T.
ROWE
PRICE
Global
High
Income
Bond
Fund
March
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
BRAZIL
3.5%
Corporate
Bonds
3.5%
Aegea
Finance,
9.00%,
1/20/31
(USD) (1)
1,520,000
1,611
Braskem
Netherlands
Finance,
8.50%,
1/12/31
(USD) (1)
1,980,000
2,055
CSN
Resources,
8.875%,
12/5/30
(USD) (1)
2,010,000
2,075
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD) (1)
1,315,000
1,151
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD)
1,085,000
950
Globo
Comunicacao
e
Participacoes,
5.50%,
1/14/32
(USD) (1)
1,190,000
1,034
Klabin
Austria,
3.20%,
1/12/31
(USD)
2,610,000
2,218
Suzano
Austria,
3.75%,
1/15/31
(USD)
2,100,000
1,858
Total
Brazil
(Cost
$13,282
)
12,952
CANADA
1.5%
Corporate
Bonds
1.5%
Jones
Deslauriers
Insurance
Management,
8.50%,
3/15/30
(USD) (1)
2,505,000
2,611
Vermilion
Energy,
6.875%,
5/1/30
(USD) (1)
3,110,000
3,025
Total
Canada
(Cost
$5,591
)
5,636
CHILE
1.7%
Corporate
Bonds
1.7%
AES
Andes,
VR,
6.35%,
10/7/79
(USD) (2)
416,000
406
AES
Andes,
VR,
7.125%,
3/26/79
(USD) (2)
1,015,000
1,006
Agrosuper,
4.60%,
1/20/32
(USD) (1)
1,720,000
1,487
Banco
de
Credito
e
Inversiones,
VR,
8.75%
(USD) (1)(2)(3)
2,500,000
2,580
Mercury
Chile
Holdco,
6.50%,
1/24/27
(USD) (1)
1,030,000
999
Total
Chile
(Cost
$6,709
)
6,478
COLOMBIA
1.2%
Corporate
Bonds
1.2%
Aris
Mining,
6.875%,
8/9/26
(USD) (1)
2,080,000
1,877
Ecopetrol,
4.625%,
11/2/31
(USD)
1,315,000
1,095
Ecopetrol,
5.875%,
5/28/45
(USD)
875,000
654
Ecopetrol,
8.375%,
1/19/36
(USD)
770,000
777
Ecopetrol,
8.875%,
1/13/33
(USD)
220,000
233
Total
Colombia
(Cost
$4,826
)
4,636
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
2
Par/Shares
$
Value
(Cost
and
value
in
$000s)
FRANCE
3.8%
Corporate
Bonds
3.8%
Altice
France,
4.25%,
10/15/29 (1)
885,000
666
Altice
France,
5.875%,
2/1/27
1,460,000
1,215
Altice
France
Holding,
4.00%,
2/15/28
5,800,000
1,463
Banijay
Entertainment,
7.00%,
5/1/29 (1)
1,340,000
1,515
Iliad
Holding,
5.125%,
10/15/26
2,300,000
2,452
IPD
3,
8.00%,
6/15/28 (1)
1,715,000
1,958
Loxam,
3.75%,
7/15/26
1,010,000
1,076
Loxam,
6.375%,
5/31/29 (1)
1,905,000
2,135
Loxam,
6.375%,
5/31/29
955,000
1,070
UBS,
5.125%,
10/15/26 (1)
620,000
661
Total
France
(Cost
$18,345
)
14,211
GERMANY
3.5%
Corporate
Bonds
3.5%
Gruenenthal,
3.625%,
11/15/26 (1)
410,000
433
Gruenenthal,
3.625%,
11/15/26
1,975,000
2,084
Gruenenthal,
4.125%,
5/15/28 (1)
210,000
219
Gruenenthal,
4.125%,
5/15/28
520,000
543
Gruenenthal,
6.75%,
5/15/30 (1)
645,000
735
ProGroup,
5.375%,
4/15/31 (1)
3,730,000
4,013
TK
Elevator
Holdco,
6.625%,
7/15/28 (1)
724,500
756
TK
Elevator
U.S.
Newco,
5.25%,
7/15/27
(USD) (1)
1,435,000
1,381
ZF
Finance,
2.25%,
5/3/28
900,000
891
ZF
North
America
Capital,
6.875%,
4/14/28
(USD) (1)
1,735,000
1,789
Total
Germany
(Cost
$12,868
)
12,844
GHANA
0.6%
Corporate
Bonds
0.6%
Kosmos
Energy,
7.125%,
4/4/26
(USD) (1)
1,485,000
1,463
Kosmos
Energy,
7.75%,
5/1/27
(USD) (1)
740,000
731
Total
Ghana
(Cost
$2,222
)
2,194
GUATEMALA
0.8%
Corporate
Bonds
0.8%
CT
Trust,
5.125%,
2/3/32
(USD) (1)
1,210,000
1,074
CT
Trust,
5.125%,
2/3/32
(USD)
905,000
803
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Millicom
International
Cellular,
7.375%,
4/2/32
(USD) (1)
1,110,000
1,115
Total
Guatemala
(Cost
$3,141
)
2,992
INDIA
0.5%
Corporate
Bonds
0.5%
Greenko
Power
II,
4.30%,
12/13/28
(USD)
2,205,000
2,026
Total
India
(Cost
$1,873
)
2,026
ISRAEL
1.1%
Corporate
Bonds
1.1%
Bank
Leumi
Le-Israel,
VR,
7.129%,
7/18/33
(USD) (1)(2)
710,000
699
Teva
Pharmaceutical
Finance
Netherlands
II,
3.75%,
5/9/27
(EUR)
400,000
418
Teva
Pharmaceutical
Finance
Netherlands
II,
4.375%,
5/9/30
(EUR)
735,000
761
Teva
Pharmaceutical
Finance
Netherlands
II,
7.375%,
9/15/29
(EUR)
965,000
1,156
Teva
Pharmaceutical
Finance
Netherlands
II,
7.875%,
9/15/31
(EUR)
825,000
1,035
Total
Israel
(Cost
$3,961
)
4,069
ITALY
3.0%
Corporate
Bonds
3.0%
Golden
Goose,
FRN,
3M
EURIBOR
+
4.875%,
8.776%,
5/14/27
1,665,000
1,805
IMA
Industria
Macchine
Automatiche,
3.75%,
1/15/28 (1)
905,000
921
IMA
Industria
Macchine
Automatiche,
3.75%,
1/15/28
1,665,000
1,694
Itelyum
Regeneration,
4.625%,
10/1/26 (1)
840,000
887
Itelyum
Regeneration,
4.625%,
10/1/26
900,000
951
Lottomatica,
FRN,
3M
EURIBOR
+
4.125%,
8.067%,
6/1/28 (1)
1,200,000
1,306
Lottomatica,
FRN,
3M
EURIBOR
+
4.125%,
8.067%,
6/1/28
1,010,000
1,099
Nexi,
2.125%,
4/30/29
1,700,000
1,643
Telecom
Italia,
7.875%,
7/31/28
570,000
674
Total
Italy
(Cost
$11,259
)
10,980
LUXEMBOURG
1.9%
Corporate
Bonds
1.9%
Albion
Financing
1,
6.125%,
10/15/26
(USD) (1)
2,410,000
2,383
Altice
Financing,
5.00%,
1/15/28
(USD) (1)
1,995,000
1,641
Altice
Finco,
4.75%,
1/15/28
2,775,000
2,030
Monitchem
HoldCo
3,
8.75%,
5/1/28 (1)
175,000
191
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Monitchem
HoldCo
3,
8.75%,
5/1/28
875,000
956
Total
Luxembourg
(Cost
$8,182
)
7,201
MAURITIUS
1.0%
Corporate
Bonds
1.0%
Axian
Telecom,
7.375%,
2/16/27
(USD) (1)
2,110,000
2,050
Axian
Telecom,
7.375%,
2/16/27
(USD)
1,620,000
1,573
Total
Mauritius
(Cost
$3,648
)
3,623
MEXICO
4.7%
Corporate
Bonds
4.7%
Banco
Mercantil
del
Norte,
VR,
8.375%
(USD) (2)(3)
2,525,000
2,593
BBVA
Bancomer,
VR,
5.875%,
9/13/34
(USD) (2)
1,785,000
1,690
BBVA
Bancomer,
VR,
8.125%,
1/8/39
(USD) (1)(2)
745,000
772
BBVA
Bancomer,
VR,
8.45%,
6/29/38
(USD) (1)(2)
730,000
771
Cemex,
VR,
9.125%
(USD) (1)(2)(3)
2,480,000
2,696
Petroleos
Mexicanos,
4.50%,
1/23/26
(USD)
635,000
596
Petroleos
Mexicanos,
6.50%,
3/13/27
(USD)
2,475,000
2,333
Petroleos
Mexicanos,
6.50%,
1/23/29
(USD)
1,585,000
1,418
Petroleos
Mexicanos,
6.75%,
9/21/47
(USD)
3,030,000
2,017
Petroleos
Mexicanos,
7.69%,
1/23/50
(USD)
3,580,000
2,577
Total
Mexico
(Cost
$18,417
)
17,463
MOROCCO
0.5%
Corporate
Bonds
0.5%
Vivo
Energy
Investments,
5.125%,
9/24/27
(USD)
1,770,000
1,687
Total
Morocco
(Cost
$1,675
)
1,687
NETHERLANDS
3.0%
Corporate
Bonds
3.0%
Boels
Topholding,
6.25%,
2/15/29 (1)
495,000
550
Boels
Topholding,
6.25%,
2/15/29
980,000
1,089
Boost
Newco
Borrower,
8.50%,
1/15/31
(GBP) (1)
330,000
449
Compact
Bidco,
5.75%,
5/1/26
920,000
449
House
of
HR
Group,
9.00%,
11/3/29 (1)
430,000
488
LeasePlan,
VR,
7.375% (2)(3)
2,560,000
2,762
Summer
BidCo,
10.00%,
2/15/29,
(10.00%
Cash
or
10.75%
PIK) (1)(4)
740,000
808
Summer
BidCo,
10.00%,
2/15/29,
(10.00%
Cash
or
10.75%
PIK) (4)
825,000
901
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
UPCB
Finance
VII,
3.625%,
6/15/29
970,000
991
Ziggo
Bond,
3.375%,
2/28/30 (1)
710,000
652
Ziggo
Bond,
3.375%,
2/28/30
2,180,000
2,003
Total
Netherlands
(Cost
$11,985
)
11,142
PANAMA
0.5%
Corporate
Bonds
0.5%
Banco
General,
VR,
5.25%
(USD) (1)(2)(3)
865,000
739
C&W
Senior
Finance,
6.875%,
9/15/27
(USD) (1)
1,090,000
1,031
Total
Panama
(Cost
$1,934
)
1,770
PERU
0.7%
Corporate
Bonds
0.7%
Banco
Internacional
del
Peru
Interbank,
VR,
7.625%,
1/16/34
(USD) (1)(2)
1,400,000
1,459
Minsur,
4.50%,
10/28/31
(USD) (1)
1,130,000
991
Total
Peru
(Cost
$2,520
)
2,450
POLAND
0.5%
Corporate
Bonds
0.5%
InPost,
2.25%,
7/15/27
(EUR)
1,885,000
1,907
Total
Poland
(Cost
$1,845
)
1,907
ROMANIA
1.3%
Corporate
Bonds
1.3%
Banca
Transilvania,
VR,
8.875%,
4/27/27
(EUR) (2)
1,100,000
1,260
RCS
&
RDS,
2.50%,
2/5/25
(EUR)
800,000
845
RCS
&
RDS,
3.25%,
2/5/28
(EUR) (1)
800,000
806
RCS
&
RDS,
3.25%,
2/5/28
(EUR)
2,100,000
2,116
Total
Romania
(Cost
$4,876
)
5,027
SERBIA
0.4%
Corporate
Bonds
0.4%
United
Group,
3.625%,
2/15/28
(EUR)
1,425,000
1,446
Total
Serbia
(Cost
$1,642
)
1,446
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
6
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SLOVENIA
0.4%
Corporate
Bonds
0.4%
Nova
Kreditna
Banka
Maribor,
VR,
7.375%,
6/29/26 (2)
1,500,000
1,666
Total
Slovenia
(Cost
$1,664
)
1,666
SOUTH
AFRICA
0.5%
Corporate
Bonds
0.5%
Sappi
Papier
Holding,
3.625%,
3/15/28
(EUR)
1,780,000
1,857
Total
South
Africa
(Cost
$1,707
)
1,857
SPAIN
1.7%
Corporate
Bonds
1.7%
Cirsa
Finance
International,
4.50%,
3/15/27
685,000
723
Cirsa
Finance
International,
6.50%,
3/15/29 (1)
875,000
965
Cirsa
Finance
International,
6.50%,
3/15/29
835,000
921
Cirsa
Finance
International,
7.875%,
7/31/28 (1)
1,250,000
1,425
Cirsa
Finance
International,
10.375%,
11/30/27 (1)
315,000
366
Lorca
Telecom
Bondco,
4.00%,
9/18/27 (1)
1,250,000
1,310
Lorca
Telecom
Bondco,
4.00%,
9/18/27
565,000
592
Total
Spain
(Cost
$6,314
)
6,302
SWEDEN
0.8%
Corporate
Bonds
0.8%
Verisure
Holding,
3.25%,
2/15/27
(EUR)
1,810,000
1,869
Verisure
Holding,
7.125%,
2/1/28
(EUR) (1)
235,000
264
Verisure
Holding,
7.125%,
2/1/28
(EUR)
520,000
585
Verisure
Holding,
9.25%,
10/15/27
(EUR) (1)
310,000
357
Total
Sweden
(Cost
$2,866
)
3,075
SWITZERLAND
0.1%
Corporate
Bonds
0.1%
UBS
Group,
VR,
9.25%
(USD) (1)(2)(3)
200,000
217
Total
Switzerland
(Cost
$200
)
217
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
TANZANIA
0.5%
Convertible
Bonds
0.0%
HTA
Group,
2.875%,
3/18/27
(USD)
200,000
178
178
Corporate
Bonds
0.5%
HTA
Group,
7.00%,
12/18/25
(USD) (1)
1,225,000
1,224
HTA
Group,
7.00%,
12/18/25
(USD)
465,000
465
1,689
Total
Tanzania
(Cost
$1,885
)
1,867
TÜRKIYE
0.3%
Corporate
Bonds
0.3%
Turk
Telekomunikasyon,
6.875%,
2/28/25
(USD)
1,300,000
1,300
Total
Türkiye
(Cost
$1,300
)
1,300
UNITED
KINGDOM
8.3%
Corporate
Bonds
8.3%
Bellis
Acquisition,
3.25%,
2/16/26 (1)
720,000
857
Bellis
Acquisition,
3.25%,
2/16/26
150,000
179
CPUK
Finance,
4.50%,
8/28/27
1,200,000
1,378
Deuce
Finco,
5.50%,
6/15/27 (1)
1,185,000
1,414
Deuce
Finco,
5.50%,
6/15/27
1,470,000
1,754
Drax
Finco,
6.625%,
11/1/25
(USD) (1)
700,000
695
eG
Global
Finance,
12.00%,
11/30/28
(USD) (1)
1,115,000
1,179
Iceland
Bondco,
4.625%,
3/15/25
100,000
125
Iceland
Bondco,
10.875%,
12/15/27 (1)
410,000
545
Iceland
Bondco,
FRN,
3M
EURIBOR
+
5.50%,
9.401%,
12/15/27
(EUR) (1)
465,000
505
INEOS
Finance,
6.375%,
4/15/29
(EUR) (1)
1,915,000
2,065
INEOS
Quattro
Finance
2,
2.50%,
1/15/26
(EUR)
980,000
1,020
Jaguar
Land
Rover
Automotive,
4.50%,
7/15/28
(EUR) (1)
740,000
792
Jerrold
Finco,
5.25%,
1/15/27
2,005,000
2,413
Kane
Bidco,
5.00%,
2/15/27
(EUR)
2,520,000
2,619
Merlin
Entertainments
Group
U.S.
Holdings,
7.375%,
2/15/31
(USD) (1)
490,000
492
Motion
Finco,
7.375%,
6/15/30
(EUR)
1,785,000
2,008
Nomad
Foods
Bondco,
2.50%,
6/24/28
(EUR)
1,500,000
1,507
Pinewood
Finance,
3.625%,
11/15/27 (1)
1,075,000
1,266
Pinnacle
Bidco,
8.25%,
10/11/28
(EUR) (1)
650,000
732
Pinnacle
Bidco,
8.25%,
10/11/28
(EUR)
300,000
338
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Pinnacle
Bidco,
10.00%,
10/11/28 (1)
655,000
860
RAC
Bond,
5.25%,
11/4/27 (1)
1,690,000
1,999
Virgin
Media
Secured
Finance,
4.125%,
8/15/30
1,380,000
1,467
Vmed
O2
U.K.
Financing
I,
3.25%,
1/31/31
(EUR) (1)
485,000
461
Vmed
O2
U.K.
Financing
I,
4.50%,
7/15/31 (1)
1,200,000
1,287
Vmed
O2
U.K.
Financing
I,
4.50%,
7/15/31
790,000
848
Total
United
Kingdom
(Cost
$32,849
)
30,805
UNITED
STATES
48.7%
Bank
Loans
7.6%
(5)
Ascend
Learning,
FRN,
1M
TSFR
+
5.75%,
11.18%,
12/10/29 (6)
2,460,000
2,416
AssuredPartners,
FRN,
1M
TSFR
+
3.50%,
8.827%,
2/12/27
80,183
80
AssuredPartners,
FRN,
1M
TSFR
+
3.50%,
8.827%,
2/14/31
785,000
786
AssuredPartners,
FRN,
1M
TSFR
+
3.75%,
9.077%,
2/12/27
1,149,060
1,150
Asurion,
FRN,
1M
TSFR
+
5.25%,
10.692%,
1/31/28
785,424
705
Asurion,
FRN,
1M
TSFR
+
5.25%,
10.692%,
1/20/29
1,335,000
1,189
AthenaHealth
Group,
FRN,
1M
TSFR
+
3.25%,
8.58%,
2/15/29
1,290,081
1,276
Bausch
+
Lomb,
FRN,
1M
TSFR
+
3.25%,
8.677%,
5/10/27
781,859
772
Boxer
Parent,
FRN,
1M
TSFR
+
4.25%,
9.58%,
12/29/28 (6)
1,526,575
1,535
Capstone
Borrower,
FRN,
1M
TSFR
+
3.75%,
9.052%,
6/17/30
384,260
384
Chobani,
FRN,
1M
TSFR
+
3.75%,
9.075%,
10/25/27
648,057
651
Cloud
Software
Group,
FRN,
1M
TSFR
+
4.50%,
9.909%,
3/30/29
591,998
589
Clydesdale
Acquisition
Holdings,
FRN,
1M
TSFR
+
3.75%,
4/13/29 (6)
925,000
926
CP
Iris
Holdco
I,
FRN,
1M
TSFR
+
7.00%,
12.427%,
10/1/29 (7)
550,000
509
Ellucian
Holdings,
FRN,
1M
TSFR
+
3.50%,
8.93%,
10/9/29
1,162,964
1,167
Engineered
Machinery
Holdings,
FRN,
3M
TSFR
+
6.00%,
11.571%,
5/21/29
1,872,726
1,845
HUB
International,
FRN,
1M
TSFR
+
3.25%,
8.574%,
6/20/30
280,000
280
LTI
Holdings,
FRN,
1M
TSFR
+
3.50%,
8.945%,
9/6/25
2,237,011
2,214
LTI
Holdings,
FRN,
1M
TSFR
+
4.75%,
10.195%,
7/24/26
173,968
172
LTI
Holdings,
FRN,
1M
TSFR
+
6.75%,
12.195%,
9/6/26
767,701
713
MIWD
Holdco
II,
FRN,
1M
USD
LIBOR
+
3.50%,
3/20/31 (6)
705,000
708
Naked
Juice,
FRN,
3M
TSFR
+
6.00%,
11.402%,
1/24/30
496,156
400
Ontario
Gaming
GTA,
FRN,
1M
TSFR
+
4.25%,
9.559%,
8/1/30 (6)
914,635
917
Osaic
Holdings,
FRN,
1M
USD
LIBOR
+
4.00%,
8/16/28 (6)
445,000
446
Proampac
PG
Borrower,
FRN,
1M
TSFR
+
4.50%,
9.806%,
9/15/28
430,000
430
Proampac
PG
Borrower,
FRN,
1M
USD
LIBOR
+
4.00%,
9/15/28 (6)(7)
220,000
220
RealPage,
FRN,
1M
TSFR
+
6.50%,
11.945%,
4/23/29
2,435,000
2,409
Triton
Water
Holdings,
FRN,
1M
TSFR
+
4.00%,
9.327%,
3/31/28
518,700
513
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
9
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Truist
Insurance
Holdings,
FRN,
1M
USD
LIBOR
+
3.25%,
3/22/31 (6)
1,125,000
1,123
Truist
Insurance
Holdings,
FRN,
1M
USD
LIBOR
+
4.75%,
3/8/32 (6)
1,265,000
1,271
Woof
Holdings,
FRN,
1M
TSFR
+
3.75%,
9.321%,
12/21/27
327,414
259
28,055
Corporate
Bonds
40.5%
AG
Issuer,
6.25%,
3/1/28 (1)
310,000
302
Alliant
Holdings
Intermediate,
5.875%,
11/1/29 (1)
1,125,000
1,043
Alliant
Holdings
Intermediate,
6.75%,
10/15/27 (1)
830,000
814
Alliant
Holdings
Intermediate,
7.00%,
1/15/31 (1)
925,000
933
Allied
Universal
Holdco,
3.625%,
6/1/28
(EUR)
2,510,000
2,502
Allied
Universal
Holdco,
4.875%,
6/1/28
(GBP)
430,000
490
Allied
Universal
Holdco,
6.00%,
6/1/29 (1)
395,000
340
American
Finance
Trust,
4.50%,
9/30/28 (1)
1,280,000
1,091
AmeriGas
Partners,
9.375%,
6/1/28 (1)
1,254,000
1,292
Antero
Resources,
5.375%,
3/1/30 (1)
1,230,000
1,181
Aretec
Group,
7.50%,
4/1/29 (1)
1,205,000
1,140
Aretec
Group,
10.00%,
8/15/30 (1)
850,000
927
Arsenal
AIC
Parent,
8.00%,
10/1/30 (1)
717,000
750
Arsenal
AIC
Parent,
11.50%,
10/1/31 (1)
1,235,000
1,375
AthenaHealth
Group,
6.50%,
2/15/30 (1)
755,000
689
Axalta
Coating
Systems
Dutch
Holding
B,
7.25%,
2/15/31 (1)
485,000
503
B&G
Foods,
5.25%,
9/15/27
880,000
818
B&G
Foods,
8.00%,
9/15/28 (1)
875,000
910
Bausch
+
Lomb,
8.375%,
10/1/28 (1)
1,860,000
1,925
Boost
Newco
Borrower,
7.50%,
1/15/31 (1)
1,055,000
1,101
Calpine,
5.00%,
2/1/31 (1)
2,670,000
2,450
Capstone
Borrower,
8.00%,
6/15/30 (1)
1,170,000
1,209
Carnival,
1.00%,
10/28/29
(EUR)
595,000
502
Carnival,
6.00%,
5/1/29 (1)
840,000
827
Carnival,
7.625%,
3/1/26
(EUR) (1)
1,930,000
2,121
Carnival,
7.625%,
3/1/26
(EUR)
1,385,000
1,522
Carnival,
7.625%,
3/1/26 (1)
1,040,000
1,050
CCO
Holdings,
4.25%,
2/1/31 (1)
925,000
753
CCO
Holdings,
4.50%,
8/15/30 (1)
2,410,000
2,018
CCO
Holdings,
6.375%,
9/1/29 (1)
280,000
265
CEC
Entertainment,
6.75%,
5/1/26 (1)
1,740,000
1,723
Central
Parent,
7.25%,
6/15/29 (1)
2,270,000
2,307
Central
Parent,
8.00%,
6/15/29 (1)
215,000
223
Chesapeake
Energy,
6.75%,
4/15/29 (1)
1,035,000
1,043
Chobani,
4.625%,
11/15/28 (1)
1,345,000
1,254
Chobani,
7.625%,
7/1/29 (1)
615,000
623
CHS,
5.25%,
5/15/30 (1)
1,585,000
1,288
CHS,
6.875%,
4/1/28 (1)
1,100,000
759
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
10
Par/Shares
$
Value
(Cost
and
value
in
$000s)
CHS,
6.875%,
4/15/29 (1)
1,605,000
1,192
CHS,
8.00%,
3/15/26 (1)
425,000
423
Cinemark
USA,
5.25%,
7/15/28 (1)
1,835,000
1,734
Clear
Channel
Outdoor
Holdings,
5.125%,
8/15/27 (1)
2,255,000
2,123
Clear
Channel
Outdoor
Holdings,
7.50%,
6/1/29 (1)
400,000
330
Clear
Channel
Outdoor
Holdings,
9.00%,
9/15/28 (1)
475,000
493
Cloud
Software
Group,
6.50%,
3/31/29 (1)
1,545,000
1,462
Cloud
Software
Group,
9.00%,
9/30/29 (1)
1,175,000
1,122
Clydesdale
Acquisition
Holdings,
8.75%,
4/15/30 (1)
1,345,000
1,320
CMG
Media,
8.875%,
12/15/27 (1)
2,750,000
1,829
Comstock
Resources,
6.75%,
3/1/29 (1)
2,585,000
2,465
Constellium,
3.125%,
7/15/29
(EUR)
995,000
992
Crescent
Energy
Finance,
7.625%,
4/1/32 (1)
2,345,000
2,363
Crescent
Energy
Finance,
9.25%,
2/15/28 (1)
460,000
485
CSC
Holdings,
5.50%,
4/15/27 (1)
530,000
473
CSC
Holdings,
6.50%,
2/1/29 (1)
690,000
585
CSC
Holdings,
7.50%,
4/1/28 (1)
825,000
555
CSC
Holdings,
11.25%,
5/15/28 (1)
770,000
762
CSC
Holdings,
11.75%,
1/31/29 (1)
800,000
801
Dana
Financing
Luxembourg,
3.00%,
7/15/29
(EUR)
1,030,000
1,001
Dana
Financing
Luxembourg,
8.50%,
7/15/31
(EUR) (1)
1,559,000
1,850
Diamond
Foreign
Asset,
8.50%,
10/1/30 (1)
1,755,000
1,843
DISH
DBS,
5.125%,
6/1/29
845,000
351
DISH
DBS,
5.75%,
12/1/28 (1)
263,000
181
DISH
DBS,
7.75%,
7/1/26
445,000
296
Ferrellgas,
5.875%,
4/1/29 (1)
3,040,000
2,896
Global
Net
Lease,
3.75%,
12/15/27 (1)
1,590,000
1,359
Goodyear
Tire
&
Rubber,
5.25%,
7/15/31
75,000
68
GrafTech
Global
Enterprises,
9.875%,
12/15/28 (1)
159,000
118
Graphic
Packaging
International,
2.625%,
2/1/29
(EUR) (1)
1,085,000
1,083
Hilcorp
Energy
I,
5.75%,
2/1/29 (1)
255,000
248
Hilcorp
Energy
I,
6.00%,
4/15/30 (1)
1,435,000
1,399
Hilcorp
Energy
I,
6.00%,
2/1/31 (1)
285,000
276
Hilcorp
Energy
I,
6.25%,
4/15/32 (1)
1,145,000
1,122
HUB
International,
5.625%,
12/1/29 (1)
1,500,000
1,404
HUB
International,
7.375%,
1/31/32 (1)
665,000
668
iHeartCommunications,
4.75%,
1/15/28 (1)
500,000
349
iHeartCommunications,
5.25%,
8/15/27 (1)
975,000
702
iHeartCommunications,
6.375%,
5/1/26
520,000
442
iHeartCommunications,
8.375%,
5/1/27
825,000
456
Kinetik
Holdings,
6.625%,
12/15/28 (1)
2,220,000
2,251
Kobe
U.S.
Midco
2,
9.25%,
11/1/26,
(9.25%
Cash
or
10.00%
PIK) (1)(4)
1,804,250
1,536
LCPR
Senior
Secured
Financing,
5.125%,
7/15/29 (1)
990,000
827
LCPR
Senior
Secured
Financing,
6.75%,
10/15/27 (1)
1,487,000
1,390
Legacy
LifePoint
Health,
4.375%,
2/15/27 (1)
370,000
351
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
11
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Life
Time,
5.75%,
1/15/26 (1)
964,000
957
Life
Time,
8.00%,
4/15/26 (1)
885,000
896
LifePoint
Health,
5.375%,
1/15/29 (1)
820,000
672
LifePoint
Health,
9.875%,
8/15/30 (1)
1,395,000
1,458
LifePoint
Health,
11.00%,
10/15/30 (1)
570,000
609
Madison
IAQ,
5.875%,
6/30/29 (1)
850,000
778
McAfee,
7.375%,
2/15/30 (1)
2,090,000
1,923
Midcap
Financial
Issuer
Trust,
5.625%,
1/15/30 (1)
2,750,000
2,344
MPT
Operating
Partnership,
0.993%,
10/15/26
(EUR)
900,000
774
MPT
Operating
Partnership,
2.50%,
3/24/26
(GBP)
735,000
793
MPT
Operating
Partnership,
5.00%,
10/15/27
925,000
775
Navient,
4.875%,
3/15/28
705,000
654
Navient,
5.50%,
3/15/29
400,000
371
Navient,
5.625%,
8/1/33
587,000
483
Navient,
9.375%,
7/25/30
1,230,000
1,310
NCL,
5.875%,
3/15/26 (1)
335,000
330
NCL,
5.875%,
2/15/27 (1)
690,000
680
NCL,
7.75%,
2/15/29 (1)
1,370,000
1,418
Neptune
Bidco
U.S.,
9.29%,
4/15/29 (1)
2,610,000
2,463
New
Albertsons,
7.45%,
8/1/29
4,000
4
NGL
Energy
Operating,
8.125%,
2/15/29 (1)
845,000
864
NGL
Energy
Operating,
8.375%,
2/15/32 (1)
1,240,000
1,271
OneMain
Finance,
7.875%,
3/15/30
575,000
592
OneMain
Finance,
9.00%,
1/15/29
2,525,000
2,680
Organon,
2.875%,
4/30/28
(EUR) (1)
205,000
205
Organon,
5.125%,
4/30/31 (1)
2,150,000
1,900
RegionalCare
Hospital
Partners
Holdings,
9.75%,
12/1/26 (1)
505,000
506
Rivian
Holdings,
FRN,
6M
TSFR
+
6.03%,
11.493%,
10/15/26 (1)
1,815,000
1,829
Royal
Caribbean
Cruises,
6.25%,
3/15/32 (1)
1,735,000
1,748
Seadrill
Finance,
8.375%,
8/1/30 (1)
1,950,000
2,028
Service
Properties
Trust,
7.50%,
9/15/25
885,000
896
SilverBow
Resources,
FRN,
3M
TSFR
+
7.75%,
13.079%,
12/15/28 (1)
1,095,000
1,070
Stagwell
Global,
5.625%,
8/15/29 (1)
1,950,000
1,765
Summit
Materials,
7.25%,
1/15/31 (1)
640,000
663
Talen
Energy
Supply,
8.625%,
6/1/30 (1)
1,491,000
1,594
Tallgrass
Energy
Partners,
6.00%,
12/31/30 (1)
1,135,000
1,075
Tallgrass
Energy
Partners,
6.00%,
9/1/31 (1)
915,000
853
Tallgrass
Energy
Partners,
7.375%,
2/15/29 (1)
785,000
787
Tenneco,
8.00%,
11/17/28 (1)
2,960,000
2,701
Townsquare
Media,
6.875%,
2/1/26 (1)
1,915,000
1,867
Transocean
Aquila,
8.00%,
9/30/28 (1)
1,575,000
1,610
Triton
Water
Holdings,
6.25%,
4/1/29 (1)
2,290,000
2,078
UKG,
6.875%,
2/1/31 (1)
2,170,000
2,203
Univision
Communications,
7.375%,
6/30/30 (1)
1,715,000
1,689
Univision
Communications,
8.00%,
8/15/28 (1)
500,000
509
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
12
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Venture
Global
Calcasieu
Pass,
3.875%,
8/15/29 (1)
495,000
444
Venture
Global
Calcasieu
Pass,
4.125%,
8/15/31 (1)
620,000
550
Venture
Global
Calcasieu
Pass,
6.25%,
1/15/30 (1)
430,000
431
Venture
Global
LNG,
8.375%,
6/1/31 (1)
2,860,000
2,942
Venture
Global
LNG,
9.50%,
2/1/29 (1)
555,000
598
Venture
Global
LNG,
9.875%,
2/1/32 (1)
455,000
489
Vistra,
VR,
7.00% (1)(2)(3)
259,000
256
Vistra,
VR,
8.00% (1)(2)(3)
845,000
858
Vistra,
Series
C,
VR,
8.875% (1)(2)(3)
1,425,000
1,475
150,757
Municipal
Securities
0.6%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (8)
3,861,402
2,232
2,232
Total
United
States
(Cost
$182,641
)
181,044
SHORT-TERM
INVESTMENTS
4.1%
Money
Market
Funds
4.1%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (9)(10)
15,295,189
15,295
Total
Short-Term
Investments
(Cost
$15,295)
15,295
Total
Investments
in
Securities
101.1%
(Cost
$387,522)
$
376,162
Other
Assets
Less
Liabilities
(1.1)%
(4,227)
Net
Assets
100.0%
$
371,935
‡
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
$216,701
and
represents
58.3%
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)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(5)
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.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
13
.
.
.
.
.
.
.
.
.
.
(6)
All
or
a
portion
of
this
loan
is
unsettled
as
of
March
31,
2024.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(7)
Level
3
in
fair
value
hierarchy.
(8)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board’s
Certified
Fiscal
Plan.
(9)
Seven-day
yield
(10)
Affiliated
Companies
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
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)
6M
TSFR
Six
month
Term
SOFR
(Secured
overnight
financing
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
14
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Goldman
Sachs
4/3/24
USD
762
EUR
698
$
9
HSBC
Bank
4/3/24
EUR
1,056
USD
1,148
(9)
HSBC
Bank
4/3/24
GBP
14,147
USD
17,870
(14)
HSBC
Bank
5/2/24
USD
17,873
GBP
14,147
14
JPMorgan
Chase
4/2/24
USD
345
EUR
318
2
JPMorgan
Chase
4/3/24
USD
9,774
EUR
8,930
137
JPMorgan
Chase
4/3/24
USD
1,151
GBP
898
17
RBC
Dominion
Securities
4/3/24
EUR
89,407
USD
96,560
(80)
RBC
Dominion
Securities
4/3/24
USD
89,748
EUR
82,835
362
RBC
Dominion
Securities
5/3/24
USD
97,615
EUR
90,273
87
Standard
Chartered
4/2/24
EUR
318
USD
348
(5)
Standard
Chartered
4/3/24
EUR
1,022
USD
1,119
(16)
State
Street
4/3/24
EUR
978
USD
1,062
(6)
UBS
Investment
Bank
4/3/24
USD
16,745
GBP
13,248
23
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
521
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
15
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,
2024.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
—#
$
—
$
203+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
5,239
¤
¤
$
15,295^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$203
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
$15,295.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
16
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)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
17
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
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.
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
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
18
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
332,812
$
—
$
332,812
Bank
Loans
—
27,326
729
28,055
Short-Term
Investments
15,295
—
—
15,295
Total
Securities
15,295
360,138
729
376,162
Forward
Currency
Exchange
Contracts
—
651
—
651
Total
$
15,295
$
360,789
$
729
$
376,813
Liabilities
Forward
Currency
Exchange
Contracts
$
—
$
130
$
—
$
130
1
Includes
Convertible
Bonds,
Corporate
Bonds
and
Municipal
Securities.
T.
ROWE
PRICE
Global
High
Income
Bond
Fund
19
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F36-054Q1
03/24