# EDGAR Filing Document

**Accession Number:** 0000313212
**File Stem:** 0001193125-25-184945
**Filing Date:** 2025-8
**Character Count:** 194653
**Document Hash:** 9292baf09f69b9d973700f0c87e98713
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-184945.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001193125-25-184945

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**EFFECTIVENESS DATE**: 20250821

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price International Funds, Inc.
- **CENTRAL INDEX KEY:** 0000313212

**ORGANIZATION NAME:**
- **EIN:** 521175211
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02958
- **FILM NUMBER:** 251238911

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE INTERNATIONAL FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE INTERNATIONAL TRUST
- **DATE OF NAME CHANGE:** 19900301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE INTERNATIONAL FUND INC
- **DATE OF NAME CHANGE:** 19890914

## Series and Classes Contracts Data

### T. Rowe Price International Bond Fund (USD Hedged) (Series ID: S000058280)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000191032 | T. Rowe Price International Bond Fund (USD Hedged)               | TNIBX           |
| C000191033 | T. Rowe Price International Bond Fund (USD Hedged)-Advisor Class | TTABX           |
| C000191034 | T. Rowe Price International Bond Fund (USD Hedged)-I Class       | TNBMX           |
| C000218089 | T. Rowe Price International Bond Fund (USD Hedged)-Z Class       | TRMZX           |

?xml version='1.0' encoding='ASCII'? International Bond Fund (USD Hedged)_IBH

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, 2025

------

#### Item 1. Reports to Shareholders
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report pursuant to Rule 30e-1

![Image](g70230i46559c6a56a7276eec0a.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### 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, 2025 to June 30, 2025. 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 at**www.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)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| International Bond Fund (USD Hedged) - Investor Class | $39 | 0.78% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $7052288 |
| Number of Portfolio Holdings | 614 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 38.8% |

---

# **What did the fund invest in?** 

# **Geographic Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| United States | 14.6% |
| Japan | 9.5 |
| United Kingdom | 6.2 |
| Canada | 5.2 |
| France | 5.1 |
| Czech Republic | 4.9 |
| Germany | 4.0 |
| Italy | 3.7 |
| China | 3.6 |
| Other | 43.2 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Government of Japan | 9.5% |
| Republic of Czech | 4.8 |
| United Kingdom Gilt | 3.9 |
| People's Republic of China | 3.7 |
| Republic of France | 3.6 |
| Republic of Indonesia | 3.3 |
| Italy Buoni Poliennali Del Tesoro | 2.9 |
| Government of Malaysia | 2.8 |
| Kingdom of Belgium | 2.5 |
| U.S. Treasury Notes | 2.3 |

---

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 8/25

International Bond Fund (USD Hedged)

Investor Class (TNIBX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g70230i029f0bae8528b1b50b16.jpg)

![Image](g70230i46559c6a56a7276eec0a.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### International Bond Fund (USD Hedged)

#### Advisor Class (TTABX)
This semi-annual shareholder report contains important information about International Bond Fund (USD Hedged) (the "fund") for the period of January 1, 2025 to June 30, 2025. 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 at**www.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)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| International Bond Fund (USD Hedged) - Advisor Class | $50 | 0.99% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $7052288 |
| Number of Portfolio Holdings | 614 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 38.8% |

---

# **What did the fund invest in?** 

# **Geographic Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| United States | 14.6% |
| Japan | 9.5 |
| United Kingdom | 6.2 |
| Canada | 5.2 |
| France | 5.1 |
| Czech Republic | 4.9 |
| Germany | 4.0 |
| Italy | 3.7 |
| China | 3.6 |
| Other | 43.2 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Government of Japan | 9.5% |
| Republic of Czech | 4.8 |
| United Kingdom Gilt | 3.9 |
| People's Republic of China | 3.7 |
| Republic of France | 3.6 |
| Republic of Indonesia | 3.3 |
| Italy Buoni Poliennali Del Tesoro | 2.9 |
| Government of Malaysia | 2.8 |
| Kingdom of Belgium | 2.5 |
| U.S. Treasury Notes | 2.3 |

---

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

F1115-053 8/25

International Bond Fund (USD Hedged)

Advisor Class (TTABX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g70230i029f0bae8528b1b50b16.jpg)

![Image](g70230i46559c6a56a7276eec0a.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### International Bond Fund (USD Hedged)

#### I Class (TNBMX)
This semi-annual shareholder report contains important information about International Bond Fund (USD Hedged) (the "fund") for the period of January 1, 2025 to June 30, 2025. 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 at**www.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)

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| International Bond Fund (USD Hedged) - I Class | $27 | 0.54% |

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $7052288 |
| Number of Portfolio Holdings | 614 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 38.8% |

---

# **What did the fund invest in?** 

# **Geographic Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| United States | 14.6% |
| Japan | 9.5 |
| United Kingdom | 6.2 |
| Canada | 5.2 |
| France | 5.1 |
| Czech Republic | 4.9 |
| Germany | 4.0 |
| Italy | 3.7 |
| China | 3.6 |
| Other | 43.2 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Government of Japan | 9.5% |
| Republic of Czech | 4.8 |
| United Kingdom Gilt | 3.9 |
| People's Republic of China | 3.7 |
| Republic of France | 3.6 |
| Republic of Indonesia | 3.3 |
| Italy Buoni Poliennali Del Tesoro | 2.9 |
| Government of Malaysia | 2.8 |
| Kingdom of Belgium | 2.5 |
| U.S. Treasury Notes | 2.3 |

---

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

F1116-053 8/25

International Bond Fund (USD Hedged)

I Class (TNBMX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g70230i029f0bae8528b1b50b16.jpg)

![Image](g70230i46559c6a56a7276eec0a.jpg)

#### Semi-Annual Shareholder Report

#### June 30, 2025

#### International Bond Fund (USD Hedged)

#### Z Class (TRMZX)
This semi-annual shareholder report contains important information about International Bond Fund (USD Hedged) (the "fund") for the period of January 1, 2025 to June 30, 2025. 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 at**www.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)

---

| | | |
|:---|:---|:---|
| | **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

---

| | |
|:---|:---|
| Total Net Assets (000s) | $7052288 |
| Number of Portfolio Holdings | 614 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 38.8% |

---

# **What did the fund invest in?** 

# **Geographic Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| United States | 14.6% |
| Japan | 9.5 |
| United Kingdom | 6.2 |
| Canada | 5.2 |
| France | 5.1 |
| Czech Republic | 4.9 |
| Germany | 4.0 |
| Italy | 3.7 |
| China | 3.6 |
| Other | 43.2 |

---

# **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Government of Japan | 9.5% |
| Republic of Czech | 4.8 |
| United Kingdom Gilt | 3.9 |
| People's Republic of China | 3.7 |
| Republic of France | 3.6 |
| Republic of Indonesia | 3.3 |
| Italy Buoni Poliennali Del Tesoro | 2.9 |
| Government of Malaysia | 2.8 |
| Kingdom of Belgium | 2.5 |
| U.S. Treasury Notes | 2.3 |

---

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

F1256-053 8/25

International Bond Fund (USD Hedged)

Z Class (TRMZX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g70230i029f0bae8528b1b50b16.jpg)

------

#### 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

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

June

30,

2025

#### Financial

#### Statements

#### and

#### Other

#### Information
For

more

insights

from

T. Rowe

Price

investment

professionals,

go

to

#### troweprice.com
.

T. 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

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Investor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

8.53 $

8.48 $

7.91 $

9.91 $

10.35 $

9.98 Investment

activities

Net

investment

income

(1)(2)

0.14 0.26 0.21 0.15 0.11 0.16 Net

realized

and

unrealized

gain/

loss

0.04 0.04 0.56 (1.32)

(0.28)

0.39 Total

from

investment

activities

0.18 0.30 0.77 (1.17)

(0.17)

0.55 Distributions

Net

investment

income

(0.14)

(0.25)

(0.03)

(0.15)

(0.15)

(0.02)

Net

realized

gain

—

—

—

(0.68)

(0.12)

(0.06)

Tax

return

of

capital

—

—

(0.17)

—

—

(0.10)

Total

distributions

(0.14)

(0.25)

(0.20)

(0.83)

(0.27)

(0.18)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 8.57

#### $

#### 8.53

#### $

#### 8.48

#### $

#### 7.91

#### $

#### 9.91

#### $

#### 10.35
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Investor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 2.12%

#### 3.55%

#### 9.88%

#### (12.03)%

#### (1.66)%

#### 5.59%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.78%

(4) 0.79%

0.77%

0.75%

0.61%

0.64%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.78%

(4) 0.79%

0.77%

0.75%

0.61%

0.64%

Net

investment

income

3.36%

(4) 3.02%

2.59%

1.65%

1.04%

1.55%

Portfolio

turnover

rate

38.8%

54.5%

68.9%

74.6%

35.3%

49.4%

Net

assets,

end

of

period

(in

millions)

$73

$73

$82

$76

$218

$579

0%

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4) Annualized

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Advisor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

8.50 $

8.46 $

7.90 $

9.90 $

10.35 $

9.98 Investment

activities

Net

investment

income

(1)(2)

0.13 0.24 0.19 0.13 0.10 0.11 Net

realized

and

unrealized

gain/

loss

0.04 0.03 0.55 (1.32)

(0.32)

0.41 Total

from

investment

activities

0.17 0.27 0.74 (1.19)

(0.22)

0.52 Distributions

Net

investment

income

(0.13)

(0.23)

(0.02)

(0.13)

(0.11)

(0.02)

Net

realized

gain

—

—

—

(0.68)

(0.12)

(0.06)

Tax

return

of

capital

—

—

(0.16)

—

—

(0.07)

Total

distributions

(0.13)

(0.23)

(0.18)

(0.81)

(0.23)

(0.15)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 8.54

#### $

#### 8.50

#### $

#### 8.46

#### $

#### 7.90

#### $

#### 9.90

#### $

#### 10.35
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Advisor

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 2.01%

#### 3.21%

#### 9.52%

#### (12.23)%

#### (2.12)%

#### 5.22%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

2.01%

(4) 1.70%

0.99%

0.99%

1.08%

0.99%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.99%

(4) 0.99%

0.99%

0.99%

0.99%

0.99%

Net

investment

income

3.16%

(4) 2.80%

2.40%

1.46%

1.03%

1.08%

Portfolio

turnover

rate

38.8%

54.5%

68.9%

74.6%

35.3%

49.4%

Net

assets,

end

of

period

(in

thousands)

$76

$75

$212

$81

$102

$106

0%

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4) Annualized

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### I

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

8.52 $

8.47 $

7.91 $

9.91 $

10.36 $

9.99 Investment

activities

Net

investment

income

(1)(2)

0.15 0.28 0.23 0.17 0.15 0.16 Net

realized

and

unrealized

gain/

loss

0.05 0.04 0.55 (1.32)

(0.32)

0.41 Total

from

investment

activities

0.20 0.32 0.78 (1.15)

(0.17)

0.57 Distributions

Net

investment

income

(0.15)

(0.27)

(0.03)

(0.17)

(0.16)

(0.03)

Net

realized

gain

—

—

—

(0.68)

(0.12)

(0.06)

Tax

return

of

capital

—

—

(0.19)

—

—

(0.11)

Total

distributions

(0.15)

(0.27)

(0.22)

(0.85)

(0.28)

(0.20)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 8.57

#### $

#### 8.52

#### $

#### 8.47

#### $

#### 7.91

#### $

#### 9.91

#### $

#### 10.36
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 2.36%

#### 3.81%

#### 10.00%

#### (11.81)%

#### (1.64)%

#### 5.72%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.54%

(4) 0.54%

0.54%

0.53%

0.50%

0.51%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.54%

(4) 0.54%

0.54%

0.53%

0.50%

0.51%

Net

investment

income

3.54%

(4) 3.29%

2.84%

1.91%

1.48%

1.64%

Portfolio

turnover

rate

38.8%

54.5%

68.9%

74.6%

35.3%

49.4%

Net

assets,

end

of

period

(in

millions)

$1,245

$1,875

$1,488

$1,246

$555

$422

0%

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4) Annualized

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Z

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

3/16/20

(1) Through

12/31/20

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

8.53 $

8.48 $

7.91 $

9.92 $

10.36 $

9.73 Investment

activities

Net

investment

income

(2)(3)

0.18 0.32 0.27 0.22 0.21 0.16 Net

realized

and

unrealized

gain/

loss

0.03 0.04 0.56 (1.33)

(0.32)

0.67 Total

from

investment

activities

0.21 0.36 0.83 (1.11)

(0.11)

0.83 Distributions

Net

investment

income

(0.17)

(0.31)

(0.03)

(0.22)

(0.21)

(0.03)

Net

realized

gain

—

—

—

(0.68)

(0.12)

(0.06)

Tax

return

of

capital

—

—

(0.23)

—

—

(0.11)

Total

distributions

(0.17)

(0.31)

(0.26)

(0.90)

(0.33)

(0.20)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 8.57

#### $

#### 8.53

#### $

#### 8.48

#### $

#### 7.91

#### $

#### 9.92

#### $

#### 10.36
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Z

#### Class

Months

.

Ended

6/30/25

..

Year

..

..

Ended

.

3/16/20

(1) Through

12/31/20

12/31/24

12/31/23

12/31/22

12/31/21

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (3)(4)

#### 2.51%

#### 4.37%

#### 10.72%

#### (11.43)%

#### (1.05)%

#### 8.57%
Ratios

to

average

net

assets:

(3) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.51%

(5) 0.50%

0.51%

0.51%

0.50%

0.50%

(5) Net

expenses

after

waivers/

payments

by

Price

Associates

0.00%

(5) 0.00%

0.00%

0.00%

0.00%

0.00%

(5) Net

investment

income

4.15%

(5) 3.83%

3.37%

2.44%

2.10%

1.94%

(5) Portfolio

turnover

rate

38.8%

54.5%

68.9%

74.6%

35.3%

49.4%

Net

assets,

end

of

period

(in

millions)

$5,734

$5,168

$4,488

$4,359

$5,334

$4,808

0%

0%

0%

0%

0%

0%

(1) Inception

date

(2) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(4) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5) Annualized

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

June

30,

2025

(Unaudited)

#### Portfolio

#### of

#### Investments

#### ‡

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### ALBANIA 0.4%

#### Government

#### Bonds 0.4%
Republic

of

Albania,

5.90%,

6/9/28

(EUR) (1)

15,580,000

19,474

Republic

of

Albania,

5.90%,

6/9/28

(EUR)

5,200,000

6,499

#### Total

#### Albania

#### (Cost

#### $22,389)

#### 25,973

#### AUSTRALIA 2.2%

#### Corporate

#### Bonds 0.9%
APA

Infrastructure,

2.00%,

3/22/27

(EUR)

2,580,000

3,012

APA

Infrastructure,

3.50%,

3/22/30

(GBP)

5,500,000

7,084

AusNet

Services

Holdings,

1.50%,

2/26/27

(EUR)

2,615,000

3,023

Brambles

Finance,

4.25%,

3/22/31

(EUR)

7,660,000

9,534

NBN,

4.125%,

3/15/29

(EUR)

11,070,000

13,629

Sydney

Airport

Finance,

1.75%,

4/26/28

(EUR)

2,630,000

3,010

Sydney

Airport

Finance,

4.375%,

5/3/33

(EUR)

8,150,000

10,069

Transurban

Finance,

1.75%,

3/29/28

(EUR)

2,620,000

3,016

Transurban

Finance,

3.00%,

4/8/30

(EUR)

11,250,000

13,212

65,589

#### Government

#### Bonds 1.3%
Commonwealth

of

Australia,

Series

140,

4.50%,

4/21/33

101,967,000

69,701

Commonwealth

of

Australia,

Series

150,

3.00%,

3/21/47

35,026,000

17,632

87,333

#### Total

#### Australia

#### (Cost

#### $158,054)

#### 152,922

#### AUSTRIA 0.4%

#### Corporate

#### Bonds 0.0%
Mondi

Finance

Europe,

2.375%,

4/1/28

2,505,000

2,935

2,935

#### Government

#### Bonds 0.4%
Republic

of

Austria,

0.75%,

3/20/51 (1)

16,898,000

10,745

Republic

of

Austria,

3.15%,

10/20/53 (1)

13,355,000

14,496

25,241

#### Total

#### Austria

#### (Cost

#### $28,052)

#### 28,176
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### BELGIUM 2.6%

#### Corporate

#### Bonds 0.1%
Anheuser-Busch

InBev,

1.15%,

1/22/27

2,600,000

3,009

Anheuser-Busch

InBev,

1.65%,

3/28/31

1,465,000

1,604

4,613

#### Government

#### Bonds 2.5%
Kingdom

of

Belgium,

Series

75,

1.00%,

6/22/31 (1)

128,538,000

138,133

Kingdom

of

Belgium,

Series

98,

3.30%,

6/22/54 (1)

37,179,000

38,903

177,036

#### Total

#### Belgium

#### (Cost

#### $165,023)

#### 181,649

#### BRAZIL 2.3%

#### Corporate

#### Bonds 0.3%
Klabin

Austria,

5.75%,

4/3/29

(USD)

9,300,000

9,387

Raizen

Fuels

Finance,

6.70%,

2/25/37

(USD) (1)

10,800,000

10,611

19,998

#### Government

#### Bonds 2.0%
Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/31

310,010,000

50,098

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/35

609,924,000

92,662

142,760

#### Total

#### Brazil

#### (Cost

#### $156,290)

#### 162,758

#### BULGARIA 0.8%

#### Government

#### Bonds 0.8%
Republic

of

Bulgaria,

4.50%,

1/27/33

(EUR) (1)

6,390,000

8,180

Republic

of

Bulgaria,

4.50%,

1/27/33

(EUR)

14,433,000

18,475

Republic

of

Bulgaria,

Series

10Y,

0.375%,

9/23/30

(EUR)

2,565,000

2,677

Republic

of

Bulgaria,

Series

9Y,

3.50%,

5/7/34

(EUR)

21,700,000

25,848

#### Total

#### Bulgaria

#### (Cost

#### $49,275)

#### 55,180
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### CANADA 4.8%

#### Asset-Backed

#### Securities 0.1%
Cologix

Canadian

Issuer,

Series

2022-1CAN,

Class

A2,

4.94%,

1/25/52 (1)

8,230,000

5,924

5,924

#### Corporate

#### Bonds 0.4%
Magna

International,

1.50%,

9/25/27

(EUR)

2,620,000

3,015

Royal

Bank

of

Canada,

4.125%,

7/5/28

(EUR)

2,385,000

2,929

Toronto-Dominion

Bank,

2.551%,

8/3/27

(EUR)

2,535,000

2,991

Transcanada

Trust,

Series

17-B,

VR,

4.65%,

5/18/77 (2)

27,134,000

19,877

28,812

#### Government

#### Bonds 3.7%
Government

of

Canada,

4.00%,

3/1/29

151,216,000

115,874

Government

of

Canada

Real

Return

Bond,

Inflation-Indexed,

Series

CPI,

4.00%,

12/1/31

170,208,287

147,596

Province

of

Ontario,

3.50%,

6/2/43

2,739,000

1,794

265,264

#### Non-U.S.

#### Government

#### Mortgage-Backed

#### Securities 0.6%
Real

Estate

Asset

Liquidity

Trust,

Series

2025-1A,

Class

A1,

3.93%,

1/12/60 (1)

25,294,820

18,548

Real

Estate

Asset

Liquidity

Trust,

Series

2025-1A,

Class

A2,

4.40%,

1/12/60 (1)

31,390,000

22,976

41,524

#### Total

#### Canada

#### (Cost

#### $340,619)

#### 341,524

#### CHILE 0.9%

#### Corporate

#### Bonds 0.2%
Corp.

Nacional

del

Cobre

de

Chile,

6.30%,

9/8/53

(USD) (1)

11,959,000

11,744

Interchile,

4.50%,

6/30/56

(USD)

4,563,000

3,638

15,382

#### Government

#### Bonds 0.7%
Bonos

de

la

Tesoreria

de

la

Republica

en

pesos,

5.80%,

10/1/34 (1)

40,215,000,000

43,885

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Republic

of

Chile,

4.125%,

7/5/34

(EUR)

4,620,000

5,612

49,497

#### Total

#### Chile

#### (Cost

#### $63,197)

#### 64,879

#### CHINA 3.6%

#### Government

#### Bonds 3.6%
People's

Republic

of

China,

Series

INBK,

2.47%,

7/25/54

390,430,000

60,787

People's

Republic

of

China,

Series

INBK,

2.53%,

6/15/74

38,700,000

6,353

People's

Republic

of

China,

Series

INBK,

2.69%,

8/15/32

521,000,000

77,937

People's

Republic

of

China,

Series

INBK,

3.32%,

4/15/52

379,000,000

67,956

People's

Republic

of

China,

Series

INBK,

3.53%,

10/18/51

162,000,000

29,968

People's

Republic

of

China,

Series

INBK,

4.00%,

6/24/69

64,000,000

14,174

#### Total

#### China

#### (Cost

#### $231,043)

#### 257,175

#### COLOMBIA 0.3%

#### Government

#### Bonds 0.3%
Republic

of

Colombia,

Series

B,

6.00%,

4/28/28

79,667,000,000

17,569

Republic

of

Colombia,

Series

B,

7.00%,

3/26/31

23,388,800,000

4,647

#### Total

#### Colombia

#### (Cost

#### $19,757)

#### 22,216

#### CÔTE

#### D'IVOIRE 0.7%

#### Government

#### Bonds 0.7%
Republic

of

Côte

d'Ivoire,

6.875%,

4/1/28 (1)

24,736,500,000

44,021

Republic

of

Ivory

Coast,

6.875%,

10/17/40

(EUR)

7,915,000

7,948

#### Total

#### Côte

#### d'Ivoire

#### (Cost

#### $46,924)

#### 51,969

#### CYPRUS 0.4%

#### Government

#### Bonds 0.4%
Republic

of

Cyprus,

0.95%,

1/20/32

19,769,000

20,757

Republic

of

Cyprus,

1.50%,

4/16/27

2,130,000

2,476

Republic

of

Cyprus,

2.75%,

5/3/49

5,532,000

5,390

#### Total

#### Cyprus

#### (Cost

#### $31,076)

#### 28,623
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### CZECH

#### REPUBLIC 4.9%

#### Corporate

#### Bonds 0.1%
Czechoslovak

Group,

6.50%,

1/10/31

(USD) (1)

3,160,000

3,191

3,191

#### Government

#### Bonds 4.8%
Republic

of

Czech,

Series

125,

1.50%,

4/24/40

3,639,450,000

117,018

Republic

of

Czech,

Series

145,

3.50%,

5/30/35

1,514,560,000

68,049

Republic

of

Czech,

Series

151,

4.90%,

4/14/34

1,568,540,000

78,851

Republic

of

Czech,

Series

157,

3.60%,

6/3/36

1,692,500,000

76,024

339,942

#### Total

#### Czech

#### Republic

#### (Cost

#### $325,052)

#### 343,133

#### DENMARK 0.7%

#### Corporate

#### Bonds 0.7%
Carlsberg

Breweries,

0.875%,

7/1/29

(EUR)

3,773,000

4,120

Danske

Bank,

VR,

0.75%,

6/9/29

(EUR) (2)

8,420,000

9,348

Danske

Bank,

VR,

1.375%,

2/17/27

(EUR) (2)

2,440,000

2,856

Danske

Bank,

VR,

4.50%,

11/9/28

(EUR) (2)

2,410,000

2,960

Orsted,

4.875%,

1/12/32

(GBP)

5,750,000

7,636

TDC

Net,

5.056%,

5/31/28

(EUR)

2,310,000

2,835

TDC

Net,

5.618%,

2/6/30

(EUR)

13,970,000

17,502

#### Total

#### Denmark

#### (Cost

#### $41,575)

#### 47,257

#### EGYPT 0.4%

#### Government

#### Bonds 0.4%
Arab

Republic

of

Egypt,

6.375%,

4/11/31

(EUR)

16,860,000

18,445

Arab

Republic

of

Egypt

Treasury

Bills,

Series

364D,

26.201%,

9/23/25

640,200,000

12,120

#### Total

#### Egypt

#### (Cost

#### $28,122)

#### 30,565

#### ESTONIA 0.5%

#### Government

#### Bonds 0.5%
Republic

of

Estonia,

3.25%,

1/17/34

32,500,000

38,513

#### Total

#### Estonia

#### (Cost

#### $35,388)

#### 38,513
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### FINLAND 0.1%

#### Corporate

#### Bonds 0.1%
Elisa,

0.25%,

9/15/27

2,760,000

3,095

Metso,

0.875%,

5/26/28

2,775,000

3,103

#### Total

#### Finland

#### (Cost

#### $5,670)

#### 6,198

#### FRANCE 5.1%

#### Corporate

#### Bonds 1.6%
Altice

France,

3.375%,

1/15/28 (1)(3)

224,000

Altice

France,

5.875%,

2/1/27 (1)(3)

655,000

693

Banque

Federative

du

Credit

Mutuel,

1.25%,

5/26/27

3,000,000

3,464

Banque

Federative

du

Credit

Mutuel,

1.375%,

7/16/28

3,100,000

3,518

Banque

Federative

du

Credit

Mutuel,

5.125%,

1/13/33

5,400,000

6,852

Banque

Stellantis

France,

4.00%,

1/21/27

2,400,000

2,888

BNP

Paribas,

VR,

2.125%,

1/23/27 (2)

9,300,000

10,941

BNP

Paribas,

VR,

3.875%,

1/10/31 (2)

4,000,000

4,900

BPCE,

0.25%,

1/14/31

7,100,000

7,196

BPCE,

3.50%,

1/25/28

5,500,000

6,638

Credit

Agricole,

0.875%,

1/14/32

1,000,000

1,012

Credit

Agricole,

1.875%,

12/20/26

5,200,000

6,090

Credit

Agricole

Assurances,

VR,

2.625%,

1/29/48 (2)

6,000,000

6,935

Electricite

de

France,

6.125%,

6/2/34

(GBP)

7,200,000

10,126

EssilorLuxottica,

0.375%,

11/27/27

2,700,000

3,037

Holding

d'Infrastructures

de

Transport,

1.475%,

1/18/31

8,600,000

9,176

Loxam,

6.375%,

5/15/28

3,795,000

4,606

Orange,

3.25%,

1/15/32

(GBP)

6,500,000

8,142

RTE

Reseau

de

Transport

d'Electricite

SADIR,

0.75%,

1/12/34

7,200,000

6,780

Veolia

Environnement,

1.25%,

4/2/27

2,000,000

2,308

Veolia

Environnement,

1.94%,

1/7/30

5,700,000

6,440

111,961

#### Government

#### Bonds 3.5%
Republic

of

France,

Series

OAT,

1.25%,

5/25/36 (1)

144,314,000

137,458

Republic

of

France,

Series

OAT,

2.50%,

5/25/30 (1)

62,123,000

73,082

Republic

of

France,

Series

OAT,

4.00%,

4/25/55 (1)

34,926,000

40,923

251,463

#### Total

#### France

#### (Cost

#### $342,283)

#### 363,424
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### GERMANY 3.6%

#### Corporate

#### Bonds 1.5%
Daimler

Truck

International

Finance,

1.625%,

4/6/27

2,600,000

3,020

E.ON

International

Finance,

6.25%,

6/3/30

(GBP)

11,400,000

16,708

Fresenius,

1.625%,

10/8/27

2,635,000

3,048

Fresenius,

5.00%,

11/28/29

5,200,000

6,609

Gruenenthal,

4.625%,

11/15/31 (1)

160,000

Gruenenthal,

6.75%,

5/15/30 (1)

530,000

658

Gruenenthal,

6.75%,

5/15/30

3,500,000

4,348

Hannover

Rueck,

1.125%,

4/18/28 (4)

2,600,000

2,938

Hannover

Rueck,

VR,

1.125%,

10/9/39 (2)(4)

11,500,000

12,344

Hannover

Rueck,

VR,

1.75%,

10/8/40 (2)

4,800,000

5,195

Knorr-Bremse,

3.25%,

9/21/27

2,500,000

2,991

ProGroup,

5.375%,

4/15/31 (1)(4)

2,755,000

3,211

Sartorius

Finance,

4.50%,

9/14/32

8,000,000

9,869

TK

Elevator

Midco,

4.375%,

7/15/27 (1)

2,745,000

3,226

TUI

Cruises,

5.00%,

5/15/30

4,485,000

5,311

Volkswagen

Bank,

4.375%,

5/3/28

2,400,000

2,936

Volkswagen

Financial

Services,

0.375%,

2/12/30

10,300,000

10,666

Volkswagen

International

Finance,

Series

10Y,

1.875%,

3/30/27

1,300,000

1,512

Volkswagen

Leasing,

1.50%,

6/19/26

5,135,000

5,996

Volkswagen

Leasing,

1.625%,

8/15/25

5,350,000

6,295

107,070

#### Government

#### Bonds 2.1%
Deutsche

Bundesrepublik,

Inflation-Indexed,

0.50%,

4/15/30

123,607,901

145,338

KfW,

4.70%,

6/2/37

(CAD)

5,202,000

3,987

149,325

#### Total

#### Germany

#### (Cost

#### $238,667)

#### 256,395

#### GREECE 0.3%

#### Corporate

#### Bonds 0.3%
Eurobank,

VR,

3.25%,

3/12/30 (2)

12,450,000

14,633

United

Group,

4.625%,

8/15/28 (1)

3,105,000

3,639

#### Total

#### Greece

#### (Cost

#### $16,456)

#### 18,272
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### HUNGARY 0.3%

#### Government

#### Bonds 0.3%
Magyar

Export-Import

Bank,

6.00%,

5/16/29

(EUR)

4,370,000

5,562

Republic

of

Hungary,

Series

33/A,

2.25%,

4/20/33

2,496,670,000

5,388

Republic

of

Hungary,

Series

4Y,

5.00%,

2/22/27

(EUR)

5,964,000

7,303

#### Total

#### Hungary

#### (Cost

#### $15,851)

#### 18,253

#### ICELAND 0.2%

#### Government

#### Bonds 0.2%
Republic

of

Iceland,

Series

10Y,

3.50%,

3/21/34

(EUR)

8,096,000

9,855

Republic

of

Iceland,

Series

7Y,

0.00%,

4/15/28

(EUR)

5,385,000

5,940

#### Total

#### Iceland

#### (Cost

#### $15,230)

#### 15,795

#### INDIA 1.1%

#### Government

#### Bonds 1.1%
Republic

of

India,

6.54%,

1/17/32

2,261,080,000

26,794

Republic

of

India,

7.26%,

8/22/32

4,423,240,000

54,406

#### Total

#### India

#### (Cost

#### $79,610)

#### 81,200

#### INDONESIA 3.5%

#### Corporate

#### Bonds 0.2%
Freeport

Indonesia,

4.763%,

4/14/27

(USD)

9,400,000

9,423

Minejesa

Capital,

5.625%,

8/10/37

(USD)

3,965,000

3,822

13,245

#### Government

#### Bonds 3.3%
Republic

of

Indonesia,

3.75%,

6/14/28

(EUR)

32,797,000

39,816

Republic

of

Indonesia,

Series

FR86,

5.50%,

4/15/26

473,000,000,000

29,045

Republic

of

Indonesia,

Series

FR91,

6.375%,

4/15/32

115,952,000,000

7,087

Republic

of

Indonesia,

Series

FR95,

6.375%,

8/15/28

153,888,000,000

9,528

Republic

of

Indonesia,

Series

FR96,

7.00%,

2/15/33

1,308,474,000,000

82,493

Republic

of

Indonesia,

Series

101,

6.875%,

4/15/29

318,698,000,000

20,032

Republic

of

Indonesia,

Series

103,

6.75%,

7/15/35

376,783,000,000

23,420

Republic

of

Indonesia,

Series

106,

7.125%,

8/15/40

332,912,000,000

20,826

232,247

#### Total

#### Indonesia

#### (Cost

#### $248,762)

#### 245,492
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### IRELAND 0.1%

#### Corporate

#### Bonds 0.0%
Smurfit

Kappa

Treasury,

1.50%,

9/15/27

2,650,000

3,059

3,059

#### Government

#### Bonds 0.1%
Republic

of

Ireland,

1.50%,

5/15/50

2,696,000

2,166

Republic

of

Ireland,

2.00%,

2/18/45

5,630,000

5,344

7,510

#### Total

#### Ireland

#### (Cost

#### $13,440)

#### 10,569

#### ISRAEL 0.3%

#### Government

#### Bonds 0.3%
State

of

Israel,

1.50%,

1/18/27

(EUR)

17,984,000

20,646

#### Total

#### Israel

#### (Cost

#### $21,157)

#### 20,646

#### ITALY 3.7%

#### Corporate

#### Bonds 0.8%
Aeroporti

di

Roma,

1.625%,

6/8/27

2,575,000

2,986

Autostrade

per

l'Italia,

1.625%,

1/25/28

2,680,000

3,081

Autostrade

per

l'Italia,

2.00%,

12/4/28

6,245,000

7,146

Autostrade

per

l'Italia,

2.00%,

1/15/30

5,620,000

6,306

CA

Auto

Bank,

4.75%,

1/25/27

2,395,000

2,910

IMA

Industria

Macchine

Automatiche,

3.75%,

1/15/28

4,500,000

5,246

Intesa

Sanpaolo,

1.75%,

7/4/29

12,399,000

13,994

Italgas,

1.625%,

1/19/27

2,570,000

2,987

Itelyum

Regeneration,

5.75%,

4/15/30 (1)

3,130,000

3,716

Snam,

0.875%,

10/25/26

6,950,000

8,027

56,399

#### Government

#### Bonds 2.9%
Italy

Buoni

Poliennali

Del

Tesoro,

Series

10Y,

0.95%,

6/1/32

50,480,000

52,062

Italy

Buoni

Poliennali

Del

Tesoro,

Series

30Y,

4.30%,

10/1/54 (1)

14,658,000

17,296

Italy

Buoni

Poliennali

Del

Tesoro,

Series

30Y,

4.50%,

10/1/53 (1)

41,152,000

50,348

Italy

Buoni

Poliennali

Del

Tesoro,

Series

50Y,

2.80%,

3/1/67

27,735,000

23,588

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Italy

Buoni

Poliennali

Del

Tesoro,

Series

CPI,

1.30%,

5/15/28 (1)

51,472,764

61,536

204,830

#### Total

#### Italy

#### (Cost

#### $249,693)

#### 261,229

#### JAPAN 9.5%

#### Government

#### Bonds 9.5%
Government

of

Japan,

Series

16,

1.30%,

3/20/63

14,077,500,000

59,912

Government

of

Japan,

Series

26,

Inflation-Indexed,

0.005%,

3/10/31

8,883,769,716

65,877

Government

of

Japan,

Series

27,

Inflation-Indexed,

0.005%,

3/10/32

3,309,631,000

23,993

Government

of

Japan,

Series

28,

Inflation-Indexed,

0.005%,

3/10/33

3,303,460,440

23,657

Government

of

Japan,

Series

29,

Inflation-Indexed,

0.005%,

3/10/34

27,592,511,392

195,193

Government

of

Japan,

Series

30,

Inflation-Indexed,

0.005%,

3/10/35

2,340,054,150

16,367

Government

of

Japan,

Series

44,

1.70%,

9/20/44

14,987,950,000

94,093

Government

of

Japan,

Series

74,

1.00%,

3/20/52

10,826,400,000

50,588

Government

of

Japan,

Series

75,

1.30%,

6/20/52

10,441,250,000

52,719

Government

of

Japan,

Series

76,

1.40%,

9/20/52

9,384,900,000

48,395

Government

of

Japan,

Series

83,

2.20%,

6/20/54

6,220,600,000

38,029

#### Total

#### Japan

#### (Cost

#### $750,127)

#### 668,823

#### JORDAN 0.1%

#### Government

#### Bonds 0.1%
Kingdom

of

Jordan,

6.125%,

1/29/26

(USD)

7,313,000

7,302

#### Total

#### Jordan

#### (Cost

#### $7,302)

#### 7,302

#### KAZAKHSTAN 0.2%

#### Corporate

#### Bonds 0.2%
Tengizchevroil

Finance

International,

3.25%,

8/15/30

(USD)

12,400,000

11,048

#### Total

#### Kazakhstan

#### (Cost

#### $10,728)

#### 11,048
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### KUWAIT 0.1%

#### Corporate

#### Bonds 0.1%
MEGlobal,

2.625%,

4/28/28

(USD) (1)

9,170,000

8,643

#### Total

#### Kuwait

#### (Cost

#### $9,178)

#### 8,643

#### LATVIA 1.7%

#### Government

#### Bonds 1.7%
Republic

of

Latvia,

0.375%,

10/7/26

86,021,000

99,231

Republic

of

Latvia,

3.875%,

5/22/29

15,752,000

19,451

#### Total

#### Latvia

#### (Cost

#### $110,400)

#### 118,682

#### LITHUANIA 1.0%

#### Government

#### Bonds 1.0%
Republic

of

Lithuania,

3.50%,

2/13/34

17,920,000

21,474

Republic

of

Lithuania,

3.875%,

6/14/33

38,084,000

47,237

#### Total

#### Lithuania

#### (Cost

#### $59,975)

#### 68,711

#### LUXEMBOURG 0.5%

#### Corporate

#### Bonds 0.5%
Altice

Financing,

4.25%,

8/15/29 (1)

1,775,000

1,527

Blackstone

Property

Partners

Europe

Holdings,

1.75%,

3/12/29

9,970,000

11,092

Logicor

Financing,

0.875%,

1/14/31

7,100,000

7,184

Logicor

Financing,

3.25%,

11/13/28

10,800,000

12,722

#### Total

#### Luxembourg

#### (Cost

#### $31,103)

#### 32,525

#### MACAO 0.3%

#### Corporate

#### Bonds 0.3%
MGM

China

Holdings,

7.125%,

6/26/31

(USD) (1)

5,140,000

5,346

Sands

China,

STEP,

3.80%,

1/8/26

(USD)

7,500,000

7,466

Wynn

Macau,

5.50%,

1/15/26

(USD)

6,500,000

6,507

#### Total

#### Macao

#### (Cost

#### $19,021)

#### 19,319
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### MADAGASCAR 0.1%

#### Corporate

#### Bonds 0.1%
Axian

Telecom

Holding

&

Management,

7.25%,

7/11/30

(USD) (1)

6,640,000

6,614

#### Total

#### Madagascar

#### (Cost

#### $6,606)

#### 6,614

#### MALAYSIA 2.8%

#### Government

#### Bonds 2.8%
Government

of

Malaysia,

Series

0120,

4.065%,

6/15/50

79,874,000

19,162

Government

of

Malaysia,

Series

0123,

4.457%,

3/31/53

15,000,000

3,829

Government

of

Malaysia,

Series

0216,

4.736%,

3/15/46

360,864,000

95,428

Government

of

Malaysia,

Series

0318,

4.642%,

11/7/33

159,376,000

40,976

Government

of

Malaysia,

Series

0518,

4.921%,

7/6/48

134,996,000

36,628

#### Total

#### Malaysia

#### (Cost

#### $180,700)

#### 196,023

#### MEXICO 2.2%

#### Corporate

#### Bonds 0.4%
America

Movil,

5.75%,

6/28/30

(GBP)

6,670,000

9,500

BBVA

Mexico,

VR,

5.125%,

1/18/33

(USD) (2)

8,675,000

8,343

Bimbo

Bakeries

USA,

6.05%,

1/15/29

(USD) (1)

8,035,000

8,404

26,247

#### Government

#### Bonds 1.8%
Mexican

Udibonos,

Series

S,

4.00%,

8/24/34

759,594,984

37,662

Petroleos

Mexicanos,

4.875%,

2/21/28

(EUR)

17,590,000

20,272

United

Mexican

States,

Series

M,

7.50%,

5/26/33

417,805,000

20,346

United

Mexican

States,

Series

M,

8.50%,

5/31/29

996,115,000

52,941

131,221

#### Total

#### Mexico

#### (Cost

#### $148,820)

#### 157,468

#### MONTENEGRO 0.5%

#### Government

#### Bonds 0.5%
Republic

of

Montenegro,

4.875%,

4/1/32 (1)

22,310,000

26,063

Republic

of

Montenegro,

7.25%,

3/12/31

(USD) (1)

12,390,000

12,856

#### Total

#### Montenegro

#### (Cost

#### $36,278)

#### 38,919
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### MOROCCO 1.4%

#### Government

#### Bonds 1.4%
Kingdom

of

Morocco,

1.375%,

3/30/26

(EUR) (4)

8,780,000

10,255

Kingdom

of

Morocco,

3.875%,

4/2/29

(EUR) (1)

46,139,000

55,177

Kingdom

of

Morocco,

4.75%,

4/2/35

(EUR) (1)

26,140,000

30,889

#### Total

#### Morocco

#### (Cost

#### $88,287)

#### 96,321

#### NETHERLANDS 0.5%

#### Corporate

#### Bonds 0.5%
Cooperatieve

Rabobank,

4.625%,

5/23/29

(GBP)

100,000

ING

Groep,

VR,

0.375%,

9/29/28 (2)

2,800,000

3,138

ING

Groep,

VR,

1.25%,

2/16/27 (2)

8,800,000

10,288

ING

Groep,

VR,

4.75%,

5/23/34 (2)

6,000,000

7,607

NN

Group,

1.625%,

6/1/27

2,575,000

2,994

Universal

Music

Group,

3.00%,

6/30/27

2,470,000

2,935

VZ

Secured

Financing,

3.50%,

1/15/32 (4)

3,900,000

4,222

Ziggo,

2.875%,

1/15/30

2,720,000

2,997

#### Total

#### Netherlands

#### (Cost

#### $30,759)

#### 34,317

#### NEW

#### ZEALAND 0.1%

#### Corporate

#### Bonds 0.1%
Chorus,

3.625%,

9/7/29

(EUR)

8,130,000

9,812

#### Total

#### New

#### Zealand

#### (Cost

#### $8,588)

#### 9,812

#### NORTH

#### MACEDONIA 0.1%

#### Government

#### Bonds 0.1%
Republic

of

North

Macedonia,

6.96%,

3/13/27

(EUR) (1)

5,430,000

6,716

#### Total

#### North

#### Macedonia

#### (Cost

#### $5,773)

#### 6,716

#### NORWAY 0.1%

#### Corporate

#### Bonds 0.1%
Avinor,

0.75%,

10/1/30

(EUR)

7,202,000

7,564

#### Total

#### Norway

#### (Cost

#### $6,699)

#### 7,564
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### PERU 0.5%

#### Government

#### Bonds 0.5%
Republic

of

Peru,

5.40%,

8/12/34

14,318,000

3,813

Republic

of

Peru,

6.15%,

8/12/32

100,176,000

29,212

Republic

of

Peru,

Series

REGS,

5.40%,

8/12/34

15,306,000

4,077

#### Total

#### Peru

#### (Cost

#### $34,352)

#### 37,102

#### POLAND 0.7%

#### Government

#### Bonds 0.7%
Republic

of

Poland,

Series

10Y,

3.625%,

1/11/34

(EUR)

21,350,000

25,769

Republic

of

Poland,

Series

15Y,

3.875%,

10/22/39

(EUR)

5,250,000

6,098

Republic

of

Poland,

Series

1034,

5.00%,

10/25/34

63,666,000

17,135

#### Total

#### Poland

#### (Cost

#### $44,395)

#### 49,002

#### PORTUGAL 0.2%

#### Corporate

#### Bonds 0.2%
Banco

Comercial

Portugues,

VR,

1.125%,

2/12/27 (2)

5,800,000

6,764

Banco

Comercial

Portugues,

VR,

1.75%,

4/7/28 (2)

3,500,000

4,061

#### Total

#### Portugal

#### (Cost

#### $9,245)

#### 10,825

#### QATAR 0.2%

#### Corporate

#### Bonds 0.2%
QatarEnergy,

3.125%,

7/12/41

(USD)

6,400,000

4,733

QNB

Finance,

2.75%,

2/12/27

(USD)

8,200,000

7,983

QNB

Finance,

4.875%,

1/30/29

(USD)

2,175,000

2,207

#### Total

#### Qatar

#### (Cost

#### $15,103)

#### 14,923

#### ROMANIA 0.1%

#### Corporate

#### Bonds 0.1%
Digi

Romania,

3.25%,

2/5/28

(EUR)

6,300,000

7,288

#### Total

#### Romania

#### (Cost

#### $6,251)

#### 7,288
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### SAUDI

#### ARABIA 0.6%

#### Government

#### Bonds 0.6%
Kingdom

of

Saudi

Arabia,

3.375%,

3/5/32

(EUR) (1)

35,390,000

41,597

#### Total

#### Saudi

#### Arabia

#### (Cost

#### $36,972)

#### 41,597

#### SERBIA 1.5%

#### Government

#### Bonds 1.5%
Republic

of

Serbia,

1.00%,

9/23/28

(EUR) (1)

20,505,000

22,371

Republic

of

Serbia,

1.50%,

6/26/29

(EUR)

30,666,000

33,025

Republic

of

Serbia,

3.125%,

5/15/27

(EUR)

43,099,000

50,635

#### Total

#### Serbia

#### (Cost

#### $99,719)

#### 106,031

#### SINGAPORE 1.2%

#### Government

#### Bonds 1.2%
Republic

of

Singapore,

0.50%,

11/1/25

44,175,000

34,556

Republic

of

Singapore,

2.875%,

7/1/29

57,529,000

47,024

#### Total

#### Singapore

#### (Cost

#### $74,085)

#### 81,580

#### SLOVENIA 0.4%

#### Government

#### Bonds 0.4%
Republic

of

Slovenia,

Series

RS74,

1.50%,

3/25/35 (4)

14,085,000

14,538

Republic

of

Slovenia,

Series

RS77,

2.25%,

3/3/32

7,145,000

8,231

Republic

of

Slovenia,

Series

RS86,

0.00%,

2/12/31

4,975,000

5,113

#### Total

#### Slovenia

#### (Cost

#### $28,066)

#### 27,882

#### SOUTH

#### AFRICA 1.0%

#### Corporate

#### Bonds 0.1%
Anglo

American

Capital,

3.375%,

3/11/29

(GBP)

5,340,000

6,974

6,974

#### Government

#### Bonds 0.9%
Republic

of

South

Africa,

Series

2032,

8.25%,

3/31/32

875,120,000

47,262

Republic

of

South

Africa,

Series

2035,

8.875%,

2/28/35

326,635,000

17,273

64,535

#### Total

#### South

#### Africa

#### (Cost

#### $64,536)

#### 71,509
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### SOUTH

#### KOREA 0.5%

#### Corporate

#### Bonds 0.2%
GS

Caltex,

1.625%,

7/27/25

(USD)

5,400,000

5,389

Shinhan

Bank,

4.50%,

4/12/28

(USD) (1)

9,400,000

9,458

14,847

#### Government

#### Bonds 0.3%
Republic

of

South

Korea,

2.25%,

7/3/28

(EUR)

14,640,000

17,261

17,261

#### Total

#### South

#### Korea

#### (Cost

#### $31,875)

#### 32,108

#### SPAIN 3.3%

#### Corporate

#### Bonds 1.4%
Banco

Bilbao

Vizcaya

Argentaria,

3.375%,

9/20/27

7,900,000

9,497

Banco

Bilbao

Vizcaya

Argentaria,

VR,

5.75%,

9/15/33 (2)

2,700,000

3,399

Banco

de

Sabadell,

VR,

0.875%,

6/16/28 (2)

6,600,000

7,532

Banco

de

Sabadell,

VR,

5.00% (2)(5)

4,600,000

5,425

Banco

de

Sabadell,

VR,

5.00%,

6/7/29 (2)

2,300,000

2,872

Banco

de

Sabadell,

VR,

5.125%,

11/10/28 (2)

5,100,000

6,340

CaixaBank,

3.75%,

9/7/29

9,300,000

11,385

CaixaBank,

VR,

0.75%,

5/26/28 (2)

2,700,000

3,077

CaixaBank,

VR,

6.25%,

2/23/33 (2)

2,600,000

3,281

Cellnex

Telecom,

1.75%,

10/23/30

13,000,000

14,239

Cirsa

Finance

International,

7.875%,

7/31/28 (1)

4,415,000

5,411

EDP

Servicios

Financieros

Espana,

4.375%,

4/4/32

5,143,000

6,430

Inmobiliaria

Colonial

Socimi,

1.625%,

11/28/25

7,300,000

8,553

Lorca

Telecom

Bondco,

4.00%,

9/18/27

8,700,000

10,234

97,675

#### Government

#### Bonds 1.9%
Kingdom

of

Spain,

1.90%,

10/31/52 (1)

84,650,000

65,935

Kingdom

of

Spain,

3.10%,

7/30/31

25,410,000

30,622

Kingdom

of

Spain,

3.15%,

4/30/35 (1)

34,136,000

40,170

136,727

#### Total

#### Spain

#### (Cost

#### $217,900)

#### 234,402
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### SRI

#### LANKA 0.2%

#### Government

#### Bonds 0.2%
Republic

of

Sri

Lanka,

Series

A,

11.40%,

1/15/27

1,227,000,000

4,279

Republic

of

Sri

Lanka,

Series

A,

11.50%,

8/1/26

1,063,000,000

3,672

Republic

of

Sri

Lanka,

Series

A,

20.00%,

9/15/27

1,544,000,000

6,322

#### Total

#### Sri

#### Lanka

#### (Cost

#### $12,108)

#### 14,273

#### SUPRANATIONAL 0.4%

#### Corporate

#### Bonds 0.2%
International

Bank

for

Reconstruction

&

Development,

6.50%,

4/17/30

(INR)

1,010,600,000

11,707

11,707

#### Government

#### Bonds 0.2%
Asian

Infrastructure

Investment

Bank,

7.00%,

3/1/29

(INR)

514,700,000

6,082

Inter-American

Development

Bank,

7.35%,

10/6/30

(INR)

805,000,000

9,677

15,759

#### Total

#### Supranational

#### (Cost

#### $27,634)

#### 27,466

#### SWEDEN 1.6%

#### Corporate

#### Bonds 1.1%
Autoliv,

4.25%,

3/15/28

(EUR)

2,365,000

2,879

Nordea

Hypotek,

Series

5540,

3.00%,

11/26/30

212,000,000

22,852

Skandinaviska

Enskilda

Banken,

0.375%,

6/21/28

(EUR)

2,865,000

3,166

Stadshypotek,

Series

1596,

2.50%,

2/1/30

216,000,000

22,847

Swedbank

Hypotek,

Series

201,

3.00%,

10/29/30

212,800,000

22,945

Verisure

Holding,

3.875%,

7/15/26

(EUR) (1)

1,600,000

1,880

Verisure

Holding,

9.25%,

10/15/27

(EUR)

2,880,000

3,532

80,101

#### Government

#### Bonds 0.5%
Kingdom

of

Sweden,

Inflation-Indexed,

Series

3111,

0.125%,

6/1/32

347,686,369

35,398

35,398

#### Total

#### Sweden

#### (Cost

#### $107,355)

#### 115,499
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### SWITZERLAND 0.4%

#### Corporate

#### Bonds 0.4%
ABB

Finance,

3.25%,

1/16/27

(EUR)

2,400,000

2,862

ABB

Finance,

3.375%,

1/16/31

(EUR)

4,445,000

5,345

UBS

Group,

VR,

2.875%,

4/2/32

(EUR) (2)

7,050,000

8,107

UBS

Group,

VR,

7.75%,

3/1/29

(EUR) (2)

6,929,000

9,193

#### Total

#### Switzerland

#### (Cost

#### $21,384)

#### 25,507

#### TANZANIA 0.1%

#### Corporate

#### Bonds 0.1%
HTA

Group,

7.50%,

6/4/29

(USD) (1)

9,465,000

9,721

#### Total

#### Tanzania

#### (Cost

#### $9,430)

#### 9,721

#### THAILAND 1.6%

#### Corporate

#### Bonds 0.1%
Bangkok

Bank,

VR,

3.733%,

9/25/34

(USD) (2)

7,545,000

7,024

7,024

#### Government

#### Bonds 1.5%
Kingdom

of

Thailand,

2.05%,

4/17/28

1,043,000,000

32,656

Kingdom

of

Thailand,

2.50%,

11/17/29

1,966,521,000

63,275

Kingdom

of

Thailand,

2.80%,

6/17/34

364,000,000

12,314

108,245

#### Total

#### Thailand

#### (Cost

#### $109,739)

#### 115,269

#### UNITED

#### ARAB

#### EMIRATES 0.3%

#### Corporate

#### Bonds 0.3%
DP

World,

5.25%,

12/24/29

(USD)

17,900,000

18,192

#### Total

#### United

#### Arab

#### Emirates

#### (Cost

#### $17,900)

#### 18,192

#### UNITED

#### KINGDOM 5.9%

#### Corporate

#### Bonds 2.0%
Barclays,

VR,

0.577%,

8/9/29

(EUR) (2)

5,175,000

5,692

Barclays,

VR,

0.877%,

1/28/28

(EUR) (2)

2,695,000

3,094

Barclays,

VR,

6.369%,

1/31/31 (2)

4,650,000

6,693

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Deuce

Finco,

5.50%,

6/15/27 (1)

1,600,000

2,175

Heathrow

Funding,

2.75%,

10/13/29

8,360,000

10,579

HSBC

Holdings,

VR,

4.752%,

3/10/28

(EUR) (2)

10,715,000

13,090

Jerrold

Finco,

7.50%,

6/15/31 (1)

1,195,000

1,655

Jerrold

Finco,

7.875%,

4/15/30 (1)

345,000

Kane

Bidco,

5.00%,

2/15/27

(EUR)

6,420,000

7,622

Legal

&

General

Group,

VR,

5.375%,

10/27/45 (2)

5,685,000

7,794

London

Stock

Exchange

Group,

1.75%,

12/6/27

(EUR)

2,610,000

3,016

National

Grid

Electricity

Distribution

East

Midlands,

3.53%,

9/20/28

(EUR)

2,455,000

2,957

NatWest

Group,

VR,

0.67%,

9/14/29

(EUR) (2)

5,250,000

5,791

NatWest

Group,

VR,

0.78%,

2/26/30

(EUR) (2)

2,014,000

2,198

NatWest

Group,

VR,

1.043%,

9/14/32

(EUR) (2)

5,075,000

5,739

Next

Group,

3.625%,

5/18/28

7,491,000

10,051

Next

Group,

4.375%,

10/2/26

982,000

1,344

Santander

U.K.

Group

Holdings,

VR,

0.603%,

9/13/29

(EUR) (2)

6,475,000

7,093

Santander

U.K.

Group

Holdings,

VR,

2.421%,

1/17/29 (2)

3,320,000

4,295

Santander

U.K.

Group

Holdings,

VR,

3.53%,

8/25/28

(EUR) (2)

5,300,000

6,352

Severn

Trent

Utilities

Finance,

4.625%,

11/30/34

5,970,000

7,708

Smiths

Group,

2.00%,

2/23/27

(EUR)

2,535,000

2,961

Tesco

Corporate

Treasury

Services,

0.875%,

5/29/26

(EUR)

5,250,000

6,101

Tesco

Corporate

Treasury

Services,

2.75%,

4/27/30

4,850,000

6,078

Vmed

O2

U.K.

Financing

I,

4.50%,

7/15/31 (1)

5,145,000

6,312

Vmed

O2

U.K.

Financing

I,

4.50%,

7/15/31

5,630,000

6,907

143,783

#### Government

#### Bonds 3.9%
United

Kingdom

Gilt,

3.25%,

1/22/44

71,044,000

75,752

United

Kingdom

Gilt,

4.25%,

12/7/46

11,359,797

13,688

United

Kingdom

Gilt,

4.375%,

7/31/54

153,118,000

182,602

272,042

#### Total

#### United

#### Kingdom

#### (Cost

#### $393,372)

#### 415,825

#### UNITED

#### STATES 7.0%

#### Corporate

#### Bonds 4.5%
AbbVie,

2.125%,

11/17/28

(EUR)

2,605,000

3,026

AbbVie,

2.625%,

11/15/28

(EUR)

5,967,000

7,032

Allied

Universal

Holdco,

3.625%,

6/1/28

(EUR)

4,610,000

5,296

American

Honda

Finance,

0.75%,

11/25/26

(GBP)

4,097,000

5,338

AT&T,

3.95%,

4/30/31

(EUR)

13,150,000

16,094

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Athene

Global

Funding,

0.832%,

1/8/27

(EUR)

6,150,000

7,046

Bank

of

America,

VR,

1.662%,

4/25/28

(EUR) (2)

2,610,000

3,030

Becton

Dickinson

&

Company,

3.519%,

2/8/31

(EUR)

3,520,000

4,233

Becton

Dickinson

Euro

Finance,

1.213%,

2/12/36

(EUR)

1,874,000

1,720

Berkshire

Hathaway

Finance,

1.50%,

3/18/30

(EUR)

5,119,000

5,706

California

Buyer,

5.625%,

2/15/32

(EUR)

4,250,000

5,144

Capital

One

Financial,

1.65%,

6/12/29

(EUR)

11,300,000

12,665

Carrier

Global,

4.125%,

5/29/28

(EUR)

2,420,000

2,962

Comcast,

0.00%,

9/14/26

(EUR)

3,000,000

3,433

Dana

Financing

Luxembourg,

8.50%,

7/15/31

(EUR) (1)

2,623,000

3,360

Duke

Energy,

3.75%,

4/1/31

(EUR)

8,800,000

10,513

Equinix

Europe

Financing,

3.65%,

9/3/33

(EUR)

9,575,000

11,158

Equitable

Financial

Life

Global

Funding,

0.60%,

6/16/28

(EUR)

2,805,000

3,112

FedEx,

1.625%,

1/11/27

(EUR)

2,620,000

3,048

Fiserv,

1.625%,

7/1/30

(EUR)

175,000

Fiserv,

3.00%,

7/1/31

(GBP)

9,825,000

12,169

Fiserv,

4.50%,

5/24/31

(EUR)

10,825,000

13,476

Ford

Motor

Credit,

4.867%,

8/3/27

(EUR)

2,390,000

2,916

Ford

Motor

Credit,

5.125%,

2/20/29

(EUR)

13,525,000

16,652

General

Motors

Financial,

0.85%,

2/26/26

(EUR)

10,000,000

11,660

Goldman

Sachs

Group,

1.625%,

7/27/26

(EUR)

4,137,000

4,842

Goldman

Sachs

Group,

VR,

3.625%,

10/29/29

(GBP) (2)

3,180,000

4,234

Harley-Davidson

Financial

Services,

5.125%,

4/5/26

(EUR)

8,000,000

9,573

Highland

Holdings,

0.318%,

12/15/26

(EUR)

3,635,000

4,152

JPMorgan

Chase,

VR,

1.638%,

5/18/28

(EUR) (2)

2,620,000

3,040

Medtronic

Global

Holdings,

0.375%,

10/15/28

(EUR)

2,969,000

3,252

Metropolitan

Life

Global

Funding

I,

5.00%,

1/10/30

(GBP)

570,000

796

Mondelez

International,

0.25%,

3/17/28

(EUR) (4)

10,218,000

11,338

Mondelez

International,

1.625%,

3/8/27

(EUR)

2,575,000

2,994

Mondelez

International

Holdings

Netherlands,

0.25%,

9/9/29

(EUR) (1)

6,160,000

6,563

Morgan

Stanley,

VR,

0.406%,

10/29/27

(EUR) (2)

4,931,000

5,659

Morgan

Stanley,

VR,

0.495%,

10/26/29

(EUR) (2)

11,660,000

12,734

Morgan

Stanley,

VR,

5.148%,

1/25/34

(EUR) (2)

2,000,000

2,600

Netflix,

3.625%,

5/15/27

(EUR)

2,455,000

2,954

Netflix,

3.875%,

11/15/29

(EUR)

5,585,000

6,868

Prologis,

2.25%,

6/30/29

(GBP)

5,048,000

6,356

Thermo

Fisher

Scientific,

0.875%,

10/1/31

(EUR)

5,170,000

5,340

Thermo

Fisher

Scientific,

2.375%,

4/15/32

(EUR)

842,000

947

Thermo

Fisher

Scientific

Finance

I,

0.80%,

10/18/30

(EUR)

1,890,000

1,997

U.S.

Bancorp,

VR,

4.009%,

5/21/32

(EUR) (2)

9,145,000

11,096

Upjohn

Finance,

1.362%,

6/23/27

(EUR)

2,670,000

3,056

Utah

Acquisition

Sub,

3.125%,

11/22/28

(EUR)

5,630,000

6,591

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Verizon

Communications,

1.30%,

5/18/33

(EUR)

5,270,000

5,297

Verizon

Communications,

2.625%,

12/1/31

(EUR)

4,715,000

5,407

VF,

4.125%,

3/7/26

(EUR)

4,239,000

4,962

Wells

Fargo,

1.00%,

2/2/27

(EUR)

2,660,000

3,063

Westlake,

1.625%,

7/17/29

(EUR)

9,435,000

10,431

317,122

#### Municipal

#### Securities 0.2%
Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (6)

19,438,040

11,954

11,954

#### U.S.

#### Government

#### Agency

#### Obligations

#### (Excluding

#### Mortgage-Backed) 2.3%
U.S.

Treasury

Notes,

3.50%,

9/15/25 (7)

164,420,000

164,247

164,247

#### Total

#### United

#### States

#### (Cost

#### $474,212)

#### 493,323

#### SHORT-TERM

#### INVESTMENTS 8.6%

#### Commercial

#### Paper 1.1%

#### 4(2)

#### 1.1%(8)
Nutrien,

4.615%,

8/7/25

26,850,000

26,718

VW

Credit,

4.73%,

7/16/25

31,550,000

31,484

WPP,

4.688%,

7/17/25

18,070,000

18,031

76,233

#### Money

#### Market

#### Funds 5.6%
T. Rowe

Price

Government

Reserve

Fund,

4.37% (9)(10)

395,664,277

395,664

395,664

#### U.S.

#### Treasury

#### Obligations 1.9%
U.S.

Treasury

Bills,

4.243%,

7/10/25 (7)

131,034,000

130,897

130,897

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $602,805)

#### 602,794
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### SECURITIES

#### LENDING

#### COLLATERAL 0.1%

#### INVESTMENTS

#### IN

#### A

#### POOLED

#### ACCOUNT

#### THROUGH

#### SECURITIES

#### LENDING

#### PROGRAM

#### WITH

#### JPMORGAN

#### CHASE

#### BANK 0.1%

#### Money

#### Market

#### Funds 0.1%
T. Rowe

Price

Government

Reserve

Fund,

4.37% (9)(10)

9,513,394

9,513

#### Total

#### Investments

#### in

#### a

#### Pooled

#### Account

#### through

#### Securities

#### Lending

#### Program

#### with

#### JPMorgan

#### Chase

#### Bank

#### 9,513

#### Total

#### Securities

#### Lending

#### Collateral

#### (Cost

#### $9,513)

#### 9,513
(Amounts

in

000s,

except

for

contracts)

#### OPTIONS

#### PURCHASED 0.2%

#### OTC

#### Options

#### Purchased

#### 0.2%

#### Counterparty

#### Description

#### Contracts

#### Notional

#### Amount

#### $

#### Value
Citibank

Year

Interest

Rate

Swap,

12/18/36

Pay

Fixed

2.27%

Annually,

Receive

Variable

2.05%

(6M

EURIBOR)

Semi-Annually,

12/16/26

@

2.27%\*

(EUR) (3)

170,730

11,210

Citibank

Year

Interest

Rate

Swap,

12/18/36

Receive

Fixed

2.27%

Annually,

Pay

Variable

2.05%

(6M

EURIBOR)

Semi-Annually,

12/16/26

@

2.77%\*

(EUR) (3)

170,730

2,336

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

in

000s,

except

for

contracts)

#### Counterparty

#### Description

#### Contracts

#### Notional

#### Amount

#### $

#### Value
HSBC

Bank

USD

/

SGD,

Call,

9/18/25

@

SGD1.30 (3)

87,845

#### Total

#### Options

#### Purchased

#### (Cost

#### $13,088)

#### 13,716

#### Total

#### Investments

#### in

#### Securities

#### 102.0%

#### of

#### Net

#### Assets

#### (Cost

#### $6,960,038)

#### $

#### 7,194,139
‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Par/Shares

and

Notional

Amount

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

\*

Exercise

Spread

(1) Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$1,166,354

and

represents

16.5%

of

net

assets.

(2) Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(3) Non-income

producing

(4) See

Note

.

All

or

a

portion

of

this

security

is

on

loan

at

June

30,

2025. (5) Perpetual

security

with

no

stated

maturity

date.

(6) Contingent

value

instrument

that

only

pays

out

if

a

portion

of

the

territory's

Sales

and

Use

Tax

outperforms

the

projections

in

the

Oversight

Board's

Certified

Fiscal

Plan.

(7) At

June

30,

2025,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/

or

margin

deposit

to

cover

future

funding

obligations.

(8) Commercial

paper

exempt

from

registration

under

Section

4(2)

of

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

dealers

in

that

program

or

other

"accredited

investors".

Total

value

of

such

securities

at

period-end

amounts

to

$76,233

and

represents

1.1%

of

net

assets.

(9) Seven-day

yield

(10) Affiliated

Companies

Day

INR

MIBOR

One

day

INR

MIBOR

(Mumbai

interbank

offered

rate)

6M

EURIBOR

Six

month

EURIBOR

(Euro

interbank

offered

rate)

6M

PLN

WIBOR

Six

month

PLN

WIBOR

(Warsaw

interbank

offered

rate)

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

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

GBP

British

Pound

GO

General

Obligation

HUF

Hungarian

Forint

ICP

Chilean

Average

Chamber

Index

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXIBTIIE

Mexican

Interbank

day

interest

rate

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

OTC

Over-the-counter

PEN

Peruvian

New

Sol

PLN

Polish

Zloty

RON

New

Romanian

Leu

SEK

Swedish

Krona

SGD

Singapore

Dollar

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

THB

Thai

Baht

TONA

Tokyo

overnight

average

rate

TRY

Turkish

Lira

TWD

Taiwan

Dollar

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

ZAR

South

African

Rand

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

in

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%

#### Côte

#### d'Ivoire

#### (0.0)%
Barclays

Bank,

Protection

Sold (Relevant

Credit:

Republic

of

Côte

d'Ivoire,

Ba2\*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/27

(USD)

\*

9,157

(285) (281) (4) #### Total

#### Côte

#### d'Ivoire
(281) #### (4)

#### Greece

#### 0.0%
Bank

of

America,

Protection

Sold (Relevant

Credit:

Hellenic

Republic,

BBB-\*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/29

(USD)

\*

12,470

(281) 566

#### Total

#### Greece
(281) #### 566

#### VietNam

#### 0.0%
Goldman

Sachs,

Protection

Sold (Relevant

Credit:

Socialist

Republic

of

Vietnam,

BB+\*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/26

(USD)

\*

21,270

#### Total

#### VietNam

#### 74

#### 66

#### Total

#### Bilateral

#### Credit

#### Default

#### Swaps,

#### Protection

#### Sold
(488) #### 628

#### Total

#### Bilateral

#### Swaps
(488) #### 628

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value

#### Unrealized

#### $

#### Gain/(Loss)

#### CENTRALLY

#### CLEARED

#### SWAPS

#### 0.1%

#### Credit

#### Default

#### Swaps,

#### Protection

#### Bought

#### 0.0%

#### Foreign/Europe

#### (0.0)%
Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Crossover-S43,

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/30

6,000

(669) (471) (198) #### Total

#### Foreign/Europe

#### (198)
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

in

000s)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value

#### Unrealized

#### $

#### Gain/(Loss)

#### United

#### States

#### 0.0%
Protection

Bought

(Relevant

Credit:

Markit

CDX.EM-S41,

Year

Index),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/29

134,570

1,256

3,837

(2,581)

#### Total

#### United

#### States

#### (2,581)

#### Total

#### Centrally

#### Cleared

#### Credit

#### Default

#### Swaps,

#### Protection

#### Bought

#### (2,779)

#### Credit

#### Default

#### Swaps,

#### Protection

#### Sold

#### 0.0%

#### Foreign/Europe

#### 0.0%
Protection

Sold

(Relevant

Credit:

Markit

iTraxx

Europe-S43,

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/30

57,905

1,475

542

933

#### Total

#### Foreign/Europe

#### 933

#### Greece

#### 0.0%
Protection

Sold

(Relevant

Credit:

Hellenic

Republic,

BBB-\*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/26

(USD)

\*

3,700

(6) #### Total

#### Greece

#### (6)

#### Vietnam

#### 0.0%
Protection

Sold

(Relevant

Credit:

Socialist

Republic

of

Vietnam,

BB+\*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/28

(USD)

\*

37,447

#### Total

#### Vietnam

#### 205

#### Total

#### Centrally

#### Cleared

#### Credit

#### Default

#### Swaps,

#### Protection

#### Sold

#### 1,132

#### Interest

#### Rate

#### Swaps

#### 0.1%

#### Chile

#### (0.0)%

Year

Interest

Rate

Swap,

Pay

Fixed

5.118%

Semi-Annually,

Receive

Variable

5.027%

(ICP)

Semi-Annually,

4/11/35

32,470,487

(90) —

(90) 10

Year

Interest

Rate

Swap,

Pay

Fixed

5.216%

Semi-Annually,

Receive

Variable

5.023%

(ICP)

Semi-Annually,

4/24/35

15,158,000

(166) —

(166) #### Total

#### Chile

#### (256)
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

in

000s)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value

#### Unrealized

#### $

#### Gain/(Loss)

#### China

#### (0.0)%

Year

Interest

Rate

Swap,

Receive

Fixed

1.388%

Quarterly,

Pay

Variable

1.840%

(7

Day

Interbank

Repo)

Quarterly,

4/11/30

204,300

(149) —

(149) 5

Year

Interest

Rate

Swap,

Receive

Fixed

1.438%

Quarterly,

Pay

Variable

1.840%

(7

Day

Interbank

Repo)

Quarterly,

1/14/30

917,700

(335) —

(335) 5

Year

Interest

Rate

Swap,

Receive

Fixed

1.653%

Quarterly,

Pay

Variable

1.840%

(7

Day

Interbank

Repo)

Quarterly,

9/20/29

104,810

—

Year

Interest

Rate

Swap,

Receive

Fixed

1.696%

Quarterly,

Pay

Variable

1.840%

(7

Day

Interbank

Repo)

Quarterly,

3/12/30

177,350

—

#### Total

#### China

#### (138)

#### Foreign/Europe

#### 0.1%

Year

Interest

Rate

Swap,

Pay

Fixed

2.199%

Annually,

Receive

Variable

2.049%

(6M

EURIBOR)

Semi-Annually,

12/13/39

27,750

1,893

—

1,893

Year

Interest

Rate

Swap,

Pay

Fixed

2.213%

Annually,

Receive

Variable

2.049%

(6M

EURIBOR)

Semi-Annually,

12/13/39

13,900

919

—

919

Year

Interest

Rate

Swap,

Pay

Fixed

2.244%

Annually,

Receive

Variable

2.052%

(6M

EURIBOR)

Semi-Annually,

12/16/39

13,945

860

—

860

Year

Interest

Rate

Swap,

Receive

Fixed

2.294%

Annually,

Pay

Variable

2.507%

(6M

EURIBOR)

Semi-Annually,

2/18/30

230,735

—

Year

Interest

Rate

Swap,

Receive

Fixed

2.472%

Annually,

Pay

Variable

2.422%

(6M

EURIBOR)

Semi-Annually,

9/20/44

30,650

(1,459)

—

(1,459)

Year

Interest

Rate

Swap,

Receive

Fixed

2.510%

Annually,

Pay

Variable

2.514%

(6M

EURIBOR)

Semi-Annually,

8/19/44

57,200

(2,300)

—

(2,300)

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

in

000s)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value

#### Unrealized

#### $

#### Gain/(Loss)

Year

Interest

Rate

Swap,

Pay

Fixed

2.240%

Annually,

Receive

Variable

2.507%

(6M

EURIBOR)

Semi-Annually,

2/18/55

46,110

5,898

—

5,898

#### Total

#### Foreign/Europe

#### 6,030

#### India

#### 0.0%

Year

Interest

Rate

Swap,

Receive

Fixed

6.283%

Semi-Annually,

Pay

Variable

5.520%

(1

Day

INR

MIBOR)

Semi-Annually,

7/21/31

2,261,220

702

—

702

#### Total

#### India

#### 702

#### Japan

#### 0.0%

Year

Interest

Rate

Swap,

Pay

Fixed

0.418%

Annually,

Receive

Variable

0.348%

(JPY

TONA)

Annually,

8/10/28

14,299,120

1,107

—

1,107

Year

Interest

Rate

Swap,

Pay

Fixed

0.602%

Annually,

Receive

Variable

0.477%

(JPY

TONA)

Annually,

5/2/29

6,082,968

—

Year

Interest

Rate

Swap,

Pay

Fixed

0.945%

Annually,

Receive

Variable

0.477%

(JPY

TONA)

Annually,

2/11/30

12,962,263

(429) —

(429) 7

Year

Interest

Rate

Swap,

Pay

Fixed

1.030%

Annually,

Receive

Variable

0.477%

(JPY

TONA)

Annually,

6/18/32

6,173,925

(78) —

(78) 7

Year

Interest

Rate

Swap,

Pay

Fixed

1.040%

Annually,

Receive

Variable

0.477%

(JPY

TONA)

Annually,

6/18/32

3,656,195

(63) —

(63) 7

Year

Interest

Rate

Swap,

Pay

Fixed

1.041%

Annually,

Receive

Variable

0.477%

(JPY

TONA)

Annually,

6/18/32

3,656,195

(66) —

(66) #### Total

#### Japan

#### 842

#### Mexico

#### (0.0)%

Year

Interest

Rate

Swap,

Receive

Fixed

7.900%

Days,

Pay

Variable

8.520%

(MXIBTIIE)

Days,

4/19/32

695,367

—

Year

Interest

Rate

Swap,

Pay

Fixed

9.045%

Days,

Receive

Variable

8.510%

(MXIBTIIE)

Days,

1/24/35

563,500

(1,998)

—

(1,998)

#### Total

#### Mexico

#### (1,908)
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

in

000s)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value

#### Unrealized

#### $

#### Gain/(Loss)

#### Poland

#### (0.0)%

Year

Interest

Rate

Swap,

Pay

Fixed

4.230%

Annually,

Receive

Variable

5.010%

(6M

PLN

WIBOR)

Semi-

Annually,

6/10/30

159,927

(8) —

(8) 5

Year

Interest

Rate

Swap,

Pay

Fixed

4.255%

Annually,

Receive

Variable

5.110%

(6M

PLN

WIBOR)

Semi-

Annually,

6/11/30

40,489

(9) —

(9) 5

Year

Interest

Rate

Swap,

Pay

Fixed

4.290%

Annually,

Receive

Variable

5.110%

(6M

PLN

WIBOR)

Semi-

Annually,

6/11/30

40,490

(27) —

(27) 5

Year

Interest

Rate

Swap,

Pay

Fixed

4.315%

Annually,

Receive

Variable

5.050%

(6M

PLN

WIBOR)

Semi-

Annually,

6/12/30

121,469

(127) —

(127) 5

Year

Interest

Rate

Swap,

Pay

Fixed

4.320%

Annually,

Receive

Variable

5.050%

(6M

PLN

WIBOR)

Semi-

Annually,

6/12/30

121,469

(135) —

(135) #### Total

#### Poland

#### (306)

#### Total

#### Centrally

#### Cleared

#### Interest

#### Rate

#### Swaps

#### 4,966

#### Zero-Coupon

#### Inflation

#### Swaps

#### (0.0)%

#### Foreign/Europe

#### (0.0)%

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

1.860%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

9/17/29

156,000

(159) —

(159) T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

in

000s)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value

#### Unrealized

#### $

#### Gain/(Loss)

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

1.958%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

10/16/34

31,425

—

#### Total

#### Foreign/Europe

#### (139)

#### Total

#### Centrally

#### Cleared

#### Zero-Coupon

#### Inflation

#### Swaps

#### (139)

#### Total

#### Centrally

#### Cleared

#### Swaps

#### 3,180

#### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### (3,758)

#### Variation

#### margin

#### receivable
(payable)

#### on

#### centrally

#### cleared

#### swaps

#### $

#### (578)
\*

Credit

ratings

as

of

June

30,

2025. Ratings

shown

are

from

Moody's

Investors

Service

and

if

Moody's

does

not

rate

a

security,

then

Standard

&

Poor's

(S&P)

is

used.

Fitch

is

used

for

securities

that

are

not

rated

by

either

Moody's

or

S&P.

\*\*

Includes

interest

purchased

or

sold

but

not

yet

collected

of

$2.

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

in

000s)

#### FORWARD

#### CURRENCY

#### EXCHANGE

#### CONTRACTS

#### Counterparty

#### Settlement

#### Receive

#### Deliver

#### Unrealized

#### Gain/(Loss)
Bank

of

America

7/17/25

USD

7,015

TRY

285,149

$

(43) Bank

of

America

7/18/25

RON

141,611

USD

30,607

2,200

Bank

of

America

7/18/25

USD

18,974

CZK

405,998

(379) Bank

of

America

7/18/25

USD

96,742

ZAR

1,802,394

(4,922)

Bank

of

America

7/18/25

ZAR

672,161

USD

37,439

Bank

of

America

7/25/25

CAD

108,838

USD

79,162

873

Bank

of

America

7/25/25

USD

61,009

JPY

8,761,797

(16) Bank

of

America

8/14/25

PLN

29,714

USD

7,877

Bank

of

America

8/14/25

USD

65,270

PLN

248,704

(3,654)

Bank

of

America

8/22/25

EUR

90,520

USD

105,460

1,546

Bank

of

America

8/29/25

USD

105,899

SEK

996,196

Bank

of

America

9/4/25

USD

191,265

MYR

812,131

(1,901)

Bank

of

America

9/12/25

USD

4,236

CNH

30,180

(4) Bank

of

America

10/17/25

USD

46,055

CZK

980,597

(818) Barclays

Bank

7/11/25

USD

15,261

INR

1,306,734

Barclays

Bank

7/11/25

USD

35,504

KRW

49,520,170

(1,181)

Barclays

Bank

7/17/25

TRY

1,433,442

USD

34,966

511

Barclays

Bank

7/18/25

ZAR

852,950

USD

48,006

Barclays

Bank

7/18/25

ZAR

390,679

USD

22,079

(42) Barclays

Bank

7/25/25

CHF

843

USD

1,058

Barclays

Bank

7/25/25

JPY

84,943

USD

591

Barclays

Bank

7/25/25

JPY

2,186,314

USD

15,488

(261) Barclays

Bank

7/25/25

NOK

7,527

USD

747

—

Barclays

Bank

7/25/25

NOK

5,579

USD

565

(12) Barclays

Bank

7/25/25

NZD

1,437

USD

866

Barclays

Bank

7/25/25

USD

1,240

CHF

1,019

(48) Barclays

Bank

7/25/25

USD

424,191

JPY

59,881,151

7,125

Barclays

Bank

7/25/25

USD

31,149

NOK

326,646

(1,263)

Barclays

Bank

8/22/25

EUR

895

USD

1,053

Barclays

Bank

8/22/25

USD

738

EUR

643

(22) Barclays

Bank

8/22/25

USD

GBP

(4) Barclays

Bank

10/16/25

TRY

474,234

USD

10,840

(4) BNP

Paribas

7/11/25

INR

3,322,554

USD

38,333

BNP

Paribas

7/11/25

USD

50,594

TWD

1,670,902

(6,834)

BNP

Paribas

7/25/25

AUD

874

USD

571

BNP

Paribas

7/25/25

USD

44,868

EUR

39,291

(1,496)

BNP

Paribas

7/25/25

USD

NOK

1,596

—

BNP

Paribas

8/22/25

USD

EUR

(21) T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

in

000s)

#### FORWARD

#### CURRENCY

#### EXCHANGE

#### CONTRACTS
(CONTINUED)

#### Counterparty

#### Settlement

#### Receive

#### Deliver

#### Unrealized

#### Gain/(Loss)
BNP

Paribas

8/29/25

USD

SEK

3,988

$

(6) BNP

Paribas

9/19/25

EUR

6,181

USD

7,208

BNP

Paribas

9/19/25

USD

861,627

EUR

738,546

(12,996)

Canadian

Imperial

Bank

of

Commerce

7/25/25

USD

62,615

CAD

86,498

(992) Citibank

7/11/25

TWD

1,567,194

USD

54,398

(534) Citibank

7/17/25

USD

10,735

TRY

436,007

(56) Citibank

7/18/25

CZK

145,983

USD

6,648

Citibank

7/18/25

HUF

18,191,229

USD

51,190

2,377

Citibank

7/18/25

MXN

2,023,895

USD

101,417

6,226

Citibank

7/18/25

USD

8,801

CZK

189,831

(248) Citibank

7/18/25

USD

17,954

MXN

340,936

(179) Citibank

7/18/25

USD

33,659

RON

155,191

(2,294)

Citibank

7/25/25

CAD

768

USD

558

Citibank

7/25/25

CHF

1,664

USD

2,097

Citibank

7/25/25

NOK

3,496

USD

Citibank

7/25/25

USD

AUD

781

(15) Citibank

7/25/25

USD

71,200

JPY

9,999,075

1,558

Citibank

7/25/25

USD

43,837

JPY

6,429,815

(946) Citibank

7/25/25

USD

NOK

4,857

(15) Citibank

8/5/25

TWD

144,037

USD

4,988

Citibank

8/5/25

USD

54,835

TWD

1,567,194

512

Citibank

8/22/25

EUR

9,106

USD

10,454

Citibank

8/22/25

GBP

6,203

USD

8,374

Citibank

8/22/25

USD

4,239

EUR

3,599

(16) Citibank

8/29/25

SEK

5,720

USD

605

Citibank

9/3/25

USD

2,492

BRL

13,814

(11) Citibank

9/11/25

EGP

1,684,506

USD

31,292

1,758

Citibank

9/11/25

USD

9,958

EGP

551,787

(868) Citibank

9/24/25

EGP

803,827

USD

15,392

Citibank

10/17/25

USD

2,991

CZK

62,795

(10) Deutsche

Bank

7/11/25

PEN

35,940

USD

10,161

(19) Deutsche

Bank

7/11/25

USD

6,837

IDR

111,293,818

(28) Deutsche

Bank

7/11/25

USD

72,446

INR

6,264,844

(584) Deutsche

Bank

7/25/25

EUR

44,970

USD

51,310

1,755

Deutsche

Bank

7/25/25

USD

3,009

AUD

4,682

(74) Deutsche

Bank

7/25/25

USD

9,543

JPY

1,356,570

Deutsche

Bank

7/25/25

USD

4,177

JPY

602,560

(20) T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

in

000s)

#### FORWARD

#### CURRENCY

#### EXCHANGE

#### CONTRACTS
(CONTINUED)

#### Counterparty

#### Settlement

#### Receive

#### Deliver

#### Unrealized

#### Gain/(Loss)
Deutsche

Bank

9/4/25

USD

3,832

MYR

16,220

$

(26) Deutsche

Bank

9/19/25

EUR

9,421

USD

10,899

Deutsche

Bank

10/10/25

USD

10,136

PEN

35,940

Goldman

Sachs

7/11/25

IDR

3,162,253,033

USD

194,397

660

Goldman

Sachs

7/11/25

TWD

3,134,389

USD

108,026

(299) Goldman

Sachs

7/11/25

USD

134,415

IDR

2,238,958,364

(3,690)

Goldman

Sachs

7/11/25

USD

81,721

INR

7,061,650

(597) Goldman

Sachs

7/11/25

USD

29,184

TWD

876,055

(926) Goldman

Sachs

7/18/25

CZK

49,887

USD

2,264

Goldman

Sachs

7/18/25

USD

8,815

CZK

189,777

(231) Goldman

Sachs

7/25/25

USD

68,817

AUD

106,434

(1,267)

Goldman

Sachs

8/8/25

CLP

2,361,837

USD

2,514

Goldman

Sachs

9/5/25

USD

107,697

THB

3,509,768

(810) Goldman

Sachs

10/9/25

USD

110,412

TWD

3,134,389

Goldman

Sachs

10/10/25

USD

193,685

IDR

3,162,253,033

(1,411)

HSBC

Bank

7/11/25

USD

2,875

IDR

47,032,849

(26) HSBC

Bank

7/11/25

USD

4,171

TWD

123,431

(72) HSBC

Bank

7/18/25

USD

76,406

CZK

1,708,952

(5,057)

HSBC

Bank

7/25/25

JPY

753,022

USD

5,261

(16) HSBC

Bank

7/25/25

USD

860,629

EUR

752,116

(26,884)

HSBC

Bank

7/25/25

USD

54,375

JPY

7,743,699

HSBC

Bank

8/8/25

USD

21,858

CLP

20,962,452

(643) HSBC

Bank

8/22/25

USD

20,852

EUR

17,719

(94) HSBC

Bank

9/12/25

CNH

497,780

USD

69,344

604

HSBC

Bank

9/12/25

USD

288,055

CNH

2,065,279

(2,158)

HSBC

Bank

10/17/25

USD

234,350

CNH

1,665,809

(371) JPMorgan

Chase

7/11/25

IDR

163,640,948

USD

9,634

JPMorgan

Chase

7/11/25

USD

4,454

IDR

73,385,181

(73) JPMorgan

Chase

7/11/25

USD

4,199

INR

357,088

JPMorgan

Chase

7/18/25

CZK

101,100

USD

4,607

JPMorgan

Chase

7/18/25

MXN

328,740

USD

17,301

JPMorgan

Chase

7/18/25

RON

24,570

USD

5,593

JPMorgan

Chase

7/18/25

USD

13,141

CZK

286,858

(533) JPMorgan

Chase

7/18/25

USD

7,175

MXN

140,571

(301) JPMorgan

Chase

7/18/25

USD

4,955

ZAR

89,796

(110) JPMorgan

Chase

7/25/25

CAD

3,410

USD

2,490

JPMorgan

Chase

7/25/25

CHF

4,100

USD

5,040

JPMorgan

Chase

7/25/25

EUR

27,119

USD

31,098

903

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

in

000s)

#### FORWARD

#### CURRENCY

#### EXCHANGE

#### CONTRACTS
(CONTINUED)

#### Counterparty

#### Settlement

#### Receive

#### Deliver

#### Unrealized

#### Gain/(Loss)
JPMorgan

Chase

7/25/25

USD

14,739

CAD

20,290

$

(181) JPMorgan

Chase

7/25/25

USD

4,560

CHF

3,723

(148) JPMorgan

Chase

7/25/25

USD

6,995

EUR

6,142

(252) JPMorgan

Chase

7/25/25

USD

31,100

JPY

4,434,547

JPMorgan

Chase

7/25/25

USD

41,788

JPY

6,006,071

(43) JPMorgan

Chase

7/25/25

USD

1,028

NOK

10,553

(19) JPMorgan

Chase

8/22/25

GBP

6,318

USD

8,573

JPMorgan

Chase

8/22/25

USD

13,347

EUR

11,700

(483) JPMorgan

Chase

8/22/25

USD

39,239

GBP

28,882

(419) JPMorgan

Chase

8/29/25

USD

6,230

SEK

59,575

(93) JPMorgan

Chase

9/3/25

USD

3,726

BRL

21,841

(230) JPMorgan

Chase

9/19/25

EUR

4,766

USD

5,517

Morgan

Stanley

7/11/25

INR

1,145,788

USD

13,350

Morgan

Stanley

7/18/25

USD

77,874

CZK

1,681,009

(2,257)

NatWest

Bank

7/18/25

USD

4,847

CZK

108,655

(332) RBC

Dominion

Securities

7/18/25

USD

47,233

MXN

975,274

(4,638)

RBC

Dominion

Securities

7/25/25

USD

35,328

AUD

54,468

(538) RBC

Dominion

Securities

8/8/25

USD

25,253

CLP

23,634,310

(116) RBC

Dominion

Securities

8/22/25

EUR

59,850

USD

67,451

3,300

RBC

Dominion

Securities

8/22/25

USD

8,424

GBP

6,224

(122) Societe

Generale

8/8/25

CLP

11,783,515

USD

12,547

Societe

Generale

9/3/25

USD

25,628

BRL

148,554

(1,283)

Standard

Chartered

8/8/25

CLP

3,235,622

USD

3,447

Standard

Chartered

8/22/25

EUR

5,584

USD

6,322

Standard

Chartered

8/22/25

USD

878,724

EUR

776,136

(38,770)

State

Street

7/11/25

INR

752,098

USD

8,709

State

Street

7/18/25

USD

5,076

HUF

1,838,947

(340) State

Street

7/18/25

USD

17,966

MXN

340,936

(167) State

Street

7/18/25

USD

30,228

ZAR

567,261

(1,769)

State

Street

7/25/25

AUD

69,094

USD

44,346

1,151

State

Street

7/25/25

CAD

1,422

USD

1,042

State

Street

7/25/25

CHF

727

USD

895

State

Street

7/25/25

JPY

1,504,149

USD

10,591

(115) T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

in

000s)

#### FORWARD

#### CURRENCY

#### EXCHANGE

#### CONTRACTS
(CONTINUED)

#### Counterparty

#### Settlement

#### Receive

#### Deliver

#### Unrealized

#### Gain/(Loss)
State

Street

7/25/25

NOK

6,456

USD

622

$

State

Street

7/25/25

NZD

743

USD

State

Street

7/25/25

USD

647

CAD

883

(3) State

Street

7/25/25

USD

CHF

(10) State

Street

7/25/25

USD

36,819

EUR

32,312

(1,310)

State

Street

7/25/25

USD

5,812

JPY

835,667

(9) State

Street

7/25/25

USD

809

NOK

8,191

(4) State

Street

8/14/25

PLN

154,971

USD

41,163

1,785

State

Street

8/29/25

SEK

77,104

USD

8,068

State

Street

8/29/25

USD

7,982

SEK

76,355

(121) State

Street

9/12/25

USD

12,799

CNH

93,152

(291) State

Street

9/12/25

USD

79,538

SGD

101,681

(862) State

Street

9/19/25

EUR

3,667

USD

4,269

State

Street

9/19/25

USD

286,748

EUR

246,182

(4,793)

Toronto-Dominion

Bank

7/25/25

USD

413,847

CAD

571,473

(6,390)

UBS

Investment

Bank

7/11/25

INR

9,769,876

USD

114,187

(299) UBS

Investment

Bank

7/11/25

KRW

46,597,072

USD

33,994

526

UBS

Investment

Bank

7/11/25

PEN

28,963

USD

8,124

UBS

Investment

Bank

7/11/25

USD

51,352

IDR

855,223,770

(1,401)

UBS

Investment

Bank

7/11/25

USD

35,195

KRW

48,909,958

(1,039)

UBS

Investment

Bank

7/11/25

USD

68,566

TWD

2,031,195

(1,245)

UBS

Investment

Bank

7/18/25

MXN

179,056

USD

9,388

UBS

Investment

Bank

7/18/25

USD

69,128

MXN

1,462,911

(8,679)

UBS

Investment

Bank

7/18/25

USD

71,107

RON

322,002

(3,491)

UBS

Investment

Bank

7/25/25

AUD

106,472

USD

69,657

UBS

Investment

Bank

7/25/25

CAD

96,865

USD

70,849

UBS

Investment

Bank

7/25/25

CHF

7,134

USD

8,720

UBS

Investment

Bank

7/25/25

NOK

8,642

USD

858

(1) UBS

Investment

Bank

7/25/25

USD

96,042

AUD

150,856

(3,295)

UBS

Investment

Bank

7/25/25

USD

145,814

CHF

117,854

(3,217)

UBS

Investment

Bank

7/25/25

USD

8,430

JPY

1,206,089

UBS

Investment

Bank

7/25/25

USD

1,643

NZD

2,816

(75) UBS

Investment

Bank

8/8/25

USD

15,429

CLP

14,489,014

(123) UBS

Investment

Bank

8/22/25

GBP

USD

654

UBS

Investment

Bank

8/22/25

USD

39,011

EUR

34,204

(1,422)

UBS

Investment

Bank

8/22/25

USD

545,278

GBP

408,961

(16,258)

UBS

Investment

Bank

9/3/25

USD

50,819

BRL

294,891

(2,600)

UBS

Investment

Bank

9/5/25

USD

5,766

COP

24,348,061

(140) T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Amounts

in

000s)

#### FORWARD

#### CURRENCY

#### EXCHANGE

#### CONTRACTS
(CONTINUED)

#### Counterparty

#### Settlement

#### Receive

#### Deliver

#### Unrealized

#### Gain/(Loss)
UBS

Investment

Bank

10/10/25

USD

113,684

INR

9,769,876

$

UBS

Investment

Bank

10/10/25

USD

8,102

PEN

28,963

(50) Wells

Fargo

7/11/25

KRW

99,489,871

USD

70,584

3,119

Wells

Fargo

7/11/25

PEN

30,806

USD

8,675

Wells

Fargo

7/11/25

USD

35,228

PEN

131,649

(1,924)

Wells

Fargo

7/25/25

JPY

8,532,654

USD

59,966

(537) Wells

Fargo

9/3/25

USD

25,411

BRL

147,815

(1,365)

Wells

Fargo

9/5/25

USD

17,460

COP

73,044,182

(259) Wells

Fargo

10/10/25

USD

8,651

PEN

30,806

(19) Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(155,634)

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### FUTURES

#### CONTRACTS
($000s)

#### Expiration

#### Date

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Gain
(Loss)

Long,

1,101

Commonwealth

of

Australia

three

year

bond

contracts

9/25

78,072

$

Short,

1,477

Euro

BOBL

contracts

9/25

(204,744)

868

Long,

Euro

BTP

contracts

9/25

33,923

Short,

904

Euro

BUND

contracts

9/25

(138,592)

836

Long,

Euro

BUXL

thirty

year

bond

contracts

9/25

50,213

(948) Short,

838

Euro

OAT

contracts

9/25

(122,245)

Long,

1,322

Euro

SCHATZ

contracts

9/25

167,015

(318) Short,

Government

of

Canada

ten

year

bond

contracts

9/25

(8,959)

(89) Short,

Government

of

Japan

ten

year

bond

contracts

9/25

(120,673)

(374) Long,

2,460

Republic

of

South

Korea

ten

year

bond

contracts

9/25

215,870

Short,

1,311

Republic

of

South

Korea

three

year

bond

contracts

9/25

(104,183)

Long,

550

U.K.

Gilt

ten

year

contracts

9/25

70,234

1,006

Short,

U.S.

Treasury

Notes

five

year

contracts

9/25

(24,852)

(275) Short,

661

Ultra

U.S.

Treasury

Notes

ten

year

contracts

9/25

(75,530)

(1,679)

#### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### (1,145)

#### Variation

#### margin

#### receivable
(payable)

#### on

#### open

#### futures

#### contracts

#### $

#### (838)
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### AFFILIATED

#### COMPANIES
($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

six

months

ended

June

30,

2025. Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

#### Affiliate

#### Net

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Net

#### Unrealized

#### Gain/Loss

#### Investment

#### Income
T. Rowe

Price

Government

Reserve

Fund,

4.37%

$

—

$

—

$

4,383++

Totals

$

—#

$

—

$

4,383+

#### Supplementary

#### Investment

#### Schedule

#### Affiliate

#### Value

#### 12/31/24

#### Purchase

#### Cost

#### Sales

#### Cost

#### Value

#### 6/30/25
T. Rowe

Price

Government

Reserve

Fund,

4.37%

$

176,234

¤

¤

$

405,177

Total

$

405,177^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

4. +

Investment

income

comprised

$4,383

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$405,177.

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

June

30,

2025

(Unaudited)

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$6,960,038)

$

7,194,139

Interest

receivable

68,604

Unrealized

gain

on

forward

currency

exchange

contracts

46,344

Foreign

currency

(cost

$9,034)

9,087

Receivable

for

shares

sold

3,939

Due

from

affiliates

2,327

Receivable

for

investment

securities

sold

1,175

Unrealized

gain

on

bilateral

swaps

632

Cash

Bilateral

swap

premiums

paid

Other

assets

694

Total

assets

7,327,115

#### Liabilities
Unrealized

loss

on

forward

currency

exchange

contracts

201,978

Payable

for

investment

securities

purchased

55,890

Obligation

to

return

securities

lending

collateral

9,513

Investment

management

fees

payable

2,783

Payable

for

shares

redeemed

2,150

Variation

margin

payable

on

futures

contracts

838

Variation

margin

payable

on

centrally

cleared

swaps

578

Bilateral

swap

premiums

received

562

Payable

to

directors

Unrealized

loss

on

bilateral

swaps

Other

liabilities

525

Total

liabilities

274,827

Commitments

and

Contingent

Liabilities

(note

7)

#### NET

#### ASSETS

#### $

#### 7,052,288
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

June

30,

2025

(Unaudited)

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Net

#### Assets

#### Consist

#### of:
Total

distributable

earnings

(loss)

$

(683,566)

Paid-in

capital

applicable

to

823,151,904

shares

of

$0.01

par

value

capital

stock

outstanding;

18,000,000,000

shares

of

the

Corporation

authorized

7,735,854

#### NET

#### ASSETS

#### $

#### 7,052,288

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $72,570;

#### Shares

#### outstanding:

#### 8,471,084)

#### $

#### 8.57

#### Advisor

#### Class

#### (Net

#### assets:

#### $76;

#### Shares

#### outstanding:

#### 8,932)

#### $

#### 8.54

#### I

#### Class

#### (Net

#### assets:

#### $1,245,273;

#### Shares

#### outstanding:

#### 145,389,436)

#### $

#### 8.57

#### Z

#### Class

#### (Net

#### assets:

#### $5,734,369;

#### Shares

#### outstanding:

#### 669,282,452)

#### $

#### 8.57
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Unaudited)

#### Statement

#### of

#### Operations

($000s)

Months

Ended

6/30/25

#### Investment

#### Income
(Loss)

Income

.

&nbsp;&nbsp;&nbsp;&nbsp;Interest

(net

of

foreign

taxes

of

$1,485)

$

137,989

Dividend

4,383

Securities

lending

Other

Total

income

142,424

Expenses

Investment

management

16,687

Shareholder

servicing

Investor

Class

$

I

Class

Prospectus

and

shareholder

reports

Investor

Class

I

Class

Z

Class

Custody

and

accounting

643

Registration

Legal

and

audit

Directors

Miscellaneous

Waived

/

paid

by

Price

Associates

(13,313)

Total

expenses

4,427

Net

investment

income

137,997

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Unaudited)

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

6/30/25

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

gain

(loss)

Securities

(net

of

foreign

taxes

of

$1,995)

(58,698)

Futures

(609) Swaps

838

Options

written

2,012

Forward

currency

exchange

contracts

(162,574)

Foreign

currency

transactions

Net

realized

loss

(218,809)

Change

in

net

unrealized

gain

/

loss

Securities

651,185

Futures

4,637

Swaps

(12,599)

Options

written

(453) Forward

currency

exchange

contracts

(401,182)

Other

assets

and

liabilities

denominated

in

foreign

currencies

5,414

Change

in

net

unrealized

gain

/

loss

247,002

Net

realized

and

unrealized

gain

/

loss

28,193

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 166,190
T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Unaudited)

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Months

Ended

6/30/25

Year

Ended

12/31/24

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

$

137,997

$

240,416

Net

realized

loss

(218,809)

(95,086)

Change

in

net

unrealized

gain

/

loss

247,002

133,684

Increase

in

net

assets

from

operations

166,190

279,014

Distributions

to

shareholders

Net

earnings

Investor

Class

(1,201)

(2,201)

Advisor

Class

(1) (2) I

Class

(26,613)

(52,345)

Z

Class

(108,267)

(177,498)

Decrease

in

net

assets

from

distributions

(136,082)

(232,046)

Capital

share

transactions

\*

Shares

sold

Investor

Class

13,068

19,565

I

Class

240,422

493,014

Z

Class

733,016

1,079,486

Distributions

reinvested

Investor

Class

1,173

2,162

Advisor

Class

I

Class

26,351

52,242

Z

Class

107,732

177,601

Shares

redeemed

Investor

Class

(15,157)

(31,233)

Advisor

Class

–

(138) I

Class

(900,089)

(170,126)

Z

Class

(300,678)

(611,477)

Increase

(decrease)

in

net

assets

from

capital

share

transactions

(94,161)

1,011,098

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

(Unaudited)

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

6/30/25

Year

Ended

12/31/24

#### Net

#### Assets
Increase

(decrease)

during

period

(64,053)

1,058,066

Beginning

of

period

7,116,341

6,058,275

#### End

#### of

#### period

#### $

#### 7,052,288

#### $

#### 7,116,341
\*Share

information

(000s)

Shares

sold

Investor

Class

1,534

2,319

I

Class

28,220

58,324

Z

Class

85,811

128,464

Distributions

reinvested

Investor

Class

Advisor

Class

–

(1) –

(1) I

Class

3,084

6,178

Z

Class

12,604

20,994

Shares

redeemed

Investor

Class

(1,780)

(3,698)

Advisor

Class

–

(16) I

Class

(105,893)

(20,124)

Z

Class

(35,271)

(72,397)

Increase

(decrease)

in

shares

outstanding

(11,554)

120,300

(1) Amount

rounds

to

less

than

1,000

shares

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Unaudited

#### NOTES

#### TO

#### FINANCIAL

#### STATEMENTS

T. Rowe

Price

International

Funds,

Inc. (the

corporation)

is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

International

Bond

Fund

(USD

Hedged)

(the

fund)

is a

nondiversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks to

provide

current

income

and

capital

appreciation.

The

fund

has four classes

of

shares:

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

(I

Class)

and

the

International

Bond

Fund

(USD

Hedged)–Z

Class

(Z

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Z

Class

is

only

available

to

funds

advised

by

T. Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services.

The

Advisor

Class

operates

under

a

Board-approved

Rule

12b-1

plan

pursuant

to

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/

or

certain

administrative

services;

the

Investor,

I

and

Z

Classes

do

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

#### NOTE

#### 1

#### -

#### SIGNIFICANT

#### ACCOUNTING

#### POLICIES

#### Basis

#### of

#### Preparation
The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

*Accounting* 

*Standards* 

*Codification* 

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946. GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

#### Investment

#### Transactions,

#### Investment

#### Income,

#### and

#### Distributions
Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income. Inflation

adjustments

to

the

principal

amount

of

inflation-indexed

bonds

are

reflected

as

interest

income. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

as

dividend income;

capital

gain

distributions

are

reflected

as

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any, are

declared

by

each

class daily

and

paid

monthly. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

#### Currency

#### Translation
Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

#### Class

#### Accounting
Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class's

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class's

outstanding

shares.

The

Advisor

Class

pays

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

of

the

class's

average

daily

net

assets;

during

the

six

months

ended

June

30,

2025,

the

Advisor

Class

incurred

less

than

$1,000

in

these

fees.

#### Capital

#### Transactions
Each

investor's

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund's

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

Eastern

time,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T. Rowe

Price

Associates,

Inc.,

or

its

agents.

#### New

#### Accounting

#### Guidance
In December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Taxes

Disclosures,

which

enhances

the

transparency

of

income

tax

disclosures.

The

ASU

requires

public

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

amendments

under

this

ASU

are

required

to

be

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024. Management

expects

that

adoption

of

the

guidance

will

not

have

a

material

impact

on

the

fund's

financial

statements.

#### Indemnification
In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund's

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

#### NOTE

#### 2

#### -

#### VALUATION

#### Fair

#### Value
&nbsp;&nbsp;&nbsp;&nbsp;The

fund's

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund's

Board

of

Directors

(the

Board)

has

designated

T. Rowe

Price

Associates,

Inc.

as

the

fund's

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Level

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

–

inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

–

unobservable

inputs

(including

the Valuation

Designee's assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

#### Valuation

#### Techniques
Debt

securities

generally

are

traded

in

the over-the-

counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund's

closing

NAV

per

share

on

the

day

of

valuation.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

or

independent

swap

dealers.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm's

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Valuation

#### Inputs
&nbsp;&nbsp;&nbsp;&nbsp;The

following

table

summarizes

the

fund's

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

June

30,

2025

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Value

#### Assets
Fixed

Income

Securities

$

—

$

6,568,116

$

—

$

6,568,116

Short-Term

Investments

395,664

207,130

—

602,794

Securities

Lending

Collateral

9,513

—

—

9,513

Options

Purchased

—

13,716

—

13,716

Total

Securities

405,177

6,788,962

—

7,194,139

Swaps\*

—

13,988

—

13,988

Forward

Currency

Exchange

Contracts

—

46,344

—

46,344

Futures

Contracts\*

3,990

—

—

3,990

Total

$

409,167

$

6,849,294

$

—

$

7,258,461

#### Liabilities
Swaps\*

$

—

$

10,668

$

—

$

10,668

Forward

Currency

Exchange

Contracts

—

201,978

—

201,978

Futures

Contracts\*

3,683

—

—

3,683

Total

$

3,683

$

212,646

$

—

$

216,329

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Government

Bonds,

Municipal

Securities,

Non-U.S.

Government

Mortgage-Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

\*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### NOTE

#### 3

#### -

#### DERIVATIVE

#### INSTRUMENTS
During

the

six

months ended

June

30,

2025,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement

or

delivery

of

cash

or

other

assets.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund's

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund's

derivative

instruments

held

as

of

June

30,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

($000s)

#### Location

#### on

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value\*

#### Assets
Inflation

derivatives

Centrally

Cleared

Swaps

$

Interest

rate

derivatives

Centrally

Cleared

Swaps,

Futures,

Securities^

29,941

Foreign

exchange

derivatives

Forwards,

Securities^

46,514

Credit

derivatives

Bilateral

Swaps

and

Premiums,

Centrally

Cleared

Swaps

1,563

^

,\*

Total

$

78,038

^

,\*

#### Liabilities
Inflation

derivatives

Centrally

Cleared

Swaps

$

Interest

rate

derivatives

Centrally

Cleared

Swaps,

Futures

11,122

Foreign

exchange

derivatives

Forwards

201,978

Credit

derivatives

Bilateral

Swaps

and

Premiums,

Centrally

Cleared

Swaps

3,070

Total

$

216,329

\*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

^

Options

purchased

are

reported

as

securities

and

are

reflected

in

the

accompanying

Portfolio

of

Investments.

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

six

months ended

June

30,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure:

($000s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Location

#### of

#### Gain
(Loss)

#### on

#### Statement

#### of

#### Operations

#### Securities^

#### Options

#### Written

#### Futures

#### Forward

#### Currency

#### Exchange

#### Contracts

#### Swaps

#### Total

#### Realized

#### Gain
(Loss)

Inflation

derivatives

$

—

$

—

$

—

$

—

$

(24) $

(24) Interest

rate

derivatives

2,190

—

(609) —

11,230

12,811

Foreign

exchange

derivatives

(2,388)

1,259

—

(162,574)

—

(163,703)

Credit

derivatives

(953) 753

—

—

(10,368)

(10,568)

Total

$

(1,151)

$

2,012

$

(609) $

(162,574)

$

838

$

(161,484)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

Inflation

derivatives

$

—

$

—

$

—

$

—

$

601

$

601

Interest

rate

derivatives

732

—

4,637

—

(12,016)

(6,645)

Foreign

exchange

derivatives

(2,577)

—

—

(401,182)

—

(403,759)

Credit

derivatives

(284) (453) —

—

(1,184)

(1,921)

Total

$

(2,129)

$

(453) $

4,637

$

(401,182)

$

(12,599)

$

(411,724)

^

Options

purchased

are

reported

as

securities.

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Counterparty

#### Risk

#### and

#### Collateral
The

fund

invests

in

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Derivatives,

such

as

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

counterparty

risk.

To

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

of

collateral

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund's

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

FX

letters

do

not.

Variation

margin

amounts

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

a

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

variation

margin

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Initial

margin

amounts

are

determined

on

a

daily

basis

and

calculated

in

accordance

to

global

regulations

on

all

bilateral

derivatives

with

a

counterparty,

subject

to

an

initial

margin

threshold

(typically

$50,000,000

per

counterparty)

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

and

a

minimum

transfer

amount

of

$100,000

to

$500,000

when

initial

margin

amounts

exceed

the

counterparty

threshold.

Any

additional

initial

margin

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Variation

margin

and

initial

margin

are

collectively

referred

to

as

collateral.

Collateral

may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

and

by

the

governments

of

Canada,

France,

Germany,

Japan,

or

the

United

Kingdom,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund's

assets.

Collateral

pledged

by

counterparties

is

not

included

in

the

fund's

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

by

the

fund

is

held

in

a

segregated

account

at

the

fund's

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

June

30,

2025,

securities

valued

at $57,151,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

The

following

table

summarizes

the

fund's

OTC

and

bilateral

derivatives

at

the

reporting

date

by

loss

exposure

to

each

counterparty

after

consideration

of

collateral,

if

any.

#### Forward

#### Currency

#### Exchange

#### Contracts
The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-denominated

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

($000s)

#### Gross

#### Value

#### on

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### amount

#### due

#### (to)/from

#### Counterparty

#### or

#### Exchange

#### Collateral

#### Pledged
(Received)

#### by

#### Fund

#### Loss

#### Exposure,

#### After

#### Collateral\*

#### (not

#### less

#### than

#### $0)

#### Counterparty

#### Assets

#### Liabilities
Bank

of

America

$

5,913

$

(11,737)

$

(5,824)

$

4,415

$

—

Barclays

Bank

7,794

(3,122)

4,672

(5,800)

—

BNP

Paribas

514

(21,353)

(20,839)

15,427

—

Canadian

Imperial

Bank

of

Commerce

—

(992) (992) 611

—

Citibank

27,072

(5,192)

21,880

(21,960)

—

Deutsche

Bank

2,128

(751) 1,377

(1,120)

Goldman

Sachs

1,143

(9,231)

(8,088)

6,921

—

HSBC

Bank

1,215

(35,321)

(34,106)

26,043

—

JPMorgan

Chase

2,500

(2,885)

(385) —

—

Morgan

Stanley

(2,257)

(2,250)

1,649

—

NatWest

Bank

—

(332) (332) 261

—

RBC

Dominion

Securities

3,300

(5,414)

(2,114)

2,100

—

Societe

Generale

(1,283)

(1,181)

871

—

Standard

Chartered

(38,770)

(38,465)

32,685

—

State

Street

3,238

(9,794)

(6,556)

4,441

—

Toronto-Dominion

Bank

—

(6,390)

(6,390)

3,595

—

UBS

Investment

Bank

2,117

(43,335)

(41,218)

38,717

—

Wells

Fargo

3,137

(4,104)

(967) 1,586

619

Total

$

60,485

$

(202,263)

\*

In

situations

such

as

counterparty

default

or

bankruptcy,

the

fund

may

have

further

rights

of

offset

against

amounts

due

to

or

from

the

counterparty

under

other

agreements.

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

fund's

foreign

currency

exposure

from

one

country

to

another,

or

to

enhance

the

fund's

return.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund's

total

return;

and

the

potential

for

losses

in

excess

of

the

fund's

initial

investment.

During

the

six

months ended

June

30,

2025,

the

volume

of

the

fund's

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

between

85%

and

98%

of

net

assets.

#### Futures

#### Contracts
The

fund

is

subject

to interest

rate

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risk.

The fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

credit

quality,

and

mortgage

prepayments;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/or

interest

rates,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

During

the

six

months ended

June

30,

2025,

the

volume

of

the

fund's

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

8%

and

18%

of

net

assets.

#### Options
The

fund

is

subject

to interest

rate

risk,

foreign

currency

exchange

rate

risk

and

credit

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risks.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

The

fund

may

buy

or

sell

options

that

can

be

settled

either

directly

with

the

counterparty

(OTC

option)

or

through

a

central

clearinghouse

(exchange-traded

option).

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses

on

the

accompanying

Statement

of

Operations;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

In

return

for

a

premium

paid,

currency

options

give

the

holder

the

right,

but

not

the

obligation,

to

buy

and

sell

currency

at

a

specified

exchange

rate;

although

certain

currency

options

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract.

In

return

for

a

premium

paid,

options

on

swaps

give

the

holder

the

right,

but

not

the

obligation,

to

enter

a

specified

swap

contract

on

predefined

terms.

The

exercise

price

of

an

option

on

a

credit

default

swap

is

stated

in

terms

of

a

specified

spread

that

represents

the

cost

of

credit

protection

on

the

reference

asset,

including

both

the

upfront

premium

to

open

the

position

and

future

periodic

payments.

The

exercise

price

of

an

interest

rate

swap

is

stated

in

terms

of

a

fixed

interest

rate;

generally,

there

is

no

upfront

payment

to

open

the

position. Risks related

to

the

use

of

options

include

possible

illiquidity

of

the

options

markets;

trading

restrictions

imposed

by

an

exchange

or

counterparty;

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

values,

interest

rates,

currency

values

and

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

credit

ratings;

and,

for

options

written,

the

potential

for

losses

to

exceed

any

premium

received

by

the

fund.

During

the

six

months ended

June

30,

2025,

the

volume

of

the

fund's

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

6%

and

40%

of

net

assets.

#### Swaps
The

fund

is

subject

to

interest

rate

risk,

credit

risk

and

inflation

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risks.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Interest

rate

swaps

are

agreements

to

exchange

cash

flows

based

on

the

difference

between

specified

interest

rates

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

interest

rate

swaps

include

the

potential

for

unanticipated

movements

in

interest

or

currency

rates,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund's

swap

investments,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Generally,

the

payment

risk

for

the

seller

of

protection

is

inversely

related

to

the

current

market

price

or

credit

rating

of

the

underlying

credit

or

the

market

value

of

the

contract

relative

to

the

notional

amount,

which

are

indicators

of

the

markets'

valuation

of

credit

quality.

As

of

June

30,

2025,

the

notional

amount

of

protection

sold

by

the

fund

totaled $152,253,000

(2.2%

of

net

assets),

which

reflects

the

maximum

potential

amount

the

fund

could

be

required

to

pay

under

such

contracts.

Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund's

swap

investments,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

Zero-coupon

inflation

swaps

are

agreements

to

exchange

cash

flows,

on

the

contract's

maturity

date,

based

on

the

difference

between

a

predetermined

fixed

rate

and

the

cumulative

change

in

the

consumer

price

index,

both

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

zero-coupon

inflation

swaps

include

the

potential

for

unanticipated

movements

in

inflation

rates,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund's

swap

investments,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

During

the

six

months ended

June

30,

2025,

the

volume

of

the

fund's

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

25%

and

34%

of

net

assets.

#### NOTE

#### 4

#### -

#### OTHER

#### INVESTMENT

#### TRANSACTIONS
Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund's prospectus

and

Statement

of

Additional

Information.

#### Emerging

#### and

#### Frontier

#### Markets
The fund

invests,

either

directly

or

through

investments

in

other

T. Rowe

Price

funds,

in

securities

of

companies

located

in,

issued

by

governments

of,

or

denominated

in

or

linked

to

the

currencies

of

emerging

and

frontier

market

countries.

Emerging

markets,

and

to

a

greater

extent

frontier

markets, tend

to

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

that

are

less

stable,

than

those

of

developed

countries.

These

markets

may

be

subject

to

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund's

ability

to

buy

or

sell

certain

securities

or

repatriate

proceeds

to

U.S.

dollars.

Emerging

markets

securities

exchanges

are

more

likely

to

experience

delays

with

the

clearing

and

settling

of

trades,

as

well

as

the

custody

of

holdings

by

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

to

greater

price

volatility,

less

liquidity,

and

higher

rates

of

inflation

than

U.S.

securities.

Investing

in

frontier

markets

is

typically

significantly

riskier

than

investing

in

other

countries,

including

emerging

markets.

#### Restricted

#### Securities
The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

#### Lending
The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

June

30,

2025,

the

value

of

loaned

securities

was

$9,233,000;

the

value

of

cash

collateral

and

related

investments

was

$9,513,000.

#### Other
Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $2,457,996,000 and

$2,343,097,000,

respectively,

for

the

six

months ended

June

30,

2025. #### NOTE

#### 5

#### -

#### FEDERAL

#### INCOME

#### TAXES
Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report.

The

fund

intends

to

retain

realized

gains

to

the

extent

of

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

be

carried

forward

indefinitely

to

offset

future

realized

capital

gains.

As

of

December

31,

2024,

the

fund

had

$435,636,000

of

available

capital

loss

carryforwards.

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

At

June

30,

2025,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$6,970,011,000.

Net

unrealized

gain

aggregated

$78,524,000

at

period-end,

of

which

$445,222,000

related

to

appreciated

investments

and

$366,698,000

related

to

depreciated

investments.

#### NOTE

#### 6

#### -

#### FOREIGN TAXES
The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/

loss

on

securities

in

the

accompanying

financial

statements.

To

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

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

#### NOTE

#### 7

#### -

#### RELATED

#### PARTY

#### TRANSACTIONS
The

fund

is

managed

by

T. Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T. Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.20%

of

the

fund's

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.26%

for

assets

in

excess

of

$845

billion.

The

fund's

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund's

average

daily

net

assets. At

June

30,

2025,

the

effective

annual

group

fee

rate

was

0.28%.

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

The

Investor

Class

and

Advisor

Class

are

each

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

dates

indicated

in

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

dates

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

During

the

limitation

period,

Price

Associates

is required

to

waive

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the class's ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

Each

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class's net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the class's net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2) the class's

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class's

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class's

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2) the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class'

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

only

be

amended

or

terminated

with

approval

by

the

fund's

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

Pursuant

to

these

agreements,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the six

months

ended June

30,

2025 as

indicated

in

the

table

below.

Including

these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $20,000 remain

subject

to

repayment

by

the

fund

at

June

30,

2025. Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T. Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund's

transfer

and

dividend-disbursing

agent.

T. Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class

and

Advisor

Class.

For

the

six

months

ended

June

30,

2025,

expenses

incurred

pursuant

to

these

service

agreements

were

$65,000

for

Price

Associates;

$102,000

for

T. Rowe

Price

Services,

Inc.;

and

less

than

$1,000

for

T. Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T. Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

#### Investor

#### Class

#### Advisor

#### Class

#### I

#### Class

#### Z

#### Class
Expense

limitation/I

Class

Limit

0.84%

0.99%

0.05%

0.00%

Expense

limitation

date

02/29/28

02/29/28

02/29/28

N/A

(Waived)/repaid

during

the

period

($000s)

$—

$—

(1) $56

$(13,369)

(1) Amount

rounds

to

less

than

$1,000

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

June

30,

2025, approximately

25%

of

the

I

Class's

and

100%

of

the

Z

Class's

outstanding

shares

were

held

by

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T. Rowe

Price

Government

Reserve

Fund

or

the

T. Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T. Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

As

of

June

30,

2025,

T. Rowe

Price

Group,

Inc.,

or

its

wholly

owned

subsidiaries,

owned

shares

of

the

Advisor

Class,

representing

1%

of

the

Advisor

Class's

net

assets.

The fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund's

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months

ended

June

30,

2025,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

#### NOTE

#### 8

#### -

#### SEGMENT

#### REPORTING
Operating segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

Committee

of

Price

Associates

acts

as

the

fund's

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

The

fund's

revenue

is

derived

from

investments

in

a

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund's

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

#### NOTE

#### 9

#### -

#### OTHER

#### MATTERS
Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

or

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-

existing

political,

social,

and

economic

risks.

The

fund's

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENTS
Each

year,

the

fund's

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T. Rowe

Price

Associates,

Inc.

(Adviser),

as

well

as

the

investment

subadvisory

agreement

(Subadvisory

Contract)

that

the

Adviser

has

entered

into

with

T. Rowe

Price

International

Ltd

(Subadviser)

on

behalf

of

the

fund.

In

that

regard,

at

a

meeting

held

on

March

12–13,

2025

(Meeting),

the

Board,

including

all

of

the

fund's

independent

directors

present

in

person

at

the

Meeting,

approved

the

continuation

of

the

fund's

Advisory

Contract

and

Subadvisory

Contract.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

Subadviser

and

the

approval

of

the

Advisory

Contract

and

Subadvisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

and

Subadvisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

The

Adviser

had

entered

into

an

investment

subadvisory

agreement

(TRPHK

Subadvisory

Contract)

with

T. Rowe

Price

Hong

Kong

Limited

(TRPHK)

on

behalf

of

the

fund.

However,

at

the

Meeting,

the

Board

was

presented

with

information

explaining

that

investment

management

services

would

no

longer

be

provided

to

the

fund

by

TRPHK

and

the

Adviser

was

not

seeking

continuation

of

the

TRPHK

Subadvisory

Contract.

As

a

result,

the

Board

approved

terminating

the

TRPHK

Subadvisory

Contract

with

respect

to

the

fund

at

the

end

of

its

term

on

April

30,

2025. In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting,

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

and

Subadviser

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T. Rowe

Price

funds'

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Services

#### Provided

#### by

#### the

#### Adviser

#### and

#### Subadvisers
The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser

and

Subadviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund's

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund's

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance;

maintaining

the

fund's

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser's

and

Subadviser's

senior

management

teams

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser's

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser

and

Subadviser,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board's

approval

of

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract.

#### Investment

#### Performance

#### of

#### the

#### Fund
The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T. Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund's

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2024. Additionally,

the

Board

reviewed

the

fund's

relative

performance

information

as

of

September

30,

2024,

which

ranked

the

returns

of

the

fund's

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund's

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund's

performance,

length

of

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

it

considered

with

respect

to

the

fund's

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board's

approval

of

the

continuation

of

the

Advisory

Contract.

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENTS
(continued)

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

#### Costs,

#### Benefits,

#### Profits,

#### and

#### Economies

#### of

#### Scale
The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

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.

In

considering

soft-dollar

arrangements,

the

Board

noted

that,

effective

January

1,

2024,

the

Adviser

began

using

brokerage

commissions

in

connection

with

certain

T. Rowe

Price

funds'

securities

transactions

to

pay

for

research

when

permissible,

and

the

Board

considered

that

the

Adviser

may

receive

some

benefit

from

soft-dollar

arrangements

pursuant

to

which

research

is

received

from

broker-dealers

that

execute

the

applicable

fund's

portfolio

transactions.

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T. Rowe

Price

funds.

The

Board

also

reviewed

estimates

of

the

profits

realized

from

managing

the

fund

in

particular,

and

the

Board

concluded

that

the

Adviser's

profits

were

reasonable

in

light

of

the

services

provided

to

the

fund.

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components

–

a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T. Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund's

average

daily

net

assets

–

and

the

fund

pays

its

own

expenses

of

operations.

Under

the

Subadvisory

Contract,

the

Adviser

may

pay

the

Subadviser

up

to

60%

of

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

The

group

fee

schedule

is

graduated

so

the

rate

decreases

as

total

T. Rowe

Price

fund

assets

increase

and

increases

as

total

T. Rowe

Price

fund

assets

decrease.

As

a

result,

shareholders

benefit

from

overall

growth

in

T. Rowe

Price

fund

assets,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T. Rowe

Price

funds

thus

allowing

shareholders

of

those

funds

to

share

potential

economies

of

scale.

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENTS
(continued)

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

The

fund's

shareholders

also

benefit

from

potential

economies

of

scale

through

a

decline

in

certain

operating

expenses

as

the

fund

grows

in

size.

However,

the

fund

is

also

subject

to

contractual

expense

limitations

that

require

the

Adviser

to

waive

its

fees

and/or

bear

any

expenses

that

would

otherwise

cause

the

expenses

of

a

share

class

of

the

fund

to

exceed

a

certain

percentage

based

on

the

class's

net

assets.

The

expense

limitations

mitigate

the

potential

for

an

increase

in

operating

expenses

above

a

certain

level

that

could

impact

shareholders.

The

fund

also

offers

a

Z

Class,

which

serves

as

an

underlying

investment

within

certain

T. Rowe

Price

fund

of

fund

arrangements.

The

Adviser

waives

its

advisory

fee

on

the

Z

Class

and

waives

or

bears

the

Z

Class's

other

operating

expenses,

with

certain

exceptions.

The

Board

considered

whether

the

advisory

fee

and

operating

expense

waivers

on

the

Z

Class

may

present

a

means

for

cross-

subsidization

of

the

Z

Class

by

other

share

classes

of

the

fund.

In

that

regard,

the

Board

noted

that

the

Z

Class

operating

expenses

are

covered

by

the

all-inclusive

fees

charged

by

the

investing

T. Rowe

Price

fund

of

funds

and

that

any

Z

Class

operating

expenses

not

covered

by

the

investing

T. Rowe

Price

funds

of

funds'

fees

are

paid

by

the

Adviser

and

not

by

shareholders

of

any

other

share

class

of

the

fund.

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser's

ongoing

investments

in

its

business

in

support

of

the

T. Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund's

investors.

#### Fees

#### and

#### Expenses
The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i) contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Investor

Class

Expense

Group);

(ii) actual

management

fees

and

total

expenses

of

the

Advisor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Advisor

Class

Expense

Group);

and

(iii) actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

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

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENTS
(continued)

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

or reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

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

to

the

Board

indicated

that

the

fund's

contractual

management

fee

ranked

in

the

first

quintile

(Investor

Class

Expense

Group),

the

fund's

actual

management

fee

rate

ranked

in

the

third

quintile

(Investor

Class

Expense

Group

and

Expense

Universe)

and

first

quintile

(Advisor

Class

Expense

Group),

and

the

fund's

total

expenses

ranked

in

the

third

quintile

(Investor

Class

Expense

Group

and

Expense

Universe)

and

first

quintile

(Advisor

Class

Expense

Group).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

to

investors

outside

the

United

States.

The

fee

schedules,

which

are

subject

to

change,

may

be

negotiated

under

certain

circumstances

and

may

differ

across

regions.

Management

provided

the

Board

with

information

about

the

Adviser's

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

domestic

and

international

businesses

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

and

ETF

("registered

fund")

business.

The

Board

considered

information

showing

that

the

Adviser's

registered

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

other

domestic

and

international

businesses

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser's

proprietary

registered

fund

business.

In

assessing

the

reasonableness

of

the

fund's

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

registered

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution's

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T. Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENTS
(continued)

T. ROWE

PRICE

International

Bond

Fund

(USD

Hedged)

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

#### Approval

#### of

#### the

#### Advisory

#### Contract

#### and

#### Subadvisory

#### Contracts
As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract

(including

the

fees

to

be

charged

for

services

thereunder).

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENTS
(continued)

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-225-5132* 

*to* 

*request* 

*a* 

*prospectus* 

*or* 

*summary* 

*prospectus;* 

*each* 

*includes* 

*investment* 

*objectives,* 

*risks,* 

*fees,* 

*expenses,* 

*and* 

*other* 

*information* 

*that* 

*you* 

*should* 

*read* 

*and* 

*consider* 

*carefully* 

*before* 

*investing.*

F1114-051

8/25

------

#### 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.

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| | |
|:---|:---|
| (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.](d70230dex99cert.htm) |
| (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.](d70230dex99906ce.htm) |

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#### 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.

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| | |
|:---|:---|
| T. Rowe Price International Funds, Inc. | T. Rowe Price International Funds, Inc. |
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | August 19, 2025 |

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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.

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| | |
|:---|:---|
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | August 19, 2025 |

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| | |
|:---|:---|
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | August 19, 2025 |

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## Ex-99.Cert

**Item 19. (a)(3)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
International Bond Fund (USD Hedged);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: August 19, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

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**<u>CERTIFICATIONS</u>** 

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price
International Bond Fund (USD Hedged);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: August 19, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

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## Exhibit 99.906

**Item 19. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price International Bond Fund (USD Hedged)

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

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| | |
|:---|:---|
| Date: August 19, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: August 19, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

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