T. Rowe Price Global Multi-Sector Bond Fund (PRSNX) N-CSRS Certified semi-annual shareholder report (management investment company)

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: 811-22243

T. Rowe Price Global Multi-Sector Bond Fund, 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: May 31

Date of reporting period: November 30, 2022

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Highlights

and

Market

Commentary

Management’s

Discussion

of

Fund

Performance

Performance

and

Expenses

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

November

30,

2022

SemiAnnual

Report

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

PRSNX

Global

Multi-Sector

Bond

Fund

–

.

PRSAX

Global

Multi-Sector

Bond

Fund–

.

Advisor  Class

PGMSX

Global

Multi-Sector

Bond

Fund–

.

I Class

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

HIGHLIGHTS

The

fund

underperformed

the

Bloomberg

Global

Aggregate

Bond

USD

Hedged

Index

and

its

Lipper

peer

group

average

for

the

six

months

ended

November

30,

2022.

The

fund’s

duration

allocations

detracted

from

relative

performance

mostly

due

to

an

overweight

posture

in

U.S.

duration.

Given

continued

market

volatility

and

a

cautious

outlook

for

growth

and

credit

sectors,

we

moved

to

a

more

defensive

position

in

our

sector

allocations

over

the

past

six

months.

The

outlook

for

credit

remains

concerning,

and

we

believe

high-quality

government

bonds

are

more

attractive.

While

there

may

be

tradeable

bear

market

rallies,

the

combination

of

weak

growth

and

tighter

monetary

policy

means

there

is

little

reason

to

believe

that

a

sustained

credit

rally

is

possible

until

we

get

past

the

end

of

Federal

Reserve

hikes.

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

Certain

mutual

fund

accounts

that

are

assessed

an

annual

account

service

fee

can

also

save

money

by

switching

to

e-delivery.

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

Market

Commentary

1

Dear

Shareholder

Global

stock

markets

generally

produced

negative

returns

during

the

first

half

of

your

fund’s

fiscal

year,

the

six-month

period

ended

November

30,

2022,

while

rising

bond

yields

weighed

on

returns

for

fixed

income

investors.

Investors

contended

with

tightening

financial

conditions

and

slowing

economic

and

corporate

earnings

growth,

but

hopes

that

persistently

high

inflation

might

be

easing

helped

spark

a

rally

late

in

the

period

that

partially

offset

earlier

losses.

In

the

U.S.,

equity

results

were

mixed.

The

Dow

Jones

Industrial

Average

recorded

positive

results

and

mid-cap

growth

stocks

also

performed

well,

while

most

other

benchmarks

finished

in

negative

territory.

The

S&P

500

Index

was

modestly

negative

for

the

period,

but

results

varied

widely

at

the

sector

level,

with

industrials

and

energy

shares

delivering

strong

gains

while

communication

services

stocks

struggled.

Outside

the

U.S.,

most

major

country

and

regional

benchmarks

lost

ground.

Emerging

markets

stocks

generally

underperformed

shares

in

developed

markets.

Meanwhile,

the

U.S.

dollar

strengthened

versus

most

currencies

during

the

period,

which

weighed

on

returns

for

U.S.

investors

in

international

securities.

Elevated

inflation

remained

a

leading

concern

for

investors

throughout

the

period,

although

hopes

that

inflation

may

have

peaked

led

to

rallies

during

the

summer

and

again

in

November.

The

October

consumer

price

index

report,

which

was

released

in

mid-November,

was

better

than

expected

and

showed

price

increases

easing

from

recent

40-year

highs.

However,

the

7.7%

year-over-

year

increase

in

the

headline

inflation

number

remained

well

above

the

Fed’s

2%

target.

In

response

to

the

high

inflation

readings,

global

central

banks

continued

to

tighten

monetary

policy,

and

investors

focused

on

communications

from

central

bank

officials

on

how

high

rates

would

have

to

go.

The

Federal

Reserve

delivered

four

historically

large

75-basis-point

(0.75

percentage

point)

rate

hikes

during

the

period,

which

lifted

its

short-term

lending

benchmark

to

a

target

range

of

3.75%

to

4.00%

by

early

November,

the

highest

level

since

2008.

As

our

reporting

period

came

to

an

end,

Fed

officials

signaled

that

they

were

likely

to

dial

back

the

pace

of

rate

increases.

Bond

yields

increased

considerably

across

the

Treasury

yield

curve

as

the

Fed

tightened

monetary

policy,

with

the

yield

on

the

benchmark

10-year

U.S.

Treasury

note

climbing

from

2.85%

at

the

start

of

the

period

to

3.68%

at

the

end

of

November.

Significant

inversions

in

the

Treasury

curve,

which

are

often

considered

a

warning

sign

of

a

coming

recession,

occurred

during

the

period

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

2

as

shorter-maturity

Treasuries

experienced

the

largest

yield

increases.

The

sharp

increase

in

yields

led

to

generally

negative

results

across

the

fixed

income

market

as

bond

prices

and

yields

move

in

opposite

directions.

On

a

positive

note,

the

U.S.

jobs

market

remained

resilient

during

the

period,

and

overall

economic

growth

turned

positive

in

the

third

quarter

after

two

slightly

negative

quarters.

However,

recession

fears

also

grew

as

corporate

earnings

slowed

and

manufacturing

gauges

drifted

toward

contraction

levels.

In

addition,

the

housing

market

began

to

weaken

as

mortgage

rates

climbed

to

the

highest

level

in

more

than

20

years.

The

past

year

has

been

a

trying

time

for

investors

as

few

sectors

remained

untouched

by

the

broad

headwinds

that

markets

faced,

and

volatility

may

continue

in

the

near

term

as

central

banks

tighten

policy

amid

slowing

economic

growth.

However,

in

our

view,

valuations

have

become

more

attractive

across

many

market

sectors

during

the

downturn,

which

provides

potential

opportunities

for

selective

investors

focused

on

fundamentals.

We

believe

this

environment

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

Management’s

Discussion

of

Fund

Performance

3

INVESTMENT

OBJECTIVE 

The

fund

seeks

to

provide

high

income

and

some

capital

appreciation.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past six

months?

The

Global

Multi-Sector

Bond

Fund

returned

-6.47%

for

the

six

months

ended

November

30,

2022,

underperforming

the

Bloomberg

Global

Aggregate

Bond

USD

Hedged

Index

and

its

Lipper

peer

group

average.

(Results

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?

Global

fixed

income

markets

struggled

over

the

past

six

months

as

interest

rate

volatility

continued

to

weigh

across

bond

sectors.

Most

global

sovereign

bond

yields

rose

as

major

central

banks

remained

hawkish

and

hiked

policy

rates

to

fight

stubbornly

high

inflation.

The

fund’s

duration

allocations

detracted

from

relative

performance

mostly

due

to

an

overweight

posture

in

U.S.

duration.

(Duration

measures

the

sensitivity

of

a

bond

or

a

bond

portfolio

to

interest

rate

changes.)

U.S.

Treasury

yields

increased

across

the

curve,

with

shorter

maturities

recording

the

largest

yield

increases,

leading

to

inversions

in

some

portions

of

the

curve.

However,

exposure

to

Japanese

duration

contributed.

The

Bank

of

Japan

(BoJ)

diverged

from

other

global

central

banks

and

maintained

dovish

monetary

policy

through

its

commitment

to

yield

curve

controls.

As

a

result,

Japanese

government

bond

yields

changed

little,

relatively,

over

the

period.

Sector

allocations

also

negatively

impacted

results.

Out-of-benchmark

exposure

to

global

high

yield

corporate

bonds

dragged

on

performance

despite

a

noteworthy

rebound

in

the

second

half

of

the

reporting

period.

Overall,

global

high

yield

credit

spreads

ended

wider

over

the

six-month

period

as

risk

PERFORMANCE

COMPARISON

Six-Month

Period

Ended

11/30/22

Total

Return

Global

Multi-Sector

Bond

Fund

–

.

-6.47‌%

Global

Multi-Sector

Bond

Fund–

.

Advisor  Class

-6.60‌

Global

Multi-Sector

Bond

Fund–

.

I  Class

-6.39‌

Bloomberg

Global

Aggregate

Bond

USD

Hedged

Index

-2.71‌

Bloomberg

Multiverse

USD

Hedged

Index

-2.68‌

Bloomberg

Global

Aggregate

ex

Treasury

Bond

USD

Hedged

Index

-2.98‌

Linked

Performance

Benchmark

-2.71‌

Lipper

Global

Income

Funds

Average

-4.20‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

4

appetite

was

volatile

amid

shifting

narratives

concerning

inflation

in

the

U.S.

and

other

major

economies.

(Credit

spreads

measure

the

additional

yield

that

investors

demand

for

holding

a

bond

with

credit

risk

over

a

similar-maturity,

high-quality

government

security.)

Exposure

to

agency

mortgage-backed

securities

(MBS),

on

the

other

hand,

modestly

benefited

the

fund.

Despite

severe

weakness

in

September,

the

high-quality

sector

rebounded

sharply

closer

to

the

end

of

the

period

as

expectations

for

a

slower

pace

of

Federal

Reserve

(Fed)

rate

hikes

helped

moderate

implied

interest

rate

volatility.

Currency

management

was

mixed

but

negative

overall.

Short

positions

in

the

Canadian

dollar,

Australian

dollar,

and

Israeli

shekel

versus

the

U.S.

dollar

(USD)

all

contributed

as

the

USD

strengthened

through

most

of

the

period

on

the

back

of

the

Fed’s

more

hawkish

monetary

policy.

Bouts

of

waning

risk

tolerance

also

bolstered

the

USD

as

investors

looked

for

less

volatile

assets.

However,

a

long

position

in

the

Japanese

yen,

which

we

typically

hold

in

the

fund

as

a

hedge

against

a

drop

in

risk

appetite,

detracted

significantly.

The

BoJ’s

continued

ultra-accommodative

monetary

policy

weighed

on

the

yen,

and

it

was

only

later

in

the

period

when

the

Japanese

Ministry

of

Finance

intervened

in

markets

to

shore

up

the

currency

that

weakness

abated.

The

fund

held

material

exposure

to

derivatives,

which

had

a

negative

overall

effect

on

total

returns.

The

fund’s

material

exposure

to

interest

rate

and

credit

derivatives

weighed

on

absolute

performance

while

material

exposure

to

currency

derivatives

aided

total

returns.

We

primarily

use

derivatives

for

hedging

risk

or

gaining

exposure

to

certain

sectors

or

currencies.

In

volatile

markets,

we

believe

that

derivatives

can

offer

a

more

efficient

way,

relative

to

the

cash

bond

market,

to

express

our

investment

views.

How

is

the

fund

positioned?

Given

continued

market

volatility

and

a

clouded

outlook

for

economic

growth

and

credit

sectors,

we

moved

to

a

more

defensive

position

in

our

sector

allocations

over

the

past

six

months.

We

gradually

decreased

the

fund’s

exposures

in

global

investment-grade

and

high

yield

corporate

securities

while

adding

to

global

sovereign

bonds

and

agency

MBS.

We

believe

high-quality

sovereign

bonds

and

agency

MBS

offer

attractive

liquidity

in

case

dislocations

arise

in

the

near

term

and

we

need

to

quickly

redeploy

assets.

While

persistently

rising

U.S.

Treasury

yields

have

been

painful

across

fixed

income

sectors

as

the

Fed

has

responded

to

sustained

high

inflation

data,

we

continue

to

favor

holding

duration

over

credit

in

this

market

environment.

Additionally,

this

sharp

rise

in

rates

has

all-in

yields

and

income

potential

looking

more

attractive

for

long-term

investors.

The

fund’s

overall

duration

ended

the

period

somewhat

lower.

We

moderated

its

total

duration

exposure

as

global

central

banks

remained

committed

to

tightening

monetary

policy.

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

5

We

added

to

the

fund’s

overweight

in

the

U.S.

dollar

as

the

currency

may

continue

to

benefit

from

tailwinds

from

the

Fed’s

policy

stance.

The

fund

also

covered

short

positions

in

the

Israeli

shekel

and

Malaysian

ringgit.

We

initiated

long

exposure

in

the

Swiss

franc

versus

the

euro

as

the

macroeconomic

backdrop

for

the

eurozone

appeared

to

be

deteriorating,

with

the

region

facing

a

possible

energy

crisis

this

winter

from

the

war

in

Ukraine.

We

moderated

that

position

later

in

the

period

after

the

backdrop

improved.

What

is

portfolio

management’s

outlook?

The

macro

headwinds

are

formidable

as

central

banks

are

being

forced

to

tighten

financial

conditions

due

to

persistently

high

inflation

prints.

The

European

Central

Bank

maintained

its

hawkish

stance

and

followed

its

50-basis-point

rate

hike

in

July

by

raising

rates

by

75

basis

points

at

its

September

meeting.

The

Fed

delivered

another

75-basis-point

hike

in

November

but

signaled

that

the

pace

of

rate

hikes

would

slow.

Investors

have

rapidly

repriced

more

aggressive

central

bank

monetary

policy

throughout

2022

as

inflation

has

remained

high,

coinciding

with

a

less

favorable

growth

outlook.

A

longer,

protracted

war

is

looking

more

likely

in

Ukraine,

which

further

complicates

the

global

outlook.

Uncertainty

about

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-

rated

securities,

and

a

rating

of

D

represents

the

lowest-

rated

securities.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps.

The

fund

is

not

rated

by

any

agency.

*

U.S.

government

agency

securities

are

issued

or

guaranteed

by

a

U.S.

government

agency

and

may

include

conventional

pass-through

securities

and

collateralized

mortgage

obligations;

unlike

Treasuries,

government

agency

securities

are

not

issued

directly

by

the

U.S.

government

and

are

generally

unrated

but

may

have

credit

support

from

the

U.S.

Treasury

(e.g.,

FHLMC

and

FNMA

issues)

or

a

direct

government

guarantee

(e.g.,

GNMA

issues).

Therefore,

this

category

may

include

rated

and

unrated

securities.

**

U.S.

Treasury

securities

are

issued

by

the

U.S.

Treasury

and

are

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

The

ratings

of

U.S.

Treasury

securities

are

derived

from

the

ratings

on

the

U.S.

government.

CREDIT

QUALITY

DIVERSIFICATION

Global

Multi-Sector

Bond

Fund

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

6

Europe’s

energy

supplies

will

persist

into

2023

as

Russian

gas

imports

are

mostly

cut

off.

The

global

impact

from

commodities

is

more

complicated

as

a

rise

in

prices

tends

to

decrease

demand,

but

the

result

has

been

inflationary

at

least

in

the

short

term.

The

outlook

for

credit

remains

concerning,

and

we

believe

high-quality

duration

is

more

attractive.

There

are

two

main

reasons.

First,

the

global

growth

outlook

has

declined

since

Russia

invaded

Ukraine,

and

second,

central

banks

seem

determined

to

tighten

policy

to

keep

inflation

under

control

even

at

the

expense

of

a

growth

slowdown

or

possibly

a

recession.

While

we

believe

we’re

in

a

credit

bear

market,

there

may

be

tradeable

bear

market

rallies,

so

we

want

to

be

positioned

to

take

advantage

of

any

bounce

backs.

Valuations

may

have

improved

after

recent

spread

widening,

but

we

do

not

view

them

as

cheap,

and

several

indicators

point

to

a

negative

environment

for

risk

taking.

This

combination

of

weak

growth

and

tighter

monetary

policy

means

there

is

little

reason

to

believe

that

a

sustained

credit

rally

is

possible

until

we

get

past

the

end

of

Fed

hikes.

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

Multi-Sector

Bond

Fund

7

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.

Mortgage-backed

securities

are

subject

to

prepayment

risk,

particularly

if

falling

rates

lead

to

heavy

refinancing

activity,

and

extension

risk,

which

is

an

increase

in

interest

rates

that

causes

a

fund’s

average

maturity

to

lengthen

unexpectedly

due

to

a

drop

in

mortgage

prepayments.

This

could

increase

the

fund’s

sensitivity

to

rising

interest

rates

and

its

potential

for

price

declines.

Investing

in

the

securities

of

non-U.S.

issuers

involves

special

risks

not

typically

associated

with

investing

in

U.S.

issuers.

Foreign

securities

tend

to

be

more

volatile

and

less

liquid

than

investments

in

U.S.

securities

and

may

lose

value

because

of

adverse

local,

political,

social,

or

economic

developments

overseas

or

due

to

changes

in

the

exchange

rates

between

foreign

currencies

and

the

U.S.

dollar.

In

addition,

foreign

investments

are

subject

to

settlement

practices

and

regulatory

and

financial

reporting

standards

that

differ

from

those

of

the

U.S.

These

risks

are

heightened

for

the

fund’s

investments

in

emerging

markets,

which

are

more

susceptible

to

governmental

interference,

less

efficient

trading

markets,

and

the

imposition

of

local

taxes

or

restrictions

on

gaining

access

to

sales

proceeds

for

foreign

investors.

BENCHMARK

INFORMATION

Note:

Bloomberg

®

and Bloomberg

Global

Aggregate

Bond

USD

Hedged

Index,

Bloomberg

Multiverse

USD

Hedged

Index,

and

Bloomberg

Global

Aggregate

ex

Treasury

Bond

USD

Hedged

Index

are

service

marks

of

Bloomberg

Finance

L.P.

and

its

affiliates,

including

Bloomberg

Index

Services

Limited

(“BISL”),

the

administrator

of

the

index

(collectively,

“Bloomberg”)

and

have

been

licensed

for

use

for

certain

purposes

by

T.

Rowe

Price.

Bloomberg

is

not

affiliated

with

T.

Rowe

Price,

and

Bloomberg

does

not

approve,

endorse,

review,

or

recommend

its

products.

Bloomberg

does

not

guarantee

the

timeliness,

accurateness,

or

completeness

of

any

data

or

information

relating

to

its

products. 

Note:

Copyright

©

2022

Fitch

Ratings,

Inc.,

Fitch

Ratings

Ltd.

and

its

subsidiaries.

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

8

Note:

Portions

of

the

mutual

fund

information

contained

in

this

report

were

supplied

by

Lipper,

a

Refinitiv

Company,

subject

to

the

following:

Copyright

2022

©

Refinitiv.

All

rights

reserved.

Any

copying,

republication

or

redistribution

of

Lipper

content

is

expressly

prohibited

without

the

prior

written

consent

of

Lipper.

Lipper

shall

not

be

liable

for

any

errors

or

delays

in

the

content,

or

for

any

actions

taken

in

reliance

thereon.

Note:

©

2022,

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

©

2022,

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

Multi-Sector

Bond

Fund

9

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

MULTI-SECTOR

BOND

FUND 

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. 

*The

linked

performance

benchmark

reflects

the

performance

of

the

Bloomberg

Global

Aggregate

ex

Treasury

Bond

USD

Hedged

Index

to

1/31/17;

the

performance

of

the

Bloomberg

Multiverse

USD

Hedged

Index

from

2/1/17

through

9/30/18;

and

the

performance

of

the

Bloomberg

Global

Aggregate

Bond

USD

Hedged

Index

from

10/1/18

forward.

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

10

AVERAGE

ANNUAL

COMPOUND

TOTAL

RETURN

Periods

Ended

11/30/22

1

Year

5

Years

10

Years

Since

Inception

Inception

Date

Global

Multi-Sector

Bond

Fund

–

.

-13.75‌%

0.75‌%

2.16‌%

–‌

–

Global

Multi-Sector

Bond

Fund–

.

Advisor  Class

-13.97‌

0.45‌

1.90‌

–‌

–

Global

Multi-Sector

Bond

Fund–

.

I  Class

-13.51‌

0.93‌

–‌

2.17‌%

3/23/16

This

table

shows

how

the

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Past

performance

cannot

guarantee

future

results.

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

11

EXPENSE

RATIO

FUND

EXPENSE

EXAMPLE

As

a

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Please

note

that

the

fund

has

three

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

the

Advisor

Class

shares

are

offered

only

through

unaffiliated

brokers

and

other

financial

intermediaries

and

charge

a

0.25%

12b-1

fee,

and

I

Class

shares

are

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

expenses

based

on

the

fund’s

actual

returns.

You

may

use

the

information

on

this

line,

together

with

your

account

balance,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

on

the

first

line

under

the

heading

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

on

the

second

line

of

the

table

(Hypothetical)

is

based

on

hypothetical

account

values

and

expenses

derived

from

the

fund’s

actual

expense

ratio

and

an

assumed

5%

per

year

rate

of

return

before

expenses

(not

the

fund’s

actual

return).

You

may

compare

the

ongoing

costs

of

investing

in

the

fund

with

other

funds

by

contrasting

this

5%

hypothetical

example

and

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

Global

Multi-Sector

Bond

Fund

0.65‌%

Global

Multi-Sector

Bond

Fund–Advisor

Class

1.00‌ 

Global

Multi-Sector

Bond

Fund–I

Class

0.52‌ 

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

Multi-Sector

Bond

Fund

12

Note:

T.

Rowe

Price

charges

an

annual

account

service

fee

of

$20,

generally

for

accounts

with

less

than

$10,000.

The

fee

is

waived

for

any

investor

whose

T.

Rowe

Price

mutual

fund

accounts

total

$50,000

or

more;

accounts

electing

to

receive

electronic

delivery

of

account

statements,

transaction

confirmations,

prospectuses,

and

shareholder

reports;

or

accounts

of

an

investor

who

is

a

T.

Rowe

Price

Personal

Services

or

Enhanced

Personal

Services

client

(enrollment

in

these

programs

generally

requires

T.

Rowe

Price

assets

of

at

least

$250,000).

This

fee

is

not

included

in

the

accompanying

table.

If

you

are

subject

to

the

fee,

keep

it

in

mind

when

you

are

estimating

the

ongoing

expenses

of

investing

in

the

fund

and

when

comparing

the

expenses

of

this

fund

with

other

funds.

You

should

also

be

aware

that

the

expenses

shown

in

the

table

highlight

only

your

ongoing

costs

and

do

not

reflect

any

transaction

costs,

such

as

redemption

fees

or

sales

loads.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

To

the

extent

a

fund

charges

transaction

costs,

however,

the

total

cost

of

owning

that

fund

is

higher.

GLOBAL

MULTI-SECTOR

BOND

FUND

Beginning

Account

Value

6/1/22

Ending

Account

Value

11/30/22

Expenses

Paid

During

Period*

6/1/22

to

11/30/22

Investor

Class

Actual

$1,000.00

$935.30

$3.15

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.81

  3.29

Advisor

Class

Actual

  1,000.00

  934.00

  4.51

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,020.41

  4.71

I

Class

Actual

  1,000.00

  936.10

  2.38

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.61

  2.48

*

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

(183),

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

0.65%,

the

2

Advisor Class

was

0.93%,

and

the

3

I Class

was

0.49%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

13

QUARTER-END

RETURNS

Periods

Ended

9/30/22

1

Year

5

Years

10

Years

Since

Inception

Inception

Date

Global

Multi-Sector

Bond

Fund

–

.

-15.88‌%

0.46‌%

2.13‌%

–‌

–

Global

Multi-Sector

Bond

Fund–

.

Advisor  Class

-16.10‌ 

0.16‌ 

1.88‌ 

–‌

–

Global

Multi-Sector

Bond

Fund–

.

I  Class

-15.74‌ 

0.61‌ 

–‌

1.98‌%

3/23/16

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

2

Advisor

and

3

I

Class

shares,

1-800-638-8790

.

This

table

provides

returns

through

the

most

recent

calendar

quarter-end

rather

than

through

the

end

of

the

fund’s

fiscal

period.

It

shows

how

each

class

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Average

annual

total

return

figures

include

changes

in

principal

value,

reinvested

dividends,

and

capital

gain

distributions.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

When

assessing

performance,

investors

should

consider

both

short-

and

long-term

returns.

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

(Unaudited)

Financial

Highlights

14

For

a

share

outstanding

throughout

each

period

Investor

Class

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

5/31/22

5/31/21

5/31/20

5/31/19

5/31/18

NET

ASSET

VALUE

Beginning

of

period

$

10

.45‌

$

11

.87‌

$

11

.13‌

$

11

.32‌

$

11

.17‌

$

11

.41‌

Investment

activities

Net

investment

income

(1)(2)

0

.15‌

0

.33‌

0

.35‌

0

.38‌

0

.42‌

0

.41‌

Net

realized

and

unrealized

gain/loss

(

0

.82‌

)

(

1

.30‌

)

0

.81‌

(

0

.04‌

)

0

.30‌

(

0

.24‌

)

Total

from

investment

activities

(

0

.67‌

)

(

0

.97‌

)

1

.16‌

0

.34‌

0

.72‌

0

.17‌

Distributions

Net

investment

income

(

0

.16‌

)

(

0

.34‌

)

(

0

.36‌

)

(

0

.35‌

)

(

0

.43‌

)

(

0

.39‌

)

Net

realized

gain

—‌

(

0

.11‌

)

(

0

.06‌

)

(

0

.16‌

)

(

0

.14‌

)

(

0

.02‌

)

Tax

return

of

capital

—‌

—‌

—‌

(

0

.02‌

)

—‌

—‌

Total

distributions

(

0

.16‌

)

(

0

.45‌

)

(

0

.42‌

)

(

0

.53‌

)

(

0

.57‌

)

(

0

.41‌

)

NET

ASSET

VALUE

End

of

period

$

9

.62‌

$

10

.45‌

$

11

.87‌

$

11

.13‌

$

11

.32‌

$

11

.17‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

(Unaudited)

Financial

Highlights

15

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

5/31/22

5/31/21

5/31/20

5/31/19

5/31/18

Ratios/Supplemental

Data

Total

return

(2)(3)

(

6

.47‌

)

%

(

8

.40‌

)

%

10

.51‌

%

3

.01‌

%

6

.70‌

%

1

.50‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0

.71‌

%

(4)

0

.65‌

%

0

.65‌

%

0

.67‌

%

0

.69‌

%

0

.68‌

%

Net

expenses

after

waivers/payments

by

Price

Associates

0

.65‌

%

(4)

0

.65‌

%

0

.65‌

%

0

.66‌

%

0

.63‌

%

0

.60‌

%

Net

investment

income

2

.98‌

%

(4)

2

.90‌

%

2

.98‌

%

3

.37‌

%

3

.81‌

%

3

.62‌

%

Portfolio

turnover

rate

113

.8‌

%

211

.0‌

%

90

.7‌

%

144

.3‌

%

123

.8‌

%

111

.9‌

%

Net

assets,

end

of

period

(in

thousands)

$752,634

$965,689

$1,336,300

$905,983

$881,368

$622,563

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

(Unaudited)

Financial

Highlights

16

For

a

share

outstanding

throughout

each

period

Advisor

Class

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

5/31/22

5/31/21

5/31/20

5/31/19

5/31/18

NET

ASSET

VALUE

Beginning

of

period

$

10

.46‌

$

11

.88‌

$

11

.15‌

$

11

.33‌

$

11

.19‌

$

11

.42‌

Investment

activities

Net

investment

income

(1)(2)

0

.13‌

0

.30‌

0

.32‌

0

.35‌

0

.39‌

0

.38‌

Net

realized

and

unrealized

gain/loss

(

0

.82‌

)

(

1

.30‌

)

0

.79‌

(

0

.03‌

)

0

.29‌

(

0

.23‌

)

Total

from

investment

activities

(

0

.69‌

)

(

1

.00‌

)

1

.11‌

0

.32‌

0

.68‌

0

.15‌

Distributions

Net

investment

income

(

0

.14‌

)

(

0

.31‌

)

(

0

.32‌

)

(

0

.32‌

)

(

0

.40‌

)

(

0

.36‌

)

Net

realized

gain

—‌

(

0

.11‌

)

(

0

.06‌

)

(

0

.16‌

)

(

0

.14‌

)

(

0

.02‌

)

Tax

return

of

capital

—‌

—‌

—‌

(

0

.02‌

)

—‌

—‌

Total

distributions

(

0

.14‌

)

(

0

.42‌

)

(

0

.38‌

)

(

0

.50‌

)

(

0

.54‌

)

(

0

.38‌

)

NET

ASSET

VALUE

End

of

period

$

9

.63‌

$

10

.46‌

$

11

.88‌

$

11

.15‌

$

11

.33‌

$

11

.19‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

(Unaudited)

Financial

Highlights

17

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Advisor

Class

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

5/31/22

5/31/21

5/31/20

5/31/19

5/31/18

Ratios/Supplemental

Data

Total

return

(2)(3)

(

6

.60‌

)

%

(

8

.66‌

)

%

10

.07‌

%

2

.80‌

%

6

.28‌

%

1

.27‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

1

.57‌

%

(4)

1

.00‌

%

0

.98‌

%

1

.06‌

%

1

.05‌

%

1

.00‌

%

Net

expenses

after

waivers/payments

by

Price

Associates

0

.93‌

%

(4)

0

.94‌

%

0

.95‌

%

0

.95‌

%

0

.93‌

%

0

.91‌

%

Net

investment

income

2

.71‌

%

(4)

2

.61‌

%

2

.69‌

%

3

.08‌

%

3

.49‌

%

3

.30‌

%

Portfolio

turnover

rate

113

.8‌

%

211

.0‌

%

90

.7‌

%

144

.3‌

%

123

.8‌

%

111

.9‌

%

Net

assets,

end

of

period

(in

thousands)

$17,398

$14,758

$20,081

$16,388

$18,091

$25,548

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

(Unaudited)

Financial

Highlights

18

For

a

share

outstanding

throughout

each

period

I

Class

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

5/31/22

5/31/21

5/31/20

5/31/19

5/31/18

NET

ASSET

VALUE

Beginning

of

period

$

10

.46‌

$

11

.87‌

$

11

.14‌

$

11

.32‌

$

11

.18‌

$

11

.41‌

Investment

activities

Net

investment

income

(1)(2)

0

.16‌

0

.35‌

0

.37‌

0

.40‌

0

.44‌

0

.42‌

Net

realized

and

unrealized

gain/loss

(

0

.83‌

)

(

1

.29‌

)

0

.80‌

(

0

.03‌

)

0

.29‌

(

0

.22‌

)

Total

from

investment

activities

(

0

.67‌

)

(

0

.94‌

)

1

.17‌

0

.37‌

0

.73‌

0

.20‌

Distributions

Net

investment

income

(

0

.16‌

)

(

0

.36‌

)

(

0

.38‌

)

(

0

.36‌

)

(

0

.45‌

)

(

0

.41‌

)

Net

realized

gain

—‌

(

0

.11‌

)

(

0

.06‌

)

(

0

.16‌

)

(

0

.14‌

)

(

0

.02‌

)

Tax

return

of

capital

—‌

—‌

—‌

(

0

.03‌

)

—‌

—‌

Total

distributions

(

0

.16‌

)

(

0

.47‌

)

(

0

.44‌

)

(

0

.55‌

)

(

0

.59‌

)

(

0

.43‌

)

NET

ASSET

VALUE

End

of

period

$

9

.63‌

$

10

.46‌

$

11

.87‌

$

11

.14‌

$

11

.32‌

$

11

.18‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

(Unaudited)

Financial

Highlights

19

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

5/31/22

5/31/21

5/31/20

5/31/19

5/31/18

Ratios/Supplemental

Data

Total

return

(2)(3)

(

6

.39‌

)

%

(

8

.17‌

)

%

10

.58‌

%

3

.27‌

%

6

.76‌

%

1

.71‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0

.56‌

%

(4)

0

.52‌

%

0

.53‌

%

0

.54‌

%

0

.56‌

%

0

.57‌

%

Net

expenses

after

waivers/payments

by

Price

Associates

0

.49‌

%

(4)

0

.49‌

%

0

.49‌

%

0

.50‌

%

0

.48‌

%

0

.47‌

%

Net

investment

income

3

.14‌

%

(4)

3

.09‌

%

3

.10‌

%

3

.53‌

%

3

.96‌

%

3

.72‌

%

Portfolio

turnover

rate

113

.8‌

%

211

.0‌

%

90

.7‌

%

144

.3‌

%

123

.8‌

%

111

.9‌

%

Net

assets,

end

of

period

(in

thousands)

$555,006

$633,128

$281,219

$196,574

$153,785

$101,216

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

November

30,

2022

(Unaudited)

20

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

ASSET-BACKED

SECURITIES

4.7%

Car

Loan

0.3%

Avis

Budget

Rental

Car

Funding

AESOP

Series

2020-1A,

Class

D

3.34%,

8/20/26  (1)

5,000‌

4,214‌

4,214‌

Other

Asset-Backed

Securities

3.9%

522

Funding

Series

2019-5A,

Class

BR,

CLO,

FRN

3M

TSFR

+

1.85%,

5.714%,

4/15/35  (1)

2,805‌

2,650‌

Applebee's

Funding

Series

2019-1A,

Class

A2I

4.194%,

6/5/49  (1)

4,361‌

4,127‌

Benefit

Street

Partners

IV

Series

2014-IVA,

Class

A2AR,

CLO,

FRN

3M

USD

LIBOR

+

1.55%,

5.793%,

1/20/32  (1)

5,885‌

5,618‌

Benefit

Street

Partners

XI

Series

2017-11A,

Class

A2R,

CLO,

FRN

3M

USD

LIBOR

+

1.50%,

5.579%,

4/15/29  (1)

6,995‌

6,754‌

CBAM

Series

2019-9A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.28%,

5.359%,

2/12/30  (1)

1,962‌

1,933‌

Cologix

Canadian

Issuer

Series

2022-1CAN,

Class

A2

4.94%,

1/25/52

(CAD)  (1)

3,940‌

2,687‌

Driven

Brands

Funding

Series

2018-1A,

Class

A2

4.739%,

4/20/48  (1)

3,514‌

3,252‌

Driven

Brands

Funding

Series

2020-1A,

Class

A2

3.786%,

7/20/50  (1)

1,867‌

1,613‌

Flexential

Issuer

Series

2021-1A,

Class

A2

3.25%,

11/27/51  (1)

5,310‌

4,617‌

FOCUS

Brands

Funding

Series

2018-1,

Class

A2

5.184%,

10/30/48  (1)

2,174‌

1,987‌

Hardee's

Funding

Series

2020-1A,

Class

A2

3.981%,

12/20/50  (1)

1,208‌

1,034‌

Hilton

Grand

Vacations

Trust

Series

2017-AA,

Class

B

2.96%,

12/26/28  (1)

61‌

60‌

HPS

Loan

Management

Series

11A-17,

Class

CR,

CLO,

FRN

3M

USD

LIBOR

+

1.95%,

6.482%,

5/6/30  (1)

7,190‌

6,740‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

20

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

21

Par/Shares

$

Value

(Amounts

in

000s)

Madison

Park

Funding

XXXIII

Series

2019-33A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.29%,

5.154%,

10/15/32  (1)

2,385‌

2,314‌

MVW

Series

2020-1A,

Class

C

4.21%,

10/20/37  (1)

441‌

409‌

MVW

Owner

Trust

Series

2017-1A,

Class

B

2.75%,

12/20/34  (1)

35‌

34‌

MVW

Owner

Trust

Series

2017-1A,

Class

C

2.99%,

12/20/34  (1)

42‌

41‌

Palmer

Square

Series

2021-2A,

Class

D,

CLO,

FRN

3M

USD

LIBOR

+

2.90%,

6.979%,

7/15/34  (1)

2,030‌

1,865‌

Symphony

XX

Series

2018-20A,

Class

CR,

CLO,

FRN

3M

USD

LIBOR

+

2.35%,

6.429%,

1/16/32  (1)

1,535‌

1,466‌

Wendy's

Funding

Series

2022-1A,

Class

A2II

4.535%,

3/15/52  (1)

3,052‌

2,622‌

51,823‌

Student

Loan

0.5%

Navient

Private

Education

Loan

Trust

Series

2017-A,

Class

B

3.91%,

12/16/58  (1)

805‌

749‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-BA,

Class

B

2.77%,

1/15/69  (1)

2,365‌

1,861‌

Navient

Private

Education

Refi

Loan

Trust

Series

2020-DA,

Class

B

3.33%,

5/15/69  (1)

2,005‌

1,646‌

SMB

Private

Education

Loan

Trust

Series

2022-D,

Class

B

6.15%,

10/15/58  (1)

1,975‌

1,974‌

6,230‌

Total

Asset-Backed

Securities

(Cost

$67,950)

62,267‌

BANK

LOANS

4.3%

(2)

CORPORATES

0.2%

Brokerage

Assetmanagers

Exchanges

0.1%

Citadel

Securities,

FRN

1M

TSFR

+

3.00%,

7.201%,

2/2/28 

640‌

635‌

635‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

22

Par/Shares

$

Value

(Amounts

in

000s)

Pharmaceuticals

0.1%

Perrigo

Investments,

FRN

1M

TSFR

+

2.50%,

6.686%,

4/20/29 

1,781‌

1,751‌

1,751‌

Total

Corporates

2,386‌

FINANCIAL

INSTITUTIONS

0.2%

Financial

Other

0.1%

Nexus

Buyer,

FRN

1M

USD

LIBOR

+

6.25%,

10.321%,

11/5/29 

940‌

871‌

871‌

Insurance

0.1%

Asurion,

FRN

1M

USD

LIBOR

+

3.00%,

7.071%,

11/3/24 

2,280‌

2,183‌

2,183‌

Total

Financial

Institutions

3,054‌

INDUSTRIAL

3.9%

Capital

Goods

0.6%

CP

Iris

Holdco

I,

FRN

1M

USD

LIBOR

+

7.00%,

11.071%,

10/1/29  (3)

1,830‌

1,537‌

Engineered

Machinery

Holdings,

FRN

1M

USD

LIBOR

+

6.50%,

10.174%,

5/21/29 

430‌

396‌

Engineered

Machinery

Holdings,

FRN

3M

USD

LIBOR

+

6.00%,

9.674%,

5/21/29 

2,584‌

2,381‌

Summit

Materials,

FRN

3M

USD

LIBOR

+

2.00%,

6.071%,

11/21/24 

3,726‌

3,697‌

8,011‌

Communications

0.7%

Charter

Communications

Operating,

FRN

1M

USD

LIBOR

+

1.75%,

5.83%,

2/1/27 

4,825‌

4,701‌

Level

3

Financing,

FRN

1M

USD

LIBOR

+

1.75%,

5.821%,

3/1/27 

2,614‌

2,484‌

Nexstar

Media,

FRN

1M

USD

LIBOR

+

2.50%,

6.571%,

9/18/26 

2,828‌

2,803‌

9,988‌

Consumer

Cyclical

1.0%

KFC

Holding,

FRN

1M

USD

LIBOR

+

1.75%,

5.661%,

3/15/28 

4,073‌

4,011‌

Tacala

Investment,

FRN

1M

USD

LIBOR

+

3.50%,

7.571%,

2/5/27 

4,098‌

3,926‌

Tacala

Investment,

FRN

1M

USD

LIBOR

+

7.50%,

11.571%,

2/4/28 

455‌

412‌

Woof

Holdings,

FRN

1M

USD

LIBOR

+

3.75%,

7.315%,

12/21/27 

2,256‌

2,120‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

23

Par/Shares

$

Value

(Amounts

in

000s)

Woof

Holdings,

FRN

1M

USD

LIBOR

+

7.25%,

10.815%,

12/21/28 

2,445‌

2,200‌

12,669‌

Consumer

Non-Cyclical

0.6%

Naked

Juice,

FRN

1M

TSFR

+

6.10%,

9.653%,

1/20/30 

1,385‌

1,203‌

PetVet

Care

Centers,

FRN

1M

USD

LIBOR

+

3.50%,

7.571%,

2/14/25 

7,038‌

6,502‌

7,705‌

Technology

0.8%

Ascend

Learning,

FRN

1M

USD

LIBOR

+

5.75%,

9.821%,

12/10/29 

2,635‌

2,233‌

CoreLogic,

FRN

1M

USD

LIBOR

+

6.50%,

10.625%,

6/4/29 

1,195‌

811‌

Entegris,

FRN

1M

TSFR

+

3.00%,

5.948%,

7/6/29 

1,900‌

1,882‌

Loyalty

Ventures,

FRN

1M

USD

LIBOR

+

4.50%,

8.571%,

11/3/27 

665‌

263‌

RealPage,

FRN

1M

USD

LIBOR

+

6.50%,

10.571%,

4/23/29 

995‌

952‌

UKG,

FRN

1M

USD

LIBOR

+

3.25%,

6.998%,

5/4/26 

5,325‌

5,137‌

11,278‌

Transportation

0.2%

Air

Canada,

FRN

1M

USD

LIBOR

+

3.50%,

6.421%,

8/11/28 

2,284‌

2,255‌

2,255‌

Total

Industrial

51,906‌

Total

Bank

Loans

(Cost

$61,084)

57,346‌

COMMON

STOCKS

0.0%

INDUSTRIAL

0.0%

Industrial

Other

0.0%

Mriya

Farming

(GBP)  (3)(4)

1‌

—‌

Mriya

Farming,

Recovery

Certificates

(EUR)  (3)(4)

128‌

—‌

Total

Industrial

—‌

Total

Common

Stocks

(Cost

$–)

—‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

24

Par/Shares

$

Value

(Amounts

in

000s)

CONVERTIBLE

BONDS

0.2%

INDUSTRIAL

0.2%

Communications

0.1%

Sea,

0.25%,

9/15/26 

1,800‌

1,349‌

1,349‌

Consumer

Cyclical

0.1%

MercadoLibre,

2.00%,

8/15/28 

720‌

1,572‌

1,572‌

Total

Industrial

2,921‌

Total

Convertible

Bonds

(Cost

$3,068)

2,921‌

CORPORATE

BONDS

5.3%

FINANCIAL

INSTITUTIONS

2.1%

Banking

1.1%

Banco

Comercial

Portugues,

VR,

4.50%,

12/7/27

(EUR)  (5)

2,200‌

1,994‌

Banco

de

Bogota,

4.375%,

8/3/27 

2,325‌

2,080‌

Banco

de

Bogota,

4.375%,

8/3/27  (1)

1,000‌

895‌

Bangkok

Bank,

VR,

3.733%,

9/25/34  (5)

4,120‌

3,350‌

Standard

Chartered,

VR,

2.819%,

1/30/26  (1)(5)

7,205‌

6,659‌

14,978‌

Financial

Other

0.6%

Country

Garden

Holdings,

4.80%,

8/6/30  (6)

7,075‌

2,633‌

Kaisa

Group

Holdings,

11.25%,

4/9/22  (4)(7)

5,000‌

525‌

MAF

Global

Securities,

VR,

6.375%  (5)(8)

4,100‌

3,902‌

7,060‌

Insurance

0.4%

Humana,

1.35%,

2/3/27 

6,650‌

5,734‌

5,734‌

Total

Financial

Institutions

27,772‌

INDUSTRIAL

2.7%

Basic

Industry

0.3%

ABJA

Investment,

5.95%,

7/31/24 

925‌

927‌

Aris

Mining,

6.875%,

8/9/26  (1)

4,455‌

3,327‌

4,254‌

Communications

0.9%

Axian

Telecom,

7.375%,

2/16/27 

1,950‌

1,716‌

Axian

Telecom,

7.375%,

2/16/27  (1)

1,490‌

1,311‌

Globo

Comunicacao

e

Participacoes,

5.50%,

1/14/32  (1)

2,175‌

1,789‌

Tower

Bersama

Infrastructure,

2.75%,

1/20/26  (6)

3,380‌

3,042‌

VTR

Comunicaciones,

4.375%,

4/15/29  (1)

7,800‌

4,132‌

11,990‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

25

Par/Shares

$

Value

(Amounts

in

000s)

Consumer

Cyclical

0.7%

Metalsa,

3.75%,

5/4/31  (1)

6,330‌

4,838‌

Vivo

Energy

Investments,

5.125%,

9/24/27  (1)

4,095‌

3,696‌

8,534‌

Consumer

Non-Cyclical

0.4%

Agrosuper,

4.60%,

1/20/32  (6)

5,360‌

4,549‌

Cano

Health,

6.25%,

10/1/28  (1)

1,815‌

917‌

5,466‌

Industrial

Other

0.1%

Howard

University,

Series

21A,

4.756%,

10/1/51 

1,505‌

1,121‌

1,121‌

Transportation

0.3%

Fraport

Frankfurt

Airport

Services

Worldwide,

1.875%,

3/31/28

(EUR) 

4,455‌

4,054‌

4,054‌

Total

Industrial

35,419‌

UTILITY

0.5%

Electric

0.2%

AES

Andes,

VR,

7.125%,

3/26/79  (1)(5)

3,125‌

2,898‌

2,898‌

Utility

Other

0.3%

Manila

Water,

4.375%,

7/30/30 

4,800‌

4,072‌

4,072‌

Total

Utility

6,970‌

Total

Corporate

Bonds

(Cost

$93,206)

70,161‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

46.4%

Owned

No

Guarantee

3.5%

1MDB

Global

Investments,

4.40%,

3/9/23 

30,000‌

29,418‌

Bank

Negara

Indonesia

Persero,

3.75%,

3/30/26 

2,400‌

2,181‌

Landsbankinn,

1.00%,

5/30/23

(EUR) 

3,450‌

3,537‌

Mexico

City

Airport

Trust,

5.50%,

7/31/47 

2,545‌

1,909‌

Petroleos

de

Venezuela,

6.00%,

5/16/24  (4)(7)

770‌

38‌

Petroleos

de

Venezuela,

9.00%,

11/17/21  (4)(7)

510‌

25‌

Petroleos

de

Venezuela,

12.75%,

2/17/22  (4)(7)

15‌

1‌

Petroleos

Mexicanos,

6.84%,

1/23/30 

3,450‌

2,837‌

Qatar

Energy,

3.125%,

7/12/41  (1)

8,930‌

6,792‌

46,738‌

Sovereign

2.9%

Republic

of

Albania,

3.50%,

10/9/25

(EUR) 

1,500‌

1,445‌

Republic

of

Albania,

3.50%,

10/9/25

(EUR)  (1)

1,490‌

1,435‌

Republic

of

Albania,

3.50%,

6/16/27

(EUR)  (1)

1,635‌

1,524‌

Republic

of

Albania,

3.50%,

11/23/31

(EUR)  (1)

4,345‌

3,620‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

26

Par/Shares

$

Value

(Amounts

in

000s)

Republic

of

Hungary,

5.00%,

2/22/27

(EUR) 

1,243‌

1,293‌

Republic

of

Romania,

2.00%,

1/28/32

(EUR) 

1,530‌

1,119‌

Republic

of

Romania,

2.124%,

7/16/31

(EUR) 

5,667‌

4,296‌

Republic

of

Romania,

3.624%,

5/26/30

(EUR) 

5,390‌

4,761‌

Republic

of

Serbia,

1.50%,

6/26/29

(EUR) 

14,845‌

11,651‌

Republic

of

Serbia,

1.50%,

6/26/29

(EUR)  (1)

1,350‌

1,060‌

Republic

of

Serbia,

2.05%,

9/23/36

(EUR) 

1,655‌

1,048‌

Republic

of

Suriname,

9.25%,

10/26/26  (4)(6)(7)

6,675‌

5,360‌

Republic

of

Venezuela,

6.00%,

12/9/20  (4)(7)

205‌

15‌

Republic

of

Venezuela,

7.75%,

10/13/19  (4)(7)

400‌

29‌

38,656‌

Treasuries

40.0%

Brazil

Notas

do

Tesouro

Nacional,

10.00%,

1/1/27

(BRL) 

38,105‌

6,734‌

Brazil

Notas

do

Tesouro

Nacional,

Inflation-Indexed,

6.00%,

5/15/25

(BRL) 

14,289‌

2,737‌

Bundesobligation,

4/16/27

(EUR)  (6)

52,975‌

50,758‌

Bundesrepublik

Deutschland

Bundesanleihe,

2/15/32

(EUR)  (6)

100,608‌

88,372‌

Bundesrepublik

Deutschland

Bundesanleihe,

8/15/52

(EUR) 

13,307‌

8,344‌

Canadian

Treasury

Bills,

1/19/23

(CAD) 

98,260‌

72,671‌

Government

of

Japan,

1.30%,

6/20/52

(JPY) 

1,611,500‌

11,097‌

Government

of

Japan,

Inflation-Indexed,

0.10%,

3/10/25

(JPY) 

1,029,980‌

7,723‌

Italy

Buoni

Poliennali

Del

Tesoro,

0.95%,

6/1/32

(EUR)  (6)

13,117‌

10,688‌

Japan

Treasury

Discount

Bills,

1/16/23

(JPY) 

9,705,000‌

70,291‌

Japan

Treasury

Discount

Bills,

5/10/23

(JPY) 

3,800,000‌

27,532‌

Kingdom

of

Thailand,

2.00%,

12/17/31

(THB) 

447,729‌

12,145‌

People's

Republic

of

China,

2.60%,

9/1/32

(CNY) 

110,000‌

14,992‌

People's

Republic

of

China,

2.69%,

8/15/32

(CNY) 

30,000‌

4,119‌

People's

Republic

of

China,

3.02%,

5/27/31

(CNY) 

70,000‌

9,897‌

People's

Republic

of

China,

3.13%,

11/21/29

(CNY) 

50,000‌

7,161‌

People's

Republic

of

China,

3.32%,

4/15/52

(CNY) 

10,000‌

1,409‌

People's

Republic

of

China,

3.53%,

10/18/51

(CNY) 

10,000‌

1,449‌

People's

Republic

of

China,

4.00%,

6/24/69

(CNY) 

10,000‌

1,625‌

Republic

of

Cyprus,

1.25%,

1/21/40

(EUR) 

120‌

83‌

Republic

of

Cyprus,

2.75%,

2/26/34

(EUR) 

917‌

838‌

Republic

of

Czech,

2.40%,

9/17/25

(CZK) 

133,640‌

5,305‌

Republic

of

Czech,

2.75%,

7/23/29

(CZK) 

214,620‌

8,132‌

Republic

of

France,

0.75%,

5/25/52

(EUR) 

16,886‌

11,174‌

Republic

of

Hungary,

2.25%,

4/20/33

(HUF) 

10,186,590‌

15,514‌

Republic

of

Serbia,

4.50%,

8/20/32

(RSD) 

1,470,930‌

10,658‌

Sweden

Government

Bond,

2.25%,

6/1/32

(SEK) 

181,585‌

17,905‌

United

Kingdom

Gilt,

4.25%,

6/7/32

(GBP) 

36,648‌

48,229‌

United

Mexican

States,

8.50%,

5/31/29

(MXN) 

38,394‌

1,910‌

529,492‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$662,761)

614,886‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

27

Par/Shares

$

Value

(Amounts

in

000s)

MUNICIPAL

SECURITIES

2.3%

Colorado

0.2%

Colorado

HFA,

Covenant

Living

Community,

Series B,

3.36%,

12/1/30 

3,955‌

3,483‌

3,483‌

Florida

0.4%

Capital

Projects

Fin.

Auth.,

Florida

Univ.

Project,

Series A-2,

4.00%,

10/1/24 

5,105‌

4,860‌

4,860‌

Illinois

0.2%

Illinois,

Build

America,

Series 4,

GO,

7.10%,

7/1/35 

3,000‌

3,151‌

3,151‌

Puerto

Rico

0.4%

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 

10,789‌

4,909‌

4,909‌

Virginia

0.9%

Tobacco

Settlement

Fin.,

Series A-1,

6.706%,

6/1/46 

12,830‌

11,677‌

11,677‌

West

Virginia

0.2%

Tobacco

Settlement

Fin.

Auth.,

Series B,

4.875%,

6/1/49 

2,940‌

2,523‌

2,523‌

Total

Municipal

Securities

(Cost

$34,154)

30,603‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

7.2%

Collateralized

Mortgage

Obligations

3.3%

Angel

Oak

Mortgage

Trust

Series

2021-2,

Class

M1,

CMO,

ARM

2.336%,

4/25/66  (1)

1,830‌

1,198‌

Angel

Oak

Mortgage

Trust

I

Series

2019-1,

Class

A1,

CMO,

ARM

3.92%,

11/25/48  (1)

22‌

22‌

Bellemeade

Re

Series

2022-1,

Class

M1B,

CMO,

ARM

SOFR30A

+

2.15%,

5.671%,

1/26/32  (1)

4,320‌

4,096‌

CAFL

Issuer

Series

2021-RTL1,

Class

A2,

CMO,

STEP

3.104%,

3/28/29  (1)

2,220‌

1,970‌

COLT

Mortgage

Loan

Trust

Series

2020-3,

Class

M1,

CMO,

ARM

3.359%,

4/27/65  (1)

1,562‌

1,359‌

COLT

Mortgage

Loan

Trust

Series

2021-3,

Class

M1,

CMO,

ARM

2.304%,

9/27/66  (1)

1,725‌

1,019‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

28

Par/Shares

$

Value

(Amounts

in

000s)

Connecticut

Avenue

Securities

Series

2018-C04,

Class

2M2,

CMO,

ARM

1M

USD

LIBOR

+

2.55%,

6.566%,

12/25/30 

997‌

984‌

Connecticut

Avenue

Securities

Series

2018-C05,

Class

1M2,

CMO,

ARM

1M

USD

LIBOR

+

2.35%,

6.366%,

1/25/31 

1,407‌

1,393‌

Connecticut

Avenue

Securities

Trust

Series

2022-R02,

Class

2M2,

CMO,

ARM

SOFR30A

+

3.00%,

6.521%,

1/25/42  (1)

2,805‌

2,597‌

Connecticut

Avenue

Securities

Trust

Series

2022-R06,

Class

1M1,

CMO,

ARM

SOFR30A

+

2.75%,

6.271%,

5/25/42  (1)

2,072‌

2,072‌

Connecticut

Avenue

Securities

Trust

Series

2022-R08,

Class

1M1,

CMO,

ARM

SOFR30A

+

2.55%,

6.071%,

7/25/42  (1)

907‌

901‌

Ellington

Financial

Mortgage

Trust

Series

2020-1,

Class

M1,

CMO,

ARM

5.24%,

5/25/65  (1)

1,280‌

1,143‌

Finance

of

America

HECM

Buyout

Series

2022-HB2,

Class

A1A,

CMO,

ARM

4.00%,

12/25/24  (1)

3,607‌

3,530‌

FWD

Securitization

Trust

Series

2020-INV1,

Class

M1,

CMO,

ARM

2.85%,

1/25/50  (1)

3,591‌

2,757‌

Galton

Funding

Mortgage

Trust

Series

2018-1,

Class

A33,

CMO,

ARM

3.50%,

11/25/57  (1)

102‌

91‌

New

Residential

Mortgage

Loan

Trust

Series

2019-NQM5,

Class

M1,

CMO,

ARM

3.444%,

11/25/59  (1)

2,300‌

1,822‌

OBX

Trust

Series

2021-NQM1,

Class

M1,

CMO,

ARM

2.219%,

2/25/66  (1)

1,095‌

855‌

Seasoned

Credit

Risk

Transfer

Trust

Series

2017-2,

Class

M1,

CMO,

ARM

4.00%,

8/25/56  (1)

669‌

644‌

Sequoia

Mortgage

Trust

Series

2017-2,

Class

B3,

CMO,

ARM

3.56%,

2/25/47  (1)

3,195‌

2,547‌

Sequoia

Mortgage

Trust

Series

2018-CH3,

Class

A19,

CMO,

ARM

4.50%,

8/25/48  (1)

27‌

26‌

Sequoia

Mortgage

Trust

Series

2018-CH4,

Class

A19,

CMO,

ARM

4.50%,

10/25/48  (1)

11‌

11‌

SG

Residential

Mortgage

Trust

Series

2019-3,

Class

A3,

CMO,

ARM

3.082%,

9/25/59  (1)

227‌

217‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

29

Par/Shares

$

Value

(Amounts

in

000s)

Starwood

Mortgage

Residential

Trust

Series

2020-INV1,

Class

A3,

CMO,

ARM

1.593%,

11/25/55  (1)

408‌

374‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-DNA6,

Class

M2,

CMO,

ARM

SOFR30A

+

2.00%,

5.521%,

12/25/50  (1)

1,192‌

1,171‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-HQA3,

Class

M2,

CMO,

ARM

1M

USD

LIBOR

+

3.60%,

7.616%,

7/25/50  (1)

1‌

1‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-HQA4,

Class

M2,

CMO,

ARM

1M

USD

LIBOR

+

3.15%,

7.166%,

9/25/50  (1)

17‌

17‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-DNA2,

Class

B1,

CMO,

ARM

SOFR30A

+

3.40%,

6.921%,

8/25/33  (1)

3,585‌

3,218‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-DNA2,

Class

M2,

CMO,

ARM

SOFR30A

+

2.30%,

5.821%,

8/25/33  (1)

820‌

792‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2021-DNA3,

Class

M2,

CMO,

ARM

SOFR30A

+

2.10%,

5.621%,

10/25/33  (1)

1,220‌

1,150‌

Structured

Agency

Credit

Risk

Debt

Notes

Series

2022-DNA1,

Class

M1B,

CMO,

ARM

SOFR30A

+

1.85%,

5.371%,

1/25/42  (1)

4,420‌

4,039‌

Vista

Point

Securitization

Trust

Series

2020-1,

Class

B1,

CMO,

ARM

5.375%,

3/25/65  (1)

1,560‌

1,381‌

43,397‌

Commercial

Mortgage-Backed

Securities

3.9%

280

Park

Avenue

Mortgage

Trust

Series

2017-280P,

Class

B,

ARM

1M

USD

LIBOR

+

1.08%,

4.936%,

9/15/34  (1)

995‌

955‌

Alen

Mortgage

Trust

Series

2021-ACEN,

Class

C,

ARM

1M

USD

LIBOR

+

2.25%,

6.125%,

4/15/34  (1)

2,940‌

2,603‌

Arbor

Multifamily

Mortgage

Securities

Trust

Series

2020-MF1,

Class

E

1.75%,

5/15/53  (1)

1,515‌

877‌

BAMLL

Commercial

Mortgage

Securities

Trust

Series

2021-JACX,

Class

E,

ARM

1M

USD

LIBOR

+

3.75%,

7.625%,

9/15/38  (1)

3,330‌

2,969‌

BANK

Series

2018-BN13,

Class

AS,

ARM

4.467%,

8/15/61 

904‌

834‌

BFLD

Series

2019-DPLO,

Class

C,

ARM

1M

USD

LIBOR

+

1.54%,

5.415%,

10/15/34  (1)

1,830‌

1,752‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

30

Par/Shares

$

Value

(Amounts

in

000s)

BPR

Trust

Series

2021-NRD,

Class

E,

ARM

1M

TSFR

+

5.621%,

9.432%,

12/15/23  (1)

4,495‌

4,109‌

BSPRT

Issuer

Series

2022-FL8,

Class

A,

ARM

SOFR30A

+

1.50%,

4.718%,

2/15/37  (1)

3,585‌

3,441‌

BX

Trust

Series

2021-VIEW,

Class

F,

ARM

1M

USD

LIBOR

+

3.93%,

7.805%,

6/15/36  (1)

2,615‌

2,344‌

Cantor

Commercial

Real

Estate

Lending

Series

2019-CF1,

Class

65B,

ARM

4.14%,

5/15/52  (1)

1,055‌

960‌

Citigroup

Commercial

Mortgage

Trust

Series

2019-C7,

Class

805B,

ARM

3.917%,

12/15/72  (1)

6,110‌

3,961‌

Commercial

Mortgage

Trust

Series

2014-CR14,

Class

B,

ARM

4.735%,

2/10/47 

1,390‌

1,333‌

Commercial

Mortgage

Trust

Series

2017-PANW,

Class

C,

ARM

3.712%,

10/10/29  (1)

4,340‌

3,986‌

Great

Wolf

Trust

Series

2019-WOLF,

Class

E,

ARM

1M

USD

LIBOR

+

2.732%,

6.607%,

12/15/36  (1)

1,955‌

1,846‌

Great

Wolf

Trust

Series

2019-WOLF,

Class

F,

ARM

1M

USD

LIBOR

+

3.131%,

7.006%,

12/15/36  (1)

6,150‌

5,752‌

Hilton

Orlando

Trust

Series

2018-ORL,

Class

B,

ARM

1M

USD

LIBOR

+

1.20%,

5.075%,

12/15/34  (1)

2,145‌

2,059‌

ILPT

Commercial

Mortgage

Trust

Series

2022-LPFX,

Class

C,

ARM

3.951%,

3/15/32  (1)

4,315‌

3,434‌

Manhattan

West

Mortgage

Trust

Series

2020-1MW,

Class

D,

ARM

2.413%,

9/10/39  (1)

1,185‌

938‌

SLIDE

Series

2018-FUN,

Class

E,

ARM

1M

USD

LIBOR

+

2.55%,

6.425%,

6/15/31  (1)

3,097‌

2,986‌

SMRT

Series

2022-MINI,

Class

D,

ARM

1M

TSFR

+

1.95%,

5.745%,

1/15/39  (1)

4,470‌

4,179‌

51,318‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$107,137)

94,715‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

31

Par/Shares

$

Value

(Amounts

in

000s)

PRIVATE

INVESTMENT

COMPANY

0.1%

Government

Guarantee

0.1%

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/1/22,

Cost $663  (4)(9)

†

656‌

Total

Private

Investment

Company

(Cost

$663)

656‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

14.3%

U.S.

Government

Agency

Obligations

9.2%

Federal

Home

Loan

Mortgage 

4.00%,

10/1/40

-

12/1/41 

140‌

136‌

4.50%,

6/1/39

-

5/1/42 

24‌

24‌

5.00%,

11/1/36

-

8/1/40 

33‌

34‌

5.50%,

10/1/38 

3‌

4‌

Federal

Home

Loan

Mortgage,

CMO,

IO,

4.50%,

5/25/50 

656‌

102‌

Federal

Home

Loan

Mortgage,

UMBS 

2.50%,

6/1/51

-

5/1/52 

4,559‌

3,918‌

3.50%,

5/1/52 

2,174‌

1,991‌

4.00%,

9/1/52

-

10/1/52 

4,955‌

4,689‌

4.50%,

5/1/50

-

10/1/52 

330‌

323‌

5.00%,

12/1/41 

389‌

393‌

Federal

National

Mortgage

Assn.,

UMBS 

2.50%,

5/1/51

-

6/1/52 

16,291‌

13,974‌

3.50%,

11/1/45

-

6/1/52 

10,607‌

9,820‌

4.00%,

1/1/41

-

10/1/52 

7,904‌

7,520‌

4.50%,

7/1/39

-

11/1/52 

50,982‌

49,697‌

5.00%,

7/1/33

-

9/1/52 

10,142‌

10,195‌

5.50%,

4/1/35

-

1/1/39 

96‌

101‌

6.00%,

4/1/35

-

2/1/39 

93‌

98‌

6.50%,

9/1/36

-

8/1/37 

21‌

22‌

UMBS,

TBA,

6.00%,

12/1/52  (10)

19,050‌

19,477‌

122,518‌

U.S.

Government

Obligations

5.1%

Government

National

Mortgage

Assn. 

2.00%,

7/20/51

-

1/20/52 

9,970‌

8,515‌

3.00%,

10/20/45

-

6/20/52 

11,609‌

10,511‌

3.50%,

3/20/43

-

10/20/49 

12,817‌

12,107‌

4.00%,

9/20/40

-

10/20/52 

10,327‌

9,882‌

4.50%,

3/20/47

-

10/20/52 

11,326‌

11,103‌

5.00%,

3/20/41

-

6/20/49 

563‌

570‌

Government

National

Mortgage

Assn.,

CMO,

IO,

4.00%,

2/20/43 

34‌

5‌

Government

National

Mortgage

Assn.,

TBA  (10)

5.00%,

12/20/52 

4,175‌

4,171‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

32

Par/Shares

$

Value

(Amounts

in

000s)

6.00%,

12/20/52 

9,945‌

10,149‌

67,013‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$193,276)

189,531‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

11.9%

U.S.

Treasury

Obligations

11.9%

U.S.

Treasury

Bonds,

2.25%,

2/15/52 

3,260‌

2,353‌

U.S.

Treasury

Bonds,

2.75%,

8/15/47 

5,445‌

4,365‌

U.S.

Treasury

Bonds,

3.25%,

5/15/42 

8,598‌

7,718‌

U.S.

Treasury

Notes,

1.875%,

2/15/32 

25,011‌

21,541‌

U.S.

Treasury

Notes,

2.625%,

5/31/27 

6,671‌

6,331‌

U.S.

Treasury

Notes,

2.625%,

2/15/29 

91,250‌

85,305‌

U.S.

Treasury

Notes,

4.125%,

10/31/27 

24,999‌

25,315‌

U.S.

Treasury

Notes,

4.125%,

11/15/32 

4,766‌

4,952‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-

Backed)

(Cost

$163,486)

157,880‌

SHORT-TERM

INVESTMENTS

3.5%

Money

Market

Funds

1.4%

T.

Rowe

Price

Government

Reserve

Fund,

3.86%  (11)(12)

18,662‌

18,662‌

18,662‌

U.S.

Treasury

Obligations

2.1%

U.S.

Treasury

Bills,

2.17%,

1/26/23  (13)

28,140‌

27,962‌

27,962‌

Total

Short-Term

Investments

(Cost

$46,708)

46,624‌

SECURITIES

LENDING

COLLATERAL

8.2%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

8.1%

Money

Market

Funds

8.1%

T.

Rowe

Price

Government

Reserve

Fund,

3.86%  (11)(12)

107,746‌

107,746‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

107,746‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

33

Par/Shares

$

Value

(Amounts

in

000s)

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.1%

Money

Market

Funds

0.1%

T.

Rowe

Price

Government

Reserve

Fund,

3.86%  (11)(12)

956‌

956‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

956‌

Total

Securities

Lending

Collateral

(Cost

$108,702)

108,702‌

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED

0.0%

OTC

Options

Purchased

0.0%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Citibank

EUR

/

USD

Call,

12/30/22

@

USD0.97  (4)

1‌

32,800‌

20‌

Morgan

Stanley

EUR

/

USD

Call,

1/6/23

@

USD0.99  (4)

1‌

33,100‌

63‌

UBS

Investment

Bank

CAD

/

USD

Call,

2/10/23

@

USD1.36  (4)

1‌

26,700‌

290‌

UBS

Investment

Bank

EUR

/

USD

Call,

12/30/22

@

USD0.99  (4)

1‌

33,200‌

45‌

Total

Options

Purchased

(Cost

$661)

418‌

Total

Investments

in

Securities

108.4%

of

Net

Assets

(Cost

$1,542,856)

$

1,436,710‌

‡

Par/Shares

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

†

Investment

fund

is

not

unitized

(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

$197,331

and

represents

14.9%

of

net

assets.

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

34

.

.

.

.

.

.

.

.

.

.

(2)

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.

(3)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(4)

Non-income

producing

(5)

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.

(6)

See

Note

4

.

All

or

a

portion

of

this

security

is

on

loan

at

November

30,

2022.

(7)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(8)

Perpetual

security

with

no

stated

maturity

date.

(9)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$656

and

represents

0.0%

of

net

assets.

(10)

See

Note

4

.

To-Be-Announced

purchase

commitment.

Total

value

of

such

securities

at

period-end

amounts

to

$33,797

and

represents

2.6%

of

net

assets.

(11)

Seven-day

yield

(12)

Affiliated

Companies

(13)

At

November

30,

2022,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

6M

CZK

PRIBOR

Six

month

CZK

PRIBOR

(Prague

interbank

offered

rate)

6M

EURIBOR

Six

month

EURIBOR

(Euro

interbank

offered

rate)

6M

PLN

WIBOR

Six

month

PLN

WIBOR

(Warsaw

interbank

offered

rate)

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

ARMs

are

not

based

on

a

published

reference

rate

and

spread

but

may

be

determined

using

a

formula

based

on

the

rates

of

the

underlying

loans. 

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLO

Collateralized

Loan

Obligation

CLP

Chilean

Peso

CMO

Collateralized

Mortgage

Obligation

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

35

.

.

.

.

.

.

.

.

.

.

CNH

Offshore

China

Renminbi

CNY

China

Renminbi

CZK

Czech

Koruna

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GO

General

Obligation

HFA

Health

Facility

Authority

HUF

Hungarian

Forint

ILS

Israeli

Shekel

INR

Indian

Rupee

IO

Interest-only

security

for

which

the

fund

receives

interest

on

notional

principal

JPY

Japanese

Yen

MXIBTIIE

Mexican

Interbank

28

day

interest

rate

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

OTC

Over-the-counter

PHP

Philippines

Peso

PLN

Polish

Zloty

RSD

Serbian

Dinar

SEK

Swedish

Krona

SGD

Singapore

Dollar

SOFR

Secured

overnight

financing

rate

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

TBA

To-Be-Announced

THB

Thai

Baht

UMBS

Uniform

Mortgage-Backed

Securities

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

ZAR

South

African

Rand

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

36

(Amounts

in

000s)

SWAPS

(1.0)%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

**

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

(0.3)%

Credit

Default

Swaps,

Protection

Bought

(0.0)%

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

Post

Holdings),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

323

(42)

(38)

(4‌)

Total

Bilateral

Credit

Default

Swaps,

Protection

Bought

(38)

(4‌)

Credit

Default

Swaps,

Protection

Sold

(0.0)%

Bank

of

America,

Protection

Sold

(Relevant

Credit:

Hellenic

Republic,

BB+*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/29

4,200

(181)

(150)

(31‌)

JPMorgan

Chase,

Protection

Sold

(Relevant

Credit:

BASF,

A3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/27

(EUR)

1,948

27

(33)

60‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(183)

29‌

Total

Return

Swaps

(0.3)%

Barclays

Bank,

Pay

Underlying

Reference:

iBoxx

USD

Liquid

High

Yield

Index

at

Maturity,

Receive

Variable

2.260%

(SOFR

+

(0.00)%)

Quarterly,

12/20/22

*

40,350

(834)

—

(834‌)

Goldman

Sachs,

Pay

Underlying

Reference:

iBoxx

USD

Liquid

High

Yield

Index

at

Maturity,

Receive

Variable

2.260%

(SOFR

+

(0.00)%)

Quarterly,

12/20/22

*

35,600

(1,871)

—

(1,871‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

iBoxx

USD

Liquid

High

Yield

Index

at

Maturity,

Receive

Variable

2.260%

(SOFR

+

(0.00)%)

Quarterly,

12/20/22

*

2,670

54

—

54‌

JPMorgan

Chase,

Pay

Underlying

Reference:

iBoxx

USD

Liquid

High

Yield

Index

at

Maturity,

Receive

Variable

2.260%

(SOFR

+

(0.00)%)

Quarterly,

12/20/22

*

28,085

(535)

—

(535‌)

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

37

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Pay

Underlying

Reference:

iBoxx

USD

Liquid

High

Yield

Index

at

Maturity,

Receive

Variable

2.260%

(SOFR

+

(0.00)%)

Quarterly,

12/20/22

*

38,515

(742)

—

(742‌)

Total

Bilateral

Total

Return

Swaps

—

(3,928‌)

Total

Bilateral

Swaps

(221)

(3,903‌)

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

(0.7)%

Credit

Default

Swaps,

Protection

Bought

(0.1)%

Protection

Bought

(Relevant

Credit:

BASF),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/21/27

(EUR)

1,948

(27)

15

(42‌)

Protection

Bought

(Relevant

Credit:

Iron

Mountain),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

533

(70)

(68)

(2‌)

Protection

Bought

(Relevant

Credit:

Lanxess),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

(EUR)

7,200

306

608

(302‌)

Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Crossover-S38,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

(EUR)

76,540

(2,153)

840

(2,993‌)

Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Europe-S38,

5

Year

Index),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

(EUR)

64,970

(62)

1,278

(1,340‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Bought

(4,679‌)

Interest

Rate

Swaps

(0.6)%

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.180%

Annually,

Pay

Variable

6.810%

(6M

CZK

PRIBOR)

Semi-Annually,

6/21/27

(CZK)

*

120,168

275

1

274‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.285%

Annually,

Pay

Variable

6.850%

(6M

CZK

PRIBOR)

Semi-Annually,

6/22/27

(CZK)

*

60,452

150

—

150‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.333%

Annually,

Pay

Variable

6.850%

(6M

CZK

PRIBOR)

Semi-Annually,

6/22/27

(CZK)

*

119,800

309

—

309‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

38

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

7

Year

Interest

Rate

Swap,

Receive

Fixed

5.499%

28

Days,

Pay

Variable

10.250%

(MXIBTIIE)

28

Days,

5/4/27

(MXN)

*

53,000

(335)

—

(335‌)

10

Year

Interest

Rate

Swap,

Pay

Fixed

1.775%

Annually,

Receive

Variable

7.570%

(6M

PLN

WIBOR)

Semi-Annually,

10/22/29

(PLN)

*

15,883

769

—

769‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

1.780%

Annually,

Receive

Variable

7.570%

(6M

PLN

WIBOR)

Semi-Annually,

10/22/29

(PLN)

*

11,118

538

1

537‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.149%

Annually,

Receive

Variable

7.300%

(6M

PLN

WIBOR)

Semi-Annually,

2/13/28

(PLN)

*

13,189

324

—

324‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.158%

Annually,

Receive

Variable

7.300%

(6M

PLN

WIBOR)

Semi-Annually,

2/14/28

(PLN)

*

9,986

245

1

244‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.160%

Annually,

Receive

Variable

7.300%

(6M

PLN

WIBOR)

Semi-Annually,

2/12/28

(PLN)

*

5,024

123

—

123‌

10

Year

Interest

Rate

Swap,

Receive

Fixed

0.830%

Annually,

Pay

Variable

1.203%

(6M

EURIBOR)

Semi-Annually,

3/2/32

(EUR)

*

34,525

(5,116)

—

(5,116‌)

10

Year

Interest

Rate

Swap,

Receive

Fixed

1.222%

Annually,

Pay

Variable

1.809%

(6M

EURIBOR)

Semi-Annually,

4/5/32

(EUR)

*

21,450

(2,463)

—

(2,463‌)

10

Year

Interest

Rate

Swap,

Receive

Fixed

1.627%

Annually,

Pay

Variable

2.057%

(6M

EURIBOR)

Semi-Annually,

4/21/32

(EUR)

*

26,497

(2,076)

1

(2,077‌)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.683%

Annually,

Pay

Variable

2.436%

(6M

EURIBOR)

Semi-Annually,

11/30/32

(EUR)

*

2,170

8

1

7‌

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.698%

Annually,

Pay

Variable

2.436%

(6M

EURIBOR)

Semi-Annually,

11/30/32

(EUR)

*

930

4

—

4‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

39

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

10

Year

Interest

Rate

Swap,

Receive

Fixed

2.730%

Annually,

Pay

Variable

2.327%

(6M

EURIBOR)

Semi-Annually,

11/23/32

(EUR)

*

15,549

124

—

124‌

Total

Centrally

Cleared

Interest

Rate

Swaps

(7,126‌)

Total

Centrally

Cleared

Swaps

(11,805‌)

Net

payments

(receipts)

of

variation

margin

to

date

11,800‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(5‌)

*

Credit

ratings

as

of

November

30,

2022.

Ratings

shown

are

from

Moody’s

Investors

Service

and

if

Moody’s

does

not

rate

a

security,

then

Standard

&

Poor’s

(S&P)

is

used.

Fitch

is

used

for

securities

that

are

not

rated

by

either

Moody’s

or

S&P.

**

Includes

interest

purchased

or

sold

but

not

yet

collected

of

$(394).

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

40

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

1/20/23

USD

1,404‌

CHF

1,391‌

$

(76‌)

Barclays

Bank

12/2/22

BRL

17,124‌

USD

3,235‌

64‌

Barclays

Bank

12/2/22

USD

3,274‌

BRL

17,124‌

(25‌)

Barclays

Bank

1/19/23

INR

61,037‌

USD

734‌

14‌

BNP

Paribas

12/2/22

BRL

33,225‌

USD

6,228‌

172‌

BNP

Paribas

12/2/22

USD

6,276‌

BRL

33,225‌

(124‌)

BNP

Paribas

12/9/22

MYR

35,397‌

USD

7,544‌

429‌

BNP

Paribas

12/9/22

USD

3,255‌

CLP

2,984,298‌

(92‌)

BNP

Paribas

12/9/22

USD

10,847‌

MYR

48,392‌

(53‌)

BNP

Paribas

1/13/23

HUF

461,001‌

USD

1,136‌

22‌

BNP

Paribas

1/19/23

CLP

3,344,292‌

USD

3,487‌

238‌

BNP

Paribas

1/19/23

USD

8,075‌

CLP

7,956,672‌

(788‌)

BNP

Paribas

3/2/23

USD

6,122‌

BRL

33,225‌

(175‌)

Citibank

12/9/22

PHP

118,265‌

USD

2,091‌

2‌

Citibank

12/9/22

PHP

94,577‌

USD

1,675‌

(2‌)

Citibank

12/9/22

USD

6,620‌

PHP

392,649‌

(328‌)

Citibank

12/9/22

USD

13,626‌

THB

517,726‌

(1,070‌)

Citibank

12/16/22

CNH

169,957‌

USD

23,295‌

856‌

Citibank

12/16/22

USD

2,560‌

RSD

301,986‌

(118‌)

Citibank

1/13/23

USD

32,128‌

CNH

231,697‌

(871‌)

Citibank

1/13/23

USD

5,052‌

MXN

103,152‌

(253‌)

Citibank

1/13/23

ZAR

131,443‌

USD

7,247‌

330‌

Citibank

1/19/23

CLP

3,172,454‌

USD

3,359‌

174‌

Citibank

1/19/23

ILS

74,836‌

USD

21,278‌

714‌

Citibank

1/19/23

USD

27,254‌

ILS

93,754‌

(298‌)

Citibank

1/19/23

USD

7,006‌

INR

575,090‌

(46‌)

Citibank

1/20/23

CAD

2,397‌

USD

1,756‌

28‌

Citibank

1/20/23

JPY

1,727,840‌

USD

12,629‌

(31‌)

Citibank

1/20/23

USD

13,868‌

AUD

20,744‌

(243‌)

Citibank

1/20/23

USD

8,928‌

CAD

12,440‌

(328‌)

Citibank

1/20/23

USD

71,927‌

JPY

10,495,282‌

(4,598‌)

Citibank

2/24/23

USD

6,729‌

SEK

69,890‌

35‌

Citibank

3/10/23

USD

3,754‌

PHP

212,841‌

(8‌)

Citibank

3/10/23

USD

626‌

THB

21,855‌

—‌

Deutsche

Bank

12/9/22

MYR

42,401‌

USD

9,152‌

399‌

Deutsche

Bank

12/9/22

THB

305,333‌

USD

8,628‌

40‌

Deutsche

Bank

1/13/23

USD

13,547‌

HUF

6,013,426‌

(1,553‌)

Deutsche

Bank

1/19/23

USD

253‌

INR

20,822‌

(2‌)

Deutsche

Bank

1/20/23

USD

27,040‌

JPY

3,802,307‌

(684‌)

Deutsche

Bank

3/10/23

USD

8,710‌

THB

305,333‌

(38‌)

Goldman

Sachs

12/9/22

USD

3,744‌

THB

135,836‌

(112‌)

Goldman

Sachs

12/16/22

USD

5,179‌

CNH

35,830‌

88‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

41

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Goldman

Sachs

1/19/23

USD

259‌

INR

21,447‌

$

(4‌)

HSBC

Bank

12/9/22

MYR

30,627‌

USD

6,588‌

310‌

HSBC

Bank

12/9/22

USD

18,384‌

MYR

82,564‌

(214‌)

HSBC

Bank

12/9/22

USD

1,820‌

THB

66,144‌

(58‌)

HSBC

Bank

12/16/22

USD

21,293‌

CNH

147,099‌

390‌

HSBC

Bank

1/13/23

USD

22,188‌

CNH

159,233‌

(490‌)

HSBC

Bank

1/19/23

CLP

1,540,667‌

USD

1,632‌

84‌

HSBC

Bank

1/20/23

JPY

1,240,067‌

USD

8,527‌

515‌

JPMorgan

Chase

12/9/22

MYR

21,687‌

USD

4,590‌

295‌

JPMorgan

Chase

12/9/22

THB

40,742‌

USD

1,142‌

14‌

JPMorgan

Chase

12/16/22

CNH

6,645‌

USD

939‌

5‌

JPMorgan

Chase

12/16/22

USD

1,050‌

CNH

7,676‌

(41‌)

JPMorgan

Chase

1/13/23

CNH

123,969‌

USD

17,101‌

555‌

JPMorgan

Chase

1/13/23

MXN

16,312‌

USD

811‌

28‌

JPMorgan

Chase

1/13/23

USD

9,979‌

CNH

71,943‌

(268‌)

JPMorgan

Chase

1/13/23

USD

806‌

CZK

19,117‌

(9‌)

JPMorgan

Chase

1/13/23

USD

2,062‌

HUF

831,544‌

(26‌)

JPMorgan

Chase

1/13/23

USD

10,271‌

MXN

209,430‌

(500‌)

JPMorgan

Chase

1/20/23

AUD

1,337‌

USD

858‌

52‌

JPMorgan

Chase

1/20/23

CAD

994‌

USD

729‌

10‌

JPMorgan

Chase

1/20/23

JPY

84,275‌

USD

573‌

42‌

JPMorgan

Chase

2/17/23

PLN

5,301‌

USD

1,154‌

12‌

JPMorgan

Chase

2/17/23

USD

7,476‌

RSD

882,784‌

(345‌)

JPMorgan

Chase

2/24/23

USD

4,843‌

EUR

4,674‌

(53‌)

JPMorgan

Chase

2/24/23

USD

460‌

GBP

385‌

(6‌)

Morgan

Stanley

12/2/22

BRL

34,759‌

USD

6,494‌

202‌

Morgan

Stanley

12/2/22

USD

6,585‌

BRL

34,759‌

(111‌)

Morgan

Stanley

12/9/22

CLP

1,215,589‌

USD

1,248‌

115‌

Morgan

Stanley

12/9/22

USD

3,629‌

CLP

3,298,435‌

(69‌)

Morgan

Stanley

12/16/22

SGD

5,952‌

USD

4,164‌

210‌

Morgan

Stanley

1/13/23

USD

962‌

ZAR

16,725‌

(2‌)

Morgan

Stanley

1/19/23

CLP

767,785‌

USD

802‌

53‌

Morgan

Stanley

1/20/23

AUD

2,184‌

USD

1,481‌

4‌

Morgan

Stanley

1/20/23

JPY

2,448,535‌

USD

16,639‌

1,214‌

Morgan

Stanley

1/20/23

USD

40,028‌

CAD

53,304‌

369‌

Morgan

Stanley

2/24/23

USD

76,849‌

EUR

73,747‌

(402‌)

Morgan

Stanley

2/24/23

USD

36,754‌

GBP

30,879‌

(559‌)

Morgan

Stanley

3/2/23

USD

3,251‌

BRL

17,891‌

(140‌)

RBC

Dominion

Securities

1/20/23

JPY

535,261‌

USD

3,683‌

220‌

RBC

Dominion

Securities

1/20/23

USD

33,021‌

CAD

44,341‌

31‌

Standard

Chartered

12/9/22

MYR

19,943‌

USD

4,228‌

264‌

Standard

Chartered

12/9/22

USD

4,266‌

MYR

19,098‌

(35‌)

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

42

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Standard

Chartered

12/16/22

USD

8,002‌

CNH

55,694‌

$

88‌

State

Street

12/16/22

USD

10,650‌

CNH

74,160‌

112‌

State

Street

1/20/23

CAD

14,149‌

USD

10,303‌

224‌

State

Street

1/20/23

JPY

1,341,661‌

USD

9,125‌

657‌

State

Street

1/20/23

USD

23,345‌

CAD

32,176‌

(594‌)

State

Street

1/20/23

USD

28,776‌

JPY

3,980,420‌

(246‌)

State

Street

2/24/23

EUR

13,360‌

USD

13,796‌

198‌

State

Street

2/24/23

USD

156,023‌

EUR

149,852‌

(948‌)

State

Street

2/24/23

USD

2,398‌

GBP

1,972‌

15‌

State

Street

2/24/23

USD

22,100‌

GBP

18,528‌

(288‌)

UBS

Investment

Bank

12/2/22

BRL

17,124‌

USD

3,235‌

64‌

UBS

Investment

Bank

12/2/22

USD

3,294‌

BRL

17,124‌

(5‌)

UBS

Investment

Bank

12/9/22

CLP

1,401,447‌

USD

1,456‌

115‌

UBS

Investment

Bank

12/9/22

PHP

118,337‌

USD

2,091‌

3‌

UBS

Investment

Bank

12/9/22

THB

529,680‌

USD

14,683‌

353‌

UBS

Investment

Bank

12/9/22

USD

7,257‌

THB

258,321‌

(76‌)

UBS

Investment

Bank

12/16/22

USD

4,262‌

SGD

5,952‌

(112‌)

UBS

Investment

Bank

1/13/23

USD

12,767‌

CZK

321,478‌

(946‌)

UBS

Investment

Bank

1/13/23

USD

6,618‌

ZAR

114,718‌

5‌

UBS

Investment

Bank

1/19/23

ILS

18,918‌

USD

5,397‌

162‌

UBS

Investment

Bank

1/19/23

USD

4,122‌

CLP

4,008,248‌

(342‌)

UBS

Investment

Bank

1/19/23

USD

7,498‌

INR

614,382‌

(35‌)

UBS

Investment

Bank

1/20/23

CHF

44,394‌

USD

44,757‌

2,468‌

UBS

Investment

Bank

1/20/23

JPY

1,319,350‌

USD

9,104‌

516‌

UBS

Investment

Bank

1/20/23

USD

26,484‌

AUD

42,636‌

(2,518‌)

UBS

Investment

Bank

1/20/23

USD

8,926‌

CAD

12,440‌

(330‌)

UBS

Investment

Bank

1/20/23

USD

25,186‌

CHF

23,916‌

(254‌)

UBS

Investment

Bank

2/17/23

USD

15,478‌

PLN

75,103‌

(1,042‌)

UBS

Investment

Bank

2/24/23

EUR

3,066‌

USD

3,221‌

(9���)

UBS

Investment

Bank

2/24/23

USD

11,221‌

SEK

116,484‌

64‌

UBS

Investment

Bank

3/10/23

USD

2,085‌

PHP

118,337‌

(7‌)

Wells

Fargo

Bank

12/9/22

CLP

3,665,697‌

USD

3,978‌

133‌

Wells

Fargo

Bank

1/19/23

CLP

3,139,722‌

USD

3,269‌

228‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(8,996‌)

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

43

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

51

Euro

BOBL

contracts

12/22

6,370

$

(78‌)

Short,

972

Euro

SCHATZ

contracts

12/22

108,004

1,397‌

Long,

35

Euro-Bund

ten

year

contracts

12/22

5,131

(149‌)

Long,

1,532

Commonwealth

of

Australia

three

year

bond

contracts

12/22

112,312

727‌

Long,

279

Republic

of

South

Korea

ten

year

bond

contracts

12/22

23,482

1,284‌

Long,

763

Republic

of

South

Korea

three

year

bond

contracts

12/22

59,965

330‌

Long,

343

Government

of

Canada

ten

year

bond

contracts

3/23

32,062

71‌

Long,

672

U.S.

Treasury

Notes

ten

year

contracts

3/23

76,272

598‌

Long,

101

U.K.

Gilt

ten

year

contracts

3/23

12,780

(82‌)

Long,

1,137

U.S.

Treasury

Notes

five

year

contracts

3/23

123,445

685‌

Long,

2,256

U.S.

Treasury

Notes

two

year

contracts

3/23

463,291

1,234‌

Long,

165

Ultra

U.S.

Treasury

Bonds

contracts

3/23

22,486

370‌

Net

payments

(receipts)

of

variation

margin

to

date

(4,405‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

1,982‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

44

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

six

months

ended

November

30,

2022.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

3.86%

$

—‌

$

—‌

$

693‌++

Totals

$

—‌#

$

—‌

$

693‌+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/22

Purchase

Cost

Sales

Cost

Value

11/30/22

T.

Rowe

Price

Government

Reserve

Fund,

3.86%

$

132,524‌

 ¤

  ¤

$

127,364‌

Total

$

127,364‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

4

.

+

Investment

income

comprised

$693

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

$127,364.

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

November

30,

2022

(Unaudited)

Statement

of

Assets

and

Liabilities

45

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$1,542,856)

$

1,436,710‌

Receivable

for

investment

securities

sold

41,870‌

Unrealized

gain

on

forward

currency

exchange

contracts

14,004‌

Cash

deposits

on

centrally

cleared

swaps

11,322‌

Interest

receivable

7,825‌

Variation

margin

receivable

on

futures

contracts

1,982‌

Foreign

currency

(cost

$1,641)

1,660‌

Receivable

for

shares

sold

977‌

Cash

185‌

Unrealized

gain

on

bilateral

swaps

114‌

Due

from

affiliates

18‌

Other

assets

199‌

Total

assets

1,516,866‌

Liabilities

Obligation

to

return

securities

lending

collateral

108,702‌

Payable

for

investment

securities

purchased

48,974‌

Unrealized

loss

on

forward

currency

exchange

contracts

23,000‌

Payable

for

shares

redeemed

5,994‌

Unrealized

loss

on

bilateral

swaps

4,017‌

Investment

management

fees

payable

517‌

Bilateral

swap

premiums

received

221‌

Variation

margin

payable

on

centrally

cleared

swaps

5‌

Payable

to

directors

1‌

Other

liabilities

397‌

Total

liabilities

191,828‌

NET

ASSETS

$

1,325,038‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

November

30,

2022

(Unaudited)

Statement

of

Assets

and

Liabilities

46

($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)

$

(

305,352‌

)

Paid-in

capital

applicable

to

137,674,351

shares

of

$0.0001

par

value

capital

stock

outstanding;

1,000,000,000

shares

authorized

1,630,390‌

NET

ASSETS

$

1,325,038‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

($752,634,252

/

78,206,358

shares

outstanding)

$

9.62‌

Advisor

Class

($17,397,791

/

1,806,048

shares

outstanding)

$

9.63‌

I

Class

($555,006,017

/

57,661,945

shares

outstanding)

$

9.63‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

(Unaudited)

Statement

of

Operations

47

($000s)

6

Months

Ended

11/30/22

Investment

Income

(Loss)

Income

    Interest

(net

of

foreign

taxes

of

$41)

$

25,732‌

Dividend

693‌

Securities

lending

146‌

Total

income

26,571‌

Expenses

Investment

management

3,490‌

Shareholder

servicing

Investor

Class

$

761‌

Advisor

Class

61‌

I

Class

124‌

946‌

Rule

12b-1

fees

Advisor

Class

19‌

Prospectus

and

shareholder

reports

Investor

Class

72‌

I

Class

12‌

84‌

Custody

and

accounting

178‌

Registration

59‌

Legal

and

audit

27‌

Directors

2‌

Miscellaneous

25‌

Waived

/

paid

by

Price

Associates

(

524‌

)

Total

expenses

4,306‌

Net

investment

income

22,265‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

(Unaudited)

Statement

of

Operations

48

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

11/30/22

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(

110,846‌

)

Futures

(

42,548‌

)

Swaps

(

3,080‌

)

Options

written

(

488‌

)

Forward

currency

exchange

contracts

36,127‌

Foreign

currency

transactions

(

1,665‌

)

Net

realized

loss

(

122,500‌

)

Change

in

net

unrealized

gain

/

loss

Securities

2,723‌

Futures

10,551‌

Swaps

(

8,701‌

)

Options

written

46‌

Forward

currency

exchange

contracts

(

8,513‌

)

Other

assets

and

liabilities

denominated

in

foreign

currencies

995‌

Change

in

net

unrealized

gain

/

loss

(

2,899‌

)

Net

realized

and

unrealized

gain

/

loss

(

125,399‌

)

DECREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

(

103,134‌

)

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

49

($000s)

6

Months

Ended

11/30/22

Year

Ended

5/31/22

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

22,265‌

$

51,282‌

Net

realized

loss

(

122,500‌

)

(

29,822‌

)

Change

in

net

unrealized

gain

/

loss

(

2,899‌

)

(

172,709‌

)

Decrease

in

net

assets

from

operations

(

103,134‌

)

(

151,249‌

)

Distributions

to

shareholders

Net

earnings

Investor

Class

(

13,376‌

)

(

52,370‌

)

Advisor

Class

(

219‌

)

(

656‌

)

I

Class

(

9,893‌

)

(

16,987‌

)

Decrease

in

net

assets

from

distributions

(

23,488‌

)

(

70,013‌

)

Capital

share

transactions

*

Shares

sold

Investor

Class

120,664‌

519,235‌

Advisor

Class

5,017‌

4,749‌

I

Class

81,133‌

538,078‌

Distributions

reinvested

Investor

Class

13,002‌

50,148‌

Advisor

Class

219‌

656‌

I

Class

9,295‌

16,135‌

Shares

redeemed

Investor

Class

(

272,019‌

)

(

786,542‌

)

Advisor

Class

(

1,413‌

)

(

8,575‌

)

I

Class

(

117,813‌

)

(

136,647‌

)

Increase

(decrease)

in

net

assets

from

capital

share

transactions

(

161,915‌

)

197,237‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

50

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

11/30/22

Year

Ended

5/31/22

Net

Assets

Decrease

during

period

(

288,537‌

)

(

24,025‌

)

Beginning

of

period

1,613,575‌

1,637,600‌

End

of

period

$

1,325,038‌

$

1,613,575‌

*Share

information

(000s)

Shares

sold

Investor

Class

12,161‌

45,123‌

Advisor

Class

517‌

411‌

I

Class

8,143‌

47,678‌

Distributions

reinvested

Investor

Class

1,319‌

4,374‌

Advisor

Class

22‌

57‌

I

Class

943‌

1,430‌

Shares

redeemed

Investor

Class

(

27,647‌

)

(

69,741‌

)

Advisor

Class

(

144‌

)

(

748‌

)

I

Class

(

11,977‌

)

(

12,253‌

)

Increase

(decrease)

in

shares

outstanding

(

16,663‌

)

16,331‌

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

Unaudited

NOTES

TO

FINANCIAL

STATEMENTS

51

T.

Rowe

Price

Global

Multi-Sector

Bond

Fund,

Inc.

(the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as a

diversified,

open-end

management

investment

company. The

fund

seeks

to

provide

high

income

and

some

capital

appreciation.

The

fund

has

three classes

of

shares:

the

Global

Multi-Sector

Bond

Fund

(Investor

Class),

the

Global

Multi-Sector

Bond

Fund–Advisor

Class

(Advisor

Class)

and

the

Global

Multi-Sector

Bond

Fund–I

Class

(I

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

Prior

to

November

15,

2021,

the

initial

investment

minimum

was

$1

million

and

was

generally

waived

for

financial

intermediaries,

eligible

retirement

plans,

and

other

certain

accounts.

As

a

result

of

the

reduction

in

the

I

Class

minimum,

certain

assets

transferred

from

the

Investor

Class

to

the

I

Class.

This

transfer

of

shares

from

Investor

Class

to

I

Class

is

reflected

in

the

Statement

of

Changes

in

Net

Assets

within

the

Capital

shares

transactions

as

Shares

redeemed

and

Shares

sold,

respectively.

The

Advisor

Class

operates

under

a

Board-approved

Rule

12b-1

plan

pursuant

to

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/

or

certain

administrative

services;

the

Investor

and

I

Classes

do

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

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

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

52

cost

basis.

Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

Inflation

adjustments

to

the

principal

amount

of

inflation-indexed

bonds

are

reflected

as

interest

income.

Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense.

Dividends

received

from

mutual

fund

investments

are

reflected

as

dividend

income;

capital

gain

distributions

are

reflected

as

realized

gain/

loss.

Dividend

income

and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date.

Earnings

on

investments

recognized

as

partnerships

reflect

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.

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

53

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,

early

adoption

is

permitted.

Management

expects

that

the

adoption

of

the

guidance

will

not

have

a

material

impact

on

the fund's

financial  statements.

The

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2020–04,

Reference

Rate

Reform

(Topic

848) –

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

in

March

2020

and

ASU

2021-01

in

January

2021

which

provided

further

amendments

and

clarifications

to

Topic

848.

These

ASUs provide

optional,

temporary

relief

with

respect

to

the

financial

reporting

of

contracts

subject

to

certain

types

of

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR),

and

other

interbank-offered

based

reference

rates,

through December

31,

2022.

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.

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Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

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security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of the

fund’s

portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

in

private

investment

companies

are

valued

at

the

investee’s

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee’s

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation Designee

may

adjust

the

investee’s

NAV

to

reflect

fair

value

at

the

valuation

date.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

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representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

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Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

November

30,

2022

(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

$

—

$

1,222,964

$

—

$

1,222,964

Bank

Loans

—

55,809

1,537

57,346

Common

Stocks

—

—

—

—

Private

Investment

Company

2

—

—

—

656

Short-Term

Investments

18,662

27,962

—

46,624

Securities

Lending

Collateral

108,702

—

—

108,702

Options

Purchased

—

418

—

418

Total

Securities

127,364

1,307,153

1,537

1,436,710

Swaps*

—

2,946

—

2,946

Forward

Currency

Exchange

Contracts

—

14,004

—

14,004

Futures

Contracts*

6,696

—

—

6,696

Total

$

134,060

$

1,324,103

$

1,537

$

1,460,356

Liabilities

Swaps*

$

—

$

18,875

$

—

$

18,875

Forward

Currency

Exchange

Contracts

—

23,000

—

23,000

Futures

Contracts*

309

—

—

309

Total

$

309

$

41,875

$

—

$

42,184

1

Includes

Asset-Backed

Securities,

Convertible

Bonds,

Corporate

Bonds,

Foreign

Government

Obligations

&

Municipalities,

Municipal

Securities,

Non-U.S.

Government

Mortgage-Backed

Securities,

U.S.

Government

&

Agency

Mortgage-Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

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NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

six

months ended

November

30,

2022,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

portfolio

duration

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

November

30,

2022,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

2

In

accordance

with

Subtopic

820-10,

certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

hierarchy.

The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Portfolio

of

Investments.

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

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($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

Assets

Interest

rate

derivatives

Centrally

Cleared

Swaps

,

Futures

$

9,561

Foreign

exchange

derivatives

Forwards

,

Securities^

14,422

Credit

derivatives

Bilateral

Swaps

and

Premiums

81

^

,*

Total

$

24,064

^

,*

Liabilities

Interest

rate

derivatives

Centrally

Cleared

Swaps,

Futures

$

10,300

Foreign

exchange

derivatives

Forwards

23,000

Credit

derivatives

Bilateral

Swaps

and

Premiums

,

Centrally

Cleared

Swaps

8,884

Total

$

42,184

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

^

Options

purchased

are

reported

as

securities

and

are

reflected

in

the

accompanying

Portfolio

of

Investments.

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Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

six

months ended

November

30,

2022,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

($000s)                                               

Location

of

Gain

(Loss)

on

Statement

of

Operations

Securities^

Options

Written

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Inflation

derivatives

$

—‌

$

—‌

$

—‌

$

—‌

$

(537‌)

$

(537‌)

Interest

rate

derivatives

—‌

—‌

(42,548‌)

—‌

(868‌)

(43,416‌)

Foreign

exchange

derivatives

(301‌)

(488‌)

—‌

36,127‌

—‌

35,338‌

Credit

derivatives

(99‌)

—‌

—‌

—‌

(1,675‌)

(1,774‌)

Total

$

(400‌)

$

(488‌)

$

(42,548‌)

$

36,127‌

$

(3,080‌)

$

(10,389‌)

Change

in

Unrealized

Gain

(Loss)

Inflation

derivatives

$

—‌

$

—‌

$

—‌

$

—‌

$

792‌

$

792‌

Interest

rate

derivatives

—‌

—‌

10,551‌

—‌

(4,063‌)

6,488‌

Foreign

exchange

derivatives

73‌

46‌

—‌

(8,513‌)

—‌

(8,394‌)

Credit

derivatives

—‌

—‌

—‌

—‌

(5,430‌)

(5,430‌)

Total

$

73‌

$

46‌

$

10,551‌

$

(8,513‌)

$

(8,701‌)

$

(6,544‌)

^

Options

purchased

are

reported

as

securities.

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Counterparty

Risk

and

Collateral

 The

fund

invests

in

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-

traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Derivatives,

such

as

bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

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

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund’s

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

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

a

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

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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

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,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared,

and

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

November

30,

2022, cash

of

$11,322,000 and

securities

valued

at $13,666,000 had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

The

following

table

summarizes

the

fund’s

OTC

and

bilateral

derivatives

at

the

reporting

date

by

loss

exposure

to

each

counterparty

after

consideration

of

collateral,

if

any. 

($000s)

Gross

Value

on

Statements

of

Assets

and

Liabilities

Net

amount

due

(to)/from

Counterparty

or

Exchange

Collateral

Pledged

(Received)

by

Fund

Loss

Exposure,

After

Collateral*

(not

less

than

$0)

Counterparty

Assets

Liabilities

Bank

of

America

$

—‌

$

(257‌)

$

(257‌)

$

315‌

$

58‌

Barclays

Bank

78‌

(900‌)

(822‌)

422‌

—‌

BNP

Paribas

861‌

(1,232‌)

(371‌)

—‌

—‌

Citibank

2,159‌

(8,194‌)

(6,035‌)

4,685‌

—‌

Deutsche

Bank

439‌

(2,277‌)

(1,838‌)

1,787‌

—‌

Goldman

Sachs

88‌

(2,029‌)

(1,941‌)

1,413‌

—‌

HSBC

Bank

1,299‌

(762‌)

537‌

(1,258‌)

—‌

JPMorgan

Chase

1,094‌

(1,777‌)

(683‌)

644‌

—‌

Morgan

Stanley

2,230‌

(2,025‌)

205‌

(1,651‌)

—‌

RBC

Dominion

Securities

251‌

—‌

251‌

(560‌)

—‌

Standard

Chartered

352‌

(35‌)

317‌

(620‌)

—‌

State

Street

1,206‌

(2,076‌)

(870‌)

—‌

—‌

UBS

Investment

Bank

4,085‌

(5,641‌)

(1,556‌)

778‌

—‌

Wells

Fargo

Bank

361‌

—‌

361‌

(260‌)

101‌

Total

$

14,503‌

$

(27,205‌)

*

In

situations

such

as

counterparty

default

or

bankruptcy,

the

fund

may

have

further

rights

of

offset

against

amounts

due

to

or

from

the

counterparty

under

other

agreements.

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Forward

Currency

Exchange

Contracts

 The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-

denominated

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

fund’s

foreign

currency

exposure

from

one

country

to

another,

or

to

enhance

the

fund’s

return.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund’s

total

return;

and

the

potential

for

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

November

30,

2022,

the

volume

of

the

fund’s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

between

39%

and

55%

of

net

assets.

Futures

Contracts

 The

fund

is

subject

to interest

rate

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risk.

The

fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

credit

quality,

and

mortgage

prepayments;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

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net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/or

interest

rates,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

November

30,

2022,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

70%

and

74%

of

net

assets.

Options

 The

fund

is

subject

to foreign

currency

exchange

rate

risk

and

credit

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risks.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss.

In

return

for

a

premium

paid,

currency

options

give

the

holder

the

right,

but

not

the

obligation,

to

buy

and

sell

currency

at

a

specified

exchange

rate;

although

certain

currency

options

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract.

In

return

for

a

premium

paid,

options

on

swaps

give

the

holder

the

right,

but

not

the

obligation,

to

enter

a

specified

swap

contract

on

predefined

terms.

The

exercise

price

of

an

option

on

a

credit

default

swap

is

stated

in

terms

of

a

specified

spread

that

represents

the

cost

of

credit

protection

on

the

reference

asset,

including

both

the

upfront

premium

to

open

the

position

and

future

periodic

payments.

The

exercise

price

of

an

interest

rate

swap

is

stated

in

terms

of

a

fixed

interest

rate;

generally,

there

is

no

upfront

payment

to

open

the

position.

Risks related

to

the

use

of

options

include

possible

illiquidity

of

the

options

markets;

trading

restrictions

imposed

by

an

exchange

or

counterparty;

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

values,

currency

values

and

credit

ratings;

and,

for

options

written,

the

potential

for

losses

to

exceed

any

premium

received

by

the

fund.

During

the

six

months ended

November

30,

2022,

the

volume

of

the

fund’s

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

2%

and

10%

of

net

assets.

Swaps

 The

fund

is

subject

to

interest

rate

risk

and

credit

risk

and

inflation

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risks.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

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exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

in

the

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Interest

rate

swaps

are

agreements

to

exchange

cash

flows

based

on

the

difference

between

specified

interest

rates

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

interest

rate

swaps

include

the

potential

for

unanticipated

movements

in

interest

or

currency

rates,

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. 

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

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relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Generally,

the

payment

risk

for

the

seller

of

protection

is

inversely

related

to

the

current

market

price

or

credit

rating

of

the

underlying

credit

or

the

market

value

of

the

contract

relative

to

the

notional

amount,

which

are

indicators

of

the

markets’

valuation

of

credit

quality.

As

of

November

30,

2022,

the

notional

amount

of

protection

sold

by

the

fund

totaled $6,227,000

(0.5%

of

net

assets),

which

reflects

the

maximum

potential

amount

the

fund

could

be

required

to

pay

under

such

contracts.

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.

Zero-coupon

inflation

swaps

are

agreements

to

exchange

cash

flows,

on

the

contract’s

maturity

date,

based

on

the

difference

between

a

predetermined

fixed

rate

and

the

cumulative

change

in

the

consumer

price

index,

both

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

zero-coupon

inflation

swaps

include

the

potential

for

unanticipated

movements

in

inflation

rates,

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. 

Total

return

swaps

are

agreements

in

which

one

party

makes

payments

based

on

a

set

rate,

either

fixed

or

variable,

while

the

other

party

makes

payments

based

on

the

return

of

an

underlying

asset

(reference

asset),

such

as

an

index,

equity

security,

fixed

income

security

or

commodity-based

exchange-traded

fund,

which

includes

both

the

income

it

generates

and

any

change

in

its

value.

Risks

related

to

the

use

of

total

return

swaps

include

the

potential

for

unfavorable

changes

in

the

reference

asset,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment. 

During

the

six

months ended

November

30,

2022,

the

volume

of

the

fund’s

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

21%

and

34%

of

net

assets.

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NOTE

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-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective,

the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of

the

fund

are

described

more

fully

in

the

fund’s

prospectus

and

Statement

of

Additional

Information.

Emerging

and

Frontier

Markets

 The fund

invests,

either

directly

or

through

investments

in

other

T.

Rowe

Price

funds,

in

securities

of

companies

located

in,

issued

by

governments

of,

or

denominated

in

or

linked

to

the

currencies

of

emerging

and

frontier

market

countries.

Emerging

markets,

and

to

a

greater

extent

frontier

markets, tend

to

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

that

are

less

stable,

than

those

of

developed

countries.

These

markets

may

be

subject

to

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund’s

ability

to

buy

or

sell

certain

securities

or

repatriate

proceeds

to

U.S.

dollars.

Emerging

markets

securities

exchanges

are

more

likely

to

experience

delays

with

the

clearing

and

settling

of

trades,

as

well

as

the

custody

of

holdings

by

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

to

greater

price

volatility,

less

liquidity,

and

higher

rates

of

inflation

than

U.S.

securities.

Investing

in

frontier

markets

is

typically

significantly

riskier

than

investing

in

other

countries,

including

emerging

markets.

Noninvestment-Grade

Debt

 The

fund

invests,

either

directly

or

through

its

investment

in

other

T.

Rowe

Price

funds,

in

noninvestment-grade

debt,

including

“high

yield”

or

“junk”

bonds

or

leveraged

loans.

Noninvestment-grade

debt

issuers

are

more

likely

to

suffer

an

adverse

change

in

financial

condition

that

would

result

in

the

inability

to

meet

a

financial

obligation.

The

noninvestment-grade

debt

market

may

experience

sudden

and

sharp

price

swings

due

to

a

variety

of

factors

that

may

decrease

the

ability

of

issuers

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.

Collateralized

Loan

Obligations

 The

fund

invests

in

collateralized

loan

obligations

(CLOs)

which

are

entities

backed

by

a

diversified

pool

of

syndicated

bank

loans.

The

cash

flows

of

the

CLO

can

be

split

into

multiple

segments,

called

“tranches”

or

“classes”,

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segments,

which

are

the

subordinate

or

“equity”

tranches,

bear

the

greatest

risk

of

loss

from

defaults

in

the

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underlying

assets

of

the

CLO

and

serve

to

protect

the

other,

more

senior,

tranches.

Senior

tranches

will

typically

have

higher

credit

ratings

and

lower

yields

than

the

securities

underlying

the

CLO.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses. 

Mortgage-Backed

Securities

 The

fund

invests

in

mortgage-backed

securities

(MBS

or

pass-through

certificates)

that

represent

an

interest

in

a

pool

of

specific

underlying

mortgage

loans

and

entitle

the

fund

to

the

periodic

payments

of

principal

and

interest

from

those

mortgages.

MBS

may

be

issued

by

government

agencies

or

corporations,

or

private

issuers.

Most

MBS

issued

by

government

agencies

are

guaranteed;

however,

the

degree

of

protection

differs

based

on

the

issuer.

The

fund

also

invests

in

stripped

MBS,

created

when

a

traditional

MBS

is

split

into

an

interest-only

(IO)

and

a

principal-

only

(PO)

strip.

MBS,

including

IOs

and

POs, are

sensitive

to

changes

in

economic

conditions

that

affect

the

rate

of

prepayments

and

defaults

on

the

underlying

mortgages;

accordingly,

the

value,

income,

and

related

cash

flows

from

MBS

may

be

more

volatile

than

other

debt

instruments.

IOs

also

risk

loss

of

invested

principal

from

faster-

than-anticipated

prepayments.

TBA

Purchase,

Sale

Commitments

and

Forward

Settling

Mortgage

Obligations

 The

fund

enters

into

to-be-announced

(TBA)

purchase

or

sale

commitments

(collectively,

TBA

transactions),

pursuant

to

which

it

agrees

to

purchase

or

sell,

respectively,

mortgage-backed

securities

for

a

fixed

unit

price,

with

payment

and

delivery

at

a

scheduled

future

date

beyond

the

customary

settlement

period

for

such

securities.

With

TBA

transactions,

the

particular

securities

to

be

received

or

delivered

by

the

fund

are

not

identified

at

the

trade

date;

however,

the

securities

must

meet

specified

terms,

including

rate

and

mortgage

term,

and

be

within

industry-accepted

“good

delivery”

standards.

The

fund

may

enter

into

TBA

transactions

with

the

intention

of

taking

possession

of

or

relinquishing

the

underlying

securities,

may

elect

to

extend

the

settlement

by

“rolling”

the

transaction,

and/or

may

use

TBA

transactions

to

gain

or

reduce

interim

exposure

to

underlying

securities.

Until

settlement,

the

fund

maintains

liquid

assets

sufficient

to

settle

its

commitment

to

purchase

a

TBA

or,

in

the

case

of

a

sale

commitment,

the

fund

maintains

an

entitlement

to

the

security

to

be

sold. 

To

mitigate

counterparty

risk,

the

fund

has

entered

into

Master

Securities

Forward

Transaction

Agreements

(MSFTA)

with

counterparties

that

provide

for

collateral

and

the

right

to

offset

amounts

due

to

or

from

those

counterparties

under

specified

conditions.

Subject

to

minimum

transfer

amounts,

collateral

requirements

are

determined

and

transfers

made

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

TBA

commitments

and

other

forward

settling

mortgage

obligations

with

a

particular

counterparty

(collectively,

MSFTA

Transactions).

At

any

time,

the

fund’s

risk

of

loss

from

a

particular

counterparty

related

to

its

MSFTA

Transactions

is

the

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aggregate

unrealized

gain

on

appreciated

MSFTA

Transactions

in

excess

of

unrealized

loss

on

depreciated

MSFTA

Transactions

and

collateral

received,

if

any,

from

such

counterparty. As

of

November

30,

2022,

no

collateral

was

pledged

by

the

fund

or

counterparties

for

MSFTA

Transactions.

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.

Investment

in

Bona

Fide

Investments

Feeder

LLC

 The

fund

invested

in

Bona

Fide

Investments

Feeder

LLC

(Bona

Fide

Investments

Feeder),

a

private

alternative

debt

investment

fund

offered

by

Gramercy

Funds

Management

LLC

(Gramercy).

Bona

Fide

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Investments

Feeder

invests

in

the

Bona

Fide

Investment

Holdings

LLC

(underlying

fund)

which

provides

the

fund

exposure

to

alternative investments

by acquiring

sentencias

(underlying

interests), obligations

owed

to

individual

holders

by

the

government

of

the

Republic

of

Colombia

that

have

been

converted

from

judgments

against

various

Colombian

governmental

agencies.

Bona

Fide

Investments

Feeder’s

concentration

of

investments

in

sentencias

through

the

underlying

fund

may

expose

it

to

greater

risk

than

if

its

investments

were

spread

across

a

large

variety

of

investment

instruments.

In

addition,

Colombia

has

experienced

and

may

in

the

future

experience

political

and

economic

instability,

which

may

increase

the

risk

of

investment

loss.

Bona

Fide

Investments

Feeder,

and

the

underlying

fund,

are

not

subject

to

the

same

regulatory

requirements

as

an

open-end

mutual

fund,

and,

therefore,

the

investments

and

related

valuations

may

not

be transparent.

Ownership

interests

in

Bona

Fide

Investments

Feeder

are

not

transferable

and

do

not

have

redemption

rights.

In

addition,

the

fund

is

subject

to

a

15-month

commitment

period

after

acquisition.

These

restrictions

are

subject

to

change

at

the

sole

discretion

of

Gramercy.

Following

the

expiration

of

the

commitment

period,

distributions

attributable

to

the

underlying

interests,

if

any,

will

be

received

by

the

fund. As

of

November

30,

2022,

the

remaining

restriction

period

on

this

investment

was 9

months

and

the

fund

had

a

remaining

unfunded

commitment

of

$663,000.

LIBOR

Transition

 The fund

may

invest

in

instruments

that

are

tied

to

reference

rates,

including

London

Interbank

Offered

Rate

(LIBOR).

Over

the

course

of

the

last

several

years,

global

regulators

have

indicated

an

intent

to

phase

out

the

use

of

LIBOR

and

similar

interbank

offered

rates

(IBOR).

While

publication

for

most

LIBOR

currencies

and

lesser-used

USD

LIBOR

settings

ceased

immediately

after

December

31,

2021,

remaining

USD

LIBOR

settings

will

continue

to

be

published

until

June

30,

2023.

There

remains

uncertainty

regarding

the

future

utilization

of

LIBOR

and

the

nature

of

any

replacement

rate.

Any

potential

effects

of

the

transition

away

from

LIBOR

on

the fund,

or

on

certain

instruments

in

which

the fund

invests,

cannot

yet

be

determined.

The

transition

process

may

result

in,

among

other

things,

an

increase

in

volatility

or

illiquidity

of

markets

for

instruments

that

currently

rely

on

LIBOR,

a

reduction

in

the

value

of

certain

instruments

held

by

the fund,

or

a

reduction

in

the

effectiveness

of

related

fund

transactions

such

as

hedges.

Any

such

effects

could

have

an

adverse

impact

on

the fund's

performance.

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

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additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

November

30,

2022,

the

value

of

loaned

securities

was

$104,258,000;

the

value

of

cash

collateral

and

related

investments

was

$108,702,000.  

Other

Purchases

and

sales

of

portfolio

securities

other

than

short-term and

U.S.

government

securities

aggregated $290,936,000 and

$652,390,000,

respectively,

for

the

six

months ended

November

30,

2022.

Purchases

and

sales

of

U.S.

government

securities

aggregated

$1,267,087,000 and

$1,196,972,000,

respectively,

for

the

six

months ended

November

30,

2022.

NOTE

5

-

FEDERAL

INCOME

TAXES

No

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its

taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report.

At

November

30,

2022,

the

cost

of

investments

(including

derivatives,

if

any) for

federal

income

tax

purposes

was

$1,545,832,000.

Net

unrealized

loss

aggregated

$124,915,000

at

period-end,

of

which

$33,646,000

related

to

appreciated

investments

and

$158,561,000

related

to

depreciated

investments.

T.

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PRICE

Global

Multi-Sector

Bond

Fund

72

NOTE

6

-

FOREIGN  TAXES

The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

NOTE

7

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee

and

a

group

fee.

The

individual

fund

fee

is

equal

to

0.19%

of

the

fund’s

average

daily

net

assets.

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

November

30,

2022,

the

effective

annual

group

fee

rate

was

0.29%.

The Investor Class

and Advisor Class

are

each

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

dates

indicated

in

the

table

below.

During

the

limitation

period,

Price

Associates

is

required

to

waive

its

management

fee

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the

class’s

ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

Each

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

net

T.

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Global

Multi-Sector

Bond

Fund

73

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

six

months ended November

30,

2022

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $886,000 remain

subject

to

repayment

by

the

fund

at

November

30,

2022.

Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class

and

Advisor Class.

For

the

Investor

Class

Advisor

Class

I

Class

Expense

limitation/I

Class

Limit

0.65%

0.93%

0.01%

Expense

limitation

date

09/30/23

09/30/23

09/30/23

(Waived)/repaid

during

the

period

($000s)

$(256)

$(49)

$(219)

T.

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PRICE

Global

Multi-Sector

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74

six

months ended

November

30,

2022,

expenses

incurred

pursuant

to

these

service

agreements

were

$50,000 for

Price

Associates;

$389,000 for

T.

Rowe

Price

Services,

Inc.;

and

$7,000 for

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds (together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months ended

November

30,

2022,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

NOTE

8

-

INTERFUND

LENDING

PROGRAM

Price

Associates

has

developed

and

manages

an

interfund

lending

program

that

provides

temporary

liquidity

to

the

T.

Rowe

Price-sponsored

mutual

funds.

The

program

permits

the

borrowing

and

lending

of

cash

between

the

fund

and

other

T.

Rowe

Price-sponsored

mutual

funds

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Pursuant

to

program

guidelines,

the

fund

may

lend

up

to

15%

of

its

net

assets,

and

no

more

than

5%

of

its

net

assets

may

be

lent

to

any

one

borrower.

Loans

totaling

10%

or

more

of

a

borrowing

fund’s

total

assets

require

collateralization

at

102%

of

the

value

of

the

loan;

loans

of

less

than

10%

are

unsecured.

During

the

six

months ended

November

30,

2022,

the

fund

earned $6,000

in

interest

income

related

to

loans

made

to

other

funds

on

four days

in

the

average

amount

of

$13,700,000

and

at

an

average

annual

rate

of

3.91%.

At

November

30,

2022,

there

were

no

loans

outstanding.

T.

ROWE

PRICE

Global

Multi-Sector

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75

NOTE

9

-

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

76

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

https://www.troweprice.com/corporate/us/en/utility/policies.html

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.com

.

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

77

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

In

accordance

with

Rule

22e-4

(Liquidity

Rule)

under

the

Investment

Company

Act

of

1940,

as

amended,

the

fund

has

established

a

liquidity

risk

management

program

(Liquidity

Program)

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk,

which

generally

represents

the

risk

that

the

fund

would

not

be

able

to

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

fund’s

Board

of

Directors

(Board)

has

appointed

the

fund’s

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

the

administrator

of

the

Liquidity

Program.

As

administrator,

the

Adviser

is

responsible

for

overseeing

the

day-to-day

operations

of

the

Liquidity

Program

and,

among

other

things,

is

responsible

for

assessing,

managing,

and

reviewing

with

the

Board

at

least

annually

the

liquidity

risk

of

each

T.

Rowe

Price

fund.

The

Adviser

has

delegated

oversight

of

the

Liquidity

Program

to

a

Liquidity

Risk

Committee

(LRC),

which

is

a

cross-functional

committee

composed

of

personnel

from

multiple

departments

within

the

Adviser.

The

Liquidity

Program’s

principal

objectives

include

supporting

the

T.

Rowe

Price

funds’

compliance

with

limits

on

investments

in

illiquid

assets

and

mitigating

the

risk

that

the

fund

will

be

unable

to

timely

meet

its

redemption

obligations.

The

Liquidity

Program

also

includes

a

number

of

elements

that

support

the

management

and

assessment

of

liquidity

risk,

including

an

annual

assessment

of

factors

that

influence

the

fund’s

liquidity

and

the

periodic

classification

and

reclassification

of

a

fund’s

investments

into

categories

that

reflect

the

LRC’s

assessment

of

their

relative

liquidity

under

current

market

conditions.

Under

the

Liquidity

Program,

every

investment

held

by

the

fund

is

classified

at

least

monthly

into

one

of

four

liquidity

categories

based

on

estimations

of

the

investment’s

ability

to

be

sold

during

designated

time

frames

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

As

required

by

the

Liquidity

Rule,

at

a

meeting

held

on

July

25,

2022,

the

Board

was

presented

with

an

annual

assessment

prepared

by

the

LRC,

on

behalf

of

the

Adviser,

that

addressed

the

operation

of

the

Liquidity

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

any

material

changes

to

the

Liquidity

Program

and

the

determination

of

each

fund’s

Highly

Liquid

Investment

Minimum

(HLIM).

The

annual

assessment

included

consideration

of

the

following

factors,

as

applicable:

the

fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions,

including

whether

the

investment

strategy

is

appropriate

for

an

open-end

fund,

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

the

use

of

borrowings

for

investment

purposes

and

derivatives;

short-term

and

long-term

cash

flow

projections

covering

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

holdings

of

cash

and

cash

equivalents,

as

well

as

available

borrowing

arrangements.

T.

ROWE

PRICE

Global

Multi-Sector

Bond

Fund

78

For

the

fund

and

other

T.

Rowe

Price

funds,

the

annual

assessment

incorporated

a

report

related

to

a

fund’s

holdings,

shareholder

and

portfolio

concentration,

any

borrowings

during

the

period,

cash

flow

projections,

and

other

relevant

data

for

the

period

of

April

1,

2021,

through

March

31,

2022.

The

report

described

the

methodology

for

classifying

a

fund’s

investments

(including

any

derivative

transactions)

into

one

of

four

liquidity

categories,

as

well

as

the

percentage

of

a

fund’s

investments

assigned

to

each

category.

It

also

explained

the

methodology

for

establishing

a

fund’s

HLIM

and

noted

that

the

LRC

reviews

the

HLIM

assigned

to

each

fund

no

less

frequently

than

annually.

During

the

period

covered

by

the

annual

assessment,

the

LRC

has

concluded,

and

reported

to

the

Board,

that

the

Liquidity

Program

continues

to

operate

adequately

and

effectively

and

is

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(continued)

T.

Rowe

Price

Investment

Services,

Inc.

|

100

East

Pratt

Street

|

Baltimore,

MD

21202-1009

You

have

many

investment

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Explore

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GENERAL

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bonds,

and

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Gifts

and

transfers

to

a

child

(UGMA/UTMAs)

Trust

Transfer

on

Death

COLLEGE

SAVINGS

T.

Rowe

Price-managed

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saving

money

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Visit

troweprice.com/broadrange

Call

1-800-225-5132

to

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a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

All

mutual

funds

are

subject

to

market

risk,

including

possible

loss

of

principal.

Investing

internationally

involves

special

risks

including

economic

and

political

uncertainty

and

currency

fluctuation.

1

The

T.

Rowe

Price

®

ActivePlus

Portfolios

is

a

discretionary

investment

management

program

provided

by

T.

Rowe

Price

Advisory

Services,

Inc.,

a

registered

investment

adviser

under

the

Investment

Advisers

Act

of

1940.

Brokerage

services

are

provided

by

T.

Rowe

Price

Investment

Services,

Inc.,

member

FINRA/SIPC.

Brokerage

accounts

are

carried

by

Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

T.

Rowe

Price

Advisory

Services,

Inc.,

and

T.

Rowe

Price

Investment

Services,

Inc.,

are

affiliated

companies.

2

Brokerage

services

are

provided

by

T.

Rowe

Price

Investment

Services,

Inc.,

member

FINRA/SIPC.

Brokerage

accounts

are

carried

by

Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

202301-2568459

F175-051

1/23

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

Not applicable.

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a)    The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b)    The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

Not applicable.

Item 13. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.
(2)	Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.
(b)	A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

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

T. Rowe Price Global Multi-Sector Bond Fund, Inc.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	January 19, 2023

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

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	January 19, 2023

By		/s/ Alan S. Dupski
	��	Alan S. Dupski
		Principal Financial Officer
Date		January 19, 2023