T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

March

31,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ALBANIA

0.5%

Government

Bonds

0.5%

Republic

of

Albania,

3.50%,

6/16/27

(EUR) (1)

4,085,000‌

4,285‌

Republic

of

Albania,

3.50%,

11/23/31

(EUR) (1)

11,810,000‌

11,479‌

Republic

of

Albania,

5.90%,

6/9/28

(EUR) (1)

15,580,000‌

17,304‌

Total

Albania

(Cost

$34,287

)

33,068‌

AUSTRALIA

3.3%

Corporate

Bonds

1.1%

APA

Infrastructure,

2.00%,

3/22/27

(EUR) 

2,580,000‌

2,654‌

APA

Infrastructure,

3.50%,

3/22/30

(GBP) 

5,500,000‌

6,244‌

AusNet

Services

Holdings,

1.50%,

2/26/27

(EUR) 

2,615,000‌

2,665‌

Brambles

Finance,

4.25%,

3/22/31

(EUR) 

7,660,000‌

8,649‌

NBN,

4.125%,

3/15/29

(EUR) 

11,070,000‌

12,362‌

Sydney

Airport

Finance,

1.75%,

4/26/28

(EUR) 

2,630,000‌

2,655‌

Sydney

Airport

Finance,

4.375%,

5/3/33

(EUR) 

8,150,000‌

9,216‌

Transurban

Finance,

1.75%,

3/29/28

(EUR) 

2,620,000‌

2,650‌

Transurban

Finance,

1.875%,

9/16/24

(EUR) 

7,836,000‌

8,370‌

Transurban

Finance,

3.00%,

4/8/30

(EUR) 

11,250,000‌

11,790‌

67,255‌

Government

Bonds

2.2%

Commonwealth

of

Australia,

Series

140,

4.50%,

4/21/33 

126,357,000‌

85,641‌

Commonwealth

of

Australia,

Series

150,

3.00%,

3/21/47 

28,048,000‌

14,653‌

New

South

Wales

Treasury,

Series

26,

4.00%,

5/20/26 

46,975,600‌

30,635‌

130,929‌

Total

Australia

(Cost

$220,530

)

198,184‌

AUSTRIA

0.5%

Corporate

Bonds

0.1%

Mondi

Finance

Europe,

2.375%,

4/1/28 

2,505,000‌

2,599‌

2,599‌

Government

Bonds

0.4%

Republic

of

Austria,

0.75%,

3/20/51 (1)

40,505,000‌

25,804‌

25,804‌

Total

Austria

(Cost

$27,732

)

28,403‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

2

Par/Shares

$

Value

(Cost

and

value

in

$000s)

BELGIUM

0.1%

Corporate

Bonds

0.1%

Anheuser-Busch

InBev,

1.15%,

1/22/27 

2,600,000‌

2,653‌

Anheuser-Busch

InBev,

1.65%,

3/28/31 

1,465,000‌

1,423‌

Total

Belgium

(Cost

$4,099

)

4,076‌

BRAZIL

1.4%

Corporate

Bonds

0.2%

Braskem

Netherlands

Finance,

4.50%,

1/10/28

(USD) 

4,300,000‌

3,863‌

Braskem

Netherlands

Finance,

4.50%,

1/31/30

(USD) 

6,750,000‌

5,808‌

MercadoLibre,

3.125%,

1/14/31

(USD) 

6,325,000‌

5,300‌

14,971‌

Government

Bonds

1.2%

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/27 

86,665,000‌

17,212‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/31 

128,164,000‌

24,595‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/35 

159,610,000‌

29,927‌

71,734‌

Total

Brazil

(Cost

$87,121

)

86,705‌

BULGARIA

1.2%

Government

Bonds

1.2%

Republic

of

Bulgaria,

4.375%,

5/13/31

(EUR) 

16,796,000‌

19,233‌

Republic

of

Bulgaria,

4.50%,

1/27/33

(EUR) (2)

18,433,000‌

21,187‌

Republic

of

Bulgaria,

4.50%,

1/27/33

(EUR) (1)

8,790,000‌

10,103‌

Republic

of

Bulgaria,

4.875%,

5/13/36

(EUR) 

18,625,000‌

21,882‌

Total

Bulgaria

(Cost

$66,455

)

72,405‌

CANADA

3.9%

Asset-Backed

Securities

0.1%

Cologix

Canadian

Issuer,

Series

2022-1CAN,

Class

A2,

4.94%,

1/25/52 (1)

8,230,000‌

5,640‌

5,640‌

Corporate

Bonds

0.7%

Magna

International,

1.50%,

9/25/27

(EUR) 

2,620,000‌

2,656‌

Royal

Bank

of

Canada,

4.125%,

7/5/28

(EUR) 

2,385,000‌

2,638‌

TER

Finance

Jersey,

Series

21,

Zero

Coupon,

1/2/25

(USD) (1)

17,400,000‌

16,584‌

Toronto-Dominion

Bank,

2.551%,

8/3/27

(EUR) 

2,535,000‌

2,662‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

3

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Transcanada

Trust,

Series

17-B,

VR,

4.65%,

5/18/77 (3)

27,134,000‌

18,747‌

43,287‌

Government

Bonds

3.1%

Government

of

Canada,

Series

0318,

4.00%,

3/1/29 

89,387,000‌

67,361‌

Government

of

Canada,

Series

0929,

3.25%,

12/1/33 

84,190,000‌

61,033‌

Government

of

Canada

Real

Return

Bond,

Inflation-Indexed,

Series

CPI,

4.00%,

12/1/31 

65,300,027‌

56,344‌

Province

of

Ontario,

3.50%,

6/2/43 

5,239,000‌

3,428‌

188,166‌

Total

Canada

(Cost

$252,228

)

237,093‌

CHILE

0.4%

Corporate

Bonds

0.3%

Corp

Nacional

del

Cobre

de

Chile,

6.30%,

9/8/53

(USD) (1)

12,480,000‌

12,500‌

Interchile,

4.50%,

6/30/56

(USD) 

8,000,000‌

6,520‌

19,020‌

Government

Bonds

0.1%

Republic

of

Chile,

4.125%,

7/5/34

(EUR) 

6,420,000‌

6,949‌

6,949‌

Total

Chile

(Cost

$26,105

)

25,969‌

CHINA

5.5%

Corporate

Bonds

0.2%

State

Grid

Overseas

Investment

BVI,

1.375%,

5/2/25

(EUR) (1)

10,000,000‌

10,486‌

10,486‌

Government

Bonds

5.3%

China

Development

Bank,

Series

1905,

3.48%,

1/8/29 

250,000,000‌

36,298‌

People's

Republic

of

China,

Series

INBK,

2.60%,

9/1/32 

670,000,000‌

93,989‌

People's

Republic

of

China,

Series

INBK,

2.62%,

4/15/28 

110,000,000‌

15,438‌

People's

Republic

of

China,

Series

INBK,

2.69%,

8/15/32 

510,000,000‌

72,014‌

People's

Republic

of

China,

Series

INBK,

3.02%,

5/27/31 

45,000,000‌

6,492‌

People's

Republic

of

China,

Series

INBK,

3.32%,

4/15/52 

109,000,000‌

17,116‌

People's

Republic

of

China,

Series

INBK,

3.53%,

10/18/51 

170,000,000‌

27,577‌

People's

Republic

of

China,

Series

1908,

4.00%,

6/24/69 

60,000,000‌

11,129‌

People's

Republic

of

China,

Series

1915,

3.13%,

11/21/29 

310,000,000‌

44,810‌

324,863‌

Total

China

(Cost

$327,734

)

335,349‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

4

Par/Shares

$

Value

(Cost

and

value

in

$000s)

COLOMBIA

1.0%

Government

Bonds

1.0%

Republic

of

Colombia,

Series

B,

6.00%,

4/28/28 

60,253,700,000‌

13,873‌

Republic

of

Colombia,

Series

B,

7.00%,

3/26/31 

95,880,000,000‌

21,380‌

Republic

of

Colombia,

Series

B,

13.25%,

2/9/33 

90,056,200,000‌

27,429‌

Total

Colombia

(Cost

$51,448

)

62,682‌

CYPRUS

0.5%

Government

Bonds

0.5%

Republic

of

Cyprus,

0.95%,

1/20/32 

19,769,000‌

18,231‌

Republic

of

Cyprus,

1.50%,

4/16/27 

2,130,000‌

2,196‌

Republic

of

Cyprus,

2.75%,

6/27/24 

1,668,000‌

1,798‌

Republic

of

Cyprus,

2.75%,

2/26/34 

2,716,000‌

2,822‌

Republic

of

Cyprus,

2.75%,

5/3/49 (2)

2,832,000‌

2,611‌

Total

Cyprus

(Cost

$33,723

)

27,658‌

CZECH

REPUBLIC

0.6%

Corporate

Bonds

0.2%

Ceska

sporitelna,

VR,

5.737%,

3/8/28

(EUR) (3)

10,500,000‌

11,724‌

11,724‌

Government

Bonds

0.4%

Republic

of

Czech,

Series

103,

2.00%,

10/13/33 

562,550,000‌

20,415‌

Republic

of

Czech,

Series

125,

1.50%,

4/24/40 

220,710,000‌

6,651‌

27,066‌

Total

Czech

Republic

(Cost

$39,418

)

38,790‌

DENMARK

0.8%

Corporate

Bonds

0.8%

Carlsberg

Breweries,

0.375%,

6/30/27

(EUR) 

2,735,000‌

2,683‌

Carlsberg

Breweries,

0.875%,

7/1/29

(EUR) 

3,773,000‌

3,597‌

Danske

Bank,

VR,

0.75%,

6/9/29

(EUR) (3)

8,420,000‌

8,039‌

Danske

Bank,

VR,

1.375%,

2/17/27

(EUR) (3)

2,440,000‌

2,515‌

Danske

Bank,

VR,

1.375%,

2/12/30

(EUR) (3)

4,700,000‌

4,931‌

Danske

Bank,

VR,

4.50%,

11/9/28

(EUR) (3)

2,410,000‌

2,662‌

Orsted,

4.875%,

1/12/32

(GBP) 

5,750,000‌

7,155‌

TDC

Net,

5.056%,

5/31/28

(EUR) 

2,310,000‌

2,560‌

TDC

Net,

5.618%,

2/6/30

(EUR) 

13,970,000‌

15,507‌

Total

Denmark

(Cost

$49,052

)

49,649‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

5

Par/Shares

$

Value

(Cost

and

value

in

$000s)

EGYPT

0.4%

Government

Bonds

0.4%

Arab

Republic

of

Egypt,

Treasury

Bills,

Series

364D,

24.998%,

6/25/24 

243,600,000‌

4,866‌

Arab

Republic

of

Egypt,

Treasury

Bills,

Series

364D,

30.00%,

9/17/24 

436,825,000‌

8,201‌

Arab

Republic

of

Egypt,

Treasury

Bills,

Series

364D,

31.25%,

12/10/24 

760,825,000‌

13,563‌

Total

Egypt

(Cost

$25,680

)

26,630‌

ESTONIA

0.6%

Government

Bonds

0.6%

Republic

of

Estonia,

3.25%,

1/17/34 (2)

32,500,000‌

34,739‌

Total

Estonia

(Cost

$35,357

)

34,739‌

FINLAND

0.1%

Corporate

Bonds

0.1%

Elisa,

0.25%,

9/15/27 

2,760,000‌

2,680‌

Metso,

0.875%,

5/26/28 (2)

2,775,000‌

2,699‌

Total

Finland

(Cost

$5,487

)

5,379‌

FRANCE

4.0%

Corporate

Bonds

1.8%

Altice

France,

3.375%,

1/15/28 (1)

505,000‌

389‌

Altice

France,

5.875%,

2/1/27 (1)

1,305,000‌

1,086‌

Banijay

Entertainment,

7.00%,

5/1/29 (1)

1,045,000‌

1,182‌

Banque

Federative

du

Credit

Mutuel,

1.25%,

5/26/27 

3,000,000‌

3,028‌

Banque

Federative

du

Credit

Mutuel,

1.375%,

7/16/28 

3,100,000‌

3,084‌

Banque

Federative

du

Credit

Mutuel,

3.125%,

9/14/27 

2,500,000‌

2,670‌

Banque

Federative

du

Credit

Mutuel,

5.125%,

1/13/33 

5,400,000‌

6,194‌

Banque

Stellantis

France,

4.00%,

1/21/27 

2,400,000‌

2,617‌

BNP

Paribas,

VR,

2.125%,

1/23/27 (3)

9,300,000‌

9,745‌

BNP

Paribas,

VR,

3.875%,

1/10/31 (3)

4,000,000‌

4,411‌

BPCE,

0.25%,

1/14/31 

7,100,000‌

6,202‌

BPCE,

3.50%,

1/25/28 

5,500,000‌

5,953‌

Credit

Agricole,

0.875%,

1/14/32 

1,000,000‌

881‌

Credit

Agricole,

1.00%,

9/16/24 

5,800,000‌

6,174‌

Credit

Agricole,

1.875%,

12/20/26 

5,200,000‌

5,383‌

Credit

Agricole

Assurances,

VR,

2.625%,

1/29/48 (3)

6,000,000‌

6,064‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Electricite

de

France,

6.125%,

6/2/34

(GBP) 

7,200,000‌

9,369‌

EssilorLuxottica,

0.375%,

11/27/27 

2,700,000‌

2,644‌

Holding

d'Infrastructures

de

Transport,

1.475%,

1/18/31 

8,600,000‌

8,042‌

IPD

3,

8.00%,

6/15/28 (1)

1,825,000‌

2,084‌

Loxam,

6.375%,

5/15/28 

3,795,000‌

4,248‌

Orange,

3.25%,

1/15/32

(GBP) 

6,500,000‌

7,448‌

RTE

Reseau

de

Transport

d'Electricite

SADIR,

0.75%,

1/12/34 

7,200,000‌

6,108‌

Veolia

Environnement,

1.25%,

4/2/27 

2,000,000‌

2,029‌

Veolia

Environnement,

1.94%,

1/7/30 (2)

5,700,000‌

5,678‌

112,713‌

Government

Bonds

2.2%

Republic

of

France,

1.25%,

5/25/36 (1)

65,636,000‌

58,767‌

Republic

of

France,

3.00%,

5/25/33 (1)

18,975,000‌

20,860‌

Republic

of

France,

3.00%,

5/25/54 (1)

51,945,000‌

53,132‌

132,759‌

Total

France

(Cost

$263,782

)

245,472‌

GERMANY

7.3%

Corporate

Bonds

1.6%

Allianz,

VR,

3.375% (3)(4)

13,400,000‌

14,348‌

Daimler

Truck

International

Finance,

1.625%,

4/6/27 

2,600,000‌

2,661‌

E.ON

International

Finance,

6.25%,

6/3/30

(GBP) 

11,400,000‌

15,433‌

Fresenius,

1.625%,

10/8/27 (2)

2,635,000‌

2,676‌

Fresenius,

5.00%,

11/28/29 

5,200,000‌

5,909‌

Gruenenthal,

3.625%,

11/15/26 (1)

990,000‌

1,045‌

Gruenenthal,

6.75%,

5/15/30 (1)

530,000‌

604‌

Gruenenthal,

6.75%,

5/15/30 

3,500,000‌

3,990‌

Hannover

Rueck,

1.125%,

4/18/28 

2,600,000‌

2,653‌

Hannover

Rueck,

VR,

1.125%,

10/9/39 (3)

11,500,000‌

10,639‌

Hannover

Rueck,

VR,

1.75%,

10/8/40 (3)

4,800,000‌

4,499‌

Knorr-Bremse,

3.25%,

9/21/27 

2,500,000‌

2,687‌

ProGroup,

5.375%,

4/15/31 (1)

2,755,000‌

2,964‌

TK

Elevator

Midco,

4.375%,

7/15/27 (1)(2)

2,745,000‌

2,848‌

Volkswagen

Bank,

4.375%,

5/3/28 

2,400,000‌

2,644‌

Volkswagen

Financial

Services,

0.375%,

2/12/30 

10,300,000‌

9,252‌

Volkswagen

International

Finance,

Series

10Y,

1.875%,

3/30/27 

1,300,000‌

1,331‌

Volkswagen

Leasing,

1.50%,

6/19/26 

5,135,000‌

5,284‌

Volkswagen

Leasing,

1.625%,

8/15/25 

5,350,000‌

5,606‌

97,073‌

Government

Bonds

5.7%

Bundesobligation,

Series

184,

0.00%,

10/9/26 

79,031,000‌

79,890‌

Bundesrepublik

Deutschland

Bundesanleihe,

0.00%,

2/15/30 

103,692,000‌

98,218‌

Bundesrepublik

Deutschland

Bundesanleihe,

0.00%,

8/15/52 

25,789,200‌

14,193‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Bundesrepublik

Deutschland

Bundesanleihe,

2.20%,

2/15/34 

18,041,000‌

19,308‌

Bundesrepublik

Deutschland

Bundesanleihe,

4.75%,

7/4/40 

18,688,000‌

26,279‌

Deutsche

Bundesrepublik,

Inflation-Indexed,

0.50%,

4/15/30 

94,067,687‌

102,877‌

KfW,

4.70%,

6/2/37

(CAD) 

5,202,000‌

3,966‌

344,731‌

Total

Germany

(Cost

$437,480

)

441,804‌

GREECE

0.3%

Government

Bonds

0.3%

Hellenic

Republic,

0.75%,

6/18/31 (1)

17,599,000‌

16,132‌

Total

Greece

(Cost

$21,191

)

16,132‌

HUNGARY

1.6%

Corporate

Bonds

0.1%

OTP

Bank,

VR,

7.35%,

3/4/26

(EUR) (3)

5,290,000‌

5,836‌

5,836‌

Government

Bonds

1.5%

Magyar

Export-Import

Bank,

6.00%,

5/16/29

(EUR) 

4,370,000‌

4,989‌

Republic

of

Hungary,

5.00%,

2/22/27

(EUR) 

8,464,000‌

9,436‌

Republic

of

Hungary,

Series

33/A,

2.25%,

4/20/33 

39,263,030,000‌

76,034‌

90,459‌

Total

Hungary

(Cost

$110,887

)

96,295‌

ICELAND

0.4%

Corporate

Bonds

0.1%

Landsbankinn,

0.375%,

5/23/25

(EUR) 

8,060,000‌

8,305‌

8,305‌

Government

Bonds

0.3%

Republic

of

Iceland,

0.00%,

4/15/28

(EUR) 

10,385,000‌

9,854‌

Republic

of

Iceland,

3.50%,

3/21/34

(EUR) 

8,096,000‌

8,871‌

18,725‌

Total

Iceland

(Cost

$30,344

)

27,030‌

INDIA

1.3%

Corporate

Bonds

0.2%

ABJA

Investment,

5.95%,

7/31/24

(USD) 

6,850,000‌

6,841‌

State

Bank

of

India,

4.875%,

5/5/28

(USD) 

5,088,000‌

5,045‌

11,886‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

8

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Government

Bonds

1.1%

Republic

of

India,

6.54%,

1/17/32 

2,136,000,000‌

24,845‌

Republic

of

India,

7.26%,

8/22/32 

3,550,060,000‌

43,014‌

67,859‌

Total

India

(Cost

$79,467

)

79,745‌

INDONESIA

2.7%

Corporate

Bonds

0.0%

Minejesa

Capital,

5.625%,

8/10/37

(USD) (2)

3,965,000‌

3,611‌

3,611‌

Government

Bonds

2.7%

Republic

of

Indonesia,

3.75%,

6/14/28

(EUR) 

40,797,000‌

44,250‌

Republic

of

Indonesia,

Series

FR86,

5.50%,

4/15/26 

473,000,000,000‌

29,381‌

Republic

of

Indonesia,

Series

FR91,

6.375%,

4/15/32 

75,730,000,000‌

4,692‌

Republic

of

Indonesia,

Series

FR95,

6.375%,

8/15/28 

441,080,000,000‌

27,677‌

Republic

of

Indonesia,

Series

FR96,

7.00%,

2/15/33 

891,119,000,000‌

57,445‌

163,445‌

Total

Indonesia

(Cost

$177,057

)

167,056‌

IRELAND

0.2%

Corporate

Bonds

0.1%

Smurfit

Kappa

Treasury,

1.50%,

9/15/27 

2,650,000‌

2,667‌

2,667‌

Government

Bonds

0.1%

Republic

of

Ireland,

1.50%,

5/15/50 

2,696,000‌

2,116‌

Republic

of

Ireland,

2.00%,

2/18/45 

5,630,000‌

5,145‌

7,261‌

Total

Ireland

(Cost

$13,446

)

9,928‌

ISRAEL

0.4%

Corporate

Bonds

0.1%

Bank

Hapoalim,

VR,

3.255%,

1/21/32

(USD) (1)(3)

6,450,000‌

5,744‌

5,744‌

Government

Bonds

0.3%

State

of

Israel,

1.50%,

1/18/27

(EUR) 

18,046,000‌

18,060‌

18,060‌

Total

Israel

(Cost

$28,143

)

23,804‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

9

Par/Shares

$

Value

(Cost

and

value

in

$000s)

ITALY

3.8%

Corporate

Bonds

0.9%

Aeroporti

di

Roma,

1.625%,

6/8/27 

2,575,000‌

2,647‌

Autostrade

per

l'Italia,

1.625%,

1/25/28 

2,680,000‌

2,679‌

Autostrade

per

l'Italia,

2.00%,

12/4/28 

6,245,000‌

6,234‌

Autostrade

per

l'Italia,

2.00%,

1/15/30 

5,620,000‌

5,489‌

CA

Auto

Bank,

0.50%,

9/13/24 

5,800,000‌

6,159‌

CA

Auto

Bank,

4.75%,

1/25/27 

2,395,000‌

2,643‌

Enel

Finance

International,

5.625%,

8/14/24

(GBP) 

2,663,000‌

3,359‌

Inter

Media

&

Communication,

6.75%,

2/9/27 

5,350,000‌

5,640‌

Intesa

Sanpaolo,

1.75%,

7/4/29 

8,399,000‌

8,280‌

Italgas,

1.625%,

1/19/27 

2,570,000‌

2,636‌

Lottomatica,

FRN,

3M

EURIBOR

+

4.125%,

8.067%,

6/1/28 (1)

1,040,000‌

1,132‌

Snam,

0.875%,

10/25/26 

6,950,000‌

7,034‌

53,932‌

Government

Bonds

2.9%

Italy

Buoni

Poliennali

Del

Tesoro,

Series

10Y,

4.40%,

5/1/33 

94,148,000‌

108,367‌

Italy

Buoni

Poliennali

Del

Tesoro,

Series

50Y,

2.80%,

3/1/67 

37,508,000‌

30,624‌

Italy

Buoni

Poliennali

Del

Tesoro,

Series

CPI,

1.30%,

5/15/28 (1)

35,195,005‌

38,247‌

177,238‌

Total

Italy

(Cost

$235,021

)

231,170‌

IVORY

COAST

0.3%

Government

Bonds

0.3%

Republic

of

Ivory

Coast,

5.875%,

10/17/31

(EUR) 

18,675,000‌

18,658‌

Total

Ivory

Coast

(Cost

$17,242

)

18,658‌

JAPAN

14.7%

Government

Bonds

14.7%

Government

of

Japan,

Series

16,

1.30%,

3/20/63 

10,800,000,000‌

60,080‌

Government

of

Japan,

Series

19,

Inflation-Indexed,

0.10%,

9/10/24 

9,082,318,000‌

60,499‌

Government

of

Japan,

Series

20,

Inflation-Indexed,

0.10%,

3/10/25 

10,361,024,000‌

69,505‌

Government

of

Japan,

Series

26,

Inflation-Indexed,

0.005%,

3/10/31 

7,254,130,653‌

51,319‌

Government

of

Japan,

Series

27,

Inflation-Indexed,

0.005%,

3/10/32 

4,458,160,000‌

31,458‌

Government

of

Japan,

Series

28,

Inflation-Indexed,

0.005%,

3/10/33 

3,219,583,500‌

22,632‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

10

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Government

of

Japan,

Series

44,

1.70%,

9/20/44 

13,073,850,000‌

89,803‌

Government

of

Japan,

Series

73,

0.70%,

12/20/51 

586,150,000‌

3,018‌

Government

of

Japan,

Series

74,

1.00%,

3/20/52 

9,339,650,000‌

52,073‌

Government

of

Japan,

Series

75,

1.30%,

6/20/52 

10,616,750,000‌

63,712‌

Government

of

Japan,

Series

76,

1.40%,

9/20/52 

10,620,450,000‌

65,231‌

Government

of

Japan,

Series

338,

0.40%,

3/20/25 

13,396,000,000‌

88,799‌

Government

of

Japan,

Treasury

Bills,

Series

1205,

(0.121)%,

7/10/24 

4,280,000,000‌

28,271‌

Government

of

Japan,

Treasury

Bills,

Series

1211,

(0.085)%,

8/13/24 

13,597,850,000‌

89,812‌

Government

of

Japan,

Treasury

Bills,

Series

1215,

(0.11)%,

6/3/24 

9,100,000,000‌

60,113‌

Government

of

Japan,

Treasury

Bills,

Series

1221,

(0.065)%,

7/1/24 

9,240,000,000‌

61,048‌

Total

Japan

(Cost

$1,053,546

)

897,373‌

KUWAIT

0.2%

Corporate

Bonds

0.2%

MEGlobal,

2.625%,

4/28/28

(USD) (1)

9,170,000‌

8,188‌

MEGlobal,

2.625%,

4/28/28

(USD) 

3,125,000‌

2,791‌

Total

Kuwait

(Cost

$12,090

)

10,979‌

LATVIA

1.3%

Government

Bonds

1.3%

Republic

of

Latvia,

0.375%,

10/7/26

(EUR) 

64,671,000‌

65,237‌

Republic

of

Latvia,

3.875%,

5/22/29

(EUR) 

13,210,000‌

14,627‌

Total

Latvia

(Cost

$85,577

)

79,864‌

LITHUANIA

0.9%

Corporate

Bonds

0.0%

PLT

VII

Finance,

4.625%,

1/5/26 (1)

1,150,000‌

1,240‌

1,240‌

Government

Bonds

0.9%

Republic

of

Lithuania,

3.50%,

2/13/34 

15,620,000‌

16,764‌

Republic

of

Lithuania,

3.875%,

6/14/33 

30,295,000‌

33,760‌

50,524‌

Total

Lithuania

(Cost

$50,071

)

51,764‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

11

Par/Shares

$

Value

(Cost

and

value

in

$000s)

LUXEMBOURG

0.4%

Corporate

Bonds

0.4%

Albion

Financing

1,

5.25%,

10/15/26 

3,200,000‌

3,475‌

Altice

Financing,

4.25%,

8/15/29 (1)

1,775,000‌

1,555‌

Blackstone

Property

Partners

Europe

Holdings,

1.75%,

3/12/29 

9,970,000‌

9,331‌

Logicor

Financing,

0.875%,

1/14/31 

7,100,000‌

6,084‌

Logicor

Financing,

1.50%,

7/13/26 

6,240,000‌

6,327‌

Total

Luxembourg

(Cost

$28,937

)

26,772‌

MACAO

0.2%

Corporate

Bonds

0.2%

Melco

Resorts

Finance,

4.875%,

6/6/25

(USD) 

5,175,000‌

5,054‌

Sands

China,

4.05%,

1/8/26

(USD) 

5,110,000‌

4,925‌

Total

Macao

(Cost

$9,978

)

9,979‌

MALAYSIA

3.1%

Government

Bonds

3.1%

Government

of

Malaysia,

Series

0119,

3.906%,

7/15/26 

178,500,000‌

38,113‌

Government

of

Malaysia,

Series

0120,

4.065%,

6/15/50 

94,879,000‌

19,681‌

Government

of

Malaysia,

Series

0123,

4.457%,

3/31/53 

42,075,000‌

9,278‌

Government

of

Malaysia,

Series

0216,

4.736%,

3/15/46 

310,065,000‌

72,191‌

Government

of

Malaysia,

Series

0316,

3.90%,

11/30/26 

25,840,000‌

5,531‌

Government

of

Malaysia,

Series

0318,

4.642%,

11/7/33 

78,750,000‌

17,674‌

Government

of

Malaysia,

Series

0518,

4.921%,

7/6/48 

119,656,000‌

28,202‌

Total

Malaysia

(Cost

$200,917

)

190,670‌

MEXICO

2.7%

Corporate

Bonds

0.5%

America

Movil,

5.75%,

6/28/30

(GBP) 

6,670,000‌

8,844‌

BBVA

Bancomer,

VR,

5.125%,

1/18/33

(USD) (3)

12,085,000‌

11,239‌

Bimbo

Bakeries

USA,

6.05%,

1/15/29

(USD) (1)

8,900,000‌

9,215‌

29,298‌

Government

Bonds

2.2%

Petroleos

Mexicanos,

4.75%,

2/26/29

(EUR) 

13,400,000‌

12,189‌

Petroleos

Mexicanos,

4.875%,

2/21/28

(EUR) 

17,590,000‌

16,748‌

United

Mexican

States,

Series

M,

7.50%,

5/26/33 

974,155,000‌

52,213‌

United

Mexican

States,

Series

M,

8.50%,

5/31/29 

163,115,000‌

9,501‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

12

Par/Shares

$

Value

(Cost

and

value

in

$000s)

United

Mexican

States,

Series

M,

8.50%,

11/18/38 

756,690,000‌

42,329‌

132,980‌

Total

Mexico

(Cost

$154,910

)

162,278‌

MONTENEGRO

0.2%

Government

Bonds

0.2%

Republic

of

Montenegro,

7.25%,

3/12/31

(USD) (1)

14,142,000‌

14,409‌

Total

Montenegro

(Cost

$14,274

)

14,409‌

MOROCCO

0.2%

Government

Bonds

0.2%

Kingdom

of

Morocco,

1.375%,

3/30/26

(EUR) 

12,030,000‌

12,324‌

Total

Morocco

(Cost

$12,534

)

12,324‌

NETHERLANDS

1.1%

Corporate

Bonds

1.1%

Boost

Newco

Borrower,

8.50%,

1/15/31

(GBP) (1)

235,000‌

320‌

Cooperatieve

Rabobank,

4.625%,

5/23/29

(GBP) 

100,000‌

121‌

ING

Groep,

VR,

0.375%,

9/29/28 (3)

2,800,000‌

2,696‌

ING

Groep,

VR,

1.25%,

2/16/27 (3)

8,800,000‌

9,055‌

ING

Groep,

VR,

4.75%,

5/23/34 (3)

6,000,000‌

6,950‌

LeasePlan,

VR,

7.375% (3)(4)

8,200,000‌

8,848‌

Nationale-Nederlanden

Bank,

0.375%,

2/26/25 

5,300,000‌

5,536‌

NN

Group,

1.625%,

6/1/27 

2,575,000‌

2,640‌

Sartorius

Finance,

4.50%,

9/14/32 

8,000,000‌

9,079‌

Summer

BidCo,

10.00%,

2/15/29,

(10.00%

Cash

or

10.75%

PIK) (1)(5)

395,000‌

431‌

TenneT

Holding,

2.00%,

6/5/34 

12,320,000‌

11,867‌

Universal

Music

Group,

3.00%,

6/30/27 

2,470,000‌

2,642‌

VZ

Secured

Financing,

3.50%,

1/15/32 (2)

3,900,000‌

3,703‌

Wolters

Kluwer,

1.50%,

3/22/27 (2)

2,585,000‌

2,647‌

Ziggo,

2.875%,

1/15/30 

2,720,000‌

2,588‌

Total

Netherlands

(Cost

$70,076

)

69,123‌

NEW

ZEALAND

1.1%

Corporate

Bonds

0.2%

Chorus,

3.625%,

9/7/29

(EUR) 

8,130,000‌

8,785‌

8,785‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

13

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Government

Bonds

0.9%

New

Zealand

Government

Bond,

Series

0433,

3.50%,

4/14/33 

82,975,000‌

45,716‌

New

Zealand

Government

Bond,

Series

0551,

2.75%,

5/15/51 

22,771,000‌

9,258‌

54,974‌

Total

New

Zealand

(Cost

$66,162

)

63,759‌

NORTH

MACEDONIA

0.1%

Government

Bonds

0.1%

Republic

of

North

Macedonia,

6.96%,

3/13/27

(EUR) (1)

5,430,000‌

6,144‌

Total

North

Macedonia

(Cost

$5,756

)

6,144‌

NORWAY

0.2%

Corporate

Bonds

0.2%

Avinor,

0.75%,

10/1/30

(EUR) 

10,635,000‌

9,846‌

Total

Norway

(Cost

$9,573

)

9,846‌

PERU

0.8%

Corporate

Bonds

0.1%

Banco

de

Credito

del

Peru,

VR,

3.125%,

7/1/30

(USD) (3)

5,160,000‌

4,945‌

4,945‌

Government

Bonds

0.7%

Republic

of

Peru,

5.40%,

8/12/34 

189,750,000‌

43,948‌

43,948‌

Total

Peru

(Cost

$48,332

)

48,893‌

PHILIPPINES

0.1%

Government

Bonds

0.1%

Republic

of

Philippines,

0.25%,

4/28/25

(EUR) 

4,245,000‌

4,396‌

Total

Philippines

(Cost

$5,098

)

4,396‌

POLAND

0.4%

Corporate

Bonds

0.0%

InPost,

2.25%,

7/15/27

(EUR) (1)

1,740,000‌

1,760‌

1,760‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

14

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Government

Bonds

0.4%

Republic

of

Poland,

Series

1033,

6.00%,

10/25/33 

79,910,000‌

20,827‌

20,827‌

Total

Poland

(Cost

$21,853

)

22,587‌

PORTUGAL

0.2%

Corporate

Bonds

0.2%

Banco

Comercial

Portugues,

VR,

1.125%,

2/12/27 (3)

5,800,000‌

5,932‌

Banco

Comercial

Portugues,

VR,

1.75%,

4/7/28 (3)

3,500,000‌

3,547‌

Banco

Comercial

Portugues,

VR,

6.888%,

12/7/27 (3)

3,900,000‌

4,434‌

Total

Portugal

(Cost

$13,223

)

13,913‌

QATAR

0.2%

Corporate

Bonds

0.2%

QNB

Finance,

2.75%,

2/12/27

(USD) 

8,200,000‌

7,675‌

QNB

Finance,

4.875%,

1/30/29

(USD) 

4,275,000‌

4,232‌

Total

Qatar

(Cost

$12,204

)

11,907‌

ROMANIA

0.3%

Corporate

Bonds

0.3%

Banca

Transilvania,

VR,

8.875%,

4/27/27

(EUR) (3)

12,440,000‌

14,250‌

RCS

&

RDS,

3.25%,

2/5/28

(EUR) (2)

6,300,000‌

6,348‌

Total

Romania

(Cost

$19,763

)

20,598‌

SAUDI

ARABIA

0.1%

Government

Bonds

0.1%

Saudi

Arabian

Oil,

4.25%,

4/16/39

(USD) (2)

5,800,000‌

5,084‌

Total

Saudi

Arabia

(Cost

$5,385

)

5,084‌

SENEGAL

0.2%

Government

Bonds

0.2%

Republic

of

Senegal,

5.375%,

6/8/37

(EUR) 

18,390,000‌

14,473‌

Total

Senegal

(Cost

$13,841

)

14,473‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

15

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SERBIA

1.4%

Corporate

Bonds

0.0%

United

Group,

4.625%,

8/15/28

(EUR) (1)

3,105,000‌

3,213‌

3,213‌

Government

Bonds

1.4%

Republic

of

Serbia,

1.00%,

9/23/28

(EUR) (1)(2)

26,075,000‌

23,940‌

Republic

of

Serbia,

1.50%,

6/26/29

(EUR) (1)

14,635,000‌

13,358‌

Republic

of

Serbia,

1.50%,

6/26/29

(EUR) 

13,215,000‌

12,062‌

Republic

of

Serbia,

1.65%,

3/3/33

(EUR) 

10,435,000‌

8,439‌

Republic

of

Serbia,

2.05%,

9/23/36

(EUR) (1)

5,025,000‌

3,808‌

Republic

of

Serbia,

2.05%,

9/23/36

(EUR) 

4,885,000‌

3,702‌

Republic

of

Serbia,

3.125%,

5/15/27

(EUR) 

18,700,000‌

19,423‌

84,732‌

Total

Serbia

(Cost

$100,567

)

87,945‌

SINGAPORE

1.7%

Government

Bonds

1.7%

Government

of

Singapore,

0.50%,

11/1/25 

44,175,000‌

31,230‌

Government

of

Singapore,

1.625%,

7/1/31 

48,911,000‌

32,765‌

Government

of

Singapore,

2.375%,

6/1/25 

15,670,000‌

11,444‌

Government

of

Singapore,

2.875%,

7/1/29 

40,189,000‌

29,475‌

Total

Singapore

(Cost

$102,356

)

104,914‌

SLOVENIA

0.7%

Government

Bonds

0.7%

Republic

of

Slovenia,

Series

RS74,

1.50%,

3/25/35 (2)

11,285,000‌

10,428‌

Republic

of

Slovenia,

Series

RS76,

3.125%,

8/7/45 

21,586,000‌

22,532‌

Republic

of

Slovenia,

Series

RS77,

2.25%,

3/3/32 (2)

7,145,000‌

7,366‌

Republic

of

Slovenia,

Series

RS86,

0.00%,

2/12/31 

4,975,000‌

4,423‌

Total

Slovenia

(Cost

$52,155

)

44,749‌

SOUTH

AFRICA

0.1%

Corporate

Bonds

0.1%

Anglo

American

Capital,

3.375%,

3/11/29

(GBP) 

5,340,000‌

6,211‌

Total

South

Africa

(Cost

$5,884

)

6,211‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

16

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SOUTH

KOREA

0.4%

Corporate

Bonds

0.4%

NongHyup

Bank,

4.875%,

7/3/28

(USD) (1)

11,310,000‌

11,273‌

Shinhan

Bank,

4.50%,

4/12/28

(USD) (1)

12,100,000‌

11,904‌

Total

South

Korea

(Cost

$23,335

)

23,177‌

SPAIN

2.7%

Corporate

Bonds

1.4%

Banco

Bilbao

Vizcaya

Argentaria,

3.375%,

9/20/27 

7,900,000‌

8,514‌

Banco

Bilbao

Vizcaya

Argentaria,

VR,

5.75%,

9/15/33 (3)

2,700,000‌

3,063‌

Banco

de

Sabadell,

VR,

0.875%,

6/16/28 (3)

6,600,000‌

6,499‌

Banco

de

Sabadell,

VR,

5.00%,

6/7/29 (3)

2,300,000‌

2,601‌

Banco

de

Sabadell,

VR,

5.125%,

11/10/28 (3)

5,100,000‌

5,759‌

Banco

Santander,

1.125%,

1/17/25 

5,800,000‌

6,124‌

CaixaBank,

3.75%,

9/7/29 

9,300,000‌

10,241‌

CaixaBank,

VR,

0.75%,

5/26/28 (3)

2,700,000‌

2,668‌

CaixaBank,

VR,

6.25%,

2/23/33 (3)

2,600,000‌

2,968‌

Cellnex

Telecom,

1.75%,

10/23/30 (2)

13,000,000‌

12,465‌

Cirsa

Finance

International,

7.875%,

7/31/28 (1)(2)

4,415,000‌

5,031‌

EDP

Servicios

Financieros

Espana,

4.375%,

4/4/32 

5,143,000‌

5,818‌

Inmobiliaria

Colonial

Socimi,

1.625%,

11/28/25 

7,300,000‌

7,598‌

Lorca

Telecom

Bondco,

4.00%,

9/18/27 

8,700,000‌

9,116‌

88,465‌

Government

Bonds

1.3%

Kingdom

of

Spain,

0.00%,

1/31/28 

65,124,000‌

63,152‌

Kingdom

of

Spain,

1.90%,

10/31/52 (1)

20,837,000‌

15,452‌

78,604‌

Total

Spain

(Cost

$164,026

)

167,069‌

SRI

LANKA

0.4%

Government

Bonds

0.4%

Republic

of

Sri

Lanka,

11.00%,

6/1/26 

1,017,000,000‌

3,376‌

Republic

of

Sri

Lanka,

Series

A,

11.40%,

1/15/27 

1,227,000,000‌

4,086‌

Republic

of

Sri

Lanka,

Series

A,

11.50%,

8/1/26 

1,063,000,000‌

3,563‌

Republic

of

Sri

Lanka,

Series

A,

20.00%,

9/15/27 

1,544,000,000‌

6,292‌

Republic

of

Sri

Lanka,

Treasury

Bills,

Series

364,

21.75%,

4/5/24 

2,244,000,000‌

7,460‌

Total

Sri

Lanka

(Cost

$22,038

)

24,777‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

17

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SWEDEN

1.3%

Corporate

Bonds

0.4%

Autoliv,

4.25%,

3/15/28

(EUR) 

2,365,000‌

2,600‌

Electrolux,

4.50%,

9/29/28

(EUR) 

2,415,000‌

2,646‌

Skandinaviska

Enskilda

Banken,

0.375%,

6/21/28

(EUR) 

2,865,000‌

2,707‌

Tele2,

0.75%,

3/23/31

(EUR) 

5,645,000‌

5,178‌

Tele2,

2.125%,

5/15/28

(EUR) 

2,575,000‌

2,633‌

Verisure

Holding,

3.875%,

7/15/26

(EUR) (1)

1,600,000‌

1,698‌

Verisure

Holding,

9.25%,

10/15/27

(EUR) 

3,600,000‌

4,149‌

21,611‌

Government

Bonds

0.9%

Kingdom

of

Sweden,

Series

1056,

2.25%,

6/1/32 (2)

337,510,000‌

31,332‌

Kingdom

of

Sweden,

Inflation-Indexed,

Series

3111,

0.125%,

6/1/32 

285,399,173‌

25,048‌

56,380‌

Total

Sweden

(Cost

$80,926

)

77,991‌

SWITZERLAND

0.4%

Corporate

Bonds

0.4%

ABB

Finance,

3.25%,

1/16/27

(EUR) 

2,400,000‌

2,598‌

ABB

Finance,

3.375%,

1/16/31

(EUR) 

4,445,000‌

4,858‌

Holcim

Finance

Luxembourg,

2.25%,

5/26/28

(EUR) 

2,555,000‌

2,636‌

UBS

Group,

VR,

2.875%,

4/2/32

(EUR) (3)

7,050,000‌

7,132‌

UBS

Group,

VR,

7.75%,

3/1/29

(EUR) (3)

6,929,000‌

8,522‌

Total

Switzerland

(Cost

$24,058

)

25,746‌

THAILAND

1.9%

Corporate

Bonds

0.1%

Bangkok

Bank,

VR,

3.733%,

9/25/34

(USD) (3)

7,545,000‌

6,734‌

6,734‌

Government

Bonds

1.8%

Kingdom

of

Thailand,

1.60%,

12/17/29 

132,630,000‌

3,509‌

Kingdom

of

Thailand,

2.00%,

12/17/31 

2,010,559,000‌

53,564‌

Kingdom

of

Thailand,

3.45%,

6/17/43 

691,700,000‌

20,177‌

Kingdom

of

Thailand,

3.65%,

6/20/31 

1,104,772,000‌

32,605‌

109,855‌

Total

Thailand

(Cost

$124,002

)

116,589‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

18

Par/Shares

$

Value

(Cost

and

value

in

$000s)

UNITED

KINGDOM

5.3%

Corporate

Bonds

2.8%

Barclays,

VR,

0.577%,

8/9/29

(EUR) (3)

5,175,000‌

4,854‌

Barclays,

VR,

0.877%,

1/28/28

(EUR) (3)

7,895,000‌

7,872‌

Barclays,

VR,

6.369%,

1/31/31 (3)

4,650,000‌

6,107‌

Bellis

Acquisition,

3.25%,

2/16/26 (1)

1,450,000‌

1,726‌

Deuce

Finco,

5.50%,

6/15/27 (1)

1,600,000‌

1,909‌

Heathrow

Funding,

2.75%,

10/13/29 

8,360,000‌

9,454‌

HSBC

Holdings,

VR,

4.752%,

3/10/28

(EUR) (3)

10,715,000‌

11,899‌

Jerrold

Finco,

4.875%,

1/15/26 (1)

580,000‌

729‌

Jerrold

Finco,

5.25%,

1/15/27 

2,800,000‌

3,370‌

Jerrold

Finco,

7.875%,

4/15/30 (1)

345,000‌

435‌

Kane

Bidco,

5.00%,

2/15/27

(EUR) (2)

8,420,000‌

8,751‌

Legal

&

General

Group,

VR,

5.375%,

10/27/45 (3)

5,685,000‌

7,130‌

London

Stock

Exchange

Group,

1.75%,

12/6/27

(EUR) 

2,610,000‌

2,677‌

Marks

&

Spencer,

6.00%,

6/12/25 

1,713,000‌

2,165‌

Motion

Finco,

7.375%,

6/15/30

(EUR) (1)

6,345,000‌

7,136‌

National

Grid

Electricity

Distribution

East

Midlands,

3.53%,

9/20/28

(EUR) 

2,455,000‌

2,655‌

Nationwide

Building

Society,

VR,

1.50%,

3/8/26

(EUR) (3)

2,770,000‌

2,922‌

Nationwide

Building

Society,

VR,

2.00%,

7/25/29

(EUR) (3)

5,050,000‌

5,398‌

NatWest

Group,

VR,

0.67%,

9/14/29

(EUR) (3)

5,250,000‌

4,971‌

NatWest

Group,

VR,

0.78%,

2/26/30

(EUR) (3)

2,014,000‌

1,894‌

NatWest

Group,

VR,

1.043%,

9/14/32

(EUR) (2)(3)

5,075,000‌

4,894‌

Next

Group,

3.625%,

5/18/28 

7,491,000‌

9,031‌

Next

Group,

4.375%,

10/2/26 

982,000‌

1,219‌

Reckitt

Benckiser

Treasury

Services,

3.875%,

9/14/33

(EUR) 

5,540,000‌

6,070‌

Santander

U.K.

Group

Holdings,

VR,

0.603%,

9/13/29

(EUR) (3)

6,475,000‌

6,098‌

Santander

U.K.

Group

Holdings,

VR,

2.421%,

1/17/29 (3)

3,320,000‌

3,746‌

Santander

U.K.

Group

Holdings,

VR,

3.53%,

8/25/28

(EUR) (3)

5,300,000‌

5,687‌

Severn

Trent

Utilities

Finance,

4.625%,

11/30/34 

5,970,000‌

7,189‌

Smiths

Group,

2.00%,

2/23/27

(EUR) 

2,535,000‌

2,621‌

Standard

Chartered,

VR,

2.50%,

9/9/30

(EUR) (3)

6,670,000‌

7,001‌

Tesco

Corporate

Treasury

Services,

0.875%,

5/29/26

(EUR) 

5,250,000‌

5,349‌

Tesco

Corporate

Treasury

Services,

2.75%,

4/27/30 

4,850,000‌

5,447‌

Vmed

O2

U.K.

Financing

I,

4.50%,

7/15/31 (1)

5,145,000‌

5,520‌

Vmed

O2

U.K.

Financing

I,

4.50%,

7/15/31 

5,630,000‌

6,040‌

169,966‌

Government

Bonds

2.5%

United

Kingdom

Gilt,

0.625%,

7/31/35 

34,481,000‌

30,277‌

United

Kingdom

Gilt,

0.625%,

10/22/50 

78,870,000‌

41,540‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

19

Par/Shares

$

Value

(Cost

and

value

in

$000s)

United

Kingdom

Gilt,

4.25%,

12/7/46 

64,972,797‌

80,300‌

152,117‌

Total

United

Kingdom

(Cost

$339,809

)

322,083‌

UNITED

STATES

5.1%

Corporate

Bonds

4.9%

AbbVie,

2.125%,

11/17/28

(EUR) 

2,605,000‌

2,684‌

AbbVie,

2.625%,

11/15/28

(EUR) 

5,967,000‌

6,275‌

American

Honda

Finance,

0.75%,

11/25/26

(GBP) 

4,097,000‌

4,686‌

American

Honda

Finance,

1.95%,

10/18/24

(EUR) 

4,680,000‌

4,998‌

AT&T,

3.95%,

4/30/31

(EUR) 

13,150,000‌

14,608‌

Athene

Global

Funding,

0.832%,

1/8/27

(EUR) 

6,150,000‌

6,115‌

Bank

of

America,

2.375%,

6/19/24

(EUR) 

5,000,000‌

5,374‌

Bank

of

America,

VR,

1.662%,

4/25/28

(EUR) (3)

2,610,000‌

2,659‌

Becton

Dickinson

&

Company,

3.02%,

5/24/25

(GBP) 

7,393,000‌

9,079‌

Becton

Dickinson

&

Company,

3.519%,

2/8/31

(EUR) 

3,520,000‌

3,805‌

Becton

Dickinson

Euro

Finance,

0.334%,

8/13/28

(EUR) 

4,290,000‌

4,075‌

Becton

Dickinson

Euro

Finance,

1.213%,

2/12/36

(EUR) 

1,874,000‌

1,562‌

Berkshire

Hathaway

Finance,

1.50%,

3/18/30

(EUR) (2)

5,119,000‌

5,024‌

Capital

One

Financial,

1.65%,

6/12/29

(EUR) 

11,300,000‌

10,817‌

Carrier

Global,

4.125%,

5/29/28

(EUR) 

2,420,000‌

2,667‌

Comcast,

0.00%,

9/14/26

(EUR) 

3,000,000‌

2,979‌

Dana

Financing

Luxembourg,

8.50%,

7/15/31

(EUR) (1)

2,623,000‌

3,112‌

Dow

Chemical,

0.50%,

3/15/27

(EUR) 

2,715,000‌

2,686‌

Encore

Capital

Group,

4.875%,

10/15/25

(EUR) (1)

3,480,000‌

3,717‌

Equitable

Financial

Life

Global

Funding,

0.60%,

6/16/28

(EUR) 

2,805,000‌

2,681‌

FedEx,

1.625%,

1/11/27

(EUR) 

2,620,000‌

2,688‌

Fiserv,

1.625%,

7/1/30

(EUR) 

175,000‌

167‌

Fiserv,

3.00%,

7/1/31

(GBP) 

9,825,000‌

10,945‌

Fiserv,

4.50%,

5/24/31

(EUR) 

10,825,000‌

12,183‌

Ford

Motor

Credit,

4.867%,

8/3/27

(EUR) 

8,810,000‌

9,778‌

Ford

Motor

Credit,

5.125%,

2/20/29

(EUR) (2)

4,125,000‌

4,658‌

General

Motors

Financial,

0.85%,

2/26/26

(EUR) 

10,000,000‌

10,239‌

Goldman

Sachs

Group,

1.375%,

5/15/24

(EUR) 

5,700,000‌

6,130‌

Goldman

Sachs

Group,

1.625%,

7/27/26

(EUR) 

4,137,000‌

4,282‌

Goldman

Sachs

Group,

VR,

3.625%,

10/29/29

(GBP) (3)

3,180,000‌

3,788‌

Graphic

Packaging

International,

2.625%,

2/1/29

(EUR) (1)

2,975,000‌

2,970‌

Harley-Davidson

Financial

Services,

5.125%,

4/5/26

(EUR) 

8,000,000‌

8,838‌

Highland

Holdings,

0.318%,

12/15/26

(EUR) 

3,635,000‌

3,603‌

International

Game

Technology,

3.50%,

6/15/26

(EUR) (1)

2,410,000‌

2,566‌

International

Game

Technology,

3.50%,

6/15/26

(EUR) 

4,550,000‌

4,845‌

JPMorgan

Chase,

VR,

1.638%,

5/18/28

(EUR) (3)

2,620,000‌

2,669‌

Medtronic

Global

Holdings,

0.375%,

10/15/28

(EUR) 

2,969,000‌

2,830‌

Metropolitan

Life

Global

Funding

I,

5.00%,

1/10/30

(GBP) 

570,000‌

734‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

20

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Mondelez

International,

0.25%,

3/17/28

(EUR) 

10,218,000‌

9,805‌

Mondelez

International,

1.625%,

3/8/27

(EUR) 

2,575,000‌

2,654‌

Mondelez

International

Holdings

Netherlands,

0.25%,

9/9/29

(EUR) (1)

6,160,000‌

5,675‌

Morgan

Stanley,

VR,

0.406%,

10/29/27

(EUR) (3)

4,931,000‌

4,908‌

Morgan

Stanley,

VR,

0.495%,

10/26/29

(EUR) (3)

11,660,000‌

10,958‌

Morgan

Stanley,

VR,

5.148%,

1/25/34

(EUR) (3)

2,000,000‌

2,383‌

Netflix,

3.625%,

5/15/27

(EUR) 

2,455,000‌

2,671‌

Netflix,

3.875%,

11/15/29

(EUR) 

5,585,000‌

6,153‌

Prologis,

2.25%,

6/30/29

(GBP) 

5,048,000‌

5,623‌

Thermo

Fisher

Scientific,

0.875%,

10/1/31

(EUR) 

5,170,000‌

4,720‌

Thermo

Fisher

Scientific,

2.375%,

4/15/32

(EUR) 

842,000‌

852‌

Thermo

Fisher

Scientific

Finance

I,

0.80%,

10/18/30

(EUR) 

1,890,000‌

1,756‌

Upjohn

Finance,

1.362%,

6/23/27

(EUR) 

2,670,000‌

2,666‌

Upjohn

Finance,

1.908%,

6/23/32

(EUR) 

5,520,000‌

5,012‌

Utah

Acquisition

Sub,

3.125%,

11/22/28

(EUR) 

5,630,000‌

5,905‌

Verizon

Communications,

1.30%,

5/18/33

(EUR) 

5,270,000‌

4,712‌

Verizon

Communications,

2.625%,

12/1/31

(EUR) 

4,715,000‌

4,818‌

VF,

4.125%,

3/7/26

(EUR) 

4,239,000‌

4,518‌

VF,

4.25%,

3/7/29

(EUR) (2)

4,355,000‌

4,616‌

Wells

Fargo,

1.00%,

2/2/27

(EUR) 

2,660,000‌

2,671‌

Westlake,

1.625%,

7/17/29

(EUR) 

9,435,000‌

9,128‌

295,720‌

Municipal

Securities

0.2%

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (6)

20,826,087‌

12,037‌

12,037‌

Total

United

States

(Cost

$324,299

)

307,757‌

SHORT-TERM

INVESTMENTS

4.7%

Money

Market

Funds

2.2%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (7)(8)

131,950,583‌

131,951‌

131,951‌

U.S.

Treasury

Obligations

2.5%

U.S.

Treasury

Bills,

5.29%,

4/11/24 (9)

152,550,000‌

152,327‌

152,327‌

Total

Short-Term

Investments

(Cost

$284,278)

284,278‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

21

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SECURITIES

LENDING

COLLATERAL

1.6%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

1.6%

Money

Market

Funds

1.6%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (7)(8)

99,094,568‌

99,095‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

99,095‌

Total

Securities

Lending

Collateral

(Cost

$99,095)

99,095‌

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED

0.0%

OTC

Options

Purchased

0.0%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Citibank

EUR

/

MXN

Put,

5/10/24

@

MXN18.25

(EUR) (10)

2‌

83,566‌

1,402‌

HSBC

Bank

USD

/

JPY

Call,

5/1/24

@

JPY152.00 (10)

1‌

60,345‌

312‌

Total

Options

Purchased

(Cost

$729)

1,714‌

Total

Investments

in

Securities

99.5%

(Cost

$6,362,173)

$

6,065,103‌

Other

Assets

Less

Liabilities

0.5%

32,920

Net

Assets

100.0%

$

6,098,023‌

‡

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

$488,835

and

represents

8.0%

of

net

assets.

(2)

All

or

a

portion

of

this

security

is

on

loan

at

March

31,

2024.

(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.

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

22

.

.

.

.

.

.

.

.

.

.

(5)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(6)

Contingent

value

instrument

that

only

pays

out

if

a

portion

of

the

territory's

Sales

and

Use

Tax

outperforms

the

projections

in

the

Oversight

Board’s

Certified

Fiscal

Plan.

(7)

Seven-day

yield

(8)

Affiliated

Companies

(9)

At

March

31,

2024,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

(10)

Non-income

producing

1

Day

INR

MIBOR

One

day

INR

MIBOR

(Mumbai

interbank

offered

rate)

3M

EURIBOR

Three

month

EURIBOR

(Euro

interbank

offered

rate)

6M

EURIBOR

Six

month

EURIBOR

(Euro

interbank

offered

rate)

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CNH

Offshore

China

Renminbi

COP

Colombian

Peso

CZK

Czech

Koruna

EGP

Egyptian

Pound

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

OTC

Over-the-counter

PEN

Peruvian

New

Sol

PIK

Payment-in-kind

PLN

Polish

Zloty

SEK

Swedish

Krona

SGD

Singapore

Dollar

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

23

.

.

.

.

.

.

.

.

.

.

THB

Thai

Baht

TONA

Tokyo

overnight

average

rate

TRY

Turkish

Lira

TWD

Taiwan

Dollar

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

ZAR

South

African

Rand

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

24

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.2)%

OTC

Options

Written

(0.2)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Citibank

5

Year

Interest

Rate

Swap,

1/14/31

Pay

Fixed

2.45%

Annually,

Receive

Variable

3.851%

(6M

EURIBOR)

Semi-Annually,

1/12/26

@

2.45%*

(EUR)

1

275,900

(5,291‌)

Citibank

5

Year

Interest

Rate

Swap,

1/14/31

Receive

Fixed

2.45%

Annually,

Pay

Variable

3.851%

(6M

EURIBOR)

Semi-Annually,

1/12/26

@

2.45%*

(EUR)

1

275,900

(7,380‌)

Total

Options

Written

(Premiums

$(14,297))

$

(12,671‌)

*

Exercise

Spread

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

25

(Amounts

in

000s)

SWAPS

(0.0)%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Sold

0.0%

Greece

0.0%

Bank

of

America,

Protection

Sold (Relevant

Credit:

Hellenic

Republic,

BBB-*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

(USD)

*

17,964

124

(108)

232‌

Bank

of

America,

Protection

Sold (Relevant

Credit:

Hellenic

Republic,

BBB-*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/29

(USD)

*

12,470

181

(360)

541‌

Barclays

Bank,

Protection

Sold (Relevant

Credit:

Hellenic

Republic,

BBB-*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/24

(USD)

*

9,200

22

(25)

47‌

Barclays

Bank,

Protection

Sold (Relevant

Credit:

Hellenic

Republic,

BBB-*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

(USD)

*

16,500

114

(13)

127‌

Citibank,

Protection

Sold (Relevant

Credit:

Hellenic

Republic,

BBB-*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/25

(USD)

*

6,635

72

(92)

164‌

Morgan

Stanley,

Protection

Sold (Relevant

Credit:

Hellenic

Republic,

BBB-*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

(USD)

*

4,911

34

(5)

39‌

Morgan

Stanley,

Protection

Sold (Relevant

Credit:

Hellenic

Republic,

BBB-*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/25

(USD)

*

2,801

30

(31)

61‌

Total

Greece

(634)

1,211‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(634)

1,211‌

Total

Bilateral

Swaps

(634)

1,211‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

26

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

(0.0)%

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

(1,527)

(587)

(940‌)

Total

Canada

(940‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Bought

(940‌)

Credit

Default

Swaps,

Protection

Sold

0.0%

Foreign/Europe

0.0%

Protection

Sold

(Relevant

Credit:

Markit

iTraxx

Europe-S40,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

110,050

2,610

2,069

541‌

Total

Foreign/Europe

541‌

Greece

0.0%

Protection

Sold

(Relevant

Credit:

Hellenic

Republic,

BBB-*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/26

(USD)

3,700

61

39

22‌

Total

Greece

22‌

Spain

0.0%

Protection

Sold

(Relevant

Credit:

Cellnex

Telecom,

BBB-*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

4,592

900

744

156‌

Total

Spain

156‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

719‌

Interest

Rate

Swaps

(0.0)%

China

0.0%

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.283%

Quarterly,

Pay

Variable

2.000%

(7

Day

Interbank

Repo)

Quarterly,

8/18/28

235,500

287

—

287‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.476%

Quarterly,

Pay

Variable

2.450%

(7

Day

Interbank

Repo)

Quarterly,

6/1/28

219,090

505

—

505‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

27

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.562%

Quarterly,

Pay

Variable

2.050%

(7

Day

Interbank

Repo)

Quarterly,

5/15/28

37,862

107

—

107‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.568%

Quarterly,

Pay

Variable

2.400%

(7

Day

Interbank

Repo)

Quarterly,

5/16/28

128,613

366

—

366‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.579%

Quarterly,

Pay

Variable

2.050%

(7

Day

Interbank

Repo)

Quarterly,

5/15/28

164,070

479

—

479‌

Total

China

1,744‌

Foreign/Europe

0.1%

2

Year

Interest

Rate

Swap,

Pay

Fixed

2.928%

Annually,

Receive

Variable

3.837%

(6M

EURIBOR)

Semi-Annually,

2/6/26

511,850

3,510

—

3,510‌

2

Year

Interest

Rate

Swap,

Receive

Fixed

3.155%

Annually,

Pay

Variable

0.000%

(6M

EURIBOR)

Semi-Annually,

4/2/26

996,750

25

—

25‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.793%

Annually,

Pay

Variable

3.912%

(6M

EURIBOR)

Semi-Annually,

3/5/29

68,100

305

—

305‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.807%

Annually,

Pay

Variable

3.908%

(6M

EURIBOR)

Semi-Annually,

3/5/29

135,871

707

11

696‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.367%

Annually,

Pay

Variable

3.909%

(6M

EURIBOR)

Semi-Annually,

9/21/28

194,575

9,078

—

9,078‌

7

Year

Interest

Rate

Swap,

Receive

Fixed

2.638%

Annually,

Pay

Variable

3.938%

(6M

EURIBOR)

Semi-Annually,

12/17/29

47,260

(211)

—

(211‌)

9

Year

Interest

Rate

Swap,

Pay

Fixed

0.858%

Annually,

Receive

Variable

3.906%

(6M

EURIBOR)

Semi-Annually,

9/22/27

600

40

1

39‌

10

Year

Interest

Rate

Swap,

Receive

Fixed

0.830%

Annually,

Pay

Variable

3.908%

(6M

EURIBOR)

Semi-Annually,

3/2/32

40,250

(5,538)

—

(5,538‌)

10

Year

Interest

Rate

Swap,

Receive

Fixed

1.222%

Annually,

Pay

Variable

4.138%

(6M

EURIBOR)

Semi-Annually,

4/5/32

7,300

(841)

—

(841‌)

10

Year

Interest

Rate

Swap,

Receive

Fixed

1.640%

Annually,

Pay

Variable

4.092%

(6M

EURIBOR)

Semi-Annually,

5/3/32

30,750

(2,353)

—

(2,353‌)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.683%

Annually,

Pay

Variable

4.026%

(6M

EURIBOR)

Semi-Annually,

11/30/32

4,760

13

—

13‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

28

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.698%

Annually,

Pay

Variable

4.026%

(6M

EURIBOR)

Semi-Annually,

11/30/32

2,040

8

—

8‌

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.730%

Annually,

Pay

Variable

4.070%

(6M

EURIBOR)

Semi-Annually,

11/23/32

88,800

545

—

545‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

2.427%

Annually,

Receive

Variable

3.912%

(6M

EURIBOR)

Semi-Annually,

3/5/54

13,800

(281)

—

(281‌)

30

Year

Interest

Rate

Swap,

Pay

Fixed

2.447%

Annually,

Receive

Variable

3.908%

(6M

EURIBOR)

Semi-Annually,

3/4/54

27,700

(690)

11

(701‌)

30

Year

Interest

Rate

Swap,

Pay

Fixed

2.953%

Annually,

Receive

Variable

3.909%

(6M

EURIBOR)

Semi-Annually,

9/22/53

29,920

(4,554)

—

(4,554‌)

Total

Foreign/Europe

(260‌)

India

(0.0)%

7

Year

Interest

Rate

Swap,

Pay

Fixed

6.410%

Semi-Annually,

Receive

Variable

7.900%

(1

Day

INR

MIBOR)

Semi-Annually,

3/20/31

1,713,747

(27)

—

(27‌)

Total

India

(27‌)

Japan

(0.0)%

5

Year

Interest

Rate

Swap,

Pay

Fixed

0.418%

Annually,

Receive

Variable

(0.020)%

(JPY

TONA)

Annually,

8/10/28

58,400,000

(550)

—

(550‌)

5

Year

Interest

Rate

Swap,

Pay

Fixed

0.544%

Annually,

Receive

Variable

(0.006)%

(JPY

TONA)

Annually,

11/27/28

1,750,000

(62)

—

(62‌)

Total

Japan

(612‌)

Mexico

(0.1)%

7

Year

Interest

Rate

Swap,

Receive

Fixed

5.499%

28

Days,

Pay

Variable

11.472%

(MXIBTIIE)

28

Days,

5/4/27

525,000

(3,286)

—

(3,286‌)

Total

Mexico

(3,286‌)

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

29

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

United

Kingdom

(0.0)%

2

Year

Interest

Rate

Swap,

Pay

Fixed

4.439%

Annually,

Receive

Variable

5.190%

(GBP

SONIA)

Annually,

3/27/26

645,500

(443)

—

(443‌)

Total

United

Kingdom

(443‌)

Total

Centrally

Cleared

Interest

Rate

Swaps

(2,884‌)

Total

Centrally

Cleared

Swaps

(3,105‌)

Net

payments

(receipts)

of

variation

margin

to

date

2,429‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(676‌)

*

Credit

ratings

as

of

March

31,

2024.

Ratings

shown

are

from

Moody’s

Investors

Service

and

if

Moody’s

does

not

rate

a

security,

then

Standard

&

Poor’s

(S&P)

is

used.

Fitch

is

used

for

securities

that

are

not

rated

by

either

Moody’s

or

S&P.

**

Includes

interest

purchased

or

sold

but

not

yet

collected

of

$17.

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

30

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

4/5/24

IDR

371,519,799‌

USD

23,854‌

$

(433‌)

Bank

of

America

4/5/24

KRW

20,843,567‌

USD

15,739‌

(261‌)

Bank

of

America

4/9/24

TRY

260,336‌

USD

7,852‌

83‌

Bank

of

America

4/12/24

USD

15,263‌

MXN

261,371‌

(424‌)

Bank

of

America

4/19/24

USD

68,138‌

CAD

91,826‌

326‌

Bank

of

America

4/19/24

USD

833‌

EUR

763‌

10‌

Bank

of

America

5/17/24

USD

15,102‌

PLN

60,277‌

18‌

Bank

of

America

6/7/24

USD

188,926‌

MYR

901,001‌

(457‌)

Barclays

Bank

4/3/24

USD

27,221‌

TWD

837,181‌

1,060‌

Barclays

Bank

4/5/24

KRW

58,676,733‌

USD

44,684‌

(1,110‌)

Barclays

Bank

4/5/24

USD

4,169‌

INR

347,672‌

1‌

Barclays

Bank

4/5/24

USD

59,569‌

KRW

80,263,704‌

(36‌)

Barclays

Bank

4/9/24

TRY

260,336‌

USD

7,969‌

(34‌)

Barclays

Bank

4/9/24

USD

9,138‌

TRY

299,407‌

12‌

Barclays

Bank

4/12/24

ZAR

426,044‌

USD

22,727‌

(259‌)

Barclays

Bank

5/24/24

GBP

35,185‌

USD

44,892‌

(469‌)

Barclays

Bank

5/24/24

USD

16,719‌

EUR

15,482‌

(21‌)

Barclays

Bank

5/24/24

USD

381,042‌

GBP

302,320‌

(652‌)

Barclays

Bank

6/14/24

USD

465,998‌

CNH

3,333,493‌

5,356‌

Barclays

Bank

7/5/24

KRW

80,263,704‌

USD

59,855‌

(81‌)

BNP

Paribas

4/5/24

USD

15,558‌

KRW

20,890,721‌

44‌

BNP

Paribas

4/12/24

CZK

508,619‌

USD

22,571‌

(888‌)

BNP

Paribas

4/12/24

USD

22,720‌

ZAR

426,044‌

252‌

BNP

Paribas

4/19/24

USD

52,094‌

EUR

47,839‌

439‌

BNP

Paribas

4/19/24

USD

5,493‌

JPY

816,359‌

83‌

BNP

Paribas

5/24/24

GBP

1,826‌

USD

2,311‌

(6‌)

BNP

Paribas

5/24/24

SEK

699,469‌

USD

67,592‌

(2,092‌)

BNP

Paribas

5/24/24

USD

5,869‌

EUR

5,354‌

80‌

BNP

Paribas

6/7/24

USD

57,605‌

THB

2,056,227‌

918‌

BNP

Paribas

6/14/24

USD

36,810‌

CNH

265,957‌

59‌

BNP

Paribas

6/14/24

USD

107,415‌

SGD

142,604‌

1,429‌

BNP

Paribas

6/21/24

USD

841,740‌

EUR

769,836‌

8,356‌

BNY

Mellon

4/19/24

USD

625,304‌

EUR

568,411‌

11,552‌

Canadian

Imperial

Bank

of

Commerce

4/19/24

CAD

18,860‌

USD

13,979‌

(51‌)

Canadian

Imperial

Bank

of

Commerce

4/19/24

USD

122,695‌

CAD

164,427‌

1,268‌

Canadian

Imperial

Bank

of

Commerce

4/19/24

USD

2,120‌

EUR

1,938‌

28‌

Citibank

4/5/24

USD

17,827‌

IDR

279,455,365‌

211‌

Citibank

4/5/24

USD

455‌

INR

37,914‌

—‌

Citibank

4/12/24

HUF

9,399,205‌

USD

26,868‌

(1,144‌)

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

31

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Citibank

4/18/24

ILS

21,163‌

USD

5,644‌

$

116‌

Citibank

4/18/24

USD

6,639‌

ILS

24,728‌

(91‌)

Citibank

4/19/24

AUD

24,476‌

USD

16,448‌

(488‌)

Citibank

4/19/24

NOK

113,988‌

USD

10,637‌

(132‌)

Citibank

4/19/24

USD

45,367‌

EUR

41,617‌

430‌

Citibank

5/24/24

USD

1,822‌

EUR

1,673‌

13‌

Citibank

9/4/24

EGP

534,968‌

USD

11,748‌

(960‌)

Citibank

3/4/25

EGP

99,817‌

USD

1,910‌

(30‌)

Citibank

3/12/25

EGP

334,493‌

USD

5,979‌

302‌

Deutsche

Bank

4/5/24

IDR

1,432,387,778‌

USD

90,596‌

(299‌)

Deutsche

Bank

4/5/24

USD

1,152‌

INR

96,106‌

—‌

Deutsche

Bank

4/12/24

HUF

6,276,270‌

USD

17,665‌

(488‌)

Deutsche

Bank

4/12/24

USD

13,878‌

CZK

325,163‌

16‌

Deutsche

Bank

4/12/24

USD

8,598‌

HUF

3,107,145‌

94‌

Deutsche

Bank

4/19/24

USD

7,293‌

EUR

6,679‌

81‌

Deutsche

Bank

5/17/24

PLN

116,900‌

USD

28,784‌

469‌

Deutsche

Bank

5/24/24

GBP

7,617‌

USD

9,723‌

(106‌)

Deutsche

Bank

6/7/24

USD

681‌

MYR

3,233‌

2‌

Deutsche

Bank

7/5/24

USD

90,355‌

IDR

1,432,387,778‌

353‌

Goldman

Sachs

4/3/24

TWD

1,869,960‌

USD

58,737‌

(302‌)

Goldman

Sachs

4/3/24

USD

33,546‌

TWD

1,032,779‌

1,273‌

Goldman

Sachs

4/5/24

IDR

238,002,804‌

USD

15,311‌

(307‌)

Goldman

Sachs

4/5/24

USD

57,583‌

IDR

894,852,643‌

1,172‌

Goldman

Sachs

4/5/24

USD

20,470‌

INR

1,706,855‌

8‌

Goldman

Sachs

4/19/24

USD

61,998‌

CAD

83,047‌

669‌

Goldman

Sachs

6/4/24

BRL

206,203‌

USD

41,152‌

(298‌)

Goldman

Sachs

6/4/24

USD

16,959‌

BRL

85,460‌

27‌

Goldman

Sachs

6/7/24

USD

26,205‌

THB

931,543‌

524‌

Goldman

Sachs

7/5/24

USD

59,089‌

TWD

1,869,960‌

345‌

Goldman

Sachs

7/12/24

TRY

428,688‌

USD

11,887‌

(156‌)

HSBC

Bank

4/5/24

IDR

32,089,879‌

USD

2,049‌

(27‌)

HSBC

Bank

4/5/24

INR

1,230,703‌

USD

14,739‌

15‌

HSBC

Bank

4/5/24

INR

2,313,745‌

USD

27,759‌

(22‌)

HSBC

Bank

4/5/24

KRW

21,634,125‌

USD

16,283‌

(217‌)

HSBC

Bank

4/5/24

USD

6,795‌

IDR

106,063,828‌

109‌

HSBC

Bank

4/5/24

USD

15,447‌

IDR

245,590,507‌

(35‌)

HSBC

Bank

4/12/24

USD

30,260‌

CZK

704,907‌

208‌

HSBC

Bank

4/19/24

CAD

21,286‌

USD

15,750‌

(31‌)

HSBC

Bank

4/19/24

JPY

5,436,718‌

USD

36,997‌

(966‌)

HSBC

Bank

4/19/24

USD

144,310‌

JPY

21,384,932‌

2,584‌

HSBC

Bank

5/17/24

PLN

62,178‌

USD

15,751‌

(192‌)

HSBC

Bank

6/4/24

USD

24,188‌

BRL

120,743‌

266‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

32

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

HSBC

Bank

7/5/24

USD

27,684‌

INR

2,313,745‌

$

23‌

HSBC

Bank

7/5/24

USD

14,696‌

INR

1,230,703‌

(17‌)

JPMorgan

Chase

4/5/24

USD

16,248‌

INR

1,355,901‌

(6‌)

JPMorgan

Chase

4/19/24

CHF

25,892‌

USD

29,682‌

(904‌)

JPMorgan

Chase

4/19/24

USD

120,875‌

AUD

180,704‌

3,047‌

JPMorgan

Chase

4/19/24

USD

60,956‌

JPY

9,102,493‌

630‌

JPMorgan

Chase

5/17/24

USD

20,834‌

PLN

83,728‌

(118‌)

JPMorgan

Chase

5/24/24

USD

48,172‌

EUR

44,390‌

174‌

Morgan

Stanley

4/5/24

PEN

169,276‌

USD

44,796‌

704‌

Morgan

Stanley

4/5/24

USD

38,345‌

PEN

141,751‌

243‌

Morgan

Stanley

4/5/24

USD

32,692‌

PEN

122,009‌

(103‌)

Morgan

Stanley

4/12/24

USD

7,646‌

MXN

131,668‌

(257‌)

Morgan

Stanley

4/19/24

CHF

13,170‌

USD

15,035‌

(397‌)

Morgan

Stanley

5/24/24

EUR

13,868‌

USD

15,159‌

(163‌)

Morgan

Stanley

6/7/24

USD

36,886‌

COP

147,540,524‌

(837‌)

RBC

Dominion

Securities

4/5/24

IDR

156,164,682‌

USD

9,982‌

(137‌)

RBC

Dominion

Securities

4/12/24

MXN

281,594‌

USD

16,255‌

645‌

RBC

Dominion

Securities

4/12/24

USD

5,729‌

MXN

98,260‌

(168‌)

RBC

Dominion

Securities

4/19/24

CAD

61,456‌

USD

45,470‌

(87‌)

RBC

Dominion

Securities

4/19/24

USD

156,518‌

EUR

142,091‌

3,092‌

RBC

Dominion

Securities

5/24/24

GBP

149‌

USD

191‌

(2‌)

Standard

Chartered

4/5/24

USD

21,302‌

PEN

78,351‌

242‌

Standard

Chartered

4/19/24

USD

58,609‌

NZD

93,893‌

2,511‌

State

Street

4/12/24

MXN

286,632‌

USD

16,447‌

756‌

State

Street

4/12/24

USD

44,146‌

MXN

751,329‌

(946‌)

State

Street

4/19/24

CAD

2,992‌

USD

2,242‌

(32‌)

State

Street

4/19/24

JPY

1,566,345‌

USD

10,847‌

(466‌)

State

Street

4/19/24

USD

3,924‌

EUR

3,601‌

35‌

State

Street

4/19/24

USD

774,739‌

JPY

110,763,980‌

40,665‌

State

Street

4/19/24

USD

10,936‌

NOK

113,988‌

431‌

State

Street

5/24/24

USD

729,853‌

EUR

674,827‌

171‌

State

Street

6/14/24

CNH

319,038‌

USD

44,049‌

37‌

State

Street

6/21/24

EUR

25,381‌

USD

27,638‌

(162‌)

UBS

Investment

Bank

4/5/24

USD

45,174‌

IDR

704,202,599‌

781‌

UBS

Investment

Bank

4/12/24

CZK

355,590‌

USD

15,767‌

(607‌)

UBS

Investment

Bank

4/12/24

HUF

6,121,295‌

USD

17,513‌

(760‌)

UBS

Investment

Bank

4/12/24

USD

21,100‌

CZK

487,020‌

338‌

UBS

Investment

Bank

4/19/24

CHF

24,818‌

USD

28,876‌

(1,292‌)

UBS

Investment

Bank

4/19/24

JPY

4,873,295‌

USD

33,168‌

(871‌)

UBS

Investment

Bank

4/19/24

USD

75,530‌

CHF

63,880‌

4,531‌

UBS

Investment

Bank

4/19/24

USD

558‌

EUR

511‌

7‌

UBS

Investment

Bank

4/19/24

USD

62,450‌

JPY

9,311,468‌

740‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

33

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

UBS

Investment

Bank

5/10/24

CLP

27,688,171‌

USD

29,164‌

$

(939‌)

UBS

Investment

Bank

5/24/24

USD

11,978‌

EUR

10,980‌

105‌

UBS

Investment

Bank

5/24/24

USD

124,580‌

SEK

1,300,565‌

2,793‌

UBS

Investment

Bank

6/7/24

USD

12,143‌

COP

48,526,618‌

(264‌)

UBS

Investment

Bank

6/7/24

USD

26,175‌

THB

937,785‌

322‌

Wells

Fargo

4/5/24

PEN

86,418‌

USD

23,168‌

60‌

Wells

Fargo

4/5/24

PEN

86,417‌

USD

23,347‌

(118‌)

Wells

Fargo

5/10/24

CLP

45,883,393‌

USD

48,522‌

(1,750‌)

Wells

Fargo

6/7/24

USD

12,169‌

COP

49,016,785‌

(364‌)

Wells

Fargo

7/5/24

USD

23,316‌

PEN

86,417‌

125‌

Wells

Fargo

7/5/24

USD

23,135‌

PEN

86,417‌

(56‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

78,481‌

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

34

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

408

Commonwealth

of

Australia

ten

year

bond

contracts

6/24

(30,995)

$

14‌

Long,

712

Commonwealth

of

Australia

three

year

bond

contracts

6/24

49,605

3‌

Long,

395

Euro

BOBL

contracts

6/24

50,392

200‌

Short,

98

Euro

SCHATZ

contracts

6/24

(11,175)

2‌

Long,

1,168

Government

of

Canada

ten

year

bond

contracts

6/24

103,767

(381‌)

Short,

61

Government

of

Japan

ten

year

bond

contracts

6/24

(58,784)

(79‌)

Long,

1,998

Republic

of

South

Korea

ten

year

bond

contracts

6/24

168,567

(492‌)

Short,

1,325

Republic

of

South

Korea

three

year

bond

contracts

6/24

(103,195)

144‌

Net

payments

(receipts)

of

variation

margin

to

date

325‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(264‌)

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

35

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

March

31,

2024.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

$

—‌

$

—‌

$

1,963‌++

Totals

$

—‌#

$

—‌

$

1,963‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

03/31/24

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

$

167,811‌

 ¤

 ¤

$

231,046‌

Total

$

231,046‌^

#

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

$1,963

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

$231,046.

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Unaudited

Notes

to

Portfolio

of

Investments

36

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)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

37

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

38

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

5,680,016‌

$

—‌

$

5,680,016‌

Short-Term

Investments

131,951‌

152,327‌

—‌

284,278‌

Securities

Lending

Collateral

99,095‌

—‌

—‌

99,095‌

Options

Purchased

—‌

1,714‌

—‌

1,714‌

Total

Securities

231,046‌

5,834,057‌

—‌

6,065,103‌

Swaps*

—‌

17,259‌

—‌

17,259‌

Forward

Currency

Exchange

Contracts

—‌

103,869‌

—‌

103,869‌

Futures

Contracts*

363‌

—‌

—‌

363‌

Total

$

231,409‌

$

5,955,185‌

$

—‌

$

6,186,594‌

Liabilities

Options

Written

$

—‌

$

12,671‌

$

—‌

$

12,671‌

Swaps*

—‌

19,787‌

—‌

19,787‌

Forward

Currency

Exchange

Contracts

—‌

25,388‌

—‌

25,388‌

Futures

Contracts*

952‌

—‌

—‌

952‌

Total

$

952‌

$

57,846‌

$

—‌

$

58,798‌

1

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Government

Bonds

and

Municipal

Securities.

T.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

39

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

events,

and

public

health

epidemics and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

global

outbreak

of

COVID-19

and

the

related

governmental

and

public

responses

have

led

and

may

continue

to

lead

to

increased

market

volatility

and

the

potential

for

illiquidity

in

certain

classes

of

securities

and

sectors

of

the

market

either

in

specific

countries

or

worldwide.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict,

leading

to

economic

sanctions imposed

on

Russia

that

target certain

of

its

citizens

and

issuers

and

sectors

of

the

Russian

economy,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

of

potential

broader

adverse

market

conditions.

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.

F1114-054Q1

03/24

*

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.