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: June 30, 2023

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Market

Commentary

Portfolio

Summary

Fund

Expense

Example

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

June

30,

2023

Semiannual

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

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

Most

major

global

stock

and

bond

indexes

produced

positive

returns

during

the

first

half

of

your

fund’s

fiscal

year,

the

six-month

period

ended

June

30,

2023.

Despite

turmoil

in

the

banking

sector

and

a

protracted

debt

ceiling

standoff,

markets

were

resilient

as

growth

remained

positive

in

the

major

economies

and

corporate

earnings

results

came

in

stronger

than

expected.

For

the

six-month

period,

the

technology-oriented

Nasdaq

Composite

Index

gained

more

than

30%,

the

strongest

result

of

the

major

benchmarks,

as

tech

companies

benefited

from

investor

enthusiasm

for

artificial

intelligence

applications.

Growth

stocks

outperformed

value

shares,

and

developed

market

stocks

generally

outpaced

their

emerging

market

counterparts.

Currency

movements

were

mixed

over

the

period,

although

a

weaker

dollar

versus

major

European

currencies

was

beneficial

for

U.S.

investors

in

European

securities.

Within

the

S&P

500

Index,

the

information

technology,

communication

services,

and

consumer

discretionary

sectors

were

all

lifted

by

the

tech

rally

and

recorded

significant

gains.

Conversely,

the

defensive

utilities

sector

had

the

weakest

returns

in

the

growth-focused

environment,

and

the

energy

sector

also

lost

ground

amid

declining

oil

prices.

The

financials

sector

partly

recovered

from

the

failure

of

three

large

regional

banks

during

the

period

but

still

finished

with

modest

losses.

Cheaper

oil

contributed

to

slowing

inflation,

although

core

inflation

readings—

which

exclude

volatile

food

and

energy

prices—remained

stubbornly

high.

In

response,

the

Federal

Reserve

raised

its

short-term

lending

benchmark

rate

to

a

target

range

of

5.00%

to

5.25%

by

early

May,

the

highest

level

since

2007.

The

Fed

held

rates

steady

at

its

June

meeting,

but

policymakers

indicated

that

two

more

rate

hikes

could

come

by

the

end

of

the

year.

In

the

fixed

income

market,

returns

were

generally

positive

across

most

sectors

as

investors

benefited

from

the

higher

interest

rates

that

have

become

available

over

the

past

year.

Investment-grade

corporate

bonds

were

supported

by

generally

solid

balance

sheets

and

were

among

the

strongest

performers.

Global

economies

and

markets

showed

surprising

resilience

in

recent

months,

but,

moving

into

the

second

half

of

2023,

we

believe

investors

could

face

potential

challenges.

The

impact

of

the

Fed’s

rate

hikes

has

yet

to

be

fully

felt

in

the

economy,

and

while

the

regional

banking

turmoil

appears

to

have

been

contained

by

the

swift

actions

of

regulators,

it

could

weigh

on

credit

conditions.

Moreover,

market

consensus

still

seems

to

point

to

a

coming

recession,

although

hopes

have

emerged

that

such

a

downturn

could

be

more

modest.

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

2

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.

You

may

notice

that

this

report

no

longer

contains

the

commentary

on

your

fund’s

performance

and

positioning

that

we

previously

included

in

the

semiannual

shareholder

letters.

The

Securities

and

Exchange

Commission

(SEC)

adopted

new

rules

in

January

that

will

require

fund

reports

to

transition

to

a

new

format

known

as

a

Tailored

Shareholder

Report.

This

change

will

require

a

much

more

concise

summary

of

performance

rather

than

the

level

of

detail

we

have

provided

historically

while

also

aiming

to

be

more

visually

engaging.

As

we

prepare

to

make

changes

to

the

annual

reports

to

meet

the

new

report

regulatory

requirements

by

mid-2024,

we

felt

the

time

was

right

to

discontinue

the

optional

six-month

semiannual

fund

letter

to

focus

on

the

changes

to

come.

While

semiannual

fund

letters

will

no

longer

be

produced,

you

may

continue

to

access

current

fund

information

as

well

as

insights

and

perspectives

from

our

investment

team

on

our

personal

investing

website.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

Portfolio

Summary

3

Note:

Copyright

©

2023

Fitch

Ratings,

Inc.,

Fitch

Ratings

Ltd.

and

its

subsidiaries.

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

CREDIT

QUALITY

DIVERSIFICATION

.....

Percent

of

Total

Assets

12/31/22

6/30/23

BBB/BB

Rated

and

Above

4.0‌%

3.9‌%

BB

Rated

23.2‌

27.0‌

BB/B

Rated

16.4‌

17.0‌

B

Rated

36.6‌

37.2‌

B/CCC

Rated

3.4‌

2.2‌

CCC

Rated

and

Below

10.9‌

9.2‌

Credit

Default

Swaps

0.0‌

0.0‌

Default

0.0‌

0.0‌

Equities

0.3‌

0.0‌

Not

Rated

2.6‌

2.0‌

Short-Term

Holdings*

2.6‌

1.5‌

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.

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

4

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

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.

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

5

PORTFOLIO

HIGHLIGHTS

TWENTY-FIVE

LARGEST

ISSUERS

Percent

of

Net

Assets

6/30/23

Petroleos

Mexicanos

2.5‌%

Ford

Motor

1.9‌ 

Venture

Global

1.7‌ 

Carnival

1.6‌ 

Charter

Communications

1.4‌ 

RCS

&

RDS

SA

1.2‌ 

Community

Health

Systems

1.2‌ 

Gruenenthal

1.1‌ 

Teva

Pharmaceutical

1.1‌ 

Hub

International

1.1‌ 

Occidental

Petroleum

1.0‌ 

Verisure

Midholding

1.0‌ 

Navient

1.0‌ 

BBVA

Bancomer

1.0‌ 

Globo

Comunicacao

1.0‌ 

Axian

Telecom

1.0‌ 

Hilcorp

Energy

1.0‌ 

Clear

Channel

Worldwide

0.9‌ 

Norwegian

Cruise

Lines

0.9‌ 

Crescent

Energy

Finance

0.9‌ 

Loxam

SAS

0.9‌ 

Goodyear

Tire

&

Rubber

0.9‌ 

Navacord

0.9‌ 

AES

0.9‌ 

Ferrellgas

0.9‌ 

Total

29.0‌%

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.

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

6

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.

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.

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

7

GLOBAL

HIGH

INCOME

BOND

FUND

Beginning

Account

Value

1/1/23

Ending

Account

Value

6/30/23

Expenses

Paid

During

Period*

1/1/23

to

6/30/23

Investor

Class

Actual

$1,000.00

$1,050.10

$3.81

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.08

  3.76

Advisor

Class

Actual

  1,000.00

  1,050.30

  4.88

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,020.03

  4.81

I

Class

Actual

  1,000.00

  1,052.20

  3.10

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.77

  3.06

*

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

(181),

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

(Unaudited)

Financial

Highlights

8

For

a

share

outstanding

throughout

each

period

Investor

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

7.97‌

$

9.94‌

$

10.17‌

$

10.17‌

$

9.45‌

$

10.32‌

Investment

activities

Net

investment

income

(1)(2)

0.27‌

0.48‌

0.47‌

0.54‌

0.56‌

0.58‌

Net

realized

and

unrealized

gain/loss

0.13‌

(1.64‌)

(0.16‌)

0.01‌

(3)

0.77‌

(0.75‌)

Total

from

investment

activities

0.40‌

(1.16‌)

0.31‌

0.55‌

1.33‌

(0.17‌)

Distributions

Net

investment

income

(0.27‌)

(0.49‌)

(0.46‌)

(0.55‌)

(0.56‌)

(0.59‌)

Net

realized

gain

—‌

(0.32‌)

(0.08‌)

—‌

(0.05‌)

(0.11‌)

Total

distributions

(0.27‌)

(0.81‌)

(0.54‌)

(0.55‌)

(0.61‌)

(0.70‌)

NET

ASSET

VALUE

End

of

period

$

8.10‌

$

7.97‌

$

9.94‌

$

10.17‌

$

10.17‌

$

9.45‌

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

(Unaudited)

Financial

Highlights

9

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

Ratios/Supplemental

Data

Total

return

(2)(4)

5.01‌%

(11.83‌)%

3.05‌%

5.86‌%

14.35‌%

(1.79‌)%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.95‌%

(5)

0.96‌%

0.90‌%

0.94‌%

0.96‌%

1.05‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.75‌%

(5)

0.75‌%

0.78‌%

0.79‌%

0.79‌%

0.79‌%

Net

investment

income

6.60‌%

(5)

5.46‌%

4.61‌%

5.62‌%

5.65‌%

5.79‌%

Portfolio

turnover

rate

25.5‌%

45.2‌%

63.2‌%

81.8‌%

70.1‌%

87.0‌%

Net

assets,

end

of

period

(in

thousands)

$54,620

$56,170

$122,550

$116,743

$116,127

$76,457

0‌%

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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

(Unaudited)

Financial

Highlights

10

For

a

share

outstanding

throughout

each

period

Advisor

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

7.97‌

$

9.95‌

$

10.18‌

$

10.18‌

$

9.45‌

$

10.33‌

Investment

activities

Net

investment

income

(1)(2)

0.26‌

0.46‌

0.45‌

0.52‌

0.54‌

0.55‌

Net

realized

and

unrealized

gain/loss

0.14‌

(1.65‌)

(0.16‌)

0.01‌

(3)

0.78‌

(0.75‌)

Total

from

investment

activities

0.40‌

(1.19‌)

0.29‌

0.53‌

1.32‌

(0.20‌)

Distributions

Net

investment

income

(0.26‌)

(0.47‌)

(0.44‌)

(0.53‌)

(0.54‌)

(0.57‌)

Net

realized

gain

—‌

(0.32‌)

(0.08‌)

—‌

(0.05‌)

(0.11‌)

Total

distributions

(0.26‌)

(0.79‌)

(0.52‌)

(0.53‌)

(0.59‌)

(0.68‌)

NET

ASSET

VALUE

End

of

period

$

8.11‌

$

7.97‌

$

9.95‌

$

10.18‌

$

10.18‌

$

9.45‌

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

(Unaudited)

Financial

Highlights

11

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Advisor

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

Ratios/Supplemental

Data

Total

return

(2)(4)

5.03‌%

(12.11‌)%

2.84‌%

5.64‌%

14.23‌%

(2.09‌)%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

1.11‌%

(5)

1.25‌%

1.24‌%

1.25‌%

1.36‌%

1.42‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.96‌%

(5)

0.96‌%

0.99‌%

1.00‌%

1.00‌%

1.00‌%

Net

investment

income

6.39‌%

(5)

5.26‌%

4.41‌%

5.42‌%

5.46‌%

5.54‌%

Portfolio

turnover

rate

25.5‌%

45.2‌%

63.2‌%

81.8‌%

70.1‌%

87.0‌%

Net

assets,

end

of

period

(in

thousands)

$318

$331

$614

$831

$945

$965

0‌%

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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

(Unaudited)

Financial

Highlights

12

For

a

share

outstanding

throughout

each

period

I

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

7.96‌

$

9.94‌

$

10.16‌

$

10.16‌

$

9.44‌

$

10.31‌

Investment

activities

Net

investment

income

(1)(2)

0.27‌

0.50‌

0.48‌

0.55‌

0.58‌

0.59‌

Net

realized

and

unrealized

gain/loss

0.14‌

(1.66‌)

(0.14‌)

0.01‌

(3)

0.77‌

(0.75‌)

Total

from

investment

activities

0.41‌

(1.16‌)

0.34‌

0.56‌

1.35‌

(0.16‌)

Distributions

Net

investment

income

(0.27‌)

(0.50‌)

(0.48‌)

(0.56‌)

(0.58‌)

(0.60‌)

Net

realized

gain

—‌

(0.32‌)

(0.08‌)

—‌

(0.05‌)

(0.11‌)

Total

distributions

(0.27‌)

(0.82‌)

(0.56‌)

(0.56‌)

(0.63‌)

(0.71‌)

NET

ASSET

VALUE

End

of

period

$

8.10‌

$

7.96‌

$

9.94‌

$

10.16‌

$

10.16‌

$

9.44‌

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

(Unaudited)

Financial

Highlights

13

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

Ratios/Supplemental

Data

Total

return

(2)(4)

5.22‌%

(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%

(5)

0.69‌%

0.72‌%

0.77‌%

0.82‌%

0.91‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.61‌%

(5)

0.61‌%

0.62‌%

0.64‌%

0.64‌%

0.64‌%

Net

investment

income

6.75‌%

(5)

5.72‌%

4.74‌%

5.74‌%

5.82‌%

5.94‌%

Portfolio

turnover

rate

25.5‌%

45.2‌%

63.2‌%

81.8‌%

70.1‌%

87.0‌%

Net

assets,

end

of

period

(in

thousands)

$241,871

$203,565

$167,274

$87,283

$42,938

$19,630

0‌%

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.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

June

30,

2023

(Unaudited)

14

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

1,048‌

Globo

Comunicacao

e

Participacoes,

4.875%,

1/22/30

(USD) 

1,085,000‌

865‌

Globo

Comunicacao

e

Participacoes,

5.50%,

1/14/32

(USD)  (1)

1,190,000‌

929‌

Klabin

Austria,

3.20%,

1/12/31

(USD) 

2,260,000‌

1,808‌

Total

Brazil

(Cost

$5,508

)

4,650‌

CANADA

2.1%

Corporate

Bonds

2.1%

Jones

Deslauriers

Insurance

Management,

8.50%,

3/15/30

(USD)  (1)

2,505,000‌

2,555‌

TransAlta,

7.75%,

11/15/29

(USD) 

1,300,000‌

1,339‌

Vermilion

Energy,

6.875%,

5/1/30

(USD)  (1)

2,420,000‌

2,233‌

Total

Canada

(Cost

$6,250

)

6,127‌

CHILE

1.5%

Corporate

Bonds

1.5%

AES

Andes,

VR,

6.35%,

10/7/79

(USD)  (2)

720,000‌

663‌

AES

Andes,

VR,

7.125%,

3/26/79

(USD)  (2)

1,015,000‌

939‌

Agrosuper,

4.60%,

1/20/32

(USD)  (1)

1,610,000‌

1,367‌

Mercury

Chile

Holdco,

6.50%,

1/24/27

(USD)  (1)

1,030,000‌

938‌

VTR

Comunicaciones,

4.375%,

4/15/29

(USD)  (1)

1,160,000‌

593‌

Total

Chile

(Cost

$5,432

)

4,500‌

CHINA

0.1%

Corporate

Bonds

0.1%

Health

&

Happiness

H&H

International

Holdings,

5.625%,

10/24/24

(USD) 

335,000‌

309‌

Total

China

(Cost

$336

)

309‌

COLOMBIA

1.9%

Corporate

Bonds

1.9%

Aris

Mining,

6.875%,

8/9/26

(USD)  (1)

1,880,000‌

1,383‌

Banco

Davivienda,

VR,

6.65%

(USD)  (1)(2)(3)

1,950,000‌

1,437‌

Banco

Davivienda,

VR,

6.65%

(USD)  (2)(3)

890,000‌

656‌

Ecopetrol,

4.625%,

11/2/31

(USD) 

1,720,000‌

1,330‌

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

15

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Ecopetrol,

5.875%,

5/28/45

(USD) 

875,000‌

600‌

Ecopetrol,

8.875%,

1/13/33

(USD) 

220,000‌

218‌

Total

Colombia

(Cost

$7,085

)

5,624‌

FRANCE

3.2%

Corporate

Bonds

3.2%

Altice

France,

4.25%,

10/15/29  (1)

885,000‌

690‌

Altice

France

Holding,

4.00%,

2/15/28 

3,550,000‌

1,883‌

Electricite

de

France,

VR,

9.125%

(USD)  (1)(2)(3)

880,000‌

904‌

Iliad

Holding,

5.125%,

10/15/26 

820,000‌

853‌

IPD

3,

8.00%,

6/15/28  (1)

1,715,000‌

1,908‌

Loxam,

3.75%,

7/15/26 

2,550,000‌

2,629‌

UBS,

5.125%,

10/15/26  (1)

620,000‌

645‌

Total

France

(Cost

$11,599

)

9,512‌

GERMANY

2.7%

Corporate

Bonds

2.7%

Gruenenthal,

3.625%,

11/15/26  (1)

410,000‌

420‌

Gruenenthal,

3.625%,

11/15/26 

1,975,000‌

2,023‌

Gruenenthal,

4.125%,

5/15/28  (1)

210,000‌

212‌

Gruenenthal,

6.75%,

5/15/30  (1)

645,000‌

719‌

TK

Elevator

Holdco,

6.625%,

7/15/28  (1)

724,500‌

673‌

TK

Elevator

Midco,

4.375%,

7/15/27  (1)

405,000‌

394‌

TK

Elevator

U.S.

Newco,

5.25%,

7/15/27

(USD)  (1)

1,435,000‌

1,322‌

TUI

Cruises,

6.50%,

5/15/26  (1)

1,089,000‌

1,099‌

ZF

North

America

Capital,

6.875%,

4/14/28

(USD)  (1)

1,065,000‌

1,074‌

Total

Germany

(Cost

$8,404

)

7,936‌

GHANA

0.6%

Corporate

Bonds

0.6%

Kosmos

Energy,

7.125%,

4/4/26

(USD)  (1)

1,485,000‌

1,307‌

Kosmos

Energy,

7.75%,

5/1/27

(USD)  (1)

740,000‌

636‌

Total

Ghana

(Cost

$2,224

)

1,943‌

GUATEMALA

0.5%

Corporate

Bonds

0.5%

CT

Trust,

5.125%,

2/3/32

(USD)  (1)

1,210,000‌

972‌

CT

Trust,

5.125%,

2/3/32

(USD) 

500,000‌

402‌

Total

Guatemala

(Cost

$1,671

)

1,374‌

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

16

Par/Shares

$

Value

(Cost

and

value

in

$000s)

INDIA

1.3%

Corporate

Bonds

1.3%

ABJA

Investment,

5.45%,

1/24/28

(USD) 

2,065,000‌

2,039‌

Greenko

Power

II,

4.30%,

12/13/28

(USD) 

2,272,375‌

1,981‌

Total

India

(Cost

$3,927

)

4,020‌

ISRAEL

1.3%

Corporate

Bonds

1.3%

Bank

Leumi

Le-Israel,

VR,

7.129%,

7/18/33

(USD)  (1)(2)

710,000‌

700‌

Teva

Pharmaceutical

Finance

Netherlands

II,

3.75%,

5/9/27

(EUR) 

400,000‌

394‌

Teva

Pharmaceutical

Finance

Netherlands

II,

4.375%,

5/9/30

(EUR) 

735,000‌

683‌

Teva

Pharmaceutical

Finance

Netherlands

II,

7.375%,

9/15/29

(EUR) 

405,000‌

450‌

Teva

Pharmaceutical

Finance

Netherlands

II,

7.875%,

9/15/31

(EUR) 

545,000‌

614‌

Teva

Pharmaceutical

Finance

Netherlands

III,

6.75%,

3/1/28

(USD) 

425,000‌

418‌

Teva

Pharmaceutical

Finance

Netherlands

III,

8.125%,

9/15/31

(USD) 

550,000‌

575‌

Total

Israel

(Cost

$3,993

)

3,834‌

ITALY

2.7%

Corporate

Bonds

2.7%

Golden

Goose,

FRN,

3M

EURIBOR

+

4.875%,

8.198%,

5/14/27 

865,000‌

939‌

IMA

Industria

Macchine

Automatiche,

3.75%,

1/15/28  (1)

905,000‌

862‌

IMA

Industria

Macchine

Automatiche,

3.75%,

1/15/28 

595,000‌

567‌

Inter

Media

&

Communication,

6.75%,

2/9/27  (1)

675,000‌

711‌

Itelyum

Regeneration,

4.625%,

10/1/26  (1)

840,000‌

846‌

Itelyum

Regeneration,

4.625%,

10/1/26 

900,000‌

906‌

Lottomatica,

FRN,

3M

EURIBOR

+

4.125%,

7.588%,

6/1/28  (1)

1,200,000‌

1,314‌

Nexi,

2.125%,

4/30/29 

2,160,000‌

1,958‌

Total

Italy

(Cost

$8,579

)

8,103‌

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

17

Par/Shares

$

Value

(Cost

and

value

in

$000s)

LUXEMBOURG

2.1%

Bank

Loans

0.6%

(4)

Intelsat

Jackson

Holdings,

FRN,

6M

TSFR

+

4.25%,

9.443%,

2/1/29

(USD) 

1,688,597‌

1,680‌

1,680‌

Corporate

Bonds

1.5%

Albion

Financing

1,

6.125%,

10/15/26

(USD)  (1)

2,410,000‌

2,265‌

Altice

Finco,

4.75%,

1/15/28 

2,875,000‌

2,076‌

Monitchem

HoldCo

3,

8.75%,

5/1/28  (1)

175,000‌

188‌

4,529‌

Total

Luxembourg

(Cost

$7,221

)

6,209‌

MAURITIUS

0.9%

Corporate

Bonds

0.9%

Axian

Telecom,

7.375%,

2/16/27

(USD)  (1)

2,110,000‌

1,941‌

Axian

Telecom,

7.375%,

2/16/27

(USD) 

950,000‌

874‌

Total

Mauritius

(Cost

$3,014

)

2,815‌

MEXICO

4.3%

Corporate

Bonds

4.3%

Banco

Mercantil

del

Norte,

VR,

8.375%

(USD)  (2)(3)

1,475,000‌

1,378‌

BBVA

Bancomer,

VR,

5.125%,

1/18/33

(USD)  (2)

680,000‌

591‌

BBVA

Bancomer,

VR,

5.875%,

9/13/34

(USD)  (2)

2,585,000‌

2,304‌

Cemex,

VR,

9.125%

(USD)  (1)(2)(3)

1,240,000‌

1,257‌

Petroleos

Mexicanos,

4.50%,

1/23/26

(USD) 

635,000‌

568‌

Petroleos

Mexicanos,

6.50%,

3/13/27

(USD) 

2,475,000‌

2,204‌

Petroleos

Mexicanos,

6.50%,

1/23/29

(USD) 

1,585,000‌

1,315‌

Petroleos

Mexicanos,

6.75%,

9/21/47

(USD) 

1,990,000‌

1,251‌

Petroleos

Mexicanos,

7.69%,

1/23/50

(USD) 

2,685,000‌

1,822‌

Total

Mexico

(Cost

$14,814

)

12,690‌

NETHERLANDS

1.9%

Corporate

Bonds

1.9%

Compact

Bidco,

5.75%,

5/1/26 

920,000‌

689‌

House

of

HR

Group,

9.00%,

11/3/29  (1)

430,000‌

463‌

LeasePlan,

VR,

7.375%  (2)(3)

2,060,000‌

2,200‌

UPCB

Finance

VII,

3.625%,

6/15/29 

1,415,000‌

1,322‌

Ziggo

Bond,

3.375%,

2/28/30  (1)

710,000‌

569‌

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

18

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Ziggo

Bond,

3.375%,

2/28/30 

400,000‌

321‌

Total

Netherlands

(Cost

$6,457

)

5,564‌

OMAN

0.6%

Corporate

Bonds

0.6%

OmGrid

Funding,

5.196%,

5/16/27

(USD) 

2,010,000‌

1,947‌

Total

Oman

(Cost

$1,987

)

1,947‌

PANAMA

1.0%

Corporate

Bonds

1.0%

Banco

General,

VR,

5.25%

(USD)  (1)(2)(3)

2,535,000‌

2,192‌

C&W

Senior

Financing,

6.875%,

9/15/27

(USD)  (1)

1,090,000‌

952‌

Total

Panama

(Cost

$3,702

)

3,144‌

PERU

0.3%

Corporate

Bonds

0.3%

Minsur,

4.50%,

10/28/31

(USD)  (1)

930,000‌

818‌

Total

Peru

(Cost

$914

)

818‌

POLAND

0.7%

Corporate

Bonds

0.7%

InPost,

2.25%,

7/15/27

(EUR) 

2,180,000‌

2,073‌

Total

Poland

(Cost

$2,092

)

2,073‌

ROMANIA

1.2%

Corporate

Bonds

1.2%

RCS

&

RDS,

2.50%,

2/5/25

(EUR) 

800,000‌

835‌

RCS

&

RDS,

3.25%,

2/5/28

(EUR)  (1)

800,000‌

740‌

RCS

&

RDS,

3.25%,

2/5/28

(EUR) 

2,100,000‌

1,942‌

Total

Romania

(Cost

$3,572

)

3,517‌

SERBIA

0.4%

Corporate

Bonds

0.4%

United

Group,

3.625%,

2/15/28

(EUR) 

1,425,000‌

1,238‌

Total

Serbia

(Cost

$1,637

)

1,238‌

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

19

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SOUTH

AFRICA

0.8%

Corporate

Bonds

0.8%

Sappi

Papier

Holding,

3.625%,

3/15/28

(EUR)  (1)

680,000‌

653‌

Sappi

Papier

Holding,

3.625%,

3/15/28

(EUR) 

1,780,000‌

1,711‌

Total

South

Africa

(Cost

$2,484

)

2,364‌

SPAIN

1.4%

Corporate

Bonds

1.4%

Cirsa

Finance

International,

4.50%,

3/15/27 

1,595,000‌

1,590‌

Cirsa

Finance

International,

10.375%,

11/30/27  (1)

350,000‌

409‌

Kaixo

Bondco

Telecom,

5.125%,

9/30/29  (1)

325,000‌

308‌

Lorca

Telecom

Bondco,

4.00%,

9/18/27  (1)

1,250,000‌

1,244‌

Lorca

Telecom

Bondco,

4.00%,

9/18/27 

565,000‌

562‌

Total

Spain

(Cost

$4,511

)

4,113‌

SWEDEN

1.0%

Corporate

Bonds

1.0%

Verisure

Holding,

3.25%,

2/15/27

(EUR) 

1,810,000‌

1,751‌

Verisure

Holding,

7.125%,

2/1/28

(EUR)  (1)

235,000‌

257‌

Verisure

Holding,

7.125%,

2/1/28

(EUR) 

520,000‌

569‌

Verisure

Holding,

9.25%,

10/15/27

(EUR)  (1)

310,000‌

359‌

Total

Sweden

(Cost

$2,823

)

2,936‌

TANZANIA

0.6%

Convertible

Bonds

0.1%

HTA

Group,

2.875%,

3/18/27

(USD) 

200,000‌

162‌

162‌

Corporate

Bonds

0.5%

HTA

Group,

7.00%,

12/18/25

(USD)  (1)

1,225,000‌

1,163‌

HTA

Group,

7.00%,

12/18/25

(USD) 

465,000‌

441‌

1,604‌

Total

Tanzania

(Cost

$1,886

)

1,766‌

TURKEY

0.4%

Corporate

Bonds

0.4%

Turk

Telekomunikasyon,

6.875%,

2/28/25

(USD) 

1,155,000‌

1,098‌

Total

Turkey

(Cost

$1,069

)

1,098‌

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

20

Par/Shares

$

Value

(Cost

and

value

in

$000s)

UNITED

ARAB

EMIRATES

0.4%

Corporate

Bonds

0.4%

MAF

Global

Securities,

VR,

6.375%

(USD)  (2)(3)

1,150,000‌

1,121‌

Total

United

Arab

Emirates

(Cost

$1,224

)

1,121‌

UNITED

KINGDOM

7.6%

Corporate

Bonds

7.6%

Bellis

Acquisition,

3.25%,

2/16/26  (1)

720,000‌

764‌

Bellis

Acquisition,

3.25%,

2/16/26 

150,000‌

159‌

Clear

Channel

International,

6.625%,

8/1/25

(USD)  (1)

705,000‌

700‌

CPUK

Finance,

4.50%,

8/28/27 

1,200,000‌

1,299‌

Deuce

Finco,

5.50%,

6/15/27  (1)

1,185,000‌

1,274‌

Deuce

Finco,

5.50%,

6/15/27 

540,000‌

581‌

Drax

Finco,

6.625%,

11/1/25

(USD)  (1)

700,000‌

686‌

Iceland

Bondco,

4.625%,

3/15/25 

1,080,000‌

1,302‌

INEOS

Finance,

6.625%,

5/15/28

(EUR)  (1)

625,000‌

669‌

Jaguar

Land

Rover

Automotive,

4.50%,

1/15/26

(EUR) 

680,000‌

701‌

Jaguar

Land

Rover

Automotive,

4.50%,

7/15/28

(EUR)  (1)

740,000‌

704‌

Jerrold

Finco,

5.25%,

1/15/27 

2,005,000‌

2,147‌

Kane

Bidco,

5.00%,

2/15/27

(EUR) 

1,870,000‌

1,918‌

Merlin

Entertainments,

5.75%,

6/15/26

(USD)  (1)

2,245,000‌

2,152‌

Nomad

Foods

Bondco,

2.50%,

6/24/28

(EUR) 

1,500,000‌

1,432‌

Pinewood

Finance,

3.625%,

11/15/27  (1)

1,465,000‌

1,621‌

RAC

Bond,

5.25%,

11/4/27  (1)

1,690,000‌

1,699‌

Virgin

Media

Vendor

Financing

Notes

III,

4.875%,

7/15/28 

580,000‌

582‌

Vmed

O2

U.K.

Financing

I,

3.25%,

1/31/31

(EUR)  (1)

485,000‌

433‌

Vmed

O2

U.K.

Financing

I,

4.50%,

7/15/31  (1)

1,200,000‌

1,152‌

Vmed

O2

U.K.

Financing

I,

4.50%,

7/15/31 

790,000‌

759‌

Total

United

Kingdom

(Cost

$26,734

)

22,734‌

UNITED

STATES

51.8%

Bank

Loans

5.6%

(4)

Ascend

Learning,

FRN,

1M

USD

LIBOR

+

5.75%,

10.952%,

12/10/29 

2,100,000‌

1,776‌

Asurion,

FRN,

1M

USD

LIBOR

+

3.00%,

8.538%,

11/3/24 

550,270‌

550‌

Asurion,

FRN,

1M

USD

LIBOR

+

5.25%,

10.404%,

1/20/29 

1,335,000‌

1,117‌

Asurion,

FRN,

1M

USD

LIBOR

+

5.25%,

10.452%,

1/31/28 

785,424‌

666‌

AthenaHealth

Group,

FRN,

1M

TSFR

+

3.50%,

8.031%,

2/15/29  (5)

1,070,569‌

1,029‌

CoreLogic,

FRN,

1M

USD

LIBOR

+

6.50%,

7.00%,

6/4/29 

525,000‌

421‌

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

21

Par/Shares

$

Value

(Cost

and

value

in

$000s)

CP

Iris

Holdco

I,

FRN,

1M

USD

LIBOR

+

7.00%,

12.202%,

10/1/29  (6)

550,000‌

429‌

Engineered

Machinery

Holdings,

FRN,

3M

USD

LIBOR

+

6.00%,

11.538%,

5/21/29  (6)

1,872,726‌

1,732‌

LTI

Holdings,

FRN,

1M

USD

LIBOR

+

3.50%,

9/6/25  (7)

1,545,000‌

1,482‌

Naked

Juice,

FRN,

3M

TSFR

+

6.00%,

11.342%,

1/24/30 

675,000‌

532‌

Nexus

Buyer,

FRN,

1M

USD

LIBOR

+

6.25%,

11.452%,

11/5/29 

185,000‌

165‌

Phoenix

Newco,

FRN,

3M

USD

LIBOR

+

6.50%,

11.717%,

11/15/29  (6)

1,550,000‌

1,426‌

RealPage,

FRN,

1M

USD

LIBOR

+

6.50%,

11.654%,

4/23/29 

725,000‌

700‌

Tacala

Investment,

FRN,

1M

USD

LIBOR

+

7.50%,

12.654%,

2/5/27 

753,078‌

739‌

Tacala

Investment,

FRN,

1M

USD

LIBOR

+

7.50%,

12.654%,

2/4/28 

730,000‌

684‌

UKG,

FRN,

3M

USD

LIBOR

+

3.25%,

8.618%,

5/4/26 

1,629,349‌

1,597‌

Woof

Holdings,

FRN,

3M

USD

LIBOR

+

3.75%,

8.954%,

12/21/27  (6)

527,850‌

516‌

Woof

Holdings,

FRN,

3M

USD

LIBOR

+

7.25%,

12.421%,

12/21/28 

1,225,000‌

980‌

16,541‌

Corporate

Bonds

45.6%

AdaptHealth,

5.125%,

3/1/30  (1)

2,135,000‌

1,729‌

Advantage

Sales

&

Marketing,

6.50%,

11/15/28  (1)

1,435,000‌

1,211‌

AG

Issuer,

6.25%,

3/1/28  (1)

310,000‌

294‌

AG

TTMT

Escrow

Issuer,

8.625%,

9/30/27  (1)

965,000‌

989‌

Alliant

Holdings

Intermediate,

5.875%,

11/1/29  (1)

1,125,000‌

989‌

Alliant

Holdings

Intermediate,

6.75%,

10/15/27  (1)

830,000‌

780‌

Allied

Universal

Holdco,

3.625%,

6/1/28

(EUR) 

2,510,000‌

2,184‌

American

Airlines,

5.75%,

4/20/29  (1)

695,000‌

674‌

American

Finance

Trust,

4.50%,

9/30/28  (1)

1,280,000‌

979‌

Antero

Resources,

5.375%,

3/1/30  (1)

2,415,000‌

2,210‌

Aretec

Escrow

Issuer,

7.50%,

4/1/29  (1)

305,000‌

264‌

AthenaHealth

Group,

6.50%,

2/15/30  (1)

940,000‌

787‌

B&G

Foods,

5.25%,

4/1/25 

600,000‌

570‌

Calpine,

5.00%,

2/1/31  (1)

1,385,000‌

1,144‌

Capstone

Borrower,

8.00%,

6/15/30  (1)

1,170,000‌

1,155‌

Carnival,

6.00%,

5/1/29  (1)

840,000‌

750‌

Carnival,

7.625%,

3/1/26

(EUR)  (1)

1,615,000‌

1,707‌

Carnival,

7.625%,

3/1/26

(EUR) 

1,148,000‌

1,214‌

Carnival,

7.625%,

3/1/26  (1)

1,040,000‌

1,017‌

CCO

Holdings,

4.25%,

2/1/31  (1)

925,000‌

745‌

CCO

Holdings,

4.50%,

8/15/30  (1)

2,040,000‌

1,696‌

CCO

Holdings,

6.375%,

9/1/29  (1)

1,655,000‌

1,556‌

CEC

Entertainment,

6.75%,

5/1/26  (1)

1,740,000‌

1,660‌

Central

Parent,

7.25%,

6/15/29  (1)

2,270,000‌

2,233‌

Chesapeake

Energy,

6.75%,

4/15/29  (1)

2,015,000‌

1,997‌

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

22

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Chobani,

4.625%,

11/15/28  (1)

1,345,000‌

1,222‌

Chobani,

7.50%,

4/15/25  (1)

735,000‌

731‌

CHS,

5.25%,

5/15/30  (1)

1,185,000‌

933‌

CHS,

6.875%,

4/1/28  (1)

705,000‌

412‌

CHS,

6.875%,

4/15/29  (1)

2,120,000‌

1,314‌

CHS,

8.00%,

3/15/26  (1)

860,000‌

832‌

Cinemark

USA,

5.25%,

7/15/28  (1)

2,580,000‌

2,283‌

Clear

Channel

Outdoor

Holdings,

5.125%,

8/15/27  (1)

2,255,000‌

2,030‌

CMG

Media,

8.875%,

12/15/27  (1)

2,340,000‌

1,661‌

Comstock

Resources,

6.75%,

3/1/29  (1)

2,585,000‌

2,365‌

Crescent

Energy

Finance,

7.25%,

5/1/26  (1)

2,840,000‌

2,662‌

Crestwood

Midstream

Partners,

7.375%,

2/1/31  (1)

1,985,000‌

1,958‌

CSC

Holdings,

5.50%,

4/15/27  (1)

530,000‌

441‌

CSC

Holdings,

6.50%,

2/1/29  (1)

690,000‌

556‌

CSC

Holdings,

7.50%,

4/1/28  (1)

825,000‌

470‌

CSC

Holdings,

11.25%,

5/15/28  (1)

770,000‌

745‌

Dana

Financing

Luxembourg,

8.50%,

7/15/31

(EUR)  (1)

1,579,000‌

1,778‌

DISH

DBS,

5.125%,

6/1/29 

845,000‌

393‌

DISH

DBS,

5.75%,

12/1/28  (1)

905,000‌

673‌

DISH

Network,

11.75%,

11/15/27  (1)

1,475,000‌

1,440‌

Ferrellgas,

5.875%,

4/1/29  (1)

3,040,000‌

2,546‌

Ford

Motor,

6.10%,

8/19/32 

2,050,000‌

1,968‌

Ford

Motor,

7.45%,

7/16/31 

3,395,000‌

3,607‌

Gen

Digital,

6.75%,

9/30/27  (1)

415,000‌

413‌

Gen

Digital,

7.125%,

9/30/30  (1)

995,000‌

995‌

Global

Net

Lease,

3.75%,

12/15/27  (1)

1,590,000‌

1,167‌

Goodyear

Europe,

2.75%,

8/15/28

(EUR) 

1,235,000‌

1,127‌

Goodyear

Tire

&

Rubber,

5.00%,

7/15/29 

1,135,000‌

1,020‌

Goodyear

Tire

&

Rubber,

5.25%,

7/15/31 

500,000‌

432‌

GrafTech

Finance,

4.625%,

12/15/28  (1)

1,115,000‌

906‌

GrafTech

Global

Enterprises,

9.875%,

12/15/28  (1)

820,000‌

814‌

Graphic

Packaging

International,

2.625%,

2/1/29

(EUR)  (1)

1,085,000‌

1,037‌

GTCR

AP

Finance,

8.00%,

5/15/27  (1)

2,175,000‌

2,123‌

Hecla

Mining,

7.25%,

2/15/28 

1,405,000‌

1,387‌

Hilcorp

Energy

I,

5.75%,

2/1/29  (1)

255,000‌

231‌

Hilcorp

Energy

I,

6.00%,

4/15/30  (1)

1,435,000‌

1,306‌

Hilcorp

Energy

I,

6.00%,

2/1/31  (1)

285,000‌

256‌

Hilcorp

Energy

I,

6.25%,

4/15/32  (1)

1,145,000‌

1,025‌

Hillenbrand,

3.75%,

3/1/31 

770,000‌

649‌

HUB

International,

5.625%,

12/1/29  (1)

1,500,000‌

1,344‌

HUB

International,

7.25%,

6/15/30  (1)

1,760,000‌

1,813‌

iHeartCommunications,

4.75%,

1/15/28  (1)

500,000‌

375‌

iHeartCommunications,

5.25%,

8/15/27  (1)

975,000‌

743‌

iHeartCommunications,

6.375%,

5/1/26 

520,000‌

437‌

iHeartCommunications,

8.375%,

5/1/27 

825,000‌

549‌

IQVIA,

6.50%,

5/15/30  (1)

560,000‌

566‌

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

23

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Kobe

U.S.

Midco

2,

9.25%,

11/1/26,

(9.25%

Cash

or

10.00%

PIK)  (1)(8)

1,765,000‌

1,165‌

LCPR

Senior

Secured

Financing,

5.125%,

7/15/29  (1)

990,000‌

824‌

LCPR

Senior

Secured

Financing,

6.75%,

10/15/27  (1)

1,487,000‌

1,390‌

Legacy

LifePoint

Health,

6.75%,

4/15/25  (1)

1,705,000‌

1,577‌

Life

Time,

5.75%,

1/15/26  (1)

964,000‌

937‌

Life

Time,

8.00%,

4/15/26  (1)

885,000‌

873‌

Madison

IAQ,

5.875%,

6/30/29  (1)

850,000‌

684‌

Midcap

Financial

Issuer

Trust,

5.625%,

1/15/30  (1)

1,805,000‌

1,433‌

Navient,

4.875%,

3/15/28 

705,000‌

603‌

Navient,

5.50%,

3/15/29 

400,000‌

340‌

Navient,

5.625%,

8/1/33 

565,000‌

422‌

Navient,

6.75%,

6/15/26 

665,000‌

643‌

Navient,

9.375%,

7/25/30 

925,000‌

916‌

NCL,

5.875%,

3/15/26  (1)

335,000‌

314‌

NCL,

5.875%,

2/15/27  (1)

690,000‌

671‌

NCL,

7.75%,

2/15/29  (1)

900,000‌

853‌

NCL,

8.375%,

2/1/28  (1)

830,000‌

867‌

Neptune

Bidco

U.S.,

9.29%,

4/15/29  (1)

2,610,000‌

2,385‌

New

Albertsons,

7.45%,

8/1/29 

4,000‌

4‌

NGL

Energy

Operating,

7.50%,

2/1/26  (1)

1,520,000‌

1,497‌

Occidental

Petroleum,

8.875%,

7/15/30 

2,545,000‌

2,917‌

OneMain

Finance,

9.00%,

1/15/29 

2,525,000‌

2,547‌

Organon,

2.875%,

4/30/28

(EUR)  (1)

205,000‌

194‌

Organon,

5.125%,

4/30/31  (1)

745,000‌

615‌

PetSmart,

7.75%,

2/15/29  (1)

1,230,000‌

1,221‌

Presidio

Holdings,

8.25%,

2/1/28  (1)

690,000‌

656‌

QVC,

4.45%,

2/15/25 

805,000‌

708‌

QVC,

4.85%,

4/1/24 

1,045,000‌

1,019‌

Rivian

Holdings,

FRN,

6M

USD

LIBOR

+

5.625%,

10.931%,

10/15/26  (1)

1,235,000‌

1,190‌

Royal

Caribbean

Cruises,

7.50%,

10/15/27 

460,000‌

460‌

Royal

Caribbean

Cruises,

11.625%,

8/15/27  (1)

685,000‌

745‌

Service

Properties

Trust,

7.50%,

9/15/25 

885,000‌

866‌

Stagwell

Global,

5.625%,

8/15/29  (1)

1,950,000‌

1,677‌

Talen

Energy

Supply,

8.625%,

6/1/30  (1)

710,000‌

735‌

Tallgrass

Energy

Partners,

6.00%,

12/31/30  (1)

1,135,000‌

999‌

Tallgrass

Energy

Partners,

6.00%,

9/1/31  (1)

915,000‌

790‌

Terraform

Global

Operating,

6.125%,

3/1/26  (1)

1,377,000‌

1,341‌

TI

Automotive

Finance,

3.75%,

4/15/29

(EUR)  (1)

880,000‌

763‌

TI

Automotive

Finance,

3.75%,

4/15/29

(EUR) 

1,550,000‌

1,344‌

Townsquare

Media,

6.875%,

2/1/26  (1)

1,535,000‌

1,470‌

Triton

Water

Holdings,

6.25%,

4/1/29  (1)

1,920,000‌

1,644‌

United

Airlines,

4.625%,

4/15/29  (1)

1,230,000‌

1,121‌

Univision

Communications,

7.375%,

6/30/30  (1)

1,225,000‌

1,164‌

Venture

Global

Calcasieu

Pass,

3.875%,

8/15/29  (1)

495,000‌

431‌

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

24

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Venture

Global

Calcasieu

Pass,

3.875%,

11/1/33  (1)

1,015,000‌

828‌

Venture

Global

Calcasieu

Pass,

4.125%,

8/15/31  (1)

620,000‌

532‌

Venture

Global

Calcasieu

Pass,

6.25%,

1/15/30  (1)

430,000‌

425‌

Venture

Global

LNG,

8.375%,

6/1/31  (1)

2,860,000‌

2,864‌

Vistra,

VR,

7.00%  (1)(2)(3)

740,000‌

646‌

Vistra,

VR,

8.00%  (1)(2)(3)

845,000‌

787‌

135,366‌

Municipal

Securities

0.6%

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43  (9)

3,434,640‌

1,730‌

1,730‌

Total

United

States

(Cost

$164,742

)

153,637‌

SHORT-TERM

INVESTMENTS

2.1%

Money

Market

Funds

2.1%

T.

Rowe

Price

Government

Reserve

Fund,

5.13%  (10)(11)

6,096,349‌

6,096‌

Total

Short-Term

Investments

(Cost

$6,096)

6,096‌

Total

Investments

in

Securities

99.0%

of

Net

Assets

(Cost

$321,987)

$

293,812‌

‡

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

$164,563

and

represents

55.4%

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

June

30,

2023,

was

$117

and

was

valued

at

$113

(0.0%

of

net

assets).

(6)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(7)

All

or

a

portion

of

this

loan

is

unsettled

as

of

June

30,

2023.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

25

.

.

.

.

.

.

.

.

.

.

(8)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(9)

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.

(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

TSFR

Six

month

Term

SOFR

(Secured

overnight

financing

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

26

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

7/5/23

USD

1,277‌

EUR

1,188‌

$

(19‌)

Barclays

Bank

7/5/23

USD

1,334‌

EUR

1,249‌

(29‌)

BNP

Paribas

7/5/23

EUR

729‌

USD

789‌

7‌

BNP

Paribas

7/5/23

USD

2,544‌

EUR

2,360‌

(32‌)

BNP

Paribas

8/2/23

USD

646‌

EUR

595‌

(5‌)

Canadian

Imperial

Bank

of

Commerce

7/5/23

GBP

10,628‌

USD

13,407‌

91‌

Canadian

Imperial

Bank

of

Commerce

8/2/23

USD

13,411‌

GBP

10,628‌

(90‌)

HSBC

Bank

7/5/23

USD

388‌

EUR

355‌

—‌

JPMorgan

Chase

7/5/23

EUR

1,380‌

USD

1,491‌

16‌

JPMorgan

Chase

7/5/23

EUR

605‌

USD

660‌

—‌

JPMorgan

Chase

7/5/23

GBP

47‌

USD

60‌

—‌

Morgan

Stanley

7/5/23

USD

802‌

EUR

733‌

1‌

RBC

Dominion

Securities

7/5/23

EUR

60,598‌

USD

66,113‌

29‌

RBC

Dominion

Securities

7/5/23

USD

59,051‌

EUR

55,282‌

(1,288‌)

RBC

Dominion

Securities

7/5/23

USD

13,211‌

GBP

10,676‌

(348‌)

RBC

Dominion

Securities

8/2/23

USD

66,203‌

EUR

60,598‌

(35‌)

Standard

Chartered

7/5/23

EUR

1,288‌

USD

1,387‌

19‌

UBS

Investment

Bank

7/5/23

USD

3,670‌

EUR

3,433‌

(77‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(1,760‌)

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

27

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

six

months

ended

June

30,

2023.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

5.13%

$

—‌#

$

—‌

$

172‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

06/30/23

T.

Rowe

Price

Government

Reserve

Fund,

5.13%

$

7,922‌

 ¤

  ¤

$

6,096‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$172

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

$6,096.

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

June

30,

2023

(Unaudited)

Statement

of

Assets

and

Liabilities

28

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$321,987)

$

293,812‌

Interest

receivable

4,819‌

Restricted

cash

pledged

for

bilateral

derivatives

1,390‌

Cash

811‌

Receivable

for

investment

securities

sold

592‌

Unrealized

gain

on

forward

currency

exchange

contracts

163‌

Receivable

for

shares

sold

101‌

Foreign

currency

(cost

$42)

42‌

Due

from

affiliates

1‌

Other

assets

43‌

Total

assets

301,774‌

Liabilities

Payable

for

investment

securities

purchased

2,435‌

Unrealized

loss

on

forward

currency

exchange

contracts

1,923‌

Payable

for

shares

redeemed

155‌

Investment

management

fees

payable

135‌

Other

liabilities

317‌

Total

liabilities

4,965‌

NET

ASSETS

$

296,809‌

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

June

30,

2023

(Unaudited)

Statement

of

Assets

and

Liabilities

29

($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)

$

(66,994‌)

Paid-in

capital

applicable

to

36,639,981

shares

of

$0.01

par

value

capital

stock

outstanding;

18,000,000,000

shares

of

the

Corporation

authorized

363,803‌

NET

ASSETS

$

296,809‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$54,620;

Shares

outstanding:

6,739,072)

$

8.10‌

Advisor

Class

(Net

assets:

$318;

Shares

outstanding:

39,174)

$

8.11‌

I

Class

(Net

assets:

$241,871;

Shares

outstanding:

29,861,735)

$

8.10‌

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

(Unaudited)

Statement

of

Operations

30

($000s)

6

Months

Ended

6/30/23

Investment

Income

(Loss)

Income

    Interest

$

9,698‌

Dividend

179‌

Total

income

9,877‌

Expenses

Investment

management

746‌

Shareholder

servicing

Investor

Class

$

71‌

I

Class

8‌

79‌

Prospectus

and

shareholder

reports

Investor

Class

4‌

I

Class

2‌

6‌

Custody

and

accounting

104‌

Registration

33‌

Legal

and

audit

20‌

Proxy

and

annual

meeting

2‌

Directors

1‌

Miscellaneous

19‌

Waived

/

paid

by

Price

Associates

(145‌)

Total

expenses

865‌

Net

investment

income

9,012‌

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

(Unaudited)

Statement

of

Operations

31

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

6/30/23

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(5,596‌)

Swaps

(22‌)

Forward

currency

exchange

contracts

(703‌)

Foreign

currency

transactions

154‌

Net

realized

loss

(6,167‌)

Change

in

net

unrealized

gain

/

loss

Securities

11,155‌

Forward

currency

exchange

contracts

(338‌)

Other

assets

and

liabilities

denominated

in

foreign

currencies

(27‌)

Change

in

net

unrealized

gain

/

loss

10,790‌

Net

realized

and

unrealized

gain

/

loss

4,623‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

13,635‌

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

32

($000s)

6

Months

Ended

6/30/23

Year

Ended

12/31/22

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

9,012‌

$

15,942‌

Net

realized

loss

(6,167‌)

(16,696‌)

Change

in

net

unrealized

gain

/

loss

10,790‌

(38,234‌)

Increase

(decrease)

in

net

assets

from

operations

13,635‌

(38,988‌)

Distributions

to

shareholders

Net

earnings

Investor

Class

(1,831‌)

(5,989‌)

Advisor

Class

(11‌)

(36‌)

I

Class

(7,178‌)

(19,962‌)

Decrease

in

net

assets

from

distributions

(9,020‌)

(25,987‌)

Capital

share

transactions

*

Shares

sold

Investor

Class

4,329‌

34,607‌

I

Class

51,737‌

165,150‌

Distributions

reinvested

Investor

Class

1,666‌

5,406‌

Advisor

Class

11‌

36‌

I

Class

5,948‌

16,795‌

Shares

redeemed

Investor

Class

(8,512‌)

(89,946‌)

Advisor

Class

(29‌)

(221‌)

I

Class

(23,022‌)

(97,224‌)

Increase

in

net

assets

from

capital

share

transactions

32,128‌

34,603‌

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

33

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

6/30/23

Year

Ended

12/31/22

Net

Assets

Increase

(decrease)

during

period

36,743‌

(30,372‌)

Beginning

of

period

260,066‌

290,438‌

End

of

period

$

296,809‌

$

260,066‌

*Share

information

(000s)

Shares

sold

Investor

Class

533‌

4,028‌

I

Class

6,392‌

18,047‌

Distributions

reinvested

Investor

Class

205‌

643‌

Advisor

Class

1‌

4‌

I

Class

734‌

2,009‌

Shares

redeemed

Investor

Class

(1,049‌)

(9,945‌)

Advisor

Class

(3‌)

(25‌)

I

Class

(2,831‌)

(11,324‌)

Increase

in

shares

outstanding

3,982‌

3,437‌

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

Unaudited

NOTES

TO

FINANCIAL

STATEMENTS

34

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.

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.

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 other

investment

companies are

reflected

as

dividend

income;

capital

gain

distributions

are

reflected

as

realized

gain/

loss.

Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

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35

date.

Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Income

distributions,

if

any, are

declared

by

each

class daily

and

paid

monthly.

A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class’s

outstanding

shares.

The

Advisor

Class

pays

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

of

the

class’s

average

daily

net

assets;

during

the

six

months

ended

June

30,

2023,

the

Advisor

Class

incurred

less

than

$1,000

in

these

fees.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

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.

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.

T.

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36

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;

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

T.

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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.   

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

T.

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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.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

June

30,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

six

months ended

June

30,

2023.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

3

holdings

during

the

period,

if

any,

and

is

included

on

the

accompanying

Statement

of

Operations.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

June

30,

2023,

totaled $(9,000) for

the

six

months ended

June

30,

2023.

During

the

six

months,

transfers

into

Level

3

resulted

from

a

lack

of

observable

market

data

for

the

security.

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

269,495‌

$

—‌

$

269,495‌

Bank

Loans

—‌

14,118‌

4,103‌

18,221‌

Short-Term

Investments

6,096‌

—‌

—‌

6,096‌

Total

Securities

6,096‌

283,613‌

4,103‌

293,812‌

Forward

Currency

Exchange

Contracts

—‌

163‌

—‌

163‌

Total

$

6,096‌

$

283,776‌

$

4,103‌

$

293,975‌

Liabilities

Forward

Currency

Exchange

Contracts

$

—‌

$

1,923‌

$

—‌

$

1,923‌

1

Includes

Convertible

Bonds,

Corporate

Bonds

and

Municipal

Securities.

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NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

six

months ended

June

30,

2023,

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

and

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

June

30,

2023,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

($000s)

Beginning

Balance

12/31/22

Gain

(Loss)

During

Period

Total

Sales

Transfer

Into

Level

3

Ending

Balance

6/30/23

Investment

in

Securities

Bank

Loans

$

462‌

$

(14‌)

$

(63‌)

$

3,718‌

$

4,103‌

T.

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Income

Bond

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40

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

six

months ended

June

30,

2023,

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

$

163‌

Total

$

163‌

Liabilities

Foreign

exchange

derivatives

Forwards

$

1,923‌

Total

$

1,923‌

($000s)                                              

Location

of

Gain

(Loss)

on

Statement

of

Operations

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Foreign

exchange

derivatives

$

(703‌)

$

—‌

$

(703‌)

Credit

derivatives

—‌

(22‌)

(22‌)

Total

$

(703‌)

$

(22‌)

$

(725‌)

Change

in

Unrealized

Gain

(Loss)

Foreign

exchange

derivatives

$

(338‌)

$

—‌

$

(338‌)

Total

$

(338‌)

$

—‌

$

(338‌)

T.

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41

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

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

T.

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42

positions. As

of

June

30,

2023,

cash of

$1,390,000

had

been

posted

by

the

fund

to

counterparties

for

bilateral

derivatives. As

of

June

30,

2023,

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

reducing

the

fund’s

total

return;

and

the

potential

for

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

June

30,

2023,

the

volume

of

the

fund’s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

between

26%

and

28%

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

T.

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43

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

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

six

months ended

June

30,

2023,

the

volume

of

the

fund’s

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

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

T.

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44

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

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.

T.

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45

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.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

short-term securities

aggregated $98,130,000 and

$66,448,000,

respectively,

for

the

six

months ended

June

30,

2023.

NOTE

5

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its

taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/

tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report.

T.

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PRICE

Global

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Bond

Fund

46

The

fund

intends

to

retain

realized

gains

to

the

extent

of

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

be

carried

forward

indefinitely

to

offset

future

realized

capital

gains.

As

of

December

31,

2022,

the

fund

had

$27,887,000 of

available

capital

loss

carryforwards.

At

June

30,

2023,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$321,990,000.

Net

unrealized

loss

aggregated

$29,926,000

at

period-end,

of

which $2,198,000

related

to

appreciated

investments

and $32,124,000

related

to

depreciated

investments.

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

June

30,

2023,

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. 

T.

ROWE

PRICE

Global

High

Income

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Fund

47

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

Pursuant

to

these

agreements,

expenses

were

waived/paid

by

and/or

repaid

to

Price

Associates

during

the

six

months ended June

30,

2023

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $818,000 remain

subject

to

repayment

by

the

fund

at

June

30,

2023.

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

a

wholly

owned

subsidiary

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.

For

the

six

months

ended

June

30,

2023,

expenses

incurred

pursuant

to

these

service

agreements

were

$60,000

for

Price

Associates

and

$54,000

for

T.

Rowe

Price

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,

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)

$(55)

$(1)

$(89)

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

48

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months

ended

June

30,

2023,

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.

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

49

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.

ROWE

PRICE

Global

High

Income

Bond

Fund

50

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.

RESULTS

OF

PROXY

VOTING

A

Special

Meeting

of

Shareholders

was

held

on

July

24,

2023

for

shareholders

of

record

on

April

7,

2023,

to

elect

the

following

director-nominees

to

serve

on

the

Board

of

all

Price

Funds.

The

newly

elected

Directors

took

office

effective

July

24,

2023.

The

results

of

the

voting

were

as

follows:

Teresa

Bryce

Bazemore,

Bruce

W.

Duncan,

Robert

J.

Gerrard,

Jr.,

Paul

F.

McBride

and

David

Oestreicher

continue

to

serve

as

Directors

on

the

Board

of

all

Price

Funds.

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

.

Votes

For

Votes

Withheld

Melody

Bianchetto

5,316,532,865

42,338,636

Mark

J.

Parrell

5,314,462,793

44,388,756

Kellye

L.

Walker

5,314,203,135

44,903,088

Eric

L.

Veiel

5,309,419,858

49,685,657

T.

ROWE

PRICE

Global

High

Income

Bond

Fund

51

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENTS

Each

year,

the

fund’s

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

well

as

the

investment

subadvisory

agreements

(Subadvisory

Contracts)

that

the

Adviser

has

entered

into

with

T.

Rowe

Price

International

Ltd

and

T.

Rowe

Price

Hong

Kong

Limited

(Subadvisers)

on

behalf

of

the

fund.

In

that

regard,

at

a

meeting

held

on

March

6–7,

2023

(Meeting),

the

Board,

including

all

of

the

fund’s

independent

directors,

approved

the

continuation

of

the

fund’s

Advisory

Contract

and

Subadvisory

Contracts.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

Subadvisers

and

the

approval

of

the

Advisory

Contract

and

Subadvisory

Contracts.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

and

Subadvisory

Contracts

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

and

Subadvisers

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T.

Rowe

Price

funds’

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

Services

Provided

by

the

Adviser

and

Subadvisers

The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser

and

Subadvisers.

These

services

included,

but

were

not

limited

to,

directing

the

fund’s

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund’s

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance;

maintaining

the

fund’s

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser’s

and

Subadvisers’

senior

management

teams

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser’s

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser

and

Subadvisers,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts.

T.

ROWE

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High

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52

Investment

Performance

of

the

Fund

The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T.

Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund’s

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2022. Additionally,

the

Board

reviewed

the

fund’s

relative

performance

information

as

of

September

30,

2022,

which

ranked

the

returns

of

the

fund’s

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund’s

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund’s

performance,

length

of

the

fund’s

performance

track

record,

and

how

closely

the

fund’s

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

fund’s

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts.

Costs,

Benefits,

Profits,

and

Economies

of

Scale

The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates)

may

have

realized

from

its

relationship

with

the

fund.

In

considering

soft-

dollar

arrangements

pursuant

to

which

research

may

be

received

from

broker-dealers

that

execute

the

fund’s

portfolio

transactions,

the

Board

noted

that

the

Adviser

bears

the

cost

of

research

services

for

all

client

accounts

that

it

advises,

including

the

T.

Rowe

Price

funds.

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T.

Rowe

Price

funds.

While

the

Board

did

not

review

information

regarding

profits

realized

from

managing

the

fund

in

particular

because

the

fund

had

either

not

achieved

sufficient

portfolio

asset

size

or

not

recognized

sufficient

revenues

to

produce

meaningful

profit

margin

percentages,

the

Board

concluded

that

the

Adviser’s

profits

were

reasonable

in

light

of

the

services

provided

to

the

T.

Rowe

Price

funds.

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENTS

(continued)

T.

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53

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components—a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T.

Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund’s

average

daily

net

assets—and

the

fund

pays

its

own

expenses

of

operations.

Under

each

Subadvisory

Contract,

the

Adviser

may

pay

the

Subadviser

up

to

60%

of

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

The

group

fee

rate

decreases

as

total

T.

Rowe

Price

fund

assets

grow,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T.

Rowe

Price

funds

thus

allowing

shareholders

of

those

funds

to

share

potential

economies

of

scale.

The

fund

is

also

subject

to

contractual

expense

limitations

that

require

the

Adviser

to

waive

its

fees

and/or

bear

any

expenses

that

would

cause

the

expenses

of

a

share

class

of

the

fund

to

exceed

a

certain

percentage

based

on

the

class’s

net

assets.

The

expense

limitations

mitigate

the

potential

for

relatively

higher

expenses

until

the

fund

achieves

greater

scale

and

protect

against

an

increase

in

operating

expenses

above

a

certain

level

that

could

impact

shareholders.

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser’s

ongoing

investments

in

its

business

in

support

of

the

T.

Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-

party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund’s

investors.

Fees

and

Expenses

The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i)

contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Investor

Class

Expense

Group);

(ii)

actual

management

fees

and

total

expenses

of

the

Advisor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Advisor

Class

Expense

Group);

and

(iii)

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund’s

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENTS

(continued)

T.

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54

or reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

information

provided

to

the

Board

indicated

that

the

fund’s

contractual

management

fee

ranked

in

the

first

quintile

(Investor

Class

Expense

Group),

the

fund’s

actual

management

fee

rate

ranked

in

the

first

quintile

(Investor

Class

Expense

Group,

Advisor

Class

Expense

Group,

and

Expense

Universe),

and

the

fund’s

total

expenses

ranked

in

the

third

quintile

(Investor

Class

Expense

Group

and

Expense

Universe)

and

first

quintile

(Advisor

Class

Expense

Group).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

to

investors

outside

the

United

States.

Management

provided

the

Board

with

information

about

the

Adviser’s

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

business

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

business.

The

Board

considered

information

showing

that

the

Adviser’s

mutual

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

institutional

account

business

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser’s

proprietary

mutual

fund

business.

In

assessing

the

reasonableness

of

the

fund’s

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

mutual

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution’s

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T.

Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENTS

(continued)

T.

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PRICE

Global

High

Income

Bond

Fund

55

Approval

of

the

Advisory

Contract

and

Subadvisory

Contracts

As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts

(including

the

fees

to

be

charged

for

services

thereunder).

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENTS

(continued)

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

F36-051

8/23

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

Not applicable.

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 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 filed with the registrant’s annual Form N-CSR.
(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	August 18, 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	August 18, 2023

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	August 18, 2023