N-CSR 1 d402134dncsr.htm GLOBAL HIGH INCOME BOND FUND_GHI_F36-050 Global High Income Bond Fund_GHI_F36-050

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)

100 East Pratt Street, Baltimore, MD 21202

 

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

 

(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: December 31, 2022


Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1


Highlights
and
Market
Commentary
Management’s
Discussion
of
Fund
Performance
Performance
and
Expenses
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
December
31,
2022
Annual
Report
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
RPIHX
Global
High
Income
Bond
Fund
.
PAIHX
Global
High
Income
Bond
Fund–
.
Advisor  Class
RPOIX
Global
High
Income
Bond
Fund–
.
I Class
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
HIGHLIGHTS
The
Global
High
Income
Bond
Fund
posted
a
loss
during
our
reporting
period
and,
on
a
net
basis,
underperformed
its
benchmark,
the
ICE
BofA
Global
High
Yield
Index
Hedged
to
USD,
and
the
Lipper
peer
group
average.
The
past
year
was
an
extremely
challenging
performance
environment
for
risk
assets,
particularly
global
high
yield
bond
portfolios
with
significant
exposure
to
non-U.S.
issuers.
We
sought
to
take
advantage
of
dollar
discounts
among
high
yield
bonds,
funding
those
purchases
with
a
tactical
reduction
in
the
portfolio’s
bank
loan
allocation.
Although
issuers
in
our
market
face
a
challenging
macro
environment,
we
believe
fundamental
conditions
in
the
high
yield
asset
class
and
its
underlying
credit
quality
remain
solid.
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
Certain
mutual
fund
accounts
that
are
assessed
an
annual
account
service
fee
can
also
save
money
by
switching
to
e-delivery.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Market
Commentary
1
Dear
Shareholder
Nearly
all
major
global
stock
and
bond
indexes
fell
sharply
in
2022,
as
investors
contended
with
persistently
high
inflation,
tightening
financial
conditions,
and
slowing
economic
and
corporate
earnings
growth.
Double-digit
losses
were
common
in
equity
markets
around
the
world,
and
bond
investors
also
faced
a
historically
tough
environment
amid
a
sharp
rise
in
interest
rates.
Value
shares
declined
but
outperformed
growth
stocks
by
a
considerable
margin
as
equity
investors
turned
risk
averse
and
as
rising
rates
put
downward
pressure
on
growth
stock
valuations.
Emerging
markets
stocks
generally
underperformed
shares
in
developed
markets.
Meanwhile,
the
U.S.
dollar
strengthened
versus
most
currencies
during
the
period,
which
weighed
on
returns
for
U.S.
investors
in
international
securities.
Within
the
S&P
500
Index,
energy
was
a
rare
bright
spot,
gaining
more
than
60%
as
oil
prices
jumped
in
response
to
Russia’s
invasion
of
Ukraine
and
concerns
over
commodity
supply
shortages.
Defensive
shares,
such
as
utilities,
consumer
staples,
and
health
care,
held
up
relatively
well
and
finished
the
year
with
roughly
flat
returns.
Conversely,
communication
services,
consumer
discretionary,
and
information
technology
shares
suffered
the
largest
declines.
Elevated
inflation
remained
a
leading
concern
for
investors
throughout
the
period,
although
there
were
signs
that
price
increases
were
moderating
by
year-
end.
November’s
consumer
price
index
data
showed
headline
inflation
rising
7.1%
on
a
12-month
basis,
the
lowest
level
since
December
2021
but
still
well
above
the
Federal
Reserve’s
2%
long-term
target.
In
response
to
the
high
inflation
readings,
global
central
banks
tightened
monetary
policy,
and
investors
focused
on
communications
from
central
bank
officials
on
how
high
rates
would
have
to
go.
The
Fed,
which
at
the
end
of
2021
had
forecast
that
it
would
only
need
to
raise
interest
rates
0.75
percentage
point
in
all
of
2022,
raised
its
short-term
lending
benchmark
from
near
zero
in
March
to
a
target
range
of
4.25%
to
4.50%
by
December
and
indicated
that
additional
hikes
are
likely.
Bond
yields
increased
considerably
across
the
U.S.
Treasury
yield
curve
as
the
Fed
tightened
monetary
policy,
with
the
yield
on
the
benchmark
10-year
U.S.
Treasury
note
climbing
from
1.52%
at
the
start
of
the
period
to
3.88%
at
the
end
of
the
year.
Significant
inversions
in
the
yield
curve,
which
are
often
considered
a
warning
sign
of
a
coming
recession,
occurred
during
the
period
as
shorter-maturity
Treasuries
experienced
the
largest
yield
increases.
The
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
2
sharp
increase
in
yields
led
to
historically
weak
results
across
the
fixed
income
market,
with
the
Bloomberg
U.S.
Aggregate
Bond
Index
delivering
its
worst
year
on
record.
(Bond
prices
and
yields
move
in
opposite
directions.)
As
the
period
came
to
an
end,
the
economic
backdrop
appeared
mixed.
Although
manufacturing
gauges
have
drifted
toward
contraction
levels,
the
U.S.
jobs
market
remained
resilient,
and
corporate
and
household
balance
sheets
appeared
strong.
Meanwhile,
the
housing
market
has
weakened
amid
rising
mortgage
rates.
The
past
year
has
been
a
trying
time
for
investors
as
few
sectors
remained
untouched
by
the
broad
headwinds
that
markets
faced,
and
volatility
may
continue
in
the
near
term
as
central
banks
tighten
policy
amid
slowing
economic
growth.
However,
in
our
view,
there
continue
to
be
opportunities
for
selective
investors
focused
on
fundamentals.
Valuations
in
most
global
equity
markets
have
improved
markedly,
although
U.S.
equities
still
appear
relatively
expensive
by
historical
standards,
while
bond
yields
have
reached
some
of
the
most
attractive
levels
since
the
2008
global
financial
crisis.
We
believe
this
environment
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely, 
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Management’s
Discussion
of
Fund
Performance
3
INVESTMENT
OBJECTIVE 
The
fund
seeks
high
income
and,
secondarily,
capital
appreciation.
FUND
COMMENTARY
How
did
the
fund
perform
in
the
past 12
months?
The
Global
High
Income
Bond
Fund
returned
-11.83%,
net
of
fees,
in
the
12
months
ended
December
31,
2022,
underperforming
its
benchmark,
the
ICE
BofA
Global
High
Yield
Index
Hedged
to
USD,
and
the
Lipper
peer
group
average.
(Returns
for
Advisor
and
I
Class
shares
varied
slightly,
reflecting
their
different
fee
structures.
Past
performance
cannot
guarantee
future
results
.)
What
factors
influenced
the
fund’s
performance?
The
past
year
was
an
extremely
challenging
performance
environment
for
risk
assets.
Several
factors
outside
the
U.S.,
particularly
in
the
developing
world—Russia’s
invasion
of
Ukraine
and
turmoil
in
China’s
property
market—
contributed
to
the
unsettled
backdrop.
In
Europe,
the
shift
in
central
bank
policy
from
quantitative
easing
to
quantitative
tightening
meaningfully
reduced
the
liquidity
of
capital
markets
overall.
These
considerations
were
especially
impactful
for
global
high
yield
bond
portfolios
with
significant
exposure
to
non-U.S.
issuers.
Most
of
the
interest
rate
sensitivity
in
the
high
yield
asset
class
is
concentrated
in
the
BB
rating
tier,
where
we
maintained
a
significant
underweight
compared
with
the
benchmark
to
mitigate
interest
rate
risk.
We
supplemented
this
lower
relative
weight
with
an
off-benchmark
allocation
to
bank
loans
(also
known
as
leveraged
loans),
which
have
floating
rate
coupons
and
therefore
are
essentially
a
zero-duration
asset
class.
(Duration
is
a
measure
of
a
bond’s
or
bond
fund’s
interest
rate
sensitivity.)
Over
the
past
year,
the
portfolio’s
allocation
to
bank
loans—approximately
11%
throughout
most
of
the
period—was
a
top
contributor
to
relative
performance.
PERFORMANCE
COMPARISON
Total
Return
Periods
Ended
12/31/22
6
Months
12
Months
Global
High
Income
Bond
Fund
.
3.72‌%
-11.83‌%
Global
High
Income
Bond
Fund–
.
Advisor  Class
3.48‌
-12.11‌
Global
High
Income
Bond
Fund–
.
I  Class
3.66‌
-11.81‌
ICE
BofA
Global
High
Yield
Index
Hedged
to
USD
4.22‌
-11.30‌
Lipper
Global
High
Yield
Funds
Average
2.87‌
-11.06‌
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
4
Our
portfolio
construction
decisions
that
emphasize
downside
risk
management
were
another
important
driver
of
relative
performance.
The
investment
team’s
bottom-up
fundamental
research
enabled
us
to
avoid
exposure
to
several
troubled
credits
that
traded
significantly
lower
during
the
period.
Furthermore,
a
disproportionately
large
number
of
the
portfolio’s
relative
performance
drivers
were
unowned
names
that
weighed
on
the
index’s
returns.
Notable
examples
of
issuers
we
avoided
that
experienced
weakness
include
pharmaceutical
and
medical
device
company
Bausch
Health,
telecommunications
company
VEON
(formerly
known
as
VimpleCom)
that
has
its
primary
operations
in
Russia,
and
online
used
car
retailer
Carvana.
(Please
refer
to
the
portfolio
of
investments
for
a
complete
list
of
holdings
and
the
amount
each
represents
in
the
portfolio.)
Our
decision
to
avoid
Bausch
Health—a
name
many
high
yield
portfolios
own
because
of
its
significant
presence
in
the
benchmark—speaks
to
the
fund’s
truly
global
opportunity
set.
This
greatly
increases
the
number
of
issuers
in
which
we
can
invest,
and
it
is
an
important
differentiator
between
our
portfolio
and
other
high
yield
bond
funds.
Sources:
Credit
ratings
for
the
securities
held
in
the
fund
are
provided
by
Moody’s,
Standard
&
Poor’s,
and
Fitch
and
are
converted
to
the
Standard
&
Poor’s
nomenclature.
A
rating
of
AAA
represents
the
highest-
rated
securities,
and
a
rating
of
D
represents
the
lowest-
rated
securities.
If
the
rating
agencies
differ,
the
highest
rating
is
applied
to
the
security.
If
a
rating
is
not
available,
the
security
is
classified
as
Not
Rated.
T.
Rowe
Price
uses
the
rating
of
the
underlying
investment
vehicle
to
determine
the
creditworthiness
of
credit
default
swaps.
The
fund
is
not
rated
by
any
agency.
*Short-term
holdings
are
not
rated.
CREDIT
QUALITY
DIVERSIFICATION
.....
Percent
of
Total
Assets
6/30/22
12/31/22
BBB/BB
Rated
and
Above
6.5‌%
4.0‌%
BB
Rated
23.4‌ 
23.2‌ 
BB/B
Rated
10.3‌ 
16.4‌ 
B
Rated
43.0‌ 
36.6‌ 
B/CCC
Rated
2.8‌ 
3.4‌ 
CCC
Rated
and
Below
13.5‌ 
10.9‌ 
Credit
Default
Swaps
0.0‌
0.0‌
Default
0.0‌
0.0‌
Equities
0.2‌ 
0.3‌ 
Not
Rated
2.8‌ 
2.6‌ 
Short-Term
Holdings*
-2.5‌ 
2.6‌ 
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
5
In
Europe,
House
of
Finance,
a
provider
of
human
resources
(HR)
solutions
focused
on
engineering
and
consulting,
and
Golden
Goose,
a
maker
of
high-
end
fashion
footwear,
were
top
contributors.
House
of
Finance
has
leading
positions
in
niche,
in-demand
HR
solutions
for
engineering
and
consulting
as
well
as
other
specialized
staffing
markets
in
Western
Europe,
which
are
higher
margin
than
general
staffing.
The
company
generates
strong
free
cash
flow
while
having
limited
capital
expenditure
and
working
capital
requirements.
Golden
Goose
is
a
small
and
young
luxury
goods
brand
that
is
enjoying
a
positive
tailwind
from
growth
in
casualwear.
It
also
has
momentum
with
fashion-conscious
consumers
due
to
its
well-differentiated
product
that
is
not
yet
considered
mainstream.
Credit
selection
in
the
building
and
real
estate
segment
was
the
most
notable
relative
performance
detractor
due
to
turmoil
in
China’s
property
market.
Even
though
we
limited
the
portfolio’s
exposure
to
higher-quality
issuers
Shimao,
Country
Garden,
and
Times
China,
the
sector’s
impairment
rate
was
considerably
higher
than
we
initially
recognized.
The
bonds
traded
lower
as
four
distressed
exchanges
in
China’s
property
market
in
early
2022
dampened
investor
sentiment.
Although
selling
our
holdings
was
challenging
due
to
market
dislocations
and
a
lack
of
liquidity,
we
completely
exited
Chinese
property
names
during
the
third
quarter.
Several
issuers
within
the
space
subsequently
rebounded,
however,
which
was
a
further
drag
on
relative
results.
Specifically,
the
performance
of
property
developers
improved
as
Chinese
authorities
began
to
ease
the
country’s
zero-COVID
policies.
Additionally,
China’s
securities
market
regulator
outlined
policies
intended
to
help
the
beleaguered
property
sector.
In
terms
of
the
overall
performance
impact
from
the
portfolio’s
emerging
markets
exposure,
our
zero
weight
in
Russia
and
modest
allocation
to
Ukraine
throughout
the
year
added
relative
value
and
largely
offset
the
detraction
from
our
holdings
in
China.
This
underscores
the
potential
value
add
from
our
risk
management
framework
for
position
sizes
in
the
portfolio.
Over
the
past
year,
macro
influences—most
notably
inflationary
pressure
and
strong
labor
markets—had
an
outsized
influence
on
the
performance
of
many
below
investment-grade
issuers.
For
example,
higher
labor
costs
for
hiring
nurses
and
technicians
hurt
the
performance
of
for-profit
hospital
system
Community
Health
Systems
(CYH).
However,
CYH
remains
a
high-conviction
holding
that
continues
to
generate
positive
free
cash
flow;
the
company
has
no
maturities
until
2026,
and
management
is
committed
to
further
reducing
leverage.
Leading
UK
homebuilder
Castle
UK
experienced
weakness
as
higher
interest
rates
and
mortgage
costs
discouraged
many
potential
homebuyers,
while
inflationary
pressure
raised
the
prices
of
building
materials.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
6
The
portfolio’s
positioning
in
the
cable
operators
segment—where
we
remain
constructive
due
to
the
industry’s
solid
fundamentals
and
strong
free
cash
flow
profile—was
a
drag
on
relative
performance,
partly
due
to
wireless
telecommunications
services
provider
Altice
France.
Cable
operators
have
some
of
the
largest
capital
structures
in
the
European
high
yield
market,
which
makes
them
a
reliable
source
of
funding
in
a
somewhat
liquidity-challenged
environment.
This
dynamic
rather
than
credit-specific
issues
largely
drove
the
underperformance
of
Altice
France
and
other
European
cable
names
over
the
past
year.
The
portfolio
maintains
allocations
to
select
types
of
derivatives
for
hedging
purposes.
The
fund
had
a
material
exposure
to
currency
forward
contracts
during
the
reporting
period,
which
had
a
positive
impact
on
performance.
How
is
the
fund
positioned?
Leveraged
loans
significantly
outperformed
high
yield
bonds
over
the
past
year.
However,
as
we
began
seeing
compelling
value
in
bonds,
we
sought
to
take
advantage
of
dollar
discounts,
funding
those
purchases
with
a
tactical
reduction
in
the
portfolio’s
bank
loan
allocation.
In
2022,
we
pared
the
portfolio’s
loan
exposure
by
roughly
230
basis
points
(100
basis
points
equal
1.00%).
Furthermore,
to
reduce
the
portfolio’s
overall
risk
profile,
we
allowed
a
natural
reduction
in
our
allocations
to
the
CCC
rating
tier
and
not
rated
bonds
through
a
combination
of
upgrades,
not
participating
in
refinancing
transactions,
and
targeted
sales.
From
a
regional
standpoint,
we
augmented
the
portfolio’s
allocation
to
Europe.
Despite
some
liquidity
challenges
in
the
European
high
yield
market,
we
endeavored
to
take
advantage
of
what
we
believed
to
be
some
compelling
buying
opportunities
in
higher-quality
credits
as
several
excellent
companies
were
trading
at
attractive
discounts.
We
maintained
a
higher-quality
bias
in
our
risk-adjusted
allocation
to
emerging
markets.
The
portfolio
was
zero
weight
in
Russia
at
the
start
of
2022.
We
maintained
that
positioning
throughout
the
year
and
largely
exited
our
investments
in
China
and
Ukraine.
At
year-end,
the
majority
of
the
portfolio’s
emerging
markets
holdings
consisted
of
Latin
American
issuers.
What
is
portfolio
management’s
outlook?
Although
higher
interest
rates
and
concerns
about
the
possibility
of
recession
have
created
a
more
challenging
macro
environment,
we
believe
fundamental
conditions
in
the
high
yield
asset
class
and
its
underlying
credit
quality
remain
solid.
Most
companies
in
our
market
used
the
post-COVID
abundance
of
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
7
liquidity
to
shore
up
their
balance
sheets,
extend
maturities,
and
solidify
cash
positions.
Another
important
aspect
of
the
asset
class’s
fundamental
strength
is
that
high
yield
issuers
are
facing
limited
maturities
or
required
refinancings
in
2023.
Nevertheless,
tighter
monetary
policy,
higher
interest
rates,
and
a
lack
of
central
bank
stimulus
have
led
to
mounting
economic
pressures
that
remain
important
considerations.
Inflation
is
impacting
companies’
profitability,
and
higher
interest
costs
will
likely
be
onerous
for
some
below
investment-grade
issuers,
particularly
those
with
large
floating
rate
debt
obligations.
While
we
do
anticipate
an
increase
in
the
market’s
default
rate
from
what
has
essentially
been
0%,
we
expect
it
to
remain
below
its
mid-single-digit
long-term
average
in
the
year
ahead
despite
the
challenging
macro
environment.
Signs
have
started
to
emerge
that
inflation
may
be
cooling,
and
the
Federal
Reserve
could
be
approaching
the
end
of
its
tightening
cycle.
But
interest
rate
volatility
is
expected
to
persist,
which
enhances
the
value
of
the
high
yield
asset
class’s
short
duration
profile.
High
yield
bonds
are
typically
redeemed
prior
to
maturity.
Therefore,
we
believe
that
the
index’s
current
low
dollar
prices
have
resulted
in
spreads
and
yields
that
somewhat
understate
the
asset
class’s
true
return
potential.
The
views
expressed
reflect
the
opinions
of
T.
Rowe
Price
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic,
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
8
RISKS
OF
BOND
INVESTING
Bonds
are
subject
to
interest
rate
risk,
the
decline
in
bond
prices
that
usually
accompanies
a
rise
in
interest
rates,
and
credit
risk,
the
chance
that
any
fund
holding
could
have
its
credit
rating
downgraded
or
that
a
bond
issuer
will
default
(fail
to
make
timely
payments
of
interest
or
principal),
potentially
reducing
the
fund’s
income
level
and
share
price.
High
yield
corporate
bonds
could
have
greater
price
declines
than
funds
that
invest
primarily
in
high-
quality
bonds.
Companies
issuing
high
yield
bonds
are
not
as
strong
financially
as
those
with
higher
credit
ratings,
so
the
bonds
are
usually
considered
to
be
speculative
investments.
Bank
loans
may
at
times
become
difficult
to
value
and
highly
illiquid;
they
are
subject
to
credit
risk
such
as
nonpayment
of
principal
or
interest,
and
risks
of
bankruptcy
and
insolvency.
Investing
in
the
securities
of
non-U.S.
issuers
involves
special
risks
not
typically
associated
with
investing
in
U.S.
issuers.
Foreign
securities
tend
to
be
more
volatile
and
less
liquid
than
investments
in
U.S.
securities
and
may
lose
value
because
of
adverse
local,
political,
social,
or
economic
developments
overseas,
or
due
to
changes
in
the
exchange
rates
between
foreign
currencies
and
the
U.S.
dollar.
In
addition,
foreign
investments
are
subject
to
settlement
practices
and
regulatory
and
financial
reporting
standards
that
differ
from
those
of
the
U.S.
These
risks
are
heightened
for
the
fund’s
investments
in
emerging
markets,
which
are
more
susceptible
to
governmental
interference,
less
efficient
trading
markets,
and
the
imposition
of
local
taxes
or
restrictions
on
gaining
access
to
sales
proceeds
for
foreign
investors.
BENCHMARK
INFORMATION
Note:
Copyright
©
2023
Fitch
Ratings,
Inc.,
Fitch
Ratings
Ltd.
and
its
subsidiaries.
Note:
ICE
Data
Indices,
LLC
(“ICE
DATA”),
is
used
with
permission.
ICE
DATA,
ITS
AFFILIATES
AND
THEIR
RESPECTIVE
THIRD-
PARTY
SUPPLIERS
DISCLAIM
ANY
AND
ALL
WARRANTIES
AND
REPRESENTATIONS,
EXPRESS
AND/OR
IMPLIED,
INCLUDING
ANY
WARRANTIES
OF
MERCHANTABILITY
OR
FITNESS
FOR
A
PARTICULAR
PURPOSE
OR
USE,
INCLUDING
THE
INDICES,
INDEX
DATA
AND
ANY
DATA
INCLUDED
IN,
RELATED
TO,
OR
DERIVED
THEREFROM.
NEITHER
ICE
DATA,
ITS
AFFILIATES
NOR
THEIR
RESPECTIVE
THIRD-PARTY
SUPPLIERS
SHALL
BE
SUBJECT
TO
ANY
DAMAGES
OR
LIABILITY
WITH
RESPECT
TO
THE
ADEQUACY,
ACCURACY,
TIMELINESS
OR
COMPLETENESS
OF
THE
INDICES
OR
THE
INDEX
DATA
OR
ANY
COMPONENT
THEREOF,
AND
THE
INDICES
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
9
AND
INDEX
DATA
AND
ALL
COMPONENTS
THEREOF
ARE
PROVIDED
ON
AN
“AS
IS”
BASIS
AND
YOUR
USE
IS
AT
YOUR
OWN
RISK.
ICE
DATA,
ITS
AFFILIATES
AND
THEIR
RESPECTIVE
THIRD-PARTY
SUPPLIERS
DO
NOT
SPONSOR,
ENDORSE,
OR
RECOMMEND
T.
ROWE
PRICE
OR
ANY
OF
ITS
PRODUCTS
OR
SERVICES.
ICE
Benchmark
Administration
Limited
makes
no
warranty,
express
or
implied,
either
as
to
the
results
to
be
obtained
from
the
use
of
ICE
LIBOR
and/or
the
figure
at
which
ICE
LIBOR
stands
at
any
particular
time
on
any
particular
day
or
otherwise.
ICE
Benchmark
Administration
Limited
makes
no
express
or
implied
warranties
of
merchantability
or
fitness
for
a
particular
purpose
in
respect
of
any
use
of
ICE
LIBOR.
Note:
Portions
of
the
mutual
fund
information
contained
in
this
report
was
supplied
by
Lipper,
a
Refinitiv
Company,
subject
to
the
following:
Copyright
2023
©
Refinitiv.
All
rights
reserved.
Any
copying,
republication
or
redistribution
of
Lipper
content
is
expressly
prohibited
without
the
prior
written
consent
of
Lipper.
Lipper
shall
not
be
liable
for
any
errors
or
delays
in
the
content,
or
for
any
actions
taken
in
reliance
thereon.
Note:
©
2023,
Moody’s
Corporation,
Moody’s
Investors
Service,
Inc.,
Moody’s
Analytics,
Inc.
and/or
their
licensors
and
affiliates
(collectively,
“Moody’s”).
All
rights
reserved.
Moody’s
ratings
and
other
information
(“Moody’s
Information”)
are
proprietary
to
Moody’s
and/or
its
licensors
and
are
protected
by
copyright
and
other
intellectual
property
laws.
Moody’s
Information
is
licensed
to
Client
by
Moody’s.
MOODY’S
INFORMATION
MAY
NOT
BE
COPIED
OR
OTHERWISE
REPRODUCED,
REPACKAGED,
FURTHER
TRANSMITTED,
TRANSFERRED,
DISSEMINATED,
REDISTRIBUTED
OR
RESOLD,
OR
STORED
FOR
SUBSEQUENT
USE
FOR
ANY
SUCH
PURPOSE,
IN
WHOLE
OR
IN
PART,
IN
ANY
FORM
OR
MANNER
OR
BY
ANY
MEANS
WHATSOEVER,
BY
ANY
PERSON
WITHOUT
MOODY’S
PRIOR
WRITTEN
CONSENT.
Moody's
®
is
a
registered
trademark.
Note:
Copyright
©
2023,
S&P
Global
Market
Intelligence
(and
its
affiliates,
as
applicable).
Reproduction
of
any
information,
data
or
material,
including
ratings
("Content")
in
any
form
is
prohibited
except
with
the
prior
written
permission
of
the
relevant
party. Such
party,
its
affiliates
and
suppliers
("Content
Providers")
do
not
guarantee
the
accuracy,
adequacy,
completeness,
timeliness
or
availability
of
any
Content
and
are
not
responsible
for
any
errors
or
omissions
(negligent
or
otherwise),
regardless
of
the
cause,
or
for
the
results
obtained
from
the
use
of
such
Content.
In
no
event
shall
Content
Providers
be
liable
for
any
damages,
costs,
expenses,
legal
fees,
or
losses
(including
lost
income
or
lost
profit
and
opportunity
costs)
in
connection
with
any
use
of
BENCHMARK
INFORMATION
(continued)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
10
the
Content.
A
reference
to
a
particular
investment
or
security,
a
rating
or
any
observation
concerning
an
investment
that
is
part
of
the
Content
is
not
a
recommendation
to
buy,
sell
or
hold
such
investment
or
security,
does
not
address
the
appropriateness
of
an
investment
or
security
and
should
not
be
relied
on
as
investment
advice.
Credit
ratings
are
statements
of
opinions
and
are
not
statements
of
fact.
BENCHMARK
INFORMATION
(continued)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
11
PORTFOLIO
HIGHLIGHTS
TWENTY-FIVE
LARGEST
ISSUERS
Percent
of
Net
Assets
12/31/22
Petroleos
Mexicanos
3.3‌%
Ford
Motor
1.6‌ 
AES
Corp
1.2‌ 
BBVA
Bancomer
1.2‌ 
EG
Group
1.2‌ 
Teva
Pharmaceutical
1.2‌ 
Charter
Communications
1.1‌ 
Ecopetrol
SA
1.0‌ 
Globo
Comunicacao
1.0‌ 
Altice
France
Holding
SA
1.0‌ 
Asurion
0.9‌ 
Altice
International
Sarl
0.9‌ 
AssuredPartners
0.9‌ 
Axian
Telecom
0.9‌ 
Crescent
Energy
0.9‌ 
Agrosuper
SA
0.9‌ 
Pacific
Gas
&
Electric
0.9‌ 
VMED
O2
UK
Financing
0.9‌ 
Rivian
Automotive
0.9‌ 
Golden
Goose
SpA
0.9‌ 
Liberty
Latin
America
0.9‌ 
Clear
Channel
Worldwide
0.9‌ 
Vermilion
Energy
0.9‌ 
Hilcorp
Energy
0.9‌ 
Banco
Davivienda
SA
0.9‌ 
Total
27.3‌%
Note:
The
information
shown
does
not
reflect
any
exchange-traded
funds
(ETFs),
cash
reserves,
or
collateral
for
securities
lending
that
may
be
held
in
the
portfolio.
Holdings
of
the
issuers
are
combined
and
may
be
shown
in
the
portfolio
of
investments
under
their
subsidiaries.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
12
GROWTH
OF
$10,000 
This
chart
shows
the
value
of
a
hypothetical
$10,000
investment
in
the
fund
over
the
past
10
fiscal
year
periods
or
since
inception
(for funds
lacking
10-year
records).
The
result
is
compared
with
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund returns
as
well
as
mutual fund
averages
and
indexes.
GLOBAL
HIGH
INCOME
BOND
FUND 
*
Since
1/31/2015
Note:
Performance
for
the Advisor
and
I Class
shares
will
vary
due
to
their
differing
fee
structures.
See
the
Average
Annual
Compound
Total
Return
table. 
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
13
AVERAGE
ANNUAL
COMPOUND
TOTAL
RETURN
Periods
Ended
12/31/22
1
Year
5
Years
Since
Inception
Inception
Date
Global
High
Income
Bond
Fund
.
-11.83‌%
1.56‌%
3.80‌%
1/22/15
Global
High
Income
Bond
Fund–
.
Advisor  Class
-12.11‌
1.32‌
3.59‌
1/22/15
Global
High
Income
Bond
Fund–
.
I  Class
-11.81‌
1.71‌
3.99‌
8/28/15
The
fund’s
performance
information
represents
only
past
performance
and
is
not
necessarily
an
indication
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
cited.
Share
price,
principal
value,
and
return
will
vary,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
For
the
most
recent
month-end
performance,
please
visit
our
website
(troweprice.com)
or
contact
a
T.
Rowe
Price
representative
at
1
-
800
-
225
-
5132
or,
for
0.02
Advisor
and
0.03
I
Class
shares,
1-800-638-8790.
This
table
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
had
been
earned
at
a
constant
rate.
Average
annual
total
return
figures
include
changes
in
principal
value,
reinvested
dividends,
and
capital
gain
distributions.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
When
assessing
performance,
investors
should
consider
both
short-
and
long-term
returns.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
14
EXPENSE
RATIO
FUND
EXPENSE
EXAMPLE
As
a
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
most
recent
six-month
period
and
held
for
the
entire
period.
Please
note
that
the
fund
has
three
share
classes:
The
original
share
class
(Investor
Class)
charges
no
distribution
and
service
(12b-1)
fee,
Advisor
Class
shares
are
offered
only
through
unaffiliated
brokers
and
other
financial
intermediaries
and
charge
a
0.25%
12b-1
fee,
and
I
Class
shares
are
available
to
institutionally
oriented
clients
and
impose
no
12b-1
or
administrative
fee
payment.
Each
share
class
is
presented
separately
in
the
table.
Actual
Expenses
The
first
line
of
the
following
table
(Actual)
provides
information
about
actual
account
values
and
expenses
based
on
the
fund’s
actual
returns.
You
may
use
the
information
on
this
line,
together
with
your
account
balance,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
on
the
first
line
under
the
heading
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
on
the
second
line
of
the
table
(Hypothetical)
is
based
on
hypothetical
account
values
and
expenses
derived
from
the
fund’s
actual
expense
ratio
and
an
assumed
5%
per
year
rate
of
return
before
expenses
(not
the
fund’s
actual
return).
You
may
compare
the
ongoing
costs
of
investing
in
the
fund
with
other
funds
by
contrasting
this
5%
hypothetical
example
and
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
Global
High
Income
Bond
Fund
0.87‌%
Global
High
Income
Bond
Fund–Advisor
Class
1.22‌ 
Global
High
Income
Bond
Fund–I
Class
0.70‌ 
The
expense
ratio
shown
is
as
of
the
fund’s
most
recent
prospectus.
This
number
may
vary
from
the
expense
ratio
shown
elsewhere
in
this
report
because
it
is
based
on
a
different
time
period
and,
if
applicable,
includes
acquired
fund
fees
and
expenses
but
does
not
include
fee
or
expense
waivers.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
15
Note:
T.
Rowe
Price
charges
an
annual
account
service
fee
of
$20,
generally
for
accounts
with
less
than
$10,000.
The
fee
is
waived
for
any
investor
whose
T.
Rowe
Price
mutual
fund
accounts
total
$50,000
or
more;
accounts
electing
to
receive
electronic
delivery
of
account
statements,
transaction
confirmations,
prospectuses,
and
shareholder
reports;
or
accounts
of
an
investor
who
is
a
T.
Rowe
Price
Personal
Services
or
Enhanced
Personal
Services
client
(enrollment
in
these
programs
generally
requires
T.
Rowe
Price
assets
of
at
least
$250,000).
This
fee
is
not
included
in
the
accompanying
table.
If
you
are
subject
to
the
fee,
keep
it
in
mind
when
you
are
estimating
the
ongoing
expenses
of
investing
in
the
fund
and
when
comparing
the
expenses
of
this
fund
with
other
funds.
You
should
also
be
aware
that
the
expenses
shown
in
the
table
highlight
only
your
ongoing
costs
and
do
not
reflect
any
transaction
costs,
such
as
redemption
fees
or
sales
loads.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
To
the
extent
a
fund
charges
transaction
costs,
however,
the
total
cost
of
owning
that
fund
is
higher.
GLOBAL
HIGH
INCOME
BOND
FUND
Beginning
Account
Value
7/1/22
Ending
Account
Value
12/31/22
Expenses
Paid
During
Period*
7/1/22
to
12/31/22
Investor
Class
Actual
$1,000.00
$1,037.20
$3.85
Hypothetical
(assumes
5%
return
before
expenses)
 1,000.00
  1,021.42
  3.82
Advisor
Class
Actual
  1,000.00
  1,034.80
  4.92
Hypothetical
(assumes
5%
return
before
expenses)
 1,000.00
  1,020.37
  4.89
I
Class
Actual
  1,000.00
  1,036.60
  3.13
Hypothetical
(assumes
5%
return
before
expenses)
 1,000.00
  1,022.13
  3.11
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(184),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.75%,
the
2
Advisor Class
was
0.96%,
and
the
3
I Class
was
0.61%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Financial
Highlights
16
For
a
share
outstanding
throughout
each
period
Investor
Class
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
NET
ASSET
VALUE
Beginning
of
period
$
9.94‌
$
10.17‌
$
10.17‌
$
9.45‌
$
10.32‌
Investment
activities
Net
investment
income
(1)(2)
0.48‌
0.47‌
0.54‌
0.56‌
0.58‌
Net
realized
and
unrealized
gain/
loss
(1.64‌)
(0.16‌)
0.01‌
(3)
0.77‌
(0.75‌)
Total
from
investment
activities
(1.16‌)
0.31‌
0.55‌
1.33‌
(0.17‌)
Distributions
Net
investment
income
(0.49‌)
(0.46‌)
(0.55‌)
(0.56‌)
(0.59‌)
Net
realized
gain
(0.32‌)
(0.08‌)
—‌
(0.05‌)
(0.11‌)
Total
distributions
(0.81‌)
(0.54‌)
(0.55‌)
(0.61‌)
(0.70‌)
NET
ASSET
VALUE
End
of
period
$
7.97‌
$
9.94‌
$
10.17‌
$
10.17‌
$
9.45‌
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Financial
Highlights
17
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
Ratios/Supplemental
Data
Total
return
(2)(4)
(11.83‌)%
3.05‌%
5.86‌%
14.35‌%
(1.79‌)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.96‌%
0.90‌%
0.94‌%
0.96‌%
1.05‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.75‌%
0.78‌%
0.79‌%
0.79‌%
0.79‌%
Net
investment
income
5.46‌%
4.61‌%
5.62‌%
5.65‌%
5.79‌%
Portfolio
turnover
rate
45.2‌%
63.2‌%
81.8‌%
70.1‌%
87.0‌%
Net
assets,
end
of
period
(in
thousands)
$56,170
$122,550
$116,743
$116,127
$76,457
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
The
amount
presented
is
inconsistent
with
the
fund's
aggregate
gains
and
losses
because
of
the
timing
of
sales
and
redemptions
of
fund
shares
in
relation
to
fluctuating
market
values
for
the
investment
portfolio.
(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.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Financial
Highlights
18
For
a
share
outstanding
throughout
each
period
Advisor
Class
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
NET
ASSET
VALUE
Beginning
of
period
$
9.95‌
$
10.18‌
$
10.18‌
$
9.45‌
$
10.33‌
Investment
activities
Net
investment
income
(1)(2)
0.46‌
0.45‌
0.52‌
0.54‌
0.55‌
Net
realized
and
unrealized
gain/
loss
(1.65‌)
(0.16‌)
0.01‌
(3)
0.78‌
(0.75‌)
Total
from
investment
activities
(1.19‌)
0.29‌
0.53‌
1.32‌
(0.20‌)
Distributions
Net
investment
income
(0.47‌)
(0.44‌)
(0.53‌)
(0.54‌)
(0.57‌)
Net
realized
gain
(0.32‌)
(0.08‌)
—‌
(0.05‌)
(0.11‌)
Total
distributions
(0.79‌)
(0.52‌)
(0.53‌)
(0.59‌)
(0.68‌)
NET
ASSET
VALUE
End
of
period
$
7.97‌
$
9.95‌
$
10.18‌
$
10.18‌
$
9.45‌
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Financial
Highlights
19
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
Ratios/Supplemental
Data
Total
return
(2)(4)
(12.11‌)%
2.84‌%
5.64‌%
14.23‌%
(2.09‌)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1.25‌%
1.24‌%
1.25‌%
1.36‌%
1.42‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.96‌%
0.99‌%
1.00‌%
1.00‌%
1.00‌%
Net
investment
income
5.26‌%
4.41‌%
5.42‌%
5.46‌%
5.54‌%
Portfolio
turnover
rate
45.2‌%
63.2‌%
81.8‌%
70.1‌%
87.0‌%
Net
assets,
end
of
period
(in
thousands)
$331
$614
$831
$945
$965
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
The
amount
presented
is
inconsistent
with
the
fund's
aggregate
gains
and
losses
because
of
the
timing
of
sales
and
redemptions
of
fund
shares
in
relation
to
fluctuating
market
values
for
the
investment
portfolio.
(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.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Financial
Highlights
20
For
a
share
outstanding
throughout
each
period
I
Class
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
NET
ASSET
VALUE
Beginning
of
period
$
9.94‌
$
10.16‌
$
10.16‌
$
9.44‌
$
10.31‌
Investment
activities
Net
investment
income
(1)(2)
0.50‌
0.48‌
0.55‌
0.58‌
0.59‌
Net
realized
and
unrealized
gain/
loss
(1.66‌)
(0.14‌)
0.01‌
(3)
0.77‌
(0.75‌)
Total
from
investment
activities
(1.16‌)
0.34‌
0.56‌
1.35‌
(0.16‌)
Distributions
Net
investment
income
(0.50‌)
(0.48‌)
(0.56‌)
(0.58‌)
(0.60‌)
Net
realized
gain
(0.32‌)
(0.08‌)
—‌
(0.05‌)
(0.11‌)
Total
distributions
(0.82‌)
(0.56‌)
(0.56‌)
(0.63‌)
(0.71‌)
NET
ASSET
VALUE
End
of
period
$
7.96‌
$
9.94‌
$
10.16‌
$
10.16‌
$
9.44‌
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Financial
Highlights
21
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
Ratios/Supplemental
Data
Total
return
(2)(4)
(11.81‌)%
3.32‌%
6.02‌%
14.54‌%
(1.64‌)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.69‌%
0.72‌%
0.77‌%
0.82‌%
0.91‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.61‌%
0.62‌%
0.64‌%
0.64‌%
0.64‌%
Net
investment
income
5.72‌%
4.74‌%
5.74‌%
5.82‌%
5.94‌%
Portfolio
turnover
rate
45.2‌%
63.2‌%
81.8‌%
70.1‌%
87.0‌%
Net
assets,
end
of
period
(in
thousands)
$203,565
$167,274
$87,283
$42,938
$19,630
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
The
amount
presented
is
inconsistent
with
the
fund's
aggregate
gains
and
losses
because
of
the
timing
of
sales
and
redemptions
of
fund
shares
in
relation
to
fluctuating
market
values
for
the
investment
portfolio.
(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.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
December
31,
2022
22
Portfolio
of
Investments
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
BRAZIL
1.6%
Corporate
Bonds
1.6%
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD)  (1)
1,315,000‌
1,104‌
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD) 
365,000‌
306‌
Globo
Comunicacao
e
Participacoes,
5.50%,
1/14/32
(USD)  (1)
1,190,000‌
1,017‌
Klabin
Austria,
3.20%,
1/12/31
(USD) 
2,260,000‌
1,811‌
Total
Brazil
(Cost
$4,909
)
4,238‌
CANADA
1.0%
Corporate
Bonds
1.0%
TransAlta,
7.75%,
11/15/29
(USD) 
485,000‌
496‌
Vermilion
Energy,
6.875%,
5/1/30
(USD)  (1)
2,420,000‌
2,211‌
Total
Canada
(Cost
$2,892
)
2,707‌
CHILE
2.7%
Corporate
Bonds
2.7%
AES
Andes,
VR,
6.35%,
10/7/79
(USD)  (2)
720,000‌
665‌
AES
Andes,
VR,
7.125%,
3/26/79
(USD)  (2)
1,425,000‌
1,358‌
Agrosuper,
4.60%,
1/20/32
(USD)  (1)
2,040,000‌
1,811‌
Agrosuper,
4.60%,
1/20/32
(USD) 
485,000‌
430‌
Kenbourne
Invest,
4.70%,
1/22/28
(USD) 
449,000‌
351‌
Mercury
Chile
Holdco,
6.50%,
1/24/27
(USD)  (1)
1,030,000‌
989‌
VTR
Comunicaciones,
4.375%,
4/15/29
(USD)  (1)
2,365,000‌
1,389‌
Total
Chile
(Cost
$8,351
)
6,993‌
CHINA
0.9%
Convertible
Bonds
0.5%
Vnet
Group,
Zero
Coupon,
2/1/26
(USD) 
1,781,000‌
1,474‌
1,474‌
Corporate
Bonds
0.4%
Health
&
Happiness
H&H
International
Holdings,
5.625%,
10/24/24
(USD) 
1,115,000‌
991‌
991‌
Total
China
(Cost
$2,558
)
2,465‌
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
23
Par/Shares
$
Value
(Cost
and
value
in
$000s)
COLOMBIA
2.5%
Corporate
Bonds
2.5%
Aris
Mining,
6.875%,
8/9/26
(USD)  (1)
1,880,000‌
1,477‌
Banco
Davivienda,
VR,
6.65%
(USD)  (1)(2)(3)
1,950,000‌
1,506‌
Banco
Davivienda,
VR,
6.65%
(USD)  (2)(3)
890,000‌
688‌
Ecopetrol,
4.625%,
11/2/31
(USD) 
2,730,000‌
2,091‌
Ecopetrol,
5.875%,
5/28/45
(USD) 
875,000‌
611‌
Total
Colombia
(Cost
$7,864
)
6,373‌
FRANCE
3.7%
Corporate
Bonds
3.7%
Altice
France,
4.25%,
10/15/29  (1)
885,000‌
707‌
Altice
France
Holding,
4.00%,
2/15/28 
3,550,000‌
2,427‌
CAB,
3.375%,
2/1/28  (1)
680,000‌
584‌
CAB,
3.375%,
2/1/28 
860,000‌
738‌
Chrome
Bidco
SASU,
3.50%,
5/31/28  (1)
850,000‌
765‌
Chrome
Holdco
SASU,
5.00%,
5/31/29  (1)
930,000‌
768‌
IPD
3,
5.50%,
12/1/25  (1)
685,000‌
692‌
Laboratoire
Eimer
Selas,
5.00%,
2/1/29  (1)
280,000‌
229‌
Laboratoire
Eimer
Selas,
5.00%,
2/1/29 
300,000‌
245‌
Loxam,
3.75%,
7/15/26 
2,000,000‌
1,924‌
UBS,
5.125%  (1)(3)
620,000‌
613‌
Total
France
(Cost
$12,725
)
9,692‌
GERMANY
1.7%
Corporate
Bonds
1.7%
Gruenenthal,
3.625%,
11/15/26  (1)
410,000‌
400‌
Gruenenthal,
3.625%,
11/15/26 
1,560,000‌
1,523‌
Gruenenthal,
4.125%,
5/15/28  (1)
210,000‌
202‌
TK
Elevator
Holdco,
6.625%,
7/15/28  (1)
724,500‌
638‌
TK
Elevator
Midco,
4.375%,
7/15/27  (1)
405,000‌
384‌
TUI
Cruises,
6.50%,
5/15/26  (1)
1,359,000‌
1,204‌
Total
Germany
(Cost
$5,173
)
4,351‌
GHANA
0.7%
Corporate
Bonds
0.7%
Kosmos
Energy,
7.125%,
4/4/26
(USD)  (1)
1,485,000‌
1,268‌
Kosmos
Energy,
7.75%,
5/1/27
(USD)  (1)
740,000‌
619‌
Total
Ghana
(Cost
$2,223
)
1,887‌
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
24
Par/Shares
$
Value
(Cost
and
value
in
$000s)
GUATEMALA
0.6%
Corporate
Bonds
0.6%
CT
Trust,
5.125%,
2/3/32
(USD)  (1)
1,210,000‌
1,064‌
CT
Trust,
5.125%,
2/3/32
(USD) 
500,000‌
440‌
Total
Guatemala
(Cost
$1,669
)
1,504‌
INDIA
1.3%
Corporate
Bonds
1.3%
ABJA
Investment,
5.45%,
1/24/28
(USD) 
2,065,000‌
2,018‌
Greenko
Power
II,
4.30%,
12/13/28
(USD) 
1,671,250‌
1,404‌
Total
India
(Cost
$3,373
)
3,422‌
ISRAEL
1.1%
Corporate
Bonds
1.1%
Teva
Pharmaceutical
Finance
Netherlands
II,
3.75%,
5/9/27
(EUR) 
400,000‌
369‌
Teva
Pharmaceutical
Finance
Netherlands
II,
4.375%,
5/9/30
(EUR) 
735,000‌
645‌
Teva
Pharmaceutical
Finance
Netherlands
II,
4.50%,
3/1/25
(EUR) 
530,000‌
541‌
Teva
Pharmaceutical
Finance
Netherlands
II,
6.00%,
1/31/25
(EUR) 
950,000‌
997‌
Teva
Pharmaceutical
Finance
Netherlands
III,
6.75%,
3/1/28
(USD) 
425,000‌
414‌
Total
Israel
(Cost
$3,410
)
2,966‌
ITALY
3.4%
Corporate
Bonds
3.4%
Golden
Goose,
FRN,
3M
EURIBOR
+
4.875%,
6.637%,
5/14/27  (1)
725,000‌
714‌
Golden
Goose,
FRN,
3M
EURIBOR
+
4.875%,
6.637%,
5/14/27 
1,575,000‌
1,550‌
IMA
Industria
Macchine
Automatiche,
3.75%,
1/15/28  (1)
905,000‌
792‌
Inter
Media
&
Communication,
6.75%,
2/9/27  (1)
1,675,000‌
1,690‌
Inter
Media
&
Communication,
6.75%,
2/9/27 
525,000‌
530‌
Nexi,
2.125%,
4/30/29 
2,160,000‌
1,865‌
Verde
Bidco,
4.625%,
10/1/26  (1)
840,000‌
765‌
Verde
Bidco,
4.625%,
10/1/26 
900,000‌
820‌
Total
Italy
(Cost
$10,061
)
8,726‌
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
25
Par/Shares
$
Value
(Cost
and
value
in
$000s)
LUXEMBOURG
1.7%
Corporate
Bonds
1.7%
Albion
Financing
1,
6.125%,
10/15/26
(USD)  (1)
2,410,000‌
2,139‌
Altice
Finco,
4.75%,
1/15/28 
2,875,000‌
2,285‌
Total
Luxembourg
(Cost
$5,330
)
4,424‌
MACAO
0.3%
Corporate
Bonds
0.3%
Studio
City
Finance,
5.00%,
1/15/29
(USD)  (1)
945,000‌
699‌
Total
Macao
(Cost
$952
)
699‌
MAURITIUS
0.9%
Corporate
Bonds
0.9%
Axian
Telecom,
7.375%,
2/16/27
(USD)  (1)
2,110,000‌
1,857‌
Axian
Telecom,
7.375%,
2/16/27
(USD) 
470,000‌
413‌
Total
Mauritius
(Cost
$2,570
)
2,270‌
MEXICO
5.0%
Corporate
Bonds
5.0%
Banco
Mercantil
del
Norte,
VR,
8.375%
(USD)  (2)(3)
1,675,000‌
1,663‌
BBVA
Bancomer,
VR,
5.125%,
1/18/33
(USD)  (2)
680,000‌
612‌
BBVA
Bancomer,
VR,
5.875%,
9/13/34
(USD)  (2)
2,585,000‌
2,392‌
Petroleos
Mexicanos,
4.50%,
1/23/26
(USD) 
635,000‌
574‌
Petroleos
Mexicanos,
6.50%,
3/13/27
(USD) 
2,475,000‌
2,263‌
Petroleos
Mexicanos,
6.50%,
1/23/29
(USD) 
1,585,000‌
1,360‌
Petroleos
Mexicanos,
6.75%,
9/21/47
(USD) 
3,530,000‌
2,260‌
Petroleos
Mexicanos,
7.69%,
1/23/50
(USD) 
2,685,000‌
1,864‌
Total
Mexico
(Cost
$15,016
)
12,988‌
NETHERLANDS
2.2%
Corporate
Bonds
2.2%
Compact
Bidco,
5.75%,
5/1/26 
1,150,000‌
829‌
LeasePlan,
VR,
7.375%  (2)(3)
1,520,000‌
1,611‌
Promontoria
Holding
264,
6.375%,
3/1/27  (1)
1,050,000‌
1,046‌
Trivium
Packaging
Finance,
3.75%,
8/15/26  (1)
130,000‌
126‌
Trivium
Packaging
Finance,
8.50%,
8/15/27
(USD)  (1)
200,000‌
184‌
UPCB
Finance
VII,
3.625%,
6/15/29 
595,000‌
562‌
Villa
Dutch
Bidco,
9.00%,
11/3/29  (1)
430,000‌
432‌
Ziggo
Bond,
3.375%,
2/28/30  (1)
710,000‌
545‌
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
26
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Ziggo
Bond,
3.375%,
2/28/30 
400,000‌
307‌
Total
Netherlands
(Cost
$6,844
)
5,642‌
OMAN
0.7%
Corporate
Bonds
0.7%
OmGrid
Funding,
5.196%,
5/16/27
(USD) 
2,010,000‌
1,934‌
Total
Oman
(Cost
$1,984
)
1,934‌
PANAMA
1.6%
Corporate
Bonds
1.6%
Banco
General,
VR,
5.25%
(USD)  (1)(2)(3)
2,535,000‌
2,101‌
C&W
Senior
Financing,
6.875%,
9/15/27
(USD)  (1)
2,300,000‌
2,144‌
Total
Panama
(Cost
$4,960
)
4,245‌
PERU
0.3%
Corporate
Bonds
0.3%
Minsur,
4.50%,
10/28/31
(USD)  (1)
930,000‌
809‌
Total
Peru
(Cost
$913
)
809‌
ROMANIA
0.6%
Corporate
Bonds
0.6%
RCS
&
RDS,
2.50%,
2/5/25
(EUR) 
800,000‌
781‌
RCS
&
RDS,
3.25%,
2/5/28
(EUR)  (1)
800,000‌
684‌
Total
Romania
(Cost
$1,580
)
1,465‌
SERBIA
0.8%
Corporate
Bonds
0.8%
United
Group,
3.625%,
2/15/28
(EUR)  (1)
575,000‌
448‌
United
Group,
3.625%,
2/15/28
(EUR) 
1,975,000‌
1,537‌
Total
Serbia
(Cost
$2,922
)
1,985‌
SOUTH
AFRICA
0.7%
Corporate
Bonds
0.7%
Sappi
Papier
Holding,
3.625%,
3/15/28
(EUR)  (1)
680,000‌
628‌
Sappi
Papier
Holding,
3.625%,
3/15/28
(EUR) 
1,340,000‌
1,237‌
Total
South
Africa
(Cost
$2,038
)
1,865‌
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
27
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SPAIN
1.2%
Corporate
Bonds
1.2%
Cirsa
Finance
International,
4.50%,
3/15/27 
1,150,000‌
1,056‌
Cirsa
Finance
International,
10.375%,
11/30/27  (1)
350,000‌
382‌
ContourGlobal
Power
Holdings,
3.125%,
1/1/28  (1)
320,000‌
280‌
Kaixo
Bondco
Telecom,
5.125%,
9/30/29  (1)
325,000‌
295‌
Lorca
Telecom
Bondco,
4.00%,
9/18/27  (1)
1,250,000‌
1,195‌
Total
Spain
(Cost
$3,893
)
3,208‌
SWEDEN
0.8%
Corporate
Bonds
0.8%
Verisure
Holding,
3.25%,
2/15/27
(EUR) 
1,810,000‌
1,672‌
Verisure
Holding,
9.25%,
10/15/27
(EUR)  (1)
310,000‌
346‌
Total
Sweden
(Cost
$1,967
)
2,018‌
TANZANIA
0.7%
Convertible
Bonds
0.1%
HTA
Group,
2.875%,
3/18/27
(USD) 
200,000‌
150‌
150‌
Corporate
Bonds
0.6%
HTA
Group,
7.00%,
12/18/25
(USD)  (1)
1,225,000‌
1,139‌
HTA
Group,
7.00%,
12/18/25
(USD) 
465,000‌
433‌
1,572‌
Total
Tanzania
(Cost
$1,885
)
1,722‌
TURKEY
0.4%
Corporate
Bonds
0.4%
Turk
Telekomunikasyon,
6.875%,
2/28/25
(USD) 
1,155,000‌
1,093‌
Total
Turkey
(Cost
$1,047
)
1,093‌
UNITED
ARAB
EMIRATES
0.7%
Corporate
Bonds
0.7%
MAF
Global
Securities,
VR,
6.375%
(USD)  (2)(3)
1,900,000‌
1,829‌
Total
United
Arab
Emirates
(Cost
$2,032
)
1,829‌
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
28
Par/Shares
$
Value
(Cost
and
value
in
$000s)
UNITED
KINGDOM
8.1%
Corporate
Bonds
8.1%
Bellis
Acquisition,
3.25%,
2/16/26  (1)
720,000‌
705‌
Bellis
Acquisition,
3.25%,
2/16/26 
150,000‌
147‌
Bellis
Finco,
4.00%,
2/16/27  (1)
365,000‌
321‌
Bellis
Finco,
4.00%,
2/16/27 
350,000‌
307‌
Castle
U.K.
Finco,
FRN,
3M
EURIBOR
+
5.25%,
7.422%,
5/15/28
(EUR)  (1)
1,275,000‌
1,006‌
Clear
Channel
International,
6.625%,
8/1/25
(USD)  (1)
705,000‌
670‌
CPUK
Finance,
4.50%,
8/28/27 
1,200,000‌
1,196‌
Deuce
Finco,
5.50%,
6/15/27  (1)
1,185,000‌
1,140‌
eG
Global
Finance,
4.375%,
2/7/25
(EUR)  (1)
445,000‌
412‌
eG
Global
Finance,
4.375%,
2/7/25
(EUR) 
2,800,000‌
2,591‌
Iceland
Bondco,
4.625%,
3/15/25 
700,000‌
699‌
Jaguar
Land
Rover
Automotive,
4.50%,
1/15/26
(EUR) 
680,000‌
624‌
Jaguar
Land
Rover
Automotive,
4.50%,
7/15/28
(EUR)  (1)
740,000‌
599‌
Jerrold
Finco,
5.25%,
1/15/27 
2,005,000‌
2,012‌
Kane
Bidco,
5.00%,
2/15/27
(EUR) 
1,450,000‌
1,334‌
Merlin
Entertainments,
5.75%,
6/15/26
(USD)  (1)
400,000‌
374‌
Nomad
Foods
Bondco,
2.50%,
6/24/28
(EUR) 
1,500,000‌
1,350‌
Pinewood
Finance,
3.625%,
11/15/27  (1)
1,465,000‌
1,558‌
RAC
Bond,
5.25%,
11/4/27  (1)
1,690,000‌
1,605‌
Virgin
Media
Vendor
Financing
Notes
III,
4.875%,
7/15/28 
300,000‌
293‌
Vmed
O2
U.K.
Financing
I,
3.25%,
1/31/31
(EUR)  (1)
485,000‌
412‌
Vmed
O2
U.K.
Financing
I,
4.50%,
7/15/31  (1)
1,200,000‌
1,104‌
Vmed
O2
U.K.
Financing
I,
4.50%,
7/15/31 
790,000‌
727‌
Total
United
Kingdom
(Cost
$27,660
)
21,186‌
UNITED
STATES
48.0%
Bank
Loans
9.1%
(4)
Ascend
Learning,
FRN,
1M
USD
LIBOR
+
5.75%,
10.134%,
12/10/29 
2,100,000‌
1,793‌
AssuredPartners,
FRN,
1M
TSFR
+
3.50%,
7.823%,
2/12/27 
438,371‌
425‌
AssuredPartners,
FRN,
1M
TSFR
+
4.25%,
8.573%,
2/12/27 
239,400‌
238‌
Asurion,
FRN,
1M
USD
LIBOR
+
3.00%,
7.384%,
11/3/24 
821,002‌
796‌
Asurion,
FRN,
1M
USD
LIBOR
+
5.25%,
9.634%,
1/31/28 
785,424‌
609‌
Asurion,
FRN,
1M
USD
LIBOR
+
5.25%,
9.634%,
1/20/29 
1,335,000‌
1,032‌
AthenaHealth
Group,
FRN,
1M
TSFR
+
3.50%,
7.349%,
2/15/29  (5)
1,075,383‌
968‌
Azalea
Topco,
FRN,
1M
TSFR
+
3.75%,
8.173%,
7/24/26 
794,000‌
727‌
Azalea
Topco,
FRN,
1M
USD
LIBOR
+
3.75%,
8.134%,
7/24/26 
645,175‌
592‌
CCI
Buyer,
FRN,
3M
TSFR
+
4.00%,
8.58%,
12/17/27 
1,501,539‌
1,431‌
CoreLogic,
FRN,
1M
USD
LIBOR
+
6.50%,
10.938%,
6/4/29 
550,000‌
385‌
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
29
Par/Shares
$
Value
(Cost
and
value
in
$000s)
CP
Iris
Holdco
I,
FRN,
1M
USD
LIBOR
+
7.00%,
11.384%,
10/1/29  (6)
550,000‌
462‌
Engineered
Machinery
Holdings,
FRN,
1M
USD
LIBOR
+
6.50%,
11.23%,
5/21/29 
380,000‌
343‌
Engineered
Machinery
Holdings,
FRN,
3M
USD
LIBOR
+
6.00%,
10.73%,
5/21/29 
1,937,726‌
1,763‌
Gainwell
Acquisition,
FRN,
1M
USD
LIBOR
+
4.00%,
8.73%,
10/1/27 
1,002,105‌
938‌
HUB
International,
FRN,
1M
TSFR
+
4.00%,
8.22%,
11/10/29 
415,000‌
410‌
Hyland
Software,
FRN,
1M
USD
LIBOR
+
6.25%,
10.634%,
7/7/25 
1,008,800‌
952‌
Loyalty
Ventures,
FRN,
1M
USD
LIBOR
+
4.50%,
8.884%,
11/3/27 
247,089‌
98‌
Medline
Borrower,
FRN,
1M
USD
LIBOR
+
3.25%,
7.634%,
10/23/28 
85,210‌
81‌
Naked
Juice,
FRN,
1M
TSFR
+
6.00%,
10.68%,
1/20/30 
875,000‌
688‌
Nexus
Buyer,
FRN,
1M
USD
LIBOR
+
6.25%,
10.634%,
11/5/29 
790,000‌
729‌
Peraton,
FRN,
1M
USD
LIBOR
+
3.75%,
8.134%,
2/1/28 
530,537‌
517‌
Peraton,
FRN,
1M
USD
LIBOR
+
7.75%,
12.089%,
2/1/29 
364,053‌
345‌
PG&E,
FRN,
1M
USD
LIBOR
+
3.00%,
7.438%,
6/23/25 
563,326‌
558‌
Phoenix
Newco,
FRN,
3M
USD
LIBOR
+
6.50%,
10.884%,
11/15/29 
1,550,000‌
1,457‌
RealPage,
FRN,
1M
USD
LIBOR
+
6.50%,
10.884%,
4/23/29 
725,000‌
694‌
Tacala
Investment,
FRN,
1M
USD
LIBOR
+
3.50%,
7.884%,
2/5/27 
757,052‌
725‌
Tacala
Investment,
FRN,
1M
USD
LIBOR
+
7.50%,
11.884%,
2/4/28 
730,000‌
659‌
UKG,
FRN,
1M
USD
LIBOR
+
3.25%,
6.998%,
5/4/26 
1,637,619‌
1,556‌
Woof
Holdings,
FRN,
1M
USD
LIBOR
+
3.75%,
8.104%,
12/21/27 
530,550‌
498‌
Woof
Holdings,
FRN,
1M
USD
LIBOR
+
7.25%,
11.604%,
12/21/28 
1,225,000‌
1,103‌
23,572‌
Convertible
Preferred
Stocks
0.2%
2020
Cash
Mandatory
Exchangeable
Trust,
5.25%,
6/1/23  (1)
569‌
652‌
652‌
Corporate
Bonds
38.2%
AdaptHealth,
5.125%,
3/1/30  (1)
1,790,000‌
1,539‌
Advanced
Drainage
Systems,
6.375%,
6/15/30  (1)
510,000‌
494‌
Advantage
Sales
&
Marketing,
6.50%,
11/15/28  (1)
1,060,000‌
798‌
AG
TTMT
Escrow
Issuer,
8.625%,
9/30/27  (1)
965,000‌
970‌
Alliant
Holdings
Intermediate,
5.875%,
11/1/29  (1)
1,125,000‌
923‌
Alliant
Holdings
Intermediate,
6.75%,
10/15/27  (1)
830,000‌
746‌
American
Airlines,
5.50%,
4/20/26  (1)
1,075,000‌
1,032‌
American
Airlines,
5.75%,
4/20/29  (1)
695,000‌
635‌
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
30
Par/Shares
$
Value
(Cost
and
value
in
$000s)
American
Finance
Trust,
4.50%,
9/30/28  (1)
1,280,000‌
957‌
Avient,
7.125%,
8/1/30  (1)
613,000‌
601‌
Calpine,
5.00%,
2/1/31  (1)
875,000‌
735‌
Carnival,
7.625%,
3/1/26
(EUR)  (1)
1,200,000‌
1,028‌
Carnival,
7.625%,
3/1/26
(EUR) 
365,000‌
313‌
Carpenter
Technology,
7.625%,
3/15/30 
2,130,000‌
2,125‌
Catalent
Pharma
Solutions,
2.375%,
3/1/28
(EUR) 
1,415,000‌
1,225‌
Catalent
Pharma
Solutions,
5.00%,
7/15/27  (1)
490,000‌
459‌
CCO
Holdings,
4.50%,
8/15/30  (1)
1,525,000‌
1,258‌
CCO
Holdings,
6.375%,
9/1/29  (1)
1,655,000‌
1,543‌
CEC
Entertainment,
6.75%,
5/1/26  (1)
1,590,000‌
1,475‌
Central
Parent,
7.25%,
6/15/29  (1)
2,270,000‌
2,210‌
Cheniere
Energy,
4.625%,
10/15/28 
1,210,000‌
1,098‌
Chesapeake
Energy,
6.75%,
4/15/29  (1)
1,580,000‌
1,533‌
Chobani,
4.625%,
11/15/28  (1)
1,190,000‌
1,028‌
CHS,
5.25%,
5/15/30  (1)
945,000‌
713‌
CHS,
6.875%,
4/1/28  (1)
505,000‌
240‌
CHS,
6.875%,
4/15/29  (1)
1,850,000‌
925‌
Cinemark
USA,
5.25%,
7/15/28  (1)
2,095,000‌
1,556‌
Citgo
Holding,
9.25%,
8/1/24  (1)
800,000‌
802‌
CITGO
Petroleum,
7.00%,
6/15/25  (1)
750,000‌
732‌
Clarivate
Science
Holdings,
4.875%,
7/1/29  (1)
345,000‌
292‌
Clear
Channel
Outdoor
Holdings,
5.125%,
8/15/27  (1)
1,775,000‌
1,535‌
CMG
Media,
8.875%,
12/15/27  (1)
2,340,000‌
1,749‌
Crescent
Energy
Finance,
7.25%,
5/1/26  (1)
2,390,000‌
2,271‌
CSC
Holdings,
6.50%,
2/1/29  (1)
690,000‌
566‌
CSC
Holdings,
7.50%,
4/1/28  (1)
825,000‌
557‌
DCP
Midstream
Operating,
VR,
5.85%,
5/21/43  (1)(2)
1,480,000‌
1,439‌
DISH
DBS,
5.125%,
6/1/29 
845,000‌
541‌
DISH
DBS,
5.75%,
12/1/28  (1)
905,000‌
719‌
DISH
Network,
11.75%,
11/15/27  (1)
645,000‌
661‌
Entegris
Escrow,
5.95%,
6/15/30  (1)
1,375,000‌
1,265‌
Ferrellgas,
5.875%,
4/1/29  (1)
2,530,000‌
2,068‌
Ford
Motor,
6.10%,
8/19/32 
2,050,000‌
1,897‌
Ford
Motor,
7.45%,
7/16/31 
2,030,000‌
2,085‌
Gen
Digital,
6.75%,
9/30/27  (1)
860,000‌
843‌
Gen
Digital,
7.125%,
9/30/30  (1)
710,000‌
698‌
Goodyear
Tire
&
Rubber,
5.00%,
7/15/29 
645,000‌
539‌
Goodyear
Tire
&
Rubber,
5.25%,
7/15/31 
500,000‌
405‌
Graphic
Packaging
International,
2.625%,
2/1/29
(EUR)  (1)
1,085,000‌
1,009‌
GTCR
AP
Finance,
8.00%,
5/15/27  (1)
1,735,000‌
1,661‌
Hecla
Mining,
7.25%,
2/15/28 
1,405,000‌
1,382‌
Hilcorp
Energy
I,
5.75%,
2/1/29  (1)
255,000‌
228‌
Hilcorp
Energy
I,
6.00%,
4/15/30  (1)
970,000‌
871‌
Hilcorp
Energy
I,
6.00%,
2/1/31  (1)
285,000‌
242‌
Hilcorp
Energy
I,
6.25%,
4/15/32  (1)
975,000‌
858‌
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
31
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Hillenbrand,
3.75%,
3/1/31 
770,000‌
631‌
HUB
International,
5.625%,
12/1/29  (1)
1,500,000‌
1,312‌
iHeartCommunications,
4.75%,
1/15/28  (1)
500,000‌
406‌
iHeartCommunications,
5.25%,
8/15/27  (1)
790,000‌
666‌
iHeartCommunications,
8.375%,
5/1/27 
595,000‌
506‌
Kobe
U.S.
Midco
2,
9.25%,
11/1/26,
(9.25%
Cash
or
10.00%
PIK)  (1)(7)
680,000‌
462‌
LCPR
Senior
Secured
Financing,
5.125%,
7/15/29  (1)
990,000‌
822‌
LCPR
Senior
Secured
Financing,
6.75%,
10/15/27  (1)
1,487,000‌
1,390‌
Madison
IAQ,
4.125%,
6/30/28  (1)
1,675,000‌
1,399‌
Madison
IAQ,
5.875%,
6/30/29  (1)
850,000‌
586‌
Midcap
Financial
Issuer
Trust,
5.625%,
1/15/30  (1)
1,280,000‌
1,035‌
Minerva
Merger
Sub,
6.50%,
2/15/30  (1)
940,000‌
696‌
Navient,
4.875%,
3/15/28 
705,000‌
576‌
Navient,
5.50%,
3/15/29 
400,000‌
328‌
Navient,
5.625%,
8/1/33 
565,000‌
403‌
Navient,
6.75%,
6/15/26 
665,000‌
635‌
NCL,
5.875%,
2/15/27  (1)
690,000‌
595‌
NCL,
7.75%,
2/15/29  (1)
900,000‌
684‌
Neptune
Bidco
U.S.,
9.29%,
4/15/29  (1)
1,325,000‌
1,249‌
New
Albertsons,
7.45%,
8/1/29 
4,000‌
4‌
Occidental
Petroleum,
8.875%,
7/15/30 
1,690,000‌
1,910‌
Organon,
2.875%,
4/30/28
(EUR)  (1)
205,000‌
191‌
Organon,
5.125%,
4/30/31  (1)
745,000‌
648‌
PetSmart,
7.75%,
2/15/29  (1)
1,230,000‌
1,153‌
PG&E,
5.00%,
7/1/28 
1,025,000‌
938‌
PG&E,
5.25%,
7/1/30 
820,000‌
746‌
Presidio
Holdings,
8.25%,
2/1/28  (1)
690,000‌
631‌
Rivian
Holdings,
FRN,
6M
USD
LIBOR
+
5.625%,
10.164%,
10/15/26  (1)
2,305,000‌
2,230‌
Royal
Caribbean
Cruises,
8.25%,
1/15/29  (1)
805,000‌
807‌
Royal
Caribbean
Cruises,
9.25%,
1/15/29  (1)
315,000‌
324‌
Royal
Caribbean
Cruises,
11.625%,
8/15/27  (1)
685,000‌
683‌
Service
Properties
Trust,
4.35%,
10/1/24 
1,465,000‌
1,331‌
Service
Properties
Trust,
7.50%,
9/15/25 
885,000‌
841‌
SRS
Distribution,
4.625%,
7/1/28  (1)
605,000‌
536‌
SRS
Distribution,
6.00%,
12/1/29  (1)
450,000‌
358‌
SRS
Distribution,
6.125%,
7/1/29  (1)
500,000‌
404‌
Stagwell
Global,
5.625%,
8/15/29  (1)
1,645,000‌
1,341‌
Surgery
Center
Holdings,
10.00%,
4/15/27  (1)
493,000‌
498‌
T-Mobile
USA,
3.50%,
4/15/31 
730,000‌
634‌
Tallgrass
Energy
Partners,
6.00%,
12/31/30  (1)
325,000‌
282‌
Tallgrass
Energy
Partners,
6.00%,
9/1/31  (1)
915,000‌
788‌
Tallgrass
Energy
Partners,
7.50%,
10/1/25  (1)
695,000‌
701‌
Tenet
Healthcare,
6.125%,
10/1/28  (1)
1,870,000‌
1,674‌
TI
Automotive
Finance,
3.75%,
4/15/29
(EUR)  (1)
880,000‌
695‌
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
32
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Townsquare
Media,
6.875%,
2/1/26  (1)
2,165,000‌
1,927‌
Triton
Water
Holdings,
6.25%,
4/1/29  (1)
775,000‌
622‌
United
Airlines,
4.375%,
4/15/26  (1)
720,000‌
664‌
United
Airlines,
4.625%,
4/15/29  (1)
1,230,000‌
1,070‌
Univision
Communications,
7.375%,
6/30/30  (1)
1,225,000‌
1,170‌
Venture
Global
Calcasieu
Pass,
3.875%,
8/15/29  (1)
495,000‌
431‌
Venture
Global
Calcasieu
Pass,
3.875%,
11/1/33  (1)
1,015,000‌
825‌
Venture
Global
Calcasieu
Pass,
4.125%,
8/15/31  (1)
620,000‌
525‌
Vistra,
VR,
7.00%  (1)(2)(3)
420,000‌
385‌
Vistra,
VR,
8.00%  (1)(2)(3)
845,000‌
809‌
99,231‌
Municipal
Securities
0.5%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43  (8)(9)
2,856,203‌
1,249‌
1,249‌
Total
United
States
(Cost
$139,939
)
124,704‌
SHORT-TERM
INVESTMENTS
3.0%
Money
Market
Funds
3.0%
T.
Rowe
Price
Government
Reserve
Fund,
4.30%  (10)(11)
7,921,957‌
7,922‌
Total
Short-Term
Investments
(Cost
$7,922)
7,922‌
Total
Investments
in
Securities
98.9%
of
Net
Assets
(Cost
$296,662)
$
257,332‌
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Par/Shares
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$131,777
and
represents
50.7%
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)
Perpetual
security
with
no
stated
maturity
date.
(4)
Bank
loan
positions
may
involve
multiple
underlying
tranches.
In
those
instances,
the
position
presented
reflects
the
aggregate
of
those
respective
underlying
tranches
and
the
rate
presented
reflects
the
weighted
average
rate
of
the
settled
positions.
(5)
All
or
a
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitment
at
December
31,
2022,
was
$117
and
was
valued
at
$106
(0.0%
of
net
assets).
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
33
.
.
.
.
.
.
.
.
.
.
(6)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(7)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(8)
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.
(9)
Non-income
producing
(10)
Seven-day
yield
(11)
Affiliated
Companies
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
EURIBOR
Three
month
EURIBOR
(Euro
interbank
offered
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
6M
USD
LIBOR
Six
month
USD
LIBOR
(London
interbank
offered
rate)
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GO
General
Obligation
PIK
Payment-in-kind
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.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
34
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
1/31/23
USD
462‌
EUR
436‌
$
(5‌)
Deutsche
Bank
1/31/23
USD
50,440‌
EUR
48,324‌
(1,405‌)
Deutsche
Bank
1/31/23
USD
13,034‌
GBP
10,777‌
(6‌)
HSBC
Bank
1/31/23
GBP
284‌
USD
341‌
3‌
HSBC
Bank
1/31/23
USD
1,524‌
EUR
1,440‌
(21‌)
JPMorgan
Chase
1/31/23
EUR
2,275‌
USD
2,398‌
42‌
JPMorgan
Chase
1/31/23
USD
178‌
EUR
168‌
(2‌)
Morgan
Stanley
1/31/23
GBP
33‌
USD
39‌
—‌
Morgan
Stanley
1/31/23
USD
1,908‌
EUR
1,789‌
(11‌)
State
Street
1/31/23
EUR
71‌
USD
75‌
—‌
State
Street
1/31/23
USD
1,688‌
EUR
1,585‌
(12‌)
UBS
Investment
Bank
1/31/23
GBP
853‌
USD
1,026‌
7‌
UBS
Investment
Bank
1/31/23
USD
1,953‌
EUR
1,841‌
(22‌)
UBS
Investment
Bank
1/31/23
USD
518‌
GBP
420‌
10‌
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(1,422‌)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
35
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
year
ended
December
31,
2022.
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,
4.30%
$
—‌#
$
—‌
$
129‌+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/21
Purchase
Cost
Sales
Cost
Value
12/31/22
T.
Rowe
Price
Government
Reserve
Fund,
4.30%
$
10,820‌
 ¤
  ¤
$
7,922‌^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$129
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
$7,922.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
December
31,
2022
Statement
of
Assets
and
Liabilities
36
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$296,662)
$
257,332‌
Interest
receivable
4,170‌
Restricted
cash
pledged
for
bilateral
derivatives
1,150‌
Receivable
for
investment
securities
sold
713‌
Foreign
currency
(cost
$80)
80‌
Unrealized
gain
on
forward
currency
exchange
contracts
62‌
Receivable
for
shares
sold
20‌
Due
from
affiliates
3‌
Other
assets
55‌
Total
assets
263,585‌
Liabilities
Unrealized
loss
on
forward
currency
exchange
contracts
1,484‌
Payable
for
shares
redeemed
1,357‌
Investment
management
fees
payable
125‌
Other
liabilities
553‌
Total
liabilities
3,519‌
NET
ASSETS
$
260,066‌
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
December
31,
2022
Statement
of
Assets
and
Liabilities
37
($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)
$
(71,609‌)
Paid-in
capital
applicable
to
32,658,411
shares
of
$0.01
par
value
capital
stock
outstanding;
18,000,000,000
shares
of
the
Corporation
authorized
331,675‌
NET
ASSETS
$
260,066‌
NET
ASSET
VALUE
PER
SHARE
Investor
Class
($56,170,503
/
7,049,544
shares
outstanding)
$
7.97‌
Advisor
Class
($330,815
/
41,492
shares
outstanding)
$
7.97‌
I
Class
($203,564,986
/
25,567,375
shares
outstanding)
$
7.96‌
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Statement
of
Operations
38
($000s)
Year
Ended
12/31/22
Investment
Income
(Loss)
Income
    Interest
$
17,547‌
Dividend
204‌
Total
income
17,751‌
Expenses
Investment
management
1,566‌
Shareholder
servicing
Investor
Class
$
185‌
Advisor
Class
1‌
I
Class
18‌
204‌
Rule
12b-1
fees
Advisor
Class
1‌
Prospectus
and
shareholder
reports
Investor
Class
15‌
I
Class
4‌
19‌
Custody
and
accounting
217‌
Registration
73‌
Legal
and
audit
39‌
Directors
1‌
Miscellaneous
16‌
Waived
/
paid
by
Price
Associates
(327‌)
Total
expenses
1,809‌
Net
investment
income
15,942‌
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Statement
of
Operations
39
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
12/31/22
Realized
and
Unrealized
Gain
/
Loss
Net
realized
gain
(loss)
Securities
(24,096‌)
Swaps
(106‌)
Forward
currency
exchange
contracts
7,652‌
Foreign
currency
transactions
(146‌)
Net
realized
loss
(16,696‌)
Change
in
net
unrealized
gain
/
loss
Securities
(37,399‌)
Swaps
(4‌)
Forward
currency
exchange
contracts
(873‌)
Other
assets
and
liabilities
denominated
in
foreign
currencies
42‌
Change
in
net
unrealized
gain
/
loss
(38,234‌)
Net
realized
and
unrealized
gain
/
loss
(54,930‌)
DECREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
(38,988‌)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Statement
of
Changes
in
Net
Assets
40
($000s)
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/22
12/31/21
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
15,942‌
$
11,689‌
Net
realized
gain
(loss)
(16,696‌)
10,014‌
Change
in
net
unrealized
gain
/
loss
(38,234‌)
(14,529‌)
Increase
(decrease)
in
net
assets
from
operations
(38,988‌)
7,174‌
Distributions
to
shareholders
Net
earnings
Investor
Class
(5,989‌)
(6,559‌)
Advisor
Class
(36‌)
(37‌)
I
Class
(19,962‌)
(7,153‌)
Decrease
in
net
assets
from
distributions
(25,987‌)
(13,749‌)
Capital
share
transactions
*
Shares
sold
Investor
Class
34,607‌
50,553‌
Advisor
Class
–‌
5‌
I
Class
165,150‌
115,132‌
Distributions
reinvested
Investor
Class
5,406‌
5,650‌
Advisor
Class
36‌
37‌
I
Class
16,795‌
6,762‌
Shares
redeemed
Investor
Class
(89,946‌)
(47,445‌)
Advisor
Class
(221‌)
(246‌)
I
Class
(97,224‌)
(38,292‌)
Increase
in
net
assets
from
capital
share
transactions
34,603‌
92,156‌
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Statement
of
Changes
in
Net
Assets
41
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/22
12/31/21
Net
Assets
Increase
(decrease)
during
period
(30,372‌)
85,581‌
Beginning
of
period
290,438‌
204,857‌
End
of
period
$
260,066‌
$
290,438‌
*Share
information
(000s)
Shares
sold
Investor
Class
4,028‌
4,962‌
I
Class
18,047‌
11,361‌
Distributions
reinvested
Investor
Class
643‌
558‌
Advisor
Class
4‌
4‌
I
Class
2,009‌
670‌
Shares
redeemed
Investor
Class
(9,945‌)
(4,673‌)
Advisor
Class
(25‌)
(24‌)
I
Class
(11,324‌)
(3,784‌)
Increase
in
shares
outstanding
3,437‌
9,074‌
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
NOTES
TO
FINANCIAL
STATEMENTS
42
T.
Rowe
Price
International
Funds,
Inc.
(the
corporation) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Global
High
Income
Bond
Fund
(the
fund)
is a
diversified,
open-end
management
investment
company
established
by
the
corporation. The
fund
seeks
high
income
and,
secondarily,
capital
appreciation.
The
fund
has
three classes
of
shares:
the
Global
High
Income
Bond
Fund
(Investor
Class),
the
Global
High
Income
Bond
Fund–Advisor
Class
(Advisor
Class)
and
the
Global
High
Income
Bond
Fund–I
Class
(I
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.
Prior
to
November
15,
2021,
the
initial
investment
minimum
was
$1
million
and
was
generally
waived
for
financial
intermediaries,
eligible
retirement
plans,
and
other
certain
accounts.
As
a
result
of
the
reduction
in
the
I
Class
minimum,
certain
assets
transferred
from
the
Investor
Class
to
the
I
Class.
This
transfer
of
shares
from
Investor
Class
to
I
Class
is
reflected
in
the
Statement
of
Changes
in
Net
Assets
within
the
Capital
shares
transactions
as
Shares
redeemed
and
Shares
sold,
respectively.
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
and
I
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.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
43
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
on
the
identified
cost
basis.
Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes.
Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense.
Dividends
received
from
mutual
fund
investments
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.
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
4
p.m.
ET,
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
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.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
44
New
Accounting
Guidance
 In
June
2022,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2022-03,
Fair
Value
Measurement
(Topic
820)
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions,
which
clarifies
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
is
not
considered
in
measuring
fair
value.
The
amendments
under
this
ASU
are
effective
for
fiscal
years
beginning
after
December
15,
2023;
however,
the
fund
opted
to
early
adopt,
as
permitted,
effective
December
1,
2022. Adoption
of
the
guidance
did not
have
a
material
impact
on
the fund's
financial  statements.
The
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2020–04,
Reference
Rate
Reform
(Topic
848) –
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting
in
March
2020
and
ASU
2021-01
in
January
2021
which
provided
further
amendments
and
clarifications
to
Topic
848.
These
ASUs provide
optional,
temporary
relief
with
respect
to
the
financial
reporting
of
contracts
subject
to
certain
types
of
modifications
due
to
the
planned
discontinuation
of
the
London
Interbank
Offered
Rate
(LIBOR),
and
other
interbank-offered
based
reference
rates,
through December
31,
2022.
In
December,
2022,
FASB
issued
ASU
2022-06
which
defers
the
sunset
date
of
Topic
848
from
December
31,
2022,
to
December
31,
2024,
after
which
entities
will
no
longer
be
permitted
to
apply
the
relief
in
Topic
848.
Management
intends
to
rely
upon
the
relief
provided
under
Topic
848,
which
is
not
expected to
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
  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;
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
45
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
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.   
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
T.
ROWE
PRICE
Global
High
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Bond
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46
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
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.
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PRICE
Global
High
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47
Valuation
Inputs
  The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
December
31,
2022
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
NOTE
3
-
DERIVATIVE
INSTRUMENTS 
During
the
year ended
December
31,
2022,
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.
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
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—‌
$
225,186‌
$
—‌
$
225,186‌
Bank
Loans
—‌
23,110‌
462‌
23,572‌
Convertible
Preferred
Stocks
—‌
652‌
—‌
652‌
Short-Term
Investments
7,922‌
—‌
—‌
7,922‌
Total
Securities
7,922‌
248,948‌
462‌
257,332‌
Forward
Currency
Exchange
Contracts
—‌
62‌
—‌
62‌
Total
$
7,922‌
$
249,010‌
$
462‌
$
257,394‌
Liabilities
Forward
Currency
Exchange
Contracts
$
—‌
$
1,484‌
$
—‌
$
1,484‌
1
Includes
Convertible
Bonds,
Corporate
Bonds
and
Municipal
Securities.
T.
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Income
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Fund
48
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
December
31,
2022,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
year ended
December
31,
2022,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure: 
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value
Assets
Foreign
exchange
derivatives
Forwards
$
62‌
Total
$
62‌
Liabilities
Foreign
exchange
derivatives
Forwards
$
1,484‌
Total
$
1,484‌
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Counterparty
Risk
and
Collateral
 The
fund
invests
in
derivatives,
such
as
non-cleared
bilateral
swaps,
forward
currency
exchange
contracts,
and/or
OTC
options,
that
are
transacted
and
settle
directly
with
a
counterparty
(bilateral
derivatives),
and
thereby
may
expose
the
fund
to
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
govern
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
($000s)                                               
Location
of
Gain
(Loss)
on
Statement
of
Operations
Forward
Currency
Exchange
Contracts
Swaps
Total
Realized
Gain
(Loss)
Foreign
exchange
derivatives
$
7,652‌
$
—‌
$
7,652‌
Credit
derivatives
—‌
(106‌)
(106‌)
Total
$
7,652‌
$
(106‌)
$
7,546‌
Change
in
Unrealized
Gain
(Loss)
Foreign
exchange
derivatives
$
(873‌)
$
—‌
$
(873‌)
Credit
derivatives
—‌
(4‌)
(4‌)
Total
$
(873‌)
$
(4‌)
$
(877‌)
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net
termination
amount
determined.
ISDAs
typically
include
collateral
agreements
whereas
FX
letters
do
not.
Collateral
requirements
are
determined
daily
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
bilateral
derivatives
with
each
counterparty,
subject
to
minimum
transfer
amounts
that
typically
range
from
$100,000
to
$250,000.
Any
additional
collateral
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Collateral may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies,
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
or
received
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,
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
December
31,
2022,
cash of
$1,150,000
had
been
posted
by
the
fund
to
counterparties
for
bilateral
derivatives. As
of
December
31,
2022,
no
collateral
was
pledged
by
counterparties
to
the
fund
for
bilateral
derivatives.
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
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.
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
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reducing
the
fund’s
total
return;
and
the
potential
for
losses
in
excess
of
the
fund’s
initial
investment.
During
the
year ended
December
31,
2022,
the
volume
of
the
fund’s
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
between
22%
and
27%
of
net
assets.
Swaps
 The
fund
is
subject
to
credit
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
swap
contracts
to
help
manage
such
risk.
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
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.
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
in
the
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.
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. Risks
related
to
the
T.
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52
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.
During
the
year ended
December
31,
2022,
the
volume
of
the
fund’s
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
between
0%
and
2%
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.
Noninvestment-Grade
Debt
 The
fund
invests,
either
directly
or
through
its
investment
in
other
T.
Rowe
Price
funds,
in
noninvestment-grade
debt,
including
“high
yield”
or
“junk”
bonds
or
leveraged
loans.
Noninvestment-grade
debt
issuers
are
more
likely
to
suffer
an
adverse
change
in
financial
condition
that
would
result
in
the
inability
to
meet
a
financial
obligation.
The
noninvestment-grade
debt
market
may
experience
sudden
and
sharp
price
swings
due
to
a
variety
of
factors
that
may
decrease
the
ability
of
issuers
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to
make
principal
and
interest
payments
and
adversely
affect
the
liquidity
or
value,
or
both,
of
such
securities.
Accordingly,
securities
issued
by
such
companies
carry
a
higher
risk
of
default
and
should
be
considered
speculative. 
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.
Bank
Loans
 The
fund
invests
in
bank
loans,
which
represent
an
interest
in
amounts
owed
by
a
borrower
to
a
syndicate
of
lenders.
Bank
loans
are
generally
noninvestment
grade
and
often
involve
borrowers
whose
financial
condition
is
highly
leveraged.
The
fund
may
invest
in
fixed
and
floating
rate
loans,
which
may
include
senior
floating
rate
loans;
secured
and
unsecured
loans,
second
lien
or
more
junior
loans;
and
bridge
loans
or
bridge
facilities.
Certain
bank
loans
may
be
revolvers
which
are
a
form
of
senior
bank
debt,
where
the
borrower
can
draw
down
the
credit
of
the
revolver
when
it
needs
cash
and
repays
the
credit
when
the
borrower
has
excess
cash.
Certain
loans
may
be
“covenant-lite”
loans,
which
means
the
loans
contain
fewer
maintenance
covenants
than
other
loans
(in
some
cases,
none)
and
do
not
include
terms
which
allow
the
lender
to
monitor
the
performance
of
the
borrower
and
declare
a
default
if
certain
criteria
are
breached.
As
a
result
of
these
risks,
the
fund’s
exposure
to
losses
may
be
increased.
Bank
loans
may
be
in
the
form
of
either
assignments
or
participations.
A
loan
assignment
transfers
all
legal,
beneficial,
and
economic
rights
to
the
buyer,
and
transfer
typically
requires
consent
of
both
the
borrower
and
agent.
In
contrast,
a
loan
participation
generally
entitles
the
buyer
to
receive
the
cash
flows
from
principal,
interest,
and
any
fee
payments
on
a
portion
of
a
loan;
however,
the
seller
continues
to
hold
legal
title
to
that
portion
of
the
loan.
As
a
result,
the
buyer
of
a
loan
participation
generally
has
no
direct
recourse
against
the
borrower
and
is
exposed
to
credit
risk
of
both
the
borrower
and
seller
of
the
participation.
Bank
loans
often
have
extended
settlement
periods,
generally
may
be
repaid
at
any
time
at
the
option
of
the
borrower,
and
may
require
additional
principal
to
be
funded
at
the
borrowers’
discretion
at
a
later
date
(e.g.
unfunded
commitments
and
revolving
debt
instruments).
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
unfunded
loan
commitments.
The
fund
reflects
both
the
funded
portion
of
a
bank
loan
as
well
as
its
unfunded
commitment
in
the
Portfolio
of
Investments.
However,
if
a
credit
agreement
provides
no
initial
funding
of
a
tranche,
and
funding
of
the
full
commitment
at
a
future
date(s)
is
at
the
borrower’s
discretion
and
considered
uncertain,
a
loan
is
reflected
in
the
Portfolio
of
Investments
only
if,
and
only
to
the
extent
that,
the
fund
has
actually
settled
a
funding
commitment.
T.
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54
LIBOR
Transition
 The fund
may
invest
in
instruments
that
are
tied
to
reference
rates,
including
LIBOR.
Over
the
course
of
the
last
several
years,
global
regulators
have
indicated
an
intent
to
phase
out
the
use
of
LIBOR
and
similar
interbank
offered
rates
(IBOR).
While
publication
for
most
LIBOR
currencies
and
lesser-used
USD
LIBOR
settings
ceased
immediately
after
December
31,
2021,
remaining
USD
LIBOR
settings
will
continue
to
be
published
until
June
30,
2023.
There
remains
uncertainty
regarding
the
future
utilization
of
LIBOR
and
the
nature
of
any
replacement
rate.
Any
potential
effects
of
the
transition
away
from
LIBOR
on
the fund,
or
on
certain
instruments
in
which
the fund
invests,
cannot
yet
be
determined.
The
transition
process
may
result
in,
among
other
things,
an
increase
in
volatility
or
illiquidity
of
markets
for
instruments
that
currently
rely
on
LIBOR,
a
reduction
in
the
value
of
certain
instruments
held
by
the fund,
or
a
reduction
in
the
effectiveness
of
related
fund
transactions
such
as
hedges.
Any
such
effects
could
have
an
adverse
impact
on
the fund's
performance.
Other 
Purchases
and
sales
of
portfolio
securities
other
than
short-term securities
aggregated $155,958,000 and
$122,160,000,
respectively,
for
the
year ended
December
31,
2022.
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.
The fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required. The
fund’s
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
permanent
book/tax
adjustments
relate
primarily
to
the
character
of
market
discount
at
time
of
sale
and
the
character
of
net
currency
losses.
T.
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The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
At
December
31,
2022,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were
as
follows:
At
December
31,
2022,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales,
the
realization
of
gains/losses
on
certain
open
derivative
contracts,
and
the
recognition
of
market
discount
and
premium
amortization.
The
loss
carryforwards
and
deferrals
primarily
relate
to
capital
loss
carryforwards,
late-year
ordinary
loss
deferrals
and
straddle
deferrals.
Capital
loss
carryforwards
are
available
indefinitely
to
offset
future
realized
capital
gains.
($000s)
December
31,
2022
December
31,
2021
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
25,987‌
$
13,749‌
($000s)
Cost
of
investments
$
296,369‌
Unrealized
appreciation
$
1,156‌
Unrealized
depreciation
(39,918‌)
Net
unrealized
appreciation
(depreciation)
$
(38,762‌)
($000s)
Overdistributed
ordinary
income
$
(65‌)
Net
unrealized
appreciation
(depreciation)
(38,762‌)
Loss
carryforwards
and
deferrals
(32,782‌)
Total
distributable
earnings
(loss)
$
(71,609‌)
T.
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PRICE
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High
Income
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NOTE
6
-
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
0.27%
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
0.260%
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
December
31,
2022,
the
effective
annual
group
fee
rate
was
0.29%.
The Investor Class
and Advisor Class
are
each
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
dates
indicated
in
the
table
below.
During
the
limitation
period,
Price
Associates
is
required
to
waive
its
management
fee
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
T.
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PRICE
Global
High
Income
Bond
Fund
57
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.
Pursuant
to
these
agreements,
expenses
were
waived/paid
by
and/or
repaid
to
Price
Associates
during
the
year ended December
31,
2022
as
indicated
in
the
table
below.
Including these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $810,000 remain
subject
to
repayment
by
the
fund
at
December
31,
2022.
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
year ended
December
31,
2022,
expenses
incurred
pursuant
to
these
service
agreements
were
$102,000 for
Price
Associates;
$136,000 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.
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
Investor
Class
Advisor
Class
I
Class
Expense
limitation/I
Class
Limit
0.75%
0.96%
0.05%
Expense
limitation
date
04/30/24
04/30/24
04/30/24
(Waived)/repaid
during
the
period
($000s)
$(150)
$(1)
$(176)
T.
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PRICE
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Income
Bond
Fund
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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.
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
year ended
December
31,
2022,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
7
-
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
T.
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PRICE
Global
High
Income
Bond
Fund
59
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
of
T.
Rowe
Price
International
Funds,
Inc.
and
Shareholders
of
T.
Rowe
Price
Global
High
Income
Bond
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
Global
High
Income
Bond
Fund
(one
of
the
funds
constituting
T.
Rowe
Price
International
Funds,
Inc.,
referred
to
hereafter
as
the
"Fund")
as
of
December
31,
2022,
the
related
statement
of
operations
for
the
year
ended
December
31,
2022,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2022
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2022,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2022
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2022
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
60
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2022
by
correspondence
with
the
custodians,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.   
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
February
16,
2023
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
61
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 12/31/22
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
The
fund’s
distributions
to
shareholders
included
$10,046,000
from
short-term
capital
gains. 
For
taxable
non-corporate
shareholders,
$190,000 of
the
fund's
income
represents
qualified
dividend
income
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
corporate
shareholders,
$75,000
of
the
fund's
income
qualifies
for
the
dividends-
received
deduction.  
For
shareholders
subject
to
interest
expense
deduction
limitation
under
Section
163(j), $14,800,000 of
the
fund’s
income
qualifies
as
a
Section
163(j)
interest
dividend
and
can
be
treated
as
interest
income
for
purposes
of
Section
163(j),
subject
to
holding
period
requirements
and
other
limitations.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
62
INFORMATION
ON
PROXY
VOTING
POLICIES,
PROCEDURES,
AND
RECORDS
A
description
of
the
policies
and
procedures
used
by
T.
Rowe
Price
funds
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
in
each
fund’s
Statement
of
Additional
Information.
You
may
request
this
document
by
calling
1-800-225-5132
or
by
accessing
the
SEC’s
website,
sec.gov.
The
description
of
our
proxy
voting
policies
and
procedures
is
also
available
on
our
corporate
website.
To
access
it,
please
visit
the
following
Web
page:
https://www.troweprice.com/corporate/us/en/utility/policies.html
Scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Guidelines.”
Click
on
the
links
in
the
shaded
box.
Each
fund’s
most
recent
annual
proxy
voting
record
is
available
on
our
website
and
through
the
SEC’s
website.
To
access
it
through
T.
Rowe
Price,
visit
the
website
location
shown
above,
and
scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Records.”
Click
on
the
Proxy
Voting
Records
link
in
the
shaded
box.
HOW
TO
OBTAIN
QUARTERLY
PORTFOLIO
HOLDINGS
The
fund
files
a
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
fund’s
reports
on
Form
N-PORT
are
available
electronically
on
the
SEC’s
website
(sec.gov).
In
addition,
most
T.
Rowe
Price
funds
disclose
their
first
and
third
fiscal
quarter-end
holdings
on
troweprice.com
.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
63
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
In
accordance
with
Rule
22e-4
(Liquidity
Rule)
under
the
Investment
Company
Act
of
1940,
as
amended,
the
fund
has
established
a
liquidity
risk
management
program
(Liquidity
Program)
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk,
which
generally
represents
the
risk
that
the
fund
would
not
be
able
to
meet
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
fund.
The
fund’s
Board
of
Directors
(Board)
has
appointed
the
fund’s
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
the
administrator
of
the
Liquidity
Program.
As
administrator,
the
Adviser
is
responsible
for
overseeing
the
day-to-day
operations
of
the
Liquidity
Program
and,
among
other
things,
is
responsible
for
assessing,
managing,
and
reviewing
with
the
Board
at
least
annually
the
liquidity
risk
of
each
T.
Rowe
Price
fund.
The
Adviser
has
delegated
oversight
of
the
Liquidity
Program
to
a
Liquidity
Risk
Committee
(LRC),
which
is
a
cross-functional
committee
composed
of
personnel
from
multiple
departments
within
the
Adviser.
The
Liquidity
Program’s
principal
objectives
include
supporting
the
T.
Rowe
Price
funds’
compliance
with
limits
on
investments
in
illiquid
assets
and
mitigating
the
risk
that
the
fund
will
be
unable
to
timely
meet
its
redemption
obligations.
The
Liquidity
Program
also
includes
a
number
of
elements
that
support
the
management
and
assessment
of
liquidity
risk,
including
an
annual
assessment
of
factors
that
influence
the
fund’s
liquidity
and
the
periodic
classification
and
reclassification
of
a
fund’s
investments
into
categories
that
reflect
the
LRC’s
assessment
of
their
relative
liquidity
under
current
market
conditions.
Under
the
Liquidity
Program,
every
investment
held
by
the
fund
is
classified
at
least
monthly
into
one
of
four
liquidity
categories
based
on
estimations
of
the
investment’s
ability
to
be
sold
during
designated
time
frames
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
As
required
by
the
Liquidity
Rule,
at
a
meeting
held
on
July
25,
2022,
the
Board
was
presented
with
an
annual
assessment
prepared
by
the
LRC,
on
behalf
of
the
Adviser,
that
addressed
the
operation
of
the
Liquidity
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
any
material
changes
to
the
Liquidity
Program
and
the
determination
of
each
fund’s
Highly
Liquid
Investment
Minimum
(HLIM).
The
annual
assessment
included
consideration
of
the
following
factors,
as
applicable:
the
fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
normal
and
reasonably
foreseeable
stressed
conditions,
including
whether
the
investment
strategy
is
appropriate
for
an
open-end
fund,
the
extent
to
which
the
strategy
involves
a
relatively
concentrated
portfolio
or
large
positions
in
particular
issuers,
and
the
use
of
borrowings
for
investment
purposes
and
derivatives;
short-term
and
long-term
cash
flow
projections
covering
both
normal
and
reasonably
foreseeable
stressed
conditions;
and
holdings
of
cash
and
cash
equivalents,
as
well
as
available
borrowing
arrangements.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
64
For
the
fund
and
other
T.
Rowe
Price
funds,
the
annual
assessment
incorporated
a
report
related
to
a
fund’s
holdings,
shareholder
and
portfolio
concentration,
any
borrowings
during
the
period,
cash
flow
projections,
and
other
relevant
data
for
the
period
of
April
1,
2021,
through
March
31,
2022.
The
report
described
the
methodology
for
classifying
a
fund’s
investments
(including
any
derivative
transactions)
into
one
of
four
liquidity
categories,
as
well
as
the
percentage
of
a
fund’s
investments
assigned
to
each
category.
It
also
explained
the
methodology
for
establishing
a
fund’s
HLIM
and
noted
that
the
LRC
reviews
the
HLIM
assigned
to
each
fund
no
less
frequently
than
annually.
During
the
period
covered
by
the
annual
assessment,
the
LRC
has
concluded,
and
reported
to
the
Board,
that
the
Liquidity
Program
continues
to
operate
adequately
and
effectively
and
is
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk.
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
(continued)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
65
ABOUT
THE
FUND'S
DIRECTORS
AND
OFFICERS
Your
fund
is
overseen
by
a
Board
of
Directors
(Board)
that
meets
regularly
to
review
a
wide
variety
of
matters
affecting
or
potentially
affecting
the
fund,
including
performance,
investment
programs,
compliance
matters,
advisory
fees
and
expenses,
service
providers,
and
business
and
regulatory
affairs.
The
Board
elects
the
fund’s
officers,
who
are
listed
in
the
final
table.
The
directors
who
are
also
employees
or
officers
of
T.
Rowe
Price
are
considered
to
be
“interested”
directors
as
defined
in
Section
2(a)(19)
of
the
1940
Act
because
of
their
relationships
with
T.
Rowe
Price
and
its
affiliates.
The
business
address
of
each
director
and
officer
is
100
East
Pratt
Street,
Baltimore,
Maryland
21202.
The
Statement
of
Additional
Information
includes
additional
information
about
the
fund
directors
and
is
available
without
charge
by
calling
a
T.
Rowe
Price
representative
at
1-800-638-5660.
INDEPENDENT
DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Teresa
Bryce
Bazemore
(1959)
2018
[205]
President
and
Chief
Executive
Officer,
Federal
Home
Loan
Bank
of
San
Francisco
(2021
to
present);
President,
Radian
Guaranty
(2008
to
2017);
Chief
Executive
Officer,
Bazemore
Consulting
LLC
(2018
to
2021);
Director,
Chimera
Investment
Corporation
(2017
to
2021);
Director,
First
Industrial
Realty
Trust
(2020
to
present);
Director,
Federal
Home
Loan
Bank
of
Pittsburgh
(2017
to
2019)
Ronald
J.
Daniels
(b)
(1959)
2018
[0]
President,
The
Johns
Hopkins
University
and
Professor,
Political
Science
Department,
The
Johns
Hopkins
University
(2009
to
present);
Director,
Lyndhurst
Holdings
(2015
to
present);
Director,
BridgeBio
Pharma,
Inc.
(2020
to
present)
Bruce
W.
Duncan
(1951)
2013
[205]
President,
Chief
Executive
Officer,
and
Director,
CyrusOne,
Inc.
(2020
to
2021);
Chief
Executive
Officer
and
Director
(2009
to
2016),
Chair
of
the
Board
(2016
to
2020),
and
President
(2009
to
2016),
First
Industrial
Realty
Trust,
owner
and
operator
of
industrial
properties;
Chair
of
the
Board
(2005
to
2016)
and
Director
(1999
to
2016),
Starwood
Hotels
&
Resorts,
a
hotel
and
leisure
company;
Member,
Investment
Company
Institute
Board
of
Governors
(2017
to
2019);
Member,
Independent
Directors
Council
Governing
Board
(2017
to
2019);
Senior
Advisor,
KKR
(2018
to
present);
Director,
Boston
Properties
(2016
to
present);
Director,
Marriott
International,
Inc.
(2016
to
2020)
Robert
J.
Gerrard,
Jr.
(1952)
2012
[205]
Advisory
Board
Member,
Pipeline
Crisis/Winning
Strategies,
a
collaborative
working
to
improve
opportunities
for
young
African
Americans
(1997
to
2016);
Chair
of
the
Board,
all
funds
(July
2018
to
present)
T.
ROWE
PRICE
Global
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66
INTERESTED  DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Paul
F.
McBride
(1956)
2013
[205]
Advisory
Board
Member,
Vizzia
Technologies
(2015
to
present);
Board
Member,
Dunbar
Armored
(2012
to
2018)
Kellye
L.
Walker
(c)
(1966)
2021
[205]
Executive
Vice
President
and
Chief
Legal
Officer,
Eastman
Chemical
Company
(April
2020
to
present);
Executive
Vice
President
and
Chief
Legal
Officer,
Huntington
Ingalls
Industries,
Inc.
(January
2015
to
March
2020);
Director,
Lincoln
Electric
Company
(October
2020
to
present)
(a)
All
information
about
the
independent
directors
was
current
as
of
December
31,
2021,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
(b)
Effective
April
27,
2022,
Mr.
Daniels
resigned
from
his
role
as
an
independent
director
of
the
Price
Funds.
(c)
Effective
November
8,
2021,
Ms.
Walker
was
appointed
as
an
independent
director
of
the
Price
Funds.
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
David
Oestreicher
(1967)
2018
[205]
Director,
Vice
President,
and
Secretary,
T.
Rowe
Price,
T.
Rowe
Price
Investment
Services,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
and
T.
Rowe
Price
Services,
Inc.;
Director
and
Secretary,
T.
Rowe
Price
Investment
Management,
Inc.
(Price
Investment
Management);
Vice
President
and
Secretary,
T.
Rowe
Price
International
(Price
International);
Vice
President,
T.
Rowe
Price
Hong
Kong
(Price
Hong
Kong),
T. Rowe
Price
Japan
(Price
Japan),
and
T.
Rowe
Price
Singapore
(Price
Singapore);
General
Counsel,
Vice
President,
and
Secretary,
T.
Rowe
Price
Group,
Inc.;
Chair
of
the
Board,
Chief
Executive
Officer,
President,
and
Secretary,
T.
Rowe
Price
Trust
Company;
Principal
Executive
Officer
and
Executive
Vice
President,
all
funds
Robert
W.
Sharps,
CFA,
CPA
(b)
(1971)
2017
[0]
Director
and
Vice
President,
T.
Rowe
Price;
Director,
Price
Investment
Management;
Chief
Executive
Officer
and
President,
T.
Rowe
Price
Group,
Inc.;
Vice
President,
T.
Rowe
Price
Trust
Company;
Vice
President,
International
Funds
INDEPENDENT
DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
67
OFFICERS
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Eric
L.
Veiel,
CFA
(1972)
2022
[205]
Director
and
Vice
President,
T.
Rowe
Price;
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
(a)
All
information
about
the
interested
directors
was
current
as
of
January
1,
2022,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
(b)
Effective
February
3,
2022,
Mr.
Sharps
resigned
from
his
role
as
an
interested
director
of
the
Price
Funds.
Name
(Year
of
Birth)
Position
Held
With
International
Funds
Principal
Occupation(s) 
Mariel
Abreu
(1981)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Jason Adams
(1979)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Ulle
Adamson,
CFA
(1979)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Roy
H.
Adkins
(1970)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Syed
H.
Ali
(1970)
Vice
President
Vice
President,
Price
Hong
Kong,
Price
Singapore,
and
T.
Rowe
Price
Group,
Inc.
Kennard
W.
Allen
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Paulina
Amieva
(1981)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Malik
S.
Asif
(1981)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Ziad
Bakri,
M.D.,
CFA
(1980)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Harishankar
Balkrishna
(1983)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Sheena
L.
Barbosa
(1983)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
INTERESTED  DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
68
Name
(Year
of
Birth)
Position
Held
With
International
Funds
Principal
Occupation(s) 
Jason
A.
Bauer
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Luis
M.
Baylac
(1982)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
R.
Scott
Berg,
CFA
(1972)
Executive
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Steven
E.
Boothe,
CFA
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Peter
I.
Botoucharov
(1965)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Tala
Boulos
(1984)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Christopher
P.
Brown, CFA
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Armando
(Dino)
Capasso
(1974)
Chief
Compliance
Officer
Chief
Compliance
Officer
and
Vice
President,
T.
Rowe
Price
and
Price
Investment
Management;
Vice
President,
T.
Rowe
Price
Group,
Inc.;
formerly,
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
AST
Investment
Services,
Inc.
(ASTIS)
(to
2022);
Chief
Compliance
Officer,
PGIM
Retail
Funds
complex
and
Prudential
Insurance
Funds
(to
2022);
Vice
President
and
Deputy
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
ASTIS
(to
2019);
Senior
Vice
President
and
Senior
Counsel,
Pacific
Investment
Management
Company
LLC
(to
2017) 
Shiu
Tak
(Sheldon)
Chan
(1981)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Andrew
Chang
(1983)
Vice
President
Vice
President,
Price
Singapore
and
T.
Rowe
Price
Group,
Inc.
Carolyn
Hoi
Che
Chu
(1974)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Vincent
Chung
(1988)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International;
formerly,
Investment
Analyst/Trader,
Observatory
Capital
Management
LLP
(to
2019)
Archibald
Ciganer,
CFA
(1976)
Executive
Vice
President
Director
and
Vice
President,
Price
Japan;
Vice
President,
T.
Rowe
Price
Group,
Inc.
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
OFFICERS
(CONTINUED)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
69
Name
(Year
of
Birth)
Position
Held
With
International
Funds
Principal
Occupation(s) 
Richard
N.
Clattenburg,
CFA
(1979)
Executive
Vice
President
Vice
President,
Price
Singapore,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
Price
International,
and
T.
Rowe
Price
Trust
Company
Michael
F.
Connelly,
CFA
(1977)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Richard
de
los
Reyes
(1975)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Michael
Della
Vedova
(1969)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Iona
Dent,
CFA
(1991)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International;
formerly,
Associate,
Equity
Research,
Deutsche
Bank
(to
2018)
Maria
Elena
Drew
(1973)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Shawn
T.
Driscoll
(1975)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Alan
S.
Dupski,
CPA
(1982)
Principal
Financial
Officer,
Vice
President,
and
Treasurer
Vice
President,
Price
Investment
Management,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Bridget
A.
Ebner
(1970)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
David
J.
Eiswert,
CFA
(1972)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Dawei
Feng
(1979)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.; formerly,
Head
of
China
Consumer
in
Equity
Research,
Credit  Lyonnais
Asia-Pacific
(to
2018)
Ryan
W.
Ferro
(1985)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Mark
S.
Finn,
CFA,
CPA
(1963)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Quentin
S.
Fitzsimmons
(1968)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Justin
T.
Gerbereux,
CFA
(1975)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Aaron
Gifford,
CFA
(1987)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
OFFICERS
(CONTINUED)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
70
Name
(Year
of
Birth)
Position
Held
With
International
Funds
Principal
Occupation(s) 
Vishnu
V.
Gopal
(1979)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Joel
Grant
(1978)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Gary
J.
Greb
(1961)
Vice
President
Vice
President,
Price
Investment
Management,
T.
Rowe
Price,
Price
International,
and
T.
Rowe
Price
Trust
Company
Benjamin
Griffiths,
CFA
(1977)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Gianluca
Guicciardi
(1983)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Shaoyu
Guo
(1992)
Vice
President
Vice
President,
Price
Hong
Kong;
formerly,
Economist,
J.P.
Morgan
(to
2020)
Richard
L.
Hall
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Cheryl
Hampton,
CPA
(1969)
Vice
President
Vice
President,
T.
Rowe
Price;
formerly,
Tax
Director,
Invesco
Ltd.
(to
2021);
Vice
President,
Oppenheimer
Funds,
Inc.
(to
2019)
Nabil
Hanano,
CFA
(1984)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Jeffrey
Holford,
Ph.D.,
ACA
(1972)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.;
formerly,
Managing
Director,
Jeffries
Financial
Group
(to
2018)
Stefan
Hubrich,
Ph.D.,
CFA
(1974)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Arif
Husain,
CFA
(1972)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Tetsuji
Inoue
(1971)
Vice
President
Vice
President,
Price
Hong
Kong,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Michael Jacobs
(1971)
Vice
President
Vice
President,
Price
Japan,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Randal
S.
Jenneke
(1971)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.
Prashant
G.
Jeyaganesh
(1983)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Nina
P.
Jones,
CPA
(1980)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
OFFICERS
(CONTINUED)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
71
Name
(Year
of
Birth)
Position
Held
With
International
Funds
Principal
Occupation(s) 
Yoichiro
Kai
(1973)
Vice
President
Vice
President,
Price
Singapore,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Jacob
H.
Kann,
CFA
(1987)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Jai
Kapadia
(1982)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Andrew
J.
Keirle
(1974)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Benjamin
Kersse,
CPA
(1989)
Vice
President
Vice
President,
T.
Rowe
Price
Takanori
Kobayashi
(1981)
Vice
President
Vice
President,
Price
Japan,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Paul
J.
Krug,
CPA
(1964)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Christopher
J.
Kushlis,
CFA
(1976)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Shengrong
Lau
(1982)
Vice
President
Vice
President,
Price
Singapore
and
T.
Rowe
Price
Group,
Inc.
Lu
Liu
(1979)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Johannes
Loefstrand
(1988)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Anh Lu
(1968)
Executive
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Sebastien
Mallet
(1974)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Jennifer Martin
(1972)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Ryan
Martyn
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Colin
McQueen
(1967)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International;
formerly,
Senior
Investment
Manager,
Global
Equities,
Sanlam
FOUR
Investments
UK
Limited
(to
2019)
Raymond
A.
Mills,
Ph.D.,
CFA
(1960)
Executive
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
Price
International,
and
T.
Rowe
Price
Trust
Company
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
OFFICERS
(CONTINUED)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
72
Name
(Year
of
Birth)
Position
Held
With
International
Funds
Principal
Occupation(s) 
Jihong
Min
(1979)
Executive
Vice
President
Vice
President,
Price
Singapore
and
T.
Rowe
Price
Group,
Inc.
Eric
C.
Moffett
(1974)
Executive
Vice
President
Vice
President,
Price
Singapore
and
T.
Rowe
Price
Group,
Inc.
Ivan
Morozov,
CFA
(1987)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Samy
B.
Muaddi,
CFA
(1984)
Executive
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Tobias
F. Mueller,
CFA
(1980)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Razan
Nasser
(1985)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International;
formerly,
Senior
Economist,
HSBC
Bank
Middle
East
Ltd
(to
2019)
Philip
A.
Nestico
(1976)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Sridhar
Nishtala
(1975)
Vice
President
Director
and
Vice
President,
Price
Singapore;
Vice
President,
T.
Rowe
Price
Group,
Inc.
Kenneth
A.
Orchard
(1975)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Oluwaseun Oyegunle,
CFA
(1984)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Fran
M.
Pollack-Matz
(1961)
Vice
President
and
Secretary 
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
T.
Rowe
Price
Investment
Services,
Inc.,
and
T.
Rowe
Price
Services,
Inc.
Shannon
H.
Rauser
(1987)
Assistant
Secretary 
Assistant
Vice
President,
T.
Rowe
Price
Todd
Reese
(1990)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Melanie
A.
Rizzo
(1982)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
David
L.
Rowlett,
CFA
(1975)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Federico
Santilli,
CFA
(1974)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Nikolaj
Schmidt
(1975)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and Price
International
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
OFFICERS
(CONTINUED)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
73
Name
(Year
of
Birth)
Position
Held
With
International
Funds
Principal
Occupation(s) 
Sebastian
Schrott
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Bin
Shen,
CFA
(1987)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
John
C.A.
Sherman
(1969)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Weijie
(Vivian)
Si
(1983)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Scott
D.
Solomon,
CFA
(1981)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Joshua
K.
Spencer,
CFA
(1973)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
David
Stanley
(1963)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Saurabh
Sud,
CFA
(1985)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.;
formerly,
Senior
Vice
President,
PIMCO
(to
2018)
Taymour
R.
Tamaddon,
CFA
(1976)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Ju
Yen
Tan
(1972)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Sin
Dee
Tan,
CFA
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Siby
Thomas
(1979)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Justin
Thomson
(1968)
President
Director,
Price
Hong
Kong;
Vice
President,
T.
Rowe
Price
Group,
Inc.;
Director
and
Vice
President,
Price
International
Willem
Visser
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Christopher Vost
(1989)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Zenon
Voyiatzis
(1971)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Verena
E.
Wachnitz,
CFA
(1978)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
OFFICERS
(CONTINUED)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
74
Name
(Year
of
Birth)
Position
Held
With
International
Funds
Principal
Occupation(s) 
Megan
Warren
(1968)
Vice
President
OFAC
Sanctions
Compliance
Officer
and
Vice
President,
Price
Investment
Management;
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
T.
Rowe
Price
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Hiroshi
Watanabe,
CFA
(1975)
Vice
President
Director
and
Vice
President,
Price
Japan;
Vice
President,
T.
Rowe
Price
Group,
Inc. 
James
Woodward,
CFA
(1974)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Marta
Yago
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Benjamin
T.
Yeagle
(1978)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Ernest
C.
Yeung,
CFA
(1979)
Executive
Vice
President
Director
and
Vice
President,
Price
Hong
Kong;
Vice
President,
T.
Rowe
Price
Group,
Inc.
Wenli
Zheng
(1979)
Executive
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
OFFICERS
(CONTINUED)
T.
Rowe
Price
Investment
Services,
Inc.
|
100
East
Pratt
Street
|
Baltimore,
MD
21202-1009
You
have
many
investment
goals.
Explore
products
and
services
that
can
help
you
achieve
them.
Whether
you
want
to
put
away
more
money
for
retirement,
for
a
child’s
education,
or
for
other
priorities,
we
have
solutions
for
you.
See
how
we
can
help
you
accomplish
the
investment
goals
that
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you.
RETIREMENT
IRAs:
Traditional,
Roth,
Rollover/Transfer,
or
Brokerage
Small
Business
Plans
help
minimize
taxes,
maximize
savings
T.
Rowe
Price
®
ActivePlus
Portfolios
1
for
online
investing
powered
by
experts
GENERAL
INVESTING
Individual
or
Joint
Tenant
Brokerage
2
offers
access
to
stocks,
ETFs,
bonds,
and
more
Gifts
and
transfers
to
a
child
(UGMA/UTMAs)
Trust
Transfer
on
Death
COLLEGE
SAVINGS
T.
Rowe
Price-managed
529
plans
offer
tax-
advantaged
solutions
for
families
saving
money
for
college
tuition
and
education-
related
expenses
Visit
troweprice.com/broadrange
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.
All
mutual
funds
are
subject
to
market
risk,
including
possible
loss
of
principal.
Investing
internationally
involves
special
risks
including
economic
and
political
uncertainty
and
currency
fluctuation.
1
The
T.
Rowe
Price
®
ActivePlus
Portfolios
is
a
discretionary
investment
management
program
provided
by
T.
Rowe
Price
Advisory
Services,
Inc.,
a
registered
investment
adviser
under
the
Investment
Advisers
Act
of
1940.
Brokerage
services
are
provided
by
T.
Rowe
Price
Investment
Services,
Inc.,
member
FINRA/SIPC.
Brokerage
accounts
are
carried
by
Pershing
LLC,
a
BNY
Mellon
Company,
member
NYSE/FINRA/SIPC.
T.
Rowe
Price
Advisory
Services,
Inc.,
and
T.
Rowe
Price
Investment
Services,
Inc.,
are
affiliated
companies.
2
Brokerage
services
are
provided
by
T.
Rowe
Price
Investment
Services,
Inc.,
member
FINRA/SIPC.
Brokerage
accounts
are
carried
by
Pershing
LLC,
a
BNY
Mellon
Company,
member
NYSE/FINRA/SIPC.
202302-2582594
F36-050
2/23


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

Not applicable.

Item 2.  Code of Ethics.

The registrant has adopted 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. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

Item 3.  Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Ms. Teresa Bryce Bazemore qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered independent for purposes of Item 3 of Form N-CSR.

Item 4.  Principal Accountant Fees and Services.

(a) – (d)  Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:

 

               

2022

           

2021

 
 

Audit Fees

   $ 36,495                          $ 35,530  
 

Audit-Related Fees

     -           -  
 

Tax Fees

     -           4,217  
 

All Other Fees

     -           -  

Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.

(e)(1)  The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

(2)  No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 


(f)  Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g)  The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

(h)  All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.

Item 5.  Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)  Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b)  Not applicable.

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.  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 11.  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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.   Exhibits.

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

    (2) 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.

    (3) Written solicitation to repurchase securities issued by closed-end companies: not applicable.

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

 


SIGNATURES

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

T. Rowe Price International Funds, Inc.

 

By  

/s/ David Oestreicher

  David Oestreicher
  Principal Executive Officer
Date       February 16, 2023

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

 

By  

/s/ David Oestreicher

  David Oestreicher
  Principal Executive Officer
Date       February 16, 2023

 

By  

/s/ Alan S. Dupski

  Alan S. Dupski
  Principal Financial Officer
Date       February 16, 2023