NPORT-EX 2 70LDTRP093023.htm T. ROWE PRICE INTERNATIONAL FUNDS, INC.
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