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
December
31,
2023
annual
Report
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
RPIHX
Global
High
Income
Bond
Fund
.
PAIHX
Global
High
Income
Bond
Fund–
.
Advisor  Class
RPOIX
Global
High
Income
Bond
Fund–
.
I Class
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
HIGHLIGHTS
The
Global
High
Income
Bond
Fund
posted
a
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
1
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
2
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
3
INVESTMENT
OBJECTIVE 
The
fund
seeks
high
income
and,
secondarily,
capital
appreciation.
FUND
COMMENTARY
How
did
the
fund
perform
in
the
past
12
months?
The
Global
High
Income
Bond
Fund
returned
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
4
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
5
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
6
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
7
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
8
RISKS
OF
BOND
INVESTING
Bonds
are
subject
to
interest
rate
risk,
the
decline
in
bond
prices
that
usually
accompanies
a
rise
in
interest
rates,
and
credit
risk,
the
chance
that
any
fund
holding
could
have
its
credit
rating
downgraded
or
that
a
bond
issuer
will
default
(fail
to
make
timely
payments
of
interest
or
principal),
potentially
reducing
the
fund’s
income
level
and
share
price.
High
yield
corporate
bonds
could
have
greater
price
declines
than
funds
that
invest
primarily
in
high-
quality
bonds.
Companies
issuing
high
yield
bonds
are
not
as
strong
financially
as
those
with
higher
credit
ratings,
so
the
bonds
are
usually
considered
to
be
speculative
investments.
Bank
loans
may
at
times
become
difficult
to
value
and
highly
illiquid;
they
are
subject
to
credit
risk
such
as
nonpayment
of
principal
or
interest,
and
risks
of
bankruptcy
and
insolvency.
Investing
in
the
securities
of
non-U.S.
issuers
involves
special
risks
not
typically
associated
with
investing
in
U.S.
issuers.
Foreign
securities
tend
to
be
more
volatile
and
less
liquid
than
investments
in
U.S.
securities
and
may
lose
value
because
of
adverse
local,
political,
social,
or
economic
developments
overseas,
or
due
to
changes
in
the
exchange
rates
between
foreign
currencies
and
the
U.S.
dollar.
In
addition,
foreign
investments
are
subject
to
settlement
practices
and
regulatory
and
financial
reporting
standards
that
differ
from
those
of
the
U.S.
These
risks
are
heightened
for
the
fund’s
investments
in
emerging
markets,
which
are
more
susceptible
to
governmental
interference,
less
efficient
trading
markets,
and
the
imposition
of
local
taxes
or
restrictions
on
gaining
access
to
sales
proceeds
for
foreign
investors.
BENCHMARK
INFORMATION
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
9
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
10
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
11
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
12
GROWTH
OF
$10,000 
This
chart
shows
the
value
of
a
hypothetical
$10,000
investment
in
the
fund
over
the
past
10
fiscal
year
periods
or
since
inception
(for funds
lacking
10-year
records).
The
result
is
compared
with
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund returns
as
well
as
mutual fund
averages
and
indexes.
GLOBAL
HIGH
INCOME
BOND
FUND 
*
Since
1/31/2015
Note:
Performance
for
the Advisor
and
I
Class
shares
will
vary
due
to
their
differing
fee
structures.
See
the
Average
Annual
Compound
Total
Return
table
on
the
next
page. 
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
13
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
14
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