T.

ROWE

PRICE

Dynamic

Credit

Fund

March

31,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ANGOLA

1.5%

Government

Bonds

1.5%

Republic

of

Angola,

8.75%,

4/14/32

(USD) 

14,725,000‌

13,572‌

Total

Angola

(Cost

$12,894

)

13,572‌

AUSTRALIA

1.5%

Corporate

Bonds

1.5%

Mineral

Resources,

9.25%,

10/1/28

(USD) (1)

12,788,000‌

13,459‌

Total

Australia

(Cost

$12,900

)

13,459‌

BRAZIL

2.8%

Corporate

Bonds

2.8%

Braskem

Netherlands

Finance,

7.25%,

2/13/33

(USD) (2)

14,415,000‌

13,875‌

Raizen

Fuels

Finance,

6.45%,

3/5/34

(USD) (1)

5,910,000‌

6,067‌

Raizen

Fuels

Finance,

6.95%,

3/5/54

(USD) (1)

5,490,000‌

5,656‌

Total

Brazil

(Cost

$24,308

)

25,598‌

CANADA

0.5%

Asset-Backed

Securities

0.0%

Cologix

Canadian

Issuer,

Series

2022-1CAN,

Class

A2,

4.94%,

1/25/52 (1)

250,000‌

172‌

172‌

Corporate

Bonds

0.5%

TER

Finance

Jersey,

Series

21,

Zero

Coupon,

1/2/25

(USD) (1)

4,900,000‌

4,670‌

4,670‌

Total

Canada

(Cost

$4,852

)

4,842‌

CHINA

2.2%

Convertible

Bonds

2.2%

H

World

Group,

3.00%,

5/1/26

(USD) 

12,190,000‌

14,049‌

Li

Auto,

0.25%,

5/1/28

(USD) 

4,604,000‌

5,782‌

19,831‌

Corporate

Bonds

0.0%

Kaisa

Group

Holdings,

11.95%,

10/22/22

(USD) (3)(4)

985,000‌

23‌

23‌

Total

China

(Cost

$20,695

)

19,854‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

2

Par/Shares

$

Value

(Cost

and

value

in

$000s)

COLOMBIA

1.7%

Corporate

Bonds

1.0%

Aris

Mining,

6.875%,

8/9/26

(USD) (1)

380,000‌

343‌

Ecopetrol,

8.375%,

1/19/36

(USD) 

8,370,000‌

8,454‌

8,797‌

Government

Bonds

0.7%

Republic

of

Colombia,

8.75%,

11/14/53

(USD) 

6,360,000‌

6,925‌

6,925‌

Private

Investment

Company

0.0%

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/1/22

-

12/22/23,

Cost $0

(USD) (4)(5)

†

1‌

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/7/23,

Cost $16

(USD) (4)(5)

†

21‌

22‌

Total

Colombia

(Cost

$14,945

)

15,744‌

EGYPT

1.6%

Government

Bonds

1.6%

Arab

Republic

of

Egypt,

Treasury

Bills,

Series

364D,

24.998%,

6/25/24 

228,500,000‌

4,564‌

Arab

Republic

of

Egypt,

Treasury

Bills,

Series

364D,

26.918%,

12/24/24 

261,575,000‌

4,626‌

Arab

Republic

of

Egypt,

Treasury

Bills,

Series

364D,

30.00%,

9/17/24 

264,125,000‌

4,959‌

Total

Egypt

(Cost

$14,028

)

14,149‌

FRANCE

1.4%

Corporate

Bonds

1.4%

Altice

France

Holding,

10.50%,

5/15/27

(USD) (1)

14,003,000‌

5,251‌

Societe

Generale,

VR,

10.00%

(USD) (1)(6)(7)

6,880,000‌

7,293‌

Total

France

(Cost

$15,419

)

12,544‌

GHANA

1.6%

Corporate

Bonds

1.6%

Kosmos

Energy,

7.125%,

4/4/26

(USD) 

14,745,000‌

14,521‌

Total

Ghana

(Cost

$14,002

)

14,521‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

3

Par/Shares

$

Value

(Cost

and

value

in

$000s)

ITALY

3.0%

Corporate

Bonds

3.0%

Golden

Goose,

FRN,

3M

EURIBOR

+

4.875%,

8.776%,

5/14/27 

13,939,000‌

15,114‌

Intesa

Sanpaolo,

7.80%,

11/28/53

(USD) (1)

11,280,000‌

12,732‌

Total

Italy

(Cost

$26,042

)

27,846‌

IVORY

COAST

3.2%

Government

Bonds

3.2%

Republic

of

Ivory

Coast,

5.875%,

10/17/31

(EUR) 

295,000‌

295‌

Republic

of

Ivory

Coast,

6.125%,

6/15/33

(USD) (2)

16,224,000‌

14,671‌

Republic

of

Ivory

Coast,

7.625%,

1/30/33

(USD) (1)

6,540,000‌

6,501‌

Republic

of

Ivory

Coast,

8.25%,

1/30/37

(USD) (1)

7,360,000‌

7,399‌

Total

Ivory

Coast

(Cost

$27,418

)

28,866‌

LUXEMBOURG

1.6%

Bank

Loans

0.3%

(8)

Travelport

Finance,

FRN,

3M

TSFR

+

8.26%,

13.564%,

9/29/28

(USD) 

2,758,424‌

2,564‌

2,564‌

Corporate

Bonds

1.3%

Altice

Financing,

9.625%,

7/15/27

(USD) (1)

12,476,000‌

11,933‌

11,933‌

Total

Luxembourg

(Cost

$14,993

)

14,497‌

MAURITIUS

0.6%

Corporate

Bonds

0.6%

Axian

Telecom,

7.375%,

2/16/27

(USD) (1)

200,000‌

194‌

Axian

Telecom,

7.375%,

2/16/27

(USD) 

5,500,000‌

5,343‌

Total

Mauritius

(Cost

$5,188

)

5,537‌

MEXICO

4.7%

Corporate

Bonds

4.6%

BBVA

Bancomer,

VR,

8.125%,

1/8/39

(USD) (1)(7)

13,695,000‌

14,197‌

Braskem

Idesa

SAPI,

6.99%,

2/20/32

(USD) (2)

6,060,000‌

4,708‌

Metalsa,

3.75%,

5/4/31

(USD) (1)

6,195,000‌

5,027‌

Petroleos

Mexicanos,

6.70%,

2/16/32

(USD) 

700,000‌

583‌

Petroleos

Mexicanos,

10.00%,

2/7/33

(USD) (2)

7,304,000‌

7,279‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

4

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Sixsigma

Networks

Mexico,

7.50%,

5/2/25

(USD) 

10,920,000‌

10,533‌

42,327‌

Government

Bonds

0.1%

United

Mexican

States,

Series

M,

7.75%,

11/13/42 

21,390,000‌

1,093‌

1,093‌

Total

Mexico

(Cost

$41,256

)

43,420‌

MONTENEGRO

0.6%

Government

Bonds

0.6%

Republic

of

Montenegro,

7.25%,

3/12/31

(USD) (1)(2)

5,210,000‌

5,308‌

Total

Montenegro

(Cost

$5,210

)

5,308‌

NETHERLANDS

0.0%

Corporate

Bonds

0.0%

Boost

Newco

Borrower,

8.50%,

1/15/31

(GBP) (1)

155,000‌

211‌

Total

Netherlands

(Cost

$192

)

211‌

PANAMA

1.2%

Government

Bonds

1.2%

Republic

of

Panama,

7.50%,

3/1/31

(USD) 

3,960,000‌

4,115‌

Republic

of

Panama,

7.875%,

3/1/57

(USD) 

1,690,000‌

1,712‌

Republic

of

Panama,

8.00%,

3/1/38

(USD) 

4,760,000‌

4,998‌

Total

Panama

(Cost

$10,338

)

10,825‌

ROMANIA

0.6%

Corporate

Bonds

0.6%

Banca

Transilvania,

VR,

8.875%,

4/27/27

(EUR) (7)

4,929,000‌

5,646‌

Total

Romania

(Cost

$5,389

)

5,646‌

SENEGAL

1.0%

Government

Bonds

1.0%

Republic

of

Senegal,

6.25%,

5/23/33

(USD) (2)

10,745,000‌

9,185‌

Total

Senegal

(Cost

$9,239

)

9,185‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

5

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SLOVENIA

0.6%

Corporate

Bonds

0.6%

Nova

Ljubljanska

Banka,

VR,

7.125%,

6/27/27 (2)(7)

4,800,000‌

5,471‌

Total

Slovenia

(Cost

$5,175

)

5,471‌

SPAIN

2.7%

Corporate

Bonds

2.7%

Banco

Bilbao

Vizcaya

Argentaria,

VR,

9.375%

(USD) (6)(7)

11,890,000‌

12,707‌

Banco

Bilbao

Vizcaya

Argentaria,

Series

9,

VR,

6.50%

(USD) (6)

(7)

2,400,000‌

2,367‌

Cirsa

Finance

International,

4.50%,

3/15/27 

157,000‌

166‌

Cirsa

Finance

International,

6.50%,

3/15/29 (1)

3,365,000‌

3,713‌

Cirsa

Finance

International,

FRN,

3M

EURIBOR

+

4.50%,

8.412%,

7/31/28 (1)

5,200,000‌

5,705‌

Total

Spain

(Cost

$23,462

)

24,658‌

SRI

LANKA

0.0%

Government

Bonds

0.0%

Republic

of

Sri

Lanka,

6.85%,

11/3/25

(USD) (3)(4)

410,000‌

246‌

Total

Sri

Lanka

(Cost

$173

)

246‌

SURINAME

0.0%

Government

Bonds

0.0%

Republic

of

Suriname,

7.95%,

7/15/33,

(4.95%

Cash

and

3.00%

PIK)

(USD) (1)(9)

271,463‌

249‌

Republic

of

Suriname,

VR,

9.00%,

12/31/50

(USD) (1)

130,000‌

96‌

Total

Suriname

(Cost

$266

)

345‌

UKRAINE

0.6%

Corporate

Bonds

0.6%

Kernel

Holding,

6.50%,

10/17/24

(USD) 

5,745,000‌

5,162‌

Total

Ukraine

(Cost

$5,278

)

5,162‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

UNITED

KINGDOM

4.1%

Bank

Loans

1.5%

(8)

CD&R

Firefly

Bidco,

FRN,

3M

EURIBOR

+

4.50%,

3/1/29

(EUR) (10)

6,420,000‌

6,882‌

CD&R

Firefly

Bidco,

FRN,

USD

LIBOR

+

5.75%,

3/1/29 (10)

4,670,000‌

5,846‌

ZPG,

FRN,

GBP

SONIA

+

6.00%,

11.191%,

7/31/28 

1,250,000‌

1,572‌

14,300‌

Convertible

Bonds

0.1%

Immunocore

Holdings,

2.50%,

2/1/30

(USD) (1)

553,000‌

577‌

577‌

Corporate

Bonds

2.5%

Connect

Finco,

6.75%,

10/1/26

(USD) (1)

635,000‌

622‌

Pinnacle

Bidco,

8.25%,

10/11/28

(EUR) (1)

3,600,000‌

4,052‌

Vmed

O2

U.K.

Financing

I,

7.75%,

4/15/32

(USD) (1)

18,250,000‌

18,296‌

22,970‌

Total

United

Kingdom

(Cost

$37,326

)

37,847‌

UNITED

STATES

54.5%

Asset-Backed

Securities

10.1%

Auxilior

Term

Funding,

Series

2023-1A,

Class

E,

10.97%,

12/15/32 (1)

6,770,000‌

6,789‌

Bayview

Opportunity

Master

Fund

VII,

Series

2024-CAR1,

Class

E,

FRN,

SOFR30A

+

3.60%,

10.32%,

12/26/31 (1)

3,183,000‌

3,183‌

Blackbird

Capital

Aircraft

Lease

Securitization,

Series

2016-1A,

Class

A,

STEP,

4.213%,

12/16/41 (1)

217,017‌

214‌

Driven

Brands

Funding,

Series

2018-1A,

Class

A2,

4.739%,

4/20/48 (1)

2,525,900‌

2,480‌

Driven

Brands

Funding,

Series

2019-2A,

Class

A2,

3.981%,

10/20/49 (1)

3,576,263‌

3,364‌

Elara

HGV

Timeshare

Issuer,

Series

2019-A,

Class

C,

3.45%,

1/25/34 (1)

38,878‌

37‌

Elara

HGV

Timeshare

Issuer,

Series

2023-A,

Class

D,

10.10%,

2/25/38 (1)

168,405‌

172‌

Equify

ABS,

Series

2023-1A,

Class

A,

7.20%,

9/15/31 (1)

5,879,689‌

5,892‌

ExteNet,

Series

2019-1A,

Class

B,

4.14%,

7/25/49 (1)

240,000‌

237‌

FOCUS

Brands

Funding,

Series

2017-1A,

Class

A2II,

5.093%,

4/30/47 (1)

2,107,450‌

2,043‌

FOCUS

Brands

Funding,

Series

2023-2,

Class

A2,

8.241%,

10/30/53 (1)

8,907,675‌

9,456‌

Hardee's

Funding,

Series

2018-1A,

Class

A2II,

4.959%,

6/20/48 (1)

1,266,300‌

1,254‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Hardee's

Funding,

Series

2020-1A,

Class

A2,

3.981%,

12/20/50 (1)

1,170,241‌

1,054‌

Hardee's

Funding,

Series

2021-1A,

Class

A2,

2.865%,

6/20/51 (1)

1,225,350‌

1,041‌

Hardee's

Funding,

Series

2024-1A,

Class

A2,

7.253%,

3/20/54 (1)

9,910,000‌

9,993‌

Jamestown

VI,

Series

2018-6RA,

Class

C,

CLO,

FRN,

3M

TSFR

+

3.262%,

8.586%,

4/25/30 (1)

2,980,000‌

2,941‌

MVW,

Series

2023-2A,

Class

D,

9.33%,

11/20/40 (1)

5,567,353‌

5,643‌

Octane

Receivables

Trust,

Series

2023-1A,

Class

E,

9.25%,

8/20/30 (1)

255,000‌

255‌

Post

Road

Equipment

Finance,

Series

2024-1A,

Class

E,

8.50%,

12/15/31 (1)

3,338,000‌

3,209‌

Progress

Residential

Trust,

Series

2020-SFR3,

Class

F,

2.796%,

10/17/27 (1)

130,000‌

122‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2023-A,

Class

E,

10.068%,

6/15/33 (1)

152,056‌

154‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2023-B,

Class

E,

8.408%,

12/15/33 (1)

2,500,000‌

2,514‌

SEB

Funding,

Series

2024-1A,

Class

A2,

7.386%,

4/30/54 (1)

14,435,000‌

14,435‌

Sierra

Timeshare

Receivables

Funding,

Series

2021-1A,

Class

D,

3.17%,

11/20/37 (1)

158,967‌

149‌

Sierra

Timeshare

Receivables

Funding,

Series

2023-3A,

Class

D,

9.44%,

9/20/40 (1)

4,771,401‌

4,801‌

Sierra

Timeshare

Receivables

Funding,

Series

2024-1A,

Class

D,

8.02%,

1/20/43 (1)

2,300,000‌

2,293‌

Stonepeak

ABS,

Series

2021-1A,

Class

B,

3.821%,

2/28/33 (1)

173,003‌

157‌

Ziply

Fiber

Issuer,

Series

2024-1A,

Class

A2,

6.64%,

4/20/54 (1)

8,735,000‌

8,733‌

92,615‌

Bank

Loans

13.0%

(8)

Asurion,

FRN,

1M

TSFR

+

4.25%,

9.677%,

8/19/28 

19,734,333‌

19,014‌

Asurion,

FRN,

1M

TSFR

+

5.25%,

10.692%,

1/31/28 

185,904‌

167‌

Boxer

Parent,

FRN,

1M

TSFR

+

4.25%,

9.58%,

12/29/28 

6,797,963‌

6,836‌

Caesars

Entertainment,

FRN,

1M

TSFR

+

2.75%,

8.04%,

2/6/31 

14,150,000‌

14,150‌

Chromalloy,

FRN,

1M

USD

LIBOR

+

3.75%,

3/21/31 (10)

13,990,000‌

13,932‌

Cloud

Software

Group,

FRN,

1M

TSFR

+

4.50%,

9.909%,

3/30/29 

4,318,103‌

4,295‌

Cloud

Software

Group,

FRN,

3M

TSFR

+

4.50%,

9.909%,

9/29/28 

6,463,341‌

6,432‌

CMG

Media,

FRN,

3M

TSFR

+

3.50%,

8.909%,

12/17/26 

1,458,731‌

1,268‌

Ellucian

Holdings,

FRN,

1M

TSFR

+

3.50%,

8.93%,

10/9/29 

6,460,912‌

6,485‌

Fleet

Midco

I,

FRN,

1M

TSFR

+

3.25%,

8.58%,

2/21/31 (11)

2,520,000‌

2,520‌

LTI

Holdings,

FRN,

1M

TSFR

+

3.50%,

8.945%,

9/6/25 

6,743,340‌

6,673‌

NGL

Energy

Operating,

FRN,

1M

TSFR

+

4.50%,

9.83%,

2/3/31 

3,415,000‌

3,422‌

Radiate

Holdco,

FRN,

1M

TSFR

+

3.25%,

8.695%,

9/25/26 (10)

11,425,778‌

9,533‌

Summit

Materials,

FRN,

1M

TSFR

+

2.50%,

7.826%,

1/12/29 

5,535,000‌

5,558‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

8

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Talen

Energy

Supply,

FRN,

1M

TSFR

+

4.50%,

9.826%,

5/17/30 

2,946,161‌

2,955‌

Talen

Energy

Supply,

FRN,

1M

TSFR

+

4.50%,

9.826%,

5/17/30 

7,185,252‌

7,207‌

Vistra

Zero

Operating,

FRN,

1M

USD

LIBOR

+

2.75%,

3/20/31 (10)

7,580,000‌

7,580‌

William

Morris

Endeavor

Entertainment,

FRN,

1M

TSFR

+

2.75%,

8.195%,

5/18/25 

730,044‌

729‌

118,756‌

Common

Stocks

4.5%

Ally

Financial 

244,858‌

9,939‌

Altera

Infrastructure,

Acquisition

Date:

1/19/23,

Cost $13 (4)(5)

(11)

639‌

18‌

Domino's

Pizza 

16,369‌

8,133‌

GoDaddy,

Class

A (4)

53,775‌

6,382‌

Microsoft 

21,733‌

9,144‌

Samsara,

Class

A (4)

192,083‌

7,259‌

Toll

Brothers 

64‌

8‌

40,883‌

Convertible

Bonds

2.6%

Kobold

Metals,

Acquisition

date:

3/6/24,

Cost $3,705,

2/26/25 (4)(5)(11)

3,705,000‌

3,705‌

Neurocrine

Biosciences,

2.25%,

5/15/24 

1,472,000‌

2,660‌

Royal

Caribbean

Cruises,

6.00%,

8/15/25 

3,495,000‌

9,922‌

Wolfspeed,

0.25%,

2/15/28 

981,000‌

570‌

Wolfspeed,

1.875%,

12/1/29 

12,535,000‌

7,054‌

23,911‌

Convertible

Preferred

Stocks

1.0%

Apollo

Global

Management,

6.75%,

7/31/26 

145,932‌

9,275‌

9,275‌

Corporate

Bonds

20.0%

Allied

Universal

Holdco,

4.625%,

6/1/28 (1)

5,457,000‌

4,966‌

At

Home

Group,

4.875%,

7/15/28 (1)

210,000‌

96‌

Carnival,

4.00%,

8/1/28 (1)

430,000‌

400‌

Civitas

Resources,

8.625%,

11/1/30 (1)

2,295,000‌

2,461‌

Clear

Channel

Outdoor

Holdings,

5.125%,

8/15/27 (1)(2)

9,460,000‌

8,904‌

Clear

Channel

Outdoor

Holdings,

7.50%,

6/1/29 (1)(2)

8,330,000‌

6,872‌

Clear

Channel

Outdoor

Holdings,

7.875%,

4/1/30 (1)

3,830,000‌

3,811‌

Cloud

Software

Group,

9.00%,

9/30/29 (1)(2)

7,175,000‌

6,852‌

CSC

Holdings,

11.75%,

1/31/29 (1)

6,765,000‌

6,774‌

DISH

DBS,

5.25%,

12/1/26 (1)

9,430,000‌

7,426‌

DISH

DBS,

7.75%,

7/1/26 

6,145,000‌

4,086‌

GrafTech

Global

Enterprises,

9.875%,

12/15/28 (1)

769,000‌

571‌

HAT

Holdings

I,

8.00%,

6/15/27 (1)

7,999,000‌

8,329‌

Level

3

Financing,

10.50%,

5/15/30 (1)

4,700,000‌

4,806‌

LifePoint

Health,

9.875%,

8/15/30 (1)

610,000‌

637‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

9

Par/Shares

$

Value

(Cost

and

value

in

$000s)

LifePoint

Health,

11.00%,

10/15/30 (1)

13,920,000‌

14,877‌

Navient,

11.50%,

3/15/31 

13,445,000‌

14,890‌

Neptune

Bidco

U.S.,

9.29%,

4/15/29 (1)

17,130,000‌

16,166‌

NGL

Energy

Operating,

8.125%,

2/15/29 (1)

3,235,000‌

3,308‌

NGL

Energy

Operating,

8.375%,

2/15/32 (1)

4,790,000‌

4,910‌

Scientific

Games

Holdings,

6.625%,

3/1/30 (1)

4,300,000‌

4,139‌

Stagwell

Global,

5.625%,

8/15/29 (1)(2)

14,480,000‌

13,104‌

Starwood

Property

Trust,

7.25%,

4/1/29 (1)

11,780,000‌

11,839‌

Talen

Energy

Supply,

8.625%,

6/1/30 (1)

310,000‌

332‌

Tenneco,

8.00%,

11/17/28 (1)

23,270,000‌

21,234‌

Townsquare

Media,

6.875%,

2/1/26 (1)(2)

395,000‌

385‌

Univision

Communications,

7.375%,

6/30/30 (1)(2)

4,045,000‌

3,984‌

Venture

Global

Calcasieu

Pass,

3.875%,

8/15/29 (1)

165,000‌

148‌

Venture

Global

Calcasieu

Pass,

4.125%,

8/15/31 (1)

135,000‌

120‌

Venture

Global

LNG,

9.875%,

2/1/32 (1)

5,655,000‌

6,079‌

Vistra,

VR,

7.00% (1)(6)(7)

100,000‌

99‌

Vistra,

VR,

8.00% (1)(6)(7)

170,000‌

173‌

182,778‌

Municipal

Securities

0.9%

Colorado

HFA,

Covenant

Living

Community,

Series

B,

4.48%,

12/1/40 

235,000‌

199‌

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 (1)

210,000‌

207‌

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (12)

11,784,795‌

6,812‌

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

35‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/33 

41,930‌

42‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/35 

37,689‌

37‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/37 

32,347‌

31‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/41 

43,980‌

41‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/46 

45,738‌

42‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.375%,

7/1/25 

46,698‌

48‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.625%,

7/1/27 

46,276‌

49‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.625%,

7/1/29 

45,524‌

50‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

10

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.75%,

7/1/31 

44,217‌

50‌

Puerto

Rico

Electric

Power

Auth.,

Build

America,

5.95%,

7/1/30 (4)(13)

40,000‌

11‌

Puerto

Rico

Electric

Power

Auth.,

Build

America,

6.05%,

7/1/32 (4)(13)

150,000‌

39‌

Tobacco

Settlement

Fin.,

Series

A-1,

6.706%,

6/1/46 

255,000‌

220‌

Tobacco

Settlement

Fin.

Auth.,

Series

B,

4.875%,

6/1/49 

105,000‌

98‌

Tobacco

Settlement

Fin.

Auth.,

Series

B,

Zero

Coupon,

6/1/47 

460,000‌

43‌

8,064‌

Non-U.S.

Government

Mortgage-Backed

Securities

2.4%

Alen

Mortgage

Trust,

Series

2021-ACEN,

Class

A,

ARM,

1M

TSFR

+

1.264%,

6.59%,

4/15/34 (1)

2,120,000‌

1,937‌

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2021-

JACX,

Class

D,

ARM,

1M

TSFR

+

2.864%,

8.19%,

9/15/38 (1)

395,000‌

320‌

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2021-

JACX,

Class

E,

ARM,

1M

TSFR

+

3.864%,

9.19%,

9/15/38 (1)

100,000‌

75‌

BANK,

Series

2020-BN29,

Class

A4,

1.997%,

11/15/53 

4,149,000‌

3,342‌

Barclays

Commercial

Mortgage

Trust,

Series

2019-BWAY,

Class

E,

ARM,

1M

TSFR

+

2.964%,

8.289%,

11/15/34 (1)

120,000‌

11‌

BFLD,

Series

2019-DPLO,

Class

F,

ARM,

1M

TSFR

+

2.654%,

7.979%,

10/15/34 (1)

3,083,000‌

3,055‌

BSREP

Commercial

Mortgage

Trust,

Series

2021-DC,

Class

C,

ARM,

1M

TSFR

+

1.664%,

6.99%,

8/15/38 (1)

1,170,417‌

995‌

BX

Commercial

Mortgage

Trust,

Series

2019-IMC,

Class

A,

ARM,

1M

TSFR

+

1.046%,

6.371%,

4/15/34 (1)

1,340,000‌

1,339‌

BX

Commercial

Mortgage

Trust,

Series

2019-IMC,

Class

E,

ARM,

1M

TSFR

+

2.196%,

7.521%,

4/15/34 (1)

150,000‌

149‌

BX

Trust,

Series

2021-VIEW,

Class

F,

ARM,

1M

TSFR

+

4.044%,

9.369%,

6/15/36 (1)

145,000‌

128‌

CAFL,

Series

2021-RTL1,

Class

A1,

CMO,

STEP,

2.239%,

3/28/29 (1)

100,000‌

96‌

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

E,

ARM,

1M

TSFR

+

2.447%,

7.773%,

12/15/37 (1)

2,912,500‌

2,905‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65C,

ARM,

4.123%,

5/15/52 (1)

115,000‌

65‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65D,

ARM,

4.66%,

5/15/52 (1)

70,000‌

32‌

Commercial

Mortgage

Trust,

Series

2014-CR19,

Class

AM,

4.08%,

8/10/47 

145,000‌

143‌

Commercial

Mortgage

Trust,

Series

2014-CR19,

Class

E,

ARM,

4.121%,

8/10/47 (1)

165,000‌

138‌

Commercial

Mortgage

Trust,

Series

2017-PANW,

Class

D,

ARM,

3.935%,

10/10/29 (1)

305,000‌

270‌

DC

Trust,

Series

2024-HLTN,

Class

C,

ARM,

7.036%,

4/13/28 (1)

875,000‌

875‌

DC

Trust,

Series

2024-HLTN,

Class

D,

ARM,

7.712%,

4/13/28 (1)

1,455,000‌

1,455‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

11

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Finance

of

America

HECM

Buyout,

Series

2022-HB1,

Class

M3,

ARM,

5.084%,

2/25/32 (1)

390,000‌

357‌

Great

Wolf

Trust,

Series

2019-WOLF,

Class

F,

ARM,

1M

TSFR

+

3.445%,

8.77%,

12/15/36 (1)

130,500‌

129‌

JPMorgan

Mortgage

Trust,

Series

2022-LTV1,

Class

A2,

CMO,

ARM,

3.52%,

7/25/52 (1)

84,745‌

72‌

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

D,

ARM,

4.668%,

3/10/50 (1)

220,000‌

161‌

New

Residential

Mortgage

Loan

Trust,

Series

2023-NQM1,

Class

A2,

CMO,

STEP,

7.319%,

10/25/63 (1)

424,313‌

430‌

Oceanview

Mortgage

Loan

Trust,

Series

2020-1,

Class

A3,

CMO,

ARM,

3.285%,

5/28/50 (1)

115,000‌

95‌

Verus

Securitization

Trust,

Series

2021-2,

Class

M1,

CMO,

ARM,

2.187%,

2/25/66 (1)

150,000‌

110‌

Verus

Securitization

Trust,

Series

2021-5,

Class

M1,

CMO,

ARM,

2.331%,

9/25/66 (1)

3,270,000‌

2,227‌

Verus

Securitization

Trust,

Series

2023-1,

Class

A3,

CMO,

STEP,

6.90%,

12/25/67 (1)

426,407‌

427‌

WB

Commercial

Mortgage

Trust,

Series

2024-HQ,

Class

C,

ARM,

7.133%,

3/15/40 (1)

1,130,000‌

1,140‌

22,478‌

Total

United

States

(Cost

$485,728

)

498,760‌

SHORT-TERM

INVESTMENTS

12.5%

Money

Market

Funds

2.9%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (14)(15)

26,218,312‌

26,218‌

26,218‌

U.S.

Treasury

Obligations

9.6%

U.S.

Treasury

Bills,

5.278%,

5/30/24 (16)

88,655,000‌

87,891‌

87,891‌

Total

Short-Term

Investments

(Cost

$114,113)

114,109‌

SECURITIES

LENDING

COLLATERAL

3.8%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

2.2%

Money

Market

Funds

2.2%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (14)(15)

20,221,633‌

20,222‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

20,222‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

12

Par/Shares

$

Value

(Cost

and

value

in

$000s)

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

1.6%

Money

Market

Funds

1.6%

T.

Rowe

Price

Government

Reserve

Fund,

5.39% (14)(15)

14,984,283‌

14,984‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

14,984‌

Total

Securities

Lending

Collateral

(Cost

$35,206)

35,206‌

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED

0.6%

Exchange-Traded

Options

Purchased

0.2%

Description

Contracts

Notional

Amount

$

Value

U.S.

Treasury

10-Year

Notes

Futures,

Put,

4/26/24

@

$110.50 (4)

3,592‌

397,982‌

2,021‌

Total

Exchange-Traded

Options

Purchased

(Cost

$3,019)

2,021‌

OTC

Options

Purchased

0.4%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Bank

of

America

USD

/

JPY

Call,

9/5/24

@

JPY156.00 (4)

1‌

137,750‌

683‌

Barclays

Bank

30

Year

Interest

Rate

Swap,

8/12/54

Pay

Fixed

3.80%

Annually,

Receive

Variable

5.34%

(SOFR)

Annually,

8/8/24

@

3.80%* (4)

2‌

83,029‌

1,624‌

Barclays

Bank

30

Year

Interest

Rate

Swap,

8/13/54

Pay

Fixed

3.80%

Annually,

Receive

Variable

5.34%

(SOFR)

Annually,

8/9/24

@

3.80%* (4)

1‌

11,638‌

229‌

Barclays

Bank

S&P

500

Index,

Put,

4/19/24

@

$5,100.00 (4)

248‌

130,308‌

304‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

13

(Amounts

in

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

$

Value

Goldman

Sachs

30

Year

Interest

Rate

Swap,

8/13/54

Pay

Fixed

3.80%

Annually,

Receive

Variable

5.34%

(SOFR)

Annually,

8/9/24

@

3.80%* (4)

1‌

5,819‌

114‌

Morgan

Stanley

30

Year

Interest

Rate

Swap,

8/12/54

Pay

Fixed

3.80%

Annually,

Receive

Variable

5.34%

(SOFR)

Annually,

8/8/24

@

3.80%* (4)

1‌

5,819‌

114‌

Morgan

Stanley

30

Year

Interest

Rate

Swap,

8/13/54

Pay

Fixed

3.80%

Annually,

Receive

Variable

5.34%

(SOFR)

Annually,

8/9/24

@

3.80%* (4)

1‌

11,638‌

229‌

UBS

Investment

Bank

S&P

500

Index,

Put,

6/21/24

@

$4,400.00 (4)

305‌

160,258‌

287‌

Total

OTC

Options

Purchased

(Cost

$9,615)

3,584‌

Total

Options

Purchased

(Cost

$12,634)

5,605‌

Total

Investments

in

Securities

110.7%

(Cost

$998,669)

$

1,013,033‌

Other

Assets

Less

Liabilities

(10.7)%

(97,952)

Net

Assets

100.0%

$

915,081‌

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Par/Shares

and

Notional

Amount

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

†

Investment

fund

is

not

unitized.

*

Exercise

Spread

(1)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$415,340

and

represents

45.4%

of

net

assets.

(2)

All

or

a

portion

of

this

security

is

on

loan

at

March

31,

2024.

(3)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

T.

ROWE

PRICE

Dynamic

Credit

Fund

14

.

.

.

.

.

.

.

.

.

.

(4)

Non-income

producing

(5)

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

$3,745

and

represents

0.4%

of

net

assets.

(6)

Perpetual

security

with

no

stated

maturity

date.

(7)

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.

(8)

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.

(9)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(10)

All

or

a

portion

of

this

loan

is

unsettled

as

of

March

31,

2024.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(11)

Level

3

in

fair

value

hierarchy.

(12)

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.

(13)

Issuer

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

(14)

Seven-day

yield

(15)

Affiliated

Companies

(16)

At

March

31,

2024,

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

BRL

Brazilian

Real

CHF

Swiss

Franc

CLO

Collateralized

Loan

Obligation

CLP

Chilean

Peso

CMO

Collateralized

Mortgage

Obligation

CPI

Consumer

Price

Index

T.

ROWE

PRICE

Dynamic

Credit

Fund

15

.

.

.

.

.

.

.

.

.

.

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GBP

SONIA

Sterling

Overnight

Index

Average

GO

General

Obligation

HFA

Health

Facility

Authority

HUF

Hungarian

Forint

ILS

Israeli

Shekel

INR

Indian

Rupee

JPY

Japanese

Yen

MXIBTIIE

Mexican

Interbank

28

day

interest

rate

MXN

Mexican

Peso

NZD

New

Zealand

Dollar

OTC

Over-the-counter

PIK

Payment-in-kind

PLN

Polish

Zloty

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

16

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.2)%

OTC

Options

Written

(0.2)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Barclays

Bank

2

Year

Interest

Rate

Swap,

8/12/26

Pay

Fixed

4.20%

Annually,

Receive

Variable

5.34%

(SOFR)

Annually,

8/8/24

@

4.20%*

1

62,968

(326‌)

Morgan

Stanley

2

Year

Interest

Rate

Swap,

8/12/26

Pay

Fixed

4.20%

Annually,

Receive

Variable

5.34%

(SOFR)

Annually,

8/8/24

@

4.20%*

1

57,333

(297‌)

Barclays

Bank

2

Year

Interest

Rate

Swap,

8/13/26

Pay

Fixed

4.20%

Annually,

Receive

Variable

5.34%

(SOFR)

Annually,

8/9/24

@

4.20%*

1

111,577

(577‌)

Goldman

Sachs

2

Year

Interest

Rate

Swap,

8/13/26

Pay

Fixed

4.20%

Annually,

Receive

Variable

5.34%

(SOFR)

Annually,

8/9/24

@

4.20%*

1

54,930

(284‌)

Morgan

Stanley

2

Year

Interest

Rate

Swap,

8/13/26

Pay

Fixed

4.20%

Annually,

Receive

Variable

5.34%

(SOFR)

Annually,

8/9/24

@

4.20%*

1

111,577

(577‌)

Barclays

Bank

S&P

500

Index,

Put,

4/19/24

@

$5,000.00

248

130,308

(157‌)

Total

Options

Written

(Premiums

$(2,519))

$

(2,218‌)

T.

ROWE

PRICE

Dynamic

Credit

Fund

17

(Amounts

in

000s)

SWAPS

(1.4)%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

**

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

(0.5)%

Credit

Default

Swaps,

Protection

Sold

(0.2)%

Mexico

(0.2)%

Morgan

Stanley,

Protection

Sold (Relevant

Credit:

Petroleos

Mexicanos,

B3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

(USD)

*

9,563

(1,484)

(1,911)

427‌

Total

Mexico

(1,911)

427‌

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

13

(9)

22‌

Total

United

Kingdom

(9)

22‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(1,920)

449‌

Total

Return

Swaps

(0.3)%

United

States

(0.3)%

JPMorgan

Chase,

Pay

Underlying

Reference:

Amazon.com

at

Maturity,

Receive

Variable

4.566%

(SOFR

+

(0.75)%)

at

Maturity,

9/20/24

*

3,529

(125)

(76)

(49‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

Apple

at

Maturity,

Receive

Variable

4.566%

(SOFR

+

(0.75)%)

at

Maturity,

9/20/24

*

19,423

(346)

(112)

(234‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

Halliburton

at

Maturity,

Receive

Variable

4.566%

(SOFR

+

(0.75)%)

at

Maturity,

9/20/24

*

6,063

(2,644)

(2,568)

(76‌)

Total

United

States

(2,756)

(359‌)

Total

Bilateral

Total

Return

Swaps

(2,756)

(359‌)

Total

Bilateral

Swaps

(4,676)

90‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

18

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

(0.9)%

Credit

Default

Swaps,

Protection

Bought

(0.6)%

Canada

(0.0)%

Protection

Bought

(Relevant

Credit:

Bombardier),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

(USD)

1,515

(160)

(59)

(101‌)

Total

Canada

(101‌)

Colombia

0.0%

Protection

Bought

(Relevant

Credit:

Republic

of

Colombia),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

(USD)

417

5

37

(32‌)

Total

Colombia

(32‌)

Foreign/Europe

(0.1)%

Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Crossover-S40,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

13,770

(1,160)

(274)

(886‌)

Total

Foreign/Europe

(886‌)

Oman

(0.0)%

Protection

Bought

(Relevant

Credit:

Sultanate

of

Oman),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

(USD)

10,262

(18)

270

(288‌)

Total

Oman

(288‌)

United

States

(0.5)%

Protection

Bought

(Relevant

Credit:

American

Axle

&

Manufacturing),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/29

17,728

(838)

(337)

(501‌)

Protection

Bought

(Relevant

Credit:

Apache),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/27

700

(7)

35

(42‌)

Protection

Bought

(Relevant

Credit:

Beazer

Homes

USA),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

915

(107)

(85)

(22‌)

Protection

Bought

(Relevant

Credit:

Citigroup),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

720

(13)

1

(14‌)

Protection

Bought

(Relevant

Credit:

Delta

Air

Lines),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/21/27

335

(42)

(6)

(36‌)

T.

ROWE

PRICE

Dynamic

Credit

Fund

19

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Protection

Bought

(Relevant

Credit:

Delta

Air

Lines),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

11,761

(1,815)

(1,581)

(234‌)

Protection

Bought

(Relevant

Credit:

Hertz),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/29

9,795

326

52

274‌

Protection

Bought

(Relevant

Credit:

Iron

Mountain),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

485

(70)

(59)

(11‌)

Protection

Bought

(Relevant

Credit:

Nova

Chemicals),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

13,114

(900)

(669)

(231‌)

Protection

Bought

(Relevant

Credit:

Tesla),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/26

640

(8)

25

(33‌)

Protection

Bought

(Relevant

Credit:

United

Airlines

Holdings),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/29

18,010

(1,128)

52

(1,180‌)

Total

United

States

(2,030‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Bought

(3,337‌)

Credit

Default

Swaps,

Protection

Sold

(0.2)%

China

0.0%

Protection

Sold

(Relevant

Credit:

People’s

Republic

of

China,

A1*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

(USD)

12,257

176

94

82‌

Total

China

82‌

Foreign/Europe

(0.0)%

Protection

Sold

(Relevant

Credit:

Markit

iTraxx

Europe

Subordinated

Financials-S40,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

59,875

(39)

(462)

423‌

Total

Foreign/Europe

423‌

Israel

(0.0)%

Protection

Sold

(Relevant

Credit:

Teva

Pharmaceutical

Industries,

Ba2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

(USD)

5,447

(82)

(518)

436‌

Total

Israel

436‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

20

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Mexico

(0.2)%

Protection

Sold

(Relevant

Credit:

Petroleos

Mexicanos,

B3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

(USD)

13,050

(2,025)

(2,217)

192‌

Total

Mexico

192‌

Spain

0.0%

Protection

Sold

(Relevant

Credit:

Cellnex

Telecom,

BBB-*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

459

90

74

16‌

Total

Spain

16‌

United

States

0.0%

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:

Markit

CDX.NA.IG-S39,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/27

814

18

5

13‌

Total

United

States

15‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

1,164‌

Interest

Rate

Swaps

(0.1)%

Foreign/Europe

(0.1)%

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.755%

Annually,

Pay

Variable

3.902%

(6M

EURIBOR)

Semi-Annually,

3/26/29

103,340

354

—

354‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

2.440%

Annually,

Receive

Variable

3.902%

(6M

EURIBOR)

Semi-Annually,

3/25/54

20,139

(491)

—

(491‌)

Total

Foreign/Europe

(137‌)

Mexico

0.0%

20

Year

Interest

Rate

Swap,

Pay

Fixed

8.425%

28

Days,

Receive

Variable

11.470%

(MXIBTIIE)

28

Days,

4/15/43

17,475

40

—

40‌

Total

Mexico

40‌

United

States

(0.0)%

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.940%

Annually,

Pay

Variable

5.317%

(SOFR)

Annually,

3/15/29

148,830

(429)

—

(429‌)

T.

ROWE

PRICE

Dynamic

Credit

Fund

21

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.025%

Annually,

Pay

Variable

5.319%

(SOFR)

Annually,

3/26/29

100,217

144

—

144‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.585%

Annually,

Receive

Variable

5.317%

(SOFR)

Annually,

3/16/54

32,510

210

—

210‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.699%

Annually,

Receive

Variable

5.319%

(SOFR)

Annually,

3/25/54

26,193

(383)

—

(383‌)

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.882%

Annually,

Receive

Variable

5.370%

(SOFR)

Annually,

11/24/53

4,574

(186)

—

(186‌)

Total

United

States

(644‌)

Total

Centrally

Cleared

Interest

Rate

Swaps

(741‌)

Zero-Coupon

Inflation

Swaps

0.0%

United

States

0.0%

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.470%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

12/20/33

92,300

435

—

435‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.544%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

3/28/34

94,000

1

—

1‌

Total

United

States

436‌

Total

Centrally

Cleared

Zero-Coupon

Inflation

Swaps

436‌

Total

Centrally

Cleared

Swaps

(2,478‌)

Net

payments

(receipts)

of

variation

margin

to

date

2,512‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

34‌

*

Credit

ratings

as

of

March

31,

2024.

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

$(2,761).

T.

ROWE

PRICE

Dynamic

Credit

Fund

22

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

4/12/24

USD

31,733‌

MXN

557,479‌

$

(1,725‌)

Bank

of

America

5/17/24

USD

22,449‌

PLN

91,150‌

(360‌)

Bank

of

America

5/24/24

USD

22,481‌

SEK

236,555‌

329‌

Barclays

Bank

4/19/24

USD

17,979‌

CHF

15,320‌

951‌

Barclays

Bank

5/24/24

USD

9,286‌

EUR

8,599‌

(12‌)

Barclays

Bank

5/24/24

USD

29,239‌

GBP

23,199‌

(50‌)

Canadian

Imperial

Bank

of

Commerce

4/19/24

NZD

29,545‌

USD

18,129‌

(476‌)

Canadian

Imperial

Bank

of

Commerce

4/19/24

USD

6,336‌

JPY

945,615‌

69‌

Canadian

Imperial

Bank

of

Commerce

4/19/24

USD

18,003‌

NZD

29,545‌

350‌

Canadian

Imperial

Bank

of

Commerce

5/24/24

AUD

41,150‌

USD

27,122‌

(263‌)

Canadian

Imperial

Bank

of

Commerce

5/24/24

USD

18,734‌

AUD

28,580‌

80‌

Citibank

4/5/24

USD

10,361‌

INR

863,702‌

7‌

Citibank

4/12/24

HUF

4,748,155‌

USD

13,592‌

(597‌)

Citibank

4/18/24

ILS

69,105‌

USD

18,744‌

65‌

Citibank

5/24/24

GBP

21,240‌

USD

26,934‌

(118‌)

Citibank

6/4/24

BRL

34,207‌

USD

6,843‌

(66‌)

Deutsche

Bank

4/5/24

USD

26,236‌

INR

2,189,328‌

(9‌)

Deutsche

Bank

4/19/24

CHF

15,320‌

USD

18,163‌

(1,135‌)

Deutsche

Bank

5/17/24

PLN

91,150‌

USD

22,887‌

(78‌)

Deutsche

Bank

5/24/24

EUR

23,730‌

USD

25,780‌

(122‌)

Deutsche

Bank

5/24/24

SEK

430,100‌

USD

41,636‌

(1,361‌)

Deutsche

Bank

5/24/24

USD

35,845‌

AUD

54,635‌

184‌

Goldman

Sachs

4/3/24

TWD

562,135‌

USD

17,657‌

(91‌)

Goldman

Sachs

4/12/24

HUF

6,418,025‌

USD

18,386‌

(821‌)

Goldman

Sachs

4/18/24

USD

18,281‌

ILS

69,105‌

(529‌)

Goldman

Sachs

5/24/24

EUR

21,795‌

USD

23,670‌

(103‌)

Goldman

Sachs

5/24/24

USD

18,380‌

SEK

193,545‌

256‌

Goldman

Sachs

6/4/24

BRL

81,770‌

USD

16,350‌

(149‌)

Goldman

Sachs

7/5/24

USD

17,763‌

TWD

562,135‌

104‌

HSBC

Bank

4/5/24

INR

1,523,225‌

USD

18,296‌

(35‌)

HSBC

Bank

4/12/24

USD

31,530‌

HUF

11,166,180‌

971‌

HSBC

Bank

4/19/24

USD

18,366‌

JPY

2,769,445‌

12‌

JPMorgan

Chase

4/12/24

MXN

838‌

USD

49‌

2‌

JPMorgan

Chase

4/19/24

JPY

945,615‌

USD

6,424‌

(157‌)

JPMorgan

Chase

5/24/24

AUD

42,065‌

USD

27,846‌

(390‌)

JPMorgan

Chase

5/24/24

EUR

4,628‌

USD

5,031‌

(28‌)

Morgan

Stanley

4/12/24

USD

9,223‌

MXN

161,011‌

(440‌)

Morgan

Stanley

6/4/24

USD

18,501‌

BRL

92,880‌

99‌

RBC

Dominion

Securities

4/12/24

MXN

1,095,400‌

USD

63,749‌

1,993‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

23

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

RBC

Dominion

Securities

4/12/24

USD

22,808‌

MXN

397,212‌

$

(1,032‌)

Standard

Chartered

4/3/24

USD

18,262‌

TWD

562,135‌

696‌

Standard

Chartered

5/10/24

USD

13,560‌

CLP

13,308,070‌

(6‌)

State

Street

5/24/24

USD

84,458‌

EUR

78,091‌

20‌

State

Street

6/4/24

BRL

34,207‌

USD

6,839‌

(62‌)

UBS

Investment

Bank

5/10/24

USD

18,368‌

CLP

18,088,320‌

(71‌)

UBS

Investment

Bank

6/4/24

USD

27,534‌

BRL

138,600‌

74‌

Wells

Fargo

4/5/24

INR

1,528,485‌

USD

18,364‌

(41‌)

Wells

Fargo

5/10/24

CLP

13,308,070‌

USD

14,061‌

(495‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(4,560‌)

T.

ROWE

PRICE

Dynamic

Credit

Fund

24

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

903

Euro

BTP

contracts

6/24

(115,940)

$

(335‌)

Long,

759

Euro

BUND

contracts

6/24

109,218

1,229‌

Short,

77

Government

of

Japan

ten

year

bond

contracts

6/24

(74,203)

(237‌)

Long,

199

Korea

Stock

Exchange

KOSPI

200

Index

contracts

6/24

13,884

406‌

Long,

155

Russell

2000

E-Mini

Index

contracts

6/24

16,631

232‌

Long,

71

S&P

500

E-Mini

Index

Energy

Sector

contracts

6/24

7,103

495‌

Short,

921

Three

Month

SOFR

Futures

contracts

3/25

(219,728)

(2‌)

Net

payments

(receipts)

of

variation

margin

to

date

(1,156‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

632‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

25

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

three

months

ended

March

31,

2024.

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,

5.39%

$

—‌

$

—‌

$

589‌++

Totals

$

—‌#

$

—‌

$

589‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

03/31/24

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

$

100,498‌

 ¤

 ¤

$

61,424‌

Total

$

61,424‌^

#

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

$589

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

$61,424.

T.

ROWE

PRICE

Dynamic

Credit

Fund

Unaudited

Notes

to

Portfolio

of

Investments

26

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

27

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.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

T.

ROWE

PRICE

Dynamic

Credit

Fund

28

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

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

29

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2024

(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

$

—‌

$

627,994‌

$

—‌

$

627,994‌

Bank

Loans

—‌

133,100‌

2,520‌

135,620‌

Common

Stocks

40,865‌

—‌

18‌

40,883‌

Convertible

Bonds

—‌

40,614‌

3,705‌

44,319‌

Convertible

Preferred

Stocks

—‌

9,275‌

—‌

9,275‌

Private

Investment

Company

2

—‌

—‌

—‌

22‌

Short-Term

Investments

26,218‌

87,891‌

—‌

114,109‌

Securities

Lending

Collateral

35,206‌

—‌

—‌

35,206‌

Options

Purchased

2,021‌

3,584‌

—‌

5,605‌

Total

Securities

104,310‌

902,458‌

6,243‌

1,013,033‌

Swaps*

—‌

2,635‌

—‌

2,635‌

Forward

Currency

Exchange

Contracts

—‌

6,262‌

—‌

6,262‌

Futures

Contracts*

2,362‌

—‌

—‌

2,362‌

Total

$

106,672‌

$

911,355‌

$

6,243‌

$

1,024,292‌

Liabilities

Options

Written

$

—‌

$

2,218‌

$

—‌

$

2,218‌

Swaps*

—‌

9,699‌

—‌

9,699‌

Forward

Currency

Exchange

Contracts

—‌

10,822‌

—‌

10,822‌

Futures

Contracts*

574‌

—‌

—‌

574‌

Total

$

574‌

$

22,739‌

$

—‌

$

23,313‌

1

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Government

Bonds,

Municipal

Securities

and

Non-U.S.

Government

Mortgage-Backed

Securities.

T.

ROWE

PRICE

Dynamic

Credit

Fund

30

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

events,

and

public

health

epidemics 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.

The

global

outbreak

of

COVID-19

and

the

related

governmental

and

public

responses

have

led

and

may

continue

to

lead

to

increased

market

volatility

and

the

potential

for

illiquidity

in

certain

classes

of

securities

and

sectors

of

the

market

either

in

specific

countries

or

worldwide.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict,

leading

to

economic

sanctions imposed

on

Russia

that

target certain

of

its

citizens

and

issuers

and

sectors

of

the

Russian

economy,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

of

potential

broader

adverse

market

conditions.

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.

F1175-054Q1

03/24

2

In

accordance

with

Subtopic

820-10,

certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(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.