T. Rowe Price Global Stock Fund (PRGSX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-02958

T. Rowe Price International Funds, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

Registrant’s telephone number, including area code:  (410) 345-2000

Date of fiscal year end:  December 31

Date of reporting period:  December 31, 2022

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Highlights

and

Market

Commentary

Management’s

Discussion

of

Fund

Performance

Performance

and

Expenses

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

December

31,

2022

Annual

Report

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

RPIEX

Dynamic

Global

Bond

Fund

–

.

PAIEX

Dynamic

Global

Bond

Fund–

.

Advisor  Class

RPEIX

Dynamic

Global

Bond

Fund–

.

I  Class

TRDZX

Dynamic

Global

Bond

Fund–

.

Z Class

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

HIGHLIGHTS

The

Dynamic

Global

Bond

Fund

delivered

a

positive

absolute

return

and

outperformed

the

ICE

BofA

US

3-Month

Treasury

Bill

Index

benchmark

during

a

market

environment

in

which

developed

market

bond

yields

ended

higher

and

risk

assets,

such

as

equity

and

credit,

struggled.

The

portfolio’s

country

and

duration

positioning

had

a

strong

positive

impact

on

performance,

while

hedges

against

downturns

in

the

corporate

credit

and

equities

markets

detracted.

Currency

positioning

also

weighed

on

performance.

Using

the

full

global

fixed

income

universe,

we

actively

manage

the

fund’s

allocation

to

global

government

bond

markets

and

security

selection

within

credit

sectors,

while

at

the

same

time

implementing

strategies

to

help

mitigate

the

fund

against

downside

risk.

We

believe

a

liquid

profile

is

needed

in

the

current

market

environment,

as

the

ability

to

be

flexible

and

adapt

to

changes

in

market

conditions

will

be

important.

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

Certain

mutual

fund

accounts

that

are

assessed

an

annual

account

service

fee

can

also

save

money

by

switching

to

e-delivery.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

Market

Commentary

1

Dear

Shareholder

Nearly

all

major

global

stock

and

bond

indexes

fell

sharply

in

2022,

as

investors

contended

with

persistently

high

inflation,

tightening

financial

conditions,

and

slowing

economic

and

corporate

earnings

growth.

Double-digit

losses

were

common

in

equity

markets

around

the

world,

and

bond

investors

also

faced

a

historically

tough

environment

amid

a

sharp

rise

in

interest

rates.

Value

shares

declined

but

outperformed

growth

stocks

by

a

considerable

margin

as

equity

investors

turned

risk

averse

and

as

rising

rates

put

downward

pressure

on

growth

stock

valuations.

Emerging

markets

stocks

generally

underperformed

shares

in

developed

markets.

Meanwhile,

the

U.S.

dollar

strengthened

versus

most

currencies

during

the

period,

which

weighed

on

returns

for

U.S.

investors

in

international

securities.

Within

the

S&P

500

Index,

energy

was

a

rare

bright

spot,

gaining

more

than

60%

as

oil

prices

jumped

in

response

to

Russia’s

invasion

of

Ukraine

and

concerns

over

commodity

supply

shortages.

Defensive

shares,

such

as

utilities,

consumer

staples,

and

health

care,

held

up

relatively

well

and

finished

the

year

with

roughly

flat

returns.

Conversely,

communication

services,

consumer

discretionary,

and

information

technology

shares

suffered

the

largest

declines.

Elevated

inflation

remained

a

leading

concern

for

investors

throughout

the

period,

although

there

were

signs

that

price

increases

were

moderating

by

year-

end.

November’s

consumer

price

index

data

showed

headline

inflation

rising

7.1%

on

a

12-month

basis,

the

lowest

level

since

December

2021

but

still

well

above

the

Federal

Reserve’s

2%

long-term

target.

In

response

to

the

high

inflation

readings,

global

central

banks

tightened

monetary

policy,

and

investors

focused

on

communications

from

central

bank

officials

on

how

high

rates

would

have

to

go.

The

Fed,

which

at

the

end

of

2021

had

forecast

that

it

would

only

need

to

raise

interest

rates

0.75

percentage

point

in

all

of

2022,

raised

its

short-term

lending

benchmark

from

near

zero

in

March

to

a

target

range

of

4.25%

to

4.50%

by

December

and

indicated

that

additional

hikes

are

likely.

Bond

yields

increased

considerably

across

the

U.S.

Treasury

yield

curve

as

the

Fed

tightened

monetary

policy,

with

the

yield

on

the

benchmark

10-year

U.S.

Treasury

note

climbing

from

1.52%

at

the

start

of

the

period

to

3.88%

at

the

end

of

the

year.

Significant

inversions

in

the

yield

curve,

which

are

often

considered

a

warning

sign

of

a

coming

recession,

occurred

during

the

period

as

shorter-maturity

Treasuries

experienced

the

largest

yield

increases.

The

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

2

sharp

increase

in

yields

led

to

historically

weak

results

across

the

fixed

income

market,

with

the

Bloomberg

U.S.

Aggregate

Bond

Index

delivering

its

worst

year

on

record.

(Bond

prices

and

yields

move

in

opposite

directions.)

As

the

period

came

to

an

end,

the

economic

backdrop

appeared

mixed.

Although

manufacturing

gauges

have

drifted

toward

contraction

levels,

the

U.S.

jobs

market

remained

resilient,

and

corporate

and

household

balance

sheets

appeared

strong.

Meanwhile,

the

housing

market

has

weakened

amid

rising

mortgage

rates.

The

past

year

has

been

a

trying

time

for

investors

as

few

sectors

remained

untouched

by

the

broad

headwinds

that

markets

faced,

and

volatility

may

continue

in

the

near

term

as

central

banks

tighten

policy

amid

slowing

economic

growth.

However,

in

our

view,

there

continue

to

be

opportunities

for

selective

investors

focused

on

fundamentals.

Valuations

in

most

global

equity

markets

have

improved

markedly,

although

U.S.

equities

still

appear

relatively

expensive

by

historical

standards,

while

bond

yields

have

reached

some

of

the

most

attractive

levels

since

the

2008

global

financial

crisis.

We

believe

this

environment

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

Management’s

Discussion

of

Fund

Performance

3

INVESTMENT

OBJECTIVE 

The

fund

seeks

high

current

income.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past 12

months?

The

T.

Rowe

Price

Dynamic

Global

Bond

Fund

returned

3.60%

for

the

12-month

period

ended

December

31,

2022,

outperforming

the

ICE

BofA

US

3-Month

Treasury

Bill

Index.

(Results

for

the

fund’s

Advisor,

I,

and

Z

Class

shares

varied

slightly,

reflecting

their

different

fee

structures.

Past

performance

cannot

guarantee

future

results.

)

What

factors

influenced

the

fund’s

performance?

This

past

year

was

turbulent

for

financial

markets,

driven

by

the

war

in

Ukraine

and

major

central

banks

responding

aggressively

to

curb

inflation

at

multi-decade

highs.

This

led

to

a

broad

and

rapid

rise

in

developed

market

bond

yields.

Risk

markets

also

struggled

throughout

with

bouts

of

extreme

volatility.

The

challenging

market

conditions

gave

the

fund

the

opportunity

to

demonstrate

our

ability

to

help

manage

downside

risks

and

act

as

a

diversifier

during

times

of

market

stress.

Although

the

benchmark

is

the

ICE

BofA

US

3-Month

Treasury

Bill

Index,

the

portfolio’s

unconstrained

approach

makes

direct

positioning

comparisons

with

the

benchmark

much

less

informative

than

for

traditional

fixed

income

funds

whose

holdings

are

more

closely

aligned

with

an

index.

As

a

result,

we

refer

to

positions

as

long

(those

benefiting

from

an

increase

in

price)

or

short

(those

benefiting

from

a

decrease

in

price)

as

opposed

to

overweight

or

underweight

relative

to

the

benchmark.

The

fund’s

overall

duration

and

country

positioning

had

a

positive

impact

on

returns.

(Duration

measures

a

bond’s

sensitivity

to

changes

in

interest

rates.)

A

short

U.S.

duration

stance

was

among

the

top

contributors

to

returns,

particularly

in

the

third

quarter

of

the

year

as

the

U.S.

Federal

Reserve

raised

PERFORMANCE

COMPARISON

Total

Return

Periods

Ended

12/31/22

6

Months

12

Months

Dynamic

Global

Bond

Fund

–

.

-1.99‌%

3.60‌%

Dynamic

Global

Bond

Fund–

.

Advisor  Class

-2.00‌

3.53‌

Dynamic

Global

Bond

Fund–

.

I  Class

-1.80‌

3.92‌

Dynamic

Global

Bond

Fund–

.

Z  Class

-1.54‌

4.45‌

ICE

BofA

US

3-Month

Treasury

Bill

Index

1.32‌

1.47‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

4

interest

rates

aggressively.

Our

short

duration

positions

in

the

UK,

Italy,

Germany,

and

Canada

benefited

returns

as

yields

also

rose

broadly

in

these

markets.

A

long

duration

position

in

New

Zealand

and

allocations

to

South

Korean

local

bonds

detracted,

however,

amid

the

broad

rise

in

sovereign

bond

yields.

The

fund’s

currency

positioning

had

a

negative

impact

on

returns

owing

to

losses

from

a

broadly

long

U.S.

dollar

bias

in

the

final

quarter

of

the

year.

Other

detractors

included

our

positioning

in

the

British

pound,

euro,

and

Polish

zloty.

Long

positions

in

the

Canadian

dollar

and

the

Hungarian

forint

also

weighed

on

returns.

However,

we

benefited

from

short

positions

in

the

Taiwanese

dollar

and

the

Israeli

shekel.

Sector

allocations

also

detracted.

Maintaining

options

on

U.S.

equities

that

would

benefit

from

a

market

downturn

dragged

on

returns

in

the

second

half

of

the

year.

Long

exposures

in

select

U.S.

investment-grade

and

high

yield

corporate

bonds

also

weighed

on

performance.

The

portfolio

also

maintained

hedges

against

widening

credit

spreads

in

U.S.

high

yield,

which

detracted

over

the

period.

(Credit

spreads

measure

the

additional

yield

that

investors

demand

for

holding

a

bond

with

credit

risk

over

a

similar-

maturity,

high-quality

government

security.)

We

actively

manage

downside

risk

in

the

portfolio.

Some

of

our

currency

positions

are

driven

by

their

defensive

characteristics

as

we

continue

to

monitor

potential

illiquidity

in

the

markets

and

investors’

behavior

in

times

of

market

stress.

We

employ

a

wide

range

of

techniques

to

actively

manage

downside

risk,

which

can

involve

credit

derivatives

on

indexes

and

individual

issuers

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-

rated

securities,

and

a

rating

of

D

represents

the

lowest-

rated

securities.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps.

The

fund

is

not

rated

by

any

agency.

*

U.S.

Treasury

securities

are

issued

by

the

U.S.

Treasury

and

are

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

The

ratings

of

U.S.

Treasury

securities

are

derived

from

the

ratings

on

the

U.S.

government.

CREDIT

QUALITY

DIVERSIFICATION

Dynamic

Global

Bond

Fund

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

5

as

well

as

put

options

on

broad

stock

market

indexes.

We

choose

hedging

instruments

based

on

which

provide

the

best

combination

of

low

cost,

liquidity,

and

support

against

a

broad

downturn

in

stocks,

bonds,

or

currencies.

We

also

use

derivatives

to

gain

exposure

to

certain

sectors

or

asset

classes

or

to

manage

duration.

The

fund

maintained

material

exposure

to

interest

rate,

currency,

and

credit

derivatives.

The

fund’s

material

overall

exposure

to

derivatives

contributed

to

absolute

performance

during

the

reporting

period.

Interest

rate

and

other

derivatives

were

the

principal

contributors,

followed

by

currency

forward

contracts.

However,

equity

derivatives

modestly

weighed

on

absolute

performance.

How

is

the

fund

positioned?

At

the

end

of

the

period,

the

fund's

overall

duration

was

around

one

year,

led

by

a

broadly

neutral

U.S.

duration

bias.

We

held

short

duration

positions

in

countries

where

we

see

potential

for

inflationary

pressures

to

remain

sticky

and

where

we

expect

more

hawkishness

from

central

banks.

This

included

the

UK

and

the

eurozone,

respectively.

We

also

maintained

short

duration

stances

in

Canada

and

China.

By

contrast,

we

held

long

duration

exposures

in

South

Korea,

Israel,

and

New

Zealand.

In

currencies,

the

fund

was

broadly

long

the

U.S.

dollar

against

a

range

of

developed

market

and

emerging

market

currencies,

including

the

New

Zealand

dollar,

Australian

dollar,

British

pound,

Israeli

shekel,

Taiwanese

dollar,

and

Polish

zloty,

on

expectations

of

slowing

economic

growth.

We

also

held

long

positions

in

the

Japanese

yen.

In

emerging

markets,

we

held

long

positions

at

the

end

of

the

period

in

the

Serbian

dinar,

Czech

koruna,

and

Romanian

leu.

In

terms

of

exposure

to

markets

with

credit

risk,

we

expressed

an

overall

negative

position

at

the

end

of

December.

This

was

driven

by

defensive

short

positions

held

in

synthetic

credit

instruments,

including

in

U.S.

investment

grade,

U.S.

high

yield,

and

European

high

yield.

We

also

held

options

on

U.S.

equities

so

that

the

fund

would

benefit

from

a

sell-off

in

equity

markets.

What

is

portfolio

management’s

outlook?

Looking

ahead,

we

believe

the

global

economy

is

heading

toward

a

recession

according

to

various

economic

indicators.

While

central

banks

continue

to

raise

interest

rates,

we

are

getting

closer

to

the

end

of

a

rare

tightening

cycle

by

major

central

banks

with

potential

for

the

U.S.

Federal

Reserve

to

finish

raising

rates

in

the

first

half

of

2023.

At

the

same

time,

the

prospect

of

then

moving

to

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

6

large

rate

cuts

is

unlikely,

in

our

view,

given

the

strong

employment

dynamics

and

likelihood

that

inflation

stays

above

target.

Therefore,

we

have

turned

more

neutral

on

duration

and

believe

that

the

ability

to

actively

manage

duration

will

be

important.

In

the

currency

sphere,

we

believe

the

U.S.

dollar

will

weaken

over

the

long-

term

horizon

due

to

its

expensive

valuations

and

as

inflationary

pressures

cool.

However,

in

the

short

term,

we

expect

the

dollar

to

benefit

as

the

recessionary

headwinds

facing

the

global

economy

could

boost

its

appeal.

Accordingly,

we

held

a

long

U.S.

dollar

bias

at

the

end

of

December

expressed

against

a

range

of

developed

and

emerging

market

currencies.

From

a

credit

perspective,

we

remain

cautious

on

the

outlook.

Weakening

economic

fundamentals

is

likely

to

cause

volatility

as

the

asset

class

remains

underpriced

for

the

prospect

of

a

global

recession,

in

our

view.

Therefore,

we

continue

to

hold

defensive

short

positions

in

the

portfolio.

We

also

continued

to

isolate

credit

selection

from

market

beta

as

a

potential

source

of

alpha

with

a

focus

on

short-dated

investment-grade

credit.

Over

the

next

few

months,

it

will

be

important

to

monitor

activity

signals

from

major

economies

to

gauge

the

depth

and

breadth

of

the

economic

slowdown.

We

also

believe

it

will

be

important

to

monitor

corporate

earning

as

signs

of

a

meaningful

decline

could

have

an

impact

on

sentiment

in

risk

markets.

Against

this

backdrop,

volatility

is

expected

to

continue,

though

it

may

ease

from

the

extreme

levels

of

the

past

year

if

inflation

cools.

Overall,

we

believe

that

it’s

important

to

be

tactical

and

keep

a

liquid

profile

in

the

portfolio.

This

should

help

give

us

flexibility

to

adapt

to

changes

in

market

conditions

and

take

advantage

of

any

pricing

anomalies

and

dislocations

that

might

occur.

We

will

continue

to

follow

our

investment

process

and

maintain

a

portfolio

that

aims

to

strike

the

right

balance

between

specific

risk-seeking

positions

and

more

risk-defensive

positions.

The

views

expressed

reflect

the

opinions

of

T.

Rowe

Price

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic,

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

7

RISKS

OF

BOND

INVESTING

Bonds

are

subject

to

interest

rate

risk,

the

decline

in

bond

prices

that

usually

accompanies

a

rise

in

interest

rates,

and

credit

risk,

the

chance

that

any

fund

holding

could

have

its

credit

rating

downgraded

or

that

a

bond

issuer

will

default

(fail

to

make

timely

payments

of

interest

or

principal),

potentially

reducing

the

fund’s

income

level

and

share

price.

Mortgage-backed

securities

are

subject

to

prepayment

risk,

particularly

if

falling

rates

lead

to

heavy

refinancing

activity,

and

extension

risk,

which

is

an

increase

in

interest

rates

that

causes

a

fund’s

average

maturity

to

lengthen

unexpectedly

due

to

a

drop

in

mortgage

prepayments.

This

could

increase

the

fund’s

sensitivity

to

rising

interest

rates

and

its

potential

for

price

declines.

International

investments

are

subject

to

currency

risk

,

a

decline

in

the

value

of

a

foreign

currency

versus

the

U.S.

dollar,

which

reduces

the

dollar

value

of

securities

denominated

in

that

currency.

The

overall

impact

on

a

fund’s

holdings

can

be

significant

and

long

lasting

depending

on

the

currencies

represented

in

the

portfolio,

how

each

one

appreciates

or

depreciates

in

relation

to

the

U.S.

dollar,

and

whether

currency

positions

are

hedged.

Further,

exchange

rate

movements

are

unpredictable,

and

it

is

not

possible

to

effectively

hedge

the

currency

risks

of

many

developing

countries.

The

fund’s

use

of

derivatives

may

expose

it

to

additional

volatility

in

comparison

with

investing

directly

in

bonds

and

other

debt

securities.

Derivatives

can

be

illiquid

and

difficult

to

value

and

may

involve

leverage

so

that

small

changes

produce

disproportionate

losses

for

the

fund,

and

any

instruments

not

traded

on

an

exchange

are

subject

to

counterparty

risk.

The

fund’s

principal

use

of

derivatives

involves

the

risk

that

interest

rate

movements,

changes

in

currency

values

and

exchange

rates,

or

the

creditworthiness

of

an

issuer

will

not

be

accurately

predicted,

which

could

significantly

harm

performance

and

impair

efforts

to

reduce

overall

volatility.

BENCHMARK

INFORMATION

Note:

Copyright

©

2023

Fitch

Ratings,

Inc.,

Fitch

Ratings

Ltd.

and

its

subsidiaries.

Note:

ICE

Data

Indices,

LLC

(“ICE

DATA”),

is

used

with

permission.

ICE

DATA,

ITS

AFFILIATES

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DATA

AND

ANY

DATA

INCLUDED

IN,

RELATED

TO,

OR

DERIVED

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

8

THEREFROM.

NEITHER

ICE

DATA,

ITS

AFFILIATES

NOR

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RESPECTIVE

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OWN

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ICE

DATA,

ITS

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THEIR

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THIRD-PARTY

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T.

ROWE

PRICE

OR

ANY

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ITS

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OR

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ICE

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any

use

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ICE

LIBOR.

Note:

©

2023,

Moody’s

Corporation,

Moody’s

Investors

Service,

Inc.,

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Analytics,

Inc.

and/or

their

licensors

and

affiliates

(collectively,

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All

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Moody’s

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Information”)

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Moody’s

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Note:

Copyright

©

2023,

S&P

Global

Market

Intelligence

(and

its

affiliates,

as

applicable).

Reproduction

of

any

information,

data

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material,

including

ratings

("Content")

in

any

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except

with

the

prior

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the

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and

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In

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income

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lost

profit

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opportunity

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Content.

A

reference

to

a

particular

investment

or

security,

a

rating

or

BENCHMARK

INFORMATION

(continued)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

9

any

observation

concerning

an

investment

that

is

part

of

the

Content

is

not

a

recommendation

to

buy,

sell

or

hold

such

investment

or

security,

does

not

address

the

appropriateness

of

an

investment

or

security

and

should

not

be

relied

on

as

investment

advice.

Credit

ratings

are

statements

of

opinions

and

are

not

statements

of

fact.

BENCHMARK

INFORMATION

(continued)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

10

GROWTH

OF

$10,000 

This

chart

shows

the

value

of

a

hypothetical

$10,000

investment

in

the

fund

over

the

past

10

fiscal

year

periods

or

since

inception

(for funds

lacking

10-year

records).

The

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from

fund returns

as

well

as

mutual fund

averages

and

indexes.

DYNAMIC

GLOBAL

BOND

FUND 

Note:

Performance

for

the Advisor,

I,

and

Z Class

shares

will

vary

due

to

their

differing

fee

structures.

See

the

Average

Annual

Compound

Total

Return

table. 

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

11

AVERAGE

ANNUAL

COMPOUND

TOTAL

RETURN

Periods

Ended

12/31/22

1

Year

5

Years

Since

Inception

Inception

Date

Dynamic

Global

Bond

Fund

–

.

3.60‌%

2.65‌%

2.51‌%

1/22/15

Dynamic

Global

Bond

Fund–

.

Advisor  Class

3.53‌

2.42‌

2.27‌

1/22/15

Dynamic

Global

Bond

Fund–

.

I  Class

3.92‌

2.82‌

2.44‌

8/28/15

Dynamic

Global

Bond

Fund–

.

Z  Class

4.45‌

–‌

4.69‌

3/16/20

The

fund’s

performance

information

represents

only

past

performance

and

is

not

necessarily

an

indication

of

future

results.

Current

performance

may

be

lower

or

higher

than

the

performance

data

cited.

Share

price,

principal

value,

and

return

will

vary,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

For

the

most

recent

month-end

performance,

please

visit

our

website

(troweprice.com)

or

contact

a

T.

Rowe

Price

representative

at

1

-

800

-

225

-

5132

or,

for

0.02

Advisor,

I,

and

Z

Class

shares,

1-800-638-8790.

This

table

shows

how

the

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Average

annual

total

return

figures

include

changes

in

principal

value,

reinvested

dividends,

and

capital

gain

distributions.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Past

performance

cannot

guarantee

future

results.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

12

EXPENSE

RATIO

FUND

EXPENSE

EXAMPLE

As

a

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Please

note

that

the

fund

has

four

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

Advisor

Class

shares

are

offered

only

through

unaffiliated

brokers

and

other

financial

intermediaries

and

charge

a

0.25%

12b-1

fee,

I

Class

shares

are

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment,

and

Z

Class

shares

are

offered

only

to

funds

advised

by

T.

Rowe

Price

and

other

advisory

clients

of

T.

Rowe

Price

or

its

affiliates

that

are

subject

to

a

contractual

fee

for

investment

management

services

and

impose

no

12b-1

fee

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

expenses

based

on

the

fund’s

actual

returns.

You

may

use

the

information

on

this

line,

together

with

your

account

balance,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

on

the

first

line

under

the

heading

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

on

the

second

line

of

the

table

(Hypothetical)

is

based

on

hypothetical

account

values

and

expenses

derived

from

the

fund’s

actual

expense

ratio

and

an

assumed

5%

per

year

rate

of

return

before

expenses

(not

the

fund’s

actual

return).

You

may

compare

the

ongoing

costs

of

investing

in

the

fund

with

other

funds

by

contrasting

this

5%

hypothetical

example

and

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

Dynamic

Global

Bond

Fund

0.70‌%

Dynamic

Global

Bond

Fund–Advisor

Class

1.23‌ 

Dynamic

Global

Bond

Fund–I

Class

0.52‌ 

Dynamic

Global

Bond

Fund–Z

Class

0.52‌ 

The

expense

ratio

shown

is

as

of

the

fund’s

most

recent

prospectus.

This

number

may

vary

from

the

expense

ratio

shown

elsewhere

in

this

report

because

it

is

based

on

a

different

time

period

and,

if

applicable,

includes

acquired

fund

fees

and

expenses

but

does

not

include

fee

or

expense

waivers.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

13

Note:

T.

Rowe

Price

charges

an

annual

account

service

fee

of

$20,

generally

for

accounts

with

less

than

$10,000.

The

fee

is

waived

for

any

investor

whose

T.

Rowe

Price

mutual

fund

accounts

total

$50,000

or

more;

accounts

electing

to

receive

electronic

delivery

of

account

statements,

transaction

confirmations,

prospectuses,

and

shareholder

reports;

or

accounts

of

an

investor

who

is

a

T.

Rowe

Price

Personal

Services

or

Enhanced

Personal

Services

client

(enrollment

in

these

programs

generally

requires

T.

Rowe

Price

assets

of

at

least

$250,000).

This

fee

is

not

included

in

the

accompanying

table.

If

you

are

subject

to

the

fee,

keep

it

in

mind

when

you

are

estimating

the

ongoing

expenses

of

investing

in

the

fund

and

when

comparing

the

expenses

of

this

fund

with

other

funds.

You

should

also

be

aware

that

the

expenses

shown

in

the

table

highlight

only

your

ongoing

costs

and

do

not

reflect

any

transaction

costs,

such

as

redemption

fees

or

sales

loads.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

To

the

extent

a

fund

charges

transaction

costs,

however,

the

total

cost

of

owning

that

fund

is

higher.

DYNAMIC

GLOBAL

BOND

FUND

Beginning

Account

Value

7/1/22

Ending

Account

Value

12/31/22

Expenses

Paid

During

Period*

7/1/22

to

12/31/22

Investor

Class

Actual

$1,000.00

$980.10

$3.44

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.73

  3.52

Advisor

Class

Actual

  1,000.00

  980.00

  4.49

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,020.67

  4.58

I

Class

Actual

  1,000.00

  982.00

  2.60

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.58

  2.65

Z

Class

Actual

  1,000.00

  984.60

  0.00

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,025.21

  0.00

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(184),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.69%,

the

2

Advisor Class

was

0.90%,

the

3

I Class

was

0.52%,

and

the

4

Z Class

was

0.00%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

Financial

Highlights

14

For

a

share

outstanding

throughout

each

period

Investor

Class

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

9.54‌

$

9.89‌

$

9.22‌

$

9.49‌

$

9.82‌

Investment

activities

Net

investment

income

(1)(2)

0.43‌

0.16‌

0.24‌

0.29‌

0.28‌

Net

realized

and

unrealized

gain/

loss

(0.10‌)

(0.15‌)

0.62‌

(0.33‌)

(0.20‌)

Total

from

investment

activities

0.33‌

0.01‌

0.86‌

(0.04‌)

0.08‌

Distributions

Net

investment

income

(0.25‌)

(0.23‌)

(0.19‌)

(0.05‌)

(0.24‌)

Net

realized

gain

(1.10‌)

(0.13‌)

—‌

—‌

(0.17‌)

Tax

return

of

capital

—‌

—‌

—‌

(0.18‌)

—‌

Total

distributions

(1.35‌)

(0.36‌)

(0.19‌)

(0.23‌)

(0.41‌)

NET

ASSET

VALUE

End

of

period

$

8.52‌

$

9.54‌

$

9.89‌

$

9.22‌

$

9.49‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

Financial

Highlights

15

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

Ratios/Supplemental

Data

Total

return

(2)(3)

3.60‌%

0.07‌%

9.42‌%

(0.40‌)%

0.87‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.71‌%

0.68‌%

0.65‌%

0.65‌%

0.68‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.71‌%

0.68‌%

0.65‌%

0.65‌%

0.68‌%

Net

investment

income

4.46‌%

1.64‌%

2.60‌%

3.12‌%

2.88‌%

Portfolio

turnover

rate

134.3‌%

112.7‌%

146.1‌%

188.3‌%

165.2‌%

Net

assets,

end

of

period

(in

millions)

$546

$133

$407

$3,156

$3,280

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

Financial

Highlights

16

For

a

share

outstanding

throughout

each

period

Advisor

Class

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

9.51‌

$

9.88‌

$

9.20‌

$

9.47‌

$

9.81‌

Investment

activities

Net

investment

income

(1)(2)

0.39‌

0.28‌

0.23‌

0.27‌

0.25‌

Net

realized

and

unrealized

gain/

loss

(0.06‌)

(0.31‌)

0.62‌

(0.33‌)

(0.20‌)

Total

from

investment

activities

0.33‌

(0.03‌)

(3)

0.85‌

(0.06‌)

0.05‌

Distributions

Net

investment

income

(0.24‌)

(0.21‌)

(0.17‌)

(0.05‌)

(0.22‌)

Net

realized

gain

(1.10‌)

(0.13‌)

—‌

—‌

(0.17‌)

Tax

return

of

capital

—‌

—‌

—‌

(0.16‌)

—‌

Total

distributions

(1.34‌)

(0.34‌)

(0.17‌)

(0.21‌)

(0.39‌)

NET

ASSET

VALUE

End

of

period

$

8.50‌

$

9.51‌

$

9.88‌

$

9.20‌

$

9.47‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

Financial

Highlights

17

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Advisor

Class

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

Ratios/Supplemental

Data

Total

return

(2)(4)

3.53‌%

(0.33‌)%

9.28‌%

(0.66‌)%

0.60‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

1.04‌%

1.21‌%

0.96‌%

1.21‌%

1.25‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.90‌%

0.90‌%

0.90‌%

0.90‌%

0.90‌%

Net

investment

income

4.08‌%

2.83‌%

2.41‌%

2.87‌%

2.59‌%

Portfolio

turnover

rate

134.3‌%

112.7‌%

146.1‌%

188.3‌%

165.2‌%

Net

assets,

end

of

period

(in

thousands)

$557

$147

$158

$271

$378

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

The

amount

presented

is

inconsistent

with

the

fund's

results

of

operations

because

of

the

timing

of

redemptions

of

fund

shares

in

relation

to

fluctuating

market

values

for

the

investment

portfolio.

(4)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

Financial

Highlights

18

For

a

share

outstanding

throughout

each

period

I

Class

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

9.53‌

$

9.89‌

$

9.22‌

$

9.49‌

$

9.82‌

Investment

activities

Net

investment

income

(1)(2)

0.41‌

0.26‌

0.23‌

0.30‌

0.30‌

Net

realized

and

unrealized

gain/

loss

(0.05‌)

(0.24‌)

0.65‌

(0.33‌)

(0.21‌)

Total

from

investment

activities

0.36‌

0.02‌

0.88‌

(0.03‌)

0.09‌

Distributions

Net

investment

income

(0.27‌)

(0.25‌)

(0.21‌)

(0.05‌)

(0.25‌)

Net

realized

gain

(1.10‌)

(0.13‌)

—‌

—‌

(0.17‌)

Tax

return

of

capital

—‌

—‌

—‌

(0.19‌)

—‌

Total

distributions

(1.37‌)

(0.38‌)

(0.21‌)

(0.24‌)

(0.42‌)

NET

ASSET

VALUE

End

of

period

$

8.52‌

$

9.53‌

$

9.89‌

$

9.22‌

$

9.49‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

Financial

Highlights

19

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

Ratios/Supplemental

Data

Total

return

(2)(3)

3.92‌%

0.18‌%

9.59‌%

(0.26‌)%

0.98‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.52‌%

0.50‌%

0.51‌%

0.51‌%

0.54‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.52‌%

0.50‌%

0.51‌%

0.51‌%

0.54‌%

Net

investment

income

4.24‌%

2.63‌%

2.43‌%

3.27‌%

3.04‌%

Portfolio

turnover

rate

134.3‌%

112.7‌%

146.1‌%

188.3‌%

165.2‌%

Net

assets,

end

of

period

(in

millions)

$731

$568

$535

$1,456

$1,161

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

Financial

Highlights

20

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Z

Class

(1)

..

Year

..

..

Ended

.

3/16/20

(1)

Through

12/31/20

12/31/22

12/31/21

NET

ASSET

VALUE

Beginning

of

period

$

9.53‌

$

9.90‌

$

9.34‌

Investment

activities

Net

investment

income

(2)(3)

0.45‌

0.36‌

0.24‌

Net

realized

and

unrealized

gain/loss

(0.04‌)

(0.30‌)

0.52‌

Total

from

investment

activities

0.41‌

0.06‌

0.76‌

Distributions

Net

investment

income

(0.32‌)

(0.30‌)

(0.20‌)

Net

realized

gain

(1.10‌)

(0.13‌)

—‌

Total

distributions

(1.42‌)

(0.43‌)

(0.20‌)

NET

ASSET

VALUE

End

of

period

$

8.52‌

$

9.53‌

$

9.90‌

Ratios/Supplemental

Data

Total

return

(3)(4)

4.45‌%

0.57‌%

8.21‌%

Ratios

to

average

net

assets:

(3)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.51‌%

0.50‌%

0.51‌%

(5)

Net

expenses

after

waivers/payments

by

Price

Associates

0.00‌%

0.00‌%

0.00‌%

(5)

Net

investment

income

4.68‌%

3.67‌%

3.06‌%

(5)

Portfolio

turnover

rate

134.3‌%

112.7‌%

146.1‌%

Net

assets,

end

of

period

(in

millions)

$3,206

$3,833

$3,170

0‌%

0‌%

0‌%

(1)

Inception

date

(2)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(4)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

December

31,

2022

21

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

BRAZIL

5.5%

Corporate

Bonds

0.3%

Braskem

Netherlands

Finance,

5.875%,

1/31/50

(USD)  (1)(2)

17,530,000‌

13,611‌

13,611‌

Government

Bonds

5.2%

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/27 

1,179,928,000‌

205,417‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/31 

175,949,000‌

29,139‌

234,556‌

Total

Brazil

(Cost

$266,767

)

248,167‌

CANADA

0.3%

Corporate

Bonds

0.3%

Toronto-Dominion

Bank,

VR,

8.125%,

10/31/82

(USD)  (3)

15,285,000‌

15,783‌

Total

Canada

(Cost

$15,285

)

15,783‌

CHILE

1.6%

Government

Bonds

1.6%

Bonos

de

la

Tesoreria

de

la

Republica,

4.50%,

3/1/26 

62,540,000,000‌

70,549‌

Total

Chile

(Cost

$87,595

)

70,549‌

CHINA

0.9%

Convertible

Bonds

0.0%

Vnet

Group,

Zero

Coupon,

2/1/26

(USD) 

1,430,000‌

1,183‌

1,183‌

Corporate

Bonds

0.9%

CIFI

Holdings

Group,

4.375%,

4/12/27

(USD)  (2)(4)(5)

11,400,000‌

3,027‌

CIFI

Holdings

Group,

4.45%,

8/17/26

(USD)  (2)(4)(5)

10,055,000‌

2,658‌

Country

Garden

Holdings,

3.30%,

1/12/31

(USD)  (2)

22,424,000‌

11,863‌

Kaisa

Group

Holdings,

8.50%,

6/30/22

(USD)  (4)(5)

15,890,000‌

2,225‌

Kaisa

Group

Holdings,

11.50%,

1/30/23

(USD)  (4)(5)

8,854,000‌

1,246‌

Kaisa

Group

Holdings,

11.70%,

11/11/25

(USD)  (4)(5)

2,800,000‌

394‌

Kaisa

Group

Holdings,

11.95%,

10/22/22

(USD)  (4)(5)

13,051,000‌

1,817‌

Longfor

Group

Holdings,

3.85%,

1/13/32

(USD)  (2)

11,115,000‌

7,727‌

Shimao

Group

Holdings,

3.45%,

1/11/31

(USD)  (4)(5)

17,195,000‌

3,216‌

Shimao

Group

Holdings,

5.20%,

1/16/27

(USD)  (4)(5)

2,220,000‌

422‌

Times

China

Holdings,

6.20%,

3/22/26

(USD) 

3,220,000‌

554‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

22

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Times

China

Holdings,

6.75%,

7/8/25

(USD) 

12,750,000‌

2,218‌

37,367‌

Total

China

(Cost

$90,931

)

38,550‌

COLOMBIA

0.1%

Private

Investment

Company

0.1%

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/1/22,

Cost $2,732

(USD)  (5)(6)

†

2,704‌

Total

Colombia

(Cost

$2,732

)

2,704‌

CYPRUS

0.4%

Government

Bonds

0.4%

Republic

of

Cyprus,

2.75%,

5/3/49  (2)

20,454,000‌

17,408‌

Total

Cyprus

(Cost

$19,877

)

17,408‌

CZECHIA

1.2%

Government

Bonds

1.2%

Republic

of

Czech,

Series

138,

1.75%,

6/23/32 

1,550,000,000‌

51,989‌

Total

Czechia

(Cost

$53,329

)

51,989‌

DENMARK

0.4%

Corporate

Bonds

0.4%

Danske

Bank,

1.226%,

6/22/24

(USD)  (1)

20,245,000‌

18,840‌

Total

Denmark

(Cost

$18,797

)

18,840‌

DOMINICAN

REPUBLIC

0.1%

Government

Bonds

0.1%

Dominican

Republic,

5.50%,

2/22/29

(USD)  (1)

5,435,000‌

5,021‌

Total

Dominican

Republic

(Cost

$4,711

)

5,021‌

FRANCE

0.1%

Corporate

Bonds

0.1%

Altice

France

Holding,

4.00%,

2/15/28  (1)

3,780,000‌

2,583‌

Total

France

(Cost

$3,662

)

2,583‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

23

Par/Shares

$

Value

(Cost

and

value

in

$000s)

GERMANY

6.0%

Government

Bonds

6.0%

Deutsche

Bundesrepublik,

Inflation-Indexed,

0.10%,

4/15/26 

254,119,074‌

269,111‌

Total

Germany

(Cost

$303,881

)

269,111‌

HUNGARY

2.2%

Government

Bonds

2.2%

Republic

of

Hungary,

Series

32/A,

4.75%,

11/24/32 

37,696,900,000‌

73,347‌

Republic

of

Hungary,

Series

33/A,

2.25%,

4/20/33 

14,978,100,000‌

23,355‌

Total

Hungary

(Cost

$108,902

)

96,702‌

INDIA

0.6%

Corporate

Bonds

0.3%

HDFC

Bank,

8.10%,

3/22/25 

1,200,000,000‌

14,389‌

14,389‌

Government

Bonds

0.3%

Republic

of

India,

6.45%,

10/7/29 

1,253,000,000‌

14,494‌

14,494‌

Total

India

(Cost

$35,086

)

28,883‌

IRELAND

1.2%

Corporate

Bonds

1.2%

AerCap

Ireland

Capital,

3.00%,

10/29/28

(USD) 

13,050,000‌

10,908‌

AerCap

Ireland

Capital,

3.30%,

1/30/32

(USD) 

15,025,000‌

11,673‌

AerCap

Ireland

Capital,

3.50%,

1/15/25

(USD) 

11,431,000‌

10,883‌

AerCap

Ireland

Capital,

6.50%,

7/15/25

(USD) 

15,701,000‌

15,888‌

AerCap

Ireland

Capital,

FRN,

SOFR

+

0.68%,

5.003%,

9/29/23

(USD) 

6,390,000‌

6,270‌

Total

Ireland

(Cost

$63,122

)

55,622‌

ISRAEL

2.0%

Government

Bonds

2.0%

State

of

Israel,

Series

0347,

3.75%,

3/31/47 

308,651,000‌

88,039‌

Total

Israel

(Cost

$106,816

)

88,039‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

24

Par/Shares

$

Value

(Cost

and

value

in

$000s)

ITALY

0.3%

Corporate

Bonds

0.3%

Enel

Finance

International,

6.80%,

10/14/25

(USD)  (1)

8,100,000‌

8,323‌

Enel

Finance

International,

7.75%,

10/14/52

(USD)  (1)

5,200,000‌

5,570‌

Total

Italy

(Cost

$12,999

)

13,893‌

JAPAN

3.0%

Government

Bonds

3.0%

Japan

Government

Thirty

Year

Bond,

Series

76,

1.40%,

9/20/52 

18,320,800,000‌

133,781‌

Total

Japan

(Cost

$131,360

)

133,781‌

MALAYSIA

1.2%

Government

Bonds

1.2%

1MDB

Global

Investments,

4.40%,

3/9/23

(USD) 

16,300,000‌

15,959‌

Government

of

Malaysia,

Series

0216,

4.736%,

3/15/46 

67,360,000‌

15,702‌

Government

of

Malaysia,

Series

0518,

4.921%,

7/6/48 

89,920,000‌

21,306‌

Total

Malaysia

(Cost

$53,420

)

52,967‌

MEXICO

7.7%

Government

Bonds

7.7%

United

Mexican

States,

Series

M,

5.75%,

3/5/26 

1,952,900,000‌

90,776‌

United

Mexican

States,

Series

M,

8.00%,

11/7/47 

590,834,000‌

27,062‌

United

Mexican

States,

Series

M

20,

7.50%,

6/3/27 

3,630,400,000‌

175,785‌

United

Mexican

States,

Series

M

20,

8.50%,

5/31/29 

1,016,500,000‌

50,772‌

Total

Mexico

(Cost

$338,348

)

344,395‌

NETHERLANDS

0.2%

Common

Stocks

0.0%

Fortenova

Group

STAK

Stichting,

ADR 

597,196‌

243‌

243‌

Convertible

Bonds

0.0%

Fortenova

Group

TopCo,

2.50%,

4/1/24,

(2.50%

PIK)  (7)

2,557,406‌

1,040‌

1,040‌

Corporate

Bonds

0.2%

NXP,

5.00%,

1/15/33

(USD)  (2)

10,730,000‌

10,093‌

10,093‌

Total

Netherlands

(Cost

$11,965

)

11,376‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

25

Par/Shares

$

Value

(Cost

and

value

in

$000s)

NEW

ZEALAND

2.1%

Government

Bonds

2.1%

Government

of

New

Zealand,

Series

0551,

2.75%,

5/15/51 

209,229,000‌

95,157‌

Total

New

Zealand

(Cost

$116,792

)

95,157‌

PHILIPPINES

0.6%

Government

Bonds

0.6%

Republic

of

Philippines,

6.25%,

1/14/36 

1,679,000,000‌

27,523‌

Total

Philippines

(Cost

$37,438

)

27,523‌

QATAR

0.1%

Corporate

Bonds

0.1%

Qatar

Energy,

2.25%,

7/12/31

(USD) 

8,240,000‌

6,841‌

Total

Qatar

(Cost

$8,293

)

6,841‌

ROMANIA

1.6%

Government

Bonds

1.6%

Republic

of

Romania,

Series

10Y,

5.00%,

2/12/29 

313,590,000‌

58,741‌

Republic

of

Romania,

Series

15YR,

5.80%,

7/26/27 

64,950,000‌

13,095‌

Total

Romania

(Cost

$93,690

)

71,836‌

SERBIA

2.0%

Government

Bonds

2.0%

Republic

of

Serbia,

Series

10Y,

5.875%,

2/8/28 

5,669,670,000‌

49,759‌

Republic

of

Serbia,

Series

12.5,

4.50%,

8/20/32 

5,187,930,000‌

39,442‌

Total

Serbia

(Cost

$112,601

)

89,201‌

SOUTH

AFRICA

4.9%

Government

Bonds

4.9%

Republic

of

South

Africa,

Series

R186,

10.50%,

12/21/26 

1,797,220,000‌

111,980‌

Republic

of

South

Africa,

Series

2030,

8.00%,

1/31/30 

920,000,000‌

48,284‌

Republic

of

South

Africa,

Series

2048,

8.75%,

2/28/48 

1,325,810,000‌

61,011‌

Total

South

Africa

(Cost

$235,048

)

221,275‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

26

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SWEDEN

0.3%

Corporate

Bonds

0.3%

Castellum,

2.125%,

11/20/23

(EUR)  (2)

12,220,000‌

12,532‌

Total

Sweden

(Cost

$11,553

)

12,532‌

THAILAND

2.1%

Government

Bonds

2.1%

Kingdom

of

Thailand,

3.60%,

6/17/67 

952,465,000‌

23,830‌

Kingdom

of

Thailand,

Series

ILB,

Inflation-Indexed,

1.25%,

3/12/28 

2,436,636,514‌

68,330‌

Total

Thailand

(Cost

$106,252

)

92,160‌

UNITED

KINGDOM

15.5%

Corporate

Bonds

1.6%

Barclays,

VR,

7.385%,

11/2/28

(USD)  (3)

16,040,000‌

16,672‌

Barclays,

VR,

7.437%,

11/2/33

(USD)  (3)

16,130,000‌

16,963‌

HSBC

Holdings,

VR,

7.39%,

11/3/28

(USD)  (3)

16,100,000‌

16,887‌

HSBC

Holdings,

VR,

8.113%,

11/3/33

(USD)  (3)

16,190,000‌

17,113‌

Merlin

Entertainments,

5.75%,

6/15/26

(USD) 

1,215,000‌

1,136‌

Motion

Bondco,

6.625%,

11/15/27

(USD)  (1)

2,200,000‌

1,875‌

70,646‌

Government

Bonds

13.9%

United

Kingdom

Inflation-Linked

Gilt,

Series

3MO,

0.125%,

3/22/24 

505,700,496‌

623,019‌

623,019‌

Total

United

Kingdom

(Cost

$695,543

)

693,665‌

UNITED

STATES

18.4%

Asset-Backed

Securities

2.0%

Applebee's

Funding,

Series

2019-1A,

Class

A2I,

4.194%,

6/5/49  (1)

4,407,480‌

4,331‌

Carmax

Auto

Owner

Trust,

Series

2019-2,

Class

C,

3.16%,

2/18/25 

6,340,000‌

6,277‌

Drive

Auto

Receivables

Trust,

Series

2020-2,

Class

D,

3.05%,

5/15/28 

2,975,000‌

2,912‌

Driven

Brands

Funding,

Series

2018-1A,

Class

A2,

4.739%,

4/20/48  (1)

2,354,075‌

2,186‌

Driven

Brands

Funding,

Series

2019-2A,

Class

A2,

3.981%,

10/20/49  (1)

4,840,300‌

4,269‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

27

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

E,

2.21%,

2/15/28  (1)

17,480,000‌

15,937‌

FOCUS

Brands

Funding,

Series

2022-1,

Class

A2,

7.206%,

7/30/52  (1)

19,152,000‌

18,345‌

Hardee's

Funding,

Series

2018-1A,

Class

A2II,

4.959%,

6/20/48  (1)

10,806,197‌

10,149‌

Hardee's

Funding,

Series

2020-1A,

Class

A2,

3.981%,

12/20/50  (1)

4,483,500‌

3,839‌

Progress

Residential

Trust,

Series

2022-SFR5,

Class

D,

5.734%,

6/17/39  (1)

1,095,000‌

1,002‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-A,

Class

B,

5.281%,

5/15/32  (1)

13,432,942‌

13,114‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-B,

Class

C,

5.916%,

8/16/32  (1)

2,590,007‌

2,575‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-B,

Class

D,

6.793%,

8/16/32  (1)

6,103,184‌

6,052‌

90,988‌

Bank

Loans

0.5%

(8)

Clear

Channel

Outdoor

Holdings,

FRN,

1M

USD

LIBOR

+

3.50%,

7.915%,

8/21/26 

7,909,313‌

7,189‌

CoreLogic,

FRN,

1M

USD

LIBOR

+

6.50%,

10.938%,

6/4/29 

5,850,000‌

4,098‌

IRB

Holding,

FRN,

1M

TSFR

+

3.00%,

7.317%,

12/15/27 

4,632,488‌

4,490‌

Life

Time,

FRN,

1M

USD

LIBOR

+

4.75%,

9.485%,

12/16/24 

2,496,426‌

2,480‌

Nascar

Holdings,

FRN,

3M

USD

LIBOR

+

2.50%,

6.884%,

10/19/26 

941,571‌

939‌

RealPage,

FRN,

1M

USD

LIBOR

+

3.00%,

7.384%,

4/24/28 

2,681,063‌

2,544‌

21,740‌

Corporate

Bonds

4.7%

AEP

Texas,

5.25%,

5/15/52 

10,785,000‌

10,322‌

Ally

Financial,

1.45%,

10/2/23 

44,650,000‌

43,215‌

Citigroup,

VR,

4.91%,

5/24/33  (3)

21,555,000‌

20,217‌

CoreLogic,

4.50%,

5/1/28  (1)

11,695,000‌

8,947‌

DISH

Network,

11.75%,

11/15/27  (1)

23,545,000‌

24,134‌

KeyCorp,

VR,

4.789%,

6/1/33  (3)

12,945,000‌

12,257‌

Lions

Gate

Capital

Holdings,

5.50%,

4/15/29  (1)

4,000,000‌

2,300‌

NextEra

Energy

Capital

Holdings,

5.00%,

7/15/32 

8,435,000‌

8,298‌

NGL

Energy

Partners,

7.50%,

11/1/23  (2)

6,000,000‌

5,820‌

Pacific

Gas

&

Electric,

3.30%,

8/1/40 

2,250,000‌

1,532‌

Pacific

Gas

&

Electric,

3.50%,

8/1/50 

9,775,000‌

6,121‌

Pacific

Gas

&

Electric,

4.95%,

7/1/50 

6,233,000‌

4,880‌

PG&E,

5.00%,

7/1/28  (2)

2,395,000‌

2,191‌

Rivian

Holdings,

FRN,

6M

USD

LIBOR

+

5.625%,

10.164%,

10/15/26  (1)

14,775,000‌

14,295‌

SBA

Tower

Trust,

2.836%,

1/15/25  (1)

7,420,000‌

6,988‌

Select

Medical,

6.25%,

8/15/26  (1)

17,100,000‌

16,074‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

28

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Southern,

VR,

1.875%,

9/15/81

(EUR)  (3)

7,590,000‌

6,309‌

Townsquare

Media,

6.875%,

2/1/26  (1)

9,850,000‌

8,766‌

Vistra,

VR,

7.00%  (1)(3)(9)

7,285,000‌

6,684‌

209,350‌

Municipal

Securities

0.5%

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43  (5)(10)

4,847,592‌

2,121‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A,

GO,

Zero

Coupon,

7/1/24 

343,672‌

318‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A,

GO,

Zero

Coupon,

7/1/33 

1,322,744‌

715‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/33 

1,027,849‌

891‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/35 

923,898‌

777‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/37 

792,950‌

649‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/41 

1,078,109‌

844‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/46 

1,121,218‌

841‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.25%,

7/1/23 

573,961‌

574‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.375%,

7/1/25 

1,144,738‌

1,153‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.625%,

7/1/27 

1,134,370‌

1,156‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.625%,

7/1/29 

1,115,968‌

1,142‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.75%,

7/1/31 

1,083,929‌

1,121‌

Tobacco

Settlement

Fin.,

Series

A-1,

6.706%,

6/1/46 

11,530,000‌

10,387‌

22,689‌

Non-U.S.

Government

Mortgage-Backed

Securities

1.9%

BANK,

Series

2020-BN25,

Class

AS,

2.841%,

1/15/63 

8,515,000‌

6,959‌

BBCMS

Mortgage

Trust,

Series

2020-C6,

Class

AS,

2.84%,

2/15/53 

7,995,000‌

6,623‌

Benchmark

Mortgage

Trust,

Series

2020-B16,

Class

AM,

ARM,

2.944%,

2/15/53 

5,730,000‌

4,751‌

BRAVO

Residential

Funding

Trust,

Series

2022-NQM2,

Class

A1,

CMO,

ARM,

4.272%,

11/25/61  (1)

4,484,871‌

4,253‌

BX

Commercial

Mortgage

Trust,

Series

2019-IMC,

Class

E,

ARM,

1M

USD

LIBOR

+

2.15%,

6.468%,

4/15/34  (1)

5,535,000‌

5,175‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65D,

ARM,

4.66%,

5/15/52  (1)

4,517,000‌

4,008‌

Connecticut

Avenue

Securities

Trust,

Series

2022-R06,

Class

1M1,

CMO,

ARM,

SOFR30A

+

2.75%,

6.678%,

5/25/42  (1)

6,102,293‌

6,178‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

29

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2019-

MILE,

Class

A,

ARM,

1M

TSFR

+

1.50%,

5.818%,

7/15/36  (1)

7,500,000‌

7,173‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2022-DNA2,

Class

M1A,

CMO,

ARM,

SOFR30A

+

1.30%,

5.228%,

2/25/42  (1)

10,355,939‌

10,184‌

Towd

Point

Mortgage

Trust,

Series

2017-6,

Class

A1,

CMO,

ARM,

2.75%,

10/25/57  (1)

1,380,161‌

1,316‌

Towd

Point

Mortgage

Trust,

Series

2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58  (1)

1,127,147‌

1,087‌

Towd

Point

Mortgage

Trust,

Series

2018-3,

Class

A1,

CMO,

ARM,

3.75%,

5/25/58  (1)

2,323,889‌

2,197‌

TRK

Trust,

Series

2022-INV1,

Class

A1,

CMO,

ARM,

2.577%,

2/25/57  (1)

14,768,318‌

12,944‌

Verus

Securitization

Trust,

Series

2022-1,

Class

A1,

CMO,

STEP,

2.724%,

1/25/67  (1)

16,968,247‌

14,747‌

87,595‌

U.S.

Treasury

Obligations

8.8%

U.S.

Treasury

Notes,

3.875%,

11/30/27 

395,400,000‌

393,176‌

393,176‌

Total

United

States

(Cost

$862,535

)

825,538‌

SHORT-TERM

INVESTMENTS

11.3%

Money

Market

Funds

11.3%

T.

Rowe

Price

Government

Reserve

Fund,

4.30%  (11)(12)

506,079,770‌

506,080‌

Total

Short-Term

Investments

(Cost

$506,080)

506,080‌

SECURITIES

LENDING

COLLATERAL

0.6%

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,

4.30%  (11)(12)

8,812,453‌

8,812‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

8,812‌

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.4%

Money

Market

Funds

0.4%

T.

Rowe

Price

Government

Reserve

Fund,

4.30%  (11)(12)

19,806,780‌

19,807‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

19,807‌

Total

Securities

Lending

Collateral

(Cost

$28,619)

28,619‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

30

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED

0.7%

OTC

Options

Purchased

0.7%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Barclays

Bank

Credit

Default

Protection

Bought

(Relevant

Credit:

Markit

CDX.

NA.IG-S39,

5

Year

Index,

12/20/27),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

1/18/23

@

82.50%*  (5)

1‌

438,240‌

777‌

Goldman

Sachs

5

Year

Interest

Rate

Swap,

12/8/28

Pay

Fixed

3.78%

Annually,

Receive

Variable

4.30%

(SOFR)

Semi-

Annually,

12/6/23

@

3.78%*  (5)

2‌

670,000‌

11,136‌

Goldman

Sachs

Credit

Default

Protection

Bought

(Relevant

Credit:

Markit

CDX.

NA.HY-S39,

5

Year

Index,

12/20/27),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

1/18/23

@

98.50%*  (5)

1‌

223,500‌

743‌

Goldman

Sachs

USD

/

EUR

Call,

3/2/23

@

EUR1.01  (5)

1‌

228,000‌

341‌

Morgan

Stanley

10

Year

Interest

Rate

Swap,

12/1/33

Pay

Fixed

3.63%

Annually,

Receive

Variable

4.30%

(SOFR)

Annually,

11/29/23

@

3.63%*  (5)

2‌

448,000‌

13,828‌

Morgan

Stanley

S&P

500

Index,

Put,

1/20/23

@

$3,650.00  (5)

1,745‌

669,993‌

3,106‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

31

(Amounts

in

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

$

Value

Morgan

Stanley

USD

/

JPY

Put,

2/17/23

@

JPY128.80  (5)

1‌

89,313‌

1,295‌

UBS

Investment

Bank

USD

/

JPY

Put,

3/17/23

@

JPY127.85  (5)

1‌

89,313‌

1,510‌

Total

Options

Purchased

(Cost

$35,825)

32,736‌

Total

Investments

in

Securities

95.2%

of

Net

Assets

(Cost

$4,579,854)

$

4,269,526‌

‡

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.

†

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

$295,072

and

represents

6.6%

of

net

assets.

(2)

See

Note

4

.

All

or

a

portion

of

this

security

is

on

loan

at

December

31,

2022.

(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)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(5)

Non-income

producing

(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

$2,704

and

represents

0.1%

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)

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

Dynamic

Global

Bond

Fund

32

.

.

.

.

.

.

.

.

.

.

(9)

Perpetual

security

with

no

stated

maturity

date.

(10)

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.

(11)

Seven-day

yield

(12)

Affiliated

Companies

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

CAD

CDOR

Three

month

CAD

CDOR

(Canadian

Dollar

offered

rate)

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

6M

USD

LIBOR

Six

month

USD

LIBOR

(London

interbank

offered

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. 

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CLP

Chilean

Peso

CMO

Collateralized

Mortgage

Obligation

CPI

Consumer

Price

Index

CZK

Czech

Koruna

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GBP

SONIA

Sterling

Overnight

Index

Average

GO

General

Obligation

HUF

Hungarian

Forint

ILS

Israeli

Shekel

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NZD

New

Zealand

Dollar

OTC

Over-the-counter

PHP

Philippines

Peso

PIK

Payment-in-kind

PLN

Polish

Zloty

RON

New

Romanian

Leu

RSD

Serbian

Dinar

SEK

Swedish

Krona

SOFR

Secured

overnight

financing

rate

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

33

.

.

.

.

.

.

.

.

.

.

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

34

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.0)%

OTC

Options

Written

(0.0)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Goldman

Sachs

Credit

Default

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S39,

5

Year

Index,

12/20/27),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

1/18/23

@

95.00%*

1

223,500

(204‌)

Barclays

Bank

Credit

Default

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.IG-S39,

5

Year

Index,

12/20/27),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

1/18/23

@

90.00%*

1

438,240

(337‌)

Total

Options

Written

(Premiums

$(2,086))

$

(541‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

35

(Amounts

in

000s)

SWAPS

1.1%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

(0.4)%

Credit

Default

Swaps,

Protection

Bought

(0.5)%

Bahrain

0.0%

Barclays

Bank,

Protection

Bought

(Relevant

Credit:

Government

of

Bahrain),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/23

(USD)

*

8,426

34

139

(105‌)

JPMorgan

Chase,

Protection

Bought

(Relevant

Credit:

Government

of

Bahrain),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/26

(USD)

*

15,413

503

523

(20‌)

Total

Bahrain

662

(125‌)

Luxembourg

(0.0)%

Barclays

Bank,

Protection

Bought

(Relevant

Credit:

Glencore

Finance

Europe),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/23

*

11,714

(271)

(251)

(20‌)

Citibank,

Protection

Bought

(Relevant

Credit:

Glencore

Finance

Europe),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/23

*

9,886

(229)

(200)

(29‌)

Citibank,

Protection

Bought

(Relevant

Credit:

Glencore

Finance

Europe),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/23

*

3,210

(74)

(86)

12‌

JPMorgan

Chase,

Protection

Bought

(Relevant

Credit:

Glencore

Finance

Europe),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/23

*

3,000

(69)

(116)

47‌

Total

Luxembourg

(653)

10‌

United

States

(0.5)%

Bank

of

America,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S37,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/26

*

20,610

(1,978)

(1,986)

8‌

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S37,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/26

*

92,800

(8,905)

(7,541)

(1,364‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

36

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

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

*

21,965

(1,127)

(1,212)

85‌

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

Post

Holdings),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

*

1,805

(238)

(213)

(25‌)

JPMorgan

Chase,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S37,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/26

*

24,750

(2,375)

(2,466)

91‌

JPMorgan

Chase,

Protection

Bought

(Relevant

Credit:

Murphy

Oil),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/21/27

*

2,045

142

235

(93‌)

Morgan

Stanley,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S37,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/26

*

46,400

(4,452)

(3,541)

(911‌)

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

*

89,734

(7,064)

(7,427)

363‌

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

*

21,956

(1,728)

(1,719)

(9‌)

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

*

32,590

6,233

5,988

245‌

Total

United

States

(19,882)

(1,610‌)

Total

Bilateral

Credit

Default

Swaps,

Protection

Bought

(19,873)

(1,725‌)

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

1,262

1,747

(485‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

37

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

JPMorgan

Chase,

Protection

Sold

(Relevant

Credit:

ArcelorMittal,

Baa3*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/25

*

16,950

1,783

1,767

16‌

Total

Luxembourg

3,514

(469‌)

United

States

0.0%

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

American

Airlines

Group,

Caa1*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/23

*

5,060

(105)

(145)

40‌

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

AT&T,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/23

*

13,860

26

13

13‌

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

CCO

Holdings,

B1*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/23

*

7,450

276

234

42‌

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Ford

Motor,

Ba2*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

3/20/23

*

13,050

125

92

33‌

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Murphy

Oil,

Ba2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/23

*

16,500

(112)

(260)

148‌

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Royal

Caribbean

Cruises,

B3*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/23

*

4,410

(38)

(160)

122‌

Credit

Suisse,

Protection

Sold

(Relevant

Credit:

Calpine,

B2*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/23

*

21,650

376

267

109‌

Credit

Suisse,

Protection

Sold

(Relevant

Credit:

Ford

Motor,

Ba2*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/23

*

12,650

223

144

79‌

Total

United

States

185

586‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

3,699

117‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

38

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

Total

Return

Swaps

0.0%

United

States

0.0%

Morgan

Stanley,

Pay

Underlying

Reference:

iBoxx

USD

Liquid

High

Yield

Index

at

Maturity,

Receive

Variable

4.302%

(SOFR)

Quarterly,

6/20/23

22,200

394

—

394‌

Total

United

States

—

394‌

Total

Bilateral

Total

Return

Swaps

—

394‌

Total

Bilateral

Swaps

(16,174)

(1,214‌)

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

1.5%

Credit

Default

Swaps,

Protection

Bought

(0.1)%

Foreign/Europe

(0.1)%

Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Crossover-S38,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

360,385

(4,493)

7,251

(11,744‌)

Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Europe-S38,

5

Year

Index),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

2,000

(10)

34

(44‌)

Total

Foreign/Europe

(11,788‌)

France

(0.0)%

Protection

Bought

(Relevant

Credit:

Sanofi),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

14,200

(431)

(314)

(117‌)

Total

France

(117‌)

Luxembourg

(0.0)%

Protection

Bought

(Relevant

Credit:

Glencore

Finance

Europe),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/26

7,215

(994)

(1,598)

604‌

Total

Luxembourg

604‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

39

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

South

Africa

0.1%

Protection

Bought

(Relevant

Credit:

Republic

of

South

Africa),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

(USD)

69,750

4,412

5,767

(1,355‌)

Total

South

Africa

(1,355‌)

United

States

(0.1)%

Protection

Bought

(Relevant

Credit:

Apache),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/27

12,270

395

725

(330‌)

Protection

Bought

(Relevant

Credit:

Gap),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

21,620

4,132

3,682

450‌

Protection

Bought

(Relevant

Credit:

Iron

Mountain),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

2,902

(358)

(360)

2‌

Protection

Bought

(Relevant

Credit:

Macy's),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

23,770

3,431

4,279

(848‌)

Protection

Bought

(Relevant

Credit:

Markit

CDX.EM-S38,

5

Year

Index),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

90,100

5,236

6,217

(981‌)

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S33,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/24

238,656

(7,191)

(2,887)

(4,304‌)

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S39,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

627,080

(4,697)

13,377

(18,074‌)

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.IG-S39,

5

Year

Index),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

893,925

(7,422)

753

(8,175‌)

Protection

Bought

(Relevant

Credit:

Murphy

Oil),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/21/27

8,180

569

900

(331‌)

Protection

Bought

(Relevant

Credit:

Occidental

Petroleum),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/21/27

30,945

408

1,460

(1,052‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

40

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Protection

Bought

(Relevant

Credit:

Xerox),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

18,860

2,324

2,770

(446‌)

Total

United

States

(34,089‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Bought

(46,745‌)

Interest

Rate

Swaps

1.6%

Canada

0.1%

5

Year

Interest

Rate

Swap,

Pay

Fixed

3.340%

Semi-Annually,

Receive

Variable

4.855%

(3M

CAD

CDOR)

Semi-Annually,

12/9/27

72,117

1,019

—

1,019‌

5

Year

Interest

Rate

Swap,

Pay

Fixed

3.351%

Semi-Annually,

Receive

Variable

4.788%

(3M

CAD

CDOR)

Semi-Annually,

12/8/27

62,902

866

—

866‌

5

Year

Interest

Rate

Swap,

Pay

Fixed

3.357%

Semi-Annually,

Receive

Variable

4.788%

(3M

CAD

CDOR)

Semi-Annually,

12/8/27

60,272

818

—

818‌

5

Year

Interest

Rate

Swap,

Pay

Fixed

3.382%

Semi-Annually,

Receive

Variable

4.855%

(3M

CAD

CDOR)

Semi-Annually,

12/9/27

80,130

1,020

1

1,019‌

5

Year

Interest

Rate

Swap,

Pay

Fixed

3.390%

Semi-Annually,

Receive

Variable

4.855%

(3M

CAD

CDOR)

Semi-Annually,

12/9/27

80,129

997

—

997‌

Total

Canada

4,719‌

China

0.0%

5

Year

Interest

Rate

Swap,

Pay

Fixed

2.436%

Quarterly,

Receive

Variable

1.800%

(7

Day

Interbank

Repo)

Quarterly,

9/27/27

266,500

544

—

544‌

5

Year

Interest

Rate

Swap,

Pay

Fixed

2.480%

Quarterly,

Receive

Variable

5.000%

(7

Day

Interbank

Repo)

Quarterly,

9/28/27

66,800

125

—

125‌

5

Year

Interest

Rate

Swap,

Pay

Fixed

2.482%

Quarterly,

Receive

Variable

5.000%

(7

Day

Interbank

Repo)

Quarterly,

9/28/27

210,000

391

—

391‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

41

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

5

Year

Interest

Rate

Swap,

Pay

Fixed

2.500%

Quarterly,

Receive

Variable

3.500%

(7

Day

Interbank

Repo)

Quarterly,

9/30/27

96,800

143

1

142‌

5

Year

Interest

Rate

Swap,

Pay

Fixed

2.540%

Quarterly,

Receive

Variable

4.800%

(7

Day

Interbank

Repo)

Quarterly,

9/29/27

66,800

100

—

100‌

Total

China

1,302‌

United

Kingdom

1.5%

30

Year

Interest

Rate

Swap,

Pay

Fixed

0.912%

Annually,

Receive

Variable

0.162%

(GBP

SONIA)

Annually,

9/27/51

86,175

47,076

(6)

47,082‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

1.442%

Annually,

Receive

Variable

0.162%

(GBP

SONIA)

Annually,

3/18/52

19,190

8,170

—

8,170‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

1.467%

Annually,

Receive

Variable

0.162%

(GBP

SONIA)

Annually,

3/18/52

19,189

8,062

1

8,061‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

4.387%

Annually,

Receive

Variable

0.162%

(GBP

SONIA)

Annually,

10/11/52

10,620

(2,276)

—

(2,276‌)

50

Year

Interest

Rate

Swap,

Pay

Fixed

0.742%

Annually,

Receive

Variable

0.162%

(GBP

SONIA)

Annually,

9/27/71

8,815

6,191

7

6,184‌

50

Year

Interest

Rate

Swap,

Pay

Fixed

4.085%

Annually,

Receive

Variable

0.162%

(GBP

SONIA)

Annually,

10/11/72

16,984

(4,599)

—

(4,599‌)

Total

United

Kingdom

62,622‌

Total

Centrally

Cleared

Interest

Rate

Swaps

68,643‌

Zero-Coupon

Inflation

Swaps

0.0%

Foreign/Europe

0.0%

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.093%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/16/27

74,483

421

—

421‌

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.113%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/16/27

73,849

340

—

340‌

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.190%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/16/27

66,830

34

1

33‌

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.203%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/16/27

73,848

(11)

1

(12‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

42

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.205%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/16/27

66,830

(20)

—

(20‌)

Total

Foreign/Europe

762‌

Total

Centrally

Cleared

Zero-Coupon

Inflation

Swaps

762‌

Total

Centrally

Cleared

Swaps

22,660‌

Net

payments

(receipts)

of

variation

margin

to

date

(23,650‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(990‌)

*

Credit

ratings

as

of

December

31,

2022.

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

$5.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

43

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

1/20/23

EUR

88,220‌

USD

92,308‌

$

2,266‌

Bank

of

America

1/20/23

USD

618,036‌

EUR

623,485‌

(50,359‌)

Bank

of

America

1/20/23

USD

20,048‌

SEK

225,279‌

(1,569‌)

Bank

of

America

3/17/23

USD

77,745‌

HUF

31,603,235‌

(5,131‌)

Barclays

Bank

1/20/23

USD

280‌

EUR

286‌

(26‌)

Barclays

Bank

1/20/23

USD

9,397‌

JPY

1,297,851‌

(520‌)

Barclays

Bank

1/20/23

USD

8,878‌

RON

42,271‌

(268‌)

Barclays

Bank

2/17/23

PLN

62,717‌

USD

13,769‌

486‌

Barclays

Bank

3/2/23

BRL

30,769‌

USD

5,717‌

43‌

Barclays

Bank

3/10/23

PHP

1,071,758‌

USD

19,138‌

70‌

Barclays

Bank

3/17/23

USD

7,262‌

HUF

2,851,697‌

(217‌)

Barclays

Bank

3/17/23

USD

6,984‌

ZAR

121,699‌

(131‌)

BNP

Paribas

1/20/23

SEK

526,453‌

USD

51,072‌

(558‌)

BNP

Paribas

1/20/23

USD

13,792‌

AUD

21,967‌

(1,178‌)

BNP

Paribas

1/20/23

USD

7,726‌

EUR

7,834‌

(672‌)

BNP

Paribas

1/20/23

USD

5,864‌

MXN

119,489‌

(242‌)

BNP

Paribas

1/20/23

USD

2,936‌

SEK

30,310‌

28‌

BNP

Paribas

3/2/23

USD

168,233‌

BRL

913,008‌

(2,685‌)

BNP

Paribas

3/10/23

CLP

8,022,602‌

USD

9,198‌

174‌

BNP

Paribas

3/10/23

USD

95,884‌

CLP

88,288,615‌

(7,251‌)

Canadian

Imperial

Bank

of

Commerce

1/20/23

EUR

803‌

USD

833‌

28‌

Canadian

Imperial

Bank

of

Commerce

1/20/23

USD

89,424‌

CAD

123,112‌

(1,510‌)

Canadian

Imperial

Bank

of

Commerce

3/17/23

USD

267,304‌

ZAR

4,639,060‌

(3,931‌)

Citibank

1/19/23

USD

259,619‌

ILS

893,090‌

5,327‌

Citibank

1/19/23

USD

51,596‌

INR

4,278,229‌

(58‌)

Citibank

1/19/23

USD

10,065‌

TWD

319,329‌

(348‌)

Citibank

1/20/23

USD

77,578‌

AUD

122,778‌

(6,090‌)

Citibank

1/20/23

USD

98,716‌

JPY

14,504,426‌

(12,116‌)

Citibank

1/20/23

USD

16,182‌

RON

82,021‌

(1,564‌)

Citibank

1/20/23

USD

23,059‌

RSD

2,650,754‌

(1,132‌)

Citibank

1/20/23

USD

173,517‌

SEK

1,940,998‌

(12,726‌)

Citibank

3/10/23

USD

28,574‌

PHP

1,619,933‌

(458‌)

Citibank

3/17/23

USD

7,685‌

GBP

6,288‌

68‌

Deutsche

Bank

1/19/23

INR

454,952‌

USD

5,564‌

(71‌)

Deutsche

Bank

1/19/23

USD

37,705‌

INR

3,102,150‌

251‌

Deutsche

Bank

1/20/23

EUR

49,450‌

USD

52,726‌

285‌

Deutsche

Bank

1/20/23

USD

43,896‌

EUR

42,611‌

(1,784‌)

Deutsche

Bank

3/2/23

USD

2,510‌

BRL

13,292‌

21‌

Deutsche

Bank

3/10/23

USD

2,093‌

MYR

9,150‌

(6‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

44

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Deutsche

Bank

3/10/23

USD

90,599‌

THB

3,167,133‌

$

(1,473‌)

Deutsche

Bank

3/17/23

USD

1,518‌

HUF

596,410‌

(46‌)

Goldman

Sachs

1/19/23

INR

7,367,743‌

USD

89,484‌

(527‌)

Goldman

Sachs

1/19/23

KRW

7,152,823‌

USD

5,421‌

253‌

Goldman

Sachs

1/19/23

TWD

272,200‌

USD

8,854‌

21‌

Goldman

Sachs

1/19/23

TWD

118,294‌

USD

3,898‌

(40‌)

Goldman

Sachs

1/19/23

USD

38,606‌

INR

3,195,212‌

28‌

Goldman

Sachs

1/19/23

USD

130,483‌

TWD

4,135,749‌

(4,374‌)

Goldman

Sachs

1/20/23

CAD

7,246‌

USD

5,338‌

14‌

Goldman

Sachs

1/20/23

EUR

96,550‌

USD

101,801‌

1,704‌

Goldman

Sachs

1/20/23

USD

47,542‌

MXN

948,520‌

(934‌)

Goldman

Sachs

1/20/23

USD

8,199‌

NZD

14,600‌

(1,073‌)

Goldman

Sachs

3/10/23

CLP

2,021,373‌

USD

2,286‌

75‌

Goldman

Sachs

3/10/23

PHP

344,955‌

USD

6,123‌

59‌

HSBC

Bank

1/20/23

AUD

114,149‌

USD

73,503‌

4,285‌

HSBC

Bank

1/20/23

SEK

286,305‌

USD

27,501‌

(29‌)

HSBC

Bank

1/20/23

USD

7,794‌

EUR

7,877‌

(650‌)

HSBC

Bank

3/10/23

USD

15,279‌

MYR

68,195‌

(362‌)

HSBC

Bank

3/17/23

USD

2,022‌

HUF

791,831‌

(54‌)

JPMorgan

Chase

1/20/23

AUD

3,657‌

USD

2,306‌

187‌

JPMorgan

Chase

1/20/23

EUR

2,124‌

USD

2,242‌

35‌

JPMorgan

Chase

1/20/23

USD

112‌

EUR

112‌

(8‌)

JPMorgan

Chase

1/20/23

USD

51,972‌

MXN

1,056,857‌

(2,040‌)

JPMorgan

Chase

3/17/23

GBP

117,037‌

USD

145,444‌

(3,680‌)

Morgan

Stanley

1/19/23

USD

3,773‌

KRW

5,392,197‌

(504‌)

Morgan

Stanley

1/20/23

AUD

34,922‌

USD

22,449‌

1,348‌

Morgan

Stanley

1/20/23

CAD

9,325‌

USD

6,891‌

(3‌)

Morgan

Stanley

1/20/23

EUR

796‌

USD

827‌

27‌

Morgan

Stanley

1/20/23

JPY

22,381,261‌

USD

152,095‌

18,925‌

Morgan

Stanley

1/20/23

MXN

895,468‌

USD

46,380‌

(616‌)

Morgan

Stanley

1/20/23

SEK

244,682‌

USD

23,764‌

(286‌)

Morgan

Stanley

1/20/23

USD

977‌

EUR

989‌

(84‌)

Morgan

Stanley

1/20/23

USD

27,149‌

MXN

536,427‌

(266‌)

Morgan

Stanley

1/20/23

USD

125,049‌

NZD

223,437‌

(16,857‌)

Morgan

Stanley

3/2/23

USD

89,333‌

BRL

491,620‌

(2,699‌)

Morgan

Stanley

3/10/23

CLP

3,995,766‌

USD

4,511‌

156‌

Natwest

Bank

3/17/23

USD

910,790‌

GBP

742,151‌

11,842‌

RBC

Dominion

Securities

1/20/23

EUR

89,637‌

USD

95,749‌

345‌

RBC

Dominion

Securities

1/20/23

MXN

67,577‌

USD

3,422‌

32‌

RBC

Dominion

Securities

1/20/23

SEK

588,849‌

USD

56,615‌

(113‌)

RBC

Dominion

Securities

1/20/23

USD

48,604‌

JPY

6,584,508‌

(1,710‌)

RBC

Dominion

Securities

1/20/23

USD

261,005‌

MXN

5,188,976‌

(4,185‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

45

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Standard

Chartered

1/19/23

USD

63,393‌

KRW

90,939,835‌

$

(8,741‌)

Standard

Chartered

1/20/23

NZD

5,923‌

USD

3,644‌

118‌

Standard

Chartered

3/10/23

USD

20,851‌

MYR

91,411‌

(114‌)

State

Street

1/19/23

ILS

24,357‌

USD

6,921‌

15‌

State

Street

1/20/23

AUD

8,409‌

USD

5,779‌

(49‌)

State

Street

1/20/23

CAD

87,018‌

USD

63,610‌

664‌

State

Street

1/20/23

EUR

5,303‌

USD

5,256‌

429‌

State

Street

1/20/23

JPY

12,263,689‌

USD

83,413‌

10,297‌

State

Street

1/20/23

NZD

15,422‌

USD

8,914‌

880‌

State

Street

1/20/23

SEK

57,476‌

USD

5,133‌

382‌

State

Street

1/20/23

USD

96,135‌

AUD

144,640‌

(2,431‌)

State

Street

1/20/23

USD

4,059‌

CAD

5,568‌

(53‌)

State

Street

1/20/23

USD

50,366‌

EUR

48,641‌

(1,778‌)

State

Street

1/20/23

USD

88,148‌

JPY

12,140,419‌

(4,620‌)

State

Street

3/17/23

ZAR

94,354‌

USD

5,493‌

23‌

UBS

Investment

Bank

1/19/23

ILS

326,428‌

USD

95,987‌

(3,043‌)

UBS

Investment

Bank

1/19/23

USD

25,622‌

ILS

90,966‌

(279‌)

UBS

Investment

Bank

1/20/23

AUD

38,458‌

USD

26,085‌

123‌

UBS

Investment

Bank

1/20/23

CAD

15,522‌

USD

11,366‌

98‌

UBS

Investment

Bank

1/20/23

CAD

9,341‌

USD

6,900‌

—‌

UBS

Investment

Bank

1/20/23

EUR

150,426‌

USD

159,882‌

1,380‌

UBS

Investment

Bank

1/20/23

USD

26,711‌

AUD

42,153‌

(2,014‌)

UBS

Investment

Bank

1/20/23

USD

175,535‌

EUR

174,697‌

(11,745‌)

UBS

Investment

Bank

1/20/23

USD

43,725‌

NZD

77,894‌

(5,746‌)

UBS

Investment

Bank

1/20/23

USD

4,250‌

RON

19,860‌

(47‌)

UBS

Investment

Bank

2/17/23

USD

95,552‌

PLN

463,635‌

(9,828‌)

UBS

Investment

Bank

3/2/23

BRL

105,588‌

USD

19,783‌

(17‌)

UBS

Investment

Bank

3/10/23

CLP

4,006,987‌

USD

4,630‌

51‌

UBS

Investment

Bank

3/10/23

USD

24,163‌

PHP

1,368,515‌

(363‌)

UBS

Investment

Bank

3/17/23

CZK

1,064,648‌

USD

46,067‌

848‌

UBS

Investment

Bank

3/17/23

USD

53,424‌

CZK

1,237,399‌

(1,102‌)

UBS

Investment

Bank

3/17/23

USD

3,677‌

HUF

1,457,279‌

(145‌)

Wells

Fargo

1/20/23

EUR

132,289‌

USD

139,411‌

2,407‌

Wells

Fargo

3/10/23

CLP

6,039,968‌

USD

6,964‌

91‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(141,140‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

46

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

3,145

Euro

BTP

contracts

3/23

(366,686)

$

26,838‌

Short,

334

Euro

BUXL

thirty

year

bond

contracts

3/23

(48,352)

3,770‌

Short,

429

Japanese

Bond

ten

year

contracts

3/23

(475,483)

8,550‌

Long,

7,176

Republic

of

South

Korea

three

year

bond

contracts

3/23

587,076

(4,944‌)

Short,

997

Ultra

U.S.

Treasury

Bonds

contracts

3/23

(133,910)

809‌

Short,

1,742

Long

Gilt

ten

year

contracts

3/23

(210,389)

11,699‌

Net

payments

(receipts)

of

variation

margin

to

date

(41,204‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

5,518‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

47

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

year

ended

December

31,

2022.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

4.30%

$

—‌

$

—‌

$

3,376‌++

Totals

$

—‌#

$

—‌

$

3,376‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/21

Purchase

Cost

Sales

Cost

Value

12/31/22

T.

Rowe

Price

Government

Reserve

Fund,

4.30%

$

142,332‌

 ¤

  ¤

$

534,699‌

Total

$

534,699‌^

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

4

.

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$3,376

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

$534,699.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

December

31,

2022

Statement

of

Assets

and

Liabilities

48

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$4,579,854)

$

4,269,526‌

Restricted

cash

pledged

for

bilateral

derivatives

153,161‌

Cash

deposits

on

centrally

cleared

swaps

127,549‌

Unrealized

gain

on

forward

currency

exchange

contracts

66,189‌

Cash

deposits

on

futures

contracts

56,533‌

Interest

receivable

46,385‌

Bilateral

swap

premiums

paid

11,149‌

Foreign

currency

(cost

$10,462)

10,361‌

Cash

8,442‌

Cash

deposits

on

exchange-traded

options

7,653‌

Variation

margin

receivable

on

futures

contracts

5,518‌

Receivable

for

shares

sold

3,141‌

Unrealized

gain

on

bilateral

swaps

1,847‌

Due

from

affiliates

1,345‌

Other

assets

5,058‌

Total

assets

4,773,857‌

Liabilities

Unrealized

loss

on

forward

currency

exchange

contracts

207,329‌

Obligation

to

return

securities

lending

collateral

28,619‌

Bilateral

swap

premiums

received

27,323‌

Payable

for

shares

redeemed

19,326‌

Unrealized

loss

on

bilateral

swaps

3,061‌

Investment

management

fees

payable

1,838‌

Variation

margin

payable

on

centrally

cleared

swaps

990‌

Options

written

(premiums

$2,086)

541‌

Payable

to

directors

3‌

Other

liabilities

234‌

Total

liabilities

289,264‌

NET

ASSETS

$

4,484,593‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

December

31,

2022

Statement

of

Assets

and

Liabilities

49

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

(635,644‌)

Paid-in

capital

applicable

to

526,546,757

shares

of

$0.01

par

value

capital

stock

outstanding;

18,000,000,000

shares

of

the

Corporation

authorized

5,120,237‌

NET

ASSETS

$

4,484,593‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

($546,278,958

/

64,120,817

shares

outstanding)

$

8.52‌

Advisor

Class

($556,676

/

65,517

shares

outstanding)

$

8.50‌

I

Class

($731,408,045

/

85,882,057

shares

outstanding)

$

8.52‌

Z

Class

($3,206,349,727

/

376,478,366

shares

outstanding)

$

8.52‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

Statement

of

Operations

50

($000s)

Year

Ended

12/31/22

Investment

Income

(Loss)

Income

    Interest

(net

of

foreign

taxes

of

$573)

$

213,098‌

Dividend

5,878‌

Securities

lending

1,382‌

Total

income

220,358‌

Expenses

Investment

management

22,659‌

Shareholder

servicing

Investor

Class

$

537‌

Advisor

Class

1‌

I

Class

61‌

599‌

Rule

12b-1

fees

Advisor

Class

1‌

Prospectus

and

shareholder

reports

Investor

Class

17‌

I

Class

3‌

Z

Class

4‌

24‌

Custody

and

accounting

805‌

Registration

128‌

Legal

and

audit

105‌

Directors

12‌

Miscellaneous

42‌

Waived

/

paid

by

Price

Associates

(18,682‌)

Total

expenses

5,693‌

Net

investment

income

214,665‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

Statement

of

Operations

51

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

12/31/22

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(net

of

foreign

taxes

of

$175)

(208,445‌)

Futures

194,893‌

Swaps

127,063‌

Options

written

(13,789‌)

Forward

currency

exchange

contracts

225,432‌

Foreign

currency

transactions

(2,508‌)

Net

realized

gain

322,646‌

Change

in

net

unrealized

gain

/

loss

Securities

(159,051‌)

Futures

30,091‌

Swaps

(23,878‌)

Options

written

253‌

Forward

currency

exchange

contracts

(191,806‌)

Other

assets

and

liabilities

denominated

in

foreign

currencies

465‌

Change

in

net

unrealized

gain

/

loss

(343,926‌)

Net

realized

and

unrealized

gain

/

loss

(21,280‌)

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

193,385‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

Statement

of

Changes

in

Net

Assets

52

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/22

12/31/21

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

214,665‌

$

154,592‌

Net

realized

gain

(loss)

322,646‌

(11,485‌)

Change

in

net

unrealized

gain

/

loss

(343,926‌)

(128,503‌)

Increase

in

net

assets

from

operations

193,385‌

14,604‌

Distributions

to

shareholders

Net

earnings

Investor

Class

(69,531‌)

(6,219‌)

Advisor

Class

(75‌)

(5‌)

I

Class

(102,522‌)

(22,992‌)

Z

Class

(489,455‌)

(163,650‌)

Decrease

in

net

assets

from

distributions

(661,583‌)

(192,866‌)

Capital

share

transactions

*

(1)

Shares

sold

Investor

Class

719,584‌

53,846‌

Advisor

Class

583‌

8‌

I

Class

566,295‌

190,126‌

Z

Class

243,322‌

1,292,815‌

Distributions

reinvested

Investor

Class

69,337‌

5,819‌

Advisor

Class

61‌

2‌

I

Class

101,781‌

22,960‌

Z

Class

489,455‌

163,564‌

Shares

redeemed

Investor

Class

(302,002‌)

(332,790‌)

Advisor

Class

(161‌)

(16‌)

I

Class

(422,336‌)

(155,222‌)

Z

Class

(1,048,428‌)

(639,451‌)

Increase

in

net

assets

from

capital

share

transactions

417,491‌

601,661‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

Statement

of

Changes

in

Net

Assets

53

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/22

12/31/21

Net

Assets

Increase

(decrease)

during

period

(50,707‌)

423,399‌

Beginning

of

period

4,535,300‌

4,111,901‌

End

of

period

$

4,484,593‌

$

4,535,300‌

*Share

information

(000s)

(1)

Shares

sold

Investor

Class

73,434‌

5,429‌

Advisor

Class

61‌

1‌

I

Class

58,752‌

18,996‌

Z

Class

25,271‌

129,736‌

Distributions

reinvested

Investor

Class

8,096‌

596‌

Advisor

Class

7‌

–‌

I

Class

11,754‌

2,358‌

Z

Class

56,146‌

16,791‌

Shares

redeemed

Investor

Class

(31,401‌)

(33,165‌)

Advisor

Class

(17‌)

(2‌)

I

Class

(44,241‌)

(15,775‌)

Z

Class

(107,062‌)

(64,771‌)

Increase

in

shares

outstanding

50,800‌

60,194‌

(1)

Includes

the

exchange

of

activity

from

Investor

Class

or

I

Class,

as

applicable,

to

Z

Class

related

to

shares

held

by

affiliated

funds.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

NOTES

TO

FINANCIAL

STATEMENTS

54

T.

Rowe

Price

International

Funds,

Inc.

(the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Dynamic

Global

Bond

Fund

(the

fund)

is a

nondiversified,

open-end

management

investment

company

established

by

the

corporation. The

fund

seeks

high

current

income.

The

fund

has

four classes

of

shares:

the

Dynamic

Global

Bond

Fund

(Investor

Class),

the

Dynamic

Global

Bond

Fund–Advisor

Class

(Advisor

Class),

the

Dynamic

Global

Bond

Fund–I

Class

(I

Class)

and

the

Dynamic

Global

Bond

Fund–Z

Class

(Z

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

Prior

to

November

15,

2021,

the

initial

investment

minimum

was

$1

million

and

was

generally

waived

for

financial

intermediaries,

eligible

retirement

plans,

and

other

certain

accounts.

As

a

result

of

the

reduction

in

the

I

Class

minimum,

certain

assets

transferred

from

the

Investor

Class

to

the

I

Class.

This

transfer

of

shares

from

Investor

Class

to

I

Class

is

reflected

in

the

Statement

of

Changes

in

Net

Assets

within

the

Capital

shares

transactions

as

Shares

redeemed

and

Shares

sold,

respectively.

The

Z

Class

is

only

available

to

funds

advised

by

T.

Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services.

The

Advisor

Class

operates

under

a

Board-approved

Rule

12b-1

plan

pursuant

to

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/or

certain

administrative

services;

the

Investor,

I

and

Z

Classes

do

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

55

Investment

Transactions,

Investment

Income,

and

Distributions

Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis.

Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

Inflation

adjustments

to

the

principal

amount

of

inflation-indexed

bonds

are

reflected

as

interest

income.

Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense.

Dividends

received

from

mutual

fund

investments

are

reflected

as

dividend

income;

capital

gain

distributions

are

reflected

as

realized

gain/loss.

Dividend

income

and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date.

Earnings

on

investments

recognized

as

partnerships

for

federal

income

tax

purposes

reflect

the

tax

character

of

such

earnings.

Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received.

Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Income

distributions,

if

any, are

declared

by

each

class daily

and

paid

monthly.

A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

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.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to all classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class’s

outstanding

shares.

The

Advisor

Class

pays

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

of

the

class’s

average

daily

net

assets.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

56

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

New

Accounting

Guidance

 In

June

2022,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions,

which

clarifies

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

is

not

considered

in

measuring

fair

value.

The

amendments

under

this

ASU

are

effective

for

fiscal

years

beginning

after

December

15,

2023;

however,

the

fund

opted

to

early

adopt,

as

permitted,

effective

December

1,

2022. Adoption

of

the

guidance

did not

have

a

material

impact

on

the fund's

financial  statements.

The

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2020–04,

Reference

Rate

Reform

(Topic

848) –

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

in

March

2020

and

ASU

2021-01

in

January

2021

which

provided

further

amendments

and

clarifications

to

Topic

848.

These

ASUs provide

optional,

temporary

relief

with

respect

to

the

financial

reporting

of

contracts

subject

to

certain

types

of

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR),

and

other

interbank-offered

based

reference

rates,

through December

31,

2022.

In

December,

2022,

FASB

issued

ASU

2022-06

which

defers

the

sunset

date

of

Topic

848

from

December

31,

2022,

to

December

31,

2024,

after

which

entities

will

no

longer

be

permitted

to

apply

the

relief

in

Topic

848.

Management

intends

to

rely

upon

the

relief

provided

under

Topic

848,

which

is

not

expected to

have

a

material

impact

on

the fund's

financial  statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

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

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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)

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.   

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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 the

fund’s

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

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

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.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

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

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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.

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Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

December

31,

2022

(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

$

—‌

$

3,699,144‌

$

—‌

$

3,699,144‌

Common

Stocks

—‌

243‌

—‌

243‌

Private

Investment

Company

2

—‌

—‌

—‌

2,704‌

Short-Term

Investments

506,080‌

—‌

—‌

506,080‌

Securities

Lending

Collateral

28,619‌

—‌

—‌

28,619‌

Options

Purchased

—‌

32,736‌

—‌

32,736‌

Total

Securities

534,699‌

3,732,123‌

—‌

4,269,526‌

Swaps*

—‌

88,745‌

—‌

88,745‌

Forward

Currency

Exchange

Contracts

—‌

66,189‌

—‌

66,189‌

Futures

Contracts*

51,666‌

—‌

—‌

51,666‌

Total

$

586,365‌

$

3,887,057‌

$

—‌

$

4,476,126‌

Liabilities

Options

Written

$

—‌

$

541‌

$

—‌

$

541‌

Swaps*

—‌

83,473‌

—‌

83,473‌

Forward

Currency

Exchange

Contracts

—‌

207,329‌

—‌

207,329‌

Futures

Contracts*

4,944‌

—‌

—‌

4,944‌

Total

$

4,944‌

$

291,343‌

$

—‌

$

296,287‌

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.

Treasury

Obligations.

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.

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NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

year ended

December

31,

2022,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

December

31,

2022,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

*

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.

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($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

Assets

Inflation

derivatives

Centrally

Cleared

Swaps

$

794‌

Interest

rate

derivatives

Centrally

Cleared

Swaps

,

Futures

,

Securities^

152,148‌

Foreign

exchange

derivatives

Forwards

,

Securities^

69,335‌

Credit

derivatives

Bilateral

Swaps

and

Premiums

,

Centrally

Cleared

Swaps

,

Securities^

13,953‌

Equity

derivatives

Securities^

3,106‌

^

,*

Total

$

239,336‌

^

,*

Liabilities

Inflation

derivatives

Centrally

Cleared

Swaps

$

32‌

Interest

rate

derivatives

Centrally

Cleared

Swaps,

Futures

11,819‌

Foreign

exchange

derivatives

Forwards

207,329‌

Credit

derivatives

Bilateral

Swaps

and

Premiums

,

Centrally

Cleared

Swaps

,

Options

Written

77,107‌

Total

$

296,287‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

^

Options

purchased

are

reported

as

securities

and

are

reflected

in

the

accompanying

Portfolio

of

Investments.

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Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

December

31,

2022,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

($000s)                                               

Location

of

Gain

(Loss)

on

Statement

of

Operations

Securities^

Options

Written

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Inflation

derivatives

$

—‌

$

—‌

$

—‌

$

—‌

$

20,703‌

$

20,703‌

Interest

rate

derivatives

146,423‌

—‌

194,893‌

—‌

61,955‌

403,271‌

Foreign

exchange

derivatives

(1,060‌)

—‌

—‌

225,432‌

—‌

224,372‌

Credit

derivatives

(5,981‌)

2,915‌

—‌

—‌

44,405‌

41,339‌

Equity

derivatives

(17,843‌)

(16,704‌)

—‌

—‌

—‌

(34,547‌)

Total

$

121,539‌

$

(13,789‌)

$

194,893‌

$

225,432‌

$

127,063‌

$

655,138‌

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Counterparty

Risk

and

Collateral

 The

fund

invests

in

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-

traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Derivatives,

such

as

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

counterparty

risk.

To

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

($000s)                                                

Location

of

Gain

(Loss)

on

Statement

of

Operations

Securities^

Options

Written

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Change

in

Unrealized

Gain

(Loss)

Inflation

derivatives

$

—‌

$

—‌

$

—‌

$

—‌

$

(17,173‌)

$

(17,173‌)

Interest

rate

derivatives

18,358‌

—‌

30,091‌

—‌

31,308‌

79,757‌

Foreign

exchange

derivatives

(966‌)

—‌

—‌

(191,806‌)

—‌

(192,772‌)

Credit

derivatives

(2,876‌)

1,545‌

—‌

—‌

(38,013‌)

(39,344‌)

Equity

derivatives

36‌

(1,292‌)

—‌

—‌

—‌

(1,256‌)

Total

$

14,552‌

$

253‌

$

30,091‌

$

(191,806‌)

$

(23,878‌)

$

(170,788‌)

^

Options

purchased

are

reported

as

securities.

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also

require

the

exchange

of

collateral

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund’s

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

FX

letters

do

not.

Variation

margin

amounts

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

non-cleared

bilateral

derivatives,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

variation

margin

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Initial

margin

amounts

are

determined

on

a

daily

basis

and

calculated

in

accordance

to

global

regulations

on

all

bilateral

derivatives,

subject

to

an

initial

margin

threshold

(typically

$50,000,000

per

counterparty)

and

a

minimum

transfer

amount

of

$100,000

to

$250,000

when

initial

margin

amounts

exceed

the

counterparty

threshold.

Any

additional

initial

margin

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Variation

margin

and

initial

margin

are

collectively

referred

to

as

collateral.

Collateral

may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

and

by

the

governments

of

France,

Germany,

Italy,

Spain,

or

the

United

Kingdom,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

Collateral

pledged

by

counterparties

is

not

included

in

the

fund’s

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

by

the

fund

is

held

in

a

segregated

account

at

the

fund’s

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

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cleared,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

December

31,

2022,

cash

of $191,735,000 had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

The

following

table

summarizes

the

fund’s

OTC

and

bilateral

derivatives

at

the

reporting

date

by

loss

exposure

to

each

counterparty

after

consideration

of

collateral,

if

any. 

Forward

Currency

Exchange

Contracts

 The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-

($000s)

Gross

Value

on

Statements

of

Assets

and

Liabilities

Net

amount

due

(to)/from

Counterparty

or

Exchange

Collateral

Pledged

(Received)

by

Fund

Loss

Exposure,

After

Collateral*

(not

less

than

$0)

Counterparty

Assets

Liabilities

Bank

of

America

$

2,266‌

$

(59,037‌)

$

(56,771‌)

$

54,180‌

$

—‌

Barclays

Bank

1,837‌

(2,025‌)

(188‌)

431‌

243‌

BNP

Paribas

202‌

(12,586‌)

(12,384‌)

11,610‌

—‌

Canadian

Imperial

Bank

of

Commerce

28‌

(5,441‌)

(5,413‌)

6,521‌

1,108‌

Citibank

5,395‌

(34,795‌)

(29,400‌)

25,790‌

—‌

Credit

Suisse

599‌

—‌

599‌

(600‌)

—‌

Deutsche

Bank

557‌

(3,380‌)

(2,823‌)

2,910‌

87‌

Goldman

Sachs

14,374‌

(17,422‌)

(3,048‌)

1,300‌

—‌

HSBC

Bank

4,285‌

(1,095‌)

3,190‌

(3,047‌)

143‌

JPMorgan

Chase

3,912‌

(8,172‌)

(4,260‌)

5,170‌

910‌

Morgan

Stanley

45,312‌

(34,559‌)

10,753‌

(5,232‌)

5,521‌

Natwest

Bank

11,842‌

—‌

11,842‌

(14,080‌)

—‌

RBC

Dominion

Securities

377‌

(6,008‌)

(5,631‌)

6,430‌

799‌

Standard

Chartered

118‌

(8,855‌)

(8,737‌)

8,140‌

—‌

State

Street

12,690‌

(8,931‌)

3,759‌

(4,492‌)

—‌

UBS

Investment

Bank

4,010‌

(34,329‌)

(30,319‌)

30,460‌

141‌

Wells

Fargo

2,498‌

—‌

2,498‌

(1,930‌)

568‌

Total

$

110,302‌

$

(236,635‌)

*

In

situations

such

as

counterparty

default

or

bankruptcy,

the

fund

may

have

further

rights

of

offset

against

amounts

due

to

or

from

the

counterparty

under

other

agreements.

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denominated

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

fund’s

foreign

currency

exposure

from

one

country

to

another,

or

to

enhance

the

fund’s

return.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund’s

total

return;

and

the

potential

for

losses

in

excess

of

the

fund’s

initial

investment.

During

the

year ended

December

31,

2022,

the

volume

of

the

fund’s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

between

55%

and

80%

of

net

assets.

Futures

Contracts

 The

fund

is

subject

to interest

rate

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risk.

The

fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

credit

quality,

and

mortgage

prepayments;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/or

interest

rates,

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and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

year ended

December

31,

2022,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

28%

and

84%

of

net

assets.

Options 

 The

fund

is

subject

to interest

rate

risk,

foreign

currency

exchange

rate

risk,

credit

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risks.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss.

In

return

for

a

premium

paid,

currency

options

give

the

holder

the

right,

but

not

the

obligation,

to

buy

and

sell

currency

at

a

specified

exchange

rate;

although

certain

currency

options

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract.

In

return

for

a

premium

paid,

call

and

put

index

options

give

the

holder

the

right,

but

not

the

obligation,

to

receive

cash

equal

to

the

difference

between

the

value

of

the

reference

index

on

the

exercise

date

and

the

exercise

price

of

the

option.

In

return

for

a

premium

paid,

options

on

swaps

give

the

holder

the

right,

but

not

the

obligation,

to

enter

a

specified

swap

contract

on

predefined

terms.

The

exercise

price

of

an

option

on

a

credit

default

swap

is

stated

in

terms

of

a

specified

spread

that

represents

the

cost

of

credit

protection

on

the

reference

asset,

including

both

the

upfront

premium

to

open

the

position

and

future

periodic

payments.

The

exercise

price

of

an

interest

rate

swap

is

stated

in

terms

of

a

fixed

interest

rate;

generally,

there

is

no

upfront

payment

to

open

the

position.

Risks related

to

the

use

of

options

include

possible

illiquidity

of

the

options

markets;

trading

restrictions

imposed

by

an

exchange

or

counterparty;

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

values,

interest

rates,

currency

values

and

credit

ratings;

and,

for

options

written,

the

potential

for

losses

to

exceed

any

premium

received

by

the

fund.

During

the

year ended

December

31,

2022,

the

volume

of

the

fund’s

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

34%

and

79%

of

net

assets.

Swaps

 The

fund

is

subject

to

interest

rate

risk,

credit

risk

and

inflation

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risks.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

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exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

in

the

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Interest

rate

swaps

are

agreements

to

exchange

cash

flows

based

on

the

difference

between

specified

interest

rates

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

interest

rate

swaps

include

the

potential

for

unanticipated

movements

in

interest

or

currency

rates,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment. 

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Generally,

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the

payment

risk

for

the

seller

of

protection

is

inversely

related

to

the

current

market

price

or

credit

rating

of

the

underlying

credit

or

the

market

value

of

the

contract

relative

to

the

notional

amount,

which

are

indicators

of

the

markets’

valuation

of

credit

quality.

As

of

December

31,

2022,

the

notional

amount

of

protection

sold

by

the

fund

totaled $125,620,000

(2.8%

of

net

assets),

which

reflects

the

maximum

potential

amount

the

fund

could

be

required

to

pay

under

such

contracts.

Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

Zero-coupon

inflation

swaps

are

agreements

to

exchange

cash

flows,

on

the

contract’s

maturity

date,

based

on

the

difference

between

a

predetermined

fixed

rate

and

the

cumulative

change

in

the

consumer

price

index,

both

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

zero-coupon

inflation

swaps

include

the

potential

for

unanticipated

movements

in

inflation

rates,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment. 

Total

return

swaps

are

agreements

in

which

one

party

makes

payments

based

on

a

set

rate,

either

fixed

or

variable,

while

the

other

party

makes

payments

based

on

the

return

of

an

underlying

asset

(reference

asset),

such

as

an

index,

equity

security,

fixed

income

security

or

commodity-based

exchange-traded

fund,

which

includes

both

the

income

it

generates

and

any

change

in

its

value.

Risks

related

to

the

use

of

total

return

swaps

include

the

potential

for

unfavorable

changes

in

the

reference

asset,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment. 

During

the

year ended

December

31,

2022,

the

volume

of

the

fund’s

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

68%

and

88%

of

net

assets.

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NOTE

4

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective,

the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of

the

fund

are

described

more

fully

in

the

fund’s

prospectus

and

Statement

of

Additional

Information.

Emerging

and

Frontier

Markets

 The fund

invests,

either

directly

or

through

investments

in

other

T.

Rowe

Price

funds,

in

securities

of

companies

located

in,

issued

by

governments

of,

or

denominated

in

or

linked

to

the

currencies

of

emerging

and

frontier

market

countries.

Emerging

markets,

and

to

a

greater

extent

frontier

markets, tend

to

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

that

are

less

stable,

than

those

of

developed

countries.

These

markets

may

be

subject

to

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund’s

ability

to

buy

or

sell

certain

securities

or

repatriate

proceeds

to

U.S.

dollars.

Emerging

markets

securities

exchanges

are

more

likely

to

experience

delays

with

the

clearing

and

settling

of

trades,

as

well

as

the

custody

of

holdings

by

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

to

greater

price

volatility,

less

liquidity,

and

higher

rates

of

inflation

than

U.S.

securities.

Investing

in

frontier

markets

is

typically

significantly

riskier

than

investing

in

other

countries,

including

emerging

markets.

Noninvestment-Grade

Debt

 The

fund

invests,

either

directly

or

through

its

investment

in

other

T.

Rowe

Price

funds,

in

noninvestment-grade

debt,

including

“high

yield”

or

“junk”

bonds

or

leveraged

loans.

Noninvestment-grade

debt

issuers

are

more

likely

to

suffer

an

adverse

change

in

financial

condition

that

would

result

in

the

inability

to

meet

a

financial

obligation.

The

noninvestment-grade

debt

market

may

experience

sudden

and

sharp

price

swings

due

to

a

variety

of

factors

that

may

decrease

the

ability

of

issuers

to

make

principal

and

interest

payments

and

adversely

affect

the

liquidity

or

value,

or

both,

of

such

securities.

Accordingly,

securities

issued

by

such

companies

carry

a

higher

risk

of

default

and

should

be

considered

speculative. 

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

Mortgage-Backed

Securities

 The

fund

invests

in

mortgage-backed

securities

(MBS

or

pass-through

certificates)

that

represent

an

interest

in

a

pool

of

specific

underlying

mortgage

loans

and

entitle

the

fund

to

the

periodic

payments

of

principal

and

interest

from

those

mortgages.

MBS

may

be

issued

by

government

agencies

or

corporations,

or

private

issuers.

Most

MBS

issued

by

government

agencies

are

guaranteed;

however,

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the

degree

of

protection

differs

based

on

the

issuer.

MBS are

sensitive

to

changes

in

economic

conditions

that

affect

the

rate

of

prepayments

and

defaults

on

the

underlying

mortgages;

accordingly,

the

value,

income,

and

related

cash

flows

from

MBS

may

be

more

volatile

than

other

debt

instruments.

Bank

Loans

 The

fund

invests

in

bank

loans,

which

represent

an

interest

in

amounts

owed

by

a

borrower

to

a

syndicate

of

lenders.

Bank

loans

are

generally

noninvestment

grade

and

often

involve

borrowers

whose

financial

condition

is

highly

leveraged.

The

fund

may

invest

in

fixed

and

floating

rate

loans,

which

may

include

senior

floating

rate

loans;

secured

and

unsecured

loans,

second

lien

or

more

junior

loans;

and

bridge

loans

or

bridge

facilities.

Certain

bank

loans

may

be

revolvers

which

are

a

form

of

senior

bank

debt,

where

the

borrower

can

draw

down

the

credit

of

the

revolver

when

it

needs

cash

and

repays

the

credit

when

the

borrower

has

excess

cash.

Certain

loans

may

be

“covenant-lite”

loans,

which

means

the

loans

contain

fewer

maintenance

covenants

than

other

loans

(in

some

cases,

none)

and

do

not

include

terms

which

allow

the

lender

to

monitor

the

performance

of

the

borrower

and

declare

a

default

if

certain

criteria

are

breached.

As

a

result

of

these

risks,

the

fund’s

exposure

to

losses

may

be

increased.

Bank

loans

may

be

in

the

form

of

either

assignments

or

participations.

A

loan

assignment

transfers

all

legal,

beneficial,

and

economic

rights

to

the

buyer,

and

transfer

typically

requires

consent

of

both

the

borrower

and

agent.

In

contrast,

a

loan

participation

generally

entitles

the

buyer

to

receive

the

cash

flows

from

principal,

interest,

and

any

fee

payments

on

a

portion

of

a

loan;

however,

the

seller

continues

to

hold

legal

title

to

that

portion

of

the

loan.

As

a

result,

the

buyer

of

a

loan

participation

generally

has

no

direct

recourse

against

the

borrower

and

is

exposed

to

credit

risk

of

both

the

borrower

and

seller

of

the

participation.

Bank

loans

often

have

extended

settlement

periods,

generally

may

be

repaid

at

any

time

at

the

option

of

the

borrower,

and

may

require

additional

principal

to

be

funded

at

the

borrowers’

discretion

at

a

later

date

(e.g.

unfunded

commitments

and

revolving

debt

instruments).

Until

settlement,

the

fund

maintains

liquid

assets

sufficient

to

settle

its

unfunded

loan

commitments.

The

fund

reflects

both

the

funded

portion

of

a

bank

loan

as

well

as

its

unfunded

commitment

in

the

Portfolio

of

Investments.

However,

if

a

credit

agreement

provides

no

initial

funding

of

a

tranche,

and

funding

of

the

full

commitment

at

a

future

date(s)

is

at

the

borrower’s

discretion

and

considered

uncertain,

a

loan

is

reflected

in

the

Portfolio

of

Investments

only

if,

and

only

to

the

extent

that,

the

fund

has

actually

settled

a

funding

commitment.

Investment

in

Bona

Fide

Investments

Feeder

LLC

 The

fund

invested

in

Bona

Fide

Investments

Feeder

LLC

(Bona

Fide

Investments

Feeder),

a

private

alternative

debt

investment

fund

offered

by

Gramercy

Funds

Management

LLC

(Gramercy).

Bona

Fide

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Investments

Feeder

invests

in

the

Bona

Fide

Investment

Holdings

LLC

(underlying

fund)

which

provides

the

fund

exposure

to

alternative investments

by acquiring

sentencias

(underlying

interests), obligations

owed

to

individual

holders

by

the

government

of

the

Republic

of

Colombia

that

have

been

converted

from

judgments

against

various

Colombian

governmental

agencies.

Bona

Fide

Investments

Feeder’s

concentration

of

investments

in

sentencias

through

the

underlying

fund

may

expose

it

to

greater

risk

than

if

its

investments

were

spread

across

a

large

variety

of

investment

instruments.

In

addition,

Colombia

has

experienced

and

may

in

the

future

experience

political

and

economic

instability,

which

may

increase

the

risk

of

investment

loss.

Bona

Fide

Investments

Feeder,

and

the

underlying

fund,

are

not

subject

to

the

same

regulatory

requirements

as

an

open-end

mutual

fund,

and,

therefore,

the

investments

and

related

valuations

may

not

be transparent.

Ownership

interests

in

Bona

Fide

Investments

Feeder

are

not

transferable

and

do

not

have

redemption

rights.

In

addition,

the

fund

is

subject

to

a

15-month

commitment

period

after

acquisition.

These

restrictions

are

subject

to

change

at

the

sole

discretion

of

Gramercy.

Following

the

expiration

of

the

commitment

period,

distributions

attributable

to

the

underlying

interests,

if

any,

will

be

received

by

the

fund. As

of

December

31,

2022,

the

remaining

restriction

period

on

this

investment

was 8

months

and

the

fund

had

a

remaining

unfunded

commitment

of

$2,733,000.

LIBOR

Transition

 The fund

may

invest

in

instruments

that

are

tied

to

reference

rates,

including

LIBOR.

Over

the

course

of

the

last

several

years,

global

regulators

have

indicated

an

intent

to

phase

out

the

use

of

LIBOR

and

similar

interbank

offered

rates

(IBOR).

While

publication

for

most

LIBOR

currencies

and

lesser-used

USD

LIBOR

settings

ceased

immediately

after

December

31,

2021,

remaining

USD

LIBOR

settings

will

continue

to

be

published

until

June

30,

2023.

There

remains

uncertainty

regarding

the

future

utilization

of

LIBOR

and

the

nature

of

any

replacement

rate.

Any

potential

effects

of

the

transition

away

from

LIBOR

on

the fund,

or

on

certain

instruments

in

which

the fund

invests,

cannot

yet

be

determined.

The

transition

process

may

result

in,

among

other

things,

an

increase

in

volatility

or

illiquidity

of

markets

for

instruments

that

currently

rely

on

LIBOR,

a

reduction

in

the

value

of

certain

instruments

held

by

the fund,

or

a

reduction

in

the

effectiveness

of

related

fund

transactions

such

as

hedges.

Any

such

effects

could

have

an

adverse

impact

on

the fund's

performance.

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

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additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

December

31,

2022,

the

value

of

loaned

securities

was

$27,613,000;

the

value

of

cash

collateral

and

related

investments

was

$28,619,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

short-term and

U.S.

government

securities

aggregated $3,818,900,000 and

$4,176,531,000,

respectively,

for

the

year ended

December

31,

2022.

Purchases

and

sales

of

U.S.

government

securities

aggregated

$804,288,000 and

$401,175,000,

respectively,

for

the

year ended

December

31,

2022.

NOTE

5

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its

taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required. The

fund’s

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

T.

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of

operations

or

net

assets.

The

permanent

book/tax

adjustments

relate

primarily

to

deemed

distributions

on

shareholder

redemptions,

the

character

of

net

currency

losses

and

the

character

of

income

on

swaps.

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

December

31,

2022,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were

as

follows:

At

December

31,

2022,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales

and

the

realization

of

gains/losses

on

certain

open

derivative

contracts.

The

loss

carryforwards

and

deferrals

primarily

relate

to

post-October

loss

deferrals,

late-year

ordinary

loss

deferrals

and

($000s)

December

31,

2022

December

31,

2021

Ordinary

income

(including

short-term

capital

gains,

if

any)

$

551,379‌

$

181,119‌

Long-term

capital

gain

110,204‌

11,747‌

Total

distributions

$

661,583‌

$

192,866‌

($000s)

Cost

of

investments

$

4,610,432‌

Unrealized

appreciation

$

187,530‌

Unrealized

depreciation

(435,306‌)

Net

unrealized

appreciation

(depreciation)

$

(247,776‌)

($000s)

Net

unrealized

appreciation

(depreciation)

(247,776‌)

Loss

carryforwards

and

deferrals

(387,994‌)

Other

temporary

differences

126‌

Total

distributable

earnings

(loss)

$

(635,644‌)

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straddle

deferrals. The

fund

has

elected

to

defer

certain

losses

to

the

first

day

of

the

following

fiscal

year

for

post-October

capital

loss

deferrals

and

late-year

ordinary

loss

deferrals.

NOTE

6

-

FOREIGN  TAXES

The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

NOTE

7

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.20%

of

the

fund’s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund’s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’s

average

daily

net

assets. At

December

31,

2022,

the

effective

annual

group

fee

rate

was

0.29%.

Prior

to

April

30,

2022,

the Investor Class's

contractual

expense

limitation

was 0.75%.

The Investor Class

was

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

During

the

limitation

period,

Price

Associates

is

required

to

waive

its

management

fee

or

pay

any

expenses

(excluding

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interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary expenses;

and

acquired

fund

fees

and

expenses) that

would

otherwise

cause

the

class’s

ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the

class’s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The Advisor Class

is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

During

the

limitation

period,

Price

Associates

is

required

to

waive

its

management

fee

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary expenses;

and

acquired

fund

fees

and

expenses) that

would

otherwise

cause

the

class’s

ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the

class’s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

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The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class’

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

only

be

amended

or

terminated

with

approval

by

the

fund’s

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

Pursuant

to

these

agreements,

expenses

were

waived/paid

by

and/or

repaid

to

Price

Associates

during

the

year ended December

31,

2022

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $9,000 remain

subject

to

repayment

by

the

fund

at

December

31,

2022.

Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class

and

Advisor Class.

For

the

year ended

December

31,

2022,

expenses

incurred

pursuant

to

these

service

agreements

were

$103,000 for

Price

Associates;

$311,000 for

T.

Rowe

Price

Services,

Inc.;

and

less

than

$1,000 for

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Investor

Class

Advisor

Class

I

Class

Z

Class

Expense

limitation/I

Class

Limit

0.75%

0.90%

0.05%

0.00%

Expense

limitation

date

04/30/22

04/30/24

04/30/24

N/A

(Waived)/repaid

during

the

period

($000s)

$—

$(1)

$—

$(18,681)

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Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

December

31,

2022,

approximately

28%

of

the

I

Class’s

and

100%

of

the

Z

Class’s

outstanding

shares

were

held

by

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

As

of

December

31,

2022,

T.

Rowe

Price

Group,

Inc.,

or

its

wholly

owned

subsidiaries,

owned

10,730

shares

of

the

Advisor

Class,

representing

16%

of

the

Advisor

Class's

net

assets. 

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

year ended

December

31,

2022,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

NOTE

8

-

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

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In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

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.

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REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Directors

of

T.

Rowe

Price

International

Funds,

Inc.

and

Shareholders

of

T.

Rowe

Price

Dynamic

Global

Bond

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T.

Rowe

Price

Dynamic

Global

Bond

Fund

(one

of

the

funds

constituting

T.

Rowe

Price

International

Funds,

Inc.,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2022,

the

related

statement

of

operations

for

the

year

ended

December

31,

2022,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2022,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022

and

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T.

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82

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2022

by

correspondence

with

the

custodians,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.   

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

February

16,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T.

Rowe

Price

group

of

investment

companies

since

1973.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

(continued)

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83

TAX

INFORMATION

(UNAUDITED)

FOR

THE

TAX

YEAR

ENDED 12/31/22

We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

The

fund’s

distributions

to

shareholders

included:

$400,505,000 from

short-term

capital

gains 

$117,193,000 from

long-term

capital

gains,

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%

For

shareholders

subject

to

interest

expense

deduction

limitation

under

Section

163(j), $179,960,000 of

the

fund’s

income

qualifies

as

a

Section

163(j)

interest

dividend

and

can

be

treated

as

interest

income

for

purposes

of

Section

163(j),

subject

to

holding

period

requirements

and

other

limitations.

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

https://www.troweprice.com/corporate/us/en/utility/policies.html

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.com

.

T.

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84

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

In

accordance

with

Rule

22e-4

(Liquidity

Rule)

under

the

Investment

Company

Act

of

1940,

as

amended,

the

fund

has

established

a

liquidity

risk

management

program

(Liquidity

Program)

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk,

which

generally

represents

the

risk

that

the

fund

would

not

be

able

to

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

fund’s

Board

of

Directors

(Board)

has

appointed

the

fund’s

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

the

administrator

of

the

Liquidity

Program.

As

administrator,

the

Adviser

is

responsible

for

overseeing

the

day-to-day

operations

of

the

Liquidity

Program

and,

among

other

things,

is

responsible

for

assessing,

managing,

and

reviewing

with

the

Board

at

least

annually

the

liquidity

risk

of

each

T.

Rowe

Price

fund.

The

Adviser

has

delegated

oversight

of

the

Liquidity

Program

to

a

Liquidity

Risk

Committee

(LRC),

which

is

a

cross-functional

committee

composed

of

personnel

from

multiple

departments

within

the

Adviser.

The

Liquidity

Program’s

principal

objectives

include

supporting

the

T.

Rowe

Price

funds’

compliance

with

limits

on

investments

in

illiquid

assets

and

mitigating

the

risk

that

the

fund

will

be

unable

to

timely

meet

its

redemption

obligations.

The

Liquidity

Program

also

includes

a

number

of

elements

that

support

the

management

and

assessment

of

liquidity

risk,

including

an

annual

assessment

of

factors

that

influence

the

fund’s

liquidity

and

the

periodic

classification

and

reclassification

of

a

fund’s

investments

into

categories

that

reflect

the

LRC’s

assessment

of

their

relative

liquidity

under

current

market

conditions.

Under

the

Liquidity

Program,

every

investment

held

by

the

fund

is

classified

at

least

monthly

into

one

of

four

liquidity

categories

based

on

estimations

of

the

investment’s

ability

to

be

sold

during

designated

time

frames

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

As

required

by

the

Liquidity

Rule,

at

a

meeting

held

on

July

25,

2022,

the

Board

was

presented

with

an

annual

assessment

prepared

by

the

LRC,

on

behalf

of

the

Adviser,

that

addressed

the

operation

of

the

Liquidity

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

any

material

changes

to

the

Liquidity

Program

and

the

determination

of

each

fund’s

Highly

Liquid

Investment

Minimum

(HLIM).

The

annual

assessment

included

consideration

of

the

following

factors,

as

applicable:

the

fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions,

including

whether

the

investment

strategy

is

appropriate

for

an

open-end

fund,

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

the

use

of

borrowings

for

investment

purposes

and

derivatives;

short-term

and

long-term

cash

flow

projections

covering

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

holdings

of

cash

and

cash

equivalents,

as

well

as

available

borrowing

arrangements.

T.

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For

the

fund

and

other

T.

Rowe

Price

funds,

the

annual

assessment

incorporated

a

report

related

to

a

fund’s

holdings,

shareholder

and

portfolio

concentration,

any

borrowings

during

the

period,

cash

flow

projections,

and

other

relevant

data

for

the

period

of

April

1,

2021,

through

March

31,

2022.

The

report

described

the

methodology

for

classifying

a

fund’s

investments

(including

any

derivative

transactions)

into

one

of

four

liquidity

categories,

as

well

as

the

percentage

of

a

fund’s

investments

assigned

to

each

category.

It

also

explained

the

methodology

for

establishing

a

fund’s

HLIM

and

noted

that

the

LRC

reviews

the

HLIM

assigned

to

each

fund

no

less

frequently

than

annually.

During

the

period

covered

by

the

annual

assessment,

the

LRC

has

concluded,

and

reported

to

the

Board,

that

the

Liquidity

Program

continues

to

operate

adequately

and

effectively

and

is

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(continued)

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ABOUT

THE

FUND'S

DIRECTORS

AND

OFFICERS

Your

fund

is

overseen

by

a

Board

of

Directors

(Board)

that

meets

regularly

to

review

a

wide

variety

of

matters

affecting

or

potentially

affecting

the

fund,

including

performance,

investment

programs,

compliance

matters,

advisory

fees

and

expenses,

service

providers,

and

business

and

regulatory

affairs.

The

Board

elects

the

fund’s

officers,

who

are

listed

in

the

final

table.

The

directors

who

are

also

employees

or

officers

of

T.

Rowe

Price

are

considered

to

be

“interested”

directors

as

defined

in

Section

2(a)(19)

of

the

1940

Act

because

of

their

relationships

with

T.

Rowe

Price

and

its

affiliates.

The

business

address

of

each

director

and

officer

is

100

East

Pratt

Street,

Baltimore,

Maryland

21202.

The

Statement

of

Additional

Information

includes

additional

information

about

the

fund

directors

and

is

available

without

charge

by

calling

a

T.

Rowe

Price

representative

at

1-800-638-5660.

INDEPENDENT

DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Teresa

Bryce

Bazemore

(1959)

2018

[205]

President

and

Chief

Executive

Officer,

Federal

Home

Loan

Bank

of

San

Francisco

(2021

to

present);

President,

Radian

Guaranty

(2008

to

2017);

Chief

Executive

Officer,

Bazemore

Consulting

LLC

(2018

to

2021);

Director,

Chimera

Investment

Corporation

(2017

to

2021);

Director,

First

Industrial

Realty

Trust

(2020

to

present);

Director,

Federal

Home

Loan

Bank

of

Pittsburgh

(2017

to

2019)

Ronald

J.

Daniels

(b)

(1959)

2018

[0]

President,

The

Johns

Hopkins

University

and

Professor,

Political

Science

Department,

The

Johns

Hopkins

University

(2009

to

present);

Director,

Lyndhurst

Holdings

(2015

to

present);

Director,

BridgeBio

Pharma,

Inc.

(2020

to

present)

Bruce

W.

Duncan

(1951)

2013

[205]

President,

Chief

Executive

Officer,

and

Director,

CyrusOne,

Inc.

(2020

to

2021);

Chief

Executive

Officer

and

Director

(2009

to

2016),

Chair

of

the

Board

(2016

to

2020),

and

President

(2009

to

2016),

First

Industrial

Realty

Trust,

owner

and

operator

of

industrial

properties;

Chair

of

the

Board

(2005

to

2016)

and

Director

(1999

to

2016),

Starwood

Hotels

&

Resorts,

a

hotel

and

leisure

company;

Member,

Investment

Company

Institute

Board

of

Governors

(2017

to

2019);

Member,

Independent

Directors

Council

Governing

Board

(2017

to

2019);

Senior

Advisor,

KKR

(2018

to

present);

Director,

Boston

Properties

(2016

to

present);

Director,

Marriott

International,

Inc.

(2016

to

2020)

Robert

J.

Gerrard,

Jr.

(1952)

2012

[205]

Advisory

Board

Member,

Pipeline

Crisis/Winning

Strategies,

a

collaborative

working

to

improve

opportunities

for

young

African

Americans

(1997

to

2016);

Chair

of

the

Board,

all

funds

(July

2018

to

present)

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INTERESTED  DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Paul

F.

McBride

(1956)

2013

[205]

Advisory

Board

Member,

Vizzia

Technologies

(2015

to

present);

Board

Member,

Dunbar

Armored

(2012

to

2018)

Kellye

L.

Walker

(c)

(1966)

2021

[205]

Executive

Vice

President

and

Chief

Legal

Officer,

Eastman

Chemical

Company

(April

2020

to

present);

Executive

Vice

President

and

Chief

Legal

Officer,

Huntington

Ingalls

Industries,

Inc.

(January

2015

to

March

2020);

Director,

Lincoln

Electric

Company

(October

2020

to

present)

(a)

All

information

about

the

independent

directors

was

current

as

of

December

31,

2021,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

(b)

Effective

April

27,

2022,

Mr.

Daniels

resigned

from

his

role

as

an

independent

director

of

the

Price

Funds.

(c)

Effective

November

8,

2021,

Ms.

Walker

was

appointed

as

an

independent

director

of

the

Price

Funds.

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

David

Oestreicher

(1967)

2018

[205]

Director,

Vice

President,

and

Secretary,

T.

Rowe

Price,

T.

Rowe

Price

Investment

Services,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

and

T.

Rowe

Price

Services,

Inc.;

Director

and

Secretary,

T.

Rowe

Price

Investment

Management,

Inc.

(Price

Investment

Management);

Vice

President

and

Secretary,

T.

Rowe

Price

International

(Price

International);

Vice

President,

T.

Rowe

Price

Hong

Kong

(Price

Hong

Kong),

T. Rowe

Price

Japan

(Price

Japan),

and

T.

Rowe

Price

Singapore

(Price

Singapore);

General

Counsel,

Vice

President,

and

Secretary,

T.

Rowe

Price

Group,

Inc.;

Chair

of

the

Board,

Chief

Executive

Officer,

President,

and

Secretary,

T.

Rowe

Price

Trust

Company;

Principal

Executive

Officer

and

Executive

Vice

President,

all

funds

Robert

W.

Sharps,

CFA,

CPA

(b)

(1971)

2017

[0]

Director

and

Vice

President,

T.

Rowe

Price;

Director,

Price

Investment

Management;

Chief

Executive

Officer

and

President,

T.

Rowe

Price

Group,

Inc.;

Vice

President,

T.

Rowe

Price

Trust

Company;

Vice

President,

International

Funds

INDEPENDENT

DIRECTORS

(a)

(CONTINUED)

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OFFICERS

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Eric

L.

Veiel,

CFA

(1972)

2022

[205]

Director

and

Vice

President,

T.

Rowe

Price;

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

(a)

All

information

about

the

interested

directors

was

current

as

of

January

1,

2022,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

(b)

Effective

February

3,

2022,

Mr.

Sharps

resigned

from

his

role

as

an

interested

director

of

the

Price

Funds.

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Mariel

Abreu

(1981)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Jason Adams

(1979)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Ulle

Adamson,

CFA

(1979)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Roy

H.

Adkins

(1970)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Syed

H.

Ali

(1970)

Vice

President

Vice

President,

Price

Hong

Kong,

Price

Singapore,

and

T.

Rowe

Price

Group,

Inc.

Kennard

W.

Allen

(1977)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Paulina

Amieva

(1981)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Malik

S.

Asif

(1981)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Ziad

Bakri,

M.D.,

CFA

(1980)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Harishankar

Balkrishna

(1983)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Sheena

L.

Barbosa

(1983)

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

INTERESTED  DIRECTORS

(a)

(CONTINUED)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

89

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Jason

A.

Bauer

(1979)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Luis

M.

Baylac

(1982)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

R.

Scott

Berg,

CFA

(1972)

Executive

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Steven

E.

Boothe,

CFA

(1977)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Peter

I.

Botoucharov

(1965)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Tala

Boulos

(1984)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Christopher

P.

Brown, CFA

(1977)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Armando

(Dino)

Capasso

(1974)

Chief

Compliance

Officer

Chief

Compliance

Officer

and

Vice

President,

T.

Rowe

Price

and

Price

Investment

Management;

Vice

President,

T.

Rowe

Price

Group,

Inc.;

formerly,

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

AST

Investment

Services,

Inc.

(ASTIS)

(to

2022);

Chief

Compliance

Officer,

PGIM

Retail

Funds

complex

and

Prudential

Insurance

Funds

(to

2022);

Vice

President

and

Deputy

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

ASTIS

(to

2019);

Senior

Vice

President

and

Senior

Counsel,

Pacific

Investment

Management

Company

LLC

(to

2017) 

Shiu

Tak

(Sheldon)

Chan

(1981)

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Andrew

Chang

(1983)

Vice

President

Vice

President,

Price

Singapore

and

T.

Rowe

Price

Group,

Inc.

Carolyn

Hoi

Che

Chu

(1974)

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Vincent

Chung

(1988)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International;

formerly,

Investment

Analyst/Trader,

Observatory

Capital

Management

LLP

(to

2019)

Archibald

Ciganer,

CFA

(1976)

Executive

Vice

President

Director

and

Vice

President,

Price

Japan;

Vice

President,

T.

Rowe

Price

Group,

Inc.

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

90

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Richard

N.

Clattenburg,

CFA

(1979)

Executive

Vice

President

Vice

President,

Price

Singapore,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

Price

International,

and

T.

Rowe

Price

Trust

Company

Michael

F.

Connelly,

CFA

(1977)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Richard

de

los

Reyes

(1975)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Michael

Della

Vedova

(1969)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Iona

Dent,

CFA

(1991)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International;

formerly,

Associate,

Equity

Research,

Deutsche

Bank

(to

2018)

Maria

Elena

Drew

(1973)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Shawn

T.

Driscoll

(1975)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Alan

S.

Dupski,

CPA

(1982)

Principal

Financial

Officer,

Vice

President

and

Treasurer

Vice

President,

Price

Investment

Management,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Bridget

A.

Ebner

(1970)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

David

J.

Eiswert,

CFA

(1972)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Dawei

Feng

(1979)

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.; formerly,

Head

of

China

Consumer

in

Equity

Research,

Credit Lyonnais

Asia-Pacific

(to

2018)

Ryan

W.

Ferro

(1985)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Mark

S.

Finn,

CFA,

CPA

(1963)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Quentin

S.

Fitzsimmons

(1968)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Justin

T.

Gerbereux,

CFA

(1975)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Aaron

Gifford,

CFA

(1987)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

91

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Vishnu

V.

Gopal

(1979)

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Joel

Grant

(1978)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Gary

J.

Greb

(1961)

Vice

President

Vice

President,

Price

Investment

Management,

T.

Rowe

Price,

Price

International,

and

T.

Rowe

Price

Trust

Company

Benjamin

Griffiths,

CFA

(1977)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Gianluca

Guicciardi

(1983)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Shaoyu

Guo

(1992)

Vice

President

Vice

President,

Price

Hong

Kong;

formerly,

Economist,

J.P.

Morgan

(to

2020)

Richard

L.

Hall

(1979)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Cheryl

Hampton,

CPA

(1969)

Vice

President

Vice

President,

T.

Rowe

Price;

formerly,

Tax

Director,

Invesco

Ltd.

(to

2021);

Vice

President,

Oppenheimer

Funds,

Inc.

(to

2019)

Nabil

Hanano,

CFA

(1984)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Jeffrey

Holford,

Ph.D.,

ACA

(1972)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.;

formerly,

Managing

Director,

Jeffries

Financial

Group

(to

2018)

Stefan

Hubrich,

Ph.D.,

CFA

(1974)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Arif

Husain,

CFA

(1972)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Tetsuji

Inoue

(1971)

Vice

President

Vice

President,

Price

Hong

Kong,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Michael Jacobs

(1971)

Vice

President

Vice

President,

Price

Japan,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Randal

S.

Jenneke

(1971)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.

Prashant

G.

Jeyaganesh

(1983)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Nina

P.

Jones,

CPA

(1980)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

92

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Yoichiro

Kai

(1973)

Vice

President

Vice

President,

Price

Singapore,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Jacob

H.

Kann,

CFA

(1987)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Jai

Kapadia

(1982)

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Andrew

J.

Keirle

(1974)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Benjamin

Kersse,

CPA

(1989)

Vice

President

Vice

President,

T.

Rowe

Price

Takanori

Kobayashi

(1981)

Vice

President

Vice

President,

Price

Japan,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Paul

J.

Krug,

CPA

(1964)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Christopher

J.

Kushlis,

CFA

(1976)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Shengrong

Lau

(1982)

Vice

President

Vice

President,

Price

Singapore

and

T.

Rowe

Price

Group,

Inc.

Lu

Liu

(1979)

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Johannes

Loefstrand

(1988)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Anh Lu

(1968)

Executive

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Sebastien

Mallet

(1974)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Jennifer Martin

(1972)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Ryan

Martyn

(1979)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Colin

McQueen

(1967)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International;

formerly,

Senior

Investment

Manager,

Global

Equities,

Sanlam

FOUR

Investments

UK

Limited

(to

2019)

Raymond

A.

Mills,

Ph.D.,

CFA

(1960)

Executive

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

Price

International,

and

T.

Rowe

Price

Trust

Company

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

93

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Jihong

Min

(1979)

Executive

Vice

President

Vice

President,

Price

Singapore

and

T.

Rowe

Price

Group,

Inc.

Eric

C.

Moffett

(1974)

Executive

Vice

President

Vice

President,

Price

Singapore

and

T.

Rowe

Price

Group,

Inc.

Ivan

Morozov,

CFA

(1987)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Samy

B.

Muaddi,

CFA

(1984)

Executive

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Tobias

Fabian Mueller,

CFA

(1980)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Razan

Nasser

(1985)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International;

formerly,

Senior

Economist,

HSBC

Bank

Middle

East

Ltd

(to

2019)

Philip

A.

Nestico

(1976)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Sridhar

Nishtala

(1975)

Vice

President

Director

and

Vice

President,

Price

Singapore;

Vice

President,

T.

Rowe

Price

Group,

Inc.

Kenneth

A.

Orchard

(1975)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Oluwaseun Oyegunle,

CFA

(1984)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Fran

M.

Pollack-Matz

(1961)

Vice

President

and

Secretary 

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Investment

Services,

Inc.,

and

T.

Rowe

Price

Services,

Inc.

Shannon

H.

Rauser

(1987)

Assistant

Secretary 

Assistant

Vice

President,

T.

Rowe

Price

Todd

Reese

(1990)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Melanie

A.

Rizzo

(1982)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

David

L.

Rowlett,

CFA

(1975)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Federico

Santilli,

CFA

(1974)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Nikolaj

Schmidt

(1975)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and Price

International

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

94

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Sebastian

Schrott

(1977)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Bin

Shen,

CFA

(1987)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

John

C.A.

Sherman

(1969)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Weijie

(Vivian)

Si

(1983)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Scott

D.

Solomon,

CFA

(1981)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Joshua

K.

Spencer,

CFA

(1973)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

David

Stanley

(1963)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Saurabh

Sud,

CFA

(1985)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.;

formerly,

Senior

Vice

President,

PIMCO

(to

2018)

Taymour

R.

Tamaddon,

CFA

(1976)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Ju

Yen

Tan

(1972)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Sin

Dee

Tan,

CFA

(1979)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Siby

Thomas

(1979)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Justin

Thomson

(1968)

President

Director,

Price

Hong

Kong;

Vice

President,

T.

Rowe

Price

Group,

Inc.;

Director

and

Vice

President,

Price

International

Willem

Visser

(1979)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Christopher Vost

(1989)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Zenon

Voyiatzis

(1971)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Verena

E.

Wachnitz,

CFA

(1978)

Executive

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

95

Name

(Year

of

Birth)

Position

Held

With

International

Funds

Principal

Occupation(s) 

Megan

Warren

(1968)

Vice

President

OFAC

Sanctions

Compliance

Officer

and

Vice

President,

Price

Investment

Management;

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

T.

Rowe

Price

Services,

Inc.,

and

T.

Rowe

Price

Trust

Company

Hiroshi

Watanabe,

CFA

(1975)

Vice

President

Director

and

Vice

President,

Price

Japan;

Vice

President,

T.

Rowe

Price

Group,

Inc. 

James

Woodward,

CFA

(1974)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Marta

Yago

(1977)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Benjamin

T.

Yeagle

(1978)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Ernest

C.

Yeung,

CFA

(1979)

Executive

Vice

President

Director

and

Vice

President,

Price

Hong

Kong;

Vice

President,

T.

Rowe

Price

Group,

Inc.

Wenli

Zheng

(1979)

Executive

Vice

President

Vice

President,

Price

Hong

Kong

and

T.

Rowe

Price

Group,

Inc.

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

Rowe

Price

Investment

Services,

Inc.

|

100

East

Pratt

Street

|

Baltimore,

MD

21202-1009

You

have

many

investment

goals.

Explore

products

and

services

that

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help

you

achieve

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Whether

you

want

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money

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a

child’s

education,

or

for

other

priorities,

we

have

solutions

for

you.

See

how

we

can

help

you

accomplish

the

investment

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that

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you.

RETIREMENT

IRAs:

Traditional,

Roth,

Rollover/Transfer,

or

Brokerage

Small

Business

Plans

help

minimize

taxes,

maximize

savings

T.

Rowe

Price

®

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1

for

online

investing

powered

by

experts

GENERAL

INVESTING

Individual

or

Joint

Tenant

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2

offers

access

to

stocks,

ETFs,

bonds,

and

more

Gifts

and

transfers

to

a

child

(UGMA/UTMAs)

Trust

Transfer

on

Death

COLLEGE

SAVINGS

T.

Rowe

Price-managed

529

plans

offer

tax-

advantaged

solutions

for

families

saving

money

for

college

tuition

and

education-

related

expenses

Visit

troweprice.com/broadrange

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

All

mutual

funds

are

subject

to

market

risk,

including

possible

loss

of

principal.

Investing

internationally

involves

special

risks

including

economic

and

political

uncertainty

and

currency

fluctuation.

1

The

T.

Rowe

Price

®

ActivePlus

Portfolios

is

a

discretionary

investment

management

program

provided

by

T.

Rowe

Price

Advisory

Services,

Inc.,

a

registered

investment

adviser

under

the

Investment

Advisers

Act

of

1940.

Brokerage

services

are

provided

by

T.

Rowe

Price

Investment

Services,

Inc.,

member

FINRA/SIPC.

Brokerage

accounts

are

carried

by

Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

T.

Rowe

Price

Advisory

Services,

Inc.,

and

T.

Rowe

Price

Investment

Services,

Inc.,

are

affiliated

companies.

2

Brokerage

services

are

provided

by

T.

Rowe

Price

Investment

Services,

Inc.,

member

FINRA/SIPC.

Brokerage

accounts

are

carried

by

Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

202302-2582416

F35-050

2/23

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Ms. Teresa Bryce Bazemore qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) – (d)    Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:

	2022		2021
Audit Fees	$	41,909	$	40,759
Audit-Related Fees		-		-
Tax Fees		-		5,742
All Other Fees		-		-

Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.

(e)(1) The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

  (2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.
(2)	Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.
(b)	A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price International Funds, Inc.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	February 16, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	February 16, 2023
By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	February 16, 2023