T.
ROWE
PRICE
Global
High
Income
Bond
Fund
March
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
BRAZIL
1.6%
Corporate
Bonds
1.6%
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD) (1)
1,315,000
1,049
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD)
365,000
291
Globo
Comunicacao
e
Participacoes,
5.50%,
1/14/32
(USD) (1)
1,190,000
950
Klabin
Austria,
3.20%,
1/12/31
(USD)
2,260,000
1,866
Total
Brazil
(Cost
$4,915
)
4,156
CANADA
2.4%
Corporate
Bonds
2.4%
Jones
Deslauriers
Insurance
Management,
8.50%,
3/15/30
(USD) (1)
1,705,000
1,763
Ritchie
Bros
Holdings,
6.75%,
3/15/28
(USD) (1)
210,000
215
Ritchie
Bros
Holdings,
7.75%,
3/15/31
(USD) (1)
380,000
398
TransAlta,
7.75%,
11/15/29
(USD)
1,300,000
1,352
Vermilion
Energy,
6.875%,
5/1/30
(USD) (1)
2,420,000
2,205
Total
Canada
(Cost
$6,032
)
5,933
CHILE
2.3%
Corporate
Bonds
2.3%
AES
Andes,
VR,
6.35%,
10/7/79
(USD) (2)
720,000
672
AES
Andes,
VR,
7.125%,
3/26/79
(USD) (2)
1,225,000
1,172
Agrosuper,
4.60%,
1/20/32
(USD) (1)
2,040,000
1,741
Agrosuper,
4.60%,
1/20/32
(USD)
485,000
414
Mercury
Chile
Holdco,
6.50%,
1/24/27
(USD) (1)
1,030,000
973
VTR
Comunicaciones,
4.375%,
4/15/29
(USD) (1)
1,160,000
705
Total
Chile
(Cost
$6,507
)
5,677
CHINA
0.8%
Convertible
Bonds
0.4%
Vnet
Group,
Zero
Coupon,
2/1/26
(USD)
1,161,000
925
925
Corporate
Bonds
0.4%
Health
&
Happiness
H&H
International
Holdings,
5.625%,
10/24/24
(USD)
1,115,000
988
988
Total
China
(Cost
$2,059
)
1,913
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
2
Par/Shares
$
Value
(Cost
and
value
in
$000s)
COLOMBIA
2.2%
Corporate
Bonds
2.2%
Aris
Mining,
6.875%,
8/9/26
(USD) (1)
1,880,000
1,539
Banco
Davivienda,
VR,
6.65%
(USD) (1)(2)(3)
1,950,000
1,349
Banco
Davivienda,
VR,
6.65%
(USD) (2)(3)
890,000
616
Ecopetrol,
4.625%,
11/2/31
(USD)
1,720,000
1,325
Ecopetrol,
5.875%,
5/28/45
(USD)
875,000
608
Ecopetrol,
8.875%,
1/13/33
(USD)
220,000
223
Total
Colombia
(Cost
$7,080
)
5,660
FRANCE
3.2%
Corporate
Bonds
3.2%
Altice
France,
4.25%,
10/15/29 (1)
885,000
720
Altice
France
Holding,
4.00%,
2/15/28
3,550,000
2,525
Chrome
Bidco
SASU,
3.50%,
5/31/28 (1)
850,000
770
Electricite
de
France,
VR,
5.625%
(USD) (1)(2)(3)
815,000
783
IPD
3,
5.50%,
12/1/25 (1)
685,000
728
Loxam,
3.75%,
7/15/26
2,000,000
2,008
UBS,
5.125% (1)(3)
620,000
647
Total
France
(Cost
$10,005
)
8,181
GERMANY
2.4%
Corporate
Bonds
2.4%
Gruenenthal,
3.625%,
11/15/26 (1)
410,000
419
Gruenenthal,
3.625%,
11/15/26
1,560,000
1,594
Gruenenthal,
4.125%,
5/15/28 (1)
210,000
207
TK
Elevator
Holdco,
6.625%,
7/15/28 (1)
724,500
663
TK
Elevator
Midco,
4.375%,
7/15/27 (1)
405,000
397
TK
Elevator
U.S.
Newco,
5.25%,
7/15/27
(USD) (1)
1,435,000
1,354
TUI
Cruises,
6.50%,
5/15/26 (1)
1,359,000
1,317
Total
Germany
(Cost
$6,512
)
5,951
GHANA
0.8%
Corporate
Bonds
0.8%
Kosmos
Energy,
7.125%,
4/4/26
(USD) (1)
1,485,000
1,276
Kosmos
Energy,
7.75%,
5/1/27
(USD) (1)
740,000
622
Total
Ghana
(Cost
$2,224
)
1,898
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
GUATEMALA
0.6%
Corporate
Bonds
0.6%
CT
Trust,
5.125%,
2/3/32
(USD) (1)
1,210,000
1,013
CT
Trust,
5.125%,
2/3/32
(USD)
500,000
419
Total
Guatemala
(Cost
$1,670
)
1,432
INDIA
1.4%
Corporate
Bonds
1.4%
ABJA
Investment,
5.45%,
1/24/28
(USD)
2,065,000
2,003
Greenko
Power
II,
4.30%,
12/13/28
(USD)
1,671,250
1,448
Total
India
(Cost
$3,385
)
3,451
ISRAEL
1.1%
Corporate
Bonds
1.1%
Bank
Leumi
Le-Israel,
VR,
7.129%,
7/18/33
(USD) (1)(2)
710,000
687
Teva
Pharmaceutical
Finance
Netherlands
II,
3.75%,
5/9/27
(EUR)
400,000
392
Teva
Pharmaceutical
Finance
Netherlands
II,
4.375%,
5/9/30
(EUR)
735,000
673
Teva
Pharmaceutical
Finance
Netherlands
II,
7.875%,
9/15/31
(EUR)
545,000
610
Teva
Pharmaceutical
Finance
Netherlands
III,
6.75%,
3/1/28
(USD)
425,000
425
Total
Israel
(Cost
$2,964
)
2,787
ITALY
3.6%
Corporate
Bonds
3.6%
Golden
Goose,
FRN,
3M
EURIBOR
+
4.875%,
7.529%,
5/14/27 (1)
725,000
765
Golden
Goose,
FRN,
3M
EURIBOR
+
4.875%,
7.529%,
5/14/27
1,575,000
1,663
IMA
Industria
Macchine
Automatiche,
3.75%,
1/15/28 (1)
905,000
862
Inter
Media
&
Communication,
6.75%,
2/9/27 (1)
1,675,000
1,700
Inter
Media
&
Communication,
6.75%,
2/9/27
525,000
533
Itelyum
Regeneration,
4.625%,
10/1/26 (1)
840,000
799
Itelyum
Regeneration,
4.625%,
10/1/26
900,000
856
Nexi,
2.125%,
4/30/29
2,160,000
1,918
Total
Italy
(Cost
$10,078
)
9,096
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
LUXEMBOURG
2.4%
Bank
Loans
0.7%
(4)
Intelsat
Jackson
Holdings,
FRN,
6M
TSFR
+
4.25%,
4.25%,
2/1/29
(USD) (5)
1,720,471
1,699
1,699
Corporate
Bonds
1.7%
Albion
Financing
1,
6.125%,
10/15/26
(USD) (1)
2,410,000
2,139
Altice
Finco,
4.75%,
1/15/28
2,875,000
2,336
4,475
Total
Luxembourg
(Cost
$7,045
)
6,174
MAURITIUS
0.9%
Corporate
Bonds
0.9%
Axian
Telecom,
7.375%,
2/16/27
(USD) (1)
2,110,000
1,924
Axian
Telecom,
7.375%,
2/16/27
(USD)
470,000
428
Total
Mauritius
(Cost
$2,571
)
2,352
MEXICO
5.4%
Corporate
Bonds
5.4%
Banco
Mercantil
del
Norte,
VR,
8.375%
(USD) (2)(3)
1,675,000
1,557
BBVA
Bancomer,
VR,
5.125%,
1/18/33
(USD) (2)
680,000
582
BBVA
Bancomer,
VR,
5.875%,
9/13/34
(USD) (2)
2,585,000
2,260
Cemex,
VR,
9.125%
(USD) (1)(2)(3)
810,000
812
Petroleos
Mexicanos,
4.50%,
1/23/26
(USD)
635,000
583
Petroleos
Mexicanos,
6.50%,
3/13/27
(USD)
2,475,000
2,251
Petroleos
Mexicanos,
6.50%,
1/23/29
(USD)
1,585,000
1,364
Petroleos
Mexicanos,
6.75%,
9/21/47
(USD)
3,530,000
2,297
Petroleos
Mexicanos,
7.69%,
1/23/50
(USD)
2,685,000
1,897
Total
Mexico
(Cost
$15,832
)
13,603
NETHERLANDS
2.5%
Corporate
Bonds
2.5%
Compact
Bidco,
5.75%,
5/1/26
920,000
718
LeasePlan,
VR,
7.375% (2)(3)
1,520,000
1,585
Promontoria
Holding
264,
6.375%,
3/1/27 (1)
1,050,000
1,094
Trivium
Packaging
Finance,
3.75%,
8/15/26 (1)
130,000
130
Trivium
Packaging
Finance,
8.50%,
8/15/27
(USD) (1)
200,000
182
UPCB
Finance
VII,
3.625%,
6/15/29
1,415,000
1,333
Villa
Dutch
Bidco,
9.00%,
11/3/29 (1)
430,000
442
Ziggo
Bond,
3.375%,
2/28/30 (1)
710,000
597
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Ziggo
Bond,
3.375%,
2/28/30
400,000
336
Total
Netherlands
(Cost
$7,419
)
6,417
OMAN
0.8%
Corporate
Bonds
0.8%
OmGrid
Funding,
5.196%,
5/16/27
(USD)
2,010,000
1,930
Total
Oman
(Cost
$1,986
)
1,930
PANAMA
1.7%
Corporate
Bonds
1.7%
Banco
General,
VR,
5.25%
(USD) (1)(2)(3)
2,535,000
2,215
C&W
Senior
Financing,
6.875%,
9/15/27
(USD) (1)
2,300,000
2,060
Total
Panama
(Cost
$4,956
)
4,275
PERU
0.3%
Corporate
Bonds
0.3%
Minsur,
4.50%,
10/28/31
(USD) (1)
930,000
794
Total
Peru
(Cost
$914
)
794
POLAND
0.8%
Corporate
Bonds
0.8%
InPost,
2.25%,
7/15/27
(EUR)
2,180,000
2,019
Total
Poland
(Cost
$2,077
)
2,019
ROMANIA
1.1%
Corporate
Bonds
1.1%
RCS
&
RDS,
2.50%,
2/5/25
(EUR)
800,000
821
RCS
&
RDS,
3.25%,
2/5/28
(EUR) (1)
800,000
733
RCS
&
RDS,
3.25%,
2/5/28
(EUR)
1,300,000
1,191
Total
Romania
(Cost
$2,803
)
2,745
SERBIA
0.8%
Corporate
Bonds
0.8%
United
Group,
3.625%,
2/15/28
(EUR) (1)
575,000
447
United
Group,
3.625%,
2/15/28
(EUR)
1,975,000
1,537
Total
Serbia
(Cost
$2,924
)
1,984
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
6
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SOUTH
AFRICA
0.8%
Corporate
Bonds
0.8%
Sappi
Papier
Holding,
3.625%,
3/15/28
(EUR) (1)
680,000
644
Sappi
Papier
Holding,
3.625%,
3/15/28
(EUR)
1,340,000
1,268
Total
South
Africa
(Cost
$2,046
)
1,912
SPAIN
1.3%
Corporate
Bonds
1.3%
Cirsa
Finance
International,
4.50%,
3/15/27
1,150,000
1,085
Cirsa
Finance
International,
10.375%,
11/30/27 (1)
350,000
402
ContourGlobal
Power
Holdings,
3.125%,
1/1/28 (1)
320,000
276
Kaixo
Bondco
Telecom,
5.125%,
9/30/29 (1)
325,000
310
Lorca
Telecom
Bondco,
4.00%,
9/18/27 (1)
1,250,000
1,248
Total
Spain
(Cost
$3,893
)
3,321
SWEDEN
0.9%
Corporate
Bonds
0.9%
Verisure
Holding,
3.25%,
2/15/27
(EUR)
1,810,000
1,739
Verisure
Holding,
7.125%,
2/1/28
(EUR) (1)
235,000
255
Verisure
Holding,
9.25%,
10/15/27
(EUR) (1)
310,000
361
Total
Sweden
(Cost
$2,235
)
2,355
TANZANIA
0.7%
Convertible
Bonds
0.1%
HTA
Group,
2.875%,
3/18/27
(USD)
200,000
163
163
Corporate
Bonds
0.6%
HTA
Group,
7.00%,
12/18/25
(USD) (1)
1,225,000
1,166
HTA
Group,
7.00%,
12/18/25
(USD)
465,000
442
1,608
Total
Tanzania
(Cost
$1,886
)
1,771
TURKEY
0.4%
Corporate
Bonds
0.4%
Turk
Telekomunikasyon,
6.875%,
2/28/25
(USD)
1,155,000
1,111
Total
Turkey
(Cost
$1,058
)
1,111
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
UNITED
ARAB
EMIRATES
0.7%
Corporate
Bonds
0.7%
MAF
Global
Securities,
VR,
6.375%
(USD) (2)(3)
1,900,000
1,854
Total
United
Arab
Emirates
(Cost
$2,032
)
1,854
UNITED
KINGDOM
8.5%
Corporate
Bonds
8.5%
Bellis
Acquisition,
3.25%,
2/16/26 (1)
720,000
727
Bellis
Acquisition,
3.25%,
2/16/26
150,000
152
Clear
Channel
International,
6.625%,
8/1/25
(USD) (1)
705,000
687
CPUK
Finance,
4.50%,
8/28/27
1,200,000
1,251
Deuce
Finco,
5.50%,
6/15/27 (1)
1,185,000
1,219
Drax
Finco,
6.625%,
11/1/25
(USD) (1)
700,000
688
Iceland
Bondco,
4.625%,
3/15/25
700,000
764
INEOS
Finance,
6.625%,
5/15/28
(EUR) (1)
625,000
682
Jaguar
Land
Rover
Automotive,
4.50%,
1/15/26
(EUR)
680,000
684
Jaguar
Land
Rover
Automotive,
4.50%,
7/15/28
(EUR) (1)
740,000
658
Jerrold
Finco,
5.25%,
1/15/27
2,005,000
2,075
Kane
Bidco,
5.00%,
2/15/27
(EUR)
1,450,000
1,459
Merlin
Entertainments,
5.75%,
6/15/26
(USD) (1)
1,790,000
1,692
Nomad
Foods
Bondco,
2.50%,
6/24/28
(EUR)
1,500,000
1,421
Pinewood
Finance,
3.625%,
11/15/27 (1)
1,465,000
1,604
Pinnacle
Bidco,
5.50%,
2/15/25
(EUR)
1,310,000
1,314
RAC
Bond,
5.25%,
11/4/27 (1)
1,690,000
1,676
Virgin
Media
Vendor
Financing
Notes
III,
4.875%,
7/15/28
300,000
314
Vmed
O2
U.K.
Financing
I,
3.25%,
1/31/31
(EUR) (1)
485,000
427
Vmed
O2
U.K.
Financing
I,
4.50%,
7/15/31 (1)
1,200,000
1,178
Vmed
O2
U.K.
Financing
I,
4.50%,
7/15/31
790,000
775
Total
United
Kingdom
(Cost
$25,870
)
21,447
UNITED
STATES
48.1%
Bank
Loans
7.2%
(4)
Ascend
Learning,
FRN,
1M
USD
LIBOR
+
5.75%,
10.657%,
12/10/29
2,100,000
1,802
AssuredPartners,
FRN,
1M
TSFR
+
3.50%,
8.307%,
2/12/27
437,267
432
AssuredPartners,
FRN,
1M
TSFR
+
4.25%,
9.057%,
2/12/27
238,800
238
Asurion,
FRN,
1M
USD
LIBOR
+
3.00%,
7.84%,
11/3/24
553,387
552
Asurion,
FRN,
1M
USD
LIBOR
+
5.25%,
10.09%,
1/31/28
785,424
651
Asurion,
FRN,
1M
USD
LIBOR
+
5.25%,
10.09%,
1/20/29
1,335,000
1,097
AthenaHealth
Group,
FRN,
1M
TSFR
+
3.50%,
7.737%,
2/15/29 (6)
1,070,569
1,001
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Azalea
Topco,
FRN,
1M
TSFR
+
3.75%,
8.657%,
7/24/26 (7)
792,000
741
Azalea
Topco,
FRN,
1M
USD
LIBOR
+
3.75%,
8.59%,
7/24/26
643,538
600
CoreLogic,
FRN,
1M
USD
LIBOR
+
6.50%,
11.375%,
6/4/29
550,000
405
CP
Iris
Holdco
I,
FRN,
1M
USD
LIBOR
+
7.00%,
11.84%,
10/1/29 (7)
550,000
440
Engineered
Machinery
Holdings,
FRN,
3M
USD
LIBOR
+
6.00%,
11.159%,
5/21/29 (7)
1,872,726
1,723
Hyland
Software,
FRN,
1M
USD
LIBOR
+
6.25%,
11.09%,
7/7/25
203,800
194
Naked
Juice,
FRN,
3M
TSFR
+
6.00%,
10.998%,
1/24/30
875,000
653
Nexus
Buyer,
FRN,
1M
USD
LIBOR
+
6.25%,
11.09%,
11/5/29
790,000
691
Peraton,
FRN,
1M
USD
LIBOR
+
7.75%,
12.651%,
2/1/29
364,053
353
Phoenix
Newco,
FRN,
3M
USD
LIBOR
+
6.50%,
11.34%,
11/15/29
1,550,000
1,442
RealPage,
FRN,
1M
USD
LIBOR
+
6.50%,
11.34%,
4/23/29
725,000
682
Tacala
Investment,
FRN,
1M
USD
LIBOR
+
3.50%,
8.34%,
2/5/27
755,065
740
Tacala
Investment,
FRN,
1M
USD
LIBOR
+
7.50%,
12.34%,
2/4/28
730,000
662
UKG,
FRN,
3M
USD
LIBOR
+
3.25%,
8.271%,
5/4/26
1,633,484
1,589
Woof
Holdings,
FRN,
3M
USD
LIBOR
+
3.75%,
8.529%,
12/21/27 (7)
529,200
505
Woof
Holdings,
FRN,
3M
USD
LIBOR
+
7.25%,
12.003%,
12/21/28 (7)
1,225,000
1,054
18,247
Convertible
Preferred
Stocks
0.3%
2020
Cash
Mandatory
Exchangeable
Trust,
5.25%,
6/1/23 (1)
569
663
663
Corporate
Bonds
40.1%
AdaptHealth,
5.125%,
3/1/30 (1)
1,790,000
1,521
Advantage
Sales
&
Marketing,
6.50%,
11/15/28 (1)
1,060,000
806
AG
TTMT
Escrow
Issuer,
8.625%,
9/30/27 (1)
965,000
967
Alliant
Holdings
Intermediate,
5.875%,
11/1/29 (1)
1,125,000
951
Alliant
Holdings
Intermediate,
6.75%,
10/15/27 (1)
830,000
770
Allied
Universal
Holdco,
3.625%,
6/1/28
(EUR)
1,860,000
1,658
American
Airlines,
5.50%,
4/20/26 (1)
1,755,000
1,724
American
Airlines,
5.75%,
4/20/29 (1)
695,000
665
American
Finance
Trust,
4.50%,
9/30/28 (1)
1,280,000
960
Calpine,
5.00%,
2/1/31 (1)
875,000
737
Carnival,
6.00%,
5/1/29 (1)
840,000
666
Carnival,
7.625%,
3/1/26
(EUR) (1)
1,200,000
1,159
Carnival,
7.625%,
3/1/26
(EUR)
365,000
353
Carnival,
7.625%,
3/1/26 (1)
725,000
660
Carpenter
Technology,
7.625%,
3/15/30
2,130,000
2,197
CCO
Holdings,
4.50%,
8/15/30 (1)
1,525,000
1,285
CCO
Holdings,
6.375%,
9/1/29 (1)
1,655,000
1,581
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
9
Par/Shares
$
Value
(Cost
and
value
in
$000s)
CEC
Entertainment,
6.75%,
5/1/26 (1)
1,590,000
1,510
Central
Parent,
7.25%,
6/15/29 (1)
2,270,000
2,225
Chesapeake
Energy,
6.75%,
4/15/29 (1)
1,580,000
1,568
Chobani,
4.625%,
11/15/28 (1)
1,190,000
1,084
CHS,
5.25%,
5/15/30 (1)
945,000
721
CHS,
6.875%,
4/1/28 (1)
505,000
313
CHS,
6.875%,
4/15/29 (1)
1,850,000
1,138
CHS,
8.00%,
3/15/26 (1)
715,000
685
Cinemark
USA,
5.25%,
7/15/28 (1)
2,095,000
1,812
Clear
Channel
Outdoor
Holdings,
5.125%,
8/15/27 (1)
1,775,000
1,589
CMG
Media,
8.875%,
12/15/27 (1)
2,340,000
1,767
Comstock
Resources,
6.75%,
3/1/29 (1)
1,470,000
1,338
Crescent
Energy
Finance,
7.25%,
5/1/26 (1)
2,390,000
2,247
Crestwood
Midstream
Partners,
7.375%,
2/1/31 (1)
1,985,000
1,985
CSC
Holdings,
6.50%,
2/1/29 (1)
690,000
569
CSC
Holdings,
7.50%,
4/1/28 (1)
825,000
528
DCP
Midstream
Operating,
VR,
5.85%,
5/21/43 (1)(2)
1,480,000
1,450
DISH
DBS,
5.125%,
6/1/29
845,000
446
DISH
DBS,
5.75%,
12/1/28 (1)
905,000
672
DISH
Network,
11.75%,
11/15/27 (1)
1,170,000
1,125
Ferrellgas,
5.875%,
4/1/29 (1)
2,530,000
2,163
Ford
Motor,
6.10%,
8/19/32
2,050,000
1,976
Ford
Motor,
7.45%,
7/16/31
2,030,000
2,149
Gen
Digital,
6.75%,
9/30/27 (1)
415,000
417
Gen
Digital,
7.125%,
9/30/30 (1)
710,000
706
Goodyear
Europe,
2.75%,
8/15/28
(EUR)
765,000
673
Goodyear
Tire
&
Rubber,
5.00%,
7/15/29
645,000
572
Goodyear
Tire
&
Rubber,
5.25%,
7/15/31
500,000
429
Graphic
Packaging
International,
2.625%,
2/1/29
(EUR) (1)
1,085,000
1,007
GTCR
AP
Finance,
8.00%,
5/15/27 (1)
1,735,000
1,661
Hecla
Mining,
7.25%,
2/15/28
1,405,000
1,405
Hilcorp
Energy
I,
5.75%,
2/1/29 (1)
255,000
236
Hilcorp
Energy
I,
6.00%,
4/15/30 (1)
970,000
895
Hilcorp
Energy
I,
6.00%,
2/1/31 (1)
285,000
262
Hilcorp
Energy
I,
6.25%,
4/15/32 (1)
975,000
902
Hillenbrand,
3.75%,
3/1/31
770,000
643
HUB
International,
5.625%,
12/1/29 (1)
1,500,000
1,303
iHeartCommunications,
4.75%,
1/15/28 (1)
500,000
397
iHeartCommunications,
5.25%,
8/15/27 (1)
790,000
642
iHeartCommunications,
8.375%,
5/1/27
595,000
431
Kobe
U.S.
Midco
2,
9.25%,
11/1/26,
(9.25%
Cash
or
10.00%
PIK),
9.25%,
11/1/26 (1)(8)
680,000
490
LCPR
Senior
Secured
Financing,
5.125%,
7/15/29 (1)
990,000
828
LCPR
Senior
Secured
Financing,
6.75%,
10/15/27 (1)
1,487,000
1,383
Legacy
LifePoint
Health,
6.75%,
4/15/25 (1)
955,000
905
Life
Time,
5.75%,
1/15/26 (1)
613,000
593
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
10
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Life
Time,
8.00%,
4/15/26 (1)
685,000
651
Madison
IAQ,
4.125%,
6/30/28 (1)
1,675,000
1,449
Madison
IAQ,
5.875%,
6/30/29 (1)
850,000
652
Midcap
Financial
Issuer
Trust,
5.625%,
1/15/30 (1)
1,280,000
966
Minerva
Merger
Sub,
6.50%,
2/15/30 (1)
940,000
757
Navient,
4.875%,
3/15/28
705,000
593
Navient,
5.50%,
3/15/29
400,000
338
Navient,
5.625%,
8/1/33
565,000
419
Navient,
6.75%,
6/15/26
665,000
643
NCL,
5.875%,
2/15/27 (1)
690,000
640
NCL,
7.75%,
2/15/29 (1)
900,000
763
NCL,
8.375%,
2/1/28 (1)
545,000
546
Neptune
Bidco
U.S.,
9.29%,
4/15/29 (1)
1,325,000
1,212
New
Albertsons,
7.45%,
8/1/29
4,000
4
Occidental
Petroleum,
8.875%,
7/15/30
1,690,000
1,965
Organon,
2.875%,
4/30/28
(EUR) (1)
205,000
196
Organon,
5.125%,
4/30/31 (1)
745,000
659
PetSmart,
7.75%,
2/15/29 (1)
1,230,000
1,204
PG&E,
5.00%,
7/1/28
1,025,000
963
PG&E,
5.25%,
7/1/30
820,000
756
Presidio
Holdings,
8.25%,
2/1/28 (1)
690,000
655
QVC,
4.45%,
2/15/25
805,000
466
QVC,
4.85%,
4/1/24
710,000
568
Rivian
Holdings,
FRN,
6M
USD
LIBOR
+
5.625%,
10.164%,
10/15/26 (1)
1,235,000
1,210
Royal
Caribbean
Cruises,
8.25%,
1/15/29 (1)
501,000
524
Royal
Caribbean
Cruises,
11.625%,
8/15/27 (1)
685,000
733
Service
Properties
Trust,
7.50%,
9/15/25
885,000
872
Stagwell
Global,
5.625%,
8/15/29 (1)
1,950,000
1,706
Tallgrass
Energy
Partners,
6.00%,
12/31/30 (1)
325,000
288
Tallgrass
Energy
Partners,
6.00%,
9/1/31 (1)
915,000
805
Tenet
Healthcare,
6.125%,
10/1/28
1,870,000
1,786
Terraform
Global
Operating,
6.125%,
3/1/26 (1)
833,000
789
TI
Automotive
Finance,
3.75%,
4/15/29
(EUR) (1)
880,000
728
Townsquare
Media,
6.875%,
2/1/26 (1)
1,380,000
1,301
Triton
Water
Holdings,
6.25%,
4/1/29 (1)
1,575,000
1,248
United
Airlines,
4.625%,
4/15/29 (1)
1,230,000
1,113
Univision
Communications,
7.375%,
6/30/30 (1)
1,225,000
1,151
Venture
Global
Calcasieu
Pass,
3.875%,
8/15/29 (1)
495,000
443
Venture
Global
Calcasieu
Pass,
3.875%,
11/1/33 (1)
1,015,000
850
Venture
Global
Calcasieu
Pass,
4.125%,
8/15/31 (1)
620,000
542
Venture
Global
Calcasieu
Pass,
6.25%,
1/15/30 (1)
430,000
432
Vistra,
VR,
7.00% (1)(2)(3)
420,000
370
Vistra,
VR,
8.00% (1)(2)(3)
845,000
786
101,242
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
11
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Municipal
Securities
0.5%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (9)
2,856,203
1,242
1,242
Total
United
States
(Cost
$133,549
)
121,394
SHORT-TERM
INVESTMENTS
1.0%
Money
Market
Funds
1.0%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (10)(11)
2,498,420
2,498
Total
Short-Term
Investments
(Cost
$2,498)
2,498
Total
Investments
in
Securities
101.5%
(Cost
$287,025)
$
256,091
Other
Assets
Less
Liabilities
(1.5)%
(3,750)
Net
Assets
100.0%
$
252,341
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Par/Shares
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$137,685
and
represents
54.6%
of
net
assets.
(2)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(3)
Perpetual
security
with
no
stated
maturity
date.
(4)
Bank
loan
positions
may
involve
multiple
underlying
tranches.
In
those
instances,
the
position
presented
reflects
the
aggregate
of
those
respective
underlying
tranches
and
the
rate
presented
reflects
the
weighted
average
rate
of
the
settled
positions.
(5)
All
or
a
portion
of
this
loan
is
unsettled
as
of
March
31,
2023.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(6)
All
or
a
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitment
at
March
31,
2023,
was
$117
and
was
valued
at
$110
(0.0%
of
net
assets).
(7)
Level
3
in
fair
value
hierarchy.
(8)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(9)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board’s
Certified
Fiscal
Plan.
(10)
Seven-day
yield
(11)
Affiliated
Companies
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
12
.
.
.
.
.
.
.
.
.
.
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
EURIBOR
Three
month
EURIBOR
(Euro
interbank
offered
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
6M
TSFR
Six
month
Term
SOFR
(Secured
overnight
financing
rate)
6M
USD
LIBOR
Six
month
USD
LIBOR
(London
interbank
offered
rate)
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GO
General
Obligation
PIK
Payment-in-kind
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
13
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
4/4/23
EUR
1,926
USD
2,091
$
(2)
Bank
of
America
5/3/23
USD
2,095
EUR
1,926
2
Bank
of
America
5/3/23
USD
11,893
GBP
9,654
(25)
Canadian
Imperial
Bank
of
Commerce
4/4/23
USD
59,471
EUR
55,899
(1,165)
Goldman
Sachs
5/19/23
EUR
403
USD
429
10
HSBC
Bank
4/4/23
EUR
749
USD
808
5
JPMorgan
Chase
4/4/23
EUR
885
USD
950
10
Morgan
Stanley
4/4/23
USD
587
EUR
538
4
Morgan
Stanley
5/19/23
USD
104
EUR
96
(1)
RBC
Dominion
Securities
4/4/23
EUR
52,965
USD
57,547
(93)
RBC
Dominion
Securities
5/3/23
USD
56,481
EUR
51,902
88
RBC
Dominion
Securities
5/19/23
EUR
557
USD
609
(3)
RBC
Dominion
Securities
5/19/23
USD
830
EUR
768
(5)
UBS
Investment
Bank
4/4/23
USD
95
EUR
88
(1)
UBS
Investment
Bank
5/19/23
USD
104
EUR
96
(1)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(1,177)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
14
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
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
three
months
ended
March
31,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
$
—#
$
—
$
38+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
03/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
$
7,922
¤
¤
$
2,498^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$38
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
$2,498.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
15
T.
Rowe
Price
Global
High
Income
Bond
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
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)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
16
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Investments
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.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
17
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
18
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
March
31,
2023.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
March
31,
2023,
totaled $(20,000) for
the
period ended
March
31,
2023.
During
the
period,
transfers
into
Level
3
resulted
from
a
lack
of
observable
market
data
for
the
security.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
232,984
$
—
$
232,984
Bank
Loans
—
15,483
4,463
19,946
Convertible
Preferred
Stocks
—
663
—
663
Short-Term
Investments
2,498
—
—
2,498
Total
Securities
2,498
249,130
4,463
256,091
Forward
Currency
Exchange
Contracts
—
119
—
119
Total
$
2,498
$
249,249
$
4,463
$
256,210
Liabilities
Forward
Currency
Exchange
Contracts
$
—
$
1,296
$
—
$
1,296
1
Includes
Convertible
Bonds,
Corporate
Bonds
and
Municipal
Securities.
($000s)
Beginning
Balance
12/31/22
Gain
(Loss)
During
Period
Total
Sales
Transfer
Into
Level
3
Ending
Balance
3/31/23
Investment
in
Securities
Bank
Loans
$
462
$
(26)
$
(63)
$
4,090
$
4,463
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
19
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
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.
F36-054Q1
03/23