T.

ROWE

PRICE

Dynamic

Credit

Fund

September

30,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ANGOLA

0.9%

Government

Bonds

0.9%

Republic

of

Angola,

8.00%,

11/26/29

(USD) (1)

215,000‌

177‌

Republic

of

Angola,

8.75%,

4/14/32

(USD) 

260,000‌

210‌

Total

Angola

(Cost

$398

)

387‌

AUSTRALIA

1.1%

Corporate

Bonds

1.1%

Mineral

Resources,

9.25%,

10/1/28

(USD) (2)

490,000‌

494‌

Total

Australia

(Cost

$490

)

494‌

AUSTRIA

1.8%

Corporate

Bonds

1.8%

Benteler

International,

9.375%,

5/15/28 (2)

260,000‌

280‌

Benteler

International,

10.50%,

5/15/28

(USD) (1)(2)

555,000‌

559‌

Total

Austria

(Cost

$841

)

839‌

BRAZIL

2.0%

Corporate

Bonds

2.0%

Aegea

Finance,

9.00%,

1/20/31

(USD) (2)

400,000‌

404‌

Globo

Comunicacao

e

Participacoes,

4.875%,

1/22/30

(USD) (2)

620,000‌

515‌

Total

Brazil

(Cost

$1,001

)

919‌

CANADA

2.2%

Asset-Backed

Securities

0.3%

Cologix

Canadian

Issuer,

Series

2022-1CAN,

Class

A2,

4.94%,

1/25/52 (2)

250,000‌

165‌

165‌

Corporate

Bonds

1.9%

Enbridge,

VR,

8.25%,

1/15/84

(USD) (1)(3)

435,000‌

425‌

Enbridge,

VR,

8.50%,

1/15/84

(USD) (1)(3)

435,000‌

434‌

859‌

Total

Canada

(Cost

$1,067

)

1,024‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

2

Par/Shares

$

Value

(Cost

and

value

in

$000s)

CHINA

1.7%

Convertible

Bonds

1.6%

NIO,

3.875%,

10/15/29

(USD) (2)

215,000‌

221‌

NIO,

4.625%,

10/15/30

(USD) (2)

215,000‌

224‌

PDD

Holdings,

Zero

Coupon,

12/1/25

(USD) (1)

275,000‌

274‌

719‌

Corporate

Bonds

0.1%

Kaisa

Group

Holdings,

11.95%,

10/22/22

(USD) (4)(5)

985,000‌

58‌

58‌

Total

China

(Cost

$972

)

777‌

COLOMBIA

0.7%

Corporate

Bonds

0.7%

Aris

Mining,

6.875%,

8/9/26

(USD) (1)(2)

380,000‌

304‌

304‌

Private

Investment

Company

0.0%

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/1/22,

Cost $5

(USD) (5)(6)

†

7‌

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/7/23,

Cost $16

(USD) (5)(6)

†

16‌

23‌

Total

Colombia

(Cost

$397

)

327‌

ECUADOR

0.6%

Government

Bonds

0.6%

Republic

of

Ecuador,

STEP,

6.00%,

7/31/30

(USD) (1)(2)

495,000‌

254‌

Total

Ecuador

(Cost

$262

)

254‌

FRANCE

0.9%

Corporate

Bonds

0.9%

Altice

France

Holding,

10.50%,

5/15/27

(USD) (2)

690,000‌

431‌

Total

France

(Cost

$438

)

431‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

3

Par/Shares

$

Value

(Cost

and

value

in

$000s)

GHANA

0.6%

Corporate

Bonds

0.6%

Kosmos

Energy,

7.125%,

4/4/26

(USD) 

305,000‌

288‌

Total

Ghana

(Cost

$277

)

288‌

IRELAND

0.4%

Corporate

Bonds

0.4%

Avolon

Holdings

Funding,

6.375%,

5/4/28

(USD) (2)

170,000‌

166‌

Total

Ireland

(Cost

$168

)

166‌

IVORY

COAST

0.6%

Government

Bonds

0.6%

Republic

of

Ivory

Coast,

5.875%,

10/17/31

(EUR) 

295,000‌

258‌

Total

Ivory

Coast

(Cost

$263

)

258‌

LUXEMBOURG

0.7%

Bank

Loans

0.7%

(7)

Altice

Financing,

3M

EURIBOR

+

5.00%,

10/31/27 (8)

295,000‌

299‌

Total

Luxembourg

(Cost

$300

)

299‌

MAURITIUS

0.4%

Corporate

Bonds

0.4%

Axian

Telecom,

7.375%,

2/16/27

(USD) (2)

200,000‌

180‌

Total

Mauritius

(Cost

$200

)

180‌

MEXICO

3.6%

Corporate

Bonds

1.4%

Braskem

Idesa

SAPI,

6.99%,

2/20/32

(USD) 

215,000‌

130‌

Petroleos

Mexicanos,

6.70%,

2/16/32

(USD) 

700,000‌

520‌

650‌

Government

Bonds

2.2%

United

Mexican

States,

Series

M,

7.75%,

11/13/42 

21,390,000‌

989‌

989‌

Total

Mexico

(Cost

$1,848

)

1,639‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

4

Par/Shares

$

Value

(Cost

and

value

in

$000s)

NETHERLANDS

0.4%

Corporate

Bonds

0.4%

GTCR

W-2

Merger,

8.50%,

1/15/31

(GBP) (2)

155,000‌

192‌

Total

Netherlands

(Cost

$192

)

192‌

PERU

0.4%

Corporate

Bonds

0.4%

Consorcio

Transmantaro,

5.20%,

4/11/38

(USD) (2)

200,000‌

178‌

Total

Peru

(Cost

$200

)

178‌

ROMANIA

1.7%

Corporate

Bonds

1.7%

Banca

Transilvania,

VR,

8.875%,

4/27/27

(EUR) (3)

720,000‌

792‌

Total

Romania

(Cost

$804

)

792‌

SPAIN

1.7%

Corporate

Bonds

1.7%

Banco

Bilbao

Vizcaya

Argentaria,

VR,

9.375%

(USD) (1)(3)(9)

800,000‌

792‌

Total

Spain

(Cost

$800

)

792‌

SRI

LANKA

0.4%

Government

Bonds

0.4%

Republic

of

Sri

Lanka,

6.85%,

11/3/25

(USD) (4)(5)

410,000‌

198‌

Total

Sri

Lanka

(Cost

$173

)

198‌

SURINAME

0.5%

Government

Bonds

0.5%

Republic

of

Suriname,

9.25%,

10/26/26

(USD) (4)(5)

285,000‌

246‌

Total

Suriname

(Cost

$203

)

246‌

SWEDEN

1.0%

Corporate

Bonds

1.0%

Heimstaden

Bostad

Treasury,

0.75%,

9/6/29

(EUR) 

645,000‌

445‌

Total

Sweden

(Cost

$448

)

445‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

5

Par/Shares

$

Value

(Cost

and

value

in

$000s)

TANZANIA

0.4%

Corporate

Bonds

0.4%

HTA

Group,

7.00%,

12/18/25

(USD) 

200,000‌

193‌

Total

Tanzania

(Cost

$192

)

193‌

UNITED

KINGDOM

1.3%

Corporate

Bonds

1.3%

Connect

Finco,

6.75%,

10/1/26

(USD) (2)

635,000‌

592‌

Total

United

Kingdom

(Cost

$608

)

592‌

UNITED

STATES

56.8%

Asset-Backed

Securities

12.9%

Amur

Equipment

Finance

Receivables

X,

Series

2022-1A,

Class

E,

5.02%,

12/20/28 (2)

385,000‌

343‌

Applebee's

Funding,

Series

2023-1A,

Class

A2,

7.824%,

3/5/53 (2)

610,000‌

601‌

Blackbird

Capital

Aircraft

Lease

Securitization,

Series

2016-1A,

Class

A,

STEP,

4.213%,

12/16/41 (2)

320,736‌

295‌

Elara

HGV

Timeshare

Issuer,

Series

2019-A,

Class

C,

3.45%,

1/25/34 (2)

46,265‌

43‌

Elara

HGV

Timeshare

Issuer,

Series

2023-A,

Class

D,

10.10%,

2/25/38 (2)

200,000‌

200‌

ExteNet,

Series

2019-1A,

Class

B,

4.14%,

7/25/49 (2)

240,000‌

230‌

FOCUS

Brands

Funding,

Series

2018-1,

Class

A2,

5.184%,

10/30/48 (2)

690,563‌

658‌

Ford

Credit

Auto

Lease

Trust,

Series

2023-B,

Class

D,

6.97%,

6/15/28 

160,000‌

160‌

Hardee's

Funding,

Series

2018-1A,

Class

A2II,

4.959%,

6/20/48 (2)

161,500‌

152‌

HPEFS

Equipment

Trust,

Series

2023-2A,

Class

D,

6.97%,

7/21/31 (2)

135,000‌

135‌

HPS

Loan

Management,

Series

11A-17,

Class

CR,

CLO,

FRN,

3M

TSFR

+

2.212%,

7.581%,

5/6/30 (2)

640,000‌

627‌

Octane

Receivables

Trust,

Series

2023-1A,

Class

D,

7.76%,

3/20/30 (2)

315,000‌

316‌

Octane

Receivables

Trust,

Series

2023-1A,

Class

E,

9.25%,

8/20/30 (2)

255,000‌

242‌

Octane

Receivables

Trust,

Series

2023-3A,

Class

D,

7.58%,

9/20/29 (2)

110,000‌

110‌

Progress

Residential

Trust,

Series

2020-SFR3,

Class

F,

2.796%,

10/17/27 (2)

130,000‌

118‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Progress

Residential

Trust,

Series

2023-SFR2,

Class

D,

4.50%,

10/17/28 (2)

820,000‌

733‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-A,

Class

B,

5.281%,

5/15/32 (2)

140,636‌

139‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-B,

Class

D,

6.793%,

8/16/32 (2)

169,074‌

168‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2023-A,

Class

E,

10.068%,

6/15/33 (2)

208,840‌

208‌

Sierra

Timeshare

Receivables

Funding,

Series

2018-3A,

Class

D,

5.20%,

9/20/35 (2)

94,469‌

89‌

Sierra

Timeshare

Receivables

Funding,

Series

2021-1A,

Class

D,

3.17%,

11/20/37 (2)

198,440‌

183‌

Stonepeak

ABS,

Series

2021-1A,

Class

B,

3.821%,

2/28/33 (2)

202,497‌

171‌

5,921‌

Bank

Loans

4.4%

(7)

Asurion,

FRN,

1M

TSFR

+

4.25%,

9.666%,

8/19/28 

559,001‌

542‌

Asurion,

FRN,

1M

TSFR

+

5.25%,

10.681%,

1/31/28 

185,904‌

167‌

Epicor

Software,

FRN,

1M

USD

LIBOR

+

3.75%,

7/31/27 (8)

90,000‌

90‌

Tacala

Investment,

FRN,

1M

TSFR

+

4.00%,

9.431%,

2/5/27 

345,381‌

344‌

Talen

Energy

Supply,

FRN,

1M

TSFR

+

4.50%,

9.876%,

5/17/30 

150,000‌

150‌

William

Morris

Endeavor

Entertainment,

FRN,

1M

TSFR

+

2.75%,

8.181%,

5/18/25 

737,421‌

736‌

2,029‌

Common

Stocks

0.6%

Altera

Infrastructure,

Acquisition

Date:

1/19/23,

Cost $13 (5)(6)

(10)

639‌

16‌

Olympic

Steel 

4,208‌

237‌

253‌

Corporate

Bonds

21.1%

Arsenal

AIC

Parent,

8.00%,

10/1/30 (2)

195,000‌

193‌

At

Home

Group,

4.875%,

7/15/28 (2)

210,000‌

83‌

Bausch

&

Lomb

Escrow,

8.375%,

10/1/28 (2)

195,000‌

195‌

Capstone

Borrower,

8.00%,

6/15/30 (2)

325,000‌

317‌

Carnival,

4.00%,

8/1/28 (2)

430,000‌

372‌

Celanese

U.S.

Holdings,

6.55%,

11/15/30 

240,000‌

235‌

Comstock

Resources,

5.875%,

1/15/30 (2)

205,000‌

177‌

CSC

Holdings,

5.25%,

6/1/24 (1)

220,000‌

209‌

CSC

Holdings,

6.50%,

2/1/29 (2)

305,000‌

253‌

DISH

Network,

11.75%,

11/15/27 (2)

400,000‌

404‌

GrafTech

Global

Enterprises,

9.875%,

12/15/28 (2)

420,000‌

398‌

Hightower

Holding,

6.75%,

4/15/29 (2)

230,000‌

197‌

iHeartCommunications,

4.75%,

1/15/28 (2)

470,000‌

357‌

LCPR

Senior

Secured

Financing,

5.125%,

7/15/29 (2)

400,000‌

323‌

LifePoint

Health,

9.875%,

8/15/30 (1)(2)

610,000‌

590‌

LifePoint

Health,

11.00%,

10/15/30 (2)

740,000‌

740‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Neptune

Bidco

U.S.,

9.29%,

4/15/29 (2)

720,000‌

652‌

Ovintiv,

6.25%,

7/15/33 

195,000‌

188‌

Seadrill

Finance,

8.375%,

8/1/30 (2)

200,000‌

204‌

Sirius

XM

Radio,

3.875%,

9/1/31 (2)

469,000‌

355‌

Stagwell

Global,

5.625%,

8/15/29 (2)

395,000‌

319‌

Star

Parent,

9.00%,

10/1/30 (2)

195,000‌

196‌

Talen

Energy

Supply,

8.625%,

6/1/30 (2)

310,000‌

317‌

Teekay

Offshore

Partners,

EC,

8.50%,

7/15/23 (2)(5)(10)

155,000‌

—‌

Tenneco,

8.00%,

11/17/28 (2)

825,000‌

670‌

Townsquare

Media,

6.875%,

2/1/26 (1)(2)

520,000‌

488‌

Venture

Global

Calcasieu

Pass,

3.875%,

8/15/29 (2)

165,000‌

139‌

Venture

Global

Calcasieu

Pass,

4.125%,

8/15/31 (2)

135,000‌

111‌

Venture

Global

LNG,

8.375%,

6/1/31 (2)

610,000‌

602‌

Viasat,

7.50%,

5/30/31 (2)

175,000‌

116‌

Vistra,

VR,

7.00% (2)(3)(9)

100,000‌

92‌

Vistra,

VR,

8.00% (2)(3)(9)

170,000‌

162‌

9,654‌

Municipal

Securities

4.0%

Colorado

HFA,

Covenant

Living

Community,

Series

B,

4.48%,

12/1/40 

235,000‌

179‌

Illinois,

Build

America,

Series

4,

GO,

7.10%,

7/1/35 

150,000‌

155‌

Michigan

Tobacco

Settlement

Fin.

Auth.,

Series

B,

Zero

Coupon,

6/1/46 

25,000‌

3‌

Port

Beaumont

Navigation

Dist.,

Series

B,

6.00%,

1/1/25 (2)

210,000‌

198‌

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (11)

968,891‌

503‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A,

GO,

Zero

Coupon,

7/1/24 

6,837‌

7‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A,

GO,

Zero

Coupon,

7/1/33 

53,960‌

32‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/33 

41,930‌

38‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/35 

37,689‌

33‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/37 

32,347‌

27‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/41 

43,980‌

35‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/46 

45,738‌

35‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.375%,

7/1/25 

46,698‌

47‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.625%,

7/1/27 

46,276‌

47‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.625%,

7/1/29 

45,524‌

47‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

8

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.75%,

7/1/31 

44,217‌

46‌

Puerto

Rico

Electric

Power

Auth.,

Build

America,

5.95%,

7/1/30 (5)(12)

40,000‌

10‌

Puerto

Rico

Electric

Power

Auth.,

Build

America,

6.05%,

7/1/32 (5)(12)

150,000‌

38‌

Tobacco

Settlement

Fin.,

Series

A-1,

6.706%,

6/1/46 

255,000‌

211‌

Tobacco

Settlement

Fin.

Auth.,

Series

B,

4.875%,

6/1/49 

105,000‌

95‌

Tobacco

Settlement

Fin.

Auth.,

Series

B,

Zero

Coupon,

6/1/47 

460,000‌

36‌

1,822‌

Non-U.S.

Government

Mortgage-Backed

Securities

13.8%

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2021-

JACX,

Class

D,

ARM,

1M

TSFR

+

2.864%,

8.197%,

9/15/38 (2)

395,000‌

328‌

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2021-

JACX,

Class

E,

ARM,

1M

TSFR

+

3.864%,

9.197%,

9/15/38 (2)

100,000‌

80‌

Barclays

Commercial

Mortgage

Trust,

Series

2019-BWAY,

Class

E,

ARM,

1M

TSFR

+

2.964%,

8.296%,

11/15/34 (2)

120,000‌

27‌

BFLD,

Series

2019-DPLO,

Class

F,

ARM,

1M

TSFR

+

2.654%,

7.986%,

10/15/34 (2)

83,000‌

81‌

BX

Commercial

Mortgage

Trust,

Series

2019-IMC,

Class

E,

ARM,

1M

TSFR

+

2.264%,

7.596%,

4/15/34 (2)

150,000‌

147‌

BX

Trust,

Series

2021-VIEW,

Class

F,

ARM,

1M

TSFR

+

4.044%,

9.376%,

6/15/36 (2)

145,000‌

128‌

CAFL,

Series

2021-RTL1,

Class

A1,

CMO,

STEP,

2.239%,

3/28/29 (2)

100,000‌

92‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65C,

ARM,

4.123%,

5/15/52 (2)

115,000‌

97‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65D,

ARM,

4.66%,

5/15/52 (2)

70,000‌

50‌

Commercial

Mortgage

Trust,

Series

2014-CR19,

Class

AM,

4.08%,

8/10/47 

145,000‌

139‌

Commercial

Mortgage

Trust,

Series

2014-CR19,

Class

E,

ARM,

4.353%,

8/10/47 (2)

165,000‌

132‌

Commercial

Mortgage

Trust,

Series

2017-PANW,

Class

D,

ARM,

4.343%,

10/10/29 (2)

305,000‌

262‌

Connecticut

Avenue

Securities

Trust,

Series

2022-R04,

Class

1M2,

CMO,

ARM,

SOFR30A

+

3.10%,

8.415%,

3/25/42 (2)

45,000‌

46‌

Credit

Suisse

Mortgage

Trust,

Series

2020-TMIC,

Class

C,

ARM,

1M

TSFR

+

7.364%,

12.697%,

12/15/35 (2)

100,000‌

99‌

Finance

of

America

HECM

Buyout,

Series

2022-HB1,

Class

M3,

ARM,

5.084%,

2/25/32 (2)

390,000‌

332‌

Great

Wolf

Trust,

Series

2019-WOLF,

Class

F,

ARM,

1M

TSFR

+

3.245%,

8.577%,

12/15/36 (2)

170,000‌

167‌

Imperial

Fund

Mortgage

Trust,

Series

2023-NQM1,

Class

M1,

CMO,

ARM,

8.243%,

2/25/68 (2)

450,000‌

450‌

JPMorgan

Mortgage

Trust,

Series

2022-LTV1,

Class

A2,

CMO,

ARM,

3.52%,

7/25/52 (2)

88,041‌

71‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

9

Par/Shares

$

Value

(Cost

and

value

in

$000s)

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

D,

ARM,

4.829%,

3/10/50 (2)

220,000‌

150‌

New

Residential

Mortgage

Loan

Trust,

Series

2023-NQM1,

Class

A2,

CMO,

STEP,

7.319%,

10/25/63 (2)

460,000‌

460‌

Oceanview

Mortgage

Loan

Trust,

Series

2020-1,

Class

A3,

CMO,

ARM,

3.285%,

5/28/50 (2)

115,000‌

87‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA7,

Class

M2,

CMO,

ARM,

SOFR30A

+

1.80%,

7.115%,

11/25/41 (2)

295,000‌

288‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2022-DNA2,

Class

M2,

CMO,

ARM,

SOFR30A

+

3.75%,

9.065%,

2/25/42 (2)

560,000‌

574‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2022-DNA3,

Class

M1B,

CMO,

ARM,

SOFR30A

+

2.90%,

8.215%,

4/25/42 (2)

145,000‌

148‌

Verus

Securitization

Trust,

Series

2021-2,

Class

M1,

CMO,

ARM,

2.187%,

2/25/66 (2)

150,000‌

99‌

Verus

Securitization

Trust,

Series

2021-3,

Class

A1,

CMO,

ARM,

1.046%,

6/25/66 (2)

327,985‌

272‌

Verus

Securitization

Trust,

Series

2021-6,

Class

A1,

CMO,

ARM,

1.63%,

10/25/66 (2)

258,291‌

207‌

Verus

Securitization

Trust,

Series

2022-4,

Class

A2,

CMO,

ARM,

4.74%,

4/25/67 (2)

242,009‌

222‌

Verus

Securitization

Trust,

Series

2023-1,

Class

A3,

CMO,

STEP,

6.90%,

12/25/67 (2)

463,860‌

462‌

Verus

Securitization

Trust,

Series

2023-INV1,

Class

M1,

CMO,

ARM,

7.613%,

2/25/68 (2)

600,000‌

595‌

6,292‌

Total

United

States

(Cost

$27,247

)

25,971‌

SHORT-TERM

INVESTMENTS

17.1%

Money

Market

Funds

8.2%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (13)(14)

3,768,908‌

3,769‌

3,769‌

U.S.

Treasury

Obligations

8.9%

U.S.

Treasury

Bills,

5.338%,

11/30/23 (15)

4,105,000‌

4,069‌

4,069‌

Total

Short-Term

Investments

(Cost

$7,838)

7,838‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

10

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SECURITIES

LENDING

COLLATERAL

8.6%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

2.5%

Money

Market

Funds

2.5%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (13)(14)

1,135,861‌

1,136‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

1,136‌

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

6.1%

Money

Market

Funds

6.1%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (13)(14)

2,782,670‌

2,783‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

2,783‌

Total

Securities

Lending

Collateral

(Cost

$3,919)

3,919‌

Total

Investments

in

Securities

108.5%

(Cost

$51,546)

$

49,638‌

Other

Assets

Less

Liabilities

(8.5)%

(3,869)

Net

Assets

100.0%

$

45,769‌

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Par/Shares

and

Notional

Amount

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

†

Investment

fund

is

not

unitized.

(1)

All

or

a

portion

of

this

security

is

on

loan

at

September

30,

2023.

(2)

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

$26,293

and

represents

57.4%

of

net

assets.

(3)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(4)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(5)

Non-income

producing

T.

ROWE

PRICE

Dynamic

Credit

Fund

11

.

.

.

.

.

.

.

.

.

.

(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

$39

and

represents

0.1%

of

net

assets.

(7)

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.

(8)

All

or

a

portion

of

this

loan

is

unsettled

as

of

September

30,

2023.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(9)

Perpetual

security

with

no

stated

maturity

date.

(10)

Level

3

in

fair

value

hierarchy.

(11)

Contingent

value

instrument

that

only

pays

out

if

a

portion

of

the

territory's

Sales

and

Use

Tax

outperforms

the

projections

in

the

Oversight

Board’s

Certified

Fiscal

Plan.

(12)

Issuer

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

(13)

Seven-day

yield

(14)

Affiliated

Companies

(15)

At

September

30,

2023,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

EURIBOR

Three

month

EURIBOR

(Euro

interbank

offered

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

6M

EURIBOR

Six

month

EURIBOR

(Euro

interbank

offered

rate)

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

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLO

Collateralized

Loan

Obligation

CLP

Chilean

Peso

CMO

Collateralized

Mortgage

Obligation

CNH

Offshore

China

Renminbi

CPI

Consumer

Price

Index

EC

Escrow

CUSIP;

represents

a

beneficial

interest

in

a

residual

pool

of

assets;

the

amount

and

timing

of

future

distributions,

if

any,

is

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

of

the

original

security.

EUR

Euro

FRN

Floating

Rate

Note

T.

ROWE

PRICE

Dynamic

Credit

Fund

12

.

.

.

.

.

.

.

.

.

.

GBP

British

Pound

GBP

SONIA

Sterling

Overnight

Index

Average

GO

General

Obligation

HFA

Health

Facility

Authority

IDR

Indonesian

Rupiah

ILS

Israeli

Shekel

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXIBTIIE

Mexican

Interbank

28

day

interest

rate

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NZD

New

Zealand

Dollar

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.

TWD

Taiwan

Dollar

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Dynamic

Credit

Fund

13

(Amounts

in

000s)

SWAPS

(1.7)%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

**

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

(2.5)%

Credit

Default

Swaps,

Protection

Bought

(1.7)%

United

States

(1.7)%

Bank

of

America,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S37,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/21/26

*

1,350

(148)

(121)

(27‌)

Citibank,

Protection

Bought

(Relevant

Credit:

Avis

Budget

Car

Rental),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

*

750

(45)

18

(63‌)

Citibank,

Protection

Bought

(Relevant

Credit:

Avis

Budget

Group),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

*

325

(17)

(12)

(5‌)

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

*

4,850

(530)

(87)

(443‌)

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

Post

Holdings),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

*

161

(21)

(17)

(4‌)

Total

United

States

(219)

(542‌)

Total

Bilateral

Credit

Default

Swaps,

Protection

Bought

(219)

(542‌)

Credit

Default

Swaps,

Protection

Sold

(1.0)%

United

Kingdom

0.0%

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Jaguar

Land

Rover

Automotive,

B1*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/25

(EUR)

*

210

9

(13)

22‌

Total

United

Kingdom

(13)

22‌

United

States

(1.0)%

JPMorgan

Chase,

Protection

Sold

(Relevant

Credit:

Carnival

,

B3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/29

*

1,100

(233)

(360)

127‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

14

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Protection

Sold

(Relevant

Credit:

Carnival

,

B3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/29

*

1,100

(233)

(367)

134‌

Total

United

States

(727)

261‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(740)

283‌

Total

Return

Swaps

0.2%

United

States

0.2%

Goldman

Sachs,

Pay

Underlying

Reference:

Markit

iBoxx

EUR

Liquid

High

Yield

Index

at

Maturity,

Receive

Variable

3.903%

(3M

EURIBOR

+

(0.00)%)

Quarterly,

12/20/23

(EUR)

*

1,637

9

—

9‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Apple

at

Maturity,

Receive

Variable

4.759%

(SOFR

+

(0.55)%)

Quarterly,

3/20/24

*

1,295

68

(8)

76‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Carnival

at

Maturity,

Receive

Variable

4.559%

(SOFR

+

(0.75)%)

Quarterly,

3/20/24

*

1,929

7

(51)

58‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Halliburton

at

Maturity,

Receive

Variable

4.809%

(SOFR

+

(0.50)%)

Quarterly,

3/20/24

*

401

7

(8)

15‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Macy's

Retail

Holdings

at

Maturity,

Receive

Variable

4.689%

(SOFR

+

(0.62)%)

Quarterly,

3/20/24

*

1,294

12

(1)

13‌

JPMorgan

Chase,

Pay

Underlying

Reference:

MPT

Operating

Partnership

at

Maturity,

Receive

Variable

4.659%

(SOFR

+

(0.65)%)

Quarterly,

3/20/24

*

589

(54)

(25)

(29‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Goldman

Sachs

Group

Monthly,

Receive

Variable

4.759%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

*

275

16

—

16‌

Morgan

Stanley,

Pay

Underlying

Reference:

Synchrony

Financial

Monthly,

Receive

Variable

1.250%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

*

217

(3)

—

(3‌)

Total

United

States

(93)

155‌

Total

Bilateral

Total

Return

Swaps

(93)

155‌

Total

Bilateral

Swaps

(1,052)

(104‌)

T.

ROWE

PRICE

Dynamic

Credit

Fund

15

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.8%

Credit

Default

Swaps,

Protection

Bought

(0.5)%

Canada

(0.1)%

Protection

Bought

(Relevant

Credit:

Bombardier),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

(USD)

1,515

(47)

(58)

11‌

Total

Canada

11‌

Colombia

0.0%

Protection

Bought

(Relevant

Credit:

Republic

of

Colombia),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

(USD)

417

19

37

(18‌)

Total

Colombia

(18‌)

Foreign/Europe

(0.0)%

Protection

Bought

(Relevant

Credit:

Lanxess),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

200

11

9

2‌

Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Crossover-S39,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

1,110

(62)

(48)

(14‌)

Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Europe

Subordinated

Financials-S39,

5

Year

Index),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

1,775

40

93

(53‌)

Total

Foreign/Europe

(65‌)

United

States

(0.4)%

Protection

Bought

(Relevant

Credit:

American

Axle

&

Manufacturing),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

1,050

(18)

(4)

(14‌)

Protection

Bought

(Relevant

Credit:

Apache),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/27

700

(2)

35

(37‌)

Protection

Bought

(Relevant

Credit:

Beazer

Homes

USA),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

915

(51)

(85)

34‌

Protection

Bought

(Relevant

Credit:

Citigroup),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

720

(7)

1

(8‌)

T.

ROWE

PRICE

Dynamic

Credit

Fund

16

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Protection

Bought

(Relevant

Credit:

ConocoPhillips),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/27

635

(16)

(11)

(5‌)

Protection

Bought

(Relevant

Credit:

Delta

Air

Lines),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/21/27

335

(37)

(6)

(31‌)

Protection

Bought

(Relevant

Credit:

Iron

Mountain),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

485

(63)

(59)

(4‌)

Protection

Bought

(Relevant

Credit:

Marriott

International),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/26

1,650

(27)

(1)

(26‌)

Protection

Bought

(Relevant

Credit:

Murphy

Oil),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

745

11

49

(38‌)

Protection

Bought

(Relevant

Credit:

Tesla),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/26

640

(2)

25

(27‌)

Total

United

States

(156‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Bought

(228‌)

Credit

Default

Swaps,

Protection

Sold

0.8%

Foreign/Europe

0.2%

Protection

Sold

(Relevant

Credit:

Markit

iTraxx

Crossover-S39,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/28

*

1,837

101

54

47‌

Total

Foreign/Europe

47‌

Spain

0.1%

Protection

Sold

(Relevant

Credit:

Cellnex

Telecom,

BB+*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

200

32

31

1‌

Total

Spain

1‌

United

States

0.5%

Protection

Sold

(Relevant

Credit:

DISH

DBS,

Caa2*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/26

215

(42)

(41)

(1‌)

Protection

Sold

(Relevant

Credit:

FedEx,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/21/27

240

5

3

2‌

Protection

Sold

(Relevant

Credit:

Macy's,

Ba2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/21/27

1,585

(123)

(163)

40‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

17

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S37,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/26

7,130

262

(107)

369‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S39,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/27

2,645

67

(5)

72‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S40,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/28

4,680

81

68

13‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S39,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/27

814

11

5

6‌

Total

United

States

501‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

549‌

Interest

Rate

Swaps

0.5%

Foreign/Europe

0.1%

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.242%

Annually,

Pay

Variable

3.938%

(6M

EURIBOR)

Semi-Annually,

9/7/28

6,372

(49)

—

(49‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.375%

Annually,

Pay

Variable

4.122%

(6M

EURIBOR)

Semi-Annually,

9/27/28

4,474

(8)

—

(8‌)

30

Year

Interest

Rate

Swap,

Pay

Fixed

2.851%

Annually,

Receive

Variable

3.938%

(6M

EURIBOR)

Semi-Annually,

9/8/53

1,481

72

—

72‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.059%

Annually,

Receive

Variable

4.122%

(6M

EURIBOR)

Semi-Annually,

9/29/53

1,042

7

—

7‌

Total

Foreign/Europe

22‌

Mexico

0.2%

20

Year

Interest

Rate

Swap,

Pay

Fixed

8.425%

28

Days,

Receive

Variable

11.504%

(MXIBTIIE)

28

Days,

4/15/43

17,475

97

—

97‌

Total

Mexico

97‌

United

Kingdom

0.2%

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.860%

Annually,

Pay

Variable

5.186%

(GBP

SONIA)

Annually,

8/3/28

3,715

42

—

42‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

18

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

30

Year

Interest

Rate

Swap,

Pay

Fixed

4.009%

Annually,

Receive

Variable

5.186%

(GBP

SONIA)

Annually,

8/4/53

855

40

—

40‌

Total

United

Kingdom

82‌

United

States

0.0%

2

Year

Interest

Rate

Swap,

Receive

Fixed

4.843%

Annually,

Pay

Variable

5.320%

(SOFR)

Annually,

8/21/25

11,060

(43)

—

(43‌)

5

Year

Interest

Rate

Swap,

Pay

Fixed

4.198%

Annually,

Receive

Variable

5.320%

(SOFR)

Annually,

8/21/28

5,140

52

—

52‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.340%

Annually,

Pay

Variable

5.320%

(SOFR)

Annually,

4/6/28

1,575

(83)

—

(83‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.006%

Annually,

Pay

Variable

5.320%

(SOFR)

Annually,

9/6/28

7,530

(136)

—

(136‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.023%

Annually,

Pay

Variable

5.320%

(SOFR)

Annually,

8/3/28

5,220

(97)

—

(97‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.059%

Annually,

Pay

Variable

5.320%

(SOFR)

Annually,

8/7/28

6,845

(115)

—

(115‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.420%

Annually,

Pay

Variable

5.320%

(SOFR)

Annually,

9/29/28

5,121

6

—

6‌

7

Year

Interest

Rate

Swap,

Pay

Fixed

4.082%

Annually,

Receive

Variable

5.320%

(SOFR)

Annually,

8/21/30

3,460

52

—

52‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.350%

Annually,

Receive

Variable

5.070%

(SOFR)

Annually,

2/8/33

705

57

—

57‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

2.982%

Annually,

Receive

Variable

5.320%

(SOFR)

Annually,

4/7/53

426

80

—

80‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.540%

Annually,

Receive

Variable

5.320%

(SOFR)

Annually,

9/8/53

1,520

126

—

126‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.564%

Annually,

Receive

Variable

5.320%

(SOFR)

Annually,

8/7/53

1,605

129

—

129‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.989%

Annually,

Receive

Variable

5.320%

(SOFR)

Annually,

9/29/53

1,121

5

—

5‌

Total

United

States

33‌

Total

Centrally

Cleared

Interest

Rate

Swaps

234‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

19

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Zero-Coupon

Inflation

Swaps

0.0%

United

States

0.0%

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.634%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/1/33

4,168

—

—

—‌

Total

United

States

—‌

Total

Centrally

Cleared

Zero-Coupon

Inflation

Swaps

—‌

Total

Centrally

Cleared

Swaps

555‌

Net

payments

(receipts)

of

variation

margin

to

date

(766‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(211‌)

*

Credit

ratings

as

of

September

30,

2023.

Ratings

shown

are

from

Moody’s

Investors

Service

and

if

Moody’s

does

not

rate

a

security,

then

Standard

&

Poor’s

(S&P)

is

used.

Fitch

is

used

for

securities

that

are

not

rated

by

either

Moody’s

or

S&P.

**

Includes

interest

purchased

or

sold

but

not

yet

collected

of

$(93).

T.

ROWE

PRICE

Dynamic

Credit

Fund

20

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

10/20/23

CAD

137‌

USD

102‌

$

(1‌)

Bank

of

America

10/20/23

NZD

459‌

USD

285‌

(10‌)

Bank

of

America

10/20/23

USD

989‌

AUD

1,480‌

37‌

Bank

of

America

11/24/23

USD

6‌

GBP

5‌

—‌

Barclays

Bank

10/6/23

INR

166,145‌

USD

1,997‌

3‌

Barclays

Bank

10/6/23

KRW

536,435‌

USD

403‌

(5‌)

Barclays

Bank

10/6/23

USD

110‌

INR

9,120‌

—‌

Barclays

Bank

10/6/23

USD

434‌

TWD

13,970‌

1‌

Barclays

Bank

10/19/23

USD

211‌

ILS

810‌

(1‌)

Barclays

Bank

11/24/23

USD

446‌

GBP

355‌

13‌

Barclays

Bank

1/17/24

USD

1,986‌

INR

166,145‌

(1‌)

Barclays

Bank

1/17/24

USD

405‌

KRW

536,435‌

6‌

BNP

Paribas

11/24/23

EUR

109‌

USD

119‌

(4‌)

BNP

Paribas

11/24/23

USD

829‌

EUR

758‌

25‌

BNP

Paribas

11/24/23

USD

6‌

GBP

5‌

—‌

Canadian

Imperial

Bank

of

Commerce

10/20/23

JPY

281,035‌

USD

1,983‌

(96‌)

Citibank

10/6/23

TWD

25,595‌

USD

793‌

1‌

Citibank

10/6/23

USD

61‌

INR

5,095‌

—‌

Citibank

10/6/23

USD

601‌

TWD

19,400‌

(1‌)

Citibank

10/13/23

MXN

7,865‌

USD

452‌

(1‌)

Citibank

10/19/23

ILS

810‌

USD

212‌

—‌

Citibank

10/20/23

USD

657‌

AUD

1,035‌

(9‌)

Citibank

11/24/23

GBP

405‌

USD

497‌

(3‌)

Citibank

1/17/24

TWD

19,400‌

USD

605‌

2‌

Citibank

1/17/24

USD

798‌

TWD

25,595‌

(2‌)

Deutsche

Bank

11/24/23

USD

146‌

GBP

120‌

—‌

Goldman

Sachs

10/6/23

IDR

1,103,862‌

USD

71‌

—‌

Goldman

Sachs

10/6/23

TWD

13,717‌

USD

425‌

—‌

Goldman

Sachs

10/6/23

TWD

8,218‌

USD

255‌

—‌

Goldman

Sachs

10/20/23

USD

393‌

CAD

525‌

6‌

Goldman

Sachs

10/20/23

USD

394‌

CHF

345‌

16‌

Goldman

Sachs

11/24/23

USD

6‌

GBP

5‌

—‌

Goldman

Sachs

12/15/23

USD

138‌

CNH

998‌

1‌

Goldman

Sachs

1/17/24

USD

71‌

IDR

1,103,862‌

—‌

Goldman

Sachs

1/17/24

USD

684‌

TWD

21,935‌

(1‌)

HSBC

Bank

10/6/23

IDR

1,080,595‌

USD

70‌

—‌

HSBC

Bank

10/6/23

TWD

19,400‌

USD

602‌

—‌

HSBC

Bank

10/20/23

USD

487‌

AUD

750‌

4‌

HSBC

Bank

11/24/23

USD

389‌

GBP

310‌

11‌

HSBC

Bank

12/15/23

USD

276‌

CNH

1,996‌

2‌

HSBC

Bank

1/17/24

USD

70‌

IDR

1,080,595‌

—‌

JPMorgan

Chase

10/13/23

MXN

4,015‌

USD

234‌

(4‌)

T.

ROWE

PRICE

Dynamic

Credit

Fund

21

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

JPMorgan

Chase

10/13/23

USD

42‌

MXN

715‌

$

1‌

JPMorgan

Chase

10/20/23

CHF

345‌

USD

402‌

(24‌)

JPMorgan

Chase

10/20/23

JPY

10,710‌

USD

76‌

(4‌)

JPMorgan

Chase

10/20/23

NZD

55‌

USD

34‌

(1‌)

JPMorgan

Chase

10/20/23

USD

63‌

JPY

8,760‌

4‌

JPMorgan

Chase

10/20/23

USD

31‌

NZD

50‌

1‌

JPMorgan

Chase

11/24/23

EUR

103‌

USD

112‌

(3‌)

JPMorgan

Chase

11/24/23

USD

549‌

EUR

505‌

14‌

Morgan

Stanley

10/13/23

USD

202‌

MXN

3,505‌

1‌

Morgan

Stanley

10/13/23

USD

451‌

MXN

7,995‌

(7‌)

Morgan

Stanley

10/20/23

USD

1,058‌

JPY

148,420‌

61‌

Morgan

Stanley

11/10/23

USD

209‌

CLP

186,780‌

—‌

Morgan

Stanley

11/24/23

EUR

40‌

USD

44‌

(1‌)

Morgan

Stanley

12/15/23

CNH

3,005‌

USD

412‌

1‌

Morgan

Stanley

12/15/23

USD

418‌

CNH

3,026‌

2‌

RBC

Dominion

Securities

10/6/23

USD

408‌

KRW

536,435‌

10‌

RBC

Dominion

Securities

10/13/23

USD

215‌

MXN

3,755‌

—‌

RBC

Dominion

Securities

10/13/23

USD

222‌

MXN

3,910‌

(2‌)

RBC

Dominion

Securities

10/20/23

JPY

57,125‌

USD

399‌

(15‌)

RBC

Dominion

Securities

10/20/23

USD

417‌

JPY

60,535‌

10‌

Standard

Chartered

10/6/23

USD

431‌

INR

35,705‌

1‌

Standard

Chartered

10/20/23

JPY

123,220‌

USD

828‌

(1‌)

Standard

Chartered

10/20/23

USD

112‌

AUD

175‌

—‌

Standard

Chartered

10/20/23

USD

1,811‌

JPY

254,375‌

103‌

Standard

Chartered

10/20/23

USD

314‌

NZD

495‌

17‌

Standard

Chartered

11/24/23

EUR

710‌

USD

749‌

3‌

Standard

Chartered

11/24/23

GBP

365‌

USD

443‌

2‌

Standard

Chartered

12/8/23

USD

424‌

MYR

1,970‌

1‌

Standard

Chartered

12/15/23

CNH

6,170‌

USD

845‌

3‌

Standard

Chartered

12/15/23

USD

435‌

CNH

3,155‌

1‌

Standard

Chartered

1/17/24

USD

919‌

KRW

1,238,290‌

(2‌)

State

Street

10/6/23

USD

453‌

TWD

14,500‌

3‌

State

Street

10/13/23

USD

660‌

MXN

11,517‌

1‌

State

Street

10/20/23

CAD

155‌

USD

118‌

(4‌)

State

Street

11/24/23

EUR

109‌

USD

119‌

(4‌)

State

Street

11/24/23

SEK

4,705‌

USD

435‌

(4‌)

State

Street

11/24/23

USD

449‌

EUR

424‌

(1‌)

State

Street

11/24/23

USD

188‌

GBP

155‌

(1‌)

UBS

Investment

Bank

10/6/23

IDR

1,060,573‌

USD

68‌

—‌

UBS

Investment

Bank

10/6/23

USD

211‌

IDR

3,245,030‌

2‌

UBS

Investment

Bank

10/6/23

USD

1,412‌

INR

116,225‌

13‌

UBS

Investment

Bank

10/6/23

USD

604‌

TWD

19,060‌

12‌

UBS

Investment

Bank

11/24/23

USD

1,401‌

EUR

1,300‌

24‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

22

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

UBS

Investment

Bank

11/24/23

USD

6‌

GBP

5‌

$

—‌

UBS

Investment

Bank

11/24/23

USD

424‌

SEK

4,705‌

(7‌)

UBS

Investment

Bank

1/17/24

USD

68‌

IDR

1,060,573‌

—‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

199‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

23

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

2

DAX

Performance

Index

contracts

12/23

(821)

$

(6‌)

Short,

2

NASDAQ

100

E-Mini

contracts

12/23

(595)

32‌

Short,

1

S&P

500

E-Mini

Index

contracts

12/23

(216)

11‌

Short,

7

U.S.

Treasury

Long

Bond

contracts

12/23

(796)

36‌

Short,

32

U.S.

Treasury

Notes

ten

year

contracts

12/23

(3,458)

30‌

Short,

5

Ultra

U.S.

Treasury

Bonds

contracts

12/23

(593)

44‌

Long,

162

Three

month

SOFR

Futures

contracts

3/24

38,293

(55‌)

Short,

222

Three

month

SOFR

Futures

contracts

3/25

(52,953)

243‌

Net

payments

(receipts)

of

variation

margin

to

date

(361‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(26‌)

T.

ROWE

PRICE

Dynamic

Credit

Fund

24

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

nine

months

ended

September

30,

2023.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

$

—‌

$

—‌

$

74‌++

Totals

$

—‌#

$

—‌

$

74‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/22

Purchase

Cost

Sales

Cost

Value

09/30/23

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

$

2,776‌

 ¤

 ¤

$

7,688‌

Total

$

7,688‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$74

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

$7,688.

T.

ROWE

PRICE

Dynamic

Credit

Fund

Unaudited

Notes

to

Portfolio

of

Investments

25

T.

Rowe

Price

Dynamic

Credit

Fund (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

T.

ROWE

PRICE

Dynamic

Credit

Fund

26

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities.

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

in

private

investment

companies

are

valued

at

the

investee’s

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee’s

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation Designee

may

adjust

the

investee’s

NAV

to

reflect

fair

value

at

the

valuation

date.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

T.

ROWE

PRICE

Dynamic

Credit

Fund

27

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

T.

ROWE

PRICE

Dynamic

Credit

Fund

28

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

September

30,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

19,579‌

$

—‌

$

19,579‌

Common

Stocks

237‌

—‌

16‌

253‌

Corporate

Bonds

—‌

18,026‌

—‌

18,026‌

Private

Investment

Company

2

—‌

—‌

—‌

23‌

Short-Term

Investments

3,769‌

4,069‌

—‌

7,838‌

Securities

Lending

Collateral

3,919‌

—‌

—‌

3,919‌

Total

Securities

7,925‌

41,674‌

16‌

49,638‌

Swaps*

—‌

1,490‌

—‌

1,490‌

Forward

Currency

Exchange

Contracts

—‌

419‌

—‌

419‌

Futures

Contracts*

396‌

—‌

—‌

396‌

Total

$

8,321‌

$

43,583‌

$

16‌

$

51,943‌

Liabilities

Swaps*

$

—‌

$

2,091‌

$

—‌

$

2,091‌

Forward

Currency

Exchange

Contracts

—‌

220‌

—‌

220‌

Futures

Contracts*

61‌

—‌

—‌

61‌

Total

$

61‌

$

2,311‌

$

—‌

$

2,372‌

1

Includes

Asset-Backed

Securities,

Bank

Loans,

Convertible

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.

*

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

Credit

Fund

29

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.

F1175-054Q3

09/23