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

Income

Bond

Fund

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.

ROWE

PRICE

Global

High

Income

Bond

Fund

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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Bond

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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)

T.

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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

T.

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51

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

T.

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53

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.

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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)

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56

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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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)

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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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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

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Global

High

Income

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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.

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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

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Income

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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

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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

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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.

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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.

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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

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on

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COLLEGE

SAVINGS

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Rowe

Price-managed

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risks,

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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

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special

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1

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T.

Rowe

Price

®

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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