NPORT-EX 2 70JBTRP093023.htm T. ROWE PRICE INTERNATIONAL FUNDS, INC.
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