UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-02958
T. Rowe Price International Funds, Inc.
(Exact name of registrant as specified
in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive
offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: December 31
Date of reporting
period: December 31, 2023
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Highlights
and
Market
Commentary
Management’s
Discussion
of
Fund
Performance
Performance
and
Expenses
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
RPIHX
Global
High
Income
Bond
Fund
–
.
PAIHX
Global
High
Income
Bond
Fund–
.
Advisor
Class
RPOIX
Global
High
Income
Bond
Fund–
.
I Class
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
HIGHLIGHTS
The
Global
High
Income
Bond
Fund
posted
a
solid
gain
during
our
reporting
period
and,
on
a
net
basis,
outperformed
its
benchmark,
the
ICE
BofA
Global
High
Yield
Index
Hedged
to
USD,
and
the
Lipper
peer
group
average.
Over
the
past
year,
the
global
high
yield
asset
class
strongly
rebounded
from
the
difficult
performance
environment
in
2022.
From
a
regional
standpoint,
our
rotation
out
of
emerging
markets
to
Europe
was
one
of
the
most
important
themes
in
the
portfolio
over
the
past
year.
The
portfolio’s
higher
yield
and
spread
and
lower
duration
relative
to
our
benchmark
and
the
broad
market
should
support
its
income
generation
potential
in
2024.
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
An
account
service
fee
will
be
charged
annually
for
each
T.
Rowe
Price
mutual
fund
account
unless
you
meet
criteria
for
a
fee
waiver.
Go
to
troweprice.com/personal-investing/help/fees-and-
minimums.html
to
learn
more
about
this
account
service
fee,
including
other
ways
to
waive
it.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Market
Commentary
Dear
Shareholder
Global
stock
and
bond
indexes
were
broadly
positive
during
2023
as
most
economies
managed
to
avoid
the
recession
that
was
widely
predicted
at
the
start
of
the
year.
Technology
companies
benefited
from
investor
enthusiasm
for
artificial
intelligence
developments
and
led
the
equity
rally,
while
fixed
income
benchmarks
rebounded
late
in
the
year
amid
falling
interest
rates.
For
the
12-month
period,
the
technology-oriented
Nasdaq
Composite
Index
rose
about
43%,
reaching
a
record
high
and
producing
the
strongest
result
of
the
major
benchmarks.
Growth
stocks
outperformed
value
shares,
and
developed
market
stocks
generally
outpaced
their
emerging
markets
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,
which
finished
the
year
just
short
of
the
record
level
it
reached
in
early
2022,
the
information
technology,
communication
services,
and
consumer
discretionary
sectors
were
all
lifted
by
the
tech
rally
and
recorded
significant
gains.
A
small
group
of
tech-oriented
mega-cap
companies
helped
drive
much
of
the
market’s
advance.
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
bounced
back
from
the
failure
of
three
large
regional
banks
in
the
spring
and
was
one
of
the
top-performing
segments
in
the
second
half
of
the
year.
The
U.S.
economy
was
the
strongest
among
the
major
markets
during
the
period,
with
gross
domestic
product
growth
coming
in
at
4.9%
in
the
third
quarter,
the
highest
since
the
end
of
2021.
Corporate
fundamentals
were
also
broadly
supportive.
Year-over-year
earnings
growth
contracted
in
the
first
and
second
quarters
of
2023,
but
results
were
better
than
expected,
and
earnings
growth
turned
positive
again
in
the
third
quarter.
Markets
remained
resilient
despite
a
debt
ceiling
standoff
in
the
U.S.,
the
outbreak
of
war
in
the
Middle
East,
the
continuing
conflict
between
Russia
and
Ukraine,
and
a
sluggish
economic
recovery
in
China.
Inflation
remained
a
concern,
but
investors
were
encouraged
by
the
slowing
pace
of
price
increases
as
well
as
the
possibility
that
the
Federal
Reserve
was
nearing
the
end
of
its
rate-hiking
cycle.
The
Fed
held
rates
steady
after
raising
its
short-term
lending
benchmark
rate
to
a
target
range
of
5.25%
to
5.50%
in
July,
the
highest
level
since
March
2001,
and
at
its
final
meeting
of
the
year
in
December,
the
central
bank
indicated
that
there
could
be
three
25-basis-point
rate
cuts
in
2024.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
The
yield
of
the
benchmark
10-year
U.S.
Treasury
note
briefly
reached
5.00%
in
October
for
the
first
time
since
late
2007
before
falling
back
to
3.88%
by
period-end,
the
same
level
where
it
started
the
year,
amid
cooler-than-expected
inflation
readings
and
less-hawkish
Fed
rhetoric.
Fixed
income
benchmarks
were
lifted
late
in
the
year
by
falling
yields.
Investment-grade
and
high
yield
corporate
bonds
produced
solid
returns,
supported
by
the
higher
coupons
that
have
become
available
over
the
past
year,
as
well
as
increasing
hopes
that
the
economy
might
be
able
to
avoid
a
recession.
Global
economies
and
markets
showed
surprising
resilience
in
2023,
but
considerable
uncertainty
remains
as
we
look
ahead.
Geopolitical
events,
the
path
of
monetary
policy,
and
the
impact
of
the
Fed’s
rate
hikes
on
the
economy
all
raise
the
potential
for
additional
volatility.
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
help
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely,
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Management’s
Discussion
of
Fund
Performance
INVESTMENT
OBJECTIVE
The
fund
seeks
high
income
and,
secondarily,
capital
appreciation.
FUND
COMMENTARY
How
did
the
fund
perform
in
the
past
12
months?
The
Global
High
Income
Bond
Fund
returned
13.93%,
net
of
fees,
in
the
12
months
ended
December
31,
2023,
outperforming
its
benchmark,
the
ICE
BofA
Global
High
Yield
Index
Hedged
to
USD,
and
the
Lipper
peer
group
average.
(Returns
for
Advisor
and
I
Class
shares
varied
slightly,
reflecting
their
different
fee
structures.
Past
performance
cannot
guarantee
future
results
.)
What
factors
influenced
the
fund’s
performance?
Over
the
past
year,
the
global
high
yield
asset
class
strongly
rebounded
from
the
difficult
performance
environment
in
2022,
when
market
volatility
and
interest
rate
headwinds
hit
hardest
in
emerging
markets
and
Europe.
We
believe
the
Global
High
Income
Bond
Fund’s
strong
absolute
and
relative
performance
during
the
period
speaks
to
the
strength
of
our
robust
leveraged
finance
research
platform
and
the
benefit
of
focusing
on
our
highest-conviction
ideas.
Notably,
the
portfolio
generated
positive
attribution
relative
to
our
benchmark
from
all
regions,
and
credit
selection
drove
our
relative
performance
across
the
quality
spectrum.
Our
portfolio
construction
decisions
emphasizing
downside
risk
management
were
an
important
driver
of
relative
performance.
The
investment
team’s
bottom-up
fundamental
research
enabled
us
to
avoid
exposure
to
several
troubled
credits
that
traded
significantly
lower
during
the
period.
Notable
examples
of
issuers
we
avoided
that
experienced
weakness
include
Lumen
Technologies,
an
over-leveraged
wireline
telecom
company
facing
bankruptcy
PERFORMANCE
COMPARISON
Total
Return
Periods
Ended
12/31/23
6
Months
12
Months
Global
High
Income
Bond
Fund
–
.
8.49%
13.93%
Global
High
Income
Bond
Fund–
.
Advisor
Class
8.25
13.69
Global
High
Income
Bond
Fund–
.
I
Class
8.44
14.10
ICE
BofA
Global
High
Yield
Index
Hedged
to
USD
7.73
13.11
Lipper
Global
High
Yield
Funds
Average
6.73
11.57
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
risk,
and
Country
Garden,
formerly
China’s
largest
property
developer,
which
defaulted
on
its
offshore
debt
payments.
(Please
refer
to
the
portfolio
of
investments
for
a
complete
list
of
holdings
and
the
amount
each
represents
in
the
portfolio.)
Also
adding
to
relative
performance
were
off-
benchmark
positions
in
bank
loans
that
benefit
from
higher
interest
rates
and
an
underweight
in
more
interest
rate-sensitive
BB
rated
bonds.
Loan
issuer
Asurion,
the
leading
provider
of
mobile
protection
services
with
over
150
million
mobile
phone
subscribers
globally,
was
a
top
contributor
to
relative
performance.
Recent
meetings
with
the
company’s
management
team
reinforced
our
confidence
in
their
ability
to
refinance
near-term
maturities
and
assuaged
concerns
about
the
potential
impacts
of
increased
competition
on
the
company’s
business.
From
a
regional
standpoint,
rotating
out
of
emerging
markets
in
favor
of
Europe
was
an
important
tactical
shift
for
the
strategy.
For
example,
our
zero
weight
in
the
Chinese
property
market
made
a
significant
contribution
to
relative
performance
in
the
building
and
real
estate
segment.
We
believe
the
positive
performance
impact
of
our
decision
to
exit
China’s
real
estate
market
in
2022
demonstrates
the
benefit
of
our
commitment
to
taking
a
long-term
strategic
view.
The
value
add
from
our
tilt
toward
the
European
market
was
reflected
in
the
security
selection
contribution
within
the
services
segment
as
RAC
Group,
a
UK
roadside
assistance
company,
and
European
conference
software
company
IPD
were
among
the
top
performers
over
the
past
year.
Sources:
Credit
ratings
for
the
securities
held
in
the
fund
are
provided
by
Moody’s
and
Standard
&
Poor’s
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.
Split
ratings
(e.g.,
BB/B
and
B/CCC)
are
assigned
when
Moody’s
and
S&P
differ.
If
a
rating
is
not
available,
the
security
is
classified
as
Not
Rated.
The
rating
of
the
underlying
investment
vehicle
is
used
to
determine
the
creditworthiness
of
credit
default
swaps
and
sovereign
securities.
The
fund
is
not
rated
by
any
agency.
*
Short-term
holdings
are
not
rated.
CREDIT
QUALITY
DIVERSIFICATION
.....
Percent
of
Total
Assets
6/30/23
12/31/23
BBB/BB
Rated
and
Above
3.9%
4.0%
BB
Rated
27.0
23.1
BB/B
Rated
17.0
18.8
B
Rated
37.2
39.6
B/CCC
Rated
2.2
2.4
CCC
Rated
and
Below
9.2
8.4
Credit
Default
Swaps
0.0
0.0
Default
0.0
0.0
Equities
0.0
0.0
Not
Rated
2.0
2.2
Short-Term
Holdings*
1.5
1.5
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Our
overweight
allocation
and
credit
selection
in
the
entertainment
and
leisure
segment
were
also
beneficial.
The
continued
recovery
of
cruise
lines
from
pandemic-related
disruptions
was
a
meaningful
driver
of
the
portfolio’s
relative
performance,
and
we
realized
significant
contributions
from
our
investments
in
Carnival
Corporation,
Norwegian
Cruise
Lines,
Royal
Caribbean,
and
TUI
Cruises.
The
value
add
from
selection
in
the
health
care
industry
was
largely
due
to
the
improved
performance
of
hospital
names
such
as
for-profit
hospital
company
Community
Health
Systems,
which
benefited
from
higher
sales,
reduced
labor
costs,
and
improved
liquidity
due
to
hospital
sales.
Global
pharmaceutical
company
Teva
Pharmaceutical
was
another
notable
contributor
due
to
the
resolution
of
its
opioid-related
lawsuits
and
management’s
renewed
focus
on
growth.
The
portfolio’s
positioning
in
the
cable
operators
segment
was
a
drag
on
relative
performance,
partly
due
to
Altice
France.
The
issuer’s
underperformance
was
largely
the
result
of
its
2025
maturity
wall
and
a
fraud
case,
where
it
transpired
that
the
company
was
the
victim
rather
than
the
perpetrator.
However,
our
evaluation
of
the
company’s
fundamentals
and
discussions
with
the
management
team
have
reinforced
our
conviction
that
the
bonds
are
currently
trading
at
levels
that
do
not
reflect
their
long-term
value.
The
metals
and
mining
segment
underperformed
largely
because
of
GrafTech
International,
a
manufacturer
of
graphite
and
carbon-based
products
utilized
in
steel
production.
The
credits
came
under
pressure
as
steelmakers’
capacity
utilization
declined
due
to
lower
steel
demand
and
falling
steel
prices.
However,
we
believe
that
the
company
has
the
liquidity
runway
needed
to
endure
a
prolonged
period
of
demand
weakness
and
that
the
company’s
assets
should
cover
its
debts.
Banco
Davivienda,
Colombia’s
second-largest
bank
by
assets,
was
another
notable
detractor.
Specifically,
our
investment
in
the
issuer’s
lower
coupon,
subordinated
debt
underperformed
in
an
environment
of
high
interest
rate
volatility.
The
portfolio
maintains
allocations
to
select
types
of
derivatives
for
hedging
purposes.
The
fund
had
a
material
exposure
to
currency
forward
contracts
during
the
reporting
period,
which
had
a
negative
impact
on
performance.
How
is
the
fund
positioned?
From
a
regional
standpoint,
our
rotation
out
of
emerging
markets
and
into
Europe
was
one
of
the
most
important
themes
in
the
portfolio
over
the
past
year.
We
maintained
our
overweight
to
Europe,
as
it
is
a
better-rated
market
with
a
yield
pickup
compared
with
the
U.S.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Over
the
past
year,
we
pared
the
portfolio’s
bank
loan
exposure
by
roughly
250
basis
points
(100
basis
points
equals
1.00%).
But
our
allocation
to
the
loan
asset
class
has
remained
steady
since
midyear.
Even
though
the
Federal
Reserve
is
currently
projecting
75
basis
points
of
rate
cuts
in
2024,
we
believe
in
having
bank
loans
as
a
strategic
allocation
due
to
their
higher
carry
and
lower
volatility.
Our
most
meaningful
overweight
industry
allocations
were
in
entertainment
and
leisure,
energy,
and
cable
operators.
The
ongoing
credit
repair
by
cruise
lines
was
an
important
driver
of
our
higher
relative
weight
in
the
entertainment
and
leisure
space.
A
decline
in
drilling
productivity
by
oil
producers
should
give
support
to
energy
prices
and
provide
a
good
backdrop
for
energy
credits.
Furthermore,
energy
company
management
teams
are
more
committed
to
enhanced
returns,
generating
free
cash
flow,
and
repaying
debt
rather
than
prioritizing
production
growth,
which
should
be
supportive
to
energy
company
credit
profiles.
We
maintained
our
long-standing
overweight
to
the
cable
operators
segment.
Although
the
industry
has
had
to
contend
with
increased
competitive
pressures,
we
believe
that
considerable
value
still
exists
in
the
large
capital
structures
of
cable
issuers,
particularly
in
Europe.
What
is
portfolio
management’s
outlook?
We
remain
constructive
on
the
global
high
yield
market
despite
its
strong
run
in
the
final
months
of
2023
amid
the
dovish
pivot
in
major
central
banks’
interest
rate
narrative.
Persistent
macro
uncertainty
notwithstanding,
we
expect
the
asset
class
to
deliver
attractive
returns
in
the
coming
year
as
all-in
yields
are
currently
around
8%
and
the
income
stream
should
help
mitigate
the
impact
of
spread
volatility.
Tighter
global
financial
conditions,
higher
borrowing
costs,
still
elevated
inflation,
the
risk
of
policy
missteps,
and
geopolitical
tensions
can
impact
companies’
access
to
capital
and
profitability.
Although
we
do
expect
the
default
rate
to
increase
as
the
macro
environment
weakens,
it
should
remain
within
historical
averages.
Furthermore,
the
senior
secured
bonds
that
now
comprise
a
significant
portion
of
the
below
investment-grade
new
issue
market
should
support
recovery
rates
in
the
event
of
a
pickup
in
defaults.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Fundamental
conditions
in
the
high
yield
asset
class
and
its
underlying
credit
quality
remain
solid.
We
have
positioned
the
portfolio
with
a
higher
yield
and
spread
and
lower
duration
relative
to
our
benchmark
and
the
broad
market,
which
should
support
its
income
generation
potential
in
2024.
The
views
expressed
reflect
the
opinions
of
T.
Rowe
Price
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic,
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
RISKS
OF
BOND
INVESTING
Bonds
are
subject
to
interest
rate
risk,
the
decline
in
bond
prices
that
usually
accompanies
a
rise
in
interest
rates,
and
credit
risk,
the
chance
that
any
fund
holding
could
have
its
credit
rating
downgraded
or
that
a
bond
issuer
will
default
(fail
to
make
timely
payments
of
interest
or
principal),
potentially
reducing
the
fund’s
income
level
and
share
price.
High
yield
corporate
bonds
could
have
greater
price
declines
than
funds
that
invest
primarily
in
high-
quality
bonds.
Companies
issuing
high
yield
bonds
are
not
as
strong
financially
as
those
with
higher
credit
ratings,
so
the
bonds
are
usually
considered
to
be
speculative
investments.
Bank
loans
may
at
times
become
difficult
to
value
and
highly
illiquid;
they
are
subject
to
credit
risk
such
as
nonpayment
of
principal
or
interest,
and
risks
of
bankruptcy
and
insolvency.
Investing
in
the
securities
of
non-U.S.
issuers
involves
special
risks
not
typically
associated
with
investing
in
U.S.
issuers.
Foreign
securities
tend
to
be
more
volatile
and
less
liquid
than
investments
in
U.S.
securities
and
may
lose
value
because
of
adverse
local,
political,
social,
or
economic
developments
overseas,
or
due
to
changes
in
the
exchange
rates
between
foreign
currencies
and
the
U.S.
dollar.
In
addition,
foreign
investments
are
subject
to
settlement
practices
and
regulatory
and
financial
reporting
standards
that
differ
from
those
of
the
U.S.
These
risks
are
heightened
for
the
fund’s
investments
in
emerging
markets,
which
are
more
susceptible
to
governmental
interference,
less
efficient
trading
markets,
and
the
imposition
of
local
taxes
or
restrictions
on
gaining
access
to
sales
proceeds
for
foreign
investors.
BENCHMARK
INFORMATION
ICE
BofA
Global
High
Yield
Index
Hedged
to
USD
(THE
“INDEX”)
IS
A
PRODUCT
OF
SOURCE
ICE
DATA
INDICES,
LLC
(“ICE
DATA”),
AND
IS
USED
WITH
PERMISSION.
ICE
®
IS
A
REGISTERED
TRADEMARK
OF
ICE
DATA
OR
ITS
AFFILIATES,
AND
BOFA
®
IS
A
REGISTERED
TRADEMARK
OF
BANK
OF
AMERICA
CORPORATION
LICENSED
BY
BANK
OF
AMERICA
CORPORATION
AND
ITS
AFFILIATES
("BOFA")
AND
MAY
NOT
BE
USED
WITHOUT
BOFA'S
PRIOR
WRITTEN
APPROVAL.
ICE
DATA,
ITS
AFFILIATES
AND
THEIR
RESPECTIVE
THIRD
PARTY
SUPPLIERS
DISCLAIM
ANY
AND
ALL
WARRANTIES
AND
REPRESENTATIONS,
EXPRESS
AND/OR
IMPLIED,
INCLUDING
ANY
WARRANTIES
OF
MERCHANTABILITY
OR
FITNESS
FOR
A
PARTICULAR
PURPOSE
OR
USE,
INCLUDING
THE
INDICES,
INDEX
DATA
AND
ANY
DATA
INCLUDED
IN,
RELATED
TO,
OR
DERIVED
THEREFROM.
NEITHER
ICE
DATA,
ITS
AFFILIATES
NOR
THEIR
RESPECTIVE
THIRD
PARTY
SUPPLIERS
SHALL
BE
SUBJECT
TO
ANY
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
DAMAGES
OR
LIABILITY
WITH
RESPECT
TO
THE
ADEQUACY,
ACCURACY,
TIMELINESS
OR
COMPLETENESS
OF
THE
INDICES
OR
THE
INDEX
DATA
OR
ANY
COMPONENT
THEREOF,
AND
THE
INDICES
AND
INDEX
DATA
AND
ALL
COMPONENTS
THEREOF
ARE
PROVIDED
ON
AN
“AS
IS”
BASIS
AND
YOUR
USE
IS
AT
YOUR
OWN
RISK.
INCLUSION
OF
A
SECURITY
WITHIN
AN
INDEX
IS
NOT
A
RECOMMENDATION
BY
ICE
DATA
TO
BUY,
SELL,
OR
HOLD
SUCH
SECURITY,
NOR
IS
IT
CONSIDERED
TO
BE
INVESTMENT
ADVICE.
ICE
DATA,
ITS
AFFILIATES
AND
THEIR
RESPECTIVE
THIRD
PARTY
SUPPLIERS
DO
NOT
SPONSOR,
ENDORSE,
OR
RECOMMEND T.
ROWE
PRICE,
OR
ANY
OF
ITS
PRODUCTS
OR
SERVICES.
Note:
©
2024,
Moody’s
Corporation,
Moody’s
Investors
Service,
Inc.,
Moody’s
Analytics,
Inc.
and/or
their
licensors
and
affiliates
(collectively,
“Moody’s”).
All
rights
reserved.
Moody’s
ratings
and
other
information
(“Moody’s
Information”)
are
proprietary
to
Moody’s
and/or
its
licensors
and
are
protected
by
copyright
and
other
intellectual
property
laws.
Moody’s
Information
is
licensed
to
Client
by
Moody’s.
MOODY’S
INFORMATION
MAY
NOT
BE
COPIED
OR
OTHERWISE
REPRODUCED,
REPACKAGED,
FURTHER
TRANSMITTED,
TRANSFERRED,
DISSEMINATED,
REDISTRIBUTED
OR
RESOLD,
OR
STORED
FOR
SUBSEQUENT
USE
FOR
ANY
SUCH
PURPOSE,
IN
WHOLE
OR
IN
PART,
IN
ANY
FORM
OR
MANNER
OR
BY
ANY
MEANS
WHATSOEVER,
BY
ANY
PERSON
WITHOUT
MOODY’S
PRIOR
WRITTEN
CONSENT.
Moody's
®
is
a
registered
trademark.
Note:
Copyright
©
2024,
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.
BENCHMARK
INFORMATION
(continued)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Note:
Portions
of
the
mutual
fund
information
contained
in
this
report
was
supplied
by
Lipper,
a
Refinitiv
Company,
subject
to
the
following:
Copyright
2024
©
Refinitiv.
All
rights
reserved.
Any
copying,
republication
or
redistribution
of
Lipper
content
is
expressly
prohibited
without
the
prior
written
consent
of
Lipper.
Lipper
shall
not
be
liable
for
any
errors
or
delays
in
the
content,
or
for
any
actions
taken
in
reliance
thereon.
BENCHMARK
INFORMATION
(continued)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
PORTFOLIO
HIGHLIGHTS
TWENTY-FIVE
LARGEST
ISSUERS
Percent
of
Net
Assets
12/31/23
Petroleos
Mexicanos
2.6%
Carnival
1.9
Venture
Global
1.6
Altice
International
Sarl
1.5
Altice
France
1.3
RCS
&
RDS
SA
1.3
Cirsa
Enterprises
1.2
Axian
Telecom
1.2
Gruenenthal
GmbH
1.2
Loxam
SAS
1.1
BBVA
Bancomer
1.1
Verisure
Midholding
1.1
Globo
Comunicacao
1.1
OneMain
Holdings
1.0
Hilcorp
Energy
1.0
DISH
Network
1.0
Cloud
Software
1.0
Clear
Channel
Worldwide
1.0
Charter
Communications
1.0
LifePoint
Health
1.0
Ferrellgas
1.0
Crescent
Energy
Finance
1.0
LeasePlan
0.9
Goodyear
Tire
&
Rubber
0.9
Allied
Universal
0.9
Total
29.9%
Note:
The
information
shown
does
not
reflect
any
exchange-traded
funds
(ETFs),
cash
reserves,
or
collateral
for
securities
lending
that
may
be
held
in
the
portfolio.
Holdings
of
the
issuers
are
combined
and
may
be
shown
in
the
portfolio
of
investments
under
their
subsidiaries.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
GROWTH
OF
$10,000
This
chart
shows
the
value
of
a
hypothetical
$10,000
investment
in
the
fund
over
the
past
10
fiscal
year
periods
or
since
inception
(for funds
lacking
10-year
records).
The
result
is
compared
with
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund returns
as
well
as
mutual fund
averages
and
indexes.
GLOBAL
HIGH
INCOME
BOND
FUND
*
Since
1/31/2015
Note:
Performance
for
the Advisor
and
I
Class
shares
will
vary
due
to
their
differing
fee
structures.
See
the
Average
Annual
Compound
Total
Return
table
on
the
next
page.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
AVERAGE
ANNUAL
COMPOUND
TOTAL
RETURN
EXPENSE
RATIO
FUND
EXPENSE
EXAMPLE
As
a
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
most
recent
six-month
period
and
held
for
the
entire
period.
Periods
Ended
12/31/23
1
Year
5
Years
Since
Inception
Inception
Date
Global
High
Income
Bond
Fund
–
.
13.93%
4.62%
4.88%
1/22/15
Global
High
Income
Bond
Fund–
.
Advisor
Class
13.69
4.40
4.67
1/22/15
Global
High
Income
Bond
Fund–
.
I
Class
14.10
4.77
5.15
8/28/15
The
fund’s
performance
information
represents
only
past
performance
and
is
not
necessarily
an
indication
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
cited.
Share
price,
principal
value,
and
return
will
vary,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
For
the
most
recent
month-end
performance,
please
visit
our
website
(troweprice.com)
or
contact
a
T.
Rowe
Price
representative
at
1
-
800
-
225
-
5132
or,
for
0.02
Advisor
and
0.
3
I
Class
shares,
1-800-638-8790.
This
table
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
for
the
period
had
been
earned
at
a
constant
rate.
Average
annual
total
return
figures
include
changes
in
principal
value,
reinvested
dividends,
and
capital
gain
distributions.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
When
assessing
performance,
investors
should
consider
both
short-
and
long-term
returns.
Global
High
Income
Bond
Fund
0.96%
Global
High
Income
Bond
Fund–Advisor
Class
1.25
Global
High
Income
Bond
Fund–I
Class
0.69
The
expense
ratio
shown
is
as
of
the
fund’s
most
recent
prospectus.
This
number
may
vary
from
the
expense
ratio
shown
elsewhere
in
this
report
because
it
is
based
on
a
different
time
period
and,
if
applicable,
includes
acquired
fund
fees
and
expenses
but
does
not
include
fee
or
expense
waivers.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
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.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
GLOBAL
HIGH
INCOME
BOND
FUND
Beginning
Account
Value
7/1/23
Ending
Account
Value
12/31/23
Expenses
Paid
During
Period*
7/1/23
to
12/31/23
Investor
Class
Actual
$1,000.00
$1,084.90
$3.94
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,021.42
3.82
Advisor
Class
Actual
1,000.00
1,082.50
5.04
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,020.37
4.89
I
Class
Actual
1,000.00
1,084.40
3.20
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,022.13
3.11
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(184),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.75%,
the
2
Advisor Class
was
0.96%,
and
the
3
I Class
was
0.61%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
For
a
share
outstanding
throughout
each
period
Investor
Class
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
7.97
$
9.94
$
10.17
$
10.17
$
9.45
Investment
activities
Net
investment
income
(1)(2)
0.55
0.48
0.47
0.54
0.56
Net
realized
and
unrealized
gain/
loss
0.52
(1.64)
(0.16)
0.01
(3)
0.77
Total
from
investment
activities
1.07
(1.16)
0.31
0.55
1.33
Distributions
Net
investment
income
(0.44)
(0.49)
(0.46)
(0.55)
(0.56)
Net
realized
gain
—
(0.32)
(0.08)
—
(0.05)
Tax
return
of
capital
(0.11)
—
—
—
—
Total
distributions
(0.55)
(0.81)
(0.54)
(0.55)
(0.61)
NET
ASSET
VALUE
End
of
period
$
8.49
$
7.97
$
9.94
$
10.17
$
10.17
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
Ratios/Supplemental
Data
Total
return
(2)(4)
13.93%
(11.83)%
3.05%
5.86%
14.35%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.94%
0.96%
0.90%
0.94%
0.96%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.76%
0.75%
0.78%
0.79%
0.79%
Net
investment
income
6.76%
5.46%
4.61%
5.62%
5.65%
Portfolio
turnover
rate
51.7%
45.2%
63.2%
81.8%
70.1%
Net
assets,
end
of
period
(in
thousands)
$57,997
$56,170
$122,550
$116,743
$116,127
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
The
amount
presented
is
inconsistent
with
the
fund's
aggregate
gains
and
losses
because
of
the
timing
of
sales
and
redemptions
of
fund
shares
in
relation
to
fluctuating
market
values
for
the
investment
portfolio.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
For
a
share
outstanding
throughout
each
period
Advisor
Class
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
7.97
$
9.95
$
10.18
$
10.18
$
9.45
Investment
activities
Net
investment
income
(1)(2)
0.53
0.46
0.45
0.52
0.54
Net
realized
and
unrealized
gain/
loss
0.52
(1.65)
(0.16)
0.01
(3)
0.78
Total
from
investment
activities
1.05
(1.19)
0.29
0.53
1.32
Distributions
Net
investment
income
(0.43)
(0.47)
(0.44)
(0.53)
(0.54)
Net
realized
gain
—
(0.32)
(0.08)
—
(0.05)
Tax
return
of
capital
(0.10)
—
—
—
—
Total
distributions
(0.53)
(0.79)
(0.52)
(0.53)
(0.59)
NET
ASSET
VALUE
End
of
period
$
8.49
$
7.97
$
9.95
$
10.18
$
10.18
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
Ratios/Supplemental
Data
Total
return
(2)(4)
13.69%
(12.11)%
2.84%
5.64%
14.23%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1.28%
1.25%
1.24%
1.25%
1.36%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.97%
0.96%
0.99%
1.00%
1.00%
Net
investment
income
6.54%
5.26%
4.41%
5.42%
5.46%
Portfolio
turnover
rate
51.7%
45.2%
63.2%
81.8%
70.1%
Net
assets,
end
of
period
(in
thousands)
$321
$331
$614
$831
$945
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
The
amount
presented
is
inconsistent
with
the
fund's
aggregate
gains
and
losses
because
of
the
timing
of
sales
and
redemptions
of
fund
shares
in
relation
to
fluctuating
market
values
for
the
investment
portfolio.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
For
a
share
outstanding
throughout
each
period
I
Class
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
NET
ASSET
VALUE
Beginning
of
period
$
7.96
$
9.94
$
10.16
$
10.16
$
9.44
Investment
activities
Net
investment
income
(1)(2)
0.56
0.50
0.48
0.55
0.58
Net
realized
and
unrealized
gain/
loss
0.52
(1.66)
(0.14)
0.01
(3)
0.77
Total
from
investment
activities
1.08
(1.16)
0.34
0.56
1.35
Distributions
Net
investment
income
(0.45)
(0.50)
(0.48)
(0.56)
(0.58)
Net
realized
gain
—
(0.32)
(0.08)
—
(0.05)
Tax
return
of
capital
(0.11)
—
—
—
—
Total
distributions
(0.56)
(0.82)
(0.56)
(0.56)
(0.63)
NET
ASSET
VALUE
End
of
period
$
8.48
$
7.96
$
9.94
$
10.16
$
10.16
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
..
Year
..
..
Ended
.
12/31/23
12/31/22
12/31/21
12/31/20
12/31/19
Ratios/Supplemental
Data
Total
return
(2)(4)
14.10%
(11.81)%
3.32%
6.02%
14.54%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.69%
0.69%
0.72%
0.77%
0.82%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.61%
0.61%
0.62%
0.64%
0.64%
Net
investment
income
6.92%
5.72%
4.74%
5.74%
5.82%
Portfolio
turnover
rate
51.7%
45.2%
63.2%
81.8%
70.1%
Net
assets,
end
of
period
(in
thousands)
$242,717
$203,565
$167,274
$87,283
$42,938
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
6
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
The
amount
presented
is
inconsistent
with
the
fund's
aggregate
gains
and
losses
because
of
the
timing
of
sales
and
redemptions
of
fund
shares
in
relation
to
fluctuating
market
values
for
the
investment
portfolio.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
December
31,
2023
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
BRAZIL
2.1%
Corporate
Bonds
2.1%
Braskem
Netherlands
Finance,
8.50%,
1/12/31
(USD)
(1)
1,580,000
1,471
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD)
(1)
1,315,000
1,136
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD)
1,085,000
938
Globo
Comunicacao
e
Participacoes,
5.50%,
1/14/32
(USD)
(1)
1,190,000
1,023
Klabin
Austria,
3.20%,
1/12/31
(USD)
2,260,000
1,895
Total
Brazil
(Cost
$7,087
)
6,463
CANADA
1.6%
Corporate
Bonds
1.6%
Jones
Deslauriers
Insurance
Management,
8.50%,
3/15/30
(USD)
(1)
2,505,000
2,643
Vermilion
Energy,
6.875%,
5/1/30
(USD)
(1)
2,420,000
2,326
Total
Canada
(Cost
$4,921
)
4,969
CHILE
1.3%
Corporate
Bonds
1.3%
AES
Andes,
VR,
6.35%,
10/7/79
(USD)
(2)
720,000
678
AES
Andes,
VR,
7.125%,
3/26/79
(USD)
(2)
1,015,000
976
Agrosuper,
4.60%,
1/20/32
(USD)
(1)
1,355,000
1,167
Mercury
Chile
Holdco,
6.50%,
1/24/27
(USD)
(1)
1,030,000
961
Total
Chile
(Cost
$4,178
)
3,782
COLOMBIA
1.5%
Corporate
Bonds
1.5%
Aris
Mining,
6.875%,
8/9/26
(USD)
(1)
1,880,000
1,635
Banco
Davivienda,
VR,
6.65%
(USD)
(1)(2)(3)
590,000
423
Ecopetrol,
4.625%,
11/2/31
(USD)
1,720,000
1,461
Ecopetrol,
5.875%,
5/28/45
(USD)
875,000
692
Ecopetrol,
8.875%,
1/13/33
(USD)
220,000
239
Total
Colombia
(Cost
$4,870
)
4,450
FRANCE
4.7%
Corporate
Bonds
4.7%
Altice
France,
4.25%,
10/15/29
(1)
885,000
772
Altice
France,
5.875%,
2/1/27
1,460,000
1,431
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Altice
France
Holding,
4.00%,
2/15/28
3,550,000
1,708
Banijay
Entertainment,
7.00%,
5/1/29
(1)
1,340,000
1,559
Electricite
de
France,
VR,
5.00%
(2)(3)
800,000
879
Electricite
de
France,
VR,
9.125%
(USD)
(1)(2)(3)
880,000
976
Iliad
Holding,
5.125%,
10/15/26
820,000
900
IPD
3,
8.00%,
6/15/28
(1)
1,715,000
2,018
Loxam,
3.75%,
7/15/26
1,010,000
1,101
Loxam,
6.375%,
5/31/29
(1)
1,905,000
2,177
UBS,
5.125%,
10/15/26
(1)
620,000
680
Total
France
(Cost
$15,826
)
14,201
GERMANY
2.6%
Corporate
Bonds
2.6%
Gruenenthal,
3.625%,
11/15/26
(1)
410,000
445
Gruenenthal,
3.625%,
11/15/26
1,975,000
2,147
Gruenenthal,
4.125%,
5/15/28
(1)
210,000
229
Gruenenthal,
6.75%,
5/15/30
(1)
645,000
754
TK
Elevator
Holdco,
6.625%,
7/15/28
(1)
724,500
736
TK
Elevator
U.S.
Newco,
5.25%,
7/15/27
(USD)
(1)
1,435,000
1,410
ZF
Finance,
2.25%,
5/3/28
900,000
910
ZF
North
America
Capital,
6.875%,
4/14/28
(USD)
(1)
1,065,000
1,105
Total
Germany
(Cost
$7,555
)
7,736
GHANA
0.7%
Corporate
Bonds
0.7%
Kosmos
Energy,
7.125%,
4/4/26
(USD)
(1)
1,485,000
1,413
Kosmos
Energy,
7.75%,
5/1/27
(USD)
(1)
740,000
690
Total
Ghana
(Cost
$2,223
)
2,103
GUATEMALA
0.5%
Corporate
Bonds
0.5%
CT
Trust,
5.125%,
2/3/32
(USD)
(1)
1,210,000
1,059
CT
Trust,
5.125%,
2/3/32
(USD)
500,000
437
Total
Guatemala
(Cost
$1,673
)
1,496
INDIA
0.7%
Corporate
Bonds
0.7%
Greenko
Power
II,
4.30%,
12/13/28
(USD)
2,205,000
1,993
Total
India
(Cost
$1,859
)
1,993
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
ISRAEL
1.0%
Corporate
Bonds
1.0%
Bank
Leumi
Le-Israel,
VR,
7.129%,
7/18/33
(USD)
(1)(2)
710,000
690
Teva
Pharmaceutical
Finance
Netherlands
II,
3.75%,
5/9/27
(EUR)
400,000
425
Teva
Pharmaceutical
Finance
Netherlands
II,
4.375%,
5/9/30
(EUR)
735,000
761
Teva
Pharmaceutical
Finance
Netherlands
II,
7.375%,
9/15/29
(EUR)
405,000
490
Teva
Pharmaceutical
Finance
Netherlands
II,
7.875%,
9/15/31
(EUR)
545,000
683
Total
Israel
(Cost
$2,956
)
3,049
ITALY
2.4%
Corporate
Bonds
2.4%
Golden
Goose,
FRN,
3M
EURIBOR
+
4.875%,
8.877%,
5/14/27
865,000
959
IMA
Industria
Macchine
Automatiche,
3.75%,
1/15/28
(1)
905,000
930
IMA
Industria
Macchine
Automatiche,
3.75%,
1/15/28
595,000
611
Itelyum
Regeneration,
4.625%,
10/1/26
(1)
840,000
876
Itelyum
Regeneration,
4.625%,
10/1/26
900,000
938
Lottomatica,
FRN,
3M
EURIBOR
+
4.125%,
8.10%,
6/1/28
(1)
1,200,000
1,337
Nexi,
2.125%,
4/30/29
1,700,000
1,652
Total
Italy
(Cost
$7,450
)
7,303
LUXEMBOURG
2.3%
Corporate
Bonds
2.3%
Albion
Financing
1,
6.125%,
10/15/26
(USD)
(1)
2,410,000
2,386
Altice
Financing,
5.00%,
1/15/28
(USD)
(1)
1,995,000
1,805
Altice
Finco,
4.75%,
1/15/28
2,875,000
2,611
Monitchem
HoldCo
3,
8.75%,
5/1/28
(1)
175,000
197
Total
Luxembourg
(Cost
$7,271
)
6,999
MAURITIUS
1.2%
Corporate
Bonds
1.2%
Axian
Telecom,
7.375%,
2/16/27
(USD)
(1)
2,110,000
1,979
Axian
Telecom,
7.375%,
2/16/27
(USD)
1,620,000
1,520
Total
Mauritius
(Cost
$3,642
)
3,499
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
MEXICO
4.5%
Corporate
Bonds
4.5%
Banco
Mercantil
del
Norte,
VR,
8.375%
(USD)
(2)(3)
1,475,000
1,457
BBVA
Bancomer,
VR,
5.875%,
9/13/34
(USD)
(2)
2,585,000
2,442
BBVA
Bancomer,
VR,
8.45%,
6/29/38
(USD)
(1)(2)
730,000
779
Cemex,
VR,
9.125%
(USD)
(1)(2)(3)
1,240,000
1,322
Petroleos
Mexicanos,
4.50%,
1/23/26
(USD)
635,000
595
Petroleos
Mexicanos,
6.50%,
3/13/27
(USD)
2,475,000
2,309
Petroleos
Mexicanos,
6.50%,
1/23/29
(USD)
1,585,000
1,399
Petroleos
Mexicanos,
6.75%,
9/21/47
(USD)
1,990,000
1,305
Petroleos
Mexicanos,
7.69%,
1/23/50
(USD)
2,685,000
1,913
Total
Mexico
(Cost
$14,894
)
13,521
NETHERLANDS
2.3%
Corporate
Bonds
2.3%
Boels
Topholding,
6.25%,
2/15/29
(1)
495,000
569
Compact
Bidco,
5.75%,
5/1/26
920,000
470
GTCR
W-2
Merger,
8.50%,
1/15/31
(GBP)
(1)
330,000
455
House
of
HR
Group,
9.00%,
11/3/29
(1)
430,000
491
LeasePlan,
VR,
7.375%
(2)(3)
2,560,000
2,833
UPCB
Finance
VII,
3.625%,
6/15/29
970,000
1,020
Ziggo
Bond,
3.375%,
2/28/30
(1)
710,000
660
Ziggo
Bond,
3.375%,
2/28/30
400,000
372
Total
Netherlands
(Cost
$7,506
)
6,870
PANAMA
1.1%
Corporate
Bonds
1.1%
Banco
General,
VR,
5.25%
(USD)
(1)(2)(3)
2,535,000
2,180
C&W
Senior
Financing,
6.875%,
9/15/27
(USD)
(1)
1,090,000
1,016
Total
Panama
(Cost
$3,696
)
3,196
PERU
0.3%
Corporate
Bonds
0.3%
Minsur,
4.50%,
10/28/31
(USD)
(1)
930,000
823
Total
Peru
(Cost
$915
)
823
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
POLAND
0.6%
Corporate
Bonds
0.6%
InPost,
2.25%,
7/15/27
(EUR)
1,885,000
1,939
Total
Poland
(Cost
$1,832
)
1,939
ROMANIA
1.7%
Corporate
Bonds
1.7%
Banca
Transilvania,
VR,
8.875%,
4/27/27
(EUR)
(2)
1,100,000
1,282
RCS
&
RDS,
2.50%,
2/5/25
(EUR)
800,000
867
RCS
&
RDS,
3.25%,
2/5/28
(EUR)
(1)
800,000
791
RCS
&
RDS,
3.25%,
2/5/28
(EUR)
2,100,000
2,078
Total
Romania
(Cost
$4,853
)
5,018
SERBIA
0.5%
Corporate
Bonds
0.5%
United
Group,
3.625%,
2/15/28
(EUR)
1,425,000
1,463
Total
Serbia
(Cost
$1,641
)
1,463
SLOVENIA
0.5%
Corporate
Bonds
0.5%
Nova
Kreditna
Banka
Maribor,
VR,
7.375%,
6/29/26
(2)
1,300,000
1,483
Total
Slovenia
(Cost
$1,445
)
1,483
SOUTH
AFRICA
0.6%
Corporate
Bonds
0.6%
Sappi
Papier
Holding,
3.625%,
3/15/28
(EUR)
1,780,000
1,892
Total
South
Africa
(Cost
$1,696
)
1,892
SPAIN
1.8%
Corporate
Bonds
1.8%
Cirsa
Finance
International,
4.50%,
3/15/27
1,595,000
1,693
Cirsa
Finance
International,
7.875%,
7/31/28
(1)
1,250,000
1,436
Cirsa
Finance
International,
10.375%,
11/30/27
(1)
350,000
421
Lorca
Telecom
Bondco,
4.00%,
9/18/27
(1)
1,250,000
1,345
Lorca
Telecom
Bondco,
4.00%,
9/18/27
565,000
608
Total
Spain
(Cost
$5,505
)
5,503
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SWEDEN
1.0%
Corporate
Bonds
1.0%
Verisure
Holding,
3.25%,
2/15/27
(EUR)
1,810,000
1,914
Verisure
Holding,
7.125%,
2/1/28
(EUR)
(1)
235,000
273
Verisure
Holding,
7.125%,
2/1/28
(EUR)
520,000
604
Verisure
Holding,
9.25%,
10/15/27
(EUR)
(1)
310,000
368
Total
Sweden
(Cost
$2,852
)
3,159
SWITZERLAND
0.1%
Corporate
Bonds
0.1%
UBS
Group,
VR,
9.25%
(USD)
(1)(2)(3)
200,000
215
Total
Switzerland
(Cost
$200
)
215
TANZANIA
0.6%
Convertible
Bonds
0.1%
HTA
Group,
2.875%,
3/18/27
(USD)
200,000
174
174
Corporate
Bonds
0.5%
HTA
Group,
7.00%,
12/18/25
(USD)
(1)
1,225,000
1,209
HTA
Group,
7.00%,
12/18/25
(USD)
465,000
459
1,668
Total
Tanzania
(Cost
$1,886
)
1,842
UNITED
ARAB
EMIRATES
0.4%
Corporate
Bonds
0.4%
MAF
Global
Securities,
VR,
6.375%
(USD)
(2)(3)
1,150,000
1,133
Total
United
Arab
Emirates
(Cost
$1,221
)
1,133
UNITED
KINGDOM
8.4%
Corporate
Bonds
8.4%
Bellis
Acquisition,
3.25%,
2/16/26
(1)
720,000
850
Bellis
Acquisition,
3.25%,
2/16/26
150,000
177
CPUK
Finance,
4.50%,
8/28/27
1,200,000
1,338
Deuce
Finco,
5.50%,
6/15/27
(1)
1,185,000
1,407
Deuce
Finco,
5.50%,
6/15/27
540,000
641
Drax
Finco,
6.625%,
11/1/25
(USD)
(1)
700,000
691
eG
Global
Finance,
12.00%,
11/30/28
(USD)
(1)
1,115,000
1,188
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Iceland
Bondco,
4.625%,
3/15/25
100,000
126
Iceland
Bondco,
10.875%,
12/15/27
(1)
410,000
544
Iceland
Bondco,
FRN,
3M
EURIBOR
+
5.50%,
9.502%,
12/15/27
(EUR)
(1)
465,000
513
INEOS
Quattro
Finance
2,
2.50%,
1/15/26
(EUR)
980,000
1,045
Jaguar
Land
Rover
Automotive,
4.50%,
7/15/28
(EUR)
(1)
740,000
797
Jerrold
Finco,
5.25%,
1/15/27
2,005,000
2,363
Kane
Bidco,
5.00%,
2/15/27
(EUR)
1,870,000
1,980
Motion
Finco,
7.375%,
6/15/30
(EUR)
1,785,000
2,010
Nomad
Foods
Bondco,
2.50%,
6/24/28
(EUR)
1,500,000
1,550
Pinewood
Finance,
3.625%,
11/15/27
(1)
1,075,000
1,258
Pinnacle
Bidco,
8.25%,
10/11/28
(EUR)
(1)
650,000
746
Pinnacle
Bidco,
10.00%,
10/11/28
(1)
655,000
867
RAC
Bond,
5.25%,
11/4/27
(1)
1,690,000
1,879
Virgin
Media
Vendor
Financing
Notes
III,
4.875%,
7/15/28
580,000
680
Vmed
O2
U.K.
Financing
I,
3.25%,
1/31/31
(EUR)
(1)
485,000
492
Vmed
O2
U.K.
Financing
I,
4.50%,
7/15/31
(1)
1,200,000
1,319
Vmed
O2
U.K.
Financing
I,
4.50%,
7/15/31
790,000
868
Total
United
Kingdom
(Cost
$27,237
)
25,329
UNITED
STATES
49.9%
Bank
Loans
6.6%
(4)
Ascend
Learning,
FRN,
1M
TSFR
+
5.75%,
11.206%,
12/10/29
2,100,000
1,795
AssuredPartners,
FRN,
1M
TSFR
+
3.75%,
9.22%,
2/12/27
(5)
1,149,377
1,151
Asurion,
FRN,
1M
TSFR
+
5.25%,
10.72%,
1/31/28
785,424
747
Asurion,
FRN,
1M
TSFR
+
5.25%,
10.72%,
1/20/29
1,335,000
1,255
AthenaHealth
Group,
FRN,
1M
TSFR
+
3.25%,
8.606%,
2/15/29
948,363
943
Bausch
+
Lomb,
FRN,
1M
TSFR
+
3.25%,
8.71%,
5/10/27
455,000
449
Boxer
Parent,
FRN,
1M
TSFR
+
4.25%,
12/8/28
(5)
1,370,000
1,378
Capstone
Borrower,
FRN,
1M
TSFR
+
3.75%,
9.098%,
6/17/30
384,260
383
Chobani,
FRN,
1M
TSFR
+
3.75%,
9.112%,
10/25/27
(5)
649,681
650
Cloud
Software
Group,
FRN,
1M
TSFR
+
4.50%,
9.948%,
3/30/29
593,499
579
CP
Iris
Holdco
I,
FRN,
1M
TSFR
+
7.00%,
12.456%,
10/1/29
550,000
494
Engineered
Machinery
Holdings,
FRN,
3M
TSFR
+
6.00%,
11.61%,
5/21/29
1,872,726
1,751
LTI
Holdings,
FRN,
1M
TSFR
+
3.50%,
8.97%,
9/6/25
1,816,038
1,749
LTI
Holdings,
FRN,
1M
TSFR
+
4.75%,
10.22%,
7/24/26
174,423
169
LTI
Holdings,
FRN,
1M
TSFR
+
6.75%,
12.22%,
9/6/26
710,052
632
Naked
Juice,
FRN,
3M
TSFR
+
6.00%,
11.448%,
1/24/30
496,156
397
Phoenix
Newco,
FRN,
3M
TSFR
+
6.50%,
11.97%,
11/15/29
1,550,000
1,525
Proampac
PG
Borrower,
FRN,
1M
TSFR
+
4.50%,
9.881%,
9/15/28
430,000
430
RealPage,
FRN,
1M
TSFR
+
6.50%,
11.97%,
4/23/29
725,000
723
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Tacala
Investment,
FRN,
1M
TSFR
+
4.00%,
9.47%,
2/5/27
749,105
751
UKG,
FRN,
3M
TSFR
+
3.25%,
8.68%,
5/4/26
1,621,078
1,624
Woof
Holdings,
FRN,
1M
TSFR
+
3.75%,
9.36%,
12/21/27
378,949
305
19,880
Corporate
Bonds
42.7%
AG
Issuer,
6.25%,
3/1/28
(1)
310,000
305
Alliant
Holdings
Intermediate,
5.875%,
11/1/29
(1)
1,125,000
1,060
Alliant
Holdings
Intermediate,
6.75%,
10/15/27
(1)
830,000
825
Allied
Universal
Holdco,
3.625%,
6/1/28
(EUR)
2,510,000
2,428
Allied
Universal
Holdco,
6.00%,
6/1/29
(1)
395,000
320
American
Finance
Trust,
4.50%,
9/30/28
(1)
1,280,000
1,078
Antero
Resources,
5.375%,
3/1/30
(1)
1,230,000
1,175
Aretec
Group,
7.50%,
4/1/29
(1)
1,205,000
1,085
Arsenal
AIC
Parent,
8.00%,
10/1/30
(1)
575,000
604
Axalta
Coating
Systems
Dutch
Holding
B,
7.25%,
2/15/31
(1)
485,000
508
B&G
Foods,
5.25%,
9/15/27
525,000
474
B&G
Foods,
8.00%,
9/15/28
(1)
875,000
914
Bausch
&
Lomb
Escrow,
8.375%,
10/1/28
(1)
1,860,000
1,962
Calpine,
5.00%,
2/1/31
(1)
2,670,000
2,443
Capstone
Borrower,
8.00%,
6/15/30
(1)
1,170,000
1,205
Carnival,
6.00%,
5/1/29
(1)
840,000
806
Carnival,
7.625%,
3/1/26
(EUR)
(1)
1,930,000
2,164
Carnival,
7.625%,
3/1/26
(EUR)
1,385,000
1,553
Carnival,
7.625%,
3/1/26
(1)
1,040,000
1,058
CCO
Holdings,
4.25%,
2/1/31
(1)
925,000
807
CCO
Holdings,
4.50%,
8/15/30
(1)
2,040,000
1,821
CCO
Holdings,
6.375%,
9/1/29
(1)
280,000
276
CEC
Entertainment,
6.75%,
5/1/26
(1)
1,740,000
1,694
Central
Parent,
7.25%,
6/15/29
(1)
2,270,000
2,315
Central
Parent,
8.00%,
6/15/29
(1)
215,000
224
Chesapeake
Energy,
6.75%,
4/15/29
(1)
1,035,000
1,040
Chobani,
4.625%,
11/15/28
(1)
1,345,000
1,249
CHS,
5.25%,
5/15/30
(1)
1,185,000
984
CHS,
6.875%,
4/1/28
(1)
705,000
430
CHS,
6.875%,
4/15/29
(1)
1,135,000
732
CHS,
8.00%,
3/15/26
(1)
425,000
423
Cinemark
USA,
5.25%,
7/15/28
(1)
2,580,000
2,367
Clear
Channel
Outdoor
Holdings,
5.125%,
8/15/27
(1)
2,255,000
2,142
Clear
Channel
Outdoor
Holdings,
7.50%,
6/1/29
(1)
400,000
332
Clear
Channel
Outdoor
Holdings,
9.00%,
9/15/28
(1)
475,000
494
Cloud
Software
Group,
6.50%,
3/31/29
(1)
1,545,000
1,464
Cloud
Software
Group,
9.00%,
9/30/29
(1)
995,000
945
CMG
Media,
8.875%,
12/15/27
(1)
2,750,000
2,173
Comstock
Resources,
6.75%,
3/1/29
(1)
2,585,000
2,372
Constellium,
3.125%,
7/15/29
(EUR)
995,000
1,007
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Crescent
Energy
Finance,
7.25%,
5/1/26
(1)
2,840,000
2,868
CSC
Holdings,
5.50%,
4/15/27
(1)
530,000
482
CSC
Holdings,
6.50%,
2/1/29
(1)
690,000
609
CSC
Holdings,
7.50%,
4/1/28
(1)
825,000
613
CSC
Holdings,
11.25%,
5/15/28
(1)
770,000
787
Dana
Financing
Luxembourg,
8.50%,
7/15/31
(EUR)
(1)
1,559,000
1,881
Diamond
Foreign
Asset,
8.50%,
10/1/30
(1)
1,425,000
1,446
DISH
DBS,
5.125%,
6/1/29
845,000
433
DISH
DBS,
5.75%,
12/1/28
(1)
905,000
722
DISH
DBS,
7.75%,
7/1/26
445,000
308
DISH
Network,
11.75%,
11/15/27
(1)
1,475,000
1,540
Ferrellgas,
5.875%,
4/1/29
(1)
3,040,000
2,865
Global
Net
Lease,
3.75%,
12/15/27
(1)
1,590,000
1,320
Goodyear
Europe,
2.75%,
8/15/28
(EUR)
1,235,000
1,261
Goodyear
Tire
&
Rubber,
5.00%,
7/15/29
1,135,000
1,064
Goodyear
Tire
&
Rubber,
5.25%,
7/15/31
500,000
452
GrafTech
Finance,
4.625%,
12/15/28
(1)
1,115,000
739
GrafTech
Global
Enterprises,
9.875%,
12/15/28
(1)
820,000
632
Graphic
Packaging
International,
2.625%,
2/1/29
(EUR)
(1)
1,085,000
1,103
GTCR
W-2
Merger,
7.50%,
1/15/31
(1)
1,055,000
1,120
Hilcorp
Energy
I,
5.75%,
2/1/29
(1)
255,000
247
Hilcorp
Energy
I,
6.00%,
4/15/30
(1)
1,435,000
1,388
Hilcorp
Energy
I,
6.00%,
2/1/31
(1)
285,000
274
Hilcorp
Energy
I,
6.25%,
4/15/32
(1)
1,145,000
1,099
HUB
International,
5.625%,
12/1/29
(1)
1,500,000
1,425
iHeartCommunications,
4.75%,
1/15/28
(1)
500,000
384
iHeartCommunications,
5.25%,
8/15/27
(1)
975,000
768
iHeartCommunications,
6.375%,
5/1/26
520,000
445
iHeartCommunications,
8.375%,
5/1/27
825,000
532
Kinetik
Holdings,
6.625%,
12/15/28
(1)
2,220,000
2,259
Kobe
U.S.
Midco
2,
9.25%,
11/1/26,
(9.25%
Cash
or
10.00%
PIK)
(1)(6)
1,853,250
1,390
LCPR
Senior
Secured
Financing,
5.125%,
7/15/29
(1)
990,000
864
LCPR
Senior
Secured
Financing,
6.75%,
10/15/27
(1)
1,487,000
1,446
Legacy
LifePoint
Health,
4.375%,
2/15/27
(1)
370,000
341
Life
Time,
5.75%,
1/15/26
(1)
964,000
952
Life
Time,
8.00%,
4/15/26
(1)
885,000
892
LifePoint
Health,
9.875%,
8/15/30
(1)
1,395,000
1,411
LifePoint
Health,
11.00%,
10/15/30
(1)
570,000
601
Madison
IAQ,
5.875%,
6/30/29
(1)
850,000
748
Midcap
Financial
Issuer
Trust,
5.625%,
1/15/30
(1)
1,805,000
1,582
MPT
Operating
Partnership,
0.993%,
10/15/26
(EUR)
900,000
745
MPT
Operating
Partnership,
2.50%,
3/24/26
(GBP)
276,000
284
MPT
Operating
Partnership,
5.00%,
10/15/27
925,000
759
Navient,
4.875%,
3/15/28
705,000
656
Navient,
5.50%,
3/15/29
400,000
368
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Navient,
5.625%,
8/1/33
565,000
462
Navient,
9.375%,
7/25/30
925,000
971
NCL,
5.875%,
3/15/26
(1)
335,000
327
NCL,
5.875%,
2/15/27
(1)
690,000
681
NCL,
7.75%,
2/15/29
(1)
900,000
908
Neptune
Bidco
U.S.,
9.29%,
4/15/29
(1)
2,610,000
2,427
New
Albertsons,
7.45%,
8/1/29
4,000
4
NGL
Energy
Operating,
7.50%,
2/1/26
(1)
1,520,000
1,530
OneMain
Finance,
7.875%,
3/15/30
260,000
267
OneMain
Finance,
9.00%,
1/15/29
2,525,000
2,689
Organon,
2.875%,
4/30/28
(EUR)
(1)
205,000
207
Organon,
5.125%,
4/30/31
(1)
1,220,000
1,040
RegionalCare
Hospital
Partners
Holdings,
9.75%,
12/1/26
(1)
505,000
501
Rivian
Holdings,
FRN,
6M
USD
LIBOR
+
5.625%,
11.493%,
10/15/26
(1)
1,235,000
1,232
Seadrill
Finance,
8.375%,
8/1/30
(1)
1,620,000
1,685
Service
Properties
Trust,
7.50%,
9/15/25
885,000
892
SilverBow
Resources,
FRN,
3M
TSFR
+
7.75%,
13.135%,
12/15/28
(1)(7)
1,095,000
1,073
Stagwell
Global,
5.625%,
8/15/29
(1)
1,950,000
1,789
Summit
Materials,
7.25%,
1/15/31
(1)
640,000
673
Talen
Energy
Supply,
8.625%,
6/1/30
(1)
1,491,000
1,580
Tallgrass
Energy
Partners,
6.00%,
12/31/30
(1)
1,135,000
1,056
Tallgrass
Energy
Partners,
6.00%,
9/1/31
(1)
915,000
846
Tenneco,
8.00%,
11/17/28
(1)
2,590,000
2,208
Townsquare
Media,
6.875%,
2/1/26
(1)
1,535,000
1,504
Transocean
Aquila,
8.00%,
9/30/28
(1)
770,000
782
Triton
Water
Holdings,
6.25%,
4/1/29
(1)
1,920,000
1,668
Univision
Communications,
7.375%,
6/30/30
(1)
1,225,000
1,222
Univision
Communications,
8.00%,
8/15/28
(1)
500,000
516
Venture
Global
Calcasieu
Pass,
3.875%,
8/15/29
(1)
495,000
444
Venture
Global
Calcasieu
Pass,
4.125%,
8/15/31
(1)
620,000
546
Venture
Global
Calcasieu
Pass,
6.25%,
1/15/30
(1)
430,000
428
Venture
Global
LNG,
8.375%,
6/1/31
(1)
2,860,000
2,846
Venture
Global
LNG,
9.50%,
2/1/29
(1)
555,000
586
Vistra,
VR,
7.00%
(1)(2)(3)
740,000
730
Vistra,
VR,
8.00%
(1)(2)(3)
845,000
843
128,526
Municipal
Securities
0.6%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43
(8)
3,215,439
1,752
1,752
Total
United
States
(Cost
$152,773
)
150,158
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SHORT-TERM
INVESTMENTS
1.7%
Money
Market
Funds
1.7%
T.
Rowe
Price
Government
Reserve
Fund,
5.42%
(9)(10)
5,239,121
5,239
Total
Short-Term
Investments
(Cost
$5,239)
5,239
Total
Investments
in
Securities
98.6%
of
Net
Assets
(Cost
$306,902)
$
296,826
‡
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
$176,384
and
represents
58.6%
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
this
loan
is
unsettled
as
of
December
31,
2023.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(6)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(7)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(8)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board’s
Certified
Fiscal
Plan.
(9)
Seven-day
yield
(10)
Affiliated
Companies
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
EURIBOR
Three
month
EURIBOR
(Euro
interbank
offered
rate)
3M
TSFR
Three
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
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
.
.
.
.
.
.
.
.
.
.
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
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Barclays
Bank
2/2/24
USD
338
EUR
309
$
(4)
Citibank
2/2/24
USD
571
EUR
525
(10)
Deutsche
Bank
1/3/24
EUR
605
USD
653
15
HSBC
Bank
2/2/24
USD
586
EUR
531
(1)
HSBC
Bank
2/2/24
USD
610
GBP
479
(1)
JPMorgan
Chase
2/2/24
USD
221
EUR
201
(1)
Morgan
Stanley
2/2/24
USD
331
EUR
301
(1)
RBC
Dominion
Securities
1/3/24
EUR
67,620
USD
74,696
(32)
RBC
Dominion
Securities
1/3/24
USD
75,035
EUR
68,675
(794)
RBC
Dominion
Securities
2/2/24
USD
74,783
EUR
67,620
27
RBC
Dominion
Securities
2/2/24
USD
14,007
GBP
11,075
(113)
Standard
Chartered
2/2/24
USD
3,348
EUR
3,062
(37)
State
Street
1/3/24
EUR
450
USD
486
11
State
Street
2/2/24
USD
105
GBP
82
—
UBS
Investment
Bank
2/2/24
USD
233
EUR
212
(1)
UBS
Investment
Bank
2/2/24
USD
186
GBP
146
—
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(942)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
year
ended
December
31,
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,
5.42%
$
—#
$
—
$
326+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
12/31/23
T.
Rowe
Price
Government
Reserve
Fund,
5.42%
$
7,922
¤
¤
$
5,239^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$326
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
$5,239.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
December
31,
2023
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$306,902)
$
296,826
Interest
receivable
5,011
Restricted
cash
pledged
for
bilateral
derivatives
1,430
Cash
637
Receivable
for
shares
sold
316
Unrealized
gain
on
forward
currency
exchange
contracts
53
Foreign
currency
(cost
$1)
1
Other
assets
45
Total
assets
304,319
Liabilities
Payable
for
investment
securities
purchased
1,678
Unrealized
loss
on
forward
currency
exchange
contracts
995
Payable
for
shares
redeemed
286
Investment
management
fees
payable
140
Due
to
affiliates
3
Other
liabilities
182
Total
liabilities
3,284
NET
ASSETS
$
301,035
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
December
31,
2023
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(49,813)
Paid-in
capital
applicable
to
35,492,721
shares
of
$0.01
par
value
capital
stock
outstanding;
18,000,000,000
shares
of
the
Corporation
authorized
350,848
NET
ASSETS
$
301,035
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$57,997;
Shares
outstanding:
6,834,471)
$
8.49
Advisor
Class
(Net
assets:
$321;
Shares
outstanding:
37,762)
$
8.49
I
Class
(Net
assets:
$242,717;
Shares
outstanding:
28,620,488)
$
8.48
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Year
Ended
12/31/23
Investment
Income
(Loss)
Income
Interest
$
20,847
Dividend
333
Total
income
21,180
Expenses
Investment
management
1,565
Shareholder
servicing
Investor
Class
$
139
Advisor
Class
1
I
Class
17
157
Rule
12b-1
fees
Advisor
Class
1
Prospectus
and
shareholder
reports
Investor
Class
6
I
Class
6
12
Custody
and
accounting
202
Registration
71
Legal
and
audit
43
Proxy
and
annual
meeting
2
Directors
1
Miscellaneous
33
Waived
/
paid
by
Price
Associates
(283)
Total
expenses
1,804
Net
investment
income
19,376
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
Ended
12/31/23
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(9,793)
Swaps
(20)
Forward
currency
exchange
contracts
(1,996)
Foreign
currency
transactions
145
Net
realized
loss
(11,664)
Change
in
net
unrealized
gain
/
loss
Securities
29,254
Forward
currency
exchange
contracts
480
Other
assets
and
liabilities
denominated
in
foreign
currencies
(6)
Change
in
net
unrealized
gain
/
loss
29,728
Net
realized
and
unrealized
gain
/
loss
18,064
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
37,440
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Statement
of
Changes
in
Net
Assets
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/23
12/31/22
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
19,376
$
15,942
Net
realized
loss
(11,664)
(16,696)
Change
in
net
unrealized
gain
/
loss
29,728
(38,234)
Increase
(decrease)
in
net
assets
from
operations
37,440
(38,988)
Distributions
to
shareholders
Net
earnings
Investor
Class
(3,086)
(5,989)
Advisor
Class
(17)
(36)
I
Class
(12,834)
(19,962)
Tax
return
of
capital
–
–
Investor
Class
(670)
–
Advisor
Class
(4)
–
I
Class
(2,775)
–
Decrease
in
net
assets
from
distributions
(19,386)
(25,987)
Capital
share
transactions
*
Shares
sold
Investor
Class
13,238
34,607
Advisor
Class
15
–
I
Class
85,890
165,150
Distributions
reinvested
Investor
Class
3,408
5,406
Advisor
Class
21
36
I
Class
13,235
16,795
Shares
redeemed
Investor
Class
(18,292)
(89,946)
Advisor
Class
(66)
(221)
I
Class
(74,534)
(97,224)
Increase
in
net
assets
from
capital
share
transactions
22,915
34,603
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Year
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Ended
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12/31/23
12/31/22
Net
Assets
Increase
(decrease)
during
period
40,969
(30,372)
Beginning
of
period
260,066
290,438
End
of
period
$
301,035
$
260,066
*Share
information
(000s)
Shares
sold
Investor
Class
1,617
4,028
Advisor
Class
2
–
I
Class
10,585
18,047
Distributions
reinvested
Investor
Class
418
643
Advisor
Class
3
4
I
Class
1,624
2,009
Shares
redeemed
Investor
Class
(2,251)
(9,945)
Advisor
Class
(8)
(25)
I
Class
(9,156)
(11,324)
Increase
in
shares
outstanding
2,834
3,437
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
International
Funds,
Inc.
(the
corporation) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
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 income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Earnings
on
investments
recognized
as
partnerships
for
federal
income
tax
purposes
reflect
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
the
tax
character
of
such
earnings. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any, are
declared
by
each
class daily
and
paid
monthly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes
and
investment
income
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class’s
settled
shares;
realized
and
unrealized
gains
and
losses
are
allocated
based
upon
the
relative
daily
net
assets
of
each
class’s
outstanding
shares.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class’s
average
daily
net
assets.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
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.
ROWE
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Global
High
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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
T.
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PRICE
Global
High
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Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
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
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
December
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
21,806
$
—
$
21,806
Corporate
Bonds
—
268,708
1,073
269,781
Short-Term
Investments
5,239
—
—
5,239
Total
Securities
5,239
290,514
1,073
296,826
Forward
Currency
Exchange
Contracts
—
53
—
53
Total
$
5,239
$
290,567
$
1,073
$
296,879
Liabilities
Forward
Currency
Exchange
Contracts
$
—
$
995
$
—
$
995
1
Includes
Bank
Loans,
Convertible
Bonds
and
Municipal
Securities.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
year ended
December
31,
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
December
31,
2023,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value
Assets
Foreign
exchange
derivatives
Forwards
$
53
Total
$
53
Liabilities
Foreign
exchange
derivatives
Forwards
$
995
Total
$
995
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
year ended
December
31,
2023,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
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
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Forward
Currency
Exchange
Contracts
Swaps
Total
Realized
Gain
(Loss)
Foreign
exchange
derivatives
$
(1,996)
$
—
$
(1,996)
Credit
derivatives
—
(20)
(20)
Total
$
(1,996)
$
(20)
$
(2,016)
Change
in
Unrealized
Gain
(Loss)
Foreign
exchange
derivatives
$
480
$
—
$
480
Total
$
480
$
—
$
480
T.
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PRICE
Global
High
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Fund
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
positions. As
of
December
31,
2023,
cash of
$1,430,000
had
been
posted
by
the
fund
to
counterparties
for
bilateral
derivatives. As
of
December
31,
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
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
forwards
include
the
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
that
anticipated
currency
movements
will
not
occur,
thereby
reducing
the
fund’s
total
return;
and
the
potential
for
losses
in
excess
of
the
fund’s
initial
investment.
During
the
year ended
December
31,
2023,
the
volume
of
the
fund’s
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
between
26%
and
32%
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
on
the
accompanying
Statement
of
Operations upon
contract
termination
or
cash
settlement.
Net
periodic
receipts
or
payments
required
by
a
contract
increase
or
decrease,
respectively,
the
value
of
the
contract
until
the
contractual
payment
date,
at
which
time
such
amounts
are
reclassified
from
unrealized
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
bilateral
swaps,
cash
payments
are
made
or
received
by
the
fund
on
a
periodic
basis
in
accordance
with
contract
terms;
unrealized
gain
on
contracts
and
premiums
paid
are
reflected
as
assets
and
unrealized
loss
on
contracts
and
premiums
received
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
For
bilateral
swaps,
premiums
paid
or
received
are
amortized
over
the
life
of
the
swap
and
are
recognized
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
centrally
cleared
swaps,
payments
are
made
or
received
by
the
fund
each
day
to
settle
the
daily
fluctuation
in
the
value
of
the
contract
(variation
margin).
Accordingly,
the
value
of
a
centrally
cleared
swap
included
in
net
assets
is
the
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
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
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
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
year ended
December
31,
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
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
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
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.
Bank
loans
may
be
in
the
form
of
either
assignments
or
participations.
A
loan
assignment
transfers
all
legal,
beneficial,
and
economic
rights
to
the
buyer,
and
transfer
typically
requires
consent
of
both
the
borrower
and
agent.
In
contrast,
a
loan
participation
generally
entitles
the
buyer
to
receive
the
cash
flows
from
principal,
interest,
and
any
fee
payments
on
a
portion
of
a
loan;
however,
the
seller
continues
to
hold
legal
title
to
that
portion
of
the
loan.
As
a
result,
the
buyer
of
a
loan
participation
generally
has
no
direct
recourse
against
the
borrower
and
is
exposed
to
credit
risk
of
both
the
borrower
and
seller
of
the
participation.
Bank
loans
often
have
extended
settlement
periods,
generally
may
be
repaid
at
any
time
at
the
option
of
the
borrower,
and
may
require
additional
principal
to
be
funded
at
the
borrowers’
discretion
at
a
later
date
(e.g.
unfunded
commitments
and
revolving
debt
instruments).
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
unfunded
loan
commitments.
The
fund
reflects
both
the
funded
portion
of
a
bank
loan
as
well
as
its
unfunded
commitment
in
the
Portfolio
of
Investments.
However,
if
a
credit
agreement
provides
no
initial
funding
of
a
tranche,
and
funding
of
the
full
commitment
at
a
future
date(s)
is
at
the
borrower’s
discretion
and
considered
uncertain,
a
loan
is
reflected
in
the
Portfolio
of
Investments
only
if,
and
only
to
the
extent
that,
the
fund
has
actually
settled
a
funding
commitment.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $161,262,000 and
$140,353,000,
respectively,
for
the
year ended
December
31,
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.
The
fund
files
U.S.
federal,
state,
and
local
tax
returns
as
required.
The
fund’s
tax
returns
are
subject
to
examination
by
the
relevant
tax
authorities
until
expiration
of
the
applicable
statute
of
limitations,
which
is
generally
three
years
after
the
filing
of
the
tax
return
but
which
can
be
extended
to
six
years
in
certain
circumstances.
Tax
returns
for
open
years
have
incorporated
no
uncertain
tax
positions
that
require
a
provision
for
income
taxes.
Capital
accounts
within
the
financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
permanent
book/tax
adjustments,
if
any,
have
no
impact
on
results
of
operations
or
net
assets.
The
permanent
book/tax
adjustments
relate
primarily
to
the
character
of
market
discount
at
time
of
sale,
the
character
of
net
currency
gains
or
losses,
differences
between
book/tax
amortization
policies
and
the
character
of
income
on
certain
derivative
contracts.
The
tax
character
of
distributions
paid
for
the
periods
presented
was
as
follows:
($000s)
December
31,
2023
December
31,
2022
Ordinary
income
(including
short-term
capital
gains,
if
any)
$
15,937
$
25,987
Return
of
capital
3,449
—
Total
distributions
$
19,386
$
25,987
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
At
December
31,
2023,
the
tax-basis
cost
of
investments
(including
derivatives,
if
any)
and
gross
unrealized
appreciation
and
depreciation
were as
follows:
At
December
31,
2023,
the
tax-basis
components
of
accumulated
net
earnings
(loss)
were
as
follows:
Temporary
differences
between
book-basis
and
tax-basis
components
of
total
distributable
earnings
(loss)
arise
when
certain
items
of
income,
gain,
or
loss
are
recognized
in
different
periods
for
financial
statement
purposes
versus
for
tax
purposes;
these
differences
will
reverse
in
a
subsequent
reporting
period.
The
temporary
differences
relate
primarily
to
the
deferral
of
losses
from
wash
sales,
the
realization
of
gains/losses
on
certain
open
derivative
contracts,
the
recognition
of
market
discount
and
premium
amortization,
and
the
character
of
income
on
certain
derivatives
contracts.
The
loss
carryforwards
and
deferrals
primarily
relate
to
capital
loss
carryforwards,
late-year
ordinary
loss
deferrals
and
straddle
deferrals.
Capital
loss
carryforwards
are
available
indefinitely
to
offset
future
realized
capital
gains.
The
fund
has
elected
to
defer
certain
losses
to
the
first
day
of
the
following
fiscal
year
for
late-year
ordinary
loss
deferrals.
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
($000s)
Cost
of
investments
$
304,670
Unrealized
appreciation
$
9,793
Unrealized
depreciation
(17,635)
Net
unrealized
appreciation
(depreciation)
$
(7,842)
($000s)
Overdistributed
ordinary
income
$
(1,652)
Net
unrealized
appreciation
(depreciation)
(7,842)
Loss
carryforwards
and
deferrals
(40,319)
Total
distributable
earnings
(loss)
$
(49,813)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.27%
of
the
fund’s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
December
31,
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
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the
class’s
ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
Each
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the
class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
Pursuant
to
these
agreements,
expenses
were
waived/paid
by
and/or
repaid
to
Price
Associates
during
the
year ended December
31,
2023
as
indicated
in
the
table
below.
Including these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $861,000 remain
subject
to
repayment
by
the
fund
at
December
31,
2023.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
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
year
ended
December
31,
2023,
expenses
incurred
pursuant
to
these
service
agreements
were
$115,000
for
Price
Associates
and
$106,000
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.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The
fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
year
ended
December
31,
2023,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
Investor
Class
Advisor
Class
I
Class
Expense
limitation/I
Class
Limit
0.75%
0.96%
0.05%
Expense
limitation
date
04/30/26
04/30/26
04/30/26
(Waived)/repaid
during
the
period
($000s)
$(104)
$(1)
$(178)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
NOTE
7
-
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics 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.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
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
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Directors
of
T.
Rowe
Price
International
Funds,
Inc.
and
Shareholders
of
T.
Rowe
Price
Global
High
Income
Bond
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
T.
Rowe
Price
Global
High
Income
Bond
Fund
(one
of
the
funds
constituting
T.
Rowe
Price
International
Funds,
Inc.,
referred
to
hereafter
as
the
"Fund")
as
of
December
31,
2023,
the
related
statement
of
operations
for
the
year
ended
December
31,
2023,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2023
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2023,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2023
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2023
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2023
by
correspondence
with
the
custodians,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Baltimore,
Maryland
February
16,
2024
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
T.
Rowe
Price
group
of
investment
companies
since
1973.
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
(continued)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
TAX
INFORMATION
(UNAUDITED)
FOR
THE
TAX
YEAR
ENDED 12/31/23
We
are
providing
this
information
as
required
by
the
Internal
Revenue
Code.
The
amounts
shown
may
differ
from
those
elsewhere
in
this
report
because
of
differences
between
tax
and
financial
reporting
requirements.
For
taxable
non-corporate
shareholders,
$7,000 of
the
fund's
income
represents
qualified
dividend
income
subject
to
a
long-term
capital
gains
tax
rate
of
not
greater
than
20%.
For
corporate
shareholders,
$7,000
of
the
fund's
income
qualifies
for
the
dividends-
received
deduction.
For
shareholders
subject
to
interest
expense
deduction
limitation
under
Section
163(j), $16,124,000 of
the
fund’s
income
qualifies
as
a
Section
163(j)
interest
dividend
and
can
be
treated
as
interest
income
for
purposes
of
Section
163(j),
subject
to
holding
period
requirements
and
other
limitations.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
INFORMATION
ON
PROXY
VOTING
POLICIES,
PROCEDURES,
AND
RECORDS
A
description
of
the
policies
and
procedures
used
by
T.
Rowe
Price
funds
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
in
each
fund’s
Statement
of
Additional
Information.
You
may
request
this
document
by
calling
1-800-225-5132
or
by
accessing
the
SEC’s
website,
sec.gov.
The
description
of
our
proxy
voting
policies
and
procedures
is
also
available
on
our
corporate
website.
To
access
it,
please
visit
the
following
Web
page:
https://www.troweprice.com/corporate/us/en/utility/policies.html
Scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Guidelines.”
Click
on
the
links
in
the
shaded
box.
Each
fund’s
most
recent
annual
proxy
voting
record
is
available
on
our
website
and
through
the
SEC’s
website.
To
access
it
through
T.
Rowe
Price,
visit
the
website
location
shown
above,
and
scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Records.”
Click
on
the
Proxy
Voting
Records
link
in
the
shaded
box.
HOW
TO
OBTAIN
QUARTERLY
PORTFOLIO
HOLDINGS
The
fund
files
a
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
fund’s
reports
on
Form
N-PORT
are
available
electronically
on
the
SEC’s
website
(sec.gov).
In
addition,
most
T.
Rowe
Price
funds
disclose
their
first
and
third
fiscal
quarter-end
holdings
on
troweprice.com
.
TAILORED
SHAREHOLDER
REPORTS
FOR
MUTUAL
FUNDS
AND
EXCHANGE
TRADED
FUNDS
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
rule
and
form
amendments
requiring
Mutual
Funds
and
Exchange-Traded
Funds
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
that
highlight
key
information
to
shareholders.
Other
information,
including
financial
statements,
will
no
longer
appear
in
the
funds’
shareholder
reports
but
will
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
In
accordance
with
Rule
22e-4
(Liquidity
Rule)
under
the
Investment
Company
Act
of
1940,
as
amended,
the
fund
has
established
a
liquidity
risk
management
program
(Liquidity
Program)
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk,
which
generally
represents
the
risk
that
the
fund
would
not
be
able
to
meet
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
fund.
The
fund’s
Board
of
Directors
(Board)
has
appointed
the
fund’s
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
the
administrator
of
the
Liquidity
Program.
As
administrator,
the
Adviser
is
responsible
for
overseeing
the
day-to-day
operations
of
the
Liquidity
Program
and,
among
other
things,
is
responsible
for
assessing,
managing,
and
reviewing
with
the
Board
at
least
annually
the
liquidity
risk
of
each
T.
Rowe
Price
fund.
The
Adviser
has
delegated
oversight
of
the
Liquidity
Program
to
a
Liquidity
Risk
Committee
(LRC),
which
is
a
cross-functional
committee
composed
of
personnel
from
multiple
departments
within
the
Adviser.
The Liquidity
Program’s
principal
objectives
include
supporting
the
T.
Rowe
Price
funds’
compliance
with
limits
on
investments
in
illiquid
assets
and
mitigating
the
risk
that
the
fund
will
be
unable
to
timely
meet
its
redemption
obligations.
The
Liquidity
Program
also
includes
a
number
of
elements
that
support
the
management
and
assessment
of
liquidity
risk,
including
an
annual
assessment
of
factors
that
influence
the
fund’s
liquidity
and
the
periodic
classification
and
reclassification
of
a
fund’s
investments
into
categories
that
reflect
the
LRC’s
assessment
of
their
relative
liquidity
under
current
market
conditions.
Under
the
Liquidity
Program,
every
investment
held
by
the
fund
is
classified
at
least
monthly
into
one
of
four
liquidity
categories
based
on
estimations
of
the
investment’s
ability
to
be
sold
during
designated
time
frames
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
As
required
by
the
Liquidity
Rule,
at
a
meeting
held
on
July
24,
2023,
the
Board
was
presented
with
an
annual
assessment
that
was
prepared
by
the
LRC
on
behalf
of
the
Adviser
and
addressed
the
operation
of
the
Liquidity
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
any
material
changes
to
the
Liquidity
Program
and
the
determination
of
each
fund’s
Highly
Liquid
Investment
Minimum
(HLIM).
The
annual
assessment
included
consideration
of
the
following
factors,
as
applicable:
the
fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
normal
and
reasonably
foreseeable
stressed
conditions,
including
whether
the
investment
strategy
is
appropriate
for
an
open-end
fund,
the
extent
to
which
the
strategy
involves
a
relatively
concentrated
portfolio
or
large
positions
in
particular
issuers,
and
the
use
of
borrowings
for
investment
purposes
and
derivatives;
short-term
and
long-term
cash
flow
projections
covering
both
normal
and
reasonably
foreseeable
stressed
conditions;
and
holdings
of
cash
and
cash
equivalents,
as
well
as
available
borrowing
arrangements.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
For the
fund
and
other
T.
Rowe
Price
funds,
the
annual
assessment
incorporated
a
report
related
to
a
fund’s
holdings,
shareholder
and
portfolio
concentration,
any
borrowings
during
the
period,
cash
flow
projections,
and
other
relevant
data
for
the
period
of
April
1,
2022,
through
March
31,
2023.
The
report
described
the
methodology
for
classifying
a
fund’s
investments
(including
any
derivative
transactions)
into
one
of
four
liquidity
categories,
as
well
as
the
percentage
of
a
fund’s
investments
assigned
to
each
category.
It
also
explained
the
methodology
for
establishing
a
fund’s
HLIM
and
noted
that
the
LRC
reviews
the
HLIM
assigned
to
each
fund
no
less
frequently
than
annually.
During the
period
covered
by
the
annual
assessment,
the
LRC
has
concluded,
and
reported
to
the
Board,
that
the
Liquidity
Program
continues
to
operate
adequately
and
effectively
and
is
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk.
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
(continued)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
ABOUT
THE
FUND'S
DIRECTORS
AND
OFFICERS
Your
fund
is
overseen
by
a
Board
of
Directors
(Board)
that
meets
regularly
to
review
a
wide
variety
of
matters
affecting
or
potentially
affecting
the
fund,
including
performance,
investment
programs,
compliance
matters,
advisory
fees
and
expenses,
service
providers,
and
business
and
regulatory
affairs.
The
Board
elects
the
fund’s
officers,
who
are
listed
in
the
final
table.
The
directors
who
are
also
employees
or
officers
of
T.
Rowe
Price
are
considered
to
be
“interested”
directors
as
defined
in
Section
2(a)(19)
of
the
1940
Act
because
of
their
relationships
with
T.
Rowe
Price
Associates,
Inc. (T.
Rowe
Price),
and
its
affiliates.
The
business
address
of
each
director
and
officer
is
100
East
Pratt
Street,
Baltimore,
Maryland
21202.
The
Statement
of
Additional
Information
includes
additional
information
about
the
fund
directors
and
is
available
without
charge
by
calling
a
T.
Rowe
Price
representative
at
1-800-638-5660.
INDEPENDENT
DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Teresa
Bryce
Bazemore
(1959)
2018
[209]
President
and
Chief
Executive
Officer,
Federal
Home
Loan
Bank
of
San
Francisco
(2021
to
present);
Chief
Executive
Officer,
Bazemore
Consulting
LLC
(2018
to
2021);
Director,
Chimera
Investment
Corporation
(2017
to
2021);
Director,
First
Industrial
Realty
Trust
(2020
to
present);
Director,
Federal
Home
Loan
Bank
of
Pittsburgh
(2017
to
2019)
Melody
Bianchetto
(1966)
2023
[209]
Vice
President
for
Finance,
University
of
Virginia
(2015
to
2023)
Bruce
W.
Duncan
(1951)
2013
[209]
President,
Chief
Executive
Officer,
and
Director,
CyrusOne,
Inc.
(2020
to
2021);
Chair
of
the
Board
(2016
to
2020)
and
President
(2009
to
2016),
First
Industrial
Realty
Trust,
owner
and
operator
of
industrial
properties;
Member,
Investment
Company
Institute
Board
of
Governors
(2017
to
2019);
Member,
Independent
Directors
Council
Governing
Board
(2017
to
2019);
Senior
Advisor,
KKR
(2018
to
2022);
Director,
Boston
Properties
(2016
to
present);
Director,
Marriott
International,
Inc.
(2016
to
2020)
Robert
J.
Gerrard,
Jr.
(1952)
2012
[209]
Chair
of
the
Board,
all
funds
(July
2018
to
present)
Paul
F.
McBride
(1956)
2013
[209]
Advisory
Board
Member,
Vizzia
Technologies
(2015
to
present);
Board
Member,
Dunbar
Armored
(2012
to
2018)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
INTERESTED
DIRECTORS
(a)
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Mark
J.
Parrell
(1966)
2023
[209]
Board
of
Trustees
Member
and
Chief
Executive
Officer
(2019
to
present),
President
(2018
to
present),
Executive
Vice
President
and
Chief
Financial
Officer
(2007
to
2018),
and
Senior
Vice
President
and
Treasurer
(2005
to
2007),
EQR;
Member,
Nareit
Dividends
Through
Diversity,
Equity
&
Inclusion
CEO
Council
and
Chair,
Nareit
2021
Audit
and
Investment
Committee
(2021);
Advisory
Board,
Ross
Business
School
at
University
of
Michigan
(2015
to
2016);
Member,
National
Multifamily
Housing
Council
and
served
as
Chair
of
the
Finance
Committee
(2015
to
2016);
Member,
Economic
Club
of
Chicago;
Director,
Brookdale
Senior
Living,
Inc.
(2015
to
2017);
Director,
Aviv
REIT,
Inc.
(2013
to
2015);
Director,
Real
Estate
Roundtable
and
the
2022
Executive
Board
Nareit;
Board
of
Directors
and
Chair
of
the
Finance
Committee,
Greater
Chicago
Food
Depository
Kellye
L.
Walker
(1966)
2021
[209]
Executive
Vice
President
and
Chief
Legal
Officer,
Eastman
Chemical
Company
(April
2020
to
present);
Executive
Vice
President
and
Chief
Legal
Officer,
Huntington
Ingalls
Industries,
Inc.
(January
2015
to
March
2020);
Director,
Lincoln
Electric
Company
(October
2020
to
present)
(a)
All
information
about
the
independent
directors
was
current
as
of
December
31,
2022,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
David
Oestreicher
(1967)
2018
[209]
Director,
Vice
President,
and
Secretary,
T.
Rowe
Price,
T.
Rowe
Price
Investment
Services,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
and
T.
Rowe
Price
Services,
Inc.;
Director
and
Secretary,
T.
Rowe
Price
Investment
Management,
Inc.
(Price
Investment
Management);
Vice
President
and
Secretary,
T.
Rowe
Price
International
(Price
International);
Vice
President,
T.
Rowe
Price
Hong
Kong
(Price
Hong
Kong),
T. Rowe
Price
Japan
(Price
Japan),
and
T.
Rowe
Price
Singapore
(Price
Singapore);
General
Counsel,
Vice
President,
and
Secretary,
T.
Rowe
Price
Group,
Inc.;
Chair
of
the
Board,
Chief
Executive
Officer,
President,
and
Secretary,
T.
Rowe
Price
Trust
Company;
Principal
Executive
Officer
and
Executive
Vice
President,
all
funds
INDEPENDENT
DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
OFFICERS
Name
(Year
of
Birth)
Year
Elected
[Number
of
T.
Rowe
Price
Portfolios
Overseen]
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Eric
L.
Veiel,
CFA
(1972)
2022
[209]
Director
and
Vice
President,
T.
Rowe
Price;
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company;
Vice
President,
Global
Funds
(a)
All
information
about
the
interested
directors
was
current
as
of
December
31,
2022,
unless
otherwise
indicated,
except
for
the
number
of
portfolios
overseen,
which
is
current
as
of
the
date
of
this
report.
Name
(Year
of
Birth)
Position
Held
With International
Funds
Principal
Occupation(s)
Mariel
Abreu
(1981)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Jason R.
Adams
(1979)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Ulle
Adamson,
CFA
(1979)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Roy
H.
Adkins
(1970)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Syed
H.
Ali
(1970)
Vice
President
Vice
President,
Price
Hong
Kong,
Price
Singapore,
and
T.
Rowe
Price
Group,
Inc.
Kennard
W.
Allen
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Paulina
Amieva
(1981)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Ziad
Bakri,
M.D.,
CFA
(1980)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Harishankar
Balkrishna
(1983)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Sheena
L.
Barbosa
(1983)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Jason
A.
Bauer
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Luis
M.
Baylac
(1982)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
INTERESTED
DIRECTORS
(a)
(CONTINUED)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Name
(Year
of
Birth)
Position
Held
With International
Funds
Principal
Occupation(s)
R.
Scott
Berg,
CFA
(1972)
Executive
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Steven
E.
Boothe,
CFA
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Peter
I.
Botoucharov
(1965)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Tala
Boulos
(1984)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Christopher
P.
Brown, CFA
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Armando
(Dino)
Capasso
(1974)
Chief
Compliance
Officer
and
Vice
President
Chief
Compliance
Officer
and
Vice
President,
T.
Rowe
Price
and
Price
Investment
Management;
Vice
President,
T.
Rowe
Price
Group,
Inc.;
formerly,
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
AST
Investment
Services,
Inc.
(ASTIS)
(to
2022);
Chief
Compliance
Officer,
PGIM
Retail
Funds
complex
and
Prudential
Insurance
Funds
(to
2022);
Vice
President
and
Deputy
Chief
Compliance
Officer,
PGIM
Investments
LLC
and
ASTIS
(to
2019)
Shiu
Tak
(Sheldon)
Chan
(1981)
Vice
President
Vice
President,
Price
International
and
T.
Rowe
Price
Group,
Inc.
Andrew
Chang
(1983)
Vice
President
Vice
President,
Price
Singapore
and
T.
Rowe
Price
Group,
Inc.
Carolyn
Hoi
Che
Chu
(1974)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Vincent
Chung
(1988)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International;
formerly,
Investment
Analyst/Trader,
Observatory
Capital
Management
LLP
(to
2019)
Archibald
Ciganer,
CFA
(1976)
Executive
Vice
President
Director
and
Vice
President,
Price
Japan;
Vice
President,
T.
Rowe
Price
Group,
Inc.
Richard
N.
Clattenburg,
CFA
(1979)
Executive
Vice
President
Vice
President,
Price
Singapore,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
Price
International,
and
T.
Rowe
Price
Trust
Company
Michael
F.
Connelly,
CFA
(1977)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Richard
de
los
Reyes
(1975)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Name
(Year
of
Birth)
Position
Held
With International
Funds
Principal
Occupation(s)
Michael
Della
Vedova
(1969)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Iona
Dent,
CFA
(1991)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Maria
Elena
Drew
(1973)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Shawn
T.
Driscoll
(1975)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Alan
S.
Dupski,
CPA
(1982)
Principal
Financial
Officer,
Vice
President,
and
Treasurer
Vice
President,
Price
Investment
Management,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Bridget
A.
Ebner
(1970)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
David
J.
Eiswert,
CFA
(1972)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Cheryl
Emory
(1963)
Assistant
Secretary
Assistant
Vice
President
and
Assistant
Secretary,
T.
Rowe
Price;
Assistant
Secretary,
T.
Rowe
Price
Group,
Inc.,
Price
Investment
Management,
Price
International,
Price
Hong
Kong,
Price
Singapore,
T.
Rowe
Price
Investment
Services,
Inc.,
T.
Rowe
Price
Retirement
Plan
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Dawei
Feng
(1979)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Quentin
S.
Fitzsimmons
(1968)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Justin
T.
Gerbereux,
CFA
(1975)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Aaron
Gifford,
CFA
(1987)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Vishnu
V.
Gopal
(1979)
Vice
President
Vice
President,
Price
International
and
T.
Rowe
Price
Group,
Inc.
Benjamin
Griffiths,
CFA
(1977)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Shaoyu
Guo
(1992)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.;
formerly,
Economist,
J.P.
Morgan
(to
2020)
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Name
(Year
of
Birth)
Position
Held
With International
Funds
Principal
Occupation(s)
Richard
L.
Hall
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Cheryl
Hampton,
CPA
(1969)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company;
formerly,
Tax
Director,
Invesco
Ltd.
(to
2021);
Vice
President,
Oppenheimer
Funds,
Inc.
(to
2019)
Nabil
Hanano,
CFA
(1984)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Jeffrey
Holford,
Ph.D.,
ACA
(1972)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Stefan
Hubrich,
Ph.D.,
CFA
(1974)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Arif
Husain,
CFA
(1972)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Michael D.
Jacobs
(1971)
Vice
President
Vice
President,
Price
Japan,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Randal
S.
Jenneke
(1971)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.
Nina
P.
Jones,
CPA
(1980)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Yoichiro
Kai
(1973)
Vice
President
Vice
President,
Price
Singapore,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Jacob
H.
Kann,
CFA
(1987)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Jai
Kapadia
(1982)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Andrew
J.
Keirle
(1974)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Benjamin
Kersse,
CPA
(1989)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Trust
Company
Takanori
Kobayashi
(1981)
Vice
President
Vice
President,
Price
Japan,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Paul
J.
Krug,
CPA
(1964)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Christopher
J.
Kushlis,
CFA
(1976)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Name
(Year
of
Birth)
Position
Held
With International
Funds
Principal
Occupation(s)
Shengrong
Lau
(1982)
Vice
President
Vice
President,
Price
Singapore
and
T.
Rowe
Price
Group,
Inc.
Lu
Liu
(1979)
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Johannes
Loefstrand
(1988)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Anh Lu
(1968)
Executive
Vice
President
Vice
President,
Price
Hong
Kong,
Price
International, and
T.
Rowe
Price
Group,
Inc.
Sebastien
Mallet
(1974)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Jennifer Martin
(1972)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Ryan
Martyn
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Robert
P.
McDavid
(1972)
Vice
President
Vice
President,
T.
Rowe
Price, Price
Investment
Management, T.
Rowe
Price
Investment
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Colin
McQueen
(1967)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International;
formerly,
Senior
Investment
Manager,
Global
Equities,
Sanlam
FOUR
Investments
UK
Limited
(to
2019)
Raymond
A.
Mills,
Ph.D.,
CFA
(1960)
Executive
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
Price
International,
and
T.
Rowe
Price
Trust
Company
Jihong
Min
(1979)
Executive
Vice
President
Vice
President,
Price
Singapore
and
T.
Rowe
Price
Group,
Inc.
Eric
C.
Moffett
(1974)
Executive
Vice
President
Vice
President,
Price
Singapore
and
T.
Rowe
Price
Group,
Inc.
Ivan
Morozov,
CFA
(1987)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Samy
B.
Muaddi,
CFA
(1984)
Executive
Vice
President
Vice
President,
T.
Rowe
Price,
Price
International,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Tobias
F. Mueller,
CFA
(1980)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Razan
Nasser
(1985)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International;
formerly,
Senior
Economist,
HSBC
Bank
Middle
East
Ltd
(to
2019)
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Name
(Year
of
Birth)
Position
Held
With International
Funds
Principal
Occupation(s)
Kenneth
A. Orchard
(1975)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Oluwaseun Oyegunle,
CFA
(1984)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Fran
M.
Pollack-Matz
(1961)
Vice
President
and
Secretary
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
T.
Rowe
Price
Investment
Services,
Inc., T.
Rowe
Price
Services,
Inc.,
and
T.
Rowe
Price
Trust
Company
Todd
Reese
(1990)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Melanie
A.
Rizzo
(1982)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
David
L.
Rowlett,
CFA
(1975)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Federico
Santilli,
CFA
(1974)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Nikolaj
Schmidt
(1975)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Sebastian
Schrott
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Richard
Sennett,
CPA
(1970)
Assistant
Treasurer
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Weijie
(Vivian)
Si
(1983)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Scott
D.
Solomon,
CFA
(1981)
Executive
Vice
President
Vice
President,
T.
Rowe
Price, T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Joshua
K.
Spencer,
CFA
(1973)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
David
Stanley
(1963)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Saurabh
Sud,
CFA
(1985)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Taymour
R.
Tamaddon,
CFA
(1976)
Vice
President
Vice
President,
T.
Rowe
Price,
T.
Rowe
Price
Group,
Inc.,
and
T.
Rowe
Price
Trust
Company
Ju
Yen
Tan
(1972)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Name
(Year
of
Birth)
Position
Held
With International
Funds
Principal
Occupation(s)
Sin
Dee
Tan,
CFA
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Siby
Thomas
(1979)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Justin
Thomson
(1968)
President
Director,
Price
Hong
Kong;
Vice
President,
T.
Rowe
Price
Group,
Inc.;
Director
and
Vice
President,
Price
International
Rupinder
Vig
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Willem
Visser
(1979)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Christopher Vost,
CFA
(1989)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Zenon
Voyiatzis
(1971)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Verena
E.
Wachnitz,
CFA
(1978)
Executive
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Hiroshi
Watanabe,
CFA
(1975)
Vice
President
Director
and
Vice
President,
Price
Japan;
Vice
President,
T.
Rowe
Price
Group,
Inc.
James
Woodward,
CFA
(1974)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Marta
Yago
(1977)
Vice
President
Vice
President,
T.
Rowe
Price
Group,
Inc.,
and
Price
International
Benjamin
T.
Yeagle
(1978)
Vice
President
Vice
President,
T.
Rowe
Price
and
T.
Rowe
Price
Group,
Inc.
Ernest
C.
Yeung,
CFA
(1979)
Executive
Vice
President
Director
and
Vice
President,
Price
Hong
Kong;
Vice
President,
T.
Rowe
Price
Group,
Inc.
Ellen
York
(1988)
Vice
President
Vice
President,
Price
Investment
Management
and
T.
Rowe
Price
Wenli
Zheng
(1979)
Executive
Vice
President
Vice
President,
Price
Hong
Kong
and
T.
Rowe
Price
Group,
Inc.
Unless
otherwise
noted,
officers
have
been
employees
of
T.
Rowe
Price
or
Price
International
for
at
least
5
years.
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.
202402-3281673
F36-050
2/24
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable
to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form
N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in
Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the
registrant’s principal accountant were as follows:
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|
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|
|
|
|
|
|
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2023 |
|
|
|
|
|
2022 |
|
| |
Audit Fees |
|
$ |
39,183 |
|
|
|
|
|
|
$ |
36,495 |
|
| |
Audit-Related Fees |
|
|
- |
|
|
|
|
|
|
|
- |
|
| |
Tax Fees |
|
|
- |
|
|
|
|
|
|
|
- |
|
| |
All Other Fees |
|
|
- |
|
|
|
|
|
|
|
- |
|
Audit fees include amounts related to the audit of the registrant’s annual financial statements and
services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically
include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these
services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for
agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.
(e)(1) The
registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity
controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings.
If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting.
Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.
(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Less than 50 percent of the hours expended on the principal accountant’s
engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant
were $1,524,000 and $2,037,000, respectively.
(h) All non-audit services rendered in
(g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s
independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of
Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity
Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls
and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal
executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for
Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
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.
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| By |
|
/s/ David Oestreicher |
|
|
|
|
David Oestreicher |
|
|
|
|
Principal Executive Officer |
|
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|
|
|
| Date |
|
February 16, 2024 |
|
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940,
this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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| By |
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/s/ David Oestreicher |
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David Oestreicher |
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Principal Executive Officer |
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| Date |
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February 16, 2024 |
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| By |
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/s/ Alan S. Dupski |
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Alan S. Dupski |
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Principal Financial Officer |
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| Date |
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February 16, 2024 |
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