T.

ROWE

PRICE

International

Bond

Fund

March

31,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ALBANIA

0.4%

Government

Bonds

0.4%

Republic

of

Albania,

3.50%,

10/9/25

(EUR) (1)

860,000‌

881‌

Republic

of

Albania,

3.50%,

6/16/27

(EUR) (1)

720,000‌

708‌

Republic

of

Albania,

3.50%,

11/23/31

(EUR) (1)(2)

2,730,000‌

2,463‌

Total

Albania

(Cost

$4,839

)

4,052‌

AUSTRALIA

3.3%

Corporate

Bonds

0.1%

APA

Infrastructure,

3.125%,

7/18/31

(GBP) 

915,000‌

931‌

931‌

Government

Bonds

3.2%

Commonwealth

of

Australia,

Series

140,

4.50%,

4/21/33 

25,266,000‌

18,669‌

Commonwealth

of

Australia,

Series

150,

3.00%,

3/21/47 

4,280,000‌

2,522‌

Commonwealth

of

Australia,

Series

158,

1.25%,

5/21/32 

8,241,000‌

4,646‌

New

South

Wales

Treasury,

Series

26,

4.00%,

5/20/26 

9,397,400‌

6,403‌

32,240‌

Total

Australia

(Cost

$35,527

)

33,171‌

AUSTRIA

0.4%

Government

Bonds

0.4%

Republic

of

Austria,

0.75%,

3/20/51 (1)

6,877,000‌

4,345‌

Total

Austria

(Cost

$4,189

)

4,345‌

BELGIUM

0.0%

Corporate

Bonds

0.0%

Anheuser-Busch

InBev,

1.65%,

3/28/31 

300,000‌

284‌

Total

Belgium

(Cost

$280

)

284‌

BRAZIL

1.5%

Corporate

Bonds

0.3%

Braskem

Netherlands

Finance,

4.50%,

1/31/30

(USD) 

1,125,000‌

957‌

MercadoLibre,

3.125%,

1/14/31

(USD) 

1,380,000‌

1,088‌

Suzano

Austria,

5.00%,

1/15/30

(USD) 

900,000‌

858‌

2,903‌

Government

Bonds

1.2%

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNB,

Inflation-

Indexed,

6.00%,

5/15/25 

6,675,710‌

1,323‌

T.

ROWE

PRICE

International

Bond

Fund

2

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/27 

17,395,000‌

3,223‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/31 

41,598,000‌

7,190‌

11,736‌

Total

Brazil

(Cost

$14,490

)

14,639‌

BULGARIA

0.2%

Government

Bonds

0.2%

Republic

of

Bulgaria,

4.50%,

1/27/33

(EUR) (1)

1,420,000‌

1,513‌

Total

Bulgaria

(Cost

$1,501

)

1,513‌

CANADA

6.0%

Asset-Backed

Securities

0.1%

Cologix

Canadian

Issuer,

Series

2022-1CAN,

Class

A2,

4.94%,

1/25/52 (1)

1,690,000‌

1,156‌

1,156‌

Corporate

Bonds

0.3%

Transcanada

Trust,

Series

17-B,

VR,

4.65%,

5/18/77 (3)

4,481,000‌

2,966‌

2,966‌

Government

Bonds

5.6%

Government

of

Canada,

1.25%,

3/1/27 

52,271,000‌

35,983‌

Government

of

Canada

Real

Return

Bond,

Inflation-Indexed,

Series

CPI,

4.00%,

12/1/31 

10,998,908‌

10,097‌

Government

of

Canada

Treasury

Bills,

4.52%,

6/8/23 

11,139,000‌

8,173‌

Province

of

Ontario,

3.50%,

6/2/43 

996,000‌

676‌

54,929‌

Total

Canada

(Cost

$63,323

)

59,051‌

CHILE

0.4%

Corporate

Bonds

0.4%

Celulosa

Arauco

y

Constitucion,

4.20%,

1/29/30

(USD) (1)

2,335,000‌

2,124‌

Interchile,

4.50%,

6/30/56

(USD) 

1,700,000‌

1,361‌

Total

Chile

(Cost

$3,859

)

3,485‌

CHINA

5.9%

Corporate

Bonds

0.3%

State

Grid

Overseas

Investment

BVI,

1.375%,

5/2/25

(EUR) (1)

2,000,000‌

2,053‌

Tencent

Holdings,

3.24%,

6/3/50

(USD) 

1,850,000‌

1,217‌

3,270‌

T.

ROWE

PRICE

International

Bond

Fund

3

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Government

Bonds

5.6%

People's

Republic

of

China,

Series

INBK,

2.60%,

9/1/32 

130,000,000‌

18,495‌

People's

Republic

of

China,

Series

INBK,

2.69%,

8/15/32 

70,000,000‌

10,032‌

People's

Republic

of

China,

Series

INBK,

3.02%,

5/27/31 

50,000,000‌

7,384‌

People's

Republic

of

China,

Series

INBK,

3.32%,

4/15/52 

30,000,000‌

4,431‌

People's

Republic

of

China,

Series

INBK,

3.53%,

10/18/51 

30,000,000‌

4,593‌

People's

Republic

of

China,

Series

1908,

4.00%,

6/24/69 

10,000,000‌

1,701‌

People's

Republic

of

China,

Series

1915,

3.13%,

11/21/29 

60,000,000‌

8,922‌

55,558‌

Total

China

(Cost

$57,572

)

58,828‌

COLOMBIA

0.5%

Corporate

Bonds

0.1%

Banco

de

Bogota,

6.25%,

5/12/26

(USD) 

1,050,000‌

1,021‌

1,021‌

Government

Bonds

0.4%

Republic

of

Colombia,

Series

B,

6.00%,

4/28/28 

9,493,400,000‌

1,636‌

Republic

of

Colombia,

Series

B,

7.00%,

3/26/31 

12,081,200,000‌

1,997‌

Republic

of

Colombia,

Series

B,

13.25%,

2/9/33 

295,300,000‌

69‌

3,702‌

Total

Colombia

(Cost

$4,614

)

4,723‌

CYPRUS

0.6%

Government

Bonds

0.6%

Republic

of

Cyprus,

0.95%,

1/20/32 

3,426,000‌

2,868‌

Republic

of

Cyprus,

1.25%,

1/21/40 

50,000‌

34‌

Republic

of

Cyprus,

1.50%,

4/16/27 

425,000‌

424‌

Republic

of

Cyprus,

2.75%,

2/26/34 

547,000‌

512‌

Republic

of

Cyprus,

2.75%,

5/3/49 

642,000‌

548‌

Republic

of

Cyprus,

3.75%,

7/26/23 

1,201,000‌

1,303‌

Total

Cyprus

(Cost

$7,514

)

5,689‌

CZECH

REPUBLIC

1.6%

Government

Bonds

1.6%

Republic

of

Czech,

Series

89,

2.40%,

9/17/25 

142,040,000‌

6,147‌

Republic

of

Czech,

Series

105,

2.75%,

7/23/29 

228,410,000‌

9,434‌

Total

Czech

Republic

(Cost

$15,811

)

15,581‌

T.

ROWE

PRICE

International

Bond

Fund

4

Par/Shares

$

Value

(Cost

and

value

in

$000s)

DENMARK

0.3%

Corporate

Bonds

0.3%

Danske

Bank,

VR,

1.375%,

2/17/27

(EUR) (3)

200,000‌

199‌

Danske

Bank,

VR,

1.375%,

2/12/30

(EUR) (3)

1,475,000‌

1,481‌

Orsted,

4.875%,

1/12/32

(GBP) 

910,000‌

1,112‌

Total

Denmark

(Cost

$2,958

)

2,792‌

FRANCE

3.2%

Corporate

Bonds

0.8%

Altice

France,

5.875%,

2/1/27 (1)

375,000‌

359‌

Banque

Federative

du

Credit

Mutuel,

1.25%,

5/26/27 

500,000‌

490‌

Banque

Federative

du

Credit

Mutuel,

1.375%,

7/16/28 

500,000‌

478‌

BNP

Paribas,

VR,

2.125%,

1/23/27 (3)

1,000,000‌

1,022‌

BNP

Paribas,

VR,

3.875%,

1/10/31 (3)

1,000,000‌

1,074‌

BPCE,

0.25%,

1/14/31 

1,100,000‌

900‌

Credit

Agricole,

1.00%,

9/16/24 

1,400,000‌

1,457‌

Credit

Agricole,

1.875%,

12/20/26 

1,100,000‌

1,110‌

RTE

Reseau

de

Transport

d'Electricite

SADIR,

0.75%,

1/12/34 

1,100,000‌

901‌

7,791‌

Government

Bonds

2.4%

Republic

of

France,

0.00%,

5/25/32 

16,776,000‌

14,202‌

Republic

of

France,

1.25%,

5/25/36 (1)

10,938,000‌

9,594‌

23,796‌

Total

France

(Cost

$36,809

)

31,587‌

GERMANY

4.3%

Corporate

Bonds

0.8%

Allianz,

VR,

3.375% (3)(4)

2,300,000‌

2,432‌

E.ON

International

Finance,

6.25%,

6/3/30

(GBP) 

815,000‌

1,060‌

Fresenius,

5.00%,

11/28/29 

900,000‌

998‌

Gruenenthal,

3.625%,

11/15/26 (1)

200,000‌

204‌

Hannover

Rueck,

VR,

1.125%,

10/9/39 (3)

700,000‌

586‌

Hannover

Rueck,

VR,

1.75%,

10/8/40 (3)

900,000‌

756‌

TK

Elevator

Midco,

4.375%,

7/15/27 (1)(2)

490,000‌

480‌

Volkswagen

International

Finance,

Series

10Y,

1.875%,

3/30/27 

200,000‌

200‌

Volkswagen

Leasing,

1.50%,

6/19/26 

1,630,000‌

1,643‌

8,359‌

Government

Bonds

3.5%

Bundesrepublik

Deutschland

Bundesanleihe,

0.00%,

8/15/52 

4,569,578‌

2,568‌

Deutsche

Bundesrepublik,

Inflation-Indexed,

0.10%,

4/15/26 

15,006,521‌

16,350‌

T.

ROWE

PRICE

International

Bond

Fund

5

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Deutsche

Bundesrepublik,

Inflation-Indexed,

0.50%,

4/15/30 

12,837,039‌

14,559‌

KfW,

4.70%,

6/2/37

(CAD) 

924,000‌

709‌

34,186‌

Total

Germany

(Cost

$42,941

)

42,545‌

GREECE

0.3%

Government

Bonds

0.3%

Hellenic

Republic,

0.75%,

6/18/31 (1)

3,809,000‌

3,174‌

Total

Greece

(Cost

$4,584

)

3,174‌

HUNGARY

1.0%

Government

Bonds

1.0%

Republic

of

Hungary,

5.00%,

2/22/27

(EUR) 

1,557,000‌

1,704‌

Republic

of

Hungary,

Series

32/A,

4.75%,

11/24/32 

190,000,000‌

412‌

Republic

of

Hungary,

Series

33/A,

2.25%,

4/20/33 

4,380,620,000‌

7,501‌

Total

Hungary

(Cost

$12,984

)

9,617‌

ICELAND

0.4%

Corporate

Bonds

0.2%

Landsbankinn,

0.375%,

5/23/25

(EUR) 

1,675,000‌

1,585‌

1,585‌

Government

Bonds

0.2%

Republic

of

Iceland,

0.00%,

4/15/28

(EUR) 

2,249,000‌

2,037‌

2,037‌

Total

Iceland

(Cost

$4,596

)

3,622‌

INDIA

0.9%

Corporate

Bonds

0.1%

ABJA

Investment,

5.45%,

1/24/28

(USD) (2)

1,219,000‌

1,183‌

1,183‌

Government

Bonds

0.8%

Republic

of

India,

7.26%,

8/22/32 

602,040,000‌

7,324‌

7,324‌

Total

India

(Cost

$8,452

)

8,507‌

T.

ROWE

PRICE

International

Bond

Fund

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

INDONESIA

2.5%

Corporate

Bonds

0.1%

Minejesa

Capital,

5.625%,

8/10/37

(USD) 

1,200,000‌

942‌

942‌

Government

Bonds

2.4%

Republic

of

Indonesia,

3.75%,

6/14/28

(EUR) (2)

6,942,000‌

7,425‌

Republic

of

Indonesia,

Series

FR87,

6.50%,

2/15/31 

131,193,000,000‌

8,702‌

Republic

of

Indonesia,

Series

FR91,

6.375%,

4/15/32 

52,200,000,000‌

3,411‌

Republic

of

Indonesia,

Series

FR95,

6.375%,

8/15/28 

69,495,000,000‌

4,643‌

24,181‌

Total

Indonesia

(Cost

$26,041

)

25,123‌

IRELAND

0.1%

Government

Bonds

0.1%

Republic

of

Ireland,

1.50%,

5/15/50 

522,000‌

397‌

Republic

of

Ireland,

2.00%,

2/18/45 

983,000‌

873‌

Total

Ireland

(Cost

$2,011

)

1,270‌

ISRAEL

2.0%

Corporate

Bonds

0.2%

Bank

Hapoalim,

VR,

3.255%,

1/21/32

(USD) (1)(3)

1,280,000‌

1,065‌

Leviathan

Bond,

6.50%,

6/30/27

(USD) (1)(2)

1,000,000‌

958‌

2,023‌

Government

Bonds

1.8%

State

of

Israel,

1.50%,

1/18/27

(EUR) 

3,044,000‌

3,018‌

State

of

Israel,

Series

0142,

5.50%,

1/31/42 

18,595,000‌

6,191‌

State

of

Israel,

Series

0347,

3.75%,

3/31/47 

3,542,000‌

943‌

State

of

Israel,

Series

0825,

1.75%,

8/31/25 

28,725,389‌

7,578‌

17,730‌

Total

Israel

(Cost

$23,174

)

19,753‌

ITALY

4.1%

Corporate

Bonds

0.4%

Autostrade

per

l'Italia,

2.00%,

12/4/28 

990,000‌

930‌

Autostrade

per

l'Italia,

2.25%,

1/25/32 

550,000‌

484‌

FCA

Bank,

0.50%,

9/13/24 (2)

1,000,000‌

1,030‌

Infrastrutture

Wireless

Italiane,

1.625%,

10/21/28 

700,000‌

673‌

UniCredit,

VR,

4.875%,

2/20/29 (3)

650,000‌

693‌

T.

ROWE

PRICE

International

Bond

Fund

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

3,810‌

Government

Bonds

3.7%

Italy

Buoni

Poliennali

Del

Tesoro,

Series

10Y,

4.40%,

5/1/33 

23,307,000‌

26,017‌

Italy

Buoni

Poliennali

Del

Tesoro,

Series

50Y,

2.80%,

3/1/67 

6,408,000‌

4,852‌

Italy

Buoni

Poliennali

Del

Tesoro,

Series

5Y,

3.40%,

4/1/28 

5,125,000‌

5,517‌

36,386‌

Total

Italy

(Cost

$42,668

)

40,196‌

IVORY

COAST

0.3%

Government

Bonds

0.3%

Republic

of

Ivory

Coast,

5.875%,

10/17/31

(EUR) 

2,790,000‌

2,494‌

Total

Ivory

Coast

(Cost

$2,393

)

2,494‌

JAPAN

16.9%

Government

Bonds

16.9%

Government

of

Japan,

Series

44,

1.70%,

9/20/44 

1,297,900,000‌

10,891‌

Government

of

Japan,

Series

73,

0.70%,

12/20/51 

53,700,000‌

348‌

Government

of

Japan,

Series

74,

1.00%,

3/20/52 

1,890,250,000‌

13,251‌

Government

of

Japan,

Series

75,

1.30%,

6/20/52 

1,516,250,000‌

11,451‌

Government

of

Japan,

Series

76,

1.40%,

9/20/52 

1,903,750,000‌

14,761‌

Government

of

Japan,

Series

338,

0.40%,

3/20/25 

2,089,800,000‌

15,889‌

Government

of

Japan

Treasury

Bills,

(0.12)%,

7/10/23 

2,300,000,000‌

17,330‌

Government

of

Japan

Treasury

Bills,

(0.126)%,

5/10/23 

5,600,000,000‌

42,179‌

Government

of

Japan,

Inflation-Indexed,

Series

18,

0.10%,

3/10/24 

897,899,500‌

6,853‌

Government

of

Japan,

Inflation-Indexed,

Series

19,

0.10%,

9/10/24 

1,558,570,600‌

12,020‌

Government

of

Japan,

Inflation-Indexed,

Series

20,

0.10%,

3/10/25 

1,695,054,000‌

13,092‌

Government

of

Japan,

Inflation-Indexed,

Series

26,

0.005%,

3/10/31 

1,240,123,608‌

9,674‌

Total

Japan

(Cost

$174,904

)

167,739‌

KUWAIT

0.1%

Corporate

Bonds

0.1%

Equate

Petrochemical,

2.625%,

4/28/28

(USD) (1)

1,485,000‌

1,312‌

Total

Kuwait

(Cost

$1,489

)

1,312‌

T.

ROWE

PRICE

International

Bond

Fund

8

Par/Shares

$

Value

(Cost

and

value

in

$000s)

LATVIA

1.1%

Government

Bonds

1.1%

Republic

of

Latvia,

0.375%,

10/7/26

(EUR) 

11,633,000‌

11,293‌

Total

Latvia

(Cost

$13,227

)

11,293‌

LITHUANIA

0.0%

Corporate

Bonds

0.0%

PLT

VII

Finance,

4.625%,

1/5/26 (1)

200,000‌

204‌

Total

Lithuania

(Cost

$226

)

204‌

LUXEMBOURG

0.2%

Corporate

Bonds

0.2%

Altice

Financing,

4.25%,

8/15/29 (1)

365,000‌

319‌

Blackstone

Property

Partners

Europe

Holdings,

1.75%,

3/12/29 (2)

1,700,000‌

1,364‌

Total

Luxembourg

(Cost

$2,442

)

1,683‌

MALAYSIA

2.5%

Corporate

Bonds

0.0%

Axiata,

2.163%,

8/19/30

(USD) 

400,000‌

338‌

338‌

Government

Bonds

2.5%

Government

of

Malaysia,

Series

0120,

4.065%,

6/15/50 

19,074,000‌

4,071‌

Government

of

Malaysia,

Series

0216,

4.736%,

3/15/46 

70,374,000‌

16,748‌

Government

of

Malaysia,

Series

0318,

4.642%,

11/7/33 

15,499,000‌

3,720‌

24,539‌

Total

Malaysia

(Cost

$25,370

)

24,877‌

MEXICO

1.9%

Corporate

Bonds

0.3%

America

Movil,

5.75%,

6/28/30

(GBP) 

1,070,000‌

1,369‌

BBVA

Bancomer,

VR,

5.875%,

9/13/34

(USD) (3)

1,900,000‌

1,661‌

3,030‌

Government

Bonds

1.6%

Petroleos

Mexicanos,

4.75%,

2/26/29

(EUR) 

2,185,000‌

1,879‌

United

Mexican

States,

Series

M,

7.50%,

5/26/33 

145,159,000‌

7,349‌

United

Mexican

States,

Series

M

20,

8.50%,

5/31/29 

21,234,000‌

1,161‌

T.

ROWE

PRICE

International

Bond

Fund

9

Par/Shares

$

Value

(Cost

and

value

in

$000s)

United

Mexican

States,

Series

M

30,

8.50%,

11/18/38 

111,095,000‌

5,890‌

16,279‌

Total

Mexico

(Cost

$18,934

)

19,309‌

NETHERLANDS

0.3%

Corporate

Bonds

0.3%

LeasePlan,

VR,

7.375% (3)(4)

1,500,000‌

1,564‌

Nationale-Nederlanden

Bank,

0.375%,

2/26/25 

1,000,000‌

1,011‌

Trivium

Packaging

Finance,

3.75%,

8/15/26 (1)

175,000‌

175‌

Ziggo,

2.875%,

1/15/30 (2)

510,000‌

455‌

Total

Netherlands

(Cost

$3,624

)

3,205‌

NEW

ZEALAND

0.1%

Corporate

Bonds

0.1%

Chorus,

3.625%,

9/7/29

(EUR) 

1,290,000‌

1,366‌

Total

New

Zealand

(Cost

$1,353

)

1,366‌

NORTH

MACEDONIA

0.3%

Government

Bonds

0.3%

Republic

of

North

Macedonia,

1.625%,

3/10/28

(EUR) (1)

2,600,000‌

2,242‌

Republic

of

North

Macedonia,

6.96%,

3/13/27

(EUR) (1)

860,000‌

939‌

Total

North

Macedonia

(Cost

$4,009

)

3,181‌

NORWAY

0.1%

Corporate

Bonds

0.1%

Avinor,

0.75%,

10/1/30

(EUR) 

850,000‌

750‌

Total

Norway

(Cost

$745

)

750‌

PERU

0.1%

Corporate

Bonds

0.1%

Banco

de

Credito

del

Peru,

VR,

3.125%,

7/1/30

(USD) (3)

1,170,000‌

1,054‌

Total

Peru

(Cost

$1,176

)

1,054‌

PHILIPPINES

0.1%

Government

Bonds

0.1%

Republic

of

Philippines,

0.25%,

4/28/25

(EUR) 

910,000‌

913‌

Total

Philippines

(Cost

$1,092

)

913‌

T.

ROWE

PRICE

International

Bond

Fund

10

Par/Shares

$

Value

(Cost

and

value

in

$000s)

POLAND

0.0%

Corporate

Bonds

0.0%

InPost,

2.25%,

7/15/27

(EUR) (1)

365,000‌

338‌

Total

Poland

(Cost

$435

)

338‌

PORTUGAL

0.1%

Corporate

Bonds

0.1%

Banco

Comercial

Portugues,

VR,

6.888%,

12/7/27 (2)(3)

1,200,000‌

1,074‌

Total

Portugal

(Cost

$1,357

)

1,074‌

QATAR

0.1%

Corporate

Bonds

0.1%

QNB

Finance,

2.75%,

2/12/27

(USD) 

1,000,000‌

924‌

Total

Qatar

(Cost

$963

)

924‌

ROMANIA

1.6%

Government

Bonds

1.6%

Republic

of

Romania,

2.125%,

3/7/28

(EUR) (1)

1,510,000‌

1,401‌

Republic

of

Romania,

2.875%,

10/28/24

(EUR) 

305,000‌

326‌

Republic

of

Romania,

2.875%,

5/26/28

(EUR) (2)

3,700,000‌

3,536‌

Republic

of

Romania,

3.624%,

5/26/30

(EUR) 

4,101,000‌

3,774‌

Republic

of

Romania,

Series

15Y,

4.75%,

10/11/34 

37,045,000‌

6,439‌

Total

Romania

(Cost

$18,217

)

15,476‌

SAUDI

ARABIA

0.1%

Government

Bonds

0.1%

Saudi

Arabian

Oil,

4.25%,

4/16/39

(USD) 

1,000,000‌

898‌

Total

Saudi

Arabia

(Cost

$925

)

898‌

SENEGAL

0.2%

Government

Bonds

0.2%

Republic

of

Senegal,

4.75%,

3/13/28

(EUR) 

1,070,000‌

979‌

Republic

of

Senegal,

5.375%,

6/8/37

(EUR) 

1,530,000‌

1,070‌

Total

Senegal

(Cost

$2,001

)

2,049‌

T.

ROWE

PRICE

International

Bond

Fund

11

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SERBIA

1.2%

Corporate

Bonds

0.1%

Summer

BidCo,

9.00%,

11/15/25,

(9.00%

Cash

or

9.75%

PIK)

(EUR) (5)

282,606‌

242‌

United

Group,

4.625%,

8/15/28

(EUR) (1)

650,000‌

524‌

766‌

Government

Bonds

1.1%

Republic

of

Serbia,

1.00%,

9/23/28

(EUR) (1)

4,900,000‌

4,112‌

Republic

of

Serbia,

1.50%,

6/26/29

(EUR) (1)

1,890,000‌

1,570‌

Republic

of

Serbia,

1.65%,

3/3/33

(EUR) 

2,090,000‌

1,500‌

Republic

of

Serbia,

2.05%,

9/23/36

(EUR) (1)

1,742,000‌

1,147‌

Republic

of

Serbia,

2.05%,

9/23/36

(EUR) 

2,450,000‌

1,613‌

Republic

of

Serbia,

Series

12.5,

4.50%,

8/20/32 

155,600,000‌

1,224‌

11,166‌

Total

Serbia

(Cost

$16,304

)

11,932‌

SINGAPORE

3.3%

Government

Bonds

3.3%

Government

of

Singapore,

0.50%,

11/1/25 

7,340,000‌

5,169‌

Government

of

Singapore,

1.625%,

7/1/31 

8,331,000‌

5,653‌

Government

of

Singapore,

2.375%,

6/1/25 

2,600,000‌

1,923‌

Government

of

Singapore,

2.875%,

7/1/29 

27,034,000‌

20,216‌

Total

Singapore

(Cost

$32,048

)

32,961‌

SLOVENIA

1.2%

Government

Bonds

1.2%

Republic

of

Slovenia,

Series

RS74,

1.50%,

3/25/35 

1,805,000‌

1,571‌

Republic

of

Slovenia,

Series

RS76,

3.125%,

8/7/45 

6,515,000‌

6,547‌

Republic

of

Slovenia,

Series

RS77,

2.25%,

3/3/32 

900,000‌

900‌

Republic

of

Slovenia,

Series

RS78,

1.75%,

11/3/40 

2,675,000‌

2,204‌

Republic

of

Slovenia,

Series

RS86,

0.00%,

2/12/31 

955,000‌

804‌

Total

Slovenia

(Cost

$15,548

)

12,026‌

SOUTH

AFRICA

1.0%

Corporate

Bonds

0.1%

Anglo

American

Capital,

3.375%,

3/11/29

(GBP) 

850,000‌

923‌

923‌

Government

Bonds

0.9%

Republic

of

South

Africa,

Series

R186,

10.50%,

12/21/26 

76,790,000‌

4,592‌

T.

ROWE

PRICE

International

Bond

Fund

12

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

South

Africa,

Series

R213,

7.00%,

2/28/31 

84,275,000‌

3,920‌

8,512‌

Total

South

Africa

(Cost

$9,222

)

9,435‌

SPAIN

1.9%

Corporate

Bonds

0.8%

Abertis

Infraestructuras,

3.00%,

3/27/31 

1,300,000‌

1,285‌

Banco

de

Sabadell,

VR,

0.875%,

6/16/28 (3)

800,000‌

706‌

Banco

Santander,

1.125%,

1/17/25 

1,000,000‌

1,033‌

CaixaBank,

VR,

2.75%,

7/14/28 (3)

1,600,000‌

1,716‌

Cellnex

Telecom,

1.75%,

10/23/30 

1,600,000‌

1,386‌

Cirsa

Finance

International,

6.25%,

12/20/23 (1)

284,766‌

307‌

Inmobiliaria

Colonial

Socimi,

1.625%,

11/28/25 

1,500,000‌

1,535‌

7,968‌

Government

Bonds

1.1%

Kingdom

of

Spain,

0.00%,

1/31/28 

10,972,000‌

10,351‌

10,351‌

Total

Spain

(Cost

$19,173

)

18,319‌

SWEDEN

2.2%

Corporate

Bonds

0.2%

Akelius

Residential

Property,

1.75%,

2/7/25

(EUR) 

1,010,000‌

1,020‌

Tele2,

0.75%,

3/23/31

(EUR) 

610,000‌

512‌

Verisure

Holding,

3.875%,

7/15/26

(EUR) (1)

260,000‌

261‌

1,793‌

Government

Bonds

2.0%

Kingdom

of

Sweden,

Series

1056,

2.25%,

6/1/32 (2)

211,555,000‌

20,408‌

20,408‌

Total

Sweden

(Cost

$24,283

)

22,201‌

SWITZERLAND

0.3%

Corporate

Bonds

0.3%

ABB

Finance,

3.375%,

1/16/31

(EUR) 

700,000‌

743‌

Aquarius

&

Investments

for

Zurich

Insurance,

VR,

4.25%,

10/2/43

(EUR) (3)

1,069,000‌

1,147‌

Credit

Suisse

Group,

VR,

2.875%,

4/2/32

(EUR) (3)

1,115,000‌

1,004‌

Total

Switzerland

(Cost

$2,943

)

2,894‌

T.

ROWE

PRICE

International

Bond

Fund

13

Par/Shares

$

Value

(Cost

and

value

in

$000s)

THAILAND

2.0%

Corporate

Bonds

0.2%

Bangkok

Bank,

VR,

3.733%,

9/25/34

(USD) (2)(3)

1,750,000‌

1,487‌

1,487‌

Government

Bonds

1.8%

Kingdom

of

Thailand,

2.00%,

12/17/31 

500,073,000‌

14,292‌

Kingdom

of

Thailand,

3.65%,

6/20/31 

123,099,000‌

3,970‌

18,262‌

Total

Thailand

(Cost

$20,652

)

19,749‌

UNITED

ARAB

EMIRATES

0.1%

Corporate

Bonds

0.1%

EMG

SUKUK,

4.564%,

6/18/24

(USD) (2)

1,200,000‌

1,187‌

Total

United

Arab

Emirates

(Cost

$1,229

)

1,187‌

UNITED

KINGDOM

8.9%

Corporate

Bonds

1.8%

Barclays,

VR,

0.577%,

8/9/29

(EUR) (3)

820,000‌

710‌

Barclays,

VR,

0.877%,

1/28/28

(EUR) (3)

800,000‌

747‌

Bellis

Acquisition,

3.25%,

2/16/26 (1)

450,000‌

454‌

Deuce

Finco,

5.50%,

6/15/27 (1)

345,000‌

355‌

Eastern

Power

Networks,

5.75%,

3/8/24 

38,000‌

47‌

INEOS

Finance,

6.625%,

5/15/28

(EUR) (1)

365,000‌

399‌

Legal

&

General

Group,

VR,

5.375%,

10/27/45 (3)

525,000‌

631‌

Marks

&

Spencer,

6.00%,

6/12/25 

450,000‌

548‌

Nationwide

Building

Society,

VR,

2.00%,

7/25/29

(EUR) (3)

950,000‌

985‌

NatWest

Group,

VR,

0.67%,

9/14/29

(EUR) (3)

850,000‌

749‌

NatWest

Group,

VR,

0.78%,

2/26/30

(EUR) (3)

365,000‌

318‌

Next

Group,

3.625%,

5/18/28 

1,787,000‌

2,037‌

Next

Group,

4.375%,

10/2/26 

540,000‌

647‌

Santander

U.K.

Group

Holdings,

VR,

0.603%,

9/13/29

(EUR) (3)

1,050,000‌

907‌

Santander

U.K.

Group

Holdings,

VR,

2.421%,

1/17/29 (3)

530,000‌

559‌

Santander

U.K.

Group

Holdings,

VR,

3.53%,

8/25/28

(EUR) (3)

800,000‌

820‌

Severn

Trent

Utilities

Finance,

4.625%,

11/30/34 

960,000‌

1,119‌

Severn

Trent

Utilities

Finance,

6.125%,

2/26/24 

104,000‌

129‌

Sky,

1.875%,

11/24/23

(EUR) 

881,000‌

946‌

Standard

Chartered,

VR,

2.50%,

9/9/30

(EUR) (3)

1,500,000‌

1,525‌

Tesco

Corporate

Treasury

Services,

0.875%,

5/29/26

(EUR) 

1,000,000‌

986‌

Tesco

Corporate

Treasury

Services,

1.875%,

11/2/28 

950,000‌

988‌

Vmed

O2

U.K.

Financing

I,

4.50%,

7/15/31 (1)

1,095,000‌

1,075‌

T.

ROWE

PRICE

International

Bond

Fund

14

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Vmed

O2

U.K.

Financing

I,

4.50%,

7/15/31 

750,000‌

736‌

18,417‌

Government

Bonds

7.1%

United

Kingdom

Gilt,

0.625%,

6/7/25 

11,049,000‌

12,835‌

United

Kingdom

Gilt,

0.625%,

10/22/50 

4,665,000‌

2,659‌

United

Kingdom

Gilt,

1.50%,

7/22/26 

21,165,000‌

24,536‌

United

Kingdom

Gilt,

4.25%,

12/7/46 

367,792‌

482‌

United

Kingdom

Gilt,

Inflation-Indexed,

Series

3MO,

0.125%,

3/22/26 

5,544,604‌

6,907‌

United

Kingdom

Gilt,

Inflation-Indexed,

Series

3MO,

0.125%,

8/10/28 

17,891,716‌

22,646‌

70,065‌

Total

United

Kingdom

(Cost

$94,520

)

88,482‌

UNITED

STATES

3.5%

Corporate

Bonds

3.3%

AbbVie,

2.625%,

11/15/28

(EUR) 

995,000‌

1,021‌

American

Honda

Finance,

0.75%,

11/25/26

(GBP) 

796,000‌

854‌

American

Honda

Finance,

1.95%,

10/18/24

(EUR) (2)

847,000‌

896‌

Ardagh

Metal

Packaging

Finance

USA,

3.00%,

9/1/29

(EUR) (1)

1,130,000‌

908‌

Bank

of

America,

VR,

1.379%,

2/7/25

(EUR) (3)

1,414,000‌

1,499‌

Bank

of

America,

VR,

1.662%,

4/25/28

(EUR) (3)

750,000‌

736‌

Becton

Dickinson

&

Company,

3.02%,

5/24/25

(GBP) 

1,018,000‌

1,203‌

Becton

Dickinson

Euro

Finance,

1.213%,

2/12/36

(EUR) 

408,000‌

314‌

Berkshire

Hathaway

Finance,

1.50%,

3/18/30

(EUR) 

1,020,000‌

973‌

Bunge

Finance

Europe,

1.85%,

6/16/23

(EUR) 

2,070,000‌

2,236‌

Capital

One

Financial,

1.65%,

6/12/29

(EUR) 

2,100,000‌

1,766‌

Encore

Capital

Group,

4.875%,

10/15/25

(EUR) (1)(2)

540,000‌

533‌

Encore

Capital

Group,

5.375%,

2/15/26

(GBP) (1)

910,000‌

998‌

Fiserv,

0.375%,

7/1/23

(EUR) 

270,000‌

291‌

Fiserv,

3.00%,

7/1/31

(GBP) 

1,000,000‌

1,046‌

Ford

Motor

Credit,

4.867%,

8/3/27

(EUR) 

1,050,000‌

1,102‌

General

Motors

Financial,

0.85%,

2/26/26

(EUR) 

1,000,000‌

986‌

Goldman

Sachs

Group,

1.625%,

7/27/26

(EUR) 

1,204,000‌

1,220‌

Graphic

Packaging

International,

2.625%,

2/1/29

(EUR) (1)

625,000‌

580‌

Highland

Holdings,

0.318%,

12/15/26

(EUR) (2)

765,000‌

738‌

Medtronic

Global

Holdings,

0.375%,

10/15/28

(EUR) 

554,000‌

510‌

Metropolitan

Life

Global

Funding,

5.00%,

1/10/30

(GBP) 

100,000‌

123‌

Mondelez

International,

0.25%,

3/17/28

(EUR) 

925,000‌

847‌

Mondelez

International

Holdings

Netherlands,

0.25%,

9/9/29

(EUR) (1)

689,000‌

603‌

Morgan

Stanley,

VR,

0.406%,

10/29/27

(EUR) (3)

1,269,000‌

1,203‌

Morgan

Stanley,

VR,

5.148%,

1/25/34

(EUR) (3)

400,000‌

456‌

Netflix,

3.875%,

11/15/29

(EUR) 

1,425,000‌

1,517‌

T.

ROWE

PRICE

International

Bond

Fund

15

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Prologis,

2.25%,

6/30/29

(GBP) 

1,252,000‌

1,312‌

Thermo

Fisher

Scientific,

0.875%,

10/1/31

(EUR) 

955,000‌

833‌

Thermo

Fisher

Scientific,

2.375%,

4/15/32

(EUR) 

156,000‌

153‌

Thermo

Fisher

Scientific

Finance

I,

0.80%,

10/18/30

(EUR) 

593,000‌

530‌

Upjohn

Finance,

1.908%,

6/23/32

(EUR) 

880,000‌

734‌

Verizon

Communications,

1.30%,

5/18/33

(EUR) 

835,000‌

710‌

Verizon

Communications,

2.625%,

12/1/31

(EUR) 

750,000‌

746‌

VF,

4.125%,

3/7/26

(EUR) 

669,000‌

728‌

VF,

4.25%,

3/7/29

(EUR) 

695,000‌

752‌

Westlake,

1.625%,

7/17/29

(EUR) 

1,680,000‌

1,535‌

33,192‌

Municipal

Securities

0.2%

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (6)

3,929,813‌

1,709‌

1,709‌

Total

United

States

(Cost

$40,254

)

34,901‌

SHORT-TERM

INVESTMENTS

10.1%

Money

Market

Funds

9.2%

T.

Rowe

Price

Government

Reserve

Fund,

4.82% (7)(8)

90,882,632‌

90,883‌

90,883‌

U.S.

Treasury

Obligations

0.9%

U.S.

Treasury

Bills,

3.912%,

4/27/23 (9)

3,700,000‌

3,688‌

U.S.

Treasury

Bills,

4.51%,

4/4/23 (9)

5,250,000‌

5,249‌

8,937‌

Total

Short-Term

Investments

(Cost

$99,820)

99,820‌

SECURITIES

LENDING

COLLATERAL

2.8%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

2.8%

Money

Market

Funds

2.8%

T.

Rowe

Price

Government

Reserve

Fund,

4.82% (7)(8)

27,518,597‌

27,519‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

27,519‌

Total

Securities

Lending

Collateral

(Cost

$27,519)

27,519‌

T.

ROWE

PRICE

International

Bond

Fund

16

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED

0.0%

OTC

Options

Purchased

0.0%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Bank

of

America

USD

/

JPY

Put,

4/10/23

@

JPY132.00 (10)

1‌

9,000‌

51‌

Total

Options

Purchased

(Cost

$56)

51‌

Total

Investments

in

Securities

104.5%

(Cost

$1,099,190)

$

1,035,163‌

Other

Assets

Less

Liabilities

(4.5)%

(44,688)

Net

Assets

100.0%

$

990,475‌

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Par/Shares

and

Notional

Amount

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

(1)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$51,833

and

represents

5.2%

of

net

assets.

(2)

All

or

a

portion

of

this

security

is

on

loan

at

March

31,

2023.

(3)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(4)

Perpetual

security

with

no

stated

maturity

date.

(5)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(6)

Contingent

value

instrument

that

only

pays

out

if

a

portion

of

the

territory's

Sales

and

Use

Tax

outperforms

the

projections

in

the

Oversight

Board’s

Certified

Fiscal

Plan.

(7)

Seven-day

yield

(8)

Affiliated

Companies

(9)

At

March

31,

2023,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

(10)

Non-income

producing

6M

CZK

PRIBOR

Six

month

CZK

PRIBOR

(Prague

interbank

offered

rate)

6M

EURIBOR

Six

month

EURIBOR

(Euro

interbank

offered

rate)

6M

PLN

WIBOR

Six

month

PLN

WIBOR

(Warsaw

interbank

offered

rate)

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

T.

ROWE

PRICE

International

Bond

Fund

17

.

.

.

.

.

.

.

.

.

.

CNH

Offshore

China

Renminbi

COP

Colombian

Peso

CPI

Consumer

Price

Index

CZK

Czech

Koruna

DKK

Danish

Krone

EUR

Euro

GBP

British

Pound

GBP

SONIA

Sterling

Overnight

Index

Average

GO

General

Obligation

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

ILS

Israeli

Shekel

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXIBTIIE

Mexican

Interbank

28

day

interest

rate

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

OTC

Over-the-counter

PEN

Peruvian

New

Sol

PIK

Payment-in-kind

PLN

Polish

Zloty

RON

New

Romanian

Leu

RSD

Serbian

Dinar

SEK

Swedish

Krona

SGD

Singapore

Dollar

THB

Thai

Baht

TWD

Taiwan

Dollar

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

ZAR

South

African

Rand

T.

ROWE

PRICE

International

Bond

Fund

18

(Amounts

in

000s)

SWAPS

(0.4)%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Sold

0.0%

Greece

0.0%

Bank

of

America,

Protection

Sold

(Relevant

Credit:

Hellenic

Republic,

BB+*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

(USD)

*

3,672

27

(53)

80‌

Bank

of

America,

Protection

Sold

(Relevant

Credit:

Hellenic

Republic,

BB+*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/29

(USD)

*

1,700

(47)

(57)

10‌

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Hellenic

Republic,

BB+*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/24

(USD)

*

380

3

(5)

8‌

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Hellenic

Republic,

BB+*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

(USD)

*

2,800

20

(6)

26‌

Citibank,

Protection

Sold

(Relevant

Credit:

Hellenic

Republic,

BB+*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/25

(USD)

*

1,356

11

(34)

45‌

Morgan

Stanley,

Protection

Sold

(Relevant

Credit:

Hellenic

Republic,

BB+*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

(USD)

*

833

6

(2)

8‌

Morgan

Stanley,

Protection

Sold

(Relevant

Credit:

Hellenic

Republic,

BB+*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/25

(USD)

*

572

4

(12)

16‌

Total

Greece

(169)

193‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(169)

193‌

Total

Bilateral

Swaps

(169)

193‌

T.

ROWE

PRICE

International

Bond

Fund

19

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

(0.4)%

Credit

Default

Swaps,

Protection

Sold

0.0%

Foreign/Europe

0.0%

Protection

Sold

(Relevant

Credit:

Markit

iTraxx

Europe-S38,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/27

34,775

364

(6)

370‌

Protection

Sold

(Relevant

Credit:

Markit

iTraxx

Europe-S39,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/28

1,800

15

13

2‌

Total

Foreign/Europe

372‌

Greece

0.0%

Protection

Sold

(Relevant

Credit:

Hellenic

Republic,

BB+*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/26

(USD)

*

1,600

8

17

(9‌)

Total

Greece

(9‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

363‌

Interest

Rate

Swaps

(0.4)%

Czech

Republic

0.1%

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.180%

Annually,

Pay

Variable

7.260%

(6M

CZK

PRIBOR)

Semi-Annually,

6/21/27

67,944

224

1

223‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.285%

Annually,

Pay

Variable

7.260%

(6M

CZK

PRIBOR)

Semi-Annually,

6/22/27

34,180

120

—

120‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.333%

Annually,

Pay

Variable

7.260%

(6M

CZK

PRIBOR)

Semi-Annually,

6/22/27

67,736

245

—

245‌

Total

Czech

Republic

588‌

Foreign/Europe

(0.5)%

4

Year

Interest

Rate

Swap,

Receive

Fixed

(0.144)%

Annually,

Pay

Variable

2.038%

(6M

EURIBOR)

Semi-Annually,

10/20/25

8,110

(817)

—

(817‌)

7

Year

Interest

Rate

Swap,

Receive

Fixed

2.638%

Annually,

Pay

Variable

2.519%

(6M

EURIBOR)

Semi-Annually,

12/17/29

7,350

(152)

—

(152‌)

10

Year

Interest

Rate

Swap,

Receive

Fixed

0.830%

Annually,

Pay

Variable

3.290%

(6M

EURIBOR)

Semi-Annually,

3/2/32

11,900

(2,159)

—

(2,159‌)

T.

ROWE

PRICE

International

Bond

Fund

20

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

10

Year

Interest

Rate

Swap,

Receive

Fixed

1.222%

Annually,

Pay

Variable

1.809%

(6M

EURIBOR)

Semi-Annually,

4/5/32

9,850

(1,418)

—

(1,418‌)

10

Year

Interest

Rate

Swap,

Receive

Fixed

1.627%

Annually,

Pay

Variable

2.057%

(6M

EURIBOR)

Semi-Annually,

4/21/32

3,623

(385)

—

(385‌)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.440%

Annually,

Pay

Variable

2.752%

(6M

EURIBOR)

Semi-Annually,

6/30/32

2,200

(69)

—

(69‌)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.683%

Annually,

Pay

Variable

2.436%

(6M

EURIBOR)

Semi-Annually,

11/30/32

700

(16)

—

(16‌)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.698%

Annually,

Pay

Variable

2.436%

(6M

EURIBOR)

Semi-Annually,

11/30/32

300

(7)

—

(7‌)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.702%

Annually,

Pay

Variable

2.338%

(6M

EURIBOR)

Semi-Annually,

11/24/32

843

(17)

1

(18‌)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.712%

Annually,

Pay

Variable

2.338%

(6M

EURIBOR)

Semi-Annually,

11/24/32

281

(5)

1

(6‌)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.730%

Annually,

Pay

Variable

2.327%

(6M

EURIBOR)

Semi-Annually,

11/23/32

13,600

(244)

—

(244‌)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.735%

Annually,

Pay

Variable

2.294%

(6M

EURIBOR)

Semi-Annually,

11/22/32

750

(13)

—

(13‌)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.796%

Annually,

Pay

Variable

2.300%

(6M

EURIBOR)

Semi-Annually,

11/17/32

473

(6)

—

(6‌)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.803%

Annually,

Pay

Variable

2.311%

(6M

EURIBOR)

Semi-Annually,

11/18/32

803

(8)

1

(9‌)

10

Year

Interest

Rate

Swap,

Receive

Fixed

3.025%

Annually,

Pay

Variable

0.000%

(6M

EURIBOR)

Semi-Annually,

4/4/33

4,500

30

—

30‌

Total

Foreign/Europe

(5,289‌)

Mexico

(0.1)%

7

Year

Interest

Rate

Swap,

Receive

Fixed

5.499%

28

Days,

Pay

Variable

11.320%

(MXIBTIIE)

28

Days,

5/4/27

100,000

(630)

1

(631‌)

Total

Mexico

(631‌)

Poland

0.1%

10

Year

Interest

Rate

Swap,

Pay

Fixed

1.775%

Annually,

Receive

Variable

7.570%

(6M

PLN

WIBOR)

Semi-Annually,

10/22/29

5,882

301

1

300‌

T.

ROWE

PRICE

International

Bond

Fund

21

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

10

Year

Interest

Rate

Swap,

Pay

Fixed

1.780%

Annually,

Receive

Variable

7.570%

(6M

PLN

WIBOR)

Semi-Annually,

10/22/29

4,118

210

—

210‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

1.803%

Annually,

Receive

Variable

7.780%

(6M

PLN

WIBOR)

Semi-Annually,

11/5/29

2,089

106

—

106‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

1.820%

Annually,

Receive

Variable

7.780%

(6M

PLN

WIBOR)

Semi-Annually,

11/5/29

2,089

106

1

105‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

1.860%

Annually,

Receive

Variable

7.780%

(6M

PLN

WIBOR)

Semi-Annually,

11/7/29

2,057

102

—

102‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.158%

Annually,

Receive

Variable

6.990%

(6M

PLN

WIBOR)

Semi-Annually,

2/14/28

14,789

348

—

348‌

Total

Poland

1,171‌

United

Kingdom

(0.0)%

2

Year

Interest

Rate

Swap,

Receive

Fixed

3.955%

Annually,

Pay

Variable

3.914%

(GBP

SONIA)

Annually,

1/27/25

50,282

(401)

—

(401‌)

Total

United

Kingdom

(401‌)

Total

Centrally

Cleared

Interest

Rate

Swaps

(4,562‌)

Total

Centrally

Cleared

Swaps

(4,199‌)

Net

payments

(receipts)

of

variation

margin

to

date

4,699‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

500‌

*

Credit

ratings

as

of

March

31,

2023.

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

$7.

T.

ROWE

PRICE

International

Bond

Fund

22

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

4/6/23

USD

570‌

IDR

8,502,904‌

$

3‌

Bank

of

America

4/6/23

USD

3,392‌

IDR

51,451,339‌

(40‌)

Bank

of

America

4/6/23

USD

613‌

INR

50,340‌

1‌

Bank

of

America

4/7/23

TWD

207,947‌

USD

6,865‌

(36‌)

Bank

of

America

4/7/23

USD

6,835‌

TWD

207,947‌

6‌

Bank

of

America

4/13/23

RON

6,465‌

USD

1,400‌

17‌

Bank

of

America

4/14/23

CZK

37,408‌

USD

1,681‌

47‌

Bank

of

America

4/14/23

MXN

44,108‌

USD

2,344‌

98‌

Bank

of

America

4/21/23

CAD

12,699‌

USD

9,338‌

60‌

Bank

of

America

4/21/23

JPY

2,501,295‌

USD

19,329‌

(425‌)

Bank

of

America

4/21/23

USD

4,434‌

AUD

6,325‌

202‌

Bank

of

America

4/21/23

USD

1,288‌

JPY

169,389‌

8‌

Bank

of

America

5/19/23

EUR

846‌

USD

896‌

25‌

Bank

of

America

5/19/23

GBP

5,744‌

USD

7,066‌

27‌

Bank

of

America

5/19/23

USD

442‌

EUR

409‌

(3‌)

Bank

of

America

5/19/23

USD

126‌

GBP

101‌

—‌

Bank

of

America

7/7/23

KRW

6,346,901‌

USD

4,926‌

(39‌)

Bank

of

America

7/7/23

USD

6,955‌

TWD

207,947‌

70‌

Barclays

Bank

4/6/23

USD

1,400‌

IDR

21,540,415‌

(37‌)

Barclays

Bank

4/7/23

KRW

23,140,192‌

USD

18,593‌

(826‌)

Barclays

Bank

4/14/23

USD

971‌

ZAR

17,723‌

(23‌)

Barclays

Bank

5/19/23

USD

4,508‌

EUR

4,169‌

(26‌)

Barclays

Bank

5/19/23

USD

1,041‌

GBP

843‌

—‌

Barclays

Bank

6/9/23

USD

4,548‌

ZAR

83,222‌

(97‌)

Barclays

Bank

6/16/23

USD

7,225‌

SGD

9,765‌

(131‌)

Barclays

Bank

7/7/23

IDR

15,759,036‌

USD

1,046‌

6‌

BNP

Paribas

4/6/23

IDR

6,821,361‌

USD

450‌

5‌

BNP

Paribas

4/7/23

KRW

6,004,007‌

USD

4,604‌

6‌

BNP

Paribas

4/13/23

USD

360‌

RON

1,634‌

2‌

BNP

Paribas

4/13/23

USD

2,247‌

RON

10,357‌

(23‌)

BNP

Paribas

4/14/23

CNH

76,112‌

USD

11,083‌

3‌

BNP

Paribas

4/14/23

CZK

43,487‌

USD

1,943‌

65‌

BNP

Paribas

4/14/23

HUF

736,176‌

USD

2,082‌

9‌

BNP

Paribas

4/14/23

USD

425‌

HUF

148,429‌

3‌

BNP

Paribas

4/14/23

USD

4,708‌

MXN

89,133‌

(225‌)

BNP

Paribas

4/21/23

AUD

2,788‌

USD

1,873‌

(8‌)

BNP

Paribas

4/21/23

CAD

10,243‌

USD

7,525‌

56‌

BNP

Paribas

4/21/23

JPY

1,409,043‌

USD

10,652‌

(3‌)

BNP

Paribas

4/21/23

USD

8,437‌

JPY

1,074,344‌

318‌

BNP

Paribas

5/19/23

EUR

125,983‌

USD

135,287‌

1,724‌

BNP

Paribas

5/19/23

EUR

18,093‌

USD

19,790‌

(113‌)

BNP

Paribas

5/19/23

GBP

3,351‌

USD

4,157‌

(19‌)

BNP

Paribas

5/19/23

SEK

47,152‌

USD

4,553‌

2‌

T.

ROWE

PRICE

International

Bond

Fund

23

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

BNP

Paribas

5/19/23

USD

32,419‌

EUR

30,389‌

$

(630‌)

BNP

Paribas

6/2/23

USD

1,508‌

BRL

7,905‌

(34‌)

BNP

Paribas

6/9/23

USD

627‌

COP

3,012,464‌

(11‌)

BNP

Paribas

7/7/23

USD

818‌

IDR

12,254,572‌

—‌

BNY

Mellon

5/19/23

USD

761‌

GBP

616‌

—‌

BNY

Mellon

5/19/23

USD

2,326‌

SEK

24,027‌

5‌

Canadian

Imperial

Bank

of

Commerce

4/21/23

CAD

298‌

USD

219‌

2‌

Canadian

Imperial

Bank

of

Commerce

4/21/23

USD

5,818‌

CAD

7,763‌

72‌

Canadian

Imperial

Bank

of

Commerce

4/21/23

USD

617‌

CAD

843‌

(7‌)

Citibank

4/5/23

PEN

4,273‌

USD

1,123‌

12‌

Citibank

4/5/23

USD

1,138‌

PEN

4,273‌

3‌

Citibank

4/6/23

USD

604‌

INR

49,637‌

—‌

Citibank

4/7/23

KRW

6,179,215‌

USD

4,816‌

(72‌)

Citibank

4/14/23

CNH

116,228‌

USD

16,835‌

94‌

Citibank

4/14/23

CNH

62,572‌

USD

9,158‌

(44‌)

Citibank

4/14/23

CZK

247,787‌

USD

11,058‌

384‌

Citibank

4/14/23

DKK

23,298‌

USD

3,387‌

8‌

Citibank

4/14/23

HUF

4,686,586‌

USD

12,871‌

444‌

Citibank

4/14/23

MXN

44,108‌

USD

2,344‌

97‌

Citibank

4/14/23

USD

1,399‌

MXN

27,255‌

(109‌)

Citibank

4/14/23

USD

1,876‌

ZAR

34,225‌

(44‌)

Citibank

4/20/23

ILS

1,023‌

USD

300‌

(15‌)

Citibank

4/20/23

USD

12,674‌

ILS

44,329‌

341‌

Citibank

4/21/23

AUD

9,960‌

USD

6,681‌

(19‌)

Citibank

4/21/23

USD

18,533‌

JPY

2,342,668‌

828‌

Citibank

5/12/23

USD

889‌

RSD

98,027‌

(17‌)

Citibank

5/19/23

EUR

17,322‌

USD

18,607‌

232‌

Citibank

5/19/23

USD

8,630‌

EUR

8,097‌

(176‌)

Citibank

7/7/23

PEN

4,273‌

USD

1,131‌

(3‌)

Deutsche

Bank

4/6/23

USD

1,297‌

IDR

19,985,886‌

(36‌)

Deutsche

Bank

4/14/23

CNH

10,487‌

USD

1,527‌

—‌

Deutsche

Bank

4/14/23

CZK

150,198‌

USD

6,928‌

7‌

Deutsche

Bank

4/21/23

USD

6,946‌

JPY

885,699‌

252‌

Deutsche

Bank

5/19/23

EUR

12,356‌

USD

13,283‌

154‌

Deutsche

Bank

5/19/23

SEK

56,069‌

USD

5,435‌

(18‌)

Deutsche

Bank

5/19/23

USD

6,949‌

EUR

6,479‌

(97‌)

Deutsche

Bank

6/9/23

MYR

6,311‌

USD

1,429‌

10‌

Deutsche

Bank

6/9/23

USD

1,408‌

MYR

6,191‌

(3‌)

Deutsche

Bank

6/9/23

USD

6,428‌

THB

221,889‌

(108‌)

Deutsche

Bank

9/1/23

USD

1,873‌

INR

156,461‌

(13‌)

T.

ROWE

PRICE

International

Bond

Fund

24

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Goldman

Sachs

4/6/23

USD

565‌

IDR

8,443,281‌

$

1‌

Goldman

Sachs

4/6/23

USD

982‌

INR

81,409‌

(8‌)

Goldman

Sachs

4/7/23

TWD

347,251‌

USD

11,442‌

(38‌)

Goldman

Sachs

4/7/23

USD

4,587‌

KRW

5,658,462‌

242‌

Goldman

Sachs

4/7/23

USD

11,469‌

TWD

347,251‌

65‌

Goldman

Sachs

4/14/23

USD

16,173‌

CZK

367,424‌

(793‌)

Goldman

Sachs

4/14/23

USD

1,536‌

MXN

28,260‌

(28‌)

Goldman

Sachs

4/21/23

JPY

2,800,056‌

USD

20,830‌

332‌

Goldman

Sachs

4/21/23

USD

2,179‌

JPY

288,403‌

—‌

Goldman

Sachs

5/19/23

USD

413‌

EUR

379‌

1‌

Goldman

Sachs

5/19/23

USD

107‌

EUR

99‌

—‌

Goldman

Sachs

6/2/23

USD

1,381‌

BRL

7,340‌

(50‌)

Goldman

Sachs

6/9/23

USD

507‌

COP

2,417,268‌

(4‌)

Goldman

Sachs

6/9/23

USD

6,424‌

THB

221,889‌

(111‌)

Goldman

Sachs

7/7/23

USD

6,801‌

TWD

203,452‌

65‌

HSBC

Bank

4/6/23

IDR

58,445,286‌

USD

3,875‌

24‌

HSBC

Bank

4/6/23

INR

343,186‌

USD

4,184‌

(9‌)

HSBC

Bank

4/6/23

USD

3,486‌

IDR

53,286,983‌

(69‌)

HSBC

Bank

4/6/23

USD

987‌

INR

80,969‌

2‌

HSBC

Bank

4/7/23

TWD

267,600‌

USD

8,796‌

(8‌)

HSBC

Bank

4/7/23

USD

4,419‌

KRW

5,458,360‌

228‌

HSBC

Bank

4/7/23

USD

4,399‌

TWD

132,778‌

38‌

HSBC

Bank

4/7/23

USD

4,426‌

TWD

134,822‌

(1‌)

HSBC

Bank

4/14/23

CNH

29,647‌

USD

4,340‌

(22‌)

HSBC

Bank

4/14/23

USD

1,635‌

MXN

31,797‌

(125‌)

HSBC

Bank

4/14/23

USD

945‌

ZAR

17,076‌

(13‌)

HSBC

Bank

4/21/23

JPY

2,799,842‌

USD

21,496‌

(337‌)

HSBC

Bank

5/19/23

USD

751‌

EUR

688‌

2‌

HSBC

Bank

5/19/23

USD

2,446‌

EUR

2,281‌

(35‌)

HSBC

Bank

5/19/23

USD

2,488‌

GBP

2,024‌

(12‌)

HSBC

Bank

6/2/23

USD

1,382‌

BRL

7,340‌

(50‌)

HSBC

Bank

6/9/23

USD

3,234‌

MYR

14,419‌

(53‌)

HSBC

Bank

6/16/23

USD

19,941‌

SGD

26,877‌

(306‌)

HSBC

Bank

7/7/23

KRW

1,916,851‌

USD

1,484‌

(8‌)

HSBC

Bank

7/7/23

USD

3,870‌

IDR

58,445,286‌

(31‌)

HSBC

Bank

7/7/23

USD

1,155‌

TWD

34,808‌

2‌

HSBC

Bank

9/1/23

INR

30,107‌

USD

364‌

(1‌)

HSBC

Bank

9/1/23

USD

1,301‌

INR

108,120‌

(3‌)

JPMorgan

Chase

4/13/23

USD

2,261‌

RON

10,409‌

(19‌)

JPMorgan

Chase

4/14/23

CNH

13,740‌

USD

2,028‌

(27‌)

JPMorgan

Chase

4/14/23

CZK

28,392‌

USD

1,315‌

(4‌)

JPMorgan

Chase

4/14/23

HUF

171,225‌

USD

489‌

(3‌)

JPMorgan

Chase

4/14/23

USD

371‌

CNH

2,495‌

7‌

T.

ROWE

PRICE

International

Bond

Fund

25

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

JPMorgan

Chase

4/14/23

USD

2,323‌

CNH

16,000‌

$

(7‌)

JPMorgan

Chase

4/21/23

AUD

1,092‌

USD

757‌

(27‌)

JPMorgan

Chase

4/21/23

CAD

374‌

USD

276‌

—‌

JPMorgan

Chase

4/21/23

CAD

769‌

USD

577‌

(8‌)

JPMorgan

Chase

4/21/23

CHF

1,031‌

USD

1,131‌

(2‌)

JPMorgan

Chase

5/19/23

EUR

787‌

USD

857‌

(1‌)

JPMorgan

Chase

5/19/23

GBP

374‌

USD

463‌

(1‌)

JPMorgan

Chase

5/19/23

SEK

6,860‌

USD

663‌

(1‌)

JPMorgan

Chase

5/19/23

USD

87‌

EUR

79‌

—‌

JPMorgan

Chase

5/19/23

USD

1,447‌

GBP

1,171‌

1‌

JPMorgan

Chase

5/19/23

USD

187‌

GBP

152‌

—‌

JPMorgan

Chase

6/9/23

USD

47‌

COP

224,895‌

(1‌)

JPMorgan

Chase

6/16/23

CNH

12,194‌

USD

1,787‌

(1‌)

JPMorgan

Chase

6/16/23

SGD

684‌

USD

516‌

(1‌)

JPMorgan

Chase

6/16/23

USD

1,708‌

SGD

2,264‌

2‌

Morgan

Stanley

4/14/23

CNH

10,051‌

USD

1,445‌

19‌

Morgan

Stanley

4/14/23

MXN

22,590‌

USD

1,251‌

(1‌)

Morgan

Stanley

4/14/23

USD

1,634‌

MXN

31,797‌

(125‌)

Morgan

Stanley

4/21/23

AUD

6,199‌

USD

4,309‌

(162‌)

Morgan

Stanley

4/21/23

JPY

191,597‌

USD

1,477‌

(29‌)

Morgan

Stanley

4/21/23

USD

12,546‌

AUD

18,009‌

498‌

Morgan

Stanley

4/21/23

USD

668‌

AUD

999‌

—‌

Morgan

Stanley

4/21/23

USD

4,252‌

CAD

5,759‌

(11‌)

Morgan

Stanley

5/19/23

EUR

215‌

USD

231‌

3‌

Morgan

Stanley

5/19/23

USD

6,814‌

EUR

6,235‌

33‌

Morgan

Stanley

5/19/23

USD

347‌

EUR

319‌

—‌

Morgan

Stanley

5/19/23

USD

7,452‌

GBP

6,015‌

24‌

Morgan

Stanley

6/2/23

USD

1,611‌

BRL

8,524‌

(52‌)

Morgan

Stanley

6/9/23

COP

4,271,535‌

USD

862‌

42‌

Morgan

Stanley

7/14/23

USD

1,229‌

MXN

22,590‌

1‌

RBC

Dominion

Securities

4/21/23

CAD

25,421‌

USD

18,588‌

227‌

RBC

Dominion

Securities

4/21/23

JPY

107,670‌

USD

787‌

26‌

RBC

Dominion

Securities

4/21/23

NZD

4,448‌

USD

2,835‌

(53‌)

RBC

Dominion

Securities

4/21/23

USD

2,182‌

AUD

3,250‌

8‌

RBC

Dominion

Securities

4/21/23

USD

5,800‌

CAD

7,763‌

54‌

RBC

Dominion

Securities

5/19/23

USD

1,558‌

EUR

1,428‌

5‌

Societe

Generale

4/21/23

USD

1,489‌

JPY

195,362‌

13‌

Standard

Chartered

4/6/23

IDR

105,066,321‌

USD

6,786‌

223‌

Standard

Chartered

4/14/23

USD

1,018‌

CNH

6,984‌

1‌

Standard

Chartered

6/9/23

MYR

41,986‌

USD

9,492‌

80‌

Standard

Chartered

6/9/23

USD

14,489‌

MYR

64,511‌

(219‌)

State

Street

4/14/23

CNH

469,570‌

USD

69,565‌

(1,169‌)

State

Street

4/14/23

HUF

226,833‌

USD

629‌

15‌

T.

ROWE

PRICE

International

Bond

Fund

26

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

State

Street

4/14/23

MXN

173,719‌

USD

9,311‌

$

303‌

State

Street

4/14/23

USD

3,801‌

HUF

1,455,633‌

(334‌)

State

Street

4/21/23

CAD

12,462‌

USD

9,152‌

72‌

State

Street

4/21/23

JPY

2,030,031‌

USD

15,991‌

(650‌)

State

Street

4/21/23

NOK

16,159‌

USD

1,634‌

(89‌)

State

Street

4/21/23

USD

40,991‌

CAD

54,999‌

284‌

State

Street

4/21/23

USD

3,539‌

JPY

467,554‌

6‌

State

Street

5/19/23

EUR

6,622‌

USD

7,054‌

148‌

State

Street

5/19/23

GBP

15,492‌

USD

18,803‌

327‌

State

Street

5/19/23

USD

5,370‌

EUR

4,919‌

21‌

State

Street

5/19/23

USD

19,049‌

EUR

17,727‌

(229‌)

State

Street

5/19/23

USD

43,198‌

GBP

35,971‌

(1,221‌)

State

Street

6/2/23

USD

5,265‌

BRL

28,291‌

(253‌)

State

Street

6/16/23

SGD

12,358‌

USD

9,242‌

68‌

UBS

Investment

Bank

4/6/23

USD

462‌

IDR

7,122,161‌

(13‌)

UBS

Investment

Bank

4/6/23

USD

985‌

INR

80,832‌

2‌

UBS

Investment

Bank

4/13/23

USD

1,635‌

RON

7,544‌

(17‌)

UBS

Investment

Bank

4/14/23

CNH

3,763‌

USD

543‌

5‌

UBS

Investment

Bank

4/14/23

HUF

1,398,618‌

USD

3,848‌

125‌

UBS

Investment

Bank

4/14/23

USD

884‌

CZK

19,125‌

1‌

UBS

Investment

Bank

4/14/23

USD

7,417‌

HUF

2,889,540‌

(792‌)

UBS

Investment

Bank

4/14/23

USD

5,213‌

MXN

97,234‌

(168‌)

UBS

Investment

Bank

4/20/23

ILS

17,264‌

USD

4,763‌

40‌

UBS

Investment

Bank

4/20/23

USD

949‌

ILS

3,399‌

3‌

UBS

Investment

Bank

4/21/23

AUD

16,145‌

USD

10,684‌

116‌

UBS

Investment

Bank

4/21/23

AUD

6,850‌

USD

4,727‌

(144‌)

UBS

Investment

Bank

4/21/23

CHF

19,754‌

USD

21,495‌

144‌

UBS

Investment

Bank

4/21/23

JPY

110,858‌

USD

820‌

18‌

UBS

Investment

Bank

4/21/23

JPY

296,190‌

USD

2,326‌

(88‌)

UBS

Investment

Bank

4/21/23

USD

17,280‌

AUD

24,544‌

861‌

UBS

Investment

Bank

4/21/23

USD

13,866‌

CHF

12,654‌

5‌

UBS

Investment

Bank

4/21/23

USD

5,146‌

JPY

654,424‌

201‌

UBS

Investment

Bank

5/5/23

CLP

741,457‌

USD

924‌

6‌

UBS

Investment

Bank

5/12/23

PLN

20,340‌

USD

4,655‌

45‌

UBS

Investment

Bank

5/12/23

USD

7,284‌

PLN

32,078‌

(128‌)

UBS

Investment

Bank

5/19/23

GBP

355‌

USD

431‌

8‌

UBS

Investment

Bank

5/19/23

USD

7,023‌

EUR

6,507‌

(54‌)

UBS

Investment

Bank

5/19/23

USD

12,813‌

SEK

131,603‌

100‌

UBS

Investment

Bank

6/9/23

USD

479‌

COP

2,263,200‌

—‌

Wells

Fargo

4/14/23

USD

1,445‌

MXN

27,053‌

(52‌)

Wells

Fargo

6/9/23

USD

322‌

COP

1,505,946‌

3‌

T.

ROWE

PRICE

International

Bond

Fund

27

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Wells

Fargo

6/9/23

USD

877‌

COP

4,344,700‌

$

(43‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(940‌)

T.

ROWE

PRICE

International

Bond

Fund

28

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

1,016

Australian

three

years

Treasury

Bond

Index

contracts

6/23

(73,902)

$

(845‌)

Long,

154

Commonwealth

of

Australia

ten

year

bond

contracts

6/23

12,650

323‌

Short,

22

Euro

BOBL

contracts

6/23

(2,812)

(62‌)

Long,

13

Euro

BTP

contracts

6/23

1,626

10‌

Short,

51

Euro

BUND

contracts

6/23

(7,513)

20‌

Short,

161

Euro

SCHATZ

contracts

6/23

(18,455)

(174‌)

Long,

14

Government

of

Canada

ten

year

bond

contracts

6/23

1,307

25‌

Short,

43

Government

of

Japan

ten

year

bond

contracts

6/23

(47,969)

(802‌)

Long,

299

Republic

of

South

Korea

ten

year

bond

contracts

6/23

26,148

103‌

Short,

226

Republic

of

South

Korea

three

year

bond

contracts

6/23

(18,207)

(24‌)

Short,

174

U.K.

Gilt

ten

year

contracts

6/23

(22,184)

(552‌)

Short,

197

U.S.

Treasury

Notes

ten

year

contracts

6/23

(22,640)

(631‌)

Net

payments

(receipts)

of

variation

margin

to

date

2,481‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(128‌)

T.

ROWE

PRICE

International

Bond

Fund

29

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

March

31,

2023.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

4.82%

$

—‌

$

—‌

$

311‌++

Totals

$

—‌#

$

—‌

$

311‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

03/31/23

T.

Rowe

Price

Government

Reserve

Fund,

4.82%

$

57,376‌

 ¤

 ¤

$

118,402‌

Total

$

118,402‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$311

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

$118,402.

T.

ROWE

PRICE

International

Bond

Fund

Unaudited

Notes

to

Portfolio

of

Investments

30

T.

Rowe

Price

International

Bond

Fund (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

T.

ROWE

PRICE

International

Bond

Fund

31

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

T.

ROWE

PRICE

International

Bond

Fund

32

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.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

T.

ROWE

PRICE

International

Bond

Fund

33

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

907,773‌

$

—‌

$

907,773‌

Short-Term

Investments

90,883‌

8,937‌

—‌

99,820‌

Securities

Lending

Collateral

27,519‌

—‌

—‌

27,519‌

Options

Purchased

—‌

51‌

—‌

51‌

Total

Securities

118,402‌

916,761‌

—‌

1,035,163‌

Swaps*

—‌

2,232‌

—‌

2,232‌

Forward

Currency

Exchange

Contracts

—‌

10,904‌

—‌

10,904‌

Futures

Contracts*

481‌

—‌

—‌

481‌

Total

$

118,883‌

$

929,897‌

$

—‌

$

1,048,780‌

Liabilities

Swaps*

$

—‌

$

6,407‌

$

—‌

$

6,407‌

Forward

Currency

Exchange

Contracts

—‌

11,844‌

—‌

11,844‌

Futures

Contracts*

3,090‌

—‌

—‌

3,090‌

Total

$

3,090‌

$

18,251‌

$

—‌

$

21,341‌

1

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Government

Bonds

and

Municipal

Securities.

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

ROWE

PRICE

International

Bond

Fund

34

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F76-054Q1

03/23