15/30
3,500,000
3,928
Hannover
Rueck,
1.125%,
4/18/28
2,600,000
2,623
Hannover
Rueck,
VR,
1.125%,
10/9/39 (4)
11,500,000
10,576
Hannover
Rueck,
VR,
1.75%,
10/8/40 (4)
4,800,000
4,459
Knorr-Bremse,
3.25%,
9/21/27
2,500,000
2,657
ProGroup,
5.375%,
4/15/31 (1)
2,755,000
2,916
TK
Elevator
Midco,
4.375%,
7/15/27 (1)(2)
2,745,000
2,830
Volkswagen
Bank,
4.375%,
5/3/28
2,400,000
2,620
Volkswagen
Financial
Services,
0.375%,
2/12/30
10,300,000
9,157
Volkswagen
International
Finance,
Series
10Y,
1.875%,
3/30/27
1,300,000
1,328
Volkswagen
Leasing,
1.50%,
6/19/26
5,135,000
5,275
Volkswagen
Leasing,
1.625%,
8/15/25
5,350,000
5,598
96,251
Government
Bonds 4.9%
Bundesobligation,
Series
184,
0.00%,
10/9/26
79,031,000
79,622
Bundesrepublik
Deutschland
Bundesanleihe,
0.00%,
2/15/30
127,686,000
119,578
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Bundesrepublik
Deutschland
Bundesanleihe,
0.00%,
8/15/52
14,735,200
7,564
Bundesrepublik
Deutschland
Bundesanleihe,
2.20%,
2/15/34
1
—
Bundesrepublik
Deutschland
Bundesanleihe,
2.50%,
8/15/54
21,965,000
22,549
Bundesrepublik
Deutschland
Bundesanleihe,
4.75%,
7/4/40
19,467,000
26,364
Deutsche
Bundesrepublik,
Inflation-Indexed,
0.50%,
4/15/30
52,081,555
55,551
KfW,
4.70%,
6/2/37
(CAD)
5,202,000
3,962
315,190
Total
Germany
(Cost
$413,722)
411,441
GREECE 0.2%
Government
Bonds 0.2%
Hellenic
Republic,
0.75%,
6/18/31 (1)
17,599,000
15,775
Total
Greece
(Cost
$21,194)
15,775
HUNGARY 1.0%
Corporate
Bonds 0.1%
OTP
Bank,
VR,
7.35%,
3/4/26
(EUR) (4)
5,290,000
5,757
5,757
Government
Bonds 0.9%
Magyar
Export-Import
Bank,
6.00%,
5/16/29
(EUR)
4,370,000
4,929
Republic
of
Hungary,
5.00%,
2/22/27
(EUR)
8,464,000
9,345
Republic
of
Hungary,
Series
33/A,
2.25%,
4/20/33
23,120,760,000
44,380
58,654
Total
Hungary
(Cost
$65,642)
64,411
ICELAND 0.4%
Corporate
Bonds 0.1%
Landsbankinn,
0.375%,
5/23/25
(EUR)
8,060,000
8,340
8,340
Government
Bonds 0.3%
Republic
of
Iceland,
0.00%,
4/15/28
(EUR)
10,385,000
9,833
Republic
of
Iceland,
3.50%,
3/21/34
(EUR)
8,096,000
8,695
18,528
Total
Iceland
(Cost
$30,356)
26,868
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
INDIA 1.2%
Corporate
Bonds 0.1%
ABJA
Investment,
5.95%,
7/31/24
(USD)
6,850,000
6,849
6,849
Government
Bonds 1.1%
Republic
of
India,
6.54%,
1/17/32
2,507,480,000
29,225
Republic
of
India,
7.26%,
8/22/32
3,550,060,000
43,119
72,344
Total
India
(Cost
$78,708)
79,193
INDONESIA 2.8%
Corporate
Bonds 0.2%
Freeport
Indonesia,
4.763%,
4/14/27
(USD)
5,856,000
5,764
Minejesa
Capital,
5.625%,
8/10/37
(USD)
3,965,000
3,588
9,352
Government
Bonds 2.6%
Republic
of
Indonesia,
3.75%,
6/14/28
(EUR)
40,797,000
43,660
Republic
of
Indonesia,
Series
FR86,
5.50%,
4/15/26
473,000,000,000
28,353
Republic
of
Indonesia,
Series
FR91,
6.375%,
4/15/32
286,625,000,000
16,861
Republic
of
Indonesia,
Series
FR95,
6.375%,
8/15/28
441,080,000,000
26,524
Republic
of
Indonesia,
Series
FR96,
7.00%,
2/15/33
891,119,000,000
54,191
169,589
Total
Indonesia
(Cost
$195,044)
178,941
IRELAND 0.2%
Corporate
Bonds 0.1%
Smurfit
Kappa
Treasury,
1.50%,
9/15/27
2,650,000
2,658
2,658
Government
Bonds 0.1%
Republic
of
Ireland,
1.50%,
5/15/50
2,696,000
2,004
Republic
of
Ireland,
2.00%,
2/18/45
5,630,000
4,931
6,935
Total
Ireland
(Cost
$13,445)
9,593
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
ISRAEL 0.3%
Government
Bonds 0.3%
State
of
Israel,
1.50%,
1/18/27
(EUR)
18,046,000
17,829
Total
Israel
(Cost
$21,718)
17,829
ITALY 3.0%
Corporate
Bonds 0.8%
Aeroporti
di
Roma,
1.625%,
6/8/27
2,575,000
2,621
Autostrade
per
l'Italia,
1.625%,
1/25/28
2,680,000
2,642
Autostrade
per
l'Italia,
2.00%,
12/4/28
6,245,000
6,152
Autostrade
per
l'Italia,
2.00%,
1/15/30
5,620,000
5,382
CA
Auto
Bank,
0.50%,
9/13/24
5,800,000
6,167
CA
Auto
Bank,
4.75%,
1/25/27
2,395,000
2,623
Enel
Finance
International,
5.625%,
8/14/24
(GBP)
2,663,000
3,366
IMA
Industria
Macchine
Automatiche,
FRN,
3M
EURIBOR
+
3.75%,
7.652%,
4/15/29 (1)
605,000
652
Inter
Media
&
Communication,
6.75%,
2/9/27 (2)
5,350,000
5,641
Intesa
Sanpaolo,
1.75%,
7/4/29 (2)
8,399,000
8,194
Italgas,
1.625%,
1/19/27
2,570,000
2,621
Snam,
0.875%,
10/25/26
6,950,000
6,993
53,054
Government
Bonds 2.2%
Italy
Buoni
Poliennali
Del
Tesoro,
Series
50Y,
2.80%,
3/1/67
40,189,000
29,981
Italy
Buoni
Poliennali
Del
Tesoro,
Series
CPI,
1.30%,
5/15/28 (1)
48,421,036
51,034
Republic
of
Italy,
2.375%,
10/17/24
(USD)
61,992,000
61,352
142,367
Total
Italy
(Cost
$210,772)
195,421
IVORY
COAST 0.3%
Government
Bonds 0.3%
Republic
of
Ivory
Coast,
5.875%,
10/17/31
(EUR)
18,675,000
18,081
Total
Ivory
Coast
(Cost
$17,313)
18,081
JAPAN 12.7%
Government
Bonds 12.7%
Government
of
Japan,
Series
16,
1.30%,
3/20/63
2,598,100,000
11,966
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
of
Japan,
Series
19,
Inflation-Indexed,
0.10%,
9/10/24
9,140,913,600
57,025
Government
of
Japan,
Series
20,
Inflation-Indexed,
0.10%,
3/10/25
10,418,162,000
65,531
Government
of
Japan,
Series
26,
Inflation-Indexed,
0.005%,
3/10/31
9,217,122,642
60,866
Government
of
Japan,
Series
27,
Inflation-Indexed,
0.005%,
3/10/32
4,483,719,000
29,488
Government
of
Japan,
Series
28,
Inflation-Indexed,
0.005%,
3/10/33
3,450,622,560
22,569
Government
of
Japan,
Series
29,
Inflation-Indexed,
0.005%,
3/10/34
5,005,015,345
32,627
Government
of
Japan,
Series
44,
1.70%,
9/20/44
13,073,850,000
79,000
Government
of
Japan,
Series
73,
0.70%,
12/20/51
586,150,000
2,574
Government
of
Japan,
Series
74,
1.00%,
3/20/52
9,339,650,000
44,473
Government
of
Japan,
Series
75,
1.30%,
6/20/52
10,616,750,000
54,519
Government
of
Japan,
Series
76,
1.40%,
9/20/52
9,384,900,000
49,307
Government
of
Japan,
Series
338,
0.40%,
3/20/25
13,396,000,000
83,433
Government
of
Japan,
Treasury
Bills,
Series
1205,
(0.121)%,
7/10/24
4,280,000,000
26,602
Government
of
Japan,
Treasury
Bills,
Series
1211,
(0.085)%,
8/13/24
13,597,850,000
84,515
Government
of
Japan,
Treasury
Bills,
Series
1221,
(0.065)%,
7/1/24
9,240,000,000
57,430
Japan
Treasury
Discount
Bill,
Series
1234,
0.025%,
9/2/24
9,100,000,000
56,558
Total
Japan
(Cost
$1,035,664)
818,483
KUWAIT 0.2%
Corporate
Bonds 0.2%
MEGlobal,
2.625%,
4/28/28
(USD) (1)
9,170,000
8,260
MEGlobal,
2.625%,
4/28/28
(USD)
4,495,000
4,049
Total
Kuwait
(Cost
$13,319)
12,309
LATVIA 1.6%
Government
Bonds 1.6%
Republic
of
Latvia,
0.375%,
10/7/26
(EUR)
86,021,000
85,878
Republic
of
Latvia,
3.875%,
5/22/29
(EUR)
15,752,000
17,179
Total
Latvia
(Cost
$109,760)
103,057
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
LITHUANIA 0.9%
Government
Bonds 0.9%
Republic
of
Lithuania,
3.50%,
2/13/34 (2)
15,620,000
16,545
Republic
of
Lithuania,
3.875%,
6/14/33
35,595,000
38,951
Total
Lithuania
(Cost
$54,565)
55,496
LUXEMBOURG 0.4%
Corporate
Bonds 0.4%
Albion
Financing
1,
5.25%,
10/15/26
3,200,000
3,424
Altice
Financing,
4.25%,
8/15/29 (1)
1,775,000
1,429
Blackstone
Property
Partners
Europe
Holdings,
1.75%,
3/12/29
9,970,000
9,402
Logicor
Financing,
0.875%,
1/14/31
7,100,000
5,991
Logicor
Financing,
1.50%,
7/13/26
6,240,000
6,302
Total
Luxembourg
(Cost
$29,075)
26,548
MACAO 0.4%
Corporate
Bonds 0.4%
Melco
Resorts
Finance,
4.875%,
6/6/25
(USD)
5,175,000
5,073
MGM
China
Holdings,
7.125%,
6/26/31
(USD) (1)
3,740,000
3,762
Sands
China,
4.05%,
1/8/26
(USD)
7,500,000
7,263
Wynn
Macau,
5.50%,
1/15/26
(USD) (2)
6,500,000
6,368
Total
Macao
(Cost
$22,412)
22,466
MALAYSIA 3.1%
Government
Bonds 3.1%
Government
of
Malaysia,
Series
0119,
3.906%,
7/15/26
178,500,000
38,191
Government
of
Malaysia,
Series
0120,
4.065%,
6/15/50
94,879,000
19,632
Government
of
Malaysia,
Series
0123,
4.457%,
3/31/53
42,075,000
9,261
Government
of
Malaysia,
Series
0216,
4.736%,
3/15/46
348,540,000
79,677
Government
of
Malaysia,
Series
0316,
3.90%,
11/30/26
25,840,000
5,537
Government
of
Malaysia,
Series
0318,
4.642%,
11/7/33
97,359,000
21,860
Government
of
Malaysia,
Series
0518,
4.921%,
7/6/48
119,656,000
28,101
Total
Malaysia
(Cost
$213,594)
202,259
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
MEXICO 1.8%
Corporate
Bonds 0.5%
America
Movil,
5.75%,
6/28/30
(GBP)
6,670,000
8,740
BBVA
Bancomer,
VR,
5.125%,
1/18/33
(USD) (4)
13,125,000
11,971
Bimbo
Bakeries
USA,
6.05%,
1/15/29
(USD) (1)
12,025,000
12,370
33,081
Government
Bonds 1.3%
Petroleos
Mexicanos,
4.875%,
2/21/28
(EUR)
17,590,000
17,186
United
Mexican
States,
Series
M,
7.50%,
5/26/33
276,599,000
13,022
United
Mexican
States,
Series
M,
8.50%,
5/31/29
163,115,000
8,398
United
Mexican
States,
Series
M,
8.50%,
11/18/38
913,719,000
44,299
82,905
Total
Mexico
(Cost
$121,400)
115,986
MONTENEGRO 0.2%
Government
Bonds 0.2%
Republic
of
Montenegro,
7.25%,
3/12/31
(USD) (1)
15,190,000
15,262
Total
Montenegro
(Cost
$15,335)
15,262
MOROCCO 0.2%
Government
Bonds 0.2%
Kingdom
of
Morocco,
1.375%,
3/30/26
(EUR) (2)
12,030,000
12,241
Total
Morocco
(Cost
$12,606)
12,241
NETHERLANDS 0.7%
Corporate
Bonds 0.7%
Cooperatieve
Rabobank,
4.625%,
5/23/29
(GBP)
100,000
121
GTCR
W
Dutch
Finance,
8.50%,
1/15/31
(GBP) (1)
235,000
318
ING
Groep,
VR,
0.375%,
9/29/28 (4)
2,800,000
2,695
ING
Groep,
VR,
1.25%,
2/16/27 (4)
8,800,000
9,047
ING
Groep,
VR,
4.75%,
5/23/34 (4)
6,000,000
6,787
Nationale-Nederlanden
Bank,
0.375%,
2/26/25
5,300,000
5,547
NN
Group,
1.625%,
6/1/27 (2)
2,575,000
2,611
Sartorius
Finance,
4.50%,
9/14/32
8,000,000
8,791
Universal
Music
Group,
3.00%,
6/30/27
2,470,000
2,608
VZ
Secured
Financing,
3.50%,
1/15/32
3,900,000
3,649
Wolters
Kluwer,
1.50%,
3/22/27 (2)
2,585,000
2,634
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Ziggo,
2.875%,
1/15/30
2,720,000
2,542
Total
Netherlands
(Cost
$47,933)
47,350
NEW
ZEALAND 1.2%
Corporate
Bonds 0.1%
Chorus,
3.625%,
9/7/29
(EUR)
8,130,000
8,634
8,634
Government
Bonds 1.1%
New
Zealand
Government
Bond,
Series
0433,
3.50%,
4/14/33
105,256,000
58,822
New
Zealand
Government
Bond,
Series
0551,
2.75%,
5/15/51
23,771,000
9,711
68,533
Total
New
Zealand
(Cost
$78,565)
77,167
NORTH
MACEDONIA 0.1%
Government
Bonds 0.1%
Republic
of
North
Macedonia,
6.96%,
3/13/27
(EUR) (1)
5,430,000
6,040
Total
North
Macedonia
(Cost
$5,759)
6,040
NORWAY 0.1%
Corporate
Bonds 0.1%
Avinor,
0.75%,
10/1/30
(EUR)
7,202,000
6,571
Total
Norway
(Cost
$6,524)
6,571
PERU 1.0%
Government
Bonds 1.0%
Republic
of
Peru,
5.40%,
8/12/34
189,750,000
43,447
Republic
of
Peru,
Series
REGS,
5.40%,
8/12/34
87,848,000
20,114
Total
Peru
(Cost
$63,743)
63,561
PHILIPPINES 0.1%
Government
Bonds 0.1%
Republic
of
Philippines,
0.25%,
4/28/25
(EUR)
4,245,000
4,401
Total
Philippines
(Cost
$5,099)
4,401
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
POLAND 0.8%
Government
Bonds 0.8%
Republic
of
Poland,
Series
1033,
6.00%,
10/25/33
79,910,000
20,342
Republic
of
Poland,
Series
1034,
5.00%,
10/25/34
144,764,000
34,100
Total
Poland
(Cost
$54,205)
54,442
PORTUGAL 0.2%
Corporate
Bonds 0.2%
Banco
Comercial
Portugues,
VR,
1.125%,
2/12/27 (4)
5,800,000
5,916
Banco
Comercial
Portugues,
VR,
1.75%,
4/7/28 (2)(4)
3,500,000
3,528
Banco
Comercial
Portugues,
VR,
6.888%,
12/7/27 (4)
3,900,000
4,423
Total
Portugal
(Cost
$13,308)
13,867
QATAR 0.3%
Corporate
Bonds 0.3%
QatarEnergy,
3.125%,
7/12/41
(USD)
13,050,000
9,740
QNB
Finance,
2.75%,
2/12/27
(USD)
8,200,000
7,705
QNB
Finance,
4.875%,
1/30/29
(USD) (2)
4,275,000
4,222
Total
Qatar
(Cost
$21,978)
21,667
ROMANIA 0.3%
Corporate
Bonds 0.3%
Banca
Transilvania,
VR,
8.875%,
4/27/27
(EUR) (4)
12,440,000
14,075
RCS
&
RDS,
3.25%,
2/5/28
(EUR) (2)
6,300,000
6,318
Total
Romania
(Cost
$19,792)
20,393
SERBIA 1.2%
Corporate
Bonds 0.0%
United
Group,
4.625%,
8/15/28
(EUR) (1)
3,105,000
3,219
3,219
Government
Bonds 1.2%
Republic
of
Serbia,
1.00%,
9/23/28
(EUR) (1)(2)
26,075,000
23,797
Republic
of
Serbia,
1.50%,
6/26/29
(EUR) (1)
10,350,000
9,435
Republic
of
Serbia,
1.50%,
6/26/29
(EUR)
13,215,000
12,046
Republic
of
Serbia,
1.65%,
3/3/33
(EUR)
14,485,000
11,645
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Serbia,
3.125%,
5/15/27
(EUR)
18,700,000
19,221
76,144
Total
Serbia
(Cost
$89,633)
79,363
SINGAPORE 2.1%
Government
Bonds 2.1%
Government
of
Singapore,
0.50%,
11/1/25
44,175,000
31,301
Government
of
Singapore,
1.625%,
7/1/31
63,607,000
42,318
Government
of
Singapore,
2.375%,
6/1/25
32,070,000
23,377
Government
of
Singapore,
2.875%,
7/1/29
40,189,000
29,164
Government
of
Singapore,
3.25%,
6/1/54
12,176,000
9,360
Total
Singapore
(Cost
$133,131)
135,520
SLOVENIA 0.8%
Corporate
Bonds 0.0%
Summer
BidCo,
10.00%,
2/15/29,
(10.00%
Cash
or
10.75%
PIK) (1)(6)
406,795
438
438
Government
Bonds 0.8%
Republic
of
Slovenia,
Series
RS74,
1.50%,
3/25/35 (2)
14,085,000
12,628
Republic
of
Slovenia,
Series
RS76,
3.125%,
8/7/45
26,836,000
26,582
Republic
of
Slovenia,
Series
RS77,
2.25%,
3/3/32
7,145,000
7,174
Republic
of
Slovenia,
Series
RS86,
0.00%,
2/12/31
4,975,000
4,347
50,731
Total
Slovenia
(Cost
$60,406)
51,169
SOUTH
AFRICA 0.1%
Corporate
Bonds 0.1%
Anglo
American
Capital,
3.375%,
3/11/29
(GBP) (2)
5,340,000
6,260
Total
South
Africa
(Cost
$5,916)
6,260
SOUTH
KOREA 0.3%
Corporate
Bonds 0.3%
GS
Caltex,
1.625%,
7/27/25
(USD)
5,400,000
5,182
Shinhan
Bank,
4.50%,
4/12/28
(USD) (1)
12,100,000
11,923
Total
South
Korea
(Cost
$17,237)
17,105
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SPAIN 2.6%
Corporate
Bonds 1.3%
Banco
Bilbao
Vizcaya
Argentaria,
3.375%,
9/20/27
7,900,000
8,444
Banco
Bilbao
Vizcaya
Argentaria,
VR,
5.75%,
9/15/33 (4)
2,700,000
3,011
Banco
de
Sabadell,
VR,
0.875%,
6/16/28 (4)
6,600,000
6,494
Banco
de
Sabadell,
VR,
5.00%,
6/7/29 (4)
2,300,000
2,571
Banco
de
Sabadell,
VR,
5.125%,
11/10/28 (4)
5,100,000
5,694
Banco
Santander,
1.125%,
1/17/25 (2)
5,800,000
6,118
CaixaBank,
3.75%,
9/7/29
9,300,000
10,099
CaixaBank,
VR,
0.75%,
5/26/28 (4)
2,700,000
2,664
CaixaBank,
VR,
6.25%,
2/23/33 (4)
2,600,000
2,927
Cellnex
Telecom,
1.75%,
10/23/30 (2)
13,000,000
12,198
Cirsa
Finance
International,
7.875%,
7/31/28 (1)
4,415,000
4,997
EDP
Servicios
Financieros
Espana,
4.375%,
4/4/32
5,143,000
5,693
Inmobiliaria
Colonial
Socimi,
1.625%,
11/28/25
7,300,000
7,587
Lorca
Telecom
Bondco,
4.00%,
9/18/27
8,700,000
9,089
87,586
Government
Bonds 1.3%
Kingdom
of
Spain,
0.00%,
1/31/28
68,732,000
66,089
Kingdom
of
Spain,
1.90%,
10/31/52 (1)
22,620,000
15,874
81,963
Total
Spain
(Cost
$169,457)
169,549
SRI
LANKA 0.2%
Government
Bonds 0.2%
Republic
of
Sri
Lanka,
Series
A,
11.40%,
1/15/27
1,227,000,000
4,087
Republic
of
Sri
Lanka,
Series
A,
11.50%,
8/1/26
1,063,000,000
3,552
Republic
of
Sri
Lanka,
Series
A,
20.00%,
9/15/27
1,544,000,000
6,278
Total
Sri
Lanka
(Cost
$12,150)
13,917
SWEDEN 1.9%
Corporate
Bonds 0.3%
Autoliv,
4.25%,
3/15/28
(EUR)
2,365,000
2,561
Electrolux,
4.50%,
9/29/28
(EUR)
2,415,000
2,624
Skandinaviska
Enskilda
Banken,
0.375%,
6/21/28
(EUR)
2,865,000
2,707
Tele2,
0.75%,
3/23/31
(EUR)
5,645,000
5,139
Tele2,
2.125%,
5/15/28
(EUR)
2,575,000
2,609
Verisure
Holding,
3.875%,
7/15/26
(EUR) (1)
1,600,000
1,692
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Verisure
Holding,
9.25%,
10/15/27
(EUR)
3,600,000
4,072
21,404
Government
Bonds 1.6%
Kingdom
of
Sweden,
Series
1056,
2.25%,
6/1/32
385,710,000
36,512
Kingdom
of
Sweden,
Series
1065,
1.75%,
11/11/33 (1)(2)
461,285,000
41,866
Kingdom
of
Sweden,
Inflation-Indexed,
Series
3111,
0.125%,
6/1/32
287,959,622
26,085
104,463
Total
Sweden
(Cost
$125,435)
125,867
SWITZERLAND 0.4%
Corporate
Bonds 0.4%
ABB
Finance,
3.25%,
1/16/27
(EUR)
2,400,000
2,574
ABB
Finance,
3.375%,
1/16/31
(EUR)
4,445,000
4,754
Holcim
Finance
Luxembourg,
2.25%,
5/26/28
(EUR) (2)
2,555,000
2,611
UBS
Group,
VR,
2.875%,
4/2/32
(EUR) (4)
7,050,000
7,050
UBS
Group,
VR,
7.75%,
3/1/29
(EUR) (4)
6,929,000
8,376
Total
Switzerland
(Cost
$24,069)
25,365
TANZANIA 0.1%
Corporate
Bonds 0.1%
HTA
Group,
7.50%,
6/4/29
(USD) (1)
9,465,000
9,430
Total
Tanzania
(Cost
$9,422)
9,430
THAILAND 1.1%
Corporate
Bonds 0.1%
Bangkok
Bank,
VR,
3.733%,
9/25/34
(USD) (4)
7,545,000
6,691
6,691
Government
Bonds 1.0%
Kingdom
of
Thailand,
2.00%,
12/17/31
1,721,914,000
45,007
Kingdom
of
Thailand,
3.45%,
6/17/43
788,022,000
22,097
67,104
Total
Thailand
(Cost
$77,505)
73,795
UNITED
KINGDOM 6.5%
Corporate
Bonds 2.5%
Barclays,
VR,
0.577%,
8/9/29
(EUR) (4)
5,175,000
4,852
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Barclays,
VR,
0.877%,
1/28/28
(EUR) (4)
2,695,000
2,682
Barclays,
VR,
6.369%,
1/31/31 (4)
4,650,000
6,058
Deuce
Finco,
5.50%,
6/15/27 (1)
1,600,000
1,932
Heathrow
Funding,
2.75%,
10/13/29
8,360,000
9,432
HSBC
Holdings,
VR,
4.752%,
3/10/28
(EUR) (4)
10,715,000
11,739
Jerrold
Finco,
5.25%,
1/15/27
2,800,000
3,426
Jerrold
Finco,
7.875%,
4/15/30 (1)(2)
345,000
436
Kane
Bidco,
5.00%,
2/15/27
(EUR) (2)
8,420,000
8,886
Legal
&
General
Group,
VR,
5.375%,
10/27/45 (4)
5,685,000
7,115
London
Stock
Exchange
Group,
1.75%,
12/6/27
(EUR)
2,610,000
2,644
Marks
&
Spencer,
6.00%,
6/12/25
1,713,000
2,172
Motion
Finco,
7.375%,
6/15/30
(EUR) (1)
6,345,000
7,048
National
Grid
Electricity
Distribution
East
Midlands,
3.53%,
9/20/28
(EUR)
2,455,000
2,612
Nationwide
Building
Society,
VR,
1.50%,
3/8/26
(EUR) (4)
2,770,000
2,918
Nationwide
Building
Society,
VR,
2.00%,
7/25/29
(EUR) (4)
5,050,000
5,398
NatWest
Group,
VR,
0.67%,
9/14/29
(EUR) (4)
5,250,000
4,937
NatWest
Group,
VR,
0.78%,
2/26/30
(EUR) (4)
2,014,000
1,871
NatWest
Group,
VR,
1.043%,
9/14/32
(EUR) (4)
5,075,000
4,895
Next
Group,
3.625%,
5/18/28
7,491,000
9,000
Next
Group,
4.375%,
10/2/26
982,000
1,218
Reckitt
Benckiser
Treasury
Services,
3.875%,
9/14/33
(EUR)
5,540,000
5,953
Santander
U.K.
Group
Holdings,
VR,
0.603%,
9/13/29
(EUR) (4)
6,475,000
6,042
Santander
U.K.
Group
Holdings,
VR,
2.421%,
1/17/29 (4)
3,320,000
3,777
Santander
U.K.
Group
Holdings,
VR,
3.53%,
8/25/28
(EUR) (4)
5,300,000
5,605
Severn
Trent
Utilities
Finance,
4.625%,
11/30/34
5,970,000
6,989
Smiths
Group,
2.00%,
2/23/27
(EUR)
2,535,000
2,596
Standard
Chartered,
VR,
2.50%,
9/9/30
(EUR) (4)
6,670,000
7,005
Tesco
Corporate
Treasury
Services,
0.875%,
5/29/26
(EUR)
5,250,000
5,343
Tesco
Corporate
Treasury
Services,
2.75%,
4/27/30
4,850,000
5,435
Vmed
O2
U.K.
Financing
I,
4.50%,
7/15/31 (1)
5,145,000
5,357
Vmed
O2
U.K.
Financing
I,
4.50%,
7/15/31
5,630,000
5,863
161,236
Government
Bonds 4.0%
United
Kingdom
Gilt,
0.625%,
7/31/35
34,481,000
29,770
United
Kingdom
Gilt,
0.625%,
10/22/50
78,870,000
39,700
United
Kingdom
Gilt,
3.25%,
1/22/44
81,203,000
84,644
United
Kingdom
Gilt,
4.00%,
10/22/63
12,593,000
14,203
United
Kingdom
Gilt,
4.25%,
12/7/46
75,191,797
89,642
257,959
Total
United
Kingdom
(Cost
$444,215)
419,195
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
UNITED
STATES 4.5%
Corporate
Bonds 4.3%
AbbVie,
2.125%,
11/17/28
(EUR)
2,605,000
2,645
AbbVie,
2.625%,
11/15/28
(EUR)
5,967,000
6,200
American
Honda
Finance,
0.75%,
11/25/26
(GBP)
4,097,000
4,707
American
Honda
Finance,
1.95%,
10/18/24
(EUR)
4,680,000
4,981
AT&T,
3.95%,
4/30/31
(EUR)
13,150,000
14,267
Athene
Global
Funding,
0.832%,
1/8/27
(EUR)
6,150,000
6,105
Bank
of
America,
VR,
1.662%,
4/25/28
(EUR) (4)
2,610,000
2,656
Becton
Dickinson
&
Company,
3.02%,
5/24/25
(GBP)
7,393,000
9,150
Becton
Dickinson
&
Company,
3.519%,
2/8/31
(EUR)
3,520,000
3,730
Becton
Dickinson
Euro
Finance,
0.334%,
8/13/28
(EUR)
4,290,000
4,024
Becton
Dickinson
Euro
Finance,
1.213%,
2/12/36
(EUR)
1,874,000
1,502
Berkshire
Hathaway
Finance,
1.50%,
3/18/30
(EUR)
5,119,000
4,940
Capital
One
Financial,
1.65%,
6/12/29
(EUR) (2)
11,300,000
10,741
Carrier
Global,
4.125%,
5/29/28
(EUR)
2,420,000
2,637
Comcast,
0.00%,
9/14/26
(EUR)
3,000,000
2,981
Dana
Financing
Luxembourg,
8.50%,
7/15/31
(EUR) (1)
2,623,000
3,048
Dow
Chemical,
0.50%,
3/15/27
(EUR)
2,715,000
2,676
Duke
Energy,
3.75%,
4/1/31
(EUR)
8,800,000
9,291
Encore
Capital
Group,
4.875%,
10/15/25
(EUR) (1)
3,480,000
3,698
Equitable
Financial
Life
Global
Funding,
0.60%,
6/16/28
(EUR)
2,805,000
2,669
FedEx,
1.625%,
1/11/27
(EUR)
2,620,000
2,680
Fiserv,
1.625%,
7/1/30
(EUR)
175,000
166
Fiserv,
3.00%,
7/1/31
(GBP)
9,825,000
10,760
Fiserv,
4.50%,
5/24/31
(EUR)
10,825,000
12,022
Ford
Motor
Credit,
4.867%,
8/3/27
(EUR)
8,810,000
9,667
Ford
Motor
Credit,
5.125%,
2/20/29
(EUR)
4,125,000
4,586
General
Motors
Financial,
0.85%,
2/26/26
(EUR)
10,000,000
10,228
Goldman
Sachs
Group,
1.625%,
7/27/26
(EUR)
4,137,000
4,262
Goldman
Sachs
Group,
VR,
3.625%,
10/29/29
(GBP) (4)
3,180,000
3,772
Harley-Davidson
Financial
Services,
5.125%,
4/5/26
(EUR)
8,000,000
8,738
Highland
Holdings,
0.318%,
12/15/26
(EUR)
3,635,000
3,597
JPMorgan
Chase,
VR,
1.638%,
5/18/28
(EUR) (4)
2,620,000
2,659
Medtronic
Global
Holdings,
0.375%,
10/15/28
(EUR)
2,969,000
2,801
Metropolitan
Life
Global
Funding
I,
5.00%,
1/10/30
(GBP)
570,000
722
Mondelez
International,
0.25%,
3/17/28
(EUR)
10,218,000
9,733
Mondelez
International,
1.625%,
3/8/27
(EUR)
2,575,000
2,627
Mondelez
International
Holdings
Netherlands,
0.25%,
9/9/29
(EUR) (1)
6,160,000
5,621
Morgan
Stanley,
VR,
0.406%,
10/29/27
(EUR) (4)
4,931,000
4,902
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Morgan
Stanley,
VR,
0.495%,
10/26/29
(EUR) (4)
11,660,000
10,907
Morgan
Stanley,
VR,
5.148%,
1/25/34
(EUR) (4)
2,000,000
2,321
Netflix,
3.625%,
5/15/27
(EUR)
2,455,000
2,636
Netflix,
3.875%,
11/15/29
(EUR)
5,585,000
6,053
Prologis,
2.25%,
6/30/29
(GBP)
5,048,000
5,622
Thermo
Fisher
Scientific,
0.875%,
10/1/31
(EUR)
5,170,000
4,636
Thermo
Fisher
Scientific,
2.375%,
4/15/32
(EUR)
842,000
834
Thermo
Fisher
Scientific
Finance
I,
0.80%,
10/18/30
(EUR)
1,890,000
1,729
Upjohn
Finance,
1.362%,
6/23/27
(EUR)
2,670,000
2,662
Upjohn
Finance,
1.908%,
6/23/32
(EUR)
5,520,000
4,939
Utah
Acquisition,
3.125%,
11/22/28
(EUR)
5,630,000
5,839
Verizon
Communications,
1.30%,
5/18/33
(EUR)
5,270,000
4,625
Verizon
Communications,
2.625%,
12/1/31
(EUR)
4,715,000
4,734
VF,
4.125%,
3/7/26
(EUR) (2)
4,239,000
4,484
VF,
4.25%,
3/7/29
(EUR) (2)
4,355,000
4,481
Wells
Fargo,
1.00%,
2/2/27
(EUR)
2,660,000
2,663
Westlake,
1.625%,
7/17/29
(EUR)
9,435,000
9,068
280,424
Municipal
Securities 0.2%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (7)
20,826,087
12,756
12,756
Total
United
States
(Cost
$310,148)
293,180
SHORT-TERM
INVESTMENTS 6.5%
Money
Market
Funds 1.2%
T.
Rowe
Price
Government
Reserve
Fund,
5.38% (8)(9)
76,800,175
76,800
76,800
U.S.
Treasury
Obligations 5.3%
U.S.
Treasury
Bills,
5.282%,
7/11/24 (10)
151,520,000
151,299
U.S.
Treasury
Bills,
5.288%,
11/21/24
65,625,000
64,284
U.S.
Treasury
Bills,
5.30%,
7/16/24
129,253,000
128,969
344,552
Total
Short-Term
Investments
(Cost
$421,350)
421,352
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SECURITIES
LENDING
COLLATERAL 1.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK 1.2%
Money
Market
Funds 1.2%
T.
Rowe
Price
Government
Reserve
Fund,
5.38% (8)(9)
74,827,603
74,828
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
74,828
Total
Securities
Lending
Collateral
(Cost
$74,828)
74,828
(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
128,719
683
Citibank
USD
/
GBP
Put,
8/8/24
@
USD1.30 (11)
1
128,719
74
HSBC
Bank
USD
/
JPY
Call,
7/29/24
@
JPY158.50 (11)
2
112,223
1,935
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
888,400
2,374
Total
Options
Purchased
(Cost
$2,698)
5,066
Total
Investments
in
Securities
98.5%
of
Net
Assets
(Cost
$6,777,209)
$
6,364,345
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Par/Shares
and
Notional
Amount
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
*
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
$456,491
and
represents
7.1%
of
net
assets.
(2)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
June
30,
2024.
(3)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(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
EGP
Egyptian
Pound
EUR
Euro
FRN
Floating
Rate
Note
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
.
.
.
.
.
.
.
.
.
.
GBP
British
Pound
GO
General
Obligation
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
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
PEN
Peruvian
New
Sol
PIK
Payment-in-kind
PLN
Polish
Zloty
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
(USD
Hedged)
(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
888,400
(215)
Total
Options
Written
(Premiums
$(662))
$
(215)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Greece
0.0%
Bank
of
America,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
(USD)
*
17,964
80
(71)
151
Bank
of
America,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/29
(USD)
*
12,470
76
(343)
419
Barclays
Bank,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
(USD)
*
16,500
73
(9)
82
Citibank,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/25
(USD)
*
6,635
55
(73)
128
Morgan
Stanley,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
(USD)
*
4,911
22
(3)
25
Morgan
Stanley,
Protection
Sold (Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/25
(USD)
*
2,801
23
(25)
48
Total
Greece
(524)
853
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)
*
21,270
164
150
14
Total
Vietnam
150
14
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(374)
867
Total
Bilateral
Swaps
(374)
867
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Bought
(0.1)%
Canada
(0.0)%
Protection
Bought
(Relevant
Credit:
Bombardier),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/20/28
(USD)
14,510
(1,844)
(588)
(1,256)
Total
Canada
(1,256)
Foreign/Europe
(0.1)%
Protection
Bought
(Relevant
Credit:
Markit
iTraxx
Europe-S41,
5
Year
Index),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/20/29
225,475
(4,369)
(4,316)
(53)
Total
Foreign/Europe
(53)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Bought
(1,309)
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)
3,700
49
39
10
Total
Greece
10
Spain
0.0%
Protection
Sold
(Relevant
Credit:
Cellnex
Telecom,
BBB-*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
4,592
815
745
70
Total
Spain
70
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
80
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
235,500
521
—
521
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.476%
Quarterly,
Pay
Variable
2.300%
(7
Day
Interbank
Repo)
Quarterly,
6/1/28
219,090
695
—
695
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.562%
Quarterly,
Pay
Variable
2.030%
(7
Day
Interbank
Repo)
Quarterly,
5/15/28
37,862
138
—
138
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.568%
Quarterly,
Pay
Variable
2.350%
(7
Day
Interbank
Repo)
Quarterly,
5/16/28
128,613
473
—
473
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.579%
Quarterly,
Pay
Variable
2.030%
(7
Day
Interbank
Repo)
Quarterly,
5/15/28
164,070
615
—
615
Total
China
2,442
Foreign/Europe
0.1%
2
Year
Interest
Rate
Swap,
Receive
Fixed
3.155%
Annually,
Pay
Variable
3.851%
(6M
EURIBOR)
Semi-Annually,
4/2/26
46,750
(210)
—
(210)
2
Year
Interest
Rate
Swap,
Receive
Fixed
3.220%
Annually,
Pay
Variable
3.865%
(6M
EURIBOR)
Semi-Annually,
4/16/26
337,700
(950)
—
(950)
2
Year
Interest
Rate
Swap,
Receive
Fixed
3.365%
Annually,
Pay
Variable
3.835%
(6M
EURIBOR)
Semi-Annually,
4/30/26
182,200
130
—
130
2
Year
Interest
Rate
Swap,
Receive
Fixed
3.380%
Annually,
Pay
Variable
3.795%
(6M
EURIBOR)
Semi-Annually,
5/4/26
25,500
35
—
35
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.807%
Annually,
Pay
Variable
3.908%
(6M
EURIBOR)
Semi-Annually,
3/5/29
58,646
(492)
5
(497)
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.963%
Annually,
Pay
Variable
3.795%
(6M
EURIBOR)
Semi-Annually,
5/3/29
14,500
27
—
27
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.367%
Annually,
Pay
Variable
3.909%
(6M
EURIBOR)
Semi-Annually,
9/21/28
194,575
6,679
—
6,679
7
Year
Interest
Rate
Swap,
Receive
Fixed
2.638%
Annually,
Pay
Variable
3.743%
(6M
EURIBOR)
Semi-Annually,
12/17/29
47,260
44
—
44
30
Year
Interest
Rate
Swap,
Pay
Fixed
2.427%
Annually,
Receive
Variable
3.912%
(6M
EURIBOR)
Semi-Annually,
3/5/54
4,900
162
—
162
30
Year
Interest
Rate
Swap,
Pay
Fixed
2.953%
Annually,
Receive
Variable
3.909%
(6M
EURIBOR)
Semi-Annually,
9/22/53
29,920
(2,868)
—
(2,868)
Total
Foreign/Europe
2,552
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
2,115,630
(57)
—
(57)
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.387%
Semi-Annually,
Pay
Variable
6.860%
(1
Day
INR
MIBOR)
Semi-Annually,
5/28/29
2,104,731
(48)
—
(48)
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.390%
Semi-Annually,
Pay
Variable
6.860%
(1
Day
INR
MIBOR)
Semi-Annually,
5/28/29
2,190,639
(47)
—
(47)
7
Year
Interest
Rate
Swap,
Receive
Fixed
6.350%
Semi-Annually,
Pay
Variable
6.860%
(1
Day
INR
MIBOR)
Semi-Annually,
6/20/31
2,418,000
(160)
—
(160)
7
Year
Interest
Rate
Swap,
Receive
Fixed
6.576%
Semi-Annually,
Pay
Variable
6.860%
(1
Day
INR
MIBOR)
Semi-Annually,
4/21/31
639,169
51
—
51
Total
India
(261)
Japan
0.0%
5
Year
Interest
Rate
Swap,
Pay
Fixed
0.418%
Annually,
Receive
Variable
0.007%
(JPY
TONA)
Annually,
8/10/28
14,299,120
418
—
418
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
5
Year
Interest
Rate
Swap,
Pay
Fixed
0.544%
Annually,
Receive
Variable
0.030%
(JPY
TONA)
Annually,
11/27/28
1,750,000
15
—
15
5
Year
Interest
Rate
Swap,
Pay
Fixed
0.602%
Annually,
Receive
Variable
0.077%
(JPY
TONA)
Annually,
5/2/29
6,082,968
101
—
101
Total
Japan
534
United
Kingdom
0.0%
3
Year
Interest
Rate
Swap,
Pay
Fixed
4.225%
Annually,
Receive
Variable
5.200%
(GBP
SONIA)
Annually,
6/21/27
138,769
325
—
325
Total
United
Kingdom
325
Total
Centrally
Cleared
Interest
Rate
Swaps
5,592
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
148,100
(166)
—
(166)
Total
Foreign/Europe
(166)
Total
Centrally
Cleared
Zero-Coupon
Inflation
Swaps
(166)
Total
Centrally
Cleared
Swaps
4,197
Net
payments
(receipts)
of
variation
margin
to
date
(4,451)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(254)
*
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
$5.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
7/5/24
INR
801,888
USD
9,601
$
13
Bank
of
America
7/12/24
HUF
883,418
USD
2,387
7
Bank
of
America
7/12/24
MXN
548,437
USD
31,884
(1,973)
Bank
of
America
7/12/24
USD
31,263
CZK
713,102
769
Bank
of
America
7/12/24
USD
37,888
HUF
13,553,559
1,159
Bank
of
America
7/12/24
USD
68,533
MXN
1,183,505
3,986
Bank
of
America
7/19/24
CAD
28,187
USD
20,656
(42)
Bank
of
America
7/19/24
EUR
10,097
USD
10,845
(20)
Bank
of
America
7/19/24
NOK
272,015
USD
24,520
971
Bank
of
America
7/19/24
USD
33,337
CHF
29,837
41
Bank
of
America
8/16/24
PLN
72,986
USD
18,023
97
Bank
of
America
8/16/24
PLN
198,573
USD
50,279
(979)
Bank
of
America
8/30/24
USD
2,095
SEK
21,992
13
Bank
of
America
9/6/24
USD
167,118
MYR
778,990
1,729
Bank
of
America
10/11/24
USD
9,571
INR
801,888
(14)
Barclays
Bank
7/5/24
INR
5,184,633
USD
62,079
84
Barclays
Bank
7/5/24
KRW
80,263,704
USD
59,855
(1,558)
Barclays
Bank
7/5/24
TWD
455,905
USD
14,105
(56)
Barclays
Bank
7/12/24
MXN
273,830
USD
15,988
(1,054)
Barclays
Bank
7/12/24
TRY
221,266
USD
6,244
425
Barclays
Bank
7/12/24
USD
9,046
TRY
325,851
(775)
Barclays
Bank
7/12/24
USD
16,571
ZAR
306,626
(265)
Barclays
Bank
7/19/24
USD
15,439
JPY
2,398,856
480
Barclays
Bank
8/23/24
USD
2,205
EUR
2,054
(1)
Barclays
Bank
8/23/24
USD
332,590
GBP
261,556
1,820
Barclays
Bank
8/30/24
USD
736
SEK
7,752
2
Barclays
Bank
10/15/24
USD
14,181
TWD
455,905
89
BNP
Paribas
7/5/24
IDR
1,180,892,101
USD
71,814
313
BNP
Paribas
7/5/24
IDR
293,695,483
USD
17,967
(29)
BNP
Paribas
7/5/24
KRW
6,515,388
USD
4,727
5
BNP
Paribas
7/5/24
USD
62,607
KRW
86,779,092
(422)
BNP
Paribas
7/12/24
CZK
3,723,834
USD
159,577
(336)
BNP
Paribas
7/12/24
HUF
5,735,534
USD
15,447
96
BNP
Paribas
7/12/24
HUF
5,993,692
USD
16,665
(423)
BNP
Paribas
7/12/24
MXN
56,762
USD
2,993
103
BNP
Paribas
7/12/24
USD
16,139
CZK
382,454
(216)
BNP
Paribas
7/12/24
USD
92,943
HUF
33,295,164
2,714
BNP
Paribas
7/12/24
USD
30,501
MXN
508,852
2,749
BNP
Paribas
7/12/24
ZAR
297,372
USD
15,837
490
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
BNP
Paribas
7/19/24
AUD
4,885
USD
3,195
$
66
BNP
Paribas
7/19/24
JPY
3,534,445
USD
22,797
(756)
BNP
Paribas
7/19/24
USD
33,651
AUD
50,780
(244)
BNP
Paribas
7/19/24
USD
38,887
EUR
36,079
209
BNP
Paribas
7/19/24
USD
867,163
EUR
810,295
(1,508)
BNP
Paribas
7/19/24
USD
427
JPY
66,514
12
BNP
Paribas
9/6/24
USD
70,437
MYR
327,531
898
BNP
Paribas
9/6/24
USD
13,089
THB
477,518
2
BNP
Paribas
9/20/24
USD
747,757
EUR
696,853
(1,558)
BNP
Paribas
10/11/24
KRW
86,779,092
USD
62,951
290
BNP
Paribas
10/11/24
USD
71,609
IDR
1,180,892,101
(410)
BNP
Paribas
10/18/24
USD
159,940
CZK
3,723,834
290
BNY
Mellon
7/19/24
EUR
4,283
USD
4,672
(81)
BNY
Mellon
9/13/24
USD
105,167
SGD
140,873
899
Canadian
Imperial
Bank
of
Commerce
7/19/24
USD
26,158
CAD
35,979
(154)
Citibank
7/5/24
IDR
78,737,454
USD
4,830
(20)
Citibank
7/5/24
INR
335,518
USD
4,022
1
Citibank
7/5/24
TWD
1,012,744
USD
31,634
(427)
Citibank
7/5/24
USD
16,100
TWD
521,665
25
Citibank
7/5/24
USD
5,706
TWD
185,746
(18)
Citibank
7/12/24
HUF
28,486,066
USD
79,141
(1,945)
Citibank
7/12/24
TRY
434,261
USD
12,253
836
Citibank
7/12/24
USD
82,013
CZK
1,899,157
801
Citibank
7/12/24
USD
6,269
TRY
212,264
(129)
Citibank
7/19/24
AUD
4,162
USD
2,769
9
Citibank
7/19/24
EUR
55,636
USD
59,844
(200)
Citibank
7/19/24
JPY
4,754,166
USD
31,089
(1,442)
Citibank
7/19/24
NOK
9,804
USD
935
(16)
Citibank
7/19/24
NZD
9,645
USD
5,724
151
Citibank
7/19/24
USD
15,452
CAD
21,085
32
Citibank
7/19/24
USD
1,829
CAD
2,516
(11)
Citibank
7/19/24
USD
1,066
CHF
966
(12)
Citibank
7/19/24
USD
15,475
JPY
2,388,865
578
Citibank
7/19/24
USD
762
NOK
8,265
(13)
Citibank
8/9/24
USD
17,420
CLP
16,366,453
34
Citibank
8/23/24
EUR
12,015
USD
13,090
(187)
Citibank
9/4/24
EGP
534,968
USD
11,748
(925)
Citibank
10/11/24
USD
4,009
INR
335,518
(2)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Citibank
3/4/25
EGP
99,817
USD
1,910
$
(30)
Citibank
3/12/25
EGP
334,493
USD
5,979
306
Deutsche
Bank
7/5/24
USD
90,355
IDR
1,432,387,778
2,867
Deutsche
Bank
7/5/24
USD
17,275
IDR
283,975,963
(70)
Deutsche
Bank
7/12/24
USD
22,462
HUF
8,214,540
201
Deutsche
Bank
7/12/24
ZAR
301,799
USD
16,377
193
Deutsche
Bank
7/19/24
EUR
6,258
USD
6,815
(106)
Deutsche
Bank
7/19/24
JPY
1,505,616
USD
9,583
(194)
Deutsche
Bank
7/19/24
USD
45,973
JPY
7,126,616
1,532
Deutsche
Bank
7/19/24
USD
1,161
NOK
12,422
(3)
Deutsche
Bank
8/16/24
USD
26,654
PLN
106,269
271
Deutsche
Bank
8/23/24
USD
733
EUR
672
12
Deutsche
Bank
8/23/24
USD
104,891
EUR
97,723
(53)
Deutsche
Bank
8/30/24
USD
518
SEK
5,510
(3)
Deutsche
Bank
9/20/24
EUR
64,858
USD
69,924
(184)
Goldman
Sachs
7/5/24
TWD
1,102,722
USD
34,091
(111)
Goldman
Sachs
7/5/24
USD
4,350
INR
363,886
(13)
Goldman
Sachs
7/5/24
USD
59,089
TWD
1,869,960
1,466
Goldman
Sachs
7/12/24
TRY
428,688
USD
11,887
1,034
Goldman
Sachs
7/19/24
JPY
3,365,383
USD
21,324
(337)
Goldman
Sachs
7/19/24
NZD
2,890
USD
1,780
(20)
Goldman
Sachs
7/19/24
USD
901
CAD
1,225
5
Goldman
Sachs
7/19/24
USD
1,390
CAD
1,902
(1)
Goldman
Sachs
7/19/24
USD
57,836
NOK
611,798
503
Goldman
Sachs
7/19/24
USD
24,282
NOK
267,735
(808)
Goldman
Sachs
7/19/24
USD
1,342
NZD
2,230
(17)
Goldman
Sachs
8/23/24
USD
936
EUR
873
(1)
Goldman
Sachs
9/4/24
BRL
164,972
USD
30,220
(934)
Goldman
Sachs
9/4/24
USD
61,951
BRL
338,398
1,878
Goldman
Sachs
9/6/24
USD
11,051
THB
401,832
38
Goldman
Sachs
10/15/24
USD
34,273
TWD
1,102,722
189
HSBC
Bank
7/5/24
IDR
497,976,326
USD
30,408
8
HSBC
Bank
7/5/24
TWD
1,027,729
USD
31,906
(237)
HSBC
Bank
7/5/24
USD
20,719
IDR
334,937,623
262
HSBC
Bank
7/5/24
USD
71,239
INR
5,958,153
(199)
HSBC
Bank
7/5/24
USD
31,765
TWD
1,021,729
281
HSBC
Bank
7/12/24
USD
28,007
CZK
652,881
88
HSBC
Bank
7/12/24
USD
29,387
ZAR
562,652
(1,506)
HSBC
Bank
7/19/24
CAD
1,735
USD
1,268
1
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
HSBC
Bank
7/19/24
EUR
22,333
USD
24,222
$
(280)
HSBC
Bank
7/19/24
USD
40,520
CAD
55,295
81
HSBC
Bank
7/19/24
USD
1,193
JPY
188,349
19
HSBC
Bank
7/19/24
USD
320
NZD
521
2
HSBC
Bank
8/9/24
USD
31,675
CLP
28,793,517
1,087
HSBC
Bank
8/23/24
USD
10,836
EUR
10,016
80
HSBC
Bank
8/23/24
USD
387
GBP
305
2
HSBC
Bank
9/6/24
USD
48,876
MYR
228,504
362
HSBC
Bank
9/13/24
USD
502,423
CNH
3,608,831
5,172
HSBC
Bank
10/11/24
USD
30,329
IDR
497,976,326
(40)
JPMorgan
Chase
7/12/24
MXN
54,848
USD
3,167
(176)
JPMorgan
Chase
7/19/24
AUD
8,454
USD
5,509
134
JPMorgan
Chase
7/19/24
CHF
258
USD
290
(2)
JPMorgan
Chase
7/19/24
EUR
6,789
USD
7,403
(126)
JPMorgan
Chase
7/19/24
JPY
7,237,464
USD
47,317
(2,185)
JPMorgan
Chase
7/19/24
NZD
528
USD
323
(1)
JPMorgan
Chase
7/19/24
USD
21,809
CAD
29,987
(121)
JPMorgan
Chase
7/19/24
USD
10,453
JPY
1,628,756
296
JPMorgan
Chase
7/19/24
USD
12,360
NZD
20,814
(318)
JPMorgan
Chase
8/23/24
EUR
12,733
USD
13,867
(193)
JPMorgan
Chase
8/23/24
GBP
2,304
USD
2,944
(30)
JPMorgan
Chase
8/23/24
USD
11,713
EUR
10,861
49
JPMorgan
Chase
8/23/24
USD
744
GBP
588
—
JPMorgan
Chase
8/30/24
USD
388
SEK
4,069
3
JPMorgan
Chase
9/13/24
USD
32,107
SGD
43,487
(80)
Morgan
Stanley
7/5/24
USD
10,427
PEN
38,860
316
Morgan
Stanley
7/19/24
CAD
3,315
USD
2,424
—
Morgan
Stanley
7/19/24
CHF
373
USD
415
1
Morgan
Stanley
7/19/24
EUR
3,197
USD
3,476
(49)
Morgan
Stanley
7/19/24
JPY
1,758,028
USD
11,169
(206)
Morgan
Stanley
7/19/24
NZD
2,103
USD
1,285
(4)
Morgan
Stanley
7/19/24
USD
641
JPY
98,930
24
Morgan
Stanley
7/19/24
USD
1,800
NOK
19,444
(22)
Morgan
Stanley
7/19/24
USD
544
NZD
905
(7)
Morgan
Stanley
8/9/24
USD
16,611
CLP
15,317,359
339
RBC
Dominion
Securities
7/12/24
MXN
1,064,737
USD
62,060
(3,991)
RBC
Dominion
Securities
7/19/24
AUD
2,843
USD
1,847
51
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
RBC
Dominion
Securities
7/19/24
CAD
33,269
USD
24,387
$
(57)
RBC
Dominion
Securities
7/19/24
JPY
5,287,781
USD
34,347
(1,373)
RBC
Dominion
Securities
7/19/24
NOK
164,063
USD
15,146
228
RBC
Dominion
Securities
7/19/24
USD
170,266
CAD
234,706
(1,382)
RBC
Dominion
Securities
7/19/24
USD
17,985
NOK
188,344
335
Societe
Generale
7/12/24
USD
3,242
CZK
76,240
(18)
Standard
Chartered
7/5/24
USD
5,531
PEN
20,516
194
Standard
Chartered
7/19/24
EUR
1,651
USD
1,787
(18)
Standard
Chartered
7/19/24
NOK
325,912
USD
30,584
(42)
Standard
Chartered
8/30/24
USD
103,930
SEK
1,105,746
(736)
Standard
Chartered
9/4/24
USD
8,153
BRL
44,708
217
Standard
Chartered
9/6/24
USD
32,394
THB
1,188,345
(174)
Standard
Chartered
9/13/24
USD
51,809
CNH
374,525
204
State
Street
7/12/24
HUF
3,553,081
USD
9,989
(360)
State
Street
7/12/24
USD
18,868
MXN
325,765
1,102
State
Street
7/12/24
ZAR
270,107
USD
14,625
206
State
Street
7/19/24
EUR
9,310
USD
10,099
(118)
State
Street
7/19/24
JPY
828,266
USD
5,307
(142)
State
Street
7/19/24
NZD
3,761
USD
2,312
(21)
State
Street
7/19/24
USD
102,231
AUD
158,807
(3,772)
State
Street
7/19/24
USD
3,677
CAD
5,030
(2)
State
Street
7/19/24
USD
15,379
EUR
14,147
213
State
Street
7/19/24
USD
511,726
JPY
77,396,751
29,084
State
Street
7/19/24
USD
3,590
JPY
576,091
(2)
State
Street
7/19/24
USD
56,532
NZD
93,893
(659)
State
Street
8/23/24
EUR
100,356
USD
109,234
(1,462)
State
Street
8/23/24
USD
98,694
GBP
77,558
613
State
Street
8/23/24
USD
6,059
GBP
4,792
(1)
State
Street
9/4/24
USD
45,120
BRL
234,618
3,470
State
Street
9/13/24
USD
18,626
CNH
135,000
25
State
Street
9/13/24
USD
56,440
CNH
409,688
(9)
State
Street
9/20/24
USD
6,888
EUR
6,403
3
UBS
Investment
Bank
7/5/24
PEN
112,661
USD
29,512
(200)
UBS
Investment
Bank
7/5/24
USD
2,163
PEN
8,005
80
UBS
Investment
Bank
7/19/24
AUD
48,283
USD
32,098
131
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
UBS
Investment
Bank
7/19/24
CHF
7,915
USD
8,667
$
165
UBS
Investment
Bank
7/19/24
USD
864
CAD
1,180
1
UBS
Investment
Bank
7/19/24
USD
33,368
CHF
29,777
139
UBS
Investment
Bank
7/19/24
USD
61,277
CHF
55,473
(627)
UBS
Investment
Bank
7/19/24
USD
493,072
JPY
74,614,285
27,782
UBS
Investment
Bank
8/23/24
EUR
22,780
USD
24,861
(397)
UBS
Investment
Bank
8/23/24
USD
752,773
EUR
689,775
12,027
UBS
Investment
Bank
9/6/24
USD
11,063
THB
401,993
46
UBS
Investment
Bank
9/20/24
USD
23,263
EUR
21,655
(22)
UBS
Investment
Bank
10/11/24
IDR
94,882,401
USD
5,749
38
UBS
Investment
Bank
10/11/24
USD
29,505
PEN
112,661
198
Wells
Fargo
7/5/24
PEN
127,555
USD
33,492
(305)
Wells
Fargo
7/5/24
USD
46,452
PEN
172,835
1,484
Wells
Fargo
7/19/24
NOK
33,581
USD
3,043
104
Wells
Fargo
9/6/24
USD
73,073
COP
289,051,733
4,194
Wells
Fargo
10/11/24
USD
33,484
PEN
127,555
302
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
82,248
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
37
Commonwealth
of
Australia
ten
year
bond
contracts
9/24
2,803
$
(24)
Long,
712
Commonwealth
of
Australia
three
year
bond
contracts
9/24
50,089
(147)
Long,
615
Euro
BOBL
contracts
9/24
76,691
572
Short,
139
Euro
BTP
contracts
9/24
(17,162)
13
Short,
237
Euro
BUND
contracts
9/24
(33,407)
186
Long,
926
Euro
OAT
contracts
9/24
122,098
(867)
Long,
269
Euro
SCHATZ
contracts
9/24
30,451
116
Short,
109
Government
of
Canada
ten
year
bond
contracts
9/24
(9,567)
(77)
Short,
10
Government
of
Japan
ten
year
bond
contracts
9/24
(8,879)
25
Long,
2,277
Republic
of
South
Korea
ten
year
bond
contracts
9/24
189,604
776
Short,
1,386
Republic
of
South
Korea
three
year
bond
contracts
9/24
(105,926)
(265)
Short,
850
U.K.
Gilt
ten
year
contracts
9/24
(104,837)
(1,220)
Short,
353
U.S.
Treasury
Long
Bond
contracts
9/24
(41,764)
(367)
Short,
450
U.S.
Treasury
Notes
five
year
contracts
9/24
(47,960)
45
Short,
465
U.S.
Treasury
Notes
ten
year
contracts
9/24
(51,143)
(473)
Net
payments
(receipts)
of
variation
margin
to
date
3,109
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
1,402
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
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%
$
—
$
—
$
3,690++
Totals
$
—#
$
—
$
3,690+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
06/30/24
T.
Rowe
Price
Government
Reserve
Fund,
5.38%
$
167,811
¤
¤
$
151,628
Total
$
151,628^
#
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
$3,690
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
$151,628.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
June
30,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$6,777,209)
$
6,364,345
Unrealized
gain
on
forward
currency
exchange
contracts
125,026
Foreign
currency
(cost
$81,485)
81,502
Interest
receivable
59,741
Receivable
for
investment
securities
sold
19,846
Receivable
for
shares
sold
2,325
Due
from
affiliates
1,991
Variation
margin
receivable
on
futures
contracts
1,402
Unrealized
gain
on
bilateral
swaps
867
Cash
392
Bilateral
swap
premiums
paid
150
Other
assets
578
Total
assets
6,658,165
Liabilities
Obligation
to
return
securities
lending
collateral
74,828
Payable
for
investment
securities
purchased
71,663
Unrealized
loss
on
forward
currency
exchange
contracts
42,778
Investment
management
fees
payable
2,551
Payable
for
shares
redeemed
2,005
Bilateral
swap
premiums
received
524
Variation
margin
payable
on
centrally
cleared
swaps
254
Options
written
(premiums
$662)
215
Payable
to
directors
5
Other
liabilities
342
Total
liabilities
195,165
Commitments
and
Contingent
Liabilities
(note
7
)
NET
ASSETS
$
6,463,000
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
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)
$
(835,158)
Paid-in
capital
applicable
to
771,954,870
shares
of
$0.01
par
value
capital
stock
outstanding;
18,000,000,000
shares
of
the
Corporation
authorized
7,298,158
NET
ASSETS
$
6,463,000
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$72,625;
Shares
outstanding:
8,674,152)
$
8.37
Advisor
Class
(Net
assets:
$72;
Shares
outstanding:
8,678)
$
8.35
I
Class
(Net
assets:
$1,633,599;
Shares
outstanding:
195,200,969)
$
8.37
Z
Class
(Net
assets:
$4,756,704;
Shares
outstanding:
568,071,071)
$
8.37
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(Unaudited)
6
Months
Ended
6/30/24
Investment
Income
(Loss)
Income
.
Interest
(net
of
foreign
taxes
of
$1,350)
$
110,676
Dividend
3,690
Securities
lending
165
Other
6
Total
income
114,537
Expenses
Investment
management
14,842
Shareholder
servicing
Investor
Class
$
92
I
Class
34
126
Prospectus
and
shareholder
reports
Investor
Class
18
I
Class
268
Z
Class
3
289
Custody
and
accounting
483
Registration
52
Legal
and
audit
29
Directors
10
Miscellaneous
25
Waived
/
paid
by
Price
Associates
(11,449)
Total
expenses
4,407
Net
investment
income
110,130
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(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
(82,828)
Futures
(1,991)
Swaps
(25,960)
Options
written
194
Forward
currency
exchange
contracts
67,183
Foreign
currency
transactions
(1,009)
Net
realized
loss
(44,411)
Change
in
net
unrealized
gain
/
loss
Securities
(276,859)
Futures
(2,352)
Swaps
18,200
Options
written
6,443
Forward
currency
exchange
contracts
224,629
Other
assets
and
liabilities
denominated
in
foreign
currencies
(2,560)
Change
in
net
unrealized
gain
/
loss
(32,499)
Net
realized
and
unrealized
gain
/
loss
(76,910)
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
33,220
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(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
$
110,130
$
188,031
Net
realized
loss
(44,411)
(260,433)
Change
in
net
unrealized
gain
/
loss
(32,499)
658,284
Increase
in
net
assets
from
operations
33,220
585,882
Distributions
to
shareholders
Net
earnings
Investor
Class
(1,095)
(256)
Advisor
Class
(1)
(1)
I
Class
(23,591)
(4,923)
Z
Class
(81,676)
(18,067)
Tax
return
of
capital
–
–
Investor
Class
–
(1,710)
Advisor
Class
–
(5)
I
Class
–
(31,617)
Z
Class
–
(124,144)
Decrease
in
net
assets
from
distributions
(106,363)
(180,723)
Capital
share
transactions
*
Shares
sold
Investor
Class
7,891
31,261
Advisor
Class
–
220
I
Class
224,540
264,733
Z
Class
593,643
408,895
Distributions
reinvested
Investor
Class
1,068
1,938
Advisor
Class
1
5
I
Class
23,399
36,431
Z
Class
81,244
142,067
Shares
redeemed
Investor
Class
(17,638)
(31,965)
Advisor
Class
(138)
(106)
I
Class
(83,634)
(159,598)
Z
Class
(352,508)
(721,105)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
477,868
(27,224)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
(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
during
period
404,725
377,935
Beginning
of
period
6,058,275
5,680,340
End
of
period
$
6,463,000
$
6,058,275
*Share
information
(000s)
Shares
sold
Investor
Class
945
3,860
Advisor
Class
–
27
I
Class
26,769
33,394
Z
Class
71,305
49,494
Distributions
reinvested
Investor
Class
127
238
Advisor
Class
–
(1)
1
I
Class
2,792
4,474
Z
Class
9,685
17,452
Shares
redeemed
Investor
Class
(2,101)
(3,949)
Advisor
Class
(16)
(13)
I
Class
(9,960)
(19,699)
Z
Class
(41,996)
(88,872)
Increase
(decrease)
in
shares
outstanding
57,550
(3,593)
(1)
Amount
rounds
to
less
than
1,000
shares
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
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
(USD
Hedged)
(the
fund)
is a
nondiversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks
to
provide
current
income
and
capital
appreciation.
The
fund
has four classes
of
shares:
the
International
Bond
Fund
(USD
Hedged)
(Investor
Class),
the
International
Bond
Fund
(USD
Hedged)–Advisor
Class
(Advisor
Class),
the
International
Bond
Fund
(USD
Hedged)–I
Class
(I
Class)
and
the
International
Bond
Fund
(USD
Hedged)–Z
Class
(Z
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
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
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income. Inflation
adjustments
to
the
principal
amount
of
inflation-indexed
bonds
are
reflected
as
interest
income. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from 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;
during
the
six
months
ended
June
30,
2024,
the
Advisor
Class
incurred
less
than
$1,000
in
these
fees.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
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.
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)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-
counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
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
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
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
$
—
$
4,521,966
$
—
$
4,521,966
Corporate
Bonds
—
1,324,309
16,824
1,341,133
Short-Term
Investments
76,800
344,552
—
421,352
Securities
Lending
Collateral
74,828
—
—
74,828
Options
Purchased
—
5,066
—
5,066
Total
Securities
151,628
6,195,893
16,824
6,364,345
Swaps*
—
11,002
—
11,002
Forward
Currency
Exchange
Contracts
—
125,026
—
125,026
Futures
Contracts*
1,733
—
—
1,733
Total
$
153,361
$
6,331,921
$
16,824
$
6,502,106
Liabilities
Options
Written
$
—
$
215
$
—
$
215
Swaps*
—
6,312
—
6,312
Forward
Currency
Exchange
Contracts
—
42,778
—
42,778
Futures
Contracts*
3,440
—
—
3,440
Total
$
3,440
$
49,305
$
—
$
52,745
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
(USD
Hedged)
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:
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Interest
rate
derivatives
Centrally
Cleared
Swaps,
Futures
$
12,162
Foreign
exchange
derivatives
Forwards,
Securities^
127,718
Credit
derivatives
Bilateral
Swaps
and
Premiums,
Centrally
Cleared
Swaps,
Securities^
2,947
^
,*
Total
$
142,827
^
,*
Liabilities
Inflation
derivatives
Centrally
Cleared
Swaps
$
166
Interest
rate
derivatives
Centrally
Cleared
Swaps,
Futures
8,277
Foreign
exchange
derivatives
Forwards
42,778
Credit
derivatives
Centrally
Cleared
Swaps,
Options
Written
1,524
Total
$
52,745
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
^
Options
purchased
are
reported
as
securities
and
are
reflected
in
the
accompanying
Portfolio
of
Investments.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
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
$
—
$
194
$
(1,991)
$
—
$
(27,472)
$
(29,269)
Foreign
exchange
derivatives
(875)
—
—
67,183
—
66,308
Credit
derivatives
—
—
—
—
1,512
1,512
Total
$
(875)
$
194
$
(1,991)
$
67,183
$
(25,960)
$
38,551
Change
in
Unrealized
Gain
(Loss)
Inflation
derivatives
$
—
$
—
$
—
$
—
$
(166)
$
(166)
Interest
rate
derivatives
—
5,996
(2,352)
—
19,744
23,388
Foreign
exchange
derivatives
336
—
—
224,629
—
224,965
Credit
derivatives
1,538
447
—
—
(1,378)
607
Total
$
1,874
$
6,443
$
(2,352)
$
224,629
$
18,200
$
248,794
^
Options
purchased
are
reported
as
securities.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Counterparty
Risk
and
Collateral
The
fund
invests
in
derivatives
in
various
markets,
which
expose
it
to
differing
levels
of
counterparty
risk.
Counterparty
risk
on
exchange-traded
and
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps,
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Derivatives,
such
as
non-cleared bilateral
swaps,
forward
currency
exchange
contracts,
and
OTC
options,
that
are
transacted
and
settle
directly
with
a
counterparty
(bilateral
derivatives)
may
expose
the
fund
to
greater
counterparty
risk.
To
mitigate
this
risk,
the
fund
has
entered
into
master
netting
arrangements
(MNAs)
with
certain
counterparties
that
permit
net
settlement
under
specified
conditions
and,
for
certain
counterparties,
also
require
the
exchange
of
collateral
to
cover
mark-to-market
exposure.
MNAs
may
be
in
the
form
of
International
Swaps
and
Derivatives
Association
master
agreements
(ISDAs)
or
foreign
exchange
letter
agreements
(FX
letters).
MNAs
provide
the
ability
to
offset
amounts
the
fund
owes
a
counterparty
against
amounts
the
counterparty
owes
the
fund
(net
settlement).
Both
ISDAs
and
FX
letters
generally
allow
termination
of
transactions
and
net
settlement
upon
the
occurrence
of
contractually
specified
events,
such
as
failure
to
pay
or
bankruptcy.
In
addition,
ISDAs
specify
other
events,
the
occurrence
of
which
would
allow
one
of
the
parties
to
terminate.
For
example,
a
downgrade
in
credit
rating
of
a
counterparty
below
a
specified
rating
would
allow
the
fund
to
terminate,
while
a
decline
in
the
fund’s
net
assets
of
more
than
a
specified
percentage
would
allow
the
counterparty
to
terminate.
Upon
termination,
all
transactions
with
that
counterparty
would
be
liquidated
and
a
net
termination
amount
settled.
ISDAs
typically
include
collateral
agreements
whereas
FX
letters
do
not.
Variation
margin
amounts
are
determined
daily
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
bilateral
derivatives
with
a
counterparty,
subject
to
minimum
transfer
amounts
that
typically
range
from
$100,000
to
$250,000.
Any
additional
variation
margin
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Initial
margin
amounts
are
determined
on
a
daily
basis
and
calculated
in
accordance
to
global
regulations
on
all
bilateral
derivatives
with
a
counterparty,
subject
to
an
initial
margin
threshold
(typically
$50,000,000
per
counterparty)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
and
a
minimum
transfer
amount
of
$100,000
to
$250,000
when
initial
margin
amounts
exceed
the
counterparty
threshold.
Any
additional
initial
margin
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Variation
margin
and
initial
margin
are
collectively
referred
to
as
collateral.
Collateral
may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies,
and
by
the
governments
of
Canada,
France,
Germany,
Japan,
or
the
United
Kingdom,
although
other
securities
may
be
used
depending
on
the
terms
outlined
in
the
applicable
MNA.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund’s
assets.
Collateral
pledged
by
counterparties
is
not
included
in
the
fund’s
assets
because
the
fund
does
not
obtain
effective
control
over
those
assets.
For
bilateral
derivatives,
collateral
posted
by
the
fund
is
held
in
a
segregated
account
at
the
fund’s
custodian.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared,
and
OTC
and
bilateral
derivatives
may
be
unwound
with
counterparties
or
transactions
assigned
to
other
counterparties
to
allow
the
fund
to
exit
the
transaction.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
June
30,
2024,
securities
valued
at $34,260,000
had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
The
following
table
summarizes
the
fund’s
OTC
and
bilateral
derivatives
at
the
reporting
date
by
loss
exposure
to
each
counterparty
after
consideration
of
collateral,
if
any.
Forward
Currency
Exchange
Contracts
The
fund
is
subject
to
foreign
currency
exchange
rate
risk
in
the
normal
course
of
pursuing
its
investment
objectives.
It may use
forward
currency
exchange
contracts
(forwards)
primarily
to
protect
its
non-U.S.
dollar-denominated
securities
from
adverse
currency
movements
or
to
increase
exposure
to
a
particular
foreign
currency,
to
shift
the
fund’s
foreign
currency
exposure
from
one
country
to
another,
or
to
enhance
the
fund’s
return.
A
forward
involves
an
obligation
to
purchase
or
sell
a
fixed
($000s)
Gross
Value
on
Statements
of
Assets
and
Liabilities
Net
amount
due
(to)/from
Counterparty
or
Exchange
Collateral
Pledged
(Received)
by
Fund
Loss
Exposure,
After
Collateral*
(not
less
than
$0)
Counterparty
Assets
Liabilities
Bank
of
America
$
8,941
$
(3,028)
$
5,913
$
(6,100)
$
—
Barclays
Bank
2,973
(3,709)
(736)
1,059
323
BNP
Paribas
8,237
(5,902)
2,335
(4,473)
—
BNY
Mellon
899
(81)
818
(997)
—
Canadian
Imperial
Bank
of
Commerce
—
(154)
(154)
21
—
Citibank
3,585
(5,377)
(1,792)
2,043
251
Deutsche
Bank
5,076
(613)
4,463
(4,610)
—
Goldman
Sachs
5,277
(2,242)
3,035
(2,900)
135
HSBC
Bank
9,380
(2,262)
7,118
(8,805)
—
JPMorgan
Chase
482
(3,232)
(2,750)
2,631
—
Morgan
Stanley
3,099
(503)
2,596
(2,918)
—
RBC
Dominion
Securities
614
(6,803)
(6,189)
6,225
36
Societe
Generale
—
(18)
(18)
—
—
Standard
Chartered
615
(970)
(355)
—
—
State
Street
34,716
(6,548)
28,168
(27,032)
1,136
UBS
Investment
Bank
40,607
(1,246)
39,361
(40,914)
—
Wells
Fargo
6,084
(305)
5,779
(5,850)
—
Total
$
130,585
$
(42,993)
*
In
situations
such
as
counterparty
default
or
bankruptcy,
the
fund
may
have
further
rights
of
offset
against
amounts
due
to
or
from
the
counterparty
under
other
agreements.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
amount
of
a
specific
currency
on
a
future
date
at
a
price
set
at
the
time
of
the
contract.
Although
certain
forwards
may
be
settled
by
exchanging
only
the
net
gain
or
loss
on
the
contract,
most
forwards
are
settled
with
the
exchange
of
the
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
84%
and
94%
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
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
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
six
months ended
June
30,
2024,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
8%
and
13%
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
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
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.
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.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
Credit
default
swaps
are
agreements
where
one
party
(the
protection
buyer)
agrees
to
make
periodic
payments
to
another
party
(the
protection
seller)
in
exchange
for
protection
against
specified
credit
events,
such
as
certain
defaults
and
bankruptcies
related
to
an
underlying
credit
instrument,
or
issuer
or
index
of
such
instruments.
Upon
occurrence
of
a
specified
credit
event,
the
protection
seller
is
required
to
pay
the
buyer
the
difference
between
the
notional
amount
of
the
swap
and
the
value
of
the
underlying
credit,
either
in
the
form
of
a
net
cash
settlement
or
by
paying
the
gross
notional
amount
and
accepting
delivery
of
the
relevant
underlying
credit.
For
credit
default
swaps
where
the
underlying
credit
is
an
index,
a
specified
credit
event
may
affect
all
or
individual
underlying
securities
included
in
the
index
and
will
be
settled
based
upon
the
relative
weighting
of
the
affected
underlying
security(ies)
within
the
index. Generally,
the
payment
risk
for
the
seller
of
protection
is
inversely
related
to
the
current
market
price
or
credit
rating
of
the
underlying
credit
or
the
market
value
of
the
contract
relative
to
the
notional
amount,
which
are
indicators
of
the
markets’
valuation
of
credit
quality.
As
of
June
30,
2024,
the
notional
amount
of
protection
sold
by
the
fund
totaled $91,169,000
(1.4%
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
31%
and
65%
of
net
assets.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
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
(USD
Hedged)
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
$70,995,000;
the
value
of
cash
collateral
and
related
investments
was
$74,828,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $1,995,290,000 and
$1,375,847,000,
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
$385,991,000
of
available
capital
loss
carryforwards.
At
June
30,
2024,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$6,773,279,000.
Net
unrealized
loss
aggregated
$329,616,000
at
period-end,
of
which
$200,067,000
related
to
appreciated
investments
and
$529,683,000
related
to
depreciated
investments.
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
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
(USD
Hedged)
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 $95,000 remain
subject
to
repayment
by
the
fund
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
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
$62,000
for
Price
Associates;
$93,000
for
T.
Rowe
Price
Services,
Inc.;
and
less
than
$1,000
for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
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).
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
16%
of
the
I
Class's
and
100%
of
the
Z
Class's
outstanding
shares
were
held
by
Price
Funds
and
accounts.
Investor
Class
Advisor
Class
I
Class
Z
Class
Expense
limitation/I
Class
Limit
0.84%
0.99%
0.05%
0.00%
Expense
limitation
date
04/30/26
04/30/26
04/30/26
N/A
(Waived)/repaid
during
the
period
($000s)
$—
$—
(1)
$(67)
$(11,382)
(1)
Amount
rounds
to
less
than
$1,000
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
As
of
June
30,
2024,
T.
Rowe
Price
Group,
Inc.,
or
its
wholly
owned
subsidiaries,
owned
128
shares
of
the
Advisor
Class,
representing
1%
of
the
Advisor
Class's
net
assets.
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
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
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
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
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
(USD
Hedged)
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
(USD
Hedged)
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
(USD
Hedged)
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.
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
(USD
Hedged)
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
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENTS
(continued)
T.
ROWE
PRICE
International
Bond
Fund
(USD
Hedged)
management
fee
rate
ranked
in
the
second
quintile
(Investor
Class
Expense
Group
and
Advisor
Class
Expense
Group)
and
third
quintile
(Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
second
quintile
(Investor
Class
Expense
Group),
third
quintile
(Expense
Universe),
and
first
quintile
(Advisor
Class
Expense
Group).
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.
F1114-051
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.
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 (USD Hedged) |
| 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 | | |
