UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-02958

T. Rowe Price International Funds, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: June 30, 2026

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Semi-Annual Shareholder Report

June 30, 2026

International Bond Fund (USD Hedged)

Investor Class (TNIBX)

This semi-annual shareholder report contains important information about International Bond Fund (USD Hedged) (the "fund") for the period of January 1, 2026 to June 30, 2026. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

Table Summary
	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
International Bond Fund (USD Hedged) - Investor Class	$38	0.77%

What are some fund statistics?

Fund Statistics

Table Summary
Total Net Assets (000s)	$9,777,504
Number of Portfolio Holdings	711

Table Summary

Portfolio Turnover Rate	28.0%

What did the fund invest in?

Geographic Allocation (as a % of Net Assets)

Table Summary
United States	14.2%
Japan	11.3
United Kingdom	5.9
Canada	5.6
China	5.1
Italy	3.6
Germany	3.6
France	3.1
Spain	2.9
Other	44.7

Top Ten Holdings (as a % of Net Assets)

Table Summary
Government of Japan	7.0%
People's Republic of China	5.1
United Kingdom Gilt	4.3
Government of Japan Treasury Bills	4.2
Italy Buoni Poliennali Del Tesoro	2.8
Republic of Singapore	2.8
Republic of Indonesia	2.4
Government of Canada	2.2
Deutsche Bundesrepublik	2.2
Government of Malaysia	2.2

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F1114-053 8/26

International Bond Fund (USD Hedged)

Investor Class (TNIBX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

June 30, 2026

International Bond Fund (USD Hedged)

Advisor Class (TTABX)

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

Table Summary
	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
International Bond Fund (USD Hedged) - Advisor Class	$49	0.99%

What are some fund statistics?

Fund Statistics

Table Summary
Total Net Assets (000s)	$9,777,504
Number of Portfolio Holdings	711

Table Summary

Portfolio Turnover Rate	28.0%

What did the fund invest in?

Geographic Allocation (as a % of Net Assets)

Table Summary
United States	14.2%
Japan	11.3
United Kingdom	5.9
Canada	5.6
China	5.1
Italy	3.6
Germany	3.6
France	3.1
Spain	2.9
Other	44.7

Top Ten Holdings (as a % of Net Assets)

Table Summary
Government of Japan	7.0%
People's Republic of China	5.1
United Kingdom Gilt	4.3
Government of Japan Treasury Bills	4.2
Italy Buoni Poliennali Del Tesoro	2.8
Republic of Singapore	2.8
Republic of Indonesia	2.4
Government of Canada	2.2
Deutsche Bundesrepublik	2.2
Government of Malaysia	2.2

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F1115-053 8/26

International Bond Fund (USD Hedged)

Advisor Class (TTABX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

June 30, 2026

International Bond Fund (USD Hedged)

I Class (TNBMX)

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

Table Summary
	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
International Bond Fund (USD Hedged) - I Class	$26	0.52%

What are some fund statistics?

Fund Statistics

Table Summary
Total Net Assets (000s)	$9,777,504
Number of Portfolio Holdings	711

Table Summary

Portfolio Turnover Rate	28.0%

What did the fund invest in?

Geographic Allocation (as a % of Net Assets)

Table Summary
United States	14.2%
Japan	11.3
United Kingdom	5.9
Canada	5.6
China	5.1
Italy	3.6
Germany	3.6
France	3.1
Spain	2.9
Other	44.7

Top Ten Holdings (as a % of Net Assets)

Table Summary
Government of Japan	7.0%
People's Republic of China	5.1
United Kingdom Gilt	4.3
Government of Japan Treasury Bills	4.2
Italy Buoni Poliennali Del Tesoro	2.8
Republic of Singapore	2.8
Republic of Indonesia	2.4
Government of Canada	2.2
Deutsche Bundesrepublik	2.2
Government of Malaysia	2.2

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F1116-053 8/26

International Bond Fund (USD Hedged)

I Class (TNBMX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

June 30, 2026

International Bond Fund (USD Hedged)

Z Class (TRMZX)

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

Table Summary
	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
International Bond Fund (USD Hedged) - Z Class	$0	0.00%

What are some fund statistics?

Fund Statistics

Table Summary
Total Net Assets (000s)	$9,777,504
Number of Portfolio Holdings	711

Table Summary

Portfolio Turnover Rate	28.0%

What did the fund invest in?

Geographic Allocation (as a % of Net Assets)

Table Summary
United States	14.2%
Japan	11.3
United Kingdom	5.9
Canada	5.6
China	5.1
Italy	3.6
Germany	3.6
France	3.1
Spain	2.9
Other	44.7

Top Ten Holdings (as a % of Net Assets)

Table Summary
Government of Japan	7.0%
People's Republic of China	5.1
United Kingdom Gilt	4.3
Government of Japan Treasury Bills	4.2
Italy Buoni Poliennali Del Tesoro	2.8
Republic of Singapore	2.8
Republic of Indonesia	2.4
Government of Canada	2.2
Deutsche Bundesrepublik	2.2
Government of Malaysia	2.2

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F1256-053 8/26

International Bond Fund (USD Hedged)

Z Class (TRMZX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a – b) Report pursuant to Regulation S-X.

Financial

Highlights

Portfolio

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

June

30,

2026

Financial

Statements

and

Other

Information

For

insights

from

Rowe

Price

investment

professionals,

troweprice.com

ROWE

PRICE

TNIBX

International

Bond

Fund

(USD

Hedged)

TTABX

International

Bond

Fund

(USD

Hedged)–

Advisor Class

TNBMX

International

Bond

Fund

(USD

Hedged)–

I Class

TRMZX

International

Bond

Fund

(USD

Hedged)–

Z Class

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Unaudited

Financial

Highlights

For

outstanding

throughout

each

period

Investor

Class

Months

Ended

6/30/26

Year

Ended

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

NET

ASSET

VALUE

Beginning

period

.55‌

.53‌

.48‌

.91‌

.35‌

Investment

activities

Net

investment

income

(1)(2)

.14‌

.28‌

.26‌

.21‌

.15‌

.11‌

Net

realized

and

unrealized

gain/

loss

(

.02‌

)

.02‌

.04‌

.56‌

(

.32‌

)

(

.28‌

)

Total

from

investment

activities

.12‌

.30‌

.77‌

(

.17‌

)

(

.17‌

)

Distributions

Net

investment

income

(

.14‌

)

(

.26‌

)

(

.25‌

)

(

.03‌

)

(

.15‌

)

(

.15‌

)

Net

realized

gain

—‌

(

.68‌

)

(

.12‌

)

Tax

return

capital

—‌

(

.02‌

)

—‌

(

.17‌

)

—‌

Total

distributions

(

.14‌

)

(

.28‌

)

(

.25‌

)

(

.20‌

)

(

.83‌

)

(

.27‌

)

NET

ASSET

VALUE

End

period

.53‌

.55‌

.53‌

.48‌

.91‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Unaudited

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

these

financial

statements.

Investor

Class

Months

Ended

6/30/26

Year

Ended

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

Ratios/Supplemental

Data

Total

return

(2)(3)

.39‌

.56‌

.55‌

.88‌

(

.03‌

)

(

.66‌

)

Ratios

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

Price

Associates

.77‌

(4)

.79‌

.77‌

.75‌

.61‌

Net

expenses

after

waivers/

payments

Price

Associates

.77‌

(4)

.79‌

.77‌

.75‌

.61‌

Net

investment

income

.20‌

(4)

.29‌

.02‌

.59‌

.65‌

.04‌

Portfolio

turnover

rate

.0‌

.3‌

.5‌

.9‌

.6‌

.3‌

Net

assets,

end

period

(in

millions)

$72

$74

$73

$82

$76

$218

0‌

(1)

Per

amounts

calculated

using

average

outstanding

method.

(2)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Unaudited

Financial

Highlights

For

outstanding

throughout

each

period

Advisor

Class

Months

Ended

6/30/26

Year

Ended

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

NET

ASSET

VALUE

Beginning

period

.53‌

.50‌

.46‌

.90‌

.35‌

Investment

activities

Net

investment

income

(1)(2)

.13‌

.26‌

.24‌

.19‌

.13‌

.10‌

Net

realized

and

unrealized

gain/

loss

(

.03‌

)

.03‌

.55‌

(

.32‌

)

(

.32‌

)

Total

from

investment

activities

.10‌

.29‌

.27‌

.74‌

(

.19‌

)

(

.22‌

)

Distributions

Net

investment

income

(

.13‌

)

(

.24‌

)

(

.23‌

)

(

.02‌

)

(

.13‌

)

(

.11‌

)

Net

realized

gain

—‌

(

.68‌

)

(

.12‌

)

Tax

return

capital

—‌

(

.02‌

)

—‌

(

.16‌

)

—‌

Total

distributions

(

.13‌

)

(

.26‌

)

(

.23‌

)

(

.18‌

)

(

.81‌

)

(

.23‌

)

NET

ASSET

VALUE

End

period

.50‌

.53‌

.50‌

.46‌

.90‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Unaudited

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

these

financial

statements.

Advisor

Class

Months

Ended

6/30/26

Year

Ended

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

Ratios/Supplemental

Data

Total

return

(2)(3)

.16‌

.48‌

.21‌

.52‌

(

.23‌

)

(

.12‌

)

Ratios

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

Price

Associates

.48‌

(4)

.39‌

.70‌

.99‌

.08‌

Net

expenses

after

waivers/

payments

Price

Associates

.99‌

(4)

.99‌

Net

investment

income

.99‌

(4)

.09‌

.80‌

.40‌

.46‌

.03‌

Portfolio

turnover

rate

.0‌

.3‌

.5‌

.9‌

.6‌

.3‌

Net

assets,

end

period

(in

thousands)

$78

$77

$75

$212

$81

$102

0‌

(1)

Per

amounts

calculated

using

average

outstanding

method.

(2)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Unaudited

Financial

Highlights

For

outstanding

throughout

each

period

Class

Months

Ended

6/30/26

Year

Ended

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

NET

ASSET

VALUE

Beginning

period

.55‌

.52‌

.47‌

.91‌

.36‌

Investment

activities

Net

investment

income

(1)(2)

.15‌

.30‌

.28‌

.23‌

.17‌

.15‌

Net

realized

and

unrealized

gain/

loss

(

.03‌

)

.03‌

.04‌

.55‌

(

.32‌

)

(

.32‌

)

Total

from

investment

activities

.12‌

.33‌

.32‌

.78‌

(

.15‌

)

(

.17‌

)

Distributions

Net

investment

income

(

.15‌

)

(

.27‌

)

(

.27‌

)

(

.03‌

)

(

.17‌

)

(

.16‌

)

Net

realized

gain

—‌

(

.68‌

)

(

.12‌

)

Tax

return

capital

—‌

(

.03‌

)

—‌

(

.19‌

)

—‌

Total

distributions

(

.15‌

)

(

.30‌

)

(

.27‌

)

(

.22‌

)

(

.85‌

)

(

.28‌

)

NET

ASSET

VALUE

End

period

.52‌

.55‌

.52‌

.47‌

.91‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Unaudited

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

these

financial

statements.

Class

Months

Ended

6/30/26

Year

Ended

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

Ratios/Supplemental

Data

Total

return

(2)(3)

.40‌

.95‌

.81‌

.00‌

(

.81‌

)

(

.64‌

)

Ratios

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

Price

Associates

.52‌

(4)

.53‌

.54‌

.53‌

.50‌

Net

expenses

after

waivers/

payments

Price

Associates

.52‌

(4)

.53‌

.54‌

.53‌

.50‌

Net

investment

income

.53‌

(4)

.51‌

.29‌

.84‌

.91‌

.48‌

Portfolio

turnover

rate

.0‌

.3‌

.5‌

.9‌

.6‌

.3‌

Net

assets,

end

period

(in

millions)

$3,191

$1,471

$1,875

$1,488

$1,246

$555

0‌

(1)

Per

amounts

calculated

using

average

outstanding

method.

(2)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Unaudited

Financial

Highlights

For

outstanding

throughout

each

period

Class

Months

Ended

6/30/26

Year

Ended

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

NET

ASSET

VALUE

Beginning

period

.56‌

.53‌

.48‌

.91‌

.92‌

.36‌

Investment

activities

Net

investment

income

(1)(2)

.17‌

.35‌

.32‌

.27‌

.22‌

.21‌

Net

realized

and

unrealized

gain/

loss

(

.03‌

)

.03‌

.04‌

.56‌

(

.33‌

)

(

.32‌

)

Total

from

investment

activities

.14‌

.38‌

.36‌

.83‌

(

.11‌

)

(

.11‌

)

Distributions

Net

investment

income

(

.17‌

)

(

.32‌

)

(

.31‌

)

(

.03‌

)

(

.22‌

)

(

.21‌

)

Net

realized

gain

—‌

(

.68‌

)

(

.12‌

)

Tax

return

capital

—‌

(

.03‌

)

—‌

(

.23‌

)

—‌

Total

distributions

(

.17‌

)

(

.35‌

)

(

.31‌

)

(

.26‌

)

(

.90‌

)

(

.33‌

)

NET

ASSET

VALUE

End

period

.53‌

.56‌

.53‌

.48‌

.91‌

.92‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Unaudited

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

these

financial

statements.

Class

Months

Ended

6/30/26

Year

Ended

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

Ratios/Supplemental

Data

Total

return

(2)(3)

.65‌

.50‌

.37‌

.72‌

(

.43‌

)

(

.05‌

)

Ratios

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

Price

Associates

.50‌

(4)

.51‌

.50‌

.51‌

.50‌

Net

expenses

after

waivers/

payments

Price

Associates

.00‌

(4)

.00‌

Net

investment

income

.98‌

(4)

.08‌

.83‌

.37‌

.44‌

.10‌

Portfolio

turnover

rate

.0‌

.3‌

.5‌

.9‌

.6‌

.3‌

Net

assets,

end

period

(in

millions)

$6,515

$5,785

$5,168

$4,488

$4,359

$5,334

0‌

(1)

Per

amounts

calculated

using

average

outstanding

method.

(2)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

June

30,

2026

Unaudited

Portfolio

Investments

‡

Par/Shares

Value

(

Cost

and

value

$000s)

‡

ALBANIA 0.4%

Government

Bonds 0.4%

Republic

Albania,

5.90%,

6/9/28

(EUR) (1)

15,580,000‌

18,633‌

Republic

Albania,

5.90%,

6/9/28

(EUR)

19,455,000‌

23,267‌

Total

Albania

(Cost

$39,484)

41,900‌

ARGENTINA 0.0%

Corporate

Bonds 0.0%

Vaca

Muerta

FRN,

TSFR

5.38%,

Acquisition

Date:

12/1/25,

Cost $3,173,

9.335%,

7/8/30

(USD) (2)

3,173,000‌

3,215‌

Total

Argentina

(Cost

$3,173)

3,215‌

AUSTRALIA 2.1%

Corporate

Bonds 0.8%

APA

Infrastructure,

2.00%,

3/22/27

(EUR)

2,580,000‌

2,927‌

APA

Infrastructure,

2.00%,

7/15/30

(EUR)

6,600,000‌

7,154‌

APA

Infrastructure,

3.50%,

3/22/30

(GBP)

5,500,000‌

6,907‌

AusNet

Services

Holdings,

1.50%,

2/26/27

(EUR)

2,615,000‌

2,962‌

Brambles

Finance,

4.25%,

3/22/31

(EUR)

7,660,000‌

9,076‌

Brambles

USA,

3.625%,

4/2/33

(EUR)

8,790,000‌

10,060‌

NBN,

4.125%,

3/15/29

(EUR)

11,070,000‌

12,996‌

Sydney

Airport

Finance,

1.75%,

4/26/28

(EUR)

2,630,000‌

2,939‌

Sydney

Airport

Finance,

4.375%,

5/3/33

(EUR)

11,947,000‌

14,156‌

Toyota

Finance

Australia,

3.386%,

3/18/30

(EUR)

6,100,000‌

7,003‌

Transurban

Finance,

1.75%,

3/29/28

(EUR)

2,620,000‌

2,940‌

79,120‌

Government

Bonds 1.3%

Commonwealth

Australia,

Series

140,

4.50%,

4/21/33

188,241,000‌

130,075‌

Total

Australia

(Cost

$209,686)

209,195‌

AUSTRIA 0.2%

Corporate

Bonds 0.0%

Mondi

Finance

Europe,

2.375%,

4/1/28

2,505,000‌

2,824‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

Government

Bonds 0.2%

Republic

Austria,

0.75%,

3/20/51 (1)

21,348,000‌

12,931‌

Republic

Austria,

3.15%,

10/20/53 (1)

5,150,000‌

5,344‌

18,275‌

Total

Austria

(Cost

$21,717)

21,099‌

BELGIUM 1.9%

Corporate

Bonds 0.2%

Anheuser-Busch

InBev,

1.15%,

1/22/27

2,600,000‌

2,945‌

Anheuser-Busch

InBev,

1.65%,

3/28/31

1,465,000‌

1,566‌

Cofinimmo

0.875%,

12/2/30

3,100,000‌

3,162‌

KBC

Group,

VR,

3.375%,

1/15/33 (3)

5,100,000‌

5,777‌

KBC

Group,

VR,

3.375%,

11/24/33 (3)

500,000‌

563‌

UCB,

4.25%,

3/20/30

3,900,000‌

4,559‌

18,572‌

Government

Bonds 1.7%

Kingdom

Belgium,

Series

75,

1.00%,

6/22/31 (1)

161,838,000‌

169,063‌

Total

Belgium

(Cost

$178,893)

187,635‌

BENIN 0.1%

Government

Bonds 0.1%

Republic

Benin,

4.95%,

1/22/35

(EUR)

6,856,000‌

7,414‌

Total

Benin

(Cost

$7,388)

7,414‌

BRAZIL 2.3%

Corporate

Bonds 0.3%

Luxembourg,

8.625%,

6/25/33

(USD) (4)

3,500,000‌

3,323‌

Klabin

Austria,

5.75%,

4/3/29

(USD)

9,300,000‌

9,450‌

Raizen

Fuels

Finance,

6.70%,

2/25/37

(USD) (1)(5)(6)

12,680,000‌

7,011‌

Raizen

Fuels

Finance,

6.95%,

3/5/54

(USD) (5)(6)

2,240,000‌

1,235‌

Rede

D'or

Finance,

6.45%,

9/9/35

(USD) (1)

6,970,000‌

6,812‌

27,831‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

Government

Bonds 2.0%

Brazil

Notas

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/31

439,237,000‌

73,998‌

Brazil

Notas

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/35

618,319,000‌

96,215‌

Republic

Brazil,

4.00%,

4/23/30

(EUR)

12,630,000‌

14,483‌

Republic

Brazil,

5.50%,

4/23/36

(EUR)

14,060,000‌

16,257‌

200,953‌

Total

Brazil

(Cost

$235,506)

228,784‌

BULGARIA 0.6%

Government

Bonds 0.6%

Republic

Bulgaria,

Series

10Y,

3.375%,

7/18/35

29,216,000‌

32,555‌

Republic

Bulgaria,

Series

9Y,

3.50%,

5/7/34

23,245,000‌

26,452‌

Total

Bulgaria

(Cost

$60,593)

59,007‌

CANADA 4.6%

Asset-Backed

Securities 0.1%

Cologix

Canadian

Issuer,

Series

2022-1CAN,

Class

A2,

4.94%,

1/25/52 (1)

8,230,000‌

5,779‌

Corporate

Bonds 0.3%

Magna

International,

1.50%,

9/25/27

(EUR)

2,620,000‌

2,943‌

Royal

Bank

Canada,

4.125%,

7/5/28

(EUR)

2,385,000‌

2,784‌

Transcanada

Trust,

Series

17-B,

VR,

4.65%,

5/18/77 (3)

27,134,000‌

19,272‌

24,999‌

Government

Bonds 3.9%

Government

Canada,

2.75%,

12/1/48

41,636,000‌

25,054‌

Government

Canada,

3.50%,

12/1/57

80,560,000‌

53,879‌

Government

Canada,

4.00%,

3/1/29

192,330,000‌

139,579‌

Government

Canada

Real

Return

Bond,

Series

CPI,

Inflation-Indexed,

4.00%,

12/1/31

199,083,585‌

163,179‌

Province

Ontario,

3.50%,

6/2/43

2,739,000‌

1,733‌

383,424‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

Non-U.S.

Government

Mortgage-Backed

Securities 0.3%

Real

Estate

Asset

Liquidity

Trust,

Series

2025-1A,

Class

A1,

3.93%,

1/12/60 (1)

17,581,515‌

12,414‌

Real

Estate

Asset

Liquidity

Trust,

Series

2025-1A,

Class

A2,

4.40%,

1/12/60 (1)

31,390,000‌

22,306‌

34,720‌

Total

Canada

(Cost

$462,918)

448,922‌

CHILE 1.3%

Corporate

Bonds 0.1%

AES

Andes,

6.25%,

3/14/32

(USD)

2,902,000‌

3,002‌

Engie

Energia

Chile,

6.375%,

4/17/34

(USD)

4,940,000‌

5,157‌

Interchile

4.50%,

6/30/56

(USD)

4,563,000‌

3,848‌

12,007‌

Government

Bonds 1.2%

Bonos

Tesoreria

Republica

pesos,

5.80%,

10/1/34 (1)

40,215,000,000‌

44,800‌

Bonos

Tesoreria

Republica

pesos,

Inflation-

Indexed,

1.90%,

9/1/30

63,888,041,950‌

68,225‌

Republic

Chile,

3.75%,

1/14/32

(EUR)

4,780,000‌

5,532‌

118,557‌

Total

Chile

(Cost

$131,067)

130,564‌

CHINA 5.1%

Government

Bonds 5.1%

People's

Republic

China,

2.625%,

7/3/31

(EUR)

12,500,000‌

14,175‌

People's

Republic

China,

Series

INBK,

1.54%,

1/25/31

157,500,000‌

23,344‌

People's

Republic

China,

Series

INBK,

1.66%,

12/25/32

270,150,000‌

40,125‌

People's

Republic

China,

Series

INBK,

1.75%,

2/25/36

711,910,000‌

105,131‌

People's

Republic

China,

Series

INBK,

1.78%,

9/15/32

531,700,000‌

79,592‌

People's

Republic

China,

Series

INBK,

1.78%,

11/15/35

160,000,000‌

23,691‌

People's

Republic

China,

Series

INBK,

1.83%,

8/25/35

404,030,000‌

60,090‌

People's

Republic

China,

Series

INBK,

2.15%,

8/25/55

453,500,000‌

65,339‌

People's

Republic

China,

Series

INBK,

2.28%,

11/6/75

22,500,000‌

3,192‌

People's

Republic

China,

Series

INBK,

2.38%,

1/15/56

267,600,000‌

40,392‌

People's

Republic

China,

Series

INBK,

2.47%,

7/25/54

145,430,000‌

22,386‌

People's

Republic

China,

Series

INBK,

2.53%,

6/15/74

38,700,000‌

6,036‌

People's

Republic

China,

Series

INBK,

3.53%,

10/18/51

10,000,000‌

1,839‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

People's

Republic

China,

Series

INBK,

4.00%,

6/24/69

64,000,000‌

13,705‌

Total

China

(Cost

$482,538)

499,037‌

COLOMBIA 0.8%

Government

Bonds 0.8%

Republic

Colombia,

3.75%,

9/19/28

(EUR)

42,292,000‌

48,081‌

Republic

Colombia,

Series

6.00%,

4/28/28

79,667,000,000‌

20,939‌

Republic

Colombia,

Series

7.00%,

3/26/31

23,388,800,000‌

5,642‌

Total

Colombia

(Cost

$70,614)

74,662‌

COSTA

RICA 0.2%

Government

Bonds 0.2%

Republic

Costa

Rica,

5.50%,

11/21/30

(EUR) (1)

15,250,000‌

18,333‌

Total

Costa

Rica

(Cost

$17,747)

18,333‌

CÔTE

D'IVOIRE 0.7%

Government

Bonds 0.7%

Kona

SPC,

FRN,

12M

EURIBOR

2.70%,

4.966%,

12/29/26

(EUR) (1)

6,300,000‌

7,263‌

Kona

SPC,

FRN,

12M

EURIBOR

3.55%,

5.718%,

9/15/26

(EUR) (1)

7,630,000‌

8,766‌

Republic

Ivory

Coast,

4.875%,

1/30/32

(EUR)

1,936,000‌

2,188‌

Republic

Ivory

Coast,

6.875%,

4/1/28 (1)

24,736,500,000‌

43,769‌

Republic

Ivory

Coast,

6.875%,

10/17/40

(EUR)

6,650,000‌

7,822‌

Total

Côte

d'Ivoire

(Cost

$66,101)

69,808‌

CYPRUS 0.1%

Government

Bonds 0.1%

Republic

Cyprus,

0.95%,

1/20/32

13,071,000‌

13,449‌

Total

Cyprus

(Cost

$14,939)

13,449‌

CZECH

REPUBLIC 1.1%

Corporate

Bonds 0.1%

Ceska

sporitelna

VR,

4.57%,

7/3/31

(EUR) (3)

4,500,000‌

5,316‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

Government

Bonds 1.0%

Czech

Republic,

Series

125,

1.50%,

4/24/40

2,375,960,000‌

74,901‌

Czech

Republic,

Series

145,

3.50%,

5/30/35

530,130,000‌

23,181‌

98,082‌

Total

Czech

Republic

(Cost

$102,356)

103,398‌

DENMARK 0.6%

Corporate

Bonds 0.6%

Carlsberg

Breweries,

0.875%,

7/1/29

(EUR)

3,773,000‌

4,037‌

Danske

Bank,

VR,

0.75%,

6/9/29

(EUR) (3)

8,420,000‌

9,202‌

Danske

Bank,

VR,

4.50%,

11/9/28

(EUR) (3)

2,410,000‌

2,809‌

DSV

Finance,

3.25%,

11/6/30

(EUR)

6,000,000‌

6,855‌

Orsted

4.875%,

1/12/32

(GBP)

16,210,000‌

20,787‌

TDC

Net,

5.056%,

5/31/28

(EUR)

2,310,000‌

2,715‌

TDC

Net,

5.618%,

2/6/30

(EUR)

13,970,000‌

16,837‌

Total

Denmark

(Cost

$60,162)

63,242‌

EGYPT 0.6%

Government

Bonds 0.6%

Arab

Republic

Egypt,

6.375%,

4/11/31

(EUR)

20,608,000‌

24,020‌

Arab

Republic

Egypt

Treasury

Bills,

Series

364D,

23.771%,

8/11/26

132,350,000‌

2,625‌

Arab

Republic

Egypt

Treasury

Bills,

Series

364D,

24.099%,

8/18/26

90,875,000‌

1,795‌

Arab

Republic

Egypt

Treasury

Bills,

Series

364D,

24.101%,

8/25/26

216,125,000‌

4,251‌

Arab

Republic

Egypt

Treasury

Bills,

Series

364D,

24.311%,

11/10/26

679,650,000‌

12,767‌

Arab

Republic

Egypt

Treasury

Bills,

Series

364D,

25.479%,

9/15/26

656,400,000‌

12,767‌

Total

Egypt

(Cost

$53,741)

58,225‌

ESTONIA 0.5%

Government

Bonds 0.5%

Republic

Estonia,

3.25%,

1/17/34

45,885,000‌

52,436‌

Total

Estonia

(Cost

$51,018)

52,436‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

FINLAND 0.0%

Corporate

Bonds 0.0%

Metso,

0.875%,

5/26/28

2,775,000‌

3,040‌

Total

Finland

(Cost

$2,902)

3,040‌

FRANCE 3.1%

Corporate

Bonds 1.6%

Abertis

France,

1.475%,

1/18/31

8,600,000‌

9,039‌

Banijay

Gaming,

5.125%,

12/10/31 (1)

4,155,000‌

4,819‌

Banijay

Gaming,

5.125%,

12/10/31

2,410,000‌

2,795‌

Banque

Federative

Credit

Mutuel,

1.25%,

5/26/27

3,000,000‌

3,384‌

Banque

Federative

Credit

Mutuel,

1.375%,

7/16/28

3,100,000‌

3,438‌

Banque

Federative

Credit

Mutuel,

5.125%,

1/13/33

13,800,000‌

16,794‌

Banque

Stellantis

France,

4.00%,

1/21/27

2,400,000‌

2,757‌

BNP

Paribas,

VR,

3.875%,

1/10/31 (3)

4,000,000‌

4,673‌

BPCE,

0.25%,

1/14/31

7,100,000‌

7,098‌

BPCE,

3.50%,

1/25/28

5,500,000‌

6,335‌

Credit

Agricole,

0.875%,

1/14/32

1,000,000‌

996‌

Credit

Agricole

Assurances,

VR,

2.625%,

1/29/48 (3)

6,000,000‌

6,778‌

Electricite

France,

6.125%,

6/2/34

(GBP)

7,200,000‌

9,848‌

Engie,

3.875%,

1/6/31

6,000,000‌

7,018‌

EssilorLuxottica

0.375%,

11/27/27

2,700,000‌

2,982‌

Iliad

Holding,

6.875%,

4/15/31

6,980,000‌

8,387‌

IPD

5.50%,

6/15/31

6,196,000‌

6,903‌

Opal

Bidco

5.50%,

3/31/32

7,360,000‌

8,654‌

Orange,

3.25%,

1/15/32

(GBP)

10,700,000‌

12,985‌

Praemia

Healthcare,

1.375%,

9/17/30

2,600,000‌

2,702‌

RTE

Reseau

Transport

d'Electricite

SADIR,

0.75%,

1/12/34

7,200,000‌

6,704‌

SNF

Group,

4.50%,

3/15/32

4,692,000‌

5,465‌

Societe

Generale,

VR,

4.875%,

11/21/31 (3)

5,700,000‌

6,859‌

Veolia

Environnement

1.25%,

4/2/27

2,000,000‌

2,259‌

Veolia

Environnement

1.94%,

1/7/30

5,700,000‌

6,246‌

155,918‌

Government

Bonds 1.5%

Republic

France,

Series

OAT,

1.25%,

5/25/36 (1)

7,471,000‌

6,884‌

Republic

France,

Series

OAT,

2.50%,

5/25/30 (1)

93,259,000‌

105,205‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

Republic

France,

Series

OAT,

3.25%,

5/25/55 (1)

35,730,000‌

33,065‌

145,154‌

Total

France

(Cost

$299,656)

301,072‌

GERMANY 3.6%

Corporate

Bonds 1.1%

Daimler

Truck

International

Finance,

1.625%,

4/6/27

2,600,000‌

2,945‌

E.ON

International

Finance,

6.375%,

6/7/32

(GBP)

15,300,000‌

21,525‌

Fresenius,

1.625%,

10/8/27

2,635,000‌

2,964‌

Gruenenthal

4.625%,

11/15/31

160,000‌

184‌

Hannover

Rueck

VR,

1.125%,

10/9/39 (3)

11,500,000‌

12,219‌

Hannover

Rueck

VR,

1.75%,

10/8/40 (3)

4,800,000‌

5,098‌

IHO

Verwaltungs

5.625%,

5/15/31,

(5.625%

Cash

6.375%

PIK) (1)(7)

441,718‌

524‌

IHO

Verwaltungs

5.625%,

5/15/31,

(5.625%

Cash

6.375%

PIK) (7)

4,100,000‌

4,867‌

Knorr-

Bremse

3.25%,

9/21/27

2,500,000‌

2,866‌

Progroup

5.375%,

4/15/31

3,905,000‌

4,551‌

Sartorius

Finance,

4.50%,

9/14/32

8,000,000‌

9,529‌

Techem

Verwaltungsgesellschaft

675

mbH

4.625%,

7/15/32

3,070,000‌

3,526‌

TUI

Cruises,

5.00%,

5/15/30

4,485,000‌

5,195‌

Volkswagen

Bank,

4.375%,

5/3/28

2,400,000‌

2,797‌

Volkswagen

Bank,

4.625%,

5/3/31

5,900,000‌

6,986‌

Volkswagen

Financial

Services,

0.375%,

2/12/30

10,300,000‌

10,564‌

Volkswagen

International

Finance,

Series

10Y,

1.875%,

3/30/27

1,300,000‌

1,475‌

Wintershall

Dea

Finance,

4.357%,

10/3/32

6,150,000‌

7,089‌

Europe

Finance,

5.50%,

2/17/32

5,000,000‌

5,649‌

110,553‌

Government

Bonds 2.5%

Bundesrepublik

Deutschland

Bundesanleihe

Series

TWIN,

2.30%,

2/15/33

15,500,000‌

17,290‌

Deutsche

Bundesrepublik

Inflation-Indexed,

0.50%,

4/15/30

193,138,636‌

217,993‌

Kreditanstalt

fuer

Wiederaufbau

4.70%,

6/2/37

(CAD)

5,202,000‌

3,808‌

239,091‌

Total

Germany

(Cost

$346,844)

349,644‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

GREECE 0.2%

Corporate

Bonds 0.2%

Eurobank,

VR,

3.25%,

3/12/30 (3)

12,450,000‌

14,170‌

United

Group,

6.375%,

5/14/33

4,100,000‌

4,787‌

Total

Greece

(Cost

$17,615)

18,957‌

HUNGARY 0.2%

Government

Bonds 0.2%

Magyar

Export-Import

Bank,

6.00%,

5/16/29

(EUR)

12,114,000‌

14,743‌

Republic

Hungary,

Series

4Y,

5.00%,

2/22/27

(EUR)

5,964,000‌

6,912‌

Total

Hungary

(Cost

$20,507)

21,655‌

ICELAND 0.2%

Government

Bonds 0.2%

Republic

Iceland,

Series

10Y,

3.50%,

3/21/34

(EUR)

8,096,000‌

9,436‌

Republic

Iceland,

Series

7Y,

0.00%,

4/15/28

(EUR)

5,385,000‌

5,853‌

Total

Iceland

(Cost

$15,247)

15,289‌

INDIA 0.2%

Corporate

Bonds 0.1%

Renew

Treasury

Ifsc

6.50%,

2/2/31

(USD) (1)

7,350,000‌

7,296‌

Government

Bonds 0.1%

Republic

India,

7.26%,

8/22/32

1,279,030,000‌

13,983‌

Total

India

(Cost

$22,345)

21,279‌

INDONESIA 2.6%

Corporate

Bonds 0.2%

Freeport

Indonesia,

4.763%,

4/14/27

(USD)

9,400,000‌

9,400‌

Freeport

Indonesia,

6.20%,

4/14/52

(USD)

1,360,000‌

1,331‌

Minejesa

Capital,

5.625%,

8/10/37

(USD)

7,765,000‌

7,415‌

18,146‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

Government

Bonds 2.4%

Republic

Indonesia,

2.50%,

10/31/30

(CNH)

50,550,000‌

7,440‌

Republic

Indonesia,

2.65%,

3/4/31

(CNH)

55,130,000‌

8,115‌

Republic

Indonesia,

2.90%,

10/31/35

(CNH)

48,840,000‌

7,113‌

Republic

Indonesia,

3.05%,

3/4/36

(CNH)

57,780,000‌

8,501‌

Republic

Indonesia,

3.75%,

6/14/28

(EUR)

61,788,000‌

71,024‌

Republic

Indonesia,

5.30%,

8/14/35

(AUD)

3,920,000‌

2,740‌

Republic

Indonesia,

Series

FR68,

8.375%,

3/15/34

128,937,000,000‌

7,716‌

Republic

Indonesia,

Series

FR91,

6.375%,

4/15/32

1,320,952,000,000‌

71,381‌

Republic

Indonesia,

Series

FR95,

6.375%,

8/15/28

153,888,000,000‌

8,483‌

Republic

Indonesia,

Series

FR96,

7.00%,

2/15/33

463,060,000,000‌

25,693‌

Republic

Indonesia,

Series

101,

6.875%,

4/15/29

102,083,000,000‌

5,681‌

Republic

Indonesia,

Series

103,

6.75%,

7/15/35

213,116,000,000‌

11,591‌

Republic

Indonesia,

Series

106,

7.125%,

8/15/40

44,199,000,000‌

2,455‌

237,933‌

Total

Indonesia

(Cost

$275,350)

256,079‌

IRELAND 0.2%

Corporate

Bonds 0.1%

AIB

Group,

VR,

3.75%,

3/20/33 (3)(4)

5,900,000‌

6,837‌

AIB

Group,

VR,

4.625%,

5/20/35 (3)

2,656,000‌

3,125‌

9,962‌

Government

Bonds 0.1%

Republic

Ireland,

1.50%,

5/15/50

2,696,000‌

2,090‌

Republic

Ireland,

2.00%,

2/18/45

5,630,000‌

5,178‌

7,268‌

Total

Ireland

(Cost

$20,939)

17,230‌

ISRAEL 0.2%

Government

Bonds 0.2%

State

Israel,

1.50%,

1/18/27

(EUR)

17,984,000‌

20,349‌

Total

Israel

(Cost

$21,200)

20,349‌

ITALY 3.6%

Corporate

Bonds 0.8%

Aeroporti

Roma,

1.625%,

6/8/27

2,575,000‌

2,907‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

Autostrade

per

l'Italia

1.625%,

1/25/28

2,680,000‌

2,995‌

Autostrade

per

l'Italia

2.00%,

12/4/28

6,245,000‌

6,940‌

Autostrade

per

l'Italia

2.00%,

1/15/30

5,620,000‌

6,130‌

Auto

Bank,

4.75%,

1/25/27

2,395,000‌

2,763‌

Gg12,

6.25%,

4/28/33

8,360,000‌

9,768‌

Intesa

Sanpaolo,

1.75%,

7/4/29

12,399,000‌

13,650‌

Italgas

1.625%,

1/19/27

2,570,000‌

2,917‌

Itelyum

Regeneration,

5.75%,

4/15/30 (1)

3,130,000‌

3,622‌

Snam

0.875%,

10/25/26

6,950,000‌

7,897‌

UniCredit,

VR,

3.20%,

9/22/31 (3)

8,156,000‌

9,211‌

UniCredit,

VR,

3.776%,

4/16/32 (3)

8,480,000‌

9,782‌

78,582‌

Government

Bonds 2.8%

Italy

Buoni

Poliennali

Del

Tesoro,

Series

30Y,

4.30%,

10/1/54 (1)

55,646,000‌

62,889‌

Italy

Buoni

Poliennali

Del

Tesoro,

Series

50Y,

2.80%,

3/1/67

15,235,000‌

12,417‌

Italy

Buoni

Poliennali

Del

Tesoro,

Series

5Y,

2.95%,

7/1/30

101,613,000‌

116,287‌

Italy

Buoni

Poliennali

Del

Tesoro,

Series

7Y,

3.50%,

2/15/31 (1)

9,699,000‌

11,330‌

Italy

Buoni

Poliennali

Del

Tesoro,

Series

CPI,

Inflation-

Indexed,

1.10%,

8/15/31

61,826,986‌

70,586‌

273,509‌

Total

Italy

(Cost

$356,547)

352,091‌

JAPAN 11.3%

Corporate

Bonds 0.1%

SoftBank

Group,

7.00%,

4/22/32

(EUR)

8,300,000‌

9,880‌

Government

Bonds 11.2%

Government

Japan,

Series

18,

3.10%,

3/20/65

2,509,750,000‌

13,169‌

Government

Japan,

Series

26,

Inflation-Indexed,

0.005%,

3/10/31

9,019,440,390‌

55,858‌

Government

Japan,

Series

27,

Inflation-Indexed,

0.005%,

3/10/32

4,538,466,300‌

27,809‌

Government

Japan,

Series

28,

Inflation-Indexed,

0.005%,

3/10/33

3,353,914,872‌

20,359‌

Government

Japan,

Series

29,

Inflation-Indexed,

0.005%,

3/10/34

18,059,013,220‌

106,350‌

Government

Japan,

Series

30,

Inflation-Indexed,

0.005%,

3/10/35

10,387,512,016‌

60,450‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

Government

Japan,

Series

44,

1.70%,

9/20/44

12,766,200,000‌

59,415‌

Government

Japan,

Series

74,

1.00%,

3/20/52

756,250,000‌

2,470‌

Government

Japan,

Series

75,

1.30%,

6/20/52

10,441,250,000‌

37,057‌

Government

Japan,

Series

76,

1.40%,

9/20/52

3,100,100,000‌

11,246‌

Government

Japan,

Series

83,

2.20%,

6/20/54

6,220,600,000‌

27,153‌

Government

Japan,

Series

87,

2.80%,

6/20/55

3,272,000,000‌

16,292‌

Government

Japan,

Series

89,

3.40%,

12/20/55

13,963,400,000‌

78,358‌

Government

Japan,

Series

183,

1.60%,

12/20/30

8,118,350,000‌

49,387‌

Government

Japan,

Series

195,

3.20%,

12/20/45

3,880,000,000‌

22,535‌

Government

Japan,

Series

370,

0.50%,

3/20/33

5,738,400,000‌

31,608‌

Government

Japan,

Series

379,

1.50%,

6/20/35

9,501,850,000‌

53,557‌

Government

Japan,

Series

381,

2.10%,

12/20/35

1,500,000,000‌

8,825‌

Government

Japan

Treasury

Bills,

Series

1319,

0.78%,

7/21/26

19,550,000,000‌

120,178‌

Government

Japan

Treasury

Bills,

Series

1381,

0.853%,

8/17/26

19,500,000,000‌

119,792‌

Government

Japan

Treasury

Bills,

Series

1390,

0.915%,

9/28/26

28,900,000,000‌

177,346‌

1,099,214‌

Total

Japan

(Cost

$1,262,121)

1,109,094‌

JORDAN 0.2%

Government

Bonds 0.2%

Kingdom

Jordan,

7.50%,

1/13/29

(USD)

11,678,000‌

12,218‌

Kingdom

Jordan,

7.75%,

1/15/28

(USD)

7,001,000‌

7,255‌

Total

Jordan

(Cost

$19,374)

19,473‌

KAZAKHSTAN 0.2%

Corporate

Bonds 0.2%

Kaspi.KZ,

6.25%,

3/26/30

(USD)

7,830,000‌

7,927‌

Tengizchevroil

Finance

International,

3.25%,

8/15/30

(USD) (4)

12,400,000‌

11,533‌

Total

Kazakhstan

(Cost

$19,028)

19,460‌

KUWAIT 0.1%

Corporate

Bonds 0.1%

MEGlobal

2.625%,

4/28/28

(USD) (1)

6,140,000‌

5,857‌

Total

Kuwait

(Cost

$6,146)

5,857‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

LATVIA 1.5%

Government

Bonds 1.5%

Republic

Latvia,

0.375%,

10/7/26

86,021,000‌

97,815‌

Republic

Latvia,

3.875%,

5/22/29

41,552,000‌

48,780‌

Total

Latvia

(Cost

$141,895)

146,595‌

LITHUANIA 0.9%

Government

Bonds 0.9%

Republic

Lithuania,

3.50%,

2/13/34

24,359,000‌

27,934‌

Republic

Lithuania,

3.875%,

6/14/33

46,684,000‌

55,068‌

Total

Lithuania

(Cost

$77,778)

83,002‌

LUXEMBOURG 0.7%

Corporate

Bonds 0.7%

Aegis

1A,

5.625%,

10/29/31,

(5.625%

PIK) (1)(7)

985,000‌

1,141‌

Aegis

1A,

5.625%,

10/29/31,

(5.625%

PIK) (7)

2,364,000‌

2,738‌

Albion

Financing

5.375%,

5/21/30

6,196,000‌

7,298‌

Blackstone

Property

Partners

Europe

Holdings,

1.625%,

4/20/30

6,700,000‌

7,115‌

Blackstone

Property

Partners

Europe

Holdings,

1.75%,

3/12/29

9,970,000‌

10,889‌

Essendi,

5.625%,

5/15/32

2,004,000‌

2,330‌

Eurofins

Scientific,

3.875%,

2/5/33

8,193,000‌

9,363‌

GELF

Bond

Issuer

3.625%,

11/27/31

6,000,000‌

6,786‌

Logicor

Financing,

3.25%,

11/13/28

10,800,000‌

12,298‌

SELP

Finance,

3.75%,

1/16/32

4,428,000‌

5,065‌

Total

Luxembourg

(Cost

$65,343)

65,023‌

MACAO 0.1%

Corporate

Bonds 0.1%

Melco

Resorts

Finance,

6.50%,

9/24/33

(USD) (1)

6,650,000‌

6,541‌

MGM

China

Holdings,

7.125%,

6/26/31

(USD) (1)

5,140,000‌

5,317‌

Total

Macao

(Cost

$11,817)

11,858‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

MADAGASCAR 0.1%

Corporate

Bonds 0.1%

Axian

Telecom

Holding

Management,

7.25%,

7/11/30

(USD) (1)

6,640,000‌

6,742‌

Axian

Telecom

Holding

Management,

7.25%,

7/11/30

(USD)

960,000‌

974‌

Total

Madagascar

(Cost

$7,583)

7,716‌

MALAYSIA 2.2%

Government

Bonds 2.2%

Government

Malaysia,

Series

0120,

4.065%,

6/15/50

79,874,000‌

19,677‌

Government

Malaysia,

Series

0123,

4.457%,

3/31/53

15,000,000‌

3,904‌

Government

Malaysia,

Series

0216,

4.736%,

3/15/46

169,879,000‌

45,825‌

Government

Malaysia,

Series

0225,

3.476%,

7/2/35

73,113,000‌

17,752‌

Government

Malaysia,

Series

0325,

3.917%,

7/15/55

192,495,000‌

45,899‌

Government

Malaysia,

Series

0326,

3.987%,

4/23/46

124,000,000‌

30,691‌

Government

Malaysia,

Series

0419,

3.828%,

7/5/34

54,350,000‌

13,570‌

Government

Malaysia,

Series

0518,

4.921%,

7/6/48

134,996,000‌

37,382‌

Total

Malaysia

(Cost

$207,023)

214,700‌

MEXICO 2.1%

Corporate

Bonds 0.4%

America

Movil

5.75%,

6/28/30

(GBP)

6,670,000‌

9,130‌

BBVA

Mexico,

VR,

5.125%,

1/18/33

(USD) (3)

8,675,000‌

8,513‌

Bimbo

Bakeries

USA,

6.05%,

1/15/29

(USD) (1)

6,635,000‌

6,812‌

Corp.

Inmobiliaria

Vesta,

5.50%,

1/30/33

(USD) (1)

5,560,000‌

5,438‌

FIBRA

Prologis,

5.50%,

11/26/35

(USD) (1)

3,070,000‌

2,980‌

Orbia

Advance

Corp.,

6.80%,

5/13/30

(USD)

6,900,000‌

6,884‌

39,757‌

Government

Bonds 1.7%

Petroleos

Mexicanos

2.75%,

4/21/27

(EUR)

7,672,000‌

8,704‌

Petroleos

Mexicanos

4.75%,

2/26/29

(EUR)

9,023,000‌

10,482‌

United

Mexican

States,

Series

7.50%,

5/26/33

1,505,319,000‌

80,488‌

United

Mexican

States,

Series

8.50%,

5/31/29

304,759,000‌

17,671‌

United

Mexican

States,

Series

Inflation-Indexed,

4.00%,

8/24/34

832,149,806‌

45,776‌

163,121‌

Total

Mexico

(Cost

$191,075)

202,878‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

MONTENEGRO 0.4%

Government

Bonds 0.4%

Government

Montenegro,

4.875%,

4/1/32 (1)

22,310,000‌

25,896‌

Government

Montenegro,

7.25%,

3/12/31

(USD) (1)

7,755,000‌

8,218‌

Total

Montenegro

(Cost

$31,639)

34,114‌

MOROCCO 1.0%

Government

Bonds 1.0%

Kingdom

Morocco,

3.875%,

4/2/29

(EUR) (1)

46,139,000‌

53,089‌

Kingdom

Morocco,

3.875%,

4/2/29

(EUR)

9,343,000‌

10,750‌

Kingdom

Morocco,

4.75%,

4/2/35

(EUR) (1)

26,140,000‌

30,388‌

Total

Morocco

(Cost

$90,030)

94,227‌

NETHERLANDS 0.6%

Corporate

Bonds 0.6%

Cooperatieve

Rabobank,

4.625%,

5/23/29

(GBP)

100,000‌

131‌

IMCD,

3.625%,

4/30/30

6,100,000‌

6,981‌

ING

Groep

VR,

0.375%,

9/29/28 (3)

2,800,000‌

3,100‌

ING

Groep

VR,

1.75%,

2/16/31 (3)

6,500,000‌

7,029‌

ING

Groep

VR,

4.75%,

5/23/34 (3)

6,000,000‌

7,304‌

Koninklijke

KPN,

3.875%,

2/16/36

14,000,000‌

16,078‌

Group,

1.625%,

6/1/27

2,575,000‌

2,908‌

Trivium

Packaging

Finance,

6.625%,

7/15/30

4,780,000‌

5,708‌

Universal

Music

Group,

3.00%,

6/30/27

2,470,000‌

2,827‌

Secured

Financing,

5.25%,

1/15/33

3,900,000‌

4,243‌

Ziggo,

2.875%,

1/15/30

2,720,000‌

2,969‌

Total

Netherlands

(Cost

$58,951)

59,278‌

NEW

ZEALAND 1.2%

Corporate

Bonds 0.1%

Chorus,

3.625%,

9/7/29

(EUR)

8,130,000‌

9,385‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

Government

Bonds 1.1%

Government

New

Zealand,

Series

0536,

4.25%,

5/15/36

183,826,000‌

103,507‌

Total

New

Zealand

(Cost

$112,139)

112,892‌

NIGERIA 0.2%

Government

Bonds 0.2%

Federal

Republic

Nigeria

OMO

Bill,

Series

137D,

20.748%,

9/29/26

5,700,000,000‌

3,925‌

Federal

Republic

Nigeria

OMO

Bill,

Series

140D,

20.939%,

9/8/26

5,600,000,000‌

3,904‌

Federal

Republic

Nigeria

OMO

Bill,

Series

140D,

21.129%,

9/15/26

12,207,000,000‌

8,472‌

Total

Nigeria

(Cost

$16,462)

16,301‌

NORTH

MACEDONIA 0.1%

Government

Bonds 0.1%

Republic

North

Macedonia,

1.625%,

3/10/28

(EUR)

3,824,000‌

4,211‌

Republic

North

Macedonia,

6.96%,

3/13/27

(EUR) (1)

3,831,000‌

4,453‌

Republic

North

Macedonia,

6.96%,

3/13/27

(EUR)

4,165,000‌

4,841‌

Total

North

Macedonia

(Cost

$13,318)

13,505‌

NORWAY 0.1%

Corporate

Bonds 0.1%

Avinor

0.75%,

10/1/30

(EUR)

7,202,000‌

7,444‌

Total

Norway

(Cost

$6,895)

7,444‌

PAKISTAN 0.1%

Corporate

Bonds 0.1%

Veon

Midco,

3.375%,

11/25/27

(USD)

608,000‌

596‌

Veon

Midco,

6.95%,

6/1/31

(USD) (1)

9,550,000‌

9,557‌

Total

Pakistan

(Cost

$10,138)

10,153‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

PERU 0.1%

Government

Bonds 0.1%

Republic

Peru,

5.40%,

8/12/34

14,318,000‌

4,094‌

Republic

Peru,

Series

REGS,

5.40%,

8/12/34

23,797,000‌

6,803‌

Total

Peru

(Cost

$9,397)

10,897‌

POLAND 1.0%

Government

Bonds 1.0%

Republic

Poland,

3.625%,

6/15/36

(EUR)

19,499,000‌

22,329‌

Republic

Poland,

Series

15Y,

3.875%,

10/22/39

(EUR)

5,250,000‌

5,933‌

Republic

Poland,

Series

7Y,

3.125%,

7/7/32

(EUR)

11,418,000‌

12,999‌

Republic

Poland,

Series

0731,

4.00%,

7/25/31

211,200,000‌

54,388‌

Total

Poland

(Cost

$95,858)

95,649‌

PORTUGAL 0.2%

Corporate

Bonds 0.2%

Banco

Comercial

Portugues

VR,

1.75%,

4/7/28 (3)

3,500,000‌

3,959‌

EDP

Servicios

Financieros

Espana,

4.375%,

4/4/32

14,193,000‌

16,962‌

Total

Portugal

(Cost

$20,547)

20,921‌

QATAR 0.1%

Corporate

Bonds 0.1%

QatarEnergy

3.125%,

7/12/41

(USD)

4,280,000‌

3,249‌

QNB

Finance,

2.75%,

2/12/27

(USD)

8,200,000‌

8,118‌

QNB

Finance,

4.875%,

1/30/29

(USD)

2,175,000‌

2,181‌

Total

Qatar

(Cost

$13,617)

13,548‌

ROMANIA 1.4%

Government

Bonds 1.4%

Republic

Romania,

5.375%,

6/7/33

(EUR) (1)

12,400,000‌

14,314‌

Republic

Romania,

5.375%,

6/7/33

(EUR)

13,340,000‌

15,400‌

Republic

Romania,

5.875%,

7/11/32

(EUR)

26,159,000‌

31,347‌

Republic

Romania,

Series

10Y,

6.70%,

2/25/32

99,590,000‌

21,844‌

Republic

Romania,

Series

10Y,

7.20%,

10/30/33

93,755,000‌

21,074‌

Republic

Romania,

Series

11Y,

6.75%,

4/25/35

90,010,000‌

19,744‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

Republic

Romania,

Series

15Y,

7.90%,

2/24/38

50,555,000‌

11,882‌

Total

Romania

(Cost

$138,424)

135,605‌

SAUDI

ARABIA 0.5%

Corporate

Bonds 0.1%

Green

Palm

Bidco

5.957%,

6/30/41

(USD) (1)

7,630,000‌

7,728‌

Ma'aden

Sukuk,

5.25%,

1/29/36

(USD) (1)

4,400,000‌

4,340‌

Ma'aden

Sukuk,

5.25%,

1/29/36

(USD)

1,000,000‌

986‌

13,054‌

Government

Bonds 0.4%

Kingdom

Saudi

Arabia,

3.375%,

3/5/32

(EUR) (1)

35,390,000‌

39,934‌

Total

Saudi

Arabia

(Cost

$49,989)

52,988‌

SERBIA 2.1%

Corporate

Bonds 0.1%

Telecommunications

Telekom

Srbija

Belgrade,

6.75%,

5/18/33

(EUR) (1)(4)

11,642,000‌

13,660‌

Government

Bonds 2.0%

Republic

Serbia,

1.00%,

9/23/28

(EUR) (1)

20,505,000‌

22,108‌

Republic

Serbia,

1.00%,

9/23/28

(EUR)

10,787,000‌

11,631‌

Republic

Serbia,

1.50%,

6/26/29

(EUR)

63,276,000‌

67,375‌

Republic

Serbia,

4.25%,

5/6/31

(EUR) (1)

39,780,000‌

45,566‌

Republic

Serbia,

Series

5Y,

4.50%,

7/30/30

4,939,370,000‌

47,222‌

193,902‌

Total

Serbia

(Cost

$209,612)

207,562‌

SINGAPORE 2.8%

Government

Bonds 2.8%

Republic

Singapore,

2.25%,

8/1/36

189,877,000‌

149,552‌

Republic

Singapore,

2.50%,

4/1/30

23,600,000‌

18,789‌

Republic

Singapore,

2.875%,

7/1/29

100,102,000‌

80,116‌

Republic

Singapore,

2.875%,

9/1/30

29,080,000‌

23,548‌

Total

Singapore

(Cost

$272,222)

272,005‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

SLOVENIA 0.3%

Government

Bonds 0.3%

Republic

Slovenia,

Series

RS74,

1.50%,

3/25/35

14,085,000‌

14,172‌

Republic

Slovenia,

Series

RS77,

2.25%,

3/3/32

7,145,000‌

7,924‌

Republic

Slovenia,

Series

RS86,

0.00%,

2/12/31

4,975,000‌

5,019‌

Total

Slovenia

(Cost

$28,218)

27,115‌

SOUTH

AFRICA 0.1%

Corporate

Bonds 0.1%

Anglo

American

Capital,

3.375%,

3/11/29

(GBP)

7,813,000‌

10,019‌

Total

South

Africa

(Cost

$9,395)

10,019‌

SOUTH

KOREA 2.3%

Corporate

Bonds 0.1%

Shinhan

Bank,

4.50%,

4/12/28

(USD) (1)

7,200,000‌

7,195‌

Government

Bonds 2.2%

Republic

South

Korea,

2.25%,

7/3/28

(EUR)

14,640,000‌

16,584‌

Republic

South

Korea,

Series

3103,

3.375%,

3/10/31

310,829,120,000‌

196,029‌

212,613‌

Total

South

Korea

(Cost

$220,212)

219,808‌

SPAIN 2.9%

Corporate

Bonds 1.0%

Banco

Bilbao

Vizcaya

Argentaria,

3.375%,

9/20/27

7,900,000‌

9,085‌

Banco

Bilbao

Vizcaya

Argentaria,

VR,

4.375%,

8/29/36 (3)

8,900,000‌

10,401‌

Banco

Bilbao

Vizcaya

Argentaria,

VR,

5.75%,

9/15/33 (3)

2,700,000‌

3,221‌

Banco

Sabadell,

VR,

0.875%,

6/16/28 (3)

6,600,000‌

7,397‌

Banco

Sabadell,

VR,

5.00% (3)(8)

4,600,000‌

5,302‌

Banco

Sabadell,

VR,

5.00%,

6/7/29 (3)

2,300,000‌

2,721‌

Banco

Sabadell,

VR,

5.125%,

11/10/28 (3)

5,100,000‌

5,982‌

CaixaBank

3.75%,

9/7/29

9,300,000‌

10,840‌

CaixaBank

VR,

6.25%,

2/23/33 (3)

2,600,000‌

3,085‌

Cellnex

Telecom,

1.75%,

10/23/30

19,600,000‌

20,960‌

Cirsa

Finance

International,

4.875%,

10/15/31 (1)

2,500,000‌

2,907‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

Cirsa

Finance

International,

4.875%,

10/15/31

5,000,000‌

5,815‌

Telefonica

Emisiones

3.724%,

1/23/34

12,000,000‌

13,572‌

101,288‌

Government

Bonds 1.9%

Kingdom

Spain,

1.90%,

10/31/52 (1)

119,150,000‌

90,441‌

Kingdom

Spain,

3.15%,

4/30/35 (1)

20,356,000‌

23,155‌

Kingdom

Spain,

Inflation-Indexed,

0.70%,

11/30/33 (1)

63,954,101‌

70,855‌

184,451‌

Total

Spain

(Cost

$284,705)

285,739‌

SUPRANATIONAL 0.3%

Corporate

Bonds 0.1%

International

Bank

for

Reconstruction

Development,

6.50%,

4/17/30

(INR)

1,010,600,000‌

10,394‌

Government

Bonds 0.2%

Asian

Infrastructure

Investment

Bank,

7.00%,

3/1/29

(INR)

514,700,000‌

5,390‌

Inter-American

Development

Bank,

7.35%,

10/6/30

(INR)

805,000,000‌

8,497‌

13,887‌

Total

Supranational

(Cost

$27,567)

24,281‌

SWEDEN 0.3%

Corporate

Bonds 0.1%

Autoliv,

4.25%,

3/15/28

(EUR)

2,365,000‌

2,742‌

Skandinaviska

Enskilda

Banken

0.375%,

6/21/28

(EUR)

2,865,000‌

3,112‌

Verisure

Holding,

4.125%,

1/2/32

(EUR) (1)

2,100,000‌

2,415‌

8,269‌

Government

Bonds 0.2%

Kingdom

Sweden,

Series

1067,

2.50%,

10/15/36

251,990,000‌

25,638‌

Total

Sweden

(Cost

$34,403)

33,907‌

SWITZERLAND 0.2%

Corporate

Bonds 0.2%

ABB

Finance,

3.25%,

1/16/27

(EUR)

2,400,000‌

2,749‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

ABB

Finance,

3.375%,

1/16/31

(EUR)

4,445,000‌

5,130‌

UBS

Group,

VR,

2.875%,

4/2/32

(EUR) (3)

7,050,000‌

7,848‌

UBS

Group,

VR,

7.75%,

3/1/29

(EUR) (3)

6,929,000‌

8,495‌

Total

Switzerland

(Cost

$21,413)

24,222‌

TANZANIA 0.1%

Corporate

Bonds 0.1%

HTA

Group,

7.50%,

6/4/29

(USD) (1)

9,465,000‌

9,716‌

Total

Tanzania

(Cost

$9,438)

9,716‌

THAILAND 0.2%

Corporate

Bonds 0.2%

Advanced

Info

Service,

4.26%,

3/4/31

(USD)

4,650,000‌

4,537‌

Bangkok

Bank,

VR,

3.733%,

9/25/34

(USD) (3)

7,545,000‌

7,189‌

Treasury

Center,

VR,

6.50%

(USD) (1)(3)(8)

3,240,000‌

3,219‌

Treasury

Center,

VR,

6.50%

(USD) (3)(8)

1,000,000‌

994‌

Total

Thailand

(Cost

$15,981)

15,939‌

TÜRKIYE 0.4%

Corporate

Bonds 0.2%

Turkiye

Bankasi

Series

182,

Zero

Coupon,

8/24/26

993,075,000‌

19,982‌

Government

Bonds 0.2%

Republic

Türkiye,

5.15%,

3/10/34

(EUR)

14,630,000‌

16,676‌

Total

Türkiye

(Cost

$38,847)

36,658‌

UNITED

ARAB

EMIRATES 0.3%

Corporate

Bonds 0.3%

Aldar

Properties,

VR,

6.623%,

4/15/55

(USD) (3)

11,130,000‌

11,101‌

World,

5.25%,

12/24/29

(USD)

17,900,000‌

17,821‌

Total

United

Arab

Emirates

(Cost

$29,536)

28,922‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

UNITED

KINGDOM 5.9%

Corporate

Bonds 1.6%

Astrazeneca

Finance,

3.121%,

8/5/30

(EUR)

6,000,000‌

6,866‌

Barclays,

VR,

0.577%,

8/9/29

(EUR) (3)

5,175,000‌

5,602‌

Barclays,

VR,

0.877%,

1/28/28

(EUR) (3)

2,695,000‌

3,045‌

Barclays,

VR,

6.369%,

1/31/31 (3)

4,650,000‌

6,403‌

Biffa

Group

Holdings,

5.25%,

6/15/31

(EUR)

1,372,000‌

1,570‌

Deuce

Finco

7.00%,

11/20/31

1,189,000‌

1,611‌

Smith,

4.50%,

7/27/30

(EUR)

3,640,000‌

4,303‌

Heathrow

Funding,

1.875%,

7/12/32

(EUR)

6,885,000‌

7,150‌

Heathrow

Funding,

2.75%,

10/13/29

8,360,000‌

10,303‌

HSBC

Holdings,

VR,

3.755%,

5/20/29

(EUR) (3)

10,715,000‌

12,383‌

Jerrold

Finco

7.50%,

6/15/31

1,195,000‌

1,610‌

Jerrold

Finco

7.875%,

4/15/30 (1)

345,000‌

466‌

Miller

Homes

Group

Finco

7.00%,

5/15/29 (4)

3,830,000‌

5,045‌

National

Grid

Electricity

Distribution

East

Midlands,

3.53%,

9/20/28

(EUR)

2,455,000‌

2,832‌

NatWest

Group,

VR,

0.67%,

9/14/29

(EUR) (3)

5,250,000‌

5,682‌

NatWest

Group,

VR,

0.78%,

2/26/30

(EUR) (3)

2,014,000‌

2,159‌

NatWest

Group,

VR,

1.043%,

9/14/32

(EUR) (3)

5,075,000‌

5,670‌

Group,

3.625%,

5/18/28

7,491,000‌

9,736‌

Group,

4.375%,

10/2/26

982,000‌

1,303‌

Santander

U.K.

Group

Holdings,

VR,

0.603%,

9/13/29

(EUR) (3)

6,475,000‌

6,992‌

Santander

U.K.

Group

Holdings,

VR,

2.421%,

1/17/29 (3)

9,920,000‌

12,689‌

Santander

U.K.

Group

Holdings,

VR,

3.53%,

8/25/28

(EUR) (3)

5,300,000‌

6,089‌

Segro,

2.375%,

10/11/29

7,640,000‌

9,424‌

Severn

Trent

Utilities

Finance,

4.625%,

11/30/34

5,970,000‌

7,417‌

Smiths

Group,

2.00%,

2/23/27

(EUR)

2,535,000‌

2,880‌

Tesco

Corporate

Treasury

Services,

2.75%,

4/27/30

4,850,000‌

5,963‌

Vmed

U.K.

Financing

4.50%,

7/15/31 (1)

5,145,000‌

5,620‌

Vmed

U.K.

Financing

4.50%,

7/15/31

5,630,000‌

6,150‌

156,963‌

Government

Bonds 4.3%

United

Kingdom

Gilt,

1.25%,

10/22/41

95,838,000‌

74,830‌

United

Kingdom

Gilt,

3.25%,

1/22/44

42,577,000‌

43,107‌

United

Kingdom

Gilt,

3.75%,

3/7/27

81,695,000‌

108,146‌

United

Kingdom

Gilt,

4.125%,

3/7/33

83,504,000‌

108,532‌

United

Kingdom

Gilt,

4.375%,

3/7/30

49,920,000‌

66,519‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

United

Kingdom

Gilt,

4.375%,

7/31/54

20,452,000‌

22,802‌

423,936‌

Total

United

Kingdom

(Cost

$585,634)

580,899‌

UNITED

STATES 4.8%

Corporate

Bonds 4.7%

AbbVie,

2.125%,

11/17/28

(EUR)

2,605,000‌

2,916‌

AbbVie,

2.625%,

11/15/28

(EUR)

5,967,000‌

6,758‌

Alphabet,

3.125%,

11/6/34

(EUR)

13,665,000‌

15,212‌

Amazon.com,

3.70%,

3/16/35

(EUR)

10,840,000‌

12,470‌

Amazon.com,

4.05%,

3/16/39

(EUR)

14,831,000‌

17,090‌

American

Honda

Finance,

0.75%,

11/25/26

(GBP)

4,097,000‌

5,356‌

Aramark

International

Finance,

4.375%,

4/15/33

(EUR)

2,755,000‌

3,109‌

AT&T,

3.95%,

4/30/31

(EUR)

13,150,000‌

15,401‌

Athene

Global

Funding,

0.832%,

1/8/27

(EUR)

6,150,000‌

6,932‌

Baker

Hughes

Holdings,

3.226%,

3/11/30

(EUR)

2,890,000‌

3,304‌

Baker

Hughes

Holdings,

3.812%,

3/11/34

(EUR)

3,335,000‌

3,836‌

Bank

America,

VR,

1.662%,

4/25/28

(EUR) (3)

2,610,000‌

2,955‌

Becton

Dickinson

Company,

3.519%,

2/8/31

(EUR)

3,520,000‌

4,051‌

Becton

Dickinson

Euro

Finance,

1.213%,

2/12/36

(EUR)

1,874,000‌

1,688‌

Belden,

4.25%,

2/1/33

(EUR) (1)

5,505,000‌

6,157‌

Berkshire

Hathaway

Finance,

1.50%,

3/18/30

(EUR) (4)

5,119,000‌

5,571‌

Bond

U.S.

Bidco

6.50%,

6/15/33

(EUR) (1)(4)

2,085,000‌

2,403‌

California

Buyer,

5.625%,

2/15/32

(EUR)

4,250,000‌

4,929‌

Capital

One

Financial,

1.65%,

6/12/29

(EUR)

11,300,000‌

12,318‌

Carrier

Global,

4.125%,

5/29/28

(EUR)

2,420,000‌

2,818‌

Citigroup,

VR,

4.296%,

7/23/36

(EUR) (3)

13,216,000‌

15,274‌

Comcast,

0.00%,

9/14/26

(EUR)

3,000,000‌

3,410‌

Comcast,

0.75%,

2/20/32

(EUR)

7,200,000‌

7,093‌

CoreWeave

8.50%,

7/15/32

(EUR) (1)

9,530,000‌

10,741‌

CRH

SMW

Finance,

4.00%,

7/11/31

(EUR)

6,000,000‌

7,061‌

Equinix

Europe

Financing,

3.65%,

9/3/33

(EUR)

9,575,000‌

10,848‌

Equitable

Financial

Life

Global

Funding,

0.60%,

6/16/28

(EUR)

2,805,000‌

3,045‌

FedEx,

1.625%,

1/11/27

(EUR)

2,620,000‌

2,975‌

Fiserv,

1.625%,

7/1/30

(EUR)

175,000‌

185‌

Fiserv,

3.00%,

7/1/31

(GBP)

9,825,000‌

11,595‌

Fiserv,

4.25%,

6/23/34

(EUR)

4,545,000‌

5,192‌

Fiserv,

4.50%,

5/24/31

(EUR)

10,825,000‌

12,709‌

Ford

Motor

Credit,

4.445%,

2/14/30

(EUR)

11,700,000‌

13,610‌

Ford

Motor

Credit,

4.867%,

8/3/27

(EUR)

2,390,000‌

2,778‌

Goldman

Sachs

Group,

1.625%,

7/27/26

(EUR)

4,137,000‌

4,724‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

Goldman

Sachs

Group,

VR,

3.625%,

10/29/29

(GBP) (3)

3,180,000‌

4,109‌

Highland

Holdings,

0.318%,

12/15/26

(EUR)

3,635,000‌

4,108‌

IQVIA,

4.625%,

6/15/33

(EUR) (1)

3,160,000‌

3,661‌

JPMorgan

Chase,

VR,

1.638%,

5/18/28

(EUR) (3)

2,620,000‌

2,962‌

JPMorgan

Chase,

VR,

4.457%,

11/13/31

(EUR) (3)

5,700,000‌

6,800‌

Maple

Parent

Holdings,

4.224%,

3/26/32

(EUR)

8,436,000‌

9,762‌

Maple

Parent

Holdings,

4.728%,

3/26/35

(EUR)

8,371,000‌

9,810‌

Medtronic

Global

Holdings,

0.375%,

10/15/28

(EUR)

2,969,000‌

3,201‌

Metropolitan

Life

Global

Funding

5.00%,

1/10/30

(GBP)

570,000‌

761‌

MKS,

4.25%,

2/15/34

(EUR) (1)

2,465,000‌

2,781‌

MKS,

4.25%,

2/15/34

(EUR)

4,300,000‌

4,851‌

Mondelez

International,

0.25%,

3/17/28

(EUR)

10,218,000‌

11,156‌

Mondelez

International,

1.625%,

3/8/27

(EUR)

2,575,000‌

2,919‌

Mondelez

International

Holdings

Netherlands,

0.25%,

9/9/29

(EUR) (1)

6,160,000‌

6,436‌

Morgan

Stanley,

VR,

0.406%,

10/29/27

(EUR) (3)

4,931,000‌

5,594‌

Morgan

Stanley,

VR,

0.495%,

10/26/29

(EUR) (3)

11,660,000‌

12,522‌

Morgan

Stanley,

VR,

5.148%,

1/25/34

(EUR) (3)

2,000,000‌

2,485‌

Morgan

Stanley,

VR,

5.432%,

9/10/32

(GBP) (3)

1,815,000‌

2,431‌

Netflix,

3.625%,

5/15/27

(EUR)

2,455,000‌

2,827‌

Netflix,

3.875%,

11/15/29

(EUR)

5,585,000‌

6,534‌

NextEra

Energy

Capital

Holdings,

VR,

3.996%,

5/15/56

(EUR) (3)

7,700,000‌

8,678‌

NextEra

Energy

Capital

Holdings,

VR,

4.496%,

5/15/56

(EUR) (3)

8,820,000‌

9,932‌

OAK-Eagle

Acquireco

6.25%,

7/1/33

(EUR) (4)

6,320,000‌

7,552‌

OAK-Eagle

Acquireco

6.25%,

7/1/33

(EUR) (1)(4)

3,810,000‌

4,553‌

Perrigo

Finance

Unlimited,

5.375%,

9/30/32

(EUR)

2,001,000‌

2,244‌

Shift4

Payments,

5.50%,

5/15/33

(EUR)

4,195,000‌

4,677‌

Sword

Purchaser,

7.25%,

4/15/33

(EUR) (1)

10,915,000‌

13,075‌

Teva

Pharmaceutical

Finance

Netherlands

II,

4.375%,

5/9/30

(EUR)

2,247,000‌

2,613‌

Thermo

Fisher

Scientific,

0.875%,

10/1/31

(EUR)

5,170,000‌

5,246‌

Thermo

Fisher

Scientific,

2.375%,

4/15/32

(EUR)

5,312,000‌

5,774‌

Thermo

Fisher

Scientific

Finance

0.80%,

10/18/30

(EUR)

1,890,000‌

1,961‌

U.S.

Bancorp,

VR,

4.009%,

5/21/32

(EUR) (3)

9,145,000‌

10,702‌

UGI

International,

5.00%,

6/1/31

(EUR) (1)

1,215,000‌

1,416‌

Upjohn

Finance,

1.362%,

6/23/27

(EUR)

2,670,000‌

3,008‌

Utah

Acquisition

Sub,

3.125%,

11/22/28

(EUR)

5,630,000‌

6,389‌

Verizon

Communications,

1.30%,

5/18/33

(EUR)

5,270,000‌

5,182‌

Verizon

Communications,

2.625%,

12/1/31

(EUR)

4,715,000‌

5,176‌

Viatris

4.25%,

6/17/33

(EUR)

2,100,000‌

2,423‌

Wells

Fargo,

1.00%,

2/2/27

(EUR)

2,660,000‌

3,011‌

455,836‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

Municipal

Securities 0.1%

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (9)

21,185,127‌

15,151‌

Total

United

States

(Cost

$466,272)

470,987‌

UZBEKISTAN 0.2%

Corporate

Bonds 0.1%

JSCB

Agrobank

9.25%,

10/2/29

(USD)

4,700,000‌

5,095‌

Uzbek

Industrial

Construction

Bank,

8.95%,

7/24/29

(USD)

2,218,000‌

2,387‌

7,482‌

Government

Bonds 0.1%

Republic

Uzbekistan,

5.375%,

5/29/27

(EUR)

13,200,000‌

15,301‌

Total

Uzbekistan

(Cost

$22,628)

22,783‌

SHORT-TERM

INVESTMENTS 10.2%

Commercial

Paper 1.0%

(2)

0.6%(10)

Nutrien

3.978%,

7/15/26

17,799,000‌

17,770‌

Rogers

Communications,

4.278%,

7/23/26

41,450,000‌

41,342‌

59,112‌

Non

(2)

0.4%

Videotron,

4.408%,

7/8/26

33,496,000‌

33,464‌

92,576‌

Money

Market

Funds 7.5%

Rowe

Price

Government

Reserve

Fund,

3.69% (11)(12)

730,824,800‌

730,825‌

U.S.

Treasury

Obligations 1.7%

U.S.

Treasury

Bills,

3.627%,

8/6/26 (13)

169,500,000‌

168,886‌

Total

Short-Term

Investments

(Cost

$992,297)

992,287‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Par/Shares

Value

(Cost

and

value

$000s)

SECURITIES

LENDING

COLLATERAL 0.2%

INVESTMENTS

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK 0.2%

Money

Market

Funds 0.2%

Rowe

Price

Treasury

Reserve

Fund,

3.66% (11)(12)

18,366,693‌

18,367‌

Total

Investments

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

18,367‌

Total

Securities

Lending

Collateral

(Cost

$18,367)

18,367‌

(Amounts

000s,

except

for

contracts)

OPTIONS

PURCHASED 0.7%

OTC

Options

Purchased

0.7%

Counterparty

Description

Contracts

Notional

Amount

Value

Barclays

Bank

Year

Interest

Rate

Swap,

6/28/38

Pay

Fixed

3.04%

Annually,

Receive

Variable

2.57%

(6M

EURIBOR)

Semi-Annually,

6/26/28

3.04%*

(EUR) (5)

2‌

331,950‌

11,209‌

Barclays

Bank

Year

Interest

Rate

Swap,

6/28/38

Receive

Fixed

3.04%

Annually,

Pay

Variable

2.57%

(6M

EURIBOR)

Semi-Annually,

6/26/28

3.04%*

(EUR) (5)

2‌

331,950‌

10,878‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

Value

Barclays

Bank

Year

Interest

Rate

Swap,

6/28/58

Pay

Fixed

3.08%

Annually,

Receive

Variable

2.57%

(6M

EURIBOR)

Semi-Annually,

6/26/28

3.08%*

(EUR) (5)

1‌

53,925‌

3,983‌

Barclays

Bank

Year

Interest

Rate

Swap,

6/28/58

Receive

Fixed

3.08%

Annually,

Pay

Variable

2.57%

(6M

EURIBOR)

Semi-Annually,

6/26/28

3.08%*

(EUR) (5)

1‌

53,925‌

3,788‌

Citibank

Year

Interest

Rate

Swap,

2/9/38

Pay

Fixed

3.15%

Annually,

Receive

Variable

2.57%

(6M

EURIBOR)

Semi-Annually,

2/7/28

3.15%*

(EUR) (5)

1‌

16,000‌

399‌

Citibank

Year

Interest

Rate

Swap,

2/9/38

Pay

Fixed

3.15%

Annually,

Receive

Variable

2.57%

(6M

EURIBOR)

Semi-Annually,

2/7/28

3.15%*

(EUR) (5)

1‌

29,500‌

735‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

Value

Citibank

Year

Interest

Rate

Swap,

2/9/38

Pay

Fixed

3.15%

Annually,

Receive

Variable

2.57%

(6M

EURIBOR)

Semi-Annually,

2/7/28

3.15%*

(EUR) (5)

1‌

159,250‌

3,970‌

Citibank

Year

Interest

Rate

Swap,

2/9/38

Receive

Fixed

3.15%

Annually,

Pay

Variable

2.57%

(6M

EURIBOR)

Semi-Annually,

2/7/28

3.15%*

(EUR) (5)

1‌

16,000‌

599‌

Citibank

Year

Interest

Rate

Swap,

2/9/38

Receive

Fixed

3.15%

Annually,

Pay

Variable

2.57%

(6M

EURIBOR)

Semi-Annually,

2/7/28

3.15%*

(EUR) (5)

1‌

29,500‌

1,104‌

Citibank

Year

Interest

Rate

Swap,

2/9/38

Receive

Fixed

3.15%

Annually,

Pay

Variable

2.57%

(6M

EURIBOR)

Semi-Annually,

2/7/28

3.15%*

(EUR) (5)

1‌

159,250‌

5,957‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

Value

Citibank

Year

Interest

Rate

Swap,

7/3/38

Pay

Fixed

3.05%

Annually,

Receive

Variable

2.57%

(6M

EURIBOR)

Semi-Annually,

6/29/28

3.05%*

(EUR) (5)

1‌

110,650‌

3,718‌

Citibank

Year

Interest

Rate

Swap,

7/3/38

Receive

Fixed

3.05%

Annually,

Pay

Variable

2.57%

(6M

EURIBOR)

Semi-Annually,

6/29/28

3.05%*

(EUR) (5)

1‌

110,650‌

3,668‌

Citibank

Year

Interest

Rate

Swap,

7/3/58

Pay

Fixed

3.10%

Annually,

Receive

Variable

2.57%

(6M

EURIBOR)

Semi-Annually,

6/29/28

3.10%*

(EUR) (5)

1‌

161,775‌

11,656‌

Citibank

Year

Interest

Rate

Swap,

7/3/58

Receive

Fixed

3.10%

Annually,

Pay

Variable

2.57%

(6M

EURIBOR)

Semi-Annually,

6/29/28

3.10%*

(EUR) (5)

1‌

161,775‌

11,718‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

Value

Citibank

Credit

Default

Swap,

Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Crossover-S45,

Year

Index,

6/20/31),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

8/19/26

28.75%*

(EUR) (5)

1‌

426,500‌

1,116‌

Total

Options

Purchased

(Cost

$76,726)

74,498‌

Total

Investments

Securities

98.0%

Net

Assets

(Cost

$9,708,853)

9,585,902‌

‡

Country

classifications

are

generally

based

MSCI

categories

another

unaffiliated

third

party

data

provider;

Par/Shares

and

Notional

Amount

are

denominated

the

currency

the

country

presented

unless

otherwise

noted.

Exercise

Spread

(1)

Security

was

purchased

pursuant

Rule

144A

under

the

Securities

Act

1933

and

may

resold

transactions

exempt

from

registration

only

qualified

institutional

buyers.

Total

value

such

securities

period-end

amounts

$1,206,149

and

represents

12.3%

net

assets.

(2)

Security

cannot

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

1933

and

rules

("restricted

security").

Acquisition

date

represents

the

day

which

enforceable

right

acquire

such

security

obtained

and

presented

along

with

cost

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

such

registration

are

generally

borne

the

issuer.

The

aggregate

value

restricted

securities

(excluding

144A

holdings)

period

end

amounts

$3,215

and

represents

0.0%

net

assets.

(3)

Security

fix-to-float

security,

which

carries

fixed

coupon

until

certain

date,

upon

which

switches

floating

rate.

Reference

rate

and

spread

are

provided

the

rate

currently

floating.

(4)

See

Note

All

portion

this

security

loan

June

30,

2026.

(5)

Non-income

producing

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(6)

Issuer

has

failed

make

scheduled

interest

and/or

principal

payment

default.

(7)

Security

has

the

ability

pay

in-kind

pay

cash.

When

applicable,

separate

rates

such

payments

are

disclosed.

(8)

Perpetual

security

with

stated

maturity

date.

(9)

Contingent

value

instrument

that

only

pays

out

portion

the

territory's

Sales

and

Use

Tax

outperforms

the

projections

the

Oversight

Board’s

Certified

Fiscal

Plan.

(10)

Commercial

paper

exempt

from

registration

under

Section

4(2)

the

Securities

Act

1933

and

may

resold

transactions

exempt

from

registration

only

dealers

that

program

other

"accredited

investors".

Total

value

such

securities

period-end

amounts

$59,112

and

represents

0.6%

net

assets.

(11)

Seven-day

yield

(12)

Affiliated

Companies

(13)

June

30,

2026,

all

portion

this

security

pledged

collateral

and/

margin

deposit

cover

future

funding

obligations.

CZK

PRIBOR

Six

month

CZK

PRIBOR

(Prague

interbank

offered

rate)

EURIBOR

Six

month

EURIBOR

(Euro

interbank

offered

rate)

PLN

WIBOR

Six

month

PLN

WIBOR

(Warsaw

interbank

offered

rate)

TSFR

Six

month

term

SOFR

(Secured

overnight

financing

rate)

12M

EURIBOR

Twelve

month

EURIBOR

(Euro

interbank

offered

rate)

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CNH

Offshore

China

Renminbi

COP

Colombian

Peso

CPI

Consumer

Price

Index

CZK

Czech

Koruna

EGP

Egyptian

Pound

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

General

Obligation

HUF

Hungarian

Forint

ICP

Chilean

Average

Chamber

Index

IDR

Indonesian

Rupiah

ILS

Israeli

Shekel

INR

Indian

Rupee

JPY

Japanese

Yen

MXIBTIIE

Mexican

Interbank

day

interest

rate

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NGN

Nigerian

Naira

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

OTC

Over-the-counter

PEN

Peruvian

New

Sol

PIK

Payment-in-kind

PLN

Polish

Zloty

RON

New

Romanian

Leu

SEK

Swedish

Krona

SGD

Singapore

Dollar

SONIA

Sterling

Overnight

Index

Average

THB

Thai

Baht

TONA

Tokyo

overnight

average

rate

TRY

Turkish

Lira

USD

U.S.

Dollar

Variable

Rate;

rate

shown

effective

rate

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

published

reference

rate

and

spread

but

are

determined

the

issuer

agent

and

based

current

market

conditions.

ZAR

South

African

Rand

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.0)%

OTC

Options

Written (0.0)%

Counterparty

Description

Contracts

Notional

Amount

Value

Citibank

Credit

Default

Swap,

Protection

Sold

(Relevant

Credit:

Markit

iTraxx

Crossover-S45,

Year

Index,

6/20/31),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

8/19/26

23.75%*

(EUR)

426,500

(1,066‌)

Total

Options

Written

(Premiums

$(644))

(1,066‌)

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

000s)

SWAPS

(0.1)%

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

America,

Protection

Sold (Relevant

Credit:

Hellenic

Republic,

BBB-*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/29

(USD)

12,470

327

(219)

546‌

Total

Greece

(219)

546‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(219)

546‌

Total

Bilateral

Swaps

(219)

546‌

Description

Notional

Amount

Value

Initial

Value

Unrealized

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

(0.1)%

Credit

Default

Swaps,

Protection

Sold

0.1%

Foreign/Europe

0.1%

Protection

Sold

(Relevant

Credit:

Markit

iTraxx

Europe

Subordinated

Financials-S45,

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/31

111,370

676

(1,653)

2,329‌

Protection

Sold

(Relevant

Credit:

Markit

iTraxx

Europe-S45,

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/31

176,380

4,570

2,913

1,657‌

Total

Foreign/Europe

3,986‌

Vietnam

0.0%

Protection

Sold

(Relevant

Credit:

Socialist

Republic

Vietnam,

BB+*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/28

(USD)

37,447

441

165

276‌

Total

Vietnam

276‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

4,262‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

000s)

Description

Notional

Amount

Value

Initial

Value**

Unrealized

Gain/(Loss)

Interest

Rate

Swaps

(0.2)%

Chile

(0.1)%

Year

Interest

Rate

Swap,

Pay

Fixed

4.651%

Semi-Annually,

Receive

Variable

4.487%

(ICP)

Semi-Annually,

3/16/28

19,750,000

(87)

—

(87‌)

Year

Interest

Rate

Swap,

Pay

Fixed

4.871%

Semi-Annually,

Receive

Variable

4.529%

(ICP)

Semi-Annually,

3/18/28

19,750,000

(179)

—

(179‌)

Year

Interest

Rate

Swap,

Pay

Fixed

4.945%

Semi-Annually,

Receive

Variable

4.487%

(ICP)

Semi-Annually,

3/16/31

18,750,000

(233)

—

(233‌)

Year

Interest

Rate

Swap,

Pay

Fixed

5.011%

Semi-Annually,

Receive

Variable

4.518%

(ICP)

Semi-Annually,

4/28/31

29,031,050

(435)

—

(435‌)

Year

Interest

Rate

Swap,

Pay

Fixed

5.021%

Semi-Annually,

Receive

Variable

4.518%

(ICP)

Semi-Annually,

4/28/31

29,740,950

(460)

—

(460‌)

Year

Interest

Rate

Swap,

Pay

Fixed

5.036%

Semi-Annually,

Receive

Variable

4.409%

(ICP)

Semi-Annually,

5/18/31

23,400,000

(371)

—

(371‌)

Year

Interest

Rate

Swap,

Pay

Fixed

5.111%

Semi-Annually,

Receive

Variable

4.511%

(ICP)

Semi-Annually,

5/20/31

11,700,000

(229)

—

(229‌)

Year

Interest

Rate

Swap,

Pay

Fixed

5.170%

Semi-Annually,

Receive

Variable

4.529%

(ICP)

Semi-Annually,

3/18/31

18,750,000

(443)

—

(443‌)

Year

Interest

Rate

Swap,

Pay

Fixed

5.241%

Semi-Annually,

Receive

Variable

4.398%

(ICP)

Semi-Annually,

5/21/31

23,400,000

(607)

—

(607‌)

Year

Interest

Rate

Swap,

Pay

Fixed

5.118%

Semi-Annually,

Receive

Variable

4.464%

(ICP)

Semi-Annually,

4/11/35

32,470,487

(291)

—

(291‌)

Year

Interest

Rate

Swap,

Pay

Fixed

5.216%

Semi-Annually,

Receive

Variable

4.519%

(ICP)

Semi-Annually,

4/24/35

15,158,000

(250)

—

(250‌)

Total

Chile

(3,585‌)

China

0.0%

Year

Interest

Rate

Swap,

Receive

Fixed

1.547%

Quarterly,

Pay

Variable

1.550%

Day

Interbank

Repo)

Quarterly,

4/9/30

84,900

—

55‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

000s)

Description

Notional

Amount

Value

Initial

Value**

Unrealized

Gain/(Loss)

Year

Interest

Rate

Swap,

Receive

Fixed

1.388%

Quarterly,

Pay

Variable

1.550%

Day

Interbank

Repo)

Quarterly,

4/11/30

204,300

(54)

—

(54‌)

Year

Interest

Rate

Swap,

Receive

Fixed

1.438%

Quarterly,

Pay

Variable

1.500%

Day

Interbank

Repo)

Quarterly,

1/14/30

917,700

—

50‌

Year

Interest

Rate

Swap,

Receive

Fixed

1.537%

Quarterly,

Pay

Variable

1.500%

Day

Interbank

Repo)

Quarterly,

3/6/31

134,181

—

75‌

Year

Interest

Rate

Swap,

Receive

Fixed

1.575%

Quarterly,

Pay

Variable

1.550%

Day

Interbank

Repo)

Quarterly,

10/23/30

299,324

250

—

250‌

Year

Interest

Rate

Swap,

Receive

Fixed

1.581%

Quarterly,

Pay

Variable

1.500%

Day

Interbank

Repo)

Quarterly,

10/24/30

206,676

180

—

180‌

Year

Interest

Rate

Swap,

Receive

Fixed

1.602%

Quarterly,

Pay

Variable

1.570%

Day

Interbank

Repo)

Quarterly,

4/1/31

78,000

—

83‌

Year

Interest

Rate

Swap,

Receive

Fixed

1.653%

Quarterly,

Pay

Variable

1.550%

Day

Interbank

Repo)

Quarterly,

9/20/29

104,810

113

—

113‌

Year

Interest

Rate

Swap,

Receive

Fixed

1.696%

Quarterly,

Pay

Variable

1.530%

Day

Interbank

Repo)

Quarterly,

3/12/30

177,350

249

—

249‌

Total

China

1,001‌

Czech

Republic

0.0%

Year

Interest

Rate

Swap,

Pay

Fixed

3.995%

Annually,

Receive

Variable

3.460%

(6M

CZK

PRIBOR)

Semi-

Annually,

3/4/36

1,296,599

921

—

921‌

Total

Czech

Republic

921‌

Foreign/Europe

(0.0)%

Year

Interest

Rate

Swap,

Pay

Fixed

2.199%

Annually,

Receive

Variable

2.617%

(6M

EURIBOR)

Semi-Annually,

12/13/39

27,750

2,629

—

2,629‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

000s)

Description

Notional

Amount

Value

Initial

Value**

Unrealized

Gain/(Loss)

Year

Interest

Rate

Swap,

Pay

Fixed

2.213%

Annually,

Receive

Variable

2.617%

(6M

EURIBOR)

Semi-Annually,

12/13/39

13,900

1,291

—

1,291‌

Year

Interest

Rate

Swap,

Pay

Fixed

2.244%

Annually,

Receive

Variable

2.639%

(6M

EURIBOR)

Semi-Annually,

12/16/39

13,945

1,237

—

1,237‌

Year

Interest

Rate

Swap,

Receive

Fixed

2.294%

Annually,

Pay

Variable

2.147%

(6M

EURIBOR)

Semi-Annually,

2/18/30

230,735

(3,585)

—

(3,585‌)

Year

Interest

Rate

Swap,

Pay

Fixed

2.879%

Annually,

Receive

Variable

2.172%

(6M

EURIBOR)

Semi-Annually,

2/9/36

43,131

(55)

—

(55‌)

Year

Interest

Rate

Swap,

Receive

Fixed

2.472%

Annually,

Pay

Variable

2.309%

(6M

EURIBOR)

Semi-Annually,

9/20/44

30,650

(2,761)

—

(2,761‌)

Year

Interest

Rate

Swap,

Receive

Fixed

2.510%

Annually,

Pay

Variable

2.159%

(6M

EURIBOR)

Semi-Annually,

8/19/44

57,200

(4,688)

—

(4,688‌)

Total

Foreign/Europe

(5,932‌)

Japan

0.0%

Year

Interest

Rate

Swap,

Pay

Fixed

0.418%

Annually,

Receive

Variable

0.638%

(JPY

TONA)

Annually,

8/10/28

5,440,420

773

—

773‌

Year

Interest

Rate

Swap,

Receive

Fixed

1.612%

Annually,

Pay

Variable

0.751%

(JPY

TONA)

Annually,

1/23/31

5,290,000

(236)

—

(236‌)

Total

Japan

537‌

Mexico

(0.0)%

Year

Interest

Rate

Swap,

Pay

Fixed

9.045%

Days,

Receive

Variable

6.490%

(MXIBTIIE)

Days,

1/24/35

563,500

(2,101)

—

(2,101‌)

Total

Mexico

(2,101‌)

Poland

(0.1)%

Year

Interest

Rate

Swap,

Pay

Fixed

4.091%

Annually,

Receive

Variable

3.690%

(6M

PLN

WIBOR)

Semi-

Annually,

3/9/31

110,728

(223)

—

(223‌)

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

000s)

Description

Notional

Amount

Value

Initial

Value**

Unrealized

Gain/(Loss)

Year

Interest

Rate

Swap,

Pay

Fixed

4.158%

Annually,

Receive

Variable

3.850%

(6M

PLN

WIBOR)

Semi-

Annually,

7/18/30

158,581

(1,311)

—

(1,311‌)

Year

Interest

Rate

Swap,

Pay

Fixed

4.165%

Annually,

Receive

Variable

3.850%

(6M

PLN

WIBOR)

Semi-

Annually,

7/18/30

158,580

(1,325)

—

(1,325‌)

Year

Interest

Rate

Swap,

Pay

Fixed

4.230%

Annually,

Receive

Variable

3.940%

(6M

PLN

WIBOR)

Semi-

Annually,

6/10/30

159,927

(484)

—

(484‌)

Year

Interest

Rate

Swap,

Pay

Fixed

4.255%

Annually,

Receive

Variable

3.850%

(6M

PLN

WIBOR)

Semi-

Annually,

6/11/30

40,489

(133)

—

(133‌)

Year

Interest

Rate

Swap,

Pay

Fixed

4.320%

Annually,

Receive

Variable

3.850%

(6M

PLN

WIBOR)

Semi-

Annually,

6/12/30

121,469

(473)

—

(473‌)

Year

Interest

Rate

Swap,

Pay

Fixed

3.979%

Annually,

Receive

Variable

3.700%

(6M

PLN

WIBOR)

Semi-

Annually,

3/4/33

92,500

—

74‌

Year

Interest

Rate

Swap,

Pay

Fixed

4.110%

Annually,

Receive

Variable

3.930%

(6M

PLN

WIBOR)

Semi-

Annually,

12/17/32

141,801

(910)

—

(910‌)

Year

Interest

Rate

Swap,

Pay

Fixed

4.333%

Annually,

Receive

Variable

3.890%

(6M

PLN

WIBOR)

Semi-

Annually,

9/29/32

240,274

(2,500)

—

(2,500‌)

Total

Poland

(7,285‌)

United

Kingdom

0.0%

Year

Interest

Rate

Swap,

Receive

Fixed

4.057%

Annually,

Pay

Variable

3.746%

(GBP

SONIA)

Annually,

4/8/28

19,000

—

32‌

Year

Interest

Rate

Swap,

Receive

Fixed

4.126%

Annually,

Pay

Variable

3.747%

(GBP

SONIA)

Annually,

4/1/28

36,500

127

—

127‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

000s)

Description

Notional

Amount

Value

Initial

Value**

Unrealized

Gain/(Loss)

Year

Interest

Rate

Swap,

Receive

Fixed

4.269%

Annually,

Pay

Variable

3.748%

(GBP

SONIA)

Annually,

3/23/28

348,300

2,492

—

2,492‌

Total

United

Kingdom

2,651‌

Total

Centrally

Cleared

Interest

Rate

Swaps

(13,793‌)

Zero-Coupon

Inflation

Swaps

0.0%

Foreign/Europe

0.0%

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

1.860%

Maturity,

Receive

Variable

(Change

CPI)

Maturity,

9/17/29

50,750

898

—

898‌

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

1.958%

Maturity,

Receive

Variable

(Change

CPI)

Maturity,

10/16/34

31,425

466

—

466‌

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.182%

Maturity,

Receive

Variable

(Change

CPI)

Maturity,

4/15/36

12,300

(44)

—

(44‌)

Total

Foreign/Europe

1,320‌

Total

Centrally

Cleared

Zero-Coupon

Inflation

Swaps

1,320‌

Total

Centrally

Cleared

Swaps

(8,211‌)

Net

payments

(receipts)

variation

margin

date

7,762‌

Variation

margin

receivable

(payable)

centrally

cleared

swaps

(449‌)

Credit

ratings

June

30,

2026.

Ratings

shown

are

from

Moody’s

Investors

Service

and

Moody’s

does

not

rate

security,

then

Standard

Poor’s

(S&P)

used.

Fitch

used

for

securities

that

are

not

rated

either

Moody’s

S&P.

Includes

interest

purchased

sold

but

not

yet

collected

$8.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

America

7/17/26

MXN

762,347‌

USD

43,519‌

12‌

Bank

America

7/17/26

RON

200,898‌

USD

45,897‌

(2,126‌)

Bank

America

7/17/26

USD

145,688‌

MXN

2,554,959‌

(203‌)

Bank

America

7/17/26

USD

69,090‌

RON

302,129‌

3,263‌

Bank

America

7/24/26

USD

4,931‌

NZD

8,360‌

178‌

Bank

America

8/14/26

USD

96,297‌

PLN

346,186‌

4,276‌

Bank

America

8/31/26

USD

260,357‌

SEK

2,400,415‌

11,951‌

Bank

America

9/11/26

USD

108,199‌

MYR

429,461‌

2,793‌

Bank

America

9/18/26

USD

352,597‌

CNH

2,371,830‌

1,350‌

Bank

America

9/24/26

USD

49,167‌

ILS

146,705‌

(240‌)

Bank

America

10/16/26

USD

65,318‌

SGD

83,542‌

246‌

Barclays

Bank

7/16/26

TRY

506,431‌

USD

10,427‌

287‌

Barclays

Bank

7/16/26

USD

10,498‌

TRY

506,431‌

(215‌)

Barclays

Bank

7/17/26

USD

142,428‌

ZAR

2,379,457‌

(2,628‌)

Barclays

Bank

8/7/26

USD

23,944‌

CLP

21,620,957‌

478‌

Barclays

Bank

8/21/26

USD

7,763‌

EUR

6,635‌

165‌

Barclays

Bank

8/24/26

USD

19,180‌

TRY

964,212‌

(615‌)

BNP

Paribas

7/10/26

USD

40,598‌

IDR

690,712,447‌

2,021‌

BNP

Paribas

7/10/26

USD

24,740‌

PEN

84,170‌

123‌

BNP

Paribas

7/17/26

USD

8,317‌

RON

36,288‌

411‌

BNP

Paribas

7/24/26

JPY

1,434,321‌

USD

9,213‌

(375‌)

BNP

Paribas

7/24/26

USD

2,007,598‌

EUR

1,698,775‌

64,626‌

BNP

Paribas

7/24/26

USD

1,085,949‌

JPY

171,445,444‌

29,462‌

BNP

Paribas

8/21/26

USD

49,775‌

EUR

42,518‌

1,089‌

BNP

Paribas

8/21/26

USD

450,448‌

GBP

334,146‌

7,229‌

BNY

Mellon

7/24/26

USD

4,572‌

JPY

711,350‌

188‌

BNY

Mellon

9/18/26

CNH

39,762‌

USD

5,904‌

(16‌)

Canadian

Imperial

Bank

Commerce

7/24/26

EUR

3,723‌

USD

4,390‌

(132‌)

Canadian

Imperial

Bank

Commerce

7/24/26

USD

3,401‌

JPY

539,916‌

73‌

Canadian

Imperial

Bank

Commerce

8/21/26

USD

3,102‌

EUR

2,681‌

32‌

Citibank

7/10/26

IDR

905,839,567‌

USD

50,521‌

71‌

Citibank

7/10/26

NGN

19,297,055‌

USD

13,751‌

157‌

Citibank

7/10/26

NGN

9,290,000‌

USD

6,781‌

(85‌)

Citibank

7/10/26

PEN

17,441‌

USD

5,128‌

(27‌)

Citibank

7/10/26

USD

91,675‌

IDR

1,559,373,346‌

4,582‌

Citibank

7/15/26

EGP

940,039‌

USD

17,440‌

1,545‌

Citibank

7/24/26

USD

268,296‌

CHF

207,822‌

10,394‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Citibank

8/7/26

USD

19,170‌

INR

1,861,299‌

(442‌)

Citibank

8/12/26

EGP

954,921‌

USD

17,262‌

1,774‌

Citibank

8/21/26

EUR

9,054‌

USD

10,535‌

(167‌)

Citibank

8/31/26

SEK

198,135‌

USD

20,468‌

36‌

Citibank

8/31/26

USD

4,901‌

SEK

47,435‌

(8‌)

Citibank

10/9/26

USD

50,166‌

IDR

905,839,567‌

(19‌)

Deutsche

Bank

7/10/26

USD

11,185‌

IDR

197,591,011‌

150‌

Deutsche

Bank

7/17/26

USD

49,198‌

MXN

857,818‌

215‌

Deutsche

Bank

7/24/26

AUD

7,116‌

USD

4,918‌

7‌

Deutsche

Bank

7/24/26

CHF

77,690‌

USD

99,914‌

(3,503‌)

Deutsche

Bank

7/24/26

JPY

4,746,821‌

USD

30,048‌

(797‌)

Deutsche

Bank

7/24/26

USD

6,779‌

CAD

9,357‌

175‌

Deutsche

Bank

7/24/26

USD

5,351‌

CHF

4,200‌

139‌

Deutsche

Bank

8/7/26

CLP

5,725,624‌

USD

6,375‌

(161‌)

Deutsche

Bank

8/21/26

USD

5,228‌

EUR

4,529‌

42‌

Deutsche

Bank

8/21/26

USD

161,014‌

GBP

119,704‌

2,236‌

Deutsche

Bank

8/31/26

USD

5,522‌

SEK

51,991‌

142‌

Deutsche

Bank

9/2/26

USD

4,594‌

BRL

24,101‌

(4‌)

Goldman

Sachs

7/10/26

IDR

29,193,447‌

USD

1,622‌

8‌

Goldman

Sachs

7/10/26

INR

1,905,566‌

USD

20,110‌

8‌

Goldman

Sachs

7/10/26

USD

34,117‌

IDR

580,441,876‌

1,699‌

Goldman

Sachs

7/17/26

HUF

7,414,060‌

USD

23,777‌

16‌

Goldman

Sachs

7/17/26

HUF

14,790,352‌

USD

47,872‌

(407‌)

Goldman

Sachs

7/17/26

USD

123,796‌

CZK

2,575,114‌

2,552‌

Goldman

Sachs

7/17/26

USD

93,874‌

MXN

1,640,527‌

198‌

Goldman

Sachs

7/24/26

NZD

3,906‌

USD

2,296‌

(75‌)

Goldman

Sachs

7/24/26

USD

48,945‌

NOK

479,043‌

566‌

Goldman

Sachs

7/24/26

USD

2,469‌

NZD

4,180‌

93‌

Goldman

Sachs

8/7/26

INR

2,923,188‌

USD

30,784‌

17‌

Goldman

Sachs

8/21/26

USD

28,090‌

EUR

24,139‌

449‌

Goldman

Sachs

8/31/26

SEK

2,131,344‌

USD

219,597‌

964‌

Goldman

Sachs

9/2/26

BRL

117,788‌

USD

22,268‌

202‌

Goldman

Sachs

9/2/26

USD

2,215‌

BRL

11,397‌

41‌

Goldman

Sachs

9/18/26

USD

195,537‌

CNH

1,316,863‌

522‌

Goldman

Sachs

10/16/26

USD

73,662‌

SGD

93,838‌

570‌

HSBC

Bank

7/10/26

IDR

86,265,821‌

USD

4,816‌

2‌

HSBC

Bank

7/10/26

IDR

219,918,483‌

USD

12,868‌

(585‌)

HSBC

Bank

7/10/26

USD

69,459‌

IDR

1,206,207,597‌

2,091‌

HSBC

Bank

7/24/26

USD

53,900‌

AUD

77,174‌

492‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

HSBC

Bank

7/24/26

USD

46,043‌

EUR

39,258‌

1,141‌

HSBC

Bank

7/24/26

USD

100,896‌

JPY

16,282,609‌

559‌

HSBC

Bank

8/7/26

CLP

11,422,619‌

USD

12,664‌

(267‌)

HSBC

Bank

8/14/26

USD

56,130‌

PLN

204,526‌

1,764‌

HSBC

Bank

8/21/26

USD

1,288,263‌

EUR

1,102,349‌

25,999‌

HSBC

Bank

8/21/26

USD

5,976‌

EUR

5,240‌

(23‌)

HSBC

Bank

9/11/26

USD

55,804‌

MYR

220,656‌

1,647‌

HSBC

Bank

9/11/26

USD

48,581‌

THB

1,618,111‌

(420‌)

HSBC

Bank

9/18/26

USD

5,877‌

CNH

39,713‌

(4‌)

JPMorgan

Chase

7/10/26

IDR

43,780,212‌

USD

2,421‌

24‌

JPMorgan

Chase

7/10/26

USD

1,942‌

IDR

33,076,512‌

95‌

JPMorgan

Chase

7/17/26

USD

954‌

RON

4,311‌

14‌

JPMorgan

Chase

7/24/26

AUD

4,235‌

USD

3,029‌

(98‌)

JPMorgan

Chase

7/24/26

EUR

2,371‌

USD

2,776‌

(65‌)

JPMorgan

Chase

8/21/26

EUR

4,286‌

USD

5,003‌

(96‌)

JPMorgan

Chase

8/21/26

USD

27,536‌

EUR

23,662‌

441‌

JPMorgan

Chase

8/21/26

USD

29,432‌

EUR

25,745‌

(48‌)

JPMorgan

Chase

8/21/26

USD

5,521‌

GBP

4,135‌

36‌

JPMorgan

Chase

9/18/26

USD

172,815‌

CNH

1,164,850‌

311‌

Morgan

Stanley

7/24/26

AUD

4,617‌

USD

3,287‌

(92‌)

Morgan

Stanley

7/24/26

USD

2,533‌

NZD

4,264‌

109‌

Morgan

Stanley

8/21/26

EUR

6,575‌

USD

7,588‌

(59‌)

Morgan

Stanley

8/21/26

USD

58,618‌

EUR

51,413‌

(254‌)

Morgan

Stanley

9/2/26

USD

1,793‌

BRL

9,274‌

24‌

NatWest

Bank

7/17/26

CZK

45,473‌

USD

2,181‌

(40‌)

NatWest

Bank

8/21/26

USD

2,897‌

EUR

2,501‌

33‌

Nomura

Securities

International

7/24/26

AUD

4,501‌

USD

3,263‌

(148‌)

Nomura

Securities

International

7/24/26

JPY

1,458,393‌

USD

9,187‌

(200‌)

Nomura

Securities

International

7/24/26

USD

4,638‌

CHF

3,741‌

(4‌)

Nomura

Securities

International

8/21/26

USD

4,560‌

EUR

3,918‌

73‌

RBC

Dominion

Securities

7/10/26

USD

69,323‌

IDR

1,182,488,776‌

3,280‌

RBC

Dominion

Securities

7/24/26

USD

101,641‌

CAD

139,931‌

2,868‌

RBC

Dominion

Securities

8/7/26

CLP

5,754,252‌

USD

6,373‌

(127‌)

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

RBC

Dominion

Securities

8/7/26

USD

10,623‌

CLP

9,462,053‌

354‌

RBC

Dominion

Securities

8/21/26

EUR

3,391‌

USD

3,952‌

(69‌)

RBC

Dominion

Securities

8/21/26

USD

19,752‌

EUR

16,965‌

326‌

RBC

Dominion

Securities

8/21/26

USD

27,386‌

EUR

23,940‌

(27‌)

RBC

Dominion

Securities

8/21/26

USD

7,887‌

GBP

5,955‌

(12‌)

RBC

Dominion

Securities

9/11/26

USD

12,787‌

COP

46,416,427‌

(562‌)

RBC

Dominion

Securities

10/16/26

USD

69,974‌

SGD

89,053‌

608‌

Societe

Generale

7/10/26

IDR

541,946,861‌

USD

31,465‌

(1,196‌)

Societe

Generale

7/24/26

USD

3,768‌

JPY

597,291‌

88‌

Societe

Generale

8/21/26

USD

7,193‌

EUR

6,217‌

75‌

Societe

Generale

8/21/26

USD

55,921‌

EUR

48,893‌

(64‌)

Standard

Chartered

7/10/26

IDR

905,672,137‌

USD

50,752‌

(169‌)

Standard

Chartered

7/10/26

USD

6,088‌

IDR

103,894,478‌

286‌

Standard

Chartered

7/10/26

USD

23,095‌

PEN

79,599‌

(185‌)

Standard

Chartered

7/17/26

CZK

420,940‌

USD

20,149‌

(330‌)

Standard

Chartered

7/24/26

USD

5,872‌

CAD

8,337‌

(13‌)

Standard

Chartered

8/7/26

USD

21,005‌

CLP

18,932,062‌

457‌

Standard

Chartered

8/21/26

USD

99,761‌

EUR

86,043‌

1,236‌

Standard

Chartered

8/21/26

USD

2,967‌

EUR

2,598‌

(8‌)

Standard

Chartered

8/31/26

USD

8,707‌

SEK

80,224‌

406‌

Standard

Chartered

9/2/26

BRL

119,119‌

USD

22,798‌

(73‌)

Standard

Chartered

9/11/26

USD

58,528‌

MYR

231,390‌

1,736‌

Standard

Chartered

10/9/26

USD

50,416‌

IDR

905,672,137‌

240‌

State

Street

7/24/26

JPY

633,521‌

USD

3,934‌

(30‌)

State

Street

7/24/26

USD

50,153‌

AUD

70,004‌

1,708‌

State

Street

7/24/26

USD

18,133‌

CAD

25,727‌

(27‌)

State

Street

7/24/26

USD

9,868‌

EUR

8,551‌

88‌

State

Street

8/21/26

EUR

3,416‌

USD

3,925‌

(14‌)

State

Street

8/21/26

USD

9,810‌

EUR

8,632‌

(74‌)

State

Street

10/16/26

USD

68,159‌

SGD

86,952‌

431‌

Toronto-Dominion

Bank

7/24/26

AUD

4,535‌

USD

3,283‌

(145‌)

Toronto-Dominion

Bank

7/24/26

USD

434,297‌

CAD

594,437‌

14,701‌

Toronto-Dominion

Bank

8/21/26

USD

54,505‌

EUR

47,638‌

(44‌)

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Toronto-Dominion

Bank

9/2/26

BRL

66,540‌

USD

12,690‌

4‌

UBS

Investment

Bank

7/10/26

IDR

405,711,705‌

USD

22,258‌

402‌

UBS

Investment

Bank

7/10/26

USD

8,505‌

INR

802,243‌

35‌

UBS

Investment

Bank

7/10/26

USD

11,638‌

INR

1,103,323‌

(10‌)

UBS

Investment

Bank

7/17/26

MXN

70,173‌

USD

4,016‌

(10‌)

UBS

Investment

Bank

7/24/26

EUR

5,481‌

USD

6,392‌

(123‌)

UBS

Investment

Bank

7/24/26

USD

2,460‌

NZD

4,201‌

72‌

UBS

Investment

Bank

8/7/26

USD

22,938‌

CLP

20,790,365‌

374‌

UBS

Investment

Bank

8/21/26

GBP

42,906‌

USD

57,511‌

(599‌)

UBS

Investment

Bank

8/21/26

USD

224,851‌

GBP

168,329‌

1,575‌

Wells

Fargo

7/10/26

PEN

109,244‌

USD

31,220‌

730‌

Wells

Fargo

7/24/26

EUR

5,269‌

USD

6,186‌

(160‌)

Wells

Fargo

7/24/26

JPY

1,977,274‌

USD

12,528‌

(344‌)

Wells

Fargo

8/7/26

USD

14,635‌

CLP

13,248,588‌

256‌

Wells

Fargo

9/2/26

USD

133,050‌

BRL

685,819‌

2,214‌

Wells

Fargo

9/11/26

COP

179,106,029‌

USD

49,783‌

1,726‌

Wells

Fargo

9/11/26

USD

12,361‌

COP

46,416,427‌

(988‌)

Net

unrealized

gain

(loss)

open

forward

currency

exchange

contracts

210,903‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

4,396

Commonwealth

Australia

ten

year

bond

contracts

9/26

334,237

3,700‌

Long,

552

Commonwealth

Australia

three

year

bond

contracts

9/26

39,973

185‌

Short,

5,028

Euro

BOBL

contracts

9/26

(662,857)

(3,901‌)

Short,

332

Euro

BTP

contracts

9/26

(45,275)

(480‌)

Short,

136

Euro

BUND

contracts

9/26

(19,788)

(260‌)

Long,

807

Euro

BUXL

thirty

year

bond

contracts

9/26

102,553

2,747‌

Long,

461

Euro

OAT

contracts

9/26

63,198

500‌

Long,

1,253

Euro

SCHATZ

contracts

9/26

151,701

342‌

Short,

156

Government

Canada

ten

year

bond

contracts

9/26

(13,321)

(128‌)

Short,

Government

Japan

ten

year

bond

contracts

9/26

(55,793)

(197‌)

Long,

3,143

Republic

South

Korea

ten

year

bond

contracts

9/26

217,594

2,347‌

Long,

3,723

Republic

South

Korea

three

year

bond

contracts

9/26

248,208

1,168‌

Long,

2,045

U.K.

Gilt

ten

year

contracts

9/26

241,990

4,159‌

Short,

708

U.S.

Treasury

Notes

five

year

contracts

9/26

(75,789)

(264‌)

Short,

807

Ultra

U.S.

Treasury

Notes

ten

year

contracts

9/26

(90,762)

(1,167‌)

Net

payments

(receipts)

variation

margin

date

(7,822‌)

Variation

margin

receivable

(payable)

open

futures

contracts

929‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

The

accompanying

notes

are

integral

part

these

financial

statements.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

1940

Act,

affiliated

company

one

which

the

fund

owns

the

outstanding

voting

securities,

company

that

under

common

ownership

control.

The

following

securities

were

considered

affiliated

companies

for

all

some

portion

the

six

months

ended

June

30,

2026.

Net

realized

gain

(loss),

investment

income,

change

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

Net

Unrealized

Gain/Loss

Investment

Income

Rowe

Price

Government

Reserve

Fund,

3.69%

—‌

12,838‌

Rowe

Price

Treasury

Reserve

Fund,

3.66%

—‌

—‌++

Totals

—‌#

—‌

12,838‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/25

Purchase

Cost

Sales

Cost

Value

6/30/26

Rowe

Price

Government

Reserve

Fund,

3.69%

603,018‌

730,825‌

Rowe

Price

Treasury

Reserve

Fund,

3.66%

27,450‌

18,367‌

Total

749,192‌^

Capital

gain

distributions

from

underlying

Price

funds

represented

the

net

realized

gain

(loss).

Excludes

earnings

securities

lending

collateral,

which

are

subject

rebates

and

fees

described

Note

Investment

income

comprised

$12,838

dividend

income

and

interest

income.

Purchase

and

sale

information

not

shown

for

cash

management

funds.

The

cost

basis

investments

affiliated

companies

was

$749,192.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

June

30,

2026

Unaudited

Statement

Assets

and

Liabilities

($000s,

except

and

per

amounts)

Assets

Investments

securities,

value

(cost

$9,708,853)

9,585,902‌

Receivable

for

investment

securities

sold

240,426‌

Unrealized

gain

forward

currency

exchange

contracts

230,954‌

Interest

receivable

90,297‌

Foreign

currency

(cost

$5,403)

5,409‌

Receivable

for

sold

4,398‌

Due

from

affiliates

2,655‌

Variation

margin

receivable

futures

contracts

929‌

Unrealized

gain

bilateral

swaps

546‌

Other

assets

217‌

Total

assets

10,161,733‌

Liabilities

Payable

for

investment

securities

purchased

330,459‌

Unrealized

loss

forward

currency

exchange

contracts

20,051‌

Obligation

return

securities

lending

collateral

18,367‌

Payable

for

redeemed

7,789‌

Investment

management

fees

payable

3,911‌

Options

written

(premiums

$644)

1,066‌

Variation

margin

payable

centrally

cleared

swaps

449‌

Bilateral

swap

premiums

received

219‌

Payable

directors

5‌

Other

liabilities

1,913‌

Total

liabilities

384,229‌

Commitments

and

Contingent

Liabilities

(note

)

NET

ASSETS

9,777,504‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

June

30,

2026

Unaudited

Statement

Assets

and

Liabilities

($000s,

except

and

per

amounts)

The

accompanying

notes

are

integral

part

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

(

690,495‌

)

Paid-in

capital

applicable

1,146,612,029

$0.01

par

value

capital

stock

outstanding;

18,000,000,000

the

Corporation

authorized

10,467,999‌

NET

ASSETS

9,777,504‌

NET

ASSET

VALUE

PER

Investor

Class

(Net

assets:

$72,100;

outstanding:

8,455,080)

8.53‌

Advisor

Class

(Net

assets:

$78;

outstanding:

9,205)

8.50‌

Class

(Net

assets:

$3,190,589;

outstanding:

374,268,261)

8.52‌

Class

(Net

assets:

$6,514,737;

outstanding:

763,879,483)

8.53‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Unaudited

Statement

Operations

($000s)

Months

Ended

6/30/26

Investment

Income

(Loss)

Income

Interest

(net

foreign

taxes

$787)

159,970‌

Dividend

12,838‌

Securities

lending

48‌

Other

9‌

Total

income

172,865‌

Expenses

Investment

management

20,834‌

Shareholder

servicing

Investor

Class

95‌

Class

52‌

147‌

Prospectus

and

shareholder

reports

Investor

Class

4‌

Class

89‌

Class

2‌

95‌

Custody

and

accounting

623‌

Registration

215‌

Legal

and

audit

26‌

Directors

11‌

Miscellaneous

58‌

Waived

paid

Price

Associates

(

15,363‌

)

Total

expenses

6,646‌

Net

investment

income

166,219‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Unaudited

Statement

Operations

($000s)

The

accompanying

notes

are

integral

part

these

financial

statements.

Months

Ended

6/30/26

Realized

and

Unrealized

Gain

Loss

–

Net

realized

gain

(loss)

Securities

(net

foreign

taxes

$258)

(

8,372‌

)

Futures

(

7,000‌

)

Swaps

6,116‌

Options

written

2,634‌

Forward

currency

exchange

contracts

5,682‌

Foreign

currency

transactions

(

2,774‌

)

Net

realized

loss

(

3,714‌

)

Change

net

unrealized

gain

loss

Securities

(

242,638‌

)

Futures

2,380‌

Swaps

3,102‌

Options

written

(

422‌

)

Forward

currency

exchange

contracts

225,212‌

Other

assets

and

liabilities

denominated

foreign

currencies

(

4,467‌

)

Change

net

unrealized

gain

loss

(

16,833‌

)

Net

realized

and

unrealized

gain

loss

(

20,547‌

)

INCREASE

NET

ASSETS

FROM

OPERATIONS

145,672‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Unaudited

Statement

Changes

Net

Assets

($000s)

Months

Ended

6/30/26

Year

Ended

12/31/25

Increase

(Decrease)

Net

Assets

Operations

Net

investment

income

166,219‌

280,444‌

Net

realized

loss

(

3,714‌

)

(

244,910‌

)

Change

net

unrealized

gain

loss

(

16,833‌

)

264,300‌

Increase

net

assets

from

operations

145,672‌

299,834‌

Distributions

shareholders

Net

earnings

Investor

Class

(

1,201‌

)

(

2,184‌

)

Advisor

Class

(

1‌

)

(

2‌

)

Class

(

44,118‌

)

(

46,700‌

)

Class

(

123,827‌

)

(

205,803‌

)

Tax

return

capital

–

Investor

Class

–‌

(

214‌

)

Advisor

Class

–‌

Class

–‌

(

4,581‌

)

Class

–‌

(

20,110‌

)

Decrease

net

assets

from

distributions

(

169,147‌

)

(

279,594‌

)

Capital

transactions

sold

Investor

Class

11,032‌

25,485‌

Class

1,932,263‌

529,693‌

Class

1,043,626‌

977,944‌

Distributions

reinvested

Investor

Class

1,175‌

2,356‌

Advisor

Class

1‌

2‌

Class

43,862‌

51,072‌

Class

123,151‌

226,054‌

redeemed

Investor

Class

(

14,176‌

)

(

26,900‌

)

Class

(

253,944‌

)

(

986,602‌

)

Class

(

416,882‌

)

(

604,814‌

)

Increase

net

assets

from

capital

transactions

2,470,108‌

194,290‌

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Unaudited

Statement

Changes

Net

Assets

($000s)

The

accompanying

notes

are

integral

part

these

financial

statements.

Months

Ended

6/30/26

Year

Ended

12/31/25

Net

Assets

Increase

during

period

2,446,633‌

214,530‌

Beginning

period

7,330,871‌

7,116,341‌

End

period

9,777,504‌

7,330,871‌

*Share

information

(000s)

sold

Investor

Class

1,292‌

2,983‌

Class

226,912‌

62,032‌

Class

122,264‌

114,415‌

Distributions

reinvested

Investor

Class

138‌

275‌

Advisor

Class

–‌

(1)

–‌

(1)

Class

5,151‌

5,970‌

Class

14,443‌

26,407‌

redeemed

Investor

Class

(

1,663‌

)

(

3,150‌

)

Class

(

29,786‌

)

(

115,989‌

)

Class

(

49,001‌

)

(

70,787‌

)

Increase

outstanding

289,750‌

22,156‌

(1)

Amount

rounds

less

than

1,000

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Unaudited

NOTES

FINANCIAL

STATEMENTS

Rowe

Price

International

Funds,

Inc. (the

corporation)

registered

under

the

Investment

Company

Act

1940

(the

1940

Act).

The

International

Bond

Fund

(USD

Hedged)

(the

fund)

is a

nondiversified, open-end

management

investment

company

established

the

corporation. The

fund

seeks to

provide

current

income

and

capital

appreciation.

The

fund

has four classes

the

International

Bond

Fund

(USD

Hedged)

(Investor

Class),

the

International

Bond

Fund

(USD

Hedged)–Advisor

Class

(Advisor

Class),

the

International

Bond

Fund

(USD

Hedged)–I

Class

Class)

and

the

International

Bond

Fund

(USD

Hedged)–Z

Class

Class).

Advisor

Class

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

Class

require

$500,000

initial

investment

minimum,

although

the

minimum

generally

waived

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Class

only

available

funds

advised

Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

contractual

fee

for

investment

management

services.

The

Advisor

Class

operates

under

Board-approved

Rule

12b-1

plan

pursuant

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/

certain

administrative

services;

the

Investor,

and

Classes

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

matters

solely

that

class;

separate

voting

rights

matters

that

relate

all

classes;

and,

all

other

respects,

the

same

rights

and

obligations

the

other

classes.

NOTE

SIGNIFICANT

ACCOUNTING

POLICIES

Basis

Preparation

The fund

investment

company

and

follows

accounting

and

reporting

guidance

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

accordance

with

accounting

principles

generally

accepted

the

United

States

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

estimates

made

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

Investment

transactions

are

accounted

for

the

trade

date

basis.

Income

and

expenses

are

recorded

the

accrual

basis.

Realized

gains

and

losses

are

reported

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

the

identified

cost

basis. Premiums

and

discounts

debt

securities

are

amortized

for

financial

reporting

purposes. Paydown

gains

and

losses

are

recorded

adjustment

interest

income. Inflation

adjustments

the

principal

amount

inflation-indexed

bonds

are

reflected

interest

income. Income

tax-related

interest

and

penalties,

incurred,

are

recorded

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

dividend income;

capital

gain

distributions

are

reflected

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

the

ex-dividend

date. Non-cash

dividends,

any,

are

recorded

the

fair

market

value

the

asset

received. Proceeds

from

litigation

payments,

any,

are

included

either

net

realized

gain

(loss)

change

net

unrealized

gain/loss

from

securities. Distributions

shareholders

are

recorded

the

ex-dividend

date. Income

distributions,

any, are

declared

each

class daily

and

paid

monthly. A

capital

gain

distribution,

any, may

also

declared

and

paid

the

fund

annually.

Currency

Translation

Assets,

including

investments,

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

the

prevailing

exchange

rate,

using

the

mean

the

bid

and

asked

prices

such

currencies

against

U.S.

dollars

provided

outside

pricing

service.

Purchases

and

sales

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

the

prevailing

exchange

rate

the

respective

date

such

transaction.

The

effect

changes

foreign

currency

exchange

rates

realized

and

unrealized

security

gains

and

losses

not

bifurcated

from

the

portion

attributable

changes

market

prices.

Class

Accounting

Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

each

class

are

charged

directly

the

class

which

they

relate.

Expenses

common

all

classes

and

investment

income

are

allocated

the

classes

based

upon

the

relative

daily

net

assets

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

each

class’s

outstanding

shares.

The

Advisor

Class

pays

Rule

12b-1

fees,

amount

not

exceeding

0.25%

the

class’s

average

daily

net

assets;

during

the

six

months

ended

June

30,

2026,

the

Advisor

Class

incurred

less

than

$1,000

these

fees.

Capital

Transactions

Each

investor’s

interest

the

net

assets

the

fund

represented

fund

shares.

The

fund’s

net

asset

value

(NAV)

per

computed

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

Eastern

time,

each

day

the

NYSE

open

for

business.

However,

the

NAV

per

may

calculated

time

other

than

the

normal

the

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

NYSE

trading

the

NYSE

restricted,

the

NYSE

closes

earlier,

may

permitted

the

SEC.

Purchases

and

redemptions

fund

are

transacted

the

next-computed

NAV

per

share,

after

receipt

the

transaction

order

Rowe

Price

Associates,

Inc.,

its

agents.

Indemnification

the

normal

course

business, the

fund

may

provide

indemnification

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

unknown;

however,

the

risk

material

loss

currently

considered

remote.

NOTE

VALUATION

Fair

Value

The

fund’s

financial

instruments

are

valued

the

NYSE

and

are

reported

fair

value,

which

GAAP

defines

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date. The fund’s

Board

Directors

(the

Board)

has

designated

Rowe

Price

Associates,

Inc.

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

oversight

the

Board,

the

Valuation

Designee

performs

the

following

functions

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

the

Valuation

Designee

are

performed

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

the

Board

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

determine

the

fair

value

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

measure

fair

value:

Level

–

quoted

prices

(unadjusted)

active

markets

for

identical

financial

instruments

that

the

fund

can

access

the

reporting

date

Level

–

inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

active

markets,

quoted

prices

for

identical

similar

financial

instruments

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

determining

fair

value)

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Observable

inputs

are

developed

using

market

data,

such

publicly

available

information

about

actual

events

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

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

price

the

financial

instrument.

GAAP

requires

valuation

techniques

maximize

the

use

relevant

observable

inputs

and

minimize

the

use

unobservable

inputs.

When

multiple

inputs

are

used

derive

fair

value,

the

financial

instrument

assigned

the

level

within

the

fair

value

hierarchy

based

the

lowest-level

input

that

significant

the

fair

value

the

financial

instrument.

Input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level

but

rather

the

degree

judgment

used

determining

those

values.

Valuation

Techniques

Debt

securities

are

generally traded

the over-the-

counter

(OTC)

market

and

are

valued

prices

furnished

independent

pricing

services

broker

dealers

who

make

markets

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

price

bonds

comparable

quality,

coupon,

maturity,

and

type,

well

prices

quoted

dealers

who

make

markets

such

securities.

Investments

mutual

funds

are

valued

the

mutual

fund’s

closing

NAV

per

the

day

valuation.

Listed

options,

and

OTC

options

with

listed

equivalent,

are

valued

the

mean

the

closing

bid

and

asked

prices

and

exchange-traded

options

futures

contracts

are

valued

closing

settlement

prices.

Futures

contracts

are

valued

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

prices

furnished

independent

pricing

service

independent

swap

dealers.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

cost,

estimated

realizable

value,

less,

which

approximates

fair

value.

Investments

for

which

market

quotations are

not

readily

available

deemed

unreliable

are

valued

fair

value

determined

good

faith

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

investments

for

which

market

quotations

are

not

readily

available

deemed

unreliable,

including

the

use

other

pricing

sources.

Factors

used

determining

fair

value

vary

type

investment

and

may

include

market

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

the

greatest

weight

actual

prices

arm’s

length

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

transactions,

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

reliably

obtained,

and

prices

are

deemed

representative

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

market-based

valuation

multiples;

discount

premium

from

market

value

similar,

freely

traded

security

the

same

issuer;

discounted

cash

flows;

yield

maturity;

some

combination.

Fair

value

determinations

are

reviewed

regular

basis.

Because

any

fair

value

determination

involves

significant

amount

judgment,

there

degree

subjectivity

inherent

such

pricing

decisions. Fair

value

prices

determined

the

Valuation

Designee could

differ

from

those

other

market

participants,

and

possible

that

the

fair

value

determined

for

security

may

materially

different

from

the

value

that

could

realized

upon

the

sale

that

security.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Valuation

Inputs

The

following

table

summarizes

the

fund’s

financial

instruments,

based

the

inputs

used

determine

their

fair

values

June

30,

2026

(for

further

detail

category,

please

refer

the

accompanying

Portfolio

Investments):

($000s)

Level

Total

Value

Assets

Fixed

Income

Securities

—‌

8,500,7

50‌

—‌

8,500,

750‌

Short-Term

Investments

730,825‌

261,46

2‌

—‌

992,28

7‌

Securities

Lending

Collateral

18,367‌

—‌

18,367‌

Options

Purchased

—‌

74,498‌

—‌

74,498‌

Total

Securities

749,192‌

8,836,710‌

—‌

9,585,902‌

Swaps*

—‌

16,584‌

—‌

16,584‌

Forward

Currency

Exchange

Contracts

—‌

230,954‌

—‌

230,954‌

Futures

Contracts*

15,148‌

—‌

15,148‌

Total

764,340‌

9,084,248‌

—‌

9,848,588‌

Liabilities

Options

Written

—‌

1,066‌

—‌

1,066‌

Swaps*

—‌

24,468‌

—‌

24,468‌

Forward

Currency

Exchange

Contracts

—‌

20,051‌

—‌

20,051‌

Futures

Contracts*

6,397‌

—‌

6,397‌

Total

6,397‌

45,585‌

—‌

51,982‌

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Government

Bonds,

Municipal

Securities

and

Non-U.S.

Government

Mortgage-Backed

Securities.

The

fair

value

presented

includes

cumulative

gain

(loss)

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

the

accompanying

Portfolio

Investments

only

the

unsettled

variation

margin

receivable

(payable)

that

date.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

NOTE

DERIVATIVE

INSTRUMENTS

During

the

six

months ended

June

30,

2026,

the

fund

invested

derivative

instruments.

defined

GAAP,

derivative

financial

instrument

whose

value

derived

from

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

prices

rates,

other

variable;

requires

little

initial

investment

and

permits

requires

net

settlement

delivery

cash

other

assets.

The

fund

invests

derivatives

only

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

described

its

prospectus

and

Statement

Additional

Information.

The

fund

may

use

derivatives

for

variety

purposes

and

may

use

them

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

hedge

against

declines

principal

value,

increase

yield,

invest

asset

with

greater

efficiency

and

lower

cost

than

possible

through

direct

investment,

enhance

return,

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

the

instruments

which

the

derivatives

are

based.

The

fund

values

its

derivatives

fair

value

and

recognizes

changes

fair

value

currently

its

results

operations.

Accordingly,

the

fund

does

not

hedge

accounting,

even

for

derivatives

employed

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

gross

basis.

does

not

offset

the

fair

value

derivative

liabilities

against

the

fair

value

derivative

assets

its

financial

statements,

nor

does

offset

the

fair

value

derivative

instruments

against

the

right

reclaim

obligation

return

collateral.

The

following

table

summarizes

the

fair

value

the

fund’s

derivative

instruments

held

June

30,

2026,

and

the

location

the

accompanying

Statement

Assets

and

Liabilities,

presented

primary

underlying

risk

exposure:

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

($000s)

Location

Statement

Assets

and

Liabilities

Fair

Value*

Assets

Inflation

derivatives

Centrally

Cleared

Swaps

1,364‌

Interest

rate

derivatives

Centrally

Cleared

Swaps,

Futures,

Securities^

99,16

1‌

Foreign

exchange

derivatives

Forwards

230,954‌

Credit

derivatives

Bilateral

Swaps

and

Premiums,

Centrally

Cleared

Swaps,

Securities^

5,705‌

Total

337,18

4‌

Liabilities

Inflation

derivatives

Centrally

Cleared

Swaps

44‌

Interest

rate

derivatives

Centrally

Cleared

Swaps,

Futures

30,821‌

Foreign

exchange

derivatives

Forwards

20,051‌

Credit

derivatives

Options

Written

1,066‌

Total

51,982‌

The

fair

value

presented

includes

cumulative

gain

(loss)

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

the

accompanying

Statement

Assets

and

Liabilities

only

the

unsettled

variation

margin

receivable

(payable)

that

date.

Options

purchased

are

reported

securities

and

are

reflected

the

accompanying

Portfolio

Investments.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Additionally,

the

amount

gains

and

losses

derivative

instruments

recognized

fund

earnings

during

the

six

months ended

June

30,

2026,

and

the

location

the

accompanying

Statement

Operations

summarized

the

following

table

primary

underlying

risk

exposure:

($000s)

Location

Gain

(Loss)

Statement

Operations

Securities^

Options

Written

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Inflation

derivatives

—‌

1,833‌

Interest

rate

derivatives

37‌

—‌

(7,000‌)

—‌

8,069‌

1,106‌

Foreign

exchange

derivatives

(1,318‌)

2,634‌

—‌

5,682‌

—‌

6,998‌

Credit

derivatives

—‌

(3,786‌)

Total

(1,281‌)

2,634‌

(7,000‌)

5,682‌

6,116‌

6,151‌

Change

Unrealized

Gain

(Loss)

Inflation

derivatives

—‌

2,074‌

Interest

rate

derivatives

(2,946‌)

—‌

2,380‌

—‌

(4,836‌)

(5,402‌)

Foreign

exchange

derivatives

(132‌)

—‌

225,212‌

—‌

225,080‌

Credit

derivatives

(1,067‌)

(422‌)

—‌

5,864‌

4,375‌

Total

(4,145‌)

(422‌)

2,380‌

225,212‌

3,102‌

226,127‌

Options

purchased

are

reported

securities.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Counterparty

Risk

and

Collateral

The

fund

invests

derivatives

various

markets,

which

expose

differing

levels

counterparty

risk.

Counterparty

risk

exchange-traded

and

centrally

cleared

derivative

contracts,

such

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

required

deposit

collateral

amount

specified

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

maintained

over

the

life

the

contract.

Each

clearinghouse

and

clearing

firm,

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

the

fund.

Derivatives,

such

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

counterparty

(bilateral

derivatives)

may

expose

the

fund

greater

counterparty

risk.

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

also

require

the

exchange

collateral

cover

mark-to-market

exposure.

MNAs

may

the

form

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs), with

Credit

Support

Annex

(CSA),

any,

that

governs

the

collateralization

process, or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

offset

amounts

the

fund

owes

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

letters

generally

allow

termination

transactions

and

net

settlement

upon

the

occurrence

contractually

specified

events,

such

failure

pay

bankruptcy.

addition,

ISDAs

specify

other

events,

such

Additional

Termination

Events,

the

occurrence

which

would

allow

one

the

parties

terminate.

For

example,

downgrade

credit

rating

counterparty

below

specified

rating

would

allow

the

fund

terminate,

while

decline

the

fund’s

net

assets

than

specified

percentage

would

allow

the

counterparty

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

liquidated

and

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements,

such

CSA, whereas

letters

not.

Variation

margin

amounts

are

determined

daily

based

the

net

aggregate

unrealized

gain

loss

all

bilateral

derivatives

with

counterparty,

subject

minimum

transfer

amounts

that

typically

range

from

$100,000

$250,000.

Any

additional

variation

margin

required

due

changes

security

values

typically

transferred

the

business

day.

Initial

margin

amounts

are

determined

daily

basis

and

calculated

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

accordance

global

regulations

all

bilateral

derivatives

with

counterparty,

subject

initial

margin

threshold

(typically

$50,000,000

per

counterparty)

and

minimum

transfer

amount

$100,000

$500,000

when

initial

margin

amounts

exceed

the

counterparty

threshold.

Any

additional

initial

margin

required

due

changes

security

values

typically

transferred

the

business

day.

Variation

margin

and

initial

margin

are

collectively

referred

collateral.

Collateral

may

the

form

cash

debt

securities

issued

the

U.S.

government

agencies,

and

the

governments

Canada,

France,

Germany,

Japan,

the

United

Kingdom,

although

other

securities

may

used

depending

the

terms

outlined

the

applicable

MNA.

Cash

posted

the

fund

reflected

cash

deposits

the

accompanying

financial

statements

and

generally

restricted

from

withdrawal

the

fund;

securities

posted

the

fund

are

noted

the

accompanying

Portfolio

Investments;

both

remain

the

fund’s

assets.

Collateral

pledged

counterparties

not

included

the

fund’s

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

the

fund

held

segregated

account

the

fund’s

custodian.

While

typically

not

sold

the

same

manner

equity

fixed

income

securities,

exchange-traded

centrally

cleared

derivatives

may

closed

out

only

the

exchange

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

unwound

with

counterparties

transactions

assigned

other

counterparties

allow

the

fund

exit

the

transaction.

This

ability

subject

the

liquidity

underlying

positions. As

June

30,

2026,

securities

valued

at $94,032,000

had

been

posted

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

The

following

table

summarizes

the

fund’s

OTC

and

bilateral

derivatives

the

reporting

date

loss

exposure

each

counterparty

after

consideration

collateral,

any.

($000s)

Gross

Value

Statements

Assets

and

Liabilities

Net

amount

due

(to)/from

Counterparty

Exchange

Collateral

Pledged

(Received)

Fund

Loss

Exposure,

After

Collateral*

(not

less

than

$0)

Counterparty

Assets

Liabilities

Bank

America

24,396‌

(2,569‌)

21,827‌

(23,220‌)

—‌

Barclays

Bank

30,788‌

(3,458‌)

27,330‌

(12,660‌)

14,670‌

BNP

Paribas

104,961‌

(375‌)

104,586‌

(106,298‌)

—‌

BNY

Mellon

188‌

(16‌)

172‌

—‌

172‌

Canadian

Imperial

Bank

Commerce

105‌

(132‌)

(27‌)

—‌

Citibank

63,199‌

(1,814‌)

61,385‌

(30,956‌)

30,429‌

Deutsche

Bank

3,106‌

(4,465‌)

(1,359‌)

1,197‌

—‌

Goldman

Sachs

7,905‌

(482‌)

7,423‌

(7,090‌)

333‌

HSBC

Bank

33,695‌

(1,299‌)

32,396‌

(32,941‌)

—‌

JPMorgan

Chase

921‌

(307‌)

614‌

(896‌)

—‌

Morgan

Stanley

133‌

(405‌)

(272‌)

—‌

NatWest

Bank

33‌

(40‌)

(7‌)

—‌

Nomura

Securities

International

73‌

(352‌)

(279‌)

261‌

—‌

RBC

Dominion

Securities

7,436‌

(797‌)

6,639‌

(7,060‌)

—‌

Societe

Generale

163‌

(1,260‌)

(1,097‌)

900‌

—‌

Standard

Chartered

4,361‌

(778‌)

3,583‌

(3,380‌)

203‌

State

Street

2,227‌

(145‌)

2,082‌

(2,400‌)

—‌

Toronto-Dominion

Bank

14,705‌

(189‌)

14,516‌

(14,990‌)

—‌

UBS

Investment

Bank

2,458‌

(742‌)

1,716‌

(1,876‌)

—‌

Wells

Fargo

4,926‌

(1,492‌)

3,434‌

(3,520‌)

—‌

Total

305,779‌

(21,117‌)

situations

such

counterparty

default

bankruptcy,

the

fund

may

have

further

rights

offset

against

amounts

due

from

the

counterparty

under

other

agreements.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Forward

Currency

Exchange

Contracts

The

fund

subject

foreign

currency

exchange

rate

risk

the

normal

course

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

protect

its

non-U.S.

dollar-denominated

securities

from

adverse

currency

movements

increase

exposure

particular

foreign

currency,

shift

the

fund’s

foreign

currency

exposure

from

one

country

another,

enhance

the

fund’s

return.

forward

involves

obligation

purchase

sell

fixed

amount

specific

currency

future

date

price

set

the

time

the

contract.

Although

certain

forwards

may

settled

exchanging

only

the

net

gain

loss

the

contract,

most

forwards

are

settled

with

the

exchange

the

underlying

currencies

accordance

with

the

specified

terms.

Forwards

are

valued

the

unrealized

gain

loss

the

contract,

which

reflects

the

net

amount

the

fund

either

entitled

receive

obligated

deliver,

measured

the

difference

between

the

forward

exchange

rates

the

date

entry

into

the

contract

and

the

forward

rates

the

reporting

date.

Appreciated

forwards

are

reflected

assets

and

depreciated

forwards

are

reflected

liabilities

the

accompanying

Statement

Assets

and

Liabilities.

When

contract

closed,

realized

gain

loss

recorded

the

accompanying

Statement

Operations.

Risks

the

use

forwards

include

the

possible

failure

counterparties

meet

the

terms

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund’s

total

return;

and

the

potential

for

losses

excess

the

fund’s

initial

investment.

During

the

six

months ended

June

30,

2026,

the

volume

the

fund’s

activity

forwards,

based

underlying

notional

amounts,

was

generally

between

85%

and

93%

net

assets.

Futures

Contracts

The

fund

subject

to interest

rate

risk in

the

normal

course

pursuing

its

investment

objectives

and

uses

futures

contracts

help

manage

such

risk.

The fund

may

enter

into

futures

contracts

manage

exposure

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

credit

quality,

and

mortgage

prepayments;

efficient

means

adjusting

exposure

all

part

target

market;

enhance

income;

cash

management

tool;

adjust

portfolio

duration

and

credit

exposure. A

futures

contract

provides

for

the

future

sale

one

party

and

purchase

another

specified

amount

specific

underlying

financial

instrument

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

exchange-traded

futures,

which

generally

are

standardized

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

received

the

fund

each

day

settle

daily

fluctuations

the

value

the

contract

(variation

margin),

which

reflect

changes

the

value

the

underlying

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

financial

instrument.

Variation

margin

recorded

unrealized

gain

loss

until

the

contract

closed.

The

value

futures

contract

included

net

assets

the

amount

unsettled

variation

margin;

net

variation

margin

receivable

reflected

asset

and

net

variation

margin

payable

reflected

liability

the

accompanying

Statement

Assets

and

Liabilities.

When

contract

closed,

realized

gain

loss

recorded

the

accompanying

Statement

Operations.

Risks

the

use

futures

contracts

include

possible

illiquidity

the

futures

markets,

contract

prices

that

can

highly

volatile

and

imperfectly

correlated

movements

hedged

security

values

and/or

interest

rates,

and

potential

losses

excess

the

fund’s

initial

investment.

During

the

six

months ended

June

30,

2026,

the

volume

the

fund’s

activity

futures,

based

underlying

notional

amounts,

was

generally

between

21%

and

25%

net

assets.

Options

The

fund

subject

to interest

rate

risk,

foreign

currency

exchange

rate

risk

and

credit

risk in

the

normal

course

pursuing

its

investment

objectives

and

uses

options

help

manage

such

risks.

The

fund

may

use

options

manage

exposure

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

efficient

means

adjusting

exposure

all

part

target

market;

enhance

income;

cash

management

tool;

adjust

credit

exposure.

The

fund

may

buy

sell

options

that

can

settled

either

directly

with

the

counterparty

(OTC

options)

through

central

clearinghouse

(exchange-traded

options).

Options

are

included

net

assets

fair

value,

options

purchased

are

included

Investments

Securities,

and

options

written

are

separately

reflected

liability

the

accompanying

Statement

Assets

and

Liabilities.

Premiums

unexercised,

expired

options

are

recorded

realized

gains

losses

the

accompanying

Statement

Operations;

premiums

exercised

options

are

recorded

adjustment

the

proceeds

from

the

sale

cost

the

purchase.

The

difference

between

the

premium

and

the

amount

received

paid

closing

transaction

also

treated

realized

gain

loss

the

accompanying

Statement

Operations.

return

for

premium

paid,

currency

options

give

the

holder

the

right,

but

not

the

obligation,

buy

and

sell

currency

specified

exchange

rate;

although

certain

currency

options

may

settled

exchanging

only

the

net

gain

loss

the

contract.

return

for

premium

paid,

options

swaps

give

the

holder

the

right,

but

not

the

obligation,

enter

specified

swap

contract

predefined

terms.

The

exercise

price

option

credit

default

swap

stated

terms

specified

spread

that

represents

the

cost

credit

protection

the

reference

asset,

including

both

the

upfront

premium

open

the

position

and

future

periodic

payments.

The

exercise

price

interest

rate

swap

stated

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

terms

fixed

interest

rate;

generally,

there

upfront

payment

open

the

position. Risks related

the

use

options

include

possible

illiquidity

the

options

markets;

trading

restrictions

imposed

exchange

counterparty;

possible

failure

counterparties

meet

the

terms

the

agreements;

movements

the

underlying

asset

values,

interest

rates,

currency

values

and

credit

ratings;

and,

for

options

written,

the

potential

for

losses

exceed

any

premium

received

the

fund.

During

the

six

months ended

June

30,

2026,

the

volume

the

fund’s

activity

options,

based

underlying

notional

amounts,

was

generally

between

and

31%

net

assets.

Swaps

The

fund

subject

interest

rate

risk,

credit

risk

and

inflation

risk in

the

normal

course

pursuing

its

investment

objectives

and

uses

swap

contracts

help

manage

such

risks.

The

fund

may

use

swaps

effort

manage

both

long

and

short

exposure

changes

interest

rates,

inflation

rates,

and

credit

quality;

adjust

overall

exposure

certain

markets;

enhance

total

return

protect

the

value

portfolio

securities;

serve

cash

management

tool;

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

settled

either

directly

with

the

counterparty

(bilateral

swap)

through

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

the

fair

value

contract

are

reflected

unrealized

gain

loss

and

are

reclassified

realized

gain

loss

the

accompanying

Statement

Operations upon

contract

termination

cash

settlement.

Net

periodic

receipts

payments

required

contract

increase

decrease,

respectively,

the

value

the

contract

until

the

contractual

payment

date,

which

time

such

amounts

are

reclassified

from

unrealized

realized

gain

loss

the

accompanying

Statement

Operations.

For

bilateral

swaps,

cash

payments

are

made

received

the

fund

periodic

basis

accordance

with

contract

terms;

unrealized

gain

contracts

and

premiums

paid

are

reflected

assets

and

unrealized

loss

contracts

and

premiums

received

are

reflected

liabilities

the

accompanying

Statement

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

received

are

amortized

over

the

life

the

swap

and

are

recognized

realized

gain

loss

the

accompanying

Statement

Operations.

For

centrally

cleared

swaps,

payments

are

made

received

the

fund

each

day

settle

the

daily

fluctuation

the

value

the

contract

(variation

margin).

Accordingly,

the

value

centrally

cleared

swap

included

net

assets

the

unsettled

variation

margin;

net

variation

margin

receivable

reflected

asset

and

net

variation

margin

payable

reflected

liability

the

accompanying

Statement

Assets

and

Liabilities.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Interest

rate

swaps

are

agreements

exchange

cash

flows

based

the

difference

between

specified

interest

rates

applied

notional

principal

amount

for

specified

period

time.

Risks

the

use

interest

rate

swaps

include

the

potential

for

unanticipated

movements

interest

currency

rates,

the

possible

failure

counterparty

perform

accordance

with

the

terms

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

excess

the

fund’s

initial

investment.

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

make

periodic

payments

another

party

(the

protection

seller)

exchange

for

protection

against

specified

credit

events,

such

certain

defaults

and

bankruptcies

underlying

credit

instrument,

issuer

index

such

instruments.

Upon

occurrence

specified

credit

event,

the

protection

seller

required

pay

the

buyer

the

difference

between

the

notional

amount

the

swap

and

the

value

the

underlying

credit,

either

the

form

net

cash

settlement

paying

the

gross

notional

amount

and

accepting

delivery

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

index,

specified

credit

event

may

affect

all

individual

underlying

securities

included

the

index

and

will

settled

based

upon

the

relative

weighting

the

affected

underlying

security(ies)

within

the

index. Generally,

the

payment

risk

for

the

seller

protection

inversely

the

current

market

price

credit

rating

the

underlying

credit

the

market

value

the

contract

relative

the

notional

amount,

which

are

indicators

the

markets’

valuation

credit

quality.

June

30,

2026,

the

notional

amount

protection

sold

the

fund

totaled $378,700,000

(3.9%

net

assets),

which

reflects

the

maximum

potential

amount

the

fund

could

required

pay

under

such

contracts.

Risks

the

use

credit

default

swaps

include

the

possible

inability

the

fund

accurately

assess

the

current

and

future

creditworthiness

underlying

issuers,

the

possible

failure

counterparty

perform

accordance

with

the

terms

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

excess

the

fund’s

initial

investment.

Zero-coupon

inflation

swaps

are

agreements

exchange

cash

flows,

the

contract’s

maturity

date,

based

the

difference

between

predetermined

fixed

rate

and

the

cumulative

change

the

consumer

price

index,

both

applied

notional

principal

amount

for

specified

period

time.

Risks

the

use

zero-coupon

inflation

swaps

include

the

potential

for

unanticipated

movements

inflation

rates,

the

possible

failure

counterparty

perform

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

accordance

with

the

terms

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

excess

the

fund’s

initial

investment.

During

the

six

months ended

June

30,

2026,

the

volume

the

fund’s

activity

swaps,

based

underlying

notional

amounts,

was

generally

between

26%

and

33%

net

assets.

NOTE

OTHER

INVESTMENT

TRANSACTIONS

Consistent

with

its

investment

objective, the

fund

engages

the

following

practices

manage

exposure

certain

risks

and/or

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

fully

in the

fund’s prospectus

and

Statement

Additional

Information.

Emerging

and

Frontier

Markets

The fund

invests,

either

directly

through

investments

other

Rowe

Price

funds,

securities

companies

located

in,

issued

governments

of,

denominated

linked

the

currencies

emerging

and

frontier

market

countries.

Emerging

markets,

and

greater

extent

frontier

markets, tend

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

that

are

less

stable,

than

those

developed

countries.

These

markets

may

subject

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund’s

ability

buy

sell

certain

securities

repatriate

proceeds

U.S.

dollars.

Emerging

markets

securities

exchanges

are

likely

experience

delays

with

the

clearing

and

settling

trades,

well

the

custody

holdings

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

greater

price

volatility,

less

liquidity,

and

higher

rates

inflation

than

U.S.

securities.

Investing

frontier

markets

typically

significantly

riskier

than

investing

other

countries,

including

emerging

markets.

Restricted

Securities

The

fund

invests

securities

that

are

subject

legal

contractual

restrictions

resale.

Prompt

sale

such

securities

acceptable

price

may

difficult

and

may

involve

substantial

delays

and

additional

costs.

Mortgage-Backed

Securities

The

fund

invests

mortgage-backed

securities

(MBS

pass-through

certificates)

that

represent

interest

pool

specific

underlying

mortgage

loans

and

entitle

the

fund

the

periodic

payments

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

principal

and

interest

from

those

mortgages.

MBS

may

issued

government

agencies

corporations,

private

issuers.

Most

MBS

issued

government

agencies

are

guaranteed;

however,

the

degree

protection

differs

based

the

issuer.

MBS are

sensitive

changes

economic

conditions

that

affect

the

rate

prepayments

and

defaults

the

underlying

mortgages;

accordingly,

the

value,

income,

and

cash

flows

from

MBS

may

volatile

than

other

debt

instruments.

Securities

Lending

The fund

may

lend

its

securities

approved

borrowers

earn

additional

income.

Its

securities

lending

activities

are

administered

lending

agent

accordance

with

securities

lending

agreement.

Security

loans

generally

not

have

stated

maturity

dates,

and

the

fund

may

recall

security

any

time.

The

fund

receives

collateral

the

form

cash

U.S.

government

securities.

Collateral

maintained

over

the

life

the

loan

amount

not

less

than

the

value

loaned

securities;

any

additional

collateral

required

due

changes

security

values

delivered

the

fund

the

business

day.

Cash

collateral

invested

accordance

with

investment

guidelines

approved

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

mitigated

the

collateral

and

indemnification,

the

fund

could

experience

delay

recovering

its

securities

and

possible

loss

income

value

the

borrower

fails

return

the

securities,

collateral

investments

decline

value,

and

the

lending

agent

fails

perform.

Any

non-cash

collateral

received

cannot

sold,

re-invested

pledged

the

fund,

except

the

event

borrower

default. Securities

lending

revenue

consists

earnings

invested

collateral

and

borrowing

fees,

net

any

rebates

the

borrower,

compensation

the

lending

agent,

and

other

administrative

costs.

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

the

accompanying

financial

statements,

but

collateral

received

the

form

securities

not.

June

30,

2026,

the

value

loaned

securities

was

$17,251,000;

the

value

cash

collateral

and

investments

was

$18,367,000.

Other

Purchases

and

sales

portfolio

securities

other

than

in-kind

transactions,

any, short-term

and

U.S.

government securities

aggregated $3,849,857,000 and

$1,836,008,000,

respectively,

for

the

six

months ended

June

30,

2026.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

NOTE

FEDERAL

INCOME

TAXES

Generally,

provision

for

federal

income

taxes

required

since

the

fund

intends

to continue

qualify

regulated

investment

company

under

Subchapter

the

Internal

Revenue

Code

and

distribute

shareholders

all

its taxable

income

and

gains.

Distributions

determined

accordance

with

federal

income

tax

regulations

may

differ

amount

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

tax-basis

distributions

and

composition

net

assets

are

finalized

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

the

date

this

report.

The

fund

intends

retain

realized

gains

the

extent

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

carried

forward

indefinitely

offset

future

realized

capital

gains.

December

31,

2025,

the

fund

had

$454,816,000

available

capital

loss

carryforwards.

June

30,

2026,

the

cost

investments

(including

derivatives,

any)

for

federal

income

tax

purposes

was

$9,714,076,000.

Net

unrealized

gain

aggregated

$80,595,000

period-end,

which

$428,897,000

appreciated

investments

and

$348,302,000

depreciated

investments.

NOTE

FOREIGN TAXES

The

fund

subject

foreign

income

taxes

imposed

certain

countries

which

invests.

Additionally,

capital

gains

realized

upon

disposition

securities

issued

certain

foreign

countries

are

subject

capital

gains

tax

imposed

those

countries.

All

taxes

are

computed

accordance

with

the

applicable

foreign

tax

law,

and,

the

extent

permitted,

capital

losses

are

used

offset

capital

gains.

Taxes

attributable

income

are

accrued

the

fund

reduction

income.

Current

and

deferred

tax

expense

attributable

capital

gains

reflected

component

realized

change

unrealized

gain/

loss

securities

the

accompanying

financial

statements.

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

the

fund

included

either

Other

liabilities

Deferred

tax

liability

the

accompanying

Statement

Assets

and

Liabilities.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

NOTE

PARTY

TRANSACTIONS

The

fund

managed

Rowe

Price

Associates,

Inc.

(Price

Associates),

wholly

owned

subsidiary

Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

sub-advisory

agreement(s)

with

one

its

wholly

owned

subsidiaries,

provide

investment

advisory

services

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

annual

investment

management

fee,

which

computed

daily

and

paid

monthly. The

fee

consists

individual

fund

fee,

equal

0.20%

the

fund’s

average

daily

net

assets,

and

group

fee.

The

group

fee

rate

calculated

based

the

combined

net

assets

certain

mutual

funds

sponsored

Price

Associates

(the

group)

applied

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

billion

assets

0.26%

for

assets

excess

$845

billion.

The

fund’s

group

fee

determined

applying

the

group

fee

rate

the

fund’s

average

daily

net

assets. At

June

30,

2026,

the

effective

annual

group

fee

rate

was

0.28%.

The

Investor

Class

and

Advisor

Class

are

each

subject

contractual

expense

limitation

through

the

expense

limitation

dates

indicated

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

dates

indicated

the

table

below,

and

may

renewed,

revised,

revoked

only

with

approval

the

fund’s

Board.

During

the

limitation

period,

Price

Associates

is required

waive

pay

any

expenses

(excluding

interest;

expenses

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the class’s ratio

annualized

total

expenses

average

net

assets

(net

expense

ratio)

exceed

its

expense

limitation.

Each

class

required

repay

Price

Associates

for

expenses

previously

waived/paid

the

extent

the

class’s net

assets

grow

expenses

decline

sufficiently

allow

repayment

without

causing

the class’s net

expense

ratio

(after

the

repayment

taken

into

account)

exceed

the

lesser

of:

(1)

the

expense

limitation

place

the

time

such

amounts

were

waived;

(2)

the class’s

current

expense

limitation.

However,

repayment

will

made

than

three

years

after

the

date

payment

waiver.

The

Class

also

subject

operating

expense

limitation

Class

Limit)

pursuant

which

Price

Associates

contractually

required

pay

all

operating

expenses

the

Class,

excluding

management

fees;

interest;

expenses

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

annualized

basis,

exceed

the

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

the

table

below,

and

may

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

renewed,

revised,

revoked

only

with

approval by

the

fund’s

Board.

The

Class

required

repay

Price

Associates

for

expenses

previously

paid

the

extent

the

class’s

net

assets

grow

expenses

decline

sufficiently

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

taken

into

account)

exceed

the

lesser

of:

(1)

the

Class

Limit

place

the

time

such

amounts

were

paid;

(2)

the

current

Class

Limit.

However,

repayment

will

made

than

three

years

after

the

date

payment

waiver.

The

Class

also

subject

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

waive

and/or

bear

all

the

Class’

expenses

(excluding

interest;

expenses

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

expected

remain

place

indefinitely,

and

the

agreement

may

only

amended

terminated

with

approval

the

fund’s

Board.

Expenses

the

fund

waived/paid

the

manager

are

not

subject

later

repayment

the

fund.

Pursuant

these

agreements,

expenses

were waived/paid

and/or

repaid

Price

Associates

during

the six

months

ended June

30,

2026 as

indicated

the

table

below.

Including

these

amounts,

expenses

previously

waived/paid

Price

Associates

the

amount

of $2,000 remain

subject

repayment

the

fund

June

30,

2026. Any

repayment

expenses

previously

waived/paid

Price

Associates

during

the

period

would

included

the

net

investment

income

and

expense

ratios

presented

the

accompanying

Financial

Highlights.

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

Price

Associates,

each

affiliate

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

the

fund.

Rowe

Price

Services,

Inc.

provides

Investor

Class

Advisor

Class

Expense

limitation/I

Class

Limit

0.84%

0.99%

0.05%

0.00%

Expense

limitation

date

02/29/28

N/A

(Waived)/repaid

during

the

period

($000s)

$—

(1)

$—

$(15,363)

(1)

Amount

rounds

less

than

$1,000

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

shareholder

and

administrative

services

its

capacity

the

fund’s

transfer

and

dividend-disbursing

agent.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

the

Investor

Class

and

Advisor

Class.

For

the

six

months

ended

June

30,

2026,

expenses

incurred

pursuant

these

service

agreements

were

$65,000

for

Price

Associates;

$106,000

for

Rowe

Price

Services,

Inc.;

and

less

than

$1,000

for

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

and

due

from

Price,

exclusive

investment

management

fees

payable,

are

presented

net

the

accompanying

Statement

Assets

and

Liabilities.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

distributor

the

fund.

Pursuant

underwriting

agreement,

compensation

for

any

distribution

services

provided

paid

Investment

Services

the

fund

(except

for

12b-1

fees

under

Board-approved

Rule

12b-1

plan).

Mutual

funds,

trusts,

and

other

accounts

managed

Price

Associates

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

the

fund.

Price

fund

account

may

invest

for

the

purpose

exercising

management

control

over

the

fund.

June

30,

2026, approximately

12%

the

Class's

and

100%

the

Class's

outstanding

were

held

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

certain

open-end

management

investment

companies

managed

Price

Associates

and

considered

affiliates

the

fund:

the

Rowe

Price

Government

Reserve

Fund

the

Rowe

Price

Treasury

Reserve

Fund,

organized

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

short-term

investment

options

mutual

funds,

trusts,

and

other

accounts

managed

Price

Associates

its

affiliates

and

are

not

available

for

direct

purchase

members

the

public.

Cash

collateral

from

securities

lending,

any,

invested

the

Rowe

Price

Treasury Reserve Fund. The

Price

Reserve

Funds

pay

investment

management

fees.

June

30,

2026,

Rowe

Price

Group,

Inc.,

its

wholly

owned

subsidiaries,

owned

128

the

Advisor

Class,

representing

the

Advisor

Class's

net

assets.

The fund may

participate

securities

purchase

and

sale

transactions

with

other

funds

accounts

advised

Price

Associates

(cross

trades),

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

and

sale

cross

trades

effected

the

independent

current

market

price

the

security.

During

the

six

months

ended

June

30,

2026,

the

fund

had

purchases

sales

cross

trades

with

other

funds

accounts

advised

Price

Associates.

NOTE

SEGMENT

REPORTING

Operating segments

are

defined

components

company

that

engage

business

activities

and

for

which

discrete

financial

information

available

and

regularly

reviewed

the

chief

operating

decision

maker

(CODM)

deciding

how

allocate

resources

and

assess

performance.

The

Management

Committee

Price Group

acts

the

fund’s

CODM.

The

fund

makes

investments

accordance

with

its

investment

objective

outlined

the

Prospectus

and

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

the

fund

the

whole.

The

fund’s

revenue

derived

from

investments

portfolio

securities.

The

CODM

allocates

resources

and

assesses

performance

based

the

operating

results

the

fund,

which

consistent

with

the

results

presented

the

statement

operations,

statement

changes

net

assets

and

financial

highlights.

The

CODM

compares

the

fund’s

performance

its

benchmark

index

and

evaluates

the

positioning

the

fund

relation

its

investment

objective.

The

measure

segment

assets

net

assets

the

fund

which

disclosed

the

statement

assets

and

liabilities.

The accounting

policies

the

segment

are

the

same

those

described

the

summary

significant

accounting

policies.

The

financial

statements

include

all

details

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

the

segment.

NOTE

OTHER

MATTERS

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

which

fund

invests.

The

extent

and

duration

such

events

and

resulting

market

disruptions

cannot

predicted.

These

and

other

similar

events

may

cause

instability

across

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

global

markets,

including

reduced

liquidity

and

disruptions

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

significantly

than

others,

and

exacerbate

other

pre-

existing

political,

social,

and

economic

risks.

The

fund’s

performance

could

negatively

impacted

the

value

portfolio

holding

were

harmed

these

such

events.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

APPROVAL

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

Each

year,

the

fund’s

Board

Directors

(Board)

considers

the

continuation

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

Rowe

Price

Associates,

Inc.

(Adviser),

well

the

investment

subadvisory

agreement

(Subadvisory

Contract)

that

the

Adviser

has

entered

into

with

Rowe

Price

International

Ltd

(Subadviser)

behalf

the

fund.

that

regard,

meeting

held

March

11-12,

2026

(Meeting),

the

Board,

including

all

the

fund’s

independent

directors

who

were

present

person

the

Meeting,

approved

the

continuation

the

fund’s

Advisory

Contract

and

Subadvisory

Contract.

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

the

selection

the

Adviser

and

Subadviser

and

the

approval

the

Advisory

Contract

and

Subadvisory

Contract.

The

independent

directors

were

assisted

their

evaluation

the

Advisory

Contract

and

Subadvisory

Contract

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

providing

information

the

Board,

the

Adviser

was

guided

detailed

set

requests

for

information

submitted

independent

legal

counsel

behalf

the

independent

directors.

considering

and

approving

the

continuation

the

Advisory

Contract

and

Subadvisory

Contract,

the

Board

considered

the

information

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

connection

with

the

Meeting

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

and

Subadviser

about

various

topics

and

information

provided

the

Adviser.

The

Board

meets

regularly

and,

each

its

meetings,

covers

extensive

agenda

topics

and

materials

and

considers

factors

that

are

relevant

its

annual

consideration

the

renewal

the

Rowe

Price

funds’

advisory

contracts,

including

performance

and

the

services

and

support

provided

the

funds

and

their

shareholders.

Services

Provided

the

Adviser

and

Subadviser

The

Board

considered

the

nature,

quality,

and

extent

the

services

provided

the

fund

the

Adviser

and

Subadviser.

These

services

include,

but

are

not

limited

to,

directing

the

fund’s

investments

accordance

with

its

investment

program

and

the

overall

management

the

fund’s

portfolio,

well

variety

activities

such

financial,

investment

operations,

and

administrative

services;

compliance

and

infrastructure,

well

compliance

with

new

and

evolving

regulatory

requirements

(e.g.,

derivatives

and

liquidity

risk

management);

maintaining

the

fund’s

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

the

Adviser’s

and

Subadviser’s

senior

management

teams

and

investment

personnel

involved

the

management

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

the

fund,

well

the

Adviser’s

compliance

record.

The

Board

concluded

that

the

information

considered

with

respect

the

nature,

quality,

and

extent

the

services

provided

the

Adviser

and

Subadviser,

well

the

other

factors

considered

the

Meeting,

supported

the

Board’s

approval

the

continuation

the

Advisory

Contract

and

Subadvisory

Contract.

Investment

Performance

the

Fund

The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

regularly

receives

throughout

the

year

relative

and

absolute

performance

for

the

Rowe

Price

funds.

connection

with

the

Meeting,

the

Board

reviewed

information

provided

the

Adviser

that

compared

the

fund’s

total

returns,

well

wide

variety

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

(as

applicable)

peer

groups

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2025.

Additionally,

the

Board

reviewed

the

fund’s

relative

performance

information

September

30,

2025,

which

ranked

the

returns

the

fund’s

Investor

Class

for

various

periods

against

universe

funds

with

similar

investment

programs

selected

Broadridge,

independent

provider

investment

company

data.

the

course

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

connection

with

the

Advisory

Contract

review

the

Meeting,

well

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

the

year

regarding

the

fund’s

performance.

The

Board

also

considered

relevant

factors,

such

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund’s

performance,

length

the

fund’s

performance

track

record,

and

how

closely

the

fund’s

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

considered

with

respect

the

fund’s

performance,

well

the

other

factors

considered

the

Meeting,

supported

the

Board’s

approval

the

continuation

the

Advisory

Contract.

Costs,

Benefits,

Profits,

and

Economies

Scale

The

Board

reviewed

detailed

information

regarding

the

revenues

received

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates,

including

the

Subadviser)

may

have

realized

from

its

relationship

with

the

fund,

including

any

research

received

under

soft-dollar

arrangements

with

broker-dealers.

considering

soft-dollar

arrangements,

the

Board

noted

that

the

Adviser

may

use

brokerage

commissions

connection

with

certain

Rowe

Price

funds’

securities

transactions

pay

for

research

when

permissible,

and

the

Board

considered

that

the

Adviser

may

receive

some

benefit

from

soft-dollar

arrangements

pursuant

which

research

received

from

broker-

dealers

that

execute

the

applicable

fund’s

portfolio

transactions.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

The

Board

received

information

the

estimated

costs

incurred

and

profits

realized

the

Adviser

from

managing

the

Rowe

Price

funds.

The

Board

also

reviewed

estimates

the

profits

realized

from

managing

the

fund

particular,

and

the

Board

concluded

that

the

Adviser’s

profits

were

reasonable

light

the

services

provided

the

fund.

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

the

Advisory

Contract

otherwise

from

any

economies

scale

potentially

realized

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

management

fee

the

Adviser

for

investment

management

services

composed

two

components

–

group

fee

rate

based

the

combined

average

net

assets

most

the

Rowe

Price

mutual

funds

and

ETFs

(including

the

fund)

(“group

fee

rate

assets”)

that

declines

certain

asset

levels

and

individual

fund

fee

rate

based

the

fund’s

average

daily

net

assets

–

and

the

fund

pays

its

own

expenses

operations.

Under

the

Subadvisory

Contract,

the

Adviser

may

pay

the

Subadviser

60%

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

The

group

fee

schedule

graduated

the

group

fee

rate

decreases

total

group

fee

rate

assets

increase

and

the

group

fee

rate

increases

total

group

fee

rate

assets

decrease.

result,

shareholders

benefit

from

overall

growth

Rowe

Price

fund

assets,

which

reduces

the

management

fee

rate

for

any

fund

that

has

group

fee

component

its

management

fee,

and

reflects

that

certain

resources

utilized

operate

the

fund

are

shared

with

other

Rowe

Price

funds

thus

allowing

shareholders

those

funds

potential

economies

scale.

The

fund’s

shareholders

also

benefit

from

potential

economies

scale

through

decline

certain

operating

expenses

the

fund

grows

size.

However,

the

fund

also

subject

contractual

expense

limitations

that

require

the

Adviser

waive

its

management

fees

and/or

bear

any

operating

expenses

that

would

otherwise

cause

the

expenses

class

the

fund

exceed

certain

percentage

based

the

class’s

net

assets.

The

expense

limitations

mitigate

the

potential

for

increase

operating

expenses

above

certain

level

that

could

impact

shareholders.

The

fund

also

offers

Class,

which

serves

underlying

investment

within

certain

Rowe

Price

fund

arrangements.

The

Adviser

waives

its

management

fee

the

Class

and

waives

bears

the

Class’s

other

operating

expenses,

with

certain

exceptions.

The

Board

considered

whether

the

management

fee

and

operating

expense

waivers

the

Class

may

present

means

for

cross-

subsidization

the

Class

other

classes

the

fund.

that

regard,

the

Board

noted

that

the

Class

operating

expenses

are

covered

the

all-inclusive

fees

charged

the

investing

Rowe

Price

fund

funds

and

that

any

Class

operating

expenses

not

covered

the

investing

Rowe

Price

funds

funds’

fees

are

paid

the

Adviser

and

not

shareholders

any

other

class

the

fund.

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

addition,

the

Board

noted

that

the

fund

potential

economies

scale

through

the

Adviser’s

ongoing

investments

its

business

support

the

Rowe

Price

funds,

including

investments

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

management

fee

structure

for

the

fund

provides

for

reasonable

sharing

benefits

from

potential

economies

scale

with

the

fund

and

its

investors.

Fees

and

Expenses

The

Board

was

provided

with

information

regarding

industry

trends

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

Broadridge,

which

compared:

(i)

contractual

management

fees,

actual

management

fees,

and

total

expenses

the

fund’s

Investor

Class

and

Class

with

group

competitor

funds

selected

Broadridge

(Expense

Group);

and

(ii)

actual

management

fees

and

total

expenses

the

fund’s

Investor

Class

and

Class

with

broader

set

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund’s

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

the

Adviser

after

any

applicable

waivers,

reductions,

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

the

fund

after

any

waivers,

reductions,

or reimbursements)

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

seeking

the

most

comparable

funds

based

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

information

provided

the

Board

for

the

fund’s

Investor

Class

indicated

that

the

contractual

management

fee

ranked

the

first

quintile

(Expense

Group),

the

actual

management

fee

rate

ranked

the

second

quintile

(Expense

Group

and

Expense

Universe),

and

the

fund’s

total

expenses

ranked

the

third

quintile

(Expense

Group

and

Expense

Universe).

The

information

provided

the

Board

for

the

fund’s

Class

indicated

that

the

contractual

management

fee

ranked

the

first

quintile

(Expense

Group),

the

actual

management

fee

rate

ranked

the

second

quintile

(Expense

Group

and

Expense

Universe),

and

the

fund’s

total

expenses

ranked

the

first

quintile

(Expense

Group

and

Expense

Universe).

The

Board

was

provided

the

fee

schedules

and

other

account

fee

information

for

certain

comparable

investment

portfolios

that

are

advised

subadvised

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios

that

are

not

registered

investment

companies,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

investors

outside

the

United

States.

The

fee

schedules

and

account

fee

information,

which

are

subject

change,

may

negotiated

under

certain

circumstances

and

may

differ

across

ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

regions.

Management

provided

the

Board

with

information

about

the

Adviser’s

responsibilities

and

services

provided

subadvisory

clients

and

other

types

clients,

including

information

about

how

the

requirements,

economics

and

risks

the

domestic

and

international

businesses

may

differ

from

those

the

proprietary

mutual

fund

and

ETF

(“registered

fund”)

business.

The

Board

considered

information

showing

that

the

Adviser’s

proprietary

registered

fund

business

generally

complex

from

business

and

regulatory

perspective

than

its

other

domestic

and

international

businesses

and

considered

various

relevant

factors,

such

the

broader

scope

operations

and

oversight,

extensive

shareholder

communication

infrastructure,

heightened

business

risks,

and

differences

applicable

laws

and

regulations

associated

with

the

Adviser’s

proprietary

registered

fund

business.

assessing

the

reasonableness

the

fund’s

management

fee

rate,

the

Board

considered

the

differences

the

nature

the

services

required

for

the

Adviser

manage

its

registered

fund

business

versus

managing

discrete

pool

assets

subadviser

another

institution’s

mutual

fund

for

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

managing

the

fund

and

other

Rowe

Price

funds

than

does

for

institutional

account

clients,

including

subadvised

funds.

the

basis

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

the

fund

under

the

Advisory

Contract

are

reasonable.

Approval

the

Advisory

Contract

and

Subadvisory

Contract

noted,

the

Board

approved

the

continuation

the

Advisory

Contract

and

Subadvisory

Contract.

single

factor

was

considered

isolation

determinative

the

decision.

Rather,

the

Board

concluded,

light

weighting

and

balancing

all

factors

considered,

that

was

the

best

interests

the

fund

and

its

shareholders

for

the

Board

approve

the

continuation

the

Advisory

Contract

and

Subadvisory

Contract

(including

the

fees

charged

for

services

thereunder).

1307

Point

Street

Baltimore,

Maryland

21231

Rowe

Price

Investment

Services,

Inc.

Call

1-800-638-5660

request

prospectus

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

F1114-051

8/26

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 16. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.


(a)(1)		The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.

(2)		Listing standards relating to recovery of erroneously awarded compensation: Not applicable.

(3)		Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(b)		A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


T. Rowe Price International Funds, Inc.
By		/s/ David Oestreicher
		David Oestreicher
		Principal Executive Officer

Date		August 19, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By		/s/ David Oestreicher
		David Oestreicher
		Principal Executive Officer

Date		August 19, 2026


By		/s/ Alan S. Dupski
		Alan S. Dupski
		Principal Financial Officer

Date		August 19, 2026

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

302 CERTIFICATIONS

906 CERTIFICATIONS

XBRL TAXONOMY EXTENSION SCHEMA

IDEA: R1.htm

IDEA: R2.htm

IDEA: R3.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: d152342dncsrs_htm.xml