Dynamic Global Bond Fund

KEY FUND RISKS

The following risks are materially relevant to the fund (refer to the prospectus for further details:

ABS and MBS - Asset-Backed Securities (ABS) and Mortgage-Backed Securities (MBS) may be subject to greater liquidity, credit, default and interest rate risk compared to other bonds. They are often exposed to extension and prepayment risk.

Contingent convertible bond - Contingent Convertible Bonds may be subject to additional risks linked to: capital structure inversion, trigger levels, coupon cancellations, call extensions, yield/valuation, conversions, write downs, industry concentration and liquidity, among others.

Credit - Credit risk arises when an issuer's financial health deteriorates and/or it fails to fulfil its financial obligations to the fund.

Currency - Currency exchange rate movements could reduce investment gains or increase investment losses.

Default - Default risk may occur if the issuers of certain bonds become unable or unwilling to make payments on their bonds.

Derivative - derivatives may result in losses that are significantly greater than the cost of the derivative.

Distressed or defaulted debt - Distressed or defaulted debt securities may bear substantially higher degree of risks linked to recovery, liquidity and valuation.

Emerging markets - Emerging markets are less established than developed markets and therefore involve higher risks.

Geographic concentration - Geographic concentration risk may result in performance being more strongly affected by any social, political, economic, environmental or market conditions affecting those countries or regions in which the fund's assets are concentrated.

Hedging - Hedging measures involve costs and may work imperfectly, may not be feasible at times, or may fail completely.

High yield bond - High yield debt securities are generally subject to greater risk of issuer debt restructuring or default, higher liquidity risk and greater sensitivity to market conditions.

Interest rate - Interest rate risk is the potential for losses in fixed-income investments as a result of unexpected changes in interest rates.

Issuer concentration - Issuer concentration risk may result in performance being more strongly affected by any business, industry, economic, financial or market conditions affecting those issuers in which the fund's assets are concentrated.

Prepayment and extension - Mortgage- and asset-backed securities could increase the fund's sensitivity to unexpected changes in interest rates.

Sector concentration - Sector concentration risk may result in performance being more strongly affected by any business, industry, economic, financial or market conditions affecting a particular sector in which the fund's assets are concentrated.

Security Liquidity - Any security could become hard to value or to sell at a desired time and price.

Total return swap - Total return swap contracts may expose the fund to additional risks, including market, counterparty and operational risks as well as risks linked to the use of collateral arrangements.

Sustainability Alignment Product - Funds with a sustainable investment objective, or those that seek to promote environmental and/or social characteristics, are subject to distinct risks and considerations compared to conventional investment products. These funds may perform differently from those without such objectives or characteristics.

GENERAL FUND RISKS

General fund risks - to be read in conjunction with the fund specific risks above. 

Conflicts of Interest - The investment manager's obligations to a fund may potentially conflict with its obligations to other investment portfolios it manages.

Counterparty - Counterparty risk may materialise if an entity with which the fund does business becomes unwilling or unable to meet its obligations to the fund.

Custody - In the event that the depositary and/or custodian becomes insolvent or otherwise fails, there may be a risk of loss or delay in return of certain Fund’s assets.

Cybersecurity - The fund may be subject to operational and information security risks resulting from breaches in cybersecurity of the digital information systems of the fund or its third-party service providers.

Inflation - Inflation may erode the value of the fund and its investments in real terms.

Investment fund - Investing in funds involves certain risks an investor would not face if investing in markets directly.

Market - Market risk may subject the fund to experience losses caused by unexpected changes in a wide variety of factors.

Market Liquidity - In extreme market conditions it may be difficult to sell the Fund’s securities and it may not be possible to redeem shares at short notice.

Operational - Operational risk may cause losses as a result of incidents caused by people, systems, and/or processes.

Sustainability - An environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment and performance of the fund.

The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies, risks and sustainability information are located in the prospectus which is available with the key investor information documents (KIID) and/or key information document (KID) in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors. They can also be found along with a summary of investor rights in English at www.funds.troweprice.com . The Management Company reserves the right to terminate marketing arrangements. For UK investors: T. Rowe Price Funds SICAV is not authorised in the United Kingdom but overseas. The UK Financial Ombudsman Service is unlikely to consider complaints related to the scheme, its operator or its depositary. Any claims for losses relating to the operator and the depositary of the scheme are unlikely to be covered by the UK Financial Services Compensation Scheme. The funds are not subject to the UK Sustainability Disclosure Requirements (SDR).

Morningstar star rating applies to T. Rowe Price Funds SICAV – Dynamic Global Bond Fund Share Class A as at 31 January 2025. The Morningstar Rating is updated on a monthly basis. For the latest ratings information please visit the Morningstar website. 

Source & Copyright: Citywire. The Fund manager is rated by Citywire based on the manager’s 3 year risk adjusted performance. For further information on ratings methodology please visit www.aboutcitywire.com.

^©2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

^©2026 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep design are, collectively and/ or apart, trademarks of T. Rowe Price Group, Inc.

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