N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-02958

T. Rowe Price International Funds, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

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

Date of fiscal year end:  December 31

Date of reporting period:  June 30, 2023

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Market

Commentary

Portfolio

Summary

Fund

Expense

Example

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

June

30,

2023

Semiannual

Report

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

RPIEX

Dynamic

Global

Bond

Fund

–

.

PAIEX

Dynamic

Global

Bond

Fund–

.

Advisor  Class

RPEIX

Dynamic

Global

Bond

Fund–

.

I  Class

TRDZX

Dynamic

Global

Bond

Fund–

.

Z Class

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

Certain

mutual

fund

accounts

that

are

assessed

an

annual

account

service

fee

can

also

save

money

by

switching

to

e-delivery.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

Market

Commentary

1

Dear

Shareholder

Most

major

global

stock

and

bond

indexes

produced

positive

returns

during

the

first

half

of

your

fund’s

fiscal

year,

the

six-month

period

ended

June

30,

2023.

Despite

turmoil

in

the

banking

sector

and

a

protracted

debt

ceiling

standoff,

markets

were

resilient

as

growth

remained

positive

in

the

major

economies

and

corporate

earnings

results

came

in

stronger

than

expected.

For

the

six-month

period,

the

technology-oriented

Nasdaq

Composite

Index

gained

more

than

30%,

the

strongest

result

of

the

major

benchmarks,

as

tech

companies

benefited

from

investor

enthusiasm

for

artificial

intelligence

applications.

Growth

stocks

outperformed

value

shares,

and

developed

market

stocks

generally

outpaced

their

emerging

market

counterparts.

Currency

movements

were

mixed

over

the

period,

although

a

weaker

dollar

versus

major

European

currencies

was

beneficial

for

U.S.

investors

in

European

securities.

Within

the

S&P

500

Index,

the

information

technology,

communication

services,

and

consumer

discretionary

sectors

were

all

lifted

by

the

tech

rally

and

recorded

significant

gains.

Conversely,

the

defensive

utilities

sector

had

the

weakest

returns

in

the

growth-focused

environment,

and

the

energy

sector

also

lost

ground

amid

declining

oil

prices.

The

financials

sector

partly

recovered

from

the

failure

of

three

large

regional

banks

during

the

period

but

still

finished

with

modest

losses.

Cheaper

oil

contributed

to

slowing

inflation,

although

core

inflation

readings—

which

exclude

volatile

food

and

energy

prices—remained

stubbornly

high.

In

response,

the

Federal

Reserve

raised

its

short-term

lending

benchmark

rate

to

a

target

range

of

5.00%

to

5.25%

by

early

May,

the

highest

level

since

2007.

The

Fed

held

rates

steady

at

its

June

meeting,

but

policymakers

indicated

that

two

more

rate

hikes

could

come

by

the

end

of

the

year.

In

the

fixed

income

market,

returns

were

generally

positive

across

most

sectors

as

investors

benefited

from

the

higher

interest

rates

that

have

become

available

over

the

past

year.

Investment-grade

corporate

bonds

were

supported

by

generally

solid

balance

sheets

and

were

among

the

strongest

performers.

Global

economies

and

markets

showed

surprising

resilience

in

recent

months,

but,

moving

into

the

second

half

of

2023,

we

believe

investors

could

face

potential

challenges.

The

impact

of

the

Fed’s

rate

hikes

has

yet

to

be

fully

felt

in

the

economy,

and

while

the

regional

banking

turmoil

appears

to

have

been

contained

by

the

swift

actions

of

regulators,

it

could

weigh

on

credit

conditions.

Moreover,

market

consensus

still

seems

to

point

to

a

coming

recession,

although

hopes

have

emerged

that

such

a

downturn

could

be

more

modest.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

2

We

believe

this

environment

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term.

You

may

notice

that

this

report

no

longer

contains

the

commentary

on

your

fund’s

performance

and

positioning

that

we

previously

included

in

the

semiannual

shareholder

letters.

The

Securities

and

Exchange

Commission

(SEC)

adopted

new

rules

in

January

that

will

require

fund

reports

to

transition

to

a

new

format

known

as

a

Tailored

Shareholder

Report.

This

change

will

require

a

much

more

concise

summary

of

performance

rather

than

the

level

of

detail

we

have

provided

historically

while

also

aiming

to

be

more

visually

engaging.

As

we

prepare

to

make

changes

to

the

annual

reports

to

meet

the

new

report

regulatory

requirements

by

mid-2024,

we

felt

the

time

was

right

to

discontinue

the

optional

six-month

semiannual

fund

letter

to

focus

on

the

changes

to

come.

While

semiannual

fund

letters

will

no

longer

be

produced,

you

may

continue

to

access

current

fund

information

as

well

as

insights

and

perspectives

from

our

investment

team

on

our

personal

investing

website.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

Portfolio

Summary

3

Note:

Copyright

©

2023

Fitch

Ratings,

Inc.,

Fitch

Ratings

Ltd.

and

its

subsidiaries.

Note:

©

2023,

Moody’s

Corporation,

Moody’s

Investors

Service,

Inc.,

Moody’s

Analytics,

Inc.

and/or

their

licensors

and

affiliates

(collectively,

“Moody’s”).

All

rights

reserved.

Moody’s

ratings

and

other

information

(“Moody’s

Information”)

are

proprietary

to

Moody’s

and/or

its

licensors

and

are

protected

by

copyright

and

other

intellectual

property

laws.

Moody’s

Information

is

licensed

to

Client

by

Moody’s.

MOODY’S

INFORMATION

MAY

NOT

BE

COPIED

OR

OTHERWISE

REPRODUCED,

REPACKAGED,

FURTHER

TRANSMITTED,

TRANSFERRED,

DISSEMINATED,

REDISTRIBUTED

OR

RESOLD,

OR

STORED

FOR

SUBSEQUENT

USE

FOR

ANY

SUCH

PURPOSE,

IN

WHOLE

OR

IN

PART,

IN

ANY

FORM

OR

MANNER

OR

BY

ANY

MEANS

WHATSOEVER,

BY

ANY

PERSON

WITHOUT

MOODY’S

PRIOR

WRITTEN

CONSENT.

Moody's

®

is

a

registered

trademark.

CREDIT

QUALITY

DIVERSIFICATION

Dynamic

Global

Bond

Fund

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-

rated

securities,

and

a

rating

of

D

represents

the

lowest-

rated

securities.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps.

The

fund

is

not

rated

by

any

agency.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

4

Note:

Copyright

©

2023,

S&P

Global

Market

Intelligence

(and

its

affiliates,

as

applicable).

Reproduction

of

any

information,

data

or

material,

including

ratings

(“Content”)

in

any

form

is

prohibited

except

with

the

prior

written

permission

of

the

relevant

party. Such

party,

its

affiliates

and

suppliers

(“Content

Providers”)

do

not

guarantee

the

accuracy,

adequacy,

completeness,

timeliness

or

availability

of

any

Content

and

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

or

for

the

results

obtained

from

the

use

of

such

Content.

In

no

event

shall

Content

Providers

be

liable

for

any

damages,

costs,

expenses,

legal

fees,

or

losses

(including

lost

income

or

lost

profit

and

opportunity

costs)

in

connection

with

any

use

of

the

Content.

A

reference

to

a

particular

investment

or

security,

a

rating

or

any

observation

concerning

an

investment

that

is

part

of

the

Content

is

not

a

recommendation

to

buy,

sell

or

hold

such

investment

or

security,

does

not

address

the

appropriateness

of

an

investment

or

security

and

should

not

be

relied

on

as

investment

advice.

Credit

ratings

are

statements

of

opinions

and

are

not

statements

of

fact.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

5

FUND

EXPENSE

EXAMPLE

As

a

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Please

note

that

the

fund

has

four

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

Advisor

Class

shares

are

offered

only

through

unaffiliated

brokers

and

other

financial

intermediaries

and

charge

a

0.25%

12b-1

fee,

I

Class

shares

are

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment,

and

Z

Class

shares

are

offered

only

to

funds

advised

by

T.

Rowe

Price

and

other

advisory

clients

of

T.

Rowe

Price

or

its

affiliates

that

are

subject

to

a

contractual

fee

for

investment

management

services

and

impose

no

12b-1

fee

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

expenses

based

on

the

fund’s

actual

returns.

You

may

use

the

information

on

this

line,

together

with

your

account

balance,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

on

the

first

line

under

the

heading

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

on

the

second

line

of

the

table

(Hypothetical)

is

based

on

hypothetical

account

values

and

expenses

derived

from

the

fund’s

actual

expense

ratio

and

an

assumed

5%

per

year

rate

of

return

before

expenses

(not

the

fund’s

actual

return).

You

may

compare

the

ongoing

costs

of

investing

in

the

fund

with

other

funds

by

contrasting

this

5%

hypothetical

example

and

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

Note:

T.

Rowe

Price

charges

an

annual

account

service

fee

of

$20,

generally

for

accounts

with

less

than

$10,000.

The

fee

is

waived

for

any

investor

whose

T.

Rowe

Price

mutual

fund

accounts

total

$50,000

or

more;

accounts

electing

to

receive

electronic

delivery

of

account

statements,

transaction

confirmations,

prospectuses,

and

shareholder

reports;

or

accounts

of

an

investor

who

is

a

T.

Rowe

Price

Personal

Services

or

Enhanced

Personal

Services

client

(enrollment

in

these

programs

generally

requires

T.

Rowe

Price

assets

of

at

least

$250,000).

This

fee

is

not

included

in

the

accompanying

table.

If

you

are

subject

to

the

fee,

keep

it

in

mind

when

you

are

estimating

the

ongoing

expenses

of

investing

in

the

fund

and

when

comparing

the

expenses

of

this

fund

with

other

funds.

You

should

also

be

aware

that

the

expenses

shown

in

the

table

highlight

only

your

ongoing

costs

and

do

not

reflect

any

transaction

costs,

such

as

redemption

fees

or

sales

loads.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

To

the

extent

a

fund

charges

transaction

costs,

however,

the

total

cost

of

owning

that

fund

is

higher.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

6

DYNAMIC

GLOBAL

BOND

FUND

Beginning

Account

Value

1/1/23

Ending

Account

Value

6/30/23

Expenses

Paid

During

Period*

1/1/23

to

6/30/23

Investor

Class

Actual

$1,000.00

$958.00

$3.40

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.32

  3.51

Advisor

Class

Actual

  1,000.00

  955.60

  4.36

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,020.33

  4.51

I

Class

Actual

  1,000.00

  956.40

  2.57

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.17

  2.66

Z

Class

Actual

  1,000.00

  958.90

  0.00

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,024.79

  0.00

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(181),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.70%,

the

2

Advisor Class

was

0.90%,

the

3

I Class

was

0.53%,

and

the

4

Z Class

was

0.00%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

(Unaudited)

Financial

Highlights

7

For

a

share

outstanding

throughout

each

period

Investor

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

8.52‌

$

9.54‌

$

9.89‌

$

9.22‌

$

9.49‌

$

9.82‌

Investment

activities

Net

investment

income

(1)(2)

0.22‌

0.43‌

0.16‌

0.24‌

0.29‌

0.28‌

Net

realized

and

unrealized

gain/loss

(0.57‌)

(0.10‌)

(0.15‌)

0.62‌

(0.33‌)

(0.20‌)

Total

from

investment

activities

(0.35‌)

0.33‌

0.01‌

0.86‌

(0.04‌)

0.08‌

Distributions

Net

investment

income

(0.19‌)

(0.25‌)

(0.23‌)

(0.19‌)

(0.05‌)

(0.24‌)

Net

realized

gain

—‌

(1.10‌)

(0.13‌)

—‌

—‌

(0.17‌)

Tax

return

of

capital

—‌

—‌

—‌

—‌

(0.18‌)

—‌

Total

distributions

(0.19‌)

(1.35‌)

(0.36‌)

(0.19‌)

(0.23‌)

(0.41‌)

NET

ASSET

VALUE

End

of

period

$

7.98‌

$

8.52‌

$

9.54‌

$

9.89‌

$

9.22‌

$

9.49‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

(Unaudited)

Financial

Highlights

8

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

Ratios/Supplemental

Data

Total

return

(2)(3)

(4.20‌)%

3.60‌%

0.07‌%

9.42‌%

(0.40‌)%

0.87‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.70‌%

(4)

0.71‌%

0.68‌%

0.65‌%

0.65‌%

0.68‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.70‌%

(4)

0.71‌%

0.68‌%

0.65‌%

0.65‌%

0.68‌%

Net

investment

income

5.24‌%

(4)

4.46‌%

1.64‌%

2.60‌%

3.12‌%

2.88‌%

Portfolio

turnover

rate

49.8‌%

134.3‌%

112.7‌%

146.1‌%

188.3‌%

165.2‌%

Net

assets,

end

of

period

(in

millions)

$486

$546

$133

$407

$3,156

$3,280

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

(Unaudited)

Financial

Highlights

9

For

a

share

outstanding

throughout

each

period

Advisor

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

8.50‌

$

9.51‌

$

9.88‌

$

9.20‌

$

9.47‌

$

9.81‌

Investment

activities

Net

investment

income

(1)(2)

0.21‌

0.39‌

0.28‌

0.23‌

0.27‌

0.25‌

Net

realized

and

unrealized

gain/loss

(0.58‌)

(0.06‌)

(0.31‌)

0.62‌

(0.33‌)

(0.20‌)

Total

from

investment

activities

(0.37‌)

0.33‌

(0.03‌)

(3)

0.85‌

(0.06‌)

0.05‌

Distributions

Net

investment

income

(0.18‌)

(0.24‌)

(0.21‌)

(0.17‌)

(0.05‌)

(0.22‌)

Net

realized

gain

—‌

(1.10‌)

(0.13‌)

—‌

—‌

(0.17‌)

Tax

return

of

capital

—‌

—‌

—‌

—‌

(0.16‌)

—‌

Total

distributions

(0.18‌)

(1.34‌)

(0.34‌)

(0.17‌)

(0.21‌)

(0.39‌)

NET

ASSET

VALUE

End

of

period

$

7.95‌

$

8.50‌

$

9.51‌

$

9.88‌

$

9.20‌

$

9.47‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

(Unaudited)

Financial

Highlights

10

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Advisor

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

Ratios/Supplemental

Data

Total

return

(2)(4)

(4.44‌)%

3.53‌%

(0.33‌)%

9.28‌%

(0.66‌)%

0.60‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.92‌%

(5)

1.04‌%

1.21‌%

0.96‌%

1.21‌%

1.25‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.90‌%

(5)

0.90‌%

0.90‌%

0.90‌%

0.90‌%

0.90‌%

Net

investment

income

5.05‌%

(5)

4.08‌%

2.83‌%

2.41‌%

2.87‌%

2.59‌%

Portfolio

turnover

rate

49.8‌%

134.3‌%

112.7‌%

146.1‌%

188.3‌%

165.2‌%

Net

assets,

end

of

period

(in

thousands)

$535

$557

$147

$158

$271

$378

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

The

amount

presented

is

inconsistent

with

the

fund's

results

of

operations

because

of

the

timing

of

redemptions

of

fund

shares

in

relation

to

fluctuating

market

values

for

the

investment

portfolio.

(4)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

(Unaudited)

Financial

Highlights

11

For

a

share

outstanding

throughout

each

period

I

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

NET

ASSET

VALUE

Beginning

of

period

$

8.52‌

$

9.53‌

$

9.89‌

$

9.22‌

$

9.49‌

$

9.82‌

Investment

activities

Net

investment

income

(1)(2)

0.22‌

0.41‌

0.26‌

0.23‌

0.30‌

0.30‌

Net

realized

and

unrealized

gain/loss

(0.59‌)

(0.05‌)

(0.24‌)

0.65‌

(0.33‌)

(0.21‌)

Total

from

investment

activities

(0.37‌)

0.36‌

0.02‌

0.88‌

(0.03‌)

0.09‌

Distributions

Net

investment

income

(0.19‌)

(0.27‌)

(0.25‌)

(0.21‌)

(0.05‌)

(0.25‌)

Net

realized

gain

—‌

(1.10‌)

(0.13‌)

—‌

—‌

(0.17‌)

Tax

return

of

capital

—‌

—‌

—‌

—‌

(0.19‌)

—‌

Total

distributions

(0.19‌)

(1.37‌)

(0.38‌)

(0.21‌)

(0.24‌)

(0.42‌)

NET

ASSET

VALUE

End

of

period

$

7.96‌

$

8.52‌

$

9.53‌

$

9.89‌

$

9.22‌

$

9.49‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

(Unaudited)

Financial

Highlights

12

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

12/31/22

12/31/21

12/31/20

12/31/19

12/31/18

Ratios/Supplemental

Data

Total

return

(2)(3)

(4.36‌)%

3.92‌%

0.18‌%

9.59‌%

(0.26‌)%

0.98‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.53‌%

(4)

0.52‌%

0.50‌%

0.51‌%

0.51‌%

0.54‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.53‌%

(4)

0.52‌%

0.50‌%

0.51‌%

0.51‌%

0.54‌%

Net

investment

income

5.41‌%

(4)

4.24‌%

2.63‌%

2.43‌%

3.27‌%

3.04‌%

Portfolio

turnover

rate

49.8‌%

134.3‌%

112.7‌%

146.1‌%

188.3‌%

165.2‌%

Net

assets,

end

of

period

(in

millions)

$671

$731

$568

$535

$1,456

$1,161

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

(Unaudited)

Financial

Highlights

13

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Z

Class

(1)

6

Months

.

Ended

6/30/23

..

Year

..

..

Ended

.

3/16/20

(1)

Through

12/31/20

12/31/22

12/31/21

NET

ASSET

VALUE

Beginning

of

period

$

8.52‌

$

9.53‌

$

9.90‌

$

9.34‌

Investment

activities

Net

investment

income

(2)(3)

0.25‌

0.45‌

0.36‌

0.24‌

Net

realized

and

unrealized

gain/loss

(0.59‌)

(0.04‌)

(0.30‌)

0.52‌

Total

from

investment

activities

(0.34‌)

0.41‌

0.06‌

0.76‌

Distributions

Net

investment

income

(0.22‌)

(0.32‌)

(0.30‌)

(0.20‌)

Net

realized

gain

—‌

(1.10‌)

(0.13‌)

—‌

Total

distributions

(0.22‌)

(1.42‌)

(0.43‌)

(0.20‌)

NET

ASSET

VALUE

End

of

period

$

7.96‌

$

8.52‌

$

9.53‌

$

9.90‌

Ratios/Supplemental

Data

Total

return

(3)(4)

(4.11‌)%

4.45‌%

0.57‌%

8.21‌%

Ratios

to

average

net

assets:

(3)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.51‌%

(5)

0.51‌%

0.50‌%

0.51‌%

(5)

Net

expenses

after

waivers/payments

by

Price

Associates

0.00‌%

(5)

0.00‌%

0.00‌%

0.00‌%

(5)

Net

investment

income

5.94‌%

(5)

4.68‌%

3.67‌%

3.06‌%

(5)

Portfolio

turnover

rate

49.8‌%

134.3‌%

112.7‌%

146.1‌%

Net

assets,

end

of

period

(in

millions)

$3,243

$3,206

$3,833

$3,170

0‌%

0‌%

0‌%

0‌%

(1)

Inception

date

(2)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(4)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

June

30,

2023

(Unaudited)

14

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

7,713‌

Total

Albania

(Cost

$7,636

)

7,713‌

AUSTRALIA

1.8%

Government

Bonds

1.8%

Commonwealth

of

Australia,

Series

162,

1.75%,

6/21/51 

200,113,000‌

77,784‌

Total

Australia

(Cost

$87,112

)

77,784‌

AUSTRIA

0.5%

Government

Bonds

0.5%

Republic

of

Austria,

0.85%,

6/30/2120  (1)

53,475,000‌

23,703‌

Total

Austria

(Cost

$24,528

)

23,703‌

BRAZIL

7.0%

Corporate

Bonds

0.7%

Braskem

Netherlands

Finance,

5.875%,

1/31/50

(USD)  (1)

17,530,000‌

14,182‌

Braskem

Netherlands

Finance,

7.25%,

2/13/33

(USD)  (1)

13,800,000‌

13,571‌

27,753‌

Government

Bonds

6.3%

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/27 

1,134,928,000‌

235,701‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/31 

210,429,000‌

42,750‌

278,451‌

Total

Brazil

(Cost

$276,551

)

306,204‌

CANADA

3.9%

Corporate

Bonds

0.3%

Toronto-Dominion

Bank,

VR,

8.125%,

10/31/82

(USD)  (2)

15,285,000‌

15,606‌

15,606‌

Government

Bonds

3.6%

Government

of

Canada,

1.75%,

12/1/53 

45,979,000‌

25,558‌

Government

of

Canada,

2.50%,

12/1/32 

186,960,000‌

132,160‌

157,718‌

Total

Canada

(Cost

$172,980

)

173,324‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

15

Par/Shares

$

Value

(Cost

and

value

in

$000s)

CHILE

1.6%

Government

Bonds

1.6%

Bonos

de

la

Tesoreria

de

la

Republica,

6.00%,

4/1/33  (1)

52,940,000,000‌

70,003‌

Total

Chile

(Cost

$68,108

)

70,003‌

CHINA

0.5%

Corporate

Bonds

0.5%

CIFI

Holdings

Group,

4.375%,

4/12/27

(USD)  (3)(4)

11,400,000‌

1,323‌

CIFI

Holdings

Group,

4.45%,

8/17/26

(USD)  (3)(4)

10,055,000‌

1,141‌

Country

Garden

Holdings,

3.30%,

1/12/31

(USD) 

22,424,000‌

6,154‌

Kaisa

Group

Holdings,

8.50%,

6/30/22

(USD)  (3)(4)

15,890,000‌

1,063‌

Kaisa

Group

Holdings,

11.50%,

1/30/23

(USD)  (3)(4)

8,854,000‌

592‌

Kaisa

Group

Holdings,

11.70%,

11/11/25

(USD)  (3)(4)

2,800,000‌

187‌

Kaisa

Group

Holdings,

11.95%,

10/22/22

(USD)  (3)(4)

13,051,000‌

870‌

Longfor

Group

Holdings,

3.85%,

1/13/32

(USD)  (5)

11,115,000‌

7,761‌

Shimao

Group

Holdings,

3.45%,

1/11/31

(USD)  (3)(4)

17,195,000‌

1,315‌

Shimao

Group

Holdings,

5.20%,

1/16/27

(USD)  (3)(4)

2,220,000‌

190‌

Times

China

Holdings,

6.20%,

3/22/26

(USD)  (3)(4)

3,220,000‌

246‌

Times

China

Holdings,

6.75%,

7/8/25

(USD)  (3)(4)

12,750,000‌

969‌

Total

China

(Cost

$89,905

)

21,811‌

COLOMBIA

2.7%

Government

Bonds

2.6%

Republic

of

Colombia,

Series

B,

13.25%,

2/9/33 

397,809,500,000‌

111,958‌

111,958‌

Private

Investment

Company

0.1%

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/1/22,

Cost $1,247

(USD)  (3)(6)

†

1,518‌

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/7/23,

Cost $3,416

(USD)  (3)(6)

†

3,412‌

4,930‌

Total

Colombia

(Cost

$96,237

)

116,888‌

CYPRUS

0.4%

Government

Bonds

0.4%

Republic

of

Cyprus,

2.75%,

5/3/49 

20,454,000‌

18,360‌

Total

Cyprus

(Cost

$19,884

)

18,360‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

16

Par/Shares

$

Value

(Cost

and

value

in

$000s)

CZECHIA

1.3%

Government

Bonds

1.3%

Republic

of

Czech,

Series

138,

1.75%,

6/23/32 

1,550,000,000‌

57,985‌

Total

Czechia

(Cost

$53,966

)

57,985‌

DOMINICAN

REPUBLIC

0.1%

Government

Bonds

0.1%

Dominican

Republic,

5.50%,

2/22/29

(USD)  (1)

5,435,000‌

5,099‌

Total

Dominican

Republic

(Cost

$4,757

)

5,099‌

FRANCE

0.1%

Corporate

Bonds

0.1%

Altice

France

Holding,

4.00%,

2/15/28  (1)

3,780,000‌

2,005‌

Total

France

(Cost

$3,704

)

2,005‌

GERMANY

6.8%

Government

Bonds

6.8%

Deutsche

Bundesrepublik,

Inflation-Indexed,

0.10%,

4/15/26 

281,363,807‌

299,904‌

Total

Germany

(Cost

$328,867

)

299,904‌

HUNGARY

2.0%

Government

Bonds

2.0%

Republic

of

Hungary,

Series

32/A,

4.75%,

11/24/32 

22,085,120,000‌

54,975‌

Republic

of

Hungary,

Series

33/A,

2.25%,

4/20/33 

16,628,100,000‌

33,467‌

Total

Hungary

(Cost

$77,002

)

88,442‌

INDIA

0.7%

Corporate

Bonds

0.3%

HDFC

Bank,

8.10%,

3/22/25 

1,200,000,000‌

14,540‌

14,540‌

Government

Bonds

0.4%

Republic

of

India,

6.45%,

10/7/29 

1,253,000,000‌

14,808‌

14,808‌

Total

India

(Cost

$35,088

)

29,348‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

17

Par/Shares

$

Value

(Cost

and

value

in

$000s)

INDONESIA

0.9%

Government

Bonds

0.9%

Republic

of

Indonesia,

Series

FR82,

7.00%,

9/15/30 

579,300,000,000‌

40,227‌

Total

Indonesia

(Cost

$38,240

)

40,227‌

IRELAND

0.9%

Corporate

Bonds

0.9%

AerCap

Ireland

Capital,

3.00%,

10/29/28

(USD)  (5)

13,050,000‌

11,272‌

AerCap

Ireland

Capital,

3.30%,

1/30/32

(USD) 

15,025,000‌

12,255‌

AerCap

Ireland

Capital,

FRN,

SOFR

+

0.68%,

5.772%,

9/29/23

(USD) 

6,390,000‌

6,382‌

Avolon

Holdings

Funding,

6.375%,

5/4/28

(USD)  (1)

9,735,000‌

9,608‌

Total

Ireland

(Cost

$43,599

)

39,517‌

ISRAEL

2.4%

Government

Bonds

2.4%

State

of

Israel,

Series

0347,

3.75%,

3/31/47 

308,651,000‌

79,371‌

State

of

Israel,

Series

1152,

2.80%,

11/29/52 

129,700,000‌

26,986‌

Total

Israel

(Cost

$134,446

)

106,357‌

ITALY

0.1%

Corporate

Bonds

0.1%

Enel

Finance

International,

7.75%,

10/14/52

(USD)  (1)

5,200,000‌

6,074‌

Total

Italy

(Cost

$4,942

)

6,074‌

IVORY

COAST

0.2%

Government

Bonds

0.2%

Republic

of

Ivory

Coast,

5.875%,

10/17/31

(EUR) 

9,700,000‌

8,890‌

Total

Ivory

Coast

(Cost

$8,636

)

8,890‌

MALAYSIA

0.7%

Government

Bonds

0.7%

Government

of

Malaysia,

Series

0216,

4.736%,

3/15/46 

67,360,000‌

15,542‌

Government

of

Malaysia,

Series

0518,

4.921%,

7/6/48 

67,600,000‌

16,101‌

Total

Malaysia

(Cost

$30,759

)

31,643‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

18

Par/Shares

$

Value

(Cost

and

value

in

$000s)

MEXICO

17.1%

Corporate

Bonds

1.4%

Petroleos

Mexicanos,

6.50%,

1/23/29

(USD)  (5)

73,650,000‌

61,114‌

61,114‌

Government

Bonds

15.7%

United

Mexican

States,

Series

M,

5.75%,

3/5/26 

1,622,900,000‌

86,754‌

United

Mexican

States,

Series

M,

7.50%,

6/3/27 

7,248,200,000‌

403,082‌

United

Mexican

States,

Series

M,

7.75%,

5/29/31 

1,396,570,000‌

77,216‌

United

Mexican

States,

Series

M,

8.00%,

11/7/47 

440,834,000‌

23,550‌

United

Mexican

States,

Series

M,

8.50%,

5/31/29 

1,714,774,000‌

99,285‌

689,887‌

Total

Mexico

(Cost

$676,906

)

751,001‌

NETHERLANDS

0.0%

Common

Stocks

0.0%

Fortenova

Group

STAK

Stichting,

ADR,

Acquisition

date:

4/1/19,

Cost $235  (3)(6)

597,196‌

248‌

248‌

Convertible

Bonds

0.0%

Fortenova

Group

TopCo,

Acquisition

date:

4/1/19

-

4/1/22,

Cost $1,137,

2.50%,

4/1/24,

(2.50%

PIK)  (3)(6)(7)

2,557,406‌

1,060‌

1,060‌

Total

Netherlands

(Cost

$1,372

)

1,308‌

NEW

ZEALAND

2.2%

Government

Bonds

2.2%

Government

of

New

Zealand,

Series

0551,

2.75%,

5/15/51 

231,083,000‌

97,835‌

Total

New

Zealand

(Cost

$126,477

)

97,835‌

PHILIPPINES

0.7%

Government

Bonds

0.7%

Republic

of

Philippines,

6.25%,

1/14/36 

1,679,000,000‌

29,302‌

Total

Philippines

(Cost

$37,309

)

29,302‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

19

Par/Shares

$

Value

(Cost

and

value

in

$000s)

QATAR

0.2%

Corporate

Bonds

0.2%

Qatar

Energy,

2.25%,

7/12/31

(USD) 

8,240,000‌

6,921‌

Total

Qatar

(Cost

$8,290

)

6,921‌

ROMANIA

1.8%

Government

Bonds

1.8%

Republic

of

Romania,

Series

10Y,

5.00%,

2/12/29 

313,590,000‌

63,714‌

Republic

of

Romania,

Series

15YR,

5.80%,

7/26/27 

64,950,000‌

13,873‌

Total

Romania

(Cost

$93,416

)

77,587‌

SERBIA

2.1%

Government

Bonds

2.1%

Republic

of

Serbia,

Series

10Y,

5.875%,

2/8/28 

5,669,670,000‌

54,471‌

Republic

of

Serbia,

Series

12.5,

4.50%,

8/20/32 

4,596,480,000‌

38,119‌

Total

Serbia

(Cost

$105,751

)

92,590‌

SOUTH

AFRICA

2.3%

Government

Bonds

2.3%

Republic

of

South

Africa,

Series

2030,

8.00%,

1/31/30 

920,000,000‌

43,198‌

Republic

of

South

Africa,

Series

2048,

8.75%,

2/28/48 

1,490,134,000‌

57,476‌

Total

South

Africa

(Cost

$122,023

)

100,674‌

SWEDEN

0.3%

Corporate

Bonds

0.3%

Castellum,

2.125%,

11/20/23

(EUR) 

12,220,000‌

13,106‌

Total

Sweden

(Cost

$11,842

)

13,106‌

SWITZERLAND

0.3%

Corporate

Bonds

0.3%

UBS

Group,

3.75%,

3/26/25

(USD) 

1,830,000‌

1,748‌

UBS

Group,

4.55%,

4/17/26

(USD) 

5,235,000‌

5,021‌

UBS

Group,

VR,

1.305%,

2/2/27

(USD)  (1)(2)

5,590,000‌

4,866‌

UBS

Group,

VR,

2.193%,

6/5/26

(USD)  (1)(2)

2,920,000‌

2,671‌

Total

Switzerland

(Cost

$14,185

)

14,306‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

20

Par/Shares

$

Value

(Cost

and

value

in

$000s)

THAILAND

2.8%

Government

Bonds

2.8%

Kingdom

of

Thailand,

3.60%,

6/17/67 

952,465,000‌

26,569‌

Kingdom

of

Thailand,

Series

ILB,

Inflation-Indexed,

1.25%,

3/12/28 

3,653,728,485‌

98,043‌

Total

Thailand

(Cost

$139,521

)

124,612‌

UNITED

KINGDOM

10.4%

Corporate

Bonds

0.2%

Barclays,

VR,

6.125%

(USD)  (2)(8)

8,109,000‌

7,075‌

Merlin

Entertainments,

5.75%,

6/15/26

(USD) 

1,215,000‌

1,165‌

Motion

Bondco,

6.625%,

11/15/27

(USD)  (1)(5)

2,200,000‌

2,024‌

10,264‌

Government

Bonds

10.2%

United

Kingdom

Gilt,

0.50%,

10/22/61 

96,560,000‌

38,813‌

United

Kingdom

Inflation-Linked

Gilt,

Series

3MO,

0.125%,

3/22/24 

330,315,731‌

410,701‌

449,514‌

Total

United

Kingdom

(Cost

$427,154

)

459,778‌

UNITED

STATES

11.4%

Asset-Backed

Securities

3.1%

Applebee's

Funding,

Series

2023-1A,

Class

A2,

7.824%,

3/5/53  (1)

6,500,000‌

6,395‌

CarMax

Auto

Owner

Trust,

Series

2023-1,

Class

A2A,

5.23%,

1/15/26 

6,835,000‌

6,810‌

DLLAD,

Series

2023-1A,

Class

A2,

5.19%,

4/20/26  (1)

7,960,000‌

7,884‌

Drive

Auto

Receivables

Trust,

Series

2020-2,

Class

D,

3.05%,

5/15/28 

2,975,000‌

2,910‌

Driven

Brands

Funding,

Series

2018-1A,

Class

A2,

4.739%,

4/20/48  (1)

2,341,750‌

2,237‌

Driven

Brands

Funding,

Series

2019-2A,

Class

A2,

3.981%,

10/20/49  (1)

4,815,350‌

4,367‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

E,

2.21%,

2/15/28  (1)

17,480,000‌

15,890‌

FOCUS

Brands

Funding,

Series

2022-1,

Class

A2,

7.206%,

7/30/52  (1)

19,056,000‌

19,077‌

Ford

Credit

Auto

Lease

Trust,

Series

2023-A,

Class

A2A,

5.19%,

6/15/25 

12,430,000‌

12,389‌

Hardee's

Funding,

Series

2018-1A,

Class

A2II,

4.959%,

6/20/48  (1)

10,749,767‌

10,018‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

21

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Hardee's

Funding,

Series

2020-1A,

Class

A2,

3.981%,

12/20/50  (1)

4,460,625‌

3,796‌

Mercedes-Benz

Auto

Receivables

Trust,

Series

2023-1,

Class

A2,

5.09%,

1/15/26 

13,260,000‌

13,208‌

Nissan

Auto

Lease

Trust,

Series

2023-A,

Class

A2A,

5.10%,

3/17/25 

13,095,000‌

13,040‌

Octane

Receivables

Trust,

Series

2023-1A,

Class

A,

5.87%,

5/21/29  (1)

1,413,611‌

1,406‌

Progress

Residential

Trust,

Series

2022-SFR5,

Class

D,

5.734%,

6/17/39  (1)

1,095,000‌

1,045‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-A,

Class

B,

5.281%,

5/15/32  (1)

9,671,592‌

9,511‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-B,

Class

C,

5.916%,

8/16/32  (1)

1,787,954‌

1,777‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-B,

Class

D,

6.793%,

8/16/32  (1)

4,213,198‌

4,196‌

135,956‌

Bank

Loans

1.0%

(9)

Clear

Channel

Outdoor

Holdings,

FRN,

3M

TSFR

+

3.50%,

8.807%,

8/21/26 

7,868,438‌

7,500‌

CoreLogic,

FRN,

1M

USD

LIBOR

+

6.50%,

7.00%,

6/4/29 

5,600,000‌

4,494‌

IRB

Holding,

FRN,

1M

TSFR

+

3.00%,

8.202%,

12/15/27 

4,609,148‌

4,573‌

Life

Time,

FRN,

1M

TSFR

+

4.50%,

9.80%,

1/15/26 

2,496,426‌

2,496‌

Nascar

Holdings,

FRN,

1M

TSFR

+

2.50%,

7.717%,

10/19/26 

746,598‌

747‌

Neptune

Bidco

U.S.,

FRN,

1M

TSFR

+

5.00%,

9.995%,

4/11/29 

24,501,000‌

21,512‌

RealPage,

FRN,

1M

USD

LIBOR

+

3.00%,

8.217%,

4/24/28 

2,667,488‌

2,607‌

43,929‌

Corporate

Bonds

4.9%

Capital

One

Financial,

VR,

6.312%,

6/8/29  (2)

10,620,000‌

10,557‌

Capital

One

Financial,

VR,

6.377%,

6/8/34  (2)

10,620,000‌

10,518‌

CEC

Entertainment,

6.75%,

5/1/26  (1)

11,860,000‌

11,311‌

Charles

Schwab,

VR,

5.643%,

5/19/29  (2)

11,000,000‌

10,990‌

Charles

Schwab,

VR,

5.853%,

5/19/34  (2)

8,800,000‌

8,899‌

CoreLogic,

4.50%,

5/1/28  (1)

11,695,000‌

9,429‌

Diamond

Sports

Group,

5.375%,

8/15/26  (1)(3)(4)

34,830,000‌

1,176‌

DISH

Network,

11.75%,

11/15/27  (1)

25,935,000‌

25,319‌

Fifth

Third

Bancorp,

2.375%,

1/28/25 

3,470,000‌

3,260‌

Fifth

Third

Bank,

3.85%,

3/15/26 

3,244,000‌

2,961‌

Fifth

Third

Bank,

3.95%,

7/28/25 

1,113,000‌

1,055‌

Fifth

Third

Bank,

VR,

5.852%,

10/27/25  (2)

4,148,000‌

4,046‌

Hyundai

Capital

America,

5.50%,

3/30/26  (1)

7,285,000‌

7,219‌

NGL

Energy

Partners,

6.125%,

3/1/25 

6,781,000‌

6,510‌

Ovintiv,

6.25%,

7/15/33 

5,400,000‌

5,311‌

Ovintiv,

7.10%,

7/15/53 

8,170,000‌

8,350‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

22

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Rivian

Holdings,

FRN,

6M

USD

LIBOR

+

5.625%,

10.931%,

10/15/26  (1)(5)

14,775,000‌

14,239‌

SBA

Tower

Trust,

2.836%,

1/15/25  (1)

7,420,000‌

6,995‌

Southern,

VR,

1.875%,

9/15/81

(EUR)  (2)

7,590,000‌

6,470‌

Stagwell

Global,

5.625%,

8/15/29  (1)

17,057,000‌

14,669‌

Townsquare

Media,

6.875%,

2/1/26  (1)

9,850,000‌

9,431‌

Venture

Global

LNG,

8.375%,

6/1/31  (1)

28,855,000‌

28,891‌

Vistra,

VR,

7.00%  (1)(2)(8)

7,285,000‌

6,356‌

213,962‌

Municipal

Securities

0.5%

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43  (10)

4,847,592‌

2,442‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A,

GO,

Zero

Coupon,

7/1/24 

167,584‌

161‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A,

GO,

Zero

Coupon,

7/1/33 

1,322,744‌

809‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/33 

1,027,849‌

976‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/35 

923,898‌

859‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/37 

792,950‌

712‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/41 

1,078,109‌

936‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/46 

1,121,218‌

947‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.25%,

7/1/23 

573,961‌

574‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.375%,

7/1/25 

1,144,738‌

1,173‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.625%,

7/1/27 

1,134,370‌

1,194‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.625%,

7/1/29 

1,115,968‌

1,195‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.75%,

7/1/31 

1,083,929‌

1,184‌

Tobacco

Settlement

Fin.,

Series

A-1,

6.706%,

6/1/46 

11,280,000‌

10,676‌

23,838‌

Non-U.S.

Government

Mortgage-Backed

Securities

1.9%

BANK,

Series

2020-BN25,

Class

AS,

2.841%,

1/15/63 

8,515,000‌

6,998‌

BBCMS

Mortgage

Trust,

Series

2020-C6,

Class

AS,

2.84%,

2/15/53 

7,995,000‌

6,588‌

Benchmark

Mortgage

Trust,

Series

2020-B16,

Class

AM,

ARM,

2.944%,

2/15/53 

5,730,000‌

4,705‌

BRAVO

Residential

Funding

Trust,

Series

2022-NQM2,

Class

A1,

CMO,

ARM,

4.272%,

11/25/61  (1)

4,230,450‌

4,067‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

23

Par/Shares

$

Value

(Cost

and

value

in

$000s)

BX

Commercial

Mortgage

Trust,

Series

2019-IMC,

Class

E,

ARM,

1M

USD

LIBOR

+

2.15%,

7.343%,

4/15/34  (1)

5,535,000‌

5,378‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65D,

ARM,

4.66%,

5/15/52  (1)

4,517,000‌

3,148‌

Connecticut

Avenue

Securities

Trust,

Series

2022-R06,

Class

1M1,

CMO,

ARM,

SOFR30A

+

2.75%,

7.817%,

5/25/42  (1)

5,579,994‌

5,688‌

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2019-

MILE,

Class

A,

ARM,

1M

TSFR

+

1.579%,

6.726%,

7/15/36  (1)

7,500,000‌

7,051‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2022-DNA2,

Class

M1A,

CMO,

ARM,

SOFR30A

+

1.30%,

6.367%,

2/25/42  (1)

9,061,480‌

9,009‌

Towd

Point

Mortgage

Trust,

Series

2017-6,

Class

A1,

CMO,

ARM,

2.75%,

10/25/57  (1)

1,209,190‌

1,143‌

Towd

Point

Mortgage

Trust,

Series

2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58  (1)

965,956‌

925‌

Towd

Point

Mortgage

Trust,

Series

2018-3,

Class

A1,

CMO,

ARM,

3.75%,

5/25/58  (1)

2,116,888‌

1,995‌

TRK

Trust,

Series

2022-INV1,

Class

A1,

CMO,

ARM,

2.577%,

2/25/57  (1)

13,920,043‌

12,104‌

Verus

Securitization

Trust,

Series

2022-1,

Class

A1,

CMO,

STEP,

2.724%,

1/25/67  (1)

16,333,777‌

14,192‌

82,991‌

Total

United

States

(Cost

$522,552

)

500,676‌

SHORT-TERM

INVESTMENTS

8.1%

Money

Market

Funds

8.1%

T.

Rowe

Price

Government

Reserve

Fund,

5.13%  (11)(12)

358,628,370‌

358,628‌

Total

Short-Term

Investments

(Cost

$358,628)

358,628‌

SECURITIES

LENDING

COLLATERAL

0.5%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.1%

Money

Market

Funds

0.1%

T.

Rowe

Price

Government

Reserve

Fund,

5.13%  (11)(12)

3,384,175‌

3,384‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

3,384‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

24

Par/Shares

$

Value

(Cost

and

value

in

$000s)

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.4%

Money

Market

Funds

0.4%

T.

Rowe

Price

Government

Reserve

Fund,

5.13%  (11)(12)

19,604,050‌

19,604‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

19,604‌

Total

Securities

Lending

Collateral

(Cost

$22,988)

22,988‌

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED

0.4%

OTC

Options

Purchased

0.4%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Barclays

Bank

Comerica,

Put,

1/19/24

@

$20.00  (3)

15,538‌

65,819‌

1,282‌

Barclays

Bank

S&P

500

Index,

Put,

8/18/23

@

$3,950.00  (3)

1,446‌

643,525‌

1,012‌

Citibank

Credit

Default

Protection

Sold

(Relevant

Credit:

Markit

CDX.

NA.HY-S40,

5

Year

Index,

6/20/28),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

7/19/23

@

1.03%*  (3)

2‌

215,000‌

468‌

Citibank

USD

/

CNH,

Call,

1/15/24

@

CNH7.37  (3)

1‌

178,350‌

1,435‌

Citibank

USD

/

JPY,

Put,

3/10/23

@

JPY141.00  (3)

1‌

88,420‌

1,534‌

Goldman

Sachs

Credit

Default

Protection

Bought

(Relevant

Credit:

Markit

CDX.

NA.HY-S40,

5

Year

Index,

6/20/28),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

8/16/23

@

1.00%*  (3)

1‌

212,200‌

465‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

25

(Amounts

in

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

$

Value

JPMorgan

Chase

Credit

Default

Protection

Bought

(Relevant

Credit:

Markit

CDX.

NA.IG-S40,

5

Year

Index,

6/20/28),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

7/19/23

@

0.80%*  (3)

1‌

442,000‌

43‌

JPMorgan

Chase

Credit

Default

Protection

Bought

(Relevant

Credit:

Markit

CDX.

NA.IG-S40,

5

Year

Index,

6/20/28),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

8/16/23

@

0.75%*  (3)

1‌

877,500‌

812‌

JPMorgan

Chase

NASDAQ

100

Stock

Index,

Put,

8/18/23

@

$13,800.00  (3)

31‌

47,056‌

200‌

JPMorgan

Chase

Zions

Bancorp,

Put,

1/19/24

@

$15.00  (3)

22,071‌

59,283‌

2,979‌

Morgan

Stanley

Euro

STOXX

50

Index,

Put,

9/15/23

@

3,850.00

(EUR)  (3)

13,920‌

612,353‌

2,081‌

UBS

Investment

Bank

M&T

Bank,

Put,

12/15/23

@

$70.00  (3)

11,261‌

139,366‌

1,210‌

UBS

Investment

Bank

USD

/

GBP,

Call,

1/31/24

@

GBP1.20  (3)

1‌

222,950‌

2,200‌

Total

Options

Purchased

(Cost

$33,227)

15,721‌

Total

Investments

in

Securities

95.4%

of

Net

Assets

(Cost

$4,308,588)

$

4,198,314‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

26

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Par/Shares

and

Notional

Amount

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

†

Investment

fund

is

not

unitized.

*

Exercise

Spread

(1)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$448,853

and

represents

10.2%

of

net

assets.

(2)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(3)

Non-income

producing

(4)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(5)

See

Note

4

.

All

or

a

portion

of

this

security

is

on

loan

at

June

30,

2023.

(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

$6,238

and

represents

0.1%

of

net

assets.

(7)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(8)

Perpetual

security

with

no

stated

maturity

date.

(9)

Bank

loan

positions

may

involve

multiple

underlying

tranches.

In

those

instances,

the

position

presented

reflects

the

aggregate

of

those

respective

underlying

tranches

and

the

rate

presented

reflects

the

weighted

average

rate

of

the

settled

positions.

(10)

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)

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

NDBB

Three

month

NZD

bank

bill

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

6M

PLN

WIBOR

Six

month

PLN

WIBOR

(Warsaw

interbank

offered

rate)

6M

USD

LIBOR

Six

month

USD

LIBOR

(London

interbank

offered

rate)

ADR

American

Depositary

Receipts

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

27

.

.

.

.

.

.

.

.

.

.

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

ARMs

are

not

based

on

a

published

reference

rate

and

spread

but

may

be

determined

using

a

formula

based

on

the

rates

of

the

underlying

loans. 

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CLP

Chilean

Peso

CMO

Collateralized

Mortgage

Obligation

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

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

OTC

Over-the-counter

PHP

Philippines

Peso

PIK

Payment-in-kind

PLN

Polish

Zloty

RON

New

Romanian

Leu

RSD

Serbian

Dinar

SEK

Swedish

Krona

SOFR

Secured

overnight

financing

rate

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

THB

Thai

Baht

TONA

Tokyo

overnight

average

rate

TWD

Taiwan

Dollar

USD

U.S.

Dollar

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

28

.

.

.

.

.

.

.

.

.

.

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

29

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.1)%

OTC

Options

Written

(0.1)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Morgan

Stanley

Euro

STOXX

50

Index,

Put,

9/15/23

@

4,375.00

(EUR)

3,130

137,692

(2,751‌)

Total

Options

Written

(Premiums

$(6,818))

$

(2,751‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

30

(Amounts

in

000s)

SWAPS

(1.1)%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

(0.6)%

Credit

Default

Swaps,

Protection

Bought

(0.7)%

Bahrain

0.0%

Barclays

Bank,

Protection

Bought

(Relevant

Credit:

Government

of

Bahrain),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/23

(USD)

*

8,427

5

68

(63‌)

JPMorgan

Chase,

Protection

Bought

(Relevant

Credit:

Government

of

Bahrain),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/26

(USD)

*

15,413

434

448

(14‌)

Total

Bahrain

516

(77‌)

United

States

(0.7)%

Bank

of

America,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S37,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/26

*

20,610

(2,434)

(1,738)

(696‌)

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

(6,478)

(4,597)

(1,881‌)

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

(10,957)

(6,599)

(4,358‌)

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

(4,051)

(2,511)

(1,540‌)

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

Post

Holdings),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

*

5,685

(865)

(661)

(204‌)

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

(2,922)

(2,158)

(764‌)

JPMorgan

Chase,

Protection

Bought

(Relevant

Credit:

Murphy

Oil),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/21/27

*

2,045

62

209

(147‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

31

(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

(5,479)

(3,099)

(2,380‌)

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

(17,144)

(13,785)

(3,359‌)

Morgan

Stanley,

Protection

Bought

(Relevant

Credit:

Markit

CMBX.

NA.BBB-S15,

40

Year

Index),

Pay

3.00%

Monthly,

Receive

upon

credit

default,

11/18/64

*

42,840

12,379

7,652

4,727‌

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

*

23,500

6,790

7,046

(256‌)

Total

United

States

(20,241)

(10,858‌)

Total

Bilateral

Credit

Default

Swaps,

Protection

Bought

(19,725)

(10,935‌)

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

1,208

1,493

(285‌)

JPMorgan

Chase,

Protection

Sold

(Relevant

Credit:

ArcelorMittal,

Baa3*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/25

*

16,950

1,707

1,507

200‌

Total

Luxembourg

3,000

(85‌)

United

States

0.0%

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

American

Airlines

Group,

Caa1*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/23

*

5,060

85

(71)

156‌

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

CCO

Holdings,

B1*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/23

*

7,450

155

114

41‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

32

(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

34

(127)

161‌

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Royal

Caribbean

Cruises,

B3*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/23

*

4,410

85

(78)

163‌

Total

United

States

(162)

521‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

2,838

436‌

Total

Return

Swaps

0.0%

Japan

(0.0)%

Morgan

Stanley,

Pay

Underlying

Reference:

SoftBank

Group

Monthly,

Receive

Variable

(0.450)%

(JPY

TONA

+

(0.38)%)

Monthly

,

1/17/24

1,798,933

(542)

—

(542‌)

Total

Japan

—

(542‌)

United

States

0.0%

JPMorgan

Chase,

Pay

Underlying

Reference:

Okta

Monthly,

Receive

Variable

4.477%

(SOFR

+

(0.25)%)

Monthly

,

1/18/24

10,574

971

—

971‌

Morgan

Stanley,

Pay

Underlying

Reference:

Crowdstrike

Holdings,

Class

A

Monthly,

Receive

Variable

4.527%

(SOFR

+

(0.20)%)

Monthly

,

1/18/24

13,280

1,104

—

1,104‌

Total

United

States

—

2,075‌

Total

Bilateral

Total

Return

Swaps

—

1,533‌

Total

Bilateral

Swaps

(16,887)

(8,966‌)

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

(0.5)%

Credit

Default

Swaps,

Protection

Bought

(0.8)%

Canada

(0.0)%

Protection

Bought

(Relevant

Credit:

Bombardier),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

(USD)

43,520

(1,967)

(1,813)

(154‌)

Total

Canada

(154‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

33

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Foreign/Europe

(0.3)%

Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Crossover-S39,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

277,690

(12,464)

(8,273)

(4,191‌)

Total

Foreign/Europe

(4,191‌)

France

(0.0)%

Protection

Bought

(Relevant

Credit:

Sanofi),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

14,200

(417)

(314)

(103‌)

Total

France

(103‌)

Luxembourg

(0.0)%

Protection

Bought

(Relevant

Credit:

Glencore

Finance

Europe),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/26

7,215

(981)

(1,598)

617‌

Total

Luxembourg

617‌

South

Africa

0.1%

Protection

Bought

(Relevant

Credit:

Republic

of

South

Africa),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

(USD)

69,750

4,047

5,767

(1,720‌)

Total

South

Africa

(1,720‌)

United

States

(0.6)%

Protection

Bought

(Relevant

Credit:

Apache),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/27

12,270

226

725

(499‌)

Protection

Bought

(Relevant

Credit:

Apache),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

8,470

232

295

(63‌)

Protection

Bought

(Relevant

Credit:

Gap),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

21,620

2,946

3,682

(736‌)

Protection

Bought

(Relevant

Credit:

Iron

Mountain),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

17,452

(2,254)

(2,191)

(63‌)

Protection

Bought

(Relevant

Credit:

Macy's),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

23,770

2,237

4,279

(2,042‌)

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S33,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/24

238,656

(7,870)

(2,887)

(4,983‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

34

(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

200,540

(5,908)

(687)

(5,221‌)

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.IG-S40,

5

Year

Index),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

1,107,250

(16,866)

(11,821)

(5,045‌)

Protection

Bought

(Relevant

Credit:

Murphy

Oil),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/21/27

8,180

248

901

(653‌)

Protection

Bought

(Relevant

Credit:

Occidental

Petroleum),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/21/27

30,945

7

1,461

(1,454‌)

Protection

Bought

(Relevant

Credit:

Occidental

Petroleum),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

4,250

20

55

(35‌)

Protection

Bought

(Relevant

Credit:

Xerox),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

18,860

1,728

2,770

(1,042‌)

Total

United

States

(21,836‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Bought

(27,387‌)

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

(51)

(366)

315‌

Protection

Sold

(Relevant

Credit:

Carnival,

B3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

10,900

(248)

(831)

583‌

Total

United

States

898‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

898‌

Interest

Rate

Swaps

0.2%

India

(0.0)%

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.051%

Semi-Annually,

Pay

Variable

6.900%

(1

Day

INR

MIBOR)

Semi-Annually,

5/26/28

2,500,000

(313)

—

(313‌)

Total

India

(313‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

35

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Japan

(0.0)%

10

Year

Interest

Rate

Swap,

Pay

Fixed

0.658%

Annually,

Receive

Variable

(0.058)%

(JPY

TONA)

Annually,

5/2/33

6,062,147

(458)

—

(458‌)

10

Year

Interest

Rate

Swap,

Pay

Fixed

0.659%

Annually,

Receive

Variable

(0.058)%

(JPY

TONA)

Annually,

5/2/33

6,062,146

(463)

—

(463‌)

10

Year

Interest

Rate

Swap,

Pay

Fixed

0.660%

Annually,

Receive

Variable

(0.058)%

(JPY

TONA)

Annually,

5/2/33

3,031,073

(233)

—

(233‌)

Total

Japan

(1,154‌)

New

Zealand

0.1%

2

Year

Interest

Rate

Swap,

Receive

Fixed

5.074%

Semi-Annually,

Pay

Variable

5.825%

(3M

NDBB)

Quarterly,

2/21/25

227,776

427

1

426‌

2

Year

Interest

Rate

Swap,

Receive

Fixed

5.079%

Semi-Annually,

Pay

Variable

5.825%

(3M

NDBB)

Quarterly,

2/21/25

329,869

637

—

637‌

2

Year

Interest

Rate

Swap,

Receive

Fixed

5.235%

Semi-Annually,

Pay

Variable

5.700%

(3M

NDBB)

Quarterly,

5/29/25

130,998

(441)

—

(441‌)

2

Year

Interest

Rate

Swap,

Receive

Fixed

5.369%

Semi-Annually,

Pay

Variable

5.700%

(3M

NDBB)

Quarterly,

2/28/25

199,068

1,152

—

1,152‌

2

Year

Interest

Rate

Swap,

Receive

Fixed

5.380%

Semi-Annually,

Pay

Variable

5.700%

(3M

NDBB)

Quarterly,

2/28/25

25,742

152

—

152‌

2

Year

Interest

Rate

Swap,

Receive

Fixed

5.425%

Semi-Annually,

Pay

Variable

5.680%

(3M

NDBB)

Quarterly,

2/28/25

235,220

1,530

—

1,530‌

2

Year

Interest

Rate

Swap,

Receive

Fixed

5.475%

Semi-Annually,

Pay

Variable

5.700%

(3M

NDBB)

Quarterly,

7/4/25

78,000

—

—

—‌

Total

New

Zealand

3,456‌

Poland

(0.2)%

5

Year

Interest

Rate

Swap,

Pay

Fixed

5.465%

Annually,

Receive

Variable

6.950%

(6M

PLN

WIBOR)

Semi-Annually,

6/2/28

231,279

(1,060)

—

(1,060‌)

5

Year

Interest

Rate

Swap,

Pay

Fixed

5.470%

Annually,

Receive

Variable

6.950%

(6M

PLN

WIBOR)

Semi-Annually,

6/2/28

108,741

(504)

—

(504‌)

5

Year

Interest

Rate

Swap,

Pay

Fixed

5.480%

Annually,

Receive

Variable

6.950%

(6M

PLN

WIBOR)

Semi-Annually,

6/1/28

108,741

(514)

—

(514‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

36

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

5

Year

Interest

Rate

Swap,

Pay

Fixed

5.490%

Annually,

Receive

Variable

6.950%

(6M

PLN

WIBOR)

Semi-Annually,

6/1/28

78,741

(381)

(10)

(371‌)

5

Year

Interest

Rate

Swap,

Pay

Fixed

5.590%

Annually,

Receive

Variable

6.950%

(6M

PLN

WIBOR)

Semi-Annually,

5/30/28

434,964

(2,549)

—

(2,549‌)

5

Year

Interest

Rate

Swap,

Pay

Fixed

5.595%

Annually,

Receive

Variable

6.950%

(6M

PLN

WIBOR)

Semi-Annually,

5/30/28

217,482

(1,286)

—

(1,286‌)

Total

Poland

(6,284‌)

United

Kingdom

0.3%

5

Year

Interest

Rate

Swap,

Pay

Fixed

4.982%

Annually,

Receive

Variable

4.928%

(GBP

SONIA)

Annually,

6/21/28

191,615

1,238

—

1,238‌

5

Year

Interest

Rate

Swap,

Pay

Fixed

5.048%

Annually,

Receive

Variable

4.928%

(GBP

SONIA)

Annually,

6/29/28

16,500

44

—

44‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

0.912%

Annually,

Receive

Variable

3.612%

(GBP

SONIA)

Annually,

9/27/51

27,725

17,973

(2)

17,975‌

50

Year

Interest

Rate

Swap,

Pay

Fixed

4.085%

Annually,

Receive

Variable

3.727%

(GBP

SONIA)

Annually,

10/11/72

14,144

(2,283)

—

(2,283‌)

Total

United

Kingdom

16,974‌

Total

Centrally

Cleared

Interest

Rate

Swaps

12,679‌

Zero-Coupon

Inflation

Swaps

0.1%

Foreign/Europe

0.0%

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.093%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/16/27

74,483

504

—

504‌

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.113%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/16/27

73,849

420

—

420‌

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.203%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/16/27

73,848

59

1

58‌

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.205%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/16/27

52,830

35

—

35‌

Total

Foreign/Europe

1,017‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

37

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

United

States

0.1%

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.440%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

1/31/28

42,863

167

—

167‌

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.453%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

1/31/28

25,514

85

—

85‌

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.453%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

1/31/28

42,864

142

1

141‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.486%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

1/25/33

21,526

144

—

144‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.490%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

1/25/33

43,052

273

—

273‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.498%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

1/25/33

67,722

386

1

385‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.532%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

3/28/33

43,164

118

—

118‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.539%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

3/28/33

43,164

91

—

91‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.543%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

3/28/33

45,322

78

—

78‌

Total

United

States

1,482‌

Total

Centrally

Cleared

Zero-Coupon

Inflation

Swaps

2,499‌

Total

Centrally

Cleared

Swaps

(11,311‌)

Net

payments

(receipts)

of

variation

margin

to

date

4,170‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(7,141‌)

*

Credit

ratings

as

of

June

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

$(51).

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

38

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

7/7/23

KRW

57,197,040‌

USD

44,388‌

$

(966‌)

Bank

of

America

7/7/23

USD

33,289‌

INR

2,752,897‌

(257‌)

Bank

of

America

7/7/23

USD

44,202‌

KRW

57,197,040‌

779‌

Bank

of

America

7/21/23

EUR

16,688‌

USD

18,121‌

109‌

Bank

of

America

7/21/23

EUR

101,551‌

USD

111,232‌

(298‌)

Bank

of

America

7/21/23

NOK

454,065‌

USD

42,252‌

86‌

Bank

of

America

7/21/23

USD

59,496‌

AUD

89,930‌

(450‌)

Bank

of

America

7/21/23

USD

173,005‌

MXN

3,188,685‌

(12,487‌)

Bank

of

America

7/21/23

USD

31,945‌

RON

144,152‌

238‌

Bank

of

America

8/11/23

CLP

17,730,521‌

USD

21,742‌

247‌

Bank

of

America

8/18/23

USD

7,899‌

ZAR

150,640‌

(65‌)

Bank

of

America

8/18/23

ZAR

705,271‌

USD

35,889‌

1,397‌

Bank

of

America

8/25/23

USD

133,765‌

SEK

1,441,383‌

(230‌)

Bank

of

America

9/8/23

USD

6,582‌

THB

227,811‌

113‌

Bank

of

America

10/6/23

KRW

57,197,040‌

USD

44,434‌

(788‌)

Barclays

Bank

7/7/23

USD

9,155‌

INR

750,405‌

11‌

Barclays

Bank

8/11/23

GBP

5,442‌

USD

6,892‌

21‌

Barclays

Bank

8/11/23

USD

5,906‌

GBP

4,627‌

29‌

Barclays

Bank

8/18/23

USD

45,114‌

ZAR

873,740‌

(1,079‌)

Barclays

Bank

9/8/23

USD

2,934‌

THB

101,084‌

64‌

Barclays

Bank

10/6/23

INR

750,405‌

USD

9,124‌

(10‌)

BNP

Paribas

7/20/23

ILS

11,575‌

USD

3,190‌

(65‌)

BNP

Paribas

7/21/23

EUR

13,972‌

USD

14,992‌

270‌

BNP

Paribas

7/21/23

EUR

37,602‌

USD

41,108‌

(31‌)

BNP

Paribas

7/21/23

MXN

423,806‌

USD

24,349‌

305‌

BNP

Paribas

8/11/23

GBP

47,852‌

USD

60,498‌

289‌

BNP

Paribas

8/11/23

GBP

30,000‌

USD

38,345‌

(235‌)

BNP

Paribas

8/11/23

USD

34,432‌

CLP

27,851,613‌

(108‌)

BNP

Paribas

8/18/23

HUF

4,353,355‌

USD

12,352‌

237‌

BNP

Paribas

8/18/23

PLN

16,939‌

USD

4,064‌

91‌

BNP

Paribas

8/18/23

USD

2,930‌

PLN

11,962‌

(5‌)

BNP

Paribas

9/5/23

BRL

17,511‌

USD

3,543‌

71‌

BNP

Paribas

9/5/23

USD

22,012‌

BRL

112,278‌

(1,156‌)

BNP

Paribas

9/8/23

COP

20,353,439‌

USD

4,483‌

302‌

BNP

Paribas

9/8/23

USD

22,325‌

COP

101,999,812‌

(1,658‌)

BNP

Paribas

9/8/23

USD

18,308‌

MYR

83,788‌

197‌

BNY

Mellon

7/21/23

USD

136,258‌

EUR

123,532‌

1,312‌

Canadian

Imperial

Bank

of

Commerce

7/21/23

CAD

55,364‌

USD

41,964‌

(158‌)

Canadian

Imperial

Bank

of

Commerce

7/21/23

USD

65,504‌

CAD

88,213‌

(1,107‌)

Citibank

7/7/23

USD

832‌

IDR

12,471,286‌

—‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

39

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Citibank

7/20/23

USD

119,683‌

ILS

433,795‌

$

2,582‌

Citibank

7/21/23

AUD

33,894‌

USD

22,931‌

(337‌)

Citibank

7/21/23

MXN

66,665‌

USD

3,881‌

(3‌)

Citibank

7/21/23

RSD

266,398‌

USD

2,490‌

(11‌)

Citibank

7/21/23

USD

85,711‌

AUD

129,382‌

(533‌)

Citibank

7/21/23

USD

70,319‌

EUR

64,347‌

27‌

Citibank

7/21/23

USD

7,743‌

EUR

7,210‌

(133‌)

Citibank

7/21/23

USD

3,930‌

JPY

530,034‌

244‌

Citibank

7/21/23

USD

42,590‌

NZD

68,811‌

364‌

Citibank

7/21/23

USD

32,571‌

RSD

3,496,127‌

45‌

Citibank

8/11/23

USD

21,974‌

CLP

17,730,521‌

(14‌)

Citibank

8/11/23

USD

39,596‌

GBP

31,048‌

156‌

Citibank

8/18/23

USD

41,074‌

HUF

14,647,078‌

(1,282‌)

Citibank

8/18/23

USD

92,083‌

PLN

384,833‌

(2,330‌)

Citibank

8/18/23

USD

19,397‌

ZAR

371,888‌

(264‌)

Citibank

9/8/23

USD

50,780‌

COP

229,499,577‌

(3,180‌)

Citibank

9/15/23

CNH

517,239‌

USD

71,680‌

(74‌)

Citibank

10/6/23

IDR

12,471,286‌

USD

830‌

(3‌)

Citibank

10/6/23

USD

7,530‌

TWD

232,972‌

20‌

Deutsche

Bank

7/7/23

INR

3,503,302‌

USD

42,465‌

225‌

Deutsche

Bank

7/7/23

TWD

1,209,816‌

USD

38,952‌

(109‌)

Deutsche

Bank

7/21/23

EUR

157,779‌

USD

174,317‌

(1,960‌)

Deutsche

Bank

7/21/23

JPY

629,336‌

USD

4,623‌

(247‌)

Deutsche

Bank

7/21/23

USD

47,229‌

AUD

69,297‌

1,036‌

Deutsche

Bank

8/18/23

HUF

6,050,179‌

USD

17,325‌

171‌

Deutsche

Bank

8/18/23

USD

3,294‌

HUF

1,137,340‌

5‌

Deutsche

Bank

8/18/23

USD

5,592‌

HUF

1,955,709‌

(64‌)

Deutsche

Bank

8/18/23

ZAR

663,155‌

USD

34,020‌

1,039‌

Deutsche

Bank

9/5/23

USD

22,036‌

BRL

112,278‌

(1,132‌)

Deutsche

Bank

9/8/23

USD

9,297‌

MYR

42,485‌

114‌

Deutsche

Bank

10/6/23

USD

33,929‌

TWD

1,051,467‌

36‌

Goldman

Sachs

7/7/23

IDR

613,264,035‌

USD

41,309‌

(440‌)

Goldman

Sachs

7/7/23

TWD

1,852,353‌

USD

59,422‌

50‌

Goldman

Sachs

7/7/23

USD

729‌

IDR

10,890,138‌

3‌

Goldman

Sachs

7/7/23

USD

134,657‌

TWD

4,032,753‌

5,180‌

Goldman

Sachs

7/20/23

ILS

8,837‌

USD

2,391‌

(6‌)

Goldman

Sachs

7/21/23

EUR

96,798‌

USD

105,982‌

(240‌)

Goldman

Sachs

7/21/23

NZD

2,877‌

USD

1,796‌

(31‌)

Goldman

Sachs

7/21/23

USD

86,697‌

MXN

1,594,342‌

(6,049‌)

Goldman

Sachs

7/21/23

USD

85,697‌

NOK

922,032‌

(275‌)

Goldman

Sachs

7/21/23

USD

13,401‌

NZD

22,013‌

(107‌)

Goldman

Sachs

8/11/23

USD

17,060‌

CLP

13,749,530‌

8‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

40

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Goldman

Sachs

8/18/23

USD

207,957‌

ZAR

3,858,229‌

$

3,982‌

Goldman

Sachs

9/8/23

USD

41,510‌

THB

1,432,324‌

834‌

Goldman

Sachs

9/15/23

USD

11,460‌

CNH

81,273‌

209‌

Goldman

Sachs

10/6/23

IDR

10,890,138‌

USD

728‌

(5‌)

Goldman

Sachs

10/6/23

INR

171,930‌

USD

2,090‌

(1‌)

Goldman

Sachs

10/6/23

USD

59,718‌

TWD

1,852,353‌

8‌

HSBC

Bank

7/7/23

TWD

970,585‌

USD

31,223‌

(61‌)

HSBC

Bank

7/7/23

USD

39,062‌

IDR

589,902,611‌

(251‌)

HSBC

Bank

8/11/23

USD

695,113‌

GBP

550,318‌

(3,961‌)

HSBC

Bank

8/18/23

HUF

2,549,385‌

USD

7,189‌

183‌

HSBC

Bank

8/18/23

ZAR

440,123‌

USD

22,620‌

649‌

HSBC

Bank

9/8/23

USD

9,292‌

MYR

42,483‌

109‌

HSBC

Bank

9/15/23

USD

117,535‌

CNH

831,499‌

2,424‌

HSBC

Bank

10/6/23

USD

31,353‌

TWD

970,585‌

66‌

JPMorgan

Chase

7/20/23

ILS

11,245‌

USD

3,034‌

2‌

JPMorgan

Chase

7/21/23

AUD

7,662‌

USD

5,006‌

101‌

JPMorgan

Chase

7/21/23

AUD

1,653‌

USD

1,105‌

(3‌)

JPMorgan

Chase

7/21/23

CAD

3,409‌

USD

2,510‌

64‌

JPMorgan

Chase

7/21/23

EUR

96,798‌

USD

106,074‌

(332‌)

JPMorgan

Chase

7/21/23

JPY

12,723,648‌

USD

88,387‌

88‌

JPMorgan

Chase

7/21/23

JPY

357,996‌

USD

2,586‌

(96‌)

JPMorgan

Chase

7/21/23

MXN

45,650‌

USD

2,538‌

118‌

JPMorgan

Chase

7/21/23

NZD

5,674‌

USD

3,442‌

40‌

JPMorgan

Chase

7/21/23

RSD

266,541‌

USD

2,474‌

6‌

JPMorgan

Chase

7/21/23

USD

9,557‌

AUD

14,524‌

(124‌)

JPMorgan

Chase

7/21/23

USD

7,424‌

EUR

6,907‌

(121‌)

JPMorgan

Chase

7/21/23

USD

5,873‌

NZD

9,652‌

(50‌)

JPMorgan

Chase

7/21/23

USD

2,840‌

RON

13,144‌

(51‌)

JPMorgan

Chase

8/11/23

GBP

4,991‌

USD

6,172‌

168‌

JPMorgan

Chase

8/11/23

USD

7,003‌

GBP

5,507‌

8‌

JPMorgan

Chase

8/18/23

USD

13,312‌

CZK

284,803‌

268‌

JPMorgan

Chase

9/8/23

USD

35,875‌

THB

1,232,624‌

871‌

JPMorgan

Chase

9/15/23

USD

124,356‌

CNH

882,691‌

2,158‌

Morgan

Stanley

7/21/23

USD

25,098‌

EUR

23,029‌

(59‌)

Morgan

Stanley

7/21/23

USD

9,134‌

MXN

156,611‌

24‌

Morgan

Stanley

7/21/23

USD

170,778‌

MXN

3,141,092‌

(11,945‌)

Morgan

Stanley

7/21/23

USD

1,416‌

NZD

2,359‌

(32‌)

Morgan

Stanley

8/11/23

GBP

3,137‌

USD

4,009‌

(24‌)

Morgan

Stanley

8/18/23

ZAR

218,997‌

USD

11,176‌

402‌

Morgan

Stanley

9/5/23

USD

146,826‌

BRL

743,251‌

(6,540‌)

Morgan

Stanley

9/8/23

USD

29,880‌

COP

135,999,749‌

(2,096‌)

RBC

Dominion

Securities

7/21/23

CAD

178,583‌

USD

134,126‌

724‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

41

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

RBC

Dominion

Securities

7/21/23

USD

12,409‌

AUD

18,714‌

$

(66‌)

RBC

Dominion

Securities

7/21/23

USD

5,406‌

CAD

7,156‌

2‌

RBC

Dominion

Securities

7/21/23

USD

220,600‌

CAD

296,708‌

(3,447‌)

RBC

Dominion

Securities

7/21/23

USD

24,400‌

EUR

22,333‌

4‌

RBC

Dominion

Securities

7/21/23

USD

147,669‌

NZD

238,673‌

1,208‌

RBC

Dominion

Securities

8/11/23

GBP

4,177‌

USD

5,302‌

4‌

RBC

Dominion

Securities

8/11/23

USD

7,679‌

GBP

6,139‌

(119‌)

Standard

Chartered

7/21/23

USD

163,572‌

MXN

3,009,120‌

(11,474‌)

Standard

Chartered

9/8/23

MYR

39,385‌

USD

8,605‌

(92‌)

State

Street

7/21/23

CAD

2,643‌

USD

1,971‌

25‌

State

Street

7/21/23

EUR

160,033‌

USD

175,748‌

(929‌)

State

Street

7/21/23

MXN

513,740‌

USD

28,524‌

1,361‌

State

Street

7/21/23

NOK

467,967‌

USD

42,933‌

701‌

State

Street

7/21/23

USD

142,768‌

EUR

130,644‌

53‌

State

Street

7/21/23

USD

217,382‌

EUR

200,865‌

(2,041‌)

State

Street

7/21/23

USD

210,729‌

JPY

29,609,850‌

4,832‌

State

Street

7/21/23

USD

106,443‌

MXN

1,953,005‌

(7,167‌)

State

Street

7/21/23

USD

79,448‌

NZD

128,161‌

803‌

State

Street

7/21/23

USD

2,220‌

NZD

3,696‌

(49‌)

State

Street

8/11/23

GBP

76,611‌

USD

97,395‌

(76‌)

State

Street

8/11/23

USD

24,871‌

GBP

19,520‌

74‌

State

Street

8/18/23

USD

21,676‌

ZAR

425,422‌

(815‌)

State

Street

9/5/23

BRL

221,720‌

USD

44,942‌

808‌

State

Street

9/5/23

USD

140,006‌

BRL

708,239‌

(6,135‌)

State

Street

9/8/23

USD

8,513‌

COP

36,204,540‌

1‌

UBS

Investment

Bank

7/21/23

JPY

29,506,800‌

USD

218,973‌

(13,793‌)

UBS

Investment

Bank

7/21/23

USD

29,289‌

AUD

44,294‌

(237‌)

UBS

Investment

Bank

7/21/23

USD

107,185‌

EUR

98,625‌

(552‌)

UBS

Investment

Bank

8/11/23

USD

18,275‌

CLP

14,807,186‌

(88‌)

UBS

Investment

Bank

8/11/23

USD

16,962‌

GBP

13,700‌

(441‌)

UBS

Investment

Bank

8/18/23

PLN

35,104‌

USD

8,513‌

99‌

UBS

Investment

Bank

8/18/23

USD

78,034‌

HUF

27,172,375‌

(543‌)

UBS

Investment

Bank

8/18/23

USD

11,850‌

ZAR

225,960‌

(96‌)

UBS

Investment

Bank

8/18/23

ZAR

658,695‌

USD

33,568‌

1,256‌

UBS

Investment

Bank

9/5/23

BRL

45,494‌

USD

8,931‌

456‌

UBS

Investment

Bank

9/8/23

USD

20,344‌

COP

92,337,637‌

(1,366‌)

UBS

Investment

Bank

9/8/23

USD

29,894‌

PHP

1,683,178‌

(501‌)

UBS

Investment

Bank

9/8/23

USD

32,121‌

THB

1,106,649‌

694‌

Wells

Fargo

8/11/23

GBP

90,074‌

USD

112,804‌

1,617‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(70,779‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

42

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

2,203

Commonwealth

of

Australia

ten

year

bond

contracts

9/23

170,486

$

(733‌)

Short,

1,909

Euro

BOBL

contracts

9/23

(241,036)

2,226‌

Short,

724

Euro

BUXL

thirty

year

bond

contracts

9/23

(110,288)

(2,730‌)

Short,

911

Euro

OAT

contracts

9/23

(127,640)

205‌

Long,

61

Government

of

Canada

ten

year

bond

contracts

9/23

5,642

(8‌)

Short,

172

Japanese

Bond

ten

year

9/23

(177,072)

(589‌)

Short,

1,396

Mini

ten

year

JGB

contracts

9/23

(143,649)

(540‌)

Long,

2,269

Republic

of

South

Korea

ten

year

bond

contracts

9/23

191,074

(108‌)

Short,

2,947

U.K.

Gilt

ten

year

contracts

9/23

(356,678)

(723‌)

Long,

26,960

U.S.

Treasury

Notes

five

year

contracts

9/23

2,887,248

(49,996‌)

Long,

6,548

U.S.

Treasury

Notes

ten

year

contracts

9/23

735,115

(12,215‌)

Long,

6,988

U.S.

Treasury

Notes

two

year

contracts

9/23

1,420,966

(16,688‌)

Short,

5,594

Ultra

U.S.

Treasury

Bonds

contracts

9/23

(762,008)

(8,515‌)

Long,

5,134

Ultra

U.S.

Treasury

Notes

ten

year

contracts

9/23

608,058

(7,012‌)

Short,

4,212

Three

month

SOFR

contracts

12/23

(996,559)

5,579‌

Net

payments

(receipts)

of

variation

margin

to

date

85,756‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(6,091‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

43

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

six

months

ended

June

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,

5.13%

$

—‌

$

—‌

$

3,592‌++

Totals

$

—‌#

$

—‌

$

3,592‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

06/30/23

T.

Rowe

Price

Government

Reserve

Fund,

5.13%

$

534,699‌

 ¤

  ¤

$

381,616‌

Total

$

381,616‌^

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

4

.

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$3,592

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

$381,616.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

June

30,

2023

(Unaudited)

Statement

of

Assets

and

Liabilities

44

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$4,308,588)

$

4,198,314‌

Cash

deposits

on

centrally

cleared

swaps

114,838‌

Cash

deposits

on

futures

contracts

102,523‌

Restricted

cash

pledged

for

bilateral

derivatives

86,068‌

Interest

receivable

49,779‌

Unrealized

gain

on

forward

currency

exchange

contracts

44,977‌

Receivable

for

investment

securities

sold

39,136‌

Bilateral

swap

premiums

paid

18,537‌

Cash

deposits

on

exchange-traded

options

7,653‌

Unrealized

gain

on

bilateral

swaps

7,523‌

Foreign

currency

(cost

$6,965)

6,823‌

Cash

2,597‌

Due

from

affiliates

1,252‌

Receivable

for

shares

sold

1,164‌

Other

assets

1,236‌

Total

assets

4,682,420‌

Liabilities

Unrealized

loss

on

forward

currency

exchange

contracts

115,756‌

Payable

for

investment

securities

purchased

67,651‌

Bilateral

swap

premiums

received

35,424‌

Obligation

to

return

securities

lending

collateral

22,988‌

Unrealized

loss

on

bilateral

swaps

16,489‌

Variation

margin

payable

on

centrally

cleared

swaps

7,141‌

Variation

margin

payable

on

futures

contracts

6,091‌

Payable

for

shares

redeemed

4,487‌

Options

written

(premiums

$6,818)

2,751‌

Investment

management

fees

payable

1,684‌

Payable

to

directors

4‌

Other

liabilities

226‌

Total

liabilities

280,692‌

NET

ASSETS

$

4,401,728‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

June

30,

2023

(Unaudited)

Statement

of

Assets

and

Liabilities

45

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

(927,868‌)

Paid-in

capital

applicable

to

552,664,445

shares

of

$0.01

par

value

capital

stock

outstanding;

18,000,000,000

shares

of

the

Corporation

authorized

5,329,596‌

NET

ASSETS

$

4,401,728‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$486,305;

Shares

outstanding:

60,937,548)

$

7.98‌

Advisor

Class

(Net

assets:

$535;

Shares

outstanding:

67,241)

$

7.95‌

I

Class

(Net

assets:

$671,439;

Shares

outstanding:

84,320,968)

$

7.96‌

Z

Class

(Net

assets:

$3,243,449;

Shares

outstanding:

407,338,688)

$

7.96‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

(Unaudited)

Statement

of

Operations

46

($000s)

6

Months

Ended

6/30/23

Investment

Income

(Loss)

Income

    Interest

(net

of

foreign

taxes

of

$40)

$

124,641‌

Dividend

3,592‌

Securities

lending

289‌

Total

income

128,522‌

Expenses

Investment

management

10,525‌

Shareholder

servicing

Investor

Class

$

486‌

I

Class

37‌

523‌

Rule

12b-1

fees

Advisor

Class

1‌

Prospectus

and

shareholder

reports

Investor

Class

20‌

I

Class

12‌

Z

Class

1‌

33‌

Custody

and

accounting

359‌

Registration

41‌

Legal

and

audit

24‌

Proxy

and

annual

meeting

22‌

Directors

8‌

Miscellaneous

186‌

Waived

/

paid

by

Price

Associates

(7,876‌)

Total

expenses

3,846‌

Net

investment

income

124,676‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

(Unaudited)

Statement

of

Operations

47

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

6/30/23

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(125,611‌)

Futures

(37,273‌)

Swaps

(49,302‌)

Options

written

48,768‌

Forward

currency

exchange

contracts

(233,683‌)

Foreign

currency

transactions

(3,701‌)

Net

realized

loss

(400,802‌)

Change

in

net

unrealized

gain

/

loss

Securities

200,054‌

Futures

(138,569‌)

Swaps

(41,723‌)

Options

written

2,522‌

Forward

currency

exchange

contracts

70,361‌

Other

assets

and

liabilities

denominated

in

foreign

currencies

685‌

Change

in

net

unrealized

gain

/

loss

93,330‌

Net

realized

and

unrealized

gain

/

loss

(307,472‌)

DECREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

(182,796‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

48

($000s)

6

Months

Ended

6/30/23

Year

Ended

12/31/22

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

124,676‌

$

214,665‌

Net

realized

gain

(loss)

(400,802‌)

322,646‌

Change

in

net

unrealized

gain

/

loss

93,330‌

(343,926‌)

Increase

(decrease)

in

net

assets

from

operations

(182,796‌)

193,385‌

Distributions

to

shareholders

Net

earnings

Investor

Class

(12,032‌)

(69,531‌)

Advisor

Class

(12‌)

(75‌)

I

Class

(16,325‌)

(102,522‌)

Z

Class

(81,059‌)

(489,455‌)

Decrease

in

net

assets

from

distributions

(109,428‌)

(661,583‌)

Capital

share

transactions

*

Shares

sold

Investor

Class

170,238‌

719,584‌

Advisor

Class

78‌

583‌

I

Class

142,320‌

566,295‌

Z

Class

355,274‌

243,322‌

Distributions

reinvested

Investor

Class

11,940‌

69,337‌

Advisor

Class

10‌

61‌

I

Class

16,090‌

101,781‌

Z

Class

80,984‌

489,455‌

Shares

redeemed

Investor

Class

(206,674‌)

(302,002‌)

Advisor

Class

(72‌)

(161‌)

I

Class

(171,020‌)

(422,336‌)

Z

Class

(189,809‌)

(1,048,428‌)

Increase

in

net

assets

from

capital

share

transactions

209,359‌

417,491‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

49

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

6/30/23

Year

Ended

12/31/22

Net

Assets

Decrease

during

period

(82,865‌)

(50,707‌)

Beginning

of

period

4,484,593‌

4,535,300‌

End

of

period

$

4,401,728‌

$

4,484,593‌

*Share

information

(000s)

Shares

sold

Investor

Class

20,143‌

73,434‌

Advisor

Class

9‌

61‌

I

Class

17,038‌

58,752‌

Z

Class

43,847‌

25,271‌

Distributions

reinvested

Investor

Class

1,439‌

8,096‌

Advisor

Class

1‌

7‌

I

Class

1,944‌

11,754‌

Z

Class

9,782‌

56,146‌

Shares

redeemed

Investor

Class

(24,765‌)

(31,401‌)

Advisor

Class

(9‌)

(17‌)

I

Class

(20,543‌)

(44,241‌)

Z

Class

(22,768‌)

(107,062‌)

Increase

in

shares

outstanding

26,118‌

50,800‌

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

Unaudited

NOTES

TO

FINANCIAL

STATEMENTS

50

T.

Rowe

Price

International

Funds,

Inc.

(the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Dynamic

Global

Bond

Fund

(the

fund)

is a

nondiversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks

high

current

income.

The

fund

has

four classes

of

shares:

the

Dynamic

Global

Bond

Fund

(Investor

Class),

the

Dynamic

Global

Bond

Fund–Advisor

Class

(Advisor

Class),

the

Dynamic

Global

Bond

Fund–I

Class

(I

Class)

and

the

Dynamic

Global

Bond

Fund–Z

Class

(Z

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Z

Class

is

only

available

to

funds

advised

by

T.

Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services.

The

Advisor

Class

operates

under

a

Board-approved

Rule

12b-1

plan

pursuant

to

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/or

certain

administrative

services;

the

Investor,

I

and

Z

Classes

do

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

 Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis.

Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

Inflation

adjustments

to

the

principal

amount

of

inflation-indexed

bonds

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

51

are

reflected

as

interest

income.

Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense.

Dividends

received

from other

investment

companies are

reflected

as

dividend

income;

capital

gain

distributions

are

reflected

as

realized

gain/loss.

Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date.

Earnings

on

investments

recognized

as

partnerships

for

federal

income

tax

purposes

reflect

the

tax

character

of

such

earnings.

Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Income

distributions,

if

any, are

declared

by

each

class daily

and

paid

monthly.

A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class’s

outstanding

shares.

The

Advisor

Class

pays

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

of

the

class’s

average

daily

net

assets.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

New

Accounting

Guidance

 In

June

2022,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions,

which

clarifies

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

52

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

is

not

considered

in

measuring

fair

value.

The

amendments

under

this

ASU

are

effective

for

fiscal

years

beginning

after

December

15,

2023;

however,

the

fund

opted

to

early

adopt,

as

permitted,

effective

December

1,

2022. Adoption

of

the

guidance

did not

have

a

material

impact

on

the fund's

financial  statements.

The

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2020–04,

Reference

Rate

Reform

(Topic

848) –

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

in

March

2020

and

ASU

2021-01

in

January

2021

which

provided

further

amendments

and

clarifications

to

Topic

848.

These

ASUs provide

optional,

temporary

relief

with

respect

to

the

financial

reporting

of

contracts

subject

to

certain

types

of

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR),

and

other

interbank-offered

based

reference

rates,

through December

31,

2022.

In

December

2022,

FASB

issued

ASU

2022-06

which

defers

the

sunset

date

of

Topic

848

from

December

31,

2022

to

December

31,

2024,

after

which

entities

will

no

longer

be

permitted

to

apply

the

relief

in

Topic

848.

Management

intends

to

rely

upon

the

relief

provided

under

Topic

848,

which

is

not

expected to

have

a

material

impact

on

the fund's

financial  statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

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.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

53

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

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

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

54

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of the

fund’s

portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

in

private

investment

companies

are

valued

at

the

investee’s

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee’s

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation Designee

may

adjust

the

investee’s

NAV

to

reflect

fair

value

at

the

valuation

date.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

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

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

55

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

56

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

June

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

$

—‌

$

3,795,799‌

$

—‌

$

3,795,799‌

Common

Stocks

—‌

248‌

—‌

248‌

Private

Investment

Company

2

—‌

—‌

—‌

4,930‌

Short-Term

Investments

358,628‌

—‌

—‌

358,628‌

Securities

Lending

Collateral

22,988‌

—‌

—‌

22,988‌

Options

Purchased

—‌

15,721‌

—‌

15,721‌

Total

Securities

381,616‌

3,811,768‌

—‌

4,198,314‌

Swaps*

—‌

52,187‌

—‌

52,187‌

Forward

Currency

Exchange

Contracts

—‌

44,977‌

—‌

44,977‌

Futures

Contracts*

8,010‌

—‌

—‌

8,010‌

Total

$

389,626‌

$

3,908,932‌

$

—‌

$

4,303,488‌

Liabilities

Options

Written

$

—‌

$

2,751‌

$

—‌

$

2,751‌

Swaps*

—‌

89,351‌

—‌

89,351‌

Forward

Currency

Exchange

Contracts

—‌

115,756‌

—‌

115,756‌

Futures

Contracts*

99,857‌

—‌

—‌

99,857‌

Total

$

99,857‌

$

207,858‌

$

—‌

$

307,715‌

1

Includes

Asset-Backed

Securities,

Bank

Loans,

Convertible

Bonds,

Corporate

Bonds,

Government

Bonds,

Municipal

Securities

and

Non-U.S.

Government

Mortgage-Backed

Securities.

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

57

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

six

months ended

June

30,

2023,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

June

30,

2023,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

58

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

Assets

Inflation

derivatives

Centrally

Cleared

Swaps

$

2,499‌

Interest

rate

derivatives

Centrally

Cleared

Swaps

,

Futures

31,164‌

Foreign

exchange

derivatives

Forwards

,

Securities^

50,146‌

Credit

derivatives

Bilateral

Swaps

and

Premiums

,

Centrally

Cleared

Swaps

,

Securities^

26,247‌

Equity

derivatives

Bilateral

Swaps

and

Premiums

,

Securities^

10,839‌

^

,*

Total

$

120,895‌

^

,*

Liabilities

Interest

rate

derivatives

Centrally

Cleared

Swaps,

Futures

$

110,332‌

Foreign

exchange

derivatives

Forwards

115,756‌

Credit

derivatives

Bilateral

Swaps

and

Premiums

,

Centrally

Cleared

Swaps

78,334‌

Equity

derivatives

Bilateral

Swaps

and

Premiums

,

Options

Written

3,293‌

Total

$

307,715‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

^

Options

purchased

are

reported

as

securities

and

are

reflected

in

the

accompanying

Portfolio

of

Investments.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

59

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

six

months ended

June

30,

2023,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

($000s)                                               

Location

of

Gain

(Loss)

on

Statement

of

Operations

Securities^

Options

Written

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Inflation

derivatives

$

—‌

$

—‌

$

—‌

$

—‌

$

1,143‌

$

1,143‌

Interest

rate

derivatives

(15,909‌)

2,989‌

(37,273‌)

—‌

39,625‌

(10,568‌)

Foreign

exchange

derivatives

(5,237‌)

12,309‌

—‌

(233,683‌)

—‌

(226,611‌)

Credit

derivatives

(8,675‌)

14,597‌

—‌

—‌

(85,200‌)

(79,278‌)

Equity

derivatives

(25,321‌)

18,873‌

—‌

—‌

(4,870‌)

(11,318‌)

Total

$

(55,142‌)

$

48,768‌

$

(37,273‌)

$

(233,683‌)

$

(49,302‌)

$

(326,632‌)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

60

Counterparty

Risk

and

Collateral

 The

fund

invests

in

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-

traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Derivatives,

such

as

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

counterparty

risk.

To

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

($000s)                                                

Location

of

Gain

(Loss)

on

Statement

of

Operations

Securities^

Options

Written

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Change

in

Unrealized

Gain

(Loss)

Inflation

derivatives

$

—‌

$

—‌

$

—‌

$

—‌

$

1,737‌

$

1,737‌

Interest

rate

derivatives

(4,060‌)

—‌

(138,569‌)

—‌

(55,964‌)

(198,593‌)

Foreign

exchange

derivatives

550‌

—‌

—‌

70,361‌

—‌

70,911‌

Credit

derivatives

1,545‌

(1,545‌)

—‌

—‌

10,971‌

10,971‌

Equity

derivatives

(12,452‌)

4,067‌

—‌

—‌

1,533‌

(6,852‌)

Total

$

(14,417‌)

$

2,522‌

$

(138,569‌)

$

70,361‌

$

(41,723‌)

$

(121,826‌)

^

Options

purchased

are

reported

as

securities.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

61

also

require

the

exchange

of

collateral

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund’s

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

FX

letters

do

not.

Variation

margin

amounts

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

non-cleared

bilateral

derivatives,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

variation

margin

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Initial

margin

amounts

are

determined

on

a

daily

basis

and

calculated

in

accordance

to

global

regulations

on

all

bilateral

derivatives,

subject

to

an

initial

margin

threshold

(typically

$50,000,000

per

counterparty)

and

a

minimum

transfer

amount

of

$100,000

to

$250,000

when

initial

margin

amounts

exceed

the

counterparty

threshold.

Any

additional

initial

margin

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Variation

margin

and

initial

margin

are

collectively

referred

to

as

collateral.

Collateral

may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

and

by

the

governments

of

France,

Germany,

Italy,

Spain,

or

the

United

Kingdom,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

Collateral

pledged

by

counterparties

is

not

included

in

the

fund’s

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

by

the

fund

is

held

in

a

segregated

account

at

the

fund’s

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

62

cleared,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

June

30,

2023,

cash

of $225,014,000 had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

The

following

table

summarizes

the

fund’s

OTC

and

bilateral

derivatives

at

the

reporting

date

by

loss

exposure

to

each

counterparty

after

consideration

of

collateral,

if

any. 

Forward

Currency

Exchange

Contracts

 The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-

($000s)

Gross

Value

on

Statements

of

Assets

and

Liabilities

Net

amount

due

(to)/from

Counterparty

or

Exchange

Collateral

Pledged

(Received)

by

Fund

Loss

Exposure,

After

Collateral*

(not

less

than

$0)

Counterparty

Assets

Liabilities

Bank

of

America

$

2,969‌

$

(24,453‌)

$

(21,484‌)

$

20,000‌

$

—‌

Barclays

Bank

2,783‌

(1,089‌)

1,694‌

(1,530‌)

164‌

BNP

Paribas

1,762‌

(3,258‌)

(1,496‌)

1,701‌

205‌

BNY

Mellon

1,312‌

—‌

1,312‌

(1,620‌)

—‌

Canadian

Imperial

Bank

of

Commerce

—‌

(1,265‌)

(1,265‌)

1,260‌

—‌

Citibank

6,875‌

(8,164‌)

(1,289‌)

2,630‌

1,341‌

Deutsche

Bank

2,626‌

(3,512‌)

(886‌)

680‌

—‌

Goldman

Sachs

10,739‌

(23,027‌)

(12,288‌)

8,100‌

—‌

HSBC

Bank

3,431‌

(4,273‌)

(842‌)

(4,105‌)

—‌

JPMorgan

Chase

12,308‌

(3,699‌)

8,609‌

(4,010‌)

4,599‌

Morgan

Stanley

22,780‌

(46,612‌)

(23,832‌)

19,837‌

—‌

RBC

Dominion

Securities

1,942‌

(3,632‌)

(1,690‌)

300‌

—‌

Standard

Chartered

—‌

(11,566‌)

(11,566‌)

11,880‌

314‌

State

Street

8,658‌

(17,212‌)

(8,554‌)

5,690‌

—‌

UBS

Investment

Bank

5,915‌

(17,617‌)

(11,702‌)

13,990‌

2,288‌

Wells

Fargo

1,617‌

—‌

1,617‌

(850‌)

767‌

Total

$

85,717‌

$

(169,379‌)

*

In

situations

such

as

counterparty

default

or

bankruptcy,

the

fund

may

have

further

rights

of

offset

against

amounts

due

to

or

from

the

counterparty

under

other

agreements.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

63

denominated

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

fund’s

foreign

currency

exposure

from

one

country

to

another,

or

to

enhance

the

fund’s

return.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund’s

total

return;

and

the

potential

for

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

June

30,

2023,

the

volume

of

the

fund’s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

between

68%

and

82%

of

net

assets.

Futures

Contracts

 The

fund

is

subject

to interest

rate

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risk.

The

fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

credit

quality,

and

mortgage

prepayments;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/or

interest

rates,

and

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

64

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

June

30,

2023,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

35%

and

163%

of

net

assets.

Options 

 The

fund

is

subject

to interest

rate

risk,

foreign

currency

exchange

rate

risk,

credit

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risks.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss.

In

return

for

a

premium

paid,

currency

options

give

the

holder

the

right,

but

not

the

obligation,

to

buy

and

sell

currency

at

a

specified

exchange

rate;

although

certain

currency

options

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract.

In

return

for

a

premium

paid,

call

and

put

options

on

futures

give

the

holder

the

right,

but

not

the

obligation,

to

purchase

or

sell,

respectively,

a

position

in

a

particular

futures

contract

at

a

specified

exercise

price.

In

return

for

a

premium

paid,

call

and

put

index

options

give

the

holder

the

right,

but

not

the

obligation,

to

receive

cash

equal

to

the

difference

between

the

value

of

the

reference

index

on

the

exercise

date

and

the

exercise

price

of

the

option.

In

return

for

a

premium

paid,

options

on

swaps

give

the

holder

the

right,

but

not

the

obligation,

to

enter

a

specified

swap

contract

on

predefined

terms.

The

exercise

price

of

an

option

on

a

credit

default

swap

is

stated

in

terms

of

a

specified

spread

that

represents

the

cost

of

credit

protection

on

the

reference

asset,

including

both

the

upfront

premium

to

open

the

position

and

future

periodic

payments.

The

exercise

price

of

an

interest

rate

swap

is

stated

in

terms

of

a

fixed

interest

rate;

generally,

there

is

no

upfront

payment

to

open

the

position.

Risks related

to

the

use

of

options

include

possible

illiquidity

of

the

options

markets;

trading

restrictions

imposed

by

an

exchange

or

counterparty;

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

values,

interest

rates,

currency

values

and

credit

ratings;

and,

for

options

written,

the

potential

for

losses

to

exceed

any

premium

received

by

the

fund.

During

the

six

months ended

June

30,

2023,

the

volume

of

the

fund’s

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

78%

and

134%

of

net

assets.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

65

Swaps

 The

fund

is

subject

to

interest

rate

risk,

credit

risk,

inflation

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risks.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

in

the

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Interest

rate

swaps

are

agreements

to

exchange

cash

flows

based

on

the

difference

between

specified

interest

rates

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

interest

rate

swaps

include

the

potential

for

unanticipated

movements

in

interest

or

currency

rates,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment. 

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

66

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Generally,

the

payment

risk

for

the

seller

of

protection

is

inversely

related

to

the

current

market

price

or

credit

rating

of

the

underlying

credit

or

the

market

value

of

the

contract

relative

to

the

notional

amount,

which

are

indicators

of

the

markets’

valuation

of

credit

quality.

As

of

June

30,

2023,

the

notional

amount

of

protection

sold

by

the

fund

totaled $84,520,000

(1.9%

of

net

assets),

which

reflects

the

maximum

potential

amount

the

fund

could

be

required

to

pay

under

such

contracts.

Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

Zero-coupon

inflation

swaps

are

agreements

to

exchange

cash

flows,

on

the

contract’s

maturity

date,

based

on

the

difference

between

a

predetermined

fixed

rate

and

the

cumulative

change

in

the

consumer

price

index,

both

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

zero-coupon

inflation

swaps

include

the

potential

for

unanticipated

movements

in

inflation

rates,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment. 

Total

return

swaps

are

agreements

in

which

one

party

makes

payments

based

on

a

set

rate,

either

fixed

or

variable,

while

the

other

party

makes

payments

based

on

the

return

of

an

underlying

asset

(reference

asset),

such

as

an

index,

equity

security,

fixed

income

security

or

commodity-based

exchange-traded

fund,

which

includes

both

the

income

it

generates

and

any

change

in

its

value.

Risks

related

to

the

use

of

total

return

swaps

include

the

potential

for

unfavorable

changes

in

the

reference

asset,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment. 

During

the

six

months ended

June

30,

2023,

the

volume

of

the

fund’s

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

87%

and

172%

of

net

assets.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

67

NOTE

4

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective,

the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of

the

fund

are

described

more

fully

in

the

fund's

prospectus

and

Statement

of

Additional

Information.

Emerging

and

Frontier

Markets

 The fund

invests,

either

directly

or

through

investments

in

other

T.

Rowe

Price

funds,

in

securities

of

companies

located

in,

issued

by

governments

of,

or

denominated

in

or

linked

to

the

currencies

of

emerging

and

frontier

market

countries.

Emerging

markets,

and

to

a

greater

extent

frontier

markets, tend

to

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

that

are

less

stable,

than

those

of

developed

countries.

These

markets

may

be

subject

to

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund’s

ability

to

buy

or

sell

certain

securities

or

repatriate

proceeds

to

U.S.

dollars.

Emerging

markets

securities

exchanges

are

more

likely

to

experience

delays

with

the

clearing

and

settling

of

trades,

as

well

as

the

custody

of

holdings

by

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

to

greater

price

volatility,

less

liquidity,

and

higher

rates

of

inflation

than

U.S.

securities.

Investing

in

frontier

markets

is

typically

significantly

riskier

than

investing

in

other

countries,

including

emerging

markets.

Noninvestment-Grade

Debt

 The

fund

invests,

either

directly

or

through

its

investment

in

other

T.

Rowe

Price

funds,

in

noninvestment-grade

debt,

including

“high

yield”

or

“junk”

bonds

or

leveraged

loans.

Noninvestment-grade

debt

issuers

are

more

likely

to

suffer

an

adverse

change

in

financial

condition

that

would

result

in

the

inability

to

meet

a

financial

obligation.

The

noninvestment-grade

debt

market

may

experience

sudden

and

sharp

price

swings

due

to

a

variety

of

factors

that

may

decrease

the

ability

of

issuers

to

make

principal

and

interest

payments

and

adversely

affect

the

liquidity

or

value,

or

both,

of

such

securities.

Accordingly,

securities

issued

by

such

companies

carry

a

higher

risk

of

default

and

should

be

considered

speculative. 

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

Mortgage-Backed

Securities

 The

fund

invests

in

mortgage-backed

securities

(MBS

or

pass-through

certificates)

that

represent

an

interest

in

a

pool

of

specific

underlying

mortgage

loans

and

entitle

the

fund

to

the

periodic

payments

of

principal

and

interest

from

those

mortgages.

MBS

may

be

issued

by

government

agencies

or

corporations,

or

private

issuers.

Most

MBS

issued

by

government

agencies

are

guaranteed;

however,

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

68

the

degree

of

protection

differs

based

on

the

issuer.

MBS are

sensitive

to

changes

in

economic

conditions

that

affect

the

rate

of

prepayments

and

defaults

on

the

underlying

mortgages;

accordingly,

the

value,

income,

and

related

cash

flows

from

MBS

may

be

more

volatile

than

other

debt

instruments.

Bank

Loans

 The

fund

invests

in

bank

loans,

which

represent

an

interest

in

amounts

owed

by

a

borrower

to

a

syndicate

of

lenders.

Bank

loans

are

generally

noninvestment

grade

and

often

involve

borrowers

whose

financial

condition

is

highly

leveraged.

The

fund

may

invest

in

fixed

and

floating

rate

loans,

which

may

include

senior

floating

rate

loans;

secured

and

unsecured

loans,

second

lien

or

more

junior

loans;

and

bridge

loans

or

bridge

facilities.

Certain

bank

loans

may

be

revolvers

which

are

a

form

of

senior

bank

debt,

where

the

borrower

can

draw

down

the

credit

of

the

revolver

when

it

needs

cash

and

repays

the

credit

when

the

borrower

has

excess

cash.

Certain

loans

may

be

“covenant-lite”

loans,

which

means

the

loans

contain

fewer

maintenance

covenants

than

other

loans

(in

some

cases,

none)

and

do

not

include

terms

which

allow

the

lender

to

monitor

the

performance

of

the

borrower

and

declare

a

default

if

certain

criteria

are

breached.

As

a

result

of

these

risks,

the

fund’s

exposure

to

losses

may

be

increased.

Bank

loans

may

be

in

the

form

of

either

assignments

or

participations.

A

loan

assignment

transfers

all

legal,

beneficial,

and

economic

rights

to

the

buyer,

and

transfer

typically

requires

consent

of

both

the

borrower

and

agent.

In

contrast,

a

loan

participation

generally

entitles

the

buyer

to

receive

the

cash

flows

from

principal,

interest,

and

any

fee

payments

on

a

portion

of

a

loan;

however,

the

seller

continues

to

hold

legal

title

to

that

portion

of

the

loan.

As

a

result,

the

buyer

of

a

loan

participation

generally

has

no

direct

recourse

against

the

borrower

and

is

exposed

to

credit

risk

of

both

the

borrower

and

seller

of

the

participation.

Bank

loans

often

have

extended

settlement

periods,

generally

may

be

repaid

at

any

time

at

the

option

of

the

borrower,

and

may

require

additional

principal

to

be

funded

at

the

borrowers’

discretion

at

a

later

date

(e.g.

unfunded

commitments

and

revolving

debt

instruments).

Until

settlement,

the

fund

maintains

liquid

assets

sufficient

to

settle

its

unfunded

loan

commitments.

The

fund

reflects

both

the

funded

portion

of

a

bank

loan

as

well

as

its

unfunded

commitment

in

the

Portfolio

of

Investments.

However,

if

a

credit

agreement

provides

no

initial

funding

of

a

tranche,

and

funding

of

the

full

commitment

at

a

future

date(s)

is

at

the

borrower’s

discretion

and

considered

uncertain,

a

loan

is

reflected

in

the

Portfolio

of

Investments

only

if,

and

only

to

the

extent

that,

the

fund

has

actually

settled

a

funding

commitment.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

69

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

June

30,

2023,

the

value

of

loaned

securities

was

$21,879,000;

the

value

of

cash

collateral

and

related

investments

was

$22,988,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

short-term and

U.S.

government

securities

aggregated $1,749,457,000 and

$1,381,457,000,

respectively,

for

the

six

months ended

June

30,

2023.

Purchases

and

sales

of

U.S.

government

securities

aggregated

$117,761,000 and

$512,949,000,

respectively,

for

the

six

months ended

June

30,

2023.

NOTE

5

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its

taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/

tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

70

At

June

30,

2023,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$4,280,251,000.

Net

unrealized

loss

aggregated

$294,228,000

at

period-end,

of

which $292,881,000

related

to

appreciated

investments

and $587,109,000

related

to

depreciated

investments.

NOTE

6

-

FOREIGN  TAXES

The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

NOTE

7

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.20%

of

the

fund’s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund’s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’s

average

daily

net

assets. At

June

30,

2023,

the

effective

annual

group

fee

rate

was

0.29%.

The Advisor Class

is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

During

the

limitation

period,

Price

Associates

is

required

to

waive

its

management

fee

or

pay

any

expenses

(excluding

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

71

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary expenses;

and

acquired

fund

fees

and

expenses) that

would

otherwise

cause

the

class’s

ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the

class’s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class’

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

only

be

amended

or

terminated

with

approval

by

the

fund’s

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

Pursuant

to

these

agreements,

expenses

were

waived/paid

by

and/or

repaid

to

Price

Associates

during

the

six

months ended June

30,

2023

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $1,000 remain

subject

to

repayment

by

the

fund

at

June

30,

2023.

Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

72

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class

and

Advisor

Class.

For

the

six

months

ended

June

30,

2023,

expenses

incurred

pursuant

to

these

service

agreements

were

$60,000

for

Price

Associates;

$170,000

for

T.

Rowe

Price

Services,

Inc.;

and

less

than

$1,000

for

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

June

30,

2023,

approximately

29%

of

the

I

Class's

and

100%

of

the

Z

Class's

outstanding

shares

were

held

by

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

As

of

June

30,

2023,

T.

Rowe

Price

Group,

Inc.,

or

its

wholly

owned

subsidiaries,

owned

10,730

shares

of

the

Advisor

Class,

representing

16%

of

the

Advisor

Class's

net

assets. 

Advisor

Class

I

Class

Z

Class

Expense

limitation/I

Class

Limit

0.90%

0.05%

0.00%

Expense

limitation

date

04/30/24

04/30/24

N/A

(Waived)/repaid

during

the

period

($000s)

$—

(1)

$—

$(7,876)

(1)

Amount

rounds

to

less

than

$1,000

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

73

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months

ended

June

30,

2023,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

NOTE

8

-

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

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.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

74

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

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

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

RESULTS

OF

PROXY

VOTING

A

Special

Meeting

of

Shareholders

was

held

on

July

24,

2023

for

shareholders

of

record

on

April

7,

2023,

to

elect

the

following

director-nominees

to

serve

on

the

Board

of

all

Price

Funds.

The

newly

elected

Directors

took

office

effective

July

24,

2023.

The

results

of

the

voting

were

as

follows:

Teresa

Bryce

Bazemore,

Bruce

W.

Duncan,

Robert

J.

Gerrard,

Jr.,

Paul

F.

McBride

and

David

Oestreicher

continue

to

serve

as

Directors

on

the

Board

of

all

Price

Funds.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.com

.

Votes

For

Votes

Withheld

Melody

Bianchetto

5,316,532,865

42,338,636

Mark

J.

Parrell

5,314,462,793

44,388,756

Kellye

L.

Walker

5,314,203,135

44,903,088

Eric

L.

Veiel

5,309,419,858

49,685,657

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

75

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

Each

year,

the

fund’s

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

well

as

the

investment

subadvisory

agreement

(Subadvisory

Contract)

that

the

Adviser

has

entered

into

with

T.

Rowe

Price

International

Ltd

(Subadviser)

on

behalf

of

the

fund.

In

that

regard,

at

a

meeting

held

on

March

6–7,

2023

(Meeting),

the

Board,

including

all

of

the

fund’s

independent

directors,

approved

the

continuation

of

the

fund’s

Advisory

Contract

and

Subadvisory

Contract.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

Subadviser

and

the

approval

of

the

Advisory

Contract

and

Subadvisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

and

Subadvisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

and

Subadviser

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T.

Rowe

Price

funds’

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

Services

Provided

by

the

Adviser

and

Subadviser

The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser

and

Subadviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund’s

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund’s

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance;

maintaining

the

fund’s

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser’s

and

Subadviser’s

senior

management

teams

and

investment

personnel

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser’s

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser

and

Subadviser,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract.

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

76

Investment

Performance

of

the

Fund

The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T.

Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund’s

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2022. Additionally,

the

Board

reviewed

the

fund’s

relative

performance

information

as

of

September

30,

2022,

which

ranked

the

returns

of

the

fund’s

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund’s

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund’s

performance,

length

of

the

fund’s

performance

track

record,

and

how

closely

the

fund’s

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

fund’s

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract.

Costs,

Benefits,

Profits,

and

Economies

of

Scale

The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates)

may

have

realized

from

its

relationship

with

the

fund.

In

considering

soft-

dollar

arrangements

pursuant

to

which

research

may

be

received

from

broker-dealers

that

execute

the

fund’s

portfolio

transactions,

the

Board

noted

that

the

Adviser

bears

the

cost

of

research

services

for

all

client

accounts

that

it

advises,

including

the

T.

Rowe

Price

funds.

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T.

Rowe

Price

funds.

The

Board

also

reviewed

estimates

of

the

profits

realized

from

managing

the

fund

in

particular,

and

the

Board

concluded

that

the

Adviser’s

profits

were

reasonable

in

light

of

the

services

provided

to

the

fund.

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components—a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T.

Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund’s

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

(continued)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

77

average

daily

net

assets—and

the

fund

pays

its

own

expenses

of

operations.

Under

the

Subadvisory

Contract,

the

Adviser

may

pay

the

Subadviser

up

to

60%

of

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

The

group

fee

rate

decreases

as

total

T.

Rowe

Price

fund

assets

grow,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T.

Rowe

Price

funds

thus

allowing

shareholders

of

those

funds

to

share

potential

economies

of

scale.

The

fund

is

also

subject

to

contractual

expense

limitations

that

require

the

Adviser

to

waive

its

fees

and/or

bear

any

expenses

that

would

otherwise

cause

the

expenses

of

certain

share

classes

of

the

fund

to

exceed

a

certain

percentage

based

on

the

class’s

net

assets.

The

expense

limitations

mitigate

the

potential

for

an

increase

in

operating

expenses

above

a

certain

level

that

could

impact

shareholders.

The

fund

also

offers

a

Z

Class,

which

serves

as

an

underlying

investment

within

certain

T.

Rowe

Price

fund

of

funds

arrangements.

The

Adviser

waives

its

advisory

fee

on

the

Z

Class

and

waives

or

bears

the

Z

Class’s

other

operating

expenses,

with

certain

exceptions.

The

Board

considered

whether

the

advisory

fee

and

operating

expense

waivers

on

the

Z

Class

may

present

a

means

for

cross-subsidization

of

the

Z

Class

by

other

share

classes

of

the

fund.

In

that

regard,

the

Board

noted

that

the

Z

Class

operating

expenses

are

largely

covered

by

the

all-inclusive

fees

charged

by

the

investing

T.

Rowe

Price

fund

of

funds

and

that

any

Z

Class

operating

expenses

not

covered

by

the

investing

T.

Rowe

Price

fund

of

funds’

fees

are

paid

by

the

Adviser

and

not

by

shareholders

of

any

other

share

class

of

the

fund.

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser’s

ongoing

investments

in

its

business

in

support

of

the

T.

Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-

party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund’s

investors.

Fees

and

Expenses

The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i)

contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Investor

Class

Expense

Group);

(ii)

actual

management

fees

and

total

expenses

of

the

Advisor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Advisor

Class

Expense

Group);

and

(iii)

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund’s

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

(continued)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

78

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

or reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

information

provided

to

the

Board

indicated

that

the

fund’s

contractual

management

fee

ranked

in

the

first

quintile

(Investor

Class

Expense

Group);

the

fund’s

actual

management

fee

rate

ranked

in

the

second

quintile

(Investor

Class

Expense

Group),

third

quintile

(Expense

Universe),

and

first

quintile

(Advisor

Class

Expense

Group);

and

the

fund’s

total

expenses

ranked

in

the

second

quintile

(Investor

Class

Expense

Group

and

Expense

Universe)

and

first

quintile

(Advisor

Class

Expense

Group).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

to

investors

outside

the

United

States.

Management

provided

the

Board

with

information

about

the

Adviser’s

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

business

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

business.

The

Board

considered

information

showing

that

the

Adviser’s

mutual

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

institutional

account

business

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser’s

proprietary

mutual

fund

business.

In

assessing

the

reasonableness

of

the

fund’s

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

mutual

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution’s

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T.

Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

(continued)

T.

ROWE

PRICE

Dynamic

Global

Bond

Fund

79

Approval

of

the

Advisory

Contract

and

Subadvisory

Contract

As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contract

(including

the

fees

to

be

charged

for

services

thereunder).

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

(continued)

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

F35-051

8/23

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

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

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

Not applicable.

Item 13. Exhibits.

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

SIGNATURES

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

T. Rowe Price International Funds, Inc.
By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	August 18, 2023

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

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	August 18, 2023

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	August 18, 2023

EX-99.CERT

Item 13. (a)(2)

CERTIFICATIONS

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Dynamic Global Bond Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  August 18, 2023	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer

CERTIFICATIONS

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Dynamic Global Bond Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  August 18, 2023	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer

EX-99.906CE

Item 13. (b)

CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002

Name of Issuer: T. Rowe Price Dynamic Global Bond Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

Date:  August 18, 2023	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date:  August 18, 2023	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer