NPORT-EX 2 70GBTRP093023.htm T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
September
30,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ALBANIA
0.2%
Government
Bonds
0.2%
Republic
of
Albania,
5.90%,
6/9/28
(EUR) (1)
7,210,000‌
7,442‌
Total
Albania
(Cost
$7,639
)
7,442‌
AUSTRIA
0.4%
Government
Bonds
0.4%
Republic
of
Austria,
0.85%,
6/30/2120 (1)
53,475,000‌
18,787‌
Total
Austria
(Cost
$24,550
)
18,787‌
BRAZIL
1.5%
Corporate
Bonds
0.6%
Braskem
Netherlands
Finance,
5.875%,
1/31/50
(USD) (1)
17,530,000‌
12,643‌
Braskem
Netherlands
Finance,
7.25%,
2/13/33
(USD) (1)(2)
13,800,000‌
12,727‌
25,370‌
Government
Bonds
0.9%
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/31 
210,429,000‌
38,981‌
38,981‌
Total
Brazil
(Cost
$68,623
)
64,351‌
CANADA
0.4%
Corporate
Bonds
0.4%
Toronto-Dominion
Bank,
VR,
8.125%,
10/31/82
(USD) (3)
15,285,000‌
15,237‌
Total
Canada
(Cost
$15,285
)
15,237‌
CHILE
1.4%
Government
Bonds
1.4%
Bonos
de
la
Tesoreria
de
la
Republica,
6.00%,
4/1/33 (1)
52,940,000,000‌
58,967‌
Total
Chile
(Cost
$68,083
)
58,967‌
CHINA
0.3%
Corporate
Bonds
0.3%
CIFI
Holdings
Group,
4.375%,
4/12/27
(USD) (4)(5)
11,400,000‌
883‌
CIFI
Holdings
Group,
4.45%,
8/17/26
(USD) (4)(5)
10,055,000‌
754‌
Country
Garden
Holdings,
3.125%,
10/22/25
(USD) 
10,570,000‌
724‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
2
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Country
Garden
Holdings,
3.30%,
1/12/31
(USD) 
8,854,000‌
576‌
Country
Garden
Holdings,
5.40%,
5/27/25
(USD) 
2,135,000‌
141‌
Kaisa
Group
Holdings,
8.50%,
6/30/22
(USD) (4)(5)
15,890,000‌
934‌
Kaisa
Group
Holdings,
11.50%,
1/30/23
(USD) (4)(5)
8,854,000‌
520‌
Kaisa
Group
Holdings,
11.70%,
11/11/25
(USD) (4)(5)
2,800,000‌
164‌
Kaisa
Group
Holdings,
11.95%,
10/22/22
(USD) (4)(5)
13,051,000‌
767‌
Longfor
Group
Holdings,
3.85%,
1/13/32
(USD) (2)
11,115,000‌
4,725‌
Shimao
Group
Holdings,
3.45%,
1/11/31
(USD) (4)(5)
17,195,000‌
719‌
Shimao
Group
Holdings,
5.20%,
1/16/27
(USD) (4)(5)
2,220,000‌
83‌
Times
China
Holdings,
6.20%,
3/22/26
(USD) (4)(5)
3,220,000‌
113‌
Times
China
Holdings,
6.75%,
7/8/25
(USD) (4)(5)
12,750,000‌
446‌
Total
China
(Cost
$78,268
)
11,549‌
COLOMBIA
2.6%
Government
Bonds
2.5%
Republic
of
Colombia,
Series
B,
13.25%,
2/9/33 
397,809,500,000‌
105,394‌
105,394‌
Private
Investment
Company
0.1%
Bona
Fide
Investments
Feeder
LLC,
Acquisition
date:
6/1/22,
Cost $1,123
(USD) (5)(6)
†
1,467‌
Bona
Fide
Investments
Feeder
LLC,
Acquisition
date:
6/7/23,
Cost $3,416
(USD) (5)(6)
†
3,398‌
4,865‌
Total
Colombia
(Cost
$96,002
)
110,259‌
CYPRUS
0.4%
Government
Bonds
0.4%
Republic
of
Cyprus,
2.75%,
5/3/49 
20,454,000‌
15,539‌
Total
Cyprus
(Cost
$19,888
)
15,539‌
CZECHIA
1.3%
Government
Bonds
1.3%
Republic
of
Czech,
Series
138,
1.75%,
6/23/32 
1,550,000,000‌
53,299‌
Total
Czechia
(Cost
$54,292
)
53,299‌
DOMINICAN
REPUBLIC
0.1%
Government
Bonds
0.1%
Dominican
Republic,
5.50%,
2/22/29
(USD) (1)
5,435,000‌
4,988‌
Total
Dominican
Republic
(Cost
$4,781
)
4,988‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
FRANCE
0.0%
Corporate
Bonds
0.0%
Altice
France
Holding,
4.00%,
2/15/28 (1)
3,780,000‌
1,848‌
Total
France
(Cost
$3,726
)
1,848‌
HUNGARY
1.3%
Government
Bonds
1.3%
Republic
of
Hungary,
Series
32/A,
4.75%,
11/24/32 
22,085,120,000‌
49,790‌
Republic
of
Hungary,
Series
33/A,
2.25%,
4/20/33 
1,785,270,000‌
3,267‌
Total
Hungary
(Cost
$41,281
)
53,057‌
INDIA
0.7%
Corporate
Bonds
0.3%
HDFC
Bank,
8.10%,
3/22/25 
1,200,000,000‌
14,320‌
14,320‌
Government
Bonds
0.4%
Republic
of
India,
6.45%,
10/7/29 
1,253,000,000‌
14,545‌
14,545‌
Total
India
(Cost
$35,089
)
28,865‌
INDONESIA
0.9%
Government
Bonds
0.9%
Republic
of
Indonesia,
Series
FR82,
7.00%,
9/15/30 
579,300,000,000‌
37,965‌
Total
Indonesia
(Cost
$38,222
)
37,965‌
IRELAND
0.9%
Corporate
Bonds
0.9%
AerCap
Ireland
Capital,
3.00%,
10/29/28
(USD) (2)
13,050,000‌
11,171‌
AerCap
Ireland
Capital,
3.30%,
1/30/32
(USD) 
15,025,000‌
11,912‌
AerCap
Ireland
Capital,
6.15%,
9/30/30
(USD) 
7,225,000‌
7,117‌
Avolon
Holdings
Funding,
6.375%,
5/4/28
(USD) (1)
9,735,000‌
9,513‌
Total
Ireland
(Cost
$44,405
)
39,713‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
ISRAEL
1.5%
Government
Bonds
1.5%
State
of
Israel,
Series
0347,
3.75%,
3/31/47 
215,621,000‌
50,520‌
State
of
Israel,
Series
1152,
2.80%,
11/29/52 
71,357,832‌
13,472‌
Total
Israel
(Cost
$85,549
)
63,992‌
ITALY
9.6%
Corporate
Bonds
0.2%
Enel
Finance
International,
7.75%,
10/14/52
(USD) (1)
5,200,000‌
5,661‌
5,661‌
Government
Bonds
9.4%
Italy
Buoni
Poliennali
Del
Tesoro,
Series
2Y,
3.60%,
9/29/25 
376,841,000‌
395,499‌
395,499‌
Total
Italy
(Cost
$419,900
)
401,160‌
IVORY
COAST
0.2%
Government
Bonds
0.2%
Republic
of
Ivory
Coast,
5.875%,
10/17/31
(EUR) 
9,700,000‌
8,493‌
Total
Ivory
Coast
(Cost
$8,676
)
8,493‌
JAPAN
0.7%
Government
Bonds
0.7%
Government
of
Japan,
Series
14,
0.70%,
3/20/61 
2,570,850,000‌
12,434‌
Government
of
Japan,
Series
15,
1.00%,
3/20/62 
3,393,100,000‌
18,058‌
Total
Japan
(Cost
$31,108
)
30,492‌
MALAYSIA
0.7%
Government
Bonds
0.7%
Government
of
Malaysia,
Series
0216,
4.736%,
3/15/46 
67,360,000‌
15,000‌
Government
of
Malaysia,
Series
0518,
4.921%,
7/6/48 
67,600,000‌
15,327‌
Total
Malaysia
(Cost
$30,759
)
30,327‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
MEXICO
9.3%
Corporate
Bonds
1.4%
Petroleos
Mexicanos,
6.50%,
1/23/29
(USD) 
73,650,000‌
59,845‌
59,845‌
Government
Bonds
7.9%
United
Mexican
States,
Series
M,
5.75%,
3/5/26 
1,622,900,000‌
83,584‌
United
Mexican
States,
Series
M,
7.75%,
5/29/31 
1,396,570,000‌
70,628‌
United
Mexican
States,
Series
M,
8.50%,
5/31/29 
3,291,972,000‌
176,764‌
330,976‌
Total
Mexico
(Cost
$391,606
)
390,821‌
NETHERLANDS
0.0%
Common
Stocks
0.0%
Fortenova
Group
STAK
Stichting,
ADR,
Acquisition
date:
4/1/19,
Cost $235 (5)(6)
597,196‌
240‌
240‌
Convertible
Bonds
0.0%
Fortenova
Group
TopCo,
Acquisition
date:
4/1/19
-
4/1/22,
Cost $1,194,
2.50%,
4/1/24,
(2.50%
PIK) (5)(6)(7)
2,557,406‌
1,027‌
1,027‌
Total
Netherlands
(Cost
$1,429
)
1,267‌
NEW
ZEALAND
2.1%
Government
Bonds
2.1%
Government
of
New
Zealand,
Series
0551,
2.75%,
5/15/51 
240,229,000‌
87,498‌
Total
New
Zealand
(Cost
$130,515
)
87,498‌
PHILIPPINES
0.7%
Government
Bonds
0.7%
Republic
of
Philippines,
6.25%,
1/14/36 
1,679,000,000‌
28,486‌
Total
Philippines
(Cost
$37,244
)
28,486‌
QATAR
0.2%
Corporate
Bonds
0.2%
Qatar
Energy,
2.25%,
7/12/31
(USD) 
8,240,000‌
6,619‌
Total
Qatar
(Cost
$8,289
)
6,619‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
6
Par/Shares
$
Value
(Cost
and
value
in
$000s)
ROMANIA
1.2%
Government
Bonds
1.2%
Republic
of
Romania,
Series
10Y,
5.00%,
2/12/29 
249,285,000‌
49,139‌
Total
Romania
(Cost
$59,829
)
49,139‌
SERBIA
1.8%
Government
Bonds
1.8%
Republic
of
Serbia,
Series
10Y,
5.875%,
2/8/28 
5,669,670,000‌
53,120‌
Republic
of
Serbia,
Series
12.5,
4.50%,
8/20/32 
2,572,930,000‌
20,941‌
Total
Serbia
(Cost
$84,684
)
74,061‌
SOUTH
AFRICA
0.6%
Government
Bonds
0.6%
Republic
of
South
Africa,
Series
2048,
8.75%,
2/28/48 
686,301,000‌
25,203‌
Total
South
Africa
(Cost
$29,769
)
25,203‌
SWEDEN
0.3%
Corporate
Bonds
0.3%
Castellum,
2.125%,
11/20/23
(EUR) 
12,220,000‌
12,832‌
Total
Sweden
(Cost
$11,989
)
12,832‌
SWITZERLAND
0.3%
Corporate
Bonds
0.3%
UBS
Group,
3.75%,
3/26/25
(USD) 
1,830,000‌
1,762‌
UBS
Group,
4.55%,
4/17/26
(USD) 
5,235,000‌
5,028‌
UBS
Group,
VR,
1.305%,
2/2/27
(USD) (1)(3)
5,590,000‌
4,932‌
UBS
Group,
VR,
2.193%,
6/5/26
(USD) (1)(3)
2,920,000‌
2,719‌
Total
Switzerland
(Cost
$14,292
)
14,441‌
THAILAND
3.0%
Government
Bonds
3.0%
Kingdom
of
Thailand,
3.60%,
6/17/67 
952,465,000‌
24,481‌
Kingdom
of
Thailand,
4.00%,
6/17/72 
195,600,000‌
5,524‌
Kingdom
of
Thailand,
Series
ILB,
Inflation-Indexed,
1.25%,
3/12/28 
3,649,262,694‌
94,922‌
Total
Thailand
(Cost
$145,759
)
124,927‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
UNITED
KINGDOM
12.7%
Corporate
Bonds
0.2%
Barclays,
VR,
6.125%
(USD) (3)(8)
8,109,000‌
7,336‌
Merlin
Entertainments,
5.75%,
6/15/26
(USD) 
1,215,000‌
1,168‌
Motion
Bondco,
6.625%,
11/15/27
(USD) (1)(2)
2,200,000‌
2,035‌
10,539‌
Government
Bonds
12.5%
United
Kingdom
Gilt,
1.625%,
10/22/71 
153,890,000‌
80,869‌
United
Kingdom
Gilt,
3.50%,
7/22/68 
42,958,000‌
40,510‌
United
Kingdom
Inflation-Linked
Gilt,
Series
3MO,
0.125%,
3/22/24 
331,852,273‌
401,747‌
523,126‌
Total
United
Kingdom
(Cost
$516,434
)
533,665‌
UNITED
STATES
27.6%
Asset-Backed
Securities
3.0%
Applebee's
Funding,
Series
2023-1A,
Class
A2,
7.824%,
3/5/53 (1)
6,500,000‌
6,408‌
CarMax
Auto
Owner
Trust,
Series
2023-1,
Class
A2A,
5.23%,
1/15/26 
5,923,485‌
5,906‌
DLLAD,
Series
2023-1A,
Class
A2,
5.19%,
4/20/26 (1)
7,960,000‌
7,910‌
Drive
Auto
Receivables
Trust,
Series
2020-2,
Class
D,
3.05%,
5/15/28 
2,907,751‌
2,864‌
Driven
Brands
Funding,
Series
2018-1A,
Class
A2,
4.739%,
4/20/48 (1)
2,335,588‌
2,247‌
Driven
Brands
Funding,
Series
2019-2A,
Class
A2,
3.981%,
10/20/49 (1)
4,802,875‌
4,380‌
Exeter
Automobile
Receivables
Trust,
Series
2021-1A,
Class
E,
2.21%,
2/15/28 (1)
17,480,000‌
16,365‌
FOCUS
Brands
Funding,
Series
2022-1,
Class
A2,
7.206%,
7/30/52 (1)
19,008,000‌
18,598‌
Ford
Credit
Auto
Lease
Trust,
Series
2023-A,
Class
A2A,
5.19%,
6/15/25 
10,542,289‌
10,517‌
Hardee's
Funding,
Series
2018-1A,
Class
A2II,
4.959%,
6/20/48 (1)
10,721,553‌
10,103‌
Hardee's
Funding,
Series
2020-1A,
Class
A2,
3.981%,
12/20/50 (1)
4,449,188‌
3,743‌
Mercedes-Benz
Auto
Receivables
Trust,
Series
2023-1,
Class
A2,
5.09%,
1/15/26 
11,021,971‌
10,982‌
Nissan
Auto
Lease
Trust,
Series
2023-A,
Class
A2A,
5.10%,
3/17/25 
12,257,056‌
12,211‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Octane
Receivables
Trust,
Series
2023-1A,
Class
A,
5.87%,
5/21/29 (1)
1,232,226‌
1,227‌
Progress
Residential
Trust,
Series
2022-SFR5,
Class
D,
5.734%,
6/17/39 (1)
1,095,000‌
1,041‌
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2022-A,
Class
B,
5.281%,
5/15/32 (1)
7,955,382‌
7,859‌
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2022-B,
Class
C,
5.916%,
8/16/32 (1)
1,423,038‌
1,415‌
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2022-B,
Class
D,
6.793%,
8/16/32 (1)
3,353,298‌
3,340‌
127,116‌
Bank
Loans
0.9%
(9)
Clear
Channel
Outdoor
Holdings,
FRN,
3M
TSFR
+
3.50%,
9.13%,
8/21/26 
7,868,438‌
7,629‌
IRB
Holding,
FRN,
1M
TSFR
+
3.00%,
8.416%,
12/15/27 
4,609,148‌
4,588‌
Life
Time,
FRN,
1M
TSFR
+
4.75%,
10.611%,
1/15/26 
2,496,426‌
2,500‌
Nascar
Holdings,
FRN,
1M
TSFR
+
2.50%,
7.931%,
10/19/26 
485,710‌
486‌
Neptune
Bidco
U.S.,
FRN,
1M
TSFR
+
5.00%,
10.398%,
4/11/29 
24,439,748‌
21,945‌
RealPage,
FRN,
1M
TSFR
+
3.00%,
8.431%,
4/24/28 
2,660,700‌
2,628‌
39,776‌
Corporate
Bonds
5.1%
Capital
One
Financial,
VR,
6.312%,
6/8/29 (3)
10,620,000‌
10,393‌
Capital
One
Financial,
VR,
6.377%,
6/8/34 (3)
10,620,000‌
10,047‌
CEC
Entertainment,
6.75%,
5/1/26 (1)
11,860,000‌
11,193‌
Charles
Schwab,
VR,
5.643%,
5/19/29 (3)
11,000,000‌
10,722‌
Charles
Schwab,
VR,
5.853%,
5/19/34 (3)
8,800,000‌
8,332‌
Clear
Channel
Outdoor
Holdings,
9.00%,
9/15/28 (1)
6,190,000‌
6,120‌
Diamond
Sports
Group,
5.375%,
8/15/26 (1)(4)(5)
34,830,000‌
697‌
DISH
Network,
11.75%,
11/15/27 (1)
25,935,000‌
26,162‌
Fifth
Third
Bancorp,
2.375%,
1/28/25 
3,470,000‌
3,295‌
Fifth
Third
Bank,
3.85%,
3/15/26 
3,244,000‌
3,047‌
Fifth
Third
Bank,
3.95%,
7/28/25 
1,113,000‌
1,071‌
Fifth
Third
Bank,
VR,
5.852%,
10/27/25 (3)
4,148,000‌
4,082‌
GTCR
W-2
Merger,
7.50%,
1/15/31 (1)
2,690,000‌
2,687‌
Hyundai
Capital
America,
5.50%,
3/30/26 (1)
7,285,000‌
7,193‌
NGL
Energy
Partners,
6.125%,
3/1/25 
6,781,000‌
6,628‌
Ovintiv,
6.25%,
7/15/33 
5,400,000‌
5,219‌
Ovintiv,
7.10%,
7/15/53 
8,170,000‌
8,137‌
Rivian
Holdings,
FRN,
6M
USD
LIBOR
+
5.625%,
10.931%,
10/15/26 (1)
14,775,000‌
14,775‌
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
7,420,000‌
7,064‌
Sirius
XM
Radio,
5.00%,
8/1/27 (1)
725,000‌
662‌
Southern,
VR,
1.875%,
9/15/81
(EUR) (3)
7,590,000‌
6,339‌
Stagwell
Global,
5.625%,
8/15/29 (1)
17,057,000‌
13,774‌
Townsquare
Media,
6.875%,
2/1/26 (1)(2)
9,850,000‌
9,247‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
9
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Venture
Global
LNG,
8.375%,
6/1/31 (1)
28,855,000‌
28,458‌
Vistra,
VR,
7.00% (1)(3)(8)
7,285,000‌
6,702‌
212,046‌
Municipal
Securities
0.5%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (10)
4,847,592‌
2,515‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A,
GO,
Zero
Coupon,
7/1/24 
167,584‌
162‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A,
GO,
Zero
Coupon,
7/1/33 
1,322,744‌
780‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/33 
1,027,849‌
921‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/35 
923,898‌
803‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/37 
792,950‌
666‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/41 
1,078,109‌
867‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/46 
1,121,218‌
864‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.375%,
7/1/25 
1,144,738‌
1,156‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.625%,
7/1/27 
1,134,370‌
1,164‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.625%,
7/1/29 
1,115,968‌
1,153‌
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.75%,
7/1/31 
1,083,929‌
1,132‌
Tobacco
Settlement
Fin.,
Series
A-1,
6.706%,
6/1/46 
11,280,000‌
9,335‌
21,518‌
Non-U.S.
Government
Mortgage-Backed
Securities
1.9%
BANK,
Series
2020-BN25,
Class
AS,
2.841%,
1/15/63 
8,515,000‌
6,750‌
BBCMS
Mortgage
Trust,
Series
2020-C6,
Class
AS,
2.84%,
2/15/53 
7,995,000‌
6,429‌
Benchmark
Mortgage
Trust,
Series
2020-B16,
Class
AM,
ARM,
2.944%,
2/15/53 
5,730,000‌
4,615‌
BRAVO
Residential
Funding
Trust,
Series
2022-NQM2,
Class
A1,
CMO,
ARM,
4.272%,
11/25/61 (1)
4,122,599‌
3,960‌
BX
Commercial
Mortgage
Trust,
Series
2019-IMC,
Class
E,
ARM,
1M
TSFR
+
2.264%,
7.596%,
4/15/34 (1)
5,535,000‌
5,422‌
Cantor
Commercial
Real
Estate
Lending,
Series
2019-CF1,
Class
65D,
ARM,
4.66%,
5/15/52 (1)
4,517,000‌
3,224‌
Connecticut
Avenue
Securities
Trust,
Series
2022-R06,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.75%,
8.065%,
5/25/42 (1)
5,211,560‌
5,342‌
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2019-
MILE,
Class
A,
ARM,
1M
TSFR
+
1.579%,
6.912%,
7/15/36 (1)
6,701,505‌
6,112‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
10
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-DNA2,
Class
M1A,
CMO,
ARM,
SOFR30A
+
1.30%,
6.615%,
2/25/42 (1)
8,231,321‌
8,210‌
Towd
Point
Mortgage
Trust,
Series
2018-1,
Class
A1,
CMO,
ARM,
3.00%,
1/25/58 (1)
860,761‌
827‌
Towd
Point
Mortgage
Trust,
Series
2018-3,
Class
A1,
CMO,
ARM,
3.75%,
5/25/58 (1)
2,000,444‌
1,893‌
TRK
Trust,
Series
2022-INV1,
Class
A1,
CMO,
ARM,
2.577%,
2/25/57 (1)
13,495,620‌
11,686‌
Verus
Securitization
Trust,
Series
2022-1,
Class
A1,
CMO,
STEP,
2.724%,
1/25/67 (1)
15,920,215‌
13,692‌
78,162‌
U.S.
Treasury
Obligations
16.2%
U.S.
Treasury
Inflation-Indexed
Notes,
0.50%,
4/15/24 
250,100,097‌
245,684‌
U.S.
Treasury
Notes,
0.125%,
12/15/23 
264,000,000‌
261,195‌
U.S.
Treasury
Notes,
1.625%,
10/31/23 
175,000,000‌
174,508‌
681,387‌
Total
United
States
(Cost
$1,182,389
)
1,160,005‌
SHORT-TERM
INVESTMENTS
3.7%
Money
Market
Funds
3.7%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (11)(12)
156,002,616‌
156,003‌
Total
Short-Term
Investments
(Cost
$156,003)
156,003‌
SECURITIES
LENDING
COLLATERAL
0.3%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.0%
Money
Market
Funds
0.0%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (11)(12)
514,948‌
515‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
515‌
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.3%
Money
Market
Funds
0.3%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (11)(12)
10,347,813‌
10,348‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
10,348‌
Total
Securities
Lending
Collateral
(Cost
$10,863)
10,863‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
11
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED
1.0%
Exchange-Traded
Options
Purchased
0.4%
Description
Contracts
Notional
Amount
$
Value
U.S.
Treasury
10-Year
Notes
Futures,
Put,
10/27/23
@
$107.50 (5)
11,734‌
1,268,005‌
7,517‌
U.S.
Treasury
10-Year
Notes
Futures,
Put,
11/24/23
@
$105.50 (5)
5,867‌
634,003‌
2,658‌
U.S.
Treasury
10-Year
Notes
Futures,
Put,
11/24/23
@
$106.00 (5)
5,867‌
634,003‌
3,300‌
U.S.
Treasury
Bond
Futures,
Put,
11/24/23
@
$111.00 (5)
3,620‌
411,888‌
5,713‌
Total
Exchange-Traded
Options
Purchased
(Cost
$16,901)
19,188‌
OTC
Options
Purchased
0.6%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Barclays
Bank
Comerica,
Put,
1/19/24
@
$20.00 (5)
15,538‌
64,560‌
427‌
Barclays
Bank
S&P
500
Index,
Put,
11/17/23
@
$3,850.00 (5)
738‌
316,458‌
948‌
Citibank
USD
/
CNH,
Call,
1/15/24
@
CNH7.37 (5)
1‌
178,350‌
1,142‌
Citibank
USD
/
EUR,
Call,
1/24/24
@
EUR1.04 (5)
1‌
170,380‌
1,504‌
Citibank
USD
/
EUR,
Call,
9/12/24
@
EUR1.05 (5)
1‌
211,363‌
3,929‌
Citibank
USD
/
EUR,
Put,
10/17/23
@
EUR1.15 (5)
1‌
263,160‌
—‌
Citibank
USD
/
GBP,
Call,
1/31/24
@
GBP1.20 (5)
1‌
170,710‌
2,064‌
Goldman
Sachs
USD
/
TWD,
Call,
5/22/24
@
TWD32.50 (5)
1‌
106,920‌
1,208‌
Goldman
Sachs
Zions
Bancorp,
Put,
1/19/24
@
$15.00 (5)
22,071‌
77,006‌
772‌
UBS
Investment
Bank
M&T
Bank,
Put,
12/15/23
@
$70.00 (5)
11,261‌
142,395‌
676‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
12
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
UBS
Investment
Bank
S&P
500
Index,
Put,
10/13/23
@
$4,250.00 (5)
1,450‌
621,767‌
5,017‌
UBS
Investment
Bank
S&P
500
Index,
Put,
10/27/23
@
$4,000.00 (5)
1,477‌
633,345‌
1,610‌
UBS
Investment
Bank
USD
/
GBP,
Call,
1/31/24
@
GBP1.20 (5)
1‌
222,950‌
2,696‌
UBS
Investment
Bank
USD
/
MXN,
Call,
11/3/23
@
MXN18.00 (5)
1‌
217,190‌
1,589‌
Total
OTC
Options
Purchased
(Cost
$34,267)
23,582‌
Total
Options
Purchased
(Cost
$51,168)
42,770‌
Total
Investments
in
Securities
89.9%
(Cost
$4,008,388)
$
3,774,930‌
Other
Assets
Less
Liabilities
10.1%
422,432
Net
Assets
100.0%
$
4,197,362‌
‡
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.
(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
$422,000
and
represents
10.1%
of
net
assets.
(2)
All
or
a
portion
of
this
security
is
on
loan
at
September
30,
2023.
(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
$6,132
and
represents
0.1%
of
net
assets.
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
13
.
.
.
.
.
.
.
.
.
.
(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)
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
1
Day
INR
MIBOR
One
day
INR
MIBOR
(Mumbai
interbank
offered
rate)
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
NDBB
Three
month
NZD
bank
bill
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
6M
CZK
PRIBOR
Six
month
CZK
PRIBOR
(Prague
interbank
offered
rate)
6M
EURIBOR
Six
month
EURIBOR
(Euro
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
CHF
Swiss
Franc
CLP
Chilean
Peso
CMO
Collateralized
Mortgage
Obligation
CNH
Offshore
China
Renminbi
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
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
14
.
.
.
.
.
.
.
.
.
.
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)
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
TONA
Tokyo
overnight
average
rate
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
15
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.1)%
OTC
Options
Written
(0.1)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Citibank
USD
/
EUR,
Call,
1/24/24
@
EUR1.02
1
170,380
(750‌)
Citibank
USD
/
EUR,
Call,
9/12/24
@
EUR1.00
1
211,363
(1,655‌)
Citibank
USD
/
GBP,
Call,
1/31/24
@
GBP1.12
1
341,420
(666‌)
UBS
Investment
Bank
USD
/
MXN,
Call,
11/3/23
@
MXN19.00
1
217,190
(417‌)
Total
Options
Written
(Premiums
$(4,090))
$
(3,488‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
16
(Amounts
in
000s)
SWAPS
(0.2)%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
(0.5)%
Credit
Default
Swaps,
Protection
Bought
(0.6)%
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
(6)
32
(38‌)
JPMorgan
Chase,
Protection
Bought
(Relevant
Credit:
Government
of
Bahrain),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/20/26
(USD)
*
15,413
220
411
(191‌)
Total
Bahrain
443
(229‌)
United
States
(0.6)%
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
(2,253)
(1,612)
(641‌)
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
(6,134)
(4,338)
(1,796‌)
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
(10,142)
(6,120)
(4,022‌)
Goldman
Sachs,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S39,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
*
43,927
(3,837)
(2,371)
(1,466‌)
Goldman
Sachs,
Protection
Bought
(Relevant
Credit:
Post
Holdings),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
*
5,685
(745)
(624)
(121‌)
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
(2,705)
(2,001)
(704‌)
JPMorgan
Chase,
Protection
Bought
(Relevant
Credit:
Murphy
Oil),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/21/27
*
2,045
19
195
(176‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
17
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
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
(5,071)
(2,874)
(2,197‌)
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
*
185,116
(16,366)
(13,008)
(3,358‌)
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
*
45,130
10,752
12,599
(1,847‌)
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
10,207
7,606
2,601‌
Total
United
States
(12,548)
(13,727‌)
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
(12,105)
(13,956‌)
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
1,134
1,362
(228‌)
JPMorgan
Chase,
Protection
Sold
(Relevant
Credit:
ArcelorMittal,
Baa3*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
*
16,950
1,601
1,374
227‌
Total
Luxembourg
2,736
(1‌)
United
States
0.0%
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
American
Airlines
Group,
B3*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
*
5,060
33
(33)
66‌
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
CCO
Holdings,
B1*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
*
7,450
81
53
28‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
18
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Murphy
Oil,
Ba2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
*
16,500
28
(59)
87‌
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Royal
Caribbean
Cruises,
B1*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/23
*
4,410
48
(37)
85‌
Total
United
States
(76)
266‌
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
2,660
265‌
Total
Return
Swaps
0.0%
Japan
0.0%
Morgan
Stanley,
Pay
Underlying
Reference:
SoftBank
Group
Monthly,
Receive
Variable
(0.249)%
(JPY
TONA
+
(0.20)%)
Monthly,
1/17/24
1,861,558
708
—
708‌
Total
Japan
—
708‌
United
States
0.0%
JPMorgan
Chase,
Pay
Underlying
Reference:
Okta
Monthly,
Receive
Variable
4.709%
(SOFR
+
(0.25)%)
Monthly,
1/18/24
11,702
415
—
415‌
Morgan
Stanley,
Pay
Underlying
Reference:
Crowdstrike
Holdings,
Class
A
Monthly,
Receive
Variable
4.759%
(SOFR
+
(0.20)%)
Monthly,
1/18/24
13,749
(129)
—
(129‌)
Total
United
States
—
286‌
Total
Bilateral
Total
Return
Swaps
—
994‌
Total
Bilateral
Swaps
(9,445)
(12,697‌)
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.3%
Credit
Default
Swaps,
Protection
Bought
(0.2)%
Canada
(0.0)%
Protection
Bought
(Relevant
Credit:
Bombardier),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/20/28
(USD)
43,520
(1,363)
(1,807)
444‌
Total
Canada
444‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
19
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Foreign/Europe
(0.1)%
Protection
Bought
(Relevant
Credit:
Markit
iTraxx
Crossover-S40,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/28
80,305
(2,680)
(2,943)
263‌
Total
Foreign/Europe
263‌
France
(0.0)%
Protection
Bought
(Relevant
Credit:
Sanofi),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
14,200
(412)
(314)
(98‌)
Total
France
(98‌)
Luxembourg
(0.0)%
Protection
Bought
(Relevant
Credit:
Glencore
Finance
Europe),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/26
7,215
(939)
(1,598)
659‌
Total
Luxembourg
659‌
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
3,548
5,767
(2,219‌)
Total
South
Africa
(2,219‌)
United
States
(0.2)%
Protection
Bought
(Relevant
Credit:
Apache),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
8,470
15
295
(280‌)
Protection
Bought
(Relevant
Credit:
Gap),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
21,620
2,270
3,682
(1,412‌)
Protection
Bought
(Relevant
Credit:
Iron
Mountain),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
17,452
(2,241)
(2,191)
(50‌)
Protection
Bought
(Relevant
Credit:
Macy's),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
23,770
2,422
4,279
(1,857‌)
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
(4,939)
(2,887)
(2,052‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
20
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S40,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/20/28
41,950
(722)
(957)
235‌
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.IG-S41,
5
Year
Index),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/28
631,000
(7,751)
(8,252)
501‌
Protection
Bought
(Relevant
Credit:
Murphy
Oil),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/21/27
8,180
77
900
(823‌)
Protection
Bought
(Relevant
Credit:
Occidental
Petroleum),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/21/27
30,945
(291)
1,461
(1,752‌)
Protection
Bought
(Relevant
Credit:
Occidental
Petroleum),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
4,250
(32)
55
(87‌)
Protection
Bought
(Relevant
Credit:
Xerox),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
18,860
1,425
2,770
(1,345‌)
Total
United
States
(8,922‌)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Bought
(9,873‌)
Credit
Default
Swaps,
Protection
Sold
(0.0)%
United
States
(0.0)%
Protection
Sold
(Relevant
Credit:
Carnival,
B3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/24
8,610
(36)
(366)
330‌
Protection
Sold
(Relevant
Credit:
Carnival,
B3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
10,900
(189)
(831)
642‌
Total
United
States
972‌
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
972‌
Interest
Rate
Swaps
0.5%
Czech
Republic
(0.1)%
5
Year
Interest
Rate
Swap,
Receive
Fixed
4.060%
Annually,
Pay
Variable
7.090%
(6M
CZK
PRIBOR)
Semi-Annually,
7/20/28
1,165,100
(1,656)
—
(1,656‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
21
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
5
Year
Interest
Rate
Swap,
Receive
Fixed
4.120%
Annually,
Pay
Variable
7.100%
(6M
CZK
PRIBOR)
Semi-Annually,
7/19/28
582,550
(763)
—
(763‌)
5
Year
Interest
Rate
Swap,
Receive
Fixed
4.130%
Annually,
Pay
Variable
7.100%
(6M
CZK
PRIBOR)
Semi-Annually,
7/19/28
582,550
(752)
—
(752‌)
Total
Czech
Republic
(3,171‌)
Foreign/Europe
0.1%
2
Year
Interest
Rate
Swap,
Receive
Fixed
3.723%
Annually,
Pay
Variable
3.972%
(6M
EURIBOR)
Semi-Annually,
7/28/25
349,520
(913)
—
(913‌)
2
Year
Interest
Rate
Swap,
Receive
Fixed
3.726%
Annually,
Pay
Variable
3.972%
(6M
EURIBOR)
Semi-Annually,
7/28/25
349,520
(898)
—
(898‌)
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.261%
Annually,
Pay
Variable
3.938%
(6M
EURIBOR)
Semi-Annually,
9/11/28
484,212
(3,241)
—
(3,241‌)
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.394%
Annually,
Pay
Variable
4.122%
(6M
EURIBOR)
Semi-Annually,
9/27/28
490,202
(381)
—
(381‌)
30
Year
Interest
Rate
Swap,
Pay
Fixed
2.816%
Annually,
Receive
Variable
3.940%
(6M
EURIBOR)
Semi-Annually,
8/8/53
51,816
2,959
—
2,959‌
30
Year
Interest
Rate
Swap,
Pay
Fixed
2.852%
Annually,
Receive
Variable
3.938%
(6M
EURIBOR)
Semi-Annually,
9/11/53
102,668
4,959
—
4,959‌
30
Year
Interest
Rate
Swap,
Pay
Fixed
3.062%
Annually,
Receive
Variable
4.122%
(6M
EURIBOR)
Semi-Annually,
9/29/53
103,797
636
—
636‌
Total
Foreign/Europe
3,121‌
India
(0.0)%
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.051%
Semi-Annually,
Pay
Variable
6.950%
(1
Day
INR
MIBOR)
Semi-Annually,
5/26/28
2,500,000
(890)
—
(890‌)
Total
India
(890‌)
Japan
0.2%
5
Year
Interest
Rate
Swap,
Pay
Fixed
0.303%
Annually,
Receive
Variable
(0.060)%
(JPY
TONA)
Annually,
7/24/28
30,551,900
2,019
—
2,019‌
5
Year
Interest
Rate
Swap,
Pay
Fixed
0.507%
Annually,
Receive
Variable
(0.045)%
(JPY
TONA)
Annually,
9/13/28
8,735,555
73
—
73‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
22
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
5
Year
Interest
Rate
Swap,
Pay
Fixed
0.512%
Annually,
Receive
Variable
(0.012)%
(JPY
TONA)
Annually,
9/14/28
12,739,350
88
—
88‌
5
Year
Interest
Rate
Swap,
Pay
Fixed
0.530%
Annually,
Receive
Variable
(0.012)%
(JPY
TONA)
Annually,
9/14/28
11,320,342
11
—
11‌
10
Year
Interest
Rate
Swap,
Pay
Fixed
0.639%
Annually,
Receive
Variable
(0.059)%
(JPY
TONA)
Annually,
7/28/33
15,843,626
2,837
—
2,837‌
10
Year
Interest
Rate
Swap,
Pay
Fixed
0.648%
Annually,
Receive
Variable
(0.059)%
(JPY
TONA)
Annually,
7/28/33
16,066,092
2,779
—
2,779‌
10
Year
Interest
Rate
Swap,
Pay
Fixed
0.658%
Annually,
Receive
Variable
(0.056)%
(JPY
TONA)
Annually,
5/2/33
6,062,147
856
—
856‌
10
Year
Interest
Rate
Swap,
Pay
Fixed
0.659%
Annually,
Receive
Variable
(0.056)%
(JPY
TONA)
Annually,
5/2/33
6,062,146
850
—
850‌
10
Year
Interest
Rate
Swap,
Pay
Fixed
0.660%
Annually,
Receive
Variable
(0.056)%
(JPY
TONA)
Annually,
5/2/33
3,031,073
424
—
424‌
Total
Japan
9,937‌
New
Zealand
(0.2)%
2
Year
Interest
Rate
Swap,
Receive
Fixed
5.074%
Semi-Annually,
Pay
Variable
5.640%
(3M
NDBB)
Quarterly,
2/21/25
227,776
(1,490)
1
(1,491‌)
2
Year
Interest
Rate
Swap,
Receive
Fixed
5.079%
Semi-Annually,
Pay
Variable
5.640%
(3M
NDBB)
Quarterly,
2/21/25
329,869
(2,144)
—
(2,144‌)
2
Year
Interest
Rate
Swap,
Receive
Fixed
5.235%
Semi-Annually,
Pay
Variable
5.645%
(3M
NDBB)
Quarterly,
5/29/25
130,998
311
—
311‌
2
Year
Interest
Rate
Swap,
Receive
Fixed
5.369%
Semi-Annually,
Pay
Variable
5.645%
(3M
NDBB)
Quarterly,
2/28/25
199,068
(808)
—
(808‌)
2
Year
Interest
Rate
Swap,
Receive
Fixed
5.380%
Semi-Annually,
Pay
Variable
5.645%
(3M
NDBB)
Quarterly,
2/28/25
25,742
(102)
—
(102‌)
2
Year
Interest
Rate
Swap,
Receive
Fixed
5.425%
Semi-Annually,
Pay
Variable
5.650%
(3M
NDBB)
Quarterly,
2/28/25
235,220
(832)
—
(832‌)
2
Year
Interest
Rate
Swap,
Receive
Fixed
5.475%
Semi-Annually,
Pay
Variable
5.690%
(3M
NDBB)
Quarterly,
7/4/25
78,000
(264)
—
(264‌)
Total
New
Zealand
(5,330‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
23
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
United
Kingdom
0.5%
5
Year
Interest
Rate
Swap,
Receive
Fixed
4.525%
Annually,
Pay
Variable
5.185%
(GBP
SONIA)
Annually,
9/14/28
194,294
(946)
—
(946‌)
30
Year
Interest
Rate
Swap,
Pay
Fixed
0.912%
Annually,
Receive
Variable
5.187%
(GBP
SONIA)
Annually,
9/27/51
27,725
18,124
(2)
18,126‌
30
Year
Interest
Rate
Swap,
Pay
Fixed
3.944%
Annually,
Receive
Variable
5.186%
(GBP
SONIA)
Annually,
8/8/53
1,993
118
—
118‌
50
Year
Interest
Rate
Swap,
Pay
Fixed
4.085%
Annually,
Receive
Variable
4.125%
(GBP
SONIA)
Annually,
10/11/72
14,144
(279)
—
(279‌)
Total
United
Kingdom
17,019‌
Total
Centrally
Cleared
Interest
Rate
Swaps
20,686‌
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
643
—
643‌
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
3.113%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
8/16/27
73,849
560
—
560‌
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
3.203%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
8/16/27
73,848
209
1
208‌
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
3.205%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
8/16/27
52,830
142
—
142‌
Total
Foreign/Europe
1,553‌
United
States
0.0%
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.486%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
1/25/33
21,526
290
—
290‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.490%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
1/25/33
21,526
284
1
283‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.539%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
3/28/33
43,164
400
—
400‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
24
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.543%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
3/28/33
45,322
405
—
405‌
Total
United
States
1,378‌
Total
Centrally
Cleared
Zero-Coupon
Inflation
Swaps
2,931‌
Total
Centrally
Cleared
Swaps
14,716‌
Net
payments
(receipts)
of
variation
margin
to
date
(13,676‌)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
1,040‌
*
Credit
ratings
as
of
September
30,
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
$(65).
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
10/6/23
KRW
57,197,040‌
USD
44,434‌
$
(2,054‌)
Bank
of
America
10/20/23
AUD
92,612‌
USD
62,793‌
(3,201‌)
Bank
of
America
10/20/23
EUR
137,408‌
USD
151,420‌
(6,016‌)
Bank
of
America
10/20/23
JPY
11,839,894‌
USD
86,488‌
(6,958‌)
Bank
of
America
10/20/23
MXN
414,008‌
USD
23,756‌
(87‌)
Bank
of
America
10/20/23
NZD
96,635‌
USD
57,134‌
784‌
Bank
of
America
10/20/23
USD
216,831‌
AUD
313,784‌
14,924‌
Bank
of
America
10/20/23
USD
265,214‌
EUR
239,802‌
11,458‌
Bank
of
America
10/20/23
USD
292,899‌
NZD
471,186‌
10,492‌
Bank
of
America
11/17/23
USD
41,743‌
GBP
33,246‌
1,168‌
Bank
of
America
11/20/23
CZK
56,177‌
USD
2,445‌
(16‌)
Bank
of
America
11/24/23
USD
64,043‌
SEK
717,531‌
(1,787‌)
Bank
of
America
12/8/23
USD
10,364‌
MYR
47,860‌
102‌
Barclays
Bank
10/6/23
INR
2,731,450‌
USD
32,825‌
48‌
Barclays
Bank
10/6/23
INR
750,405‌
USD
9,124‌
(93‌)
Barclays
Bank
10/6/23
TWD
1,078,715‌
USD
33,858‌
(394‌)
Barclays
Bank
10/6/23
USD
42,918‌
KRW
57,197,040‌
538‌
Barclays
Bank
10/13/23
USD
20,074‌
ZAR
381,581‌
(54‌)
Barclays
Bank
10/20/23
RON
56,576‌
USD
11,990‌
30‌
Barclays
Bank
10/20/23
RSD
427,235‌
USD
3,999‌
(143‌)
Barclays
Bank
11/17/23
PLN
22,801‌
USD
5,582‌
(370‌)
Barclays
Bank
11/17/23
USD
5,118‌
GBP
4,187‌
8‌
Barclays
Bank
11/17/23
USD
23,991‌
PLN
103,172‌
406‌
Barclays
Bank
11/17/23
ZAR
193,865‌
USD
10,108‌
87‌
Barclays
Bank
11/20/23
USD
12,935‌
CZK
284,803‌
617‌
Barclays
Bank
1/17/24
KRW
57,197,040‌
USD
43,175‌
(629‌)
Barclays
Bank
1/17/24
USD
32,657‌
INR
2,731,450‌
(24‌)
BNP
Paribas
10/6/23
USD
44,011‌
INR
3,653,785‌
38‌
BNP
Paribas
10/20/23
JPY
13,077,896‌
USD
96,151‌
(8,305‌)
BNP
Paribas
10/20/23
RON
48,197‌
USD
10,199‌
40‌
BNP
Paribas
10/20/23
USD
35,745‌
RON
157,296‌
2,327‌
BNP
Paribas
11/10/23
USD
43,207‌
CLP
37,793,581‌
813‌
BNP
Paribas
11/17/23
PLN
214,695‌
USD
49,487‌
(407‌)
BNP
Paribas
11/17/23
USD
43,014‌
SEK
459,844‌
838‌
BNP
Paribas
11/17/23
ZAR
151,732‌
USD
7,922‌
57‌
BNP
Paribas
11/17/23
ZAR
735,561‌
USD
38,881‌
(201‌)
BNP
Paribas
12/4/23
USD
58,702‌
BRL
289,830‌
1,530‌
BNP
Paribas
12/7/23
USD
30,376‌
COP
128,323,038‌
(519‌)
BNY
Mellon
10/20/23
USD
348,372‌
MXN
5,996,498‌
5,550‌
Canadian
Imperial
Bank
of
Commerce
10/20/23
CAD
119,232‌
USD
90,298‌
(2,488‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
26
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Canadian
Imperial
Bank
of
Commerce
1/19/24
USD
42,528‌
CAD
57,374‌
$
209‌
Citibank
10/6/23
IDR
12,471,286‌
USD
830‌
(24‌)
Citibank
10/6/23
TWD
1,630,964‌
USD
50,536‌
60‌
Citibank
10/6/23
USD
7,530‌
TWD
232,972‌
302‌
Citibank
10/19/23
ILS
82,831‌
USD
21,587‌
149‌
Citibank
10/19/23
ILS
46,254‌
USD
12,154‌
(16‌)
Citibank
10/19/23
USD
108,774‌
ILS
402,138‌
3,246‌
Citibank
10/20/23
NZD
16,770‌
USD
10,141‌
(90‌)
Citibank
10/20/23
RSD
267,849‌
USD
2,507‌
(90‌)
Citibank
10/20/23
USD
286,665‌
EUR
254,533‌
17,320‌
Citibank
10/20/23
USD
12,481‌
MXN
214,074‌
242‌
Citibank
10/20/23
USD
41,956‌
RON
198,489‌
(214‌)
Citibank
10/20/23
USD
20,085‌
RSD
2,096,230‌
1,169‌
Citibank
11/10/23
USD
21,732‌
CLP
18,614,749‌
852‌
Citibank
11/17/23
USD
56,494‌
HUF
20,114,821‌
2,373‌
Citibank
12/7/23
COP
20,407,843‌
USD
4,968‌
(55‌)
Citibank
12/7/23
USD
30,582‌
COP
129,619,230‌
(625‌)
Citibank
1/17/24
USD
50,839‌
TWD
1,630,964‌
(144‌)
Deutsche
Bank
10/6/23
USD
33,929‌
TWD
1,051,467‌
1,310‌
Deutsche
Bank
10/20/23
EUR
121,601‌
USD
137,270‌
(8,593‌)
Deutsche
Bank
10/20/23
RSD
267,637‌
USD
2,524‌
(109‌)
Deutsche
Bank
10/20/23
USD
2,303‌
RON
10,442‌
85‌
Deutsche
Bank
10/20/23
USD
2,762‌
RSD
295,939‌
92‌
Deutsche
Bank
11/17/23
USD
4,225‌
PLN
18,292‌
44‌
Deutsche
Bank
11/17/23
ZAR
95,580‌
USD
5,047‌
(21‌)
Deutsche
Bank
12/8/23
USD
60,510‌
THB
2,103,993‌
2,366‌
Deutsche
Bank
1/17/24
USD
31,236‌
TWD
998,563‌
21‌
Goldman
Sachs
10/6/23
IDR
208,836,134‌
USD
13,453‌
53‌
Goldman
Sachs
10/6/23
IDR
10,890,138‌
USD
728‌
(24‌)
Goldman
Sachs
10/6/23
INR
171,930‌
USD
2,090‌
(20‌)
Goldman
Sachs
10/6/23
TWD
874,042‌
USD
27,102‌
13‌
Goldman
Sachs
10/6/23
TWD
523,656‌
USD
16,257‌
(12‌)
Goldman
Sachs
10/6/23
USD
59,718‌
TWD
1,852,353‌
2,253‌
Goldman
Sachs
10/19/23
ILS
10,057‌
USD
2,619‌
21‌
Goldman
Sachs
10/19/23
ILS
28,003‌
USD
7,449‌
(101‌)
Goldman
Sachs
10/20/23
EUR
100,365‌
USD
109,851‌
(3,645‌)
Goldman
Sachs
10/20/23
USD
41,938‌
AUD
65,411‌
(150‌)
Goldman
Sachs
10/20/23
USD
5,042‌
EUR
4,590‌
184‌
Goldman
Sachs
10/20/23
USD
272,825‌
JPY
38,380,116‌
15,022‌
Goldman
Sachs
11/17/23
USD
21,454‌
SEK
237,379‌
(318‌)
Goldman
Sachs
11/17/23
USD
103,308‌
ZAR
1,976,372‌
(619‌)
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
27
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Goldman
Sachs
12/4/23
BRL
195,655‌
USD
38,721‌
$
(125‌)
Goldman
Sachs
12/4/23
USD
58,646‌
BRL
289,830‌
1,474‌
Goldman
Sachs
12/15/23
USD
21,345‌
CNH
154,057‌
163‌
Goldman
Sachs
1/17/24
USD
13,433‌
IDR
208,836,134‌
(39‌)
Goldman
Sachs
1/17/24
USD
85,271‌
KRW
114,061,377‌
425‌
Goldman
Sachs
1/17/24
USD
43,607‌
TWD
1,397,697‌
(84‌)
HSBC
Bank
10/6/23
IDR
204,434,350‌
USD
13,228‌
(6‌)
HSBC
Bank
10/6/23
USD
31,353‌
TWD
970,585‌
1,243‌
HSBC
Bank
10/19/23
ILS
23,204‌
USD
6,100‌
(11‌)
HSBC
Bank
10/20/23
AUD
98,312‌
USD
63,447‌
(187‌)
HSBC
Bank
10/20/23
MXN
820,945‌
USD
47,968‌
(1,034‌)
HSBC
Bank
10/20/23
USD
205,156‌
EUR
185,850‌
8,491‌
HSBC
Bank
12/7/23
USD
29,617‌
PHP
1,683,178‌
(113‌)
HSBC
Bank
12/8/23
USD
20,715‌
MYR
95,722‌
191‌
HSBC
Bank
12/15/23
USD
42,665‌
CNH
308,119‌
300‌
HSBC
Bank
1/17/24
USD
13,211‌
IDR
204,434,350‌
23‌
JPMorgan
Chase
10/20/23
AUD
65,431‌
USD
42,081‌
21‌
JPMorgan
Chase
10/20/23
AUD
24,985‌
USD
16,997‌
(920‌)
JPMorgan
Chase
10/20/23
CAD
175,192‌
USD
133,112‌
(4,090‌)
JPMorgan
Chase
10/20/23
EUR
156,161‌
USD
172,578‌
(7,330‌)
JPMorgan
Chase
10/20/23
JPY
11,412,823‌
USD
81,864‌
(5,203‌)
JPMorgan
Chase
10/20/23
MXN
208,697‌
USD
12,173‌
(241‌)
JPMorgan
Chase
10/20/23
NZD
35,683‌
USD
21,450‌
(63‌)
JPMorgan
Chase
10/20/23
USD
115,930‌
CAD
152,078‌
3,931‌
JPMorgan
Chase
10/20/23
USD
215,237‌
EUR
199,904‌
3,699‌
JPMorgan
Chase
10/20/23
USD
12,518‌
MXN
213,643‌
304‌
JPMorgan
Chase
11/17/23
SEK
697,223‌
USD
63,671‌
277‌
JPMorgan
Chase
11/17/23
USD
42,728‌
GBP
34,792‌
267‌
JPMorgan
Chase
11/17/23
ZAR
129,502‌
USD
6,746‌
64‌
JPMorgan
Chase
11/24/23
SEK
717,531‌
USD
65,546‌
284‌
JPMorgan
Chase
12/15/23
CNH
650,526‌
USD
89,575‌
(130‌)
Morgan
Stanley
10/20/23
USD
884‌
EUR
783‌
55‌
Morgan
Stanley
12/4/23
BRL
87,336‌
USD
17,155‌
73‌
Morgan
Stanley
12/15/23
USD
64,501‌
CNH
467,147‌
270‌
RBC
Dominion
Securities
10/20/23
AUD
97,874‌
USD
63,807‌
(829‌)
RBC
Dominion
Securities
10/20/23
CAD
115,765‌
USD
86,345‌
(1,089‌)
RBC
Dominion
Securities
10/20/23
MXN
2,521,022‌
USD
142,605‌
1,523‌
RBC
Dominion
Securities
10/20/23
MXN
833,174‌
USD
48,528‌
(895‌)
RBC
Dominion
Securities
10/20/23
USD
62,693‌
CAD
84,393‌
541‌
RBC
Dominion
Securities
10/20/23
USD
21,107‌
CAD
28,800‌
(103‌)
RBC
Dominion
Securities
10/20/23
USD
54,666‌
MXN
937,519‌
1,068‌
State
Street
10/20/23
MXN
206,584‌
USD
11,767‌
43‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
28
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
State
Street
10/20/23
MXN
570,182‌
USD
33,061‌
$
(464‌)
State
Street
10/20/23
NZD
70,168‌
USD
41,861‌
194‌
State
Street
10/20/23
NZD
34,283‌
USD
20,637‌
(89‌)
State
Street
10/20/23
USD
41,815‌
AUD
65,149‌
(106‌)
State
Street
10/20/23
USD
107,289‌
CAD
144,918‌
562‌
State
Street
10/20/23
USD
233,774‌
EUR
210,509‌
11,015‌
State
Street
10/20/23
USD
347,591‌
MXN
5,996,498‌
4,768‌
State
Street
11/17/23
USD
36,182‌
GBP
29,203‌
541‌
State
Street
11/17/23
USD
49,881‌
GBP
41,132‌
(318‌)
State
Street
11/17/23
USD
20,563‌
ZAR
398,582‌
(396‌)
State
Street
11/17/23
ZAR
97,230‌
USD
5,052‌
61‌
State
Street
11/17/23
ZAR
65,193‌
USD
3,443‌
(15‌)
State
Street
12/4/23
BRL
87,778‌
USD
17,550‌
(235‌)
State
Street
12/15/23
CNH
278,797‌
USD
38,411‌
(78‌)
UBS
Investment
Bank
10/6/23
IDR
200,646,482‌
USD
12,930‌
47‌
UBS
Investment
Bank
10/6/23
USD
41,510‌
IDR
637,278,390‌
294‌
UBS
Investment
Bank
10/19/23
ILS
33,309‌
USD
8,715‌
26‌
UBS
Investment
Bank
10/20/23
EUR
156,499‌
USD
176,526‌
(10,920‌)
UBS
Investment
Bank
10/20/23
MXN
1,246,585‌
USD
70,920‌
348‌
UBS
Investment
Bank
10/20/23
MXN
835,868‌
USD
48,656‌
(869‌)
UBS
Investment
Bank
10/20/23
NZD
73,571‌
USD
43,926‌
169‌
UBS
Investment
Bank
10/20/23
RON
20,598‌
USD
4,352‌
24‌
UBS
Investment
Bank
10/20/23
USD
83,171‌
CHF
75,151‌
881‌
UBS
Investment
Bank
10/20/23
USD
211,869‌
EUR
191,074‌
9,675‌
UBS
Investment
Bank
10/20/23
USD
22,266‌
JPY
3,249,687‌
438‌
UBS
Investment
Bank
10/20/23
USD
16,098‌
MXN
276,065‌
315‌
UBS
Investment
Bank
11/17/23
USD
431,971‌
GBP
339,376‌
17,782‌
UBS
Investment
Bank
11/17/23
USD
84,476‌
PLN
344,752‌
5,665‌
UBS
Investment
Bank
12/7/23
USD
62,047‌
COP
260,534,653‌
(679‌)
UBS
Investment
Bank
12/8/23
USD
73,486‌
THB
2,545,181‌
3,150‌
UBS
Investment
Bank
1/17/24
USD
12,910‌
IDR
200,646,482‌
(33‌)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
94,616‌
T.
ROWE
PRICE
Dynamic
Global
Bond
Fund
29
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
3,793
Euro
BOBL
contracts
12/23
464,175
$
(6,515‌)
Short,
3,385
Euro
BTP
contracts
12/23
(392,701)
11,820‌
Short,
1,009
Euro
BUND
contracts
12/23
(137,229)
3,775‌
Short,
739
Euro
BUXL
thirty
year
bond
contracts
12/23
(95,601)
8,290‌
Short,
1,874
Euro
OAT
contracts
12/23
(244,094)
2,107‌
Long,
4,553
Euro
SCHATZ
contracts
12/23
505,386
(2,165‌)
Short,
560
Japanese
Bond
ten
year
contracts
12/23
(543,212)
3,721‌
Long,
1,208
Republic
of
South
Korea
ten
year
bond
contracts
12/23
96,594
(858‌)
Short,
645
U.K.
Gilt
ten
year
contracts
12/23
(74,101)
1,282‌
Long,
27,923
U.S.
Treasury
Notes
five
year
contracts
12/23
2,941,950
(28,974‌)
Short,
3,251
U.S.
Treasury
Notes
ten
year
contracts
12/23
(351,311)
6,040‌
Short,
6,761
Ultra
U.S.
Treasury
Bonds
contracts
12/23
(802,446)
59,116‌
Net
payments
(receipts)
of
variation
margin
to
date
(64,702‌)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(7,063‌)
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
nine
months
ended
September
30,
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,
5.40%
$
—‌
$
—‌
$
7,187‌++
Totals
$
—‌#
$
—‌
$
7,187‌+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
09/30/23
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
$
534,699‌
 ¤
 ¤
$
166,866‌
Total
$
166,866‌^
++
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
$7,187
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
$166,866.
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
September
30,
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
$
—
$
3,560,189
$
—
$
3,560,189
Common
Stocks
—
240
—
240
Private
Investment
Company
2
—
—
—
4,865
Short-Term
Investments
156,003
—
—
156,003
Securities
Lending
Collateral
10,863
—
—
10,863
Options
Purchased
19,188
23,582
—
42,770
Total
Securities
186,054
3,584,011
—
3,774,930
Swaps*
—
68,297
—
68,297
Forward
Currency
Exchange
Contracts
—
179,926
—
179,926
Futures
Contracts*
96,151
—
—
96,151
Total
$
282,205
$
3,832,234
$
—
$
4,119,304
Liabilities
Options
Written
$
—
$
3,488
$
—
$
3,488
Swaps*
—
75,723
—
75,723
Forward
Currency
Exchange
Contracts
—
85,310
—
85,310
Futures
Contracts*
38,512
—
—
38,512
Total
$
38,512
$
164,521
$
—
$
203,033
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
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.
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.
F35-054Q3
09/23
*
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.