T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

September

30,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ALBANIA

0.6%

Government

Bonds

0.6%

Republic

of

Albania,

3.50%,

10/9/25

(EUR) (1)

5,310,000‌

5,421‌

Republic

of

Albania,

3.50%,

6/16/27

(EUR) (1)

4,085,000‌

4,044‌

Republic

of

Albania,

3.50%,

11/23/31

(EUR) (1)

11,810,000‌

10,285‌

Republic

of

Albania,

5.90%,

6/9/28

(EUR) (1)

15,580,000‌

16,080‌

Total

Albania

(Cost

$40,385

)

35,830‌

AUSTRALIA

3.1%

Corporate

Bonds

0.9%

APA

Infrastructure,

3.50%,

3/22/30

(GBP) 

5,500,000‌

5,625‌

Brambles

Finance,

4.25%,

3/22/31

(EUR) 

7,660,000‌

7,968‌

NBN,

4.125%,

3/15/29

(EUR) 

11,070,000‌

11,594‌

Sydney

Airport

Finance,

4.375%,

5/3/33

(EUR) (2)

8,150,000‌

8,393‌

Transurban

Finance,

1.875%,

9/16/24

(EUR) 

7,836,000‌

8,096‌

Transurban

Finance,

3.00%,

4/8/30

(EUR) 

11,250,000‌

10,922‌

52,598‌

Government

Bonds

2.2%

Commonwealth

of

Australia,

Series

140,

4.50%,

4/21/33 

126,357,000‌

81,620‌

Commonwealth

of

Australia,

Series

150,

3.00%,

3/21/47 

28,048,000‌

13,428‌

New

South

Wales

Treasury,

Series

26,

4.00%,

5/20/26 

46,975,600‌

29,973‌

125,021‌

Total

Australia

(Cost

$210,099

)

177,619‌

AUSTRIA

0.4%

Government

Bonds

0.4%

Republic

of

Austria,

0.75%,

3/20/51 (1)

40,505,000‌

21,600‌

Total

Austria

(Cost

$24,829

)

21,600‌

BELGIUM

0.0%

Corporate

Bonds

0.0%

Anheuser-Busch

InBev,

1.65%,

3/28/31 

1,465,000‌

1,323‌

Total

Belgium

(Cost

$1,378

)

1,323‌

BRAZIL

1.4%

Corporate

Bonds

0.2%

Braskem

Netherlands

Finance,

4.50%,

1/31/30

(USD) 

6,200,000‌

5,059‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

2

Par/Shares

$

Value

(Cost

and

value

in

$000s)

MercadoLibre,

3.125%,

1/14/31

(USD) 

6,325,000‌

4,983‌

10,042‌

Government

Bonds

1.2%

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNB,

6.00%,

8/15/30 

111,147,147‌

22,638‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNB,

Inflation-

Indexed,

6.00%,

5/15/25 

33,607,447‌

6,711‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/27 

86,665,000‌

16,852‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/31 

127,010,000‌

23,529‌

69,730‌

Total

Brazil

(Cost

$79,079

)

79,772‌

BULGARIA

0.5%

Government

Bonds

0.5%

Republic

of

Bulgaria,

4.50%,

1/27/33

(EUR) (2)

18,433,000‌

18,855‌

Republic

of

Bulgaria,

4.50%,

1/27/33

(EUR) (1)

8,790,000‌

8,991‌

Total

Bulgaria

(Cost

$29,132

)

27,846‌

CANADA

3.2%

Asset-Backed

Securities

0.1%

Cologix

Canadian

Issuer,

Series

2022-1CAN,

Class

A2,

4.94%,

1/25/52 (1)

8,230,000‌

5,445‌

5,445‌

Corporate

Bonds

0.3%

Transcanada

Trust,

Series

17-B,

VR,

4.65%,

5/18/77 (3)

27,134,000‌

17,418‌

17,418‌

Government

Bonds

2.8%

Government

of

Canada,

1.25%,

3/1/27 

65,220,000‌

43,187‌

Government

of

Canada,

3.50%,

3/1/28 

42,285,000‌

30,200‌

Government

of

Canada,

5.00%,

6/1/37 

35,290,000‌

28,576‌

Government

of

Canada

Real

Return

Bond,

Inflation-Indexed,

Series

CPI,

4.00%,

12/1/31 

65,192,593‌

54,087‌

Province

of

Ontario,

3.50%,

6/2/43 

5,239,000‌

3,156‌

159,206‌

Total

Canada

(Cost

$204,685

)

182,069‌

CHILE

0.3%

Corporate

Bonds

0.2%

Celulosa

Arauco

y

Constitucion,

4.20%,

1/29/30

(USD) (1)

7,865,000‌

6,749‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

3

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Interchile,

4.50%,

6/30/56

(USD) 

8,000,000‌

6,018‌

12,767‌

Government

Bonds

0.1%

Republic

of

Chile,

4.125%,

7/5/34

(EUR) 

6,420,000‌

6,457‌

6,457‌

Total

Chile

(Cost

$21,944

)

19,224‌

CHINA

7.0%

Convertible

Bonds

0.1%

Xiaomi

Best

Time

International,

Zero

Coupon,

12/17/27

(USD) 

7,000,000‌

5,980‌

5,980‌

Corporate

Bonds

0.3%

State

Grid

Overseas

Investment

BVI,

1.375%,

5/2/25

(EUR) (1)

10,000,000‌

10,079‌

Tencent

Holdings,

3.24%,

6/3/50

(USD) 

10,200,000‌

5,881‌

Tencent

Holdings,

3.84%,

4/22/51

(USD) 

7,000,000‌

4,474‌

20,434‌

Government

Bonds

6.6%

China

Development

Bank,

Series

1905,

3.48%,

1/8/29 

250,000,000‌

35,454‌

People's

Republic

of

China,

Series

INBK,

2.60%,

9/1/32 

860,000,000‌

116,369‌

People's

Republic

of

China,

Series

INBK,

2.62%,

4/15/28 

110,000,000‌

15,098‌

People's

Republic

of

China,

Series

INBK,

2.69%,

8/15/32 

510,000,000‌

69,498‌

People's

Republic

of

China,

Series

INBK,

3.02%,

5/27/31 

270,000,000‌

37,804‌

People's

Republic

of

China,

Series

INBK,

3.32%,

4/15/52 

180,000,000‌

25,862‌

People's

Republic

of

China,

Series

INBK,

3.53%,

10/18/51 

170,000,000‌

25,253‌

People's

Republic

of

China,

Series

1908,

4.00%,

6/24/69 

60,000,000‌

10,014‌

People's

Republic

of

China,

Series

1915,

3.13%,

11/21/29 

310,000,000‌

43,705‌

379,057‌

Total

China

(Cost

$414,817

)

405,471‌

COLOMBIA

0.5%

Government

Bonds

0.5%

Republic

of

Colombia,

Series

B,

6.00%,

4/28/28 

60,253,700,000‌

12,191‌

Republic

of

Colombia,

Series

B,

7.00%,

3/26/31 

95,880,000,000‌

18,433‌

Republic

of

Colombia,

Series

B,

13.25%,

2/9/33 

1,866,500,000‌

495‌

Total

Colombia

(Cost

$25,955

)

31,119‌

CYPRUS

0.4%

Government

Bonds

0.4%

Republic

of

Cyprus,

0.95%,

1/20/32 

19,769,000‌

16,399‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

4

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Cyprus,

1.50%,

4/16/27 

2,130,000‌

2,085‌

Republic

of

Cyprus,

2.75%,

6/27/24 

1,668,000‌

1,749‌

Republic

of

Cyprus,

2.75%,

2/26/34 

2,716,000‌

2,490‌

Republic

of

Cyprus,

2.75%,

5/3/49 

2,832,000‌

2,151‌

Total

Cyprus

(Cost

$33,750

)

24,874‌

CZECH

REPUBLIC

0.7%

Government

Bonds

0.7%

Republic

of

Czech,

Series

105,

2.75%,

7/23/29 

492,350,000‌

19,225‌

Republic

of

Czech,

Series

125,

1.50%,

4/24/40 

355,000,000‌

9,651‌

Republic

of

Czech,

Series

142,

1.95%,

7/30/37 

295,150,000‌

9,207‌

Total

Czech

Republic

(Cost

$38,282

)

38,083‌

DENMARK

0.6%

Corporate

Bonds

0.6%

Carlsberg

Breweries,

0.875%,

7/1/29

(EUR) 

1,746,000‌

1,539‌

Danske

Bank,

VR,

0.75%,

6/9/29

(EUR) (2)(3)

8,420,000‌

7,433‌

Danske

Bank,

VR,

1.375%,

2/17/27

(EUR) (3)

2,440,000‌

2,389‌

Danske

Bank,

VR,

1.375%,

2/12/30

(EUR) (3)

4,700,000‌

4,696‌

Orsted,

4.875%,

1/12/32

(GBP) 

5,750,000‌

6,464‌

TDC

Net,

5.618%,

2/6/30

(EUR) 

13,970,000‌

14,364‌

Total

Denmark

(Cost

$38,949

)

36,885‌

FRANCE

2.9%

Corporate

Bonds

1.7%

Altice

France,

3.375%,

1/15/28 (1)

505,000‌

394‌

Altice

France,

5.875%,

2/1/27 (1)

1,305,000‌

1,183‌

Banijay

Entertainment,

7.00%,

5/1/29 (1)

1,045,000‌

1,093‌

Banque

Federative

du

Credit

Mutuel,

1.25%,

5/26/27 (2)

3,000,000‌

2,860‌

Banque

Federative

du

Credit

Mutuel,

1.375%,

7/16/28 (2)

3,100,000‌

2,889‌

Banque

Federative

du

Credit

Mutuel,

5.125%,

1/13/33 

5,400,000‌

5,540‌

BNP

Paribas,

VR,

2.125%,

1/23/27 (3)

9,300,000‌

9,283‌

BNP

Paribas,

VR,

3.875%,

1/10/31 (3)

4,000,000‌

4,144‌

BPCE,

0.25%,

1/14/31 

7,100,000‌

5,640‌

BPCE,

3.50%,

1/25/28 

5,500,000‌

5,651‌

Credit

Agricole,

0.875%,

1/14/32 (2)

1,000,000‌

796‌

Credit

Agricole,

1.00%,

9/16/24 

5,800,000‌

5,953‌

Credit

Agricole,

1.875%,

12/20/26 

5,200,000‌

5,119‌

Credit

Agricole

Assurances,

VR,

2.625%,

1/29/48 (3)

6,000,000‌

5,550‌

Electricite

de

France,

6.125%,

6/2/34

(GBP) 

7,200,000‌

8,456‌

Holding

d'Infrastructures

de

Transport,

1.475%,

1/18/31 

8,600,000‌

7,230‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

5

Par/Shares

$

Value

(Cost

and

value

in

$000s)

IPD

3,

8.00%,

6/15/28 (1)

1,825,000‌

1,944‌

Loxam,

6.375%,

5/15/28 

3,795,000‌

3,921‌

Orange,

3.25%,

1/15/32

(GBP) 

6,500,000‌

6,740‌

RTE

Reseau

de

Transport

d'Electricite

SADIR,

0.75%,

1/12/34 

7,200,000‌

5,600‌

Veolia

Environnement,

1.25%,

4/2/27 (2)

2,000,000‌

1,930‌

Veolia

Environnement,

1.94%,

1/7/30 

5,700,000‌

5,317‌

97,233‌

Government

Bonds

1.2%

Republic

of

France,

1.25%,

5/25/36 (1)

65,636,000‌

52,913‌

Republic

of

France,

3.00%,

5/25/33 

18,975,000‌

19,381‌

72,294‌

Total

France

(Cost

$202,862

)

169,527‌

GERMANY

6.4%

Corporate

Bonds

1.2%

Allianz,

VR,

3.375% (3)(4)

13,400,000‌

13,813‌

E.ON

International

Finance,

6.25%,

6/3/30

(GBP) 

11,400,000‌

14,167‌

Fresenius,

5.00%,

11/28/29 

5,200,000‌

5,541‌

Gruenenthal,

3.625%,

11/15/26 (1)

990,000‌

990‌

Gruenenthal,

6.75%,

5/15/30 (1)

530,000‌

566‌

Gruenenthal,

6.75%,

5/15/30 

3,500,000‌

3,739‌

Hannover

Rueck,

VR,

1.125%,

10/9/39 (3)

11,500,000‌

9,560‌

Hannover

Rueck,

VR,

1.75%,

10/8/40 (2)(3)

4,800,000‌

3,996‌

TK

Elevator

Midco,

4.375%,

7/15/27 (1)(2)

2,745,000‌

2,621‌

Volkswagen

International

Finance,

Series

10Y,

1.875%,

3/30/27 

1,300,000‌

1,255‌

Volkswagen

Leasing,

1.50%,

6/19/26 

5,135,000‌

5,031‌

Volkswagen

Leasing,

1.625%,

8/15/25 (2)

5,350,000‌

5,397‌

66,676‌

Government

Bonds

5.2%

Bundesrepublik

Deutschland

Bundesanleihe,

0.00%,

2/15/30 

110,935,000‌

98,786‌

Bundesrepublik

Deutschland

Bundesanleihe,

0.00%,

8/15/52 

27,421,200‌

12,404‌

Deutsche

Bundesrepublik,

Inflation-Indexed,

0.10%,

4/15/26 

90,941,964‌

94,313‌

Deutsche

Bundesrepublik,

Inflation-Indexed,

0.50%,

4/15/30 

84,814,576‌

89,963‌

KfW,

4.70%,

6/2/37

(CAD) 

5,202,000‌

3,703‌

299,169‌

Total

Germany

(Cost

$387,137

)

365,845‌

GREECE

0.3%

Government

Bonds

0.3%

Hellenic

Republic,

0.75%,

6/18/31 (1)

17,599,000‌

14,538‌

Total

Greece

(Cost

$21,186

)

14,538‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

HUNGARY

0.9%

Corporate

Bonds

0.1%

OTP

Bank,

VR,

7.35%,

3/4/26

(EUR) (3)

5,290,000‌

5,696‌

5,696‌

Government

Bonds

0.8%

Republic

of

Hungary,

5.00%,

2/22/27

(EUR) 

8,464,000‌

9,004‌

Republic

of

Hungary,

Series

33/A,

2.25%,

4/20/33 

21,140,670,000‌

38,690‌

47,694‌

Total

Hungary

(Cost

$69,019

)

53,390‌

ICELAND

0.3%

Corporate

Bonds

0.1%

Landsbankinn,

0.375%,

5/23/25

(EUR) 

8,060,000‌

7,893‌

7,893‌

Government

Bonds

0.2%

Republic

of

Iceland,

0.00%,

4/15/28

(EUR) 

10,385,000‌

9,221‌

9,221‌

Total

Iceland

(Cost

$21,609

)

17,114‌

INDIA

0.9%

Corporate

Bonds

0.2%

ABJA

Investment,

5.95%,

7/31/24

(USD) 

6,850,000‌

6,832‌

State

Bank

of

India,

4.875%,

5/5/28

(USD) (2)

5,088,000‌

4,921‌

11,753‌

Government

Bonds

0.7%

Republic

of

India,

7.26%,

8/22/32 

3,550,060,000‌

42,750‌

42,750‌

Total

India

(Cost

$54,717

)

54,503‌

INDONESIA

1.7%

Corporate

Bonds

0.1%

Minejesa

Capital,

5.625%,

8/10/37

(USD) (2)

3,965,000‌

3,039‌

3,039‌

Government

Bonds

1.6%

Republic

of

Indonesia,

3.75%,

6/14/28

(EUR) 

40,797,000‌

42,278‌

Republic

of

Indonesia,

Series

FR87,

6.50%,

2/15/31 

39,098,000,000‌

2,484‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Indonesia,

Series

FR91,

6.375%,

4/15/32 

324,510,000,000‌

20,504‌

Republic

of

Indonesia,

Series

FR95,

6.375%,

8/15/28 

441,080,000,000‌

28,385‌

93,651‌

Total

Indonesia

(Cost

$109,342

)

96,690‌

IRELAND

0.1%

Government

Bonds

0.1%

Republic

of

Ireland,

1.50%,

5/15/50 

2,696,000‌

1,782‌

Republic

of

Ireland,

2.00%,

2/18/45 

5,630,000‌

4,446‌

Total

Ireland

(Cost

$10,738

)

6,228‌

ISRAEL

1.8%

Corporate

Bonds

0.2%

Bank

Hapoalim,

VR,

3.255%,

1/21/32

(USD) (1)(3)

6,450,000‌

5,501‌

Israel

Electric,

7.875%,

12/15/26

(USD) 

5,500,000‌

5,689‌

11,190‌

Government

Bonds

1.6%

State

of

Israel,

1.50%,

1/18/27

(EUR) 

18,046,000‌

17,639‌

State

of

Israel,

Series

0142,

5.50%,

1/31/42 

117,027,000‌

34,872‌

State

of

Israel,

Series

0347,

3.75%,

3/31/47 

13,870,000‌

3,250‌

State

of

Israel,

Series

0825,

1.75%,

8/31/25 

153,957,436‌

38,301‌

94,062‌

Total

Israel

(Cost

$130,919

)

105,252‌

ITALY

4.0%

Corporate

Bonds

0.8%

Autostrade

per

l'Italia,

2.00%,

12/4/28 

6,245,000‌

5,772‌

Autostrade

per

l'Italia,

2.00%,

1/15/30 

5,620,000‌

4,952‌

CA

Auto

Bank,

0.50%,

9/13/24 

5,800,000‌

5,910‌

Enel

Finance

International,

5.625%,

8/14/24

(GBP) 

2,663,000‌

3,237‌

Inter

Media

&

Communication,

6.75%,

2/9/27 

5,350,000‌

5,404‌

Intesa

Sanpaolo,

1.75%,

7/4/29 

8,399,000‌

7,494‌

Lottomatica,

FRN,

3M

EURIBOR

+

4.125%,

7.928%,

6/1/28 (1)

1,040,000‌

1,107‌

Snam,

0.875%,

10/25/26 (2)

6,950,000‌

6,673‌

UniCredit,

VR,

4.875%,

2/20/29 (3)

6,100,000‌

6,417‌

46,966‌

Government

Bonds

3.2%

Italy

Buoni

Poliennali

Del

Tesoro,

Series

10Y,

4.40%,

5/1/33 

120,121,000‌

124,249‌

Italy

Buoni

Poliennali

Del

Tesoro,

Series

50Y,

2.80%,

3/1/67 

37,508,000‌

24,238‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

8

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Italy

Buoni

Poliennali

Del

Tesoro,

Series

CPI,

1.30%,

5/15/28 (1)

35,145,980‌

36,055‌

184,542‌

Total

Italy

(Cost

$259,738

)

231,508‌

IVORY

COAST

0.1%

Government

Bonds

0.1%

Republic

of

Ivory

Coast,

5.875%,

10/17/31

(EUR) 

8,775,000‌

7,683‌

Total

Ivory

Coast

(Cost

$7,650

)

7,683‌

JAPAN

12.9%

Government

Bonds

12.9%

Government

of

Japan,

Series

16,

1.30%,

3/20/63 

10,800,000,000‌

62,766‌

Government

of

Japan,

Series

44,

1.70%,

9/20/44 

8,984,200,000‌

62,424‌

Government

of

Japan,

Series

73,

0.70%,

12/20/51 

586,150,000‌

3,096‌

Government

of

Japan,

Series

74,

1.00%,

3/20/52 

10,935,750,000‌

62,528‌

Government

of

Japan,

Series

75,

1.30%,

6/20/52 

10,616,750,000‌

65,371‌

Government

of

Japan,

Series

76,

1.40%,

9/20/52 

9,517,350,000‌

60,082‌

Government

of

Japan,

Series

338,

0.40%,

3/20/25 

13,396,000,000‌

90,173‌

Government

of

Japan

Treasury

Bills,

Series

1177,

(0.13)%,

11/20/23 

12,700,000,000‌

85,007‌

Government

of

Japan,

Inflation-Indexed,

Series

18,

0.10%,

3/10/24 

5,365,771,200‌

36,587‌

Government

of

Japan,

Inflation-Indexed,

Series

19,

0.10%,

9/10/24 

8,990,239,200‌

61,632‌

Government

of

Japan,

Inflation-Indexed,

Series

20,

0.10%,

3/10/25 

10,246,748,000‌

70,621‌

Government

of

Japan,

Inflation-Indexed,

Series

26,

0.005%,

3/10/31 

7,175,971,170‌

50,983‌

Government

of

Japan,

Inflation-Indexed,

Series

27,

0.005%,

3/10/32 

4,410,100,700‌

31,100‌

Total

Japan

(Cost

$901,530

)

742,370‌

KUWAIT

0.2%

Corporate

Bonds

0.2%

MEGlobal,

2.625%,

4/28/28

(USD) (2)

3,125,000‌

2,707‌

MEGlobal,

2.625%,

4/28/28

(USD) (1)

9,170,000‌

7,942‌

Total

Kuwait

(Cost

$12,068

)

10,649‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

9

Par/Shares

$

Value

(Cost

and

value

in

$000s)

LATVIA

1.1%

Government

Bonds

1.1%

Republic

of

Latvia,

0.375%,

10/7/26

(EUR) 

64,671,000‌

61,695‌

Total

Latvia

(Cost

$71,228

)

61,695‌

LITHUANIA

0.6%

Corporate

Bonds

0.0%

PLT

VII

Finance,

4.625%,

1/5/26 (1)

1,150,000‌

1,180‌

1,180‌

Government

Bonds

0.6%

Republic

of

Lithuania,

3.875%,

6/14/33 

30,295,000‌

31,254‌

31,254‌

Total

Lithuania

(Cost

$33,421

)

32,434‌

LUXEMBOURG

0.3%

Corporate

Bonds

0.3%

Albion

Financing

1,

5.25%,

10/15/26 (2)

3,200,000‌

3,195‌

Altice

Financing,

4.25%,

8/15/29 (1)

1,775,000‌

1,554‌

Blackstone

Property

Partners

Europe

Holdings,

1.75%,

3/12/29 

9,970,000‌

8,245‌

Logicor

Financing,

1.50%,

7/13/26 (2)

6,240,000‌

5,911‌

Total

Luxembourg

(Cost

$22,611

)

18,905‌

MALAYSIA

2.3%

Government

Bonds

2.3%

Government

of

Malaysia,

Series

0120,

4.065%,

6/15/50 

94,879,000‌

18,904‌

Government

of

Malaysia,

Series

0216,

4.736%,

3/15/46 

310,065,000‌

69,046‌

Government

of

Malaysia,

Series

0318,

4.642%,

11/7/33 

78,750,000‌

17,687‌

Government

of

Malaysia,

Series

0518,

4.921%,

7/6/48 

119,656,000‌

27,130‌

Total

Malaysia

(Cost

$147,871

)

132,767‌

MEXICO

2.1%

Corporate

Bonds

0.3%

America

Movil,

5.75%,

6/28/30

(GBP) 

6,670,000‌

8,199‌

BBVA

Bancomer,

VR,

5.125%,

1/18/33

(USD) (3)

11,800,000‌

10,169‌

18,368‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

10

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Government

Bonds

1.8%

Petroleos

Mexicanos,

4.75%,

2/26/29

(EUR) 

13,400,000‌

10,742‌

United

Mexican

States,

Series

M,

7.50%,

5/26/33 

899,090,000‌

43,853‌

United

Mexican

States,

Series

M,

8.50%,

5/31/29 

163,115,000‌

8,758‌

United

Mexican

States,

Series

M,

8.50%,

11/18/38 

727,050,000‌

36,799‌

100,152‌

Total

Mexico

(Cost

$122,060

)

118,520‌

NETHERLANDS

0.7%

Corporate

Bonds

0.7%

Cooperatieve

Rabobank,

4.625%,

5/23/29

(GBP) 

100,000‌

110‌

GTCR

W-2

Merger,

8.50%,

1/15/31

(GBP) (1)

235,000‌

292‌

ING

Groep,

VR,

1.25%,

2/16/27 (3)

8,800,000‌

8,618‌

LeasePlan,

VR,

7.375% (3)(4)

8,200,000‌

8,561‌

Nationale-Nederlanden

Bank,

0.375%,

2/26/25 

5,300,000‌

5,305‌

TenneT

Holding,

2.00%,

6/5/34 

12,320,000‌

11,146‌

VZ

Secured

Financing,

3.50%,

1/15/32 (2)

3,900,000‌

3,168‌

Ziggo,

2.875%,

1/15/30 (2)

2,720,000‌

2,322‌

Total

Netherlands

(Cost

$42,902

)

39,522‌

NEW

ZEALAND

0.9%

Corporate

Bonds

0.1%

Chorus,

3.625%,

9/7/29

(EUR) 

8,130,000‌

8,258‌

8,258‌

Government

Bonds

0.8%

New

Zealand

Government

Bond,

Series

0433,

3.50%,

4/14/33 

82,975,000‌

42,987‌

42,987‌

Total

New

Zealand

(Cost

$56,700

)

51,245‌

NORTH

MACEDONIA

0.1%

Government

Bonds

0.1%

Republic

of

North

Macedonia,

6.96%,

3/13/27

(EUR) (1)

5,430,000‌

5,859‌

Total

North

Macedonia

(Cost

$5,749

)

5,859‌

NORWAY

0.3%

Corporate

Bonds

0.1%

Avinor,

0.75%,

10/1/30

(EUR) 

10,635,000‌

9,004‌

9,004‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

11

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Government

Bonds

0.2%

Kingdom

of

Norway,

Series

476,

3.00%,

3/14/24 (1)

104,912,000‌

9,746‌

9,746‌

Total

Norway

(Cost

$22,125

)

18,750‌

PERU

0.4%

Corporate

Bonds

0.1%

Banco

de

Credito

del

Peru,

VR,

3.125%,

7/1/30

(USD) (3)

6,175,000‌

5,675‌

5,675‌

Government

Bonds

0.3%

Republic

of

Peru,

5.40%,

8/12/34 

86,565,000‌

19,529‌

19,529‌

Total

Peru

(Cost

$25,839

)

25,204‌

PHILIPPINES

0.1%

Government

Bonds

0.1%

Republic

of

Philippines,

0.25%,

4/28/25

(EUR) 

4,245,000‌

4,196‌

Total

Philippines

(Cost

$5,095

)

4,196‌

POLAND

0.0%

Corporate

Bonds

0.0%

InPost,

2.25%,

7/15/27

(EUR) (1)

1,740,000‌

1,600‌

Total

Poland

(Cost

$2,075

)

1,600‌

PORTUGAL

0.2%

Corporate

Bonds

0.2%

Banco

Comercial

Portugues,

VR,

1.125%,

2/12/27 (2)(3)

5,800,000‌

5,508‌

Banco

Comercial

Portugues,

VR,

1.75%,

4/7/28 (2)(3)

3,500,000‌

3,225‌

Banco

Comercial

Portugues,

VR,

6.888%,

12/7/27 (3)

3,900,000‌

3,955‌

Total

Portugal

(Cost

$13,059

)

12,688‌

QATAR

0.1%

Corporate

Bonds

0.1%

QNB

Finance,

2.75%,

2/12/27

(USD) 

8,200,000‌

7,510‌

Total

Qatar

(Cost

$7,932

)

7,510‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

12

Par/Shares

$

Value

(Cost

and

value

in

$000s)

ROMANIA

1.7%

Corporate

Bonds

0.4%

Banca

Transilvania,

VR,

8.875%,

4/27/27

(EUR) (2)(3)

14,940,000‌

16,436‌

RCS

&

RDS,

3.25%,

2/5/28

(EUR) 

6,300,000‌

5,504‌

21,940‌

Government

Bonds

1.3%

Republic

of

Romania,

2.125%,

3/7/28

(EUR) (1)

12,830,000‌

11,797‌

Republic

of

Romania,

2.875%,

10/28/24

(EUR) (2)

2,725,000‌

2,836‌

Republic

of

Romania,

2.875%,

5/26/28

(EUR) (2)

16,560,000‌

15,700‌

Republic

of

Romania,

2.875%,

3/11/29

(EUR) (2)

3,963,000‌

3,678‌

Republic

of

Romania,

Series

15Y,

4.75%,

10/11/34 

225,515,000‌

39,847‌

73,858‌

Total

Romania

(Cost

$105,360

)

95,798‌

SAUDI

ARABIA

0.1%

Government

Bonds

0.1%

Saudi

Arabian

Oil,

4.25%,

4/16/39

(USD) 

5,800,000‌

4,731‌

Total

Saudi

Arabia

(Cost

$5,376

)

4,731‌

SENEGAL

0.1%

Government

Bonds

0.1%

Republic

of

Senegal,

5.375%,

6/8/37

(EUR) 

9,600,000‌

6,533‌

Total

Senegal

(Cost

$6,678

)

6,533‌

SERBIA

0.9%

Corporate

Bonds

0.1%

Summer

BidCo,

9.00%,

11/15/25,

(9.00%

Cash

or

9.75%

PIK)

(EUR) (5)

1,578,696‌

1,629‌

United

Group,

4.625%,

8/15/28

(EUR) (1)

3,105,000‌

2,807‌

4,436‌

Government

Bonds

0.8%

Republic

of

Serbia,

1.00%,

9/23/28

(EUR) (1)

26,075,000‌

21,509‌

Republic

of

Serbia,

1.50%,

6/26/29

(EUR) (1)(2)

14,635,000‌

11,938‌

Republic

of

Serbia,

1.65%,

3/3/33

(EUR) 

10,435,000‌

7,227‌

Republic

of

Serbia,

2.05%,

9/23/36

(EUR) (1)

5,025,000‌

3,162‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

13

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Serbia,

2.05%,

9/23/36

(EUR) 

4,885,000‌

3,074‌

46,910‌

Total

Serbia

(Cost

$70,552

)

51,346‌

SINGAPORE

3.3%

Government

Bonds

3.3%

Government

of

Singapore,

0.50%,

11/1/25 

44,175,000‌

30,261‌

Government

of

Singapore,

1.625%,

7/1/31 

48,911,000‌

31,472‌

Government

of

Singapore,

2.375%,

6/1/25 

15,670,000‌

11,212‌

Government

of

Singapore,

2.875%,

7/1/29 

162,299,000‌

115,524‌

Total

Singapore

(Cost

$191,320

)

188,469‌

SLOVENIA

0.7%

Government

Bonds

0.7%

Republic

of

Slovenia,

Series

RS74,

1.50%,

3/25/35 (2)

11,285,000‌

9,208‌

Republic

of

Slovenia,

Series

RS76,

3.125%,

8/7/45 

20,086,000‌

18,336‌

Republic

of

Slovenia,

Series

RS77,

2.25%,

3/3/32 (2)

7,145,000‌

6,786‌

Republic

of

Slovenia,

Series

RS86,

0.00%,

2/12/31 

4,975,000‌

4,041‌

Total

Slovenia

(Cost

$50,623

)

38,371‌

SOUTH

AFRICA

1.2%

Corporate

Bonds

0.1%

Anglo

American

Capital,

3.375%,

3/11/29

(GBP) 

5,340,000‌

5,688‌

5,688‌

Government

Bonds

1.1%

Republic

of

South

Africa,

Series

R186,

10.50%,

12/21/26 

487,376,000‌

26,524‌

Republic

of

South

Africa,

Series

R213,

7.00%,

2/28/31 

931,175,000‌

38,629‌

65,153‌

Total

South

Africa

(Cost

$74,946

)

70,841‌

SOUTH

KOREA

0.4%

Corporate

Bonds

0.4%

NongHyup

Bank,

4.875%,

7/3/28

(USD) (1)

11,310,000‌

10,985‌

Shinhan

Bank,

4.50%,

4/12/28

(USD) (1)

12,100,000‌

11,627‌

Total

South

Korea

(Cost

$23,327

)

22,612‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

14

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SPAIN

2.3%

Corporate

Bonds

1.3%

Banco

Bilbao

Vizcaya

Argentaria,

3.375%,

9/20/27 (2)

7,900,000‌

8,084‌

Banco

Bilbao

Vizcaya

Argentaria,

VR,

5.75%,

9/15/33 (3)

2,700,000‌

2,826‌

Banco

de

Sabadell,

VR,

0.875%,

6/16/28 (3)

6,600,000‌

5,940‌

Banco

de

Sabadell,

VR,

5.125%,

11/10/28 (3)

5,100,000‌

5,426‌

Banco

Santander,

1.125%,

1/17/25 

5,800,000‌

5,888‌

CaixaBank,

3.75%,

9/7/29 (2)

9,300,000‌

9,549‌

CaixaBank,

VR,

6.25%,

2/23/33 (3)

2,600,000‌

2,752‌

Cellnex

Telecom,

1.75%,

10/23/30 (2)

13,000,000‌

11,136‌

Cirsa

Finance

International,

7.875%,

7/31/28 (1)

4,415,000‌

4,680‌

Inmobiliaria

Colonial

Socimi,

1.625%,

11/28/25 

7,300,000‌

7,302‌

Lorca

Telecom

Bondco,

4.00%,

9/18/27 (2)

8,700,000‌

8,538‌

72,121‌

Government

Bonds

1.0%

Kingdom

of

Spain,

0.00%,

1/31/28 

65,124,000‌

59,342‌

59,342‌

Total

Spain

(Cost

$136,526

)

131,463‌

SRI

LANKA

0.3%

Government

Bonds

0.3%

Republic

of

Sri

Lanka

Treasury

Bills,

Series

182,

19.00%,

12/1/23 

483,000,000‌

1,453‌

Republic

of

Sri

Lanka

Treasury

Bills,

Series

182,

19.00%,

12/15/23 

1,492,000,000‌

4,458‌

Republic

of

Sri

Lanka

Treasury

Bills,

Series

182,

19.70%,

12/8/23 

802,000,000‌

2,405‌

Republic

of

Sri

Lanka

Treasury

Bills,

Series

182,

23.18%,

10/6/23 

1,602,000,000‌

4,933‌

Republic

of

Sri

Lanka

Treasury

Bills,

Series

364,

21.75%,

4/5/24 

2,244,000,000‌

6,423‌

Total

Sri

Lanka

(Cost

$20,011

)

19,672‌

SWEDEN

2.2%

Corporate

Bonds

0.3%

Akelius

Residential

Property,

1.75%,

2/7/25

(EUR) 

6,390,000‌

6,415‌

Tele2,

0.75%,

3/23/31

(EUR) 

5,645,000‌

4,599‌

Verisure

Holding,

3.875%,

7/15/26

(EUR) (1)

1,600,000‌

1,590‌

Verisure

Holding,

9.25%,

10/15/27

(EUR) (2)

3,600,000‌

4,032‌

16,636‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

15

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Government

Bonds

1.9%

Kingdom

of

Sweden,

Series

1056,

2.25%,

6/1/32 

1,243,490,000‌

107,236‌

107,236‌

Total

Sweden

(Cost

$148,617

)

123,872‌

SWITZERLAND

0.3%

Corporate

Bonds

0.3%

ABB

Finance,

3.375%,

1/16/31

(EUR) 

4,445,000‌

4,508‌

Aquarius

+

Investments

for

Zurich

Insurance,

VR,

4.25%,

10/2/43

(EUR) (3)

2,131,000‌

2,254‌

UBS

Group,

VR,

2.875%,

4/2/32

(EUR) (3)

7,050,000‌

6,397‌

UBS

Group,

VR,

7.75%,

3/1/29

(EUR) (3)

4,879,000‌

5,689‌

Total

Switzerland

(Cost

$19,033

)

18,848‌

THAILAND

2.4%

Corporate

Bonds

0.1%

Bangkok

Bank,

VR,

3.733%,

9/25/34

(USD) (3)

7,545,000‌

6,304‌

6,304‌

Government

Bonds

2.3%

Kingdom

of

Thailand,

1.60%,

12/17/29 

132,630,000‌

3,378‌

Kingdom

of

Thailand,

2.00%,

12/17/31 

3,200,559,000‌

80,996‌

Kingdom

of

Thailand,

3.45%,

6/17/43 

691,700,000‌

18,463‌

Kingdom

of

Thailand,

3.65%,

6/20/31 

1,104,772,000‌

31,528‌

134,365‌

Total

Thailand

(Cost

$159,838

)

140,669‌

UNITED

ARAB

EMIRATES

0.2%

Corporate

Bonds

0.2%

Abu

Dhabi

National

Energy,

4.375%,

1/24/29

(USD) (1)

6,595,000‌

6,315‌

MDGH

GMTN

RSC,

4.375%,

11/22/33

(USD) (1)

4,380,000‌

4,003‌

Total

United

Arab

Emirates

(Cost

$10,913

)

10,318‌

UNITED

KINGDOM

8.5%

Corporate

Bonds

2.6%

Barclays,

VR,

0.577%,

8/9/29

(EUR) (3)

5,175,000‌

4,432‌

Barclays,

VR,

0.877%,

1/28/28

(EUR) (2)(3)

5,200,000‌

4,851‌

Barclays,

VR,

6.369%,

1/31/31 (3)

4,650,000‌

5,538‌

Bellis

Acquisition,

3.25%,

2/16/26 (1)

1,450,000‌

1,534‌

Deuce

Finco,

5.50%,

6/15/27 (1)

1,600,000‌

1,706‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

16

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Eastern

Power

Networks,

5.75%,

3/8/24 

62,000‌

76‌

Heathrow

Funding,

2.75%,

10/13/29 

6,447,000‌

6,575‌

HSBC

Holdings,

VR,

4.752%,

3/10/28

(EUR) (3)

10,715,000‌

11,318‌

Jerrold

Finco,

4.875%,

1/15/26 (1)

580,000‌

660‌

Jerrold

Finco,

5.25%,

1/15/27 

2,800,000‌

3,017‌

Kane

Bidco,

5.00%,

2/15/27

(EUR) 

8,420,000‌

8,470‌

Legal

&

General

Group,

VR,

5.375%,

10/27/45 (3)

5,685,000‌

6,728‌

Marks

&

Spencer,

6.00%,

6/12/25 

1,713,000‌

2,067‌

Motion

Finco,

7.375%,

6/15/30

(EUR) (1)

6,345,000‌

6,565‌

Nationwide

Building

Society,

VR,

1.50%,

3/8/26

(EUR) (2)(3)

2,770,000‌

2,797‌

Nationwide

Building

Society,

VR,

2.00%,

7/25/29

(EUR) (2)(3)

5,050,000‌

5,168‌

NatWest

Group,

VR,

0.67%,

9/14/29

(EUR) (3)

5,250,000‌

4,512‌

NatWest

Group,

VR,

0.78%,

2/26/30

(EUR) (2)(3)

2,014,000‌

1,710‌

NatWest

Group,

VR,

1.043%,

9/14/32

(EUR) (2)(3)

5,075,000‌

4,443‌

Next

Group,

3.625%,

5/18/28 (2)

7,491,000‌

8,246‌

Next

Group,

4.375%,

10/2/26 (2)

982,000‌

1,146‌

Santander

U.K.

Group

Holdings,

VR,

0.603%,

9/13/29

(EUR) (3)

6,475,000‌

5,511‌

Santander

U.K.

Group

Holdings,

VR,

2.421%,

1/17/29 (3)

3,320,000‌

3,408‌

Santander

U.K.

Group

Holdings,

VR,

3.53%,

8/25/28

(EUR) (3)

5,300,000‌

5,323‌

Severn

Trent

Utilities

Finance,

4.625%,

11/30/34 

5,970,000‌

6,448‌

Severn

Trent

Utilities

Finance,

6.125%,

2/26/24 

206,000‌

251‌

Sky,

1.875%,

11/24/23

(EUR) 

5,244,000‌

5,524‌

Standard

Chartered,

VR,

2.50%,

9/9/30

(EUR) (3)

6,670,000‌

6,651‌

Tesco

Corporate

Treasury

Services,

0.875%,

5/29/26

(EUR) 

5,250,000‌

5,092‌

Tesco

Corporate

Treasury

Services,

1.875%,

11/2/28 

4,850,000‌

4,881‌

Victoria,

3.625%,

8/24/26

(EUR) (2)

3,700,000‌

3,061‌

Vmed

O2

U.K.

Financing

I,

4.50%,

7/15/31 (2)

5,630,000‌

5,375‌

Vmed

O2

U.K.

Financing

I,

4.50%,

7/15/31 (1)

5,145,000‌

4,912‌

147,996‌

Government

Bonds

5.9%

United

Kingdom

Gilt,

0.625%,

6/7/25 

55,319,000‌

63,141‌

United

Kingdom

Gilt,

0.625%,

10/22/50 

22,419,000‌

10,039‌

United

Kingdom

Gilt,

1.50%,

7/22/26 

49,538,000‌

55,789‌

United

Kingdom

Gilt,

1.625%,

10/22/28 

120,020,000‌

128,776‌

United

Kingdom

Gilt,

4.25%,

12/7/46 

40,693,797‌

45,098‌

United

Kingdom

Gilt,

Inflation-Indexed,

Series

3MO,

0.125%,

3/22/26 

32,602,954‌

39,148‌

341,991‌

Total

United

Kingdom

(Cost

$544,512

)

489,987‌

UNITED

STATES

4.5%

Corporate

Bonds

4.3%

AbbVie,

2.625%,

11/15/28

(EUR) 

5,967,000‌

5,919‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

17

Par/Shares

$

Value

(Cost

and

value

in

$000s)

American

Honda

Finance,

0.75%,

11/25/26

(GBP) (2)

4,097,000‌

4,327‌

American

Honda

Finance,

1.95%,

10/18/24

(EUR) (2)

4,680,000‌

4,846‌

Ardagh

Metal

Packaging

Finance

USA,

3.00%,

9/1/29

(EUR) (1)

5,325,000‌

4,265‌

AT&T,

3.95%,

4/30/31

(EUR) 

13,150,000‌

13,339‌

Athene

Global

Funding,

0.832%,

1/8/27

(EUR) 

6,150,000‌

5,685‌

Bank

of

America,

2.375%,

6/19/24

(EUR) 

5,000,000‌

5,220‌

Bank

of

America,

VR,

1.379%,

2/7/25

(EUR) (3)

5,786,000‌

6,055‌

Becton

Dickinson

&

Company,

3.02%,

5/24/25

(GBP) 

7,393,000‌

8,652‌

Becton

Dickinson

Euro

Finance,

0.334%,

8/13/28

(EUR) (2)

1,450,000‌

1,282‌

Becton

Dickinson

Euro

Finance,

1.213%,

2/12/36

(EUR) 

1,874,000‌

1,357‌

Berkshire

Hathaway

Finance,

1.50%,

3/18/30

(EUR) 

5,119,000‌

4,625‌

Capital

One

Financial,

1.65%,

6/12/29

(EUR) 

11,300,000‌

9,744‌

Comcast,

0.00%,

9/14/26

(EUR) 

3,000,000‌

2,825‌

Dana

Financing

Luxembourg,

8.50%,

7/15/31

(EUR) (1)

2,623,000‌

2,803‌

Encore

Capital

Group,

4.875%,

10/15/25

(EUR) (1)

3,480,000‌

3,573‌

Fiserv,

1.625%,

7/1/30

(EUR) (2)

175,000‌

155‌

Fiserv,

3.00%,

7/1/31

(GBP) 

9,825,000‌

9,819‌

Fiserv,

4.50%,

5/24/31

(EUR) 

10,825,000‌

11,295‌

Ford

Motor

Credit,

4.867%,

8/3/27

(EUR) 

6,420,000‌

6,689‌

General

Motors

Financial,

0.85%,

2/26/26

(EUR) 

10,000,000‌

9,714‌

Goldman

Sachs

Group,

1.375%,

5/15/24

(EUR) 

5,700,000‌

5,923‌

Goldman

Sachs

Group,

1.625%,

7/27/26

(EUR) 

4,137,000‌

4,104‌

Goldman

Sachs

Group,

VR,

3.625%,

10/29/29

(GBP) (2)(3)

3,180,000‌

3,454‌

Graphic

Packaging

International,

2.625%,

2/1/29

(EUR) (1)

2,975,000‌

2,728‌

Harley-Davidson

Financial

Services,

5.125%,

4/5/26

(EUR) 

8,000,000‌

8,548‌

Highland

Holdings,

0.318%,

12/15/26

(EUR) (2)

3,635,000‌

3,413‌

International

Game

Technology,

3.50%,

6/15/26

(EUR) (2)

4,550,000‌

4,581‌

International

Game

Technology,

3.50%,

6/15/26

(EUR) (1)

2,410,000‌

2,427‌

Medtronic

Global

Holdings,

0.375%,

10/15/28

(EUR) 

2,969,000‌

2,639‌

Metropolitan

Life

Global

Funding

I,

5.00%,

1/10/30

(GBP) 

570,000‌

671‌

Mondelez

International,

0.25%,

3/17/28

(EUR) 

10,218,000‌

9,198‌

Mondelez

International

Holdings

Netherlands,

0.25%,

9/9/29

(EUR) (1)

6,160,000‌

5,251‌

Morgan

Stanley,

VR,

0.406%,

10/29/27

(EUR) (3)

4,931,000‌

4,615‌

Morgan

Stanley,

VR,

0.495%,

10/26/29

(EUR) (2)(3)

11,660,000‌

10,066‌

Morgan

Stanley,

VR,

5.148%,

1/25/34

(EUR) (3)

2,000,000‌

2,162‌

Netflix,

3.875%,

11/15/29

(EUR) 

5,585,000‌

5,709‌

Prologis,

2.25%,

6/30/29

(GBP) 

5,048,000‌

5,089‌

Thermo

Fisher

Scientific,

0.875%,

10/1/31

(EUR) 

5,170,000‌

4,292‌

Thermo

Fisher

Scientific,

2.375%,

4/15/32

(EUR) 

842,000‌

782‌

Thermo

Fisher

Scientific

Finance

I,

0.80%,

10/18/30

(EUR) (2)

1,890,000‌

1,612‌

Upjohn

Finance,

1.908%,

6/23/32

(EUR) 

5,520,000‌

4,483‌

Utah

Acquisition

Sub,

3.125%,

11/22/28

(EUR) 

5,630,000‌

5,465‌

Verizon

Communications,

1.30%,

5/18/33

(EUR) 

5,270,000‌

4,222‌

Verizon

Communications,

2.625%,

12/1/31

(EUR) 

4,715,000‌

4,408‌

VF,

4.125%,

3/7/26

(EUR) 

4,239,000‌

4,411‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

18

Par/Shares

$

Value

(Cost

and

value

in

$000s)

VF,

4.25%,

3/7/29

(EUR) (2)

4,355,000‌

4,441‌

Westlake,

1.625%,

7/17/29

(EUR) 

9,435,000‌

8,297‌

245,180‌

Municipal

Securities

0.2%

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (6)

22,245,826‌

11,540‌

11,540‌

Total

United

States

(Cost

$294,265

)

256,720‌

SHORT-TERM

INVESTMENTS

5.9%

Money

Market

Funds

2.8%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (7)(8)

160,230,619‌

160,231‌

160,231‌

U.S.

Treasury

Obligations

3.1%

U.S.

Treasury

Bills,

5.324%,

10/19/23 

178,200,000‌

177,754‌

177,754‌

Total

Short-Term

Investments

(Cost

$337,962)

337,985‌

SECURITIES

LENDING

COLLATERAL

1.9%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

1.9%

Money

Market

Funds

1.9%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (7)(8)

110,631,906‌

110,632‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

110,632‌

Total

Securities

Lending

Collateral

(Cost

$110,632)

110,632‌

Total

Investments

in

Securities

97.3%

(Cost

$6,240,957)

$

5,606,774‌

Other

Assets

Less

Liabilities

2.7%

157,496

Net

Assets

100.0%

$

5,764,270‌

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Par/Shares

and

Notional

Amount

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

(1)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$362,609

and

represents

6.3%

of

net

assets.

(2)

All

or

a

portion

of

this

security

is

on

loan

at

September

30,

2023.

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

19

.

.

.

.

.

.

.

.

.

.

(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

3M

EURIBOR

Three

month

EURIBOR

(Euro

interbank

offered

rate)

6M

EURIBOR

Six

month

EURIBOR

(Euro

interbank

offered

rate)

6M

PLN

WIBOR

Six

month

PLN

WIBOR

(Warsaw

interbank

offered

rate)

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CNH

Offshore

China

Renminbi

COP

Colombian

Peso

CZK

Czech

Koruna

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GBP

SONIA

Sterling

Overnight

Index

Average

GO

General

Obligation

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

ILS

Israeli

Shekel

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXIBTIIE

Mexican

Interbank

28

day

interest

rate

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

New

Sol

PIK

Payment-in-kind

PLN

Polish

Zloty

RON

New

Romanian

Leu

SEK

Swedish

Krona

SGD

Singapore

Dollar

THB

Thai

Baht

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

20

.

.

.

.

.

.

.

.

.

.

TONA

Tokyo

overnight

average

rate

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)

21

(Amounts

in

000s)

SWAPS

(0.7)%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Sold

0.0%

Greece

0.0%

Bank

of

America,

Protection

Sold

(Relevant

Credit:

Hellenic

Republic,

BB+*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

(USD)

*

17,964

166

(183)

349‌

Bank

of

America,

Protection

Sold

(Relevant

Credit:

Hellenic

Republic,

BB+*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/29

(USD)

*

12,470

(30)

(390)

360‌

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Hellenic

Republic,

BB+*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/24

(USD)

*

9,200

56

(82)

138‌

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Hellenic

Republic,

BB+*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

(USD)

*

16,500

152

(23)

175‌

Citibank,

Protection

Sold

(Relevant

Credit:

Hellenic

Republic,

BB+*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/25

(USD)

*

6,635

73

(130)

203‌

Morgan

Stanley,

Protection

Sold

(Relevant

Credit:

Hellenic

Republic,

BB+*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

(USD)

*

4,911

45

(9)

54‌

Morgan

Stanley,

Protection

Sold

(Relevant

Credit:

Hellenic

Republic,

BB+*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/25

(USD)

*

2,801

31

(44)

75‌

Total

Greece

(861)

1,354‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(861)

1,354‌

Interest

Rate

Swaps

0.0%

China

0.0%

Citibank,

7

Year

Interest

Rate

Swap,

Receive

Fixed

2.650%

Quarterly,

Pay

Variable

1.97%,

(7

Day

Interbank

Repo)

Quarterly,

5/16/30

123,767

194

—

194‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

22

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

Citibank,

7

Year

Interest

Rate

Swap,

Receive

Fixed

2.650%

Quarterly,

Pay

Variable

2.00%,

(7

Day

Interbank

Repo)

Quarterly,

5/15/30

124,955

196

—

196‌

Total

China

—

390‌

Total

Bilateral

Interest

Rate

Swaps

—

390‌

Total

Bilateral

Swaps

(861)

1,744‌

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

(0.7)%

Credit

Default

Swaps,

Protection

Bought

(0.0)%

Canada

(0.0)%

Protection

Bought

(Relevant

Credit:

Bombardier),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

(USD)

14,510

(455)

(588)

133‌

Total

Canada

133‌

Foreign/Europe

0.0%

Protection

Bought

(Relevant

Credit:

Lanxess),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

1,980

113

88

25‌

Total

Foreign/Europe

25‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Bought

158‌

Credit

Default

Swaps,

Protection

Sold

0.0%

Greece

0.0%

Protection

Sold

(Relevant

Credit:

Hellenic

Republic,

BB+*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/26

(USD)

*

3,700

49

39

10‌

Total

Greece

10‌

Spain

0.0%

Protection

Sold

(Relevant

Credit:

Cellnex

Telecom,

BB+*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

*

1,900

299

292

7‌

Total

Spain

7‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

17‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

23

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Interest

Rate

Swaps

(0.7)%

China

0.0%

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.283%

Quarterly,

Pay

Variable

2.200%

(7

Day

Interbank

Repo)

Quarterly,

8/18/28

235,500

(162)

—

(

162‌

)

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.476%

Quarterly,

Pay

Variable

1.830%

(7

Day

Interbank

Repo)

Quarterly,

6/1/28

219,090

139

—

139‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.562%

Quarterly,

Pay

Variable

2.000%

(7

Day

Interbank

Repo)

Quarterly,

5/15/28

37,862

46

—

46‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.568%

Quarterly,

Pay

Variable

1.973%

(7

Day

Interbank

Repo)

Quarterly,

5/16/28

128,613

161

—

161‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.579%

Quarterly,

Pay

Variable

2.000%

(7

Day

Interbank

Repo)

Quarterly,

5/15/28

164,070

219

—

219‌

Total

China

403‌

Foreign/Europe

(0.6)%

2

Year

Interest

Rate

Swap,

Receive

Fixed

3.544%

Annually,

Pay

Variable

3.932%

(6M

EURIBOR)

Semi-Annually,

2/27/25

37,700

459

—

459‌

4

Year

Interest

Rate

Swap,

Receive

Fixed

(0.090)%

Annually,

Pay

Variable

3.622%

(6M

EURIBOR)

Semi-Annually,

11/4/25

27,310

(2,660)

—

(

2,660‌

)

4

Year

Interest

Rate

Swap,

Receive

Fixed

(0.144)%

Annually,

Pay

Variable

3.562%

(6M

EURIBOR)

Semi-Annually,

10/20/25

36,080

(3,580)

—

(

3,580‌

)

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.367%

Annually,

Pay

Variable

4.071%

(6M

EURIBOR)

Semi-Annually,

9/21/28

337,575

(669)

—

(

669‌

)

7

Year

Interest

Rate

Swap,

Receive

Fixed

2.638%

Annually,

Pay

Variable

3.790%

(6M

EURIBOR)

Semi-Annually,

12/17/29

47,260

(1,529)

—

(

1,529‌

)

9

Year

Interest

Rate

Swap,

Pay

Fixed

0.858%

Annually,

Receive

Variable

4.070%

(6M

EURIBOR)

Semi-Annually,

9/22/27

600

61

1

60‌

10

Year

Interest

Rate

Swap,

Receive

Fixed

0.830%

Annually,

Pay

Variable

3.987%

(6M

EURIBOR)

Semi-Annually,

3/2/32

40,250

(7,769)

—

(

7,769‌

)

10

Year

Interest

Rate

Swap,

Receive

Fixed

1.222%

Annually,

Pay

Variable

3.341%

(6M

EURIBOR)

Semi-Annually,

4/5/32

49,550

(8,827)

—

(

8,827‌

)

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

24

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

10

Year

Interest

Rate

Swap,

Receive

Fixed

1.627%

Annually,

Pay

Variable

3.587%

(6M

EURIBOR)

Semi-Annually,

4/21/32

30,272

(4,398)

—

(

4,398‌

)

10

Year

Interest

Rate

Swap,

Receive

Fixed

1.640%

Annually,

Pay

Variable

3.645%

(6M

EURIBOR)

Semi-Annually,

5/3/32

30,750

(4,433)

—

(

4,433‌

)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.683%

Annually,

Pay

Variable

3.760%

(6M

EURIBOR)

Semi-Annually,

11/30/32

4,760

(223)

—

(

223‌

)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.698%

Annually,

Pay

Variable

3.760%

(6M

EURIBOR)

Semi-Annually,

11/30/32

2,040

(93)

—

(

93‌

)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.702%

Annually,

Pay

Variable

3.714%

(6M

EURIBOR)

Semi-Annually,

11/24/32

3,600

(162)

1

(

163‌

)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.712%

Annually,

Pay

Variable

3.714%

(6M

EURIBOR)

Semi-Annually,

11/24/32

1,200

(53)

1

(

54‌

)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.730%

Annually,

Pay

Variable

3.707%

(6M

EURIBOR)

Semi-Annually,

11/23/32

88,800

(3,784)

—

(

3,784‌

)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.735%

Annually,

Pay

Variable

3.687%

(6M

EURIBOR)

Semi-Annually,

11/22/32

4,585

(193)

—

(

193‌

)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.742%

Annually,

Pay

Variable

3.687%

(6M

EURIBOR)

Semi-Annually,

11/22/32

13,400

(554)

—

(

554‌

)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.796%

Annually,

Pay

Variable

3.663%

(6M

EURIBOR)

Semi-Annually,

11/17/32

2,890

(105)

1

(

106‌

)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.803%

Annually,

Pay

Variable

3.658%

(6M

EURIBOR)

Semi-Annually,

11/18/32

4,912

(175)

1

(

176‌

)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.822%

Annually,

Pay

Variable

3.663%

(6M

EURIBOR)

Semi-Annually,

11/17/32

19,300

(658)

—

(

658‌

)

30

Year

Interest

Rate

Swap,

Pay

Fixed

2.953%

Annually,

Receive

Variable

4.071%

(6M

EURIBOR)

Semi-Annually,

9/22/53

72,000

2,022

—

2,022‌

Total

Foreign/Europe

(

37,328‌

)

Japan

0.0%

5

Year

Interest

Rate

Swap,

Pay

Fixed

0.418%

Annually,

Receive

Variable

(0.057)%

(JPY

TONA)

Annually,

8/10/28

58,400,000

1,823

—

1,823‌

Total

Japan

1,823‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

25

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Mexico

(0.1)%

7

Year

Interest

Rate

Swap,

Receive

Fixed

5.499%

28

Days,

Pay

Variable

11.499%

(MXIBTIIE)

28

Days,

5/4/27

525,000

(3,997)

—

(

3,997‌

)

Total

Mexico

(

3,997‌

)

Poland

0.1%

5

Year

Interest

Rate

Swap,

Pay

Fixed

5.010%

Annually,

Receive

Variable

6.950%

(6M

PLN

WIBOR)

Semi-Annually,

6/30/28

372,800

(1,129)

—

(

1,129‌

)

10

Year

Interest

Rate

Swap,

Pay

Fixed

1.775%

Annually,

Receive

Variable

6.950%

(6M

PLN

WIBOR)

Semi-Annually,

10/22/29

32,824

1,186

1

1,185‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

1.780%

Annually,

Receive

Variable

6.950%

(6M

PLN

WIBOR)

Semi-Annually,

10/22/29

22,976

828

—

828‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

2.850%

Annually,

Receive

Variable

6.950%

(6M

PLN

WIBOR)

Semi-Annually,

4/6/28

15,800

303

—

303‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

2.910%

Annually,

Receive

Variable

5.650%

(6M

PLN

WIBOR)

Semi-Annually,

3/27/28

16,200

173

1

172‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

2.920%

Annually,

Receive

Variable

6.950%

(6M

PLN

WIBOR)

Semi-Annually,

5/7/28

16,100

293

—

293‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.030%

Annually,

Receive

Variable

6.950%

(6M

PLN

WIBOR)

Semi-Annually,

5/18/28

10,100

172

—

172‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.075%

Annually,

Receive

Variable

6.530%

(6M

PLN

WIBOR)

Semi-Annually,

2/27/28

8,000

82

—

82‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.149%

Annually,

Receive

Variable

6.560%

(6M

PLN

WIBOR)

Semi-Annually,

2/13/28

15,931

153

—

153‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.158%

Annually,

Receive

Variable

6.560%

(6M

PLN

WIBOR)

Semi-Annually,

2/14/28

12,062

116

1

115‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.160%

Annually,

Receive

Variable

6.560%

(6M

PLN

WIBOR)

Semi-Annually,

2/12/28

10,007

96

1

95‌

Total

Poland

2,269‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

26

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

United

Kingdom

(0.1)%

2

Year

Interest

Rate

Swap,

Receive

Fixed

3.955%

Annually,

Pay

Variable

4.578%

(GBP

SONIA)

Annually,

1/27/25

201,235

(5,436)

—

(

5,436‌

)

Total

United

Kingdom

(

5,436‌

)

Total

Centrally

Cleared

Interest

Rate

Swaps

(

42,266‌

)

Total

Centrally

Cleared

Swaps

(

42,091‌

)

Net

payments

(receipts)

of

variation

margin

to

date

45,414‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

3,323‌

*

Credit

ratings

as

of

September

30,

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

$26.

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

27

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

10/6/23

IDR

385,301,550‌

USD

25,671‌

$

(

752‌

)

Bank

of

America

10/13/23

CZK

785,240‌

USD

35,512‌

(

1,499‌

)

Bank

of

America

10/13/23

USD

13,998‌

RON

63,115‌

587‌

Bank

of

America

10/13/23

USD

22,670‌

ZAR

431,818‌

(

108‌

)

Bank

of

America

10/20/23

CHF

25,454‌

USD

27,829‌

43‌

Bank

of

America

10/20/23

JPY

3,516,010‌

USD

25,487‌

(

1,870‌

)

Bank

of

America

10/20/23

USD

15,771‌

CAD

21,352‌

46‌

Bank

of

America

10/20/23

USD

48,443‌

NZD

77,930‌

1,735‌

Bank

of

America

11/24/23

USD

133,100‌

GBP

104,543‌

5,506‌

Bank

of

America

12/8/23

USD

46,648‌

MYR

215,416‌

461‌

Bank

of

America

12/8/23

USD

9,451‌

THB

330,204‌

325‌

Barclays

Bank

10/6/23

IDR

90,661,917‌

USD

5,916‌

(

52‌

)

Barclays

Bank

10/6/23

KRW

38,282,079‌

USD

29,323‌

(

958‌

)

Barclays

Bank

10/6/23

USD

43,610‌

KRW

58,119,548‌

547‌

Barclays

Bank

10/20/23

EUR

2,686‌

USD

2,931‌

(

89‌

)

Barclays

Bank

11/17/23

USD

31,257‌

PLN

134,419‌

529‌

Barclays

Bank

11/24/23

USD

6,653‌

GBP

5,435‌

20‌

Barclays

Bank

12/8/23

USD

19,015‌

INR

1,578,171‌

90‌

Barclays

Bank

12/15/23

USD

42,905‌

ZAR

820,778‌

(

147‌

)

Barclays

Bank

1/17/24

KRW

58,119,548‌

USD

43,871‌

(

639‌

)

Barclays

Bank

1/19/24

USD

1,165‌

EUR

1,103‌

(

8‌

)

BNP

Paribas

10/6/23

KRW

20,083,493‌

USD

15,200‌

(

319‌

)

BNP

Paribas

10/6/23

USD

3,218‌

TWD

99,763‌

123‌

BNP

Paribas

10/13/23

HUF

4,327,823‌

USD

12,263‌

(

544‌

)

BNP

Paribas

10/13/23

USD

18,658‌

RON

82,419‌

1,145‌

BNP

Paribas

10/20/23

USD

336,081‌

EUR

297,647‌

21,113‌

BNP

Paribas

10/20/23

USD

605,759‌

JPY

82,392,190‌

52,323‌

BNP

Paribas

11/10/23

CLP

5,758,625‌

USD

6,696‌

(

236‌

)

BNP

Paribas

11/10/23

USD

8,822‌

CLP

7,716,558‌

166‌

BNP

Paribas

11/17/23

USD

12,179‌

PLN

50,282‌

685‌

BNP

Paribas

11/24/23

GBP

37,563‌

USD

45,981‌

(

137‌

)

BNP

Paribas

11/24/23

USD

247,873‌

EUR

226,529‌

7,800‌

BNP

Paribas

11/24/23

USD

137,025‌

GBP

107,357‌

5,997‌

BNP

Paribas

12/4/23

USD

14,256‌

BRL

70,387‌

371‌

BNP

Paribas

12/7/23

USD

7,269‌

COP

30,709,424‌

(

124‌

)

BNP

Paribas

12/8/23

USD

13,967‌

MYR

65,177‌

(

8‌

)

BNY

Mellon

10/20/23

USD

334,852‌

EUR

296,703‌

20,883‌

BNY

Mellon

12/15/23

USD

99,794‌

SGD

135,547‌

286‌

BNY

Mellon

1/19/24

USD

631,643‌

EUR

587,274‌

7,299‌

Citibank

10/6/23

IDR

361,927,541‌

USD

23,572‌

(

165‌

)

Citibank

10/6/23

TWD

1,006,992‌

USD

31,202‌

37‌

Citibank

10/6/23

USD

54,918‌

IDR

824,709,966‌

1,581‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

28

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Citibank

10/13/23

MXN

125,105‌

USD

7,187‌

$

(

26‌

)

Citibank

10/13/23

RON

73,348‌

USD

16,283‌

(

698‌

)

Citibank

10/13/23

USD

33,015‌

CZK

733,390‌

1,249‌

Citibank

10/19/23

USD

80,588‌

ILS

297,934‌

2,405‌

Citibank

10/20/23

EUR

32,053‌

USD

33,947‌

(

29‌

)

Citibank

10/20/23

JPY

2,381,234‌

USD

16,826‌

(

831‌

)

Citibank

10/20/23

USD

108,854‌

AUD

159,066‌

6,502‌

Citibank

10/20/23

USD

957‌

EUR

897‌

8‌

Citibank

10/20/23

USD

17,023‌

JPY

2,401,197‌

894‌

Citibank

11/10/23

USD

4,437‌

CLP

3,800,692‌

174‌

Citibank

11/24/23

SEK

44,803‌

USD

4,107‌

4‌

Citibank

11/24/23

USD

7,381‌

GBP

6,047‌

—‌

Citibank

12/7/23

USD

7,319‌

COP

31,019,620‌

(

150‌

)

Citibank

12/15/23

CNH

25,260‌

USD

3,478‌

(

5‌

)

Citibank

12/15/23

USD

7,606‌

CNH

55,017‌

42‌

Citibank

1/17/24

USD

31,389‌

TWD

1,006,992‌

(

89‌

)

Deutsche

Bank

10/6/23

IDR

156,393,201‌

USD

10,217‌

(

102‌

)

Deutsche

Bank

10/6/23

USD

22,840‌

TWD

707,805‌

882‌

Deutsche

Bank

10/13/23

CZK

531,360‌

USD

24,346‌

(

1,331‌

)

Deutsche

Bank

10/13/23

HUF

12,742,719‌

USD

36,119‌

(

1,615‌

)

Deutsche

Bank

10/13/23

USD

33,174‌

CZK

732,522‌

1,445‌

Deutsche

Bank

12/8/23

USD

57,124‌

THB

1,986,271‌

2,234‌

Goldman

Sachs

10/6/23

IDR

135,697,432‌

USD

8,742‌

34‌

Goldman

Sachs

10/6/23

IDR

151,665,826‌

USD

9,895‌

(

86‌

)

Goldman

Sachs

10/6/23

KRW

38,036,055‌

USD

28,734‌

(

551‌

)

Goldman

Sachs

10/6/23

TWD

539,652‌

USD

16,733‌

8‌

Goldman

Sachs

10/6/23

TWD

323,316‌

USD

10,037‌

(

7‌

)

Goldman

Sachs

10/6/23

USD

48,143‌

IDR

720,150,706‌

1,567‌

Goldman

Sachs

10/6/23

USD

40,200‌

TWD

1,246,929‌

1,517‌

Goldman

Sachs

10/20/23

JPY

286,894‌

USD

1,943‌

(

16‌

)

Goldman

Sachs

10/20/23

USD

17,673‌

JPY

2,415,558‌

1,447‌

Goldman

Sachs

11/24/23

USD

133,305‌

GBP

104,543‌

5,712‌

Goldman

Sachs

12/4/23

USD

14,243‌

BRL

70,387‌

358‌

Goldman

Sachs

12/8/23

USD

13,969‌

INR

1,167,904‌

(

36‌

)

Goldman

Sachs

12/15/23

USD

59,130‌

CNH

426,767‌

451‌

Goldman

Sachs

1/17/24

USD

8,728‌

IDR

135,697,432‌

(

25‌

)

Goldman

Sachs

1/17/24

USD

26,924‌

TWD

862,968‌

(

52‌

)

HSBC

Bank

10/6/23

IDR

132,837,242‌

USD

8,595‌

(

4‌

)

HSBC

Bank

10/6/23

USD

21,105‌

TWD

653,358‌

837‌

HSBC

Bank

10/13/23

HUF

3,034,348‌

USD

8,471‌

(

254‌

)

HSBC

Bank

10/20/23

EUR

12,505‌

USD

13,467‌

(

234‌

)

HSBC

Bank

10/20/23

JPY

3,958,638‌

USD

26,603‌

(

12‌

)

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

29

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

HSBC

Bank

11/24/23

EUR

519‌

USD

559‌

$

(

9‌

)

HSBC

Bank

11/24/23

USD

165,613‌

EUR

151,020‌

5,563‌

HSBC

Bank

12/8/23

USD

150,926‌

MYR

699,085‌

1,034‌

HSBC

Bank

12/15/23

USD

118,190‌

CNH

853,547‌

831‌

HSBC

Bank

1/17/24

USD

8,584‌

IDR

132,837,242‌

15‌

JPMorgan

Chase

10/13/23

CZK

48,181‌

USD

2,225‌

(

138‌

)

JPMorgan

Chase

10/13/23

HUF

1,392,642‌

USD

3,792‌

(

21‌

)

JPMorgan

Chase

10/20/23

AUD

5,718‌

USD

3,694‌

(

14‌

)

JPMorgan

Chase

10/20/23

CAD

46,655‌

USD

35,449‌

(

1,089‌

)

JPMorgan

Chase

10/20/23

EUR

2,350‌

USD

2,590‌

(

104‌

)

JPMorgan

Chase

10/20/23

USD

26,247‌

JPY

3,801,811‌

710‌

JPMorgan

Chase

10/20/23

USD

11,383‌

NOK

113,988‌

720‌

JPMorgan

Chase

11/24/23

EUR

2,974‌

USD

3,241‌

(

89‌

)

JPMorgan

Chase

11/24/23

GBP

30,189‌

USD

38,321‌

(

1,476‌

)

JPMorgan

Chase

11/24/23

USD

3,792‌

GBP

3,085‌

26‌

JPMorgan

Chase

12/8/23

MYR

7,342‌

USD

1,573‌

2‌

JPMorgan

Chase

12/8/23

USD

1,864‌

THB

64,903‌

70‌

Morgan

Stanley

10/6/23

TWD

837,895‌

USD

26,217‌

(

224‌

)

Morgan

Stanley

10/13/23

USD

11,724‌

MXN

203,505‌

75‌

Morgan

Stanley

11/10/23

CLP

5,758,625‌

USD

6,693‌

(

233‌

)

Morgan

Stanley

11/24/23

USD

114,557‌

SEK

1,235,930‌

1,167‌

Morgan

Stanley

12/8/23

USD

6,496‌

THB

227,012‌

223‌

Morgan

Stanley

12/15/23

USD

178,679‌

CNH

1,294,087‌

747‌

Morgan

Stanley

1/17/24

USD

10,673‌

PEN

40,767‌

(

31‌

)

Morgan

Stanley

1/19/24

USD

2,871‌

EUR

2,708‌

(

8‌

)

RBC

Dominion

Securities

10/13/23

USD

12,506‌

MXN

218,030‌

26‌

RBC

Dominion

Securities

10/20/23

CAD

179,044‌

USD

136,095‌

(

4,236‌

)

RBC

Dominion

Securities

10/20/23

USD

86,436‌

CAD

115,595‌

1,304‌

RBC

Dominion

Securities

10/20/23

USD

87,911‌

JPY

12,704,099‌

2,576‌

Standard

Chartered

12/15/23

USD

49,896‌

SGD

67,794‌

126‌

State

Street

10/13/23

USD

38,309‌

MXN

668,616‌

37‌

State

Street

10/13/23

USD

4,546‌

MXN

79,468‌

(

3‌

)

State

Street

10/20/23

AUD

46,665‌

USD

30,234‌

(

207‌

)

State

Street

10/20/23

CAD

40,206‌

USD

29,844‌

(

234‌

)

State

Street

10/20/23

EUR

11,239‌

USD

12,288‌

(

395‌

)

State

Street

10/20/23

USD

262,960‌

CAD

346,423‌

7,832‌

State

Street

10/20/23

USD

16,330‌

JPY

2,261,017‌

1,143‌

State

Street

11/24/23

EUR

5,121‌

USD

5,573‌

(

146‌

)

State

Street

11/24/23

USD

248,216‌

EUR

226,529‌

8,142‌

State

Street

11/24/23

USD

17,173‌

GBP

13,834‌

289‌

State

Street

11/24/23

USD

285‌

GBP

235‌

(

2‌

)

State

Street

12/8/23

USD

2,800‌

THB

97,691‌

101‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

30

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

State

Street

12/15/23

SGD

4,454‌

USD

3,282‌

$

(

12‌

)

State

Street

1/19/24

USD

8,073‌

EUR

7,524‌

74‌

UBS

Investment

Bank

10/6/23

IDR

130,375,964‌

USD

8,402‌

30‌

UBS

Investment

Bank

10/6/23

USD

30,079‌

KRW

38,282,079‌

1,714‌

UBS

Investment

Bank

10/13/23

HUF

918,550‌

USD

2,566‌

(

79‌

)

UBS

Investment

Bank

10/13/23

USD

6,382‌

CZK

146,064‌

55‌

UBS

Investment

Bank

10/13/23

USD

12,280‌

HUF

4,426,429‌

295‌

UBS

Investment

Bank

10/13/23

USD

28,261‌

MXN

485,431‌

474‌

UBS

Investment

Bank

10/13/23

USD

27,349‌

RON

127,223‌

316‌

UBS

Investment

Bank

10/20/23

USD

59,546‌

CHF

51,712‌

2,921‌

UBS

Investment

Bank

10/20/23

USD

34,939‌

EUR

31,725‌

1,369‌

UBS

Investment

Bank

10/20/23

USD

12,284‌

EUR

11,610‌

(

2‌

)

UBS

Investment

Bank

10/20/23

USD

68,620‌

JPY

9,709,464‌

3,400‌

UBS

Investment

Bank

11/17/23

PLN

182,817‌

USD

42,098‌

(

305‌

)

UBS

Investment

Bank

11/17/23

USD

77,724‌

PLN

320,859‌

4,375‌

UBS

Investment

Bank

11/24/23

EUR

1,111‌

USD

1,205‌

(

28‌

)

UBS

Investment

Bank

11/24/23

USD

20,984‌

EUR

19,640‌

169‌

UBS

Investment

Bank

11/24/23

USD

133,575‌

GBP

104,682‌

5,812‌

UBS

Investment

Bank

12/7/23

USD

14,849‌

COP

62,349,436‌

(

163‌

)

UBS

Investment

Bank

12/8/23

THB

204,526‌

USD

5,634‌

18‌

UBS

Investment

Bank

12/8/23

USD

69,374‌

THB

2,402,774‌

2,973‌

UBS

Investment

Bank

1/17/24

USD

8,389‌

IDR

130,375,964‌

(

22‌

)

UBS

Investment

Bank

1/17/24

USD

8,007‌

PEN

30,575‌

(

21‌

)

UBS

Investment

Bank

1/19/24

USD

13,788‌

EUR

12,770‌

211‌

Wells

Fargo

11/24/23

EUR

305‌

USD

333‌

(

9‌

)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

191,325‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

31

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

408

Commonwealth

of

Australia

ten

year

bond

contracts

12/23

(29,373)

$

744‌

Long,

385

Commonwealth

of

Australia

three

year

bond

contracts

12/23

26,076

(

200‌

)

Short,

364

Euro

BUND

contracts

12/23

(49,506)

1,362‌

Long,

29

Euro

SCHATZ

contracts

12/23

3,219

2‌

Short,

257

Government

of

Canada

ten

year

bond

contracts

12/23

(21,784)

562‌

Short,

109

Government

of

Japan

ten

year

bond

contracts

12/23

(105,732)

703‌

Long,

1,928

Republic

of

South

Korea

ten

year

bond

contracts

12/23

154,166

(

1,294‌

)

Short,

1,328

Republic

of

South

Korea

three

year

bond

contracts

12/23

(101,416)

48‌

Short,

87

U.K.

Gilt

ten

year

contracts

12/23

(9,995)

51‌

Short,

662

U.S.

Treasury

Notes

five

year

contracts

12/23

(69,748)

583‌

Short,

431

U.S.

Treasury

Notes

ten

year

contracts

12/23

(46,575)

801‌

Short,

302

Ultra

U.S.

Treasury

Notes

ten

year

contracts

12/23

(33,692)

943‌

Net

payments

(receipts)

of

variation

margin

to

date

(

5,126‌

)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(

821‌

)

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

32

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

nine

months

ended

September

30,

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,

5.40%

$

—‌

$

—‌

$

4,588‌

++

Totals

$

—‌

#

$

—‌

$

4,588‌

+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

09/30/23

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

$

232,494‌

¤

¤

$

270,863‌

Total

$

270,863‌

^

#

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

$4,588

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

$270,863.

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Unaudited

Notes

to

Portfolio

of

Investments

33

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

 (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s 

most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus.

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

34

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Investments

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.

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

(USD

Hedged)

35

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)

36

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

September

30,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

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

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

5,158,157‌

$

—‌

$

5,158,157‌

Short-Term

Investments

160,231‌

177,754‌

—‌

337,985‌

Securities

Lending

Collateral

110,632‌

—‌

—‌

110,632‌

Total

Securities

270,863‌

5,335,911‌

—‌

5,606,774‌

Swaps*

—‌

9,415‌

—‌

9,415‌

Forward

Currency

Exchange

Contracts

—‌

214,433‌

—‌

214,433‌

Futures

Contracts*

5,799‌

—‌

—‌

5,799‌

Total

$

276,662‌

$

5,559,759‌

$

—‌

$

5,836,421‌

Liabilities

Swaps*

$

—‌

$

50,623‌

$

—‌

$

50,623‌

Forward

Currency

Exchange

Contracts

—‌

23,108‌

—‌

23,108‌

Futures

Contracts*

1,494‌

—‌

—‌

1,494‌

Total

$

1,494‌

$

73,731‌

$

—‌

$

75,225‌

1

Includes

Asset-Backed

Securities,

Convertible

Bonds,

Corporate

Bonds,

Government

Bonds

and

Municipal

Securities.

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

37

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

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.

F1114-054Q3

09/23