T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

March

31,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ALBANIA

0.2%

Government

Bonds

0.2%

Republic

of

Albania,

5.90%,

6/9/28

(EUR) (1)

7,210,000‌

8,008‌

Total

Albania

(Cost

$7,646

)

8,008‌

AUSTRALIA

1.5%

Government

Bonds

1.5%

Commonwealth

of

Australia,

Series

169,

4.75%,

6/21/54 

85,700,000‌

59,403‌

Total

Australia

(Cost

$51,502

)

59,403‌

AUSTRIA

0.8%

Government

Bonds

0.8%

Republic

of

Austria,

0.85%,

6/30/2120 (1)

58,359,000‌

29,692‌

Total

Austria

(Cost

$26,020

)

29,692‌

BRAZIL

0.7%

Corporate

Bonds

0.7%

Braskem

Netherlands

Finance,

5.875%,

1/31/50

(USD) (1)(2)

17,530,000‌

13,536‌

Braskem

Netherlands

Finance,

7.25%,

2/13/33

(USD) (1)(2)

13,800,000‌

13,283‌

26,819‌

Government

Bonds

0.0%

Republic

of

Brazil,

4.25%,

1/7/25

(USD) 

1,765,000‌

1,749‌

1,749‌

Total

Brazil

(Cost

$34,135

)

28,568‌

CANADA

1.0%

Corporate

Bonds

1.0%

1011778

BC

ULC,

5.75%,

4/15/25

(USD) (1)

1,611,000‌

1,607‌

Rogers

Communications,

2.95%,

3/15/25

(USD) 

8,656,000‌

8,434‌

TER

Finance

Jersey,

Series

21,

Zero

Coupon,

1/2/25

(USD) (1)

13,200,000‌

12,581‌

Toronto-Dominion

Bank,

VR,

8.125%,

10/31/82

(USD) (3)

15,285,000‌

15,960‌

Total

Canada

(Cost

$37,814

)

38,582‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

2

Par/Shares

$

Value

(Cost

and

value

in

$000s)

CHILE

1.8%

Government

Bonds

1.8%

Bonos

de

la

Tesoreria

de

la

Republica,

6.00%,

4/1/33 (1)

68,415,000,000‌

70,971‌

Total

Chile

(Cost

$83,995

)

70,971‌

CHINA

0.3%

Corporate

Bonds

0.3%

CIFI

Holdings

Group,

4.375%,

4/12/27

(USD) (4)(5)

11,400,000‌

892‌

CIFI

Holdings

Group,

4.45%,

8/17/26

(USD) (4)(5)

10,055,000‌

855‌

Country

Garden

Holdings,

3.125%,

10/22/25

(USD) (4)(5)

10,570,000‌

675‌

Country

Garden

Holdings,

3.30%,

1/12/31

(USD) (4)(5)

8,854,000‌

615‌

Country

Garden

Holdings,

5.40%,

5/27/25

(USD) (4)(5)

2,135,000‌

146‌

Kaisa

Group

Holdings,

8.50%,

6/30/22

(USD) (4)(5)

15,890,000‌

377‌

Kaisa

Group

Holdings,

11.50%,

1/30/23

(USD) (4)(5)

8,854,000‌

197‌

Kaisa

Group

Holdings,

11.70%,

11/11/25

(USD) (4)(5)

2,800,000‌

70‌

Kaisa

Group

Holdings,

11.95%,

10/22/22

(USD) (4)(5)

13,051,000‌

310‌

Longfor

Group

Holdings,

3.85%,

1/13/32

(USD) 

11,115,000‌

5,141‌

Shimao

Group

Holdings,

3.45%,

1/11/31

(USD) (4)(5)

17,195,000‌

688‌

Shimao

Group

Holdings,

5.20%,

1/16/27

(USD) (4)(5)

2,220,000‌

87‌

Times

China

Holdings,

6.20%,

3/22/26

(USD) (4)(5)

3,220,000‌

101‌

Times

China

Holdings,

6.75%,

7/8/25

(USD) (4)(5)

12,750,000‌

331‌

Total

China

(Cost

$78,052

)

10,485‌

COLOMBIA

1.0%

Government

Bonds

0.9%

Republic

of

Colombia,

Series

B,

13.25%,

2/9/33 

111,060,800,000‌

33,827‌

33,827‌

Private

Investment

Company

0.1%

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/1/22,

Cost $0

(USD) (4)(6)

†

318‌

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/7/23,

Cost $3,416

(USD) (4)(6)

†

4,567‌

4,885‌

Total

Colombia

(Cost

$28,328

)

38,712‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

3

Par/Shares

$

Value

(Cost

and

value

in

$000s)

DENMARK

0.2%

Corporate

Bonds

0.2%

Danske

Bank,

VR,

6.466%,

1/9/26

(USD) (1)(3)

8,323,000‌

8,352‌

Total

Denmark

(Cost

$8,303

)

8,352‌

DOMINICAN

REPUBLIC

0.1%

Government

Bonds

0.1%

Dominican

Republic,

5.50%,

2/22/29

(USD) (1)

5,435,000‌

5,290‌

Total

Dominican

Republic

(Cost

$4,830

)

5,290‌

FRANCE

1.0%

Corporate

Bonds

1.0%

Altice

France

Holding,

4.00%,

2/15/28 (1)

3,780,000‌

953‌

BNP

Paribas,

3.375%,

1/23/26

(GBP) 

5,649,000‌

6,906‌

Credit

Agricole,

VR,

6.251%,

1/10/35

(USD) (1)(3)

14,255,000‌

14,463‌

Societe

Generale,

VR,

5.634%,

1/19/30

(USD) (1)(3)

10,160,000‌

10,066‌

Societe

Generale,

VR,

6.066%,

1/19/35

(USD) (1)(3)

7,355,000‌

7,393‌

Total

France

(Cost

$42,207

)

39,781‌

GERMANY

7.2%

Corporate

Bonds

4.2%

BMW

Finance,

FRN,

3M

EURIBOR

+

0.20%,

4.128%,

7/11/25 (2)

6,200,000‌

6,693‌

BMW

International

Investment,

5.50%,

6/6/26

(GBP) 

6,600,000‌

8,455‌

Commerzbank,

1.75%,

1/22/25

(GBP) 

800,000‌

979‌

Deutsche

Bank,

2.625%,

12/16/24

(GBP) 

6,700,000‌

8,277‌

KfW,

1.125%,

7/4/25

(GBP) 

10,094,000‌

12,180‌

KfW,

1.375%,

12/9/24

(GBP) 

50,619,000‌

62,289‌

KfW,

2.00%,

5/2/25

(USD) 

38,874,000‌

37,605‌

Mercedes-Benz

International

Finance,

1.625%,

11/11/24

(GBP) 

4,500,000‌

5,558‌

Volkswagen

Bank,

4.25%,

1/7/26 

4,300,000‌

4,658‌

Volkswagen

Financial

Services,

1.875%,

12/3/24

(GBP) 

2,600,000‌

3,207‌

Volkswagen

Group

of

America

Finance,

5.80%,

9/12/25

(USD) (1)

8,326,000‌

8,363‌

ZF

North

America

Capital,

4.75%,

4/29/25

(USD) (1)

7,682,000‌

7,567‌

165,831‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

4

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Government

Bonds

3.0%

Deutsche

Bundesrepublik,

Inflation-Indexed,

0.10%,

4/15/26 

109,342,682‌

116,283‌

116,283‌

Total

Germany

(Cost

$280,552

)

282,114‌

HUNGARY

1.7%

Government

Bonds

1.7%

Magyar

Export-Import

Bank,

6.00%,

5/16/29

(EUR) 

3,060,000‌

3,494‌

Republic

of

Hungary,

Series

32/A,

4.75%,

11/24/32 

22,085,120,000‌

52,983‌

Republic

of

Hungary,

Series

33/A,

2.25%,

4/20/33 

4,045,270,000‌

7,834‌

Total

Hungary

(Cost

$49,468

)

64,311‌

INDIA

0.7%

Corporate

Bonds

0.3%

HDFC

Bank,

8.10%,

3/22/25 

1,200,000,000‌

14,420‌

14,420‌

Government

Bonds

0.4%

Republic

of

India,

6.45%,

10/7/29 

1,253,000,000‌

14,664‌

14,664‌

Total

India

(Cost

$35,090

)

29,084‌

INDONESIA

1.0%

Government

Bonds

1.0%

Republic

of

Indonesia,

Series

FR82,

7.00%,

9/15/30 

579,300,000,000‌

37,296‌

Total

Indonesia

(Cost

$38,186

)

37,296‌

IRELAND

1.4%

Corporate

Bonds

1.4%

AerCap

Ireland

Capital,

3.00%,

10/29/28

(USD) 

13,050,000‌

11,778‌

AerCap

Ireland

Capital,

3.30%,

1/30/32

(USD) 

15,025,000‌

12,881‌

AerCap

Ireland

Capital,

6.15%,

9/30/30

(USD) 

7,225,000‌

7,492‌

Avolon

Holdings

Funding,

2.875%,

2/15/25

(USD) (1)

8,048,000‌

7,822‌

Avolon

Holdings

Funding,

3.95%,

7/1/24

(USD) (1)

4,875,000‌

4,844‌

Avolon

Holdings

Funding,

6.375%,

5/4/28

(USD) (1)

9,735,000‌

9,904‌

Total

Ireland

(Cost

$57,033

)

54,721‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

5

Par/Shares

$

Value

(Cost

and

value

in

$000s)

ITALY

2.3%

Corporate

Bonds

0.4%

Enel

Finance

International,

7.75%,

10/14/52

(USD) (1)(2)

5,200,000‌

6,305‌

UniCredit,

VR,

1.25%,

6/25/25 (3)

7,770,000‌

8,325‌

14,630‌

Government

Bonds

1.9%

Republic

of

Italy,

2.375%,

10/17/24

(USD) 

75,366,000‌

74,011‌

74,011‌

Total

Italy

(Cost

$87,103

)

88,641‌

IVORY

COAST

0.6%

Government

Bonds

0.6%

Republic

of

Ivory

Coast,

5.875%,

10/17/31

(EUR) 

9,700,000‌

9,691‌

Republic

of

Ivory

Coast,

7.625%,

1/30/33

(USD) (1)

6,970,000‌

6,928‌

Republic

of

Ivory

Coast,

8.25%,

1/30/37

(USD) (1)

7,460,000‌

7,500‌

Total

Ivory

Coast

(Cost

$22,943

)

24,119‌

JAPAN

0.6%

Corporate

Bonds

0.6%

Mitsubishi

UFJ

Financial

Group,

VR,

0.953%,

7/19/25

(USD) (3)

7,960,000‌

7,837‌

Mitsubishi

UFJ

Financial

Group,

VR,

5.719%,

2/20/26

(USD) (3)

8,343,000‌

8,345‌

Toyota

Motor

Finance

Netherlands,

4.625%,

6/8/26

(GBP) 

6,735,000‌

8,466‌

Total

Japan

(Cost

$24,188

)

24,648‌

LUXEMBOURG

0.1%

Corporate

Bonds

0.1%

Altice

Financing,

9.625%,

7/15/27

(USD) (1)

5,932,000‌

5,674‌

Total

Luxembourg

(Cost

$5,872

)

5,674‌

MALAYSIA

2.1%

Government

Bonds

2.1%

Government

of

Malaysia,

Series

0123,

4.457%,

3/31/53 

232,747,000‌

51,325‌

Government

of

Malaysia,

Series

0216,

4.736%,

3/15/46 

67,360,000‌

15,683‌

Government

of

Malaysia,

Series

0518,

4.921%,

7/6/48 

67,600,000‌

15,933‌

Total

Malaysia

(Cost

$82,070

)

82,941‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

MEXICO

5.6%

Corporate

Bonds

1.7%

Petroleos

Mexicanos,

6.50%,

1/23/29

(USD) 

73,650,000‌

65,866‌

65,866‌

Government

Bonds

3.9%

United

Mexican

States,

Series

M,

5.75%,

3/5/26 

1,622,900,000‌

90,361‌

United

Mexican

States,

Series

M,

7.50%,

6/3/27 

250,000,000‌

14,226‌

United

Mexican

States,

Series

M,

8.50%,

5/31/29 

798,062,000‌

46,485‌

151,072‌

Total

Mexico

(Cost

$195,048

)

216,938‌

NETHERLANDS

0.4%

Common

Stocks

0.0%

Fortenova

Group

STAK

Stichting,

ADR,

Acquisition

date:

4/1/19,

Cost $234 (4)(6)

597,196‌

245‌

245‌

Convertible

Bonds

0.0%

Fortenova

Group

TopCo,

Acquisition

date:

4/1/19

-

4/1/22,

Cost $1,306,

2.50%,

4/1/24,

(2.50%

PIK) (4)(6)(7)

2,557,406‌

1,048‌

1,048‌

Corporate

Bonds

0.4%

LeasePlan,

VR,

7.375% (3)(8)

13,208,000‌

14,251‌

14,251‌

Total

Netherlands

(Cost

$16,057

)

15,544‌

NEW

ZEALAND

3.3%

Government

Bonds

3.3%

Government

of

New

Zealand,

Series

0551,

2.75%,

5/15/51 

270,969,000‌

110,173‌

Government

of

New

Zealand,

Series

0554,

5.00%,

5/15/54 

32,832,000‌

19,832‌

Total

New

Zealand

(Cost

$161,919

)

130,005‌

PHILIPPINES

0.7%

Government

Bonds

0.7%

Republic

of

Philippines,

6.25%,

1/14/36 

1,679,000,000‌

28,245‌

Total

Philippines

(Cost

$37,112

)

28,245‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

PORTUGAL

0.7%

Government

Bonds

0.7%

Portuguese

Republic,

5.125%,

10/15/24

(USD) 

25,625,000‌

25,536‌

Total

Portugal

(Cost

$25,556

)

25,536‌

QATAR

0.2%

Corporate

Bonds

0.2%

QatarEnergy,

2.25%,

7/12/31

(USD) (2)

8,240,000‌

6,919‌

Total

Qatar

(Cost

$8,286

)

6,919‌

SERBIA

2.1%

Government

Bonds

2.1%

Republic

of

Serbia,

Series

10Y,

5.875%,

2/8/28 

5,669,670,000‌

54,314‌

Republic

of

Serbia,

Series

12.5,

4.50%,

8/20/32 

3,322,930,000‌

28,031‌

Total

Serbia

(Cost

$90,386

)

82,345‌

SOUTH

AFRICA

0.7%

Government

Bonds

0.7%

Republic

of

South

Africa,

Series

2048,

8.75%,

2/28/48 

730,601,000‌

26,767‌

Total

South

Africa

(Cost

$31,424

)

26,767‌

SPAIN

0.2%

Corporate

Bonds

0.2%

Banco

Santander,

3.496%,

3/24/25

(USD) 

8,000,000‌

7,839‌

Total

Spain

(Cost

$7,790

)

7,839‌

SUPRANATIONAL

3.0%

Corporate

Bonds

3.0%

European

Bank

for

Reconstruction

&

Development,

6.30%,

10/26/27

(INR) 

825,400,000‌

9,690‌

European

Investment

Bank,

1.625%,

3/14/25

(USD) 

30,900,000‌

29,898‌

International

Bank

for

Reconstruction

&

Development,

0.625%,

4/22/25

(USD) 

58,636,000‌

55,965‌

International

Bank

for

Reconstruction

&

Development,

6.85%,

4/24/28

(INR) 

837,500,000‌

10,004‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

8

Par/Shares

$

Value

(Cost

and

value

in

$000s)

International

Finance,

6.30%,

11/25/24

(INR) 

817,550,000‌

9,747‌

Total

Supranational

(Cost

$115,308

)

115,304‌

SWITZERLAND

1.0%

Corporate

Bonds

1.0%

Credit

Suisse,

1.125%,

12/15/25

(GBP) 

4,339,000‌

5,120‌

UBS

Group,

2.75%,

8/8/25

(GBP) 

7,000,000‌

8,543‌

UBS

Group,

3.75%,

3/26/25

(USD) 

1,830,000‌

1,795‌

UBS

Group,

4.55%,

4/17/26

(USD) 

5,235,000‌

5,148‌

UBS

Group,

VR,

1.305%,

2/2/27

(USD) (1)(3)

5,590,000‌

5,137‌

UBS

Group,

VR,

2.193%,

6/5/26

(USD) (1)(3)

2,920,000‌

2,794‌

UBS

Group,

VR,

5.699%,

2/8/35

(USD) (1)(3)

8,875,000‌

8,882‌

Total

Switzerland

(Cost

$36,558

)

37,419‌

THAILAND

3.4%

Government

Bonds

3.4%

Kingdom

of

Thailand,

3.60%,

6/17/67 

952,465,000‌

26,436‌

Kingdom

of

Thailand,

4.00%,

6/17/72 

335,600,000‌

10,172‌

Kingdom

of

Thailand,

Series

ILB,

Inflation-Indexed,

1.25%,

3/12/28 

3,620,785,190‌

94,305‌

Total

Thailand

(Cost

$149,026

)

130,913‌

TÜRKIYE

0.2%

Government

Bonds

0.2%

Republic

of

Turkiye,

7.625%,

5/15/34

(USD) 

6,360,000‌

6,393‌

Total

Türkiye

(Cost

$6,252

)

6,393‌

UNITED

KINGDOM

7.8%

Corporate

Bonds

2.1%

Barclays,

3.00%,

5/8/26 

600,000‌

723‌

Barclays,

VR,

1.375%,

1/24/26

(EUR) (3)

6,282,000‌

6,638‌

Barclays,

VR,

5.304%,

8/9/26

(USD) (3)

8,490,000‌

8,444‌

Barclays,

VR,

6.125%

(USD) (3)(8)

8,109,000‌

7,815‌

Lloyds

Bank,

7.625%,

4/22/25 

4,245,000‌

5,452‌

Lloyds

Banking

Group,

4.45%,

5/8/25

(USD) 

8,537,000‌

8,438‌

Lloyds

Banking

Group,

VR,

2.438%,

2/5/26

(USD) (3)

8,745,000‌

8,498‌

Lloyds

Banking

Group,

VR,

5.679%,

1/5/35

(USD) (3)

7,735,000‌

7,780‌

Merlin

Entertainments,

5.75%,

6/15/26

(USD) 

1,215,000‌

1,203‌

Motion

Bondco,

6.625%,

11/15/27

(USD) (1)(2)

2,200,000‌

2,125‌

NatWest

Group,

VR,

1.75%,

3/2/26

(EUR) (3)

4,460,000‌

4,716‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

9

Par/Shares

$

Value

(Cost

and

value

in

$000s)

NatWest

Markets,

6.625%,

6/22/26 

2,050,000‌

2,662‌

Reynolds

American,

4.45%,

6/12/25

(USD) 

8,470,000‌

8,359‌

Standard

Chartered,

VR,

6.097%,

1/11/35

(USD) (1)(2)(3)

8,050,000‌

8,231‌

81,084‌

Government

Bonds

5.7%

United

Kingdom

Inflation-Linked

Gilt,

Series

3MO,

0.125%,

3/22/26 

178,298,169‌

223,969‌

223,969‌

Total

United

Kingdom

(Cost

$296,418

)

305,053‌

UNITED

STATES

32.6%

Asset-Backed

Securities

2.5%

Applebee's

Funding,

Series

2023-1A,

Class

A2,

7.824%,

3/5/53 (1)

6,500,000‌

6,720‌

CarMax

Auto

Owner

Trust,

Series

2023-1,

Class

A2A,

5.23%,

1/15/26 

2,884,701‌

2,882‌

DLLAD,

Series

2023-1A,

Class

A2,

5.19%,

4/20/26 (1)

5,462,446‌

5,447‌

Drive

Auto

Receivables

Trust,

Series

2020-2,

Class

D,

3.05%,

5/15/28 

1,759,812‌

1,748‌

Driven

Brands

Funding,

Series

2018-1A,

Class

A2,

4.739%,

4/20/48 (1)

2,323,263‌

2,281‌

Driven

Brands

Funding,

Series

2019-2A,

Class

A2,

3.981%,

10/20/49 (1)

4,777,925‌

4,495‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

E,

2.21%,

2/15/28 (1)

17,480,000‌

16,541‌

FOCUS

Brands

Funding,

Series

2022-1,

Class

A2,

7.206%,

7/30/52 (1)

18,912,000‌

18,965‌

Ford

Credit

Auto

Lease

Trust,

Series

2023-A,

Class

A2A,

5.19%,

6/15/25 

3,171,850‌

3,171‌

Hardee's

Funding,

Series

2018-1A,

Class

A2II,

4.959%,

6/20/48 (1)

10,665,124‌

10,559‌

Hardee's

Funding,

Series

2020-1A,

Class

A2,

3.981%,

12/20/50 (1)

4,426,313‌

3,987‌

Mercedes-Benz

Auto

Receivables

Trust,

Series

2023-1,

Class

A2,

5.09%,

1/15/26 

5,083,009‌

5,077‌

Nissan

Auto

Lease

Trust,

Series

2023-A,

Class

A2A,

5.10%,

3/17/25 

5,602,127‌

5,599‌

Octane

Receivables

Trust,

Series

2023-1A,

Class

A,

5.87%,

5/21/29 (1)

914,343‌

915‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-A,

Class

B,

5.281%,

5/15/32 (1)

5,067,752‌

5,039‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-B,

Class

C,

5.916%,

8/16/32 (1)

806,584‌

805‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

10

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-B,

Class

D,

6.793%,

8/16/32 (1)

1,900,664‌

1,900‌

96,131‌

Bank

Loans

1.4%

(9)

AppLovin,

FRN,

1M

TSFR

+

2.50%,

7.83%,

8/16/30 

12,410,000‌

12,394‌

AppLovin,

FRN,

1M

TSFR

+

3.00%,

8/16/30 (10)

3,253,135‌

3,249‌

Clear

Channel

Outdoor

Holdings,

FRN,

1M

TSFR

+

3.00%,

8.441%,

8/21/28 

4,537,645‌

4,531‌

Diamond

Sports

Group,

5.00%,

12/2/24

(5.00%

PIK) (7)

2,271,063‌

3,699‌

IRB

Holding,

FRN,

1M

TSFR

+

2.75%,

8.177%,

12/15/27 

4,585,809‌

4,585‌

Nascar

Holdings,

FRN,

1M

TSFR

+

2.50%,

7.945%,

10/19/26 

454,139‌

456‌

Neptune

Bidco

U.S.,

FRN,

1M

TSFR

+

5.00%,

10.423%,

4/11/29 

24,317,243‌

22,388‌

RealPage,

FRN,

1M

TSFR

+

3.00%,

8.445%,

4/24/28 

2,647,125‌

2,574‌

53,876‌

Corporate

Bonds

15.7%

AbbVie,

3.80%,

3/15/25 

8,490,000‌

8,370‌

Ally

Financial,

5.125%,

9/30/24 

6,960,000‌

6,926‌

American

Electric

Power,

5.699%,

8/15/25 

8,363,000‌

8,368‌

American

Express,

VR,

5.098%,

2/16/28 (3)

12,505,000‌

12,418‌

Bank

of

America,

VR,

0.976%,

4/22/25 (3)

8,050,000‌

8,019‌

Bank

of

America,

VR,

0.981%,

9/25/25 (3)

8,238,000‌

8,050‌

Bank

of

America,

VR,

3.841%,

4/25/25 (3)

8,049,000‌

8,035‌

Boeing,

4.875%,

5/1/25 

9,149,000‌

9,050‌

Boost

Newco

Borrower,

7.50%,

1/15/31 (1)

2,690,000‌

2,808‌

Capital

One

Financial,

4.25%,

4/30/25 

8,612,000‌

8,499‌

Capital

One

Financial,

VR,

2.636%,

3/3/26 (3)

8,861,000‌

8,604‌

Capital

One

Financial,

VR,

6.312%,

6/8/29 (3)

10,620,000‌

10,887‌

Capital

One

Financial,

VR,

6.377%,

6/8/34 (3)

10,620,000‌

10,979‌

Carrier

Global,

2.242%,

2/15/25 

8,049,000‌

7,807‌

CEC

Entertainment,

6.75%,

5/1/26 (1)

11,860,000‌

11,741‌

Cedar

Fair,

5.50%,

5/1/25 (1)

13,458,000‌

13,408‌

Celanese

U.S.

Holdings,

6.05%,

3/15/25 

8,281,000‌

8,297‌

Charles

Schwab,

VR,

5.643%,

5/19/29 (3)

11,000,000‌

11,156‌

Charles

Schwab,

VR,

5.853%,

5/19/34 (3)

8,800,000‌

8,985‌

Charter

Communications

Operating,

4.908%,

7/23/25 

8,488,000‌

8,388‌

Cheniere

Corpus

Christi

Holdings,

5.875%,

3/31/25 

8,338,000‌

8,338‌

Cinemark

USA,

8.75%,

5/1/25 (1)

2,858,000‌

2,862‌

Citigroup,

4.40%,

6/10/25 

17,339,000‌

17,110‌

Clear

Channel

Outdoor

Holdings,

9.00%,

9/15/28 (1)

6,190,000‌

6,430‌

Constellation

Energy

Generation,

3.25%,

6/1/25 

8,695,000‌

8,501‌

DCP

Midstream

Operating,

5.375%,

7/15/25 

5,119,000‌

5,106‌

Delta

Air

Lines,

2.90%,

10/28/24 

17,280,000‌

16,934‌

Diamond

Sports

Group,

5.375%,

8/15/26 (1)(4)(5)

34,830,000‌

958‌

Energy

Transfer,

2.90%,

5/15/25 

8,799,000‌

8,532‌

Fifth

Third

Bancorp,

2.375%,

1/28/25 

12,165,000‌

11,863‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

11

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Fifth

Third

Bank,

3.85%,

3/15/26 

3,244,000‌

3,122‌

Fifth

Third

Bank,

3.95%,

7/28/25 

1,113,000‌

1,091‌

Fifth

Third

Bank,

VR,

5.852%,

10/27/25 (3)

4,148,000‌

4,147‌

Ford

Motor

Credit,

2.30%,

2/10/25 

8,583,000‌

8,317‌

Ford

Motor

Credit,

5.125%,

6/16/25 

10,901,000‌

10,802‌

Ford

Motor

Credit,

5.80%,

3/5/27 

11,270,000‌

11,308‌

General

Motors

Financial,

6.05%,

10/10/25 

8,049,000‌

8,102‌

GFL

Environmental,

4.25%,

6/1/25 (1)

3,416,000‌

3,356‌

Goldman

Sachs

Group,

3.50%,

4/1/25 

8,050,000‌

7,900‌

HCA,

5.375%,

2/1/25 

8,405,000‌

8,384‌

Hillenbrand,

5.75%,

6/15/25 

2,136,000‌

2,128‌

Hyundai

Capital

America,

5.50%,

3/30/26 (1)

7,285,000‌

7,300‌

JPMorgan

Chase,

VR,

0.824%,

6/1/25 (3)

8,049,000‌

7,978‌

Kilroy

Realty,

3.45%,

12/15/24 

8,612,000‌

8,454‌

Morgan

Stanley,

VR,

1.164%,

10/21/25 (3)

8,048,000‌

7,833‌

Morgan

Stanley,

VR,

3.62%,

4/17/25 (3)

8,051,000‌

8,020‌

Morgan

Stanley,

Series

I,

VR,

0.864%,

10/21/25 (3)

16,520,000‌

16,061‌

Navient,

6.75%,

6/25/25 

1,706,000‌

1,714‌

NextEra

Energy

Capital

Holdings,

6.051%,

3/1/25 

8,047,000‌

8,063‌

Occidental

Petroleum,

5.875%,

9/1/25 

8,322,000‌

8,353‌

OneMain

Finance,

6.875%,

3/15/25 

1,280,000‌

1,293‌

Ovintiv,

5.65%,

5/15/25 

8,322,000‌

8,333‌

PNC

Financial

Services

Group,

VR,

5.812%,

6/12/26 (3)

8,404,000‌

8,410‌

Rivian

Holdings,

FRN,

6M

TSFR

+

6.03%,

11.493%,

10/15/26 (1)

14,775,000‌

14,886‌

SBA

Tower

Trust,

2.836%,

1/15/25 (1)

7,420,000‌

7,247‌

Sirius

XM

Radio,

5.00%,

8/1/27 (1)

6,772,000‌

6,501‌

Southern,

VR,

1.875%,

9/15/81

(EUR) (3)

7,590,000‌

7,163‌

Sprint,

7.625%,

2/15/25 

41,325,000‌

41,842‌

Sprint,

7.625%,

3/1/26 

8,076,000‌

8,338‌

Stagwell

Global,

5.625%,

8/15/29 (1)

17,057,000‌

15,437‌

Townsquare

Media,

6.875%,

2/1/26 (1)

9,850,000‌

9,604‌

United

Airlines

Holdings,

4.875%,

1/15/25 

4,526,000‌

4,481‌

Venture

Global

LNG,

8.375%,

6/1/31 (1)

28,855,000‌

29,685‌

Vistra,

VR,

7.00% (1)(3)(8)

7,285,000‌

7,212‌

Walgreens

Boots

Alliance,

3.80%,

11/18/24 

8,527,000‌

8,385‌

Warnermedia

Holdings,

3.638%,

3/15/25 

8,572,000‌

8,403‌

Western

Midstream

Operating,

3.10%,

2/1/25 

8,652,000‌

8,457‌

Williams,

4.00%,

9/15/25 

8,051,000‌

7,910‌

613,449‌

Municipal

Securities

0.6%

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (11)

4,538,216‌

2,623‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A,

GO,

Zero

Coupon,

7/1/24 

167,584‌

166‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A,

GO,

Zero

Coupon,

7/1/33 

1,322,744‌

868‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

12

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/33 

1,027,849‌

1,024‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/35 

923,898‌

906‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/37 

792,950‌

765‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/41 

1,078,109‌

1,014‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/46 

1,121,218‌

1,028‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.375%,

7/1/25 

1,144,738‌

1,167‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.625%,

7/1/27 

1,134,370‌

1,206‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.625%,

7/1/29 

1,115,968‌

1,221‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.75%,

7/1/31 

1,083,929‌

1,221‌

Tobacco

Settlement

Fin.,

Series

A-1,

6.706%,

6/1/46 

11,280,000‌

9,723‌

22,932‌

Non-U.S.

Government

Mortgage-Backed

Securities

1.9%

BANK,

Series

2020-BN25,

Class

AS,

2.841%,

1/15/63 

8,515,000‌

7,298‌

BBCMS

Mortgage

Trust,

Series

2020-C6,

Class

AS,

2.84%,

2/15/53 

7,995,000‌

6,941‌

Benchmark

Mortgage

Trust,

Series

2020-B16,

Class

AM,

ARM,

2.944%,

2/15/53 

5,730,000‌

4,856‌

BRAVO

Residential

Funding

Trust,

Series

2022-NQM2,

Class

A1,

CMO,

ARM,

4.272%,

11/25/61 (1)

3,929,131‌

3,881‌

BX

Commercial

Mortgage

Trust,

Series

2019-IMC,

Class

E,

ARM,

1M

TSFR

+

2.196%,

7.521%,

4/15/34 (1)

5,535,000‌

5,514‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65D,

ARM,

4.66%,

5/15/52 (1)

4,517,000‌

2,080‌

Connecticut

Avenue

Securities

Trust,

Series

2022-R06,

Class

1M1,

CMO,

ARM,

SOFR30A

+

2.75%,

8.07%,

5/25/42 (1)

4,678,353‌

4,801‌

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2019-

MILE,

Class

A,

ARM,

1M

TSFR

+

1.579%,

6.905%,

7/15/36 (1)

6,366,430‌

5,880‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2022-DNA2,

Class

M1A,

CMO,

ARM,

SOFR30A

+

1.30%,

6.62%,

2/25/42 (1)

6,991,060‌

7,007‌

Towd

Point

Mortgage

Trust,

Series

2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58 (1)

720,161‌

700‌

Towd

Point

Mortgage

Trust,

Series

2018-3,

Class

A1,

CMO,

ARM,

3.75%,

5/25/58 (1)

1,794,458‌

1,726‌

TRK

Trust,

Series

2022-INV1,

Class

A1,

CMO,

ARM,

2.577%,

2/25/57 (1)

12,572,125‌

11,198‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

13

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Verus

Securitization

Trust,

Series

2022-1,

Class

A1,

CMO,

STEP,

2.724%,

1/25/67 (1)

15,336,910‌

13,804‌

75,686‌

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

10.5%

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/25 

219,938,484‌

214,406‌

U.S.

Treasury

Notes,

4.25%,

5/31/25 

195,000,000‌

193,385‌

407,791‌

Total

United

States

(Cost

$1,273,862

)

1,269,865‌

SHORT-TERM

INVESTMENTS

11.8%

Money

Market

Funds

11.8%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (12)(13)

458,534,690‌

458,535‌

Total

Short-Term

Investments

(Cost

$458,535)

458,535‌

SECURITIES

LENDING

COLLATERAL

0.8%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.2%

Money

Market

Funds

0.2%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (12)(13)

8,093,552‌

8,093‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

8,093‌

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.6%

Money

Market

Funds

0.6%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (12)(13)

22,831,898‌

22,832‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

22,832‌

Total

Securities

Lending

Collateral

(Cost

$30,925)

30,925‌

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED

0.9%

Exchange-Traded

Options

Purchased

0.1%

Description

Contracts

Notional

Amount

$

Value

U.S.

Treasury

10-Year

Notes

Futures,

Put,

4/26/24

@

$110.50 (4)

3,517‌

389,673‌

1,978‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

14

(Amounts

in

000s,

except

for

contracts)

Description

Contracts

Notional

Amount

$

Value

U.S.

Treasury

10-Year

Notes

Futures,

Put,

4/26/24

@

$111.00 (4)

3,493‌

387,013‌

2,784‌

Total

Exchange-Traded

Options

Purchased

(Cost

$5,816)

4,762‌

OTC

Options

Purchased

0.8%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Bank

of

America

USD

/

JPY,

Call,

9/5/24

@

JPY156.00 (4)

1‌

197,150‌

978‌

Bank

of

America

USD

/

JPY,

Call,

9/30/24

@

JPY156.00 (4)

1‌

156,480‌

887‌

Bank

of

America

USD

/

MXN,

Call,

4/4/24

@

MXN17.39 (4)

1‌

195,035‌

11‌

Barclays

Bank

S&P

500

Index,

Put,

12/20/24

@

$4,700.00 (4)

1,142‌

600,047‌

9,364‌

Citibank

5

Year

Interest

Rate

Swap,

12/10/30

Receive

Fixed

2.25%

Annually,

Pay

Variable

5.34%

(SOFR)

Annually,

12/8/25

@

2.25%* (4)

1‌

397,120‌

1,963‌

Citibank

EUR

/

CHF,

Put,

5/31/24

@

CHF0.93

(EUR) (4)

1‌

180,650‌

80‌

Citibank

EUR

/

CHF,

Put,

9/3/24

@

CHF0.92

(EUR) (4)

1‌

180,431‌

442‌

Citibank

USD

/

AUD,

Call,

8/8/24

@

AUD0.62 (4)

1‌

156,564‌

608‌

Citibank

USD

/

EUR,

Call,

9/12/24

@

EUR1.05 (4)

1‌

211,363‌

1,002‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

15

(Amounts

in

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

$

Value

Goldman

Sachs

10

Year

Interest

Rate

Swap,

4/12/34

Pay

Fixed

4.75%

Annually,

Receive

Variable

5.34%

(SOFR)

Annually,

4/10/24

@

4.75%* (4)

1‌

316,830‌

—‌

Goldman

Sachs

5

Year

Interest

Rate

Swap,

12/10/30

Receive

Fixed

2.00%

Annually,

Pay

Variable

5.34%

(SOFR)

Annually,

12/8/25

@

2.00%* (4)

1‌

397,120‌

1,441‌

Goldman

Sachs

USD

/

TWD,

Call,

5/22/24

@

TWD32.50 (4)

1‌

106,920‌

250‌

Morgan

Stanley

10

Year

Interest

Rate

Swap,

4/12/34

Pay

Fixed

4.50%

Annually,

Receive

Variable

5.34%

(SOFR)

Annually,

4/10/24

@

4.50%* (4)

1‌

590,610‌

—‌

Morgan

Stanley

S&P

500

Index,

Put,

12/20/24

@

$4,700.00 (4)

1,142‌

600,047‌

9,364‌

UBS

Investment

Bank

S&P

500

Index,

Put,

9/20/24

@

$4,600.00 (4)

762‌

400,381‌

3,079‌

Total

OTC

Options

Purchased

(Cost

$51,920)

29,469‌

Total

Options

Purchased

(Cost

$57,736)

34,231‌

Total

Investments

in

Securities

101.7%

(Cost

$4,083,535)

$

3,960,169‌

Other

Assets

Less

Liabilities

(1.7)%

(66,114)

Net

Assets

100.0%

$

3,894,055‌

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Par/Shares

and

Notional

Amount

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

16

.

.

.

.

.

.

.

.

.

.

†

Investment

fund

is

not

unitized.

*

Exercise

Spread

(1)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$561,951

and

represents

14.4%

of

net

assets.

(2)

All

or

a

portion

of

this

security

is

on

loan

at

March

31,

2024.

(3)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(4)

Non-income

producing

(5)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(6)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$6,178

and

represents

0.2%

of

net

assets.

(7)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(8)

Perpetual

security

with

no

stated

maturity

date.

(9)

Bank

loan

positions

may

involve

multiple

underlying

tranches.

In

those

instances,

the

position

presented

reflects

the

aggregate

of

those

respective

underlying

tranches

and

the

rate

presented

reflects

the

weighted

average

rate

of

the

settled

positions.

(10)

All

or

a

portion

of

this

loan

is

unsettled

as

of

March

31,

2024.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(11)

Contingent

value

instrument

that

only

pays

out

if

a

portion

of

the

territory's

Sales

and

Use

Tax

outperforms

the

projections

in

the

Oversight

Board’s

Certified

Fiscal

Plan.

(12)

Seven-day

yield

(13)

Affiliated

Companies

1

Day

INR

MIBOR

One

day

INR

MIBOR

(Mumbai

interbank

offered

rate)

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

3M

EURIBOR

Three

month

EURIBOR

(Euro

interbank

offered

rate)

6M

CZK

PRIBOR

Six

month

CZK

PRIBOR

(Prague

interbank

offered

rate)

6M

EURIBOR

Six

month

EURIBOR

(Euro

interbank

offered

rate)

6M

TSFR

Six

month

Term

SOFR

(Secured

overnight

financing

rate)

ADR

American

Depositary

Receipts

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

ARMs

are

not

based

on

a

published

reference

rate

and

spread

but

may

be

determined

using

a

formula

based

on

the

rates

of

the

underlying

loans. 

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

17

.

.

.

.

.

.

.

.

.

.

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CLP

Chilean

Peso

CMO

Collateralized

Mortgage

Obligation

CNH

Offshore

China

Renminbi

COP

Colombian

Peso

CORRA

Canadian

Overnight

Repo

Rate

Average

CPI

Consumer

Price

Index

CZK

Czech

Koruna

EGP

Egyptian

Pound

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GBP

SONIA

Sterling

Overnight

Index

Average

GO

General

Obligation

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

OTC

Over-the-counter

PHP

Philippines

Peso

PIK

Payment-in-kind

RON

New

Romanian

Leu

RSD

Serbian

Dinar

SOFR

Secured

overnight

financing

rate

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

THB

Thai

Baht

TWD

Taiwan

Dollar

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

ZAR

South

African

Rand

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

18

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.5)%

Exchange-Traded

Options

Written

(0.1)%

Description

Contracts

Notional

Amount

$

Value

U.S.

Treasury

10-Year

Notes

Futures,

Put,

4/26/24

@

$109.50

7,055

781,672

(1,653‌)

Total

Exchange-Traded

Options

Written

(Premiums

$(1,700))

$

(1,653‌)

OTC

Options

Written

(0.4)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Barclays

Bank

S&P

500

Index,

Put,

12/20/24

@

$5,300.00

381

200,191

(8,003‌)

Morgan

Stanley

S&P

500

Index,

Put,

12/20/24

@

$5,300.00

381

200,191

(8,003‌)

Total

OTC

Options

Written

(Premiums

$(19,937))

$

(16,006‌)

Total

Options

Written

(Premiums

$(21,637))

$

(17,659‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

19

(Amounts

in

000s)

SWAPS

(0.3)%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

(0.8)%

Credit

Default

Swaps,

Protection

Bought

(0.9)%

United

States

(0.9)%

Bank

of

America,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S39,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

*

70,237

(9,577)

(3,823)

(5,754‌)

Bank

of

America,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S41,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

*

21,474

(3,065)

(747)

(2,318‌)

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S39,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

*

43,927

(5,989)

(2,088)

(3,901‌)

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S41,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

*

48,102

(6,865)

(1,995)

(4,870‌)

JPMorgan

Chase,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S41,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

*

38,223

(5,455)

(1,234)

(4,221‌)

Morgan

Stanley,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S39,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

*

21,836

(2,977)

(1,316)

(1,661‌)

Morgan

Stanley,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S41,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

*

48,101

(6,865)

(1,920)

(4,945‌)

Morgan

Stanley,

Protection

Bought

(Relevant

Credit:

Markit

CMBX.

NA.BBB-S15,

40

Year

Index),

Pay

3.00%

Monthly,

Receive

upon

credit

default,

11/18/64

*

69,310

9,793

15,653

(5,860‌)

Total

United

States

2,530

(33,530‌)

Total

Bilateral

Credit

Default

Swaps,

Protection

Bought

2,530

(33,530‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

20

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

Credit

Default

Swaps,

Protection

Sold

0.1%

Luxembourg

0.1%

JPMorgan

Chase,

Protection

Sold (Relevant

Credit:

ArcelorMittal,

Baa3*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/25

*

12,000

1,021

1,103

(82‌)

JPMorgan

Chase,

Protection

Sold (Relevant

Credit:

ArcelorMittal,

Baa3*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/25

*

16,950

1,443

1,111

332‌

Total

Luxembourg

2,214

250‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

2,214

250‌

Total

Bilateral

Swaps

4,744

(33,280‌)

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.5%

Credit

Default

Swaps,

Protection

Bought

(0.3)%

Australia

(0.0)%

Protection

Bought

(Relevant

Credit:

Glencore

International),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/26

(EUR)

7,215

(920)

(1,598)

678‌

Total

Australia

678‌

Canada

(0.1)%

Protection

Bought

(Relevant

Credit:

Bombardier),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

(USD)

43,520

(4,583)

(1,807)

(2,776‌)

Total

Canada

(2,776‌)

France

(0.0)%

Protection

Bought

(Relevant

Credit:

Sanofi),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

14,200

(422)

(314)

(108‌)

Total

France

(108‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

21

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

South

Africa

0.0%

Protection

Bought

(Relevant

Credit:

Republic

of

South

Africa),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

(USD)

69,750

2,362

5,766

(3,404‌)

Total

South

Africa

(3,404‌)

United

States

(0.2)%

Protection

Bought

(Relevant

Credit:

GAP),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

21,620

46

3,682

(3,636‌)

Protection

Bought

(Relevant

Credit:

Iron

Mountain),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

17,452

(2,496)

(2,191)

(305‌)

Protection

Bought

(Relevant

Credit:

Macy's),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

8,363

427

1,506

(1,079‌)

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S33,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/24

235,944

(7,319)

(2,863)

(4,456‌)

Protection

Bought

(Relevant

Credit:

Occidental

Petroleum),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/21/27

11,290

(166)

531

(697‌)

Protection

Bought

(Relevant

Credit:

Xerox),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

18,860

750

2,770

(2,020‌)

Total

United

States

(12,193‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Bought

(17,803‌)

Credit

Default

Swaps,

Protection

Sold

1.1%

United

States

1.1%

Protection

Sold

(Relevant

Credit:

Carnival,

B3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/24

8,610

12

(366)

378‌

Protection

Sold

(Relevant

Credit:

Carnival,

B3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

10,900

41

(831)

872‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.EM-S40,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

117,740

(2,818)

(3,846)

1,028‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

22

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S41,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

585,920

44,112

16,653

27,459‌

Total

United

States

29,737‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

29,737‌

Interest

Rate

Swaps

(0.3)%

Canada

(0.0)%

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.847%

Semi-Annually,

Receive

Variable

5.081%

(CORRA)

Semi-Annually,

11/9/33

41,158

(788)

—

(788‌)

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.851%

Semi-Annually,

Receive

Variable

5.081%

(CORRA)

Semi-Annually,

11/9/33

41,157

(798)

—

(798‌)

Total

Canada

(1,586‌)

China

0.0%

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.210%

Quarterly,

Pay

Variable

2.400%

(7

Day

Interbank

Repo)

Quarterly,

1/10/29

239,077

175

—

175‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.230%

Quarterly,

Pay

Variable

2.400%

(7

Day

Interbank

Repo)

Quarterly,

1/10/29

615,215

531

—

531‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.244%

Quarterly,

Pay

Variable

2.400%

(7

Day

Interbank

Repo)

Quarterly,

1/9/29

1,246,618

1,196

—

1,196‌

Total

China

1,902‌

Czech

Republic

0.1%

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.060%

Annually,

Pay

Variable

6.250%

(6M

CZK

PRIBOR)

Semi-Annually,

7/20/28

1,165,100

1,464

—

1,464‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.120%

Annually,

Pay

Variable

6.260%

(6M

CZK

PRIBOR)

Semi-Annually,

7/19/28

582,550

794

—

794‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.130%

Annually,

Pay

Variable

6.260%

(6M

CZK

PRIBOR)

Semi-Annually,

7/19/28

582,550

806

—

806‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.612%

Annually,

Pay

Variable

6.900%

(6M

CZK

PRIBOR)

Semi-Annually,

10/24/28

124,000

155

—

155‌

Total

Czech

Republic

3,219‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

23

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Foreign/Europe

(0.8)%

30

Year

Interest

Rate

Swap,

Pay

Fixed

2.852%

Annually,

Receive

Variable

3.912%

(6M

EURIBOR)

Semi-Annually,

9/11/53

59,868

(7,694)

—

(7,694‌)

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.062%

Annually,

Receive

Variable

3.855%

(6M

EURIBOR)

Semi-Annually,

9/29/53

103,797

(18,447)

—

(18,447‌)

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.162%

Annually,

Receive

Variable

4.126%

(6M

EURIBOR)

Semi-Annually,

10/23/53

18,820

(3,375)

—

(3,375‌)

Total

Foreign/Europe

(29,516‌)

India

(0.0)%

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.051%

Semi-Annually,

Pay

Variable

7.900%

(1

Day

INR

MIBOR)

Semi-Annually,

5/26/28

2,500,000

(316)

—

(316‌)

Total

India

(316‌)

United

Kingdom

0.3%

2

Year

Interest

Rate

Swap,

Receive

Fixed

4.486%

Annually,

Pay

Variable

5.227%

(GBP

SONIA)

Annually,

12/15/25

421,389

(1,572)

—

(1,572‌)

30

Year

Interest

Rate

Swap,

Pay

Fixed

0.912%

Annually,

Receive

Variable

5.255%

(GBP

SONIA)

Annually,

9/27/51

27,725

17,410

(2)

17,412‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.944%

Annually,

Receive

Variable

5.274%

(GBP

SONIA)

Annually,

8/8/53

1,993

(91)

—

(91‌)

30

Year

Interest

Rate

Swap,

Pay

Fixed

4.416%

Annually,

Receive

Variable

5.247%

(GBP

SONIA)

Annually,

10/20/53

2,314

(366)

—

(366‌)

50

Year

Interest

Rate

Swap,

Pay

Fixed

4.085%

Annually,

Receive

Variable

5.250%

(GBP

SONIA)

Annually,

10/11/72

14,144

(2,213)

2

(2,215‌)

Total

United

Kingdom

13,168‌

United

States

0.1%

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.576%

Annually,

Receive

Variable

5.357%

(SOFR)

Annually,

12/19/33

119,953

3,183

—

3,183‌

Total

United

States

3,183‌

Total

Centrally

Cleared

Interest

Rate

Swaps

(9,946‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

24

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Zero-Coupon

Inflation

Swaps

(0.0)%

Foreign/Europe

(0.1)%

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.093%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/16/27

74,483

(759)

—

(759‌)

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.113%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/16/27

73,849

(835)

—

(835‌)

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.203%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/16/27

73,848

(1,206)

1

(1,207‌)

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.205%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/16/27

52,830

(871)

—

(871‌)

Total

Foreign/Europe

(3,672‌)

United

States

0.1%

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.420%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

12/12/33

39,274

345

—

345‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.423%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

12/12/33

39,273

338

—

338‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.425%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

12/12/33

39,274

330

—

330‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.443%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

12/12/33

42,415

291

—

291‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.450%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

12/12/33

39,274

245

—

245‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.486%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

1/25/33

21,526

202

—

202‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.490%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

1/25/33

21,526

194

—

194‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.539%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

3/28/33

43,164

210

—

210‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

25

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.543%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

3/28/33

45,322

203

—

203‌

Total

United

States

2,358‌

Total

Centrally

Cleared

Zero-Coupon

Inflation

Swaps

(1,314‌)

Total

Centrally

Cleared

Swaps

674‌

Net

payments

(receipts)

of

variation

margin

to

date

137‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

811‌

*

Credit

ratings

as

of

March

31,

2024.

Ratings

shown

are

from

Moody’s

Investors

Service

and

if

Moody’s

does

not

rate

a

security,

then

Standard

&

Poor’s

(S&P)

is

used.

Fitch

is

used

for

securities

that

are

not

rated

by

either

Moody’s

or

S&P.

**

Includes

interest

purchased

or

sold

but

not

yet

collected

of

$(10).

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

26

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

4/5/24

USD

30,630‌

INR

2,553,712‌

$

16‌

Bank

of

America

4/12/24

MXN

1,536,147‌

USD

89,963‌

2,231‌

Bank

of

America

4/12/24

USD

100,829‌

MXN

1,690,135‌

(607‌)

Bank

of

America

4/12/24

USD

58,541‌

RON

268,705‌

226‌

Bank

of

America

4/12/24

ZAR

31,964‌

USD

1,673‌

12‌

Bank

of

America

4/19/24

USD

59,086‌

AUD

90,037‌

378‌

Bank

of

America

4/19/24

USD

8,574‌

CZK

200,533‌

25‌

Bank

of

America

4/19/24

USD

99,812‌

EUR

91,551‌

958‌

Bank

of

America

4/19/24

USD

159,209‌

MXN

2,725,974‌

(4,224‌)

Bank

of

America

6/7/24

USD

39,168‌

MYR

185,559‌

165‌

Bank

of

America

6/7/24

USD

76,023‌

MYR

362,561‌

(184‌)

Barclays

Bank

5/10/24

CLP

38,254,346‌

USD

39,746‌

(750‌)

Barclays

Bank

5/24/24

USD

616,206‌

GBP

488,901‌

(1,054‌)

Barclays

Bank

6/7/24

USD

30,018‌

PHP

1,683,178‌

83‌

Barclays

Bank

6/14/24

USD

157,972‌

CNH

1,130,047‌

1,816‌

BNP

Paribas

4/19/24

EUR

3,288‌

USD

3,572‌

(22‌)

BNP

Paribas

4/19/24

MXN

262,716‌

USD

15,153‌

598‌

BNP

Paribas

4/19/24

NOK

303,275‌

USD

29,337‌

(1,387‌)

BNP

Paribas

6/7/24

USD

91,032‌

THB

3,249,416‌

1,451‌

BNY

Mellon

4/19/24

EUR

4,933‌

USD

5,426‌

(100‌)

Canadian

Imperial

Bank

of

Commerce

4/19/24

CAD

26,683‌

USD

19,911‌

(206‌)

Citibank

4/5/24

USD

9,270‌

INR

772,727‌

6‌

Citibank

4/12/24

USD

84,082‌

RSD

9,028,286‌

925‌

Citibank

4/12/24

USD

2,432‌

RSD

264,591‌

(5‌)

Citibank

4/12/24

USD

28,220‌

ZAR

530,870‌

223‌

Citibank

5/10/24

CLP

9,769,909‌

USD

10,077‌

(118‌)

Citibank

3/12/25

EGP

471,925‌

USD

8,382‌

480‌

Citibank

3/18/25

EGP

233,143‌

USD

4,148‌

219‌

Citibank

3/26/25

EGP

441,084‌

USD

8,199‌

37‌

Deutsche

Bank

4/5/24

IDR

609,084,684‌

USD

38,524‌

(127‌)

Deutsche

Bank

4/5/24

USD

23,473‌

INR

1,958,723‌

(8‌)

Deutsche

Bank

4/12/24

USD

31,735‌

MXN

553,000‌

(1,454‌)

Deutsche

Bank

4/19/24

EUR

2,473‌

USD

2,678‌

(8‌)

Deutsche

Bank

4/19/24

MXN

553,000‌

USD

31,699‌

1,455‌

Deutsche

Bank

5/10/24

CLP

19,539,819‌

USD

20,191‌

(273‌)

Deutsche

Bank

6/7/24

USD

6,391‌

MYR

30,336‌

14‌

Deutsche

Bank

7/5/24

USD

38,421‌

IDR

609,084,684‌

150‌

Goldman

Sachs

4/3/24

TWD

2,405,560‌

USD

75,560‌

(389‌)

Goldman

Sachs

4/3/24

USD

39,221‌

TWD

1,200,374‌

1,710‌

Goldman

Sachs

4/5/24

USD

39,505‌

IDR

613,916,966‌

804‌

Goldman

Sachs

4/19/24

MXN

2,020,569‌

USD

116,375‌

4,766‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

27

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Goldman

Sachs

4/19/24

NOK

323,410‌

USD

31,198‌

$

(1,392‌)

Goldman

Sachs

4/19/24

USD

38,815‌

JPY

5,653,714‌

1,346‌

Goldman

Sachs

4/19/24

USD

58,665‌

NOK

626,685‌

909‌

Goldman

Sachs

5/10/24

USD

46,152‌

HUF

16,781,164‌

303‌

Goldman

Sachs

6/4/24

BRL

198,353‌

USD

39,361‌

(63‌)

Goldman

Sachs

6/7/24

USD

41,411‌

THB

1,472,099‌

827‌

Goldman

Sachs

7/5/24

USD

76,013‌

TWD

2,405,560‌

444‌

HSBC

Bank

4/5/24

INR

1,835,114‌

USD

21,977‌

22‌

HSBC

Bank

4/5/24

INR

3,450,048‌

USD

41,392‌

(33‌)

HSBC

Bank

4/19/24

EUR

5,621‌

USD

6,152‌

(83‌)

HSBC

Bank

7/5/24

USD

41,279‌

INR

3,450,048‌

35‌

HSBC

Bank

7/5/24

USD

21,913‌

INR

1,835,114‌

(25‌)

JPMorgan

Chase

4/12/24

RSD

332,910‌

USD

3,058‌

9‌

JPMorgan

Chase

4/19/24

AUD

174,747‌

USD

115,971‌

(2,027‌)

JPMorgan

Chase

4/19/24

CZK

88,651‌

USD

3,900‌

(121‌)

JPMorgan

Chase

4/19/24

MXN

75,889‌

USD

4,392‌

158‌

JPMorgan

Chase

4/19/24

USD

94,789‌

AUD

143,265‌

1,373‌

JPMorgan

Chase

4/19/24

USD

6,002‌

CAD

8,061‌

49‌

JPMorgan

Chase

4/19/24

USD

76,342‌

EUR

69,977‌

783‌

JPMorgan

Chase

5/17/24

USD

20,142‌

HUF

7,286,513‌

242‌

Morgan

Stanley

4/3/24

USD

39,372‌

TWD

1,205,186‌

1,711‌

Morgan

Stanley

4/12/24

MXN

722,339‌

USD

41,406‌

1,947‌

Morgan

Stanley

4/19/24

JPY

1,758,735‌

USD

12,053‌

(397‌)

Morgan

Stanley

4/19/24

MXN

189,043‌

USD

10,835‌

499‌

Morgan

Stanley

4/19/24

USD

14,739‌

EUR

13,630‌

22‌

Morgan

Stanley

4/19/24

USD

20,260‌

NZD

32,837‌

641‌

Morgan

Stanley

6/4/24

BRL

97,391‌

USD

19,510‌

(215‌)

Morgan

Stanley

6/4/24

USD

74,386‌

CLP

73,623,510‌

(622‌)

Morgan

Stanley

6/7/24

USD

23,370‌

COP

93,476,926‌

(530‌)

RBC

Dominion

Securities

4/12/24

MXN

91,322‌

USD

5,324‌

157‌

RBC

Dominion

Securities

4/19/24

AUD

145,650‌

USD

97,981‌

(3,010‌)

RBC

Dominion

Securities

4/19/24

JPY

1,798,186‌

USD

12,324‌

(407‌)

RBC

Dominion

Securities

4/19/24

USD

95,828‌

AUD

145,888‌

702‌

Standard

Chartered

4/19/24

USD

127,016‌

NZD

203,485‌

5,441‌

State

Street

4/12/24

MXN

323,585‌

USD

18,920‌

501‌

State

Street

4/19/24

EUR

18,552‌

USD

20,108‌

(77‌)

State

Street

4/19/24

JPY

2,065,632‌

USD

14,317‌

(627‌)

State

Street

4/19/24

MXN

967,079‌

USD

55,922‌

2,058‌

State

Street

4/19/24

NZD

9,682‌

USD

5,945‌

(160‌)

State

Street

4/19/24

USD

157,244‌

MXN

2,725,974‌

(6,189‌)

State

Street

6/4/24

BRL

95,997‌

USD

19,230‌

(210‌)

State

Street

6/4/24

USD

77,175‌

BRL

391,741‌

(438‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

28

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

UBS

Investment

Bank

4/5/24

IDR

612,366,360‌

USD

39,135‌

$

(532‌)

UBS

Investment

Bank

4/5/24

USD

38,520‌

IDR

607,534,078‌

222‌

UBS

Investment

Bank

4/12/24

RON

268,705‌

USD

59,092‌

(777‌)

UBS

Investment

Bank

4/19/24

AUD

87,652‌

USD

58,010‌

(857‌)

UBS

Investment

Bank

4/19/24

EUR

54,115‌

USD

59,026‌

(595‌)

UBS

Investment

Bank

4/19/24

USD

117,177‌

EUR

107,772‌

808‌

UBS

Investment

Bank

5/10/24

CLP

9,769,909‌

USD

10,077‌

(118‌)

UBS

Investment

Bank

5/10/24

USD

10,016‌

CLP

9,823,470‌

2‌

UBS

Investment

Bank

5/24/24

GBP

191,801‌

USD

241,479‌

678‌

UBS

Investment

Bank

6/7/24

USD

7,694‌

COP

30,744,902‌

(167‌)

UBS

Investment

Bank

6/7/24

USD

37,237‌

PHP

2,084,543‌

164‌

UBS

Investment

Bank

6/7/24

USD

41,364‌

THB

1,481,964‌

509‌

Wells

Fargo

4/19/24

MXN

47,177‌

USD

2,781‌

47‌

Wells

Fargo

6/7/24

USD

7,710‌

COP

31,055,457‌

(230‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

10,539‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

29

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

1,685

Commonwealth

of

Australia

ten

year

bond

contracts

6/24

128,004

$

(69‌)

Long,

1,202

Republic

of

South

Korea

ten

year

bond

contracts

6/24

101,410

(296‌)

Long,

166

U.K.

Gilt

ten

year

contracts

6/24

20,939

151‌

Long,

23,146

U.S.

Treasury

Notes

five

year

contracts

6/24

2,476,984

3,041‌

Short,

8,595

U.S.

Treasury

Notes

ten

year

contracts

6/24

(952,299)

(3,302‌)

Short,

6,860

Ultra

U.S.

Treasury

Bonds

contracts

6/24

(884,940)

(13,854‌)

Short,

1,096

Ultra

U.S.

Treasury

Notes

ten

year

contracts

6/24

(125,612)

(584‌)

Short,

4,673

Three

Month

SOFR

Futures

contracts

9/25

(1,120,761)

1,684‌

Net

payments

(receipts)

of

variation

margin

to

date

8,671‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(4,558‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

30

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

March

31,

2024.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

$

—‌

$

—‌

$

5,334‌++

Totals

$

—‌#

$

—‌

$

5,334‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

03/31/24

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

$

124,259‌

 ¤

 ¤

$

489,460‌

Total

$

489,460‌^

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$5,334

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$489,460.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

Unaudited

Notes

to

Portfolio

of

Investments

31

T.

Rowe

Price

Dynamic

Global

Bond

Fund (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

T.

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,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—

$

3,431,348

$

—

$

3,431,348

Common

Stocks

—

245

—

245

Private

Investment

Company

2

—

—

—

4,885

Short-Term

Investments

458,535

—

—

458,535

Securities

Lending

Collateral

30,925

—

—

30,925

Options

Purchased

4,762

29,469

—

34,231

Total

Securities

494,222

3,461,062

—

3,960,169

Swaps*

—

70,746

—

70,746

Forward

Currency

Exchange

Contracts

—

41,357

—

41,357

Futures

Contracts*

4,876

—

—

4,876

Total

$

499,098

$

3,573,165

$

—

$

4,077,148

Liabilities

Options

Written

$

1,653

$

16,006

$

—

$

17,659

Swaps*

—

98,609

—

98,609

Forward

Currency

Exchange

Contracts

—

30,818

—

30,818

Futures

Contracts*

18,105

—

—

18,105

Total

$

19,758

$

145,433

$

—

$

165,191

1

Includes

Asset-Backed

Securities,

Bank

Loans,

Convertible

Bonds,

Corporate

Bonds,

Government

Bonds,

Municipal

Securities,

Non-U.S.

Government

Mortgage-Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

35

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

events,

and

public

health

epidemics and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

global

outbreak

of

COVID-19

and

the

related

governmental

and

public

responses

have

led

and

may

continue

to

lead

to

increased

market

volatility

and

the

potential

for

illiquidity

in

certain

classes

of

securities

and

sectors

of

the

market

either

in

specific

countries

or

worldwide.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict,

leading

to

economic

sanctions imposed

on

Russia

that

target certain

of

its

citizens

and

issuers

and

sectors

of

the

Russian

economy,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

of

potential

broader

adverse

market

conditions.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F35-054Q1

03/24

2

In

accordance

with

Subtopic

820-10,

certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

hierarchy.

The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Portfolio

of

Investments.

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.