T. Rowe Price International Bond

The fund generally commits at least 80% of its net capital, a figure that includes any borrowed funds for investment, to international debt securities. A portion of its total assets, specifically up to 25%, may be allocated to high-yield bonds, often termed "junk bonds." These are debt instruments that independent rating agencies uniformly classify as below investment grade (e.g., BB or an equivalent lower rating), or which T. Rowe Price determines to be of sub-investment grade quality. This category includes bonds that may have defaulted or carry the lowest available credit rating. It is important to note that this fund operates on a non-diversified basis.