T. Rowe Price Credit Opportunities Fund (PRCPX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-22939

T. Rowe Price Credit Opportunities Fund, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

Registrant’s telephone number, including area code:  (410) 345-2000

Date of fiscal year end:  May 31

Date of reporting period:  November 30, 2022

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Highlights

and

Market

Commentary

Management’s

Discussion

of

Fund

Performance

Performance

and

Expenses

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

November

30,

2022

SemiAnnual

Report

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

PRCPX

Credit

Opportunities

Fund

–

.

PAOPX

Credit

Opportunities

Fund–

.

Advisor  Class

TCRRX

Credit

Opportunities

Fund–

.

I Class

T.

ROWE

PRICE

Credit

Opportunities

Fund

HIGHLIGHTS

The

Credit

Opportunities

Fund

outperformed

its

benchmark,

the

Bloomberg

U.S.

High

Yield

2%

Issuer

Capped

Bond

Index,

in

the

six

months

ended

November

30,

2022.

Credit

selection—most

notably

in

the

automotive

and

information

technology

segments—drove

the

portfolio’s

relative

performance.

We

focused

on

concentrating

the

portfolio’s

holdings

in

our

highest-conviction

high

yield

bonds.

Although

higher

interest

rates

and

concerns

about

the

possibility

of

a

recession

have

created

a

more

challenging

macro

environment,

we

believe

fundamental

conditions

in

the

high

yield

asset

class

and

its

underlying

credit

quality

remain

solid.

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

Certain

mutual

fund

accounts

that

are

assessed

an

annual

account

service

fee

can

also

save

money

by

switching

to

e-delivery.

T.

ROWE

PRICE

Credit

Opportunities

Fund

Market

Commentary

1

Dear

Shareholder

Global

stock

markets

generally

produced

negative

returns

during

the

first

half

of

your

fund’s

fiscal

year,

the

six-month

period

ended

November

30,

2022,

while

rising

bond

yields

weighed

on

returns

for

fixed

income

investors.

Investors

contended

with

tightening

financial

conditions

and

slowing

economic

and

corporate

earnings

growth,

but

hopes

that

persistently

high

inflation

might

be

easing

helped

spark

a

rally

late

in

the

period

that

partially

offset

earlier

losses.

In

the

U.S.,

equity

results

were

mixed.

The

Dow

Jones

Industrial

Average

recorded

positive

results

and

mid-cap

growth

stocks

also

performed

well,

while

most

other

benchmarks

finished

in

negative

territory.

The

S&P

500

Index

was

modestly

negative

for

the

period,

but

results

varied

widely

at

the

sector

level,

with

industrials

and

energy

shares

delivering

strong

gains

while

communication

services

stocks

struggled.

Outside

the

U.S.,

most

major

country

and

regional

benchmarks

lost

ground.

Emerging

markets

stocks

generally

underperformed

shares

in

developed

markets.

Meanwhile,

the

U.S.

dollar

strengthened

versus

most

currencies

during

the

period,

which

weighed

on

returns

for

U.S.

investors

in

international

securities.

Elevated

inflation

remained

a

leading

concern

for

investors

throughout

the

period,

although

hopes

that

inflation

may

have

peaked

led

to

rallies

during

the

summer

and

again

in

November.

The

October

consumer

price

index

report,

which

was

released

in

mid-November,

was

better

than

expected

and

showed

price

increases

easing

from

recent

40-year

highs.

However,

the

7.7%

year-over-

year

increase

in

the

headline

inflation

number

remained

well

above

the

Fed’s

2%

target.

In

response

to

the

high

inflation

readings,

global

central

banks

continued

to

tighten

monetary

policy,

and

investors

focused

on

communications

from

central

bank

officials

on

how

high

rates

would

have

to

go.

The

Federal

Reserve

delivered

four

historically

large

75-basis-point

(0.75

percentage

point)

rate

hikes

during

the

period,

which

lifted

its

short-term

lending

benchmark

to

a

target

range

of

3.75%

to

4.00%

by

early

November,

the

highest

level

since

2008.

As

our

reporting

period

came

to

an

end,

Fed

officials

signaled

that

they

were

likely

to

dial

back

the

pace

of

rate

increases.

Bond

yields

increased

considerably

across

the

Treasury

yield

curve

as

the

Fed

tightened

monetary

policy,

with

the

yield

on

the

benchmark

10-year

U.S.

Treasury

note

climbing

from

2.85%

at

the

start

of

the

period

to

3.68%

at

the

end

of

November.

Significant

inversions

in

the

Treasury

curve,

which

are

often

considered

a

warning

sign

of

a

coming

recession,

occurred

during

the

period

T.

ROWE

PRICE

Credit

Opportunities

Fund

2

as

shorter-maturity

Treasuries

experienced

the

largest

yield

increases.

The

sharp

increase

in

yields

led

to

generally

negative

results

across

the

fixed

income

market

as

bond

prices

and

yields

move

in

opposite

directions.

On

a

positive

note,

the

U.S.

jobs

market

remained

resilient

during

the

period,

and

overall

economic

growth

turned

positive

in

the

third

quarter

after

two

slightly

negative

quarters.

However,

recession

fears

also

grew

as

corporate

earnings

slowed

and

manufacturing

gauges

drifted

toward

contraction

levels.

In

addition,

the

housing

market

began

to

weaken

as

mortgage

rates

climbed

to

the

highest

level

in

more

than

20

years.

The

past

year

has

been

a

trying

time

for

investors

as

few

sectors

remained

untouched

by

the

broad

headwinds

that

markets

faced,

and

volatility

may

continue

in

the

near

term

as

central

banks

tighten

policy

amid

slowing

economic

growth.

However,

in

our

view,

valuations

have

become

more

attractive

across

many

market

sectors

during

the

downturn,

which

provides

potential

opportunities

for

selective

investors

focused

on

fundamentals.

We

believe

this

environment

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Credit

Opportunities

Fund

Management’s

Discussion

of

Fund

Performance

3

INVESTMENT

OBJECTIVE 

The

fund

seeks

a

combination

of

long-term

capital

appreciation

and

high

income.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past six

months?

The

Credit

Opportunities

Fund

returned

-2.41%

in

the

six

months

ended

November

30,

2022,

outperforming

its

benchmark,

the

Bloomberg

U.S.

High

Yield

2%

Issuer

Capped

Bond

Index.

(Returns

for

Advisor

and

I

Class

shares

varied

slightly,

reflecting

their

different

fee

structures.

Past

performance

cannot

guarantee

future

results.

)

What

factors

influenced

the

fund’s

performance?

Credit

selection

and

the

portfolio’s

overweight

allocation

in

the

automotive

segment—an

industry

that

we

believe

has

already

experienced

its

downturn

over

the

past

two

years—aided

relative

performance.

American

electric

vehicle

manufacturer

Rivian

was

a

top

contributor

during

the

period.

The

company

is

developing

vehicles

primarily

targeting

the

attractive

truck,

SUV,

and

commercial

vehicle

end

market

segments. Amazon

is

an

owner

and

also

has

a

large

business-to-business

contract

with

Rivian,

which

should

cushion

demand

volatility

and

support

operating

leverage. (Please

refer

to

the

portfolio

of

investments

for

a

complete

list

of

holdings

and

the

amount

each

represents

in

the

portfolio.)

Our

investment

in

Tenneco—a

company

that

designs,

manufactures,

and

markets

emission

control

and

ride

control

products

and

systems

for

the

automotive

original

equipment

market

and

the

aftermarket—was

beneficial.

The

bonds

were

redeemed

at

a

premium—a

positive

outcome

and

meaningful

driver

of

relative

performance

in

the

midst

of

a

bond

market

sell-off—after

Tenneco

was

acquired

by

Apollo

Global

Management.

PERFORMANCE

COMPARISON

Six-Month

Period

Ended

11/30/22

Total

Return

Credit

Opportunities

Fund

–

.

-2.41‌%

Credit

Opportunities

Fund–

.

Advisor  Class

-2.50‌

Credit

Opportunities

Fund–

.

I  Class

-2.42‌

Bloomberg

U.S.

High

Yield

2%

Issuer

Capped

Bond

Index

-2.87‌

T.

ROWE

PRICE

Credit

Opportunities

Fund

4

Security

selection

in

the

information

technology

segment

added

value,

partly

due

to

the

portfolio’s

zero

weight

in

online

used

car

retailer

Carvana.

The

company

is

experiencing

somewhat

of

an

existential

crisis

as

the

decline

in

used

car

prices

from

elevated

levels

in

2021

has

fostered

concerns

about

its

profitability

and

ability

to

survive.

The

bonds

also

came

under

pressure

as

Carvana

encountered

headwinds

from

cost-cutting

measures,

overcapacity

issues

in

the

wake

of

its

acquisition

of

ADESA’s

auction

business,

and

an

overleveraged

balance

sheet.

The

portfolio’s

overweight

allocation

and

credit

selection

in

the

utilities

industry

were

beneficial.

One

of

our

holdings,

Vistra,

operates

as

a

power

company

offering

power

generation,

distribution,

and

transmission

solutions.

We

have

a

favorable

view

of

Vistra’s

power

generation

plus

retail

business

model,

which

allows

the

company

to

naturally

hedge

its

generation

book,

and

we

continue

to

like

its

credit

story.

We

own

some

attractive

7%

and

8%

preferred

securities

in

this

capital

structure.

In

the

wireless

communications

segment,

a

second-lien

loan

position

in

Asurion,

the

world’s

leading

provider

of

mobile

protection

services,

detracted.

Second

liens

are

a

step

lower

in

the

capital

structure

and,

likewise,

tend

to

be

lower

in

credit

quality.

But

these

loans

generally

pay

higher

interest

to

compensate

for

the

additional

risk.

Furthermore,

they

often

come

with

hard

call

protection,

an

attractive

feature

not

often

seen

in

the

bank

loan

(also

known

as

leveraged

loans)

market.

Asurion’s

somewhat

disappointing

second-

quarter

financial

results,

some

concerns

about

increasing

competition,

as

well

as

its

large

liquid

loan

capital

structure

contributed

to

weakness

during

a

period

of

loan

market

outflows.

After

recently

visiting

the

company,

however,

we

are

confident

in

Asurion’s

ability

to

renew

key

customer

contracts

and

retain

its

dominant

share

while

producing

sizable

free

cash

flow.

For-profit

hospital

system

Community

Health

Systems

(CYH)

was

a

notable

detractor

in

the

health

care

segment.

The

bonds

traded

down

as

the

expected

non-COVID

volume

recovery

post

omicron

variant

did

not

materialize

in

the

second-quarter

as

revenue

and

EBITDA

declined.

Management

also

lowered

guidance

for

full-year

adjusted

earnings

due

to

higher

labor

cost

estimates.

However,

CYH

remains

a

high-conviction

holding

that

continues

to

generate

positive

free

cash

flow,

the

company

has

no

maturities

until

2026,

and

management

is

committed

to

further

reducing

leverage.

Security

selection

among

cable

operators

dragged,

partly

due

to

wireless

telecommunications

services

provider

Altice

France.

Although

the

company

reported

second-quarter

financial

results

that

were largely

in

line

with

expectations,

much

of

the

capital

structure

sold

off

recently

amid

duration

T.

ROWE

PRICE

Credit

Opportunities

Fund

5

concerns

and

general

market

weakness.

We

are

maintaining

our

conviction,

however,

as

the

company

reiterated

its

midterm

guidance

of

operating

free

cash

flow

growth

of

€1

billion

on

the

back

of

increased

revenues

and

EBITDA,

as

well

as

reduced

capital

expenditures.

How

is

the

fund

positioned?

This

portfolio

is

structured

to

offer

flexible

and

concentrated

exposure

to

our

highest-conviction

high

yield

bonds

and

bank

loans.

Most

of

the

portfolio

taps

in

to

the

repeatable,

traditional

high

yield

and

bank

loan

credit

research

process

that

defines

the

T.

Rowe

Price

high

yield

platform.

The

fund’s

flexible

mandate

allows

for

more

aggressive

or

conservative

positioning

as

the

opportunity

set

dictates,

and

we

have

the

ability

to

layer

in

special

credit

situations.

In

these

special

situations,

we

look

for

jurisdictions

in

which

we

know

our

rights

and

remedies

and

spend

meaningful

time

on

asset

valuation

and

assessing

potential

outcomes.

When

we

do

participate

in

selective

situations,

we

stay

in

liquid,

freely

tradeable

instruments

and

seek

to

be

active

members

of

creditor

committees

so

that

we

can

have

a

significant

impact

on

our

outcome.

These

holdings,

while

limited

in

number,

can

offer

the

potential

for

meaningful

total

return,

and

they

are

another

factor

differentiating

this

portfolio

from

traditional

high

yield

bond

funds.

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s

and

Standard

&

Poor’s

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

A

rating

of

AAA

represents

the

highest-rated

securities,

and

a

rating

of

D

represents

the

lowest-rated

securities.

Split

ratings

(e.g.,

BB/B

and

B/CCC)

are

assigned

when

Moody’s

and

S&P

differ.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

The

rating

of

the

underlying

investment

vehicle

is

used

to

determine

the

creditworthiness

of

credit

default

swaps

and

sovereign

securities.

The

fund

is

not

rated

by

any

agency.

Short-term

holdings

are

not

rated.

Historical

weightings

reflect

current

ratings.

CREDIT

QUALITY

DIVERSIFICATION

.....

Percent

of

Total

Assets

5/31/22

11/30/22

BBB/BB

Rated

and

Above

5.3‌%

2.7‌%

BB

Rated

20.7‌ 

22.0‌ 

BB/B

Rated

16.7‌ 

21.1‌ 

B

Rated

28.7‌ 

27.1‌ 

B/CCC

Rated

5.1‌ 

6.4‌ 

CCC

Rated

and

Below

14.8‌ 

12.1‌ 

Credit

Default

Swaps

0.0‌

0.0‌

Default

0.0‌

0.0‌

Equities

2.4‌ 

1.7‌ 

Not

Rated

4.0‌ 

3.6‌ 

Short-Term

Holdings

2.3‌ 

3.3‌ 

T.

ROWE

PRICE

Credit

Opportunities

Fund

6

Two

special

situations

in

which

we

invested—Puerto

Rico’s

general

obligation

bond

and

multinational

satellite

services

provider

Intelsat’s

secured

debt—came

to

successful

conclusions

during

the

first

quarter.

Since

that

time,

we

have

focused

on

concentrating

the

portfolio’s

holdings

in

our

highest-conviction

high

yield

bonds.

Over

the

past

six

months,

the

loan

asset

class

significantly

outperformed

high

yield

bonds.

However,

we

began

rotating

out

of

leveraged

loans

in

early

2022

as

bond

valuations

became

more

attractive.

By

the

end

of

November,

we

had

actively

managed

our

bank

loan

position

down

to

11%

while

also

reducing

the

portfolio’s

exposure

to

CCC

rated

bonds.

We

used

the

proceeds

from

these

sales

to

increase

the

portfolio’s

overall

credit

quality

by

augmenting

our

investments

in

B

and

BB

rated

bonds

where

we

found

attractive

value.

Overall,

industry

shifts

during

the

period

were

largely

the

result

of

idiosyncratic

situations

rather

than

the

result

of

deliberate

moves

to

exploit

broader

themes.

For

example,

many

of

the

BB

rated

bonds

we

purchased

during

the

period

increased

the

portfolio’s

allocation

to

the

information

technology

segment

by

about

360

basis

points

(100

basis

points

equals

1.00%).

We

also

participated

in

some

new

issues

to

gain

access

to

attractive

bond

structures

in

the

cable

operators

segment,

increasing

the

portfolio’s

allocation

to

the

industry

by

210

basis

points.

Our

weighting

in

the

energy

industry

declined

as

a

few

issuers

that

were

in

the

portfolio

got

upgraded

to

investment-grade

(IG)

status

and

left

our

market.

Similarly,

T-Mobile’s

IG

upgrade

caused

a

notable

reduction

in

the

portfolio’s

allocation

to

the

wireless

communications

segment.

What

is

portfolio

management’s

outlook?

Although

higher

interest

rates

and

concerns

about

the

possibility

of

a

recession

have

created

a

more

challenging

macro

environment,

we

believe

fundamental

conditions

in

the

high

yield

asset

class

and

its

underlying

credit

quality

remain

solid.

Higher

interest

costs

will

likely

be

onerous

for

some

below

investment-grade

companies,

particularly

those

with

large

floating

rate

debt

obligations.

While

we

do

anticipate

an

increase

in

the

market’s

default

rate

from

what

has

essentially

been

0%,

we

expect

it

to

remain

below

the

long-

term

average

of

roughly

3.5%

over

the

medium

term

despite

the

challenging

performance

environment.

The

high

yield

market’s

performance

is

strongly

correlated

with

that

of

other

risk

assets.

Therefore,

we

anticipate

that

events

in

the

broader

market,

such

as

equity

sell-offs

in

response

to

Federal

Reserve

policy,

could

lead

to

additional

credit

spread

widening.

We

believe

active

management

that

is

deeply

rooted

in

bottom-up

fundamental

credit

analysis

becomes

increasingly

important

T.

ROWE

PRICE

Credit

Opportunities

Fund

7

as

central

banks

continue

to

tighten

financial

conditions.

Historically,

when

dollar

prices

and

yields

in

our

market

have

reached

current

levels,

we

have

seen

strong

forward

returns

in

the

high

yield

asset

class.

This

bodes

well

for

its

performance

in

2023,

although

past

performance

does

not

guarantee

future

results.

The

views

expressed

reflect

the

opinions

of

T.

Rowe

Price

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic,

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

T.

ROWE

PRICE

Credit

Opportunities

Fund

8

RISKS

OF

BOND

INVESTING

Bonds

are

subject

to

interest

rate

risk,

the

decline

in

bond

prices

that

usually

accompanies

a

rise

in

interest

rates,

and

credit

risk,

the

chance

that

any

fund

holding

could

have

its

credit

rating

downgraded

or

that

a

bond

issuer

will

default

(fail

to

make

timely

payments

of

interest

or

principal),

potentially

reducing

the

fund’s

income

level

and

share

price.

High

yield

corporate

bonds

could

have

greater

price

declines

than

funds

that

invest

primarily

in

high-

quality

bonds.

Companies

issuing

high

yield

bonds

are

not

as

strong

financially

as

those

with

higher

credit

ratings,

so

the

bonds

are

usually

considered

to

be

speculative

investments.

Bank

loans

may

at

times

become

difficult

to

value

and

highly

illiquid;

they

are

subject

to

credit

risk

such

as

nonpayment

of

principal

or

interest,

and

risks

of

bankruptcy

and

insolvency.

Investing

in

the

securities

of

non-U.S.

issuers

involves

special

risks

not

typically

associated

with

investing

in

U.S.

issuers.

Foreign

securities

tend

to

be

more

volatile

and

less

liquid

than

investments

in

U.S.

securities

and

may

lose

value

because

of

adverse

local,

political,

social,

or

economic

developments

overseas,

or

due

to

changes

in

the

exchange

rates

between

foreign

currencies

and

the

U.S.

dollar.

In

addition,

foreign

investments

are

subject

to

settlement

practices

and

regulatory

and

financial

reporting

standards

that

differ

from

those

of

the

U.S.

These

risks

are

heightened

for

the

fund’s

investments

in

emerging

markets,

which

are

more

susceptible

to

governmental

interference,

less

efficient

trading

markets,

and

the

imposition

of

local

taxes

or

restrictions

on

gaining

access

to

sales

proceeds

for

foreign

investors.

BENCHMARK

INFORMATION

Note:

Bloomberg

®

and the

Bloomberg

U.S.

High

Yield

2%

Issuer

Capped

Bond

Index

are

service

marks

of

Bloomberg

Finance

L.P.

and

its

affiliates,

including

Bloomberg

Index

Services

Limited

(“BISL”),

the

administrator

of

the

index

(collectively,

“Bloomberg”)

and

have

been

licensed

for

use

for

certain

purposes

by

T.

Rowe

Price.

Bloomberg

is

not

affiliated

with

T.

Rowe

Price,

and

Bloomberg

does

not

approve,

endorse,

review,

or

recommend

its

products.

Bloomberg

does

not

guarantee

the

timeliness,

accurateness,

or

completeness

of

any

data

or

information

relating

to

its

products. 

Note:

©

2022,

Moody’s

Corporation,

Moody’s

Investors

Service,

Inc.,

Moody’s

Analytics,

Inc.

and/or

their

licensors

and

affiliates

(collectively,

“Moody’s”).

All

rights

reserved.

Moody’s

ratings

and

other

information

(“Moody’s

Information”)

are

proprietary

to

Moody’s

and/or

its

licensors

and

are

protected

by

copyright

and

other

intellectual

property

laws.

Moody’s

Information

is

licensed

to

Client

by

Moody’s.

MOODY’S

INFORMATION

MAY

NOT

BE

T.

ROWE

PRICE

Credit

Opportunities

Fund

9

COPIED

OR

OTHERWISE

REPRODUCED,

REPACKAGED,

FURTHER

TRANSMITTED,

TRANSFERRED,

DISSEMINATED,

REDISTRIBUTED

OR

RESOLD,

OR

STORED

FOR

SUBSEQUENT

USE

FOR

ANY

SUCH

PURPOSE,

IN

WHOLE

OR

IN

PART,

IN

ANY

FORM

OR

MANNER

OR

BY

ANY

MEANS

WHATSOEVER,

BY

ANY

PERSON

WITHOUT

MOODY’S

PRIOR

WRITTEN

CONSENT.

Moody's

®

is

a

registered

trademark.

Note:

Copyright

©

2022,

S&P

Global

Market

Intelligence

(and

its

affiliates,

as

applicable).

Reproduction

of

any

information,

data

or

material,

including

ratings

("Content")

in

any

form

is

prohibited

except

with

the

prior

written

permission

of

the

relevant

party. Such

party,

its

affiliates

and

suppliers

("Content

Providers")

do

not

guarantee

the

accuracy,

adequacy,

completeness,

timeliness

or

availability

of

any

Content

and

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

or

for

the

results

obtained

from

the

use

of

such

Content.

In

no

event

shall

Content

Providers

be

liable

for

any

damages,

costs,

expenses,

legal

fees,

or

losses

(including

lost

income

or

lost

profit

and

opportunity

costs)

in

connection

with

any

use

of

the

Content.

A

reference

to

a

particular

investment

or

security,

a

rating

or

any

observation

concerning

an

investment

that

is

part

of

the

Content

is

not

a

recommendation

to

buy,

sell

or

hold

such

investment

or

security,

does

not

address

the

appropriateness

of

an

investment

or

security

and

should

not

be

relied

on

as

investment

advice.

Credit

ratings

are

statements

of

opinions

and

are

not

statements

of

fact.

BENCHMARK

INFORMATION

(continued)

T.

ROWE

PRICE

Credit

Opportunities

Fund

10

PORTFOLIO

HIGHLIGHTS

TWENTY-FIVE

LARGEST

ISSUERS

Percent

of

Net

Assets

11/30/22

Vistra

4.6‌%

Charter

Communications

3.5‌ 

Asurion

3.2‌ 

Ford

Motor

3.0‌ 

Occidental

Petroleum

2.7‌ 

American

Airlines

2.1‌ 

Rivian

Automotive

2.0‌ 

DISH

Network

1.9‌ 

UKG

1.8‌ 

Entegris

1.7‌ 

Teva

Pharmaceutical

1.6‌ 

iHeartMedia

1.4‌ 

Clear

Channel

Worldwide

1.4‌ 

Altice

USA

1.3‌ 

Altice

France

Holding

SA

1.2‌ 

Royal

Caribbean

Cruises

1.2‌ 

Navient

1.1‌ 

Ascend

Learning

1.1‌ 

TransDigm

Group

1.1‌ 

Carnival

1.1‌ 

Goodyear

Tire

&

Rubber

1.0‌ 

Caesars

Entertainment

1.0‌ 

Citgo

1.0‌ 

CDK

Global

1.0‌ 

Petsmart

1.0‌ 

Total

44.0‌%

Note:

The

information

shown

does

not

reflect

any

exchange-traded

funds

(ETFs),

cash

reserves,

or

collateral

for

securities

lending

that

may

be

held

in

the

portfolio.

Holdings

of

the

issuers

are

combined

and

may

be

shown

in

the

portfolio

of

investments

under

their

subsidiaries.

T.

ROWE

PRICE

Credit

Opportunities

Fund

11

GROWTH

OF

$10,000 

This

chart

shows

the

value

of

a

hypothetical

$10,000

investment

in

the

fund

over

the

past

10

fiscal

year

periods

or

since

inception

(for funds

lacking

10-year

records).

The

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from

fund

returns

as

well

as

mutual fund

averages

and

indexes.

CREDIT

OPPORTUNITIES

FUND 

Note:

Performance

for

the

Advisor

and

I Class

shares

will

vary

due

to

their

differing

fee

structures.

See

the

Average

Annual

Compound

Total

Return

table. 

AVERAGE

ANNUAL

COMPOUND

TOTAL

RETURN

Periods

Ended

11/30/22

1

Year

5

Years

Since

Inception

Inception

Date

Credit

Opportunities

Fund

–

.

-7.06‌%

2.89‌%

2.55‌%

4/29/14

Credit

Opportunities

Fund–

.

Advisor  Class

-7.22‌

2.75‌

2.42‌

4/29/14

Credit

Opportunities

Fund–

.

I  Class

-6.97‌

3.10‌

3.92‌

11/29/16

This

table

shows

how

the

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Past

performance

cannot

guarantee

future

results.

T.

ROWE

PRICE

Credit

Opportunities

Fund

12

EXPENSE

RATIO

FUND

EXPENSE

EXAMPLE

As

a

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Please

note

that

the

fund

has

three

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

the

Advisor

Class

shares

are

offered

only

through

unaffiliated

brokers

and

other

financial

intermediaries

and

charge

a

0.25%

12b-1

fee,

and

I

Class

shares

are

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

expenses

based

on

the

fund’s

actual

returns.

You

may

use

the

information

on

this

line,

together

with

your

account

balance,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

on

the

first

line

under

the

heading

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

on

the

second

line

of

the

table

(Hypothetical)

is

based

on

hypothetical

account

values

and

expenses

derived

from

the

fund’s

actual

expense

ratio

and

an

assumed

5%

per

year

rate

of

return

before

expenses

(not

the

fund’s

actual

return).

You

may

compare

the

ongoing

costs

of

investing

in

the

fund

with

other

funds

by

contrasting

this

5%

hypothetical

example

and

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

Credit

Opportunities

Fund

1.10‌%

Credit

Opportunities

Fund–Advisor

Class

1.63‌ 

Credit

Opportunities

Fund–I

Class

0.93‌ 

The

expense

ratio

shown

is

as

of

the

fund’s

most

recent

prospectus.

This

number

may

vary

from

the

expense

ratio

shown

elsewhere

in

this

report

because

it

is

based

on

a

different

time

period

and,

if

applicable,

includes

acquired

fund

fees

and

expenses

but

does

not

include

fee

or

expense

waivers.

T.

ROWE

PRICE

Credit

Opportunities

Fund

13

Note:

T.

Rowe

Price

charges

an

annual

account

service

fee

of

$20,

generally

for

accounts

with

less

than

$10,000.

The

fee

is

waived

for

any

investor

whose

T.

Rowe

Price

mutual

fund

accounts

total

$50,000

or

more;

accounts

electing

to

receive

electronic

delivery

of

account

statements,

transaction

confirmations,

prospectuses,

and

shareholder

reports;

or

accounts

of

an

investor

who

is

a

T.

Rowe

Price

Personal

Services

or

Enhanced

Personal

Services

client

(enrollment

in

these

programs

generally

requires

T.

Rowe

Price

assets

of

at

least

$250,000).

This

fee

is

not

included

in

the

accompanying

table.

If

you

are

subject

to

the

fee,

keep

it

in

mind

when

you

are

estimating

the

ongoing

expenses

of

investing

in

the

fund

and

when

comparing

the

expenses

of

this

fund

with

other

funds.

You

should

also

be

aware

that

the

expenses

shown

in

the

table

highlight

only

your

ongoing

costs

and

do

not

reflect

any

transaction

costs,

such

as

redemption

fees

or

sales

loads.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

To

the

extent

a

fund

charges

transaction

costs,

however,

the

total

cost

of

owning

that

fund

is

higher.

CREDIT

OPPORTUNITIES

FUND

Beginning

Account

Value

6/1/22

Ending

Account

Value

11/30/22

Expenses

Paid

During

Period*

6/1/22

to

11/30/22

Investor

Class

Actual

$1,000.00

$975.90

$4.01

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.01

  4.10

Advisor

Class

Actual

  1,000.00

  975.00

  4.51

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,020.51

  4.61

I

Class

Actual

  1,000.00

  975.80

  2.82

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.21

  2.89

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(183),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.81%,

the

2

Advisor Class

was

0.91%,

and

the

3

I Class

was

0.57%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Credit

Opportunities

Fund

14

QUARTER-END

RETURNS

Periods

Ended

9/30/22

1

Year

5

Years

Since

Inception

Inception

Date

Credit

Opportunities

Fund

–

.

-11.80‌%

1.96‌%

2.05‌%

4/29/14

Credit

Opportunities

Fund–

.

Advisor  Class

-12.03‌ 

1.85‌ 

1.92‌ 

4/29/14

Credit

Opportunities

Fund–

.

I  Class

-11.60‌ 

2.19‌ 

3.24‌ 

11/29/16

The

fund’s

performance

information

represents

only

past

performance

and

is

not

necessarily

an

indication

of

future

results.

Current

performance

may

be

lower

or

higher

than

the

performance

data

cited.

Share

price,

principal

value,

and

return

will

vary,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

For

the

most

recent

month-end

performance,

please

visit

our

website

(troweprice.com)

or

contact

a

T.

Rowe

Price

representative

at

1

-

800

-

225

-

5132

or,

for

2

Advisor

and

3

I

Class

shares,

1-800-638-8790

.

This

table

provides

returns

through

the

most

recent

calendar

quarter-end

rather

than

through

the

end

of

the

fund’s

fiscal

period.

It

shows

how

the

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Average

annual

total

return

figures

include

changes

in

principal

value,

reinvested

dividends,

and

capital

gain

distributions.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

When

assessing

performance,

investors

should

consider

both

short-

and

long-term

returns.

T.

ROWE

PRICE

Credit

Opportunities

Fund

(Unaudited)

Financial

Highlights

15

For

a

share

outstanding

throughout

each

period

Investor

Class

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

5/31/22

5/31/21

5/31/20

5/31/19

5/31/18

NET

ASSET

VALUE

Beginning

of

period

$

8

.04‌

$

8

.77‌

$

8

.17‌

$

8

.50‌

$

8

.50‌

$

8

.69‌

Investment

activities

Net

investment

income

(1)(2)

0

.24‌

0

.42‌

0

.44‌

0

.44‌

0

.46‌

0

.44‌

Net

realized

and

unrealized

gain/loss

(

0

.44‌

)

(

0

.70‌

)

0

.62‌

(

0

.34‌

)

0

.02‌

(

0

.20‌

)

Total

from

investment

activities

(

0

.20‌

)

(

0

.28‌

)

1

.06‌

0

.10‌

0

.48‌

0

.24‌

Distributions

Net

investment

income

(

0

.24‌

)

(

0

.45‌

)

(

0

.46‌

)

(

0

.43‌

)

(

0

.47‌

)

(

0

.43‌

)

Net

realized

gain

—‌

—‌

—‌

—‌

(

0

.01‌

)

—‌

Total

distributions

(

0

.24‌

)

(

0

.45‌

)

(

0

.46‌

)

(

0

.43‌

)

(

0

.48‌

)

(

0

.43‌

)

NET

ASSET

VALUE

End

of

period

$

7

.60‌

$

8

.04‌

$

8

.77‌

$

8

.17‌

$

8

.50‌

$

8

.50‌

T.

ROWE

PRICE

Credit

Opportunities

Fund

(Unaudited)

Financial

Highlights

16

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

5/31/22

5/31/21

5/31/20

5/31/19

5/31/18

Ratios/Supplemental

Data

Total

return

(2)(3)

(

2

.41‌

)

%

(

3

.41‌

)

%

13

.30‌

%

1

.20‌

%

5

.89‌

%

2

.84‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

1

.25‌

%

(4)

1

.12‌

%

1

.22‌

%

1

.20‌

%

1

.28‌

%

1

.49‌

%

Net

expenses

after

waivers/payments

by

Price

Associates

0

.81‌

%

(4)

0

.84‌

%

0

.91‌

%

0

.91‌

%

0

.92‌

%

0

.92‌

%

Net

investment

income

6

.26‌

%

(4)

4

.88‌

%

5

.08‌

%

5

.26‌

%

5

.43‌

%

5

.09‌

%

Portfolio

turnover

rate

18

.6‌

%

38

.9‌

%

53

.5‌

%

53

.5‌

%

53

.3‌

%

60

.3‌

%

Net

assets,

end

of

period

(in

thousands)

$40,406

$44,737

$56,674

$40,408

$47,529

$42,406

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

6

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Credit

Opportunities

Fund

(Unaudited)

Financial

Highlights

17

For

a

share

outstanding

throughout

each

period

Advisor

Class

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

5/31/22

5/31/21

5/31/20

5/31/19

5/31/18

NET

ASSET

VALUE

Beginning

of

period

$

8

.02‌

$

8

.75‌

$

8

.15‌

$

8

.48‌

$

8

.48‌

$

8

.68‌

Investment

activities

Net

investment

income

(1)(2)

0

.23‌

0

.42‌

0

.43‌

0

.44‌

0

.45‌

0

.43‌

Net

realized

and

unrealized

gain/loss

(

0

.43‌

)

(

0

.71‌

)

0

.62‌

(

0

.35‌

)

0

.02‌

(

0

.21‌

)

Total

from

investment

activities

(

0

.20‌

)

(

0

.29‌

)

1

.05‌

0

.09‌

0

.47‌

0

.22‌

Distributions

Net

investment

income

(

0

.24‌

)

(

0

.44‌

)

(

0

.45‌

)

(

0

.42‌

)

(

0

.46‌

)

(

0

.42‌

)

Net

realized

gain

—‌

—‌

—‌

—‌

(

0

.01‌

)

—‌

Total

distributions

(

0

.24‌

)

(

0

.44‌

)

(

0

.45‌

)

(

0

.42‌

)

(

0

.47‌

)

(

0

.42‌

)

NET

ASSET

VALUE

End

of

period

$

7

.58‌

$

8

.02‌

$

8

.75‌

$

8

.15‌

$

8

.48‌

$

8

.48‌

T.

ROWE

PRICE

Credit

Opportunities

Fund

(Unaudited)

Financial

Highlights

18

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Advisor

Class

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

5/31/22

5/31/21

5/31/20

5/31/19

5/31/18

Ratios/Supplemental

Data

Total

return

(2)(3)

(

2

.50‌

)

%

(

3

.53‌

)

%

13

.21‌

%

1

.09‌

%

5

.79‌

%

2

.61‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

1

.88‌

%

(4)

1

.65‌

%

1

.76‌

%

1

.81‌

%

1

.92‌

%

2

.06‌

%

Net

expenses

after

waivers/payments

by

Price

Associates

0

.91‌

%

(4)

0

.94‌

%

1

.01‌

%

1

.01‌

%

1

.02‌

%

1

.02‌

%

Net

investment

income

5

.93‌

%

(4)

4

.84‌

%

5

.00‌

%

5

.18‌

%

5

.34‌

%

5

.00‌

%

Portfolio

turnover

rate

18

.6‌

%

38

.9‌

%

53

.5‌

%

53

.5‌

%

53

.3‌

%

60

.3‌

%

Net

assets,

end

of

period

(in

thousands)

$127

$89

$130

$221

$219

$215

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

6

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Credit

Opportunities

Fund

(Unaudited)

Financial

Highlights

19

For

a

share

outstanding

throughout

each

period

I

Class

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

5/31/22

5/31/21

5/31/20

5/31/19

5/31/18

NET

ASSET

VALUE

Beginning

of

period

$

8

.03‌

$

8

.76‌

$

8

.16‌

$

8

.49‌

$

8

.50‌

$

8

.69‌

Investment

activities

Net

investment

income

(1)(2)

0

.25‌

0

.45‌

0

.46‌

0

.47‌

0

.48‌

0

.46‌

Net

realized

and

unrealized

gain/loss

(

0

.45‌

)

(

0

.71‌

)

0

.63‌

(

0

.35‌

)

0

.01‌

(

0

.20‌

)

Total

from

investment

activities

(

0

.20‌

)

(

0

.26‌

)

1

.09‌

0

.12‌

0

.49‌

0

.26‌

Distributions

Net

investment

income

(

0

.25‌

)

(

0

.47‌

)

(

0

.49‌

)

(

0

.45‌

)

(

0

.49‌

)

(

0

.45‌

)

Net

realized

gain

—‌

—‌

—‌

—‌

(

0

.01‌

)

—‌

Total

distributions

(

0

.25‌

)

(

0

.47‌

)

(

0

.49‌

)

(

0

.45‌

)

(

0

.50‌

)

(

0

.45‌

)

NET

ASSET

VALUE

End

of

period

$

7

.58‌

$

8

.03‌

$

8

.76‌

$

8

.16‌

$

8

.49‌

$

8

.50‌

T.

ROWE

PRICE

Credit

Opportunities

Fund

(Unaudited)

Financial

Highlights

20

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

5/31/22

5/31/21

5/31/20

5/31/19

5/31/18

Ratios/Supplemental

Data

Total

return

(2)(3)

(

2

.42‌

)

%

(

3

.18‌

)

%

13

.60‌

%

1

.45‌

%

6

.04‌

%

3

.07‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0

.98‌

%

(4)

0

.95‌

%

1

.09‌

%

1

.05‌

%

1

.12‌

%

1

.41‌

%

Net

expenses

after

waivers/payments

by

Price

Associates

0

.57‌

%

(4)

0

.59‌

%

0

.65‌

%

0

.65‌

%

0

.66‌

%

0

.67‌

%

Net

investment

income

6

.52‌

%

(4)

5

.24‌

%

5

.37‌

%

5

.55‌

%

5

.73‌

%

5

.37‌

%

Portfolio

turnover

rate

18

.6‌

%

38

.9‌

%

53

.5‌

%

53

.5‌

%

53

.3‌

%

60

.3‌

%

Net

assets,

end

of

period

(in

thousands)

$52,569

$46,701

$26,580

$24,092

$23,122

$2,999

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

6

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Credit

Opportunities

Fund

November

30,

2022

(Unaudited)

21

Portfolio

of

Investments

‡

Par/Shares

$

Value

(Amounts

in

000s)

‡

BANK

LOANS

10.9%

(1)

Aerospace

&

Defense

0.3%

Peraton,

FRN,

1M

USD

LIBOR

+

3.75%,

7.821%,

2/1/28 

193‌

189‌

Peraton,

FRN,

1M

USD

LIBOR

+

7.75%,

11.654%,

2/1/29 

136‌

129‌

318‌

Airlines

0.9%

AAdvantage

Loyalty

IP,

FRN,

1M

USD

LIBOR

+

4.75%,

7.46%,

4/20/28 

320‌

318‌

Mileage

Plus

Holdings,

FRN,

1M

USD

LIBOR

+

5.25%,

8.777%,

6/21/27 

480‌

493‌

811‌

Broadcasting

0.4%

Clear

Channel

Outdoor

Holdings,

FRN,

1M

USD

LIBOR

+

3.50%,

7.914%,

8/21/26 

302‌

276‌

Nielsen

Holdings,

FRN,

3M

TSFR

+

9.75%,

13.472%,

10/11/29  (2)

85‌

82‌

358‌

Food

0.5%

Woof

Holdings,

FRN,

1M

USD

LIBOR

+

7.25%,

10.815%,

12/21/28 

555‌

500‌

500‌

Health

Care

0.3%

Gainwell

Acquisition,

FRN,

1M

USD

LIBOR

+

4.00%,

7.674%,

10/1/27 

236‌

230‌

230‌

Information

Technology

1.1%

Applied

Systems,

FRN,

1M

USD

LIBOR

+

5.50%,

9.174%,

9/19/25 

209‌

206‌

Boxer

Parent,

FRN,

1M

USD

LIBOR

+

5.50%,

9.571%,

2/27/26 

20‌

18‌

Delta

Topco,

FRN,

1M

USD

LIBOR

+

7.25%,

9.336%,

12/1/28 

205‌

174‌

Epicor

Software,

FRN,

1M

USD

LIBOR

+

7.75%,

11.821%,

7/31/28 

100‌

99‌

RealPage,

FRN,

1M

USD

LIBOR

+

6.50%,

10.571%,

4/23/29 

510‌

488‌

985‌

Manufacturing

0.6%

Engineered

Machinery

Holdings,

FRN,

1M

USD

LIBOR

+

6.50%,

10.174%,

5/21/29 

250‌

230‌

Engineered

Machinery

Holdings,

FRN,

3M

USD

LIBOR

+

6.00%,

9.674%,

5/21/29 

365‌

336‌

566‌

Restaurants

0.3%

Tacala

Investment,

FRN,

1M

USD

LIBOR

+

7.50%,

11.571%,

2/4/28 

350‌

317‌

317‌

Services

3.3%

Ascend

Learning,

FRN,

1M

USD

LIBOR

+

3.50%,

7.571%,

12/11/28 

462‌

436‌

Ascend

Learning,

FRN,

1M

USD

LIBOR

+

5.75%,

9.821%,

12/10/29 

710‌

602‌

T.

ROWE

PRICE

Credit

Opportunities

Fund

22

Par/Shares

$

Value

(Amounts

in

000s)

‡

CoreLogic,

FRN,

1M

USD

LIBOR

+

6.50%,

10.625%,

6/4/29 

220‌

149‌

Loyalty

Ventures,

FRN,

1M

USD

LIBOR

+

4.50%,

8.571%,

11/3/27 

14‌

5‌

Renaissance

Holdings,

FRN,

3M

USD

LIBOR

+

7.00%,

11.071%,

5/29/26 

185‌

175‌

UKG,

FRN,

1M

USD

LIBOR

+

5.25%,

8.998%,

5/3/27 

1,850‌

1,693‌

3,060‌

Wireless

Communications

3.2%

Asurion,

FRN,

1M

USD

LIBOR

+

3.00%,

7.071%,

11/3/24 

688‌

659‌

Asurion,

FRN,

1M

USD

LIBOR

+

5.25%,

9.321%,

1/31/28 

1,591‌

1,223‌

Asurion,

FRN,

1M

USD

LIBOR

+

5.25%,

9.321%,

1/20/29 

1,470‌

1,126‌

3,008‌

Total

Bank

Loans

(Cost

$11,449)

10,153‌

COMMON

STOCKS

0.6%

Health

Care

0.2%

Avantor (3)

8‌

175‌

175‌

Information

Technology

0.2%

TE

Connectivity 

1‌

139‌

139‌

Metals

&

Mining

0.2%

Constellium (3)

16‌

197‌

197‌

Total

Common

Stocks

(Cost

$397)

511‌

CONVERTIBLE

BONDS

0.1%

Cable

Operators

0.1%

DISH

Network,

3.375%,

8/15/26 

185‌

120‌

Total

Convertible

Bonds

(Cost

$164)

120‌

CONVERTIBLE

PREFERRED

STOCKS

1.1%

Health

Care

0.3%

Becton

Dickinson

&

Company,

Series B,

6.00%,

6/1/23 

7‌

337‌

337‌

Insurance

0.2%

Alliant

Services,

Series A,

Acquisition

Date:

11/6/20,

Cost $167  (3)

(4)

—‌

159‌

159‌

T.

ROWE

PRICE

Credit

Opportunities

Fund

23

Par/Shares

$

Value

(Amounts

in

000s)

‡

Manufacturing

0.3%

Danaher,

Series B,

5.00%,

4/15/23 

—‌

296‌

296‌

Utilities

0.3%

NextEra

Energy,

5.279%,

3/1/23 

5‌

264‌

264‌

Total

Convertible

Preferred

Stocks

(Cost

$988)

1,056‌

CORPORATE

BONDS

81.8%

Aerospace

&

Defense

1.1%

TransDigm,

6.25%,

3/15/26  (5)

360‌

356‌

TransDigm,

6.375%,

6/15/26 

265‌

259‌

TransDigm,

7.50%,

3/15/27 

100‌

100‌

TransDigm,

8.00%,

12/15/25  (5)

275‌

279‌

994‌

Airlines

2.2%

American

Airlines,

5.50%,

4/20/26  (5)

315‌

305‌

American

Airlines,

5.75%,

4/20/29  (5)

350‌

324‌

American

Airlines,

11.75%,

7/15/25  (5)

837‌

925‌

Delta

Air

Lines,

7.375%,

1/15/26 

225‌

232‌

Mileage

Plus

Holdings,

6.50%,

6/20/27  (5)

124‌

123‌

United

Airlines,

4.625%,

4/15/29  (5)

110‌

97‌

2,006‌

Automotive

7.1%

Clarios

Global,

8.50%,

5/15/27  (5)

885‌

867‌

Ford

Motor,

6.10%,

8/19/32 

1,140‌

1,097‌

Ford

Motor,

9.625%,

4/22/30 

240‌

276‌

Ford

Motor

Credit,

4.95%,

5/28/27 

490‌

465‌

Ford

Motor

Credit,

5.125%,

6/16/25 

275‌

267‌

Ford

Motor

Credit,

7.35%,

11/4/27 

650‌

676‌

Goodyear

Tire

&

Rubber,

5.00%,

7/15/29 

300‌

258‌

Goodyear

Tire

&

Rubber,

5.25%,

7/15/31 

405‌

344‌

Goodyear

Tire

&

Rubber,

5.625%,

4/30/33 

370‌

316‌

LCM

Investments

Holdings

II,

4.875%,

5/1/29  (5)

235‌

196‌

Rivian

Holdings,

FRN,

6M

USD

LIBOR

+

5.625%,

10.164%,

10/15/26  (5)

1,890‌

1,805‌

6,567‌

Broadcasting

5.5%

Clear

Channel

Outdoor

Holdings,

5.125%,

8/15/27  (5)

145‌

125‌

Clear

Channel

Outdoor

Holdings,

7.50%,

6/1/29  (5)

645‌

477‌

Clear

Channel

Outdoor

Holdings,

7.75%,

4/15/28  (5)

480‌

358‌

CMG

Media,

8.875%,

12/15/27  (5)

585‌

451‌

Diamond

Sports

Group,

6.625%,

8/15/27  (5)

155‌

5‌

T.

ROWE

PRICE

Credit

Opportunities

Fund

24

Par/Shares

$

Value

(Amounts

in

000s)

‡

iHeartCommunications,

8.375%,

5/1/27 

1,478‌

1,310‌

Neptune

Bidco

U.S.,

9.29%,

4/15/29  (5)

375‌

357‌

Sirius

XM

Radio,

4.00%,

7/15/28  (5)

85‌

74‌

Sirius

XM

Radio,

5.50%,

7/1/29  (5)

250‌

232‌

Stagwell

Global,

5.625%,

8/15/29  (5)

800‌

686‌

Townsquare

Media,

6.875%,

2/1/26  (5)

724‌

670‌

Univision

Communications,

7.375%,

6/30/30  (5)

400‌

393‌

5,138‌

Building

&

Real

Estate

1.7%

Brookfield

Residential

Properties,

6.25%,

9/15/27  (5)

250‌

222‌

Cushman

&

Wakefield

U.S.

Borrower,

6.75%,

5/15/28  (5)

715‌

683‌

Howard

Hughes,

4.125%,

2/1/29  (5)

220‌

182‌

Howard

Hughes,

5.375%,

8/1/28  (5)

535‌

478‌

1,565‌

Building

Products

0.5%

Advanced

Drainage

Systems,

6.375%,

6/15/30  (5)

150‌

143‌

New

Enterprise

Stone

&

Lime,

5.25%,

7/15/28  (5)

365‌

329‌

472‌

Cable

Operators

9.5%

Altice

Financing,

5.00%,

1/15/28  (5)

345‌

281‌

Altice

France,

5.125%,

7/15/29  (5)

335‌

264‌

Altice

France,

5.50%,

10/15/29  (5)

470‌

368‌

Altice

France,

8.125%,

2/1/27  (5)

200‌

190‌

Altice

France

Holding,

6.00%,

2/15/28  (5)

815‌

547‌

Altice

France

Holding,

10.50%,

5/15/27  (5)

735‌

581‌

C&W

Senior

Financing,

6.875%,

9/15/27  (5)

365‌

326‌

CCO

Holdings,

4.50%,

8/15/30  (5)

405‌

341‌

CCO

Holdings,

4.50%,

6/1/33  (5)

200‌

158‌

CCO

Holdings,

4.75%,

2/1/32  (5)

300‌

251‌

CCO

Holdings,

5.375%,

6/1/29  (5)

800‌

724‌

CCO

Holdings,

6.375%,

9/1/29  (5)

1,795‌

1,705‌

CSC

Holdings,

6.50%,

2/1/29  (5)

745‌

671‌

CSC

Holdings,

7.50%,

4/1/28  (5)

625‌

486‌

DISH

DBS,

5.125%,

6/1/29 

225‌

146‌

DISH

DBS,

5.25%,

12/1/26  (5)

245‌

207‌

DISH

DBS,

5.75%,

12/1/28  (5)

490‌

394‌

DISH

DBS,

7.75%,

7/1/26 

445‌

365‌

DISH

Network,

11.75%,

11/15/27  (5)

450‌

461‌

Netflix,

6.375%,

5/15/29 

345‌

356‌

8,822‌

Chemicals

0.7%

Avient,

7.125%,

8/1/30  (5)

250‌

244‌

Kobe

U.S.

Midco

2,

(9.25%

Cash

or

10.00%

PIK),

9.25%,

11/1/26  (5)(6)

145‌

104‌

Methanex,

5.125%,

10/15/27 

82‌

76‌

T.

ROWE

PRICE

Credit

Opportunities

Fund

25

Par/Shares

$

Value

(Amounts

in

000s)

‡

Methanex,

5.25%,

12/15/29 

120‌

106‌

Methanex,

5.65%,

12/1/44 

108‌

81‌

611‌

Consumer

Products

0.2%

Wolverine

World

Wide,

4.00%,

8/15/29  (5)

195‌

145‌

145‌

Container

1.1%

Ardagh

Metal

Packaging

Finance

USA,

4.00%,

9/1/29  (5)

400‌

318‌

Ardagh

Metal

Packaging

Finance

USA,

6.00%,

6/15/27  (5)

560‌

543‌

Trivium

Packaging

Finance,

8.50%,

8/15/27  (5)

225‌

211‌

1,072‌

Energy

11.2%

Aethon

United

BR,

8.25%,

2/15/26  (5)

230‌

229‌

Antero

Resources,

7.625%,

2/1/29  (5)

40‌

41‌

Archrock

Partners,

6.25%,

4/1/28  (5)

145‌

134‌

Chesapeake

Energy,

5.50%,

2/1/26  (5)

135‌

131‌

Chesapeake

Energy,

5.875%,

2/1/29  (5)

150‌

143‌

Citgo

Holding,

9.25%,

8/1/24  (5)

705‌

706‌

CITGO

Petroleum,

7.00%,

6/15/25  (5)

180‌

177‌

DCP

Midstream

Operating,

6.75%,

9/15/37  (5)

215‌

220‌

DCP

Midstream

Operating,

8.125%,

8/16/30 

46‌

51‌

Ferrellgas,

5.375%,

4/1/26  (5)

520‌

478‌

Gulfport

Energy,

8.00%,

5/17/26  (5)

155‌

153‌

Hess,

7.30%,

8/15/31 

500‌

549‌

Hilcorp

Energy

I,

6.00%,

2/1/31  (5)

241‌

219‌

Kinetik

Holdings,

5.875%,

6/15/30  (5)

705‌

662‌

Magnolia

Oil

&

Gas

Operating,

6.00%,

8/1/26  (5)

790‌

766‌

NGL

Energy

Operating,

7.50%,

2/1/26  (5)

940‌

846‌

NuStar

Logistics,

5.75%,

10/1/25 

15‌

15‌

NuStar

Logistics,

6.00%,

6/1/26 

300‌

291‌

Occidental

Petroleum,

6.20%,

3/15/40 

250‌

241‌

Occidental

Petroleum,

6.625%,

9/1/30 

265‌

276‌

Occidental

Petroleum,

7.50%,

5/1/31 

74‌

80‌

Occidental

Petroleum,

7.875%,

9/15/31 

45‌

49‌

Occidental

Petroleum,

7.95%,

6/15/39 

465‌

504‌

Occidental

Petroleum,

8.50%,

7/15/27 

300‌

327‌

Occidental

Petroleum,

8.875%,

7/15/30 

820‌

937‌

Petroleos

Mexicanos,

6.625%,

6/15/35 

400‌

283‌

Range

Resources,

8.25%,

1/15/29 

130‌

134‌

Rockcliff

Energy

II,

5.50%,

10/15/29  (5)

140‌

128‌

Solaris

Midstream

Holdings,

7.625%,

4/1/26  (5)

165‌

163‌

Southwestern

Energy,

8.375%,

9/15/28 

265‌

278‌

Tallgrass

Energy

Partners,

6.00%,

3/1/27  (5)

220‌

209‌

Tallgrass

Energy

Partners,

6.00%,

12/31/30  (5)

220‌

198‌

Tallgrass

Energy

Partners,

7.50%,

10/1/25  (5)

185‌

187‌

T.

ROWE

PRICE

Credit

Opportunities

Fund

26

Par/Shares

$

Value

(Amounts

in

000s)

‡

USA

Compression

Partners,

6.875%,

9/1/27 

205‌

195‌

Venture

Global

Calcasieu

Pass,

3.875%,

8/15/29  (5)

225‌

196‌

Venture

Global

Calcasieu

Pass,

4.125%,

8/15/31  (5)

290‌

250‌

10,446‌

Entertainment

&

Leisure

4.8%

Carnival,

7.625%,

3/1/26  (5)

525‌

441‌

Carnival,

9.875%,

8/1/27  (5)

345‌

332‌

Carnival,

10.50%,

6/1/30  (5)

230‌

197‌

CDI

Escrow

Issuer,

5.75%,

4/1/30  (5)

455‌

422‌

Cedar

Fair,

5.25%,

7/15/29 

180‌

157‌

Cedar

Fair,

6.50%,

10/1/28 

740‌

707‌

Cinemark

USA,

5.25%,

7/15/28  (5)

515‌

413‌

Live

Nation

Entertainment,

4.75%,

10/15/27  (5)

495‌

441‌

Royal

Caribbean

Cruises,

5.50%,

8/31/26  (5)

425‌

364‌

Royal

Caribbean

Cruises,

5.50%,

4/1/28  (5)

230‌

187‌

Royal

Caribbean

Cruises,

9.25%,

1/15/29  (5)

210‌

215‌

Royal

Caribbean

Cruises,

11.625%,

8/15/27  (5)

280‌

285‌

SeaWorld

Parks

&

Entertainment,

5.25%,

8/15/29  (5)

365‌

317‌

4,478‌

Financial

4.9%

Acrisure,

10.125%,

8/1/26  (5)

448‌

439‌

Advisor

Group

Holdings,

10.75%,

8/1/27  (5)

210‌

214‌

AG

TTMT

Escrow

Issuer,

8.625%,

9/30/27  (5)

280‌

282‌

Alliant

Holdings

Intermediate,

6.75%,

10/15/27  (5)

440‌

405‌

AmWINS

Group,

4.875%,

6/30/29  (5)

265‌

229‌

Enact

Holdings,

6.50%,

8/15/25  (5)

693‌

673‌

GTCR

AP

Finance,

8.00%,

5/15/27  (5)

165‌

159‌

Home

Point

Capital,

5.00%,

2/1/26  (5)

220‌

133‌

Midcap

Financial

Issuer

Trust,

5.625%,

1/15/30  (5)

200‌

158‌

Midcap

Financial

Issuer

Trust,

6.50%,

5/1/28  (5)

530‌

462‌

Navient,

4.875%,

3/15/28 

175‌

143‌

Navient,

5.50%,

3/15/29 

775‌

632‌

Navient,

6.75%,

6/25/25 

255‌

248‌

OneMain

Finance,

3.50%,

1/15/27 

160‌

131‌

OneMain

Finance,

5.375%,

11/15/29 

150‌

125‌

OneMain

Finance,

6.875%,

3/15/25 

155‌

150‌

4,583‌

Food

0.7%

BellRing

Brands,

7.00%,

3/15/30  (5)

340‌

327‌

Darling

Ingredients,

6.00%,

6/15/30  (5)

365‌

356‌

683‌

Gaming

3.1%

Caesars

Entertainment,

8.125%,

7/1/27  (5)

890‌

891‌

CCM

Merger,

6.375%,

5/1/26  (5)

235‌

216‌

International

Game

Technology,

6.25%,

1/15/27  (5)

620‌

616‌

T.

ROWE

PRICE

Credit

Opportunities

Fund

27

Par/Shares

$

Value

(Amounts

in

000s)

‡

Sands

China,

5.90%,

8/8/28 

505‌

472‌

Scientific

Games

Holdings,

6.625%,

3/1/30  (5)

355‌

299‌

Scientific

Games

International,

7.00%,

5/15/28  (5)

65‌

64‌

Scientific

Games

International,

7.25%,

11/15/29  (5)

195‌

191‌

Wynn

Resorts

Finance,

5.125%,

10/1/29  (5)

200‌

173‌

2,922‌

Health

Care

5.3%

AthenaHealth

Group,

6.50%,

2/15/30  (5)

425‌

318‌

Avantor

Funding,

4.625%,

7/15/28  (5)

215‌

198‌

Bausch

Health

Americas,

8.50%,

1/31/27  (5)

237‌

112‌

Cano

Health,

6.25%,

10/1/28  (5)

120‌

61‌

CHS,

5.25%,

5/15/30  (5)

275‌

208‌

CHS,

6.00%,

1/15/29  (5)

205‌

170‌

CHS,

6.875%,

4/1/28  (5)

180‌

85‌

CHS,

6.875%,

4/15/29  (5)

375‌

197‌

CHS,

8.00%,

12/15/27  (5)

200‌

176‌

Medline

Borrower,

5.25%,

10/1/29  (5)

840‌

685‌

Select

Medical,

6.25%,

8/15/26  (5)

480‌

456‌

Tenet

Healthcare,

6.125%,

10/1/28  (5)

290‌

255‌

Tenet

Healthcare,

6.125%,

6/15/30  (5)

310‌

294‌

Tenet

Healthcare,

6.875%,

11/15/31 

290‌

254‌

Teva

Pharmaceutical

Finance

Netherlands

III,

4.75%,

5/9/27 

240‌

216‌

Teva

Pharmaceutical

Finance

Netherlands

III,

5.125%,

5/9/29 

245‌

216‌

Teva

Pharmaceutical

Finance

Netherlands

III,

7.125%,

1/31/25 

1,075‌

1,070‌

4,971‌

Information

Technology

4.1%

Boxer

Parent,

7.125%,

10/2/25  (5)

180‌

176‌

Central

Parent,

7.25%,

6/15/29  (5)

910‌

878‌

Condor

Merger

Sub,

7.375%,

2/15/30  (5)

200‌

163‌

Entegris

Escrow,

5.95%,

6/15/30  (5)

1,645‌

1,530‌

Gen

Digital,

6.75%,

9/30/27  (5)

440‌

442‌

Gen

Digital,

7.125%,

9/30/30  (5)

362‌

365‌

Match

Group

Holdings

II,

4.625%,

6/1/28  (5)

305‌

273‌

3,827‌

Lodging

0.3%

Hilton

Domestic

Operating,

4.875%,

1/15/30 

180‌

166‌

Hilton

Domestic

Operating,

5.75%,

5/1/28  (5)

165‌

162‌

328‌

Manufacturing

0.3%

Madison

IAQ,

4.125%,

6/30/28  (5)

205‌

176‌

Madison

IAQ,

5.875%,

6/30/29  (5)

115‌

85‌

261‌

Metals

&

Mining

2.3%

Arconic,

6.125%,

2/15/28  (5)

225‌

209‌

ATI,

5.125%,

10/1/31 

160‌

134‌

T.

ROWE

PRICE

Credit

Opportunities

Fund

28

Par/Shares

$

Value

(Amounts

in

000s)

‡

ATI,

5.875%,

12/1/27 

480‌

446‌

Carpenter

Technology,

7.625%,

3/15/30 

710‌

701‌

Hecla

Mining,

7.25%,

2/15/28 

300‌

293‌

Hudbay

Minerals,

6.125%,

4/1/29  (5)

120‌

108‌

TMS

International,

6.25%,

4/15/29  (5)

315‌

225‌

2,116‌

Real

Estate

Investment

Trust

Securities

0.3%

Service

Properties

Trust,

7.50%,

9/15/25 

285‌

276‌

276‌

Restaurants

0.7%

Dave

&

Buster's,

7.625%,

11/1/25  (5)

610‌

613‌

613‌

Retail

1.7%

Bath

&

Body

Works,

6.625%,

10/1/30  (5)

315‌

293‌

Bath

&

Body

Works,

6.75%,

7/1/36 

110‌

96‌

Bath

&

Body

Works,

6.95%,

3/1/33 

115‌

99‌

Bath

&

Body

Works,

7.50%,

6/15/29 

70‌

69‌

Bath

&

Body

Works,

9.375%,

7/1/25  (5)

150‌

157‌

PetSmart,

4.75%,

2/15/28  (5)

380‌

342‌

PetSmart,

7.75%,

2/15/29  (5)

580‌

536‌

1,592‌

Satellites

0.8%

Intelsat

Jackson

Holdings,

6.50%,

3/15/30  (5)

190‌

175‌

Maxar

Technologies,

7.75%,

6/15/27  (5)

550‌

539‌

714‌

Services

4.4%

Albion

Financing

1,

6.125%,

10/15/26  (5)

290‌

248‌

Albion

Financing

2,

8.75%,

4/15/27  (5)

200‌

166‌

Allied

Universal

Holdco,

9.75%,

7/15/27  (5)

325‌

293‌

eG

Global

Finance,

6.25%,

10/30/25

(EUR) 

190‌

173‌

eG

Global

Finance,

6.75%,

2/7/25  (5)

200‌

181‌

eG

Global

Finance,

8.50%,

10/30/25  (5)

400‌

378‌

MSCI,

3.25%,

8/15/33  (5)

435‌

343‌

Presidio

Holdings,

8.25%,

2/1/28  (5)

325‌

291‌

Prime

Security

Services

Borrower,

5.75%,

4/15/26  (5)

185‌

183‌

Prime

Security

Services

Borrower,

6.25%,

1/15/28  (5)

240‌

223‌

Sabre

GLBL,

7.375%,

9/1/25  (5)

65‌

62‌

Sabre

GLBL,

9.25%,

4/15/25  (5)

215‌

214‌

Sabre

GLBL,

11.25%,

12/15/27  (5)

170‌

173‌

Staples,

7.50%,

4/15/26  (5)

255‌

225‌

TK

Elevator

Holdco

GmbH,

7.625%,

7/15/28  (5)

439‌

364‌

TK

Elevator

U.S.

Newco,

5.25%,

7/15/27  (5)

690‌

626‌

4,143‌

T.

ROWE

PRICE

Credit

Opportunities

Fund

29

Par/Shares

$

Value

(Amounts

in

000s)

‡

Supermarkets

0.0%

New

Albertsons,

7.45%,

8/1/29 

7‌

7‌

7‌

Transportation

0.4%

Watco,

6.50%,

6/15/27  (5)

370‌

353‌

353‌

Utilities

6.9%

Calpine,

5.00%,

2/1/31  (5)

295‌

252‌

Calpine,

5.125%,

3/15/28  (5)

400‌

360‌

NRG

Energy,

5.25%,

6/15/29  (5)

190‌

174‌

NRG

Energy,

5.75%,

1/15/28 

315‌

302‌

PG&E,

5.00%,

7/1/28 

358‌

327‌

PG&E,

5.25%,

7/1/30 

545‌

493‌

Pike,

5.50%,

9/1/28  (5)

385‌

341‌

Vistra,

VR,

7.00%  (5)(7)(8)

2,020‌

1,805‌

Vistra,

VR,

8.00%  (5)(7)(8)

2,465‌

2,354‌

6,408‌

Total

Corporate

Bonds

(Cost

$83,580)

76,113‌

MUNICIPAL

SECURITIES

0.5%

Puerto

Rico

0.5%

Puerto

Rico

Commonwealth,

VR,

11/1/43  (3)(9)

1,117‌

508‌

Total

Municipal

Securities

(Cost

$610)

508‌

SHORT-TERM

INVESTMENTS

3.3%

Money

Market

Funds

3.3%

T.

Rowe

Price

Government

Reserve

Fund,

3.86%  (10)(11)

3,099‌

3,099‌

Total

Short-Term

Investments

(Cost

$3,099)

3,099‌

Total

Investments

in

Securities

98.3%

of

Net

Assets

(Cost

$100,287)

$

91,560‌

T.

ROWE

PRICE

Credit

Opportunities

Fund

30

‡

Par/Shares

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

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.

(2)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(3)

Non-income

producing

(4)

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

$159

and

represents

0.2%

of

net

assets.

(5)

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

$57,070

and

represents

61.3%

of

net

assets.

(6)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(7)

Perpetual

security

with

no

stated

maturity

date.

(8)

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.

(9)

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.

(10)

Seven-day

yield

(11)

Affiliated

Companies

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

6M

USD

LIBOR

Six

month

USD

LIBOR

(London

interbank

offered

rate)

EUR

Euro

FRN

Floating

Rate

Note

PIK

Payment-in-kind

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

Credit

Opportunities

Fund

31

(Amounts

in

000s)

SWAPS

(0.0)%

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

(0.0)%

Credit

Default

Swaps,

Protection

Sold

(0.0)%

Protection

Sold

(Relevant

Credit:

CHS/

Community

Health

Systems,

Caa2*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/26

*

216

(106)

(8)

(

98‌

)

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S38,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/27

1,993

85

(30)

115‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

17‌

Total

Centrally

Cleared

Swaps

17‌

Net

payments

(receipts)

of

variation

margin

to

date

1‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

18‌

*

Credit

ratings

as

of

November

30,

2022.

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

Credit

Opportunities

Fund

32

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

JPMorgan

Chase

2/24/23

USD

59‌

EUR

57‌

$

—‌

State

Street

2/24/23

USD

120‌

EUR

115‌

(

1‌

)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(

1‌

)

T.

ROWE

PRICE

Credit

Opportunities

Fund

33

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

six

months

ended

November

30,

2022.

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,

3.86%

$

—‌

#

$

—‌

$

17‌

+

Supplementary

Investment

Schedule

Affiliate

Value

05/31/22

Purchase

Cost

Sales

Cost

Value

11/30/22

T.

Rowe

Price

Government

Reserve

Fund,

3.86%

$

1‌

¤

¤

$

3,099‌

^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$17

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

$3,099.

T.

ROWE

PRICE

Credit

Opportunities

Fund

November

30,

2022

(Unaudited)

Statement

of

Assets

and

Liabilities

34

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$100,287)

$

91,560‌

Interest

and

dividends

receivable

1,649‌

Cash

deposits

on

centrally

cleared

swaps

215‌

Receivable

for

investment

securities

sold

207‌

Receivable

for

shares

sold

36‌

Variation

margin

receivable

on

centrally

cleared

swaps

18‌

Due

from

affiliates

17‌

Cash

10‌

Foreign

currency

(cost

$5)

5‌

Other

assets

46‌

Total

assets

93,763‌

Liabilities

Payable

for

investment

securities

purchased

314‌

Payable

for

shares

redeemed

71‌

Investment

management

fees

payable

42‌

Unrealized

loss

on

forward

currency

exchange

contracts

1‌

Other

liabilities

233‌

Total

liabilities

661‌

NET

ASSETS

$

93,102‌

T.

ROWE

PRICE

Credit

Opportunities

Fund

November

30,

2022

(Unaudited)

Statement

of

Assets

and

Liabilities

35

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

(

28,588‌

)

Paid-in

capital

applicable

to

12,266,607

shares

of

$0.0001

par

value

capital

stock

outstanding;

1,000,000,000

shares

authorized

121,690‌

NET

ASSETS

$

93,102‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

($40,405,783

/

5,319,094

shares

outstanding)

$

7.60‌

Advisor

Class

($126,503

/

16,698

shares

outstanding)

$

7.58‌

I

Class

($52,569,421

/

6,930,815

shares

outstanding)

$

7.58‌

T.

ROWE

PRICE

Credit

Opportunities

Fund

(Unaudited)

Statement

of

Operations

36

($000s)

6

Months

Ended

11/30/22

Investment

Income

(Loss)

Income

    Interest

$

3,108‌

Dividend

21‌

Total

income

3,129‌

Expenses

Investment

management

246‌

Shareholder

servicing

Investor

Class

$

52‌

Advisor

Class

1‌

I

Class

7‌

60‌

Prospectus

and

shareholder

reports

Investor

Class

9‌

I

Class

2‌

11‌

Custody

and

accounting

100‌

Registration

41‌

Legal

and

audit

23‌

Miscellaneous

8‌

Waived

/

paid

by

Price

Associates

(

189‌

)

Total

expenses

300‌

Net

investment

income

2,829‌

T.

ROWE

PRICE

Credit

Opportunities

Fund

(Unaudited)

Statement

of

Operations

37

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

11/30/22

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(

1,436‌

)

Swaps

56‌

Options

written

11‌

Forward

currency

exchange

contracts

8‌

Foreign

currency

transactions

(

5‌

)

Net

realized

loss

(

1,366‌

)

Change

in

net

unrealized

gain

/

loss

Securities

(

3,633‌

)

Swaps

28‌

Forward

currency

exchange

contracts

2‌

Change

in

net

unrealized

gain

/

loss

(

3,603‌

)

Net

realized

and

unrealized

gain

/

loss

(

4,969‌

)

DECREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

(

2,140‌

)

T.

ROWE

PRICE

Credit

Opportunities

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

38

($000s)

6

Months

Ended

11/30/22

Year

Ended

5/31/22

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

2,829‌

$

4,734‌

Net

realized

gain

(loss)

(1,366‌)

1,103‌

Change

in

net

unrealized

gain

/

loss

(3,603‌)

(9,460‌)

Decrease

in

net

assets

from

operations

(2,140‌)

(3,623‌)

Distributions

to

shareholders

Net

earnings

Investor

Class

(1,283‌)

(3,246‌)

Advisor

Class

(5‌)

(9‌)

I

Class

(1,575‌)

(1,780‌)

Decrease

in

net

assets

from

distributions

(2,863‌)

(5,035‌)

Capital

share

transactions

*

Shares

sold

Investor

Class

8,098‌

39,666‌

Advisor

Class

869‌

81‌

I

Class

12,032‌

29,150‌

Distributions

reinvested

Investor

Class

1,013‌

2,312‌

Advisor

Class

3‌

3‌

I

Class

783‌

501‌

Shares

redeemed

Investor

Class

(11,021‌)

(48,719‌)

Advisor

Class

(839‌)

(105‌)

I

Class

(4,360‌)

(6,088‌)

Increase

in

net

assets

from

capital

share

transactions

6,578‌

16,801‌

T.

ROWE

PRICE

Credit

Opportunities

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

39

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

11/30/22

Year

Ended

5/31/22

Net

Assets

Increase

during

period

1,575‌

8,143‌

Beginning

of

period

91,527‌

83,384‌

End

of

period

$

93,102‌

$

91,527‌

*Share

information

(000s)

Shares

sold

Investor

Class

1,059‌

4,572‌

Advisor

Class

116‌

9‌

I

Class

1,580‌

3,441‌

Distributions

reinvested

Investor

Class

134‌

268‌

I

Class

104‌

60‌

Shares

redeemed

Investor

Class

(1,437‌)

(5,741‌)

Advisor

Class

(110‌)

(13‌)

I

Class

(569‌)

(720‌)

Increase

in

shares

outstanding

877‌

1,876‌

T.

ROWE

PRICE

Credit

Opportunities

Fund

Unaudited

NOTES

TO

FINANCIAL

STATEMENTS

40

T.

Rowe

Price

Credit

Opportunities

Fund,

Inc.

(the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as a

diversified,

open-end

management

investment

company. The

fund

seeks

a

combination

of

long-term

capital

appreciation

and

high

income.

The

fund

has

three classes

of

shares:

the

Credit

Opportunities

Fund

(Investor

Class),

the

Credit

Opportunities

Fund–Advisor

Class

(Advisor

Class)

and

the

Credit

Opportunities

Fund–I

Class

(I

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

Prior

to

November

15,

2021,

the

initial

investment

minimum

was

$1

million

and

was

generally

waived

for

financial

intermediaries,

eligible

retirement

plans,

and

other

certain

accounts.

As

a

result

of

the

reduction

in

the

I

Class

minimum,

certain

assets

transferred

from

the

Investor

Class

to

the

I

Class.

This

transfer

of

shares

from

Investor

Class

to

I

Class

is

reflected

in

the

Statement

of

Changes

in

Net

Assets

within

the

Capital

shares

transactions

as

Shares

redeemed

and

Shares

sold,

respectively.

The

Advisor

Class

operates

under

a

Board-approved

Rule

12b-1

plan

pursuant

to

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/

or

certain

administrative

services;

the

Investor

and

I

Classes

do

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

T.

ROWE

PRICE

Credit

Opportunities

Fund

41

cost

basis.

Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes.

Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense.

Dividends

received

from

mutual

fund

investments

are

reflected

as

dividend

income;

capital

gain

distributions

are

reflected

as

realized

gain/loss.

Dividend

income

and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date.

Distributions

from

REITs

are

initially

recorded

as

dividend

income

and,

to

the

extent

such

represent

a

return

of

capital

or

capital

gain

for

tax

purposes,

are

reclassified

when

such

information

becomes

available.

Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received.

Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Income

distributions,

if

any, are

declared

by

each

class daily

and

paid

monthly.

A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

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.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to all classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class’s

outstanding

shares.

The

Advisor

Class

pays

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

of

the

class’s

average

daily

net

assets;

during

the six

months

ended November

30,

2022,

the Advisor

Class incurred

less

than

$1,000

in

these

fees.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

T.

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PRICE

Credit

Opportunities

Fund

42

New

Accounting

Guidance

 In

June

2022,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions,

which

clarifies

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

is

not

considered

in

measuring

fair

value.

The

amendments

under

this

ASU

are

effective

for

fiscal

years

beginning

after

December

15,

2023;

however,

early

adoption

is

permitted.

Management

expects

that

the

adoption

of

the

guidance

will

not

have

a

material

impact

on

the fund's

financial  statements.

The

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2020–04,

Reference

Rate

Reform

(Topic

848) –

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

in

March

2020

and

ASU

2021-01

in

January

2021

which

provided

further

amendments

and

clarifications

to

Topic

848.

These

ASUs provide

optional,

temporary

relief

with

respect

to

the

financial

reporting

of

contracts

subject

to

certain

types

of

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR),

and

other

interbank-offered

based

reference

rates,

through December

31,

2022.

Management

intends

to

rely

upon

the

relief

provided

under

Topic

848,

which

is

not

expected to

have

a

material

impact

on

the fund's

financial  statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

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.

T.

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PRICE

Credit

Opportunities

Fund

43

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)

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

T.

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PRICE

Credit

Opportunities

Fund

44

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.

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.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

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.

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Credit

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Fund

45

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

November

30,

2022

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

six

months ended

November

30,

2022,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

76,741‌

$

—‌

$

76,741‌

Bank

Loans

—‌

10,071‌

82‌

10,153‌

Common

Stocks

511‌

—‌

—‌

511‌

Convertible

Preferred

Stocks

—‌

1,056‌

—‌

1,056‌

Short-Term

Investments

3,099‌

—‌

—‌

3,099‌

Total

Securities

3,610‌

87,868‌

82‌

91,560‌

Swaps*

—‌

115‌

—‌

115‌

Total

$

3,610‌

$

87,983‌

$

82‌

$

91,675‌

Liabilities

Swaps*

$

—‌

$

98‌

$

—‌

$

98‌

Forward

Currency

Exchange

Contracts

—‌

1‌

—‌

1‌

Total

$

—‌

$

99‌

$

—‌

$

99‌

1

Includes

Convertible

Bonds,

Corporate

Bonds

and

Municipal

Securities.

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

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46

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

November

30,

2022,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

Assets

Credit

derivatives

Centrally

Cleared

Swaps

$

115‌

*

Total

$

115‌

*

Liabilities

Foreign

exchange

derivatives

Forwards

$

1‌

Credit

derivatives

Centrally

Cleared

Swaps

98‌

Total

$

99‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

centrally

cleared

swaps;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

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47

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

six

months ended

November

30,

2022,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

Counterparty

Risk

and

Collateral

 The

fund

invests

in

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-

traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Derivatives,

such

as

bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

counterparty

risk.

To

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

also

($000s)                                               

Location

of

Gain

(Loss)

on

Statement

of

Operations

Options

Written

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Foreign

exchange

derivatives

$

—‌

$

8‌

$

—‌

$

8‌

Credit

derivatives

11‌

—‌

56‌

67‌

Total

$

11‌

$

8‌

$

56‌

$

75‌

Change

in

Unrealized

Gain

(Loss)

Foreign

exchange

derivatives

$

—‌

$

2‌

$

—‌

$

2‌

Credit

derivatives

—‌

—‌

28‌

28‌

Total

$

—‌

$

2‌

$

28‌

$

30‌

T.

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48

require

the

exchange

of

collateral

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund’s

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

a

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Collateral

may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

Collateral

pledged

by

counterparties

is

not

included

in

the

fund’s

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

or

received

by

the

fund

is

held

in

a

segregated

account

at

the

fund’s

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

November

30,

2022,

no

collateral

was

pledged

by

either

the

fund

or

counterparties for

bilateral

derivatives. As

of

November

30,

2022,

cash

of $215,000 had

been

posted

by

the

fund

for

exchange-

traded

and/or

centrally

cleared

derivatives.

Forward

Currency

Exchange

Contracts

 The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-

T.

ROWE

PRICE

Credit

Opportunities

Fund

49

denominated

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

fund’s

foreign

currency

exposure

from

one

country

to

another,

or

to

enhance

the

fund’s

return.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund’s

total

return;

and

the

potential

for

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

November

30,

2022,

the

volume

of

the

fund’s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

of

net

assets.

Options 

 The

fund

is

subject

to credit

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risk.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss.

In

return

for

a

premium

paid,

options

on

swaps

give

the

holder

the

right,

but

not

the

obligation,

to

enter

a

specified

swap

contract

on

predefined

terms.

The

exercise

price

of

an

option

on

a

credit

default

swap

is

stated

in

terms

of

a

specified

spread

that

represents

the

cost

of

credit

protection

on

the

reference

asset,

including

both

the

upfront

premium

to

open

the

position

and

future

periodic

payments.

The

exercise

price

of

an

interest

rate

swap

is

stated

in

terms

of

a

fixed

interest

rate;

generally,

there

is

no

upfront

payment

to

open

the

position.

Risks related

to

the

use

of

options

include

possible

illiquidity

of

the

options

markets;

trading

restrictions

imposed

by

an

exchange

or

counterparty;

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

T.

ROWE

PRICE

Credit

Opportunities

Fund

50

values

and

credit

ratings;

and,

for

options

written,

the

potential

for

losses

to

exceed

any

premium

received

by

the

fund.

During

the

six

months ended

November

30,

2022,

the

volume

of

the

fund’s

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

of

net

assets.

Swaps

 The

fund

is

subject

to

credit

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risk.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

in

the

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Generally,

T.

ROWE

PRICE

Credit

Opportunities

Fund

51

the

payment

risk

for

the

seller

of

protection

is

inversely

related

to

the

current

market

price

or

credit

rating

of

the

underlying

credit

or

the

market

value

of

the

contract

relative

to

the

notional

amount,

which

are

indicators

of

the

markets’

valuation

of

credit

quality.

As

of

November

30,

2022,

the

notional

amount

of

protection

sold

by

the

fund

totaled $2,209,000

(2.4%

of

net

assets),

which

reflects

the

maximum

potential

amount

the

fund

could

be

required

to

pay

under

such

contracts.

Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

November

30,

2022,

the

volume

of

the

fund’s

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

1%

and

3%

of

net

assets.

NOTE

4

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective,

the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of

the

fund

are

described

more

fully

in

the

fund’s

prospectus

and

Statement

of

Additional

Information.

Emerging

and

Frontier

Markets

 The fund

invests,

either

directly

or

through

investments

in

other

T.

Rowe

Price

funds,

in

securities

of

companies

located

in,

issued

by

governments

of,

or

denominated

in

or

linked

to

the

currencies

of

emerging

and

frontier

market

countries.

Emerging

markets,

and

to

a

greater

extent

frontier

markets, tend

to

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

that

are

less

stable,

than

those

of

developed

countries.

These

markets

may

be

subject

to

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund’s

ability

to

buy

or

sell

certain

securities

or

repatriate

proceeds

to

U.S.

dollars.

Emerging

markets

securities

exchanges

are

more

likely

to

experience

delays

with

the

clearing

and

settling

of

trades,

as

well

as

the

custody

of

holdings

by

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

to

greater

price

volatility,

less

liquidity,

and

higher

rates

of

inflation

than

U.S.

securities.

Investing

in

frontier

markets

is

typically

significantly

riskier

than

investing

in

other

countries,

including

emerging

markets.

T.

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PRICE

Credit

Opportunities

Fund

52

Noninvestment-Grade

Debt

 The

fund

invests,

either

directly

or

through

its

investment

in

other

T.

Rowe

Price

funds,

in

noninvestment-grade

debt,

including

“high

yield”

or

“junk”

bonds

or

leveraged

loans.

Noninvestment-grade

debt

issuers

are

more

likely

to

suffer

an

adverse

change

in

financial

condition

that

would

result

in

the

inability

to

meet

a

financial

obligation.

The

noninvestment-grade

debt

market

may

experience

sudden

and

sharp

price

swings

due

to

a

variety

of

factors

that

may

decrease

the

ability

of

issuers

to

make

principal

and

interest

payments

and

adversely

affect

the

liquidity

or

value,

or

both,

of

such

securities.

Accordingly,

securities

issued

by

such

companies

carry

a

higher

risk

of

default

and

should

be

considered

speculative. 

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

Bank

Loans

 The

fund

invests

in

bank

loans,

which

represent

an

interest

in

amounts

owed

by

a

borrower

to

a

syndicate

of

lenders.

Bank

loans

are

generally

noninvestment

grade

and

often

involve

borrowers

whose

financial

condition

is

highly

leveraged.

The

fund

may

invest

in

fixed

and

floating

rate

loans,

which

may

include

senior

floating

rate

loans;

secured

and

unsecured

loans,

second

lien

or

more

junior

loans;

and

bridge

loans

or

bridge

facilities.

Certain

bank

loans

may

be

revolvers

which

are

a

form

of

senior

bank

debt,

where

the

borrower

can

draw

down

the

credit

of

the

revolver

when

it

needs

cash

and

repays

the

credit

when

the

borrower

has

excess

cash.

Certain

loans

may

be

“covenant-lite”

loans,

which

means

the

loans

contain

fewer

maintenance

covenants

than

other

loans

(in

some

cases,

none)

and

do

not

include

terms

which

allow

the

lender

to

monitor

the

performance

of

the

borrower

and

declare

a

default

if

certain

criteria

are

breached.

As

a

result

of

these

risks,

the

fund’s

exposure

to

losses

may

be

increased.

Bank

loans

may

be

in

the

form

of

either

assignments

or

participations.

A

loan

assignment

transfers

all

legal,

beneficial,

and

economic

rights

to

the

buyer,

and

transfer

typically

requires

consent

of

both

the

borrower

and

agent.

In

contrast,

a

loan

participation

generally

entitles

the

buyer

to

receive

the

cash

flows

from

principal,

interest,

and

any

fee

payments

on

a

portion

of

a

loan;

however,

the

seller

continues

to

hold

legal

title

to

that

portion

of

the

loan.

As

a

result,

the

buyer

of

a

loan

participation

generally

has

no

direct

recourse

against

the

borrower

and

is

exposed

to

credit

risk

of

both

the

borrower

and

seller

of

the

participation.

Bank

loans

often

have

extended

settlement

periods,

generally

may

be

repaid

at

any

time

at

the

option

of

the

borrower,

and

may

require

additional

principal

to

be

funded

at

the

borrowers’

discretion

at

a

later

date

(e.g.

unfunded

commitments

and

revolving

debt

instruments).

Until

settlement,

the

fund

maintains

liquid

assets

sufficient

to

settle

its

unfunded

loan

commitments.

The

fund

reflects

both

the

funded

portion

of

a

bank

loan

T.

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PRICE

Credit

Opportunities

Fund

53

as

well

as

its

unfunded

commitment

in

the

Portfolio

of

Investments.

However,

if

a

credit

agreement

provides

no

initial

funding

of

a

tranche,

and

funding

of

the

full

commitment

at

a

future

date(s)

is

at

the

borrower’s

discretion

and

considered

uncertain,

a

loan

is

reflected

in

the

Portfolio

of

Investments

only

if,

and

only

to

the

extent

that,

the

fund

has

actually

settled

a

funding

commitment.

LIBOR

Transition

 The fund

may

invest

in

instruments

that

are

tied

to

reference

rates,

including

LIBOR.

Over

the

course

of

the

last

several

years,

global

regulators

have

indicated

an

intent

to

phase

out

the

use

of

LIBOR

and

similar

interbank

offered

rates

(IBOR).

While

publication

for

most

LIBOR

currencies

and

lesser-used

USD

LIBOR

settings

ceased

immediately

after

December

31,

2021,

remaining

USD

LIBOR

settings

will

continue

to

be

published

until

June

30,

2023.

There

remains

uncertainty

regarding

the

future

utilization

of

LIBOR

and

the

nature

of

any

replacement

rate.

Any

potential

effects

of

the

transition

away

from

LIBOR

on

the fund,

or

on

certain

instruments

in

which

the fund

invests,

cannot

yet

be

determined.

The

transition

process

may

result

in,

among

other

things,

an

increase

in

volatility

or

illiquidity

of

markets

for

instruments

that

currently

rely

on

LIBOR,

a

reduction

in

the

value

of

certain

instruments

held

by

the fund,

or

a

reduction

in

the

effectiveness

of

related

fund

transactions

such

as

hedges.

Any

such

effects

could

have

an

adverse

impact

on

the fund's

performance.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

short-term securities

aggregated $21,502,000 and

$15,958,000,

respectively,

for

the

six

months ended

November

30,

2022.

NOTE

5

-

FEDERAL

INCOME

TAXES

No

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its

taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report.

T.

ROWE

PRICE

Credit

Opportunities

Fund

54

The

fund

intends

to

retain

realized

gains

to

the

extent

of

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

be

carried

forward

indefinitely

to

offset

future

realized

capital

gains.

As

of

May

31,

2022,

the

fund

had

$18,339,000 of

available

capital

loss

carryforwards.

At

November

30,

2022,

the

cost

of

investments

(including

derivatives,

if

any) for

federal

income

tax

purposes

was

$100,262,000.

Net

unrealized

loss

aggregated

$8,724,000

at

period-end,

of

which

$679,000

related

to

appreciated

investments

and

$9,403,000

related

to

depreciated

investments.

NOTE

6

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group).

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.27%

of

the

fund’s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund’s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’s

average

daily

net

assets. At

November

30,

2022,

the

effective

annual

group

fee

rate

was

0.29%.

The Investor Class

and Advisor Class

are

each

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

dates

indicated

in

the

table

below.

During

the

limitation

period,

Price

Associates

is

required

to

waive

its

management

fee

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the

class’s

ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

Each

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the

class’s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver. 

T.

ROWE

PRICE

Credit

Opportunities

Fund

55

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

Pursuant

to

these

agreements,

expenses

were

waived/paid

by

and/or

repaid

to

Price

Associates

during

the

six

months ended November

30,

2022

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $837,000 remain

subject

to

repayment

by

the

fund

at

November

30,

2022.

Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class

and

Advisor Class.

For

the

six

months ended

November

30,

2022,

expenses

incurred

pursuant

to

these

service

agreements

were

$50,000 for

Price

Associates;

$38,000 for

T.

Rowe

Price

Services,

Inc.;

and

less

than

$1,000 for

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Investor

Class

Advisor

Class

I

Class

Expense

limitation/I

Class

Limit

0.81%

0.91%

0.01%

Expense

limitation

date

09/30/23

09/30/23

09/30/23

(Waived)/repaid

during

the

period

($000s)

$(89)

$(1)

$(99)

T.

ROWE

PRICE

Credit

Opportunities

Fund

56

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

As

of

November

30,

2022,

T.

Rowe

Price

Group,

Inc.,

or

its

wholly

owned

subsidiaries,

owned

699,124

shares

of

the

Investor

Class,

representing

13%

of

the

Investor

Class's

net

assets,

and

2,484,689

shares

of

the

I

Class,

representing

36%

of

the

I

Class's

net

assets. 

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months ended

November

30,

2022,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

NOTE

7

-

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

T.

ROWE

PRICE

Credit

Opportunities

Fund

57

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.

T.

ROWE

PRICE

Credit

Opportunities

Fund

58

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

https://www.troweprice.com/corporate/us/en/utility/policies.html

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.com

.

T.

ROWE

PRICE

Credit

Opportunities

Fund

59

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

In

accordance

with

Rule

22e-4

(Liquidity

Rule)

under

the

Investment

Company

Act

of

1940,

as

amended,

the

fund

has

established

a

liquidity

risk

management

program

(Liquidity

Program)

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk,

which

generally

represents

the

risk

that

the

fund

would

not

be

able

to

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

fund’s

Board

of

Directors

(Board)

has

appointed

the

fund’s

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

the

administrator

of

the

Liquidity

Program.

As

administrator,

the

Adviser

is

responsible

for

overseeing

the

day-to-day

operations

of

the

Liquidity

Program

and,

among

other

things,

is

responsible

for

assessing,

managing,

and

reviewing

with

the

Board

at

least

annually

the

liquidity

risk

of

each

T.

Rowe

Price

fund.

The

Adviser

has

delegated

oversight

of

the

Liquidity

Program

to

a

Liquidity

Risk

Committee

(LRC),

which

is

a

cross-functional

committee

composed

of

personnel

from

multiple

departments

within

the

Adviser.

The

Liquidity

Program’s

principal

objectives

include

supporting

the

T.

Rowe

Price

funds’

compliance

with

limits

on

investments

in

illiquid

assets

and

mitigating

the

risk

that

the

fund

will

be

unable

to

timely

meet

its

redemption

obligations.

The

Liquidity

Program

also

includes

a

number

of

elements

that

support

the

management

and

assessment

of

liquidity

risk,

including

an

annual

assessment

of

factors

that

influence

the

fund’s

liquidity

and

the

periodic

classification

and

reclassification

of

a

fund’s

investments

into

categories

that

reflect

the

LRC’s

assessment

of

their

relative

liquidity

under

current

market

conditions.

Under

the

Liquidity

Program,

every

investment

held

by

the

fund

is

classified

at

least

monthly

into

one

of

four

liquidity

categories

based

on

estimations

of

the

investment’s

ability

to

be

sold

during

designated

time

frames

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

As

required

by

the

Liquidity

Rule,

at

a

meeting

held

on

July

25,

2022,

the

Board

was

presented

with

an

annual

assessment

prepared

by

the

LRC,

on

behalf

of

the

Adviser,

that

addressed

the

operation

of

the

Liquidity

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

any

material

changes

to

the

Liquidity

Program

and

the

determination

of

each

fund’s

Highly

Liquid

Investment

Minimum

(HLIM).

The

annual

assessment

included

consideration

of

the

following

factors,

as

applicable:

the

fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions,

including

whether

the

investment

strategy

is

appropriate

for

an

open-end

fund,

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

the

use

of

borrowings

for

investment

purposes

and

derivatives;

short-term

and

long-term

cash

flow

projections

covering

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

holdings

of

cash

and

cash

equivalents,

as

well

as

available

borrowing

arrangements.

T.

ROWE

PRICE

Credit

Opportunities

Fund

60

For

the

fund

and

other

T.

Rowe

Price

funds,

the

annual

assessment

incorporated

a

report

related

to

a

fund’s

holdings,

shareholder

and

portfolio

concentration,

any

borrowings

during

the

period,

cash

flow

projections,

and

other

relevant

data

for

the

period

of

April

1,

2021,

through

March

31,

2022.

The

report

described

the

methodology

for

classifying

a

fund’s

investments

(including

any

derivative

transactions)

into

one

of

four

liquidity

categories,

as

well

as

the

percentage

of

a

fund’s

investments

assigned

to

each

category.

It

also

explained

the

methodology

for

establishing

a

fund’s

HLIM

and

noted

that

the

LRC

reviews

the

HLIM

assigned

to

each

fund

no

less

frequently

than

annually.

During

the

period

covered

by

the

annual

assessment,

the

LRC

has

concluded,

and

reported

to

the

Board,

that

the

Liquidity

Program

continues

to

operate

adequately

and

effectively

and

is

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(continued)

T.

Rowe

Price

Investment

Services,

Inc.

|

100

East

Pratt

Street

|

Baltimore,

MD

21202-1009

You

have

many

investment

goals.

Explore

products

and

services

that

can

help

you

achieve

them.

Whether

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want

to

put

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for

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a

child’s

education,

or

for

other

priorities,

we

have

solutions

for

you.

See

how

we

can

help

you

accomplish

the

investment

goals

that

are

important

to

you.

RETIREMENT

IRAs:

Traditional,

Roth,

Rollover/Transfer,

or

Brokerage

Small

Business

Plans

help

minimize

taxes,

maximize

savings

T.

Rowe

Price

®

ActivePlus

Portfolios

1

for

online

investing

powered

by

experts

GENERAL

INVESTING

Individual

or

Joint

Tenant

Brokerage

2

offers

access

to

stocks,

ETFs,

bonds,

and

more

Gifts

and

transfers

to

a

child

(UGMA/UTMAs)

Trust

Transfer

on

Death

COLLEGE

SAVINGS

T.

Rowe

Price-managed

529

plans

offer

tax-

advantaged

solutions

for

families

saving

money

for

college

tuition

and

education-

related

expenses

Visit

troweprice.com/broadrange

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

All

mutual

funds

are

subject

to

market

risk,

including

possible

loss

of

principal.

Investing

internationally

involves

special

risks

including

economic

and

political

uncertainty

and

currency

fluctuation.

1

The

T.

Rowe

Price

®

ActivePlus

Portfolios

is

a

discretionary

investment

management

program

provided

by

T.

Rowe

Price

Advisory

Services,

Inc.,

a

registered

investment

adviser

under

the

Investment

Advisers

Act

of

1940.

Brokerage

services

are

provided

by

T.

Rowe

Price

Investment

Services,

Inc.,

member

FINRA/SIPC.

Brokerage

accounts

are

carried

by

Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

T.

Rowe

Price

Advisory

Services,

Inc.,

and

T.

Rowe

Price

Investment

Services,

Inc.,

are

affiliated

companies.

2

Brokerage

services

are

provided

by

T.

Rowe

Price

Investment

Services,

Inc.,

member

FINRA/SIPC.

Brokerage

accounts

are

carried

by

Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

202301

-

2568080

F105-051

1/23

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a)  The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b)  The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.
(2)	Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.
(b)	A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Credit Opportunities Fund, Inc.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	January 19, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	January 19, 2023

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	January 19, 2023