T.

ROWE

PRICE

Dynamic

Credit

Fund

March

31,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ANGOLA

0.6%

Government

Bonds

0.6%

Republic

of

Angola,

8.00%,

11/26/29

(USD) 

395,000‌

372‌

Total

Angola

(Cost

$372

)

372‌

ARGENTINA

0.4%

Convertible

Bonds

0.3%

MercadoLibre,

2.00%,

8/15/28

(USD) 

60,000‌

201‌

201‌

Corporate

Bonds

0.1%

YPF,

STEP,

4.00%,

2/12/26

(USD) (1)

90,870‌

74‌

74‌

Total

Argentina

(Cost

$269

)

275‌

CANADA

1.1%

Bank

Loans

0.1%

(2)

Dentalcorp

Health

Services,

FRN,

1M

USD

LIBOR

+

7.50%,

8.50%,

6/8/26

(USD) 

85,000‌

85‌

85‌

Corporate

Bonds

1.0%

Air

Canada

PTT,

Series

2020-2,

Class

A,

5.25%,

4/1/29

(USD) (1)

625,000‌

666‌

666‌

Total

Canada

(Cost

$710

)

751‌

CHINA

4.0%

Convertible

Bonds

0.4%

Pinduoduo,

Zero

Coupon,

12/1/25

(USD) 

215,000‌

228‌

228‌

Corporate

Bonds

3.6%

Shimao

Group

Holdings,

3.45%,

1/11/31

(USD) 

286,000‌

274‌

Times

China

Holdings,

5.75%,

1/14/27

(USD) (3)

200,000‌

194‌

Times

China

Holdings,

6.20%,

3/22/26

(USD) (3)

1,100,000‌

1,126‌

Times

China

Holdings,

6.75%,

7/16/23

(USD) 

400,000‌

417‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

2

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Yanlord

Land

HK,

6.80%,

2/27/24

(USD) 

400,000‌

422‌

2,433‌

Total

China

(Cost

$2,648

)

2,661‌

CONGO

(DEMOCRATIC

REPUBLIC)

0.3%

Convertible

Bonds

0.3%

HTA

Group,

2.875%,

3/18/27

(USD) 

200,000‌

224‌

Total

Congo

(Democratic

Republic)

(Cost

$200

)

224‌

DOMINICAN

REPUBLIC

0.5%

Government

Bonds

0.5%

Dominican

Republic,

5.30%,

1/21/41

(USD) (1)

335,000‌

330‌

Total

Dominican

Republic

(Cost

$335

)

330‌

EGYPT

1.1%

Government

Bonds

1.1%

Arab

Republic

of

Egypt,

5.875%,

2/16/31

(USD) (1)(3)

200,000‌

188‌

Arab

Republic

of

Egypt,

7.50%,

2/16/61

(USD) (1)

580,000‌

526‌

Total

Egypt

(Cost

$780

)

714‌

FRANCE

0.2%

Common

Stocks

0.2%

Constellium

(USD) (4)

9,057‌

133‌

Total

France

(Cost

$87

)

133‌

GHANA

1.7%

Government

Bonds

1.7%

Republic

of

Ghana,

8.625%,

4/7/34

(USD) (1)

590,000‌

581‌

Republic

of

Ghana,

8.875%,

5/7/42

(USD) (1)

590,000‌

569‌

Total

Ghana

(Cost

$1,154

)

1,150‌

INDIA

1.9%

Corporate

Bonds

1.9%

Cliffton,

6.25%,

10/25/25

(USD) (1)

1,000,000‌

998‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

3

Par/Shares

$

Value

(Cost

and

value

in

$000s)

TML

Holdings,

5.75%,

5/7/21

(USD) 

300,000‌

300‌

Total

India

(Cost

$1,300

)

1,298‌

ITALY

0.8%

Corporate

Bonds

0.8%

International

Game

Technology,

4.125%,

4/15/26

(USD) (1)

485,000‌

502‌

Total

Italy

(Cost

$485

)

502‌

MACAO

1.2%

Corporate

Bonds

1.2%

MGM

China

Holdings,

4.75%,

2/1/27

(USD) (1)

775,000‌

788‌

Total

Macao

(Cost

$775

)

788‌

OMAN

0.3%

Corporate

Bonds

0.3%

Oryx

Funding,

5.80%,

2/3/31

(USD) (1)

200,000‌

207‌

Total

Oman

(Cost

$200

)

207‌

PERU

0.3%

Corporate

Bonds

0.3%

Hudbay

Minerals,

4.50%,

4/1/26

(USD) (1)

210,000‌

219‌

Total

Peru

(Cost

$210

)

219‌

SOUTH

AFRICA

1.3%

Government

Bonds

1.3%

Republic

of

South

Africa,

Inflation-Indexed,

2.60%,

3/31/28 

13,493,500‌

880‌

Total

South

Africa

(Cost

$879

)

880‌

SPAIN

0.5%

Corporate

Bonds

0.5%

Via

Celere

Desarrollos

Inmobiliarios,

5.25%,

4/1/26 (1)

290,000‌

348‌

Total

Spain

(Cost

$346

)

348‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

4

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SRI

LANKA

0.4%

Government

Bonds

0.4%

Republic

of

Sri

Lanka,

6.125%,

6/3/25

(USD) 

425,000‌

271‌

Total

Sri

Lanka

(Cost

$310

)

271‌

UKRAINE

0.3%

Corporate

Bonds

0.3%

Kernel

Holding,

6.75%,

10/27/27

(USD) (1)

200,000‌

214‌

Total

Ukraine

(Cost

$200

)

214‌

UNITED

STATES

73.1%

Asset-Backed

Securities

4.3%

Allegany

Park,

Series

2019-1A,

Class

D,

CLO,

FRN,

3M

USD

LIBOR

+

3.70%,

3.924%,

1/20/33 (1)

250,000‌

251‌

Applebee's

Funding,

Series

2019-1A,

Class

A2I,

4.194%,

6/7/49 (1)

587,050‌

603‌

Applebee's

Funding,

Series

2019-1A,

Class

A2II,

4.723%,

6/7/49 (1)

437,800‌

461‌

Elara

HGV

Timeshare

Issuer,

Series

2019-A,

Class

C,

3.45%,

1/25/34 (1)

214,408‌

218‌

ExteNet,

Series

2019-1A,

Class

B,

4.14%,

7/26/49 (1)

500,000‌

518‌

Hilton

Grand

Vacations

Trust,

Series

2020-AA,

Class

C,

6.42%,

2/25/39 (1)

75,836‌

84‌

Sierra

Timeshare

Receivables

Funding,

Series

2021-1A,

Class

D,

3.17%,

11/20/37 (1)

750,000‌

749‌

2,884‌

Bank

Loans

12.7%

(2)

Apex

Tool

Group,

FRN,

3M

USD

LIBOR

+

5.25%,

8/1/24 (5)

695,455‌

694‌

Applied

Systems,

FRN,

1M

USD

LIBOR

+

3.00%,

3.524%,

9/19/24 

276,507‌

275‌

Asurion,

FRN,

1M

USD

LIBOR

+

5.25%,

5.359%,

1/31/28 (5)

185,904‌

189‌

athenahealth,

FRN,

1M

USD

LIBOR

+

4.25%,

4.453%,

2/11/26 

145,000‌

145‌

BCP

Raptor,

FRN,

3M

USD

LIBOR

+

4.25%,

5.25%,

6/24/24 

394,240‌

379‌

Bellring

Brands,

FRN,

1M

USD

LIBOR

+

4.00%,

4.75%,

10/21/24 

255,462‌

257‌

Citgo

Holding,

FRN,

1M

USD

LIBOR

+

7.00%,

8.00%,

8/1/23 

128,050‌

123‌

CNT

Holdings

I,

FRN,

1M

USD

LIBOR

+

6.75%,

7.50%,

11/6/28 (6)

240,000‌

242‌

Cologix

Holdings,

FRN,

3M

USD

LIBOR

+

3.00%,

4.00%,

3/20/24 

244,898‌

244‌

Delta

Topco,

FRN,

1M

USD

LIBOR

+

7.25%,

8.00%,

12/1/28 

220,000‌

225‌

GrafTech

Finance,

FRN,

1M

USD

LIBOR

+

3.00%,

3.50%,

2/12/25 

225,221‌

225‌

Heartland

Dental,

FRN,

3M

USD

LIBOR

+

3.50%,

3.609%,

4/30/25 

636,729‌

625‌

Intelsat

Jackson

Holdings,

8.625%,

1/2/24 

300,000‌

306‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

5

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Intelsat

Jackson

Holdings,

FRN,

1M

USD

LIBOR

+

5.50%,

6.50%,

7/13/22 

116,020‌

117‌

Keane

Group

Holdings,

FRN,

3M

USD

LIBOR

+

4.00%,

5.00%,

5/25/25 

344,684‌

337‌

MH

Sub

I,

FRN,

1M

USD

LIBOR

+

6.25%,

6.359%,

2/23/29 

305,000‌

307‌

Mileage

Plus

Holdings,

FRN,

1M

USD

LIBOR

+

5.25%,

6.25%,

6/21/27 

230,000‌

244‌

Mitchell

International,

FRN,

3M

USD

LIBOR

+

7.25%,

7.359%,

12/1/25 

300,000‌

299‌

PetSmart,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

2/11/28 

65,000‌

65‌

RealPage,

FRN,

3M

USD

LIBOR

+

6.50%,

2/17/29 (5)(6)

330,000‌

338‌

Scientific

Games

International,

FRN,

1M

USD

LIBOR

+

2.75%,

2.859%,

8/14/24 

545,780‌

535‌

SkyMiles

IP,

FRN,

3M

USD

LIBOR

+

3.75%,

4.75%,

10/20/27 

330,000‌

346‌

Tacala

Investment,

FRN,

1M

USD

LIBOR

+

3.75%,

4.50%,

2/5/27 

354,518‌

351‌

Tacala

Investment,

FRN,

1M

USD

LIBOR

+

7.50%,

8.25%,

2/4/28 

215,000‌

214‌

Triton

Water

Holdings,

FRN,

1M

USD

LIBOR

+

0.00%,

3/16/28 (5)

1,405,000‌

1,398‌

Woof

Holdings,

FRN,

1M

USD

LIBOR

+

7.25%,

8.00%,

12/21/28 

70,000‌

71‌

8,551‌

Common

Stocks

2.3%

Bluescape

Opportunities

Acquisition,

Warrants,

1/31/26 (4)

49,000‌

74‌

Capri

Holdings (4)

6,000‌

306‌

Charles

Schwab 

7,900‌

515‌

Eucrates

Biomedical

Acquisition,

Warrants,

12/14/25 (4)

15,931‌

14‌

Health

Assurance

Acquisition,

Warrants,

11/12/25 (4)

35,000‌

91‌

Occidental

Petroleum,

Warrants,

8/3/27 (4)

27,200‌

324‌

Texas

Pacific

Land 

131‌

208‌

1,532‌

Convertible

Bonds

6.2%

Airbnb,

Zero

Coupon,

3/15/26 (1)

265,000‌

275‌

Cable

One,

1.125%,

3/15/28 (1)

315,000‌

319‌

DraftKings,

Zero

Coupon,

3/15/28 (1)

230,000‌

226‌

Liberty

Media

Corp-Liberty

Formula

One,

1.00%,

1/30/23 

530,000‌

675‌

Live

Nation

Entertainment,

2.00%,

2/15/25 

260,000‌

285‌

Lyft,

1.50%,

5/15/25 (1)

180,000‌

316‌

MP

Materials,

0.25%,

4/1/26 (1)

315,000‌

324‌

Radius

Health,

3.00%,

9/1/24 

725,000‌

680‌

Southwest

Airlines,

1.25%,

5/1/25 

195,000‌

337‌

Twitter,

Zero

Coupon,

3/15/26 (1)

155,000‌

147‌

Vail

Resorts,

Zero

Coupon,

1/1/26 (1)

245,000‌

252‌

Wayfair,

0.625%,

10/1/25 (1)

325,000‌

348‌

4,184‌

Corporate

Bonds

33.8%

American

Airlines,

5.50%,

4/20/26 (1)

965,000‌

1,002‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

American

Airlines,

5.75%,

4/20/29 (1)

540,000‌

575‌

American

Airlines,

11.75%,

7/15/25 (1)

315,000‌

390‌

American

Airlines

PTT,

Series

2017-2,

Class

AA,

3.35%,

10/15/29 

281,026‌

279‌

Carnival,

7.625%,

3/1/26

(EUR) (1)

100,000‌

127‌

Carnival,

7.625%,

3/1/26 (1)

230,000‌

247‌

Carvana,

5.50%,

4/15/27 (1)

875,000‌

879‌

Chesapeake

Energy,

5.50%,

2/1/26 (1)

160,000‌

166‌

Chesapeake

Energy,

5.875%,

2/1/29 (1)

180,000‌

191‌

CHS,

6.875%,

4/15/29 (1)

360,000‌

374‌

CITGO

Petroleum,

7.00%,

6/15/25 (1)

295,000‌

303‌

Clear

Channel

Outdoor

Holdings,

7.75%,

4/15/28 (1)

560,000‌

554‌

Comstock

Resources,

6.75%,

3/1/29 (1)

450,000‌

461‌

CP

Atlas

Buyer,

7.00%,

12/1/28 (1)

230,000‌

240‌

Dave

&

Buster's,

7.625%,

11/1/25 (1)

165,000‌

176‌

Encore

Capital

Group,

5.375%,

2/15/26

(GBP) (1)

365,000‌

524‌

Energy

Transfer

Operating,

6.25%,

4/15/49 

535,000‌

630‌

Exterran

Energy

Solutions,

8.125%,

5/1/25 

720,000‌

662‌

Genworth

Mortgage

Holdings,

6.50%,

8/15/25 (1)

290,000‌

313‌

GrafTech

Finance,

4.625%,

12/15/28 (1)

85,000‌

86‌

Hawaiian

Brand

Intellectual

Property,

5.75%,

1/20/26 (1)

340,000‌

360‌

Hilcorp

Energy

I,

5.75%,

2/1/29 (1)

155,000‌

156‌

Hilcorp

Energy

I,

6.00%,

2/1/31 (1)

175,000‌

178‌

Hillenbrand,

3.75%,

3/1/31 

525,000‌

511‌

Howard

Hughes,

4.125%,

2/1/29 (1)

395,000‌

386‌

Howard

Hughes,

4.375%,

2/1/31 (1)

390,000‌

381‌

Intelsat

Jackson

Holdings,

9.50%,

9/30/22 (1)

445,000‌

529‌

LCPR

Senior

Secured

Financing,

5.125%,

7/15/29 (1)

830,000‌

844‌

Life

Time,

5.75%,

1/15/26 (1)

110,000‌

113‌

LSF9

Atlantis

Holdings,

7.75%,

2/15/26 (1)

560,000‌

573‌

Matador

Resources,

5.875%,

9/15/26 

67,000‌

65‌

MDC

Partners,

STEP,

7.50%,

5/1/24 (1)

784,000‌

794‌

Mercer

International,

5.125%,

2/1/29 (1)

450,000‌

465‌

NESCO

Holdings

II,

5.50%,

4/15/29 (1)

860,000‌

882‌

New

Fortress

Energy,

6.50%,

9/30/26 (1)

1,085,000‌

1,093‌

NGL

Energy

Operating,

7.50%,

2/1/26 (1)

795,000‌

815‌

NGL

Energy

Partners,

6.125%,

3/1/25 (3)

765,000‌

650‌

PetSmart,

4.75%,

2/15/28 (1)

250,000‌

256‌

Range

Resources,

8.25%,

1/15/29 (1)

150,000‌

161‌

RP

Escrow

Issuer,

EC,

5.25%,

12/15/25 (1)

420,000‌

435‌

Sabre

GLBL,

9.25%,

4/15/25 (1)

170,000‌

203‌

SeaWorld

Parks

&

Entertainment,

9.50%,

8/1/25 (1)

375,000‌

407‌

Solaris

Midstream

Holdings,

7.625%,

4/1/26 (1)

355,000‌

363‌

Tallgrass

Energy

Partners,

6.00%,

12/31/30 (1)

435,000‌

429‌

Teekay

Offshore

Partners,

8.50%,

7/15/23 (1)(3)

325,000‌

293‌

Tenneco,

5.125%,

4/15/29 (1)

775,000‌

763‌

Tenneco,

5.375%,

12/15/24 

305,000‌

306‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Tenneco,

7.875%,

1/15/29 (1)

455,000‌

512‌

Townsquare

Media,

6.875%,

2/1/26 (1)

550,000‌

586‌

Transocean

Phoenix

2,

7.75%,

10/15/24 (1)

129,000‌

125‌

Triton

Water

Holdings,

6.25%,

4/1/29 (1)

270,000‌

274‌

WeWork,

7.875%,

5/1/25 (1)

635,000‌

630‌

22,717‌

Equity

Mutual

Funds

2.3%

Energy

Select

Sector

SPDR

Fund 

16,500‌

810‌

Financial

Select

Sector

SPDR

Fund 

20,625‌

702‌

1,512‌

Municipal

Securities

7.8%

Colorado

HFA,

Covenant

Living

Community,

Series

B,

4.48%,

12/1/40 

485,000‌

489‌

Illinois,

Build

America

Bonds,

GO,

7.10%,

7/1/35 

315,000‌

390‌

Metropolitan

Pier

&

Exposition

Auth.,

McCormick

Place

Expansion,

Series

C,

4.105%,

12/15/27 

450,000‌

470‌

Michigan

Tobacco

Settlement

Fin.

Auth.,

Series

B,

Zero

Coupon,

6/1/46 

55,000‌

7‌

Port

Beaumont

Navigation

Dist.,

Series

B,

6.00%,

1/1/25 (1)

435,000‌

447‌

Puerto

Rico

Commonwealth,

Series

A,

GO,

5.25%,

7/1/37 

460,000‌

404‌

Puerto

Rico

Commonwealth,

Series

A,

GO,

8.00%,

7/1/35 

435,000‌

341‌

Puerto

Rico

Commonwealth,

Series

C,

GO,

6.00%,

7/1/39 

650,000‌

564‌

Puerto

Rico

Commonwealth,

Series

E,

GO,

5.50%,

7/1/31 

410,000‌

352‌

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Auth.,

Series

B,

5.35%,

7/1/27 

700,000‌

700‌

Puerto

Rico

Commonwealth,

Unrefunded

Balance,

Series

A,

GO,

5.125%,

7/1/31 

205,000‌

179‌

Tobacco

Settlement

Fin.,

Series

A-1,

6.706%,

6/1/46 

565,000‌

593‌

Tobacco

Settlement

Fin.

Auth.,

Series

B,

4.875%,

6/1/49 

220,000‌

223‌

Tobacco

Settlement

Fin.

Auth.,

Series

B,

Zero

Coupon,

6/1/47 

960,000‌

101‌

5,260‌

Non-U.S.

Government

Mortgage-Backed

Securities

3.7%

Barclays

Commercial

Mortgage

Trust,

Series

2019-BWAY,

Class

E,

ARM,

1M

USD

LIBOR

+

2.85%,

2.956%,

11/15/34 (1)

250,000‌

232‌

Barclays

Commercial

Mortgage

Trust,

Series

2020-C7,

Class

D,

ARM,

3.605%,

4/15/53 (1)

350,000‌

336‌

BX

Commercial

Mortgage

Trust,

Series

2019-IMC,

Class

E,

ARM,

1M

USD

LIBOR

+

2.15%,

2.256%,

4/15/34 (1)

310,000‌

304‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65C,

ARM,

4.123%,

5/15/52 (1)

240,000‌

230‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65D,

ARM,

4.66%,

5/15/52 (1)

150,000‌

131‌

Commercial

Mortgage

Trust,

Series

2014-CR19,

Class

C,

ARM,

4.709%,

8/10/47 

140,000‌

147‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

8

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Commercial

Mortgage

Trust,

Series

2014-CR19,

Class

E,

ARM,

4.209%,

8/10/47 (1)

340,000‌

232‌

Credit

Suisse

Mortgage

Trust,

Series

2020-TMIC,

Class

C,

ARM,

1M

USD

LIBOR

+

6.75%,

7.00%,

12/15/35 (1)

200,000‌

203‌

Great

Wolf

Trust,

Series

2019-WOLF,

Class

F,

ARM,

1M

USD

LIBOR

+

3.131%,

3.237%,

12/15/36 (1)

350,000‌

334‌

New

Orleans

Hotel

Trust,

Series

2019-HNLA,

Class

E,

ARM,

1M

USD

LIBOR

+

2.689%,

2.795%,

4/15/32 (1)

150,000‌

142‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2020-HQA2,

Class

M2,

CMO,

ARM,

1M

USD

LIBOR

+

3.10%,

3.209%,

3/25/50 (1)

190,000‌

192‌

2,483‌

Total

United

States

(Cost

$47,690

)

49,123‌

SHORT-TERM

INVESTMENTS

15.4%

Money

Market

Funds

7.5%

T.

Rowe

Price

Government

Reserve

Fund,

0.04% (7)(8)

5,065,386‌

5,065‌

5,065‌

U.S.

Treasury

Obligations

7.9%

U.S.

Treasury

Bills,

0.04%,

12/2/21 

5,325,000‌

5,324‌

5,324‌

Total

Short-Term

Investments

(Cost

$10,387)

10,389‌

SECURITIES

LENDING

COLLATERAL

3.1%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

1.5%

Short-Term

Funds

1.5%

T.

Rowe

Price

Short-Term

Fund,

0.08% (7)(8)

101,534‌

1,015‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

1,015‌

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

1.6%

Short-Term

Funds

1.6%

T.

Rowe

Price

Short-Term

Fund,

0.08% (7)(8)

104,250‌

1,043‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

1,043‌

Total

Securities

Lending

Collateral

(Cost

$2,058)

2,058‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

9

(Amounts

in

000s,

except

for

contracts)

Options

Purchased

0.0%

OTC

Options

Purchased

0.0%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Goldman

Sachs

USD

Call

/

CNH

Put,

5/17/21

@

7.20

(CNH) (4)

1‌

1,336‌

—‌

Total

Options

Purchased

(Cost

$33)

—‌

Total

Investments

in

Securities

108.5%

(Cost

$71,428)

$

72,907‌

Other

Assets

Less

Liabilities

(8.5)%

(5,709)

Net

Assets

100.0%

$

67,198‌

‡

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.

(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

$33,698

and

represents

50.1%

of

net

assets.

(2)

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.

(3)

All

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

(4)

Non-income

producing

(5)

All

or

a

portion

of

this

loan

is

unsettled

as

of

March

31,

2021.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(6)

Level

3

in

fair

value

hierarchy.

(7)

Seven-day

yield

(8)

Affiliated

Companies

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

6M

CZK

PRIBOR

Six

month

CZK

PRIBOR

(Prague

interbank

offered

rate)

6M

EURIBOR

Six

month

EURIBOR

(Euro

interbank

offered

rate)

6M

GBP

LIBOR

Six

month

GBP

LIBOR

(London

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

CLO

Collateralized

Loan

Obligation

CMO

Collateralized

Mortgage

Obligation

T.

ROWE

PRICE

Dynamic

Credit

Fund

10

.

.

.

.

.

.

.

.

.

.

CNH

Offshore

China

Renminbi

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

GBP

British

Pound

GO

General

Obligation

HFA

Health

Facility

Authority

INR

Indian

Rupee

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

OTC

Over-the-counter

PLN

Polish

Zloty

PTT

Pass-Through

Trust

RUB

Russian

Ruble

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

USD

U.S.

Dollar

ZAR

South

African

Rand

T.

ROWE

PRICE

Dynamic

Credit

Fund

11

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.0)%

OTC

Options

Written

(0.0)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Credit

Suisse

Credit

Default

Swap,

Protection

Bought

(Relevant

Credit:

Markit

CDX.

NA.HY-S35,

5

Year

Index,

12/20/25),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

4/21/21

@

1.03%*

1

5,200

(2‌)

Credit

Suisse

Credit

default

Swap,

Protection

Sold

(relevant

Credit:

Markit

CDX.

NA.HY-S35,

5

Year

Index,

12/20/25),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

4/21/21

@

1.10%*

1

5,200

(3‌)

Total

Options

Written

(Premiums

$(60))

$

(5‌)

*

Exercise

Spread

T.

ROWE

PRICE

Dynamic

Credit

Fund

12

(Amounts

in

000s)

SWAPS

0.4%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

(0.1)%

Credit

Default

Swaps,

Protection

Bought

0.0%

France

(0.0)%

BNP

Paribas,

Protection

Bought

(Relevant

Credit:

Sanofi),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/26

400

(18)

(18)

—

Total

France

(18)

—

United

States

0.0%

Bank

of

America,

Protection

Bought

(Relevant

Credit:

Dell),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/25

550

(1)

21

(22)

Bank

of

America,

Protection

Bought

(Relevant

Credit:

Quest

Diagnostics),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/26

705

(24)

(21)

(3)

Barclays

Bank,

Protection

Bought

(Relevant

Credit:

Boeing),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/25

550

(2)

36

(38)

Barclays

Bank,

Protection

Bought

(Relevant

Credit:

TransDigm),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/24

575

(65)

(61)

(4)

BNP

Paribas,

Protection

Bought

(Relevant

Credit:

Marriott

International),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/21

300

(2)

2

(4)

BNP

Paribas,

Protection

Bought

(Relevant

Credit:

Packaging

Corp.

of

America),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/26

480

(15)

(14)

(1)

Citibank,

Protection

Bought

(Relevant

Credit:

DaVita),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/24

650

(96)

(103)

7

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

Caterpillar),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/25

875

(28)

(11)

(17)

T.

ROWE

PRICE

Dynamic

Credit

Fund

13

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

DaVita),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/24

750

(110)

(113)

3

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

iStar),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/24

500

(45)

(47)

2

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

Lumen

Technologies),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/24

550

13

27

(14)

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

Markit

CMBX.

NA.BBB-S10,

40

Year

Index),

Pay

3.00%

Monthly,

Receive

upon

credit

default,

11/17/59

130

16

5

11

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

MGIC

Investment),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/24

475

(59)

(60)

1

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

Prudential

Financial),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/25

650

(15)

(10)

(5)

Morgan

Stanley,

Protection

Bought

(Relevant

Credit:

Markit

CMBX.

NA.BBB-S10,

40

Year

Index),

Pay

3.00%

Monthly,

Receive

upon

credit

default,

11/17/59

3,400

424

163

261

Morgan

Stanley,

Protection

Bought

(Relevant

Credit:

Markit

CMBX.

NA.BBB-S11,

35

Year

Index),

Pay

3.00%

Monthly,

Receive

upon

credit

default,

11/18/54

1,000

59

38

21

Total

United

States

(148)

198

Total

Bilateral

Credit

Default

Swaps,

Protection

Bought

(166)

198

T.

ROWE

PRICE

Dynamic

Credit

Fund

14

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

Credit

Default

Swaps,

Protection

Sold

(0.1)%

Brazil

(0.1)%

Morgan

Stanley,

Protection

Sold

(Relevant

Credit:

Petrobras

Global

Finance,

Ba2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/26

(USD)

*

1,100

(84)

(76)

(8)

Total

Brazil

(76)

(8)

Mexico

(0.2)%

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Petroleos

Mexicanos,

Ba2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

(USD)

*

175

(15)

(12)

(3)

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Petroleos

Mexicanos,

Ba2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/25

(USD)

*

450

(58)

(80)

22

Morgan

Stanley,

Protection

Sold

(Relevant

Credit:

Petroleos

Mexicanos,

Ba2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/25

(USD)

*

225

(24)

(50)

26

Total

Mexico

(142)

45

Portugal

0.1%

JPMorgan

Chase,

Protection

Sold

(Relevant

Credit:

Banco

Comercial

Portugues,

Ba3*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

*

575

20

39

(19)

Total

Portugal

39

(19)

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

16

(31)

47

Total

United

Kingdom

(31)

47

United

States

0.1%

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

MGM

Resorts

International,

Ba3*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/25

*

460

59

29

30

T.

ROWE

PRICE

Dynamic

Credit

Fund

15

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

Goldman

Sachs,

Protection

Sold

(Relevant

Credit:

Mattel,

WR*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

*

90

(2)

(8)

6

JPMorgan

Chase,

Protection

Sold

(Relevant

Credit:

Royal

Caribbean

Cruises,

B2*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/25

*

160

5

(11)

16

Morgan

Stanley,

Protection

Sold

(Relevant

Credit:

Mattel,

Ba2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

*

265

(6)

(18)

12

Morgan

Stanley,

Protection

Sold

(Relevant

Credit:

Royal

Caribbean

Cruises,

B2*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/25

*

350

11

(42)

53

Total

United

States

(50)

117

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(260)

182

Total

Bilateral

Swaps

(426)

380

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.5%

Credit

Default

Swaps,

Protection

Sold

0.2%

Foreign/Europe

0.1%

Protection

Sold

(Relevant

Credit:

Markit

iTraxx

Crossover-S35,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/26

440

61

62

(1)

Total

Foreign/Europe

(1)

United

States

0.1%

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S36,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/26

1,000

91

87

4

Total

United

States

4

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

3

T.

ROWE

PRICE

Dynamic

Credit

Fund

16

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Interest

Rate

Swaps

0.3%

Czech

Republic

0.1%

2

Year

Interest

Rate

Swap,

Pay

Fixed

0.690%

Annually,

Receive

Variable

0.390%

(6M

CZK

PRIBOR)

Semi-Annually,

12/22/22

262,800

33

—

33

Total

Czech

Republic

33

Foreign/Europe

0.1%

5

Year

Interest

Rate

Swap,

Receive

Fixed

(0.326)%

Annually,

Pay

Variable

(0.520)%

(6M

EURIBOR)

Semi-Annually,

3/19/26

18,400

(6)

—

(6)

10

Year

Interest

Rate

Swap,

Pay

Fixed

0.014%

Annually,

Receive

Variable

(0.517)%

(6M

EURIBOR)

Semi-Annually,

2/25/31

2,550

14

1

13

30

Year

Interest

Rate

Swap,

Pay

Fixed

0.454%

Annually,

Receive

Variable

(0.520)%

(6M

EURIBOR)

Semi-Annually,

3/19/51

3,500

35

—

35

Total

Foreign/Europe

42

United

Kingdom

0.0%

10

Year

Interest

Rate

Swap,

Pay

Fixed

1.036%

Semi-Annually,

Receive

Variable

0.101%

(6M

GBP

LIBOR)

Semi-Annually,

3/17/31

7,900

21

—

21

Total

United

Kingdom

21

United

States

0.1%

5

Year

Interest

Rate

Swap,

Pay

Fixed

0.974%

Semi-Annually,

Receive

Variable

0.187%

(3M

USD

LIBOR)

Quarterly,

3/22/26

10,100

27

—

27

T.

ROWE

PRICE

Dynamic

Credit

Fund

17

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

10

Year

Interest

Rate

Swap,

Pay

Fixed

1.689%

Semi-Annually,

Receive

Variable

0.195%

(3M

USD

LIBOR)

Quarterly,

3/26/31

7,200

51

—

51

Total

United

States

78

Total

Centrally

Cleared

Interest

Rate

Swaps

174

Total

Centrally

Cleared

Swaps

177

Net

payments

(receipts)

of

variation

margin

to

date

(98)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

79‌

*

Credit

ratings

as

of

March

31,

2021.

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.

T.

ROWE

PRICE

Dynamic

Credit

Fund

18

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

5/21/21

GBP

1,200‌

USD

1,645‌

$

10‌

Barclays

Bank

4/9/21

USD

158‌

INR

11,452‌

1‌

Barclays

Bank

4/23/21

CAD

131‌

USD

105‌

—‌

Barclays

Bank

4/23/21

USD

620‌

NOK

5,240‌

7‌

Barclays

Bank

5/21/21

USD

475‌

GBP

340‌

6‌

Barclays

Bank

6/18/21

INR

11,452‌

USD

156‌

(2‌)

BNP

Paribas

4/9/21

USD

1,528‌

RUB

116,925‌

(17‌)

BNP

Paribas

4/23/21

AUD

1,875‌

USD

1,452‌

(28‌)

Canadian

Imperial

Bank

of

Commerce

4/16/21

USD

776‌

MXN

15,810‌

4‌

Canadian

Imperial

Bank

of

Commerce

4/23/21

USD

1,855‌

CAD

2,350‌

(15‌)

Canadian

Imperial

Bank

of

Commerce

4/23/21

USD

2,756‌

NZD

3,925‌

15‌

Citibank

4/23/21

USD

1,884‌

AUD

2,440‌

31‌

Citibank

6/11/21

INR

7,508‌

USD

102‌

(1‌)

Citibank

6/18/21

CNH

849‌

USD

130‌

(2‌)

Deutsche

Bank

4/23/21

USD

617‌

NOK

5,310‌

(3‌)

Goldman

Sachs

4/16/21

USD

790‌

MXN

15,915‌

12‌

Goldman

Sachs

5/21/21

USD

1,852‌

EUR

1,545‌

39‌

Goldman

Sachs

6/11/21

INR

61,256‌

USD

833‌

(6‌)

Goldman

Sachs

6/18/21

USD

130‌

CNH

849‌

1‌

HSBC

Bank

4/9/21

INR

103,990‌

USD

1,408‌

12‌

HSBC

Bank

4/9/21

USD

110‌

INR

7,951‌

1‌

HSBC

Bank

4/9/21

USD

1,262‌

INR

92,815‌

(5‌)

HSBC

Bank

4/16/21

MXN

15,315‌

USD

769‌

(21‌)

HSBC

Bank

6/18/21

INR

7,951‌

USD

108‌

(1‌)

JPMorgan

Chase

4/9/21

INR

8,228‌

USD

112‌

1‌

JPMorgan

Chase

4/23/21

AUD

220‌

USD

171‌

(3‌)

JPMorgan

Chase

4/23/21

CAD

204‌

USD

160‌

2‌

JPMorgan

Chase

4/23/21

NOK

785‌

USD

93‌

(2‌)

JPMorgan

Chase

4/23/21

PLN

345‌

USD

89‌

(2‌)

JPMorgan

Chase

4/23/21

USD

92‌

PLN

345‌

5‌

JPMorgan

Chase

5/21/21

EUR

62‌

USD

75‌

(1‌)

JPMorgan

Chase

5/21/21

GBP

86‌

USD

120‌

(1‌)

JPMorgan

Chase

6/11/21

INR

12,427‌

USD

169‌

(1‌)

Morgan

Stanley

4/23/21

CAD

725‌

USD

573‌

4‌

Morgan

Stanley

4/23/21

NOK

9,765‌

USD

1,144‌

(3‌)

Morgan

Stanley

5/21/21

EUR

1,490‌

USD

1,798‌

(49‌)

Morgan

Stanley

5/21/21

USD

625‌

EUR

523‌

11‌

Standard

Chartered

4/9/21

RUB

81,385‌

USD

1,094‌

(19‌)

Standard

Chartered

4/16/21

MXN

16,410‌

USD

820‌

(18‌)

T.

ROWE

PRICE

Dynamic

Credit

Fund

19

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Standard

Chartered

4/23/21

AUD

1,495‌

USD

1,161‌

$

(25‌)

State

Street

4/23/21

CAD

1,290‌

USD

1,017‌

9‌

State

Street

4/23/21

USD

907‌

AUD

1,150‌

33‌

State

Street

5/21/21

USD

579‌

GBP

416‌

5‌

UBS

Investment

Bank

4/9/21

RUB

35,540‌

USD

472‌

(2‌)

UBS

Investment

Bank

5/21/21

GBP

81‌

USD

113‌

(1‌)

UBS

Investment

Bank

6/18/21

USD

855‌

ZAR

12,957‌

(13‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(32‌)

T.

ROWE

PRICE

Dynamic

Credit

Fund

20

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

9

Euro

BUND

contracts

6/21

(1,808)

$

1‌

Short,

5

Nasdaq

100

E-Mini

Index

contracts

6/21

(1,309)

(12‌)

Net

payments

(receipts)

of

variation

margin

to

date

(12‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(23‌)

T.

ROWE

PRICE

Dynamic

Credit

Fund

21

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,

2021.

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,

0.04%

$

—‌

$

—‌

$

1‌

T.

Rowe

Price

Short-Term

Fund,

0.08%

—‌

—‌

—‌++

Totals

$

—‌#

$

—‌

$

1‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/20

Purchase

Cost

Sales

Cost

Value

03/31/21

T.

Rowe

Price

Government

Reserve

Fund,

0.04%

$

5,686‌

 ¤

 ¤

$

5,065‌

T.

Rowe

Price

Short-Term

Fund,

0.08%

4,302‌

 ¤

 ¤

2,058‌

Total

$

7,123‌^

#

Capital

gain

distributions

from

mutual

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

$1

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

$7,123.

T.

ROWE

PRICE

Dynamic

Credit

Fund

Unaudited

Notes

to

Portfolio

of

Investments

22

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

T.

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

is

an

internal

committee

that

has

been

delegated

certain

responsibilities

by

the

fund’s

Board

of

Directors

(the

Board)

to

ensure

that

financial

instruments

are

appropriately

priced

at

fair

value

in

accordance

with

GAAP

and

the

1940

Act.

Subject

to

oversight

by

the

Board,

the

Valuation

Committee

develops

and

oversees

pricing-related

policies

and

procedures

and

approves

all

fair

value

determinations.

Specifically,

the

Valuation

Committee

establishes

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

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

T.

ROWE

PRICE

Dynamic

Credit

Fund

23

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

fund's

own

assumptions

in

determining

fair

value)

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

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

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

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

T.

ROWE

PRICE

Dynamic

Credit

Fund

24

valued

at

closing

settlement

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

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

The

objective

of

any

fair

value

pricing

determination

is

to

arrive

at

a

price

that

could

reasonably

be

expected

from

a

current

sale.

Financial

instruments

fair

valued

by

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Committee

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

Committee

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

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

T.

ROWE

PRICE

Dynamic

Credit

Fund

25

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

March

31,

2021

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

F1175-054Q1

03/21 

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

48,647‌

$

—‌

$

48,647‌

Bank

Loans

—‌

8,056‌

580‌

8,636‌

Common

Stocks

1,665‌

—‌

—‌

1,665‌

Equity

Mutual

Funds

1,512‌

—‌

—‌

1,512‌

Short-Term

Investments

5,065‌

5,324‌

—‌

10,389‌

Securities

Lending

Collateral

2,058‌

—‌

—‌

2,058‌

Options

Purchased

—‌

—‌

—‌

—‌

Total

Securities

10,300‌

62,027‌

580‌

72,907‌

Swaps*

—‌

807‌

—‌

807‌

Forward

Currency

Exchange

Contracts

—‌

209‌

—‌

209‌

Futures

Contracts*

1‌

—‌

—‌

1‌

Total

$

10,301‌

$

63,043‌

$

580‌

$

73,924‌

Liabilities

Options

Written

$

—‌

$

5‌

$

—‌

$

5‌

Swaps*

—‌

676‌

—‌

676‌

Forward

Currency

Exchange

Contracts

—‌

241‌

—‌

241‌

Futures

Contracts*

12‌

—‌

—‌

12‌

Total

$

12‌

$

922‌

$

—‌

$

934‌

1

Includes

Asset-Backed

Securities,

Convertible

Bonds,

Corporate

Bonds,

Government

Bonds,

Municipal

Securities

and

Non-U.S.

Government

Mortgage-Backed

Securities.

*

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.