The Fund is a registered managed investment scheme governed by the Constitution. The Fund comprises assets which are acquired in accordance with the Fund’s investment strategy. Direct investors receive units in the Fund when they invest. In general, each unit represents an equal interest in the
assets of the Fund subject to liabilities; however, it does not give investors an interest in any particular asset of the Fund.
If you invest in the Fund through an IDPS (as defined in the Reference Guide) you will not become an investor in the Fund. The operator or custodian of the IDPS will be the investor entered in the Fund’s register and will be the only
person who is able to exercise the rights and receive the benefits of a direct investor. Your investment in the Fund through the IDPS will be governed by the terms of your IDPS. Please direct any queries and requests relating to your investment to your IDPS Operator (as defined in the Reference Guide). Unless otherwise stated, the information in this PDS applies to direct investors.

Benefits of investing in the T. Rowe Price Dynamic Global Bond Fund

An investment in the Fund provides diversified exposure to global fixed income opportunities and, more uniquely, to the extensive global resources of fixed income professionals at T. Rowe Price worldwide. T. Rowe Price has a very experienced team of senior investment professionals that have a long track record of investing in global fixed income products.

The extensive experience of the T. Rowe Price's global fixed income team is invaluable in its ability to gain insight into global fixed income opportunities and to consistently apply the strategy's investment philosophy and process. A strong collaborative culture allows T. Rowe Price's investment staff to leverage the T. Rowe Price global research platform in order to gain unique insights when analysing businesses around the world.

In addition to the above, some of the other benefits of investing in the Fund include the following:

• consistent generation of income over cash;
• a lower risk of negative returns; and
• improved risk-adjusted returns.

Risk level of the Fund

This Fund has been assigned a "Moderate risk designation based on its exposure to a portfolio of global fixed income securities that may include high yield and emerging market debt, which may reduce liquidity and increase credit, currency, political and investment risk and may amplify the unpredictability of return. The portfolio may also make extensive use of derivatives to achieve its objective. This grading is not intended to be a guarantee of any actual level of risk or an indication of likely returns.

The Fund may be suitable for investors seeking the potential for a high level of current income and some appreciation over time and can accept the risks associated with investments in global fixed income securities as well as those associated with the extensive use of derivatives.

About the Fund

The Fund is designed to:

• Generate income and capital appreciation;
• Manage risk at times of rising volatility; and
• Provide diversification benefit against equity markets.

The Fund's objective is to maximise total return and provide income through investment primarily in a portfolio of fixed income securities which may include, but is not limited to, transferable debt securities of governments and their agencies, supranational organisations, corporations and banks as well as mortgage-backed and asset-backed securities. There are no restrictions on the sectors or countries in which bond issuers are located.

The Fund may also choose to achieve its investment objective by investing in any one or more collective investment schemes with the same or substantially similar investment objective to the Fund and which is managed by the Investment Manager or an affiliate of the Investment Manager.

Reasons To Invest

Sustainable Income

Seek to generate regular income in different interest rate environments.

Focus on Minimising Downside Risk

Ability to adapt quickly to changes in market conditions and capture returns across different cycles.

Balance between core stable positions, return-seeking positions and defensive positions.

Diversified Approach to Equity Market Volatility

Preference for high-quality, low-risk fixed-income markets with a duration profile or performance behaviour that may benefit during times of equity market volatility.

How Do We Invest?

Access to a Broad Opportunity Set

Invest across the full global fixed-income universe and seek to identify attractive risk/reward opportunities across sovereign, credit and currency markets.

Driven by Fundamental Research

Approach driven by bottom-up, fundamental research with a valuation framework that integrates top-down macro views and technical factors.

Disciplined Risk Management Process

Multi-layered risk management process is designed to maintain consistency of risk-adjusted returns.

Focus on diversification and minimising downside risk with a specific bias on country allocation and duration management.

How we invest your money

Investment style and approach

The Investment Manager seeks to maximise performance by:

• generating a consistent performance over the Benchmark by exploiting inefficiencies in the global fixed income and currency markets through focusing on generating returns in excess of the Benchmark and effective risk management;

• achieving a target value, being the total return of the Fund including capital gains and income, in excess of 2% per annum above the Benchmark over the full economic cycle;

• achieving an expected tracking volatility, being a measure of the dispersion of returns against the Benchmark, between 1% and 5% per annum; and

• managing the risk of negative returns.

Asset allocation

The assets of the Fund will generally be invested in accordance with

the following guidelines:

• Investment grade fixed income instruments: Up to 100% of the Fund’s market value (where government issued) and up to 50% of the Fund’s market value (where corporate issued).

• Non-investment grade fixed income instruments: Up to 20% of the Fund's market value.

• Currency limit: Non-Australian dollar exposure limited up to 20% of the Fund's market value.

• Cash and cash equivalents: Up to 50% of the Fund's market value.

Due to movements in the market or similar events, the guidelines set out above may not be adhered to from time to time. In these circumstances, the Investment Manager will seek to bring the Fund's investments within the guidelines within a reasonable period of time.

The Fund may make extensive use of Derivatives including, but not limited to, bond futures, forward foreign exchange contracts (including non-deliverable forwards), interest rate futures, options on interest rate futures, options on bond futures, currency options and OTC swaps including interest rate swaps and credit default swaps as well as swap indices. On an opportunistic basis, the Fund may create synthetic short positions in currencies, bonds and credit indices using various instruments including currency forwards, currency options, interest rate and bond futures, options on interest rate and bond futures, interest rate swaps, credit default swaps and swap indices.