T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
March
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ALBANIA
0.2%
Government
Bonds
0.2%
Republic
of
Albania,
5.90%,
6/9/28
(EUR) (1)
7,210,000
8,008
Total
Albania
(Cost
$7,646
)
8,008
AUSTRALIA
1.5%
Government
Bonds
1.5%
Commonwealth
of
Australia,
Series
169,
4.75%,
6/21/54
85,700,000
59,403
Total
Australia
(Cost
$51,502
)
59,403
AUSTRIA
0.8%
Government
Bonds
0.8%
Republic
of
Austria,
0.85%,
6/30/2120 (1)
58,359,000
29,692
Total
Austria
(Cost
$26,020
)
29,692
BRAZIL
0.7%
Corporate
Bonds
0.7%
Braskem
Netherlands
Finance,
5.875%,
1/31/50
(USD) (1)(2)
17,530,000
13,536
Braskem
Netherlands
Finance,
7.25%,
2/13/33
(USD) (1)(2)
13,800,000
13,283
26,819
Government
Bonds
0.0%
Republic
of
Brazil,
4.25%,
1/7/25
(USD)
1,765,000
1,749
1,749
Total
Brazil
(Cost
$34,135
)
28,568
CANADA
1.0%
Corporate
Bonds
1.0%
1011778
BC
ULC,
5.75%,
4/15/25
(USD) (1)
1,611,000
1,607
Rogers
Communications,
2.95%,
3/15/25
(USD)
8,656,000
8,434
TER
Finance
Jersey,
Series
21,
Zero
Coupon,
1/2/25
(USD) (1)
13,200,000
12,581
Toronto-Dominion
Bank,
VR,
8.125%,
10/31/82
(USD) (3)
15,285,000
15,960
Total
Canada
(Cost
$37,814
)
38,582
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
2
Par/Shares
$
Value
(Cost
and
value
in
$000s)
CHILE
1.8%
Government
Bonds
1.8%
Bonos
de
la
Tesoreria
de
la
Republica,
6.00%,
4/1/33 (1)
68,415,000,000
70,971
Total
Chile
(Cost
$83,995
)
70,971
CHINA
0.3%
Corporate
Bonds
0.3%
CIFI
Holdings
Group,
4.375%,
4/12/27
(USD) (4)(5)
11,400,000
892
CIFI
Holdings
Group,
4.45%,
8/17/26
(USD) (4)(5)
10,055,000
855
Country
Garden
Holdings,
3.125%,
10/22/25
(USD) (4)(5)
10,570,000
675
Country
Garden
Holdings,
3.30%,
1/12/31
(USD) (4)(5)
8,854,000
615
Country
Garden
Holdings,
5.40%,
5/27/25
(USD) (4)(5)
2,135,000
146
Kaisa
Group
Holdings,
8.50%,
6/30/22
(USD) (4)(5)
15,890,000
377
Kaisa
Group
Holdings,
11.50%,
1/30/23
(USD) (4)(5)
8,854,000
197
Kaisa
Group
Holdings,
11.70%,
11/11/25
(USD) (4)(5)
2,800,000
70
Kaisa
Group
Holdings,
11.95%,
10/22/22
(USD) (4)(5)
13,051,000
310
Longfor
Group
Holdings,
3.85%,
1/13/32
(USD)
11,115,000
5,141
Shimao
Group
Holdings,
3.45%,
1/11/31
(USD) (4)(5)
17,195,000
688
Shimao
Group
Holdings,
5.20%,
1/16/27
(USD) (4)(5)
2,220,000
87
Times
China
Holdings,
6.20%,
3/22/26
(USD) (4)(5)
3,220,000
101
Times
China
Holdings,
6.75%,
7/8/25
(USD) (4)(5)
12,750,000
331
Total
China
(Cost
$78,052
)
10,485
COLOMBIA
1.0%
Government
Bonds
0.9%
Republic
of
Colombia,
Series
B,
13.25%,
2/9/33
111,060,800,000
33,827
33,827
Private
Investment
Company
0.1%
Bona
Fide
Investments
Feeder
LLC,
Acquisition
date:
6/1/22,
Cost $0
(USD) (4)(6)
†
318
Bona
Fide
Investments
Feeder
LLC,
Acquisition
date:
6/7/23,
Cost $3,416
(USD) (4)(6)
†
4,567
4,885
Total
Colombia
(Cost
$28,328
)
38,712
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
DENMARK
0.2%
Corporate
Bonds
0.2%
Danske
Bank,
VR,
6.466%,
1/9/26
(USD) (1)(3)
8,323,000
8,352
Total
Denmark
(Cost
$8,303
)
8,352
DOMINICAN
REPUBLIC
0.1%
Government
Bonds
0.1%
Dominican
Republic,
5.50%,
2/22/29
(USD) (1)
5,435,000
5,290
Total
Dominican
Republic
(Cost
$4,830
)
5,290
FRANCE
1.0%
Corporate
Bonds
1.0%
Altice
France
Holding,
4.00%,
2/15/28 (1)
3,780,000
953
BNP
Paribas,
3.375%,
1/23/26
(GBP)
5,649,000
6,906
Credit
Agricole,
VR,
6.251%,
1/10/35
(USD) (1)(3)
14,255,000
14,463
Societe
Generale,
VR,
5.634%,
1/19/30
(USD) (1)(3)
10,160,000
10,066
Societe
Generale,
VR,
6.066%,
1/19/35
(USD) (1)(3)
7,355,000
7,393
Total
France
(Cost
$42,207
)
39,781
GERMANY
7.2%
Corporate
Bonds
4.2%
BMW
Finance,
FRN,
3M
EURIBOR
+
0.20%,
4.128%,
7/11/25 (2)
6,200,000
6,693
BMW
International
Investment,
5.50%,
6/6/26
(GBP)
6,600,000
8,455
Commerzbank,
1.75%,
1/22/25
(GBP)
800,000
979
Deutsche
Bank,
2.625%,
12/16/24
(GBP)
6,700,000
8,277
KfW,
1.125%,
7/4/25
(GBP)
10,094,000
12,180
KfW,
1.375%,
12/9/24
(GBP)
50,619,000
62,289
KfW,
2.00%,
5/2/25
(USD)
38,874,000
37,605
Mercedes-Benz
International
Finance,
1.625%,
11/11/24
(GBP)
4,500,000
5,558
Volkswagen
Bank,
4.25%,
1/7/26
4,300,000
4,658
Volkswagen
Financial
Services,
1.875%,
12/3/24
(GBP)
2,600,000
3,207
Volkswagen
Group
of
America
Finance,
5.80%,
9/12/25
(USD) (1)
8,326,000
8,363
ZF
North
America
Capital,
4.75%,
4/29/25
(USD) (1)
7,682,000
7,567
165,831
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
Bonds
3.0%
Deutsche
Bundesrepublik,
Inflation-Indexed,
0.10%,
4/15/26
109,342,682
116,283
116,283
Total
Germany
(Cost
$280,552
)
282,114
HUNGARY
1.7%
Government
Bonds
1.7%
Magyar
Export-Import
Bank,
6.00%,
5/16/29
(EUR)
3,060,000
3,494
Republic
of
Hungary,
Series
32/A,
4.75%,
11/24/32
22,085,120,000
52,983
Republic
of
Hungary,
Series
33/A,
2.25%,
4/20/33
4,045,270,000
7,834
Total
Hungary
(Cost
$49,468
)
64,311
INDIA
0.7%
Corporate
Bonds
0.3%
HDFC
Bank,
8.10%,
3/22/25
1,200,000,000
14,420
14,420
Government
Bonds
0.4%
Republic
of
India,
6.45%,
10/7/29
1,253,000,000
14,664
14,664
Total
India
(Cost
$35,090
)
29,084
INDONESIA
1.0%
Government
Bonds
1.0%
Republic
of
Indonesia,
Series
FR82,
7.00%,
9/15/30
579,300,000,000
37,296
Total
Indonesia
(Cost
$38,186
)
37,296
IRELAND
1.4%
Corporate
Bonds
1.4%
AerCap
Ireland
Capital,
3.00%,
10/29/28
(USD)
13,050,000
11,778
AerCap
Ireland
Capital,
3.30%,
1/30/32
(USD)
15,025,000
12,881
AerCap
Ireland
Capital,
6.15%,
9/30/30
(USD)
7,225,000
7,492
Avolon
Holdings
Funding,
2.875%,
2/15/25
(USD) (1)
8,048,000
7,822
Avolon
Holdings
Funding,
3.95%,
7/1/24
(USD) (1)
4,875,000
4,844
Avolon
Holdings
Funding,
6.375%,
5/4/28
(USD) (1)
9,735,000
9,904
Total
Ireland
(Cost
$57,033
)
54,721
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
ITALY
2.3%
Corporate
Bonds
0.4%
Enel
Finance
International,
7.75%,
10/14/52
(USD) (1)(2)
5,200,000
6,305
UniCredit,
VR,
1.25%,
6/25/25 (3)
7,770,000
8,325
14,630
Government
Bonds
1.9%
Republic
of
Italy,
2.375%,
10/17/24
(USD)
75,366,000
74,011
74,011
Total
Italy
(Cost
$87,103
)
88,641
IVORY
COAST
0.6%
Government
Bonds
0.6%
Republic
of
Ivory
Coast,
5.875%,
10/17/31
(EUR)
9,700,000
9,691
Republic
of
Ivory
Coast,
7.625%,
1/30/33
(USD) (1)
6,970,000
6,928
Republic
of
Ivory
Coast,
8.25%,
1/30/37
(USD) (1)
7,460,000
7,500
Total
Ivory
Coast
(Cost
$22,943
)
24,119
JAPAN
0.6%
Corporate
Bonds
0.6%
Mitsubishi
UFJ
Financial
Group,
VR,
0.953%,
7/19/25
(USD) (3)
7,960,000
7,837
Mitsubishi
UFJ
Financial
Group,
VR,
5.719%,
2/20/26
(USD) (3)
8,343,000
8,345
Toyota
Motor
Finance
Netherlands,
4.625%,
6/8/26
(GBP)
6,735,000
8,466
Total
Japan
(Cost
$24,188
)
24,648
LUXEMBOURG
0.1%
Corporate
Bonds
0.1%
Altice
Financing,
9.625%,
7/15/27
(USD) (1)
5,932,000
5,674
Total
Luxembourg
(Cost
$5,872
)
5,674
MALAYSIA
2.1%
Government
Bonds
2.1%
Government
of
Malaysia,
Series
0123,
4.457%,
3/31/53
232,747,000
51,325
Government
of
Malaysia,
Series
0216,
4.736%,
3/15/46
67,360,000
15,683
Government
of
Malaysia,
Series
0518,
4.921%,
7/6/48
67,600,000
15,933
Total
Malaysia
(Cost
$82,070
)
82,941
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
6
Par/Shares
$
Value
(Cost
and
value
in
$000s)
MEXICO
5.6%
Corporate
Bonds
1.7%
Petroleos
Mexicanos,
6.50%,
1/23/29
(USD)
73,650,000
65,866
65,866
Government
Bonds
3.9%
United
Mexican
States,
Series
M,
5.75%,
3/5/26
1,622,900,000
90,361
United
Mexican
States,
Series
M,
7.50%,
6/3/27
250,000,000
14,226
United
Mexican
States,
Series
M,
8.50%,
5/31/29
798,062,000
46,485
151,072
Total
Mexico
(Cost
$195,048
)
216,938
NETHERLANDS
0.4%
Common
Stocks
0.0%
Fortenova
Group
STAK
Stichting,
ADR,
Acquisition
date:
4/1/19,
Cost $234 (4)(6)
597,196
245
245
Convertible
Bonds
0.0%
Fortenova
Group
TopCo,
Acquisition
date:
4/1/19
-
4/1/22,
Cost $1,306,
2.50%,
4/1/24,
(2.50%
PIK) (4)(6)(7)
2,557,406
1,048
1,048
Corporate
Bonds
0.4%
LeasePlan,
VR,
7.375% (3)(8)
13,208,000
14,251
14,251
Total
Netherlands
(Cost
$16,057
)
15,544
NEW
ZEALAND
3.3%
Government
Bonds
3.3%
Government
of
New
Zealand,
Series
0551,
2.75%,
5/15/51
270,969,000
110,173
Government
of
New
Zealand,
Series
0554,
5.00%,
5/15/54
32,832,000
19,832
Total
New
Zealand
(Cost
$161,919
)
130,005
PHILIPPINES
0.7%
Government
Bonds
0.7%
Republic
of
Philippines,
6.25%,
1/14/36
1,679,000,000
28,245
Total
Philippines
(Cost
$37,112
)
28,245
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
PORTUGAL
0.7%
Government
Bonds
0.7%
Portuguese
Republic,
5.125%,
10/15/24
(USD)
25,625,000
25,536
Total
Portugal
(Cost
$25,556
)
25,536
QATAR
0.2%
Corporate
Bonds
0.2%
QatarEnergy,
2.25%,
7/12/31
(USD) (2)
8,240,000
6,919
Total
Qatar
(Cost
$8,286
)
6,919
SERBIA
2.1%
Government
Bonds
2.1%
Republic
of
Serbia,
Series
10Y,
5.875%,
2/8/28
5,669,670,000
54,314
Republic
of
Serbia,
Series
12.5,
4.50%,
8/20/32
3,322,930,000
28,031
Total
Serbia
(Cost
$90,386
)
82,345
SOUTH
AFRICA
0.7%
Government
Bonds
0.7%
Republic
of
South
Africa,
Series
2048,
8.75%,
2/28/48
730,601,000
26,767
Total
South
Africa
(Cost
$31,424
)
26,767
SPAIN
0.2%
Corporate
Bonds
0.2%
Banco
Santander,
3.496%,
3/24/25
(USD)
8,000,000
7,839
Total
Spain
(Cost
$7,790
)
7,839
SUPRANATIONAL
3.0%
Corporate
Bonds
3.0%
European
Bank
for
Reconstruction
&
Development,
6.30%,
10/26/27
(INR)
825,400,000
9,690
European
Investment
Bank,
1.625%,
3/14/25
(USD)
30,900,000
29,898
International
Bank
for
Reconstruction
&
Development,
0.625%,
4/22/25
(USD)
58,636,000
55,965
International
Bank
for
Reconstruction
&
Development,
6.85%,
4/24/28
(INR)
837,500,000
10,004
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
International
Finance,
6.30%,
11/25/24
(INR)
817,550,000
9,747
Total
Supranational
(Cost
$115,308
)
115,304
SWITZERLAND
1.0%
Corporate
Bonds
1.0%
Credit
Suisse,
1.125%,
12/15/25
(GBP)
4,339,000
5,120
UBS
Group,
2.75%,
8/8/25
(GBP)
7,000,000
8,543
UBS
Group,
3.75%,
3/26/25
(USD)
1,830,000
1,795
UBS
Group,
4.55%,
4/17/26
(USD)
5,235,000
5,148
UBS
Group,
VR,
1.305%,
2/2/27
(USD) (1)(3)
5,590,000
5,137
UBS
Group,
VR,
2.193%,
6/5/26
(USD) (1)(3)
2,920,000
2,794
UBS
Group,
VR,
5.699%,
2/8/35
(USD) (1)(3)
8,875,000
8,882
Total
Switzerland
(Cost
$36,558
)
37,419
THAILAND
3.4%
Government
Bonds
3.4%
Kingdom
of
Thailand,
3.60%,
6/17/67
952,465,000
26,436
Kingdom
of
Thailand,
4.00%,
6/17/72
335,600,000
10,172
Kingdom
of
Thailand,
Series
ILB,
Inflation-Indexed,
1.25%,
3/12/28
3,620,785,190
94,305
Total
Thailand
(Cost
$149,026
)
130,913
TÜRKIYE
0.2%
Government
Bonds
0.2%
Republic
of
Turkiye,
7.625%,
5/15/34
(USD)
6,360,000
6,393
Total
Türkiye
(Cost
$6,252
)
6,393
UNITED
KINGDOM
7.8%
Corporate
Bonds
2.1%
Barclays,
3.00%,
5/8/26
600,000
723
Barclays,
VR,
1.375%,
1/24/26
(EUR) (3)
6,282,000
6,638
Barclays,
VR,
5.304%,
8/9/26
(USD) (3)
8,490,000
8,444
Barclays,
VR,
6.125%
(USD) (3)(8)
8,109,000
7,815
Lloyds
Bank,
7.625%,
4/22/25
4,245,000
5,452
Lloyds
Banking
Group,
4.45%,
5/8/25
(USD)
8,537,000
8,438
Lloyds
Banking
Group,
VR,
2.438%,
2/5/26
(USD) (3)
8,745,000
8,498
Lloyds
Banking
Group,
VR,
5.679%,
1/5/35
(USD) (3)
7,735,000
7,780
Merlin
Entertainments,
5.75%,
6/15/26
(USD)
1,215,000
1,203
Motion
Bondco,
6.625%,
11/15/27
(USD) (1)(2)
2,200,000
2,125
NatWest
Group,
VR,
1.75%,
3/2/26
(EUR) (3)
4,460,000
4,716
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
9
Par/Shares
$
Value
(Cost
and
value
in
$000s)
NatWest
Markets,
6.625%,
6/22/26
2,050,000
2,662
Reynolds
American,
4.45%,
6/12/25
(USD)
8,470,000
8,359
Standard
Chartered,
VR,
6.097%,
1/11/35
(USD) (1)(2)(3)
8,050,000
8,231
81,084
Government
Bonds
5.7%
United
Kingdom
Inflation-Linked
Gilt,
Series
3MO,
0.125%,
3/22/26
178,298,169
223,969
223,969
Total
United
Kingdom
(Cost
$296,418
)
305,053
UNITED
STATES
32.6%
Asset-Backed
Securities
2.5%
Applebee's
Funding,
Series
2023-1A,
Class
A2,
7.824%,
3/5/53 (1)
6,500,000
6,720
CarMax
Auto
Owner
Trust,
Series
2023-1,
Class
A2A,
5.23%,
1/15/26
2,884,701
2,882
DLLAD,
Series
2023-1A,
Class
A2,
5.19%,
4/20/26 (1)
5,462,446
5,447
Drive
Auto
Receivables
Trust,
Series
2020-2,
Class
D,
3.05%,
5/15/28
1,759,812
1,748
Driven
Brands
Funding,
Series
2018-1A,
Class
A2,
4.739%,
4/20/48 (1)
2,323,263
2,281
Driven
Brands
Funding,
Series
2019-2A,
Class
A2,
3.981%,
10/20/49 (1)
4,777,925
4,495
Exeter
Automobile
Receivables
Trust,
Series
2021-1A,
Class
E,
2.21%,
2/15/28 (1)
17,480,000
16,541
FOCUS
Brands
Funding,
Series
2022-1,
Class
A2,
7.206%,
7/30/52 (1)
18,912,000
18,965
Ford
Credit
Auto
Lease
Trust,
Series
2023-A,
Class
A2A,
5.19%,
6/15/25
3,171,850
3,171
Hardee's
Funding,
Series
2018-1A,
Class
A2II,
4.959%,
6/20/48 (1)
10,665,124
10,559
Hardee's
Funding,
Series
2020-1A,
Class
A2,
3.981%,
12/20/50 (1)
4,426,313
3,987
Mercedes-Benz
Auto
Receivables
Trust,
Series
2023-1,
Class
A2,
5.09%,
1/15/26
5,083,009
5,077
Nissan
Auto
Lease
Trust,
Series
2023-A,
Class
A2A,
5.10%,
3/17/25
5,602,127
5,599
Octane
Receivables
Trust,
Series
2023-1A,
Class
A,
5.87%,
5/21/29 (1)
914,343
915
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2022-A,
Class
B,
5.281%,
5/15/32 (1)
5,067,752
5,039
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2022-B,
Class
C,
5.916%,
8/16/32 (1)
806,584
805
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
10
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2022-B,
Class
D,
6.793%,
8/16/32 (1)
1,900,664
1,900
96,131
Bank
Loans
1.4%
(9)
AppLovin,
FRN,
1M
TSFR
+
2.50%,
7.83%,
8/16/30
12,410,000
12,394
AppLovin,
FRN,
1M
TSFR
+
3.00%,
8/16/30 (10)
3,253,135
3,249
Clear
Channel
Outdoor
Holdings,
FRN,
1M
TSFR
+
3.00%,
8.441%,
8/21/28
4,537,645
4,531
Diamond
Sports
Group,
5.00%,
12/2/24
(5.00%
PIK) (7)
2,271,063
3,699
IRB
Holding,
FRN,
1M
TSFR
+
2.75%,
8.177%,
12/15/27
4,585,809
4,585
Nascar
Holdings,
FRN,
1M
TSFR
+
2.50%,
7.945%,
10/19/26
454,139
456
Neptune
Bidco
U.S.,
FRN,
1M
TSFR
+
5.00%,
10.423%,
4/11/29
24,317,243
22,388
RealPage,
FRN,
1M
TSFR
+
3.00%,
8.445%,
4/24/28
2,647,125
2,574
53,876
Corporate
Bonds
15.7%
AbbVie,
3.80%,
3/15/25
8,490,000
8,370
Ally
Financial,
5.125%,
9/30/24
6,960,000
6,926
American
Electric
Power,
5.699%,
8/15/25
8,363,000
8,368
American
Express,
VR,
5.098%,
2/16/28 (3)
12,505,000
12,418
Bank
of
America,
VR,
0.976%,
4/22/25 (3)
8,050,000
8,019
Bank
of
America,
VR,
0.981%,
9/25/25 (3)
8,238,000
8,050
Bank
of
America,
VR,
3.841%,
4/25/25 (3)
8,049,000
8,035
Boeing,
4.875%,
5/1/25
9,149,000
9,050
Boost
Newco
Borrower,
7.50%,
1/15/31 (1)
2,690,000
2,808
Capital
One
Financial,
4.25%,
4/30/25
8,612,000
8,499
Capital
One
Financial,
VR,
2.636%,
3/3/26 (3)
8,861,000
8,604
Capital
One
Financial,
VR,
6.312%,
6/8/29 (3)
10,620,000
10,887
Capital
One
Financial,
VR,
6.377%,
6/8/34 (3)
10,620,000
10,979
Carrier
Global,
2.242%,
2/15/25
8,049,000
7,807
CEC
Entertainment,
6.75%,
5/1/26 (1)
11,860,000
11,741
Cedar
Fair,
5.50%,
5/1/25 (1)
13,458,000
13,408
Celanese
U.S.
Holdings,
6.05%,
3/15/25
8,281,000
8,297
Charles
Schwab,
VR,
5.643%,
5/19/29 (3)
11,000,000
11,156
Charles
Schwab,
VR,
5.853%,
5/19/34 (3)
8,800,000
8,985
Charter
Communications
Operating,
4.908%,
7/23/25
8,488,000
8,388
Cheniere
Corpus
Christi
Holdings,
5.875%,
3/31/25
8,338,000
8,338
Cinemark
USA,
8.75%,
5/1/25 (1)
2,858,000
2,862
Citigroup,
4.40%,
6/10/25
17,339,000
17,110
Clear
Channel
Outdoor
Holdings,
9.00%,
9/15/28 (1)
6,190,000
6,430
Constellation
Energy
Generation,
3.25%,
6/1/25
8,695,000
8,501
DCP
Midstream
Operating,
5.375%,
7/15/25
5,119,000
5,106
Delta
Air
Lines,
2.90%,
10/28/24
17,280,000
16,934
Diamond
Sports
Group,
5.375%,
8/15/26 (1)(4)(5)
34,830,000
958
Energy
Transfer,
2.90%,
5/15/25
8,799,000
8,532
Fifth
Third
Bancorp,
2.375%,
1/28/25
12,165,000
11,863
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
11
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Fifth
Third
Bank,
3.85%,
3/15/26
3,244,000
3,122
Fifth
Third
Bank,
3.95%,
7/28/25
1,113,000
1,091
Fifth
Third
Bank,
VR,
5.852%,
10/27/25 (3)
4,148,000
4,147
Ford
Motor
Credit,
2.30%,
2/10/25
8,583,000
8,317
Ford
Motor
Credit,
5.125%,
6/16/25
10,901,000
10,802
Ford
Motor
Credit,
5.80%,
3/5/27
11,270,000
11,308
General
Motors
Financial,
6.05%,
10/10/25
8,049,000
8,102
GFL
Environmental,
4.25%,
6/1/25 (1)
3,416,000
3,356
Goldman
Sachs
Group,
3.50%,
4/1/25
8,050,000
7,900
HCA,
5.375%,
2/1/25
8,405,000
8,384
Hillenbrand,
5.75%,
6/15/25
2,136,000
2,128
Hyundai
Capital
America,
5.50%,
3/30/26 (1)
7,285,000
7,300
JPMorgan
Chase,
VR,
0.824%,
6/1/25 (3)
8,049,000
7,978
Kilroy
Realty,
3.45%,
12/15/24
8,612,000
8,454
Morgan
Stanley,
VR,
1.164%,
10/21/25 (3)
8,048,000
7,833
Morgan
Stanley,
VR,
3.62%,
4/17/25 (3)
8,051,000
8,020
Morgan
Stanley,
Series
I,
VR,
0.864%,
10/21/25 (3)
16,520,000
16,061
Navient,
6.75%,
6/25/25
1,706,000
1,714
NextEra
Energy
Capital
Holdings,
6.051%,
3/1/25
8,047,000
8,063
Occidental
Petroleum,
5.875%,
9/1/25
8,322,000
8,353
OneMain
Finance,
6.875%,
3/15/25
1,280,000
1,293
Ovintiv,
5.65%,
5/15/25
8,322,000
8,333
PNC
Financial
Services
Group,
VR,
5.812%,
6/12/26 (3)
8,404,000
8,410
Rivian
Holdings,
FRN,
6M
TSFR
+
6.03%,
11.493%,
10/15/26 (1)
14,775,000
14,886
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
7,420,000
7,247
Sirius
XM
Radio,
5.00%,
8/1/27 (1)
6,772,000
6,501
Southern,
VR,
1.875%,
9/15/81
(EUR) (3)
7,590,000
7,163
Sprint,
7.625%,
2/15/25
41,325,000
41,842
Sprint,
7.625%,
3/1/26
8,076,000
8,338
Stagwell
Global,
5.625%,
8/15/29 (1)
17,057,000
15,437
Townsquare
Media,
6.875%,
2/1/26 (1)
9,850,000
9,604
United
Airlines
Holdings,
4.875%,
1/15/25
4,526,000
4,481
Venture
Global
LNG,
8.375%,
6/1/31 (1)
28,855,000
29,685
Vistra,
VR,
7.00% (1)(3)(8)
7,285,000
7,212
Walgreens
Boots
Alliance,
3.80%,
11/18/24
8,527,000
8,385
Warnermedia
Holdings,
3.638%,
3/15/25
8,572,000
8,403
Western
Midstream
Operating,
3.10%,
2/1/25
8,652,000
8,457
Williams,
4.00%,
9/15/25
8,051,000
7,910
613,449
Municipal
Securities
0.6%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (11)
4,538,216
2,623
Puerto
Rico
Commonwealth,
Restructured,
Series
A,
GO,
Zero
Coupon,
7/1/24
167,584
166
Puerto
Rico
Commonwealth,
Restructured,
Series
A,
GO,
Zero
Coupon,
7/1/33
1,322,744
868
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
12
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/33
1,027,849
1,024
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/35
923,898
906
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/37
792,950
765
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/41
1,078,109
1,014
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/46
1,121,218
1,028
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.375%,
7/1/25
1,144,738
1,167
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.625%,
7/1/27
1,134,370
1,206
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.625%,
7/1/29
1,115,968
1,221
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.75%,
7/1/31
1,083,929
1,221
Tobacco
Settlement
Fin.,
Series
A-1,
6.706%,
6/1/46
11,280,000
9,723
22,932
Non-U.S.
Government
Mortgage-Backed
Securities
1.9%
BANK,
Series
2020-BN25,
Class
AS,
2.841%,
1/15/63
8,515,000
7,298
BBCMS
Mortgage
Trust,
Series
2020-C6,
Class
AS,
2.84%,
2/15/53
7,995,000
6,941
Benchmark
Mortgage
Trust,
Series
2020-B16,
Class
AM,
ARM,
2.944%,
2/15/53
5,730,000
4,856
BRAVO
Residential
Funding
Trust,
Series
2022-NQM2,
Class
A1,
CMO,
ARM,
4.272%,
11/25/61 (1)
3,929,131
3,881
BX
Commercial
Mortgage
Trust,
Series
2019-IMC,
Class
E,
ARM,
1M
TSFR
+
2.196%,
7.521%,
4/15/34 (1)
5,535,000
5,514
Cantor
Commercial
Real
Estate
Lending,
Series
2019-CF1,
Class
65D,
ARM,
4.66%,
5/15/52 (1)
4,517,000
2,080
Connecticut
Avenue
Securities
Trust,
Series
2022-R06,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.75%,
8.07%,
5/25/42 (1)
4,678,353
4,801
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2019-
MILE,
Class
A,
ARM,
1M
TSFR
+
1.579%,
6.905%,
7/15/36 (1)
6,366,430
5,880
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-DNA2,
Class
M1A,
CMO,
ARM,
SOFR30A
+
1.30%,
6.62%,
2/25/42 (1)
6,991,060
7,007
Towd
Point
Mortgage
Trust,
Series
2018-1,
Class
A1,
CMO,
ARM,
3.00%,
1/25/58 (1)
720,161
700
Towd
Point
Mortgage
Trust,
Series
2018-3,
Class
A1,
CMO,
ARM,
3.75%,
5/25/58 (1)
1,794,458
1,726
TRK
Trust,
Series
2022-INV1,
Class
A1,
CMO,
ARM,
2.577%,
2/25/57 (1)
12,572,125
11,198
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
13
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Verus
Securitization
Trust,
Series
2022-1,
Class
A1,
CMO,
STEP,
2.724%,
1/25/67 (1)
15,336,910
13,804
75,686
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
10.5%
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
4/15/25
219,938,484
214,406
U.S.
Treasury
Notes,
4.25%,
5/31/25
195,000,000
193,385
407,791
Total
United
States
(Cost
$1,273,862
)
1,269,865
SHORT-TERM
INVESTMENTS
11.8%
Money
Market
Funds
11.8%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (12)(13)
458,534,690
458,535
Total
Short-Term
Investments
(Cost
$458,535)
458,535
SECURITIES
LENDING
COLLATERAL
0.8%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (12)(13)
8,093,552
8,093
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
8,093
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.6%
Money
Market
Funds
0.6%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (12)(13)
22,831,898
22,832
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
22,832
Total
Securities
Lending
Collateral
(Cost
$30,925)
30,925
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED
0.9%
Exchange-Traded
Options
Purchased
0.1%
Description
Contracts
Notional
Amount
$
Value
U.S.
Treasury
10-Year
Notes
Futures,
Put,
4/26/24
@
$110.50 (4)
3,517
389,673
1,978
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
14
(Amounts
in
000s,
except
for
contracts)
Description
Contracts
Notional
Amount
$
Value
U.S.
Treasury
10-Year
Notes
Futures,
Put,
4/26/24
@
$111.00 (4)
3,493
387,013
2,784
Total
Exchange-Traded
Options
Purchased
(Cost
$5,816)
4,762
OTC
Options
Purchased
0.8%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Bank
of
America
USD
/
JPY,
Call,
9/5/24
@
JPY156.00 (4)
1
197,150
978
Bank
of
America
USD
/
JPY,
Call,
9/30/24
@
JPY156.00 (4)
1
156,480
887
Bank
of
America
USD
/
MXN,
Call,
4/4/24
@
MXN17.39 (4)
1
195,035
11
Barclays
Bank
S&P
500
Index,
Put,
12/20/24
@
$4,700.00 (4)
1,142
600,047
9,364
Citibank
5
Year
Interest
Rate
Swap,
12/10/30
Receive
Fixed
2.25%
Annually,
Pay
Variable
5.34%
(SOFR)
Annually,
12/8/25
@
2.25%* (4)
1
397,120
1,963
Citibank
EUR
/
CHF,
Put,
5/31/24
@
CHF0.93
(EUR) (4)
1
180,650
80
Citibank
EUR
/
CHF,
Put,
9/3/24
@
CHF0.92
(EUR) (4)
1
180,431
442
Citibank
USD
/
AUD,
Call,
8/8/24
@
AUD0.62 (4)
1
156,564
608
Citibank
USD
/
EUR,
Call,
9/12/24
@
EUR1.05 (4)
1
211,363
1,002
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
15
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Goldman
Sachs
10
Year
Interest
Rate
Swap,
4/12/34
Pay
Fixed
4.75%
Annually,
Receive
Variable
5.34%
(SOFR)
Annually,
4/10/24
@
4.75%* (4)
1
316,830
—
Goldman
Sachs
5
Year
Interest
Rate
Swap,
12/10/30
Receive
Fixed
2.00%
Annually,
Pay
Variable
5.34%
(SOFR)
Annually,
12/8/25
@
2.00%* (4)
1
397,120
1,441
Goldman
Sachs
USD
/
TWD,
Call,
5/22/24
@
TWD32.50 (4)
1
106,920
250
Morgan
Stanley
10
Year
Interest
Rate
Swap,
4/12/34
Pay
Fixed
4.50%
Annually,
Receive
Variable
5.34%
(SOFR)
Annually,
4/10/24
@
4.50%* (4)
1
590,610
—
Morgan
Stanley
S&P
500
Index,
Put,
12/20/24
@
$4,700.00 (4)
1,142
600,047
9,364
UBS
Investment
Bank
S&P
500
Index,
Put,
9/20/24
@
$4,600.00 (4)
762
400,381
3,079
Total
OTC
Options
Purchased
(Cost
$51,920)
29,469
Total
Options
Purchased
(Cost
$57,736)
34,231
Total
Investments
in
Securities
101.7%
(Cost
$4,083,535)
$
3,960,169
Other
Assets
Less
Liabilities
(1.7)%
(66,114)
Net
Assets
100.0%
$
3,894,055
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Par/Shares
and
Notional
Amount
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
16
.
.
.
.
.
.
.
.
.
.
†
Investment
fund
is
not
unitized.
*
Exercise
Spread
(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
$561,951
and
represents
14.4%
of
net
assets.
(2)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2024.
(3)
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.
(4)
Non-income
producing
(5)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(6)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$6,178
and
represents
0.2%
of
net
assets.
(7)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(8)
Perpetual
security
with
no
stated
maturity
date.
(9)
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.
(10)
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.
(11)
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.
(12)
Seven-day
yield
(13)
Affiliated
Companies
1
Day
INR
MIBOR
One
day
INR
MIBOR
(Mumbai
interbank
offered
rate)
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
EURIBOR
Three
month
EURIBOR
(Euro
interbank
offered
rate)
6M
CZK
PRIBOR
Six
month
CZK
PRIBOR
(Prague
interbank
offered
rate)
6M
EURIBOR
Six
month
EURIBOR
(Euro
interbank
offered
rate)
6M
TSFR
Six
month
Term
SOFR
(Secured
overnight
financing
rate)
ADR
American
Depositary
Receipts
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
17
.
.
.
.
.
.
.
.
.
.
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CLP
Chilean
Peso
CMO
Collateralized
Mortgage
Obligation
CNH
Offshore
China
Renminbi
COP
Colombian
Peso
CORRA
Canadian
Overnight
Repo
Rate
Average
CPI
Consumer
Price
Index
CZK
Czech
Koruna
EGP
Egyptian
Pound
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GBP
SONIA
Sterling
Overnight
Index
Average
GO
General
Obligation
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
OTC
Over-the-counter
PHP
Philippines
Peso
PIK
Payment-in-kind
RON
New
Romanian
Leu
RSD
Serbian
Dinar
SOFR
Secured
overnight
financing
rate
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
THB
Thai
Baht
TWD
Taiwan
Dollar
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
ZAR
South
African
Rand
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
18
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.5)%
Exchange-Traded
Options
Written
(0.1)%
Description
Contracts
Notional
Amount
$
Value
U.S.
Treasury
10-Year
Notes
Futures,
Put,
4/26/24
@
$109.50
7,055
781,672
(1,653)
Total
Exchange-Traded
Options
Written
(Premiums
$(1,700))
$
(1,653)
OTC
Options
Written
(0.4)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Barclays
Bank
S&P
500
Index,
Put,
12/20/24
@
$5,300.00
381
200,191
(8,003)
Morgan
Stanley
S&P
500
Index,
Put,
12/20/24
@
$5,300.00
381
200,191
(8,003)
Total
OTC
Options
Written
(Premiums
$(19,937))
$
(16,006)
Total
Options
Written
(Premiums
$(21,637))
$
(17,659)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
19
(Amounts
in
000s)
SWAPS
(0.3)%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
(0.8)%
Credit
Default
Swaps,
Protection
Bought
(0.9)%
United
States
(0.9)%
Bank
of
America,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S39,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
*
70,237
(9,577)
(3,823)
(5,754)
Bank
of
America,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S41,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/28
*
21,474
(3,065)
(747)
(2,318)
Goldman
Sachs,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S39,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
*
43,927
(5,989)
(2,088)
(3,901)
Goldman
Sachs,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S41,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/28
*
48,102
(6,865)
(1,995)
(4,870)
JPMorgan
Chase,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S41,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/28
*
38,223
(5,455)
(1,234)
(4,221)
Morgan
Stanley,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S39,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
*
21,836
(2,977)
(1,316)
(1,661)
Morgan
Stanley,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S41,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/28
*
48,101
(6,865)
(1,920)
(4,945)
Morgan
Stanley,
Protection
Bought
(Relevant
Credit:
Markit
CMBX.
NA.BBB-S15,
40
Year
Index),
Pay
3.00%
Monthly,
Receive
upon
credit
default,
11/18/64
*
69,310
9,793
15,653
(5,860)
Total
United
States
2,530
(33,530)
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
2,530
(33,530)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
20
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
Credit
Default
Swaps,
Protection
Sold
0.1%
Luxembourg
0.1%
JPMorgan
Chase,
Protection
Sold (Relevant
Credit:
ArcelorMittal,
Baa3*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
*
12,000
1,021
1,103
(82)
JPMorgan
Chase,
Protection
Sold (Relevant
Credit:
ArcelorMittal,
Baa3*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
*
16,950
1,443
1,111
332
Total
Luxembourg
2,214
250
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
2,214
250
Total
Bilateral
Swaps
4,744
(33,280)
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.5%
Credit
Default
Swaps,
Protection
Bought
(0.3)%
Australia
(0.0)%
Protection
Bought
(Relevant
Credit:
Glencore
International),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/26
(EUR)
7,215
(920)
(1,598)
678
Total
Australia
678
Canada
(0.1)%
Protection
Bought
(Relevant
Credit:
Bombardier),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/20/28
(USD)
43,520
(4,583)
(1,807)
(2,776)
Total
Canada
(2,776)
France
(0.0)%
Protection
Bought
(Relevant
Credit:
Sanofi),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
14,200
(422)
(314)
(108)
Total
France
(108)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
21
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
South
Africa
0.0%
Protection
Bought
(Relevant
Credit:
Republic
of
South
Africa),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
(USD)
69,750
2,362
5,766
(3,404)
Total
South
Africa
(3,404)
United
States
(0.2)%
Protection
Bought
(Relevant
Credit:
GAP),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
21,620
46
3,682
(3,636)
Protection
Bought
(Relevant
Credit:
Iron
Mountain),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
17,452
(2,496)
(2,191)
(305)
Protection
Bought
(Relevant
Credit:
Macy's),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
8,363
427
1,506
(1,079)
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S33,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
235,944
(7,319)
(2,863)
(4,456)
Protection
Bought
(Relevant
Credit:
Occidental
Petroleum),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/21/27
11,290
(166)
531
(697)
Protection
Bought
(Relevant
Credit:
Xerox),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
18,860
750
2,770
(2,020)
Total
United
States
(12,193)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Bought
(17,803)
Credit
Default
Swaps,
Protection
Sold
1.1%
United
States
1.1%
Protection
Sold
(Relevant
Credit:
Carnival,
B3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/24
8,610
12
(366)
378
Protection
Sold
(Relevant
Credit:
Carnival,
B3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
10,900
41
(831)
872
Protection
Sold
(Relevant
Credit:
Markit
CDX.EM-S40,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
117,740
(2,818)
(3,846)
1,028
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
22
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.HY-S41,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
585,920
44,112
16,653
27,459
Total
United
States
29,737
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
29,737
Interest
Rate
Swaps
(0.3)%
Canada
(0.0)%
10
Year
Interest
Rate
Swap,
Pay
Fixed
3.847%
Semi-Annually,
Receive
Variable
5.081%
(CORRA)
Semi-Annually,
11/9/33
41,158
(788)
—
(788)
10
Year
Interest
Rate
Swap,
Pay
Fixed
3.851%
Semi-Annually,
Receive
Variable
5.081%
(CORRA)
Semi-Annually,
11/9/33
41,157
(798)
—
(798)
Total
Canada
(1,586)
China
0.0%
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.210%
Quarterly,
Pay
Variable
2.400%
(7
Day
Interbank
Repo)
Quarterly,
1/10/29
239,077
175
—
175
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.230%
Quarterly,
Pay
Variable
2.400%
(7
Day
Interbank
Repo)
Quarterly,
1/10/29
615,215
531
—
531
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.244%
Quarterly,
Pay
Variable
2.400%
(7
Day
Interbank
Repo)
Quarterly,
1/9/29
1,246,618
1,196
—
1,196
Total
China
1,902
Czech
Republic
0.1%
5
Year
Interest
Rate
Swap,
Receive
Fixed
4.060%
Annually,
Pay
Variable
6.250%
(6M
CZK
PRIBOR)
Semi-Annually,
7/20/28
1,165,100
1,464
—
1,464
5
Year
Interest
Rate
Swap,
Receive
Fixed
4.120%
Annually,
Pay
Variable
6.260%
(6M
CZK
PRIBOR)
Semi-Annually,
7/19/28
582,550
794
—
794
5
Year
Interest
Rate
Swap,
Receive
Fixed
4.130%
Annually,
Pay
Variable
6.260%
(6M
CZK
PRIBOR)
Semi-Annually,
7/19/28
582,550
806
—
806
5
Year
Interest
Rate
Swap,
Receive
Fixed
4.612%
Annually,
Pay
Variable
6.900%
(6M
CZK
PRIBOR)
Semi-Annually,
10/24/28
124,000
155
—
155
Total
Czech
Republic
3,219
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
23
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Foreign/Europe
(0.8)%
30
Year
Interest
Rate
Swap,
Pay
Fixed
2.852%
Annually,
Receive
Variable
3.912%
(6M
EURIBOR)
Semi-Annually,
9/11/53
59,868
(7,694)
—
(7,694)
30
Year
Interest
Rate
Swap,
Pay
Fixed
3.062%
Annually,
Receive
Variable
3.855%
(6M
EURIBOR)
Semi-Annually,
9/29/53
103,797
(18,447)
—
(18,447)
30
Year
Interest
Rate
Swap,
Pay
Fixed
3.162%
Annually,
Receive
Variable
4.126%
(6M
EURIBOR)
Semi-Annually,
10/23/53
18,820
(3,375)
—
(3,375)
Total
Foreign/Europe
(29,516)
India
(0.0)%
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.051%
Semi-Annually,
Pay
Variable
7.900%
(1
Day
INR
MIBOR)
Semi-Annually,
5/26/28
2,500,000
(316)
—
(316)
Total
India
(316)
United
Kingdom
0.3%
2
Year
Interest
Rate
Swap,
Receive
Fixed
4.486%
Annually,
Pay
Variable
5.227%
(GBP
SONIA)
Annually,
12/15/25
421,389
(1,572)
—
(1,572)
30
Year
Interest
Rate
Swap,
Pay
Fixed
0.912%
Annually,
Receive
Variable
5.255%
(GBP
SONIA)
Annually,
9/27/51
27,725
17,410
(2)
17,412
30
Year
Interest
Rate
Swap,
Pay
Fixed
3.944%
Annually,
Receive
Variable
5.274%
(GBP
SONIA)
Annually,
8/8/53
1,993
(91)
—
(91)
30
Year
Interest
Rate
Swap,
Pay
Fixed
4.416%
Annually,
Receive
Variable
5.247%
(GBP
SONIA)
Annually,
10/20/53
2,314
(366)
—
(366)
50
Year
Interest
Rate
Swap,
Pay
Fixed
4.085%
Annually,
Receive
Variable
5.250%
(GBP
SONIA)
Annually,
10/11/72
14,144
(2,213)
2
(2,215)
Total
United
Kingdom
13,168
United
States
0.1%
10
Year
Interest
Rate
Swap,
Pay
Fixed
3.576%
Annually,
Receive
Variable
5.357%
(SOFR)
Annually,
12/19/33
119,953
3,183
—
3,183
Total
United
States
3,183
Total
Centrally
Cleared
Interest
Rate
Swaps
(9,946)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
24
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Zero-Coupon
Inflation
Swaps
(0.0)%
Foreign/Europe
(0.1)%
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
3.093%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
8/16/27
74,483
(759)
—
(759)
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
3.113%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
8/16/27
73,849
(835)
—
(835)
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
3.203%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
8/16/27
73,848
(1,206)
1
(1,207)
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
3.205%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
8/16/27
52,830
(871)
—
(871)
Total
Foreign/Europe
(3,672)
United
States
0.1%
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.420%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
12/12/33
39,274
345
—
345
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.423%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
12/12/33
39,273
338
—
338
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.425%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
12/12/33
39,274
330
—
330
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.443%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
12/12/33
42,415
291
—
291
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.450%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
12/12/33
39,274
245
—
245
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.486%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
1/25/33
21,526
202
—
202
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.490%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
1/25/33
21,526
194
—
194
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.539%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
3/28/33
43,164
210
—
210
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
25
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.543%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
3/28/33
45,322
203
—
203
Total
United
States
2,358
Total
Centrally
Cleared
Zero-Coupon
Inflation
Swaps
(1,314)
Total
Centrally
Cleared
Swaps
674
Net
payments
(receipts)
of
variation
margin
to
date
137
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
811
*
Credit
ratings
as
of
March
31,
2024.
Ratings
shown
are
from
Moody’s
Investors
Service
and
if
Moody’s
does
not
rate
a
security,
then
Standard
&
Poor’s
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody’s
or
S&P.
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$(10).
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
26
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
4/5/24
USD
30,630
INR
2,553,712
$
16
Bank
of
America
4/12/24
MXN
1,536,147
USD
89,963
2,231
Bank
of
America
4/12/24
USD
100,829
MXN
1,690,135
(607)
Bank
of
America
4/12/24
USD
58,541
RON
268,705
226
Bank
of
America
4/12/24
ZAR
31,964
USD
1,673
12
Bank
of
America
4/19/24
USD
59,086
AUD
90,037
378
Bank
of
America
4/19/24
USD
8,574
CZK
200,533
25
Bank
of
America
4/19/24
USD
99,812
EUR
91,551
958
Bank
of
America
4/19/24
USD
159,209
MXN
2,725,974
(4,224)
Bank
of
America
6/7/24
USD
39,168
MYR
185,559
165
Bank
of
America
6/7/24
USD
76,023
MYR
362,561
(184)
Barclays
Bank
5/10/24
CLP
38,254,346
USD
39,746
(750)
Barclays
Bank
5/24/24
USD
616,206
GBP
488,901
(1,054)
Barclays
Bank
6/7/24
USD
30,018
PHP
1,683,178
83
Barclays
Bank
6/14/24
USD
157,972
CNH
1,130,047
1,816
BNP
Paribas
4/19/24
EUR
3,288
USD
3,572
(22)
BNP
Paribas
4/19/24
MXN
262,716
USD
15,153
598
BNP
Paribas
4/19/24
NOK
303,275
USD
29,337
(1,387)
BNP
Paribas
6/7/24
USD
91,032
THB
3,249,416
1,451
BNY
Mellon
4/19/24
EUR
4,933
USD
5,426
(100)
Canadian
Imperial
Bank
of
Commerce
4/19/24
CAD
26,683
USD
19,911
(206)
Citibank
4/5/24
USD
9,270
INR
772,727
6
Citibank
4/12/24
USD
84,082
RSD
9,028,286
925
Citibank
4/12/24
USD
2,432
RSD
264,591
(5)
Citibank
4/12/24
USD
28,220
ZAR
530,870
223
Citibank
5/10/24
CLP
9,769,909
USD
10,077
(118)
Citibank
3/12/25
EGP
471,925
USD
8,382
480
Citibank
3/18/25
EGP
233,143
USD
4,148
219
Citibank
3/26/25
EGP
441,084
USD
8,199
37
Deutsche
Bank
4/5/24
IDR
609,084,684
USD
38,524
(127)
Deutsche
Bank
4/5/24
USD
23,473
INR
1,958,723
(8)
Deutsche
Bank
4/12/24
USD
31,735
MXN
553,000
(1,454)
Deutsche
Bank
4/19/24
EUR
2,473
USD
2,678
(8)
Deutsche
Bank
4/19/24
MXN
553,000
USD
31,699
1,455
Deutsche
Bank
5/10/24
CLP
19,539,819
USD
20,191
(273)
Deutsche
Bank
6/7/24
USD
6,391
MYR
30,336
14
Deutsche
Bank
7/5/24
USD
38,421
IDR
609,084,684
150
Goldman
Sachs
4/3/24
TWD
2,405,560
USD
75,560
(389)
Goldman
Sachs
4/3/24
USD
39,221
TWD
1,200,374
1,710
Goldman
Sachs
4/5/24
USD
39,505
IDR
613,916,966
804
Goldman
Sachs
4/19/24
MXN
2,020,569
USD
116,375
4,766
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
27
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Goldman
Sachs
4/19/24
NOK
323,410
USD
31,198
$
(1,392)
Goldman
Sachs
4/19/24
USD
38,815
JPY
5,653,714
1,346
Goldman
Sachs
4/19/24
USD
58,665
NOK
626,685
909
Goldman
Sachs
5/10/24
USD
46,152
HUF
16,781,164
303
Goldman
Sachs
6/4/24
BRL
198,353
USD
39,361
(63)
Goldman
Sachs
6/7/24
USD
41,411
THB
1,472,099
827
Goldman
Sachs
7/5/24
USD
76,013
TWD
2,405,560
444
HSBC
Bank
4/5/24
INR
1,835,114
USD
21,977
22
HSBC
Bank
4/5/24
INR
3,450,048
USD
41,392
(33)
HSBC
Bank
4/19/24
EUR
5,621
USD
6,152
(83)
HSBC
Bank
7/5/24
USD
41,279
INR
3,450,048
35
HSBC
Bank
7/5/24
USD
21,913
INR
1,835,114
(25)
JPMorgan
Chase
4/12/24
RSD
332,910
USD
3,058
9
JPMorgan
Chase
4/19/24
AUD
174,747
USD
115,971
(2,027)
JPMorgan
Chase
4/19/24
CZK
88,651
USD
3,900
(121)
JPMorgan
Chase
4/19/24
MXN
75,889
USD
4,392
158
JPMorgan
Chase
4/19/24
USD
94,789
AUD
143,265
1,373
JPMorgan
Chase
4/19/24
USD
6,002
CAD
8,061
49
JPMorgan
Chase
4/19/24
USD
76,342
EUR
69,977
783
JPMorgan
Chase
5/17/24
USD
20,142
HUF
7,286,513
242
Morgan
Stanley
4/3/24
USD
39,372
TWD
1,205,186
1,711
Morgan
Stanley
4/12/24
MXN
722,339
USD
41,406
1,947
Morgan
Stanley
4/19/24
JPY
1,758,735
USD
12,053
(397)
Morgan
Stanley
4/19/24
MXN
189,043
USD
10,835
499
Morgan
Stanley
4/19/24
USD
14,739
EUR
13,630
22
Morgan
Stanley
4/19/24
USD
20,260
NZD
32,837
641
Morgan
Stanley
6/4/24
BRL
97,391
USD
19,510
(215)
Morgan
Stanley
6/4/24
USD
74,386
CLP
73,623,510
(622)
Morgan
Stanley
6/7/24
USD
23,370
COP
93,476,926
(530)
RBC
Dominion
Securities
4/12/24
MXN
91,322
USD
5,324
157
RBC
Dominion
Securities
4/19/24
AUD
145,650
USD
97,981
(3,010)
RBC
Dominion
Securities
4/19/24
JPY
1,798,186
USD
12,324
(407)
RBC
Dominion
Securities
4/19/24
USD
95,828
AUD
145,888
702
Standard
Chartered
4/19/24
USD
127,016
NZD
203,485
5,441
State
Street
4/12/24
MXN
323,585
USD
18,920
501
State
Street
4/19/24
EUR
18,552
USD
20,108
(77)
State
Street
4/19/24
JPY
2,065,632
USD
14,317
(627)
State
Street
4/19/24
MXN
967,079
USD
55,922
2,058
State
Street
4/19/24
NZD
9,682
USD
5,945
(160)
State
Street
4/19/24
USD
157,244
MXN
2,725,974
(6,189)
State
Street
6/4/24
BRL
95,997
USD
19,230
(210)
State
Street
6/4/24
USD
77,175
BRL
391,741
(438)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
28
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
UBS
Investment
Bank
4/5/24
IDR
612,366,360
USD
39,135
$
(532)
UBS
Investment
Bank
4/5/24
USD
38,520
IDR
607,534,078
222
UBS
Investment
Bank
4/12/24
RON
268,705
USD
59,092
(777)
UBS
Investment
Bank
4/19/24
AUD
87,652
USD
58,010
(857)
UBS
Investment
Bank
4/19/24
EUR
54,115
USD
59,026
(595)
UBS
Investment
Bank
4/19/24
USD
117,177
EUR
107,772
808
UBS
Investment
Bank
5/10/24
CLP
9,769,909
USD
10,077
(118)
UBS
Investment
Bank
5/10/24
USD
10,016
CLP
9,823,470
2
UBS
Investment
Bank
5/24/24
GBP
191,801
USD
241,479
678
UBS
Investment
Bank
6/7/24
USD
7,694
COP
30,744,902
(167)
UBS
Investment
Bank
6/7/24
USD
37,237
PHP
2,084,543
164
UBS
Investment
Bank
6/7/24
USD
41,364
THB
1,481,964
509
Wells
Fargo
4/19/24
MXN
47,177
USD
2,781
47
Wells
Fargo
6/7/24
USD
7,710
COP
31,055,457
(230)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
10,539
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
29
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
1,685
Commonwealth
of
Australia
ten
year
bond
contracts
6/24
128,004
$
(69)
Long,
1,202
Republic
of
South
Korea
ten
year
bond
contracts
6/24
101,410
(296)
Long,
166
U.K.
Gilt
ten
year
contracts
6/24
20,939
151
Long,
23,146
U.S.
Treasury
Notes
five
year
contracts
6/24
2,476,984
3,041
Short,
8,595
U.S.
Treasury
Notes
ten
year
contracts
6/24
(952,299)
(3,302)
Short,
6,860
Ultra
U.S.
Treasury
Bonds
contracts
6/24
(884,940)
(13,854)
Short,
1,096
Ultra
U.S.
Treasury
Notes
ten
year
contracts
6/24
(125,612)
(584)
Short,
4,673
Three
Month
SOFR
Futures
contracts
9/25
(1,120,761)
1,684
Net
payments
(receipts)
of
variation
margin
to
date
8,671
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(4,558)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
30
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%
$
—
$
—
$
5,334++
Totals
$
—#
$
—
$
5,334+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
124,259
¤
¤
$
489,460
Total
$
489,460^
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$5,334
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
$489,460.
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
31
T.
Rowe
Price
Dynamic
Global
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.
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Dynamic
Global
Bond
Fund
32
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
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
T.
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PRICE
Dynamic
Global
Bond
Fund
33
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Investments
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.
Investments
in
private
investment
companies
are
valued
at
the
investee’s
NAV
per
share
as
of
the
valuation
date,
if
available.
If
the
investee’s
NAV
is
not
available
as
of
the
valuation
date
or
is
not
calculated
in
accordance
with
GAAP,
the
Valuation Designee
may
adjust
the
investee’s
NAV
to
reflect
fair
value
at
the
valuation
date.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
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.
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PRICE
Dynamic
Global
Bond
Fund
34
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):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
3,431,348
$
—
$
3,431,348
Common
Stocks
—
245
—
245
Private
Investment
Company
2
—
—
—
4,885
Short-Term
Investments
458,535
—
—
458,535
Securities
Lending
Collateral
30,925
—
—
30,925
Options
Purchased
4,762
29,469
—
34,231
Total
Securities
494,222
3,461,062
—
3,960,169
Swaps*
—
70,746
—
70,746
Forward
Currency
Exchange
Contracts
—
41,357
—
41,357
Futures
Contracts*
4,876
—
—
4,876
Total
$
499,098
$
3,573,165
$
—
$
4,077,148
Liabilities
Options
Written
$
1,653
$
16,006
$
—
$
17,659
Swaps*
—
98,609
—
98,609
Forward
Currency
Exchange
Contracts
—
30,818
—
30,818
Futures
Contracts*
18,105
—
—
18,105
Total
$
19,758
$
145,433
$
—
$
165,191
1
Includes
Asset-Backed
Securities,
Bank
Loans,
Convertible
Bonds,
Corporate
Bonds,
Government
Bonds,
Municipal
Securities,
Non-U.S.
Government
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
T.
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PRICE
Dynamic
Global
Bond
Fund
35
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.
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.
F35-054Q1
03/24
2
In
accordance
with
Subtopic
820-10,
certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
hierarchy.
The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Portfolio
of
Investments.
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.