NPORT-EX 2 70GBTRP033123.htm T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
March
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
AUSTRALIA
1.7%
Government
Bonds
1.7%
Commonwealth
of
Australia,
Series
162,
1.75%,
6/21/51 
175,883,000‌
76,636‌
Total
Australia
(Cost
$77,409
)
76,636‌
BRAZIL
7.4%
Corporate
Bonds
0.6%
Braskem
Netherlands
Finance,
5.875%,
1/31/50
(USD) (1)
17,530,000‌
13,181‌
Braskem
Netherlands
Finance,
7.25%,
2/13/33
(USD) (1)
13,800,000‌
13,272‌
26,453‌
Government
Bonds
6.8%
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/27 
1,179,928,000‌
218,626‌
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/31 
346,454,000‌
59,880‌
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/33 
130,251,000‌
21,909‌
300,415‌
Total
Brazil
(Cost
$331,305
)
326,868‌
CANADA
3.8%
Corporate
Bonds
0.4%
Toronto-Dominion
Bank,
VR,
8.125%,
10/31/82
(USD) (2)
15,285,000‌
15,552‌
15,552‌
Government
Bonds
3.4%
Government
of
Canada,
1.75%,
12/1/53 
43,309,000‌
23,881‌
Government
of
Canada,
2.50%,
12/1/32 
179,290,000‌
128,094‌
151,975‌
Total
Canada
(Cost
$166,013
)
167,527‌
CHINA
0.7%
Corporate
Bonds
0.7%
CIFI
Holdings
Group,
4.375%,
4/12/27
(USD) (3)
11,400,000‌
2,417‌
CIFI
Holdings
Group,
4.45%,
8/17/26
(USD) (3)
10,055,000‌
2,121‌
Country
Garden
Holdings,
3.30%,
1/12/31
(USD) (4)
22,424,000‌
10,306‌
Kaisa
Group
Holdings,
8.50%,
6/30/22
(USD) (3)(5)
15,890,000‌
1,986‌
Kaisa
Group
Holdings,
11.50%,
1/30/23
(USD) (3)(5)
8,854,000‌
1,107‌
Kaisa
Group
Holdings,
11.70%,
11/11/25
(USD) (3)(5)
2,800,000‌
350‌
Kaisa
Group
Holdings,
11.95%,
10/22/22
(USD) (3)(5)
13,051,000‌
1,607‌
Longfor
Group
Holdings,
3.85%,
1/13/32
(USD) (4)
11,115,000‌
7,704‌
Shimao
Group
Holdings,
3.45%,
1/11/31
(USD) (3)
17,195,000‌
2,304‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
2
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Shimao
Group
Holdings,
5.20%,
1/16/27
(USD) (3)
2,220,000‌
338‌
Times
China
Holdings,
6.20%,
3/22/26
(USD) (3)
3,220,000‌
504‌
Times
China
Holdings,
6.75%,
7/8/25
(USD) (3)
12,750,000‌
1,988‌
Total
China
(Cost
$89,797
)
32,732‌
COLOMBIA
1.7%
Government
Bonds
1.7%
Republic
of
Colombia,
Series
B,
13.25%,
2/9/33 
319,092,900,000‌
74,386‌
74,386‌
Private
Investment
Company
0.0%
Bona
Fide
Investments
Feeder
LLC,
Acquisition
date:
6/1/22,
Cost $2,732
(USD) (5)(6)
†
2,864‌
2,864‌
Total
Colombia
(Cost
$75,416
)
77,250‌
CYPRUS
0.4%
Government
Bonds
0.4%
Republic
of
Cyprus,
2.75%,
5/3/49 (4)
20,454,000‌
17,461‌
Total
Cyprus
(Cost
$19,880
)
17,461‌
CZECHIA
1.3%
Government
Bonds
1.3%
Republic
of
Czech,
Series
138,
1.75%,
6/23/32 
1,550,000,000‌
56,719‌
Total
Czechia
(Cost
$53,642
)
56,719‌
DENMARK
0.4%
Corporate
Bonds
0.4%
Danske
Bank,
VR,
1.226%,
6/22/24
(USD) (1)(2)
20,245,000‌
20,002‌
Total
Denmark
(Cost
$19,032
)
20,002‌
DOMINICAN
REPUBLIC
0.1%
Government
Bonds
0.1%
Dominican
Republic,
5.50%,
2/22/29
(USD) (1)
5,435,000‌
5,133‌
Total
Dominican
Republic
(Cost
$4,733
)
5,133‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
FRANCE
0.1%
Corporate
Bonds
0.1%
Altice
France
Holding,
4.00%,
2/15/28 (1)
3,780,000‌
2,688‌
Total
France
(Cost
$3,683
)
2,688‌
GERMANY
6.2%
Government
Bonds
6.2%
Deutsche
Bundesrepublik,
Inflation-Indexed,
0.10%,
4/15/26 
252,634,712‌
275,248‌
Total
Germany
(Cost
$300,176
)
275,248‌
HUNGARY
2.4%
Government
Bonds
2.4%
Republic
of
Hungary,
Series
32/A,
4.75%,
11/24/32 
37,696,900,000‌
81,716‌
Republic
of
Hungary,
Series
33/A,
2.25%,
4/20/33 
14,978,100,000‌
25,647‌
Total
Hungary
(Cost
$109,489
)
107,363‌
INDIA
0.7%
Corporate
Bonds
0.3%
HDFC
Bank,
8.10%,
3/22/25 
1,200,000,000‌
14,492‌
14,492‌
Government
Bonds
0.4%
Republic
of
India,
6.45%,
10/7/29 
1,253,000,000‌
14,652‌
14,652‌
Total
India
(Cost
$35,087
)
29,144‌
INDONESIA
0.9%
Government
Bonds
0.9%
Republic
of
Indonesia,
Series
FR82,
7.00%,
9/15/30 
579,300,000,000‌
39,527‌
Total
Indonesia
(Cost
$38,258
)
39,527‌
IRELAND
0.7%
Corporate
Bonds
0.7%
AerCap
Ireland
Capital,
3.00%,
10/29/28
(USD) 
13,050,000‌
11,392‌
AerCap
Ireland
Capital,
3.30%,
1/30/32
(USD) 
15,025,000‌
12,407‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
AerCap
Ireland
Capital,
FRN,
SOFR
+
0.68%,
5.578%,
9/29/23
(USD) 
6,390,000‌
6,327‌
Total
Ireland
(Cost
$33,951
)
30,126‌
ISRAEL
2.2%
Government
Bonds
2.2%
State
of
Israel,
Series
0347,
3.75%,
3/31/47 
308,651,000‌
82,173‌
State
of
Israel,
Series
1152,
2.80%,
11/29/52 
66,840,000‌
14,443‌
Total
Israel
(Cost
$121,290
)
96,616‌
ITALY
0.3%
Corporate
Bonds
0.3%
Enel
Finance
International,
6.80%,
10/14/25
(USD) (1)
7,370,000‌
7,582‌
Enel
Finance
International,
7.75%,
10/14/52
(USD) (1)
5,200,000‌
5,999‌
Total
Italy
(Cost
$12,276
)
13,581‌
IVORY
COAST
0.2%
Government
Bonds
0.2%
Republic
of
Ivory
Coast,
5.875%,
10/17/31
(EUR) 
9,700,000‌
8,672‌
Total
Ivory
Coast
(Cost
$8,596
)
8,672‌
MALAYSIA
0.8%
Government
Bonds
0.8%
Government
of
Malaysia,
Series
0216,
4.736%,
3/15/46 
67,360,000‌
16,030‌
Government
of
Malaysia,
Series
0518,
4.921%,
7/6/48 
89,920,000‌
21,706‌
Total
Malaysia
(Cost
$37,138
)
37,736‌
MEXICO
15.1%
Corporate
Bonds
1.4%
Petroleos
Mexicanos,
6.50%,
1/23/29
(USD) (4)
73,650,000‌
63,377‌
63,377‌
Government
Bonds
13.7%
United
Mexican
States,
Series
M,
5.75%,
3/5/26 
1,622,900,000‌
81,325‌
United
Mexican
States,
Series
M,
8.00%,
11/7/47 
590,834,000‌
29,202‌
United
Mexican
States,
Series
M
20,
7.50%,
6/3/27 
7,490,400,000‌
394,385‌
United
Mexican
States,
Series
M
20,
8.50%,
5/31/29 
1,850,774,000‌
101,153‌
606,065‌
Total
Mexico
(Cost
$628,219
)
669,442‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
NETHERLANDS
0.0%
Common
Stocks
0.0%
Fortenova
Group
STAK
Stichting,
ADR,
Acquisition
date:
4/1/19,
Cost $234 (5)(6)
597,196‌
246‌
246‌
Convertible
Bonds
0.0%
Fortenova
Group
TopCo,
Acquisition
date:
4/1/19
-
4/1/22,
Cost $1,081,
2.50%,
(2.50%
PIK) (5)(6)(7)
2,557,406‌
1,054‌
1,054‌
Total
Netherlands
(Cost
$1,315
)
1,300‌
NEW
ZEALAND
2.2%
Government
Bonds
2.2%
Government
of
New
Zealand,
Series
0551,
2.75%,
5/15/51 
209,229,000‌
96,713‌
Total
New
Zealand
(Cost
$116,878
)
96,713‌
PHILIPPINES
0.7%
Government
Bonds
0.7%
Republic
of
Philippines,
6.25%,
1/14/36 
1,679,000,000‌
30,023‌
Total
Philippines
(Cost
$37,374
)
30,023‌
QATAR
0.2%
Corporate
Bonds
0.2%
Qatar
Energy,
2.25%,
7/12/31
(USD) 
8,240,000‌
7,012‌
Total
Qatar
(Cost
$8,292
)
7,012‌
ROMANIA
1.7%
Government
Bonds
1.7%
Republic
of
Romania,
Series
10Y,
5.00%,
2/12/29 
313,590,000‌
61,335‌
Republic
of
Romania,
Series
15YR,
5.80%,
7/26/27 
64,950,000‌
13,502‌
Total
Romania
(Cost
$93,555
)
74,837‌
SERBIA
2.1%
Government
Bonds
2.1%
Republic
of
Serbia,
Series
10Y,
5.875%,
2/8/28 
5,669,670,000‌
52,940‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
6
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Republic
of
Serbia,
Series
12.5,
4.50%,
8/20/32 
5,187,930,000‌
40,828‌
Total
Serbia
(Cost
$112,471
)
93,768‌
SOUTH
AFRICA
5.8%
Government
Bonds
5.8%
Republic
of
South
Africa,
Series
R186,
10.50%,
12/21/26 
2,519,720,000‌
150,671‌
Republic
of
South
Africa,
Series
2030,
8.00%,
1/31/30 
920,000,000‌
47,093‌
Republic
of
South
Africa,
Series
2048,
8.75%,
2/28/48 
1,325,810,000‌
57,329‌
Total
South
Africa
(Cost
$279,250
)
255,093‌
SWEDEN
0.3%
Corporate
Bonds
0.3%
Castellum,
2.125%,
11/20/23
(EUR) (4)
12,220,000‌
12,881‌
Total
Sweden
(Cost
$11,696
)
12,881‌
THAILAND
2.2%
Government
Bonds
2.2%
Kingdom
of
Thailand,
3.60%,
6/17/67 
952,465,000‌
28,122‌
Kingdom
of
Thailand,
Series
ILB,
Inflation-Indexed,
1.25%,
3/12/28 
2,439,633,952‌
69,237‌
Total
Thailand
(Cost
$106,371
)
97,359‌
UNITED
KINGDOM
14.3%
Corporate
Bonds
0.2%
Barclays,
VR,
6.125%
(USD) (2)(8)
6,736,000‌
5,682‌
Merlin
Entertainments,
5.75%,
6/15/26
(USD) 
1,215,000‌
1,157‌
Motion
Bondco,
6.625%,
11/15/27
(USD) (1)
2,200,000‌
2,038‌
8,877‌
Government
Bonds
14.1%
United
Kingdom
Gilt,
1.625%,
10/22/28 
73,130,000‌
82,446‌
United
Kingdom
Inflation-Linked
Gilt,
Series
3MO,
0.125%,
3/22/24 
441,278,018‌
543,988‌
626,434‌
Total
United
Kingdom
(Cost
$625,488
)
635,311‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
UNITED
STATES
11.5%
Asset-Backed
Securities
3.4%
Applebee's
Funding,
Series
2019-1A,
Class
A2I,
4.194%,
6/5/49 (1)
4,407,480‌
4,307‌
Applebee's
Funding,
Series
2023-1A,
Class
A2,
7.824%,
3/5/53 (1)
6,500,000‌
6,500‌
Carmax
Auto
Owner
Trust,
Series
2019-2,
Class
C,
3.16%,
2/18/25 
6,340,000‌
6,312‌
CarMax
Auto
Owner
Trust,
Series
2023-1,
Class
A2A,
5.23%,
1/15/26 
6,835,000‌
6,827‌
DLLAD,
Series
2023-1A,
Class
A2,
5.19%,
4/20/26 (1)
7,960,000‌
7,929‌
Drive
Auto
Receivables
Trust,
Series
2020-2,
Class
D,
3.05%,
5/15/28 
2,975,000‌
2,906‌
Driven
Brands
Funding,
Series
2018-1A,
Class
A2,
4.739%,
4/20/48 (1)
2,347,913‌
2,247‌
Driven
Brands
Funding,
Series
2019-2A,
Class
A2,
3.981%,
10/20/49 (1)
4,827,825‌
4,389‌
Exeter
Automobile
Receivables
Trust,
Series
2021-1A,
Class
E,
2.21%,
2/15/28 (1)
17,480,000‌
16,229‌
FOCUS
Brands
Funding,
Series
2022-1,
Class
A2,
7.206%,
7/30/52 (1)
19,104,000‌
18,927‌
Ford
Credit
Auto
Lease
Trust,
Series
2023-A,
Class
A2A,
5.19%,
6/15/25 
12,430,000‌
12,409‌
Hardee's
Funding,
Series
2018-1A,
Class
A2II,
4.959%,
6/20/48 (1)
10,777,982‌
10,231‌
Hardee's
Funding,
Series
2020-1A,
Class
A2,
3.981%,
12/20/50 (1)
4,472,063‌
3,889‌
Mercedes-Benz
Auto
Receivables
Trust,
Series
2023-1,
Class
A2,
5.09%,
1/15/26 
13,260,000‌
13,240‌
Nissan
Auto
Lease
Trust,
Series
2023-A,
Class
A2A,
5.10%,
3/17/25 
13,095,000‌
13,073‌
Octane
Receivables
Trust,
Series
2023-1A,
Class
A,
5.87%,
5/21/29 (1)
1,622,378‌
1,626‌
Progress
Residential
Trust,
Series
2022-SFR5,
Class
D,
5.734%,
6/17/39 (1)
1,095,000‌
1,048‌
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2022-A,
Class
B,
5.281%,
5/15/32 (1)
11,544,160‌
11,297‌
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2022-B,
Class
C,
5.916%,
8/16/32 (1)
2,190,698‌
2,182‌
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2022-B,
Class
D,
6.793%,
8/16/32 (1)
5,162,238‌
5,124‌
150,692‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Bank
Loans
1.0%
(9)
Clear
Channel
Outdoor
Holdings,
FRN,
3M
USD
LIBOR
+
3.50%,
8.325%,
8/21/26 
7,888,875‌
7,330‌
CoreLogic,
FRN,
1M
USD
LIBOR
+
6.50%,
11.375%,
6/4/29 
5,850,000‌
4,303‌
IRB
Holding,
FRN,
1M
TSFR
+
3.00%,
7.737%,
12/15/27 
4,632,488‌
4,548‌
Life
Time,
FRN,
3M
USD
LIBOR
+
4.75%,
9.59%,
12/16/24 
2,496,426‌
2,490‌
Nascar
Holdings,
FRN,
1M
USD
LIBOR
+
2.50%,
7.34%,
10/19/26 
762,384‌
762‌
Neptune
Bidco
U.S.,
FRN,
1M
TSFR
+
5.00%,
9.735%,
4/11/29 (10)
24,501,000‌
21,990‌
RealPage,
FRN,
1M
USD
LIBOR
+
3.00%,
7.84%,
4/24/28 
2,674,275‌
2,589‌
44,012‌
Corporate
Bonds
4.6%
Ally
Financial,
1.45%,
10/2/23 
44,650,000‌
43,025‌
American
International
Group,
5.125%,
3/27/33 
9,935,000‌
9,839‌
CEC
Entertainment,
6.75%,
5/1/26 (1)
11,860,000‌
11,267‌
CoreLogic,
4.50%,
5/1/28 (1)
11,695,000‌
8,947‌
Diamond
Sports
Group,
5.375%,
8/15/26 (1)(3)(5)
34,830,000‌
1,916‌
DISH
Network,
11.75%,
11/15/27 (1)
25,935,000‌
24,930‌
Fifth
Third
Bancorp,
2.375%,
1/28/25 
3,470,000‌
3,211‌
Fifth
Third
Bank,
3.85%,
3/15/26 
3,244,000‌
2,964‌
Fifth
Third
Bank,
3.95%,
7/28/25 
1,113,000‌
1,048‌
Fifth
Third
Bank,
VR,
5.852%,
10/27/25 (2)
4,148,000‌
4,070‌
Huntington
Bancshares,
2.625%,
8/6/24 
7,285,000‌
6,795‌
Hyundai
Capital
America,
5.50%,
3/30/26 (1)
7,285,000‌
7,292‌
Indiana
Michigan
Power,
5.625%,
4/1/53 
2,645,000‌
2,751‌
NGL
Energy
Partners,
6.125%,
3/1/25 
6,781,000‌
6,035‌
Oklahoma
Gas
&
Electric,
5.60%,
4/1/53 
4,320,000‌
4,441‌
Republic
Services,
4.875%,
4/1/29 
1,900,000‌
1,922‌
Republic
Services,
5.00%,
4/1/34 
5,780,000‌
5,889‌
Rivian
Holdings,
FRN,
6M
USD
LIBOR
+
5.625%,
10.164%,
10/15/26 (1)
14,775,000‌
14,479‌
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
7,420,000‌
7,023‌
Southern,
VR,
1.875%,
9/15/81
(EUR) (2)
7,590,000‌
6,461‌
Stagwell
Global,
5.625%,
8/15/29 (1)
17,057,000‌
14,925‌
Townsquare
Media,
6.875%,
2/1/26 (1)
9,850,000‌
9,284‌
Vistra,
VR,
7.00% (1)(2)(8)
7,285,000‌
6,411‌
204,925‌
Municipal
Securities
0.5%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (11)
4,847,592‌
2,109‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A,
GO,
Zero
Coupon,
7/1/24 
343,672‌
323‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A,
GO,
Zero
Coupon,
7/1/33 
1,322,744‌
749‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
9
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/33 
1,027,849‌
924‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/35 
923,898‌
805‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/37 
792,950‌
671‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/41 
1,078,109‌
874‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/46 
1,121,218‌
874‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.25%,
7/1/23 
573,961‌
575‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.375%,
7/1/25 
1,144,738‌
1,162‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.625%,
7/1/27 
1,134,370‌
1,172‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.625%,
7/1/29 
1,115,968‌
1,165‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.75%,
7/1/31 
1,083,929‌
1,149‌
Tobacco
Settlement
Fin.,
Series
A-1,
6.706%,
6/1/46 
11,530,000‌
10,687‌
23,239‌
Non-U.S.
Government
Mortgage-Backed
Securities
2.0%
BANK,
Series
2020-BN25,
Class
AS,
2.841%,
1/15/63 
8,515,000‌
7,108‌
BBCMS
Mortgage
Trust,
Series
2020-C6,
Class
AS,
2.84%,
2/15/53 
7,995,000‌
6,596‌
Benchmark
Mortgage
Trust,
Series
2020-B16,
Class
AM,
ARM,
2.944%,
2/15/53 
5,730,000‌
4,791‌
BRAVO
Residential
Funding
Trust,
Series
2022-NQM2,
Class
A1,
CMO,
ARM,
4.272%,
11/25/61 (1)
4,360,025‌
4,143‌
BX
Commercial
Mortgage
Trust,
Series
2019-IMC,
Class
E,
ARM,
1M
USD
LIBOR
+
2.15%,
6.834%,
4/15/34 (1)
5,535,000‌
5,252‌
Cantor
Commercial
Real
Estate
Lending,
Series
2019-CF1,
Class
65D,
ARM,
4.66%,
5/15/52 (1)
4,517,000‌
4,092‌
Connecticut
Avenue
Securities
Trust,
Series
2022-R06,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.75%,
7.31%,
5/25/42 (1)
5,852,410‌
5,946‌
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2019-
MILE,
Class
A,
ARM,
1M
TSFR
+
1.579%,
6.407%,
7/15/36 (1)
7,500,000‌
7,198‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-DNA2,
Class
M1A,
CMO,
ARM,
SOFR30A
+
1.30%,
5.86%,
2/25/42 (1)
9,787,834‌
9,691‌
Towd
Point
Mortgage
Trust,
Series
2017-6,
Class
A1,
CMO,
ARM,
2.75%,
10/25/57 (1)
1,289,309‌
1,227‌
Towd
Point
Mortgage
Trust,
Series
2018-1,
Class
A1,
CMO,
ARM,
3.00%,
1/25/58 (1)
1,052,410‌
1,020‌
Towd
Point
Mortgage
Trust,
Series
2018-3,
Class
A1,
CMO,
ARM,
3.75%,
5/25/58 (1)
2,227,374‌
2,131‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
10
Par/Shares
$
Value
(Cost
and
value
in
$000s)
TRK
Trust,
Series
2022-INV1,
Class
A1,
CMO,
ARM,
2.577%,
2/25/57 (1)
14,377,047‌
12,662‌
Verus
Securitization
Trust,
Series
2022-1,
Class
A1,
CMO,
STEP,
2.724%,
1/25/67 (1)
16,642,934‌
14,810‌
86,667‌
Total
United
States
(Cost
$530,421
)
509,535‌
SHORT-TERM
INVESTMENTS
1.7%
Money
Market
Funds
1.7%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (12)(13)
77,509,892‌
77,510‌
Total
Short-Term
Investments
(Cost
$77,510)
77,510‌
SECURITIES
LENDING
COLLATERAL
2.7%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.4%
Money
Market
Funds
0.4%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (12)(13)
19,078,610‌
19,079‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
19,079‌
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
2.3%
Money
Market
Funds
2.3%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (12)(13)
98,994,920‌
98,995‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
98,995‌
Total
Securities
Lending
Collateral
(Cost
$118,074)
118,074‌
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED
0.5%
Exchange-Traded
Options
Purchased
0.2%
Description
Contracts
Notional
Amount
$
Value
U.S.
Treasury
10-Year
Notes
Futures,
5/26/23
@
$114.00 (5)
7,969‌
2,683‌
8,218‌
Total
Exchange-Traded
Options
Purchased
(Cost
$10,458)
8,218‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
11
(Amounts
in
000s,
except
for
contracts)
OTC
Options
Purchased
0.3%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Citibank
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,
4/19/23
@
1.03%* (5)
2‌
172,200‌
126‌
Deutsche
Bank
USD
/
JPY
Put,
6/29/23
@
JPY127.00 (5)
1‌
220,200‌
2,769‌
Goldman
Sachs
5
Year
Interest
Rate
Swap,
12/8/28
Pay
Fixed
3.78%
Annually,
Receive
Variable
4.87%
(SOFR)
Semi-
Annually,
12/6/23
@
3.78%* (5)
2‌
670,000‌
5,206‌
Morgan
Stanley
10
Year
Interest
Rate
Swap,
12/1/33
Pay
Fixed
3.63%
Annually,
Receive
Variable
4.87%
(SOFR)
Annually,
11/29/23
@
3.63%* (5)
2‌
448,000‌
5,844‌
Morgan
Stanley
S&P
500
Index,
Put,
5/26/23
@
$3,600.00 (5)
1,101‌
915,812‌
1,635‌
UBS
Investment
Bank
USD
/
CHF
Call,
4/13/23
@
CHF0.95 (5)
1‌
178,000‌
20‌
Total
OTC
Options
Purchased
(Cost
$31,656)
15,600‌
Total
Options
Purchased
(Cost
$42,114)
23,818‌
Total
Investments
in
Securities
93.0%
(Cost
$4,326,199)
$
4,123,705‌
Other
Assets
Less
Liabilities
7.0%
310,240
Net
Assets
100.0%
$
4,433,945‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
12
‡
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
$340,466
and
represents
7.7%
of
net
assets.
(2)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(3)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(4)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2023.
(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
$4,164
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)
Perpetual
security
with
no
stated
maturity
date.
(9)
Bank
loan
positions
may
involve
multiple
underlying
tranches.
In
those
instances,
the
position
presented
reflects
the
aggregate
of
those
respective
underlying
tranches
and
the
rate
presented
reflects
the
weighted
average
rate
of
the
settled
positions.
(10)
Level
3
in
fair
value
hierarchy.
(11)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board’s
Certified
Fiscal
Plan.
(12)
Seven-day
yield
(13)
Affiliated
Companies
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
NDBB
Three
month
NZD
bank
bill
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
6M
EURIBOR
Six
month
EURIBOR
(Euro
interbank
offered
rate)
6M
HUF
BUBOR
Six
month
HUF
BUBOR
(Budapest
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. 
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
13
.
.
.
.
.
.
.
.
.
.
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CLP
Chilean
Peso
CMO
Collateralized
Mortgage
Obligation
COP
Colombian
Peso
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
IDR
Indonesian
Rupiah
ILS
Israeli
Shekel
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NOK
Norwegian
Krone
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)
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
14
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.5)%
OTC
Options
Written
(0.5)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Bank
of
America
2
Year
Interest
Rate
Swap,
6/1/25
Pay
Fixed
3.50%
Annually,
Receive
Variable
4.87%
(SOFR)
Annually,
5/30/23
@
3.50%*
1
434,110
(1,244‌)
Bank
of
America
2
Year
Interest
Rate
Swap,
6/1/25
Pay
Fixed
4.50%
Annually,
Receive
Variable
4.87%
(SOFR)
Annually,
5/30/23
@
4.50%*
1
434,110
(637‌)
Citibank
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,
4/19/23
@
0.98%*
1
87,700
(168‌)
Citibank
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,
4/19/23
@
0.98%*
1
84,500
(161‌)
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,
5/17/23
@
0.96%*
1
216,800
(765‌)
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,
5/17/23
@
0.97%*
1
113,790
(528‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
15
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Barclays
Bank
Credit
Default
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S40,
5
Year
Index,
6/20/28),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/21/23
@
0.95%*
1
86,340
(582‌)
Citibank
Credit
Default
Protection
Bought
(Relevant
Credit:
Markit
iTraxx
Crossover-S39,
5
Year
Index,
6/20/28),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
5/17/23
@
5.25%*
(EUR)
1
204,820
(1,253‌)
Goldman
Sachs
S&P
500
Index,
Put,
4/21/23
@
$4,150.00
1,065
437,642
(8,312‌)
Morgan
Stanley
S&P
500
Index,
Put,
5/26/23
@
$3,950.00
653
4,524
(3,683‌)
Citibank
USD
/
AUD
Call,
6/28/23
@
AUD0.66
1
219,505
(3,003‌)
UBS
Investment
Bank
USD
/
BRL
Call,
5/18/23
@
BRL5.50
1
86,750
(456‌)
UBS
Investment
Bank
USD
/
JPY
Call,
4/28/23
@
JPY134.00
1
220,200
(1,774‌)
Total
Options
Written
(Premiums
$(39,027))
$
(22,566‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
16
(Amounts
in
000s)
SWAPS
1.5%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
(0.6)%
Credit
Default
Swaps,
Protection
Bought
(0.7)%
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
10
103
(93‌)
JPMorgan
Chase,
Protection
Bought
(Relevant
Credit:
Government
of
Bahrain),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/20/26
(USD)
*
15,413
449
486
(37‌)
Total
Bahrain
589
(130‌)
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
(143)
(161)
18‌
Citibank,
Protection
Bought
(Relevant
Credit:
Glencore
Finance
Europe),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/20/23
*
13,096
(160)
(184)
24‌
JPMorgan
Chase,
Protection
Bought
(Relevant
Credit:
Glencore
Finance
Europe),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/20/23
*
3,000
(36)
(87)
51‌
Total
Luxembourg
(432)
93‌
United
States
(0.7)%
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
(2,118)
(1,862)
(256‌)
Bank
of
America,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S39,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
*
70,237
(4,486)
(4,853)
367‌
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
(9,538)
(7,072)
(2,466‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
17
(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
(1,403)
(1,152)
(251‌)
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
*
21,962
(1,403)
(1,500)
97‌
Goldman
Sachs,
Protection
Bought
(Relevant
Credit:
Post
Holdings),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
*
3,745
(466)
(444)
(22‌)
Goldman
Sachs,
Protection
Bought
(Relevant
Credit:
Post
Holdings),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
*
1,940
(242)
(255)
13‌
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
(2,544)
(2,313)
(231‌)
JPMorgan
Chase,
Protection
Bought
(Relevant
Credit:
Murphy
Oil),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/21/27
*
2,045
86
222
(136‌)
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
(4,769)
(3,321)
(1,448‌)
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
*
47,631
(3,473)
(3,819)
346‌
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
*
137,485
(11,078)
(10,734)
(344‌)
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
*
42,840
12,218
7,698
4,520‌
Total
United
States
(29,405)
189‌
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
(29,248)
152‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
18
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
Credit
Default
Swaps,
Protection
Sold
0.1%
Luxembourg
0.1%
JPMorgan
Chase,
Protection
Sold
(Relevant
Credit:
ArcelorMittal,
Baa3*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
*
12,000
1,264
1,622
(358‌)
JPMorgan
Chase,
Protection
Sold
(Relevant
Credit:
ArcelorMittal,
Baa3*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
*
16,950
1,785
1,638
147‌
Total
Luxembourg
3,260
(211‌)
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
59
(108)
167‌
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
AT&T,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/23
*
13,860
22
5
17‌
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
CCO
Holdings,
B1*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
*
7,450
226
175
51‌
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Murphy
Oil,
Ba2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
*
16,500
25
(194)
219‌
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Royal
Caribbean
Cruises,
B3*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
*
4,410
102
(119)
221‌
Total
United
States
(241)
675‌
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
3,019
464‌
Total
Bilateral
Swaps
(26,229)
616‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
19
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
2.1%
Credit
Default
Swaps,
Protection
Bought
0.1%
France
(0.0)%
Protection
Bought
(Relevant
Credit:
Sanofi),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
14,200
(447)
(314)
(133‌)
Total
France
(133‌)
Luxembourg
(0.0)%
Protection
Bought
(Relevant
Credit:
Glencore
Finance
Europe),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/26
7,215
(993)
(1,598)
605‌
Total
Luxembourg
605‌
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
4,434
5,767
(1,333‌)
Total
South
Africa
(1,333‌)
United
States
(0.0)%
Protection
Bought
(Relevant
Credit:
Apache),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/20/27
12,270
278
725
(447‌)
Protection
Bought
(Relevant
Credit:
Apache),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
8,470
267
295
(28‌)
Protection
Bought
(Relevant
Credit:
Gap),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
21,620
3,626
3,682
(56‌)
Protection
Bought
(Relevant
Credit:
Iron
Mountain),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
17,452
(2,233)
(2,191)
(42‌)
Protection
Bought
(Relevant
Credit:
Macy's),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
23,770
2,916
4,279
(1,363‌)
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
(7,483)
(2,887)
(4,596‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
20
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Protection
Bought
(Relevant
Credit:
Murphy
Oil),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/21/27
8,180
346
901
(555‌)
Protection
Bought
(Relevant
Credit:
Occidental
Petroleum),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/21/27
30,945
4
1,461
(1,457‌)
Protection
Bought
(Relevant
Credit:
Occidental
Petroleum),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
4,250
17
55
(38‌)
Protection
Bought
(Relevant
Credit:
Xerox),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
18,860
2,092
2,770
(678‌)
Total
United
States
(9,260‌)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Bought
(10,121‌)
Credit
Default
Swaps,
Protection
Sold
0.5%
Foreign/Europe
0.1%
Protection
Sold
(Relevant
Credit:
Markit
iTraxx
Crossover-S39,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/20/28
159,500
4,792
2,215
2,577‌
Protection
Sold
(Relevant
Credit:
Markit
iTraxx
Europe-S38,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/27
205,500
812
(1,628)
2,440‌
Total
Foreign/Europe
5,017‌
United
States
0.4%
Protection
Sold
(Relevant
Credit:
Calpine,
B2*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/20/23
21,650
201
190
11‌
Protection
Sold
(Relevant
Credit:
Carnival,
B3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
10,900
(1,090)
(831)
(259‌)
Protection
Sold
(Relevant
Credit:
Ford
Motor,
Ba2*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/20/23
12,650
128
127
1‌
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.HY-S39,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/27
480,440
6,470
(281)
6,751‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
21
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S40,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/28
874,000
10,287
7,127
3,160‌
Total
United
States
9,664‌
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
14,681‌
Interest
Rate
Swaps
1.4%
Foreign/Europe
0.1%
2
Year
Interest
Rate
Swap,
Pay
Fixed
3.137%
Annually,
Receive
Variable
3.095%
(6M
EURIBOR)
Semi-Annually,
3/24/25
442,459
2,073
—
2,073‌
2
Year
Interest
Rate
Swap,
Pay
Fixed
3.177%
Annually,
Receive
Variable
3.095%
(6M
EURIBOR)
Semi-Annually,
3/24/25
442,460
1,702
—
1,702‌
2
Year
Interest
Rate
Swap,
Pay
Fixed
3.361%
Annually,
Receive
Variable
3.055%
(6M
EURIBOR)
Semi-Annually,
3/21/25
560,000
(84)
—
(84‌)
10
Year
Interest
Rate
Swap,
Pay
Fixed
2.975%
Annually,
Receive
Variable
3.290%
(6M
EURIBOR)
Semi-Annually,
3/31/33
151,500
(326)
—
(326‌)
10
Year
Interest
Rate
Swap,
Pay
Fixed
2.976%
Annually,
Receive
Variable
3.290%
(6M
EURIBOR)
Semi-Annually,
3/31/33
151,500
(342)
—
(342‌)
Total
Foreign/Europe
3,023‌
Hungary
0.2%
2
Year
Interest
Rate
Swap,
Pay
Fixed
11.650%
Annually,
Receive
Variable
15.600%
(6M
HUF
BUBOR)
Semi-Annually,
1/30/25
21,470,033
1,779
—
1,779‌
2
Year
Interest
Rate
Swap,
Pay
Fixed
11.680%
Annually,
Receive
Variable
15.610%
(6M
HUF
BUBOR)
Semi-Annually,
2/6/25
21,470,033
1,667
—
1,667‌
2
Year
Interest
Rate
Swap,
Pay
Fixed
11.780%
Annually,
Receive
Variable
15.610%
(6M
HUF
BUBOR)
Semi-Annually,
2/6/25
10,735,016
783
1
782‌
2
Year
Interest
Rate
Swap,
Pay
Fixed
11.820%
Annually,
Receive
Variable
15.610%
(6M
HUF
BUBOR)
Semi-Annually,
2/6/25
10,735,017
762
1
761‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
22
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
2
Year
Interest
Rate
Swap,
Pay
Fixed
11.850%
Annually,
Receive
Variable
15.610%
(6M
HUF
BUBOR)
Semi-Annually,
2/3/25
22,758,235
1,640
—
1,640‌
2
Year
Interest
Rate
Swap,
Pay
Fixed
11.880%
Annually,
Receive
Variable
15.610%
(6M
HUF
BUBOR)
Semi-Annually,
2/3/25
10,305,616
723
—
723‌
2
Year
Interest
Rate
Swap,
Pay
Fixed
11.900%
Annually,
Receive
Variable
15.610%
(6M
HUF
BUBOR)
Semi-Annually,
2/3/25
22,758,235
1,584
—
1,584‌
2
Year
Interest
Rate
Swap,
Pay
Fixed
11.980%
Annually,
Receive
Variable
15.610%
(6M
HUF
BUBOR)
Semi-Annually,
2/3/25
9,446,815
621
—
621‌
Total
Hungary
9,557‌
New
Zealand
0.0%
2
Year
Interest
Rate
Swap,
Receive
Fixed
5.074%
Semi-Annually,
Pay
Variable
5.030%
(3M
NDBB)
Quarterly,
2/21/25
227,776
57
1
56‌
2
Year
Interest
Rate
Swap,
Receive
Fixed
5.079%
Semi-Annually,
Pay
Variable
5.030%
(3M
NDBB)
Quarterly,
2/21/25
329,869
101
—
101‌
2
Year
Interest
Rate
Swap,
Receive
Fixed
5.369%
Semi-Annually,
Pay
Variable
5.150%
(3M
NDBB)
Quarterly,
2/28/25
199,068
722
—
722‌
2
Year
Interest
Rate
Swap,
Receive
Fixed
5.380%
Semi-Annually,
Pay
Variable
5.150%
(3M
NDBB)
Quarterly,
2/28/25
25,742
96
—
96‌
2
Year
Interest
Rate
Swap,
Receive
Fixed
5.425%
Semi-Annually,
Pay
Variable
5.150%
(3M
NDBB)
Quarterly,
2/28/25
235,220
1,021
—
1,021‌
Total
New
Zealand
1,996‌
United
Kingdom
1.1%
2
Year
Interest
Rate
Swap,
Receive
Fixed
4.199%
Annually,
Pay
Variable
4.177%
(GBP
SONIA)
Annually,
3/31/25
239,150
(461)
—
(461‌)
2
Year
Interest
Rate
Swap,
Receive
Fixed
4.231%
Annually,
Pay
Variable
4.177%
(GBP
SONIA)
Annually,
3/31/25
239,150
(284)
—
(284‌)
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.375%
Annually,
Pay
Variable
4.177%
(GBP
SONIA)
Annually,
3/24/28
59,450
(1,346)
—
(1,346‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
23
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.423%
Annually,
Pay
Variable
4.177%
(GBP
SONIA)
Annually,
3/24/28
59,450
(1,189)
—
(1,189‌)
30
Year
Interest
Rate
Swap,
Pay
Fixed
0.912%
Annually,
Receive
Variable
3.196%
(GBP
SONIA)
Annually,
9/27/51
86,175
46,001
(6)
46,007‌
30
Year
Interest
Rate
Swap,
Pay
Fixed
1.442%
Annually,
Receive
Variable
4.080%
(GBP
SONIA)
Annually,
3/18/52
19,190
7,763
1
7,762‌
50
Year
Interest
Rate
Swap,
Pay
Fixed
0.742%
Annually,
Receive
Variable
3.196%
(GBP
SONIA)
Annually,
9/27/71
8,815
6,138
7
6,131‌
50
Year
Interest
Rate
Swap,
Pay
Fixed
4.085%
Annually,
Receive
Variable
3.347%
(GBP
SONIA)
Annually,
10/11/72
16,984
(5,938)
—
(5,938‌)
Total
United
Kingdom
50,682‌
Total
Centrally
Cleared
Interest
Rate
Swaps
65,258‌
Zero-Coupon
Inflation
Swaps
0.1%
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
383
—
383‌
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
3.113%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
8/16/27
73,849
300
1
299‌
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
3.190%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
8/16/27
66,830
(10)
—
(10‌)
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
3.203%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
8/16/27
73,848
(61)
1
(62‌)
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
3.205%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
8/16/27
66,830
(65)
—
(65‌)
Total
Foreign/Europe
545‌
United
States
0.1%
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.440%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
1/31/28
42,863
319
—
319‌
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.442%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
1/31/28
42,864
314
—
314‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
24
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.453%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
1/31/28
42,864
294
—
294‌
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.453%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
1/31/28
42,864
292
—
292‌
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.459%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
1/31/28
47,150
309
1
308‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.486%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
1/25/33
21,526
197
—
197‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.490%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
1/25/33
43,052
378
—
378‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.498%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
1/25/33
67,722
550
1
549‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.532%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
3/28/33
43,164
203
—
203‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.539%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
3/28/33
43,164
175
—
175‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.543%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
3/28/33
45,322
166
—
166‌
Total
United
States
3,195‌
Total
Centrally
Cleared
Zero-Coupon
Inflation
Swaps
3,740‌
Total
Centrally
Cleared
Swaps
73,558‌
Net
payments
(receipts)
of
variation
margin
to
date
(73,657‌)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(99‌)
*
Credit
ratings
as
of
March
31,
2023.
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
$195.
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
25
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
4/6/23
INR
2,752,897‌
USD
33,482‌
$
4‌
Bank
of
America
4/6/23
KRW
58,035,936‌
USD
47,719‌
(3,155‌)
Bank
of
America
4/21/23
EUR
101,522‌
USD
107,970‌
2,260‌
Bank
of
America
4/21/23
JPY
10,973,771‌
USD
82,586‌
347‌
Bank
of
America
4/21/23
USD
178,706‌
EUR
168,678‌
(4,441‌)
Bank
of
America
4/21/23
USD
4,553‌
MXN
83,054‌
(37‌)
Bank
of
America
4/21/23
USD
45,109‌
NOK
457,472‌
1,372‌
Bank
of
America
4/21/23
USD
8,624‌
NZD
13,806‌
(10‌)
Bank
of
America
5/12/23
USD
97,095‌
HUF
35,726,963‌
(3,488‌)
Bank
of
America
7/7/23
KRW
57,197,040‌
USD
44,388‌
(351‌)
Bank
of
America
7/7/23
USD
33,289‌
INR
2,752,897‌
(46‌)
Barclays
Bank
4/6/23
USD
71,639‌
KRW
89,179,209‌
3,160‌
Barclays
Bank
4/14/23
ZAR
854,661‌
USD
46,399‌
1,543‌
Barclays
Bank
4/21/23
USD
9,929‌
JPY
1,328,718‌
(112‌)
Barclays
Bank
5/12/23
USD
489,808‌
GBP
404,140‌
(9,173‌)
Barclays
Bank
5/12/23
USD
309,945‌
ZAR
5,781,685‌
(13,569‌)
BNP
Paribas
4/20/23
USD
4,877‌
ILS
17,632‌
(29‌)
BNP
Paribas
4/21/23
EUR
112,588‌
USD
121,191‌
1,054‌
BNP
Paribas
4/21/23
JPY
25,519‌
USD
200‌
(8‌)
BNP
Paribas
4/21/23
MXN
308,508‌
USD
16,295‌
756‌
BNP
Paribas
4/21/23
USD
46,099‌
MXN
838,307‌
(232‌)
BNP
Paribas
5/5/23
CLP
8,865,260‌
USD
11,068‌
42‌
BNP
Paribas
6/2/23
USD
69,565‌
BRL
364,654‌
(1,557‌)
BNY
Mellon
4/21/23
USD
1,953‌
EUR
1,801‌
(2‌)
BNY
Mellon
4/21/23
USD
92,325‌
SEK
957,424‌
(31‌)
Citibank
4/6/23
USD
33,504‌
INR
2,752,897‌
18‌
Citibank
4/6/23
USD
19,797‌
KRW
24,415,462‌
1,049‌
Citibank
4/14/23
USD
18,723‌
HUF
7,113,144‌
(1,486‌)
Citibank
4/20/23
ILS
558,465‌
USD
154,807‌
567‌
Citibank
4/20/23
USD
250,124‌
ILS
874,808‌
6,738‌
Citibank
4/21/23
AUD
123,767‌
USD
87,933‌
(5,139‌)
Citibank
4/21/23
JPY
55,645‌
USD
440‌
(20‌)
Citibank
4/21/23
USD
9,051‌
AUD
13,033‌
333‌
Citibank
4/21/23
USD
65,659‌
AUD
99,050‌
(600‌)
Citibank
4/21/23
USD
24,465‌
RSD
2,650,754‌
(38‌)
Citibank
5/5/23
CLP
8,865,260‌
USD
11,141‌
(31‌)
Citibank
5/12/23
GBP
33,607‌
USD
41,143‌
351‌
Citibank
6/9/23
USD
1,478‌
COP
7,129,683‌
(31‌)
Deutsche
Bank
4/6/23
USD
31,114‌
IDR
478,838,400‌
(832‌)
Deutsche
Bank
4/14/23
USD
49,425‌
ZAR
905,465‌
(1,366‌)
Deutsche
Bank
4/20/23
USD
5,376‌
ILS
19,265‌
16‌
Deutsche
Bank
4/21/23
EUR
3,602‌
USD
3,915‌
(4‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
26
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Deutsche
Bank
4/21/23
JPY
21,038‌
USD
165‌
$
(6‌)
Deutsche
Bank
4/21/23
NOK
457,472‌
USD
46,083‌
(2,345‌)
Deutsche
Bank
4/21/23
SEK
914,097‌
USD
87,581‌
596‌
Deutsche
Bank
4/21/23
USD
46,019‌
AUD
69,609‌
(546‌)
Deutsche
Bank
4/21/23
USD
11,591‌
CAD
15,471‌
141‌
Deutsche
Bank
4/21/23
USD
163,912‌
EUR
150,433‌
575‌
Deutsche
Bank
4/21/23
USD
70,844‌
JPY
9,098,985‌
2,079‌
Deutsche
Bank
4/21/23
USD
11,482‌
MXN
214,028‌
(347‌)
Deutsche
Bank
4/21/23
USD
3,433‌
RSD
371,429‌
—‌
Deutsche
Bank
4/21/23
USD
3,669‌
RSD
398,597‌
(16‌)
Deutsche
Bank
6/9/23
USD
45,874‌
THB
1,583,567‌
(770‌)
Goldman
Sachs
4/6/23
TWD
4,064,584‌
USD
133,331‌
155‌
Goldman
Sachs
4/6/23
TWD
3,901,511‌
USD
128,699‌
(569‌)
Goldman
Sachs
4/6/23
USD
135,165‌
TWD
4,064,584‌
1,680‌
Goldman
Sachs
4/6/23
USD
127,981‌
TWD
3,901,511‌
(148‌)
Goldman
Sachs
4/21/23
USD
1,371‌
EUR
1,260‌
3‌
Goldman
Sachs
4/21/23
USD
52,021‌
JPY
6,623,619‌
1,964‌
Goldman
Sachs
6/2/23
USD
63,723‌
BRL
338,607‌
(2,318‌)
Goldman
Sachs
6/9/23
USD
20,170‌
COP
96,071,167‌
(166‌)
Goldman
Sachs
6/9/23
USD
45,849‌
THB
1,583,567‌
(795‌)
Goldman
Sachs
7/7/23
USD
130,385‌
TWD
3,901,511‌
1,217‌
HSBC
Bank
4/6/23
IDR
589,902,611‌
USD
39,112‌
243‌
HSBC
Bank
4/6/23
KRW
79,110,782‌
USD
61,186‌
(439‌)
HSBC
Bank
4/6/23
USD
19,068‌
KRW
23,552,047‌
983‌
HSBC
Bank
4/21/23
USD
14,884‌
AUD
21,447‌
537‌
HSBC
Bank
4/21/23
USD
11,269‌
MXN
211,002‌
(393‌)
HSBC
Bank
5/12/23
GBP
56,953‌
USD
69,886‌
432‌
HSBC
Bank
6/2/23
USD
72,922‌
BRL
386,588‌
(2,478‌)
HSBC
Bank
6/9/23
USD
6,914‌
MYR
30,828‌
(114‌)
HSBC
Bank
7/7/23
USD
39,062‌
IDR
589,902,611‌
(317‌)
JPMorgan
Chase
4/21/23
MXN
47,177‌
USD
2,540‌
67‌
JPMorgan
Chase
4/21/23
RSD
332,910‌
USD
3,056‌
22‌
JPMorgan
Chase
4/21/23
USD
1,704‌
EUR
1,570‌
(1‌)
JPMorgan
Chase
4/21/23
USD
46,359‌
MXN
841,522‌
(149‌)
JPMorgan
Chase
5/12/23
GBP
99,014‌
USD
121,578‌
672‌
Morgan
Stanley
4/20/23
USD
2,632‌
ILS
9,506‌
(13‌)
Morgan
Stanley
4/21/23
AUD
148,327‌
USD
99,156‌
68‌
Morgan
Stanley
4/21/23
AUD
148,327‌
USD
99,353‌
(130‌)
Morgan
Stanley
4/21/23
USD
53,986‌
AUD
75,685‌
3,357‌
Morgan
Stanley
4/21/23
USD
139,862‌
CAD
186,756‌
1,635‌
Morgan
Stanley
4/21/23
USD
39,496‌
JPY
5,095,521‌
987‌
Morgan
Stanley
4/21/23
USD
246,529‌
MXN
4,699,693‌
(13,209‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
27
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Morgan
Stanley
5/12/23
USD
12,792‌
CZK
284,803‌
$
(340‌)
Morgan
Stanley
6/2/23
BRL
93,183‌
USD
17,749‌
426‌
Morgan
Stanley
6/9/23
COP
204,009,323‌
USD
41,157‌
2,028‌
RBC
Dominion
Securities
4/21/23
AUD
12,871‌
USD
8,721‌
(111‌)
RBC
Dominion
Securities
4/21/23
EUR
4,827‌
USD
5,259‌
(18‌)
RBC
Dominion
Securities
4/21/23
JPY
5,678,171‌
USD
44,542‌
(1,630‌)
RBC
Dominion
Securities
4/21/23
MXN
1,746,272‌
USD
91,185‌
5,326‌
RBC
Dominion
Securities
4/21/23
USD
291,582‌
MXN
5,594,577‌
(17,613‌)
RBC
Dominion
Securities
4/21/23
USD
187,730‌
NZD
294,585‌
3,521‌
RBC
Dominion
Securities
5/12/23
USD
406,628‌
GBP
335,751‌
(7,914‌)
Standard
Chartered
6/9/23
USD
30,978‌
MYR
137,928‌
(468‌)
State
Street
4/20/23
ILS
18,888‌
USD
5,638‌
(383‌)
State
Street
4/21/23
JPY
9,286,970‌
USD
68,616‌
1,569‌
State
Street
4/21/23
JPY
8,558,602‌
USD
67,419‌
(2,739‌)
State
Street
4/21/23
MXN
1,466,956‌
USD
78,106‌
2,968‌
State
Street
4/21/23
SEK
43,327‌
USD
4,222‌
(43‌)
State
Street
4/21/23
USD
71,737‌
JPY
9,477,692‌
110‌
State
Street
4/21/23
USD
62,661‌
JPY
8,484,871‌
(1,462‌)
State
Street
4/21/23
USD
2,020‌
NZD
3,115‌
72‌
State
Street
5/12/23
ZAR
791,098‌
USD
43,097‌
1,168‌
UBS
Investment
Bank
4/6/23
TWD
163,073‌
USD
5,444‌
(88‌)
UBS
Investment
Bank
4/6/23
USD
7,208‌
IDR
111,064,211‌
(201‌)
UBS
Investment
Bank
4/6/23
USD
5,349‌
TWD
163,073‌
(6‌)
UBS
Investment
Bank
4/14/23
HUF
4,807,102‌
USD
13,538‌
120‌
UBS
Investment
Bank
4/14/23
ZAR
392,761‌
USD
21,578‌
453‌
UBS
Investment
Bank
4/20/23
USD
4,488‌
ILS
16,072‌
16‌
UBS
Investment
Bank
4/21/23
EUR
25,796‌
USD
27,811‌
198‌
UBS
Investment
Bank
4/21/23
JPY
5,509,690‌
USD
42,041‌
(402‌)
UBS
Investment
Bank
4/21/23
MXN
233,666‌
USD
12,798‌
116‌
UBS
Investment
Bank
4/21/23
NZD
72,833‌
USD
45,532‌
12‌
UBS
Investment
Bank
4/21/23
USD
44,937‌
AUD
66,534‌
429‌
UBS
Investment
Bank
4/21/23
USD
45,336‌
AUD
67,901‌
(86‌)
UBS
Investment
Bank
4/21/23
USD
138,392‌
EUR
129,192‌
(1,881‌)
UBS
Investment
Bank
4/21/23
USD
45,885‌
MXN
838,857‌
(476‌)
UBS
Investment
Bank
4/21/23
USD
31,469‌
RON
144,152‌
(105‌)
UBS
Investment
Bank
5/12/23
SEK
465,046‌
USD
44,804‌
105‌
UBS
Investment
Bank
5/12/23
USD
87,385‌
PLN
384,833‌
(1,537‌)
UBS
Investment
Bank
6/9/23
COP
212,816,582‌
USD
43,074‌
1,975‌
UBS
Investment
Bank
6/9/23
USD
4,956‌
COP
23,392,706‌
4‌
UBS
Investment
Bank
6/9/23
USD
21,717‌
COP
102,681,019‌
(19‌)
UBS
Investment
Bank
6/9/23
USD
28,607‌
PHP
1,571,736‌
(325‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
28
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Wells
Fargo
6/9/23
USD
24,404‌
COP
114,237,947‌
$
222‌
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(51,043‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
29
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
1,009
Commonwealth
of
Australia
ten
year
bond
contracts
6/23
82,883
$
1,824‌
Short,
5,411
Euro
BOBL
contracts
6/23
(691,747)
(11,062‌)
Short,
2,135
Euro
BTP
contracts
6/23
(267,082)
(7,320‌)
Short,
7,184
Euro
SCHATZ
contracts
6/23
(823,475)
(779‌)
Long,
841
Long
Gilt
ten
year
contracts
6/23
107,221
(3,761‌)
Long,
2,142
Republic
of
South
Korea
ten
year
bond
contracts
6/23
187,323
847‌
Short,
8,143
U.S.
Treasury
Notes
ten
year
contracts
6/23
(935,809)
(18,661‌)
Short,
6,445
U.S.
Treasury
Notes
two
year
contracts
6/23
(1,330,590)
(13,693‌)
Short,
1,373
Ultra
U.S.
Treasury
Bonds
contracts
6/23
(193,765)
1,768‌
Long,
2,770
Ultra
U.S.
Treasury
Notes
ten
year
contracts
6/23
335,560
1,721‌
Short,
13,312
Three
Month
SOFR
Futures
contracts
12/23
(3,184,896)
2,866‌
Net
payments
(receipts)
of
variation
margin
to
date
37,235‌
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(9,015‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
30
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
2023.
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,
4.82%
$
—‌
$
—‌
$
1,906‌++
Totals
$
—‌#
$
—‌
$
1,906‌+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
03/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
$
534,699‌
 ¤
 ¤
$
195,584‌
Total
$
195,584‌^
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$1,906
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
$195,584.
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
Unaudited
Notes
to
Portfolio
of
Investments
31
T.
Rowe
Price
Dynamic
Global
Bond
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus. 
VALUATION 
Fair
Value
  The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
32
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques 
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.   
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
33
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
in
private
investment
companies
are
valued
at
the
investee’s
NAV
per
share
as
of
the
valuation
date,
if
available.
If
the
investee’s
NAV
is
not
available
as
of
the
valuation
date
or
is
not
calculated
in
accordance
with
GAAP,
the
Valuation Designee
may
adjust
the
investee’s
NAV
to
reflect
fair
value
at
the
valuation
date.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
34
Valuation
Inputs
  The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2023
(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
$
—
$
3,857,181
$
—
$
3,857,181
Bank
Loans
—
22,022
21,990
44,012
Common
Stocks
—
246
—
246
Private
Investment
Company
2
—
—
—
2,864
Short-Term
Investments
77,510
—
—
77,510
Securities
Lending
Collateral
118,074
—
—
118,074
Options
Purchased
8,218
15,600
—
23,818
Total
Securities
203,802
3,895,049
21,990
4,123,705
Swaps*
—
110,896
—
110,896
Forward
Currency
Exchange
Contracts
—
57,861
—
57,861
Futures
Contracts*
9,026
—
—
9,026
Total
$
212,828
$
4,063,806
$
21,990
$
4,301,488
Liabilities
Options
Written
$
—
$
22,566
$
—
$
22,566
Swaps*
—
62,951
—
62,951
Forward
Currency
Exchange
Contracts
—
108,904
—
108,904
Futures
Contracts*
55,276
—
—
55,276
Total
$
55,276
$
194,421
$
—
$
249,697
1
Includes
Asset-Backed
Securities,
Convertible
Bonds,
Corporate
Bonds,
Government
Bonds,
Municipal
Securities
and
Non-U.S.
Government
Mortgage-Backed
Securities.
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
35
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.
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.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F35-054Q1
03/23
2
In
accordance
with
Subtopic
820-10,
certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
unit
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
hierarchy.
The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Portfolio
of
Investments.
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.