497

December 6, 2017

James E. O’Connor, Esquire
Division of Investment Management
U.S. Securities & Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549

Re:T. Rowe Price Global Multi-Sector Bond Fund, Inc. (“Registrant”)

Dear Mr. O’Connor:

In accordance with the provisions of Rule 497 of the Securities Act of 1933, we are hereby filing the above-captioned sticker.

The information contained in these eXtensible Business Reporting Language (“XBRL”) exhibits relates to the prospectus sticker filed under Rule 497 on November 21, 2017.

Please contact me at 410-345-6628, or in my absence, Brian R. Poole at 410-345-6646, if we may be of further assistance.

Sincerely,

/s/Gina Hogan
Gina Hogan

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Document Type	dei_DocumentType	497
Document Period End Date	dei_DocumentPeriodEndDate	May 31, 2017
Registrant Name	dei_EntityRegistrantName	T. Rowe Price Global Multi-Sector Bond Fund, Inc.
Central Index Key	dei_EntityCentralIndexKey	0001447346
Amendment Flag	dei_AmendmentFlag	false
Document Creation Date	dei_DocumentCreationDate	Nov. 21, 2017
Document Effective Date	dei_DocumentEffectiveDate	Nov. 21, 2017
Prospectus Date	rr_ProspectusDate	Oct. 01, 2017

XML

Oct. 01, 2017

T. Rowe Price Global Multi-Sector Bond Fund

Supplement to Summary Prospectus and Prospectus Dated October 1, 2017

Effective December 1, 2017, the fund’s expense limitation on the I Class’ operating expenses (excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) will be reduced from 0.05% to 0.01%.

On pages 1-2, effective December 1, 2017, the fee table and expense example are revised as follows, to reflect the reduction of the I Class operating expense limitation (there are no changes to the fee table for the Investor Class or Advisor Class):

Fees and Expenses of the Fund

	Investor Class		I Class		Advisor Class
Shareholder fees (fees paid directly from your investment)
Maximum account fee	$20	a	—		—
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Management fees	0.49	%	0.49	%	0.49	%
Distribution and service (12b-1) fees	—		—		0.25
Other expenses	0.28		0.12	e	0.29
Acquired fund fees and expenses	0.04		0.04		0.04
Total annual fund operating expenses	0.81	b	0.65	b	1.07	b
Fee waiver/expense reimbursement	(0.10	)c,d	(0.15	)c,e,f	(0.12	)c,g
Total annual fund operating expenses after fee waiver/expense reimbursement	0.71	b	0.50	b,e,f	0.95	b,g

a Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.

b The figures shown in the fee table do not match the “Ratio of expenses to average net assets” shown in the Financial Highlights table, as that figure does not include acquired fund fees and expenses and excludes expenses permanently waived as a result of investments in other T. Rowe Price Funds.

c T. Rowe Price Associates, Inc., is required to permanently waive a portion of its management fee charged to the fund in an amount sufficient to fully offset any acquired fund fees and expenses related to investments in other T. Rowe Price Funds. The amount of the waiver will vary each fiscal year in proportion to the amount invested in other T. Rowe Price Funds. The T. Rowe Price Funds would be required to seek regulatory approval in order to terminate this arrangement.

d As a result of other class’ expense limitations, T. Rowe Price Associates, Inc. waived fund-level expenses ratably across all classes.

e T. Rowe Price Associates, Inc., has agreed (through September 30, 2018) to pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (“I Class Operating Expenses”), to the extent the I Class Operating Expenses exceed 0.01% of the class’ average daily net assets. Any expenses paid under this agreement (and a previous limitation of 0.05%) are subject to reimbursement to T. Rowe Price Associates, Inc., by the fund whenever the fund’s I Class Operating Expenses are below 0.01%. However, no reimbursement will be made more than three years from the date such amounts were initially waived or reimbursed. The fund may only make repayments to T. Rowe Price Associates, Inc., if such repayment does not cause the I Class Operating Expenses (after the repayment is taken into account) to exceed both: (1) the limitation on I Class Operating Expenses in place at the time such amounts were waived; and (2) the current expense limitation on I Class Operating Expenses.

f Restated to reflect current fees.

g T. Rowe Price Associates, Inc., has agreed (through September 30, 2019) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.95%. The agreement may be terminated at any time beyond September 30, 2019, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement are subject to reimbursement to T. Rowe Price Associates, Inc., by the fund whenever the class’ expense ratio is below 0.95%. However, no reimbursement will be made more than three years from the date such amounts were initially waived or reimbursed. The fund may only make repayments to T. Rowe Price Associates, Inc., if such repayment does not cause the class’ expense ratio (after the repayment is taken into account) to exceed both: (1) the expense limitation in place at the time such amounts were waived; and (2) the class’ current expense limitation.

Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that an expense limitation currently in place is not renewed; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 year	3 years	5 years	10 years
Investor Class	$73	$240	$422	$949
I Class	53	186	331	753
Advisor Class	97	313	554	1,246

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Registrant Name

dei_EntityRegistrantName

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

Prospectus Date

rr_ProspectusDate

Oct. 01, 2017

Supplement [Text Block]

trpsif_SupplementTextBlock

T. Rowe Price Global Multi-Sector Bond Fund

Supplement to Summary Prospectus and Prospectus Dated October 1, 2017

Effective December 1, 2017, the fund’s expense limitation on the I Class’ operating expenses (excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) will be reduced from 0.05% to 0.01%.

On pages 1-2, effective December 1, 2017, the fee table and expense example are revised as follows, to reflect the reduction of the I Class operating expense limitation (there are no changes to the fee table for the Investor Class or Advisor Class):

Fees and Expenses of the Fund

	Investor Class		I Class		Advisor Class
Shareholder fees (fees paid directly from your investment)
Maximum account fee	$20	a	—		—
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Management fees	0.49	%	0.49	%	0.49	%
Distribution and service (12b-1) fees	—		—		0.25
Other expenses	0.28		0.12	e	0.29
Acquired fund fees and expenses	0.04		0.04		0.04
Total annual fund operating expenses	0.81	b	0.65	b	1.07	b
Fee waiver/expense reimbursement	(0.10	)c,d	(0.15	)c,e,f	(0.12	)c,g
Total annual fund operating expenses after fee waiver/expense reimbursement	0.71	b	0.50	b,e,f	0.95	b,g

a Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.

b The figures shown in the fee table do not match the “Ratio of expenses to average net assets” shown in the Financial Highlights table, as that figure does not include acquired fund fees and expenses and excludes expenses permanently waived as a result of investments in other T. Rowe Price Funds.

c T. Rowe Price Associates, Inc., is required to permanently waive a portion of its management fee charged to the fund in an amount sufficient to fully offset any acquired fund fees and expenses related to investments in other T. Rowe Price Funds. The amount of the waiver will vary each fiscal year in proportion to the amount invested in other T. Rowe Price Funds. The T. Rowe Price Funds would be required to seek regulatory approval in order to terminate this arrangement.

d As a result of other class’ expense limitations, T. Rowe Price Associates, Inc. waived fund-level expenses ratably across all classes.

e T. Rowe Price Associates, Inc., has agreed (through September 30, 2018) to pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (“I Class Operating Expenses”), to the extent the I Class Operating Expenses exceed 0.01% of the class’ average daily net assets. Any expenses paid under this agreement (and a previous limitation of 0.05%) are subject to reimbursement to T. Rowe Price Associates, Inc., by the fund whenever the fund’s I Class Operating Expenses are below 0.01%. However, no reimbursement will be made more than three years from the date such amounts were initially waived or reimbursed. The fund may only make repayments to T. Rowe Price Associates, Inc., if such repayment does not cause the I Class Operating Expenses (after the repayment is taken into account) to exceed both: (1) the limitation on I Class Operating Expenses in place at the time such amounts were waived; and (2) the current expense limitation on I Class Operating Expenses.

f Restated to reflect current fees.

g T. Rowe Price Associates, Inc., has agreed (through September 30, 2019) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.95%. The agreement may be terminated at any time beyond September 30, 2019, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement are subject to reimbursement to T. Rowe Price Associates, Inc., by the fund whenever the class’ expense ratio is below 0.95%. However, no reimbursement will be made more than three years from the date such amounts were initially waived or reimbursed. The fund may only make repayments to T. Rowe Price Associates, Inc., if such repayment does not cause the class’ expense ratio (after the repayment is taken into account) to exceed both: (1) the expense limitation in place at the time such amounts were waived; and (2) the class’ current expense limitation.

Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that an expense limitation currently in place is not renewed; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 year	3 years	5 years	10 years
Investor Class	$73	$240	$422	$949
I Class	53	186	331	753
Advisor Class	97	313	554	1,246

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

Risk/Return:

rr_RiskReturnAbstract

Supplement [Text Block]

trpsif_SupplementTextBlock

T. Rowe Price Global Multi-Sector Bond Fund

Supplement to Summary Prospectus and Prospectus Dated October 1, 2017

Effective December 1, 2017, the fund’s expense limitation on the I Class’ operating expenses (excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) will be reduced from 0.05% to 0.01%.

On pages 1-2, effective December 1, 2017, the fee table and expense example are revised as follows, to reflect the reduction of the I Class operating expense limitation (there are no changes to the fee table for the Investor Class or Advisor Class):

Fees and Expenses of the Fund

	Investor Class		I Class		Advisor Class
Shareholder fees (fees paid directly from your investment)
Maximum account fee	$20	a	—		—
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Management fees	0.49	%	0.49	%	0.49	%
Distribution and service (12b-1) fees	—		—		0.25
Other expenses	0.28		0.12	e	0.29
Acquired fund fees and expenses	0.04		0.04		0.04
Total annual fund operating expenses	0.81	b	0.65	b	1.07	b
Fee waiver/expense reimbursement	(0.10	)c,d	(0.15	)c,e,f	(0.12	)c,g
Total annual fund operating expenses after fee waiver/expense reimbursement	0.71	b	0.50	b,e,f	0.95	b,g

a Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.

b The figures shown in the fee table do not match the “Ratio of expenses to average net assets” shown in the Financial Highlights table, as that figure does not include acquired fund fees and expenses and excludes expenses permanently waived as a result of investments in other T. Rowe Price Funds.

c T. Rowe Price Associates, Inc., is required to permanently waive a portion of its management fee charged to the fund in an amount sufficient to fully offset any acquired fund fees and expenses related to investments in other T. Rowe Price Funds. The amount of the waiver will vary each fiscal year in proportion to the amount invested in other T. Rowe Price Funds. The T. Rowe Price Funds would be required to seek regulatory approval in order to terminate this arrangement.

d As a result of other class’ expense limitations, T. Rowe Price Associates, Inc. waived fund-level expenses ratably across all classes.

e T. Rowe Price Associates, Inc., has agreed (through September 30, 2018) to pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (“I Class Operating Expenses”), to the extent the I Class Operating Expenses exceed 0.01% of the class’ average daily net assets. Any expenses paid under this agreement (and a previous limitation of 0.05%) are subject to reimbursement to T. Rowe Price Associates, Inc., by the fund whenever the fund’s I Class Operating Expenses are below 0.01%. However, no reimbursement will be made more than three years from the date such amounts were initially waived or reimbursed. The fund may only make repayments to T. Rowe Price Associates, Inc., if such repayment does not cause the I Class Operating Expenses (after the repayment is taken into account) to exceed both: (1) the limitation on I Class Operating Expenses in place at the time such amounts were waived; and (2) the current expense limitation on I Class Operating Expenses.

f Restated to reflect current fees.

g T. Rowe Price Associates, Inc., has agreed (through September 30, 2019) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.95%. The agreement may be terminated at any time beyond September 30, 2019, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement are subject to reimbursement to T. Rowe Price Associates, Inc., by the fund whenever the class’ expense ratio is below 0.95%. However, no reimbursement will be made more than three years from the date such amounts were initially waived or reimbursed. The fund may only make repayments to T. Rowe Price Associates, Inc., if such repayment does not cause the class’ expense ratio (after the repayment is taken into account) to exceed both: (1) the expense limitation in place at the time such amounts were waived; and (2) the class’ current expense limitation.

Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that an expense limitation currently in place is not renewed; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 year	3 years	5 years	10 years
Investor Class	$73	$240	$422	$949
I Class	53	186	331	753
Advisor Class	97	313	554	1,246

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

Fees and Expenses of the Fund

Shareholder fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual fund operating expenses
(expenses that you pay each year as a
percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

September 30, 2018

September 30, 2019

Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text]

rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees

The figures shown in the fee table do not match the “Ratio of expenses to average net assets” shown in the Financial Highlights table, as that figure does not include acquired fund fees and expenses and excludes expenses permanently waived as a result of investments in other T. Rowe Price Funds.

Expense Example [Heading]

rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that an expense limitation currently in place is not renewed; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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

Risk/Return:

rr_RiskReturnAbstract

Maximum account fee

rr_MaximumAccountFee

$ 20

^[1]

Management fees

rr_ManagementFeesOverAssets

0.49%

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

Other expenses

rr_OtherExpensesOverAssets

0.28%

Acquired fund fees and expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.04%

Total annual fund operating expenses

rr_ExpensesOverAssets

0.81%

^[2]

Fee waiver/expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.10%)

^[3],[4]

Total annual fund operating expenses after fee waiver/expense reimbursement

rr_NetExpensesOverAssets

0.71%

^[2]

1 year

rr_ExpenseExampleYear01

$ 73

3 years

rr_ExpenseExampleYear03

240

5 years

rr_ExpenseExampleYear05

422

10 years

rr_ExpenseExampleYear10

949

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

Risk/Return:

rr_RiskReturnAbstract

Maximum account fee

rr_MaximumAccountFee

Management fees

rr_ManagementFeesOverAssets

0.49%

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

Other expenses

rr_OtherExpensesOverAssets

0.12%

^[5]

Acquired fund fees and expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.04%

Total annual fund operating expenses

rr_ExpensesOverAssets

0.65%

^[2]

Fee waiver/expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.15%)

^[4],[5],[6]

Total annual fund operating expenses after fee waiver/expense reimbursement

rr_NetExpensesOverAssets

0.50%

^[2],[5],[6]

Expenses Restated to Reflect Current [Text]

rr_ExpensesRestatedToReflectCurrent

Restated to reflect current fees.

1 year

rr_ExpenseExampleYear01

$ 53

3 years

rr_ExpenseExampleYear03

186

5 years

rr_ExpenseExampleYear05

331

10 years

rr_ExpenseExampleYear10

753

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

Risk/Return:

rr_RiskReturnAbstract

Maximum account fee

rr_MaximumAccountFee

Management fees

rr_ManagementFeesOverAssets

0.49%

Distribution and service (12b-1) fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other expenses

rr_OtherExpensesOverAssets

0.29%

Acquired fund fees and expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.04%

Total annual fund operating expenses

rr_ExpensesOverAssets

1.07%

^[2]

Fee waiver/expense reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.12%)

^[4],[7]

Total annual fund operating expenses after fee waiver/expense reimbursement

rr_NetExpensesOverAssets

0.95%

^[2],[7]

1 year

rr_ExpenseExampleYear01

$ 97

3 years

rr_ExpenseExampleYear03

313

5 years

rr_ExpenseExampleYear05

554

10 years

rr_ExpenseExampleYear10

$ 1,246

[1] Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.

[2] The figures shown in the fee table do not match the “Ratio of expenses to average net assets” shown in the Financial Highlights table, as that figure does not include acquired fund fees and expenses and excludes expenses permanently waived as a result of investments in other T. Rowe Price Funds.

[3] As a result of other class’ expense limitations, T. Rowe Price Associates, Inc. waived fund-level expenses ratably across all classes.

[4] T. Rowe Price Associates, Inc., is required to permanently waive a portion of its management fee charged to the fund in an amount sufficient to fully offset any acquired fund fees and expenses related to investments in other T. Rowe Price Funds. The amount of the waiver will vary each fiscal year in proportion to the amount invested in other T. Rowe Price Funds. The T. Rowe Price Funds would be required to seek regulatory approval in order to terminate this arrangement.

[5] T. Rowe Price Associates, Inc., has agreed (through September 30, 2018) to pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (“I Class Operating Expenses”), to the extent the I Class Operating Expenses exceed 0.01% of the class’ average daily net assets. Any expenses paid under this agreement (and a previous limitation of 0.05%) are subject to reimbursement to T. Rowe Price Associates, Inc., by the fund whenever the fund’s I Class Operating Expenses are below 0.01%. However, no reimbursement will be made more than three years from the date such amounts were initially waived or reimbursed. The fund may only make repayments to T. Rowe Price Associates, Inc., if such repayment does not cause the I Class Operating Expenses (after the repayment is taken into account) to exceed both: (1) the limitation on I Class Operating Expenses in place at the time such amounts were waived; and (2) the current expense limitation on I Class Operating Expenses.

[6] Restated to reflect current fees.

[7] T. Rowe Price Associates, Inc., has agreed (through September 30, 2019) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 0.95%. The agreement may be terminated at any time beyond September 30, 2019, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement are subject to reimbursement to T. Rowe Price Associates, Inc., by the fund whenever the class’ expense ratio is below 0.95%. However, no reimbursement will be made more than three years from the date such amounts were initially waived or reimbursed. The fund may only make repayments to T. Rowe Price Associates, Inc., if such repayment does not cause the class’ expense ratio (after the repayment is taken into account) to exceed both: (1) the expense limitation in place at the time such amounts were waived; and (2) the class’ current expense limitation.

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Registrant Name	dei_EntityRegistrantName	T. Rowe Price Global Multi-Sector Bond Fund, Inc.
Prospectus Date	rr_ProspectusDate	Oct. 01, 2017
Document Creation Date	dei_DocumentCreationDate	Nov. 21, 2017